Loomis Sayles Funds I

2013 Distributions Paid From:

Ordinary

Income

Long-Term
Capital Gains

$1,228,159,056

1,228,159,056

N-CSRS 1 d727937dncsrs.htm LOOMIS SAYLES FUNDS I Loomis Sayles Funds I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08282

Loomis Sayles Funds I

(Exact name of Registrant as specified in charter)

399 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Coleen Downs Dinneen, Esq.

NGAM Distribution, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2014

Item 1. Reports to Stockholders.

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

LOGO

Loomis Sayles Fixed Income Fund

Loomis Sayles Global Bond Fund

Loomis Sayles Inflation Protected Securities Fund

Loomis Sayles Institutional High Income Fund

Loomis Sayles Intermediate Duration Bond Fund

Loomis Sayles Investment Grade Fixed Income Fund

Semiannual Report

March 31, 2014



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			10
Financial Statements			55
Notes to Financial Statements			69

LOOMIS SAYLES FIXED INCOME FUND


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

Objective

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

Average Annual Total Returns — March 31, 2014^(b)



	6 months			1 year			5 years			10 years

Institutional Class (Inception 1/17/95)		6.23	%		7.59	%		15.06	%		8.70	%

Comparative Performance
Barclays U.S. Government/Credit Bond Index^(a)		1.94			-0.26			5.07			4.41

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

^(a)

See page 7 for a description of the index.

^(b)

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

1 |

LOOMIS SAYLES GLOBAL BOND FUND


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

Objective

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

Average Annual Total Returns — March 31, 2014^(b)



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

Institutional Class (Inception 5/10/91)		2.29	%		0.82	%		8.72	%		5.04	%		—	%

Retail Class (Inception 12/31/96)		2.20			0.66			8.42			4.74			—

Class N (Inception 2/1/13)		2.35			0.91			—			—			0.29

Comparative Performance
Barclays Global Aggregate Bond Index^(a)		1.95			1.88			5.10			4.50			0.66

^(a)

See page 7 for a description of the index.

^(b)

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

| 2

LOOMIS SAYLES INFLATION PROTECTED SECURITIES FUND


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

Objective

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

Average Annual Total Returns — March 31, 2014^(d)



	6 months			1 year			5 years			10 years

Institutional Class (Inception 5/20/91)^(c)		-0.65	%		-6.57	%		5.42	%		4.04	%

Retail Class (Inception 5/28/10)^(a)(c)		-0.75			-6.88			5.13			3.73

Comparative Performance
Barclays U.S. Treasury Inflation Protected Securities Index^(b)		-0.09			-6.49			4.91			4.52

^(a)

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

^(b)

See page 7 for a description of the index.

^(c)

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

^(d)

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

3 |

LOOMIS SAYLES INSTITUTIONAL HIGH INCOME FUND


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

Objective

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

Average Annual Total Returns — March 31, 2014^(b)



	6 months			1 year			5 years			10 years

Institutional Class (Inception 6/5/96)		9.09	%		14.36	%		19.13	%		10.23	%

Comparative Performance
Barclays U.S. Corporate High-Yield Bond Index^(a)		6.67			7.54			18.25			8.68

^(a)

See page 7 for a description of the index.

^(b)

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

| 4

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND


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

Objective

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

Average Annual Total Returns — March 31, 2014^(d)



	6 months			1 year			5 years			10 years

Institutional Class (Inception 1/28/98)^(c)		2.03	%		0.89	%		7.13	%		4.71	%

Retail Class (Inception 5/28/10)^(a)(c)		1.90			0.64			6.90			4.44

Comparative Performance
Barclays U.S. Intermediate Government/Credit Bond Index^(b)		0.98			-0.13			4.18			3.94

^(a)

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

^(b)

See page 7 for a description of the index.

^(c)

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

^(d)

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

5 |

LOOMIS SAYLES INVESTMENT GRADE FIXED INCOME FUND


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

Objective

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

Average Annual Total Returns — March 31, 2014^(b)



	6 months			1 year			5 years			10 years

Institutional Class (Inception 7/1/1994)		4.22	%		3.14	%		12.02	%		7.47	%

Comparative Performance
Barclays U.S. Government/Credit Bond Index^(a)		1.94			-0.26			5.07			4.41

^(a)

See page 7 for a description of the index.

^(b)

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

| 6

ADDITIONAL INFORMATION

Index Definitions

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

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

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

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

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

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

Proxy Voting Information

A description of the funds’ proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis Sayles at 800-633-3330; (ii) on the Funds’ website, www.loomissayles.com, and (iii) on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2013 is available on (i) the Funds’ website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

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

Additional Index Information

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

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

7 |

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in each Fund’s prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class of Fund shares shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2013 through March 31, 2014. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

Loomis Sayles Fixed Income Fund


Institutional Class	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$1,062.30		$2.93
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 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$1,022.90		$3.78
Hypothetical (5% return before expenses)		$1,000.00		$1,021.19		$3.78

Retail Class
Actual		$1,000.00		$1,022.00		$4.89
Hypothetical (5% return before expenses)		$1,000.00		$1,020.09		$4.89

Class N
Actual		$1,000.00		$1,023.50		$3.18
Hypothetical (5% return before expenses)		$1,000.00		$1,021.79		$3.18
* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.75%, 0.97% and 0.63% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Inflation Protected Securities Fund


Institutional Class	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$993.50		$1.99
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02

Retail Class
Actual		$1,000.00		$992.50		$3.23
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.40% and 0.65% for Institutional and Retail Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

| 8

Loomis Sayles Institutional High Income Fund


Institutional Class	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$1,090.90		$3.54
Hypothetical (5% return before expenses)		$1,000.00		$1,021.54		$3.43
* Expenses are equal to the Fund's annualized expense ratio of 0.68%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Intermediate Duration Bond Fund


Institutional Class	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$1,020.30		$2.01
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02

Retail Class
Actual		$1,000.00		$1,019.00		$3.27
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.40% and 0.65% for Institutional and Retail Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Investment Grade Fixed Income Fund


Institutional Class	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$1,042.20		$2.44
Hypothetical (5% return before expenses)		$1,000.00		$1,022.54		$2.42
* Expenses are equal to the Fund's annualized expense ratio of 0.48%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

9 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Fixed Income Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 87.0% of Net Assets

	Non-Convertible Bonds – 77.8%

		ABS Car Loan – 0.2%
	2,000,000	Ford Auto Securitization Trust, Series 2014-R2A, Class A2, 1.593%, 12/15/2017, 144A, (CAD)	$	1,809,136

		ABS Home Equity – 0.1%
	692,527	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR4, Class 2A2, 2.615%, 4/25/2035(b)		703,481

		ABS Other – 0.0%
	482,159	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		486,499

		Aerospace & Defense – 1.9%
	11,120,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		11,120,000
	175,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		174,125
	600,000	Meccanica Holdings USA, Inc., 6.250%, 7/15/2019, 144A		644,250
	900,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		812,250
	1,700,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		1,695,750
	245,000	Textron, Inc., 5.600%, 12/01/2017		271,144
	6,855,000	Textron, Inc., 5.950%, 9/21/2021		7,729,780
	1,290,000	Textron, Inc., 7.250%, 10/01/2019		1,534,758

				23,982,057

		Airlines – 1.9%
	5,550,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		5,332,418
	785,000	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		796,775
	1,167,491	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027, 144A		1,176,247
	388,284	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		397,021
	800,000	American Airlines Pass Through Trust, Series 2013-2, Class C, 6.000%, 1/15/2017, 144A		810,072
	255,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		268,387
	1,745,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,838,794
	38,197	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		38,675
	30,175	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		32,589

		Airlines – continued
$	70,802	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017	$	75,404
	261,064	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		278,686
	944,914	Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014		954,363
	237,913	Delta Air Lines Pass Through Trust, Series 2009-1, Series B, 9.750%, 6/17/2018		271,816
	896,434	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		990,560
	1,690,000	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		1,699,853
	1,449,796	US Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		1,685,388
	970,069	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		1,084,052
	517,492	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		579,591
	1,195,585	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		1,267,320
	2,471,488	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		2,588,884
	538,000	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		558,966
	900,000	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		918,351

				23,644,212

		Automotive – 1.9%
	1,550,000	Ford Motor Co., 6.375%, 2/01/2029		1,770,395
	1,030,000	Ford Motor Co., 6.500%, 8/01/2018		1,184,649
	165,000	Ford Motor Co., 6.625%, 2/15/2028		183,777
	4,230,000	Ford Motor Co., 6.625%, 10/01/2028		4,949,819
	690,000	Ford Motor Co., 7.125%, 11/15/2025		818,343
	3,510,000	Ford Motor Co., 7.400%, 11/01/2046		4,550,364
	4,955,000	Ford Motor Co., 7.450%, 7/16/2031		6,357,865
	1,645,000	Ford Motor Co., 7.500%, 8/01/2026		2,026,000
	600,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		662,237
	645,000	Ford Motor Credit Co. LLC, 7.000%, 4/15/2015		686,138

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Automotive – continued
$	375,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028	$	387,656

				23,577,243

		Banking – 13.1%
	2,275,000	Ally Financial, Inc., 7.500%, 9/15/2020		2,704,406
	1,460,000	Ally Financial, Inc., 8.000%, 12/31/2018		1,741,050
	1,146,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,412,445
	1,710,000	Associates Corp. of North America, 6.950%, 11/01/2018		2,035,422
	1,900,000	Bank of America Corp., 5.490%, 3/15/2019		2,110,412
	1,060,000	Bank of America Corp., 5.650%, 5/01/2018		1,198,260
	1,000,000	Bank of America Corp., EMTN, 4.625%, 9/14/2018, (EUR)		1,520,581
	1,700,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		1,638,951
	2,247,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		2,765,545
	2,420,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		2,309,782
	250,000	Barclays Bank PLC, EMTN, (fixed rate to 3/15/2020, variable rate thereafter), 4.750%, (EUR)(c)		306,957
	1,300,000	BNP Paribas S.A., (fixed rate to 10/23/2017, variable rate thereafter), 7.436%, (GBP)(c)		2,340,679
	1,450,000	BNP Paribas S.A., (fixed rate to 4/12/2016, variable rate thereafter), 4.730%, (EUR)(c)		2,081,543
	2,150,000	BNP Paribas S.A., (fixed rate to 4/13/2017, variable rate thereafter), 5.019%, (EUR)(c)		3,150,771
	2,950,000	BNP Paribas S.A., (fixed rate to 4/19/2016, variable rate thereafter), 5.945%, (GBP)(c)		5,139,407
	1,000,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(c)		1,067,500
	1,150,000	BNP Paribas S.A., (fixed rate to 6/29/2015, variable rate thereafter), 5.186%, 144A(c)		1,180,187
	1,050,000	BNP Paribas S.A., (fixed rate to 7/13/2016, variable rate thereafter), 5.954%, (GBP)(c)		1,864,291
	3,830,000	Citigroup, Inc., 5.000%, 9/15/2014		3,904,168
	300,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(d)		270,643
	3,320,000	Citigroup, Inc., 5.875%, 2/22/2033		3,531,069
	1,215,000	Citigroup, Inc., 6.000%, 10/31/2033		1,312,191
	795,000	Citigroup, Inc., 6.125%, 8/25/2036		869,748
	14,170,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		12,656,530

		Banking – continued
	200,000	Citigroup, Inc., EMTN, 1.558%, 11/30/2017, (EUR)(b)	$	272,458
	6,560,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, 144A, (CAD)		5,925,362
	4,145,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		4,748,176
	1,955,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		2,181,268
	7,400,000	HBOS PLC, 6.000%, 11/01/2033, 144A		7,676,094
	6,100,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		6,910,946
	3,605,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		2,983,354
	18,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		1,556,937
	5,600,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		6,262,906
	50,000	Merrill Lynch & Co., Inc., EMTN, 0.854%, 9/14/2018, (EUR)(b)		66,111
	300,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		328,187
	200,000	Morgan Stanley, 0.719%, 10/15/2015(b)		200,095
	5,125,000	Morgan Stanley, 2.125%, 4/25/2018		5,113,771
	1,360,000	Morgan Stanley, 2.500%, 1/24/2019		1,356,212
	130,000	Morgan Stanley, 3.450%, 11/02/2015		134,960
	200,000	Morgan Stanley, 3.750%, 2/25/2023		198,732
	2,780,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		2,586,279
	4,149,000	Morgan Stanley, 5.500%, 7/24/2020		4,682,043
	5,035,000	Morgan Stanley, 5.750%, 1/25/2021		5,767,044
	4,900,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		5,007,172
	50,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		91,455
	4,100,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		4,055,976
	13,040,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		12,907,813
	1,600,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		1,546,325
	300,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		341,227
	900,000	Morgan Stanley, Series F, MTN, 0.687%, 10/18/2016(b)		897,754
	300,000	Morgan Stanley, Series G & H, GMTN, 5.125%, 11/30/2015, (GBP)		529,143
	185,000	RBS Capital Trust A, 2.413%, (EUR)(b)(c)		244,671
	1,320,000	RBS Capital Trust I, 2.099%(b)(c)		1,280,400
	185,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(c)		222,370
	2,500,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(c)		3,095,406
	1,920,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		1,965,990
	2,300,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/30/2017, variable rate thereafter), 7.640%(c)		2,334,500

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
	50,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)	$	72,267
	650,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		1,021,363
	150,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		210,435
	300,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		323,700
	800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		840,080
	700,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		713,138
	150,000	Societe Generale S.A., (fixed rate to 1/26/2015, variable rate thereafter), 4.196%, (EUR)(c)		208,590
	1,225,000	Societe Generale S.A., (fixed rate to 4/05/2017, variable rate thereafter), 5.922%, 144A(c)		1,303,150
	5,000,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		5,553,100

				162,829,498

		Brokerage – 1.2%
	549,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		553,117
	1,495,000	Jefferies Group LLC, 3.875%, 11/09/2015		1,556,120
	1,245,000	Jefferies Group LLC, 5.125%, 4/13/2018		1,352,467
	3,225,000	Jefferies Group LLC, 5.125%, 1/20/2023		3,389,527
	3,055,000	Jefferies Group LLC, 6.250%, 1/15/2036		3,095,265
	1,805,000	Jefferies Group LLC, 6.450%, 6/08/2027		1,929,585
	2,530,000	Jefferies Group LLC, 6.875%, 4/15/2021		2,946,036

				14,822,117

		Building Materials – 0.9%
	860,000	Masco Corp., 4.800%, 6/15/2015		892,250
	240,000	Masco Corp., 5.850%, 3/15/2017		264,000
	2,600,000	Masco Corp., 6.125%, 10/03/2016		2,853,500
	800,000	Masco Corp., 6.500%, 8/15/2032		814,000
	1,410,000	Masco Corp., 7.125%, 3/15/2020		1,628,550
	815,000	Masco Corp., 7.750%, 8/01/2029		910,207
	2,400,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		883,208
	164,000	Owens Corning, Inc., 6.500%, 12/01/2016		181,093
	2,050,000	Owens Corning, Inc., 7.000%, 12/01/2036		2,324,393

				10,751,201


		Chemicals – 0.7%
$	275,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018	$	286,000
	395,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		391,050
	620,000	Methanex Corp., 5.250%, 3/01/2022		671,335
	1,565,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		1,659,000
	5,240,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(d)		4,611,200
	35,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(d)		33,425
	905,000	Momentive Specialty Chemicals, Inc., 9.200%, 3/15/2021(d)		846,175

				8,498,185

		Commercial Mortgage-Backed Securities – 0.1%
	90,593	GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		93,139
	530,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.819%, 8/10/2045(b)		547,259
	1,000,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		1,101,108

				1,741,506

		Construction Machinery – 0.2%
	398,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		408,945
	965,000	Toro Co., 6.625%, 5/01/2037(d)		1,069,977
	1,155,000	United Rentals North America, Inc., 7.625%, 4/15/2022		1,295,044

				2,773,966

		Consumer Products – 0.0%
	260,000	Visant Corp., 10.000%, 10/01/2017		259,025

		Electric – 3.2%
	1,970,000	AES Corp., 4.875%, 5/15/2023		1,881,350
	595,000	AES Corp., 5.500%, 3/15/2024		590,538
	2,637,743	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		2,890,505
	3,705,557	Bruce Mansfield Unit, 6.850%, 6/01/2034		4,024,012
	7,305,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		7,633,725
	5,455,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		5,918,675
	1,200,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		2,397,695
	1,589,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		1,927,211
	3,800,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		3,970,050
	100,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		113,339

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Electric – continued
	750,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)	$	1,256,764
	4,000,000	Enersis S.A., Cayman Islands, 7.400%, 12/01/2016		4,516,836
	75,000	Iberdrola Finance Ireland Ltd., 3.800%, 9/11/2014, 144A		75,981
	2,612,993	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(d)		2,705,650

				39,902,331

		Food & Beverage – 0.7%
	1,995,000	Crestview DS Merger Sub II, Inc., 10.000%, 9/01/2021, 144A		2,214,450
	3,274,000	Post Holdings, Inc., 6.750%, 12/01/2021, 144A		3,466,347
	2,740,000	Viterra, Inc., 6.406%, 2/16/2021, 144A, (CAD)		2,711,324

				8,392,121

		Government Owned – No Guarantee – 0.2%
	2,400,000	DP World Ltd., 6.850%, 7/02/2037, 144A		2,595,600

		Healthcare – 2.5%
	650,000	BioScrip, Inc., 8.875%, 2/15/2021, 144A		677,625
	425,000	Boston Scientific Corp., 5.125%, 1/12/2017		463,932
	435,000	Boston Scientific Corp., 6.400%, 6/15/2016		482,147
	4,345,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		4,905,331
	610,000	HCA, Inc., 5.875%, 3/15/2022		657,275
	4,960,000	HCA, Inc., 5.875%, 5/01/2023		5,102,600
	410,000	HCA, Inc., 6.375%, 1/15/2015		425,375
	3,545,000	HCA, Inc., 7.050%, 12/01/2027		3,522,844
	820,000	HCA, Inc., 7.190%, 11/15/2015		889,700
	1,475,000	HCA, Inc., 7.500%, 12/15/2023		1,600,375
	1,440,000	HCA, Inc., 7.500%, 11/06/2033		1,476,000
	2,660,000	HCA, Inc., 7.690%, 6/15/2025		2,839,550
	2,220,000	HCA, Inc., 8.360%, 4/15/2024		2,508,600
	2,930,000	HCA, Inc., MTN, 7.580%, 9/15/2025		3,091,150
	430,000	HCA, Inc., MTN, 7.750%, 7/15/2036		438,600
	320,000	Owens & Minor, Inc., 6.350%, 4/15/2016		348,067
	1,775,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,597,500

				31,026,671


		Home Construction – 1.1%
	550,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		574,750
	270,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		241,650
	835,000	KB Home, 8.000%, 3/15/2020		947,725
	4,235,000	Lennar Corp., 4.500%, 6/15/2019		4,309,113
	1,700,000	Lennar Corp., Series B, 5.600%, 5/31/2015		1,772,250

		Home Construction – continued
$	3,920,000	Pulte Group, Inc., 6.000%, 2/15/2035	$	3,655,400
	1,960,000	Pulte Group, Inc., 6.375%, 5/15/2033		1,920,800

				13,421,688

		Independent Energy – 1.5%
	3,230,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		3,583,540
	1,915,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		2,192,321
	100,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		112,250
	995,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		1,129,325
	2,015,000	Halcon Resources Corp., 8.875%, 5/15/2021		2,090,562
	5,955,000	Newfield Exploration Co., 5.625%, 7/01/2024		6,178,312
	2,940,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		3,116,400

				18,402,710

		Industrial Other – 0.1%
	1,150,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		1,270,750

		Life Insurance – 2.2%
	160,000	American International Group, Inc., 4.125%, 2/15/2024		163,387
	130,000	American International Group, Inc., 4.875%, 6/01/2022		142,353
	2,300,000	American International Group, Inc., 6.250%, 3/15/2087		2,415,000
	10,165,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		13,354,269
	325,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		371,397
	175,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		195,290
	3,700,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(c)		3,908,125
	200,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		304,571
	2,270,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		2,973,700
	1,115,000	MetLife, Inc., 10.750%, 8/01/2069		1,689,225
	1,165,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		1,357,664

				26,874,981


		Local Authorities – 3.6%
	5,730,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		8,166,967
	200,000	City of Madrid, Spain, 4.550%, 6/16/2036, (EUR)		236,173

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)			Description	Value (†)

	Bonds and Notes – continued

			Local Authorities – continued
	1,630,000		City of Rome, Italy, EMTN, 5.345%, 1/27/2048, (EUR)	$	2,100,191
	9,640,000		New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		9,757,929
	4,280,000		New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		4,229,424
	332,553		Province of Alberta, 5.930%, 9/16/2016, (CAD)		323,249
	19,825,000		Province of Ontario, Canada, 4.200%, 3/08/2018, (CAD)		19,532,153
	830,000		Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		784,878

					45,130,964

			Media Cable – 0.6%
	665,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		660,012
	1,500,000		Time Warner Cable, Inc., 6.550%, 5/01/2037		1,742,145
	3,400,000		UPC Holding BV, 6.375%, 9/15/2022, 144A, (EUR)		5,027,815

					7,429,972

			Media Non-Cable – 0.6%
	24,000,000		Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		1,481,434
	1,565,000		R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		1,576,737
	120,000		R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		126,750
	4,030,000		R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		4,433,000
	295,000		R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		337,775

					7,955,696

			Metals & Mining – 1.7%
	1,400,000		Alcoa, Inc., 5.870%, 2/23/2022		1,476,238
	400,000		Alcoa, Inc., 5.900%, 2/01/2027		408,108
	855,000		ArcelorMittal, 6.000%, 3/01/2021		911,644
	2,295,000		ArcelorMittal, 6.125%, 6/01/2018		2,515,894
	6,630,000		ArcelorMittal, 7.250%, 3/01/2041		6,654,862
	3,300,000		ArcelorMittal, 7.500%, 10/15/2039		3,411,375
	3,580,000		Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		2,327,000
	1,400,000		Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		1,442,000
	1,760,000		United States Steel Corp., 7.500%, 3/15/2022		1,892,000

					21,039,121

			Non-Captive Consumer – 2.9%
	300,000		AGFC Capital Trust I, (fixed rate to 1/15/2017, variable rate thereafter), 6.000%, 1/15/2067, 144A		253,500
	2,167,000		SLM Corp., 4.875%, 6/17/2019		2,202,053
	4,668,000		SLM Corp., 5.500%, 1/25/2023		4,580,475
	31,725	(††)	SLM Corp., 6.000%, 12/15/2043		685,842

			Non-Captive Consumer – continued
$	722,000		SLM Corp., MTN, 3.875%, 9/10/2015	$	743,660
	726,000		SLM Corp., MTN, 5.500%, 1/15/2019		767,745
	5,900,000		SLM Corp., MTN, 6.125%, 3/25/2024		5,892,625
	200,000		SLM Corp., Series A, MTN, 5.000%, 4/15/2015		207,500
	145,000		SLM Corp., Series A, MTN, 5.000%, 6/15/2018		143,633
	5,185,000		SLM Corp., Series A, MTN, 5.625%, 8/01/2033		4,588,725
	4,681,000		SLM Corp., Series A, MTN, 8.450%, 6/15/2018		5,511,877
	3,770,000		Springleaf Finance Corp., 6.000%, 6/01/2020		3,835,975
	1,805,000		Springleaf Finance Corp., 7.750%, 10/01/2021		1,999,037
	725,000		Springleaf Finance Corp., 8.250%, 10/01/2023		808,375
	300,000		Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		318,375
	595,000		Springleaf Finance Corp., Series I, MTN, 5.400%, 12/01/2015		623,263
	2,100,000		Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		2,262,750
	725,000		Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		795,688

					36,221,098

			Non-Captive Diversified – 3.3%
	1,630,000		GE Capital Australia Funding Pty Ltd., 7.000%, 10/08/2015, (AUD)		1,592,075
	45,000		General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		44,035
	1,345,000		General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		1,214,594
	2,390,000		General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		2,112,008
	5,360,000		General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		4,766,288
	1,145,000		General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015		1,192,765
	9,210,000		General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		8,249,613
	1,680,000		International Lease Finance Corp., 4.625%, 4/15/2021		1,680,000
	3,045,000		International Lease Finance Corp., 5.875%, 8/15/2022		3,220,088
	4,695,000		International Lease Finance Corp., 6.250%, 5/15/2019		5,176,238
	4,905,000		International Lease Finance Corp., 7.125%, 9/01/2018, 144A		5,702,062
	635,000		International Lease Finance Corp., 8.250%, 12/15/2020		768,026
	235,000		iStar Financial, Inc., 3.875%, 7/01/2016		242,050

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Non-Captive Diversified – continued
$	945,000	iStar Financial, Inc., 4.875%, 7/01/2018	$	968,625
	225,000	iStar Financial, Inc., 5.850%, 3/15/2017		241,875
	1,505,000	iStar Financial, Inc., 7.125%, 2/15/2018		1,689,363
	1,525,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		1,599,344

				40,459,049

		Oil Field Services – 0.1%
	775,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		763,375

		Packaging – 0.3%
	3,550,000	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Issuer, Inc., 5.625%, 12/15/2016, 144A		3,638,750

		Paper – 1.3%
	2,015,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		2,535,954
	2,894,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		3,643,969
	6,043,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		7,950,660
	350,000	Westvaco Corp., 7.950%, 2/15/2031		429,550
	1,035,000	Westvaco Corp., 8.200%, 1/15/2030		1,292,381

				15,852,514

		Pharmaceuticals – 0.3%
	2,860,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		3,088,800

		Pipelines – 0.6%
	575,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		625,041
	250,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		265,805
	1,410,000	Enterprise Products Operating LLC, 6.300%, 9/15/2017		1,626,482
	300,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		368,728
	1,300,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		1,381,353
	755,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		704,037
	250,000	NiSource Finance Corp., 5.250%, 9/15/2017		277,935
	1,785,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		2,005,071
	650,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		586,625

				7,841,077


		Property & Casualty Insurance – 0.9%
$	3,565,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021	$	4,048,275
	1,630,000	MBIA Insurance Corp., 11.499%, 1/15/2033, 144A(b)(e)		1,316,225
	2,140,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		2,389,828
	1,430,000	XLIT Ltd., 6.250%, 5/15/2027		1,650,510
	1,135,000	XLIT Ltd., 6.375%, 11/15/2024		1,347,387

				10,752,225

		Property Trust – 0.3%
	2,960,000	WEA Finance LLC/WT Finance Australia Pty Ltd., 6.750%, 9/02/2019, 144A		3,558,178

		Railroads – 0.7%
	7,100,000	Hellenic Railways Organization S.A., EMTN, 0.560%, 5/24/2016, (EUR)(b)(d)		8,314,115
	500,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(d)		424,091

				8,738,206

		REITs – Apartments – 0.1%
	1,495,000	Camden Property Trust, 5.700%, 5/15/2017		1,678,710

		REITs – Diversified – 0.0%
	210,000	Duke Realty LP, 5.950%, 2/15/2017		233,870

		REITs – Office Property – 0.4%
	3,485,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		3,876,059
	475,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		559,153

				4,435,212

		REITs – Regional Malls – 0.0%
	200,000	Simon Property Group LP, 5.875%, 3/01/2017		224,089
	290,000	Simon Property Group LP, 6.100%, 5/01/2016		317,445

				541,534

		REITs – Single Tenant – 0.1%
	185,000	Realty Income Corp., 5.750%, 1/15/2021		209,647
	815,000	Realty Income Corp., 6.750%, 8/15/2019		962,252

				1,171,899

		REITs – Warehouse/Industrials – 0.0%
	100,000	ProLogis LP, 5.625%, 11/15/2015		107,347
	80,000	ProLogis LP, 5.750%, 4/01/2016		86,904

				194,251

		Restaurants – 0.1%
	1,000,000	Darden Restaurants, Inc., 3.350%, 11/01/2022		900,675

		Retailers – 0.8%
	5,005,000	Best Buy Co., Inc., 5.000%, 8/01/2018		5,186,431

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Retailers – continued
$	1,025,000	Dillard’s, Inc., 7.750%, 7/15/2026	$	1,099,312
	1,100,000	Foot Locker, Inc., 8.500%, 1/15/2022(f)		1,201,975
	849,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		647,363
	2,385,000	Toys R Us, Inc., 7.375%, 10/15/2018		1,908,000

				10,043,081

		Sovereigns – 1.5%
	1,787,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		177,363
	33,387,000,000	Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024, (IDR)		3,299,023
	10,150,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		4,193,753
	14,635,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		6,707,977
	359,880,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		2,437,752
	107,395,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		729,689
	176,460,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		1,279,393

				18,824,950

		Supermarkets – 0.9%
	7,240,000	New Albertson’s, Inc., 7.450%, 8/01/2029		5,828,200
	1,720,000	New Albertson’s, Inc., 7.750%, 6/15/2026		1,410,400
	3,165,000	New Albertson’s, Inc., 8.000%, 5/01/2031		2,611,125
	455,000	New Albertson’s, Inc., 8.700%, 5/01/2030		385,613
	2,020,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		1,464,500

				11,699,838

		Supranational – 1.7%
	7,000,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		611,660
	19,735,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		17,812,972
	5,580,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		2,263,478

				20,688,110

		Technology – 1.7%
	1,670,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		1,594,850
	80,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		76,000
	3,580,000	Alcatel-Lucent USA, Inc., 6.750%, 11/15/2020, 144A		3,785,850
	2,950,000	Amkor Technology, Inc., 6.375%, 10/01/2022		3,056,937

		Technology – continued
$	1,645,000	Avnet, Inc., 6.000%, 9/01/2015	$	1,756,816
	130,000	Avnet, Inc., 6.625%, 9/15/2016		145,032
	1,175,000	Corning, Inc., 7.250%, 8/15/2036		1,419,667
	2,000,000	First Data Corp., 10.625%, 6/15/2021		2,250,000
	1,465,000	First Data Corp., 11.250%, 1/15/2021		1,671,931
	4,100,000	First Data Corp., 11.750%, 8/15/2021		4,305,000
	166,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		174,545
	810,600	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		975,911

				21,212,539

		Tobacco – 0.3%
	3,320,000	Reynolds American, Inc., 6.750%, 6/15/2017		3,827,694

		Transportation Services – 0.3%
	2,500,000	APL Ltd., 8.000%, 1/15/2024(d)		2,337,500
	446,249	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(f)		454,058
	425,599	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016(f)		428,280
	154,831	Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 7/02/2017(f)		164,121

				3,383,959

		Treasuries – 14.6%
	14,710,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		13,268,407
	10,950,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		9,748,818
	16,935,000	Canadian Government, 2.250%, 8/01/2014, (CAD)		15,387,336
	29,780,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		27,407,028
	8,185,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		7,688,421
	13,195,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		12,317,720
	7,385,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		7,348,860
	854,500(†††)	Mexican Fixed Rate Bonds, Series M, 5.000%, 6/15/2017, (MXN)		6,664,563
	632,500(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		5,482,773
	63,235,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		11,365,044
	28,230,000	Norway Government Bond, 5.000%, 5/15/2015, (NOK)		4,898,361
	15,000,000	U.S. Treasury Note, 0.250%, 5/31/2014		15,004,680
	20,000,000	U.S. Treasury Note, 0.250%, 12/31/2015		19,973,440

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Treasuries – continued
$	25,000,000	U.S. Treasury Note, 0.250%, 2/29/2016	$	24,933,600

				181,489,051

		Wireless – 0.8%
	72,400,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		5,165,064
	2,627,000	Sprint Capital Corp., 6.875%, 11/15/2028		2,548,190
	575,000	Sprint Capital Corp., 6.900%, 5/01/2019		631,063
	300,000	Sprint Capital Corp., 8.750%, 3/15/2032		330,000
	898,000	Sprint Communications, Inc., 6.000%, 12/01/2016		984,432
	445,000	Sprint Communications, Inc., 6.000%, 11/15/2022		453,344

				10,112,093

		Wirelines – 3.6%
	177,000	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A(g)		176,336
	195,000	Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)		214,008
	690,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		808,789
	600,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		637,053
	3,880,000	CenturyLink, Inc., 6.450%, 6/15/2021		4,171,000
	1,400,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		2,138,457
	200,000	Embarq Corp., 7.995%, 6/01/2036		208,679
	560,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		606,900
	1,960,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		2,197,650
	140,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		155,400
	200,000	OTE PLC, GMTN, 4.625%, 5/20/2016, (EUR)		286,551
	900,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		1,258,483
	1,700,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		2,534,245
	550,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		805,064
	3,305,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		3,643,762
	7,205,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		6,880,775
	350,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		378,875
	775,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		765,313

		Wirelines – continued
$	5,275,000	Qwest Corp., 6.875%, 9/15/2033	$	5,201,904
	1,780,000	Qwest Corp., 7.200%, 11/10/2026		1,792,836
	1,220,000	Qwest Corp., 7.250%, 9/15/2025		1,347,673
	2,290,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		2,135,425
	1,395,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		1,363,612
	600,000	Telecom Italia SpA, EMTN, 5.250%, 3/17/2055, (EUR)		751,800
	450,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		459,560
	800,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		1,385,468
	1,300,000	Telefonica Emisiones SAU, EMTN, 5.597%, 3/12/2020, (GBP)		2,369,495

				44,675,113


		Total Non-Convertible Bonds
		(Identified Cost $877,348,556)		965,346,582


	Convertible Bonds – 8.3%
		Automotive – 0.4%
	2,925,000	Ford Motor Co., 4.250%, 11/15/2016		5,296,078

		Chemicals – 0.0%
	332,000	RPM International, Inc., 2.250%, 12/15/2020		384,705

		Construction Machinery – 0.1%
	510,000	Trinity Industries, Inc., 3.875%, 6/01/2036		810,263

		Healthcare – 0.3%
	210,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(g)		214,594
	1,270,000	Omnicare, Inc., 3.750%, 12/15/2025		2,879,725

				3,094,319

		Home Construction – 0.1%
	810,000	KB Home, 1.375%, 2/01/2019		832,275

		Independent Energy – 0.5%
	1,565,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		1,467,188
	3,885,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		3,952,987
	1,090,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		1,135,644

				6,555,819

		Life Insurance – 1.8%
	18,045,000	Old Republic International Corp., 3.750%, 3/15/2018		22,443,469

		Metals & Mining – 0.2%
	235,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		254,094
	1,745,000	United States Steel Corp., 2.750%, 4/01/2019		2,260,865

				2,514,959

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Non-Captive Diversified – 0.1%
$	550,000	Jefferies Group LLC, 3.875%, 11/01/2029	$	585,406

		Packaging – 0.4%
	5,310,000	Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		5,449,387

		Pharmaceuticals – 0.0%
	205,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		224,603
	285,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		316,350

				540,953

		REITs – Mortgage – 0.1%
	835,000	iStar Financial, Inc., 3.000%, 11/15/2016		1,178,916

		Technology – 3.6%
	6,280,000	Ciena Corp., 0.875%, 6/15/2017		6,385,975
	3,455,000	Ciena Corp., 3.750%, 10/15/2018, 144A		4,834,841
	1,783,000	Intel Corp., 2.950%, 12/15/2035		2,098,368
	7,000,000	Intel Corp., 3.250%, 8/01/2039		9,786,875
	329,312	Liberty Media LLC, 3.500%, 1/15/2031		174,329
	480,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032		1,206,300
	95,000	Micron Technology, Inc., Series D, 3.125%, 5/01/2032		235,897
	17,341,000	Micron Technology, Inc., Series G, 3.000%, 11/15/2043		18,999,233
	1,150,000	Nuance Communications, Inc., 2.750%, 11/01/2031		1,152,156

				44,873,974

		Utility Other – 0.1%
	500,000	CMS Energy Corp., 5.500%, 6/15/2029		1,081,563

		Wirelines – 0.6%
	202,300	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A, (MXN)(d)(f)(g)(h)		26,083
	3,040,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(d)		4,611,300
	1,990,000	Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(d)		3,059,625

				7,697,008


		Total Convertible Bonds
		(Identified Cost $78,383,586)		103,339,094


	Municipals – 0.9%
		Illinois – 0.3%
	4,075,000	State of Illinois, Series B, 5.520%, 4/01/2038		3,952,587

		Michigan – 0.2%
	2,225,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		1,778,754


		Virginia – 0.4%
$	7,510,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046	$	5,350,199


		Total Municipals
		(Identified Cost $13,791,292)		11,081,540


		Total Bonds and Notes
		(Identified Cost $969,523,434)		1,079,767,216


	Senior Loans – 0.8%
		Consumer Products – 0.1%
	588,804	Visant Corp., Term Loan B, 5.250%, 12/22/2016(b)		583,528

		Diversified Manufacturing – 0.0%
	510,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/19/2020(b)		521,475

		Media Non-Cable – 0.0%
	172,971	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(b)		129,116

		Oil Field Services – 0.3%
	3,180,619	FTS International, Inc., Term Loan B, 8.500%, 5/06/2016(b)		3,233,067

		Other Utility – 0.2%
	1,156,263	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(b)		1,149,522
	790,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		782,100
	81,924	PowerTeam Services LLC, Delayed Draw Term Loan, 3.250%, 5/06/2020(i)		81,446
	61,626	PowerTeam Services LLC, Delayed Draw Term Loan, 4.250%, 5/06/2020(b)		61,267

				2,074,335

		Supermarkets – 0.2%
	2,728,839	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(b)		2,731,104

		Wirelines – 0.0%
	120,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/22/2020(b)		122,640


		Total Senior Loans
		(Identified Cost $9,322,805)		9,395,265


	Shares

	Preferred Stocks – 2.4%

	Convertible Preferred Stocks – 1.8%
		Banking – 0.3%
	2,844	Bank of America Corp., Series L, 7.250%		3,254,133

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – continued

		Electric – 0.1%
	33,851	AES Trust III, 6.750%	$	1,729,786

		Independent Energy – 0.3%
	4,237	Chesapeake Energy Corp., 4.500%		387,728
	12,055	Chesapeake Energy Corp., 5.000%		1,168,129
	660	Chesapeake Energy Corp., Series A, 5.750%, 144A		737,963
	11,904	SandRidge Energy, Inc., 7.000%		1,198,584

				3,492,404

		Metals & Mining – 0.2%
	72,320	ArcelorMittal, 6.000%		1,734,234

		Pipelines – 0.4%
	96,065	El Paso Energy Capital Trust I, 4.750%		4,904,118

		REITs – Diversified – 0.3%
	30	Crown Castle International Corp., Series A, 4.500%		3,041
	76,518	Weyerhaeuser Co., Series A, 6.375%		4,177,883

				4,180,924

		REITs – Healthcare – 0.0%
	7,400	Health Care REIT, Inc., Series I, 6.500%		410,922

		REITs – Mortgage – 0.2%
	36,130	iStar Financial, Inc., Series J, 4.500%		2,321,353

		Wirelines – 0.0%
	62	Cincinnati Bell, Inc., 6.750%		2,794


		Total Convertible Preferred Stocks
		(Identified Cost $18,598,190)		22,030,668


	Non-Convertible Preferred Stocks – 0.6%
		Banking – 0.2%
	2,571	Ally Financial, Inc., Series G, 7.000%, 144A		2,539,345
	5,000	Bank of America Corp., 6.375%		124,500
	20,975	Countrywide Capital IV, 6.750%		531,716

				3,195,561

		Electric – 0.1%
	90	Entergy New Orleans, Inc., 4.360%		7,619
	2,876	Entergy New Orleans, Inc., 4.750%		265,311
	4,670	Union Electric Co., 4.500%		430,574

				703,504

		Government Sponsored – 0.2%
	3,000	Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(g)		3,112,500

		Non-Captive Consumer – 0.1%
	25,100	SLM Corp., Series A, 6.970%		1,223,625

		Total Non-Convertible Preferred Stocks
		(Identified Cost $6,439,667)		8,235,190


		Total Preferred Stocks
		(Identified Cost $25,037,857)		30,265,858


	Common Stocks – 7.7%
		Airlines – 0.1%
	14,401	United Continental Holdings, Inc.(e)	$	642,717

		Automobiles – 1.2%
	420,693	General Motors Co.		14,480,253

		Biotechnology – 0.8%
	143,562	Vertex Pharmaceuticals, Inc.(e)		10,152,705

		Chemicals – 1.0%
	62,529	PPG Industries, Inc.		12,096,860

		Containers & Packaging – 0.1%
	35,353	Owens-Illinois, Inc.(e)		1,195,992
	187	Rock-Tenn Co., Class A		19,741

				1,215,733

		Diversified Telecommunication Services – 0.3%
	8,050	Hawaiian Telcom Holdco, Inc.(e)		229,344
	241,163	Telefonica S.A., Sponsored ADR		3,807,964

				4,037,308

		Electronic Equipment, Instruments & Components – 0.3%
	205,167	Corning, Inc.		4,271,577

		Oil, Gas & Consumable Fuels – 0.9%
	54,259	Chesapeake Energy Corp.		1,390,115
	172,008	Repsol YPF S.A., Sponsored ADR		4,401,513
	70,051	Royal Dutch Shell PLC, ADR		5,117,926

				10,909,554

		Pharmaceuticals – 1.1%
	160,000	Bristol-Myers Squibb Co.		8,312,000
	46,464	Valeant Pharmaceuticals International, Inc.(e)		6,125,349

				14,437,349

		Semiconductors & Semiconductor Equipment – 1.7%
	822,858	Intel Corp.		21,237,965

		Trading Companies & Distributors – 0.2%
	23,272	United Rentals, Inc.(e)		2,209,444


		Total Common Stocks
		(Identified Cost $62,575,540)		95,691,465


	Principal Amount (‡)

	Short-Term Investments – 1.9%
$	55,959	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2014 at 0.000% to be repurchased at $55,959 on 4/01/2014 collateralized by $65,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $61,091 including accrued interest (Note 2 of Notes to Financial Statements)		55,959

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Short-Term Investments – continued
$	22,911,094	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $22,911,094 on 4/01/2014 collateralized by $20,325,000 Federal Home Loan Mortgage Corp., 4.875% due 6/13/2018 valued at $23,373,750 including accrued interest (Note 2 of Notes to Financial Statements)	$	22,911,094


		Total Short-Term Investments
		(Identified Cost $22,967,053)		22,967,053


		Total Investments – 99.8%
		(Identified Cost $1,089,426,689)(a)		1,238,086,857
		Other assets less liabilities—0.2%		2,995,741


		Net Assets – 100.0%	$	1,241,082,598


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 25.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $1,092,224,696 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	168,012,959
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(22,150,798	)

		Net unrealized appreciation	$	145,862,161

	(b)	Variable rate security. Rate as of March 31, 2014 is disclosed.
	(c)	Perpetual bond with no specified maturity date.
	(d)	Illiquid security. At March 31, 2014, the value of these securities amounted to $28,309,784 or 2.3% of net assets.
	(e)	Non-income producing security.
	(f)	Fair valued security by the Fund’s investment adviser. At March 31, 2014, the value of these securities amounted to $2,274,517 or 0.2% of net assets.
	(g)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(h)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
	(i)	Unfunded loan commitment. Represents a contractual obligation for future funding at the option of the Borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.

	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, 2014, the value of Rule 144A holdings amounted to $180,148,231 or 14.5% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ABS	Asset-Backed Securities
	EMTN	Euro Medium Term Note
	GMTN	Global Medium Term Note
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

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

Industry Summary at March 31, 2014 (Unaudited)


Treasuries	14.6	%
Banking	13.6
Technology	5.3
Wirelines	4.2
Life Insurance	4.0
Local Authorities	3.6
Electric	3.4
Non-Captive Diversified	3.4
Non-Captive Consumer	3.0
Healthcare	2.8
Automotive	2.3
Independent Energy	2.3
Metals & Mining	2.1
Airlines	2.0
Other Investments, less than 2% each	31.3
Short-Term Investments	1.9

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2014 (Unaudited)


United States Dollar	72.9	%
Canadian Dollar	10.6
New Zealand Dollar	4.0
Euro	3.6
Australian Dollar	2.3
Other, less than 2% each	6.4

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Bond Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 96.4% of Net Assets

	Non-Convertible Bonds – 95.9%

		Australia – 2.2%
$	4,695,000	Asciano Finance Ltd., 4.625%, 9/23/2020, 144A	$	4,852,297
	5,858,700	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		5,930,372
	5,000,000	New South Wales Treasury Corp., 6.000%, 5/01/2020, (AUD)		5,151,857
	24,075,000	New South Wales Treasury Corp., 6.000%, 3/01/2022, (AUD)(b)		24,959,401
	4,700,000	SMART Trust/Australia, Series 2012-1USA, Class A4A, 2.010%, 12/14/2017, 144A		4,780,370
	7,600,000	Westpac Banking Corp., 2.450%, 11/28/2016, 144A		7,861,592

				53,535,889


		Bermuda – 0.3%
	7,075,000	Global Container Assets Ltd., Series 2013-1A, Class A2, 3.300%, 11/05/2028, 144A		7,048,469


		Brazil – 2.0%
	5,000,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		5,262,500
	11,432,546	Banco Votorantim S.A., 6.250%, 5/16/2016, 144A, (BRL)		4,824,174
	3,865,000	Itau Unibanco Holding S.A., 5.650%, 3/19/2022, 144A		3,889,156
	5,967,900	Odebrecht Drilling Norbe VIII/IX Ltd., 6.350%, 6/30/2021, 144A		6,191,696
	12,535,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		4,985,825
	5,400,000	Petrobras International Finance Co., EMTN, 6.250%, 12/14/2026, (GBP)		8,750,448
	4,600,000	Republic of Brazil, 2.875%, 4/01/2021, (EUR)		6,308,671
	7,000,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		2,892,243
	3,600,000	Vale Overseas Ltd., 6.875%, 11/21/2036		3,835,717

				46,940,430


		Canada – 6.7%
	6,755,000	Bombardier, Inc., 4.750%, 4/15/2019, 144A		6,755,000
	5,500,000	Canadian Government, 2.750%, 6/01/2022, (CAD)		5,165,174
	39,775,000	Canadian Government, 3.000%, 12/01/2015, (CAD)(b)		37,130,529
	4,734,000	Ford Auto Securitization Trust, Series 2010-R3A, Class D, 4.526%, 3/15/2017, 144A, (CAD)		4,354,381
	5,151,479	Ford Auto Securitization Trust, Series 2013-R1A, Class A2, 1.676%, 9/15/2016, 144A, (CAD)		4,669,836

		Canada – continued
	2,870,000	Ford Auto Securitization Trust, Series 2013-R4A, Class A2, 1.824%, 7/15/2017, 144A, (CAD)	$	2,606,183
	3,100,000	Master Credit Card Trust II, Series 2012-2A, Class C, 1.970%, 4/21/2017, 144A		3,101,240
	12,805,000	Province of Alberta Canada, 4.000%, 12/01/2019, (CAD)		12,677,935
	7,400,000	Province of British Columbia, 4.300%, 6/18/2042, (CAD)		7,294,104
	9,400,000	Province of Manitoba Canada, MTN, 4.400%, 9/05/2025, (CAD)(b)		9,356,465
	6,086,000	Province of Ontario, EMTN, 4.000%, 12/03/2019, (EUR)		9,661,651
	9,992,000	Province of Quebec Canada, EMTN, 3.375%, 6/20/2016, (EUR)		14,650,264
	11,944,000	Province of Quebec Canada, Series 169, EMTN, 3.625%, 2/10/2015, (EUR)(b)		16,915,376
	6,280,000	SCG Hotel Issuer, Inc., Series 2013-CWPA, Class A2, 3.442%, 10/12/2018, 144A, (CAD)		5,839,065
	8,629,000	Shaw Communications, Inc., 6.750%, 11/09/2039, (CAD)		9,346,015
	4,995,000	Talisman Energy, Inc., 5.500%, 5/15/2042		4,948,052
	5,870,000	Videotron Ltd., 5.375%, 6/15/2024, 144A		5,899,350

				160,370,620


		China – 0.1%
	2,500,000	Baidu, Inc., 3.250%, 8/06/2018		2,552,670


		Czech Republic – 0.3%
	6,000,000	CEZ AS, 4.250%, 4/03/2022, 144A		6,099,900


		Denmark – 0.2%
	4,200,000	Carlsberg Breweries A/S, EMTN, 2.625%, 11/15/2022, (EUR)		5,818,820


		Finland – 1.5%
	23,655,000	Finland Government Bond, 3.875%, 9/15/2017, 144A, (EUR)		36,388,422


		France – 1.3%
	2,370,000	AXA S.A., 7.125%, 12/15/2020, (GBP)		4,669,401
	1,800,000	AXA S.A., EMTN, 5.125%, 7/04/2043, (EUR)(c)		2,729,095
	3,135,000	BNP Paribas S.A., EMTN, 5.750%, 1/24/2022, (GBP)		5,776,502
	4,000,000	Bouygues S.A., 3.641%, 10/29/2019, (EUR)		6,008,778
	5,845,000	Electricite de France, 1.150%, 1/20/2017, 144A		5,835,543
	6,676,000	Pernod Ricard S.A., 4.450%, 1/15/2022, 144A		6,981,995

				32,001,314

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Germany – 12.7%
	21,130,000	Bundesobligation, 1.250%, 10/14/2016, (EUR)	$	29,898,405
	43,810,000	Bundesrepublik Deutschland, 1.750%, 7/04/2022, (EUR)		62,667,624
	41,300,000	Bundesrepublik Deutschland, 2.000%, 8/15/2023, (EUR)		59,480,787
	41,310,000	Bundesrepublik Deutschland, 4.250%, 7/04/2017, (EUR)(b)		64,248,087
	41,390,000	Bundesrepublik Deutschland, 4.250%, 7/04/2039, (EUR)		76,846,404
	1,035,000,000	Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037, (JPY)		12,032,212
	800,000	Muenchener Rueckversicherungs AG, EMTN, 6.000%, 5/26/2041, (EUR)(c)		1,299,021

				306,472,540


		Hungary – 0.0%
	864,000	Hungary Government International Bond, 5.375%, 3/25/2024		865,728


		Indonesia – 0.1%
	4,000,000	Pertamina Persero PT, 5.625%, 5/20/2043, 144A		3,385,000


		Ireland – 0.4%
	6,860,000	Bank of Ireland Mortgage Bank, 1.875%, 5/13/2017, (EUR)		9,615,760


		Italy – 2.4%
	1,350,000	Enel Finance International S.A., EMTN, 5.625%, 8/14/2024, (GBP)		2,435,467
	2,300,000	Enel SpA, EMTN, 5.750%, 6/22/2037, (GBP)		3,849,246
	8,935,000	Italy Buoni Poliennali Del Tesoro, 4.000%, 2/01/2037, (EUR)(b)		12,480,964
	15,670,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 3/01/2022, (EUR)(b)		24,813,024
	4,751,000	Republic of Italy, 6.875%, 9/27/2023		5,761,538
	6,745,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		6,289,713
	1,870,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		1,827,925
	915,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		931,013

				58,388,890


		Japan – 11.5%
	1,923,550,000	Japan Government Ten Year Bond, 1.200%, 12/20/2020, (JPY)		19,701,148
	12,336,100,000	Japan Government Ten Year Bond, 1.300%, 3/20/2019, (JPY)		125,978,216
	2,123,650,000	Japan Government Ten Year Bond, 1.700%, 3/20/2017, (JPY)		21,541,936

		Japan – continued
	1,720,000,000	Japan Government Thirty Year Bond, 1.700%, 12/20/2043, (JPY)	$	16,620,634
	1,843,000,000	Japan Government Thirty Year Bond, 2.000%, 12/20/2033, (JPY)		19,395,863
	545,000,000	Japan Government Twenty Year Bond, 2.000%, 12/20/2024, (JPY)		5,993,574
	1,540,000,000	Japan Government Twenty Year Bond, 2.100%, 12/20/2027, (JPY)		17,158,016
	3,366,450,000	Japan Government Twenty Year Bond, 2.100%, 12/20/2030, (JPY)		36,959,912
	2,000,000	Softbank Corp., 4.625%, 4/15/2020, 144A, (EUR)		2,893,064
	10,055,000	Sumitomo Mitsui Financial Group, Inc., 4.436%, 4/02/2024, 144A		10,064,341

				276,306,704


		Korea – 1.3%
	56,100,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)		9,318,457
	440,500,000	Export-Import Bank of Korea, 4.000%, 11/26/2015, 144A, (PHP)		10,018,195
	3,469,065	Hyundai Capital Auto Funding Ltd., Series 2010-8A, Class A, 1.157%, 9/20/2016, 144A(c)		3,449,985
	8,538,000	Korea Finance Corp., 4.625%, 11/16/2021		9,285,741

				32,072,378


		Luxembourg – 0.9%
	4,519,000	ArcelorMittal, 5.000%, 2/25/2017		4,795,789
	8,575,000	ArcelorMittal, 6.000%, 3/01/2021		9,143,093
	4,150,000	Holcim US Finance S.a.r.l. & Cie SCS, 5.150%, 9/12/2023, 144A		4,433,943
	2,905,000	INEOS Group Holdings S.A., 6.500%, 8/15/2018, (EUR)		4,202,496

				22,575,321


		Malaysia – 2.2%
	175,375,000	Malaysia Government Bond, 3.314%, 10/31/2017, (MYR)(b)		53,214,806


		Mexico – 3.8%
	5,000,000	Alpek S.A. de CV, 5.375%, 8/08/2023, 144A		5,162,500
	7,564,986(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(b)		60,432,160
	1,050,500(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/09/2022, (MXN)		8,292,163
	925,000(††)	Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016, (MXN)		7,624,542
	1,247,129(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		10,810,632

				92,321,997

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Namibia – 0.2%
$	3,588,000	Namibia International Bond, 5.500%, 11/03/2021, 144A	$	3,758,430


		Netherlands – 1.1%
	4,000,000	Allianz Finance II BV, EMTN, 5.750%, 7/08/2041, (EUR)(c)		6,381,934
	4,400,000	Bharti Airtel International Netherlands BV, 5.125%, 3/11/2023, 144A		4,372,500
	3,200,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		3,343,200
	9,270,000	Netherlands Government Bond, 2.250%, 7/15/2022, 144A, (EUR)		13,456,476

				27,554,110


		Norway – 2.5%
	136,200,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		24,478,832
	185,925,000	Norway Government Bond, 4.500%, 5/22/2019, (NOK)(b)		34,525,327

				59,004,159


		Philippines – 0.3%
	100,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		2,302,375
	259,000,000	Philippine Government International Bond, 6.250%, 1/14/2036, (PHP)		5,862,080

				8,164,455


		Poland – 1.1%
	45,820,000	Poland Government Bond, 4.750%, 4/25/2017, (PLN)(b)		15,801,672
	5,360,000	Poland Government International Bond, 3.000%, 9/23/2014, (CHF)		6,142,431
	4,145,000	Poland Government International Bond, 3.000%, 3/17/2023		3,875,575

				25,819,678


		South Africa – 0.5%
	127,260,000	Transnet SOC Ltd., 9.500%, 5/13/2021, 144A, (ZAR)		11,770,946


		Spain – 2.1%
	1,000,000	Banco Bilbao Vizcaya Argentaria, S.A., 3.500%, 12/05/2017, (EUR)		1,487,683
	1,600,000	Iberdrola Finanzas SAU, EMTN, 6.000%, 7/01/2022, (GBP)		3,033,194
	1,250,000	Iberdrola Finanzas SAU, EMTN, 7.375%, 1/29/2024, (GBP)		2,560,693
	21,990,000	Spain Government Bond, 5.850%, 1/31/2022, (EUR)(b)		36,711,195
	1,410,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		1,524,386
	950,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		1,149,839

		Spain – continued
	1,817,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)	$	3,181,799

				49,648,789


		Supranationals – 0.8%
	15,870,000	European Investment Bank, 2.375%, 7/10/2020, (CHF)(b)		19,836,378


		Sweden – 0.3%
	5,800,000	Nordea Bank AB, 4.250%, 9/21/2022, 144A		5,851,545


		Turkey – 0.4%
	18,870,000	Akbank TAS, 7.500%, 2/05/2018, 144A, (TRY)		7,572,870
	2,400,000	Arcelik AS, 5.000%, 4/03/2023, 144A		2,100,000

				9,672,870


		United Arab Emirates – 0.2%
	4,996,000	IPIC GMTN Ltd., MTN, 5.000%, 11/15/2020, 144A		5,514,335


		United Kingdom – 6.2%
	1,100,000	Aviva PLC, EMTN, (fixed rate to 7/05/2023, variable rate thereafter), 6.125%, 7/05/2043, (EUR)		1,738,938
	3,203,000	Bank of Scotland PLC, EMTN, 4.875%, 11/08/2016, (GBP)		5,795,726
	891,000	Barclays Bank PLC, 6.050%, 12/04/2017, 144A		998,585
	4,078,000	Barclays Bank PLC, EMTN, 5.750%, 9/14/2026, (GBP)		7,269,594
	3,906,000	HSBC Bank PLC, 4.125%, 8/12/2020, 144A		4,139,598
	3,175,000	HSBC Holdings PLC, 4.000%, 3/30/2022		3,297,317
	3,500,000	HSBC Holdings PLC, EMTN, 5.750%, 12/20/2027, (GBP)		6,222,775
	4,360,000	Lloyds Bank PLC, MTN, 6.500%, 9/14/2020, 144A		4,981,527
	1,500,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		1,535,929
	4,595,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		4,812,238
	9,250,000	Standard Chartered PLC, 3.950%, 1/11/2023, 144A		8,835,988
	14,005,000	United Kingdom Treasury, 1.750%, 1/22/2017, (GBP)(b)		23,758,670
	5,516,209	United Kingdom Treasury, 4.000%, 3/07/2022, (GBP)(b)		10,222,569
	8,065,917	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)		15,158,506
	15,013,827	United Kingdom Treasury, 4.750%, 3/07/2020, (GBP)(b)		28,762,072
	10,680,599	United Kingdom Treasury, 5.000%, 3/07/2025, (GBP)(b)		21,380,215

				148,910,247

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United States – 30.3%
$	5,950,000	A10 Securitization LLC, Series 2013-1, Class A, 2.400%, 11/15/2025, 144A	$	5,966,571
	4,320,000	A10 Securitization LLC, Series 2013-2, Class A, 2.620%, 11/15/2027, 144A		4,306,776
	265,000	Alcoa, Inc., 5.870%, 2/23/2022		279,431
	5,145,000	Alcoa, Inc., 5.900%, 2/01/2027		5,249,289
	1,410,000	Ally Financial, Inc., 2.750%, 1/30/2017		1,424,100
	3,445,000	Ally Financial, Inc., 3.500%, 7/18/2016		3,548,350
	6,515,000	Ally Financial, Inc., 4.750%, 9/10/2018		6,889,612
	3,246,126	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		3,557,186
	4,700,000	Altria Group, Inc., 4.000%, 1/31/2024		4,708,906
	6,889,843	American Airlines Pass Through Trust, Series 2013-2, Class A, 4.950%, 7/15/2024, 144A		7,389,356
	5,550,000	American International Group, Inc., 4.875%, 6/01/2022		6,077,372
	2,705,000	Apache Corp., 4.250%, 1/15/2044		2,537,114
	800,000	Apache Corp., 4.750%, 4/15/2043		804,222
	6,040,000	Apple, Inc., 1.000%, 5/03/2018		5,854,874
	1,554,384	Ascentium Equipment Receivables LLC, Series 2012-1A, Class A, 1.830%, 9/15/2019, 144A		1,553,486
	2,800,000	Ascentium Equipment Receivables LLC, Series 2014-1A, Class A2, 1.040%, 1/10/2017, 144A		2,798,578
	5,137,000	Avnet, Inc., 5.875%, 6/15/2020		5,666,404
	6,283,000	Ball Corp., 4.000%, 11/15/2023		5,874,605
	5,125,000	Bank of America Corp., 2.650%, 4/01/2019		5,141,344
	13,455,000	Bank of America Corp., 4.100%, 7/24/2023		13,647,622
	2,230,427	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 8/15/2017, 144A		2,239,424
	7,267,000	Capital One Bank USA NA, 3.375%, 2/15/2023		7,071,176
	5,750,000	Capital One Multi-Asset Execution Trust, Series 2004-B7, Class B7, 0.780%, 8/17/2017, (EUR)(c)		7,908,834
	3,200,000	Capital One Multi-Asset Execution Trust, Series 2004-B7, Class B7, 0.780%, 8/17/2017, (EUR)(c)		4,401,438
	6,993,716	Centre Point Funding LLC, Series 2012-2A, Class 1, 2.610%, 8/20/2021, 144A		7,024,999
	6,480,000	CGBAM Commercial Mortgage Trust, Series 2013-BREH, Class A2, 1.255%, 5/15/2030, 144A(c)		6,490,206
	3,185,000	Chevron Corp., 1.718%, 6/24/2018		3,174,196
	4,102,000	CHS/Community Health Systems, Inc., 5.125%, 8/15/2018		4,307,100
	2,370,000	CIT Group, Inc., 4.250%, 8/15/2017		2,482,575

		United States – continued
$	7,360,000	Citigroup Commercial Mortgage Trust, 3.251%, 5/10/2035, 144A	$	7,138,177
	4,000,000	Citigroup, Inc., 1.700%, 7/25/2016		4,045,424
	9,900,000	Citigroup, Inc., 3.375%, 3/01/2023		9,573,745
	2,235,000	Commercial Mortgage Pass Through Certificates, Series 2014-BBG, Class A, 0.955%, 3/15/2029, 144A(c)		2,236,316
	2,570,000	Commercial Mortgage Trust, Series 2013-GAM, Class A2, 3.367%, 2/10/2028, 144A		2,500,631
	5,300,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		5,584,875
	370,696	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		400,351
	181,095	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		192,866
	3,124,253	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		3,546,028
	1,907,000	Continental Resources, Inc., 4.500%, 4/15/2023		1,975,027
	6,975,000	Corning, Inc., 4.700%, 3/15/2037		7,209,569
	5,141,150	Countrywide Alternative Loan Trust, Series 2003-4CB, Class 1A1, 5.750%, 4/25/2033		5,342,046
	5,000,000	Credit Acceptance Auto Loan Trust, Series 2012-2A, Class A, 1.520%, 3/16/2020, 144A		5,026,645
	1,750,000	Credit Acceptance Auto Loan Trust, Series 2013-1A, Class A, 1.210%, 10/15/2020, 144A		1,750,754
	5,722,000	Crown Castle Towers LLC, 4.523%, 1/15/2035, 144A		5,853,005
	3,089,000	Crown Castle Towers LLC, 6.113%, 1/15/2040, 144A		3,540,949
	1,885,000	CSMC Series, Series 2010-RR1, Class 2B, 5.695%, 9/15/2040, 144A		2,029,704
	4,500,000	Del Coronado Trust, Series 2013-HDC, Class A, 0.955%, 3/15/2026, 144A(c)		4,500,261
	4,712,977	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		5,537,748
	3,725,000	DR Horton, Inc., 3.750%, 3/01/2019		3,734,313
	3,074,370	Exeter Automobile Receivables Trust, Series 2013-2A, Class A, 1.490%, 11/15/2017, 144A		3,086,095
	5,470,000	Extended Stay America Trust, Series 2013-ESH5, Class A15, 1.278%, 12/05/2031, 144A		5,352,395
	5,700,000	Extended Stay America Trust, Series 2013-ESH7, Class A17, 2.295%, 12/05/2031, 144A		5,475,420
	3,900,000	Flagship Credit Auto Trust, Series 2013-1, Class B, 2.760%, 9/17/2018, 144A		3,945,232
	3,082,474	Flagship Credit Auto Trust, Series 2013-2, Class A, 1.940%, 1/15/2019, 144A		3,102,227

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United States – continued
$	34,385,000	FNMA (TBA), 2.500%, 5/01/2029(d)	$	34,266,803
	43,095,000	FNMA (TBA), 3.000%, with various maturities from 2029 to 2044(d)(g)		41,923,552
	60,640,000	FNMA (TBA), 3.500%, 4/01/2044(d)		61,000,050
	4,723,000	Ford Motor Credit Co. LLC, 4.207%, 4/15/2016		5,005,450
	5,000,000	Ford Motor Credit Co. LLC, 4.375%, 8/06/2023		5,158,750
	50,000,000	General Electric Capital Corp., EMTN, 4.208%, 12/06/2021, (SEK)		8,203,652
	5,620,000	Glencore Funding LLC, 2.500%, 1/15/2019, 144A		5,426,886
	2,000,000	Goldman Sachs Group, Inc. (The), 3.625%, 2/07/2016		2,094,560
	3,660,000	Goldman Sachs Group, Inc. (The), 5.750%, 1/24/2022		4,150,144
	707,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		774,546
	4,668,785	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		5,200,153
	7,588,073	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.819%, 8/10/2045(c)		8,414,536
	6,000,000	GS Mortgage Securities Corp. II, Series 2013-KYO, Class B, 1.604%, 11/08/2029, 144A(c)		6,007,512
	3,311,000	HCA, Inc., 4.750%, 5/01/2023		3,273,751
	577,000	HCA, Inc., 7.690%, 6/15/2025		615,948
	567,000	HCA, Inc., MTN, 7.580%, 9/15/2025		598,185
	3,888,980	Hilton Grand Vacations Trust, Series 2013-A, Class A, 2.280%, 1/25/2026, 144A		3,925,019
	3,179,000	Host Hotels & Resorts LP, 4.750%, 3/01/2023		3,324,999
	5,485,000	Host Hotels & Resorts LP, 5.250%, 3/15/2022		5,968,108
	5,177,000	HSBC USA, Inc., 5.000%, 9/27/2020		5,645,389
	5,800,000	Hyundai Capital America, 4.000%, 6/08/2017, 144A		6,183,542
	3,028,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A		3,344,172
	3,085,000	International Lease Finance Corp., 3.875%, 4/15/2018		3,146,700
	2,460,000	International Lease Finance Corp., 5.750%, 5/15/2016		2,646,050
	5,500,000	International Lease Finance Corp., 5.875%, 8/15/2022		5,816,250
	4,980,000	iStar Financial, Inc., 4.875%, 7/01/2018		5,104,500
	5,720,000	Johnson & Johnson, 4.375%, 12/05/2033		6,000,269
	7,935,000	JPMorgan Chase & Co., 3.250%, 9/23/2022		7,816,697
	6,454,000	JPMorgan Chase & Co., 4.400%, 7/22/2020		6,957,018

		United States – continued
$	4,000,000	JPMorgan Chase & Co., 4.500%, 1/24/2022	$	4,312,328
	7,000,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-FL4, Class B, 1.903%, 12/15/2030, 144A(c)		7,000,000
	6,000,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-JWRZ, Class A, 0.935%, 4/15/2030, 144A(c)		5,958,702
	2,048,224	JPMorgan Resecuritization Trust, Series 2010-4, Class A2, 2.097%, 9/26/2035, 144A(c)		2,049,570
	2,530,000	KB Home, 4.750%, 5/15/2019		2,548,975
	2,460,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		2,579,925
	3,580,000	Liberty Mutual Group, Inc., 4.250%, 6/15/2023, 144A		3,633,149
	2,805,024	Marriott Vacation Club Owner Trust, Series 2012-1A, Class B, 3.500%, 5/20/2030, 144A		2,883,719
	4,723,000	MBNA Credit Card Master Note Trust, Series 2005-B3, Class B3, 0.590%, 3/19/2018, (EUR)(c)		6,457,045
	4,250,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		4,239,375
	2,600,000	Morgan Stanley, 3.750%, 2/25/2023		2,583,519
	1,100,000	Morgan Stanley, GMTN, 5.500%, 1/26/2020		1,240,566
	6,000,000	Morgan Stanley, GMTN, 5.500%, 7/28/2021		6,779,220
	4,400,000	Morgan Stanley Re-REMIC Trust, Series 2009-GG10, Class A4B, 5.819%, 8/12/2045, 144A(c)		4,842,028
	1,500,000	Morgan Stanley Re-REMIC Trust, Series 2010-GG10, Class A4B, 5.819%, 8/15/2045, 144A(c)		1,650,692
	6,300,000	Motel 6 Trust, Series 2012-MTL6, Class D, 3.781%, 10/05/2025, 144A		6,344,484
	2,100,000	Newfield Exploration Co., 5.625%, 7/01/2024		2,178,750
	4,980,000	Noble Energy, Inc., 5.250%, 11/15/2043		5,197,825
	2,670,000	RBSCF Trust, Series 2010-RR4, Class CSCB, 5.695%, 9/16/2040, 144A		2,874,650
	2,209,183	RBSSP Resecuritization Trust, Series 2010-3, Class 9A1, 5.500%, 2/26/2035, 144A		2,301,655
	4,000,000	Santander Drive Auto Receivables Trust, Series 2012-4, Class C, 2.940%, 12/15/2017		4,120,760
	7,679,684	Sequoia Mortgage Trust, Series 2013-5, Class A1, 2.500%, 5/25/2043, 144A		6,936,544
	3,870,930	SNAAC Auto Receivables Trust, Series 2013-1A, Class A, 1.140%, 7/16/2018, 144A		3,878,494

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United States – continued
$	8,000,000	Springleaf Funding Trust, Series 2013-BA, Class A, 3.920%, 1/16/2023, 144A	$	8,140,000
	4,775,000	Springleaf Funding Trust, Series 2014-AA, Class A, 2.410%, 12/15/2022, 144A		4,763,273
	9,790,000	Sprint Communications, Inc., 6.000%, 11/15/2022		9,973,562
	2,428,721	SVO VOI Mortgage LLC, Series 2012-AA, Class A, 2.000%, 9/20/2029, 144A		2,434,117
	3,489,667	TAL Advantage V LLC, Series 2013-2A, Class A, 3.550%, 11/20/2038, 144A		3,502,680
	715,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		656,353
	1,545,000	Time Warner Cable, Inc., 5.250%, 7/15/2042, (GBP)		2,579,219
	1,225,000	Time Warner Cable, Inc., 5.500%, 9/01/2041		1,277,197
	95,000	Time Warner Cable, Inc., 5.875%, 11/15/2040		102,938
	520,000	Time Warner Cable, Inc., 6.550%, 5/01/2037		603,944
	1,805,000	Time Warner Cable, Inc., 6.750%, 6/15/2039		2,139,328
	1,350,000	Time Warner Cable, Inc., 7.300%, 7/01/2038		1,686,621
	10,028,498	Trinity Rail Leasing LP, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A		10,359,388
	13,970,000	U.S. Treasury Bond, 2.875%, 5/15/2043		12,193,184
	26,070,000	U.S. Treasury Note, 0.875%, 4/30/2017(e)		26,010,925
	10,065,000	U.S. Treasury Note, 1.375%, 5/31/2020(e)		9,640,378
	3,885,000	U.S. Treasury Note, 1.625%, 11/15/2022		3,595,144
	6,325,000	US Airways Pass Through Trust, Series 2013-1, Class A, 3.950%, 5/15/2027		6,372,437
	1,355,000	Verizon Communications, Inc., 2.500%, 9/15/2016		1,403,062
	1,230,000	Verizon Communications, Inc., 3.450%, 3/15/2021		1,246,840
	5,155,000	Verizon Communications, Inc., 5.050%, 3/15/2034		5,288,380
	3,775,000	Verizon Communications, Inc., 6.400%, 9/15/2033		4,481,857
	1,150,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		1,259,585
	6,272,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		7,004,206
	5,130,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		5,424,975
	3,165,000	WM Wrigley Jr. Co., 2.900%, 10/21/2019, 144A		3,193,526

		United States – continued
	2,907,000	Zurich Finance USA, Inc., EMTN, (fixed rate to 6/15/2015, variable rate thereafter), 4.500%, 6/15/2025, (EUR)	$	4,155,441

				731,128,675


		Total Non-Convertible Bonds
		(Identified Cost $2,317,912,983)		2,312,610,275


	Convertible Bonds – 0.5%

		United States – 0.5%
	6,065,000	Intel Corp., 2.950%, 12/15/2035		7,137,747
	5,985,000	Peabody Energy Corp., 4.750%, 12/15/2066		4,840,369


		Total Convertible Bonds
		(Identified Cost $11,357,471)		11,978,116


		Total Bonds and Notes
		(Identified Cost $2,329,270,454)		2,324,588,391


	Shares

	Preferred Stocks – 0.4%

	Non-Convertible Preferred Stock – 0.2%

		United States – 0.2%
		PNC Financial Services Group, Inc. (The), 5.375%
	186,207	(Identified Cost $4,655,175)		4,010,899


	Convertible Preferred Stocks – 0.2%

		United States – 0.2%
	12,792	Crown Castle International Corp., Series A, 4.500%		1,296,981
	24,832	Dominion Resources, Inc., Series A, 6.125%		1,427,840
	9,494	Dominion Resources, Inc., Series B, 6.000%		548,468
	46,158	iStar Financial, Inc., Series J, 4.500%		2,965,651

				6,238,940


		Total Convertible Preferred Stocks
		(Identified Cost $5,369,258)		6,238,940


		Total Preferred Stocks
		(Identified Cost $10,024,433)		10,249,839

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Short-Term Investments – 6.7%
$	33,420,328	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $33,420,328 on 4/01/2014 collateralized by $34,175,000 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $34,089,563 including accrued interest (Note 2 of Notes to Financial Statements)	$	33,420,328
	128,680,000	U.S. Treasury Bill, 0.050%, 7/10/2014(b)(f)		128,665,717


		Total Short-Term Investments
		(Identified Cost $162,082,455)		162,086,045


		Total Investments – 103.5%
		(Identified Cost $2,501,377,342)(a)		2,496,924,275
		Other assets less liabilities—(3.5)%		(84,522,089	)


		Net Assets – 100.0%	$	2,412,402,186

	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2014, the net unrealized depreciation on investments based on a cost of $2,513,165,272 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	60,243,489
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(76,484,486	)

		Net unrealized depreciation	$	(16,240,997	)

	(b)	All or a portion of this security has been designated to cover the Fund’s obligations under open forward foreign currency contracts, futures contracts or TBA transactions.
	(c)	Variable rate security. Rate as of March 31, 2014 is disclosed.
	(d)	Delayed delivery. See Note 2 of Notes to Financial Statements.
	(e)	All or a portion of this security has been pledged as collateral for open forward foreign currency contracts and/or as initial margin for open futures contracts.
	(f)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(g)	The Fund’s investment in mortgage related securities of 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.

	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, 2014, the value of Rule 144A holdings amounted to $479,390,255 or 19.9% of net assets.
	EMTN	Euro Medium Term Note
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	MTN	Medium Term Note
	REMIC	Real Estate Mortgage Investment Conduit
	TBA	To Be Announced

	AUD	Australian Dollar
	BRL	Brazilian Real
	CAD	Canadian Dollar
	CHF	Swiss Franc
	EUR	Euro
	GBP	British Pound
	JPY	Japanese Yen
	MXN	Mexican Peso
	MYR	Malaysian Ringgit
	NOK	Norwegian Krone
	PHP	Philippine Peso
	PLN	Polish Zloty
	SEK	Swedish Krona
	TRY	Turkish Lira
	ZAR	South African Rand

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Bond Fund – continued

At March 31, 2014, the Fund had the following open forward foreign currency contracts:


Contract to Buy/Sell	Delivery Date	Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell¹	5/28/2014	Australian Dollar		5,320,000	$	4,914,905	$	(139,407	)
Buy²	4/02/2014	Brazilian Real		29,850,000		13,155,575		—
Sell²	4/02/2014	Brazilian Real		29,850,000		13,155,575		(558,512	)
Sell²	5/05/2014	Brazilian Real		29,850,000		13,043,111		8,923
Sell²	6/27/2014	British Pound		13,800,000		22,991,814		(242,376	)
Sell¹	6/05/2014	Canadian Dollar		37,810,000		34,149,575		(298,463	)
Buy¹	4/21/2014	Chilean Peso		6,250,000,000		11,374,059		455,121
Sell³	5/16/2014	Japanese Yen		1,680,000,000		16,280,553		107,533
Buy⁴	6/20/2014	Malaysian Ringgit		62,652,000		19,082,602		91,969
Sell²	6/18/2014	Mexican Peso		160,000,000		12,182,806		(197,635	)
Buy²	6/17/2014	Philippine Peso		210,000,000		4,674,135		(42,847	)
Buy²	6/11/2014	South Korean Won		18,476,000,000		17,296,710		130,493
Buy¹	6/11/2014	South Korean Won		6,499,000,000		6,084,181		45,340
Sell⁵	6/18/2014	Swiss Franc		9,760,000		11,046,939		(42,192	)
Sell¹	6/17/2014	Turkish Lira		17,495,000		7,994,334		(411,879	)

Total							$	(1,093,932	)

At March 31, 2014, the Fund had the following open forward cross currency contracts:


Settlement Date	Deliver/Units of Currency		Receive/Units of Currency		Unrealized Appreciation (Depreciation)
4/07/2014	Japanese Yen	1,987,368,000	Singapore Dollar²	24,000,000	$	(175,701	)
6/04/2014	Malaysian Ringgit	240,070,000	Japanese Yen¹	7,448,411,820		(1,006,878	)
6/18/2014	Swedish Krona	50,000,000	Euro²	5,631,379		41,278

Total					$	(1,141,301	)

¹ Counterparty is Credit Suisse International.

² Counterparty is Barclays Bank PLC.

³ Counterparty is Bank of America, N.A.

⁴ Counterparty is JP Morgan Chase Bank, N.A.

⁵ Counterparty is UBS AG.

At March 31, 2014, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		6/19/2014		93	$	13,435,594	$	176,385

At March 31, 2014, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
30 Year U.S. Treasury Bond		6/19/2014		800	$	106,575,000	$	(515,594	)

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Industry Summary at March 31, 2014 (Unaudited)


Treasuries	45.4	%
Banking	8.3
Mortgage Related	5.6
Commercial Mortgage-Backed Securities	4.7
Local Authorities	4.4
Government Owned - No Guarantee	3.2
ABS Car Loan	2.3
Other Investments, less than 2% each	22.9
Short-Term Investments	6.7

Total Investments	103.5
Other assets less liabilities (including open forward foreign currency contracts and futures contracts)	(3.5	)

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2014 (Unaudited)


United States Dollar	45.4	%
Euro	21.9
Japanese Yen	11.5
British Pound	6.4
Canadian Dollar	4.1
Mexican Peso	3.6
Norwegian Krone	2.9
Malaysian Ringgit	2.2
Other, less than 2% each	5.5

Total Investments	103.5
Other assets less liabilities (including open forward foreign currency contracts and futures contracts)	(3.5	)

Net Assets	100.0	%

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 97.0% of Net Assets

		Airlines – 0.5%
$	130,000	United Airlines, Inc., 6.750%, 9/15/2015, 144A	$	132,600


		Treasuries – 96.5%
	1,435,091	U.S. Treasury Inflation Indexed Bond, 1.375%, 2/15/2044(b)		1,464,466
	3,812,795	U.S. Treasury Inflation Indexed Bond, 2.500%, 1/15/2029(b)(c)		4,630,163
	13,527,766	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2018(b)		13,838,485
	5,262,548	U.S. Treasury Inflation Indexed Note, 0.625%, 1/15/2024(b)		5,280,640

				25,213,754


		Total Bonds and Notes
		(Identified Cost $25,693,606)		25,346,354


	Shares

	Preferred Stocks – 0.5%

		Aerospace & Defense – 0.5%
	2,100	United Technologies Corp., 7.500% (Identified Cost $105,000)		139,797


	Notional Amount

	Purchased Swaptions – 3.3%

		Interest Rate Swaptions – 3.3%
$	50,000,000	1-year Interest Rate Swap Put, expiring 3/11/2015, Pay 3-month LIBOR, Receive 0.746%(d)		98,300
	27,500,000	10-year Interest Rate Swap Call, expiring 6/22/2015, Pay 3.440%, Receive 3-month LIBOR(e)		763,483


		Total Purchased Swaptions
		(Identified Cost $1,446,944)		861,783


	Principal Amount

	Short-Term Investments – 0.6%
	142,814	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $142,814 on 4/01/2014 collateralized by $150,000 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $149,625 including accrued interest (Note 2 of Notes to Financial Statements)		142,814

	Short-Term Investments – continued
$	5,000	U.S. Treasury Bill, 0.087%, 7/03/2014(f)(g)	$	4,999


		Total Short-Term Investments
		(Identified Cost $147,813)		147,813


		Total Investments – 101.4%
		(Identified Cost $27,393,363)(a)		26,495,747
		Other assets less liabilities—(1.4)%		(376,427	)


		Net Assets – 100.0%	$	26,119,320


	Notional Amount

	Written Swaptions – (1.4%)

		Interest Rate Swaptions – (1.4)%
$	27,500,000	10-year Interest Rate Swap Call, expiring 6/22/2015, Pay 3-month LIBOR, Receive 3.940%(e) (Premium Received $880,000)	$	(373,148	)


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2014, the net unrealized depreciation on investments based on a cost of $27,533,583 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	42,519
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,080,355	)

		Net unrealized depreciation	$	(1,037,836	)

	(b)	Treasury Inflation Protected Security (TIPS).
	(c)	All or a portion of this security has been designated to cover the Fund’s obligations under open futures contracts or interest rate swaptions.
	(d)	Counterparty is Goldman Sachs International.
	(e)	Counterparty is Citibank, N.A.
	(f)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(g)	Security has been pledged as initial margin for open futures contracts.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of Rule 144A holdings amounted to $132,600 or 0.5% of net assets.

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued

At March 31, 2014, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/30/2014		2	$	237,906	$	1,824

Industry Summary at March 31, 2014 (Unaudited)


Treasuries	96.5	%
Purchased Swaptions	3.3
Other Investments, less than 2% each	1.0
Short-Term Investments	0.6

Total Investments	101.4
Other assets less liabilities (including open written swaptions and futures contracts)	(1.4	)

Net Assets	100.0	%

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Institutional High Income Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 78.7% of Net Assets

	Non-Convertible Bonds – 65.9%

		ABS Other – 0.1%
$	770,963	Rise Ltd., Series 2014-1, Class B, 6.500%, 2/15/2039(b)(c)	$	778,673

		Aerospace & Defense – 2.4%
	345,000	Bombardier, Inc., 6.125%, 1/15/2023, 144A		348,450
	135,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		127,122
	2,175,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		2,164,125
	500,000	Ducommun, Inc., 9.750%, 7/15/2018		560,000
	3,220,000	GenCorp, Inc., 7.125%, 3/15/2021		3,489,675
	900,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		812,250
	5,200,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		5,187,000
	2,610,000	Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		2,329,425
	1,580,000	TransDigm, Inc., 7.500%, 7/15/2021		1,749,850

				16,767,897

		Airlines – 2.9%
	4,890,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		4,698,293
	435,000	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		441,525
	435,000	American Airlines Pass Through Trust, Series 2013-2, Class C, 6.000%, 1/15/2017, 144A		440,477
	319,879	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		365,461
	81,472	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		87,989
	62,825	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		66,908
	279,682	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		322,334
	292,242	Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014		295,164
	385,000	United Airlines Pass Through Trust, Series 2014-1, Class B, 4.750%, 10/11/2023		387,641
	1,150,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		1,240,562
	408,598	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		448,436
	3,152,423	US Airways Pass Through Trust, Series 2010-1C, Class C, 11.000%, 10/22/2014, 144A		3,286,401
Principal Amount (‡)		Description	Value (†)

		Airlines – continued
	1,485,412	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		1,730,504
	362,269	US Airways Pass Through Trust, Series 2011-1C, Class C, 10.875%, 10/22/2014		374,949
	297,079	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		332,728
	2,934,235	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		3,110,289
	2,250,000	US Airways Pass Through Trust, Series 2013-1, Class B, 5.375%, 5/15/2023		2,278,125
	300,000	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		311,691
	502,000	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		512,236

				20,731,713

		Automotive – 1.0%
	1,000,000	American Axle & Manufacturing, Inc., 6.625%, 10/15/2022		1,083,750
	15,000	Ford Motor Co., 6.375%, 2/01/2029		17,133
	95,000	Ford Motor Co., 6.625%, 2/15/2028		105,811
	230,000	Ford Motor Co., 7.125%, 11/15/2025		272,781
	40,000	Ford Motor Co., 7.500%, 8/01/2026		49,264
	2,090,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,160,538
	3,505,000	Lear Corp., 5.375%, 3/15/2024		3,566,337

				7,255,614

		Banking – 4.9%
	2,700,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		1,099,218
	915,000	Bank of America Corp., Series K, (fixed rate to 1/30/2018, variable rate thereafter), 8.000%(d)		1,036,237
	4,520,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		4,037,228
	7,410,000	HBOS PLC, 6.000%, 11/01/2033, 144A		7,686,467
	9,495,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		10,757,284
	11,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		951,461
	1,700,000	Lloyds Banking Group PLC, (fixed rate to 10/01/2015, variable rate thereafter), 5.920%, 144A(d)		1,683,000
	475,000	RBS Capital Trust A, 2.413%, (EUR)(b)(d)		628,208
	80,000	RBS Capital Trust C, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, (EUR)(d)		105,776
	135,000	RBS Capital Trust I, 2.099%(b)(d)		130,950

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
$	160,000	RBS Capital Trust II, (fixed rate to 1/03/2034, variable rate thereafter), 6.425%(d)	$	154,200
	85,000	RBS Capital Trust III, (fixed rate to 9/30/2014, variable rate thereafter), 5.512%(d)		83,725
	3,545,000	Royal Bank of Scotland Group PLC, 4.700%, 7/03/2018		3,643,484
	105,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(d)		126,210
	1,545,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(d)		1,912,961
	85,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/30/2017, variable rate thereafter), 7.640%(d)		86,275
	435,000	Societe Generale S.A., (fixed rate to 1/26/2015, variable rate thereafter), 4.196%, (EUR)(d)		604,911

				34,727,595

		Brokerage – 0.5%
	350,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		352,625
	1,615,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,636,285
	1,045,000	Jefferies Group LLC, 6.450%, 6/08/2027		1,117,128
	165,000	Jefferies Group LLC, 6.875%, 4/15/2021		192,133

				3,298,171

		Building Materials – 0.5%
	1,350,000	Building Materials Holding Corp., 9.000%, 9/15/2018, 144A		1,488,375
	670,000	Masco Corp., 6.500%, 8/15/2032		681,725
	1,225,000	Owens Corning, Inc., 7.000%, 12/01/2036		1,388,966

				3,559,066

		Chemicals – 2.3%
	600,000	Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding B BV, 7.375%, 5/01/2021, 144A		652,500
	3,043,000	Hercules, Inc., 6.500%, 6/30/2029		2,677,840
	3,687,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		3,834,480
	3,190,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		3,158,100
	1,405,000	INEOS Group Holdings S.A., 5.875%, 2/15/2019, 144A		1,434,856
	1,824,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(c)		1,605,120
	359,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(c)		342,845
	2,641,000	Momentive Specialty Chemicals, Inc., 9.200%, 3/15/2021(c)		2,469,335

				16,175,076


Principal Amount (‡)		Description	Value (†)

		Commercial Mortgage-Backed Securities – 0.1%
$	320,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.819%, 8/10/2045(b)	$	330,420

		Construction Machinery – 0.7%
	439,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		451,073
	4,320,000	United Rentals North America, Inc., 5.750%, 11/15/2024		4,352,400

				4,803,473

		Consumer Cyclical Services – 0.3%
	135,000	ServiceMaster Co. (The), 7.100%, 3/01/2018		135,000
	1,902,000	ServiceMaster Co. (The), 7.450%, 8/15/2027		1,818,788

				1,953,788

		Consumer Products – 0.3%
	2,270,000	Visant Corp., 10.000%, 10/01/2017		2,261,488

		Electric – 0.4%
	655,000	AES Corp., 5.500%, 3/15/2024		650,088
	1,100,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		1,149,500
	1,000,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		1,085,000

				2,884,588

		Environmental – 0.1%
	536,000	ADS Waste Holdings, Inc., 8.250%, 10/01/2020		582,900

		Food & Beverage – 0.4%
	1,350,000	Crestview DS Merger Sub II, Inc., 10.000%, 9/01/2021, 144A		1,498,500
	1,236,000	Wells Enterprises, Inc., 6.750%, 2/01/2020, 144A		1,279,260

				2,777,760

		Government Guaranteed – 0.9%
	1,185,000	Autonomous Community of Catalonia, 4.950%, 2/11/2020, (EUR)		1,764,798
	4,720,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		4,406,362

				6,171,160

		Government Owned – No Guarantee – 0.1%
	75,000(††)	Petroleos Mexicanos, 7.650%, 11/24/2021, 144A, (MXN)		599,308

		Healthcare – 3.3%
	1,080,000	BioScrip, Inc., 8.875%, 2/15/2021, 144A		1,125,900
	2,825,000	HCA, Inc., 5.875%, 5/01/2023		2,906,219
	1,065,000	HCA, Inc., 7.050%, 12/01/2027		1,058,344
	970,000	HCA, Inc., 7.500%, 12/15/2023		1,052,450
	4,660,000	HCA, Inc., 7.500%, 11/06/2033		4,776,500
	1,815,000	HCA, Inc., 7.690%, 6/15/2025		1,937,512
	375,000	HCA, Inc., 8.360%, 4/15/2024		423,750
	945,000	HCA, Inc., MTN, 7.580%, 9/15/2025		996,975

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Healthcare – continued
$	1,550,000	HCA, Inc., MTN, 7.750%, 7/15/2036	$	1,581,000
	540,000	Tenet Healthcare Corp., 5.000%, 3/01/2019, 144A		539,325
	7,644,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		6,879,600

				23,277,575

		Home Construction – 1.4%
	300,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		313,500
	882,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		789,390
	4,885,000	Lennar Corp., 4.500%, 6/15/2019		4,970,488
	400,000	Pulte Group, Inc., 6.000%, 2/15/2035		373,000
	2,460,000	Pulte Group, Inc., 6.375%, 5/15/2033		2,410,800
	870,000	Pulte Group, Inc., 7.875%, 6/15/2032		972,225

				9,829,403

		Independent Energy – 1.6%
	150,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		226,021
	1,075,000	OGX Austria GmbH, 8.375%, 4/01/2022, 144A(e)		48,375
	400,000	OGX Austria GmbH, 8.500%, 6/01/2018, 144A(e)		20,000
	830,000	QEP Resources, Inc., 5.250%, 5/01/2023		825,850
	3,680,000	Rex Energy Corp., 8.875%, 12/01/2020		4,066,400
	2,400,000	Rosetta Resources, Inc., 5.625%, 5/01/2021		2,454,000
	3,360,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		3,561,600

				11,202,246

		Industrial Other – 0.3%
	635,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		701,675
	1,705,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A		1,734,838

				2,436,513

		Life Insurance – 2.5%
	1,600,000	American International Group, Inc., 6.250%, 3/15/2087		1,680,000
	6,535,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068(d)		8,585,356
	4,400,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(d)		4,647,500
	280,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		366,800
	1,530,000	MetLife, Inc., 10.750%, 8/01/2069		2,317,950

				17,597,606

Principal Amount (‡)		Description	Value (†)

		Local Authorities – 0.8%
	1,535,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)	$	2,187,835
	100,000	City of Madrid, Spain, 4.550%, 6/16/2036, (EUR)		118,086
	905,000	City of Rome, Italy, EMTN, 5.345%, 1/27/2048, (EUR)		1,166,057
	2,095,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		2,120,629

				5,592,607

		Media Cable – 0.3%
	2,215,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		2,198,388

		Media Non-Cable – 1.7%
	2,210,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		2,196,187
	4,405,000	Clear Channel Communications, Inc., 5.500%, 9/15/2014		4,427,025
	1,770,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021, 144A		1,862,925
	980,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023, 144A		1,038,800
	480,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		507,000
	739,000	R.R. Donnelley & Sons Co., 7.625%, 6/15/2020		849,850
	1,185,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		1,356,825

				12,238,612

		Metals & Mining – 3.0%
	5,685,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		5,230,200
	1,880,000	Barrick Gold Corp., 5.250%, 4/01/2042		1,716,882
	540,000	Cliffs Natural Resources, Inc., 6.250%, 10/01/2040		467,980
	377,000	Essar Steel Algoma, Inc., 9.375%, 3/15/2015, 144A		373,230
	5,705,000	Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		3,708,250
	3,125,000	Hecla Mining Co., 6.875%, 5/01/2021		3,031,250
	800,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		824,000
	2,020,000	United States Steel Corp., 6.650%, 6/01/2037		1,737,200
	3,680,000	United States Steel Corp., 7.500%, 3/15/2022		3,956,000

				21,044,992

		Non-Captive Consumer – 1.4%
	1,000,000	AGFC Capital Trust I, (fixed rate to 1/15/2017, variable rate thereafter), 6.000%, 1/15/2067, 144A		845,000
	875,000	SLM Corp., MTN, 7.250%, 1/25/2022		964,688
	115,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		113,915
	4,550,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		4,026,750

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Non-Captive Consumer – continued
$	2,015,000	Springleaf Finance Corp., 7.750%, 10/01/2021	$	2,231,612
	805,000	Springleaf Finance Corp., 8.250%, 10/01/2023		897,575
	810,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		888,975

				9,968,515

		Non-Captive Diversified – 2.4%
	5,250,000	Aircastle Ltd., 5.125%, 3/15/2021		5,256,562
	250,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		225,761
	970,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		857,175
	3,035,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		2,718,521
	240,000	International Lease Finance Corp., 4.625%, 4/15/2021		240,000
	15,000	International Lease Finance Corp., 5.875%, 8/15/2022		15,862
	60,000	International Lease Finance Corp., 6.250%, 5/15/2019		66,150
	300,000	International Lease Finance Corp., 8.250%, 12/15/2020		362,847
	3,980,000	iStar Financial, Inc., 4.875%, 7/01/2018		4,079,500
	840,000	iStar Financial, Inc., 5.850%, 3/15/2017		903,000
	885,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		928,144
	1,040,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		1,102,400

				16,755,922

		Oil Field Services – 2.5%
	1,790,000	Basic Energy Services, Inc., 7.750%, 10/15/2022		1,942,150
	5,215,000	Hercules Offshore, Inc., 6.750%, 4/01/2022, 144A		5,058,550
	3,425,000	Hercules Offshore, Inc., 8.750%, 7/15/2021, 144A		3,716,125
	2,885,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022, 144A		2,935,487
	3,995,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		3,935,075

				17,587,387

		Packaging – 1.1%
	6,050,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 8.250%, 2/15/2021		6,602,063
Principal Amount (‡)		Description	Value (†)

		Packaging – continued
	600,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.000%, 4/15/2019		642,000
	510,000	Sealed Air Corp., 6.875%, 7/15/2033, 144A		512,550

				7,756,613

		Pipelines – 0.2%
	810,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		731,025
	1,019,031	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		978,270

				1,709,295

		Property & Casualty Insurance – 0.7%
	1,920,000	MBIA Insurance Corp., 11.499%, 1/15/2033, 144A(b)(f)		1,550,400
	3,245,000	White Mountains Re Group Ltd., (fixed rate to 6/30/2017, variable rate thereafter), 7.506%, 144A(d)		3,406,679

				4,957,079

		Railroads – 0.7%
	4,000,000	Hellenic Railways Organization S.A., EMTN, 0.560%, 5/24/2016, (EUR)(b)(c)		4,684,009
	314,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		266,329
	30,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		28,821

				4,979,159

		REITs – Office Property – 0.1%
	470,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		522,740

		Retailers – 1.3%
	450,000	Dillard’s, Inc., 7.000%, 12/01/2028		457,875
	1,895,000	Dillard’s, Inc., 7.750%, 7/15/2026		2,032,388
	125,000	Dillard’s, Inc., 7.750%, 5/15/2027		132,031
	170,000	Dillard’s, Inc., 7.875%, 1/01/2023		190,400
	1,679,000	Foot Locker, Inc., 8.500%, 1/15/2022(g)		1,834,651
	180,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		137,250
	5,055,000	Toys R Us, Inc., 7.375%, 10/15/2018		4,044,000

				8,828,595

		Sovereigns – 0.8%
	1,153,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		114,437
	24,214,000,000	Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024, (IDR)		2,392,625
	6,561,000,000	Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030, (IDR)		675,737
	4,170,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		1,911,327
	66,455,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		450,152

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)			Description	Value (†)

	Bonds and Notes – continued

			Sovereigns – continued
	24,750,000		Republic of Iceland, 7.250%, 10/26/2022, (ISK)	$	168,162
	32,615,000		Republic of Iceland, 8.750%, 2/26/2019, (ISK)		236,469

					5,948,909

			Supermarkets – 2.5%
	4,190,000		New Albertson’s, Inc., 7.450%, 8/01/2029		3,372,950
	2,170,000		New Albertson’s, Inc., 7.750%, 6/15/2026		1,779,400
	9,470,000		New Albertson’s, Inc., 8.000%, 5/01/2031		7,812,750
	4,125,000		New Albertson’s, Inc., 8.700%, 5/01/2030		3,495,937
	1,100,000		New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		797,500

					17,258,537

			Supranational – 0.1%
	4,500,000,000		European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		393,210

			Technology – 4.0%
	10,465,000		Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		9,994,075
	4,210,000		Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		3,999,500
	200,000		Alcatel-Lucent USA, Inc., 6.750%, 11/15/2020, 144A		211,500
	2,600,000		Alcatel-Lucent USA, Inc., 8.875%, 1/01/2020, 144A		2,951,000
	3,420,000		Amkor Technology, Inc., 6.375%, 10/01/2022		3,543,975
	1,590,000		First Data Corp., 11.250%, 1/15/2021		1,814,588
	3,190,000		First Data Corp., 11.750%, 8/15/2021		3,349,500
	12,000		Motorola Solutions, Inc., 6.625%, 11/15/2037		12,618
	2,295,000		SunGard Data Systems, Inc., 6.625%, 11/01/2019		2,426,962

					28,303,718

			Textile – 0.3%
	3,120,000		Jones Group, Inc. (The), 6.125%, 11/15/2034		2,379,000

			Transportation Services – 1.2%
	3,285,000		APL Ltd., 8.000%, 1/15/2024(c)		3,071,475
	656,623		Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(g)		668,114
	289,324		Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(f)(g)(h)		379,014
	127,680		Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016(g)		128,484
	399,542		Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(f)(g)(h)		523,399

			Transportation Services – continued
$	40,344		Atlas Air Pass Through Trust, Series 2000-1, Class C, 9.702%, 7/02/2011(f)(g)(h)	$	55,675
	2,710,000		Jack Cooper Holdings Corp., 9.250%, 6/01/2020, 144A		2,953,900
	740,000		Teekay Corp., 8.500%, 1/15/2020		841,750

					8,621,811

			Treasuries – 8.1%
	1,365,000	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		11,832,387
	15,955,000		New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		14,331,036
	1,590,000		Norway Government Bond, 4.250%, 5/19/2017, (NOK)		285,766
	4,365,000		Norway Government Bond, 5.000%, 5/15/2015, (NOK)		757,398
	10,000,000		U.S. Treasury Note, 0.250%, 2/29/2016		9,973,440
	20,000,000		U.S. Treasury Note, 0.375%, 3/31/2016		19,978,120

					57,158,147

			Wireless – 1.0%
	29,970,000		America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		2,138,080
	4,085,000		Sprint Capital Corp., 6.875%, 11/15/2028		3,962,450
	475,000		Sprint Capital Corp., 6.900%, 5/01/2019		521,312
	215,000		Sprint Capital Corp., 8.750%, 3/15/2032		236,500
	365,000		Sprint Communications, Inc., 6.000%, 11/15/2022		371,844

					7,230,186

			Wirelines – 4.7%
	205,000		Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A(i)		204,231
	385,000		Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		362,863
	1,120,000		Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		1,710,765
	1,620,000		FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		1,733,400
	465,000		Frontier Communications Corp., 7.000%, 11/01/2025		462,675
	4,351,000		Frontier Communications Corp., 7.875%, 1/15/2027		4,383,632
	902,000		Frontier Communications Corp., 8.750%, 4/15/2022		1,029,408
	2,600,000		Frontier Communications Corp., 9.000%, 8/15/2031		2,658,500
	905,000		Level 3 Financing, Inc., 7.000%, 6/01/2020		980,794
	200,000		Oi S.A., 5.750%, 2/10/2022, 144A		191,500
	250,000		OTE PLC, GMTN, 4.625%, 5/20/2016, (EUR)		358,189

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wirelines – continued
	900,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)	$	1,258,483
	2,100,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		3,130,538
	1,100,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		1,610,128
	1,439,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,586,497
	800,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		764,000
	1,385,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		1,499,263
	5,332,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		5,265,350
	645,000	Qwest Corp., 7.250%, 9/15/2025		712,499
	1,407,000	Qwest Corp., 7.250%, 10/15/2035		1,422,708
	1,827,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,703,677
	140,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		136,850

				33,165,950


		Total Non-Convertible Bonds
		(Identified Cost $417,828,179)		464,601,405


	Convertible Bonds – 12.7%
		Automotive – 0.9%
	3,530,000	Ford Motor Co., 4.250%, 11/15/2016		6,391,506

		Construction Machinery – 0.5%
	2,315,000	Trinity Industries, Inc., 3.875%, 6/01/2036		3,677,956

		Healthcare – 0.5%
	1,325,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(i)		1,353,985
	860,000	LifePoint Hospitals, Inc., 3.500%, 5/15/2014		913,750
	610,000	Omnicare, Inc., 3.750%, 12/15/2025		1,383,175

				3,650,910

		Home Construction – 1.0%
	440,000	KB Home, 1.375%, 2/01/2019		452,100
	2,295,000	Lennar Corp., 3.250%, 11/15/2021, 144A		4,086,534
	215,000	Ryland Group, Inc. (The), 0.250%, 6/01/2019		202,638
	2,050,000	Standard Pacific Corp., 1.250%, 8/01/2032		2,542,000

				7,283,272

		Independent Energy – 1.3%
	5,585,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		5,235,937
Principal Amount (‡)		Description	Value (†)

		Independent Energy – continued
$	3,395,000	Chesapeake Energy Corp., 2.500%, 5/15/2037	$	3,454,413
	695,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		724,103

				9,414,453

		Life Insurance – 1.2%
	6,533,000	Old Republic International Corp., 3.750%, 3/15/2018		8,125,419

		Metals & Mining – 0.4%
	1,250,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		1,351,563
	970,000	United States Steel Corp., 2.750%, 4/01/2019		1,256,756

				2,608,319

		Non-Captive Diversified – 0.3%
	2,145,000	Jefferies Group LLC, 3.875%, 11/01/2029		2,283,084

		Pharmaceuticals – 0.3%
	225,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		246,516
	310,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		344,100
	660,000	Illumina, Inc., 0.250%, 3/15/2016, 144A		1,199,550

				1,790,166

		REITs – Mortgage – 0.1%
	470,000	iStar Financial, Inc., 3.000%, 11/15/2016		663,581

		Technology – 5.2%
	7,895,000	Ciena Corp., 0.875%, 6/15/2017		8,028,228
	4,140,000	Ciena Corp., 3.750%, 10/15/2018, 144A		5,793,413
	175,000	Ciena Corp., 4.000%, 3/15/2015, 144A		220,938
	3,595,000	Intel Corp., 3.250%, 8/01/2039		5,026,259
	44,906	Liberty Media LLC, 3.500%, 1/15/2031		23,772
	585,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032		1,470,178
	85,000	Micron Technology, Inc., Series D, 3.125%, 5/01/2032		211,066
	12,934,000	Micron Technology, Inc., Series G, 3.000%, 11/15/2043		14,170,814
	960,000	Nuance Communications, Inc., 2.750%, 11/01/2031		961,800
	230,000	SanDisk Corp., 1.500%, 8/15/2017		378,206

				36,284,674

		Textile – 0.6%
	3,080,000	Iconix Brand Group, Inc., 2.500%, 6/01/2016		4,186,875

		Utility Other – 0.1%
	250,000	CMS Energy Corp., 5.500%, 6/15/2029		540,781

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wirelines – 0.3%
	233,700	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A, (MXN)(c)(g)(i)(j)	$	30,131
	1,210,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		1,835,419
	400,000	Portugal Telecom International Finance BV, Series PTC, 4.125%, 8/28/2014, (EUR)		556,570

				2,422,120


		Total Convertible Bonds
		(Identified Cost $65,026,448)		89,323,116



	Municipals – 0.1%

		District of Columbia – 0.1%
	540,000	Metropolitan Washington DC Airports Authority, Series D, 8.000%, 10/01/2047 (Identified Cost $540,000)		659,378


		Total Bonds and Notes
		(Identified Cost $483,394,627)		554,583,899


	Senior Loans – 2.0%

		Automotive – 0.2%
	1,242,450	TI Group Automotive Systems LLC, Term Loan B, 5.500%, 3/28/2019(b)		1,245,556

		Chemicals – 0.3%
	500,000	Allnex USA, Inc., 2nd Lien Term Loan, 8.250%, 4/03/2020(b)		507,500
	1,610,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.500%, 12/20/2020(b)		1,646,225

				2,153,725

		Consumer Products – 0.1%
	311,720	Visant Corp., Term Loan B, 5.250%, 12/22/2016(b)		308,927

		Diversified Manufacturing – 0.0%
	275,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/19/2020(b)		281,187

		Food & Beverage – 0.1%
	503,738	DS Waters of America, Inc., New Term Loan, 5.250%, 8/30/2020(b)		511,294

		Media Non-Cable – 0.0%
	54,458	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(b)		40,651

		Metals & Mining – 0.1%
	512,200	Essar Steel Algoma, Inc., ABL Term Loan, 9.250%, 9/20/2014(b)		512,200

Principal Amount (‡)		Description	Value (†)

		Non-Captive Diversified – 0.5%
$	3,558,684	Istar Financial, Inc., Add on Term Loan A2, 7.000%, 3/19/2017(b)	$	3,665,444

		Oil Field Services – 0.2%
	1,452,023	FTS International, Inc., Term Loan B, 8.500%, 5/06/2016(b)		1,475,966

		Other Utility – 0.1%
	397,000	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(b)		394,685
	325,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		321,750
	28,250	PowerTeam Services LLC, Delayed Draw Term Loan, 3.250%, 5/06/2020(k)		28,085
	21,250	PowerTeam Services LLC, Delayed Draw Term Loan, 4.250%, 5/06/2020(b)		21,127

				765,647

		Retailers – 0.1%
	334,163	Toys ‘R’ Us Property Co. I LLC, New Term Loan B, 6.000%, 8/21/2019(b)		322,885

		Supermarkets – 0.1%
	909,613	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(b)		910,368

		Wirelines – 0.2%
	742,500	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(b)		765,176
	736,709	Hawaiian Telcom Communications, Inc., Term Loan B, 5.000%, 6/06/2019(b)		738,322
	65,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/22/2020(b)		66,430

				1,569,928


		Total Senior Loans
		(Identified Cost $13,461,467)		13,763,778


Shares

	Common Stocks – 12.0%

		Airlines – 0.3%
	52,244	United Continental Holdings, Inc.(f)		2,331,650

		Automobiles – 2.1%
	465,000	Ford Motor Co.		7,254,000
	206,460	General Motors Co.		7,106,353

				14,360,353

		Chemicals – 1.9%
	156,958	Dow Chemical Co. (The)		7,626,589
	30,167	PPG Industries, Inc.		5,836,108

				13,462,697

		Containers & Packaging – 0.2%
	40,621	Owens-Illinois, Inc.(f)		1,374,208
	2,452	Rock-Tenn Co., Class A		258,858

				1,633,066

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued



Shares		Description	Value (†)

	Common Stocks – continued

		Diversified Telecommunication Services – 0.3%
	2,627	Hawaiian Telcom Holdco, Inc.(f)	$	74,843
	117,962	Telefonica S.A., Sponsored ADR		1,862,620

				1,937,463

		Electronic Equipment, Instruments & Components – 3.3%
	1,119,766	Corning, Inc.		23,313,528

		Food Products – 0.0%
	3,100	ConAgra Foods, Inc.		96,193

		Household Durables – 0.0%
	6,775	KB Home		115,107

		Oil, Gas & Consumable Fuels – 0.7%
	2,846	Chesapeake Energy Corp.		72,915
	82,985	Repsol YPF S.A., Sponsored ADR		2,123,503
	33,796	Royal Dutch Shell PLC, ADR		2,469,136

				4,665,554

		Pharmaceuticals – 1.4%
	64,900	Bristol-Myers Squibb Co.		3,371,555
	50,621	Valeant Pharmaceuticals International, Inc.(f)		6,673,366

				10,044,921

		REITs – Apartments – 0.1%
	6,185	Apartment Investment & Management Co., Class A		186,911
	32,565	Associated Estates Realty Corp.		551,651

				738,562

		REITs – Shopping Centers – 0.0%
	7,868	DDR Corp.		129,665

		Semiconductors & Semiconductor Equipment – 1.4%
	372,408	Intel Corp.		9,611,851

		Trading Companies & Distributors – 0.3%
	20,913	United Rentals, Inc.(f)		1,985,480


		Total Common Stocks
		(Identified Cost $53,888,681)		84,426,090


	Preferred Stocks – 2.3%

	Convertible Preferred Stocks – 1.3%

		Banking – 0.0%
	138	Wells Fargo & Co., Series L, Class A, 7.500%		161,874

		Electric – 0.1%
	17,119	AES Trust III, 6.750%		874,781

		Independent Energy – 0.2%
	5,543	Chesapeake Energy Corp., 5.000%		537,116
	190	Chesapeake Energy Corp., Series A, 5.750%, 144A		212,444
	3,552	SandRidge Energy, Inc., 7.000%		357,642

				1,107,202

Shares		Description	Value (†)

		Metals & Mining – 0.3%
	68,880	ArcelorMittal, 6.000%	$	1,651,743
	27,225	Cliffs Natural Resources, Inc., 7.000%		564,374

				2,216,117

		Pipelines – 0.4%
	54,200	El Paso Energy Capital Trust I, 4.750%		2,766,910

		REITs – Diversified – 0.3%
	15	Crown Castle International Corp., Series A, 4.500%		1,521
	35,615	Weyerhaeuser Co., Series A, 6.375%		1,944,579

				1,946,100

		Wirelines – 0.0%
	35	Cincinnati Bell, Inc., 6.750%		1,577


		Total Convertible Preferred Stocks
		(Identified Cost $8,130,920)		9,074,561


	Non-Convertible Preferred Stocks – 1.0%
		Banking – 0.7%
	4,153	Ally Financial, Inc., Series G, 7.000%, 144A		4,101,866
	18,000	Bank of America Corp., 6.375%		448,200
	7,075	Countrywide Capital IV, 6.750%		179,352

				4,729,418

		Home Construction – 0.2%
	96,887	Hovnanian Enterprises, Inc., 7.625%(f)		1,395,173

		Non-Captive Consumer – 0.1%
	12,475	SLM Corp., Series A, 6.970%		608,156

		Non-Captive Diversified – 0.0%
	5,300	iStar Financial, Inc., Series F, 7.800%		125,610
	2,575	iStar Financial, Inc., Series G, 7.650%		60,641

				186,251

		REITs – Warehouse/Industrials – 0.0%
	3,363	ProLogis, Inc., Series Q, 8.540%		193,204


		Total Non-Convertible Preferred Stocks
		(Identified Cost $4,930,796)		7,112,202


		Total Preferred Stocks
		(Identified Cost $13,061,716)		16,186,763


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

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Short-Term Investments – 2.9%
$	92,763	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2014 at 0.000% to be repurchased at $92,763 on 4/01/2014 collateralized by $105,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $98,685 including accrued interest (Note 2 of Notes to Financial Statements)	$	92,763
	20,716,672	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2013 at 0.000% to be repurchased at $20,716,672 on 4/01/2014 collateralized by $21,185,000 U.S. Treasury Note, 1.50% due 8/31/2018 valued at $21,132,038 including accrued interest (Note 2 of Notes to Financial Statements)		20,716,672


		Total Short-Term Investments
		(Identified Cost $20,809,435)		20,809,435


		Total Investments – 97.9%
		(Identified Cost $584,615,926)(a)		689,769,965
		Other assets less liabilities—2.1%		14,868,517


		Net Assets – 100.0%	$	704,638,482


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $584,919,623 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	112,312,102
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(7,461,760	)

		Net unrealized appreciation	$	104,850,342

	(b)	Variable rate security. Rate as of March 31, 2014 is disclosed.
	(c)	Illiquid security. At March 31, 2014, the value of these securities amounted to $15,112,157 or 2.1% of net assets.
	(d)	Perpetual bond with no specified maturity date.
	(e)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(f)	Non-income producing security.
	(g)	Fair valued security by the Fund’s investment adviser. At March 31, 2014, the value of these securities amounted to $3,619,468 or 0.5% of net assets.
	(h)	Maturity has been extended under the terms of a plan of reorganization.
	(i)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(j)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
	(k)	Unfunded loan commitment. Represents a contractual obligation for future funding at the option of the Borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.

	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, 2014, the value of Rule 144A holdings amounted to $133,851,589 or 19.0% of net assets.
	ABS	Asset-Backed Securities
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	EMTN	Euro Medium Term Note
	GMTN	Global Medium Term Note
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

	AUD	Australian Dollar
	BRL	Brazilian Real
	CAD	Canadian Dollar
	EUR	Euro
	IDR	Indonesian Rupiah
	ISK	Icelandic Krona
	MXN	Mexican Peso
	NOK	Norwegian Krone
	NZD	New Zealand Dollar
	USD	U.S. Dollar

Industry Summary at March 31, 2014 (Unaudited)


Technology	9.2	%
Treasuries	8.1
Banking	5.6
Wirelines	5.2
Chemicals	4.5
Healthcare	3.8
Metals & Mining	3.8
Life Insurance	3.7
Electronic Equipment, Instruments & Components	3.3
Airlines	3.2
Non-Captive Diversified	3.2
Independent Energy	3.1
Oil Field Services	2.7
Home Construction	2.6
Supermarkets	2.6
Aerospace & Defense	2.4
Automotive	2.1
Automobiles	2.1
Other Investments, less than 2% each	23.8
Short-Term Investments	2.9

Total Investments	97.9
Other assets less liabilities	2.1

Net Assets	100.0	%

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 95.9% of Net Assets

		ABS Car Loan – 7.4%
$	195,000	Ally Master Owner Trust, Series 2014-1, Class A2, 1.290%, 1/15/2019	$	194,797
	160,000	AmeriCredit Automobile Receivables Trust, Series 2013-4, Class B, 1.660%, 9/10/2018		160,527
	100,000	AmeriCredit Automobile Receivables Trust, Series 2013-5, Class B, 1.520%, 1/08/2019		99,463
	100,000	AmeriCredit Automobile Receivables Trust, Series 2014-1, Class B, 1.680%, 7/08/2019		99,695
	210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A, 2.460%, 7/20/2020, 144A		209,480
	290,000	California Republic Auto Receivables Trust, Series 2013-2, Class A2, 1.230%, 3/15/2019		290,592
	115,000	California Republic Auto Receivables Trust, Series 2014-1, Class A3, 0.850%, 5/15/2018		115,051
	285,000	Capital Auto Receivables Asset Trust, Series 2013-1, Class A3, 0.790%, 6/20/2017		285,131
	265,000	Capital Auto Receivables Asset Trust, Series 2013-3, Class A3, 1.310%, 12/20/2017		267,049
	125,000	Capital Auto Receivables Asset Trust, Series 2014-1, Class A2, 0.960%, 4/20/2017		125,169
	30,365	CarFinance Capital Auto Trust, Series 2013-1A, Class A, 1.650%, 7/17/2017, 144A		30,473
	65,000	CarFinance Capital Auto Trust, Series 2014-1A, Class A, 1.460%, 12/17/2018, 144A		64,557
	105,000	CarMax Auto Owner Trust, Series 2013-4, Class A3, 0.800%, 7/16/2018		105,054
	100,000	CarMax Auto Owner Trust, Series 2014-1, Class A3, 0.790%, 10/15/2018		99,655
	159,169	CPS Auto Receivables Trust, Series 2013-D, Class A, 1.540%, 7/16/2018, 144A		159,813
	250,000	Credit Acceptance Auto Loan Trust, Series 2013-2A, Class A, 1.500%, 4/15/2021, 144A		250,855
	155,000	Exeter Automobile Receivables Trust, Series 2014-1A, Class B, 2.420%, 1/15/2019, 144A		155,604
	210,000	First Investors Auto Owner Trust, Series 2013-3A, Class A3, 1.440%, 10/15/2019, 144A		210,310
	251,920	Flagship Credit Auto Trust, Series 2013-1, Class A, 1.320%, 4/16/2018, 144A		252,047
	100,000	Prestige Auto Receivables Trust, Series 2014-1A, Class A2, 0.970%, 3/15/2018, 144A		99,991
	215,000	Santander Drive Auto Receivables Trust, Series 2013-1, Class A3, 0.620%, 6/15/2017		215,179
	165,000	Santander Drive Auto Receivables Trust, Series 2013-3, Class B, 1.190%, 5/15/2018		165,509
	385,000	Santander Drive Auto Receivables Trust, Series 2013-4, Class B, 2.160%, 1/15/2020		394,288
	190,000	SMART Trust/Australia, Series 2012-4US, Class A3A, 0.970%, 3/14/2017		190,285
	200,000	SMART Trust/Australia, Series 2013-1US, Class A4A, 1.050%, 10/14/2018		198,133
	260,000	SMART Trust/Australia, Series 2013-2US, Class A4A, 1.180%, 2/14/2019		257,842

				4,696,549


		ABS Credit Card – 1.3%
$	260,000	Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.880%, 1/23/2023	$	261,316
	560,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		577,556

				838,872

		ABS Home Equity – 0.7%
	73,622	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 5.190%, 7/25/2021(b)		70,053
	39,869	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035		40,702
	125,098	RBSSP Resecuritization Trust, Series 2010-3, Class 9A1, 5.500%, 2/26/2035, 144A		130,335
	187,544	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A4, 2.614%, 6/25/2035(b)		189,892

				430,982

		ABS Other – 2.8%
	210,000	Ascentium Equipment Receivables LLC, Series 2014-1A, Class A2, 1.040%, 1/10/2017, 144A		209,893
	85,495	FRS I LLC, Series 2013-1A, Class A1, 1.800%, 4/15/2043, 144A		84,955
	390,000	GE Dealer Floorplan Master Note Trust, Series 2012-3, Class A, 0.647%, 6/20/2017(b)		391,272
	280,662	Global Container Assets Ltd., Series 2013-1A, Class A1, 2.200%, 11/05/2028, 144A		280,302
	430,000	Springleaf Funding Trust, Series 2013-BA, Class A, 3.920%, 1/16/2023, 144A		437,525
	200,000	Springleaf Funding Trust, Series 2014-AA, Class A, 2.410%, 12/15/2022, 144A		199,509
	173,542	TAL Advantage LLC, Series 2014-1A, Class A, 3.510%, 2/22/2039, 144A		173,389

				1,776,845

		ABS Student Loan – 2.0%
	75,637	Montana Higher Education Student Assistance Corp., Series 2012-1, Class A1, 0.757%, 9/20/2022(b)		75,590
	550,000	North Carolina State Education Assistance Authority, Series 2011-2, Class A2, 1.039%, 7/25/2025(b)		551,942
	650,000	South Carolina Student Loan Corp., Series 2010-1, Class A2, 1.239%, 7/25/2025(b)		656,480

				1,284,012

		Aerospace & Defense – 0.1%
	60,000	Rockwell Collins, Inc., 0.583%, 12/15/2016(b)		60,033

		Airlines – 0.2%
	129,307	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		151,289

		Automotive – 1.0%
	500,000	Ford Motor Credit Co. LLC, 8.125%, 1/15/2020		630,498

		Banking – 7.8%
	215,000	Abbey National Treasury Services PLC/Stamford, 4.000%, 3/13/2024		216,853
	330,000	Bank of America Corp., 1.279%, 1/15/2019(b)		333,693
	250,000	Bank of America Corp., 2.650%, 4/01/2019		250,797
	115,000	Bank of America Corp., 6.000%, 9/01/2017		130,464

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
$	55,000	Bank of Montreal, MTN, 1.400%, 9/11/2017	$	54,727
	215,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 2.300%, 3/10/2019, 144A		214,286
	330,000	Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018(c)		392,830
	130,000	BNP Paribas, S.A., 5.000%, 1/15/2021		144,292
	182,000	Citigroup, Inc., 6.010%, 1/15/2015		189,696
	275,000	Goldman Sachs Group, Inc. (The), 4.000%, 3/03/2024		273,781
	290,000	Goldman Sachs Group, Inc. (The), 5.950%, 1/18/2018		328,421
	200,000	HSBC Holdings PLC, 4.250%, 3/14/2024		200,246
	275,000	JPMorgan Chase & Co., 6.000%, 1/15/2018		315,621
	130,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		153,310
	245,000	Merrill Lynch & Co., Inc., Series C, GMTN, 6.400%, 8/28/2017		281,254
	435,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018(c)		507,106
	40,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		42,670
	275,000	Societe Generale S.A., 5.000%, 1/17/2024, 144A		274,045
	310,000	Sumitomo Mitsui Financial Group, Inc., 4.436%, 4/02/2024, 144A		310,288
	150,000	Wells Fargo & Co., 3.676%, 6/15/2016		159,051
	190,000	Wells Fargo & Co., MTN, 3.500%, 3/08/2022		193,903

				4,967,334

		Building Materials – 0.1%
	30,000	Masco Corp., 7.125%, 3/15/2020		34,650

		Chemicals – 0.8%
	245,000	CF Industries, Inc., 7.125%, 5/01/2020		291,294
	140,000	Eastman Chemical Co., 4.500%, 1/15/2021		147,221
	90,000	Methanex Corp., 3.250%, 12/15/2019		89,851

				528,366

		Collateralized Mortgage Obligations – 10.4%
	725,000	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021		781,490
	570,000	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023		577,863
	420,000	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		430,059
	1,035,000	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019(c)		1,040,186
	360,000	FHLMC Multifamily Structured Pass Through Certificates, Series K709, Class A2, 2.086%, 3/25/2019		360,255
	1,460,000	FHLMC Multifamily Structured Pass Through Certificates, Series K710, Class A2, 1.883%, 5/25/2019		1,444,550
	1,135,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019(c)		1,112,575
		Collateralized Mortgage Obligations – continued
$	418,037	FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A, 0.504%, 4/25/2019(b)	$	417,595
	140,000	NCUA Guaranteed Notes, Series 2010-C1, Class A2, 2.900%, 10/29/2020		145,138
	260,197	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 0.606%, 10/07/2020(b)		261,727

				6,571,438

		Commercial Mortgage-Backed Securities – 15.2%
	40,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		43,533
	425,000	CGBAM Commercial Mortgage Trust, Series 2013-BREH, Class A2, 1.255%, 5/15/2030, 144A(b)		425,669
	95,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR2, Class A4, 3.147%, 8/15/2045		93,414
	125,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR12, Class A4, 4.046%, 10/10/2046		129,119
	295,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046		296,591
	95,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		98,644
	260,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR15, Class A2, 2.928%, 2/10/2047		267,390
	230,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		236,888
	316,908	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.678%, 6/15/2039(b)		345,077
	360,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		397,271
	305,000	GP Portfolio Trust, Series 2014-GPP, Class A, 1.104%, 2/15/2027, 144A(b)		305,172
	325,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		361,989
	375,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		410,827
	300,698	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.819%, 8/10/2045(b)		333,448
	380,000	GS Mortgage Securities Corp. II, Series 2013-GC13, Class A5, 4.040%, 7/10/2046(b)		398,080
	275,000	GS Mortgage Securities Corp. II, Series 2013-GC16, Class A4, 4.271%, 11/10/2046		290,155
	610,000	GS Mortgage Securities Corp. II, Series 2013-KYO, Class A, 1.004%, 11/08/2029, 144A(b)		611,751
	340,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(b)		308,211
	265,000	GS Mortgage Securities Trust, Series 2014-GC20, Class A, 3.680%, 4/10/2047		272,947
	315,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-FL4, Class A, 1.103%, 12/15/2030, 144A(b)		315,000

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Commercial Mortgage-Backed Securities – continued
$	410,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 5.815%, 6/15/2049(b)	$	453,294
	210,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		230,312
	237,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		260,963
	295,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 2/15/2047		304,065
	400,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		442,146
	125,000	SCG Trust, Series 2013-SRP1, Class A, 1.555%, 11/15/2026, 144A(b)		125,207
	410,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class A3, 5.724%, 6/15/2049(b)		451,943
	555,000	Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class A3, 2.918%, 10/15/2045		535,344
	425,000	Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class A4, 4.218%, 7/15/2046		447,223
	200,000	WFRBS Commercial Mortgage Trust, Series 2004-C19, Class A3, 3.660%, 3/15/2047		205,995
	235,000	WFRBS Commercial Mortgage Trust, Series 2014-LC14, Class A5, 4.045%, 3/15/2047		241,713

				9,639,381

		Construction Machinery – 0.6%
	280,000	John Deere Capital Corp., MTN, 1.950%, 3/04/2019		276,990
	115,000	John Deere Capital Corp., MTN, 2.000%, 1/13/2017		117,667

				394,657

		Consumer Cyclical Services – 0.4%
	30,000	Western Union Co. (The), 2.375%, 12/10/2015		30,698
	75,000	Western Union Co. (The), 3.350%, 5/22/2019		74,538
	130,000	Western Union Co. (The), 3.650%, 8/22/2018		133,545

				238,781

		Diversified Manufacturing – 0.2%
	90,000	Snap-On, Inc., 4.250%, 1/15/2018		96,723

		Electric – 1.8%
	260,000	Dominion Resources, Inc., 1.950%, 8/15/2016		264,902
	120,000	Duke Energy Indiana, Inc., 0.592%, 7/11/2016(b)		119,947
	145,000	Duke Energy Progress, Inc., 0.435%, 3/06/2017(b)		144,875
	130,000	Exelon Generation Co. LLC, 4.000%, 10/01/2020		133,507
	295,000	Georgia Power Co., 0.553%, 3/15/2016(b)		294,742
	220,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		207,900

				1,165,873


		Entertainment – 0.4%
$	215,000	Time Warner, Inc., 4.875%, 3/15/2020	$	237,042

		Environmental – 0.1%
	90,000	Waste Management, Inc., 6.375%, 3/11/2015		94,701

		Food & Beverage – 1.1%
	10,000	Anheuser-Busch Cos. LLC, 5.000%, 3/01/2019		11,148
	335,000	Coca-Cola Co. (The), 3.200%, 11/01/2023		329,437
	350,000	Coca-Cola Co. (The), 3.300%, 9/01/2021		359,638

				700,223

		Government Owned – No Guarantee – 0.6%
	180,000	Petrobras Global Finance BV, 3.250%, 3/17/2017		180,559
	245,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		224,180

				404,739

		Healthcare – 2.5%
	75,000	Baxter International, Inc., 1.850%, 1/15/2017		76,291
	280,000	Express Scripts, Inc., 3.125%, 5/15/2016		291,708
	205,000	Life Technologies Corp., 6.000%, 3/01/2020		235,905
	330,000	McKesson Corp., 3.250%, 3/01/2016		343,826
	170,000	Medtronic, Inc., 3.625%, 3/15/2024		170,698
	40,000	Quest Diagnostics, Inc., 4.700%, 4/01/2021		42,510
	105,000	Quest Diagnostics, Inc., 4.750%, 1/30/2020		112,420
	285,000	Stryker Corp., 2.000%, 9/30/2016		292,493

				1,565,851

		Hybrid ARMs – 1.6%
	96,899	FHLMC, 2.366%, 1/01/2035(b)		103,291
	308,110	FHLMC, 2.620%, 5/01/2036(b)		331,889
	196,454	FNMA, 2.447%, 2/01/2039(b)		209,585
	345,534	FNMA, 2.520%, 4/01/2037(b)		368,300

				1,013,065

		Independent Energy – 1.4%
	100,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		110,946
	110,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		125,930
	200,000	Encana Corp., 6.500%, 5/15/2019		234,192
	115,000	Newfield Exploration Co., 5.750%, 1/30/2022		122,187
	295,000	Occidental Petroleum Corp., 1.750%, 2/15/2017		298,898

				892,153

		Integrated Energy – 0.8%
	115,000	BP Capital Markets PLC, 1.375%, 11/06/2017		114,543
	135,000	BP Capital Markets PLC, 4.500%, 10/01/2020		146,857
	230,000	Total Capital S.A., 4.450%, 6/24/2020		252,892

				514,292

		Life Insurance – 0.7%
	125,000	American International Group, Inc., 4.875%, 9/15/2016		136,375
	160,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		178,551
	30,000	Lincoln National Corp., 4.300%, 6/15/2015		31,203
	70,000	Unum Group, 5.625%, 9/15/2020		78,772

				424,901

		Media Cable – 0.8%
	170,000	Cox Enterprises, Inc., 7.375%, 7/15/2027, 144A		202,875
	325,000	NBCUniversal Enterprise, Inc., 0.776%, 4/15/2016, 144A(b)		325,870

				528,745

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Metals & Mining – 2.0%
$	140,000	Alcoa, Inc., 6.750%, 7/15/2018	$	159,668
	145,000	Allegheny Technologies, Inc., 5.950%, 1/15/2021		153,048
	265,000	ArcelorMittal, 10.350%, 6/01/2019		335,556
	280,000	Barrick North America Finance LLC, 4.400%, 5/30/2021		282,135
	35,000	Reliance Steel & Aluminum Co., 4.500%, 4/15/2023		35,040
	85,000	Rio Tinto Finance USA Ltd., 3.500%, 11/02/2020		87,052
	115,000	Rio Tinto Finance USA PLC, 3.500%, 3/22/2022		115,043
	85,000	Teck Resources Ltd., 4.500%, 1/15/2021		87,578

				1,255,120

		Mortgage Related – 7.3%
	77,574	FHLMC, 3.000%, with various maturities from 2026 to 2027(d)		79,684
	1,261	FHLMC, 6.500%, 1/01/2024		1,413
	177	FHLMC, 8.000%, 7/01/2025		206
	48,177	FNMA, 3.000%, 7/01/2027		49,545
	628	FNMA, 6.000%, 9/01/2021		664
	244	FNMA, 7.500%, 6/01/2016		253
	230	FNMA, 8.000%, 6/01/2015		235
	308,020	GNMA, 4.312%, 2/20/2063		336,357
	594,413	GNMA, 4.356%, 2/20/2063		649,773
	242,798	GNMA, 4.496%, 10/20/2062		266,394
	522,724	GNMA, 4.500%, 4/20/2063		575,155
	292,742	GNMA, 4.505%, 4/20/2063		321,983
	337,230	GNMA, 4.514%, 5/20/2062		369,228
	328,593	GNMA, 4.520%, 5/20/2062		359,202
	303,599	GNMA, 4.549%, 3/20/2063		334,599
	333,369	GNMA, 4.560%, 3/20/2062		364,414
	214,090	GNMA, 4.567%, 7/20/2062		235,194
	347,571	GNMA, 4.575%, 2/20/2063		383,034
	246,580	GNMA, 4.604%, 6/20/2062		270,795
	3,823	GNMA, 6.500%, 12/15/2023		4,346
	683	GNMA, 8.500%, 9/15/2022		698
	2,299	GNMA, 9.500%, 1/15/2019		2,548

				4,605,720

		Non-Captive Consumer – 0.4%
	225,000	SLM Corp., MTN, 6.250%, 1/25/2016		241,875

		Non-Captive Diversified – 1.3%
	465,000	General Electric Capital Corp., 5.500%, 1/08/2020(c)		535,078
	280,000	International Lease Finance Corp., 2.183%, 6/15/2016(b)		282,100

				817,178

		Oil Field Services – 1.1%
	235,000	Nabors Industries, Inc., 5.000%, 9/15/2020		250,833
	75,000	Pride International, Inc., 8.500%, 6/15/2019		94,712
	100,000	Rowan Cos., Inc., 5.000%, 9/01/2017		108,880
	240,000	Transocean, Inc., 6.500%, 11/15/2020		269,503

				723,928

		Pharmaceuticals – 1.1%
	165,000	Eli Lilly & Co., 1.950%, 3/15/2019		163,674
	215,000	Gilead Sciences, Inc., 3.700%, 4/01/2024		215,090
	290,000	Mylan, Inc., 4.200%, 11/29/2023		291,019

				669,783


		Pipelines – 1.8%
$	140,000	Energy Transfer Partners LP, 4.650%, 6/01/2021	$	147,174
	280,000	Enterprise Products Operating LLC, 1.250%, 8/13/2015		281,853
	175,000	Kinder Morgan Energy Partners LP, 4.150%, 3/01/2022		177,182
	120,000	NiSource Finance Corp., 6.125%, 3/01/2022		138,246
	175,000	Questar Corp., 2.750%, 2/01/2016		180,596
	225,000	Williams Partners LP, 5.250%, 3/15/2020		247,738

				1,172,789

		Property & Casualty Insurance – 0.7%
	260,000	Berkshire Hathaway Finance Corp., 1.600%, 5/15/2017		263,180
	155,000	Willis Group Holdings PLC, 4.125%, 3/15/2016		162,759

				425,939

		Railroads – 1.3%
	285,000	Canadian National Railway Co., 1.450%, 12/15/2016		288,178
	230,000	CSX Corp., 3.700%, 10/30/2020		237,988
	30,000	CSX Corp., 6.150%, 5/01/2037		35,819
	240,000	Union Pacific Corp., 3.646%, 2/15/2024		239,236

				801,221

		REITs – Healthcare – 0.1%
	35,000	Healthcare Realty Trust, Inc., 3.750%, 4/15/2023		33,308

		Sovereigns – 0.3%
	150,000	Mexico Government International Bond, 5.625%, 1/15/2017		166,875

		Supranational – 0.3%
	220,000	Nordic Investment Bank, 0.500%, 4/14/2016		219,855

		Technology – 1.6%
	275,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		316,193
	165,000	Apple, Inc., 1.000%, 5/03/2018		159,943
	275,000	Hewlett-Packard Co., 4.300%, 6/01/2021		287,498
	25,000	Jabil Circuit, Inc., 8.250%, 3/15/2018		29,875
	205,000	Pitney Bowes, Inc., 4.625%, 3/15/2024		203,552

				997,061

		Tobacco – 0.9%
	105,000	Altria Group, Inc., 2.850%, 8/09/2022		98,532
	150,000	Altria Group, Inc., 4.750%, 5/05/2021		163,700
	285,000	Philip Morris International, Inc., 2.500%, 5/16/2016		295,711
	40,000	Philip Morris International, Inc., 4.500%, 3/26/2020		43,832

				601,775

		Treasuries – 11.0%
	3,110,000	U.S. Treasury Note, 0.625%, 2/15/2017		3,090,320
	1,860,000	U.S. Treasury Note, 1.500%, 1/31/2019		1,843,725
	245,000	U.S. Treasury Note, 1.500%, 2/28/2019		242,550
	215,000	U.S. Treasury Note, 2.000%, 2/28/2021		210,919
	1,555,000	U.S. Treasury Note, 2.750%, 2/15/2024		1,558,402

				6,945,916

		Wireless – 0.7%
	250,000	America Movil SAB de CV, 3.625%, 3/30/2015		257,000
	185,000	Vodafone Group PLC, 2.950%, 2/19/2023		173,447

				430,447

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Wirelines – 1.2%
$	220,000	British Telecommunications PLC, 1.625%, 6/28/2016	$	222,885
	295,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		318,932
	220,000	Verizon Communications, Inc., 3.450%, 3/15/2021		223,012

				764,829


		Total Bonds and Notes
	`	(Identified Cost $60,223,979)		60,755,614


	Short-Term Investments – 5.2%
	3,230,828	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $3,230,828 on 4/01/2014 collateralized by $2,870,000 Federal Home Loan Mortgage Corp., 4.875% due 6/13/2018 valued at $3,300,500 including accrued interest (Note 2 of Notes to Financial Statements)		3,230,828
	35,000	U.S. Treasury Bill, 0.075%, 8/21/2014(e)(f)		34,992


		Total Short-Term Investments
		(Identified Cost $3,265,818)		3,265,820


		Total Investments – 101.1%
		(Identified Cost $63,489,797)(a)		64,021,434
		Other assets less liabilities—(1.1)%		(701,998	)


		Net Assets – 100.0%	$	63,319,436

	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $63,714,931 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	772,694
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(466,191	)

		Net unrealized appreciation	$	306,503

	(b)	Variable rate security. Rate as of March 31, 2014 is disclosed.
	(c)	All or a portion of this security has been designated to cover the Fund’s obligations under open futures contracts.
	(d)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(e)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(f)	A portion of this security has been pledged as initial margin for open futures contracts.

	144A	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, 2014, the value of Rule 144A holdings amounted to $6,367,412 or 10.1% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	GNMA	Government National Mortgage Association
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

At March 31, 2014, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/30/2014		7	$	832,672	$	6,386
10 Year U.S. Treasury Note		6/19/2014		6		741,000		6,089

Total							$	12,475

Industry Summary at March 31, 2014 (Unaudited)


Commercial Mortgage-Backed Securities	15.2	%
Treasuries	11.0
Collateralized Mortgage Obligations	10.4
Banking	7.8
ABS Car Loan	7.4
Mortgage Related	7.3
ABS Other	2.8
Healthcare	2.5
ABS Student Loan	2.0
Metals & Mining	2.0
Other Investments, less than 2% each	27.5
Short-Term Investments	5.2

Total Investments	101.1
Other assets less liabilities (including open futures contracts)	(1.1	)

Net Assets	100.0	%

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 88.2% of Net Assets

	Non-Convertible Bonds – 83.8%

		ABS Credit Card – 0.1%
$	759,000	World Financial Network Credit Card Master Trust, Series 2010-A, Class B, 6.750%, 4/15/2019	$	806,487

		ABS Home Equity – 0.0%
	106,463	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.477%, 7/25/2035(b)		102,512


		ABS Other – 1.3%
	1,262,260	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		1,273,622
	3,149,821	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(c)		3,102,574
	688,177	SVO VOI Mortgage Corp., Series 2009-BA, Class NT, 5.810%, 12/20/2028, 144A		694,631
	626,281	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A		714,733
	526,006	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		513,149
	1,293,114	Trip Rail Master Funding LLC, Series 2011-1A, Class A1A, 4.370%, 7/15/2041, 144A		1,353,774

				7,652,483

		Aerospace & Defense – 0.1%
	410,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		768,296

		Airlines – 3.7%
	380,000	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		385,700
	583,745	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027, 144A		588,123
	6,099,937	American Airlines Pass Through Trust, Series 2013-2, Class A, 4.950%, 7/15/2024, 144A		6,542,182
	118,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		124,195
	839,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		884,096
	242,990	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		277,617
	714,631	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		811,106
	2,941,812	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		3,368,375
	114,868	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		122,622
	1,038,180	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		1,196,503

		Airlines – continued
$	2,698,210	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021	$	3,156,906
	1,200,564	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020		1,341,631
	2,185,000	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		2,197,739
	574,298	US Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		667,622
	1,127,118	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		1,180,656

				22,845,073

		Automotive – 0.6%
	1,310,000	Cummins, Inc., 5.650%, 3/01/2098		1,358,445
	2,023,000	Ford Motor Co., 6.375%, 2/01/2029		2,310,650

				3,669,095

		Banking – 13.1%
	74,000	Ally Financial, Inc., 8.000%, 12/31/2018		88,245
	2,027,000	Associates Corp. of North America, 6.950%, 11/01/2018		2,412,748
	2,505,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		1,019,830
	130,000	Bank of America Corp., 5.420%, 3/15/2017		143,228
	800,000	Bank of America Corp., 5.490%, 3/15/2019		888,594
	683,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		658,473
	400,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		441,058
	750,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		923,079
	2,100,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		2,004,356
	100,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		90,214
	140,000	Citigroup, Inc., 5.875%, 2/22/2033		148,901
	1,909,000	Citigroup, Inc., 6.125%, 8/25/2036		2,088,490
	3,545,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		3,166,366
	171,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.375%, 1/19/2017		181,291
	1,010,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.875%, 2/08/2022		1,045,980
	4,099,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		3,793,920
	6,050,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, 144A, (CAD)		5,464,702
	4,270,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		4,891,366
	660,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		736,387
	3,113,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		3,526,848

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
	300,000	JPMorgan Chase & Co., EMTN, 1.048%, 5/30/2017, (GBP)(b)	$	487,591
	5,310,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		459,296
	4,988,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		5,578,460
	178,000	Merrill Lynch & Co., Inc., Series C, MTN, 5.000%, 1/15/2015		184,137
	1,291,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		1,412,299
	100,000	Morgan Stanley, 0.719%, 10/15/2015(b)		100,047
	2,501,000	Morgan Stanley, 2.125%, 4/25/2018		2,495,520
	665,000	Morgan Stanley, 2.500%, 1/24/2019		663,148
	100,000	Morgan Stanley, 3.750%, 2/25/2023		99,366
	2,262,000	Morgan Stanley, 5.500%, 7/24/2020		2,552,610
	1,355,000	Morgan Stanley, 5.750%, 1/25/2021		1,552,005
	1,518,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		1,551,201
	1,518,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		1,501,701
	5,992,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		5,931,259
	2,202,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		2,611,268
	400,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		386,581
	1,215,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		1,381,969
	455,000	Morgan Stanley, Series F, MTN, 0.687%, 10/18/2016(b)		453,865
	420,000	National City Bank of Indiana, 4.250%, 7/01/2018		449,918
	905,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		926,678
	2,695,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		2,822,412
	50,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		72,267
	304,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		477,684
	76,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		106,621
	200,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		215,800
	626,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		667,784
	100,000	Santander International Debt SAU, EMTN, 4.000%, 3/27/2017, (EUR)		148,020
	300,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		315,030
	300,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		305,630
	1,500,000	Societe Generale S.A., (fixed rate to 12/19/2017, variable rate thereafter), 6.999%, (EUR)(d)		2,327,367
	3,796,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		4,215,914

		Banking – continued
$	200,000	Standard Chartered Bank, 6.400%, 9/26/2017, 144A	$	226,524
	3,416,000	Standard Chartered PLC, 5.500%, 11/18/2014, 144A		3,522,238

				79,916,286

		Brokerage – 1.2%
	1,294,000	Cantor Fitzgerald LP, 6.375%, 6/26/2015, 144A		1,345,760
	581,000	Cantor Fitzgerald LP, 7.875%, 10/15/2019, 144A(c)		614,233
	2,061,000	Jefferies Group LLC, 5.125%, 1/20/2023		2,166,144
	934,000	Jefferies Group LLC, 6.250%, 1/15/2036		946,310
	437,000	Jefferies Group LLC, 6.450%, 6/08/2027		467,163
	80,000	Jefferies Group LLC, 6.875%, 4/15/2021		93,155
	1,162,000	Jefferies Group LLC, 8.500%, 7/15/2019		1,428,041

				7,060,806

		Building Materials – 1.2%
	892,000	Masco Corp., 4.800%, 6/15/2015		925,450
	554,000	Masco Corp., 5.850%, 3/15/2017		609,400
	1,287,000	Masco Corp., 6.125%, 10/03/2016		1,412,483
	1,010,000	Masco Corp., 6.500%, 8/15/2032		1,027,675
	285,000	Masco Corp., 7.750%, 8/01/2029		318,293
	2,505,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		921,849
	191,000	Owens Corning, Inc., 6.500%, 12/01/2016		210,907
	1,712,000	Owens Corning, Inc., 7.000%, 12/01/2036		1,941,151

				7,367,208

		Chemicals – 0.2%
	140,000	Methanex Corp., 5.250%, 3/01/2022		151,592
	744,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		788,687

				940,279

		Collateralized Mortgage Obligations – 0.1%
	512,433	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035		566,247
	10,573	Federal National Mortgage Association, REMIC, 7.000%, 4/25/2020		11,607

				577,854

		Commercial Mortgage-Backed Securities – 3.3%
	121,466	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.182%, 9/10/2047(b)		128,206
	455,496	Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041		494,088
	270,374	Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4, 5.537%, 10/12/2041		295,277
	308,978	Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.716%, 6/11/2040(b)		345,637
	6,548	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		6,549

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Commercial Mortgage-Backed Securities – continued
$	800,914	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049	$	876,529
	2,120,148	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.678%, 6/15/2039(b)		2,308,603
	1,541,096	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.971%, 9/15/2039(b)		1,684,406
	520,025	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		573,864
	2,372,000	Crown Castle Towers LLC, 6.113%, 1/15/2040, 144A		2,719,045
	1,138,741	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		1,268,344
	582,773	GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		599,154
	242,113	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.819%, 8/10/2045(b)		268,483
	827,485	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 5.815%, 6/15/2049(b)		914,863
	1,066,620	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,169,787
	325,288	LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.739%, 7/15/2030		334,975
	283,187	LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.833%, 6/15/2038(b)		308,626
	296,073	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4, 5.372%, 9/15/2039		323,483
	178,403	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.868%, 6/12/2046(b)		193,876
	265,706	Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042		275,203
	320,945	Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047		333,890
	189,790	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		209,787
	607,328	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.281%, 1/11/2043(b)		699,129
	303,664	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		332,600

		Commercial Mortgage-Backed Securities – continued
	3,515,000	West Edmonton Mall Property, Inc., 4.309%, 2/13/2024, (CAD)	$	3,228,045
	189,790	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.549%, 3/15/2044, 144A(b)		194,614

				20,087,063

		Consumer Products – 0.2%
	459,000	Hasbro, Inc., 6.600%, 7/15/2028		512,113
	592,000	Snap-on, Inc., 6.700%, 3/01/2019		691,857

				1,203,970

		Electric – 2.5%
	985,000	Allegheny Energy Supply Co. LLC, 6.750%, 10/15/2039, 144A		972,454
	1,025,015	Bruce Mansfield Unit, 6.850%, 6/01/2034		1,113,105
	468,000	Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017		502,411
	421,000	Commonwealth Edison Co., 4.700%, 4/15/2015		437,777
	2,581,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		2,697,145
	607,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		658,595
	450,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		899,136
	759,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		920,549
	683,000	Enel Finance International NV, 5.125%, 10/07/2019, 144A		748,821
	4,109,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		4,292,878
	531,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		601,830
	875,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		1,466,225
	150,000	Iberdrola Finance Ireland Ltd., 3.800%, 9/11/2014, 144A		151,962

				15,462,888

		Financial Other – 0.4%
	1,898,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		2,636,590

		Government Guaranteed – 1.0%
	760,000	Instituto de Credito Oficial, EMTN, 4.530%, 3/17/2016, (CAD)		708,914
	5,314,000	Japan Bank for International Cooperation (Japan), 2.300%, 3/19/2018, (CAD)		4,814,133
	736,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		687,094

				6,210,141

		Government Owned – No Guarantee – 1.0%
	1,947,000	Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		2,326,665
	3,420,000	DP World Ltd., 6.850%, 7/02/2037, 144A		3,698,730

				6,025,395

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Health Insurance – 0.0%
$	15,000	CIGNA Corp., 7.875%, 5/15/2027	$	19,154

		Healthcare – 1.0%
	649,000	Boston Scientific Corp., 6.000%, 1/15/2020		744,896
	1,788,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		2,018,580
	42,000	HCA, Inc., 5.875%, 3/15/2022		45,255
	2,327,000	HCA, Inc., 5.875%, 5/01/2023		2,393,901
	72,000	HCA, Inc., 6.375%, 1/15/2015		74,700
	76,000	HCA, Inc., 7.050%, 12/01/2027		75,525
	144,000	HCA, Inc., 7.190%, 11/15/2015		156,240
	57,000	HCA, Inc., 7.500%, 12/15/2023		61,845
	133,000	HCA, Inc., 7.690%, 6/15/2025		141,978
	232,000	HCA, Inc., 8.360%, 4/15/2024		262,160
	8,000	HCA, Inc., MTN, 7.580%, 9/15/2025		8,440
	232,000	HCA, Inc., MTN, 7.750%, 7/15/2036		236,640

				6,220,160

		Home Construction – 0.6%
	2,536,000	Pulte Group, Inc., 6.000%, 2/15/2035		2,364,820
	1,105,000	Pulte Group, Inc., 6.375%, 5/15/2033		1,082,900

				3,447,720

		Hybrid ARMs – 0.0%
	30,633	FNMA, 1.909%, 2/01/2037(b)		32,764
	55,625	FNMA, 2.575%, 9/01/2036(b)		59,612

				92,376

		Independent Energy – 1.2%
	907,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		1,038,347
	46,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		51,635
	42,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		47,670
	2,277,000	EQT Corp., 8.125%, 6/01/2019		2,778,395
	1,632,000	Equitable Resources, Inc., 6.500%, 4/01/2018		1,832,341
	1,317,000	Newfield Exploration Co., 5.625%, 7/01/2024		1,366,388

				7,114,776

		Industrial Other – 0.1%
	873,000	Worthington Industries, Inc., 6.500%, 4/15/2020		932,899

		Life Insurance – 1.5%
	50,000	American International Group, Inc., 4.125%, 2/15/2024		51,059
	71,000	American International Group, Inc., 4.875%, 6/01/2022		77,747
	1,215,000	American International Group, Inc., 6.250%, 3/15/2087		1,275,750
	1,974,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		2,593,342
	175,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		199,983
	84,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		93,739

		Life Insurance – continued
$	1,989,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A	$	2,113,885
	2,190,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		2,885,196

				9,290,701

		Local Authorities – 2.8%
	2,839,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		4,046,426
	100,000	City of Madrid, Spain, 4.550%, 6/16/2036, (EUR)		118,086
	3,519,000	Manitoba (Province of), GMTN, 6.375%, 9/01/2015, (NZD)		3,136,204
	1,898,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		1,741,806
	3,412,400	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		3,454,145
	3,037,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		3,001,112
	113,442	Province of Alberta, 5.930%, 9/16/2016, (CAD)		110,268
	900,000	Province of Quebec, Canada, Series QC, 6.750%, 11/09/2015, (NZD)		810,630
	509,000	Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		481,329

				16,900,006

		Lodging – 0.2%
	1,124,000	Wyndham Worldwide Corp., 6.000%, 12/01/2016		1,252,936

		Media Non-Cable – 0.2%
	182,000	21st Century Fox America, Inc., 8.150%, 10/17/2036		243,117
	18,220,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		1,124,655

				1,367,772

		Metals & Mining – 1.2%
	319,000	ArcelorMittal, 6.750%, 2/25/2022		350,103
	1,750,000	ArcelorMittal, 7.250%, 3/01/2041		1,756,563
	387,000	ArcelorMittal, 7.500%, 10/15/2039		400,061
	2,642,000	Plains Exploration & Production Co., 6.500%, 11/15/2020		2,909,502
	1,571,000	United States Steel Corp., 7.500%, 3/15/2022		1,688,825

				7,105,054

		Mortgage Related – 0.0%
	1,466	FHLMC, 10.000%, with various maturities in 2018(e)		1,627
	3,973	FNMA, 6.000%, 12/01/2018		4,418
	7,038	GNMA, 10.000%, with various maturities in 2018(e)		7,171

				13,216

		Non-Captive Consumer – 2.1%
	490,000	SLM Corp., 4.875%, 6/17/2019		497,926
	4,297,000	SLM Corp., 5.500%, 1/25/2023		4,216,431
	129,000	SLM Corp., MTN, 4.625%, 9/25/2017		135,611
	159,000	SLM Corp., MTN, 5.500%, 1/15/2019		168,143
	1,382,000	SLM Corp., MTN, 7.250%, 1/25/2022		1,523,655

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Non-Captive Consumer – continued
$	182,000	SLM Corp., Series A, MTN, 5.000%, 4/15/2015	$	188,825
	983,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		869,955
	1,066,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		1,255,215
	1,522,000	Springleaf Finance Corp., 7.750%, 10/01/2021		1,685,615
	611,000	Springleaf Finance Corp., 8.250%, 10/01/2023		681,265
	987,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		1,063,492
	611,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		670,573

				12,956,706

		Non-Captive Diversified – 4.2%
	3,826,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		4,221,038
	620,000	GE Capital Australia Funding Pty Ltd., 7.000%, 10/08/2015, (AUD)		605,575
	65,000	General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		63,606
	12,895,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		10,881,865
	355,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		320,581
	600,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		530,211
	1,675,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		1,489,465
	497,000	General Electric Capital Corp., Series A, MTN, 0.539%, 5/13/2024(b)		455,865
	4,289,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		3,841,758
	30,000	International Lease Finance Corp., 3.875%, 4/15/2018		30,600
	889,000	International Lease Finance Corp., 4.625%, 4/15/2021		889,000
	19,000	International Lease Finance Corp., 5.875%, 8/15/2022		20,092
	2,080,000	International Lease Finance Corp., 6.250%, 5/15/2019		2,293,200
	68,000	International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		68,442

				25,711,298

		Oil Field Services – 0.2%
	827,000	Rowan Cos., Inc., 7.875%, 8/01/2019		1,004,482

		Paper – 0.3%
	1,139,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		1,433,475
	175,000	Mead Corp. (The), 7.550%, 3/01/2047(c)		198,341
	133,000	Westvaco Corp., 8.200%, 1/15/2030		166,074

				1,797,890

		Pipelines – 0.6%
$	159,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A	$	172,837

	152,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		186,822
	607,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		644,986
	419,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		411,668
	1,518,000	NiSource Finance Corp., 6.125%, 3/01/2022		1,748,813
	615,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		690,313

				3,855,439

		Property & Casualty Insurance – 0.6%
	87,000	MBIA Insurance Corp., 11.499%, 1/15/2033, 144A(b)(f)		70,252
	167,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		186,496
	1,530,000	XLIT Ltd., 6.250%, 5/15/2027		1,765,931
	1,211,000	XLIT Ltd., 6.375%, 11/15/2024		1,437,608

				3,460,287

		Railroads – 0.0%
	144,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		122,138

		Refining – 0.1%
	500,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		523,616

		REITs – Office Property – 0.2%
	61,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		67,845
	816,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		960,566

				1,028,411

		REITs – Shopping Centers – 0.3%
	759,000	Equity One, Inc., 6.000%, 9/15/2017		846,571
	1,025,000	Federal Realty Investment Trust, 5.650%, 6/01/2016		1,125,239

				1,971,810

		REITs – Single Tenant – 0.1%
	72,000	Realty Income Corp., 5.750%, 1/15/2021		81,592
	307,000	Realty Income Corp., 6.750%, 8/15/2019		362,468

				444,060

		REITs – Warehouse/Industrials – 0.2%
	42,000	ProLogis LP, 5.625%, 11/15/2015		45,086
	182,000	ProLogis LP, 5.625%, 11/15/2016		200,696
	201,000	ProLogis LP, 5.750%, 4/01/2016		218,345
	596,000	ProLogis LP, 7.375%, 10/30/2019		721,044

				1,185,171

		Restaurants – 0.1%
	463,000	Darden Restaurants, Inc., 6.000%, 8/15/2035		457,686

		Retailers – 0.0%
	71,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		54,138

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Sovereigns – 1.4%
	3,986,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)	$	1,646,926
	2,353,000	Republic of Croatia, 6.750%, 11/05/2019, 144A		2,591,241
	2,429,000	Republic of Iceland, 5.875%, 5/11/2022, 144A		2,632,429
	85,235,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		577,364
	51,425,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		349,404
	64,890,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		470,474

				8,267,838

		Supermarkets – 0.4%
	171,000	Delhaize Group S.A., 5.700%, 10/01/2040		173,915
	197,000	New Albertson’s, Inc., 7.450%, 8/01/2029		158,585
	1,017,000	New Albertson’s, Inc., 8.000%, 5/01/2031		839,025
	87,000	New Albertson’s, Inc., 8.700%, 5/01/2030		73,733
	1,063,000	SUPERVALU, Inc., 6.750%, 6/01/2021		1,077,616

				2,322,874

		Supranational – 0.9%
	3,035,000	European Bank for Reconstruction & Development, EMTN, 9.000%, 4/28/2014, (BRL)		1,335,775
	3,321,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		2,997,562
	2,605,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		1,056,695

				5,390,032

		Technology – 1.1%
	2,706,000	Corning, Inc., 7.250%, 8/15/2036		3,269,462
	2,695,000	Ingram Micro, Inc., 5.250%, 9/01/2017		2,925,805
	37,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		38,905
	266,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		320,247

				6,554,419

		Tobacco – 0.1%
	558,000	Reynolds American, Inc., 6.750%, 6/15/2017		643,329

		Transportation Services – 0.3%
	76,000	APL Ltd., 8.000%, 1/15/2024(c)		71,060
	774,433	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(g)		787,986
	717,000	Erac USA Finance Co., 6.700%, 6/01/2034, 144A		849,682

				1,708,728

		Treasuries – 28.9%
	8,301,000	Canadian Government, 2.500%, 6/01/2015, (CAD)	$	7,639,548
	99,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		92,994
	30,366,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		28,347,094
	23,974,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		23,856,678
	759,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		729,464
	282,400(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		2,447,961
	28,844,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		5,184,049
	30,112,000	Norway Government Bond, 5.000%, 5/15/2015, (NOK)		5,224,918
	22,619,200	U.S. Treasury Note, 0.125%, 12/31/2014		22,624,493
	17,365,000	U.S. Treasury Note, 0.250%, 1/15/2015		17,383,997
	11,300,100	U.S. Treasury Note, 0.250%, 10/15/2015		11,299,659
	10,377,700	U.S. Treasury Note, 0.250%, 12/15/2015		10,366,751
	10,000,000	U.S. Treasury Note, 0.250%, 2/29/2016		9,973,440
	20,489,700	U.S. Treasury Note, 0.375%, 11/15/2015		20,520,906
	10,000,000	U.S. Treasury Note, 0.375%, 3/31/2016		9,989,060

				175,681,012

		Wireless – 0.2%
	10,630,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		758,351
	178,000	Sprint Capital Corp., 6.875%, 11/15/2028		172,660
	51,000	Sprint Capital Corp., 6.900%, 5/01/2019		55,973
	278,000	Sprint Communications, Inc., 6.000%, 12/01/2016		304,757
	40,000	Sprint Communications, Inc., 6.000%, 11/15/2022		40,750

				1,332,491

		Wirelines – 2.7%
	1,518,000	BellSouth Telecommunications LLC, 5.850%, 11/15/2045		1,495,081
	2,179,000	CenturyLink, Inc., 6.450%, 6/15/2021		2,342,426
	186,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		178,560
	1,719,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		1,635,199
	926,000	Embarq Corp., 7.995%, 6/01/2036		966,182
	228,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		318,816
	100,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		149,073
	380,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		418,950
	2,183,000	Qwest Corp., 6.875%, 9/15/2033		2,152,750
	1,427,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,330,677
	150,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		153,187
	400,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		692,734
	1,300,000	Telefonica Emisiones SAU, EMTN, 5.597%, 3/12/2020, (GBP)		2,369,495

See accompanying notes to financial statements.

51 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wirelines – continued
$	1,647,000	Verizon New England, Inc., 7.875%, 11/15/2029	$	2,022,878
	209,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		219,096

				16,445,104


		Total Non-Convertible Bonds
		(Identified Cost $468,210,203)		510,008,155


	Convertible Bonds – 3.6%

		Automotive – 0.3%
	786,000	Ford Motor Co., 4.250%, 11/15/2016		1,423,151

		Independent Energy – 0.3%
	1,423,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		1,447,902
	524,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		545,943

				1,993,845

		Life Insurance – 1.4%
	6,829,000	Old Republic International Corp., 3.750%, 3/15/2018		8,493,569

		Metals & Mining – 0.2%
	850,000	United States Steel Corp., 2.750%, 4/01/2019		1,101,281

		Technology – 1.4%
	2,661,000	Intel Corp., 2.950%, 12/15/2035		3,131,665
	3,568,000	Intel Corp., 3.250%, 8/01/2039		4,988,510
	402,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		498,731

				8,618,906


		Total Convertible Bonds
		(Identified Cost $16,732,254)		21,630,752


	Municipals – 0.8%

		Illinois – 0.4%
	840,000	State of Illinois, 5.100%, 6/01/2033		829,021
	1,705,000	State of Illinois, Series B, 5.520%, 4/01/2038		1,653,782

				2,482,803

		Michigan – 0.1%
	745,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		595,583

		Ohio – 0.1%
	450,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		362,304

		Virginia – 0.2%
$	2,080,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046	$	1,481,813


		Total Municipals
		(Identified Cost $5,604,683)		4,922,503


		Total Bonds and Notes
		(Identified Cost $490,547,140)		536,561,410


	Senior Loans – 0.6%
		Media Cable – 0.3%
	1,876,131	CSC Holdings, Inc., New Term Loan B, 2.653%, 4/17/2020(b)		1,851,048

		Non-Captive Diversified – 0.3%
	1,878,922	Flying Fortress, Inc., New Term Loan, 3.500%, 6/30/2017(b)		1,875,784


		Total Senior Loans
		(Identified Cost $3,746,895)		3,726,832


	Shares

	Common Stocks – 3.9%
		Biotechnology – 0.1%
	9,592	Vertex Pharmaceuticals, Inc.(f)		678,346

		Chemicals – 0.7%
	23,580	PPG Industries, Inc.		4,561,787

		Electronic Equipment, Instruments & Components – 2.5%
	721,200	Corning, Inc.		15,015,384

		Oil, Gas & Consumable Fuels – 0.6%
	64,896	Repsol YPF S.A., Sponsored ADR		1,660,624
	26,419	Royal Dutch Shell PLC, ADR		1,930,172

				3,590,796


		Total Common Stocks
		(Identified Cost $14,509,575)		23,846,313


	Preferred Stocks – 1.1%

	Non-Convertible Preferred Stocks – 0.6%

		Banking – 0.0%
	122	Ally Financial, Inc., Series G, 7.000%, 144A		120,498

		Electric – 0.1%
	213	Connecticut Light & Power Co., 2.200%		10,011
	2,360	Union Electric Co., 4.500%		217,592

				227,603

		Government Sponsored – 0.5%
	3,000	Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(h)		3,112,500


		Total Non-Convertible Preferred Stocks
		(Identified Cost $3,161,639)		3,460,601

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – continued

	Convertible Preferred Stocks – 0.5%

		Banking – 0.1%
	714	Bank of America Corp., Series L, 7.250%	$	816,966

		Independent Energy – 0.1%
	4,353	Chesapeake Energy Corp., 5.000%		421,805

		Metals & Mining – 0.2%
	53,705	ArcelorMittal, 6.000%		1,287,846

		Pipelines – 0.1%
	15,775	El Paso Energy Capital Trust I, 4.750%		805,314


		Total Convertible Preferred Stocks
		(Identified Cost $2,830,057)		3,331,931


		Total Preferred Stocks
		(Identified Cost $5,991,696)		6,792,532


	Principal Amount (‡)

	Short-Term Investments – 5.2%
$	25,465	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2014 at 0.000%, to be repurchased at $25,465 on 4/01/2014 collateralized by $30,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $28,196 including accrued interest (Note 2 of Notes to Financial Statements)		25,465
	31,677,291	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $31,677,291 on 4/01/2014 collateralized by $32,395,000 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $32,314,013 including accrued interest (Note 2 of Notes to Financial Statements)		31,677,291


		Total Short-Term Investments
		(Identified Cost $31,702,756)		31,702,756


		Total Investments – 99.0%
		(Identified Cost $546,498,062)(a)		602,629,843
		Other assets less liabilities—1.0%		5,834,712


		Net Assets – 100.0%	$	608,464,555


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $548,856,555 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	63,216,588
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(9,443,300	)

		Net unrealized appreciation	$	53,773,288


	(b)	Variable rate security. Rate as of March 31, 2014 is disclosed.
	(c)	Illiquid security. At March 31, 2014, the value of these securities amounted to $4,198,560 or 0.7% of net assets.
	(d)	Perpetual bond with no specified maturity date.
	(e)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(f)	Non-income producing security.
	(g)	Fair valued by the Fund’s investment adviser. At March 31, 2014, the value of this security amounted to $787,986 or 0.1% of net assets.
	(h)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of Rule 144A holdings amounted to $86,017,855 or 14.1% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	EMTN	Euro Medium Term Note
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	GNMA	Government National Mortgage Association
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts
	REMIC	Real Estate Mortgage Investment Conduit

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

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Industry Summary at March 31, 2014 (Unaudited)


Treasuries	28.9	%
Banking	13.2
Non-Captive Diversified	4.5
Airlines	3.7
Commercial Mortgage-Backed Securities	3.3
Life Insurance	2.9
Local Authorities	2.8
Wirelines	2.7
Electric	2.6
Technology	2.5
Electronic Equipment, Instruments & Components	2.5
Non-Captive Consumer	2.1
Other Investments, less than 2% each	22.1
Short-Term Investments	5.2

Total Investments	99.0
Other assets less liabilities	1.0

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2014 (Unaudited)


United States Dollar	73.0	%
Canadian Dollar	12.9
New Zealand Dollar	4.5
Australian Dollar	2.2
Other, less than 2% each	6.4

Total Investments	99.0
Other assets less liabilities	1.0

Net Assets	100.0	%

See accompanying notes to financial statements.

| 54

Statements of Assets and Liabilities

March 31, 2014 (Unaudited)


	Fixed Income Fund		Global Bond Fund			Inflation Protected Securities Fund
ASSETS
Investments at cost	$	1,089,426,689	$	2,501,377,342		$	27,395,140
Net unrealized appreciation (depreciation)		148,660,168		(4,453,067	)		(899,393	)

Investments at value		1,238,086,857		2,496,924,275			26,495,747
Cash		146,940		—			—
Due from brokers (Note 2)		—		830,000			—
Foreign currency at value (identified cost $129,762, $56,297,128 and $0)		123,797		56,639,523			—
Receivable for Fund shares sold		—		6,860,879			26,358
Receivable from investment adviser (Note 6)		—		—			10,523
Receivable for securities sold		3,274,356		9,687,624			49,200
Receivable for delayed delivery securities sold (Note 2)		—		40,152,432			—
Collateral received for open forward foreign currency contracts and swaptions (Notes 2 and 4)		—		60,000			380,000
Dividends and interest receivable		15,167,313		23,935,269			37,565
Unrealized appreciation on forward foreign currency contracts (Note 2)		—		880,657			—
Tax reclaims receivable		24,537		—			—
Receivable for variation margin on futures contracts (Note 2)		—		215,176			—
Receivable from distributor (Note 6d)		—		—			154

TOTAL ASSETS		1,256,823,800		2,636,185,835			26,999,547


LIABILITIES
Swaptions written, at value (premiums received $0, $0 and $880,000) (Note 2)		—		—			373,148
Payable for securities purchased		14,822,810		38,821,097			—
Payable for delayed delivery securities purchased (Note 2)		—		178,129,911			—
Payable for Fund shares redeemed		—		1,960,020			8,479
Unrealized depreciation on forward foreign currency contracts (Note 2)		—		3,115,890			—
Foreign taxes payable (Note 2)		63,609		—			—
Due to brokers (Note 2)		—		60,000			380,000
Payable for variation margin on futures contracts (Note 2)		—		—			125
Management fees payable (Note 6)		526,759		1,078,150			—
Deferred Trustees’ fees (Note 6)		153,487		258,794			80,752
Administrative fees payable (Note 6)		45,921		89,538			971
Payable to distributor (Note 6d)		—		41,248			—
Other accounts payable and accrued expenses		128,616		229,001			36,752

TOTAL LIABILITIES		15,741,202		223,783,649			880,227

NET ASSETS	$	1,241,082,598	$	2,412,402,186		$	26,119,320

NET ASSETS CONSIST OF:
Paid-in capital	$	1,066,494,892	$	2,427,661,239		$	27,822,211
Undistributed (Distributions in excess of) net investment income		9,378,514		(978,271	)		(127,555	)
Accumulated net realized gain (loss) on investments, futures contracts, swaptions written and foreign currency transactions		16,509,863		(7,740,126	)		(1,184,619	)
Net unrealized appreciation (depreciation) on investments, futures contracts, swaptions written and foreign currency translations		148,699,329		(6,540,656	)		(390,717	)

NET ASSETS	$	1,241,082,598	$	2,412,402,186		$	26,119,320

See accompanying notes to financial statements.

55 |


	Fixed Income Fund		Global Bond Fund		Inflation Protected Securities Fund

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	1,241,082,598	$	1,636,662,815	$	21,360,112

Shares of beneficial interest		83,275,217		99,543,174		2,044,269

Net asset value, offering and redemption price per share	$	14.90	$	16.44	$	10.45

Retail Class:
Net assets	$	—	$	749,694,468	$	4,759,208

Shares of beneficial interest		—		46,059,465		456,599

Net asset value, offering and redemption price per share	$	—	$	16.28	$	10.42

Class N shares:
Net assets	$	—	$	26,044,903	$	—

Shares of beneficial interest		—		1,584,235		—

Net asset value, offering and redemption price per share	$	—	$	16.44	$	—

See accompanying notes to financial statements.

| 56

Statements of Assets and Liabilities – continued

March 31, 2014 (Unaudited)


	Institutional High Income Fund		Intermediate Duration Bond Fund			Investment Grade Fixed Income Fund
ASSETS
Investments at cost	$	584,615,926	$	63,489,797		$	546,498,062
Net unrealized appreciation		105,154,039		531,637			56,131,781

Investments at value		689,769,965		64,021,434			602,629,843
Cash		571		—			68,538
Foreign currency at value (identified cost $16,270, $0 and $43,815)		15,257		—			41,166
Receivable for Fund shares sold		—		83,748			2,000,000
Receivable for securities sold		7,811,790		955,889			113,726
Dividends and interest receivable		8,693,058		291,039			6,248,284
Tax reclaims receivable		7,099		—			10,942

TOTAL ASSETS		706,297,740		65,352,110			611,112,499


LIABILITIES
Payable for securities purchased		385,000		1,903,261			2,285,056
Payable for Fund shares redeemed		660,155		—			—
Foreign taxes payable (Note 2)		56,757		—			—
Payable for variation margin on futures contracts (Note 2)		—		63			—
Management fees payable (Note 6)		355,218		6,868			196,867
Deferred Trustees’ fees (Note 6)		107,952		84,541			116,926
Administrative fees payable (Note 6)		25,805		2,326			21,455
Payable to distributor (Note 6d)		74		88			—
Other accounts payable and accrued expenses		68,297		35,527			27,640

TOTAL LIABILITIES		1,659,258		2,032,674			2,647,944

NET ASSETS	$	704,638,482	$	63,319,436		$	608,464,555

NET ASSETS CONSIST OF:
Paid-in capital	$	585,134,993	$	63,353,061		$	544,637,135
Undistributed (Distributions in excess of) net investment income		3,958,258		(161,197	)		(1,932,610	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		10,439,231		(416,540	)		9,610,474
Net unrealized appreciation on investments, futures contracts and foreign currency translations		105,106,000		544,112			56,149,556

NET ASSETS	$	704,638,482	$	63,319,436		$	608,464,555


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	704,638,482	$	57,713,083		$	608,464,555

Shares of beneficial interest		88,117,302		5,569,013			47,157,206

Net asset value, offering and redemption price per share	$	8.00	$	10.36		$	12.90

Retail Class:
Net assets	$	—	$	5,606,353		$	—

Shares of beneficial interest		—		540,779			—

Net asset value, offering and redemption price per share	$	—	$	10.37		$	—

See accompanying notes to financial statements.

57 |

Statements of Operations

For the Six Months Ended March 31, 2014 (Unaudited)


	Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund
INVESTMENT INCOME
Interest	$	29,109,830		$	33,672,849		$	34,623
Dividends		2,332,293			326,811			3,938
Less net foreign taxes withheld		(73,886	)		—			—

		31,368,237			33,999,660			38,561

Expenses
Management fees (Note 6)		3,046,637			6,513,194			32,497
Distribution fees (Note 6)		—			957,319			5,439
Administrative fees (Note 6)		267,405			531,702			5,704
Trustees’ fees and expenses (Note 6)		30,365			49,736			14,441
Transfer agent fees and expenses (Notes 6 and 7)		2,760			1,663,402			9,188
Audit and tax services fees		23,471			24,937			21,265
Custodian fees and expenses		60,648			126,033			9,312
Legal fees		7,317			15,129			138
Registration fees		14,662			47,253			23,108
Shareholder reporting expenses		1,791			160,925			910
Miscellaneous expenses		18,508			33,079			6,644

Total expenses		3,473,564			10,122,709			128,646
Fee/expense recovery (Note 6)		—			77			—
Less waiver and/or expense reimbursement (Note 6)		—			(196,724	)		(71,211	)

Net expenses		3,473,564			9,926,062			57,435

Net investment income (loss)		27,894,673			24,073,598			(18,874	)


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		19,008,585			8,696,963			(1,001,952	)
Futures contracts		—			(2,623,497	)		(5,842	)
Swaptions written		—			—			47,461
Foreign currency transactions		1,584,351			(1,194,003	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		25,203,927			21,091,514			429,111
Futures contracts		—			856,487			5,556
Swaptions written		—			—			417,662
Foreign currency translations		60,302			2,729,817			—

Net realized and unrealized gain (loss) on investments, futures contracts, swaptions written and foreign currency transactions		45,857,165			29,557,281			(108,004	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	73,751,838		$	53,630,879		$	(126,878	)

See accompanying notes to financial statements.

| 58

Statements of Operations – continued

For the Six Months Ended March 31, 2014 (Unaudited)


	Institutional High Income Fund			Intermediate Duration Bond Fund			Investment Grade Fixed Income Fund
INVESTMENT INCOME
Interest	$	19,257,742		$	838,617		$	12,675,893
Dividends		1,572,612			—			605,884
Less net foreign taxes withheld		(42,281	)		—			(15,596	)

		20,788,073			838,617			13,266,181

Expenses
Management fees (Note 6)		2,026,304			74,271			1,267,664
Distribution fees (Note 6)		—			6,831			—
Administrative fees (Note 6)		148,205			13,039			139,133
Trustees’ fees and expenses (Note 6)		22,047			15,139			23,559
Transfer agent fees and expenses (Notes 6 and 7)		6,006			11,554			1,680
Audit and tax services fees		22,584			21,163			21,816
Custodian fees and expenses		45,229			12,609			27,812
Legal fees		4,099			453			4,283
Registration fees		15,024			19,932			18,395
Shareholder reporting expenses		1,418			782			1,189
Miscellaneous expenses		14,664			4,928			13,548

Total expenses		2,305,580			180,701			1,519,079
Less waiver and/or expense reimbursement (Note 6)		—			(55,037	)		—

Net expenses		2,305,580			125,664			1,519,079

Net investment income		18,482,493			712,953			11,747,102


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		11,320,589			505,003			12,412,250
Futures contracts		—			1,470			—
Foreign currency transactions		(30,387	)		—			(9,265	)
Net change in unrealized appreciation (depreciation) on:
Investments		29,053,258			(8,668	)		1,580,954
Futures contracts		—			12,475			—
Foreign currency translations		12,183			—			5,501

Net realized and unrealized gain on investments, futures contracts and foreign currency transactions		40,355,643			510,280			13,989,440


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	58,838,136		$	1,223,233		$	25,736,542

See accompanying notes to financial statements.

59 |

Statements of Changes in Net Assets


	Fixed Income Fund						Global Bond Fund
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Net investment income	$	27,894,673		$	54,718,754		$	24,073,598		$	48,199,225
Net realized gain on investments, futures contracts and foreign currency transactions		20,592,936			21,645,068			4,879,463			79,002,753
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		25,264,229			597,222			24,677,818			(186,430,429	)

Net increase (decrease) in net assets resulting from operations		73,751,838			76,961,044			53,630,879			(59,228,451	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(60,850,003	)		(57,791,763	)		(30,809,302	)		(42,138,367	)
Retail Class		—			—			(13,632,329	)		(21,452,941	)
Class N		—			—			(484,665	)		(2,348	)
Net realized capital gains
Institutional Class		(16,386,995	)		(6,003,633	)		(18,256,458	)		—
Retail Class		—			—			(8,553,211	)		—
Class N		—			—			(275,614	)		—

Total distributions		(77,236,998	)		(63,795,396	)		(72,011,579	)		(63,593,656	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		52,539,883			43,927,170			(37,204,897	)		(34,119,832	)

Net increase (decrease) in net assets		49,054,723			57,092,818			(55,585,597	)		(156,941,939	)
NET ASSETS
Beginning of the period		1,192,027,875			1,134,935,057			2,467,987,783			2,624,929,722

End of the period	$	1,241,082,598		$	1,192,027,875		$	2,412,402,186		$	2,467,987,783

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	9,378,514		$	42,333,844		$	(978,271	)	$	19,874,427

See accompanying notes to financial statements.

| 60

Statements of Changes in Net Assets – continued


	Inflation Protected Securities Fund						Institutional High Income Fund
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Net investment income (loss)	$	(18,874	)	$	146,731		$	18,482,493		$	37,796,364
Net realized gain (loss) on investments, futures contracts, swaptions written and foreign currency transactions		(960,333	)		436,423			11,290,202			37,415,102
Net change in unrealized appreciation (depreciation) on investments, futures contracts, swaptions written and foreign currency translations		852,329			(1,998,118	)		29,065,441			11,248,369

Net increase (decrease) in net assets resulting from operations		(126,878	)		(1,414,964	)		58,838,136			86,459,835

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(35,771	)		(354,311	)		(40,486,475	)		(41,311,469	)
Retail Class		(2,995	)		(63,863	)		—			—
Net realized capital gains
Institutional Class		(248,813	)		(1,338,406	)		(32,983,463	)		(2,773,243	)
Retail Class		(59,396	)		(382,894	)		—			—

Total distributions		(346,975	)		(2,139,474	)		(73,469,938	)		(44,084,712	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		4,660,389			(1,452,142	)		54,404,340			(30,276,042	)

Net increase (decrease) in net assets		4,186,536			(5,006,580	)		39,772,538			12,099,081
NET ASSETS
Beginning of the period		21,932,784			26,939,364			664,865,944			652,766,863

End of the period	$	26,119,320		$	21,932,784		$	704,638,482		$	664,865,944

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(127,555	)	$	(69,915	)	$	3,958,258		$	25,962,240

See accompanying notes to financial statements.

61 |


	Intermediate Duration Bond Fund						Investment Grade Fixed Income Fund
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Net investment income	$	712,953		$	1,616,041		$	11,747,102		$	27,934,346
Net realized gain on investments, futures contracts and foreign currency transactions		506,473			96,581			12,402,985			11,367,553
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		3,807			(2,173,632	)		1,586,455			(24,136,484	)

Net increase (decrease) in net assets resulting from operations		1,223,233			(461,010	)		25,736,542			15,165,415

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(751,031	)		(1,945,605	)		(13,959,959	)		(30,617,420	)
Retail Class		(68,908	)		(135,414	)		—			—
Net realized capital gains
Institutional Class		(164,823	)		(1,149,730	)		(7,274,910	)		(7,340,667	)
Retail Class		(18,111	)		(51,657	)		—			—

Total distributions		(1,002,873	)		(3,282,406	)		(21,234,869	)		(37,958,087	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(8,926,185	)		(2,902,940	)		(135,923,360	)		71,986,378

Net increase (decrease) in net assets		(8,705,825	)		(6,646,356	)		(131,421,687	)		49,193,706
NET ASSETS
Beginning of the period		72,025,261			78,671,617			739,886,242			690,692,536

End of the period	$	63,319,436		$	72,025,261		$	608,464,555		$	739,886,242

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(161,197	)	$	(54,211	)	$	(1,932,610	)	$	280,247

See accompanying notes to financial statements.

| 62

Financial Highlights

For a share outstanding throughout each period.


			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
FIXED INCOME FUND

Institutional Class
3/31/2014(e)	$	14.97	$	0.34	$	0.56		$	0.90		$	(0.76	)	$	(0.21	)	$	(0.97	)
9/30/2013		14.83		0.69		0.27			0.96			(0.74	)		(0.08	)		(0.82	)
9/30/2012		13.69		0.72		1.31			2.03			(0.84	)		(0.05	)		(0.89	)
9/30/2011		14.12		0.73		(0.32	)		0.41			(0.84	)		—			(0.84	)
9/30/2010		12.94		0.77		1.14			1.91			(0.73	)		—			(0.73	)
9/30/2009		12.15		0.78		1.15			1.93			(0.89	)		(0.25	)		(1.14	)

GLOBAL BOND FUND

Institutional Class
3/31/2014(e)	$	16.56	$	0.17	$	0.20		$	0.37		$	(0.31	)	$	(0.18	)	$	(0.49	)
9/30/2013		17.36		0.33		(0.70	)		(0.37	)		(0.43	)		—			(0.43	)
9/30/2012		16.52		0.44		1.05			1.49			(0.65	)		—			(0.65	)
9/30/2011		16.99		0.53		(0.28	)		0.25			(0.72	)		—			(0.72	)
9/30/2010		16.09		0.55		0.92			1.47			(0.57	)		—			(0.57	)
9/30/2009		14.42		0.67		1.89			2.56			(0.89	)		—			(0.89	)

Retail Class
3/31/2014(e)		16.40		0.15		0.20			0.35			(0.29	)		(0.18	)		(0.47	)
9/30/2013		17.20		0.29		(0.70	)		(0.41	)		(0.39	)		—			(0.39	)
9/30/2012		16.37		0.40		1.04			1.44			(0.61	)		—			(0.61	)
9/30/2011		16.84		0.48		(0.28	)		0.20			(0.67	)		—			(0.67	)
9/30/2010		15.96		0.49		0.91			1.40			(0.52	)		—			(0.52	)
9/30/2009		14.31		0.62		1.88			2.50			(0.85	)		—			(0.85	)

Class N
3/31/2014(e)		16.56		0.18		0.20			0.38			(0.32	)		(0.18	)		(0.50	)
9/30/2013*		17.18		0.22		(0.56	)		(0.34	)		(0.28	)		—			(0.28	)

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

(a)

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

(b)

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

(c)

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

(d)

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

(e)

For the six months ended March 31, 2014 (Unaudited).

(f)

Includes fee/expense recovery of 0.01%.

(g)

The variation in the Fund’s turnover rate from 2012 to 2013 is due to an increase in TBA transactions. See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

63 |


							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%)(b)			Net assets, end of the period (000’s)		Net expenses (%)(c)(d)			Gross expenses (%)(d)			Net investment income (%)(d)		Portfolio turnover rate (%)



$	14.90		6.23		$	1,241,083		0.57			0.57			4.58		12
	14.97		6.71			1,192,028		0.57			0.57			4.64		18
	14.83		15.79			1,134,935		0.57			0.57			5.10		17
	13.69		3.01			881,269		0.58			0.58			5.14		26
	14.12		15.38			806,138		0.58			0.58			5.83		22
	12.94		19.55			761,955		0.58			0.58			7.11		29




$	16.44		2.29		$	1,636,663		0.75			0.77			2.06		67
	16.56		(2.14	)		1,669,103		0.75			0.78			1.96		185	(g)
	17.36		9.45			1,629,719		0.72			0.72			2.64		102
	16.52		1.23			1,353,993		0.67			0.67			3.15		84
	16.99		9.46			1,285,095		0.66			0.66			3.41		100
	16.09		19.19			1,032,465		0.68			0.68			4.76		75


	16.28		2.20			749,694		0.97			0.97			1.83		67
	16.40		(2.39	)		798,335		0.98			0.98			1.72		185	(g)
	17.20		9.20			995,211		0.97			0.97			2.43		102
	16.37		0.94			978,241		0.97			0.97			2.84		84
	16.84		9.05			1,026,809		1.00	(f)		1.00	(f)		3.08		100
	15.96		18.81			918,742		1.00			1.02			4.46		75


	16.44		2.35			26,045		0.63			0.63			2.21		67
	16.56		(1.97	)		550		0.70			0.83			2.01		185

See accompanying notes to financial statements.

| 64

Financial Highlights – continued

For a share outstanding throughout each period.


			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains(b)			Total distributions
INFLATION PROTECTED SECURITIES FUND

Institutional Class
3/31/2014(f)	$	10.64	$	(0.01	)	$	(0.06	)	$	(0.07	)	$	(0.02	)	$	(0.10	)	$	(0.12	)
9/30/2013		12.18		0.09			(0.74	)		(0.65	)		(0.19	)		(0.70	)		(0.89	)
9/30/2012		11.58		0.11	(g)		0.92			1.03			(0.28	)		(0.15	)		(0.43	)
9/30/2011		11.10		0.46			0.55			1.01			(0.53	)		—			(0.53	)
9/30/2010		10.46		0.31			0.67			0.98			(0.34	)		—			(0.34	)
9/30/2009		9.86		0.09	(h)		0.61			0.70			(0.10	)		—			(0.10	)

Retail Class
3/31/2014(f)		10.61		(0.02	)		(0.06	)		(0.08	)		(0.01	)		(0.10	)		(0.11	)
9/30/2013		12.15		(0.05	)		(0.64	)		(0.69	)		(0.15	)		(0.70	)		(0.85	)
9/30/2012		11.56		0.04	(g)		0.96			1.00			(0.26	)		(0.15	)		(0.41	)
9/30/2011		11.09		0.35			0.63			0.98			(0.51	)		—			(0.51	)
9/30/2010*		10.71		0.04			0.44			0.48			(0.10	)		—			(0.10	)

INSTITUTIONAL HIGH INCOME FUND

Institutional Class
3/31/2014(f)	$	8.24	$	0.22		$	0.48		$	0.70		$	(0.52	)	$	(0.42	)	$	(0.94	)
9/30/2013		7.74		0.46			0.57			1.03			(0.50	)		(0.03	)		(0.53	)
9/30/2012		7.15		0.46			0.75			1.21			(0.45	)		(0.17	)		(0.62	)
9/30/2011		8.08		0.50			(0.51	)		(0.01	)		(0.59	)		(0.33	)		(0.92	)
9/30/2010		7.40		0.54			0.66			1.20			(0.52	)		(0.00	)		(0.52	)
9/30/2009		6.87		0.57			0.54			1.11			(0.49	)		(0.09	)		(0.58	)

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

(a)

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

(b)

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

(c)

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

(d)

(e)

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

(f)

For the six months ended March 31, 2014 (Unaudited).

(g)

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

(h)

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

(i)

The variation in the Fund’s turnover rate from 2011 to 2012 was primarily due to a change in the portfolio management team, as well as fluctuation in the level of fund assets due to shareholder flows.

See accompanying notes to financial statements.

65 |


							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%)(c)			Net assets, end of the period (000’s)		Net expenses (%)(d)(e)		Gross expenses (%)(e)		Net investment income (loss) (%)(e)			Portfolio turnover rate (%)



$	10.45		(0.65	)	$	21,360		0.40		0.94		(0.11	)		111
	10.64		(5.70	)		18,434		0.40		0.91		0.75	(g)		56
	12.18		9.01			23,771		0.40		0.85		0.95	(g)		166	(i)
	11.58		9.36			33,880		0.40		1.08		4.04			20
	11.10		9.58			13,240		0.40		1.22		2.88			39
	10.46		7.21			13,976		0.40		1.11		0.88	(h)		12


	10.42		(0.75	)		4,759		0.65		1.24		(0.34	)		111
	10.61		(6.04	)		3,499		0.65		1.23		(0.44	)(g)		56
	12.15		8.71			3,169		0.65		1.23		0.35	(g)		166	(i)
	11.56		9.14			1,923		0.65		1.31		3.09			20
	11.09		4.47			75		0.65		2.36		1.12			39




$	8.00		9.09		$	704,638		0.68		0.68		5.47			16
	8.24		14.17			664,866		0.68		0.68		5.76			28
	7.74		18.37			652,767		0.68		0.68		6.30			21
	7.15		(0.43	)		429,621		0.69		0.69		6.37			25
	8.08		17.06			383,693		0.71		0.71		7.08			21
	7.40		20.82			458,516		0.72		0.72		9.54			37

See accompanying notes to financial statements.

| 66

Financial Highlights – continued

For a share outstanding throughout each period.


			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
INTERMEDIATE DURATION BOND FUND

Institutional Class
3/31/2014(e)	$	10.33	$	0.13	$	0.07		$	0.20		$	(0.14	)	$	(0.03	)	$	(0.17	)
9/30/2013		10.80		0.21		(0.24	)		(0.03	)		(0.27	)		(0.17	)		(0.44	)
9/30/2012		10.54		0.22		0.40			0.62			(0.28	)		(0.08	)		(0.36	)
9/30/2011		10.57		0.30		0.04			0.34			(0.37	)		—			(0.37	)
9/30/2010		9.95		0.38		0.66			1.04			(0.42	)		—			(0.42	)
9/30/2009		8.95		0.48		0.98			1.46			(0.46	)		—			(0.46	)

Retail Class
3/31/2014(e)		10.34		0.11		0.08			0.19			(0.13	)		(0.03	)		(0.16	)
9/30/2013		10.80		0.18		(0.23	)		(0.05	)		(0.24	)		(0.17	)		(0.41	)
9/30/2012		10.55		0.20		0.39			0.59			(0.26	)		(0.08	)		(0.34	)
9/30/2011		10.58		0.27		0.04			0.31			(0.34	)		—			(0.34	)
9/30/2010*		10.21		0.09		0.41			0.50			(0.13	)		—			(0.13	)

INVESTMENT GRADE FIXED INCOME FUND

Institutional Class
3/31/2014(e)	$	12.82	$	0.24	$	0.29		$	0.53		$	(0.29	)	$	(0.16	)	$	(0.45	)
9/30/2013		13.21		0.49		(0.21	)		0.28			(0.54	)		(0.13	)		(0.67	)
9/30/2012		12.52		0.56		0.97			1.53			(0.66	)		(0.18	)		(0.84	)
9/30/2011		13.44		0.65		(0.17	)		0.48			(0.76	)		(0.64	)		(1.40	)
9/30/2010		12.39		0.68		1.07			1.75			(0.70	)		—			(0.70	)
9/30/2009		11.36		0.67		1.31			1.98			(0.81	)		(0.14	)		(0.95	)

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

(a)

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

(b)

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

(c)

(d)

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

(e)

For the six months ended March 31, 2014 (Unaudited).

See accompanying notes to financial statements.

67 |


							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%)(b)			Net assets, end of the period (000’s)		Net expenses (%)(c)(d)		Gross expenses (%)(d)		Net investment income (%)(d)		Portfolio turnover rate (%)



$	10.36		2.03		$	57,713		0.40		0.58		2.42		73
	10.33		(0.30	)		66,424		0.40		0.48		1.97		124
	10.80		6.06			75,588		0.40		0.51		2.12		82
	10.54		3.26			58,471		0.40		0.57		2.83		83
	10.57		10.67			36,959		0.40		0.73		3.75		43
	9.95		16.99			28,027		0.40		0.68		5.24		52


	10.37		1.90			5,606		0.65		0.86		2.17		73
	10.34		(0.46	)		5,601		0.65		0.79		1.71		124
	10.80		5.69			3,084		0.65		0.84		1.91		82
	10.55		3.00			1,704		0.65		0.94		2.60		83
	10.58		4.89			82		0.65		1.61		2.66		43




$	12.90		4.22		$	608,465		0.48		0.48		3.71		10
	12.82		2.14			739,886		0.47		0.47		3.72		25
	13.21		12.78			690,693		0.48		0.48		4.44		19
	12.52		3.82			452,310		0.49		0.49		5.03		17
	13.44		14.59			473,199		0.48		0.48		5.29		24
	12.39		19.35			525,504		0.49		0.49		6.10		22

See accompanying notes to financial statements.

| 68

Notes to Financial Statements

March 31, 2014 (Unaudited)

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

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

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

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

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

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

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

Each Fund is a diversified investment company.

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

Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed to a fund are generally apportioned based on the relative net assets of each of the funds in the Trust. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 distribution fees and transfer agent fees). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

a. Valuation. 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 (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) and unlisted equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service, using market information, transactions for comparable securities and various relationships between securities, if available, or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange or market where 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. 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 equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service. Futures contracts are valued at the current settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively. Swaptions are valued at mid prices (between the bid and the ask price) supplied by an independent pricing service, if available. Other swaptions not priced through an independent pricing service are valued based on prices obtained from broker-dealers. Centrally cleared 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. Bilateral interest rate swap agreements are valued based on prices supplied by an independent pricing service. Short-term obligations (purchased with an original or remaining maturity of sixty days or less) are valued at amortized cost (which approximates market value).

69 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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

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

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

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

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

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

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

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

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by a Fund, depending on the price fluctuations in the fair value of

| 70

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

the contract and the value of cash or securities on deposit with the broker. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset (liability) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

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

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

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

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

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

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

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

The notional amounts of swap agreements are not recorded in the financial statements. Swap agreements are valued daily and fluctuations in the value are recorded in the Statements of Operations as change in unrealized appreciation (depreciation) on swap agreements. Fees are 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

71 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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 Fund covers its net obligations under outstanding swap agreements by segregating or earmarking cash or securities.

h. Delayed Delivery Commitments. The Funds may purchase securities, including those designated as TBAs in the Portfolio of Investments, for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of the security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The actual security that will be delivered to fulfill a TBA trade is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. Certain transactions require the Fund or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. The Funds cover their net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities at the custodian. No interest accrues to the Funds until the transaction settles.

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

i. Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2014 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

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

| 72

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2013 was as follows:


	2013 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Fixed Income Fund	$	59,997,496	$	3,797,900	$	63,795,396
Global Bond Fund		63,593,656		—		63,593,656
Inflation Protected Securities Fund		1,145,195		994,279		2,139,474
Institutional High Income Fund		41,656,073		2,428,639		44,084,712
Intermediate Duration Bond Fund		2,858,011		424,395		3,282,406
Investment Grade Fixed Income Fund		32,364,411		5,593,676		37,958,087

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

As of September 30, 2013, the late-year ordinary and post-October capital loss deferrals were as follows:


	Fixed Income Fund		Global Bond Fund		Inflation Protected Securities Fund		Institutional High Income Fund		Intermediate Duration Bond Fund			Investment Grade Fixed Income Fund
Late-year ordinary and post-October Capital loss deferrals*	$	—	$	—	$	—	$	—	$	(644,876	)	$	—

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

k. Repurchase Agreements. 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, 2014, each 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 Statements of Assets and Liabilities for financial reporting purposes.

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

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, 2014, none of the Funds had loaned securities under this agreement.

73 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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

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

•

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

•

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

•

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2014, at value:

Fixed Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	—	$	1,809,136	(b)	$	1,809,136
Airlines		—		9,319,660		14,324,552	(b)		23,644,212
Non-Captive Consumer		685,842		35,535,256		—			36,221,098
Retailers		—		8,841,106		1,201,975	(c)		10,043,081
Transportation Services		—		2,337,500		1,046,459	(c)		3,383,959
All Other Non-Convertible Bonds(a)		—		890,245,096		—			890,245,096

Total Non-Convertible Bonds		685,842		946,278,618		18,382,122			965,346,582

Convertible Bonds
Wirelines		—		7,670,925		26,083	(c)		7,697,008
All Other Convertible Bonds(a)		—		95,642,086		—			95,642,086

Total Convertible Bonds		—		103,313,011		26,083			103,339,094

Municipals(a)		—		11,081,540		—			11,081,540

Total Bonds and Notes		685,842		1,060,673,169		18,408,205			1,079,767,216

Senior Loans(a)		—		9,395,265		—			9,395,265
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		2,754,441		737,963		—			3,492,404
REITs – Mortgage		—		2,321,353		—			2,321,353
Wirelines		—		2,794		—			2,794
All Other Convertible Preferred Stocks(a)		16,214,117		—		—			16,214,117

Total Convertible Preferred Stocks		18,968,558		3,062,110		—			22,030,668

| 74

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)


Fixed Income Fund – continued Asset Valuation Inputs – continued
Description	Level 1		Level 2		Level 3		Total
Non-Convertible Preferred Stocks
Electric	$	430,574	$	272,930	$	—	$	703,504
Government Sponsored		—		3,112,500		—		3,112,500
All Other Non-Convertible Preferred Stocks(a)		4,419,186		—		—		4,419,186

Total Non-Convertible Preferred Stocks		4,849,760		3,385,430		—		8,235,190

Total Preferred Stocks		23,818,318		6,447,540		—		30,265,858

Common Stocks(a)		95,691,465		—		—		95,691,465
Short-Term Investments		—		22,967,053		—		22,967,053

Total	$	120,195,625	$	1,099,483,027	$	18,408,205	$	1,238,086,857

(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.

Preferred stocks valued at $2,728,942 were transferred from Level 1 to Level 2 during the period ended March 31, 2014. At March 31, 2014, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service as a market price was not available.

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

Global Bond Fund

Asset Valuation Inputs


Description	Level 1			Level 2			Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Australia	$	—		$	48,755,519		$	4,780,370	(b)	$	53,535,889
Bermuda		—			—			7,048,469	(b)		7,048,469
Canada		—			157,269,380			3,101,240	(b)		160,370,620
Korea		—			28,622,393			3,449,985	(b)		32,072,378
United States		—			668,014,538			63,114,137	(b)		731,128,675
All Other Non-Convertible Bonds(a)		—			1,328,454,244			—			1,328,454,244

Total Non-Convertible Bonds		—			2,231,116,074			81,494,201			2,312,610,275

Convertible Bonds(a)		—			11,978,116			—			11,978,116

Total Bonds and Notes		—			2,243,094,190			81,494,201			2,324,588,391

Preferred Stocks
Non-Convertible Preferred Stock(a)		4,010,899			—			—			4,010,899
Convertible Preferred Stocks(a)		3,273,289			2,965,651			—			6,238,940

Total Preferred Stocks		7,284,188			2,965,651			—			10,249,839

Short-Term Investments		—			162,086,045			—			162,086,045

Total Investments		7,284,188			2,408,145,886			81,494,201			2,496,924,275

Forward Foreign Currency Contracts (unrealized appreciation)		—			880,657			—			880,657
Futures Contracts (unrealized appreciation)		176,385			—			—			176,385

Total	$	7,460,573		$	2,409,026,543		$	81,494,201		$	2,497,981,317

Liability Valuation Inputs
Description	Level 1			Level 2			Level 3			Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(3,115,890	)	$	—		$	(3,115,890	)
Futures Contracts (unrealized depreciation)		(515,594	)		—			—			(515,594	)

Total	$	(515,594	)	$	(3,115,890	)	$	—		$	(3,631,484	)

(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.

75 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

A preferred stock valued at $2,556,230 was transferred from Level 1 to Level 2 during the period ended March 31, 2014. At March 31, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service as a market price was not available.

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

Inflation Protected Securities Fund

Asset Valuation Inputs


Description	Level 1		Level 2			Level 3		Total
Bonds and Notes(a)	$	—	$	25,346,354		$	—	$	25,346,354
Preferred Stocks(a)		139,797		—			—		139,797
Purchased Swaptions(a)		—		861,783			—		861,783
Short-Term Investments		—		147,813			—		147,813

Total Investments		139,797		26,355,950			—		26,495,747

Futures Contracts (unrealized appreciation)		1,824		—			—		1,824

Total	$	141,621	$	26,355,950		$	—	$	26,497,571

Liability Valuation Inputs
Description	Level 1		Level 2			Level 3		Total
Written Swaptions(a)	$	—	$	(373,148	)	$	—	$	(373,148	)

(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, 2014, 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
ABS Other	$	—	$	—	$	778,673	(b)	$	778,673
Airlines		—		7,590,900		13,140,813	(b)		20,731,713
Retailers		—		6,993,944		1,834,651	(c)		8,828,595
Transportation Services		—		6,867,125		1,754,686	(c)		8,621,811
All Other Non-Convertible Bonds(a)		—		425,640,613		—			425,640,613

Total Non-Convertible Bonds		—		447,092,582		17,508,823			464,601,405

Convertible Bonds
Wirelines		—		2,391,989		30,131	(c)		2,422,120
All Other Convertible Bonds(a)		—		86,900,996		—			86,900,996

Total Convertible Bonds		—		89,292,985		30,131			89,323,116

Municipals(a)		—		659,378		—			659,378

Total Bonds and Notes		—		537,044,945		17,538,954			554,583,899

Senior Loans(a)		—		13,763,778		—			13,763,778
Common Stocks(a)		84,426,090		—		—			84,426,090
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		894,758		212,444		—			1,107,202
Wirelines		—		1,577		—			1,577
All Other Convertible Preferred Stocks(a)		7,965,782		—		—			7,965,782

Total Convertible Preferred Stocks		8,860,540		214,021		—			9,074,561

Non-Convertible Preferred Stocks(a)		7,112,202		—		—			7,112,202

Total Preferred Stocks		15,972,742		214,021		—			16,186,763

| 76

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)


Institutional High Income Fund – continued Asset Valuation Inputs – continued
Description	Level 1		Level 2		Level 3		Total
Warrants(d)	$	—	$	—	$	—	$	—
Short-Term Investments		—		20,809,435		—		20,809,435

Total	$	100,398,832	$	571,832,179	$	17,538,954	$	689,769,965

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

(b) Valued using broker-dealer bid prices.

(d) Fair valued at zero using level 2 inputs.

A preferred stock valued at $209,594 was transferred from Level 1 to Level 2 during the period ended March 31, 2014. At March 31, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service as a market price was not available.

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

Intermediate Duration Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	4,183,865	$	512,684	(b)	$	4,696,549
ABS Other		—		1,139,811		637,034	(b)		1,776,845
ABS Student Loan		—		1,208,422		75,590	(b)		1,284,012
Airlines		—		—		151,289	(b)		151,289
Commercial Mortgage-Backed Securities		—		9,433,386		205,995	(b)		9,639,381
All Other Non-Convertible Bonds(a)		—		43,207,538		—			43,207,538

Total Non-Convertible Bonds		—		59,173,022		1,582,592			60,755,614

Total Bonds and Notes		—		59,173,022		1,582,592			60,755,614

Short-Term Investments		—		3,265,820		—			3,265,820

Total Investments		—		62,438,842		1,582,592			64,021,434

Futures Contracts (unrealized appreciation)		12,475		—		—			12,475

Total	$	12,475	$	62,438,842	$	1,582,592		$	64,033,909

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

(b) Valued using broker-dealer bid prices.

Investment Grade Fixed Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Convertible Bonds(a)	$	—	$	21,630,752	$	—		$	21,630,752
Non-Convertible Bonds
ABS Other		—		3,322,027		4,330,456	(b)		7,652,483
Airlines		—		2,197,739		20,647,334	(b)		22,845,073
Transportation Services		—		920,742		787,986	(c)		1,708,728
All Other Non-Convertible Bonds(a)		—		477,801,871		—			477,801,871

Total Non-Convertible Bonds		—		484,242,379		25,765,776			510,008,155

Municipals(a)		—		4,922,503		—			4,922,503

Total Bonds and Notes		—		510,795,634		25,765,776			536,561,410

77 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)


Investment Grade Fixed Income Fund – continued Asset Valuation Inputs – continued
Description	Level 1		Level 2		Level 3		Total
Senior Loans(a)		—	$	3,726,832	$	—	$	3,726,832
Common Stocks(a)	$	23,846,313		—		—		23,846,313
Preferred Stocks
Non-Convertible Preferred Stocks
Government Sponsored		—		3,112,500		—		3,112,500
All Other Non-Convertible Preferred Stocks(a)		348,101		—		—		348,101

Total Non-Convertible Preferred Stocks		348,101		3,112,500		—		3,460,601

Convertible Preferred Stocks(a)		3,331,931		—		—		3,331,931

Total Preferred Stocks		3,680,032		3,112,500		—		6,792,532

Short-Term Investments		—		31,702,756		—		31,702,756

Total	$	27,526,345	$	549,337,722	$	25,765,776	$	602,629,843

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

(b) Valued using broker-dealer bid prices.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2013 and/or March 31, 2014:

Fixed Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2013		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, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	—	$	—	$	16,861		$	1,792,275	$	—		$	—	$	—	$	1,809,136	$	16,861
Airlines		13,615,350		—		2,303		694,717			—		(527,712	)		539,894		—		14,324,552		713,342
Retailers		1,207,792		2,902		—		(8,719	)		—		—			—		—		1,201,975		(8,719	)
Transportation Services		1,201,346		—		39,880		(42,702	)		—		(152,065	)		—		—		1,046,459		(1	)
Convertible Bonds
Wirelines		23,130		—		—		2,953			—		—			—		—		26,083		2,953

Total	$	16,047,618	$	2,902	$	42,183	$	663,110		$	1,792,275	$	(679,777	)	$	539,894	$	—	$	18,408,205	$	724,436

Debt securities valued at $539,894 were transferred from Level 2 to Level 3 during the period ended March 31, 2014. At March 31, 2014, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

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, 2013		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, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
Australia	$	11,404,460	$	—	$	36,069	$	(25,096	)	$	—	$	(6,635,063	)	$	—	$	—		$	4,780,370	$	15,510
Bermuda		—		—		—		(4,868	)		7,053,337		—			—		—			7,048,469		(4,868	)
Canada		12,065,180		—		—		(5,580	)		—		—			—		(8,958,360	)		3,101,240		(5,580	)
Korea		6,377,211		—		13,091		32,246			—		(2,972,563	)		—		—			3,449,985		15,611
United States		56,875,089		10,792		2,374		1,945,669			5,725,464		(1,445,251	)		—		—			63,114,137		1,984,750

Total	$	86,721,940	$	10,792	$	51,534	$	1,942,371		$	12,778,801	$	(11,052,877	)	$	—	$	(8,958,360	)	$	81,494,201	$	2,005,423

| 78

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Debt securities valued at $8,958,360 were transferred from Level 3 to Level 2 during the period ended March 31, 2014. At March 31, 2014, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

Institutional High Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2013		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, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	(30	)	$	1,927		$	780,813	$	(4,037	)	$	—	$	—	$	778,673	$	1,927
Airlines		13,927,958		1,063		3,549			274,565			—		(1,066,322	)		—		—		13,140,813		308,048
Retailers		1,843,529		7,776		—			(16,654	)		—		—			—		—		1,834,651		(16,654	)
Transportation Services		1,883,685		—		30,879			(32,904	)		—		(126,974	)		—		—		1,754,686		1
Convertible Bonds
Wirelines		26,720		—		—			3,411			—		—			—		—		30,131		3,411

Total	$	17,681,892	$	8,839	$	34,398		$	230,345		$	780,813	$	(1,197,333	)	$	—	$	—	$	17,538,954	$	296,733

Intermediate Duration Bond Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2013		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, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	446,125	$	—	$	—		$	1,567		$	64,992	$	—		$	—	$	—		$	512,684	$	1,567
ABS Other		423,550		—		—			13,517			199,967		—			—		—			637,034		13,517
ABS Student Loan		356,725		—		—			(1,149	)		—		(279,986	)		—		—			75,590		(281	)
Airlines		161,731		—		(435	)		(41	)		—		(9,966	)		—		—			151,289		1,133
Collateralized Mortgage Obligations		1,231,636		—		9,192			(4,847	)		—		(951,820	)		—		(284,161	)		—		—
Commercial Mortgage-Backed Securities		—		—		—			—			205,995		—			—		—			205,995		—

Total	$	2,619,767	$	—	$	8,757		$	9,047		$	470,954	$	(1,241,772	)	$	—	$	(284,161	)	$	1,582,592	$	15,936

A debt security valued at $284,161 was transferred from Level 3 to Level 2 during the period ended March 31, 2014. At March 31, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

79 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Investment Grade Fixed Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2013		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, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	1,682,226	$	—	$	26,618	$	(22,627	)	$	4,106,057	$	(1,461,818	)	$	—	$	—	$	4,330,456	$	(22,627	)
Airlines		26,806,762		870		523,827		344,934			—		(7,349,840	)		320,781		—		20,647,334		344,934
Transportation Services		1,210,793		—		4,441		(7,272	)		—		(419,976	)		—		—		787,986		(7,272	)

Total	$	29,699,781	$	870	$	554,886	$	315,035		$	4,106,057	$	(9,231,634	)	$	320,781	$	—	$	25,765,776	$	315,035

Debt securities valued at $320,781 were transferred from Level 2 to Level 3 during the period ended March 31, 2014. At March 31, 2014, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

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

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

Inflation Protected Securities Fund may use interest rate swaptions to gain exposure, such as to enter into a contract to benefit from a rise or fall in interest rates. During the six months ended March 31, 2014, the Fund engaged in interest rate swaptions for this purpose.

Global Bond Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency exchange contracts for hedging purposes to protect the value of the Funds’ holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the six months ended March 31, 2014, Global Bond Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

Global Bond Fund, Inflation Protected Securities Fund and Intermediate Duration Bond Fund are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed-income securities. A Fund will be subject to increased interest rate risk to the extent that it invests 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 and interest rate swaptions to hedge against changes in interest rates and to manage their duration without having to buy or sell portfolio securities. During the six months ended March 31, 2014, Global Bond Fund and Intermediate Duration Bond Fund used futures contracts and Inflation Protected Securities Fund used interest rate swaptions to manage duration, Intermediate Duration Bond Fund used futures contracts to hedge against changes in interest rates, and Inflation Protected Securities Fund used futures contracts and interest rate swaptions to hedge against changes in interest rates.

The following is a summary of derivative instruments for Global Bond Fund as of March 31, 2014, as reflected within the Statement of Assets and Liabilities:


Assets	Unrealized appreciation on forward foreign currency contracts		Unrealized appreciation on futures contracts¹		Total
Over-the-counter asset derivatives
Foreign exchange contracts	$	880,657	$	—	$	880,657
Exchange traded/cleared asset derivatives
Interest rate contracts		—		176,385		176,385

Total asset derivatives	$	880,657	$	176,385	$	1,057,042

| 80

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)


Liabilities	Unrealized appreciation on forward foreign currency contracts			Unrealized appreciation on futures contracts¹			Total
Over-the-counter liability derivatives
Foreign exchange contracts	$	(3,115,890	)	$	—		$	(3,115,890	)
Exchange traded/cleared liability derivatives
Interest rate contracts		—			(515,594	)		(515,594	)

Total liability derivatives	$	(3,115,890	)	$	(515,594	)	$	(3,631,484	)

¹ Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statement of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Global Bond Fund during the six months ended March 31, 2014, as reflected within the Statement of Operations, were as follows:


Net Realized Gain (Loss) on:	Futures contracts			Foreign currency transactions²
Interest rate contracts	$	(2,623,497	)	$	—
Foreign exchange contracts		—			(819,048	)

Total	$	(2,623,497	)	$	(819,048	)


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts		Foreign currency translations²
Interest rate contracts	$	856,487	$	—
Foreign exchange contracts		—		2,450,922

Total	$	856,487	$	2,450,922

² Represents realized loss and change in unrealized appreciation (depreciation), respectively, for forward foreign currency contracts during the period. Does not included other foreign currency gains or losses included in the Statement of Operations.

The following is a summary of derivative instruments for Inflation Protected Securities Fund as of March 31, 2014, as reflected within the Statement of Assets and Liabilities:


Assets	Investments at value¹			Unrealized appreciation on futures contracts²		Total
Over-the-counter asset derivatives
Interest rate contracts	$	861,783		$	—	$	861,783
Exchange traded/cleared asset derivatives
Interest rate contracts		—			1,824		1,824

Total asset derivatives	$	861,783		$	1,824	$	863,607


Liabilities	Swaptions written, at value			Unrealized depreciation on futures contracts²		Total
Over-the-counter liability derivatives
Interest rate contracts	$	(373,148	)	$	—	$	(373,148	)

¹ Represents purchased swaptions, at value.

² Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statement of Assets and Liabilities as receivable or payable for variation margin, as applicable.

81 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Transactions in derivative instruments for Inflation Protected Securities Fund during the six months ended March 31, 2014, as reflected within the Statement of Operations, were as follows:


Net Realized Gain (Loss) on:	Investments³			Futures contracts			Swaptions written
Interest rate contracts	$	(145,727	)	$	(5,842	)	$	47,461

Net Change in Unrealized Appreciation (Depreciation) on:	Investments³			Futures contracts			Swaptions written
Interest rate contracts	$	(424,982	)	$	5,556		$	417,662

³ Represents realized loss and change in unrealized appreciation (depreciation), respectively, for purchased swaptions during the period.

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of March 31, 2014, as reflected within the Statement of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts¹
Exchange traded/cleared asset derivatives
Interest rate contracts	$	12,475

Transactions in derivative instruments for Intermediate Duration Bond Fund during the six months ended March 31, 2014, as reflected within the Statement of Operations, were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	1,470

Net Change in Unrealized Appreciation on:	Futures contracts
Interest rate contracts	$	12,475

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

The volume of forward foreign currency contract and futures contract activity, as a percentage of net assets, for Global Bond Fund, Inflation Protected Securities Fund and Intermediate Duration Bond Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions, at absolute value, was as follows for the six months ended March 31, 2014:


Global Bond Fund	Forwards		Futures
Average Notional Amount Outstanding		26.51%		4.90%
Highest Notional Amount Outstanding		36.27%		4.99%
Lowest Notional Amount Outstanding		16.86%		4.77%
Notional Amount Outstanding as of March 31, 2014		16.86%		4.97%


Inflation Protected Securities Fund	Futures
Average Notional Amount Outstanding		1.29%
Highest Notional Amount Outstanding		1.64%
Lowest Notional Amount Outstanding		0.91%
Notional Amount Outstanding as of March 31, 2014		0.91%


Intermediate Duration Bond Fund	Futures
Average Notional Amount Outstanding		2.66%
Highest Notional Amount Outstanding		3.98%
Lowest Notional Amount Outstanding		2.49%
Notional Amount Outstanding as of March 31, 2014		2.49%

| 82

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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

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

The volume of interest rate swaption activity, as a percentage of net assets, for Inflation Protected Securities Fund, based on average premiums paid or received during the period, including long and short positions, at absolute value, was as follows for the six months ended March 31, 2014:


Inflation Protected Securities Fund	Interest Rate Put Swaptions Written		Interest Rate Call Swaptions Written		Interest Rate Put Swaptions Purchased		Interest Rate Call Swaptions Purchased
Average Premium Paid/Received		0.16%		3.46%		0.90%		5.29%
Highest Premium Paid/Received		0.21%		3.95%		1.13%		6.04%
Lowest Premium Paid/Received		0.00%		3.06%		0.39%		4.67%
Premium Paid/Received as of March 31, 2014		0.00%		3.37%		0.39%		5.15%

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


	Notional Amount			Premiums
Outstanding at September 30, 2013	$	56,750,000		$	927,461
Swaptions expired		(29,250,000	)		(47,461	)

Outstanding at March 31, 2014	$	27,500,000		$	880,000

Over-the-counter derivatives, including forward foreign currency contracts and interest rate swaptions, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Funds and their counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds’ ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the net asset value of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities. As of March 31, 2014, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statement of Assets & 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 Derivative Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	107,533		$	—		$	107,533		$	—		$	107,533
Barclays Bank PLC		180,694			(180,694	)		—			—			—
Credit Suisse International		500,461			(500,461	)		—			—			—
JP Morgan Chase Bank, N.A.		91,969			—			91,969			(60,000	)		31,969

	$	880,657		$	(681,155	)	$	199,502		$	(60,000	)	$	139,502


Counterparty	Gross Amounts of Derivative Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Barclays Bank PLC	$	(1,217,071	)	$	180,694		$	(1,036,377	)	$	1,036,377		$	—
Credit Suisse International		(1,856,627	)		500,461			(1,356,166	)		337,234			(1,018,932	)
UBS AG		(42,192	)		—			(42,192	)		—			(42,192	)

	$	(3,115,890	)	$	681,155		$	(2,434,735	)	$	1,373,611		$	(1,061,124	)

83 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)


Inflation Protected Securities Fund
Counterparty	Gross Amounts of Derivative Assets			Offset Amount			Net Asset Balance		Collateral (Received)/ Pledged			Net Amount
Citibank, N.A.	$	763,483		$	(373,148	)	$	390,335	$	(380,000	)	$	10,335
Goldman Sachs International		98,300			—			98,300		—			98,300

	$	861,783		$	(373,148	)	$	488,635	$	(380,000	)	$	108,635


Counterparty	Gross Amounts of Derivative Liabilities			Offset Amount			Net Liability Balance		Collateral (Received)/ Pledged			Net Amount
Citibank, N.A.	$	(373,148	)	$	373,148		$	—	$	—		$	—

The actual collateral received or pledged may exceed the amounts shown in the table due to overcollateralization. Timing differences may exist between when contracts under the ISDA agreements are marked-to-market and when collateral moves. The ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank.

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. The risk of loss to a Fund from counterparty default should be limited to the extent a Fund is under collateralized for over-the-counter derivatives; however, final settlement of a Fund’s claim against any collateral received may be subject to bankruptcy court proceedings. Additionally, cash or securities held at or pledged to counterparties for initial/variation margin for futures contracts and centrally cleared swap agreements or as collateral for over-the-counter derivatives may be subject to bankruptcy court proceedings. Based on the balances reflected on each Fund’s Statement of Assets and Liabilities, including cash and securities held at or pledged to counterparties for initial/variation margin or as collateral that could be subject to the terms of a final settlement in a bankruptcy court proceeding, the maximum amount of loss that the Funds would incur if counterparties failed to meet their obligations, and the amount of loss that the Funds would incur after taking into account master netting arrangements pursuant to ISDA agreements, are as follows as of March 31, 2014:


Fund	Maximum Amount of Loss – Gross		Maximum Amount of Loss – Net
Global Bond Fund	$	7,365,406	$	5,250,640
Inflation Protected Securities Fund		866,783		113,635
Intermediate Duration Bond Fund		24,994		24,994

These amounts include cash received as collateral for Global Bond Fund and Inflation Protected Securities Fund of $60,000 and $380,000, respectively.

5. Purchases and Sales of Securities. For the six months ended March 31, 2014, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:


	U.S. Government/ Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Fixed Income Fund	$	44,898,242	$	20,374,307	$	115,157,131	$	122,064,383
Global Bond Fund		866,392,791		900,380,578		716,310,649		764,329,357
Inflation Protected Securities Fund		31,413,993		26,425,970		—		741,014
Institutional High Income Fund		29,934,766		—		74,238,271		109,312,165
Intermediate Duration Bond Fund		16,243,036		10,552,737		27,354,115		43,656,319
Investment Grade Fixed Income Fund		37,331,338		51,795,687		25,441,059		161,721,745

| 84

Notes to Financial Statements – continued

March 31, 2014 (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, 2014, provided for fees at the following annual percentage rates of each Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Over $10 Billion
Fixed Income Fund		0.50%		0.50%		0.50%		0.50%		0.50%
Global Bond Fund		0.60%		0.50%		0.48%		0.45%		0.40%
Inflation Protected Securities Fund		0.25%		0.25%		0.25%		0.25%		0.25%
Institutional High Income Fund		0.60%		0.60%		0.60%		0.60%		0.60%
Intermediate Duration Bond Fund		0.25%		0.25%		0.25%		0.25%		0.25%
Investment Grade Fixed Income Fund		0.40%		0.40%		0.40%		0.40%		0.40%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expense. These undertakings are in effect until January 31, 2015 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, 2014, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class	Retail Class	Class N
Fixed Income Fund	0.65%	—	—
Global Bond Fund	0.75%	1.00%	0.70%
Inflation Protected Securities Fund	0.40%	0.65%	—
Institutional High Income Fund	0.75%	—	—
Intermediate Duration Bond Fund	0.40%	0.65%	—
Investment Grade Fixed Income Fund	0.55%	—	—

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

For the six months ended March 31, 2014, the management fees and waivers of management fees for each Fund were as follows:


Fund	Gross Management Fees		Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Waivers of Management Fees¹		Net Management Fees		Gross		Net
Fixed Income Fund	$	3,046,637	$	—	$	3,046,637		0.50%		0.50%
Global Bond Fund		6,513,194		—		6,513,194		0.54%		0.54%
Inflation Protected Securities Fund		32,497		32,497		—		0.25%		0.00%
Institutional High Income Fund		2,026,304		—		2,026,304		0.60%		0.60%
Intermediate Duration Bond Fund		74,271		43,674		30,597		0.25%		0.10%
Investment Grade Fixed Income Fund		1,267,664		—		1,267,664		0.40%		0.40%

¹Management fee waivers are subject to possible recovery until September 30, 2015.

85 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

For the six months ended March 31, 2014, class-specific expenses have been reimbursed as follows:


	Reimbursement²
Fund	Institutional Class		Retail Class		Class N		Total
Global Bond Fund	$	196,724	$	—	$	—	$	196,724
Inflation Protected Securities Fund		6,658		2,479		—		9,137
Intermediate Duration Bond Fund		9,686		1,677		—		11,363

In addition, the investment adviser reimbursed non-class-specific expenses of Inflation Protected Securities Fund in the amount of $29,577 for the six months ended March 31, 2014².

²Expense reimbursements are subject to possible recovery until September 30, 2015.

For the six months ended March 31, 2014, expense reimbursements related to the prior fiscal year were recovered as follows:


	Recovered Expenses
Fund	Institutional Class		Retail Class		Class N		Total
Global Bond Fund	$	—	$	—	$	77	$	77

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

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

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

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

For the six months ended March 31, 2014, the distribution fees for each Fund were as follows:


Fund	Retail Class
Global Bond Fund	$	957,319
Inflation Protected Securities Fund		5,439
Intermediate Duration Bond Fund		6,831

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

For the six months ended March 31, 2014, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Fixed Income Fund	$	267,405
Global Bond Fund		531,702
Inflation Protected Securities Fund		5,704
Institutional High Income Fund		148,205
Intermediate Duration Bond Fund		13,039
Investment Grade Fixed Income Fund		139,133

| 86

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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

For the six months ended March 31, 2014, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:


	Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class
Global Bond Fund	$	1,253,051	$	356,654
Inflation Protected Securities Fund		5,088		1,348
Institutional High Income Fund		2,866		—
Intermediate Duration Bond Fund		8,743		655

As of March 31, 2014, the Funds owe NGAM Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):


	Reimbursements of Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class
Global Bond Fund	$	32,352	$	8,896
Institutional High Income Fund		74		—
Intermediate Duration Bond Fund		71		17

As of March 31, 2014, NGAM Distribution owes the Funds the following overpayments of sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as receivable from distributor):


Fund	Overpayment of Sub-Transfer Agent Fees
Inflation Protected Securities Fund	$	154

e. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2014, the Chairperson of the Board receives a retainer fee at the annual rate of $300,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $130,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at an annual rate of $17,500. 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 Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each Fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2014, the Chairperson of the Board received a retainer fee at the annual rate of $285,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $115,000. All other Trustee fees remained unchanged.

87 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts, and Hansberger International Series, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

f. Affiliated Ownership. At March 31, 2014, Loomis Sayles owned shares equating to 12.24% of Inflation Protected Securities Fund’s net assets and the Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of net assets:


Fund	Retirement Plan
Global Bond Fund		0.30%
Inflation Protected Securities Fund		12.44%
Institutional High Income Fund		2.15%
Intermediate Duration Bond Fund		1.55%

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

7. Class-Specific Transfer Agent Fees and Expenses. For the six months ended March 31, 2014, the class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable) for each Fund were as follows:


	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Class N
Fixed Income Fund	$	2,760	$	—	$	—
Global Bond Fund		1,265,545		397,704		153
Inflation Protected Securities Fund		6,658		2,530		—
Institutional High Income Fund		6,006		—		—
Intermediate Duration Bond Fund		9,877		1,677		—
Investment Grade Fixed Income Fund		1,680		—		—

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

For the six months ended March 31, 2014, none of the Funds had borrowings under this agreement.

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

10. Concentration of Ownership. From time to time, the Funds may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2014, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings was as follows:


Fund	Number of >5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership		Percentage of Affiliated Ownership (Note 6)		Total Percentage of Ownership
Fixed Income Fund		3		21.47%		—		21.47%
Global Bond Fund		1		17.92%		0.30%		18.22%
Inflation Protected Securities Fund		1		20.13%		24.68%		44.81%
Institutional High Income Fund		1		5.77%		2.15%		7.92%
Intermediate Duration Bond Fund		3		44.58%		1.55%		46.13%
Investment Grade Fixed Income Fund		2		17.13%		0.00%		17.13%

| 88

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Omnibus shareholder accounts for which NGAM Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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


	Fixed Income Fund

	Six Months Ended March 31, 2014						Year Ended September 30, 2013

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,953,305		$	28,933,944			7,793,448		$	115,417,055
Issued in connection with the reinvestment of distributions		4,836,625			69,502,301			3,830,465			55,120,396
Redeemed		(3,120,684	)		(45,896,362	)		(8,556,746	)		(126,610,281	)

Increase (decrease) from capital share transactions		3,669,246		$	52,539,883			3,067,167		$	43,927,170


	Global Bond Fund

	Six Months Ended March 31, 2014						Year Ended September 30, 2013*

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		16,462,403		$	269,952,175			29,980,755		$	506,038,762
Issued in connection with the reinvestment of distributions		2,874,872			46,897,889			2,318,195			39,149,374
Redeemed		(20,583,031	)		(337,188,030	)		(25,363,144	)		(427,850,863	)

Net change		(1,245,756	)	$	(20,337,966	)		6,935,806		$	117,337,273


Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		4,585,791		$	74,532,748			10,541,403		$	177,527,003
Issued in connection with the reinvestment of distributions		1,326,444			21,420,397			1,244,508			20,851,668
Redeemed		(8,535,218	)		(138,683,638	)		(20,970,307	)		(350,378,229	)

Net change		(2,622,983	)	$	(42,730,493	)		(9,184,396	)	$	(151,999,558	)


Class N	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,507,211		$	25,149,265			33,093		$	540,632
Issued in connection with the reinvestment of distributions		46,625			760,279			143			2,348
Redeemed		(2,805	)		(45,982	)		(32	)		(527	)

Net change		1,551,031		$	25,863,562			33,204		$	542,453

Increase (decrease) from capital share transactions		(2,317,708	)	$	(37,204,897	)		(2,215,386	)	$	(34,119,832	)

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

89 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

11. Capital Shares – continued


	Inflation Protected Securities Fund

	Six Months Ended March 31, 2014						Year Ended September 30, 2013

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		857,556		$	9,036,569			293,043		$	3,340,935
Issued in connection with the reinvestment of distributions		25,807			268,158			136,401			1,551,046
Redeemed		(572,155	)		(5,990,103	)		(647,272	)		(7,283,676	)

Net change		311,208		$	3,314,624			(217,828	)	$	(2,391,695	)


Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		347,521		$	3,636,324			787,185		$	9,150,694
Issued in connection with the reinvestment of distributions		5,993			62,090			39,154			446,573
Redeemed		(226,627	)		(2,352,649	)		(757,472	)		(8,657,714	)

Net change		126,887		$	1,345,765			68,867		$	939,553

Increase (decrease) from capital share transactions		438,095		$	4,660,389			(148,961	)	$	(1,452,142	)


	Institutional High Income Fund

	Six Months Ended March 31, 2014						Year Ended September 30, 2013

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		4,104,934		$	32,483,710			9,963,018		$	79,267,523
Issued in connection with the reinvestment of distributions		8,609,527			65,260,218			5,224,542			38,766,101
Redeemed		(5,292,100	)		(43,339,588	)		(18,800,057	)		(148,309,666	)

Increase (decrease) from capital share transactions		7,422,361		$	54,404,340			(3,612,497	)	$	(30,276,042	)


	Intermediate Duration Bond Fund

	Six Months Ended March 31, 2014						Year Ended September 30, 2013

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,152,473		$	11,964,490			2,609,734		$	27,540,780
Issued in connection with the reinvestment of distributions		84,990			879,837			284,910			3,004,817
Redeemed		(2,098,089	)		(21,759,021	)		(3,466,343	)		(36,223,257	)

Net change		(860,626	)	$	(8,914,694	)		(571,699	)	$	(5,677,660	)


Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		57,037		$	591,622			559,151		$	5,926,282
Issued in connection with the reinvestment of distributions		8,265			85,557			16,523			173,835
Redeemed		(66,433	)		(688,670	)		(319,300	)		(3,325,397	)

Net change		(1,131	)	$	(11,491	)		256,374		$	2,774,720

Increase (decrease) from capital share transactions		(861,757	)	$	(8,926,185	)		(315,325	)	$	(2,902,940	)

| 90

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

11. Capital Shares – continued


	Investment Grade Fixed Income Fund

	Six Months Ended March 31, 2014						Year Ended September 30, 2013

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		6,519,727		$	83,592,652			11,810,449		$	156,021,983
Issued in connection with the reinvestment of distributions		1,472,556			18,740,475			2,601,118			34,040,474
Redeemed		(4,586,454	)		(58,599,833	)		(8,978,611	)		(118,076,079	)
Redeemed in-kind (Note 12)		(13,970,191	)		(179,656,654	)		—			—

Increase (decrease) from capital share transactions		(10,564,362	)	$	(135,923,360	)		5,432,956		$	71,986,378

12. Redemption In-Kind. In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (redemption in-kind). For financial reporting purposes, the Fund will recognize a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Fund will recognize a loss if the cost exceeds value. Gains and losses realized on redemptions in-kind are not recognized for tax purposes, and are re-classified from realized gain (loss) to paid-in-capital. The Investment Grade Fixed Income Fund realized a gain of $12,613,047 on redemptions in-kind during the six months ended March 31, 2014. This amount is included in realized gain (loss) on the Statements of Operations.

91 |

LOGO

Loomis Sayles High Income Opportunities Fund

Loomis Sayles Securitized Asset Fund

Semiannual Report

March 31, 2014



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			5
Financial Statements			20
Notes to Financial Statements			25

LOOMIS SAYLES HIGH INCOME OPPORTUNITIES FUND


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

Objective

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

Average Annual Total Returns — March 31, 2014



	6 Months			1 Year			5 Years			Life of Class

Institutional Class (Inception 4/12/04)		7.74	%		8.27	%		19.39	%		9.24	%
Comparative Performance
Barclays U.S. Corporate High-Yield Bond Index^(a)		6.67			7.54			18.25			8.71

^(a)

See page 3 for a description of the index.

1 |

LOOMIS SAYLES SECURITIZED ASSET FUND


Managers	Symbols
Ian Anderson	Institutional Class	LSSAX
Alessandro Pagani, CFA^®
Clifton V. Rowe, CFA^®

Objective

High level of current income consistent with capital preservation.

Average Annual Total Returns — March 31, 2014



	6 Months			1 Year			5 Years			Life of Class

Institutional Class (Inception 3/2/06)		2.42	%		1.50	%		9.93	%		6.72	%
Comparative Performance
Barclays U.S. Securitized Bond Index^(a)		1.19			0.26			4.31			4.91

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

^(a)

See page 3 for a description of the index.

| 2

ADDITIONAL INFORMATION

Index Definitions

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

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

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis Sayles at 800-633-3330; (ii) on the Funds’ website, www.loomissayles.com, and (iii) on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2013 is available on (i) the Funds’ website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

Additional Index Information

UNDERSTANDING FUND EXPENSES

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

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

The first line in each Fund’s table shows the actual amount of Fund expenses ($0) you would have paid on a $1,000 investment in the Fund from October 1, 2013 through March 31, 2014.

The second line in each Fund’s table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio (0%) and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

3 |

Loomis Sayles High Income Opportunities Fund


Institutional Class	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$1,077.40		$0.00
Hypothetical (5% return before expenses)		$1,000.00		$1,024.93		$0.00
* Expenses are equal to the Fund’s annualized expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Securitized Asset Fund


Institutional Class	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$1,024.20		$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, 2014 (Unaudited)

Loomis Sayles High Income Opportunities Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 92.0% of Net Assets

	Non-Convertible Bonds – 78.5%

		ABS Car Loan – 1.2%
$	275,000	Ford Credit Auto Owner Trust, Series 2013-D, Class A3, 0.670%, 4/15/2018	$	275,251
	619,000	Honda Auto Receivables Owner Trust, Series 2013-4, Class A3, 0.690%, 9/18/2017		619,777

				895,028

		ABS Credit Card – 0.8%
	115,000	American Express Issuance Trust II, Series 2013-2, Class A, 0.585%, 8/15/2019(b)		115,464
	355,000	Capital One Multi-Asset Execution Trust, Series 2013-A3, Class A3, 0.960%, 9/16/2019		353,677
	100,000	Chase Issuance Trust, Series 2013-A3, Class A3, 0.435%, 4/15/2020(b)		99,675

				568,816

		ABS Home Equity – 4.9%
	97,478	American Home Mortgage Investment Trust, Series 2005-2, Class 4A1, 1.830%, 9/25/2045(b)		90,999
	144,766	Banc of America Alternative Loan Trust, Series 2003-10, Class 3A1, 5.500%, 12/25/2033		148,552
	95,773	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033		98,707
	458,667	Banc of America Alternative Loan Trust, Series 2004-9, Class 2CB1, 6.000%, 10/25/2034		474,075
	113,475	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		116,477
	57,207	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-9, Class 12A3, 2.860%, 11/25/2034(b)		56,380
	48,539	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 2.619%, 5/25/2035(b)		46,726
	270,243	Countrywide Alternative Loan Trust, Series 2004-27CB, Class A1, 6.000%, 12/25/2034		267,239
	131,770	Countrywide Alternative Loan Trust, Series 2005-14, Class 2A1, 0.364%, 5/25/2035(b)		110,027
	66,500	Countrywide Alternative Loan Trust, Series 2006-4CB, Class 2A2, 5.500%, 4/25/2036		61,396
	80,000	Countrywide Asset-Backed Certificates, Series 2004-13, Class AF5B, 5.103%, 5/25/2035		78,554
	260,468	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-11, Class 3A3, 2.556%, 4/25/2035(b)		189,890
	136,156	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-2, Class 2A3, 0.494%, 3/25/2035(b)		102,653

		ABS Home Equity – continued
$	175,228	Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-20, Class 1A35, 6.000%, 2/25/2037	$	161,070
	27,642	GMAC Mortgage Corp. Loan Trust, Series 2003-J7, Class A7, 5.000%, 11/25/2033		28,532
	151,865	GMAC Mortgage Corp. Loan Trust, Series 2005-AR3, Class 2A1, 2.869%, 6/19/2035(b)		151,287
	133,435	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 3.108%, 7/19/2035(b)		122,961
	110,898	GSR Mortgage Loan Trust, Series 2004-14, Class 5A1, 2.753%, 12/25/2034(b)		110,835
	225,000	GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, 2.679%, 9/25/2035(b)		222,644
	158,622	IndyMac Index Mortgage Loan Trust, Series 2005-16IP, Class A1, 0.794%, 7/25/2045(b)		143,751
	166,933	Lehman Mortgage Trust, Series 2005-3, Class 1A6, 0.654%, 1/25/2036(b)(c)		117,763
	235,465	MASTR Adjustable Rate Mortgages Trust, Series 2007-1, Class I2A1, 0.314%, 1/25/2047(b)		169,445
	116,354	Residential Funding Mortgage Securities, Series 2006-S1, Class 1A3, 5.750%, 1/25/2036		119,764
	156,408	Structured Asset Securities Corp. Mortgage Pass Through Certificates, Series 2004-20, Class 8A7, 5.750%, 11/25/2034		164,811
	156,351	WaMu Mortgage Pass Through Certificates, Series 2006-AR11, Class 2A, 2.284%, 9/25/2046(b)		147,724
	270,666	Washington Mutual Mortgage Pass Through Certificates, Series 2006-AR6, Class 2A, 1.089%, 8/25/2046(b)		185,006

				3,687,268

		ABS Other – 0.2%
	107,208	Sierra Receivables Funding Co. LLC, Series 2011-3A, Class C, 9.310%, 7/20/2028, 144A		115,343

		Aerospace & Defense – 1.6%
	630,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		626,850
	200,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		180,500
	400,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		399,000

				1,206,350

		Airlines – 3.2%
	380,033	American Airlines Pass Through Trust, Series 2013-2, Class B, 5.600%, 1/15/2022, 144A		396,184
	200,000	American Airlines Pass Through Trust, Series 2013-2, Class C, 6.000%, 1/15/2017, 144A		202,518

See accompanying notes to financial statements.

5 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Airlines – continued
$	110,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018	$	115,913
	6,417	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		6,621
	38,014	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		40,200
	3,772	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		4,074
	25,928	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		27,613
	162,651	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		191,115
	430,711	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		496,394
	254,504	Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 5/01/2019		277,205
	125,000	United Airlines Pass Through Trust, Series 2014-1, Class B, 4.750%, 10/11/2023		125,857
	336,785	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		356,992
	69,000	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		71,689
	110,000	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		112,243

				2,424,618

		Automotive – 2.2%
	165,000	Ford Motor Co., 6.625%, 2/15/2028		183,778
	35,000	Ford Motor Co., 7.125%, 11/15/2025		41,510
	110,000	Ford Motor Co., 7.500%, 8/01/2026		135,477
	720,000	General Motors Co., 4.875%, 10/02/2023, 144A		738,000
	40,000	General Motors Co., 6.250%, 10/02/2043, 144A		43,300
	320,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		330,800
	175,000	Lear Corp., 4.750%, 1/15/2023, 144A		170,625
	40,000	Lear Corp., 5.375%, 3/15/2024		40,700

				1,684,190

		Banking – 1.6%
	60,000	Ally Financial, Inc., 7.500%, 9/15/2020		71,325
	405,000	Royal Bank of Scotland Group PLC, 4.700%, 7/03/2018		416,251
	145,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		148,473
	585,000	Societe Generale S.A., 5.000%, 1/17/2024, 144A		582,969

				1,219,018


		Brokerage – 0.9%
$	140,000	Jefferies Group LLC, 6.250%, 1/15/2036	$	141,845
	515,000	Jefferies Group LLC, 6.450%, 6/08/2027		550,547

				692,392

		Building Materials – 1.4%
	320,000	Builders FirstSource, Inc., 7.625%, 6/01/2021, 144A		346,400
	138,000	CPG Merger Sub LLC, 8.000%, 10/01/2021, 144A		148,350
	60,000	HD Supply, Inc., 7.500%, 7/15/2020		65,475
	145,000	Masonite International Corp., 8.250%, 4/15/2021, 144A		160,044
	200,000	Odebrecht Finance Ltd., 4.375%, 4/25/2025, 144A		179,500
	110,000	USG Corp., 5.875%, 11/01/2021, 144A		117,150
	15,000	USG Corp., 9.750%, 1/15/2018		18,112

				1,035,031

		Chemicals – 3.3%
	150,000	Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding B BV, 7.375%, 5/01/2021, 144A		163,125
	200,000	Braskem Finance Ltd., 6.450%, 2/03/2024		204,750
	310,000	Chemtura Corp., 5.750%, 7/15/2021		321,625
	200,000	Eagle Spinco, Inc., 4.625%, 2/15/2021, 144A		197,750
	675,000	Hercules, Inc., 6.500%, 6/30/2029		594,000
	15,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		14,850
	195,000	PetroLogistics LP/PetroLogistics Finance Corp., 6.250%, 4/01/2020		195,488
	190,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		208,287
	590,000	Tronox Finance LLC, 6.375%, 8/15/2020		606,225

				2,506,100

		Collateralized Mortgage Obligations – 0.0%
	34,453	MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 3A1, 2.633%, 1/25/2036(b)		33,678

		Commercial Mortgage-Backed Securities – 1.0%
	90,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.819%, 8/10/2045(b)		92,931
	385,000	Hilton USA Trust, Series 2013-HLT, Class EFX, 4.453%, 11/05/2030, 144A		389,580
	250,000	Morgan Stanley Capital I Trust, Series 2007-HQ12, Class AM, 5.577%, 4/12/2049(b)		271,376

				753,887

		Construction Machinery – 0.7%
	30,000	BlueLine Rental Finance Corp., 7.000%, 2/01/2019, 144A		31,725
	255,000	United Rentals North America, Inc., 6.125%, 6/15/2023		270,300

See accompanying notes to financial statements.

| 6

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Construction Machinery – continued
$	170,000	United Rentals North America, Inc., 7.625%, 4/15/2022	$	190,613

				492,638

		Consumer Cyclical Services – 0.7%
	100,000	ServiceMaster Co. (The), 7.000%, 8/15/2020		105,875
	220,000	ServiceMaster Co. (The), 7.450%, 8/15/2027		210,375
	225,000	ServiceMaster Co. (The), 8.000%, 2/15/2020		244,125

				560,375

		Consumer Products – 0.5%
	340,000	Visant Corp., 10.000%, 10/01/2017		338,725

		Electric – 2.3%
	385,000	AES Corp., 4.875%, 5/15/2023		367,675
	5,000	AES Corp., 5.500%, 3/15/2024		4,963
	190,000	Calpine Corp., 6.000%, 1/15/2022, 144A		199,500
	37,180	CE Generation LLC, 7.416%, 12/15/2018		36,715
	300,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		313,425
	490,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A		549,829
	264,000	NSG Holdings LLC, 7.750%, 12/15/2025, 144A		281,820

				1,753,927

		Entertainment – 0.0%
	33,000	DreamWorks Animation SKG, Inc., 6.875%, 8/15/2020, 144A		35,723

		Financial Other – 1.1%
	320,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 3/15/2019, 144A		325,600
	135,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022, 144A		137,025
	388,000	Rialto Holdings LLC/Rialto Corp., 7.000%, 12/01/2018, 144A		399,640

				862,265

		Food & Beverage – 1.1%
	260,000	Crestview DS Merger Sub II, Inc., 10.000%, 9/01/2021, 144A		288,600
	415,000	KeHE Distributors LLC/KeHE Finance Corp., 7.625%, 8/15/2021, 144A		446,125
	120,000	TreeHouse Foods, Inc., 4.875%, 3/15/2022		120,750

				855,475

		Government Owned – No Guarantee – 0.4%
	260,000	Petrobras Global Finance BV, 6.250%, 3/17/2024		267,868

		Healthcare – 4.7%
	135,000	BioScrip, Inc., 8.875%, 2/15/2021, 144A		140,738
	115,000	Catamaran Corp., 4.750%, 3/15/2021		116,581

		Healthcare – continued
$	275,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022, 144A	$	287,375
	185,000	DJO Finance LLC/DJO Finance Corp., 9.875%, 4/15/2018		201,650
	5,000	HCA Holdings, Inc., 7.750%, 5/15/2021		5,513
	430,000	HCA, Inc., 7.050%, 12/01/2027		427,312
	35,000	HCA, Inc., 7.500%, 12/15/2023		37,975
	790,000	HCA, Inc., 7.500%, 11/06/2033		809,750
	40,000	HCA, Inc., 7.690%, 6/15/2025		42,700
	40,000	HCA, Inc., 8.360%, 4/15/2024		45,200
	205,000	HCA, Inc., MTN, 7.580%, 9/15/2025		216,275
	20,000	HCA, Inc., MTN, 7.750%, 7/15/2036		20,400
	140,000	LifePoint Hospitals, Inc., 5.500%, 12/01/2021, 144A		145,250
	975,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		877,500
	166,000	WellCare Health Plans, Inc., 5.750%, 11/15/2020		174,300

				3,548,519

		Home Construction – 4.9%
	250,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		261,250
	25,000	Beazer Homes USA, Inc., 9.125%, 6/15/2018		26,438
	75,000	Beazer Homes USA, Inc., 9.125%, 5/15/2019		80,812
	200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(d)		25,500
	420,000	Desarrolladora Homex SAB de CV, 9.750%, 3/25/2020, 144A(d)		46,725
	260,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		232,700
	260,000	K. Hovnanian Enterprises, Inc., 9.125%, 11/15/2020, 144A		291,850
	355,000	KB Home, 7.250%, 6/15/2018		399,375
	305,000	KB Home, 8.000%, 3/15/2020		346,175
	385,000	Lennar Corp., 4.750%, 11/15/2022		374,412
	215,000	Lennar Corp., 6.950%, 6/01/2018		242,950
	720,000	Pulte Group, Inc., 6.000%, 2/15/2035		671,400
	495,000	Pulte Group, Inc., 6.375%, 5/15/2033		485,100
	160,000	Standard Pacific Corp., 8.375%, 1/15/2021		189,200
	200,000	Urbi Desarrollos Urbanos SAB de CV, 9.750%, 2/03/2022, 144A(d)		22,000

				3,695,887

		Independent Energy – 5.4%
	170,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		190,825
	115,000	Continental Resources, Inc., 4.500%, 4/15/2023		119,102
	105,000	Halcon Resources Corp., 8.875%, 5/15/2021		108,938
	85,000	Jones Energy Holdings/FIN Co., 6.750%, 4/01/2022, 144A		86,594
	215,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		222,525
	20,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		21,150
	359,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022, 144A		388,617

See accompanying notes to financial statements.

7 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Independent Energy – continued
$	400,000	OGX Austria GmbH, 8.375%, 4/01/2022, 144A(d)	$	18,000
	550,000	OGX Austria GmbH, 8.500%, 6/01/2018, 144A(d)		27,500
	375,000	QEP Resources, Inc., 5.250%, 5/01/2023		373,125
	375,000	Range Resources Corp., 5.000%, 8/15/2022		382,500
	180,000	Rex Energy Corp., 8.875%, 12/01/2020		198,900
	660,000	Rosetta Resources, Inc., 5.875%, 6/01/2022		674,850
	380,000	SandRidge Energy, Inc., 8.125%, 10/15/2022		414,200
	755,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		811,625

				4,038,451

		Industrial Other – 0.2%
	130,000	Dematic S.A./DH Services Luxembourg S.a.r.l., 7.750%, 12/15/2020, 144A		138,775

		Integrated Energy – 0.6%
	400,000	Pacific Rubiales Energy Corp., 5.375%, 1/26/2019, 144A		415,000

		Life Insurance – 0.6%
	370,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		486,088

		Lodging – 0.5%
	385,000	Felcor Lodging LP, 5.625%, 3/01/2023		389,813

		Media Cable – 1.9%
	255,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		245,437
	70,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 9/30/2022		69,125
	230,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 9/01/2023		228,275
	80,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		79,400
	380,000	DISH DBS Corp., 5.125%, 5/01/2020		396,150
	200,000	Quebecor Media, Inc., 5.750%, 1/15/2023		200,500
	200,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		202,500

				1,421,387

		Media Non-Cable – 2.2%
	405,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		437,400
	85,000	Clear Channel Worldwide Holdings, Inc., Series A, 6.500%, 11/15/2022		90,206
	230,000	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022		245,813
	50,000	Intelsat Luxembourg S.A., 6.750%, 6/01/2018, 144A		52,875
	335,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021, 144A		352,587
	230,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023, 144A		243,800

		Media Non-Cable – continued
$	180,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022	$	198,000

				1,620,681

		Metals & Mining – 2.0%
	235,000	Alcoa, Inc., 5.900%, 2/01/2027		239,763
	50,000	Alcoa, Inc., 6.750%, 1/15/2028		54,091
	280,000	Allegheny Technologies, Inc., 5.950%, 1/15/2021		295,541
	25,000	ArcelorMittal, 6.750%, 2/25/2022		27,438
	70,000	ArcelorMittal, 7.250%, 3/01/2041		70,262
	600,000	ArcelorMittal, 7.500%, 10/15/2039		620,250
	40,000	Barrick Gold Corp., 3.850%, 4/01/2022		38,207
	125,000	Essar Steel Algoma, Inc., 9.375%, 3/15/2015, 144A		123,750

				1,469,302

		Non-Captive Consumer – 1.6%
	145,000	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 6/15/2021, 144A		145,000
	215,000	SLM Corp., 5.500%, 1/25/2023		210,969
	280,000	Springleaf Finance Corp., 7.750%, 10/01/2021		310,100
	110,000	Springleaf Finance Corp., 8.250%, 10/01/2023		122,650
	200,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		215,500
	110,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		120,725
	102,000	Stearns Holdings, Inc., 9.375%, 8/15/2020, 144A		106,590

				1,231,534

		Non-Captive Diversified – 2.4%
	375,000	Aircastle Ltd., 5.125%, 3/15/2021		375,469
	30,000	Aircastle Ltd., 7.625%, 4/15/2020		34,200
	165,000	CIT Group, Inc., 3.875%, 2/19/2019		166,805
	30,000	CIT Group, Inc., 5.000%, 8/15/2022		31,125
	45,000	CIT Group, Inc., 5.000%, 8/01/2023		46,013
	45,000	International Lease Finance Corp., 6.250%, 5/15/2019		49,613
	70,000	International Lease Finance Corp., 8.250%, 12/15/2020		84,664
	255,000	International Lease Finance Corp., 8.625%, 1/15/2022		312,694
	195,000	iStar Financial, Inc., 4.875%, 7/01/2018		199,875
	75,000	iStar Financial, Inc., 5.850%, 3/15/2017		80,625
	55,000	iStar Financial, Inc., 7.125%, 2/15/2018		61,737
	210,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		220,237
	125,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		132,500

				1,795,557

		Oil Field Services – 0.8%
	350,000	Hercules Offshore, Inc., 8.750%, 7/15/2021, 144A		379,750
	35,000	Parker Drilling Co., 6.750%, 7/15/2022, 144A		36,050
	150,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022, 144A		152,625

				568,425

See accompanying notes to financial statements.

| 8

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Packaging – 1.3%
$	215,000	Ball Corp., 4.000%, 11/15/2023	$	201,025
	55,000	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Issuer, Inc., 5.625%, 12/15/2016, 144A		56,375
	400,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 8.250%, 2/15/2021		436,500
	100,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.875%, 8/15/2019		111,750
	175,000	Sealed Air Corp., 6.500%, 12/01/2020, 144A		192,937

				998,587

		Pharmaceuticals – 1.7%
	200,000	Grifols Worldwide Operations Ltd., 5.250%, 4/01/2022, 144A		204,500
	115,000	Salix Pharmaceuticals Ltd., 6.000%, 1/15/2021, 144A		122,762
	495,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		534,600
	375,000	Valeant Pharmaceuticals International, 7.250%, 7/15/2022, 144A		414,375
	15,000	Valeant Pharmaceuticals International, Inc., 6.750%, 8/15/2018, 144A		16,500

				1,292,737

		Pipelines – 0.3%
	195,000	Sabine Pass Liquefaction LLC, 6.250%, 3/15/2022, 144A		203,288

		Property & Casualty Insurance – 0.5%
	370,000	Hockey Merger Sub 2, Inc., 7.875%, 10/01/2021, 144A		394,975

		Refining – 0.2%
	110,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.625%, 1/15/2022		116,600

		REITs – Diversified – 0.5%
	390,000	DuPont Fabros Technology LP, 5.875%, 9/15/2021		412,425

		Retailers – 1.2%
	480,000	Dillard’s, Inc., 7.000%, 12/01/2028		488,400
	75,000	Dillard’s, Inc., 7.875%, 1/01/2023		84,000
	280,000	Foot Locker, Inc., 8.500%, 1/15/2022(e)		305,957
	60,000	Toys R Us, Inc., 7.375%, 10/15/2018		48,000

				926,357

		Supermarkets – 1.1%
	5,000	New Albertson’s, Inc., 7.450%, 8/01/2029		4,025
	10,000	New Albertson’s, Inc., 8.700%, 5/01/2030		8,475
	615,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		445,875
	400,000	SUPERVALU, Inc., 6.750%, 6/01/2021		405,500

				863,875


		Technology – 6.0%
$	110,000	ACI Worldwide, Inc., 6.375%, 8/15/2020, 144A	$	115,913
	1,965,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		1,876,575
	290,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		275,500
	190,000	Amkor Technology, Inc., 6.375%, 10/01/2022		196,887
	290,000	Amkor Technology, Inc., 6.625%, 6/01/2021		309,575
	120,000	Audatex North America, Inc., 6.125%, 11/01/2023, 144A		127,650
	302,000	Blackboard, Inc., 7.750%, 11/15/2019, 144A		316,345
	185,000	BMC Software Finance, Inc., 8.125%, 7/15/2021, 144A		194,712
	75,000	Entegris, Inc., 6.000%, 4/01/2022, 144A		76,688
	100,000	Equinix, Inc., 4.875%, 4/01/2020		102,250
	140,000	Equinix, Inc., 5.375%, 4/01/2023		142,800
	185,000	First Data Corp., 8.250%, 1/15/2021, 144A		200,725
	90,000	iGATE Corp., 4.750%, 4/15/2019, 144A		90,338
	485,000	NCR Corp., 5.000%, 7/15/2022		485,606

				4,511,564

		Textile – 1.2%
	745,000	Jones Group, Inc. (The), 6.125%, 11/15/2034		568,063
	320,000	Wolverine World Wide, Inc., 6.125%, 10/15/2020		345,600

				913,663

		Transportation Services – 0.8%
	185,000	APL Ltd., 8.000%, 1/15/2024(f)		172,975
	10,200	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(e)		10,378
	347,188	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(e)(g)(h)		454,817

				638,170

		Wireless – 2.8%
	300,000	Bakrie Telecom Pte Ltd., 11.500%, 5/07/2015, 144A(d)		30,000
	1,276,000	Sprint Capital Corp., 6.875%, 11/15/2028(i)		1,237,720
	625,000	Sprint Corp., 7.875%, 9/15/2023, 144A		687,500
	170,000	T-Mobile USA, Inc., 6.125%, 1/15/2022		178,075

				2,133,295

		Wirelines – 4.0%
	382,000	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A(j)		380,567
	20,000	CenturyLink, Inc., 5.625%, 4/01/2020		21,025
	220,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		207,350
	15,000	Frontier Communications Corp., 7.000%, 11/01/2025		14,925
	235,000	Frontier Communications Corp., 7.450%, 7/01/2035		210,325
	385,000	Level 3 Financing, Inc., 6.125%, 1/15/2021, 144A		406,175

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wirelines – continued
$	480,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028	$	458,400
	315,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		340,988
	5,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		4,663
	375,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		381,562
	290,000	Telecom Italia Capital S.A., 7.721%, 6/04/2038		310,300
	150,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		162,169
	75,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		90,777

				2,989,226


		Total Non-Convertible Bonds
		(Identified Cost $57,327,726)		59,202,896


	Convertible Bonds – 13.5%

		Automotive – 1.8%
	765,000	Ford Motor Co., 4.250%, 11/15/2016(i)		1,385,128

		Construction Machinery – 0.9%
	125,000	Ryland Group, Inc. (The), 1.625%, 5/15/2018		177,813
	330,000	Trinity Industries, Inc., 3.875%, 6/01/2036		524,287

				702,100

		Healthcare – 0.2%
	105,000	Hologic, Inc., Series 2010, (accretes to principal after 12/15/2016), 2.000%, 12/15/2037(j)		120,028
	15,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(j)		15,328

				135,356

		Home Construction – 1.6%
	165,000	KB Home, 1.375%, 2/01/2019		169,537
	15,000	Lennar Corp., 2.750%, 12/15/2020, 144A		27,413
	350,000	Lennar Corp., 3.250%, 11/15/2021, 144A		623,219
	310,000	Standard Pacific Corp., 1.250%, 8/01/2032		384,400

				1,204,569

		Independent Energy – 0.3%
	225,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		228,938

		Metals & Mining – 0.8%
	350,000	Peabody Energy Corp., 4.750%, 12/15/2066		283,062
	70,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		75,688
	155,000	United States Steel Corp., 2.750%, 4/01/2019		200,822

				559,572


		Oil Field Services – 0.7%
$	475,000	Hornbeck Offshore Services, Inc., 1.500%, 9/01/2019	$	540,609

		Pharmaceuticals – 0.8%
	27,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		29,582
	36,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		39,960
	211,000	Emergent Biosolutions, Inc., 2.875%, 1/15/2021, 144A		226,825
	80,000	Mylan, Inc., 3.750%, 9/15/2015		294,050

				590,417

		REITs – Mortgage – 0.3%
	25,000	iStar Financial, Inc., 3.000%, 11/15/2016		35,297
	165,000	Redwood Trust, Inc., 4.625%, 4/15/2018		175,725

				211,022

		Retailers – 0.5%
	210,000	priceline.com, Inc., 0.350%, 6/15/2020, 144A		247,931
	95,000	priceline.com, Inc., 1.000%, 3/15/2018		134,485

				382,416

		Technology – 3.1%
	520,000	Ciena Corp., 3.750%, 10/15/2018, 144A		727,675
	110,768	Liberty Media LLC, 3.500%, 1/15/2031		58,638
	150,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032		376,969
	694,000	Micron Technology, Inc., Series G, 3.000%, 11/15/2043(i)		760,364
	60,000	Novellus Systems, Inc., 2.625%, 5/15/2041		102,412
	60,000	SanDisk Corp., 1.500%, 8/15/2017		98,662
	120,000	Xilinx, Inc., 2.625%, 6/15/2017		225,000

				2,349,720

		Textile – 0.4%
	235,000	Iconix Brand Group, Inc., 2.500%, 6/01/2016		319,453

		Wirelines – 2.1%
	436,000	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A, (MXN)(e)(f)(j)(k)		56,214
	1,014,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(f)(i)		1,538,111

				1,594,325


		Total Convertible Bonds
		(Identified Cost $7,409,490)		10,203,625


		Total Bonds and Notes
		(Identified Cost $64,837,216)		69,406,521

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – 3.4%

	Non-Convertible Preferred Stocks – 1.9%

		Banking – 1.9%
	11,350	Ally Financial, Inc., Series A, (fixed rate to 5/15/2016, variable rate thereafter), 8.500%	$	310,423
	803	Ally Financial, Inc., Series G, 7.000%, 144A		793,113
	13,577	SunTrust Banks, Inc., Series E, 5.875%		304,939

				1,408,475


		Total Non-Convertible Preferred Stocks
		(Identified Cost $1,061,965)		1,408,475


	Convertible Preferred Stocks – 1.5%

		Banking – 0.0%
	30	Bank of America Corp., Series L, 7.250%		34,326

		Electric – 0.2%
	1,919	NextEra Energy, Inc., 5.889%		117,692

		Independent Energy – 0.1%
	90	Chesapeake Energy Corp., 5.000%		8,721
	85	Chesapeake Energy Corp., Series A, 5.750%, 144A		95,041

				103,762

		Metals & Mining – 0.3%
	5,220	ArcelorMittal, 6.000%		125,176
	4,410	Cliffs Natural Resources, Inc., 7.000%		91,419

				216,595

		Pipelines – 0.1%
	2,151	El Paso Energy Capital Trust I, 4.750%		109,809

		REITs – Diversified – 0.6%
	3,371	Crown Castle International Corp., Series A, 4.500%		341,786
	1,584	Weyerhaeuser Co., Series A, 6.375%		86,486

				428,272

		REITs – Mortgage – 0.2%
	2,110	iStar Financial, Inc., Series J, 4.500%		135,567


		Total Convertible Preferred Stocks
		(Identified Cost $1,033,623)		1,146,023


		Total Preferred Stocks
		(Identified Cost $2,095,588)		2,554,498


	Common Stocks – 2.4%

		Automobiles – 1.8%
	38,573	General Motors Co.		1,327,683

		Diversified Telecommunication Services – 0.1%
	1,017	Hawaiian Telcom Holdco, Inc.(g)		28,974

		Household Durables – 0.5%
	23,775	KB Home		403,937


		Total Common Stocks
		(Identified Cost $1,537,519)		1,760,594


	Warrants – 0.0%
	1,657	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(e)(f)(g) (Identified Cost $0)	$	—


	Principal Amount (‡)

	Short-Term Investments – 1.1%
$	654,610	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $654,610 on 4/01/2014 collateralized by $685,000 U.S. Treasury Note, 0.750% due 3/31/2018 valued at $669,588 including accrued interest (Note 2 of Notes to Financial Statements)		654,610
	195,000	U.S. Treasury Bill, 0.097%, 7/24/2014(l)(m)		194,974


		Total Short-Term Investments
		(Identified Cost $849,551)		849,584


		Total Investments – 98.9%
		(Identified Cost $69,219,874)(a)		74,571,197
		Other assets less liabilities—1.1%		860,365


		Net Assets – 100.0%	$	75,431,562


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $69,265,018 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	7,727,327
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,421,148	)


		Net unrealized appreciation	$	5,306,179


	(b)	Variable rate security. Rate as of March 31, 2014 is disclosed.
	(c)	The issuer is making partial payments with respect to principal.
	(d)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(e)	Fair valued by the Fund’s investment adviser. At March 31, 2014, the value of these securities amounted to $827,366 or 1.1% of net assets.
	(f)	Illiquid security. At March 31, 2014, the value of these securities amounted to $1,767,300 or 2.3% of net assets.
	(g)	Non-income producing security.
	(h)	Maturity has been extended under the terms of a plan of reorganization.
	(i)	All of this security has been designated to cover the Fund’s obligations under open futures contracts.
	(j)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(k)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


	(l)			Interest rate represents discount rate at time of purchase; not a coupon rate.
	(m)			A portion of this security has been pledged as initial margin for open futures contracts.

	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of Rule 144A holdings amounted to $21,866,512 or 29.0% of net assets.

	ABS			Asset-Backed Securities
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts

	MXN			Mexican Peso
	USD			U.S. Dollar

At March 31, 2014, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
30 Year U.S. Treasury Bond		6/19/2014		25	$	3,330,469	$	(16,112	)

Industry Summary at March 31, 2014 (Unaudited)


Technology	9.1	%
Home Construction	6.5
Wirelines	6.1
Independent Energy	5.8
ABS Home Equity	4.9
Healthcare	4.9
Automotive	4.0
Banking	3.5
Chemicals	3.3
Airlines	3.2
Metals & Mining	3.1
Wireless	2.8
Pharmaceuticals	2.5
Electric	2.5
Non-Captive Diversified	2.4
Media Non-Cable	2.2
Other Investments, less than 2% each	31.0
Short-Term Investments	1.1

Total Investments	98.9
Other assets less liabilities (including open futures contracts)	1.1

Net Assets	100.0	%

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Securitized Asset Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 116.4% of Net Assets

		ABS Car Loan – 9.1%
$	1,320,000	AmeriCredit Automobile Receivables Trust, Series 2013-4, Class B, 1.660%, 9/10/2018	$	1,324,349
	4,235,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class A, 4.640%, 5/20/2016, 144A		4,389,527
	645,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-1A, Class B, 2.620%, 9/20/2019, 144A		641,863
	2,630,000	Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A, 2.460%, 7/20/2020, 144A		2,623,491
	1,820,756	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 8/15/2017, 144A		1,828,101
	2,190,000	Capital Auto Receivables Asset Trust, Series 2013-3, Class A3, 1.310%, 12/20/2017		2,206,931
	483,308	CarFinance Capital Auto Trust, Series 2013-1A, Class A, 1.650%, 7/17/2017, 144A		485,029
	755,000	CarFinance Capital Auto Trust, Series 2014-1A, Class A, 1.460%, 12/17/2018, 144A		749,857
	870,000	CarMax Auto Owner Trust, Series 2013-4, Class B, 1.710%, 7/15/2019		869,277
	312,264	Centre Point Funding LLC, Series 2010-1A, Class 1, 5.430%, 7/20/2016, 144A		321,309
	4,742,826	Centre Point Funding LLC, Series 2012-2A, Class 1, 2.610%, 8/20/2021, 144A		4,764,041
	1,869,094	CPS Auto Receivables Trust, Series 2013-D, Class A, 1.540%, 7/16/2018, 144A		1,876,658
	4,515,000	Credit Acceptance Auto Loan Trust, Series 2012-1A, Class A, 2.200%, 9/16/2019, 144A		4,540,632
	2,075,000	Credit Acceptance Auto Loan Trust, Series 2012-2A, Class A, 1.520%, 3/16/2020, 144A		2,086,058
	2,080,000	Credit Acceptance Auto Loan Trust, Series 2013-2A, Class A, 1.500%, 4/15/2021, 144A		2,087,116
	900,000	DT Auto Owner Trust, Series 2014-1A, Class B, 1.430%, 3/15/2018, 144A		901,481
	565,781	Exeter Automobile Receivables Trust, Series 2012-1A, Class A, 2.020%, 8/15/2016, 144A		566,923
	1,975,000	Exeter Automobile Receivables Trust, Series 2014-1A, Class B, 2.420%, 1/15/2019, 144A		1,982,697
	2,000,000	First Investors Auto Owner Trust, Series 2012-2A, Class B, 2.470%, 5/15/2018, 144A		2,038,272
	823,391	First Investors Auto Owner Trust, Series 2013-1A, Class A2, 0.900%, 10/15/2018, 144A		824,457

		ABS Car Loan – continued
$	3,500,000	Flagship Credit Auto Trust, Series 2013-1, Class B, 2.760%, 9/17/2018, 144A	$	3,540,593
	3,190,000	Hertz Vehicle Financing LLC, Series 2009-2A, Class A2, 5.290%, 3/25/2016, 144A		3,303,089
	2,440,000	Hertz Vehicle Financing LLC, Series 2009-2A, Class B2, 5.930%, 3/25/2016, 144A		2,520,818
	395,080	Hyundai Capital Auto Funding Ltd., Series 2010-8A, Class A, 1.157%, 9/20/2016, 144A(b)		392,907
	1,116,939	Prestige Auto Receivables Trust, Series 2013-1A, Class A2, 1.090%, 2/15/2018, 144A		1,119,035
	1,275,000	Santander Drive Auto Receivables Trust, Series 2013-3, Class B, 1.190%, 5/15/2018		1,278,937
	6,245,000	Santander Drive Auto Receivables Trust, Series 2013-4, Class B, 2.160%, 1/15/2020		6,395,654
	3,395,000	SMART Trust/Australia, Series 2012-4US, Class A3A, 0.970%, 3/14/2017		3,400,092
	15,477	SNAAC Auto Receivables Trust, Series 2012-1A, Class A, 1.780%, 6/15/2016, 144A		15,483
	1,400,000	SNAAC Auto Receivables Trust, Series 2012-1A, Class B, 3.110%, 6/15/2017, 144A		1,407,301
	6,055,122	Tidewater Auto Receivables Trust, Series 2012-AA, Class A3, 1.990%, 4/15/2019, 144A		6,105,222

				66,587,200

		ABS Credit Card – 3.0%
	2,815,000	GE Capital Credit Card Master Note Trust, Series 2009-4, Class B, 5.390%, 11/15/2017, 144A		2,887,320
	4,975,000	GE Capital Credit Card Master Note Trust, Series 2010-2, Class A, 4.470%, 3/15/2020		5,388,557
	3,195,000	World Financial Network Credit Card Master Trust, Series 2010-A, Class A, 3.960%, 4/15/2019		3,316,043
	10,215,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023(c)		10,535,250

				22,127,170

		ABS Home Equity – 3.1%
	2,947,618	Citigroup Mortgage Loan Trust, Series 2013-J1, Class A2, 3.500%, 10/25/2043, 144A		2,828,791
	677,083	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.500%, 6/25/2036		536,361
	370,706	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 5.190%, 7/25/2021(b)		352,738
	293,850	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035		299,991

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Home Equity – continued
$	1,201,120	Countrywide Asset-Backed Certificates, Series 2006-S7, Class A3, 5.712%, 11/25/2035	$	1,133,830
	352,142	Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-HYB5, Class 6A2, 2.603%, 4/20/2035(b)		133,255
	6,341,774	HarborView Mortgage Loan Trust, Series 2004-3, Class 1A, 2.582%, 5/19/2034(b)		6,277,830
	346,343	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.477%, 7/25/2035(b)		333,487
	200,143	Residential Accredit Loans, Inc., Trust, Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021		197,394
	892,555	Residential Accredit Loans, Inc., Trust, Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021		865,563
	44,432	Residential Accredit Loans, Inc., Trust, Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021		44,601
	401,227	Sequoia Mortgage Trust, Series 2013-1, Class 2A1, 1.855%, 2/25/2043		344,901
	3,935,838	Sequoia Mortgage Trust, Series 2013-5, Class A1, 2.500%, 5/25/2043, 144A		3,554,979
	6,402,062	WaMu Mortgage Pass Through Certificates, Series 2007-HY2, Class 2A2, 2.515%, 11/25/2036(b)		5,547,432

				22,451,153

		ABS Other – 5.2%
	1,321,226	Ascentium Equipment Receivables LLC, Series 2012-1A, Class A, 1.830%, 9/15/2019, 144A		1,320,463
	1,000,000	Ascentium Equipment Receivables LLC, Series 2014-1A, Class C, 2.460%, 11/13/2018, 144A		994,443
	1,112,254	CCG Receivables Trust, Series 2013-1, Class A2, 1.050%, 8/14/2020, 144A		1,114,749
	2,457,205	Diamond Resorts Owner Trust, Series 2011-1, Class A, 4.000%, 3/20/2023, 144A		2,517,692
	927,616	FRS I LLC, Series 2013-1A, Class A1, 1.800%, 4/15/2043, 144A		921,757
	3,022,514	Global Container Assets Ltd., Series 2013-1A, Class A1, 2.200%, 11/05/2028, 144A		3,018,636
	373,397	Marriott Vacation Club Owner Trust, Series 2009-2A, Class A, 4.809%, 7/20/2031, 144A		382,554
	6,629,518	Orange Lake Timeshare Trust, Series 2012-AA, Class A, 3.450%, 3/10/2027, 144A		6,793,380
	536,933	Sierra Timeshare Receivables Funding LLC, Series 2010-2A, Class A, 3.840%, 11/20/2025, 144A		538,943
	691,611	Sierra Timeshare Receivables Funding LLC, Series 2010-3A, Class A, 3.510%, 11/20/2025, 144A		706,430
	820,139	Sierra Timeshare Receivables Funding LLC, Series 2011-3A, Class A, 3.370%, 7/20/2028, 144A		843,038
		ABS Other – continued
$	1,438,504	Sierra Timeshare Receivables Funding LLC, Series 2012-1A, Class A, 2.840%, 11/20/2028, 144A	$	1,470,506
	624,139	Sierra Timeshare Receivables Funding LLC, Series 2013-1A, Class A, 1.590%, 11/20/2029, 144A		626,537
	6,800,000	Springleaf Funding Trust, Series 2013-BA, Class A, 3.920%, 1/16/2023, 144A		6,919,000
	2,260,000	Springleaf Funding Trust, Series 2014-AA, Class A, 2.410%, 12/15/2022, 144A		2,254,449
	2,056,527	SVO VOI Mortgage LLC, Series 2012-AA, Class A, 2.000%, 9/20/2029, 144A		2,061,097
	2,166,792	TAL Advantage LLC, Series 2014-1A, Class A, 3.510%, 2/22/2039, 144A		2,164,887
	3,679,040	Trip Rail Master Funding LLC, Series 2011-1A, Class A1B, 2.655%, 7/15/2041, 144A(b)		3,772,808

				38,421,369

		ABS Student Loan – 2.8%
	5,175,000	Panhandle-Plains Higher Education Authority, Inc., Series 2011-1, Class A2, 1.197%, 7/01/2024(b)		5,180,310
	15,565,000	South Carolina Student Loan Corp., Series 2010-1, Class A2, 1.239%, 7/25/2025(b)(c)		15,720,183

				20,900,493

		Collateralized Mortgage Obligations – 24.3%
	258,642	Federal Home Loan Mortgage Corp., REMIC, Series 2060, Class ZA, 6.000%, 4/15/2028(c)		286,118
	400,306	Federal Home Loan Mortgage Corp., REMIC, Series 2649, Class IM, 7.000%, 7/15/2033(c)(d)		76,016
	7,277,000	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035(c)		8,041,201
	15,434,717	Federal Home Loan Mortgage Corp., REMIC, Series 3149, Class LS, 7.045%, 5/15/2036(b)(c)(d)		2,862,762
	4,316,347	Federal Home Loan Mortgage Corp., REMIC, Series 3416, Class B1, 6.095%, 2/15/2038(b)(d)		593,663
	3,246,082	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 4.522%, 6/15/2048(b)(c)		3,429,346
	450,000	Federal Home Loan Mortgage Corp., REMIC, Series 3605, Class NC, 5.500%, 6/15/2037		494,206
	3,930,319	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.443%, 12/15/2036(b)(c)		4,128,591
	1,493,962	Federal Home Loan Mortgage Corp., Series 224, Class IO, 6.000%, 3/01/2033(c)(d)		163,953
	662,126	Federal National Mortgage Association, REMIC, Series 1996-45, Class SC, 7.096%, 1/25/2024(b)(d)		119,201
	1,199,188	Federal National Mortgage Association, REMIC, Series 2003-26, Class OI, 5.500%, 11/25/2032(c)(d)		75,426

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Collateralized Mortgage Obligations – continued
$	419,375	Federal National Mortgage Association, REMIC, Series 2006-69, Class KI, 7.146%, 8/25/2036(b)(d)	$	67,051
	1,000,000	Federal National Mortgage Association, REMIC, Series 2008-35, Class CD, 4.500%, 5/25/2023(c)		1,085,340
	5,223,639	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.885%, 8/25/2038(b)(c)		5,271,327
	1,555,898	Federal National Mortgage Association, REMIC, Series 2009-11, Class VP, 3.573%, 3/25/2039(b)(c)		1,472,518
	337,091	Federal National Mortgage Association, REMIC, Series 2009-71, Class MB, 4.500%, 9/25/2024		362,328
	1,413,033	Federal National Mortgage Association, REMIC, Series 2010-75, Class MT, 4.800%, 12/25/2039(b)		1,407,559
	4,560,472	Federal National Mortgage Association, REMIC, Series 2013-34, Class PS, 5.996%, 8/25/2042(b)(d)		876,887
	1,500,000	Federal National Mortgage Association, REMIC, Series 2013-109, Class US, 11.768%, 7/25/2043(b)		1,608,250
	1,882,654	Federal National Mortgage Association, Series 334, Class 11, 6.000%, 3/01/2033(c)(d)		314,956
	384,882	Federal National Mortgage Association, Series 334, Class 19, 7.000%, 2/01/2033(c)(d)		77,844
	394,625	Federal National Mortgage Association, Series 339, Class 7, 5.500%, 8/01/2033(c)(d)		79,209
	2,066,956	Federal National Mortgage Association, Series 339, Class 13, 6.000%, 8/01/2033(c)(d)		420,532
	4,482,140	Federal National Mortgage Association, Series 356, Class 13, 5.500%, 6/01/2035(c)(d)		827,435
	1,804,231	Federal National Mortgage Association, Series 359, Class 17, 6.000%, 7/01/2035(c)(d)		322,344
	1,322,812	Federal National Mortgage Association, Series 374, Class 18, 6.500%, 8/01/2036(c)(d)		248,462
	2,723,875	Federal National Mortgage Association, Series 374, Class 20, 6.500%, 9/01/2036(c)(d)		530,371
	1,084,849	Federal National Mortgage Association, Series 374, Class 22, 7.000%, 10/01/2036(c)(d)		248,964
	1,350,172	Federal National Mortgage Association, Series 374, Class 23, 7.000%, 10/01/2036(c)(d)		310,213
	1,567,501	Federal National Mortgage Association, Series 374, Class 24, 7.000%, 6/01/2037(c)(d)		360,271
	1,513,831	Federal National Mortgage Association, Series 381, Class 12, 6.000%, 11/25/2035(c)(d)		260,355

		Collateralized Mortgage Obligations – continued
$	721,910	Federal National Mortgage Association, Series 381, Class 13, 6.000%, 11/25/2035(c)(d)	$	123,829
	1,185,881	Federal National Mortgage Association, Series 381, Class 18, 7.000%, 3/25/2037(c)(d)		259,937
	762,393	Federal National Mortgage Association, Series 381, Class 19, 7.000%, 3/25/2037(c)(d)		146,912
	213,570	Federal National Mortgage Association, Series 383, Class 32, 6.000%, 1/25/2038(c)(d)		41,000
	1,618,765	Federal National Mortgage Association, Series 384, Class 4, 4.500%, 9/25/2036(c)(d)		232,699
	5,354,084	Federal National Mortgage Association, Series 384, Class 20, 5.500%, 5/25/2036(c)(d)		963,461
	1,749,474	Federal National Mortgage Association, Series 384, Class 31, 6.500%, 7/25/2037(c)(d)		367,038
	1,536,737	Federal National Mortgage Association, Series 384, Class 36, 7.000%, 7/25/2037(c)(d)		270,901
	986,500	Federal National Mortgage Association, Series 385, Class 23, 7.000%, 7/25/2037(c)(d)		222,120
	184,492	Federal National Mortgage Association, Series 386, Class 25, 7.000%, 3/25/2038(c)(d)		37,008
	11,745,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(c)		12,746,931
	9,616,000	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021(c)		10,365,250
	6,125,000	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(c)		6,209,494
	16,860,000	FHLMC Multifamily Structured Pass Through Certificates, Series K702, Class A2, 3.154%, 2/25/2018(c)		17,783,304
	2,670,000	FHLMC Multifamily Structured Pass Through Certificates, Series K703, Class A2, 2.699%, 5/25/2018(c)		2,767,615
	26,600,000	FHLMC Multifamily Structured Pass Through Certificates, Series KAIV, Class A2, 3.989%, 6/25/2021(c)		28,625,750
	4,676,858	FHLMC Multifamily Structured Pass Through Certificates, Series KS01, Class X1, 1.647%, 1/25/2023(b)(d)		414,964
	17,409,134	Government National Mortgage Association, Series 2006-46, Class IO, 0.273%, 4/16/2046(b)(d)		407,165
	15,386,226	Government National Mortgage Association, Series 2006-51, Class IO, 0.429%, 8/16/2046(b)(c)(d)		453,786
	257,133	Government National Mortgage Association, Series 2007-75, Class C, 5.533%, 9/16/2038		258,672
	4,000,000	Government National Mortgage Association, Series 2008-52, Class E, 6.041%, 8/16/2042(c)		4,499,272

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Collateralized Mortgage Obligations – continued
$	25,535,746	Government National Mortgage Association, Series 2009-114, Class IO, 0.639%, 10/16/2049(b)(d)	$	673,071
	12,396,815	Government National Mortgage Association, Series 2010-49, Class IA, 0.932%, 10/16/2052(b)(d)		787,793
	49,226,150	Government National Mortgage Association, Series 2010-83, Class IO, 0.513%, 7/16/2050(b)(c)(d)		1,548,950
	961,245	Government National Mortgage Association, Series 2010-H20, Class AF, 0.489%, 10/20/2060(b)		950,000
	63,971,052	Government National Mortgage Association, Series 2010-I24, Class X, 1.100%, 12/16/2052(b)(c)(d)		4,478,166
	21,881,224	Government National Mortgage Association, Series 2011-38, Class IO, 0.867%, 4/16/2053(b)(c)(d)		975,684
	9,712,537	Government National Mortgage Association, Series 2011-53, Class IO, 0.797%, 5/16/2051(b)(c)(d)		447,301
	18,972,521	Government National Mortgage Association, Series 2011-119, Class IO, 1.190%, 8/16/2051(b)(d)		1,082,439
	37,245,004	Government National Mortgage Association, Series 2011-161, Class IO, 1.202%, 4/16/2045(b)(d)		2,134,884
	1,699,487	Government National Mortgage Association, Series 2011-H01, Class AF, 0.609%, 11/20/2060(b)		1,688,289
	17,000,000	Government National Mortgage Association, Series 2012-100, Class IC, 1.557%, 9/16/2050(b)(d)		1,838,958
	25,192,574	Government National Mortgage Association, Series 2012-100, Class IO, 0.825%, 8/16/2052(b)(d)		1,645,528
	12,925,139	Government National Mortgage Association, Series 2012-111, Class IC, 1.457%, 9/16/2050(b)(d)		1,328,795
	33,924,682	Government National Mortgage Association, Series 2012-23, Class IO, 1.537%, 6/16/2053(b)(c)(d)		2,238,079
	32,485,417	Government National Mortgage Association, Series 2012-53, Class IO, 1.021%, 3/16/2047(b)(c)(d)		2,191,401
	38,732,146	Government National Mortgage Association, Series 2012-55, Class IO, 1.222%, 4/16/2052(b)(c)(d)		2,241,894
	29,107,644	Government National Mortgage Association, Series 2012-58, Class IO, 1.029%, 2/16/2053(b)(c)(d)		2,307,421
	29,138,000	Government National Mortgage Association, Series 2012-70, Class IO, 0.964%, 8/16/2052(b)(c)(d)		1,876,633
	17,727,528	Government National Mortgage Association, Series 2012-78, Class IO, 1.060%, 6/16/2052(b)(d)		1,248,762
	24,222,433	Government National Mortgage Association, Series 2012-79, Class IO, 1.050%, 3/16/2053(b)(d)		1,843,763

		Collateralized Mortgage Obligations – continued
$	24,253,369	Government National Mortgage Association, Series 2012-95, Class IO, 1.041%, 2/16/2053(b)(d)	$	2,013,224
	7,967,177	Government National Mortgage Association, Series 2013-175, Class IO, 0.995%, 5/16/2055(b)(d)		504,529
	29,413,814	Government National Mortgage Association, Series 2013-H16, Class AI, 1.607%, 7/20/2063(b)(d)		2,426,640
	19,318,075	Government National Mortgage Association, Series 2013-H18, Class EI, 1.717%, 7/20/2063(b)(d)		1,690,331
	3,813,097	Government National Mortgage Association, Series 2013-H18, Class JI, 1.381%, 8/20/2063(b)(d)		246,660
	403,739	Government National Mortgage Association, Series 2013-H22, Class FT, 0.760%, 4/20/2063(b)		403,110
	63,922,401	Government National Mortgage Association, Series 2014-24, Class IX, 1.020%, 1/16/2054(b)(d)		4,433,082
	4,997,562	Government National Mortgage Association, Series 2014-H05, Class FB, 0.710%, 12/20/2063(b)		4,997,457
	5,000,000	Government National Mortgage Association, Series 2014-H06, Class FA, 0.731%, 3/20/2064(b)		5,000,000

				178,862,651

		Commercial Mortgage-Backed Securities – 31.3%
	4,300,000	A10 Securitization LLC, Series 2013-1, Class A, 2.400%, 11/15/2025, 144A		4,311,975
	189,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.182%, 9/10/2047(b)		199,488
	1,502,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		1,634,663
	1,062,193	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		1,152,363
	3,385,000	CGBAM Commercial Mortgage Trust, Series 2013-BREH, Class A2, 1.255%, 5/15/2030, 144A(b)		3,390,331
	4,170,000	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		4,563,694
	4,451,412	COBALT CMBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.484%, 4/15/2047		4,886,408
	238,995	Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)		259,456
	1,325,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR2, Class A4, 3.147%, 8/15/2045		1,302,874
	3,010,000	Commercial Mortgage Pass Through Certificates, Series 2014-BBG, Class A, 0.955%, 3/15/2029, 144A(b)		3,011,773

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Commercial Mortgage-Backed Securities – continued
$	1,220,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047	$	1,266,803
	2,670,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		2,749,956
	2,765,932	Credit Suisse Mortgage Capital Certificates, Series 2006-C3, Class A3, 5.792%, 6/15/2038(b)		2,997,303
	5,250,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049		5,737,893
	5,576,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.678%, 6/15/2039(b)		6,071,640
	5,000,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.971%, 9/15/2039(b)		5,464,960
	11,163,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040(c)		12,318,716
	4,108,000	Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 5.978%, 2/15/2041(b)		4,614,923
	3,400,000	Extended Stay America Trust, Series 2013-ESH7, Class D7, 4.036%, 12/05/2031, 144A(b)		3,522,148
	3,495,000	GP Portfolio Trust, Series 2014-GPP, Class A, 1.104%, 2/15/2027, 144A(b)		3,496,975
	8,745,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039(c)		9,580,488
	13,700,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049(c)		15,259,238
	54,118	GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.396%, 8/10/2038		54,232
	11,237	GS Mortgage Securities Corp. II, Series 2006-GG6, Class A2, 5.506%, 4/10/2038		11,241
	11,390,064	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.819%, 8/10/2045(b)(c)		12,630,624
	5,200,000	GS Mortgage Securities Corp. II, Series 2013-KING, Class C, 3.436%, 12/10/2027, 144A(b)		5,245,287
	10,115,000	GS Mortgage Securities Corp. II, Series 2013-KYO, Class A, 1.004%, 11/08/2029, 144A(b)(c)		10,144,030
	5,775,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A		5,235,055
	3,296,000	GS Mortgage Securities Trust, Series 2013-GC16, Class B, 5.161%, 11/10/2046		3,512,979
	3,205,000	GS Mortgage Securities Trust, Series 2014-GC20, Class A3, 3.680%, 4/10/2047		3,301,113
	6,927,191	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB15, Class A4, 5.814%, 6/12/2043		7,477,169

		Commercial Mortgage-Backed Securities – continued
$	3,200,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB18, Class A4, 5.440%, 6/12/2047	$	3,512,941
	1,200,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,316,068
	4,650,411	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		5,031,200
	7,525,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		8,285,838
	6,730,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.700%, 9/12/2049		7,517,955
	3,390,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 2/15/2047		3,494,168
	7,282,738	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.577%, 4/12/2049(b)		7,936,305
	7,216,000	Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		7,809,076
	9,130,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049(c)		10,091,973
	7,268,605	Morgan Stanley Capital I, Series 2007-IQ15, Class A4, 5.908%, 6/11/2049(b)		8,100,649
	14,000,000	Motel 6 Trust, Series 2012-MTL6, Class B, 2.743%, 10/05/2025, 144A(c)		14,064,680
	3,475,000	RBS Commercial Funding Inc. Trust, Series 2013-SMV, Class C, 3.584%, 3/11/2031, 144A(b)		3,260,506
	1,585,000	SCG Trust, Series 2013-SRP1, Class A, 1.555%, 11/15/2026, 144A(b)		1,587,625
	2,420,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		2,650,604

				230,065,386

		Hybrid ARMs – 3.9%
	2,369,432	FHLMC, 2.117%, 5/01/2037(b)(c)		2,518,845
	3,365,204	FHLMC, 2.334%, 6/01/2035(b)(c)		3,572,766
	2,405,279	FHLMC, 2.365%, 11/01/2036(b)(c)		2,576,102
	142,719	FHLMC, 2.366%, 1/01/2035(b)(c)		152,134
	1,521,986	FHLMC, 2.369%, 4/01/2035(b)(c)		1,632,300
	525,141	FHLMC, 2.375%, 11/01/2036(b)(c)		561,566
	2,335,054	FHLMC, 2.815%, 2/01/2037(b)(c)		2,492,896
	630,730	FHLMC, 4.310%, 1/01/2036(b)(c)		678,792
	775,352	FNMA, 1.909%, 2/01/2037(b)(c)		829,306
	1,550,896	FNMA, 2.258%, 9/01/2034(b)(c)		1,654,590
	713,285	FNMA, 2.575%, 9/01/2036(b)(c)		764,416
	2,860,484	FNMA, 3.719%, 8/01/2038(b)(c)		3,057,183
	7,436,823	FNMA, 4.915%, 9/01/2037(b)(c)		7,878,160
	444,431	FNMA, 5.372%, 10/01/2035(b)(c)		481,472

				28,850,528

		Mortgage Related – 33.7%
	168,517	FHLMC, 5.000%, 9/01/2035(c)		183,256
	20,000,000	FHLMC (TBA), 3.500%, 4/01/2044(e)		20,096,876

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued
		Mortgage Related – continued
$	1,037,942	FNMA, 5.500%, 8/01/2034(c)	$	1,158,604
	14,075	FNMA, 6.000%, 10/01/2034(c)		15,826
	1,578	FNMA, 7.000%, 12/01/2037(c)		1,680
	35,500,000	FNMA (TBA), 2.500%, 5/01/2029(e)		35,377,971
	52,270,000	FNMA (TBA), 3.500%, 4/01/2044(e)		52,580,353
	13,000,000	FNMA (TBA), 4.000%, 4/01/2044(e)		13,511,875
	45,700,000	FNMA (TBA), 4.500%, 4/01/2044(e)		48,749,049
	887,934	GNMA, 0.693%, 8/20/2063(b)		886,376
	2,558,363	GNMA, 1.859%, 2/20/2061(b)		2,685,298
	606,337	GNMA, 1.904%, 7/20/2060(b)		635,765
	494,360	GNMA, 1.924%, 9/20/2060(b)		519,904
	3,788,127	GNMA, 2.175%, 2/20/2063(b)		4,035,003
	1,890,606	GNMA, 4.479%, 2/20/2062		2,065,564
	3,490,371	GNMA, 4.521%, 12/20/2061		3,811,063
	995,072	GNMA, 4.524%, 7/20/2062		1,090,828
	495,966	GNMA, 4.570%, 10/20/2061		540,719
	4,529,810	GNMA, 4.577%, 6/20/2063		5,004,489
	515,494	GNMA, 4.578%, 11/20/2061		562,215
	1,037,360	GNMA, 4.600%, 10/20/2061		1,132,163
	1,002,693	GNMA, 4.626%, 6/20/2062		1,101,746
	11,586,872	GNMA, 4.659%, 2/20/2062(c)		12,714,205
	12,874,145	GNMA, 4.670%, 12/20/2061(c)		14,102,145
	718,807	GNMA, 4.684%, 1/20/2062		787,337
	3,379,169	GNMA, 4.700%, with various maturities in 2061(f)		3,691,198
	2,914,679	GNMA, 4.720%, 6/20/2061		3,179,419
	4,152,001	GNMA, 4.767%, 7/20/2063		4,550,871
	1,004,258	GNMA, 4.798%, 5/20/2061		1,097,750
	1,474,737	GNMA, 4.808%, 8/20/2062		1,616,945
	4,859,076	GNMA, 4.810%, 5/20/2061		5,306,101
	1,017,737	GNMA, 4.951%, 1/20/2062		1,117,527
	741,454	GNMA, 5.500%, with various maturities in 2059(f)		798,224
	3,202,930	GNMA, 6.514%, 5/20/2061		3,463,940

				248,172,285


		Total Bonds and Notes
		(Identified Cost $839,088,600)		856,438,235


	Short-Term Investments – 8.1%
	27,045,774	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $27,045,774 on 4/01/2014 collateralized by $28,080,000 U.S. Treasury Note, 0.625% due 8/31/2017 valued at $27,586,831 including accrued interest (Note 2 of Notes to Financial Statements)		27,045,774
	32,000,000	U.S. Treasury Bill, 0.045%, 5/08/2014(g)		31,999,008
	800,000	U.S. Treasury Bill, 0.073%, 10/16/2014(g)(h)		799,747


		Total Short-Term Investments
		(Identified Cost $59,843,973)		59,844,529


		Total Investments – 124.5%
		(Identified Cost $898,932,573)(a)		916,282,764
		Other assets less liabilities—(24.5)%		(180,185,615	)


		Net Assets – 100.0%	$	736,097,149



(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
	At March 31, 2014, the net unrealized appreciation on investments based on a cost of $898,932,573 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	29,755,105
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(12,404,914	)

	Net unrealized appreciation	$	17,350,191

(b)	Variable rate security. Rate as of March 31, 2014 is disclosed.
(c)	All or a portion of this security has been designated to cover the Fund’s obligations under open futures contracts or TBA transactions.
(d)	Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
(e)	Delayed delivery. See Note 2 of Notes to Financial Statements.
(f)	The Fund’s investment in mortgage related securities of Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
(g)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(h)	Security has been pledged as initial margin for open futures contracts.

144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of Rule 144A holdings amounted to $156,074,804 or 21.2% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REMIC	Real Estate Mortgage Investment Conduit
TBA	To Be Announced

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

At March 31, 2014, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
30 Year U.S. Treasury Bond		6/19/2014		305	$	40,631,719	$	194,891

At March 31, 2014, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/30/2014		359	$	42,704,172	$	327,492

Industry Summary at March 31, 2014 (Unaudited)


Mortgage Related	33.7	%
Commercial Mortgage-Backed Securities	31.3
Collateralized Mortgage Obligations	24.3
ABS Car Loan	9.1
ABS Other	5.2
Hybrid ARMs	3.9
ABS Home Equity	3.1
ABS Credit Card	3.0
ABS Student Loan	2.8
Short-Term Investments	8.1

Total Investments	124.5
Other assets less liabilities (including open futures contracts)	(24.5	)

Net Assets	100.0	%

See accompanying notes to financial statements.

19 |

Statements of Assets and Liabilities

March 31, 2014 (Unaudited)


	High Income Opportunities Fund			Securitized Asset Fund
ASSETS
Investments at cost	$	69,219,874		$	898,932,573
Net unrealized appreciation		5,351,323			17,350,191

Investments at value		74,571,197			916,282,764
Cash		4,129			—
Due from brokers (Note 2)		—			260,000
Receivable for securities sold		519,820			—
Receivable for delayed delivery securities sold (Note 2)		—			35,530,046
Dividends and interest receivable		969,668			2,859,872
Tax reclaims receivable		18			—
Receivable for variation margin on futures contracts (Note 2)		7,813			—

TOTAL ASSETS		76,072,645			954,932,682


LIABILITIES
Payable for securities purchased		628,730			11,050,823
Payable for delayed delivery securities purchased (Note 2)		—			206,749,482
Payable for Fund shares redeemed		12,353			917,482
Payable for variation margin on futures contracts (Note 2)		—			117,746

TOTAL LIABILITIES		641,083			218,835,533

NET ASSETS	$	75,431,562		$	736,097,149

NET ASSETS CONSIST OF:
Paid-in capital	$	72,255,494		$	726,047,473
Distributions in excess of net investment income		(57,715	)		(1,895,184	)
Accumulated net realized loss on investments, futures contracts and foreign currency transactions		(2,101,435	)		(5,927,714	)
Net unrealized appreciation on investments, futures contracts and foreign currency translations		5,335,218			17,872,574

NET ASSETS	$	75,431,562		$	736,097,149


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	75,431,562		$	736,097,149

Shares of beneficial interest		6,861,564			68,810,399

Net asset value, offering and redemption price per share	$	10.99		$	10.70

See accompanying notes to financial statements.

| 20

Statements of Operations

For the Six Months Ended March 31, 2014 (Unaudited)


	High Income Opportunities Fund			Securitized Asset Fund
INVESTMENT INCOME
Interest	$	2,209,562		$	13,398,322
Dividends		130,633			—
Less net foreign taxes withheld		(1,458	)		—

Investment income		2,338,737			13,398,322


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		1,144,442			3,058,306
Futures contracts		(14,267	)		830,202
Foreign currency transactions		23			—
Net change in unrealized appreciation (depreciation) on:
Investments		2,513,631			(1,650,707	)
Futures contracts		(16,112	)		603,102
Foreign currency translations		10			—

Net realized and unrealized gain on investments, futures contracts and foreign currency transactions		3,627,727			2,840,903


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,966,464		$	16,239,225

See accompanying notes to financial statements.

21 |

Statements of Changes in Net Assets


	High Income Opportunities Fund						Securitized Asset Fund
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Investment income	$	2,338,737		$	4,407,555		$	13,398,322		$	25,424,533
Net realized gain on investments, futures contracts and foreign currency transactions		1,130,198			2,075,024			3,888,508			4,106,798
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		2,497,529			(290,905	)		(1,047,605	)		(24,047,173	)

Net increase in net assets resulting from operations		5,966,464			6,191,674			16,239,225			5,484,158

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(2,587,865	)		(4,807,228	)		(18,601,589	)		(38,965,752	)
Net realized capital gains
Institutional Class		—			—			—			(7,645,092	)

Total distributions		(2,587,865	)		(4,807,228	)		(18,601,589	)		(46,610,844	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(6,048,978	)		2,596,602			49,263,537			16,956,644

Net increase (decrease) in net assets		(2,670,379	)		3,981,048			46,901,173			(24,170,042	)
NET ASSETS
Beginning of the period		78,101,941			74,120,893			689,195,976			713,366,018

End of the period	$	75,431,562		$	78,101,941		$	736,097,149		$	689,195,976

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(57,715	)	$	191,413		$	(1,895,184	)	$	3,308,083

See accompanying notes to financial statements.

| 22

Financial Highlights

For a share outstanding throughout each period.


			Income (Loss) from Investment Operations:							Less Distributions
	Net asset value, beginning of the period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations		Dividends from net investment income			Distributions from net realized capital gains			Total distributions
HIGH INCOME OPPORTUNITIES FUND

Institutional Class
3/31/2014(e)	$	10.53	$	0.32	$	0.49		$	0.81	$	(0.35	)	$	—		$	(0.35	)
9/30/2013		10.35		0.67		0.25			0.92		(0.74	)		—			(0.74	)
9/30/2012		9.36		0.72		1.01			1.73		(0.74	)		—			(0.74	)
9/30/2011		9.92		0.74		(0.52	)		0.22		(0.78	)		—			(0.78	)
9/30/2010		9.07		0.78		0.86			1.64		(0.79	)		—			(0.79	)
9/30/2009		8.26		0.79		0.84			1.63		(0.81	)		(0.01	)		(0.82	)

SECURITIZED ASSET FUND

Institutional Class
3/31/2014(e)	$	10.73	$	0.21	$	0.05		$	0.26	$	(0.29	)	$	—		$	(0.29	)
9/30/2013		11.39		0.41		(0.33	)		0.08		(0.62	)		(0.12	)		(0.74	)
9/30/2012		11.13		0.45		0.55			1.00		(0.54	)		(0.20	)		(0.74	)
9/30/2011		10.99		0.41		0.19			0.60		(0.46	)		—			(0.46	)
9/30/2010		10.16		0.41		1.08			1.49		(0.49	)		(0.17	)		(0.66	)
9/30/2009		9.60		0.50		0.66			1.16		(0.57	)		(0.03	)		(0.60	)

(a)

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

(b)

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

(c)

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

(d)

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

(e)

For the six months ended March 31, 2014 (Unaudited).

See accompanying notes to financial statements.

23 |


						Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%)(b)		Net assets, end of the period (000’s)		Net expenses (%)(c)		Gross expenses (%)(c)		Net investment income (%)(d)		Portfolio turnover rate (%)



$	10.99		7.74	$	75,432		—		—		5.90		21
	10.53		9.19		78,102		—		—		6.33		41
	10.35		19.24		74,121		—		—		7.28		30
	9.36		1.81		61,645		—		—		7.22		33
	9.92		18.88		65,560		—		—		8.21		26
	9.07		23.06		71,710		—		—		10.86		34




$	10.70		2.42	$	736,097		—		—		3.85		121
	10.73		0.75		689,196		—		—		3.67		244
	11.39		9.42		713,366		—		—		4.08		230
	11.13		5.59		685,692		—		—		3.72		253
	10.99		15.24		653,299		—		—		3.89		251
	10.16		12.97		290,468		—		—		5.42		390

See accompanying notes to financial statements.

| 24

Notes to Financial Statements

March 31, 2014 (Unaudited)

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

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

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

Each Fund is a diversified investment company.

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

Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) and unlisted equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service, using market information, transactions for comparable securities and various relationships between securities, if available, or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange or market where 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. 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 equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated prices determined from information provided by an independent pricing service. Futures contracts are valued at the current settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively. Short-term obligations (purchased with an original or remaining maturity of sixty days or less) are valued at amortized cost (which approximates market value).

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Funds may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange (“NYSE”). This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s 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.

25 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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

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

No forward foreign currency contracts were held by the Funds during the six months ended March 31, 2014.

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

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

f. Delayed Delivery Commitments. The Funds may purchase securities, including those designated as TBAs in the Portfolio of Investments, for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of the security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Fund at the time the commitment is entered into. The actual security that will be delivered to fulfill a TBA trade is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. The value of the security may vary with market fluctuations during the time before the Fund takes delivery of the security. Certain transactions require the Fund or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. The Funds cover their net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities at the custodian. No interest accrues to the Fund until the transaction settles.

| 26

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Purchases of delayed delivery securities may have a similar effect on the Fund’s net asset value 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.

g. Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2014 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.

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

The tax characterization of distributions is determined on an annual basis. The tax characterization of distributions paid to shareholders during the year ended September 30, 2013 was as follows:


	2013 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Opportunities Fund	$	4,807,228	$	—	$	4,807,228
Securitized Asset Fund		39,095,960		7,514,884		46,610,844

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

As of September 30, 2013, the capital loss carryforwards and post-October capital loss deferrals were as follows:


	High Income Opportunities Fund			Securitized Asset Fund
Capital loss carryforward:
Expires September 30, 2018	$	(3,066,782	)	$	—
Post-October capital loss deferrals*		—			(9,896,941	)

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

i. Repurchase Agreements. 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

27 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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, 2014, each 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 Statements of Assets and Liabilities for financial reporting purposes.

j. Due from Brokers. Transactions and positions in certain futures, forward foreign currency 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. Due from brokers’ balances in the Statement of Assets and Liabilities for Securitized Asset Fund represent cash pledged for delayed delivery securities. In certain circumstances, the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

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

For the six months ended March 31, 2014, neither Fund had loaned securities under this agreement.

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

•

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

•

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

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

| 28

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2014, at value:

High Income Opportunities Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	512,307	$	1,912,311	(b)	$	2,424,618
Retailers		—		620,400		305,957	(c)		926,357
Transportation Services		—		172,975		465,195	(c)		638,170
All Other Non-Convertible Bonds(a)		—		55,213,751		—			55,213,751

Total Non-Convertible Bonds		—		56,519,433		2,683,463			59,202,896

Convertible Bonds
Wirelines		—		1,538,111		56,214	(c)		1,594,325
All Other Convertible Bonds(a)		—		8,609,300		—			8,609,300

Total Convertible Bonds		—		10,147,411		56,214			10,203,625

Total Bonds and Notes		—		66,666,844		2,739,677			69,406,521

Preferred Stocks(a)		2,323,890		230,608		—			2,554,498
Common Stocks(a)		1,760,594		—		—			1,760,594
Warrants(d)		—		—		—			—
Short-Term Investments		—		849,584		—			849,584

Total	$	4,084,484	$	67,747,036	$	2,739,677		$	74,571,197

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(16,112	)	$	—	$	—	$	(16,112	)

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

(b) Valued using broker-dealer bid prices.

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

Preferred stocks valued at $210,617 were transferred from Level 1 to Level 2 during the period ended March 31, 2014. At March 31, 2014, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service as a market price was not available.

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

The Fund does not have knowledge of the inputs used for those securities categorized in Level 3 that are valued using broker-dealer bid prices. The significant unobservable inputs used for those securities fair valued by the adviser and categorized in Level 3 as of March 31, 2014, were as follows:


Description	Valuation Technique(s)	Unobservable Input	Unobservable Input Value(s)	Value
Bonds and Notes
Non-Convertible Bonds
Retailers	Option Adjusted Spread Model	Option Adjusted Spread¹	469.20	$	305,957
Transportation Services	Discounted Cash Flows	Discount Rate²	7.24% - 11.25%		465,195
Convertible Bonds
Wirelines	Market Conversion Price	Parity Discount Rate³	10%		56,214

Total				$	827,366

¹ Security is valued using an option adjusted spread model. The significant unobservable input used in the fair value measurement is the option adjusted spread, which is based on a market comparable company. A significant change in the option adjusted spread could have a material effect on the fair value measurement. There is an inverse relationship between the option adjusted spread and the fair value measurement, meaning a significant increase in the option adjusted spread would result in a lower fair value measurement, and vice versa.

29 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

² Securities are valued using a discounted cash flow model. The significant unobservable input used in the fair value measurement is the discount rate, which is based on the investment adviser’s assumptions about the prepayment rate, credit quality, and liquidity, among other considerations. A significant change in the discount rate could have a material effect on the fair value measurement. There is an inverse relationship between the discount rate and the fair value measurement, meaning a significant increase in the discount rate would result in a lower fair value measurement, and vice versa.

³ Security is valued at parity value, discounted to reflect the small size and complexity of the issue. The significant unobservable input used in the fair value measurement is the discount rate. A significant change in the discount rate could have a material effect on the fair value measurement. There is an inverse relationship between the discount rate and the fair value measurement, meaning a significant increase in the discount rate would result in a lower fair value measurement, and vice versa.

Securitized Asset Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Car Loan	$	—	$	62,044,344	$	4,542,856	(b)	$	66,587,200
ABS Other		—		26,730,228		11,691,141	(b)		38,421,369
Collateralized Mortgage Obligations		—		169,499,020		9,363,631	(b)		178,862,651
All Other Non-Convertible Bonds(a)		—		572,567,015		—			572,567,015

Total Bonds and Notes		—		830,840,607		25,597,628			856,438,235

Short-Term Investments		—		59,844,529		—			59,844,529

Total Investments		—		890,685,136		25,597,628			916,282,764

Futures Contracts (unrealized appreciation)		522,383		—		—			522,383

Total	$	522,383	$	890,685,136	$	25,597,628		$	916,805,147

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

(b) Valued using broker-dealer bid prices.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2013 and/or March 31, 2014:

High Income Opportunities Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2013		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, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
Airlines	$	1,567,904	$	161	$	3,775	$	75,587		$	390,000	$	(125,116	)	$	—	$	—	$	1,912,311	$	84,725
Retailers		307,438		535		—		(2,016	)		—		—			—		—		305,957		(2,016	)
Transportation Services		466,925		—		234		(264	)		—		(1,700	)		—		—		465,195		—
Convertible Bonds
Wirelines		49,851		—		—		6,363			—		—			—		—		56,214		6,363

Total	$	2,392,118	$	696	$	4,009	$	79,670		$	390,000	$	(126,816	)	$	—	$	—	$	2,739,677	$	89,072

| 30

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Securitized Asset Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2013		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, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
ABS Car Loan	$	4,488,465	$	—	$	10,482		$	(3,134	)	$	754,910	$	(707,867	)	$	—	$	—		$	4,542,856	$	5,552
ABS Other		9,692,953		—		3,309			214,257			2,259,628		(479,006	)		—		—			11,691,141		227,150
Collateralized Mortgage Obligations		105,086		—		(753	)		36,948			9,347,067		(19,631	)		—		(105,086	)		9,363,631		36,948

Total	$	14,286,504	$	—	$	13,038		$	248,071		$	12,361,605	$	(1,206,504	)	$	—	$	(105,086	)	$	25,597,628	$	269,650

A debt security valued at $105,086 was transferred from Level 3 to Level 2 during the period ended March 31, 2014. At March 31, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

The Funds are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed-income securities. The Funds will be subject to increased interest rate risk to the extent that they invest in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Funds may use futures contracts to hedge against changes in interest rates and to manage their duration in order to control interest rate risk without having to buy or sell portfolio securities. During the six months ended March 31, 2014, High Income Opportunities Fund used futures contracts to manage duration and Securitized Asset Fund used futures contracts for hedging purposes and to manage duration.

The following is a summary of derivative instruments for High Income Opportunities Fund as of March 31, 2014, as reflected within the Statements of Assets and Liabilities:


Liabilities	Unrealized depreciation on futures contracts¹
Exchange traded/cleared liability derivatives
Interest rate contracts	$	(16,112	)

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 High Income Opportunities Fund during the six months ended March 31, 2014 as reflected in the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(14,267	)

Net Change in Unrealized

Appreciation (Depreciation) on:

Futures
contracts

Interest rate contracts

(16,112

)

31 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

The following is a summary of derivative instruments for Securitized Asset Fund as of March 31, 2014, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts¹
Exchange traded/cleared asset derivatives
Interest rate contracts	$	522,383

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 Securitized Asset Fund during the six months ended March 31, 2014 as reflected in the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	830,202

Net Change in Unrealized

Appreciation (Depreciation) on:

Futures
contracts

Interest rate contracts

603,102

The volume of futures 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, 2014:


High Income Opportunities Fund	Futures
Average Notional Amount Outstanding		1.40%
Highest Notional Amount Outstanding		4.42%
Lowest Notional Amount Outstanding		0.00%
Notional Amount Outstanding as of March 31, 2014		4.42%


Securitized Asset Fund	Futures
Average Notional Amount Outstanding		10.52%
Highest Notional Amount Outstanding		12.12%
Lowest Notional Amount Outstanding		8.55%
Notional Amount Outstanding as of March 31, 2014		11.32%

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

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

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. The risk of loss to a Fund from counterparty default should be limited to the extent a Fund is under collateralized for over-the-counter derivatives; however, final settlement of a Fund’s claim against any collateral received may be subject to bankruptcy court proceedings. Additionally, cash or securities held at or pledged to counterparties for initial/variation margin for futures contracts or as collateral for over-the-counter derivatives may be subject to bankruptcy court proceedings. Based on balances reflected on the Funds’ Statement of Assets and Liabilities, including cash and securities held at or pledged to counterparties for initial/variation margin or as collateral that could be subject to the terms of a final settlement in a bankruptcy court proceeding, the maximum amount of loss that the Funds would incur if counterparties failed to meet their obligations, and the amount of loss that the Funds would incur after taking into account master netting arrangements pursuant to ISDA agreements, are as follows as of March 31, 2014:


Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
High Income Opportunities Fund	$	77,804	$	77,804
Securitized Asset Fund		799,747		799,747

| 32

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

5. Purchases and Sales of Securities. For the six months ended March 31, 2014, 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	$	—	$	—	$	15,770,867	$	18,792,738
Securitized Asset Fund		962,341,250		970,048,782		80,471,198		59,526,990

6. Management Fees and Other Transactions with Affiliates.

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

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

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

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

d. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2014, the Chairperson of the Board receives a retainer fee at the annual rate of $300,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $130,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at an annual rate of $17,500. 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 Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each Fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings. Fees and expenses allocated to the Funds are paid by Loomis Sayles without reimbursement from the Funds.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. 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,

33 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Loomis Sayles Funds Trusts and Hansberger International Series as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts, and Hansberger International Series. The portions of the accrued obligations allocated to the Funds and distributed in accordance with the provisions of the Plan are paid by Loomis Sayles without reimbursement from the Funds.

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

For the six months ended March 31, 2014, neither Fund had borrowings under this agreement.

8. Concentration of Risk. Securitized Asset Fund’s investments in mortgage-related and asset-backed securities are subject to certain risks not associated with investments in other securities. Mortgage-related and asset-backed securities are subject to the risk that unexpected changes in interest rates will have a direct effect on expected maturity. A shortened maturity may result in the reinvestment of prepaid amounts in securities with lower yields than the original obligations. An extended maturity may result in a reduction of a security’s value.

9. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2014, based on management’s evaluation of the shareholder account base, High Income Opportunities Fund had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings was as follows:


Fund	Number of >5% Non-Affiliated Account Holders	Percentage of Non-Affiliated Ownership
High Income Opportunities Fund	2	31.41%

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


	High Income Opportunities Fund

	Six Months Ended March 31, 2014						Year Ended September 30, 2013

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		556,237		$	6,027,372			10,165,277		$	106,655,833
Issued in connection with the reinvestment of distributions		161,115			1,725,993			345,087			3,645,230
Redeemed		(1,269,679	)		(13,802,343	)		(10,254,790	)		(107,704,461	)

Increase (decrease) from capital share transactions		(552,327	)	$	(6,048,978	)		255,574		$	2,596,602


	Securitized Asset Fund

	Six Months Ended March 31, 2014						Year Ended September 30, 2013

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		11,625,189		$	124,202,044			81,969,317		$	881,734,214
Issued in connection with the reinvestment of distributions		142,427			1,522,148			296,422			3,269,705
Redeemed		(7,162,545	)		(76,460,655	)		(80,674,680	)		(868,047,275	)

Increase (decrease) from capital share transactions		4,605,071		$	49,263,537			1,591,059		$	16,956,644

| 34

LOGO

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Semiannual Report

March 31, 2014



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			6
Financial Statements			20
Notes to Financial Statements			27

LOOMIS SAYLES SMALL CAP GROWTH FUND


Managers	Symbols
Mark F. Burns, CFA^®	Institutional Class	LSSIX
John J. Slavik, CFA^®	Retail Class	LCGRX
	Class N	LSSNX

Objective

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

Average Annual Total Returns — March 31, 2014^(b)



	6 Months			1 Year			5 Years			10 Years			Life of Class N

Institutional Class (Inception 12/31/96)		7.39	%		31.74	%		26.46	%		11.58	%		—	%
Retail Class (Inception 12/31/96)		7.28			31.39			26.13			11.29			—
Class N (Inception 2/1/13)		7.39			31.78			—			—			33.69
Comparative Performance
Russell 2000^® Growth Index^(a)		8.70			27.19			25.24			8.87			28.72

^(a)

See page 3 for a description of the index.

^(b)

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

1 |

LOOMIS SAYLES SMALL CAP VALUE FUND


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

Objective

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

Average Annual Total Returns — March 31, 2014^(b)



	6 Months			1 Year			5 Years			10 Years			Life of Class N

Institutional Class (Inception 5/13/91)		10.23	%		22.58	%		23.33	%		9.94	%		—	%
Retail Class (Inception 12/31/96)		10.08			22.26			23.02			9.66			—
Admin Class (Inception 1/2/98)		9.94			21.95			22.70			9.38			—
Class N (Inception 2/1/13)		10.27			22.66			—			—			24.32

Comparative Performance
Russell 2000^® Value Index^(a)		11.24			22.65			23.33			8.07			23.79
Russell 2000^® Index^(a)		9.94			24.90			24.31			8.53			26.22

^(a)

See page 3 for a description of the index.

^(b)

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

| 2

ADDITIONAL INFORMATION

Index Definitions

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

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

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

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

Additional Index Information

Proxy Voting Information

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),

3 |

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, 2013 through March 31, 2014. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

Loomis Sayles Small Cap Growth Fund


Institutional Class	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$1,073.90		$4.86
Hypothetical (5% return before expenses)		$1,000.00		$1,020.24		$4.73

Retail Class
Actual		$1,000.00		$1,072.80		$6.30
Hypothetical (5% return before expenses)		$1,000.00		$1,018.85		$6.14

Class N
Actual		$1,000.00		$1,073.90		$4.29
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79		$4.18
* Expenses are equal to the Fund’s annualized expense ratio: 0.94%, 1.22% and 0.83% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

| 4

Loomis Sayles Small Cap Value Fund


Institutional Class	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$1,102.30		$4.72
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44		$4.53

Retail Class
Actual		$1,000.00		$1,100.80		$6.02
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79

Admin Class
Actual		$1,000.00		$1,099.40		$7.33
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04

Class N
Actual		$1,000.00		$1,102.70		$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): 0.90%, 1.15%, 1.40% and 0.85% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

5 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Growth Fund


Shares		Description	Value (†)

	Common Stocks – 95.6% of Net Assets

		Aerospace & Defense – 1.2%
	344,738	Hexcel Corp.(b)	$	15,009,893

		Air Freight & Logistics – 1.2%
	526,469	XPO Logistics, Inc.(b)		15,483,453

		Airlines – 1.1%
	226,568	Spirit Airlines, Inc.(b)		13,458,140

		Auto Components – 2.2%
	248,056	Dorman Products, Inc.(b)		14,650,188
	247,306	Drew Industries, Inc.		13,403,985

				28,054,173

		Banks – 4.0%
	208,183	Bank of the Ozarks, Inc.		14,168,935
	713,815	Boston Private Financial Holdings, Inc.		9,657,917
	226,424	Pinnacle Financial Partners, Inc.		8,488,636
	391,834	PrivateBancorp, Inc.		11,954,855
	50,050	SVB Financial Group(b)		6,445,439

				50,715,782

		Biotechnology – 3.9%
	149,571	Acceleron Pharma, Inc.(b)		5,160,200
	102,267	Cubist Pharmaceuticals, Inc.(b)		7,480,831
	440,105	Emergent Biosolutions, Inc.(b)		11,121,453
	683,536	Exact Sciences Corp.(b)		9,685,705
	42,773	KYTHERA Biopharmaceuticals, Inc.(b)		1,700,654
	454,637	Neurocrine Biosciences, Inc.(b)		7,319,656
	245,480	PTC Therapeutics, Inc.(b)		6,416,847

				48,885,346

		Building Products – 0.9%
	353,854	Apogee Enterprises, Inc.		11,758,568

		Capital Markets – 1.9%
	223,771	Artisan Partners Asset Management, Inc.		14,377,287
	198,504	Financial Engines, Inc.		10,080,033

				24,457,320

		Chemicals – 1.1%
	483,745	Flotek Industries, Inc.(b)		13,472,298

		Commercial Services & Supplies – 0.9%
	577,928	Interface, Inc.		11,876,420

		Communications Equipment – 0.7%
	402,379	Ciena Corp.(b)		9,150,098

		Construction & Engineering – 1.1%
	306,878	MasTec, Inc.(b)		13,330,780

See accompanying notes to financial statements.

| 6

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued
		Consumer Finance – 0.9%
	254,312	Encore Capital Group, Inc.(b)	$	11,622,058

		Distributors – 1.1%
	218,785	Pool Corp.		13,415,896

		Diversified Consumer Services – 4.1%
	349,681	Bright Horizons Family Solutions, Inc.(b)		13,676,024
	334,583	Grand Canyon Education, Inc.(b)		15,625,026
	858,898	LifeLock, Inc.(b)		14,695,745
	395,620	Nord Anglia Education, Inc.(b)		7,584,035

				51,580,830

		Diversified Financial Services – 0.8%
	178,535	MarketAxess Holdings, Inc.		10,572,843

		Diversified Telecommunication Services – 1.0%
	1,213,531	8x8, Inc.(b)		13,118,270

		Electrical Equipment – 0.7%
	359,189	Thermon Group Holdings, Inc.(b)		8,326,001

		Electronic Equipment, Instruments & Components – 3.3%
	141,686	FEI Co.		14,596,492
	151,533	IPG Photonics Corp.(b)		10,770,965
	236,920	Measurement Specialties, Inc.(b)		16,075,022

				41,442,479

		Energy Equipment & Services – 2.8%
	108,184	Dril-Quip, Inc.(b)		12,127,426
	407,257	Forum Energy Technologies, Inc.(b)		12,616,822
	476,422	Helix Energy Solutions Group, Inc.(b)		10,948,178

				35,692,426

		Food & Staples Retailing – 1.1%
	217,098	Susser Holdings Corp.(b)		13,562,112

		Health Care Equipment & Supplies – 7.3%
	234,849	Cardiovascular Systems, Inc.(b)		7,465,850
	176,004	Cynosure, Inc.(b)		5,156,917
	528,509	Globus Medical, Inc.(b)		14,053,054
	252,928	Insulet Corp.(b)		11,993,846
	686,861	Novadaq Technologies, Inc.(b)		15,303,263
	361,895	Quidel Corp.(b)		9,879,734
	575,875	Spectranetics Corp.(b)		17,454,771
	337,838	Wright Medical Group, Inc.(b)		10,496,627

				91,804,062

		Health Care Providers & Services – 3.7%
	294,798	Acadia Healthcare Co., Inc.(b)		13,301,286
	224,078	IPC The Hospitalist Co.(b)		10,997,748

See accompanying notes to financial statements.

7 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Health Care Providers & Services – continued
	55,315	MWI Veterinary Supply, Inc.(b)	$	8,608,120
	319,961	Team Health Holdings, Inc.(b)		14,318,255

				47,225,409

		Health Care Technology – 1.4%
	416,003	HMS Holdings Corp.(b)		7,924,857
	172,496	Medidata Solutions, Inc.(b)		9,373,433

				17,298,290

		Hotels, Restaurants & Leisure – 3.3%
	168,300	Chuy’s Holdings, Inc.(b)		7,260,462
	236,921	Noodles & Co.(b)		9,351,272
	279,130	Popeyes Louisiana Kitchen, Inc.(b)		11,343,843
	190,431	Vail Resorts, Inc.		13,273,041

				41,228,618

		Internet & Catalog Retail – 1.2%
	410,957	HomeAway, Inc.(b)		15,480,750

		Internet Software & Services – 6.8%
	235,083	Cornerstone OnDemand, Inc.(b)		11,253,423
	44,463	CoStar Group, Inc.(b)		8,303,021
	243,676	Cvent, Inc.(b)		8,808,887
	430,279	Dealertrack Technologies, Inc.(b)		21,165,424
	270,181	Envestnet, Inc.(b)		10,855,873
	344,127	Everyday Health, Inc.(b)		4,814,337
	144,982	OpenTable, Inc.(b)		11,153,465
	129,977	Shutterstock, Inc.(b)		9,437,630

				85,792,060

		IT Services – 1.8%
	286,795	Cardtronics, Inc.(b)		11,141,986
	463,448	InterXion Holding NV(b)		11,113,483

				22,255,469

		Life Sciences Tools & Services – 0.7%
	206,783	Fluidigm Corp.(b)		9,112,927

		Machinery – 3.9%
	489,117	Manitowoc Co., Inc. (The)		15,382,730
	44,079	Middleby Corp. (The)(b)		11,646,112
	151,092	Proto Labs, Inc.(b)		10,224,396
	183,382	RBC Bearings, Inc.(b)		11,681,433

				48,934,671

		Oil, Gas & Consumable Fuels – 3.8%
	197,230	Diamondback Energy, Inc.(b)		13,275,551
	201,815	Gulfport Energy Corp.(b)		14,365,192

See accompanying notes to financial statements.

| 8

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Oil, Gas & Consumable Fuels – continued
	250,943	Oasis Petroleum, Inc.(b)	$	10,471,851
	207,458	Rosetta Resources, Inc.(b)		9,663,394

				47,775,988

		Pharmaceuticals – 1.3%
	265,503	Medicines Co. (The)(b)		7,545,595
	125,692	Pacira Pharmaceuticals, Inc.(b)		8,797,183

				16,342,778

		Professional Services – 5.4%
	174,214	Advisory Board Co. (The)(b)		11,193,250
	238,277	Corporate Executive Board Co. (The)		17,687,302
	198,028	Huron Consulting Group, Inc.(b)		12,551,015
	340,633	On Assignment, Inc.(b)		13,145,027
	250,166	WageWorks, Inc.(b)		14,036,814

				68,613,408

		Road & Rail – 1.3%
	174,139	Genesee & Wyoming, Inc., Class A(b)		16,947,208

		Semiconductors & Semiconductor Equipment – 4.7%
	280,203	Cavium, Inc.(b)		12,253,277
	189,590	Hittite Microwave Corp.		11,951,754
	338,779	Monolithic Power Systems, Inc.(b)		13,134,462
	361,192	Semtech Corp.(b)		9,152,605
	237,075	Silicon Laboratories, Inc.(b)		12,387,169

				58,879,267

		Software – 6.8%
	385,382	Aspen Technology, Inc.(b)		16,324,782
	100,732	CommVault Systems, Inc.(b)		6,542,543
	303,268	FleetMatics Group PLC(b)		10,144,315
	265,150	Gigamon, Inc.(b)		8,057,908
	332,606	Guidewire Software, Inc.(b)		16,314,324
	241,813	Imperva, Inc.(b)		13,468,984
	105,857	Ultimate Software Group, Inc. (The)(b)		14,502,409

				85,355,265

		Specialty Retail – 2.2%
	140,981	Cabela’s, Inc.(b)		9,235,665
	189,660	Hibbett Sports, Inc.(b)		10,029,221
	123,812	Restoration Hardware Holdings, Inc.(b)		9,111,325

				28,376,211

		Textiles, Apparel & Luxury Goods – 2.9%
	144,344	Deckers Outdoor Corp.(b)		11,508,547
	180,618	Oxford Industries, Inc.		14,124,328

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Textiles, Apparel & Luxury Goods – continued
	507,341	Tumi Holdings, Inc.(b)	$	11,481,127

				37,114,002

		Transportation Infrastructure – 1.1%
	605,883	Wesco Aircraft Holdings, Inc.(b)		13,335,485


		Total Common Stocks (Identified Cost $888,729,273)		1,206,857,054


	Principal Amount

	Short-Term Investments – 4.5%
$	56,015,648	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $56,015,648 on 4/01/2014 collateralized by $57,280,000 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $57,136,800 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $56,015,648)		56,015,648

		Total Investments – 100.1% (Identified Cost $944,744,921)(a)		1,262,872,702
		Other assets less liabilities – (0.1)%		(639,033	)

		Net Assets – 100.0%	$	1,262,233,669


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $944,744,921 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	332,330,420
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(14,202,639	)

		Net unrealized appreciation	$	318,127,781

	(b)	Non-income producing security.

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at March 31, 2014 (Unaudited)


Health Care Equipment & Supplies	7.3	%
Internet Software & Services	6.8
Software	6.8
Professional Services	5.4
Semiconductors & Semiconductor Equipment	4.7
Diversified Consumer Services	4.1
Banks	4.0
Machinery	3.9
Biotechnology	3.9
Oil, Gas & Consumable Fuels	3.8
Health Care Providers & Services	3.7
Electronic Equipment, Instruments & Components	3.3
Hotels, Restaurants & Leisure	3.3
Textiles, Apparel & Luxury Goods	2.9
Energy Equipment & Services	2.8
Specialty Retail	2.2
Auto Components	2.2
Other Investments, less than 2% each	24.5
Short-Term Investments	4.5

Total Investments	100.1
Other assets less liabilities	(0.1	)

Net Assets	100.0	%

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund


Shares		Description	Value (†)

	Common Stocks – 95.9% of Net Assets

		Auto Components – 2.0%
	374,253	Dana Holding Corp.	$	8,708,867
	272,262	Fox Factory Holding Corp.(b)		5,145,752
	197,774	Remy International, Inc.		4,671,422
	119,820	Tenneco, Inc.(b)		6,957,947

				25,483,988

		Banks – 13.0%
	433,363	BancorpSouth, Inc.		10,816,740
	598,271	Cathay General Bancorp		15,070,447
	153,992	City National Corp.		12,122,250
	552,601	CVB Financial Corp.		8,786,356
	565,223	First Financial Bancorp		10,162,710
	110,498	First Financial Bankshares, Inc.		6,827,671
	154,884	IBERIABANK Corp.		10,865,113
	293,141	PacWest Bancorp		12,607,994
	241,496	Pinnacle Financial Partners, Inc.		9,053,685
	218,717	Popular, Inc.(b)		6,778,040
	198,069	Prosperity Bancshares, Inc.		13,102,264
	129,043	Signature Bank(b)		16,206,510
	354,204	Talmer Bancorp, Inc., Class A(b)		5,185,547
	158,640	Texas Capital Bancshares, Inc.(b)		10,302,082
	412,624	Tristate Capital Holdings, Inc.(b)		5,863,387
	270,808	Wintrust Financial Corp.		13,177,517

				166,928,313

		Building Products – 1.2%
	141,358	Armstrong World Industries, Inc.(b)		7,527,313
	137,286	Masonite International Corp.(b)		7,759,405

				15,286,718

		Capital Markets – 1.4%
	303,314	Safeguard Scientifics, Inc.(b)		6,727,504
	230,480	Stifel Financial Corp.(b)		11,468,685

				18,196,189

		Chemicals – 3.0%
	227,892	Cabot Corp.		13,459,302
	145,011	Minerals Technologies, Inc.		9,361,910
	320,458	Tronox Ltd., Class A		7,617,287
	54,750	WR Grace & Co.(b)		5,429,557
	126,603	Zep, Inc.		2,240,873

				38,108,929

		Commercial Services & Supplies – 4.2%
	437,733	KAR Auction Services, Inc.		13,285,197
	409,597	Knoll, Inc.		7,450,569

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Commercial Services & Supplies – continued
	140,089	McGrath Rentcorp	$	4,897,511
	282,932	Rollins, Inc.		8,555,864
	234,651	Viad Corp.		5,641,010
	176,194	Waste Connections, Inc.		7,727,869
	267,520	West Corp.		6,401,754

				53,959,774

		Communications Equipment – 0.6%
	563,809	Calix, Inc.(b)		4,752,910
	96,321	NETGEAR, Inc.(b)		3,248,907

				8,001,817

		Construction & Engineering – 1.1%
	249,857	MYR Group, Inc.(b)		6,326,379
	278,165	Primoris Services Corp.		8,339,387

				14,665,766

		Consumer Finance – 0.6%
	43,835	Credit Acceptance Corp.(b)		6,231,145
	225,188	DFC Global Corp.(b)		1,988,410

				8,219,555

		Distributors – 0.5%
	86,218	Core-Mark Holding Co., Inc.		6,259,427

		Diversified Financial Services – 0.7%
	149,739	MarketAxess Holdings, Inc.		8,867,544

		Diversified Telecommunication Services – 0.3%
	290,177	Premiere Global Services, Inc.(b)		3,499,535

		Electric Utilities – 2.5%
	264,554	ALLETE, Inc.		13,867,921
	174,513	ITC Holdings Corp.		6,518,060
	306,460	UIL Holdings Corp.		11,280,793

				31,666,774

		Electrical Equipment – 1.6%
	117,867	AZZ, Inc.		5,266,298
	141,728	EnerSys		9,820,333
	126,897	General Cable Corp.		3,249,832
	143,353	Global Power Equipment Group, Inc.		2,851,291

				21,187,754

		Electronic Equipment, Instruments & Components – 4.4%
	150,705	Belden, Inc.		10,489,068
	372,437	Checkpoint Systems, Inc.(b)		4,998,105
	148,455	Littelfuse, Inc.		13,901,326

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Electronic Equipment, Instruments & Components – continued
	226,649	Methode Electronics, Inc.	$	6,949,058
	161,095	Rogers Corp.(b)		10,055,550
	674,195	Vishay Intertechnology, Inc.		10,032,022

				56,425,129

		Energy Equipment & Services – 2.5%
	142,713	Bristow Group, Inc.		10,777,686
	512,806	Helix Energy Solutions Group, Inc.(b)		11,784,282
	1,400,777	Parker Drilling Co.(b)		9,931,509

				32,493,477

		Food & Staples Retailing – 1.2%
	90,915	Casey’s General Stores, Inc.		6,144,945
	404,895	Spartan Stores, Inc.		9,397,613

				15,542,558

		Food Products – 0.7%
	309,970	Darling International, Inc.(b)		6,205,599
	28,766	J & J Snack Foods Corp.		2,760,673

				8,966,272

		Health Care Equipment & Supplies – 1.3%
	47,311	Haemonetics Corp.(b)		1,541,866
	135,292	SurModics, Inc.(b)		3,057,599
	108,441	Teleflex, Inc.		11,629,213

				16,228,678

		Health Care Providers & Services – 1.7%
	226,782	Bio-Reference Labs, Inc.(b)		6,277,326
	647,599	BioScrip, Inc.(b)		4,520,241
	94,857	Hanger Orthopedic Group, Inc.(b)		3,194,784
	117,018	WellCare Health Plans, Inc.(b)		7,432,983

				21,425,334

		Health Care Technology – 0.6%
	302,008	MedAssets, Inc.(b)		7,462,618

		Hotels, Restaurants & Leisure – 4.0%
	134,940	Churchill Downs, Inc.		12,320,022
	56,446	Cracker Barrel Old Country Store, Inc.		5,488,809
	604,037	Diamond Resorts International, Inc.(b)		10,238,427
	226,239	Marriott Vacations Worldwide Corp.(b)		12,649,023
	260,561	Six Flags Entertainment Corp.		10,461,524

				51,157,805

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Household Durables – 1.1%
	179,677	Jarden Corp.(b)	$	10,750,075
	108,374	La-Z-Boy, Inc.		2,936,935

				13,687,010

		Industrial Conglomerates – 0.8%
	304,445	Raven Industries, Inc.		9,970,574

		Insurance – 3.3%
	432,111	Employers Holdings, Inc.		8,741,606
	315,918	HCC Insurance Holdings, Inc.		14,371,110
	209,619	ProAssurance Corp.		9,334,334
	129,631	Reinsurance Group of America, Inc., Class A		10,322,516

				42,769,566

		Internet & Catalog Retail – 1.4%
	148,154	HSN, Inc.		8,849,238
	69,514	Liberty Ventures, Series A(b)		9,059,760

				17,908,998

		Internet Software & Services – 0.8%
	225,977	Blucora, Inc.(b)		4,449,487
	330,201	Perficient, Inc.(b)		5,983,242

				10,432,729

		IT Services – 2.8%
	444,951	Convergys Corp.		9,748,876
	307,284	Euronet Worldwide, Inc.(b)		12,779,942
	138,340	WEX, Inc.(b)		13,149,217

				35,678,035

		Machinery – 6.0%
	151,136	Actuant Corp., Class A		5,161,294
	76,947	Alamo Group, Inc.		4,180,531
	217,824	Albany International Corp., Class A		7,741,465
	357,860	Altra Industrial Motion Corp.		12,775,602
	436,753	John Bean Technologies Corp.		13,495,668
	174,087	RBC Bearings, Inc.(b)		11,089,342
	271,346	TriMas Corp.(b)		9,008,687
	167,418	Wabtec Corp.		12,974,895

				76,427,484

		Marine – 0.9%
	117,106	Kirby Corp.(b)		11,856,982

		Media – 2.8%
	334,144	Carmike Cinemas, Inc.(b)		9,977,540
	327,453	E.W. Scripps Co. (The), Class A(b)		5,802,467

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Media – continued
	180,302	John Wiley & Sons, Inc., Class A	$	10,392,607
	205,570	Live Nation Entertainment, Inc.(b)		4,471,148
	371,024	National CineMedia, Inc.		5,565,360

				36,209,122

		Metals & Mining – 2.9%
	314,324	Globe Specialty Metals, Inc.		6,544,226
	173,984	Haynes International, Inc.		9,395,136
	479,917	Horsehead Holding Corp.(b)		8,072,204
	39,660	Reliance Steel & Aluminum Co.		2,802,375
	480,968	SunCoke Energy, Inc.(b)		10,985,309

				37,799,250

		Multi-Utilities – 0.8%
	226,340	NorthWestern Corp.		10,735,306

		Multiline Retail – 0.4%
	283,695	Fred’s, Inc. Class A		5,109,347

		Oil, Gas & Consumable Fuels – 0.7%
	218,994	EPL Oil & Gas, Inc.(b)		8,453,168

		Pharmaceuticals – 0.5%
	99,525	Mallinckrodt PLC(b)		6,310,880

		Professional Services – 0.7%
	177,144	Insperity, Inc.		5,487,921
	235,560	RPX Corp.(b)		3,834,917

				9,322,838

		REITs—Apartments – 2.1%
	229,731	American Campus Communities, Inc.		8,580,453
	120,264	Home Properties, Inc.		7,230,271
	154,574	Mid-America Apartment Communities, Inc.		10,552,767

				26,363,491

		REITs—Diversified – 0.7%
	219,944	Potlatch Corp.		8,509,633

		REITs—Healthcare – 0.8%
	313,973	Omega Healthcare Investors, Inc.		10,524,375

		REITs—Hotels – 0.8%
	1,749,221	Hersha Hospitality Trust		10,197,958

		REITs—Office Property – 0.8%
	515,069	BioMed Realty Trust, Inc.		10,553,764

		REITs—Shopping Centers – 0.8%
	675,107	Retail Opportunity Investments Corp.		10,086,099

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		REITs—Single Tenant – 0.5%
	189,580	National Retail Properties, Inc.	$	6,506,386

		REITs—Storage – 1.9%
	678,569	CubeSmart		11,644,244
	174,538	Sovran Self Storage, Inc.		12,819,816

				24,464,060

		Road & Rail – 2.2%
	171,625	Avis Budget Group, Inc.(b)		8,358,138
	60,650	Genesee & Wyoming, Inc., Class A(b)		5,902,458
	235,552	Old Dominion Freight Line, Inc.(b)		13,365,220

				27,625,816

		Semiconductors & Semiconductor Equipment – 1.6%
	333,727	Semtech Corp.(b)		8,456,642
	617,170	Teradyne, Inc.(b)		12,275,511

				20,732,153

		Software – 2.3%
	147,890	Monotype Imaging Holdings, Inc.		4,457,404
	227,141	SS&C Technologies Holdings, Inc.(b)		9,090,183
	284,773	Synchronoss Technologies, Inc.(b)		9,764,866
	134,847	Verint Systems, Inc.(b)		6,328,370

				29,640,823

		Specialty Retail – 2.6%
	273,727	Barnes & Noble, Inc.(b)		5,720,894
	164,757	Genesco, Inc.(b)		12,285,930
	474,546	MarineMax, Inc.(b)		7,208,354
	289,180	Sally Beauty Holdings, Inc.(b)		7,923,532

				33,138,710

		Technology Hardware, Storage & Peripherals – 0.4%
	417,504	QLogic Corp.(b)		5,323,176

		Thrifts & Mortgage Finance – 0.8%
	469,332	Capitol Federal Financial, Inc.		5,890,116
	139,883	Federal Agricultural Mortgage Corp., Class C		4,651,110

				10,541,226

		Trading Companies & Distributors – 1.8%
	86,073	DXP Enterprises, Inc.(b)		8,170,910
	151,214	H&E Equipment Services, Inc.(b)		6,116,606
	258,429	Rush Enterprises, Inc., Class A(b)		8,393,774

				22,681,290

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued
		Transportation Infrastructure – 0.6%
	142,455	Macquarie Infrastructure Co. LLC	$	8,158,398

		Water Utilities – 0.2%
	109,040	Middlesex Water Co.		2,379,253


		Total Common Stocks (Identified Cost $776,310,104)		1,230,131,854


	Closed-End Investment Companies – 1.0%
	453,617	Ares Capital Corp.		7,992,731
	362,797	Hercules Technology Growth Capital, Inc.		5,104,554


		Total Closed-End Investment Companies (Identified Cost $10,703,179)		13,097,285


	Principal Amount

	Short-Term Investments – 3.1%
$	39,193,947	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $39,193,947 on 4/01/2014 collateralized by $40,900,000 U.S. Treasury Note, 0.750% due 3/31/2018 valued at $39,979,750 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $39,193,947)		39,193,947

		Total Investments – 100.0% (Identified Cost $826,207,230)(a)		1,282,423,086
		Other assets less liabilities – 0.0%		608,276

		Net Assets – 100.0%	$	1,283,031,362


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $826,209,480 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	462,132,630
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(5,919,024	)

		Net unrealized appreciation	$	456,213,606

	(b)	Non-income producing security.

	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Industry Summary at March 31, 2014 (Unaudited)


Banks	13.0	%
Machinery	6.0
Electronic Equipment, Instruments & Components	4.4
Commercial Services & Supplies	4.2
Hotels, Restaurants & Leisure	4.0
Insurance	3.3
Chemicals	3.0
Metals & Mining	2.9
Media	2.8
IT Services	2.8
Specialty Retail	2.6
Energy Equipment & Services	2.5
Electric Utilities	2.5
Software	2.3
Road & Rail	2.2
REITs – Apartments	2.1
Auto Components	2.0
Other Investments, less than 2% each	34.3
Short-Term Investments	3.1

Total Investments	100.0
Other assets less liabilities	0.0

Net Assets	100.0	%

See accompanying notes to financial statements.

19 |

Statements of Assets and Liabilities

March 31, 2014 (Unaudited)


	Small Cap Growth Fund			Small Cap Value Fund
ASSETS
Investments at cost	$	944,744,921		$	826,207,230
Net unrealized appreciation		318,127,781			456,215,856

Investments at value		1,262,872,702			1,282,423,086
Cash		—			172,374
Receivable for Fund shares sold		2,106,114			1,248,100
Receivable for securities sold		14,983,019			564,213
Dividends receivable		92,389			1,153,821

TOTAL ASSETS		1,280,054,224			1,285,561,594

LIABILITIES
Payable for securities purchased		15,481,489			116,125
Payable for Fund shares redeemed		1,295,590			1,319,051
Management fees payable (Note 5)		817,214			784,865
Deferred Trustees’ fees (Note 5)		106,017			182,775
Administrative fees payable (Note 5)		47,492			47,354
Payable to distributor (Note 5d)		14,877			15,172
Other accounts payable and accrued expenses		57,876			64,890

TOTAL LIABILITIES		17,820,555			2,530,232

NET ASSETS	$	1,262,233,669		$	1,283,031,362

NET ASSETS CONSIST OF:
Paid-in capital	$	872,757,477		$	769,897,452
Accumulated net investment (loss)/Undistributed net investment income		(10,094,206	)		1,893,001
Accumulated net realized gain on investments		81,442,617			55,025,053
Net unrealized appreciation on investments		318,127,781			456,215,856

NET ASSETS	$	1,262,233,669		$	1,283,031,362


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	1,031,388,553		$	786,210,562

Shares of beneficial interest		39,052,643			20,806,101

Net asset value, offering and redemption price per share	$	26.41		$	37.79


Retail Class:
Net assets	$	219,884,019		$	414,911,957

Shares of beneficial interest		8,733,547			11,094,154

Net asset value, offering and redemption price per share	$	25.18		$	37.40


Admin Class:
Net assets	$	—		$	79,180,314

Shares of beneficial interest		—			2,169,795

Net asset value, offering and redemption price per share	$	—		$	36.49


Class N:
Net assets	$	10,961,097		$	2,728,529

Shares of beneficial interest		414,844			72,146

Net asset value, offering and redemption price per share	$	26.42		$	37.82

See accompanying notes to financial statements.

| 20

Statements of Operations

For the Six Months Ended March 31, 2014 (Unaudited)


	Small Cap Growth Fund			Small Cap Value Fund
INVESTMENT INCOME
Dividends	$	1,947,390		$	10,092,040
Interest		250			109

		1,947,640			10,092,149

Expenses
Management fees (Note 5)		4,503,030			4,707,681
Service and distribution fees (Note 5)		271,211			710,647
Administrative fees (Note 5)		263,458			275,467
Trustees’ fees and expenses (Note 5)		26,187			33,173
Transfer agent fees and expenses (Notes 5 and 6)		743,082			692,574
Audit and tax services fees		19,214			21,818
Custodian fees and expenses		21,556			21,111
Legal fees		6,656			7,398
Registration fees		44,191			46,691
Shareholder reporting expenses		25,420			38,652
Miscellaneous expenses		16,942			18,786

Total expenses		5,940,947			6,573,998
Less waiver and/or expense reimbursement (Note 5)		—			(213,779	)

Net expenses		5,940,947			6,360,219

Net investment income (loss)		(3,993,307	)		3,731,930


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on:
Investments		89,839,950			66,773,774
Net change in unrealized appreciation (depreciation) on:
Investments		(1,857,647	)		51,029,521

Net realized and unrealized gain on investments		87,982,303			117,803,295


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	83,988,996		$	121,535,225

See accompanying notes to financial statements.

21 |

Statements of Changes in Net Assets


	Small Cap Growth Fund						Small Cap Value Fund
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Net investment income (loss)	$	(3,993,307	)	$	(6,960,368	)	$	3,731,930		$	5,356,482
Net realized gain on investments		89,839,950			87,223,584			66,773,774			101,532,511
Net change in unrealized appreciation (depreciation) on investments		(1,857,647	)		222,061,214			51,029,521			174,751,306

Net increase in net assets resulting from operations		83,988,996			302,324,430			121,535,225			281,640,299

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		—			—			(1,957,501	)		(5,790,803	)
Retail Class		—			—			(74,356	)		(2,562,409	)
Admin Class		—			—			—			(317,577	)
Class N		—			—			(3	)		—
Net realized capital gains
Institutional Class		(64,424,433	)		—			(64,817,421	)		(501,108	)
Retail Class		(15,631,057	)		—			(35,067,105	)		(299,758	)
Admin Class		—			—			(6,651,624	)		(57,681	)
Class N		(529,097	)		—			(103	)		—

Total distributions		(80,584,587	)		—			(108,568,113	)		(9,529,336	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		125,525,495			1,689,164			58,183,124			(44,339,129	)

Net increase in net assets		128,929,904			304,013,594			71,150,236			227,771,834
NET ASSETS
Beginning of the period		1,133,303,765			829,290,171			1,211,881,126			984,109,292

End of the period	$	1,262,233,669		$	1,133,303,765		$	1,283,031,362		$	1,211,881,126

ACCUMULATED NET INVESTMENT (LOSS)/UNDISTRIBUTED NET INVESTMENT INCOME	$	(10,094,206	)	$	(6,100,899	)	$	1,893,001		$	192,931

See accompanying notes to financial statements.

| 22

Financial Highlights

For a share outstanding throughout each period.


			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment loss (a)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income		Distributions from net realized capital gains			Total distributions
SMALL CAP GROWTH FUND

Institutional Class
3/31/2014(e)	$	26.35	$	(0.08	)	$	1.97		$	1.89		$	—	$	(1.83	)	$	(1.83	)
9/30/2013		19.17		(0.15	)(f)		7.33			7.18			—		—			—
9/30/2012		15.06		(0.14	)		4.25			4.11			—		—			—
9/30/2011		14.03		(0.13	)		1.16	(g)		1.03			—		—			—
9/30/2010		11.58		(0.11	)(i)		2.56			2.45			—		—			—
9/30/2009		13.07		(0.07	)		(1.42	)		(1.49	)		—		—			—

Retail Class
3/31/2014(e)		25.23		(0.11	)		1.89			1.78			—		(1.83	)		(1.83	)
9/30/2013		18.41		(0.20	)(f)		7.02			6.82			—		—			—
9/30/2012		14.52		(0.19	)		4.08			3.89			—		—			—
9/30/2011		13.55		(0.18	)		1.15	(g)		0.97			—		—			—
9/30/2010		11.21		(0.13	)(i)		2.47			2.34			—		—			—
9/30/2009		12.69		(0.09	)		(1.39	)		(1.48	)		—		—			—

Class N
3/31/2014(e)		26.36		(0.07	)		1.96			1.89			—		(1.83	)		(1.83	)
9/30/2013*		20.22		(0.11	)		6.25			6.14			—		—			—

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

(a)

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

(b)

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

(c)

(d)

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

(e)

For the six months ended March 31, 2014 (Unaudited).

(f)

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

(g)

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.

(h)

Includes fee/expense recovery of 0.03%.

(i)

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

(j)

Includes fee/expense recovery of 0.01%.

See accompanying notes to financial statements.

23 |


							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (b)			Net assets, end of the period (000’s)		Net expenses (%) (c)(d)			Gross expenses (%) (d)			Net investment loss (%) (d)			Portfolio turnover rate (%)



$	26.41		7.39		$	1,031,389		0.94			0.94			(0.62	)		32
	26.35		37.45	(f)		914,000		0.94			0.94			(0.70	)(f)		56
	19.17		27.29			599,469		0.95			0.95			(0.79	)		77
	15.06		7.34			154,313		0.98	(h)		0.98	(h)		(0.78	)		76
	14.03		21.16			52,501		1.00			1.06			(0.85	)(i)		69
	11.58		(11.40	)		45,557		1.00			1.01			(0.68	)		107


	25.18		7.28			219,884		1.22			1.22			(0.89	)		32
	25.23		37.05	(f)		211,724		1.25	(j)		1.25	(j)		(0.99	)(f)		56
	18.41		26.79			229,822		1.25			1.28			(1.09	)		77
	14.52		7.16			113,110		1.25			1.27			(1.07	)		76
	13.55		20.87			75,344		1.25			1.39			(1.10	)(i)		69
	11.21		(11.66	)		75,478		1.25			1.43			(0.93	)		107


	26.42		7.39			10,961		0.83			0.83			(0.51	)		32
	26.36		30.37			7,580		0.83			0.83			(0.63	)		56

See accompanying notes to financial statements.

| 24

Financial Highlights – continued

For a share outstanding throughout each period.


			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment income (loss) (a)(b)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income (b)			Distributions from net realized capital gains			Total distributions
SMALL CAP VALUE FUND

Institutional Class
3/31/2014(g)	$	37.42	$	0.13		$	3.64		$	3.77		$	(0.10	)	$	(3.30	)	$	(3.40	)
9/30/2013		29.14		0.20			8.41			8.61			(0.30	)		(0.03	)		(0.33	)
9/30/2012		22.36		0.21			6.62			6.83			(0.05	)		—			(0.05	)
9/30/2011		22.93		0.09	(i)		(0.50	)		(0.41	)		(0.16	)		—			(0.16	)
9/30/2010		20.66		0.11			2.23			2.34			(0.07	)		—			(0.07	)
9/30/2009		22.01		0.09			(1.32	)		(1.23	)		(0.11	)		(0.01	)		(0.12	)

Retail Class
3/31/2014(g)		37.03		0.09			3.59			3.68			(0.01	)		(3.30	)		(3.31	)
9/30/2013		28.84		0.12			8.32			8.44			(0.22	)		(0.03	)		(0.25	)
9/30/2012		22.14		0.13			6.57			6.70			—			—			—
9/30/2011		22.71		0.02	(i)		(0.48	)		(0.46	)		(0.11	)		—			(0.11	)
9/30/2010		20.47		0.06			2.21			2.27			(0.03	)		—			(0.03	)
9/30/2009		21.79		0.04			(1.30	)		(1.26	)		(0.05	)		(0.01	)		(0.06	)

Admin Class
3/31/2014(g)		36.24		0.04			3.51			3.55			—			(3.30	)		(3.30	)
9/30/2013		28.22		0.04			8.15			8.19			(0.14	)		(0.03	)		(0.17	)
9/30/2012		21.72		0.06			6.44			6.50			–			—			—
9/30/2011		22.30		(0.04	)(i)		(0.49	)		(0.53	)		(0.05	)		—			(0.05	)
9/30/2010		20.11		0.00			2.19			2.19			—			—			—
9/30/2009		21.40		0.00			(1.28	)		(1.28	)		(0.00	)		(0.01	)		(0.01	)

Class N
3/31/2014(g)		37.44		0.28			3.51			3.79			(0.11	)		(3.30	)		(3.41	)
9/30/2013*		32.08		0.06			5.30			5.36			—			—			—

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

(a)

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

(b)

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

(c)

Effective June 1, 2009, redemption fees were eliminated.

(d)

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

(e)

(f)

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

(g)

For the six months ended March 31, 2014 (Unaudited).

(h)

Includes fee/expense recovery of less than 0.01%.

(i)

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

See accompanying notes to financial statements.

25 |


									Ratios to Average Net Assets:
Redemption fees (b)(c)		Net asset value, end of the period		Total return (%) (d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)			Net investment income (loss) (%) (f)			Portfolio turnover rate (%)



$	—	$	37.79		10.23		$	786,211		0.90			0.91			0.71			12
	—		37.42		29.82			733,512		0.90			0.91			0.61			22
	—		29.14		30.59			572,776		0.90	(h)		0.90	(h)		0.76			19
	—		22.36		(1.88	)(i)		431,761		0.90			0.93			0.33	(i)		42
	—		22.93		11.39			454,853		0.90			0.94			0.50			52
	0.00		20.66		(5.42	)		506,324		0.90			0.94			0.52			55


	—		37.40		10.08			414,912		1.15			1.22			0.46			12
	—		37.03		29.48			403,475		1.15			1.22			0.37			22
	—		28.84		30.26			343,480		1.15			1.22			0.49			19
	—		22.14		(2.12	)(i)		347,759		1.15			1.22			0.08	(i)		42
	—		22.71		11.10			383,934		1.15			1.24			0.26			52
	0.00		20.47		(5.66	)		387,383		1.15			1.31			0.26			55


	—		36.49		9.94			79,180		1.40			1.54			0.21			12
	—		36.24		29.17			74,892		1.40			1.52			0.11			22
	—		28.22		29.93			67,853		1.40			1.52			0.24			19
	—		21.72		(2.40	)(i)		65,500		1.40			1.52			(0.17	)(i)		42
	—		22.30		10.89			73,443		1.40			1.56			0.02			52
	0.00		20.11		(5.93	)		74,195		1.40			1.77			0.02			55


	—		37.82		10.27			2,729		0.85			0.89			1.51			12
	—		37.44		16.71			1		0.85			14.45			0.27			22

See accompanying notes to financial statements.

| 26

Notes to Financial Statements

March 31, 2014 (Unaudited)

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

Loomis Sayles Funds I:

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

Loomis Sayles Funds II:

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

Each Fund is a diversified investment company.

Small Cap Growth Fund and Small Cap Value Fund were closed to new investors effective September 14, 2012 and September 15, 2008, respectively. The Funds continue to offer Institutional Class, Retail Class and Class N shares to existing investors and Small Cap Value Fund continues to offer Admin Class shares to existing investors.

Most expenses of the Trusts can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in the Trusts. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees and transfer agent fees). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

27 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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:

Equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange or market where 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. 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 (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) and unlisted equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service using market information, transactions for comparable securities and various relationships between securities, if available, or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to value debt and equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Short-term obligations (purchased with an original or remaining maturity of sixty days or less) are valued at amortized cost (which approximates market value.)

| 28

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of the investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for 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.

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

d. Federal and Foreign Income Taxes. Each Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each

29 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Fund’s tax positions for the open tax years as of March 31, 2014 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.

e. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as return of capital distributions received and net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to return of capital distributions received, deferred Trustees’ fees and wash sales. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2013 was as follows:


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

| 30

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

As of September 30, 2013, the late-year ordinary and post-October capital loss deferrals were as follows:


	Small Cap Growth Fund			Small Cap Value Fund
Late-year ordinary and post-October capital loss deferrals*	$	(6,002,400	)	$	—

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, 2014, each 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 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 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, 2014, neither Fund had loaned securities under this agreement.

31 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2014, at value:

Small Cap Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,206,857,054	$	—	$	—	$	1,206,857,054
Short-Term Investments		—		56,015,648		—		56,015,648

Total	$	1,206,857,054	$	56,015,648	$	—	$	1,262,872,702

(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, 2014, there were no transfers among Levels 1, 2 and 3.

| 32

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Small Cap Value Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,230,131,854	$	—	$	—	$	1,230,131,854
Closed-End Investment Companies		13,097,285		—		—		13,097,285
Short-Term Investments		—		39,193,947		—		39,193,947

Total	$	1,243,229,139	$	39,193,947	$	—	$	1,282,423,086

(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, 2014, there were no transfers among Levels 1, 2 and 3.

4. Purchases and Sales of Securities. For the six months ended March 31, 2014, purchases and sales of securities (excluding short-term investments) were as follows:


Fund	Purchases		Sales
Small Cap Growth Fund	$	405,754,988	$	370,490,873
Small Cap Value Fund		146,381,045		204,465,256

5. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:


Fund		Percentage of Average Daily Net Assets
Small Cap Growth Fund		0.75%
Small Cap Value Fund		0.75%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. These undertakings are in effect until January 31, 2015 and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings.

For the six months ended March 31, 2014, 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%

33 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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, 2014, the management fees for each Fund were as follows:


Fund	Management Fees		Percentage of Average Daily Net Assets
Small Cap Growth Fund	$	4,503,030		0.75%
Small Cap Value Fund		4,707,681		0.75%

For the six months ended March 31, 2014, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	22,324	$	136,469	$	54,911	$	75	$	213,779

¹ Expense reimbursements are subject to possible recovery until September 30, 2015.

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

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

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

| 34

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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

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

For the six months ended March 31, 2014, 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	$	—	$	271,211	$	—
Small Cap Value Fund		95,909		518,829		95,909

For the six months ended March 31, 2014, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Small Cap Growth Fund	$	263,458
Small Cap Value Fund		275,467

d. Sub-Transfer Agent Fees. NGAM Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping,

35 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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

For the six months ended March 31, 2014, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:


	Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class		Admin Class
Small Cap Growth Fund	$	574,144	$	144,288	$	—
Small Cap Value Fund		301,731		284,919		81,933


	Reimbursements of Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class		Admin Class
Small Cap Growth Fund	$	11,745	$	3,132	$	—
Small Cap Value Fund		7,153		6,176		1,843

e. Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2014, the Chairperson of the Board receives a retainer fee at the annual rate of $300,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $130,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at an annual rate of $17,500. 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

| 36

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each Fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

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

f. Affiliated Ownership. At March 31, 2014, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of net assets:


Fund	Pension Plan		Retirement Plan		Total Affiliated Ownership
Small Cap Growth Fund		0.87%		1.25%		2.12%
Small Cap Value Fund		1.41%		2.09%		3.50%

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

6. Class-Specific Transfer Agent Fees and Expenses. For the six months ended March 31, 2014, the class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable) for each Fund were as follows:


	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Admin Class		Class N
Small Cap Growth Fund	$	582,342	$	160,586	$	—	$	154
Small Cap Value Fund		313,345		294,969		84,183		77

37 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

For the six months ended March 31, 2014, neither Fund had borrowings under this agreement.

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, 2014, amounts rebated under these agreements were as follows:


Fund	Rebates
Small Cap Growth Fund	$	44,631
Small Cap Value Fund		28,465

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


	Small Cap Growth Fund
	Six Months Ended March 31, 2014						Year Ended September 30, 2013*
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		5,569,700		$	147,207,395			11,813,357		$	252,532,051
Issued in connection with the reinvestment of distributions		2,386,288			61,256,020			—			—
Redeemed		(3,594,034	)		(94,940,834	)		(8,396,592	)		(176,478,451	)

Net change		4,361,954		$	113,522,581			3,416,765		$	76,053,600

Retail Class
Issued from the sale of shares		1,262,388		$	31,953,560			2,620,258		$	53,469,074
Issued in connection with the reinvestment of distributions		637,221			15,605,531			—			—
Redeemed		(1,557,043	)		(39,009,206	)		(6,709,873	)		(135,077,555	)

Net change		342,566		$	8,549,885			(4,089,615	)	$	(81,608,481	)

| 38

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

9. Capital Shares – continued.


	Small Cap Growth Fund – continued
	Six Months Ended March 31, 2014						Year Ended September 30, 2013*
Class N	Shares			Amount			Shares			Amount
Issued from the sale of shares		137,378		$	3,737,603			291,609		$	7,346,195
Issued in connection with the reinvestment of distributions		20,603			529,097			—			—
Redeemed		(30,733	)		(813,671	)		(4,013	)		(102,150	)

Net change		127,248		$	3,453,029			287,596		$	7,244,045

Increase (decrease) from capital share transactions		4,831,768		$	125,525,495			(385,254	)	$	1,689,164

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


	Small Cap Value Fund
	Six Months Ended March 31, 2014						Year Ended September 30, 2013*
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,001,236		$	75,917,767			3,209,013		$	105,799,055
Issued in connection with the reinvestment of distributions		1,733,383			64,429,846			204,464			6,072,591
Redeemed		(2,531,158	)		(95,192,061	)		(3,464,461	)		(112,934,799	)

Net change		1,203,461		$	45,155,552			(50,984	)	$	(1,063,153	)

Retail Class
Issued from the sale of shares		603,790		$	22,602,383			1,284,622		$	42,022,941
Issued in connection with the reinvestment of distributions		952,559			35,063,705			96,978			2,855,026
Redeemed		(1,359,424	)		(50,973,967	)		(2,396,051	)		(77,723,740	)

Net change		196,925		$	6,692,121			(1,014,451	)	$	(32,845,773	)

Admin Class
Issued from the sale of shares		327,591		$	11,893,090			474,991		$	15,185,040
Issued in connection with the reinvestment of distributions		143,514			5,157,882			9,613			277,512
Redeemed		(367,985	)		(13,391,126	)		(822,273	)		(25,893,755	)

Net change		103,120		$	3,659,846			(337,669	)	$	(10,431,203	)

39 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

9. Capital Shares – continued.


	Small Cap Value Fund – continued
	Six Months Ended March 31, 2014						Year Ended September 30, 2013*
Class N	Shares			Amount			Shares			Amount
Issued from the sale of shares		72,632		$	2,695,252			31		$	1,000
Issued in connection with the reinvestment of distributions		3			106			—			—
Redeemed		(520	)		(19,753	)		—			—

Net change		72,115		$	2,675,605			31		$	1,000

Increase (decrease) from capital share transactions		1,575,621		$	58,183,124			(1,403,073	)	$	(44,339,129	)

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

| 40

LOGO

Loomis Sayles Bond Fund

Semiannual Report

March 31, 2014



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			4
Financial Statements			29
Notes to Financial Statements			35

LOOMIS SAYLES BOND FUND


Managers	Symbols
Matthew J. Eagan, CFA^®	Institutional Class	LSBDX
Daniel J. Fuss, CFA^®, CIC	Retail Class	LSBRX
Elaine M. Stokes	Admin Class	LBFAX
	Class N	LSBNX

Objective

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

Average Annual Total Returns — March 31, 2014^(b)



	6 Months			1 Year			5 Years			10 Years			Life of Class N

Institutional Class (Inception 5/16/91)		5.47	%		6.58	%		15.22	%		8.07	%		—	%
Retail Class (Inception 12/31/96)		5.35			6.23			14.87			7.77			—
Admin Class (Inception 1/2/98)		5.23			5.98			14.57			7.48			—
Class N (Inception 2/1/13)		5.50			6.48			—			—			6.03

Comparative Performance
Barclays U.S. Government/ Credit Bond Index^(a)		1.94			-0.26			5.07			4.41			0.44

^(a)

See Page 2 for a description of the index

^(b)

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

1 |

ADDITIONAL INFORMATION

Index Definitions

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

Proxy Voting Information

A description of the Fund’s proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis Sayles at 800-633-3330; (ii) on the Fund’s website, www.loomissayles.com, and (iii) on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2013 is available on (i) the Fund’s website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s 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.

Additional Index Information

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution 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.

| 2

your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

Loomis Sayles Bond Fund


Institutional Class	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$1,054.70		$3.23
Hypothetical (5% return before expenses)		$1,000.00		$1,021.79		$3.18

Retail Class
Actual		$1,000.00		$1,053.50		$4.71
Hypothetical (5% return before expenses)		$1,000.00		$1,020.34		$4.63

Admin Class
Actual		$1,000.00		$1,052.30		$6.04
Hypothetical (5% return before expenses)		$1,000.00		$1,019.05		$5.94

Class N
Actual		$1,000.00		$1,055.00		$3.02
Hypothetical (5% return before expenses)		$1,000.00		$1,021.99		$2.97
* Expenses are equal to the Fund's annualized expense ratio: 0.63%, 0.92%, 1.18% and 0.59% for Institutional, Retail, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

3 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 87.7% of Net Assets

	Non-Convertible Bonds – 78.6%

		ABS Car Loan – 0.1%
$	5,917,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-5A, Class B, 5.110%, 3/20/2017, 144A	$	6,322,812
	22,950,000	Ford Auto Securitization Trust, Series 2014-R2A, Class A2, 1.593%, 12/15/2017, 144A, (CAD)		20,759,837

				27,082,649

		ABS Home Equity – 0.1%
	17,374,431	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR4, Class 2A2, 2.615%, 4/25/2035(b)		17,649,243

		ABS Other – 0.1%
	33,285,729	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(c)		32,786,443

		Aerospace & Defense – 0.7%
	36,735,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		36,735,000
	1,510,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		1,421,886
	13,664,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		13,595,680
	5,200,000	Meccanica Holdings USA, Inc., 6.250%, 7/15/2019, 144A		5,583,500
	23,763,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		21,446,107
	25,480,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		25,416,300
	6,995,000	Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		6,243,037
	550,000	Textron Financial Corp., Series E, MTN, 5.125%, 8/15/2014		557,434
	23,658,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		44,332,571

				155,331,515

		Airlines – 1.9%
	22,705,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		21,814,874
	5,260,000	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		5,338,900
	21,695,867	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027, 144A		21,858,586
	8,153,968	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		8,337,433
	14,273,000	American Airlines Pass Through Trust, Series 2013-2, Class C, 6.000%, 1/15/2017, 144A		14,452,697
	4,945,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		5,204,613
	32,200,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		33,930,750
	917,503	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		928,972
	351,253	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		362,423

See accompanying notes to financial statements.

| 4

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Airlines – continued
$	3,305,930	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020	$	3,496,021
	912,144	Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021		948,630
	2,342,804	Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022		2,700,081
	2,237,390	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		2,556,218
	2,044,485	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		2,208,043
	2,693,109	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		2,942,222
	1,482,263	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		1,578,610
	15,222,243	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		17,277,246
	24,683,862	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		26,735,091
	19,713,088	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		22,571,485
	24,472,521	Continental Airlines Pass Through Trust, Series 2009-2, Class A, 7.250%, 5/10/2021		28,632,849
	5,615,249	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		5,994,279
	2,399,428	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		2,819,328
	3,356,186	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		3,868,004
	22,419,794	Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014		22,643,992
	1,500,982	Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA insured), 6.264%, 5/20/2023		1,613,555
	17,454,707	Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 5/01/2019		19,011,666
	21,902,072	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		24,201,790
	960,241	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		1,092,274
	6,915,000	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		6,955,314
	12,595,000	United Airlines Pass Through Trust, Series 2014-1, Class B, 4.750%, 10/11/2023		12,681,402
	19,447,150	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		21,343,248
	16,778,468	US Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		19,504,969

See accompanying notes to financial statements.

5 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Airlines – continued
$	20,078,514	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026	$	22,437,740
	10,352,715	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		11,595,041
	7,173,510	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		7,603,920
	7,424,431	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		7,777,091
	9,727,000	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		10,106,061
	16,271,000	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		16,602,766

				441,728,184

		Automotive – 1.2%
	3,172,000	Cummins, Inc., 6.750%, 2/15/2027		3,785,979
	12,977,000	Ford Motor Co., 6.375%, 2/01/2029		14,822,200
	2,611,000	Ford Motor Co., 6.500%, 8/01/2018		3,003,028
	1,560,000	Ford Motor Co., 6.625%, 2/15/2028		1,737,531
	64,950,000	Ford Motor Co., 6.625%, 10/01/2028		76,002,541
	2,720,000	Ford Motor Co., 7.125%, 11/15/2025		3,225,931
	46,387,000	Ford Motor Co., 7.400%, 11/01/2046		60,136,107
	65,430,000	Ford Motor Co., 7.450%, 7/16/2031		83,954,607
	1,580,000	Ford Motor Co., 7.500%, 8/01/2026		1,945,945
	8,755,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022		9,718,050
	6,041,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		6,244,884
	3,700,000	TRW Automotive, Inc., 7.250%, 3/15/2017, 144A		4,222,625

				268,799,428

		Banking – 11.8%
	6,000,000	ABN Amro Bank NV, (fixed rate to 3/10/2016, variable rate thereafter), 4.310%, (EUR)(d)		8,369,221
	100,540,000	AgriBank FCB, 9.125%, 7/15/2019, 144A		128,535,966
	50,810,000	Ally Financial, Inc., 7.500%, 9/15/2020		60,400,387
	42,006,000	Ally Financial, Inc., 8.000%, 12/31/2018		50,092,155
	40,627,000	Ally Financial, Inc., 8.000%, 11/01/2031		50,072,777
	33,073,000	Associates Corp. of North America, 6.950%, 11/01/2018		39,366,957
	99,300,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		40,426,785
	1,400,000	Bank of America Corp., 5.490%, 3/15/2019		1,555,040
	1,065,000	Bank of America Corp., 5.650%, 5/01/2018		1,203,912
	7,290,000	Bank of America Corp., 6.000%, 9/01/2017		8,270,257
	4,887,000	Bank of America Corp., EMTN, 4.625%, 9/14/2018, (EUR)		7,431,078
	9,600,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		9,255,254
	33,133,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		40,779,169

See accompanying notes to financial statements.

| 6

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
	1,670,000	Barclays Bank PLC, (fixed rate to 12/15/2017, variable rate thereafter), 6.000%, (GBP)(d)	$	2,701,730
	87,880,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		83,877,536
	16,060,000	Barclays Bank PLC, EMTN, (fixed rate to 3/15/2020, variable rate thereafter), 4.750%, (EUR)(d)		19,718,953
	27,100,000	BNP Paribas S.A., (fixed rate to 10/23/2017, variable rate thereafter), 7.436%, (GBP)(d)		48,794,150
	30,900,000	BNP Paribas S.A., (fixed rate to 4/12/2016, variable rate thereafter), 4.730%, (EUR)(d)		44,358,392
	23,400,000	BNP Paribas S.A., (fixed rate to 4/13/2017, variable rate thereafter), 5.019%, (EUR)(d)		34,292,109
	35,950,000	BNP Paribas S.A., (fixed rate to 4/19/2016, variable rate thereafter), 5.945%, (GBP)(d)		62,631,080
	22,200,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(d)		23,698,500
	31,050,000	BNP Paribas S.A., (fixed rate to 6/29/2015, variable rate thereafter), 5.186%, 144A(d)		31,865,062
	13,150,000	BNP Paribas S.A., (fixed rate to 7/13/2016, variable rate thereafter), 5.954%, (GBP)(d)		23,348,021
	12,230,000	Citigroup, Inc., 3.375%, 3/01/2023		11,826,960
	7,340,000	Citigroup, Inc., 4.500%, 1/14/2022		7,777,097
	5,900,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		5,322,649
	36,155,000	Citigroup, Inc., 5.875%, 2/22/2033		38,453,554
	13,210,000	Citigroup, Inc., 6.000%, 10/31/2033		14,266,708
	24,080,000	Citigroup, Inc., 6.125%, 5/15/2018		27,675,746
	8,805,000	Citigroup, Inc., 6.125%, 8/25/2036		9,632,873
	39,930,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		35,665,156
	4,900,000	Citigroup, Inc., EMTN, 1.558%, 11/30/2017, (EUR)(b)		6,675,215
	20,760,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.875%, 2/08/2022		21,499,554
	27,405,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, 144A, (CAD)		24,753,743
	900,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		999,121
	61,880,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		70,884,716
	4,065,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		4,535,475
	33,280,000	HBOS PLC, 6.000%, 11/01/2033, 144A		34,521,677
	65,355,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		74,043,424
	12,345,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		12,345,000
	184,800,000	Intesa Sanpaolo SpA, 3.875%, 1/15/2019		187,971,168
	69,375,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		57,411,972
	266,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		23,008,063
	83,493,000	Lloyds Bank PLC, MTN, 6.500%, 9/14/2020, 144A		95,395,094
	34,800,000	Lloyds Banking Group PLC, (fixed rate to 10/01/2015, variable rate thereafter), 5.920%, 144A(d)		34,452,000

See accompanying notes to financial statements.

7 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
$	4,745,000	Lloyds Banking Group PLC, (fixed rate to 5/21/2037, variable rate thereafter), 6.657%, 144A(d)	$	4,768,725
	4,825,000	Merrill Lynch & Co., Inc., 5.700%, 5/02/2017		5,366,582
	36,435,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		40,748,030
	1,600,000	Merrill Lynch & Co., Inc., EMTN, 0.854%, 9/14/2018, (EUR)(b)		2,115,541
	1,970,000	Merrill Lynch & Co., Inc., Series C, GMTN, 6.400%, 8/28/2017		2,261,513
	3,600,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		3,938,245
	82,175,000	Morgan Stanley, 2.125%, 4/25/2018		81,994,955
	42,630,000	Morgan Stanley, 2.500%, 1/24/2019		42,511,275
	53,595,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		49,860,290
	82,135,000	Morgan Stanley, 4.875%, 11/01/2022		86,306,144
	152,340,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		140,071,471
	149,700,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		152,974,210
	1,400,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		2,560,736
	117,500,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		116,238,351
	84,585,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		83,727,562
	15,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		17,787,930
	19,400,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		18,749,191
	9,600,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		10,919,261
	11,700,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		13,639,404
	18,000,000	Morgan Stanley, Series F, MTN, 0.687%, 10/18/2016(b)		17,955,090
	3,800,000	RBS Capital Trust A, 2.413%, (EUR)(b)(d)		5,025,666
	2,819,000	RBS Capital Trust C, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, (EUR)(d)		3,727,279
	11,860,000	RBS Capital Trust I, 2.099%,(b)(d)		11,504,200
	6,633,000	RBS Capital Trust II, (fixed rate to 1/03/2034, variable rate thereafter), 6.425%,(d)		6,392,554
	3,060,000	RBS Capital Trust III, (fixed rate to 9/30/2014, variable rate thereafter), 5.512%,(d)		3,014,100
	1,385,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(d)		1,664,769
	22,591,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(d)		27,971,330
	34,220,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		35,039,672
	32,250,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		33,774,683
	15,425,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/30/2017, variable rate thereafter), 7.640%,(d)		15,656,375
	1,300,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		1,878,935
	11,450,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		17,991,703
	3,200,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		4,489,286
	950,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		1,025,051
	2,269,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		2,382,677
	1,800,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		1,833,782

See accompanying notes to financial statements.

| 8

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
	3,070,000	Societe Generale S.A., (fixed rate to 1/26/2015, variable rate thereafter), 4.196%, (EUR)(d)	$	4,269,140
	6,000,000	Societe Generale S.A., (fixed rate to 12/19/2017, variable rate thereafter), 6.999%, (EUR)(d)		9,309,467
	2,800,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		3,109,736

				2,704,716,367

		Brokerage – 0.9%
	5,996,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		6,040,970
	19,787,000	Jefferies Group LLC, 5.125%, 4/13/2018		21,494,994
	51,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		53,885,590
	29,470,000	Jefferies Group LLC, 6.250%, 1/15/2036		29,858,415
	22,428,000	Jefferies Group LLC, 6.450%, 6/08/2027		23,976,026
	58,180,000	Jefferies Group LLC, 6.875%, 4/15/2021		67,747,177

				203,003,172

		Building Materials – 0.7%
	4,805,000	Masco Corp., 4.800%, 6/15/2015		4,985,188
	3,285,000	Masco Corp., 5.850%, 3/15/2017		3,613,500
	19,873,000	Masco Corp., 6.125%, 10/03/2016		21,810,617
	15,272,000	Masco Corp., 6.500%, 8/15/2032		15,539,260
	23,972,000	Masco Corp., 7.125%, 3/15/2020		27,687,660
	9,733,000	Masco Corp., 7.750%, 8/01/2029		10,869,999
	9,900,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		3,643,235
	3,725,000	Owens Corning, Inc., 6.500%, 12/01/2016		4,113,231
	51,180,000	Owens Corning, Inc., 7.000%, 12/01/2036		58,030,443
	17,605,000	USG Corp., 9.750%, 1/15/2018		21,258,037

				171,551,170

		Chemicals – 0.3%
	23,289,000	Hercules, Inc., 6.500%, 6/30/2029		20,494,320
	2,915,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		3,031,600
	2,610,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		2,583,900
	6,795,000	Methanex Corp., 5.250%, 3/01/2022		7,357,612
	31,054,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(c)		27,327,520
	2,257,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(c)		2,155,435
	11,305,000	Momentive Specialty Chemicals, Inc., 9.200%, 3/15/2021(c)		10,570,175

				73,520,562

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Commercial Mortgage-Backed Securities – 0.1%
$	11,090,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.819%, 8/10/2045(b)	$	11,451,135

		Construction Machinery – 0.2%
	7,273,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		7,473,007
	1,975,000	Joy Global, Inc., 6.625%, 11/15/2036		2,198,416
	27,030,000	Toro Co., 6.625%, 5/01/2037(c)		29,970,459
	5,825,000	United Rentals North America, Inc., 7.625%, 4/15/2022		6,531,281

				46,173,163

		Consumer Cyclical Services – 0.1%
	5,525,000	ServiceMaster Co. (The), 7.000%, 8/15/2020		5,849,594
	1,000,000	ServiceMaster Co. (The), 7.100%, 3/01/2018		1,000,000
	8,164,000	ServiceMaster Co. (The), 7.450%, 8/15/2027		7,806,825

				14,656,419

		Consumer Products – 0.0%
	2,043,000	Visant Corp., 10.000%, 10/01/2017		2,035,339

		Electric – 1.3%
	3,075,000	AES Corp., 4.875%, 5/15/2023		2,936,625
	10,815,000	AES Corp., 5.500%, 3/15/2024		10,733,888
	64,252,865	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		70,409,895
	83,612,339	Bruce Mansfield Unit, 6.850%, 6/01/2034		90,797,984
	3,297,866	CE Generation LLC, 7.416%, 12/15/2018		3,256,643
	65,185,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		68,118,325
	22,441,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		24,348,485
	250,000	EDP Finance BV, EMTN, 5.875%, 2/01/2016, (EUR)		371,104
	3,700,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		7,392,894
	8,663,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		10,506,876
	11,600,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		12,119,100
	800,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		906,713
	2,250,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		3,770,293
	1,175,000	Iberdrola Finance Ireland Ltd., 3.800%, 9/11/2014, 144A		1,190,369
	1,020,699	Red Oak Power LLC, Series A, 8.540%, 11/30/2019		1,087,044
	141,075	Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018		144,650

				308,090,888

		Financial Other – 0.2%
	38,476,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		53,448,589

		Food & Beverage – 0.2%
	36,595,000	Crestview DS Merger Sub II, Inc., 10.000%, 9/01/2021, 144A		40,620,450
	6,400,000	Viterra, Inc., 6.406%, 2/16/2021, 144A, (CAD)		6,333,019

				46,953,469

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Government Guaranteed – 0.4%
	92,365,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)	$	86,227,469

		Government Owned – No Guarantee – 0.2%
	34,515,000	DP World Ltd., 6.850%, 7/02/2037, 144A		37,327,972

		Healthcare – 2.2%
	3,240,000	BioScrip, Inc., 8.875%, 2/15/2021, 144A		3,377,700
	15,410,000	Boston Scientific Corp., 6.000%, 1/15/2020		17,686,966
	7,230,000	Boston Scientific Corp., 6.400%, 6/15/2016		8,013,624
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		16,934,400
	4,895,000	HCA Holdings, Inc., 6.250%, 2/15/2021		5,240,098
	12,860,000	HCA, Inc., 5.875%, 3/15/2022		13,856,650
	162,835,000	HCA, Inc., 5.875%, 5/01/2023		167,516,506
	27,204,000	HCA, Inc., 7.050%, 12/01/2027		27,033,975
	27,148,000	HCA, Inc., 7.500%, 12/15/2023		29,455,580
	26,465,000	HCA, Inc., 7.500%, 11/06/2033		27,126,625
	70,501,000	HCA, Inc., 7.690%, 6/15/2025		75,259,817
	44,984,000	HCA, Inc., 8.360%, 4/15/2024		50,831,920
	21,924,000	HCA, Inc., MTN, 7.580%, 9/15/2025		23,129,820
	12,446,000	HCA, Inc., MTN, 7.750%, 7/15/2036		12,694,920
	34,198,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		30,778,200

				508,936,801

		Home Construction – 0.5%
	7,385,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		7,717,325
	16,729,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		14,972,455
	1,650,000	K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		1,767,563
	2,835,000	KB Home, 8.000%, 3/15/2020		3,217,725
	7,820,000	Lennar Corp., 4.500%, 6/15/2019		7,956,850
	65,355,000	Pulte Group, Inc., 6.000%, 2/15/2035		60,943,537
	17,240,000	Pulte Group, Inc., 6.375%, 5/15/2033		16,895,200

				113,470,655

		Independent Energy – 0.1%
	1,940,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		2,201,900
	1,775,000	EQT Corp., 8.125%, 6/01/2019		2,165,855
	7,470,000	Halcon Resources Corp., 9.250%, 2/15/2022, 144A		7,787,475
	9,825,000	QEP Resources, Inc., 6.875%, 3/01/2021		10,807,500
	5,560,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		5,893,600

				28,856,330

		Industrial Other – 0.1%
	4,205,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A		4,278,588
	10,540,000	Worthington Industries, Inc., 6.500%, 4/15/2020		11,263,181

				15,541,769

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Life Insurance – 1.9%
$	16,485,000	American International Group, Inc., 4.125%, 2/15/2024	$	16,834,037
	6,212,000	American International Group, Inc., 4.875%, 6/01/2022		6,802,277
	13,017,000	American International Group, Inc., 6.250%, 3/15/2087		13,667,850
	99,895,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		131,237,056
	8,400,000	American International Group, Inc., EMTN, 5.000%, 4/26/2023, (GBP)		15,303,302
	3,245,000	American International Group, Inc., Series G, MTN, 5.600%, 10/18/2016		3,592,718
	6,368,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		7,277,102
	7,075,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		7,895,290
	4,145,000	American International Group, Inc., Series MPLE, 4.900%, 6/02/2014, (CAD)		3,772,756
	97,930,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(d)		103,438,562
	1,185,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(d)		2,138,064
	13,250,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		20,177,813
	2,030,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		2,659,300
	10,175,000	MetLife, Inc., 10.750%, 8/01/2069		15,415,125
	57,985,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		68,775,776
	12,950,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		13,763,105
	5,670,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		6,607,688
	10,000,000	Tiers Trust, (Step to 8.125% on 9/15/2017), Zero Coupon, 3/15/2046, 144A(c)(e)		7,625,000

				446,982,821

		Local Authorities – 2.6%
	112,585,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		160,467,368
	1,400,000	City of Madrid, Spain, 4.550%, 6/16/2036, (EUR)		1,653,213
	12,250,000	City of Rome, Italy, EMTN, 5.345%, 1/27/2048, (EUR)		15,783,641
	75,000,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		68,827,965
	142,855,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		144,602,593
	95,840,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		94,707,465
	1,507,000	Ontario Hydro, Zero Coupon, 11/27/2020, (CAD)		1,130,189
	6,596,642	Province of Alberta, 5.930%, 9/16/2016, (CAD)		6,412,079
	75,000,000	Province of Ontario Canada, GMTN, 6.250%, 6/16/2015, (NZD)		66,740,889
	1,490,000	Province of Ontario, Canada, 2.100%, 9/08/2018, (CAD)		1,352,349
	38,490,000	Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		36,397,522

				598,075,273

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Media Cable – 0.3%
$	3,315,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024	$	3,290,138
	37,585,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		38,347,239
	4,345,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		3,988,606
	535,000	Time Warner Cable, Inc., 5.875%, 11/15/2040		579,705
	15,800,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		14,129,673

				60,335,361

		Media Non-Cable – 0.3%
	136,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		8,394,790
	25,600,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		25,792,000
	3,610,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		3,813,063
	26,090,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		28,699,000
	8,890,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		10,179,050

				76,877,903

		Metals & Mining – 0.9%
	13,492,000	Alcoa, Inc., 5.870%, 2/23/2022		14,226,720
	11,795,000	Alcoa, Inc., 5.900%, 2/01/2027		12,034,085
	2,050,000	Alcoa, Inc., 5.950%, 2/01/2037		1,986,169
	6,490,000	Alcoa, Inc., 6.750%, 1/15/2028		7,021,064
	35,180,000	ArcelorMittal, 7.250%, 3/01/2041		35,311,925
	3,635,000	ArcelorMittal, 7.500%, 10/15/2039		3,757,681
	3,950,000	Barrick Gold Corp., 5.800%, 11/15/2034		3,756,312
	23,735,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		23,125,533
	9,475,000	Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		6,158,750
	6,500,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		6,695,000
	11,965,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		11,171,554
	9,625,000	United States Steel Corp., 6.650%, 6/01/2037		8,277,500
	8,015,000	United States Steel Corp., 6.875%, 4/01/2021		8,495,900
	23,520,000	United States Steel Corp., 7.000%, 2/01/2018		26,048,400
	37,725,000	United States Steel Corp., 7.500%, 3/15/2022		40,554,375

				208,620,968

		Mortgage Related – 0.0%
	88,488	FHLMC, 5.000%, 12/01/2031		96,038

		Non-Captive Consumer – 3.1%
	3,100,000	AGFC Capital Trust I, (fixed rate to 1/15/2017, variable rate thereafter), 6.000%, 1/15/2067, 144A		2,619,500
	34,415,000	SLM Corp., 4.875%, 6/17/2019		34,971,697
	27,345,000	SLM Corp., 5.500%, 1/25/2023		26,832,281
	150,125(††)	SLM Corp., 6.000%, 12/15/2043		3,245,452
	9,995,000	SLM Corp., MTN, 4.625%, 9/25/2017		10,507,244
	11,528,000	SLM Corp., MTN, 5.500%, 1/15/2019		12,190,860
	68,000,000	SLM Corp., MTN, 6.125%, 3/25/2024		67,915,000

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Non-Captive Consumer – continued
$	8,000,000	SLM Corp., MTN, 7.250%, 1/25/2022	$	8,820,000
	2,030,000	SLM Corp., MTN, 8.000%, 3/25/2020		2,337,038
	23,623,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		23,400,211
	49,494,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		43,802,190
	74,428,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		87,638,970
	194,610,000	Springleaf Finance Corp., 7.750%, 10/01/2021		215,530,575
	77,845,000	Springleaf Finance Corp., 8.250%, 10/01/2023		86,797,175
	4,690,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		4,977,262
	935,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		1,007,463
	78,860,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		86,548,850

				719,141,768

		Non-Captive Diversified – 3.5%
	4,145,000	Aircastle Ltd., 7.625%, 4/15/2020		4,725,300
	71,260,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		78,617,666
	64,245,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		54,215,230
	89,985,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		81,260,397
	45,800,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		40,472,798
	84,065,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		74,753,359
	22,590,000	General Electric Capital Corp., Series A, MTN, 0.539%, 5/13/2024(b)		20,720,293
	266,643,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		238,838,400
	455,000	International Lease Finance Corp., 3.875%, 4/15/2018		464,100
	9,248,000	International Lease Finance Corp., 4.625%, 4/15/2021		9,248,000
	11,568,000	International Lease Finance Corp., 5.875%, 4/01/2019		12,638,040
	37,015,000	International Lease Finance Corp., 5.875%, 8/15/2022		39,143,363
	5,265,000	International Lease Finance Corp., 6.250%, 5/15/2019		5,804,663
	17,700,000	International Lease Finance Corp., 8.250%, 12/15/2020		21,407,973
	436,000	International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		438,834
	6,070,000	iStar Financial, Inc., 3.875%, 7/01/2016		6,252,100
	18,205,000	iStar Financial, Inc., 4.875%, 7/01/2018		18,660,125
	33,955,000	iStar Financial, Inc., 5.850%, 3/15/2017		36,501,625
	4,865,000	iStar Financial, Inc., 6.050%, 4/15/2015		5,071,763
	29,130,000	iStar Financial, Inc., 7.125%, 2/15/2018		32,698,425
	29,955,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		31,415,306

				813,347,760

		Oil Field Services – 0.3%
	3,850,000	Hercules Offshore, Inc., 6.750%, 4/01/2022, 144A		3,734,500
	15,000,000	Nabors Industries, Inc., 5.100%, 9/15/2023, 144A		15,609,855

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Oil Field Services – continued
$	23,050,000	Rowan Cos., Inc., 7.875%, 8/01/2019	$	27,996,760
	10,342,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		10,186,870

				57,527,985

		Packaging – 0.1%
	10,351,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 8.250%, 2/15/2021		11,295,529
	1,100,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.000%, 4/15/2019		1,177,000

				12,472,529

		Paper – 1.1%
	29,283,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		36,853,768
	470,000	Georgia-Pacific LLC, 7.700%, 6/15/2015		508,466
	88,057,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		115,854,922
	12,590,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		18,331,040
	9,625,000	International Paper Co., 8.700%, 6/15/2038		13,909,357
	8,214,000	Westvaco Corp., 7.950%, 2/15/2031		10,080,935
	34,428,000	Westvaco Corp., 8.200%, 1/15/2030		42,989,452
	4,127,000	Weyerhaeuser Co., 6.950%, 10/01/2027		4,944,076
	14,035,000	Weyerhaeuser Co., 7.375%, 3/15/2032		18,039,789

				261,511,805

		Pharmaceuticals – 0.3%
	54,660,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		59,032,800

		Pipelines – 1.2%
	9,050,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		9,837,603
	1,000,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		1,063,221
	7,325,000	Energy Transfer Partners LP, 4.150%, 10/01/2020		7,559,136
	7,500,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		9,218,190
	31,400,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		33,364,981
	49,664,208	Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014, 144A(c)		50,084,020
	66,914,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		65,743,005
	1,585,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		1,478,013
	4,130,000	NiSource Finance Corp., 6.125%, 3/01/2022		4,757,971
	52,880,000	NiSource Finance Corp., 6.400%, 3/15/2018		60,996,022
	1,235,000	NiSource Finance Corp., 6.800%, 1/15/2019		1,462,457
	26,020,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		29,227,980
	2,772,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		2,501,730
	5,678,042	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		5,450,920

				282,745,249

		Property & Casualty Insurance – 0.4%
	22,060,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		25,050,476
	16,825,000	Liberty Mutual Group, Inc., 6.500%, 3/15/2035, 144A		19,581,389

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Property & Casualty Insurance – continued
$	2,000,000	Liberty Mutual Group, Inc., (fixed rate to 3/15/2017, variable rate thereafter), 7.000%, 3/07/2067, 144A	$	2,090,000
	13,975,000	MBIA Insurance Corp., 11.499%, 1/15/2033, 144A(b)(f)		11,284,812
	12,080,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		13,490,243
	6,575,000	XLIT Ltd., 6.250%, 5/15/2027		7,588,885
	2,110,000	XLIT Ltd., 6.375%, 11/15/2024		2,504,834

				81,590,639

		Railroads – 0.7%
	128,700,000	Hellenic Railways Organization S.A., EMTN, 0.560%, 5/24/2016, (EUR)(b)(c)		150,707,974
	7,944,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		6,737,958
	63,300	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		60,813

				157,506,745

		Real Estate Operations/Development – 0.0%
	7,750,000	First Industrial LP, 5.950%, 5/15/2017		8,524,892

		REITs – Regional Malls – 0.0%
	2,000	Simon Property Group LP, 5.750%, 12/01/2015		2,143

		Retailers – 0.5%
	4,680,000	Dillard’s, Inc., 7.000%, 12/01/2028		4,761,900
	1,740,000	Dillard’s, Inc., 7.130%, 8/01/2018		1,992,300
	7,182,000	Dillard’s, Inc., 7.750%, 7/15/2026		7,702,695
	1,000,000	Dillard’s, Inc., 7.750%, 5/15/2027		1,056,250
	14,269,000	Foot Locker, Inc., 8.500%, 1/15/2022(g)		15,591,801
	3,420,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		2,881,350
	39,478,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		30,101,975
	3,920,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		2,940,000
	14,133,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		16,710,478
	698,000	Macy’s Retail Holdings, Inc., 7.875%, 7/15/2015		757,891
	9,245,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		10,143,993
	27,320,000	Toys R Us, Inc., 7.375%, 10/15/2018		21,856,000

				116,496,633

		Sovereigns – 1.6%
	10,000,000,000	Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		957,306
	25,000,000,000	Indonesia Treasury Bond, 10.250%, 7/15/2027, (IDR)		2,484,595
	88,974,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		8,830,826
	498,832,000,000	Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024, (IDR)		49,290,398
	317,658,000,000	Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030, (IDR)		32,716,537
	253,010,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		104,538,067
	97,345,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		44,618,246
	10,025,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)		4,639,158
	8,742,110,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		59,217,225

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Sovereigns – continued
	2,331,740,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)	$	15,842,878
	5,523,835,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		40,049,609

				363,184,845

		Supermarkets – 0.6%
	103,430,000	New Albertson’s, Inc., 7.450%, 8/01/2029		83,261,150
	23,020,000	New Albertson’s, Inc., 7.750%, 6/15/2026		18,876,400
	18,220,000	New Albertson’s, Inc., 8.000%, 5/01/2031		15,031,500
	6,350,000	New Albertson’s, Inc., 8.700%, 5/01/2030		5,381,625
	20,303,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		14,719,675
	3,585,000	SUPERVALU, Inc., 6.750%, 6/01/2021		3,634,294

				140,904,644

		Supranational – 1.7%
	11,505,000	European Bank for Reconstruction & Development, 6.250%, 2/05/2016, (BRL)		4,692,255
	348,600,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		30,460,643
	8,660,000	European Bank for Reconstruction & Development, EMTN, 9.000%, 4/28/2014, (BRL)		3,811,469
	18,525,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		18,726,677
	71,230,000	European Investment Bank, MTN, 6.250%, 4/15/2015, (AUD)		68,355,653
	185,840,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		167,740,699
	40,000,000	Inter-American Development Bank, MTN, 6.500%, 8/20/2019, (AUD)		41,508,027
	109,670,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		44,486,676

				379,782,099

		Technology – 1.8%
	136,514,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		130,370,870
	5,166,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		4,907,700
	3,105,000	Alcatel-Lucent USA, Inc., 6.750%, 11/15/2020, 144A		3,283,538
	36,000,000	Alcatel-Lucent USA, Inc., 8.875%, 1/01/2020, 144A		40,860,000
	57,898,000	Amkor Technology, Inc., 6.375%, 10/01/2022		59,996,803
	2,630,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		2,992,453
	5,645,000	Corning, Inc., 7.250%, 8/15/2036		6,820,441
	15,578,000	Equifax, Inc., 7.000%, 7/01/2037		18,816,526
	20,000,000	First Data Corp., 10.625%, 6/15/2021		22,500,000
	13,360,000	First Data Corp., 11.250%, 1/15/2021		15,247,100
	87,705,000	First Data Corp., 11.750%, 8/15/2021		92,090,250
	929,000	Motorola Solutions, Inc., 6.000%, 11/15/2017		1,056,626
	4,385,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		4,610,722
	3,542,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		4,264,341
	7,000,000	SunGard Data Systems, Inc., 6.625%, 11/01/2019		7,402,500

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Technology – continued
$	40,000	Xerox Corp., 6.350%, 5/15/2018	$	46,222
	615,000	Xerox Corp., MTN, 7.200%, 4/01/2016		687,116

				415,953,208

		Transportation Services – 0.4%
	20,994,000	APL Ltd., 8.000%, 1/15/2024(c)		19,629,390
	11,875,572	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(g)		12,083,394
	6,552,024	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(f)(g)(h)		8,583,152
	6,584,280	Atlas Air Pass Through Trust, Series 1999-1, Class A-1, 7.200%, 7/02/2020(g)		6,715,965
	5,829,280	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016(g)		5,866,005
	15,689,997	Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(f)(g)(h)		20,553,896
	3,635,748	Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 7/02/2017(g)		3,853,893
	201,720	Atlas Air Pass Through Trust, Series 2000-1, Class C, 9.702%, 7/02/2011(f)(g)(h)		278,373
	2,675,000	Erac USA Finance Co., 7.000%, 10/15/2037, 144A		3,364,246

				80,928,314

		Treasuries – 27.4%
	414,485,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		373,865,095
	445,239,000	Canadian Government, 1.250%, 2/01/2016, (CAD)		404,037,779
	254,495,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		226,577,670
	499,325,000	Canadian Government, 2.250%, 8/01/2014, (CAD)		453,692,431
	597,515,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		549,902,973
	157,595,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		148,033,809
	201,175,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		187,799,729
	17,221,500(†††)	Mexican Fixed Rate Bonds, Series M, 5.000%, 6/15/2017, (MXN)		134,316,883
	31,895,700(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		276,485,184
	36,200,000	New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		33,487,120
	1,316,210,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		236,558,622
	2,107,745,000	Norway Government Bond, 5.000%, 5/15/2015, (NOK)		365,727,796
	15,000,000	Singapore Government Bond, 1.375%, 10/01/2014, (SGD)		11,982,077
	258,500,000	U.S. Treasury Note, 0.125%, 12/31/2014		258,560,489
	439,435,000	U.S. Treasury Note, 0.250%, 9/30/2015		439,606,819
	200,000,000	U.S. Treasury Note, 0.250%, 12/31/2015		199,734,400
	550,000,000	U.S. Treasury Note, 0.250%, 2/29/2016		548,539,200
	1,240,000,000	U.S. Treasury Note, 0.375%, 1/31/2016		1,240,386,880
	200,000,000	U.S. Treasury Note, 0.375%, 3/31/2016		199,781,200

				6,289,076,156

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wireless – 0.5%
	281,500,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)	$	20,082,396
	41,804,000	Sprint Capital Corp., 6.875%, 11/15/2028		40,549,880
	21,749,000	Sprint Capital Corp., 6.900%, 5/01/2019		23,869,527
	8,390,000	Sprint Capital Corp., 8.750%, 3/15/2032		9,229,000
	16,537,000	Sprint Communications, Inc., 6.000%, 11/15/2022		16,847,069
	11,346,000	Sprint Corp., 7.250%, 9/15/2021, 144A		12,367,140

				122,945,012

		Wirelines – 4.0%
	4,197,000	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A(e)		4,181,261
	5,790,000	Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)		6,354,387
	3,695,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		4,331,122
	31,176,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		33,101,270
	107,425,000	CenturyLink, Inc., 6.450%, 6/15/2021		115,481,875
	11,005,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		10,564,800
	7,255,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		6,901,319
	1,000,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		942,500
	27,075,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		41,356,222
	8,735,000	Embarq Corp., 7.995%, 6/01/2036		9,114,038
	11,505,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		12,310,350
	3,075,000	Frontier Communications Corp., 7.875%, 1/15/2027		3,098,062
	730,000	Frontier Communications Corp., 9.000%, 8/15/2031		746,425
	1,600,000	Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016, (GBP)		2,862,430
	2,750,000	Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015, (EUR)		3,934,660
	38,760,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		42,006,150
	10,655,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		11,946,919
	3,545,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		3,934,950
	950,000	OTE PLC, GMTN, 4.625%, 5/20/2016, (EUR)		1,361,118
	24,010,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		33,573,527
	43,231,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		64,445,859
	1,000,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		1,463,753
	30,015,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		33,091,537
	64,147,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		61,260,385
	15,925,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		17,238,812
	40,420,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		39,914,750
	38,025,000	Qwest Corp., 6.875%, 9/15/2033		37,498,088
	1,505,000	Qwest Corp., 7.200%, 11/10/2026		1,515,853
	10,620,000	Qwest Corp., 7.250%, 9/15/2025		11,731,383
	62,599,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		58,373,567
	32,061,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		31,339,627
	10,500,000	Telecom Italia SpA, EMTN, 5.250%, 3/17/2055, (EUR)		13,156,498
	4,300,000	Telecom Italia SpA, EMTN, 5.875%, 5/19/2023, (GBP)		7,268,176
	7,950,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		8,118,898

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wirelines – continued
$	1,850,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020	$	2,000,081
	2,100,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		2,308,595
	36,465,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		44,135,668
	5,845,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		10,235,342
	3,900,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		6,754,159
	17,000,000	Telefonica Emisiones SAU, EMTN, 5.597%, 3/12/2020, (GBP)		30,985,706
	45,415,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		44,473,424
	27,020,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		27,159,072
	2,905,000	Verizon New England, Inc., 7.875%, 11/15/2029		3,567,979
	3,130,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		3,281,198

				909,421,795


		Total Non-Convertible Bonds (Identified Cost $16,790,430,143)		18,032,424,116


	Convertible Bonds – 8.0%

		Automotive – 1.4%
	182,545,000	Ford Motor Co., 4.250%, 11/15/2016		330,520,541

		Chemicals – 0.0%
	5,934,000	RPM International, Inc., 2.250%, 12/15/2020		6,876,023

		Construction Machinery – 0.2%
	24,037,000	Trinity Industries, Inc., 3.875%, 6/01/2036		38,188,784

		Healthcare – 0.4%
	26,370,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(e)		26,946,844
	2,510,000	LifePoint Hospitals, Inc., 3.500%, 5/15/2014		2,666,875
	2,144,000	Omnicare, Inc., 3.250%, 12/15/2035		2,288,720
	29,850,000	Omnicare, Inc., 3.750%, 12/15/2025		67,684,875

				99,587,314

		Home Construction – 0.4%
	7,245,000	KB Home, 1.375%, 2/01/2019		7,444,237
	47,320,000	Lennar Corp., 3.250%, 11/15/2021, 144A		84,259,175

				91,703,412

		Independent Energy – 0.6%
	27,750,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		26,015,625
	75,524,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		76,845,670
	21,431,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		22,328,423

				125,189,718


		Life Insurance – 0.4%
	72,915,000	Old Republic International Corp., 3.750%, 3/15/2018		90,688,031

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Metals & Mining – 0.2%
$	1,255,000	Steel Dynamics, Inc., 5.125%, 6/15/2014	$	1,356,969
	33,215,000	United States Steel Corp., 2.750%, 4/01/2019		43,034,184

				44,391,153

		Non-Captive Diversified – 0.0%
	880,000	Jefferies Group LLC, 3.875%, 11/01/2029		936,650

		Packaging – 0.2%
	44,380,000	Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		45,544,975

		Pharmaceuticals – 0.0%
	2,042,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		2,237,266
	2,844,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		3,156,840

				5,394,106

		REITs – Mortgage – 0.1%
	16,140,000	iStar Financial, Inc., 3.000%, 11/15/2016		22,787,663

		REITs – Warehouse/Industrials – 0.2%
	28,230,000	ProLogis LP, 3.250%, 3/15/2015		33,029,100

		Technology – 3.1%
	49,754,000	Ciena Corp., 0.875%, 6/15/2017		50,593,599
	14,150,000	Ciena Corp., 3.750%, 10/15/2018, 144A		19,801,156
	8,680,000	Ciena Corp., 4.000%, 3/15/2015, 144A		10,958,500
	2,469,000	Intel Corp., 2.950%, 12/15/2035		2,905,704
	318,925,000	Intel Corp., 3.250%, 8/01/2039		445,897,016
	1,605,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		1,991,203
	7,412,489	Liberty Media LLC, 3.500%, 1/15/2031		3,923,986
	7,240,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032		18,195,025
	1,851,000	Micron Technology, Inc., Series D, 3.125%, 5/01/2032		4,596,264
	148,460,000	Micron Technology, Inc., Series G, 3.000%, 11/15/2043		162,656,488

				721,518,941

		Utility Other – 0.0%
	1,000,000	CMS Energy Corp., 5.500%, 6/15/2029		2,163,125

		Wirelines – 0.8%
	4,785,200	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A, (MXN)(c)(e)(g)(i)		616,961
	64,473,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		97,797,482
	48,975,000	Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		75,299,062
	1,350,000	Portugal Telecom International Finance BV, Series PTC, 4.125%, 8/28/2014, (EUR)		1,878,425

				175,591,930

		Total Convertible Bonds (Identified Cost $1,275,625,730)		1,834,111,466

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

	Municipals – 1.1%

		District of Columbia – 0.0%
$	5,610,000	Metropolitan Washington DC Airports Authority, Series D, 8.000%, 10/01/2047	$	6,850,203

		Illinois – 0.5%
	2,440,000	Chicago O’Hare International Airport, Series A, (AGMC insured), 4.500%, 1/01/2038		2,432,777
	69,245,000	State of Illinois, 5.100%, 6/01/2033		68,339,968
	38,330,000	State of Illinois, Series B, 5.520%, 4/01/2038		37,178,567

				107,951,312

		Michigan – 0.1%
	20,410,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		16,316,570

		Ohio – 0.0%
	8,200,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		6,601,984

		Virginia – 0.5%
	174,035,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		123,984,274

		Total Municipals (Identified Cost $300,929,737)		261,704,343


		Total Bonds and Notes (Identified Cost $18,366,985,610)		20,128,239,925


	Senior Loans – 1.5%

		Automotive – 0.2%
	43,250,838	TI Group Automotive Systems LLC, Term Loan B, 5.500%, 3/28/2019(b)		43,358,965

		Chemicals – 0.2%
	2,030,000	Allnex USA, Inc., 2nd Lien Term Loan, 8.250%, 4/03/2020(b)		2,060,450
	48,235,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.500%, 12/20/2020(b)		49,320,287

				51,380,737

		Consumer Products – 0.1%
	14,564,321	Visant Corp., Term Loan B, 5.250%, 12/22/2016(b)		14,433,825

		Diversified Manufacturing – 0.0%
	9,683,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/19/2020(b)		9,900,868

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Senior Loans – continued

		Food & Beverage – 0.1%
$	16,558,790	DS Waters of America, Inc., New Term Loan, 5.250%, 8/30/2020(b)	$	16,807,172

		Media Cable – 0.1%
	16,033,838	CSC Holdings, Inc., New Term Loan B, 2.653%, 4/17/2020(b)		15,819,465


		Media Non-Cable – 0.0%
	14,135,765	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(b)		10,551,783

		Metals & Mining – 0.1%
	17,257,200	Essar Steel Algoma, Inc., ABL Term Loan, 9.250%, 9/20/2014(b)		17,257,200

		Non-Captive Diversified – 0.5%
	110,319,189	Istar Financial, Inc., Add on Term Loan A2, 7.000%, 3/19/2017(b)		113,628,764

		Oil Field Services – 0.1%
	31,830,616	FTS International, Inc., Term Loan B, 8.500%, 5/06/2016(b)		32,355,503

		Other Utility – 0.0%
	4,525,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		4,479,750

		Retailers – 0.0%
	4,987,500	Toys ‘R’ Us Property Co. I LLC, New Term Loan B, 6.000%, 8/21/2019(b)		4,819,172

		Technology – 0.0%
	5,596,800	Aptean, Inc., 2nd Lien Term Loan, 8.500%, 2/26/2021(b)		5,666,760

		Wirelines – 0.1%
	6,514,897	Hawaiian Telcom Communications, Inc., Term Loan B, 5.000%, 6/06/2019(b)		6,529,165
	2,283,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/22/2020(b)		2,333,226
	2,548,975	LTS Buyer LLC, 2nd Lien Term Loan, 8.000%, 4/12/2021(b)		2,590,396

				11,452,787

		Total Senior Loans (Identified Cost $344,053,407)		351,912,751


	Shares

	Common Stocks – 6.8%

		Airlines – 0.0%
	197,487	United Continental Holdings, Inc.(f)		8,813,845

		Automobiles – 1.1%
	7,165,814	General Motors Co.		246,647,318

		Biotechnology – 0.5%
	1,482,675	Vertex Pharmaceuticals, Inc.(f)		104,854,776

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Chemicals – 0.6%
	750,000	PPG Industries, Inc.	$	145,095,000

		Containers & Packaging – 0.1%
	645,508	Owens-Illinois, Inc.(f)		21,837,536
	3,805	Rock-Tenn Co., Class A		401,694

				22,239,230

		Diversified Telecommunication Services – 0.2%
	403,884	Hawaiian Telcom Holdco, Inc.(f)		11,506,655
	2,629,337	Telefonica S.A., Sponsored ADR		41,517,231

				53,023,886

		Electronic Equipment, Instruments & Components – 0.1%
	630,490	Corning, Inc.		13,126,802

		Oil, Gas & Consumable Fuels – 0.4%
	1,026,979	Chesapeake Energy Corp.		26,311,202
	850,302	Repsol YPF S.A., Sponsored ADR		21,758,378
	750,000	Royal Dutch Shell PLC, ADR		54,795,000

				102,864,580

		Pharmaceuticals – 1.6%
	3,372,358	Bristol-Myers Squibb Co.		175,193,998
	1,463,657	Valeant Pharmaceuticals International, Inc.(f)		192,953,902

				368,147,900

		Semiconductors & Semiconductor Equipment – 2.1%
	18,411,567	Intel Corp.		475,202,544

		Trading Companies & Distributors – 0.1%
	203,019	United Rentals, Inc.(f)		19,274,624

		Total Common Stocks (Identified Cost $994,818,983)		1,559,290,505


	Preferred Stocks – 2.0%

	Convertible Preferred Stocks – 1.4%

		Banking – 0.2%
	25,823	Bank of America Corp., Series L, 7.250%		29,546,935
	12,483	Wells Fargo & Co., Series L, Class A, 7.500%		14,642,559

				44,189,494

		Electric – 0.1%
	409,305	AES Trust III, 6.750%		20,915,485

		Independent Energy – 0.3%
	149,377	Chesapeake Energy Corp., 4.500%		13,669,489
	228,788	Chesapeake Energy Corp., 5.000%		22,169,557

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – continued

		Independent Energy – continued
	12,470	Chesapeake Energy Corp., Series A, 5.750%, 144A	$	13,943,019
	91,888	SandRidge Energy, Inc., 7.000%		9,251,973
	144,600	SandRidge Energy, Inc., 8.500%		15,173,963

				74,208,001

		Metals & Mining – 0.3%
	1,793,746	ArcelorMittal, 6.000%		43,014,029
	1,246,423	Cliffs Natural Resources, Inc., 7.000%		25,838,349

				68,852,378

		Pipelines – 0.1%
	325,710	El Paso Energy Capital Trust I, 4.750%		16,627,495

		REITs – Diversified – 0.1%
	515	Crown Castle International Corp., Series A, 4.500%		52,216
	561,271	Weyerhaeuser Co., Series A, 6.375%		30,645,396

				30,697,612

		REITs – Healthcare – 0.1%
	172,150	Health Care REIT, Inc., Series I, 6.500%		9,559,490

		REITs – Hotels – 0.0%
	204,967	FelCor Lodging Trust, Inc., Series A, 1.950%		5,095,480

		REITs – Mortgage – 0.2%
	679,716	iStar Financial, Inc., Series J, 4.500%		43,671,753

		Wirelines – 0.0%
	1,119	Cincinnati Bell, Inc., 6.750%		50,422

		Total Convertible Preferred Stocks (Identified Cost $273,939,871)		313,867,610


	Non-Convertible Preferred Stocks – 0.6%

		Banking – 0.4%
	65,854	Ally Financial, Inc., Series G, 7.000%, 144A		65,043,172
	53,000	Bank of America Corp., 6.375%		1,319,700
	534,725	Countrywide Capital IV, 6.750%		13,555,279

				79,918,151

		Electric – 0.0%
	2,925	Connecticut Light & Power Co., 1.900%		134,916
	100	Entergy Arkansas, Inc., 4.320%		8,641
	5,000	Entergy Mississippi, Inc., 4.360%		435,000
	665	Entergy New Orleans, Inc., 4.360%		56,296
	200	Entergy New Orleans, Inc., 4.750%		18,450

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – continued

		Electric – continued
	50,100	Southern California Edison Co., 4.780%	$	1,139,775

				1,793,078

		Government Sponsored – 0.2%
	38,000	Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(e)		39,425,000

		Home Construction – 0.0%
	41,783	Hovnanian Enterprises, Inc., 7.625%(f)		601,675

		Non-Captive Consumer – 0.0%
	149,767	SLM Corp., Series A, 6.970%		7,301,141

		Non-Captive Diversified – 0.0%
	58,400	iStar Financial, Inc., Series E, 7.875%		1,399,264
	58,575	iStar Financial, Inc., Series F, 7.800%		1,388,227
	15,550	iStar Financial, Inc., Series G, 7.650%		366,203

				3,153,694

		REITs – Office Property – 0.0%
	2,318	Highwoods Properties, Inc., Series A, 8.625%		2,657,008

		REITs – Warehouse/Industrials – 0.0%
	169,007	ProLogis, Inc., Series Q, 8.540%		9,709,452

		Total Non-Convertible Preferred Stocks (Identified Cost $91,856,549)		144,559,199


		Total Preferred Stocks (Identified Cost $365,796,420)		458,426,809


	Closed-End Investment Companies – 0.0%
	680,008	NexPoint Credit Strategies Fund (Identified Cost $9,807,937)		7,527,689


	Principal Amount (‡)

	Short-Term Investments – 0.9%
$	2,666,790	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2014 at 0.000% to be repurchased at $2,666,790 on 4/01/2014 collateralized by $2,895,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $2,720,891 including accrued interest (Note 2 of Notes to Financial Statements)		2,666,790

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Short-Term Investments – continued
$	202,937,475	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $202,937,475 on 04/01/2014 collateralized by $3,870,000 Federal Home Loan Mortgage Corp., 1.650% due 11/15/2019 valued at $3,758,738; $143,045,000 U.S. Treasury Note, 1.50% due 8/31/2018 valued at $142,687,388; $61,165,000 U.S. Treasury Note, 1.375% due 9/30/2018 valued at $60,553,350; including accrued interest (Note 2 of Notes to Financial Statements)	$	202,937,475

		Total Short-Term Investments (Identified Cost $205,604,265)		205,604,265


		Total Investments – 98.9% (Identified Cost $20,287,066,622)(a)		22,711,001,944
		Other assets less liabilities—1.1%		246,518,255

		Net Assets – 100.0%	$	22,957,520,199


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 25.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $20,358,184,757 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	2,866,111,544
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(513,294,357	)

		Net unrealized appreciation	$	2,352,817,187

	(b)	Variable rate security. Rate as of March 31, 2014 is disclosed.
	(c)	Illiquid security. At March 31, 2014, the value of these securities amounted to $516,691,341 or 2.3% of net assets.
	(d)	Perpetual bond with no specified maturity date.
	(e)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(f)	Non-income producing security.
	(g)	Fair valued by the Fund’s investment adviser. At March 31, 2014, the value of this security amounted to $74,143,440 or 0.3% of net assets.
	(h)	Maturity has been extended under the terms of a plan of reorganization.
	(i)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of Rule 144A holdings amounted to $2,570,063,330 or 11.2% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Bond Fund – continued


	ABS			Asset-Backed Securities
	AGMC			Assured Guaranty Municipal Corp.
	EMTN			Euro Medium Term Note
	FHLMC			Federal Home Loan Mortgage Corp.
	GMTN			Global Medium Term Note
	MBIA			Municipal Bond Investors Assurance Corp.
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts

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

Industry Summary at March 31, 2014 (Unaudited)


Treasuries	27.4	%
Banking	12.4
Technology	4.9
Wirelines	4.9
Non-Captive Diversified	4.0
Non-Captive Consumer	3.1
Automotive	2.8
Healthcare	2.6
Local Authorities	2.6
Life Insurance	2.3
Semiconductors & Semiconductor Equipment	2.1
Other Investments, less than 2% each	28.9
Short-Term Investments	0.9

Total Investments	98.9
Other assets less liabilities	1.1

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2014 (Unaudited)


United States Dollar	67.9	%
Canadian Dollar	11.3
New Zealand Dollar	4.7
Australian Dollar	3.6
Euro	3.0
Norwegian Krone	2.6
Other, less than 2% each	5.8

Total Investments	98.9
Other assets less liabilities	1.1

Net Assets	100.0	%

See accompanying notes to financial statements.

| 28

Statement of Assets and Liabilities

March 31, 2014 (Unaudited)


ASSETS
Investments at cost	$	20,287,066,622
Net unrealized appreciation		2,423,935,322

Investments at value		22,711,001,944
Cash		843,083
Foreign currency at value (identified cost $8,978,494)		9,169,222
Receivable for Fund shares sold		42,571,313
Receivable for securities sold		42,298,087
Dividends and interest receivable		263,321,025
Tax reclaims receivable		379,887

TOTAL ASSETS		23,069,584,561

LIABILITIES
Payable for securities purchased		79,405,472
Payable for Fund shares redeemed		18,199,497
Foreign taxes payable (Note 2)		1,562,632
Management fees payable (Note 5)		9,864,244
Deferred Trustees’ fees (Note 5)		1,296,794
Administrative fees payable (Note 5)		843,463
Payable to distributor (Note 5d)		192,249
Other accounts payable and accrued expenses		700,011

TOTAL LIABILITIES		112,064,362

NET ASSETS	$	22,957,520,199

NET ASSETS CONSIST OF:
Paid-in capital	$	20,530,124,147
Distributions in excess of net investment income		(117,789,730	)
Accumulated net realized gain on investments and foreign currency transactions		118,101,077
Net unrealized appreciation on investments and foreign currency translations		2,427,084,705

NET ASSETS	$	22,957,520,199


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	13,878,450,954

Shares of beneficial interest		897,659,210

Net asset value, offering and redemption price per share	$	15.46

Retail Class:
Net assets	$	8,768,692,870

Shares of beneficial interest		569,661,412

Net asset value, offering and redemption price per share	$	15.39

Admin Class:
Net assets	$	294,736,830

Shares of beneficial interest		19,205,925

Net asset value, offering and redemption price per share	$	15.35

Class N shares:
Net assets	$	15,639,545

Shares of beneficial interest		1,012,576

Net asset value, offering and redemption price per share	$	15.45

See accompanying notes to financial statements.

29 |

Statement of Operations

For the Six Months Ended March 31, 2014 (Unaudited)


INVESTMENT INCOME
Interest	$	480,365,673
Dividends		36,879,866
Less net foreign taxes withheld		(1,077,164	)

		516,168,375

Expenses
Management fees (Note 5)		56,264,698
Service and distribution fees (Note 5)		11,262,673
Administrative fees (Note 5)		4,838,076
Trustees’ fees and expenses (Note 5)		297,448
Transfer agent fees and expenses (Notes 5 and 6)		7,963,283
Audit and tax services fees		27,002
Custodian fees and expenses		581,787
Legal fees		133,351
Registration fees		185,200
Shareholder reporting expenses		468,754
Miscellaneous expenses		244,781

Total expenses		82,267,053
Fee/expense recovery (Note 5)		132

Net expenses		82,267,185

Net investment income		433,901,190


NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investments		201,506,817
Foreign currency transactions		2,739,755
Net change in unrealized appreciation (depreciation) on:
Investments		527,781,339
Foreign currency translations		4,355,450

Net realized and unrealized gain on investments and foreign currency transactions		736,383,361


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,170,284,551

See accompanying notes to financial statements.

| 30

Statement of Changes in Net Assets


	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Net investment income	$	433,901,190		$	993,983,115
Net realized gain on investments and foreign currency transactions		204,246,572			742,374,898
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		532,136,789			(382,216,079	)

Net increase in net assets resulting from operations		1,170,284,551			1,354,141,934

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(328,454,636	)		(744,945,068	)
Retail Class		(197,019,612	)		(468,415,000	)
Admin Class		(6,263,483	)		(14,798,394	)
Class N		(237,269	)		(594	)
Net realized capital gains
Institutional Class		(57,923,651	)		—
Retail Class		(36,719,055	)		—
Admin Class		(1,240,282	)		—
Class N		(42,145	)		—

Total distributions		(627,900,133	)		(1,228,159,056	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		862,891,944			(499,190,656	)

Net increase (decrease) in net assets		1,405,276,362			(373,207,778	)
NET ASSETS
Beginning of the period		21,552,243,837			21,925,451,615

End of the period	$	22,957,520,199		$	21,552,243,837

DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(117,789,730	)	$	(19,715,920	)

See accompanying notes to financial statements.

31 |

This Page Intentionally Left Blank

| 32

Financial Highlights

For a share outstanding throughout each period.


			Income (Loss) from Investment Operations:							Less Distributions:
	Net asset value, beginning of the period		Net investment income (a)		Net realized and unrealized gain (loss)			Total from investment operations		Dividends from net investment income			Distributions from net realized capital gains			Total distributions

Institutional Class
3/31/2014(e)	$	15.09	$	0.31		$0.51		$	0.82	$	(0.38	)	$	(0.07	)	$	(0.45	)
9/30/2013		14.99		0.69		0.27			0.96		(0.86	)		—			(0.86	)
9/30/2012		13.88		0.72		1.24			1.96		(0.85	)		—			(0.85	)
9/30/2011		14.20		0.73		(0.25	)		0.48		(0.80	)		—			(0.80	)
9/30/2010		12.99		0.78		1.24			2.02		(0.81	)		—			(0.81	)
9/30/2009		11.89		0.85		1.23			2.08		(0.87	)		(0.11	)		(0.98	)

Retail Class
3/31/2014(e)		15.02		0.29		0.50			0.79		(0.35	)		(0.07	)		(0.42	)
9/30/2013		14.93		0.65		0.25			0.90		(0.81	)		—			(0.81	)
9/30/2012		13.83		0.68		1.23			1.91		(0.81	)		—			(0.81	)
9/30/2011		14.15		0.69		(0.25	)		0.44		(0.76	)		—			(0.76	)
9/30/2010		12.94		0.74		1.24			1.98		(0.77	)		—			(0.77	)
9/30/2009		11.85		0.82		1.22			2.04		(0.84	)		(0.11	)		(0.95	)

Admin Class
3/31/2014(e)		14.98		0.26		0.52			0.78		(0.34	)		(0.07	)		(0.41	)
9/30/2013		14.89		0.61		0.25			0.86		(0.77	)		—			(0.77	)
9/30/2012		13.80		0.63		1.23			1.86		(0.77	)		—			(0.77	)
9/30/2011		14.11		0.65		(0.25	)		0.40		(0.71	)		—			(0.71	)
9/30/2010		12.91		0.70		1.23			1.93		(0.73	)		—			(0.73	)
9/30/2009		11.82		0.79		1.22			2.01		(0.81	)		(0.11	)		(0.92	)

Class N
3/31/2014(e)		15.07		0.31		0.52			0.83		(0.38	)		(0.07	)		(0.45	)
9/30/2013*		15.33		0.47		(0.25	)		0.22		(0.48	)		—			(0.48	)

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

(a)

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

(b)

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

(c)

(d)

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

(e)

For the six months ended March 31, 2014 (Unaudited).

(f)

Includes fee/expense recovery of less than 0.01%.

(g)

Includes fee/expense recovery of 0.01%.

See accompanying notes to financial statements.

33 |


						Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (b)		Net assets, end of the period (000’s)		Net expenses (%) (c)(d)			Gross expenses (%) (d)			Net investment income (%) (d)		Portfolio turnover rate (%)


$	15.46		5.47	$	13,878,451		0.63			0.63			4.05		12
	15.09		6.51		12,997,813		0.63			0.63			4.57		28
	14.99		14.52		12,971,639		0.63			0.63			4.99		20
	13.88		3.34		10,897,694		0.63			0.63			5.04		22
	14.20		16.00		11,194,527		0.64			0.64			5.76		27
	12.99		19.84		10,855,818		0.65			0.65			7.69		39


	15.39		5.35		8,768,693		0.92			0.92			3.77		12
	15.02		6.15		8,282,010		0.92			0.92			4.28		28
	14.93		14.25		8,651,794		0.92			0.92			4.69		20
	13.83		2.97		7,907,178		0.92			0.92			4.75		22
	14.15		15.72		8,241,062		0.93	(f)		0.93	(f)		5.46		27
	12.94		19.46		7,646,591		0.95			0.96			7.44		39


	15.35		5.23		294,737		1.18			1.18			3.50		12
	14.98		5.88		272,181		1.18			1.18			4.02		28
	14.89		13.91		302,018		1.20			1.20			4.42		20
	13.80		2.77		262,567		1.20	(g)		1.20	(g)		4.47		22
	14.11		15.37		266,215		1.20			1.21			5.20		27
	12.91		19.21		226,032		1.20			1.25			7.22		39


	15.45		5.50		15,640		0.59	(f)		0.59	(f)		4.08		12
	15.07		1.45		241		0.65			2.14			4.73		28

See accompanying notes to financial statements.

| 34

Notes to Financial Statements

March 31, 2014 (Unaudited)

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

The Fund is a diversified investment company.

The Fund offers Institutional Class, Retail Class, Admin Class and Class N shares.

Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed to a fund are generally apportioned based on the relative net assets of each of the funds in the Trust. Expenses of the Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees and transfer agent fees). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

35 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

quoted on the exchange or market where 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. 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 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. Short-term obligations (purchased with an original or remaining maturity of sixty days or less) are valued at amortized cost (which approximates market value).

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange (“NYSE”). This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s 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.

| 36

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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

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

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

d. Federal and Foreign Income Taxes. The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of the Fund’s tax positions for the open tax years as of March 31, 2014 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

37 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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

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

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2013 was as follows:

f. Repurchase Agreements. The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of March 31, 2014, the Fund had investments in

| 38

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes.

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

For the six months ended March 31, 2014, the Fund did not loan securities under this agreement.

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

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

•

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

•

Level 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

39 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2014, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	6,322,812	$	20,759,837	(b)	$	27,082,649
ABS Other		—		—		32,786,443	(b)		32,786,443
Airlines		—		82,613,114		359,115,070	(b)		441,728,184
Life Insurance		—		439,357,821		7,625,000	(b)		446,982,821
Non-Captive Consumer		3,245,452		715,896,316		—			719,141,768
Retailers		—		100,904,832		15,591,801	(c)		116,496,633
Transportation Services		—		22,993,636		57,934,678	(c)		80,928,314
All Other Non-Convertible Bonds(a)		—		16,167,277,304		—			16,167,277,304

Total Non-Convertible Bonds		3,245,452		17,535,365,835		493,812,829			18,032,424,116

Convertible Bonds
Wirelines		—		174,974,969		616,961	(c)		175,591,930
All Other Convertible Bonds(a)		—		1,658,519,536		—			1,658,519,536

Total Convertible Bonds		—		1,833,494,505		616,961			1,834,111,466

Municipals(a)		—		261,704,343		—			261,704,343

Total Bonds and Notes		3,245,452		19,630,564,683		494,429,790			20,128,239,925

Senior Loans(a)		—		351,912,751		—			351,912,751
Common Stocks(a)		1,559,290,505		—		—			1,559,290,505
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		45,091,019		29,116,982		—			74,208,001
REITs – Mortgage		—		43,671,753		—			43,671,753
Wirelines		—		50,422		—			50,422
All Other Convertible Preferred Stocks(a)		195,937,434		—		—			195,937,434

Total Convertible Preferred Stocks		241,028,453		72,839,157		—			313,867,610

| 40

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Asset Valuation Inputs – continued


Description	Level 1		Level 2		Level 3		Total
Preferred Stocks – continued
Non-Convertible Preferred Stocks
Electric	$	1,139,775	$	653,303	$	—	$	1,793,078
Government Sponsored		—		39,425,000		—		39,425,000
REITs – Office Property		—		2,657,008		—		2,657,008
All Other Non-Convertible Preferred Stocks(a)		100,684,113		—		—		100,684,113

Total Non-Convertible Preferred Stocks		101,823,888		42,735,311		—		144,559,199

Total Preferred Stocks		342,852,341		115,574,468		—		458,426,809

Closed-End Investment Companies		7,527,689		—		—		7,527,689
Short-Term Investments		—		205,604,265		—		205,604,265

Total	$	1,912,915,987	$	20,303,656,167	$	494,429,790	$	22,711,001,944

(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.

Preferred stocks valued at $51,398,641 were transferred from Level 1 to Level 2 during the period ended March 31, 2014. At March 31, 2014, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service as a market price was not available.

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

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.

41 |

Notes to Financial Statements – continued

March 31, 2014 (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, 2013 and/or March 31, 2014:

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2013		Accrued Discounts (Premiums)			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	—		$	—	$	193,478
ABS Other		—		—			2,036		(12,475	)
Airlines		349,096,577		152,149			496,165		13,667,480
Life Insurance		7,625,000		—			—		—
Retailers		15,667,254		33,580			—		(109,033	)
Transportation Services		62,142,116		—			707,818		(828,840	)
Convertible Bonds
Wirelines		547,121		—			—		69,840

Total	$	435,078,068	$	185,729		$	1,206,019	$	12,980,450


Investments in Securities – continued	Purchases		Sales			Transfers in to Level 3		Transfers out of Level 3
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	20,566,359	$	—		$	—	$	—
ABS Other		32,936,153		(139,271	)		—		—
Airlines		—		(15,368,083	)		11,070,782		—
Life Insurance		—		—			—		—
Retailers		—		—			—		—
Transportation Services		—		(4,086,416	)		—		—
Convertible Bonds
Wirelines		—		—			—		—

Total	$	53,502,512	$	(19,593,770	)	$	11,070,782	$	—

| 42

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Asset Valuation Inputs – continued


Investments in Securities – continued	Balance as of March 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	20,759,837	$	193,478
ABS Other		32,786,443		(12,475	)
Airlines		359,115,070		13,667,530
Life Insurance		7,625,000		—
Retailers		15,591,801		(109,033	)
Transportation Services		57,934,678		(828,840	)
Convertible Bonds
Wirelines		616,961		69,840

Total	$	494,429,790	$	12,980,500

Debt securities valued at $11,070,782 were transferred from Level 2 to Level 3 during the period ended March 31, 2014. At March 31, 2014, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

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, 2014, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $1,978,468,971 and $1,839,901,019, respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $2,628,831,189 and $688,589,570, respectively.

5. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to the Fund. Under the terms of the management agreement, the Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on the Fund’s average daily net assets:


Percentage of Average Daily Net Assets
First $3 billion	Next $12 billion	Over $15 billion
0.60%	0.50%	0.49%

43 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Loomis Sayles has given a binding undertaking to the Fund to waive management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. This undertaking is in effect until January 31, 2015 and is reevaluated on an annual basis. Management fees payable, as reflected on the Statement of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to this undertaking.

For the six months ended March 31, 2014, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:


Expense Limit as a Percentage of Average Daily Net Assets
Institutional Class	Retail Class	Admin Class	Class N
0.70%	0.95%	1.20%	0.65%

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

For the six months ended March 31, 2014, the management fees for the Fund were $56,264,698 (effective rate of 0.51% of average daily net assets).

For the six months ended March 31, 2014, no class-specific expenses have been reimbursed. Expense reimbursements are subject to possible recovery until September 30, 2015.

For the six months ended March 31, 2014, expense reimbursements related to the prior fiscal year of $132 have been recovered for Class N.

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

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted Distribution Plans relating to the Fund’s Retail Class shares (the “Retail Class Plan”) and Admin Class shares (the “Admin Class Plan”).

| 44

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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

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

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

For the six months ended March 31, 2014, the service and distribution fees for the Fund were as follows:


Service Fees	Distribution Fees
Admin Class	Retail Class	Admin Class
$352,797	$10,557,079	$352,797

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

45 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

For the six months ended March 31, 2014, the administrative fees for the Fund were $4,838,076.

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

For the six months ended March 31, 2014, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were as follows:


Sub-Transfer Agent Fees
Institutional Class	Retail Class	Admin Class
$3,762,591	$3,731,230	$140,048

As of March 31, 2014, the Fund owes NGAM Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as payable to distributor):


Reimbursements of Sub-Transfer Agent Fees
Institutional Class	Retail Class	Admin Class
$93,904	$94,860	$3,485

| 46

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Chairperson of the Governance Committee) receives an additional retainer fee at the annual rate of $17,500. 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 Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each Fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

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

f. Affiliated Ownership. At March 31, 2014, the Loomis Sayles Funded Pension Plan and Trust and the Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of the Fund representing 0.06% and 0.14% of net assets, respectively.

6. Class-Specific Transfer Agent Fees and Expenses. For the six months ended March 31, 2014, class-specific transfer agent fees and expenses (including sub-transfer agent fees and expenses) for the Fund were as follows:


Transfer Agent Fees and Expenses
Institutional Class	Retail Class	Admin Class	Class N
$3,845,191	$3,968,835	$149,094	$163

7. Line of Credit. The Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each Fund that participates in the line of credit. Interest is charged to each participating Fund based on its borrowings at a rate per annum

47 |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2014, the Fund had no borrowings under this agreement.

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

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, 2014						Year Ended September 30, 2013*
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		119,670,215		$	1,827,299,871			221,796,824		$	3,372,879,962
Issued in connection with the reinvestment of distributions		22,970,655			349,296,470			44,182,283			667,939,710
Redeemed		(106,494,664	)		(1,624,549,459	)		(269,814,290	)		(4,088,507,940	)

Net change		36,146,206		$	552,046,882			(3,835,183	)	$	(47,688,268	)

Retail Class
Issued from the sale of shares		74,775,716		$	1,136,909,792			133,696,303		$	2,025,097,434
Issued in connection with the reinvestment of distributions		14,914,079			225,820,473			30,121,027			453,550,157
Redeemed		(71,329,274	)		(1,082,746,547	)		(192,062,227	)		(2,898,523,483	)

Net change		18,360,521		$	279,983,718			(28,244,897	)	$	(419,875,892	)

| 48

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

9. Capital Shares – continued.


	Six Months Ended March 31, 2014						Year Ended September 30, 2013*
Admin Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		3,622,580		$	54,891,932			4,853,051		$	73,226,460
Issued in connection with the reinvestment of distributions		465,830			7,032,024			913,752			13,716,196
Redeemed		(3,053,746	)		(46,273,327	)		(7,883,829	)		(118,809,900	)

Net change		1,034,664		$	15,650,629			(2,117,026	)	$	(31,867,244	)

Class N
Issued from the sale of shares		1,087,142		$	16,597,529			15,930		$	240,289
Issued in connection with the reinvestment of distributions		17,868			271,454			31			471
Redeemed		(108,394	)		(1,658,268	)		(1	)		(12	)

Net change		996,616		$	15,210,715			15,960		$	240,748

Increase (decrease) from capital share transactions		56,538,007		$	862,891,944			(34,181,146	)	$	(499,190,656	)

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

49 |

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There was no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.


(a)	(1)	Not applicable.

(a)	(2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(a)	(3)	Not applicable.

(b)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Loomis Sayles Funds I

By:		/s/ Robert J. Blanding
Name:		Robert J. Blanding
Title:		President and Chief Executive Officer
Date:		May 22, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Robert J. Blanding
Name:		Robert J. Blanding
Title:		President and Chief Executive Officer
Date:		May 22, 2014

By:		/s/ Michael C. Kardok
Name:		Michael C. Kardok
Title:		Treasurer
Date:		May 22, 2014