Loomis Sayles | Mutual Funds | Senior Floating Rate and Fixed Income Fund

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The Senior Floating Rate and Fixed Income Fund seeks to provide a high level of current income

Primary Benchmark:

S&P/ LSTA Leveraged Loan Index

Portfolio Management

Kevin Perry
John Bell

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

$562.3 million

Strategy Highlights

Value driven, opportunistic approach
Allocations to out of benchmark securities for offensive and defensive purposes
Macro-guided portfolio construction
Long term investment horizon

Investment Strategy

Must invest at least 65% in floating rate loans
May invest up to 35% of assets in other fixed income securities
May invest up to 20% of assets in non-US issuers, including 10% in emerging market debt securities
The Fund may use leverage through borrowing up to 33.33% of the Fund’s total assets after such borrowing

About Risk

This fund is non-diversified and may tend to be more volatile than diversified funds.
The fund invests in floating rate and other debt securities that are typically rated below investment grade, which can increase the risk of default and price volatility. While the market for floating rate loans is large, the volume on the secondary market for these securities can be less robust than other fixed income markets. This limited liquidity may affect the ability of the fund to purchase or sell floating rate loans and may have a negative impact on fund performance. The use of leverage can cause increases and decreases in the value of portfolio securities to be more exaggerated than if the fund did not use leverage. This fund is non-diversified and may tend to be more volatile than diversified funds.
The use of leverage can cause increases and decreases in the value of portfolio securities to be more exaggerated than if the fund did not use leverage.
The Fund can invest a percentage of assets in foreign securities, the value of the Fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments, which can be significant in emerging markets
Mutual funds that invest in bonds can lose their value. When interest rates rise, bond prices usually fall and vice versa

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 3/31/2014. 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 S&P/LSTA Leveraged Loan Index reflects the market-weighted performance of institutional leveraged loans based upon real-time market weightings, spreads and interest payments. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.

Primary Benchmark: S&P/ LSTA Leveraged Loan Index

Year-to-Date Performance as of 6/18/2013

	Class Y
	3.32%

Month-End Performance as of 4/30/2013

Cumulative Total Return	Class Y	Index
3 month	1.95%	1.64%
Year-to-date	3.27%	2.72%

Average Annualized Total Return	Class Y	Index
1 Year	9.03%	7.76%
Since Inception (9/30/2011)	12.48%	9.78%

Quarter-End Performance as of 3/31/2013

Cumulative Total Return	Class Y	Index
3 month	2.39%	2.08%
Year-to-date	2.39%	2.08%

Average Annualized Total Return	Class Y	Index
1 Year	9.16%	7.88%
Since Inception (9/30/2011)	12.56%	9.89%

Gross Expense Ratio: (Y) 1.37%; Net Expense Ratio: (Y) 0.85% Waivers/reimbursements are contractual and are set to expire 1/31/14.

Lipper Rankings as of 4/30/2013

	Class Y
1 Year	24/163
3 Years	N/A
5 Years	N/A
10 Years	N/A
Lipper Category: NA

Morningstar Rankings as of 3/31/2013

	Class Y
1 Year	N/A
3 Years	N/A
5 Years	N/A
10 Years	N/A
Morningstar Category: NA

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.

Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2013 � Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

� 2013 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.�

Ticker	LSFYX
Class Inception	9/30/2011
CUSIP	63872T554
Minimum Initial Investment¹	$100,000
Gross Expense Ratio²	1.37%
Net Expense Ratio²	0.85%
Net Asset Value as of 4/30/2013	10.65
30-Day SEC Yield as of 4/30/2013	5.14%
Unsubsidized 30-Day SEC Yield as of 4/30/2013³	4.98%
Fact Sheet Commentary Application Prospectus Report