Loomis Sayles | Institutional

Class I
Class R
Class Admin

Ticker	LSBDX
Class Inception	5/16/1991
CUSIP	543495840
Minimum Initial Investment¹	$100,000
Gross Expense Ratio²	0.63%
Net Expense Ratio²	0.63%
Net Asset Value as of 4/30/2013	15.63
30-Day SEC Yield as of 4/30/2013	3.32%
Unsubsidized 30-Day SEC Yield as of 4/30/2013³	3.32%
Fact Sheet Commentary Application Prospectus Report

Ticker	LSBRX
Class Inception	12/31/1996
CUSIP	543495832
Minimum Initial Investment¹	$2,500
Gross Expense Ratio²	0.92%
Net Expense Ratio²	0.92%
Net Asset Value as of 4/30/2013	15.57
30-Day SEC Yield as of 4/30/2013	3.03%
Unsubsidized 30-Day SEC Yield as of 4/30/2013³	3.03%
Fact Sheet Commentary Application Prospectus Report

Ticker	LBFAX
Class Inception	1/2/1998
CUSIP	543495857
Minimum Initial Investment¹	No Minimum
Gross Expense Ratio²	1.20%
Net Expense Ratio²	1.20%
Net Asset Value as of 4/30/2013	15.52
30-Day SEC Yield as of 4/30/2013	2.77%
Unsubsidized 30-Day SEC Yield as of 4/30/2013³	2.77%
Fact Sheet Commentary Application Prospectus Report

Investment return and principal value may fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data quoted represents past performance and current returns may be higher or lower.

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

Primary Benchmark:

Barclays US Government/Credit Index

Portfolio Management

Dan Fuss, CFA, CIC
Matt Eagan, CFA
Elaine Stokes

Total Fund Assets (as of 4/30/2013):

$23.5 billion

Lipper Category:

Corporate Debt Funds BBB-Rated

Morningstar Category:

Multisector Bond

Strategy Highlights

Value driven, opportunistic approach
Long term investment horizon
Allocations to out of benchmark securities can provide value and diversification

Investment Strategy

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed-income securities
May invest up to 35% of assets in below investment-grade fixed-income securities
May invest up to 20% of its assets in equity securities such as common stocks and preferred stocks (with up to 10% of its assets in common stocks)
May invest any portion of its assets in securities of Canadian issuers and up to 20% of assets in foreign securities, including emerging markets
Initial portfolio position in any one holding is typically 0-3%; 5% maximum position size

About Risk

Mutual funds that invest in bonds can lose their value. When interest rates rise, bond prices usually fall and vice versa. Credit risk (the risk that the issuer or borrower will fail to make timely payments of interest and/or principal) is heightened for lower rated or higher yielding fixed-income securities and lower rated borrowers. In addition, lower-rated debt securities may be subject to greater price volatility
Below investment-grade (also known as high yield) securities are subject to a high degree of market and credit risk. In addition, the secondary market for these securities may lack liquidity, which in turn may adversely affect the value of these securities and that of the Fund
Foreign investments involve special risks including greater economic, political and currency fluctuation risks, which may be even greater in emerging markets
The Fund is subject to currency risk, the risk of fluctuations in exchange rates between the US dollar and foreign currencies, which may cause the value of a Fund’s investments to decline. Funds that invest in securities denominated in, or receive revenues in, foreign currency are subject to currency risk

Past performance is no guarantee of future results.

¹ For further detail regarding Minimum Initial Investment, please see the fund prospectus.

² Unlike net expense ratio, gross expense ratio does not reflect any potential reimbursement/waiver of expenses, if any, as stated in the most recent Fund prospectus. Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 1/31/2014. Investors should consult the most recent prospectus for more detailed information.

³Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.

The Barclays US Government/Credit Bond Index includes Treasurys (public obligations of the US Treasury that have remaining maturities of more than one year) and agencies (publicly issued debt of US government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the US government) as well as other publicly issued investment grade corporate and foreign debentures that meet specified maturity, liquidity, and quality requirements. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.

Primary Benchmark: Barclays US Government/Credit Index

Year-to-Date Performance as of 5/24/2013

	Class I	Class R	Class Admin
	4.60%	4.46%	4.39%

Month-End Performance as of 4/30/2013

Cumulative Total Return	Class I	Class R	Class Admin	Index
3 month	3.27%	3.28%	3.16%	1.88%
Year-to-date	4.94%	4.86%	4.79%	1.06%

Average Annualized Total Return	Class I	Class R	Class Admin	Index
1 Year	12.56%	12.28%	11.94%	4.43%
3 Years	9.97%	9.66%	9.37%	6.10%
5 Years	8.62%	8.32%	8.01%	5.88%
10 Years	9.49%	9.19%	8.90%	5.07%

Quarter-End Performance as of 3/31/2013

Cumulative Total Return	Class I	Class R	Class Admin	Index
3 month	2.27%	2.21%	2.22%	-0.16%
Year-to-date	2.27%	2.21%	2.22%	-0.16%

Average Annualized Total Return	Class I	Class R	Class Admin	Index
1 Year	10.46%	10.18%	9.91%	4.56%
3 Years	9.74%	9.44%	9.14%	6.10%
5 Years	8.66%	8.35%	8.07%	5.50%
10 Years	9.70%	9.40%	9.12%	5.06%

Gross Expense Ratio: (I) 0.63%, (R) 0.92%, (Admin) 1.20%; Net Expense Ratio: (I) 0.63%, (R) 0.92%, (Admin) 1.20% Waivers/reimbursements are contractual and are set to expire 1/31/14.

Lipper Rankings as of 4/30/2013

	Class I	Class R	Class Admin
1 Year	10/176	12/176	17/176
3 Years	20/150	22/150	26/150
5 Years	34/127	41/127	55/127
10 Years	4/82	5/82	9/82
Lipper Category: Corporate Debt Funds BBB-Rated

Morningstar Rankings as of 3/31/2013

	Class I	Class R	Class Admin
1 Year	59/292	70/292	86/292
3 Years	28/222	43/222	57/222
5 Years	53/183	65/183	79/183
10 Years	6/105	7/105	10/105
Morningstar Category: Multisector Bond

Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.

Total return assumes reinvestment of dividends and capital gains distributions, if any.

Performance data quoted represents past performance and is no guarantee 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. Returns include changes in share price and reinvestment of dividends and capital gains, if any.

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