Loomis Sayles Funds Ii NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06241

Loomis Sayles Funds II

(Exact name of Registrant as specified in charter)

399 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Russell L. Kane, Esq.

NGAM Distribution, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2016

Item 1. Reports to Stockholders.

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

ANNUAL REPORT

September 30, 2016

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Loomis Sayles Global Equity and Income Fund

Loomis Sayles Growth Fund

Loomis Sayles Value Fund

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TABLE OF CONTENTS

Portfolio Review page 1

Portfolio of Investments page 23

Financial Statements page 51

Notes to Financial Statements page 68

LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND


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

Investment Goal

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

Market Conditions

Global markets were turbulent at times, producing varied results during the reporting period. Investors grappled with mixed global economic data, questions about future monetary policy, fluctuating oil prices and the ramifications of the U.K.’s vote to leave the European Union (EU) in June. As a result, the year was characterized by periods of calm punctuated by sharp market selloffs. After raising interest rates in December 2015, the Federal Reserve (the Fed) subsequently adopted a more dovish tone in early 2016, given the increasingly mixed global economic outlook. The Fed maintained its cautious stance through the rest of the period, while other major central banks remained highly accommodative. Ultimately, equity and fixed-income markets produced strong returns over the reporting period.

Equity market returns varied by region. U.S. equities performed well as the modest U.S. economic recovery continued. In contrast, U.K. equities were weaker, partly due to currency moves, as the British pound fell sharply versus the U.S. dollar following the June Brexit vote.

The bouts of volatility triggered flights to quality that supported global fixed-income markets, particularly during the first quarter of 2016, when global bonds rallied. Highly accommodative central bank policy supported bond prices, despite forcing many government — and even some corporate — bond yields into negative territory.

Performance Results

For the 12 months ended September 30, 2016, Class A shares of Loomis Sayles Global Equity and Income Fund returned 9.64%. The fund underperformed its primary benchmark, the Morgan Stanley Capital International (MSCI) World Index, which returned 12.02%. The fund underperformed its secondary benchmark, the Citigroup World Government Bond Index, which returned 9.71%. Effective September 30, 2016, the fund’s primary benchmark changed from the MSCI World Index to the MSCI All Country World Index and the fund’s secondary benchmark changed from the Citigroup World Government Bond Index to a blended benchmark of 60% MSCI All Country World Index / 40% Bloomberg Barclays Global Aggregate Bond Index.

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Explanation of Fund Performance

The fund’s target allocations between equity and fixed-income shifted in favor of equity, as we found more opportunities in the equity market.

Within the fund’s equity component, the healthcare sector was the most significant drag on absolute and relative performance, largely due to the pharmaceuticals industry. In particular, Valeant Pharmaceuticals, a Canada-based drug company, weighed on results. The company’s stock struggled on concerns about Valeant’s accounting practices and its relationship with a small specialty online pharmacy (Philidor). In addition, the company faced a potential congressional subpoena regarding aggressive drug price increases. Valeant’s higher leverage, largely due to its mergers and acquisitions (M&A) strategy, led to increased risks for the company’s cash flow, which intensified investor concerns. We sold the position in October 2015. Another drug company — Alexion Pharmaceuticals — also detracted from performance. The company experienced delays in Latin American product revenues due to currency issues and the negative effects of continued low oil prices on the region. Alexion also suffered in sympathy with the broad biotechnology sector, which sold off aggressively in the first quarter of 2016. Alexion’s stock stumbled further after the Brexit vote due to investor concerns about currency fluctuation, given the large amount of company revenue based in the U.K. We eliminated the position in June 2016. Elsewhere in the pharmaceuticals industry, Allergan suffered in sympathy with Valeant, given its similar M&A strategy. However, unlike Valeant, the company had no questionable ties with specialty pharmaceutical companies or egregious price increases. We continue to own Allergan due to the company’s current valuation, solid cash position (after the sale of their generics business to Teva) and strong discipline in delivering cash to shareholders.

U.S. dollar appreciation relative to foreign currencies challenged some of the fund’s non-U.S.-dollar-denominated holdings during the period. During the period the amount of income available to be distributed by the fund was reduced to reflect the realization of currency losses from certain bond sales and maturities. Within the fund’s fixed-income component, an allocation to the Mexican peso weighed on return. Fiscal and trade balance concerns persisted in Mexico, and asset class hedging and investor flows were not favorable. Holdings in the British pound also detracted from performance. The currency ended the period weaker due to concerns about Brexit-related negotiations and economic uncertainty.

On a positive note, the information technology, consumer discretionary and industrial sectors were the largest contributors to the equity component’s absolute and relative performance. Stock selection was the primary driver of outperformance in all three sectors.

In terms of individual contributors, a position in Alibaba aided performance. The China-based e-commerce company outperformed due to accelerating revenue growth fueled by improved monetization (particularly in mobile), better-than-expected margins and positive cash flow generation. The company used its cash flow for thoughtful M&A and modest share buybacks. Additionally, Alibaba provided visibility on a variety of key businesses, and our confidence in the stock remains high. TransDigm, an aerospace components manufacturer, was another main contributor during the period. TransDigm delivered strong results in the last four quarters, with the commercial aftermarket business driving

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LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND

top-line growth and improved margin performance. In addition to delivering strong organic results, management allocated $1.5 billion of capital to acquisitions, which we believe will drive margin and free cash flow growth. We continue to have a favorable view of the business and its prospects. A position in Facebook was also a top contributor, outperforming due to improved revenue, margins, cash flow and a lower tax rate. The social media company is quickly attacking the total addressable market and ramping up key properties where its penetration has only begun. We believe management has thoughtfully strengthened the platform year after year.

Within the fixed-income segment, security selection among lower-rated investment grade and high-yield issuers, including hard currency emerging markets, contributed to performance. These issues outperformed their higher-rated counterparts, largely due to investor demand for higher-yielding assets in a low-yield environment. In particular, energy and basic industry holdings added notable value, aided by improved commodity prices. Selections among communications and consumer (cyclical and non-cyclical) issuers also performed well. In addition, the U.S. yield curve flattened throughout the period, further supporting the portfolio’s longer duration (greater price sensitivity to interest rate changes) and higher-yielding names. Elsewhere, our global bank holdings were positive, despite pressure in the banking sector from low interest rates and Brexit-related uncertainty.

Outlook

We expect the euro zone, England, and Japan to continue expansionary monetary policies to spur growth, though the benefits may be waning. Fiscal policy responses may be the next step. The U.S. economy remains on sure footing. We believe the Fed will raise rates in December 2016, but the market is divided on the issue. The Fed is likely to take a moderate approach to rate hikes heading into 2017 as growth and inflation forecasts remain benign.

Since early 2015, ordinary income distributions for certain Loomis Sayles-managed fixed-income funds have been reduced, primarily due to the impact of foreign currency losses. Fund officers have analyzed the fund’s current portfolio of investments, schedule of maturities and the corresponding amounts of unrealized currency losses that may become realized in the fiscal year ending on September 30, 2017. Based on this analysis, fund officers believe that realized currency losses may have a less significant impact on this fund’s distributions in the 2017 fiscal year. As a result, the distribution amount may improve going forward. This analysis is based on certain assumptions, including but not limited to the level of foreign currency exchange rates, security prices, interest rates and the net asset level of the fund. Changes to these assumptions could impact the analysis and the amounts of future fund distributions.

The U.S. presidential election in November can add to global uncertainty and may be a catalyst for volatility heading into year-end. Europe is also facing challenges, with the migrant crisis fraying EU cohesion and the risk of political instability and EU referendum contagion spreading across the euro zone. The upcoming Italy reform referendum could lead to risk aversion and broad selloffs in peripheral government debt and bank corporate bonds. Elsewhere, OPEC has indicated it may cut oil production at its November meeting, which

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may cause oil prices to appreciate modestly. However, we believe there is a ceiling to oil price appreciation, because rising prices may attract additional production to the market. Ultimately, we believe prices will remain fairly range bound at about $45 to $50 a barrel into 2017.

Hypothetical Growth of $10,000 Investment in Class A Shares⁵

September 30, 2006 through September 30, 2016

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See notes to chart on page 5.

Top Ten Holdings as of September 30, 2016


	Security Name	% of Net Assets
1	Alibaba Group Holding Ltd., Sponsored ADR		3.15%
2	TransDigm Group, Inc.		3.06%
3	Facebook, Inc., Class A		2.79%
4	AutoZone, Inc.		2.45%
5	Allergan PLC		2.37%
6	AIA Group Ltd.		2.36%
7	Anheuser-Busch InBev SA/NV		2.18%
8	Nestle S.A., (Registered)		2.17%
9	Alphabet, Inc., Class A		2.10%
10	Sherwin-Williams Co. (The)		2.02%

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments.

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LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND

Average Annual Total Returns — September 30, 2016⁵



										Expense Ratio⁶
	1 Year			5 Years			10 Years			Gross			Net

Class A (Inception 2/1/06)
NAV		9.64	%		9.89	%		7.77	%		1.18	%		1.18	%
With 5.75% Maximum Sales Charge		3.31			8.60			7.14

Class C (Inception 2/1/06)
NAV		8.88			9.08			6.96			1.93			1.93
With CDSC¹		7.88			9.08			6.96

Class Y (Inception 5/1/96)
NAV		9.97			10.16			8.04			0.93			0.93

Comparative Performance
MSCI ACWI (Net)²		11.96			10.63			4.34
Blended Index³		10.92			7.15			4.62
MSCI World Index⁴		12.02			12.27			5.06

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

The MSCI All Country World Index (Net) represents the performance of 46 markets in both the developed and emerging markets in Africa, Europe, North America and South America. Effective September 30, 2016, the MSCI ACWI (Net) replaced the MSCI World Index as the Fund’s primary benchmark because the Fund believes the MSCI ACWI (Net), an index which is designed to measure the equity market performance of both developed and emerging markets, is more representative of the Fund’s investment strategy and geographical exposure.

3	The Blended Index is an unmanaged, blended index composed of the following weights: 60% MSCI All Country World Index (Net) and 40% Bloomberg Barclays Global Aggregate Bond Index.

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

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

As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 1/31/17. When an expense cap has not been exceeded, the Fund may have similar expense ratios.

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LOOMIS SAYLES GROWTH FUND


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

Investment Goal

The Fund seeks long-term growth of capital.

Market Conditions

Despite several bouts of heightened volatility, U.S. stocks continued to rally, posting solid double-digit gains for the 12-month period. Non-U.S. stocks also advanced sharply, driven by strong gains in the emerging markets. Early in the period, anticipation surrounding the Federal Reserve’s (the Fed’s) strategy for monetary policy normalization — combined with sluggish U.S. economic growth, slowing growth in China, and plunging oil prices — triggered strong month-to-month volatility. The Fed finally lifted short-term rates in December and indicated more tightening would come in 2016. Stocks generally declined until mid-February, when a turnaround in the oil markets, combined with signs that China’s economy was stabilizing, helped restore investor optimism and drive stock prices higher. Strong volatility resurfaced again in June, when U.K. citizens voted to exit the European Union (E.U.). This event sparked a brief selloff among stocks and other riskier assets. But cooler heads ultimately prevailed and a recovery rally ensued. Central banks in Europe, the U.K. and Japan pledged additional support, while the Fed continued to hold rates steady. Better-than-expected corporate earnings reports and modestly improving economic data also encouraged investors, and stocks generally remained on an upward course through September 30.

Performance Results

For the 12 months ended September 30, 2016, Class A shares of Loomis Sayles Growth Fund returned 21.32%. The fund outperformed its benchmark, the Russell 1000^® Growth Index, which returned 13.76%.

Explanation of Fund Performance

The Fund’s positions in Amazon, Alibaba, and Facebook contributed to performance. Stock selection in the information technology, consumer discretionary and energy sectors, along with our overweight position in information technology and underweight in consumer discretionary, contributed to relative performance. Among individual holdings, global e-commerce company Amazon was a main contributor. During the period, the company reported strong growth in revenue that exceeded consensus expectations and strong gross merchandise volume (GMV) globally. Amazon Web Services (AWS) also posted impressive revenue growth that was significantly higher than our estimate for overall spending by businesses on enterprise information technology (IT). With its sales mix

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LOOMIS SAYLES GROWTH FUND

shifting increasingly to third-party e-commerce sales, AWS, advertising revenue and higher-margin product categories, Amazon reported solid margins and significant free cash flow growth even while the company continued making strategic investments. We believe Amazon is one of the best-positioned companies in e-commerce and enterprise IT — each addressing large, underpenetrated markets where secular growth is still in its early stages.

In addition, China-based e-commerce company Alibaba was a top contributor. The company reported fundamentally strong results during the period, with revenue growth consistently exceeding consensus expectations and GMV increased at a higher rate than the overall growth rate in China’s retail commerce. Growth drivers included better monetization and increasing consumer engagement. The higher monetized mobile platform now accounts for 75% of the company’s total GMV, up from 55% just one year ago. At the end of the period, the company reported 434 million monthly active users, with 427 million active monthly mobile users that represented a 39% increase compared with last year. China’s structural shift to e-commerce is the secular growth driver for Alibaba. Its competitive advantages include its strong brand, the powerful network and ecosystem of its interconnected sites, and economies of scale. We believe the current market price embeds expectations for key revenue and cash flow growth drivers that are well below our long-term assumptions.

Social media company Facebook reported robust revenue growth throughout the period and continued to take market share. The company’s growth rate was more than three times that of its online competitors and significantly higher than traditional advertisers. Mobile advertising grew to 84% of Facebook’s advertising revenue during the period and was up from 76% a year ago. Facebook’s user base grew 15% year over year to 1.7 billion users, with 87% residing outside North America. Free cash flow remained robust during the period. The global secular shift from traditional advertising to online advertising is the largest growth driver for Facebook. We believe Facebook’s unique attributes, such as its brand and network and social advantages, position the company to drive revenue, cash flow growth, and market share gains as this long-term secular shift progresses.

On the down side, positions in Novo Nordisk, Novartis, and SEI Investments detracted from performance. At a sector level, stock selection in the financials sector detracted from relative performance. In terms of individual holdings, a position in Novo Nordisk, a diabetes-focused pharmaceutical company, was a main detractor. The company reported fundamentally solid growth during the period led by strong performance of its next-generation insulin products and non-insulin anti-diabetic therapy, Victoza. However, the company’s stock price experienced near-term pressure due to lower-than-expected management guidance and missing consensus expectations in the second half of the period. We continue to believe Novo’s competitive advantages, including deep experience in diabetes care and therapeutic proteins, a robust infrastructure that took decades to build, efficient manufacturing techniques and a robust pipeline and economies of scale, are difficult to replicate. Accordingly, we believe Novo Nordisk has an unmatched ability to engineer, formulate, develop and deliver value-added treatments for unmet patient needs. We believe the company’s shares are currently selling below our estimate of intrinsic value (our estimate of the true worth of a business, which we define as the present value of all

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expected future net cash flows to the company) and offer an attractive reward-to-risk opportunity.

A position in Novartis was another detractor from performance. The company’s branded and generic (Sandoz) pharmaceutical businesses reported solid results during the period, but they were modestly offset by near-term weakness in the company’s Alcon eye care division. This weakness was due to lower demand for surgical equipment in the U.S. and emerging markets as well as increasing competition from cheaper generic allergy products with expiring patents in the U.S. We believe Novartis has significant competitive advantages, including its brand, culture of innovation, product breadth, clinical trials expertise, powerful distribution network and the benefits of scale. We believe Novartis is well positioned to benefit from significant long-term opportunities driven by global population growth and the emphasis on improving healthcare standards in developed and emerging markets.

Although asset manager SEI Investments reported solid revenue growth during the period, management reiterated its decision to augment capital investments in sales, operational capacity and technology, which led to concerns about near-term profitability and pressured the stock price. Share prices recovered somewhat later in the period, when reported earnings exceeded expectations and net new sales events had the second-highest quarter since 2010. SEI’s high-quality business model benefits from high recurring revenues and high switching costs for customers, which has led to average banking client relationships of more than 17 years. Over our investment time horizon, we believe SEI will be able to grow margins faster than revenue and generate double-digit free cash flow growth.

Outlook

Our investment process is characterized by bottom-up, fundamental research and a long-term investment time horizon. The nature of the process leads to a lower-turnover portfolio in which sector positioning is the result of stock selection. The fund ended the quarter with overweight positions in the information technology, consumer staples, financials and energy sectors and underweight positions in the consumer discretionary, industrials and healthcare sectors. We did not own positions in the materials, real estate, telecommunication services and utilities sectors.

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LOOMIS SAYLES GROWTH FUND

Hypothetical Growth of $10,000 Investment in Class A Shares³

September 30, 2006 through September 30, 2016

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Top Ten Holdings as of September 30, 2016


	Security Name	% of Net Assets
1	Amazon.com, Inc.		7.27%
2	Facebook, Inc., Class A		5.99%
3	Cisco Systems, Inc.		5.07%
4	Alibaba Group Holding Ltd., Sponsored ADR		4.93%
5	Visa, Inc., Class A		4.81%
6	QUALCOMM, Inc.		4.48%
7	Monster Beverage Corp.		4.23%
8	Oracle Corp.		3.84%
9	Danone, Sponsored ADR		3.73%
10	Procter & Gamble Co. (The)		3.50%

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Average Annual Total Returns — September 30, 2016³



													Expense Ratio⁴
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class A (Inception 12/31/96)
NAV		21.32	%		18.43	%		7.65	%		—	%		0.92	%		0.92	%
With 5.75% Maximum Sales Charge		14.39			17.04			7.01			—

Class C (Inception 9/12/03)
NAV		20.48			17.54			6.86			—			1.67			1.67
With CDSC¹		19.48			17.54			6.86			—

Class N (Inception 2/1/13)
NAV		21.75			—			—			15.65			9.82			0.55

Class Y (Inception 5/16/91)
NAV		21.55			18.71			7.99			—			0.67			0.67

Comparative Performance
Russell 1000^® Growth Index²		13.76			16.60			8.85			13.80

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

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

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

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LOOMIS SAYLES VALUE FUND


Managers	Symbols
Arthur J. Barry, CFA^®	Class A	LSVRX
Adam C. Liebhoff	Class C	LSCVX
Loomis, Sayles & Company, L.P.	Class N	LSVNX
	Class Y	LSGIX
	Admin Class	LSAVX

Investment Goal

The Fund seeks long-term growth of capital and income.

Market Conditions

Despite a fair amount of volatility, equity market performance was positive for the 12-month period. Although the Federal Reserve (the Fed) neglected to raise short-term interest rates at its September meeting, the probability for a 2016 rate hike increased, driving the 10-year Treasury yield higher in the final months of the period. Accordingly, equity market leadership changed hands recently, favoring the more cyclical sectors (technology, financials and industrials) and finally providing a small headwind to the more defensive sectors (telecommunications, utilities and staples). Energy temporarily faded to the background in terms of global headlines, supplanted perhaps by the U.S. presidential election, the results of which likely will influence market sentiment during the fourth quarter.

Performance Results

For the 12 months ended September 30, 2016, Class A shares of Loomis Sayles Value Fund returned 9.65%. The fund underperformed its benchmark, the Russell 1000^® Value Index, which returned 16.20%.

Explanation of Fund Performance

Although all sectors contributed positively to absolute return, stock selection within the healthcare, financial and energy sectors, combined with an overweight position in the consumer discretionary sector, weighed heavily on relative performance. Meanwhile, stock selection within the industrials sector contributed most to overall performance.

In terms of individual holdings, a position in Marathon Oil, an independent exploration and production company, was a primary detractor. The stock was particularly weak in the face of falling oil prices in January. At the same time, concerns about the company’s balance sheet emerged, as leverage appeared exceedingly high given the outlook for commodity prices. By mid-February, Marathon had become a fairly small position in the fund, and we decided to exit the holding and reallocate the proceeds into Hess. We believed Hess offered upside potential similar to Marathon but with much less risk.

In addition, shares of Knowles, a manufacturer of cellular microphones, declined early in the period, as investors grew concerned about a potential major slowdown in the global

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smartphone market. Such a slowdown could have a substantially negative impact on Knowles. Given our small weighting in the company, and the fact that it dropped below $1 billion in market capitalization, we exited the stock in the first quarter of 2016.

A position in pharmaceutical company Teva also weighed on relative performance. Several factors contributed to the stock’s underperformance, including generic price deflation, concerns about Teva’s acquisition of Allergan’s generic business, and a litigation risk that could invalidate the company’s intellectual property on its most profitable drug.

On the positive side, software company Microsoft was a top contributor, largely due to its transition from license to subscription revenue for its applications and to its growing new market for Infrastructure as a Service (IAAS–Azure). Microsoft has shown a sharper pace of innovation and a willingness to partner with leading technology innovators, all while reining in costs and returning substantial cash to shareholders.

Shares of Symantec, also a software company, climbed materially as the firm stepped up its focus on the security market by divesting Veritas and acquiring Blue Coat Systems, a leading provider of advanced web security solutions. We are optimistic about the acquisition of Blue Coat, as it provides Symantec with exposure to rapidly growing segments of the security business. The deal also put Blue Coat’s CEO in charge of the whole enterprise, which we believe is a positive factor.

A position in pharmaceutical company Merck & Co. also was a main contributor to absolute performance. The stock performed well due to the launch of the company’s immune oncology drug, Keytruda, for the treatment of lung cancer.

Outlook

With major U.S. equity indices at or close to record highs, the bull market remains intact. However, it is now the second-longest bull market since the 1930s. In general, bull markets do not die of old age; instead, they falter when intervening macroeconomic events, such as rising inflation, cause central banks to tighten monetary policy for an extended period. Currently, we believe the Fed may raise interest rates 25 basis points by year-end, but all signs point to a very slow, deliberate tightening cycle. These measured expectations helped prolong the business cycle and fuel the rally in stock prices. If equity earnings move back to a growth mode later this year and in 2017, we expect equity performance to remain balanced across the market cap spectrum and among growth and value styles.

We will continue to take a security-specific approach to investing. As always, we view opportunities as defined by our reward to risk profiles, regardless of the direction of the markets.

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LOOMIS SAYLES VALUE FUND

Hypothetical Growth of $10,000 Investment in Class A Shares^1,4

September 30, 2006 through September 30, 2016

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Top Ten Holdings as of September 30, 2016


	Security Name	% of Net Assets
1	JPMorgan Chase & Co.		2.99%
2	Microsoft Corp.		2.73%
3	Wells Fargo & Co.		2.27%
4	Bank of America Corp.		2.15%
5	Pfizer, Inc.		2.13%
6	UnitedHealth Group, Inc.		2.04%
7	United Technologies Corp.		1.98%
8	Merck & Co., Inc.		1.95%
9	Medtronic PLC		1.92%
10	Halliburton Co.		1.91%

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Average Annual Total Returns — September 30, 2016⁴



													Expense Ratio⁵
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class A (Inception 6/30/06)¹
NAV		9.65	%		14.87	%		5.78	%		—	%		0.95	%		0.95	%
With 5.75% Maximum Sales Charge		3.36			13.52			5.16			—

Class C (Inception 6/1/07)¹
NAV		8.85			14.02			5.00			—			1.70			1.70
With CDSC²		7.98			14.02			5.00			—

Class N (Inception 2/1/13)
NAV		10.08			—			—			9.69			0.57			0.57

Class Y (Inception 5/13/91)
NAV		9.92			15.16			6.08			—			0.70			0.70

Admin Class (Inception 2/1/10)¹
NAV		9.11			14.54			5.49			—			1.23			1.23

Comparative Performance
Russell 1000^® Value Index³		16.20			16.15			5.85			11.32

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

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

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

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

1639614.1.1

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ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Funds are actively managed, there is no assurance that they will continue to invest in the securities or industries mentioned.

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 Global Asset Management or any of its related or affiliated companies (collectively “NGAM”) and does not sponsor, endorse or participate in the provision of any NGAM services, funds or other financial products.

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

PROXY VOTING INFORMATION

A description of the 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 ngam.natixis.com; and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Natixis Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available from the Natixis Funds website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

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

15 |

UNDERSTANDING FUND EXPENSES

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

The first line in the table for each class 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 April 1, 2016 through September 30, 2016. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period row as shown below for your class.

The second line in the table for each class 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 Funds to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND	BEGINNING ACCOUNT VALUE 4/1/2016		ENDING ACCOUNT VALUE 9/30/2016		EXPENSES PAID DURING PERIOD* 4/1/2016 – 9/30/2016
Class A
Actual		$1,000.00		$1,062.60		$6.08
Hypothetical (5% return before expenses)		$1,000.00		$1,019.10		$5.96
Class C
Actual		$1,000.00		$1,059.50		$9.94
Hypothetical (5% return before expenses)		$1,000.00		$1,015.35		$9.72
Class Y
Actual		$1,000.00		$1,064.00		$4.80
Hypothetical (5% return before expenses)		$1,000.00		$1,020.35		$4.70

Expenses are equal to the Fund’s annualized expense ratio: 1.18%, 1.93% and 0.93% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period).

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LOOMIS SAYLES GROWTH FUND	BEGINNING ACCOUNT VALUE 4/1/2016		ENDING ACCOUNT VALUE 9/30/2016		EXPENSES PAID DURING PERIOD* 4/1/2016 – 9/30/2016
Class A
Actual		$1,000.00		$1,112.60		$4.86
Hypothetical (5% return before expenses)		$1,000.00		$1,020.40		$4.65
Class C
Actual		$1,000.00		$1,108.20		$8.80
Hypothetical (5% return before expenses)		$1,000.00		$1,016.65		$8.42
Class N
Actual		$1,000.00		$1,114.70		$3.07
Hypothetical (5% return before expenses)		$1,000.00		$1,022.10		$2.93
Class Y
Actual		$1,000.00		$1,113.70		$3.54
Hypothetical (5% return before expenses)		$1,000.00		$1,021.65		$3.39

Expenses are equal to the Fund’s annualized expense ratio: 0.92%, 1.67%, 0.58% and 0.67% 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 (183), divided by 366 (to reflect the half-year period).


LOOMIS SAYLES VALUE FUND	BEGINNING ACCOUNT VALUE 4/1/2016		ENDING ACCOUNT VALUE 9/30/2016		EXPENSES PAID DURING PERIOD* 4/1/2016 – 9/30/2016
Class A
Actual		$1,000.00		$1,062.50		$4.85
Hypothetical (5% return before expenses)		$1,000.00		$1,020.30		$4.75
Class C
Actual		$1,000.00		$1,058.50		$8.65
Hypothetical (5% return before expenses)		$1,000.00		$1,016.60		$8.47
Class N
Actual		$1,000.00		$1,064.50		$2.94
Hypothetical (5% return before expenses)		$1,000.00		$1,022.15		$2.88
Class Y
Actual		$1,000.00		$1,063.40		$3.56
Hypothetical (5% return before expenses)		$1,000.00		$1,021.55		$3.49
Admin Class
Actual		$1,000.00		$1,058.20		$6.02
Hypothetical (5% return before expenses)		$1,000.00		$1,019.15		$5.91

Expenses are equal to the Fund’s annualized expense ratio: 0.94%, 1.68%, 0.57%, 0.69% and 1.17% 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 (183), divided by 366 (to reflect the half-year period).

17 |

BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s 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 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 adviser (the “Adviser”) believes 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 fees and other expenses, including information comparing the Funds’ expenses to the fees charged to institutional accounts with similar strategies managed by the Adviser, 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 Adviser and (v) information obtained through the completion by the Adviser of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) the Adviser’s financial results and financial condition, (ii) each Fund’s investment objective and strategies and the size, education and experience of the Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (iii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iv) the procedures employed to determine the value of the Funds’ assets, (v) the allocation of the Funds’ brokerage, if any, including, if applicable, allocations to brokers affiliated with the Adviser and the use of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services, (vi) the resources devoted to, and the record of compliance with, the Funds’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (vii) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (viii) 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 Adviser.

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 fee differentials against each Fund’s peer group/category,

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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 Adviser 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 presentations 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 at its meeting held in June 2016. The Agreements were continued for a one-year period for the Funds. 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 Adviser and its affiliates to the Funds and the resources dedicated to the Funds by the Adviser and its affiliates.

The Trustees considered not only the advisory services provided by the Adviser to the Funds, but also the monitoring and oversight services provided by NGAM Advisors, L.P. (“NGAM Advisors”). They also considered the administrative services provided by NGAM 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 Adviser. 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 also reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that also measured the performance of the Funds on a risk adjusted basis.

With respect to each Fund, the Board concluded that the Fund’s performance or other relevant factors supported the renewal of the Agreement relating to that Fund. In the case of the Loomis Sayles Value Fund, the performance of which lagged that of a relevant peer group median and/or category median for certain (although not all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions by the Adviser that were reasonable and

19 |

consistent with the Fund’s investment objective and policies; and (2) that the Fund’s long-term performance was competitive when compared to relevant performance benchmarks or peer groups.

The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser 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 Adviser supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons (provided both by management and also 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 Adviser 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 fee, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund and the need for the Adviser to offer competitive compensation and the potential need to expend additional resources to the extent the Funds grow 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 all three of the Funds included in this report have expense caps in place, and the Trustees considered that the current expenses of each Fund are below the cap.

The Trustees also considered the compensation directly or indirectly received by the Adviser and its affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Adviser’s and its 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, and whether the Adviser had implemented breakpoints and/or expense caps with respect to such Funds.

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After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fee charged to each of the Funds was fair and reasonable, and that the costs of these services generally and the related profitability of the Adviser and its 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 Adviser and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense waivers or caps. The Trustees also discussed with management the factors considered with respect to the implementation of breakpoints in investment advisory fees or expense waivers or caps for certain funds. Management explained that a number of factors are taken into account in considering the possible implementation of breakpoints or an expense cap for a fund, including, among other things, factors such as a fund’s assets, the projected growth of a fund, projected profitability and a fund’s fees and performance. With respect to economies of scale, the Trustees noted that each Fund’s management fee and overall net expense ratio was at or below median compared to a peer group of funds and that each of the Funds was subject to an expense cap or waiver. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Funds, as discussed above.

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 Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Funds.

The nature, quality, cost and extent of administrative and shareholder services performed by the Adviser and its affiliates, both under the Agreements and under separate agreements covering administrative services.

So-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution, administrative and brokerage services to the Funds, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of NGAM 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.

21 |

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, 2017.

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Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund


Shares		Description	Value (†)
	Common Stocks — 65.4% of Net Assets
		Belgium — 2.2%
	254,983	Anheuser-Busch InBev SA/NV	$	33,532,248

		Canada — 1.0%
	318,000	CGI Group, Inc., Class A(b)		15,146,781

		China — 3.1%
	458,620	Alibaba Group Holding Ltd., Sponsored ADR(b)		48,517,410

		France — 1.8%
	296,443	Thales S.A.		27,296,723

		Hong Kong — 2.4%
	5,402,000	AIA Group Ltd.		36,327,053

		India — 1.9%
	1,144,407	HCL Technologies Ltd.		13,768,551
	703,644	HDFC Bank Ltd.		15,561,172

				29,329,723

		Italy — 1.0%
	313,494	Luxottica Group S.p.A.		14,973,444

		Japan — 1.0%
	471,970	Nomura Research Institute Ltd.		16,289,630

		Sweden — 1.6%
	540,721	Assa Abloy AB		10,980,774
	479,965	Atlas Copco AB, A Shares		14,449,121

				25,429,895

		Switzerland — 5.0%
	138,887	Dufry AG, (Registered)(b)		17,412,390
	24,366	Geberit AG, (Registered)		10,680,598
	422,912	Nestle S.A., (Registered)		33,394,850
	59,828	Roche Holding AG		14,867,163

				76,355,001

		United Kingdom — 3.0%
	3,019,959	ITV PLC		7,325,580
	7,642,635	Legal & General Group PLC		21,659,382
	456,704	London Stock Exchange Group PLC		16,549,774

				45,534,736

		United States — 41.4%
	158,432	Allergan PLC(b)		36,488,474
	23,661	Alphabet, Inc., Class C(b)		18,391,459
	40,243	Alphabet, Inc., Class A(b)		32,357,787
	24,222	Amazon.com, Inc.(b)		20,281,323
	48,974	AutoZone, Inc.(b)		37,628,683
	413,239	Comcast Corp., Class A		27,414,275
	272,272	CVS Health Corp.		24,229,485
	670	Dex Media, Inc.(b)(c)		1,332
	231,232	Eaton Corp. PLC		15,194,255

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Shares		Description	Value (†)
		United States — continued
	51,290	EOG Resources, Inc.	$	4,960,256
	334,377	Facebook, Inc., Class A(b)		42,890,538
	131,293	FactSet Research Systems, Inc.		21,282,595
	100,743	Goldman Sachs Group, Inc. (The)		16,246,824
	9,113	Halcon Resources Corp.(b)		85,480
	955	Hawaiian Telcom Holdco, Inc.(b)		21,382
	217,929	LyondellBasell Industries NV, Class A		17,578,153
	104,480	M&T Bank Corp.		12,130,128
	435,852	Marriott International, Inc., Class A		29,345,915
	42,462	Mettler-Toledo International, Inc.(b)		17,826,821
	434,998	Newell Brands, Inc.		22,906,995
	15,349	Priceline Group, Inc. (The)(b)		22,585,900
	142,819	Roper Technologies, Inc.		26,060,183
	182,179	S&P Global, Inc.		23,056,574
	149,977	Schlumberger Ltd.		11,794,191
	112,123	Sherwin-Williams Co. (The)		31,019,949
	295,149	Texas Instruments, Inc.		20,713,557
	163,030	TransDigm Group, Inc.(b)		47,135,234
	89,478	Travelers Cos., Inc. (The)		10,249,705
	185,190	UnitedHealth Group, Inc.		25,926,600
	120,305	Walt Disney Co. (The)		11,171,522
	244,061	Wells Fargo & Co.		10,807,021

				637,782,596

		Total Common Stocks (Identified Cost $856,004,621)		1,006,515,240


Principal Amount (‡)
	Bonds and Notes — 31.7%
	Non-Convertible Bonds — 30.7%
		Argentina — 0.3%
$	775,000	Provincia de Buenos Aires, 9.125%, 3/16/2024, 144A		866,806
	535,000	Republic of Argentina, 6.875%, 4/22/2021, 144A		582,385
	150,000	Republic of Argentina, 7.625%, 4/22/2046, 144A		169,094
	382,136	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		413,662
	565,000	YPF S.A., 8.500%, 3/23/2021, 144A		629,269
	1,755,000	YPF S.A., 8.750%, 4/04/2024, 144A		1,954,368

				4,615,584

		Australia — 0.2%
	970,000	Commonwealth Bank of Australia, 1.375%, 9/06/2018, 144A(d)		968,953
	670,000	Goodman Australia Industrial Fund Bond Issuer Pty Ltd., 3.400%, 9/30/2026, 144A		673,474
	110,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A		119,139
	95,000	Sydney Airport Finance Co. Pty Ltd., 3.375%, 4/30/2025, 144A		97,341
	120,000	Sydney Airport Finance Co. Pty Ltd., 5.125%, 2/22/2021, 144A		134,607
	950,000	Telstra Corp. Ltd., 3.125%, 4/07/2025, 144A(d)		991,297

				2,984,811

See accompanying notes to financial statements.

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Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Belgium — 0.1%
$	1,040,000	Anheuser-Busch InBev Finance, Inc., 3.300%, 2/01/2023(d)	$	1,097,730
	350,000	Anheuser-Busch InBev S.A., EMTN, 6.500%, 6/23/2017, (GBP)(d)		471,976
	440,000	Solvay Finance (America) LLC, 3.400%, 12/03/2020, 144A		460,495

				2,030,201

		Brazil — 0.9%
	600,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		604,320
	800,000	Braskem Finance Ltd., 5.750%, 4/15/2021, 144A		838,560
	2,250(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2019, (BRL)		672,357
	8,815(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2021, (BRL)		2,583,753
	2,300,000	BRF S.A., 7.750%, 5/22/2018, 144A, (BRL)(d)		656,304
	1,000,000	CIMPOR Financial Operations BV, 5.750%, 7/17/2024, 144A		855,000
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		393,000
	885,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025(d)		889,425
	800,000	Gerdau Trade, Inc., 5.750%, 1/30/2021, 144A		828,240
	226,000	GTL Trade Finance, Inc., 5.893%, 4/29/2024, 144A		222,610
	915,000	Itau Unibanco Holding S.A., 2.850%, 5/26/2018, 144A		917,288
	1,825,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		1,632,462
	320,000	Petrobras Global Finance BV, 5.375%, 1/27/2021		316,480
	775,000	Petrobras Global Finance BV, 5.750%, 1/20/2020		798,638
	300,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		264,810
	500,000	Tupy Overseas S.A., 6.625%, 7/17/2024, 144A		504,375
	546,000	Vale Overseas Ltd., 6.875%, 11/21/2036		530,712
	225,000	Vale S.A., 5.625%, 9/11/2042		189,000

				13,697,334

		Canada — 2.0%
	1,085,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		858,547
	495,000	Air Canada Pass Through Trust, Series 2015-2, Class A, 4.125%, 6/15/2029, 144A(d)		525,319
	815,000	Bank of Montreal, 1.750%, 6/15/2022, 144A(d)		814,813
	5,065,000	Canadian Government, 1.250%, 9/01/2018, (CAD)(d)		3,915,140
	11,900,000	Canadian Government, 1.750%, 9/01/2019, (CAD)		9,391,199
	970,000	Canadian Imperial Bank of Commerce, 1.600%, 9/06/2019(d)		970,007
	1,335,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)(d)		1,018,648
	6,165,000	Province of Ontario Canada, 1.250%, 6/17/2019(d)		6,156,486
	7,200,000	Province of Ontario Canada, 1.875%, 5/21/2020		7,319,066
	600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)(d)		503,804

				31,473,029

		Chile — 0.4%
	1,450,000	Banco de Credito e Inversiones, 3.000%, 9/13/2017, 144A(d)		1,469,824
	200,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022		213,828
	600,000	Chile Government International Bond, 3.125%, 1/21/2026(d)		636,750
	300,000,000	Chile Government International Bond, 5.500%, 8/05/2020, (CLP)(d)		485,279
	1,160,000	CODELCO, Inc., 4.500%, 9/16/2025, 144A(d)		1,223,256
	250,000	Engie Energia Chile S.A., 5.625%, 1/15/2021, 144A		276,960

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Chile — continued
$	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A(d)	$	834,282
	550,000	Itau CorpBanca, 3.125%, 1/15/2018(d)		556,856
	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A(d)		1,176,800

				6,873,835

		China — 0.1%
	800,000	Baidu, Inc., 2.250%, 11/28/2017(d)		806,404
	700,000	Baidu, Inc., 3.250%, 8/06/2018(d)		718,332
	400,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A(d)		437,461

				1,962,197

		Colombia — 0.4%
	555,000	Colombia Telecomunicaciones S.A. E.S.P., 5.375%, 9/27/2022, 144A		545,287
	610,000	Ecopetrol S.A., 4.125%, 1/16/2025		592,279
	600,000	Ecopetrol S.A., 5.875%, 9/18/2023(d)		647,250
	490,000	Ecopetrol S.A., 5.875%, 5/28/2045		449,477
	1,265,000,000	Emgesa S.A. E.S.P., 8.750%, 1/25/2021, 144A, (COP)		433,837
	2,140,000,000	Empresas Publicas de Medellin E.S.P., 8.375%, 2/01/2021, 144A, (COP)(d)		715,497
	200,000,000	Republic of Colombia, 7.750%, 4/14/2021, (COP)		73,723
	6,150,000,000	Titulos De Tesoreria, Series B, 7.500%, 8/26/2026, (COP)(d)		2,208,395

				5,665,745

		Dominican Republic — 0.1%
	1,410,000	Dominican Republic International Bond, 5.500%, 1/27/2025, 144A		1,494,600
	425,000	Dominican Republic International Bond, 8.625%, 4/20/2027, 144A		520,625

				2,015,225

		France — 0.3%
	970,000	Air Liquide Finance S.A., 1.375%, 9/27/2019, 144A		969,486
	425,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		470,156
	15,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		16,350
	200,000	AXA S.A., 7.125%, 12/15/2020, (GBP)(d)		317,878
	390,000	Credit Agricole S.A., (fixed rate to 6/23/2026, variable rate thereafter), 7.500%, (GBP)(e)		499,180
	1,015,000	Societe Generale S.A., 4.750%, 11/24/2025, 144A(d)		1,048,316
	475,000	Societe Generale S.A., (fixed rate to 4/07/2021, variable rate thereafter), 6.750%, (EUR)(e)		524,253

				3,845,619

		Germany — 0.1%
	470,000	Commerzbank AG, EMTN, 4.000%, 3/23/2026, (EUR)		532,066
	200,000	Schaeffler Finance BV, 3.250%, 5/15/2025, (EUR)		242,756
	300,000	ZF North America Capital, Inc., 2.750%, 4/27/2023, (EUR)		358,573

				1,133,395

		Hong Kong — 0.0%
	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A(d)		362,283
	400,000	Hutchison Whampoa International 11 Ltd., 3.500%, 1/13/2017, 144A(d)		402,458

				764,741

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Hungary — 0.2%
$	1,330,000	Hungary Government International Bond, 5.375%, 3/25/2024	$	1,544,516
	980,000	Hungary Government International Bond, 5.750%, 11/22/2023(d)		1,153,950

				2,698,466

		Iceland — 0.1%
	1,000,000	Republic of Iceland, 5.875%, 5/11/2022, 144A(d)		1,174,860

		India — 0.3%
	550,000	Axis Bank Ltd., 3.250%, 5/21/2020, 144A		564,371
	990,000	Bharti Airtel International BV, 5.350%, 5/20/2024, 144A(d)		1,083,377
	1,400,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		1,426,638
	750,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A(d)		844,961
	700,000	State Bank of India/London, 4.125%, 8/01/2017, 144A		713,381

				4,632,728

		Indonesia — 0.6%
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		320,043
	525,000	Indonesia Government International Bond, 4.750%, 1/08/2026, 144A		586,871
	3,500,000,000	Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		303,311
	781,000,000	Indonesia Government International Bond, 11.500%, 9/15/2019, (IDR)		67,575
	11,640,000,000	Indonesia Government International Bond, Series FR53, 8.250%, 7/15/2021, (IDR)		940,939
	12,100,000,000	Indonesia Treasury Bond, 6.125%, 5/15/2028, (IDR)		846,970
	24,000,000,000	Indonesia Treasury Bond, 7.875%, 4/15/2019, (IDR)(d)		1,897,786
	14,000,000,000	Indonesia Treasury Bond, 8.375%, 3/15/2024, (IDR)(d)		1,154,767
	400,000	Listrindo Capital BV, 6.950%, 2/21/2019, 144A		414,402
	795,000	Perusahaan Listrik Negara PT, 5.250%, 10/24/2042, 144A		820,838
	545,000	Republic of Indonesia, 2.875%, 7/08/2021, 144A, (EUR)		653,612
	500,000	TBG Global Pte Ltd., 4.625%, 4/03/2018, 144A		506,250

				8,513,364

		Italy — 0.4%
	440,000	Italy Buoni Poliennali Del Tesoro, 1.500%, 6/01/2025, (EUR)(d)		513,797
	2,080,000	Italy Buoni Poliennali Del Tesoro, 4.500%, 8/01/2018, (EUR)(d)		2,531,904
	2,295,000	Italy Buoni Poliennali Del Tesoro, 4.750%, 8/01/2023, 144A, (EUR)(d)		3,287,684

				6,333,385

		Japan — 0.3%
	900,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 1.700%, 3/05/2018, 144A(d)		901,275
	940,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 2.150%, 9/14/2018, 144A(d)		948,194
	540,000	Nissan Motor Acceptance Corp., 2.000%, 3/08/2019, 144A(d)		544,763
	1,165,000	Nomura Holdings, Inc., GMTN, 2.750%, 3/19/2019(d)		1,191,539
	850,000	SoftBank Group Corp., 4.500%, 4/15/2020, 144A		881,875

				4,467,646

		Kazakhstan — 0.0%
	475,000	Tengizchevroil Finance Co. International Ltd., 4.000%, 8/15/2026, 144A		470,250

		Korea — 0.6%
	3,700,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)(d)		472,043

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Korea — continued
$	600,000	Hyundai Capital Services, Inc., 3.500%, 9/13/2017, 144A(d)	$	611,700
	600,000	Industrial Bank of Korea, 2.375%, 7/17/2017, 144A(d)		604,717
	400,000	KEB Hana Bank, 4.000%, 11/03/2016, 144A(d)		400,898
	400,000	Korea Development Bank (The), 4.625%, 11/16/2021(d)		455,524
	630,000	Korea Development Bank (The), MTN, 4.500%, 11/22/2019, (AUD)(d)		506,822
	400,000	Korea National Oil Corp., 3.125%, 4/03/2017, 144A(d)		403,615
	2,589,140,000	Korea Treasury Bond, 2.750%, 9/10/2017, (KRW)(d)		2,381,959
	670,000	KT Corp., 2.500%, 7/18/2026, 144A(d)		676,732
	1,125,000	Minera y Metalurgica del Boleo S.A. de CV, 2.875%, 5/07/2019, 144A(d)		1,151,511
	950,000	Shinhan Bank, 2.250%, 4/15/2020, 144A(d)		961,884
	770,000	Shinhan Bank, 3.875%, 3/24/2026, 144A(d)		814,357
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A(d)		190,107
	200,000	Woori Bank, 5.875%, 4/13/2021, 144A(d)		230,072

				9,861,941

		Luxembourg — 0.1%
	430,000	INEOS Group Holdings S.A., 5.750%, 2/15/2019, (EUR)		495,116
	500,000	Millicom International Cellular S.A., 4.750%, 5/22/2020, 144A		505,650

				1,000,766

		Mexico — 1.0%
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)(d)		502,327
	675,000	Banco Nacional de Comercio Exterior SNC, (fixed rate to 8/11/2021, variable rate thereafter), 3.800%, 8/11/2026, 144A		655,391
	300,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 4.125%, 11/09/2022, 144A(d)		308,250
	640,000	Cemex Finance LLC, 6.000%, 4/01/2024, 144A		656,000
	300,000	Cemex SAB de CV, 4.375%, 3/05/2023, 144A, (EUR)		343,442
	505,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		511,161
	200,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		221,900
	800,000	Gruma SAB de CV, 4.875%, 12/01/2024(d)		856,000
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)(d)		447,094
	1,150,000(†††)	Mexican Fixed Rate Bonds, Series M-30, 10.000%, 11/20/2036, (MXN)(d)		8,266,875
	196,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)(d)		208,401
	1,020,000	Mexico Government International Bond, 4.125%, 1/21/2026(d)		1,097,010
	780,000	Petroleos Mexicanos, 4.250%, 1/15/2025(d)		752,622
	625,000	Petroleos Mexicanos, 5.625%, 1/23/2046(d)		545,188
	135,000(†††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)(d)		603,866

				15,975,527

		Morocco — 0.1%
	965,000	OCP S.A., 4.500%, 10/22/2025, 144A(d)		977,950
	590,000	OCP S.A., 6.875%, 4/25/2044, 144A		668,422

				1,646,372

		Netherlands — 0.1%
	870,000	Cooperatieve Rabobank UA, 4.375%, 8/04/2025(d)		917,546
	675,000	ING Bank NV, 1.650%, 8/15/2019, 144A(d)		674,407

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Netherlands — continued
$	525,000	Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A	$	524,344

				2,116,297

		New Zealand — 0.4%
	2,899,580	New Zealand Government Bond, 3.000%, 9/20/2030, (NZD)(d)		2,463,829
	2,340,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)(d)		1,829,024
	2,590,000	New Zealand Government Bond, 5.500%, 4/15/2023, (NZD)(d)		2,281,662

				6,574,515

		Norway — 0.2%
	13,275,000	Norway Government Bond, 2.000%, 5/24/2023, 144A, (NOK)(d)		1,763,812
	13,760,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)(d)		1,889,646

				3,653,458

		Panama — 0.1%
	680,000	Banco Latinoamericano de Comercio Exterior S.A., 3.250%, 5/07/2020, 144A(d)		695,300
	300,000	Banco Latinoamericano de Comercio Exterior S.A., 3.750%, 4/04/2017, 144A(d)		301,875

				997,175

		Paraguay — 0.1%
	800,000	Republic of Paraguay, 5.000%, 4/15/2026, 144A		866,000

		Peru — 0.2%
	580,000	Southern Copper Corp., 3.875%, 4/23/2025(d)		582,318
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A(d)		1,091,055
	1,050,000	Union Andina de Cementos SAA, 5.875%, 10/30/2021, 144A		1,102,395

				2,775,768

		Philippines — 0.0%
	175,000	PLDT, Inc., EMTN, 8.350%, 3/06/2017(d)		178,727

		Poland — 0.4%
	17,080,000	Poland Government Bond, 4.000%, 10/25/2023, (PLN)(d)		4,847,202
	3,210,000	Poland Government Bond, 5.500%, 10/25/2019, (PLN)(d)		927,684

				5,774,886

		Portugal — 0.0%
	400,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		414,600
	225,000	EDP Finance BV, EMTN, 2.000%, 4/22/2025, (EUR)		255,597

				670,197

		Romania — 0.0%
	410,000	Romanian Government International Bond, 2.875%, 5/26/2028, 144A, (EUR)		498,589

		Russia — 0.1%
	63,000,000	Russian Federal Bond - OFZ, Series 6208, 7.500%, 2/27/2019, (RUB)		983,701

		Singapore — 0.2%
	495,000	BOC Aviation Ltd., 3.000%, 3/30/2020(d)		507,801
	2,000,000	DBS Bank Ltd., (fixed rate to 9/21/2017, variable rate thereafter), 3.625%, 9/21/2022, 144A(d)		2,033,200

				2,541,001

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		South Africa — 0.2%
$	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A	$	899,775
	500,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		550,100
	15,980,000	South Africa Government International Bond, Series R213, 7.000%, 2/28/2031, (ZAR)(d)		972,725

				2,422,600

		Spain — 0.4%
	800,000	Gas Natural Fenosa Finance BV, (fixed rate to 4/24/2024, variable rate thereafter), 3.375% , (EUR)(e)		856,217
	725,000	Spain Government International Bond, 0.750%, 7/30/2021, (EUR)(d)		842,233
	430,000	Spain Government International Bond, 1.600%, 4/30/2025, 144A, (EUR)(d)		518,248
	1,825,000	Spain Government International Bond, 4.300%, 10/31/2019, 144A, (EUR)(d)		2,327,185
	800,000	Spain Government International Bond, 4.400%, 10/31/2023, 144A, (EUR)(d)		1,147,325

				5,691,208

		Supranationals — 0.5%
	2,075,000	Asian Development Bank, GMTN, 0.875%, 10/05/2018		2,072,821
	855,000	Banque Quest Africaine de Developpement, 5.500%, 5/06/2021, 144A(d)		909,447
	840,000	Central American Bank for Economic Integration, 3.875%, 2/09/2017, 144A(d)		846,300
	1,115,000	Corporacion Andina de Fomento, 4.375%, 6/15/2022(d)		1,236,814
	1,140,000	International Bank for Reconstruction & Development, 2.500%, 3/12/2020, (AUD)(d)		885,970
	70,000,000	International Finance Corp., 7.800%, 6/03/2019, (INR)(d)		1,092,864

				7,044,216

		Sweden — 0.0%
	2,450,000	Sweden Government Bond, 5.000%, 12/01/2020, (SEK)(d)		352,387

		Switzerland — 0.1%
	1,075,000	Glencore Finance Canada Ltd., 5.550%, 10/25/2042, 144A(d)		1,038,408
	200,000	LafargeHolcim Finance U.S. LLC, 3.500%, 9/22/2026, 144A		203,918

				1,242,326

		Thailand — 0.1%
	1,010,000	Siam Commercial Bank PCL (The), 3.500%, 4/07/2019, 144A(d)		1,052,071
	950,000	Thai Oil PCL, 3.625%, 1/23/2023, 144A(d)		999,052

				2,051,123

		Turkey — 0.1%
	800,000	Arcelik AS, 5.000%, 4/03/2023, 144A		789,600

		United Arab Emirates — 0.1%
	850,000	DP World Ltd., 3.250%, 5/18/2020, 144A		876,562
	600,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A(d)		601,373

				1,477,935

		United Kingdom — 0.6%
	600,000	Anglo American Capital PLC, 2.625%, 9/27/2017, 144A		598,500
	1,100,000	Barclays PLC, (fixed rate to 9/15/2019, variable rate thereafter), 6.625% (e)		1,003,750

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United Kingdom — continued
	400,000	Barclays PLC, (fixed rate to 9/15/2019, variable rate thereafter), 7.000%, (GBP)(e)	$	483,137
	260,000	Delphi Automotive PLC, 1.600%, 9/15/2028, (EUR)		296,853
	565,000	HSBC Holdings PLC, (fixed rate to 6/01/2021, variable rate thereafter), 6.875%(e)		587,600
	295,000	HSBC Holdings PLC, EMTN, 5.750%, 12/20/2027, (GBP)(d)		454,099
	150,000	Imperial Brands Finance PLC, EMTN, 6.250%, 12/04/2018, (GBP)		215,888
	400,000	Lloyds Banking Group PLC, 4.500%, 11/04/2024(d)		414,145
	1,020,000	Lloyds Banking Group PLC, (fixed rate to 6/27/2024, variable rate thereafter), 7.500%(e)		1,053,354
	400,000	Old Mutual PLC, EMTN, 8.000%, 6/03/2021, (GBP)		591,044
	1,130,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023(d)		1,177,706
	950,000	Royal Bank of Scotland Group PLC, (fixed rate to 8/10/2020, variable rate thereafter), 7.500% (e)		871,502
	350,000	Santander UK Group Holdings PLC, 4.750%, 9/15/2025, 144A(d)		350,393
	250,000	Standard Chartered PLC, EMTN, (fixed rate to 10/21/2020, variable rate thereafter), 4.000%, 10/21/2025, (EUR)(d)		288,036
	600,000	United Kingdom Gilt, 2.000%, 9/07/2025, (GBP)(d)		867,738
	130,000	Virgin Media Finance PLC, 4.500%, 1/15/2025, 144A, (EUR)		144,264
	100,000	WPP PLC, 6.000%, 4/04/2017, (GBP)(d)		132,898

				9,530,907

		United States — 18.2%
	15,000	21st Century Fox America, Inc., 6.400%, 12/15/2035		19,228
	9,890,000	AbbVie, Inc., 2.500%, 5/14/2020		10,082,598
	45,000	AECOM, 5.750%, 10/15/2022		47,264
	45,000	AECOM, 5.875%, 10/15/2024		48,038
	1,745,000	AES Corp. (The), 4.875%, 5/15/2023		1,771,175
	1,000,000	Alcoa, Inc., 5.125%, 10/01/2024		1,063,750
	305,000	Alcoa, Inc., 5.400%, 4/15/2021		326,350
	975,000	Alcoa, Inc., 5.900%, 2/01/2027		1,043,250
	3,073,000	Alcoa, Inc., 5.950%, 2/01/2037		3,089,901
	4,655,000	Ally Financial, Inc., 3.750%, 11/18/2019		4,730,644
	3,345,000	Ally Financial, Inc., 4.125%, 2/13/2022		3,382,631
	745,000	Ally Financial, Inc., 5.125%, 9/30/2024		789,700
	129,000	Ally Financial, Inc., 8.000%, 12/31/2018		142,223
	1,728,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,129,760
	2,686,371	American Airlines Pass Through Certificates, Series 2016-1, Class B, 5.250%, 7/15/2025		2,817,332
	170,098	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		180,911
	6,190,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		6,105,828
	300,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		275,249
	400,000	Antero Resources Corp., 5.125%, 12/01/2022		403,000
	175,000	Antero Resources Corp., 5.375%, 11/01/2021		176,969
	3,060,000	Antero Resources Corp., 5.625%, 6/01/2023		3,117,375
	1,510,000	AT&T, Inc., 3.400%, 5/15/2025		1,551,386
	3,960,000	AT&T, Inc., 4.125%, 2/17/2026		4,279,180

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	6,901	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2018(c)	$	7,022
	495,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		444,881
	925,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		1,086,875
	95,000	Avon Products, Inc., 8.950%, 3/15/2043		77,663
	200,000	Bank of America Corp., 5.490%, 3/15/2019		216,089
	2,700,000	Bank of America Corp., 6.110%, 1/29/2037		3,299,932
	115,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		122,008
	50,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		49,750
	15,000	Boston Scientific Corp., 5.125%, 1/12/2017		15,157
	71,000	California Resources Corp., 5.500%, 9/15/2021		37,630
	10,000	California Resources Corp., 6.000%, 11/15/2024		4,775
	1,995,000	CenturyLink, Inc., 6.450%, 6/15/2021		2,137,144
	510,000	CenturyLink, Inc., 7.650%, 3/15/2042		439,875
	55,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		53,006
	605,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		526,350
	1,025,000	Chemours Co. (The), 6.625%, 5/15/2023		999,375
	190,000	Chemours Co. (The), 7.000%, 5/15/2025		186,675
	3,210,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		2,704,425
	315,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		267,750
	495,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		454,162
	190,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		178,838
	95,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		88,825
	100,000	Chesapeake Energy Corp., 7.250%, 12/15/2018		101,500
	7,030,000	Chesapeake Energy Corp., 8.000%, 12/15/2022, 144A		7,126,662
	780,000	Chevron Corp., 2.419%, 11/17/2020(d)		802,003
	1,635,000	Cimarex Energy Co., 4.375%, 6/01/2024		1,707,666
	525,000	Cincinnati Bell, Inc., 7.000%, 7/15/2024, 144A		538,125
	500,000	Citizens Financial Group, Inc., 4.300%, 12/03/2025		524,636
	2,913,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		2,887,511
	155,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		162,363
	480,000	Consolidated Communications, Inc., 6.500%, 10/01/2022		465,600
	265,000	Constellation Brands, Inc., 4.750%, 11/15/2024		286,862
	1,005,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,050,225
	75,986	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		78,691
	255,000	Continental Resources, Inc., 3.800%, 6/01/2024		233,325
	50,000	Continental Resources, Inc., 4.500%, 4/15/2023		48,000
	375,000	Cox Communications, Inc., 4.800%, 2/01/2035, 144A		371,598
	1,335,000	CSC Holdings LLC, 10.875%, 10/15/2025, 144A		1,563,619
	155,000	Cummins, Inc., 5.650%, 3/01/2098		173,239
	160,460	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		182,731
	1,200,000	Devon Energy Corp., 3.250%, 5/15/2022		1,191,421
	990,000	Devon Energy Corp., 5.850%, 12/15/2025		1,114,125
	475,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.020%, 6/15/2026, 144A		520,744

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	42,000	Dillard’s, Inc., 6.625%, 1/15/2018	$	44,360
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		57,247
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		9,210
	300,000	Discovery Communications LLC, 1.900%, 3/19/2027, (EUR)		331,589
	395,000	DISH DBS Corp., 5.000%, 3/15/2023		384,137
	1,495,000	DISH DBS Corp., 5.875%, 11/15/2024		1,476,312
	315,000	DPL, Inc., 6.750%, 10/01/2019		326,812
	310,000	DR Horton, Inc., 4.375%, 9/15/2022		333,250
	235,000	DS Services of America, Inc., 10.000%, 9/01/2021, 144A		262,025
	600,000	Enbridge Energy Partners LP, 5.875%, 10/15/2025		689,788
	575,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		727,082
	410,000	FedEx Corp., 1.000%, 1/11/2023, (EUR)		474,446
	150,000	Foot Locker, Inc., 8.500%, 1/15/2022		177,000
	25,000	Ford Motor Co., 6.375%, 2/01/2029		30,639
	50,000	Ford Motor Co., 6.625%, 2/15/2028		59,912
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,644,413
	40,000	Ford Motor Co., 7.125%, 11/15/2025		49,892
	530,000	Ford Motor Co., 7.400%, 11/01/2046		765,318
	5,000	Ford Motor Co., 7.500%, 8/01/2026		6,391
	5,000,000	Ford Motor Credit Co. LLC, 2.459%, 3/27/2020		5,046,645
	1,600,000	Ford Motor Credit Co. LLC, 3.588%, 6/02/2020, (AUD)(d)		1,248,402
	1,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		1,049,654
	905,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A(f)(g)		1,040,533
	2,370,000	Freeport-McMoRan, Inc., 3.875%, 3/15/2023(d)		2,126,885
	210,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		174,300
	2,475,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		1,986,187
	865,000	Frontier Communications Corp., 6.875%, 1/15/2025		765,525
	560,000	Frontier Communications Corp., 11.000%, 9/15/2025		584,500
	205,000	FTS International, Inc., 6.250%, 5/01/2022		78,413
	275,000	Gates Global LLC/Gates Global Co., 6.000%, 7/15/2022, 144A		261,250
	50,000	General Electric Co., GMTN, 3.100%, 1/09/2023		53,118
	740,000	General Electric Co., Series D, (fixed rate to 1/21/2021, variable rate thereafter), 5.000% (d)(e)		786,953
	115,000	General Motors Co., 5.200%, 4/01/2045		119,621
	195,000	General Motors Co., 6.750%, 4/01/2046		244,467
	5,000,000	General Motors Financial Co., Inc., 2.400%, 4/10/2018		5,036,090
	240,000	General Motors Financial Co., Inc., 3.450%, 4/10/2022		243,434
	925,000	General Motors Financial Co., Inc., 5.250%, 3/01/2026		1,015,913
	195,000	Genworth Holdings, Inc., 4.800%, 2/15/2024		160,388
	500,000	Genworth Holdings, Inc., 4.900%, 8/15/2023		416,250
	215,000	Genworth Holdings, Inc., 6.500%, 6/15/2034		175,225
	3,435,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		4,649,736
	105,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		139,952
	180,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		257,588
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		498,300
	800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)(d)		624,298
	2,295,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		2,922,246

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	3,045,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022	$	3,227,700
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		180,263
	70,000	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.988%, 8/10/2045(h)		67,377
	1,000,000	HCA Holdings, Inc., 6.250%, 2/15/2021		1,085,000
	20,000	HCA, Inc., 4.750%, 5/01/2023		20,850
	225,000	HCA, Inc., 7.050%, 12/01/2027		239,344
	820,000	HCA, Inc., 7.500%, 11/06/2033		888,675
	1,500,000	HCA, Inc., 7.690%, 6/15/2025		1,685,865
	395,000	HCA, Inc., 8.360%, 4/15/2024		458,627
	195,000	HCA, Inc., MTN, 7.580%, 9/15/2025		219,863
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		81,281
	855,000	Hecla Mining Co., 6.875%, 5/01/2021		858,206
	585,000	Hercules, Inc., 6.500%, 6/30/2029		526,500
	490,000	Hewlett Packard Enterprise Co., 6.350%, 10/15/2045, 144A		505,652
	310,000	Hexion, Inc., 7.875%, 2/15/2023(c)(f)		111,600
	470,000	Highwoods Realty LP, 5.850%, 3/15/2017		478,446
	485,000	Huntington Ingalls Industries, Inc., 5.000%, 11/15/2025, 144A		512,887
	955,000	Hyundai Capital America, 2.750%, 9/27/2026, 144A		942,671
	450,000	International Lease Finance Corp., 4.625%, 4/15/2021		471,375
	1,250,000	International Lease Finance Corp., 6.250%, 5/15/2019		1,354,687
	745,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		741,335
	145,000	iStar, Inc., 4.875%, 7/01/2018		145,725
	3,460,000	iStar, Inc., 5.000%, 7/01/2019		3,450,935
	70,000	iStar, Inc., 5.850%, 3/15/2017		70,836
	200,000	iStar, Inc., 7.125%, 2/15/2018		208,500
	48,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		41,280
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		4,125
	665,000	Jefferies Group LLC, 5.125%, 4/13/2018		694,269
	30,000	Jefferies Group LLC, 5.125%, 1/20/2023		31,962
	1,070,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,115,236
	685,000	Jefferies Group LLC, 6.450%, 6/08/2027		775,488
	1,410,000	Jefferies Group LLC, 6.875%, 4/15/2021		1,645,019
	15,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(f)(g)		10,500
	110,000	K. Hovnanian Enterprises, Inc., 7.000%, 1/15/2019, 144A		74,525
	165,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		99,825
	1,665,000	KB Home, 8.000%, 3/15/2020		1,854,394
	2,805,000	Kraton Polymers LLC/Kraton Polymers Capital Corp., 10.500%, 4/15/2023, 144A		3,183,675
	190,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		191,425
	140,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		146,300
	330,000	Level 3 Financing, Inc., 5.125%, 5/01/2023		339,900
	760,000	Level 3 Financing, Inc., 5.375%, 5/01/2025		792,300
	20,000	Macy’s Retail Holdings, Inc., 4.500%, 12/15/2034		18,781
	165,000	Masco Corp., 6.500%, 8/15/2032		181,500
	865,000	Masco Corp., 7.750%, 8/01/2029		1,033,675

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	410,000	Micron Technology, Inc., 5.250%, 8/01/2023, 144A	$	404,875
	965,000	Micron Technology, Inc., 5.500%, 2/01/2025		945,700
	1,230,000	Micron Technology, Inc., 5.625%, 1/15/2026, 144A		1,177,725
	1,430,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		1,455,025
	825,000	Morgan Stanley, 2.125%, 4/25/2018		831,934
	220,000	Morgan Stanley, 2.500%, 1/24/2019		224,171
	450,000	Morgan Stanley, 3.750%, 2/25/2023		477,941
	725,000	Morgan Stanley, 5.750%, 1/25/2021		826,453
	3,150,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		3,330,372
	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		752,258
	100,000	Morgan Stanley, Series F, MTN, 1.129%, 10/18/2016(h)		100,014
	25,000	MPLX LP, 4.500%, 7/15/2023		25,486
	95,000	MPLX LP, 4.875%, 6/01/2025		98,162
	3,000,000	Navient Corp., 5.000%, 10/26/2020		2,958,750
	95,000	Navient Corp., 5.875%, 10/25/2024		86,450
	175,000	Navient LLC, 4.875%, 6/17/2019		174,344
	915,000	Navient LLC, 5.500%, 1/25/2023		839,512
	1,600(††††)	Navient LLC, 6.000%, 12/15/2043		36,760
	40,000	Navient LLC, MTN, 4.625%, 9/25/2017		40,600
	60,000	Navient LLC, MTN, 5.500%, 1/15/2019		60,900
	1,130,000	Navient LLC, MTN, 7.250%, 1/25/2022		1,152,600
	10,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		10,000
	2,560,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(f)(g)		2,035,200
	360,000	Navient LLC, Series A, MTN, 8.450%, 6/15/2018		387,000
	4,457,000	New Albertson’s, Inc., 7.450%, 8/01/2029		4,367,860
	525,000	New Albertson’s, Inc., 7.750%, 6/15/2026		523,031
	5,710,000	New Albertson’s, Inc., 8.000%, 5/01/2031		5,631,487
	2,110,000	New Albertson’s, Inc., 8.700%, 5/01/2030		2,141,650
	1,265,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		1,163,800
	365,000	Newell Brands, Inc., 4.000%, 12/01/2024		387,764
	65,000	Newfield Exploration Co., 5.625%, 7/01/2024		66,625
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		21,700
	1,019,000	Noble Energy, Inc., 5.625%, 5/01/2021		1,064,926
	135,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		129,263
	220,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		210,100
	2,275,000	Oceaneering International, Inc., 4.650%, 11/15/2024		2,292,517
	420,000	Old Republic International Corp., 4.875%, 10/01/2024		454,141
	5,085,000	ONEOK Partners LP, 4.900%, 3/15/2025		5,470,072
	25,000	ONEOK Partners LP, 6.200%, 9/15/2043		27,619
	55,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		57,200
	140,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		147,000
	535,000	Owens Corning, 7.000%, 12/01/2036		675,374
	2,965,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A		3,083,600
	540,000	PulteGroup, Inc., 6.000%, 2/15/2035		545,400
	785,000	PulteGroup, Inc., 6.375%, 5/15/2033		817,709

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	220,000	PulteGroup, Inc., 7.875%, 6/15/2032	$	254,100
	285,000	QEP Resources, Inc., 5.250%, 5/01/2023		280,725
	145,000	QEP Resources, Inc., 5.375%, 10/01/2022		143,913
	65,000	QEP Resources, Inc., 6.875%, 3/01/2021		67,763
	255,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		253,088
	1,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,411,762
	650,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		614,250
	400,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		412,000
	60,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		58,200
	476,000	Qwest Corp., 6.875%, 9/15/2033		474,523
	115,000	Qwest Corp., 7.250%, 9/15/2025		125,848
	37,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		38,388
	200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		195,000
	230,000	Range Resources Corp., 4.875%, 5/15/2025		220,800
	850,000	Range Resources Corp., 5.000%, 8/15/2022, 144A		845,750
	220,000	Range Resources Corp., 5.000%, 3/15/2023, 144A		215,050
	1,075,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,134,606
	230,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.500%, 4/15/2023		237,449
	665,000	Sabine Pass Liquefaction LLC, 5.625%, 2/01/2021		702,406
	20,000	Sabine Pass Liquefaction LLC, 5.625%, 3/01/2025		21,500
	970,000	Santander Holdings USA, Inc., 2.650%, 4/17/2020(d)		975,831
	25,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		26,250
	640,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		686,400
	420,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		446,460
	760,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		797,240
	425,000	Spectrum Brands, Inc., 4.000%, 10/01/2026, 144A, (EUR)		485,382
	2,675,000	Springleaf Finance Corp., 5.250%, 12/15/2019		2,731,844
	330,000	Springleaf Finance Corp., 7.750%, 10/01/2021		346,087
	130,000	Springleaf Finance Corp., 8.250%, 10/01/2023		136,500
	2,349,000	Sprint Capital Corp., 6.875%, 11/15/2028		2,205,124
	2,240,000	Sprint Capital Corp., 8.750%, 3/15/2032		2,284,800
	26,000	Sprint Communications, Inc., 6.000%, 12/01/2016		26,130
	1,720,000	Sprint Communications, Inc., 6.000%, 11/15/2022		1,595,300
	120,000	Sprint Corp., 7.125%, 6/15/2024		117,000
	2,840,000	Sprint Corp., 7.875%, 9/15/2023		2,857,750
	2,910,000	SUPERVALU, Inc., 6.750%, 6/01/2021		2,720,850
	670,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019		679,380
	175,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2018		181,125
	1,365,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.750%, 3/15/2024		1,460,550
	520,000	Tenet Healthcare Corp., 5.000%, 3/01/2019		508,300
	100,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		93,000
	1,360,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,118,600
	820,000	Textron, Inc., 5.950%, 9/21/2021		939,276

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	90,000	Time Warner Cable LLC, 4.500%, 9/15/2042	$	85,883
	565,000	Time Warner Cable LLC, 5.250%, 7/15/2042, (GBP)(d)		859,621
	85,000	Time Warner Cable LLC, 5.500%, 9/01/2041		90,730
	1,680,000	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 2/01/2026, 144A		2,174,997
	171,000	TransDigm, Inc., 6.500%, 7/15/2024		179,978
	185,000	TransDigm, Inc., 6.500%, 5/15/2025		192,631
	6,665,000	TRI Pointe Group, Inc., 4.875%, 7/01/2021		6,831,625
	90,000	TRI Pointe Holdings, Inc./TRI Pointe Group, Inc., 4.375%, 6/15/2019		92,588
	5,000	TRI Pointe Holdings, Inc./TRI Pointe Group, Inc., 5.875%, 6/15/2024		5,200
	870,000	TRU Taj LLC/TRU Taj Finance, Inc., 12.000%, 8/15/2021, 144A		876,525
	8,530,000	U.S. Treasury Note, 0.375%, 10/31/2016		8,531,587
	8,520,000	U.S. Treasury Note, 0.500%, 11/30/2016		8,524,183
	370,000	U.S. Treasury Note, 0.625%, 8/31/2017(d)(i)		369,899
	10,257	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		10,270
	630,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		661,500
	2,940,000	United Rentals North America, Inc., 5.500%, 7/15/2025		2,998,800
	2,635,000	United Rentals North America, Inc., 5.750%, 11/15/2024		2,733,812
	295,000	United Rentals North America, Inc., 7.625%, 4/15/2022		314,175
	1,940,000	United States Steel Corp., 6.650%, 6/01/2037		1,552,000
	690,000	United States Steel Corp., 7.375%, 4/01/2020		686,550
	770,000	United States Steel Corp., 7.500%, 3/15/2022		758,450
	111,922	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		128,711
	59,592	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		65,998
	422,020	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		460,001
	230,000	USG Corp., 9.500%, 1/15/2018		249,780
	25,000	Viacom, Inc., 4.375%, 3/15/2043		22,952
	180,000	Viacom, Inc., 4.850%, 12/15/2034		183,522
	395,000	Viacom, Inc., 5.250%, 4/01/2044		413,542
	145,000	Viacom, Inc., 5.850%, 9/01/2043		163,538
	1,380,000	Western Digital Corp., 7.375%, 4/01/2023, 144A		1,518,000
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		74,592
	315,000	Weyerhaeuser Co., 7.375%, 3/15/2032		426,463
	1,060,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		1,025,550
	590,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		551,650
	130,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		118,625
	555,000	Whiting Petroleum Corp., 6.500%, 10/01/2018		546,675
	55,000	Windstream Services LLC, 7.500%, 6/01/2022		52,800
	1,955,000	Windstream Services LLC, 7.500%, 4/01/2023		1,867,025
	1,105,000	Windstream Services LLC, 7.750%, 10/01/2021		1,102,237
	500,000	WPX Energy, Inc., 5.250%, 1/15/2017		503,750
	125,000	Xerox Corp., 6.750%, 2/01/2017		126,969

				280,397,424

		Total Non-Convertible Bonds (Identified Cost $446,354,695)		472,467,061

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Convertible Bonds — 1.0%
		United States — 1.0%
$	650,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020	$	641,469
	10,000	CalAmp Corp., 1.625%, 5/15/2020		9,250
	190,000	CalAtlantic Group, Inc., 0.250%, 6/01/2019		175,988
	68,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		67,575
	185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		234,025
	2,290,000	Dish Network Corp., 3.375%, 8/15/2026, 144A		2,507,550
	530,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(j)		722,125
	275,000	Iconix Brand Group, Inc., 1.500%, 3/15/2018		237,188
	1,125,000	Intel Corp., 3.250%, 8/01/2039		2,057,344
	1,000,000	KB Home, 1.375%, 2/01/2019		972,500
	1,690,000	Nuance Communications, Inc., 1.000%, 12/15/2035, 144A		1,470,300
	2,200,000	Old Republic International Corp., 3.750%, 3/15/2018		2,641,375
	1,450,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021		1,556,937
	1,580,000	Rovi Corp., 0.500%, 3/01/2020		1,574,517
	40,000	RPM International, Inc., 2.250%, 12/15/2020		47,925
	90,000	Trinity Industries, Inc., 3.875%, 6/01/2036		107,550

		Total Convertible Bonds (Identified Cost $12,795,697)		15,023,618


	Municipals — 0.0%
		United States — 0.0%
	155,000	State of Illinois, 5.100%, 6/01/2033		149,420
	130,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		111,654

		Total Municipals (Identified Cost $251,681)		261,074


		Total Bonds and Notes (Identified Cost $459,402,073)		487,751,753


	Senior Loans — 0.3%
		United States — 0.3%
	4,316	Dex Media, Inc., Term Loan, 11.000%, 7/29/2021(h)		4,111
	1,809,375	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(h)		1,808,398
	1,065,000	Flying Fortress, Inc., New Term Loan, 3.588%, 4/30/2020(h)		1,070,858
	444,001	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(h)		442,336
	120,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(h)		119,400
	837,245	Supervalu, Inc., Refi Term Loan B, 5.500%, 3/21/2019(h)		838,099

		Total Senior Loans (Identified Cost $4,280,345)		4,283,202


Shares
	Preferred Stocks — 0.0%
		United States — 0.0%
	2,585	Alcoa, Inc., Series 1, 5.375%		84,504

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


Shares		Description	Value (†)
		United States — continued
	460	Chesapeake Energy Corp., 5.000%(b)	$	19,723
	40	Chesapeake Energy Corp., 5.750%(b)		20,825
	736	Chesapeake Energy Corp., 5.750%(b)		389,160
	84	Chesapeake Energy Corp., Series A, 5.750% 144A(b)		43,732
	2,794	El Paso Energy Capital Trust I, 4.750%		139,700

		Total Preferred Stocks (Identified Cost $703,097)		697,644


	Warrants — 0.0%
	2,475	Halcon Resources Corp., Expiration on 9/9/2020 at $14.04(b)(c) (Identified Cost $0)		3,776


Principal Amount (‡)
	Short-Term Investments — 2.1%
$	31,962,491	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2016 at 0.030% to be repurchased at $31,962,572 on 10/03/2016 collateralized by $30,225,000 U.S. Treasury Note, 2.500% due 8/15/2023 valued at $32,605,219 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $31,962,491)		31,962,491


		Total Investments — 99.5% (Identified Cost $1,352,352,627)(a)		1,531,214,106
		Other assets less liabilities — 0.5%		7,789,952

		Net Assets — 100.0%	$	1,539,004,058


	(‡)	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.
	(††††)	Amount shown represents units. One unit represents a principal amount of 25.
	(a)	Federal Tax Information:
		At September 30, 2016, the net unrealized appreciation on investments based on a cost of $1,350,922,765 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	215,979,568
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(35,688,227	)

		Net unrealized appreciation	$	180,291,341


	(b)	Non-income producing security.
	(c)	Fair valued by the Fund’s adviser. At September 30, 2016, the value of these securities amounted to $123,730 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(d)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)


	(e)			Perpetual bond with no specified maturity date.
	(f)			Illiquid security. (Unaudited)
	(g)			Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At September 30, 2016, the value of these securities amounted to $3,086,233 or 0.2% of net assets. See Note 2 of Notes to Financial Statements.
	(h)			Variable rate security. Rate as of September 30, 2016 is disclosed.
	(i)			Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
	(j)			Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2016, the value of Rule 144A holdings amounted to $120,137,536 or 7.8% of net assets.
	ADR			An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	EMTN			Euro Medium Term Note
	GMTN			Global Medium Term Note
	MTN			Medium Term Note

	AUD			Australian Dollar
	BRL			Brazilian Real
	CAD			Canadian Dollar
	CLP			Chilean Peso
	COP			Colombian Peso
	EUR			Euro
	GBP			British Pound
	IDR			Indonesian Rupiah
	INR			Indian Rupee
	KRW			South Korean Won
	MXN			Mexican Peso
	NOK			Norwegian Krone
	NZD			New Zealand Dollar
	PLN			Polish Zloty
	RUB			New Russian Ruble
	SEK			Swedish Krona
	ZAR			South African Rand

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)

At September 30, 2016, the Fund had the following open forward foreign currency contracts:


Contract to Buy/Sell	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell¹		12/21/2016	Australian Dollar		3,428,000	$	2,619,048	$	(61,876	)
Buy¹		12/21/2016	British Pound		2,370,000		3,076,838		(56,930	)
Sell¹		12/21/2016	Canadian Dollar		7,245,000		5,525,473		30,687
Sell¹		12/21/2016	Canadian Dollar		8,000,000		6,101,281		(9,524	)
Buy²		12/21/2016	Euro		850,000		958,297		1,176
Buy²		12/21/2016	Euro		36,370,000		41,003,853		(5,217	)
Sell²		12/21/2016	Euro		620,000		698,993		(239	)
Sell¹		12/21/2016	Indonesian Rupiah		39,600,000,000		2,998,788		(33,607	)
Buy¹		12/21/2016	Japanese Yen		2,486,500,000		24,605,424		230,841
Sell³		12/21/2016	Mexican Peso		117,600,000		6,012,969		332,777
Sell¹		12/21/2016	New Zealand Dollar		8,162,000		5,925,324		(4,446	)
Sell³		12/21/2016	Norwegian Krone		4,200,000		525,467		(12,029	)
Sell⁴		12/21/2016	Polish Zloty		14,420,000		3,765,440		3,313
Sell³		12/21/2016	South African Rand		13,500,000		969,033		(49,726	)
Sell³		12/21/2016	Swedish Krona		3,100,000		362,791		4,407

Total								$	369,607

At September 30, 2016, the Fund had the following open forward cross currency contracts:

Settlement Date

Deliver/Units of Currency

Receive/Units of Currency

Unrealized
Appreciation
(Depreciation)

12/21/2016

Norwegian Krone

14,180,000

Euro

1,526,810

(52,739

)

¹ Counterparty is Credit Suisse International

² Counterparty is Morgan Stanley & Co.

³ Counterparty is UBS AG

⁴ Counterparty is Citibank N.A.

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Global Equity and Income Fund – (continued)

Industry Summary at September 30, 2016


Internet Software & Services	9.2	%
Treasuries	5.5
Aerospace & Defense	5.1
Capital Markets	5.0
Insurance	4.5
Pharmaceuticals	4.1
Chemicals	3.7
Banking	3.7
Specialty Retail	3.5
Media	3.0
IT Services	2.9
Internet & Direct Marketing Retail	2.8
Banks	2.5
Beverages	2.2
Food Products	2.2
Other Investments, less than 2% each	37.5
Short-Term Investments	2.1

Total Investments	99.5
Other assets less liabilities (including forward foreign currency contracts)	0.5

Net Assets	100.0	%

Currency Exposure Summary at September 30, 2016


United States Dollar	73.3	%
Euro	6.1
Swiss Franc	5.0
British Pound	3.2
Hong Kong Dollar	2.4
Canadian Dollar	2.0
Indian Rupee	2.0
Other, less than 2% each	5.5

Total Investments	99.5
Other assets less liabilities (including forward foreign currency contracts)	0.5

Net Assets	100.0	%

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Growth Fund


Shares		Description	Value (†)
	Common Stocks — 98.3% of Net Assets
		Air Freight & Logistics — 5.8%
	2,583,164	Expeditors International of Washington, Inc.	$	133,084,609
	1,104,940	United Parcel Service, Inc., Class B		120,836,239

				253,920,848

		Beverages — 8.1%
	3,414,551	Coca-Cola Co. (The)		144,503,798
	1,266,142	Monster Beverage Corp.(b)		185,882,307
	443,291	SABMiller PLC, Sponsored ADR		25,750,774

				356,136,879

		Biotechnology — 4.3%
	598,438	Amgen, Inc.		99,825,443
	226,065	Regeneron Pharmaceuticals, Inc.(b)		90,882,651

				190,708,094

		Capital Markets — 4.8%
	519,543	FactSet Research Systems, Inc.		84,217,920
	170,519	Greenhill & Co., Inc.		4,019,133
	2,678,293	SEI Investments Co.		122,156,944

				210,393,997

		Communications Equipment — 5.1%
	7,017,264	Cisco Systems, Inc.		222,587,614

		Consumer Finance — 1.3%
	876,631	American Express Co.		56,139,449

		Energy Equipment & Services — 2.5%
	1,384,165	Schlumberger Ltd.		108,850,736

		Food Products — 3.7%
	11,048,803	Danone, Sponsored ADR		164,074,724

		Health Care Equipment & Supplies — 2.6%
	1,176,628	Varian Medical Systems, Inc.(b)		117,109,785

		Health Care Technology — 2.6%
	1,845,161	Cerner Corp.(b)		113,938,692

		Hotels, Restaurants & Leisure — 2.6%
	1,267,141	Yum! Brands, Inc.		115,069,074

		Household Products — 3.5%
	1,713,557	Procter & Gamble Co. (The)		153,791,741

		Internet & Direct Marketing Retail — 7.3%
	381,585	Amazon.com, Inc.(b)		319,504,936

		Internet Software & Services — 16.2%
	2,049,871	Alibaba Group Holding Ltd., Sponsored ADR(b)		216,855,853
	146,521	Alphabet, Inc., Class C(b)		113,889,308
	145,961	Alphabet, Inc., Class A(b)		117,361,402
	2,051,562	Facebook, Inc., Class A(b)		263,153,858

				711,260,421

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Growth Fund – (continued)


Shares		Description	Value (†)
		IT Services — 5.7%
	434,095	Automatic Data Processing, Inc.	$	38,287,179
	2,554,796	Visa, Inc., Class A		211,281,629

				249,568,808

		Machinery — 1.8%
	918,625	Deere & Co.		78,404,644

		Pharmaceuticals — 6.7%
	1,025,390	Merck & Co., Inc.		63,994,590
	1,269,385	Novartis AG, Sponsored ADR		100,230,640
	3,137,955	Novo Nordisk AS, Sponsored ADR		130,507,548

				294,732,778

		Semiconductors & Semiconductor Equipment — 4.9%
	292,992	Analog Devices, Inc.		18,883,334
	2,876,024	QUALCOMM, Inc.		197,007,644

				215,890,978

		Software — 8.8%
	1,648,712	Autodesk, Inc.(b)		119,251,339
	1,745,555	Microsoft Corp.		100,543,968
	4,295,386	Oracle Corp.		168,722,762

				388,518,069

		Total Common Stocks (Identified Cost $3,772,884,348)		4,320,602,267


Principal Amount
	Short-Term Investments — 2.7%
$	115,998,857	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2016 at 0.030% to be repurchased at $115,999,147 on 10/03/2016 collateralized by $109,685,000 U.S. Treasury Note, 2.500% due 8/15/2023 valued at $118,322,694 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $115,998,857)		115,998,857


		Total Investments — 101.0% (Identified Cost $3,888,883,205)(a)		4,436,601,124
		Other assets less liabilities — (1.0)%		(42,088,297	)

		Net Assets — 100.0%	$	4,394,512,827

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Growth Fund – (continued)


(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information:
	At September 30, 2016, the net unrealized appreciation on investments based on a cost of $3,889,923,543 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	592,453,674
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(45,776,093	)

	Net unrealized appreciation	$	546,677,581


(b)	Non-income producing security.

ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at September 30, 2016


Internet Software & Services	16.2	%
Software	8.8
Beverages	8.1
Internet & Direct Marketing Retail	7.3
Pharmaceuticals	6.7
Air Freight & Logistics	5.8
IT Services	5.7
Communications Equipment	5.1
Semiconductors & Semiconductor Equipment	4.9
Capital Markets	4.8
Biotechnology	4.3
Food Products	3.7
Household Products	3.5
Health Care Equipment & Supplies	2.6
Hotels, Restaurants & Leisure	2.6
Health Care Technology	2.6
Energy Equipment & Services	2.5
Other Investments, less than 2% each	3.1
Short-Term Investments	2.7

Total Investments	101.0
Other assets less liabilities	(1.0	)

Net Assets	100.0	%

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Value Fund


Shares		Description	Value (†)
	Common Stocks — 98.0% of Net Assets
		Aerospace & Defense — 3.7%
	99,639	Northrop Grumman Corp.	$	21,317,764
	245,287	United Technologies Corp.		24,921,159

				46,238,923

		Automobiles — 1.0%
	232,250	Harley-Davidson, Inc.		12,214,027

		Banks — 11.9%
	1,724,556	Bank of America Corp.		26,989,301
	451,096	Citigroup, Inc.		21,305,264
	628,059	Fifth Third Bancorp		12,850,087
	563,936	JPMorgan Chase & Co.		37,552,498
	245,423	PNC Financial Services Group, Inc. (The)		22,110,158
	644,545	Wells Fargo & Co.		28,540,453

				149,347,761

		Beverages — 1.5%
	176,784	PepsiCo, Inc.		19,228,796

		Biotechnology — 1.0%
	200,058	AbbVie, Inc.		12,617,658

		Capital Markets — 2.3%
	162,749	Ameriprise Financial, Inc.		16,237,468
	175,413	State Street Corp.		12,214,007

				28,451,475

		Chemicals — 1.4%
	262,897	E.I. du Pont de Nemours & Co.		17,606,212

		Communications Equipment — 3.0%
	719,409	Cisco Systems, Inc.		22,819,654
	169,171	Harris Corp.		15,497,755

				38,317,409

		Construction Materials — 1.5%
	163,165	Vulcan Materials Co.		18,556,755

		Consumer Finance — 2.7%
	183,919	American Express Co.		11,778,173
	390,527	Discover Financial Services		22,084,302

				33,862,475

		Containers & Packaging — 1.5%
	401,203	Sealed Air Corp.		18,383,121

		Diversified Telecommunication Services — 1.5%
	368,419	Verizon Communications, Inc.		19,150,420

		Electric Utilities — 2.9%
	161,807	NextEra Energy, Inc.		19,792,232
	278,156	PG&E Corp.		17,014,803

				36,807,035

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Value Fund – (continued)


Shares			Description	Value (†)
			Electrical Equipment — 1.4%
	267,043		Eaton Corp. PLC	$	17,547,395

			Energy Equipment & Services — 3.0%
	534,107		Halliburton Co.		23,970,722
	369,225		National Oilwell Varco, Inc.		13,565,327

					37,536,049

			Food & Staples Retailing — 1.6%
	232,311		CVS Health Corp.		20,673,356

			Food Products — 1.5%
	438,614		Mondelez International, Inc., Class A		19,255,155

			Health Care Equipment & Supplies — 1.9%
	278,905		Medtronic PLC		24,097,392

			Health Care Providers & Services — 3.5%
	77,430		Aetna, Inc.		8,939,294
	52,116		Humana, Inc.		9,218,799
	182,807		UnitedHealth Group, Inc.		25,592,980

					43,751,073

			Household Durables — 1.3%
	305,998		Newell Brands, Inc.		16,113,855

			Independent Power & Renewable Electricity Producers — 0.7%
	714,946		Calpine Corp.(b)		9,036,917

			Industrial Conglomerates — 1.4%
	150,392		Honeywell International, Inc.		17,534,203

			Insurance — 7.4%
	374,180	��	American International Group, Inc.		22,203,841
	525,760		FNF Group		19,405,802
	404,169		MetLife, Inc.		17,957,229
	162,771		Travelers Cos., Inc. (The)		18,645,418
	422,055		Unum Group		14,902,762

					93,115,052

			Internet & Direct Marketing Retail — 1.1%
	661,841		Liberty Interactive Corp./QVC Group, Class A(b)		13,243,438

			Machinery — 2.5%
	225,624		Ingersoll-Rand PLC		15,328,895
	248,709		Pentair PLC		15,977,066

					31,305,961

			Media — 2.7%
	358,638		Comcast Corp., Class A		23,792,045
	304,672		Liberty Global PLC, Class A(b)		10,413,689

					34,205,734

			Multiline Retail — 0.8%
	142,051		Dollar General Corp.		9,942,149

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Value Fund – (continued)


Shares		Description	Value (†)
		Oil, Gas & Consumable Fuels — 5.7%
	202,990	Chevron Corp.	$	20,891,731
	428,109	Hess Corp.		22,955,205
	327,064	Royal Dutch Shell PLC, Sponsored ADR		16,376,094
	217,853	Valero Energy Corp.		11,546,209

				71,769,239

		Pharmaceuticals — 8.2%
	81,615	Allergan PLC(b)		18,796,751
	194,425	Eli Lilly & Co.		15,604,550
	392,798	Merck & Co., Inc.		24,514,523
	789,880	Pfizer, Inc.		26,753,236
	375,865	Teva Pharmaceutical Industries Ltd., Sponsored ADR		17,293,549

				102,962,609

		Real Estate Management & Development — 0.8%
	349,891	CBRE Group, Inc., Class A(b)		9,789,950

		REITs – Diversified — 2.0%
	312,879	Outfront Media, Inc.		7,399,588
	558,166	Weyerhaeuser Co.		17,827,822

				25,227,410

		Road & Rail — 1.5%
	196,009	Norfolk Southern Corp.		19,024,634

		Semiconductors & Semiconductor Equipment — 1.6%
	288,492	QUALCOMM, Inc.		19,761,702

		Software — 5.3%
	595,386	Microsoft Corp.		34,294,234
	419,910	Oracle Corp.		16,494,065
	628,332	Symantec Corp.		15,771,133

				66,559,432

		Specialty Retail — 0.9%
	77,814	Advance Auto Parts, Inc.		11,603,624

		Technology Hardware, Storage & Peripherals — 1.6%
	180,644	Apple, Inc.		20,421,804

		Textiles, Apparel & Luxury Goods — 1.2%
	148,015	Ralph Lauren Corp.		14,970,237

		Tobacco — 1.5%
	197,879	Philip Morris International, Inc.		19,237,796

		Wireless Telecommunication Services — 1.0%
	439,217	Vodafone Group PLC, Sponsored ADR		12,803,176

		Total Common Stocks (Identified Cost $976,836,520)		1,232,271,409

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Value Fund – (continued)


Principal Amount		Description	Value (†)
	Short-Term Investments — 1.8%
$	22,406,170	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2016 at 0.030% to be repurchased at $22,406,226 on 10/03/2016 collateralized by $21,190,000 U.S. Treasury Note, 2.500% due 8/15/2023 valued at $22,858,713 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $22,406,170)	$	22,406,170


		Total Investments — 99.8% (Identified Cost $999,242,690)(a)		1,254,677,579
		Other assets less liabilities — 0.2%		2,353,347

		Net Assets — 100.0%	$	1,257,030,926


Shares
	Common Stocks Sold Short — 0.0%
		Chemicals — 0.0%
	6,015	AdvanSix, Inc.(b)(c) (Proceeds $102,513)	$	(99,789	)


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At September 30, 2016, the net unrealized appreciation on investments based on a cost of $1,002,751,992 (excludes proceeds received from short sales of $102,513) for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost
		Investment securities	$	291,262,745
		Securities sold short		2,724
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value
		Investment securities		(39,337,158	)
		Securities sold short		—

		Net unrealized appreciation	$	251,928,311


	(b)	Non-income producing security.
	(c)	When-issued security. When-issued refers to a transaction made conditionally because a security, although authorized, has not been issued.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of September 30, 2016

Loomis Sayles Value Fund – (continued)

Industry Summary at September 30, 2016


Banks	11.9	%
Pharmaceuticals	8.2
Insurance	7.4
Oil, Gas & Consumable Fuels	5.7
Software	5.3
Aerospace & Defense	3.7
Health Care Providers & Services	3.5
Communications Equipment	3.0
Energy Equipment & Services	3.0
Electric Utilities	2.9
Media	2.7
Consumer Finance	2.7
Machinery	2.5
Capital Markets	2.3
REITs - Diversified	2.0
Other Investments, less than 2% each*	31.2
Short-Term Investments	1.8

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

*	Net of securities sold short.

See accompanying notes to financial statements.

| 50

Statements of Assets and Liabilities

September 30, 2016


	Global Equity and Income Fund			Growth Fund		Value Fund
ASSETS
Investments at cost	$	1,352,352,627		$	3,888,883,205	$	999,242,690
Net unrealized appreciation		178,861,479			547,717,919		255,434,889

Investments at value		1,531,214,106			4,436,601,124		1,254,677,579
Cash		638,139			—		—
Due from brokers (Note 2)		6,000			—		—
Foreign currency at value (identified cost $3,699,350, $0 and $0, respectively)		3,685,013			—		—
Receivable for Fund shares sold		8,000,577			18,428,187		642,592
Receivable for securities sold		3,516,295			—		2,209,649
Collateral received for open forward foreign currency contracts (Note 4)		360,000			—		—
Dividends and interest receivable		7,036,063			2,771,334		953,043
Unrealized appreciation on forward foreign currency contracts (Note 2)		603,201			—		—
Tax reclaims receivable		580,602			683,770		—
Receivable for securities sold short (Note 2)		—			—		102,513
Prepaid expenses (Note 8)		6,195			11,771		6,015

TOTAL ASSETS		1,555,646,191			4,458,496,186		1,258,591,391

LIABILITIES
Securities sold short, at value (proceeds $102,513) (Note 2)		—			—		99,789
Payable for securities purchased		12,614,006			58,828,504		—
Payable for Fund shares redeemed		2,009,472			2,882,533		454,090
Unrealized depreciation on forward foreign currency contracts (Note 2)		286,333			—		—
Foreign taxes payable (Note 2)		22,570			—		—
Due to brokers (Note 2)		360,000			—		—
Management fees payable (Note 6)		982,791			1,756,842		522,286
Deferred Trustees’ fees (Note 6)		142,232			174,036		337,962
Administrative fees payable (Note 6)		55,490			154,543		45,540
Payable to distributor (Note 6d)		14,671			47,712		10,227
Other accounts payable and accrued expenses		154,568			139,189		90,571

TOTAL LIABILITIES		16,642,133			63,983,359		1,560,465

NET ASSETS	$	1,539,004,058		$	4,394,512,827	$	1,257,030,926

NET ASSETS CONSIST OF:
Paid-in capital	$	1,352,973,279		$	3,786,305,647	$	965,717,955
Undistributed net investment income		10,444,127			17,971,361		19,352,403
Accumulated net realized gain (loss) on investments and foreign currency transactions		(3,545,488	)		42,517,900		16,522,955
Net unrealized appreciation on investments, short sales and foreign currency translations		179,132,140			547,717,919		255,437,613

NET ASSETS	$	1,539,004,058		$	4,394,512,827	$	1,257,030,926

See accompanying notes to financial statements.

51 |

Statements of Assets and Liabilities (continued)

September 30, 2016


	Global Equity and Income Fund		Growth Fund		Value Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	280,262,778	$	729,989,074	$	191,909,446

Shares of beneficial interest		14,619,381		61,020,198		9,257,594

Net asset value and redemption price per share	$	19.17	$	11.96	$	20.73

Offering price per share (100/94.25 of net asset value) (Note 1)	$	20.34	$	12.69	$	21.99

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	423,349,930	$	109,798,099	$	11,474,269

Shares of beneficial interest		22,415,130		9,931,314		561,591

Net asset value and offering price per share	$	18.89	$	11.06	$	20.43

Class N shares:
Net assets	$	—	$	60,765,103	$	499,533,298

Shares of beneficial interest		—		4,772,330		24,019,970

Net asset value, offering and redemption price per share	$	—	$	12.73	$	20.80

Class Y shares:
Net assets	$	835,391,350	$	3,493,960,551	$	553,259,447

Shares of beneficial interest		43,304,754		274,393,637		26,586,342

Net asset value, offering and redemption price per share	$	19.29	$	12.73	$	20.81

Admin Class shares:
Net assets	$	—	$	—	$	854,466

Shares of beneficial interest		—		—		41,942

Net asset value, offering and redemption price per share	$	—	$	—	$	20.37

See accompanying notes to financial statements.

| 52

Statements of Operations

For the Year Ended September 30, 2016


	Global Equity and Income Fund			Growth Fund			Value Fund
INVESTMENT INCOME
Dividends	$	12,925,585		$	41,165,704		$	37,676,942
Interest		23,696,821			29,400			21,438
Less net foreign taxes withheld		(785,746	)		(1,078,326	)		(291,695	)

		35,836,660			40,116,778			37,406,685

Expenses
Management fees (Note 6)		10,746,920			13,482,702			7,041,043
Service and distribution fees (Note 6)		4,868,443			1,778,520			797,832
Administrative fees (Note 6)		631,931			1,191,159			620,523
Trustees’ fees and expenses (Note 6)		54,665			85,010			63,804
Transfer agent fees and expenses (Note 6)		1,216,450			2,518,289			986,349
Audit and tax services fees		71,080			41,737			41,100
Custodian fees and expenses		240,721			102,273			35,531
Legal fees		23,524			40,157			23,341
Registration fees		104,983			268,216			102,969
Shareholder reporting expenses		88,269			129,612			71,342
Miscellaneous expenses (Note 8)		62,844			57,117			47,266

Total expenses		18,109,830			19,694,792			9,831,100
Less waiver and/or expense reimbursement (Note 6)		—			(205	)		—

Net expenses		18,109,830			19,694,587			9,831,100

Net investment income		17,726,830			20,422,191			27,575,585

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, SHORT SALES AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(12,554,286	)		61,467,333			20,497,235
Foreign currency transactions		1,418,158			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		125,468,401			460,433,284			85,540,666
Short sales		—			—			2,724
Foreign currency translations		188,409			—			—

Net realized and unrealized gain on investments, short sales and foreign currency transactions		114,520,682			521,900,617			106,040,625

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	132,247,512		$	542,322,808		$	133,616,210

See accompanying notes to financial statements.

53 |

Statements of Changes in Net Assets


	Global Equity and Income Fund						Growth Fund
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2016			Year Ended September 30, 2015
FROM OPERATIONS:
Net investment income	$	17,726,830		$	11,891,262		$	20,422,191		$	7,486,907
Net realized gain (loss) on investments and foreign currency transactions		(11,136,128	)		67,722,170			61,467,333			102,347,346
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		125,656,810			(94,044,352	)		460,433,284			(62,314,445	)

Net increase (decrease) in net assets resulting from operations		132,247,512			(14,430,920	)		542,322,808			47,519,808

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(2,081,218	)		(2,404,233	)		(638,700	)		(382,515	)
Class C		(533,445	)		(1,155,191	)		—			—
Class N		—			—			(27,613	)		(7	)
Class Y		(7,355,165	)		(8,199,038	)		(7,860,674	)		(5,959,493	)
Net realized capital gains
Class A		(11,445,258	)		(11,493,040	)		—			—
Class C		(18,956,422	)		(18,511,977	)		—			—
Class N		—			—			—			—
Class Y		(31,143,894	)		(30,839,565	)		—			—

Total distributions		(71,515,402	)		(72,603,044	)		(8,526,987	)		(6,342,015	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		233,875,615			84,205,723			2,522,919,151			198,516,181

Net increase (decrease) in net assets		294,607,725			(2,828,241	)		3,056,714,972			239,693,974
NET ASSETS
Beginning of the year		1,244,396,333			1,247,224,574			1,337,797,855			1,098,103,881

End of the year	$	1,539,004,058		$	1,244,396,333		$	4,394,512,827		$	1,337,797,855

UNDISTRIBUTED NET INVESTMENT INCOME	$	10,444,127		$	7,742,946		$	17,971,361		$	6,076,156

See accompanying notes to financial statements.

| 54

Statements of Changes in Net Assets (continued)


	Value Fund
	Year Ended September 30, 2016			Year Ended September 30, 2015
FROM OPERATIONS:
Net investment income	$	27,575,585		$	25,736,925
Net realized gain on investments and foreign currency transactions		20,497,235			324,209,929
Net change in unrealized appreciation (depreciation) on investments, securities sold short and foreign currency translations		85,543,390			(400,601,216	)

Net increase (decrease) in net assets resulting from operations		133,616,210			(50,654,362	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(1,396,913	)		(10,401,685	)
Class C		(62,920	)		(187,911	)
Class N		(9,650,934	)		(13,964,469	)
Class Y		(10,292,470	)		(21,235,238	)
Admin Class		(1,221,354	)		(5,320	)
Net realized capital gains
Class A		(25,901,132	)		(52,482,381	)
Class B(a)		(7,739	)		(35,446	)
Class C		(3,063,203	)		(1,642,866	)
Class N		(118,136,122	)		(59,475,488	)
Class Y		(138,382,558	)		(98,286,185	)
Admin Class		(18,149,180	)		(27,631	)

Total distributions		(326,264,525	)		(257,744,620	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(11,555,512	)		(524,658,028	)

Net decrease in net assets		(204,203,827	)		(833,057,010	)
NET ASSETS
Beginning of the year		1,461,234,753			2,294,291,763

End of the year	$	1,257,030,926		$	1,461,234,753

UNDISTRIBUTED NET INVESTMENT INCOME	$	19,352,403		$	16,118,141

(a)	On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

55 |

Financial Highlights

For a share outstanding throughout each period.


	Global Equity and Income Fund—Class A
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	18.45		$	19.77		$	18.57		$	17.07		$	14.24

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.24			0.21			0.28			0.32	(b)		0.35	(c)
Net realized and unrealized gain (loss)		1.47			(0.37	)		1.49			1.45			2.71

Total from Investment Operations		1.71			(0.16	)		1.77			1.77			3.06

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.20	)		(0.33	)		(0.27	)		(0.23	)
Net realized capital gains		(0.84	)		(0.96	)		(0.24	)		—			—

Total Distributions		(0.99	)		(1.16	)		(0.57	)		(0.27	)		(0.23	)

Net asset value, end of the period	$	19.17		$	18.45		$	19.77		$	18.57		$	17.07

Total return(d)		9.64	%		(0.91	)%		9.62	%		10.54	%(b)		21.75	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	280,263		$	246,371		$	237,167		$	251,211		$	216,209
Net expenses		1.17	%		1.18	%		1.17	%		1.18	%		1.21	%
Gross expenses		1.17	%		1.18	%		1.17	%		1.18	%		1.21	%
Net investment income		1.32	%		1.06	%		1.46	%		1.82	%(b)		2.16	%(c)
Portfolio turnover rate		43	%		48	%		49	%		58	%		29	%

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

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.27, total return would have been 10.25% and the ratio of net investment income to average net assets would have been 1.51%.

(c)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.31, total return would have been 21.46% and the ratio of net investment income to average net assets would have been 1.93%.

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

See accompanying notes to financial statements.

| 56

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Equity and Income Fund—Class C
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	18.19		$	19.51		$	18.36		$	16.90		$	14.10

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.06			0.14			0.19	(b)		0.22	(c)
Net realized and unrealized gain (loss)		1.46			(0.36	)		1.45			1.45			2.70

Total from Investment Operations		1.56			(0.30	)		1.59			1.64			2.92

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		(0.06	)		(0.20	)		(0.18	)		(0.12	)
Net realized capital gains		(0.84	)		(0.96	)		(0.24	)		—			—

Total Distributions		(0.86	)		(1.02	)		(0.44	)		(0.18	)		(0.12	)

Net asset value, end of the period	$	18.89		$	18.19		$	19.51		$	18.36		$	16.90

Total return(d)		8.88	%		(1.66	)%		8.72	%		9.77	%(b)		20.83	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	423,350		$	393,416		$	377,001		$	340,561		$	251,366
Net expenses		1.92	%		1.93	%		1.92	%		1.93	%		1.96	%
Gross expenses		1.92	%		1.93	%		1.92	%		1.93	%		1.96	%
Net investment income		0.57	%		0.31	%		0.71	%		1.07	%(b)		1.40	%(c)
Portfolio turnover rate		43	%		48	%		49	%		58	%		29	%

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

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.13, total return would have been 9.41% and the ratio of net investment income to average net assets would have been 0.76%.

(c)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.19, total return would have been 20.55% and the ratio of net investment income to average net assets would have been 1.18%.

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

See accompanying notes to financial statements.

57 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Equity and Income Fund—Class Y
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	18.55		$	19.89		$	18.68		$	17.15		$	14.31

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.29			0.25			0.33			0.37	(b)		0.40	(c)
Net realized and unrealized gain (loss)		1.49			(0.37	)		1.49			1.47			2.71

Total from Investment Operations		1.78			(0.12	)		1.82			1.84			3.11

LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.26	)		(0.37	)		(0.31	)		(0.27	)
Net realized capital gains		(0.84	)		(0.96	)		(0.24	)		—			—

Total Distributions		(1.04	)		(1.22	)		(0.61	)		(0.31	)		(0.27	)

Net asset value, end of the period	$	19.29		$	18.55		$	19.89		$	18.68		$	17.15

Total return		9.97	%		(0.72	)%		9.87	%		10.90	%(b)		21.96	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	835,391		$	604,609		$	633,057		$	570,694		$	460,103
Net expenses		0.92	%		0.93	%		0.92	%		0.93	%		0.96	%
Gross expenses		0.92	%		0.93	%		0.92	%		0.93	%		0.96	%
Net investment income		1.58	%		1.30	%		1.69	%		2.07	%(b)		2.44	%(c)
Portfolio turnover rate		43	%		48	%		49	%		58	%		29	%

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

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.31, total return would have been 10.60% and the ratio of net investment income to average net assets would have been 1.76%.

(c)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.36, total return would have been 21.75% and the ratio of net investment income to average net assets would have been 2.20%.

See accompanying notes to financial statements.

| 58

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class A
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	9.90		$	9.45		$	8.07		$	6.50		$	5.24

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.05			0.05			0.04			0.04
Net realized and unrealized gain (loss)		2.05			0.45			1.34			1.59			1.23

Total from Investment Operations		2.11			0.50			1.39			1.63			1.27

LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.05	)		(0.01	)		(0.06	)		(0.01	)
Net realized capital gains		—			—			—			—			—

Total Distributions		(0.05	)		(0.05	)		(0.01	)		(0.06	)		(0.01	)

Net asset value, end of the period	$	11.96		$	9.90		$	9.45		$	8.07		$	6.50

Total return(b)		21.32	%		5.30	%		17.23	%		25.23	%		24.22	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	729,989		$	122,203		$	63,682		$	50,248		$	33,663
Net expenses		0.92	%		0.92	%		0.94	%		1.03	%		1.07	%
Gross expenses		0.92	%		0.92	%		0.94	%		1.03	%		1.07	%
Net investment income		0.58	%		0.45	%		0.55	%		0.57	%		0.61	%
Portfolio turnover rate		11	%		27	%(c)		14	%		6	%		16	%

(a)	Per share net investment income (loss) 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)	Portfolio turnover would have been 6% if excluding the transfer in-kind amounts that occurred during the period.

See accompanying notes to financial statements.

59 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class C
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	9.18		$	8.79		$	7.55		$	6.09		$	4.94

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.02	)		(0.03	)		(0.02	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		1.90			0.42			1.26			1.48			1.16

Total from Investment Operations		1.88			0.39			1.24			1.47			1.15

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			(0.01	)		—
Net realized capital gains		—			—			—			—			—

Total Distributions		—			—			—			(0.01	)		—

Net asset value, end of the period	$	11.06		$	9.18		$	8.79		$	7.55		$	6.09

Total return(b)		20.48	%		4.44	%		16.42	%		24.21	%		23.28	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	109,798		$	41,421		$	29,837		$	20,798		$	10,489
Net expenses		1.66	%		1.67	%		1.69	%		1.78	%		1.82	%
Gross expenses		1.66	%		1.67	%		1.69	%		1.78	%		1.82	%
Net investment loss		(0.16	)%		(0.29	)%		(0.20	)%		(0.20	)%		(0.13	)%
Portfolio turnover rate		11	%		27	%(c)		14	%		6	%		16	%

(a)	Per share net investment loss 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)	Portfolio turnover would have been 6% if excluding the transfer in-kind amounts that occurred during the period.

See accompanying notes to financial statements.

| 60

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class N
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	10.52		$	10.01		$	8.56		$	7.58

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.08			0.05			0.03
Net realized and unrealized gain (loss)		2.18			0.49			1.42			0.95

Total from Investment Operations		2.28			0.57			1.47			0.98

LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.06	)		(0.02	)		—
Net realized capital gains		—			—			—			—

Total Distributions		(0.07	)		(0.06	)		(0.02	)		—

Net asset value, end of the period	$	12.73		$	10.52		$	10.01		$	8.56

Total return(b)		21.75	%		5.65	%		17.21	%		12.93	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	60,765		$	1		$	1		$	1
Net expenses(d)		0.58	%		0.55	%		0.95	%		0.95	%(e)
Gross expenses		0.58	%		9.82	%		3.45	%		3.50	%(e)
Net investment income		0.82	%		0.71	%		0.52	%		0.60	%(e)
Portfolio turnover rate		11	%		27	%(f)		14	%		6	%

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

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

(b)	Had certain expenses not been waived/reimbursed during the period, 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)	Portfolio turnover would have been 6% if excluding the transfer in-kind amounts that occurred during the period.

See accompanying notes to financial statements.

61 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class Y
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	10.53		$	10.04		$	8.57		$	6.90		$	5.56

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.07			0.08			0.05			0.06
Net realized and unrealized gain (loss)		2.16			0.49			1.42			1.69			1.30

Total from Investment Operations		2.26			0.56			1.50			1.74			1.36

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.07	)		(0.03	)		(0.07	)		(0.02	)
Net realized capital gains		—			—			—			—			—

Total Distributions		(0.06	)		(0.07	)		(0.03	)		(0.07	)		(0.02	)

Net asset value, end of the period	$	12.73		$	10.53		$	10.04		$	8.57		$	6.90

Total return		21.55	%		5.59	%		17.51	%		25.49	%		24.57	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,493,961		$	1,174,150		$	1,004,157		$	541,245		$	102,688
Net expenses		0.66	%		0.67	%		0.69	%		0.77	%		0.82	%
Gross expenses		0.66	%		0.67	%		0.69	%		0.77	%		0.82	%
Net investment income		0.82	%		0.69	%		0.79	%		0.68	%		0.87	%
Portfolio turnover rate		11	%		27	%(b)		14	%		6	%		16	%

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

(b)	Portfolio turnover would have been 6% if excluding the transfer in-kind amounts that occurred during the period.

See accompanying notes to financial statements.

| 62

Financial Highlights (continued)

For a share outstanding throughout each period.


	Value Fund—Class A
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	23.98		$	28.47		$	25.59		$	20.86		$	16.04

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.34			0.29			0.45	(b)		0.31			0.27
Net realized and unrealized gain (loss)		1.80			(1.58	)		4.00			4.70			4.78

Total from Investment Operations		2.14			(1.29	)		4.45			5.01			5.05

LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.53	)		(0.27	)		(0.28	)		(0.23	)
Net realized capital gains		(5.11	)		(2.67	)		(1.30	)		—			—

Total Distributions		(5.39	)		(3.20	)		(1.57	)		(0.28	)		(0.23	)

Net asset value, end of the period	$	20.73		$	23.98		$	28.47		$	25.59		$	20.86

Total return(c)		9.65	%		(5.59	)%		17.97	%(b)		24.35	%		31.71	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	191,909		$	124,662		$	580,092		$	171,327		$	129,572
Net expenses		0.94	%		0.95	%		0.96	%		0.97	%		0.98	%
Gross expenses		0.94	%		0.95	%		0.96	%		0.97	%		0.98	%
Net investment income		1.65	%		1.07	%		1.63	%(b)		1.31	%		1.45	%
Portfolio turnover rate		15	%		20	%		28	%		24	%		25	%

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

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.29, total return would have been 17.02% and the ratio of net investment income to average net assets would have been 1.05%.

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

See accompanying notes to financial statements.

63 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Value Fund—Class C
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	23.69		$	28.14		$	25.33		$	20.65		$	15.85

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.10			0.31	(b)		0.13			0.13
Net realized and unrealized gain (loss)		1.76			(1.57	)		3.89			4.68			4.74

Total from Investment Operations		1.96			(1.47	)		4.20			4.81			4.87

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.31	)		(0.09	)		(0.13	)		(0.07	)
Net realized capital gains		(5.11	)		(2.67	)		(1.30	)		—			—

Total Distributions		(5.22	)		(2.98	)		(1.39	)		(0.13	)		(0.07	)

Net asset value, end of the period	$	20.43		$	23.69		$	28.14		$	25.33		$	20.65

Total return(c)		8.85	%		(6.30	)%		17.07	%(b)		23.41	%		30.78	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11,474		$	15,071		$	16,958		$	15,158		$	9,104
Net expenses		1.69	%		1.70	%		1.71	%		1.72	%		1.73	%
Gross expenses		1.69	%		1.70	%		1.71	%		1.72	%		1.73	%
Net investment income		0.94	%		0.40	%		1.15	%(b)		0.55	%		0.70	%
Portfolio turnover rate		15	%		20	%		28	%		24	%		25	%

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

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.08, total return would have been 16.11% and the ratio of net investment income to average net assets would have been 0.28%.

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

See accompanying notes to financial statements.

| 64

Financial Highlights (continued)

For a share outstanding throughout each period.


	Value Fund—Class N
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	24.09		$	28.58		$	25.65		$	22.59

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.44			0.42			0.63	(b)		0.25
Net realized and unrealized gain (loss)		1.80			(1.61	)		3.94			2.81

Total from Investment Operations		2.24			(1.19	)		4.57			3.06

LESS DISTRIBUTIONS FROM:
Net investment income		(0.42	)		(0.63	)		(0.34	)		—
Net realized capital gains		(5.11	)		(2.67	)		(1.30	)		—

Total Distributions		(5.53	)		(3.30	)		(1.64	)		—

Net asset value, end of the period	$	20.80		$	24.09		$	28.58		$	25.65

Total return		10.08	%		(5.23	)%		18.43	%(b)		13.55	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	499,533		$	554,946		$	392,811		$	260,643
Net expenses		0.57	%		0.57	%		0.57	%		0.57	%(d)
Gross expenses		0.57	%		0.57	%		0.57	%		0.57	%(d)
Net investment income		2.11	%		1.55	%		2.28	%(b)		1.50	%(d)
Portfolio turnover rate		15	%		20	%		28	%		24	%

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

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

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.39, total return would have been 17.48% and the ratio of net investment income to average net assets would have been 1.43%.

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

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

See accompanying notes to financial statements.

65 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Value Fund—Class Y
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	24.10		$	28.58		$	25.65		$	20.91		$	16.08

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.41			0.37			0.60	(b)		0.36			0.32
Net realized and unrealized gain (loss)		1.79			(1.60	)		3.94			4.72			4.78

Total from Investment Operations		2.20			(1.23	)		4.54			5.08			5.10

LESS DISTRIBUTIONS FROM:
Net investment income		(0.38	)		(0.58	)		(0.31	)		(0.34	)		(0.27	)
Net realized capital gains		(5.11	)		(2.67	)		(1.30	)		—			—

Total Distributions		(5.49	)		(3.25	)		(1.61	)		(0.34	)		(0.27	)

Net asset value, end of the period	$	20.81		$	24.10		$	28.58		$	25.65		$	20.91

Total return		9.92	%		(5.37	)%		18.27	%(b)		24.65	%		32.05	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	553,259		$	681,109		$	1,303,492		$	1,513,807		$	1,240,093
Net expenses		0.69	%		0.70	%		0.71	%		0.72	%		0.73	%
Gross expenses		0.69	%		0.70	%		0.71	%		0.72	%		0.73	%
Net investment income		1.95	%		1.36	%		2.19	%(b)		1.56	%		1.68	%
Portfolio turnover rate		15	%		20	%		28	%		24	%		25	%

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

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.35, total return would have been 17.32% and the ratio of net investment income to average net assets would have been 1.28%.

See accompanying notes to financial statements.

| 66

Financial Highlights (continued)

For a share outstanding throughout each period.


	Value Fund —Admin Class
	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	23.81		$	28.34		$	25.51		$	20.79		$	16.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.32			0.26			0.30	(b)		0.24			0.22
Net realized and unrealized gain (loss)		1.69			(1.61	)		4.07			4.71			4.77

Total from Investment Operations		2.01			(1.35	)		4.37			4.95			4.99

LESS DISTRIBUTIONS FROM:
Net investment income		(0.34	)		(0.51	)		(0.24	)		(0.23	)		(0.20	)
Net realized capital gains		(5.11	)		(2.67	)		(1.30	)		—			—

Total Distributions		(5.45	)		(3.18	)		(1.54	)		(0.23	)		(0.20	)

Net asset value, end of the period	$	20.37		$	23.81		$	28.34		$	25.51		$	20.79

Total return		9.11	%		(5.83	)%		17.68	%(b)		24.08	%		31.43	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	854		$	85,387		$	268		$	12		$	2
Net expenses		1.19	%		1.23	%		1.21	%		1.19	%		1.24	%
Gross expenses		1.19	%		1.23	%		1.21	%		1.19	%		1.24	%
Net investment income		1.61	%		1.03	%		1.07	%(b)		1.01	%		1.17	%
Portfolio turnover rate		15	%		20	%		28	%		24	%		25	%

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

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.27, total return would have been 16.73% and the ratio of net investment income to average net assets would have been 0.96%.

See accompanying notes to financial statements.

67 |

Notes to Financial Statements

September 30, 2016

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

Loomis Sayles Global Equity and Income Fund (the “Global Equity and Income Fund”)

Loomis Sayles Growth Fund (the “Growth Fund”)

Loomis Sayles Value Fund (the “Value Fund”)

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C and Class Y shares. In addition, Growth Fund and Value Fund offer Class N shares and Value Fund offers Admin Class shares. As of the close of business on January 11, 2016, Class B shares were converted into Class A shares and are no longer offered.

Class A shares are sold with a maximum front-end sales charge of 5.75%. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with no initial minimum investment to certain retirement plans held in an omnibus fashion and fund of funds that are distributed by NGAM Distribution, L.P. (“NGAM Distribution”) and with an initial minimum investment of $1,000,000 to other categories of investors. Class Y shares are generally intended for institutional investors with a minimum initial investment of $100,000, though some categories of investors are exempted from the minimum investment amount as outlined in the Funds’ prospectus. Admin Class shares do not pay a front-end sales charge or a CDSC, but do pay a Rule 12b-1 fee. Class N and Admin Class shares are offered exclusively through intermediaries.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Class A, Class C and Admin Class ), and transfer agent fees are borne collectively for Growth Fund and Value Fund Class A, Class B, Class C and Admin Class (for Value Fund) and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan.

| 68

Notes to Financial Statements (continued)

September 30, 2016

Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

2. Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to year-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:

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

69 |

Notes to Financial Statements (continued)

September 30, 2016

senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service.

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

Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities.

As of September 30, 2016, securities held by Global Equity and Income Fund were fair valued as follows:


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
$289,507,281	18.8%	$3,086,233	0.2%	$123,730	Less than 0.1%

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 is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an

| 70

Notes to Financial Statements (continued)

September 30, 2016

accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. 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. Short Sales. A short sale is a transaction in which a Fund sells a security it does not own, usually in anticipation of a decline in the fair market value of the security. To sell a security short, a Fund typically borrows that security from a prime broker and delivers it to the short sale counterparty. Short sale proceeds are held by the prime broker until the short position is closed out and would be reflected as due from broker in the Statements of Assets and Liabilities. When closing out a short position, a Fund will have to purchase the security it originally sold short. The value of short sales is reflected as a liability in the Statements of Assets and Liabilities and is marked-to-market daily.

During the period ended September 30, 2016, Value Fund was due to receive shares of AdvanSix, Inc. as part of a corporate action. The Fund sold its shares on a when-issued basis prior to receiving them. This transaction is presented in the Portfolio of Investments as a short sale. Since the Fund did not borrow the security and did not utilize a prime broker, proceeds from the sale are reflected as receivable for securities sold short in the Statements of Assets and Liabilities.

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

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the 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 Fund has net losses, reduce the amount of income available to be distributed by the Fund.

71 |

Notes to Financial Statements (continued)

September 30, 2016

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

For the year ended September 30, 2016, the amount of income available to be distributed has been reduced by $5,333,285 for Global Equity and Income Fund.

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.

e. Forward Foreign Currency Contracts. The Funds may enter into forward foreign currency contracts, including forward foreign cross currency contracts to acquire exposure to foreign currencies or to hedge the Funds’ investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss reflected in the Funds’ Statements of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. 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.

f. Due to/from Brokers. Transactions and positions in certain forward foreign currency contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the various broker/dealers. The due to brokers balance in the Statement of Assets and Liabilities for Global Equity and Income Fund represents cash received as collateral for forward foreign currency contracts. The due from brokers balance in the Statement of Assets and Liabilities for Global Equity and Income Fund represents cash pledged as collateral for forward foreign currency contracts. In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

g. When-Issued and Delayed Delivery Transactions. The Funds may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made

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Notes to Financial Statements (continued)

September 30, 2016

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.

h. Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of September 30, 2016 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 twelve 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

73 |

Notes to Financial Statements (continued)

September 30, 2016

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.

i. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as defaulted and/or non-income producing securities, foreign currency gains and losses, paydown gains and losses, contingent payment debt instruments, capital gain and return of capital distributions received, convertible bonds, distribution re-designations and premium amortization. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, forward foreign currency contract mark-to-market, wash sales, premium amortization, contingent payment debt instruments, capital gains taxes, trust preferred securities, convertible bonds and return of capital distributions received. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

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Notes to Financial Statements (continued)

September 30, 2016

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended September 30, 2016 and 2015 were as follows:


	2016 Distributions Paid From:						2015 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Global Equity and Income Fund	$	13,560,829	$	57,954,573	$	71,515,402	$	29,430,584	$	43,172,460	$	72,603,044
Growth Fund		8,526,987		—		8,526,987		6,342,015		—		6,342,015
Value Fund		22,731,511		303,533,014		326,264,525		56,748,378		200,996,242		257,744,620

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

As of September 30, 2016, the components of distributable earnings on a tax basis were as follows:


	Global Equity and Income Fund			Growth Fund		Value Fund
Undistributed ordinary income	$	11,468,934		$	30,843,548	$	19,690,365
Undistributed long-term capital gains		—			30,860,087		20,032,257

Total undistributed earnings		11,468,934			61,703,635		39,722,622

Capital loss carryforward:
No expiration date		(5,511,225	)		—		—

Unrealized appreciation		180,215,983			546,677,581		251,928,311

Total accumulated earnings	$	186,173,692		$	608,381,216	$	291,650,933

Capital loss carryforward utilized in the current year	$	—		$	18,909,834	$	—

As of September 30, 2016, unrealized appreciation (depreciation) on a tax basis was as follows:


	Global Equity and Income Fund			Growth Fund		Value Fund
Unrealized appreciation (depreciation)
Investments	$	187,650,866		$	546,677,581	$	251,928,311
Foreign currency translations		(7,434,883	)		—		—

Total unrealized appreciation (depreciation)	$	180,215,983		$	546,677,581	$	251,928,311

75 |

Notes to Financial Statements (continued)

September 30, 2016

j. Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of September 30, 2016, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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

For the year ended September 30, 2016, none of the Funds had loaned securities under this agreement.

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

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Notes to Financial Statements (continued)

September 30, 2016

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

•

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

•

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

•

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

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

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

77 |

Notes to Financial Statements (continued)

September 30, 2016

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2016, at value:

Global Equity and Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Common Stocks
Belgium	$	—	$	33,532,248	$	—		$	33,532,248
France		—		27,296,723		—			27,296,723
Hong Kong		—		36,327,053		—			36,327,053
India		15,561,172		13,768,551		—			29,329,723
Italy		—		14,973,444		—			14,973,444
Japan		—		16,289,630		—			16,289,630
Sweden		—		25,429,895		—			25,429,895
Switzerland		—		76,355,001		—			76,355,001
United Kingdom		—		45,534,736		—			45,534,736
United States		637,781,264		—		1,332	(b)		637,782,596
All Other Common Stocks(a)		63,664,191		—		—			63,664,191

Total Common Stocks		717,006,627		289,507,281		1,332			1,006,515,240

Bonds and Notes
Non-Convertible Bonds
United States		36,760		280,242,042		118,622	(b)		280,397,424
All Other Non-Convertible Bonds(a)		—		192,069,637		—			192,069,637

Total Non-Convertible Bonds		36,760		472,311,679		118,622			472,467,061

Convertible Bonds(a)		—		15,023,618		—			15,023,618
Municipals(a)		—		261,074		—			261,074

Total Bonds and Notes		36,760		487,596,371		118,622			487,751,753

Senior Loans(a)		—		4,283,202		—			4,283,202
Preferred Stocks(a)		224,204		473,440		—			697,644
Warrants		—		—		3,776	(b)		3,776
Short-Term Investments		—		31,962,491		—			31,962,491

Total Investments		717,267,591		813,822,785		123,730			1,531,214,106

Forward Foreign Currency Contracts (unrealized appreciation)		—		603,201		—			603,201

Total	$	717,267,591	$	814,425,986	$	123,730		$	1,531,817,307

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Notes to Financial Statements (continued)

September 30, 2016

Global Equity and Income Fund (continued)

Liability Valuation Inputs


Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(286,333	)	$	—	$	(286,333	)

(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.

Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	4,320,602,267	$	—	$	—	$	4,320,602,267
Short-Term Investments		—		115,998,857		—		115,998,857

Total	$	4,320,602,267	$	115,998,857	$	—	$	4,436,601,124

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

For the year ended September 30, 2016, there were no transfers among Levels 1, 2 and 3.

Value Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,232,271,409	$	—	$	—	$	1,232,271,409
Short-Term Investments		—		22,406,170		—		22,406,170

Total	$	1,232,271,409	$	22,406,170	$	—	$	1,254,677,579

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Common Stocks Sold Short(a)	$	(99,789	)	$	—	$	—	$	(99,789	)

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

For the year ended September 30, 2016, there were no transfers among Levels 1, 2 and 3.

79 |

Notes to Financial Statements (continued)

September 30, 2016

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2015 and/or September 30, 2016:

Global Equity and Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2015		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Common Stocks
United States	$	—	$	—	$	—		$	(1,934	)	$	3,266
Bonds and Notes
Non-Convertible Bonds
United States		171,786		4,292		—			(57,099	)		—
Warrants		—		—		—			3,776			—

Total	$	171,786	$	4,292	$	—		$	(55,257	)	$	3,266


Investments in Securities	Sales		Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2016			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2016
Common Stocks
United States	$	—	$	—	$	—		$	1,332		$	(1,934	)
Bonds and Notes
Non-Convertible Bonds
United States		—		164,300		(164,657	)		118,622			(57,099	)
Warrants		—		—		—			3,776			3,776

Total	$	—	$	164,300	$	(164,657	)	$	123,730		$	(55,257	)

A debt security valued at $164,300 was transferred from Level 2 to Level 3 during the period ended September 30, 2016. At September 30, 2015, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At September 30, 2016, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

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Notes to Financial Statements (continued)

September 30, 2016

A debt security valued at $164,657 was transferred from Level 3 to Level 2 during the period ended September 30, 2016. At September 30, 2015, this security was valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the security. At September 30, 2016, 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 at the beginning of the reporting period.

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

Global Equity and Income Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the year ended September 30, 2016, the Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

The following is a summary of derivative instruments for Global Equity and Income Fund as of September 30, 2016, as reflected within the Statements of Assets and Liabilities


Assets	Unrealized appreciation on forward foreign currency contracts
Over-the-counter asset derivatives
Foreign exchange contracts	$	603,201

Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(286,333	)

81 |

Notes to Financial Statements (continued)

September 30, 2016

Transactions in derivative instruments for Global Equity and Income Fund during the year ended September 30, 2016 as reflected within the Statements of Operations were as follows:

Net Realized Gain (Loss) on:

Foreign currency

transactions¹

Foreign exchange contracts

1,393,445

Net Change in Unrealized Appreciation
(Depreciation) on:

Foreign currency

translations¹

Foreign exchange contracts

98,070

¹	Represents realized gain and change in unrealized appreciation (depreciation), respectively, for forward foreign currency contracts during the period. Does not include other foreign currency gains or losses included in the Statements of Operations.

As the Fund values its derivatives at fair value and recognizes changes in fair value through the Statement of Operations, it does not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

The volume of forward foreign currency contract activity, as a percentage of net assets, for Global Equity and Income Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the year ended September 30, 2016:


Global Equity and Income Fund	Forwards
Average Notional Amount Outstanding		6.60	%
Highest Notional Amount Outstanding		7.27	%
Lowest Notional Amount Outstanding		5.77	%
Notional Amount Outstanding as of September 30, 2016		7.06	%

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

Unrealized gain and/or loss on open forwards is recorded in the Statements of Assets and Liabilities. The aggregate notional values of forward contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Fund’s net assets.

Global Equity and Income Fund enters into over-the-counter derivatives, including forward foreign currency contracts, pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Fund and its counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by the Fund or the counterparty to the extent of

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Notes to Financial Statements (continued)

September 30, 2016

the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Fund and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Fund or the counterparty. The Fund’s ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of the Fund declines beyond a certain threshold. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of September 30, 2016, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statements of Assets and Liabilities and the related net amounts after taking into account master netting arrangements, by counterparty, are as follows:

Global Equity and Income Fund


Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged			Net Amount
Citibank N.A.	$	3,313		$	—		$	3,313		$	—		$	3,313
Credit Suisse International		261,528			(219,122	)		42,406			—			42,406
Morgan Stanley & Co.		1,176			(1,176	)		—			—			—
UBS AG		337,184			(61,755	)		275,429			(275,429	)		—

	$	603,201		$	(282,053	)	$	321,148		$	(275,429	)	$	45,719


Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Credit Suisse International	$	(219,122	)	$	219,122		$	—		$	—		$	—
Morgan Stanley & Co.		(5,456	)		1,176			(4,280	)		4,280			—
UBS AG		(61,755	)		61,755			—			—			—

	$	(286,333	)	$	282,053		$	(4,280	)	$	4,280		$	—

The actual collateral received or pledged, if any, may exceed the amounts shown in the table due to overcollateralization. Timing differences may exist between when contracts under the ISDA agreements are marked-to-market and when collateral moves. The ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank.

83 |

Notes to Financial Statements (continued)

September 30, 2016

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on the Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the applicable Fund would incur if parties (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the applicable Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of September 30, 2016:

Fund

Maximum Amount

of Loss - Gross

Maximum Amount

of Loss - Net

Global Equity and Income Fund

655,188

93,426

These amounts include cash received as collateral for Global Equity and Income Fund of $360,000.

5. Purchases and Sales of Securities. For the year ended September 30, 2016, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were as follows:


Fund	Purchases		Sales
Global Equity and Income Fund	$	724,555,203	$	479,360,444
Growth Fund		2,767,080,632		287,562,690
Value Fund		200,588,365		507,588,420

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Notes to Financial Statements (continued)

September 30, 2016

For the year ended September 30, 2016, purchases and sales of U.S. Government/Agency securities by the Global Equity and Income Fund were $84,698,200 and $115,881,283, respectively.

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Separate management agreements for each Fund in effect for the year ended September 30, 2016, provided for fees at the following annual percentage rates of each Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $2 billion			Over $2 billion
Global Equity and Income Fund		0.75	%		0.73	%
Growth Fund		0.50	%		0.50	%
Value Fund		0.50	%		0.50	%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2017, 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 year ended September 30, 2016 (period ending close of business January 11, 2016, for Class B) the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:


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

85 |

Notes to Financial Statements (continued)

September 30, 2016

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

For the year ended September 30, 2016, the management fees for each Fund were as follows:


Fund	Management Fees		Percentage of Average Daily Net Assets
Global Equity and Income Fund	$	10,746,920		0.75	%
Growth Fund		13,482,702		0.50	%
Value Fund		7,041,043		0.50	%

No expenses were recovered for any of the Funds during the year ended September 30, 2016 under the terms of the expense limitation agreements.

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

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

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

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

Under the Class B (if applicable) and Class C Plans, each Fund pays (or paid) NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class B (if applicable) and Class C shares, as

| 86

Notes to Financial Statements (continued)

September 30, 2016

compensation for services provided by NGAM Distribution in providing personal services to investors in Class B (if applicable) and Class C shares and/or the maintenance of shareholder accounts.

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

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

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

For the year ended September 30, 2016, the service and distribution fees for each Fund were as follows:


	Service Fees								Distribution Fees
Fund	Class A		Class B		Class C		Admin Class		Class B		Class C		Admin Class
Global Equity and Income Fund	$	674,991	$	—	$	1,048,362	$	—	$	—	$	3,145,090	$	—
Growth Fund		1,023,599		8		188,723		—		22		566,168		—
Value Fund		354,954		30		32,389		156,602		90		97,165		156,602

c. Administrative Fees. NGAM Advisors, L.P. (“NGAM Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts and NGAM Advisors, each Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

87 |

Notes to Financial Statements (continued)

September 30, 2016

For the year ended September 30, 2016, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Global Equity and Income Fund	$	631,931
Growth Fund		1,191,159
Value Fund		620,523

d. Sub-Transfer Agent Fees. NGAM Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse NGAM Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to NGAM Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board 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 year ended September 30, 2016, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:


Fund	Sub-Transfer Agent Fees
Global Equity and Income Fund	$	1,145,652
Growth Fund		2,344,001
Value Fund		892,030

As of September 30, 2016, the Funds owe NGAM Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):


Fund	Reimbursements of Sub-Transfer Agent Fees
Global Equity and Income Fund	$	14,671
Growth Fund		47,712
Value Fund		10,227

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Notes to Financial Statements (continued)

September 30, 2016

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

e. Commissions. Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the year ended September 30, 2016, were as follows:


Fund	Commissions
Global Equity and Income Fund	$	129,417
Growth Fund		161,960
Value Fund		52,639

f. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $325,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $155,000. 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 $17,500. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $10,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts and Loomis Sayles Funds Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2016, the Chairperson of the Board received a retainer fee at the annual rate of $300,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $130,000. The chairperson of the Governance Committee received an additional retainer fee at the annual rate of $5,000. All other Trustee fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based

89 |

Notes to Financial Statements (continued)

September 30, 2016

on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts and Loomis Sayles Funds Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts and Loomis Sayles Funds Trusts, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

g. Affiliated Ownership. As of September 30, 2016, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of the Fund’s net assets:


Fund	Pension Plan			Retirement Plan			Total Affiliated Ownership
Global Equity and Income Fund		1.06	%		1.00	%		2.06	%
Growth Fund		0.32	%		0.84	%		1.16	%
Value Fund		1.13	%		1.87	%		3.00	%

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

h. Reimbursement of Transfer Agent Fees and Expenses. NGAM Advisors has given a binding contractual undertaking to the Growth Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through January 31, 2017 and is not subject to recovery under the expense limitation agreement described above.

For the year ended September 30, 2016, NGAM Advisors reimbursed the Fund $205 for transfer agency expenses related to Class N shares.

i. Payment by Affiliates. For the year ended September 30, 2016, Loomis Sayles reimbursed Global Equity and Income Fund $49,212 in connection with a trading error.

7. Class-Specific Transfer Agent Fees and Expenses. For the year ended September 30, 2016, 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 B		Class C		Class N		Class Y		Admin Class
Growth Fund	$	392,003	$	3	$	70,321	$	205	$	2,055,757	$	—
Value Fund		168,818		12		15,270		1,301		727,407		73,541

| 90

Notes to Financial Statements (continued)

September 30, 2016

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

The Global Equity and Income Fund allocates transfer agent fees and expenses on a pro rata basis based on the relative net assets of each class to the total net assets of those classes.

8. Line of Credit. Effective April 14, 2016, the Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated, committed, unsecured line of credit with Citibank, N.A. to be used for temporary or emergency purposes only. Any one Fund may borrow up to the full $400,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time) subject to each Fund’s investment restrictions. Interest is charged to the Funds at a rate equal to the greater of the eurodollar or the federal funds rate plus 1.00%. In addition, a commitment fee of 0.10% per annum, payable on the last business day of each month, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement, which are being amortized over a period of 364 days and are reflected as miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

Prior to April 14, 2016 each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, participated in a $150,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund was able to borrow up to the full $150,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $150,000,000 limit at any time). Interest was charged to each participating Fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, was accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the year ended September 30, 2016, none of the Funds had borrowings under these agreements.

9. Brokerage Commission Recapture. Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements

91 |

Notes to Financial Statements (continued)

September 30, 2016

and are included in realized gains on investments on the Statements of Operations. For the year ended September 30, 2016, amounts rebated under these agreements were as follows:


Fund	Rebates
Global Equity and Income Fund	$	33,951
Growth Fund		98,367
Value Fund		66,530

10. Concentration of Risk. Each Fund’s investments in foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

11. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of September 30, 2016, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Fund	Number of 5% Account Holders		Percentage of Ownership
Global Equity and Income Fund		—		—
Growth Fund		3		22.40	%
Value Fund		2		34.88	%

Omnibus shareholder accounts for which NGAM Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

| 92

Notes to Financial Statements (continued)

September 30, 2016

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


	Year Ended September 30, 2016					Year Ended September 30, 2015
Global Equity and Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	6,518,060		$	118,574,424		4,329,411		$	83,633,755
Issued in connection with the reinvestment of distributions	577,893			10,419,401		543,357			10,198,816
Redeemed	(5,833,275	)		(106,983,972	)	(3,512,804	)		(67,808,443	)

Net change	1,262,678		$	22,009,853		1,359,964		$	26,024,128

Class C
Issued from the sale of shares	5,118,112		$	92,412,220		5,429,765		$	103,964,870
Issued in connection with the reinvestment of distributions	632,650			11,305,458		555,784			10,348,688
Redeemed	(4,961,383	)		(89,655,498	)	(3,679,631	)		(70,272,069	)

Net change	789,379		$	14,062,180		2,305,918		$	44,041,489

Class Y
Issued from the sale of shares	20,904,782		$	383,282,778		11,734,160		$	227,617,351
Issued in connection with the reinvestment of distributions	1,658,138			30,028,870		1,570,256			29,583,620
Redeemed	(11,843,072	)		(215,508,066	)	(12,553,471	)		(243,060,865	)

Net change	10,719,848		$	197,803,582		750,945		$	14,140,106

Increase (decrease) from capital share transactions	12,771,905		$	233,875,615		4,416,827		$	84,205,723

93 |

Notes to Financial Statements (continued)

September 30, 2016

12. Capital Shares (continued).


	Year Ended September 30, 2016					Year Ended September 30, 2015
Growth Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	56,665,269		$	606,177,061		7,627,613		$	76,862,467
Issued in connection with the reinvestment of distributions	45,231			484,871		32,331			321,374
Redeemed	(8,031,026	)		(87,510,712	)	(2,055,747	)		(20,446,591	)

Net change	48,679,474		$	519,151,220		5,604,197		$	56,737,250

Class B(a)
Issued from the sale of shares	—		$	—		342		$	3,298
Redeemed	(2,435	)		(23,311	)	(46,536	)		(434,022	)

Net change	(2,435	)	$	(23,311	)	(46,194	)	$	(430,724	)

Class C
Issued from the sale of shares	7,094,313		$	72,448,712		1,853,819		$	17,439,832
Redeemed	(1,673,262	)		(16,737,009	)	(738,782	)		(6,915,130	)

Net change	5,421,051		$	55,711,703		1,115,037		$	10,524,702

Class N
Issued from the sale of shares	4,862,039		$	58,891,254		—		$	—
Issued in connection with the reinvestment of distributions	2,429			27,613		1			7
Redeemed	(92,271	)		(1,120,395	)	—			—

Net change	4,772,197		$	57,798,472		1		$	7

Class Y
Issued from the sale of shares	211,348,667		$	2,459,280,818		52,581,221		$	564,535,215
Issued in connection with the reinvestment of distributions	485,301			5,527,574		466,174			4,918,135
Redeemed	(48,951,026	)		(574,527,325	)	(18,517,808	)		(199,164,033	)
Redeemed in-kind (Note 13)	—			—		(23,009,100	)		(238,604,371	)

Net change	162,882,942		$	1,890,281,067		11,520,487		$	131,684,946

Increase (decrease) from capital share transactions	221,753,229		$	2,522,919,151		18,193,528		$	198,516,181

(a)	On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

| 94

Notes to Financial Statements (continued)

September 30, 2016

12. Capital Shares (continued).


	Year Ended September 30, 2016					Year Ended September 30, 2015
Value Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	5,405,331		$	108,937,619		1,738,963		$	46,569,244
Issued in connection with the reinvestment of distributions	1,230,998			24,706,134		2,328,240			61,605,209
Redeemed	(2,577,346	)		(52,841,200	)	(19,246,045	)		(514,711,447	)

Net change	4,058,983		$	80,802,553		(15,178,842	)	$	(406,536,994	)
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Loomis Sayles Funds Ii N-CSRCertified annual shareholder report (management investment company)