N-CSRS

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: 811-06241

Loomis Sayles Funds II

(Exact name of Registrant as specified in charter)

399 Boylston Street,

Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Coleen Downs Dinneen, Esq.

NGAM Distribution, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2013

Item 1. Reports to Stockholders.

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

SEMIANNUAL REPORT

March 31, 2013

Loomis Sayles Global Equity and Income Fund

Loomis Sayles Growth Fund

Loomis Sayles Mid Cap Growth Fund

Loomis Sayles Value Fund

TABLE OF CONTENTS

LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND

Managers	Symbols
Daniel J. Fuss, CFA, CIC	Class A    LGMAX
Warren N. Koontz, CFA, CIC*	Class C    LGMCX
Eileen N. Riley, CFA**	Class Y    LSWWX
David Rolley, CFA
Lee M. Rosenbaum**
Loomis, Sayles & Company, L.P.

Objective

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

Strategy

Under normal circumstances, invests 80% of its net assets (plus any borrowings for investment purposes) in equity and fixed-income securities of U.S. and foreign issuers, including securities of issuers located in emerging markets

* Effective April 11, 2013, Warren N. Koontz no longer serves as a portfolio manager for the Fund.

** Eileen N. Riley, CFA and Lee M. Rosenbaum became portfolio managers of the Fund effective April 11, 2013.

1  |

Average Annual Total Returns — March 31, 2013⁵

	6 Months			1 Year			5 Years			10 Years
Class A (Inception 2/1/06)1
NAV		5.78	%		7.55	%		6.71	%		11.01	%
With 5.75% Maximum Sales Charge		-0.29			1.39			5.45			10.35
Class C (Inception 2/1/06)1
NAV		5.40			6.73			5.92			10.18
With CDSC2		4.40			5.73			5.92			10.18
Class Y (Inception 5/1/96)
NAV		5.97			7.79			6.99			11.28
Comparative Performance
MSCI World Index3		10.71			12.53			2.83			9.46
Citigroup World Government Bond Index4		-4.43			-0.67			2.77			5.42

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

1 Prior to the inception of Class A and C shares (2/1/06), performance is that of Institutional Class shares, restated to reflect the higher net expenses and sales loads of Class A and C shares.

2 Performance for Class C shares assumes a 1% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

3 MSCI World Index is an unmanaged index that is designed to measure the equity market performance of developed markets.

4 Citigroup World Government Bond Index is an unmanaged index that includes the most significant and liquid government bond markets globally that carry at least an investment-grade rating.

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

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LOOMIS SAYLES GROWTH FUND

Manager	Symbols
Aziz Hamzaogullari, CFA	Class A    LGRRX
Loomis, Sayles & Company, L.P.	Class B    LGRBX
	Class C    LGRCX
	Class N    LGRNX
	Class Y    LSGRX

Objective

Long-term growth of capital

Strategy

Under normal circumstances invests primarily in equity securities, including common stocks, convertible securities, and warrants; focuses on stocks of large-capitalization companies, but may invest in companies of any size

3  |

Average Annual Total Returns — March 31, 2013⁴

	6 Months			1 Year			5 Years			10 Years			Since Class N Inception
Class A (Inception 12/31/96)1
NAV		12.97	%		16.01	%		3.67	%		6.94	%		—	%
With 5.75% Maximum Sales Charge		6.43			9.28			2.47			6.31			—
Class B (Inception 9/12/03)1
NAV		12.48			15.32			2.93			6.15			—
With CDSC2		7.48			10.32			2.57			6.15			—
Class C (Inception 9/12/03)1
NAV		12.53			15.18			2.94			6.16			—
With CDSC2		11.53			14.18			2.94			6.16			—
Class N (Inception 2/1/13)
NAV		—			—			—			—			1.85
Class Y (Inception 5/16/91)
NAV		13.05			16.25			4.02			7.27			—
Comparative Performance
Russell 1000® Growth Index3		8.10			10.09			7.30			8.62			3.95

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

1 Prior to 9/15/03, performance of Class A shares is that of Retail Class shares, which were redesignated as Class A shares, restated to reflect the sales load of Class A shares. Prior to the inception of Class B and C shares (9/12/03), performance is that of Institutional Class shares, restated to reflect the higher net expenses and sales loads of Class B and C shares.

2 Performance for Class B shares assumes a maximum of 5% contingent deferred sales charge (“CDSC”) applied when you sell shares, which declines annually between years 1-6 according to the following schedule: 5, 4, 3, 3, 2, 1, 0%. Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

3 Russell 1000^® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

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

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LOOMIS SAYLES MID CAP GROWTH FUND

Manager	Symbols
Philip C. Fine, CFA	Class A    LAGRX
Loomis, Sayles & Company, L.P.	Class C    LSACX
	Class N    LSANX
	Class Y    LSAIX

Objective

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

Strategy

Normally invests 80% of its net assets in common stocks or other equity securities; focuses on stocks of companies that fall within the capitalization range of the companies included in the Russell Midcap Growth Index, but may invest in companies of any size.

5  |

Average Annual Total Returns — March 31, 2013⁴

	6 Months			1 Year			5 Years			10 Years			Since Class N Inception
Class A (Inception 12/31/96)1
NAV		8.77	%		7.87	%		4.87	%		11.97	%		—	%
With 5.75% Maximum Sales Charge		2.52			1.69			3.64			11.31			—
Class C (Inception 2/2/09)1
NAV		8.37			7.07			4.10			11.10			—
With CDSC2		7.37			6.07			4.10			11.10			—
Class N (Inception 2/1/13)
NAV		—			—			—			—			3.56
Class Y (Inception 12/31/96)
NAV		8.92			8.16			5.14			12.25			—
Comparative Performance
Russell Midcap® Growth Index3		13.39			12.76			7.98			11.53			4.00

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

1 Prior to 2/1/09, performance of Class A shares is that of Retail Class shares, which were redesignated as Class A shares, restated to reflect the sales load of Class A shares. Prior to the inception of Class C shares (2/2/09), performance is that of Retail Class shares, restated to reflect the higher net expenses and sales loads of Class C shares. The fund revised its investment strategies on 2/1/07; performance may have been different had the current strategies been in place for all periods shown.

2 Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

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

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

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LOOMIS SAYLES VALUE FUND

Managers	Symbols
Arthur Barry, CFA	Class A	LSVRX
James L. Carroll, CFA	Class B	LSVBX
Warren N. Koontz, CFA, CIC	Class C	LSCVX
	Class N	LSVNX
Loomis, Sayles & Company, L.P.	Class Y	LSGIX
	Admin Class	LSAVX

Objective

Long-term growth of capital and income

Strategy

Under normal conditions invests primarily in equity securities, including common stocks, convertible securities, and warrants.

7  |

Average Annual Total Returns — March 31, 2013⁴

	6 Months			1 Year			5 Years			10 Years			Since Class N Inception
Class A (Inception 6/30/06)1
NAV		14.34	%		19.55	%		4.50	%		10.23	%		—	%
With 5.75% Maximum Sales Charge		7.77			12.66			3.26			9.57			—
Class B (Inception 6/1/07)1
NAV		13.94			18.76			3.73			9.33			—
With CDSC2		8.94			13.76			3.38			9.33			—
Class C (Inception 6/1/07)1
NAV		13.91			18.68			3.73			9.33			—
With CDSC2		12.91			17.68			3.73			9.33			—
Class N (Inception 2/1/13)
NAV		—			—			—			—			4.29
Admin Class (Inception 2/1/10)1
NAV		14.20			19.31			4.24			9.93			—
Class Y (Inception 5/13/91)
NAV		14.49			19.88			4.79			10.54			—
Comparative Performance
Russell 1000® Value Index3		14.02			18.77			4.85			9.18			4.48

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

1 Prior to 6/1/07, performance of Class A shares is that of Retail Class shares, which were redesignated as Class A shares, restated to reflect the sales load of Class A shares. Prior to the inception of Retail Class shares (6/30/06), performance is that of Institutional Class shares, restated to reflect the higher net expenses and sales loads of Class A shares. Prior to the inception of Class B and C shares (6/1/07), performance is that of Institutional Class shares, restated to reflect the higher net expenses and sales loads of Class B and C shares. Prior to the inception of Admin Class shares (2/1/10), performance is that of Class A shares, restated to reflect the higher net expenses of Admin Class shares.

2 Performance for Class B shares assumes a maximum of 5% contingent deferred sales charge (“CDSC”) applied when you sell shares, which declines annually between years 1-6 according to the following schedule: 5, 4, 3, 3, 2, 1, 0%. Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

3 Russell 1000^® Value Index is an unmanaged index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and higher forecasted growth values.

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

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ADDITIONAL INFORMATION

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the funds’ website at ngam.natixis.com; and on the Securities and Exchange Commission’s website at www.sec.gov. Information regarding how the funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2012 is available from the funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The funds will 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.

9  |

UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different types of costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions, and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. These costs are described in more detail in the funds’ prospectus. The examples below are intended to help you understand the ongoing costs of investing in the funds and help you compare these with the ongoing costs of investing in other mutual funds.

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

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

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

LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2012		ENDING ACCOUNT VALUE 3/31/2013		EXPENSES PAID DURING PERIOD* 10/1/2012 – 3/31/2013
Class A
Actual	$	1,000.00	$	1,057.80	$	6.11
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	5.99
Class C
Actual	$	1,000.00	$	1,054.00	$	9.93
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.26	$	9.75
Class Y
Actual	$	1,000.00	$	1,059.70	$	4.83
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.24	$	4.73

* Expenses are equal to the Fund’s annualized expense ratio: 1.19%, 1.94% and 0.94% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES GROWTH FUND	BEGINNING ACCOUNT VALUE 10/1/2012		ENDING ACCOUNT VALUE 3/31/2013			EXPENSES PAID DURING PERIOD 10/1/2012 – 3/31/2013
Class A
Actual	$	1,000.00	$	1,129.70		$	5.58	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.70		$	5.29	*
Class B
Actual	$	1,000.00	$	1,124.80		$	9.54	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.96		$	9.05	*
Class C
Actual	$	1,000.00	$	1,125.30		$	9.54	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.96		$	9.05	*
Class N
Actual	$	1,000.00	$	1,018.50	2	$	1.52	2
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19		$	4.78	*
Class Y
Actual	$	1,000.00	$	1,130.50		$	4.25	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.94		$	4.03	*

* Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.05%, 1.80%, 1.80%, 0.95% and 0.80% for Class A, B, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

¹  Actual expenses for Class A, B, C and Y are equal to the Fund’s annualized expense ratio: 1.05%, 1.80%, 1.80% and 0.80%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

²  Class N commenced operations on February 1, 2013. Actual expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.95%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (58), divided by 365 (to reflect the partial period).

11  |

LOOMIS SAYLES MID CAP GROWTH FUND	BEGINNING ACCOUNT VALUE 10/1/2012		ENDING ACCOUNT VALUE 3/31/2013			EXPENSES PAID DURING PERIOD 10/1/2012 – 3/31/2013
Class A
Actual		$1,000.00		$1,087.70			$6.51	1
Hypothetical (5% return before expenses)		$1,000.00		$1,018.70			$6.29	*
Class C
Actual		$1,000.00		$1,083.70			$10.39	1
Hypothetical (5% return before expenses)		$1,000.00		$1,014.96			$10.05	*
Class N
Actual		$1,000.00		$1,035.60	2		$1.54	2
Hypothetical (5% return before expenses)		$1,000.00		$1,020.19			$4.78	*
Class Y
Actual		$1,000.00		$1,089.20			$5.21	1
Hypothetical (5% return before expenses)		$1,000.00		$1,019.95			$5.04	*

* Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.25%, 2.00%, 0.95% and 1.00% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

¹ Actual expenses for Class A, C and Y are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.25%, 2.00% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

²  Class N commenced operations on February 1, 2013. Actual expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.95%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (58), divided by 365 (to reflect the partial period).

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LOOMIS SAYLES VALUE FUND	BEGINNING ACCOUNT VALUE 10/1/2012		ENDING ACCOUNT VALUE 3/31/2013			EXPENSES PAID DURING PERIOD 10/1/2012 – 3/31/2013
Class A
Actual	$	1,000.00	$	1,143.40		$	5.24	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.04		$	4.94	*
Class B
Actual	$	1,000.00	$	1,139.40		$	9.23	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.31		$	8.70	*
Class C
Actual	$	1,000.00	$	1,139.10		$	9.23	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.31		$	8.70	*
Class N
Actual	$	1,000.00	$	1,042.90	2	$	1.30	2
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.94		$	4.03	*
Class Y
Actual	$	1,000.00	$	1,144.90		$	3.90	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.29		$	3.68	*
Admin Class
Actual	$	1,000.00	$	1,142.00		$	6.68	1
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70		$	6.29	*

* Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.98%, 1.73%, 1.73%, 0.80%, 0.73% and 1.25% for Class A, B, C, N, Y and Admin 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).

¹ Actual expenses for Class A, B, C, Y and Admin Class are equal to the Fund’s annualized expense ratio: 0.98%, 1.73%, 1.73%, 0.73% and 1.25%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

²  Class N commenced operations on February 1, 2013. Actual expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.80%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (58), divided by 365 (to reflect the partial period).

13  |

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

Loomis Sayles Global Equity and Income Fund

Shares		Description	Value (†)
	Common Stocks — 66.7% of Net Assets
		Belgium — 1.5%
	170,263	Anheuser-Busch InBev NV	$	16,927,102
		Brazil — 2.5%
	578,500	Cia Hering		10,334,702
	581,000	Mills Estruturas e Servicos de Engenharia S.A.		9,373,055
	341,800	Natura Cosmeticos S.A.		8,352,386
				28,060,143
		Canada — 0.9%
	272,002	Potash Corp. of Saskatchewan, Inc.		10,676,078
		Chile — 1.8%
	210,446	Banco Santander Chile, ADR		5,991,398
	1,168,308	S.A.C.I. Falabella		14,109,422
				20,100,820
		China — 1.9%
	1,104,500	China Mobile Ltd.		11,707,626
	1,073,000	Hengan International Group Co. Ltd.		10,505,766
				22,213,392
		France — 1.8%
	202,766	Sanofi		20,679,158
		Germany — 0.9%
	94,085	Siemens AG, (Registered)		10,142,240
		Hong Kong — 0.8%
	2,598,000	Hang Lung Properties Ltd.		9,743,313
		Japan — 0.8%
	63,100	FANUC Corp.		9,712,849
		Mexico — 1.4%
	6,646,800	Genomma Lab Internacional S.A. de CV, Class B(b)		16,181,847
		Netherlands — 2.7%
	961,935	DE Master Blenders 1753 NV(b)		14,858,339
	237,984	Royal Dutch Shell PLC, ADR		15,507,037
				30,365,376
		Russia — 0.7%
	279,994	Mail.ru Group Ltd., GDR, 144A(c)		7,741,834
		Sweden — 2.3%
	506,659	Atlas Copco AB, Class A		14,416,236
	765,165	Elekta AB, Class B		11,606,790
				26,023,026
		Switzerland — 1.9%
	93,106	Roche Holding AG		21,705,149
		Thailand — 0.8%
	612,900	Bangkok Bank PCL		4,855,482
	243,500	Siam Cement PCL		4,124,159
				8,979,641

See accompanying notes to financial statements.

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

Loomis Sayles Global Equity and Income Fund – (continued)

Shares		Description	Value (†)
		United Kingdom — 10.0%
	939,227	Aberdeen Asset Management PLC	$	6,137,857
	369,611	Antofagasta PLC		5,548,234
	2,437,915	Barclays PLC		10,846,922
	423,470	BG Group PLC		7,287,089
	212,794	British American Tobacco PLC		11,410,547
	329,816	Burberry Group PLC		6,677,111
	728,955	Diageo PLC		22,969,771
	373,862	Hikma Pharmaceuticals PLC		5,883,085
	386,041	Shire PLC		11,756,647
	613,138	Standard Chartered PLC		15,920,809
	3,761,053	Vodafone Group PLC		10,672,666
				115,110,738
		United States — 34.0%
	183,996	ACE Ltd.		16,370,124
	290,182	American Express Co.		19,575,678
	34,946	Apple, Inc.		15,468,148
	661,209	Calpine Corp.(b)		13,620,905
	86,473	Caterpillar, Inc.		7,520,557
	567,168	Citigroup, Inc.		25,091,512
	310,950	CVS Caremark Corp.		17,099,140
	132,235	Genesee & Wyoming, Inc., Class A(b)		12,312,401
	27,868	Google, Inc., Class A(b)		22,128,028
	955	Hawaiian Telcom Holdco, Inc.(b)		22,032
	135,621	Jones Lang LaSalle, Inc.		13,482,084
	318,823	Lowe’s Cos., Inc.		12,089,768
	421,459	Microsoft Corp.		12,057,942
	286,745	National Fuel Gas Co.		17,591,806
	113,765	National Oilwell Varco, Inc.		8,048,874
	159,423	Noble Energy, Inc.		18,438,864
	590,080	Oracle Corp.		19,083,187
	292,158	PNC Financial Services Group, Inc.		19,428,507
	160,879	Praxair, Inc.		17,944,444
	61,895	Precision Castparts Corp.		11,736,530
	21,123	Priceline.com, Inc.(b)		14,531,145
	225,130	QUALCOMM, Inc.		15,072,453
	213,335	Schlumberger Ltd.		15,976,658
	384,744	Texas Instruments, Inc.		13,650,717
	70,967	TransDigm Group, Inc.		10,852,274
	146,268	UnitedHealth Group, Inc.		8,367,992
	154,728	Valspar Corp.		9,631,818
	26,818	Vertex Pharmaceuticals, Inc.(b)		1,474,454
				388,668,042
		Total Common Stocks (Identified Cost $678,227,321)		763,030,748

See accompanying notes to financial statements.

15  |

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

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 25.8%
	Non-Convertible Bonds — 25.1%
		Argentina — 0.1%
$	567,512	Argentina Government International Bond, 8.280%, 12/31/2033	$	306,457
	170,000	Pan American Energy LLC, 7.875%, 5/07/2021, 144A		162,350
	500,000	Transportadora de Gas del Sur S.A., 7.875%, 5/14/2017, 144A		441,250
				910,057
		Australia — 0.2%
	1,200,000	Macquarie Bank Ltd., 5.000%, 2/22/2017, 144A		1,324,284
	500,000	Macquarie Bank Ltd., 6.625%, 4/07/2021, 144A		558,720
	235,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		269,974
	155,000	Sydney Airport Finance Co., 5.125%, 2/22/2021, 144A		171,332
				2,324,310
		Belgium — 0.1%
	350,000	Anheuser-Busch InBev NV, EMTN, 6.500%, 6/23/2017, (GBP)		642,485
		Brazil — 1.1%
	600,000	Banco BTG Pactual S.A., 5.750%, 9/28/2022, 144A		602,280
	800,000	Banco do Brasil S.A., 3.875%, 10/10/2022		774,000
	400,000	Banco Santander Brasil S.A., 4.500%, 4/06/2015, 144A		416,000
	600,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		634,500
	1,883,533	Banco Votorantim S.A., 6.250%, 5/16/2016, 144A, (BRL)		978,768
	800,000	Braskem Finance Ltd., 5.750%, 4/15/2021, 144A		838,800
	680,678(††)	Brazil Notas do Tesouro Nacional, Series B, 6.000%, 8/15/2014, (BRL)		351,616
	544,542(††)	Brazil Notas do Tesouro Nacional, Series B, 6.000%, 5/15/2015, (BRL)		286,300
	1,115(†††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2021, (BRL)		560,358
	600,000	BRF - Brazil Foods S.A., 5.875%, 6/06/2022, 144A		667,500
	400,000	CSN Resources S.A., 6.500%, 7/21/2020, 144A		427,800
	450,000	Fibria Overseas Finance Ltd., 6.750%, 3/03/2021, 144A		497,025
	300,000	Itau Unibanco Holding S.A., 6.200%, 12/21/2021, 144A		327,000
	100,000	LPG International, Inc., 7.250%, 12/20/2015		110,500
	190,000	Odebrecht Drilling Norbe VIII/IX Ltd., 6.350%, 6/30/2021, 144A		209,000
	420,000	Odebrecht Finance Ltd., 6.000%, 4/05/2023, 144A		470,400
	600,000	OGX Austria GmbH, 8.500%, 6/01/2018, 144A		468,000
	2,400,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		1,232,216
	320,000	Petrobras International Finance Co., 5.375%, 1/27/2021		345,278
	300,000	Petrobras International Finance Co., 6.875%, 1/20/2040		343,105
	800,000	Samarco Mineracao S.A., 4.125%, 11/01/2022, 144A		778,400
	129,000	Telemar Norte Leste S.A., 5.500%, 10/23/2020, 144A		134,482
	536,000	Vale Overseas Ltd., 6.875%, 11/21/2036		608,819
				12,062,147
		Canada — 0.9%
	1,570,000	Bank of Nova Scotia, 1.375%, 12/18/2017		1,569,991
	2,880,000	Canadian Government, 3.000%, 12/01/2015, (CAD)(d)		2,977,951
	650,000	Canadian Government, 3.500%, 6/01/2013, (CAD)		642,507
	2,695,000	Canadian Government, 4.250%, 6/01/2018, (CAD)		3,037,735
	875,000	Pacific Rubiales Energy Corp., 5.125%, 3/28/2023, 144A		882,875

See accompanying notes to financial statements.

|  16

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

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Canada — continued
	100,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)	$	113,517
	600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		676,724
				9,901,300
		Chile — 0.2%
	1,450,000	Banco de Credito e Inversiones, 3.000%, 9/13/2017, 144A		1,470,828
	250,000,000	Banco Santander Chile, 6.500%, 9/22/2020, 144A, (CLP)		522,269
	200,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022		208,005
	250,000	E.CL S.A., 5.625%, 1/15/2021, 144A		281,571
				2,482,673
		China — 0.1%
	800,000	Baidu, Inc., 2.250%, 11/28/2017		809,725
	400,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A		434,565
				1,244,290
		Colombia — 0.2%
	400,000	Banco Davivienda S.A., 5.875%, 7/09/2022, 144A		414,000
	555,000	Colombia Telecomunicaciones S.A., E.S.P., 5.375%, 9/27/2022, 144A		556,388
	435,000,000	Emgesa S.A. E.S.P., 8.750%, 1/25/2021, 144A, (COP)		282,970
	1,300,000,000	Empresas Publicas de Medellin E.S.P., 8.375%, 2/01/2021, 144A, (COP)		829,636
	200,000,000	Republic of Colombia, 7.750%, 4/14/2021, (COP)		138,899
	40,000	Republic of Colombia, 8.125%, 5/21/2024		57,580
				2,279,473
		Costa Rica — 0.1%
	600,000	Costa Rica Government International Bond, 4.250%, 1/26/2023, 144A		599,100
	370,000,000	Republic of Costa Rica, 10.580%, 9/23/2015, (CRC)		796,546
				1,395,646
		Curacao — 0.1%
	1,580,000	Teva Pharmaceutical Finance Co. BV, 2.950%, 12/18/2022		1,584,073
		Czech Republic — 0.0%
	400,000	CEZ AS, 4.250%, 4/03/2022, 144A		423,972
		France — 0.0%
	200,000	AXA S.A., 7.125%, 12/15/2020, (GBP)		357,194
		Hong Kong — 0.1%
	600,000	Bank of East Asia Ltd., EMTN, (fixed rate to 5/04/2017, variable rate thereafter), 6.375%, 5/04/2022		679,115
	400,000	Hutchison Whampoa International 11 Ltd., 3.500%, 1/13/2017, 144A		425,852
	400,000	Noble Group Ltd., 6.750%, 1/29/2020, 144A		448,000
				1,552,967
		Hungary — 0.0%
	200,000	Hungary Government International Bond, 6.375%, 3/29/2021		206,000
		Iceland — 0.1%
	1,000,000	Republic of Iceland, 5.875%, 5/11/2022, 144A		1,146,511

See accompanying notes to financial statements.

17  |

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

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		India — 0.2%
$	200,000	Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021	$	204,152
	1,400,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		1,438,500
	700,000	State Bank of India/London, 4.125%, 8/01/2017, 144A		730,124
				2,372,776
		Indonesia — 0.1%
	200,000	Adaro Indonesia PT, 7.625%, 10/22/2019, 144A		216,500
	800,000	Gajah Tunggal Tbk PT, 7.750%, 2/06/2018, 144A		828,000
	3,500,000,000	Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		467,361
	781,000,000	Indonesia Government International Bond, 11.500%, 9/15/2019, (IDR)		107,178
				1,619,039
		Ireland — 0.0%
	100,000	WPP 2008 Ltd., 6.000%, 4/04/2017, (GBP)		175,218
		Italy — 0.6%
	500,000	Italy Buoni Poliennali Del Tesoro, 4.000%, 2/01/2037, (EUR)		553,244
	4,295,000	Italy Buoni Poliennali Del Tesoro, 4.500%, 8/01/2018, (EUR)(d)		5,714,210
	400,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 3/01/2022, (EUR)		532,173
	125,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		116,045
	10,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		9,715
	100,000	Telecom Italia SpA, EMTN, 5.375%, 1/29/2019, (EUR)		135,707
				7,061,094
		Korea — 0.9%
	8,000,000	Export-Import Bank of Korea, 4.000%, 11/26/2015, 144A, (PHP)		205,675
	400,000	Hana Bank, 4.000%, 11/03/2016, 144A		432,921
	600,000	Hyundai Capital Services, Inc., 3.500%, 9/13/2017, 144A		638,482
	600,000	Hyundai Steel Co., 4.625%, 4/21/2016, 144A		647,184
	600,000	Industrial Bank of Korea, 2.375%, 7/17/2017, 144A		614,046
	400,000	Kia Motors Corp., 3.625%, 6/14/2016, 144A		422,907
	400,000	Korea Finance Corp., 4.625%, 11/16/2021		448,744
	400,000	Korea National Oil Corp., 3.125%, 4/03/2017, 144A		421,079
	3,784,140,000	Korea Treasury Bond, 2.750%, 9/10/2017, (KRW)		3,429,027
	2,700,000,000	Korea Treasury Bond, 5.000%, 9/10/2014, (KRW)		2,511,361
	250,000	Lotte Shopping Co. Ltd., 3.375%, 5/09/2017, 144A		262,242
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		177,789
	200,000	Woori Bank, 5.875%, 4/13/2021, 144A		233,159
				10,444,616
		Luxembourg — 0.1%
	400,000	Altice Financing SA, 7.875%, 12/15/2019, 144A		436,160
	400,000	ArcelorMittal, 7.250%, 3/01/2041		398,000
	400,000	Cosan Luxembourg SA, 5.000%, 3/14/2023, 144A		402,400
	400,000	VTB Bank OJSC, 6.000%, 4/12/2017, 144A		428,704
				1,665,264

See accompanying notes to financial statements.

|  18

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

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Malaysia — 0.6%
	1,750,000	Malaysia Government Bond, 3.434%, 8/15/2014, (MYR)	$	568,092
	18,220,000	Malaysia Government Bond, 4.012%, 9/15/2017, (MYR)		6,089,258
	1,000,000	Malaysia Government Bond, 4.262%, 9/15/2016, (MYR)		335,456
				6,992,806
		Mexico — 1.3%
	7,000,000	America Movil SAB de CV, 3.500%, 2/08/2015, (CNY)		1,141,547
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		851,147
	300,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand, 4.125%, 11/09/2022, 144A		301,500
	600,000	BBVA Bancomer S.A., 6.750%, 9/30/2022, 144A		685,500
	264,500(††††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		2,373,081
	668,400(††††)	Mexican Fixed Rate Bonds, Series M-10, 7.750%, 12/14/2017, (MXN)		6,116,414
	74,000(††††)	Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015, (MXN)		653,989
	282,000(††††)	Mexican Fixed Rate Bonds, Series M-10, 8.500%, 12/13/2018, (MXN)		2,710,686
				14,833,864
		Netherlands — 0.1%
	525,000	Bharti Airtel International Netherlands BV, 5.125%, 3/11/2023, 144A		527,100
	200,000	Indosat Palapa Co. BV, 7.375%, 7/29/2020, 144A		221,500
	400,000	Listrindo Capital BV, 6.950%, 2/21/2019, 144A		439,373
	100,000	Myriad International Holding BV, 6.375%, 7/28/2017, 144A		112,630
				1,300,603
		New Zealand — 0.1%
	1,000,000	New Zealand Government Bond, 6.000%, 5/15/2021, (NZD)		993,690
		Norway — 0.3%
	475,000	Eksportfinans ASA, 2.000%, 9/15/2015		456,042
	3,335,000	Norwegian Government Bond, 4.250%, 5/19/2017, (NOK)		635,746
	13,760,000	Norwegian Government Bond, 4.500%, 5/22/2019, (NOK)		2,742,223
				3,834,011
		Panama — 0.0%
	300,000	Banco Latinoamericano de Comercio Exterior, S.A., 3.750%, 4/04/2017, 144A		309,150
		Philippines — 0.2%
	40,000,000	Philippine Government International Bond, 3.900%, 11/26/2022, (PHP)		1,068,365
	30,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		839,868
				1,908,233
		Poland — 0.1%
	2,200,000	Poland Government Bond, 4.750%, 4/25/2017, (PLN)		711,201
	95,000	Poland Government International Bond, 3.000%, 9/23/2014, (CHF)		103,666
	800,000	Poland Government International Bond, 3.000%, 3/17/2023		774,800
				1,589,667
		Portugal — 0.1%
	365,000	Portugal Obrigacoes do Tesouro OT, 3.850%, 4/15/2021, (EUR)		398,471
	440,000	Portugal Obrigacoes do Tesouro OT, 4.100%, 4/15/2037, (EUR)		400,640
				799,111

See accompanying notes to financial statements.

19  |

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

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Romania — 0.1%
	2,600,000	Romania Government Bond, 5.750%, 1/27/2016, (RON)	$	758,333
		Russia — 0.0%
	200,000	Gazprom OAO Via Gaz Capital S.A., 4.950%, 5/23/2016, 144A		213,968
		Singapore — 0.7%
	2,000,000	DBS Bank Ltd., (fixed rate to 9/21/2017, variable rate thereafter), 3.625%, 9/21/2022, 144A		2,092,420
	3,355,000	Singapore Government Bond, 1.625%, 4/01/2013, (SGD)		2,704,879
	345,000	Singapore Government Bond, 2.250%, 7/01/2013, (SGD)		279,588
	605,000	Singapore Government Bond, 2.250%, 6/01/2021, (SGD)		521,285
	2,470,000	Singapore Government Bond, 2.500%, 6/01/2019, (SGD)		2,193,928
				7,792,100
		South Africa — 0.2%
	650,000	AngloGold Ashanti Holdings PLC, 5.125%, 8/01/2022		658,904
	300,000	Edcon Proprietary Ltd., 3.453%, 6/15/2014, (EUR)(e)		382,633
	285,000	Republic of South Africa, EMTN, 4.500%, 4/05/2016, (EUR)		396,928
	700,000	Transnet SOC Ltd., 4.000%, 7/26/2022, 144A		670,250
				2,108,715
		Spain — 0.3%
	820,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		822,163
	1,270,000	Spain Government Bond, 4.200%, 1/31/2037, (EUR)		1,326,535
	645,000	Spain Government Bond, 4.300%, 10/31/2019, (EUR)		828,861
				2,977,559
		Supranationals — 0.2%
	840,000	Central American Bank for Economic Integration, 3.875%, 2/09/2017, 144A		895,011
	1,115,000	Corp Andina de Fomento, 4.375%, 6/15/2022		1,210,408
				2,105,419
		Sweden — 0.3%
	1,000,000	PKO Finance AB, 4.630%, 9/26/2022, 144A		1,036,010
	9,195,000	Sweden Government Bond, 4.500%, 8/12/2015, (SEK)		1,524,565
	2,450,000	Sweden Government Bond, 5.000%, 12/01/2020, (SEK)		468,243
				3,028,818
		Thailand — 0.4%
	950,000	Thai Oil PCL, 3.625%, 1/23/2023, 144A		955,116
	93,000,000	Thailand Government Bond, 3.250%, 6/16/2017, (THB)		3,200,946
				4,156,062
		Turkey — 0.9%
	2,200,000	Akbank TAS, 7.500%, 2/05/2018, 144A, (TRY)		1,197,093
	800,000	Arcelik AS, 5.000%, 4/03/2023, 144A		798,000
	600,000	Export Credit Bank of Turkey, 5.375%, 11/04/2016, 144A		644,340
	400,000	Finansbank AS, 5.150%, 11/01/2017, 144A		407,000
	1,200,000	Turkey Government Bond, Zero Coupon, 5/15/2013, (TRY)		658,047
	2,410,000	Turkey Government Bond, 9.000%, 3/08/2017, (TRY)		1,448,557
	1,600,000	Turkey Government International Bond, 3.250%, 3/23/2023		1,508,000

See accompanying notes to financial statements.

|  20

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

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Turkey — continued
$	1,200,000	Turkey Government International Bond, 5.125%, 3/25/2022	$	1,320,000
	600,000	Turkiye Garanti Bankasi A.S., 4.000%, 9/13/2017, 144A		616,500
	800,000	Turkiye Is Bankasi, 3.875%, 11/07/2017, 144A		812,000
	600,000	Yapi ve Kredi Bankasi Via Unicredit Luxembourg S.A., 5.188%, 10/13/2015, 144A		624,750
				10,034,287
		United Arab Emirates — 0.1%
	600,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A		672,600
	200,000	Dubai Electricity & Water Authority, 8.500%, 4/22/2015, 144A		223,750
				896,350
		United Kingdom — 0.5%
	600,000	Anglo American Capital PLC, 2.625%, 9/27/2017, 144A		609,415
	410,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		380,435
	250,000	BAT International Finance PLC, 3.250%, 6/07/2022, 144A		259,886
	150,000	British Telecommunications PLC, 5.750%, 12/07/2028, (GBP)		271,474
	60,000	BSKYB Finance UK PLC, 5.750%, 10/20/2017, (GBP)		106,884
	150,000	Imperial Tobacco Finance PLC, EMTN, 6.250%, 12/04/2018, (GBP)		275,497
	400,000	Old Mutual PLC, EMTN, 8.000%, 6/03/2021, (GBP)		666,846
	250,000	Standard Chartered Bank, Series 17, EMTN, 5.875%, 9/26/2017, (EUR)		369,146
	705,000	United Kingdom Treasury, 1.750%, 1/22/2017, (GBP)		1,123,402
	250,000	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)		461,724
	790,000	Virgin Media Finance PLC, 5.125%, 2/15/2022, (GBP)		1,209,368
				5,734,077
		United States — 13.2%
	425,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		327,250
	15,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		11,400
	975,000	Alcoa, Inc., 5.900%, 2/01/2027		1,035,782
	1,325,000	Ally Financial, Inc., 5.500%, 2/15/2017		1,433,309
	257,000	Ally Financial, Inc., 6.750%, 12/01/2014		275,632
	55,000	Ally Financial, Inc., 7.500%, 12/31/2013		57,338
	129,000	Ally Financial, Inc., 8.000%, 12/31/2018		154,316
	1,728,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,185,920
	200,000	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 7/15/2025, 144A		203,375
	720,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		969,300
	16,599	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 7/02/2015		17,097
	925,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		1,028,649
	145,000	Avnet, Inc., 6.000%, 9/01/2015		157,703
	1,820,000	Ball Corp., 5.000%, 3/15/2022		1,892,800
	200,000	Bank of America Corp., 5.490%, 3/15/2019		223,884
	450,000	Bank of America Corp., (fixed rate to 5/06/2014, variable rate thereafter), 4.750%, 5/06/2019, (EUR)		571,161
	115,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		128,905
	50,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023, 144A		51,000
	15,000	Boston Scientific Corp., 5.125%, 1/12/2017		16,693

See accompanying notes to financial statements.

21  |

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

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	5,000	Boston Scientific Corp., 5.450%, 6/15/2014	$	5,261
	15,000	Boston Scientific Corp., 6.400%, 6/15/2016		17,134
	1,415,000	Cantor Fitzgerald LP, 6.375%, 6/26/2015, 144A		1,433,228
	1,995,000	CenturyLink, Inc., 6.450%, 6/15/2021		2,114,700
	510,000	CenturyLink, Inc., 7.650%, 3/15/2042		492,787
	55,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		54,450
	605,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		586,850
	20,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		21,850
	95,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		103,550
	2,300,000	Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 6/15/2021		2,567,375
	750,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		663,722
	1,470,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		1,534,312
	155,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		167,206
	1,005,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,010,025
	423,606	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		442,668
	190,000	CSX Corp., 6.250%, 3/15/2018		231,024
	235,000	Cummins, Inc., 5.650%, 3/01/2098		239,180
	233,314	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		256,949
	217,731	Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014		228,074
	42,000	Dillard’s, Inc., 6.625%, 1/15/2018		46,358
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		52,500
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		8,700
	3,976,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.250%, 12/01/2018, 144A(f)		3,846,780
	250,000	Exelon Corp., 4.900%, 6/15/2015		270,612
	1,725,000	First Data Corp., 10.625%, 6/15/2021, 144A		1,744,406
	150,000	Foot Locker, Inc., 8.500%, 1/15/2022		171,000
	25,000	Ford Motor Co., 6.375%, 2/01/2029		27,910
	50,000	Ford Motor Co., 6.625%, 2/15/2028		56,311
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,426,332
	40,000	Ford Motor Co., 7.125%, 11/15/2025		47,429
	835,000	Ford Motor Co., 7.400%, 11/01/2046		1,049,237
	5,000	Ford Motor Co., 7.500%, 8/01/2026		6,063
	1,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		1,101,410
	2,250,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		2,316,886
	845,000	Ford Motor Credit Co. LLC, 7.000%, 4/15/2015		932,408
	905,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		1,089,310
	28,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		28,840
	50,000	General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		49,503
	600,000	General Electric Capital Corp., Series A, (fixed rate to 6/15/2022, variable rate thereafter), 7.125%, 12/29/2049		697,839
	900,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		801,163
	750,000	General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015		809,053
	3,435,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		4,514,480

See accompanying notes to financial statements.

|  22

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

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	105,000	Georgia-Pacific LLC, 7.375%, 12/01/2025	$	142,964
	180,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		244,589
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		470,655
	200,000	Gerdau Holdings, Inc., 7.000%, 1/20/2020, 144A		227,900
	800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		800,260
	2,295,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		2,571,752
	50,000	Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038, (GBP)		88,006
	3,045,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022		3,208,669
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		166,650
	70,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.787%, 8/10/2045(e)		70,345
	425,000	Halcon Resources Corp., 8.875%, 5/15/2021, 144A		457,937
	410,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		473,475
	1,000,000	HCA Holdings, Inc., 6.250%, 2/15/2021		1,066,250
	20,000	HCA, Inc., 5.750%, 3/15/2014		20,725
	90,000	HCA, Inc., 6.375%, 1/15/2015		96,413
	225,000	HCA, Inc., 7.050%, 12/01/2027		220,500
	245,000	HCA, Inc., 7.190%, 11/15/2015		270,113
	90,000	HCA, Inc., 7.500%, 12/15/2023		96,300
	820,000	HCA, Inc., 7.500%, 11/06/2033		836,400
	1,500,000	HCA, Inc., 7.690%, 6/15/2025		1,601,250
	395,000	HCA, Inc., 8.360%, 4/15/2024		442,400
	195,000	HCA, Inc., MTN, 7.580%, 9/15/2025		203,288
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		75,000
	585,000	Hercules, Inc., 6.500%, 6/30/2029		526,500
	470,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		527,264
	110,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A		127,647
	80,000	International Lease Finance Corp., 5.875%, 4/01/2019		86,412
	1,620,000	International Lease Finance Corp., 6.250%, 5/15/2019		1,773,900
	1,670,000	International Lease Finance Corp., Series R, MTN, 5.625%, 9/20/2013		1,699,225
	70,000	iStar Financial, Inc., 5.850%, 3/15/2017		71,225
	405,000	iStar Financial, Inc., 5.875%, 3/15/2016		420,694
	145,000	iStar Financial, Inc., 6.050%, 4/15/2015		151,163
	200,000	iStar Financial, Inc., 7.125%, 2/15/2018		209,500
	238,000	iStar Financial, Inc., 8.625%, 6/01/2013		240,380
	35,000	iStar Financial, Inc., Series B, 5.700%, 3/01/2014		36,094
	950,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		967,812
	5,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		4,250
	64,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		48,000
	15,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		14,175
	10,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		7,975
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,644
	370,000	Jefferies Group LLC, 3.875%, 11/09/2015		386,650
	665,000	Jefferies Group LLC, 5.125%, 4/13/2018		724,850
	30,000	Jefferies Group LLC, 5.125%, 1/20/2023		31,763
	1,070,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,115,475
	685,000	Jefferies Group LLC, 6.450%, 6/08/2027		756,925
	1,410,000	Jefferies Group LLC, 6.875%, 4/15/2021		1,645,949

See accompanying notes to financial statements.

23  |

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

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	15,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021	$	13,800
	260,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		261,300
	1,665,000	KB Home, 8.000%, 3/15/2020		1,918,912
	190,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017, 144A		198,550
	15,000	Lennar Corp., Series B, 5.500%, 9/01/2014		15,713
	1,090,000	Lennar Corp., Series B, 5.600%, 5/31/2015		1,160,850
	55,000	Lennar Corp., Series B, 6.500%, 4/15/2016		60,844
	135,000	Level 3 Financing, Inc., 7.000%, 6/01/2020, 144A		141,413
	1,435,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		1,600,025
	30,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		33,636
	165,000	Masco Corp., 6.500%, 8/15/2032		168,089
	865,000	Masco Corp., 7.750%, 8/01/2029		973,626
	600,000	Merrill Lynch & Co., Inc., 6.050%, 5/16/2016		667,069
	2,700,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		3,041,148
	310,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(g)		232,500
	410,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(g)		364,900
	1,470,000	Morgan Stanley, 4.875%, 11/01/2022		1,558,365
	230,000	Morgan Stanley, 5.375%, 11/14/2013, (GBP)		357,773
	2,500,000	Morgan Stanley, 5.750%, 1/25/2021		2,888,970
	500,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		560,145
	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		717,253
	100,000	Morgan Stanley, Series F, MTN, 0.753%, 10/18/2016(e)		97,423
	1,552,000	New Albertson’s, Inc., 7.450%, 8/01/2029		1,243,540
	245,000	New Albertson’s, Inc., 7.750%, 6/15/2026		196,306
	3,605,000	New Albertson’s, Inc., 8.000%, 5/01/2031		2,920,050
	2,110,000	New Albertson’s, Inc., 8.700%, 5/01/2030		1,772,400
	315,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		227,194
	15,000	News America, Inc., 6.400%, 12/15/2035		18,130
	155,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		157,325
	2,475,000	NGPL PipeCo LLC, 9.625%, 6/01/2019, 144A		2,772,000
	115,000	Owens Corning, Inc., 6.500%, 12/01/2016		129,472
	535,000	Owens Corning, Inc., 7.000%, 12/01/2036		608,741
	40,000	Owens-Illinois, Inc., 7.800%, 5/15/2018		46,800
	540,000	Pulte Group, Inc., 6.000%, 2/15/2035		518,400
	785,000	Pulte Group, Inc., 6.375%, 5/15/2033		788,925
	220,000	Pulte Group, Inc., 7.875%, 6/15/2032		243,100
	1,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,507,115
	650,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		626,554
	400,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		451,660
	60,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		60,460
	560,000	Qwest Corp., 6.875%, 9/15/2033		556,630
	115,000	Qwest Corp., 7.250%, 9/15/2025		130,634
	1,155,000	R.R. Donnelley & Sons Co., 8.250%, 3/15/2019		1,247,400
	200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		216,000
	500,000	Range Resources Corp., 5.000%, 8/15/2022		510,000
	750,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		836,029

See accompanying notes to financial statements.

|  24

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

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	403,000	Residential Capital LLC, 9.625%, 5/15/2015(h)	$	439,270
	80,000	Reynolds American, Inc., 6.750%, 6/15/2017		96,289
	400,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.875%, 8/15/2019		438,500
	655,000	Rockies Express Pipeline LLC, 3.900%, 4/15/2015, 144A		659,912
	855,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		773,775
	760,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		832,200
	885,000	SLM Corp., 5.500%, 1/25/2023		878,362
	1,600(†††††)	SLM Corp., 6.000%, 12/15/2043		38,957
	141,000	SLM Corp., MTN, 3.875%, 9/10/2015		146,822
	40,000	SLM Corp., MTN, 4.625%, 9/25/2017		41,550
	1,130,000	SLM Corp., MTN, 7.250%, 1/25/2022		1,262,775
	10,000	SLM Corp., Series A, MTN, 0.601%, 1/27/2014(e)		9,915
	10,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		10,057
	2,560,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		2,368,000
	625,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		740,625
	400,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		402,500
	300,000	Springleaf Finance Corp., Series I, MTN, 5.400%, 12/01/2015		308,250
	330,000	Springleaf Finance Corp., Series I, MTN, 5.850%, 6/01/2013		332,062
	595,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		597,975
	294,000	Sprint Capital Corp., 6.875%, 11/15/2028		300,615
	420,000	Sprint Capital Corp., 6.900%, 5/01/2019		460,950
	110,000	Sprint Capital Corp., 8.750%, 3/15/2032		131,175
	26,000	Sprint Nextel Corp., 6.000%, 12/01/2016		28,210
	65,000	SUPERVALU, Inc., 7.500%, 11/15/2014		65,244
	1,360,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,244,400
	820,000	Textron, Inc., 5.950%, 9/21/2021		942,896
	1,431,000	Toys R Us, Inc., 7.375%, 10/15/2018		1,262,857
	2,425,000	U.S. Treasury Note, 0.125%, 12/31/2014		2,420,831
	2,420,000	U.S. Treasury Note, 0.250%, 10/31/2014		2,421,041
	6,595,000	U.S. Treasury Note, 0.250%, 2/15/2015(d)		6,594,743
	2,735,000	U.S. Treasury Note, 0.250%, 12/15/2015		2,729,232
	4,745,000	U.S. Treasury Note, 0.375%, 6/30/2013		4,748,336
	2,420,000	U.S. Treasury Note, 0.375%, 11/15/2015		2,423,780
	3,230,000	U.S. Treasury Note, 1.625%, 11/15/2022		3,172,719
	311,524	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		358,253
	295,000	United Rentals North America, Inc., 7.625%, 4/15/2022		329,662
	1,735,000	United States Steel Corp., 6.650%, 6/01/2037		1,596,200
	770,000	United States Steel Corp., 7.500%, 3/15/2022		806,575
	140,000	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		156,450
	75,000	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		82,688
	530,000	US Airways Pass Through Trust, Series 2012-2A, Class A , 4.625%, 12/03/2026		552,525
	50,000	USG Corp., 6.300%, 11/15/2016		53,000
	230,000	USG Corp., 9.750%, 1/15/2018		272,550
	110,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		115,981
	110,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		123,643
	415,000	VPI Escrow Corp., 6.375%, 10/15/2020, 144A		437,306

See accompanying notes to financial statements.

25  |

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

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
	85,000	Wells Fargo & Co., 4.625%, 11/02/2035, (GBP)	$	134,708
	100,000	Wells Fargo & Co., Series F, EMTN, 4.875%, 11/29/2035, (GBP)		155,010
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		72,945
	315,000	Weyerhaeuser Co., 7.375%, 3/15/2032		398,711
	125,000	Xerox Corp., 6.750%, 2/01/2017		144,247
	20,000	Xerox Corp., MTN, 7.200%, 4/01/2016		22,911
	250,000	Zurich Finance USA, Inc., EMTN, (fixed rate to 6/15/2015, variable rate thereafter), 4.500%, 6/15/2025, (EUR)(e)		334,840
				150,725,901
		Uruguay — 0.2%
	4,438,656	Uruguay Government International Bond, 3.700%, 6/26/2037, (UYU)		286,378
	5,635,367	Uruguay Government International Bond, 4.375%, 12/15/2028, (UYU)		373,822
	19,561,737	Uruguay Government International Bond, 5.000%, 9/14/2018, (UYU)		1,215,000
				1,875,200
		Venezuela — 0.0%
	800,000	Petroleos de Venezuela S.A., 5.375%, 4/12/2027		552,000
		Total Non-Convertible Bonds (Identified Cost $268,213,758)		287,371,029
	Convertible Bonds — 0.7%
		United States — 0.7%
	350,000	ArvinMeritor, Inc., (Step to Zero Coupon on 2/15/2019), 4.000%, 2/15/2027(i)		278,469
	365,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		349,716
	175,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		175,219
	185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		209,744
	125,000	Ford Motor Co., 4.250%, 11/15/2016		200,312
	520,000	Hologic, Inc., (accretes to principal after 12/15/2013), 2.000%, 12/15/2037(i)		521,950
	225,000	Hologic, Inc., (accretes to principal after 3/1/2018), 2.000%, 3/01/2042(i)		235,687
	1,125,000	Intel Corp., 3.250%, 8/01/2039		1,354,219
	215,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(g)		250,609
	2,200,000	Old Republic International Corp., 3.750%, 3/15/2018		2,454,375
	375,000	Omnicare, Inc., 3.750%, 12/15/2025		605,625
	610,000	Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		613,431
	90,000	Trinity Industries, Inc., 3.875%, 6/01/2036		107,944
	170,000	United States Steel Corp., 2.750%, 4/01/2019		171,913
		Total Convertible Bonds (Identified Cost $6,510,697)		7,529,213
	Municipals — 0.0%
		United States — 0.0%
	415,000	State of Illinois, 5.100%, 6/01/2033		408,671
	135,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(g)		100,343
		Total Municipals (Identified Cost $451,542)		509,014
		Total Bonds and Notes (Identified Cost $275,175,997)		295,409,256

See accompanying notes to financial statements.

|  26

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

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Senior Loans — 0.1%
		United States — 0.1%
$	1,270,000	Flying Fortress, Inc., 1st Lien Term Loan, 5.000%, 6/30/2017(e)	$	1,278,992
	45,860	SuperMedia, Inc., Exit Term Loan, 11.000%, 12/31/2015(e)		33,679
	345,000	TI Group Automotive System LLC, Term Loan B, 3/27/2019(j)		347,587
		Total Senior Loans (Identified Cost $1,646,909)		1,660,258
Shares
	Preferred Stocks — 0.4%
	Convertible Preferred Stocks — 0.3%
		United States — 0.3%
	350	Chesapeake Energy Corp., 5.000%		31,010
	60	Chesapeake Energy Corp., Series A, 5.750% 144A		61,312
	71,820	General Motors Co., Series B, 4.750%		3,083,951
	820	Lucent Technologies Capital Trust I, 7.750%		760,140
		Total Convertible Preferred Stocks (Identified Cost $4,055,403)		3,936,413
	Non-Convertible Preferred Stock — 0.1%
		United States — 0.1%
	682	Ally Financial, Inc., Series G, 7.000% 144A (Identified Cost $145,366)		674,456
		Total Preferred Stocks (Identified Cost $4,200,769)		4,610,869
Principal Amount (‡)
	Short-Term Investments — 5.9%
$	15,484	Repurchase Agreement with State Street Bank and Trust Company, dated 3/29/2013 at 0.010% to be repurchased at $15,484 on 4/01/2013 collateralized by $20,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $20,014 including accrued interest (Note 2 of Notes to Financial Statements)		15,484
	67,257,378	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $67,257,378 on 4/01/2013 collateralized by $68,520,000 Federal Home Loan Mortgage Corp., 0.420% due 6/19/2015 valued at $68,605,650 including accrued interest (Note 2 of Notes to Financial Statements)		67,257,378
		Total Short-Term Investments (Identified Cost $67,272,862)		67,272,862
		Total Investments — 98.9% (Identified Cost $1,026,523,858)(a)		1,131,983,993
		Other assets less liabilities — 1.1%		12,195,422
		Net Assets — 100.0%	$	1,144,179,415

See accompanying notes to financial statements.

27  |

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

Loomis Sayles Global Equity and Income Fund – (continued)

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(††)	Security held in units. One unit represents a principal amount of 1,000. Amount shown represents principal amount including inflation adjustments.
(†††)	Amount shown represents units. One unit represents a principal amount of 1,000.
(††††)	Amount shown represents units. One unit represents a principal amount of 100.
(†††††)	Amount shown represents units. One unit represents a principal amount of 25.
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2013, the net unrealized appreciation on investments based on a cost of $1,027,144,863 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	$	121,683,479
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(16,844,349	)
	Net unrealized appreciation	$	104,839,130
(b)	Non-income producing security.
(c)	Fair valued by the Fund’s investment adviser. At March 31, 2013, the value of this security amounted to $7,741,834 or 0.7% of net assets.
(d)	All or a portion of this security has been designated to cover the Fund’s obligations under open forward foreign currency contracts.
(e)	Variable rate security. Rate as of March 31, 2013 is disclosed.
(f)	All or a portion of interest payment is paid-in-kind.
(g)	Illiquid security. At March 31, 2013, the value of these securities amounted to $948,352 or 0.1% of net assets.
(h)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(i)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(j)	Position is unsettled. Contract rate was not determined at March 31, 2013 and does not take effect until settlement date.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $71,810,856 or 6.3% of net assets.
ADR/GDR	An American Depositary Receipt or Global 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 and GDRs 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
OJSC	Open Joint-Stock Company
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc

See accompanying notes to financial statements.

|  28

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

Loomis Sayles Global Equity and Income Fund – (continued)

CLP	Chilean Peso
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
CRC	Costa Rican Colon
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	Turkish Lira
UYU	Uruguayan Peso

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

Contract to Buy/Sell	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell1		6/19/2013	Australian Dollar		700,000	$	724,606	$	(11,586	)
Buy1		5/03/2013	Brazilian Real		1,980,000		976,420		(12,739	)
Buy1		6/21/2013	Brazilian Real		1,280,000		627,463		(12,921	)
Buy2		6/21/2013	Malaysian Ringgit		1,250,000		401,501		4,612
Sell3		4/30/2013	New Zealand Dollar		3,165,000		2,643,397		6,975
Buy3		6/11/2013	South Korean Won		780,000,000		698,415		(16,722	)
Buy1		6/11/2013	South Korean Won		1,488,000,000		1,332,362		(30,900	)
Total								$	(73,281	)

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

Settlement Date	Deliver/Units of Currency			Receive4/Units of  Currency		Unrealized Appreciation (Depreciation)
6/12/2013		Norwegian Krone	5,600,000	Euro	749,743	$	5,375

¹ Counterparty is Credit Suisse International.

² Counterparty is JP Morgan Chase Bank, N.A.

³ Counterparty is Barclays Bank PLC.

⁴ Counterparty is Deutsche Bank AG.

See accompanying notes to financial statements.

29  |

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

Loomis Sayles Global Equity and Income Fund – (continued)

Industry Summary at March 31, 2013 (Unaudited)

Treasuries	8.0	%
Pharmaceuticals	6.7
Commercial Banks	5.0
Oil, Gas & Consumable Fuels	3.6
Chemicals	3.5
Beverages	3.5
Banking	3.5
Machinery	2.8
Software	2.8
Internet Software & Services	2.6
Diversified Financial Services	2.2
Energy Equipment & Services	2.1
Aerospace & Defense	2.0
Real Estate Management & Development	2.0
Specialty Retail	2.0
Other Investments, less than 2% each	40.7
Short-Term Investments	5.9
Total Investments	98.9
Other assets less liabilities (including open forward foreign currency contracts)	1.1
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2013 (Unaudited)

United States Dollar	61.9	%
British Pound	10.5
Euro	6.6
Hong Kong Dollar	2.8
Brazilian Real	2.7
Mexican Peso	2.5
Swedish Krona	2.5
Other, less than 2% each	9.4
Total Investments	98.9
Other assets less liabilities (including open forward foreign currency contracts)	1.1
Net Assets	100.0	%

See accompanying notes to financial statements.

|  30

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

Loomis Sayles Growth Fund

Shares		Description	Value (†)
	Common Stocks — 98.8% of Net Assets
		Air Freight & Logistics — 6.0%
	115,269	Expeditors International of Washington, Inc.	$	4,116,256
	76,226	United Parcel Service, Inc., Class B		6,547,813
				10,664,069
		Beverages — 4.8%
	105,651	Coca-Cola Co. (The)		4,272,526
	5,918	Diageo PLC, Sponsored ADR		744,721
	67,584	SABMiller PLC, Sponsored ADR		3,574,518
				8,591,765
		Biotechnology — 2.6%
	44,963	Amgen, Inc.		4,609,157
		Capital Markets — 10.1%
	18,907	Franklin Resources, Inc.		2,851,365
	64,110	Greenhill & Co., Inc.		3,422,192
	92,650	Legg Mason, Inc.		2,978,698
	308,830	SEI Investments Co.		8,909,745
				18,162,000
		Communications Equipment — 9.7%
	432,608	Cisco Systems, Inc.		9,045,833
	124,527	QUALCOMM, Inc.		8,337,083
				17,382,916
		Consumer Finance — 3.7%
	97,640	American Express Co.		6,586,794
		Energy Equipment & Services — 3.2%
	76,762	Schlumberger Ltd.		5,748,706
		Food Products — 3.8%
	481,245	Danone S.A., Sponsored ADR		6,751,867
		Health Care Equipment & Supplies — 5.8%
	42,699	Varian Medical Systems, Inc.(b)		3,074,328
	98,351	Zimmer Holdings, Inc.		7,397,962
				10,472,290
		Household Products — 4.1%
	30,807	Clorox Co. (The)		2,727,344
	58,944	Procter & Gamble Co. (The)		4,542,224
				7,269,568
		Internet & Catalog Retail — 6.5%
	37,569	Amazon.com, Inc.(b)		10,011,763
	47,726	Blue Nile, Inc.(b)		1,644,161
				11,655,924
		Internet Software & Services — 8.0%
	131,791	Facebook, Inc., Class A(b)		3,371,214
	13,830	Google, Inc., Class A(b)		10,981,435
				14,352,649

See accompanying notes to financial statements.

31  |

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

Loomis Sayles Growth Fund – (continued)

Shares		Description	Value (†)
		IT Services — 6.6%
	41,930	Automatic Data Processing, Inc.	$	2,726,289
	53,831	Visa, Inc., Class A		9,142,657
				11,868,946
		Pharmaceuticals — 5.1%
	67,607	Merck & Co., Inc.		2,990,257
	86,299	Novartis AG, ADR		6,147,941
				9,138,198
		Semiconductors & Semiconductor Equipment — 3.9%
	16,797	Altera Corp.		595,790
	20,104	Analog Devices, Inc.		934,635
	129,525	ARM Holdings PLC, Sponsored ADR		5,487,974
				7,018,399
		Software — 11.3%
	117,051	Autodesk, Inc.(b)		4,827,184
	39,300	FactSet Research Systems, Inc.		3,639,180
	134,664	Microsoft Corp.		3,852,737
	246,974	Oracle Corp.		7,987,139
				20,306,240
		Specialty Retail — 3.6%
	170,380	Lowe’s Cos., Inc.		6,460,810
		Total Common Stocks (Identified Cost $133,763,107)		177,040,298
Principal Amount
	Short-Term Investments — 1.7%
$	3,077,030	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $3,077,030 on 4/01/2013 collateralized by $3,140,000 Federal National Mortgage Association, 0.350% due 8/28/2015 valued at $3,139,351 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $3,077,030)		3,077,030
		Total Investments — 100.5% (Identified Cost $136,840,137)(a)		180,117,328
		Other assets less liabilities — (0.5)%		(975,421	)
		Net Assets — 100.0%	$	179,141,907
	(†)	See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

|  32

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

Loomis Sayles Growth Fund – (continued)

(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
	At March 31, 2013, the net unrealized appreciation on investments based on a cost of $136,840,137 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	$	44,777,489
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,500,298	)
	Net unrealized appreciation	$	43,277,191
(b)	Non-income producing security.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at March 31, 2013 (Unaudited)

Software	11.3	%
Capital Markets	10.1
Communications Equipment	9.7
Internet Software & Services	8.0
IT Services	6.6
Internet & Catalog Retail	6.5
Air Freight & Logistics	6.0
Health Care Equipment & Supplies	5.8
Pharmaceuticals	5.1
Beverages	4.8
Household Products	4.1
Semiconductors & Semiconductor Equipment	3.9
Food Products	3.8
Consumer Finance	3.7
Specialty Retail	3.6
Energy Equipment & Services	3.2
Biotechnology	2.6
Short-Term Investments	1.7
Total Investments	100.5
Other assets less liabilities	(0.5	)
Net Assets	100.0	%

See accompanying notes to financial statements.

33  |

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

Loomis Sayles Mid Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks — 97.4% of Net Assets
		Aerospace & Defense — 2.0%
	12,407	TransDigm Group, Inc.	$	1,897,278
		Biotechnology — 4.2%
	16,820	BioMarin Pharmaceutical, Inc.(b)		1,047,213
	15,121	Infinity Pharmaceuticals, Inc.(b)		732,915
	11,164	Onyx Pharmaceuticals, Inc.(b)		992,033
	8,895	Pharmacyclics, Inc.(b)		715,247
	16,564	Puma Biotechnology, Inc.(b)		553,072
				4,040,480
		Building Products — 2.5%
	64,787	Fortune Brands Home & Security, Inc.(b)		2,424,977
		Capital Markets — 4.4%
	14,775	Affiliated Managers Group, Inc.(b)		2,268,997
	26,041	T. Rowe Price Group, Inc.		1,949,689
				4,218,686
		Chemicals — 4.7%
	26,150	Eastman Chemical Co.		1,827,101
	28,576	Westlake Chemical Corp.		2,671,856
				4,498,957
		Commercial Banks — 1.6%
	40,056	First Republic Bank		1,546,963
		Commercial Services & Supplies — 1.6%
	14,134	Stericycle, Inc.(b)		1,500,748
		Communications Equipment — 2.4%
	35,734	Aruba Networks, Inc.(b)		884,059
	24,875	Palo Alto Networks, Inc.(b)		1,407,925
				2,291,984
		Construction Materials — 1.9%
	26,813	Eagle Materials, Inc.		1,786,550
		Energy Equipment & Services — 4.0%
	14,419	Lufkin Industries, Inc.		957,277
	22,148	Oceaneering International, Inc.		1,470,849
	57,306	Patterson-UTI Energy, Inc.		1,366,175
				3,794,301
		Food Products — 3.0%
	33,548	Green Mountain Coffee Roasters, Inc.(b)		1,904,185
	11,085	Hershey Co. (The)		970,270
				2,874,455
		Health Care Providers & Services — 1.6%
	29,674	Catamaran Corp.(b)		1,573,612

See accompanying notes to financial statements.

|  34

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

Loomis Sayles Mid Cap Growth Fund – (continued)

Shares		Description	Value (†)
		Health Care Technology — 1.6%
	15,636	athenahealth, Inc.(b)	$	1,517,317
		Hotels, Restaurants & Leisure — 4.2%
	49,498	Dunkin’ Brands Group, Inc.		1,825,486
	93,396	Melco Crown Entertainment Ltd., Sponsored ADR(b)		2,179,863
				4,005,349
		Household Durables — 5.4%
	56,300	DR Horton, Inc.		1,368,090
	35,941	Lennar Corp., Class A		1,490,833
	69,741	PulteGroup, Inc.(b)		1,411,558
	106,955	Standard Pacific Corp.(b)		924,091
				5,194,572
		Household Products — 1.5%
	21,824	Church & Dwight Co., Inc.		1,410,485
		Internet & Catalog Retail — 1.0%
	4,927	Netflix, Inc.(b)		933,223
		Internet Software & Services — 5.7%
	53,870	Angie’s List, Inc.(b)		1,064,471
	39,779	Cornerstone OnDemand, Inc.(b)		1,356,464
	17,301	LinkedIn Corp., Class A(b)		3,046,014
				5,466,949
		Life Sciences Tools & Services — 1.4%
	6,508	Mettler-Toledo International, Inc.(b)		1,387,636
		Machinery — 2.1%
	11,810	Flowserve Corp.		1,980,655
		Media — 4.4%
	24,435	Discovery Communications, Inc., Class A(b)		1,924,012
	94,842	Lions Gate Entertainment Corp.(b)		2,254,394
				4,178,406
		Oil, Gas & Consumable Fuels — 5.5%
	29,667	Cabot Oil & Gas Corp.		2,005,786
	47,430	Cheniere Energy, Inc.(b)		1,328,040
	21,713	Gulfport Energy Corp.(b)		995,107
	24,543	Oasis Petroleum, Inc.(b)		934,352
				5,263,285
		Paper & Forest Products — 1.9%
	85,016	Louisiana-Pacific Corp.(b)		1,836,346
		Pharmaceuticals — 1.5%
	15,144	Actavis, Inc.(b)		1,394,914
		Road & Rail — 3.1%
	27,193	Kansas City Southern		3,015,704

See accompanying notes to financial statements.

35  |

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

Loomis Sayles Mid Cap Growth Fund – (continued)

Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — 5.5%
	37,878	Linear Technology Corp.	$	1,453,379
	43,737	Maxim Integrated Products, Inc.		1,428,013
	79,991	NXP Semiconductors NV(b)		2,420,528
				5,301,920
		Software — 7.7%
	23,188	CommVault Systems, Inc.(b)		1,900,952
	20,417	NetSuite, Inc.(b)		1,634,585
	24,594	SolarWinds, Inc.(b)		1,453,505
	35,348	Splunk, Inc.(b)		1,414,981
	9,315	Ultimate Software Group, Inc.(The)(b)		970,250
				7,374,273
		Specialty Retail — 4.0%
	26,118	Five Below, Inc.(b)		989,611
	15,825	Tractor Supply Co.		1,647,857
	31,773	Urban Outfitters, Inc.(b)		1,230,886
				3,868,354
		Textiles, Apparel & Luxury Goods — 2.0%
	34,538	Michael Kors Holdings Ltd.(b)		1,961,413
		Trading Companies & Distributors — 2.9%
	49,725	United Rentals, Inc.(b)		2,733,383
		Wireless Telecommunication Services — 2.1%
	27,290	SBA Communications Corp., Class A(b)		1,965,426
		Total Common Stocks (Identified Cost $77,154,804)		93,238,601
Principal Amount
	Short-Term Investments — 2.7%
$	2,558,263	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $2,558,263 on 4/01/2013 collateralized by $2,510,000 Federal National Mortgage Association, 2.000% due 8/18/2015 valued at $2,613,538 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,558,263)		2,558,263
		Total Investments — 100.1% (Identified Cost $79,713,067)(a)		95,796,864
		Other assets less liabilities — (0.1)%		(60,660	)
		Net Assets — 100.0%	$	95,736,204

See accompanying notes to financial statements.

|  36

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

Loomis Sayles Mid Cap Growth Fund – (continued)

(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
	At March 31, 2013, the net unrealized appreciation on investments based on a cost of $79,713,067 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	$	16,243,175
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(159,378	)
	Net unrealized appreciation	$	16,083,797
(b)	Non-income producing security.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at March 31, 2013 (Unaudited)

Software	7.7	%
Internet Software & Services	5.7
Semiconductors & Semiconductor Equipment	5.5
Oil, Gas & Consumable Fuels	5.5
Household Durables	5.4
Chemicals	4.7
Capital Markets	4.4
Media	4.4
Biotechnology	4.2
Hotels, Restaurants & Leisure	4.2
Specialty Retail	4.0
Energy Equipment & Services	4.0
Road & Rail	3.1
Food Products	3.0
Trading Companies & Distributors	2.9
Building Products	2.5
Communications Equipment	2.4
Machinery	2.1
Wireless Telecommunication Services	2.1
Textiles, Apparel & Luxury Goods	2.0
Aerospace & Defense	2.0
Other Investments, less than 2% each	15.6
Short-Term Investments	2.7
Total Investments	100.1
Other assets less liabilities	(0.1	)
Net Assets	100.0	%

See accompanying notes to financial statements.

37  |

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

Loomis Sayles Value Fund

Shares		Description	Value (†)
	Common Stocks — 96.5% of Net Assets
		Aerospace & Defense — 2.7%
	306,137	Honeywell International, Inc.	$	23,067,423
	314,738	Northrop Grumman Corp.		22,078,871
				45,146,294
		Automobiles — 0.9%
	550,330	General Motors Co.(b)		15,310,180
		Beverages — 2.8%
	564,552	Coca-Cola Enterprises, Inc.		20,843,260
	326,108	PepsiCo, Inc.		25,798,404
				46,641,664
		Capital Markets — 4.3%
	352,633	Ameriprise Financial, Inc.		25,971,420
	490,038	Legg Mason, Inc.		15,754,722
	495,442	State Street Corp.		29,275,668
				71,001,810
		Chemicals — 1.3%
	420,063	E.I. du Pont de Nemours & Co.		20,650,297
		Commercial Banks — 6.0%
	1,366,213	Fifth Third Bancorp		22,282,934
	366,198	PNC Financial Services Group, Inc.		24,352,167
	457,818	U.S. Bancorp		15,533,765
	984,600	Wells Fargo & Co.		36,420,354
				98,589,220
		Communications Equipment — 2.5%
	761,990	Cisco Systems, Inc.		15,933,211
	404,016	Motorola Solutions, Inc.		25,869,144
				41,802,355
		Computers & Peripherals — 0.7%
	25,641	Apple, Inc.		11,349,476
		Construction Materials — 0.8%
	263,921	Vulcan Materials Co.		13,644,716
		Consumer Finance — 1.4%
	497,135	Discover Financial Services		22,291,533
		Containers & Packaging — 1.0%
	653,588	Sealed Air Corp.		15,758,007
		Diversified Financial Services — 5.2%
	1,507,143	Bank of America Corp.		18,357,002
	586,479	Citigroup, Inc.		25,945,831
	874,600	JPMorgan Chase & Co.		41,508,516
				85,811,349
		Diversified Telecommunication Services — 1.3%
	603,458	AT&T, Inc.		22,140,874

See accompanying notes to financial statements.

|  38

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

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Electric Utilities — 2.6%
	470,950	Edison International	$	23,698,204
	436,157	FirstEnergy Corp.		18,405,825
				42,104,029
		Electrical Equipment — 1.3%
	349,105	Eaton Corp. PLC		21,382,681
		Energy Equipment & Services — 2.3%
	306,991	Schlumberger Ltd.		22,990,556
	279,685	Transocean Ltd.(b)		14,532,432
				37,522,988
		Food & Staples Retailing — 1.3%
	388,425	CVS Caremark Corp.		21,359,491
		Food Products — 1.0%
	421,024	Unilever NV		17,261,984
		Health Care Equipment & Supplies — 2.3%
	222,736	Baxter International, Inc.		16,179,543
	321,145	Covidien PLC		21,786,477
				37,966,020
		Health Care Providers & Services — 2.4%
	370,041	HCA Holdings, Inc.		15,034,766
	432,745	UnitedHealth Group, Inc.		24,757,341
				39,792,107
		Household Products — 1.4%
	295,114	Procter & Gamble Co. (The)		22,741,485
		Independent Power Producers & Energy Traders — 1.9%
	824,474	Calpine Corp.(b)		16,984,164
	538,188	NRG Energy, Inc.		14,256,600
				31,240,764
		Industrial Conglomerates — 1.8%
	1,253,927	General Electric Co.		28,990,792
		Insurance — 5.2%
	406,460	American International Group, Inc.(b)		15,778,777
	635,098	MetLife, Inc.		24,146,426
	252,646	Travelers Cos., Inc. (The)		21,270,267
	862,687	Unum Group		24,370,908
				85,566,378
		Internet & Catalog Retail — 1.3%
	993,753	Liberty Interactive Corp., Class A(b)		21,246,439
		Internet Software & Services — 2.5%
	331,263	AOL, Inc.(b)		12,750,313
	274,691	eBay, Inc.(b)		14,893,746
	16,532	Google, Inc., Class A(b)		13,126,904
				40,770,963

See accompanying notes to financial statements.

39  |

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

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Machinery — 1.3%
	286,563	Dover Corp.	$	20,884,711
		Media — 5.8%
	337,828	CBS Corp., Class B		15,773,189
	629,078	Comcast Corp., Class A		26,427,567
	257,904	DIRECTV(b)		14,599,946
	333,221	Omnicom Group, Inc.		19,626,717
	305,606	Viacom, Inc., Class B		18,816,161
				95,243,580
		Multiline Retail — 2.3%
	248,203	Family Dollar Stores, Inc.		14,656,387
	334,228	Target Corp.		22,877,907
				37,534,294
		Oil, Gas & Consumable Fuels — 10.2%
	405,696	Chevron Corp.		48,204,799
	244,618	CONSOL Energy, Inc.		8,231,396
	171,447	EOG Resources, Inc.		21,957,217
	360,694	ExxonMobil Corp.		32,502,136
	410,237	Hess Corp.		29,377,072
	243,229	Noble Energy, Inc.		28,131,866
				168,404,486
		Pharmaceuticals — 8.1%
	547,417	Bristol-Myers Squibb Co.		22,548,106
	519,518	Forest Laboratories, Inc.(b)		19,762,465
	814,846	Merck & Co., Inc.		36,040,639
	1,128,320	Pfizer, Inc.		32,563,315
	448,992	Sanofi, ADR		22,934,511
				133,849,036
		REITs — Diversified — 1.4%
	722,952	Weyerhaeuser Co.		22,686,234
		Road & Rail — 1.7%
	356,081	Norfolk Southern Corp.		27,446,723
		Semiconductors & Semiconductor Equipment — 2.0%
	890,888	Applied Materials, Inc.		12,009,170
	602,441	Texas Instruments, Inc.		21,374,607
				33,383,777
		Software — 1.8%
	507,122	Microsoft Corp.		14,508,760
	492,072	Oracle Corp.		15,913,609
				30,422,369
		Specialty Retail — 1.4%
	592,591	Lowe’s Cos., Inc.		22,471,051
		Tobacco — 1.0%
	175,625	Philip Morris International, Inc.		16,282,194

See accompanying notes to financial statements.

|  40

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

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Wireless Telecommunication Services — 1.3%
	728,308	Vodafone Group PLC, Sponsored ADR	$	20,691,230
		Total Common Stocks (Identified Cost $1,202,336,783)		1,587,383,581
Principal Amount
	Short-Term Investments — 3.0%
$	50,106,381	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $50,106,381 on 4/01/2013 collateralized by $49,085,000 Federal National Mortgage Association, 2.000% due 8/18/2015 valued at $51,109,756 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $50,106,381)		50,106,381
		Total Investments — 99.5% (Identified Cost $1,252,443,164)(a)		1,637,489,962
		Other assets less liabilities — 0.5%		7,443,051
		Net Assets — 100.0%	$	1,644,933,013
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2013, the net unrealized appreciation on investments based on a cost of $1,252,443,164 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	$	392,621,780
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(7,574,982	)
		Net unrealized appreciation	$	385,046,798
	(b)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

41  |

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

Loomis Sayles Value Fund – (continued)

Industry Summary at March 31, 2013 (Unaudited)

Oil, Gas & Consumable Fuels	10.2	%
Pharmaceuticals	8.1
Commercial Banks	6.0
Media	5.8
Diversified Financial Services	5.2
Insurance	5.2
Capital Markets	4.3
Beverages	2.8
Aerospace & Defense	2.7
Electric Utilities	2.6
Communications Equipment	2.5
Internet Software & Services	2.5
Health Care Providers & Services	2.4
Health Care Equipment & Supplies	2.3
Multiline Retail	2.3
Energy Equipment & Services	2.3
Semiconductors & Semiconductor Equipment	2.0
Other Investments, less than 2% each	27.3
Short-Term Investments	3.0
Total Investments	99.5
Other assets less liabilities	0.5
Net Assets	100.0	%

See accompanying notes to financial statements.

|  42

Statements of Assets And Liabilities

March 31, 2013 (Unaudited)

	Global Equity and Income Fund			Growth Fund			Mid Cap Growth Fund			Value Fund
ASSETS
Investments at cost	$	1,026,523,858		$	136,840,137		$	79,713,067		$	1,252,443,164
Net unrealized appreciation		105,460,135			43,277,191			16,083,797			385,046,798
Investments at value		1,131,983,993			180,117,328			95,796,864			1,637,489,962
Cash		1,388,740			—			8,373			327,436
Foreign currency at value (identified cost $213,477, $0, $0 and $0)		205,043			—			—			—
Receivable for Fund shares sold		4,015,940			238,079			210,889			7,578,996
Receivable for securities sold		11,212,486			—			1,384,443			21,675,958
Dividends and interest receivable		5,647,026			272,146			21,044			1,875,916
Unrealized appreciation on forward foreign currency contracts (Note 2)		16,962			—			—			—
Tax reclaims receivable		209,313			109,318			—			—
Receivable from distributor (Note 6d)		10,976			—			—			—
TOTAL ASSETS		1,154,690,479			180,736,871			97,421,613			1,668,948,268
LIABILITIES
Payable for securities purchased		8,032,681			1,304,255			1,470,501			22,191,095
Payable for Fund shares redeemed		1,359,404			32,709			28,995			631,474
Unrealized depreciation on forward foreign currency contracts (Note 2)		84,868			—			—			—
Foreign taxes payable (Note 2)		34,899			—			—			—
Management fees payable (Note 6)		719,009			74,108			41,395			684,870
Deferred Trustees’ fees (Note 6)		91,050			118,616			80,549			295,229
Administrative fees payable (Note 6)		42,365			6,550			3,811			60,529
Payable to distributor (Note 6d)		—			1,000			1,199			25,474
Other accounts payable and accrued expenses		146,788			57,726			58,959			126,584
TOTAL LIABILITIES		10,511,064			1,594,964			1,685,409			24,015,255
NET ASSETS	$	1,144,179,415		$	179,141,907		$	95,736,204		$	1,644,933,013
NET ASSETS CONSIST OF:
Paid-in capital	$	1,057,479,512		$	222,146,470		$	115,399,728		$	1,240,163,999
Accumulated net investment (loss)/Undistributed net investment income		4,338,452			76,465			(582,744	)		4,045,492
Accumulated net realized gain (loss) on investments, options written and foreign currency transactions		(22,952,876	)		(86,358,219	)		(35,164,577	)		15,676,724
Net unrealized appreciation on investments and foreign currency translations		105,314,327			43,277,191			16,083,797			385,046,798
NET ASSETS	$	1,144,179,415		$	179,141,907		$	95,736,204		$	1,644,933,013

See accompanying notes to financial statements.

43  |

Statements of Assets And Liabilities (continued)

March 31, 2013 (Unaudited)

	Global Equity and Income Fund		Growth Fund			Mid Cap Growth Fund			Value Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	253,780,660	$	37,946,531		$	32,163,610		$	148,552,886
Shares of beneficial interest		14,278,694		5,212,649			1,025,243			6,312,984
Net asset value and redemption price per share	$	17.77	$	7.28		$	31.37		$	23.53
Offering price per share (100/94.25 of net asset value) (Note 1)	$	18.85	$	7.72		$	33.28		$	24.97
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	—	$	1,652,942		$	—		$	1,314,904
Shares of beneficial interest		—		241,457			—			55,282
Net asset value and offering price per share	$	—	$	6.85		$	—		$	23.79
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	314,371,891	$	12,061,016		$	2,006,422		$	10,942,307
Shares of beneficial interest		17,832,235		1,764,110			65,930			468,055
Net asset value and offering price per share	$	17.63	$	6.84		$	30.43		$	23.38
Class N shares:
Net assets	$	—	$	1,018		$	1,035		$	1,043
Shares of beneficial interest		—		132			32			44
Net asset value, offering and redemption price per share	$	—	$	7.72	*	$	32.61	*	$	23.56	*
Class Y shares:
Net assets	$	576,026,864	$	127,480,400		$	61,565,137		$	1,484,119,317
Shares of beneficial interest		32,271,342		16,511,379			1,888,055			62,998,000
Net asset value, offering and redemption price per share	$	17.85	$	7.72		$	32.61		$	23.56
Admin Class shares:
Net assets	$	—	$	—		$	—		$	2,556
Shares of beneficial interest		—		—			—			109
Net asset value, offering and redemption price per share	$	—	$	—		$	—		$	23.48	*

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

See accompanying notes to financial statements.

|  44

Statements of Operations

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

	Global Equity and Income Fund			Growth Fund			Mid Cap Growth Fund			Value Fund
INVESTMENT INCOME
Dividends	$	7,402,823	(a)	$	1,437,149		$	632,808	(a)	$	17,460,295	(a)
Interest		7,403,135			81			160			1,694
Less net foreign taxes withheld		(267,120	)		(31,198	)		(376	)		(46,904	)
		14,538,838			1,406,032			632,592			17,415,085
Expenses
Management fees (Note 6)		3,836,690			393,858			372,251			3,657,533
Service and distribution fees (Note 6)		1,697,785			106,344			58,826			222,207
Administrative fees (Note 6)		226,680			34,904			21,993			324,137
Trustees’ fees and expenses (Note 6)		18,584			12,555			10,941			28,604
Transfer agent fees and expenses (Note 6)		375,343			89,702			74,465			1,070,614
Audit and tax services fees		27,304			21,094			24,649			17,682
Custodian fees and expenses		180,800			9,199			9,463			21,235
Legal fees		6,561			1,043			688			9,758
Registration fees		93,241			50,290			48,348			47,065
Shareholder reporting expenses		48,950			12,697			12,562			130,054
Miscellaneous expenses		17,423			5,329			4,154			19,409
Total expenses		6,529,361			737,015			638,340			5,548,298
Less waiver and/or expense reimbursement (Note 6)		—			(3	)		(83,106	)		(3	)
Net expenses		6,529,361			737,012			555,234			5,548,295
Net investment income		8,009,477			669,020			77,358			11,866,790
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		4,034,420			1,939,532			7,015,604			31,155,591
Options written		—			—			137,983			—
Foreign currency transactions		(81,963	)		—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		46,603,344			16,811,141			1,300,010			159,997,120
Foreign currency translations		(83,682	)		—			—			—
Net realized and unrealized gain on investments, options written and foreign currency transactions		50,472,119			18,750,673			8,453,597			191,152,711
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	58,481,596		$	19,419,693		$	8,530,955		$	203,019,501

(a) Includes non-recurring dividends of $1,196,974, $376,183 and $1,850,516 for Global Equity and Income Fund, Mid Cap Growth Fund and Value Fund, respectively.

See accompanying notes to financial statements.

45  |

Statements of Changes in Net Assets

	Global Equity and Income Fund						Growth Fund
	Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012			Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income	$	8,009,477		$	14,455,622		$	669,020		$	920,515
Net realized gain on investments and foreign currency transactions		3,952,457			26,532,775			1,939,532			4,329,020
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		46,519,662			77,106,896			16,811,141			22,338,515
Net increase in net assets resulting from operations		58,481,596			118,095,293			19,419,693			27,588,050
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(3,564,597	)		(2,072,301	)		(294,078	)		(40,999	)
Class C		(2,862,934	)		(1,277,382	)		(20,215	)		—
Class Y		(9,012,866	)		(4,073,326	)		(1,088,093	)		(290,006	)
Total distributions		(15,440,397	)		(7,423,009	)		(1,402,386	)		(331,005	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		173,460,087			343,913,074			12,376,304			11,726,064
Net increase in net assets		216,501,286			454,585,358			30,393,611			38,983,109
NET ASSETS
Beginning of the period		927,678,129			473,092,771			148,748,296			109,765,187
End of the period	$	1,144,179,415		$	927,678,129		$	179,141,907		$	148,748,296
UNDISTRIBUTED NET INVESTMENT INCOME	$	4,338,452		$	11,769,372		$	76,465		$	809,831

See accompanying notes to financial statements.

|  46

Statements of Changes in Net Assets (continued)

	Mid Cap Growth Fund						Value Fund
	Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012			Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income (loss)	$	77,358		$	(655,071	)	$	11,866,790		$	21,146,564
Net realized gain on investments and options written		7,153,587			3,171,141			31,155,591			44,413,605
Net change in unrealized appreciation (depreciation) on investments		1,300,010			15,354,072			159,997,120			278,326,235
Net increase in net assets resulting from operations		8,530,955			17,870,142			203,019,501			343,886,404
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		—			—			(1,732,857	)		(1,701,635	)
Class B		—			—			(4,549	)		(4,098	)
Class C		—			—			(55,400	)		(35,308	)
Class Y		—			—			(20,425,746	)		(16,240,641	)
Admin Class		—			—			(23	)		(19	)
Total distributions		—			—			(22,218,575	)		(17,981,701	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(15,611,224	)		(16,818,326	)		83,827,103			(41,007,267	)
Net increase (decrease) in net assets		(7,080,269	)		1,051,816			264,628,029			284,897,436
NET ASSETS
Beginning of the period		102,816,473			101,764,657			1,380,304,984			1,095,407,548
End of the period	$	95,736,204		$	102,816,473		$	1,644,933,013		$	1,380,304,984
ACCUMULATED NET INVESTMENT (LOSS)/UNDISTRIBUTED NET INVESTMENT INCOME	$	(582,744	)	$	(660,102	)	$	4,045,492		$	14,397,277

See accompanying notes to financial statements.

47  |

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|  48

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 (b)			Total distributions
GLOBAL EQUITY AND INCOME FUND
Class A
3/31/2013(h)	$	17.07	$	0.14	(i)	$	0.83		$	0.97		$	(0.27	)	$	—		$	(0.27	)
9/30/2012		14.24		0.35	(j)		2.71			3.06			(0.23	)		—			(0.23	)
9/30/2011		14.72		0.22			(0.45	)		(0.23	)		(0.25	)		—			(0.25	)
9/30/2010		12.50		0.26			2.26			2.52			(0.30	)		—			(0.30	)
9/30/2009		11.65		0.36			0.74	(l)		1.10			(0.25	)		(0.00	)		(0.25	)
9/30/2008		15.83		0.25			(3.46	)		(3.21	)		(0.53	)		(0.44	)		(0.97	)
Class C
3/31/2013(h)		16.90		0.08	(i)		0.83			0.91			(0.18	)		—			(0.18	)
9/30/2012		14.10		0.22	(j)		2.70			2.92			(0.12	)		—			(0.12	)
9/30/2011		14.59		0.10			(0.44	)		(0.34	)		(0.15	)		—			(0.15	)
9/30/2010		12.39		0.16			2.26			2.42			(0.22	)		—			(0.22	)
9/30/2009		11.51		0.28			0.75	(l)		1.03			(0.15	)		(0.00	)		(0.15	)
9/30/2008		15.70		0.15			(3.43	)		(3.28	)		(0.47	)		(0.44	)		(0.91	)
Class Y
3/31/2013(h)		17.15		0.16	(i)		0.85			1.01			(0.31	)		—			(0.31	)
9/30/2012		14.31		0.40	(j)		2.71			3.11			(0.27	)		—			(0.27	)
9/30/2011		14.78		0.26			(0.45	)		(0.19	)		(0.28	)		—			(0.28	)
9/30/2010		12.54		0.29			2.28			2.57			(0.33	)		—			(0.33	)
9/30/2009		11.70		0.38			0.75	(l)		1.13			(0.29	)		(0.00	)		(0.29	)
9/30/2008		15.87		0.30			(3.48	)		(3.18	)		(0.55	)		(0.44	)		(0.99	)

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

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

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

(d) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

(e) A sales charge for Class A shares and a contingent deferred sales charge for Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

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

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

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

(i) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.12, $0.06 and $0.14 for Class A, Class C and Class Y shares, respectively, total return would have been 5.66%, 5.29% and 5.85% for Class A, Class C and Class Y shares, respectively, and the ratio of net investment income to average net assets would have been 1.41%, 0.66% and 1.66% for Class A, Class C and Class Y shares, respectively.

See accompanying notes to financial statements.

49  |

									Ratios to Average Net Assets:
Redemption fees (b)(c)		Net asset value, end of the period		Total return (%) (d)(e)			Net assets, end of the period (000’s)		Net expenses (%) (f)(g)			Gross expenses (%) (g)			Net investment income (%) (g)			Portfolio turnover rate (%)
$	—	$	17.77		5.78	(i)	$	253,781		1.19			1.19			1.65	(i)		18
	—		17.07		21.75	(j)		216,209		1.21			1.21			2.16	(j)		29
	—		14.24		(1.67	)		111,589		1.24	(k)		1.24	(k)		1.41			65
	—		14.72		20.61			64,367		1.25			1.29			1.96			99
	—		12.50		10.27			44,669		1.25			1.34			3.56			114
	0.00		11.65		(21.87	)		67,647		1.25			1.27			1.74			133
	—		17.63		5.40	(i)		314,372		1.94			1.94			0.90	(i)		18
	—		16.90		20.83	(j)		251,366		1.96			1.96			1.40	(j)		29
	—		14.10		(2.42	)		145,369		1.99	(k)		1.99	(k)		0.64			65
	—		14.59		19.79			109,455		2.00			2.04			1.21			99
	—		12.39		9.40			96,208		2.00			2.09			2.82			114
	0.00		11.51		(22.42	)		124,178		2.00			2.02			1.04			133
	—		17.85		5.97	(i)		576,027		0.94			0.94			1.90	(i)		18
	—		17.15		21.96	(j)		460,103		0.96			0.96			2.44	(j)		29
	—		14.31		(1.42	)		216,136		0.99	(k)		0.99	(k)		1.65			65
	—		14.78		21.02			144,780		1.00			1.04			2.20			99
	—		12.54		10.49			108,728		1.00			1.01			3.79			114
	0.00		11.70		(21.66	)		120,322		0.99	(m)		0.99	(m)		2.06			133

(j) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.31, $0.19 and $0.36 for Class A, Class C and Class Y shares, respectively, total return would have been 21.46%, 20.55% and 21.75% for Class A, Class C and Class Y shares, respectively, and the ratio of net investment income to average net assets would have been 1.93%, 1.18% and 2.20% for Class A, Class C and Class Y shares, respectively.

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

(l) 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.

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

See accompanying notes to financial statements.

|  50

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			Distributions from net realized capital gains		Total distributions
GROWTH FUND
Class A
3/31/2013(g)	$	6.50	$	0.02		$	0.82		$	0.84		$	(0.06	)	$	—	$	(0.06	)
9/30/2012		5.24		0.04			1.23			1.27			(0.01	)		—		(0.01	)
9/30/2011		5.14		0.01			0.09			0.10			—			—		—
9/30/2010		4.48		(0.01	)		0.67			0.66			—			—		—
9/30/2009		4.99		(0.01	)		(0.50	)		(0.51	)		—			—		—
9/30/2008		7.01		(0.02	)		(2.00	)		(2.02	)		—			—		—
Class B
3/31/2013(g)		6.09		(0.00	)		0.76			0.76			—			—		—
9/30/2012		4.94		(0.01	)		1.16			1.15			—			—		—
9/30/2011		4.87		(0.03	)		0.10			0.07			—			—		—
9/30/2010		4.28		(0.05	)		0.64			0.59			—			—		—
9/30/2009		4.81		(0.04	)		(0.49	)		(0.53	)		—			—		—
9/30/2008		6.79		(0.07	)		(1.91	)		(1.98	)		—			—		—
Class C
3/31/2013(g)		6.09		(0.00	)		0.76			0.76			(0.01	)		—		(0.01	)
9/30/2012		4.94		(0.01	)		1.16			1.15			—			—		—
9/30/2011		4.87		(0.03	)		0.10			0.07			—			—		—
9/30/2010		4.28		(0.05	)		0.64			0.59			—			—		—
9/30/2009		4.81		(0.04	)		(0.49	)		(0.53	)		—			—		—
9/30/2008		6.80		(0.07	)		(1.92	)		(1.99	)		—			—		—
Class N
3/31/2013*		7.58		0.01			0.13			0.14			—			—		—
Class Y
3/31/2013(g)		6.90		0.04			0.85			0.89			(0.07	)		—		(0.07	)
9/30/2012		5.56		0.06			1.30			1.36			(0.02	)		—		(0.02	)
9/30/2011		5.43		0.03			0.10			0.13			—			—		—
9/30/2010		4.73		(0.00	)		0.70			0.70			—			—		—
9/30/2009		5.24		0.01			(0.52	)		(0.51	)		—			—		—
9/30/2008		7.32		0.01			(2.09	)		(2.08	)		—			—		—

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

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

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

(c) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

(d) A sales charge for Class A shares and a contingent deferred sales charge for Class B and Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

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

See accompanying notes to financial statements.

51  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (c)(d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)		Net investment income (loss) (%) (f)			Portfolio turnover rate (%)
$	7.28		12.97		$	37,947		1.05			1.05		0.74			4
	6.50		24.22			33,663		1.07			1.07		0.61			16
	5.24		1.95			26,716		1.14			1.14		0.23			16
	5.14		14.73			29,901		1.19			1.20		(0.30	)		163
	4.48		(10.40	)		33,207		1.25			1.31		(0.25	)		191
	4.99		(28.67	)		156,841		1.10			1.10		(0.33	)		179
	6.85		12.48			1,653		1.80			1.80		(0.02	)		4
	6.09		23.28			1,908		1.82			1.82		(0.12	)		16
	4.94		1.44			2,609		1.89			1.89		(0.54	)		16
	4.87		13.79			4,086		1.93			1.95		(1.06	)		163
	4.28		(11.02	)		5,397		2.00			2.12		(1.06	)		191
	4.81		(29.16	)		9,553		1.85			1.85		(1.05	)		179
	6.84		12.53			12,061		1.80			1.80		(0.01	)		4
	6.09		23.28			10,489		1.82			1.82		(0.13	)		16
	4.94		1.44			10,262		1.89			1.89		(0.53	)		16
	4.87		13.79			12,493		1.93			1.95		(1.06	)		163
	4.28		(11.02	)		16,336		2.00			2.12		(1.06	)		191
	4.81		(29.26	)		27,743		1.85			1.85		(1.08	)		179
	7.72		1.85			1		0.95			2.86		0.89			4
	7.72		13.05			127,480		0.80			0.80		0.98			4
	6.90		24.57			102,688		0.82			0.82		0.87			16
	5.56		2.21			70,177		0.89			0.89		0.49			16
	5.43		15.01			53,299		0.93	(h)		0.95		(0.05	)		163
	4.73		(9.73	)		57,033		0.75			0.75		0.18			191
	5.24		(28.42	)		75,389		0.66			0.66		0.11			179

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

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

(h) Effective February 1, 2010, the expense limit increased from 0.85% to 1.00% for Class Y shares.

See accompanying notes to financial statements.

|  52

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		Total distributions
MID CAP GROWTH FUND
Class A*
3/31/2013(f)	$	28.84	$	0.01	(g)	$	2.52		$	2.53		$	—	$	—	$	—
9/30/2012		24.40		(0.20	)		4.64			4.44			—		—		—
9/30/2011		23.76		(0.23	)(h)		0.87			0.64			—		—		—
9/30/2010		18.29		(0.09	)(j)		5.56			5.47			—		—		—
9/30/2009		21.12		(0.07	)(k)		(2.76	)		(2.83	)		—		—		—
9/30/2008		26.84		(0.15	)		(5.57	)		(5.72	)		—		—		—
Class C
3/31/2013(f)		28.08		(0.09	)(g)		2.44			2.35			—		—		—
9/30/2012		23.93		(0.39	)		4.54			4.15			—		—		—
9/30/2011		23.47		(0.45	)(h)		0.91			0.46			—		—		—
9/30/2010		18.20		(0.18	)(j)		5.45			5.27			—		—		—
9/30/2009**		15.13		(0.16	)		3.23			3.07			—		—		—
Class N
3/31/2013***		31.49		(0.03	)		1.15			1.12			—		—		—
Class Y*
3/31/2013(f)		29.94		0.04	(g)		2.63			2.67			—		—		—
9/30/2012		25.27		(0.14	)		4.81			4.67			—		—		—
9/30/2011		24.53		(0.17	)(h)		0.91			0.74			—		—		—
9/30/2010		18.84		(0.07	)(j)		5.76			5.69			—		—		—
9/30/2009		21.70		(0.05	)(k)		(2.81	)		(2.86	)		—		—		—
9/30/2008		27.51		(0.10	)		(5.71	)		(5.81	)		—		—		—

* Prior to the close of business on February 2, 2009, the Fund offered Retail and Institutional Class shares, which were redesignated as Class A and Class Y shares, respectively, on that date.

** From commencement of Class operations on February 2, 2009 through September 30, 2009.

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

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

(b) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

(c) A sales charge for Class A shares and a contingent deferred sales charge for Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

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

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

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

(g) Includes non-recurring dividends. Without these dividends, net investment income (loss) per share would have been $(0.11), $(0.21) and $(0.07) for Class A, Class C and Class Y shares, respectively, total return would have been 8.39%, 8.01% and 8.55% for Class A, Class C and Class Y shares, respectively, and the ratio of net investment income (loss) to average net assets would have been (0.73)%, (1.51)% and (0.49)% for Class A, Class C and Class Y shares, respectively.

See accompanying notes to financial statements.

53  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (b)(c)			Net assets, end of the period (000’s)		Net expenses (%) (d)(e)			Gross expenses (%) (e)			Net investment income (loss) (%) (e)			Portfolio turnover rate (%)
$	31.37		8.77	(g)	$	32,164		1.25			1.41			0.04	(g)		87
	28.84		18.25			43,223		1.25			1.38			(0.72	)		191
	24.40		2.65	(h)		49,177		1.25	(i)		1.32			(0.81	)(h)		204
	23.76		29.91			67,639		1.25			1.46			(0.45	)(j)		191
	18.29		(13.44	)		54,951		1.25			1.52			(0.45	)(k)		292
	21.12		(21.27	)		120,524		1.25			1.32			(0.58	)		299
	30.43		8.37	(g)		2,006		2.00			2.16			(0.66	)(g)		87
	28.08		17.34			2,491		2.00			2.13			(1.47	)		191
	23.93		1.96	(h)		2,182		2.01	(i)		2.08			(1.63	)(h)		204
	23.47		28.96			34		2.00			2.24			(0.89	)(j)		191
	18.20		20.29			1		2.00			2.24			(1.54	)		292
	32.61		3.56			1		0.95			3.10			(0.51	)		87
	32.61		8.92	(g)		61,565		1.00			1.17			0.26	(g)		87
	29.94		18.53			57,103		1.00			1.13			(0.49	)		191
	25.27		2.98	(h)		50,406		1.00	(i)		1.07			(0.58	)(h)		204
	24.53		30.20			33,757		1.00			1.22			(0.34	)(j)		191
	18.84		(13.18	)		27,057		1.00			1.12			(0.27	)(k)		292
	21.70		(21.12	)		25,779		1.00	(l)		1.00	(l)		(0.36	)		299

(h) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.27), $(0.47) and $(0.20) for Class A, Class C and Class Y shares, respectively, total return would have been 2.53%, 1.79% and 2.81% for Class A, Class C and Class Y shares, respectively, and the ratio of net investment loss to average net assets would have been (0.96)%, (1.68)% and (0.70)% for Class A, Class C and Class Y shares, respectively.

(i) Includes interest expense from bank overdraft charges of 0.01% for Class C and less than 0.01% for Classes A and Y. Without this expense the ratio of net expenses for Class C would have been 2.00%.

(j) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.21), $(0.36) and $(0.16) for Class A, Class C and Class Y shares, respectively, and the ratio of net investment loss to average net assets would have been (1.02)%, (1.74)% and (0.76)% for Class A, Class C and Class Y shares, respectively.

(k) Includes a non-recurring dividend of $0.03 per share. Without this dividend, net investment loss per share would have been $(0.10) and $(0.08) for Class A and Class Y shares, respectively, and the ratio of net investment loss to average net assets would have been (0.63)% and (0.46)% for Class A and Class Y shares, respectively.

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

See accompanying notes to financial statements.

|  54

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
VALUE FUND
Class A
3/31/2013(f)	$	20.86	$	0.15	(g)	$	2.80		$	2.95		$	(0.28	)	$	—		$	(0.28	)
9/30/2012		16.04		0.27			4.78			5.05			(0.23	)		—			(0.23	)
9/30/2011		16.78		0.20			(0.72	)		(0.52	)		(0.22	)		—			(0.22	)
9/30/2010		16.42		0.27	(h)		0.23			0.50			(0.14	)		—			(0.14	)
9/30/2009		17.93		0.23			(1.53	)		(1.30	)		(0.21	)		—			(0.21	)
9/30/2008		23.46		0.25			(4.45	)		(4.20	)		(0.18	)		(1.15	)		(1.33	)
Class B
3/31/2013(f)		20.95		0.08	(g)		2.83			2.91			(0.07	)		—			(0.07	)
9/30/2012		16.05		0.13			4.81			4.94			(0.04	)		—			(0.04	)
9/30/2011		16.77		0.06			(0.73	)		(0.67	)		(0.05	)		—			(0.05	)
9/30/2010		16.40		0.12	(h)		0.25			0.37			—			—			—
9/30/2009		17.80		0.14			(1.51	)		(1.37	)		(0.03	)		—			(0.03	)
9/30/2008		23.46		0.10			(4.45	)		(4.35	)		(0.16	)		(1.15	)		(1.31	)
Class C
3/31/2013(f)		20.65		0.07	(g)		2.79			2.86			(0.13	)		—			(0.13	)
9/30/2012		15.85		0.13			4.74			4.87			(0.07	)		—			(0.07	)
9/30/2011		16.58		0.06			(0.71	)		(0.65	)		(0.08	)		—			(0.08	)
9/30/2010		16.26		0.14	(h)		0.22			0.36			(0.04	)		—			(0.04	)
9/30/2009		17.79		0.12			(1.51	)		(1.39	)		(0.14	)		—			(0.14	)
9/30/2008		23.46		0.09			(4.43	)		(4.34	)		(0.18	)		(1.15	)		(1.33	)
Class N
3/31/2013*		22.59		0.04			0.93			0.97			—			—			—
Class Y
3/31/2013(f)		20.91		0.18	(g)		2.81			2.99			(0.34	)		—			(0.34	)
9/30/2012		16.08		0.32			4.78			5.10			(0.27	)		—			(0.27	)
9/30/2011		16.82		0.25			(0.73	)		(0.48	)		(0.26	)		—			(0.26	)
9/30/2010		16.47		0.31	(h)		0.23			0.54			(0.19	)		—			(0.19	)
9/30/2009		18.01		0.28			(1.54	)		(1.26	)		(0.28	)		—			(0.28	)
9/30/2008		23.54		0.32			(4.45	)		(4.13	)		(0.25	)		(1.15	)		(1.40	)
Admin Class
3/31/2013(f)		20.79		0.14	(g)		2.78			2.92			(0.23	)		—			(0.23	)
9/30/2012		16.00		0.22			4.77			4.99			(0.20	)		—			(0.20	)
9/30/2011		16.74		0.17			(0.73	)		(0.56	)		(0.18	)		—			(0.18	)
9/30/2010**		16.72		0.18	(h)		(0.16	)		0.02			—			—			—

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

** From commencement of Class operations on February 1, 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.

(c) A sales charge for Class A shares and a contingent deferred sales charge for Class B and Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

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

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

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

See accompanying notes to financial statements.

55  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (b)(c)			Net assets, end of the period (000’s)		Net expenses (%) (d)(e)			Gross expenses (%) (e)			Net investment income (%) (e)			Portfolio turnover rate (%)
$	23.53		14.34	(g)	$	148,553		0.98			0.98			1.41	(g)		10
	20.86		31.71			129,572		0.98			0.98			1.45			25
	16.04		(3.28	)		126,789		0.98			0.98			1.09			29
	16.78		3.03			130,922		0.96			0.96			1.58	(h)		54
	16.42		(6.97	)		120,915		1.06			1.06			1.67			47
	17.93		(19.01	)		112,274		1.05			1.05			1.24			36	(i)
	23.79		13.94	(g)		1,315		1.73			1.73			0.69	(g)		10
	20.95		30.79			1,534		1.73			1.73			0.71			25
	16.05		(4.05	)		2,037		1.73			1.73			0.32			29
	16.77		2.26			3,299		1.70			1.70			0.72	(h)		54
	16.40		(7.62	)		5,167		1.81			1.81			1.03			47
	17.80		(19.65	)		8,385		1.80	(j)		1.80	(j)		0.51			36	(i)
	23.38		13.91	(g)		10,942		1.73			1.73			0.65	(g)		10
	20.65		30.78			9,104		1.73			1.73			0.70			25
	15.85		(4.00	)		8,996		1.73			1.73			0.33			29
	16.58		2.20			10,226		1.71			1.71			0.81	(h)		54
	16.26		(7.60	)		10,011		1.81			1.81			0.89			47
	17.79		(19.62	)		6,483		1.80	(j)		1.80	(j)		0.46			36	(i)
	23.56		4.29			1		0.80			2.75			1.17			10
	23.56		14.49	(g)		1,484,119		0.73			0.73			1.65	(g)		10
	20.91		32.05			1,240,093		0.73			0.73			1.68			25
	16.08		(3.05	)		957,584		0.74			0.74			1.34			29
	16.82		3.28			788,937		0.71			0.71			1.86	(h)		54
	16.47		(6.66	)		574,439		0.66			0.66			1.97			47
	18.01		(18.67	)		303,182		0.65			0.66			1.58			36	(i)
	23.48		14.20	(g)		3		1.25			1.25			1.28	(g)		10
	20.79		31.43			2		1.24			1.24			1.17			25
	16.00		(3.48	)		1		1.17			1.17			0.90			29
	16.74		0.12			1		1.29			1.29			1.59	(h)		54

(g) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.12, $0.05, $0.04, $0.15 and $0.11 for Class A, Class B, Class C, Class Y and Admin Class shares, respectively, total return would have been 14.19%, 13.79%, 13.76%, 14.35% and 14.06% for Class A, Class B, Class C, Class Y and Admin Class shares, respectively, and the ratio of net investment income to average net assets would have been 1.15%, 0.42%, 0.40%, 1.40% and 1.05% for Class A, Class B, Class C, Class Y and Admin Class shares, respectively.

(h) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.14, $0.02, $0.01, $0.18 and $0.05 for Class A, Class B, Class C, Class Y and Admin Class shares, respectively, and the ratio of net investment income to average net assets would have been 0.84%, 0.10%, 0.09%, 1.08% and 0.50% for Class A, Class B, Class C, Class Y and Admin Class shares, respectively.

(i) Portfolio turnover excludes the impact of assets resulting from a merger with another fund.

(j) Includes fee/expense recovery of less than 0.01% for Class B and Class C shares.

See accompanying notes to financial statements.

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Notes to Financial Statements

March 31, 2013 (Unaudited)

1.  Organization.  Loomis Sayles Funds II (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 Global Equity and Income Fund (the “Global Equity and Income Fund”)

Loomis Sayles Growth Fund (the “Growth Fund”)

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

Loomis Sayles Value Fund (the “Value Fund”)

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C and Class Y shares. Effective February 1, 2013, Growth Fund, Mid Cap Growth Fund and Value Fund began offering Class N shares. In addition, Value Fund offers Admin Class shares. Effective October 12, 2007, Class B shares are no longer offered. Existing Class B shareholders of Growth Fund and Value Fund may continue to reinvest dividends into Class B shares and exchange their Class B shares for Class B shares of other Natixis Funds subject to existing exchange privileges as described in the prospectus.

Class A shares are sold with a maximum front-end sales charge of 5.75%. Class B shares do not pay a front-end sales charge; however, they are charged higher Rule 12b-1 fees, and are subject to a contingent deferred sales charge (“CDSC”) if such shares are redeemed within six years of purchase. After eight years of ownership, Class B shares convert to Class A shares. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are primarily intended for employer-sponsored retirement plans. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000, though some categories of investors are exempted from the minimum investment amount as outlined in the Funds’ prospectus. Admin Class shares do not pay a front-end sales charge or a CDSC, but do pay a Rule 12b-1 fee. Class N and Admin Class shares are offered exclusively through intermediaries.

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 service and distribution fees and transfer agent fees for

57  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Class N). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

good faith by the Funds’ investment adviser using consistently applied procedures under the general supervision of the Board of Trustees.

The Funds may hold securities traded in foreign markets. Foreign securities are valued at the closing market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities are fair valued on a daily basis pursuant to procedures approved by the Board of Trustees. When fair valuing securities, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the foreign market and before the Funds calculate their net asset values. As of March 31, 2013, approximately 23% of the market value of Global Equity and Income Fund’s investments was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities. Additionally, one security held by the Fund for which market quotations were not readily available as of March 31, 2013, was fair valued pursuant to procedures approved by the Board of Trustees, amounting to 0.7% of net assets.

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. 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.

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

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

d.  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 the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Funds’ or counterparty’s net obligations under the contracts.

e.  Option Contracts.  The Funds may enter into option contracts. When a Fund purchases an option, it pays a premium and the option is subsequently marked to market to reflect current value. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the cost or deducted from the proceeds on the underlying instrument to determine the realized gain or loss. If the 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 options is limited to the premium paid.

When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to the current value. Net premiums received for written options which expire are treated as realized gains. Net premiums received for written options which are exercised are deducted from the cost or added to the proceeds on the underlying instrument to determine the realized gain or loss. If the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid on

|  60

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

effecting a closing purchase transaction, including commissions, is treated as a realized gain or, if the net premium received is less than the amount paid, as a realized loss. The Fund, as writer of a written option, bears the risk of an unfavorable change in the market value of the instrument underlying the written option.

Exchange-traded options 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. Over-the-counter options are subject to the risk that the counterparty is unable or unwilling to meet its obligations under the option. For the six months ended March 31, 2013, the Funds were not party to any over-the-counter options.

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

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

61  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

g.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as net operating losses, paydown gains and losses, foreign currency transactions, return of capital and capital gain distributions from real estate investment trusts (“REITs”), defaulted bonds and premium amortization. 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, forward foreign currency contract mark to market, wash sales, premium amortization, contingent payment debt instruments, trust preferred securities and basis adjustments for return of capital dividends. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

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

	2012 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Global Equity and Income Fund	$	7,423,009	$	—	$	7,423,009
Growth Fund		331,005		—		331,005
Mid Cap Growth Fund		—		—		—
Value Fund		17,981,701		—		17,981,701

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

	Global Equity and Income Fund			Growth Fund			Mid Cap Growth Fund			Value Fund
Capital loss carryforward:
Short-term:
Expires
September 30, 2017	$	—		$	(52,780,165	)	$	(20,624,367	)	$	—
September 30, 2018		(25,714,481	)		(34,679,944	)		(18,569,793	)		(6,350,604	)
Total capital loss carryforward	$	(25,714,481	)	$	(87,460,109	)	$	(39,194,160	)	$	(6,350,604	)
Late-year ordinary and post- October capital loss deferrals*	$	(574,376	)	$	(63,747	)	$	(3,686,631	)	$	(5,542,012	)

* 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.

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

i.  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.

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

j.  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.

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

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

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

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

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

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

Global Equity and Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	16,927,102	$	—	$	16,927,102
Chile		5,991,398		14,109,422		—		20,100,820
China		—		22,213,392		—		22,213,392
France		—		20,679,158		—		20,679,158
Germany		—		10,142,240		—		10,142,240
Hong Kong		—		9,743,313		—		9,743,313
Russia		—		7,741,834		—		7,741,834
Sweden		—		26,023,026		—		26,023,026
Switzerland		—		21,705,149		—		21,705,149
United Kingdom		—		115,110,738		—		115,110,738
All Other Common Stocks(a)		492,643,976		—		—		492,643,976
Total Common Stocks		498,635,374		264,395,374		—		763,030,748
Bonds and Notes
Non-Convertible Bonds
Costa Rica		—		599,100		796,546		1,395,646
Korea		—		4,504,228		5,940,388		10,444,616
Turkey		—		9,236,287		798,000		10,034,287
United States		38,957		147,378,840		3,308,104		150,725,901
All Other Non-Convertible Bonds(a)		—		114,770,579		—		114,770,579
Total Non-Convertible Bonds		38,957		276,489,034		10,843,038		287,371,029
Convertible Bonds(a)		—		7,529,213		—		7,529,213
Municipals(a)		—		509,014		—		509,014
Total Bonds and Notes		38,957		284,527,261		10,843,038		295,409,256

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Global Equity and Income Fund (continued)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2			Level 3		Total
Senior Loans(a)	$	—	$	1,660,258		$	—	$	1,660,258
Preferred Stocks
Convertible Preferred Stocks(a)		3,936,413		—			—		3,936,413
Non-Convertible Preferred Stock(a)		—		674,456			—		674,456
Total Preferred Stocks		3,936,413		674,456			—		4,610,869
Short-Term Investments		—		67,272,862			—		67,272,862
Total Investments		502,610,744		618,530,211			10,843,038		1,131,983,993
Forward Foreign Currency Contracts (unrealized appreciation)		—		16,962			—		16,962
Total	$	502,610,744	$	618,547,173		$	10,843,038	$	1,132,000,955
Liability Valuation Inputs
Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(84,868	)	$	—	$	(84,868	)

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

A common stock valued at $12,029,094 was transferred from Level 1 to Level 2 during the period ended March 31, 2013. At March 31, 2013, this security was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the security.

Common stocks valued at $22,957,592 were transferred from Level 2 to Level 1 during the period ended March 31, 2013. At March 31, 2013, these securities were valued at the market price in the foreign market in accordance with the Fund’s valuation policies.

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	177,040,298	$	—	$	—	$	177,040,298
Short-Term Investments		—		3,077,030		—		3,077,030
Total	$	177,040,298	$	3,077,030	$	—	$	180,117,328

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

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

Mid Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	93,238,601	$	—	$	—	$	93,238,601
Short-Term Investments		—		2,558,263		—		2,558,263
Total	$	93,238,601	$	2,558,263	$	—	$	95,796,864

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

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

Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,587,383,581	$	—	$	—	$	1,587,383,581
Short-Term Investments		—		50,106,381		—		50,106,381
Total	$	1,587,383,581	$	50,106,381	$	—	$	1,637,489,962

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

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

Global Equity and Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012			Accrued Discounts (Premiums)			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
Costa Rica	$	—		$	—		$	—		$	34,568		$	761,978
Korea		2,528,229			(14,798	)		—			(56,597	)		3,483,554
Turkey		—			—			—			5,752			792,248
United States		638,272			—			9,975			21,705			1,735,000
Total	$	3,166,501		$	(14,798)		$	9,975		$	5,428		$	6,772,780
Investments in Securities	Sales			Transfers into Level 3			Transfers out of Level 3			Balance as of March 31, 2013			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
Non-Convertible Bonds
Costa Rica	$	—		$	—		$	—		$	796,546		$	34,568
Korea		—			—			—			5,940,388			(56,597	)
Turkey		—			—			—			798,000			5,752
United States		(218,158	)		1,759,582			(638,272	)		3,308,104			21,705
Total	$	(218,158	)	$	1,759,582		$	(638,272	)	$	10,843,038		$	5,428

Debt securities valued at $1,759,582 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security.

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

A debt security valued at $638,272 was transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

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 Equity and Income Fund and Mid Cap Growth Fund used during the period include forward foreign currency contracts and option contracts.

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

Mid Cap Growth Fund is subject to the risk of unpredictable declines in the value of individual equity securities and periods of below-average performance in individual securities or in the equity market as a whole. The Fund may use purchased put options and written call options to hedge against a decline in value of an equity security that it owns, and may use written put options to offset the cost of options used for hedging purposes. The Fund may also use purchased call options to gain exposure to an equity security without committing the capital required to buy it, while also limiting the downside risk associated with owning it. During the six months ended March 31, 2013, Mid Cap Growth Fund engaged in purchased put options for hedging purposes and written put options to offset the cost of options used for hedging purposes.

Global Equity and Income Fund is party to agreements with counterparties that govern transactions in forward foreign currency contracts. These agreements contain credit-risk-related contingent features that allow the counterparties to terminate open contracts early if the net asset value of the Fund declines beyond a certain threshold. If such features were to be triggered, the counterparties could request immediate settlement of open contracts at current fair value. As of March 31, 2013, the fair value of derivative positions (including open trades) subject to credit-risk-related contingent

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features that are in a net liability position by counterparty, and the value of collateral pledged to counterparties for such contracts is as follows:

Fund	Counterparty	Derivatives			Collateral Pledged
Global Equity and Income Fund	Barclays Bank PLC	$	(9,747	)	$	—
	Credit Suisse International		(68,146	)		—

Derivatives are subject to the risk that the counterparty will be unwilling or unable to meet its obligations under the contracts. Global Equity and Income Fund has mitigated this risk with respect to forward foreign currency contracts by entering into master netting agreements with counterparties that allow the Fund and the counterparty to offset amounts owed by each related to these derivative contracts to one net amount payable by either the Fund or the counterparty. As of March 31, 2013, based on balances reflected on the Fund’s Statement of Assets and Liabilities, the maximum amount of loss that Global Equity and Income Fund would incur if counterparties failed to meet their obligations is $16,962 and the amount of loss that Global Equity and Income Fund would incur after taking into account master netting arrangements is $9,987.

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

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

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

Statements of Assets and Liabilities Caption	Foreign Exchange Contracts
Assets
Unrealized appreciation on forward foreign currency contracts	$	16,962
Liabilities
Unrealized depreciation on forward foreign currency contracts		(84,868	)

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

Statements of Operations Caption	Foreign Exchange Contracts
Net Realized Gain (Loss) on:
Foreign currency transactions*	$	(6,490	)
Net Change in Unrealized Appreciation (Depreciation) on:
Foreign currency translations*		2,493

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

Transactions in derivative instruments for Mid Cap Growth Fund during the six months ended March 31, 2013 were as follows:

Statements of Operations Caption	Equity Contracts
Net Realized Gain (Loss) on:
Investments*	$	(551,800	)
Options Written		137,983

* Represents realized loss for purchased options during the period.

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

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

Global Equity and Income Fund	Forwards
Average Notional Amount Outstanding		0.93	%
Highest Notional Amount Outstanding		1.09	%
Lowest Notional Amount Outstanding		0.81	%
Notional Amount Outstanding as of March 31, 2013		0.81	%

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 is recorded in the Statements of Assets and Liabilities. The aggregate notional values of forwards are not recorded in the

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Statements of Assets and Liabilities, and therefore are not included in Global Equity and Income Fund’s net assets.

The volume of option contract activity, as a percentage of net assets, for Mid Cap Growth Fund based on month-end and/or daily market values of equity securities underlying purchased and written options, at absolute value, was as follows for the six months ended March 31, 2013:

Mid Cap Growth Fund*	Put Options Written			Put Options Purchased
Average Market Value of Underlying Securities		0.01	%		0.02	%
Highest Market Value of Underlying Securities		0.16	%		0.28	%
Lowest Market Value of Underlying Securities		0.00	%		0.00	%
Market Value of Underlying Securities as of March 31, 2013		0.00	%		0.00	%

* Market value of underlying securities is determined by multiplying option shares by the price of the option’s underlying security, as determined by the Fund’s Pricing Policies and Procedures.

The following is a summary of Mid Cap Growth Fund’s written option activity:

	Number of Contracts			Premiums
Outstanding at September 30, 2012		—		$	—
Options written		1,844			225,046
Options terminated in closing purchase transactions		(1,844	)		(225,046	)
Outstanding at March 31, 2013		—		$	—

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

Fund	Purchases		Sales
Global Equity and Income Fund	$	315,143,788	$	157,250,310
Growth Fund		18,594,785		6,762,190
Mid Cap Growth Fund		83,430,061		98,959,147
Value Fund		186,277,233		141,595,202

For the six months ended March 31, 2013, purchases and sales of U.S. Government/Agency securities by the Global Equity and Income Fund were $13,165,841 and $19,337,362, respectively.

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

effect for the six months ended March 31, 2013, provided for fees at the following annual percentage rates of each Fund’s average daily net assets:

Fund	Percentage of Average Daily Net Assets
Global Equity and Income Fund		0.75	%
Growth Fund		0.50	%
Mid Cap Growth Fund		0.75	%
Value Fund		0.50	%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. These undertakings are in effect until January 31, 2014 and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings.

For the six months ended March 31, 2013, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class B			Class C			Class N			Class Y			Admin Class
Global Equity and Income Fund		1.25	%		—			2.00	%		—			1.00	%		—
Growth Fund		1.25	%		2.00	%		2.00	%		0.95	%		1.00	%		—
Mid Cap Growth Fund		1.25	%		—			2.00	%		0.95	%		1.00	%		—
Value Fund		1.10	%		1.85	%		1.85	%		0.80	%		0.85	%		1.35	%

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

	Gross Management Fees		Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
Fund							Gross			Net
Global Equity and Income Fund	$	3,836,690	$	—	$	3,836,690		0.75	%		0.75	%
Growth Fund		393,858		—		393,858		0.50	%		0.50	%
Mid Cap Growth Fund		372,251		60,498		311,753		0.75	%		0.63	%
Value Fund		3,657,533		—		3,657,533		0.50	%		0.50	%

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

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

	Reimbursement2
Fund	Class A		Class B		Class C		Class N		Class Y		Admin Class
Growth Fund	$	—	$	—	$	—	$	3	$	—	$	—
Mid Cap Growth Fund		8,471		—		385		3		13,749		—
Value Fund		—		—		—		3		—		—

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

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

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

b.  Service and Distribution Fees.  NGAM Distribution, L.P. (“NGAM Distribution”), which is a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the 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 a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”), a Distribution and Service Plan relating to each Fund’s Class B (if applicable) and Class C shares (the “Class B and Class C Plans”), and Value Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

Under the Class A Plans, each Fund pays NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Fund’s Class A shares, as reimbursement for expenses incurred by NGAM Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class B (if applicable) and Class C Plans, each Fund pays NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class B (if applicable) and Class C shares, as compensation for services provided by NGAM Distribution in providing personal services to investors in Class B (if applicable) and Class C shares and/or the maintenance of shareholder accounts.

Also under the Class B (if applicable) and Class C Plans, each Fund pays NGAM Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to the Funds’ Class B (if applicable) and Class C shares, as compensation for services provided by NGAM Distribution in connection with the marketing or sale of Class B (if applicable) and Class C shares.

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

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

	Service Fees								Distribution Fees
Fund	Class A		Class B		Class C		Admin Class		Class B		Class C		Admin Class
Global Equity and Income Fund	$	286,885	$	—	$	352,725	$	—	$	—	$	1,058,175	$	—
Growth Fund		43,552		2,152		13,545		—		6,458		40,637		—
Mid Cap Growth Fund		50,167		—		2,165		—		—		6,494		—
Value Fund		167,009		1,736		12,063		2		5,206		36,187		4

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Notes to Financial Statements (continued)

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

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

Fund	Administrative Fees
Global Equity and Income Fund	$	226,680
Growth Fund		34,904
Mid Cap Growth Fund		21,993
Value Fund		324,137

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.

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

Fund	Sub-Transfer Agent Fees
Global Equity and Income Fund	$	344,836
Growth Fund		38,463
Mid Cap Growth Fund		66,441
Value Fund		1,016,939

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

Fund	Reimbursements of Sub-Transfer Agent Fees
Growth Fund	$	1,000
Mid Cap Growth Fund		1,199
Value Fund		25,474

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

Fund	Overpayment of Sub-Transfer Agent Fees
Global Equity and Income Fund	$	10,976

Sub-transfer agent fees attributable to Class A, Class B, Class C, Class Y, and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the six months ended March 31, 2013, were as follows:

Fund	Commissions
Global Equity and Income Fund	$	442,215
Growth Fund		24,537
Mid Cap Growth Fund		8,501
Value Fund		15,575

f.  Trustees Fees and Expenses.  The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2013, the Chairperson of the Board receives a retainer fee at the annual rate of $285,000. The

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $115,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairman receives an additional retainer fee at an annual rate of $17,500. Each Contract Review and Governance Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2013, the Chairperson of the Board received a retainer fee at the annual rate of $265,000 and each Independent Trustee (other than the Chairperson) received, in aggregate, a retainer fee at the annual rate of $95,000. In addition, each committee chairman received an additional retainer fee at an annual rate of $15,000, and each Audit Committee member was compensated $7,500 for each Committee meeting that he or she attended in person and $3,750 for each meeting that he or she attended telephonically.

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

g.  Payments by Affiliates.  For the six months ended March 31, 2013, Loomis Sayles reimbursed Growth Fund $811 for losses incurred in connection with a trading error.

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

h.  Affiliated Ownership.  At March 31, 2013, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of the Funds’ net assets:

Fund	Pension Plan			Retirement Plan			Total Affiliated Ownership
Global Equity and Income Fund		1.45	%		1.07	%		2.52	%
Growth Fund		4.42	%		10.13	%		14.55	%
Mid Cap Growth Fund		10.81	%		11.44	%		22.25	%
Value Fund		0.61	%		1.23	%		1.84	%

Additionally, as of March 31, 2013, Natixis US held shares of Growth Fund, Mid Cap Growth Fund and Value Fund representing less than 1% of each Fund’s net assets.

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

7.  Class-Specific Expenses.  For the period from February 1, 2013 through March 31, 2013, each Fund incurred the following class-specific expenses:

Fund	Transfer Agent Fees and Expenses Class N
Growth Fund	$	3
Mid Cap Growth Fund		3
Value Fund		3

Transfer agent fees and expenses attributable to Class A, Class B, Class C, Class Y and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

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

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

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Notes to Financial Statements (continued)

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9.  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 on the Statements of Operations. For the six months ended March 31, 2013, amounts rebated under these agreements were as follows:

Fund	Rebates
Global Equity and Income Fund	$	14,459
Growth Fund		426
Mid Cap Growth Fund		9,166
Value Fund		21,906

10.  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.

11.  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, 2013, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings was as follows:

Fund	Number of >5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership			Total Percentage of Ownership
Global Equity and Income Fund		—		—			2.52	%		2.52	%
Growth Fund		2		14.16	%		14.55	%		28.71	%
Mid Cap Growth Fund		—		—			22.25	%		22.25	%
Value Fund		—		—			1.84	%		1.84	%

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

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Notes to Financial Statements (continued)

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

	Six Months Ended March 31, 2013					Year Ended September 30, 2012
Global Equity and Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	4,024,402		$	69,630,063		8,720,812		$	141,220,300
Issued in connection with the reinvestment of distributions	158,735			2,698,494		110,750			1,656,822
Redeemed	(2,572,575	)		(44,310,247	)	(3,998,699	)		(64,584,778	)
Net change	1,610,562		$	28,018,310		4,832,863		$	78,292,344
Class C
Issued from the sale of shares	4,094,183		$	70,074,434		6,618,891		$	107,450,527
Issued in connection with the reinvestment of distributions	79,749			1,347,761		37,940			564,931
Redeemed	(1,218,541	)		(20,856,154	)	(2,089,254	)		(32,993,910	)
Net change	2,955,391		$	50,566,041		4,567,577		$	75,021,548
Class Y
Issued from the sale of shares	8,816,277		$	153,598,724		16,942,461		$	274,580,271
Issued in connection with the reinvestment of distributions	372,584			6,360,002		185,653			2,784,787
Redeemed	(3,740,871	)		(65,082,990	)	(5,411,226	)		(86,765,876	)
Net change	5,447,990		$	94,875,736		11,716,888		$	190,599,182
Increase (decrease) from capital share transactions	10,013,943		$	173,460,087		21,117,328		$	343,913,074

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12.  Capital Shares (continued).

	Six Months Ended March 31, 2013					Year Ended September 30, 2012
Growth Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	492,748		$	3,438,851		1,936,271		$	11,163,676
Issued in connection with the reinvestment of distributions	42,088			279,039		6,836			38,350
Redeemed	(500,162	)		(3,409,784	)	(1,860,105	)		(10,830,069	)
Net change	34,674		$	308,106		83,002		$	371,957
Class B
Issued from the sale of shares	3,269		$	21,228		12,916		$	73,151
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	(75,381	)		(475,253	)	(227,838	)		(1,269,777	)
Net change	(72,112	)	$	(454,025	)	(214,922	)	$	(1,196,626	)
Class C
Issued from the sale of shares	260,053		$	1,710,448		245,606		$	1,431,273
Issued in connection with the reinvestment of distributions	1,981			12,359		—			—
Redeemed	(221,080	)		(1,404,079	)	(600,111	)		(3,380,312	)
Net change	40,954		$	318,728		(354,505	)	$	(1,949,039	)
Class N*
Issued from the sale of shares	132		$	1,000		—		$	—
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	—			—		—			—
Net change	132		$	1,000		—		$	—
Class Y
Issued from the sale of shares	2,538,822		$	18,839,144		3,663,289		$	23,444,311
Issued in connection with the reinvestment of distributions	142,021			998,409		46,359			275,371
Redeemed	(1,056,145	)		(7,635,058	)	(1,438,726	)		(9,219,910	)
Net change	1,624,698		$	12,202,495		2,270,922		$	14,499,772
Increase (decrease) from capital share transactions	1,628,346		$	12,376,304		1,784,497		$	11,726,064

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2013					Year Ended September 30, 2012
Mid Cap Growth Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	138,613		$	4,044,152		382,245		$	10,336,274
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	(612,114	)		(18,534,452	)	(898,702	)		(24,081,488	)
Net change	(473,501	)	$	(14,490,300	)	(516,457	)	$	(13,745,214	)
Class C
Issued from the sale of shares	21,526		$	636,187		39,669		$	1,032,950
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	(44,318	)		(1,216,692	)	(42,106	)		(1,135,742	)
Net change	(22,792	)	$	(580,505	)	(2,437	)	$	(102,792	)
Class N*
Issued from the sale of shares	32		$	1,000		—		$	—
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	—			—		—			—
Net change	32		$	1,000		—		$	—
Class Y
Issued from the sale of shares	214,254		$	6,577,634		547,417		$	15,078,148
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	(233,681	)		(7,119,053	)	(634,861	)		(18,048,468	)
Net change	(19,427	)	$	(541,419	)	(87,444	)	$	(2,970,320	)
Increase (decrease) from capital share transactions	(515,688	)	$	(15,611,224	)	(606,338	)	$	(16,818,326	)

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

83  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2013					Year Ended September 30, 2012
Value Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	748,063		$	16,716,381		989,772		$	18,793,820
Issued in connection with the reinvestment of distributions	80,241			1,677,030		87,182			1,538,775
Redeemed	(726,436	)		(15,840,190	)	(2,772,225	)		(51,186,817	)
Net change	101,868		$	2,553,221		(1,695,271	)	$	(30,854,222	)
Class B
Issued from the sale of shares	445		$	10,438		1,714		$	31,648
Issued in connection with the reinvestment of distributions	192			4,059		211			3,758
Redeemed	(18,560	)		(405,379	)	(55,615	)		(1,054,644	)
Net change	(17,923	)	$	(390,882	)	(53,690	)	$	(1,019,238	)
Class C
Issued from the sale of shares	71,347		$	1,566,116		54,410		$	1,016,926
Issued in connection with the reinvestment of distributions	1,684			35,038		1,337			23,495
Redeemed	(45,894	)		(995,813	)	(182,376	)		(3,372,547	)
Net change	27,137		$	605,341		(126,629	)	$	(2,332,126	)
Class N*
Issued from the sale of shares	44		$	1,000		—		$	—
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	—			—		—			—
Net change	44		$	1,000		—		$	—
Class Y
Issued from the sale of shares	9,332,613		$	203,474,853		12,644,597		$	238,607,810
Issued in connection with the reinvestment of distributions	927,685			19,397,907		871,612			15,392,660
Redeemed	(6,564,742	)		(141,814,541	)	(13,771,730	)		(260,802,172	)
Net change	3,695,556		$	81,058,219		(255,521	)	$	(6,801,702	)
Admin Class
Issued from the sale of shares	18		$	206		98		$	1,835
Issued in connection with the reinvestment of distributions	1			14		1			12
Redeemed	(1	)		(16	)	(93	)		(1,826	)
Net change	18		$	204		6		$	21
Increase (decrease) from capital share transactions	3,806,700		$	83,827,103		(2,131,105	)	$	(41,007,267	)

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

|  84

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

Loomis Sayles Funds II

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

* Trust-wide voting results.

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

85  |

SEMIANNUAL REPORT

March 31, 2013

Loomis Sayles Core Plus Bond Fund

Loomis Sayles High Income Fund

Loomis Sayles International Bond Fund

Loomis Sayles Limited Term Government

and Agency Fund

TABLE OF CONTENTS

LOOMIS SAYLES CORE PLUS BOND FUND

Managers	Symbols
Peter W. Palfrey, CFA	Class A	NEFRX
Richard G. Raczkowski	Class B	NERBX
Loomis, Sayles & Company, L.P.	Class C	NECRX
	Class N	NERNX
	Class Y	NERYX

Objective

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

Strategy

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in bonds, which include debt securities of any maturity. In addition, the Fund normally will invest primarily in investment-grade securities. The Fund may also invest up to 20% of its assets, at the time of purchase, in bonds rated below investment-grade.

1  |

Average Annual Total Returns — March 31, 2013³

	6 Months			1 Year			5 Years			10 Years			Since Class N Inception
Class A (Inception 11/7/73)
NAV		2.16	%		9.10	%		8.97	%		6.97	%		—	%
With 4.50% Maximum Sales Charge		-2.45			4.17			7.96			6.48			—
Class B (Inception 9/13/93)
NAV		1.82			8.29			8.15			6.18			—
With CDSC1		-3.11			3.29			7.86			6.18			—
Class C (Inception 12/30/94)
NAV		1.70			8.29			8.15			6.17			—
With CDSC1		0.72			7.29			8.15			6.17			—
Class N (Inception 2/1/13)
NAV		—			—			—			—			0.55
Class Y (Inception 12/30/94)
NAV		2.28			9.39			9.25			7.26			—
Comparative Performance
Barclays U.S. Aggregate Bond Index2		0.09			3.77			5.47			5.02			0.67

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

1 Performance for Class B shares assumes a maximum 5% contingent deferred sales charge (“CDSC”) applied when you sell shares, which declines annually between years 1-6 according to the following schedule: 5, 4, 3, 3, 2, 1, 0%. Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

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

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

|  2

LOOMIS SAYLES HIGH INCOME FUND

Managers	Symbols
Matthew J. Eagan, CFA	Class A	NEFHX
Kathleen C. Gaffney, CFA*	Class B	NEHBX
Elaine M. Stokes	Class C	NEHCX
Loomis, Sayles & Company, L.P.	Class Y	NEHYX

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

Objective

Seeks high current income plus the opportunity for capital appreciation to produce a high total return

Strategy

Under normal market conditions, the Fund will invest at least 65% of its assets in below investment-grade fixed-income securities. The Fund will normally invest at least 65% of its assets in U.S. corporate or U.S. dollar denominated foreign fixed-income securities. The Fund may also invest up to 20% of its assets in foreign currency-denominated fixed-income securities, including those in emerging markets and related currency hedging transactions.

3  |

Average Annual Total Returns — March 31, 2013³

	6 Months			1 Year			5 Years			10 Years			Since Class N Inception
Class A (Inception 2/22/84)
NAV		8.11	%		15.16	%		9.40	%		9.56	%		—
With 4.50% Maximum Sales Charge		3.17			9.95			8.38			9.06			—
Class B (Inception 9/20/93)
NAV		7.89			14.21			8.59			8.73			—
With CDSC1		2.89			9.21			8.30			8.73			—
Class C (Inception 3/2/98)
NAV		7.68			14.25			8.62			8.73			—
With CDSC1		6.68			13.25			8.62			8.73			—
Class Y (Inception 2/29/08)
NAV		8.49			15.45			9.68			—			9.38	%
Comparative Performance
Barclays U.S. Corporate High-Yield Bond Index2		6.28			13.13			11.65			10.12			11.37

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

1 Performance for Class B shares assumes a maximum 5% contingent deferred sales charge (“CDSC”) applied when you sell shares, which declines annually between years 1-6 according to the following schedule: 5, 4, 3, 3, 2, 1, 0%. Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

2 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.

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

|  4

LOOMIS SAYLES INTERNATIONAL BOND FUND

Managers	Symbols
Kenneth M. Buntrock, CFA, CIC	Class A	LSIAX
David W. Rolley, CFA	Class C	LSICX
Lynda L. Schweitzer, CFA	Class Y	LSIYX
Loomis, Sayles & Company, L.P.

Objective

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

Strategy

Under normal market conditions, the Fund expects to invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed income securities. The Fund is non-diversified, which means that it may invest a greater percentage of its assets in a particular issuer and may invest in fewer issuers than a diversified fund. The Fund invests primarily (at least 65% of its net assets) in fixed-income securities of issuers located outside the United States, including issuers located in emerging market countries. The Fund invests primarily in investment-grade fixed-income securities. The Fund may invest up to 35% of its assets in below investment-grade fixed-income securities.

5  |

Average Annual Total Returns — March 31, 2013³

	6 Months			1 Year			5 Years			Since Class N Inception
Class A (Inception 2/1/08)
NAV		-2.83	%		1.52	%		4.42	%		5.23	%
With 4.50% Maximum Sales Charge		-7.19			-3.00			3.46			4.30
Class C (Inception 2/1/08)
NAV		-3.22			0.73			3.60			4.42
With CDSC1		-4.16			-0.24			3.60			4.42
Class Y (Inception 2/1/08)
NAV		-2.71			1.78			4.67			5.48
Comparative Performance
Barclays Global Aggregate EX-USD Bond Index2		-4.51			-0.71			2.47			3.48

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

1 Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

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

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

|  6

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

Managers	Symbols
Christopher T. Harms	Class A	NEFLX
Kurt Wagner, CFA, CIC	Class B	NELBX
Clifton V. Rowe, CFA	Class C	NECLX
Loomis, Sayles & Company, L.P.	Class Y	NELYX

Objective

Seeks a high current return consistent with preservation of capital

Strategy

Invests at least 80% of its net assets in securities issued or guaranteed by the U.S. government, its agencies or instrumentalities

7  |

Average Annual Total Returns — March 31, 2013³

	6 Months			1 Year			5 Years			10 Years
Class A (Inception 1/3/89)
NAV		0.28	%		2.32	%		4.27	%		3.61	%
With 3.00% Maximum Sales Charge		-2.71			-0.76			3.64			3.30
Class B (Inception 9/27/93)
NAV		-0.18			1.56			3.48			2.84
With CDSC1		-5.13			-3.44			3.12			2.84
Class C (Inception 12/30/94)
NAV		-0.09			1.56			3.51			2.86
With CDSC1		-1.09			0.56			3.51			2.86
Class Y (Inception 3/31/94)
NAV		0.32			2.58			4.52			3.87
Comparative Performance
Barclays U.S. 1-5 Year Government Bond Index2		0.21			1.24			2.71			3.32

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

1 Performance for Class B shares assumes a maximum 5% contingent deferred sales charge (“CDSC”) applied when you sell shares, which declines annually between years 1-6 according to the following schedule: 5, 4, 3, 3, 2, 1, 0%. Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

2 Barclays U.S. 1-5 Year Government Bond Index is an unmanaged index that includes U.S. Treasury and agency securities with remaining maturities of one to five years.

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

|  8

ADDITIONAL INFORMATION

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the funds’ website at ngam.natixis.com; and on the Securities and Exchange Commission’s (SEC’s) website at www.sec.gov. Information regarding how the funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2012 is available from the funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

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

9  |

UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions, and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the funds’ prospectuses. The following examples are intended to help you understand the ongoing costs of investing in the funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each class of fund shares shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2012 (February 1, 2013 for Class N) through March 31, 2013. 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 of each class of fund shares provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

|  10

LOOMIS SAYLES CORE PLUS BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2012		ENDING ACCOUNT VALUE 3/31/2013			EXPENSES PAID DURING PERIOD 10/1/2012 – 3/31/2013
Class A
Actual		$1,000.00		$1,021.60			$3.98	1
Hypothetical (5% return before expenses)		$1,000.00		$1,020.99			$3.98	*
Class B
Actual		$1,000.00		$1,018.20			$7.75	1
Hypothetical (5% return before expenses)		$1,000.00		$1,017.25			$7.75	*
Class C
Actual		$1,000.00		$1,017.00			$7.74	1
Hypothetical (5% return before expenses)		$1,000.00		$1,017.25			$7.75	*
Class N
Actual		$1,000.00		$1,005.50	2		$0.96	2
Hypothetical (5% return before expenses)		$1,000.00		$1,021.94			$3.02	*
Class Y
Actual		$1,000.00		$1,022.80			$2.72	1
Hypothetical (5% return before expenses)		$1,000.00		$1,022.24			$2.72	*

* Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.79%, 1.54%, 1.54%, 0.60% and 0.54% for Class A, B, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

¹  Actual expenses for Class A, B, C and Y are equal to the Fund’s annualized expense ratio: 0.79%, 1.54%, 1.54% and 0.54%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

²  Class N commenced operations on February 1, 2013. Actual expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.60%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (58), divided by 365 (to reflect the partial period).

11  |

LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2012		ENDING ACCOUNT VALUE 3/31/2013		EXPENSES PAID DURING PERIOD* 10/1/2012 – 3/31/2013
Class A
Actual		$1,000.00		$1,081.10		$5.97
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79
Class B
Actual		$1,000.00		$1,078.90		$9.85
Hypothetical (5% return before expenses)		$1,000.00		$1,015.46		$9.55
Class C
Actual		$1,000.00		$1,076.80		$9.84
Hypothetical (5% return before expenses)		$1,000.00		$1,015.46		$9.55
Class Y
Actual		$1,000.00		$1,084.90		$4.68
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44		$4.53

* Expenses are equal to the Fund’s annualized expense ratio: 1.15%, 1.90%, 1.90% and 0.90% for Class A, B, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

LOOMIS SAYLES INTERNATIONAL BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2012		ENDING ACCOUNT VALUE 3/31/2013		EXPENSES PAID DURING PERIOD* 10/1/2012 – 3/31/2013
Class A
Actual		$1,000.00		$971.70		$5.16
Hypothetical (5% return before expenses)		$1,000.00		$1,019.70		$5.29
Class C
Actual		$1,000.00		$967.80		$8.83
Hypothetical (5% return before expenses)		$1,000.00		$1,015.96		$9.05
Class Y
Actual		$1,000.00		$972.90		$3.93
Hypothetical (5% return before expenses)		$1,000.00		$1,020.94		$4.03

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.05%, 1.80% and 0.80% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

|  12

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 10/1/2012		ENDING ACCOUNT VALUE 3/31/2013		EXPENSES PAID DURING PERIOD* 10/1/2012 – 3/31/2013
Class A
Actual		$1,000.00		$1,002.80		$4.54
Hypothetical (5% return before expenses)		$1,000.00		$1,020.39		$4.58
Class B
Actual		$1,000.00		$998.20		$8.27
Hypothetical (5% return before expenses)		$1,000.00		$1,016.65		$8.35
Class C
Actual		$1,000.00		$999.10		$8.27
Hypothetical (5% return before expenses)		$1,000.00		$1,016.65		$8.35
Class Y
Actual		$1,000.00		$1,003.20		$3.30
Hypothetical (5% return before expenses)		$1,000.00		$1,021.64		$3.33

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.91%, 1.66%, 1.66% and 0.66% for Class A, B, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

13  |

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

Loomis Sayles Core Plus Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 95.3% of Net Assets
	Non-Convertible Bonds — 95.2%
		ABS Car Loan — 2.9%
$	445,936	AmeriCredit Automobile Receivables Trust, Series 2011-2, Class A3, 1.610%, 10/08/2015	$	447,513
	780,000	AmeriCredit Automobile Receivables Trust, Series 2011-3, Class A3, 1.170%, 1/08/2016		782,532
	2,410,000	AmeriCredit Automobile Receivables Trust, Series 2011-4, Class A3, 1.170%, 5/09/2016		2,423,130
	1,033,333	Avis Budget Rental Car Funding AESOP LLC, Series 2010-2A, Class A, 3.630%, 8/20/2014, 144A		1,038,512
	1,620,000	Avis Budget Rental Car Funding AESOP LLC, Series 2011-1A, Class A, 1.850%, 11/20/2014, 144A		1,631,214
	1,650,000	Avis Budget Rental Car Funding AESOP LLC, Series 2011-2A, Class A, 2.370%, 11/20/2014, 144A		1,685,178
	1,950,000	Avis Budget Rental Car Funding AESOP LLC, Series 2012-3A, Class A, 2.100%, 3/20/2019, 144A		1,989,844
	4,175,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-1A, Class A, 1.920%, 9/20/2019, 144A		4,202,622
	1,535,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-1A, Class B, 2.620%, 9/20/2019, 144A		1,543,954
	2,795,000	Capital Auto Receivables Asset Trust, Series 2013-1, Class A3, 0.790%, 6/20/2017		2,798,829
	239,906	Centre Point Funding LLC, Series 2010-1A, Class 1, 5.430%, 7/20/2016, 144A		252,980
	2,000,000	First Investors Auto Owner Trust, Series 2013-1A, Class A2, 0.900%, 10/15/2018, 144A		1,998,860
	7,130,000	Santander Drive Auto Receivables Trust, Series 2012-1, Class 1A3, 1.490%, 10/15/2015		7,186,462
	4,195,000	Santander Drive Auto Receivables Trust, Series 2012-3, Class B, 1.940%, 12/15/2016		4,259,171
	3,385,000	Santander Drive Auto Receivables Trust, Series 2012-4, Class C, 2.940%, 12/15/2017		3,516,108
	2,090,000	Santander Drive Auto Receivables Trust, Series 2012-5, Class C, 2.700%, 8/15/2018		2,181,287
	4,085,000	Santander Drive Auto Receivables Trust, Series 2012-6, Class B, 1.330%, 5/15/2017		4,107,235
	2,875,000	Santander Drive Auto Receivables Trust, Series 2012-6, Class C, 1.940%, 3/15/2018		2,909,511
	1,665,000	SMART Trust/Australia, Series 2012-4US, Class A3A, 0.970%, 3/14/2017		1,667,664
	1,625,000	SMART Trust/Australia, Series 2013-1US, Class A3A, 0.840%, 9/14/2016		1,625,905
	850,000	SMART Trust/Australia, Series 2013-1US, Class A4A, 1.050%, 10/14/2018		850,455
				49,098,966
		ABS Credit Card — 0.7%
	1,580,000	World Financial Network Credit Card Master Trust, Series 2009-D, Class A, 4.660%, 5/15/2017		1,599,455
	500,000	World Financial Network Credit Card Master Trust, Series 2010-A, Class A, 3.960%, 4/15/2019		535,063

See accompanying notes to financial statements.

|  14

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

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Credit Card — continued
$	9,300,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023(b)	$	10,095,466
				12,229,984
		ABS Home Equity — 0.1%
	564,305	Chase Mortgage Finance Corp., Series 2007-A1, Class 2A3, 2.988%, 2/25/2037(c)		561,873
	430,681	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(c)		442,168
				1,004,041
		ABS Other — 0.2%
	2,290,000	Ally Master Owner Trust, Series 2011-1, Class A2, 2.150%, 1/15/2016		2,318,687
	1,775,000	DSC Floorplan Master Owner Trust, Series 2011-1, Class A, 3.910%, 3/15/2016, 144A		1,801,848
				4,120,535
		Aerospace & Defense — 0.5%
	2,370,000	Bombardier, Inc., 5.750%, 3/15/2022, 144A		2,432,212
	1,480,000	Bombardier, Inc., 7.500%, 3/15/2018, 144A		1,689,050
	3,625,000	Oshkosh Corp., 8.250%, 3/01/2017		3,946,719
				8,067,981
		Airlines — 0.3%
	3,285,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class A, 4.000%, 10/29/2024		3,416,400
	1,140,141	Continental Airlines Pass Through Trust, Series 2010-1, Class A, 4.750%, 1/12/2021		1,251,305
				4,667,705
		Automotive — 2.9%
	7,885,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		8,684,618
	510,000	Ford Motor Credit Co. LLC, 5.625%, 9/15/2015		555,312
	8,420,000	Ford Motor Credit Co. LLC, 6.625%, 8/15/2017		9,819,564
	880,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		906,160
	1,830,000	Ford Motor Credit Co. LLC, 7.000%, 4/15/2015		2,019,297
	6,575,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		7,882,689
	5,200,000	General Motors Financial Co., Inc., 6.750%, 6/01/2018		5,889,000
	2,290,000	Hyundai Capital Services, Inc., 3.500%, 9/13/2017, 144A		2,436,871
	5,450,000	Kia Motors Corp., 3.625%, 6/14/2016, 144A		5,762,111
	5,750,000	Toyota Motor Credit Corp., MTN, 1.750%, 5/22/2017(b)		5,873,694
				49,829,316
		Banking — 7.5%
	9,560,000	Ally Financial, Inc., 5.500%, 2/15/2017		10,341,463
	7,800,000	Ally Financial, Inc., 6.250%, 12/01/2017		8,722,764
	9,090,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		9,612,675
	3,950,000	Banco Santander Chile, 3.875%, 9/20/2022, 144A		3,986,158
	14,305,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		16,034,632
	1,365,000	Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017		1,629,547

See accompanying notes to financial statements.

15  |

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

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	3,795,000	Citigroup, Inc., 4.050%, 7/30/2022	$	3,920,322
	3,375,000	Citigroup, Inc., 6.000%, 8/15/2017		3,940,559
	1,115,000	Citigroup, Inc., 6.125%, 5/15/2018		1,328,333
	6,555,000	Citigroup, Inc., 6.500%, 8/19/2013		6,702,206
	2,585,000	Goldman Sachs Group, Inc. (The), 5.750%, 1/24/2022		3,005,642
	2,205,000	Goldman Sachs Group, Inc. (The), 6.000%, 6/15/2020		2,602,374
	3,555,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		3,983,694
	3,035,000	Goldman Sachs Group, Inc. (The), 7.500%, 2/15/2019		3,796,985
	6,285,000	Hana Bank, 4.250%, 6/14/2017, 144A		6,876,664
	9,985,000	JPMorgan Chase & Co., 6.000%, 1/15/2018		11,865,695
	3,650,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		4,405,623
	1,015,000	Morgan Stanley, 5.375%, 10/15/2015		1,108,530
	9,645,000	Morgan Stanley, 5.750%, 1/25/2021		11,145,646
	630,000	Morgan Stanley, GMTN, 5.500%, 1/26/2020		721,826
	660,000	Morgan Stanley, GMTN, 5.500%, 7/28/2021		756,629
	2,530,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		3,024,367
	6,930,000	PKO Finance AB, 4.630%, 9/26/2022, 144A		7,179,549
				126,691,883
		Building Materials — 0.2%
	3,640,000	USG Corp., 6.300%, 11/15/2016		3,858,400
		Chemicals — 2.2%
	4,590,000	Ashland, Inc., 3.875%, 4/15/2018, 144A		4,647,375
	8,125,000	Braskem America Finance Co., 7.125%, 7/22/2041, 144A		8,389,062
	2,735,000	Methanex Corp., 3.250%, 12/15/2019		2,758,743
	2,130,000	Methanex Corp., 5.250%, 3/01/2022		2,375,355
	6,035,000	Mexichem SAB de CV, 6.750%, 9/19/2042, 144A		6,691,306
	1,380,000	Olin Corp., 5.500%, 8/15/2022		1,426,575
	4,190,000	PolyOne Corp., 5.250%, 3/15/2023, 144A		4,221,425
	840,000	RPM International, Inc., 3.450%, 11/15/2022		832,569
	4,510,000	RPM International, Inc., 6.125%, 10/15/2019		5,295,186
				36,637,596
		Collateralized Mortgage Obligations — 0.2%
	3,530,000	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		3,720,489
		Commercial Mortgage-Backed Securities — 5.0%
	198,505	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.619%, 4/10/2049(c)		202,130
	1,670,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.609%, 4/10/2049(c)		1,927,581
	593,591	Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A2, 5.663%, 6/11/2040(c)		599,995
	1,000,000	Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A4, 6.053%, 12/10/2049(c)		1,183,352
	100,955	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		100,885

See accompanying notes to financial statements.

|  16

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

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Commercial Mortgage-Backed Securities — continued
$	2,500,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049	$	2,845,900
	2,780,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.680%, 6/15/2039(c)		3,191,857
	3,500,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.764%, 9/15/2039(c)		4,032,651
	1,865,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		2,152,042
	5,790,000	Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.024%, 2/15/2041(c)		6,784,380
	425,000	Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, 5.866%, 7/10/2038(c)		479,812
	705,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		814,151
	8,235,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		9,387,027
	13,285,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.787%, 8/10/2045(c)		15,201,627
	3,000,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3, 5.336%, 5/15/2047		3,377,850
	2,300,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-C1, Class A4, 5.716%, 2/15/2051		2,662,708
	2,650,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB18, Class A4, 5.440%, 6/12/2047		3,005,974
	2,500,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		2,827,832
	365,000	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.575%, 4/12/2049(c)		407,271
	1,900,000	Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		2,122,146
	2,930,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		3,353,256
	305,000	Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.651%, 6/11/2042(c)		356,804
	1,175,000	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.275%, 1/11/2043(c)		1,417,781
	1,000,000	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/2048		1,126,272
	2,070,000	Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048		2,336,459
	10,770,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		12,187,300
				84,085,043
		Construction Machinery — 0.1%
	2,485,000	CNH Capital LLC, 3.875%, 11/01/2015		2,547,125
		Consumer Cyclical Services — 0.2%
	360,000	Service Corp. International, 7.000%, 5/15/2019		390,600
	2,435,000	Western Union Co. (The), 2.375%, 12/10/2015		2,478,207
				2,868,807

See accompanying notes to financial statements.

17  |

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

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Consumer Products — 0.4%
$	1,110,000	Avon Products Inc., 4.600%, 3/15/2020	$	1,153,038
	1,546,000	Whirlpool Corp., 6.500%, 6/15/2016		1,768,108
	3,620,000	Whirlpool Corp., MTN, 4.850%, 6/15/2021		3,984,816
				6,905,962
		Diversified Manufacturing — 0.7%
	1,200,000	Crane Co., 6.550%, 11/15/2036		1,301,840
	2,075,000	Fibria Overseas Finance Ltd., 6.750%, 3/03/2021, 144A		2,291,838
	7,710,000	Votorantim Cimentos S.A., 7.250%, 4/05/2041, 144A		8,346,075
				11,939,753
		Electric — 1.3%
	1,460,000	AES Corp. (The), 7.375%, 7/01/2021		1,693,600
	4,510,000	Enersis S.A., 7.375%, 1/15/2014		4,709,022
	3,395,000	FirstEnergy Corp., 2.750%, 3/15/2018		3,433,442
	5,390,000	Florida Power & Light Co., 4.125%, 2/01/2042		5,495,116
	1,010,000	Ipalco Enterprises, Inc., 5.000%, 5/01/2018		1,090,800
	4,500,000	TransAlta Corp., 4.750%, 1/15/2015		4,749,079
				21,171,059
		Financial Other — 0.5%
	9,105,000	Cielo S.A./Cielo USA, Inc., 3.750%, 11/16/2022, 144A		8,749,905
		Food & Beverage — 1.0%
	4,920,000	Alicorp SAA, 3.875%, 3/20/2023, 144A		4,907,700
	1,445,000	Bunge Ltd. Finance Corp., 4.100%, 3/15/2016		1,545,481
	1,340,000	Cosan Luxembourg SA, 5.000%, 3/14/2023, 144A		1,348,040
	4,050,000	Post Holdings, Inc., 7.375%, 2/15/2022		4,429,687
	3,555,000	Sigma Alimentos S.A. de CV, 5.625%, 4/14/2018, 144A		4,017,150
				16,248,058
		Government Owned – No Guarantee — 6.1%
	2,355,000	Abu Dhabi National Energy Co., 2.500%, 1/12/2018, 144A		2,367,952
	6,745,000	CEZ A.S., 5.625%, 4/03/2042, 144A		7,610,572
	3,690,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A		4,008,868
	3,255,000	CNPC General Capital Ltd., 3.950%, 4/19/2022, 144A		3,435,148
	5,835,000	Dolphin Energy Ltd., 5.500%, 12/15/2021, 144A		6,746,719
	665,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A		745,465
	3,600,000	Dubai Electricity & Water Authority, 8.500%, 4/22/2015, 144A		4,027,500
	1,600,000	Federal Home Loan Mortgage Corp., 6.250%, 7/15/2032		2,326,040
	17,680,000	Federal National Mortgage Association, 6.625%, 11/15/2030		26,323,823
	4,370,000	IPIC GMTN Ltd., 6.875%, 11/01/2041, 144A		5,746,550
	10,375,000	Korea National Oil Corp., 3.125%, 4/03/2017, 144A		10,921,742
	7,260,000	Petrobras International Finance Co., 6.750%, 1/27/2041		8,205,927
	1,290,000	Qtel International Finance Ltd., 3.875%, 1/31/2028, 144A		1,270,379
	3,840,000	Qtel International Finance Ltd., 4.750%, 2/16/2021, 144A		4,281,600
	2,965,000	Qtel International Finance Ltd., 7.875%, 6/10/2019, 144A		3,869,325
	12,595,000	Tennessee Valley Authority, 3.500%, 12/15/2042		12,142,915
				104,030,525

See accompanying notes to financial statements.

|  18

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

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — 0.9%
$	1,580,000	HCA Holdings, Inc., 6.250%, 2/15/2021	$	1,684,675
	8,800,000	HCA, Inc., 7.500%, 2/15/2022		10,120,000
	575,000	HCA, Inc., 7.500%, 12/15/2023		615,250
	3,200,000	PerkinElmer, Inc., 5.000%, 11/15/2021		3,518,995
				15,938,920
		Home Construction — 0.4%
	6,390,000	Desarrolladora Homex SAB de CV, 9.750%, 3/25/2020, 144A		5,463,450
	2,675,000	Urbi Desarrollos Urbanos SAB de CV, 9.750%, 2/03/2022, 144A		1,658,500
				7,121,950
		Hybrid ARMs — 0.0%
	189,224	FHLMC, 6.039%, 11/01/2036(c)		203,528
	139,068	FNMA, 2.029%, 2/01/2037(c)		145,839
				349,367
		Independent Energy — 3.1%
	1,560,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		1,795,727
	7,395,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		8,826,761
	12,620,000	Chesapeake Energy Corp., 3.250%, 3/15/2016		12,761,975
	4,036,000	Denbury Resources, Inc., 6.375%, 8/15/2021		4,399,240
	5,035,000	Newfield Exploration Co., 5.750%, 1/30/2022		5,387,450
	7,030,000	Plains Exploration & Production Co., 6.875%, 2/15/2023		7,961,475
	5,280,000	QEP Resources, Inc., 5.250%, 5/01/2023		5,412,000
	2,410,000	Range Resources Corp., 5.000%, 8/15/2022		2,458,200
	2,605,000	SM Energy Co., 6.500%, 1/01/2023		2,852,475
				51,855,303
		Industrial Other — 1.8%
	1,360,000	Briggs & Stratton Corp., 6.875%, 12/15/2020		1,523,200
	13,820,000	Deluxe Corp., 6.000%, 11/15/2020, 144A		14,165,500
	8,710,000	Hutchison Whampoa International 11 Ltd., 4.625%, 1/13/2022, 144A		9,500,346
	2,650,000	Hutchison Whampoa International Ltd., 5.750%, 9/11/2019, 144A		3,141,058
	1,570,000	Timken Co. (The), 6.000%, 9/15/2014		1,670,337
				30,000,441
		Media Cable — 1.0%
	795,000	Cablevision Systems Corp., 7.750%, 4/15/2018		891,394
	3,060,000	Cablevision Systems Corp., 8.000%, 4/15/2020		3,442,500
	5,130,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 3/15/2021, 144A		5,097,937
	2,965,000	CCO Holdings LLC/CCO Holdings Capital Corp., 6.500%, 4/30/2021		3,135,487
	499,000	Cox Communications, Inc., 5.450%, 12/15/2014		538,927
	2,825,000	Lynx II Corp., 6.375%, 4/15/2023, 144A		2,959,188
				16,065,433
		Media Non-Cable — 1.1%
	1,375,000	Inmarsat Finance PLC, 7.375%, 12/01/2017, 144A		1,464,375
	4,284,000	Myriad International Holding BV, 6.375%, 7/28/2017, 144A		4,825,069
	7,760,000	NBCUniversal Enterprise Inc., 5.250%, 12/19/2049, 144A		7,798,800
	5,095,000	R.R. Donnelley & Sons Co., 7.250%, 5/15/2018		5,356,119
				19,444,363

See accompanying notes to financial statements.

19  |

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

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — 1.8%
$	890,000	Alcoa, Inc., 5.400%, 4/15/2021	$	921,692
	5,075,000	Alcoa, Inc., 6.150%, 8/15/2020		5,525,442
	1,335,000	APERAM, 7.375%, 4/01/2016, 144A		1,346,401
	1,280,000	APERAM, 7.750%, 4/01/2018, 144A		1,273,600
	7,980,000	ArcelorMittal, 7.250%, 3/01/2041		7,940,100
	485,000	ArcelorMittal, 7.500%, 10/15/2039		498,337
	4,640,000	Freeport-McMoRan Copper & Gold, Inc., 2.375%, 3/15/2018, 144A		4,659,386
	3,075,000	Goldcorp, Inc., 2.125%, 3/15/2018		3,085,074
	1,445,000	Steel Dynamics Inc., 5.250%, 4/15/2023, 144A		1,464,869
	400,000	United States Steel Corp., 6.650%, 6/01/2037		368,000
	3,440,000	United States Steel Corp., 7.375%, 4/01/2020		3,603,400
				30,686,301
		Mortgage Related — 11.4%
	7,258,719	FHLMC, 3.000%, with various maturities from 2026 to 2043(d)		7,508,232
	24,276,800	FHLMC, 3.500%, 7/01/2042		25,621,191
	12,501,100	FHLMC, 4.000%, with various maturities in 2041(d)		13,287,757
	8,699,159	FHLMC, 4.500%, with various maturities from 2034 to 2039(d)		9,307,794
	453,228	FHLMC, 5.000%, 8/01/2035		489,184
	6,638,911	FHLMC, 5.500%, with various maturities from 2018 to 2040(d)		7,186,943
	49,543	FHLMC, 6.000%, 6/01/2035		55,329
	30,795,966	FNMA, 3.000%, with various maturities from 2027 to 2042(d)		31,806,433
	9,660,037	FNMA, 3.500%, with various maturities from 2026 to 2042(d)		10,208,990
	11,314,178	FNMA, 4.000%, with various maturities from 2019 to 2041(d)		12,086,401
	12,967,473	FNMA, 4.500%, with various maturities from 2039 to 2041(d)		14,021,488
	10,999,163	FNMA, 5.000%, with various maturities from 2033 to 2037(d)		11,977,396
	4,602,453	FNMA, 5.500%, with various maturities from 2036 to 2038(d)		5,029,381
	2,096,620	FNMA, 6.000%, with various maturities from 2016 to 2039(d)		2,333,257
	95,333	FNMA, 6.500%, with various maturities from 2029 to 2036(d)		111,274
	76,056	FNMA, 7.000%, with various maturities in 2030(d)		90,732
	88,632	FNMA, 7.500%, with various maturities from 2024 to 2032(d)		104,953
	7,130,000	FNMA (TBA), 2.500%, 5/01/2028(e)		7,380,664
	29,525,000	FNMA (TBA), 3.500%, 5/01/2043(e)		31,102,742
	1,740,762	GNMA, 5.500%, with various maturities from 2038 to 2039(d)		1,905,644
	292,530	GNMA, 6.000%, with various maturities from 2029 to 2038(d)		330,098
	193,948	GNMA, 6.500%, with various maturities from 2028 to 2032(d)		227,455
	155,538	GNMA, 7.000%, with various maturities from 2025 to 2029(d)		183,441
	48,821	GNMA, 7.500%, with various maturities from 2025 to 2030(d)		55,563
	12,605	GNMA, 8.000%, 11/15/2029		12,894
	58,979	GNMA, 8.500%, with various maturities from 2017 to 2023(d)		60,109
	4,689	GNMA, 9.000%, with various maturities in 2016(d)		4,754
	8,166	GNMA, 11.500%, with various maturities from 2013 to 2015(d)		8,215
				192,498,314
		Non-Captive Consumer — 1.3%
	1,100,000	SLM Corp., MTN, 6.000%, 1/25/2017		1,196,250
	18,095,000	SLM Corp., MTN, 6.250%, 1/25/2016		19,768,390
	30,000	SLM Corp., Series A, MTN, 5.000%, 4/15/2015		31,650

See accompanying notes to financial statements.

|  20

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

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Captive Consumer — continued
$	120,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018	$	120,685
	1,135,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		1,344,975
				22,461,950
		Non-Captive Diversified — 3.1%
	2,335,000	CIT Group, Inc., 5.000%, 5/15/2017		2,504,287
	6,650,000	CIT Group, Inc., 5.375%, 5/15/2020		7,298,375
	2,070,000	GATX Corp., 4.750%, 5/15/2015		2,196,405
	7,150,000	General Electric Capital Corp., 5.300%, 2/11/2021		8,196,588
	3,015,000	General Electric Capital Corp., 5.625%, 5/01/2018		3,568,162
	4,265,000	General Electric Capital Corp., MTN, 2.300%, 4/27/2017		4,413,635
	7,290,000	International Lease Finance Corp., 3.875%, 4/15/2018		7,271,775
	8,195,000	International Lease Finance Corp., 5.750%, 5/15/2016		8,850,600
	7,215,000	International Lease Finance Corp., 6.250%, 5/15/2019		7,900,425
	200,000	International Lease Finance Corp., Series R, MTN, 5.625%, 9/20/2013		203,500
	830,000	International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		866,313
				53,270,065
		Oil Field Services — 2.6%
	2,870,000	FMC Technologies, Inc., 3.450%, 10/01/2022		2,913,521
	4,045,000	Nabors Industries, Inc., 4.625%, 9/15/2021		4,222,025
	3,557,000	Nabors Industries, Inc., 5.000%, 9/15/2020		3,793,814
	4,805,000	Oil States International, Inc., 5.125%, 1/15/2023, 144A		4,805,000
	6,950,000	Pan American Energy LLC, 7.875%, 5/07/2021, 144A		6,637,250
	4,070,000	Rowan Cos., Inc., 5.000%, 9/01/2017		4,536,520
	1,330,000	Rowan Cos., Inc., 7.875%, 8/01/2019		1,661,475
	2,430,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		2,442,150
	10,590,000	Transocean, Inc., 6.500%, 11/15/2020		12,238,513
				43,250,268
		Packaging — 0.3%
	1,810,000	Sealed Air Corp., 5.250%, 4/01/2023, 144A		1,816,787
	2,515,000	Sealed Air Corp., 6.500%, 12/01/2020, 144A		2,753,925
				4,570,712
		Paper — 1.8%
	1,785,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022		1,856,443
	3,045,000	Celulosa Arauco y Constitucion S.A., 5.000%, 1/21/2021		3,224,314
	1,111,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		1,460,142
	3,535,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		4,813,136
	6,451,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		8,765,780
	2,850,000	Georgia-Pacific LLC, 8.000%, 1/15/2024		3,943,964
	1,685,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		2,517,629
	4,015,000	Rock Tenn Co., 4.000%, 3/01/2023		4,060,317
				30,641,725
		Pharmaceuticals — 1.3%
	1,845,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		1,945,322
	130,000	Valeant Pharmaceuticals International, 6.750%, 8/15/2021, 144A		138,450

See accompanying notes to financial statements.

21  |

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

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Pharmaceuticals — continued
$	4,130,000	Valeant Pharmaceuticals International, 6.875%, 12/01/2018, 144A	$	4,437,169
	10,335,000	VPI Escrow Corp., 6.375%, 10/15/2020, 144A		10,890,506
	4,750,000	Zoetis, Inc., 4.700%, 2/01/2043, 144A		4,848,900
				22,260,347
		Pipelines — 1.5%
	9,530,000	Energy Transfer Partners LP, 6.050%, 6/01/2041		10,318,579
	2,620,000	Energy Transfer Partners LP, 6.500%, 2/01/2042		2,993,672
	2,050,000	Kinder Morgan Finance Co. LLC, 5.700%, 1/05/2016		2,229,028
	8,685,000	Kinder Morgan Finance Co. LLC, 6.000%, 1/15/2018, 144A		9,610,969
				25,152,248
		Property & Casualty Insurance — 0.7%
	1,175,000	Willis Group Holdings PLC, 4.125%, 3/15/2016		1,248,465
	3,285,000	Willis Group Holdings PLC, 5.750%, 3/15/2021		3,687,616
	3,250,000	Willis North America, Inc., 6.200%, 3/28/2017		3,702,852
	3,170,000	Willis North America, Inc., 7.000%, 9/29/2019		3,779,632
				12,418,565
		Real Estate Management/Services — 0.3%
	4,380,000	CBRE Services Inc., 5.000%, 3/15/2023		4,429,275
		Refining — 0.7%
	3,110,000	Phillips 66, 5.875%, 5/01/2042		3,652,847
	7,975,000	Thai Oil PCL, 4.875%, 1/23/2043, 144A		7,724,753
				11,377,600
		Retailers — 0.9%
	14,985,000	Lotte Shopping Co. Ltd., 3.375%, 5/09/2017, 144A		15,718,800
		Sovereigns — 2.5%
	6,438,000	Mexico Government International Bond, Series A, MTN, 6.050%, 1/11/2040		7,967,025
	9,160,000	Romanian Government International Bond, 4.375%, 8/22/2023, 144A		8,969,289
	24,985,000	Spain Government International Bond, 4.000%, 3/06/2018, 144A		24,750,141
				41,686,455
		Supermarket — 0.5%
	8,660,000	Delhaize Group S.A., 4.125%, 4/10/2019		9,175,712
		Supranational — 0.5%
	18,970,000	Inter-American Development Bank, EMTN, 8.000%, 1/26/2016, (MXN)		1,717,697
	87,705,000	International Bank for Reconstruction & Development, 6.500%, 9/11/2013, (MXN)		7,185,285
				8,902,982
		Technology — 1.7%
	250,000	Amphenol Corp., 4.000%, 2/01/2022		261,855
	3,745,000	Amphenol Corp., 4.750%, 11/15/2014		3,967,378
	5,220,000	Baidu, Inc., 3.500%, 11/28/2022		5,280,087
	1,160,000	Brocade Communications Systems, Inc., 6.875%, 1/15/2020		1,270,200
	3,145,000	Dun & Bradstreet Corp. (The), 3.250%, 12/01/2017		3,233,425
	3,156,000	Equifax, Inc., 7.000%, 7/01/2037		3,943,583

See accompanying notes to financial statements.

|  22

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

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — continued
$	69,000	Motorola Solutions, Inc., 6.625%, 11/15/2037	$	76,601
	340,000	Motorola Solutions, Inc., 7.500%, 5/15/2025		430,456
	1,335,000	National Semiconductor Corp., 3.950%, 4/15/2015		1,425,920
	8,290,000	Tencent Holdings Ltd., 4.625%, 12/12/2016, 144A		9,064,817
				28,954,322
		Textile — 0.1%
	1,125,000	Wolverine World Wide, Inc., 6.125%, 10/15/2020, 144A		1,193,906
		Tobacco — 0.8%
	10,480,000	Reynolds American, Inc., 7.250%, 6/15/2037		13,661,141
		Transportation Services — 0.1%
	1,990,000	Erac USA Finance Co., 5.250%, 10/01/2020, 144A		2,310,390
		Treasuries — 13.2%
	11,645,000	Italy Buoni Poliennali Del Tesoro, 5.500%, 11/01/2022, (EUR)		15,854,875
	2,787,500(††)	Mexican Fixed Rate Bonds, Series M, 6.250%, 6/16/2016, (MXN)		23,759,666
	1,783,000(††)	Mexican Fixed Rate Bonds, Series M-10, 7.750%, 12/14/2017, (MXN)		16,315,927
	475,000(††)	Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015, (MXN)		4,197,903
	239,000,000	Philippine Government International Bond, 3.900%, 11/26/2022, (PHP)		6,383,485
	4,930,000	Spain Government Bond, 5.500%, 4/30/2021, (EUR)		6,645,612
	13,430,000	Spain Government Bond, 5.850%, 1/31/2022, (EUR)		18,256,779
	16,240,000	U.S. Treasury Bond, 2.750%, 8/15/2042		15,067,667
	26,440,000	U.S. Treasury Bond, 3.000%, 5/15/2042(b)		25,886,399
	2,910,000	U.S. Treasury Bond, 3.125%, 2/15/2042		2,924,550
	21,435,000	U.S. Treasury Bond, 3.750%, 8/15/2041		24,241,656
	3,875,000	U.S. Treasury Bond, 3.875%, 8/15/2040		4,482,286
	8,147,000	U.S. Treasury Note, 0.875%, 2/28/2017		8,251,379
	19,335,000	U.S. Treasury Note, 1.250%, 4/30/2019		19,594,824
	13,520,000	U.S. Treasury Note, 1.625%, 8/15/2022		13,345,714
	1,320,000	U.S. Treasury Note, 2.000%, 2/15/2022		1,357,022
	1,155,000	U.S. Treasury Note, 2.125%, 8/15/2021		1,206,975
	13,550,000	U.S. Treasury Note, 2.625%, 11/15/2020(b)		14,779,026
				222,551,745
		Wireless — 1.8%
	1,915,000	American Tower Corp., 4.625%, 4/01/2015		2,042,074
	1,475,000	American Tower Corp., 4.700%, 3/15/2022		1,603,002
	8,890,000	SK Telecom Co. Ltd., 2.125%, 5/01/2018, 144A		8,919,799
	3,165,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		4,019,297
	13,920,000	Sprint Capital Corp., 6.875%, 11/15/2028		14,233,200
				30,817,372
		Wirelines — 5.0%
	11,612,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A(f)		10,218,560
	6,810,000	Bharti Airtel International Netherlands BV, 5.125%, 3/11/2023, 144A		6,837,240
	2,065,000	CenturyLink, Inc., 5.625%, 4/01/2020		2,111,462
	5,470,000	Colombia Telecomunicaciones S.A., E.S.P., 5.375%, 9/27/2022, 144A		5,483,675
	6,225,000	eAccess Ltd., 8.250%, 4/01/2018, 144A		6,894,187
	12,473,000	Embarq Corp., 7.995%, 6/01/2036		13,130,452

See accompanying notes to financial statements.

23  |

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

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	1,575,000	Frontier Communications Corp., 7.875%, 1/15/2027	$	1,559,250
	3,300,000	Frontier Communications Corp., 8.250%, 4/15/2017		3,861,000
	4,560,000	Frontier Communications Corp., 8.500%, 4/15/2020		5,164,200
	415,000	Frontier Communications Corp., 9.000%, 8/15/2031		428,488
	1,975,000	Qwest Corp., 6.750%, 12/01/2021		2,274,003
	5,000,000	Telefonica Celular del Paraguay S.A., 6.750%, 12/13/2022, 144A		5,412,500
	3,145,000	Telefonica Emisiones SAU, 3.992%, 2/16/2016		3,278,159
	4,029,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		4,242,066
	986,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		1,061,141
	6,344,000	Telemar Norte Leste S.A., 5.500%, 10/23/2020, 144A		6,613,620
	5,910,000	Windstream Corp., 7.500%, 4/01/2023		6,264,600
				84,834,603
		Total Non-Convertible Bonds (Identified Cost $1,550,444,216)		1,612,073,708
	Convertible Bonds — 0.1%
		Wirelines — 0.1%
	13,238,400	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A, (MXN)(f)(g)(h)(j) (Identified Cost $1,322,805)		1,390,310
		Total Bonds and Notes (Identified Cost $1,551,767,021)		1,613,464,018
	Senior Loans — 2.8%
		Automotive — 0.3%
	4,865,000	TI Group Automotive Systems LLC, Term Loan B, 3/27/2019(i)		4,901,487
		Chemicals — 0.6%
	4,890,506	Tronox, Inc., Term Loan, 4.500%, 3/19/2020(c)		4,955,697
	4,199,000	U.S. Coatings Acquisition, Inc., Term Loan, 4.750%, 2/03/2020(c)		4,253,251
				9,208,948
		Consumer Products — 0.3%
	5,022,413	Tempur-Pedic International, Inc., New Term Loan B, 5.000%, 3/18/2020(c)		5,088,759
		Diversified Manufacturing — 0.2%
	3,048,360	Ameriforge Group, Inc., 1st Lien Term Loan, 6.000%, 12/19/2019(c)		3,087,745
		Entertainment — 0.1%
	1,980,925	WMG Acquisition Corp., Term Loan, 5.250%, 11/01/2018(c)		2,009,411
		Food & Beverage — 0.3%
	4,704,000	HJ Heinz Co., Term Loan B2, 3/27/2020(i)		4,743,843
		Healthcare — 0.0%
	682,398	Hologic, Inc., Term Loan B, 4.500%, 8/01/2019(c)		690,928
		Independent Energy — 0.3%
	4,945,000	Plains Exploration & Production, 7 year Term Loan, 4.000%, 11/30/2019(c)		4,949,945

See accompanying notes to financial statements.

|  24

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

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — 0.2%
$	3,668,526	Arch Coal, Inc., Term Loan B, 5.750%, 5/16/2018(c)	$	3,728,616
		Technology — 0.1%
	541,854	Alcatel-Lucent USA, Inc., USD Term Loan B, 6.250%, 8/01/2016(c)		549,012
	1,196,078	Alcatel-Lucent USA, Inc., USD Term Loan C, 7.250%, 1/30/2019(c)		1,213,218
				1,762,230
		Wirelines — 0.4%
	7,110,000	Level 3 Financing, Inc., Term Loan, 4.750%, 8/01/2019(c)		7,188,494
		Total Senior Loans (Identified Cost $46,574,750)		47,360,406
Shares
	Preferred Stocks — 0.2%
		Non-Captive Consumer — 0.0%
	5,510	SLM Corp., Series A, 6.970%		275,555
		Non-Captive Diversified — 0.2%
	68,182	Ally Financial, Inc., Series A, (fixed rate to 5/15/2016, variable rate thereafter), 8.500%		1,825,914
	532	Ally Financial, Inc., Series G, 7.000%, 144A		526,115
				2,352,029
		Total Preferred Stocks (Identified Cost $2,068,801)		2,627,584
Principal Amount (‡)
	Short-Term Investments — 3.2%
$	122,999	Repurchase Agreement with State Street Bank and Trust Company, dated 3/29/2013 at 0.010% to be repurchased at $122,999 on 4/01/2013 collateralized by $130,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $130,089 including accrued interest (Note 2 of Notes to Financial Statements)		122,999
	54,825,152	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $54,825,152 on 4/01/2013 collateralized by $51,005,000 U.S. Treasury Note, 4.125% due 5/15/2015 valued at $55,922,137 including accrued interest (Note 2 of Notes to Financial Statements)		54,825,152
		Total Short-Term Investments (Identified Cost $54,948,151)		54,948,151
		Total Investments — 101.5% (Identified Cost $1,655,358,723)(a)		1,718,400,159
		Other assets less liabilities — (1.5)%		(26,200,850	)
		Net Assets — 100.0%	$	1,692,199,309

See accompanying notes to financial statements.

25  |

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

Loomis Sayles Core Plus Bond Fund – (continued)

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(††)	Amount shown represents units. One unit represents a principal amount of 100.
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2013, the net unrealized appreciation on investments based on a cost of $1,659,826,132 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	$	67,660,922
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(9,086,895	)
	Net unrealized appreciation	$	58,574,027
(b)	All or a portion of this security has been designated to cover the Fund’s obligations under open TBA transactions.
(c)	Variable rate security. Rate as of March 31, 2013 is disclosed.
(d)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
(e)	Delayed delivery. See Note 2 of Notes to Financial Statements.
(f)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(g)	Illiquid security. At March 31, 2013, the value of this security amounted to $1,390,310 or 0.1% of net assets.
(h)	Fair valued by the Fund’s investment adviser. At March 31, 2013, the value of this security amounted to $1,390,310 or 0.1% of net assets.
(i)	Position is unsettled. Contract rate was not determined at March 31, 2013 and does not take effect until settlement date.
(j)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $405,954,304 or 24.0% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
MTN	Medium Term Note
TBA	To Be Announced
EUR	Euro
MXN	Mexican Peso
PHP	Philippine Peso
USD	U.S. Dollar

See accompanying notes to financial statements.

|  26

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

Loomis Sayles Core Plus Bond Fund – (continued)

Industry Summary at March 31, 2013 (Unaudited)

Treasuries	13.2	%
Mortgage Related	11.4
Banking	7.5
Government Owned – No Guarantee	6.1
Wirelines	5.5
Commercial Mortgage-Backed Securities	5.0
Independent Energy	3.4
Non-Captive Diversified	3.3
Automotive	3.2
ABS Car Loan	2.9
Chemicals	2.8
Oil Field Services	2.6
Sovereigns	2.5
Metals & Mining	2.0
Other Investments, less than 2% each	26.9
Short-Term Investments	3.2
Total Investments	101.5
Other assets less liabilities	(1.5	)
Net Assets	100.0	%

See accompanying notes to financial statements.

27  |

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

Loomis Sayles High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 86.2% of Net Assets
	Non-Convertible Bonds — 76.7%
		ABS Home Equity — 3.7%
$	333,217	American Home Mortgage Investment Trust, Series 2005-2, Class 4A1, 1.961%, 9/25/2045(b)	$	320,034
	349,457	American Home Mortgage Investment Trust, Series 2006-1, Class 11A1, 0.344%, 3/25/2046(b)		278,800
	200,000	Ameriquest Mortgage Securities, Inc., Series 2005-R11, Class M1, 0.654%, 1/25/2036(b)		170,971
	365,524	Banc of America Funding Corp., Series 2008-R4, Class 1A4, 0.652%, 7/25/2037, 144A(b)		226,410
	67,003	Banc of America Mortgage Securities, Inc., Series 2005-A, Class 2A1, 2.934%, 2/25/2035(b)		65,790
	209,341	Banc of America Mortgage Securities, Inc., Series 2006-B, Class 4A1, 6.172%, 11/20/2046(b)		192,722
	111,265	Citimortgage Alternative Loan Trust, Series 2006-A3, Class 1A7, 6.000%, 7/25/2036		95,676
	340,395	Countrywide Alternative Loan Trust, Series 2006-J4, Class 1A3, 6.250%, 7/25/2036		234,477
	889,890	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-11, Class 3A3, 2.713%, 4/25/2035(b)		551,454
	374,366	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-11, Class 4A1, 0.474%, 4/25/2035(b)		277,838
	411,682	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-13, Class A3, 5.500%, 6/25/2035		412,710
	529,474	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-HYB7, Class 2A, 2.639%, 11/20/2035(b)		490,863
	474,378	GMAC Mortgage Corp. Loan Trust, Series 2005-AR3, Class 2A1, 3.403%, 6/19/2035(b)		465,332
	406,238	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 3.586%, 7/19/2035(b)		374,273
	504,544	GSAA Home Equity Trust, Series 2006-20, Class 1A1, 0.274%, 12/25/2046(b)		262,788
	90,275	GSR Mortgage Loan Trust, Series 2004-14, Class 3A1, 3.127%, 12/25/2034(b)		78,686
	568,874	GSR Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 2.910%, 5/25/2035(b)		534,640
	228,709	GSR Mortgage Loan Trust, Series 2006-8F, Class 4A17, 6.000%, 9/25/2036		199,535
	127,256	JP Morgan Alternative Loan Trust, Series 2006-A1, Class 5A1, 5.094%, 3/25/2036(b)		108,231
	502,805	Lehman Mortgage Trust, Series 2005-3, Class 1A6, 0.704%, 1/25/2036(b)(c)		342,963
	202,255	Lehman Mortgage Trust, Series 2006-1, Class 3A5, 5.500%, 2/25/2036		203,281
	481,703	Lehman XS Trust, Series 2007-10H, Class 1A11, 0.324%, 7/25/2037(b)(c)		300,180
	326,136	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 3A1, 2.757%, 3/25/2035(b)		269,844
	602,661	MASTR Adjustable Rate Mortgages Trust, Series 2007-1, Class I2A1, 0.364%, 1/25/2047(b)		421,361
	577,462	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1, Class 2A7, 6.000%, 3/25/2037		430,926
	130,536	New York Mortgage Trust, Series 2006-1, Class 2A2, 2.909%, 5/25/2036(b)		113,086

See accompanying notes to financial statements.

|  28

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

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	575,000	Park Place Securities, Inc., Series 2005-WCW2, Class M1, 0.704%, 7/25/2035(b)	$	536,777
	519,938	Residential Accredit Loans, Inc., Series 2006-QS6, Class 1A16, 6.000%, 6/25/2036		428,949
	444,796	Residential Funding Mortgage Securities, Series 2006-S1, Class 1A3, 5.750%, 1/25/2036		459,433
	129,635	WaMu Mortgage Pass Through Certificates, Series 2007-OA3, Class 2A1A, 0.935%, 4/25/2047(b)		111,268
	451,213	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, 1.134%, 8/25/2046(b)		289,059
				9,248,357
		ABS Other — 0.3%
	350,000	DSC Floorplan Master Owner Trust, Series 2011-1, Class B, 8.110%, 3/15/2016, 144A		352,206
	330,401	Sierra Receivables Funding Co. LLC, Series 2011-3A, Class C, 9.310%, 7/20/2028, 144A		342,318
				694,524
		Aerospace & Defense — 1.6%
	1,200,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		1,055,066
	900,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		848,250
	2,090,000	TransDigm, Inc., 5.500%, 10/15/2020, 144A		2,178,825
				4,082,141
		Airlines — 1.2%
	2,005,000	Air Canada, 9.250%, 8/01/2015, 144A		2,135,325
	30,000	Air Canada, 12.000%, 2/01/2016, 144A		32,813
	345,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		346,725
	13,444	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		13,893
	198,446	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		208,626
	169,923	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		183,666
				2,921,048
		Automotive — 1.1%
	2,190,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022		2,307,713
	595,000	Lear Corp., 4.750%, 1/15/2023, 144A		580,125
				2,887,838
		Banking — 3.0%
	800,000,000	Banco Santander Chile, 6.500%, 9/22/2020, 144A, (CLP)		1,671,262
	820,000	HBOS PLC, 6.000%, 11/01/2033, 144A		785,396
	1,400,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		1,556,058
	900,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		1,008,261
	1,000,000	Royal Bank of Scotland Group PLC, 4.700%, 7/03/2018		1,006,637

See accompanying notes to financial statements.

29  |

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

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
	65,000	Royal Bank of Scotland Group PLC, 5.250%, 6/29/2049, (EUR)	$	59,349
	740,000	Royal Bank of Scotland Group PLC, 5.500%, 11/29/2049, (EUR)		692,930
	200,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		276,880
	250,000	Societe Generale, S.A., (fixed rate to 9/04/2019, variable rate thereafter), 9.375%, 9/29/2049, (EUR)		363,725
				7,420,498
		Brokerage — 0.2%
	170,000	Jefferies Group LLC, 5.125%, 1/20/2023		179,992
	355,000	Jefferies Group LLC, 6.500%, 1/20/2043		378,428
				558,420
		Building Materials — 1.8%
	1,230,000	HD Supply, Inc., 7.500%, 7/15/2020, 144A		1,294,575
	50,000	Masco Corp., 6.500%, 8/15/2032		50,936
	360,000	Masco Corp., 7.125%, 3/15/2020		420,270
	345,000	Masco Corp., 7.750%, 8/01/2029		388,325
	845,000	Masonite International Corp., 8.250%, 4/15/2021, 144A		937,950
	1,300,000	Ply Gem Industries, Inc., 8.250%, 2/15/2018		1,415,375
	100,000	USG Corp., 8.375%, 10/15/2018, 144A		110,500
				4,617,931
		Chemicals — 2.5%
	1,510,000	Hercules, Inc., 6.500%, 6/30/2029		1,359,000
	850,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		879,750
	420,000	JM Huber Corp., 9.875%, 11/01/2019, 144A		475,650
	819,919	Reichhold Industries, Inc., 9.000%, 5/08/2017, 144A(d)(e)		645,686
	635,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		661,988
	1,600,000	Tronox Finance LLC, 6.375%, 8/15/2020, 144A		1,552,000
	600,000	U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV, 7.375%, 5/01/2021, 144A		631,500
				6,205,574
		Commercial Mortgage-Backed Securities — 1.0%
	1,690,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.787%, 8/10/2045(b)		1,698,318
	125,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class AM, 5.464%, 1/15/2049		133,385
	525,000	Morgan Stanley Capital I Trust, Series 2007-HQ12, Class AM, 5.575%, 4/12/2049(b)		572,869
				2,404,572
		Construction Machinery — 0.3%
	450,000	United Rentals North America, Inc., 6.125%, 6/15/2023		481,500
	205,000	United Rentals North America, Inc., 7.625%, 4/15/2022		229,088
				710,588
		Consumer Cyclical Services — 0.6%
	615,000	ServiceMaster Co. (The), 7.000%, 8/15/2020, 144A		636,525
	1,095,000	ServiceMaster Co. (The), 7.450%, 8/15/2027		947,175
				1,583,700

See accompanying notes to financial statements.

|  30

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

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Consumer Products — 0.7%
$	2,040,000	Visant Corp., 10.000%, 10/01/2017	$	1,861,500
		Electric — 1.2%
	17,022	AES Red Oak LLC, Series A, 8.540%, 11/30/2019		18,214
	1,395,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		1,401,975
	200,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		210,500
	773,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.250%, 12/01/2018, 144A		747,877
	455,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.750%, 3/01/2022, 144A		523,250
				2,901,816
		Environmental — 0.1%
	255,000	ADS Waste Holdings, Inc., 8.250%, 10/01/2020, 144A		274,763
		Food & Beverage — 0.5%
	600,000	Cosan Luxembourg S.A., 9.500%, 3/14/2018, 144A, (BRL)		306,124
	1,020,000	Del Monte Corp., 7.625%, 2/15/2019		1,058,250
				1,364,374
		Gaming — 1.5%
	740,000	MGM Resorts International, 6.750%, 10/01/2020, 144A		784,400
	1,360,000	MGM Resorts International, 7.500%, 6/01/2016		1,506,200
	1,250,000	MGM Resorts International, 7.625%, 1/15/2017		1,387,500
				3,678,100
		Healthcare — 2.5%
	555,000	DJO Finance LLC/DJO Finance Corp., 9.875%, 4/15/2018		609,113
	1,050,000	HCA Holdings, Inc., 6.250%, 2/15/2021		1,119,562
	570,000	HCA, Inc., 5.875%, 5/01/2023		592,800
	170,000	HCA, Inc., 7.050%, 12/01/2027		166,600
	640,000	HCA, Inc., 7.500%, 12/15/2023		684,800
	470,000	HCA, Inc., 7.690%, 6/15/2025		501,725
	480,000	HCA, Inc., 8.360%, 4/15/2024		537,600
	820,000	HCA, Inc., MTN, 7.580%, 9/15/2025		854,850
	515,000	HCA, Inc., MTN, 7.750%, 7/15/2036		515,000
	635,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		581,025
				6,163,075
		Home Construction — 5.7%
	845,000	Beazer Homes USA, Inc., 9.125%, 6/15/2018		908,375
	1,132,000	Beazer Homes USA, Inc., 9.125%, 5/15/2019		1,219,730
	600,000	Corp GEO SAB de CV, 8.875%, 3/27/2022, 144A		513,000
	975,000	Desarrolladora Homex SAB de CV, 9.750%, 3/25/2020, 144A		833,625
	750,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		690,000
	500,000	K. Hovnanian Enterprises, Inc., 9.125%, 11/15/2020, 144A		556,875
	2,580,000	KB Home, 7.250%, 6/15/2018		2,838,000
	1,850,000	Lennar Corp., 6.950%, 6/01/2018		2,081,250
	3,135,000	Pulte Group, Inc., 6.000%, 2/15/2035		3,009,600
	495,000	Pulte Group, Inc., 6.375%, 5/15/2033		497,475

See accompanying notes to financial statements.

31  |

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

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Home Construction — continued
$	380,000	Pulte Group, Inc., 7.875%, 6/15/2032	$	419,900
	70,000	Standard Pacific Corp., 8.375%, 1/15/2021		82,862
	200,000	Urbi Desarrollos Urbanos SAB de CV, 9.500%, 1/21/2020, 144A		122,000
	1,100,000	Urbi Desarrollos Urbanos SAB de CV, 9.750%, 2/03/2022, 144A		682,000
				14,454,692
		Independent Energy — 3.4%
	30,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		32,775
	405,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		441,450
	1,365,000	Connacher Oil and Gas Ltd., 8.500%, 8/01/2019, 144A		897,487
	115,000	Halcon Resources Corp., 8.875%, 5/15/2021, 144A		123,913
	685,000	Halcon Resources Corp., 9.750%, 7/15/2020, 144A		756,925
	3,400,000	OGX Austria GmbH, 8.375%, 4/01/2022, 144A		2,567,000
	800,000	OGX Austria GmbH, 8.500%, 6/01/2018, 144A		624,000
	1,100,000	Plains Exploration & Production Co., 6.500%, 11/15/2020		1,215,500
	810,000	SandRidge Energy, Inc., 7.500%, 3/15/2021		842,400
	200,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		207,500
	675,000	SandRidge Energy, Inc., 8.125%, 10/15/2022		720,562
				8,429,512
		Life Insurance — 0.5%
	860,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		1,157,775
		Local Authorities — 0.4%
	1,055,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		1,057,783
		Lodging — 0.1%
	180,000	Royal Caribbean Cruises Ltd., 7.500%, 10/15/2027		204,300
		Media Cable — 1.3%
	440,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 9/01/2023, 144A		441,100
	1,830,000	Nara Cable Funding II Ltd., 8.500%, 3/01/2020, 144A, (EUR)		2,457,212
	200,000	Numericable Finance & Co. SCA, 8.750%, 2/15/2019, 144A, (EUR)		278,161
				3,176,473
		Media Non-Cable — 3.0%
	1,565,000	Clear Channel Communications, Inc., 5.500%, 9/15/2014		1,533,700
	290,000	Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/2022, 144A		302,325
	785,000	Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/2022, 144A		828,175
	1,080,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		1,127,250
	50,000	Intelsat Luxembourg S.A., 6.750%, 6/01/2018, 144A		51,500
	335,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021, 144A		340,862
	230,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023, 144A		233,738
	2,905,000	Intelsat Luxembourg S.A., 11.250%, 2/04/2017		3,093,825
				7,511,375
		Metals & Mining — 3.4%
	2,395,000	ArcelorMittal, 7.250%, 3/01/2041		2,383,025
	2,100,000	Arch Coal, Inc., 7.250%, 6/15/2021		1,884,750
	515,000	Essar Steel Algoma, Inc., 9.375%, 3/15/2015, 144A		494,400

See accompanying notes to financial statements.

|  32

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

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — continued
$	780,000	Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A	$	633,750
	330,000	FMG Resources August 2006 Pty Ltd., 6.875%, 4/01/2022, 144A		345,675
	660,000	Inmet Mining Corp., 7.500%, 6/01/2021, 144A		714,450
	2,375,000	United States Steel Corp., 6.650%, 6/01/2037		2,185,000
				8,641,050
		Mortgage Related — 0.3%
	637,231	FHLMC, 3.500%, 8/01/2042		672,520
		Non-Captive Consumer — 2.7%
	1,430,000	Residential Capital LLC, 9.625%, 5/15/2015(f)		1,558,700
	1,230,000	SLM Corp., 5.500%, 1/25/2023		1,220,775
	1,920,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		1,932,000
	2,000,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		2,010,000
				6,721,475
		Non-Captive Diversified — 2.2%
	1,825,000	Air Lease Corp., 4.500%, 1/15/2016		1,893,437
	240,000	Aircastle Ltd., 7.625%, 4/15/2020		277,800
	1,045,000	International Lease Finance Corp., 8.625%, 1/15/2022		1,329,762
	100,000	iStar Financial, Inc., 5.850%, 3/15/2017		101,750
	135,000	iStar Financial, Inc., 5.875%, 3/15/2016		140,231
	615,000	iStar Financial, Inc., 7.125%, 2/15/2018		644,213
	15,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		15,281
	585,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017, 144A		611,325
	435,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		451,313
				5,465,112
		Oil Field Services — 1.1%
	730,000	Basic Energy Services, Inc., 7.750%, 10/15/2022		751,900
	1,745,000	Edgen Murray Corp., 8.750%, 11/01/2020, 144A		1,810,438
	190,000	Global Geophysical Services, Inc., 10.500%, 5/01/2017		164,825
				2,727,163
		Packaging — 1.3%
	2,200,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 7.000%, 11/15/2020, 144A		2,260,500
	275,000	Sealed Air Corp., 6.500%, 12/01/2020, 144A		301,125
	755,000	Sealed Air Corp., 6.875%, 7/15/2033, 144A		717,250
				3,278,875
		Pharmaceuticals — 1.2%
	450,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		474,469
	140,000	Valeant Pharmaceuticals International, 6.750%, 8/15/2021, 144A		149,100
	530,000	Valeant Pharmaceuticals International, 7.250%, 7/15/2022, 144A		576,375
	1,690,000	VPI Escrow Corp., 6.375%, 10/15/2020, 144A		1,780,837
				2,980,781

See accompanying notes to financial statements.

33  |

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

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Pipelines — 0.6%
$	615,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A	$	624,225
	655,000	NGPL PipeCo LLC, 9.625%, 6/01/2019, 144A		733,600
	215,000	Rockies Express Pipeline LLC, 3.900%, 4/15/2015, 144A		216,613
				1,574,438
		Retailers — 1.3%
	40,000	Dillard’s, Inc., 7.000%, 12/01/2028		42,000
	435,000	Dillard’s, Inc., 7.750%, 7/15/2026		473,063
	205,000	Dillard’s, Inc., 7.750%, 5/15/2027		220,375
	35,000	Dillard’s, Inc., 7.875%, 1/01/2023		38,675
	1,615,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		1,211,250
	1,440,000	Toys R Us, Inc., 7.375%, 10/15/2018		1,270,800
				3,256,163
		Sovereigns — 0.7%
	1,050,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		553,384
	2,250,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		1,336,137
				1,889,521
		Supermarkets — 1.4%
	315,000	American Stores Co., 8.000%, 6/01/2026		404,381
	205,000	New Albertson’s, Inc., 7.450%, 8/01/2029		164,256
	1,135,000	New Albertson’s, Inc., 7.750%, 6/15/2026		909,419
	200,000	New Albertson’s, Inc., 8.000%, 5/01/2031		162,000
	180,000	New Albertson’s, Inc., 8.700%, 5/01/2030		151,200
	935,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		674,369
	895,000	SUPERVALU, Inc., 8.000%, 5/01/2016		930,800
				3,396,425
		Supranational — 0.4%
	2,000,000	European Bank for Reconstruction & Development, EMTN, 9.000%, 4/28/2014, (BRL)		1,021,502
		Technology — 3.2%
	2,500,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		1,925,000
	1,930,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		1,466,800
	535,000	Amkor Technology, Inc., 6.375%, 10/01/2022		533,662
	85,000	Amkor Technology, Inc., 6.625%, 6/01/2021		85,850
	545,000	Equinix, Inc., 5.375%, 4/01/2023		551,812
	1,460,000	First Data Corp., 8.250%, 1/15/2021, 144A		1,518,400
	450,000	First Data Corp., 10.625%, 6/15/2021, 144A		455,063
	960,000	Freescale Semiconductor, Inc., 8.050%, 2/01/2020		1,015,200
	340,000	SunGard Data Systems, Inc., 6.625%, 11/01/2019, 144A		351,050
				7,902,837
		Textile — 1.8%
	1,925,000	Hanesbrands, Inc., 6.375%, 12/15/2020(g)		2,095,844
	2,605,000	Jones Group, Inc. (The), 6.125%, 11/15/2034		2,217,506

See accompanying notes to financial statements.

|  34

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

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Textile — continued
$	175,000	Jones Group, Inc./Apparel Group Holdings/Apparel Group USA/Footwear Accessories Retail, 6.875%, 3/15/2019	$	185,281
				4,498,631
		Transportation Services — 0.1%
	275,000	APL Ltd., 8.000%, 1/15/2024(e)		258,500
		Treasuries — 8.9%
	150,000	Ireland Government Bond, 4.500%, 10/18/2018, (EUR)		205,325
	375,000	Ireland Government Bond, 4.500%, 4/18/2020, (EUR)		502,171
	930,000	Ireland Government Bond, 5.400%, 3/13/2025, (EUR)		1,288,683
	65,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 8/01/2034, (EUR)		82,507
	60,000	Italy Buoni Poliennali Del Tesoro, 5.250%, 11/01/2029, (EUR)		78,683
	605,000	Italy Buoni Poliennali Del Tesoro, 5.500%, 11/01/2022, (EUR)		823,718
	55,000	Italy Buoni Poliennali Del Tesoro, 5.750%, 2/01/2033, (EUR)		75,536
	246,500(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		2,489,986
	184,000(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		2,142,139
	229,000(††)	Mexican Fixed Rate Bonds, Series M-30, 8.500%, 11/18/2038, (MXN)		2,502,029
	20,000,000	Philippine Government International Bond, 3.900%, 11/26/2022, (PHP)		534,183
	10,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		279,956
	120,000,000	Philippine Government International Bond, 6.250%, 1/14/2036, (PHP)(g)		3,907,131
	850,000	Portugal Obrigacoes do Tesouro OT, 3.850%, 4/15/2021, (EUR)		927,946
	1,525,000	Portugal Obrigacoes do Tesouro OT, 4.950%, 10/25/2023, (EUR)		1,740,769
	2,920,000	Spain Government Bond, 4.650%, 7/30/2025, (EUR)(g)		3,519,322
	19,660,565	Uruguay Government International Bond, 4.375%, 12/15/2028, (UYU)		1,304,183
				22,404,267
		Wireless — 3.0%
	6,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		510,688
	900,000	Bakrie Telecom Pte Ltd., 11.500%, 5/07/2015, 144A		432,000
	955,000	Clearwire Communications LLC/Clearwire Finance, Inc., 12.000%, 12/01/2015, 144A		1,030,206
	795,000	SBA Communications Corp., 5.625%, 10/01/2019, 144A		817,856
	4,501,000	Sprint Capital Corp., 6.875%, 11/15/2028(g)		4,602,273
	5,000	Sprint Capital Corp., 6.900%, 5/01/2019		5,488
	70,000	Sprint Capital Corp., 8.750%, 3/15/2032		83,475
				7,481,986
		Wirelines — 4.9%
	332,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A(h)		292,160
	85,000	CenturyLink, Inc., 5.625%, 4/01/2020		86,913
	2,590,000	CenturyLink, Inc., 7.650%, 3/15/2042		2,502,587
	1,145,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		1,110,650
	130,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		123,500
	1,105,000	Cincinnati Bell, Inc., 8.750%, 3/15/2018		1,096,712
	60,000,000	Empresa de Telecomunicaniones de Bogota, 7.000%, 1/17/2023, 144A (COP)		34,840
	735,000	Frontier Communications Corp., 9.000%, 8/15/2031		758,887
	605,000	Level 3 Communications, Inc., 8.875%, 6/01/2019, 144A		660,963
	1,090,000	Level 3 Financing, Inc., 7.000%, 6/01/2020, 144A		1,141,775

See accompanying notes to financial statements.

35  |

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

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
	350,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)	$	417,372
	250,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		323,667
	300,000	Portugal Telecom International Finance BV, EMTN, 5.625%, 2/08/2016, (EUR)		405,824
	395,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		366,702
	60,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		58,288
	1,575,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		1,658,291
	75,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		80,716
	1,125,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		1,207,686
				12,327,533
		Total Non-Convertible Bonds (Identified Cost $177,529,441)		192,069,508
	Convertible Bonds — 9.5%
		Automotive — 1.1%
	1,760,000	Ford Motor Co., 4.250%, 11/15/2016		2,820,400
		Brokerage — 0.7%
	1,714,000	Jefferies Group LLC, 3.875%, 11/01/2029		1,762,206
		Construction Machinery — 0.3%
	555,000	Ryland Group, Inc. (The), 1.625%, 5/15/2018		828,337
		Diversified Manufacturing — 0.6%
	1,325,000	Trinity Industries, Inc., 3.875%, 6/01/2036		1,589,172
		Home Construction — 0.8%
	565,000	KB Home, 1.375%, 2/01/2019		621,147
	70,000	Lennar Corp., 2.000%, 12/01/2020, 144A		106,094
	925,000	Standard Pacific Corp., 1.250%, 8/01/2032		1,181,687
				1,908,928
		Independent Energy — 0.4%
	800,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		766,500
	120,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		120,150
				886,650
		Metals & Mining — 0.6%
	1,235,000	Peabody Energy Corp., 4.750%, 12/15/2066		1,006,525
	165,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		185,212
	380,000	United States Steel Corp., 2.750%, 4/01/2019		384,275
				1,576,012
		Non-Captive Diversified — 0.1%
	310,000	iStar Financial, Inc., 3.000%, 11/15/2016		364,444
		Pharmaceuticals — 0.6%
	315,000	Gilead Sciences, Inc., Series D, 1.625%, 5/01/2016		683,747
	270,000	Mylan, Inc., 3.750%, 9/15/2015		598,219
	220,000	Vertex Pharmaceuticals, Inc., 3.350%, 10/01/2015		263,587
				1,545,553

See accompanying notes to financial statements.

|  36

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

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		REITs — Mortgage — 0.3%
$	630,000	Redwood Trust, Inc., 4.625%, 4/15/2018	$	693,788
		Technology — 3.7%
	3,780,000	Ciena Corp., 0.875%, 6/15/2017(g)		3,418,537
	145,000	Ciena Corp., 3.750%, 10/15/2018, 144A		164,394
	40,000	Ciena Corp., 4.000%, 3/15/2015, 144A		44,300
	2,700,000	Intel Corp., 2.950%, 12/15/2035		2,865,375
	620,000	Micron Technology, Inc., Series B, 1.875%, 8/01/2031		723,850
	1,185,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032, 144A		1,464,216
	240,000	Nuance Communications, Inc., 2.750%, 11/01/2031		247,950
	80,000	SanDisk Corp., 1.500%, 8/15/2017		103,100
	205,000	Xilinx, Inc., 2.625%, 6/15/2017		290,716
				9,322,438
		Textile — 0.3%
	570,000	Iconix Brand Group, Inc., 2.500%, 6/01/2016, 144A		633,769
		Wirelines — 0.0%
	379,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A, (MXN)(e)(h)(i)(l)		39,803
		Total Convertible Bonds (Identified Cost $20,611,811)		23,971,500
		Total Bonds and Notes (Identified Cost $198,141,252)		216,041,008
	Senior Loans — 0.4%
		Automotive — 0.1%
	475,000	TI Group Automotive Systems LLC, Term Loan B, 3/27/2019(j)		478,562
		Consumer Products — 0.0%
	9,896	Visant Holding Corp., Term Loan B, 5.250%, 12/22/2016(b)		9,590
		Media Non-Cable — 0.1%
	281,368	SuperMedia, Inc., Exit Term Loan, 11.000%, 12/31/2015(b)		206,631
		Supermarket — 0.1%
	180,000	Supervalu, Inc., New Term Loan B, 6.250%, 3/21/2019(b)		182,945
		Technology — 0.1%
	40,625	Alcatel-Lucent USA, Inc., USD Term Loan B, 6.250%, 8/01/2016(b)		41,162
	89,152	Alcatel-Lucent USA, Inc., USD Term Loan C, 7.250%, 1/30/2019(b)		90,429
				131,591
		Wirelines — 0.0%
	25,000	Integra Telecom, Inc., Refi 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		25,635
		Total Senior Loans (Identified Cost $1,091,185)		1,034,954

See accompanying notes to financial statements.

37  |

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

Loomis Sayles High Income Fund – (continued)

Shares		Description	Value (†)
	Preferred Stocks — 3.9%
	Convertible Preferred Stocks — 2.5%
		Automotive — 1.3%
	73,400	General Motors Co., Series B, 4.750%(g)	$	3,151,796
	2,500	Goodyear Tire & Rubber Co. (The), 5.875%		108,775
				3,260,571
		Banking — 0.1%
	94	Bank of America Corp., Series L, 7.250%		114,507
		Independent Energy — 0.1%
	390	Chesapeake Energy Corp., 5.000%		34,554
	245	Chesapeake Energy Corp., Series A, 5.750%, 144A		250,359
				284,913
		Metals & Mining — 0.3%
	21,500	ArcelorMittal, 6.000%		450,425
	19,413	Cliffs Natural Resources, Inc., 7.000%		362,441
				812,866
		Non-Captive Diversified — 0.2%
	8,025	iStar Financial, Inc., Series J, 4.500%		416,016
		Pipelines — 0.5%
	20,675	El Paso Energy Capital Trust I, 4.750%		1,214,243
		Total Convertible Preferred Stocks (Identified Cost $6,118,075)		6,103,116
	Non-Convertible Preferred Stocks — 1.4%
		Non-Captive Diversified — 1.4%
	78,785	Ally Financial, Inc., Series A, (fixed rate to 5/15/2016, variable rate thereafter), 8.500%		2,109,862
	965	Ally Financial, Inc., Series G, 7.000%, 144A		954,325
	12,925	iStar Financial, Inc., Series E, 7.875%		310,329
	7,500	iStar Financial, Inc., Series F, 7.800%		179,250
	550	iStar Financial, Inc., Series G, 7.650%		13,118
				3,566,884
		Total Non-Convertible Preferred Stocks (Identified Cost $3,279,860)		3,566,884
		Total Preferred Stocks (Identified Cost $9,397,935)		9,670,000
	Common Stocks — 1.6%
		Automobiles — 0.3%
	53,720	Ford Motor Co.		706,418
		Chemicals — 0.1%
	1,087	Ashland, Inc.		80,764

See accompanying notes to financial statements.

|  38

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

Loomis Sayles High Income Fund – (continued)

Shares		Description	Value (†)
		Diversified Telecommunication Services — 0.0%
	68	FairPoint Communications, Inc.(k)	$	508
	593	Hawaiian Telcom Holdco, Inc.(k)		13,681
				14,189
		Gas Utilities — 0.4%
	17,600	National Fuel Gas Co.		1,079,760
		Household Durables — 0.4%
	46,500	KB Home		1,012,305
		Oil, Gas & Consumable Fuels — 0.2%
	14,882	Kinder Morgan, Inc.		575,636
		Pharmaceuticals — 0.1%
	6,875	Merck & Co., Inc.		304,081
		Trading Companies & Distributors — 0.1%
	2,696	United Rentals, Inc.(k)		148,199
		Total Common Stocks (Identified Cost $2,778,432)		3,921,352
	Warrants — 0.0%
	10,360	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(e)(i)(k)		—
	22,512	Kinder Morgan, Inc., Expiration on 5/25/2017 at $40.00(k)		115,712
		Total Warrants (Identified Cost $29,892)		115,712
Principal Amount (‡)
	Short-Term Investments — 7.1%
$	848	Repurchase Agreement with State Street Bank and Trust Company, dated 3/29/2013 at 0.010% to be repurchased at $848 on 4/01/2013 collateralized by $5,000 Federal National Mortgage Association, 2.080%, due 11/02/2022 valued at $5,003 including accrued interest (Note 2 of Notes to Financial Statements)		848
	17,722,382	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013, at 0.000% to be repurchased at $17,722,382 on 4/01/2013 collateralized by $16,490,000 U.S. Treasury Note, 4.125% due 5/15/2015 valued at $18,079,718 including accrued interest (Note 2 of Notes to Financial Statements)		17,722,382
		Total Short-Term Investments (Identified Cost $17,723,230)		17,723,230
		Total Investments — 99.2% (Identified Cost $229,161,926)(a)		248,506,256
		Other assets less liabilities — 0.8%		1,955,289
		Net Assets — 100.0%	$	250,461,545

See accompanying notes to financial statements.

39  |

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

Loomis Sayles High Income Fund – (continued)

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(††)	Amount shown represents units. One unit represents a principal amount of 100.
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2013, the net unrealized appreciation on investments based on a cost of $229,353,283 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	$	23,859,934
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(4,706,961	)
	Net unrealized appreciation	$	19,152,973
(b)	Variable rate security. Rate as of March 31, 2013 is disclosed.
(c)	The issuer is making partial payments with respect to principal.
(d)	All or a portion of interest payment is paid-in-kind.
(e)	Illiquid security. At March 31, 2013, the value of these securities amounted to $943,989 or 0.4% of net assets.
(f)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(g)	All or a portion of this security has been designated to cover the Fund’s obligations under open forward foreign currency contracts.
(h)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(i)	Fair valued by the Fund’s investment adviser. At March 31, 2013, the value of these securities amounted to $39,803 or less than 0.1% of net assets.
(j)	Position is unsettled. Contract rate was not determined at March 31, 2013 and does not take effect until settlement date.
(k)	Non-income producing security.
(l)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $59,914,016 or 23.9% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
GMTN	Global Medium Term Note
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
EUR	Euro
MXN	Mexican Peso
PHP	Philippine Peso
USD	U.S. Dollar
UYU	Uruguayan Peso

See accompanying notes to financial statements.

|  40

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

Loomis Sayles High Income Fund – (continued)

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

Contract to Buy/Sell1	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Buy		4/30/2013	Euro		275,000	$	352,571	$	(3,661	)
Sell		4/30/2013	Euro		12,550,000		16,090,051		672,615
Total								$	668,954

¹ Counterparty is Barclays Bank PLC.

Industry Summary at March 31, 2013 (Unaudited)

Treasuries	8.9	%
Technology	7.0
Home Construction	6.5
Wirelines	4.9
Metals & Mining	4.3
Non-Captive Diversified	3.9
Independent Energy	3.9
ABS Home Equity	3.7
Automotive	3.6
Media Non-Cable	3.1
Banking	3.1
Wireless	3.0
Non-Captive Consumer	2.7
Chemicals	2.6
Healthcare	2.5
Textile	2.1
Other Investments, less than 2% each	26.3
Short-Term Investments	7.1
Total Investments	99.2
Other assets less liabilities (including open forward foreign currency contracts)	0.8
Net Assets	100.0	%

See accompanying notes to financial statements.

41  |

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

Loomis Sayles International Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 96.9% of Net Assets
	Non-Convertible Bonds — 96.8%
		Belgium — 2.7%
	100,000	Anheuser-Busch InBev NV, EMTN, 1.250%, 3/24/2017, (EUR)	$	130,022
	260,000	Belgium Government Bond, 3.500%, 6/28/2017, (EUR)(b)		370,609
				500,631
		Brazil — 1.7%
	350,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		184,461
	100,000	Telemar Norte Leste S.A., 5.125%, 12/15/2017, 144A, (EUR)		138,121
				322,582
		Canada — 3.8%
	190,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		196,462
	100,000	Ford Auto Securitization Trust, Series 2013-R1A, Class A2, 1.676%, 9/15/2016, 144A, (CAD)		98,840
	70,000	Province of Manitoba Canada, MTN, 4.400%, 9/05/2025, (CAD)		78,877
	150,000	Province of Quebec Canada, EMTN, 3.375%, 6/20/2016, (EUR)		209,289
	95,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		107,841
				691,309
		Finland — 2.9%
	390,000	Finland Government Bond, 1.875%, 4/15/2017, (EUR)(b)		528,110
		France — 6.0%
	50,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		66,235
	530,000	France Government Bond OAT, 3.000%, 4/25/2022, (EUR)(b)		741,341
	195,000	France Government Bond OAT, 3.750%, 4/25/2021, (EUR)		289,904
				1,097,480
		Germany — 7.9%
	355,000	Bundesrepublik Deutschland, 1.750%, 7/04/2022, (EUR)		478,037
	170,000	Bundesrepublik Deutschland, 3.250%, 1/04/2020, (EUR)		255,790
	470,000	Bundesrepublik Deutschland, 4.250%, 7/04/2017, (EUR)		706,276
				1,440,103
		Ireland — 0.9%
	100,000	WPP 2008 Ltd., 6.000%, 4/04/2017, (GBP)		175,217
		Italy — 8.3%
	50,000	Enel Finance International S.A., EMTN, 5.625%, 8/14/2024, (GBP)		76,843
	515,000	Italy Buoni Poliennali Del Tesoro, 4.000%, 2/01/2037, (EUR)(b)		569,842
	370,000	Italy Buoni Poliennali Del Tesoro, 4.500%, 8/01/2018, (EUR)(b)		492,260
	150,000	Italy Buoni Poliennali Del Tesoro, 4.750%, 5/01/2017, (EUR)		202,061
	60,000	Republic of Italy, 6.875%, 9/27/2023		68,858
	75,000	Telecom Italia Finance S.A., EMTN, 7.750%, 1/24/2033, (EUR)		109,412
				1,519,276
		Japan — 24.4%
	90,000,000	Japan Finance Organization for Municipalities, 1.900%, 6/22/2018, (JPY)		1,046,070
	43,000,000	Japan Government Five Year Bond, 0.700%, 6/20/2014, (JPY)		460,388

See accompanying notes to financial statements.

|  42

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

Loomis Sayles International Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Japan — continued
	92,650,000	Japan Government Ten Year Bond, 1.700%, 12/20/2016, (JPY)	$	1,042,383
	40,500,000	Japan Government Ten Year Bond, 1.700%, 9/20/2017, (JPY)		460,443
	26,000,000	Japan Government Thirty Year Bond, 2.000%, 9/20/2040, (JPY)		303,042
	98,000,000	Japan Government Twenty Year Bond, 1.900%, 12/20/2028, (JPY)		1,163,671
				4,475,997
		Jersey — 0.8%
	100,000	Heathrow Funding Ltd., 4.375%, 1/25/2019, (EUR)		142,260
		Korea — 0.3%
	2,300,000	Export-Import Bank of Korea, 4.000%, 11/26/2015, 144A, (PHP)		59,132
		Luxembourg — 0.3%
	50,000	ArcelorMittal, 6.000%, 3/01/2021		52,568
		Malaysia — 1.7%
	580,000	Malaysia Government Bond, 3.314%, 10/31/2017, (MYR)		188,356
	370,000	Malaysia Government Bond, 4.262%, 9/15/2016, (MYR)		124,119
				312,475
		Mexico — 3.2%
	2,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		170,229
	47,000(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		421,682
				591,911
		Netherlands — 1.3%
	50,000	Deutsche Telekom International Finance BV, EMTN, 5.750%, 4/14/2015, (EUR)		70,380
	50,000	EDP Finance BV, EMTN, 4.750%, 9/26/2016, (EUR)		66,304
	75,000	Volkswagen International Finance NV, EMTN, 1.875%, 5/15/2017, (EUR)		99,127
				235,811
		Norway — 2.2%
	30,000	Eksportfinans ASA, 2.000%, 9/15/2015		28,803
	2,000,000	Norwegian Government Bond, 4.250%, 5/19/2017, (NOK)(b)		381,257
				410,060
		Philippines — 0.8%
	5,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		139,978
		Poland — 2.3%
	520,000	Poland Government Bond, 4.750%, 4/25/2017, (PLN)		168,102
	225,000	Poland Government International Bond, EMTN, 2.625%, 5/12/2015, (CHF)		247,256
				415,358
		Singapore — 1.9%
	70,000	Singapore Government Bond, 1.625%, 4/01/2013, (SGD)		56,436
	360,000	Singapore Government Bond, 2.250%, 7/01/2013, (SGD)		291,744
				348,180
		Spain — 0.4%
	50,000	Iberdrola Finanzas SAU, EMTN, 6.000%, 7/01/2022, (GBP)		84,434

See accompanying notes to financial statements.

43  |

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

Loomis Sayles International Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Sweden — 1.2%
	1,300,000	Sweden Government Bond, 4.500%, 8/12/2015, (SEK)(b)	$	215,545
		Thailand — 0.6%
	3,000,000	Thailand Government Bond, 3.250%, 6/16/2017, (THB)		103,256
		Turkey — 0.7%
	215,000	Turkey Government Bond, 9.000%, 3/05/2014, (TRY)		121,801
		United Kingdom — 9.4%
	90,000	Barclays Bank PLC, EMTN, 5.750%, 9/14/2026, (GBP)		144,912
	100,000	BAT International Finance PLC, EMTN, 5.375%, 6/29/2017, (EUR)		150,596
	50,000	British Sky Broadcasting Group PLC, EMTN, 6.000%, 5/21/2027, (GBP)		92,950
	105,000	British Telecommunications PLC, 5.750%, 12/07/2028, (GBP)		190,032
	50,000	BSKYB Finance UK PLC, 5.750%, 10/20/2017, (GBP)		89,070
	100,000	FCE Bank PLC, EMTN, 4.825%, 2/15/2017, (GBP)		165,359
	110,000	United Kingdom Treasury, 1.750%, 1/22/2017, (GBP)(b)		175,283
	170,000	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)(b)		313,973
	40,000	United Kingdom Treasury, 4.750%, 12/07/2038, (GBP)		79,603
	160,000	United Kingdom Treasury, 5.000%, 3/07/2025, (GBP)(b)		318,785
				1,720,563
		United States — 10.0%
	100,000	BA Credit Card Trust, Series 04A1, 4.500%, 6/17/2016, (EUR)		133,098
	50,000	Cargill, Inc., EMTN, 5.375%, 3/02/2037, (GBP)		88,189
	45,000	HCA, Inc., 8.360%, 4/15/2024		50,400
	150,000	HSBC Finance Corp., EMTN, 4.500%, 6/14/2016, (EUR)		212,360
	50,000	International Lease Finance Corp., 5.875%, 8/15/2022		53,891
	50,000	JPMorgan Chase & Co., EMTN, 0.590%, 10/12/2015, (EUR)(c)		62,875
	50,000	JPMorgan Chase & Co., EMTN, 4.375%, 1/30/2014, (EUR)		66,102
	50,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		68,258
	15,000	Morgan Stanley, 5.375%, 11/14/2013, (GBP)		23,333
	50,000	Pfizer, Inc., 4.550%, 5/15/2017, (EUR)		73,503
	75,000	Sprint Nextel Corp., 6.000%, 11/15/2022		77,062
	640,000	U.S. Treasury Note, 0.250%, 11/30/2013(d)		640,425
	100,000	Wachovia Corp., EMTN, 4.375%, 11/27/2018, (EUR)		144,168
	100,000	Zurich Finance USA, Inc., EMTN, (fixed rate to 6/15/2015, variable rate thereafter), 4.500%, 6/15/2025, (EUR)		133,936
				1,827,600
		Uruguay — 1.1%
	2,981,114	Uruguay Government International Bond, 4.375%, 12/15/2028, (UYU)		197,752
		Total Non-Convertible Bonds (Identified Cost $18,204,800)		17,729,389

See accompanying notes to financial statements.

|  44

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

Loomis Sayles International Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Convertible Bonds — 0.1%
		United States — 0.1%
$	20,000	Intel Corp., 2.950%, 12/15/2035 (Identified Cost $20,908)	$	21,225
		Total Bonds and Notes (Identified Cost $18,225,708)		17,750,614
Shares
	Preferred Stocks — 0.1%
		Non-Captive Diversified — 0.1%
	326	iStar Financial, Inc., Series J, 4.500% (Identified Cost $16,300)		16,900
Principal Amount (‡)
	Short-Term Investments — 2.3%
$	413,639	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $413,639 on 4/01/2013 collateralized by $425,000 Federal National Mortgage Association, 0.350% due 8/28/2015 valued at $424,912 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $413,639)		413,639
		Total Investments — 99.3% (Identified Cost $18,655,647)(a)		18,181,153
		Other assets less liabilities — 0.7%		130,125
		Net Assets — 100.0%	$	18,311,278
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2013, the net unrealized depreciation on investments based on a cost of $18,741,193 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	391,291
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(951,331	)
		Net unrealized depreciation	$	(560,040	)
	(b)	All or a portion of this security has been designated to cover the Fund’s obligations under open forward foreign currency and futures contracts.

See accompanying notes to financial statements.

45  |

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

Loomis Sayles International Bond Fund – (continued)

(c)	Variable rate security. Rate as of March 31, 2013 is disclosed.
(d)	All or a portion of this security has been pledged as initial margin for open futures contracts.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $296,093 or 1.6% of net assets.
EMTN	Euro Medium Term Note
MTN	Medium Term Note
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
SGD	Singapore Dollar
THB	Thailand Baht
TRY	Turkish Lira
UYU	Uruguayan Peso

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

Contract to Buy/Sell	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell1		6/28/2013	British Pound		122,000	$	185,291	$	(245	)
Buy2		6/19/2013	Canadian Dollar		430,000		422,551		5,107
Buy1		6/19/2013	Euro		215,000		275,751		(4,242	)
Buy3		6/21/2013	Malaysian Ringgit		290,000		93,148		1,070
Buy1		6/11/2013	South Korean Won		630,000,000		564,105		(13,506	)
Buy4		6/11/2013	South Korean Won		104,700,000		93,749		(2,174	)
Total								$	(13,990	)

See accompanying notes to financial statements.

|  46

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

Loomis Sayles International Bond Fund – (continued)

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

Settlement Date	Deliver/Units of Currency		Receive/Units of Currency		Unrealized Appreciation (Depreciation)
4/22/2013	Euro	54,007	Turkish Lira4	130,000	$	2,431
4/22/2013	Euro	37,792	Turkish Lira4	90,000		1,166
6/12/2013	Euro	133,586	Norwegian Krone5	1,010,000		1,128
4/04/2013	Japanese Yen	4,360,534	Singapore Dollar1	62,000		3,663
5/02/2013	Japanese Yen	18,891,400	Thai Baht4	6,200,000		10,589
6/03/2013	Japanese Yen	4,569,400	Malaysian Ringgit4	155,000		1,282
7/03/2013	Japanese Yen	4,694,702	Singapore Dollar1	62,000		93
6/03/2013	Malaysian Ringgit	155,000	Japanese Yen4	4,646,125		(466	)
6/04/2013	Malaysian Ringgit	430,000	Japanese Yen4	12,889,250		(1,284	)
6/12/2013	Norwegian Krone	1,010,000	Euro5	135,221		969
4/04/2013	Singapore Dollar	62,000	Japanese Yen1	4,696,438		(95	)
4/22/2013	Turkish Lira	220,000	Euro4	93,078		(1,957	)
Total					$	17,519

¹ Counterparty is Barclays Bank PLC.

² Counterparty is UBS AG.

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

⁴ Counterparty is Credit Suisse International.

⁵ Counterparty is Deutsche Bank AG.

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

Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
German Euro BOBL		6/06/2013		5	$	812,181	$	5,631

Industry Summary at March 31, 2013 (Unaudited)

Treasuries	66.8	%
Government Guaranteed	5.7
Banking	2.8
Sovereigns	2.8
Wirelines	2.7
Other Investments, less than 2% each	16.2
Short-Term Investments	2.3
Total Investments	99.3
Other assets less liabilities (including open forward foreign currency contracts and futures contracts)	0.7
Net Assets	100.0	%

See accompanying notes to financial statements.

47  |

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

Loomis Sayles International Bond Fund – (continued)

Currency Exposure Summary at March 31, 2013 (Unaudited)

Euro	36.7	%
Japanese Yen	24.4
British Pound	10.9
United States Dollar	7.8
Mexican Peso	3.2
Canadian Dollar	2.6
Norwegian Krone	2.1
Other, less than 2% each	11.6
Total Investments	99.3
Other assets less liabilities (including open forward foreign currency contracts and futures contracts)	0.7
Net Assets	100.0	%

See accompanying notes to financial statements.

|  48

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

Loomis Sayles Limited Term Government and Agency Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 95.2% of Net Assets
		ABS Car Loan — 2.5%
$	2,200,000	Avis Budget Rental Car Funding AESOP LLC, Series 2012-3A, Class A, 2.100%, 3/20/2019, 144A	$	2,244,952
	910,000	Credit Acceptance Auto Loan Trust, Series 2012-2A, Class A, 1.520%, 3/16/2020, 144A		915,741
	2,280,762	First Investors Auto Owner Trust, Series 2012-2A, Class A2, 1.470%, 5/15/2018, 144A		2,283,891
	920,000	First Investors Auto Owner Trust, Series 2013-1A, Class A2, 0.900%, 10/15/2018, 144A		919,476
	955,434	SNAAC Auto Receivables Trust, Series 2012-1A, Class A, 1.780%, 6/15/2016, 144A		960,894
	7,000,000	Tidewater Auto Receivables Trust, Series 2012-AA, Class A2, 1.210%, 8/15/2015, 144A		6,999,902
	3,000,000	Tidewater Auto Receivables Trust, Series 2012-AA, Class A3, 1.990%, 4/15/2019, 144A		2,997,636
				17,322,492
		ABS Credit Card — 1.0%
	3,220,000	GE Capital Credit Card Master Note Trust, Series 2012-7, Class A, 1.760%, 9/15/2022		3,223,474
	3,400,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		3,690,816
				6,914,290
		ABS Home Equity — 0.1%
	407,082	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		417,939
	275,283	Residential Funding Mortgage Securities II, Series 2002-HI5, Class A7, 6.200%, 1/25/2028(b)		269,235
				687,174
		ABS Other — 0.4%
	3,000,000	Ally Master Owner Trust, Series 2012-5, Class A, 1.540%, 9/15/2019		3,011,526
		ABS Student Loan — 0.4%
	2,460,207	Montana Higher Education Student Assistance Corp., Series 2012-1, Class A1, 0.803%, 9/20/2022(b)		2,472,508
		Collateralized Mortgage Obligations — 29.7%
	242,178	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 1.180%, 5/15/2023(b)		248,887
	157,350	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 1.360%, 8/15/2023(b)		161,842
	577,486	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029		656,817
	1,054,167	Federal Home Loan Mortgage Corp., REMIC, Series 2646, Class FM, 0.603%, 11/15/2032(b)		1,056,856
	3,825,000	Federal Home Loan Mortgage Corp., REMIC, Series 2874, Class BC, 5.000%, 10/15/2019		4,184,217

See accompanying notes to financial statements.

49  |

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

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	6,280,000	Federal Home Loan Mortgage Corp., REMIC, Series 2931, Class DE, 4.000%, 2/15/2020	$	6,742,189
	3,631,000	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035		4,197,687
	3,510,000	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035		3,999,241
	8,610,000	Federal Home Loan Mortgage Corp., REMIC, Series 3057, Class PE, 5.500%, 11/15/2034		9,080,080
	4,875,082	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 4.624%, 6/15/2048(b)		5,083,491
	5,897,370	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.874%, 12/15/2036(b)		6,282,091
	586,015	Federal Home Loan Mortgage Corp., REMIC, Series 3802, Class BA, 4.500%, 11/15/2028		608,657
	175,819	Federal National Mortgage Association, REMIC, Series 1992-162, Class FB, 1.350%, 9/25/2022(b)		181,125
	152,708	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 1.500%, 4/25/2024(b)		157,353
	2,494,000	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025		2,815,112
	4,155,000	Federal National Mortgage Association, REMIC, Series 2005-33, Class QD, 5.000%, 1/25/2034		4,344,655
	6,969,739	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 4.381%, 8/25/2038(b)		7,280,095
	129,078	Federal National Mortgage Association, REMIC, Series G93-19, Class FD, 1.390%, 4/25/2023(b)		132,828
	1,490,064	FHLMC, 3.002%, 12/01/2034(b)		1,593,261
	2,189,323	FHLMC, 3.346%, 3/01/2038(b)		2,336,948
	2,013,886	FHLMC, 5.235%, 11/01/2038(b)		2,172,072
	6,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K006, Class A2, 4.251%, 1/25/2020		6,902,694
	4,305,000	FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2, 3.871%, 4/25/2021		4,832,845
	3,535,000	FHLMC Multifamily Structured Pass Through Certificates, Series K703, Class A2, 2.699%, 5/25/2018		3,774,733
	700,000	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		737,774
	2,590,000	FHLMC Multifamily Structured Pass Through Certificates, Series K706, Class A2, 2.323%, 10/25/2018		2,715,004
	7,910,000	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019		8,202,441
	34,370,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		34,754,738
	19,695,181	FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A, 0.554%, 4/25/2019(b)		19,733,567
	1,907,603	FNMA, 2.270%, 9/01/2036(b)		2,027,629
	5,704,718	FNMA, 2.306%, 11/01/2033(b)		6,028,532

See accompanying notes to financial statements.

|  50

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

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	1,365,563	FNMA, 2.647%, 10/01/2033(b)	$	1,449,077
	7,378,718	FNMA, 2.655%, 9/01/2037(b)		7,898,229
	6,206,959	FNMA, 2.762%, 7/01/2037(b)		6,632,900
	3,899,655	FNMA, 4.726%, 8/01/2038(b)		4,183,101
	953,027	Government National Mortgage Association, Series 1998-19, Class ZB, 6.500%, 7/20/2028		1,110,406
	6,177,448	Government National Mortgage Association, Series 2012-124, Class HT, 7.230%, 7/20/2032(b)		7,273,871
	8,401,785	Government National Mortgage Association, Series 2012-H29, Class HF, 0.702%, 10/20/2062(b)		8,428,797
	8,167,989	Government National Mortgage Association, Series 2013-H02, Class GF, 0.702%, 12/20/2062(b)		8,194,352
	899,569	NCUA Guaranteed Notes, Series 2010-A1, Class A, 0.553%, 12/07/2020(b)		902,160
	1,603,000	NCUA Guaranteed Notes, Series 2010-C1, Class A2, 2.900%, 10/29/2020		1,708,331
	1,621,983	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 0.650%, 10/07/2020(b)		1,627,060
	5,978,448	NCUA Guaranteed Notes, Series 2010-R3, Class 1A, 0.760%, 12/08/2020(b)		6,013,960
	130,371	NCUA Guaranteed Notes, Series 2010-R3, Class 2A, 0.760%, 12/08/2020(b)		130,893
				208,578,598
		Commercial Mortgage-Backed Securities — 14.6%
	1,780,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.609%, 4/10/2049(b)		2,054,547
	375,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		430,166
	1,445,000	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		1,612,166
	1,470,000	Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A4, 6.053%, 12/10/2049(b)		1,739,527
	3,200,500	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		3,637,951
	1,140,000	COBALT CMBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.484%, 4/15/2047		1,302,107
	1,135,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR2, Class A4, 3.147%, 8/15/2045		1,177,508
	2,625,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049		2,988,195
	5,270,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		6,081,106
	3,000,000	Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.024%, 2/15/2041(b)		3,515,223
	1,000,000	Del Coronado Trust, Series 2013-HDC, Class A, 1.003%, 3/15/2026, 144A(b)		999,954
	1,200,000	Extended Stay America Trust, Series 2013-ESFL, Class A2FL, 0.904%, 12/05/2031, 144A(b)		1,201,020
	7,778,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		8,982,221
	5,000,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		5,699,470

See accompanying notes to financial statements.

51  |

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

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Commercial Mortgage-Backed Securities — continued
$	10,865,000	GS Mortgage Securities Corp. II, Series 2013-KYO, Class A, 1.052%, 11/08/2029, 144A(b)	$	10,889,685
	295,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB15, Class A4, 5.814%, 6/12/2043		330,040
	2,785,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB18, Class A4, 5.440%, 6/12/2047		3,159,109
	5,000,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		5,685,210
	2,000,000	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.430%, 2/15/2040		2,253,688
	4,000,000	LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class A3, 5.866%, 9/15/2045		4,603,908
	1,173,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		1,326,819
	5,364,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		6,089,781
	5,000,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.700%, 9/12/2049		5,795,090
	3,485,000	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.575%, 4/12/2049(b)		3,888,598
	3,000,000	Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		3,350,757
	1,500,000	Morgan Stanley Capital I, Series 2007-IQ15, Class A4, 5.889%, 6/11/2049(b)		1,742,675
	2,690,000	Motel 6 Trust, Series 2012-MTL6, Class A1, 1.500%, 10/05/2025, 144A		2,701,454
	4,410,000	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/2048		4,966,860
	3,775,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		4,271,779
				102,476,614
		Hybrid ARMs — 19.0%
	2,904,891	FHLMC, 2.294%, 4/01/2036(b)		3,063,877
	4,758,257	FHLMC, 2.345%, 7/01/2033(b)		5,037,268
	3,346,168	FHLMC, 2.370%, 3/01/2036(b)		3,558,494
	2,346,831	FHLMC, 2.372%, 4/01/2035(b)		2,515,036
	2,249,621	FHLMC, 2.374%, 6/01/2037(b)		2,388,559
	1,112,287	FHLMC, 2.376%, 2/01/2035(b)		1,188,810
	7,249,209	FHLMC, 2.388%, 2/01/2036(b)		7,724,213
	7,425,129	FHLMC, 2.410%, 5/01/2037(b)		7,915,807
	3,148,510	FHLMC, 2.423%, 2/01/2036(b)		3,355,870
	3,858,457	FHLMC, 2.511%, 11/01/2036(b)		4,124,454
	1,226,691	FHLMC, 2.808%, 4/01/2037(b)		1,315,011
	5,132,291	FHLMC, 2.902%, 9/01/2035(b)		5,482,677
	3,862,281	FHLMC, 2.990%, 4/01/2037(b)		4,139,816
	2,079,262	FHLMC, 3.511%, 11/01/2038(b)		2,213,616
	4,188,841	FHLMC, 5.048%, 9/01/2038(b)		4,503,748
	487,324	FHLMC, 5.248%, 12/01/2037(b)		524,534
	759,438	FHLMC, 5.428%, 9/01/2038(b)		813,227
	1,350,305	FHLMC, 5.730%, 3/01/2037(b)		1,451,609
	317,234	FNMA, 2.029%, 2/01/2037(b)		332,681

See accompanying notes to financial statements.

|  52

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

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	3,909,316	FNMA, 2.163%, 7/01/2035(b)	$	4,142,431
	1,403,618	FNMA, 2.309%, 9/01/2034(b)		1,500,777
	866,506	FNMA, 2.310%, 12/01/2034(b)		921,576
	790,581	FNMA, 2.316%, 4/01/2033(b)		843,364
	2,848,644	FNMA, 2.333%, 4/01/2034(b)		3,042,040
	3,369,587	FNMA, 2.345%, 6/01/2036(b)		3,599,994
	4,555,689	FNMA, 2.347%, 8/01/2035(b)		4,853,229
	2,251,250	FNMA, 2.358%, 1/01/2036(b)		2,406,792
	10,944,632	FNMA, 2.360%, 10/01/2034(b)		11,662,463
	2,818,370	FNMA, 2.412%, 6/01/2033(b)		2,973,601
	4,183,098	FNMA, 2.490%, 10/01/2033(b)		4,457,364
	743,884	FNMA, 2.552%, 8/01/2033(b)		791,277
	688,925	FNMA, 2.646%, 8/01/2036(b)		740,043
	2,142,781	FNMA, 2.677%, 5/01/2035(b)		2,318,003
	2,210,091	FNMA, 2.695%, 2/01/2047(b)		2,361,403
	1,793,080	FNMA, 2.802%, 8/01/2034(b)		1,929,770
	3,229,756	FNMA, 2.804%, 4/01/2037(b)		3,452,382
	5,682,973	FNMA, 3.403%, 6/01/2037(b)		6,073,586
	4,036,473	FNMA, 3.473%, 6/01/2035(b)		4,294,093
	8,233,626	FNMA, 5.757%, 9/01/2037(b)		8,876,440
				132,889,935
		Mortgage Related — 24.6%
	10,888,557	FHLMC, 2.385%, 3/01/2037(b)		11,585,626
	3,058,953	FHLMC, 2.690%, 9/01/2038(b)		3,263,826
	19,747,476	FHLMC, 3.000%, with various maturities from 2026 to 2027(c)		20,795,274
	995,279	FHLMC, 4.000%, 12/01/2024		1,057,475
	2,916,008	FHLMC, 4.500%, with various maturities from 2025 to 2034(c)		3,108,172
	883,556	FHLMC, 5.500%, 10/01/2023		950,228
	69,018	FHLMC, 6.000%, 11/01/2019		76,289
	2,287,514	FHLMC, 6.500%, with various maturities from 2014 to 2034(c)		2,594,578
	45,515	FHLMC, 7.000%, 2/01/2016		48,001
	2,072	FHLMC, 7.500%, with various maturities from 2014 to 2026(c)		2,276
	3,592	FHLMC, 8.000%, 9/01/2015		3,787
	2,742	FHLMC, 10.000%, 7/01/2019		3,139
	53,660	FHLMC, 11.500%, with various maturities from 2015 to 2020(c)		62,025
	7,871,005	FNMA, 2.573%, 4/01/2037(b)		8,347,425
	6,612,489	FNMA, 2.610%, 7/01/2035(b)		7,027,283
	10,025,253	FNMA, 3.000%, with various maturities from 2027 to 2042(c)		10,547,598
	1,760,443	FNMA, 4.000%, with various maturities in 2019(c)		1,888,532
	4,053,608	FNMA, 4.500%, 1/01/2025		4,361,884
	6,333,197	FNMA, 5.000%, with various maturities from 2037 to 2038(c)		6,900,941
	2,862,194	FNMA, 5.500%, with various maturities from 2018 to 2033(c)		3,127,904
	5,525,303	FNMA, 6.000%, with various maturities from 2017 to 2022(c)		6,065,926
	860,603	FNMA, 6.500%, with various maturities from 2017 to 2037(c)		993,851
	31,791	FNMA, 7.000%, 12/01/2022		32,037
	196,304	FNMA, 7.500%, with various maturities from 2015 to 2032(c)		230,429
	14,222	FNMA, 8.000%, with various maturities from 2015 to 2016(c)		15,016

See accompanying notes to financial statements.

53  |

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

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	5,954,113	GNMA, 1.967%, 2/20/2061(b)	$	6,308,162
	4,980,676	GNMA, 2.094%, 2/20/2063(b)		5,356,561
	3,640,000	GNMA, 2.586%, 2/20/2063(b)		4,013,669
	4,881,225	GNMA, 4.479%, 2/20/2062		5,463,438
	5,034,092	GNMA, 4.521%, 12/20/2061		5,685,957
	2,609,768	GNMA, 4.528%, 3/20/2062		2,957,475
	7,254,299	GNMA, 4.532%, 12/20/2062		8,313,050
	2,578,848	GNMA, 4.560%, 3/20/2062		2,919,687
	12,683,748	GNMA, 4.583%, 11/20/2062		14,522,397
	4,538,254	GNMA, 4.604%, 6/20/2062		5,173,264
	1,524,873	GNMA, 4.616%, 8/20/2061		1,719,427
	9,022,986	GNMA, 4.659%, 2/20/2062		10,250,419
	2,069,169	GNMA, 4.698%, 7/20/2061		2,331,544
	2,037,458	GNMA, 4.700%, 8/20/2061		2,301,555
	1,739,106	GNMA, 4.808%, 8/20/2062		1,970,284
	38,345	GNMA, 6.000%, 12/15/2031		43,748
	157,827	GNMA, 6.500%, 5/15/2031		191,125
	161,565	GNMA, 7.000%, 10/15/2028		192,827
				172,804,111
		Treasuries — 2.9%
	18,260,000	U.S. Treasury Note, 1.750%, 4/15/2013		18,271,413
	2,245,000	U.S. Treasury Note, 1.875%, 4/30/2014		2,285,953
				20,557,366
		Total Bonds and Notes (Identified Cost $653,319,140)		667,714,614
	Short-Term Investments — 5.5%
	9,977,859	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $9,997,859 on 4/01/2013 collateralized by $10,180,000 Federal National Mortgage Association, 0.350% due 8/28/2015 valued at $10,177,895 including accrued interest (Note 2 of Notes to Financial Statements)		9,977,859
	20,500,000	U.S. Treasury Bill, 0.080%-0.097%, 4/18/2013(d)(e)		20,499,652
	7,750,000	U.S. Treasury Bill, 0.065%, 6/27/2013(d)		7,748,690
		Total Short-Term Investments (Identified Cost $38,225,557)		38,226,201
		Total Investments — 100.7% (Identified Cost $691,544,697)(a)		705,940,815
		Other assets less liabilities — (0.7)%		(4,657,702	)
		Net Assets — 100.0%	$	701,283,113

See accompanying notes to financial statements.

|  54

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

Loomis Sayles Limited Term Government and Agency Fund – (continued)

(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2013, the net unrealized appreciation on investments based on a cost of $691,888,704 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	$	15,602,193
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,550,082	)
	Net unrealized appreciation	$	14,052,111
(b)	Variable rate security. Rate as of March 31, 2013 is disclosed.
(c)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and 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.
(d)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(e)	The Fund’s investment in U.S. Treasury Bills is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $33,114,605 or 4.7% 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

Industry Summary at March 31, 2013 (Unaudited)

Collateralized Mortgage Obligations	29.7	%
Mortgage Related	24.6
Hybrid ARMs	19.0
Commercial Mortgage-Backed Securities	14.6
Treasuries	2.9
ABS Car Loan	2.5
Other Investments, less than 2% each	1.9
Short-Term Investments	5.5
Total Investments	100.7
Other assets less liabilities	(0.7	)
Net Assets	100.0	%

See accompanying notes to financial statements.

55  |

Statements of Assets and Liabilities

March 31, 2013 (Unaudited)

	Core Plus Bond Fund			High Income Fund			International Bond Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	1,655,358,723		$	229,161,926		$	18,655,647		$	691,544,697
Net unrealized appreciation (depreciation)		63,041,436			19,344,330			(474,494	)		14,396,118
Investments at value		1,718,400,159			248,506,256			18,181,153			705,940,815
Cash		—			53			—			—
Foreign currency at value (identified cost $0, $9, $210,490 and $0)		—			9			207,461			—
Receivable for Fund shares sold		10,076,299			965,277			14,339			2,955,342
Receivable from investment adviser (Note 6)		—			—			8,415			—
Receivable for securities sold		14,359,543			170,414			—			—
Receivable for delayed delivery securities sold (Note 2)		45,123,702			—			—			—
Securities received as collateral for open forward foreign currency contracts (Notes 2 and 4)		—			650,244			—			—
Dividends and interest receivable		17,914,551			3,870,496			237,347			3,368,706
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			672,615			27,498			—
Tax reclaims receivable		—			10,237			26			—
Receivable from distributor (Note 6d)		—			2,665			127			5,338
TOTAL ASSETS		1,805,874,254			254,848,266			18,676,366			712,270,201
LIABILITIES
Payable for securities purchased		25,577,370			2,651,023			—			8,748,783
Payable for delayed delivery securities purchased (Note 2)		83,663,328			—			—			—
Payable for Fund shares redeemed		3,389,890			728,214			256,372			1,250,003
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			3,661			23,969			—
Due to brokers (Note 2)		—			650,244			—			—
Payable for variation margin on futures contracts (Note 2)		—			—			468			—
Distributions payable		—			—			—			320,853
Management fees payable (Note 6)		547,686			180,963			—			254,958
Deferred Trustees’ fees (Note 6)		269,962			116,627			46,305			253,944
Administrative fees payable (Note 6)		63,290			9,268			695			26,235
Payable to distributor (Note 6d)		12,833			—			—			—
Other accounts payable and accrued expenses		150,586			46,721			37,279			132,312
TOTAL LIABILITIES		113,674,945			4,386,721			365,088			10,987,088
NET ASSETS	$	1,692,199,309		$	250,461,545		$	18,311,278		$	701,283,113
NET ASSETS CONSIST OF:
Paid-in capital	$	1,626,950,383		$	231,163,187		$	18,775,715		$	691,578,926
Distributions in excess of net investment income		(4,357,103	)		(480,757	)		(133,997	)		(3,455,918	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		6,541,988			(230,736	)		141,094			(1,236,013	)
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		63,064,041			20,009,851			(471,534	)		14,396,118
NET ASSETS	$	1,692,199,309		$	250,461,545		$	18,311,278		$	701,283,113

See accompanying notes to financial statements.

|  56

Statements of Assets and Liabilities (continued)

March 31, 2013 (Unaudited)

	Core Plus Bond Fund			High Income Fund		International Bond Fund		Limited Term Government and Agency Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	570,270,749		$	81,542,856	$	11,093,523	$	374,614,430
Shares of beneficial interest		42,786,023			16,940,809		1,129,939		31,385,236
Net asset value and redemption price per share	$	13.33		$	4.81	$	9.82	$	11.94
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	13.96		$	5.04	$	10.28	$	12.31
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	1,765,435		$	522,176	$	—	$	7,314,303
Shares of beneficial interest		131,881			108,090		—		613,445
Net asset value and offering price per share	$	13.39		$	4.83	$	—	$	11.92
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	308,867,596		$	16,833,535	$	4,034,269	$	78,506,640
Shares of beneficial interest		23,165,052			3,489,059		413,781		6,571,769
Net asset value and offering price per share	$	13.33		$	4.82	$	9.75	$	11.95
Class N shares:
Net assets	$	1,006		$	—	$	—	$	—
Shares of beneficial interest		75			—		—		—
Net asset value, offering and redemption price per share	$	13.42	*	$	—	$	—	$	—
Class Y shares:
Net assets	$	811,294,523		$	151,562,978	$	3,183,486	$	240,847,740
Shares of beneficial interest		60,464,310			31,516,548		324,255		20,114,842
Net asset value, offering and redemption price per share	$	13.42		$	4.81	$	9.82	$	11.97

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

See accompanying notes to financial statements.

57  |

Statements of Operations

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

	Core Plus Bond Fund			High Income Fund			International Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	30,837,838		$	7,164,681		$	240,943		$	7,912,657
Dividends		100,665			314,070			—			—
Less net foreign taxes withheld		(1,554	)		(1,191	)		—			—
		30,936,949			7,477,560			240,943			7,912,657
Expenses
Management fees (Note 6)		3,033,298			696,142			57,703			1,528,036
Service and distribution fees (Note 6)		2,178,586			186,781			36,040			898,774
Administrative fees (Note 6)		351,090			51,415			4,262			155,486
Trustees’ fees and expenses (Note 6)		28,075			13,071			9,224			21,307
Transfer agent fees and expenses (Note 6)		563,394			109,800			10,013			227,204
Audit and tax services fees		24,516			24,345			24,702			27,677
Custodian fees and expenses		45,977			17,431			16,819			19,693
Corporate tax expenses (Note 10)		—			—			—			224,327
Legal fees		10,392			1,473			139			4,794
Registration fees		139,540			47,737			34,889			90,061
Shareholder reporting expenses		81,883			21,829			2,411			46,408
Miscellaneous expenses		18,420			9,505			3,566			10,663
Total expenses		6,475,171			1,179,529			199,768			3,254,430
Fee/expense recovery (Note 6)		—			55,126			—			—
Less waiver and/or expense reimbursement (Note 6)		(3	)		—			(86,788	)		(25,918	)
Net expenses		6,475,168			1,234,655			112,980			3,228,512
Net investment income		24,461,781			6,242,905			127,963			4,684,145
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		11,048,234			566,324			181,706			698,077
Futures contracts		—			—			7,808			—
Foreign currency transactions		81,423			(634,437	)		43,708			—
Net change in unrealized appreciation (depreciation) on:
Investments		(3,198,342	)		10,910,977			(910,978	)		(3,836,882	)
Futures contracts		—			—			5,631			—
Foreign currency translations		(17,141	)		905,342			(26,835	)		—
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		7,914,174			11,748,206			(698,960	)		(3,138,805	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	32,375,955		$	17,991,111		$	(570,997	)	$	1,545,340

See accompanying notes to financial statements.

|  58

Statements of Changes in Net Assets

	Core Plus Bond Fund						High Income Fund
	Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012			Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income	$	24,461,781		$	30,039,229		$	6,242,905		$	8,987,512
Net realized gain (loss) on investments and foreign currency transactions		11,129,657			27,486,451			(68,113	)		1,577,793
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(3,215,483	)		52,784,145			11,816,319			17,666,689
Net increase in net assets resulting from operations		32,375,955			110,309,825			17,991,111			28,231,994
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(11,827,141	)		(13,530,505	)		(2,389,055	)		(4,924,736	)
Class B		(35,517	)		(83,437	)		(13,985	)		(37,943	)
Class C		(5,323,539	)		(6,193,213	)		(444,470	)		(960,754	)
Class N		(6	)		—			—			—
Class Y		(16,964,816	)		(14,560,785	)		(4,314,113	)		(4,576,130	)
Net realized capital gains
Class A		(7,656,569	)		(4,420,850	)		(224,929	)		(5,086,896	)
Class B		(28,613	)		(45,406	)		(1,686	)		(56,566	)
Class C		(4,172,024	)		(2,475,931	)		(52,693	)		(1,334,655	)
Class Y		(10,215,543	)		(2,888,997	)		(409,949	)		(4,826,965	)
Total distributions		(56,223,768	)		(44,199,124	)		(7,850,880	)		(21,804,645	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		323,544,990			804,488,815			16,105,490			103,343,166
Net increase in net assets		299,697,177			870,599,516			26,245,721			109,770,515
NET ASSETS
Beginning of the period		1,392,502,132			521,902,616			224,215,824			114,445,309
End of the period	$	1,692,199,309		$	1,392,502,132		$	250,461,545		$	224,215,824
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(4,357,103	)	$	5,332,135		$	(480,757	)	$	437,961

See accompanying notes to financial statements.

59  |

Statements of Changes in Net Assets (continued)

	International Bond Fund						Limited Term Government and Agency Fund
	Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012			Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income	$	127,963		$	360,175		$	4,684,145		$	8,290,284
Net realized gain on investments, futures contracts and foreign currency transactions		233,222			453,943			698,077			4,423,642
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(932,182	)		688,866			(3,836,882	)		8,386,594
Net increase (decrease) in net assets resulting from operations		(570,997	)		1,502,984			1,545,340			21,100,520
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(172,374	)		(793,528	)		(4,019,037	)		(7,335,704	)
Class B		—			—			(57,193	)		(161,039	)
Class C		(48,301	)		(546,527	)		(562,006	)		(1,216,984	)
Class Y		(53,820	)		(354,205	)		(2,952,617	)		(4,276,382	)
Net realized capital gains
Class A		(216,225	)		(306,969	)		(122,270	)		(98,584	)
Class B		—			—			(2,674	)		(3,508	)
Class C		(81,575	)		(237,383	)		(26,374	)		(24,502	)
Class Y		(62,925	)		(116,763	)		(83,455	)		(43,423	)
Total distributions		(635,220	)		(2,355,375	)		(7,825,626	)		(13,160,126	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		858			(3,913,509	)		45,357,761			149,965,713
Net increase (decrease) in net assets		(1,205,359	)		(4,765,900	)		39,077,475			157,906,107
NET ASSETS
Beginning of the period		19,516,637			24,282,537			662,205,638			504,299,531
End of the period	$	18,311,278		$	19,516,637		$	701,283,113		$	662,205,638
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(133,997	)	$	12,535		$	(3,455,918	)	$	(549,210	)

See accompanying notes to financial statements.

|  60

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
CORE PLUS BOND FUND
Class A
3/31/2013(h)	$	13.52	$	0.21	$	0.08		$	0.29		$	(0.29	)	$	(0.19	)	$	(0.48	)
9/30/2012		12.71		0.43		1.07			1.50			(0.50	)		(0.19	)		(0.69	)
9/30/2011		12.75		0.52		0.03	(i)		0.55			(0.59	)		–			(0.59	)
9/30/2010		11.91		0.54		0.91			1.45			(0.61	)		–			(0.61	)
9/30/2009		10.54		0.59		1.44			2.03			(0.66	)		–			(0.66	)
9/30/2008		11.31		0.55		(0.71	)		(0.16	)		(0.61	)		–			(0.61	)
Class B
3/31/2013(h)		13.57		0.16		0.08			0.24			(0.23	)		(0.19	)		(0.42	)
9/30/2012		12.75		0.34		1.07			1.41			(0.40	)		(0.19	)		(0.59	)
9/30/2011		12.79		0.42		0.03	(i)		0.45			(0.49	)		–			(0.49	)
9/30/2010		11.95		0.44		0.92			1.36			(0.52	)		–			(0.52	)
9/30/2009		10.57		0.50		1.45			1.95			(0.57	)		–			(0.57	)
9/30/2008		11.31		0.44		(0.67	)		(0.23	)		(0.51	)		–			(0.51	)
Class C
3/31/2013(h)		13.53		0.16		0.07			0.23			(0.24	)		(0.19	)		(0.43	)
9/30/2012		12.71		0.33		1.08			1.41			(0.40	)		(0.19	)		(0.59	)
9/30/2011		12.76		0.42		0.02	(i)		0.44			(0.49	)		–			(0.49	)
9/30/2010		11.92		0.45		0.91			1.36			(0.52	)		–			(0.52	)
9/30/2009		10.55		0.51		1.44			1.95			(0.58	)		–			(0.58	)
9/30/2008		11.32		0.47		(0.71	)		(0.24	)		(0.53	)		–			(0.53	)
Class N
3/31/2013*		13.43		0.03		0.04			0.07			(0.08	)		–			(0.08	)
Class Y
3/31/2013(h)		13.61		0.23		0.08			0.31			(0.31	)		(0.19	)		(0.50	)
9/30/2012		12.78		0.46		1.09			1.55			(0.53	)		(0.19	)		(0.72	)
9/30/2011		12.82		0.55		0.03	(i)		0.58			(0.62	)		–			(0.62	)
9/30/2010		11.97		0.57		0.92			1.49			(0.64	)		–			(0.64	)
9/30/2009		10.60		0.62		1.44			2.06			(0.69	)		–			(0.69	)
9/30/2008		11.36		0.58		(0.70	)		(0.12	)		(0.64	)		–			(0.64	)

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

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

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

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

(d) A sales charge for Class A shares and a contingent deferred sales charge for Class B and Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

(e) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

See accompanying notes to financial statements.

61  |

									Ratios to Average Net Assets:
Redemption fees (b)(c)		Net asset value, end of the period		Total return (%) (d)(e)			Net assets, end of the period (000’s)		Net expenses (%) (f)(g)		Gross expenses (%) (g)		Net investment income (%) (g)		Portfolio turnover rate (%)
$	–	$	13.33		2.16		$	570,271		0.79		0.79		3.11		41
	–		13.52		12.18			479,823		0.82		0.82		3.31		78
	–		12.71		4.42			237,759		0.87		0.87		4.07		86
	–		12.75		12.55			214,723		0.90		0.90		4.41		87
	–		11.91		20.07			140,779		0.90		0.97		5.43		102
	0.00		10.54		(1.61	)		115,873		0.93		1.04		4.86		82
	–		13.39		1.82			1,765		1.54		1.54		2.34		41
	–		13.57		11.38			2,386		1.57		1.57		2.61		78
	–		12.75		3.60			3,092		1.62		1.62		3.32		86
	–		12.79		11.64			4,490		1.65		1.65		3.64		87
	–		11.95		19.19			7,028		1.65		1.72		4.66		102
	0.00		10.57		(2.21	)		10,481		1.70		1.80		3.92		82
	–		13.33		1.70			308,868		1.54		1.54		2.36		41
	–		13.53		11.46			275,346		1.57		1.57		2.55		78
	–		12.71		3.56			137,836		1.62		1.62		3.32		86
	–		12.76		11.71			123,123		1.65		1.65		3.66		87
	–		11.92		19.20			77,081		1.65		1.72		4.69		102
	0.00		10.55		(2.32	)		26,698		1.68		1.79		4.17		82
	–		13.42		0.55			1		0.60		2.63		1.41		41
	–		13.42		2.28			811,295		0.54		0.54		3.37		41
	–		13.61		12.54			634,946		0.58		0.58		3.50		78
	–		12.78		4.65			143,215		0.62		0.62		4.31		86
	–		12.82		12.85			69,322		0.65		0.65		4.66		87
	–		11.97		20.37			34,394		0.65		0.68		5.67		102
	0.00		10.60		(1.36	)		20,407		0.68		0.75		5.14		82

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

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

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

(i) The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

See accompanying notes to financial statements.

|  62

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
HIGH INCOME FUND
Class A
3/31/2013(g)	$	4.60	$	0.12	$	0.25		$	0.37		$	(0.15	)	$	(0.01	)	$	(0.16	)
9/30/2012		4.46		0.24		0.59			0.83			(0.30	)		(0.39	)		(0.69	)
9/30/2011		4.91		0.28		(0.42	)		(0.14	)		(0.31	)		–			(0.31	)
9/30/2010		4.49		0.32		0.42			0.74			(0.32	)		–			(0.32	)
9/30/2009		4.24		0.34		0.24			0.58			(0.33	)		–			(0.33	)
9/30/2008		5.12		0.34		(0.87	)		(0.53	)		(0.35	)		–			(0.35	)
Class B
3/31/2013(g)		4.61		0.11		0.25			0.36			(0.13	)		(0.01	)		(0.14	)
9/30/2012		4.47		0.21		0.58			0.79			(0.26	)		(0.39	)		(0.65	)
9/30/2011		4.92		0.25		(0.43	)		(0.18	)		(0.27	)		–			(0.27	)
9/30/2010		4.50		0.28		0.42			0.70			(0.28	)		–			(0.28	)
9/30/2009		4.25		0.31		0.25			0.56			(0.31	)		–			(0.31	)
9/30/2008		5.13		0.30		(0.87	)		(0.57	)		(0.31	)		–			(0.31	)
Class C
3/31/2013(g)		4.61		0.11		0.24			0.35			(0.13	)		(0.01	)		(0.14	)
9/30/2012		4.47		0.21		0.59			0.80			(0.27	)		(0.39	)		(0.66	)
9/30/2011		4.92		0.25		(0.43	)		(0.18	)		(0.27	)		–			(0.27	)
9/30/2010		4.50		0.28		0.43			0.71			(0.29	)		–			(0.29	)
9/30/2009		4.24		0.31		0.26			0.57			(0.31	)		–			(0.31	)
9/30/2008		5.12		0.31		(0.87	)		(0.56	)		(0.32	)		–			(0.32	)
Class Y
3/31/2013(g)		4.59		0.13		0.25			0.38			(0.15	)		(0.01	)		(0.16	)
9/30/2012		4.46		0.26		0.57			0.83			(0.31	)		(0.39	)		(0.70	)
9/30/2011		4.90		0.29		(0.41	)		(0.12	)		(0.32	)		–			(0.32	)
9/30/2010		4.49		0.33		0.41			0.74			(0.33	)		–			(0.33	)
9/30/2009		4.24		0.34		0.25			0.59			(0.34	)		–			(0.34	)
9/30/2008*		4.87		0.22		(0.65	)		(0.43	)		(0.21	)		–			(0.21	)

* From commencement of Class operations on February 29, 2008 through September 30, 2008.

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

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

(c) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

(d) A sales charge for Class A shares and a contingent deferred sales charge for Class B and Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

See accompanying notes to financial statements.

63  |

										Ratios to Average Net Assets:
Redemption fees (b)			Net asset value, end of the period		Total return (%) (c)(d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)			Net investment income (%) (f)		Portfolio turnover rate (%)
$	–		$	4.81		8.11		$	81,543		1.15	(h)		1.15	(h)		5.27		20
	–			4.60		20.90			95,876		1.15			1.19			5.50		34
	–			4.46		(3.30	)		59,907		1.15	(i)		1.15	(i)		5.60		67
	–			4.91		17.05			68,011		1.15			1.20			6.72		56
	0.00	(j)		4.49		15.97			59,944		1.15			1.28			8.82		30
	0.00			4.24		(10.98	)		38,577		1.15			1.40			7.01		27
	–			4.83		7.89			522		1.90	(h)		1.90	(h)		4.53		20
	–			4.61		19.93			560		1.90			1.94			4.79		34
	–			4.47		(4.04	)		738		1.90	(i)		1.90	(i)		4.90		67
	–			4.92		16.13			1,209		1.90			1.94			6.00		56
	0.00	(j)		4.50		15.06			1,569		1.90			2.06			8.32		30
	0.00			4.25		(11.64	)		2,267		1.90			2.15			6.15		27
	–			4.82		7.68			16,834		1.90	(h)		1.90	(h)		4.53		20
	–			4.61		19.96			16,863		1.90			1.94			4.78		34
	–			4.47		(4.02	)		15,790		1.90	(i)		1.90	(i)		4.89		67
	–			4.92		16.15			19,312		1.90			1.95			5.97		56
	0.00	(j)		4.50		15.37			17,827		1.90			2.03			8.09		30
	0.00			4.24		(11.62	)		9,945		1.90			2.15			6.32		27
	–			4.81		8.49			151,563		0.90	(h)		0.90	(h)		5.56		20
	–			4.59		20.93			110,917		0.90			0.95			5.78		34
	–			4.46		(2.86	)		38,011		0.90	(i)		0.90	(i)		5.86		67
	–			4.90		17.11			69,887		0.90			0.93			7.02		56
	0.00	(j)		4.49		16.29			105,713		0.90			0.92			8.32		30
	0.01			4.24		(9.10	)		3,833		0.90			1.15			8.03		27

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

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

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

(h) Includes fee/expense recovery of 0.05%.

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

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

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 (a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
INTERNATIONAL BOND FUND
Class A
3/31/2013(g)	$	10.44	$	0.07	$	(0.36	)	$	(0.29	)	$	(0.15	)	$	(0.18	)	$	(0.33	)
9/30/2012		10.94		0.19		0.62			0.81			(0.94	)		(0.37	)		(1.31	)
9/30/2011		11.17		0.25		0.06	(j)		0.31			(0.40	)		(0.14	)		(0.54	)
9/30/2010		10.84		0.22		0.48			0.70			(0.29	)		(0.08	)		(0.37	)
9/30/2009		9.19		0.32		1.53			1.85			(0.20	)		–			(0.20	)
9/30/2008(k)		10.00		0.17		(0.79	)		(0.62	)		(0.19	)		–			(0.19	)
Class C
3/31/2013(g)		10.37		0.04		(0.36	)		(0.32	)		(0.12	)		(0.18	)		(0.30	)
9/30/2012		10.87		0.12		0.61			0.73			(0.86	)		(0.37	)		(1.23	)
9/30/2011		11.11		0.17		0.05	(j)		0.22			(0.32	)		(0.14	)		(0.46	)
9/30/2010		10.82		0.15		0.46			0.61			(0.24	)		(0.08	)		(0.32	)
9/30/2009		9.18		0.24		1.53			1.77			(0.13	)		–			(0.13	)
9/30/2008(k)		10.00		0.13		(0.81	)		(0.68	)		(0.15	)		–			(0.15	)
Class Y
3/31/2013(g)		10.44		0.09		(0.36	)		(0.27	)		(0.17	)		(0.18	)		(0.35	)
9/30/2012		10.93		0.21		0.63			0.84			(0.96	)		(0.37	)		(1.33	)
9/30/2011		11.16		0.28		0.06	(j)		0.34			(0.43	)		(0.14	)		(0.57	)
9/30/2010		10.82		0.25		0.47			0.72			(0.30	)		(0.08	)		(0.38	)
9/30/2009		9.18		0.33		1.53			1.86			(0.22	)		–			(0.22	)
9/30/2008(k)		10.00		0.18		(0.81	)		(0.63	)		(0.20	)		–			(0.20	)

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

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

(c) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

(d) A sales charge for Class A shares and a contingent deferred sales charge for Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

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

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

See accompanying notes to financial statements.

65  |

										Ratios to Average Net Assets:
Redemption fees (b)			Net asset value, end of the period		Total return (%) (c)(d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)		Net investment income (%) (f)		Portfolio turnover rate (%)
$	–		$	9.82		(2.83	)	$	11,094		1.05			1.95		1.45		57
	–			10.44		8.42			11,898		1.09	(h)(i)		1.85		1.83		169
	–			10.94		2.70			10,927		1.10			1.64		2.26		136
	–			11.17		6.66			18,758		1.10			1.49		2.14		128
	–			10.84		20.41			8,479		1.10			2.11		3.29		91
	0.00	(l)		9.19		(6.37	)		1,953		1.10			2.95		2.66		60
	–			9.75		(3.22	)		4,034		1.80			2.70		0.71		57
	–			10.37		7.64			4,355		1.84	(h)(i)		2.61		1.13		169
	–			10.87		1.87			7,503		1.85			2.40		1.52		136
	–			11.11		5.86			6,145		1.85			2.24		1.40		128
	–			10.82		19.58			2,955		1.85			2.93		2.56		91
	0.01	(l)		9.18		(6.95	)		683		1.85			3.70		1.92		60
	–			9.82		(2.71	)		3,183		0.80			1.70		1.71		57
	–			10.44		8.68			3,264		0.85	(h)(i)		1.60		2.05		169
	–			10.93		3.06			5,852		0.85			1.36		2.47		136
	–			11.16		6.92			8,908		0.85			1.23		2.41		128
	–			10.82		20.73			13,049		0.85			1.92		3.53		91
	0.01	(l)		9.18		(6.39	)		9,981		0.85			2.48		2.74		60

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

(h) Effective July 1, 2012, the expense limit decreased from 1.10%, 1.85% and 0.85% to 1.05%, 1.80% and 0.80% for Class A, Class C and Class Y shares, respectively.

(i) Includes interest expense from bank overdraft charges of less than 0.01%. Without this expense the ratio of net expenses would have been 1.09%, 1.84% and 0.84% for Class A, Class C and Class Y shares, respectively.

(j) 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.

(k) From commencement of operations on February 1, 2008 through September 30, 2008.

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

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 (b)			Total distributions
LIMITED TERM GOVERNMENT AND AGENCY FUND
Class A
3/31/2013(g)	$	12.04	$	0.08	$	(0.05	)	$	0.03		$	(0.13	)	$	(0.00	)	$	(0.13	)
9/30/2012		11.87		0.18		0.28			0.46			(0.29	)		(0.00	)		(0.29	)
9/30/2011		12.02		0.17		0.03			0.20			(0.26	)		(0.09	)		(0.35	)
9/30/2010		11.60		0.20		0.49			0.69			(0.27	)		—			(0.27	)
9/30/2009		10.98		0.35		0.63			0.98			(0.36	)		—			(0.36	)
9/30/2008		11.00		0.45		0.02			0.47			(0.49	)		—			(0.49	)
Class B
3/31/2013(g)		12.03		0.04		(0.06	)		(0.02	)		(0.09	)		(0.00	)		(0.09	)
9/30/2012		11.86		0.10		0.27			0.37			(0.20	)		(0.00	)		(0.20	)
9/30/2011		12.00		0.09		0.03			0.12			(0.17	)		(0.09	)		(0.26	)
9/30/2010		11.59		0.12		0.47			0.59			(0.18	)		—			(0.18	)
9/30/2009		10.97		0.26		0.63			0.89			(0.27	)		—			(0.27	)
9/30/2008		10.99		0.36		0.02			0.38			(0.40	)		—			(0.40	)
Class C
3/31/2013(g)		12.05		0.04		(0.05	)		(0.01	)		(0.09	)		(0.00	)		(0.09	)
9/30/2012		11.88		0.10		0.27			0.37			(0.20	)		(0.00	)		(0.20	)
9/30/2011		12.03		0.08		0.03			0.11			(0.17	)		(0.09	)		(0.26	)
9/30/2010		11.61		0.12		0.48			0.60			(0.18	)		—			(0.18	)
9/30/2009		10.99		0.26		0.63			0.89			(0.27	)		—			(0.27	)
9/30/2008		11.00		0.36		0.03			0.39			(0.40	)		—			(0.40	)
Class Y
3/31/2013(g)		12.08		0.10		(0.06	)		0.04			(0.15	)		(0.00	)		(0.15	)
9/30/2012		11.91		0.21		0.28			0.49			(0.32	)		(0.00	)		(0.32	)
9/30/2011		12.05		0.20		0.04			0.24			(0.29	)		(0.09	)		(0.38	)
9/30/2010		11.64		0.23		0.48			0.71			(0.30	)		—			(0.30	)
9/30/2009		11.01		0.39		0.63			1.02			(0.39	)		—			(0.39	)
9/30/2008		11.03		0.47		0.02			0.49			(0.51	)		—			(0.51	)

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

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

(c) A sales charge for Class A shares and a contingent deferred sales charge for Class B and Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

(d) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

See accompanying notes to financial statements.

67  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (c)(d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)			Net investment income (%) (f)		Portfolio turnover rate (%)
$	11.94		0.28		$	374,614		0.91	(h)		0.92	(h)		1.34		26
	12.04		3.94			357,870		0.85			0.90			1.54		56
	11.87		1.71			293,675		0.85			0.92			1.44		66
	12.02		6.03			164,265		0.89			0.97			1.73		89
	11.60		9.05			118,619		0.90			0.99			3.10		77
	10.98		4.29			105,047		0.92			1.07			4.04		52
	11.92		(0.18	)		7,314		1.66	(h)		1.67	(h)		0.60		26
	12.03		3.17			8,370		1.60			1.65			0.81		56
	11.86		1.04			10,976		1.60			1.68			0.72		66
	12.00		5.16			4,049		1.64			1.72			1.00		89
	11.59		8.24			4,442		1.65			1.74			2.32		77
	10.97		3.52			4,532		1.67			1.82			3.29		52
	11.95		(0.09	)		78,507		1.66	(h)		1.67	(h)		0.59		26
	12.05		3.17			75,522		1.60			1.65			0.80		56
	11.88		0.96			68,776		1.60			1.67			0.68		66
	12.03		5.24			75,984		1.64			1.72			0.98		89
	11.61		8.24			50,973		1.65			1.74			2.32		77
	10.99		3.62			22,711		1.66			1.83			3.29		52
	11.97		0.32			240,848		0.66	(h)		0.67	(h)		1.59		26
	12.08		4.19			220,444		0.60			0.65			1.77		56
	11.91		2.05			130,874		0.60			0.67			1.68		66
	12.05		6.20			95,847		0.63			0.71			1.94		89
	11.64		9.40			28,004		0.65			0.72			3.42		77
	11.01		4.55			6,577		0.67			0.72			4.28		52

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

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

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

(h) Includes corporate tax expenses of 0.06% for Class A, B, C and Y shares. Without this expense the ratio of net expenses for Class A, B, C and Y shares would have been 0.85%, 1.60%, 1.60% and 0.60%, respectively.

See accompanying notes to financial statements.

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Notes to Financial Statements

March 31, 2013 (Unaudited)

1.  Organization.  Natixis Funds Trust 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:

Natixis Funds Trust I:

Loomis Sayles Core Plus Bond Fund (the “Core Plus Bond Fund”)

Loomis Sayles Funds II:

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

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

Loomis Sayles Limited Term Government and Agency Fund (the “Limited Term Government and Agency Fund”)

Each Fund is a diversified investment company, except for International Bond Fund, which is a non-diversified investment company.

The Funds each offer Class A, Class C and Class Y shares. Effective February 1, 2013, Core Plus Bond Fund began offering Class N shares. Effective October 12, 2007, Class B shares are no longer offered. Existing Class B shareholders may continue to reinvest dividends into Class B shares and exchange their Class B shares for Class B shares of other Natixis Funds subject to existing exchange privileges as described in the prospectus.

Class A shares of all Funds except Limited Term Government and Agency Fund are sold with a maximum front-end sales charge of 4.50%. Class A shares of Limited Term Government and Agency Fund are sold with a maximum front-end sales charge of 3.00%. Class B shares do not pay a front-end sales charge; however, they are charged higher Rule 12b-1 fees, and are subject to a contingent deferred sales charge (“CDSC”) if such shares are redeemed within six years of purchase. After eight years of ownership, Class B shares convert to Class A shares. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered exclusively through intermediaries and are primarily intended for employer-sponsored retirement plans. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000, though some categories of investors are exempted from the minimum investment amount as outlined in the Funds’ prospectus.

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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 for Class N). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Credit default swap agreements are valued at mid prices (between the bid and the ask price) supplied by an independent pricing service, if available, or prices obtained from broker-dealers. Investments in other open-end investment companies are valued at their net asset value each day. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ investment adviser using consistently applied procedures under the general supervision of the Board of Trustees.

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

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

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

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

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

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset (liability) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

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

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

The notional amounts of credit default swaps are not recorded in the financial statements. Credit default swaps are valued daily, and fluctuations in the value are recorded in the Statements of Operations as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded in the Statements of Operations as realized gain or

73  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

loss when received or paid. Upfront premiums paid or received by the Funds are recorded on the Statements of Assets and Liabilities as an asset or liability, respectively, and are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Funds as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

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

No credit default swaps were held by the Funds during the six months ended March 31, 2013.

g.  Due to Brokers.  Transactions and positions in certain futures and forward foreign currency contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Fund and the various broker/dealers. Due to brokers’ balances in the Statements of Asset and Liabilities for High Income Fund represent securities received as collateral for forward foreign currency contracts. In certain circumstances the Fund’s use of cash and/or securities held at brokers is restricted by regulation or broker mandated limits.

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

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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.

i.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined 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, preferred securities adjustments, premium amortization, defaulted bond adjustments, paydown gains and losses and distribution redesignations. 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 contract mark to market, dividends payable, return of capital dividend received, preferred securities adjustments, contingent payment debt instruments and defaulted bond interest. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

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

	2012 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Core Plus Bond Fund	$	38,311,608	$	5,887,516	$	44,199,124
High Income Fund		12,336,748		9,467,897		21,804,645
International Bond Fund		2,051,571		303,804		2,355,375
Limited Term Government and Agency Fund		12,349,174		810,952		13,160,126

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

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

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

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

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

m.  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.

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

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

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

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

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

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

The Funds’ pricing policies and procedures are recommended by the investment adviser and approved by the Board of Trustees. Debt securities are generally valued on

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March 31, 2013 (Unaudited)

the basis of evaluated bids furnished to the Funds by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. Broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. All security prices, including those obtained from an independent pricing service and broker-dealer bid prices, are reviewed on a daily basis by the investment adviser, subject to oversight by Fund management and the Board of Trustees. If the investment adviser, in good faith, believes that the price provided by an independent pricing service is unreliable, broker-dealer bid prices may be used until the price provided by the independent pricing service is considered to be reliable. Reliability of all security prices, including those obtained from an independent pricing service and broker-dealer bid prices, is tested in a variety of ways, including comparison to recent transaction prices and daily fluctuations, amongst other validation procedures in place.

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

Core Plus Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	47,431,302	$	1,667,664	$	49,098,966
Airlines		—		—		4,667,705		4,667,705
Media Non-Cable		—		11,645,563		7,798,800		19,444,363
All Other Non-Convertible Bonds(a)		—		1,538,862,674		—		1,538,862,674
Total Non-Convertible Bonds		—		1,597,939,539		14,134,169		1,612,073,708
Convertible Bonds(a)		—		—		1,390,310		1,390,310
Total Bonds and Notes		—		1,597,939,539		15,524,479		1,613,464,018
Senior Loans(a)		—		47,360,406		—		47,360,406
Preferred Stocks(a)		2,101,469		526,115		—		2,627,584
Short-Term Investments		—		54,948,151		—		54,948,151
Total	$	2,101,469	$	1,700,774,211	$	15,524,479	$	1,718,400,159

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

High Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	2,351,804		$	569,244	$	2,921,048
All Other Non-Convertible Bonds(a)		—		189,148,460			—		189,148,460
Total Non-Convertible Bonds		—		191,500,264			569,244		192,069,508
Convertible Bonds(a)		—		23,931,697			39,803		23,971,500
Total Bonds and Notes		—		215,431,961			609,047		216,041,008
Senior Loans(a)		—		1,034,954			—		1,034,954
Preferred Stocks(a)		8,715,675		954,325			—		9,670,000
Common Stocks(a)		3,921,352		—			—		3,921,352
Warrants(b)		115,712		—			—		115,712
Short-Term Investments		—		17,723,230			—		17,723,230
Total Investments		12,752,739		235,144,470			609,047		248,506,256
Forward Foreign Currency Contracts (unrealized appreciation)		—		672,615			—		672,615
Total	$	12,752,739	$	235,817,085		$	609,047	$	249,178,871
Liability Valuation Inputs
Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(3,661	)	$	—	$	(3,661	)

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

(b) Includes a security fair valued at zero using Level 2 inputs.

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

International Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Bonds and Notes(a)	$	—	$	17,750,614		$	—	$	17,750,614
Preferred Stocks(a)		16,900		—			—		16,900
Short-Term Investments		—		413,639			—		413,639
Total Investments		16,900		18,164,253			—		18,181,153
Forward Foreign Currency Contracts (unrealized appreciation)		—		27,498			—		27,498
Futures Contracts (unrealized appreciation)		5,631		—			—		5,631
Total	$	22,531	$	18,191,751		$	—	$	18,214,282
Liability Valuation Inputs
Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(23,969	)	$	—	$	(23,969	)

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

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

Limited Term Government and Agency Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Student Loan	$	—	$	—	$	2,472,508	(b)	$	2,472,508
Collateralized Mortgage Obligations		—		199,904,525		8,674,073	(b)		208,578,598
Mortgage Related		—		163,433,881		9,370,230	(b)		172,804,111
All Other Bonds and Notes(a)		—		283,859,397		—			283,859,397
Total Bonds and Notes		—		647,197,803		20,516,811			667,714,614
Short-Term Investments		—		38,226,201		—			38,226,201
Total	$	—	$	685,424,004	$	20,516,811		$	705,940,815

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

(b) Valued using broker-dealer bid prices.

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

Core Plus Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—		$	—	$	—		$	2,752	$	1,664,912
Airlines		—			301		243			76,232		—
Media Non-Cable		—			—		—			38,800		7,760,000
Convertible Bonds
Wirelines		—			488		(18	)		67,504		2,644,671
Total	$	—		$	789	$	225		$	185,288	$	12,069,583
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—		$	—	$	—		$	1,667,664	$	2,752
Airlines		(38,474	)		4,629,403		—			4,667,705		76,232
Media Non-Cable		—			—		—			7,798,800		38,800
Convertible Bonds
Wirelines		(1,322,335	)		—		—			1,390,310		67,504
Total	$	(1,360,809	)	$	4,629,403	$	—		$	15,524,479	$	185,288

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Debt securities valued at $4,629,403 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

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

High Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—		$	1,605	$	1,075		$	(5,268	)	$	345,000
Transportation Services		234,438			—		—			—			—
Convertible Bonds
Wirelines		—			—		(8	)		(10,382	)		100,386
Total	$	234,438		$	1,605	$	1,067		$	(15,650	)	$	445,386
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2013			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
Non-Convertible Bonds
Airlines	$	(6,392	)	$	233,224	$	—		$	569,244		$	(5,268	)
Transportation Services		—			—		(234,438	)		—			—
Convertible Bonds
Wirelines		(50,193	)		—		—			39,803			(10,382	)
Total	$	(56,585	)	$	233,224	$	(234,438	)	$	609,047		$	(15,650	)

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Debt securities valued at $233,224 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

A debt security valued at $234,438 was transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

Limited Term Government and Agency Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
ABS Car Loan	$	910,501		$	—	$	—		$	—		$	—
ABS Student Loan		—			—		—			12,301			—
Collateralized Mortgage Obligations		—			—		(27	)		(6,404	)		135,497
Mortgage Related		1,982,780			—		—			(3,368	)		9,373,598
Total	$	2,893,281		$	—	$	(27	)	$	2,529		$	9,509,095
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2013			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
ABS Car Loan	$	—		$	—	$	(910,501	)	$	—		$	—
ABS Student Loan		(1,285,519	)		3,745,726		—			2,472,508			12,301
Collateralized Mortgage Obligations		(624,026	)		9,169,033		—			8,674,073			(6,404	)
Mortgage Related		—			—		(1,982,780	)		9,370,230			(3,368	)
Total	$	(1,909,545	)	$	12,914,759	$	(2,893,281	)	$	20,516,811		$	2,529

83  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Debt securities valued at $12,914,759 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

Debt securities valued at $2,893,281 were transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

4.  Derivatives.  Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that High Income Fund and International Bond Fund used during the period include forward foreign currency contracts and futures contracts.

High Income Fund and International Bond Fund are 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 Funds may enter into forward foreign currency contracts for hedging purposes to protect the value of the Funds’ holdings of foreign securities. The Funds 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 Funds. During the six months ended March 31, 2013, High Income Fund engaged in forward foreign currency transactions for hedging purposes. During the same period, International Bond Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

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

High Income Fund and International Bond Fund are party to agreements with counterparties that govern transactions in forward foreign currency contracts. These agreements contain credit-risk-related contingent features that allow the counterparties to terminate open contracts early if the net asset value of a Fund declines beyond a certain threshold. If such features were to be triggered, the counterparties could request immediate settlement of open contracts at current fair value. As of March 31, 2013, the fair value of derivative positions (including open trades)

|  84

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

subject to credit-risk-related contingent features that are in a net liability position by counterparty, and the value of collateral pledged to counterparties for such contracts is as follows:

Fund	Counterparty	Derivatives	Collateral Pledged
International Bond Fund	Barclays Bank PLC	$(14,332)	$  —

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

Fund	Maximum Amount of Loss – Gross		Maximum Amount of Loss – Net
High Income Fund	$	672,615	$	668,954
International Bond Fund		52,515		42,878

These amounts do not take into account the value of U.S. government and agency securities received as collateral by High Income Fund in the amount of $650,244. Collateral is valued in accordance with the Fund’s valuation policies and is recorded on the Statements of Assets and Liabilities.

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

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

85  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

Statements of Assets and Liabilities Caption	Foreign Exchange Contracts
Assets
Unrealized appreciation on forward foreign currency contracts	$	672,615
Liabilities
Unrealized depreciation on forward foreign currency contracts		(3,661	)

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

Statements of Operations Caption	Foreign Exchange Contracts
Net Realized Gain (Loss) on:
Foreign currency transactions*	$	(644,980	)
Net Change in Unrealized Appreciation (Depreciation) on:
Foreign currency translations*		912,188

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

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

Statements of Assets and Liabilities Caption	Interest Rate Contracts		Foreign Exchange Contracts
Assets
Unrealized appreciation on forward foreign currency contracts	$	—	$	27,498
Unrealized appreciation on futures contracts*		5,631		—
Liabilities
Unrealized depreciation on forward foreign currency contracts		—		(23,969	)

* 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.

|  86

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

Statements of Operations Caption	Interest Rate Contracts		Foreign Exchange Contracts
Net Realized Gain (Loss) on:
Foreign currency transactions*	$	—	$	49,095
Futures contracts		7,808		—
Net Change in Unrealized Appreciation (Depreciation) on:
Foreign currency translations*		—		(12,875	)
Futures contracts		5,631		—

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

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

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

High Income Fund	Forwards
Average Notional Amount Outstanding		5.05%
Highest Notional Amount Outstanding		6.56%
Lowest Notional Amount Outstanding		2.76%
Notional Amount Outstanding as of March 31, 2013		6.56%
International Bond Fund	Forwards		Futures
Average Notional Amount Outstanding		16.32%		1.84%
Highest Notional Amount Outstanding		22.28%		4.46%
Lowest Notional Amount Outstanding		12.10%		0.00%
Notional Amount Outstanding as of March 31, 2013		21.76%		4.44%

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 forwards and futures contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Funds’ net assets.

87  |

Notes to Financial Statements (continued)

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

	U.S. Government/ Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Core Plus Bond Fund	$	405,524,486	$	485,108,397	$	552,275,623	$	151,602,721
High Income Fund		2,248,930		7,611,251		61,572,232		34,774,400
International Bond Fund		950,561		800,646		9,508,838		9,868,685
Limited Term Government and Agency Fund		100,980,401		106,801,674		144,027,322		67,289,172

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. 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:

	Percentage of Average Daily Net Assets
Fund	First $100 million			Next $150 million			Over $250 million
Core Plus Bond Fund		0.2500	%		0.1875	%		0.1875	%
High Income Fund		0.6000	%		0.6000	%		0.6000	%
International Bond Fund		0.6000	%		0.6000	%		0.6000	%
Limited Term Government and Agency Fund		0.5000	%		0.5000	%		0.4000	%

NGAM Advisors, L.P. (“NGAM Advisors”) serves as the advisory administrator to Core Plus Bond Fund. Under the terms of the advisory administration agreement, the Fund pays an advisory administration fee at the following annual rates, calculated daily and payable monthly, based on its average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $100 million			Over $100 million
Core Plus Bond Fund		0.2500	%		0.1875	%

Management and advisory administration fees are presented in the Statements of Operations as management fees.

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. These undertakings are in effect until January 31, 2014 and are

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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, 2013, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class B			Class C			Class N			Class Y
Core Plus Bond Fund		0.90	%		1.65	%		1.65	%		0.60	%		0.65	%
High Income Fund		1.15	%		1.90	%		1.90	%		—			0.90	%
International Bond Fund		1.05	%		—			1.80	%		—			0.80	%
Limited Term Government and Agency Fund		0.85	%		1.60	%		1.60	%		—			0.60	%

Loomis Sayles and NGAM Advisors have agreed to equally bear the waivers and/or expense reimbursements for Core Plus Bond Fund.

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

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

	Gross Management Fees		Waivers of Management Fees(1)		Net Management Fees		Percentage of Average Daily Net Assets
Fund							Gross			Net
Core Plus Bond Fund	$	1,516,649	$	—	$	1,516,649		0.191	%		0.191	%
High Income Fund		696,142		—		696,142		0.600	%		0.600	%
International Bond Fund		57,703		57,703		—		0.600	%		—
Limited Term Government and Agency Fund		1,528,036		25,918		1,502,118		0.436	%		0.428	%

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

89  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

For the six months ended March 31, 2013, the advisory administration fees for Core Plus Bond Fund were as follows:

Advisory Administration Fee	Percentage of Average Daily Net Assets
$1,516,649	0.191%

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

Fund	Reimbursement
International Bond Fund	$29,085

Additionally, class-specific expenses of $3 have been reimbursed for Class N shares. Expense reimbursements are subject to possible recovery until September 30, 2014.

For the six months ended March 31, 2013, expense reimbursements related to the prior fiscal year were recovered as follows:

Fund	Recovered Expenses
High Income Fund	$55,126

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

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

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”), and a Distribution and Service Plan relating to each Fund’s Class B (if applicable) and Class C shares (the “Class B and Class C Plans”).

Under the Class A Plans, each Fund pays NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds’ Class A shares, as reimbursement for expenses incurred by NGAM Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class B (if applicable) and Class C Plans, each Fund pays NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds’ Class B (if applicable) and Class C shares, as compensation for services provided by NGAM Distribution in providing personal services to investors in Class B (if applicable) and Class C shares and/or the maintenance of shareholder accounts.

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Also under the Class B (if applicable) and Class C Plans, each Fund pays NGAM Distribution a monthly distribution fee at the annual rate of 0.75% of the average daily net assets attributable to the Funds’ Class B (if applicable) and Class C shares, as compensation for services provided by NGAM Distribution in connection with the marketing or sale of Class B (if applicable) and Class C shares.

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

	Service Fees						Distribution Fees
Fund	Class A		Class B		Class C		Class B		Class C
Core Plus Bond Fund	$	679,078	$	2,600	$	372,277	$	7,801	$	1,116,830
High Income Fund		100,063		666		21,014		1,995		63,043
International Bond Fund		14,526		—		5,378		—		16,136
Limited Term Government and Agency Fund		463,435		10,062		98,773		30,184		296,320

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. Pursuant to an agreement among Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), Hansberger International Series and NGAM Advisors, each Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion and 0.0350% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series of $10 million, which is reevaluated on an annual basis.

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

Fund	Administrative Fees
Core Plus Bond Fund	$	351,090
High Income Fund		51,415
International Bond Fund		4,262
Limited Term Government and Agency Fund		155,486

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

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March 31, 2013 (Unaudited)

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

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

Fund	Sub-Transfer Agent Fees
Core Plus Bond Fund	$	514,779
High Income Fund		85,350
International Bond Fund		7,933
Limited Term Government and Agency Fund		121,179

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

Fund	Reimbursements of Sub-Transfer Agent Fees
Core Plus Bond Fund	$	12,833

For the six months ended March 31, 2013, NGAM Distribution owes the Funds the following for overpayments of sub-transfer agent fees:

Fund	Overpayments of Sub-Transfer Agent Fees
High Income Fund	$	2,665
International Bond Fund		127
Limited Term Government and Agency Fund		5,338

Sub-transfer agent fees attributable to Class A, Class B, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the six months ended March 31, 2013 were as follows:

Fund	Commissions
Core Plus Bond Fund	$	504,525
High Income Fund		61,221
International Bond Fund		3,523
Limited Term Government and Agency Fund		204,246

f.  Trustees Fees and Expenses.  The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2013, the Chairperson of the Board receives a retainer fee at the annual rate of $285,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $115,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairman receives an additional retainer fee at an annual rate of $17,500. Each Contract Review and Governance Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2013, the Chairperson of the Board received a retainer fee at the annual rate of $265,000 and each Independent Trustee (other than the Chairperson) received, in aggregate, a retainer fee at the annual rate of $95,000. In addition, each committee chairman received an additional retainer fee at an annual rate of $15,000, and each Audit Committee member was compensated $7,500 for each Committee meeting that he or she attended in person and $3,750 for each meeting that he or she attended telephonically.

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

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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.

g.  Affiliated Ownership.  At March 31, 2013, Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of net assets:

Fund	Retirement Plan
Core Plus Fund		0.06	%
International Bond Fund		1.14	%
Limited Term Government and Agency Fund		0.19	%

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

7.  Class-Specific Expenses.  For the period from February 1, 2013 through March 31, 2013, Core Plus Bond Fund incurred the following class-specific expenses:

	Class N
Transfer Agent Fees and Expenses	$	3

Transfer agent fees and expenses attributable to Class A, Class B, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

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

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

9.  Concentration of Risk.  International Bond Fund is a non-diversified fund. Compared with diversified mutual funds, International Bond Fund may invest a greater percentage of its assets in a particular country. Therefore, International Bond Fund’s returns could be significantly affected by the performance of any one of the small number of countries in its portfolio.

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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.  Corporate Tax Expense.  Loomis Sayles Limited Term Government and Agency Fund paid federal corporate income taxes in the amount of $224,327 on undistributed net long-term capital gains as of September 30, 2012.

11.  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, 2013, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings was as follows:

Fund	Number of >5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership			Total Percentage of Ownership
Core Plus Bond Fund		—		—			0.06	%		0.06	%
High Income Fund		1		8.29	%		—			8.29	%
International Bond Fund		—		—			1.14	%		1.14	%
Limited Term Government and Agency Fund		—		—			0.19	%		0.19	%

Omnibus shareholder accounts for which NGAM Advisors understands that the intermediary has discretion over the underlying shareholder accounts are included in the table above. For other omnibus accounts, the Fund does 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.

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

	Six Months Ended March 31, 2013					Year Ended September 30, 2012
Core Plus Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	15,160,342		$	204,360,732		27,370,858		$	355,172,674
Issued in connection with the reinvestment of distributions	1,173,996			15,711,303		1,087,023			14,031,796
Redeemed	(9,035,621	)		(121,360,258	)	(11,683,801	)		(151,134,746	)
Net change	7,298,717		$	98,711,777		16,774,080		$	218,069,724
Class B
Issued from the sale of shares	3,215		$	43,792		18,163		$	232,753
Issued in connection with the reinvestment of distributions	3,912			52,602		8,025			103,306
Redeemed	(51,040	)		(692,046	)	(92,873	)		(1,209,379	)
Net change	(43,913	)	$	(595,652	)	(66,685	)	$	(873,320	)
Class C
Issued from the sale of shares	5,077,786		$	68,483,169		11,681,836		$	152,094,275
Issued in connection with the reinvestment of distributions	394,292			5,276,103		326,978			4,220,534
Redeemed	(2,664,936	)		(35,819,449	)	(2,493,106	)		(32,473,101	)
Net change	2,807,142		$	37,939,823		9,515,708		$	123,841,708
Class N*
Issued from the sale of shares	74		$	1,000		—		$	—
Issued in connection with the reinvestment of distributions	1			6		—			—
Redeemed	—			—		—			—
Net change	75		$	1,006		—		$	—
Class Y
Issued from the sale of shares	24,805,829		$	336,214,333		44,233,390		$	579,833,966
Issued in connection with the reinvestment of distributions	1,445,923			19,472,407		884,004			11,568,457
Redeemed	(12,443,382	)		(168,198,704	)	(9,666,030	)		(127,951,720	)
Net change	13,808,370		$	187,488,036		35,451,364		$	463,450,703
Increase (decrease) from capital share transactions	23,870,391		$	323,544,990		61,674,467		$	804,488,815

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2013					Year Ended September 30, 2012
High Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	3,532,490		$	16,796,129		21,107,989		$	93,628,788
Issued in connection with the reinvestment of distributions	504,771			2,373,208		2,189,836			9,162,829
Redeemed	(7,952,963	)		(36,983,152	)	(15,882,475	)		(70,067,314	)
Net change	(3,915,702	)	$	(17,813,815	)	7,415,350		$	32,724,303
Class B
Issued from the sale of shares	11,265		$	52,498		5,673		$	24,777
Issued in connection with the reinvestment of distributions	2,698			12,740		19,672			81,687
Redeemed	(27,373	)		(128,616	)	(68,910	)		(305,756	)
Net change	(13,410	)	$	(63,378	)	(43,565	)	$	(199,292	)
Class C
Issued from the sale of shares	308,469		$	1,463,105		805,879		$	3,533,514
Issued in connection with the reinvestment of distributions	82,826			390,987		421,300			1,752,724
Redeemed	(562,503	)		(2,667,659	)	(1,101,851	)		(4,859,465	)
Net change	(171,208	)	$	(813,567	)	125,328		$	426,773
Class Y
Issued from the sale of shares	12,841,971		$	60,681,524		27,436,571		$	123,173,948
Issued in connection with the reinvestment of distributions	773,765			3,644,938		1,416,350			5,940,281
Redeemed	(6,249,969	)		(29,530,212	)	(13,232,329	)		(58,722,847	)
Net change	7,365,767		$	34,796,250		15,620,592		$	70,391,382
Increase (decrease) from capital share transactions	3,265,447		$	16,105,490		23,117,705		$	103,343,166

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2013					Year Ended September 30, 2012
International Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	316,143		$	3,197,898		550,775		$	5,589,441
Issued in connection with the reinvestment of distributions	28,743			293,354		89,124			883,291
Redeemed	(354,356	)		(3,576,485	)	(499,605	)		(5,230,159	)
Net change	(9,470	)	$	(85,233	)	140,294		$	1,242,573
Class C
Issued from the sale of shares	72,366		$	741,737		119,315		$	1,209,211
Issued in connection with the reinvestment of distributions	8,638			87,632		46,134			453,165
Redeemed	(87,155	)		(880,772	)	(435,796	)		(4,443,773	)
Net change	(6,151	)	$	(51,403	)	(270,347	)	$	(2,781,397	)
Class Y
Issued from the sale of shares	97,520		$	996,950		611,695		$	6,195,469
Issued in connection with the reinvestment of distributions	4,552			46,389		19,724			195,522
Redeemed	(90,376	)		(905,845	)	(854,117	)		(8,765,676	)
Net change	11,696		$	137,494		(222,698	)	$	(2,374,685	)
Increase (decrease) from capital share transactions	(3,925	)	$	858		(352,751	)	$	(3,913,509	)

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2013					Year Ended September 30, 2012
Limited Term Government and Agency Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	7,765,464		$	93,155,497		15,612,122		$	186,297,906
Issued in connection with the reinvestment of distributions	277,486			3,324,055		513,246			6,128,335
Redeemed	(6,380,179	)		(76,440,569	)	(11,137,817	)		(132,584,098	)
Net change	1,662,771		$	20,038,983		4,987,551		$	59,842,143
Class B
Issued from the sale of shares	44,776		$	536,875		67,643		$	803,090
Issued in connection with the reinvestment of distributions	4,768			57,061		12,997			154,932
Redeemed	(131,959	)		(1,577,464	)	(310,167	)		(3,693,689	)
Net change	(82,415	)	$	(983,528	)	(229,527	)	$	(2,735,667	)
Class C
Issued from the sale of shares	1,636,433		$	19,650,020		2,463,981		$	29,387,942
Issued in connection with the reinvestment of distributions	29,287			351,108		59,828			714,780
Redeemed	(1,361,058	)		(16,313,851	)	(2,044,375	)		(24,403,572	)
Net change	304,662		$	3,687,277		479,434		$	5,699,150
Class Y
Issued from the sale of shares	9,332,677		$	112,390,763		19,006,051		$	227,577,207
Issued in connection with the reinvestment of distributions	159,324			1,914,808		205,462			2,463,226
Redeemed	(7,628,756	)		(91,690,542	)	(11,948,359	)		(142,880,346	)
Net change	1,863,245		$	22,615,029		7,263,154		$	87,160,087
Increase (decrease) from capital share transactions	3,748,263		$	45,357,761		12,500,612		$	149,965,713

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

Natixis Funds Trust I

Nominee	Voted “FOR”*		Withheld*
Charles D. Baker		155,355,305		2,570,091
Edmond J. English		155,184,008		2,741,388
David L. Giunta		155,338,710		2,586,686
Martin T. Meehan		155,091,993		2,833,403

Loomis Sayles Funds II

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

* Trust-wide voting results.

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

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SEMIANNUAL REPORT

March 31, 2013

Loomis Sayles Investment Grade Bond Fund

TABLE OF CONTENTS

Portfolio Review page  1

Portfolio of Investments page 6

Financial Statements page 27

Notes to Financial Statements page 33

LOOMIS SAYLES INVESTMENT GRADE BOND FUND

Managers	Symbols
Matthew J. Eagan, CFA	Class A	LIGRX
Daniel J. Fuss, CFA, CIC	Class B	LGBBX
Kathleen C. Gaffney, CFA*	Class C	LGBCX
Brian P. Kennedy	Class N	LGBNX
Elaine M. Stokes	Class Y	LSIIX
	Admin Class	LIGAX
Loomis, Sayles & Company, L.P.

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

Objective

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

Strategy

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in investment-grade, fixed-income securities, although it may invest up to 10% of its assets in below investment-grade fixed-income securities and up to 10% of its assets in equity securities (including up to 5% in common stocks). The Fund may also invest any portion of its assets in securities of Canadian issuers and up to 20% of its assets in securities of other foreign issuers, including emerging markets securities.

1  |

Average Annual Total Returns — March 31, 2013⁴

	6 Months			1 Year			5 Years			10 Years			Since Class N Inception
Class A (Inception 12/31/96)1
NAV		2.81	%		8.19	%		8.07	%		8.35	%		—	%
With 4.50% Maximum Sales Charge		-1.81			3.35			7.08			7.86			—
Class B (Inception 9/12/03)1
NAV		2.36			7.33			7.20			7.46			—
With CDSC2		-2.60			2.33			6.90			7.46			—
Class C (Inception 9/12/03)1
NAV		2.37			7.36			7.26			7.51			—
With CDSC2		1.38			6.36			7.26			7.51			—
Class N (Inception 2/1/13)
NAV		—			—			—			—			0.45
Class Y (Inception 12/31/96)
NAV		2.94			8.45			8.36			8.66			—
Admin Class (Inception 2/1/10)1
NAV		2.69			7.94			7.72			7.88			—
Comparative Performance
Barclays U.S. Government/Credit Bond Index3		0.21			4.56			5.50			5.06			0.77

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. 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.

1 Prior to 9/15/03, performance of Class A shares is that of Retail Class shares, which were redesignated as Class A shares, restated to reflect the sales load of Class A shares. Prior to the inception of Class B and C shares (9/12/03), performance is that of Institutional Class shares, which were redesignated as Class Y shares, restated to reflect the higher net expenses and sales loads of Class B and C shares. Prior to the inception of Admin Class shares (2/1/10), performance is that of Class A shares, restated to reflect the higher net expenses of Admin Class shares.

2 Performance for Class B shares assumes a maximum 5% contingent deferred sales charge (“CDSC”) applied when you sell shares, which declines annually between years 1-6 according to the following schedule: 5, 4, 3, 3, 2, 1, 0%. Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

3 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.

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

|  2

ADDITIONAL INFORMATION

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the fund’s proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the fund’s website at ngam.natixis.com; and on the Securities and Exchange Commission’s (SEC’s) website at www.sec.gov. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2012 is available from the fund’s website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s 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.

3  |

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder, you incur different types of costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and ongoing costs, including management fees, distribution fees (12b-1 fees) and/or service fees, and other fund expenses. These costs are described in more detail in the fund’s prospectus. The following examples are intended to help you understand the ongoing costs of investing in the fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class shows the actual amount of fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2012 (from February 1, 2013, for Class N) through March 31, 2013. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual fund returns and expenses. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period row as shown below for your class.

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

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

|  4

LOOMIS SAYLES INVESTMENT GRADE BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2012		ENDING ACCOUNT VALUE 3/31/2013			EXPENSES PAID DURING PERIOD* 10/1/2012 – 3/31/2013
Class A
Actual		$1,000.00		$1,028.10			$4.20	1
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79			$4.18	*
Class B
Actual		$1,000.00		$1,023.60			$7.97	1
Hypothetical (5% return before expenses)		$1,000.00		$1,017.05			$7.95	*
Class C
Actual		$1,000.00		$1,023.70			$7.97	1
Hypothetical (5% return before expenses)		$1,000.00		$1,017.05			$7.95	*
Class N
Actual		$1,000.00		$1,004.50	2		$1.04	2
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69			$3.28	*
Class Y
Actual		$1,000.00		$1,029.40			$2.93	1
Hypothetical (5% return before expenses)		$1,000.00		$1,022.04			$2.92	*
Admin Class
Actual		$1,000.00		$1,026.90			$5.46	1
Hypothetical (5% return before expenses)		$1,000.00		$1,019.55			$5.44	*

* Hypothetical expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.83%, 1.58%, 1.58%, 0.65%, 0.58% and 1.08% for Class A, B, C, N, Y and Admin 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).

¹  Actual expenses for Class A, B, C, Y and Admin Class are equal to the Fund’s annualized expense ratio: 0.83%, 1.58%, 1.58%, 0.58% and 1.08%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

²  Class N commenced operations on February 1, 2013. Actual expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.65%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (58), divided by 365 (to reflect the partial period).

5  |

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

Loomis Sayles Investment Grade Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 94.6% of Net Assets
	Non-Convertible Bonds — 90.5%
		ABS Car Loan — 0.9%
$	692,500	Avis Budget Rental Car Funding AESOP LLC, Series 2010-2A, Class B, 5.740%, 8/20/2014, 144A	$	698,503
	21,683,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class B, 6.740%, 5/20/2016, 144A		23,701,709
	20,939,250	Avis Budget Rental Car Funding AESOP LLC, Series 2010-5A, Class B, 5.110%, 3/20/2017, 144A		22,691,258
	18,620,000	Chesapeake Funding LLC, Series 2009-2A, Class B, 1.953%, 9/15/2021, 144A(b)		18,736,654
	16,736,000	Chesapeake Funding LLC, Series 2009-2A, Class C, 1.953%, 9/15/2021, 144A(b)		16,826,542
	19,574,000	Ford Auto Securitization Trust, Series 2010-R3A, Class A3, 2.714%, 9/15/2015, 144A, (CAD)		19,493,072
	5,481,000	Ford Auto Securitization Trust, Series 2010-R3A, Class D, 4.526%, 3/15/2017, 144A, (CAD)		5,529,290
				107,677,028
		ABS Credit Card — 0.6%
	28,592,000	Chase Issuance Trust, Series 2007-B1, Class B1, 0.453%, 4/15/2019(b)		28,506,739
	19,182,000	GE Capital Credit Card Master Note Trust, Series 2009-4, Class B, 5.390%, 11/15/2017, 144A		20,620,688
	14,465,000	MBNA Credit Card Master Note Trust, Series 2004-B1, Class B1, 4.450%, 8/15/2016		14,988,705
	2,324,000	World Financial Network Credit Card Master Trust, Series 2010-A, Class B, 6.750%, 4/15/2019		2,540,004
				66,656,136
		ABS Other — 1.1%
	1,454,106	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		1,468,412
	5,470,985	Diamond Resorts Owner Trust, Series 2011-1, Class A, 4.000%, 3/20/2023, 144A		5,615,763
	25,453,689	Marriott Vacation Club Owner Trust, Series 2009-2A, Class A, 4.809%, 7/20/2031, 144A		26,569,605
	23,178,118	SVO VOI Mortgage Corp., Series 2009-BA, Class NT, 5.810%, 12/20/2028, 144A		23,754,071
	39,177,591	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A		47,145,451
	15,405,200	Trinity Rail Leasing LP, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A		16,630,313
	4,415,206	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		4,610,442
	10,642,454	Trip Rail Master Funding LLC, Series 2011-1A, Class A1A, 4.370%, 7/15/2041, 144A		11,562,388
				137,356,445

See accompanying notes to financial statements.

|  6

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Aerospace & Defense — 0.8%
$	2,100,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A	$	2,152,500
	78,795,000	Textron, Inc., 5.950%, 9/21/2021		90,604,243
				92,756,743
		Airlines — 2.6%
	12,000,000	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 7/15/2025, 144A		12,202,500
	18,340,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		18,431,700
	100,553	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		102,564
	608,348	Continental Airlines Pass Through Trust, Series 1998-1, Class A, 6.648%, 3/15/2019		649,411
	794,940	Continental Airlines Pass Through Trust, Series 1999-1, Class A, 6.545%, 8/02/2020		878,409
	8,572,640	Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022		9,935,690
	1,718,519	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		1,933,333
	3,095,792	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		3,426,918
	53,634,359	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		61,009,083
	11,279,083	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		12,191,335
	24,373,290	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		28,181,616
	18,963,928	Continental Airlines Pass Through Trust, Series 2009-2, Class A, 7.250%, 5/10/2021		22,140,386
	3,065,000	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/22/2021		3,186,926
	1,735,318	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,965,248
	12,273,549	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		13,516,860
	31,172,617	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		36,004,373
	2,514,151	Delta Air Lines Pass Through Trust, Series 2009-1, Series B, 9.750%, 6/17/2018		2,790,707
	18,071,151	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020		20,601,112
	5,783,610	Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 5/01/2019		6,117,903
	22,780,759	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		24,745,599
	5,121,076	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		5,889,237
	16,403,484	US Airways Pass Through Trust, Series 2011-1A, Class A, 7.125%, 4/22/2025		18,822,998
	9,930,000	US Airways Pass Through Trust, Series 2012-2A, Class A , 4.625%, 12/03/2026		10,352,025
				315,075,933

See accompanying notes to financial statements.

7  |

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Automotive — 1.0%
$	36,651,000	Cummins, Inc., 5.650%, 3/01/2098	$	37,302,985
	5,274,000	Cummins, Inc., 6.750%, 2/15/2027		6,588,181
	2,426,000	Ford Motor Co., 6.375%, 2/01/2029		2,708,379
	125,000	Ford Motor Co., 6.500%, 8/01/2018		147,027
	255,000	Ford Motor Co., 6.625%, 2/15/2028		287,187
	5,074,000	Ford Motor Co., 6.625%, 10/01/2028		5,848,556
	3,243,000	Ford Motor Co., 7.400%, 11/01/2046		4,075,060
	4,823,000	Ford Motor Co., 7.450%, 7/16/2031		6,099,725
	240,000	Ford Motor Co., 7.500%, 8/01/2026		291,042
	5,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		5,507,050
	40,126,000	Ford Motor Credit Co. LLC, 6.625%, 8/15/2017		46,795,703
	338,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		348,048
	5,319,000	Ford Motor Credit Co. LLC, 7.000%, 4/15/2015		5,869,203
	2,370,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,393,700
				124,261,846
		Banking — 13.6%
	22,547,000	AgriBank FCB, 9.125%, 7/15/2019, 144A		30,392,544
	1,634,000	Ally Financial, Inc., 6.750%, 12/01/2014		1,752,465
	2,285,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,879,100
	7,200,000	American Express Centurion Bank, Series BKN1, 6.000%, 9/13/2017		8,596,505
	35,878,000	Associates Corp. of North America, 6.950%, 11/01/2018		43,817,120
	3,590,000	Bank of America Corp., 5.420%, 3/15/2017		3,978,334
	9,805,000	Bank of America Corp., 6.000%, 9/01/2017		11,383,085
	11,100,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		12,442,112
	5,000,000	Bank of America Corp., MTN, 6.750%, 9/09/2013, (AUD)		5,272,651
	2,393,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		3,039,775
	17,249,000	Bank of America NA, 5.300%, 3/15/2017		19,327,142
	10,227,000	Barclays Bank PLC, 6.050%, 12/04/2017, 144A		11,399,168
	7,110,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		6,597,295
	337,230,000,000	Barclays Financial LLC, EMTN, 8.250%, 10/27/2014, (IDR)		35,747,595
	2,173,000	Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		2,452,072
	370,000	BNP Paribas/Australia, 7.000%, 5/24/2016, (AUD)		413,570
	8,994,000	Capital One Financial Corp., 6.150%, 9/01/2016		10,339,323
	51,425,000	Citigroup, Inc., 4.450%, 1/10/2017		56,615,634
	6,473,000	Citigroup, Inc., 5.000%, 9/15/2014		6,796,844
	2,700,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		2,621,540
	10,000,000	Citigroup, Inc., 5.375%, 8/09/2020		11,707,460
	14,680,000	Citigroup, Inc., 5.500%, 2/15/2017		16,324,600
	2,740,000	Citigroup, Inc., 5.875%, 2/22/2033		3,006,868
	9,875,000	Citigroup, Inc., 6.125%, 5/15/2018		11,764,384
	8,705,000	Citigroup, Inc., 6.125%, 8/25/2036		9,954,385
	44,910,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		39,743,651
	21,257,000	Citigroup, Inc., 6.375%, 8/12/2014		22,780,510
	2,398,000	Citigroup, Inc., EMTN, 1.480%, 11/30/2017, (EUR)(b)		2,960,145
	55,770,000	Citigroup, Inc., MTN, 5.500%, 10/15/2014		59,511,888
	4,625,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.375%, 1/19/2017		4,951,590

See accompanying notes to financial statements.

|  8

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	27,045,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.875%, 2/08/2022	$	28,528,608
	86,800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		86,828,197
	1,174,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		1,265,633
	112,330,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		125,875,762
	6,645,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		7,570,642
	4,467,000	HBOS PLC, 6.000%, 11/01/2033, 144A		4,278,493
	1,000,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		1,111,470
	700,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		719,250
	4,000,000	Japan Bank for International Cooperation (Japan), 2.300%, 3/19/2018, (CAD)		3,950,938
	2,950,000	JPMorgan Chase & Co., EMTN, 1.056%, 5/30/2017, (GBP)(b)		4,226,881
	12,000,000,000	JPMorgan Chase & Co., EMTN, 7.070%, 3/22/2014, (IDR)		1,228,341
	16,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		1,718,961
	100,000	Keybank NA, 6.950%, 2/01/2028		124,325
	9,787,000	Lloyds TSB Bank PLC, EMTN, 4.570%, 10/13/2015, (CAD)		10,115,337
	81,622,000	Lloyds TSB Bank PLC, MTN, 6.500%, 9/14/2020, 144A		91,528,952
	6,479,000	Merrill Lynch & Co., Inc., 5.700%, 5/02/2017		7,231,724
	4,300,000	Merrill Lynch & Co., Inc., 6.050%, 5/16/2016		4,780,658
	103,309,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		116,362,195
	9,780,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		5,214,871
	3,132,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		4,275,716
	11,641,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		14,050,920
	40,126,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		44,855,050
	2,652,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.400%, 8/28/2017		3,112,631
	1,500,000	Morgan Stanley, 0.784%, 10/15/2015(b)		1,475,113
	4,250,000	Morgan Stanley, 3.450%, 11/02/2015		4,453,898
	28,007,000	Morgan Stanley, 3.750%, 2/25/2023		28,309,083
	14,023,000	Morgan Stanley, 3.800%, 4/29/2016		14,877,337
	5,995,000	Morgan Stanley, 4.875%, 11/01/2022		6,355,371
	82,729,000	Morgan Stanley, 5.500%, 7/24/2020		95,275,763
	5,900,000	Morgan Stanley, 5.750%, 1/25/2021		6,817,969
	151,076,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		135,057,044
	60,800,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		69,610,112
	550,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		938,428
	5,400,000	Morgan Stanley, GMTN, 5.500%, 1/26/2020		6,187,082
	24,100,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		26,998,998
	3,800,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		4,162,459
	38,206,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		43,932,315
	5,187,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		6,200,550
	9,400,000	Morgan Stanley, Series F, MTN, 0.753%, 10/18/2016(b)		9,157,724
	9,044,000	Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		10,470,673
	2,239,000	Morgan Stanley, Series G & H, GMTN, 5.125%, 11/30/2015, (GBP)		3,675,539
	2,875,000	National City Bank of Indiana, 4.250%, 7/01/2018		3,202,342
	8,638,000	National City Corp., 6.875%, 5/15/2019		10,694,215
	35,900,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		37,131,298

See accompanying notes to financial statements.

9  |

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
	5,250,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)	$	6,723,572
	6,150,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		8,514,053
	1,650,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		1,982,774
	700,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		757,050
	16,175,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		17,297,141
	1,000,000	Santander International Debt SAU, EMTN, 4.000%, 3/27/2017, (EUR)		1,287,324
	1,800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		1,888,578
	1,400,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		1,432,522
	8,100,000	Santander US Debt SAU, 3.724%, 1/20/2015, 144A		8,188,047
	30,886,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		34,514,178
	3,300,000	Standard Chartered Bank, 6.400%, 9/26/2017, 144A		3,844,236
	17,861,000	Standard Chartered PLC, 5.500%, 11/18/2014, 144A		19,134,489
				1,658,072,187
		Brokerage — 1.5%
	55,355,000	Cantor Fitzgerald LP, 6.375%, 6/26/2015, 144A		56,068,083
	13,100,000	Cantor Fitzgerald LP, 7.875%, 10/15/2019, 144A(c)		13,619,441
	43,310,000	Jefferies Group LLC, 5.125%, 1/20/2023		45,855,588
	19,498,000	Jefferies Group LLC, 6.250%, 1/15/2036		20,326,665
	8,760,000	Jefferies Group LLC, 6.450%, 6/08/2027		9,679,800
	1,693,000	Jefferies Group LLC, 6.875%, 4/15/2021		1,976,307
	23,835,000	Jefferies Group LLC, 8.500%, 7/15/2019		29,672,430
				177,198,314
		Building Materials — 1.0%
	6,640,000	Masco Corp., 4.800%, 6/15/2015		6,992,033
	10,942,000	Masco Corp., 5.850%, 3/15/2017		12,093,120
	6,616,000	Masco Corp., 6.125%, 10/03/2016		7,388,114
	6,058,000	Masco Corp., 6.500%, 8/15/2032		6,171,430
	28,539,000	Masco Corp., 7.125%, 3/15/2020		33,316,942
	5,725,000	Masco Corp., 7.750%, 8/01/2029		6,443,940
	4,949,000	Owens Corning, Inc., 6.500%, 12/01/2016		5,571,817
	41,379,000	Owens Corning, Inc., 7.000%, 12/01/2036		47,082,433
	1,037,000	USG Corp., 6.300%, 11/15/2016		1,099,220
				126,159,049
		Chemicals — 0.0%
	1,700,000	Methanex Corp., 5.250%, 3/01/2022		1,895,823
	2,349,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		2,548,233
				4,444,056
		Commercial Mortgage-Backed Securities — 3.5%
	2,477,877	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		2,764,533
	33,167,701	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		37,701,129

See accompanying notes to financial statements.

|  10

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Commercial Mortgage-Backed Securities — continued
$	12,000,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049	$	13,660,320
	62,292,812	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.680%, 6/15/2039(b)		71,521,492
	34,381,273	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.764%, 9/15/2039(b)		39,613,621
	6,711,090	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		7,743,994
	57,694,000	Crown Castle Towers LLC, 6.113%, 1/15/2040, 144A		70,582,667
	69,500,000	Extended Stay America Trust, Series 2013, Class 7-ESH7, 3.902%, 12/05/2031, 144A		69,881,555
	23,544,272	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		27,189,490
	15,928,923	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.807%, 6/15/2049(b)		18,291,851
	21,524,263	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		24,473,991
	3,131,798	LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.866%, 6/15/2038(b)		3,552,198
	1,311,441	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		1,488,887
	9,786,870	Morgan Stanley Re-REMIC Trust, Series 2009-GG10, Class A4B, 5.787%, 8/12/2045, 144A(b)		11,117,209
	6,851,000	Vornado DP LLC, Series 2010-VNO, Class D, 6.356%, 9/13/2028, 144A		7,830,679
	3,621,142	Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048		4,087,270
	6,222,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		7,040,797
	4,250,000	WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.549%, 3/15/2044, 144A(b)		4,409,978
				422,951,661
		Construction Machinery — 0.3%
	23,638,000	Case New Holland, Inc., 7.750%, 9/01/2013		24,205,312
	6,787,000	Toro Co., 6.625%, 5/01/2037(c)		6,947,513
	400,000	United Rentals North America, Inc., 8.375%, 9/15/2020		446,000
				31,598,825
		Consumer Products — 0.2%
	7,458,000	Hasbro, Inc., 6.600%, 7/15/2028		8,608,919
	11,754,000	Snap-on, Inc., 6.700%, 3/01/2019		14,267,111
				22,876,030
		Diversified Manufacturing — 0.2%
	1,395,000	Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018		1,683,712
	2,814,000	Textron Financial Corp., 5.400%, 4/28/2013		2,823,306
	1,181,000	Textron Financial Corp., Series E, MTN, 5.125%, 8/15/2014		1,241,877
	11,040,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		19,186,930
				24,935,825

See accompanying notes to financial statements.

11  |

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Electric — 1.9%
$	33,870,592	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A	$	36,320,282
	10,973,249	Bruce Mansfield Unit, 6.850%, 6/01/2034		11,893,905
	17,435,000	Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017		19,752,687
	876,000	Commonwealth Edison Co., 4.700%, 4/15/2015		946,692
	12,285,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		12,346,425
	3,200,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		3,368,000
	1,000,000	EDP Finance BV, EMTN, 4.625%, 6/13/2016, (EUR)		1,322,885
	900,000	EDP Finance BV, EMTN, 5.875%, 2/01/2016, (EUR)		1,229,046
	979,000	Empresa Nacional de Electricidad S.A. (Endesa-Chile), 8.350%, 8/01/2013		998,572
	4,491,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		5,544,167
	40,453,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		38,498,999
	9,007,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		9,301,583
	7,921,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		10,652,194
	3,603,000	Exelon Corp., 4.900%, 6/15/2015		3,900,060
	3,600,000	Iberdrola Finance Ireland Ltd., 3.800%, 9/11/2014, 144A		3,706,848
	1,864,000	ITC Holdings Corp., 5.875%, 9/30/2016, 144A		2,106,156
	7,210,570	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(c)		7,697,846
	50,026,000	Southwestern Electric Power Co., 6.450%, 1/15/2019		60,918,511
	2,850,000	Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.500%, 10/01/2020, 144A		2,130,375
				232,635,233
		Entertainment — 0.0%
	3,616,000	Viacom, Inc., 6.125%, 10/05/2017		4,278,719
		Financial Other — 0.9%
	66,384,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		73,822,526
	26,914,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		38,273,754
				112,096,280
		Food & Beverage — 0.0%
	2,450,000	Cargill, Inc., EMTN, 5.375%, 3/02/2037, (GBP)		4,321,243
		Government Guaranteed — 0.4%
	12,910,000	Instituto de Credito Oficial, EMTN, 4.530%, 3/17/2016, (CAD)		12,296,557
	11,311,000	Instituto de Credito Oficial, MTN, 6.125%, 2/27/2014, (AUD)		11,615,127
	31,142,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		29,594,713
				53,506,397
		Government Owned – No Guarantee — 1.1%
	3,720,000	Abu Dhabi National Energy Co., 6.500%, 10/27/2036, 144A		4,622,100
	36,975,000	Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		45,756,563
	58,060,000	DP World Ltd., 6.850%, 7/02/2037, 144A		66,014,220
	26,030,000,000	Export-Import Bank of Korea, 6.600%, 11/04/2013, 144A, (IDR)		2,683,762
	27,800,000,000	Export-Import Bank of Korea, 8.300%, 3/15/2014, 144A, (IDR)		2,920,037
	15,170,000	Korea Gas Corp., 6.000%, 7/15/2014, 144A		16,109,114
	1,000,000	Telekom Malaysia Berhad, 7.875%, 8/01/2025, 144A		1,390,948
				139,496,744

See accompanying notes to financial statements.

|  12

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Government Sponsored — 0.5%
$	66,200,000	Federal Home Loan Bank, 1.875%, 6/21/2013	$	66,464,469
		Health Insurance — 0.0%
	1,569,000	CIGNA Corp., 7.875%, 5/15/2027		2,106,138
	1,174,000	CIGNA Corp., (Step to 8.080% on 1/15/2023), 8.300%, 1/15/2033(d)		1,620,120
				3,726,258
		Healthcare — 1.1%
	7,692,000	Boston Scientific Corp., 6.000%, 1/15/2020		8,990,917
	7,374,000	Covidien International Finance S.A., 6.000%, 10/15/2017		8,846,293
	9,459,000	Express Scripts, Inc., 7.250%, 6/15/2019		12,064,803
	9,278,000	HCA, Inc., 5.750%, 3/15/2014		9,614,327
	802,000	HCA, Inc., 5.875%, 3/15/2022		864,155
	52,905,000	HCA, Inc., 5.875%, 5/01/2023		55,021,200
	3,729,000	HCA, Inc., 6.375%, 1/15/2015		3,994,691
	3,127,000	HCA, Inc., 6.500%, 2/15/2016		3,424,065
	357,000	HCA, Inc., 6.750%, 7/15/2013		362,132
	2,936,000	HCA, Inc., 7.050%, 12/01/2027		2,877,280
	2,241,000	HCA, Inc., 7.190%, 11/15/2015		2,470,703
	4,119,000	HCA, Inc., 7.500%, 12/15/2023		4,407,330
	1,282,000	HCA, Inc., 7.500%, 11/06/2033		1,307,640
	3,807,000	HCA, Inc., 7.690%, 6/15/2025		4,063,972
	4,164,000	HCA, Inc., 8.360%, 4/15/2024		4,663,680
	1,199,000	HCA, Inc., MTN, 7.580%, 9/15/2025		1,249,958
	3,068,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,068,000
	2,256,000	Owens & Minor, Inc., 6.350%, 4/15/2016		2,469,147
	2,200,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		2,013,000
				131,773,293
		Home Construction — 0.1%
	2,006,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		1,715,130
	9,200,000	Pulte Group, Inc., 6.000%, 2/15/2035		8,832,000
	3,567,000	Pulte Group, Inc., 6.375%, 5/15/2033		3,584,835
				14,131,965
		Independent Energy — 1.1%
	11,930,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		14,239,791
	1,065,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		1,163,513
	1,015,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		1,106,350
	9,787,000	EQT Corp., 8.125%, 6/01/2019		12,149,670
	60,038,000	Equitable Resources, Inc., 6.500%, 4/01/2018		69,551,321
	7,240,000	Newfield Exploration Co., 5.625%, 7/01/2024		7,475,300
	24,155,000	Plains Exploration & Production Co., 6.500%, 11/15/2020		26,691,275
				132,377,220
		Industrial Other — 0.0%
	4,893,000	Worthington Industries, Inc., 6.500%, 4/15/2020		5,348,157
		Life Insurance — 0.9%
	7,100,000	American International Group, Inc., EMTN, 5.000%, 4/26/2023, (GBP)		11,785,992
	6,910,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		8,088,957

See accompanying notes to financial statements.

13  |

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Life Insurance — continued
$	2,036,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017	$	2,332,305
	9,777,000	ASIF III Jersey Ltd., Series 2003-G, EMTN, 4.750%, 9/11/2013, (EUR)		12,746,562
	600,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, 10/29/2049, (GBP)		884,320
	5,900,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		7,815,748
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		18,054,855
	9,063,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		10,892,348
	6,440,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		7,098,780
	2,872,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		3,330,052
	14,489,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		18,980,271
	4,732,000	Unum Group, 7.125%, 9/30/2016		5,580,334
				107,590,524
		Local Authorities — 2.7%
	59,530,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		59,687,043
	800,000	City of Madrid Spain, 4.550%, 6/16/2036, (EUR)		687,072
	7,448,000	Manitoba (Province of), GMTN, 6.375%, 9/01/2015, (NZD)		6,636,179
	99,450,000	New South Wales Treasury Corp., 5.500%, 8/01/2013, (AUD)		104,386,177
	68,930,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		79,188,519
	17,930,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		20,189,834
	13,590	Province of Alberta, 5.930%, 9/16/2016, (CAD)		14,729
	489,000	Province of Nova Scotia, 6.600%, 6/01/2027, (CAD)		664,281
	29,791,000	Province of Quebec, Canada, Series QC, 6.750%, 11/09/2015, (NZD)		26,883,243
	26,518,000	Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		28,744,298
				327,081,375
		Lodging — 0.5%
	52,516,000	Choice Hotels International, Inc., 5.700%, 8/28/2020		57,636,310
	100,000	Wyndham Worldwide Corp., 6.000%, 12/01/2016		114,035
				57,750,345
		Media Cable — 1.0%
	17,832,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		20,242,309
	4,101,000	Time Warner Cable, Inc., 5.850%, 5/01/2017		4,762,536
	78,178,000	Time Warner Cable, Inc., 6.750%, 7/01/2018		96,203,658
				121,208,503
		Media Non-Cable — 0.3%
	5,000,000	Clear Channel Communications, Inc., 9.000%, 3/01/2021		4,668,750
	4,482,000	News America, Inc., 8.150%, 10/17/2036		6,128,095
	5,000,000	R.R. Donnelley & Sons Co., 7.250%, 5/15/2018		5,256,250
	6,250,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		6,515,625
	10,870,000	R.R. Donnelley & Sons Co., 8.250%, 3/15/2019		11,739,600
				34,308,320
		Metals & Mining — 1.8%
	15,000,000	Alcoa, Inc., 5.400%, 4/15/2021		15,534,135
	15,060,000	Alcoa, Inc., 5.870%, 2/23/2022		16,091,520

See accompanying notes to financial statements.

|  14

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)			Description	Value (†)
			Metals & Mining — continued
$	45,700,000		Alcoa, Inc., 5.900%, 2/01/2027	$	48,548,984
	5,505,000		Alcoa, Inc., 5.950%, 2/01/2037		5,314,373
	5,804,000		Alcoa, Inc., 6.750%, 1/15/2028		6,370,610
	430,000		ArcelorMittal, 6.000%, 3/01/2021		452,084
	6,885,000		ArcelorMittal, 6.125%, 6/01/2018		7,435,800
	4,085,000		ArcelorMittal, 6.750%, 2/25/2022		4,464,349
	47,920,000		ArcelorMittal, 7.250%, 3/01/2041		47,680,400
	19,365,000		ArcelorMittal, 7.500%, 10/15/2039		19,897,537
	4,500,000		Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		3,656,250
	1,943,000		United States Steel Corp., 6.050%, 6/01/2017		2,045,007
	4,612,000		United States Steel Corp., 6.650%, 6/01/2037		4,243,040
	31,210,000		United States Steel Corp., 7.000%, 2/01/2018		33,550,750
	3,655,000		Vale Overseas Ltd., 6.875%, 11/21/2036		4,151,554
					219,436,393
			Mortgage Related — 0.0%
	62,598		FHLMC, 5.000%, 12/01/2031		67,525
	9,172		FNMA, 6.000%, 7/01/2029		10,276
					77,801
			Non-Captive Consumer — 2.3%
	88,610,000		SLM Corp., 5.500%, 1/25/2023		87,945,425
	62,425	(††)	SLM Corp., 6.000%, 12/15/2043		1,519,944
	7,371,000		SLM Corp., MTN, 3.875%, 9/10/2015		7,675,334
	2,270,000		SLM Corp., MTN, 4.625%, 9/25/2017		2,357,967
	8,895,000		SLM Corp., MTN, 7.250%, 1/25/2022		9,940,162
	641,000		SLM Corp., MTN, 8.000%, 3/25/2020		743,560
	5,616,000		SLM Corp., Series A, MTN, 0.601%, 1/27/2014(b)		5,568,421
	6,547,000		SLM Corp., Series A, MTN, 5.000%, 4/15/2015		6,907,085
	15,792,000		SLM Corp., Series A, MTN, 5.000%, 6/15/2018		15,882,188
	19,496,000		SLM Corp., Series A, MTN, 5.625%, 8/01/2033		18,033,800
	30,667,000		SLM Corp., Series A, MTN, 8.450%, 6/15/2018		36,340,395
	4,893,000		Springleaf Finance Corp., Series I, MTN, 5.400%, 12/01/2015		5,027,558
	87,676,000		Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		88,114,380
					286,056,219
			Non-Captive Diversified — 2.8%
	3,075,000		Ally Financial, Inc., 7.500%, 12/31/2013		3,205,687
	5,543,000		Ally Financial, Inc., 8.000%, 12/31/2018		6,630,814
	3,500,000		General Electric Capital Australia Funding Pty Ltd., 7.000%, 10/08/2015, (AUD)		3,916,403
	7,570,000		General Electric Capital Australia Funding Pty Ltd., MTN, 6.000%, 5/15/2013, (AUD)		7,904,081
	3,100,000		General Electric Capital Australia Funding Pty Ltd., MTN, 6.000%, 4/15/2015, (AUD)		3,366,194
	1,874,000		General Electric Capital Australia Funding Pty Ltd., MTN, 6.000%, 3/15/2019, (AUD)		2,074,631
	1,365,000		General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		1,351,436
	35,580,000		General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		29,432,750

See accompanying notes to financial statements.

15  |

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Captive Diversified — continued
	51,370,000	General Electric Capital Corp., Series A, EMTN, 5.500%, 2/01/2017, (NZD)	$	45,104,106
	14,225,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		12,960,002
	36,850,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		32,803,188
	10,247,000	General Electric Capital Corp., Series A, MTN, 0.604%, 5/13/2024(b)		9,146,523
	16,696,000	General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015		18,010,593
	26,931,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		23,913,720
	210,000	International Lease Finance Corp., 3.875%, 4/15/2018		209,475
	35,005,000	International Lease Finance Corp., 5.875%, 4/01/2019		37,810,826
	548,000	International Lease Finance Corp., 5.875%, 8/15/2022		590,641
	26,200,000	International Lease Finance Corp., 6.250%, 5/15/2019		28,689,000
	60,419,000	International Lease Finance Corp., 7.125%, 9/01/2018, 144A		70,992,325
	1,473,000	International Lease Finance Corp., Series R, MTN, 5.625%, 9/20/2013		1,498,778
	1,415,000	International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		1,476,906
	691,000	iStar Financial, Inc., 8.625%, 6/01/2013		697,910
				341,785,989
		Oil Field Services — 0.5%
	5,965,000	Nabors Industries, Inc., 6.150%, 2/15/2018		6,782,175
	22,583,000	Nabors Industries, Inc., 9.250%, 1/15/2019		29,045,848
	23,338,000	Rowan Cos., Inc., 7.875%, 8/01/2019		29,154,507
	587,000	Transocean Ltd., 7.375%, 4/15/2018		701,445
				65,683,975
		Paper — 1.1%
	4,365,000	Celulosa Arauco y Constitucion S.A., 7.250%, 7/29/2019		5,210,741
	23,225,000	Georgia-Pacific LLC, 5.400%, 11/01/2020, 144A		27,480,052
	715,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		939,695
	2,672,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		3,638,104
	644,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		875,083
	1,031,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		1,540,460
	6,161,000	International Paper Co., 5.250%, 4/01/2016		6,826,635
	7,049,000	International Paper Co., 8.700%, 6/15/2038		10,333,898
	5,270,000	Mead Corp. (The), 7.550%, 3/01/2047(c)		5,843,592
	5,442,000	Westvaco Corp., 8.200%, 1/15/2030		6,776,569
	26,007,000	Weyerhaeuser Co., 6.875%, 12/15/2033		31,561,809
	7,374,000	Weyerhaeuser Co., 7.375%, 10/01/2019		9,066,827
	18,254,000	Weyerhaeuser Co., 7.375%, 3/15/2032		23,104,964
				133,198,429
		Pharmaceuticals — 0.0%
	489,000	Schering-Plough Corp., 5.300%, 12/01/2013		505,147
		Pipelines — 3.2%
	650,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		732,865
	528,000	Energy Transfer Partners LP, 6.125%, 2/15/2017		611,307
	1,571,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		1,791,344
	9,257,000	Enterprise Products Operating LLC, 4.050%, 2/15/2022		10,039,318
	3,328,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		4,318,286
	14,300,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		16,058,228

See accompanying notes to financial statements.

|  16

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Pipelines — continued
$	17,765,000	Kinder Morgan Energy Partners LP, 5.300%, 9/15/2020	$	20,785,867
	7,461,000	Kinder Morgan Energy Partners LP, 5.800%, 3/01/2021		8,911,269
	55,614,000	Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018		66,306,459
	303,000	Kinder Morgan Finance Co. LLC, 5.700%, 1/05/2016		329,461
	27,777,750	Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014, 144A(c)		28,961,638
	30,760,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		32,759,400
	635,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		644,525
	4,950,000	NGPL PipeCo LLC, 9.625%, 6/01/2019, 144A		5,544,000
	13,790,000	NiSource Finance Corp., 6.125%, 3/01/2022		16,506,299
	24,110,000	NiSource Finance Corp., 6.400%, 3/15/2018		28,953,337
	21,614,000	NiSource Finance Corp., 6.800%, 1/15/2019		26,373,705
	9,899,000	Panhandle Eastern Pipeline Co., 6.200%, 11/01/2017		11,754,211
	47,594,000	Panhandle Eastern Pipeline Co., 7.000%, 6/15/2018		57,831,850
	1,404,000	Panhandle Eastern Pipeline Co., 8.125%, 6/01/2019		1,739,795
	1,880,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		2,205,789
	15,683,000	Plains All American Pipeline LP, 6.500%, 5/01/2018		19,282,829
	4,125,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		4,807,828
	19,574,000	Texas Eastern Transmission LP, 6.000%, 9/15/2017, 144A		23,052,887
				390,302,497
		Property & Casualty Insurance — 0.5%
	2,740,000	Fidelity National Financial, Inc., 5.500%, 9/01/2022		3,110,440
	3,083,000	Hanover Insurance Group, Inc. (The), 7.500%, 3/01/2020		3,629,178
	9,038,000	Liberty Mutual Group, Inc., 6.500%, 3/15/2035, 144A		10,144,215
	1,889,000	MBIA Insurance Corp., 11.564%, 1/15/2033, 144A(b)(e)		434,470
	14,575,000	Nationwide Mutual Insurance Co., 6.600%, 4/15/2034, 144A		15,085,125
	7,609,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		8,560,399
	13,521,000	Willis North America, Inc., 7.000%, 9/29/2019		16,121,264
	2,212,000	XL Group PLC, 6.250%, 5/15/2027		2,688,724
	1,463,000	XL Group PLC, 6.375%, 11/15/2024		1,774,278
				61,548,093
		Property Trust — 0.4%
	36,192,000	WEA Finance LLC/WT Finance Australia Property Ltd., 6.750%, 9/02/2019, 144A		44,758,212
		Railroads — 0.1%
	9,787,000	Canadian Pacific Railway Co., 7.250%, 5/15/2019		12,456,052
	237,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2030(c)		213,892
	1,701,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		1,360,800
	191,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		172,378
				14,203,122
		Real Estate Operations/Development — 0.1%
	10,276,000	First Industrial LP, 5.950%, 5/15/2017		11,148,854
		Refining — 0.1%
	7,700,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		8,583,228

See accompanying notes to financial statements.

17  |

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		REITs – Apartments — 0.3%
$	12,243,000	Camden Property Trust, 5.000%, 6/15/2015	$	13,209,316
	16,491,000	Camden Property Trust, 5.700%, 5/15/2017		18,851,703
	988,000	ERP Operating LP, 5.125%, 3/15/2016		1,099,938
	1,762,000	ERP Operating LP, 5.375%, 8/01/2016		1,996,055
	1,508,000	ERP Operating LP, 5.750%, 6/15/2017		1,762,213
				36,919,225
		REITs – Diversified — 0.2%
	4,140,000	Duke Realty LP, 5.950%, 2/15/2017		4,736,322
	19,574,000	Duke Realty LP, 6.500%, 1/15/2018		23,145,315
				27,881,637
		REITs – Healthcare — 0.1%
	5,972,000	Health Care REIT, Inc., 6.500%, 3/15/2041		7,030,119
		REITs – Office Property — 0.3%
	20,817,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		23,353,302
	11,306,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		13,675,104
				37,028,406
		REITs – Regional Malls — 0.2%
	2,427,000	Simon Property Group LP, 5.250%, 12/01/2016		2,761,467
	12,209,000	Simon Property Group LP, 5.750%, 12/01/2015		13,633,522
	1,889,000	Simon Property Group LP, 5.875%, 3/01/2017		2,195,188
	4,066,000	Simon Property Group LP, 6.100%, 5/01/2016		4,645,974
				23,236,151
		REITs – Shopping Centers — 0.1%
	4,893,000	Equity One, Inc., 6.000%, 9/15/2017		5,575,608
	1,918,000	Federal Realty Investment Trust, 5.650%, 6/01/2016		2,162,549
				7,738,157
		REITs – Single Tenant — 0.3%
	5,862,000	Realty Income Corp., 5.750%, 1/15/2021		6,830,397
	25,529,000	Realty Income Corp., 6.750%, 8/15/2019		31,580,828
				38,411,225
		REITs – Warehouse/Industrials — 0.5%
	3,873,000	ProLogis LP, 5.625%, 11/15/2015		4,250,327
	11,179,000	ProLogis LP, 5.625%, 11/15/2016		12,667,797
	10,889,000	ProLogis LP, 5.750%, 4/01/2016		12,102,350
	9,698,000	ProLogis LP, 6.625%, 5/15/2018		11,662,097
	18,869,000	ProLogis LP, 7.375%, 10/30/2019		23,626,856
				64,309,427
		Restaurants — 0.1%
	10,320,000	Darden Restaurants, Inc., 6.000%, 8/15/2035		10,801,480
		Retailers — 0.3%
	7,996,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		6,796,600
	8,139,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		6,104,250
	12,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		11,340

See accompanying notes to financial statements.

|  18

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Retailers — continued
$	8,656,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097	$	6,308,060
	10,467,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		12,773,707
	8,064,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		8,667,865
				40,661,822
		Sovereigns — 1.2%
	44,750,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		23,584,684
	24,178,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		14,357,837
	52,555,000	Republic of Croatia, 6.750%, 11/05/2019, 144A		57,552,455
	33,600,000	Republic of Iceland, 5.875%, 5/11/2022, 144A		38,522,770
	1,415,381,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		8,044,826
	391,985,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		2,276,282
	820,777,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		5,136,436
				149,475,290
		Supermarkets — 0.2%
	4,130,000	American Stores Co., Series B, MTN, 7.100%, 3/20/2028		4,986,975
	1,120,000	Delhaize Group S.A., 5.700%, 10/01/2040		1,092,677
	3,269,000	Kroger Co. (The), 6.400%, 8/15/2017		3,904,520
	6,595,000	New Albertson’s, Inc., 7.450%, 8/01/2029		5,284,244
	7,875,000	New Albertson’s, Inc., 8.000%, 5/01/2031		6,378,750
	979,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		706,104
	7,255,000	SUPERVALU, Inc., 8.000%, 5/01/2016		7,545,200
				29,898,470
		Supranational — 1.3%
	11,745,000	European Bank for Reconstruction & Development, EMTN, 9.000%, 4/28/2014, (BRL)		5,998,770
	192,350,850,000	European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A, (IDR)		19,687,384
	9,640,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		10,930,708
	329,210,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013, (IDR)		33,634,133
	410,030,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 9/23/2013, (IDR)		41,140,134
	12,982,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		11,933,271
	15,070,000	International Bank for Reconstruction & Development, 1.430%, 3/05/2014, (SGD)		12,162,432
	58,420,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		28,008,064
				163,494,896
		Technology — 2.0%
	4,600,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		3,542,000
	1,028,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		1,206,094
	3,059,000	Avnet, Inc., 5.875%, 3/15/2014		3,194,376
	6,097,000	Avnet, Inc., 6.000%, 9/01/2015		6,631,122
	1,507,000	Avnet, Inc., 6.625%, 9/15/2016		1,713,690
	56,271,000	Corning, Inc., 7.000%, 5/15/2024		73,614,341
	7,487,000	Corning, Inc., 7.250%, 8/15/2036		9,617,538
	7,051,000	Equifax, Inc., 7.000%, 7/01/2037		8,810,584
	112,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		115,360

See accompanying notes to financial statements.

19  |

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)			Description	Value (†)
			Technology — continued
$	70,969,000		Ingram Micro, Inc., 5.250%, 9/01/2017	$	77,472,670
	7,795,000		Intuit, Inc., 5.750%, 3/15/2017		8,926,943
	19,078,000		KLA-Tencor Corp., 6.900%, 5/01/2018		22,870,821
	1,502,000		Motorola Solutions, Inc., 6.625%, 11/15/2037		1,667,451
	2,115,000		Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		2,709,315
	5,603,000		Tyco Electronics Group S.A., 6.550%, 10/01/2017		6,700,258
	561,000		Xerox Corp., 6.350%, 5/15/2018		657,492
	7,110,000		Xerox Corp., 6.750%, 2/01/2017		8,204,784
					237,654,839
			Textile — 0.0%
	3,755,000		Phillips-Van Heusen Corp., 7.750%, 11/15/2023		4,615,184
			Tobacco — 0.1%
	8,128,000		Reynolds American, Inc., 6.750%, 6/15/2017		9,782,950
			Transportation Services — 0.7%
	8,436,000		Erac USA Finance Co., 6.375%, 10/15/2017, 144A		10,147,605
	2,824,000		Erac USA Finance Co., 6.700%, 6/01/2034, 144A		3,454,676
	51,504,000		Erac USA Finance Co., 7.000%, 10/15/2037, 144A		65,711,533
					79,313,814
			Treasuries — 24.7%
	306,210,000		Canadian Government, 2.250%, 8/01/2014, (CAD)		306,366,745
	372,145,000		Canadian Government, 2.500%, 6/01/2015, (CAD)		377,991,763
	90,055,000		Canadian Government, 2.750%, 9/01/2016, (CAD)		93,300,473
	156,655,000		Canadian Government, 3.000%, 12/01/2015, (CAD)		161,982,982
	106,195,000		Canadian Government, 3.500%, 6/01/2013, (CAD)		104,970,859
	194,485,000		Canadian Government, 3.750%, 6/01/2019, (CAD)		217,058,930
	4,159,000		Canadian Government, 4.000%, 6/01/2016, (CAD)		4,456,846
	183,949,000		Canadian Government, 4.250%, 6/01/2018, (CAD)		207,342,583
	63,908,516		Ireland Government Bond, 4.500%, 10/18/2018, (EUR)		87,480,026
	66,038,126		Ireland Government Bond, 4.500%, 4/18/2020, (EUR)		88,433,231
	29,854,296		Ireland Government Bond, 5.000%, 10/18/2020, (EUR)		41,101,176
	63,183,488		Ireland Government Bond, 5.400%, 3/13/2025, (EUR)		87,552,139
	1,130,000		Italy Buoni Poliennali Del Tesoro, 5.000%, 8/01/2034, (EUR)		1,434,354
	1,130,000		Italy Buoni Poliennali Del Tesoro, 5.250%, 11/01/2029, (EUR)		1,481,865
	1,120,000		Italy Buoni Poliennali Del Tesoro, 5.750%, 2/01/2033, (EUR)		1,538,180
	1,890,000	(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		19,091,579
	12,263,000		New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		11,669,720
	108,370,000		New Zealand Government Bond, 6.500%, 4/15/2013, (NZD)		90,848,141
	726,401,000		Norwegian Government Bond, 4.250%, 5/19/2017, (NOK)		138,472,806
	486,587,000		Norwegian Government Bond, 5.000%, 5/15/2015, (NOK)		89,793,765
	604,939,000		Norwegian Government Bond, 6.500%, 5/15/2013, (NOK)		104,073,848
	18,786,446		Portugal Obrigacoes do Tesouro OT, 3.850%, 4/15/2021, (EUR)		20,509,183
	4,599,829		Portugal Obrigacoes do Tesouro OT, 4.800%, 6/15/2020, (EUR)		5,463,506
	20,620,000		Portugal Obrigacoes do Tesouro OT, 4.950%, 10/25/2023, (EUR)		23,537,485
	6,000,000		Singapore Government Bond, 1.375%, 10/01/2014, (SGD)		4,921,504
	181,645,000		U.S. Treasury Note, 0.125%, 12/31/2014		181,332,752
	151,650,000		U.S. Treasury Note, 0.250%, 10/31/2014		151,715,210

See accompanying notes to financial statements.

|  20

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
$	205,055,000	U.S. Treasury Note, 0.250%, 12/15/2015	$	204,622,539
	181,650,000	U.S. Treasury Note, 0.375%, 11/15/2015		181,933,737
				3,010,477,927
		Wireless — 0.8%
	559,910,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		47,656,573
	31,416,000	Cellco Partnership/Verizon Wireless Capital LLC, 8.500%, 11/15/2018		41,808,413
	6,373,000	Sprint Capital Corp., 6.875%, 11/15/2028		6,516,393
	2,594,000	Sprint Capital Corp., 6.900%, 5/01/2019		2,846,915
	612,000	Sprint Capital Corp., 8.750%, 3/15/2032		729,810
	91,000	Sprint Nextel Corp., 6.000%, 12/01/2016		98,735
	1,619,000	Vodafone Group PLC, 5.000%, 9/15/2015		1,779,650
				101,436,489
		Wirelines — 4.4%
	406,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		534,740
	2,936,000	BellSouth Telecommunications, Inc., 5.850%, 11/15/2045		3,009,517
	62,040,000	CenturyLink, Inc., 6.450%, 6/15/2021		65,762,400
	4,990,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		4,940,100
	2,708,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,626,760
	121,506,000	Deutsche Telekom International Finance BV, 6.000%, 7/08/2019		147,153,730
	24,103,000	Embarq Corp., 7.995%, 6/01/2036		25,373,469
	825,000	Level 3 Financing, Inc., 7.000%, 6/01/2020, 144A		864,188
	200,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		224,240
	5,200,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		2,669,801
	8,450,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		10,076,544
	18,850,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		24,404,516
	200,000	Portugal Telecom International Finance BV, EMTN, 5.625%, 2/08/2016, (EUR)		270,549
	300,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		390,809
	1,698,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,916,915
	2,755,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		2,655,627
	4,370,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		4,934,381
	3,469,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		3,495,604
	333,000	Qwest Corp., 6.500%, 6/01/2017		385,245
	14,480,000	Qwest Corp., 6.875%, 9/15/2033		14,392,859
	4,668,000	Qwest Corp., 7.200%, 11/10/2026		4,705,311
	9,077,000	Qwest Corp., 7.250%, 9/15/2025		10,311,000
	9,474,000	Qwest Corp., 7.250%, 10/15/2035		9,715,388
	46,411,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		43,086,116
	23,660,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		22,984,957
	525,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		552,764
	975,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		1,049,303
	14,375,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		15,431,548
	1,700,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		2,662,804
	2,700,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		4,115,240

See accompanying notes to financial statements.

21  |

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
	2,100,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)	$	3,101,973
	8,800,000	Telefonica Emisiones SAU, EMTN, 5.597%, 3/12/2020, (GBP)		14,338,427
	14,137,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		15,422,738
	54,665,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		61,655,189
	2,642,000	Verizon New England, Inc., 7.875%, 11/15/2029		3,332,888
	2,095,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		2,354,841
				530,902,481
		Total Non-Convertible Bonds (Identified Cost $9,738,463,988)		11,048,473,071
	Convertible Bonds — 3.6%
		Automotive — 0.4%
	34,827,000	Ford Motor Co., 4.250%, 11/15/2016		55,810,267
		Independent Energy — 0.4%
	32,380,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		31,024,087
	14,080,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		14,097,600
				45,121,687
		Life Insurance — 0.7%
	72,915,000	Old Republic International Corp., 3.750%, 3/15/2018		81,345,797
		Media Non-Cable — 0.0%
	389,506	Liberty Media LLC, 3.500%, 1/15/2031		203,517
		Metals & Mining — 0.1%
	11,535,000	United States Steel Corp., 2.750%, 4/01/2019		11,664,769
		REITs – Warehouse/Industrials — 0.3%
	27,359,000	ProLogis LP, 3.250%, 3/15/2015		31,514,148
		Technology — 1.7%
	35,120,000	Intel Corp., 2.950%, 12/15/2035		37,271,100
	137,016,000	Intel Corp., 3.250%, 8/01/2039		164,933,010
	11,515,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		12,285,066
	30,000	Micron Technology, Inc., Series B, 1.875%, 8/01/2031		35,025
	85,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032, 144A		105,028
				214,629,229
		Wirelines — 0.0%
	2,926,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		3,410,619
		Total Convertible Bonds (Identified Cost $373,400,457)		443,700,033
	Municipals — 0.5%
		District of Columbia — 0.2%
	14,680,000	Metropolitan Washington Airports Authority, 7.462%, 10/01/2046		18,650,647
		Illinois — 0.2%
	530,000	Chicago O’Hare International Airport, Series A, (AGMC insured), 4.500%, 1/01/2038		561,042

See accompanying notes to financial statements.

|  22

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Illinois — continued
$	24,640,000	State of Illinois, 5.100%, 6/01/2033	$	24,264,240
				24,825,282
		Michigan — 0.0%
	2,465,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034(c)		2,157,269
		Ohio — 0.0%
	6,430,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(c)		5,768,032
		Virginia — 0.1%
	14,240,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)		10,584,307
		Total Municipals (Identified Cost $56,610,026)		61,985,537
		Total Bonds and Notes (Identified Cost $10,168,474,471)		11,554,158,641
	Senior Loans — 1.1%
		Non-Captive Diversified — 0.8%
	28,470,291	AWAS Finance Luxembourg 2012 S.A., New Term Loan, 4.750%, 7/16/2018(b)		28,577,054
	18,000,000	AWAS Finance Luxembourg S.A.R.L., Term Loan B, 6/10/2016(f)		18,163,080
	55,685,000	Flying Fortress, Inc., 1st Lien Term Loan, 5.000%, 6/30/2017(b)		56,079,250
				102,819,384
		Chemicals — 0.2%
	21,878,361	Tronox, Inc., Term Loan, 4.500%, 3/13/2020(b)		22,169,999
		Healthcare — 0.1%
	6,538,350	Hologic, Inc., Term Loan B, 4.500%, 8/01/2019(b)		6,620,080
		Total Senior Loans (Identified Cost $129,957,733)		131,609,463
Shares
	Common Stocks — 1.9%
		Electronic Equipment, Instruments & Components — 1.9%
	17,550,000	Corning, Inc. (Identified Cost $226,654,590)		233,941,500
	Preferred Stocks — 0.1%
		Metals & Mining — 0.1%
	340,285	ArcelorMittal, 6.000% (Identified Cost $8,507,125)		7,128,971

See accompanying notes to financial statements.

23  |

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 1.0%
$	718,012	Repurchase Agreement with State Street Bank and Trust Company, dated 3/29/2013 at 0.010% to be repurchased at $718,013 on 4/01/2013 collateralized by $755,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $755,514 including accrued interest (Note 2 of Notes to Financial Statements)	$	718,012
	128,698,738	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $128,698,738 on 4/01/2013 collateralized by $725,000 Federal National Mortgage Association, 0.350% due 8/28/2015 valued at $724,850; $20,300,000 Federal National Mortgage Association, 2.000% due 8/18/2015 valued at $21,137,375; $99,620,000 U.S. Treasury Note, 4.250% due 8/15/2015 valued at $109,415,535 including accrued interest (Note 2 of Notes to Financial Statements)		128,698,738
		Total Short-Term Investments (Identified Cost $129,416,750)		129,416,750
		Total Investments — 98.7% (Identified Cost $10,663,010,669)(a)		12,056,255,325
		Other assets less liabilities — 1.3%		153,566,006
		Net Assets — 100.0%	$	12,209,821,331
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 25.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2013, the net unrealized appreciation on investments based on a cost of $10,715,611,264 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	1,399,303,272
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(58,659,211	)
		Net unrealized appreciation	$	1,340,644,061
	(b)	Variable rate security. Rate as of March 31, 2013 is disclosed.
	(c)	Illiquid security. At March 31, 2013, the value of these securities amounted to $89,358,867 or 0.7% of net assets.
	(d)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(e)	Non-income producing security.
	(f)	Position is unsettled. Contract rate was not determined at March 31, 2013 and does not take effect until settlement date.

See accompanying notes to financial statements.

|  24

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

Loomis Sayles Investment Grade Bond Fund – (continued)

144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $1,756,986,021 or 14.4% of net assets.
ABS	Asset-Backed Securities
AGMC	Assured Guaranty Municipal Corp.
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
MTN	Medium Term Note
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
SGD	Singapore Dollar

Industry Summary at March 31, 2013 (Unaudited)

Treasuries	24.7	%
Banking	13.6
Wirelines	4.4
Technology	3.7
Non-Captive Diversified	3.6
Commercial Mortgage-Backed Securities	3.5
Pipelines	3.2
Local Authorities	2.7
Airlines	2.6
Non-Captive Consumer	2.3
Metals & Mining	2.0
Other Investments, less than 2% each	31.4
Short-Term Investments	1.0
Total Investments	98.7
Other assets less liabilities	1.3
Net Assets	100.0	%

See accompanying notes to financial statements.

25  |

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

Loomis Sayles Investment Grade Bond Fund – (continued)

Currency Exposure Summary at March 31, 2013 (Unaudited)

United States Dollar	67.4	%
Canadian Dollar	14.0
Euro	4.1
New Zealand Dollar	4.1
Australian Dollar	3.1
Norwegian Krone	2.7
Other, less than 2% each	3.3
Total Investments	98.7
Other assets less liabilities	1.3
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

Statement of Assets and Liabilities

March 31, 2013 (Unaudited)

ASSETS
Investments at cost	$	10,663,010,669
Net unrealized appreciation		1,393,244,656
Investments at value		12,056,255,325
Cash		19,222,525
Foreign currency at value (identified cost $1,677,983)		1,700,816
Receivable for Fund shares sold		27,179,074
Receivable for securities sold		6,026,779
Dividends and interest receivable		153,444,892
Tax reclaims receivable		223,151
TOTAL ASSETS		12,264,052,562
LIABILITIES
Payable for securities purchased		18,000,000
Payable for Fund shares redeemed		29,985,754
Management fees payable (Note 5)		4,174,103
Deferred Trustees’ fees (Note 5)		411,706
Administrative fees payable (Note 5)		458,170
Payable to distributor (Note 5d)		158,537
Other accounts payable and accrued expenses		1,042,961
TOTAL LIABILITIES		54,231,231
NET ASSETS	$	12,209,821,331
NET ASSETS CONSIST OF:
Paid-in capital	$	10,786,872,380
Distributions in excess of net investment income		(817,633	)
Accumulated net realized gain on investments and foreign currency transactions		31,037,498
Net unrealized appreciation on investments and foreign currency translations		1,392,729,086
NET ASSETS	$	12,209,821,331

See accompanying notes to financial statements.

27  |

Statement of Assets and Liabilities (continued)

March 31, 2013 (Unaudited)

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	2,981,150,136
Shares of beneficial interest		235,492,331
Net asset value and redemption price per share	$	12.66
Offering price per share (100/95.50 of net asset value) (Note 1)	$	13.26
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	10,804,093
Shares of beneficial interest		857,918
Net asset value and offering price per share	$	12.59
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	2,177,805,817
Shares of beneficial interest		173,505,015
Net asset value and offering price per share	$	12.55
Class N shares:
Net assets	$	1,004
Shares of beneficial interest		79
Net asset value, offering and redemption price per share	$	12.67	*
Class Y shares:
Net assets	$	7,019,374,453
Shares of beneficial interest		554,084,796
Net asset value, offering and redemption price per share	$	12.67
Admin Class shares:
Net assets	$	20,685,828
Shares of beneficial interest		1,636,758
Net asset value, offering and redemption price per share	$	12.64

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

See accompanying notes to financial statements.

|  28

Statement of Operations

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

INVESTMENT INCOME
Interest	$	275,600,884
Dividends		3,332,008
Less net foreign taxes withheld		(18,670	)
		278,914,222
Expenses
Management fees (Note 5)		24,474,210
Service and distribution fees (Note 5)		15,073,715
Administrative fees (Note 5)		2,711,496
Trustees’ fees and expenses (Note 5)		124,514
Transfer agent fees and expenses (Notes 5 and 6)		6,712,771
Audit and tax services fees		28,422
Custodian fees and expenses		272,836
Legal fees		85,013
Registration fees		210,202
Shareholder reporting expenses		882,400
Miscellaneous expenses		137,203
Total expenses		50,712,782
Less waiver and/or expense reimbursement (Note 5)		(3	)
Net expenses		50,712,779
Net investment income		228,201,443
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investments		89,409,359
Foreign currency transactions		374,919
Net change in unrealized appreciation (depreciation) on:
Investments		18,529,897
Foreign currency translations		(1,188,469	)
Net realized and unrealized gain on investments and foreign currency transactions		107,125,706
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	335,327,149

See accompanying notes to financial statements.

29  |

Statement of Changes in Net Assets

	Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income	$	228,201,443		$	448,965,654
Net realized gain on investments and foreign currency transactions		89,784,278			183,960,071
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		17,341,428			573,143,807
Net increase in net assets resulting from operations		335,327,149			1,206,069,532
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(79,463,053	)		(140,578,594	)
Class B		(269,315	)		(558,660	)
Class C		(51,781,901	)		(93,060,242	)
Class N		(4	)		—
Class Y		(192,880,145	)		(295,684,484	)
Admin Class		(476,425	)		(455,185	)
Class J		—			(1,366,652	)
Net realized capital gains
Class A		(27,197,220	)		(26,530,935	)
Class B		(106,865	)		(123,858	)
Class C		(20,576,316	)		(20,065,620	)
Class Y		(63,063,034	)		(48,043,542	)
Admin Class		(171,884	)		(72,361	)
Class J		—			(427,583	)
Total distributions		(435,986,162	)		(626,967,716	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		222,833,618			1,700,532,135
Net increase in net assets		122,174,605			2,279,633,951
NET ASSETS
Beginning of the period		12,087,646,726			9,808,012,775
End of the period	$	12,209,821,331		$	12,087,646,726
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(817,633	)	$	95,851,767

See accompanying notes to financial statements.

|  30

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
Class A
3/31/2013(f)	$	12.76	$	0.24	$	0.11		$	0.35		$	(0.33	)	$	(0.12	)	$	(0.45	)
9/30/2012		12.12		0.51		0.86			1.37			(0.62	)		(0.11	)		(0.73	)
9/30/2011		12.56		0.57		(0.15	)		0.42			(0.60	)		(0.26	)		(0.86	)
9/30/2010		11.64		0.55		0.96			1.51			(0.56	)		(0.03	)		(0.59	)
9/30/2009		10.54		0.60		1.22			1.82			(0.59	)		(0.13	)		(0.72	)
9/30/2008		11.73		0.60		(1.15	)		(0.55	)		(0.64	)		—			(0.64	)
Class B
3/31/2013(f)		12.70		0.19		0.11			0.30			(0.29	)		(0.12	)		(0.41	)
9/30/2012		12.06		0.42		0.86			1.28			(0.53	)		(0.11	)		(0.64	)
9/30/2011		12.50		0.47		(0.14	)		0.33			(0.51	)		(0.26	)		(0.77	)
9/30/2010		11.59		0.45		0.95			1.40			(0.46	)		(0.03	)		(0.49	)
9/30/2009		10.50		0.51		1.21			1.72			(0.50	)		(0.13	)		(0.63	)
9/30/2008		11.68		0.50		(1.14	)		(0.64	)		(0.54	)		—			(0.54	)
Class C
3/31/2013(f)		12.66		0.19		0.11			0.30			(0.29	)		(0.12	)		(0.41	)
9/30/2012		12.03		0.42		0.85			1.27			(0.53	)		(0.11	)		(0.64	)
9/30/2011		12.47		0.47		(0.14	)		0.33			(0.51	)		(0.26	)		(0.77	)
9/30/2010		11.56		0.46		0.96			1.42			(0.48	)		(0.03	)		(0.51	)
9/30/2009		10.47		0.52		1.22			1.74			(0.52	)		(0.13	)		(0.65	)
9/30/2008		11.66		0.51		(1.15	)		(0.64	)		(0.55	)		—			(0.55	)
Class N
3/31/2013*		12.66		0.07		0.03			0.10			(0.09	)		—			(0.09	)
Class Y
3/31/2013(f)		12.77		0.25		0.12			0.37			(0.35	)		(0.12	)		(0.47	)
9/30/2012		12.13		0.54		0.86			1.40			(0.65	)		(0.11	)		(0.76	)
9/30/2011		12.56		0.60		(0.14	)		0.46			(0.63	)		(0.26	)		(0.89	)
9/30/2010		11.65		0.58		0.95			1.53			(0.59	)		(0.03	)		(0.62	)
9/30/2009		10.55		0.62		1.23			1.85			(0.62	)		(0.13	)		(0.75	)
9/30/2008		11.73		0.64		(1.15	)		(0.51	)		(0.67	)		—			(0.67	)
Admin Class
3/31/2013(f)		12.74		0.22		0.12			0.34			(0.32	)		(0.12	)		(0.44	)
9/30/2012		12.11		0.48		0.85			1.33			(0.59	)		(0.11	)		(0.70	)
9/30/2011		12.55		0.54		(0.15	)		0.39			(0.57	)		(0.26	)		(0.83	)
9/30/2010**		11.80		0.33		0.73			1.06			(0.31	)		—			(0.31	)

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

** From commencement of Class operations on February 1, 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.

(c) A sales charge for Class A shares and a contingent deferred sales charge for Class B and Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

See accompanying notes to financial statements.

31  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (b)(c)			Net assets, end of the period (000’s)		Net expenses (%) (d)(e)			Gross expenses (%) (e)			Net investment income (%) (e)		Portfolio turnover rate (%)
	$12.66		2.81		$	2,981,150		0.83			0.83			3.73		9
	12.76		11.74			2,960,119		0.84			0.84			4.17		19
	12.12		3.47			2,705,810		0.81			0.81			4.56		19
	12.56		13.41			3,092,956		0.81			0.81			4.58		25
	11.64		18.64			2,946,489		0.80			0.80			5.87		30
	10.54		(5.12	)		1,867,335		0.80			0.80			5.20		35
	12.59		2.36			10,804		1.58			1.58			2.97		9
	12.70		10.96			12,507		1.59			1.59			3.42		19
	12.06		2.70			13,549		1.56			1.56			3.81		19
	12.50		12.43			17,113		1.65			1.65			3.74		25
	11.59		17.59			17,489		1.67			1.67			5.07		30
	10.50		(5.88	)		16,009		1.65	(g)		1.65	(g)		4.29		35
	12.55		2.37			2,177,806		1.58			1.58			2.97		9
	12.66		10.91			2,281,142		1.59			1.59			3.42		19
	12.03		2.71			2,091,834		1.56			1.56			3.81		19
	12.47		12.58			2,593,324		1.56			1.56			3.83		25
	11.56		17.80			2,495,305		1.56			1.56			5.09		30
	10.47		(5.84	)		1,333,421		1.55			1.55			4.45		35
	12.67		0.45			1		0.65			2.83			3.64		9
	12.67		2.94			7,019,374		0.58			0.58			3.98		9
	12.77		12.01			6,817,911		0.59			0.59			4.41		19
	12.13		3.81			4,887,742		0.56			0.56			4.81		19
	12.56		13.60			4,473,001		0.56			0.56			4.82		25
	11.65		18.94			3,531,187		0.54			0.54			6.01		30
	10.55		(4.79	)		1,044,046		0.53			0.53			5.48		35
	12.64		2.69			20,686		1.08			1.08			3.48		9
	12.74		11.41			15,968		1.09			1.09			3.89		19
	12.11		3.26			5,967		1.07			1.07			4.32		19
	12.55		9.13			879		1.08			7.68			4.06		25

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

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

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

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

See accompanying notes to financial statements.

|  32

Notes to Financial Statements

March 31, 2013 (Unaudited)

1.  Organization.  Loomis Sayles Funds II (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 Investment Grade Bond Fund (the “Fund”).

The Fund is a diversified investment company.

The Fund offers Class A, Class C, Class Y and Admin Class shares. Effective February 1, 2013, the Fund began offering Class N shares. Effective after the close of business on January 11, 2012, Class J shares were liquidated. Effective October 12, 2007, Class B shares are no longer offered. Existing Class B shareholders may continue to reinvest dividends into Class B shares and exchange their Class B shares for Class B shares of other Natixis Funds subject to existing exchange privileges as described in the prospectus.

Class A shares are sold with a maximum front-end sales charge of 4.50%. Class B shares do not pay a front-end sales charge; however, they are charged higher Rule 12b-1 fees, and are subject to a contingent deferred sales charge (“CDSC”) if such shares are redeemed within six years of purchase. After eight years of ownership, Class B shares convert to Class A shares. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are primarily intended for employer-sponsored retirement plans. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000, though some categories of investors are exempted from the minimum investment amount as outlined in the Fund’s prospectus. Admin Class shares do not pay a front-end sales charge or a CDSC, but do pay a Rule 12b-1 fee. Class N and Admin Class shares are offered exclusively through intermediaries.

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 (Rule 12b-1 service and distribution fees for Class A, Class B, Class C and Admin Class and transfer agent fees for Class N). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

2.  Significant Accounting Policies.  The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial

33  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

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

The Fund may hold securities traded in foreign markets. Foreign securities are valued at the closing market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities are fair valued on a daily basis pursuant to procedures approved by the

|  34

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Board of Trustees. When fair valuing securities, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the foreign market and before the Fund calculates its net asset value.

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily net asset value calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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 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.  Forward Foreign Currency Contracts.  The Fund may enter into forward foreign currency contracts to hedge the Fund’s 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 Fund’s Statement of Assets

35  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

and Liabilities. The U.S. dollar value of the currencies the Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Fund’s or counterparty’s net obligations under the contracts.

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

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

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

|  36

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

f.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined 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, paydown adjustments and premium amortization. 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 premium amortization, deferred Trustees’ fees, defaulted bond accruals, contingent payment debt instruments and wash sales. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

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

2012 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains		Total
$556,649,900		$70,317,816		$626,967,716

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

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

h.  Securities Lending.  The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including

37  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent.

For the six months ended March 31, 2013, the Fund did not loan securities under this agreement.

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

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

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

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

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

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

|  38

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	102,147,738	$	5,529,290	(b)	$	107,677,028
ABS Other		—		63,354,476		74,001,969	(b)		137,356,445
Airlines		—		18,805,179		296,270,754	(b)		315,075,933
Electric		—		220,741,328		11,893,905	(b)		232,635,233
Health Insurance		—		2,106,138		1,620,120	(b)		3,726,258
Non-Captive Consumer		1,519,944		284,536,275		—			286,056,219
All Other Non-Convertible Bonds(a)		—		9,965,945,955		—			9,965,945,955
Total Non-Convertible Bonds		1,519,944		10,657,637,089		389,316,038			11,048,473,071
Convertible Bonds(a)		—		443,700,033		—			443,700,033
Municipals(a)		—		61,985,537		—			61,985,537
Total Bonds and Notes		1,519,944		11,163,322,659		389,316,038			11,554,158,641
Senior Loans(a)		—		131,609,463		—			131,609,463
Common Stocks(a)		233,941,500		—		—			233,941,500
Preferred Stocks(a)		7,128,971		—		—			7,128,971
Short-Term Investments		—		129,416,750		—			129,416,750
Total	$	242,590,415	$	11,424,348,872	$	389,316,038		$	12,056,255,325

(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 Fund’s pricing policies and procedures are recommended by the investment adviser and approved by the Board of Trustees. Debt securities are generally valued on the basis of evaluated bids furnished to the Fund by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. Broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. All security prices, including those obtained from an independent pricing service and broker-dealer bid prices, are reviewed on a daily basis by the investment adviser, subject to oversight by Fund management and the Board of Trustees. If the investment adviser, in good faith, believes that the price provided by an independent pricing service is unreliable, broker-dealer bid prices may be used until the

39  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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.

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

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	5,642,124		$	—	$	—		$	(112,834	)	$	—
ABS Other		—			—		374			1,847,289			4,500,000
Airlines		—			143,889		83,385			4,716,524			40,270,000
Banking		38,219,714			—		—			—			—
Electric		1,889,250			—		—			1,009,934			—
Health Insurance		—			1,542		—			128,554			—
Total	$	45,751,088		$	145,431	$	83,759		$	7,589,467		$	44,770,000
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2013			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—		$	—	$	—		$	5,529,290		$	(112,834	)
ABS Other		(2,523,962	)		70,178,268		—			74,001,969			1,847,289
Airlines		(9,135,762	)		260,192,718		—			296,270,754			4,716,524
Banking		—			—		(38,219,714	)		—			—
Electric		(2,675,000	)		11,669,721		—			11,893,905			224,184
Health Insurance		—			1,490,024		—			1,620,120			128,554
Total	$	(14,334,724	)	$	343,530,731	$	(38,219,714	)	$	389,316,038		$	6,803,717

|  40

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

A debt security valued at $1,490,024 was transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

A debt security valued at $38,219,714 was transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

Debt securities valued at $342,040,707 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

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, 2013, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $1,148,103,886 and $953,492,739, respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $748,974,220 and $52,548,636, 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 annual rate of 0.40% of average daily net assets, calculated daily and payable monthly.

Loomis Sayles has given a binding undertaking to the Fund to waive management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. This undertaking is in effect until January 31, 2014 and is reevaluated on an annual basis. Management fees payable, as reflected on the Statement of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings.

For the six months ended March 31, 2013, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:

Expense Limit as a Percentage of Average Daily Net Assets
Class A	Class B	Class C	Class N	Class Y	Admin Class
0.95%	1.70%	1.70%	0.65%	0.70%	1.20%

41  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

For the six months ended March 31, 2013, the management fees for the Fund were $24,474,210 (0.40% of average daily net assets).

For the six months ended March 31, 2013, class-specific expenses of $3 have been reimbursed for Class N shares. Expense reimbursements are subject to possible recovery until September 30, 2014.

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

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

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

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a Service Plan relating to the Fund’s Class A shares (the “Class A Plan”), a Distribution and Service Plan relating to the Fund’s Class B and Class C shares (the “Class B and Class C Plans”), and a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

Under the Class A Plan, the Fund pays NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class A shares, as reimbursement for expenses incurred by NGAM Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class B and Class C Plans, the Fund pays NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class B and Class C shares, as compensation for services provided by NGAM Distribution in providing personal services to investors in Class B and Class C shares and/or the maintenance of shareholder accounts.

Also under the Class B and Class C Plans, the Fund pays NGAM Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to

|  42

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

the Fund’s Class B and Class C shares, as compensation for services provided by NGAM Distribution in connection with the marketing or sale of Class B and Class C shares.

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

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

Service Fees							Distribution Fees
Class A	Class B		Class C		Admin Class		Class B		Class C		Admin Class
$3,749,343	$	14,568	$	2,804,525	$	24,000	$	43,704	$	8,413,575	$	24,000

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

For the six months ended March 31, 2013, the administrative fees for the Fund were $2,711,496.

d.  Sub-Transfer Agent Fees.  NGAM Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping,

43  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

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

Sub-Transfer Agent Fees

$6,375,056

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

Reimbursements of Sub-Transfer Agent Fees

$158,537

Sub-transfer agent fees attributable to Class A, Class B, Class C, Class Y and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution were $1,388,273 for the six months ended March 31, 2013.

f.  Trustees Fees and Expenses.  The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2013, the Chairperson of the Board receives a retainer fee at the annual rate of $285,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $115,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairman receives an additional retainer fee at an annual rate of $17,500. Each Contract Review and Governance Committee member is compensated

|  44

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

$6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2013, the Chairperson of the Board received a retainer fee at the annual rate of $265,000 and each Independent Trustee (other than the Chairperson) received, in aggregate, a retainer fee at the annual rate of $95,000. In addition, each committee chairman received an additional retainer fee at an annual rate of $15,000, and each Audit Committee member was compensated $7,500 for each Committee meeting that he or she attended in person and $3,750 for each meeting that he or she attended telephonically.

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

g.  Affiliated Ownership.  As of March 31, 2013, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of the Fund representing 0.06% of the Fund’s net assets.

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

6.  Class-Specific Expenses.  For the period from February 1, 2013 through March 31, 2013, the Fund incurred the following class-specific expenses:

	Class N
Transfer Agent Fees and Expenses	$	3

Transfer agent fees and expenses attributable to Class A, Class B, Class C, Class Y and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

45  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

For the six months ended March 31, 2013, the Fund had no borrowings under these agreements.

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

9.  Concentration of Ownership.  From time to time, the 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, 2013, based on management’s evaluation of the shareholder account base, the 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:

Number of >5% Non-Affiliated Account Holders	Percentage of Non-Affiliated Ownership	Percentage of Affiliated Ownership	Total Percentage of Ownership
1	13.99%	0.06%	14.05%

Omnibus shareholder accounts for which NGAM Advisors understands that the intermediary has discretion over the underlying shareholder accounts are included in the table above. For other omnibus accounts, the Fund does 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.

|  46

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

	Six Months Ended March 31, 2013					Year Ended September 30, 2012**
	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	39,150,537		$	497,506,226		92,989,022		$	1,143,550,708
Issued in connection with the reinvestment of distributions	7,181,411			90,842,255		11,834,759			143,943,676
Redeemed	(42,753,430	)		(543,067,910	)	(96,077,704	)		(1,182,083,038	)
Net change	3,578,518		$	45,280,571		8,746,077		$	105,411,346
Class B
Issued from the sale of shares	11,298		$	142,474		63,429		$	771,205
Issued in connection with the reinvestment of distributions	17,892			225,290		33,273			402,324
Redeemed	(156,152	)		(1,974,193	)	(234,825	)		(2,875,706	)
Net change	(126,962	)	$	(1,606,429	)	(138,123	)	$	(1,702,177	)
Class C
Issued from the sale of shares	10,974,336		$	138,369,642		30,359,028		$	369,971,044
Issued in connection with the reinvestment of distributions	3,389,741			42,544,144		5,302,985			63,969,788
Redeemed	(21,056,460	)		(265,298,649	)	(29,338,640	)		(358,469,801	)
Net change	(6,692,383	)	$	(84,384,863	)	6,323,373		$	75,471,031
Class N*
Issued from the sale of shares	79		$	1,000		—		$	—
Issued in connection with the reinvestment of distributions	—	(a)		4		—			—
Redeemed	—			—		—			—
Net change	79		$	1,004		—		$	—
Class Y
Issued from the sale of shares	92,550,715		$	1,177,257,414		213,919,333		$	2,639,613,755
Issued in connection with the reinvestment of distributions	17,127,520			216,796,511		23,000,671			280,416,666
Redeemed	(89,379,813	)		(1,135,385,400	)	(105,994,304	)		(1,305,561,746	)
Net change	20,298,422		$	258,668,525		130,925,700		$	1,614,468,675
Admin Class
Issued from the sale of shares	750,461		$	9,525,844		986,859		$	12,078,567
Issued in connection with the reinvestment of distributions	23,988			303,082		25,251			307,704
Redeemed	(390,703	)		(4,954,116	)	(251,880	)		(3,084,159	)
Net change	383,746		$	4,874,810		760,230		$	9,302,112

47  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

10.  Capital Shares (continued).

	Six Months Ended March 31, 2013			Year Ended September 30, 2012**
	Shares		Amount	Shares			Amount
Class J
Issued from the sale of shares	—	$	—	—		$	—
Issued in connection with the reinvestment of distributions	—		—	—			—
Redeemed	—		—	(8,514,614	)		(102,418,852	)
Net change	—	$	—	(8,514,614	)	$	(102,418,852	)
Increase (decrease) from capital share transactions	17,441,420	$	222,833,618	138,102,643		$	1,700,532,135

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

** For the period from October 1, 2011 through January 11, 2012 for Class J shares.

(a) Amount rounds to less than one share.

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

Loomis Sayles Funds II

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

* Trust-wide voting results.

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

|  48

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Semiannual Report

March 31, 2013

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

LOOMIS SAYLES SMALL CAP GROWTH FUND

Managers	Symbols
Mark F. Burns, CFA	Institutional Class	LSSIX
John J. Slavik, CFA	Retail Class	LCGRX
	Class N	LSSNX

Objective

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

Strategy

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

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

Average Annual Total Returns — March 31, 2013

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

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

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

1  |

LOOMIS SAYLES SMALL CAP VALUE FUND

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

Objective

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

Strategy

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

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

Average Annual Total Returns — March 31, 2013

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

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

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

|  2

ADDITIONAL INFORMATION

Index Definitions

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

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

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

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

Proxy Voting Information

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

Quarterly Portfolio Schedules

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

Additional Index Information

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

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

3  |

UNDERSTANDING YOUR FUND’S EXPENSES

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

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

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

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

|  4

Loomis Sayles Small Cap Growth Fund

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

5  |

Loomis Sayles Small Cap Value Fund

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

|  6

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

Loomis Sayles Small Cap Growth Fund

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

See accompanying notes to financial statements.

7  |

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

Loomis Sayles Small Cap Growth Fund – continued

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

See accompanying notes to financial statements.

|  8

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

Loomis Sayles Small Cap Growth Fund – continued

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

See accompanying notes to financial statements.

9  |

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

Loomis Sayles Small Cap Growth Fund – continued

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

See accompanying notes to financial statements.

|  10

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

Loomis Sayles Small Cap Growth Fund – continued

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

See accompanying notes to financial statements.

11  |

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

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at March 31, 2013 (Unaudited)

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

See accompanying notes to financial statements.

|  12

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

Loomis Sayles Small Cap Value Fund

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

See accompanying notes to financial statements.

13  |

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

Loomis Sayles Small Cap Value Fund – continued

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

See accompanying notes to financial statements.

|  14

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

Loomis Sayles Small Cap Value Fund – continued

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

See accompanying notes to financial statements.

15  |

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

Loomis Sayles Small Cap Value Fund – continued

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

See accompanying notes to financial statements.

|  16

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

Loomis Sayles Small Cap Value Fund – continued

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

See accompanying notes to financial statements.

17  |

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

Loomis Sayles Small Cap Value Fund – continued

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

See accompanying notes to financial statements.

|  18

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

Loomis Sayles Small Cap Value Fund – continued

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

See accompanying notes to financial statements.

19  |

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

Loomis Sayles Small Cap Value Fund – continued

Industry Summary at March 31, 2013 (Unaudited)

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

See accompanying notes to financial statements.

|  20

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2013 (Unaudited)

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

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

See accompanying notes to financial statements.

21  |

STATEMENTS OF OPERATIONS

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

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

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

See accompanying notes to financial statements.

|  22

STATEMENTS OF CHANGES IN NET ASSETS

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

See accompanying notes to financial statements.

23  |

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|  24

Financial Highlights

For a share outstanding throughout each period.

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

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

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

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

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

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

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

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

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

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

(i) The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

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

See accompanying notes to financial statements.

25  |

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

See accompanying notes to financial statements.

|  26

Financial Highlights – continued

For a share outstanding throughout each period.

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

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

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

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

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

27  |

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

See accompanying notes to financial statements.

|  28

Notes to Financial Statements

March 31, 2013 (Unaudited)

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

Loomis Sayles Funds I:

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

Loomis Sayles Funds II:

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

Each Fund is a diversified investment company.

Small Cap Growth Fund and Small Cap Value Fund were closed to new investors effective September 14, 2012 and September 15, 2008, respectively. The Funds continue to offer Institutional Class and Retail Class shares to existing investors and Small Cap Value Fund continues to offer Admin Class shares to existing investors. Effective February 1, 2013, each Fund began offering Class N shares to existing investors.

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

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

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

29  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

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

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

|  30

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

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

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

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

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

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

31  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

e.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as expired capital loss carryforwards, distribution in excess of current earnings, net operating losses and deferred Trustees’ fees. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees and wash sales. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

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

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

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

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

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

|  32

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

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

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

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

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

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

• Level 2—prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which

33  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

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

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

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

Small Cap Growth Fund

Asset Valuation Inputs

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

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

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

Small Cap Value Fund

Asset Valuation Inputs

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

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

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

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

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

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

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

5.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:

Fund	Percentage of Average Daily Net Assets
Small Cap Growth Fund	0.75%
Small Cap Value Fund	0.75%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. These undertakings are in effect until January 31, 2014 and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings.

For the six months ended March 31, 2013, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class		Retail Class		Admin Class		Class N
Small Cap Growth Fund		1.00%		1.25%		—		0.95%
Small Cap Value Fund		0.90%		1.15%		1.40%		0.85%

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

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

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

35  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

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

	Service Fees		Distribution Fees
Fund	Admin Class		Retail Class		Admin Class
Small Cap Growth Fund	$	—	$	263,391	$	—
Small Cap Value Fund		82,932		438,811		82,932

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

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

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

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

37  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

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

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

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

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

e.  Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2013, the Chairperson of the Board receives a retainer fee at the annual rate of $285,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $115,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairman receives an additional retainer fee at an annual rate of $17,500. Each Contract Review and Governance Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2013, the Chairperson of the Board received a retainer fee at the annual rate of $265,000 and each Independent Trustee (other than the Chairperson) received, in

|  38

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

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

f.  Affiliated Ownership. At March 31, 2013, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of the Funds’ net assets:

Fund	Pension Plan		Retirement Plan		Total Affiliated Ownership
Small Cap Growth Fund		0.81%		1.18%		1.99%
Small Cap Value Fund		1.16%		2.00%		3.16%

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

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

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

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

39  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

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

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

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

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

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

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

9.   Capital Shares – continued.

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

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

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

41  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

9.   Capital Shares – continued.

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

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

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

Loomis Sayles Funds I

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

Loomis Sayles Funds II

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

* Trust-wide voting results.

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

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SEMIANNUAL REPORT

March 31, 2013

Loomis Sayles Strategic Income Fund

TABLE OF CONTENTS

LOOMIS SAYLES STRATEGIC INCOME FUND

Managers	Symbols
Matthew J. Eagan, CFA	Class A	NEFZX
Daniel J. Fuss, CFA, CIC	Class B	NEZBX
Kathleen C. Gaffney, CFA*	Class C	NECZX
Elaine M. Stokes	Class N	NEZNX
Loomis, Sayles & Company, L.P.	Class Y	NEZYX
	Admin Class	NEZAX

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

Objective

High current income with a secondary objective of capital growth.

Strategy

Under normal market conditions, the Fund will invest substantially all of its assets in income producing securities (including below investment-grade securities, or “junk bonds”) with a focus on U.S. corporate bonds, convertible securities, foreign debt instruments, including those in emerging markets and related foreign currency transactions, and U.S. government securities. The Fund may invest up to 35% of its assets in preferred stocks and dividend-paying common stocks.

1  |

Average Annual Total Returns — March 31, 2013⁵

	6 Months			1 Year			5 Years			10 Years			Since Class N Inception
Class A (Inception 5/1/95)
NAV		6.31	%		9.83	%		8.49	%		10.10	%		—	%
With 4.50% Maximum Sales Charge		1.53			4.92			7.50			9.60			—
Class B (Inception 5/1/95)
NAV		5.85			8.98			7.68			9.27			—
With CDSC2		0.85			3.98			7.38			9.27			—
Class C (Inception 5/1/95)
NAV		5.87			9.01			7.67			9.28			—
With CDSC2		4.87			8.01			7.67			9.28			—
Class N (Inception 2/1/13)
NAV		—			—			—			—			0.88
Class Y (Inception 12/1/99)
NAV		6.45			10.11			8.76			10.39			—
Admin Class (Inception 2/1/10)1
NAV		6.13			9.59			8.19			9.77			—
Comparative Performance
Barclays U.S. Aggregate Bond Index3		0.09			3.77			5.47			5.02			0.67
Barclays U.S. Universal Bond Index4		0.65			4.72			5.86			5.41			0.68

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

1 Prior to the inception of Admin Class shares (2/1/10), performance is that of Class A shares, restated to reflect the higher net expenses of Admin Class shares.

2 Performance for Class B shares assumes a maximum 5% contingent deferred sales charge (“CDSC”) applied when you sell shares, which declines annually between years 1-6 according to the following schedule: 5, 4, 3, 3, 2, 1, 0%. Class C share performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

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

4 Barclays U.S. Universal Bond Index is an unmanaged index that covers U.S. dollar-denominated taxable bonds, including U.S. government and investment grade debt, non-investment grade debt, asset-backed and mortgage-backed securities, Eurobonds, 144A securities and emerging market debt.

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

|  2

ADDITIONAL INFORMATION

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the fund’s proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the fund’s website at ngam.natixis.com; and on the Securities and Exchange Commission’s (SEC’s) website at www.sec.gov. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2012 is available from the fund’s website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s 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.

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UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder, you incur different types of costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and ongoing costs, including management fees, distribution fees (12b-1 fees) and/or service fees, and other fund expenses. These costs are described in more detail in the fund’s prospectus. The following examples are intended to help you understand the ongoing costs of investing in the fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class shows the actual amount of fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2012 (from February 1, 2013, for Class N) through March 31, 2013. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual fund returns and expenses. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 =8.60) and multiply the result by the number in Expenses Paid During Period column as shown below for your class.

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

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

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LOOMIS SAYLES STRATEGIC INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2012		ENDING ACCOUNT VALUE 3/31/2013			EXPENSES PAID DURING PERIOD 10/1/2012 – 3/31/2013
Class A
Actual		$1,000.00		$1,063.10			$4.89	1
Hypothetical (5% return before expenses)		$1,000.00		$1,020.19			$4.78	*
Class B
Actual		$1,000.00		$1,058.50			$8.72	1
Hypothetical (5% return before expenses)		$1,000.00		$1,016.45			$8.55	*
Class C
Actual		$1,000.00		$1,058.70			$8.73	1
Hypothetical (5% return before expenses)		$1,000.00		$1,016.45			$8.55	*
Class N
Actual		$1,000.00		$1,008.80	2		$1.10	2
Hypothetical (5% return before expenses)		$1,000.00		$1,021.49			$3.48	*
Class Y
Actual		$1,000.00		$1,064.50			$3.60	1
Hypothetical (5% return before expenses)		$1,000.00		$1,021.44			$3.53	*
Admin Class
Actual		$1,000.00		$1,061.30			$6.17	1
Hypothetical (5% return before expenses)		$1,000.00		$1,018.95			$6.04	*

* Hypothetical expenses are equal to the Fund’s annualized expense ratio: 0.95%, 1.70%, 1.70%, 0.69%, 0.70% and 1.20% for Class A, B, C, N, Y and Admin 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).

¹  Actual expenses for Class A, B, C, Y and Admin Class are equal to the Fund’s annualized expense ratio: 0.95%, 1.70%, 1.70%, 0.70% and 1.20%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

²  Class N commenced operations on February 1, 2013. Actual expenses are equal to the Fund’s annualized expense ratio: of 0.69%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (58), divided by 365 (to reflect the partial period).

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

Loomis Sayles Strategic Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 74.5% of Net Assets
	Non-Convertible Bonds — 65.9%
		ABS Car Loan — 0.0%
$	4,093,750	Avis Budget Rental Car Funding AESOP LLC, Series 2010-5A, Class B, 5.110%, 3/20/2017, 144A	$	4,436,278
		ABS Home Equity — 0.0%
	4,376,749	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR4, Class 2A2, 2.728%, 4/25/2035(b)		4,448,541
		Aerospace & Defense — 0.4%
	620,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		640,318
	11,800,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		12,095,000
	2,425,000	Ducommun, Inc., 9.750%, 7/15/2018		2,667,500
	8,236,000	Meccanica Holdings USA, Inc., 6.250%, 7/15/2019, 144A		8,484,686
	6,436,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		5,658,673
	20,755,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		19,561,587
	5,310,000	Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		4,805,550
				53,913,314
		Airlines — 2.6%
	35,455,000	Air Canada, 10.125%, 8/01/2015, 144A, (CAD)		36,995,915
	14,600,000	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 7/15/2025, 144A		14,846,375
	5,400,000	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		5,467,500
	3,280,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		3,427,600
	21,015,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		21,120,075
	4,568	Continental Airlines Pass Through Trust, Series 1996-1, Class A, 6.940%, 4/15/2015		4,568
	1,116,353	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		1,138,680
	1,204,549	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		1,244,781
	1,478,855	Continental Airlines Pass Through Trust, Series 1998-1, Class B, 6.748%, 9/15/2018		1,560,192
	2,458,307	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		2,568,930
	1,542,834	Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021		1,629,696
	1,263,891	Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022		1,464,850
	1,454,412	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		1,636,213
	2,473,631	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		2,677,706

See accompanying notes to financial statements.

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	1,844,668	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022	$	2,041,973
	1,063,631	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		1,118,196
	10,659,062	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		12,124,683
	18,547,049	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		20,047,134
	16,602,493	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		19,196,633
	15,274,403	Continental Airlines Pass Through Trust, Series 2009-2, Class A, 7.250%, 5/10/2021		17,832,866
	3,980,000	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/22/2021		4,138,324
	1,246,787	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,411,986
	6,139,845	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		6,761,811
	19,203,323	Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014		20,115,481
	1,769,564	Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA insured), 6.264%, 5/20/2023		1,875,738
	17,184,954	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		18,667,156
	7,200,022	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		8,280,026
	15,676,983	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		16,813,565
	36,898,577	US Airways Pass Through Trust, Series 2010-1C, Class C, 11.000%, 10/22/2014, 144A		39,112,491
	49,191,763	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		55,586,692
	18,190,209	US Airways Pass Through Trust, Series 2011-1C, Class C, 10.875%, 10/22/2014		19,418,048
	14,095,000	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		15,751,162
	7,280,000	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		8,026,200
	5,680,000	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		6,106,000
				390,209,246
		Automotive — 0.9%
	265,000	ArvinMeritor, Inc., 8.125%, 9/15/2015		280,237
	3,800,000	Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 6/15/2021		4,241,750
	19,011,000	Ford Motor Co., 6.375%, 2/01/2029		21,223,823
	1,220,000	Ford Motor Co., 6.625%, 2/15/2028		1,373,992
	74,829,000	Ford Motor Co., 6.625%, 10/01/2028		86,251,797
	2,365,000	Ford Motor Co., 7.125%, 11/15/2025		2,804,221
	1,345,000	Ford Motor Co., 7.500%, 8/01/2026		1,631,051

See accompanying notes to financial statements.

7  |

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Automotive — continued
$	6,000,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022	$	6,322,500
	4,977,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		5,026,770
				129,156,141
		Banking — 6.8%
	1,175,000	AgriBank FCB, 9.125%, 7/15/2019, 144A		1,583,858
	20,565,000	Associates Corp. of North America, 6.950%, 11/01/2018		25,115,644
	900,000	Bank of America Corp., 5.490%, 3/15/2019		1,007,479
	265,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		297,041
	1,000,000	Bank of America Corp., MTN, 6.750%, 9/09/2013, (AUD)		1,054,530
	1,500,000	Bank of America Corp., Series K, (fixed rate to 1/30/2018, variable rate thereafter), 8.000%, 12/29/2049		1,685,700
	1,130,000	Barclays Bank PLC, (fixed rate to 12/15/2017, variable rate thereafter), 6.000%, 6/29/2049, (GBP)		1,510,941
	39,890,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		37,013,517
	7,320,000	Barclays Bank PLC, EMTN, (fixed rate to 3/15/2020, variable rate thereafter), 4.750%, 3/29/2049, (EUR)		6,732,408
	57,792,000,000	Barclays Financial LLC, EMTN, 3.500%, 11/29/2016, (KRW)		53,852,108
	1,600,000	BNP Paribas S.A., (fixed rate to 4/13/2017, variable rate thereafter), 5.019%, 4/29/2049, (EUR)		1,886,884
	5,331,000	BNP Paribas S.A., (fixed rate to 6/29/2015, variable rate thereafter), 5.186%, 6/29/2049, 144A		5,117,760
	4,000,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		3,883,762
	24,610,000	Citigroup, Inc., 5.875%, 2/22/2033		27,006,940
	8,999,000	Citigroup, Inc., 6.000%, 10/31/2033		10,035,433
	6,060,000	Citigroup, Inc., 6.125%, 8/25/2036		6,929,761
	22,091,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		19,549,699
	3,350,000	Citigroup, Inc., EMTN, 1.480%, 11/30/2017, (EUR)(b)		4,135,315
	3,035,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.375%, 1/19/2017		3,249,313
	17,730,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.875%, 2/08/2022		18,702,615
	400,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		431,221
	34,060,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		38,167,261
	32,705,000	HBOS PLC, 6.000%, 11/01/2033, 144A		31,324,849
	50,604,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		56,244,828
	9,090,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		9,339,975
	260,000,000,000	JPMorgan Chase & Co., EMTN, 7.070%, 3/22/2014, (IDR)		26,614,047
	227,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		24,387,754
	18,500,000	Lloyds Banking Group PLC, (fixed rate to 10/01/2015, variable rate thereafter), 5.920%, 9/29/2049, 144A		13,921,250
	27,555,000	Lloyds TSB Bank PLC, MTN, 6.500%, 9/14/2020, 144A		30,899,516
	3,010,000	Merrill Lynch & Co., Inc., 5.700%, 5/02/2017		3,359,699
	1,900,000	Merrill Lynch & Co., Inc., 6.050%, 5/16/2016		2,112,384
	6,700,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		7,546,552
	51,500,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		27,460,720
	3,450,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		4,709,840

See accompanying notes to financial statements.

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	800,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034	$	894,284
	1,235,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.400%, 8/28/2017		1,449,510
	2,000,000	Morgan Stanley, 0.784%, 10/15/2015(b)		1,966,818
	72,970,000	Morgan Stanley, 4.875%, 11/01/2022		77,356,373
	74,310,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		66,430,730
	100,265,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		114,793,714
	950,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		1,620,921
	1,000,000	Morgan Stanley, GMTN, 4.500%, 2/23/2016, (EUR)		1,378,451
	79,700,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		89,287,141
	10,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		11,954,220
	6,600,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		7,589,208
	7,900,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		9,443,676
	12,100,000	Morgan Stanley, Series F, MTN, 0.753%, 10/18/2016(b)		11,788,135
	5,210,000	Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		6,031,867
	4,100,000	Morgan Stanley, Series G & H, GMTN, 5.125%, 11/30/2015, (GBP)		6,730,553
	2,850,000	RBS Capital Trust A, 2.312%, 12/29/2049, (EUR)(b)		2,484,227
	1,905,000	RBS Capital Trust C, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, 12/29/2049, (EUR)		1,689,813
	7,925,000	RBS Capital Trust I, (fixed rate to 7/01/2013, variable rate thereafter), 4.709%, 12/29/2049		6,062,625
	4,050,000	RBS Capital Trust II, (fixed rate to 1/03/2034, variable rate thereafter), 6.425%, 12/29/2049		3,553,875
	2,085,000	RBS Capital Trust III, (fixed rate to 9/30/2014, variable rate thereafter), 5.512%, 9/29/2049		1,636,725
	930,000	Royal Bank of Scotland Group PLC, 5.250%, 6/29/2049, (EUR)		849,148
	15,100,000	Royal Bank of Scotland Group PLC, 5.500%, 11/29/2049, (EUR)		14,139,519
	17,700,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		18,307,075
	1,990,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/29/2017, variable rate thereafter), 7.640%, 3/29/2049		1,771,100
	850,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		1,088,578
	7,750,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		10,729,091
	2,150,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		2,583,615
	700,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		757,050
	1,300,000	Santander International Debt SAU, EMTN, 4.000%, 3/27/2017, (EUR)		1,673,522
	1,800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		1,888,578
	1,500,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		1,534,845
	4,140,000	SG Capital Trust III, (fixed rate to 11/10/2013, variable rate thereafter), 5.419%, 11/29/2049, (EUR)		5,134,389
	18,054,000	Societe Generale S.A., (fixed rate to 4/05/2017, variable rate thereafter), 5.922%, 4/29/2049, 144A		16,925,625
	8,750,000	Societe Generale S.A., (fixed rate to 5/22/2013, variable rate thereafter), 7.756%, 5/29/2049, (EUR)		10,907,749
				1,019,303,354
		Brokerage — 0.9%
	2,655,000	Cantor Fitzgerald LP, 6.375%, 6/26/2015, 144A		2,689,202

See accompanying notes to financial statements.

9  |

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Brokerage — continued
$	43,025,000	Jefferies Group LLC, 5.125%, 1/20/2023	$	45,553,837
	20,010,000	Jefferies Group LLC, 6.250%, 1/15/2036		20,860,425
	15,215,000	Jefferies Group LLC, 6.450%, 6/08/2027		16,812,575
	39,040,000	Jefferies Group LLC, 6.875%, 4/15/2021		45,572,954
				131,488,993
		Building Materials — 0.8%
	6,995,000	Masco Corp., 6.500%, 8/15/2032		7,125,975
	5,510,000	Masco Corp., 7.125%, 3/15/2020		6,432,473
	2,630,000	Masco Corp., 7.750%, 8/01/2029		2,960,273
	35,980,000	Owens Corning, Inc., 7.000%, 12/01/2036		40,939,267
	46,412,000	USG Corp., 6.300%, 11/15/2016		49,196,720
	14,155,000	USG Corp., 9.750%, 1/15/2018		16,773,675
				123,428,383
		Chemicals — 0.4%
	20,070,000	Hercules, Inc., 6.500%, 6/30/2029		18,063,000
	5,200,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		5,382,000
	4,555,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		4,327,250
	23,584,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(c)		17,688,000
	8,020,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(c)		7,137,800
	8,757,000	Momentive Specialty Chemicals, Inc., 9.200%, 3/15/2021(c)		7,443,450
				60,041,500
		Commercial Mortgage-Backed Securities — 0.2%
	35,060,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.787%, 8/10/2045(b)		35,232,565
		Construction Machinery — 0.1%
	1,425,000	Joy Global, Inc., 6.625%, 11/15/2036		1,639,577
	13,630,000	United Rentals North America, Inc., 7.625%, 4/15/2022		15,231,525
	525,000	United Rentals North America, Inc., 8.375%, 9/15/2020		585,375
				17,456,477
		Consumer Cyclical Services — 0.0%
	670,000	ServiceMaster Co. (The), 7.100%, 3/01/2018		659,113
	5,500,000	ServiceMaster Co. (The), 7.450%, 8/15/2027		4,757,500
				5,416,613
		Electric — 2.4%
	805,711	AES Red Oak LLC, Series A, 8.540%, 11/30/2019		862,110
	46,351,759	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		49,704,150
	66,044,844	Bruce Mansfield Unit, 6.850%, 6/01/2034		71,586,006
	2,597,683	CE Generation LLC, 7.416%, 12/15/2018		2,626,907
	28,105,000	Edison Mission Energy, 7.625%, 5/15/2027(d)		15,036,175
	42,200,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		42,411,000
	14,800,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		15,577,000
	2,800,000	EDP Finance BV, EMTN, 4.625%, 6/13/2016, (EUR)		3,704,079

See accompanying notes to financial statements.

|  10

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Electric — continued
	500,000	EDP Finance BV, EMTN, 4.750%, 9/26/2016, (EUR)	$	663,040
	100,000	EDP Finance BV, EMTN, 5.875%, 2/01/2016, (EUR)		136,561
	250,000	Empresa Nacional de Electricidad S.A. (Endesa-Chile), 8.350%, 8/01/2013		254,998
	3,570,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		4,407,186
	13,642,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		12,983,050
	1,435,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		1,481,933
	2,732,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		3,674,005
	101,073,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.250%, 12/01/2018, 144A(e)		97,788,128
	5,940,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.000%, 12/01/2020, 144A		6,682,500
	555,000	Enersis S.A., Cayman Islands, 7.400%, 12/01/2016		647,328
	9,600,000	PPL Energy Supply LLC, 4.600%, 12/15/2021		10,230,605
	16,670,000	Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.500%, 10/01/2020, 144A		12,460,825
				352,917,586
		Financial Other — 0.3%
	19,005,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		21,134,567
	20,000,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		28,441,520
				49,576,087
		Food & Beverage — 0.1%
	4,880,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		5,343,600
	4,370,000	Viterra, Inc., 6.406%, 2/16/2021, 144A, (CAD)		4,750,625
				10,094,225
		Government Guaranteed — 0.5%
	72,695,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		69,083,156
		Government Owned – No Guarantee — 0.6%
	19,500,000	DP World Ltd., 6.850%, 7/02/2037, 144A		22,171,500
	70,300,000,000	Export-Import Bank of Korea, 6.600%, 11/04/2013, 144A, (IDR)		7,248,116
	499,300,000,000	Export-Import Bank of Korea, 8.300%, 3/15/2014, 144A, (IDR)		52,445,126
	8,935,000	Petroleos de Venezuela S.A., 5.375%, 4/12/2027		6,165,150
				88,029,892
		Government Sponsored — 0.1%
	1,000,000	EDP Finance BV, EMTN, 2.250%, 2/11/2021, (CHF)		930,686
	10,807,000	Eksportfinans ASA, 2.000%, 9/15/2015		10,375,671
	9,005,000	Eksportfinans ASA, 2.375%, 5/25/2016		8,566,006
				19,872,363
		Healthcare — 2.3%
	2,795,000	HCA Holdings, Inc., 6.250%, 2/15/2021		2,980,169
	9,960,000	HCA, Inc., 5.875%, 3/15/2022		10,731,900
	108,560,000	HCA, Inc., 5.875%, 5/01/2023		112,902,400
	14,620,000	HCA, Inc., 7.050%, 12/01/2027		14,327,600
	11,104,000	HCA, Inc., 7.190%, 11/15/2015		12,242,160

See accompanying notes to financial statements.

11  |

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	20,447,000	HCA, Inc., 7.500%, 12/15/2023	$	21,878,290
	24,215,000	HCA, Inc., 7.500%, 11/06/2033		24,699,300
	46,148,000	HCA, Inc., 7.690%, 6/15/2025		49,262,990
	32,745,000	HCA, Inc., 8.360%, 4/15/2024		36,674,400
	15,815,000	HCA, Inc., MTN, 7.580%, 9/15/2025		16,487,137
	9,492,000	HCA, Inc., MTN, 7.750%, 7/15/2036		9,492,000
	32,559,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		29,791,485
				341,469,831
		Home Construction — 0.8%
	1,350,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023, 144A		1,377,000
	11,265,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		9,631,575
	13,360,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		12,291,200
	16,075,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		16,155,375
	6,290,000	K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		6,462,975
	11,315,000	KB Home, 7.250%, 6/15/2018		12,446,500
	47,260,000	Pulte Group, Inc., 6.000%, 2/15/2035		45,369,600
	13,190,000	Pulte Group, Inc., 6.375%, 5/15/2033		13,255,950
				116,990,175
		Independent Energy — 0.2%
	1,150,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		1,577,317
	1,375,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		1,502,188
	1,040,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		1,133,600
	21,470,000	Connacher Oil and Gas Ltd., 8.500%, 8/01/2019, 144A		14,116,525
	12,635,000	QEP Resources, Inc., 6.875%, 3/01/2021		14,372,312
	2,780,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		2,884,250
				35,586,192
		Industrial Other — 0.1%
	7,475,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A		7,699,250
	10,000,000	Worthington Industries, Inc., 6.500%, 4/15/2020		10,930,220
				18,629,470
		Life Insurance — 1.2%
	34,562,000	American International Group, Inc., 6.250%, 3/15/2087		38,280,871
	27,655,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		37,230,544
	19,625,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		22,973,339
	2,855,000	American International Group, Inc., Series MPLE, 4.900%, 6/02/2014, (CAD)		2,886,505
	23,200,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 12/29/2049, 144A		23,026,000
	1,000,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, 10/29/2049, (GBP)		1,473,866
	1,350,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		1,788,349
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		18,054,855
	1,475,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		2,057,625

See accompanying notes to financial statements.

|  12

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Life Insurance — continued
$	8,145,000	MetLife, Inc., 10.750%, 8/01/2069	$	12,645,113
	8,920,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		9,832,471
	3,910,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		4,533,602
				174,783,140
		Local Authorities — 2.0%
	86,645,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		86,873,574
	900,000	City of Madrid Spain, 4.550%, 6/16/2036, (EUR)		772,956
	8,095,000	City of Rome Italy, EMTN, 5.345%, 1/27/2048, (EUR)		8,289,965
	3,905,000	Manitoba (Province of), GMTN, 6.375%, 9/01/2015, (NZD)		3,479,361
	82,840,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		95,168,677
	66,305,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		74,661,848
	26,730,000	Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		28,974,096
				298,220,477
		Media Cable — 0.6%
	25,270,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		28,685,685
	44,800,000	UPC Holding BV, 6.375%, 9/15/2022, 144A, (EUR)		56,882,508
				85,568,193
		Media Non-Cable — 1.0%
	4,795,000	Clear Channel Communications, Inc., 5.500%, 9/15/2014		4,699,100
	64,250,000	Clear Channel Communications, Inc., 9.000%, 3/01/2021		59,993,437
	3,995,000	Intelsat Luxembourg S.A., 6.750%, 6/01/2018, 144A		4,114,850
	28,785,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021, 144A		29,288,737
	16,000,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023, 144A		16,260,000
	8,335,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		8,689,238
	28,455,000	R.R. Donnelley & Sons Co., 8.250%, 3/15/2019		30,731,400
				153,776,762
		Metals & Mining — 0.8%
	3,949,000	Alcoa, Inc., 5.870%, 2/23/2022		4,219,483
	1,405,000	Alcoa, Inc., 5.950%, 2/01/2037		1,356,348
	4,330,000	Alcoa, Inc., 6.750%, 1/15/2028		4,752,712
	25,271,000	ArcelorMittal, 7.250%, 3/01/2041		25,144,645
	18,750,000	Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		15,234,375
	4,200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		4,536,000
	16,135,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		16,436,940
	7,000,000	United States Steel Corp., 6.050%, 6/01/2017		7,367,500
	6,779,000	United States Steel Corp., 6.650%, 6/01/2037		6,236,680
	7,490,000	United States Steel Corp., 6.875%, 4/01/2021		7,695,975
	16,435,000	United States Steel Corp., 7.000%, 2/01/2018		17,667,625
				110,648,283
		Non-Captive Consumer — 4.3%
	63,088,000	Residential Capital LLC, 9.625%, 5/15/2015(d)		68,765,920
	18,035,000	SLM Corp., 5.500%, 1/25/2023		17,899,737
	109,950(††)	SLM Corp., 6.000%, 12/15/2043		2,677,100

See accompanying notes to financial statements.

13  |

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Captive Consumer — continued
$	5,700,000	SLM Corp., MTN, 3.875%, 9/10/2015	$	5,935,342
	7,515,000	SLM Corp., MTN, 4.625%, 9/25/2017		7,806,221
	17,600,000	SLM Corp., MTN, 7.250%, 1/25/2022		19,668,000
	2,160,000	SLM Corp., MTN, 8.000%, 3/25/2020		2,505,600
	3,750,000	SLM Corp., Series A, MTN, 0.601%, 1/27/2014(b)		3,718,230
	41,770,000	SLM Corp., Series A, MTN, 5.000%, 4/15/2015		44,067,350
	14,465,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		14,547,610
	50,910,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		47,091,750
	95,060,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		112,646,100
	10,120,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		10,183,250
	14,232,000	Springleaf Finance Corp., Series I, MTN, 5.400%, 12/01/2015		14,623,380
	14,430,000	Springleaf Finance Corp., Series I, MTN, 5.850%, 6/01/2013		14,520,187
	800,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		796,000
	248,290,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		249,531,450
				636,983,227
		Non-Captive Diversified — 4.9%
	7,855,000	Aircastle Ltd., 7.625%, 4/15/2020		9,092,162
	32,711,000	Ally Financial, Inc., 8.000%, 12/31/2018		39,130,534
	29,332,000	Ally Financial, Inc., 8.000%, 11/01/2031		37,104,980
	57,000,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		47,151,961
	25,320,000	General Electric Capital Corp., Series A, EMTN, 5.500%, 2/01/2017, (NZD)		22,231,574
	79,035,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		72,006,592
	58,490,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		52,066,716
	15,305,000	General Electric Capital Corp., Series A, MTN, 0.604%, 5/13/2024(b)		13,661,320
	245,797,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		218,258,536
	325,000	International Lease Finance Corp., 3.875%, 4/15/2018		324,188
	2,665,000	International Lease Finance Corp., 5.875%, 4/01/2019		2,878,613
	24,750,000	International Lease Finance Corp., 5.875%, 8/15/2022		26,675,847
	1,995,000	International Lease Finance Corp., 6.250%, 5/15/2019		2,184,525
	20,610,000	International Lease Finance Corp., 7.125%, 9/01/2018, 144A		24,216,750
	10,245,000	International Lease Finance Corp., 8.250%, 12/15/2020		12,550,125
	2,620,000	International Lease Finance Corp., Series R, MTN, 5.625%, 9/20/2013		2,665,850
	2,222,000	International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		2,319,213
	23,175,000	iStar Financial, Inc., 5.850%, 3/15/2017		23,580,562
	20,478,000	iStar Financial, Inc., 5.875%, 3/15/2016		21,271,522
	8,300,000	iStar Financial, Inc., 6.050%, 4/15/2015		8,652,750
	19,240,000	iStar Financial, Inc., 7.125%, 2/15/2018		20,153,900
	6,778,000	iStar Financial, Inc., 8.625%, 6/01/2013		6,845,780
	2,920,000	iStar Financial, Inc., Series B, 5.700%, 3/01/2014		3,011,250
	44,610,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		45,446,437
	19,915,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017, 144A		20,811,175
				734,292,862
		Oil Field Services — 0.3%
	41,550,000	Edgen Murray Corp., 8.750%, 11/01/2020, 144A		43,108,125

See accompanying notes to financial statements.

|  14

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Paper — 0.9%
$	14,715,000	Georgia-Pacific LLC, 7.250%, 6/01/2028	$	19,339,321
	47,875,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		65,053,747
	775,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		1,157,960
	12,040,000	Westvaco Corp., 7.950%, 2/15/2031		14,696,241
	23,815,000	Westvaco Corp., 8.200%, 1/15/2030		29,655,272
	2,840,000	Weyerhaeuser Co., 6.950%, 10/01/2027		3,452,721
				133,355,262
		Pharmaceuticals — 0.4%
	11,225,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		11,835,359
	43,165,000	VPI Escrow Corp., 6.375%, 10/15/2020, 144A		45,485,119
				57,320,478
		Pipelines — 1.1%
	750,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		833,687
	9,115,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		10,393,443
	8,935,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		10,033,585
	40,591,980	Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014, 144A(c)		42,322,010
	81,710,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		87,021,150
	3,870,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		3,928,050
	3,065,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		2,773,825
	4,168,000	Transportadora de Gas del Sur S.A., 7.875%, 5/14/2017, 144A		3,678,260
				160,984,010
		Property & Casualty Insurance — 0.4%
	14,855,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		17,154,792
	3,405,000	Hanover Insurance Group, Inc. (The), 7.500%, 3/01/2020		4,008,223
	12,510,000	MBIA Insurance Corp., 11.564%, 1/15/2033, 144A(b)(h)		2,877,300
	11,200,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		12,600,403
	3,000,000	White Mountains Re Group Ltd., (fixed rate to 6/30/2017, variable rate thereafter), 7.506%, 5/29/2049, 144A		3,175,230
	1,425,000	XL Group PLC, 6.375%, 11/15/2024		1,728,193
	15,000,000	XL Group PLC, (fixed rate to 4/15/2017, variable rate thereafter), 6.500%, 12/29/2049		14,662,500
				56,206,641
		Railroads — 0.0%
	1,153,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		922,400
		Retailers — 0.8%
	2,500,000	Dillard’s, Inc., 6.625%, 1/15/2018		2,759,375
	3,325,000	Dillard’s, Inc., 7.000%, 12/01/2028		3,491,250
	4,187,000	Dillard’s, Inc., 7.130%, 8/01/2018		4,783,647
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,631,250
	425,000	Dillard’s, Inc., 7.875%, 1/01/2023		469,625
	10,270,000	Foot Locker, Inc., 8.500%, 1/15/2022		11,707,800
	3,685,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		3,132,250
	37,064,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		27,798,000
	635,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		600,075
	160,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		127,600

See accompanying notes to financial statements.

15  |

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Retailers — continued
$	3,985,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097	$	2,904,069
	12,275,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		14,980,152
	6,365,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		6,841,637
	37,646,000	Toys R Us, Inc., 7.375%, 10/15/2018		33,222,595
				114,449,325
		Sovereigns — 1.9%
	3,250,000	Cyprus Government International Bond, EMTN, 3.750%, 6/03/2013, (EUR)		3,791,074
	47,935,000	Hellenic Republic Government International Bond, 2.125%, 7/05/2013, (CHF)		47,642,128
	64,132,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		8,777,686
	10,000,000,000	Indonesia Treasury Bond, Series FR47, 10.000%, 2/15/2028, (IDR)		1,390,364
	166,250,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		87,619,077
	56,700,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		33,670,667
	49,120,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)		28,105,901
	18,400,000	Republic of Croatia, 6.750%, 11/05/2019, 144A		20,149,656
	5,226,139,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		29,704,636
	1,605,660,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		9,324,172
	3,112,923,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		19,480,723
				289,656,084
		Supermarkets — 0.8%
	8,336,000	American Stores Co., 7.900%, 5/01/2017		9,607,240
	79,276,000	New Albertson’s, Inc., 7.450%, 8/01/2029		63,519,895
	22,640,000	New Albertson’s, Inc., 7.750%, 6/15/2026		18,140,300
	13,590,000	New Albertson’s, Inc., 8.000%, 5/01/2031		11,007,900
	5,815,000	New Albertson’s, Inc., 8.700%, 5/01/2030		4,884,600
	16,342,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		11,786,668
	4,385,000	SUPERVALU, Inc., 8.000%, 5/01/2016		4,560,400
				123,507,003
		Supranational — 2.0%
	16,375,000	European Bank for Reconstruction & Development, 6.250%, 2/05/2016, (BRL)		8,066,962
	250,500,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		27,162,526
	128,560,000	European Bank for Reconstruction & Development, EMTN, 9.000%, 4/28/2014, (BRL)		65,662,143
	460,500,000,000	European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A, (IDR)		47,132,833
	60,665,000	European Investment Bank, MTN, 6.250%, 4/15/2015, (AUD)		66,701,587
	244,840,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013, (IDR)		25,014,371
	24,450,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		22,474,847
	8,300,000	International Bank for Reconstruction & Development, 1.430%, 3/05/2014, (SGD)		6,698,619
	72,900,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		34,950,152
				303,864,040

See accompanying notes to financial statements.

|  16

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — 1.2%
	832,000	Alcatel-Lucent, EMTN, 6.375%, 4/07/2014, (EUR)	$	1,098,495
	31,237,000	Alcatel-Lucent France, Inc., 8.500%, 1/15/2016, (EUR)		42,163,355
	91,809,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		70,692,930
	5,845,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		4,442,200
	34,955,000	Amkor Technology, Inc., 6.375%, 10/01/2022		34,867,612
	14,000,000	First Data Corp., 10.625%, 6/15/2021, 144A		14,157,500
	8,015,000	First Data Corp., 11.250%, 1/15/2021, 144A		8,335,600
	475,000	Motorola Solutions, Inc., 6.000%, 11/15/2017		555,945
	2,562,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		2,844,215
	225,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		288,225
	3,615,000	SunGard Data Systems, Inc., 6.625%, 11/01/2019, 144A		3,732,487
				183,178,564
		Textile — 0.0%
	2,595,000	Jones Group, Inc. (The), 6.125%, 11/15/2034		2,208,994
	3,450,000	Jones Group, Inc./Apparel Group Holdings/Apparel Group USA/Footwear Accessories Retail, 6.875%, 3/15/2019		3,652,687
				5,861,681
		Transportation Services — 0.3%
	10,503,000	APL Ltd., 8.000%, 1/15/2024(c)		9,872,820
	6,805,461	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 7/02/2015		7,009,625
	6,862,758	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(g)(h)		6,382,365
	5,759,782	Atlas Air Pass Through Trust, Series 1999-1, Class A-1, 7.200%, 7/02/2020		5,874,977
	5,414,409	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016		4,710,536
	4,744,556	Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(g)(h)		3,653,308
	2,462,676	Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 7/02/2017		2,388,796
	3,970,000	Erac USA Finance Co., 7.000%, 10/15/2037, 144A		5,065,136
				44,957,563
		Treasuries — 16.0%
	272,755,000	Canadian Government, 2.250%, 8/01/2014, (CAD)		272,894,620
	201,485,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		204,650,527
	89,045,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		92,073,503
	80,216,000	Canadian Government, 3.500%, 6/01/2013, (CAD)		79,291,327
	171,980,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		191,941,768
	25,445,000	Canadian Government, 4.250%, 6/01/2018, (CAD)		28,680,950
	32,535,000	Ireland Government Bond, 4.500%, 10/18/2018, (EUR)		44,534,951
	80,820,000	Ireland Government Bond, 4.500%, 4/18/2020, (EUR)		108,227,992
	24,400,000	Ireland Government Bond, 5.000%, 10/18/2020, (EUR)		33,592,107
	121,560,000	Ireland Government Bond, 5.400%, 3/13/2025, (EUR)		168,443,346
	1,440,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 8/01/2034, (EUR)		1,827,849
	1,440,000	Italy Buoni Poliennali Del Tesoro, 5.250%, 11/01/2029, (EUR)		1,888,394
	1,435,000	Italy Buoni Poliennali Del Tesoro, 5.750%, 2/01/2033, (EUR)		1,970,793
	16,739,481(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		169,091,601
	22,670,000	New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		21,573,233

See accompanying notes to financial statements.

17  |

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	53,301,000	New Zealand Government Bond, 6.500%, 4/15/2013, (NZD)	$	44,683,000
	457,420,000	Norwegian Government Bond, 4.250%, 5/19/2017, (NOK)		87,197,335
	784,075,000	Norwegian Government Bond, 5.000%, 5/15/2015, (NOK)		144,691,589
	925,040,000	Norwegian Government Bond, 6.500%, 5/15/2013, (NOK)		159,144,099
	23,580,000	Portugal Obrigacoes do Tesouro OT, 3.850%, 4/15/2021, (EUR)		25,742,310
	1,995,000	Portugal Obrigacoes do Tesouro OT, 4.100%, 4/15/2037, (EUR)		1,816,537
	6,225,000	Portugal Obrigacoes do Tesouro OT, 4.800%, 6/15/2020, (EUR)		7,393,824
	24,995,000	Portugal Obrigacoes do Tesouro OT, 4.950%, 10/25/2023, (EUR)		28,531,496
	65,300,000	Singapore Government Bond, 1.375%, 10/01/2014, (SGD)		53,562,373
	419,985,000	U.S. Treasury Note, 0.250%, 6/30/2014		420,280,249
				2,393,725,773
		Wireless — 0.7%
	293,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		24,938,608
	31,041,000	Sprint Capital Corp., 6.875%, 11/15/2028		31,739,423
	29,252,000	Sprint Capital Corp., 6.900%, 5/01/2019		32,104,070
	6,260,000	Sprint Capital Corp., 8.750%, 3/15/2032		7,465,050
	11,309,000	Sprint Nextel Corp., 6.000%, 12/01/2016		12,270,265
				108,517,416
		Wirelines — 3.8%
	2,825,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A(i)		2,486,000
	4,370,000	Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)		5,338,554
	21,480,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		25,656,954
	72,320,000	CenturyLink, Inc., 6.450%, 6/15/2021		76,659,200
	765,000	CenturyLink, Inc., 7.650%, 3/15/2042		739,181
	7,410,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		7,335,900
	2,965,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,876,050
	350,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		332,500
	5,330,000	Embarq Corp., 7.995%, 6/01/2036		5,610,944
	37,225,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		36,108,250
	38,336,000	Frontier Communications Corp., 7.875%, 1/15/2027		37,952,640
	1,120,000	Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016, (GBP)		1,886,283
	1,800,000	Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015, (EUR)		2,445,785
	28,505,000	Level 3 Financing, Inc., 7.000%, 6/01/2020, 144A		29,858,987
	5,965,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		6,650,975
	2,555,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		2,864,666
	500,000	OTE PLC, GMTN, 4.625%, 5/20/2016, (EUR)		583,242
	16,550,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		19,735,716
	29,750,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		38,516,412
	750,000	Portugal Telecom International Finance BV, EMTN, 5.625%, 2/08/2016, (EUR)		1,014,561
	800,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		1,042,157
	16,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		18,440,990

See accompanying notes to financial statements.

|  18

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	42,460,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028	$	40,928,468
	12,463,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		14,072,584
	32,395,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		32,643,437
	31,060,000	Qwest Corp., 6.875%, 9/15/2033		30,873,081
	3,075,000	Qwest Corp., 7.200%, 11/10/2026		3,099,578
	3,999,000	Qwest Corp., 7.250%, 9/15/2025		4,542,656
	28,906,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		26,835,174
	22,645,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		21,998,916
	4,350,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		4,669,721
	31,690,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		34,572,157
	18,600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		20,978,442
	3,346,000	Verizon New England, Inc., 7.875%, 11/15/2029		4,220,986
	2,080,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		2,337,980
				565,909,127
		Total Non-Convertible Bonds (Identified Cost $8,945,868,556)		9,856,576,818
	Convertible Bonds — 7.5%
		Airlines — 0.0%
	1,255,000	United Continental Holdings, Inc., 4.500%, 6/30/2021		1,304,497
		Automotive — 1.4%
	4,240,000	ArvinMeritor, Inc., (Step to Zero Coupon on 2/15/2019), 4.000%, 2/15/2027(i)		3,373,450
	125,580,000	Ford Motor Co., 4.250%, 11/15/2016		201,241,950
	8,460,000	Navistar International Corp., 3.000%, 10/15/2014		8,634,488
				213,249,888
		Brokerage — 0.0%
	5,025,000	Jefferies Group LLC, 3.875%, 11/01/2029		5,166,328
		Diversified Manufacturing — 0.3%
	30,570,000	Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		30,741,956
	16,727,000	Trinity Industries, Inc., 3.875%, 6/01/2036		20,061,946
				50,803,902
		Electric — 0.0%
	1,800,000	CMS Energy Corp., 5.500%, 6/15/2029		3,652,875
		Healthcare — 0.4%
	13,305,000	Hologic, Inc., (accretes to principal after 12/15/2013), 2.000%, 12/15/2037(i)		13,354,894
	7,210,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(i)		7,552,475
	1,810,000	Illumina, Inc., 0.250%, 3/15/2016, 144A		1,742,125
	2,380,000	LifePoint Hospitals, Inc., 3.500%, 5/15/2014		2,595,687
	3,780,000	Omnicare, Inc., 3.250%, 12/15/2035		3,775,275
	20,495,000	Omnicare, Inc., 3.750%, 12/15/2025		33,099,425
				62,119,881

See accompanying notes to financial statements.

19  |

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Home Construction — 0.7%
$	52,005,000	Lennar Corp., 3.250%, 11/15/2021, 144A	$	98,061,928
		Independent Energy — 0.4%
	20,440,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		18,140,500
	24,655,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		23,622,572
	11,536,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		11,550,420
				53,313,492
		Life Insurance — 0.6%
	72,915,000	Old Republic International Corp., 3.750%, 3/15/2018		81,345,797
		Media Non-Cable — 0.0%
	5,778,282	Liberty Media LLC, 3.500%, 1/15/2031		3,019,152
		Metals & Mining — 0.1%
	1,000,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		1,122,500
	14,155,000	United States Steel Corp., 2.750%, 4/01/2019		14,314,244
				15,436,744
		Non-Captive Diversified — 0.1%
	10,660,000	iStar Financial, Inc., 3.000%, 11/15/2016		12,532,163
		Pharmaceuticals — 0.0%
	3,065,000	Vertex Pharmaceuticals, Inc., 3.350%, 10/01/2015		3,672,253
		REITs – Warehouse/Industrials — 0.2%
	19,445,000	ProLogis LP, 3.250%, 3/15/2015		22,398,209
		Technology — 2.6%
	49,215,000	Ciena Corp., 0.875%, 6/15/2017		44,508,816
	7,185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		8,145,994
	6,075,000	Ciena Corp., 4.000%, 3/15/2015, 144A		6,728,062
	2,429,000	Intel Corp., 2.950%, 12/15/2035		2,577,776
	205,005,000	Intel Corp., 3.250%, 8/01/2039		246,774,769
	1,055,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		1,125,553
	52,965,000	Micron Technology, Inc., Series B, 1.875%, 8/01/2031		61,836,637
	8,550,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032, 144A		10,564,594
	6,000,000	Micron Technology, Inc., Series D, 3.125%, 5/01/2032, 144A		7,485,000
				389,747,201
		Wirelines — 0.7%
	3,220,500	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A, (MXN)(c)(f)(i)(j)		338,220
	6,000,000	Level 3 Communications, Inc., 6.500%, 10/01/2016		7,946,250
	54,075,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		63,031,172
	32,895,000	Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		38,343,235
	900,000	Portugal Telecom International Finance BV, Series PTC, 4.125%, 8/28/2014, (EUR)		1,165,202
				110,824,079
		Total Convertible Bonds (Identified Cost $887,935,203)		1,126,648,389

See accompanying notes to financial statements.

|  20

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Municipals — 1.1%
		District of Columbia — 0.0%
$	3,850,000	Metropolitan Washington DC Airports Authority, Series D, 8.000%, 10/01/2047	$	4,759,755
		Illinois — 0.3%
	1,725,000	Chicago O’Hare International Airport, Series A, (AGMC insured), 4.500%, 1/01/2038		1,826,033
	47,285,000	State of Illinois, 5.100%, 6/01/2033		46,563,904
				48,389,937
		Michigan — 0.1%
	13,225,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034(c)		11,573,991
		Virginia — 0.7%
	128,820,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)		95,749,330
		Total Municipals (Identified Cost $183,247,641)		160,473,013
		Total Bonds and Notes (Identified Cost $10,017,051,400)		11,143,698,220
	Senior Loans — 2.1%
		Airlines — 0.3%
	42,885,000	Delta Air Lines, Inc., Term Loan B1, 5.250%, 10/10/2018(b)		43,548,431
		Automotive — 0.1%
	11,480,000	TI Group Automotive Systems LLC, Term Loan B, 3/27/2019(k)		11,566,100
		Chemicals — 0.2%
	2,000,000	Al Chem & Cy S.C.A., 2nd Lien Term Loan, 4/03/2020(k)		2,042,500
	31,355,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.500%, 12/21/2020(b)		31,825,325
				33,867,825
		Consumer Products — 0.1%
	8,589,669	Visant Holding Corp., Term Loan B, 5.250%, 12/22/2016(b)		8,324,335
		Diversified Manufacturing — 0.0%
	6,385,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 9.750%, 12/18/2020(b)		6,504,719
		Electric — 0.0%
	4,788,467	Texas Competitive Electric Holdings Company LLC, Non-Extended Term Loan, 3.733%, 10/10/2014(l)		3,508,893
		Food & Beverage — 0.1%
	13,633,122	DS Waters Enterprises LP, 1st Lien Term Loan, 10.500%, 8/29/2017(b)		13,973,950
		Media Non-Cable — 0.1%
	20,726,381	SuperMedia, Inc., Exit Term Loan, 11.000%, 12/31/2015(b)		15,221,040
		Metals & Mining — 0.3%
	11,561,900	Essar Steel Algoma, Inc., ABL Term Loan, 8.750%, 9/19/2014(b)		11,735,328

See accompanying notes to financial statements.

21  |

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

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — continued
$	33,586,225	FMG America Finance, Inc., Term Loan, 5.250%, 10/18/2017(b)	$	33,967,093
				45,702,421
		Non-Captive Diversified — 0.6%
	84,000,000	iStar Financial, Inc., Add on Term Loan A2, 7.000%, 3/20/2017(b)		89,433,960
		Supermarkets — 0.1%
	11,965,000	Supervalu, Inc., New Term Loan B, 6.250%, 3/21/2019(b)		12,160,747
		Technology — 0.1%
	4,159,375	Alcatel-Lucent USA, Inc., USD Term Loan B, 6.250%, 8/01/2016(b)		4,214,320
	9,127,748	Alcatel-Lucent USA, Inc., USD Term Loan C, 7.250%, 1/30/2019(b)		9,258,549
				13,472,869
		Wireless — 0.1%
	19,535,114	Hawaiian Telcom Communications, Inc., Term Loan B, 7.000%, 2/28/2017(b)		19,876,978
		Wirelines — 0.0%
	1,495,000	Integra Telecom, Inc., Refi 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		1,533,003
		Total Senior Loans (Identified Cost $312,660,610)		318,695,271
Shares
	Common Stocks — 18.5%
		Biotechnology — 0.3%
	867,059	Vertex Pharmaceuticals, Inc.(h)		47,670,904
		Chemicals — 2.1%
	1,364,851	Dow Chemical Co. (The)		43,456,856
	2,000,000	PPG Industries, Inc.		267,880,000
				311,336,856
		Containers & Packaging — 0.1%
	460,656	Owens-Illinois, Inc.(h)		12,276,483
	2,304	Rock-Tenn Co., Class A		213,788
				12,490,271
		Diversified Financial Services — 0.3%
	3,979,932	Bank of America Corp.		48,475,572
		Diversified Telecommunication Services — 2.0%
	183,181	FairPoint Communications, Inc.(h)		1,368,362
	283,397	Hawaiian Telcom Holdco, Inc.(h)		6,537,969
	3,871,339	Telecom Italia SpA, Sponsored ADR		23,615,168
	200,000	Telecom Italia SpA, Sponsored ADR		1,426,000
	19,550,590	Telefonica S.A., Sponsored ADR		264,128,471
				297,075,970
		Electric Utilities — 0.0%
	94,166	Duke Energy Corp.		6,835,510

See accompanying notes to financial statements.

|  22

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

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Electronic Equipment, Instruments & Components — 2.8%
	32,000,000	Corning, Inc.	$	426,560,000
		Food Products — 0.6%
	2,309,175	ConAgra Foods, Inc.		82,691,557
		Household Durables — 0.2%
	477,725	KB Home		10,400,073
	549,450	Lennar Corp., Class A		22,791,186
				33,191,259
		Insurance — 0.6%
	1,510,275	Prudential Financial, Inc.		89,091,122
		Oil, Gas & Consumable Fuels — 1.8%
	846,398	Chesapeake Energy Corp.		17,274,983
	5,351,804	Repsol YPF S.A., Sponsored ADR		109,123,283
	2,134,173	Royal Dutch Shell PLC, ADR		139,062,713
	141,249	Spectra Energy Corp.		4,343,407
				269,804,386
		Pharmaceuticals — 3.7%
	8,514,190	Bristol-Myers Squibb Co.		350,699,486
	2,288	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		90,788
	2,691,177	Valeant Pharmaceuticals International, Inc.(h)		201,892,098
				552,682,372
		REITs – Apartments — 0.3%
	290,904	Apartment Investment & Management Co., Class A		8,919,117
	889,730	Associated Estates Realty Corp.		16,584,567
	460,000	Equity Residential		25,327,600
				50,831,284
		REITs – Regional Malls — 0.1%
	123,159	Simon Property Group, Inc.		19,528,091
		REITs – Shopping Centers — 0.0%
	201,557	DDR Corp.		3,511,123
		Semiconductors & Semiconductor Equipment — 2.2%
	14,733,856	Intel Corp.		321,934,754
		Software — 1.3%
	6,568,091	Microsoft Corp.		187,913,083
		Trading Companies & Distributors — 0.1%
	176,859	United Rentals, Inc.(h)		9,721,939
		Total Common Stocks (Identified Cost $2,333,772,416)		2,771,346,053
	Preferred Stocks — 3.3%
	Convertible Preferred Stocks — 2.5%
		Automotive — 1.0%
	2,826,055	General Motors Co., Series B, 4.750%		121,350,802

See accompanying notes to financial statements.

23  |

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

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Automotive — continued
	657,940	Goodyear Tire & Rubber Co. (The), 5.875%	$	28,626,969
				149,977,771
		Banking — 0.2%
	19,062	Bank of America Corp., Series L, 7.250%		23,220,566
	8,533	Wells Fargo & Co., Series L, Class A, 7.500%		10,996,904
				34,217,470
		Electric — 0.1%
	380,577	AES Trust III, 6.750%		19,154,440
		Home Construction — 0.1%
	355,000	Hovnanian Enterprises, Inc., 7.250%		10,401,500
		Independent Energy — 0.3%
	52,020	Chesapeake Energy Corp., 4.500%		4,644,866
	40,620	Chesapeake Energy Corp., 5.000%		3,598,932
	21,588	Chesapeake Energy Corp., Series A, 5.750%, 144A		22,060,237
	32,500	SandRidge Energy, Inc., 7.000%		2,900,625
	99,800	SandRidge Energy, Inc., 8.500%		9,160,642
				42,365,302
		Metals & Mining — 0.1%
	784,390	ArcelorMittal, 6.000%		16,432,971
		Non-Captive Diversified — 0.2%
	433,535	iStar Financial, Inc., Series J, 4.500%		22,474,454
		Pipelines — 0.1%
	242,297	El Paso Energy Capital Trust I, 4.750%		14,230,103
		REITs – Healthcare — 0.0%
	116,700	Health Care REIT, Inc., Series I, 6.500%		7,248,237
		Technology — 0.4%
	58,020	Lucent Technologies Capital Trust I, 7.750%		53,784,540
		Total Convertible Preferred Stocks (Identified Cost $365,577,831)		370,286,788
	Non-Convertible Preferred Stocks — 0.8%
		Banking — 0.2%
	35,000	Bank of America Corp., 6.375%		889,350
	847,800	Citigroup Capital XIII, (fixed rate to 10/30/2015, variable rate thereafter), 7.875%		24,238,602
	389,800	Countrywide Capital IV, 6.750%		9,873,634
				35,001,586
		Electric — 0.0%
	393	Entergy New Orleans, Inc., 4.750%		38,146
		Government Sponsored — 0.2%
	26,000	Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(i)		27,137,500

See accompanying notes to financial statements.

|  24

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

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Home Construction — 0.0%
	208,246	Hovnanian Enterprises, Inc., 7.625%(h)	$	3,191,370
		Non-Captive Consumer — 0.0%
	101,175	SLM Corp., Series A, 6.970%		5,059,762
		Non-Captive Diversified — 0.3%
	45,861	Ally Financial, Inc., Series G, 7.000%, 144A		45,353,663
	10,425	iStar Financial, Inc., Series G, 7.650%		248,636
	39,300	iStar Financial, Inc., Series F, 7.800%		939,270
	39,200	iStar Financial, Inc., Series E, 7.875%		941,192
				47,482,761
		REITs – Office Property — 0.0%
	1,596	Highwoods Properties, Inc., Series A, 8.625%		1,966,571
		REITs – Warehouse/Industrials — 0.1%
	116,192	ProLogis, Inc., Series Q, 8.540%		7,331,715
		Total Non-Convertible Preferred Stocks (Identified Cost $84,691,051)		127,209,411
		Total Preferred Stocks (Identified Cost $450,268,882)		497,496,199
	Closed End Investment Companies — 0.0%
	681,131	NexPoint Credit Strategies Fund (Identified Cost $10,230,352)		5,231,086
Principal Amount (‡)
	Short-Term Investments — 0.8%
$	21,114,531	Repurchase Agreement with State Street Bank and Trust Company, dated 3/29/2013 at 0.010% to be repurchased at $21,114,549 on 4/01/2013 collateralized by $22,110,000 Federal Home Loan Mortgage Corp., 2.080% due 10/17/2022 valued at $22,176,396 including accrued interest (Note 2 of Notes to Financial Statements)		21,114,531
	91,328,233	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $91,328,233 on 4/01/2013 collateralized by $310,000 U.S. Treasury Bill, due 8/15/2013 valued at $309,845; $92,895,000 U.S. Treasury Bill, due 8/29/2013 valued at $92,848,553 including accrued interest (Note 2 of Notes to Financial Statements)		91,328,233
		Total Short-Term Investments (Identified Cost $112,442,764)		112,442,764
		Total Investments — 99.2% (Identified Cost $13,236,426,424)(a)		14,848,909,593
		Other assets less liabilities — 0.8%		118,298,377
		Net Assets — 100.0%	$	14,967,207,970

See accompanying notes to financial statements.

25  |

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

Loomis Sayles Strategic Income Fund – (continued)

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(††)	Amount shown represents units. One unit represents a principal amount of 25.
(†††)	Amount shown represents units. One unit represents a principal amount of 100.
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2013, the net unrealized appreciation on investments based on a cost of $13,282,408,428 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	$	2,055,654,932
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(489,153,767	)
	Net unrealized appreciation	$	1,566,501,165
(b)	Variable rate security. Rate as of March 31, 2013 is disclosed.
(c)	Illiquid security. At March 31, 2013, the value of these securities amounted to $298,306,190 or 2.0% of net assets.
(d)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(e)	All or a portion of interest payment is paid-in-kind.
(f)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
(g)	Maturity has been extended under the terms of a plan of reorganization.
(h)	Non-income producing security.
(i)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(j)	Fair valued by the Fund’s investment adviser. At March 31, 2013, the value of this security amounted to $338,220 or less than 0.1% of net assets.
(k)	Position is unsettled. Contract rate was not determined at March 31, 2013 and does not take effect until settlement date.
(l)	Variable rate security. Rate shown represents the weighted average rate of underlying contracts at March 31, 2013.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $1,922,745,178 or 12.8% of net assets.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
ABS	Asset-Backed Securities
AGMC	Assured Guaranty Municipal Corp.
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MBIA	Municipal Bond Investors Assurance Corp.
MTN	Medium Term Note
REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

|  26

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

Loomis Sayles Strategic Income Fund – (continued)

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

Industry Summary at March 31, 2013 (Unaudited)

Treasuries	16.0	%
Banking	7.2
Non-Captive Diversified	6.1
Wirelines	4.5
Non-Captive Consumer	4.3
Technology	4.3
Pharmaceuticals	4.1
Automotive	3.4
Airlines	2.9
Electronic Equipment, Instruments & Components	2.8
Chemicals	2.7
Healthcare	2.7
Electric	2.5
Semiconductors & Semiconductor Equipment	2.2
Supranational	2.0
Local Authorities	2.0
Diversified Telecommunication Services	2.0
Other Investments, less than 2% each	26.7
Short-Term Investments	0.8
Total Investments	99.2
Other assets less liabilities	0.8
Net Assets	100.0	%

See accompanying notes to financial statements.

27  |

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

Loomis Sayles Strategic Income Fund – (continued)

Currency Exposure Summary at March 31, 2013 (Unaudited)

United States Dollar	70.3	%
Canadian Dollar	7.0
Euro	5.0
New Zealand Dollar	4.4
Australian Dollar	3.1
Norwegian Krone	2.7
Other, less than 2% each	6.7
Total Investments	99.2
Other assets less liabilities	0.8
Net Assets	100.0	%

See accompanying notes to financial statements.

|  28

Statement of Assets and Liabilities

March 31, 2013 (Unaudited)

ASSETS
Investments at cost	$	13,236,426,424
Net unrealized appreciation		1,612,483,169
Investments at value		14,848,909,593
Cash		7,889,304
Foreign currency at value (identified cost $7,369,146)		7,449,073
Receivable for Fund shares sold		29,860,977
Receivable for securities sold		513,788
Dividends and interest receivable		188,272,846
Tax reclaims receivable		550,009
TOTAL ASSETS		15,083,445,590
LIABILITIES
Payable for securities purchased		76,790,859
Payable for Fund shares redeemed		29,572,830
Foreign taxes payable (Note 2)		266,631
Management fees payable (Note 5)		7,073,378
Deferred Trustees’ fees (Note 5)		818,934
Administrative fees payable (Note 5)		560,816
Payable to distributor (Note 5d)		126,881
Other accounts payable and accrued expenses		1,027,291
TOTAL LIABILITIES		116,237,620
NET ASSETS	$	14,967,207,970
NET ASSETS CONSIST OF:
Paid-in capital	$	13,673,471,230
Distributions in excess of net investment income		(73,355,121	)
Accumulated net realized loss on investments and foreign currency transactions		(244,698,166	)
Net unrealized appreciation on investments and foreign currency translations		1,611,790,027
NET ASSETS	$	14,967,207,970
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	5,202,029,406
Shares of beneficial interest		329,030,474
Net asset value and redemption price per share	$	15.81
Offering price per share (100/95.50 of net asset value) (Note 1)	$	16.55
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	75,427,658
Shares of beneficial interest		4,737,282
Net asset value and offering price per share	$	15.92
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	5,049,835,222
Shares of beneficial interest		317,511,975
Net asset value and offering price per share	$	15.90

See accompanying notes to financial statements.

29  |

Statement of Assets and Liabilities (continued)

March 31, 2013 (Unaudited)

Class N shares:
Net assets	$	5,511,491
Shares of beneficial interest		348,820
Net asset value, offering and redemption price per share	$	15.80
Class Y shares:
Net assets	$	4,568,956,021
Shares of beneficial interest		289,209,192
Net asset value, offering and redemption price per share	$	15.80
Admin Class shares:
Net assets	$	65,448,172
Shares of beneficial interest		4,150,121
Net asset value, offering and redemption price per share	$	15.77

See accompanying notes to financial statements.

|  30

Statement of Operations

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

INVESTMENT INCOME
Interest	$	325,576,956
Dividends		52,133,699
Less net foreign taxes withheld		(1,618,937	)
		376,091,718
Expenses
Management fees (Note 5)		41,076,516
Service and distribution fees (Note 5)		32,181,324
Administrative fees (Note 5)		3,265,404
Trustees’ fees and expenses (Note 5)		155,724
Transfer agent fees and expenses (Notes 5 and 6)		5,259,275
Audit and tax services fees		27,398
Custodian fees and expenses		572,990
Legal fees		102,244
Registration fees		327,436
Shareholder reporting expenses		762,723
Miscellaneous expenses		168,780
Total expenses		83,899,814
Net investment income		292,191,904
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		45,478,628
Foreign currency transactions		(302,947	)
Net change in unrealized appreciation (depreciation) on:
Investments		548,865,475
Foreign currency translations		(1,019,710	)
Net realized and unrealized gain on investments and foreign currency transactions		593,021,446
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	885,213,350

See accompanying notes to financial statements.

31  |

Statement of Changes in Net Assets

	Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income	$	292,191,904		$	642,076,865
Net realized gain on investments and foreign currency transactions		45,175,681			288,184,441
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		547,845,765			835,269,437
Net increase in net assets resulting from operations		885,213,350			1,765,530,743
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(145,299,307	)		(300,094,602	)
Class B		(1,983,975	)		(4,942,822	)
Class C		(123,112,165	)		(241,863,153	)
Class N		(20,784	)		—
Class Y		(131,808,388	)		(208,703,036	)
Admin Class		(1,574,375	)		(1,997,277	)
Total distributions		(403,798,994	)		(757,600,890	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		(211,957,168	)		820,378,728
Net increase in net assets		269,457,188			1,828,308,581
NET ASSETS
Beginning of the period		14,697,750,782			12,869,442,201
End of the period	$	14,967,207,970		$	14,697,750,782
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(73,355,121	)	$	38,251,969

See accompanying notes to financial statements.

|  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
Class A
3/31/2013(h)	$	15.30	$	0.32	$	0.63		$	0.95		$	(0.44	)	$	—		$	(0.44	)
9/30/2012		14.21		0.72		1.21			1.93			(0.84	)		—			(0.84	)
9/30/2011		14.69		0.77		(0.42	)		0.35			(0.83	)		—			(0.83	)
9/30/2010		13.39		0.80		1.31			2.11			(0.81	)		—			(0.81	)
9/30/2009		12.10		0.87		1.36			2.23			(0.86	)		(0.08	)		(0.94	)
9/30/2008		15.18		0.96		(3.02	)		(2.06	)		(1.01	)		(0.01	)		(1.02	)
Class B
3/31/2013(h)		15.41		0.27		0.62			0.89			(0.38	)		—			(0.38	)
9/30/2012		14.30		0.61		1.23			1.84			(0.73	)		—			(0.73	)
9/30/2011		14.78		0.66		(0.43	)		0.23			(0.71	)		—			(0.71	)
9/30/2010		13.46		0.69		1.33			2.02			(0.70	)		—			(0.70	)
9/30/2009		12.16		0.79		1.36			2.15			(0.77	)		(0.08	)		(0.85	)
9/30/2008		15.25		0.85		(3.04	)		(2.19	)		(0.89	)		(0.01	)		(0.90	)
Class C
3/31/2013(h)		15.39		0.27		0.62			0.89			(0.38	)		—			(0.38	)
9/30/2012		14.29		0.61		1.23			1.84			(0.74	)		—			(0.74	)
9/30/2011		14.77		0.66		(0.43	)		0.23			(0.71	)		—			(0.71	)
9/30/2010		13.45		0.69		1.33			2.02			(0.70	)		—			(0.70	)
9/30/2009		12.15		0.79		1.37			2.16			(0.78	)		(0.08	)		(0.86	)
9/30/2008		15.24		0.85		(3.03	)		(2.18	)		(0.90	)		(0.01	)		(0.91	)
Class N
3/31/2013*		15.78		0.10		0.04			0.14			(0.12	)		—			(0.12	)
Class Y
3/31/2013(h)		15.29		0.34		0.63			0.97			(0.46	)		—			(0.46	)
9/30/2012		14.20		0.75		1.22			1.97			(0.88	)		—			(0.88	)
9/30/2011		14.68		0.81		(0.43	)		0.38			(0.86	)		—			(0.86	)
9/30/2010		13.38		0.83		1.31			2.14			(0.84	)		—			(0.84	)
9/30/2009		12.09		0.90		1.36			2.26			(0.89	)		(0.08	)		(0.97	)
9/30/2008		15.17		1.00		(3.03	)		(2.03	)		(1.04	)		(0.01	)		(1.05	)
Admin Class
3/31/2013(h)		15.27		0.30		0.62			0.92			(0.42	)		—			(0.42	)
9/30/2012		14.18		0.67		1.23			1.90			(0.81	)		—			(0.81	)
9/30/2011		14.66		0.73		(0.42	)		0.31			(0.79	)		—			(0.79	)
9/30/2010**		13.87		0.52		0.79			1.31			(0.52	)		—			(0.52	)

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

** From commencement of Class operations on February 1, 2010 through September 30, 2010.

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

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

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

(d) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

See accompanying notes to financial statements.

33  |

									Ratios to Average Net Assets:
Redemption fees (b)(c)		Net asset value, end of the period		Total return (%) (d)(e)			Net assets, end of the period (000’s)		Net expenses (%) (f)(g)		Gross expenses (%) (g)		Net investment income (%) (g)		Portfolio turnover rate (%)
$	—	$	15.81		6.31		$	5,202,029		0.95		0.95		4.15		8
	—		15.30		14.02			5,155,287		0.96		0.96		4.84		30
	—		14.21		2.20			5,262,765		0.95		0.95		5.10		25
	—		14.69		16.20			5,758,070		0.96		0.96		5.67		27
	—		13.39		20.56			5,544,029		0.99		0.99		7.74		39
	0.00		12.10		(14.54	)		5,551,066		0.97		0.98		6.59		24
	—		15.92		5.85			75,428		1.70		1.70		3.40		8
	—		15.41		13.15			89,552		1.70		1.70		4.11		30
	—		14.30		1.48			107,400		1.70		1.70		4.35		25
	—		14.78		15.39			137,268		1.71		1.71		4.92		27
	—		13.46		19.62			148,887		1.74		1.74		7.02		39
	0.00		12.16		(15.19	)		161,751		1.72		1.73		5.78		24
	—		15.90		5.87			5,049,835		1.70		1.70		3.40		8
	—		15.39		13.18			5,064,186		1.71		1.71		4.08		30
	—		14.29		1.42			4,666,077		1.70		1.70		4.35		25
	—		14.77		15.40			5,146,164		1.71		1.71		4.92		27
	—		13.45		19.66			4,894,546		1.74		1.74		6.95		39
	0.00		12.15		(15.19	)		3,984,204		1.72		1.73		5.85		24
	—		15.80		0.88			5,511		0.69		0.69		3.94		8
	—		15.80		6.45			4,568,956		0.70		0.70		4.40		8
	—		15.29		14.31			4,339,240		0.71		0.71		5.05		30
	—		14.20		2.46			2,807,777		0.70		0.70		5.35		25
	—		14.68		16.50			2,521,337		0.71		0.71		5.92		27
	—		13.38		20.91			2,057,888		0.72		0.72		7.76		39
	0.00		12.09		(14.34	)		783,058		0.72		0.72		6.88		24
	—		15.77		6.13			65,448		1.20		1.20		3.91		8
	—		15.27		13.79			49,486		1.21		1.21		4.52		30
	—		14.18		1.98			25,424		1.21		1.21		4.87		25
	—		14.66		9.61			4,379		1.24		1.24		5.52		27

(e) A sales charge for Class A shares and a contingent deferred sales charge for Class B and Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

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

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

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

See accompanying notes to financial statements.

|  34

Notes to Financial Statements

March 31, 2013 (Unaudited)

1.  Organization.  Loomis Sayles Funds II (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 Strategic Income Fund (the “Fund”).

The Fund is a diversified investment company.

The Fund offers Class A, Class C, Class Y and Admin Class shares. Effective February 1, 2013, the Fund began offering Class N shares. Effective October 12, 2007, Class B shares are no longer offered. Existing Class B shareholders may continue to reinvest dividends into Class B shares and exchange their Class B shares for Class B shares of other Natixis Funds subject to existing exchange privileges as described in the prospectus.

Class A shares are sold with a maximum front-end sales charge of 4.50%. Class B shares do not pay a front-end sales charge; however, they are charged higher Rule 12b-1 fees, and are subject to a contingent deferred sales charge (“CDSC”) if such shares are redeemed within six years of purchase. After eight years of ownership, Class B shares convert to Class A shares. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are primarily intended for employer-sponsored retirement plans. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000, though some categories of investors are exempted from the minimum investment amount as outlined in the Fund’s prospectus. Admin Class shares do not pay a front-end sales charge or a CDSC, but do pay a Rule 12b-1 fee. Class N and Admin Class shares are offered exclusively through intermediaries.

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 for Class N). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

35  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

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

The Fund may hold securities traded in foreign markets. Foreign securities are valued at the closing market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities are fair valued on a daily basis pursuant to procedures approved by the

|  36

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Board of Trustees. When fair valuing securities, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the foreign market and before the Fund calculates its net asset value.

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily net asset value calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as the Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of the cost of investments or as a realized gain, respectively. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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

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

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

The Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statement of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statement of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes eligible to be reclaimed are reflected on the Statement of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statement of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statement of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are 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, trust preferred securities and return of capital and capital gains distributions from real estate investment trusts (“REITs”). Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax

|  38

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

distributable earnings are primarily due to wash sales, premium amortization, non-REIT return of capital outstanding, REIT basis adjustments, trust preferred securities, contingent payment debt instruments and defaulted bond interest. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

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

2012 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains		Total
$ 757,600,890	$	—	$	757,600,890

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

Capital loss carryforward:
Short-term:
Expires September 30, 2018	$	(242,738,243	)

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

g.  Securities Lending.  The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount 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

39  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. Excess collateral in the amount of $2,840,356 related to terminated loans with a bankrupt borrower is held by State Street Bank on behalf of the Fund.

For the six months ended March 31, 2013, the Fund did not loan securities under this agreement.

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

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

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

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

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

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

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

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	66,650,946	$	323,558,300	(b)	$	390,209,246

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3			Total
Electric	$	—	$	281,331,580	$	71,586,006	(b)	$	352,917,586
Non-Captive Consumer		2,677,100		634,306,127		—			636,983,227
Transportation Services		—		14,937,956		30,019,607	(b)		44,957,563
All Other Non-Convertible Bonds(a)		—		8,431,509,196		—			8,431,509,196
Total Non-Convertible Bonds		2,677,100		9,428,735,805		425,163,913			9,856,576,818
Convertible Bonds
Wirelines		—		110,485,859		338,220	(c)		110,824,079
All Other Convertible Bonds(a)		—		1,015,824,310		—			1,015,824,310
Total Convertible Bonds		—		1,126,310,169		338,220			1,126,648,389
Municipals(a)		—		160,473,013		—			160,473,013
Total Bonds and Notes		2,677,100		10,715,518,987		425,502,133			11,143,698,220
Senior Loans(a)		—		318,695,271		—			318,695,271
Common Stocks(a)		2,771,346,053		—		—			2,771,346,053
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		30,304,035		12,061,267		—			42,365,302
All Other Convertible Preferred Stocks(a)		327,921,486		—		—			327,921,486
Total Convertible Preferred Stocks		358,225,521		12,061,267		—			370,286,788
Non-Convertible Preferred Stocks
Electric		—		38,146		—			38,146
Government Sponsored		—		27,137,500		—			27,137,500
Non-Captive Diversified		2,129,098		45,353,663		—			47,482,761
REITs — Office Property		—		1,966,571		—			1,966,571

41  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3		Total
All Other Non-Convertible Preferred Stocks(a)	$	50,584,433	$	—	$	—	$	50,584,433
Total Non-Convertible Preferred Stocks		52,713,531		74,495,880		—		127,209,411
Total Preferred Stocks		410,939,052		86,557,147		—		497,496,199
Closed End Investment Companies		5,231,086		—		—		5,231,086
Short-Term Investments		—		112,442,764		—		112,442,764
Total	$	3,190,193,291	$	11,233,214,169	$	425,502,133	$	14,848,909,593

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

(b) Valued using broker-dealer bid prices.

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

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

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Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—		$	49,575	$	451,236		$	9,328,978		$	41,015,000
Banking		18,800,082			—		—			—			—
Electric		12,874,750			—		—			6,709,546			—
Sovereigns		21,173,458			—		—			—			—
Transportation Services		8,953,808			—		373,420			679,169			—
Convertible Bonds
Wirelines		—			—		(12	)		(162,808	)		1,002,079
Total	$	61,802,098		$	49,575	$	824,644		$	16,554,885		$	42,017,079
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2013			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
Non-Convertible Bonds
Airlines	$	(17,846,588	)	$	290,560,099	$	—		$	323,558,300		$	9,328,978
Banking		—			—		(18,800,082	)		—			—
Electric		(18,235,000	)		70,236,710		—			71,586,006			1,349,296
Sovereigns		—			—		(21,173,458	)		—			—
Transportation Services		(2,368,459	)		31,335,477		(8,953,808	)		30,019,607			679,169
Convertible Bonds
Wirelines		(501,039	)		—		—			338,220			(162,808	)
Total	$	(38,951,086	)	$	392,132,286	$	(48,927,348	)	$	425,502,133		$	11,194,635

43  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Debt securities valued at $48,927,348 were transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

Debt securities valued at $392,132,286 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

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, 2013, purchases and sales of securities (excluding short-term investments and including paydowns) were $1,561,833,030 and $1,113,545,302, 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 $200 million	Next $1.8 billion	Next $13 billion	Over $15 billion
0.65%	0.60%	0.55%	0.54%

Loomis Sayles has given a binding undertaking to the Fund to waive management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. This undertaking is in effect until January 31, 2014 and is reevaluated on an annual basis. Management fees payable, as reflected on the Statement of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to this undertaking.

For the six months ended March 31, 2013, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:

Expense Limit as a Percentage of Average Daily Net Assets
Class A	Class B	Class C	Class N	Class Y	Admin Class
1.25%	2.00%	2.00%	0.95%	1.00%	1.50%

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

|  44

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

a class by class basis in later periods to the extent the annual operating expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the six months ended March 31, 2013, the management fees for the Fund were $41,076,516 (effective rate of 0.56% of average daily net assets).

No expenses were recovered during the six months ended March 31, 2013 under the terms of the expense limitation agreement.

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

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

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a Service Plan relating to the Fund’s Class A shares (the “Class A Plan”), a Distribution and Service Plan relating to the Fund’s Class B and Class C shares (the “Class B and Class C Plans”), and a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

Under the Class A Plan, the Fund pays NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class A shares, as reimbursement for expenses incurred by NGAM Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class B and Class C Plans, the Fund pays NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class B and Class C shares, as compensation for services provided by NGAM Distribution in providing personal services to investors in Class B and Class C shares and/or the maintenance of shareholder accounts.

Also under the Class B and Class C Plans, the Fund pays NGAM Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to the Fund’s Class B and Class C shares, as compensation for services provided by NGAM Distribution in connection with the marketing or sale of Class B and Class C shares.

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

45  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

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

Service Fees				Distribution Fees
Class A	Class B	Class C	Admin Class	Class B	Class C	Admin Class
$6,401,598	$102,781	$6,306,213	$71,875	$308,343	$18,918,639	$71,875

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

For the six months ended March 31, 2013, the administrative fees for the Fund were $3,265,404.

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

|  46

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

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

Sub-Transfer Agent Fees

$5,068,239

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

Reimbursements of Sub-Transfer Agent Fees

$126,881

Sub-transfer agent fees attributable to Class A, Class B, Class C, Class Y and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the six months ended March 31, 2013 amounted to $1,968,148.

f.  Trustees Fees and Expenses.  The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2013, the Chairperson of the Board receives a retainer fee at the annual rate of $285,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $115,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairman receives an additional retainer fee at an annual rate of $17,500. Each Contract Review and Governance Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

47  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

Prior to January 1, 2013, the Chairperson of the Board received a retainer fee at the annual rate of $265,000 and each Independent Trustee (other than the Chairperson) received, in aggregate, a retainer fee at the annual rate of $95,000. In addition, each committee chairman received an additional retainer fee at an annual rate of $15,000, and each Audit Committee member was compensated $7,500 for each Committee meeting that he or she attended in person and $3,750 for each meeting that he or she attended telephonically.

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

6.  Class-Specific Expenses.  For the period from February 1, 2013 through March 31, 2013, the Fund incurred the following class-specific expenses:

	Class N
Transfer Agent Fees and Expenses	$3

Transfer agent fees and expenses attributable to Class A, Class B, Class C, Class Y and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

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

For the six months ended March 31, 2013, the Fund had no borrowings under these agreements.

8.  Concentration of Risk.  The Fund’s investments in foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities, varying degrees of

|  48

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

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

	Six Months Ended March 31, 2013					Year Ended September 30, 2012
	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	39,006,790		$	607,959,012		89,649,016		$	1,329,714,799
Issued in connection with the reinvestment of distributions	7,710,601			119,558,217		17,112,282			251,237,402
Redeemed	(54,561,607	)		(846,301,064	)	(140,160,164	)		(2,089,858,590	)
Net change	(7,844,216	)	$	(118,783,835	)	(33,398,866	)	$	(508,906,389	)
Class B
Issued from the sale of shares	44,744		$	699,168		142,281		$	2,116,364
Issued in connection with the reinvestment of distributions	72,912			1,137,876		185,322			2,735,333
Redeemed	(1,192,776	)		(18,659,465	)	(2,023,077	)		(30,224,174	)
Net change	(1,075,120	)	$	(16,822,421	)	(1,695,474	)	$	(25,372,477	)
Class C
Issued from the sale of shares	17,017,899		$	266,301,554		46,818,995		$	698,131,858
Issued in connection with the reinvestment of distributions	4,329,113			67,509,618		8,706,591			128,555,991
Redeemed	(32,879,623	)		(514,506,879	)	(52,957,737	)		(789,494,609	)
Net change	(11,532,611	)	$	(180,695,707	)	2,567,849		$	37,193,240
Class N*
Issued from the sale of shares	347,505		$	5,501,000		—		$	—
Issued in connection with the reinvestment of distributions	1,315			20,784		—			—
Redeemed	—			—		—			—
Net change	348,820		$	5,521,784		—		$	—
Class Y
Issued from the sale of shares	52,137,181		$	811,534,305		152,377,472		$	2,276,301,803
Issued in connection with the reinvestment of distributions	4,965,833			76,934,685		7,426,725			109,413,688
Redeemed	(51,647,946	)		(803,696,318	)	(73,738,087	)		(1,089,758,132	)
Net change	5,455,068		$	84,772,672		86,066,110		$	1,295,957,359
Admin Class
Issued from the sale of shares	1,129,607		$	17,501,020		1,594,030		$	23,654,032
Issued in connection with the reinvestment of distributions	83,651			1,294,679		108,806			1,599,070
Redeemed	(304,859	)		(4,745,360	)	(253,748	)		(3,746,107	)
Net change	908,399		$	14,050,339		1,449,088		$	21,506,995
Increase (decrease) from capital share transactions	(13,739,660	)	$	(211,957,168	)	54,988,707		$	820,378,728

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

49  |

Notes to Financial Statements (continued)

March 31, 2013 (Unaudited)

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

Loomis Sayles Funds II

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

* Trust-wide voting results.

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

|  50

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There was no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1)	Not applicable.
(a)	(2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and a(2)(2), respectively.
(a)	(3)	Not applicable.
(b)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Loomis Sayles Funds II
By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	Chief Executive Officer
Date:	May 22, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	Chief Executive Officer
Date:	May 22, 2013
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	May 22, 2013

EX-99.CERT

Exhibit (a)(2)(1)

Loomis Sayles Funds II

Exhibit to SEC Form N-CSR

Section 302 Certification

I, Robert J. Blanding, certify that:

1. I have reviewed this report on Form N-CSR of Loomis Sayles Funds II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all materials respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 22, 2013

/s/ Robert J. Blanding

Robert J. Blanding

Chief Executive Officer

Exhibit (a)(2)(2)

Loomis Sayles Funds II

Exhibit to SEC Form N-CSR

Section 302 Certification

I, Michael C. Kardok, certify that:

1. I have reviewed this report on Form N-CSR of Loomis Sayles Funds II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all materials respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 22, 2013

/s/ Michael C. Kardok

Michael C. Kardok

Treasurer

EX-99.906CT

Exhibit (b)

Loomis Sayles Funds II

Section 906 Certification

In connection with the report on Form N-CSR for the period ended March 31, 2013 for the Registrant (the “Report”), the undersigned each hereby certifies to the best of his knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as applicable; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:	By:
Chief Executive Officer	Treasurer
Loomis Sayles Funds II	Loomis Sayles Funds II
/s/ Robert J. Blanding	/s/ Michael C. Kardok
Robert J. Blanding	Michael C. Kardok
Date: May 22, 2013	Date: May 22, 2013

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Loomis Sayles Funds II, and will be retained by Loomis Sayles Funds II and furnished to the Securities and Exchange Commission or its staff upon request.