Loomis Sayles Funds II

N-CSRS 1 d787519dncsrs.htm LOOMIS SAYLES FUNDS II Loomis Sayles Funds II

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)

888 Boylston Street, Suite 800 Boston, Massachusetts 02199-8197

(Address of principal executive offices) (Zip code)

Russell L. Kane, Esq.

Natixis Distribution, L.P.

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2019

Item 1.

Reports to Stockholders.

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

LOGO

Semiannual Report

June 30, 2019

Loomis Sayles High Income Fund

Loomis Sayles Investment Grade Bond Fund

Loomis Sayles Multi-Asset Income Fund

Table of Contents



Portfolio Review			1

Portfolio of Investments			15

Financial Statements			55

Notes to Financial Statements			74

Shareholder Supplement (previously posted to the Fund’s website)			enclosed

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling 1-800-225-5478. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically at www.icsdelivery.com/natixisfunds.

LOOMIS SAYLES HIGH INCOME FUND



Managers		Symbols

Matthew J. Eagan, CFA^®		Class A NEFHX

Brian P. Kennedy		Class C NEHCX

Elaine M. Stokes		Class N LSHNX

Todd P. Vandam, CFA^®		Class Y NEHYX

Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks high current income plus the opportunity for capital appreciation to produce a high total return.

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Average Annual Total Returns — June 30, 2019³



	6 Months			1 Year			5 Years			10 Years			Life of Class N			Expense Ratios⁴
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y (Inception 2/29/08)
NAV		9.67	%		6.59	%		3.71	%		8.29	%		—	%		1.02	%		0.80	%

Class A (Inception 2/22/84)
NAV		9.51			6.30			3.48			8.02			—			1.27			1.05
With 4.25% Maximum Sales Charge		4.78			1.71			2.56			7.55			—

Class C (Inception 3/2/98)
NAV		9.09			5.48			2.69			7.20			—			2.02			1.80
With CDSC¹		8.09			4.48			2.69			7.20			—

Class N (Inception 11/30/16)
NAV		9.68			6.88			—			—			6.07			0.89			0.75

Comparative Performance
Bloomberg Barclays U.S. Corporate High-Yield Bond Index²		9.94			7.48			4.70			9.24			6.58

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

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

The Bloomberg Barclays U.S. Corporate High-Yield Bond Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB /BB or below, excluding emerging market debt. The Bloomberg Barclays U.S. Corporate High-Yield Bond Index was created in 1986, with history backfilled to July 1, 1983, and rolls up into the Bloomberg Barclays U.S. Universal and Global High-Yield Indices.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/20. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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LOOMIS SAYLES INVESTMENT GRADE BOND FUND



Managers	Symbols

Matthew J. Eagan, CFA^®	Class A	LIGRX

Brian P. Kennedy	Class C	LGBCX

Elaine M. Stokes	Class N	LGBNX

Loomis, Sayles & Company, L.P.	Class Y	LSIIX

	Admin Class	LIGAX

Investment Goal

The Fund seeks high total investment return through a combination of current income and capital appreciation.

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Average Annual Total Returns — June 30, 2019⁴



	6 Months			1 Year			5 Years			10 Years			Life of Class N			Expense Ratios⁵
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y (Inception 12/31/96)
NAV		6.31	%		6.70	%		2.30	%		6.04	%		—	%		0.57	%		0.53	%

Class A (Inception 12/31/96)
NAV		6.19			6.45			2.04			5.77			—			0.82			0.78
With 4.25% Maximum Sales Charge		1.66			1.96			1.16			5.31			—

Class C (Inception 9/12/03)
NAV		5.76			5.55			1.27			4.98			—			1.57			1.53
With CDSC²		4.76			4.55			1.27			4.98			—

Class N (Inception 2/1/13)
NAV		6.34			6.75			2.40			—			3.04			0.48			0.48

Admin Class (Inception 2/1/10)¹
NAV		5.98			6.09			1.80			5.51			—			1.07			1.03

Comparative Performance
Bloomberg Barclays U.S. Government/Credit Bond Index³		6.90			8.52			3.11			4.09			2.81

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

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

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 MULTI-ASSET INCOME FUND



Managers	Symbols

Thomas Fahey	Class A	IIDPX

Kevin Kearns	Class C	CIDPX

Maura Murphy, CFA^®	Class N	LMINX

Loomis, Sayles & Company, L.P.	Class Y	YIDPX

Investment Goal

The Fund seeks current income with a secondary objective of capital appreciation.

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Average Annual Total Returns — June 30, 2019^5,6



	6 Months			1 Year			5 Years			10 Years			Life of Class N			Expense Ratios⁷
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y (Inception 12/3/12)¹
NAV		9.51	%		1.81	%		4.68	%		9.81	%		—	%		0.89	%		0.75	%

Class A (Inception 11/17/05)
NAV		9.30			1.53			4.42			9.68			—			1.14			1.00
With 4.25% Maximum Sales Charge		4.68			-2.77			3.52			9.20			—

Class C (Inception 11/17/05)
NAV		8.86			0.77			3.63			8.86			—			1.89			1.75
With CDSC²		7.86			-0.19			3.63			8.86			—

Class N (Inception 8/31/15)
NAV		9.53			1.86			—			—			6.36			1.38			0.70

Comparative Performance
Bloomberg Barclays U.S. Aggregate Bond Index³		6.11			7.87			2.95			3.90			3.22
S&P 500^® Index⁴		18.54			10.42			10.71			14.70			13.31

1	Prior to the inception of Class Y shares (12/3/2012), performance is that of Class A shares and reflects the higher net expenses of that share class.

2	Class C share performance assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

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

4	S&P 500^® Index is a widely recognized measure of U.S. stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors.

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

6	Prior to the stock market close August 31, 2015, the Fund had multiple subadvisers. The performance results shown above for the periods prior to the stock market close August 31, 2015 reflect results achieved by those subadvisers using different investment strategies.

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ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO SCHEDULES

Natixis Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at www.sec.gov.

CFA^® and Chartered Financial Analyst^® are registered trademarks owned by the CFA Institute.

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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 January 1, 2019 through June 30, 2019. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

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LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD * 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,095.10		$5.45
Hypothetical (5% return before expenses)		$1,000.00		$1,019.59		$5.26
Class C
Actual		$1,000.00		$1,090.90		$9.33
Hypothetical (5% return before expenses)		$1,000.00		$1,015.87		$9.00
Class N
Actual		$1,000.00		$1,096.80		$3.90
Hypothetical (5% return before expenses)		$1,000.00		$1,021.08		$3.76
Class Y
Actual		$1,000.00		$1,096.70		$4.16
Hypothetical (5% return before expenses)		$1,000.00		$1,020.83		$4.01

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.05%, 1.80%, 0.75% and 0.80% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).


LOOMIS SAYLES INVESTMENT GRADE BOND FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD * 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,061.90		$3.99
Hypothetical (5% return before expenses)		$1,000.00		$1,020.93		$3.91
Class C
Actual		$1,000.00		$1,057.60		$7.81
Hypothetical (5% return before expenses)		$1,000.00		$1,017.21		$7.65
Class N
Actual		$1,000.00		$1,063.40		$2.46
Hypothetical (5% return before expenses)		$1,000.00		$1,022.41		$2.41
Class Y
Actual		$1,000.00		$1,063.10		$2.71
Hypothetical (5% return before expenses)		$1,000.00		$1,022.17		$2.66
Admin Class
Actual		$1,000.00		$1,059.80		$5.26
Hypothetical (5% return before expenses)		$1,000.00		$1,019.69		$5.16

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.78%, 1.53%, 0.48%, 0.53% and 1.03% for Class A, 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 (181), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES MULTI-ASSET INCOME FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD* 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,093.00		$4.93
Hypothetical (5% return before expenses)		$1,000.00		$1,020.08		$4.76
Class C
Actual		$1,000.00		$1,088.60		$8.80
Hypothetical (5% return before expenses)		$1,000.00		$1,016.36		$8.50
Class N
Actual		$1,000.00		$1,095.30		$3.38
Hypothetical (5% return before expenses)		$1,000.00		$1,021.57		$3.26
Class Y
Actual		$1,000.00		$1,095.10		$3.64
Hypothetical (5% return before expenses)		$1,000.00		$1,021.32		$3.51

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.95%, 1.70%, 0.65% and 0.70% 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 (181), divided by 365 (to reflect the half-year period).

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BOARD APPROVAL OF THE EXISTING ADVISORY AND SUB-ADVISORY AGREEMENTS

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

In connection with these meetings, the Trustees receive materials that the Funds’ investment advisers and sub-advisers, as applicable (collectively, the “Advisers”) believe to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory and sub-advisory fees, if any, and other expenses, including information comparing the Funds’ advisory fees and sub-advisory fees, if any, to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense caps and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers and (v) information obtained through the completion by the Advisers of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) each Fund’s investment objective and strategies and the size, education and experience of the Advisers’ respective investment staffs and their use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, to the extent applicable, the use of “soft” commission dollars to pay for research and other similar services, (iv) each Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Advisers.

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

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and reviews. In addition, each quarter the Trustees are provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2019. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

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

The Trustees considered not only the advisory services provided by the Advisers to the Funds, but also the monitoring and oversight services provided by Natixis Advisors, L.P. (“Natixis Advisors”). They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Funds.

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

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

Investment performance of the Funds and the Advisers. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. In addition, the Trustees reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that measured the performance of the Funds on a risk adjusted basis.

The Board noted that, through December 31, 2018, each Fund’s one-, three- and five-year performance stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):


	One-Year			Three-Year			Five-Year
Loomis Sayles High Income Fund		68	%		39	%		35	%
Loomis Sayles Investment Grade Bond Fund		46	%		2	%		58	%
Loomis Sayles Multi-Asset Income Fund		95	%		82	%		50	%

In the case of each Fund that had performance that lagged that of a relevant category median as determined by the independent third-party for certain (although not necessarily all) periods the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and

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consistent with the Fund’s investment objective and policies; (2) that more recent performance has been stronger relative to its category; (3) that the Fund had recently been assigned to a different category by the independent third-party data provider, which is expected to result in more relevant performance comparisons; and (3) that longer-term performance has been competitive when compared to relevant performance benchmarks.

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

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

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

The Trustees noted that Loomis Sayles High Income Fund had a total advisory fee rate that was above the median of a peer group of funds. In this regard, the Trustees considered the factors that management believed justified such relatively higher advisory fee rate, including that management had proposed to reduce the expense cap of the Fund.

The Trustees also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Advisers’ and their affiliates’ relationships with the Funds, and information about the allocation of expenses used to calculate profitability. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the relevant Funds, the expense levels of the Funds, whether the Advisers had implemented breakpoints and/or expense caps with respect to such Funds and the overall profit margin of Natixis

13 |

Investment Managers compared to that of certain other investment managers for which such data was available.

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

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense caps. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense caps. With respect to economies of scale, the Trustees noted that Loomis Sayles Multi-Asset Income Fund and Loomis Sayles Investment Grade Bond Fund have breakpoints in their advisory fees and that each of the Funds was subject to an expense cap. The Trustees also considered management’s proposal to reduce the expense caps for Loomis Sayles Investment Grade Bond Fund and Loomis Sayles High Income Fund. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Advisers and their affiliates of their relationships with the Funds, as discussed above. The Trustees also considered that the Funds have benefitted from the substantial reinvestment each Adviser has made into its business.

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

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

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

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

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

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

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements should be continued through June 30, 2020.

| 14

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 93.0% of Net Assets
	Non-Convertible Bonds — 84.5%
		ABS Home Equity — 0.4%
$	77,587	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033	$	81,229
	59,508	Banc of America Funding Trust, Series 2007-4, Class 5A1, 5.500%, 11/25/2034		59,926
	735	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-HYB7, Class 2A, 5.111%, 11/20/2035(a)(b)(c)		409
	170,020	DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 1-month LIBOR + 0.330%, 2.720%, 9/19/2045(d)		138,847
	150,000	Home Partners of America Trust, Series 2016-2, Class E, 1-month LIBOR + 3.780%, 6.174%, 10/17/2033, 144A(d)		150,136
	155,000	Home Partners of America Trust, Series 2016-2, Class F, 1-month LIBOR + 4.700%, 7.094%, 10/17/2033, 144A(d)		155,092

				585,639

		Aerospace & Defense — 1.4%
	638,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		622,050
	383,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		411,725
	1,065,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		1,120,912

				2,154,687

		Airlines — 0.4%
	535,000	Latam Finance Ltd., 6.875%, 4/11/2024, 144A		555,469
	17,680	Virgin Australia Pass Through Certificates, Series 2013-1B, 6.000%, 4/23/2022, 144A		17,986

				573,455

		Automotive — 1.4%
	195,000	Allison Transmission, Inc., 5.000%, 10/01/2024, 144A		198,900
	510,000	Allison Transmission, Inc., 5.875%, 6/01/2029, 144A		536,775
	285,000	Dana Financing Luxembourg S.a.r.l., 5.750%, 4/15/2025, 144A		292,481
	690,000	Delphi Technologies PLC, 5.000%, 10/01/2025, 144A		615,825
	115,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		113,275
	420,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		400,050

				2,157,306

		Banking — 2.5%
	1,730,000	Ally Financial, Inc., 4.625%, 3/30/2025		1,825,150
	485,000	Ally Financial, Inc., 5.750%, 11/20/2025		536,483
	425,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		369,329
	470,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		471,277
	495,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		500,961

				3,703,200

		Building Materials — 2.8%
	610,000	Beacon Roofing Supply, Inc., 4.875%, 11/01/2025, 144A		603,900
	230,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		238,959

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Building Materials — continued
$	350,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A	$	385,003
	420,000	James Hardie International Finance Ltd., 4.750%, 1/15/2025, 144A		428,400
	445,000	James Hardie International Finance Ltd., 5.000%, 1/15/2028, 144A		442,775
	360,000	JELD-WEN, Inc., 4.625%, 12/15/2025, 144A		353,250
	160,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		154,800
	420,000	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 7/15/2023		425,250
	1,120,000	U.S. Concrete, Inc., 6.375%, 6/01/2024		1,164,800

				4,197,137

		Cable Satellite — 8.1%
	475,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		482,505
	625,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		638,086
	450,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025, 144A		465,187
	695,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 6/01/2029, 144A		717,587
	865,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 2/15/2026, 144A		907,169
	1,360,000	CSC Holdings LLC, 5.500%, 4/15/2027, 144A		1,428,000
	390,000	CSC Holdings LLC, 6.500%, 2/01/2029, 144A		425,588
	415,000	DISH DBS Corp., 7.750%, 7/01/2026		402,550
	355,000	Sirius XM Radio, Inc., 5.000%, 8/01/2027, 144A		361,177
	800,000	Telenet Finance Luxembourg Notes S.a.r.l., 5.500%, 3/01/2028, 144A		806,864
	1,485,000	Unitymedia GmbH, 6.125%, 1/15/2025, 144A		1,544,771
	265,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		274,606
	1,070,000	Virgin Media Secured Finance PLC, 5.500%, 5/15/2029, 144A		1,085,729
	2,570,000	Ziggo BV, 5.500%, 1/15/2027, 144A		2,614,230

				12,154,049

		Chemicals — 1.7%
	1,510,000	Hercules LLC, 6.500%, 6/30/2029		1,600,600
	825,000	Hexion, Inc., 6.625%, 4/15/2020(e)		639,375
	70,000	Hexion, Inc., 10.375%, 2/01/2022, 144A(e)		53,375
	245,000	SASOL Financing USA LLC, 5.875%, 3/27/2024		265,493

				2,558,843

		Construction Machinery — 0.7%
	615,000	United Rentals North America, Inc., 4.625%, 10/15/2025		624,994
	15,000	United Rentals North America, Inc., 5.500%, 5/15/2027		15,788
	180,000	United Rentals North America, Inc., 5.875%, 9/15/2026		191,700
	195,000	United Rentals North America, Inc., 6.500%, 12/15/2026		211,087

				1,043,569

		Consumer Cyclical Services — 1.1%
	585,000	Realogy Group LLC/Realogy Co-Issuer Corp., 4.875%, 6/01/2023, 144A		526,500
	350,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		374,938
	680,000	Uber Technologies, Inc., 7.500%, 11/01/2023, 144A		720,800

				1,622,238

		Electric — 1.7%
	125,000	AES Corp. (The), 5.125%, 9/01/2027		131,875
	479,000	AES Corp. (The), 5.500%, 4/15/2025		498,265

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — continued
$	150,000	AES Corp. (The), 6.000%, 5/15/2026	$	159,000
	1,502,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A		1,731,055

				2,520,195

		Finance Companies — 4.7%
	120,000	CIT Group, Inc., 4.125%, 3/09/2021		122,286
	120,000	iStar, Inc., 4.625%, 9/15/2020		121,050
	395,000	iStar, Inc., 5.250%, 9/15/2022		404,381
	800,000	iStar, Inc., 6.500%, 7/01/2021		814,000
	720,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		721,800
	255,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		258,825
	820,000	Navient Corp., 6.500%, 6/15/2022		871,037
	315,000	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/2025, 144A		296,100
	1,305,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		1,298,475
	710,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		732,188
	185,000	Springleaf Finance Corp., 6.875%, 3/15/2025		202,571
	700,000	Springleaf Finance Corp., 7.125%, 3/15/2026		766,937
	405,000	Unifin Financiera SAB de CV SOFOM ENR, 7.250%, 9/27/2023, 144A		417,960

				7,027,610

		Financial Other — 0.7%
	180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022		181,800
	105,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.250%, 2/01/2022		107,494
	465,000	Nationstar Mortgage Holdings, Inc., 8.125%, 7/15/2023, 144A		474,300
	330,000	Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/2026, 144A		334,950

				1,098,544

		Food & Beverage — 2.6%
	210,000	BRF S.A., 4.750%, 5/22/2024, 144A		210,107
	520,000	Cosan Luxembourg S.A., 7.000%, 1/20/2027, 144A		568,105
	330,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A		343,200
	385,000	Marfrig Holdings Europe BV, Class B, 8.000%, 6/08/2023, 144A		401,036
	250,000	NBM U.S Holdings, Inc., 7.000%, 5/14/2026, 144A		262,875
	280,000	Pilgrim’s Pride Corp., 5.750%, 3/15/2025, 144A		284,200
	540,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		559,575
	830,000	Post Holdings, Inc., 5.750%, 3/01/2027, 144A		856,975
	455,000	Sigma Holdco BV, 7.875%, 5/15/2026, 144A		420,875

				3,906,948

		Gaming — 0.8%
	175,000	Boyd Gaming Corp., 6.375%, 4/01/2026		185,129
	210,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.500%, 1/15/2028		208,425
	345,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 5.750%, 2/01/2027, 144A		371,738
	380,000	MGM Resorts International, 7.750%, 3/15/2022		423,700

				1,188,992

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Government Owned – No Guarantee — 1.0%
$	550,000	Petrobras Global Finance BV, 5.750%, 2/01/2029	$	573,320
	225,000	Petrobras Global Finance BV, 6.900%, 3/19/2049		239,625
	710,000	YPF S.A., 6.950%, 7/21/2027, 144A		644,112

				1,457,057

		Healthcare — 5.0%
	590,000	CHS/Community Health Systems, Inc., 6.250%, 3/31/2023		567,875
	170,000	HCA, Inc., 7.050%, 12/01/2027		192,100
	655,000	HCA, Inc., 7.500%, 12/15/2023		733,600
	145,000	HCA, Inc., 7.500%, 11/06/2033		166,750
	590,000	HCA, Inc., 7.690%, 6/15/2025		693,250
	480,000	HCA, Inc., 8.360%, 4/15/2024		554,400
	820,000	HCA, Inc., MTN, 7.580%, 9/15/2025		943,000
	515,000	HCA, Inc., MTN, 7.750%, 7/15/2036		587,100
	275,000	Hologic, Inc., 4.375%, 10/15/2025, 144A		278,781
	315,000	Hologic, Inc., 4.625%, 2/01/2028, 144A		319,725
	200,000	IQVIA, Inc., 5.000%, 10/15/2026, 144A		206,500
	715,000	MPH Acquisition Holdings LLC, 7.125%, 6/01/2024, 144A		670,456
	1,255,000	Polaris Intermediate Corp., 8.500% PIK, 8.500% Cash, 12/01/2022, 144A(f)		1,107,537
	390,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		391,950
	170,000	Tenet Healthcare Corp., 6.250%, 2/01/2027, 144A		175,950

				7,588,974

		Home Construction — 1.4%
	1,200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(a)(c)(e)		12
	800,000	Lennar Corp., 4.750%, 5/30/2025		847,000
	1,130,000	PulteGroup, Inc., 5.500%, 3/01/2026		1,220,400

				2,067,412

		Independent Energy — 9.7%
	460,000	Aker BP ASA, 5.875%, 3/31/2025, 144A		485,875
	685,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		654,175
	740,000	Bruin E&P Partners LLC, 8.875%, 8/01/2023, 144A		621,600
	90,000	California Resources Corp., 5.500%, 9/15/2021		64,703
	41,000	California Resources Corp., 6.000%, 11/15/2024		23,780
	1,190,000	California Resources Corp., 8.000%, 12/15/2022, 144A		896,962
	140,000	Callon Petroleum Co., 6.125%, 10/01/2024		141,400
	425,000	Centennial Resource Production LLC, 6.875%, 4/01/2027, 144A		429,250
	635,000	Denbury Resources, Inc., 7.750%, 2/15/2024, 144A		527,050
	205,000	Denbury Resources, Inc., 9.250%, 3/31/2022, 144A		192,188
	375,000	Gulfport Energy Corp., 6.000%, 10/15/2024		289,687
	595,000	Gulfport Energy Corp., 6.375%, 5/15/2025		460,381
	365,000	Gulfport Energy Corp., 6.375%, 1/15/2026		276,488
	622,000	Halcon Resources Corp., 6.750%, 2/15/2025(g)(h)		186,600
	605,000	Matador Resources Co., 5.875%, 9/15/2026		611,050
	1,250,000	MEG Energy Corp., 6.500%, 1/15/2025, 144A		1,256,250
	585,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		555,750
	690,000	Montage Resources Corp., 8.875%, 7/15/2023		581,325
	185,000	Newfield Exploration Co., 5.625%, 7/01/2024		204,555

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Independent Energy — continued
$	592,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022	$	590,520
	210,000	PDC Energy, Inc., 5.750%, 5/15/2026		206,325
	205,000	PDC Energy, Inc., 6.125%, 9/15/2024		205,000
	870,000	Range Resources Corp., 4.875%, 5/15/2025		763,425
	330,000	Sanchez Energy Corp., 6.125%, 1/15/2023(g)(h)		14,850
	755,000	Sanchez Energy Corp., 7.250%, 2/15/2023, 144A(g)(h)		571,912
	685,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		659,312
	175,000	Seven Generations Energy Ltd., 6.875%, 6/30/2023, 144A		177,406
	920,000	SM Energy Co., 5.000%, 1/15/2024		844,100
	27,000	SM Energy Co., 6.125%, 11/15/2022		26,798
	45,000	SM Energy Co., 6.625%, 1/15/2027		41,625
	190,000	SM Energy Co., 6.750%, 9/15/2026		178,125
	425,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.750%, 4/15/2023, 144A		275,188
	405,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		408,037
	50,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		49,894
	1,215,000	Whiting Petroleum Corp., 6.625%, 1/15/2026		1,171,716

				14,643,302

		Integrated Energy — 0.1%
	200,000	Geopark Ltd., 6.500%, 9/21/2024, 144A		205,892

		Life Insurance — 0.2%
	340,000	CNO Financial Group, Inc., 5.250%, 5/30/2025		366,350

		Local Authorities — 0.3%
	325,000	Provincia de Buenos Aires, 6.500%, 2/15/2023, 144A		270,319
	270,000	Provincia de Buenos Aires, 7.875%, 6/15/2027, 144A		200,477

				470,796

		Lodging — 0.9%
	150,000	Hilton Domestic Operating Co., Inc., 4.250%, 9/01/2024		152,250
	755,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.625%, 4/01/2025		772,931
	365,000	Marriott Ownership Resorts, Inc./ILG LLC, 6.500%, 9/15/2026		391,463

				1,316,644

		Media Entertainment — 3.2%
	735,000	AMC Networks, Inc., 4.750%, 8/01/2025		742,350
	1,280,000	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022		1,304,000
	65,000	Gray Television, Inc., 5.125%, 10/15/2024, 144A		66,219
	99,931	iHeartCommunications, Inc., 6.375%, 5/01/2026		106,052
	346,125	iHeartCommunications, Inc., 8.375%, 5/01/2027		362,573
	395,000	Meredith Corp., 6.875%, 2/01/2026		419,146
	740,000	Netflix, Inc., 4.875%, 4/15/2028		763,125
	390,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		414,254
	105,000	Nexstar Escrow, Inc., 5.625%, 7/15/2027, 144A		107,494
	520,000	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 4/15/2022, 144A		518,700

				4,803,913

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Metals & Mining — 2.6%
$	190,000	Commercial Metals Co., 4.875%, 5/15/2023	$	191,425
	665,000	First Quantum Minerals Ltd., 6.500%, 3/01/2024, 144A		621,775
	835,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		774,462
	445,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		442,775
	200,000	First Quantum Minerals Ltd., 7.250%, 4/01/2023, 144A		194,750
	840,000	FMG Resources (August 2006) Pty Ltd., 4.750%, 5/15/2022, 144A		867,846
	370,000	FMG Resources (August 2006) Pty Ltd., 5.125%, 5/15/2024, 144A		383,875
	435,000	Mineral Resources Ltd., 8.125%, 5/01/2027, 144A		452,944

				3,929,852

		Midstream — 4.2%
	385,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		321,475
	205,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		175,275
	435,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		399,112
	1,265,000	Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.625%, 2/15/2026, 144A		1,301,369
	200,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		198,000
	405,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		423,225
	275,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 4/15/2026, 144A		284,625
	165,000	NGPL PipeCo LLC, 4.375%, 8/15/2022, 144A		169,950
	700,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		741,125
	385,000	SemGroup Corp./Rose Rock Finance Corp., 5.625%, 7/15/2022		379,518
	935,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.500%, 8/15/2022		897,600
	95,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		95,000
	640,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		648,864
	305,000	Transportadora de Gas del Sur S.A., 6.750%, 5/02/2025, 144A		294,782

				6,329,920

		Non-Agency Commercial Mortgage-Backed Securities — 1.4%
	100,000	CG-CCRE Commercial Mortgage Trust, Series 2014-FL2, Class COL1, 1-month LIBOR + 3.500%, 5.894%, 11/15/2031, 144A(d)(g)(h)		99,310
	225,000	CG-CCRE Commercial Mortgage Trust, Series 2014-FL2, Class COL2, 1-month LIBOR + 4.500%, 6.894%, 11/15/2031, 144A(d)(g)(h)		222,693
	1,020,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		958,386
	10,936	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class AM, 5.464%, 1/15/2049(b)		10,930
	380,000	Starwood Retail Property Trust, Series 2014-STAR, Class D, 1-month LIBOR + 3.250%, 5.644%, 11/15/2027, 144A(d)(g)(h)		344,077
	420,000	Starwood Retail Property Trust, Series 2014-STAR, Class E, 1-month LIBOR + 4.150%, 6.544%, 11/15/2027, 144A(d)		344,475
	125,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class E, 4.970%, 6/15/2045, 144A(b)		110,312

				2,090,183

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Oil Field Services — 2.1%
$	840,000	McDermott Technology Americas, Inc./McDermott Technology U.S., Inc., 10.625%, 5/01/2024, 144A	$	785,131
	160,000	Noble Holding International Ltd., 5.250%, 3/15/2042		85,275
	1,145,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		1,056,835
	330,750	Transocean Guardian Ltd., 5.875%, 1/15/2024, 144A		336,125
	210,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		216,562
	455,000	Transocean Sentry Ltd., 5.375%, 5/15/2023, 144A		455,569
	175,000	Transocean, Inc., 7.500%, 1/15/2026, 144A		166,688

				3,102,185

		Packaging — 1.2%
	200,000	ARD Finance S.A., 7.875% PIK, 7.125% Cash, 9/15/2023(f)		204,500
	395,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 4.625%, 5/15/2023, 144A		401,419
	1,165,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 7.250%, 5/15/2024, 144A		1,227,619

				1,833,538

		Pharmaceuticals — 1.9%
	53,000	Bausch Health Cos., Inc., 5.500%, 3/01/2023, 144A		53,424
	269,000	Bausch Health Cos., Inc., 5.875%, 5/15/2023, 144A		272,126
	220,000	Bausch Health Cos., Inc., 6.125%, 4/15/2025, 144A		224,668
	170,000	Bausch Health Cos., Inc., 9.000%, 12/15/2025, 144A		189,941
	280,000	Catalent Pharma Solutions, Inc., 4.875%, 1/15/2026, 144A		283,850
	235,000	Mylan NV, 5.250%, 6/15/2046		219,198
	85,000	Mylan, Inc., 5.200%, 4/15/2048		78,490
	1,020,000	Teva Pharmaceutical Finance Netherlands III BV, 2.800%, 7/21/2023		883,963
	1,055,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		717,347

				2,923,007

		Property & Casualty Insurance — 0.7%
	1,110,000	Ardonagh Midco 3 PLC, 8.625%, 7/15/2023, 144A		1,043,400

		Refining — 0.7%
	405,000	Parkland Fuel Corp., 5.875%, 7/15/2027, 144A		411,460
	635,000	Parkland Fuel Corp., 6.000%, 4/01/2026, 144A		649,287

				1,060,747

		REITs – Regional Malls — 0.5%
	695,000	Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.750%, 5/15/2026, 144A		715,850

		Restaurants — 0.6%
	890,000	1011778 B.C. ULC/New Red Finance, Inc., 5.000%, 10/15/2025, 144A		896,942

		Retailers — 1.9%
	830,000	Asbury Automotive Group, Inc., 6.000%, 12/15/2024		859,050
	820,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		830,250
	505,000	JC Penney Corp., Inc., 5.875%, 7/01/2023, 144A		422,937
	475,000	L Brands, Inc., 6.750%, 7/01/2036		408,500
	180,000	L Brands, Inc., 6.875%, 11/01/2035		160,085

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Retailers — continued
$	125,000	William Carter Co. (The), 5.625%, 3/15/2027, 144A	$	130,938

				2,811,760

		Technology — 4.1%
	500,000	CalAmp Corp., 2.000%, 8/01/2025, 144A		404,428
	170,000	Camelot Finance S.A., 7.875%, 10/15/2024, 144A		178,287
	120,000	CDK Global, Inc., 5.250%, 5/15/2029, 144A		124,350
	100,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		87,000
	100,000	CommScope Technologies LLC, 6.000%, 6/15/2025, 144A		93,721
	380,000	CommScope, Inc., 5.500%, 3/01/2024, 144A		389,975
	385,000	CommScope, Inc., 6.000%, 3/01/2026, 144A		394,625
	140,000	Dell International LLC/EMC Corp., 4.900%, 10/01/2026, 144A		146,070
	1,205,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		1,329,334
	620,000	Dun & Bradstreet Corp. (The), 6.875%, 8/15/2026, 144A		654,875
	420,000	First Data Corp., 5.375%, 8/15/2023, 144A		427,560
	190,000	Open Text Corp., 5.875%, 6/01/2026, 144A		200,982
	275,000	Sabre GLBL, Inc., 5.250%, 11/15/2023, 144A		283,250
	590,000	SS&C Technologies, Inc., 5.500%, 9/30/2027, 144A		612,125
	900,000	Western Digital Corp., 4.750%, 2/15/2026		882,945

				6,209,527

		Transportation Services — 0.2%
	275,000	APL Ltd., 8.000%, 1/15/2024(g)(h)		231,000

		Treasuries — 3.4%
	1,480,000	U.S. Treasury Note, 2.000%, 1/31/2020		1,479,538
	3,685,000	U.S. Treasury Note, 2.125%, 5/31/2021		3,710,046

				5,189,584

		Wireless — 3.7%
	1,000,000	Altice Luxembourg S.A., 10.500%, 5/15/2027, 144A		1,027,500
	200,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		202,500
	200,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		214,500
	865,000	Nokia Oyj, 4.375%, 6/12/2027		887,706
	90,000	Sprint Capital Corp., 6.875%, 11/15/2028		92,502
	20,000	Sprint Capital Corp., 8.750%, 3/15/2032		23,150
	890,000	Sprint Corp., 7.125%, 6/15/2024		943,667
	650,000	Sprint Corp., 7.250%, 9/15/2021		690,625
	1,085,000	Sprint Corp., 7.875%, 9/15/2023		1,178,582
	315,000	T-Mobile USA, Inc., 4.500%, 2/01/2026		322,481

				5,583,213

		Wirelines — 2.5%
	130,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		125,455
	555,000	Frontier Communications Corp., 8.000%, 4/01/2027, 144A		577,200
	1,060,000	Frontier Communications Corp., 8.500%, 4/01/2026, 144A		1,028,200
	120,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		132,300
	1,485,000	Windstream Services LLC/Windstream Finance Corp., 8.625%, 10/31/2025, 144A		1,514,700

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Wirelines — continued
$	505,000	Windstream Services LLC/Windstream Finance Corp., 10.500%, 6/30/2024, 144A(e)	$	366,125

				3,743,980

		Total Non-Convertible Bonds (Identified Cost $126,357,654)		127,107,440


	Convertible Bonds — 8.5%
		Cable Satellite — 1.3%
	1,515,000	DISH Network Corp., 2.375%, 3/15/2024		1,399,504
	580,000	DISH Network Corp., 3.375%, 8/15/2026		563,867

				1,963,371

		Diversified Manufacturing — 0.5%
	755,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		725,467

		Diversified Operations — 0.1%
	160,000	RWT Holdings, Inc., 5.625%, 11/15/2019		160,974

		Finance Companies — 0.3%
	370,000	iStar, Inc., 3.125%, 9/15/2022		379,658

		Independent Energy — 1.2%
	840,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		670,470
	825,000	PDC Energy, Inc., 1.125%, 9/15/2021		772,663
	225,000	SM Energy Co., 1.500%, 7/01/2021		207,033
	170,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		164,475

				1,814,641

		Industrial Other — 0.1%
	225,000	Tutor Perini Corp., 2.875%, 6/15/2021		213,245

		Oil Field Services — 0.6%
	860,000	Nabors Industries, Inc., 0.750%, 1/15/2024		613,429
	390,000	Oil States International, Inc., 1.500%, 2/15/2023		346,869

				960,298

		Pharmaceuticals — 1.8%
	1,530,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		1,588,331
	430,000	Dermira, Inc., 3.000%, 5/15/2022		370,457
	475,000	Flexion Therapeutics, Inc., 3.375%, 5/01/2024		412,360
	370,000	Intercept Pharmaceuticals, Inc., 3.250%, 7/01/2023		329,898

				2,701,046

		Retailers — 0.3%
	270,000	Booking Holdings, Inc., 0.350%, 6/15/2020		388,560

		Technology — 2.3%
	705,000	Avaya Holdings Corp., 2.250%, 6/15/2023		613,703
	475,000	Evolent Health, Inc., 2.000%, 12/01/2021		422,231
	865,000	Finisar Corp., 0.500%, 12/15/2036		843,310
	625,000	Nuance Communications, Inc., 1.000%, 12/15/2035		585,388

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Technology — continued
$	315,000	Nuance Communications, Inc., 1.250%, 4/01/2025	$	308,977
	245,000	Palo Alto Networks, Inc., 0.750%, 7/01/2023, 144A		258,125
	140,000	Verint Systems, Inc., 1.500%, 6/01/2021		150,021
	305,000	Western Digital Corp., 1.500%, 2/01/2024, 144A		273,899

				3,455,654

		Total Convertible Bonds (Identified Cost $13,397,879)		12,762,914


		Total Bonds and Notes (Identified Cost $139,755,533)		139,870,354


	Senior Loans — 1.3%
		Media Entertainment — 0.3%
	437,200	iHeartCommunications, Inc., Exit Term Loan, 5/01/2026(i)		437,611

		Retailers — 0.3%
	660,551	J.C. Penney Corp., Inc., 2016 Term Loan B, 3-month LIBOR + 4.250%, 6.771%, 6/23/2023(d)		573,577

		Transportation Services — 0.7%
	1,031,801	Uber Technologies, 2018 Term Loan, 1-month LIBOR + 4.000%, 6.411%, 4/04/2025(d)		1,031,367

		Total Senior Loans (Identified Cost $2,117,759)		2,042,555


	Loan Participations — 0.3%
		ABS Other — 0.3%
	409,762	Harbour Aircraft Investments Ltd., Series 2017-1, Class C, 8.000%, 11/15/2037(a) (Identified Cost $408,841)		413,156


Shares
	Preferred Stocks — 1.4%
		Food & Beverage — 1.0%
	15,414	Bunge Ltd., 4.875%		1,540,278

		Midstream — 0.4%
	137	Chesapeake Energy Corp., 5.750%		64,808
	20	Chesapeake Energy Corp., 5.750%, 144A		9,565
	988	Chesapeake Energy Corp., 5.750%		472,528

				546,901

		Total Preferred Stocks (Identified Cost $2,299,442)		2,087,179

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Shares		Description	Value (†)
	Other Investments — 0.6%
		Aircraft ABS — 0.6%
	100	ECAF I Blocker Ltd.(a)(c)(g)(j) (Identified Cost $1,000,000)	$	864,000


	Common Stocks — 0.3%
		Media — 0.3%
	41,970	Clear Channel Outdoor Holdings, Inc.(k)		198,098
	17,671	iHeartMedia, Inc., Class A(k)		265,949

				464,047

		Total Common Stocks (Identified Cost $577,986)		464,047


Principal Amount
	Short-Term Investments — 4.4%
$	6,644,356	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $6,645,187 on 7/01/2019 collateralized by $6,540,000 U.S. Treasury Note, 2.500% due 5/15/2024 valued at $6,782,385 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $6,644,356)		6,644,356


		Total Investments — 101.3% (Identified Cost $152,803,917)		152,385,647
		Other assets less liabilities — (1.3)%		(1,979,248	)

		Net Assets — 100.0%	$	150,406,399


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of June 30, 2019 is disclosed.
	(c)	Fair valued by the Fund’s adviser. At June 30, 2019, the value of these securities amounted to $864,421 or 0.6% of net assets. See Note 2 of Notes to Financial Statements.
	(d)	Variable rate security. Rate as of June 30, 2019 is disclosed.
	(e)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(f)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. For the period ended June 30, 2019, interest payments were made in cash.
	(g)	Illiquid security.
	(h)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2019, the value of these securities amounted to $1,670,442 or 1.1% of net assets. See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)



	(i)			Position is unsettled. Contract rate was not determined at June 30, 2019 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	(j)			Securities subject to restriction on resale. At June 30, 2019, the restricted securities held by the Fund are as follows:



	Acquisition Date		Acquisition Cost		Value		% of Net Assets
ECAF I Blocker Ltd.		December 20, 2016	$	1,000,000	$	864,000		0.6%


	(k)			Non-income producing security.


	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2019, the value of Rule 144A holdings amounted to $73,609,278 or 48.9% of net assets.
	ABS			Asset-Backed Securities
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	PIK			Payment-in-Kind
	REITs			Real Estate Investment Trusts

Industry Summary at June 30, 2019 (Unaudited)


Independent Energy	10.9	%
Cable Satellite	9.4
Technology	6.4
Healthcare	5.0
Finance Companies	5.0
Midstream	4.6
Pharmaceuticals	3.7
Wireless	3.7
Food & Beverage	3.6
Media Entertainment	3.5
Treasuries	3.4
Building Materials	2.8
Oil Field Services	2.7
Metals & Mining	2.6
Retailers	2.5
Wirelines	2.5
Banking	2.5
Other Investments, less than 2% each	22.1
Short-Term Investments	4.4

Total Investments	101.3
Other assets less liabilities	(1.3	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 94.2% of Net Assets
	Non-Convertible Bonds — 92.8%
		ABS Car Loan — 8.2%
$	2,537,327	ACC Trust, Series 2019-1, Class A, 3.750%, 5/20/2022, 144A	$	2,562,577
	14,429,391	Ally Auto Receivables Trust, Series 2017-3, Class A3, 1.740%, 9/15/2021		14,382,546
	16,590,000	Ally Auto Receivables Trust, Series 2019-1, Class A3, 2.910%, 9/15/2023		16,896,417
	1,965,000	AmeriCredit Automobile Receivables Trust, Series 2018-2, Class D, 4.010%, 7/18/2024		2,038,228
	10,515,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class D, 4.040%, 11/18/2024		10,985,315
	25,880,000	AmeriCredit Automobile Receivables Trust, Series 2019-1, Class D, 3.620%, 3/18/2025		26,584,818
	12,340,000	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class D, 2.990%, 6/18/2025		12,397,392
	2,063,357	BMW Vehicle Owner Trust, Series 2016-A, Class A3, 1.160%, 11/25/2020		2,058,779
	3,650,000	CarMax Auto Owner Trust, Series 2018-3, Class D, 3.910%, 1/15/2025		3,745,568
	13,130,000	CarMax Auto Owner Trust, Series 2019-1, Class D, 4.040%, 8/15/2025(a)(b)		13,533,473
	4,505,000	CarMax Auto Owner Trust, Series 2019-2, Class D, 3.410%, 10/15/2025		4,586,827
	13,965,000	CPS Auto Receivables Trust, Series 2019-A, Class D, 4.350%, 12/16/2024, 144A		14,559,177
	1,800,000	Credit Acceptance Auto Loan Trust, Series 2017-3A, Class C, 3.480%, 10/15/2026, 144A		1,818,897
	23,320,000	Credit Acceptance Auto Loan Trust, Series 2019-1A, Class C, 3.940%, 6/15/2028, 144A		24,033,555
	6,555,000	Drive Auto Receivables Trust, Series 2018-5, Class D, 4.300%, 4/15/2026		6,820,725
	16,395,000	Drive Auto Receivables Trust, Series 2019-1, Class D, 4.090%, 6/15/2026		16,967,130
	3,700,000	Drive Auto Receivables Trust, Series 2019-2, Class D, 3.690%, 8/17/2026		3,782,746
	10,760,000	DT Auto Owner Trust, Series 2019-1A, Class D, 3.870%, 11/15/2024, 144A		11,007,010
	3,950,000	DT Auto Owner Trust, Series 2019-2A, Class D, 3.480%, 2/18/2025, 144A		4,020,399
	3,790,000	First Investors Auto Owner Trust, Series 2019-1A, Class D, 3.550%, 4/15/2025, 144A		3,861,321
	2,722,266	Ford Credit Auto Owner Trust, Series 2017-B, Class A3, 1.690%, 11/15/2021		2,712,176
	15,745,000	Ford Credit Auto Owner Trust, Series 2018-A, Class A3, 3.030%, 11/15/2022		15,918,387
	8,555,000	GLS Auto Receivables Trust, Series 2019-A, Class C, 3.540%, 2/18/2025, 144A		8,692,516
	3,218,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-2, Class A3, 2.810%, 12/16/2022		3,246,376
	2,000,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-3, Class A3, 3.020%, 5/16/2023		2,030,764
	15,645,000	GM Financial Consumer Automobile Receivables Trust, Series 2019-1, Class A3, 2.970%, 11/16/2023		15,886,914
	3,357,041	Honda Auto Receivables Owner Trust, Series 2016-4, Class A3, 1.210%, 12/18/2020		3,344,248
	1,491,291	Honda Auto Receivables Owner Trust, Series 2017-2, Class A3, 1.680%, 8/16/2021		1,487,017
	28,000,000	Honda Auto Receivables Owner Trust, Series 2018-4, Class A3, 3.160%, 1/17/2023		28,532,137

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Car Loan — continued
$	5,925,000	Honda Auto Receivables Owner Trust, Series 2019-1, Class A3, 2.830%, 3/20/2023	$	6,010,196
	3,925,000	Honda Auto Receivables Owner Trust, Series 2017-2, Class A4, 1.870%, 9/15/2023		3,912,295
	12,949,685	Nissan Auto Receivables Owner Trust, Series 2016-C, Class A3, 1.180%, 1/15/2021		12,904,043
	26,135,000	Nissan Auto Receivables Owner Trust, Series 2018-C, Class A3, 3.220%, 6/15/2023		26,732,898
	27,665,000	Santander Drive Auto Receivables Trust, Series 2019-1, Class D, 3.650%, 4/15/2025		28,474,337
	6,995,000	Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.220%, 7/15/2025		7,092,345
	9,211,639	Toyota Auto Receivables Owner Trust, Series 2017-B, Class A3, 1.760%, 7/15/2021		9,185,629
	15,720,000	Toyota Auto Receivables Owner Trust, Series 2017-D, Class A3, 1.930%, 1/18/2022		15,684,660
	27,000,000	Toyota Auto Receivables Owner Trust, Series 2018-A, Class A3, 2.350%, 5/16/2022		27,049,580
	3,638,697	Toyota Auto Receivables Owner Trust, Series 2018-C, Class A2A, 2.770%, 8/16/2021		3,648,264
	29,995,000	Toyota Auto Receivables Owner Trust, Series 2019-B, Class A3, 2.570%, 8/15/2023		30,349,115
	15,495,000	Westlake Automobile Receivable, Series 2019-1A, Class D, 3.670%, 3/15/2024, 144A		15,798,682

				465,335,479

		ABS Credit Card — 4.8%
	14,559,000	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.930%, 9/15/2022		14,529,227
	10,434,000	American Express Credit Account Master Trust, Series 2017-6, Class A, 2.040%, 5/15/2023		10,428,190
	3,000,000	American Express Credit Account Master Trust, Series 2018-1, Class A, 2.670%, 10/17/2022		3,009,491
	8,000,000	American Express Credit Account Master Trust, Series 2019-1, Class A, 2.870%, 10/15/2024		8,177,142
	9,770,000	BA Credit Card Trust, Series 2017-A2, Class A2, 1.840%, 1/17/2023		9,741,445
	28,630,000	BA Credit Card Trust, Series 2018-A2, Class A2, 3.000%, 9/15/2023		29,122,742
	24,885,000	Capital One Multi-Asset Execution Trust, Series 2015-A2, Class A2, 2.080%, 3/15/2023		24,860,085
	6,170,000	Capital One Multi-Asset Execution Trust, Series 2017-A4, Class A4, 1.990%, 7/17/2023		6,161,680
	11,730,000	Capital One Multi-Asset Execution Trust, Series 2019-A1, Class A1, 2.840%, 12/15/2024		11,956,325
	17,700,000	Chase Issuance Trust, Series 2012-A4, Class A4, 1.580%, 8/15/2021		17,681,790
	7,915,000	Chase Issuance Trust, Series 2015-A4, Class A4, 1.840%, 4/15/2022		7,897,696
	31,257,000	Chase Issuance Trust, Series 2016-A5, Class A5, 1.270%, 7/15/2021		31,244,000
	22,714,000	Citibank Credit Card Issuance Trust, Series 2014-A6, Class A6, 2.150%, 7/15/2021		22,711,574

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Credit Card — continued
$	13,575,000	Citibank Credit Card Issuance Trust, Series 2016-A1, Class A1, 1.750%, 11/19/2021	$	13,547,702
	10,366,000	Citibank Credit Card Issuance Trust, Series 2017-A3, Class A3, 1.920%, 4/07/2022		10,344,188
	13,235,000	Citibank Credit Card Issuance Trust, Series 2017-A8, Class A8, 1.860%, 8/08/2022		13,197,946
	35,306,000	Discover Card Execution Note Trust, Series 2016-A4, Class A4, 1.390%, 3/15/2022		35,230,774

				269,841,997

		ABS Home Equity — 3.2%
	612,041	American Home Mortgage Investment Trust, Series 2004-2, Class 5A, 5.500%, 2/25/2044(d)		625,832
	15,451,000	American Homes 4 Rent, Series 2015-SFR1, Class E, 5.639%, 4/17/2052, 144A		16,950,486
	70,980	Bayview Opportunity Master Fund IIb Trust, Series 2018-RN5, Class A1, 3.820%, 4/28/2033, 144A(d)		71,201
	5,531,611	Bayview Opportunity Master Fund IVa Trust, Series 2019-RN2, Class A1, 3.967%, 3/28/2034, 144A(d)		5,576,063
	1,499,114	Bayview Opportunity Master Fund Trust, Series 2018-RN8, Class A1, 4.066%, 9/28/2033, 144A(d)		1,511,150
	4,254,234	Bayview Opportunity Master Fund Trust, Series 2019-RN1, Class A1, 4.090%, 2/28/2034, 144A(d)		4,324,604
	353,496	CAM Mortgage Trust, Series 2018-1, Class A1, 3.960%, 12/01/2065, 144A(d)		353,302
	5,674,750	Citigroup Mortgage Loan Trust, Series 2019-B, Class A1, 3.258%, 4/25/2066, 144A(d)(e)(f)		5,674,747
	8,495,604	Citigroup Mortgage Loan Trust, Series 2019-RP1, Class A1, 3.500%, 1/25/2066, 144A(d)		8,756,282
	2,434,000	Colony American Finance Ltd., Series 2019-1, Class D, 4.818%, 3/15/2052, 144A		2,500,241
	1,163,955	Gosforth Funding PLC, Series 2018-1A, Class A1, 3-month LIBOR + 0.450%, 2.971%, 8/25/2060, 144A(c)		1,161,641
	1,899,550	Grand Avenue Mortgage Loan Trust, Series 2017-RPL1, Class A1, 3.250%, 8/25/2064, 144A		1,898,460
	2,197,457	Holmes Master Issuer PLC, Series 2018-1A, Class A2, 3-month LIBOR + 0.360%, 2.957%, 10/15/2054, 144A(c)		2,194,811
	3,050,000	Invitation Homes Trust, Series 2018-SFR4, Class D, 1-month LIBOR + 1.650%, 4.044%, 1/17/2038, 144A(c)		3,037,372
	4,625,000	Lanark Master Issuer PLC, Series 2019-1A, Class 1A1, 3-month LIBOR + 0.770%, 3.295%, 12/22/2069(c)		4,635,836
	7,020,000	Lanark Master Issuer PLC, Series 2019-2A, Class 1A, 2.710%, 12/22/2069, 144A(d)		7,041,650
	4,287,940	Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, 3.750%, 4/25/2059, 144A(d)		4,335,017
	5,430,376	Mill City Mortgage Trust, Series 2019-1, Class A1, 3.250%, 10/25/2069, 144A(d)		5,534,455
	17,482,516	Onslow Bay Financial LLC, Series 2019-EXP1, Class 1A3, 4.000%, 1/25/2059, 144A(d)		17,771,328

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	3,708,000	Progress Residential Trust, Series 2017-SFR2, Class E, 4.142%, 12/17/2034, 144A	$	3,778,698
	1,332,000	Progress Residential Trust, Series 2018-SFR2, Class E, 4.656%, 8/17/2035, 144A		1,380,711
	2,830,000	Progress Residential Trust, Series 2019-SFR1, Class D, 4.168%, 8/17/2035, 144A		2,931,960
	4,732,000	Progress Residential Trust, Series 2019-SFR2, Class D, 3.794%, 5/17/2036, 144A		4,856,077
	881,370	RCO V Mortgage LLC, Series 2018-1, Class A1, 4.000%, 5/25/2023, 144A(d)		885,003
	6,113,693	RCO V Mortgage LLC, Series 2019-1, Class A1, 3.721%, 5/24/2024, 144A(d)		6,156,766
	1,009,876	RMAT, Series 2018-NPL1, Class A1, 4.090%, 5/25/2048, 144A(d)		1,016,616
	2,392,324	Sequoia Mortgage Trust, Series 2017-CH1, Class A1, 4.000%, 8/25/2047, 144A(d)		2,454,274
	3,895,867	Sequoia Mortgage Trust, Series 2017-CH2, Class A1, 4.000%, 12/25/2047, 144A(d)		4,037,680
	5,024,589	Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.000%, 2/25/2048, 144A(d)		5,197,152
	17,281,146	Sequoia Mortgage Trust, Series 2019-CH1, Class A1, 4.500%, 3/25/2049, 144A(d)		17,836,868
	5,465,000	Silverstone Master Issuer, Series 2019-1A, Class 1A, 3-month LIBOR + 0.570%, 3.149%, 1/21/2070(c)		5,466,383
	5,271,458	Towd Point Mortgage Trust, Series 2015-2, Class 1A13, 2.500%, 11/25/2060, 144A(d)		5,270,841
	1,749,509	Towd Point Mortgage Trust, Series 2016-1, Class A1B, 2.750%, 2/25/2055, 144A(d)		1,755,868
	9,514,301	Vericrest Opportunity Loan Trust, Series 2019-NPL3, Class A1, 3.967%, 3/25/2049, 144A(d)		9,583,027
	1,162,339	VOLT LXXI LLC, Series 2018-NPL7, Class A1A, 3.967%, 9/25/2048, 144A(d)		1,171,268
	1,744,104	VOLT LXXII LLC, Series 2018-NPL8, Class A1A, 4.213%, 10/26/2048, 144A(d)		1,755,053
	6,242,664	VOLT LXXV LLC, Series 2019-NPL1, Class A1A, 4.336%, 1/25/2049, 144A(d)		6,326,990
	2,098,518	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR2, Class 3A1, 5.141%, 3/25/2035(d)		2,159,495

				177,975,208

		ABS Other — 3.4%
	43,249,239	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(a)(e)(f)		41,086,777
	12,926,300	Horizon Aircraft Finance I Ltd., Series 2018-1, Class A, 4.458%, 12/15/2038, 144A		13,401,304
	3,020,000	Horizon Aircraft Finance II Ltd., Series 2019-1, Class A, 3.721%, 7/15/2039, 144A(f)		3,019,056
	8,381,470	Kestrel Aircraft Funding Ltd., Series 2018-1A, Class A, 4.250%, 12/15/2038, 144A		8,524,825
	12,571,243	MAPS Ltd., Series 2018-1A, Class A, 4.212%, 5/15/2043, 144A		12,883,880
	4,271,645	MAPS Ltd., Series 2019-1A, Class A, 4.458%, 3/15/2044, 144A		4,414,809
	13,610,000	Mariner Finance Issuance Trust, Series 2018-AA, Class A, 4.200%, 11/20/2030, 144A		13,981,375
	3,412,030	Marlette Funding Trust, Series 2019-1A, Class A, 3.440%, 4/16/2029, 144A		3,441,093

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Other — continued
$	5,550,000	Marlette Funding Trust, Series 2019-2A, Class A, 3.130%, 7/16/2029, 144A	$	5,582,333
	8,040,000	OneMain Financial Issuance Trust, Series 2019-1A, Class D, 4.220%, 2/14/2031, 144A		8,303,472
	16,867,378	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		17,215,139
	1,040,000	SLM Private Credit Student Loan Trust, Series 2003-C, Class A3, 28-day ARS, 5.320%, 9/15/2032(c)(f)		1,039,688
	1,695,000	SLM Private Credit Student Loan Trust, Series 2003-C, Class A4, 28-day ARS, 5.320%, 9/15/2032(c)(f)		1,694,492
	13,765,000	SoFi Consumer Loan Program Trust, Series 2019-1, Class C, 3.730%, 2/25/2028, 144A		14,172,236
	6,720,000	SoFi Consumer Loan Program Trust, Series 2018-4, Class C, 4.170%, 11/26/2027, 144A		6,999,041
	6,805,000	SoFi Consumer Loan Program Trust, Series 2019-2, Class C, 3.460%, 4/25/2028, 144A		6,947,380
	12,755,000	SoFi Consumer Loan Program Trust, Series 2019-3, Class C, 3.350%, 5/25/2028, 144A		12,978,500
	13,428,883	SpringCastle Funding Asset-Backed Notes, Series 2019-AA, Class A, 3.200%, 5/27/2036, 144A		13,582,915

				189,268,315

		ABS Student Loan — 1.2%
	4,020,000	Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.130%, 2/15/2068, 144A		4,105,567
	6,910,000	Navient Student Loan Trust, Series 2018-EA, Class A2, 4.000%, 12/15/2059, 144A		7,291,597
	13,135,000	Navient Student Loan Trust, Series 2019-2A, Class A2, 1-month LIBOR + 1.000%, 3.404%, 2/27/2068, 144A(c)		13,154,421
	907,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 28-day ARS, 5.260%, 6/15/2032(c)(f)		906,728
	680,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A4, 28-day ARS, 5.280%, 6/15/2032(c)(f)		679,796
	1,297,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 28-day ARS, 5.280%, 3/15/2033(c)(f)		1,296,611
	889,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A4, 28-day ARS, 5.290%, 3/15/2033(c)(f)		888,733
	10,385,000	SMB Private Education Loan Trust, Series 2019-A, Class A2A, 3.440%, 7/15/2036, 144A		10,771,275
	16,265,000	SMB Private Education Loan Trust, Series 2019-B, Class A2A, 2.840%, 6/15/2037, 144A		16,391,700
	9,075,000	SoFi Professional Loan Program LLC, Series 2019-A, Class A2FX, 3.690%, 6/15/2048, 144A		9,525,066

				65,011,494

		ABS Whole Business — 1.9%
	10,362,730	Adams Outdoor Advertising LP, Series 2018-1, Class A, 4.810%, 11/15/2048, 144A		11,025,590
	3,595,000	Adams Outdoor Advertising LP, Series 2018-1, Class B, 5.653%, 11/15/2048, 144A		3,828,822

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Whole Business — continued
$	27,342,000	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/2047, 144A	$	27,994,856
	6,782,000	DB Master Finance LLC, Series 2019-1A, Class A23, 4.352%, 5/20/2049, 144A		7,011,367
	321,278	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.118%, 7/25/2047		333,640
	5,257,890	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2II, 4.328%, 7/25/2048, 144A		5,488,238
	3,187,800	Driven Brands Funding LLC, Series 2018-1A, Class A2, 4.739%, 4/20/2048, 144A		3,343,747
	6,768,038	Driven Brands Funding LLC, Series 2019-1A, Class A2, 4.641%, 4/20/2049		7,056,762
	4,962,500	Five Guys Funding LLC, Series 2017-1A, Class A2, 4.600%, 7/25/2047, 144A		5,155,172
	17,670,900	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.540%, 2/25/2044, 144A		18,397,579
	13,527,025	Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.318%, 11/25/2048, 144A		14,031,448
	3,690,750	Wingstop Funding LLC, Series 2018-1, Class A2, 4.970%, 12/05/2048, 144A		3,878,905

				107,546,126

		Aerospace & Defense — 1.5%
	650,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039		698,750
	78,795,000	Textron, Inc., 5.950%, 9/21/2021		83,733,564

				84,432,314

		Airlines — 1.4%
	3,011,456	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		3,109,027
	1,778,221	American Airlines Pass Through Certificates, Series 2016-3, Class B, 3.750%, 4/15/2027		1,790,551
	660,687	American Airlines Pass Through Certificates, Series 2017-2, Class B, 3.700%, 4/15/2027		658,095
	2,147,987	American Airlines Pass Through Trust, Series 2015-2, Class B, 4.400%, 3/22/2025		2,206,413
	1,201,123	Continental Airlines Pass Through Certificates, Series 2012-1, Class B, 6.250%, 10/11/2021		1,225,362
	324,173	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022(a)(b)		346,871
	1,078,616	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,187,017
	5,449,716	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		6,012,127
	7,990,435	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		8,175,174
	13,632,993	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		14,480,965
	26,272,205	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		26,330,004
	2,795,474	United Airlines Pass Through Trust, Series 2018-1, Class A, 3.700%, 9/01/2031		2,830,629

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	10,315,000	United Airlines Pass Through Trust, Series 2019-1, Class A, 4.550%, 2/25/2033	$	11,067,686
	649,874	Virgin Australia Pass Through Certificates, Series 2013-1A, 5.000%, 4/23/2025, 144A(a)(b)		668,415

				80,088,336

		Automotive — 2.4%
	23,581,000	Cummins, Inc., 5.650%, 3/01/2098(a)(b)		28,445,289
	5,274,000	Cummins, Inc., 6.750%, 2/15/2027		6,432,566
	255,000	Ford Motor Co., 6.625%, 2/15/2028		285,730
	240,000	Ford Motor Co., 7.500%, 8/01/2026		280,357
	14,000,000	Toyota Motor Credit Corp., 1.950%, 4/17/2020		13,973,120
	26,263,000	Toyota Motor Credit Corp., GMTN, 1.900%, 4/08/2021		26,147,705
	10,000,000	Toyota Motor Credit Corp., MTN, 2.150%, 3/12/2020		9,995,076
	38,060,000	Toyota Motor Credit Corp., MTN, 2.650%, 4/12/2022		38,656,987
	7,565,000	ZF North America Capital, Inc., 4.750%, 4/29/2025, 144A		7,817,934

				132,034,764

		Banking — 7.9%
	39,613,000	Ally Financial, Inc., 4.625%, 3/30/2025		41,791,715
	1,468,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,923,080
	49,304,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		50,733,618
	100,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		106,835
	25,627,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		27,148,772
	22,500,000	BNP Paribas S.A., (fixed rate to 3/01/2028, variable rate thereafter), 4.375%, 3/01/2033, 144A		23,178,750
	460,000	Capital One Financial Corp., 4.200%, 10/29/2025		483,096
	17,000,000	Citigroup, Inc., 3.500%, 5/15/2023		17,541,376
	1,230,000	Citigroup, Inc., 4.125%, 7/25/2028		1,302,724
	1,660,000	Citigroup, Inc., 4.500%, 1/14/2022		1,744,973
	7,155,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033, 144A		7,233,920
	17,940,000	Danske Bank A/S, 5.000%, 1/12/2022, 144A		18,766,090
	14,200,000	Danske Bank A/S, 5.375%, 1/12/2024, 144A		15,348,323
	20,999,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		18,248,341
	6,645,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		6,781,780
	70,245,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		75,131,374
	100,000	KeyBank NA, 6.950%, 2/01/2028		125,374
	1,845,000	Morgan Stanley, 4.350%, 9/08/2026		1,978,442
	5,900,000	Morgan Stanley, 5.750%, 1/25/2021		6,196,936
	20,695,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		21,784,885
	38,206,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		38,470,982
	15,160,000	Santander Holdings USA, Inc., 4.450%, 12/03/2021		15,769,061
	20,295,000	Societe Generale S.A., 4.250%, 4/14/2025, 144A		20,817,190
	21,340,000	Standard Chartered PLC, 3-month LIBOR + 1.150%, 3.742%, 1/20/2023, 144A(c)		21,310,978

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	5,900,000	Standard Chartered PLC, (fixed rate to 1/20/2022, variable rate thereafter), 4.247%, 1/20/2023, 144A	$	6,090,452
	3,865,000	Synchrony Financial, 4.375%, 3/19/2024		4,047,195

				444,056,262

		Brokerage — 1.5%
	50,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		53,842,523
	19,498,000	Jefferies Group LLC, 6.250%, 1/15/2036		21,013,406
	8,760,000	Jefferies Group LLC, 6.450%, 6/08/2027		9,919,746

				84,775,675

		Building Materials — 0.6%
	1,365,000	Masco Corp., 6.500%, 8/15/2032		1,610,789
	3,110,000	Masco Corp., 7.125%, 3/15/2020		3,199,346
	2,163,000	Masco Corp., 7.750%, 8/01/2029		2,716,964
	23,975,000	Owens Corning, 7.000%, 12/01/2036		28,447,374

				35,974,473

		Cable Satellite — 1.1%
	6,695,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.750%, 4/01/2048		7,404,814
	10,320,000	Cox Communications, Inc., 4.500%, 6/30/2043, 144A		9,903,530
	5,820,000	Cox Communications, Inc., 4.700%, 12/15/2042, 144A		5,792,087
	13,630,000	Time Warner Cable LLC, 4.125%, 2/15/2021		13,883,453
	9,055,000	Time Warner Cable LLC, 4.500%, 9/15/2042		8,461,055
	15,815,000	Time Warner Cable LLC, 5.500%, 9/01/2041		16,580,844

				62,025,783

		Chemicals — 1.7%
	27,205,000	CF Industries, Inc., 4.500%, 12/01/2026, 144A		28,286,848
	15,145,000	DuPont de Nemours, Inc., 3.766%, 11/15/2020		15,434,866
	50,500,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		50,788,135

				94,509,849

		Construction Machinery — 1.1%
	17,058,000	Caterpillar Financial Services Corp., 1.931%, 10/01/2021		16,925,767
	12,000,000	Caterpillar, Inc., 3.900%, 5/27/2021		12,376,413
	11,005,000	John Deere Capital Corp., MTN, 2.350%, 1/08/2021		11,037,852
	7,485,000	John Deere Capital Corp., MTN, 2.950%, 4/01/2022		7,635,551
	6,105,000	John Deere Capital Corp., MTN, 3.900%, 7/12/2021		6,314,907
	6,787,000	Toro Co. (The), 6.625%, 5/01/2037(a)(b)		8,336,503

				62,626,993

		Consumer Products — 0.7%
	7,458,000	Hasbro, Inc., 6.600%, 7/15/2028		8,977,780
	27,515,000	Unilever Capital Corp., 3.000%, 3/07/2022		28,144,818

				37,122,598

		Diversified Manufacturing — 0.1%
	5,305,000	General Electric Co., Series A, MTN, 3-month LIBOR + 0.300%, 2.897%, 5/13/2024(c)		4,952,021

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Electric — 1.4%
$	21,015,531	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A	$	23,566,996
	30,430,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		30,496,946
	13,025,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		15,445,298
	9,007,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		11,455,530

				80,964,770

		Finance Companies — 1.6%
	12,430,000	Aircastle Ltd., 4.125%, 5/01/2024		12,730,896
	20,595,000	Aircastle Ltd., 4.400%, 9/25/2023		21,389,439
	8,160,000	Aircastle Ltd., 5.000%, 4/01/2023		8,633,205
	6,700,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		6,810,048
	18,830,000	International Lease Finance Corp., 4.625%, 4/15/2021		19,423,176
	8,565,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 3/15/2022, 144A		8,736,300
	7,805,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		7,765,975
	6,392,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		6,591,750

				92,080,789

		Food & Beverage — 1.7%
	13,750,000	General Mills, Inc., 2.600%, 10/12/2022		13,804,989
	8,595,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A		8,938,800
	4,910,000	JBS USA LUX S.A./JBS USA Finance, Inc., 6.750%, 2/15/2028, 144A		5,333,488
	10,465,000	NBM U.S Holdings, Inc., 7.000%, 5/14/2026, 144A		11,003,948
	9,535,000	PepsiCo, Inc., 1.700%, 10/06/2021		9,460,348
	45,980,000	PepsiCo, Inc., 2.000%, 4/15/2021		45,967,410

				94,508,983

		Government Guaranteed — 1.0%
	55,000,000	Kreditanstalt fuer Wiederaufbau, 1.500%, 4/20/2020		54,724,020

		Government Owned – No Guarantee — 1.4%
	50,000,000	CPPIB Capital, Inc., 2.375%, 1/29/2021, 144A		50,320,500
	21,545,000	Petrobras Global Finance BV, 5.750%, 2/01/2029		22,458,508
	6,130,000	Petrobras Global Finance BV, 6.900%, 3/19/2049		6,528,450

				79,307,458

		Health Insurance — 0.6%
	27,570,000	Anthem, Inc., 2.500%, 11/21/2020		27,624,900
	3,040,000	Centene Corp., 6.125%, 2/15/2024		3,184,400
	1,261,000	Cigna Holding Co., 7.875%, 5/15/2027		1,642,570

				32,451,870

		Healthcare — 3.3%
	27,455,000	Abbott Laboratories, 2.900%, 11/30/2021		27,909,915
	27,390,000	Cigna Corp., 3.200%, 9/17/2020, 144A		27,642,939
	19,420,000	Cigna Corp., 4.375%, 10/15/2028, 144A		20,951,564
	13,765,000	CVS Health Corp., 4.100%, 3/25/2025		14,517,810
	23,120,000	HCA, Inc., 4.500%, 2/15/2027		24,665,827
	24,240,000	HCA, Inc., 5.250%, 4/15/2025		26,856,892
	4,580,000	HCA, Inc., 5.250%, 6/15/2026		5,071,015

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	17,055,000	HCA, Inc., 5.250%, 6/15/2049	$	17,732,254
	6,175,000	HCA, Inc., 5.375%, 9/01/2026		6,653,563
	4,806,000	HCA, Inc., 7.050%, 12/01/2027		5,430,780
	1,592,000	HCA, Inc., 7.500%, 11/06/2033		1,830,800
	1,295,000	HCA, Inc., 7.690%, 6/15/2025		1,521,625
	2,480,000	HCA, Inc., MTN, 7.580%, 9/15/2025		2,852,000
	3,068,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,497,520

				187,134,504

		Independent Energy — 2.1%
	6,090,000	Anadarko Petroleum Corp., 5.550%, 3/15/2026		6,844,425
	30,195,000	Continental Resources, Inc., 3.800%, 6/01/2024		31,046,158
	10,525,000	Continental Resources, Inc., 4.375%, 1/15/2028		11,066,719
	10,950,000	Diamondback Energy, Inc., 4.750%, 11/01/2024, 144A		11,264,813
	10,475,000	Hess Corp., 4.300%, 4/01/2027		10,865,502
	21,000,000	Newfield Exploration Co., 5.625%, 7/01/2024		23,219,700
	26,185,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		25,203,062
	60,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		59,873

				119,570,252

		Integrated Energy — 2.3%
	55,470,000	Chevron Corp., 2.100%, 5/16/2021		55,518,580
	20,430,000	Exxon Mobil Corp., 2.222%, 3/01/2021		20,486,602
	52,303,000	Shell International Finance BV, 1.875%, 5/10/2021		52,071,298

				128,076,480

		Life Insurance — 2.8%
	5,653,000	American International Group, Inc., 4.200%, 4/01/2028		6,041,652
	1,475,000	American International Group, Inc., 4.875%, 6/01/2022		1,581,274
	8,255,000	CNO Financial Group, Inc., 5.250%, 5/30/2029		8,936,037
	15,000,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		16,333,219
	5,895,000	Metropolitan Life Global Funding I, 3-month LIBOR + 0.230%, 2.819%, 1/08/2021, 144A(c)		5,894,794
	30,030,000	Metropolitan Life Global Funding I, 3.375%, 1/11/2022, 144A		30,868,004
	9,063,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		11,608,706
	26,914,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(a)(b)		43,541,096
	6,440,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(a)(b)		8,482,078
	2,872,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		3,628,791
	14,489,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		20,034,669

				156,950,320

		Lodging — 0.5%
	26,131,000	Choice Hotels International, Inc., 5.700%, 8/28/2020		26,882,266

		Media Entertainment — 0.2%
	4,482,000	Walt Disney Co. (The), 8.150%, 10/17/2036, 144A		6,992,057
	898,000	Warner Media LLC, 2.950%, 7/15/2026		881,829
	60,000	Warner Media LLC, 3.800%, 2/15/2027		59,960
	1,065,000	Warner Media LLC, 3.875%, 1/15/2026		1,072,188

				9,006,034

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Metals & Mining — 3.4%
$	1,689,997	1839688 Alberta ULC, 14.000% PIK, 14.000% Cash, 2/13/2020(e)(f)(g)(h)	$	—
	34,334,000	Anglo American Capital PLC, 4.500%, 3/15/2028, 144A		35,604,498
	8,785,000	Anglo American Capital PLC, 4.750%, 4/10/2027, 144A		9,305,039
	430,000	ArcelorMittal, 5.500%, 3/01/2021		447,634
	47,920,000	ArcelorMittal, 6.750%, 3/01/2041		55,857,631
	19,365,000	ArcelorMittal, 7.000%, 10/15/2039		22,977,854
	7,688,000	Glencore Funding LLC, 3.875%, 10/27/2027, 144A		7,700,224
	39,092,000	Glencore Funding LLC, 4.000%, 3/27/2027, 144A		39,474,131
	11,700,000	Glencore Funding LLC, 4.125%, 3/12/2024, 144A		12,147,172
	4,893,000	Worthington Industries, Inc., 6.500%, 4/15/2020		5,023,877

				188,538,060

		Midstream — 3.8%
	14,040,000	Andeavor Logistics LP/Tesoro Logistics Finance Corp., 4.250%, 12/01/2027		14,830,618
	650,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		682,500
	7,000,000	Energy Transfer Operating LP, 4.950%, 6/15/2028		7,653,232
	36,405,000	Energy Transfer Operating LP, 5.250%, 4/15/2029		40,676,947
	880,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		734,800
	30,850,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		26,376,750
	1,940,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		1,779,950
	26,650,000	EQM Midstream Partners LP, Series 10Y, 5.500%, 7/15/2028		28,052,732
	14,300,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		14,784,449
	14,660,000	Kinder Morgan Energy Partners LP, 3.500%, 9/01/2023		15,084,223
	3,105,000	Kinder Morgan Energy Partners LP, 5.300%, 9/15/2020		3,208,689
	7,461,000	Kinder Morgan Energy Partners LP, 5.800%, 3/01/2021		7,864,624
	85,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		107,950
	225,000	Plains All American Pipeline LP/PAA Finance Corp., 2.850%, 1/31/2023		224,093
	40,610,000	Sunoco Logistics Partners Operations LP, 4.000%, 10/01/2027		41,838,699
	8,405,000	Williams Cos., Inc., 3.350%, 8/15/2022		8,566,368

				212,466,624

		Mortgage Related — 0.0%
	15,048	FHLMC, 5.000%, 12/01/2031		16,023
	1,675	FNMA, 6.000%, 7/01/2029		1,864

				17,887

		Non-Agency Commercial Mortgage-Backed Securities — 0.6%
	3,000,712	Commercial Mortgage Pass Through Certificates, Series 2014-UBS4, Class A2, 2.963%, 8/10/2047		2,999,030
	3,205,000	Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class D, 1-month LIBOR + 3.600%, 5.994%, 1/15/2034, 144A(c)		3,221,524
	12,790,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class D, 4.373%, 9/15/2037, 144A		12,612,236
	484,146	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A2, 2.872%, 7/15/2047		483,628
	3,456,000	Morgan Stanley Capital I Trust, Series 2011-C2, Class E, 5.668%, 6/15/2044, 144A(d)		3,412,097
	6,706,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class E, 5.048%, 5/10/2063, 144A(d)		5,387,321

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	3,557,000	WFRBS Commercial Mortgage Trust, Series 2011-C2, Class D, 5.839%, 2/15/2044, 144A(d)	$	3,635,548
	2,125,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.856%, 3/15/2044, 144A(d)		1,917,983
	1,296,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class C, 4.970%, 6/15/2045(d)		1,325,985
	865,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class E, 4.970%, 6/15/2045, 144A(d)		763,359

				35,758,711

		Paper — 1.3%
	6,400,000	International Paper Co., 8.700%, 6/15/2038		9,151,519
	4,600,000	WestRock MWV LLC, 7.550%, 3/01/2047(a)(b)		6,153,648
	4,273,000	WestRock MWV LLC, 8.200%, 1/15/2030		5,759,443
	26,007,000	Weyerhaeuser Co., 6.875%, 12/15/2033		34,693,338
	13,539,000	Weyerhaeuser Co., 7.375%, 3/15/2032		18,929,374

				74,687,322

		Pharmaceuticals — 1.6%
	27,550,000	Gilead Science, Inc., 2.550%, 9/01/2020		27,631,066
	27,080,000	GlaxoSmithKline Capital PLC, 3.125%, 5/14/2021		27,537,435
	4,390,000	Mylan NV, 5.250%, 6/15/2046		4,094,814
	1,602,000	Mylan, Inc., 5.200%, 4/15/2048		1,479,296
	17,010,000	Teva Pharmaceutical Finance Netherlands III BV, 2.800%, 7/21/2023		14,741,376
	8,000,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		6,200,000
	5,500,000	Teva Pharmaceutical Finance Netherlands III BV, 6.000%, 4/15/2024		5,192,330

				86,876,317

		Property & Casualty Insurance — 0.1%
	2,740,000	Fidelity National Financial, Inc., 5.500%, 9/01/2022		2,965,547

		REITs – Health Care — 0.1%
	5,972,000	Welltower, Inc., 6.500%, 3/15/2041		7,628,297

		REITs – Single Tenant — 0.2%
	8,690,000	Realty Income Corp., 5.750%, 1/15/2021		9,065,665

		Retailers — 1.5%
	11,876,752	CVS Pass Through Trust, 4.704%, 1/10/2036, 144A		12,528,548
	401,261	CVS Pass Through Trust, 5.773%, 1/10/2033, 144A		451,110
	1,245,299	CVS Pass Through Trust, Series 2014, 4.163%, 8/11/2036, 144A		1,273,953
	448,060	CVS Pass Through Trust, 6.036%, 12/10/2028		498,059
	1,255,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		1,270,688
	8,064,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		9,005,807
	3,755,000	PVH Corp., 7.750%, 11/15/2023		4,243,150
	53,830,000	Walmart, Inc., 3.125%, 6/23/2021		55,004,571

				84,275,886

		Supermarkets — 0.0%
	325,000	Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040		376,123

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Supranational — 1.3%
$	55,000,000	European Investment Bank, 1.625%, 12/15/2020	$	54,774,444
	20,000,000	International Bank for Reconstruction & Development, Series GDIF, 2.750%, 7/23/2021		20,369,631

				75,144,075

		Technology — 6.3%
	27,480,000	Apple, Inc., 2.850%, 5/06/2021		27,881,965
	27,985,000	Avnet, Inc., 4.625%, 4/15/2026		29,269,843
	26,185,000	Broadcom Corp./Broadcom Cayman Finance Ltd., 3.000%, 1/15/2022		26,253,038
	27,405,000	Broadcom, Inc., 4.750%, 4/15/2029, 144A		28,138,974
	27,558,000	Cisco Systems, Inc., 1.850%, 9/20/2021		27,396,183
	22,066,000	Cisco Systems, Inc., 2.200%, 2/28/2021		22,078,641
	25,760,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		28,417,962
	13,560,000	Equifax, Inc., 3.600%, 8/15/2021		13,820,085
	27,200,000	Intel Corp., 3.300%, 10/01/2021		27,962,864
	27,875,000	International Business Machines Corp., 2.250%, 2/19/2021		27,870,261
	7,440,000	Jabil, Inc., 4.700%, 9/15/2022		7,773,312
	16,735,000	KLA-Tencor Corp., 5.650%, 11/01/2034		19,042,482
	51,515,000	Oracle Corp., 1.900%, 9/15/2021		51,254,252
	5,000,000	Oracle Corp., 2.800%, 7/08/2021		5,067,850
	9,135,000	Verisk Analytics, Inc., 4.125%, 3/15/2029		9,791,771

				352,019,483

		Tobacco — 0.4%
	19,785,000	Altria Group, Inc., 4.800%, 2/14/2029		21,284,532

		Treasuries — 8.2%
	391,985,000	Central Bank of Iceland, 7.250%, 10/26/2022, (ISK)		3,480,886
	210,910,000	U.S. Treasury Bond, 3.000%, 8/15/2048		231,308,952
	113,970,000	U.S. Treasury Bond, 3.000%, 2/15/2049		125,171,114
	50,000,000	U.S. Treasury Note, 1.500%, 4/15/2020		49,792,969
	50,000,000	U.S. Treasury Note, 2.375%, 4/30/2020		50,146,484

				459,900,405

		Wireless — 0.5%
	22,660,000	Crown Castle International Corp., 3.650%, 9/01/2027		23,335,112
	6,615,000	Crown Castle International Corp., 4.000%, 3/01/2027		6,942,874

				30,277,986

		Wirelines — 1.9%
	61,415,000	AT&T, Inc., 4.300%, 2/15/2030		65,733,463
	7,980,000	AT&T, Inc., 4.850%, 3/01/2039		8,564,381
	2,936,000	BellSouth Telecommunications LLC, 5.850%, 11/15/2045		3,126,253
	27,220,000	Telefonica Emisiones S.A., 5.520%, 3/01/2049		31,530,447

				108,954,544

		Total Non-Convertible Bonds (Identified Cost $4,886,053,117)		5,209,472,897

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Convertible Bonds — 1.1%
		Cable Satellite — 0.3%
$	9,050,000	DISH Network Corp., 2.375%, 3/15/2024	$	8,360,077
	6,190,000	DISH Network Corp., 3.375%, 8/15/2026		6,017,820

				14,377,897

		Diversified Manufacturing — 0.1%
	5,165,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		4,962,962

		Independent Energy — 0.1%
	8,905,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		7,107,779

		Oil Field Services — 0.3%
	22,120,000	Nabors Industries, Inc., 0.750%, 1/15/2024		15,777,975

		Pharmaceuticals — 0.1%
	7,895,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		8,195,997

		Technology — 0.2%
	11,409,000	Finisar Corp., 0.500%, 12/15/2036		11,122,924

		Total Convertible Bonds (Identified Cost $64,009,381)		61,545,534


	Municipals — 0.3%
		Illinois — 0.2%
	9,150,000	State of Illinois, 5.100%, 6/01/2033		9,635,682

		Michigan — 0.0%
	1,575,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		1,578,245

		Virginia — 0.1%
	7,595,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		7,164,667

		Total Municipals (Identified Cost $16,273,783)		18,378,594


		Total Bonds and Notes (Identified Cost $4,966,366,281)		5,289,397,025


	Collateralized Loan Obligations — 2.0%
	15,513,118	CVP Cascade CLO Ltd., Series 2014-2A, Class A1R, 3-month LIBOR + 1.200%, 3.801%, 7/18/2026, 144A(c)		15,525,110
	13,865,000	Elevation CLO Ltd., Series 2015-4A, Class AR, 3-month LIBOR + 0.990%, 3.385%, 4/18/2027, 144A(c)		13,865,008
	18,037,524	Halcyon Loan Advisors Funding Ltd., Series 2014-2A, Class A1BR, 3-month LIBOR + 1.180%, 3.762%, 4/28/2025, 144A(c)		18,060,251
	12,430,000	Jamestown CLO VII Ltd., Series 2015-7A, Class A1R, 3-month LIBOR + 0.830%, 3.410%, 7/25/2027, 144A(c)		12,376,274
	13,685,000	Mountain View CLO X Ltd., Series 2015-10A, Class AR, 3-month LIBOR + 0.820%, 3.417%, 10/13/2027, 144A(c)		13,618,797
	13,210,000	Parallel Ltd., Series 2015-1A, Class AR, 3-month LIBOR + 0.850%, 3.442%, 7/20/2027, 144A(c)		13,194,917

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Collateralized Loan Obligations — (continued)
$	14,374,794	Staniford Street CLO Ltd., Series 2014-1A, Class AR, 3-month LIBOR + 1.180%, 3.590%, 6/15/2025, 144A(c)	$	14,384,395
	11,625,000	Venture VII CDO Ltd., Series 2006-7A, Class B, 3-month LIBOR + 0.380%, 2.972%, 1/20/2022, 144A(c)		11,567,341

		Total Collateralized Loan Obligations (Identified Cost $112,767,440)		112,592,093


Shares
	Preferred Stocks — 0.3%
		Food & Beverage — 0.2%
	129,274	Bunge Ltd., 4.875%		12,917,993

		Independent Energy — 0.1%
	43,031	Chesapeake Energy Corp., 5.000%		1,753,513

		Total Preferred Stocks (Identified Cost $16,998,736)		14,671,506


Principal Amount (‡)
	Short-Term Investments — 1.2%
	2,690,358,211	Central Bank of Iceland, 0.000%, 6/02/2020, (ISK)(d)		21,589,361
	45,550,715	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $45,556,409 on 7/01/2019 collateralized by $44,805,000 U.S. Treasury Note, 2.500% due 5/15/2024 valued at $46,465,563 including accrued interest (Note 2 of Notes to Financial Statements)		45,550,715

		Total Short-Term Investments (Identified Cost $67,274,027)		67,140,076


		Total Investments — 97.7% (Identified Cost $5,163,376,484)		5,483,800,700
		Other assets less liabilities — 2.3%		129,892,086

		Net Assets — 100.0%	$	5,613,692,786


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Illiquid security.
	(b)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2019, the value of these securities amounted to $109,507,373 or 2.0% of net assets. See Note 2 of Notes to Financial Statements.
	(c)	Variable rate security. Rate as of June 30, 2019 is disclosed.
	(d)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of June 30, 2019 is disclosed.

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)



	(e)			Fair valued by the Fund’s adviser. At June 30, 2019, the value of these securities amounted to $46,761,524 or 0.8% of net assets. See Note 2 of Notes to Financial Statements.
	(f)			Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(g)			The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(h)			Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. No payments were made during the period.

	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 June 30, 2019, the value of Rule 144A holdings amounted to $1,580,558,809 or 28.2% of net assets.
	ABS			Asset-Backed Securities
	ARS			Auction Rate Security
	FHLMC			Federal Home Loan Mortgage Corp.
	FNMA			Federal National Mortgage Association
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	PIK			Payment-in-Kind
	REITs			Real Estate Investment Trusts
	SLM			Sallie Mae

	ISK			Icelandic Krona

Industry Summary at June 30, 2019 (Unaudited)


ABS Car Loan	8.2	%
Treasuries	8.2
Banking	7.9
Technology	6.5
ABS Credit Card	4.8
Midstream	3.8
ABS Other	3.4
Metals & Mining	3.4
Healthcare	3.3
ABS Home Equity	3.2
Life Insurance	2.8
Automotive	2.4
Independent Energy	2.3
Integrated Energy	2.3
Other Investments, less than 2% each	32.0
Short-Term Investments	1.2
Collateralized Loan Obligations	2.0

Total Investments	97.7
Other assets less liabilities	2.3

Net Assets	100.0	%

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 44.6% of Net Assets
		Banking — 12.4%
$	1,400,000	Banco Bilbao Vizcaya Argentaria S.A., (fixed rate to 11/16/2027, variable rate thereafter), 6.125%(a)	$	1,317,750
	1,520,000	Banco BTG Pactual SA, (fixed rate to 2/15/2024, variable rate thereafter), 7.750%, 2/15/2029, 144A		1,588,020
	685,000	Barclays PLC, (fixed rate to 6/15/2024, variable rate thereafter), 8.000%(a)		718,394
	1,400,000	Credit Agricole S.A., (fixed rate to 1/23/2024, variable rate thereafter), 7.875%, 144A(a)		1,541,288
	1,100,000	Credit Suisse Group AG, (fixed rate to 9/12/2025, variable rate thereafter), 7.250%, 144A(a)		1,182,500
	1,560,000	HSBC Holdings PLC, (fixed rate to 3/23/2023, variable rate thereafter), 6.250%(a)		1,606,800
	850,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		860,235
	1,405,000	Royal Bank of Scotland Group PLC, (fixed rate to 8/10/2025, variable rate thereafter), 8.000%(a)		1,517,498
	1,800,000	Standard Chartered PLC, (fixed rate to 4/02/2023, variable rate thereafter), 7.750%, 144A(a)		1,912,500
	565,000	UniCredit SpA, 6.572%, 1/14/2022, 144A		600,628
	310,000	UniCredit SpA., (fixed rate to 6/03/2023, variable rate thereafter), 6.625%, (EUR)(a)		350,739

				13,196,352

		Chemicals — 1.2%
	650,000	Hercules LLC, 6.500%, 6/30/2029		689,000
	505,000	SASOL Financing USA LLC, 5.875%, 3/27/2024		547,241

				1,236,241

		Consumer Cyclical Services — 0.5%
	495,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		527,234

		Finance Companies — 0.5%
	565,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		562,175

		Food & Beverage — 0.5%
	495,000	JBS Investments II GmbH, 7.000%, 1/15/2026, 144A		536,085

		Government Owned – No Guarantee — 1.4%
	515,000	DP World Crescent Ltd., 4.848%, 9/26/2028, 144A		548,666
	930,000	Saudi Arabian Oil Co., 4.375%, 4/16/2049, 144A		943,117

				1,491,783

		Independent Energy — 2.5%
	1,170,000	Chesapeake Energy Corp., 8.000%, 6/15/2027		1,031,062
	540,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		514,350
	1,165,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		1,106,750

				2,652,162

		Media Entertainment — 0.5%
	515,000	Prosus NV, 4.850%, 7/06/2027, 144A		552,966

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Metals & Mining — 2.4%
$	1,035,000	Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.500%, 5/01/2025, 144A	$	1,086,750
	625,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		595,313
	820,000	Gold Fields Orogen Holdings BVI Ltd., 6.125%, 5/15/2029, 144A		899,950

				2,582,013

		Midstream — 0.6%
	730,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(a)		659,175

		Oil Field Services — 0.6%
	600,000	Transocean Poseidon Ltd., 6.875%, 2/01/2027, 144A		634,125

		Property & Casualty Insurance — 1.3%
	510,000	Ardonagh Midco 3 PLC, 8.375%, 7/15/2023, 144A, (GBP)		593,632
	770,000	Assurant, Inc., (fixed rate to 3/27/2028, variable rate thereafter), 7.000%, 3/27/2048		821,013

				1,414,645

		Refining — 1.0%
	520,000	Parkland Fuel Corp., 6.000%, 4/01/2026, 144A		531,700
	540,000	Ultrapar International S.A, 5.250%, 6/06/2029, 144A		552,150

				1,083,850

		Sovereigns — 3.3%
	31,600,000	Argentina Politica Monetaria, Argentina Central Bank 7-day Repo Reference Rate, 61.779%, 6/21/2020, (ARS)(b)		728,112
	295,000	Egypt Government International Bond, 7.600%, 3/01/2029, 144A		311,033
	320,000	Egypt Government International Bond, 8.700%, 3/01/2049, 144A		344,000
	355,000	Qatar Government International Bond, 4.000%, 3/14/2029, 144A		382,513
	1,065,000	Qatar Government International Bond, 4.817%, 3/14/2049, 144A		1,220,533
	460,000	Republic of Colombia, 4.500%, 3/15/2029		502,320

				3,488,511

		Technology — 1.3%
	875,000	Dell International LLC/EMC Corp., 8.100%, 7/15/2036, 144A		1,078,738
	290,000	Dell International LLC/EMC Corp., 8.350%, 7/15/2046, 144A		366,124

				1,444,862

		Transportation Services — 0.2%
	205,000	Delhi International Airport Ltd., 6.450%, 6/04/2029, 144A		215,886

		Treasuries — 12.4%
	2,635(††)	Brazil Notas do Tesouro Nacional, 10.000%, 1/01/2029, (BRL)		767,557
	1,578,000,000	Colombian TES, 7.750%, 9/18/2030, (COP)		553,227
	210,100(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 11/13/2042, (MXN)		1,085,487
	10,520,000	Republic of South Africa Government Bond, 6.250%, 3/31/2036, (ZAR)		549,797
	88,595,000	Russian Federal Bond - OFZ, Series 6224, 6.900%, 5/23/2029, (RUB)		1,363,917
	6,915,000	U.S. Treasury Bond, 5.250%, 2/15/2029		8,881,183

				13,201,168

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Utility Other — 0.4%
$	460,000	Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039, 144A	$	476,100

		Wireless — 1.6%
	540,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		546,750
	505,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		541,613
	565,000	Sprint Corp., 7.625%, 3/01/2026		602,290

				1,690,653

		Total Bonds and Notes (Identified Cost $46,541,249)		47,645,986


Shares
	Common Stocks — 38.9%
		Aerospace & Defense — 0.8%
	820	Boeing Co. (The)		298,488
	3,298	General Dynamics Corp.		599,643

				898,131

		Air Freight & Logistics — 0.1%
	629	United Parcel Service, Inc., Class B		64,957

		Airlines — 0.4%
	3,100	Japan Airlines Co. Ltd.		98,939
	5,753	Southwest Airlines Co.		292,137

				391,076

		Banks — 0.7%
	14,500	BOC Hong Kong Holdings Ltd.		57,089
	1,300	Canadian Imperial Bank of Commerce		102,229
	4,446	Citigroup, Inc.		311,353
	11,213	First Hawaiian, Inc.		290,080

				760,751

		Beverages — 1.5%
	2,300	Asahi Group Holdings Ltd.		103,543
	767	Carlsberg AS, Class B		101,778
	11,238	Coca-Cola Co. (The)		572,239
	4,967	Molson Coors Brewing Co., Class B		278,152
	4,229	PepsiCo, Inc.		554,549

				1,610,261

		Biotechnology — 1.1%
	5,039	AbbVie, Inc.		366,436
	2,204	Amgen, Inc.		406,153
	6,022	Gilead Sciences, Inc.		406,847

				1,179,436

		Capital Markets — 0.8%
	283	Ameriprise Financial, Inc.		41,080
	2,480	LPL Financial Holdings, Inc.		202,294

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Capital Markets — continued
	12,589	Morgan Stanley	$	551,524
	7,400	Singapore Exchange Ltd.		43,353
	2,750	Virtu Financial, Inc., Class A		59,895

				898,146

		Chemicals — 0.3%
	3,523	LyondellBasell Industries NV, Class A		303,436

		Commercial Services & Supplies — 0.2%
	1,197	Republic Services, Inc.		103,708
	911	Waste Management, Inc.		105,102

				208,810

		Communications Equipment — 0.5%
	9,606	Cisco Systems, Inc.		525,736

		Construction & Engineering — 0.2%
	2,530	ACS Actividades de Construccion y Servicios S.A.		101,223
	2,530	ACS Actividades de Construccion y Servicios S.A., Rights(c)		3,970
	700	HOCHTIEF AG		85,245
	1,700	Kajima Corp.		23,383

				213,821

		Containers & Packaging — 0.1%
	1,422	Sonoco Products Co.		92,913

		Diversified Consumer Services — 0.4%
	14,335	H&R Block, Inc.		420,016

		Diversified Telecommunication Services — 0.7%
	27,000	HKT Trust & HKT Ltd.		42,859
	12,918	Verizon Communications, Inc.		738,005

				780,864

		Electric Utilities — 1.7%
	2,500	CLP Holdings Ltd.		27,549
	20,813	Contact Energy Ltd.		111,979
	1,449	Endesa S.A.		37,269
	15,720	Enel SpA		109,659
	16,725	Exelon Corp.		801,797
	4,407	FirstEnergy Corp.		188,664
	15,390	Mercury NZ Ltd.		48,115
	658	Pinnacle West Capital Corp.		61,911
	12,413	PPL Corp.		384,927

				1,771,870

		Electrical Equipment — 0.3%
	3,752	Eaton Corp. PLC		312,467

		Entertainment — 0.5%
	2,765	Cinemark Holdings, Inc.		99,817
	13,420	Viacom, Inc., Class B		400,855

				500,672

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Food & Staples Retailing — 0.4%
	1,467	Sysco Corp.	$	103,746
	5,136	Walgreens Boots Alliance, Inc.		280,785

				384,531

		Food Products — 0.7%
	10,528	General Mills, Inc.		552,931
	753	Hershey Co. (The)		100,925
	10,714	Tate & Lyle PLC		100,438

				754,294

		Gas Utilities — 0.3%
	5,414	National Fuel Gas Co.		285,589

		Health Care Equipment & Supplies — 1.2%
	3,580	Abbott Laboratories		301,078
	9,864	Medtronic PLC		960,655

				1,261,733

		Health Care Providers & Services — 1.4%
	4,759	AmerisourceBergen Corp.		405,753
	2,233	McKesson Corp.		300,093
	3,331	UnitedHealth Group, Inc.		812,797

				1,518,643

		Hotels, Restaurants & Leisure — 1.0%
	3,227	Darden Restaurants, Inc.		392,823
	5,263	Las Vegas Sands Corp.		310,990
	4,770	Starbucks Corp.		399,869

				1,103,682

		Household Durables — 0.2%
	5,260	PulteGroup, Inc.		166,321

		Household Products — 0.6%
	6,090	Procter & Gamble Co. (The)		667,768

		Independent Power & Renewable Electricity Producers — 1.2%
	67,525	AES Corp. (The)		1,131,719
	5,500	Northland Power, Inc.		107,098

				1,238,817

		Industrial Conglomerates — 0.1%
	854	Honeywell International, Inc.		149,100

		Insurance — 1.2%
	451	Aflac, Inc.		24,719
	9,735	Fidelity National Financial, Inc.		392,321
	5,919	MetLife, Inc.		293,997
	5,233	Principal Financial Group, Inc.		303,095
	2,971	Prudential Financial, Inc.		300,071

				1,314,203

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		IT Services — 3.1%
	2,104	Accenture PLC, Class A	$	388,756
	2,346	Automatic Data Processing, Inc.		387,864
	5,932	Booz Allen Hamilton Holding Corp.		392,758
	2,360	Fidelity National Information Services, Inc.		289,525
	3,933	International Business Machines Corp.		542,361
	4,960	Leidos Holdings, Inc.		396,056
	1,108	MasterCard, Inc., Class A		293,099
	4,506	Paychex, Inc.		370,799
	1,721	Visa, Inc., Class A		298,679

				3,359,897

		Leisure Products — 0.1%
	2,600	Sankyo Co. Ltd.		94,271

		Machinery — 1.5%
	6,647	Allison Transmission Holdings, Inc.		308,088
	2,435	Cummins, Inc.		417,213
	1,943	Illinois Tool Works, Inc.		293,024
	5,637	PACCAR, Inc.		403,947
	1,106	Snap-on, Inc.		183,198

				1,605,470

		Media — 2.4%
	200	Cogeco Communications, Inc.		14,384
	37,579	Comcast Corp., Class A		1,588,840
	24,527	Interpublic Group of Cos., Inc. (The)		554,065
	5,011	Omnicom Group, Inc.		410,651

				2,567,940

		Metals & Mining — 0.2%
	3,427	BHP Group PLC		87,643
	1,957	Evraz PLC		16,571
	1,752	Rio Tinto PLC		108,437

				212,651

		Multi-Utilities — 0.2%
	6,808	AGL Energy Ltd.		95,744
	2,000	Algonquin Power & Utilities Corp.		24,237
	1,187	Dominion Energy, Inc.		91,779

				211,760

		Oil, Gas & Consumable Fuels — 1.1%
	2,110	Chevron Corp.		262,568
	4,257	ConocoPhillips		259,677
	6,950	CVR Energy, Inc.		347,431
	5,850	Occidental Petroleum Corp.		294,138

				1,163,814

		Paper & Forest Products — 0.1%
	1,359	Domtar Corp.		60,516

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Personal Products — 0.2%
	1,696	Unilever NV	$	103,046
	1,663	Unilever PLC		103,231

				206,277

		Pharmaceuticals — 3.4%
	1,175	Allergan PLC		196,730
	8,318	Bristol-Myers Squibb Co.		377,221
	2,859	Johnson & Johnson		398,202
	15,030	Merck & Co., Inc.		1,260,266
	28,712	Pfizer, Inc.		1,243,804
	380	Roche Holding AG		106,851

				3,583,074

		Professional Services — 0.3%
	12,561	Nielsen Holdings PLC		283,878
	1,073	Robert Half International, Inc.		61,172

				345,050

		Real Estate Management & Development — 0.2%
	4,298	Aroundtown S.A.		35,459
	420	Castellum AB		8,037
	3,500	CK Asset Holdings Ltd.		27,419
	1,200	Daiwa House Industry Co. Ltd.		35,065
	2,351	Fabege AB		35,399
	95	Grand City Properties S.A.		2,173
	3,439	Hongkong Land Holdings Ltd.		22,167
	283	Hufvudstaden AB		4,816
	5,000	Kerry Properties Ltd.		21,003
	760	TLG Immobilien AG		22,253
	179	Wihlborgs Fastigheter AB		2,597

				216,388

		REITs – Apartments — 0.1%
	59	Camden Property Trust		6,159
	68	Invincible Investment Corp.		35,223
	486	NexPoint Residential Trust, Inc.		20,120

				61,502

		REITs – Diversified — 0.2%
	49	Equinix, Inc.		24,710
	4	Fukuoka REIT Corp.		6,452
	2,300	Mapletree Logistics Trust		2,705
	12	Mirai Corp.		5,811
	2,313	Preferred Apartment Communities, Inc., Class A		34,579
	223	PS Business Parks, Inc.		37,582
	1,804	UMH Properties, Inc.		22,388
	181	Warehouses De Pauw CVA		30,461

				164,688

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		REITs – Health Care — 0.0%
	1,492	CareTrust REIT, Inc.	$	35,480
	370	Omega Healthcare Investors, Inc.		13,597

				49,077

		REITs – Hotels — 0.0%
	892	Hersha Hospitality Trust		14,754
	3	Japan Hotel REIT Investment Corp.		2,417
	251	Ryman Hospitality Properties, Inc.		20,353

				37,524

		REITs – Manufactured Homes — 0.0%
	300	Equity LifeStyle Properties, Inc.		36,402

		REITs – Office Property — 0.1%
	2,212	alstria office REIT-AG		35,806
	41,000	Champion REIT		34,163
	8,821	Green REIT PLC		18,156
	14	One REIT, Inc.		37,366
	2,281	VEREIT, Inc.		20,552

				146,043

		REITs – Regional Malls — 0.0%
	550	Washington Prime Group, Inc.		2,101

		REITs – Shopping Centers — 0.1%
	23	AEON REIT Investment Corp.		29,450
	7	Frontier Real Estate Investment Corp.		29,872
	1,500	Link REIT		18,458
	1,078	Retail Value, Inc.		37,515

				115,295

		REITs – Single Tenant — 0.1%
	678	National Retail Properties, Inc.		35,941
	317	Realty Income Corp.		21,863
	1,058	STORE Capital Corp.		35,115

				92,919

		REITs – Storage — 0.1%
	326	Extra Space Storage, Inc.		34,589
	1,148	Iron Mountain, Inc.		35,932
	27	Life Storage, Inc.		2,567
	1,223	National Storage Affiliates Trust		35,394
	150	Public Storage		35,725
	1,285	Safestore Holdings PLC		10,012

				154,219

		REITs – Warehouse/Industrials — 0.1%
	236	EastGroup Properties, Inc.		27,371
	800	Granite Real Estate Investment Trust		36,831
	292	Industrial Logistics Properties Trust		6,079
	950	Rexford Industrial Realty, Inc.		38,352

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		REITs – Warehouse/Industrials — continued
	454	Terreno Realty Corp.	$	22,264

				130,897

		Road & Rail — 0.0%
	9,500	ComfortDelGro Corp. Ltd.		18,683

		Semiconductors & Semiconductor Equipment — 1.4%
	12,678	Applied Materials, Inc.		569,369
	1,201	Broadcom, Inc.		345,720
	3,545	QUALCOMM, Inc.		269,668
	2,646	Texas Instruments, Inc.		303,655

				1,488,412

		Software — 2.1%
	4,627	j2 Global, Inc.		411,294
	10,302	Microsoft Corp.		1,380,056
	6,925	Oracle Corp.		394,517

				2,185,867

		Specialty Retail — 0.5%
	2,724	Home Depot, Inc. (The)		566,510

		Technology Hardware, Storage & Peripherals — 1.7%
	6,163	Apple, Inc.		1,219,781
	20,664	Hewlett Packard Enterprise Co.		308,927
	14,593	HP, Inc.		303,388

				1,832,096

		Thrifts & Mortgage Finance — 0.1%
	3,300	Genworth MI Canada, Inc.		104,427

		Tobacco — 0.5%
	7,793	Altria Group, Inc.		368,998
	1,126	British American Tobacco PLC		39,315
	3,340	Imperial Brands PLC		78,374

				486,687

		Trading Companies & Distributors — 0.3%
	3,200	ITOCHU Corp.		61,302
	2,800	Mitsubishi Corp.		73,991
	31,300	Sojitz Corp.		100,729
	7,000	Sumitomo Corp.		106,317

				342,339

		Wireless Telecommunication Services — 0.1%
	3,100	KDDI Corp.		78,885
	2,000	NTT DOCOMO, Inc.		46,664

				125,549

		Total Common Stocks (Identified Cost $40,319,319)		41,546,389

See accompanying notes to financial statements.

51 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Senior Loans — 3.6%
		Airlines — 2.0%
$	2,063,636	Gol LuxCo S.A., 1st Lien Term Loan, 6.500%, 8/31/2020	$	2,084,272

		Chemicals — 0.5%
	330,688	ASP Chromaflo Dutch I BV, Term Loan B2, 1-month LIBOR + 3.500%, 5.902%, 11/20/2023(d)		321,181
	254,313	ASP Chromaflo Intermediate Holdings, Inc., Term Loan B1, 1-month LIBOR + 3.500%, 5.902%, 11/18/2023(d)		247,001

				568,182

		Independent Energy — 0.5%
	1,100,000	Gavilan Resources LLC, 2nd Lien Term Loan, 1-month LIBOR + 6.000%, 8.402%, 3/01/2024(d)		561,000
	26,468	MEG Energy Corp., 2017 Term Loan B, 1-month LIBOR + 3.500%, 5.910%, 12/31/2023(d)		26,413

				587,413

		Media Entertainment — 0.6%
	615,106	LSC Communications, Inc., 2017 Term Loan B, 1-week LIBOR + 5.500%, 7.869%, 9/30/2022(d)		601,266

		Total Senior Loans (Identified Cost $4,359,985)		3,841,133


Shares
	Exchange-Traded Funds — 10.1%
	493,831	Alerian MLP ETF		4,864,235
	19,808	iShares MSCI Japan ETF		1,081,121
	81,298	iShares MSCI Pacific ex Japan ETF		3,839,704
	7,380	ProShares S&P 500^® Dividend Aristocrats ETF		511,951
	1,752	SPDR^® S&P 500^® ETF Trust		513,336

		Total Exchange-Traded Funds (Identified Cost $10,733,577)		10,810,347


	Preferred Stocks — 0.7%
	Non-Convertible Preferred Stocks — 0.3%
		Midstream — 0.3%
	14,215	Energy Transfer Operating LP, Series C, (fixed rate to 5/15/2023, variable rate thereafter), 7.375% (Identified Cost $355,375)		336,611


	Convertible Preferred Stock — 0.4%
		Midstream — 0.4%
	932	Chesapeake Energy Corp., 5.750% (Identified Cost $631,844)		445,745

		Total Preferred Stocks (Identified Cost $987,219)		782,356

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 1.2%
$	1,225,999	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $1,226,152 on 7/01/2019 collateralized by $1,205,000 U.S. Treasury Inflation Indexed Note, 0.625% due 4/15/2023 valued at $1,255,314 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,225,999)	$	1,225,999


		Total Investments — 99.1% (Identified Cost $104,167,348)		105,852,210
		Other assets less liabilities — 0.9%		957,964

		Net Assets — 100.0%	$	106,810,174


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 1,000.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Perpetual bond with no specified maturity date.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of June 30, 2019 is disclosed.
	(c)	Non-income producing security.
	(d)	Variable rate security. Rate as of June 30, 2019 is disclosed.



	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 June 30, 2019, the value of Rule 144A holdings amounted to $23,353,424 or 21.9% of net assets.
	ETF			Exchange-Traded Fund
	LIBOR			London Interbank Offered Rate
	REITs			Real Estate Investment Trusts

	ARS			Argentine Peso
	BRL			Brazilian Real
	COP			Colombian Peso
	EUR			Euro
	GBP			British Pound
	MXN			Mexican Peso
	RUB			Russian Ruble
	ZAR			South African Rand

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)

Industry Summary at June 30, 2019 (Unaudited)


Treasuries	12.4	%
Banking	12.4
Pharmaceuticals	3.4
Sovereigns	3.3
IT Services	3.1
Independent Energy	3.0
Metals & Mining	2.6
Media	2.4
Airlines	2.4
Software	2.1
Chemicals	2.0
Other Investments, less than 2% each	38.7
Exchange-Traded Funds	10.1
Short-Term Investments	1.2

Total Investments	99.1
Other assets less liabilities	0.9

Net Assets	100.0	%

See accompanying notes to financial statements.

| 54

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)


	High Income Fund			Investment Grade Bond Fund		Loomis Sayles Multi-Asset Income Fund
ASSETS
Investments at cost	$	152,803,917		$	5,163,376,484	$	104,167,348
Net unrealized appreciation (depreciation)		(418,270	)		320,424,216		1,684,862

Investments at value		152,385,647			5,483,800,700		105,852,210
Cash		—			186		15,521
Foreign currency at value (identified cost $0, $34,174 and $5,586, respectively)		—			33,872		5,590
Receivable for Fund shares sold		293,475			14,474,189		14,064
Receivable for securities sold		1,004,027			82,832,000		200,108
Dividends and interest receivable		2,085,910			46,263,876		958,804
Tax reclaims receivable		—			4,151		29,428
Prepaid expenses (Note 8)		17			629		13

TOTAL ASSETS		155,769,076			5,627,409,603		107,075,738

LIABILITIES
Payable for securities purchased		4,978,669			3,124,468		—
Payable for Fund shares redeemed		14,753			7,340,735		92,260
Management fees payable (Note 6)		72,944			1,767,828		40,145
Deferred Trustees’ fees (Note 6)		162,893			819,748		85,406
Administrative fees payable (Note 6)		4,928			198,691		3,667
Payable to distributor (Note 6d)		1,698			44,634		832
Other accounts payable and accrued expenses		126,792			420,713		43,254

TOTAL LIABILITIES		5,362,677			13,716,817		265,564

NET ASSETS	$	150,406,399		$	5,613,692,786	$	106,810,174

NET ASSETS CONSIST OF:
Paid-in capital	$	155,986,698		$	5,303,510,568	$	111,620,825
Accumulated earnings (loss)		(5,580,299	)		310,182,218		(4,810,651	)

NET ASSETS	$	150,406,399		$	5,613,692,786	$	106,810,174

See accompanying notes to financial statements.

55 |

Statements of Assets and Liabilities (continued)

June 30, 2019 (Unaudited)


	High Income Fund		Investment Grade Bond Fund		Loomis Sayles Multi-Asset Income Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	22,749,555	$	757,669,684	$	33,368,936

Shares of beneficial interest		5,345,601		67,280,689		2,650,308

Net asset value and redemption price per share	$	4.26	$	11.26	$	12.59

Offering price per share (100/95.75 of net asset value) (Note 1)	$	4.45	$	11.76	$	13.15

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	4,866,890	$	276,225,503	$	21,230,562

Shares of beneficial interest		1,139,892		24,811,348		1,693,971

Net asset value and offering price per share	$	4.27	$	11.13	$	12.53

Class N shares:
Net assets	$	11,863,104	$	1,324,372,833	$	43,859

Shares of beneficial interest		2,785,934		117,589,311		3,507

Net asset value, offering and redemption price per share	$	4.26	$	11.26	$	12.51

Class Y shares:
Net assets	$	110,926,850	$	3,136,513,151	$	52,166,817

Shares of beneficial interest		26,096,894		278,327,214		4,169,623

Net asset value, offering and redemption price per share	$	4.25	$	11.27	$	12.51

Admin Class shares:
Net assets	$	—	$	118,911,615	$	—

Shares of beneficial interest		—		10,587,083		—

Net asset value, offering and redemption price per share	$	—	$	11.23	$	—

See accompanying notes to financial statements.

| 56

Statements of Operations

For the Six Months Ended June 30, 2019 (Unaudited)


	High Income Fund			Investment Grade Bond Fund			Loomis Sayles Multi-Asset Income Fund
INVESTMENT INCOME
Interest	$	4,358,844		$	107,333,354		$	1,870,742
Dividends		85,765			420,131			850,888
Less net foreign taxes withheld		(811	)		—			(11,140	)

		4,443,798			107,753,485			2,710,490

Expenses
Management fees (Note 6)		433,733			10,898,680			312,166
Service and distribution fees (Note 6)		54,539			2,770,642			172,500
Administrative fees (Note 6)		31,932			1,210,341			25,218
Trustees’ fees and expenses (Note 6)		14,491			110,567			11,703
Transfer agent fees and expenses (Notes 6 and 7)		81,422			1,847,483			40,540
Audit and tax services fees		27,224			32,276			24,305
Custodian fees and expenses		5,457			58,197			17,901
Legal fees (Note 8)		2,674			111,501			1,991
Registration fees		47,026			122,792			25,405
Shareholder reporting expenses		24,298			307,964			3,348
Miscellaneous expenses (Note 8)		17,475			140,814			17,360

Total expenses		740,271			17,611,257			652,437
Less waiver and/or expense reimbursement (Note 6)		(109,513	)		(690,323	)		(81,310	)

Net expenses		630,758			16,920,934			571,127

Net investment income		3,813,040			90,832,551			2,139,363

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		208,631			21,220,172			(2,521,946	)
Forward foreign currency contracts (Note 2d)		(44,094	)		(670,701	)		—
Foreign currency transactions (Note 2c)		—			2,368,069			(74,152	)
Net change in unrealized appreciation (depreciation) on:
Investments		9,110,029			220,800,259			10,941,656
Forward foreign currency contracts (Note 2d)		44,094			670,701			—
Foreign currency translations (Note 2c)		17			(2,229,055	)		293

Net realized and unrealized gain on investments, forward foreign currency contracts and foreign currency transactions		9,318,677			242,159,445			8,345,851

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,131,717		$	332,991,996		$	10,485,214

See accompanying notes to financial statements.

57 |

Statements of Changes in Net Assets


	High Income Fund
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(a)			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment income	$	3,813,040		$	2,214,373		$	8,475,372
Net realized gain (loss) on investments and forward foreign currency contracts		164,537			(6,387,716	)		1,205,344
Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts and foreign currency translations		9,154,140			(3,483,546	)		(7,029,759	)

Net increase (decrease) in net assets resulting from operations		13,131,717			(7,656,889	)		2,650,957

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(585,293	)		(410,882	)		(1,227,019	)
Class C		(111,673	)		(81,814	)		(311,547	)
Class N		(307,059	)		(178,711	)		(259,688	)
Class Y		(2,841,136	)		(2,141,392	)		(5,752,686	)

Total distributions		(3,845,161	)		(2,812,799	)		(7,550,940	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		4,641,609			(23,511,576	)		(3,848,432	)

Net increase (decrease) in net assets		13,928,165			(33,981,264	)		(8,748,415	)
NET ASSETS
Beginning of the period		136,478,234			170,459,498			179,207,913

End of the period	$	150,406,399		$	136,478,234		$	170,459,498

(a)	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

| 58

Statements of Changes in Net Assets (continued)


	Investment Grade Bond Fund
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(a)			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment income	$	90,832,551		$	44,450,885		$	171,956,415
Net realized gain (loss) on investments, forward foreign currency contracts and foreign currency transactions		22,917,540			(228,459,921	)		(68,790,141	)
Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts and foreign currency translations		219,241,905			150,673,092			(88,370,511	)

Net increase (decrease) in net assets resulting from operations		332,991,996			(33,335,944	)		14,795,763

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(11,541,480	)		(9,439,602	)		(26,935,957	)
Class C		(3,695,277	)		(4,075,458	)		(15,654,049	)
Class N		(21,645,695	)		(16,768,000	)		(41,987,053	)
Class Y		(51,387,476	)		(39,150,105	)		(111,284,265	)
Admin Class		(1,661,967	)		(1,369,684	)		(778,851	)

Total distributions		(89,931,895	)		(70,802,849	)		(196,640,175	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		42,363,946			(126,167,759	)		(534,159,760	)

Net increase (decrease) in net assets		285,424,047			(230,306,552	)		(716,004,172	)
NET ASSETS
Beginning of the period		5,328,268,739			5,558,575,291			6,274,579,463

End of the period	$	5,613,692,786		$	5,328,268,739		$	5,558,575,291

(a)	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

59 |

Statements of Changes in Net Assets (continued)


	Loomis Sayles Multi-Asset Income Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	2,139,363		$	5,207,147
Net realized loss on investments and foreign currency transactions		(2,596,098	)		(1,541,137	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		10,941,949			(16,770,929	)

Net increase (decrease) in net assets resulting from operations		10,485,214			(13,104,919	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,026,088	)		(3,689,139	)
Class C		(425,912	)		(1,796,319	)
Class N		(892	)		(2,353	)
Class Y		(1,059,113	)		(3,691,567	)

Total distributions		(2,512,005	)		(9,179,378	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(20,583,477	)		(2,836,090	)

Net decrease in net assets		(12,610,268	)		(25,120,387	)
NET ASSETS
Beginning of the period		119,420,442			144,540,829

End of the period	$	106,810,174		$	119,420,442

See accompanying notes to financial statements.

| 60

Financial Highlights

For a share outstanding throughout each period.


	High Income Fund—Class A
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	3.99		$	4.25		$	4.37		$	4.23		$	3.99		$	4.49		$	4.59

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.11			0.05			0.20			0.22			0.20			0.19			0.21
Net realized and unrealized gain (loss)		0.27			(0.24	)		(0.14	)		0.12			0.21			(0.39	)		0.17

Total from Investment Operations		0.38			(0.19	)		0.06			0.34			0.41			(0.20	)		0.38

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.06	)		(0.18	)		(0.20	)		(0.16	)		(0.19	)		(0.22	)
Net realized capital gains		—			(0.01	)		—			—			(0.01	)		(0.11	)		(0.26	)

Total Distributions		(0.11	)		(0.07	)		(0.18	)		(0.20	)		(0.17	)		(0.30	)		(0.48	)

Net asset value, end of the period	$	4.26		$	3.99		$	4.25		$	4.37		$	4.23		$	3.99		$	4.49

Total return^(b)		9.51	%^(c)(d)		(4.54	)%^(c)(d)		1.41	%^(d)		8.17	%^(d)		10.66	%^(d)		(4.78	)%^(d)		8.42	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	22,750		$	23,125		$	26,175		$	34,039		$	34,820		$	37,870		$	42,630
Net expenses		1.05	%^(e)(f)		1.05	%^(e)(f)		1.05	%^(e)		1.09	%^(e)(g)		1.10	%^(e)		1.11	%^(e)(h)		1.14	%
Gross expenses		1.21	%^(f)		1.27	%^(f)		1.16	%		1.15	%		1.14	%		1.13	%		1.14	%
Net investment income		5.11	%^(f)		5.13	%^(f)		4.73	%		5.03	%		5.16	%		4.41	%		4.57	%
Portfolio turnover rate		21	%		17	%		55	%		46	%		38	%		69	%		59	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

(b)	A sales charge for Class A shares is not reflected in total return calculations.

(c)	Periods less than one year are not annualized.

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

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

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

(g)	Effective July 1, 2017, the expense limit decreased to 1.05%.

(h)	Effective July 1, 2015, the expense limit decreased to 1.10%.

See accompanying notes to financial statements.

61 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	High Income Fund—Class C
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	4.00		$	4.27		$	4.38		$	4.24		$	4.00		$	4.50		$	4.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.09			0.05			0.17			0.18			0.18			0.16			0.18
Net realized and unrealized gain (loss)		0.27			(0.26	)		(0.13	)		0.12			0.20			(0.39	)		0.16

Total from Investment Operations		0.36			(0.21	)		0.04			0.30			0.38			(0.23	)		0.34

LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.05	)		(0.15	)		(0.16	)		(0.13	)		(0.16	)		(0.19	)
Net realized capital gains		—			(0.01	)		—			—			(0.01	)		(0.11	)		(0.26	)

Total Distributions		(0.09	)		(0.06	)		(0.15	)		(0.16	)		(0.14	)		(0.27	)		(0.45	)

Net asset value, end of the period	$	4.27		$	4.00		$	4.27		$	4.38		$	4.24		$	4.00		$	4.50

Total return^(b)		9.09	%^(c)(d)		(4.95	)%^(c)(d)		0.86	%^(d)		7.33	%^(d)		9.81	%^(d)		(5.48	)%^(d)		7.60	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,867		$	5,351		$	6,248		$	11,227		$	12,288		$	12,609		$	14,555
Net expenses		1.80	%^(e)(f)		1.80	%^(e)(f)		1.80	%^(f)		1.84	%^(f)(g)		1.85	%^(f)		1.86	%^(f)(h)		1.89	%
Gross expenses		1.96	%^(e)		2.02	%^(e)		1.91	%		1.90	%		1.89	%		1.88	%		1.89	%
Net investment income		4.36	%^(e)		4.38	%^(e)		3.99	%		4.29	%		4.43	%		3.68	%		3.84	%
Portfolio turnover rate		21	%		17	%		55	%		46	%		38	%		69	%		59	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(c)	Periods less than one year are not annualized.

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

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

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

(g)	Effective July 1, 2017, the expense limit decreased to 1.80%.

(h)	Effective July 1, 2015, the expense limit decreased to 1.85%.

See accompanying notes to financial statements.

| 62

Financial Highlights (continued)

For a share outstanding throughout each period.


	High Income Fund—Class N
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Period Ended September 30, 2017**
Net asset value, beginning of the period	$	3.99		$	4.25		$	4.36		$	4.16

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.06			0.20			0.19
Net realized and unrealized gain (loss)		0.27			(0.25	)		(0.12	)		0.18

Total from Investment Operations		0.38			(0.19	)		0.08			0.37

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.06	)		(0.19	)		(0.17	)
Net realized capital gains		—			(0.01	)		—			—

Total Distributions		(0.11	)		(0.07	)		(0.19	)		(0.17	)

Net asset value, end of the period	$	4.26		$	3.99		$	4.25		$	4.36

Total return(b)		9.68	%(c)		(4.47	)%(c)		1.96	%		8.99	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11,863		$	10,417		$	10,338		$	1
Net expenses(d)		0.75	%(e)		0.75	%(e)		0.75	%		0.75	%(e)(f)
Gross expenses		0.84	%(e)		0.89	%(e)		0.79	%		31.73	%(e)
Net investment income		5.41	%(e)		5.45	%(e)		4.65	%		5.19	%(e)
Portfolio turnover rate		21	%		17	%		55	%		46	%(g)

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

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

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

(c)	Periods less than one year are not annualized.

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

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

(f)	Effective July 1, 2017, the expense limit decreased to 0.75%.

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

See accompanying notes to financial statements.

63 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	High Income Fund—Class Y
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	3.98		$	4.24		$	4.36		$	4.22		$	3.98		$	4.48		$	4.59

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.11			0.06			0.21			0.23			0.21			0.20			0.22
Net realized and unrealized gain (loss)		0.27			(0.25	)		(0.14	)		0.12			0.21			(0.39	)		0.16

Total from Investment Operations		0.38			(0.19	)		0.07			0.35			0.42			(0.19	)		0.38

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.06	)		(0.19	)		(0.21	)		(0.17	)		(0.20	)		(0.23	)
Net realized capital gains		—			(0.01	)		—			—			(0.01	)		(0.11	)		(0.26	)

Total Distributions		(0.11	)		(0.07	)		(0.19	)		(0.21	)		(0.18	)		(0.31	)		(0.49	)

Net asset value, end of the period	$	4.25		$	3.98		$	4.24		$	4.36		$	4.22		$	3.98		$	4.48

Total return		9.67	%^(b)(c)		(4.49	)%^(b)(c)		1.68	%^(c)		8.47	%^(c)		10.98	%^(c)		(4.54	)%^(c)		8.72	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	110,927		$	97,585		$	127,699		$	133,940		$	129,169		$	116,837		$	125,185
Net expenses		0.80	%^(d)(e)		0.80	%^(d)(e)		0.80	%^(e)		0.84	%^(e)(f)		0.85	%^(e)		0.86	%^(e)(g)		0.89	%
Gross expenses		0.96	%^(d)		1.02	%^(d)		0.91	%		0.90	%		0.89	%		0.88	%		0.89	%
Net investment income		5.34	%^(d)		5.39	%^(d)		4.98	%		5.28	%		5.43	%		4.67	%		4.83	%
Portfolio turnover rate		21	%		17	%		55	%		46	%		38	%		69	%		59	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

(b)	Periods less than one year are not annualized.

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

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

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

(f)	Effective July 1, 2017, the expense limit decreased to 0.80%.

(g)	Effective July 1, 2015, the expense limit decreased to 0.85%.

See accompanying notes to financial statements.

| 64

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Class A
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	10.77		$	10.98		$	11.30		$	11.59		$	11.10		$	12.11		$	12.22

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.17			0.08			0.30			0.36			0.39			0.40			0.46
Net realized and unrealized gain (loss)		0.49			(0.16	)		(0.28	)		0.05			0.48			(0.95	)		0.26

Total from Investment Operations		0.66			(0.08	)		0.02			0.41			0.87			(0.55	)		0.72

LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.08	)		(0.21	)		(0.26	)		(0.23	)		(0.34	)		(0.51	)
Net realized capital gains		—			(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)

Total Distributions		(0.17	)		(0.13	)		(0.34	)		(0.70	)		(0.38	)		(0.46	)		(0.83	)

Net asset value, end of the period	$	11.26		$	10.77		$	10.98		$	11.30		$	11.59		$	11.10		$	12.11

Total return^(b)		6.19	%^(c)(d)		(0.66	)%^(c)(d)		0.19	%^(d)		3.88	%		8.06	%		(4.72	)%		6.04	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	757,670		$	721,110		$	777,391		$	902,955		$	1,130,260		$	1,628,216		$	1,932,847
Net expenses		0.78	%^(e)(f)		0.78	%^(e)(f)		0.80	%^(f)(g)		0.82	%^(h)		0.85	%		0.83	%		0.83	%
Gross expenses		0.81	%^(e)		0.82	%^(e)		0.82	%		0.82	%		0.85	%		0.83	%		0.83	%
Net investment income		3.17	%^(e)		3.09	%^(e)		2.73	%		3.23	%		3.49	%		3.38	%		3.75	%
Portfolio turnover rate		16	%		39	%⁽ⁱ⁾		3	%		10	%		11	%		23	%		19	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

(b)	A sales charge for Class A shares is not reflected in total return calculations.

(c)	Periods less than one year are not annualized.

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

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

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

(g)	Effective July 1, 2018, the expense limit decreased to 0.78%.

(h)	Effective July 1, 2017, the expense limit decreased to 0.80%.

(i)	The variation in the Fund’s turnover rate from the year ended September 30, 2018 to the period ended December 31, 2018 was primarily due to a changes in the investment strategy and portfolio management team of the Fund.

See accompanying notes to financial statements.

65 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Class C
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	10.65		$	10.86		$	11.19		$	11.48		$	11.00		$	12.00		$	12.11

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.13			0.06			0.22			0.27			0.30			0.31			0.36
Net realized and unrealized gain (loss)		0.48			(0.16	)		(0.28	)		0.06			0.47			(0.94	)		0.27

Total from Investment Operations		0.61			(0.10	)		(0.06	)		0.33			0.77			(0.63	)		0.63

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.06	)		(0.14	)		(0.18	)		(0.14	)		(0.25	)		(0.42	)
Net realized capital gains		—			(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)

Total Distributions		(0.13	)		(0.11	)		(0.27	)		(0.62	)		(0.29	)		(0.37	)		(0.74	)

Net asset value, end of the period	$	11.13		$	10.65		$	10.86		$	11.19		$	11.48		$	11.00		$	12.00

Total return^(b)		5.76	%^(c)(d)		(0.86	)%^(c)(d)		(0.53	)%^(d)		3.12	%		7.18	%		(5.40	)%		5.29	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	276,226		$	366,068		$	412,788		$	689,798		$	1,001,522		$	1,219,687		$	1,524,806
Net expenses		1.53	%^(e)(f)		1.53	%^(e)(f)		1.55	%^(f)(g)		1.57	%^(h)		1.60	%		1.58	%		1.58	%
Gross expenses		1.56	%^(e)		1.57	%^(e)		1.57	%		1.57	%		1.60	%		1.58	%		1.58	%
Net investment income		2.41	%^(e)		2.34	%^(e)		1.96	%		2.49	%		2.74	%		2.63	%		3.00	%
Portfolio turnover rate		16	%		39	%⁽ⁱ⁾		3	%		10	%		11	%		23	%		19	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(c)	Periods less than one year are not annualized.

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

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

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

(g)	Effective July 1, 2018, the expense limit decreased to 1.53%.

(h)	Effective July 1, 2017, the expense limit decreased to 1.55%.

(i)	The variation in the Fund’s turnover rate from the year ended September 30, 2018 to the period ended December 31, 2018 was primarily due to a changes in the investment strategy and portfolio management team of the Fund.

See accompanying notes to financial statements.

| 66

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Class N
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	10.78		$	10.98		$	11.30		$	11.58		$	11.11		$	12.11		$	12.22

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.19			0.09			0.34			0.39			0.43			0.44			0.50
Net realized and unrealized gain (loss)		0.48			(0.15	)		(0.28	)		0.07			0.47			(0.93	)		0.26

Total from Investment Operations		0.67			(0.06	)		0.06			0.46			0.90			(0.49	)		0.76

LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.09	)		(0.25	)		(0.30	)		(0.28	)		(0.39	)		(0.55	)
Net realized capital gains		—			(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)

Total Distributions		(0.19	)		(0.14	)		(0.38	)		(0.74	)		(0.43	)		(0.51	)		(0.87	)

Net asset value, end of the period	$	11.26		$	10.78		$	10.98		$	11.30		$	11.58		$	11.11		$	12.11

Total return		6.34	%^(b)		(0.58	)%^(b)		0.50	%		4.34	%		8.31	%		(4.28	)%		6.41	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,324,373		$	1,216,690		$	1,251,189		$	1,203,169		$	47,343		$	21,851		$	6,101
Net expenses		0.48	%^(c)		0.48	%^(c)		0.47	%^(d)		0.48	%^(e)		0.47	%		0.47	%		0.47	%^(f)
Gross expenses		0.48	%^(c)		0.48	%^(c)		0.47	%		0.48	%		0.47	%		0.47	%		0.47	%^(f)
Net investment income		3.48	%^(c)		3.40	%^(c)		3.05	%		3.51	%		3.88	%		3.78	%		4.07	%
Portfolio turnover rate		16	%		39	%^(g)		3	%		10	%		11	%		23	%		19	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

(b)	Periods less than one year are not annualized.

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

(d)	Effective July 1, 2018, the expense limit decreased to 0.48%.

(e)	Effective July 1, 2017, the expense limit decreased to 0.50%.

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

(g)	The variation in the Fund’s turnover rate from the year ended September 30, 2018 to the period ended December 31, 2018 was primarily due to a changes in the investment strategy and portfolio management team of the Fund.

See accompanying notes to financial statements.

67 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Class Y
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	10.78		$	10.99		$	11.31		$	11.59		$	11.11		$	12.12		$	12.23

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.19			0.09			0.33			0.39			0.42			0.43			0.49
Net realized and unrealized gain (loss)		0.49			(0.16	)		(0.28	)		0.06			0.47			(0.95	)		0.26

Total from Investment Operations		0.68			(0.07	)		0.05			0.45			0.89			(0.52	)		0.75

LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.09	)		(0.24	)		(0.29	)		(0.26	)		(0.37	)		(0.54	)
Net realized capital gains		—			(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)

Total Distributions		(0.19	)		(0.14	)		(0.37	)		(0.73	)		(0.41	)		(0.49	)		(0.86	)

Net asset value, end of the period	$	11.27		$	10.78		$	10.99		$	11.31		$	11.59		$	11.11		$	12.12

Total return		6.31	%^(b)(c)		(0.59	)%^(b)(c)		0.43	%^(c)		4.24	%		8.25	%		(4.47	)%		6.30	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,136,513		$	2,912,537		$	3,001,906		$	3,453,137		$	4,571,167		$	6,081,536		$	6,911,938
Net expenses		0.53	%^(d)(e)		0.53	%^(d)(e)		0.55	%^(e)(f)		0.57	%^(g)		0.60	%		0.58	%		0.59	%
Gross expenses		0.56	%^(d)		0.57	%^(d)		0.57	%		0.57	%		0.60	%		0.58	%		0.59	%
Net investment income		3.42	%^(d)		3.35	%^(d)		2.98	%		3.48	%		3.74	%		3.63	%		3.99	%
Portfolio turnover rate		16	%		39	%^(h)		3	%		10	%		11	%		23	%		19	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

(b)	Periods less than one year are not annualized.

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

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

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

(f)	Effective July 1, 2018, the expense limit decreased to 0.53%.

(g)	Effective July 1, 2017, the expense limit decreased to 0.55%.

(h)	The variation in the Fund’s turnover rate from the year ended September 30, 2018 to the period ended December 31, 2018 was primarily due to a changes in the investment strategy and portfolio management team of the Fund.

See accompanying notes to financial statements.

| 68

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Admin Class
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	10.75		$	10.95		$	11.28		$	11.56		$	11.08		$	12.09		$	12.20

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.16			0.08			0.28			0.34			0.37			0.37			0.43
Net realized and unrealized gain (loss)		0.48			(0.15	)		(0.28	)		0.06			0.47			(0.95	)		0.26

Total from Investment Operations		0.64			(0.07	)		0.00	^(b)		0.40			0.84			(0.58	)		0.69

LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.08	)		(0.20	)		(0.24	)		(0.21	)		(0.31	)		(0.48	)
Net realized capital gains		—			(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)

Total Distributions		(0.16	)		(0.13	)		(0.33	)		(0.68	)		(0.36	)		(0.43	)		(0.80	)

Net asset value, end of the period	$	11.23		$	10.75		$	10.95		$	11.28		$	11.56		$	11.08		$	12.09

Total return		5.98	%^(c)(d)		(0.63	)%^(c)(d)		(0.07	)%^(c)		3.76	%^(c)		7.73	%		(4.95	)%		5.79	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	118,912		$	111,864		$	115,301		$	25,521		$	35,294		$	37,355		$	25,585
Net expenses		1.03	%^(e)(f)		1.03	%^(e)(f)		1.02	%^(e)(g)(h)		1.02	%^(e)(i)(j)		1.07	%^(k)		1.08	%		1.09	%
Gross expenses		1.06	%^(f)		1.07	%^(f)		1.05	%^(g)		1.03	%⁽ⁱ⁾		1.07	%^(k)		1.08	%		1.09	%
Net investment income		2.92	%^(f)		2.85	%^(f)		2.56	%		3.03	%		3.27	%		3.14	%		3.49	%
Portfolio turnover rate		16	%		39	%^(l)		3	%		10	%		11	%		23	%		19	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

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

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

(d)	Periods less than one year are not annualized.

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

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

(g)	Includes refund of prior year service fee of 0.02%. See Note 5b of Notes to Financial Statements.

(h)	Effective July 1, 2018, the expense limit decreased to 1.03%.

(i)	Includes refund of prior year service fee of 0.05%.

(j)	Effective July 1, 2017, the expense limit decreased to 1.05%.

(k)	Includes refund of prior year service fee of 0.03%.

(l)	The variation in the Fund’s turnover rate from the year ended September 30, 2018 to the period ended December 31, 2018 was primarily due to a changes in the investment strategy and portfolio management team of the Fund.

See accompanying notes to financial statements.

69 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Loomis Sayles Multi-Asset Income Fund—Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	11.78		$	13.87		$	13.24		$	12.85		$	13.45		$	12.21

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.23			0.48			0.47			0.49			0.32			0.32
Net realized and unrealized gain (loss)		0.86			(1.71	)		1.15			0.80			(0.58	)		1.26

Total from Investment Operations		1.09			(1.23	)		1.62			1.29			(0.26	)		1.58

LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.42	)		(0.45	)		(0.40	)		(0.34	)		(0.34	)
Net realized capital gains		—			(0.44	)		(0.54	)		(0.50	)		—			—

Total Distributions		(0.28	)		(0.86	)		(0.99	)		(0.90	)		(0.34	)		(0.34	)

Net asset value, end of the period	$	12.59		$	11.78		$	13.87		$	13.24		$	12.85		$	13.45

Total return(b)		9.30	%(c)(d)		(9.24	)%(c)		12.41	%(c)		10.14	%(c)		(1.96	)%(c)		13.08	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	33,369		$	51,028		$	54,754		$	57,320		$	63,254		$	110,874
Net expenses		0.95	%(e)(f)		0.95	%(f)		0.95	%(f)		0.95	%(f)		1.04	%(f)(g)		1.06	%
Gross expenses		1.10	%(e)		1.11	%		1.13	%		1.09	%		1.11	%		1.06	%
Net investment income		3.75	%(e)		3.63	%		3.37	%		3.70	%		2.40	%		2.46	%
Portfolio turnover rate		163	%		282	%		221	%		341	%(h)		93	%(i)		41	%

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

(b)	A sales charge for Class A shares is not reflected in total return calculations.

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

(d)	Periods less than one year are not annualized.

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

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

(g)	Effective September 1, 2015, the expense limit decreased from 1.25% to 0.95%.

(h)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

(i)	The variation in the Fund’s turnover rate from 2014 to 2015 was primarily due to a change in the investment strategy and management structure of the Fund.

See accompanying notes to financial statements.

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Financial Highlights (continued)

For a share outstanding throughout each period.


	Loomis Sayles Multi-Asset Income Fund—Class C
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	11.73		$	13.82		$	13.18		$	12.80		$	13.41		$	12.17

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19			0.38			0.36			0.39			0.24			0.22
Net realized and unrealized gain (loss)		0.84			(1.71	)		1.16			0.79			(0.60	)		1.27

Total from Investment Operations		1.03			(1.33	)		1.52			1.18			(0.36	)		1.49

LESS DISTRIBUTIONS FROM:
Net investment income		(0.23	)		(0.32	)		(0.34	)		(0.30	)		(0.25	)		(0.25	)
Net realized capital gains		—			(0.44	)		(0.54	)		(0.50	)		—			—

Total Distributions		(0.23	)		(0.76	)		(0.88	)		(0.80	)		(0.25	)		(0.25	)

Net asset value, end of the period	$	12.53		$	11.73		$	13.82		$	13.18		$	12.80		$	13.41

Total return(b)		8.86	%(c)(d)		(9.96	)%(c)		11.70	%(c)		9.27	%(c)		(2.73	)%(c)		12.28	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	21,231		$	24,058		$	36,814		$	46,351		$	47,791		$	53,074
Net expenses		1.70	%(e)(f)		1.70	%(f)		1.70	%(f)		1.70	%(f)		1.80	%(f)(g)		1.81	%
Gross expenses		1.85	%(e)		1.86	%		1.88	%		1.84	%		1.87	%		1.81	%
Net investment income		3.07	%(e)		2.83	%		2.65	%		2.96	%		1.78	%		1.70	%
Portfolio turnover rate		163	%		282	%		221	%		341	%(h)		93	%(i)		41	%

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

(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

(d)	Periods less than one year are not annualized.

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

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

(g)	Effective September 1, 2015, the expense limit decreased from 2.00% to 1.70%.

(h)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

(i)	The variation in the Fund’s turnover rate from 2014 to 2015 was primarily due to a change in the investment strategy and management structure of the Fund.

See accompanying notes to financial statements.

71 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Loomis Sayles Multi-Asset Income Fund—Class N
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Period Ended December 31, 2015*
Net asset value, beginning of the period	$	11.70		$	13.79		$	13.16		$	12.77		$	12.70

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.52			0.51			0.53			0.14
Net realized and unrealized gain (loss)		0.85			(1.71	)		1.15			0.80			0.10

Total from Investment Operations		1.11			(1.19	)		1.66			1.33			0.24

LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)		(0.46	)		(0.49	)		(0.44	)		(0.17	)
Net realized capital gains		—			(0.44	)		(0.54	)		(0.50	)		—

Total Distributions		(0.30	)		(0.90	)		(1.03	)		(0.94	)		(0.17	)

Net asset value, end of the period	$	12.51		$	11.70		$	13.79		$	13.16		$	12.77

Total return(b)		9.53	%(c)		(9.02	)%		12.83	%		10.53	%		1.91	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	44		$	32		$	35		$	1		$	1
Net expenses(d)		0.65	%(e)		0.65	%		0.65	%		0.65	%		0.65	%(e)
Gross expenses		1.25	%(e)		1.35	%		1.35	%		13.53	%		13.66	%(e)
Net investment income		4.21	%(e)		3.93	%		3.71	%		4.02	%		3.22	%(e)
Portfolio turnover rate		163	%		282	%		221	%		341	%(f)		93	%

*	From commencement of Class operations on August 31, 2015 through December 31, 2015.

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

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

(c)	Periods less than one year are not annualized.

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

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

(f)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

See accompanying notes to financial statements.

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Financial Highlights (continued)

For a share outstanding throughout each period.


	Loomis Sayles Multi-Asset Income Fund—Class Y
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	11.70		$	13.80		$	13.17		$	12.79		$	13.39		$	12.19

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25			0.52			0.49			0.53			0.36			0.38
Net realized and unrealized gain (loss)		0.85			(1.73	)		1.16			0.78			(0.59	)		1.19

Total from Investment Operations		1.10			(1.21	)		1.65			1.31			(0.23	)		1.57

LESS DISTRIBUTIONS FROM:
Net investment income		(0.29	)		(0.45	)		(0.48	)		(0.43	)		(0.37	)		(0.37	)
Net realized capital gains		—			(0.44	)		(0.54	)		(0.50	)		—			—

Total Distributions		(0.29	)		(0.89	)		(1.02	)		(0.93	)		(0.37	)		(0.37	)

Net asset value, end of the period	$	12.51		$	11.70		$	13.80		$	13.17		$	12.79		$	13.39

Total return		9.51	%(b)(c)		(9.13	)%(b)		12.77	%(b)		10.38	%(b)		(1.72	)%(b)		13.05	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	52,167		$	44,303		$	52,938		$	20,101		$	11,272		$	14,428
Net expenses		0.70	%(d)(e)		0.70	%(e)		0.70	%(e)		0.70	%(e)		0.80	%(e)(f)		0.82	%
Gross expenses		0.84	%(d)		0.86	%		0.88	%		0.84	%		0.86	%		0.82	%
Net investment income		4.15	%(d)		3.88	%		3.53	%		4.00	%		2.73	%		2.92	%
Portfolio turnover rate		163	%		282	%		221	%		341	%(g)		93	%(h)		41	%

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

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

(c)	Periods less than one year are not annualized.

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

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

(f)	Effective September 1, 2015, the expense limit decreased from 1.00% to 0.70%.

(g)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

(h)	The variation in the Fund’s turnover rate from 2014 to 2015 was primarily due to a change in the investment strategy and management structure of the Fund.

See accompanying notes to financial statements.

73 |

Notes to Financial Statements

June 30, 2019 (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 Multi-Asset Income Fund (the “Multi-Asset Income Fund”)

Loomis Sayles Funds II:

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

Loomis Sayles Investment Grade Bond Fund (the “Investment Grade Bond Fund”)

Each Fund is a diversified investment company.

On October 5, 2018, the Board of Trustees approved a change to the fiscal year end of High Income Fund and Investment Grade Bond Fund from September 30 to December 31. Accordingly, the Funds’ financial statements and related notes include information as of and for the three month period ended December 31, 2018, and the year ended September 30, 2018.

Each Fund offers Class A, Class C, Class N and Class Y shares. In addition, Investment Grade Bond Fund also offers Admin Class shares.

Class A shares are sold with a maximum front-end sales charge of 4.25%. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for ten years (at which point they automatically convert to Class A shares) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus. Admin Class shares do not pay a front-end sales charge or a CDSC, but do pay a Rule 12b-1 fee. Admin Class shares are offered exclusively through intermediaries.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Class A, Class C

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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

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

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans and collateralized loan obligations 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

75 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service. Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively.

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

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

As of June 30, 2019, securities held by the Funds were fair valued as follows:


Fund	Equity securities¹		Percentage of Net Assets			Securities classified as fair valued		Percentage of Net Assets			Securities fair valued by the Fund’s adviser		Percentage of Net Assets
High Income Fund	$	—		—	%	$	1,670,442		1.1	%	$	864,421		0.6	%
Investment Grade Bond Fund		—		—	%		109,507,373		2.0	%		46,761,524		0.8	%
Multi-Asset Income Fund		2,819,630		2.6	%		—		—	%		—		—	%

¹	Certain foreign equity securities were 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.

b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax,

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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

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, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

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

77 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

For the six months ended June 30, 2019, the amount of income available to be distributed has been reduced by the following amount as a result of losses arising from changes in exchange rates:


Multi-Asset Income Fund		$	120,377

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

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

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

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset (liability) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

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

No futures contracts were held by the Funds during the six months ended June 30, 2019.

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

Delayed delivery transactions include those designated as To Be Announced (“TBAs”) in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. Certain transactions require the Funds or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. The Funds cover their net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities at the custodian.

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

There were no when-issued or delayed delivery securities held by the Funds as of June 30, 2019.

g. Federal and Foreign Income Taxes. The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has

79 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

performed an analysis of each Fund’s tax positions for the open tax years as of June 30, 2019 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 where reclaims have been or will be filed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

h. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as contingent payment debt instruments, convertible bonds, defaulted and/or non-income producing securities, deferred trustees’ fees, distribution re-designations, taxable over-distribution, foreign currency gains and losses, partnership basis adjustments, net operating losses, passive foreign investment company adjustments, paydown gains and losses 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 contingent payment debt instruments, convertible bonds, partnership basis adjustments, defaulted and/or non-income producing securities, deferred Trustees’ fees, forward foreign currency contract mark-to-market, passive foreign investment company adjustments, premium amortization, perpetual bond adjustments and wash

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and net realized short-term capital gains are reported as 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 period ended (year ended for Multi-Asset Income Fund) December 31, 2018 was as follows:


	2018 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Fund	$	2,342,939	$	469,860	$	2,812,799
Investment Grade Bond Fund		44,211,096		26,591,753		70,802,849
Multi-Asset Income Fund		6,314,655		2,864,723		9,179,378

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of December 31, 2018, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:


	High Income Fund			Investment Grade Bond Fund			Multi-Asset Income Fund
Capital loss carryforward:
Short-term:
No expiration date	$	(783,495	)	$	—		$	—
Long-term:
No expiration date		(3,978,362	)		—			—

Total capital loss carryforward	$	(4,761,857	)	$	—		$	—

Late-year ordinary and post-October capital loss deferrals*	$	—		$	(27,749,537	)	$	(3,172,650	)

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. Investment Grade Bond Fund and Multi-Asset Income Fund are deferring capital losses.

81 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

As of June 30, 2019, unrealized appreciation (depreciation) on a tax basis was approximately as follows:


	High Income Fund			Investment Grade Bond Fund		Multi-Asset Income Fund
Unrealized appreciation
Investments	$	(624,332	)	$	315,364,350	$	1,645,232
Foreign currency translations		—			952,169		(60,411	)

Total unrealized appreciation	$	(624,332	)	$	316,316,519	$	1,584,821

As of June 30, 2019, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	High Income Fund			Investment Grade Bond Fund			Multi-Asset Income Fund
Federal tax cost	$	153,009,979		$	5,167,484,750		$	104,266,374

Gross tax appreciation	$	5,198,386		$	335,269,168		$	4,024,951
Gross tax depreciation		(5,822,718	)		(18,953,218	)		(2,439,115	)

Net tax appreciation (depreciation)	$	(624,332	)	$	316,315,950		$	1,585,836

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.

The difference between these amounts and those reported in the preceding table are primarily attributable to foreign currency mark-to-market.

i. Senior Loans. Each Fund may invest in senior loans to corporate, governmental or other borrowers. Senior loans, which include both secured and unsecured loans made by banks and other financial institutions to corporate customers, typically hold the most senior position in a borrower’s capital structure, may be secured by the borrower’s assets and have interest rates that reset frequently. Senior Loans can include term loans, revolving credit facility loans and second lien loans. A senior loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the senior loan, as specified in the loan agreement. Large loans may be shared or syndicated among several lenders. A Fund may enter into the primary syndicate for a loan or it may also purchase all or a portion of loans from other lenders (sometimes referred to as loan assignments), in either case becoming a direct lender. Senior loans outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

High Income Fund and Multi-Asset Income Fund held senior loans as of June 30, 2019.

| 82

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

j. Loan Participations. A Fund’s investments in senior loans may be in the form of participations in loans. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the party from whom the Fund has purchased the participation and only upon receipt by that party of payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement or to vote on matters arising under the loan agreement. Thus, a Fund may be subject to credit risk from both the party from whom it purchased the loan participation and the borrower. Additionally, a Fund may have minimal control over the terms of any loan modification. Loan participations outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

High Income Fund held loan participations as of June 30, 2019.

k. Collateralized Loan Obligations. Certain Funds may invest in collateralized loan obligations (“CLOs”). A CLO is a type of asset-backed security designed to redirect the cash flows from a pool of leveraged loans to investors based on their risk preferences. Cash flows from a CLO are split into two or more portions, called tranches, varying in risk and yield. The risk of an investment in a CLO depends largely on the type of the collateralized securities and the class of the instrument in which a Fund invests. The intent of the Funds when investing in CLOs is to purchase only higher level, investment grade level select tranches. CLOs outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

Investment Grade Bond Fund held collateralized loan obligations as of June 30, 2019.

l. Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of June 30, 2019, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

m. 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

83 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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 June 30, 2019, none of the Funds had loaned securities under this agreement.

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

o. Change in Accounting Policy. The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08. Under the new standard, certain debt securities with non-contingent call features purchased at a premium are amortized to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the new standard on a modified retrospective basis beginning with the fiscal period ended June 30, 2019. This change in accounting policy resulted in reclassifications to capital accounts as of the beginning of the period, but had no impact on the net asset value of the Funds.

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

| 84

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

•

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2019, at value:

High Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	585,230	$	409	(b)	$	585,639
Home Construction		—		2,067,400		12	(b)		2,067,412
All Other Non-Convertible Bonds(a)		—		124,454,389		—			124,454,389

Total Non-Convertible Bonds		—		127,107,019		421			127,107,440

Convertible Bonds(a)		—		12,762,914		—			12,762,914

Total Bonds and Notes		—		139,869,933		421			139,870,354

85 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

High Income Fund (continued)

Asset Valuation Inputs (continued)


Description	Level 1		Level 2		Level 3			Total
Senior Loans(a)	$	—	$	2,042,555	$	—		$	2,042,555
Loan Participations(a)		—		—		413,156	(c)		413,156
Preferred Stocks(a)		—		2,087,179		—			2,087,179
Other Investments(a)						864,000	(d)		864,000
Common Stocks(a)		464,047		—		—			464,047
Short-Term Investments		—		6,644,356		—			6,644,356

Total	$	464,047	$	150,644,023	$	1,277,577		$	152,385,647

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

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

(c)	Valued using broker-dealer bid prices.

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

Investment Grade Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	172,300,461	$	5,674,747	(b)	$	177,975,208
ABS Other		—		142,428,302		46,840,013	(c)		189,268,315
ABS Student Loan		—		61,239,626		3,771,868	(d)		65,011,494
Metals & Mining		—		188,538,060		—	(e)		188,538,060
All Other Non-Convertible Bonds(a)		—		4,588,679,820		—			4,588,679,820

Total Non-Convertible Bonds		—		5,153,186,269		56,286,628			5,209,472,897

Convertible Bonds(a)		—		61,545,534		—			61,545,534
Municipals(a)		—		18,378,594		—			18,378,594

Total Bonds and Notes		—		5,233,110,397		56,286,628			5,289,397,025

Collateralized Loan Obligations		—		112,592,093		—			112,592,093
Preferred Stocks(a)		—		14,671,506		—			14,671,506
Short-Term Investments		—		67,140,076		—			67,140,076

Total	$	—	$	5,427,514,072	$	56,286,628		$	5,483,800,700

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

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

(c)	Valued using broker-dealer bid prices ($5,753,236) or fair valued by the Fund’s adviser ($41,086,777).

(d)	Valued using broker-dealer bid prices.

(e)	Includes a security fair valued at zero using level 3 inputs.

| 86

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Multi-Asset Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	47,645,986	$	—	$	47,645,986
Common Stocks
Airlines		292,137		98,939		—		391,076
Banks		703,662		57,089		—		760,751
Beverages		1,404,940		205,321		—		1,610,261
Capital Markets		854,793		43,353		—		898,146
Construction & Engineering		3,970		209,851		—		213,821
Electric Utilities		1,437,299		334,571		—		1,771,870
Food Products		653,856		100,438		—		754,294
Leisure Products		—		94,271		—		94,271
Metals & Mining		—		212,651		—		212,651
Multi-Utilities		116,016		95,744		—		211,760
Personal Products		—		206,277		—		206,277
Pharmaceuticals		3,476,223		106,851		—		3,583,074
Real Estate Management & Development		22,253		194,135		—		216,388
REITs - Apartments		26,279		35,223		—		61,502
REITs - Diversified		149,720		14,968		—		164,688
REITs - Hotels		35,107		2,417		—		37,524
REITs - Office Property		20,552		125,491		—		146,043
REITs - Shopping Centers		37,515		77,780		—		115,295
Road & Rail		—		18,683		—		18,683
Tobacco		368,998		117,689		—		486,687
Trading Companies & Distributors		—		342,339		—		342,339
Wireless Telecommunication Services		—		125,549		—		125,549
All Other Common Stocks(a)		29,123,439		—		—		29,123,439

Total Common Stocks		38,726,759		2,819,630		—		41,546,389

Senior Loans(a)		—		3,841,133		—		3,841,133
Exchange-Traded Funds		10,810,347		—		—		10,810,347
Preferred Stocks
Non-Convertible Preferred Stocks(a)		336,611		—		—		336,611
Convertible Preferred Stocks(a)		—		445,745		—		445,745

Total Preferred Stocks		336,611		445,745		—		782,356

Short-Term Investments		—		1,225,999		—		1,225,999

Total	$	49,873,717	$	55,978,493	$	—	$	105,852,210

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

87 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

A common stock valued at $6,695 was transferred from Level 2 to Level 1 during the period ended June 30, 2019. At December 31, 2018, 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. At June 30, 2019, this security was 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.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2018 and/or June 30, 2019:

High Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	574	$	—	$	—	$	(151	)	$	—
Home Construction		12		15,427		—		(15,427	)		—
Loan Participations
ABS Other		425,679		17		36		3,396			—
Other Investments
Aircraft ABS		865,625		—		—		(1,625	)		—
Preferred Stocks
Convertible Preferred Stocks
Midstream		58,567		—		—		—			—

Total	$	1,350,457	$	15,444	$	36	$	(13,807	)	$	—

| 88

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

High Income Fund (continued)

Asset Valuation Inputs (continued)


Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2019
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	(14	)	$	—	$	—		$	409	$	(153	)
Home Construction		—			—		—			12		(15,427	)
Loan Participations
ABS Other		(15,972	)		—		—			413,156		3,446
Other Investments
Aircraft ABS		—			—		—			864,000		(1,625	)
Preferred Stocks
Convertible Preferred Stocks
Midstream		—			—		(58,567	)		—		—

Total	$	(15,986	)	$	—	$	(58,567	)	$	1,277,577	$	(13,759	)

A preferred stock valued at $58,567 was transferred from Level 3 to Level 2 during the period ended June 30, 2019. At December 31, 2018, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security. At June 30, 2019, 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.

89 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Investment Grade Bond Fund

Asset Valuation Inputs


Investments in Securities	Balance as of December 31, 2018			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—		$	—	$	—		$	—		$	5,674,747
ABS Other		57,551,934			—		42,645			(1,673,144	)		3,744,533
ABS Student Loan		4,259,110			—		1,010			749			—
Airlines		1,202,015			—		—			—			—
Metals & Mining		845			7,865		—			(8,710	)		—

Total	$	63,013,904		$	7,865	$	43,655		$	(1,681,105	)	$	9,419,280


Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2019			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2019
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—		$	—	$	—		$	5,674,747		$	—
ABS Other		(4,352,567	)		—		(8,473,388	)		46,840,013			(1,659,154	)
ABS Student Loan		(489,001	)		—		—			3,771,868			1,400
Airlines		—			—		(1,202,015	)		—			—
Metals & Mining		—			—		—			—	(a)		(8,710	)

Total	$	(4,841,568	)	$	—	$	(9,675,403	)	$	56,286,628		$	(1,666,464	)

(a)	Includes a security fair valued at zero using level 3 inputs.

A debt security valued at $8,473,388 was transferred from Level 3 to Level 2 during the period ended June 30, 2019. At December 31, 2018, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At June 30, 2019, 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.

| 90

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

A debt security valued at $1,202,015 was transferred from Level 3 to Level 2 during the period ended June 30, 2019. At December 31, 2018, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security. At June 30, 2019, 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 an underlying asset, reference rate or index. Derivative instruments that the Funds used during the period include forward foreign currency contracts.

High Income Fund and Investment Grade 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 June 30, 2019, the Funds engaged in forward foreign currency transactions for hedging purposes.

Transactions in derivative instruments for High Income Fund during the six months ended June 30, 2019, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Forward foreign currency contracts
Foreign exchange contracts	$	(44,094	)

Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts
Foreign exchange contracts	$	44,094

Transactions in derivative instruments for Investment Grade Bond Fund during the six months ended June 30, 2019, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Forward foreign currency contracts
Foreign exchange contracts	$	(670,701	)

Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts
Foreign exchange contracts	$	670,701

91 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 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 June 30, 2019:


High Income Fund	Forwards
Average Notional Amount Outstanding		0.89	%
Highest Notional Amount Outstanding		3.29	%
Lowest Notional Amount Outstanding		0.00	%
Notional Amount Outstanding as of June 30, 2019		0.00	%

Investment Grade Bond Fund	Forwards
Average Notional Amount Outstanding		0.30	%
Highest Notional Amount Outstanding		1.09	%
Lowest Notional Amount Outstanding		0.00	%
Notional Amount Outstanding as of June 30, 2019		0.00	%

Notional amounts outstanding at the end of the prior period, if applicable, are included in the average notional amount outstanding.

5. Purchases and Sales of Securities. For the six months ended June 30, 2019, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:


	U.S. Government/ Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
High Income Fund	$	3,705,584	$	—	$	30,297,773	$	29,365,615
Investment Grade Bond Fund		166,555,343		149,883,372		1,295,643,239		641,929,694
Multi-Asset Income Fund		25,159,260		17,705,482		152,402,521		176,128,926

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to High Income Fund and Investment Grade Bond Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment Managers, L.P. (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

| 92

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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 $15 billion			Over $15 billion
High Income Fund		0.60	%		0.60	%
Investment Grade Bond Fund		0.40	%		0.38	%

Natixis Advisors, L.P. (“Natixis Advisors”) serves as investment adviser to Multi-Asset Income Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis.

Under the terms of the management agreement, Multi-Asset Income 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
Fund	First $1 billion			Over $1 billion
Multi-Asset Income Fund		0.55	%		0.50	%

Natixis Advisors has entered into a subadvisory agreement for the Fund with Loomis Sayles. Under the terms of the subadvisory agreement, the Fund has agreed to pay Loomis Sayles a subadvisory 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

Fund

Subadviser

First

$1 billion

Over

$1 billion

Multi-Asset Income Fund

Loomis Sayles

0.325

0.30

Payments to Natixis Advisors are reduced by the amounts of payments to Loomis Sayles, as calculated based on the table above.

Natixis Advisors and Loomis Sayles have 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

93 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2020, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended June 30, 2019 the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y			Admin Class
High Income Fund		1.05	%		1.80	%		0.75	%		0.80	%		—
Investment Grade Bond Fund		0.78	%		1.53	%		0.48	%		0.53	%		1.03	%
Multi-Asset Income Fund		0.95	%		1.70	%		0.65	%		0.70	%		—

Effective July 1, 2019, the expense limits as a percentage of average daily net assets under the expense limitation agreements are as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y			Admin Class
High Income Fund		1.00	%		1.75	%		0.70	%		0.75	%		—
Investment Grade Bond Fund		0.76	%		1.51	%		0.46	%		0.51	%		1.01	%

These new undertakings are in effect until April 30, 2021, may be terminated before then only with the consent of the Funds’ Board of Trustees, and will be reevaluated on an annual basis.

Natixis Advisors and Loomis Sayles shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of 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)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, the management fees and waivers of management fees for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross			Net
High Income Fund	$	433,733	$	108,658	$	325,075		0.60	%		0.45	%
Investment Grade Bond Fund		10,898,680		661,556		10,237,124		0.40	%		0.38	%
Multi-Asset Income Fund		312,166		80,623		231,543		0.55	%		0.41	%

¹	Waiver/expense reimbursements are subject to possible recovery until December 31, 2020.

No expenses were recovered for any of the Funds during the six months ended June 30, 2019 under the terms of the expense limitation agreements.

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

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts 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 C shares (the “Class C Plans”), and Investment Grade Bond Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

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

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

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

95 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Under the Admin Class Plan, Investment Grade Bond Fund pays Natixis Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Admin Class shares or for payments made by Natixis Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Admin Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

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

For the six months ended June 30, 2019, the service and distribution fees for each Fund were as follows:


	Service Fees						Distribution Fees
Fund	Class A		Class C		Admin Class		Class C		Admin Class
High Income Fund	$	28,712	$	6,457	$	—	$	19,370	$	—
Investment Grade Bond Fund		917,555		391,992		142,560		1,175,975		142,560
Multi-Asset Income Fund		58,944		28,389		—		85,167		—

c. Administrative Fees. Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trust and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust of $10 million, which is reevaluated on an annual basis.

Effective October 1, 2018, State Street Bank agreed to reduce the fees it receives from Natixis Advisors for serving as sub-administrator to the Funds. Also, effective October 1, 2018, Natixis Advisors agreed to voluntarily waive fees paid by the Funds in an amount equal to the reduction in sub-administrative fees discussed above. The waiver is in effect through June 30, 2019.

| 96

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, the administrative fees for each Fund were as follows:


Fund	Gross Administrative Fees		Waiver of Administrative Fees		Net Administrative Fees
High Income Fund	$	31,932	$	763	$	31,169
Investment Grade Bond Fund		1,210,341		28,767		1,181,574
Multi-Asset Income Fund		25,218		600		24,618

Effective July 1, 2019, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust of $10 million, which is reevaluated on an annual basis.

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

For the six months ended June 30, 2019, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:


Fund	Sub-Transfer Agent Fees
High Income Fund	$	70,738
Investment Grade Bond Fund		1,732,684
Multi-Asset Income Fund		32,533

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

As of June 30, 2019, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):


Fund	Reimbursements of Sub-Transfer Agent Fees
High Income Fund	$	1,698
Investment Grade Bond Fund		44,634
Multi-Asset Income Fund		832

Sub-transfer agent fees attributable to Class A, 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 Natixis Distribution during the six months ended June 30, 2019 were as follows:


Fund	Commissions
High Income Fund	$	1,580
Investment Grade Bond Fund		16,877
Multi-Asset Income Fund		1,929

f. Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $360,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $190,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $15,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

| 98

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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

Certain officers and employees of Natixis Advisors and Loomis Sayles are also officers and/or Trustee of the Trusts.

g. Affiliated Ownership. As of June 30, 2019, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of Investment Grade Bond Fund and Multi-Asset Income Fund representing 0.11% and 0.85%, respectively, of the Funds’ net assets.

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

h. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to the High Income Fund and Multi-Asset Income Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through April 30, 2020 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended June 30, 2019, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agent Fees and Expenses
Fund	Class N
High Income Fund	$	92
Multi-Asset Income Fund		87

7. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Class A, 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. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

99 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y		Admin Class
High Income Fund	$	14,176	$	3,199	$	92	$	63,955	$	—
Investment Grade Bond Fund		323,013		138,120		3,168		1,333,000		50,182
Multi-Asset Income Fund		17,346		8,107		87		15,000		—

8. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected as legal fees and/or miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the six months ended June 30, 2019, none of the Funds had borrowings under this agreement.

9. Concentration of Risk. Each Fund’s investments in foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

10. Concentration of Ownership. From time to time, 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 June 30, 2019, 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

| 100

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Fund	Number of 5% Account Holders		Percentage of Ownership
High Income Fund		2		12.93	%
Investment Grade Bond Fund		1		19.19	%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Fund does not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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


	Six Months Ended June 30, 2019					Period Ended December 31, 2018(a)
High Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	287,961		$	1,210,428		318,942		$	1,321,333
Issued in connection with the reinvestment of distributions	115,582			485,691		84,926			349,137
Redeemed	(851,636	)		(3,579,256	)	(764,361	)		(3,151,340	)

Net change	(448,093	)	$	(1,883,137	)	(360,493	)	$	(1,480,870	)

Class C
Issued from the sale of shares	27,779		$	117,607		42,068		$	171,916
Issued in connection with the reinvestment of distributions	22,715			95,755		16,483			68,043
Redeemed	(246,818	)		(1,039,500	)	(186,823	)		(777,538	)

Net change	(196,324	)	$	(826,138	)	(128,272	)	$	(537,579	)

Class N
Issued from the sale of shares	252,994		$	1,068,014		169,687		$	691,887
Issued in connection with the reinvestment of distributions	73,040			307,059		43,495			178,710
Redeemed	(153,750	)		(647,280	)	(33,788	)		(139,949	)

Net change	172,284		$	727,793		179,394		$	730,648

Class Y
Issued from the sale of shares	3,390,776		$	14,211,496		2,504,282		$	10,312,064
Issued in connection with the reinvestment of distributions	524,422			2,200,935		433,237			1,776,880
Redeemed	(2,335,271	)		(9,789,340	)	(8,528,009	)		(34,312,719	)

Net change	1,579,927		$	6,623,091		(5,590,490	)	$	(22,223,775	)

Increase (decrease) from capital share transactions	1,107,794		$	4,641,609		(5,899,861	)	$	(23,511,576	)

(a)	For the period October 1, 2018 through December 31, 2018.

101 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11. Capital Shares (continued).


	Year Ended September 30, 2018
High Income Fund	Shares			Amount
Class A
Issued from the sale of shares	1,898,245		$	8,166,854
Issued in connection with the reinvestment of distributions	243,140			1,040,786
Redeemed	(3,771,177	)		(16,210,208	)

Net change	(1,629,792	)	$	(7,002,568	)

Class C
Issued from the sale of shares	122,450		$	527,966
Issued in connection with the reinvestment of distributions	61,116			262,711
Redeemed	(1,279,539	)		(5,486,771	)

Net change	(1,095,973	)	$	(4,696,094	)

Class N
Issued from the sale of shares	2,698,050		$	11,518,120
Issued in connection with the reinvestment of distributions	61,394			259,688
Redeemed	(325,438	)		(1,383,775	)

Net change	2,434,006		$	10,394,033

Class Y
Issued from the sale of shares	9,865,696		$	42,237,402
Issued in connection with the reinvestment of distributions	1,120,509			4,782,844
Redeemed	(11,587,593	)		(49,564,049	)

Net change	(601,388	)	$	(2,543,803	)

Increase (decrease) from capital share transactions	(893,147	)	$	(3,848,432	)

| 102

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11. Capital Shares (continued).


	Six Months Ended June 30, 2019					Period Ended December 31, 2018(a)
Investment Grade Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	12,469,512		$	137,005,518		6,491,737		$	70,239,572
Issued in connection with the reinvestment of distributions	813,949			8,979,149		692,485			7,466,489
Redeemed	(12,930,016	)		(142,151,973	)	(11,048,598	)		(119,531,449	)

Net change	353,445		$	3,832,694		(3,864,376	)	$	(41,825,388	)

Class C
Issued from the sale of shares	786,697		$	8,539,109		945,273		$	10,091,858
Issued in connection with the reinvestment of distributions	252,745			2,753,866		284,418			3,032,080
Redeemed	(10,589,209	)		(114,948,072	)	(4,883,774	)		(52,357,128	)

Net change	(9,549,767	)	$	(103,655,097	)	(3,654,083	)	$	(39,233,190	)

Class N
Issued from the sale of shares	17,390,989		$	191,294,727		7,202,004		$	78,146,326
Issued in connection with the reinvestment of distributions	1,924,065			21,232,971		1,542,978			16,637,378
Redeemed	(14,641,506	)		(161,103,742	)	(9,753,310	)		(105,566,599	)

Net change	4,673,548		$	51,423,956		(1,008,328	)	$	(10,782,895	)

Class Y
Issued from the sale of shares	45,241,111		$	496,817,718		26,286,587		$	284,802,649
Issued in connection with the reinvestment of distributions	4,030,993			44,505,205		3,150,471			33,984,081
Redeemed	(41,084,746	)		(452,530,727	)	(32,471,159	)		(351,840,854	)

Net change	8,187,358		$	88,792,196		(3,034,101	)	$	(33,054,124	)

Admin Class
Issued from the sale of shares	995,600		$	10,923,284		286,732		$	3,102,815
Issued in connection with the reinvestment of distributions	139,932			1,539,955		117,845			1,266,981
Redeemed	(957,445	)		(10,493,042	)	(521,944	)		(5,641,958	)

Net change	178,087		$	1,970,197		(117,367	)	$	(1,272,162	)

Increase (decrease) from capital share transactions	3,842,671		$	42,363,946		(11,678,255	)	$	(126,167,759	)

(a)	For the period October 1, 2018 through December 31, 2018.

103 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11. Capital Shares (continued).


	Year Ended September 30, 2018
Investment Grade Bond Fund	Shares			Amount
Class A
Issued from the sale of shares	26,350,729		$	290,166,021
Issued in connection with the reinvestment of distributions	1,939,385			21,405,938
Redeemed	(37,379,900	)		(411,498,034	)

Net change	(9,089,786	)	$	(99,926,075	)

Class C
Issued from the sale of shares	2,011,124		$	22,000,351
Issued in connection with the reinvestment of distributions	1,080,461			11,807,321
Redeemed	(26,695,866	)		(290,792,159	)

Net change	(23,604,281	)	$	(256,984,487	)

Class N
Issued from the sale of shares	47,337,549		$	520,862,751
Issued in connection with the reinvestment of distributions	3,799,061			41,897,623
Redeemed	(43,651,422	)		(478,691,782	)

Net change	7,485,188		$	84,068,592

Class Y
Issued from the sale of shares	83,609,222		$	923,226,055
Issued in connection with the reinvestment of distributions	8,916,183			98,436,771
Redeemed	(124,671,025	)		(1,373,103,002	)

Net change	(32,145,620	)	$	(351,440,176	)

Admin Class
Issued from the sale of shares	9,244,822		$	100,929,159
Issued in connection with the reinvestment of distributions	37,178			408,621
Redeemed	(1,018,175	)		(11,215,394	)

Net change	8,263,825		$	90,122,386

Increase (decrease) from capital share transactions	(49,090,674	)	$	(534,159,760	)

| 104

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11. Capital Shares (continued).


	Six Months Ended June 30, 2019					Year Ended December 31, 2018
Multi-Asset Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	216,546		$	2,695,484		1,636,199		$	21,887,217
Issued in connection with the reinvestment of distributions	70,158			869,906		246,032			3,167,673
Redeemed	(1,969,598	)		(24,412,282	)	(1,495,395	)		(19,584,653	)

Net change	(1,682,894	)	$	(20,846,892	)	386,836		$	5,470,237

Class C
Issued from the sale of shares	61,203		$	755,167		610,774		$	8,033,966
Issued in connection with the reinvestment of distributions	23,942			295,493		102,629			1,321,750
Redeemed	(442,973	)		(5,462,413	)	(1,326,399	)		(17,492,118	)

Net change	(357,828	)	$	(4,411,753	)	(612,996	)	$	(8,136,402	)

Class N
Issued from the sale of shares	717		$	8,981		—		$	—
Issued in connection with the reinvestment of distributions	66			819		184			2,352

Net change	783		$	9,800		184		$	2,352

Class Y
Issued from the sale of shares	1,597,595		$	19,687,554		1,950,280		$	25,895,828
Issued in connection with the reinvestment of distributions	60,874			749,739		213,365			2,746,556
Redeemed	(1,274,319	)		(15,771,925	)	(2,215,349	)		(28,814,661	)

Net change	384,150		$	4,665,368		(51,704	)	$	(172,277	)

Decrease from capital share transactions	(1,655,789	)	$	(20,583,477	)	(277,680	)	$	(2,836,090	)

105 |

NATIXIS FUNDS

LOOMIS SAYLES FUNDS

Supplement dated February 12, 2019 to the Loomis Sayles Funds Statutory Prospectus, dated February 1, 2019, the Natixis Funds Statutory Prospectus dated February 1, 2019, April 1, 2018, May 1, 2018, June 1, 2018 and December 28, 2018, as may be revised or supplemented from time to time, for the following funds:


AEW Real Estate Fund		Mirova International Sustainable Equity Fund
ASG Global Alternatives Fund		Natixis Oakmark Fund
ASG Managed Futures Strategy Fund		Natixis Oakmark International Fund
Gateway Fund		Natixis Sustainable Future 2015 Fund^SM
Gateway Equity Call Premium Fund		Natixis Sustainable Future 2020 Fund^SM
Loomis Sayles Global Allocation Fund		Natixis Sustainable Future 2025 Fund^SM
Loomis Sayles Global Growth Fund		Natixis Sustainable Future 2030 Fund^SM
Loomis Sayles Growth Fund		Natixis Sustainable Future 2035 Fund^SM
Loomis Sayles High Income Fund		Natixis Sustainable Future 2040 Fund^SM
Loomis Sayles Intermediate Duration Bond Fund		Natixis Sustainable Future 2045 Fund^SM
Loomis Sayles Investment Grade Bond Fund		Natixis Sustainable Future 2050 Fund^SM
Loomis Sayles Limited Term Government and Agency Fund		Natixis Sustainable Future 2055 Fund^SM
Loomis Sayles Multi-Asset Income Fund		Natixis Sustainable Future 2060 Fund^SM
Loomis Sayles Senior Floating Rate and Fixed Income Fund		Natixis U.S. Equity Opportunities Fund
Loomis Sayles Strategic Alpha Fund		Vaughan Nelson Select Fund
Loomis Sayles Strategic Income Fund		Vaughan Nelson Small Cap Value Fund
Mirova Global Green Bond Fund		Vaughan Nelson Value Opportunity Fund
Mirova Global Sustainable Equity Fund

Effective immediately, the information under the sub-section “Class N Shares” in the section “Purchase and Sale of Fund Shares” of the Fund Summary for each Fund is hereby amended and restated as follows:

Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. There is no initial investment minimum for Certain Retirement Plans and funds of funds that are distributed by Natixis Distribution, L.P. (the “Distributor”). Sub accounts held


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within an omnibus account, where the omnibus account has at least $1,000,000, are not required to meet the investment minimum. There is no subsequent investment minimum for these shares. In its sole discretion, the Distributor may waive the investment minimum requirement for accounts as to which the Distributor reasonably believes will have enough assets to exceed the investment minimum requirement within a relatively short period of time following the establishment date of such accounts in Class N. If, after two years, an account’s value does not exceed the investment minimum requirement, the Distributor and the Fund reserve the right to redeem such account.

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Loomis Sayles Multi-Asset Income Fund

Mirova Global Sustainable Equity Fund

Natixis Oakmark Fund

Natixis Oakmark International Fund

Natixis U.S. Equity Opportunities Fund

(each a “Fund”)

Supplement dated May 23, 2019 to the Natixis Funds Prospectus and Summary Prospectuses, each dated May 1, 2019, as may be revised and supplemented from time to time.

Effective immediately, the text of the last footnote to the “Annual Fund Operating Expenses” table in the “Fund Fees & Expenses” sub-section of the Fund Summary section of each Fund’s prospectus is hereby amended and restated as follows:

Natixis Advisors, L.P. (“Natixis Advisors”) has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through April 30, 2020 and may be terminated before then only with the consent of the Fund’s Board of Trustees.

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NATIXIS FUNDS

Supplement dated June 28, 2019 to the Natixis Funds Prospectuses and Summary Prospectuses, each dated May 1, 2019, as may be revised or supplemented from time to time, for the following funds:

LOOMIS SAYLES HIGH INCOME FUND

(the “Fund”)

Effective July 1, 2019, Loomis, Sayles & Company, L.P. has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.00%, 1.75%, 0.70%, 1.00% and 0.75% of the Fund’s average daily net assets for Class A, C, N, T and Y shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2021.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)


	Class A			Class C			Class N			Class T			Class Y
Management fees		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Distribution and/or service (12b-1) fees		0.25	%		1.00	%		0.00	%		0.25	%		0.00	%
Other expenses		0.42	%		0.42	%		0.29	%		0.42	%¹		0.42	%
Total annual fund operating expenses		1.27	%		2.02	%		0.89	%		1.27	%		1.02	%
Fee waiver and/or expense reimbursement^2,3		0.27	%		0.27	%		0.19	%		0.27	%		0.27	%
Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.00	%		1.75	%		0.70	%		1.00	%		0.75	%

1	Other expenses are estimated for the current fiscal year.

Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.00%, 1.75%, 0.70%, 1.00% and 0.75% of the Fund’s average daily net assets for Class A, C, N, T and Y shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking

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is in effect through April 30, 2021 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, C, N, T and Y shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

3	Natixis Advisors, L.P. has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through April 30, 2020 and may be terminated before then only with the consent of the Fund’s Board of Trustees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waivers and/or reimbursements will only be in place through the dates noted above and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


If shares are redeemed:
	1 year		3 years		5 years		10 years
Class A	$	523	$	763	$	1,046	$	1,851
Class C	$	278	$	585	$	1,041	$	2,307
Class N	$	72	$	248	$	458	$	1,063
Class T	$	349	$	594	$	882	$	1,702
Class Y	$	77	$	274	$	514	$	1,202

If shares are not redeemed:
	1 year		3 years		5 years		10 years
Class C	$	178	$	585	$	1,041	$	2,307

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LOOMIS SAYLES INVESTMENT GRADE BOND FUND

(the “Fund”)

Effective July 1, 2019, Loomis, Sayles & Company, L.P. has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.76%, 1.51%, 0.46%, 0.76%, 0.51% and 1.01% of the Fund’s average daily net assets for Class A, C, N, T, Y and Admin Class shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2021.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)


	Class A			Class C			Class N			Class T			Class Y			Admin Class
Management fees		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Distribution and/or service (12b-1) fees		0.25	%		1.00	%		0.00	%		0.25	%		0.00	%		0.25	%
Other expenses		0.17	%		0.17	%		0.08	%		0.17	%¹		0.17	%		0.42	²
Total annual fund operating expenses		0.82	%		1.57	%		0.48	%		0.82	%		0.57	%		1.07	%
Fee waiver and/or expense reimbursement³		0.06	%		0.06	%		0.02	%		0.06	%		0.06	%		0.06	%
Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.76	%		1.51	%		0.46	%		0.76	%		0.51	%		1.01	%

1	Other expenses are estimated for the current fiscal year.

2	Other expenses include an administrative services fee of 0.25% for Admin Class shares.

Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.76%, 1.51%, 0.46%, 0.76%, 0.51% and 1.01% of the Fund’s average daily net assets for Class A, C, N, T, Y and Admin Class shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense,

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taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2021 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, C, N, T, Y and Admin Class shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


If shares are redeemed:
	1 year		3 years		5 years		10 years
Class A	$	499	$	665	$	850	$	1,385
Class C	$	254	$	485	$	845	$	1,858
Class N	$	47	$	150	$	265	$	600
Class T	$	326	$	494	$	683	$	1,228
Class Y	$	52	$	171	$	307	$	703
Admin Class	$	103	$	329	$	579	$	1,295

If shares are not redeemed:
	1 year		3 years		5 years		10 years
Class C	$	154	$	485	$	845	$	1,858

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LOOMIS SAYLES HIGH INCOME FUND

LOOMIS SAYLES INVESTMENT GRADE BOND FUND

LOOMIS SAYLES STRATEGIC ALPHA FUND

The biographical information for Matthew J. Eagan, under “Loomis Sayles” in the subsection “Meet the Funds’ Portfolio Managers” under the section “Management Team” in the Prospectus is amended to include the following:

Matthew J. Eagan is an Executive Vice President and a member of the Board of Directors of Loomis Sayles.

LOOMIS SAYLES HIGH INCOME FUND

LOOMIS SAYLES INVESTMENT GRADE BOND FUND

The biographical information for Elaine M. Stokes under “Loomis Sayles” in the subsection “Meet the Funds’ Portfolio Managers” under the section “Management Team” in the Prospectus is amended to include the following:

Elaine M. Stokes is an Executive Vice President and a member of the Board of Directors of Loomis Sayles.


ASG Dynamic Allocation Fund		McDonnell Intermediate Municipal Bond Fund
ASG Global Alternatives Fund		Mirova Global Green Bond Fund
ASG Managed Futures Strategy Fund		Mirova Global Sustainable Equity Fund
ASG Tactical U.S. Market Fund		Mirova International Sustainable Equity Fund
Gateway Equity Call Premium Fund		Natixis Oakmark Fund
Gateway Fund		Natixis Oakmark International Fund
Loomis Sayles High Income Fund		Natixis U.S. Equity Opportunities Fund
Loomis Sayles Investment Grade Bond Fund		Vaughan Nelson Small Cap Value Fund
Loomis Sayles Multi-Asset Income Fund		Vaughan Nelson Value Opportunity Fund
Loomis Sayles Strategic Alpha Fund

(each a “Fund”)

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Effective July 1, 2019, the following is added to the Prospectus as “APPENDIX B — Financial Intermediary Specific Commissions & Investment Minimum Waivers”.

APPENDIX B — Financial Intermediary Specific Commissions & Investment Minimum Waivers

UBS Financial Services, Inc. (“UBS-FS”)

Pursuant to an agreement with the Funds, Class Y shares may be available on certain brokerage platforms at UBS-FS. For such platforms, UBS-FS may charge commissions on brokerage transactions in each Fund’s Class Y shares. A shareholder should contact UBS-FS for information about the commissions charged by UBS-FS for such transactions. Shares of each Fund are available in other share classes that have different fees and expenses.

The initial and subsequent investment minimums for Class Y shares are waived for transactions through such brokerage platforms at UBS-FS.

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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 period covered by the report that have materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.


		(a) (1)		Not applicable.

		(a) (2)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

		(a) (3)		Not applicable.

		(b)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Loomis Sayles Funds II

By:		/s/ David Giunta
Name:		David Giunta
Title:		President and Chief Executive Officer
Date:		August 21, 2019

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/ David Giunta
Name:		David Giunta
Title:		President and Chief Executive Officer
Date:		August 21, 2019

By:		/s/ Michael C. Kardok
Name:		Michael C. Kardok
Title:		Treasurer
Date:		August 21, 2019