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: 811-08282

Loomis Sayles Funds I

(Exact name of Registrant as specified in charter)

888 Boylston Street, Suite 800 Boston, Massachusetts	02199-8197
(Address of principal executive offices)	(Zip code)

Natalie Wagner, Esq.

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2022

Item 1. Reports to Stockholders.

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

Loomis Sayles Fixed Income Fund

Loomis Sayles Global Bond Fund

Loomis Sayles Inflation Protected Securities Fund

Loomis Sayles Institutional High Income Fund

Semiannual

March 31, 2022

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	7
Financial Statements	43
Notes to Financial Statements	57

LOOMIS SAYLES FIXED INCOME FUND

Managers	Symbol
Matthew J. Eagan, CFA®	Institutional Class	LSFIX
Brian P. Kennedy
Elaine M. Stokes

Investment Objective

The Fund’s investment objective is high total investment return through a combination of current income and capital appreciation.

Average Annual Total Returns — March 31, 2022²

													Expense Ratios3
	6 Months			1 Year			5 Years			10 Years			Gross			Net
Institutional Class		-4.51	%		-1.22	%		3.56	%		4.41	%		0.59	%		0.59	%
Comparative Performance
Bloomberg U.S. Government/Credit Bond Index1		-6.16			-3.85			2.44			2.45

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 loomissayles.com. 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  Bloomberg U.S. Government/Credit Bond Index is a broad-based flagship benchmark that measures the non-securitized component of the U.S. Aggregate Index. The U.S. Government/Credit Bond Index includes investment grade, U.S. dollar-denominated, fixed rate Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporate securities. The U.S. Government/Credit Index was launched on January 1, 1979, with index history backfilled to 1973, and is a subset of the U.S. Aggregate Index.

²  Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

1  |

LOOMIS SAYLES GLOBAL BOND FUND

Managers	Symbols
David W. Rolley, CFA®	Institutional Class	LSGBX
Lynda L. Schweitzer, CFA®	Retail Class	LSGLX
Scott M. Service, CFA®	Class N	LSGNX

Investment Objective

The Fund’s investment objective is high total investment return through a combination of high current income and capital appreciation.

Average Annual Total Returns — March 31, 2022²

													Life of Class N			Expense Ratios3
	6 Months			1 Year			5 Years			10 Years						Gross			Net
Institutional Class		-6.70	%		-6.43	%		2.34	%		1.47	%		—	%		0.75	%		0.69	%
Retail Class		-6.84			-6.68			2.08			1.23			—			1.00			0.94
Class N (Inception 2/1/13)		-6.68			-6.37			2.39			—			1.24			0.66			0.64
Comparative Performance
Bloomberg Global Aggregate Bond Index1		-6.79			-6.40			1.70			1.04			0.87

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 loomissayles.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  Bloomberg Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The four major components of this index are the U.S. Aggregate, the Pan-European Aggregate, the Asian-Pacific Aggregate, and the Canadian Aggregate Indices. The Index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

²  Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

|  2

LOOMIS SAYLES INFLATION PROTECTED SECURITIES FUND

Managers	Symbols
Elaine Kan, CFA®	Institutional Class	LSGSX
Kevin P. Kearns	Retail Class	LIPRX
	Class N	LIPNX

Investment Objective

The Fund’s investment objective is high total investment return through a combination of current income and capital appreciation.

Average Annual Total Returns — March 31, 2022²

													Life of Class N			Expense Ratios3
	6 Months			1 Year			5 Years			10 Years						Gross			Net
Institutional Class		-1.47	%		3.26	%		4.74	%		2.66	%		—	%		0.52	%		0.40	%
Retail Class		-1.59			3.02			4.48			2.40			—			0.77			0.65
Class N (Inception 2/1/17)		-1.44			3.30			4.78			—			4.74			0.46			0.35
Comparative Performance
Bloomberg U.S. Treasury Inflation Protected Securities Index (Series-L)1		-0.73			4.29			4.43			2.69			4.38

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 loomissayles.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  The Bloomberg U.S. Treasury Inflation Protected Securities Index (Series-L) is an unmanaged index that tracks inflation protected securities issued by the U.S. Treasury. The index is a rules-based, market value weighted index that tracks inflation protected securities issued by the U.S. Treasury. The liquidity constraint for all securities in the index is $300 million.

²  Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

3  |

LOOMIS SAYLES INSTITUTIONAL HIGH INCOME FUND

Managers	Symbol
Brian P. Kennedy	Institutional Class	LSHIX
Matthew J. Eagan, CFA®
Elaine M. Stokes
Todd P. Vandam, CFA®

Investment Objective

The Fund’s investment objective is high total investment return through a combination of current income and capital appreciation.

Average Annual Total Returns — March 31, 2022²

													Expense Ratios3
	6 Months			1 Year			5 Years			10 Years			Gross			Net
Institutional Class		-3.05	%		1.11	%		3.66	%		5.70	%		0.71	%		0.71	%
Comparative Performance
Bloomberg U.S. Corporate High-Yield Bond Index1		-4.16			-0.66			4.69			5.75

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

²  Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

|  4

ADDITIONAL INFORMATION

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

Additional Index Information

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

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

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Loomis Sayles at 800-633-3330; on the Funds’ website at www.loomissayles.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available through the Funds’ website and the SEC’s website.

Quarterly Portfolio Schedules

The Loomis Sayles Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. First and third quarter schedules of portfolio holdings are also available at loomissayles.com. A hard copy may be requested from the Fund at no charge by calling 800-633-3330.

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

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in each Fund’s prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class of Fund shares shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2021 through March 31, 2022. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

Loomis Sayles Fixed Income Fund

Institutional Class	Beginning Account Value 10/1/2021		Ending Account Value 3/31/2022		Expenses Paid During Period* 10/1/2021 – 3/31/2022
Actual		$1,000.00		$954.90		$2.83
Hypothetical (5% return before expenses)		$1,000.00		$1,022.04		$2.92
* Expenses are equal to the Fund’s annualized expense ratio of 0.58%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

5  |

Loomis Sayles Global Bond Fund

Institutional Class	Beginning Account Value 10/1/2021		Ending Account Value 3/31/2022		Expenses Paid During Period* 10/1/2021 – 3/31/2022
Actual		$1,000.00		$933.00		$3.33
Hypothetical (5% return before expenses)		$1,000.00		$1,021.49		$3.48
Retail Class
Actual		$1,000.00		$931.60		$4.53
Hypothetical (5% return before expenses)		$1,000.00		$1,020.24		$4.73
Class N
Actual		$1,000.00		$933.20		$3.08
Hypothetical (5% return before expenses)		$1,000.00		$1,021.74		$3.23
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.69%, 0.94% and 0.64% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Inflation Protected Securities Fund

Institutional Class	Beginning Account Value 10/1/2021		Ending Account Value 3/31/2022		Expenses Paid During Period* 10/1/2021 – 3/31/2022
Actual		$1,000.00		$985.30		$1.98
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02
Retail Class
Actual		$1,000.00		$984.10		$3.22
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
Class N
Actual		$1,000.00		$985.60		$1.73
Hypothetical (5% return before expenses)		$1,000.00		$1,023.19		$1.77
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.40%, 0.65% and 0.35% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Institutional High Income Fund

Institutional Class	Beginning Account Value 10/1/2021		Ending Account Value 3/31/2022		Expenses Paid During Period* 10/1/2021 – 3/31/2022
Actual		$1,000.00		$969.50		$3.39
Hypothetical (5% return before expenses)		$1,000.00		$1,021.49		$3.48
* Expenses are equal to the Fund’s annualized expense ratio of 0.69%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

|  6

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 83.5% of Net Assets
	Non-Convertible Bonds – 79.0%
		ABS Car Loan – 3.4%
$	675,000	American Credit Acceptance Receivables Trust, Series 2021-3, Class D, 1.340%, 11/15/2027, 144A	$	641,544
	170,000	Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class C, 4.150%, 9/20/2023, 144A		170,614
	120,000	Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class C, 4.730%, 9/20/2024, 144A		121,206
	130,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class C, 4.240%, 9/22/2025, 144A		130,909
	475,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class C, 3.150%, 3/20/2026, 144A		458,256
	210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class B, 2.680%, 8/20/2026, 144A		201,495
	685,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A		649,069
	305,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class B, 2.960%, 2/20/2027, 144A		295,524
	630,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.250%, 2/20/2027, 144A		623,104
	145,000	Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class C, 2.130%, 8/20/2027, 144A		132,094
	100,000	CarMax Auto Owner Trust, Series 2022-1, Class D, 2.470%, 7/17/2028		95,774
	480,000	Carvana Auto Receivables Trust, Series 2021-N3, Class C, 1.020%, 6/12/2028		463,829
	420,000	Carvana Auto Receivables Trust, Series 2021-P3, Class C, 1.930%, 10/12/2027		388,011
	525,000	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class C, 2.730%, 11/15/2029, 144A		515,765
	900,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class C, 1.640%, 6/17/2030, 144A		830,289
	335,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.630%, 9/16/2030, 144A		315,912
	1,400,000	Drive Auto Receivables Trust, Series 2021-2, Class D, 1.390%, 3/15/2029		1,330,250
	305,000	DT Auto Owner Trust, Series 2021-2A, Class C, 1.500%, 2/16/2027, 144A		288,910
	1,380,000	DT Auto Owner Trust, Series 2021-3A, Class D, 1.310%, 5/17/2027, 144A		1,280,420
	815,000	Exeter Automobile Receivables Trust, Series 2021-1A, Class D, 1.080%, 11/16/2026		782,589
		ABS Car Loan – continued
	1,000,000	Exeter Automobile Receivables Trust, Series 2021-3A, Class D, 1.550%, 6/15/2027		947,867
	435,000	Flagship Credit Auto Trust, Series 2021-2, Class D, 1.590%, 6/15/2027, 144A		407,547
	335,000	Foursight Capital Automobile Receivables Trust, Series 2021-2, Class D, 1.920%, 9/15/2027, 144A		314,083
	1,975,000	GLS Auto Receivables Issuer Trust, Series 2021-1A, Class D, 1.680%, 1/15/2027, 144A		1,892,263
	675,000	GLS Auto Receivables Issuer Trust, Series 2021-3A, Class D, 1.480%, 7/15/2027, 144A		618,130
	725,000	GLS Auto Receivables Trust, Series 2021-2A, Class D, 1.420%, 4/15/2027, 144A		678,543
	223,712	JPMorgan Chase Bank NA, Series 2021-1, Class D, 1.174%, 9/25/2028, 144A		219,734
	193,151	JPMorgan Chase Bank NA, Series 2021-3, Class D, 1.009%, 2/26/2029, 144A		186,688
	249,783	Santander Bank NA, Series 2021-1A, Class B, 1.833%, 12/15/2031, 144A		245,330
				15,225,749
		ABS Credit Card – 0.3%
	480,000	Brex Commercial Charge Card Master Trust, Series 2021-1, Class A, 2.090%, 7/15/2024, 144A		474,540
	700,000	Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.540%, 3/20/2026, 144A		679,263
	100,000	Mission Lane Credit Card Master Trust, Series 2021-A, Class B, 2.240%, 9/15/2026, 144A		97,740
				1,251,543
		ABS Home Equity – 4.8%
	1,142,234	510 Asset Backed Trust, Series 2021-NPL1, Class A1, 2.240%, 6/25/2061, 144A(a)		1,100,776
	614,533	CIM Trust, Series 2021-NR2, Class A1, 2.568%, 7/25/2059, 144A(a)		594,444
	210,000	CoreVest American Finance Trust, Series 2021-1, Class C, 2.800%, 4/15/2053, 144A		187,998
	300,000	CoreVest American Finance Trust, Series 2021-2, Class C, 2.478%, 7/15/2054, 144A		259,145
	150,000	CoreVest American Finance Trust, Series 2021-3, Class D, 3.469%, 10/15/2054, 144A		134,419
	636,952	Credit Suisse Mortgage Trust, Series 2021-RPL1, Class A1, 1.668%, 9/27/2060, 144A(a)		612,069
	1,447,336	Credit Suisse Mortgage Trust, Series 2021-RPL4, Class A1, 1.796%, 12/27/2060, 144A(a)		1,400,022

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		ABS Home Equity – continued
$	675,000	FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.389%, 8/17/2038, 144A	$	608,188
	315,000	FirstKey Homes Trust, Series 2021-SFR2, Class E1, 2.258%, 9/17/2038, 144A		278,146
	205,000	FirstKey Homes Trust, Series 2021-SFR2, Class E2, 2.358%, 9/17/2038, 144A		180,404
	145,000	FRTKL, Series 2021-SFR1, Class E1, 2.372%, 9/17/2038, 144A		129,965
	130,000	FRTKL, Series 2021-SFR1, Class E2, 2.522%, 9/17/2038, 144A		116,092
	399,190	GCAT Trust, Series 2019-RPL1, Class A1, 2.650%, 10/25/2068, 144A(a)		392,226
	93,415	Home Partners of America Trust, Series 2021-1, Class E, 2.577%, 9/17/2041, 144A		84,105
	824,380	Home Partners of America Trust, Series 2021-2, Class E1, 2.852%, 12/17/2026, 144A		771,336
	427,089	Home Partners of America Trust, Series 2021-2, Class E2, 2.952%, 12/17/2026, 144A		387,170
	224,965	Invitation Homes Trust, Series 2018-SFR2, Class B, 1-month LIBOR + 1.080%, 1.477%, 6/17/2037, 144A(b)		223,112
	31,273	Invitation Homes Trust, Series 2018-SFR3, Class B, 1-month LIBOR + 1.150%, 1.591%, 7/17/2037, 144A(b)		30,984
	155,134	Legacy Mortgage Asset Trust, Series 2020-GS5, Class A1, 3.250%, 6/25/2060, 144A(a)		153,779
	1,215,000	Legacy Mortgage Asset Trust, Series 2020-RPL1, Class A2, 3.250%, 9/25/2059, 144A(a)(c)		1,166,883
	669,892	Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.750%, 4/25/2061, 144A(a)		638,667
	115,000	Mill City Mortgage Loan Trust, Series 2019-GS1, Class M2, 3.250%, 7/25/2059, 144A(a)		111,965
	705,000	Progress Residential Trust, Series 2021-SFR2, Class E1, 2.547%, 4/19/2038, 144A		639,088
	240,000	Progress Residential Trust, Series 2021-SFR3, Class E1, 2.538%, 5/17/2026, 144A		214,488
	200,000	Progress Residential Trust, Series 2021-SFR3, Class E2, 2.688%, 5/17/2026, 144A		178,270
	125,000	Progress Residential Trust, Series 2021-SFR4, Class E1, 2.409%, 5/17/2038, 144A		112,536
	100,000	Progress Residential Trust, Series 2021-SFR4, Class E2, 2.559%, 5/17/2038, 144A		89,891
		ABS Home Equity – continued
	295,000	Progress Residential Trust, Series 2021-SFR5, Class E1, 2.209%, 7/17/2038, 144A		263,463
	100,000	Progress Residential Trust, Series 2021-SFR5, Class E2, 2.359%, 7/17/2038, 144A		88,639
	380,000	Progress Residential Trust, Series 2021-SFR6, Class E1, 2.425%, 7/17/2038, 144A		336,710
	200,000	Progress Residential Trust, Series 2021-SFR6, Class E2, 2.525%, 7/17/2038, 144A		176,570
	340,000	Progress Residential Trust, Series 2021-SFR7, Class E1, 2.591%, 8/17/2040, 144A		298,223
	100,000	Progress Residential Trust, Series 2021-SFR7, Class E2, 2.640%, 8/17/2040, 144A		87,230
	1,099,931	PRPM LLC, Series 2021-1, Class A1, 2.115%, 1/25/2026, 144A(a)		1,056,955
	441,880	PRPM LLC, Series 2021-2, Class A1, 2.115%, 3/25/2026, 144A(a)		426,905
	829,839	PRPM LLC, Series 2021-3, Class A1, 1.867%, 4/25/2026, 144A(a)		792,812
	210,746	PRPM LLC, Series 2021-4, Class A1, 1.867%, 4/25/2026, 144A(a)		200,295
	966,769	PRPM LLC, Series 2021-5, Class A1, 1.793%, 6/25/2026, 144A(a)		916,262
	1,030,000	Toorak Mortgage Corp., Series 2021-1, Class A1, 2.240%, 6/25/2024, 144A(a)		974,787
	240,000	Towd Point Mortgage Trust, Series 2016-3, Class M2, 4.000%, 4/25/2056, 144A(a)		241,221
	495,000	Towd Point Mortgage Trust, Series 2018-5, Class M1, 3.250%, 7/25/2058, 144A(a)		476,844
	800,279	Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.900%, 10/25/2059, 144A(a)(c)		785,785
	100,000	Towd Point Mortgage Trust, Series 2020-1, Class A2B, 3.250%, 1/25/2060, 144A(a)		97,356
	361,446	VCAT LLC, Series 2021-NPL1, Class A1, 2.289%, 12/26/2050, 144A(a)		351,738
	313,768	VOLT XCII LLC, Series 2021-NPL1, Class A1, 1.893%, 2/27/2051, 144A(a)		304,010
	824,351	VOLT XCIII LLC, Series 2021-NPL2, Class A1, 1.893%, 2/27/2051, 144A(a)		798,843
	707,403	VOLT XCIV LLC, Series 2021-NPL3, Class A1, 2.240%, 2/27/2051, 144A(a)		679,610
	501,449	VOLT XCVI LLC, Series 2021-NPL5, Class A1, 2.116%, 3/27/2051, 144A(a)		488,270
	1,107,352	VOLT XCVII LLC, Series 2021-NPL6, Class A1, 2.240%, 4/25/2051, 144A(a)		1,070,836
				21,709,532
		ABS Other – 2.9%
	100,000	Affirm Asset Securitization Trust, Series 2021-B, Class C, 1.400%, 8/17/2026, 144A		92,012
	160,000	Aqua Finance Trust, Series 2021-A, Class B, 2.400%, 7/17/2046, 144A		147,052

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		ABS Other – continued
$	122,365	Business Jet Securities LLC, Series 2021-1A, Class B, 2.918%, 4/15/2036, 144A	$	113,851
	815,788	CAL Funding IV Ltd., Series 2020-1A, Class A, 2.220%, 9/25/2045, 144A		758,377
	1,239,715	CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640%, 2/18/2046, 144A		1,125,432
	135,000	Freedom Financial Trust, Series 2021-2, Class C, 1.940%, 6/19/2028, 144A		132,636
	370,000	Freedom Financial Trust, Series 2021-3FP, Class D, 2.370%, 11/20/2028, 144A		347,296
	300,000	HPEFS Equipment Trust, Series 2021-1A, Class D, 1.030%, 3/20/2031, 144A		285,727
	1,851,620	MAPS Trust, Series 2021-1A, Class A, 2.521%, 6/15/2046, 144A(c)		1,715,736
	110,000	Marlette Funding Trust, Series 2021-2A, Class C, 1.500%, 9/15/2031, 144A		104,143
	205,869	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(a)		167,000
	350,000	OneMain Financial Issuance Trust, Series 2018-2A, Class A, 3.570%, 3/14/2033, 144A		350,100
	345,000	OneMain Financial Issuance Trust, Series 2021-1A, Class D, 2.470%, 6/16/2036, 144A		305,035
	1,512,150	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		1,281,155
	100,000	SCF Equipment Leasing LLC, Series 2021-1A, Class D, 1.930%, 9/20/2030, 144A		93,303
	200,931	Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class C, 3.120%, 5/20/2036, 144A		197,305
	137,310	Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class C, 3.000%, 8/20/2036, 144A		134,018
	121,396	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.790%, 11/20/2037, 144A		116,674
	1,348,637	SLAM Ltd., Series 2021-1A, Class A, 2.434%, 6/15/2046, 144A(c)		1,229,146
	100,000	SoFi Consumer Loan Program Trust, Series 2021-1, Class D, 2.040%, 9/25/2030, 144A		95,734
	639,333	Textainer Marine Containers VII Ltd., Series 2021-1A, Class A, 1.680%, 2/20/2046, 144A		578,495
	691,283	TIF Funding II LLC, Series 2021-1A, Class A, 1.650%, 2/20/2046, 144A		620,559
	230,000	Towd Point Mortgage Trust, Series 2011-1, Class M1, 3.750%, 10/25/2056, 144A(a)		227,503
	1,331,325	Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.860%, 3/20/2046, 144A		1,204,549
		ABS Other – continued
	649,321	Wave Trust, Series 2017-1A, Class A, 3.844%, 11/15/2042, 144A		611,813
	1,193,977	Willis Engine Structured Trust, Series 2021-A, Class A, 3.104%, 5/15/2046, 144A		1,067,405
				13,102,056
		ABS Student Loan – 0.8%
	320,000	College Ave Student Loans LLC, Series 2021-A, Class C, 2.920%, 7/25/2051, 144A		303,147
	298,709	Commonbond Student Loan Trust, Series 2019-AGS, Class B, 3.040%, 1/25/2047, 144A		287,656
	272,053	EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class A, 1.800%, 11/25/2045, 144A		246,159
	122,212	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		118,340
	297,603	Navient Private Education Refi Loan Trust, Series 2021-A, Class A, 0.840%, 5/15/2069, 144A		284,136
	100,000	Navient Private Education Refi Loan Trust, Series 2021-A, Class B, 2.240%, 5/15/2069, 144A		91,751
	170,000	Navient Private Education Refi Loan Trust, Series 2021-EA, Class B, 2.030%, 12/16/2069, 144A		148,699
	385,000	Navient Private Education Refi Loan Trust, Series 2021-FA, Class B, 2.120%, 2/18/2070, 144A		346,619
	350,636	SMB Private Education Loan Trust, Series 2016-C, Class A2A, 2.340%, 9/15/2034, 144A		345,761
	84,572	SMB Private Education Loan Trust, Series 2020-A, Class A2A, 2.230%, 9/15/2037, 144A		81,608
	1,005,000	SMB Private Education Loan Trust, Series 2021-A, Class A2A2, 1-month LIBOR + 0.730%, 1.127%, 1/15/2053, 144A(b)(c)		988,334
	475,000	SMB Private Education Loan Trust, Series 2021-B, Class B, 2.650%, 7/17/2051, 144A		433,929
				3,676,139
		ABS Whole Business – 0.6%
	57,600	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.118%, 7/25/2047, 144A		57,120
	135,450	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2II, 4.328%, 7/25/2048, 144A		135,404
	1,563,188	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.662%, 4/25/2051, 144A		1,449,258
	297,750	Hardee’s Funding LLC, Series 2021-1A, Class A2, 2.865%, 6/20/2051, 144A		270,037
	263,313	Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.884%, 3/15/2048, 144A		260,422

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		ABS Whole Business – continued
$	679,863	Wendy’s Funding LLC, Series 2021-1A, Class A2I, 2.370%, 6/15/2051, 144A	$	604,678
	99,250	Wendy’s Funding LLC, Series 2021-1A, Class A2II, 2.775%, 6/15/2051, 144A		87,708
				2,864,627
		Aerospace & Defense – 1.4%
	2,530,000	Boeing Co. (The), 3.825%, 3/01/2059		2,077,905
	335,000	Boeing Co. (The), 5.805%, 5/01/2050		386,837
	1,265,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		1,285,569
	807,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		917,575
	722,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		899,699
	545,000	TransDigm, Inc., 5.500%, 11/15/2027		540,912
				6,108,497
		Airlines – 1.2%
	394,344	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		362,603
	1,219,631	American Airlines Pass Through Trust, Series 2017-1B, Class B, 4.950%, 8/15/2026		1,169,148
	839,967	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		789,148
	460,026	U.S. Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		475,310
	1,175,008	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		1,132,119
	1,085,843	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		1,089,786
	551,295	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		564,366
				5,582,480
		Automotive – 1.5%
	1,900,000	Ford Motor Co., 3.250%, 2/12/2032		1,696,947
	805,000	Ford Motor Credit Co. LLC, 3.625%, 6/17/2031		727,136
	1,735,000	General Motors Co., 5.200%, 4/01/2045		1,756,126
	185,000	General Motors Co., 6.250%, 10/02/2043		209,753
	2,270,000	General Motors Financial Co., Inc., 3.600%, 6/21/2030		2,171,284
	60,000	General Motors Financial Co., Inc., Series A, (fixed rate to 9/30/2027, variable rate thereafter), 5.750%(d)		59,850
	100,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(d)		104,770
				6,725,866
		Banking – 4.5%
	1,146,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,437,461
	1,585,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(d)		1,491,976
	1,500,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(d)		1,365,000
	3,340,000	Bank of America Corp., 6.110%, 1/29/2037(c)		3,989,941
	915,000	Barclays PLC, (fixed rate to 11/24/2026, variable rate thereafter), 2.279%, 11/24/2027(c)		849,467
	1,125,000	Barclays PLC, (fixed rate to 3/15/2028, variable rate thereafter), 4.375%(d)		990,844
	1,175,000	BNP Paribas S.A., (fixed rate to 1/20/2027, variable rate thereafter), 2.591%, 1/20/2028, 144A		1,105,798
	2,250,000	Citigroup, Inc., (fixed rate to 1/25/2025, variable rate thereafter), 2.014%, 1/25/2026		2,166,028
	685,000	Credit Agricole S.A., 3.250%, 1/14/2030, 144A		649,784
	495,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), EMTN, 4.000%, 1/10/2033		486,019
	370,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		327,006
	1,202,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		1,072,121
	235,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		225,586
	2,260,000	Goldman Sachs Group, Inc. (The), (fixed rate to 1/24/2024, variable rate thereafter), 1.757%, 1/24/2025		2,203,279
	290,000	Intesa Sanpaolo SpA, (fixed rate to 6/01/2031, variable rate thereafter), 4.198%, 6/01/2032, 144A		256,656
	1,495,000	Morgan Stanley, (fixed rate to 1/21/2027, variable rate thereafter), 2.475%, 1/21/2028		1,425,217
				20,042,183
		Brokerage – 0.4%
	1,670,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,952,775
		Building Materials – 1.7%
	4,500,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		4,106,295
	780,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(d)		765,375
	360,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		344,700
	213,000	Masco Corp., 6.500%, 8/15/2032		251,008
	380,000	Masco Corp., 7.750%, 8/01/2029		460,570
	1,188,000	Owens Corning, 7.000%, 12/01/2036		1,495,963
				7,423,911

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Cable Satellite – 3.7%
$	375,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A	$	341,805
	3,385,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		2,939,856
	460,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.700%, 4/01/2051		379,085
	1,580,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.900%, 6/01/2052		1,332,430
	2,655,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.950%, 6/30/2062		2,146,998
	2,710,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		2,266,346
	2,045,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		1,984,795
	1,020,000	DISH DBS Corp., 5.125%, 6/01/2029		868,622
	2,215,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		2,109,787
	270,000	DISH DBS Corp., 7.750%, 7/01/2026		268,245
	375,000	Time Warner Cable LLC, 4.500%, 9/15/2042		346,845
	1,500,000	Time Warner Cable LLC, 6.550%, 5/01/2037		1,725,045
				16,709,859
		Chemicals – 0.5%
	775,000	Ashland LLC, 3.375%, 9/01/2031, 144A		683,938
	200,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030, 144A		193,558
	705,000	Braskem Netherlands Finance BV, 5.875%, 1/31/2050, 144A		699,360
	200,000	INEOS Quattro Finance 2 PLC, 3.375%, 1/15/2026, 144A		186,210
	230,000	SPCM S.A., 3.125%, 3/15/2027, 144A		211,600
	210,000	SPCM S.A., 3.375%, 3/15/2030, 144A		184,359
				2,159,025
		Construction Machinery – 0.5%
	415,000	John Deere Capital Corp., MTN, 0.900%, 1/10/2024		403,814
	645,000	John Deere Capital Corp., MTN, 1.250%, 1/10/2025		620,848
	965,000	Toro Co. (The), 6.625%, 5/01/2037(e)(f)		1,169,182
				2,193,844
		Consumer Cyclical Services – 1.3%
	510,000	Expedia Group, Inc., 2.950%, 3/15/2031		472,181
	1,010,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		928,665
		Consumer Cyclical Services – continued
	2,945,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		2,760,937
	1,420,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		1,468,195
				5,629,978
		Consumer Products – 0.4%
	880,000	Avon Products, Inc., 8.450%, 3/15/2043		1,018,600
	730,000	Natura Cosmeticos S.A., 4.125%, 5/03/2028, 144A		702,808
				1,721,408
		Diversified Manufacturing – 0.3%
	380,000	GE Capital Funding LLC, 4.550%, 5/15/2032		408,073
	757,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035		812,858
	165,000	General Electric Co., Series D, 3-month LIBOR + 3.330%, 4.156%(b)(d)		158,193
				1,379,124
		Electric – 0.4%
	1,252,230	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		1,364,780
	255,000	Edison International, 4.950%, 4/15/2025		260,887
	100,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		126,899
				1,752,566
		Finance Companies – 3.8%
	630,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, 10/29/2028		580,978
	795,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/30/2032		716,660
	300,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 1.991%, 1/15/2067, 144A(b)(e)(f)		172,596
	612,000	Air Lease Corp., 4.625%, 10/01/2028		623,188
	985,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(d)		884,037
	460,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(d)		420,900
	2,590,000	Ares Capital Corp., 3.200%, 11/15/2031		2,194,911
	665,000	Barings BDC, Inc., 3.300%, 11/23/2026, 144A		614,016
	850,000	FS KKR Capital Corp., 3.125%, 10/12/2028		757,753
	840,000	FS KKR Capital Corp., 3.400%, 1/15/2026		813,272
	1,925,000	Navient Corp., MTN, 5.625%, 8/01/2033		1,620,850
	1,490,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		1,452,051

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Finance Companies – continued
$	1,535,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A	$	1,409,353
	1,240,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		1,133,174
	3,275,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		2,963,875
	1,020,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		893,418
				17,251,032
		Financial Other – 1.3%
	630,000	Agile Group Holdings Ltd., 6.050%, 10/13/2025		200,176
	200,000	Central China Real Estate Ltd., 7.250%, 4/24/2023		110,246
	200,000	CIFI Holdings Group Co. Ltd., 6.000%, 7/16/2025		166,000
	200,000	CIFI Holdings Group Co. Ltd., 6.450%, 11/07/2024		177,980
	600,000	Country Garden Holdings Co. Ltd., 3.300%, 1/12/2031		414,378
	2,510,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		2,302,925
	1,285,000	Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(g)		242,544
	200,000	Kaisa Group Holdings Ltd., 9.950%, 7/23/2025(g)		37,392
	200,000	Kaisa Group Holdings Ltd., 10.500%, 1/15/2025(g)		37,866
	1,810,000	Kaisa Group Holdings Ltd., 11.250%, 4/16/2025(e)(f)(g)		341,149
	840,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		807,492
	405,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031(e)(f)		100,570
	425,000	Shimao Group Holdings Ltd., 5.600%, 7/15/2026		118,150
	200,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024		57,980
	410,000	Sunac China Holdings Ltd., 6.500%, 1/10/2025(e)(f)		103,066
	230,000	Sunac China Holdings Ltd., 6.500%, 1/26/2026		54,669
	445,000	Sunac China Holdings Ltd., 7.000%, 7/09/2025(e)(f)		105,834
	200,000	Times China Holdings Ltd., 5.750%, 1/14/2027		73,912
	400,000	Times China Holdings Ltd., 6.200%, 3/22/2026		151,668
	400,000	Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027(e)(f)(g)		52,060
	225,000	Yuzhou Group Holdings Co. Ltd., 8.300%, 5/27/2025(e)(f)(g)		29,362
				5,685,419
		Food & Beverage – 0.9%
	350,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.000%, 2/02/2029, 144A		323,750
	2,635,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		2,612,866
	1,180,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		1,031,627
	70,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031, 144A		64,750
				4,032,993
		Gaming – 0.7%
	925,000	Genm Capital Labuan Ltd., 3.882%, 4/19/2031, 144A		806,394
	385,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		349,311
	410,000	Penn National Gaming, Inc., 4.125%, 7/01/2029, 144A		367,032
	1,460,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		1,513,283
	30,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		31,425
				3,067,445
		Government Owned – No Guarantee – 0.7%
	730,000	Antares Holdings LP, 3.750%, 7/15/2027, 144A		673,455
	570,000	EcoPetrol S.A., 4.625%, 11/02/2031		515,850
	580,000	Indian Railway Finance Corp. Ltd., 2.800%, 2/10/2031, 144A		518,642
	870,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		1,017,807
	200,000	Sino-Ocean Land Treasure IV Ltd., 4.750%, 8/05/2029		130,034
	400,000	Sino-Ocean Land Treasure IV Ltd., 4.750%, 1/14/2030		259,892
				3,115,680
		Health Insurance – 0.7%
	2,490,000	Centene Corp., 2.500%, 3/01/2031		2,197,500
	625,000	Centene Corp., 2.625%, 8/01/2031		556,250
	430,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		408,908
				3,162,658
		Healthcare – 0.4%
	955,000	Avantor Funding, Inc., 3.875%, 11/01/2029, 144A		897,700
	310,000	HCA, Inc., 5.250%, 6/15/2049		339,500
	645,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		655,481
				1,892,681
		Home Construction – 0.6%
	205,000	Central China Real Estate Ltd., 7.250%, 7/16/2024		89,021
	200,000	Central China Real Estate Ltd., 7.250%, 8/13/2024		86,316
	200,000	Central China Real Estate Ltd., 7.500%, 7/14/2025		86,038
	400,000	Logan Group Co. Ltd., 4.250%, 7/12/2025(e)(f)		81,296

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Home Construction – continued
$	400,000	Logan Group Co. Ltd., 4.850%, 12/14/2026(e)(f)	$	79,920
	1,745,000	PulteGroup, Inc., 6.375%, 5/15/2033		2,028,256
	370,000	Yuzhou Group Holdings Co. Ltd., 7.700%, 2/20/2025(e)(f)(g)		47,542
				2,498,389
		Independent Energy – 2.5%
	1,385,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		1,355,243
	180,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		160,515
	2,005,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		2,193,069
	740,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		711,510
	965,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		918,921
	840,000	EQT Corp., 3.625%, 5/15/2031, 144A		802,200
	780,000	EQT Corp., 3.900%, 10/01/2027		777,742
	160,000	EQT Corp., 5.000%, 1/15/2029		165,174
	15,000	Occidental Petroleum Corp., 4.100%, 2/15/2047		13,875
	440,000	Occidental Petroleum Corp., 4.200%, 3/15/2048		411,400
	280,000	Occidental Petroleum Corp., 4.400%, 4/15/2046		266,000
	90,000	Occidental Petroleum Corp., 4.400%, 8/15/2049		84,600
	145,000	Occidental Petroleum Corp., 4.500%, 7/15/2044		138,653
	5,000	Occidental Petroleum Corp., 4.625%, 6/15/2045		4,849
	910,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		1,167,075
	1,040,000	Ovintiv, Inc., 6.500%, 8/15/2034		1,234,405
	65,000	Ovintiv, Inc., 6.500%, 2/01/2038		76,994
	310,000	Ovintiv, Inc., 6.625%, 8/15/2037		366,750
	40,000	Ovintiv, Inc., 7.200%, 11/01/2031		48,410
	125,000	Ovintiv, Inc., 7.375%, 11/01/2031		153,241
	130,000	Southwestern Energy Co., 4.750%, 2/01/2032		129,838
				11,180,464
		Industrial Other – 0.1%
	395,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		357,969
		Leisure – 0.9%
	950,000	Carnival Corp., 5.750%, 3/01/2027, 144A		905,982
	395,000	Carnival Corp., 6.000%, 5/01/2029, 144A		372,224
	770,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		731,623
	485,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		478,952
	280,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		259,657
		Leisure – continued
	140,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		130,227
	1,195,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		1,139,205
				4,017,870
		Life Insurance – 2.2%
	1,860,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		1,772,539
	434,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		421,573
	1,745,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030		1,912,889
	2,270,000	MetLife, Inc., 9.250%, 4/08/2068, 144A		2,947,819
	1,115,000	MetLife, Inc., 10.750%, 8/01/2069		1,621,143
	1,165,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		1,379,069
				10,055,032
		Lodging – 0.8%
	855,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		775,912
	200,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		185,810
	685,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		653,692
	530,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		499,525
	620,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		574,938
	870,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		809,100
	110,000	Travel & Leisure Co., 6.000%, 4/01/2027		113,300
	125,000	Travel & Leisure Co., 6.625%, 7/31/2026, 144A		130,313
				3,742,590
		Media Entertainment – 1.4%
	455,000	AMC Networks, Inc., 4.250%, 2/15/2029		424,604
	24,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		793,243
	300,000	Magallanes, Inc., 4.054%, 3/15/2029, 144A		301,464
	465,000	Magallanes, Inc., 4.279%, 3/15/2032, 144A		467,618
	185,000	Netflix, Inc., 4.875%, 4/15/2028		194,020
	1,510,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		1,610,717
	200,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		216,500
	915,000	Netflix, Inc., 5.875%, 11/15/2028		1,008,604
	1,185,000	Netflix, Inc., 6.375%, 5/15/2029		1,339,974
				6,356,744

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Metals & Mining – 2.3%
$	1,910,000	Anglo American Capital PLC, 2.875%, 3/17/2031, 144A	$	1,760,260
	2,680,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		2,807,300
	430,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		406,737
	2,080,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		2,308,904
	2,905,000	Glencore Funding LLC, 2.850%, 4/27/2031, 144A		2,652,789
	215,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		205,862
				10,141,852
		Midstream – 1.3%
	530,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		477,000
	10,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		10,285
	575,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		662,544
	1,160,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		1,608,515
	1,040,000	Energy Transfer LP, 5.000%, 5/15/2044		1,016,174
	490,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		488,300
	245,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		231,182
	95,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		119,227
	395,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032		379,125
	170,000	Western Midstream Operating LP, 4.550%, 2/01/2030		169,150
	405,000	Western Midstream Operating LP, 5.300%, 3/01/2048		400,950
	80,000	Western Midstream Operating LP, 5.450%, 4/01/2044		81,101
	55,000	Western Midstream Operating LP, 5.500%, 8/15/2048		54,312
	230,000	Western Midstream Operating LP, 5.750%, 2/01/2050		224,250
				5,922,115
		Non-Agency Commercial Mortgage-Backed Securities – 1.9%
	710,000	BANK, Series 2021-BN35, Class AS, 2.457%, 6/15/2064		653,445
	740,000	BPR Trust, Series 2021-NRD, Class F, 1-month Term SOFR + 6.870%, 7.174%, 12/15/2023, 144A(b)		724,967
	240,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR3, Class AM, 3.416%, 10/15/2045, 144A		238,902
	110,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		108,455
		Non-Agency Commercial Mortgage-Backed Securities – continued
	179,197	Commercial Mortgage Trust, Series 2012-LC4, Class B, 4.934%, 12/10/2044(a)		178,962
	185,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class B, 4.185%, 9/15/2037, 144A		172,038
	100,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class C, 4.336%, 9/15/2037, 144A		91,671
	200,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class D, 4.373%, 9/15/2037, 144A		176,244
	258,410	Extended Stay America Trust, Series 2021-ESH, Class D, 1-month LIBOR + 2.250%, 2.647%, 7/15/2038, 144A(b)		254,516
	295,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(a)		286,510
	315,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class B, 3.550%, 3/05/2033, 144A(a)		295,184
	255,000	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(a)		237,328
	200,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class C, 4.626%, 10/15/2045, 144A(a)		199,610
	1,030,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class C, 4.364%, 12/15/2047, 144A(a)		1,021,675
	100,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class D, 4.364%, 12/15/2047, 144A(a)		98,479
	400,000	MedTrust, Series 2021-MDLN, Class C, 1-month LIBOR + 1.800%, 2.197%, 11/15/2038, 144A(b)		392,084
	105,000	Morgan Stanley Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.277%, 10/15/2030, 144A		103,914
	535,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.152%, 8/15/2046(a)		537,953
	800,000	RBS Commercial Funding Trust, Series 2013-GSP, Class A, 3.834%, 1/15/2032, 144A(a)		802,507
	175,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class BEC, 4.875%, 5/10/2063, 144A(a)		171,476
	173,453	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A		173,097
	285,000	Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class B, 4.305%, 7/15/2046(a)		273,600
	275,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C36, Class B, 3.671%, 11/15/2059(a)		251,335

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
$	495,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class AS, 4.090%, 6/15/2045(a)	$	494,035
	380,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class B, 4.506%, 8/15/2046(a)		367,670
	390,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class B, 4.378%, 5/15/2047		379,913
				8,685,570
		Paper – 0.4%
	350,000	WestRock MWV LLC, 7.950%, 2/15/2031		448,593
	1,035,000	WestRock MWV LLC, 8.200%, 1/15/2030		1,328,649
				1,777,242
		Pharmaceuticals – 1.1%
	165,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		157,988
	355,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		292,367
	35,000	Bausch Health Cos., Inc., 5.000%, 2/15/2029, 144A		27,265
	290,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		227,807
	915,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		712,199
	40,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A		32,800
	65,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		58,193
	620,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		626,200
	1,710,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		1,342,350
	960,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		921,552
	695,000	Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/09/2029		668,048
				5,066,769
		Property & Casualty Insurance – 0.3%
	1,630,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 11.501%, 1/15/2033, 144A(b)(e)(h)(i)(j)		195,600
	1,135,000	Stewart Information Services Corp., 3.600%, 11/15/2031		1,032,981
				1,228,581
		REITs – Diversified – 0.1%
	270,000	EPR Properties, 3.600%, 11/15/2031		244,782
		Retailers – 0.5%
	585,000	Carvana Co., 5.500%, 4/15/2027, 144A		522,113
		Retailers – continued
	685,000	Carvana Co., 5.875%, 10/01/2028, 144A		609,979
	1,025,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,098,031
				2,230,123
		Sovereigns – 0.3%
	1,200,000	Mexico Government International Bond, 4.280%, 8/14/2041		1,118,604
		Technology – 1.7%
	735,000	Block, Inc., 3.500%, 6/01/2031, 144A		672,525
	550,000	Broadcom, Inc., 2.600%, 2/15/2033, 144A		477,490
	1,825,000	CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031		1,690,771
	1,820,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		1,676,238
	1,215,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		1,156,522
	290,000	MSCI, Inc., 3.250%, 8/15/2033, 144A		260,656
	1,270,000	Oracle Corp., 3.950%, 3/25/2051		1,110,253
	615,000	Sensata Technologies BV, 4.000%, 4/15/2029, 144A		585,621
	110,000	Western Digital Corp., 2.850%, 2/01/2029		100,495
	75,000	Western Digital Corp., 3.100%, 2/01/2032		67,153
				7,797,724
		Treasuries – 18.3%
	148,957(††)	Mexican Fixed Rate Bonds, Series M 30, 8.500%, 11/18/2038, (MXN)		760,130
	10,150,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		2,011,431
	14,635,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		2,905,268
	3,185,000	U.S. Treasury Note, 0.125%, 12/31/2022(k)		3,154,145
	20,545,000	U.S. Treasury Note, 0.125%, 4/30/2023(c)		20,182,252
	10,310,000	U.S. Treasury Note, 0.125%, 5/31/2023(c)		10,099,370
	15,495,000	U.S. Treasury Note, 0.125%, 7/31/2023(c)		15,104,599
	9,340,000	U.S. Treasury Note, 0.500%, 11/30/2023		9,078,407
	12,585,000	U.S. Treasury Note, 0.875%, 1/31/2024		12,264,476
	6,710,000	U.S. Treasury Note, 1.500%, 2/29/2024		6,612,233
				82,172,311
		Wireless – 3.2%
	72,400,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		3,587,240
	730,000	Bharti Airtel Ltd., 3.250%, 6/03/2031, 144A		674,676
	585,000	IHS Holding Ltd., 5.625%, 11/29/2026, 144A		553,702
	935,000	SBA Communications Corp., 3.125%, 2/01/2029		850,495

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Wireless – continued
$	600,000	SoftBank Group Corp., 4.625%, 7/06/2028	$	535,800
	210,000	SoftBank Group Corp., 5.250%, 7/06/2031		188,849
	150,000	T-Mobile USA, Inc., 2.400%, 3/15/2029, 144A		137,357
	265,000	T-Mobile USA, Inc., 2.700%, 3/15/2032, 144A		241,068
	3,275,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		3,114,951
	1,620,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		1,524,388
	2,965,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		2,976,383
				14,384,909
		Total Non-Convertible Bonds
		(Identified Cost $379,915,743)		354,398,710
	Convertible Bonds – 3.6%
		Airlines – 0.4%
	245,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A		227,957
	1,190,000	Southwest Airlines Co., 1.250%, 5/01/2025		1,614,830
				1,842,787
		Cable Satellite – 1.0%
	1,055,000	DISH Network Corp., 2.375%, 3/15/2024		986,425
	4,045,000	DISH Network Corp., 3.375%, 8/15/2026		3,638,478
				4,624,903
		Consumer Cyclical Services – 0.2%
	375,000	Peloton Interactive, Inc., Zero Coupon, 0.519%-1.734%, 2/15/2026(l)		313,305
	750,000	Uber Technologies, Inc., Zero Coupon, 0.000%-1.922%, 12/15/2025(l)		672,278
				985,583
		Gaming – 0.1%
	215,000	Penn National Gaming, Inc., 2.750%, 5/15/2026		432,365
		Healthcare – 0.5%
	2,405,000	Teladoc Health, Inc., 1.250%, 6/01/2027		2,028,618
		Leisure – 0.3%
	1,280,000	NCL Corp. Ltd., 1.125%, 2/15/2027, 144A		1,172,390
		Media Entertainment – 0.1%
	510,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026(m)		428,145
		Pharmaceuticals – 0.9%
	820,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		819,590
		Pharmaceuticals – continued
	2,205,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		2,207,834
	580,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026, 144A(m)		539,458
	470,000	Livongo Health, Inc., 0.875%, 6/01/2025		476,110
				4,042,992
		Technology – 0.1%
	650,000	Splunk, Inc., 1.125%, 6/15/2027		620,750
		Total Convertible Bonds
		(Identified Cost $18,089,719)		16,178,533
	Municipals – 0.9%
		Virginia – 0.9%
	3,985,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $3,968,303)		4,041,485
		Total Bonds and Notes
		(Identified Cost $401,973,765)		374,618,728
	Senior Loans – 0.4%
		Cable Satellite – 0.1%
	291,435	DirecTV Financing LLC, Term Loan, 3-month LIBOR + 5.000%, 5.750%, 8/02/2027(b)(n)		290,791
		Independent Energy – 0.2%
	1,282,000	Ascent Resources – Utica, 2020 Fixed 2nd Lien Term Loan, 3-month LIBOR + 9.000%, 10.000%, 11/01/2025(b)(o)		1,368,535
		Pharmaceuticals – 0.1%
	359,048	Jazz Financing Lux S.a.r.l., USD Term Loan, 1-month LIBOR + 3.500%, 4.000%, 5/05/2028(b)(p)		357,389
		Total Senior Loans
		(Identified Cost $1,931,071)		2,016,715
	Collateralized Loan Obligations – 3.2%
	555,000	522 Funding CLO Ltd., Series 2021-7A, Class D, 3-month LIBOR + 2.900%, 3.159%, 4/23/2034, 144A(b)		535,017
	1,090,000	AIG CLO LLC, Series 2021-1A, Class D, 3-month LIBOR + 2.950%, 3.209%, 4/22/2034, 144A(b)		1,041,816
	1,005,000	AIMCO CLO Ltd., Series 2017-AA, Class DR, 3-month LIBOR + 3.150%, 3.404%, 4/20/2034, 144A(b)		981,636
	1,940,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 3.154%, 4/20/2034, 144A(b)		1,852,838
	2,100,000	Ares XLII CLO Ltd., Series 2017-42A, Class BR, 3-month LIBOR + 1.500%, 1.759%, 1/22/2028, 144A(b)(c)		2,088,589

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Collateralized Loan Obligations – continued
$	255,000	Atrium XV, Series 15A, Class D, 3-month LIBOR + 3.000%, 3.259%, 1/23/2031, 144A(b)	$	250,716
	370,000	Carlye U.S. CLO Ltd., Series 2018-4A, Class C, 3-month LIBOR + 2.900%, 3.154%, 1/20/2031, 144A(b)		358,258
	305,000	CarVal CLO I Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.890%, 3.131%, 7/16/2031, 144A(b)		299,729
	503,000	CIFC Funding Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.650%, 2.891%, 4/18/2031, 144A(b)		486,148
	340,000	Elmwood CLO VIII Ltd., Series 2021-1A, Class D2, 3-month LIBOR + 2.850%, 3.104%, 1/20/2034, 144A(b)		328,965
	365,000	Invesco CLO Ltd., Series 2021-1A, Class D, 3-month LIBOR + 3.050% 3.291%, 4/15/2034, 144A(b)		354,798
	500,000	Madison Park Funding XXXI Ltd., Series 2018-31A, Class D, 3-month LIBOR + 3.000%, 3.259%, 1/23/2031, 144A(b)		491,922
	1,930,000	Oaktree CLO Ltd., Series 2019-2A, Class BR, 3-month LIBOR + 2.700%, 2.941%, 4/15/2031, 144A(b)		1,908,668
	255,000	OCP CLO Ltd., Series 2018-15A, Class C, 3-month LIBOR + 2.950%, 3.204%, 7/20/2031, 144A(b)		246,115
	1,835,000	OZLM XXIII Ltd., Series 2019-23A, Class DR, 3-month LIBOR + 3.750%, 3.991%, 4/15/2034, 144A(b)		1,838,930
	285,000	Parallel Ltd., Series 2015-1A, Class DR, 3-month LIBOR + 2.550%, 2.804%, 7/20/2027, 144A(b)		286,231
	250,000	Recette CLO Ltd., Series 2015-1A, Class DRR, 3-month LIBOR + 3.250%, 3.504%, 4/20/2034, 144A(b)		243,528
	575,000	Sixth Street CLO XVIII Ltd., Series 2021-18A, Class D, 3-month LIBOR + 2.900%, 3.154%, 4/20/2034, 144A(b)		557,956
		Total Collateralized Loan Obligations
		(Identified Cost $14,438,298)		14,151,860
	Shares
	Common Stocks – 7.7%
		Aerospace & Defense – 0.3%
	543	L3Harris Technologies, Inc.		134,919
	2,320	Lockheed Martin Corp.		1,024,048
				1,158,967
		Air Freight & Logistics – 0.2%
	4,238	United Parcel Service, Inc., Class B		908,881
		Beverages – 0.2%
	14,446	Coca-Cola Co. (The)		895,652
		Biotechnology – 0.3%
	7,582	AbbVie, Inc.		1,229,118
		Capital Markets – 0.4%
	1,461	BlackRock, Inc.		1,116,453
	8,588	Morgan Stanley		750,591
				1,867,044
		Communications Equipment – 0.2%
	15,998	Cisco Systems, Inc.		892,048
		Electric Utilities – 0.4%
	8,739	Duke Energy Corp.		975,797
	12,182	NextEra Energy, Inc.		1,031,937
				2,007,734
		Food & Staples Retailing – 0.3%
	7,640	Walmart, Inc.		1,137,749
		Health Care Equipment & Supplies – 0.1%
	5,340	Abbott Laboratories		632,042
		Health Care Providers & Services – 0.2%
	1,234	Anthem, Inc.		606,166
	887	UnitedHealth Group, Inc.		452,343
				1,058,509
		Hotels, Restaurants & Leisure – 0.2%
	7,326	Starbucks Corp.		666,446
		Household Products – 0.3%
	7,927	Procter & Gamble Co. (The)		1,211,246
		IT Services – 0.3%
	2,464	Accenture PLC, Class A		830,935
	1,902	Automatic Data Processing, Inc.		432,781
				1,263,716
		Life Sciences Tools & Services – 0.1%
	511	Thermo Fisher Scientific, Inc.		301,822
		Machinery – 0.3%
	3,413	Cummins, Inc.		700,040
	1,741	Deere & Co.		723,316
				1,423,356
		Media – 0.7%
	102,216	Altice USA, Inc., Class A(i)		1,275,656
	22,024	Comcast Corp., Class A		1,031,164
	34,625	iHeartMedia, Inc., Class A(i)		655,451
				2,962,271
		Metals & Mining – 0.2%
	13,370	Newmont Corp.		1,062,247
		Oil, Gas & Consumable Fuels – 0.3%
	939	Battalion Oil Corp.(i)		17,446
	2,794	Pioneer Natural Resources Co.		698,584
	19,590	Williams Cos., Inc. (The)		654,502
				1,370,532
		Pharmaceuticals – 0.7%
	10,069	Bristol-Myers Squibb Co.		735,339
	6,753	Johnson & Johnson		1,196,834
	15,020	Merck & Co., Inc.		1,232,391
				3,164,564

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Professional Services – 0.0%
	456	Clarivate PLC(i)	$	7,643
		REITs – Diversified – 0.2%
	3,851	American Tower Corp.		967,448
		Road & Rail – 0.2%
	3,730	Union Pacific Corp.		1,019,073
		Semiconductors & Semiconductor Equipment – 0.3%
	945	Broadcom, Inc.		595,048
	8,028	Microchip Technology, Inc.		603,224
	1,626	Texas Instruments, Inc.		298,338
				1,496,610
		Software – 0.2%
	2,922	Microsoft Corp.		900,882
		Specialty Retail – 0.1%
	1,987	Home Depot, Inc. (The)		594,769
		Technology Hardware, Storage & Peripherals – 0.2%
	5,474	Apple, Inc.		955,815
		Wireless Telecommunication Services – 0.8%
	27,439	T-Mobile US, Inc.(i)		3,521,796
		Total Common Stocks
		(Identified Cost $31,484,683)		34,677,980
	Preferred Stocks – 1.2%
	Convertible Preferred Stocks – 1.1%
		Banking – 0.6%
	1,109	Bank of America Corp., Series L, 7.250%		1,455,563
	834	Wells Fargo & Co., Class A, Series L, 7.500%		1,105,050
				2,560,613
		Midstream – 0.1%
	5,333	El Paso Energy Capital Trust I, 4.750%		265,583
		Technology – 0.1%
	8,046	Clarivate PLC, Series A, 5.250%		546,082
		Wireless – 0.3%
	1,413	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A(e)(f)		1,575,495
		Total Convertible Preferred Stocks
		(Identified Cost $5,432,621)		4,947,773
	Non-Convertible Preferred Stocks – 0.1%
		Electric – 0.1%
	4,670	Union Electric Co., 4.500% (Identified Cost $246,343)		449,114
		Total Preferred Stocks
		(Identified Cost $5,678,964)		5,396,887
Principal Amount (‡)		Description	Value (†)
	Short-Term Investments – 2.8%
$	12,369,865	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $12,369,865 on 4/01/2022 collateralized by $12,662,800 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $12,617,290 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $12,369,865)	$	12,369,865
		Total Investments – 98.8%
		(Identified Cost $467,876,646)		443,232,035
		Other assets less liabilities—1.2%		5,383,058
		Net Assets – 100.0%	$	448,615,093
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2022 is disclosed.
	(b)	Variable rate security. Rate as of March 31, 2022 is disclosed.
	(c)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(d)	Perpetual bond with no specified maturity date.
	(e)	Illiquid security.
	(f)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2022, the value of these securities amounted to $3,858,072 or 0.9% of net assets. See Note 2 of Notes to Financial Statements.
	(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(h)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(i)	Non-income producing security.
	(j)	Fair valued by the Fund’s adviser. At March 31, 2022, the value of this security amounted to $195,600 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(k)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
	(l)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
	(m)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(n)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 0.75%, to which the spread is added.
	(o)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 1.00%, to which the spread is added.
	(p)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 0.50%, to which the spread is added.

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the value of Rule 144A holdings amounted to $162,685,053 or 36.3% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
SOFR	Secured Overnight Financing Rate
BRL	Brazilian Real
MXN	Mexican Peso

At March 31, 2022, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		6/21/2022		36	$	6,604,012	$	6,376,500	$	(227,512	)

At March 31, 2022, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		6/21/2022		111	$	15,519,834	$	15,037,031	$	482,803

Industry Summary at March 31, 2022 (Unaudited)

Treasuries	18.3	%
Banking	5.1
ABS Home Equity	4.8
Cable Satellite	4.8
Finance Companies	3.8
Wireless	3.5
ABS Car Loan	3.4
ABS Other	2.9
Pharmaceuticals	2.8
Independent Energy	2.7
Metals & Mining	2.5
Life Insurance	2.2
Other Investments, less than 2% each	36.0
Collateralized Loan Obligations	3.2
Short-Term Investments	2.8
Total Investments	98.8
Other assets less liabilities (including futures contracts)	1.2
Net Assets	100.0	%

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 95.9% of Net Assets
		Australia – 1.9%
	3,840,000	Australia Government Bond, Series 164, 0.500%, 9/21/2026, (AUD)(a)	$	2,621,964
	4,845,000	New South Wales Treasury Corp., Series 26, 4.000%, 5/20/2026, (AUD)(a)		3,800,068
	8,485,000	Queensland Treasury Corp., Series 27, 2.750%, 8/20/2027, 144A, (AUD)(a)		6,304,394
				12,726,426
		Belgium – 0.8%
	305,000	Anheuser-Busch InBev Finance, Inc., 4.700%, 2/01/2036		327,117
	1,605,000	Anheuser-Busch InBev Worldwide, Inc., 4.500%, 6/01/2050		1,714,850
	2,485,000	Kingdom of Belgium Government Bond, 1.700%, 6/22/2050, 144A, (EUR)(a)		2,883,326
				4,925,293
		Bermuda – 0.3%
	1,935,000	XLIT Ltd., (fixed rate to 6/29/2027, variable rate thereafter), 3.250%, 6/29/2047, (EUR)		2,198,346
		Brazil – 2.1%
	1,020,000	Banco do Brasil S.A., 4.625%, 1/15/2025, 144A		1,037,544
	22,836(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2027, (BRL)		4,586,476
	3,525,000	Brazilian Government International Bond, 4.625%, 1/13/2028		3,532,896
	1,200,000	Suzano Austria GmbH, 3.125%, 1/15/2032		1,062,456
	1,895,000	Suzano Austria GmbH, 3.750%, 1/15/2031		1,784,142
	200,000	Suzano Austria GmbH, 5.000%, 1/15/2030		203,752
	1,660,000	Ultrapar International S.A, 5.250%, 6/06/2029, 144A		1,639,333
	205,000	Ultrapar International S.A., 5.250%, 6/06/2029		202,448
				14,049,047
		Canada – 2.0%
	11,030,000	Canadian Government Bond, 0.500%, 12/01/2030, (CAD)(a)		7,525,881
	635,000	CNH Capital Canada Receivables Trust, Series 2021-1A, Class A2, 1.001%, 11/16/2026, 144A, (CAD)		495,363
	668,589	Ford Auto Securitization Trust, Series 2019-AA, Class A3, 2.552%, 9/15/2024, 144A, (CAD)(a)		537,107
		Canada – continued
	110,031	Ford Auto Securitization Trust, Series 2019-BA, Class A2, 2.321%, 10/15/2023, 144A, (CAD)		88,185
	1,260,000	Province of Manitoba Canada, MTN, 4.400%, 9/05/2025, (CAD)(a)		1,061,881
	5,245,000	Province of Ontario Canada, 1.900%, 12/02/2051, (CAD)(a)		3,109,492
				12,817,909
		Chile – 0.5%
	1,065,000	Banco de Chile, 2.990%, 12/09/2031, 144A		982,835
	2,235,000	Engie Energia Chile S.A., 3.400%, 1/28/2030		2,056,223
				3,039,058
		China – 8.6%
	42,910,000	China Development Bank, Series 2103, 3.300%, 3/03/2026, (CNY)		6,880,738
	41,870,000	China Development Bank, Series 2115, 3.120%, 9/13/2031, (CNY)		6,587,671
	95,120,000	China Government Bond, 1.990%, 4/09/2025, (CNY)(a)		14,739,518
	51,860,000	China Government Bond, 3.270%, 11/19/2030, (CNY)(a)		8,411,454
	103,920,000	China Government Bond, 3.280%, 12/03/2027, (CNY)(a)		16,838,535
	20,670,000	China Government Bond, 3.720%, 4/12/2051, (CNY)(a)		3,434,287
				56,892,203
		Colombia – 1.0%
	1,845,000	EcoPetrol S.A., 4.625%, 11/02/2031		1,669,725
	19,798,100,000	Titulos De Tesoreria, Series B, 7.500%, 8/26/2026, (COP)		4,910,369
				6,580,094
		Denmark – 0.8%
	33,175,000	Denmark Government Bond, 1.750%, 11/15/2025, (DKK)(a)		5,165,135
		France – 0.9%
	800,000	Electricite de France S.A., EMTN, 2.000%, 12/09/2049, (EUR)		802,835
	3,275,000	French Republic Government Bond OAT, 0.500%, 6/25/2044, 144A, (EUR)(a)		3,059,850
	1,600,000	Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres Et Salaries De L Industrie Et Du Commerce (MACIF), (fixed rate to 3/21/2032, variable rate thereafter), 2.125%, 6/21/2052, (EUR)		1,594,947
	35,000	WEA Finance LLC, 2.875%, 1/15/2027, 144A		33,257

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		France – continued
$	535,000	WEA Finance LLC, 3.500%, 6/15/2029, 144A	$	516,486
				6,007,375
		Germany – 7.3%
	7,215,000	Bundesrepublik Deutschland Bundesanleihe, Zero Coupon, 0.000%, 8/15/2026, (EUR)(a)(b)		7,881,168
	3,610,000	Bundesrepublik Deutschland Bundesanleihe, Zero Coupon, 0.000%, 8/15/2030, (EUR)(a)(b)		3,843,444
	5,950,000	Bundesrepublik Deutschland Bundesanleihe, 0.250%, 8/15/2028, (EUR)(a)		6,511,533
	2,660,000	Bundesrepublik Deutschland Bundesanleihe, Zero Coupon, 0.308%, 8/15/2050, (EUR)(a)(b)		2,463,006
	1,710,000	Bundesrepublik Deutschland Bundesanleihe, 1.000%, 8/15/2025, (EUR)(a)		1,943,697
	2,345,000	Bundesrepublik Deutschland Bundesanleihe, 1.250%, 8/15/2048, (EUR)(a)		3,003,514
	1,415,000	Bundesrepublik Deutschland Bundesanleihe, 1.500%, 5/15/2023, (EUR)(a)		1,598,926
	555,000	Bundesrepublik Deutschland Bundesanleihe, 4.750%, 7/04/2040, (EUR)		1,053,172
	3,310,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		2,925,379
	815,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		726,937
	4,300,000	Deutsche Bank AG, EMTN, (fixed rate to 2/19/2026, variable rate thereafter), 5.625%, 5/19/2031, (EUR)		5,123,496
	6,095,000	Fraport AG Frankfurt Airport Services Worldwide, 1.875%, 3/31/2028, (EUR)		6,494,802
	211,000	Fraport AG Frankfurt Airport Services Worldwide, 2.125%, 7/09/2027, (EUR)		232,200
	32,680,000	Kreditanstalt fuer Wiederaufbau, EMTN, 1.250%, 8/28/2023, (NOK)(a)		3,674,328
	520,000	Volkswagen Financial Services AG, EMTN, 3.375%, 4/06/2028, (EUR)		614,634
				48,090,236
		Indonesia – 0.6%
	38,485,000,000	Indonesia Treasury Bond, 6.500%, 2/15/2031, (IDR)		2,633,540
	18,722,000,000	Indonesia Treasury Bond, 8.250%, 5/15/2029, (IDR)		1,418,870
				4,052,410
		Ireland – 0.8%
	400,000	Bank of Ireland Group PLC, (fixed rate to 9/30/2026, variable rate thereafter), 2.029%, 9/30/2027, 144A		362,268
	1,310,000	Ireland Government Bond, Zero Coupon, 0.029%, 10/18/2031, (EUR)(a)(b)		1,315,004
	3,205,000	Ireland Government Bond, 1.000%, 5/15/2026, (EUR)(a)		3,621,412
				5,298,684
		Israel – 0.2%
	3,425,000	State of Israel, 1.000%, 3/31/2030, (ILS)		993,551
	420,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		380,264
				1,373,815
		Italy – 5.2%
	1,130,000	Assicurazioni Generali SpA, (fixed rate to 6/08/2028, variable rate thereafter), EMTN, 5.000%, 6/08/2048, (EUR)		1,370,576
	130,000	Assicurazioni Generali SpA, EMTN, (fixed rate to 10/27/2027, variable rate thereafter), 5.500%, 10/27/2047, (EUR)		160,890
	490,000	Atlantia SpA, EMTN, 1.625%, 2/03/2025, (EUR)		533,406
	2,255,000	Atlantia SpA, EMTN, 1.875%, 7/13/2027, (EUR)		2,372,982
	1,295,000	Autostrade per l’Italia SpA, 2.000%, 12/04/2028, (EUR)		1,393,400
	2,485,000	Autostrade per l’Italia SpA, 2.000%, 1/15/2030, (EUR)		2,589,763
	770,000	Autostrade per l’Italia SpA, EMTN, 1.875%, 9/26/2029, (EUR)		802,833
	1,600,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		1,892,760
	1,740,000	Intesa Sanpaolo SpA, (fixed rate to 6/01/2031, variable rate thereafter), 4.198%, 6/01/2032, 144A		1,539,935
	2,625,000	Intesa Sanpaolo SpA, EMTN, 5.148%, 6/10/2030, (GBP)		3,551,642
	13,830,000	Italy Buoni Poliennali Del Tesoro, 1.350%, 4/01/2030, (EUR)(a)		14,822,245
	300,000	UniCredit SpA, (fixed rate to 1/15/2027, variable rate thereafter), 2.731%, 1/15/2032, (EUR)		312,665
	605,000	UniCredit SpA, (fixed rate to 4/02/2029, variable rate thereafter), 7.296%, 4/02/2034, 144A		640,806
	200,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		191,109
	2,355,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035		2,250,577
				34,425,589

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Japan – 10.2%
	3,361,750,000	Japan Government Five Year Bond, 0.100%, 12/20/2025, (JPY)(a)	$	27,725,463
	683,950,000	Japan Government Ten Year Bond, Series 350, 0.100%, 3/20/2028, (JPY)(a)		5,628,514
	1,838,400,000	Japan Government Ten Year Bond, Series 354, 0.100%, 3/20/2029, (JPY)(a)		15,094,994
	493,150,000	Japan Government Thirty Year Bond, Series 26, 2.400%, 3/20/2037, (JPY)(a)		5,183,544
	468,600,000	Japan Government Thirty Year Bond, Series 41, 1.700%, 12/20/2043, (JPY)(a)		4,591,310
	480,200,000	Japan Government Thirty Year Bond, Series 51, 0.300%, 6/20/2046, (JPY)(a)		3,504,111
	724,400,000	Japan Government Thirty Year Bond, Series 62, 0.500%, 3/20/2049, (JPY)(a)		5,402,653
				67,130,589
		Korea – 1.0%
	9,400,000,000	Korea Treasury Bond, 1.375%, 6/10/2030, (KRW)(a)		6,866,979
		Luxembourg – 0.5%
	1,180,000	Blackstone Property Partners Europe Holdings S.a.r.l., EMTN, 1.625%, 4/20/2030, (EUR)		1,172,777
	920,000	Logicor Financing S.a.r.l., EMTN, 0.875%, 1/14/2031, (EUR)		858,511
	1,195,000	Logicor Financing S.a.r.l., EMTN, 1.625%, 1/17/2030, (EUR)		1,218,300
				3,249,588
		Malaysia – 0.3%
	7,770,000	Malaysia Government Bond, Series 0119, 3.906%, 7/15/2026, (MYR)		1,878,163
		Mexico – 1.5%
	405,000	America Movil SAB de CV, 2.875%, 5/07/2030		386,900
	680,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		620,507
	200,000	Cemex SAB de CV, 3.875%, 7/11/2031		182,502
	405,000	Cemex SAB de CV, 5.200%, 9/17/2030, 144A		402,975
	880,000	Cemex SAB de CV, 5.450%, 11/19/2029, 144A		889,909
	200,000	Cemex SAB de CV, 5.450%, 11/19/2029		202,252
	996,320(†††)	Mexican Fixed Rate Bonds, Series M 20, 8.500%, 5/31/2029, (MXN)		5,062,498
	1,450,000	Mexico Government International Bond, 3.500%, 2/12/2034		1,347,760
		Mexico – continued
	1,025,000	Orbia Advance Corp. SAB de CV, 5.875%, 9/17/2044, 144A		1,054,479
				10,149,782
		Netherlands – 0.1%
	655,000	NN Group NV, (fixed rate to 1/13/2028, variable rate thereafter), EMTN, 4.625%, 1/13/2048, (EUR)		793,430
		New Zealand – 1.2%
	1,045,000	New Zealand Government Bond, Series 0423, 5.500%, 4/15/2023, (NZD)(a)		746,696
	10,010,000	New Zealand Government Bond, Series 0427, 4.500%, 4/15/2027, (NZD)(a)		7,375,462
				8,122,158
		Norway – 1.3%
	320,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		313,125
	2,755,000	Aker BP ASA, 4.000%, 1/15/2031, 144A		2,744,617
	2,000,000	City of Oslo Norway, 2.300%, 3/14/2024, (NOK)		225,499
	2,000,000	City of Oslo Norway, 2.350%, 9/04/2024, (NOK)		224,597
	1,000,000	City of Oslo Norway, 3.650%, 11/08/2023, (NOK)		115,710
	4,100,000	Norway Government Bond, Series 475, 2.000%, 5/24/2023, 144A, (NOK)		467,456
	37,545,000	Norway Government Bond, Series 477, 1.750%, 3/13/2025, 144A, (NOK)(a)		4,181,537
				8,272,541
		Portugal – 0.3%
	1,085,000	EDP Finance BV, 1.710%, 1/24/2028, 144A		958,728
	405,000	EDP Finance BV, 3.625%, 7/15/2024, 144A		405,414
	230,000	EDP Finance BV, EMTN, 0.375%, 9/16/2026, (EUR)		243,814
				1,607,956
		Singapore – 0.3%
	2,780,000	Singapore Government Bond, 2.125%, 6/01/2026, (SGD)(a)		2,042,926
		South Africa – 1.7%
	440,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A		484,965
	186,090,000	Republic of South Africa, Series R213, 7.000%, 2/28/2031, (ZAR)		10,613,338
				11,098,303
		Spain – 1.6%
	400,000	Banco Santander S.A., 2.958%, 3/25/2031		369,632

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Spain – continued
$	400,000	Banco Santander S.A., 4.250%, 4/11/2027	$	404,083
	2,600,000	Banco Santander S.A., 5.179%, 11/19/2025		2,686,242
	2,460,000	Spain Government Bond, 1.950%, 7/30/2030, 144A, (EUR)		2,886,067
	2,835,000	Spain Government Bond, 4.200%, 1/31/2037, 144A, (EUR)		4,219,556
				10,565,580
		Supranationals – 1.4%
	2,665,000	Inter-American Development Bank, 4.400%, 1/26/2026, (CAD)(a)		2,258,455
	18,000,000	Nordic Investment Bank, EMTN, 0.200%, 1/16/2023, (SEK)(a)		1,910,104
	44,510,000	Nordic Investment Bank, EMTN, 1.500%, 3/13/2025, (NOK)(a)		4,897,012
				9,065,571
		Sweden – 0.4%
	1,455,000	Heimstaden Bostad Treasury BV, EMTN, 0.750%, 9/06/2029, (EUR)		1,372,806
	9,900,000	Sweden Government Bond, Series 1057, 1.500%, 11/13/2023, 144A, (SEK)(a)		1,066,514
				2,439,320
		Switzerland – 0.2%
	195,000	Credit Suisse Group AG, (fixed rate to 1/14/2027, variable rate thereafter), 0.650%, 1/14/2028, (EUR)		198,176
	715,000	Credit Suisse Group AG, (fixed rate to 5/14/2031, variable rate thereafter), 3.091%, 5/14/2032, 144A		644,857
	715,000	Credit Suisse Group AG, EMTN, 0.625%, 1/18/2033, (EUR)		641,126
				1,484,159
		Thailand – 0.3%
	74,870,000	Thailand Government Bond, 1.600%, 12/17/2029, (THB)		2,142,327
		United Arab Emirates – 0.3%
	1,180,000	DP World Ltd., MTN, 4.700%, 9/30/2049		1,143,184
	800,000	DP World Ltd., MTN, 5.625%, 9/25/2048		863,968
				2,007,152
		United Kingdom – 6.5%
	1,640,000	Aviva PLC, (fixed rate to 3/03/2035, variable rate thereafter), 4.000%, 6/03/2055, (GBP)		2,112,569
	1,050,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		967,084
		United Kingdom – continued
	1,000,000	Barclays PLC, EMTN, (fixed rate to 3/22/2026, variable rate thereafter), 1.125%, 3/22/2031, (EUR)		1,047,484
	565,127	Brass PLC, Series 8A, Class A1, 3-month LIBOR + 0.700%, 1.159%, 11/16/2066, 144A(a)(c)		566,218
	1,370,000	Channel Link Enterprises Finance PLC, Series A7, (fixed rate to 6/20/2022, variable rate thereafter), 1.761%, 6/30/2050, (EUR)		1,519,245
	1,055,000	Channel Link Enterprises Finance PLC, Series A8, (fixed rate to 6/20/2027, variable rate thereafter), 2.706%, 6/30/2050, (EUR)		1,140,670
	3,350,000	CK Hutchison International 19 Ltd., 3.625%, 4/11/2029, 144A		3,386,915
	188,992	Gosforth Funding PLC, Series 2018-1A, Class A1, 3-month LIBOR + 0.450%, 0.948%, 8/25/2060, 144A(c)		188,969
	2,360,000	Heathrow Funding Ltd., EMTN, 1.875%, 3/14/2036, (EUR)		2,399,827
	2,030,000	Lanark Master Issuer PLC, Series 2019-2A, Class 1A, 2.710%, 12/22/2069, 144A(a)(d)		2,036,100
	1,070,000	Lanark Master Issuer PLC, Series 2020-1A, Class 1A, 2.277%, 12/22/2069, 144A(a)(d)		1,072,479
	142,500	Lanark Master Issuer PLC, Series 2020-1A, Class 2A, SONIA Index + 0.570%, 0.747%, 12/22/2069, 144A, (GBP)(c)		187,444
	1,720,000	Legal & General Group PLC, (fixed rate to 11/01/2030, variable rate thereafter), 4.500%, 11/01/2050, (GBP)		2,316,448
	490,000	Legal & General Group PLC, EMTN, (fixed rate to 11/26/2029, variable rate thereafter), 3.750%, 11/26/2049, (GBP)		626,474
	600,000	Lloyds Banking Group PLC, (fixed rate to 12/03/2030, variable rate thereafter), 2.707%, 12/03/2035, (GBP)		720,565
	275,000	National Grid Electricity Transmission PLC, EMTN, 1.125%, 7/07/2028, (GBP)		328,026
	630,000	National Grid Electricity Transmission PLC, EMTN, 2.750%, 2/06/2035, (GBP)		787,967
	905,000	National Grid PLC, EMTN, 0.163%, 1/20/2028, (EUR)		917,910
	430,000	National Grid PLC, EMTN, 0.553%, 9/18/2029, (EUR)		432,447
	225,000	Standard Chartered PLC, (fixed rate to 4/01/2030, variable rate thereafter), 4.644%, 4/01/2031, 144A		231,999
	1,005,000	United Kingdom Gilt, 0.125%, 1/31/2023, (GBP)(a)		1,309,128

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		United Kingdom – continued
	3,255,000	United Kingdom Gilt, 0.125%, 1/30/2026, (GBP)(a)	$	4,077,099
	2,600,000	United Kingdom Gilt, 0.625%, 10/22/2050, (GBP)(a)		2,555,563
	435,000	United Kingdom Gilt, 1.500%, 7/22/2047, (GBP)		536,149
	3,120,000	United Kingdom Gilt, 3.500%, 1/22/2045, (GBP)(a)		5,378,777
	3,090,000	United Kingdom Gilt, 4.750%, 12/07/2030, (GBP)(a)		5,127,989
	885,000	Western Power Distribution South Wales PLC, EMTN, 1.625%, 10/07/2035, (GBP)		959,445
				42,930,990
		United States – 33.8%
	750,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		742,992
	290,000,000	Aflac, Inc.,0.932%, 1/25/2027, (JPY)		2,409,306
	390,000,000	Aflac, Inc., (fixed rate to 10/23/2027, variable rate thereafter), 2.108%, 10/23/2047, (JPY)		3,353,379
	275,000	Ally Financial, Inc., 3.875%, 5/21/2024		278,156
	310,000	Ally Financial, Inc., 4.625%, 3/30/2025		319,478
	145,000	Ally Financial, Inc., 5.800%, 5/01/2025		153,804
	1,971,182	Apollo Aviation Securitization Equity Trust, Series 2021-2A, Class A, 2.798%, 1/15/2047, 144A(a)		1,813,306
	975,000	Ares Capital Corp., 2.875%, 6/15/2028		863,169
	3,385,000	AT&T, Inc., 3.650%, 6/01/2051		3,080,262
	595,000	Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.000%, 3/20/2025, 144A(a)		604,321
	1,690,000	Bank of America Corp., (fixed rate to 2/13/2030, variable rate thereafter), MTN, 2.496%, 2/13/2031(a)		1,553,397
	85,000	Boeing Co. (The), 2.250%, 6/15/2026		80,343
	160,000	Boeing Co. (The), 3.100%, 5/01/2026		157,202
	2,885,000	Boeing Co. (The), 3.250%, 2/01/2028		2,779,101
	65,000	Boeing Co. (The), 3.250%, 3/01/2028		62,424
	10,000	Boeing Co. (The), 3.250%, 2/01/2035		8,929
	120,000	Boeing Co. (The), 3.550%, 3/01/2038		105,471
	1,820,000	Boeing Co. (The), 3.625%, 2/01/2031		1,771,489
		United States – continued
	40,000	Boeing Co. (The), 3.625%, 3/01/2048		33,944
	760,000	Boeing Co. (The), 3.750%, 2/01/2050		679,888
	195,000	Boeing Co. (The), 3.825%, 3/01/2059		160,155
	235,000	Boeing Co. (The), 3.850%, 11/01/2048		206,042
	390,000	Boeing Co. (The), 3.900%, 5/01/2049		351,904
	560,000	Boeing Co. (The), 3.950%, 8/01/2059		485,131
	210,000	Boeing Co. (The), 5.805%, 5/01/2050		242,495
	1,644,000	Broadcom, Inc., 3.187%, 11/15/2036, 144A		1,427,138
	158,000	Broadcom, Inc., 3.469%, 4/15/2034, 144A		146,329
	1,050,000	Broadcom, Inc., 4.300%, 11/15/2032		1,065,505
	215,000	Centene Corp., 2.450%, 7/15/2028		196,446
	2,210,000	Centene Corp., 2.500%, 3/01/2031		1,950,391
	4,060,000	Centene Corp., 3.000%, 10/15/2030		3,728,988
	1,890,000	Centene Corp., 3.375%, 2/15/2030		1,778,367
	2,566,000	Centene Corp., 4.625%, 12/15/2029		2,586,759
	1,115,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.300%, 2/01/2032		953,064
	400,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 2.800%, 4/01/2031		360,518
	1,185,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.700%, 4/01/2051		976,557
	210,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.800%, 3/01/2050		199,481
	3,515,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.050%, 3/30/2029		3,721,764
	1,369,417	Citigroup Mortgage Loan Trust, Series 2019-E, Class A1, 3.228%, 11/25/2070, 144A(d)		1,368,934
	2,930,000	Citigroup, Inc., Series MPLE, 4.090%, 6/09/2025, (CAD)		2,360,008
	1,100,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		980,925
	1,725,000	Continental Resources, Inc., 4.375%, 1/15/2028		1,748,805
	1,295,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		1,416,471

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		United States – continued
	600,000,000	Corning, Inc., 0.698%, 8/09/2024, (JPY)	$	4,881,074
	1,125,833	Credit Suisse Mortgage Trust, Series 2019-RP10, Class A1, 2.942%, 12/26/2059, 144A(d)		1,116,283
	660,000	CVS Health Corp., 3.250%, 8/15/2029		651,653
	415,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		373,500
	3,800,000	Delta Air Lines, Inc./SkyMiles IP Ltd., 4.500%, 10/20/2025, 144A		3,822,076
	2,990,000	Delta Air Lines, Inc./SkyMiles IP Ltd., 4.750%, 10/20/2028, 144A		3,012,893
	182,334	Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.700%, 1/21/2031, 144A		182,745
	85,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		81,179
	595,000	Diamondback Energy, Inc., 3.500%, 12/01/2029		589,387
	1,875,000	Digital Dutch Finco BV, 1.000%, 1/15/2032, (EUR)		1,752,536
	460,000	Energy Transfer LP, 5.300%, 4/15/2047		472,713
	2,775,000	EQT Corp., 3.625%, 5/15/2031, 144A		2,650,125
	190,000	EQT Corp., 3.900%, 10/01/2027		189,450
	580,000	EQT Corp., 5.000%, 1/15/2029		598,757
	585,000	Ferguson Finance PLC, 3.250%, 6/02/2030, 144A		556,761
	1,337,361	FHLMC, 4.500%, 12/01/2048(a)		1,388,430
	3,215,960	FHLMC, 5.000%, with various maturities in 2049(a)(e)		3,384,334
	19,697,786	FNMA, 2.000%, with various maturities from 2051 to 2052(a)(e)		18,307,878
	261,373	FNMA, 3.000%, 11/01/2046		259,480
	1,087,677	FNMA, 3.500%, with various maturities from 2045 to 2047(a)(e)		1,101,390
	7,524,582	FNMA, 4.000%, with various maturities from 2048 to 2050(a)(e)		7,695,482
	4,395,827	FNMA, 4.500%, with various maturities from 2043 to 2050(a)(e)		4,576,441
	805,000	Ford Motor Co., 3.250%, 2/12/2032		718,970
	2,860,000	Ford Motor Credit Co. LLC, 2.900%, 2/10/2029		2,547,459
	610,000	Freeport-McMoRan, Inc., 4.250%, 3/01/2030		614,069
	4,235,000	Freeport-McMoRan, Inc., 4.625%, 8/01/2030		4,330,288
	1,415,000	GE Capital Funding LLC, 4.550%, 5/15/2032		1,519,534
	435,000	HCA, Inc., 3.625%, 3/15/2032, 144A		426,280
	6,490,000	HCA, Inc., 2.375%, 7/15/2031		5,800,159
	1,440,000	HCA, Inc., 4.125%, 6/15/2029		1,467,796
	2,014,280	Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.250%, 11/25/2059, 144A(d)		2,005,157
		United States – continued
	1,754,345	Legacy Mortgage Asset Trust, Series 2020-GS1, Class A1, 2.882%, 10/25/2059, 144A(d)		1,754,270
	55,000	Lennar Corp., 4.750%, 5/30/2025		56,959
	420,000	Lennar Corp., 5.000%, 6/15/2027		440,141
	2,090,000	Magallanes, Inc., 4.279%, 3/15/2032, 144A		2,101,767
	1,700,000	Magallanes, Inc., 5.050%, 3/15/2042, 144A		1,734,323
	2,433,229	Navigator Aircraft ABS Ltd., Series 2021-1, Class A, 2.771%, 11/15/2046, 144A(a)(d)		2,240,738
	1,545,000	Oracle Corp., 3.950%, 3/25/2051		1,350,663
	472,000	Ovintiv, Inc., 6.500%, 8/15/2034		560,230
	87,000	Ovintiv, Inc., 7.375%, 11/01/2031		106,656
	740,000	Owl Rock Capital Corp., 2.875%, 6/11/2028		645,412
	530,000,000	Prologis Yen Finance LLC, 0.972%, 9/25/2028, (JPY)		4,377,180
	2,026,412	PRPM LLC, Series 2021-1, Class A1, 2.115%, 1/25/2026, 144A(d)		1,947,236
	1,107,160	PRPM LLC, Series 2021-10, Class A1, 2.487%, 10/25/2026, 144A(d)		1,063,060
	593,000	PulteGroup, Inc., 5.000%, 1/15/2027		624,780
	1,115,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		1,018,943
	3,015,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		2,728,575
	10,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031		9,050
	1,270,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		1,112,393
	349,567	Santander Drive Auto Receivables Trust, Series 2019-2, Class C, 2.900%, 10/15/2024		350,042
	305,000	Santander Holdings USA, Inc., 3.244%, 10/05/2026		297,310
	625,000	T-Mobile USA, Inc., 3.300%, 2/15/2051		525,891
	350,000	T-Mobile USA, Inc., 3.400%, 10/15/2052, 144A		297,654
	2,020,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		2,027,755
	840,000	T-Mobile USA, Inc., 4.375%, 4/15/2040		843,564
	1,755,000	U.S. Treasury Bond, 1.250%, 5/15/2050		1,308,983
	8,619,000	U.S. Treasury Bond, 1.625%, 11/15/2050(a)		7,062,866
	8,510,000	U.S. Treasury Bond, 1.875%, 2/15/2041(a)		7,577,557
	985,000	U.S. Treasury Bond, 1.875%, 2/15/2051		860,682

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		United States – continued
$	5,040,000	U.S. Treasury Bond, 2.875%, 5/15/2043(f)	$	5,217,581
	3,600,000	U.S. Treasury Note, 1.125%, 2/15/2031(a)		3,250,547
	1,755,000	U.S. Treasury Note, 1.500%, 1/31/2027(a)		1,677,122
	8,260,000	U.S. Treasury Note, 1.625%, 5/15/2031(a)		7,776,661
	2,854,000	UMBS® (TBA), 3.500%, 5/01/2052(g)		2,849,062
	1,558,000	UMBS® (TBA), 2.000%, 4/01/2052(g)		1,446,201
	12,259,000	UMBS® (TBA), 2.500%, 5/01/2052(g)		11,671,608
	841,481	United Airlines Pass Through Trust, Series 2016-1, Class B, 3.650%, 7/07/2027		794,003
	1,074,861	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		1,004,339
	875,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		860,716
	3,283,725	Vericrest Opportunity Loan Transferee, Series 2021-NP11, Class A1, 1.868%, 8/25/2051, 144A(d)		3,138,809
	350,000	Verizon Communications, Inc., 2.850%, 9/03/2041		308,088
	2,830,000	VMware, Inc., 2.200%, 8/15/2031		2,491,625
	2,762,297	VOLT XCIII LLC, Series 2021-NPL2, Class A1, 1.893%, 2/27/2051, 144A(d)		2,676,826
	1,240,235	VOLT XCVII LLC, Series 2021-NPL6, Class A1,2.240%, 4/25/2051, 144A(d)		1,199,336
	570,000,000	Walmart, Inc., 0.183%, 7/15/2022, (JPY)(a)		4,680,827
				222,404,848
		Total Bonds and Notes
		(Identified Cost $669,356,641)		631,893,982
	Short-Term Investments – 5.2%
	16,818,659	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $16,818,659 on 4/01/2022 collateralized by $17,217,000 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $17,155,122 including accrued interest (Note 2 of Notes to Financial Statements)		16,818,659
	12,160,000	U.S. Treasury Bills, 0.225%-0.375%, 5/26/2022(h)(i)		12,154,659
	Short-Term Investments – continued
	4,990,000	U.S. Treasury Bills,0.515%, 7/07/2022(h)		4,982,268
		Total Short-Term Investments
		(Identified Cost $33,955,400)		33,955,586
		Total Investments – 101.1%
		(Identified Cost $703,312,041)		665,849,568
		Other assets less liabilities—(1.1)%		(7,193,912	)
		Net Assets – 100.0%	$	658,655,656
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 1,000.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts or TBA transactions.
	(b)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(c)	Variable rate security. Rate as of March 31, 2022 is disclosed.
	(d)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2022 is disclosed.
	(e)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(f)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
	(g)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
	(h)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(i)	The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the value of Rule 144A holdings amounted to $97,362,770 or 14.8% of net assets.
	ABS	Asset-Backed Securities
	EMTN	Euro Medium Term Note
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	SONIA	Sterling Overnight Index Average
	TBA	To Be Announced
	UMBS®	Uniform Mortgage-Backed Securities
	AUD	Australian Dollar
	BRL	Brazilian Real
	CAD	Canadian Dollar

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Bond Fund – continued

CHF	Swiss Franc
CNH	Chinese Yuan Renminbi Offshore
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
ZAR	South African Rand

At March 31, 2022, the Fund had the following open forward foreign currency contracts:

Counterparty	Delivery Date	Currency Bought/ Sold (B/S)	Units of Currency			In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
Bank of America, N.A.	6/02/2022	BRL		S	21,971,000	$	4,233,088	$	4,538,367	$	(305,279	)
BNP Paribas S.A.	6/15/2022	CNH		S	29,752,000		4,674,584		4,662,485		12,099
Citibank N.A.	6/15/2022	ZAR		S	72,730,000		4,697,713		4,932,162		(234,449	)
Credit Suisse International	6/15/2022	CHF		B	3,258,000		3,525,860		3,536,332		10,472
Credit Suisse International	6/15/2022	IDR		S	21,947,060,000		1,515,262		1,523,514		(8,252	)
Credit Suisse International	6/15/2022	JPY		S	567,398,000		4,834,280		4,669,354		164,926
HSBC Bank USA	6/15/2022	CAD		B	10,409,000		8,141,317		8,324,656		183,339
HSBC Bank USA	6/15/2022	SGD		B	3,966,000		2,909,461		2,926,103		16,642
Morgan Stanley Capital Services, Inc.	6/15/2022	GBP		S	3,813,000		5,017,713		5,007,494		10,219
Standard Chartered Bank	6/15/2022	EUR		B	27,719,000		30,300,934		30,746,961		446,027
Standard Chartered Bank	6/15/2022	EUR		S	2,960,000		3,298,372		3,283,343		15,029
UBS AG	6/15/2022	AUD		B	5,400,000		3,967,029		4,045,691		78,662
UBS AG	6/15/2022	COP		S	22,072,575,000		5,772,117		5,792,412		(20,295	)
UBS AG	6/15/2022	KRW		B	9,451,350,000		7,817,817		7,791,944		(25,873	)
UBS AG	6/15/2022	MXN		S	79,373,000		3,693,625		3,939,978		(246,353	)
Total										$	96,914

At March 31, 2022, the Fund had the following open forward cross currency contracts:

Counterparty	Settlement Date	Deliver/Units of Currency		Receive/Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
BNP Paribas S.A.	6/15/2022	EUR	2,582,447	SEK	28,011,000	$	2,984,391	$	119,843
Citibank N.A.	6/15/2022	GBP	2,596,672	SEK	33,804,000		3,601,597		191,468
Credit Suisse International	6/15/2022	EUR	1,113,867	PLN	5,502,000		1,300,251		64,708
HSBC Bank USA	6/15/2022	NOK	118,368,000	EUR	12,015,836		13,328,419		(110,142	)
UBS AG	6/15/2022	CZK	91,294,000	EUR	3,650,008		4,048,727		(54,041	)
UBS AG	6/15/2022	EUR	3,502,444	CZK	91,294,000		4,102,768		217,725
UBS AG	6/15/2022	ZAR	45,615,000	EUR	2,692,018		2,986,088		(107,279	)
Total								$	322,282

At March 31, 2022, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year Japan Government Bond		6/13/2022		5	$	6,170,954	$	6,148,348	$	(22,606	)
10 Year U.S. Treasury Note		6/21/2022		65		8,204,981		7,986,875		(218,106	)
2 Year U.S. Treasury Note		6/30/2022		230		49,345,480		48,742,032		(603,448	)
5 Year U.S. Treasury Note		6/30/2022		17		1,997,428		1,949,688		(47,740	)
Euro-Buxl® 30 Year Bond		6/08/2022		23		5,084,713		4,737,625		(347,088	)
German Euro BOBL		6/08/2022		105		15,458,694		14,967,891		(490,803	)
German Euro Bund		6/08/2022		17		3,159,475		2,983,799		(175,676	)

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
UK Long Gilt		6/28/2022		23	$	3,692,179	$	3,662,836	$	(29,343	)
Ultra Long U.S. Treasury Bond		6/21/2022		70		12,841,135		12,398,750		(442,385	)
Total									$	(2,377,195	)

At March 31, 2022, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
30 Year U.S. Treasury Bond		6/21/2022		133	$	20,556,354	$	19,958,313	$	598,041
Ultra 10 Year U.S. Treasury Note		6/21/2022		193		26,681,292		26,145,469		535,823
Total									$	1,133,864

Industry Summary at March 31, 2022 (Unaudited)

Treasuries	45.1	%
Mortgage Related	7.9
Banking	4.6
ABS Home Equity	3.2
Government Owned – No Guarantee	2.9
Transportation Services	2.6
Local Authorities	2.2
Life Insurance	2.2
Other Investments, less than 2% each	25.2
Short-Term Investments	5.2
Total Investments	101.1
Other assets less liabilities (including forward foreign currency and futures contracts)	(1.1	)
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2022 (Unaudited)

United States Dollar	43.4	%
Euro	15.6
Japanese Yen	13.2
Yuan Renminbi	8.6
British Pound	4.6
Canadian Dollar	2.7
Norwegian Krone	2.2
Other, less than 2% each	10.8
Total Investments	101.1
Other assets less liabilities (including forward foreign currency and futures contracts)	(1.1	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 94.1% of Net Assets
		Banking – 2.2%
$	600,000	Banco Santander S.A., (fixed rate to 3/24/2027, variable rate thereafter), 4.175%, 3/24/2028	$	603,043
	1,540,000	Bank of America Corp., MTN, SOFR + 1.330%, 1.601%, 4/02/2026(a)		1,553,490
	1,100,000	Citigroup, Inc., SOFR + 1.528%, 1.825%, 3/17/2026(a)		1,113,145
	260,000	Deutsche Bank AG, (fixed rate to 4/08/2030, variable rate thereafter), 5.882%, 7/08/2031		269,490
	1,115,000	ING Groep NV, (fixed rate to 3/28/2032, variable rate thereafter), 4.252%, 3/28/2033		1,147,756
	1,550,000	Macquarie Group Ltd., (fixed rate to 6/21/2033, variable rate thereafter), 4.442%, 6/21/2033, 144A		1,564,494
	445,000	NatWest Group PLC, (fixed rate to 8/28/2030, variable rate thereafter), 3.032%, 11/28/2035		395,276
				6,646,694
		Cable Satellite – 0.5%
	1,615,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 4/01/2033		1,610,224
		Finance Companies – 0.8%
	985,000	Ares Capital Corp., 2.875%, 6/15/2028		872,022
	1,520,000	OWL Rock Core Income Corp., 5.500%, 3/21/2025, 144A		1,516,136
				2,388,158
		Food & Beverage – 0.3%
	955,000	JBS Finance Luxembourg S.a.r.l., 3.625%, 1/15/2032, 144A		873,835
		Healthcare – 0.0%
	30,000	Cigna Corp., 2.400%, 3/15/2030		27,724
		Life Insurance – 0.4%
	1,210,000	Corebridge Financial, Inc., 4.400%, 4/05/2052, 144A		1,209,794
	30,000	Prudential Financial, Inc., (fixed rate to 6/15/2023, variable rate thereafter), 5.625%, 6/15/2043		30,188
				1,239,982
		Media Entertainment – 0.5%
	1,510,000	Magallanes, Inc., 5.141%, 3/15/2052, 144A		1,545,847
		Metals & Mining – 0.1%
	265,000	Anglo American Capital PLC, 3.875%, 3/16/2029, 144A		265,122
		Natural Gas – 0.1%
	385,000	Sempra Energy, 3.700%, 4/01/2029		386,863
		Railroads – 0.0%
	15,000	Canadian Pacific Railway Co., 2.050%, 3/05/2030		13,741
		Retailers – 0.4%
	1,200,000	Macy’s Retail Holdings LLC, 5.875%, 4/01/2029, 144A		1,197,000
		Sovereigns – 0.1%
	200,000	Abu Dhabi Government International Bond, 3.875%, 4/16/2050, 144A		209,108
		Technology – 0.6%
	1,515,000	Broadcom, Inc., 4.150%, 4/15/2032, 144A		1,511,682
	100,000	Dell International LLC/EMC Corp., 6.200%, 7/15/2030		113,965
	133,000	Dell International LLC/EMC Corp., 8.350%, 7/15/2046		194,365
				1,820,012
		Treasuries – 87.2%
	30,933,792	U.S. Treasury Inflation Indexed Bond, 0.250%, 2/15/2050(b)		32,444,835
	3,350,940	U.S. Treasury Inflation Indexed Bond, 1.000%, 2/15/2049(b)		4,185,861
	12,018,841	U.S. Treasury Inflation Indexed Bond, 3.375%, 4/15/2032(b)(c)		16,949,383
	4,586,594	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2025(b)(c)		4,794,066
	31,073,635	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2026(b)		32,660,090
	2,545,432	U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2030(b)		2,686,723
	20,412,361	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2030(b)		21,645,874
	28,944,120	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2031(b)		30,781,958
	31,096,676	U.S. Treasury Inflation Indexed Note, 0.375%, 1/15/2027(b)(c)		32,957,617
	18,863,813	U.S. Treasury Inflation Indexed Note, 0.625%, 1/15/2024(b)		19,839,795
	23,190,951	U.S. Treasury Inflation Indexed Note, 0.625%, 1/15/2026(b)		24,723,274
	13,436,880	U.S. Treasury Inflation Indexed Note, 0.750%, 7/15/2028(b)		14,694,488
	23,932,725	U.S. Treasury Inflation Indexed Note, 0.875%, 1/15/2029(b)		26,422,757
				264,786,721
		Wirelines – 0.9%
	185,000	AT&T, Inc., 3.500%, 2/01/2061		157,244
	910,000	AT&T, Inc., 3.550%, 9/15/2055		802,589
	365,000	AT&T, Inc., 3.650%, 9/15/2059		320,080
	225,000	AT&T, Inc., 3.800%, 12/01/2057		205,277
	240,000	AT&T, Inc., 3.850%, 6/01/2060		214,827
	1,240,000	Verizon Communications, Inc., 3.550%, 3/22/2051		1,165,224
				2,865,241
		Total Bonds and Notes
		(Identified Cost $294,201,549)		285,876,272

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued

Principal Amount (‡)		Description	Value (†)
	Senior Loans – 4.0%
		Cable Satellite – 0.5%
$	1,427,725	DirecTV Financing LLC, Term Loan, 3-month LIBOR + 5.000%, 5.750%, 8/02/2027(a)(d)	$	1,424,570
		Chemicals – 0.3%
	855,000	Ineos Finance PLC, 2021 EUR Term Loan B, 11/04/2028, (EUR)(e)		928,109
		Consumer Products – 0.7%
	2,165,000	19th Holdings Golf LLC, 2022 Term Loan B, 90-day Average SOFR + 3.250%, 3.750%, 2/07/2029(a)(f)		2,137,937
		Electric – 0.2%
	758,100	Albion Financing 3 S.a.r.l., USD Term Loan, 3-month LIBOR + 5.250%, 5.750%, 8/17/2026(a)(f)		749,890
		Leisure – 0.4%
	997,462	Carnival Corp., EUR Term Loan B, 3-month EURIBOR + 3.750%, 3.750%, 6/30/2025, (EUR)(a)(g)		1,085,687
		Media Entertainment – 0.6%
	981,977	Camelot U.S. Acquisition 1 Co., Term Loan B, 1-month LIBOR + 3.000%, 3.457%, 10/30/2026(a)(g)		970,115
	756,200	McGraw-Hill Global Education Holdings LLC, 2021 Term Loan, LIBOR + 4.750%, 5.554%, 7/28/2028(f)(h)		747,458
				1,717,573
		Packaging – 0.3%
	979,055	Graham Packaging Co., Inc., 2021 Term Loan, 1-month LIBOR + 3.000%, 3.750%, 8/04/2027(a)(d)		960,522
		Property & Casualty Insurance – 0.2%
	751,068	USI, Inc., 2017 Repriced Term Loan, 3-month LIBOR + 3.000%, 4.006%, 5/16/2024(a)(g)		745,420
		Retailers – 0.2%
	746,241	Michaels Companies, Inc., 2021 Term Loan B, 3-month LIBOR + 4.250%, 5.256%, 4/15/2028(a)(d)		698,459
		Technology – 0.6%
	800,000	Altar BidCo, Inc., 2021 Term Loan, 2/01/2029(e)		788,248
	980,038	Dun & Bradstreet Corp. (The), Term Loan, 1-month LIBOR + 3.250%, 3.697%, 2/06/2026(a)(g)		969,708
				1,757,956
		Total Senior Loans
		(Identified Cost $12,452,601)		12,206,123
	Short-Term Investments – 1.5%
	4,632,447	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $4,632,447 on 4/01/2022 collateralized by $4,742,200 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $4,725,157 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $4,632,447)		4,632,447
		Total Investments – 99.6%
		(Identified Cost $311,286,597)		302,714,842
		Other assets less liabilities—0.4%		1,137,646
		Net Assets – 100.0%	$	303,852,488
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. Rate as of March 31, 2022 is disclosed.
	(b)	Treasury Inflation Protected Security (TIPS).
	(c)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(d)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 0.75%, to which the spread is added.
	(e)	Position is unsettled. Contract rate was not determined at March 31, 2022 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	(f)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 0.50%, to which the spread is added.
	(g)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 0.00%, to which the spread is added.
	(h)	Variable rate security. Rate shown represents the weighted average rate of underlying contracts at March 31, 2022. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the value of Rule 144A holdings amounted to $9,893,018 or 3.3% of net assets.
	EURIBOR	Euro Interbank Offered Rate
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	SOFR	Secured Overnight Financing Rate
	EUR	Euro

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued

At March 31, 2022, the Fund had the following open forward foreign currency contracts:

Counterparty	Delivery Date	Currency Bought/ Sold (B/S)		Units of Currency		In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
Bank of America, N.A.	6/14/2022	EUR	S		1,840,000	$	2,034,966	$	2,040,895	$	(5,929	)

At March 31, 2022, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		6/21/2022		38	$	5,125,768	$	5,147,812	$	(22,044	)
Ultra Long U.S. Treasury Bond		6/21/2022		34		5,997,429		6,022,250		(24,821	)
Total									$	(46,865	)

Industry Summary at March 31, 2022 (Unaudited)

Treasuries	87.2	%
Banking	2.2
Other Investments, less than 2% each	8.7
Short-Term Investments	1.5
Total Investments	99.6
Other assets less liabilities (including forward foreign currency and futures contracts)	0.4
Net Assets	100.0	%

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 82.1% of Net Assets
	Non-Convertible Bonds – 76.9%
		ABS Home Equity – 0.1%
$	325,000	VOLT XCVI LLC, Series 2021-NPL5, Class A2, 4.826%, 3/27/2051, 144A(a)	$	311,456
		ABS Other – 0.2%
	336,678	Business Jet Securities LLC, Series 2021-1A, Class C, 5.067%, 4/15/2036, 144A		317,035
	423,475	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D, 3.170%, 11/20/2037, 144A		406,838
				723,873
		Aerospace & Defense – 2.2%
	1,775,000	Bombardier, Inc., 7.125%, 6/15/2026, 144A		1,739,500
	530,000	Bombardier, Inc., 7.875%, 4/15/2027, 144A		518,931
	115,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		116,870
	1,072,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		1,218,885
	1,272,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		1,585,065
	1,265,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		1,187,411
	770,000	TransDigm, Inc., 4.875%, 5/01/2029		721,698
	770,000	TransDigm, Inc., 5.500%, 11/15/2027		764,225
	55,000	TransDigm, Inc., 7.500%, 3/15/2027		56,650
				7,909,235
		Airlines – 1.2%
	491,314	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		451,768
	1,382,715	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		1,299,059
	910,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		916,825
	1,030,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		1,026,138
	740,000	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.750%, 1/20/2026, 144A		740,422
				4,434,212
		Automotive – 1.7%
	185,000	Dana, Inc., 4.250%, 9/01/2030		169,312
	795,000	Ford Motor Co., 3.250%, 2/12/2032		710,038
	2,325,000	Ford Motor Credit Co. LLC, 2.300%, 2/10/2025		2,206,931
	1,110,000	General Motors Financial Co., Inc., Series A, (fixed rate to 9/30/2027, variable rate thereafter), 5.750%(b)		1,107,225
	1,080,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		1,112,530
		Automotive – continued
$	550,000	Jaguar Land Rover Automotive PLC, 5.500%, 7/15/2029, 144A	$	484,000
	270,000	Real Hero Merger Sub 2, Inc., 6.250%, 2/01/2029, 144A		246,005
	265,000	Wheel Pros, Inc., 6.500%, 5/15/2029, 144A		232,206
				6,268,247
		Banking – 1.0%
	1,030,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		910,314
	200,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		178,390
	1,345,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		1,291,119
	1,335,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		1,275,655
				3,655,478
		Brokerage – 0.1%
	185,000	Coinbase Global, Inc., 3.625%, 10/01/2031, 144A		157,712
	400,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.000%, 8/15/2028, 144A		382,992
				540,704
		Building Materials – 1.9%
	515,000	Builders FirstSource, Inc., 4.250%, 2/01/2032, 144A		479,594
	2,795,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		2,550,466
	425,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(b)		417,031
	1,265,000	Foundation Building Materials, Inc., 6.000%, 3/01/2029, 144A		1,138,500
	540,000	LBM Acquisition LLC, 6.250%, 1/15/2029, 144A		505,796
	365,000	MIWD Holdco II LLC/MIWD Finance Corp., 5.500%, 2/01/2030, 144A		340,819
	565,000	Park River Holdings, Inc., 5.625%, 2/01/2029, 144A		456,367
	385,000	Patrick Industries, Inc., 4.750%, 5/01/2029, 144A		331,100
	315,000	Standard Industries, Inc., 4.375%, 7/15/2030, 144A		288,526
	525,000	Victors Merger Corp., 6.375%, 5/15/2029, 144A		429,760
				6,937,959
		Cable Satellite – 5.5%
	5,075,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		4,625,761
	620,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		538,467

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Cable Satellite – continued
$	3,685,000	CSC Holdings LLC, 4.500%, 11/15/2031, 144A	$	3,302,755
	4,645,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		3,884,567
	265,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		222,033
	370,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		359,107
	1,730,000	DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		1,701,888
	70,000	DISH DBS Corp., 5.125%, 6/01/2029		59,611
	3,375,000	DISH DBS Corp., 7.750%, 7/01/2026		3,353,062
	694,717	Ligado Networks LLC, 15.500% PIK, 11/01/2023, 144A(c)		527,242
	266,999	Ligado Networks LLC, 17.500% PIK, 5/01/2024, 144A(c)		123,562
	385,000	Telesat Canada/Telesat LLC, 5.625%, 12/06/2026, 144A		293,986
	955,000	UPC Broadband Finco B.V., 4.875%, 7/15/2031, 144A		896,621
				19,888,662
		Chemicals – 2.0%
	455,000	ASP Unifrax Holdings, Inc., 5.250%, 9/30/2028, 144A		422,665
	150,000	Consolidated Energy Finance S.A., 5.625%, 10/15/2028, 144A		138,750
	380,000	Consolidated Energy Finance S.A., 6.500%, 5/15/2026, 144A		387,854
	245,000	Diamond BC BV, 4.625%, 10/01/2029, 144A		219,268
	4,738,000	Hercules LLC, 6.500%, 6/30/2029		5,034,836
	240,000	INEOS Quattro Finance 2 PLC, 3.375%, 1/15/2026, 144A		223,452
	665,000	Olympus Water U.S. Holding Corp., 4.250%, 10/01/2028, 144A		603,943
	265,000	Olympus Water U.S. Holding Corp., 6.250%, 10/01/2029, 144A		234,525
				7,265,293
		Construction Machinery – 0.2%
	215,000	Ritchie Bros Holdings, Inc., 4.750%, 12/15/2031, 144A		209,648
	380,000	Titan International, Inc., 7.000%, 4/30/2028		381,220
				590,868
		Consumer Cyclical Services – 3.2%
	1,530,000	ADT Security Corp. (The), 4.125%, 8/01/2029, 144A		1,420,987
	450,000	Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.000%, 6/01/2029, 144A		396,974
	100,000	Match Group Holdings II LLC, 3.625%, 10/01/2031, 144A		89,444
	1,740,000	Realogy Group LLC/Realogy Co-Issuer Corp., 5.750%, 1/15/2029, 144A		1,639,950
	747,000	Terminix Co. LLC (The), 7.450%, 8/15/2027		845,604
		Consumer Cyclical Services – continued
$	195,000	TKC Holdings, Inc., 10.500%, 5/15/2029, 144A	$	198,900
	680,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		637,500
	6,190,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		6,400,089
				11,629,448
		Consumer Products – 0.3%
	65,000	Coty, Inc., 6.500%, 4/15/2026, 144A		64,628
	750,000	Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.750%, 1/15/2029, 144A		699,836
	415,000	Tempur Sealy International, Inc., 3.875%, 10/15/2031, 144A		355,863
				1,120,327
		Diversified Manufacturing – 0.2%
	385,000	Madison IAQ LLC, 5.875%, 6/30/2029, 144A		345,538
	365,000	Resideo Funding, Inc., 4.000%, 9/01/2029, 144A		332,168
				677,706
		Electric – 0.9%
	2,520,000	Calpine Corp., 5.125%, 3/15/2028		2,400,502
	465,000	NRG Energy, Inc., 3.875%, 2/15/2032, 144A		409,200
	380,000	Talen Energy Supply LLC, 7.625%, 6/01/2028, 144A		351,994
				3,161,696
		Finance Companies – 4.6%
	1,000,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 1.991%, 1/15/2067, 144A(d)(e)(f)		575,320
	210,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(b)		192,150
	1,095,000	Cobra AcquisitionCo LLC, 6.375%, 11/01/2029, 144A		938,963
	320,000	Fortress Transportation & Infrastructure Investors LLC, 5.500%, 5/01/2028, 144A		290,928
	1,240,000	Freedom Mortgage Corp., 7.625%, 5/01/2026		1,184,200
	895,000	General Motors Financial Co., Inc., Series B, (fixed rate to 9/30/2028, variable rate thereafter), 6.500%(b)		908,425
	425,000	Global Aircraft Leasing Co. Ltd., 7.250% PIK or 6.500% Cash, 9/15/2024, 144A(g)		386,127
	355,000	LFS Topco LLC, 5.875%, 10/15/2026, 144A		332,813
	985,000	Midcap Financial Issuer Trust, 6.500%, 5/01/2028, 144A		926,412
	4,010,000	Navient Corp., MTN, 5.625%, 8/01/2033		3,376,420
	1,870,000	OneMain Finance Corp., 4.000%, 9/15/2030		1,650,275
	360,000	OneMain Finance Corp., 5.375%, 11/15/2029		349,765

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Finance Companies – continued
$	685,000	OneMain Finance Corp., 7.125%, 3/15/2026	$	732,190
	500,000	Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc., 6.375%, 2/01/2027, 144A		509,615
	545,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		500,389
	480,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		438,648
	1,785,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		1,615,425
	2,005,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		1,756,179
				16,664,244
		Financial Other – 2.3%
	200,000	Agile Group Holdings Ltd., 5.500%, 4/21/2025		64,282
	400,000	Agile Group Holdings Ltd., 6.050%, 10/13/2025		127,096
	205,000	CFLD Cayman Investment Ltd., 6.920%, 6/16/2022(h)		29,465
	200,000	CFLD Cayman Investment Ltd., 8.050%, 1/13/2025(h)		27,982
	400,000	CFLD Cayman Investment Ltd., 8.750%, 9/28/2022(e)(f)(h)		64,000
	810,000	China Aoyuan Group Ltd., 6.200%, 3/24/2026(h)		139,547
	405,000	China Evergrande Group, 8.750%, 6/28/2025(h)		50,293
	200,000	China Evergrande Group, 9.500%, 4/11/2022(e)(f)(h)		24,590
	200,000	Easy Tactic Ltd., 8.125%, 2/27/2023		41,770
	400,000	Easy Tactic Ltd., 11.750%, 8/02/2023		82,172
	3,645,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		3,344,287
	540,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		529,969
	170,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.250%, 5/15/2026		173,400
	400,000	Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(h)		75,500
	200,000	Kaisa Group Holdings Ltd., 9.950%, 7/23/2025(h)		37,392
	800,000	Kaisa Group Holdings Ltd., 11.250%, 4/16/2025(e)(f)(h)		150,784
	610,000	Kaisa Group Holdings Ltd., 11.650%, 6/01/2026(h)		115,882
	200,000	Kaisa Group Holdings Ltd., 11.700%, 11/11/2025(h)		37,534
	210,000	KWG Group Holdings Ltd., 6.300%, 2/13/2026(e)(f)		81,341
	1,230,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		1,182,399
	1,110,000	Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031, 144A		1,058,618
		Financial Other – continued
$	205,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031(e)(f)	$	50,906
	260,000	Shimao Group Holdings Ltd., 4.750%, 7/03/2022		96,200
	200,000	Shimao Group Holdings Ltd., 5.200%, 1/16/2027(e)(f)		53,968
	200,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024(e)(f)		57,980
	200,000	Sunac China Holdings Ltd., 6.500%, 1/10/2025		50,276
	405,000	Sunac China Holdings Ltd., 6.500%, 1/26/2026(e)(f)		96,264
	265,000	Sunac China Holdings Ltd., 6.650%, 8/03/2024(e)(f)		67,212
	200,000	Times China Holdings Ltd., 5.750%, 1/14/2027		73,912
	405,000	Times China Holdings Ltd., 6.200%, 3/22/2026		153,564
	920,000	Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027(e)(f)(h)		119,738
				8,258,323
		Food & Beverage – 1.6%
	475,000	Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.250%, 4/27/2029, 144A		472,625
	1,960,000	MARB BondCo PLC, 3.950%, 1/29/2031, 144A		1,739,500
	440,000	Performance Food Group, Inc., 4.250%, 8/01/2029, 144A		400,950
	1,480,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		1,311,265
	470,000	Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/01/2029, 144A		440,625
	575,000	Triton Water Holdings, Inc., 6.250%, 4/01/2029, 144A		490,239
	800,000	US Foods, Inc., 4.750%, 2/15/2029, 144A		763,000
				5,618,204
		Gaming – 2.0%
	515,000	Boyd Gaming Corp., 4.750%, 6/15/2031, 144A		496,331
	560,000	Caesars Entertainment, Inc., 4.625%, 10/15/2029, 144A		523,600
	890,000	International Game Technology PLC, 5.250%, 1/15/2029, 144A		887,775
	835,000	Melco Resorts Finance Ltd., 5.375%, 12/04/2029, 144A		707,662
	200,000	Melco Resorts Finance Ltd., 5.750%, 7/21/2028, 144A		176,100
	790,000	MGM China Holdings Ltd., 4.750%, 2/01/2027, 144A		694,892
	350,000	Mohegan Gaming & Entertainment, 8.000%, 2/01/2026, 144A		347,813
	335,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		347,226
	480,000	Scientific Games International, Inc., 7.250%, 11/15/2029		502,800

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Gaming – continued
$	1,090,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A	$	1,141,775
	700,000	Studio City Finance Ltd., 5.000%, 1/15/2029, 144A		540,988
	965,000	Wynn Macau Ltd., 5.625%, 8/26/2028, 144A		838,353
				7,205,315
		Government Owned – No Guarantee – 0.1%
	410,000	EcoPetrol S.A., 4.625%, 11/02/2031		371,050
		Healthcare – 3.4%
	300,000	AdaptHealth LLC, 5.125%, 3/01/2030, 144A		278,625
	345,000	AHP Health Partners, Inc., 5.750%, 7/15/2029, 144A		320,850
	2,065,000	CHS/Community Health Systems, Inc., 5.250%, 5/15/2030, 144A		1,981,966
	735,000	CHS/Community Health Systems, Inc., 6.125%, 4/01/2030, 144A		683,896
	260,000	CHS/Community Health Systems, Inc., 6.875%, 4/15/2029, 144A		255,450
	3,060,000	HCA, Inc., 5.375%, 2/01/2025		3,183,930
	358,000	HCA, Inc., 7.500%, 11/06/2033		449,290
	365,000	ModivCare Escrow Issuer, Inc., 5.000%, 10/01/2029, 144A		340,257
	630,000	Mozart Debt Merger Sub, Inc., 5.250%, 10/01/2029, 144A		585,692
	995,000	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028, 144A		898,415
	1,830,000	Tenet Healthcare Corp., 4.375%, 1/15/2030, 144A		1,758,209
	1,045,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		1,061,981
	410,000	U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026, 144A		404,875
				12,203,436
		Home Construction – 0.1%
	200,000	Central China Real Estate Ltd., 7.250%, 7/16/2024		86,850
	200,000	Central China Real Estate Ltd., 7.250%, 8/13/2024		86,316
	280,000	Central China Real Estate Ltd., 7.650%, 8/27/2023		134,459
	200,000	Fantasia Holdings Group Co. Ltd., 11.875%, 6/01/2023(h)		28,708
	115,000	Forestar Group, Inc., 3.850%, 5/15/2026, 144A		107,237
	200,000	Yuzhou Group Holdings Co. Ltd., 7.700%, 2/20/2025(e)(f)(h)		25,698
	205,000	Yuzhou Group Holdings Co. Ltd., 7.850%, 8/12/2026(e)(f)(h)		26,675
	295,000	Zhenro Properties Group Ltd., 6.630%, 1/07/2026(e)(f)		33,394
				529,337
		Independent Energy – 6.0%
	270,000	Antero Resources Corp., 5.375%, 3/01/2030, 144A		275,738
		Independent Energy – continued
$	380,000	Apache Corp., 5.350%, 7/01/2049	$	365,750
	355,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/2029, 144A		350,772
	612,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		610,470
	125,000	Baytex Energy Corp., 8.750%, 4/01/2027, 144A		134,063
	185,000	California Resources Corp., 7.125%, 2/01/2026, 144A		192,357
	1,000,000	Callon Petroleum Co., 8.000%, 8/01/2028, 144A		1,054,170
	355,000	Centennial Resource Production LLC, 6.875%, 4/01/2027, 144A		356,810
	565,000	Chesapeake Energy Corp., 5.500%, 2/01/2026, 144A		578,608
	395,000	Chesapeake Energy Corp., 6.750%, 4/15/2029, 144A		418,358
	455,000	Comstock Resources, Inc., 6.750%, 3/01/2029, 144A		469,369
	470,000	Crescent Energy Finance LLC, 7.250%, 5/01/2026, 144A		472,190
	655,000	Energean Israel Finance Ltd., 4.875%, 3/30/2026, 144A		632,075
	345,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		331,718
	238,000	Energy Ventures GoM LLC/EnVen Finance Corp., 11.750%, 4/15/2026, 144A		244,514
	60,000	EQT Corp., 3.125%, 5/15/2026, 144A		58,276
	125,000	EQT Corp., 3.625%, 5/15/2031, 144A		119,375
	185,000	Laredo Petroleum, Inc., 7.750%, 7/31/2029, 144A		186,164
	700,000	Matador Resources Co., 5.875%, 9/15/2026		712,810
	740,000	MEG Energy Corp., 5.875%, 2/01/2029, 144A		750,175
	445,000	MEG Energy Corp., 7.125%, 2/01/2027, 144A		465,915
	1,540,000	Mesquite Energy, Inc., 6.125%, 1/15/2023(e)(h)(i)(j)		87,780
	980,000	Northern Oil & Gas, Inc., 8.125%, 3/01/2028, 144A		1,020,984
	195,000	Oasis Petroleum, Inc., 6.375%, 6/01/2026, 144A		199,875
	810,000	Occidental Petroleum Corp., 4.100%, 2/15/2047		749,250
	470,000	Occidental Petroleum Corp., 4.200%, 3/15/2048		439,450
	160,000	Occidental Petroleum Corp., 4.400%, 4/15/2046		152,000
	600,000	Occidental Petroleum Corp., 6.600%, 3/15/2046		705,000
	3,410,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		4,373,325
	345,000	PDC Energy, Inc., 5.750%, 5/15/2026		349,740
	365,000	Penn Virginia Holdings LLC, 9.250%, 8/15/2026, 144A		385,002
	430,000	Range Resources Corp., 4.875%, 5/15/2025		435,231
	645,000	Range Resources Corp., 8.250%, 1/15/2029		706,862

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Independent Energy – continued
$	350,000	SM Energy Co., 5.625%, 6/01/2025	$	349,562
	605,000	SM Energy Co., 6.500%, 7/15/2028		624,318
	430,000	SM Energy Co., 6.750%, 9/15/2026		442,158
	45,000	Southwestern Energy Co., 4.750%, 2/01/2032		44,944
	830,000	Southwestern Energy Co., 5.375%, 2/01/2029		840,375
	465,000	Southwestern Energy Co., 5.375%, 3/15/2030		472,538
	365,000	Strathcona Resources Ltd., 6.875%, 8/01/2026, 144A		367,737
	290,000	Tap Rock Resources LLC, 7.000%, 10/01/2026, 144A		300,185
				21,825,993
		Industrial Other – 0.2%
	560,000	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 2/01/2026, 144A		539,129
	200,000	CFLD Cayman Investment Ltd., 7.125%, 4/08/2022(e)(f)(h)		28,410
				567,539
		Leisure – 3.1%
	250,000	Boyne USA, Inc., 4.750%, 5/15/2029, 144A		240,000
	2,465,000	Carnival Corp., 5.750%, 3/01/2027, 144A		2,350,784
	405,000	Carnival Corp., 6.000%, 5/01/2029, 144A		381,648
	390,000	Cinemark USA, Inc., 5.250%, 7/15/2028, 144A		364,213
	525,000	Live Nation Entertainment, Inc., 3.750%, 1/15/2028, 144A		493,437
	1,495,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		1,420,489
	5,000	NCL Corp. Ltd., 5.875%, 3/15/2026		4,751
	665,000	NCL Corp. Ltd., 7.750%, 2/15/2029, 144A		673,572
	295,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		273,567
	465,000	Royal Caribbean Cruises Ltd., 3.700%, 3/15/2028		414,485
	290,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		269,755
	2,755,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		2,626,369
	365,000	SeaWorld Parks & Entertainment, Inc., 5.250%, 8/15/2029, 144A		348,115
	135,000	Viking Cruises Ltd., 5.875%, 9/15/2027, 144A		123,042
	1,015,000	Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029, 144A		926,444
	335,000	VOC Escrow Ltd., 5.000%, 2/15/2028, 144A		311,548
				11,222,219
		Lodging – 1.0%
$	890,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A	$	849,323
	275,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		259,187
	1,175,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		1,089,601
	1,345,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		1,250,850
	170,000	Travel & Leisure Co., 6.000%, 4/01/2027		175,100
				3,624,061
		Media Entertainment – 2.3%
	1,200,000	AMC Networks, Inc., 4.250%, 2/15/2029		1,119,834
	895,000	Audacy Capital Corp., 6.750%, 3/31/2029, 144A		835,787
	395,000	Deluxe Corp., 8.000%, 6/01/2029, 144A		401,198
	665,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 5.375%, 8/15/2026, 144A		257,687
	425,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 6.625%, 8/15/2027, 144A		87,529
	1,290,000	Gray Escrow II, Inc., 5.375%, 11/15/2031, 144A		1,233,517
	680,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		649,400
	170,000	Lions Gate Capital Holdings LLC, 5.500%, 4/15/2029, 144A		163,838
	545,000	McGraw-Hill Education, Inc., 5.750%, 8/01/2028, 144A		519,805
	545,000	McGraw-Hill Education, Inc., 8.000%, 8/01/2029, 144A		515,079
	935,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		997,364
	255,000	Playtika Holding Corp., 4.250%, 3/15/2029, 144A		235,238
	370,000	Scripps Escrow II, Inc., 5.375%, 1/15/2031, 144A		354,275
	590,000	Sinclair Television Group, Inc., 5.125%, 2/15/2027, 144A		535,425
	365,000	Stagwell Global LLC, 5.625%, 8/15/2029, 144A		344,527
	225,000	Townsquare Media, Inc., 6.875%, 2/01/2026, 144A		231,716
				8,482,219
		Metals & Mining – 2.1%
	370,000	Allegheny Technologies, Inc., 4.875%, 10/01/2029		350,645
	380,000	Allegheny Technologies, Inc., 5.125%, 10/01/2031		356,337
	415,000	Cia de Minas Buenaventura SAA, 5.500%, 7/23/2026, 144A		408,261
	945,000	Cleveland-Cliffs, Inc., 4.625%, 3/01/2029, 144A		932,049
	495,000	Commercial Metals Co., 4.125%, 1/15/2030		462,206

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Metals & Mining – continued
$	340,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A	$	349,469
	3,030,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		3,173,925
	150,000	SunCoke Energy, Inc., 4.875%, 6/30/2029, 144A		141,416
	585,000	United States Steel Corp., 6.650%, 6/01/2037		605,229
	450,000	United States Steel Corp., 6.875%, 3/01/2029		468,000
	170,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		162,775
				7,410,312
		Midstream – 2.0%
	255,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, 6/15/2029, 144A		254,740
	1,015,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.625%, 12/15/2025, 144A		1,061,294
	885,000	Buckeye Partners LP, 4.500%, 3/01/2028, 144A		847,795
	345,000	CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.500%, 6/15/2031, 144A		338,928
	530,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.000%, 2/01/2029, 144A		528,012
	305,000	EQM Midstream Partners LP, 6.500%, 7/15/2048		294,325
	475,000	Ferrellgas LP/Ferrellgas Finance Corp., 5.375%, 4/01/2026, 144A		448,523
	470,000	Harvest Midstream I LP, 7.500%, 9/01/2028, 144A		480,049
	1,080,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		1,019,088
	760,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		779,722
	850,000	New Fortress Energy, Inc., 6.750%, 9/15/2025, 144A		855,023
	395,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 6/01/2031, 144A		370,313
				7,277,812
		Non-Agency Commercial Mortgage-Backed Securities – 2.2%
	800,000	Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class D, 4.947%, 5/10/2047, 144A(a)		750,933
	480,000	Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.922%, 10/15/2045, 144A		468,550
	165,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		139,433
	205,000	GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.163%, 8/10/2044, 144A(a)		169,460
		Non-Agency Commercial Mortgage-Backed Securities – continued
$	1,830,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.163%, 8/10/2044, 144A(a)	$	847,875
	425,000	GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.688%, 6/10/2047, 144A(a)		384,841
	720,000	JPMBB Commercial Mortgage Securities Trust, Series 2013-C14, Class C, 4.549%, 8/15/2046(a)		684,825
	660,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class C, 5.360%, 2/15/2046, 144A(a)		632,540
	155,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class C, 4.626%, 10/15/2045, 144A(a)		154,698
	690,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class D, 4.675%, 10/15/2045, 144A(a)		679,792
	1,135,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class B, 4.352%, 8/15/2046(a)		813,358
	530,000	Morgan Stanley Capital I Trust, Series 2012-C4, Class D, 5.467%, 3/15/2045, 144A(a)		501,383
	475,000	MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class C, 4.282%, 10/15/2030, 144A(a)		432,525
	208,290	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1-month LIBOR + 1.470%, 1.867%, 11/15/2027, 144A(d)		146,069
	310,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class B, 4.322%, 8/15/2050		276,953
	545,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class C, 4.458%, 8/15/2050		338,937
	215,000	WFRBS Commercial Mortgage Trust, Series 2012-C10, Class C, 4.347%, 12/15/2045(a)		197,132
	515,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class D, 4.779%, 6/15/2045, 144A(a)		247,200
	185,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class C, 4.506%, 8/15/2046(a)		170,487
				8,036,991
		Oil Field Services – 1.0%
	365,000	Nabors Industries, Inc., 7.375%, 5/15/2027, 144A		379,158
	265,000	Precision Drilling Corp., 6.875%, 1/15/2029, 144A		268,975
	40,000	Precision Drilling Corp., 7.125%, 1/15/2026, 144A		40,800
	210,000	Solaris Midstream Holdings LLC, 7.625%, 4/01/2026, 144A		216,825
	1,448,438	Transocean Poseidon Ltd., 6.875%, 2/01/2027, 144A		1,433,953
	435,000	Transocean, Inc., 8.000%, 2/01/2027, 144A		368,445

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Oil Field Services – continued
$	195,000	Transocean, Inc., 11.500%, 1/30/2027, 144A	$	201,338
	545,000	Weatherford International Ltd., 8.625%, 4/30/2030, 144A		553,366
	64,000	Weatherford International Ltd., 11.000%, 12/01/2024, 144A		66,240
				3,529,100
		Packaging – 0.2%
	977,598	ARD Finance S.A., 7.250% PIK or 6.500% Cash, 6/30/2027(g)		893,891
		Pharmaceuticals – 3.3%
	1,120,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		922,399
	35,000	Bausch Health Cos., Inc., 5.000%, 2/15/2029, 144A		27,265
	160,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		125,686
	4,820,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		3,751,695
	40,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A		32,800
	120,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		107,434
	575,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.000%, 6/30/2028, 144A		324,875
	450,000	Endo Luxembourg Finance Co. I. S.a.r.l./Endo U.S., Inc., 6.125%, 4/01/2029, 144A		410,625
	385,000	Grifols Escrow Issuer S.A., 4.750%, 10/15/2028, 144A		362,381
	1,025,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/2031, 144A		989,125
	450,000	Par Pharmaceutical, Inc., 7.500%, 4/01/2027, 144A		419,918
	770,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		777,700
	2,140,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		1,679,900
	2,000,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		1,919,900
				11,851,703
		Property & Casualty Insurance – 0.5%
	550,000	Acrisure LLC/Acrisure Finance, Inc., 6.000%, 8/01/2029, 144A		508,546
	605,000	AmWINS Group, Inc., 4.875%, 6/30/2029, 144A		580,812
	385,000	BroadStreet Partners, Inc., 5.875%, 4/15/2029, 144A		359,013
	1,920,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 11.501%, 1/15/2033, 144A(d)(e)(i)(j)(k)		230,400
				1,678,771
		Refining – 0.1%
$	180,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.000%, 4/15/2025, 144A	$	186,665
		REITs – Hotels – 0.3%
	45,000	Service Properties Trust, 3.950%, 1/15/2028		38,252
	470,000	Service Properties Trust, 4.350%, 10/01/2024		452,375
	135,000	Service Properties Trust, 4.500%, 6/15/2023		133,454
	75,000	Service Properties Trust, 4.650%, 3/15/2024		72,191
	60,000	Service Properties Trust, 4.750%, 10/01/2026		54,900
	215,000	Service Properties Trust, 4.950%, 2/15/2027		198,681
				949,853
		REITs – Mortgage – 0.1%
	230,000	Starwood Property Trust, Inc., 3.625%, 7/15/2026, 144A		219,620
		Restaurants – 0.7%
	1,815,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		1,742,400
	315,000	Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.125%, 4/15/2029, 144A		297,223
	285,000	Papa John’s International, Inc., 3.875%, 9/15/2029, 144A		261,607
	385,000	Yum! Brands, Inc., 3.625%, 3/15/2031		351,060
				2,652,290
		Retailers – 2.3%
	585,000	Asbury Automotive Group, Inc., 4.625%, 11/15/2029, 144A		544,781
	360,000	Asbury Automotive Group, Inc., 5.000%, 2/15/2032, 144A		334,634
	225,000	At Home Group, Inc., 4.875%, 7/15/2028, 144A		200,250
	415,000	At Home Group, Inc., 7.125%, 7/15/2029, 144A		358,975
	1,410,000	Bath & Body Works, Inc., 5.250%, 2/01/2028		1,418,305
	835,000	Carvana Co., 4.875%, 9/01/2029, 144A		689,572
	50,000	Carvana Co., 5.500%, 4/15/2027, 144A		44,625
	1,010,000	Carvana Co., 5.875%, 10/01/2028, 144A		899,385
	275,000	Michaels Cos., Inc. (The), 7.875%, 5/01/2029, 144A		235,469
	470,000	NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026, 144A		482,690
	485,000	PetSmart, Inc./PetSmart Finance Corp., 4.750%, 2/15/2028, 144A		468,707
	570,000	PetSmart, Inc./PetSmart Finance Corp., 7.750%, 2/15/2029, 144A		588,525
	370,000	Rite Aid Corp., 7.500%, 7/01/2025, 144A		345,086
	725,000	Sonic Automotive, Inc., 4.625%, 11/15/2029, 144A		652,500

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Retailers – continued
$	480,000	Sonic Automotive, Inc., 4.875%, 11/15/2031, 144A	$	426,000
	570,000	Victoria’s Secret & Co., 4.625%, 7/15/2029, 144A		513,547
				8,203,051
		Supermarkets – 0.0%
	155,000	Safeway, Inc., 7.250%, 2/01/2031		169,803
		Technology – 3.1%
	600,000	Clarivate Science Holdings Corp., 4.875%, 7/01/2029, 144A		564,486
	2,025,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		1,758,864
	3,300,000	CommScope Technologies LLC, 5.000%, 3/15/2027		2,866,297
	330,000	CommScope, Inc., 7.125%, 7/01/2028, 144A		298,114
	225,000	Dun & Bradstreet Corp. (The), 5.000%, 12/15/2029, 144A		211,500
	730,000	Elastic NV, 4.125%, 7/15/2029, 144A		678,871
	1,485,000	Endurance International Group Holdings, Inc., 6.000%, 2/15/2029, 144A		1,280,857
	190,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		180,025
	600,000	II-VI, Inc., 5.000%, 12/15/2029, 144A		586,500
	360,000	Iron Mountain, Inc., 4.500%, 2/15/2031, 144A		332,464
	1,085,000	Open Text Corp., 3.875%, 12/01/2029, 144A		1,030,750
	710,000	Pitney Bowes, Inc., 6.875%, 3/15/2027, 144A		671,532
	690,000	Rocket Software, Inc., 6.500%, 2/15/2029, 144A		626,175
				11,086,435
		Transportation Services – 0.1%
	555,000	Hertz Corp. (The), 4.625%, 12/01/2026, 144A		518,273
		Treasuries – 7.9%
	1,497(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2025, (BRL)		304,175
	110,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		532,828
	310,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		1,495,809
	4,170,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		827,808
	7,055,000	U.S. Treasury Note, 0.125%, 2/28/2023		6,960,198
	7,060,000	U.S. Treasury Note, 0.125%, 3/31/2023		6,949,963
	4,445,000	U.S. Treasury Note, 0.250%, 4/15/2023		4,376,762
	7,015,000	U.S. Treasury Note, 0.500%, 3/15/2023		6,938,273
				28,385,816
		Wireless – 2.3%
$	820,000	Altice France S.A., 5.125%, 7/15/2029, 144A	$	734,925
	985,000	Altice France S.A., 5.500%, 10/15/2029, 144A		883,821
	29,970,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		1,484,939
	445,000	IHS Holding Ltd., 5.625%, 11/29/2026, 144A		421,192
	415,000	IHS Holding Ltd., 6.250%, 11/29/2028, 144A		389,270
	600,000	IHS Netherlands Holdco BV, 8.000%, 9/18/2027, 144A		603,024
	395,000	Kenbourne Invest S.A., 4.700%, 1/22/2028, 144A		347,920
	200,000	Liquid Telecommunications Financing PLC, 5.500%, 9/04/2026, 144A		192,636
	3,620,000	SoftBank Group Corp., 4.625%, 7/06/2028		3,232,660
				8,290,387
		Wirelines – 1.3%
	1,180,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		1,170,879
	495,000	Embarq Corp., 7.995%, 6/01/2036		476,873
	630,000	Iliad Holding SASU, 6.500%, 10/15/2026, 144A		631,701
	530,000	Lumen Technologies, Inc., 5.375%, 6/15/2029, 144A		472,031
	1,550,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		1,481,381
	650,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.750%, 4/15/2028, 144A		613,444
				4,846,309
		Total Non-Convertible Bonds
		(Identified Cost $300,549,035)		277,874,186
	Convertible Bonds – 5.2%
		Airlines – 0.5%
	1,395,000	Southwest Airlines Co., 1.250%, 5/01/2025		1,893,015
		Cable Satellite – 1.7%
	6,790,000	DISH Network Corp., 3.375%, 8/15/2026		6,107,605
		Consumer Cyclical Services – 0.2%
	745,000	Uber Technologies, Inc., Zero Coupon, 0.980%-1.922%, 12/15/2025(l)		667,796
	85,000	Zillow Group, Inc., 1.375%, 9/01/2026		112,465
				780,261
		Gaming – 0.1%
	175,000	Penn National Gaming, Inc., 2.750%, 5/15/2026		351,925
		Healthcare – 0.6%
	2,410,000	Teladoc Health, Inc., 1.250%, 6/01/2027		2,032,835
		Leisure – 0.2%
	910,000	NCL Corp. Ltd., 1.125%, 2/15/2027, 144A		833,496

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Convertible Bonds – continued
		Media Entertainment – 0.2%
$	430,000	Bilibili, Inc., 0.500%, 12/01/2026, 144A	$	314,975
	420,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026(m)		352,590
				667,565
		Pharmaceuticals – 1.4%
	440,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		439,780
	3,510,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		3,514,512
	345,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026, 144A(m)		320,885
	705,000	Livongo Health, Inc., 0.875%, 6/01/2025		714,165
				4,989,342
		Technology – 0.3%
	385,000	Nutanix, Inc., 0.250%, 10/01/2027, 144A		320,753
	935,000	Splunk, Inc., 1.125%, 6/15/2027		892,925
				1,213,678
		Total Convertible Bonds
		(Identified Cost $21,192,541)		18,869,722
		Total Bonds and Notes
		(Identified Cost $321,741,576)		296,743,908
	Senior Loans – 0.4%
		Independent Energy – 0.4%
	1,247,000	Ascent Resources—Utica, 2020 Fixed 2nd Lien Term Loan, 3-month LIBOR + 9.000%, 10.000%, 11/01/2025(d)(n)		1,331,172
		Total Senior Loans
		(Identified Cost $1,247,440)		1,331,172
	Collateralized Loan Obligations – 1.7%
	920,000	AIG CLO LLC, Series 2021-2A, Class E, 3-month LIBOR + 6.500%, 6.754%, 7/20/2034, 144A(d)		870,566
	325,000	Battalion CLO XVI Ltd., Series 2019-16A, Class ER, 3-month LIBOR + 6.750%, 7.004%, 12/19/2032, 144A(d)		313,634
	730,000	NYACK Park CLO Ltd., Series 2021-1A, Class E, 3-month LIBOR + 6.100%, 6.224%, 10/20/2034, 144A(d)		710,000
	730,000	Octagon Investment Partners 44 Ltd., Series 2019-1A, Class ER, 3-month LIBOR + 6.750%, 6.991%, 10/15/2034, 144A(d)		707,982
	735,000	OHA Credit Funding 2 Ltd., Series 2019-2A, Class ER, 3-month LIBOR + 6.360%, 6.615%, 4/21/2034, 144A(d)		709,834
	985,000	OHA Credit Funding 3 Ltd., Series 2019-3A, Class ER, 3-month LIBOR + 6.250%, 6.504%, 7/02/2035, 144A(d)		960,330
	Collateralized Loan Obligations – continued
$	470,000	Palmer Square CLO Ltd., Series 2021-3A, Class E, 3-month LIBOR + 6.150%, 6.383%, 1/15/2035, 144A(d)	$	455,565
	730,000	Palmer Square CLO Ltd., Series 2021-4A, Class E, 3-month LIBOR + 6.050%, 6.186%, 10/15/2034, 144A(d)		706,193
	285,000	PPM CLO Ltd., Series 2021-5A, Class E, 3-month LIBOR + 6.500%, 6.619%, 10/18/2034, 144A(d)		272,288
	445,000	Whetstone Park CLO Ltd., Series 2021-1A, Class E, 3-month LIBOR + 6.150%, 6.150%, 1/20/2035, 144A(d)		433,022
		Total Collateralized Loan Obligations
		(Identified Cost $6,347,577)		6,139,414
	Shares
	Common Stocks – 11.4%
		Aerospace & Defense – 0.4%
	662	L3Harris Technologies, Inc.		164,487
	2,830	Lockheed Martin Corp.		1,249,162
				1,413,649
		Air Freight & Logistics – 0.3%
	5,171	United Parcel Service, Inc., Class B		1,108,973
		Beverages – 0.3%
	17,625	Coca-Cola Co. (The)		1,092,750
		Biotechnology – 0.4%
	9,250	AbbVie, Inc.		1,499,517
		Capital Markets – 0.6%
	1,783	BlackRock, Inc.		1,362,515
	10,478	Morgan Stanley		915,777
				2,278,292
		Communications Equipment – 0.3%
	19,518	Cisco Systems, Inc.		1,088,324
		Electric Utilities – 0.7%
	10,662	Duke Energy Corp.		1,190,519
	14,863	NextEra Energy, Inc.		1,259,045
				2,449,564
		Food & Staples Retailing – 0.4%
	9,321	Walmart, Inc.		1,388,083
		Health Care Equipment & Supplies – 0.2%
	6,515	Abbott Laboratories		771,115
		Health Care Providers & Services – 0.4%
	1,505	Anthem, Inc.		739,286
	1,083	UnitedHealth Group, Inc.		552,298
				1,291,584
		Hotels, Restaurants & Leisure – 0.2%
	8,938	Starbucks Corp.		813,090
		Household Products – 0.4%
	9,671	Procter & Gamble Co. (The)		1,477,729

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		IT Services – 0.4%
	3,006	Accenture PLC, Class A	$	1,013,713
	2,320	Automatic Data Processing, Inc.		527,893
				1,541,606
		Life Sciences Tools & Services – 0.1%
	624	Thermo Fisher Scientific, Inc.		368,566
		Machinery – 0.5%
	4,164	Cummins, Inc.		854,078
	2,124	Deere & Co.		882,437
				1,736,515
		Media – 0.8%
	79,387	Altice USA, Inc., Class A(k)		990,750
	26,870	Comcast Corp., Class A		1,258,053
	27,529	iHeartMedia, Inc., Class A(k)		521,124
				2,769,927
		Metals & Mining – 0.4%
	16,312	Newmont Corp.		1,295,988
		Oil, Gas & Consumable Fuels – 0.7%
	50,400	Battalion Oil Corp.(k)		936,432
	1,176	Frontera Energy Corp.(k)		13,631
	3,409	Pioneer Natural Resources Co.		852,352
	23,900	Williams Cos., Inc. (The)		798,499
				2,600,914
		Pharmaceuticals – 1.1%
	12,284	Bristol-Myers Squibb Co.		897,100
	8,238	Johnson & Johnson		1,460,021
	18,325	Merck & Co., Inc.		1,503,566
				3,860,687
		Professional Services – 0.0%
	357	Clarivate PLC(k)		5,983
		REITs – Diversified – 0.3%
	4,698	American Tower Corp.		1,180,232
		Road & Rail – 0.4%
	4,551	Union Pacific Corp.		1,243,379
		Semiconductors & Semiconductor Equipment – 0.5%
	1,153	Broadcom, Inc.		726,021
	9,795	Microchip Technology, Inc.		735,996
	1,984	Texas Instruments, Inc.		364,025
				1,826,042
		Software – 0.3%
	321	iQor Holdings, Inc.(e)(f)(k)		2,247
	3,565	Microsoft Corp.		1,099,125
				1,101,372
		Specialty Retail – 0.2%
	2,424	Home Depot, Inc. (The)		725,576
		Technology Hardware, Storage & Peripherals – 0.3%
	6,678	Apple, Inc.		1,166,046
		Wireless Telecommunication Services – 0.8%
	23,127	T-Mobile US, Inc.(k)		2,968,350
		Total Common Stocks
		(Identified Cost $42,665,218)		41,063,853
	Preferred Stocks – 0.8%
	Convertible Preferred Stocks – 0.6%
		Midstream – 0.0%
	3,556	El Paso Energy Capital Trust I,4.750%	$	177,089
		Technology – 0.2%
	8,758	Clarivate PLC, Series A,5.250%		594,405
		Wireless – 0.4%
	1,390	2020 Cash Mandatory Exchangeable Trust,5.250%, 144A(e)(f)		1,549,850
		Total Convertible Preferred Stocks
		(Identified Cost $2,573,951)		2,321,344
	Non-Convertible Preferred Stocks – 0.2%
		Home Construction – 0.1%
	21,265	Hovnanian Enterprises, Inc.,7.625%		435,933
		REITs – Warehouse/Industrials – 0.1%
	3,363	Prologis, Inc., Series Q,8.540%		218,595
		Total Non-Convertible Preferred Stocks
		(Identified Cost $192,799)		654,528
		Total Preferred Stocks
		(Identified Cost $2,766,750)		2,975,872
	Exchange-Traded Funds – 0.9%
	41,000	iShares® iBoxx $ High Yield Corporate Bond ETF (Identified Cost $3,599,734)		3,373,890
	Principal Amount (‡)
	Short-Term Investments – 2.0%
$	7,218,348	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $7,218,348 on 4/01/2022 collateralized by $7,389,300 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $7,362,743 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $7,218,348)		7,218,348
		Total Investments – 99.3%
		(Identified Cost $385,586,643)		358,846,457
		Other assets less liabilities—0.7%		2,531,175
		Net Assets – 100.0%	$	361,377,632

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(††)	Amount shown represents units. One unit represents a principal amount of 1,000.
(†††)	Amount shown represents units. One unit represents a principal amount of 100.
(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2022 is disclosed.
(b)	Perpetual bond with no specified maturity date.
(c)	Payment-in-kind security for which the issuer, at each interest payment date, makes interest payments in additional principal.
(d)	Variable rate security. Rate as of March 31, 2022 is disclosed.
(e)	Illiquid security.
(f)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2022, the value of these securities amounted to $3,008,377 or 0.8% of net assets. See Note 2 of Notes to Financial Statements.
(g)	Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended March 31, 2022, interest payments were made in cash.
(h)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(i)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
(j)	Fair valued by the Fund’s adviser. At March 31, 2022, the value of these securities amounted to $318,180 or 0.1% of net assets. See Note 2 of Notes to Financial Statements.
(k)	Non-income producing security.
(l)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
(m)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
(n)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 1.00%, to which the spread is added.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the value of Rule 144A holdings amounted to $177,976,069 or 49.2% of net assets.
ABS	Asset-Backed Securities
ETF	Exchange-Traded Fund
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
BRL	Brazilian Real
MXN	Mexican Peso

Industry Summary at March 31, 2022 (Unaudited)

Treasuries	7.9	%
Cable Satellite	7.2
Independent Energy	6.4
Pharmaceuticals	5.8
Finance Companies	4.6
Healthcare	4.0
Technology	3.6
Consumer Cyclical Services	3.4
Leisure	3.3
Wireless	2.7
Aerospace & Defense	2.6
Media Entertainment	2.5
Metals & Mining	2.5
Financial Other	2.3
Retailers	2.3
Non-Agency Commercial Mortgage-Backed Securities	2.2
Gaming	2.1
Midstream	2.0
Chemicals	2.0
Other Investments, less than 2% each	25.3
Short-Term Investments	2.0
Collateralized Loan Obligations	1.7
Exchange-Traded Funds	0.9
Total Investments	99.3
Other assets less liabilities	0.7
Net Assets	100.0	%

See accompanying notes to financial statements.

|  42

Statements of Assets and Liabilities

March 31, 2022 (Unaudited)

	Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund
ASSETS
Investments at cost	$	467,876,646		$	703,312,041		$	311,286,597
Net unrealized depreciation		(24,644,611	)		(37,462,473	)		(8,571,755	)
Investments at value		443,232,035			665,849,568			302,714,842
Cash		7,771			—			88,237
Due from brokers (Note 2)		—			1,379,347			784,000
Foreign currency at value (identified cost $50,148, $10,368,910 and $945,050, respectively)		50,623			10,474,044			952,714
Receivable for Fund shares sold		1,500,000			530,368			2,415,511
Receivable for securities sold		966,198			1,460,062			1,507,236
Receivable for when-issued/delayed delivery securities sold (Note 2)		—			16,215,052			—
Collateral received for open forward foreign currency contracts (Notes 2 and 4)		—			800,000			—
Dividends and interest receivable		3,427,939			4,755,110			511,084
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			1,531,159			—
Tax reclaims receivable		—			45,994			—
Receivable for variation margin on futures contracts (Note 2)		—			139,261			—
Prepaid expenses (Note 8)		4			4			1
TOTAL ASSETS		449,184,570			703,179,969			308,973,625
LIABILITIES
Payable for securities purchased		—			6,911,526			4,507,854
Payable for when-issued/delayed delivery securities purchased (Note 2)		—			32,580,032			—
Payable for Fund shares redeemed		—			2,246,510			308,393
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			1,111,963			5,929
Foreign taxes payable (Note 2)		—			3,002			—
Due to brokers (Note 2)		—			800,000			—
Payable for variation margin on futures contracts (Note 2)		6,800			—			51,562
Management fees payable (Note 6)		189,909			322,346			40,199
Deferred Trustees’ fees (Note 6)		291,996			416,198			140,814
Administrative fees payable (Note 6)		16,665			24,987			11,521
Payable to distributor (Note 6d)		—			5,223			2,941
Other accounts payable and accrued expenses		64,107			102,526			51,924
TOTAL LIABILITIES		569,477			44,524,313			5,121,137
NET ASSETS	$	448,615,093		$	658,655,656		$	303,852,488
NET ASSETS CONSIST OF:
Paid-in capital	$	468,090,124		$	710,276,673		$	316,309,995
Accumulated loss		(19,475,031	)		(51,621,017	)		(12,457,507	)
NET ASSETS	$	448,615,093		$	658,655,656		$	303,852,488
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	448,615,093		$	333,471,460		$	253,563,731
Shares of beneficial interest		36,935,495			21,160,959			22,313,391
Net asset value, offering and redemption price per share	$	12.15		$	15.76		$	11.36
Retail Class:
Net assets	$	—		$	147,750,525		$	40,682,184
Shares of beneficial interest		—			9,552,355			3,586,802
Net asset value, offering and redemption price per share	$	—		$	15.47		$	11.34
Class N shares:
Net assets	$	—		$	177,433,671		$	9,606,573
Shares of beneficial interest		—			11,225,829			844,601
Net asset value, offering and redemption price per share	$	—		$	15.81		$	11.37

See accompanying notes to financial statements.

43  |

Statements of Assets and Liabilities – continued

March 31, 2022 (Unaudited)

	Institutional High Income Fund
ASSETS
Investments at cost	$	385,586,643
Net unrealized depreciation		(26,740,186	)
Investments at value		358,846,457
Foreign currency at value (identified cost $9,356)		9,444
Receivable for Fund shares sold		3,000,000
Receivable for securities sold		929,916
Dividends and interest receivable		3,799,825
Prepaid expenses (Note 8)		3
TOTAL ASSETS		366,585,645
LIABILITIES
Payable for securities purchased		4,742,027
Payable for Fund shares redeemed		2,000
Management fees payable (Note 6)		179,159
Deferred Trustees’ fees (Note 6)		215,903
Administrative fees payable (Note 6)		13,101
Payable to distributor (Note 6d)		63
Other accounts payable and accrued expenses		55,760
TOTAL LIABILITIES		5,208,013
NET ASSETS	$	361,377,632
NET ASSETS CONSIST OF:
Paid-in capital	$	390,484,603
Accumulated loss		(29,106,971	)
NET ASSETS	$	361,377,632
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	361,377,632
Shares of beneficial interest		60,345,141
Net asset value, offering and redemption price per share	$	5.99

See accompanying notes to financial statements.

|  44

Statements of Operations

For the Six Months Ended March 31, 2022 (Unaudited)

	Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund
INVESTMENT INCOME
Interest	$	6,382,585		$	7,331,521		$	6,001,947
Dividends		510,256			—			—
Less net foreign taxes withheld		—			(30,714	)		—
		6,892,841			7,300,807			6,001,947
Expenses
Management fees (Note 6)		1,196,651			1,979,078			375,645
Service and distribution fees (Note 6)		—			200,497			55,806
Administrative fees (Note 6)		102,764			154,532			64,583
Trustees’ fees and expenses (Note 6)		11,118			14,126			8,890
Trustees’ fees deferred compensation (Note 6)		(20,312	)		(29,466	)		(8,816	)
Transfer agent fees and expenses (Notes 6 and 7)		2,091			247,039			138,831
Audit and tax services fees		28,635			27,551			23,214
Custodian fees and expenses		15,096			59,968			7,491
Legal fees (Note 8)		4,551			7,129			2,656
Registration fees		19,988			61,875			106,919
Shareholder reporting expenses		3,742			34,357			13,330
Miscellaneous expenses		21,314			43,458			21,843
Total expenses		1,385,638			2,800,144			810,392
Less waiver and/or expense reimbursement (Note 6)		—			(147,022	)		(152,727	)
Net expenses		1,385,638			2,653,122			657,665
Net investment income		5,507,203			4,647,685			5,344,282
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		6,811,021			(7,497,318	)		(421,038	)
Futures contracts		217,379			1,819,428			220,830
Forward foreign currency contracts (Note 2d)		—			(3,135,208	)		84,061
Foreign currency transactions (Note 2c)		(41,387	)		(456,296	)		(41,138	)
Net change in unrealized appreciation (depreciation) on:
Investments		(33,604,196	)		(43,840,489	)		(10,247,004	)
Futures contracts		(264,855	)		(1,954,267	)		(406,242	)
Forward foreign currency contracts (Note 2d)		—			927,282			(5,929	)
Foreign currency translations (Note 2c)		56,241			362,486			40,659
Net realized and unrealized loss on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		(26,825,797	)		(53,774,382	)		(10,775,801	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(21,318,594	)	$	(49,126,697	)	$	(5,431,519	)

See accompanying notes to financial statements.

45  |

Statements of Operations – continued

For the Six Months Ended March 31, 2022 (Unaudited)

	Institutional High Income Fund
INVESTMENT INCOME
Interest	$	8,330,014
Dividends		754,555
		9,084,569
Expenses
Management fees (Note 6)		1,069,969
Administrative fees (Note 6)		76,605
Trustees’ fees and expenses (Note 6)		9,501
Trustees’ fees deferred compensation (Note 6)		(14,647	)
Transfer agent fees and expenses (Notes 6 and 7)		4,013
Audit and tax services fees		26,498
Custodian fees and expenses		11,994
Legal fees (Note 8)		3,166
Registration fees		20,382
Shareholder reporting expenses		2,248
Miscellaneous expenses		21,168
Total expenses		1,230,897
Net investment income		7,853,672
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss on:
Investments		(2,509,403	)
Foreign currency transactions (Note 2c)		(11,588	)
Net change in unrealized appreciation (depreciation) on:
Investments		(16,534,022	)
Foreign currency translations (Note 2c)		13,911
Net realized and unrealized loss on investments and foreign currency transactions		(19,041,102	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,187,430	)

See accompanying notes to financial statements.

|  46

Statements of Changes in Net Assets

	Fixed Income Fund						Global Bond Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
FROM OPERATIONS:
Net investment income	$	5,507,203		$	20,353,254		$	4,647,685		$	10,792,677
Net realized gain (loss) on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		6,987,013			18,114,487			(9,269,394	)		22,590,261
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations		(33,812,810	)		18,196,597			(44,504,988	)		(27,950,188	)
Net increase (decrease) in net assets resulting from operations		(21,318,594	)		56,664,338			(49,126,697	)		5,432,750
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(30,083,728	)		(39,121,293	)		(15,886,291	)		(18,819,965	)
Retail Class		—			—			(6,461,573	)		(8,739,847	)
Class N		—			—			(8,245,710	)		(8,974,746	)
Total distributions		(30,083,728	)		(39,121,293	)		(30,593,574	)		(36,534,558	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(11,040,584	)		(139,545,221	)		(10,110,727	)		67,859,653
Net increase (decrease) in net assets		(62,442,906	)		(122,002,176	)		(89,830,998	)		36,757,845
NET ASSETS
Beginning of the period		511,057,999			633,060,175			748,486,654			711,728,809
End of the period	$	448,615,093		$	511,057,999		$	658,655,656		$	748,486,654

See accompanying notes to financial statements.

47  |

Statements of Changes in Net Assets – continued

	Inflation Protected Securities Fund						Institutional High Income Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
FROM OPERATIONS:
Net investment income	$	5,344,282		$	6,250,647		$	7,853,672		$	18,043,175
Net realized gain (loss) on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		(157,285	)		4,329,291			(2,520,991	)		30,657,949
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations		(10,618,516	)		(2,461,672	)		(16,520,111	)		18,436,270
Net increase (decrease) in net assets resulting from operations		(5,431,519	)		8,118,266			(11,187,430	)		67,137,394
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(8,870,335	)		(6,642,299	)		(20,772,904	)		(26,161,315	)
Retail Class		(1,572,040	)		(997,498	)		—			—
Class N		(328,051	)		(252,287	)		—			—
Total distributions		(10,770,426	)		(7,892,084	)		(20,772,904	)		(26,161,315	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		59,842,465			132,340,207			28,893,382			(193,346,908	)
Net increase (decrease) in net assets		43,640,520			132,566,389			(3,066,952	)		(152,370,829	)
NET ASSETS
Beginning of the period		260,211,968			127,645,579			364,444,584			516,815,413
End of the period	$	303,852,488		$	260,211,968		$	361,377,632		$	364,444,584

See accompanying notes to financial statements.

|  48

Financial Highlights

For a share outstanding throughout each period.

	Fixed Income Fund – Institutional Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	13.52		$	13.17		$	13.49		$	13.40		$	13.96		$	13.52
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.44			0.55			0.59			0.54			0.57
Net realized and unrealized gain (loss)		(0.72	)		0.73			(0.31	)		0.19			(0.35	)		0.34
Total from Investment Operations		(0.57	)		1.17			0.24			0.78			0.19			0.91
LESS DISTRIBUTIONS FROM:
Net investment income		(0.29	)		(0.64	)		(0.56	)		(0.59	)		(0.52	)		(0.46	)
Net realized capital gains		(0.51	)		(0.18	)		—			(0.10	)		(0.23	)		(0.01	)
Total Distributions		(0.80	)		(0.82	)		(0.56	)		(0.69	)		(0.75	)		(0.47	)
Net asset value, end of the period	$	12.15		$	13.52		$	13.17		$	13.49		$	13.40		$	13.96
Total return		(4.51	)%(b)		9.08	%		1.78	%		6.29	%		1.39	%		6.96	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	448,615		$	511,058		$	633,060		$	776,812		$	862,759		$	1,093,422
Net expenses		0.58	%(c)		0.59	%		0.58	%		0.57	%		0.57	%		0.57	%
Gross expenses		0.58	%(c)		0.59	%		0.58	%		0.57	%		0.57	%		0.57	%
Net investment income		2.30	%(c)		3.27	%		4.23	%		4.51	%		3.99	%		4.22	%
Portfolio turnover rate		22	%		99	%(d)		29	%		14	%		11	%		10	%

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

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

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

(d) The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to a repositioning of the portfolio due to a change in the portfolio management team.

See accompanying notes to financial statements.

49  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Global Bond Fund – Institutional Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	17.62		$	18.33		$	17.07		$	16.16		$	16.51		$	16.47
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.27			0.33			0.33			0.35			0.30
Net realized and unrealized gain (loss)		(1.25	)		(0.07	)		1.12			0.69			(0.66	)		(0.18	)
Total from Investment Operations		(1.14	)		0.20			1.45			1.02			(0.31	)		0.12
LESS DISTRIBUTIONS FROM:
Net investment income		(0.38	)		(0.35	)		(0.08	)		(0.05	)		—			(0.06	)
Net realized capital gains		(0.34	)		(0.56	)		(0.11	)		(0.06	)		(0.04	)		(0.02	)
Total Distributions		(0.72	)		(0.91	)		(0.19	)		(0.11	)		(0.04	)		(0.08	)
Net asset value, end of the period	$	15.76		$	17.62		$	18.33		$	17.07		$	16.16		$	16.51
Total return(b)		(6.70	)%(c)		0.91	%		8.57	%		6.27	%		(1.85	)%		0.74	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	333,471		$	381,340		$	375,501		$	353,872		$	450,376		$	509,080
Net expenses(d)		0.69	%(e)		0.69	%		0.69	%		0.70	%(f)		0.72	%(g)		0.75	%(h)
Gross expenses		0.75	%(e)		0.75	%		0.76	%		0.76	%(f)		0.77	%		0.80	%
Net investment income		1.34	%(e)		1.47	%		1.90	%		2.00	%		2.10	%		1.88	%
Portfolio turnover rate		56	%(i)		267	%		273	%(j)		215	%(j)		218	%(j)		163	%

(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) Includes interest expense. Without this expense the ratio of net expenses would have been 0.69% and the ratio of gross expenses would have been 0.75%.

(g) Effective July 1, 2018, the expense limit decreased to 0.69%.

(h) Effective July 1, 2017, the expense limit decreased to 0.72%.

(i) The variation in the Fund’s turnover rate from 2021 to 2022 was primarily due to a change in trading strategy from a previously utilized auction strategy used in prior fiscal years.

(j) The variation in the Fund’s turnover rate from 2017 to 2018 was primarily due to a repositioning of the portfolio. During 2019 and 2020, turnover has remained high due to an increase in the volume of U.S. Treasury securities related to certain trading strategies and, additionally for 2020, a repositioning of the portfolio.

See accompanying notes to financial statements.

|  50

Financial Highlights – continued

For a share outstanding throughout each period.

	Global Bond Fund – Retail Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	17.29		$	18.00		$	16.76		$	15.86		$	16.24		$	16.23
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.22			0.28			0.28			0.30			0.26
Net realized and unrealized gain (loss)		(1.24	)		(0.07	)		1.10			0.68			(0.64	)		(0.19	)
Total from Investment Operations		(1.15	)		0.15			1.38			0.96			(0.34	)		0.07
LESS DISTRIBUTIONS FROM:
Net investment income		(0.33	)		(0.30	)		(0.03	)		(0.00	)(b)		—			(0.04	)
Net realized capital gains		(0.34	)		(0.56	)		(0.11	)		(0.06	)		(0.04	)		(0.02	)
Total Distributions		(0.67	)		(0.86	)		(0.14	)		(0.06	)		(0.04	)		(0.06	)
Net asset value, end of the period	$	15.47		$	17.29		$	18.00		$	16.76		$	15.86		$	16.24
Total return(c)		(6.84	)%(d)		0.67	%		8.32	%		6.08	%		(2.12	)%		0.48	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	147,751		$	171,318		$	178,887		$	207,251		$	247,119		$	288,479
Net expenses(e)		0.94	%(f)		0.94	%		0.94	%		0.95	%(g)		0.97	%(h)		1.00	%(i)
Gross expenses		1.00	%(f)		1.00	%		1.01	%		1.01	%(g)		1.02	%		1.05	%
Net investment income		1.08	%(f)		1.22	%		1.65	%		1.75	%		1.85	%		1.67	%
Portfolio turnover rate		56	%(j)		267	%		273	%(k)		215	%(k)		218	%(k)		163	%

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

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

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

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

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

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

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 0.94% and the ratio of gross expenses would have been 1.00%.

(h) Effective July 1, 2018, the expense limit decreased to 0.94%.

(i) Effective July 1, 2017, the expense limit decreased to 0.97%.

(j) The variation in the Fund’s turnover rate from 2021 to 2022 was primarily due to a change in trading strategy from a previously utilized auction strategy used in prior fiscal years.

(k) The variation in the Fund’s turnover rate from 2017 to 2018 was primarily due to a repositioning of the portfolio. During 2019 and 2020, turnover has remained high due to an increase in the volume of U.S. Treasury securities related to certain trading strategies and, additionally for 2020, a repositioning of the portfolio.

See accompanying notes to financial statements.

51  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Global Bond Fund – Class N
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	17.68		$	18.39		$	17.12		$	16.21		$	16.55		$	16.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.27			0.33			0.34			0.36			0.33
Net realized and unrealized gain (loss)		(1.26	)		(0.07	)		1.14			0.69			(0.66	)		(0.20	)
Total from Investment Operations		(1.14	)		0.20			1.47			1.03			(0.30	)		0.13
LESS DISTRIBUTIONS FROM:
Net investment income		(0.39	)		(0.35	)		(0.09	)		(0.06	)		—			(0.06	)
Net realized capital gains		(0.34	)		(0.56	)		(0.11	)		(0.06	)		(0.04	)		(0.02	)
Total Distributions		(0.73	)		(0.91	)		(0.20	)		(0.12	)		(0.04	)		(0.08	)
Net asset value, end of the period	$	15.81		$	17.68		$	18.39		$	17.12		$	16.21		$	16.55
Total return		(6.68	)%(b)(c)		0.95	%(b)		8.66	%(b)		6.31	%(b)		(1.78	)%(b)		0.81	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	177,434		$	195,829		$	157,341		$	246,394		$	276,690		$	256,939
Net expenses		0.64	%(d)(e)		0.64	%(d)		0.64	%(d)		0.65	%(d)(f)		0.67	%(d)(g)		0.69	%(h)
Gross expenses		0.66	%(e)		0.66	%		0.66	%		0.66	%(f)		0.68	%		0.69	%
Net investment income		1.39	%(e)		1.51	%		1.93	%		2.06	%		2.15	%		2.09	%
Portfolio turnover rate		56	%(i)		267	%		273	%(j)		215	%(j)		218	%(j)		163	%

(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) Includes interest expense. Without this expense the ratio of net expenses would have been 0.64% and the ratio of gross expenses would have been 0.65%.

(g) Effective July 1, 2018, the expense limit decreased to 0.64%.

(h) Effective July 1, 2017, the expense limit decreased to 0.67%.

(i) The variation in the Fund’s turnover rate from 2021 to 2022 was primarily due to a change in trading strategy from a previously utilized auction strategy used in prior fiscal years.

(j) The variation in the Fund’s turnover rate from 2017 to 2018 was primarily due to a repositioning of the portfolio. During 2019 and 2020, turnover has remained high due to an increase in the volume of U.S. Treasury securities related to certain trading strategies and, additionally for 2020, a repositioning of the portfolio.

See accompanying notes to financial statements.

|  52

Financial Highlights – continued

For a share outstanding throughout each period.

	Inflation Protected Securities Fund – Institutional Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	11.94		$	11.78		$	10.59		$	10.13		$	10.41		$	10.64
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.44			0.11			0.20			0.30			0.18
Net realized and unrealized gain (loss)		(0.38	)		0.18			1.18			0.48			(0.25	)		(0.22	)
Total from Investment Operations		(0.17	)		0.62			1.29			0.68			0.05			(0.04	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.27	)		(0.46	)		(0.10	)		(0.22	)		(0.33	)		(0.19	)
Net realized capital gains		(0.14	)		—			—			—			—			—
Total Distributions		(0.41	)		(0.46	)		(0.10	)		(0.22	)		(0.33	)		(0.19	)
Net asset value, end of the period	$	11.36		$	11.94		$	11.78		$	10.59		$	10.13		$	10.41
Total return(b)		(1.47	)%(c)		5.33	%		12.20	%		6.73	%		0.49	%		(0.33	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	253,564		$	217,863		$	116,549		$	24,076		$	25,914		$	26,972
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.50	%(e)		0.52	%		0.70	%		0.96	%		0.94	%		0.81	%
Net investment income		3.60	%(e)		3.65	%		1.00	%		1.92	%		2.90	%		1.73	%
Portfolio turnover rate		48	%		57	%		82	%		246	%		324	%(f)		354	%(f)

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

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

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

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

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

(f) The Fund’s high turnover rate during 2017 was primarily due to significant shareholder flows. During 2018, turnover has remained high due to certain trading strategies.

See accompanying notes to financial statements.

53  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Inflation Protected Securities Fund – Retail Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	11.92		$	11.77		$	10.57		$	10.11		$	10.39		$	10.62
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19			0.45			0.10			0.18			0.28			0.14
Net realized and unrealized gain (loss)		(0.37	)		0.14			1.17			0.47			(0.26	)		(0.20	)
Total from Investment Operations		(0.18	)		0.59			1.27			0.65			0.02			(0.06	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.44	)		(0.07	)		(0.19	)		(0.30	)		(0.17	)
Net realized capital gains		(0.14	)		—			—			—			—			—
Total Distributions		(0.40	)		(0.44	)		(0.07	)		(0.19	)		(0.30	)		(0.17	)
Net asset value, end of the period	$	11.34		$	11.92		$	11.77		$	10.57		$	10.11		$	10.39
Total return(b)		(1.59	)%(c)		5.04	%		12.09	%		6.47	%		0.23	%		(0.59	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	40,682		$	33,949		$	7,805		$	1,076		$	967		$	1,144
Net expenses(d)		0.65	%(e)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.75	%(e)		0.77	%		0.95	%		1.21	%		1.19	%		1.06	%
Net investment income		3.30	%(e)		3.76	%		0.91	%		1.77	%		2.69	%		1.37	%
Portfolio turnover rate		48	%		57	%		82	%		246	%		324	%(f)		354	%(f)

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

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

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

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

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

(f) The Fund’s high turnover rate during 2017 was primarily due to significant shareholder flows. During 2018, turnover has remained high due to certain trading strategies.

See accompanying notes to financial statements.

|  54

Financial Highlights – continued

For a share outstanding throughout each period.

	Inflation Protected Securities Fund – Class N
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	11.95		$	11.79		$	10.59		$	10.13		$	10.41		$	10.43
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.49			0.10			0.21			0.32			0.15
Net realized and unrealized gain (loss)		(0.38	)		0.14			1.20			0.47			(0.26	)		(0.01	)
Total from Investment Operations		(0.17	)		0.63			1.30			0.68			0.06			0.14
LESS DISTRIBUTIONS FROM:
Net investment income		(0.27	)		(0.47	)		(0.10	)		(0.22	)		(0.34	)		(0.16	)
Net realized capital gains		(0.14	)		—			—			—			—			—
Total Distributions		(0.41	)		(0.47	)		(0.10	)		(0.22	)		(0.34	)		(0.16	)
Net asset value, end of the period	$	11.37		$	11.95		$	11.79		$	10.59		$	10.13		$	10.41
Total return(b)		(1.44	)%(c)		5.37	%		12.33	%		6.78	%		0.53	%		1.40	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	9,607		$	8,401		$	3,291		$	1,779		$	1,704		$	1,339
Net expenses(d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(e)
Gross expenses		0.44	%(e)		0.46	%		0.68	%		0.91	%		0.87	%		0.77	%(e)
Net investment income		3.61	%(e)		4.06	%		0.90	%		2.09	%		3.09	%		2.18	%(e)
Portfolio turnover rate		48	%		57	%		82	%		246	%		324	%(f)		354	%(g)

* From commencement of Class operations on February 1, 2017 through September 30, 2017.

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

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

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

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

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

(f) During 2018, turnover has remained high due to certain trading strategies.

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

See accompanying notes to financial statements.

55  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Institutional High Income Fund – Institutional Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	6.56		$	5.99		$	6.44		$	6.90		$	7.01		$	6.81
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.26			0.29			0.34			0.36			0.35
Net realized and unrealized gain (loss)		(0.33	)		0.63			(0.32	)		(0.35	)		(0.07	)		0.25
Total from Investment Operations		(0.19	)		0.89			(0.03	)		(0.01	)		0.29			0.60
LESS DISTRIBUTIONS FROM:
Net investment income		(0.23	)		(0.32	)		(0.37	)		(0.37	)		(0.38	)		(0.38	)
Net realized capital gains		(0.15	)		—			(0.05	)		(0.08	)		(0.02	)		(0.02	)
Total Distributions		(0.38	)		(0.32	)		(0.42	)		(0.45	)		(0.40	)		(0.40	)
Net asset value, end of the period	$	5.99		$	6.56		$	5.99		$	6.44		$	6.90		$	7.01
Total return		(3.05	)%(b)		15.16	%		(0.67	)%		0.20	%		4.31	%		9.19	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	361,378		$	364,445		$	516,815		$	572,393		$	672,775		$	731,042
Net expenses		0.69	%(c)		0.70	%		0.69	%		0.68	%		0.68	%		0.68	%
Gross expenses		0.69	%(c)		0.70	%		0.69	%		0.68	%		0.68	%		0.68	%
Net investment income		4.40	%(c)		4.07	%		4.84	%		5.33	%		5.26	%		5.17	%
Portfolio turnover rate		28	%		105	%(d)		25	%		23	%		14	%		17	%

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

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

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

(d) The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to a repositioning of the portfolio due to a change in the portfolio management team.

See accompanying notes to financial statements.

|  56

Notes to Financial Statements

March 31, 2022 (Unaudited)

1.Organization. Loomis Sayles Funds I (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 Fixed Income Fund (the “Fixed Income Fund”)

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

Loomis Sayles Inflation Protected Securities Fund (the “Inflation Protected Securities Fund”)

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

Each Fund is a diversified investment company.

Each Fund offers Institutional Class shares. Global Bond Fund and Inflation Protected Securities Fund also offer Retail Class shares and Class N shares.

Each share class is sold without a sales charge. Retail Class shares pay a Rule 12b-1 fee. Class N shares are offered with an initial minimum investment of $1,000,000. Institutional Class shares are intended for institutional investors with a minimum initial investment of $100,000 for Global Bond Fund and Inflation Protected Securities Fund and $3,000,000 for Fixed Income Fund and Institutional High Income Fund. Certain categories of investors are exempted from the minimum investment amounts for Class N and Institutional Class as outlined in the relevant Fund’s prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, and Gateway Trust (“Natixis Funds Trusts”) and Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF 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 Retail Class), and transfer agent fees are borne collectively for Institutional Class and Retail Class, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of 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 period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans and collateralized loan obligations where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service. Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively. Over-the-counter (“OTC”) currency options and swaptions are valued at mid prices (between the bid and the ask price) supplied by an independent pricing service, if available. Other OTC option contracts (including currency

57  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

options and swaptions not priced through an independent pricing service) are valued based on quotations obtained from broker-dealers. Centrally cleared credit default swap agreements are valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers. Bilateral credit default swaps are valued based on mid prices (between the bid price and the ask price) supplied 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. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by a Fund.

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

As of March 31, 2022, securities held by the Funds were fair valued as follows:

Fund	Securities classified as fair valued		Percentage of Net Assets		Securities fair valued by the Fund’s adviser		Percentage of Net Assets
Fixed Income Fund	$	3,858,072		0.9%	$	195,600		Less than 0.1%
Institutional High Income Fund		3,008,377		0.8%		318,180		0.1%

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Loan consent fees, upfront origination fees and/or amendment fees are recorded when received and included in interest income on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. For payment-in-kind securities, income received in-kind is reflected as an increase to the principal and cost basis of the securities. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class-specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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

|  58

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

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 or eliminate the amount of income available to be distributed by the Funds.

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

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

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

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. The aggregate principal amounts of the contracts are not recorded in the financial statements. Daily fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as a receivable (payable) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates. Futures contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

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

f.  Option Contracts. A Fund may enter into option contracts. When a Fund purchases an option, it pays a premium and the option is subsequently marked-to-market to reflect current value. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the cost or deducted from the proceeds on the underlying instrument to determine the realized gain or loss. If the Fund enters into a closing sale transaction, the difference between the premium paid and the proceeds of the closing sale transaction is treated as a realized gain or loss. The risk associated with purchasing options is limited to the premium paid.

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

Exchange-traded options contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Funds are reduced. OTC options are subject to the risk that the counterparty is unable or unwilling to meet its obligations under the option. Option contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

59  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

g.  Swaptions. A Fund may enter into interest rate swaptions. An interest rate swaption gives the holder the right, but not the obligation, to enter into or cancel an interest rate swap agreement at a future date. Interest rate swaptions may be either purchased or written. The buyer of an interest rate swaption may purchase either the right to receive a fixed rate in the underlying swap (known as a “receiver swaption”) or to pay a fixed rate (known as a “payer swaption”), based on the notional amount of the swap agreement, in exchange for a floating rate. The notional amounts of swaptions are not recorded in the financial statements.

When a Fund purchases an interest rate swaption, it pays a premium and the swaption is subsequently marked-to-market to reflect current value. Premiums paid for purchasing interest rate swaptions which expire are treated as realized losses. Premiums paid for purchasing interest rate swaptions which are exercised are added to the cost or deducted from the proceeds on the underlying swap to determine the realized gain or loss. If a Fund enters into a closing sale transaction, the difference between the premium paid and the proceeds of the closing sale transaction is treated as a realized gain or loss. The risk associated with purchasing interest rate swaptions is limited to the premium paid.

When a Fund writes an interest rate swaption, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current value. Premiums received for written interest rate swaptions which expire are treated as realized gains. Premiums received for written interest rate swaptions which are exercised are deducted from the cost or added to the proceeds on the underlying swap to determine the realized gain or loss. If a Fund enters into a closing purchase transaction, the difference between the premium received and any amount paid on effecting a closing purchase transaction, including commission, is treated as a realized gain or, if the premium received is less than the amount paid, as a realized loss. A Fund, as writer of a written interest rate swaption, bears the risk of an unfavorable change in the market value of the swap underlying the written interest rate swaption.

Over-the-counter interest rate swaptions are subject to the risk that the counterparty is unable or unwilling to meet its obligations under the swaption. Swaptions outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

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

An interest rate swap is an agreement with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

The notional amounts of swap agreements are not recorded in the financial statements. Swap agreements are valued daily, and fluctuations in value are recorded in the Statements of Operations as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded in the Statements of Assets and Liabilities as part of unrealized appreciation (depreciation) on swap agreements. When received or paid, fees are recorded in the Statements of Operations as realized gain or loss. Upfront premiums paid or received by the Funds are recorded on the Statements of Assets and Liabilities as an asset or liability, respectively, and are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Funds as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Funds face the CCP through a broker.

Upon entering into a centrally cleared swap, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as “variation margin,” are made or received by the Funds based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Funds’ counterparty credit risk is reduced as the CCP stands between the Funds and the counterparty. The Funds cover their net obligations

|  60

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

under outstanding swap agreements by segregating or earmarking cash or securities. Swap agreements outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

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

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

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.

j.  Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2022 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. 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 are expected to be filed and paid 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.

k.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as distribution re-designations, foreign currency gains and losses, convertible bond adjustments, paydown gains and losses, premium amortization, return of capital distributions received, defaulted and/or non-income producing securities, capital gains taxes, contingent payment debt instruments, treasury inflation-protected bonds, perpetual bond adjustments and trust preferred securities. 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, wash sales, premium amortization, forward foreign currency contract mark-to-market, trust preferred securities, corporate actions, straddle loss deferral adjustments, perpetual bond adjustments, futures contract mark-to-market and defaulted and/or non-income producing securities. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and net realized short-term capital gains are reported as distributed from ordinary income for tax purposes.

61  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2021 was as follows:

	2021 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total
Fixed Income Fund	$	33,136,248	$	5,985,045	$	39,121,293
Global Bond Fund		25,619,343		10,915,215		36,534,558
Inflation Protected Securities Fund		7,892,084		—		7,892,084
Institutional High Income Fund		26,161,315		—		26,161,315

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

As of March 31, 2022, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund			Institutional High Income Fund
Federal tax cost	$	468,466,711		$	707,149,681		$	314,040,205		$	386,194,652
Gross tax appreciation	$	13,657,233		$	10,098,797		$	256,945		$	10,998,522
Gross tax depreciation		(38,636,618	)		(52,223,045	)		(11,635,102	)		(38,346,717	)
Net tax depreciation	$	(24,979,385	)	$	(42,124,248	)	$	(11,378,157	)	$	(27,348,195	)

Amounts in the tables above exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales and derivatives mark-to-market.

l.  Senior Loans. A Fund’s investment in senior loans may be to corporate, governmental or other borrowers. Senior loans, which include both secured and unsecured loans made by banks and other financial institutions to corporate customers, typically hold the most senior position in a borrower’s capital structure, may be secured by the borrower’s assets and have interest rates that reset frequently. Senior Loans can include term loans, revolving credit facility loans and second lien loans. A senior loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the senior loan, as specified in the loan agreement. Large loans may be shared or syndicated among several lenders. A Fund may enter into the primary syndicate for a loan or it may also purchase all or a portion of loans from other lenders (sometimes referred to as loan assignments), in either case becoming a direct lender. The settlement period for senior loans is uncertain as there is no standardized settlement schedule applicable to such investments. Senior loans outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

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

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

o.  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

|  62

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

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 March 31, 2022, 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.

p.  Due to/from Brokers. Transactions and positions in certain futures, forward foreign currency contracts and delayed delivery commitments are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for Global Bond Fund represents cash pledged as collateral for forward foreign currency contracts and delayed delivery securities and as initial margin for futures contracts. The due from brokers balance in the Statements of Assets and Liabilities for Inflation Protected Securities Fund represents cash pledged as initial margin for futures contracts. The due to brokers balance in the Statements of Assets and Liabilities for Global Bond Fund represents cash received as collateral for forward foreign currency contracts. In certain circumstances a Fund’s use of cash and/or securities held at brokers is restricted by regulation or broker mandated limits.

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

For the six months ended March 31, 2022, none of the Funds had loaned securities under this agreement.

r.  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.

s.  New Accounting Pronouncement. In January 2021, the Financial Accounting Standards Board issued Accounting Standard Update 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). ASU 2021-01 is an update of ASU 2020-04, which was issued in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of the London Interbank Offered Rate (“LIBOR”), expected to occur no later than June 30, 2023. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides temporary guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 amendments offer optional expedients for contract modifications that would allow an entity to account for such modifications by prospectively adjusting the effective interest rate, instead of evaluating each contract, in accordance with existing accounting standards, as to whether reference rate modifications constitute the establishment of new contracts or the continuation of existing contracts. ASU 2021-01 clarifies that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments are currently effective and an entity may elect to apply its provisions as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. Management expects to apply the optional expedients when appropriate.

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

63  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

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

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

The Funds’ pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Funds by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. The Funds’ adviser may use internally developed models to validate broker-dealer bid prices that are only available from a single broker or market maker. Such securities are considered and classified as fair valued. Broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2022, at value:

Fixed Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Property & Casualty Insurance	$	—	$	1,032,981	$	195,600	(b)	$	1,228,581
All Other Non-Convertible Bonds(a)		—		353,170,129		—			353,170,129
Total Non-Convertible Bonds		—		354,203,110		195,600			354,398,710
Convertible Bonds(a)		—		16,178,533		—			16,178,533
Municipals(a)		—		4,041,485		—			4,041,485
Total Bonds and Notes		—		374,423,128		195,600			374,618,728
Senior Loans(a)		—		2,016,715		—			2,016,715
Collateralized Loan Obligations		—		14,151,860		—			14,151,860
Common Stocks(a)		34,677,980		—		—			34,677,980
Preferred Stocks
Convertible Preferred Stocks
Wireless		—		1,575,495		—			1,575,495
All Other Convertible Preferred Stocks(a)		3,372,278		—		—			3,372,278
Total Convertible Preferred Stocks		3,372,278		1,575,495		—			4,947,773
Non-Convertible Preferred Stocks(a)		—		449,114		—			449,114
Total Preferred Stocks		3,372,278		2,024,609		—			5,396,887
Short-Term Investments		—		12,369,865		—			12,369,865
Futures Contracts (unrealized appreciation)		482,803		—		—			482,803
Total	$	38,533,061	$	404,986,177	$	195,600		$	443,714,838

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(227,512	)	$	—	$	—	$	(227,512	)

(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.

|  64

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

Global Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	631,893,982	$	—	$	631,893,982
Short-Term Investments		—		33,955,586		—		33,955,586
Total Investments		—		665,849,568		—		665,849,568
Forward Foreign Currency Contracts (unrealized appreciation)		—		1,531,159		—		1,531,159
Futures Contracts (unrealized appreciation)		1,133,864		—		—		1,133,864
Total	$	1,133,864	$	667,380,727	$	—	$	668,514,591

Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(1,111,963	)	$	—	$	(1,111,963	)
Futures Contracts (unrealized depreciation)		(2,377,195	)		—			—		(2,377,195	)
Total	$	(2,377,195	)	$	(1,111,963	)	$	—	$	(3,489,158	)

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

Inflation Protected Securities Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	285,876,272	$	—	$	285,876,272
Senior Loans(a)		—		12,206,123		—		12,206,123
Short-Term Investments		—		4,632,447		—		4,632,447
Total	$	—	$	302,714,842	$	—	$	302,714,842

Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(5,929	)	$	—	$	(5,929	)
Futures Contracts (unrealized depreciation)		(46,865	)		—			—		(46,865	)
Total	$	(46,865	)	$	(5,929	)	$	—	$	(52,794	)

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

Institutional High Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Independent Energy	$	—	$	21,738,213	$	87,780	(b)	$	21,825,993
Property & Casualty Insurance		—		1,448,371		230,400	(b)		1,678,771
All Other Non-Convertible Bonds(a)		—		254,369,422		—			254,369,422
Total Non-Convertible Bonds		—		277,556,006		318,180			277,874,186
Convertible Bonds(a)		—		18,869,722		—			18,869,722
Total Bonds and Notes		—		296,425,728		318,180			296,743,908
Senior Loans(a)		—		1,331,172		—			1,331,172
Collateralized Loan Obligations		—		6,139,414		—			6,139,414
Common Stocks
Software		1,099,125		2,247		—			1,101,372
All Other Common Stocks(a)		39,962,481		—		—			39,962,481
Total Common Stocks		41,061,606		2,247		—			41,063,853

65  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

Institutional High Income Fund

Asset Valuation Inputs – continued

Description	Level 1		Level 2		Level 3		Total
Preferred Stocks
Convertible Preferred Stocks
Wireless	$	—	$	1,549,850	$	—	$	1,549,850
All Other Convertible Preferred Stocks(a)		771,494		—		—		771,494
Total Convertible Preferred Stocks		771,494		1,549,850		—		2,321,344
Non-Convertible Preferred Stocks
REITs – Warehouse/Industrials		—		218,595		—		218,595
All Other Non-Convertible Preferred Stocks(a)		435,933		—		—		435,933
Total Non-Convertible Preferred Stocks		435,933		218,595		—		654,528
Total Preferred Stocks		1,207,427		1,768,445		—		2,975,872
Exchange-Traded Funds		3,373,890		—		—		3,373,890
Short-Term Investments		—		7,218,348		—		7,218,348
Total	$	45,642,923	$	312,885,354	$	318,180	$	358,846,457

(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.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2021 and/or March 31, 2022:

Fixed Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2021		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2022
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	185,168	$	—	$	(1,154,382	)	$	1,155,884		$	—	$	(26,589	)	$	—	$	(160,081	)	$	—	$	—
Property & Casualty Insurance		281,175		3,652		—			(89,227	)		—		—			—		—			195,600		(89,227	)
Total	$	466,343	$	3,652	$	(1,154,382	)	$	1,066,657		$	—	$	(26,589	)	$	—	$	(160,081	)	$	195,600	$	(89,227	)

A debt security valued at $160,081 was transferred from Level 3 to Level 2 during the period ended March 31, 2022. At September 30, 2021, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At March 31, 2022, 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.

|  66

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

Institutional High Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2021		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2022
Bonds and Notes
Non-Convertible Bonds
Independent Energy	$	61,600	$	12,426	$	—	$	13,754		$	—	$	—		$	—	$	—		$	87,780	$	13,754
Property & Casualty Insurance		331,200		5,333		—		(106,133	)		—		—			—		—			230,400		(106,133	)
Convertible Bonds
Oil Field Services		3,367,304		759		—		(127,527	)		—		(3,240,536	)		—		—			—		—
Collateralized Loan Obligations		1,744,972		—		—		—			—		—			—		(1,744,972	)		—		—
Common Stocks
Energy Equipment & Services		260,799		—		—		5,532,180			—		(5,792,979	)		—		—			—		—
Oil, Gas & Consumable Fuels		1,269,619		—		—		(446,146	)		—		(823,473	)		—		—			—		—
Total	$	7,035,494	$	18,518	$	—	$	4,866,128		$	—	$	(9,856,988	)	$	—	$	(1,744,972	)	$	318,180	$	(92,379	)

Debt securities valued at $1,744,972 were transferred from Level 3 to Level 2 during the period ended March 31, 2022. At September 30, 2021, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities. At March 31, 2022, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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 Fixed Income Fund, Global Bond Fund and Inflation Protected Securities Fund used during the period include forward foreign currency contracts and futures contracts.

Global Bond 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 exchange contracts for hedging purposes to protect the value of the Funds’ holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the six months ended March 31, 2022, Global Bond Fund engaged in forward foreign currency contracts for hedging purposes and to gain exposure to foreign currencies.

Fixed Income Fund, Global Bond Fund and Inflation Protected Securities Fund are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed-income securities. A Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Funds may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the six months ended March 31, 2022, Fixed Income Fund and Global Bond Fund used futures contracts to manage duration. Inflation Protected Securities Fund used futures contracts to manage duration and for hedging purposes.

The following is a summary of derivative instruments for Fixed Income Fund as of March 31, 2022, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on futures contracts1
Exchange-traded asset derivatives
Interest rate contracts	$	482,803

67  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

Liabilities	Unrealized depreciation on futures contracts1
Exchange-traded asset derivatives
Interest rate contracts	$	(227,512	)

¹ Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Fixed Income Fund during the six months ended March 31, 2022, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	217,379
Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(264,855	)

The following is a summary of derivative instruments for Global Bond Fund as of March 31, 2022, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on forward foreign currency contracts			Unrealized appreciation on futures contracts1
Over-the-counter asset derivatives
Foreign exchange contracts	$	1,531,159		$	—
Exchange-traded asset derivatives
Interest rate contracts	$	—		$	1,133,864
Total asset derivatives	$	1,531,159		$	1,133,864
Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts1
Over-the-counter liability derivatives
Foreign exchange contracts	$	(1,111,963	)	$	—
Exchange-traded liability derivatives
Interest rate contracts	$	—		$	(2,377,195	)
Total liability derivatives	$	(1,111,963	)	$	(2,377,195	)

¹ Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Global Bond Fund during the six months ended March 31, 2022, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Forward foreign currency contracts			Futures contracts
Interest rate contracts	$	—		$	1,819,428
Foreign exchange contracts		(3,135,208	)		—
Total	$	(3,135,208	)	$	1,819,428

|  68

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts		Futures contracts
Interest rate contracts	$	—	$	(1,954,267	)
Foreign exchange contracts		927,282		—
Total	$	927,282	$	(1,954,267	)

The following is a summary of derivative instruments for Inflation Protected Securities Fund as of March 31, 2022, as reflected within the Statements of Assets and Liabilities:

Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts1
Over-the-counter liability derivatives
Foreign exchange contracts	$	(5,929	)	$	—
Exchange-traded liability derivatives
Interest rate contracts	$	—		$	(46,865	)
Total liability derivatives	$	(5,929	)	$	(46,865	)

¹ Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Inflation Protected Securities Fund during the six months ended March 31, 2022, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Forward foreign currency contracts			Futures contracts
Interest rate contracts	$	—		$	220,830
Foreign exchange contracts		84,061			—
Total	$	84,061		$	220,830
Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts			Futures contracts
Interest rate contracts	$	—		$	(406,242	)
Foreign exchange contracts		(5,929	)		—
Total	$	(5,929	)	$	(406,242	)

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

The volume of forward foreign currency contract and futures contract activity, as a percentage of net assets for Fixed Income Fund, Global Bond Fund and Inflation Protected Securities Fund based on gross month-end or daily (as applicable) notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2022:

Fixed Income Fund	Futures
Average Notional Amount Outstanding		5.76%
Highest Notional Amount Outstanding		6.60%
Lowest Notional Amount Outstanding		4.77%
Notional Amount Outstanding as of March 31, 2022		4.77%

Global Bond Fund	Forwards		Futures
Average Notional Amount Outstanding		23.74%		17.71%
Highest Notional Amount Outstanding		27.97%		22.73%
Lowest Notional Amount Outstanding		20.64%		14.07%
Notional Amount Outstanding as of March 31, 2022		24.31%		22.73%

69  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

Inflation Protected Securities Fund	Forwards		Futures
Average Notional Amount Outstanding		0.49%		45.49%
Highest Notional Amount Outstanding		0.68%		100.11%
Lowest Notional Amount Outstanding		0.00%		0.00%
Notional Amount Outstanding as of March 31, 2022		0.67%		3.68%

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

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

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Funds and their 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 a Fund or the counterparty to the extent of 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 Funds 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 Funds or the counterparty. The Funds’ ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of March 31, 2022, 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 Bond Fund

Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged			Net Amount
BNP Paribas S.A.	$	131,942		$	—		$	131,942		$	—		$	131,942
Citibank N.A.		191,468			(191,468	)		—			—			—
Credit Suisse International		240,106			(8,252	)		231,854			(230,000	)		1,854
HSBC Bank USA		199,981			(110,142	)		89,839			—			89,839
Morgan Stanley Capital Services, Inc.		10,219			—			10,219			—			10,219
Standard Chartered Bank		461,056			—			461,056			(461,056	)		—
UBS AG		296,387			(296,387	)		—			—			—
	$	1,531,159		$	(606,249	)	$	924,910		$	(691,056	)	$	233,854
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	(305,279	)	$	—		$	(305,279	)	$	300,000		$	(5,279	)
Citibank N.A.		(234,449	)		191,468			(42,981	)		42,981			—
Credit Suisse International		(8,252	)		8,252			—			—			—
HSBC Bank USA		(110,142	)		110,142			—			—			—
UBS AG		(453,841	)		296,387			(157,454	)		120,000			(37,454	)
	$	(1,111,963	)	$	606,249		$	(505,714	)	$	462,981		$	(42,733	)

Inflation Protected Securities Fund

Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	(5,929	)	$	—	$	(5,929	)	$	—	$	(5,929	)

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.

|  70

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A 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 clearing house, 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 typically are required to segregate customer margin for exchange-traded derivatives 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 customers, 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 each 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 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 Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of March 31, 2022:

Fund	Maximum Amount of Loss – Gross		Maximum Amount of Loss – Net
Fixed Income Fund	$	1,534,984	$	1,534,984
Global Bond Fund		7,906,592		6,146,306
Inflation Protected Securities Fund		784,000		784,000

Net loss amount reflects cash received as collateral for Global Bond Fund of $800,000, which is recorded on the Statements of Assets and Liabilities.

5.  Purchases and Sales of Securities. For the six months ended March 31, 2022, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Fixed Income Fund	$	28,497,720	$	7,509,693	$	72,003,117	$	132,691,128
Global Bond Fund		228,949,946		259,190,137		160,248,663		159,227,318
Inflation Protected Securities Fund		133,745,737		75,755,178		63,063,059		63,938,894
Institutional High Income Fund		18,326,321		—		85,730,328		95,849,681

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. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Over $10 Billion
Fixed Income Fund		0.50%		0.50%		0.50%		0.50%		0.50%
Global Bond Fund		0.55%		0.50%		0.48%		0.45%		0.40%
Inflation Protected Securities Fund		0.25%		0.25%		0.25%		0.25%		0.25%
Institutional High Income Fund		0.60%		0.60%		0.60%		0.60%		0.60%

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, 2023, 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

71  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

the Statements of Assets and Liabilities, are net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2022, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class	Retail Class	Class N
Fixed Income Fund	0.65%	—	—
Global Bond Fund	0.69%	0.94%	0.64%
Inflation Protected Securities Fund	0.40%	0.65%	0.35%
Institutional High Income Fund	0.75%	—	—

Loomis Sayles shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below both (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the six months ended March 31, 2022, the management fees and waivers of management fees for each Fund were as follows:

	Gross Management Fees		Contractual Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
Fund							Gross		Net
Fixed Income Fund	$	1,196,651	$	—	$	1,196,651		0.50%		0.50%
Global Bond Fund		1,979,078		147,022		1,832,056		0.55%		0.51%
Inflation Protected Securities Fund		375,645		151,175		224,470		0.25%		0.15%
Institutional High Income Fund		1,069,969		—		1,069,969		0.60%		0.60%

¹ Management fee waiver is subject to possible recovery until September 30, 2023.

No expenses were recovered for any of the Funds during the six months ended March 31, 2022 under the terms of the expense limitation agreements.

b.  Distribution Fees. Natixis Distribution, LLC (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trust. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trust.

Pursuant to Rule 12b-1 under the 1940 Act, Global Bond Fund and Inflation Protected Securities Fund have adopted a Distribution Plan relating to each Fund’s Retail Class shares (the “Retail Class Plans”).

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

For the six months ended March 31, 2022, the distribution fees for each Fund were as follows:

Fund	Retail Class
Global Bond Fund	$	200,497
Inflation Protected Securities Fund		55,806

c.  Administrative Fees. Natixis Advisors, LLC (“Natixis Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next

|  72

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

$30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2022, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Fixed Income Fund	$	102,764
Global Bond Fund		154,532
Inflation Protected Securities Fund		64,583
Institutional High Income Fund		76,605

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

For the six months ended March 31, 2022, 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 Bond Fund	$	222,142
Inflation Protected Securities Fund		127,665
Institutional High Income Fund		2,112

As of March 31, 2022, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

Fund	Reimbursements of Sub-Transfer Agent Fees
Global Bond Fund	$	5,223
Inflation Protected Securities Fund		2,941
Institutional High Income Fund		63

Sub-transfer agent fees attributable to Institutional Class and Retail 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.  Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $210,000. 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, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF 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, 2022, each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $199,000. All other Trustees fees remained unchanged.

73  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

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

For the six months ended March 31, 2022, net depreciation in the value of participants’ deferral accounts are reflected on the Statements of Operations as a reduction to expenses, as follows:

Fund	Amount
Fixed Income Fund	$	(20,312	)
Global Bond Fund		(29,466	)
Inflation Protected Fund		(8,816	)
Institutional High Income Fund		(14,647	)

Certain officers and employees of Natixis Advisors and Loomis Sayles are also officers and/or Trustees of the Trust.

f.  Affiliated Ownership. As of March 31, 2022, the percentage of each Fund’s net assets owned by affiliates is as follows:

Inflation Protected Securities Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		2.90%
Loomis Sayles Non- Qualified Retirement Plans		3.16%
Natixis Sustainable Future 2015 Fund		0.22%
Natixis Sustainable Future 2020 Fund		0.14%
Natixis Sustainable Future 2025 Fund		0.18%
Natixis Sustainable Future 2030 Fund		0.25%
Natixis Sustainable Future 2035 Fund		0.19%
Natixis Sustainable Future 2040 Fund		0.11%
Natixis Sustainable Future 2045 Fund		0.08%
Natixis Sustainable Future 2050 Fund		0.02%
		7.25%
Institutional High Income Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		5.80%
Loomis Sayles Non- Qualified Retirement Plans		6.63%
Loomis Sayles Employees		17.44%
		29.87%

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

g.  Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to Inflation Protected Securities Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through January 31, 2023 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2022, Natixis Advisors reimbursed the Fund $1,552 for transfer agency expenses related to Class N shares.

7.  Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses for Global Bond Fund and Inflation Protected Securities Fund attributable to Institutional Class and Retail 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.

|  74

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

For the six months ended March 31, 2022, Global Bond Fund and Inflation Protected Securities Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Class N
Global Bond Fund	$	170,213	$	74,359	$	2,467
Inflation Protected Securities Fund		116,302		20,977		1,552

8.  Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $500,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $500,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid certain legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the six months ended March 31, 2022, none of the Funds had borrowings under this agreement.

9.   Risk. Certain Funds’ investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Funds’ investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Global markets have experienced periods of high volatility triggered by the Covid-19 pandemic. The impact of this pandemic and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Such effects could impair the Funds’ ability to maintain operational standards, disrupt the operations of the Funds’ service providers, adversely affect the value and liquidity of the Funds’ investments and negatively impact the Funds’ performance.

Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region and around the world are impossible to predict, but could be significant and have a severe adverse effect on the region and around the world, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

10.  Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2022, 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% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership		Percentage of Affiliated Ownership (Note 6f)		Total Percentage of Ownership
Fixed Income Fund		5		45.22%		—		45.22%
Inflation Protected Securities Fund		2		12.47%		7.25%		19.72%
Institutional High Income Fund		1		22.30%		29.87%		52.17%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the 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.

75  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

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

	Fixed Income Fund
	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,772,143		$	22,481,331			6,053,196		$	80,923,538
Issued in connection with the reinvestment of distributions		2,333,030			29,722,796			2,926,309			38,510,221
Redeemed		(4,964,194	)		(63,244,711	)		(19,256,605	)		(258,978,980	)
Net change		(859,021	)	$	(11,040,584	)		(10,277,100	)	$	(139,545,221	)
Decrease from capital share transactions		(859,021	)	$	(11,040,584	)		(10,277,100	)	$	(139,545,221	)
	Global Bond Fund
	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,789,462		$	47,144,175			7,645,306		$	138,666,580
Issued in connection with the reinvestment of distributions		902,144			15,110,903			981,223			17,936,770
Redeemed		(4,167,183	)		(69,312,531	)		(7,472,461	)		(135,239,164	)
Net change		(475,577	)	$	(7,057,453	)		1,154,068		$	21,364,186
Retail Class
Issued from the sale of shares		723,351		$	11,968,825			2,264,155		$	40,332,865
Issued in connection with the reinvestment of distributions		383,679			6,311,520			475,717			8,543,869
Redeemed		(1,464,491	)		(24,323,409	)		(2,769,338	)		(49,502,469	)
Net change		(357,461	)	$	(6,043,064	)		(29,466	)	$	(625,735	)
Class N
Issued from the sale of shares		1,207,265		$	20,382,532			6,236,077		$	113,531,139
Issued in connection with the reinvestment of distributions		472,291			7,934,482			438,646			8,040,371
Redeemed		(1,530,340	)		(25,327,224	)		(4,155,738	)		(74,450,308	)
Net change		149,216		$	2,989,790			2,518,985		$	47,121,202
Increase (decrease) from capital share transactions		(683,822	)	$	(10,110,727	)		3,643,587		$	67,859,653
	Inflation Protected Securities Fund
	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		9,754,093		$	115,622,700			14,126,843		$	169,701,298
Issued in connection with the reinvestment of distributions		753,712			8,785,681			551,395			6,573,976
Redeemed		(6,438,188	)		(75,482,411	)		(6,326,851	)		(75,108,125	)
Net change		4,069,617		$	48,925,970			8,351,387		$	101,167,149
Retail Class
Issued from the sale of shares		2,055,615		$	24,726,273			2,588,704		$	30,936,263
Issued in connection with the reinvestment of distributions		134,762			1,570,256			83,698			996,245
Redeemed		(1,451,524	)		(17,063,982	)		(487,824	)		(5,829,863	)
Net change		738,853		$	9,232,547			2,184,578		$	26,102,645

|  76

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

11.  Capital Shares – continued

	Inflation Protected Securities Fund
	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Class N	Shares			Amount			Shares			Amount
Issued from the sale of shares		217,474		$	2,560,831			569,437		$	6,795,275
Issued in connection with the reinvestment of distributions		28,130			328,051			21,149			252,287
Redeemed		(103,885	)		(1,204,934	)		(166,819	)		(1,977,149	)
Net change		141,719		$	1,683,948			423,767		$	5,070,413
Increase from capital share transactions		4,950,189		$	59,842,465			10,959,732		$	132,340,207
	Institutional High Income Fund
	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		4,652,863		$	28,245,044			4,866,811		$	31,121,246
Issued in connection with the reinvestment of distributions		2,642,067			16,327,976			3,663,176			22,418,638
Redeemed		(2,480,352	)		(15,679,638	)		(39,234,503	)		(246,886,792	)
Net change		4,814,578		$	28,893,382			(30,704,516	)	$	(193,346,908	)
Increase (decrease) from capital share transactions		4,814,578		$	28,893,382			(30,704,516	)	$	(193,346,908	)

77  |

Loomis Sayles High Income Opportunities Fund

Loomis Sayles Securitized Asset Fund

Semiannual

March 31, 2022

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	5
Financial Statements	37
Notes to Financial Statements	41

LOOMIS SAYLES HIGH INCOME OPPORTUNITIES FUND

Managers	Symbol
Matthew J. Eagan, CFA®	Institutional Class	LSIOX
Brian P. Kennedy
Elaine M. Stokes
Todd P. Vandam, CFA®

Investment Objective

The Fund’s investment objective is high current income. Capital appreciation is the Fund’s secondary objective.

Average Annual Total Returns — March 31, 2022

													Expense Ratios2
	6 Months			1 Year			5 Years			10 Years			Gross			Net
Institutional Class		-5.36	%		-1.89	%		4.69	%		6.21	%		0.00	%		0.00	%
Comparative Performance
Bloomberg U.S. Corporate High-Yield Bond Index1		-4.16			-0.66			4.69			5.75

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

²  The amount shown under Gross and Net Expense Ratio is 0.00% to reflect the fact that the Fund does not pay any advisory, administration or distribution and service fees, and that Loomis Sayles has agreed to pay certain expenses of the Fund. All fees are paid by investors indirectly through separately negotiated advisory relationships with the Fund’s Adviser or through “wrap fee” programs sponsored by broker dealers and investment advisers that may be affiliated or unaffiliated with the Fund, Loomis Sayles or Natixis Advisors, LLC

1  |

LOOMIS SAYLES SECURITIZED ASSET FUND

Managers	Symbol
Ian Anderson	Institutional Class	LSSAX
Stephen M. LaPlante, CFA
Alessandro Pagani, CFA®
Barath W. Sankaran, CFA®
Jennifer M. Thomas

Investment Objective

The Fund’s investment objective is to seek a high level of current income consistent with capital preservation.

Average Annual Total Returns — March 31, 2022

													Expense Ratios2
	6 Months			1 Year			5 Years			10 Years			Gross			Net
Institutional Class		-5.50	%		-4.41	%		2.39	%		3.00	%		0.00	%		0.00	%
Comparative Performance
Bloomberg U.S. Securitized Bond Index1		-5.37			-4.86			1.44			1.76

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. 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  Bloomberg U.S. Securitized Bond Index is an unmanaged index of asset-backed securities, collateralized mortgage-backed securities (ERISA eligible), and fixed-rate mortgage-backed securities.

²  The amount shown under Gross and Net Expense Ratio is 0.00% to reflect the fact that the Fund does not pay any advisory, administration or distribution and service fees, and that Loomis Sayles has agreed to pay certain expenses of the Fund. All fees are paid by investors indirectly through separately negotiated advisory relationships with the Fund’s Adviser or through “wrap fee” programs sponsored by broker dealers and investment advisers that may be affiliated or unaffiliated with the Fund, Loomis Sayles or Natixis Advisors, LLC

|  2

ADDITIONAL INFORMATION

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

Additional Index Information

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

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

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Loomis Sayles at 800-633-3330; on the Funds’ website at www.loomissayles.com, and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available through the Funds’ website and the SEC’s website.

Quarterly Portfolio Schedules

The Loomis Sayles Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. First and third quarter schedules of portfolio holdings are also available at loomissayles.com. A hard copy may be requested from the Fund at no charge by calling 800-633-3330.

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

UNDERSTANDING FUND EXPENSES

Typically, mutual fund shareholders incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution fees (12b-1 fees), and other fund expenses. However, the Funds are unlike other mutual funds; they do not charge any fees or expenses.

You should be aware that shares in the Funds are available only to institutional investment advisory clients of Loomis, Sayles & Company, L.P. (“Loomis Sayles”) and Natixis Advisors, LLC (“Natixis Advisors”) and to participants in “wrap fee” programs sponsored by broker-dealers and investment advisers that may be affiliated or unaffiliated with the Funds, Loomis Sayles or Natixis Advisors. The institutional investment advisory clients of Loomis Sayles and Natixis Advisors pay Loomis Sayles or Natixis Advisors a fee for their investment advisory services, while participants in “wrap fee” programs pay a “wrap fee” to the program’s sponsor. The “wrap fee” program sponsors, in turn, pay a fee to Natixis Advisors. “Wrap fee” program participants should read carefully the wrap fee brochure provided to them by their program’s sponsor and the fees paid by such sponsor to Natixis Advisors. Shareholders pay no additional fees or expenses to purchase shares of the Funds. However, shareholders will indirectly pay a proportionate share of those costs, such as brokerage commissions, taxes and extraordinary expenses, that are borne by the Funds through a reduction in each Fund’s net asset value.

The first line in each Fund’s table shows the actual amount of Fund expenses ($0) you would have paid on a $1,000 investment in the Fund from October 1, 2021 through March 31, 2022.

The second line in each Fund’s table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio (0%) 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. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

3  |

Loomis Sayles High Income Opportunities Fund

Institutional Class	Beginning Account Value 10/1/2021		Ending Account Value 3/31/2022		Expenses Paid During Period* 10/1/2021 – 3/31/2022
Actual		$1,000.00		$946.40		$0.00
Hypothetical (5% return before expenses)		$1,000.00		$1,024.93		$0.00
* Expenses are equal to the Fund’s annualized expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Securitized Asset Fund

Institutional Class	Beginning Account Value 10/1/2021		Ending Account Value 3/31/2022		Expenses Paid During Period* 10/1/2021 – 3/31/2022
Actual		$1,000.00		$945.00		$0.00
Hypothetical (5% return before expenses)		$1,000.00		$1,024.93		$0.00
* Expenses are equal to the Fund’s annualized expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

|  4

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund

Principal Amount		Description	Value (†)
	Bonds and Notes – 91.6% of Net Assets
	Non-Convertible Bonds – 86.0%
		ABS Car Loan – 0.1%
$	150,000	Prestige Auto Receivables Trust, Series 2019-1A, Class E, 3.900%, 5/15/2026, 144A	$	149,387
		ABS Home Equity – 0.1%
	97,495	DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 1-month LIBOR + 0.660%, 1.109%, 9/19/2045(a)		70,096
	185,000	VOLT XCVI LLC, Series 2021-NPL5, Class A2, 4.826%, 3/27/2051, 144A(b)		177,290
				247,386
		ABS Other – 0.1%
	179,936	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		152,449
		Aerospace & Defense – 1.6%
	310,000	Bombardier, Inc., 6.000%, 2/15/2028, 144A		290,544
	1,335,000	Bombardier, Inc., 7.125%, 6/15/2026, 144A		1,308,300
	185,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		186,852
	115,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		116,870
	606,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		689,034
	170,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		211,840
	70,000	Moog, Inc., 4.250%, 12/15/2027, 144A		67,988
	925,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		868,265
	30,000	TransDigm, Inc., 5.500%, 11/15/2027		29,775
				3,769,468
		Airlines – 1.6%
	525,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		528,938
	2,590,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		2,580,287
	555,000	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.750%, 1/20/2026, 144A		555,316
				3,664,541
		Automotive – 2.1%
	245,000	Clarios Global LP/Clarios U.S. Finance Co., 8.500%, 5/15/2027, 144A		254,187
	570,000	Ford Motor Co., 3.250%, 2/12/2032		509,084
	1,645,000	Ford Motor Credit Co. LLC, 2.300%, 2/10/2025		1,561,463
	200,000	Ford Motor Credit Co. LLC, 4.542%, 8/01/2026		199,705
	400,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 1/08/2026		398,964
	605,000	General Motors Financial Co., Inc., Series A, (fixed rate to 9/30/2027, variable rate thereafter), 5.750%(c)		603,487
		Automotive – continued
	195,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(c)		204,302
	320,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		329,638
	200,000	Jaguar Land Rover Automotive PLC, 5.500%, 7/15/2029, 144A		176,000
	220,000	Jaguar Land Rover Automotive PLC, 5.875%, 1/15/2028, 144A		201,977
	120,000	Meritor, Inc., 4.500%, 12/15/2028, 144A		120,306
	140,000	Real Hero Merger Sub 2, Inc., 6.250%, 2/01/2029, 144A		127,558
	120,000	Tenneco, Inc., 7.875%, 1/15/2029, 144A		126,450
	190,000	Wheel Pros, Inc., 6.500%, 5/15/2029, 144A		166,488
				4,979,609
		Banking – 1.0%
	410,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		362,358
	1,235,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		1,185,526
	960,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		917,325
				2,465,209
		Brokerage – 0.2%
	140,000	Coinbase Global, Inc., 3.625%, 10/01/2031, 144A		119,350
	290,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.000%, 8/15/2028, 144A		277,669
				397,019
		Building Materials – 2.5%
	720,000	Builders FirstSource, Inc., 4.250%, 2/01/2032, 144A		670,500
	315,000	Builders FirstSource, Inc., 5.000%, 3/01/2030, 144A		309,840
	1,985,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		1,811,332
	320,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(c)		314,000
	380,000	Cornerstone Building Brands, Inc., 6.125%, 1/15/2029, 144A		352,659
	150,000	CP Atlas Buyer, Inc., 7.000%, 12/01/2028, 144A		127,896
	690,000	Foundation Building Materials, Inc., 6.000%, 3/01/2029, 144A		621,000
	395,000	LBM Acquisition LLC, 6.250%, 1/15/2029, 144A		369,981
	255,000	MIWD Holdco II LLC/MIWD Finance Corp., 5.500%, 2/01/2030, 144A		238,106
	410,000	Park River Holdings, Inc., 5.625%, 2/01/2029, 144A		331,169
	275,000	Patrick Industries, Inc., 4.750%, 5/01/2029, 144A		236,500

See accompanying notes to financial statements.

5  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Building Materials – continued
$	225,000	Standard Industries, Inc., 4.375%, 7/15/2030, 144A	$	206,090
	100,000	Summit Materials LLC/Summit Materials Finance Corp., 5.250%, 1/15/2029, 144A		98,750
	355,000	Victors Merger Corp., 6.375%, 5/15/2029, 144A		290,600
				5,978,423
		Cable Satellite – 8.2%
	665,000	Altice Financing S.A., 5.000%, 1/15/2028, 144A		596,073
	95,000	Block Communications, Inc., 4.875%, 3/01/2028, 144A		91,675
	890,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		811,217
	360,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		312,658
	280,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		262,722
	205,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 5/01/2032		187,514
	2,370,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 3/01/2030, 144A		2,275,769
	1,960,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 2/01/2032, 144A		1,825,230
	690,000	Connect Finco S.a.r.l./Connect U.S. Finco LLC, 6.750%, 10/01/2026, 144A		701,999
	1,120,000	CSC Holdings LLC, 4.500%, 11/15/2031, 144A		1,003,822
	4,655,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		3,892,930
	315,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		263,926
	280,000	CSC Holdings LLC, 6.500%, 2/01/2029, 144A		282,223
	1,250,000	DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		1,229,687
	1,475,000	DISH DBS Corp., 5.125%, 6/01/2029		1,256,095
	175,000	DISH DBS Corp., 7.375%, 7/01/2028		165,813
	875,000	DISH DBS Corp., 7.750%, 7/01/2026		869,313
	456,418	Ligado Networks LLC, 15.500% PIK, 11/01/2023, 144A(d)		346,389
	176,770	Ligado Networks LLC, 17.500% PIK, 5/01/2024, 144A(d)		81,806
	480,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.500%, 9/15/2028, 144A		453,900
	600,000	Telenet Finance Luxembourg Notes S.a.r.l., 5.500%, 3/01/2028, 144A		586,866
	275,000	Telesat Canada/Telesat LLC, 5.625%, 12/06/2026, 144A		209,990
	690,000	UPC Broadband Finco B.V., 4.875%, 7/15/2031, 144A		647,820
	260,000	ViaSat, Inc., 6.500%, 7/15/2028, 144A		249,600
	250,000	Virgin Media Finance PLC, 5.000%, 7/15/2030, 144A		236,124
	325,000	Ziggo BV, 4.875%, 1/15/2030, 144A		305,939
				19,147,100
		Chemicals – 1.3%
	330,000	ASP Unifrax Holdings, Inc., 5.250%, 9/30/2028, 144A		306,549
	175,000	Chemours Co. (The), 5.375%, 5/15/2027		174,562
	150,000	Consolidated Energy Finance S.A., 5.625%, 10/15/2028, 144A		138,750
	300,000	Consolidated Energy Finance S.A., 6.500%, 5/15/2026, 144A		306,201
	180,000	Diamond BC BV, 4.625%, 10/01/2029, 144A		161,095
	805,000	Hercules LLC, 6.500%, 6/30/2029		855,433
	200,000	INEOS Quattro Finance 2 PLC, 3.375%, 1/15/2026, 144A		186,210
	215,000	Methanex Corp., 5.125%, 10/15/2027		216,075
	45,000	Methanex Corp., 5.250%, 12/15/2029		45,675
	20,000	Olin Corp., 5.625%, 8/01/2029		20,249
	490,000	Olympus Water U.S. Holding Corp., 4.250%, 10/01/2028, 144A		445,011
	210,000	Olympus Water U.S. Holding Corp., 6.250%, 10/01/2029, 144A		185,850
				3,041,660
		Construction Machinery – 0.2%
	155,000	Ritchie Bros Holdings, Inc., 4.750%, 12/15/2031, 144A		151,142
	275,000	Titan International, Inc., 7.000%, 4/30/2028		275,883
				427,025
		Consumer Cyclical Services – 1.7%
	1,120,000	ADT Security Corp. (The), 4.125%, 8/01/2029, 144A		1,040,200
	305,000	Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.000%, 6/01/2029, 144A		269,060
	260,000	ANGI Group LLC, 3.875%, 8/15/2028, 144A		220,256
	110,000	Arches Buyer, Inc., 6.125%, 12/01/2028, 144A		101,679
	70,000	Match Group Holdings II LLC, 3.625%, 10/01/2031, 144A		62,610
	690,000	Realogy Group LLC/Realogy Co-Issuer Corp., 5.250%, 4/15/2030, 144A		634,800
	545,000	Realogy Group LLC/Realogy Co-Issuer Corp., 5.750%, 1/15/2029, 144A		513,663
	295,000	Terminix Co. LLC (The), 7.450%, 8/15/2027		333,940
	135,000	TKC Holdings, Inc., 10.500%, 5/15/2029, 144A		137,700
	250,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		234,375
	355,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		367,049
				3,915,332
		Consumer Products – 0.4%
	50,000	Coty, Inc., 6.500%, 4/15/2026, 144A		49,714
	540,000	Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.750%, 1/15/2029, 144A		503,882

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Consumer Products – continued
$	435,000	Energizer Holdings, Inc., 4.375%, 3/31/2029, 144A	$	380,836
				934,432
		Diversified Manufacturing – 0.2%
	285,000	Madison IAQ LLC, 5.875%, 6/30/2029, 144A		255,788
	265,000	Resideo Funding, Inc., 4.000%, 9/01/2029, 144A		241,163
				496,951
		Electric – 1.0%
	1,365,000	Calpine Corp., 5.125%, 3/15/2028, 144A		1,300,272
	190,000	NRG Energy, Inc., 3.875%, 2/15/2032, 144A		167,200
	105,000	NRG Energy, Inc., 5.250%, 6/15/2029, 144A		102,609
	135,000	NRG Energy, Inc., 5.750%, 1/15/2028		137,215
	320,000	PG&E Corp., 5.000%, 7/01/2028		309,312
	70,000	PG&E Corp., 5.250%, 7/01/2030		67,893
	245,000	Talen Energy Supply LLC, 7.625%, 6/01/2028, 144A		226,943
				2,311,444
		Environmental – 0.2%
	530,000	GFL Environmental, Inc., 4.000%, 8/01/2028, 144A		487,600
		Finance Companies – 5.0%
	155,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(c)		141,825
	800,000	Cobra AcquisitionCo LLC, 6.375%, 11/01/2029, 144A		686,000
	230,000	Fortress Transportation & Infrastructure Investors LLC, 5.500%, 5/01/2028, 144A		209,105
	635,000	Freedom Mortgage Corp., 7.625%, 5/01/2026, 144A		606,425
	485,000	General Motors Financial Co., Inc., Series B, (fixed rate to 9/30/2028, variable rate thereafter), 6.500%(c)		492,275
	320,000	Global Aircraft Leasing Co. Ltd., 7.250% PIK or 6.500% Cash, 9/15/2024, 144A(e)		290,731
	255,000	LFS Topco LLC, 5.875%, 10/15/2026, 144A		239,062
	200,000	Midcap Financial Issuer Trust, 5.625%, 1/15/2030, 144A		176,734
	615,000	Midcap Financial Issuer Trust, 6.500%, 5/01/2028, 144A		578,420
	1,715,000	Navient Corp., 4.875%, 3/15/2028		1,577,213
	1,000,000	Navient Corp., 5.000%, 3/15/2027		952,500
	1,150,000	OneMain Finance Corp., 4.000%, 9/15/2030		1,014,875
	280,000	OneMain Finance Corp., 5.375%, 11/15/2029		272,040
	545,000	OneMain Finance Corp., 7.125%, 3/15/2026		582,545
		Finance Companies – continued
	350,000	Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc., 6.375%, 2/01/2027, 144A		356,730
	410,000	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/2025, 144A		403,137
	440,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		403,984
	430,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		392,955
	1,020,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		923,100
	1,610,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		1,410,199
				11,709,855
		Financial Other – 2.3%
	400,000	Agile Group Holdings Ltd., 6.050%, 10/13/2025		127,096
	400,000	CFLD Cayman Investment Ltd., 6.900%, 1/13/2023(f)(g)(h)		58,272
	200,000	CFLD Cayman Investment Ltd., 8.600%, 4/08/2024(f)		28,898
	205,000	CFLD Cayman Investment Ltd., 8.750%, 9/28/2022(f)(g)(h)		32,800
	405,000	China Aoyuan Group Ltd., 6.200%, 3/24/2026(f)		69,773
	200,000	China Evergrande Group, 8.750%, 6/28/2025(f)		24,836
	200,000	China Evergrande Group, 9.500%, 4/11/2022(f)(g)(h)		24,590
	200,000	Easy Tactic Ltd., 8.125%, 2/27/2023		41,770
	200,000	Easy Tactic Ltd., 11.750%, 8/02/2023		41,086
	1,830,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		1,796,008
	275,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.250%, 5/15/2026		280,500
	400,000	Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(f)		75,500
	400,000	Kaisa Group Holdings Ltd., 11.250%, 4/16/2025(f)		75,392
	400,000	Kaisa Group Holdings Ltd., 11.650%, 6/01/2026(f)		75,988
	610,000	Kaisa Group Holdings Ltd., 11.700%, 11/11/2025(f)		114,479
	210,000	KWG Group Holdings Ltd., 6.300%, 2/13/2026(g)(h)		81,341
	465,000	Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031, 144A		443,475
	1,180,000	Nationstar Mortgage Holdings, Inc., 6.000%, 1/15/2027, 144A		1,200,768
	205,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031(g)(h)		50,906
	200,000	Shimao Group Holdings Ltd., 4.750%, 7/03/2022		74,000
	200,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024(g)(h)		57,980

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Financial Other – continued
$	605,000	Sunac China Holdings Ltd., 6.500%, 1/26/2026(g)(h)	$	143,802
	200,000	Sunac China Holdings Ltd., 6.650%, 8/03/2024(g)(h)		50,726
	205,000	Times China Holdings Ltd., 5.750%, 1/14/2027		75,760
	630,000	Times China Holdings Ltd., 6.200%, 3/22/2026(g)(h)		238,877
	800,000	Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027(f)(g)(h)		104,120
				5,388,743
		Food & Beverage – 2.1%
	80,000	Aramark Services, Inc., 5.000%, 2/01/2028, 144A		77,600
	335,000	Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.250%, 4/27/2029, 144A		333,325
	1,490,000	MARB BondCo PLC, 3.950%, 1/29/2031, 144A		1,322,375
	325,000	Performance Food Group, Inc., 4.250%, 8/01/2029, 144A		296,156
	510,000	Performance Food Group, Inc., 5.500%, 10/15/2027, 144A		507,552
	105,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		93,029
	1,120,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		1,008,504
	20,000	Post Holdings, Inc., 5.500%, 12/15/2029, 144A		19,243
	260,000	Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/01/2029, 144A		243,750
	325,000	TreeHouse Foods, Inc., 4.000%, 9/01/2028		275,186
	335,000	Triton Water Holdings, Inc., 6.250%, 4/01/2029, 144A		285,618
	425,000	US Foods, Inc., 4.750%, 2/15/2029, 144A		405,344
				4,867,682
		Gaming – 3.2%
	1,130,000	Boyd Gaming Corp., 4.750%, 12/01/2027		1,124,350
	350,000	Boyd Gaming Corp., 4.750%, 6/15/2031, 144A		337,313
	405,000	Caesars Entertainment, Inc., 4.625%, 10/15/2029, 144A		378,675
	250,000	International Game Technology PLC, 4.125%, 4/15/2026, 144A		246,875
	200,000	International Game Technology PLC, 5.250%, 1/15/2029, 144A		199,500
	610,000	Melco Resorts Finance Ltd., 5.375%, 12/04/2029, 144A		516,975
	200,000	Melco Resorts Finance Ltd., 5.750%, 7/21/2028, 144A		176,100
	545,000	MGM China Holdings Ltd., 4.750%, 2/01/2027, 144A		479,387
		Gaming – continued
	455,000	MGM Resorts International, 5.500%, 4/15/2027		459,550
	255,000	Mohegan Gaming & Entertainment, 8.000%, 2/01/2026, 144A		253,406
	865,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		896,568
	855,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		895,613
	540,000	Studio City Finance Ltd., 6.500%, 1/15/2028, 144A		467,100
	290,000	Wynn Macau Ltd., 5.125%, 12/15/2029, 144A		245,775
	415,000	Wynn Macau Ltd., 5.625%, 8/26/2028, 144A		360,535
	420,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029, 144A		395,325
				7,433,047
		Government Owned – No Guarantee – 0.7%
	295,000	EcoPetrol S.A., 4.625%, 11/02/2031		266,975
	600,000	Petroleos Mexicanos, 5.950%, 1/28/2031		553,806
	285,000	Petroleos Mexicanos, 6.625%, 6/15/2035		255,434
	640,000	YPF S.A., 6.950%, 7/21/2027, 144A		479,139
				1,555,354
		Healthcare – 3.8%
	220,000	AdaptHealth LLC, 5.125%, 3/01/2030, 144A		204,325
	255,000	AHP Health Partners, Inc., 5.750%, 7/15/2029, 144A		237,150
	1,455,000	CHS/Community Health Systems, Inc., 5.250%, 5/15/2030, 144A		1,396,494
	585,000	CHS/Community Health Systems, Inc., 6.125%, 4/01/2030, 144A		544,325
	130,000	CHS/Community Health Systems, Inc., 6.875%, 4/15/2029, 144A		127,725
	400,000	CHS/Community Health Systems, Inc., 8.000%, 3/15/2026, 144A		416,568
	610,000	DaVita, Inc., 3.750%, 2/15/2031, 144A		533,750
	425,000	HCA, Inc., 7.050%, 12/01/2027		477,594
	35,000	HCA, Inc., 7.500%, 12/15/2023		37,275
	310,000	HCA, Inc., 7.500%, 11/06/2033		389,050
	40,000	HCA, Inc., 7.690%, 6/15/2025		44,050
	40,000	HCA, Inc., 8.360%, 4/15/2024		43,350
	205,000	HCA, Inc., MTN, 7.580%, 9/15/2025		226,012
	675,000	LifePoint Health, Inc., 5.375%, 1/15/2029, 144A		637,796
	130,000	ModivCare Escrow Issuer, Inc., 5.000%, 10/01/2029, 144A		121,187
	460,000	Mozart Debt Merger Sub, Inc., 5.250%, 10/01/2029, 144A		427,648
	565,000	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028, 144A		510,155
	185,000	RP Escrow Issuer LLC, 5.250%, 12/15/2025, 144A		180,649
	1,315,000	Tenet Healthcare Corp., 4.375%, 1/15/2030, 144A		1,263,413
	170,000	Tenet Healthcare Corp., 4.625%, 6/15/2028, 144A		166,813
	755,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		767,269

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Healthcare – continued
$	225,000	U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026, 144A	$	222,187
				8,974,785
		Home Construction – 0.2%
	255,000	Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.875%, 2/15/2030, 144A		228,052
	200,000	Central China Real Estate Ltd., 7.250%, 8/13/2024		86,316
	205,000	Central China Real Estate Ltd., 7.650%, 8/27/2023		98,443
	200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(f)(i)(j)		—
	200,000	Fantasia Holdings Group Co. Ltd., 11.875%, 6/01/2023(f)		28,708
	200,000	Yuzhou Group Holdings Co. Ltd., 7.700%, 2/20/2025(f)(g)(h)		25,698
	820,000	Zhenro Properties Group Ltd., 6.630%, 1/07/2026(g)(h)		92,824
	210,000	Zhenro Properties Group Ltd., 6.700%, 8/04/2026(g)(h)		22,930
				582,971
		Independent Energy – 6.9%
	195,000	Antero Resources Corp., 5.375%, 3/01/2030, 144A		199,144
	280,000	Apache Corp., 5.350%, 7/01/2049		269,500
	105,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/2029, 144A		103,749
	645,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.000%, 11/01/2026, 144A		661,441
	450,000	Baytex Energy Corp., 8.750%, 4/01/2027, 144A		482,625
	95,000	California Resources Corp., 7.125%, 2/01/2026, 144A		98,778
	705,000	Callon Petroleum Co., 8.000%, 8/01/2028, 144A		743,190
	260,000	Centennial Resource Production LLC, 6.875%, 4/01/2027, 144A		261,326
	350,000	Chesapeake Energy Corp., 5.500%, 2/01/2026, 144A		358,430
	275,000	Chesapeake Energy Corp., 6.750%, 4/15/2029, 144A		291,262
	255,000	Comstock Resources, Inc., 6.750%, 3/01/2029, 144A		263,053
	320,000	Crescent Energy Finance LLC, 7.250%, 5/01/2026, 144A		321,491
	380,000	Energean Israel Finance Ltd., 4.875%, 3/30/2026, 144A		366,700
	200,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		192,300
	171,000	Energy Ventures GoM LLC/EnVen Finance Corp., 11.750%, 4/15/2026, 144A		175,680
	40,000	EQT Corp., 3.125%, 5/15/2026, 144A		38,851
	85,000	EQT Corp., 3.625%, 5/15/2031, 144A		81,175
		Independent Energy – continued
	25,000	EQT Corp., 5.000%, 1/15/2029		25,809
	75,000	EQT Corp., 6.625%, 2/01/2025		79,220
	435,000	EQT Corp., 7.500%, 2/01/2030		504,056
	135,000	Laredo Petroleum, Inc., 7.750%, 7/31/2029, 144A		135,849
	300,000	Leviathan Bond Ltd., 6.500%, 6/30/2027, 144A		308,337
	505,000	Matador Resources Co., 5.875%, 9/15/2026		514,241
	230,000	MEG Energy Corp., 5.875%, 2/01/2029, 144A		233,163
	580,000	MEG Energy Corp., 7.125%, 2/01/2027, 144A		607,260
	300,000	Murphy Oil Corp., 6.375%, 12/01/2042		287,538
	690,000	Northern Oil & Gas, Inc., 8.125%, 3/01/2028, 144A		718,856
	135,000	Oasis Petroleum, Inc., 6.375%, 6/01/2026, 144A		138,375
	90,000	Occidental Petroleum Corp., 3.000%, 2/15/2027		87,975
	80,000	Occidental Petroleum Corp., 3.200%, 8/15/2026		78,600
	1,575,000	Occidental Petroleum Corp., 3.500%, 8/15/2029		1,551,375
	595,000	Occidental Petroleum Corp., 4.100%, 2/15/2047		550,375
	370,000	Occidental Petroleum Corp., 4.200%, 3/15/2048		345,950
	120,000	Occidental Petroleum Corp., 4.400%, 4/15/2046		114,000
	200,000	Occidental Petroleum Corp., 5.550%, 3/15/2026		212,000
	655,000	Occidental Petroleum Corp., 6.600%, 3/15/2046		769,625
	110,000	Occidental Petroleum Corp., 7.500%, 5/01/2031		134,200
	50,000	Occidental Petroleum Corp., 7.875%, 9/15/2031		62,375
	260,000	Occidental Petroleum Corp., 8.500%, 7/15/2027		307,767
	385,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		493,762
	250,000	PDC Energy, Inc., 5.750%, 5/15/2026		253,435
	270,000	Penn Virginia Holdings LLC, 9.250%, 8/15/2026, 144A		284,796
	180,000	Range Resources Corp., 8.250%, 1/15/2029		197,264
	240,000	SM Energy Co., 5.625%, 6/01/2025		239,700
	465,000	SM Energy Co., 6.500%, 7/15/2028		479,847
	230,000	SM Energy Co., 6.750%, 9/15/2026		236,503
	50,000	Southwestern Energy Co., 4.750%, 2/01/2032		49,938
	445,000	Southwestern Energy Co., 5.375%, 2/01/2029		450,563
	315,000	Southwestern Energy Co., 5.375%, 3/15/2030		320,106
	45,000	Southwestern Energy Co., 7.750%, 10/01/2027		47,644
	270,000	Strathcona Resources Ltd., 6.875%, 8/01/2026, 144A		272,025

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Independent Energy – continued
$	215,000	Tap Rock Resources LLC, 7.000%, 10/01/2026, 144A	$	222,551
				16,223,775
		Industrial Other – 0.2%
	315,000	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 2/01/2026, 144A		303,260
	150,000	Installed Building Products, Inc., 5.750%, 2/01/2028, 144A		146,250
				449,510
		Leisure – 4.0%
	1,685,000	Carnival Corp., 5.750%, 3/01/2027, 144A		1,606,926
	360,000	Carnival Corp., 6.000%, 5/01/2029, 144A		339,242
	365,000	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium OP, 6.500%, 10/01/2028		371,388
	265,000	Cinemark USA, Inc., 5.250%, 7/15/2028, 144A		247,478
	265,000	Live Nation Entertainment, Inc., 3.750%, 1/15/2028, 144A		249,068
	535,000	Live Nation Entertainment, Inc., 4.750%, 10/15/2027, 144A		521,625
	20,000	NCL Corp. Ltd., 5.875%, 3/15/2026		19,003
	1,130,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		1,073,681
	455,000	NCL Corp. Ltd., 7.750%, 2/15/2029, 144A		460,865
	165,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		153,012
	310,000	Royal Caribbean Cruises Ltd., 3.700%, 3/15/2028		276,323
	780,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		725,548
	1,495,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		1,425,198
	265,000	SeaWorld Parks & Entertainment, Inc., 5.250%, 8/15/2029, 144A		252,741
	585,000	Speedway Motorsports LLC/Speedway Funding II, Inc., 4.875%, 11/01/2027, 144A		568,912
	235,000	Viking Cruises Ltd., 5.875%, 9/15/2027, 144A		214,184
	550,000	Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029, 144A		502,014
	295,000	VOC Escrow Ltd., 5.000%, 2/15/2028, 144A		274,349
				9,281,557
		Lodging – 1.4%
	590,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		563,034
	205,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		193,213
	720,000	Marriott Ownership Resorts, Inc., 4.750%, 1/15/2028		693,000
		Lodging – continued
	1,015,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		941,230
	345,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		320,850
	5,000	Travel & Leisure Co., 6.000%, 4/01/2027		5,150
	525,000	Travel & Leisure Co., 6.625%, 7/31/2026, 144A		547,312
				3,263,789
		Media Entertainment – 3.0%
	645,000	AMC Networks, Inc., 4.250%, 2/15/2029		601,911
	650,000	Audacy Capital Corp., 6.750%, 3/31/2029, 144A		606,996
	230,000	Clear Channel International BV, 6.625%, 8/01/2025, 144A		234,025
	270,000	Deluxe Corp., 8.000%, 6/01/2029, 144A		274,236
	555,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 5.375%, 8/15/2026, 144A		215,062
	310,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 6.625%, 8/15/2027, 144A		63,845
	300,000	Gray Escrow II, Inc., 5.375%, 11/15/2031, 144A		286,864
	640,000	Gray Television, Inc., 4.750%, 10/15/2030, 144A		594,400
	840,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		802,200
	150,000	Lamar Media Corp., 4.000%, 2/15/2030		142,688
	125,000	Lions Gate Capital Holdings LLC, 5.500%, 4/15/2029, 144A		120,469
	395,000	McGraw-Hill Education, Inc., 5.750%, 8/01/2028, 144A		376,739
	395,000	McGraw-Hill Education, Inc., 8.000%, 8/01/2029, 144A		373,314
	45,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		48,002
	425,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		460,062
	75,000	Netflix, Inc., 5.875%, 11/15/2028		82,673
	90,000	Netflix, Inc., 6.375%, 5/15/2029		101,770
	115,000	Nexstar Media, Inc., 5.625%, 7/15/2027, 144A		116,403
	150,000	Playtika Holding Corp., 4.250%, 3/15/2029, 144A		138,375
	270,000	Scripps Escrow II, Inc., 5.375%, 1/15/2031, 144A		258,525
	400,000	Sinclair Television Group, Inc., 5.125%, 2/15/2027, 144A		363,000
	265,000	Stagwell Global LLC, 5.625%, 8/15/2029, 144A		250,136
	200,000	Terrier Media Buyer, Inc., 8.875%, 12/15/2027, 144A		203,500
	115,000	Townsquare Media, Inc., 6.875%, 2/01/2026, 144A		118,433
	230,000	Univision Communications, Inc., 6.625%, 6/01/2027, 144A		240,925
				7,074,553
		Metals & Mining – 2.5%
	270,000	Allegheny Technologies, Inc., 4.875%, 10/01/2029		255,876

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Metals & Mining – continued
$	275,000	Allegheny Technologies, Inc., 5.125%, 10/01/2031	$	257,876
	75,000	Allegheny Technologies, Inc., 5.875%, 12/01/2027		74,947
	55,000	Carpenter Technology Corp., 6.375%, 7/15/2028		55,223
	305,000	Cia de Minas Buenaventura SAA, 5.500%, 7/23/2026, 144A		300,047
	530,000	Cleveland-Cliffs, Inc., 4.625%, 3/01/2029, 144A		522,736
	85,000	Cleveland-Cliffs, Inc., 6.750%, 3/15/2026, 144A		89,250
	350,000	Commercial Metals Co., 4.125%, 1/15/2030		326,813
	460,000	First Quantum Minerals Ltd., 6.500%, 3/01/2024, 144A		462,875
	2,065,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		2,122,510
	145,000	GrafTech Finance, Inc., 4.625%, 12/15/2028, 144A		134,838
	980,000	Novelis Corp., 4.750%, 1/30/2030, 144A		951,448
	110,000	SunCoke Energy, Inc., 4.875%, 6/30/2029, 144A		103,705
	210,000	United States Steel Corp., 6.875%, 3/01/2029		218,400
	90,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		86,175
				5,962,719
		Midstream – 3.5%
	175,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, 6/15/2029, 144A		174,821
	545,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.625%, 12/15/2025, 144A		569,857
	360,000	Buckeye Partners LP, 4.500%, 3/01/2028, 144A		344,866
	185,000	Buckeye Partners LP, 5.600%, 10/15/2044		155,084
	130,000	Buckeye Partners LP, 5.850%, 11/15/2043		110,817
	260,000	CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.500%, 6/15/2031, 144A		255,424
	275,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.000%, 2/01/2029, 144A		273,969
	95,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		97,707
	160,000	DCP Midstream Operating LP, 5.375%, 7/15/2025		164,978
	540,000	DCP Midstream Operating LP, 5.625%, 7/15/2027		566,212
	15,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		12,113
	250,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		215,625
	455,000	EQM Midstream Partners LP, 6.000%, 7/01/2025, 144A		464,120
		Midstream – continued
	470,000	EQM Midstream Partners LP, 6.500%, 7/01/2027, 144A		490,934
	215,000	EQM Midstream Partners LP, 6.500%, 7/15/2048		207,475
	100,000	EQM Midstream Partners LP, Series 10Y, 5.500%, 7/15/2028		100,392
	275,000	Ferrellgas LP/Ferrellgas Finance Corp., 5.375%, 4/01/2026, 144A		259,671
	490,000	Genesis Energy LP/Genesis Energy Finance Corp., 7.750%, 2/01/2028		492,599
	260,000	Harvest Midstream I LP, 7.500%, 9/01/2028, 144A		265,559
	750,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		707,700
	60,000	New Fortress Energy, Inc., 6.500%, 9/30/2026, 144A		59,446
	505,000	New Fortress Energy, Inc., 6.750%, 9/15/2025, 144A		507,985
	330,000	NuStar Logistics LP, 5.750%, 10/01/2025		336,187
	265,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 6/01/2031, 144A		248,437
	550,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030		571,197
	305,000	Western Midstream Operating LP, 5.450%, 4/01/2044		309,197
	345,000	Western Midstream Operating LP, 5.750%, 2/01/2050		336,375
				8,298,747
		Non-Agency Commercial Mortgage-Backed Securities – 2.4%
	97,780	CG-CCRE Commercial Mortgage Trust, Series 2014-FL2, Class COL1, 1-month LIBOR + 3.500%, 3.897%, 11/15/2031, 144A(a)(g)(h)		79,104
	342,229	CG-CCRE Commercial Mortgage Trust, Series 2014-FL2, Class COL2, 1-month LIBOR + 4.500%, 4.897%, 11/15/2031, 144A(a)(g)(h)		264,440
	590,000	Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class D, 4.947%, 5/10/2047, 144A(b)		553,813
	405,000	Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.922%, 10/15/2045, 144A		395,339
	795,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		671,813
	110,000	GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.163%, 8/10/2044, 144A(b)		90,930
	935,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.163%, 8/10/2044, 144A(b)		433,204
	100,000	GS Mortgage Securities Trust, Series 2013-GC13, Class C, 4.065%, 7/10/2046, 144A(b)		92,473

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
$	170,000	GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.688%, 6/10/2047, 144A(b)	$	153,936
	465,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class C, 5.360%, 2/15/2046, 144A(b)		445,653
	505,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class D, 4.675%, 10/15/2045, 144A(b)		497,529
	275,000	Morgan Stanley Capital I Trust, Series 2011-C2, Class E, 5.212%, 6/15/2044, 144A(b)(g)(h)		220,092
	295,000	MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class C, 4.282%, 10/15/2030, 144A(b)		268,621
	106,361	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1-month LIBOR + 1.470%, 1.867%, 11/15/2027, 144A(a)		74,589
	320,000	Starwood Retail Property Trust, Series 2014-STAR, Class D, 1-month LIBOR + 3.500%, 3.897%, 11/15/2027, 144A(a)(g)(i)(j)		85,912
	350,000	Starwood Retail Property Trust, Series 2014-STAR, Class E, 1-month LIBOR + 4.400%, 4.797%, 11/15/2027, 144A(a)(g)(i)(j)		33,961
	325,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class C, 4.458%, 8/15/2050		202,118
	145,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C36, Class C, 4.172%, 11/15/2059(b)		124,223
	486,255	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.294%, 3/15/2044, 144A(b)		211,521
	205,000	WFRBS Commercial Mortgage Trust, Series 2011-C4, Class E, 4.888%, 6/15/2044, 144A(b)		158,933
	530,000	WFRBS Commercial Mortgage Trust, Series 2012-C10, Class C, 4.347%, 12/15/2045(b)		485,954
	100,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class E, 4.779%, 6/15/2045, 144A(b)(g)(h)		14,750
				5,558,908
		Oil Field Services – 1.1%
	260,000	Nabors Industries, Inc., 7.375%, 5/15/2027, 144A		270,085
	180,000	Precision Drilling Corp., 6.875%, 1/15/2029, 144A		182,700
	30,000	Precision Drilling Corp., 7.125%, 1/15/2026, 144A		30,600
	125,000	Solaris Midstream Holdings LLC, 7.625%, 4/01/2026, 144A		129,063
	476,625	Transocean Pontus Ltd., 6.125%, 8/01/2025, 144A		473,884
		Oil Field Services – continued
	459,375	Transocean Poseidon Ltd., 6.875%, 2/01/2027, 144A		454,781
	67,500	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		66,994
	325,000	Transocean, Inc., 8.000%, 2/01/2027, 144A		275,275
	135,000	Transocean, Inc., 11.500%, 1/30/2027, 144A		139,388
	395,000	Weatherford International Ltd., 8.625%, 4/30/2030, 144A		401,063
	43,000	Weatherford International Ltd., 11.000%, 12/01/2024, 144A		44,505
				2,468,338
		Packaging – 1.0%
	924,274	ARD Finance S.A., 7.250% PIK or 6.500% Cash, 6/30/2027, 144A(e)		845,133
	1,155,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.250%, 8/15/2027, 144A		1,067,653
	170,000	Graham Packaging Co., Inc., 7.125%, 8/15/2028, 144A		154,275
	220,000	Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 9/15/2028, 144A		216,700
				2,283,761
		Pharmaceuticals – 3.9%
	825,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		679,445
	25,000	Bausch Health Cos., Inc., 5.000%, 2/15/2029, 144A		19,475
	1,365,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		1,072,262
	1,150,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		895,114
	745,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A		610,900
	80,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		71,622
	185,000	Bausch Health Cos., Inc., 7.250%, 5/30/2029, 144A		157,792
	385,000	Cheplapharm Arzneimittel GmbH, 5.500%, 1/15/2028, 144A		374,232
	445,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.000%, 6/30/2028, 144A		251,425
	145,000	Endo Luxembourg Finance Co. I. S.a.r.l./Endo U.S., Inc., 6.125%, 4/01/2029, 144A		132,313
	280,000	Grifols Escrow Issuer S.A., 4.750%, 10/15/2028, 144A		263,550
	490,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/2031, 144A		472,850
	251,000	Par Pharmaceutical, Inc., 7.500%, 4/01/2027, 144A		234,221
	230,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		232,300
	650,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		588,503

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Pharmaceuticals – continued
$	4,010,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046	$	3,147,850
				9,203,854
		Property & Casualty Insurance – 0.7%
	400,000	Acrisure LLC/Acrisure Finance, Inc., 6.000%, 8/01/2029, 144A		369,852
	440,000	AmWINS Group, Inc., 4.875%, 6/30/2029, 144A		422,409
	319,085	Ardonagh Midco 2 PLC, 12.750% PIK or 11.500% Cash, 1/15/2027, 144A(k)		338,118
	255,000	AssuredPartners, Inc., 5.625%, 1/15/2029, 144A		234,702
	275,000	BroadStreet Partners, Inc., 5.875%, 4/15/2029, 144A		256,438
				1,621,519
		Refining – 0.5%
	120,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.000%, 4/15/2025, 144A		124,443
	150,000	CVR Energy, Inc., 5.250%, 2/15/2025, 144A		145,585
	540,000	Parkland Corp., 5.875%, 7/15/2027, 144A		538,650
	190,000	PBF Holding Co. LLC/PBF Finance Corp., 6.000%, 2/15/2028		152,671
	240,000	PBF Holding Co. LLC/PBF Finance Corp., 9.250%, 5/15/2025, 144A		247,253
				1,208,602
		REITs – Hotels – 0.3%
	380,000	Service Properties Trust, 4.750%, 10/01/2026		347,700
	330,000	Service Properties Trust, 7.500%, 9/15/2025		346,187
				693,887
		REITs – Mortgage – 0.2%
	185,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.250%, 2/01/2027, 144A		177,298
	265,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		264,006
				441,304
		Restaurants – 0.8%
	1,280,000	1011778 BC ULC/New Red Finance, Inc., 4.000%, 10/15/2030, 144A		1,154,605
	230,000	Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.125%, 4/15/2029, 144A		217,020
	205,000	Papa John’s International, Inc., 3.875%, 9/15/2029, 144A		188,173
	280,000	Yum! Brands, Inc., 3.625%, 3/15/2031		255,316
				1,815,114
		Retailers – 2.7%
	91,000	Asbury Automotive Group, Inc., 4.500%, 3/01/2028		87,415
		Retailers – continued
	355,000	Asbury Automotive Group, Inc., 4.625%, 11/15/2029, 144A		330,594
	99,000	Asbury Automotive Group, Inc., 4.750%, 3/01/2030		93,431
	220,000	Asbury Automotive Group, Inc., 5.000%, 2/15/2032, 144A		204,499
	165,000	At Home Group, Inc., 4.875%, 7/15/2028, 144A		146,850
	310,000	At Home Group, Inc., 7.125%, 7/15/2029, 144A		268,150
	185,000	Bath & Body Works, Inc., 5.250%, 2/01/2028		186,090
	90,000	Bath & Body Works, Inc., 6.625%, 10/01/2030, 144A		94,500
	310,000	Bath & Body Works, Inc., 6.875%, 11/01/2035		319,300
	725,000	Carvana Co., 4.875%, 9/01/2029, 144A		598,730
	480,000	Carvana Co., 5.500%, 4/15/2027, 144A		428,400
	120,000	Carvana Co., 5.875%, 10/01/2028, 144A		106,858
	480,000	Dillard’s, Inc., 7.000%, 12/01/2028		528,432
	80,000	Group 1 Automotive, Inc., 4.000%, 8/15/2028, 144A		74,500
	130,000	Ken Garff Automotive LLC, 4.875%, 9/15/2028, 144A		122,200
	270,000	Lithia Motors, Inc., 4.375%, 1/15/2031, 144A		260,888
	200,000	Michaels Cos., Inc. (The), 7.875%, 5/01/2029, 144A		171,250
	275,000	NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026, 144A		282,425
	270,000	PetSmart, Inc./PetSmart Finance Corp., 4.750%, 2/15/2028, 144A		260,929
	310,000	PetSmart, Inc./PetSmart Finance Corp., 7.750%, 2/15/2029, 144A		320,075
	250,000	Rite Aid Corp., 7.500%, 7/01/2025, 144A		233,166
	525,000	Sonic Automotive, Inc., 4.625%, 11/15/2029, 144A		472,500
	345,000	Sonic Automotive, Inc., 4.875%, 11/15/2031, 144A		306,187
	420,000	Victoria’s Secret & Co., 4.625%, 7/15/2029, 144A		378,403
				6,275,772
		Technology – 4.5%
	445,000	Clarivate Science Holdings Corp., 4.875%, 7/01/2029, 144A		418,660
	2,770,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		2,405,953
	346,000	CommScope Technologies LLC, 6.000%, 6/15/2025, 144A		327,700
	780,000	CommScope, Inc., 7.125%, 7/01/2028, 144A		704,632
	160,000	Dun & Bradstreet Corp. (The), 5.000%, 12/15/2029, 144A		150,400
	540,000	Elastic NV, 4.125%, 7/15/2029, 144A		502,178
	850,000	Endurance International Group Holdings, Inc., 6.000%, 2/15/2029, 144A		733,150
	140,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		132,650

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Technology – continued
$	435,000	II-VI, Inc., 5.000%, 12/15/2029, 144A	$	425,212
	250,000	Iron Mountain, Inc., 4.500%, 2/15/2031, 144A		230,878
	740,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		704,384
	250,000	LogMeIn, Inc., 5.500%, 9/01/2027, 144A		233,340
	195,000	NCR Corp., 5.000%, 10/01/2028, 144A		186,713
	210,000	NCR Corp., 5.250%, 10/01/2030, 144A		199,072
	490,000	Nielsen Finance LLC/Nielsen Finance Co., 5.625%, 10/01/2028, 144A		493,528
	470,000	Nielsen Finance LLC/Nielsen Finance Co., 5.875%, 10/01/2030, 144A		471,086
	755,000	Open Text Corp., 3.875%, 12/01/2029, 144A		717,250
	410,000	Pitney Bowes, Inc., 6.875%, 3/15/2027, 144A		387,786
	130,000	Presidio Holdings, Inc., 4.875%, 2/01/2027, 144A		128,050
	130,000	Presidio Holdings, Inc., 8.250%, 2/01/2028, 144A		132,600
	375,000	Rocket Software, Inc., 6.500%, 2/15/2029, 144A		340,313
	175,000	Sabre GLBL, Inc., 7.375%, 9/01/2025, 144A		182,740
	65,000	Sabre GLBL, Inc., 9.250%, 4/15/2025, 144A		72,061
	160,000	Xerox Holdings Corp., 5.000%, 8/15/2025, 144A		161,800
	222,000	Ziff Davis, Inc., 4.625%, 10/15/2030, 144A		211,394
				10,653,530
		Transportation Services – 0.2%
	215,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.750%, 7/15/2027, 144A		215,116
	400,000	Hertz Corp. (The), 4.625%, 12/01/2026, 144A		373,530
				588,646
		Treasuries – 2.9%
	4,675,000	U.S. Treasury Note, 0.125%, 2/28/2023		4,612,180
	2,225,000	U.S. Treasury Note, 0.125%, 3/31/2023		2,190,321
				6,802,501
		Wireless – 2.7%
	1,285,000	Altice France S.A., 5.125%, 1/15/2029, 144A		1,151,142
	975,000	HTA Group Ltd., 7.000%, 12/18/2025, 144A		964,080
	315,000	IHS Holding Ltd., 5.625%, 11/29/2026, 144A		298,148
	300,000	IHS Holding Ltd., 6.250%, 11/29/2028, 144A		281,400
	430,000	IHS Netherlands Holdco BV, 8.000%, 9/18/2027		432,167
	770,000	Kenbourne Invest S.A., 6.875%, 11/26/2024, 144A		755,924
	180,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		179,276
		Wireless – continued
	2,515,000	SoftBank Group Corp., 4.625%, 7/06/2028		2,245,895
				6,308,032
		Wirelines – 0.8%
	210,000	Cablevision Lightpath LLC, 5.625%, 9/15/2028, 144A		191,625
	220,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		218,299
	455,000	Iliad Holding SASU, 6.500%, 10/15/2026, 144A		456,228
	100,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		94,007
	155,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		150,738
	475,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.750%, 4/15/2028, 144A		448,286
	260,000	Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.750%, 8/15/2028, 144A		264,831
				1,824,014
		Total Non-Convertible Bonds
		(Identified Cost $213,315,139)		201,379,904
	Convertible Bonds – 5.6%
		Airlines – 0.5%
	945,000	Southwest Airlines Co., 1.250%, 5/01/2025		1,282,365
		Cable Satellite – 1.9%
	195,000	DISH Network Corp., Zero Coupon, 0.000%, 12/15/2025(l)		189,183
	670,000	DISH Network Corp., 2.375%, 3/15/2024		626,450
	4,160,000	DISH Network Corp., 3.375%, 8/15/2026		3,741,920
				4,557,553
		Consumer Cyclical Services – 0.3%
	660,000	Uber Technologies, Inc., Zero Coupon, 0.000%-1.922%, 12/15/2025(m)		591,604
	55,000	Zillow Group, Inc., 1.375%, 9/01/2026		72,772
				664,376
		Gaming – 0.1%
	115,000	Penn National Gaming, Inc., 2.750%, 5/15/2026		231,265
		Healthcare – 0.6%
	1,655,000	Teladoc Health, Inc., 1.250%, 6/01/2027		1,395,992
		Leisure – 0.3%
	655,000	NCL Corp. Ltd., 1.125%, 2/15/2027, 144A		599,934
		Media Entertainment – 0.2%
	315,000	Bilibili, Inc., 0.500%, 12/01/2026, 144A		230,738
	270,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026(l)		226,665
				457,403

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Convertible Bonds – continued
		Pharmaceuticals – 1.3%
$	435,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024	$	434,783
	2,005,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		2,007,577
	250,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026, 144A(l)		232,525
	485,000	Livongo Health, Inc., 0.875%, 6/01/2025		491,305
				3,166,190
		Technology – 0.4%
	275,000	Nutanix, Inc., 0.250%, 10/01/2027, 144A		229,109
	660,000	Splunk, Inc., 1.125%, 6/15/2027		630,300
				859,409
		Total Convertible Bonds
		(Identified Cost $14,476,071)		13,214,487
		Total Bonds and Notes
		(Identified Cost $227,791,210)		214,594,391
	Senior Loans – 0.1%
		Pharmaceuticals – 0.1%
	143,504	Jazz Financing Lux S.a.r.l., USD Term Loan, 1-month LIBOR + 3.500%, 4.000%, 5/05/2028(a)(n) (Identified Cost $142,777)		142,841
	Collateralized Loan Obligations – 1.9%
	670,000	AIG CLO LLC, Series 2021-2A, Class E, 3-month LIBOR + 6.500%, 6.754%, 7/20/2034, 144A(a)		633,999
	250,000	Battalion CLO XVI Ltd., Series 2019-16A, Class ER, 3-month LIBOR + 6.750%, 7.004%, 12/19/2032, 144A(a)		241,256
	530,000	NYACK Park CLO Ltd., Series 2021-1A, Class E, 3-month LIBOR + 6.100%, 6.224%, 10/20/2034, 144A(a)		515,480
	500,000	Octagon Investment Partners 44 Ltd., Series 2019-1A, Class ER, 3-month LIBOR + 6.750%, 6.991%, 10/15/2034, 144A(a)		484,919
	535,000	OHA Credit Funding 2 Ltd., Series 2019-2A, Class ER, 3-month LIBOR + 6.360%, 6.615%, 4/21/2034, 144A(a)		516,682
	665,000	OHA Credit Funding 3 Ltd., Series 2019-3A, Class ER, 3-month LIBOR + 6.250%, 6.504%, 7/02/2035, 144A(a)		648,344
	340,000	Palmer Square CLO Ltd., Series 2021-3A, Class E, 3-month LIBOR + 6.150%, 6.383%, 1/15/2035, 144A(a)		329,558
	530,000	Palmer Square CLO Ltd., Series 2021-4A, Class E, 3-month LIBOR + 6.050%, 6.186%, 10/15/2034, 144A(a)		512,716
	275,000	PPM CLO Ltd., Series 2021-5A, Class E, 3-month LIBOR + 6.500%, 6.619%, 10/18/2034, 144A(a)		262,734
	Collateralized Loan Obligations – continued
	320,000	Whetstone Park CLO Ltd., Series 2021-1A, Class E, 3-month LIBOR + 6.150%, 6.150%, 1/20/2035, 144A(a)		311,387
		Total Collateralized Loan Obligations
		(Identified Cost $4,609,596)		4,457,075
	Shares
	Preferred Stocks – 0.5%
	Convertible Preferred Stocks – 0.5%
		Technology – 0.2%
	6,107	Clarivate PLC, Series A, 5.250%		414,482
		Wireless – 0.3%
	778	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A(g)(h)		867,470
		Total Convertible Preferred Stocks
		(Identified Cost $1,488,528)		1,281,952
		Total Preferred Stocks
		(Identified Cost $1,488,528)		1,281,952
	Common Stocks – 2.1%
		Aerospace & Defense – 0.0%
	34	L3Harris Technologies, Inc.		8,448
	145	Lockheed Martin Corp.		64,003
				72,451
		Air Freight & Logistics – 0.0%
	266	United Parcel Service, Inc., Class B		57,046
		Beverages – 0.0%
	903	Coca-Cola Co. (The)		55,986
		Biotechnology – 0.1%
	475	AbbVie, Inc.		77,002
		Capital Markets – 0.1%
	91	BlackRock, Inc.		69,539
	537	Morgan Stanley		46,934
				116,473
		Communications Equipment – 0.0%
	1,001	Cisco Systems, Inc.		55,816
		Electric Utilities – 0.1%
	544	Duke Energy Corp.		60,743
	764	NextEra Energy, Inc.		64,719
				125,462
		Energy Equipment & Services – 0.0%
	11,343	McDermott International Ltd.(o)		7,486
		Food & Staples Retailing – 0.0%
	477	Walmart, Inc.		71,035

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Health Care Equipment & Supplies – 0.0%
	334	Abbott Laboratories	$	39,532
		Health Care Providers & Services – 0.0%
	77	Anthem, Inc.		37,824
	55	UnitedHealth Group, Inc.		28,048
				65,872
		Hotels, Restaurants & Leisure – 0.0%
	462	Starbucks Corp.		42,028
		Household Products – 0.0%
	498	Procter & Gamble Co. (The)		76,095
		IT Services – 0.1%
	154	Accenture PLC, Class A		51,934
	119	Automatic Data Processing, Inc.		27,077
				79,011
		Life Sciences Tools & Services – 0.0%
	32	Thermo Fisher Scientific, Inc.		18,901
		Machinery – 0.1%
	213	Cummins, Inc.		43,688
	108	Deere & Co.		44,870
				88,558
		Media – 0.3%
	55,930	Altice USA, Inc., Class A(o)		698,006
	1,375	Comcast Corp., Class A		64,378
				762,384
		Metals & Mining – 0.0%
	832	Newmont Corp.		66,102
		Oil, Gas & Consumable Fuels – 0.1%
	2,801	Battalion Oil Corp.(o)		52,043
	174	Pioneer Natural Resources Co.		43,505
	1,219	Williams Cos., Inc. (The)		40,727
				136,275
		Pharmaceuticals – 0.1%
	629	Bristol-Myers Squibb Co.		45,936
	424	Johnson & Johnson		75,145
	937	Merck & Co., Inc.		76,881
				197,962
		Professional Services – 0.0%
	265	Clarivate PLC(o)		4,441
		REITs – Diversified – 0.0%
	240	American Tower Corp.		60,293
		Road & Rail – 0.0%
	233	Union Pacific Corp.		63,658
		Semiconductors & Semiconductor Equipment – 0.1%
	60	Broadcom, Inc.		37,781
	505	Microchip Technology, Inc.		37,946
	102	Texas Instruments, Inc.		18,715
				94,442
		Software – 0.0%
	183	Microsoft Corp.		56,421
		Specialty Retail – 0.0%
	125	Home Depot, Inc. (The)		37,416
		Technology Hardware, Storage & Peripherals – 0.0%
	343	Apple, Inc.		59,891
		Wireless Telecommunication Services – 1.0%
	17,683	T-Mobile US, Inc.(o)		2,269,613
		Total Common Stocks
		(Identified Cost $5,354,592)		4,857,652
	Warrants – 0.0%
	35	Guaranteed Rate, Inc., Expiration on 12/31/2060(g)(i)(j)(o)		—
	22,710	McDermott International Ltd., Tranche A, Expiration on 5/1/2024(i)(j)(o)		227
	25,233	McDermott International Ltd., Tranche B, Expiration on 5/1/2024(i)(j)(o)		253
		Total Warrants
		(Identified Cost $35,226)		480
	Principal Amount
	Short-Term Investments – 2.4%
$	5,516,416	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $5,516,416 on 4/01/2022 collateralized by $5,647,100 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $5,626,804 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $5,516,416)		5,516,416
		Total Investments – 98.6%
		(Identified Cost $244,938,345)		230,850,807
		Other assets less liabilities—1.4%		3,331,885
		Net Assets – 100.0%	$	234,182,692
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. Rate as of March 31, 2022 is disclosed.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2022 is disclosed.
	(c)	Perpetual bond with no specified maturity date.
	(d)	Payment-in-kind security for which the issuer, at each interest payment date, makes interest payments in additional principal.
	(e)	Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended March 31, 2022, interest payments were made in cash.
	(f)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(g)	Illiquid security.

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

(h)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2022, the value of these securities amounted to $2,430,722 or 1.0% of net assets. See Note 2 of Notes to Financial Statements.
(i)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
(j)	Fair valued by the Fund’s adviser. At March 31, 2022, the value of these securities amounted to $120,353 or 0.1% of net assets. See Note 2 of Notes to Financial Statements.
(k)	Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended March 31, 2022, interest payments were made in principal.
(l)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
(m)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
(n)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 0.50%, to which the spread is added.
(o)	Non-income producing security.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the value of Rule 144A holdings amounted to $150,448,435 or 64.2% of net assets.
ABS	Asset-Backed Securities
GMTN	Global Medium Term Note
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts

Industry Summary at March 31, 2022 (Unaudited)

Cable Satellite	10.1	%
Independent Energy	6.9
Pharmaceuticals	5.4
Technology	5.1
Finance Companies	5.0
Healthcare	4.4
Leisure	4.3
Midstream	3.5
Gaming	3.3
Media Entertainment	3.2
Wireless	3.0
Treasuries	2.9
Retailers	2.7
Metals & Mining	2.5
Building Materials	2.5
Non-Agency Commercial Mortgage-Backed Securities	2.4
Financial Other	2.3
Automotive	2.1
Airlines	2.1
Food & Beverage	2.1
Consumer Cyclical Services	2.0
Other Investments, less than 2% each	16.5
Short-Term Investments	2.4
Collateralized Loan Obligations	1.9
Total Investments	98.6
Other assets less liabilities	1.4
Net Assets	100.0	%

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund

Principal Amount		Description	Value (†)
	Bonds and Notes – 92.4% of Net Assets
		ABS Car Loan – 8.3%
$	525,568	American Credit Acceptance Receivables Trust, Series 2019-4, Class C, 2.690%, 12/12/2025, 144A	$	526,079
	2,688,719	American Credit Acceptance Receivables Trust, Series 2020-1A, Class C, 2.190%, 3/13/2026, 144A		2,690,012
	1,195,000	American Credit Acceptance Receivables Trust, Series 2020-2, Class C, 3.880%, 4/13/2026, 144A		1,203,291
	1,695,000	American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.830%, 3/15/2027, 144A		1,666,739
	1,280,000	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.010%, 1/19/2027		1,201,185
	600,000	Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.000%, 3/20/2025, 144A		609,400
	3,560,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		3,571,431
	2,517,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.360%, 3/20/2026, 144A(a)		2,447,238
	615,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.330%, 8/20/2026, 144A		596,678
	2,880,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class B, 2.680%, 8/20/2026, 144A		2,763,363
	3,860,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A		3,657,530
	2,750,000	Bank of The West Auto Trust, Series 2019-1, Class B, 2.760%, 1/15/2025, 144A		2,755,174
	1,447,232	California Republic Auto Receivables Trust, Series 2018-1, Class C, 3.870%, 10/16/2023		1,452,002
	1,370,000	Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class C, 4.070%, 3/19/2025, 144A		1,371,176
	500,000	CarMax Auto Owner Trust, Series 2020-3, Class C, 1.690%, 4/15/2026		480,494
	1,485,000	CarMax Auto Owner Trust, Series 2021-1, Class C, 0.940%, 12/15/2026		1,392,361
	4,040,000	Carvana Auto Receivables Trust, Series 2021-N1, Class C, 1.300%, 1/10/2028		3,972,758
	1,380,000	Carvana Auto Receivables Trust, Series 2021-N2, Class C, 1.070%, 3/10/2028		1,344,059
	4,455,000	Carvana Auto Receivables Trust, Series 2021-P1, Class C, 1.530%, 3/10/2027		4,089,775
		ABS Car Loan – continued
	5,410,000	Carvana Auto Receivables Trust, Series 2021-P2, Class C, 1.600%, 6/10/2027		4,910,457
	2,360,000	Credit Acceptance Auto Loan Trust, Series 2019-3A, Class B, 2.860%, 1/16/2029, 144A		2,358,233
	910,000	Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.390%, 4/16/2029, 144A		898,613
	1,245,000	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class A, 1.370%, 7/16/2029, 144A		1,232,352
	2,775,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.960%, 2/15/2030, 144A		2,683,377
	1,435,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.000%, 5/15/2030, 144A		1,384,790
	570,000	Drive Auto Receivables Trust, Series 2021-1, Class C, 1.020%, 6/15/2027		561,449
	1,260,000	DT Auto Owner Trust, Series 2020-3A, Class C, 1.470%, 6/15/2026, 144A		1,237,290
	1,385,000	DT Auto Owner Trust, Series 2021-1A, Class C, 0.840%, 10/15/2026, 144A		1,342,021
	570,000	DT Auto Owner Trust, Series 2021-2A, Class C, 1.100%, 2/16/2027, 144A		548,854
	3,360,000	First Investors Auto Owner Trust, Series 2019-2A, Class C, 2.710%, 12/15/2025, 144A		3,368,094
	1,625,000	First Investors Auto Owner Trust, Series 2021-1A, Class C, 1.170%, 3/15/2027, 144A		1,552,387
	1,826,000	Flagship Credit Auto Trust, Series 2019-4, Class C, 2.770%, 12/15/2025, 144A		1,824,830
	3,500,000	Flagship Credit Auto Trust, Series 2020-1, Class C, 2.240%, 1/15/2026, 144A		3,470,983
	750,000	Flagship Credit Auto Trust, Series 2020-2, Class C, 3.800%, 4/15/2026, 144A		754,918
	1,690,000	Flagship Credit Auto Trust, Series 2021-1, Class C, 0.910%, 3/15/2027, 144A		1,616,933
	885,000	Flagship Credit Auto Trust, Series 2021-2, Class B, 0.930%, 6/15/2027, 144A		846,980
	3,335,000	Ford Credit Auto Owner Trust, Series 2020-A, Class C, 3.490%, 10/15/2026		3,355,294
	1,650,000	Ford Credit Auto Owner Trust, Series 2020-B, Class C, 2.040%, 12/15/2026		1,597,099
	2,815,000	Ford Credit Auto Owner Trust, Series 2021-A, Class C, 0.830%, 8/15/2028		2,632,525

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		ABS Car Loan – continued
$	2,250,000	Foursight Capital Automobile Receivables Trust, Series 2020-1, Class B, 2.270%, 2/18/2025, 144A	$	2,249,910
	2,375,000	Foursight Capital Automobile Receivables Trust, Series 2021-2, Class C, 1.570%, 7/15/2027, 144A		2,233,118
	4,965,428	GLS Auto Receivables Trust, Series 2020-1A, Class B, 2.430%, 11/15/2024, 144A		4,965,771
	1,665,000	GLS Auto Receivables Trust, Series 2021-2A, Class C, 1.080%, 6/15/2026, 144A		1,605,053
	1,725,000	GM Financial Consumer Automobile Receivables Trust, Series 2020-3, Class D, 1.910%, 9/16/2027		1,650,694
	565,000	GMF Floorplan Owner Revolving Trust, Series 2020-1, Class C, 1.480%, 8/15/2025, 144A		557,026
	1,776,000	Hyundai Auto Lease Securitization Trust, Series 2021-B, Class B, 0.620%, 3/16/2026, 144A		1,720,004
	800,000	Hyundai Auto Receivables Trust, Series 2020-B, Class C, 1.600%, 12/15/2026		769,995
	4,230,000	Hyundai Auto Receivables Trust, Series 2021-C, Class C, 1.660%, 6/15/2028		3,967,354
	3,361,986	JPMorgan Chase Bank NA, Series 2021-1, Class B, 0.875%, 9/25/2028, 144A		3,302,643
	2,610,000	Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.310%, 11/16/2026, 144A		2,584,706
	770,000	Santander Consumer Auto Receivables Trust, Series 2020-AA, Class C, 3.710%, 2/17/2026, 144A		773,530
	1,110,000	Santander Consumer Auto Receivables Trust, Series 2021-AA, Class C, 1.030%, 11/16/2026, 144A		1,028,311
	765,000	Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.110%, 12/15/2025		772,874
	1,350,000	Santander Drive Auto Receivables Trust, Series 2020-1, Class D, 5.350%, 3/15/2028		1,382,881
	1,265,000	Santander Drive Auto Receivables Trust, Series 2020-2, Class C, 1.460%, 9/15/2025		1,260,814
	1,105,000	Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.120%, 1/15/2026		1,095,138
	1,790,000	Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.950%, 9/15/2027		1,736,873
	3,980,000	Santander Retail Auto Lease Trust, Series 2021-B, Class C, 1.100%, 6/20/2025, 144A		3,810,619
		ABS Car Loan – continued
	741,053	United Auto Credit Securitization Trust, Series 2020-1, Class C, 2.150%, 2/10/2025, 144A		740,998
	150,000	Westlake Automobile Receivables Trust, Series 2020-2A, Class C, 2.010%, 7/15/2025, 144A		149,002
	2,290,000	Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.890%, 7/15/2026, 144A		2,184,626
	530,000	World Omni Auto Receivables Trust, Series 2020-B, Class B, 1.220%, 3/16/2026		503,829
	1,980,000	World Omni Auto Receivables Trust, Series 2021-A, Class C, 0.890%, 8/16/2027		1,834,314
	2,610,000	World Omni Auto Receivables Trust, Series 2021-B, Class C, 1.290%, 12/15/2027		2,467,670
	1,490,000	World Omni Select Auto Trust, Series 2020-A, Class C, 1.250%, 10/15/2026		1,433,036
				122,749,013
		ABS Credit Card – 0.7%
	850,000	Brex Commercial Charge Card Master Trust, Series 2021-1, Class A, 2.090%, 7/15/2024, 144A		840,332
	2,275,000	Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.540%, 3/20/2026, 144A		2,207,607
	1,655,000	Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.590%, 9/15/2026, 144A		1,613,595
	5,275,000	World Financial Network Credit Card Master Trust, Series 2019-C, Class M, 2.710%, 7/15/2026		5,295,054
				9,956,588
		ABS Home Equity – 7.0%
	2,060,472	Ajax Mortgage Loan Trust, Series 2019-D, Class A1, 2.956%, 9/25/2065, 144A(b)		2,063,669
	454,306	Bayview Opportunity Master Fund IVa Trust, Series 2017-RT1, Class A1, 3.000%, 3/28/2057, 144A(b)		448,864
	1,385,000	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL2, Class B1, 4.250%, 6/28/2054, 144A(b)		1,333,412
	893,035	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL4, Class A, 3.500%, 1/28/2055, 144A(b)		887,251
	1,448,850	Citigroup Mortgage Loan Trust, Series 2019-RP1, Class M2, 4.000%, 1/25/2066, 144A(b)		1,443,843
	639,493	CoreVest American Finance Trust, Series 2018-1, Class A, 3.804%, 6/15/2051, 144A		640,833

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		ABS Home Equity – continued
$	721,078	CoreVest American Finance Trust, Series 2019-2, Class A, 2.835%, 6/15/2052, 144A	$	712,125
	1,921,894	CoreVest American Finance Trust, Series 2019-3, Class A, 2.705%, 10/15/2052, 144A		1,876,562
	14,776	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		14,950
	1,977,288	Credit Suisse Mortgage Trust, Series 2021-RPL1, Class A1, 1.668%, 9/27/2060, 144A(b)		1,900,042
	910,000	FirstKey Homes Trust, Series 2020-SRF1, Class B, 1.740%, 8/17/2037, 144A		851,109
	2,495,000	FirstKey Homes Trust, Series 2021-SFR1, Class C, 1.888%, 8/17/2038, 144A		2,254,246
	5,430,000	FirstKey Homes Trust, Series 2021-SFR2, Class C, 1.707%, 9/17/2038, 144A		4,897,876
	2,751,000	FRTKL, Series 2021-SFR1, Class C, 1.922%, 9/17/2038, 144A		2,497,892
	162,359	Gosforth Funding PLC, Series 2018-1A, Class A1, 3-month LIBOR + 0.450%, 0.948%, 8/25/2060, 144A(c)		162,339
	986,516	HarborView Mortgage Loan Trust, Series 2004-3, Class 1A, 2.709%, 5/19/2034(b)		985,428
	1,555,356	Home Partners of America Trust, Series 2021-1, Class C, 2.078%, 9/17/2041, 144A		1,402,584
	639,900	Invitation Homes Trust, Series 2018-SFR2, Class B, 1-month LIBOR + 1.080%, 1.477%, 6/17/2037, 144A(c)		634,629
	1,581,189	Invitation Homes Trust, Series 2018-SFR3, Class B, 1-month LIBOR + 1.150%, 1.591%, 7/17/2037, 144A(c)		1,566,574
	5,974,724	Invitation Homes Trust, Series 2018-SFR4, Class B, 1-month LIBOR + 1.250%, 1.691%, 1/17/2038, 144A(a)(c)		5,971,560
	13,546,872	JPMorgan Mortgage Trust, Series 2017-4, Class AX1, IO, 0.392%, 11/25/2048, 144A(b)(d)(e)(f)		38,668
	4,515,000	Legacy Mortgage Asset Trust, Series 2020-RPL1, Class A2, 3.250%, 9/25/2059, 144A(b)		4,336,195
	4,006,000	Mill City Mortgage Loan Trust, Series 2015-2, Class B1, 3.620%, 9/25/2057, 144A(b)		3,978,950
	539,187	Mill City Mortgage Loan Trust, Series 2018-2, Class M1, 3.750%, 5/25/2058, 144A(b)		532,468
		ABS Home Equity – continued
	927,870	Mill City Mortgage Loan Trust, Series 2018-3, Class A1, 3.500%, 8/25/2058, 144A(b)		924,422
	1,646,966	Mill City Mortgage Loan Trust, Series 2019-1, Class M1, 3.500%, 10/25/2069, 144A(b)		1,618,482
	1,403,123	Mill City Mortgage Loan Trust, Series 2021-NMR1, Class A1, 1.125%, 11/25/2060, 144A(b)		1,339,770
	39,012	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 2.611%, 7/25/2035(b)(e)(f)		36,008
	270,942	Onslow Bay Financial LLC, Series 2018-EXP1, Class 1A3, 4.000%, 4/25/2048, 144A(b)		267,612
	266,402	Onslow Bay Financial LLC, Series 2019-EXP1, Class 1A3, 4.000%, 1/25/2059, 144A(b)		263,273
	2,270,000	Progress Residential Trust, Series 2019-SFR2, Class B, 3.446%, 5/17/2036, 144A		2,243,019
	585,000	Progress Residential Trust, Series 2020-SFR2, Class A, 2.078%, 6/17/2037, 144A		560,024
	1,120,000	Progress Residential Trust, Series 2020-SFR3, Class B, 1.495%, 10/17/2027, 144A		1,025,885
	2,670,000	Progress Residential Trust, Series 2021-SFR2, Class C, 1.997%, 4/19/2038, 144A		2,448,790
	1,892,000	Progress Residential Trust, Series 2021-SFR3, Class B, 1.888%, 5/17/2026, 144A		1,743,922
	3,450,000	Progress Residential Trust, Series 2021-SFR4, Class C, 2.039%, 5/17/2038, 144A		3,155,195
	830,000	Progress Residential Trust, Series 2021-SFR5, Class C, 1.808%, 7/17/2038, 144A		754,002
	1,715,000	Progress Residential Trust, Series 2021-SFR6, Class C, 1.855%, 7/17/2038, 144A		1,559,207
	5,450,000	Progress Residential Trust, Series 2021-SFR9, Class C, 2.362%, 11/17/2040, 144A		4,818,106
	13	RALI Trust, Series 2006-QS13, Class 2A1, 5.750%, 4/25/2022(e)(f)		10
	20,783	Residential Accredit Loans, Inc., Trust, Series 2006-QS18, Class 3A3, 5.750%, 4/25/2022(e)(f)		17,262
	972	Residential Accredit Loans, Inc., Trust, Series 2006-QS6, Class 2A1, 6.000%, 4/25/2022(e)(f)		828
	146,059	Sequoia Mortgage Trust, Series 2019-CH2, Class A1, 4.500%, 8/25/2049, 144A(b)		146,625
	5,570,000	Towd Point Mortgage Trust, Series 2017-3, Class A2, 3.000%, 7/25/2057, 144A(a)(b)		5,527,852
	4,036,054	Towd Point Mortgage Trust, Series 2017-4, Class A2, 3.000%, 6/25/2057, 144A(b)		3,937,631

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		ABS Home Equity – continued
$	2,167,000	Towd Point Mortgage Trust, Series 2017-5, Class M2, 1-month LIBOR + 1.500%, 1.957%, 2/25/2057, 144A(c)	$	2,167,138
	955,883	Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.750%, 5/25/2058, 144A(b)		954,690
	2,325,000	Towd Point Mortgage Trust, Series 2018-4, Class A2, 3.000%, 6/25/2058, 144A(b)		2,217,918
	5,530,000	Towd Point Mortgage Trust, Series 2019-2, Class A2, 3.750%, 12/25/2058, 144A(a)(b)		5,483,930
	437,991	Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.900%, 10/25/2059, 144A(b)		430,058
	5,555,000	Towd Point Mortgage Trust, Series 2020-2, Class A2B, 3.000%, 4/25/2060, 144A(b)		5,260,399
	5,000,000	Towd Point Mortgage Trust, Series 2020-4, Class A2, 2.500%, 10/25/2060, 144A		4,597,711
	2,891,418	Tricon American Homes Trust, Series 2017-SFR2, Class A, 2.928%, 1/17/2036, 144A		2,870,117
	1,694,069	Tricon American Homes Trust, Series 2019-SFR1, Class A, 2.750%, 3/17/2038, 144A		1,637,163
	1,275,000	Tricon American Homes Trust, Series 2020-SFR1, Class C, 2.249%, 7/17/2038, 144A		1,172,085
	1,305,000	Tricon American Homes Trust, Series 2020-SFR2, Class B, 1.832%, 11/17/2039, 144A		1,165,050
	763,240	WaMu Mortgage Pass Through Certificates, Series 2007-HY2, Class 2A2, 2.823%, 11/25/2036(b)		711,485
				102,487,738
		ABS Other – 7.3%
	2,315,597	Accelerated Assets LLC, Series 2018-1, Class A, 3.870%, 12/02/2033, 144A		2,308,050
	2,630,000	Affirm Asset Securitization Trust, Series 2021-A, Class A, 0.880%, 8/15/2025, 144A		2,618,478
	1,377,062	Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class A, 4.213%, 12/16/2041, 144A(b)		1,284,982
	3,263,150	CAL Funding IV Ltd., Series 2020-1A, Class A, 2.220%, 9/25/2045, 144A		3,033,507
	1,704,602	Castlelake Aircraft Structured Trust, Series 2019-1A, Class A, 3.967%, 4/15/2039, 144A		1,543,023
	379,022	Castlelake Aircraft Structured Trust, Series 2021-1A, Class A, 3.474%, 1/15/2046, 144A		350,208
		ABS Other – continued
	1,155,000	CCG Receivables Trust, Series 2019-1, Class B, 3.220%, 9/14/2026, 144A		1,162,776
	550,000	Chesapeake Funding II LLC, Series 2020-1A, Class C, 2.140%, 8/15/2032, 144A		543,196
	2,225,000	Chesapeake Funding II LLC, Series 2021-1A, Class B, 0.990%, 4/15/2033, 144A		2,114,189
	2,540,425	CLI Funding VI LLC, Series 2020-3A, Class A, 2.070%, 10/18/2045, 144A		2,348,443
	1,000,000	Dell Equipment Finance Trust, Series 2020-1, Class C, 4.260%, 6/22/2023, 144A		1,010,247
	740,000	Dell Equipment Finance Trust, Series 2020-2, Class C, 1.370%, 1/22/2024, 144A		728,174
	810,826	Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.700%, 1/21/2031, 144A		812,652
	6,228,729	Government National Mortgage Association, Series 2021-H17, Class IO, 4.195%, 3/20/2070(b)(d)(e)(f)		221,353
	812,000	GreatAmerica Leasing Receivables Funding LLC, Series 2021-1, Class B, 0.720%, 12/15/2026, 144A		768,834
	453,366	Hilton Grand Vacations Trust, Series 2020-AA, Class A, 2.740%, 2/25/2039, 144A		443,706
	650,758	Horizon Aircraft Finance II Ltd., Series 2019-1, Class A, 3.721%, 7/15/2039, 144A		580,029
	4,265,000	HPEFS Equipment Trust, Series 2021-1A, Class C, 0.750%, 3/20/2031, 144A		4,097,493
	1,455,000	HPEFS Equipment Trust, Series 2021-2A, Class C, 0.880%, 9/20/2028, 144A		1,392,164
	2,077,222	Kestrel Aircraft Funding Ltd., Series 2018-1A, Class A, 4.250%, 12/15/2038, 144A		1,890,238
	907,289	MAPS Ltd., Series 2018-1A, Class A, 4.212%, 5/15/2043, 144A		848,384
	4,188,524	MAPS Trust, Series 2021-1A, Class A, 2.521%, 6/15/2046, 144A		3,881,145
	1,585,000	Marlette Funding Trust, Series 2021-2A, Class B, 1.060%, 9/15/2031, 144A		1,535,314
	673,977	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(b)		546,726
	305,000	MMAF Equipment Finance LLC, Series 2020-A, Class A5, 1.560%, 10/09/2042, 144A		282,042
	651,720	MVW LLC, Series 2021-1WA, Class B, 1.440%, 1/22/2041, 144A		611,511
	945,000	Navient Private Education Refi Loan Trust, Series 2020-HA, Class B, 2.780%, 1/15/2069, 144A		894,653

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		ABS Other – continued
$	1,620,000	OneMain Financial Issuance Trust, Series 2019-1A, Class B, 3.790%, 2/14/2031, 144A	$	1,620,483
	5,950,000	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/2032, 144A(a)		5,996,987
	5,400,000	OneMain Financial Issuance Trust, Series 2021-1A, Class B, 1.950%, 6/16/2036, 144A		4,975,441
	1,120,200	Orange Lake Timeshare Trust, Series 2018-A, Class A, 3.100%, 11/08/2030, 144A		1,122,297
	4,377,278	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		3,708,607
	1,635,000	SCF Equipment Leasing LLC, Series 2021-1A, Class B, 1.370%, 8/20/2029, 144A		1,592,685
	343,338	Sierra Timeshare Receivables Funding LLC, Series 2018 - 2A, Class A, 3.500%, 6/20/2035, 144A		343,122
	2,137,792	Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class A, 2.590%, 5/20/2036, 144A		2,105,533
	2,541,486	Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A, 1.330%, 7/20/2037, 144A		2,445,400
	672,944	Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class B, 2.320%, 7/20/2037, 144A		654,499
	564,633	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class B, 1.340%, 11/20/2037, 144A		537,249
	3,054,686	SLAM Ltd., Series 2021-1A, Class A, 2.434%, 6/15/2046, 144A		2,784,037
	210,000	SLM Private Credit Student Loan Trust, Series 2003-C, Class A3, 28-day ARS, 3.949%, 9/15/2032(c)		208,735
	150,000	SLM Private Credit Student Loan Trust, Series 2003-C, Class A4, 28-day ARS, 3.806%, 9/15/2032(c)		149,097
	5,485,000	SMB Private Education Loan Trust, Series 2019-B, Class B, 3.560%, 6/15/2043, 144A		5,275,005
	4,235,000	SoFi Consumer Loan Program Trust, Series 2021-B, Class B, 2.250%, 1/25/2029, 144A		4,247,226
	3,463,930	SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.970%, 9/25/2037, 144A		3,348,353
	4,313	Sprite Ltd., Series 2017-1, Class A, 4.250%, 12/15/2037, 144A		4,215
	585,972	Textainer Marine Containers VII Ltd., Series 2020-1A, Class A, 2.730%, 8/21/2045, 144A		567,641
	7,070,467	Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.230%, 4/20/2046, 144A		6,550,709
	1,706,812	Textainer Marine Containers VIII Ltd., Series 2020-2A, Class A, 2.100%, 9/20/2045, 144A		1,604,567
		ABS Other – continued
	1,862,067	TIF Funding II LLC, Series 2020-1A, Class A, 2.090%, 8/20/2045, 144A		1,735,406
	4,305,075	Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.860%, 3/20/2046, 144A		3,895,121
	4,116,186	TRP-TRIP Rail Master Funding LLC, Series 2021-2, Class A, 2.150%, 6/19/2051, 144A		3,822,216
	4,154,360	Wave Trust, Series 2017-1A, Class A, 3.844%, 11/15/2042, 144A		3,914,384
	1,340,668	Welk Resorts LLC, Series 2019-AA, Class A, 2.800%, 6/15/2038, 144A		1,325,484
	1,963,970	Willis Engine Structured Trust, Series 2021-A, Class A, 3.104%, 5/15/2046, 144A		1,755,773
	3,235,749	Willis Engine Structured Trust V, Series 2020-A, Class A, 3.228%, 3/15/2045, 144A		2,920,837
				107,062,626
		ABS Student Loan – 2.5%
	670,584	College Ave Student Loans LLC, Series 2021-A, Class A2, 1.600%, 7/25/2051, 144A		619,563
	608,760	Commonbond Student Loan Trust, Series 2020, Class A, 1.980%, 8/25/2050, 144A		571,832
	1,949,271	Education Funding Trust, Series 2020-A, Class A, 2.790%, 7/25/2041, 144A		1,882,801
	875,301	EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class A, 1.800%, 11/25/2045, 144A		791,992
	1,345,293	Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.850%, 5/25/2033		1,326,915
	1,756,996	Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.130%, 2/15/2068, 144A		1,746,221
	1,287,162	Navient Private Education Refi Loan Trust, Series 2019-GA, Class A, 2.400%, 10/15/2068, 144A		1,255,746
	1,041,419	Navient Private Education Refi Loan Trust, Series 2020-BA, Class A2, 2.120%, 1/15/2069, 144A		1,021,537
	1,850,234	Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.690%, 5/15/2069, 144A		1,787,246
	1,565,000	Navient Private Education Refi Loan Trust, Series 2020-DA, Class B, 3.330%, 5/15/2069, 144A		1,506,740
	206,924	Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.170%, 9/16/2069, 144A		200,090
	2,027,068	Navient Private Education Refi Loan Trust, Series 2021-A, Class A, 0.840%, 5/15/2069, 144A		1,935,342
	1,407,827	Navient Private Education Refi Loan Trust, Series 2021-BA, Class A, 0.940%, 7/15/2069, 144A		1,327,224

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		ABS Student Loan – continued
$	1,630,000	Nelnet Student Loan Trust, Series 2021-A, Class B1, 2.850%, 4/20/2062, 144A	$	1,526,163
	598,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 28-day ARS, 3.957%, 6/15/2032(c)		592,696
	97,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A4, 28-day ARS, 3.821%, 6/15/2032(c)		96,140
	193,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 28-day ARS, 3.810%, 3/15/2033(c)		191,637
	2,860,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A4, 28-day ARS, 3.852%, 3/15/2033(c)		2,839,803
	3,969,345	SMB Private Education Loan Trust, Series 2018-A, Class A2B, 1-month LIBOR + 0.800%, 1.197%, 2/15/2036, 144A(c)		3,953,661
	1,515,747	SMB Private Education Loan Trust, Series 2018-B, Class A2A, 3.600%, 1/15/2037, 144A		1,503,723
	1,074,995	SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.070%, 1/15/2053, 144A		988,524
	214,414	SoFi Professional Loan Program LLC, Series 2016-B, Class A2B, 2.740%, 10/25/2032, 144A		214,811
	760,841	SoFi Professional Loan Program LLC, Series 2017-F, Class A2FX, 2.840%, 1/25/2041, 144A		761,520
	4,962,918	SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.540%, 5/15/2046, 144A(a)		4,892,071
	2,902,547	SoFi Professional Loan Program Trust, Series 2020-C, Class AFX, 1.950%, 2/15/2046, 144A		2,843,801
				36,377,799
		ABS Whole Business – 1.6%
	2,533,572	Adams Outdoor Advertising LP, Series 2018-1, Class A, 4.810%, 11/15/2048, 144A		2,564,780
	1,775,475	DB Master Finance LLC, Series 2019-1A, Class A23, 4.352%, 5/20/2049, 144A		1,773,861
	3,888,950	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.666%, 9/05/2048, 144A		3,885,372
	3,941,280	Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2, 3.858%, 12/05/2049, 144A		3,705,225
	2,524,679	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.540%, 2/25/2044, 144A		2,535,969
	4,694,050	Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.110%, 9/20/2045, 144A		4,338,833
		ABS Whole Business – continued
	3,547,538	Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.884%, 3/15/2048, 144A		3,508,593
	1,568,150	Wendy’s Funding LLC, Series 2021-1A, Class A2I, 2.370%, 6/15/2051, 144A		1,394,731
				23,707,364
		Agency Commercial Mortgage-Backed Securities – 8.6%
	9,534,304	Federal Home Loan Mortgage Corp., Series K-1521, Class X1, IO, 0.981%, 8/25/2036(b)(d)		958,561
	255,103,120	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K138, Class X1, 0.149%, 1/25/2032(b)(d)		3,658,944
	17,918,076	Federal National Mortgage Association, REMIC, Series 2020-M37, Class X, IO, 1.116%, 4/25/2032(b)(d)		1,232,065
	78,399	Federal National Mortgage Association, Series 2015-M17, Class FA, 1-month LIBOR + 0.930%, 1.056%, 11/25/2022(c)		78,402
	23,280,366	Federal National Mortgage Association, Series 2019-M17, Class X, 0.317%, 8/25/2034(b)(d)		517,297
	17,133,766	Federal National Mortgage Association, Series 2020-M33, Class X, IO, 1.920%, 6/25/2028(b)(d)		1,363,678
	19,841,691	Federal National Mortgage Association, Series 2020-M43, Class X1, IO, 2.120%, 8/25/2034(b)(d)		2,465,328
	18,368,769	FHLMC Multifamily Structured Pass Through Certificates, Series K-103, Class X1, 0.639%, 11/25/2029(b)(d)		769,357
	13,739,905	FHLMC Multifamily Structured Pass Through Certificates, Series K-108, Class X1, 1.690%, 3/25/2030(b)(d)		1,563,835
	14,630,137	FHLMC Multifamily Structured Pass Through Certificates, Series K-117, Class X1, 1.241%, 8/25/2030(b)(d)		1,207,861
	3,380,497	FHLMC Multifamily Structured Pass Through Certificates, Series K-1513, Class X1, IO, 0.860%, 8/25/2034(b)(d)(e)(f)		256,449
	20,650,481	FHLMC Multifamily Structured Pass Through Certificates, Series K-1514, Class X1, 0.579%, 10/25/2034(b)(d)		1,105,172
	2,561,194	FHLMC Multifamily Structured Pass Through Certificates, Series K-1517, Class X1, IO, 1.330%, 7/25/2035(b)(d)(e)(f)		336,259

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Agency Commercial Mortgage-Backed Securities – continued
$	350,330,734	FHLMC Multifamily Structured Pass Through Certificates, Series K028, Class X1, 0.219%, 2/25/2023(b)(d)(e)(f)	$	521,352
	74,065,947	FHLMC Multifamily Structured Pass Through Certificates, Series K031, Class X1, 0.184%, 4/25/2023(b)(d)(e)(f)		130,754
	30,877,801	FHLMC Multifamily Structured Pass Through Certificates, Series K036, Class X1, 0.702%, 10/25/2023(b)(d)(e)(f)		290,721
	32,438,908	FHLMC Multifamily Structured Pass Through Certificates, Series K038, Class X1, 1.094%, 3/25/2024(b)(d)(e)(f)		535,831
	36,426,905	FHLMC Multifamily Structured Pass Through Certificates, Series K040, Class X1, 0.703%, 9/25/2024(b)(d)(e)(f)		508,678
	68,956,403	FHLMC Multifamily Structured Pass Through Certificates, Series K047, Class X1, 0.114%, 5/25/2025(b)(d)(e)(f)		257,065
	38,646,821	FHLMC Multifamily Structured Pass Through Certificates, Series K051, Class X1, 0.515%, 9/25/2025(b)(d)(e)(f)		581,783
	16,402,204	FHLMC Multifamily Structured Pass Through Certificates, Series K052, Class X1, 0.644%, 11/25/2025(b)(d)(e)(f)		321,506
	9,375,831	FHLMC Multifamily Structured Pass Through Certificates, Series K053, Class X1, 0.881%, 12/25/2025(b)(d)(e)(f)		257,100
	16,309,425	FHLMC Multifamily Structured Pass Through Certificates, Series K054, Class X1, 1.162%, 1/25/2026(b)(d)		608,632
	7,324,095	FHLMC Multifamily Structured Pass Through Certificates, Series K055, Class X1, 1.353%, 3/25/2026(b)(d)(e)(f)		324,667
	27,057,512	FHLMC Multifamily Structured Pass Through Certificates, Series K057, Class X1, 1.174%, 7/25/2026(b)(d)		1,117,505
	8,412,751	FHLMC Multifamily Structured Pass Through Certificates, Series K058, Class X1, 0.920%, 8/25/2026(b)(d)(e)(f)		285,554
	25,043,801	FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class X1, 0.308%, 9/25/2026(b)(d)(e)(f)		290,568
		Agency Commercial Mortgage-Backed Securities – continued
	91,374,380	FHLMC Multifamily Structured Pass Through Certificates, Series K060, Class X1, 0.072%, 10/25/2026(b)(d)(e)(f)		352,516
	17,529,634	FHLMC Multifamily Structured Pass Through Certificates, Series K105, Class X1, 1.523%, 1/25/2030(b)(d)		1,750,492
	11,613,000	FHLMC Multifamily Structured Pass Through Certificates, Series K107, Class X1, IO, 1.591%, 1/25/2030(b)(d)		1,202,793
	14,597,224	FHLMC Multifamily Structured Pass Through Certificates, Series K152, Class X1, 0.956%, 1/25/2031(b)(d)		930,074
	123,810,149	FHLMC Multifamily Structured Pass Through Certificates, Series K157, Class X1, IO, 0.013%, 8/25/2033(b)(d)		694,166
	913,735	FHLMC Multifamily Structured Pass Through Certificates, Series KS01, Class X1, 1.109%, 1/25/2023(b)(d)(e)(f)		4,117
	44,918,518	FHLMC Multifamily Structured Pass Through Certificates, Series KS03, Class X, 0.215%, 8/25/2025(b)(d)(e)(f)		153,659
	32,490,367	FHLMC Multifamily Structured Pass Through Certificates, Series KW02, Class X1, 0.298%, 12/25/2026(b)(d)(e)(f)		238,368
	25,342,285	FRESB Mortgage Trust, Series 2021-SB91, Class X1, IO, 0.570%, 8/25/2041(b)(d)		1,000,184
	16,190,950	FRESB Multifamily Mortgage Pass-Through Certificates, Series 2021-SB90, Class X1, IO, 0.656%, 6/25/2041(b)(d)		612,279
	95,505,000	FRESB Multifamily Structured Pass Through Certificates, Series 2022-SB95, Class X1, 0.001%, 11/25/2041(b)(d)		1,251,488
	3,565,986	Government National Mortgage Association, Series 2006-46, Class IO, 0.476%, 4/16/2046(b)(d)(e)(f)		36,011
	1,519,215	Government National Mortgage Association, Series 2006-51, Class IO, 0.962%, 8/16/2046(b)(d)(e)(f)		33,908
	4,000,000	Government National Mortgage Association, Series 2008-52, Class E, 6.041%, 8/16/2042(b)		4,082,120
	843,063	Government National Mortgage Association, Series 2008-80, Class E, 5.674%, 8/16/2042(b)		860,926
	4,202,826	Government National Mortgage Association, Series 2009-114, Class IO, 0.022%, 10/16/2049(b)(d)(e)(f)		177

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Agency Commercial Mortgage-Backed Securities – continued
$	3,738,231	Government National Mortgage Association, Series 2010-124, Class X, 0.298%, 12/16/2052(b)(d)(e)(f)	$	31,459
	244,806	Government National Mortgage Association, Series 2010-49, Class IA, 1.450%, 10/16/2052(b)(d)(e)(f)		9,886
	1,550,272	Government National Mortgage Association, Series 2011-119, Class IO, 0.234%, 8/16/2051(b)(d)(e)(f)		3,949
	2,962,766	Government National Mortgage Association, Series 2011-121, Class ZA, 6.500%, 8/16/2051		3,088,955
	5,114,956	Government National Mortgage Association, Series 2011-161, Class IO, 0.227%, 4/16/2045(b)(d)(e)(f)		22,374
	982,868	Government National Mortgage Association, Series 2011-38, Class IO, 0.530%, 4/16/2053(b)(d)(e)(f)		8,744
	707,220	Government National Mortgage Association, Series 2012-100, Class IC, 1.464%, 9/16/2050(b)(d)(e)(f)		1,506
	537,701	Government National Mortgage Association, Series 2012-111, Class IC, 1.364%, 9/16/2050(b)(d)(e)(f)		1,079
	20,848,696	Government National Mortgage Association, Series 2012-142, Class IO, 0.220%, 4/16/2054(b)(d)(e)(f)		94,006
	5,750,422	Government National Mortgage Association, Series 2012-23, Class IO, 0.201%, 6/16/2053(b)(d)(e)(f)		32,458
	7,990,860	Government National Mortgage Association, Series 2012-55, Class IO, 0.026%, 4/16/2052(b)(d)(e)(f)(g)		79
	2,947,659	Government National Mortgage Association, Series 2012-70, Class IO, 0.083%, 8/16/2052(b)(d)(e)(f)		4,207
	6,905,290	Government National Mortgage Association, Series 2012-79, Class IO, 0.395%, 3/16/2053(b)(d)(e)(f)		80,403
	25,009,182	Government National Mortgage Association, Series 2012-85, Class IO, 0.358%, 9/16/2052(b)(d)(e)(f)		259,517
	1,218,889	Government National Mortgage Association, Series 2013-175, Class IO, 0.216%, 5/16/2055(b)(d)(e)(f)		9,274
		Agency Commercial Mortgage-Backed Securities – continued
	3,002,289	Government National Mortgage Association, Series 2014-101, Class IO, 0.736%, 4/16/2056(b)(d)(e)(f)		63,957
	11,354,630	Government National Mortgage Association, Series 2014-130, Class IB, 0.347%, 8/16/2054(b)(d)(e)(f)		157,839
	12,361,873	Government National Mortgage Association, Series 2014-24, Class IX, 0.180%, 1/16/2054(b)(d)(e)(f)		88,315
	9,411,001	Government National Mortgage Association, Series 2014-70, Class IO, 0.570%, 3/16/2049(b)(d)(e)(f)		245,249
	5,507,537	Government National Mortgage Association, Series 2014-86, Class IO, 0.549%, 4/16/2056(b)(d)(e)(f)		101,938
	16,316,498	Government National Mortgage Association, Series 2015-120, Class IO, 0.700%, 3/16/2057(b)(d)(e)(f)		419,126
	22,685,606	Government National Mortgage Association, Series 2015-146, Class IB, 0.628%, 7/16/2055(b)(d)		484,104
	7,610,059	Government National Mortgage Association, Series 2015-171, Class IO, 0.810%, 11/16/2055(b)(d)(e)(f)		261,439
	8,319,923	Government National Mortgage Association, Series 2015-189, Class IG, 0.737%, 1/16/2057(b)(d)		276,030
	5,972,723	Government National Mortgage Association, Series 2015-21, Class IO, 0.843%, 7/16/2056(b)(d)(e)(f)		194,187
	14,237,669	Government National Mortgage Association, Series 2015-32, Class IO, 0.616%, 9/16/2049(b)(d)		349,297
	3,646,707	Government National Mortgage Association, Series 2015-68, Class IO, 0.387%, 7/16/2057(b)(d)(e)(f)		76,036
	13,722,646	Government National Mortgage Association, Series 2015-70, Class IO, 0.611%, 12/16/2049(b)(d)(e)(f)		329,767
	9,946,382	Government National Mortgage Association, Series 2015-73, Class IO, 0.660%, 11/16/2055(b)(d)(e)(f)		256,497
	20,020,501	Government National Mortgage Association, Series 2016-132, Class IO, 0.675%, 7/16/2056(b)(d)		568,556
	10,560,293	Government National Mortgage Association, Series 2016-143, Class IO, 0.856%, 10/16/2056(d)(e)(f)		483,592

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Agency Commercial Mortgage-Backed Securities – continued
$	7,968,224	Government National Mortgage Association, Series 2016-6, Class IO, 0.503%, 2/16/2051(b)(d)(e)(f)	$	105,916
	26,694,467	Government National Mortgage Association, Series 2017-168, Class IO, 0.587%, 12/16/2059(b)(d)		1,116,016
	25,556,403	Government National Mortgage Association, Series 2017-90, Class IO, 0.719%, 1/16/2059(b)(d)		1,166,034
	6,535,692	Government National Mortgage Association, Series 2018-133, Class IO, 1.099%, 6/16/2058(b)(d)		445,617
	11,532,963	Government National Mortgage Association, Series 2018-2, Class IO, 0.707%, 12/16/2059(b)(d)		604,742
	38,790,777	Government National Mortgage Association, Series 2018-82, Class IO, 0.470%, 5/16/2058(b)(d)		1,475,302
	24,098,863	Government National Mortgage Association, Series 2018-96, Class IO, 0.471%, 8/16/2060(b)(d)		976,703
	10,038,326	Government National Mortgage Association, Series 2019-75, Class IO, 0.878%, 12/16/2060(b)(d)		609,684
	11,877,716	Government National Mortgage Association, Series 2019-94, Class IO, 1.020%, 8/16/2061(b)(d)		786,294
	41,638,434	Government National Mortgage Association, Series 2020-108, Class IO, 0.850%, 6/16/2062(b)(d)		2,833,396
	19,955,921	Government National Mortgage Association, Series 2020-128, Class IO, 0.932%, 10/16/2062(b)(d)		1,490,703
	34,387,378	Government National Mortgage Association, Series 2020-130, Class IO, 1.012%, 8/16/2060(b)(d)		2,669,330
	42,081,310	Government National Mortgage Association, Series 2020-136, Class IO, 1.016%, 8/16/2062(b)(d)		3,306,653
	40,172,248	Government National Mortgage Association, Series 2020-172, Class IO, 1.130%, 9/16/2062(b)(d)		3,374,862
	17,834,089	Government National Mortgage Association, Series 2020-174, Class IO, 0.918%, 1/16/2063(b)(d)		1,305,898
	38,963,313	Government National Mortgage Association, Series 2020-179, Class IO, 0.998%, 9/16/2062(b)(d)		3,065,891
	46,205,823	Government National Mortgage Association, Series 2020-197, Class IO, 0.962%, 10/16/2062(b)(d)		3,538,530
		Agency Commercial Mortgage-Backed Securities – continued
	36,949,798	Government National Mortgage Association, Series 2020-26, Class IO, 0.737%, 10/15/2061(b)(d)		2,163,691
	9,635,556	Government National Mortgage Association, Series 2021-10, Class IO, 0.993%, 5/16/2063(b)(d)		746,071
	43,175,802	Government National Mortgage Association, Series 2021-106, Class IO, 0.854%, 4/16/2063(b)(d)		3,192,592
	43,990,992	Government National Mortgage Association, Series 2021-12, Class IO, 0.971%, 3/16/2063(b)(d)		3,306,979
	46,537,345	Government National Mortgage Association, Series 2021-128, Class IO, 1.006%, 6/16/2061(b)(d)		3,505,286
	58,726,076	Government National Mortgage Association, Series 2021-132, Class BI, 0.916%, 4/16/2063(b)(d)		4,574,503
	54,225,961	Government National Mortgage Association, Series 2021-133, Class IO, 0.882%, 7/16/2063(b)(d)		4,240,199
	59,447,965	Government National Mortgage Association, Series 2021-144, Class IO, 0.811%, 4/16/2063(b)(d)		4,335,659
	11,544,320	Government National Mortgage Association, Series 2021-145, Class IO, 0.772%, 7/16/2061(b)(d)		781,366
	49,132,968	Government National Mortgage Association, Series 2021-151, Class IO, 0.917%, 4/16/2063(b)(d)		3,894,476
	52,678,327	Government National Mortgage Association, Series 2021-163, Class IO, IO, 0.800%, 3/16/2064(b)(d)		3,868,069
	22,515,388	Government National Mortgage Association, Series 2021-180, Class IO, 0.905%, 11/16/2063(b)(d)		1,796,052
	59,039,942	Government National Mortgage Association, Series 2021-186, Class IO, 0.768%, 5/16/2063(b)(d)		4,166,525
	42,078,091	Government National Mortgage Association, Series 2021-20, Class IO, 1.140%, 8/16/2062(b)(d)		3,591,702
	35,722,754	Government National Mortgage Association, Series 2021-33, Class IO, 0.852%, 10/16/2062(b)(d)		2,602,588
	32,420,019	Government National Mortgage Association, Series 2021-40, Class IO, 0.827%, 2/16/2063(b)(d)		2,376,712
	47,406,645	Government National Mortgage Association, Series 2021-52, Class IO, 0.762%, 4/16/2063(b)(d)		3,198,820
	29,031,308	Government National Mortgage Association, Series 2022-17, Class IO, 0.802%, 6/16/2064(b)(d)		2,206,832
				126,171,720

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – 7.7%
$	12,812	Federal Home Loan Mortgage Corp., REMIC, Series 1673, Class SE, 8.390%, 2/15/2024(b)(e)(f)	$	12,931
	80,767	Federal Home Loan Mortgage Corp., REMIC, Series 2626, Class SQ, 14.009%, 6/15/2023(b)(e)(f)		81,825
	71,739	Federal Home Loan Mortgage Corp., REMIC, Series 2649, Class IM, 7.000%, 7/15/2033(d)(e)(f)		16,770
	31,357	Federal Home Loan Mortgage Corp., REMIC, Series 2725, Class SC, 8.729%, 11/15/2033(b)(e)(f)		30,895
	877,664	Federal Home Loan Mortgage Corp., REMIC, Series 3013, Class AS, 17.472%, 5/15/2035(b)(e)(f)		972,756
	3,246,032	Federal Home Loan Mortgage Corp., REMIC, Series 3149, Class LS, 6.803%, 5/15/2036(b)(d)(e)(f)		507,435
	941,038	Federal Home Loan Mortgage Corp., REMIC, Series 3229, Class BI, 6.223%, 10/15/2036(b)(d)(e)(f)		147,163
	1,067,352	Federal Home Loan Mortgage Corp., REMIC, Series 3416, Class BI, 5.853%, 2/15/2038(b)(d)(e)(f)		141,329
	527,797	Federal Home Loan Mortgage Corp., REMIC, Series 3417, Class VS, 16.609%, 2/15/2038(b)(e)(f)		613,709
	496,494	Federal Home Loan Mortgage Corp., REMIC, Series 3417, Class WS, 15.044%, 2/15/2038(b)(e)(f)		560,815
	1,174,574	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, IO, 2.585%, 6/15/2048(b)(d)		1,162,252
	575,599	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, IO, 3.846%, 12/15/2036(b)(d)		587,454
	1,449,260	Federal Home Loan Mortgage Corp., REMIC, Series 3747, Class CS, 6.103%, 10/15/2040(b)(d)(e)(f)		196,469
	68,461	Federal Home Loan Mortgage Corp., REMIC, Series 3792, Class DF, 1-month LIBOR + 0.400%, 0.797%, 11/15/2040(c)(e)(f)		68,221
	194,895	Federal Home Loan Mortgage Corp., REMIC, Series 3808, Class SH, 8.739%, 2/15/2041(b)(e)(f)		180,173
		Collateralized Mortgage Obligations – continued
	1,478,739	Federal Home Loan Mortgage Corp., REMIC, Series 3922, Class SH, 5.503%, 9/15/2041(b)(d)(e)(f)		185,093
	1,671,001	Federal Home Loan Mortgage Corp., REMIC, Series 4041, Class ES, 22.017%, 8/15/2040(b)		2,231,874
	1,255,564	Federal Home Loan Mortgage Corp., REMIC, Series 4097, Class US, 5.753%, 8/15/2032(b)(d)(e)(f)		115,758
	5,595,226	Federal Home Loan Mortgage Corp., REMIC, Series 4136, Class SG, IO, 5.753%, 11/15/2042(b)(d)		868,671
	4,015,668	Federal Home Loan Mortgage Corp., REMIC, Series 4321, Class BS, 1.427%, 6/15/2039(b)(d)(e)(f)		201,532
	1,460,265	Federal Home Loan Mortgage Corp., REMIC, Series 4512, Class IE, 4.500%, 3/15/2044(d)(e)(f)		185,523
	4,123,391	Federal Home Loan Mortgage Corp., REMIC, Series 4672, Class SP, 5.703%, 4/15/2047(b)(d)(e)(f)		510,200
	1,733,062	Federal Home Loan Mortgage Corp., REMIC, Series 4749, Class IO, 4.000%, 12/15/2047(d)(e)(f)		199,881
	3,872,142	Federal Home Loan Mortgage Corp., REMIC, Series 5048, Class HI, IO, 4.500%, 1/15/2042(d)		654,155
	200,161	Federal Home Loan Mortgage Corp., REMIC, Series 5065, Class EI, IO, 5.437%, 11/25/2044(b)(d)		42,525
	9,878,734	Federal Home Loan Mortgage Corp., REMIC, Series 5065, Class HI, IO, 4.993%, 4/15/2042(b)(d)		1,803,749
	1,166,239	Federal Home Loan Mortgage Corp., REMIC, Series 5078, Class MI, IO, 4.000%, 9/25/2043(d)(e)(f)		317,728
	16,646,534	Federal Home Loan Mortgage Corp., REMIC, Series 5094, Class IO, 1.620%, 12/15/2048(b)(d)		1,234,642
	7,188,584	Federal Home Loan Mortgage Corp., REMIC, Series 5187, Class EI, 4.500%, 1/25/2052(d)		971,669
	4,479,277	Federal Home Loan Mortgage Corp., REMIC, Series 5187, Class IA, 5.000%, 1/25/2052(d)		616,819
	22,704,366	Federal Home Loan Mortgage Corp., REMIC, Series 5187, Class IE, 4.000%, 1/25/2052(d)		3,248,559

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	270,000	Federal Home Loan Mortgage Corp., REMIC, Series 5214, Class BA, 3.000%, 7/25/2047(f)	$	272,700
	395,000	Federal Home Loan Mortgage Corp., REMIC, Series 5214, Class BI, 0.929%, 4/25/2052(d)(f)		14,319
	125,000	Federal Home Loan Mortgage Corp., REMIC, Series 5214, Class BY, 3.000%, 4/25/2052(f)		122,305
	238,871	Federal Home Loan Mortgage Corp., Series 224, Class IO, 6.000%, 3/01/2033(d)(e)(f)		40,098
	26,381	Federal National Mortgage Association, REMIC, Series 1996-45, Class SC, 6.793%, 1/25/2024(b)(d)(e)(f)		871
	777,534	Federal National Mortgage Association, REMIC, Series 2005-22, Class DG, 6.810%, 4/25/2035(b)(e)(f)		788,404
	1,352,895	Federal National Mortgage Association, REMIC, Series 2005-45, Class DA, 22.746%, 6/25/2035(b)		1,802,931
	2,460,238	Federal National Mortgage Association, REMIC, Series 2005-62, Class GZ, 5.750%, 7/25/2035		2,678,991
	1,139,065	Federal National Mortgage Association, REMIC, Series 2006-46, Class SK, 22.526%, 6/25/2036(b)		1,538,328
	49,374	Federal National Mortgage Association, REMIC, Series 2006-69, Class KI, 6.843%, 8/25/2036(b)(d)(e)(f)		5,523
	311,761	Federal National Mortgage Association, REMIC, Series 2008-15, Class AS, 30.717%, 8/25/2036(b)		478,406
	764,780	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.435%, 8/25/2038(b)		763,669
	202,496	Federal National Mortgage Association, REMIC, Series 2008-87, Class LD, 4.120%, 11/25/2038(b)(e)(f)		206,501
	860,202	Federal National Mortgage Association, REMIC, Series 2009-11, Class VP, 2.341%, 3/25/2039(b)(e)(f)		834,745
	69,740	Federal National Mortgage Association, REMIC, Series 2010-75, Class MT, 1.589%, 12/25/2039(b)(e)(f)		68,193
	2,525,191	Federal National Mortgage Association, REMIC, Series 2010-80, Class PZ, 5.000%, 7/25/2040		2,725,504
		Collateralized Mortgage Obligations – continued
	305,293	Federal National Mortgage Association, REMIC, Series 2011-100, Class SH, 7.469%, 11/25/2040(b)		314,023
	3,571,583	Federal National Mortgage Association, REMIC, Series 2011-109, Class PZ, 4.500%, 8/25/2041		3,787,973
	1,786,754	Federal National Mortgage Association, REMIC, Series 2011-51, Class SM, 5.393%, 6/25/2041(b)(d)(e)(f)		206,942
	2,086,568	Federal National Mortgage Association, REMIC, Series 2011-60, Class ZB, 5.000%, 7/25/2041		2,171,762
	1,640,584	Federal National Mortgage Association, REMIC, Series 2012-14, Class MS, 6.043%, 3/25/2042(b)(d)(e)(f)		256,875
	1,099,445	Federal National Mortgage Association, REMIC, Series 2012-21, Class SB, 5.493%, 3/25/2042(b)(d)(e)(f)		124,032
	4,049,892	Federal National Mortgage Association, REMIC, Series 2012-97, Class SB, 5.543%, 9/25/2042(b)(d)(e)(f)		510,668
	408,451	Federal National Mortgage Association, REMIC, Series 2013-109, Class US, 11.034%, 7/25/2043(b)		445,796
	2,060,349	Federal National Mortgage Association, REMIC, Series 2013-117, Class S, 6.143%, 11/25/2043(b)(d)(e)(f)		321,391
	2,076,952	Federal National Mortgage Association, REMIC, Series 2013-34, Class PS, 5.693%, 8/25/2042(b)(d)(e)(f)		214,245
	13,906,667	Federal National Mortgage Association, REMIC, Series 2014-15, Class SA, 5.593%, 4/25/2044(b)(d)		2,128,062
	1,168,318	Federal National Mortgage Association, REMIC, Series 2014-28, Class SD, 5.593%, 5/25/2044(b)(d)(e)(f)		107,019
	371,590	Federal National Mortgage Association, REMIC, Series 2015-55, Class KT, 5.500%, 5/25/2041(b)(e)(f)		388,980
	9,427,767	Federal National Mortgage Association, REMIC, Series 2016-22, Class ST, IO, 5.643%, 4/25/2046(b)(d)		1,203,523
	1,304,941	Federal National Mortgage Association, REMIC, Series 2016-26, Class KL, 4.500%, 11/25/2042(b)		1,260,299

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	10,367,496	Federal National Mortgage Association, REMIC, Series 2016-32, Class SA, 5.643%, 10/25/2034(b)(d)	$	1,312,409
	12,761,867	Federal National Mortgage Association, REMIC, Series 2016-60, Class ES, 5.643%, 9/25/2046(b)(d)		1,592,477
	8,685,737	Federal National Mortgage Association, REMIC, Series 2016-60, Class QS, 5.643%, 9/25/2046(b)(d)		1,063,152
	5,255,276	Federal National Mortgage Association, REMIC, Series 2016-82, Class SC, 5.643%, 11/25/2046(b)(d)		674,671
	5,425,695	Federal National Mortgage Association, REMIC, Series 2016-82, Class SG, 5.643%, 11/25/2046(b)(d)		669,963
	6,498,137	Federal National Mortgage Association, REMIC, Series 2016-93, Class SL, 6.193%, 12/25/2046(b)(d)		848,342
	8,922,624	Federal National Mortgage Association, REMIC, Series 2017-26, Class SA, 5.693%, 4/25/2047(b)(d)		1,176,233
	47,018,267	Federal National Mortgage Association, REMIC, Series 2017-57, Class SD, IO, 2.750%, 8/25/2047(b)(d)		3,058,397
	3,600,000	Federal National Mortgage Association, REMIC, Series 2020-72, Class LI, IO, 5.000%, 12/25/2040(d)		854,800
	13,956,210	Federal National Mortgage Association, REMIC, Series 2021-24, Class IO, 1.199%, 3/25/2059(b)(d)		1,108,891
	322,559	Federal National Mortgage Association, Series 334, Class 11, 6.000%, 3/25/2033(d)(e)(f)		51,170
	85,171	Federal National Mortgage Association, Series 334, Class 19, 7.000%, 2/25/2033(b)(d)(e)(f)		18,750
	344,072	Federal National Mortgage Association, Series 339, Class 13, 6.000%, 6/25/2033(d)(e)(f)		59,154
	217,474	Federal National Mortgage Association, Series 339, Class 7, 5.500%, 11/25/2033(d)(e)(f)		34,504
	755,716	Federal National Mortgage Association, Series 356, Class 13, 5.500%, 6/25/2035(d)(e)(f)		141,055
	321,886	Federal National Mortgage Association, Series 359, Class 17, 6.000%, 7/25/2035(d)(e)(f)		62,557
		Collateralized Mortgage Obligations – continued
	161,761	Federal National Mortgage Association, Series 374, Class 18, 6.500%, 8/25/2036(d)(e)(f)		32,782
	373,941	Federal National Mortgage Association, Series 374, Class 20, 6.500%, 9/25/2036(d)(e)(f)		76,270
	172,786	Federal National Mortgage Association, Series 374, Class 22, 7.000%, 10/25/2036(d)(e)(f)		39,262
	198,912	Federal National Mortgage Association, Series 374, Class 23, 7.000%, 10/25/2036(d)(e)(f)		38,931
	261,234	Federal National Mortgage Association, Series 374, Class 24, 7.000%, 6/25/2037(d)(e)(f)		61,246
	230,646	Federal National Mortgage Association, Series 381, Class 12, 6.000%, 11/25/2035(d)(e)(f)		41,977
	112,456	Federal National Mortgage Association, Series 381, Class 13, 6.000%, 11/25/2035(b)(d)(e)(f)		20,310
	142,665	Federal National Mortgage Association, Series 381, Class 18, 7.000%, 3/25/2037(d)(e)(f)		29,191
	85,407	Federal National Mortgage Association, Series 381, Class 19, 7.000%, 3/25/2037(b)(d)(e)(f)		18,088
	26,295	Federal National Mortgage Association, Series 383, Class 32, 6.000%, 1/25/2038(d)(e)(f)		6,589
	798,766	Federal National Mortgage Association, Series 384, Class 20, 5.500%, 5/25/2036(b)(d)(e)(f)		145,744
	293,652	Federal National Mortgage Association, Series 384, Class 31, 6.500%, 7/25/2037(d)(e)(f)		63,107
	208,097	Federal National Mortgage Association, Series 384, Class 36, 7.000%, 7/25/2037(b)(d)(e)(f)		30,599
	207,635	Federal National Mortgage Association, Series 384, Class 4, 4.500%, 9/25/2036(b)(d)(e)(f)		13,849
	121,321	Federal National Mortgage Association, Series 385, Class 23, 7.000%, 7/25/2037(d)(e)(f)		27,148
	23,058	Federal National Mortgage Association, Series 386, Class 25, 7.000%, 3/25/2038(b)(d)(e)(f)		5,570
	331,123	Government National Mortgage Association, Series 2009-65, Class NZ, 5.500%, 8/20/2039(e)(f)		356,771
	230,932	Government National Mortgage Association, Series 2010-H02, Class FA, 1-month LIBOR + 0.680%, 0.911%, 2/20/2060(c)		231,029
	185,327	Government National Mortgage Association, Series 2010-H22, Class FE, 1-month LIBOR + 0.350%, 0.456%, 5/20/2059(c)(e)(f)		183,660

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	152,734	Government National Mortgage Association, Series 2010-H24, Class FA, 1-month LIBOR + 0.350%, 0.456%, 10/20/2060(c)	$	151,847
	142,119	Government National Mortgage Association, Series 2011-H05, Class FB, 1-month LIBOR + 0.500%, 0.606%, 12/20/2060(c)		141,714
	68,904	Government National Mortgage Association, Series 2011-H11, Class FA, 1-month LIBOR + 0.500%, 0.606%, 3/20/2061(c)		68,715
	83,347	Government National Mortgage Association, Series 2011-H21, Class FA, 1-month LIBOR + 0.600%, 0.706%, 10/20/2061(c)(e)(f)		82,848
	244,087	Government National Mortgage Association, Series 2011-H21, Class FT, 1-year CMT + 0.700%, 1.108%, 10/20/2061(c)(e)(f)		241,997
	4,353	Government National Mortgage Association, Series 2012-H11, Class BA, 2.000%, 5/20/2062(e)(f)		4,157
	357,371	Government National Mortgage Association, Series 2012-H22, Class HD, 5.310%, 1/20/2061(b)(e)(f)		369,096
	6,786	Government National Mortgage Association, Series 2012-H24, Class FE, 1-month LIBOR + 0.600%, 0.706%, 10/20/2062(c)(e)(f)		6,747
	95,838	Government National Mortgage Association, Series 2012-H24, Class HI, 1.142%, 10/20/2062(b)(d)(e)(f)		6,128
	383,610	Government National Mortgage Association, Series 2013-H01, Class JA, 1-month LIBOR + 0.320%, 0.426%, 1/20/2063(c)(e)(f)		379,657
	4,601	Government National Mortgage Association, Series 2013-H10, Class LA, 2.500%, 4/20/2063(e)(f)		4,510
	33,497	Government National Mortgage Association, Series 2013-H11, Class JA, 3.500%, 4/20/2063(e)(f)		33,484
	1,469,446	Government National Mortgage Association, Series 2013-H13, Class SI, 1.310%, 6/20/2063(b)(d)(e)(f)		50,852
	8,584,194	Government National Mortgage Association, Series 2013-H16, Class AI, 1.540%, 7/20/2063(b)(d)(e)(f)		193,440
	6,546,061	Government National Mortgage Association, Series 2013-H18, Class EI, 1.634%, 7/20/2063(b)(d)(e)(f)		334,386
		Collateralized Mortgage Obligations – continued
	973,163	Government National Mortgage Association, Series 2013-H18, Class JI, 1.312%, 8/20/2063(b)(d)(e)(f)		21,640
	253,716	Government National Mortgage Association, Series 2013-H20, Class FA, 1-month LIBOR + 0.600%, 0.706%, 8/20/2063(c)(e)(f)		252,260
	16,991,018	Government National Mortgage Association, Series 2014-H24, Class HI, 0.962%, 9/20/2064(b)(d)(e)(f)		404,918
	2,290,906	Government National Mortgage Association, Series 2015-152, Class PI, IO, 4.000%, 10/20/2045(d)(e)(f)		254,584
	15,914,009	Government National Mortgage Association, Series 2015-H01, Class XZ, 4.595%, 10/20/2064(a)(b)		16,361,518
	629,304	Government National Mortgage Association, Series 2015-H04, Class HA, 3.500%, 11/20/2064(b)(e)(f)		631,386
	3,390	Government National Mortgage Association, Series 2015-H05, Class FA, 1-month LIBOR + 0.300%, 0.406%, 4/20/2061(c)(e)(f)		3,337
	2,523,369	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		2,496,725
	19,901	Government National Mortgage Association, Series 2015-H13, Class FL, 1-month LIBOR + 0.280%, 0.386%, 5/20/2063(c)(e)(f)		19,629
	11,985	Government National Mortgage Association, Series 2015-H19, Class FA, 1-month LIBOR + 0.200%, 0.306%, 4/20/2063(c)(e)(f)		11,758
	348,547	Government National Mortgage Association, Series 2015-H28, Class JZ, 4.993%, 3/20/2065(b)(e)(f)		354,190
	3,569	Government National Mortgage Association, Series 2015-H29, Class FA, 1-month LIBOR + 0.700%, 0.806%, 10/20/2065(c)(e)(f)		3,534
	133,655	Government National Mortgage Association, Series 2015-H29, Class HZ, 4.591%, 9/20/2065(b)(e)(f)		139,705
	3,415	Government National Mortgage Association, Series 2015-H30, Class FA, 1-month LIBOR + 0.680%, 0.786%, 8/20/2061(c)(e)(f)		3,389
	1,463,928	Government National Mortgage Association, Series 2016-17, Class GT, 5.000%, 8/20/2045(b)		1,435,177
	633,774	Government National Mortgage Association, Series 2016-23, Class PA, 5.638%, 7/20/2037(b)(e)(f)		665,524

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	11,688,134	Government National Mortgage Association, Series 2016-H01, Class AI, 1.509%, 1/20/2066(b)(d)(e)(f)	$	370,928
	17,866,355	Government National Mortgage Association, Series 2016-H09, Class JI, 1.768%, 4/20/2066(b)(d)		737,237
	205,571	Government National Mortgage Association, Series 2016-H14, Class JZ, 3.967%, 8/20/2063(b)(e)(f)		206,682
	638,672	Government National Mortgage Association, Series 2016-H19, Class CZ, 4.710%, 8/20/2066(b)(e)(f)		648,756
	37,612	Government National Mortgage Association, Series 2016-H19, Class EZ, 5.138%, 6/20/2061(b)(e)(f)		36,218
	88,116	Government National Mortgage Association, Series 2016-H19, Class FC, 1-month LIBOR + 0.400%, 0.506%, 8/20/2066(c)(e)(f)		87,517
	4,514,287	Government National Mortgage Association, Series 2017-128, Class IO, 0.981%, 12/16/2056(b)(d)(e)(f)		237,658
	2,253,724	Government National Mortgage Association, Series 2017-H05, Class AI, IO, 2.292%, 1/20/2067(b)(d)		134,475
	12,109,156	Government National Mortgage Association, Series 2018-110, Class IO, 0.639%, 1/16/2060(b)(d)		640,866
	12,873,897	Government National Mortgage Association, Series 2018-129, Class IO, 0.610%, 7/16/2060(b)(d)		654,636
	12,739,408	Government National Mortgage Association, Series 2018-143, Class IO, 0.471%, 10/16/2060(b)(d)		781,118
	65,821	Government National Mortgage Association, Series 2018-H02, Class FJ, 1-month LIBOR + 0.200%, 0.306%, 10/20/2064(c)(e)(f)		65,199
	139,543	Government National Mortgage Association, Series 2018-H10, Class FJ, 1-month LIBOR + 0.250%, 0.356%, 6/20/2068(c)(e)(f)		138,751
	4,200,186	Government National Mortgage Association, Series 2018-H16, Class CZ, 4.261%, 5/20/2068(b)		4,494,298
	280,000	Government National Mortgage Association, Series 2019-111, Class LP, 3.500%, 9/20/2049(e)(f)		274,258
	18,886,956	Government National Mortgage Association, Series 2019-116, Class IO, 0.650%, 12/16/2061(b)(d)		1,110,931
		Collateralized Mortgage Obligations – continued
	324,000	Government National Mortgage Association, Series 2019-132, Class LP, 3.500%, 10/20/2049(e)(f)		319,878
	8,447,001	Government National Mortgage Association, Series 2019-152, Class LI, 5.101%, 2/20/2044(b)(d)		1,605,402
	2,987,506	Government National Mortgage Association, Series 2019-44, Class BS, 5.601%, 4/20/2049(b)(d)(e)(f)		288,871
	11,370,770	Government National Mortgage Association, Series 2019-70, Class SK, 5.551%, 8/20/2043(b)(d)		1,695,897
	2,020,535	Government National Mortgage Association, Series 2019-H02, Class BZ, 4.270%, 1/20/2069(b)		2,313,745
	4,509,305	Government National Mortgage Association, Series 2019-H04, Class NA, 3.500%, 9/20/2068		4,512,137
	4,075,853	Government National Mortgage Association, Series 2020-148, Class IJ, IO, 3.000%, 6/20/2049(d)		1,022,190
	11,096,300	Government National Mortgage Association, Series 2020-47, Class IQ, 3.500%, 3/20/2050(d)		2,986,334
	67,454,689	Government National Mortgage Association, Series 2021-H03, Class IO, 4.138%, 4/20/2070(a)(b)(d)		3,526,801
	9,856,425	Government National Mortgage Association, Series 2021-H08, Class IA, IO, 4.204%, 1/20/2068(b)(d)		511,982
				113,131,918
		Mortgage Related – 35.3%
	96,466,246	FHLMC, 2.000%, with various maturities from 2050 to 2052(a)(h)		89,724,826
	16,486,751	FHLMC, 2.500%, with various maturities from 2050 to 2052(a)(h)		15,717,800
	166,571,096	FNMA, 2.000%, with various maturities from 2050 to 2051(a)(h)		154,957,722
	128,024,360	FNMA, 2.500%, with various maturities from 2050 to 2052(a)(h)		122,343,621
	86,737,108	FNMA, 3.000%, with various maturities from 2047 to 2052(h)		84,971,485
	473,433	FNMA, 4.000%, 1/01/2052		480,967
	9	GNMA, 5.470%, 11/20/2059(b)		9
	117,866	Government National Mortgage Association, Series 2018-H12, Class HZ, 4.622%, 8/20/2068(b)(e)(f)		126,066
	2,678,160	Government National Mortgage Association, Series 2019-HO2, Class JA, 3.500%, 12/20/2068		2,676,729
	9,563,379	Government National Mortgage Association, Series 2020-148, Class EI, 3.000%, 11/20/2049(d)		2,338,345
	20,000,000	UMBS® (TBA), 3.500%, 5/01/2052(i)		19,965,396

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Mortgage Related – continued
$	27,131,000	UMBS® (TBA), 3.000%, 5/01/2052(i)	$	26,475,442
				519,778,408
		Non-Agency Commercial Mortgage-Backed Securities – 13.4%
	1,000,000	Banc of America Commercial Mortgage Trust, Series 2016-UB10, Class A4, 3.170%, 7/15/2049		985,211
	4,155,000	BANK, Series 2019-BN19, Class A3, 3.183%, 8/15/2061		4,102,303
	3,720,000	BANK, Series 2019-BN20, Class A3, 3.011%, 9/15/2062		3,628,754
	3,525,000	BANK, Series 2019-BN22, Class A4, 2.978%, 11/15/2062		3,429,808
	1,770,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		1,682,155
	3,649,000	BANK, Series 2020-BN26, Class A4, 2.403%, 3/15/2063		3,404,967
	785,000	BANK, Series 2020-BN28, Class AS, 2.140%, 3/15/2063		696,501
	3,570,000	BANK, Series 2021-BN33, Class A5, 2.556%, 5/15/2064		3,347,963
	5,300,000	Bank, Series 2022-BNK39, Class A4, 2.928%, 2/15/2055		5,113,210
	4,045,000	Barclays Commercial Mortgage Securities Trust, Series 2020-BID, Class A, 1-month LIBOR + 2.140%, 2.537%, 10/15/2037, 144A(c)		4,041,337
	3,330,000	Benchmark Mortgage Trust, Series 2019-B10, Class A4, 3.717%, 3/15/2062		3,390,596
	4,630,000	Benchmark Mortgage Trust, Series 2019-B11, Class A5, 3.542%, 5/15/2052		4,666,630
	5,185,000	Benchmark Mortgage Trust, Series 2019-B13, Class A4, 2.952%, 8/15/2057		5,030,565
	4,970,000	BMO Mortgage Trust, Series 2022-C1, Class A5, 3.374%, 2/15/2055		4,931,706
	2,770,000	BX Commercial Mortgage Trust, Series 2022-AHP, Class B, 1-month Term SOFR + 1.840%, 2.141%, 1/17/2039, 144A(c)		2,731,245
	510,000	Cali Mortgage Trust, Series 2019-101C, Class A, 3.957%, 3/10/2039, 144A		515,906
	230,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR3, Class AM, 3.416%, 10/15/2045, 144A		228,947
	2,424,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		2,389,948
	2,572,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR13, Class A4, 4.194%, 11/10/2046(b)		2,612,942
		Non-Agency Commercial Mortgage-Backed Securities – continued
	2,605,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR6, Class A4, 3.101%, 3/10/2046		2,608,912
	5,595,000	Commercial Mortgage Pass Through Certificates, Series 2013-WWP, Class A2, 3.424%, 3/10/2031, 144A		5,645,492
	330,371	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		326,657
	928,611	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		938,160
	730,833	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A4, 3.691%, 3/10/2047		733,833
	1,300,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,314,863
	2,520,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS5, Class A4, 3.838%, 9/10/2047		2,534,611
	3,110,000	Commercial Mortgage Pass Through Certificates, Series 2015-DC1, Class A5, 3.350%, 2/10/2048		3,105,246
	928,033	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class ASB, 3.550%, 2/10/2049		936,872
	6,160,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A(a)		6,054,570
	1,805,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class B, 4.185%, 9/15/2037, 144A		1,678,532
	2,045,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class C, 4.336%, 9/15/2037, 144A		1,874,680
	2,405,000	CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A4, 2.968%, 12/15/2052		2,310,269
	5,365,000	DROP Mortgage Trust, Series 2021-FILE, Class A, 1-month LIBOR + 1.150%, 1.550%, 4/15/2026, 144A(c)		5,308,046
	3,627,673	Extended Stay America Trust, Series 2021-ESH, Class C, 1-month LIBOR + 1.700%, 2.097%, 7/15/2038, 144A(c)		3,575,290
	2,675,000	Greystone Commercial Real Estate Notes Ltd., Series 2021-HC2, Class A, 1-month LIBOR + 1.800%, 2.197%, 12/15/2039, 144A(c)		2,662,663
	3,690,000	GS Mortgage Securities Corp. II, Series 2012-BWTR, Class A, 2.954%, 11/05/2034, 144A		3,684,280
	5,775,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(b)		5,608,794
	3,461,000	GS Mortgage Securities Trust, Series 2013-GC16, Class B, 5.161%, 11/10/2046(b)		3,481,424

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
$	2,930,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047	$	2,967,159
	5,100,000	GS Mortgage Securities Trust, Series 2014-GC18, Class AS, 4.383%, 1/10/2047		4,994,010
	1,295,000	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(b)		1,205,253
	1,416,000	GS Mortgage Securities Trust, Series 2014-GC20, Class A5, 3.998%, 4/10/2047		1,430,515
	2,373,000	GS Mortgage Securities Trust, Series 2014-GC22, Class C, 4.688%, 6/10/2047(b)		2,346,092
	5,000,000	GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.048%, 11/10/2052		4,869,050
	2,555,000	GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.911%, 2/13/2053		2,465,286
	5,885,000	Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.155%, 8/05/2034, 144A		5,389,707
	1,575,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class C, 4.364%, 12/15/2047, 144A(b)		1,562,271
	2,405,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class AS, 4.243%, 4/15/2047(b)		2,424,303
	585,186	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		590,844
	690,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C25, Class AS, 4.065%, 11/15/2047		688,527
	1,300,000	Morgan Stanley Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.277%, 10/15/2030, 144A		1,286,554
	2,735,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class A4, 3.134%, 12/15/2048		2,741,039
	3,905,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class AS, 3.456%, 5/15/2046		3,910,057
	930,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C16, Class B, 4.333%, 6/15/2047(b)		907,935
		Non-Agency Commercial Mortgage-Backed Securities – continued
	718,756	Morgan Stanley Capital I Trust, Series 2011-C2, Class D, 5.212%, 6/15/2044, 144A(b)		697,193
	3,285,000	Morgan Stanley Capital I Trust, Series 2013-ALTM, Class A2, 3.705%, 2/05/2035, 144A(b)		3,171,468
	5,780,000	Morgan Stanley Capital I Trust, Series 2019-L3, Class A4, 3.127%, 11/15/2052(a)		5,620,321
	2,085,000	Morgan Stanley Capital I Trust, Series 2021-L5, Class A4, 2.728%, 5/15/2054		1,965,515
	3,475,000	RBS Commercial Funding, Inc., Trust, Series 2013-SMV, Class C, 3.584%, 3/11/2031, 144A(b)		3,458,802
	1,861,317	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1-month LIBOR + 1.470%, 1.867%, 11/15/2027, 144A(c)		1,305,301
	6,500,000	Starwood Retail Property Trust, Series 2014-STAR, Class B, 1-month LIBOR + 1.900%, 2.297%, 11/15/2027, 144A(c)(e)(f)(g)		4,078,242
	1,350,000	UBS Commercial Mortgage Trust, Series 2019-C16, Class A4, 3.605%, 4/15/2052		1,352,229
	4,000,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class AS, 4.020%, 8/15/2050		3,937,238
	2,508,801	Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class ASB, 3.400%, 6/15/2048		2,527,377
	5,000,000	Wells Fargo Commercial Mortgage Trust, Series 2018-C48, Class A5, 4.302%, 1/15/2052		5,259,492
	5,012,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146%, 12/15/2052		4,919,804
	924,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C58, Class AS, 2.398%, 7/15/2053		824,187
	1,875,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class AS, 4.358%, 8/15/2046(b)		1,886,819
	719,689	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class A4, 3.723%, 5/15/2047		710,907
	1,635,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class A5, 3.995%, 5/15/2047		1,648,441
	790,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class AS, 4.176%, 5/15/2047		793,330
	1,915,758	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ASB, 3.638%, 5/15/2047		1,932,319

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
$	535,000	WFRBS Commercial Mortgage Trust, Series 2014-C24, Class B, 4.204%, 11/15/2047(b)	$	508,806
				197,690,281
		Total Bonds and Notes
		(Identified Cost $1,493,001,748)		1,359,113,455
	Collateralized Loan Obligations – 6.7%
	2,225,000	AGL CLO 12 Ltd., Series 2021-12A, Class B, 3-month LIBOR + 1.600%, 1.854%, 7/20/2034, 144A(c)		2,191,645
	3,000,000	AGL CLO 3 Ltd., Series 2020-3A, Class A, 3-month LIBOR + 1.300%, 1.541%, 1/15/2033, 144A(c)		2,973,594
	5,255,000	Alinea CLO Ltd., Series 2018-1A, Class B, 3-month LIBOR + 1.650%, 1.904%, 7/20/2031, 144A(c)		5,225,488
	595,000	Allegro CLO VIII Ltd., Series 2018-2A, Class B1, 3-month LIBOR + 1.670%, 1.911%, 7/15/2031, 144A(c)		586,322
	525,000	Burnham Park CLO Ltd., Series 2016-1A, Class CR, 3-month LIBOR + 2.150%, 2.404%, 10/20/2029, 144A(c)		520,268
	3,835,000	Dryden 53 CLO Ltd., Series 2017-53A, Class B, 3-month LIBOR + 1.400%, 1.641%, 1/15/2031, 144A(c)		3,798,111
	4,275,000	Elmwood CLO VIII Ltd., Series 2021-1A, Class B1, 3-month LIBOR + 1.550%, 1.804%, 1/20/2034, 144A(c)		4,223,452
	1,565,000	Galaxy XXVI CLO Ltd., Series 2018-26A, Class B, 3-month LIBOR + 1.700%, 2.180%, 11/22/2031, 144A(c)		1,550,732
	3,497,500	Hayfin U.S. XII Ltd., Series 2018-8A, Class B, 3-month LIBOR + 1.480%, 1.734%, 4/20/2031, 144A(c)		3,439,511
	3,005,000	LCM 30 Ltd., Series 30A, Class BR, 3-month LIBOR + 1.500%, 1.754%, 4/20/2031, 144A(c)		2,970,833
	4,685,000	Madison Park Funding XIV Ltd., Series 2014-14A, Class BRR, 3-month LIBOR + 1.700%, 1.959%, 10/22/2030, 144A(c)		4,659,579
	1,750,000	Madison Park Funding XXVI Ltd., Series 2017-26A, Class AR, 3-month LIBOR + 1.200%, 1.499%, 7/29/2030, 144A(c)		1,743,924
	2,350,000	Magnetite XXIX Ltd., Series 2021-29A, Class B, 3-month LIBOR + 1.400%, 1.641%, 1/15/2034, 144A(c)		2,320,550
	Collateralized Loan Obligations – continued
	2,075,000	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, 3-month LIBOR + 1.650%, 1.891%, 7/15/2034, 144A(c)		2,068,011
	2,560,000	Neuberger Berman Loan Advisers CLO Ltd., Series 2021-40A, Class B, 3-month LIBOR + 1.400%, 1.641%, 4/16/2033, 144A(c)		2,521,521
	5,280,000	OCP CLO Ltd., Series 2020-8RA, Class A2, 3-month LIBOR + 1.550%, 1.791%, 1/17/2032, 144A(c)		5,222,305
	2,040,000	Octagon Investment Partners Ltd., Series 2018-18A, Class A2, 3-month LIBOR + 1.470%, 1.711%, 4/16/2031, 144A(c)		2,003,878
	4,045,000	OHA Credit Funding 2 Ltd., Series 2019-2A, Class BR, 3-month LIBOR + 1.600%, 1.855%, 4/21/2034, 144A(c)		4,003,106
	4,205,000	OHA Credit Funding 3 Ltd., Series 2019-3A, Class BR, 3-month LIBOR + 1.650%, 1.904%, 7/02/2035, 144A(c)		4,166,894
	5,300,000	OHA Credit Funding Ltd., Series 2021-8A, Class B1, 3-month LIBOR + 1.500%, 1.741%, 1/18/2034, 144A(c)		5,227,681
	4,970,000	Palmer Square CLO Ltd., Series 2013-2A, Class A2R3, 3-month LIBOR + 1.500%, 1.748%, 10/17/2031, 144A(c)		4,920,201
	575,000	Palmer Square CLO Ltd., Series 2015-1A, Class A2R4, 3-month LIBOR + 1.700%, 2.180%, 5/21/2034, 144A(c)		567,791
	3,800,000	Post CLO Ltd., Series 2022-1A, Class A, 3-month Term SOFR + 1.380%, 2.093%, 4/20/2035, 144A(c)		3,790,960
	4,500,000	Race Point VIII CLO Ltd., Series 2013-8A, Class BR2, 3-month LIBOR + 1.500%, 1.980%, 2/20/2030, 144A(c)		4,446,292
	1,035,000	Recette CLO Ltd., Series 2015-1A, Class BRR, 3-month LIBOR + 1.400%, 1.654%, 4/20/2034, 144A(c)		1,005,240
	7,650,000	Rockland Park CLO Ltd., Series 2021-1A, Class B, 3-month LIBOR + 1.650%, 1.904%, 4/20/2034, 144A(c)		7,610,687
	5,900,000	TICP CLO VII Ltd., Series 2017-7A, Class BR, 3-month LIBOR + 1.700%, 1.941%, 4/15/2033, 144A(c)		5,842,145
	3,830,000	VERDE CLO Ltd., Series 2019-1A, Class BR, 3-month LIBOR + 1.600%, 1.841%, 4/15/2032, 144A(c)		3,783,554

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Collateralized Loan Obligations – continued
$	3,000,000	Vibrant CLO Ltd., Series 2018-10A, Class A1, 3-month LIBOR + 1.200%, 1.454%, 10/20/2031, 144A(c)	$	2,970,087
	1,315,000	Voya CLO Ltd., Series 2013-3A, Class A2RR, 3-month LIBOR + 1.700%, 1.941%, 10/18/2031, 144A(c)		1,291,301
	550,045	WhiteHorse IX Ltd., Series 2014-9A, Class C, 3-month LIBOR + 2.700%, 2.941%, 7/17/2026, 144A(c)		550,087
		Total Collateralized Loan Obligations
		(Identified Cost $98,708,707)		98,195,750
	Loan Participations – 0.2%
		ABS Other – 0.2%
	2,680,340	Harbour Aircraft Investments Ltd., Series 2017-1, Class A, 4.000%, 11/15/2037 (Identified Cost $2,666,883)		2,501,640
	Short-Term Investments – 2.8%
	18,813,117	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $18,813,117 on 4/01/2022 collateralized by $19,258,600 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $19,189,385 including accrued interest (Note 2 of Notes to Financial Statements)		18,813,117
	12,000,000	U.S. Treasury Bills, 0.375%, 6/09/2022(j)		11,991,375
	11,100,000	U.S. Treasury Bills, 0.117%, 4/14/2022(j)		11,099,434
		Total Short-Term Investments
		(Identified Cost $41,904,025)		41,903,926
		Total Investments – 102.1%
		(Identified Cost $1,636,281,363)		1,501,714,771
		Other assets less liabilities—(2.1)%		(30,789,913	)
		Net Assets – 100.0%	$	1,470,924,858
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts or TBA transactions.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2022 is disclosed.
	(c)	Variable rate security. Rate as of March 31, 2022 is disclosed.
	(d)	Interest only security. Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
	(e)	Fair valued by the Fund’s adviser. At March 31, 2022, the value of these securities amounted to $31,605,128 or 2.1% of net assets. See Note 2 of Notes to Financial Statements.
	(f)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(g)	Illiquid security.
	(h)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(i)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
	(j)	Interest rate represents discount rate at time of purchase; not a coupon 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 March 31, 2022, the value of Rule 144A holdings amounted to $508,933,815 or 34.6% of net assets.
	ABS	Asset-Backed Securities
	ARS	Auction Rate Security
	CMT	Constant Maturity Treasury
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GNMA	Government National Mortgage Association
	LIBOR	London Interbank Offered Rate
	REMIC	Real Estate Mortgage Investment Conduit
	SLM	Sallie Mae
	SOFR	Secured Overnight Financing Rate
	TBA	To Be Announced
	UMBS®	Uniform Mortgage-Backed Securities

At March 31, 2022, open long futures contracts were as follows:
Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/21/2022		190	$	23,352,566	$	23,346,250	$	(6,316	)
30 Year U.S. Treasury Bond		6/21/2022		257		39,678,227		38,566,062		(1,112,165	)
Ultra 10 Year U.S. Treasury Note		6/21/2022		214		29,921,972		28,990,313		(931,659	)
Ultra Long U.S. Treasury Bond		6/21/2022		141		25,178,962		24,974,625		(204,337	)
Total									$	(2,254,477	)

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Industry Summary at March 31, 2022 (Unaudited)

Mortgage Related	35.3	%
Non-Agency Commercial  Mortgage-Backed Securities	13.4
Agency Commercial Mortgage-Backed Securities	8.6
ABS Car Loan	8.3
Collateralized Mortgage Obligations	7.7
ABS Other	7.5
ABS Home Equity	7.0
ABS Student Loan	2.5
Other Investments, less than 2% each	2.3
Collateralized Loan Obligations	6.7
Short-Term Investments	2.8
Total Investments	102.1
Other assets less liabilities (including futures contracts)	(2.1	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  36

Statements of Assets and Liabilities

March 31, 2022 (Unaudited)

	High Income Opportunities Fund			Securitized Asset Fund
ASSETS
Investments at cost	$	244,938,345		$	1,636,281,363
Net unrealized depreciation		(14,087,538	)		(134,566,592	)
Investments at value		230,850,807			1,501,714,771
Cash		3,460			507,980
Due from brokers (Note 2)		—			10,566,812
Receivable for Fund shares sold		93,039			663,477
Receivable for securities sold		909,216			197,000
Receivable for when-issued/delayed delivery securities sold (Note 2)		—			26,318,766
Dividends and interest receivable		2,931,994			5,613,225
Receivable for variation margin on futures contracts (Note 2)		—			444,902
TOTAL ASSETS		234,788,516			1,546,026,933
LIABILITIES
Payable for securities purchased		406,944			137,242
Payable for when-issued/delayed delivery securities purchased (Note 2)		—			73,572,245
Payable for Fund shares redeemed		198,880			1,392,588
TOTAL LIABILITIES		605,824			75,102,075
NET ASSETS	$	234,182,692		$	1,470,924,858
NET ASSETS CONSIST OF:
Paid-in capital	$	243,642,532		$	1,754,557,033
Accumulated loss		(9,459,840	)		(283,632,175	)
NET ASSETS	$	234,182,692		$	1,470,924,858
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	234,182,692		$	1,470,924,858
Shares of beneficial interest		24,012,971			170,942,707
Net asset value, offering and redemption price per share	$	9.75		$	8.60

See accompanying notes to financial statements.

37  |

Statements of Operations

For the Six Months Ended March 31, 2022 (Unaudited)

	High Income Opportunities Fund			Securitized Asset Fund
INVESTMENT INCOME
Interest	$	6,980,109		$	21,122,407
Dividends		70,362			—
Investment income		7,050,471			21,122,407
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain (loss) on:
Investments		4,513,804			(6,551,978	)
Futures contracts		—			888,018
Net change in unrealized appreciation (depreciation) on:
Investments		(25,141,387	)		(95,402,228	)
Futures contracts		—			(3,781,350	)
Net realized and unrealized loss on investments and futures contracts		(20,627,583	)		(104,847,538	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,577,112	)	$	(83,725,131	)

See accompanying notes to financial statements.

|  38

Statements of Changes in Net Assets

	High Income Opportunities Fund						Securitized Asset Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
FROM OPERATIONS:
Investment income	$	7,050,471		$	14,795,072		$	21,122,407		$	41,133,133
Net realized gain (loss) on investments and futures contracts		4,513,804			12,862,055			(5,663,960	)		14,060,389
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(25,141,387	)		3,805,718			(99,183,578	)		(23,016,062	)
Net increase (decrease) in net assets resulting from operations		(13,577,112	)		31,462,845			(83,725,131	)		32,177,460
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(15,264,809	)		(15,289,039	)		(49,828,415	)		(92,096,383	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(4,678,143	)		(3,489,615	)		39,600,987			124,115,977
Net increase (decrease) in net assets		(33,520,064	)		12,684,191			(93,952,559	)		64,197,054
NET ASSETS
Beginning of the period		267,702,756			255,018,565			1,564,877,417			1,500,680,363
End of the period	$	234,182,692		$	267,702,756		$	1,470,924,858		$	1,564,877,417

See accompanying notes to financial statements.

39  |

Financial Highlights

For a share outstanding throughout each period.

	High Income Opportunities Fund – Institutional Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	10.94		$	10.29		$	10.45		$	10.69		$	10.95		$	10.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Investment income(a)		0.29			0.59			0.58			0.60			0.58			0.62
Net realized and unrealized gain (loss)		(0.85	)		0.67			(0.16	)(b)		(0.08	)		(0.24	)		0.30
Total from Investment Operations		(0.56	)		1.26			0.42			0.52			0.34			0.92
LESS DISTRIBUTIONS FROM:
Investment income		(0.30	)		(0.61	)		(0.58	)		(0.62	)		(0.60	)		(0.63	)
Net realized capital gains		(0.33	)		—			—			(0.14	)		—			—
Total Distributions		(0.63	)		(0.61	)		(0.58	)		(0.76	)		(0.60	)		(0.63	)
Net asset value, end of the period	$	9.75		$	10.94		$	10.29		$	10.45		$	10.69		$	10.95
Total return		(5.36	)%(c)		12.55	%		4.28	%		5.14	%		3.21	%		8.91	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	234,183		$	267,703		$	255,019		$	174,103		$	139,420		$	142,373
Net expenses(d)		—			—			—			—			—			—
Gross expenses(d)		—			—			—			—			—			—
Net investment income		5.62	%(e)		5.49	%		5.76	%		5.78	%		5.45	%		5.74	%
Portfolio turnover rate		21	%		62	%		96	%(f)		48	%		42	%		37	%

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

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

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

(d) Loomis Sayles has agreed to pay, without reimbursement from the Fund, all expenses associated with the operations of the Fund.

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

(f) The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to significant shareholder flows and repositioning of the portfolio.

	Securitized Asset Fund – Institutional Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	9.39		$	9.77		$	9.94		$	9.65		$	10.16		$	10.57
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Investment income(a)		0.13			0.26			0.34			0.39			0.37			0.39
Net realized and unrealized gain (loss)		(0.62	)		(0.06	)		0.06			0.45			(0.33	)		(0.25	)
Total from Investment Operations		(0.49	)		0.20			0.40			0.84			0.04			0.14
LESS DISTRIBUTIONS FROM:
Investment income		(0.30	)		(0.58	)		(0.57	)		(0.55	)		(0.55	)		(0.55	)
Net asset value, end of the period	$	8.60		$	9.39		$	9.77		$	9.94		$	9.65		$	10.16
Total return		(5.50	)%(b)		2.07	%		4.13	%		8.97	%		0.39	%		1.40	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,470,925		$	1,564,877		$	1,500,680		$	1,239,135		$	1,149,454		$	1,133,638
Net expenses(c)		—			—			—			—			—			—
Gross expenses(c)		—			—			—			—			—			—
Net investment income		2.78	%(d)		2.68	%		3.50	%		3.98	%		3.81	%		3.78	%
Portfolio turnover rate		91	%		98	%(e)		283	%		369	%(f)		259	%		313	%

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

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

(c) Loomis Sayles has agreed to pay, without reimbursement from the Fund, all expenses associated with the operations of the Fund.

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

(e) The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to a decrease in the volume of TBA transactions (see Note 2g of Notes to Financial Statements).

(f) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of trades in TBA securities (see Note 2g of Notes to Financial Statements).

See accompanying notes to financial statements.

|  40

Notes to Financial Statements

March 31, 2022 (Unaudited)

1.  Organization. Loomis Sayles Funds I (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 High Income Opportunities Fund (the “High Income Opportunities Fund”)

Loomis Sayles Securitized Asset Fund (the “Securitized Asset Fund”)

Each Fund is a diversified investment company.

Each Fund offers Institutional Class shares. The Funds’ shares are offered exclusively to investors in “wrap fee” programs approved by Natixis Advisors, LLC (“Natixis Advisors”) and/or Loomis, Sayles & Company, L.P. (“Loomis Sayles”) and to institutional advisory clients of Natixis Advisors or Loomis Sayles that, in each case, meet the Funds’ policies as established by Loomis Sayles.

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

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans and collateralized loan obligations where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service. Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively. Bilateral credit default swaps are valued based on mid prices (between the bid price and the ask price) supplied by an independent pricing service. Centrally cleared swap agreements are valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers.

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

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

41  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

As of March 31, 2022, securities held by the Funds were fair valued as follows:

Fund	Securities classified as fair valued		Percentage of Net Assets		Securities fair valued by the Fund’s adviser		Percentage of Net Assets
High Income Opportunities Fund	$	2,430,722		1.0%	$	120,353		0.1%
Securitized Asset Fund		—		—		31,605,128		2.1%

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Loan consent fees, upfront origination fees and/or amendment fees are recorded when received and included in interest income on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. For payment-in-kind securities, income received in-kind is reflected as an increase to the principal and cost basis of the securities. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis.

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

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

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.

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

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

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

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

|  42

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates. Futures contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

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

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

Implied credit spreads, represented in absolute terms, are disclosed in the Portfolio of Investments for those agreements for which the Fund is the protection seller. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

An interest rate swap is an agreement with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

The notional amounts of swap agreements are not recorded in the financial statements. Swap agreements are valued daily, and fluctuations in value are recorded in the Statements of Operations as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded in the Statements of Assets and Liabilities as part of unrealized appreciation (depreciation) on swap agreements. When received or paid, fees are recorded in the Statements of Operations as realized gain or loss. Upfront premiums paid or received by the Funds are recorded on the Statements of Asset and Liabilities, as an asset or liability, respectively, and are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Funds as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Funds face the CCP through a broker. Upon entering into a centrally cleared swap, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as “variation margin,” are made or received by the Funds based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Funds’ counterparty credit risk is reduced as the CCP stands between the Funds and the counterparty. The Funds cover their net obligations under outstanding swap agreements by segregating or earmarking cash or securities. Swap agreements outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

g.  When-Issued and Delayed Delivery Transactions. A Fund may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and

43  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

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.

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.  Stripped Securities. A Fund may invest in stripped securities, which are usually structured with two or more classes that receive different proportions of the interest and principal distribution on a pool of U.S. or foreign government securities or mortgage assets. In some cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Stripped securities commonly have greater market volatility than other types of fixed-income securities. In the case of stripped mortgage securities, if the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to recoup fully its investments in IOs. Stripped securities outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

i.  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 investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2022 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. 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 are expected to be filed and paid 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.

j.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as premium amortization, corporate actions, deferred Trustees’ fees, defaulted and/or non-income producing securities, convertible bonds, swap adjustments and paydown gains and losses. 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 wash sales, premium amortization, corporate actions, defaulted and/or non-income producing securities, convertible bonds and futures contracts mark-to-market. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and net realized short-term capital gains are reported as distributed from ordinary income for tax purposes.

|  44

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2021 was as follows:

	2021 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Opportunities Fund	$	15,289,039	$	—	$	15,289,039
Securitized Asset Fund		92,096,383		—		92,096,383

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

As of September 30, 2021, capital loss carryforwards were as follows:

	High Income Opportunities Fund		Securitized Asset Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—	$	(18,768,770	)(a)
Long-term:
No expiration date		—		(100,642,344	)(a)
Total capital loss carryforward	$	—		(119,411,114	)(a)

(a) Revised due to incorrect gain recognition for certain mortgaged-backed securities that have been restructured. Previously stated capital loss carryforward information is as follows: Short-Term $(18,421,522); Long-Term ($99,454,197); Total $(117,875,719).

As of March 31, 2022, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	High Income Opportunities Fund			Securitized Asset Fund
Federal tax cost	$	245,122,999		$	1,636,281,363
Gross tax appreciation	$	4,873,870		$	5,866,227
Gross tax depreciation		(19,146,062	)		(142,687,296	)
Net tax depreciation	$	(14,272,192	)	$	(136,821,069	)

Amounts in the table above exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales and derivatives mark-to-market.

k.  Senior Loans. A Fund’s investment in senior loans to corporate, governmental or other borrowers. Senior loans, which include both secured and unsecured loans made by banks and other financial institutions to corporate customers, typically hold the most senior position in a borrower’s capital structure, may be secured by the borrower’s assets and have interest rates that reset frequently. Senior Loans can include term loans, revolving credit facility loans and second lien loans. A senior loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the senior loan, as specified in the loan agreement. Large loans may be shared or syndicated among several lenders. A Fund may enter into the primary syndicate for a loan or it may also purchase all or a portion of loans from other lenders (sometimes referred to as loan assignments), in either case becoming a direct lender. The settlement period for senior loans is uncertain as there is no standardized settlement schedule applicable to such investments. Senior loans outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

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

45  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

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

n.  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 March 31, 2022, 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.

o.  Due from Brokers. Transactions and positions in certain futures contracts, swap agreements and delayed delivery commitments are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Funds and the various broker/dealers. The due from brokers balance for Securitized Asset Fund represents cash pledged as initial margin for futures contracts and closed centrally cleared swap agreements and as collateral for delayed delivery securities. In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

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

For the six months ended March 31, 2022, neither Fund had loaned securities under this agreement.

q.  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.

r.  New Accounting Pronouncement. In January 2021, the Financial Accounting Standards Board issued Accounting Standard Update 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). ASU 2021-01 is an update of ASU 2020-04, which was issued in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of the London Interbank Offered Rate (“LIBOR”), expected to occur no later than June 30, 2023. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides temporary guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 amendments offer optional expedients for contract modifications that would allow an entity to account for such modifications by prospectively adjusting the effective interest rate, instead of evaluating each contract, in accordance with existing accounting standards, as to whether reference rate modifications constitute the establishment of new contracts or the continuation of existing contracts. ASU 2021-01 clarifies that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments are currently effective and an entity may elect to apply its provisions as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. Management expects to apply the optional expedients when appropriate.

|  46

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

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

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

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

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

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

The Funds’ pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Funds by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. The Funds’ adviser may use internally developed models to validate broker-dealer bid prices that are only available from a single broker or market maker. Such securities are considered and classified as fair valued. Broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2022, at value:

High Income Opportunities Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Home Construction	$	—	$	582,971	$	—	(b)	$	582,971
Non-Agency Commercial Mortgage-Backed Securities		—		5,439,035		119,873	(c)		5,558,908
All Other Non-Convertible Bonds(a)		—		195,238,025		—			195,238,025
Total Non-Convertible Bonds		—		201,260,031		119,873			201,379,904
Convertible Bonds(a)		—		13,214,487		—			13,214,487
Total Bonds and Notes		—		214,474,518		119,873			214,594,391
Senior Loans(a)		—		142,841		—			142,841
Collateralized Loan Obligations		—		4,457,075		—			4,457,075
Preferred Stocks
Technology		414,482		—		—			414,482
Wireless		—		867,470		—			867,470
Total Preferred Stocks		414,482		867,470		—			1,281,952
Common Stocks(a)		4,857,652		—		—			4,857,652
Warrants		—		—		480	(b)(c)		480
Short-Term Investments		—		5,516,416		—			5,516,416
Total Investments	$	5,272,134	$	225,458,320	$	120,353		$	230,850,807

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

(b) Includes a security fair valued at zero by the Fund’s adviser using level 3 inputs.

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

47  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

Securitized Asset Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Home Equity	$	—	$	102,394,962	$	92,776	(b)	$	102,487,738
ABS Other		—		106,841,273		221,353	(b)		107,062,626
Agency Commercial Mortgage-Backed Securities		—		117,111,878		9,059,842	(b)		126,171,720
Collateralized Mortgage Obligations		—		94,695,745		18,436,173	(c)		113,131,918
Mortgage Related		—		519,652,342		126,066	(b)		519,778,408
Non-Agency Commercial Mortgage-Backed Securities		—		193,612,039		4,078,242	(b)		197,690,281
All Other Bonds and Notes(a)		—		192,790,764		—			192,790,764
Total Bonds and Notes		—		1,327,099,003		32,014,452			1,359,113,455
Collateralized Loan Obligations		—		98,195,750		—			98,195,750
Loan Participations(a)		—		2,501,640		—			2,501,640
Short-Term Investments		—		41,903,926		—			41,903,926
Total Investments	$	—	$	1,469,700,319	$	32,014,452		$	1,501,714,771

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(2,254,477	)	$	—	$	—	$	(2,254,477	)

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

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

(c) Fair valued by the Fund’s adviser ($18,026,849) or valued using broker-dealer bid prices ($409,324).

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2021 and/or March 31, 2022:

High Income Opportunities Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2021			Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2022			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2022
Bonds and Notes
Non-Convertible Bonds
Home Construction	$	—	(a)	$	—	$	—	$	—		$	—	$	—	$	—	$	—		$	—	(a)	$	—
Non-Agency Commercial Mortgage-Backed Securities		112,388			—		—		7,485			—		—		—		—			119,873			7,485
Collateralized Loan Obligations		1,334,972			—		—		—			—		—		—		(1,334,972	)		—			—
Warrants		2,347	(a)		—		—		(1,867	)		—		—		—		—			480			(1,867	)
Total	$	1,449,707		$	—	$	—	$	5,618		$	—	$	—	$	—	$	(1,334,972	)	$	120,353		$	5,618

(a) Includes a security fair valued at zero by the Fund’s adviser using level 3 inputs.

Debt securities valued at $1,334,972 were transferred from Level 3 to Level 2 during the period ended March 31, 2022. At September 30, 2021, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities. At March 31, 2022, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

|  48

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

Securitized Asset Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2021		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2022
Bonds and Notes
ABS Home Equity	$	145,087	$	—	$	(118,345	)	$	94,657		$	—	$	(28,623	)	$	—	$	—		$	92,776	$	91,116
ABS Other		—		—		(35,575	)		(264,293	)		521,221		—			—		—			221,353		(264,293	)
Agency Commercial Mortgage-Backed Securities		10,606,608		—		(4,799,212	)		1,171,167			—		—			6,866,505		(4,785,226	)		9,059,842		884,359
Collateralized Mortgage Obligations		19,938,586		—		(2,654,898	)		(1,796,200	)		443,381		(2,147,880	)		4,846,167		(192,983	)		18,436,173		(1,882,517	)
Mortgage Related		134,462		—		—			(11,084	)		2,688		—			—		—			126,066		(11,084	)
Non-Agency Commercial Mortgage-Backed Securities		3,754,766		—		—			323,476			—		—			—		—			4,078,242		323,476
Total	$	34,579,509	$	—	$	(7,608,030	)	$	(482,277	)	$	967,290	$	(2,176,503	)	$	11,712,672	$	(4,978,209	)	$	32,014,452	$	(858,943	)

Debt securities valued at $11,712,672 were transferred from Level 2 to Level 3 during the period ended March 31, 2022. At September 30, 2021, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2022, these securities were 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 securities.

A debt security valued at $4,785,226 was transferred from Level 3 to Level 2 during the period ended March 31, 2022. At September 30, 2021, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At March 31, 2022, 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.

A debt security valued at $192,983 was transferred from Level 3 to Level 2 during the period ended March 31, 2022. At September 30, 2021, 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. At March 31, 2022, 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.

The significant unobservable inputs used for those securities fair valued by the adviser and categorized in Level 3 as of March 31, 2022, were as follows:

Description		Valuation Technique(s)		Unobservable Input		Unobservable Input Value(s)		Value
Bonds and Notes
	ABS Home Equity1		Market Discount		Discount Rate		2.00% 3.00%	$	38,668 54,108
	ABS Other1		Market Discount		Discount Rate		0.50%		221,353
	Agency Commercial Mortgage-Backed Securities1		Market Discount		Discount Rate		1.00% 2.00%		8,860,614 199,228
	Collateralized Mortgage Obligations1		Market Discount		Discount Rate		0.50% 1.00% 2.00%		2,985,373 14,139,348 902,128
	Mortgage Related1		Market Discount		Discount Rate		1.00%		126,066
	Non-Agency Commercial Mortgage-Backed Securities2		Discounted Cash Flows		Constant Default Rate Loss Severity Lag Time Loss Adjusted Spread		100% 40% 24 months 13%		4,078,242
	Total							$	31,605,128

¹ “Odd lot” securities (those with current principal below the normal trading size) are valued using a discount to the “round lot” price for the same security. The significant unobservable input used in the fair value measurement is the discount rate. Discount rates are set at a specific fixed rate depending on the size of the odd lot. The Unobservable Input Value(s) noted above reflect a range due to the fact that there are multiple odd lot securities within each asset type that have had different discount rates applied. A

49  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

significant change in the discount rate could have a material effect on the fair value measurement. There is an inverse relationship between the discount rate and the fair value measurement, meaning a significant increase in the discount rate would result in a lower fair value measurement, and vice versa.

² Security is valued using a discounted cash flow model. The significant unobservable inputs used in the fair value measurement are the constant default rate, loss severity, lag time, and loss adjusted spread. Significant changes in input values could have a material effect on the fair value measurement. There is an inverse relationship between the loss severity, lag time, and loss adjusted spread and the fair value measurement, meaning a significant increase in any of those input values in isolation would have resulted in a lower fair value measurement, and vice versa. The constant default rate of 100% is based on the fact that the underlying loan is in default.

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 Securitized Asset Fund used during the period include futures contracts.

Securitized Asset Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the six months ended March 31, 2022, Securitized Asset Fund used futures contracts to hedge against changes in interest rates and manage duration.

The following is a summary of derivative instruments for Securitized Asset Fund as of March 31, 2022, as reflected within the Statements of Assets and Liabilities:

Liabilities	Unrealized depreciation on futures contracts1
Exchange-traded liability derivatives     Interest rate contracts	$(2,254,477)

¹ Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Securitized Asset Fund during the six months ended March 31, 2022, as reflected in the Statements of Operations were as follows:

Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$888,018
Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$(3,781,350)

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 futures contract activity, as a percentage of net assets, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2022:

Securitized Asset Fund	Futures
Average Notional Amount Outstanding		4.16%
Highest Notional Amount Outstanding		7.88%
Lowest Notional Amount Outstanding		1.50%
Notional Amount Outstanding as of March 31, 2022		7.88%

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

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

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. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, 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 typically are required to segregate customer margin for exchange-traded derivatives 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 customers, 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 each Fund’s Statement of Assets and Liabilities, the following table shows the maximum amount of loss due to credit risk

|  50

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

that, based on the gross fair value of the financial instrument, the applicable Fund would incur if parties (including 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:

Fund	Maximum Amount of Loss — Gross		Maximum Amount of Loss — Net
Securitized Asset Fund	$	10,143,902	$	10,143,902

5.  Purchases and Sales of Securities. For the six months ended March 31, 2022, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
High Income Opportunities Fund	$	2,197,883	$	—	$	49,411,367	$	68,573,285
Securitized Asset Fund		1,352,234,386		1,262,521,465		44,340,411		91,436,690

6.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees. Loomis Sayles has agreed to pay, without reimbursement from the Funds or the Trust, the following expenses of the Funds: compensation to Trustees of the Trust who are not “interested persons” (as defined in the 1940 Act) of the Trust; registration, filing and other fees in connection with requirements of regulatory authorities; the charges and expenses of any entity appointed by the Funds for custodial, paying agent, shareholder servicing and plan agent services; charges and expenses of the independent registered public accounting firm retained by the Funds; charges and expenses of any transfer agents and registrars appointed by the Funds; any cost of certificates representing shares of the Funds; legal fees and expenses in connection with the day-to-day affairs of the Funds, including registering and qualifying its shares with Federal and State regulatory authorities; expenses of meetings of shareholders and Trustees of the Trust; the costs of services, including services of counsel, required in connection with the preparation of the Funds’ registration statements and prospectuses, including amendments and revisions thereto, annual, semi-annual and other periodic reports of the Funds, and notices and proxy solicitation material furnished to shareholders of the Funds or regulatory authorities, and any costs of printing or mailing these items; and the Funds’ expenses of bookkeeping, accounting and financial reporting, including related clerical expenses and all other expenses incurred; and other operating expenses of the Funds, as applicable.

Loomis Sayles serves as investment adviser to each Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Under the terms of each management agreement, Loomis Sayles does not charge the Funds an investment advisory fee, also known as a management fee, or any other fee for those services or for bearing those expenses. Although the Funds do not compensate Loomis Sayles directly for services under the advisory agreement, Loomis Sayles will typically receive an advisory fee from the sponsors of “wrap programs,” who in turn charge the programs’ participants.

b.  Service and Distribution Fees. Natixis Distribution, LLC (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trust. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trust. Natixis Distribution currently is not paid a fee for serving as distributor for the Funds. Loomis Sayles has agreed to reimburse Natixis Distribution to the extent that Natixis Distribution incurs expenses in connection with any redemption of Fund shares.

c.  Administrative Fees. Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Loomis Sayles has agreed to pay, without reimbursement from the Trust or Funds, fees to Natixis Advisors for services to the Funds.

d.  Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $210,000. 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, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. 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

51  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF 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. Loomis Sayles has agreed to pay, without reimbursement from the Trust or Funds, Trustees fees and expenses allocable to the Funds.

Prior to January 1, 2022, each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $199,000. All other Trustees 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 on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF 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, Loomis Sayles Funds Trusts and Natixis ETF 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.

Certain officers and employees of Natixis Advisors and Loomis Sayles are also officers and/or Trustees of the Trust.

7.  Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $500,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $500,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds (applicable allocations to the Funds are paid by Loomis Sayles) based on their average daily unused portion of the line of credit. Loomis Sayles, on behalf of the Funds, paid certain legal fees in connection with the line of credit agreement.

For the six months ended March 31, 2022, neither Fund had borrowings under this agreement.

8.  Risk. Securitized Asset Fund’s investments in mortgage-related and asset-backed securities are subject to certain risks not associated with investments in other securities. Mortgage-related and asset-backed securities are subject to the risk that unexpected changes in interest rates will have a direct effect on expected maturity. A shortened maturity may result in the reinvestment of prepaid amounts in securities with lower yields than the original obligations. An extended maturity may result in a reduction of a security’s value.

Global markets have experienced periods of high volatility triggered by the Covid-19 pandemic. The impact of this pandemic and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Such effects could impair the Funds’ ability to maintain operational standards, disrupt the operations of the Funds’ service providers, adversely affect the value and liquidity of the Funds’ investments and negatively impact the Funds’ performance.

Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region and around the world are impossible to predict, but could be significant and have a severe adverse effect on the region and around the world, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

9.  Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2022, 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% Non-Affiliated Account Holders	Percentage of Non-Affiliated Ownership
High Income Opportunities Fund	3		91.97%
Securitized Asset Fund	4		97.66%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the 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.

|  52

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

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

	High Income Opportunities Fund
	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Institutional Class
Issued from the sale of shares		1,442,121		$	15,077,828			3,036,476		$	32,797,517
Issued in connection with the reinvestment of distributions		567,399			5,868,154			559,254			6,019,729
Redeemed		(2,473,402	)		(25,624,125	)		(3,896,028	)		(42,306,861	)
Decrease from capital share transactions		(463,882	)	$	(4,678,143	)		(300,298	)	$	(3,489,615	)
	Securitized Asset Fund
	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Institutional Class
Issued from the sale of shares		21,153,672		$	191,985,682			35,486,433		$	340,179,154
Issued in connection with the reinvestment of distributions		1,418,163			12,964,864			2,625,942			25,148,724
Redeemed		(18,201,838	)		(165,349,559	)		(25,162,055	)		(241,211,901	)
Increase from capital share transactions		4,369,997		$	39,600,987			12,950,320		$	124,115,977

53  |

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Semiannual Report

March 31, 2022

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	6
Financial Statements	13
Notes to Financial Statements	22

LOOMIS SAYLES SMALL CAP GROWTH FUND

Managers	Symbols
Mark F. Burns, CFA®	Institutional Class	LSSIX
John J. Slavik, CFA®	Retail Class	LCGRX
	Class N	LSSNX

Investment Objective

The Fund’s investment objective is long-term capital growth from investments in common stocks or other equity securities.

Average Annual Total Returns — March 31, 2022²

													Life of			Expense Ratios3
	6 Months			1 Year			5 Years			10 Years			Class N			Gross			Net
Institutional Class		-8.66	%		-7.24	%		13.80	%		12.53	%		—	%		0.92	%		0.92	%
Retail Class		-8.75			-7.45			13.53			12.25			—			1.17			1.17
Class N (Inception 2/1/13)		-8.58			-7.12			13.94			—			13.16			0.82			0.82
Comparative Performance
Russell 2000® Growth Index1		-12.62			-14.33			10.33			11.21			11.23

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 loomissayles.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  Russell 2000^® Growth Index is an unmanaged index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® companies with higher price-to-book ratios and higher forecasted growth values.

²  Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

1  |

LOOMIS SAYLES SMALL CAP VALUE FUND

Managers	Symbols
Joseph R. Gatz, CFA®	Institutional Class	LSSCX
Jeffrey Schwartz, CFA®	Retail Class	LSCRX
	Admin Class	LSVAX
	Class N	LSCNX

Investment Objective

The Fund’s investment objective is long-term capital growth from investments in common stocks or other equity securities.

Average Annual Total Returns — March 31, 2022³

													Life of			Expense Ratios4
	6 Months			1 Year			5 Years			10 Years			Class N			Gross			Net
Institutional Class		-0.58	%		3.25	%		7.17	%		9.91	%		—	%		0.94	%		0.90	%
Retail Class		-0.71			2.97			6.91			9.64			—			1.19			1.15
Admin Class		-0.87			2.69			6.63			9.36			—			1.43			1.40
Class N (Inception 2/1/13)		-0.56			3.27			7.23			—			9.74			0.85			0.85
Comparative Performance
Russell 2000® Value Index1		1.85			3.32			8.57			10.54			10.02
Russell 2000® Index2		-5.55			-5.79			9.74			11.04			10.80

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 loomissayles.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  Russell 2000^® Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

²  Russell 2000^® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe.

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

⁴  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

|  2

LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

Managers	Symbols
Mark F. Burns, CFA®	Institutional Class	LSMIX
John J. Slavik, CFA®	Class N	LSMNX

Investment Objective

The Fund’s investment objective is long-term capital growth from investments in common stocks or other equity securities.

Average Annual Total Returns — March 31, 2022²

										Life of			Life of			Expense Ratios3
	6 Months			1 Year			5 Years			Class I			Class N			Gross			Net
Institutional Class (Inception 6/30/15)		-8.05	%		-1.18	%		14.93	%		12.08	%		—	%		0.99	%		0.85	%
Class N (Inception 10/1/19)		-8.05			-1.18			—			—			16.36			1.00			0.83
Comparative Performance
Russell 2500TM Growth Index1		-12.13			-10.12			13.22			10.79			16.11

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 loomissayles.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  The Russell 2500^™ Growth Index measures the performance of the small-to-mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500^TM Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2500^TM Growth Index is constructed to provide a comprehensive and unbiased barometer of the small-to-mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-to-mid-cap opportunity set and that the represented companies continue to reflect growth characteristics. Indices are unmanaged.

²  Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

3  |

ADDITIONAL INFORMATION

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

Additional Index Information

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

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

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge upon request, by calling Loomis Sayles at 800-633-3330; on the Funds’ website, at www.loomissayles.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available through the Funds’ website and the SEC’s website.

Quarterly Portfolio Schedules

The Loomis Sayles Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. First and third quarter schedules of portfolio holdings are also available at loomissayles.com. A hard copy may be requested from the Fund at no charge by calling 800-633-3330.

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

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Funds’ prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each Fund shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2021 through March 31, 2022. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

|  4

Loomis Sayles Small Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2021		Ending Account Value 3/31/2022		Expenses Paid During Period* 10/1/2021 – 3/31/2022
Actual		$1,000.00		$913.40		$4.44
Hypothetical (5% return before expenses)		$1,000.00		$1,020.29		$4.68
Retail Class
Actual		$1,000.00		$912.50		$5.63
Hypothetical (5% return before expenses)		$1,000.00		$1,019.05		$5.94
Class N
Actual		$1,000.00		$914.20		$3.91
Hypothetical (5% return before expenses)		$1,000.00		$1,020.84		$4.13
* Expenses are equal to the Fund’s annualized expense ratio: 0.93%, 1.18% and 0.82% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 10/1/2021		Ending Account Value 3/31/2022		Expenses Paid During Period* 10/1/2021 – 3/31/2022
Actual		$1,000.00		$994.20		$4.47
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44		$4.53
Retail Class
Actual		$1,000.00		$992.90		$5.71
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79
Admin Class
Actual		$1,000.00		$991.30		$6.95
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04
Class N
Actual		$1,000.00		$994.40		$4.23
Hypothetical (5% return before expenses)		$1,000.00		$1,020.69		$4.28
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.40% and 0.85% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Small/Mid Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2021		Ending Account Value 3/31/2022		Expenses Paid During Period* 10/1/2021 – 3/31/2022
Actual		$1,000.00		$ 919.50		$4.02
Hypothetical (5% return before expenses)		$1,000.00		$1,020.74		$4.23
Class N
Actual		$1,000.00		$ 919.50		$3.97
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79		$4.18
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) 0.84% and 0.83% for Institutional Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

5  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Small Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 98.0% of Net Assets
		Air Freight & Logistics – 1.4%
	441,702	HUB Group, Inc., Class A(a)	$	34,103,811
		Auto Components – 3.7%
	279,978	Dorman Products, Inc.(a)		26,606,309
	186,360	Fox Factory Holding Corp.(a)		18,253,962
	337,135	Gentherm, Inc.(a)		24,624,341
	355,968	Patrick Industries, Inc.		21,464,870
				90,949,482
		Banks – 2.8%
	438,417	Ameris Bancorp		19,237,738
	902,785	Bancorp, Inc. (The)(a)		25,575,899
	323,995	Lakeland Financial Corp.		23,651,635
				68,465,272
		Beverages – 0.7%
	1,291,601	Primo Water Corp.		18,405,314
		Biotechnology – 7.6%
	368,341	Bicycle Therapeutics PLC, ADR(a)		16,162,803
	1,348,429	BioCryst Pharmaceuticals, Inc.(a)		21,925,456
	250,634	Blueprint Medicines Corp.(a)		16,010,500
	825,153	Halozyme Therapeutics, Inc.(a)		32,907,102
	596,418	Inhibrx, Inc.(a)		13,288,193
	731,316	Insmed, Inc.(a)		17,185,926
	552,073	PTC Therapeutics, Inc.(a)		20,597,844
	304,505	SpringWorks Therapeutics, Inc.(a)		17,186,262
	373,925	Vericel Corp.(a)		14,291,413
	627,077	Xencor, Inc.(a)		16,730,414
				186,285,913
		Building Products – 3.5%
	352,245	Advanced Drainage Systems, Inc.		41,850,229
	203,660	Simpson Manufacturing Co., Inc.		22,207,086
	271,657	UFP Industries, Inc.		20,961,054
				85,018,369
		Capital Markets – 3.1%
	504,552	Focus Financial Partners, Inc., Class A(a)		23,078,209
	370,530	Hamilton Lane, Inc., Class A		28,638,264
	386,736	PJT Partners, Inc., Class A		24,410,776
				76,127,249
		Commercial Services & Supplies – 2.5%
	544,846	Casella Waste Systems, Inc., Class A(a)		47,755,752
	520,976	Driven Brands Holdings, Inc.(a)		13,691,249
				61,447,001
		Communications Equipment – 1.8%
	485,938	Calix, Inc.(a)		20,851,600
	712,921	Radware Ltd.(a)		22,792,084
				43,643,684
		Construction & Engineering – 1.6%
	977,132	WillScot Mobile Mini Holdings Corp.(a)		38,235,175
		Containers & Packaging – 0.7%
	793,857	Ranpak Holdings Corp.(a)		16,218,499
		Diversified Consumer Services – 0.5%
	457,798	Frontdoor, Inc.(a)		13,665,270

Shares		Description	Value (†)
		Electronic Equipment, Instruments & Components – 3.2%
	233,881	Advanced Energy Industries, Inc.	$	20,132,476
	330,127	Itron, Inc.(a)		17,391,090
	702,628	nLight, Inc.(a)		12,183,570
	207,602	Novanta, Inc.(a)		29,539,689
				79,246,825
		Energy Equipment & Services – 1.6%
	677,335	Cactus, Inc., Class A		38,431,988
		Food Products – 1.3%
	819,459	Simply Good Foods Co. (The)(a)		31,098,469
		Health Care Equipment & Supplies – 7.4%
	529,298	AtriCure, Inc.(a)		34,759,000
	587,002	Axonics, Inc.(a)		36,746,325
	236,509	CONMED Corp.		35,133,412
	26,154	LivaNova PLC(a)		2,140,182
	488,456	Merit Medical Systems, Inc.(a)		32,492,093
	434,475	NuVasive, Inc.(a)		24,634,732
	198,405	STAAR Surgical Co.(a)		15,854,544
				181,760,288
		Health Care Providers & Services – 3.6%
	179,618	Acadia Healthcare Co., Inc.(a)		11,770,367
	282,497	Ensign Group, Inc. (The)		25,427,555
	113,984	ModivCare, Inc.(a)		13,152,614
	1,287,659	Option Care Health, Inc.(a)		36,775,541
				87,126,077
		Health Care Technology – 3.7%
	1,445,770	Evolent Health, Inc., Class A(a)		46,698,371
	169,498	Inspire Medical Systems, Inc.(a)		43,508,442
				90,206,813
		Hotels, Restaurants & Leisure – 3.3%
	921,399	Life Time Group Holdings, Inc.(a)		13,397,141
	212,201	Papa John’s International, Inc.		22,340,521
	230,487	Texas Roadhouse, Inc.		19,298,677
	211,216	Wingstop, Inc.		24,786,198
				79,822,537
		Household Durables – 0.8%
	224,245	Installed Building Products, Inc.		18,946,460
		Insurance – 1.3%
	627,843	BRP Group, Inc., Class A(a)		16,845,028
	63,507	Kinsale Capital Group, Inc.		14,480,866
				31,325,894
		Interactive Media & Services – 1.1%
	626,748	CarGurus, Inc.(a)		26,611,720
		Internet & Direct Marketing Retail – 1.5%
	400,970	Shutterstock, Inc.		37,322,288
		IT Services – 3.6%
	697,044	EVERTEC, Inc.		28,530,011
	178,258	Perficient, Inc.(a)		19,624,423
	472,470	WNS Holdings Ltd., ADR(a)		40,391,460
				88,545,894
		Leisure Products – 0.8%
	339,762	Malibu Boats, Inc., Class A(a)		19,709,594

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Life Sciences Tools & Services – 1.0%
	148,256	Medpace Holdings, Inc.(a)	$	24,253,199
		Machinery – 5.1%
	322,462	Albany International Corp., Class A		27,189,996
	346,004	Helios Technologies, Inc.		27,766,821
	267,496	Kornit Digital Ltd.(a)		22,119,244
	139,277	RBC Bearings, Inc.(a)		27,003,025
	584,264	Shyft Group, Inc. (The)		21,097,773
				125,176,859
		Media – 1.3%
	403,269	TechTarget, Inc.(a)		32,777,704
		Personal Products – 1.2%
	729,564	elf Beauty, Inc.(a)		18,844,638
	129,577	Inter Parfums, Inc.		11,409,255
				30,253,893
		Pharmaceuticals – 2.3%
	458,893	Pacira BioSciences, Inc.(a)		35,022,714
	698,577	Supernus Pharmaceuticals, Inc.(a)		22,578,008
				57,600,722
		Professional Services – 2.7%
	121,101	FTI Consulting, Inc.(a)		19,039,499
	878,805	KBR, Inc.		48,096,998
				67,136,497
		Semiconductors & Semiconductor Equipment – 7.4%
	633,428	MACOM Technology Solutions Holdings, Inc.(a)		37,923,334
	705,256	MaxLinear, Inc.(a)		41,151,687
	1,360,692	Rambus, Inc.(a)		43,392,468
	219,318	Silicon Laboratories, Inc.(a)		32,941,564
	390,130	Silicon Motion Technology Corp., ADR		26,068,487
				181,477,540
		Software – 7.4%
	224,136	Blackline, Inc.(a)		16,411,238
	376,005	Envestnet, Inc.(a)		27,989,812
	340,091	Q2 Holdings, Inc.(a)		20,966,610
	446,629	Rapid7, Inc.(a)		49,683,010
	520,976	Tenable Holdings, Inc.(a)		30,107,203
	746,317	Varonis Systems, Inc.(a)		35,479,910
				180,637,783
		Specialty Retail – 1.0%
	253,365	Boot Barn Holdings, Inc.(a)		24,016,468
		Technology Hardware, Storage & Peripherals – 1.7%
	1,181,559	Pure Storage, Inc., Class A(a)		41,720,848
		Textiles, Apparel & Luxury Goods – 1.6%
	226,435	Columbia Sportswear Co.		20,499,161
	217,128	Oxford Industries, Inc.		19,650,084
				40,149,245
		Trading Companies & Distributors – 2.2%
	47,490	Applied Industrial Technologies, Inc.		4,875,323
	249,977	McGrath RentCorp		21,243,046
	165,556	SiteOne Landscape Supply, Inc.(a)		26,768,750
				52,887,119
		Total Common Stocks
		(Identified Cost $1,942,212,897)		2,400,807,763

Principal Amount		Description	Value (†)
	Short-Term Investments – 2.8%
$	67,481,010	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $67,481,010 on 4/01/2022 collateralized by $69,078,900 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $68,830,631 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $67,481,010)	$	67,481,010
		Total Investments – 100.8%
		(Identified Cost $2,009,693,907)		2,468,288,773
		Other assets less liabilities—(0.8)%		(19,768,159	)
		Net Assets – 100.0%	$	2,448,520,614
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at March 31, 2022 (Unaudited)

Biotechnology	7.6	%
Health Care Equipment & Supplies	7.4
Semiconductors & Semiconductor Equipment	7.4
Software	7.4
Machinery	5.1
Auto Components	3.7
Health Care Technology	3.7
IT Services	3.6
Health Care Providers & Services	3.6
Building Products	3.5
Hotels, Restaurants & Leisure	3.3
Electronic Equipment, Instruments & Components	3.2
Capital Markets	3.1
Banks	2.8
Professional Services	2.7
Commercial Services & Supplies	2.5
Pharmaceuticals	2.3
Trading Companies & Distributors	2.2
Other Investments, less than 2% each	22.9
Short-Term Investments	2.8
Total Investments	100.8
Other assets less liabilities	(0.8	)
Net Assets	100.0	%

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 97.2% of Net Assets
		Auto Components – 1.6%
	300,465	Dana, Inc.	$	5,279,170
	30,447	LCI Industries		3,160,703
				8,439,873
		Banks – 14.8%
	129,878	Ameris Bancorp		5,699,047
	142,035	Atlantic Union Bankshares Corp.		5,211,264
	188,888	Cadence Bank		5,526,863
	196,703	CVB Financial Corp.		4,565,477
	236,839	Home BancShares, Inc.		5,352,561
	138,197	Meta Financial Group, Inc.		7,589,779
	285,195	OceanFirst Financial Corp.		5,732,420
	68,791	Pinnacle Financial Partners, Inc.		6,334,275
	97,262	Popular, Inc.		7,950,196
	56,181	Prosperity Bancshares, Inc.		3,897,838
	54,058	SouthState Corp.		4,410,592
	93,973	Triumph Bancorp, Inc.(a)		8,835,341
	84,602	Wintrust Financial Corp.		7,862,064
				78,967,717
		Biotechnology – 0.8%
	25,177	United Therapeutics Corp.(a)		4,517,006
		Building Products – 2.0%
	272,349	Janus International Group, Inc.(a)		2,451,141
	166,607	Quanex Building Products Corp.		3,497,081
	64,100	UFP Industries, Inc.		4,945,956
				10,894,178
		Capital Markets – 1.2%
	97,363	Stifel Financial Corp.		6,610,948
		Chemicals – 3.3%
	30,307	Ashland Global Holdings, Inc.		2,982,512
	63,881	Cabot Corp.		4,370,099
	45,755	Ingevity Corp.(a)		2,931,523
	20,747	Scotts Miracle-Gro Co. (The)		2,551,051
	159,299	Valvoline, Inc.		5,027,477
				17,862,662
		Commercial Services & Supplies – 2.5%
	55,775	Clean Harbors, Inc.(a)		6,226,721
	83,923	IAA, Inc.(a)		3,210,055
	105,569	KAR Auction Services, Inc.(a)		1,905,521
	41,538	VSE Corp.		1,914,486
				13,256,783
		Communications Equipment – 1.1%
	353,290	Viavi Solutions, Inc.(a)		5,680,903
		Construction & Engineering – 3.5%
	87,925	AECOM		6,753,519
	113,135	Arcosa, Inc.		6,476,979
	198,567	MDU Resources Group, Inc.		5,291,811
				18,522,309
		Containers & Packaging – 0.5%
	83,453	TriMas Corp.		2,678,007
		Diversified Consumer Services – 0.7%
	168,755	Houghton Mifflin Harcourt Co.(a)		3,545,543

Shares		Description	Value (†)
		Diversified Financial Services – 0.6%
	140,900	Cannae Holdings, Inc.(a)	$	3,370,328
		Electric Utilities – 0.9%
	68,116	ALLETE, Inc.		4,562,410
		Electrical Equipment – 1.0%
	41,946	Atkore, Inc.(a)		4,129,164
	27,944	AZZ, Inc.		1,348,019
				5,477,183
		Electronic Equipment, Instruments & Components – 5.5%
	36,066	Advanced Energy Industries, Inc.		3,104,561
	134,809	Kimball Electronics, Inc.(a)		2,694,832
	11,989	Littelfuse, Inc.		2,990,177
	142,904	Methode Electronics, Inc.		6,180,598
	38,911	TD SYNNEX Corp.		4,016,004
	299,157	TTM Technologies, Inc.(a)		4,433,507
	237,629	Vontier Corp.		6,033,400
				29,453,079
		Energy Equipment & Services – 1.5%
	328,115	ChampionX Corp.(a)		8,032,255
		Entertainment – 0.5%
	100,530	Liberty Media Corp.-Liberty Braves, Class C(a)		2,805,792
		Food & Staples Retailing – 0.4%
	47,517	Andersons, Inc. (The)		2,388,204
		Food Products – 2.2%
	261,479	Dole PLC		3,242,340
	17,154	J&J Snack Foods Corp.		2,660,585
	127,617	Nomad Foods Ltd.(a)		2,881,592
	399,751	Whole Earth Brands, Inc.(a)		2,862,217
				11,646,734
		Health Care Equipment & Supplies – 3.2%
	29,129	CONMED Corp.		4,327,113
	117,572	Inmode Ltd.(a)		4,339,582
	110,125	Lantheus Holdings, Inc.(a)		6,091,014
	39,148	UFP Technologies, Inc.(a)		2,590,423
				17,348,132
		Health Care Providers & Services – 1.3%
	25,430	AMN Healthcare Services, Inc.(a)		2,653,112
	146,724	Option Care Health, Inc.(a)		4,190,437
				6,843,549
		Health Care Technology – 1.4%
	324,254	Allscripts Healthcare Solutions, Inc.(a)		7,302,200
		Hotels, Restaurants & Leisure – 2.2%
	20,127	Churchill Downs, Inc.		4,463,766
	13,929	Cracker Barrel Old Country Store, Inc.		1,653,790
	36,586	Marriott Vacations Worldwide Corp.		5,769,612
				11,887,168
		Household Durables – 1.1%
	114,582	KB Home		3,710,165
	41,213	Skyline Champion Corp.(a)		2,261,770
				5,971,935

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Household Products – 0.9%
	56,934	Spectrum Brands Holdings, Inc.	$	5,051,184
		Independent Power & Renewable Electricity Producers – 0.9%
	59,904	NextEra Energy Partners LP		4,993,597
		Insurance – 1.7%
	111,891	Employers Holdings, Inc.		4,589,769
	70,215	First American Financial Corp.		4,551,336
				9,141,105
		IT Services – 4.5%
	35,131	Concentrix Corp.		5,851,419
	74,230	CSG Systems International, Inc.		4,718,801
	30,462	Euronet Worldwide, Inc.(a)		3,964,629
	170,242	International Money Express, Inc.(a)		3,508,688
	196,076	Unisys Corp.(a)		4,237,202
	8,986	WEX, Inc.(a)		1,603,552
				23,884,291
		Leisure Products – 0.9%
	59,611	Brunswick Corp.		4,821,934
		Life Sciences Tools & Services – 0.8%
	10,513	Charles River Laboratories International, Inc.(a)		2,985,377
	55,785	Inotiv, Inc.(a)		1,460,451
				4,445,828
		Machinery – 4.9%
	54,946	Albany International Corp., Class A		4,633,046
	104,615	Altra Industrial Motion Corp.		4,072,662
	127,292	Columbus McKinnon Corp.		5,397,181
	35,447	Kadant, Inc.		6,883,453
	98,851	Miller Industries, Inc.		2,783,644
	145,733	Wabash National Corp.		2,162,678
				25,932,664
		Marine – 1.6%
	358,224	Genco Shipping & Trading Ltd.		8,461,251
		Media – 2.1%
	195,377	Gray Television, Inc.		4,311,970
	54,939	John Wiley & Sons, Inc., Class A		2,913,415
	58,583	Scholastic Corp.		2,359,723
	64,472	Thryv Holdings, Inc.(a)		1,812,953
				11,398,061
		Metals & Mining – 0.9%
	182,272	Arconic Corp.(a)		4,669,809
		Multi-Utilities – 0.6%
	56,724	NorthWestern Corp.		3,431,235
		Oil, Gas & Consumable Fuels – 3.5%
	200,840	Antero Resources Corp.(a)		6,131,645
	70,380	California Resources Corp.		3,148,098
	110,430	EQT Corp.		3,799,896
	198,981	Northern Oil & Gas, Inc.		5,609,274
				18,688,913

Shares		Description	Value (†)
		Pharmaceuticals – 1.7%
	28,017	Jazz Pharmaceuticals PLC(a)	$	4,361,407
	143,616	Supernus Pharmaceuticals, Inc.(a)		4,641,669
				9,003,076
		Professional Services – 3.1%
	46,263	Insperity, Inc.		4,645,730
	97,156	Korn Ferry		6,309,311
	59,404	Science Applications International Corp.		5,475,267
				16,430,308
		REITs – Diversified – 0.6%
	61,471	PotlatchDeltic Corp.		3,241,366
		REITs – Office Property – 0.3%
	127,055	Orion Office REIT, Inc.		1,778,770
		REITs – Single Tenant – 0.8%
	63,454	Agree Realty Corp.		4,210,807
		REITs – Storage – 0.9%
	87,263	CubeSmart		4,540,294
		REITs – Warehouse/Industrials – 1.8%
	53,339	Rexford Industrial Realty, Inc.		3,978,556
	132,567	STAG Industrial, Inc.		5,481,645
				9,460,201
		Semiconductors & Semiconductor Equipment – 2.7%
	248,220	Rambus, Inc.(a)		7,915,736
	136,956	Tower Semiconductor Ltd.(a)		6,628,670
				14,544,406
		Specialty Retail – 1.3%
	161,926	Aaron’s Co., Inc. (The)		3,251,474
	142,153	Urban Outfitters, Inc.(a)		3,569,462
				6,820,936
		Technology Hardware, Storage & Peripherals – 0.6%
	85,352	Super Micro Computer, Inc.(a)		3,249,351
		Thrifts & Mortgage Finance – 1.6%
	37,297	Federal Agricultural Mortgage Corp., Class C		4,045,979
	100,907	WSFS Financial Corp.		4,704,284
				8,750,263
		Trading Companies & Distributors – 3.5%
	192,103	Alta Equipment Group, Inc.(a)		2,374,393
	71,004	Herc Holdings, Inc.		11,864,058
	51,617	McGrath RentCorp		4,386,413
				18,624,864
		Water Utilities – 0.4%
	187,333	Pure Cycle Corp.(a)		2,251,743
		Wireless Telecommunication Services – 0.8%
	133,254	United States Cellular Corp.(a)		4,028,268
		Total Common Stocks
		(Identified Cost $358,692,315)		519,919,423

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Principal Amount		Description	Value (†)
	Short-Term Investments – 3.0%
$	16,026,667	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $16,026,667 on 4/01/2022 collateralized by $16,406,200 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $16,347,236 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $16,026,667)	$	16,026,667
		Total Investments – 100.2%
		(Identified Cost $374,718,982)		535,946,090
		Other assets less liabilities—(0.2)%		(1,097,947	)
		Net Assets – 100.0%	$	534,848,143
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	REITs	Real Estate Investment Trusts

Industry Summary at March 31, 2022 (Unaudited)

Banks	14.8	%
Electronic Equipment, Instruments & Components	5.5
Machinery	4.9
IT Services	4.5
Oil, Gas & Consumable Fuels	3.5
Trading Companies & Distributors	3.5
Construction & Engineering	3.5
Chemicals	3.3
Health Care Equipment & Supplies	3.2
Professional Services	3.1
Semiconductors & Semiconductor Equipment	2.7
Commercial Services & Supplies	2.5
Hotels, Restaurants & Leisure	2.2
Food Products	2.2
Media	2.1
Building Products	2.0
Other Investments, less than 2% each	33.7
Short-Term Investments	3.0
Total Investments	100.2
Other assets less liabilities	(0.2	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 96.6% of Net Assets
		Aerospace & Defense – 5.4%
	17,435	Axon Enterprise, Inc.(a)	$	2,401,322
	20,189	HEICO Corp.		3,099,819
	34,381	Hexcel Corp.		2,044,638
	10,526	Woodward, Inc.		1,314,803
				8,860,582
		Auto Components – 1.7%
	14,095	Fox Factory Holding Corp.(a)		1,380,605
	14,469	LCI Industries		1,502,027
				2,882,632
		Banks – 1.9%
	32,377	Glacier Bancorp, Inc.		1,627,916
	41,583	Pacific Premier Bancorp, Inc.		1,469,959
				3,097,875
		Biotechnology – 5.6%
	5,866	Argenx SE, ADR(a)		1,849,608
	49,029	Halozyme Therapeutics, Inc.(a)		1,955,277
	22,975	Horizon Therapeutics PLC(a)		2,417,200
	44,988	PTC Therapeutics, Inc.(a)		1,678,502
	47,644	Xencor, Inc.(a)		1,271,142
				9,171,729
		Building Products – 2.5%
	22,698	Advanced Drainage Systems, Inc.		2,696,749
	21,769	Trex Co., Inc.(a)		1,422,169
				4,118,918
		Capital Markets – 5.2%
	35,603	Ares Management Corp., Class A		2,892,032
	22,258	Hamilton Lane, Inc., Class A		1,720,321
	9,777	Morningstar, Inc.		2,670,783
	36,890	StepStone Group, Inc., Class A		1,219,583
				8,502,719
		Commercial Services & Supplies – 1.5%
	14,616	Tetra Tech, Inc.		2,410,763
		Communications Equipment – 1.6%
	44,891	Ciena Corp.(a)		2,721,741
		Construction & Engineering – 0.8%
	33,061	WillScot Mobile Mini Holdings Corp.(a)		1,293,677
		Distributors – 1.3%
	5,214	Pool Corp.		2,204,740
		Electronic Equipment, Instruments & Components – 2.3%
	19,716	Advanced Energy Industries, Inc.		1,697,153
	28,580	Trimble, Inc.(a)		2,061,761
				3,758,914
		Energy Equipment & Services – 1.2%
	82,530	ChampionX Corp.(a)		2,020,334
		Food & Staples Retailing – 2.8%
	44,728	BJ’s Wholesale Club Holdings, Inc.(a)		3,024,060
	7,886	Casey’s General Stores, Inc.		1,562,769
				4,586,829

Shares		Description	Value (†)
		Food Products – 1.5%
	64,525	Simply Good Foods Co. (The)(a)	$	2,448,724
		Health Care Equipment & Supplies – 8.3%
	83,573	AngioDynamics, Inc.(a)		1,800,162
	33,811	Axonics, Inc.(a)		2,116,569
	18,771	CONMED Corp.		2,788,432
	40,817	Envista Holdings Corp.(a)		1,988,196
	34,006	Globus Medical, Inc., Class A(a)		2,508,963
	8,783	Insulet Corp.(a)		2,339,703
	2,630	LivaNova PLC(a)		215,213
				13,757,238
		Health Care Providers & Services – 3.4%
	42,968	Acadia Healthcare Co., Inc.(a)		2,815,693
	102,849	R1 RCM, Inc.(a)		2,752,239
				5,567,932
		Hotels, Restaurants & Leisure – 3.8%
	8,701	Churchill Downs, Inc.		1,929,708
	25,175	Planet Fitness, Inc., Class A(a)		2,126,784
	25,973	Texas Roadhouse, Inc.		2,174,719
				6,231,211
		Household Durables – 1.6%
	11,113	Helen of Troy Ltd.(a)		2,176,370
	2,217	TopBuild Corp.(a)		402,142
				2,578,512
		IT Services – 3.6%
	13,752	Broadridge Financial Solutions, Inc.		2,141,324
	10,445	Concentrix Corp.		1,739,719
	15,186	Endava PLC, Sponsored ADR(a)		2,020,194
				5,901,237
		Leisure Products – 1.2%
	24,441	Brunswick Corp.		1,977,033
		Life Sciences Tools & Services – 3.9%
	4,872	Bio-Techne Corp.		2,109,771
	8,620	ICON PLC(a)		2,096,556
	26,576	Syneos Health, Inc.(a)		2,151,327
				6,357,654
		Machinery – 6.6%
	18,248	ESCO Technologies, Inc.		1,275,900
	23,236	Graco, Inc.		1,620,014
	45,200	Ingersoll Rand, Inc.		2,275,820
	14,551	John Bean Technologies Corp.		1,723,857
	13,769	Kornit Digital Ltd.(a)		1,138,559
	8,636	Middleby Corp. (The)(a)		1,415,786
	7,675	RBC Bearings, Inc.(a)		1,488,029
				10,937,965
		Pharmaceuticals – 1.5%
	32,425	Pacira BioSciences, Inc.(a)		2,474,676
		Professional Services – 2.4%
	7,838	FTI Consulting, Inc.(a)		1,232,290
	50,985	KBR, Inc.		2,790,409
				4,022,699
		Semiconductors & Semiconductor Equipment – 7.9%
	15,740	MKS Instruments, Inc.		2,361,000
	3,601	Monolithic Power Systems, Inc.		1,748,934

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Semiconductors & Semiconductor Equipment – continued
	21,117	Nova Ltd.(a)	$	2,299,219
	33,517	Semtech Corp.(a)		2,324,069
	13,964	Silicon Laboratories, Inc.(a)		2,097,393
	11,031	Synaptics, Inc.(a)		2,200,684
				13,031,299
		Software – 7.3%
	17,304	Blackline, Inc.(a)		1,266,999
	11,471	Paylocity Holding Corp.(a)		2,360,388
	26,674	Q2 Holdings, Inc.(a)		1,644,452
	23,415	Rapid7, Inc.(a)		2,604,685
	29,655	Smartsheet, Inc., Class A(a)		1,624,501
	4,628	Tyler Technologies, Inc.(a)		2,058,951
	40,326	Zeta Global Holdings Corp., Class A(a)		514,156
				12,074,132
		Specialty Retail – 2.1%
	9,076	Five Below, Inc.(a)		1,437,366
	24,751	Floor & Decor Holdings, Inc., Class A(a)		2,004,831
				3,442,197
		Technology Hardware, Storage & Peripherals – 3.1%
	39,465	Avid Technology, Inc.(a)		1,376,145
	104,055	Pure Storage, Inc., Class A(a)		3,674,182
				5,050,327
		Textiles, Apparel & Luxury Goods – 2.0%
	17,484	Columbia Sportswear Co.		1,582,826
	43,913	Skechers U.S.A., Inc., Class A(a)		1,789,894
				3,372,720
		Thrifts & Mortgage Finance – 1.3%
	45,689	Axos Financial, Inc.(a)		2,119,513
		Trading Companies & Distributors – 1.3%
	13,035	SiteOne Landscape Supply, Inc.(a)		2,107,629
		Total Common Stocks
		(Identified Cost $156,895,742)		159,084,151

Principal Amount		Description	Value (†)
	Short-Term Investments – 3.2%
$	5,340,759	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $5,340,759 on 4/01/2022 collateralized by $258,900 U.S. Treasury Bond, 2.500% due 2/15/2045 valued at $252,709; $4,402,200 U.S. Treasury Bond, 3.375% due 11/15/2048 valued at $5,194,871 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $5,340,759)	$	5,340,759
		Total Investments – 99.8%
		(Identified Cost $162,236,501)		164,424,910
		Other assets less liabilities—0.2%		324,766
		Net Assets – 100.0%	$	164,749,676
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at March 31, 2022 (Unaudited)

Health Care Equipment & Supplies	8.3	%
Semiconductors & Semiconductor Equipment	7.9
Software	7.3
Machinery	6.6
Biotechnology	5.6
Aerospace & Defense	5.4
Capital Markets	5.2
Life Sciences Tools & Services	3.9
Hotels, Restaurants & Leisure	3.8
IT Services	3.6
Health Care Providers & Services	3.4
Technology Hardware, Storage & Peripherals	3.1
Food & Staples Retailing	2.8
Building Products	2.5
Professional Services	2.4
Electronic Equipment, Instruments & Components	2.3
Specialty Retail	2.1
Textiles, Apparel & Luxury Goods	2.0
Other Investments, less than 2% each	18.4
Short-Term Investments	3.2
Total Investments	99.8
Other assets less liabilities	0.2
Net Assets	100.0	%

See accompanying notes to financial statements.

|  12

Statements of Assets and Liabilities

March 31, 2022 (Unaudited)

	Small Cap Growth Fund		Small Cap Value Fund		Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	2,009,693,907	$	374,718,982	$	162,236,501
Net unrealized appreciation		458,594,866		161,227,108		2,188,409
Investments at value		2,468,288,773		535,946,090		164,424,910
Cash		254,711		—		—
Receivable for Fund shares sold		2,740,954		219,446		359,313
Receivable for securities sold		8,055,298		2,426,111		1,084,577
Dividends receivable		1,276,325		416,184		32,128
Prepaid expenses (Note 7)		19		5		1
TOTAL ASSETS		2,480,616,080		539,007,836		165,900,929
LIABILITIES
Payable for securities purchased		8,465,122		3,167,242		976,075
Payable for Fund shares redeemed		21,515,225		214,827		—
Management fees payable (Note 5)		1,557,130		351,913		91,604
Deferred Trustees’ fees (Note 5)		302,132		316,462		39,347
Administrative fees payable (Note 5)		91,085		20,011		5,759
Payable to distributor (Note 5d)		19,585		5,194		26
Audit and tax services fees payable		23,995		24,396		23,773
Other accounts payable and accrued expenses		121,192		59,648		14,669
TOTAL LIABILITIES		32,095,466		4,159,693		1,151,253
NET ASSETS	$	2,448,520,614	$	534,848,143	$	164,749,676
NET ASSETS CONSIST OF:
Paid-in capital	$	1,928,106,848	$	338,373,929	$	160,911,730
Accumulated earnings		520,413,766		196,474,214		3,837,946
NET ASSETS	$	2,448,520,614	$	534,848,143	$	164,749,676
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	1,102,254,707	$	342,638,197	$	110,503,145
Shares of beneficial interest		39,673,658		12,800,380		8,665,685
Net asset value, offering and redemption price per share	$	27.78	$	26.77	$	12.75
Retail Class:
Net assets	$	85,980,412	$	80,604,047	$	—
Shares of beneficial interest		3,539,819		3,091,712		—
Net asset value, offering and redemption price per share	$	24.29	$	26.07	$	—
Admin Class shares:
Net assets	$	—	$	8,992,973	$	—
Shares of beneficial interest		—		372,296		—
Net asset value, offering and redemption price per share	$	—	$	24.16	$	—
Class N shares:
Net assets	$	1,260,285,495	$	102,612,926	$	54,246,531
Shares of beneficial interest		44,692,630		3,831,668		4,250,083
Net asset value, offering and redemption price per share	$	28.20	$	26.78	$	12.76

See accompanying notes to financial statements.

13  |

Statements of Operations

For the Six Months Ended March 31, 2022 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
INVESTMENT INCOME
Dividends	$	6,390,976	(a)	$	4,214,094		$	226,804
Less net foreign taxes withheld		(25,937	)		(11,464	)		—
		6,365,039			4,202,630			226,804
Expenses
Management fees (Note 5)		10,361,525			2,216,869			421,450
Service and distribution fees (Note 5)		122,590			134,204			—
Administrative fees (Note 5)		592,897			126,913			24,219
Trustees’ fees and expenses (Note 5)		40,253			12,558			6,433
Trustees’ fees deferred compensation (Note 5)		(13,901	)		(21,906	)		(1,330	)
Transfer agent fees and expenses (Notes 5 and 6)		795,782			200,165			3,333
Audit and tax services fees		20,462			20,717			20,408
Custodian fees and expenses		48,768			9,256			3,626
Legal fees (Note 7)		29,370			5,904			826
Registration fees		56,870			55,100			20,746
Shareholder reporting expenses		78,642			55,587			469
Miscellaneous expenses		54,168			24,127			15,204
Total expenses		12,187,426			2,839,494			515,384
Less waiver and/or expense reimbursement (Note 5)		—			(73,444	)		(45,323	)
Net expenses		12,187,426			2,766,050			470,061
Net investment income (loss)		(5,822,387	)		1,436,580			(243,257	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on:
Investments		71,108,745			40,241,957			2,056,024
Net change in unrealized appreciation (depreciation) on:
Investments		(303,101,362	)		(45,125,328	)		(16,479,475	)
Net realized and unrealized loss on investments		(231,992,617	)		(4,883,371	)		(14,423,451	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(237,815,004	)	$	(3,446,791	)	$	(14,666,708	)

(a) Includes a non-recurring dividend of $1,235,166.

See accompanying notes to financial statements.

|  14

Statements of Changes in Net Assets

	Small Cap Growth Fund						Small Cap Value Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
FROM OPERATIONS:
Net investment income (loss)	$	(5,822,387	)	$	(19,450,861	)	$	1,436,580		$	507,378
Net realized gain on investments		71,108,745			533,253,178			40,241,957			100,227,931
Net change in unrealized appreciation (depreciation) on investments		(303,101,362	)		177,322,872			(45,125,328	)		147,963,359
Net increase (decrease) in net assets resulting from operations		(237,815,004	)		691,125,189			(3,446,791	)		248,698,668
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(225,523,167	)		(22,559,287	)		(63,922,055	)		(26,695,330	)
Retail Class		(19,793,925	)		(2,296,488	)		(14,932,854	)		(7,238,030	)
Admin Class		—			—			(1,673,437	)		(668,585	)
Class N		(252,701,386	)		(24,308,305	)		(19,629,374	)		(8,552,785	)
Total distributions		(498,018,478	)		(49,164,080	)		(100,157,720	)		(43,154,730	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		304,411,029			36,085,434			45,809,793			(91,550,412	)
Net increase (decrease) in net assets		(431,422,453	)		678,046,543			(57,794,718	)		113,993,526
NET ASSETS
Beginning of the period		2,879,943,067			2,201,896,524			592,642,861			478,649,335
End of the period	$	2,448,520,614		$	2,879,943,067		$	534,848,143		$	592,642,861

See accompanying notes to financial statements.

15  |

Statements of Changes in Net Assets – continued

	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
FROM OPERATIONS:
Net investment loss	$	(243,257	)	$	(105,005	)
Net realized gain on investments		2,056,024			9,142,738
Net change in unrealized appreciation (depreciation) on investments		(16,479,475	)		8,684,917
Net increase (decrease) in net assets resulting from operations		(14,666,708	)		17,722,650
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(7,348,311	)		(450,185	)
Class N		(901,138	)		(58,589	)
Total distributions		(8,249,449	)		(508,774	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		107,880,428			10,400,054
Net increase in net assets		84,964,271			27,613,930
NET ASSETS
Beginning of the period		79,785,405			52,171,475
End of the period	$	164,749,676		$	79,785,405

See accompanying notes to financial statements.

|  16

Financial Highlights

For a share outstanding throughout each period.

	Small Cap Growth Fund – Institutional Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	36.57		$	28.51		$	26.30		$	31.55		$	27.37		$	22.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.08	)(b)		(0.26	)		(0.17	)		(0.16	)		(0.16	)		(0.12	)
Net realized and unrealized gain (loss)		(2.23	)		8.94			4.73			(2.51	)		7.54			5.46
Total from Investment Operations		(2.31	)		8.68			4.56			(2.67	)		7.38			5.34
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(6.48	)		(0.62	)		(2.35	)		(2.58	)		(3.20	)		—
Net asset value, end of the period	$	27.78		$	36.57		$	28.51		$	26.30		$	31.55		$	27.37
Total return		(8.66	)%(b)(c)		30.53	%		17.98	%		(6.88	)%		29.77	%		24.24	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,102,255		$	1,299,777		$	1,037,625		$	908,616		$	926,914		$	824,103
Net expenses		0.93	%(d)		0.92	%		0.94	%		0.95	%		0.94	%		0.95	%
Gross expenses		0.93	%(d)		0.92	%		0.94	%		0.95	%		0.94	%		0.95	%
Net investment loss		(0.47	)%(b)(d)		(0.72	)%		(0.66	)%		(0.62	)%		(0.58	)%		(0.49	)%
Portfolio turnover rate		17	%		52	%		52	%		67	%		41	%		45	%

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

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.09), total return would have been (7.27%) and the ratio of net investment loss to average net assets would have been (0.56%).

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

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

	Small Cap Growth Fund – Retail Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	32.79		$	25.67		$	23.95		$	29.09		$	25.53		$	20.61
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.10	)(b)		(0.30	)		(0.21	)		(0.21	)		(0.22	)		(0.16	)
Net realized and unrealized gain (loss)		(1.92	)		8.04			4.28			(2.35	)		6.98			5.08
Total from Investment Operations		(2.02	)		7.74			4.07			(2.56	)		6.76			4.92
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(6.48	)		(0.62	)		(2.35	)		(2.58	)		(3.20	)		—
Net asset value, end of the period	$	24.29		$	32.79		$	25.67		$	23.95		$	29.09		$	25.53
Total return		(8.75	)%(b)(c)		30.20	%		17.67	%		(7.11	)%(d)		29.45	%		23.93	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	85,980		$	105,027		$	98,205		$	95,635		$	136,415		$	107,387
Net expenses		1.18	%(e)		1.17	%		1.19	%		1.19	%(f)		1.19	%		1.20	%
Gross expenses		1.18	%(e)		1.17	%		1.19	%		1.20	%		1.19	%		1.20	%
Net investment loss		(0.72	)%(b)(e)		(0.92	)%		(0.91	)%		(0.86	)%		(0.82	)%		(0.73	)%
Portfolio turnover rate		17	%		52	%		52	%		67	%		41	%		45	%

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

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.12), total return would have been (7.49%) and the ratio of net investment loss to average net assets would have been (0.82%).

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

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

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

(f) The administrator 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.

See accompanying notes to financial statements.

17  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund – Class N
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	37.01		$	28.81		$	26.53		$	31.76		$	27.50		$	22.11
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.06	)(b)		(0.22	)		(0.14	)		(0.13	)		(0.12	)		(0.09	)
Net realized and unrealized gain (loss)		(2.27	)		9.04			4.77			(2.52	)		7.58			5.48
Total from Investment Operations		(2.33	)		8.82			4.63			(2.65	)		7.46			5.39
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(6.48	)		(0.62	)		(2.35	)		(2.58	)		(3.20	)		—
Net asset value, end of the period	$	28.20		$	37.01		$	28.81		$	26.53		$	31.76		$	27.50
Total return		(8.58	)%(b)(c)		30.66	%		18.09	%		(6.76	)%		29.93	%		24.38	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,260,285		$	1,475,139		$	1,066,067		$	629,914		$	517,734		$	279,508
Net expenses		0.82	%(d)		0.82	%		0.82	%		0.82	%		0.82	%		0.82	%
Gross expenses		0.82	%(d)		0.82	%		0.82	%		0.82	%		0.82	%		0.82	%
Net investment loss		(0.36	)%(b)(d)		(0.62	)%		(0.54	)%		(0.49	)%		(0.43	)%		(0.39	)%
Portfolio turnover rate		17	%		52	%		52	%		67	%		41	%		45	%

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

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.07), total return would have been (7.18%) and the ratio of net investment loss to average net assets would have been (0.44%).

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

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

	Small Cap Value Fund – Institutional Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	32.05		$	22.34		$	28.66		$	35.27		$	37.37		$	33.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.04			0.12			0.10			0.09			0.13
Net realized and unrealized gain (loss)		0.07	(b)		11.79			(4.03	)		(2.49	)		2.11			6.36
Total from Investment Operations		0.15			11.83			(3.91	)		(2.39	)		2.20			6.49
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.13	)		(0.12	)		(0.08	)		(0.05	)		(0.14	)
Net realized capital gains		(5.38	)		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)
Total Distributions		(5.43	)		(2.12	)		(2.41	)		(4.22	)		(4.30	)		(2.90	)
Net asset value, end of the period	$	26.77		$	32.05		$	22.34		$	28.66		$	35.27		$	37.37
Total return(c)		(0.58	)%(d)		55.05	%		(15.31	)%		(4.11	)%		6.21	%		19.68	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	342,638		$	378,856		$	295,006		$	433,360		$	587,198		$	665,229
Net expenses(e)		0.90	%(f)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		0.93	%(f)		0.94	%		0.95	%		0.93	%		0.92	%		0.93	%
Net investment income		0.52	%(f)		0.12	%		0.48	%		0.36	%		0.26	%		0.37	%
Portfolio turnover rate		14	%		23	%		23	%		24	%		19	%		25	%

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

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

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

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

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

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

See accompanying notes to financial statements.

18  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund – Retail Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	31.33		$	21.87		$	28.11		$	34.66		$	36.83		$	33.33
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.04			(0.04	)		0.05			0.03			0.00	(b)		0.04
Net realized and unrealized gain (loss)		0.08	(c)		11.55			(3.96	)		(2.44	)		2.08			6.27
Total from Investment Operations		0.12			11.51			(3.91	)		(2.41	)		2.08			6.31
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.06	)		(0.04	)		—			—			(0.05	)
Net realized capital gains		(5.38	)		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)
Total Distributions		(5.38	)		(2.05	)		(2.33	)		(4.14	)		(4.25	)		(2.81	)
Net asset value, end of the period	$	26.07		$	31.33		$	21.87		$	28.11		$	34.66		$	36.83
Total return(d)		(0.71	)%(e)		54.69	%		(15.56	)%		(4.33	)%		5.95	%		19.38	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	80,604		$	92,036		$	83,163		$	134,434		$	208,310		$	251,405
Net expenses(f)		1.15	%(g)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.18	%(g)		1.19	%		1.20	%		1.18	%		1.17	%		1.18	%
Net investment income (loss)		0.28	%(g)		(0.12	)%		0.23	%		0.10	%		0.01	%		0.12	%
Portfolio turnover rate		14	%		23	%		23	%		24	%		19	%		25	%

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

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

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

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

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

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

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

	Small Cap Value Fund –  Admin Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	29.44		$	20.65		$	26.68		$	33.25		$	35.58		$	32.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.00	(b)		(0.10	)		(0.01	)		(0.04	)		(0.08	)		(0.04	)
Net realized and unrealized gain (loss)		0.10	(c)		10.88			(3.73	)		(2.39	)		2.00			6.07
Total from Investment Operations		0.10			10.78			(3.74	)		(2.43	)		1.92			6.03
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(5.38	)		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)
Net asset value, end of the period	$	24.16		$	29.44		$	20.65		$	26.68		$	33.25		$	35.58
Total return(d)		(0.87	)%(e)		54.29	%		(15.74	)%		(4.60	)%		5.68	%		19.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	8,993		$	9,440		$	7,662		$	13,357		$	24,530		$	30,533
Net expenses(f)		1.40	%(g)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses		1.43	%(g)		1.43	%		1.45	%		1.43	%		1.42	%		1.43	%
Net investment income (loss)		0.03	%(g)		(0.38	)%		(0.03	)%		(0.15	)%		(0.24	)%		(0.11	)%
Portfolio turnover rate		14	%		23	%		23	%		24	%		19	%		25	%

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

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

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

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

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

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

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

See accompanying notes to financial statements.

19  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund – Class N
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	32.07		$	22.35		$	28.68		$	35.31		$	37.41		$	33.81
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.05			0.13			0.12			0.12			0.15
Net realized and unrealized gain (loss)		0.07	(b)		11.80			(4.03	)		(2.50	)		2.11			6.37
Total from Investment Operations		0.16			11.85			(3.90	)		(2.38	)		2.23			6.52
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.14	)		(0.14	)		(0.11	)		(0.08	)		(0.16	)
Net realized capital gains		(5.38	)		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)
Total Distributions		(5.45	)		(2.13	)		(2.43	)		(4.25	)		(4.33	)		(2.92	)
Net asset value, end of the period	$	26.78		$	32.07		$	22.35		$	28.68		$	35.31		$	37.41
Total return		(0.56	)%(c)		55.15	%		(15.28	)%		(4.07	)%		6.28	%		19.78	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	102,613		$	112,310		$	92,818		$	141,821		$	153,646		$	136,162
Net expenses		0.85	%(d)		0.85	%		0.85	%		0.83	%		0.83	%		0.83	%
Gross expenses		0.85	%(d)		0.85	%		0.85	%		0.83	%		0.83	%		0.83	%
Net investment income		0.57	%(d)		0.17	%		0.53	%		0.43	%		0.33	%		0.44	%
Portfolio turnover rate		14	%		23	%		23	%		24	%		19	%		25	%

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

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

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

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

	Small/Mid Cap Growth Fund – Institutional Class
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	15.25		$	11.81		$	10.03		$	15.49		$	12.31		$	9.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.03	)		(0.02	)(b)		(0.04	)		(0.04	)		(0.05	)		0.00	(c)
Net realized and unrealized gain (loss)		(0.99	)		3.56			2.06			(1.55	)(d)		3.23			2.60
Total from Investment Operations		(1.02	)		3.54			2.02			(1.59	)		3.18			2.60
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			(0.02	)
Net realized capital gains		(1.48	)		(0.10	)		(0.24	)		(3.87	)		—			—
Total Distributions		(1.48	)		(0.10	)		(0.24	)		(3.87	)		—			(0.02	)
Net asset value, end of the period	$	12.75		$	15.25		$	11.81		$	10.03		$	15.49		$	12.31
Total return(e)		(8.05	)%(f)		30.00	%(b)		20.38	%		(3.27	)%		25.83	%		26.74	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	110,503		$	70,526		$	52,170		$	34,312		$	17,500		$	14,592
Net expenses(g)		0.84	%(h)(i)		0.84	%(i)		0.84	%		0.85	%		0.85	%		0.85	%
Gross expenses		0.92	%(h)		0.99	%		1.21	%		1.30	%		1.43	%		1.57	%
Net investment income (loss)		(0.44	)%(h)		(0.14	)%(b)		(0.34	)%		(0.35	)%		(0.35	)%		0.01	%
Portfolio turnover rate		23	%		50	%		60	%		67	%		102	%(j)		49	%

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

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.08), total return would have been 29.49% and the ratio of net investment loss to average net assets would have been (0.52%).

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

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

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

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

(g) 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.

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

(i) Includes additional voluntary waiver of advisory fee of 0.01%.

(j) The variation in the Fund’s turnover rate from 2017 to 2018 was primarily due to significant shareholder flows.

See accompanying notes to financial statements.

20  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small/Mid Cap Growth Fund – Class N
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	15.26		$	11.81		$	9.89
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.03	)		(0.01	)(b)		(0.04	)
Net realized and unrealized gain (loss)		(0.99	)		3.56			2.20
Total from Investment Operations		(1.02	)		3.55			2.16
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(1.48	)		(0.10	)		(0.24	)
Net asset value, end of the period	$	12.76		$	15.26		$	11.81
Total return(c)		(8.05	)%(d)		30.08	%(b)		22.08	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	54,247		$	9,260		$	1
Net expenses(e)		0.83	%(f)		0.83	%		0.83	%(f)
Gross expenses		0.91	%(f)		1.00	%		107.49	%(f)
Net investment loss		(0.41	)%(f)		(0.08	)%(b)		(0.34	)%(f)
Portfolio turnover rate		23	%		50	%		60	%(g)

* Class operations commenced on October 1, 2019.

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

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.07), total return would have been 29.66% and the ratio of net investment loss to average net assets would have been (0.50%).

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

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

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

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

(g) Represents the Fund’s portfolio turnover rate for the year ended September 30, 2020.

See accompanying notes to financial statements.

21  |

Notes to Financial Statements

March 31, 2022 (Unaudited)

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

Loomis Sayles Funds I:

Loomis Sayles Small Cap Value Fund (the “Small Cap Value Fund”)

Loomis Sayles Funds II:

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

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

Each Fund is a diversified investment company.

Small Cap Growth Fund offers Institutional Class, Retail Class and Class N shares. Small Cap Value Fund offers Institutional Class, Retail Class, Admin Class and Class N shares. Small/Mid Cap Growth Fund offers Institutional Class and Class N shares.

Each share class is sold without a sales charge. Retail Class and Admin Class shares pay a Rule 12b-1 fee. Class N shares are offered with an initial minimum investment of $1,000,000. Institutional Class shares are intended for institutional investors with a minimum initial investment of $100,000. Certain categories of investors are exempted from the minimum investment amount for Class N and Institutional Class as outlined in the relevant Fund’s prospectus. Admin Class shares are offered exclusively through intermediaries.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF 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 Retail Class and Admin Class), and transfer agent fees are borne collectively for Institutional Class, Retail Class and Admin Class, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of 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 period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

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

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. Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

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

|  22

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

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

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

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

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

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.

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

d.  Federal and Foreign Income Taxes. The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2022 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. 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 are expected to be filed and paid 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.

23  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

e.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as return of capital distributions received, distribution re-designations, capital gain distributions received and net operating losses. 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 return of capital distributions received, deferred Trustees’ fees and wash sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are reported as distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2021 was as follows:

	2021 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	49,164,080	$	49,164,080
Small Cap Value Fund		2,422,269		40,732,461		43,154,730
Small/Mid Cap Growth Fund		—		508,774		508,774

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

As of March 31, 2022, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
Federal tax cost	$	2,009,693,907		$	374,718,982		$	162,236,501
Gross tax appreciation	$	567,671,606		$	172,900,129		$	10,531,199
Gross tax depreciation		(109,076,740	)		(11,673,021	)		(8,342,790	)
Net tax appreciation	$	458,594,866		$	161,227,108		$	2,188,409

Amounts in the table above exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales.

f.  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 March 31, 2022, 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.

g.  Securities Lending. Small Cap Growth Fund and Small Cap Value Fund 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

|  24

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

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

For the six months ended March 31, 2022, neither Fund had loaned securities under this agreement.

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

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

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

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2022, at value:

Small Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,400,807,763	$	—	$	—	$	2,400,807,763
Short-Term Investments		—		67,481,010		—		67,481,010
Total	$	2,400,807,763	$	67,481,010	$	—	$	2,468,288,773

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

Small Cap Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	519,919,423	$	—	$	—	$	519,919,423
Short-Term Investments		—		16,026,667		—		16,026,667
Total	$	519,919,423	$	16,026,667	$	—	$	535,946,090

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

Small/Mid Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	159,084,151	$	—	$	—	$	159,084,151
Short-Term Investments		—		5,340,759		—		5,340,759
Total	$	159,084,151	$	5,340,759	$	—	$	164,424,910

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

4.  Purchases and Sales of Securities. For the six months ended March 31, 2022, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Small Cap Growth Fund	$	445,052,811	$	600,611,032
Small Cap Value Fund		82,232,692		138,573,654
Small/Mid Cap Growth Fund		120,965,101		24,823,301

25  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

5.  Management Fees and Other Transactions with Affiliates.

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

Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:

Fund	Percentage of Average Daily Net Assets
Small Cap Growth Fund		0.75%
Small Cap Value Fund		0.75%
Small/Mid Cap Growth Fund		0.75%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2023, may be terminated before then only with the consent of the Funds’ Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/ reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2022, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class	Retail Class	Admin Class	Class N
Small Cap Growth Fund	1.00%	1.25%	—	0.95%
Small Cap Value Fund	0.90%	1.15%	1.40%	0.85%
Small/Mid Cap Growth Fund	0.85%	—	—	0.83%

Loomis Sayles shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below both (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the six months ended March 31, 2022, the management fees for each Fund were as follows:

Fund	Gross Management Fees		Contractual Waivers of Management Fees1		Voluntary Waivers of Management Fees2		Net Management Fees		Percentage of Average Daily Net Assets
									Gross		Net
Small Cap Growth Fund	$	10,361,525	$	—	$	—	$	10,361,525		0.75%		0.75%
Small Cap Value Fund		2,216,869		—		—		2,216,869		0.75%		0.75%
Small/Mid Cap Growth Fund		421,450		40,044		4,448		376,958		0.75%		0.67%

For the six months ended March 31, 2022, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Institutional Class	Retail Class	Admin Class	Class N	Total
Small Cap Value Fund	$58,760	$13,234	$1,450	$—	$73,444

¹Waiver/expense reimbursements are subject to possible recovery until September 30, 2023.

²In order to ensure that the total annual fund operating expenses after fee waiver and/or expense reimbursement do not exceed limitations, the Adviser may voluntarily waive additional advisory fees for Small/Mid Cap Growth Fund. Voluntary management fee waivers are not subject to recovery under the expense limitation agreement described above.

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

|  26

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

Pursuant to Rule 12b-1 under the 1940 Act, Small Cap Growth Fund and Small Cap Value Fund have adopted a Distribution Plan relating to each Fund’s Retail Class shares (the “Retail Class Plans”) and Small Cap Value Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

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

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

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

For the six months ended March 31, 2022, the service and distribution fees for each Fund were as follows:

	Service Fees		Distribution Fees
Fund	Admin Class		Retail Class		Admin Class
Small Cap Growth Fund	$	—	$	122,590	$	—
Small Cap Value Fund		11,770		110,664		11,770

c.  Administrative Fees. Natixis Advisors, LLC (“Natixis Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2022, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Small Cap Growth Fund	$	592,897
Small Cap Value Fund		126,913
Small/Mid Cap Growth Fund		24,219

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

For the six months ended March 31, 2022, 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
Small Cap Growth Fund	$	775,639
Small Cap Value Fund		186,945
Small/Mid Cap Growth Fund		885

27  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

As of March 31, 2022, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

Fund	Reimbursements of Sub-Transfer Agent Fees
Small Cap Growth Fund	$	19,585
Small Cap Value Fund		5,194
Small/Mid Cap Growth Fund		26

Sub-transfer agent fees attributable to Institutional Class, Retail Class 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.  Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $210,000. 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, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF 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, 2022, each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $199,000. All other Trustees 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 on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF 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, Loomis Sayles Funds Trusts and Natixis ETF 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.

For the six months ended March 31, 2022, net depreciation in the value of participants’ deferral accounts are reflected on the Statements of Operations as a reduction to expenses, as follows:

Fund	Amount
Small Cap Growth Fund	$	(13,901	)
Small Cap Value Fund		(21,906	)
Small/Mid Cap Growth Fund		(1,330	)

Certain officers and employees of Natixis Advisors and Loomis Sayles are also officers and/or Trustees of the Trusts.

f.  Affiliated Ownership. As of March 31, 2022, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”), Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) and Loomis Sayles non-qualified retirement plans held shares of the Funds representing the following percentages of the Funds’ net assets:

Fund	Pension Plan		Retirement Plan		Non- Qualified Retirement Plans		Total Affiliated Ownership
Small Cap Growth Fund		0.07%		1.15%		—		1.22%
Small Cap Value Fund		0.29%		5.73%		6.56%		12.58%

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

|  28

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

g.  Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to Small/Mid Cap 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, 2023 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2022, Natixis Advisors reimbursed Small/Mid Cap Growth Fund $831 for transfer agency expenses related to Class N shares.

6.  Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Institutional Class, Retail Class 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.

For the six months ended March 31, 2022, 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	Institutional Class		Retail Class		Admin Class		Class N
Small Cap Growth Fund	$	732,956	$	57,990	$	—	$	4,836
Small Cap Value Fund		158,313		36,801		3,929		1,122
Small/Mid Cap Growth Fund		2,502		—		—		831

7.  Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $500,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $500,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid certain legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the six months ended March 31, 2022, none of the Funds had borrowings under this agreement.

8.  Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2022, 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% Non-Affiliated Account Holders	Percentage of Non-Affiliated Ownership		Percentage of Affiliated Ownership Ownership (Note 5f)		Total Percentage of Ownership
Small Cap Value Fund	2		18.69%		12.58%		31.27%
Small/Mid Cap Growth Fund	4		70.11%		—		70.11%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the 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.

9.   Risk. Global markets have experienced periods of high volatility triggered by the Covid-19 pandemic. The impact of this pandemic and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Such effects could impair the Funds’ ability to maintain operational standards, disrupt the operations of the Funds’ service providers, adversely affect the value and liquidity of the Funds’ investments and negatively impact the Funds’ performance.

Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region and around the world are impossible to predict, but could be significant and have a severe adverse effect on the region and around the world, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

29  |

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

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

	Small Cap Growth Fund
	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		3,661,507		$	116,804,580			9,135,230		$	323,499,208
Issued in connection with the reinvestment of distributions		6,623,931			211,700,835			603,506			21,484,823
Redeemed		(6,149,888	)		(197,263,228	)		(10,600,777	)		(379,032,001	)
Net change		4,135,550		$	131,242,187			(862,041	)	$	(34,047,970	)
Retail Class
Issued from the sale of shares		159,966		$	4,475,207			559,662		$	17,611,050
Issued in connection with the reinvestment of distributions		703,528			19,670,652			71,504			2,286,695
Redeemed		(526,957	)		(15,295,678	)		(1,253,848	)		(39,965,014	)
Net change		336,537		$	8,850,181			(622,682	)	$	(20,067,269	)
Class N
Issued from the sale of shares		4,316,215		$	145,386,526			12,972,678		$	459,829,686
Issued in connection with the reinvestment of distributions		7,685,869			249,252,745			666,169			23,982,068
Redeemed		(7,168,325	)		(230,320,610	)		(10,783,445	)		(393,611,081	)
Net change		4,833,759		$	164,318,661			2,855,402		$	90,200,673
Increase from capital share transactions		9,305,846		$	304,411,029			1,370,679		$	36,085,434

|  30

Notes to Financial Statements – continued

March 31, 2022 (Unaudited)

10.  Capital Shares – continued

	Small Cap Value Fund
	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		969,325		$	28,939,748			2,185,029		$	65,327,936
Issued in connection with the reinvestment of distributions		2,209,266			63,052,444			969,486			25,449,017
Redeemed		(2,200,048	)		(61,689,062	)		(4,539,392	)		(134,099,821	)
Net change		978,543		$	30,303,130			(1,384,877	)	$	(43,322,868	)
Retail Class
Issued from the sale of shares		76,323		$	2,306,907			272,038		$	7,899,117
Issued in connection with the reinvestment of distributions		535,511			14,897,926			280,859			7,220,881
Redeemed		(457,663	)		(13,549,005	)		(1,417,269	)		(40,836,991	)
Net change		154,171		$	3,655,828			(864,372	)	$	(25,716,993	)
Admin Class
Issued from the sale of shares		34,233		$	959,652			23,426		$	655,054
Issued in connection with the reinvestment of distributions		64,887			1,673,437			27,530			666,234
Redeemed		(47,545	)		(1,356,894	)		(101,301	)		(2,619,066	)
Net change		51,575		$	1,276,195			(50,345	)	$	(1,297,778	)
Class N
Issued from the sale of shares		500,069		$	15,754,583			710,243		$	21,428,894
Issued in connection with the reinvestment of distributions		687,544			19,629,374			325,820			8,552,785
Redeemed		(858,140	)		(24,809,317	)		(1,686,418	)		(51,194,452	)
Net change		329,473		$	10,574,640			(650,355	)	$	(21,212,773	)
Increase (decrease) from capital share transactions		1,513,762		$	45,809,793			(2,949,949	)	$	(91,550,412	)
	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		3,819,491		$	50,124,002			770,533		$	10,719,355
Issued in connection with the reinvestment of distributions		493,838			7,348,311			31,883			450,185
Redeemed		(272,393	)		(3,930,248	)		(596,871	)		(8,728,075	)
Net change		4,040,936		$	53,542,065			205,545		$	2,441,465
Class N
Issued from the sale of shares		3,722,592		$	55,262,775			673,195		$	8,900,000
Issued in connection with the reinvestment of distributions		60,520			901,138			4,146			58,589
Redeemed		(139,802	)		(1,825,550	)		(70,671	)		(1,000,000	)
Net change		3,643,310		$	54,338,363			606,670		$	7,958,589
Increase from capital share transactions		7,684,246		$	107,880,428			812,215		$	10,400,054

31  |

Semiannual Report

March 31, 2022

Loomis Sayles Core Plus Bond Fund

Loomis Sayles Credit Income Fund

Loomis Sayles Global Allocation Fund

Loomis Sayles Growth Fund

Loomis Sayles Intermediate Duration Bond Fund

Loomis Sayles Limited Term Government and Agency Fund

Table of Contents

Portfolio Review	1
Portfolio of Investments	12
Financial Statements	56
Notes to Financial Statements	87

LOOMIS SAYLES CORE PLUS BOND FUND

Managers	Symbols
Peter W. Palfrey, CFA®	Class A    NEFRX
Richard G. Raczkowski	Class C    NECRX
Ian Anderson	Class N    NERNX
Barath W. Sankaran, CFA®	Class Y    NERYX
Loomis, Sayles & Company, L.P.

Investment Goal

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

Average Annual Total Returns — March 31, 2022³

													Life of Class N		Expense Ratios4
	6 Months			1 Year			5 Years			10 Years					Gross			Net
Class Y
NAV		-5.65	%		-3.76	%		2.89	%		3.40	%		—		0.46	%		0.46	%
Class A
NAV		-5.75			-4.03			2.64			3.14			—		0.71			0.71
With 4.25% Maximum Sales Charge		-9.74			-8.12			1.75			2.70			—
Class C
NAV		-6.18			-4.77			1.85			2.54			—		1.46			1.46
With CDSC1		-7.11			-5.71			1.85			2.54			—
Class N (Inception 2/1/13)
NAV		-5.60			-3.66			2.99			—			2.86		0.38			0.38
Comparative Performance
Bloomberg U.S. Aggregate Bond Index2		-5.92			-4.15			2.14			2.24			2.10

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

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

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

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

4 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

1  |

LOOMIS SAYLES CREDIT INCOME FUND

Managers	Symbols
Matthew J. Eagan, CFA®	Class A    LOCAX
Brian P. Kennedy	Class C    LOCCX
Elaine M. Stokes	Class N    LOCNX
	Class Y    LOCYX
Loomis, Sayles & Company, L.P.

Investment Goal

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

Average Annual Total Returns — March 31, 2022³

										Expense Ratios4
	6 Months			1 Year			Life of Fund			Gross			Net
Class Y (Inception 9/29/20)
NAV		-6.03	%		-3.05	%		-0.85	%		4.54	%		0.57	%
Class A (Inception 9/29/20)
NAV		-6.24			-3.38			-1.08			4.79			0.82
With 4.25% Maximum Sales Charge		-10.20			-7.53			-3.88
Class C (Inception 9/29/20)
NAV		-6.59			-4.11			-1.89			5.60			1.57
With CDSC1		-7.51			-5.05			-1.89
Class N (Inception 9/29/20)
NAV		-6.10			-2.99			-0.80			1.16			0.52
Comparative Performance
Bloomberg U.S. Credit Index2		-7.21			-4.16			-6.05

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

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

2 The Bloomberg U.S. Credit Index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities. The U.S. Credit Index was called the U.S. Corporate Index until July 2000, when it was renamed to reflect its inclusion of both corporate and non-corporate issuers. The U.S. Credit Index is a subset of the U.S. Government/Credit Index and U.S. Aggregate Index.

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

4 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

|  2

LOOMIS SAYLES GLOBAL ALLOCATION FUND

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

Investment Goal

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

Average Annual Total Returns — March 31, 2022⁴

													Life of Class N		Expense Ratios5
	6 Months			1 Year			5 Years			10 Years					Gross			Net
Class Y
NAV		-5.49	%		0.85	%		10.37	%		8.69	%		—		0.87	%		0.87	%
Class A
NAV		-5.58			0.66			10.10			8.43			—		1.12			1.12
With 5.75% Maximum Sales Charge		-11.01			-5.12			8.80			7.79			—
Class C
NAV		-5.93			-0.13			9.28			7.78			—		1.87			1.87
With CDSC1		-6.80			-1.06			9.28			7.78			—
Class N (Inception 2/1/17)
NAV		-5.43			0.96			10.45			—			10.69		0.80			0.80
Comparative Performance
MSCI All Country World Index (Net)2		0.96			7.28			11.64			10.00			12.06
Blended Index3		-2.12			1.72			7.82			6.53			8.11

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

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

2 The MSCI All Country World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

3 The Blended Index is an unmanaged, blended index composed of the following weights: 60% MSCI All Country World Index (Net) and 40% Bloomberg Global Aggregate Bond Index. The Bloomberg Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The four major components of this index are the U.S. Aggregate, the Pan-European Aggregate, the Asian-Pacific Aggregate, and the Canadian Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

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

5 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

3  |

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.

Average Annual Total Returns — March 31, 2022³

													Life of Class N		Expense Ratios4
	6 Months			1 Year			5 Years			10 Years					Gross			Net
Class Y
NAV		-1.60	%		6.29	%		17.77	%		16.41	%		—		0.64	%		0.64	%
Class A
NAV		-1.73			6.00			17.47			16.12			—		0.89			0.89
With 5.75% Maximum Sales Charge		-7.40			-0.10			16.10			15.43			—
Class C
NAV		-2.10			5.19			16.59			15.43			—		1.63			1.63
With CDSC1		-3.02			4.20			16.59			15.43			—
Class N (Inception 2/1/13)
NAV		-1.56			6.38			17.86			—			16.39		0.56			0.56
Comparative Performance
Russell 1000® Growth Index2		1.54			14.98			20.88			17.04			17.94

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

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

2 The 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^® Growth Index 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.

4 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

|  4

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND

Managers	Symbols
Daniel Conklin, CFA®	Class A    LSDRX
Christopher T. Harms	Class C    LSCDX
Clifton V. Rowe, CFA®	Class N    LSDNX
	Class Y    LSDIX
Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks above-average total return through a combination of current income and capital appreciation.

Average Annual Total Returns — March 31, 2022⁴

													Life of Class N		Expense Ratios5
	6 Months			1 Year			5 Years			10 Years					Gross			Net
Class Y1
NAV		-5.56	%		-4.58	%		2.18	%		2.32	%		—		0.45	%		0.40	%
Class A1
NAV		-5.58			-4.73			1.92			2.07			—		0.70			0.65
With 4.25% Maximum Sales Charge		-9.60			-8.79			1.05			1.62			—
Class C (Inception 8/31/16)1
NAV		-6.02			-5.47			1.15			1.42			—		1.45			1.40
With CDSC2		-6.95			-6.41			1.15			1.42			—
Class N (Inception 2/01/19)		-5.45			-4.54			—			—			2.49		0.38			0.35
Comparative Performance
Bloomberg U.S. Intermediate Government/Credit Bond Index3		-5.05			-4.10			1.81			1.85			1.94

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

1 As of August 31, 2016, the Fund’s Retail Class shares and Institutional Class shares were redesignated as Class A shares and Class Y shares, respectively. Accordingly, the returns shown in the table for Class A shares prior to August 31, 2016 are those of Retail Class shares, restated to reflect the sales loads of Class A shares, and the returns in the table for Class Y shares prior to August 31, 2016 are those of Institutional Class shares. Prior to the inception of Class C shares (August 31, 2016), performance is that of Retail Class shares, restated to reflect the higher net expenses and sales loads of Class C shares.

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

3 The Bloomberg U.S. Intermediate Government/Credit Bond Index includes securities in the intermediate maturity range within the Government and Credit Indices. The Government Index includes treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

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

5 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

5  |

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

Managers	Symbols
Daniel Conklin, CFA®	Class A    NEFLX
Christopher T. Harms	Class C    NECLX
Clifton V. Rowe, CFA®	Class N    LGANX
	Class Y    NELYX
Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks high current return consistent with preservation of capital.

Average Annual Total Returns — March 31, 2022³

													Life of Class N		Expense Ratios4
	6 Months			1 Year			5 Years			10 Years					Gross			Net
Class Y
NAV		-2.92	%		-2.96	%		1.09	%		1.10	%		—		0.49	%		0.45	%
Class A
NAV		-3.04			-3.12			0.84			0.84			—		0.73			0.70
With 2.25% Maximum Sales Charge		-5.20			-5.27			0.38			0.62			—
Class C
NAV		-3.37			-3.87			0.07			0.24			—		1.49			1.45
With CDSC1		-4.34			-4.83			0.07			0.24			—
Class N (Inception 2/1/17)
NAV		-2.89			-2.81			1.17			—			1.20		0.41			0.40
Comparative Performance
Bloomberg U.S. 1-5 Year Government Bond Index2		-4.08			-3.95			1.13			1.01			1.13

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

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

2 The Bloomberg U.S. 1-5 Year Government Bond Index is a subindex of the Bloomberg U.S. Government Index, which is comprised of the Bloomberg U.S. Treasury and U.S. Agency Indices. The Bloomberg U.S. Government Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year) and U.S. agency debentures (publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Bloomberg U.S. Government Index is a component of the Bloomberg U.S. Government/Credit Index and the Bloomberg U.S. Aggregate Bond Index.

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

4 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

|  6

ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO SCHEDULES

The Natixis Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. First and third quarter schedules of portfolio holdings are also available at im.natixis.com/funddocuments. A hard copy may be requested from the Fund at no charge by calling 800-225-5478.

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

7  |

UNDERSTANDING FUND EXPENSES

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

The first line in the table of each class of Fund shares shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2021 through March 31, 2022. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

LOOMIS SAYLES CORE PLUS BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2021		ENDING ACCOUNT VALUE 3/31/2022		EXPENSES PAID DURING PERIOD* 10/1/2021 – 3/31/2022
Class A
Actual		$1,000.00		$942.50		$3.54
Hypothetical (5% return before expenses)		$1,000.00		$1,021.29		$3.68
Class C
Actual		$1,000.00		$938.20		$7.15
Hypothetical (5% return before expenses)		$1,000.00		$1,017.55		$7.44
Class N
Actual		$1,000.00		$944.00		$1.84
Hypothetical (5% return before expenses)		$1,000.00		$1,023.04		$1.92
Class Y
Actual		$1,000.00		$943.50		$2.33
Hypothetical (5% return before expenses)		$1,000.00		$1,022.54		$2.42

* Expenses are equal to the Fund’s annualized expense ratio: 0.73%, 1.48%, 0.38% and 0.48% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

|  8

LOOMIS SAYLES CREDIT INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2021		ENDING ACCOUNT VALUE 3/31/2022		EXPENSES PAID DURING PERIOD* 10/1/2021 – 3/31/2022
Class A
Actual		$1,000.00		$937.60		$3.96
Hypothetical (5% return before expenses)		$1,000.00		$1,020.84		$4.13
Class C
Actual		$1,000.00		$934.10		$7.57
Hypothetical (5% return before expenses)		$1,000.00		$1,017.10		$7.90
Class N
Actual		$1,000.00		$939.00		$2.51
Hypothetical (5% return before expenses)		$1,000.00		$1,022.34		$2.62
Class Y
Actual		$1,000.00		$939.70		$2.76
Hypothetical (5% return before expenses)		$1,000.00		$1,022.09		$2.87

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.82%, 1.57%, 0.52% and 0.57% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

LOOMIS SAYLES GLOBAL ALLOCATION FUND	BEGINNING ACCOUNT VALUE 10/1/2021		ENDING ACCOUNT VALUE 3/31/2022		EXPENSES PAID DURING PERIOD* 10/1/2021 – 3/31/2022
Class A
Actual		$1,000.00		$944.20		$5.48
Hypothetical (5% return before expenses)		$1,000.00		$1,019.30		$5.69
Class C
Actual		$1,000.00		$940.70		$9.10
Hypothetical (5% return before expenses)		$1,000.00		$1,015.56		$9.45
Class N
Actual		$1,000.00		$945.70		$3.93
Hypothetical (5% return before expenses)		$1,000.00		$1,020.89		$4.08
Class Y
Actual		$1,000.00		$945.10		$4.27
Hypothetical (5% return before expenses)		$1,000.00		$1,020.54		$4.43

* Expenses are equal to the Fund’s annualized expense ratio: 1.13%, 1.88%, 0.81% and 0.88% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

9  |

LOOMIS SAYLES GROWTH FUND	BEGINNING ACCOUNT VALUE 10/1/2021		ENDING ACCOUNT VALUE 3/31/2022		EXPENSES PAID DURING PERIOD* 10/1/2021 – 3/31/2022
Class A
Actual		$1,000.00		$982.70		$4.40
Hypothetical (5% return before expenses)		$1,000.00		$1,020.49		$4.48
Class C
Actual		$1,000.00		$979.00		$8.09
Hypothetical (5% return before expenses)		$1,000.00		$1,016.75		$8.25
Class N
Actual		$1,000.00		$984.40		$2.77
Hypothetical (5% return before expenses)		$1,000.00		$1,022.14		$2.82
Class Y
Actual		$1,000.00		$984.00		$3.17
Hypothetical (5% return before expenses)		$1,000.00		$1,021.74		$3.23

* Expenses are equal to the Fund’s annualized expense ratio: 0.89%, 1.64%, 0.56% and 0.64% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2021		ENDING ACCOUNT VALUE 3/31/2022		EXPENSES PAID DURING PERIOD* 10/1/2021 – 3/31/2022
Class A
Actual		$1,000.00		$944.20		$3.15
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
Class C
Actual		$1,000.00		$939.80		$6.77
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04
Class N
Actual		$1,000.00		$945.50		$1.70
Hypothetical (5% return before expenses)		$1,000.00		$1,023.19		$1.77
Class Y
Actual		$1,000.00		$944.40		$1.94
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.65%, 1.40%, 0.35% and 0.40% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

|  10

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 10/1/2021		ENDING ACCOUNT VALUE 3/31/2022		EXPENSES PAID DURING PERIOD* 10/1/2021 – 3/31/2022
Class A
Actual		$1,000.00		$969.60		$3.39
Hypothetical (5% return before expenses)		$1,000.00		$1,021.49		$3.48
Class C
Actual		$1,000.00		$966.30		$7.11
Hypothetical (5% return before expenses)		$1,000.00		$1,017.70		$7.29
Class N
Actual		$1,000.00		$971.10		$1.92
Hypothetical (5% return before expenses)		$1,000.00		$1,022.99		$1.97
Class Y
Actual		$1,000.00		$970.80		$2.21
Hypothetical (5% return before expenses)		$1,000.00		$1,022.69		$2.27

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.69%, 1.45%, 0.39% and 0.45% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

11  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Core Plus Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 89.5% of Net Assets
	Non-Convertible Bonds — 89.4%
		ABS Car Loan — 1.0%
$	8,775,000	Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class A, 3.070%, 9/20/2023, 144A	$	8,801,296
	2,396,000	Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.000%, 3/20/2025, 144A		2,433,536
	6,444,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		6,464,691
	7,064,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A		6,693,469
	2,460,000	Exeter Automobile Receivables Trust, Series 2021-2A, Class B, 0.570%, 9/15/2025		2,422,076
	3,525,000	Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.980%, 6/15/2026		3,436,629
	8,181,000	Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.750%, 2/17/2026		8,022,894
	8,315,000	Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.900%, 6/15/2026		8,081,181
	9,095,000	Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.950%, 9/15/2027		8,825,061
	19,695,000	Santander Drive Auto Receivables Trust, Series 2022-2, Class B, 3.440%, 9/15/2027		19,549,099
				74,729,932
		ABS Home Equity — 0.7%
	879,627	Bayview Koitere Fund Trust, Series 2017-SPL3, Class A, 4.000%, 11/28/2053, 144A(a)		873,055
	514,913	Bayview Opportunity Master Fund IVa Trust, Series 2017-RT1, Class A1, 3.000%, 3/28/2057, 144A(a)		508,745
	3,038,666	Bayview Opportunity Master Fund IVa Trust, Series 2017-RT5, Class A, 3.500%, 5/28/2069, 144A(a)		3,016,214
	2,078,051	Bayview Opportunity Master Fund IVa Trust, Series 2017-SPL1, Class A, 4.000%, 10/28/2064, 144A(a)		2,055,736
	806,812	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL2, Class A, 4.000%, 6/28/2054, 144A(a)		802,512
	3,492,562	CoreVest American Finance Trust, Series 2019-3, Class A, 2.705%, 10/15/2052, 144A		3,410,182
	13,306	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(a)		13,462
	20,109,204	Invitation Homes Trust, Series 2018-SFR2, Class A, 1-month LIBOR + 0.900%, 1.297%, 6/17/2037, 144A(b)(c)		20,040,010
	1,392,874	Onslow Bay Financial LLC, Series 2018-EXP1, Class 1A3, 4.000%, 4/25/2048, 144A(a)		1,375,754
	163,492	Sequoia Mortgage Trust, Series 2017-CH1, Class A1, 4.000%, 8/25/2047, 144A(a)		164,102
	621,708	Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.000%, 3/25/2048, 144A(a)		622,531
	786,420	Sequoia Mortgage Trust, Series 2018-CH3, Class A2, 4.000%, 8/25/2048, 144A(a)		789,452
	1,298,545	Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.160%, 10/25/2053, 144A(a)		1,294,938
	4,254,377	Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.750%, 4/25/2055, 144A(a)		4,284,499
	236,663	Towd Point Mortgage Trust, Series 2016-2, Class A1A, 2.750%, 8/25/2055, 144A(a)		236,442
		ABS Home Equity — continued
$	5,101,352	Towd Point Mortgage Trust, Series 2016-2, Class M2, 3.000%, 8/25/2055, 144A(a)	$	4,984,429
	5,702,272	Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.750%, 5/25/2058, 144A(a)		5,695,160
				50,167,223
		ABS Other — 1.6%
	10,426,088	CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640%, 2/18/2046, 144A		9,464,962
	14,763,000	DB Master Finance LLC, Series 2021-1A, Class A2II, 2.493%, 11/20/2051, 144A		13,309,169
	10,121,258	Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.560%, 12/11/2034, 144A		9,928,954
	8,240,000	Jack in the Box Funding LLC, Series 2022-1A, Class A2I, 3.445%, 2/26/2052, 144A		7,754,318
	13,865,000	Jack in the Box Funding LLC, Series 2022-1A, Class A2II, 4.136%, 2/26/2052, 144A		13,267,072
	7,152,130	Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/2046, 144A		6,416,469
	9,923,855	Navigator Aircraft ABS Ltd., Series 2021-1, Class A, 2.771%, 11/15/2046, 144A(a)		9,138,784
	7,094,000	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/2032, 144A		7,150,021
	13,500,000	OneMain Financial Issuance Trust, Series 2021-1A, Class A2, 30-day Average SOFR + 0.760%, 0.810%, 6/16/2036, 144A(b)		13,215,663
	25,949,733	Textainer Marine Containers Ltd., Series 2021-3A, Class A, 1.940%, 8/20/2046, 144A		23,438,733
	3,616,898	Textainer Marine Containers VIII Ltd., Series 2020-2A, Class A, 2.100%, 9/20/2045, 144A		3,400,231
				116,484,376
		ABS Student Loan — 0.3%
	5,022,918	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		4,863,770
	11,091,190	Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.060%, 10/15/2069, 144A		10,558,325
	4,631,283	SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.070%, 1/15/2053, 144A		4,258,750
	3,279,954	SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.540%, 5/15/2046, 144A		3,233,132
				22,913,977
		ABS Whole Business — 0.3%
	5,477,608	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.662%, 4/25/2051, 144A		5,078,383
	4,785,000	Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2I, 3.251%, 12/05/2051, 144A		4,540,386
	12,110,000	Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2II, 4.008%, 12/05/2051, 144A		11,209,767
				20,828,536

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Aerospace & Defense — 1.0%
$	19,231,000	Boeing Co. (The), 1.433%, 2/04/2024	$	18,600,394
	16,774,000	Boeing Co. (The), 5.705%, 5/01/2040		18,744,115
	20,949,000	Boeing Co. (The), 5.805%, 5/01/2050		24,190,586
	671,000	Boeing Co. (The), 5.930%, 5/01/2060		774,727
	12,659,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		12,785,717
	1,329,000	Textron, Inc., 3.000%, 6/01/2030		1,268,274
				76,363,813
		Airlines — 0.8%
	7,734,112	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		7,792,118
	8,850,467	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		8,817,278
	1,616,008	Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.000%, 4/29/2026		1,613,342
	16,151,433	Delta Air Lines, Inc./SkyMiles IP Ltd., 4.750%, 10/20/2028, 144A		16,275,098
	13,602,000	Southwest Airlines Co., 5.125%, 6/15/2027		14,541,021
	4,247,424	United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		4,168,422
	4,381,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		4,309,480
	5,533,000	United Airlines, Inc., 4.625%, 4/15/2029, 144A		5,261,606
				62,778,365
		Automotive — 1.8%
	6,285,000	Dana, Inc., 4.250%, 9/01/2030		5,752,032
	16,276,000	Ford Motor Credit Co. LLC, 2.900%, 2/16/2028		14,709,435
	18,142,000	General Motors Co., 5.000%, 4/01/2035		18,440,965
	6,067,000	General Motors Financial Co., Inc., 2.900%, 2/26/2025		5,926,067
	15,139,000	Goodyear Tire & Rubber Co. (The), 5.625%, 4/30/2033		13,927,880
	6,091,000	Hyundai Capital America, 2.375%, 10/15/2027, 144A		5,576,467
	10,356,000	Hyundai Capital America, 2.650%, 2/10/2025, 144A		10,033,633
	7,453,000	Hyundai Capital America, 3.000%, 2/10/2027, 144A		7,118,009
	14,931,000	Lear Corp., 5.250%, 5/15/2049		16,024,558
	7,676,000	Nissan Motor Co. Ltd., 3.043%, 9/15/2023, 144A		7,658,851
	15,593,000	Nissan Motor Co. Ltd., 3.522%, 9/17/2025, 144A		15,281,949
	5,490,000	Toyota Motor Credit Corp., MTN, 1.800%, 2/13/2025		5,329,489
	6,596,000	Volkswagen Group of America Finance LLC, 3.200%, 9/26/2026, 144A		6,472,696
				132,252,031
		Banking — 8.6%
	24,986,000	Ally Financial, Inc., 3.050%, 6/05/2023		25,077,216
	7,876,000	American Express Co., 2.500%, 7/30/2024		7,836,698
	10,051,000	Banco Santander Chile, 2.700%, 1/10/2025, 144A		9,830,607
	13,578,000	Banco Santander Chile, 3.875%, 9/20/2022, 144A		13,679,835
	12,000,000	Banco Santander S.A., 1.849%, 3/25/2026		11,215,935
	3,200,000	Banco Santander S.A., 2.958%, 3/25/2031		2,957,060
	28,476,000	Bangkok Bank PCL, 4.050%, 3/19/2024, 144A		29,016,370
	4,624,000	Bank of America Corp., (fixed rate to 12/20/2022, variable rate thereafter), 3.004%, 12/20/2023		4,635,675
	28,146,000	Bank of America Corp., (fixed rate to 4/22/2024, variable rate thereafter), 0.976%, 4/22/2025		26,976,299
	30,210,000	Bank of America Corp., (fixed rate to 4/23/2026, variable rate thereafter), MTN, 3.559%, 4/23/2027		30,296,022
		Banking — continued
$	20,564,000	Barclays PLC, (fixed rate to 3/10/2041, variable rate thereafter), 3.811%, 3/10/2042	$	18,389,769
	7,864,000	BBVA Bancomer S.A., 1.875%, 9/18/2025, 144A		7,494,392
	15,513,000	BNP Paribas S.A., (fixed rate to 1/13/2026, variable rate thereafter), 1.323%, 1/13/2027, 144A		14,125,633
	26,613,000	BNP Paribas S.A., (fixed rate to 11/19/2024, variable rate thereafter), 2.819%, 11/19/2025, 144A		25,983,849
	5,935,000	Citigroup, Inc., 4.000%, 8/05/2024		6,066,996
	19,481,000	Citigroup, Inc., 4.050%, 7/30/2022		19,644,798
	9,645,000	Citigroup, Inc., (fixed rate to 3/31/2030, variable rate thereafter), 4.412%, 3/31/2031		10,013,002
	2,154,000	Citigroup, Inc., (fixed rate to 5/01/2024, variable rate thereafter), 0.981%, 5/01/2025		2,053,359
	9,780,000	Deutsche Bank AG, 0.898%, 5/28/2024		9,312,013
	10,038,000	Deutsche Bank AG, 1.686%, 3/19/2026		9,415,006
	9,585,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		8,471,226
	9,382,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		8,368,254
	11,985,000	Deutsche Bank AG, (fixed rate to 11/24/2025, variable rate thereafter), 2.129%, 11/24/2026		11,109,997
	25,369,000	DNB Bank ASA, 2.150%, 12/02/2022, 144A		25,420,764
	7,768,000	Goldman Sachs Group, Inc. (The), 3.625%, 1/22/2023		7,865,763
	14,486,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		18,254,416
	2,326,000	HSBC Holdings PLC, 4.950%, 3/31/2030		2,484,179
	13,610,000	HSBC Holdings PLC, (fixed rate to 5/24/2024, variable rate thereafter), 0.976%, 5/24/2025		12,920,526
	7,385,000	Huntington Bancshares, Inc., 2.625%, 8/06/2024		7,317,416
	4,740,000	Intesa Sanpaolo SpA, (fixed rate to 6/01/2031, variable rate thereafter), 4.198%, 6/01/2032, 144A		4,194,995
	26,855,000	JPMorgan Chase & Co., (fixed rate to 10/15/2029, variable rate thereafter), 2.739%, 10/15/2030		25,375,853
	12,576,000	JPMorgan Chase & Co., (fixed rate to 5/13/2030, variable rate thereafter), 2.956%, 5/13/2031		11,767,321
	14,895,000	Macquarie Bank Ltd., 3.231%, 3/21/2025, 144A		14,870,709
	16,028,000	Morgan Stanley, (fixed rate to 4/05/2023, variable rate thereafter), 0.731%, 4/05/2024		15,697,621
	8,931,000	Morgan Stanley, (fixed rate to 7/22/2027, variable rate thereafter), 3.591%, 7/22/2028		8,955,837
	11,457,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		11,687,326
	14,159,000	Nationwide Building Society, (fixed rate to 4/26/2022, variable rate thereafter), 3.622%, 4/26/2023, 144A		14,161,531
	9,220,000	Santander Holdings USA, Inc., (fixed rate to 1/06/2027, variable rate thereafter), 2.490%, 1/06/2028		8,602,266
	9,050,000	Santander UK Group Holdings PLC, 5.625%, 9/15/2045, 144A		9,746,901
	25,503,000	Societe Generale S.A., 2.625%, 1/22/2025, 144A		24,670,191
	21,840,000	Standard Chartered PLC, (fixed rate to 1/12/2032, variable rate thereafter), 3.603%, 1/12/2033, 144A		20,140,193
	24,346,000	Standard Chartered PLC, (fixed rate to 1/30/2025, variable rate thereafter), 2.819%, 1/30/2026, 144A		23,676,723

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	11,566,000	Sumitomo Mitsui Financial Group, Inc., 1.474%, 7/08/2025	$	10,882,556
	14,720,000	Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/2024		14,577,416
	10,213,000	Sumitomo Mitsui Financial Group, Inc., 3.040%, 7/16/2029		9,821,526
	6,438,000	Toronto-Dominion Bank (The), MTN, 2.650%, 6/12/2024		6,429,596
	15,630,000	UniCredit SpA, (fixed rate to 6/03/2026, variable rate thereafter), 1.982%, 6/03/2027, 144A		14,088,595
				635,580,231
		Building Materials — 0.7%
	18,920,000	American Builders & Contractors Supply Co., Inc., 3.875%, 11/15/2029, 144A		17,665,604
	10,762,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		9,820,433
	13,838,000	Mohawk Industries, Inc., 3.625%, 5/15/2030		13,591,822
	7,260,000	Owens Corning, 4.200%, 12/01/2024		7,424,112
	1,112,000	Summit Materials LLC/Summit Materials Finance Corp., 5.250%, 1/15/2029, 144A		1,098,100
				49,600,071
		Cable Satellite — 1.0%
	21,970,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		19,080,835
	22,590,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.500%, 4/01/2063		22,723,778
	13,725,000	Sirius XM Radio, Inc., 4.000%, 7/15/2028, 144A		13,038,750
	4,885,000	Time Warner Cable LLC, 4.500%, 9/15/2042		4,518,234
	783,000	Time Warner Cable LLC, 5.500%, 9/01/2041		812,818
	2,245,000	Time Warner Cable LLC, 5.875%, 11/15/2040		2,412,723
	7,162,000	Time Warner Cable LLC, 6.550%, 5/01/2037		8,236,513
	1,707,000	Time Warner Cable LLC, 6.750%, 6/15/2039		1,979,188
				72,802,839
		Chemicals — 1.3%
	1,610,000	Alpek SAB de CV, 3.250%, 2/25/2031, 144A		1,467,112
	21,620,000	Ashland LLC, 3.375%, 9/01/2031, 144A		19,079,650
	23,853,000	Braskem America Finance Co., 7.125%, 7/22/2041, 144A		26,238,538
	8,792,000	Koppers, Inc., 6.000%, 2/15/2025, 144A		8,616,160
	10,071,000	Orbia Advance Corp. SAB de CV, 5.875%, 9/17/2044, 144A		10,360,642
	9,466,000	Orbia Advance Corp. SAB de CV, 6.750%, 9/19/2042, 144A		10,554,685
	3,732,000	RPM International, Inc., 3.450%, 11/15/2022		3,743,514
	3,630,000	Sociedad Quimica y Minera de Chile S.A., 3.500%, 9/10/2051, 144A		3,140,023
	11,424,000	Sociedad Quimica y Minera de Chile S.A., 4.250%, 1/22/2050, 144A		11,084,250
	5,549,000	Univar Solutions USA, Inc., 5.125%, 12/01/2027, 144A		5,543,701
				99,828,275
		Collateralized Mortgage Obligations — 0.2%
	4,239,116	Federal Home Loan Mortgage Corp., REMIC, Series 3654, Class DC, 5.000%, 4/15/2030		4,433,670
	276,830	Government National Mortgage Association, Series 2010-H24, Class FA, 1-month LIBOR + 0.350%, 0.456%, 10/20/2060(b)		275,222
	206,029	Government National Mortgage Association, Series 2012-H18, Class NA, 1-month LIBOR + 0.520%, 0.626%, 8/20/2062(b)		205,922
		Collateralized Mortgage Obligations — continued
$	3,813	Government National Mortgage Association, Series 2013-H01, Class FA, 1.650%, 1/20/2063(d)(e)	$	3,722
	12,837	Government National Mortgage Association, Series 2013-H03, Class HA, 1.750%, 12/20/2062(d)(e)		11,942
	43,988	Government National Mortgage Association, Series 2013-H04, Class BA, 1.650%, 2/20/2063(d)(e)		43,637
	82,589	Government National Mortgage Association, Series 2013-H10, Class PA, 2.500%, 4/20/2063(d)(e)		79,636
	8,187,406	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		8,100,956
	14,623	Government National Mortgage Association, Series 2015-H13, Class FL, 1-month LIBOR + 0.280%, 0.386%, 5/20/2063(b)(d)(e)		14,423
				13,169,130
		Construction Machinery — 0.3%
	1,985,000	Caterpillar Financial Services Corp., MTN, 2.150%, 11/08/2024		1,968,693
	5,805,000	CNH Industrial Capital LLC, 1.950%, 7/02/2023		5,745,013
	7,380,000	CNH Industrial Capital LLC, 4.375%, 4/05/2022		7,380,546
	7,795,000	United Rentals North America, Inc., 3.750%, 1/15/2032		7,268,838
				22,363,090
		Consumer Cyclical Services — 0.2%
	7,466,000	Expedia Group, Inc., 3.600%, 12/15/2023		7,527,736
	1,791,000	Expedia Group, Inc., 6.250%, 5/01/2025, 144A		1,914,810
	3,523,000	MercadoLibre, Inc., 2.375%, 1/14/2026		3,285,232
				12,727,778
		Consumer Products — 0.3%
	2,157,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031, 144A		1,953,250
	11,615,000	Natura Cosmeticos S.A., 4.125%, 5/03/2028, 144A		11,182,341
	2,823,000	Newell Brands, Inc., 4.875%, 6/01/2025		2,914,000
	7,940,000	Valvoline, Inc., 3.625%, 6/15/2031, 144A		6,859,207
	2,535,000	Valvoline, Inc., 4.250%, 2/15/2030, 144A		2,313,390
				25,222,188
		Diversified Manufacturing — 0.0%
	2,755,000	Clark Equipment Co., 5.875%, 6/01/2025, 144A		2,782,550
		Electric — 2.0%
	3,587,000	AES Corp. (The), 3.300%, 7/15/2025, 144A		3,519,206
	2,609,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		2,584,623
	8,188,000	Calpine Corp., 3.750%, 3/01/2031, 144A		7,329,775
	14,879,000	Calpine Corp., 5.000%, 2/01/2031, 144A		13,539,890
	13,220,000	CenterPoint Energy, Inc., SOFR Index + 0.650%, 0.837%, 5/13/2024(b)		13,117,050
	17,219,000	Clearway Energy Operating LLC, 3.750%, 2/15/2031, 144A		16,101,401
	25,885,806	Cometa Energia S.A. de CV, 6.375%, 4/24/2035, 144A		26,144,664
	3,408,000	DPL, Inc., 4.125%, 7/01/2025		3,384,689
	3,805,000	DPL, Inc., 4.350%, 4/15/2029		3,719,387
	852,000	Edison International, 4.950%, 4/15/2025		871,671
	2,811,000	Enel Americas S.A., 4.000%, 10/25/2026		2,877,789
	2,853,000	Enel Generacion Chile S.A., 4.250%, 4/15/2024		2,902,842
	5,316,000	Entergy Corp., 2.800%, 6/15/2030		4,982,263
	14,622,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		14,261,514

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Electric — continued
$	6,360,000	NRG Energy, Inc., 3.875%, 2/15/2032, 144A	$	5,596,800
	9,234,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.500%, 8/15/2028, 144A		9,084,501
	6,109,000	PG&E Corp., 5.000%, 7/01/2028		5,904,959
	7,133,000	Transelec S.A., 4.250%, 1/14/2025, 144A		7,275,660
	3,713,000	Transelec S.A., 4.625%, 7/26/2023, 144A		3,780,874
				146,979,558
		Finance Companies — 2.6%
	6,365,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, 10/29/2028		5,869,721
	1,370,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/23/2023		1,374,028
	19,050,000	Air Lease Corp., GMTN, 3.750%, 6/01/2026		18,937,831
	23,287,000	Aircastle Ltd., 2.850%, 1/26/2028, 144A		20,918,820
	27,047,000	Ares Capital Corp., 2.150%, 7/15/2026		24,443,341
	16,425,000	Avolon Holdings Funding Ltd., 2.750%, 2/21/2028, 144A		14,606,445
	18,929,000	FS KKR Capital Corp., 3.400%, 1/15/2026		18,326,698
	3,315,000	International Lease Finance Corp., 5.875%, 8/15/2022		3,355,473
	9,430,000	Navient Corp., 5.000%, 3/15/2027		8,982,075
	907,000	Navient Corp., 5.875%, 10/25/2024		925,267
	954,000	Navient Corp., 6.750%, 6/15/2026		973,080
	7,547,000	Navient Corp., MTN, 6.125%, 3/25/2024		7,679,073
	17,225,000	OneMain Finance Corp., 3.875%, 9/15/2028		15,566,921
	4,537,000	Owl Rock Capital Corp., 2.625%, 1/15/2027		4,066,511
	15,397,000	Owl Rock Capital Corp., 3.400%, 7/15/2026		14,456,906
	11,958,000	Owl Rock Technology Finance Corp., 3.750%, 6/17/2026, 144A		11,430,870
	3,702,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		3,383,073
	11,169,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		10,107,945
	4,045,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		3,543,016
				188,947,094
		Financial Other — 0.1%
	8,243,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		7,562,953
	1,979,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		1,942,240
				9,505,193
		Food & Beverage — 1.2%
	10,588,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, 2/01/2046		11,775,390
	12,823,000	Anheuser-Busch InBev Worldwide, Inc., 4.350%, 6/01/2040		13,344,145
	6,243,000	Anheuser-Busch InBev Worldwide, Inc., 4.600%, 6/01/2060		6,635,362
	15,008,000	BRF S.A., 5.750%, 9/21/2050, 144A		13,216,495
	3,117,000	Gruma SAB de CV, 4.875%, 12/01/2024, 144A		3,230,022
	12,765,000	Minerva Luxembourg S.A., 4.375%, 3/18/2031, 144A		11,548,495
	14,639,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		12,970,008
	16,264,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		14,644,919
	1,599,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A		1,451,191
				88,816,027
		Government Owned – No Guarantee — 2.2%
	6,872,000	Antares Holdings LP, 3.950%, 7/15/2026, 144A		6,405,697
	18,141,000	BOC Aviation USA Corp., 1.625%, 4/29/2024, 144A		17,425,338
		Government Owned – No Guarantee — continued
$	6,577,000	CNPC General Capital Ltd., 3.950%, 4/19/2022, 144A	$	6,581,343
	3,903,000	Empresa de los Ferrocarriles del Estado, 3.068%, 8/18/2050, 144A		2,897,977
	19,956,000	NBN Co. Ltd., 1.450%, 5/05/2026, 144A		18,466,428
	6,985,000	OCP S.A., 3.750%, 6/23/2031, 144A		6,321,425
	19,460,000	OCP S.A., 5.625%, 4/25/2024, 144A		19,964,325
	6,236,000	Ooredoo International Finance Ltd., 3.250%, 2/21/2023, 144A		6,268,203
	12,555,000	Qatar Energy, 3.125%, 7/12/2041, 144A		11,423,192
	8,035,000	SA Global Sukuk Ltd., 0.946%, 6/17/2024, 144A		7,684,674
	11,588,000	Saudi Arabian Oil Co., 3.500%, 11/24/2070, 144A		9,792,509
	11,825,000	Tennessee Valley Authority, 4.250%, 9/15/2065		14,586,761
	7,669,000	Tennessee Valley Authority, 4.625%, 9/15/2060		10,089,336
	5,427,000	Tennessee Valley Authority, 4.875%, 1/15/2048		7,041,379
	9,290,000	Tennessee Valley Authority, 5.250%, 9/15/2039		11,751,260
	9,267,000	Transportadora de Gas Internacional S.A. E.S.P., 5.550%, 11/01/2028, 144A		9,574,108
				166,273,955
		Health Insurance — 0.4%
	20,336,000	Centene Corp., 2.500%, 3/01/2031		17,947,130
	4,115,000	Centene Corp., 2.625%, 8/01/2031		3,662,350
	10,179,000	Centene Corp., 3.375%, 2/15/2030		9,577,777
				31,187,257
		Healthcare — 0.4%
	15,396,000	DaVita, Inc., 4.625%, 6/01/2030, 144A		14,376,785
	12,660,000	HCA, Inc., 4.625%, 3/15/2052, 144A		12,758,377
				27,135,162
		Home Construction — 0.3%
	7,881,000	Forestar Group, Inc., 3.850%, 5/15/2026, 144A		7,349,033
	246,000	Lennar Corp., 4.500%, 4/30/2024		252,185
	1,153,000	Lennar Corp., 4.750%, 11/15/2022		1,164,594
	11,190,000	NVR, Inc., 3.000%, 5/15/2030		10,443,992
				19,209,804
		Independent Energy — 0.9%
	2,626,000	Aker BP ASA, 3.000%, 1/15/2025, 144A		2,586,762
	1,029,000	Chesapeake Energy Corp., 5.875%, 2/01/2029, 144A		1,062,443
	9,277,000	Devon Energy Corp., 4.500%, 1/15/2030		9,573,260
	11,391,292	Energean Israel Finance Ltd., 4.500%, 3/30/2024, 144A		11,251,749
	1,765,000	EQT Corp., 3.125%, 5/15/2026, 144A		1,714,292
	5,696,000	EQT Corp., 3.900%, 10/01/2027		5,679,510
	601,000	EQT Corp., 5.000%, 1/15/2029		620,436
	9,078,204	Leviathan Bond Ltd., 6.125%, 6/30/2025, 144A		9,233,895
	12,472,000	Occidental Petroleum Corp., 5.875%, 9/01/2025		13,247,696
	2,152,000	Occidental Petroleum Corp., 8.000%, 7/15/2025		2,416,696
	8,181,000	Pan American Energy LLC, 9.125%, 4/30/2027, 144A		8,900,110
	2,275,000	Southwestern Energy Co., 4.750%, 2/01/2032		2,272,156
				68,559,005
		Industrial Other — 0.1%
	3,408,000	Georgetown University (The), Class A, 5.215%, 10/01/2118		3,899,911
		Life Insurance — 0.4%
	11,059,000	Athene Global Funding, 2.450%, 8/20/2027, 144A		10,335,071
	15,491,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030		16,981,411
	2,327,000	OneAmerica Financial Partners, Inc., 4.250%, 10/15/2050, 144A		2,235,456
				29,551,938

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Lodging — 0.3%
$	8,617,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A	$	7,819,927
	18,423,000	Marriott International, Inc., 3.500%, 10/15/2032		17,536,280
				25,356,207
		Media Entertainment — 1.2%
	14,174,000	AMC Networks, Inc., 4.250%, 2/15/2029		13,227,106
	54,020,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		1,785,457
	5,432,000	Lamar Media Corp., 3.625%, 1/15/2031		4,999,939
	1,504,000	Lamar Media Corp., 4.000%, 2/15/2030		1,430,680
	16,925,000	Magallanes, Inc., 3.528%, 3/15/2024, 144A		16,919,245
	20,780,000	Magallanes, Inc., 5.391%, 3/15/2062, 144A		21,470,312
	8,258,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 4.250%, 1/15/2029, 144A		7,682,005
	11,303,000	Prosus NV, 3.680%, 1/21/2030, 144A		9,902,332
	14,750,000	Prosus NV, 3.832%, 2/08/2051, 144A		10,749,149
				88,166,225
		Metals & Mining — 1.0%
	1,835,000	Anglo American Capital PLC, 2.250%, 3/17/2028, 144A		1,675,853
	2,286,000	Anglo American Capital PLC, 2.625%, 9/10/2030, 144A		2,072,739
	2,245,000	Anglo American Capital PLC, 3.875%, 3/16/2029, 144A		2,246,035
	3,322,000	Anglo American Capital PLC, 3.950%, 9/10/2050, 144A		3,110,769
	7,696,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A		8,482,471
	15,187,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		14,365,383
	15,183,000	Fresnillo PLC, 4.250%, 10/02/2050, 144A		13,410,537
	28,397,000	Glencore Funding LLC, 2.500%, 9/01/2030, 144A		25,396,573
	6,210,000	SunCoke Energy, Inc., 4.875%, 6/30/2029, 144A		5,854,602
				76,614,962
		Midstream — 1.6%
	568,000	Energy Transfer LP, 5.150%, 2/01/2043		557,977
	1,125,000	Energy Transfer LP, 5.400%, 10/01/2047		1,177,798
	5,900,000	Energy Transfer LP, 5.950%, 10/01/2043		6,296,846
	8,548,000	Energy Transfer LP, 6.500%, 2/01/2042		9,824,513
	1,338,000	Energy Transfer LP, 6.625%, 10/15/2036		1,505,578
	11,222,000	Energy Transfer LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		11,312,592
	7,523,000	EQM Midstream Partners LP, 4.500%, 1/15/2029, 144A		7,034,005
	3,485,000	EQM Midstream Partners LP, 4.750%, 7/15/2023		3,511,138
	5,575,000	EQM Midstream Partners LP, 6.500%, 7/01/2027, 144A		5,823,311
	2,014,000	Gray Oak Pipeline LLC, 2.600%, 10/15/2025, 144A		1,932,247
	982,000	Gray Oak Pipeline LLC, 3.450%, 10/15/2027, 144A		945,808
	3,060,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		3,116,295
	9,503,000	Kinder Morgan Energy Partners LP, 4.300%, 5/01/2024		9,698,540
	15,243,000	Kinder Morgan, Inc., 5.625%, 11/15/2023, 144A		15,735,034
	5,694,000	Rattler Midstream LP, 5.625%, 7/15/2025, 144A		5,779,410
	13,635,000	Sempra Infrastructure Partners LP, 3.250%, 1/15/2032, 144A		12,592,453
	6,783,000	Southern Natural Gas Co. LLC, 0.625%, 4/28/2023, 144A		6,648,568
		Midstream — continued
$	930,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.500%, 7/15/2027	$	978,481
	11,936,000	Williams Cos., Inc. (The), 3.500%, 11/15/2030		11,800,703
				116,271,297
		Mortgage Related — 26.7%
	64,874,626	FHLMC, 1.500%, with various maturities from 2050 to 2051(c)(f)		57,528,900
	165,337,601	FHLMC, 2.000%, with various maturities from 2050 to 2051(c)(f)		153,878,504
	129,229,131	FHLMC, 2.500%, with various maturities from 2050 to 2052(c)(f)		123,395,673
	17,416,764	FHLMC, 3.000%, with various maturities from 2042 to 2050(f)		17,212,582
	12,559,641	FHLMC, 3.500%, with various maturities from 2043 to 2050(f)		12,739,994
	2,377,152	FHLMC, 4.000%, with various maturities from 2044 to 2048(f)		2,468,044
	53,684,052	FHLMC, 4.500%, with various maturities from 2041 to 2049(c)(f)		55,807,820
	123,489,065	FHLMC, 5.000%, with various maturities from 2048 to 2050(c)(f)		129,987,092
	4,964	FHLMC, 6.000%, 6/01/2035		5,513
	45,551,154	FNMA, 1.500%, with various maturities from 2050 to 2051(c)(f)		40,642,056
	300,779,090	FNMA, 2.000%, with various maturities from 2050 to 2051(c)(f)		279,833,510
	125,843,990	FNMA, 2.500%, with various maturities from 2045 to 2052(c)(f)		120,270,278
	51,012,996	FNMA, 3.000%, with various maturities from 2045 to 2050(c)(f)		50,315,143
	36,462,271	FNMA, 3.500%, with various maturities from 2043 to 2050(f)		36,646,405
	139,359,323	FNMA, 4.000%, with various maturities from 2041 to 2050(c)(f)		142,780,174
	152,292,522	FNMA, 4.500%, with various maturities from 2043 to 2050(c)(f)		158,307,715
	27,241,954	FNMA, 5.000%, with various maturities from 2048 to 2050(f)		28,780,821
	4,318,124	FNMA, 5.500%, 4/01/2050		4,588,512
	2,992,258	FNMA, 6.000%, with various maturities from 2034 to 2049(f)		3,214,448
	5,750	FNMA, 6.500%, with various maturities from 2029 to 2031(f)		6,173
	19,630	FNMA, 7.000%, with various maturities in 2030(f)		20,437
	11,215	FNMA, 7.500%, with various maturities from 2024 to 2032(f)		12,054
	1,295	GNMA, 3.890%, 12/20/2062(a)		1,268
	6,471	GNMA, 3.986%, 7/20/2063(a)		6,567
	5,909	GNMA, 4.064%, 5/20/2063(a)		5,990
	24,978	GNMA, 4.183%, 7/20/2063(a)		25,134
	5,017	GNMA, 4.316%, 8/20/2061(a)		5,107
	19,568	GNMA, 4.390%, with various maturities in 2062(a)(f)		19,092
	4,356,447	GNMA, 4.401%, 11/20/2066(a)		4,460,066
	6,189,107	GNMA, 4.412%, 12/20/2066(a)		6,377,068
	2,611,751	GNMA, 4.418%, 2/20/2066(a)		2,684,517
	2,154	GNMA, 4.422%, 5/20/2063(a)		2,187
	1,676,972	GNMA, 4.427%, 10/20/2066(a)		1,723,953
	1,210,489	GNMA, 4.444%, 2/20/2066(a)		1,242,192
	1,565,391	GNMA, 4.474%, 6/20/2066(a)		1,609,277
	2,988,305	GNMA, 4.505%, 12/20/2064(a)		3,054,256

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Mortgage Related — continued
$	2,027,790	GNMA, 4.524%, 9/20/2066(a)	$	2,085,596
	2,193,153	GNMA, 4.526%, 12/20/2063(a)		2,231,956
	2,928,381	GNMA, 4.542%, 6/20/2066(a)		3,007,328
	2,596,960	GNMA, 4.551%, 2/20/2065(a)		2,660,485
	2,349,559	GNMA, 4.570%, 6/20/2064(a)		2,399,054
	3,973,657	GNMA, 4.575%, 12/20/2064(a)		4,062,307
	1,535,515	GNMA, 4.595%, 4/20/2066(a)		1,574,961
	4,164,337	GNMA, 4.598%, 2/20/2065(a)		4,271,208
	4,278,784	GNMA, 4.614%, 10/20/2064(a)		4,381,263
	500,149	GNMA, 4.616%, 1/20/2064(a)		508,637
	1,946,995	GNMA, 4.620%, 3/20/2065(a)		1,995,377
	1,086,358	GNMA, 4.627%, 1/20/2065(a)		1,114,439
	20,923	GNMA, 4.630%, 12/20/2061(a)		19,891
	2,829,246	GNMA, 4.636%, 3/20/2066(a)		2,923,046
	5,740,466	GNMA, 4.639%, 12/20/2066(a)		5,925,055
	3,043,599	GNMA, 4.661%, 1/20/2065(a)		3,121,152
	2,160,940	GNMA, 4.663%, 1/20/2064(a)		2,200,430
	3,408,103	GNMA, 4.665%, 6/20/2064(a)		3,484,411
	1,386,541	GNMA, 4.692%, 6/20/2066(a)		1,436,373
	46,123	GNMA, 4.700%, with various maturities from 2062 to 2063(a)(f)		45,083
	2,899,698	GNMA, 4.715%, 1/20/2064(a)		2,965,505
	97,182	GNMA, 5.500%, 4/15/2038		107,402
	20,254	GNMA, 6.000%, with various maturities from 2029 to 2038(f)		21,958
	23,238	GNMA, 6.500%, with various maturities from 2029 to 2032(f)		24,828
	30,479	GNMA, 7.000%, 9/15/2025		31,158
	2,808	GNMA, 7.500%, with various maturities from 2025 to 2030(f)		2,909
	64,876,000	UMBS® (TBA), 2.000%, 5/01/2037(g)		62,867,632
	45,410,000	UMBS® (TBA), 3.500%, 5/01/2052(g)		45,331,433
	197,946,000	UMBS® (TBA), 2.500%, 5/01/2052(g)		188,461,378
	26,588,000	UMBS® (TBA), 3.000%, 5/01/2052(g)		25,945,563
	44,221,000	UMBS® (TBA), 3.500%, 6/01/2052(g)		44,030,482
	68,805,000	UMBS® (TBA), 4.000%, 5/01/2052(g)		69,962,897
	44,222,000	UMBS® (TBA), 4.000%, 6/01/2052(g)		44,814,706
				1,973,674,425
		Natural Gas — 0.1%
	6,262,000	Atmos Energy Corp., 0.625%, 3/09/2023		6,168,884
	2,701,000	Boston Gas Co., 3.001%, 8/01/2029, 144A		2,564,748
				8,733,632
		Non-Agency Commercial Mortgage-Backed Securities — 2.0%
	22,085,000	AOA Mortgage Trust, Series 2021-1177, Class A, 1-month LIBOR + 0.874%, 1.271%, 10/15/2038, 144A(b)(c)		21,436,209
	1,531,640	BANK, Series 2019-BN16, Class A4, 4.005%, 2/15/2052		1,588,051
	3,409,380	BANK, Series 2019-BN20, Class A3, 3.011%, 9/15/2062		3,325,753
	12,696,152	BANK, Series 2019-BN22, Class A4, 2.978%, 11/15/2062		12,353,296
	6,138,240	BANK, Series 2019-BN24, Class A3, 2.960%, 11/15/2062		5,963,345
	7,135,000	BPR Trust, Series 2021-NRD, Class A, 1-month Term SOFR + 1.525%, 1.829%, 12/15/2023, 144A(b)		6,956,488
	14,179,842	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A4, 3.102%, 12/15/2072		13,724,981
	7,070,071	Citigroup Commercial Mortgage Trust, Series 2019-GC43, Class A4, 3.038%, 11/10/2052(c)		6,902,316
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	9,877,514	Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class A5, 2.717%, 2/15/2053	$	9,368,536
	908,054	Commercial Mortgage Trust, Series 2010-C1, Class D, 5.755%, 7/10/2046, 144A(a)		907,603
	2,112,208	Credit Suisse Mortgage Trust, Series 2014-USA, Class A1, 3.304%, 9/15/2037, 144A		2,064,271
	11,367,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		11,172,451
	6,360,852	Extended Stay America Trust, Series 2021-ESH, Class A, 1-month LIBOR + 1.080%, 1.477%, 7/15/2038, 144A(b)		6,284,961
	1,475,916	Extended Stay America Trust, Series 2021-ESH, Class D, 1-month LIBOR + 2.250%, 2.647%, 7/15/2038, 144A(b)		1,453,680
	5,627,003	GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.163%, 8/10/2044, 144A(a)		4,651,477
	2,317,554	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(a)		2,156,942
	6,596,065	GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.911%, 2/13/2053		6,364,457
	8,370,000	MedTrust, Series 2021-MDLN, Class A, 1-month LIBOR + 0.950%, 1.347%, 11/15/2038, 144A(b)		8,225,507
	3,825,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.152%, 8/15/2046(a)		3,846,112
	6,909,759	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.185%, 3/10/2046		6,927,601
	4,982,141	WFRBS Commercial Mortgage Trust, Series 2011-C4, Class D, 4.888%, 6/15/2044, 144A(a)		4,741,951
	5,245,978	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class AS, 4.176%, 5/15/2047		5,268,094
				145,684,082
		Oil Field Services — 0.3%
	21,664,000	Thaioil Treasury Center Co. Ltd., 4.875%, 1/23/2043, 144A		20,478,979
		Paper — 0.4%
	11,675,000	Klabin Austria GmbH, 7.000%, 4/03/2049, 144A		12,275,679
	8,445,000	Suzano Austria GmbH, 3.125%, 1/15/2032		7,477,034
	8,529,000	Suzano Austria GmbH, 3.750%, 1/15/2031		8,030,053
				27,782,766
		Pharmaceuticals — 0.4%
	9,325,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		7,325,160
	3,863,000	Jazz Securities DAC, 4.375%, 1/15/2029, 144A		3,742,281
	12,284,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		11,121,811
	7,588,000	Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 1/31/2025		7,982,120
	2,903,000	Viatris, Inc., 4.000%, 6/22/2050		2,438,742
				32,610,114
		Property & Casualty Insurance — 0.1%
	2,585,000	Ascot Group Ltd., 4.250%, 12/15/2030, 144A		2,528,759
	6,865,000	Liberty Mutual Group, Inc., 3.950%, 5/15/2060, 144A		6,246,112
				8,774,871

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Refining — 0.2%
$	12,089,000	Ultrapar International S.A., 5.250%, 10/06/2026, 144A	$	12,270,335
		REITs – Apartments — 0.0%
	1,715,000	American Homes 4 Rent, 3.375%, 7/15/2051		1,433,205
		REITs – Diversified — 0.3%
	3,790,000	EPR Properties, 3.600%, 11/15/2031		3,436,020
	16,503,000	iStar, Inc., 4.250%, 8/01/2025		16,234,826
	1,267,000	iStar, Inc., 4.750%, 10/01/2024		1,277,351
				20,948,197
		Retailers — 1.0%
	3,081,000	Alibaba Group Holding Ltd., 3.250%, 2/09/2061		2,312,698
	1,097,000	Asbury Automotive Group, Inc., 4.500%, 3/01/2028		1,053,778
	1,942,000	Asbury Automotive Group, Inc., 4.750%, 3/01/2030		1,832,763
	11,715,000	Dick’s Sporting Goods, Inc., 4.100%, 1/15/2052		9,998,124
	25,444,000	El Puerto de Liverpool SAB de CV, 3.875%, 10/06/2026, 144A		26,207,574
	8,985,000	Falabella S.A., 3.375%, 1/15/2032, 144A		8,378,602
	1,820,000	Group 1 Automotive, Inc., 4.000%, 8/15/2028, 144A		1,694,875
	856,000	Hanesbrands, Inc., 4.625%, 5/15/2024, 144A		868,840
	4,042,000	Hanesbrands, Inc., 4.875%, 5/15/2026, 144A		4,065,140
	3,889,000	Ken Garff Automotive LLC, 4.875%, 9/15/2028, 144A		3,655,660
	3,280,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		3,116,197
	10,257,000	Lithia Motors, Inc., 4.375%, 1/15/2031, 144A		9,910,826
	4,582,000	MercadoLibre, Inc., 3.125%, 1/14/2031		3,992,526
				77,087,603
		Sovereigns — 3.0%
	13,213,000	Colombia Government International Bond, 4.125%, 5/15/2051		9,968,151
	22,169,000	Dominican Republic, 4.875%, 9/23/2032, 144A		20,063,167
	11,070,000	Dominican Republic, 5.300%, 1/21/2041, 144A		9,603,336
	15,265,000	Egypt Government International Bond, 7.625%, 5/29/2032, 144A		13,810,886
	24,753,000	Kingdom of Saudi Arabia, 3.250%, 10/26/2026, 144A		25,331,973
	14,611,000	Morocco Government International Bond, 4.000%, 12/15/2050, 144A		11,684,417
	2,980,000	Peruvian Government International Bond, 2.392%, 1/23/2026		2,891,166
	7,473,000	Qatar Government International Bond, 4.400%, 4/16/2050, 144A		8,398,740
	17,772,000	Republic of Ghana, 7.750%, 4/07/2029, 144A		12,989,555
	5,029,000	State of Qatar, 3.875%, 4/23/2023, 144A		5,116,907
	4,253,157,000	Uruguay Government International Bond, 8.250%, 5/21/2031, (UYU)		98,594,643
				218,452,941
		Supermarkets — 0.2%
	12,455,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.250%, 3/15/2026, 144A		11,770,224
		Technology — 2.5%
	3,425,000	Baidu, Inc., 2.375%, 10/09/2030		3,033,146
	4,515,000	Baidu, Inc., 3.075%, 4/07/2025		4,440,006
	3,890,000	Broadcom, Inc., 3.137%, 11/15/2035, 144A		3,427,451
	12,254,000	Corning, Inc., 5.450%, 11/15/2079		13,543,438
	3,133,000	Equifax, Inc., 2.600%, 12/15/2025		3,042,508
	2,544,000	Equifax, Inc., 3.300%, 12/15/2022		2,557,343
	4,324,000	Equifax, Inc., 7.000%, 7/01/2037		5,302,721
		Technology — continued
$	12,320,000	HCL America, Inc., 1.375%, 3/10/2026, 144A	$	11,337,973
	7,756,000	Hewlett Packard Enterprise Co., 4.450%, 10/02/2023		7,943,789
	15,421,000	Hewlett Packard Enterprise Co., 6.200%, 10/15/2035		17,733,432
	16,919,000	Iron Mountain, Inc., 4.500%, 2/15/2031, 144A		15,624,866
	5,460,000	Jabil, Inc., 3.000%, 1/15/2031		5,001,619
	11,294,000	Microchip Technology, Inc., 2.670%, 9/01/2023		11,256,173
	6,371,000	Microchip Technology, Inc., 4.333%, 6/01/2023		6,471,049
	6,151,000	Molex Electronic Technologies LLC, 3.900%, 4/15/2025, 144A		6,253,264
	15,801,000	Oracle Corp., 4.100%, 3/25/2061		13,469,720
	4,505,000	Qorvo, Inc., 1.750%, 12/15/2024, 144A		4,297,184
	5,778,000	Sabre GLBL, Inc., 7.375%, 9/01/2025, 144A		6,033,561
	1,475,000	Sabre GLBL, Inc., 9.250%, 4/15/2025, 144A		1,635,237
	1,374,000	Science Applications International Corp., 4.875%, 4/01/2028, 144A		1,353,857
	2,060,000	Seagate HDD Cayman, 4.125%, 1/15/2031		1,952,180
	5,644,000	Sensata Technologies BV, 4.000%, 4/15/2029, 144A		5,374,386
	7,989,000	Sensata Technologies, Inc., 3.750%, 2/15/2031, 144A		7,389,825
	14,793,000	Tencent Holdings Ltd., 3.290%, 6/03/2060, 144A		11,188,542
	17,432,000	Ziff Davis, Inc., 4.625%, 10/15/2030, 144A		16,599,186
				186,262,456
		Tobacco — 0.5%
	3,362,000	Altria Group, Inc., 2.350%, 5/06/2025		3,265,362
	31,751,000	BAT Capital Corp., 2.789%, 9/06/2024		31,333,824
				34,599,186
		Transportation Services — 0.1%
	5,293,000	Ryder System, Inc., MTN, 2.500%, 9/01/2024		5,223,683
		Treasuries — 14.8%
	8,220,100(††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		37,586,810
	25,562,431(††)	Mexican Fixed Rate Bonds, Series M 20, 8.500%, 5/31/2029, (MXN)		129,887,737
	468,727,000	Republic of Uruguay, 8.500%, 3/15/2028, 144A, (UYU)		11,177,073
	132,590,000	U.S. Treasury Bond, 1.750%, 8/15/2041		114,918,239
	190,464,000	U.S. Treasury Bond, 1.875%, 11/15/2051		167,072,640
	234,700,000	U.S. Treasury Bond, 2.000%, 11/15/2041(c)		212,366,828
	10,150,000	U.S. Treasury Bond, 2.250%, 5/15/2041		9,581,838
	83,040,000	U.S. Treasury Bond, 2.250%, 2/15/2052		79,640,550
	93,765,000	U.S. Treasury Bond, 2.375%, 2/15/2042		90,439,273
	105,730,000	U.S. Treasury Note, 1.875%, 2/28/2029		102,062,491
	41,277,000	U.S. Treasury Note, 1.875%, 2/15/2032		39,638,819
	97,680,000	U.S. Treasury Note, 2.500%, 3/31/2027		97,893,675
	93,095,000	Uruguay Government International Bond, 8.500%, 3/15/2028, (UYU)		2,219,905
				1,094,485,878
		Utility Other — 0.3%
	23,526,215	Acwa Power Management & Investments One Ltd., 5.950%, 12/15/2039, 144A		25,007,896
		Wireless — 1.0%
	6,400,000	America Movil SAB de CV, 2.875%, 5/07/2030		6,113,984
	14,780,000	America Movil SAB de CV, 5.375%, 4/04/2032, 144A		14,876,218
	19,567,000	Bharti Airtel Ltd., 4.375%, 6/10/2025, 144A		19,708,081
	983,000	Crown Castle International Corp., 4.150%, 7/01/2050		957,904

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wireless — continued
$	5,305,000	Empresa Nacional de Telecomunicaciones S.A., 3.050%, 9/14/2032, 144A	$	4,814,288
	7,180,000	Kenbourne Invest S.A., 4.700%, 1/22/2028, 144A		6,324,216
	5,452,000	Millicom International Cellular S.A., 4.500%, 4/27/2031, 144A		5,077,420
	16,920,000	SBA Communications Corp., 3.125%, 2/01/2029		15,390,770
				73,262,881
		Wirelines — 0.7%
	20,028,000	AT&T, Inc., 1.700%, 3/25/2026		18,960,221
	7,956,000	AT&T, Inc., 3.500%, 9/15/2053		6,980,945
	3,863,000	AT&T, Inc., 3.650%, 6/01/2051		3,515,229
	14,391,000	AT&T, Inc., 3.650%, 9/15/2059		12,619,937
	7,539,000	AT&T, Inc., 3.800%, 12/01/2057		6,878,131
				48,954,463
		Total Non-Convertible Bonds (Identified Cost $6,950,478,172)		6,604,565,817
	Municipals — 0.1%
		Virginia — 0.1%
	12,785,000	University of Virginia, Revenue Bond, Series A, 3.227%, 9/01/2119		9,728,787
		Total Municipals (Identified Cost $12,785,000)		9,728,787
		Total Bonds and Notes (Identified Cost $6,963,263,172)		6,614,294,604
	Senior Loans — 5.8%
		Aerospace & Defense — 0.2%
	12,752,185	TransDigm, Inc., 2020 Term Loan F, 1-month LIBOR + 2.250%, 2.707%, 12/09/2025(b)(h)		12,529,022
	6,296,314	TransDigm, Inc., 2020 Term Loan G, 1-month LIBOR + 2.250%, 2.707%, 8/22/2024(b)(h)		6,197,966
				18,726,988
		Automotive — 0.1%
	2,710,500	KAR Auction Services, Inc., 2019 Term Loan B6, 1-month LIBOR + 2.250%, 2.750%, 9/19/2026(b)(h)		2,683,395
	1,487,781	Visteon Corp., 2018 Term Loan B, LIBOR + 1.750%, 2.208%, 3/25/2024(a)(h)		1,461,120
				4,144,515
		Brokerage — 0.2%
	5,527,722	AllSpring Buyer LLC, Term Loan B, 3-month LIBOR + 3.250%, 4.313%, 11/01/2028(b)(i)		5,484,550
	10,106,232	Citadel Securities LP, 2021 Term Loan B, 1-month LIBOR + 2.500%, 2.927%, 2/02/2028(b)(h)		10,039,430
				15,523,980
		Building Materials — 0.9%
	19,490,127	American Builders & Contractors Supply Co., Inc., 2019 Term Loan, 1-month LIBOR + 2.000%, 2.457%, 1/15/2027(b)(h)		19,219,798
	15,214,262	Beacon Roofing Supply, Inc., 2021 Term Loan B, 1-month LIBOR + 2.250%, 2.707%, 5/19/2028(b)(h)		14,969,768
	10,055,303	Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 1-month LIBOR + 2.500%, 3.082%, 2/01/2027(b)(h)		9,795,575
		Building Materials — continued
$	7,323,510	Quikrete Holdings, Inc., 2021 Term Loan B1, 6/11/2028(j)	$	7,181,141
	17,867,869	Summit Materials Cos. I LLC, 2017 Term Loan B, 1-month LIBOR + 2.000%, 2.457%, 11/21/2024(b)(h)		17,784,962
				68,951,244
		Cable Satellite — 0.5%
	12,181,198	CSC Holdings LLC, 2017 Term Loan B1, 1-month LIBOR + 2.250%, 2.647%, 7/17/2025(b)(h)		11,960,475
	4,217,424	Telenet Financing USD LLC, 2020 USD Term Loan AR, 3-month LIBOR + 2.000%, 2.397%, 4/30/2028(b)(h)		4,114,983
	9,994,764	UPC Broadband Holding BV, 2020 USD Term Loan AT, 3-month LIBOR + 2.250%, 2.647%, 4/30/2028(b)(h)		9,750,292
	12,405,000	Virgin Media Bristol LLC, USD Term Loan N, 3-month LIBOR + 2.500%, 2.897%, 1/31/2028(b)(h)		12,236,416
				38,062,166
		Chemicals — 0.0%
	3,016	Venator Materials Corp., Term Loan B, 1-month LIBOR + 3.000%, 3.457%, 8/08/2024(b)(h)		2,881
		Consumer Cyclical Services — 0.2%
	428,218	FrontDoor, Inc., 2021 Term Loan B, 1-month LIBOR + 2.250%, 2.707%, 6/17/2028(b)(h)		422,865
	4,322,338	RE/MAX International, Inc., 2021 Term Loan B, 1-month LIBOR + 2.500%, 3.000%, 7/21/2028(b)(i)		4,223,269
	10,991,367	Trans Union LLC, 2019 Term Loan B5, 1-month LIBOR + 1.750%, 2.207%, 11/16/2026(b)(h)		10,818,253
				15,464,387
		Consumer Products — 0.2%
	6,194,735	Coty, Inc., 2018 USD Term Loan B, 1-month LIBOR + 2.250%, 2.560%, 4/07/2025(b)(h)		6,032,123
	1,377,594	Griffon Corp., Term Loan B, 90-day Average SOFR + 2.750%, 3.267%, 1/24/2029(b)(i)		1,361,669
	4,512,576	SRAM LLC, 2021 Term Loan B, LIBOR + 2.750%, 3.251%, 5/18/2028(a)(i)		4,454,273
				11,848,065
		Electric — 0.3%
	5,742,202	Calpine Corp., 2019 Term Loan B10, 1-month LIBOR + 2.000%, 2.457%, 8/12/2026(b)(h)		5,652,796
	4,338,417	Calpine Corp., Term Loan B9, 1-month LIBOR + 2.000%, 2.457%, 4/05/2026(b)(h)		4,271,518
	9,854,475	Pacific Gas & Electric Co., 2020 Term Loan, 1-month LIBOR + 3.000%, 3.500%, 6/23/2025(b)(i)		9,718,976
				19,643,290
		Food & Beverage — 0.1%
	8,942,631	Aramark Services, Inc., 2021 Term Loan B, 1-month LIBOR + 2.500%, 2.957%, 4/06/2028(b)(h)		8,808,491
		Gaming — 0.2%
	4,340,348	Churchill Downs, Inc., 2017 Term Loan B, 1-month LIBOR + 2.000%, 2.460%, 12/27/2024(b)(h)		4,275,242
	10,011,913	Churchill Downs, Inc., 2021 Incremental Term Loan B1, 1-month LIBOR + 2.000%, 2.460%, 3/17/2028(b)(h)		9,853,425
				14,128,667

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Industrial Other — 0.3%
$	14,292,643	AEA International Holdings (Lux) S.a.r.l., Term Loan B, 3-month LIBOR + 3.750%, 4.813%, 9/07/2028(b)(i)	$	14,239,045
	7,770,950	AECOM, 2021 Term Loan B, 1-month LIBOR + 1.750%, 2.197%, 4/13/2028(b)(h)		7,747,327
				21,986,372
		Media Entertainment — 0.5%
	4,796,313	E.W. Scripps Co. (The), 2020 Term Loan B3, 1-month LIBOR + 3.000%, 3.750%, 1/07/2028(b)(k)		4,758,086
	8,712,049	Entercom Media Corp., 2019 Term Loan, 1-month LIBOR + 2.500%, 2.947%, 11/18/2024(b)(h)		8,546,520
	3,468,383	Lamar Media Corp., 2020 Term Loan B, 1-month LIBOR + 1.500%, 1.968%, 2/05/2027(b)(h)		3,442,370
	10,888,398	Nielsen Finance LLC, USD Term Loan B4, 1-month LIBOR + 2.000%, 2.306%, 10/04/2023(b)(h)		10,871,412
	5,898,750	Sinclair Television Group, Inc., Term Loan B2B, 1-month LIBOR + 2.500%, 2.960%, 9/30/2026(b)(h)		5,711,937
	6,690,750	WMG Acquisition Corp., 2021 Term Loan G, 1-month LIBOR + 2.125%, 2.582%, 1/20/2028(b)(h)		6,621,032
				39,951,357
		Midstream — 0.1%
	7,410,667	DT Midstream, Inc., Term Loan B, LIBOR + 2.000%, 2.500%, 6/26/2028(a)(i)		7,391,102
		Pharmaceuticals — 0.5%
	4,275,592	Bausch Health Cos., Inc., Term Loan B, 1-month LIBOR + 2.750%, 3.207%, 11/27/2025(b)(h)		4,232,835
	6,233,458	Change Healthcare Holdings LLC, 2017 Term Loan B, 1-month LIBOR + 2.500%, 3.500%, 3/01/2024(b)(l)		6,191,382
	19,140,502	Elanco Animal Health, Inc., Term Loan B, 1-month LIBOR + 1.750%, 1.981%, 8/01/2027(b)(h)		18,811,477
	4,639,811	Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1-month LIBOR + 2.000%, 2.457%, 11/15/2027(b)(h)		4,556,295
				33,791,989
		Property & Casualty Insurance — 0.1%
	2,645,350	USI, Inc., 2017 Repriced Term Loan, 3-month LIBOR + 3.000%, 4.006%, 5/16/2024(b)(h)		2,625,457
	2,077,231	USI, Inc., 2019 Incremental Term Loan B, 3-month LIBOR + 3.250%, 4.256%, 12/02/2026(b)(h)		2,058,182
				4,683,639
		Restaurants — 0.2%
	18,078,863	1011778 B.C. Unlimited Liability Co., Term Loan B4, 1-month LIBOR + 1.750%, 2.207%, 11/19/2026(b)(h)		17,668,292
		Retailers — 0.1%
	7,602,016	Restoration Hardware, Inc., Term Loan B, 1-month LIBOR + 2.500%, 3.000%, 10/20/2028(b)(i)		7,451,344
		Technology — 0.7%
$	9,727,076	Iron Mountain, Inc., 2018 Term Loan B, 1-month LIBOR + 1.750%, 2.207%, 1/02/2026(b)(h)	$	9,573,097
	19,573,019	ON Semiconductor Corp., 2019 Term Loan B, 1-month LIBOR + 2.000%, 2.457%, 9/19/2026(b)(h)		19,528,980
	1,715,849	Sabre GLBL, Inc., 2018 Term Loan B, 1-month LIBOR + 2.000%, 2.457%, 2/22/2024(b)(h)		1,686,902
	3,529,272	Sabre GLBL, Inc., 2021 Term Loan B1, 1-month LIBOR + 3.500%, 4.000%, 12/17/2027(b)(i)		3,485,156
	5,625,869	Sabre GLBL, Inc., 2021 Term Loan B2, 1-month LIBOR + 3.500%, 4.000%, 12/17/2027(b)(i)		5,555,546
	9,421,290	SS&C Technologies, Inc., 2018 Term Loan B5, 1-month LIBOR + 1.750%, 2.207%, 4/16/2025(b)(h)		9,260,374
				49,090,055
		Transportation Services — 0.2%
	10,334,223	Uber Technologies, Inc., 2021 Term Loan B, 1-month LIBOR + 3.500%, 3.957%, 2/25/2027(b)(h)		10,282,552
	4,649,710	WEX, Inc., 2021 Term Loan, 1-month LIBOR + 2.250%, 2.707%, 3/31/2028(b)(h)		4,587,450
				14,870,002
		Wireless — 0.2%
	2,244,903	Asurion LLC, 2018 Term Loan B6, 1-month LIBOR + 3.125%, 3.582%, 11/03/2023(b)(h)		2,229,189
	15,619,155	Asurion LLC, 2020 Term Loan B8, 1-month LIBOR + 3.250%, 3.707%, 12/23/2026(b)(h)		15,261,164
				17,490,353
		Total Senior Loans (Identified Cost $433,774,008)		429,679,179
	Collateralized Loan Obligations — 1.5%
	1,585,000	AMMC CLO Ltd., Series 2018-22A, Class D, 3-month LIBOR + 2.700%, 2.958%, 4/25/2031, 144A(b)		1,527,820
	400,000	Ares XXXVII CLO Ltd., Series 2015-4A, Class A3R, 3-month LIBOR + 1.500%, 1.741%, 10/15/2030, 144A(b)		395,448
	1,165,000	Bain Capital Credit CLO, Series 2019-1A, Class CR, 3-month LIBOR + 2.1500%, 2.398%, 4/19/2034, 144A(b)		1,160,969
	420,000	Bain Capital Credit CLO Ltd., Series 2021-4A, Class D, 3-month LIBOR + 3.100%, 3.226%, 10/20/2034, 144A(b)		408,363
	1,400,000	Ballyrock CLO Ltd., Series 2019-1A, Class A2R, 3-month LIBOR + 1.550%, 1.791%, 7/15/2032, 144A(b)		1,380,127
	400,000	Battalion Clo XIX Ltd., Series 2021-19A, Class D, 3-month LIBOR + 3.250%, 3.491%, 4/15/2034, 144A(b)		397,481
	1,675,000	Betony CLO Ltd., Series 18-1A, Class A2, 3-month LIBOR + 1.600%, 1.899%, 4/30/2031, 144A(b)		1,654,543
	1,575,000	BlueMountain CLO XXIX Ltd., Series 2020-29A, Class BR, 3-month LIBOR + 1.750%, 2.008%, 7/25/2034, 144A(b)		1,557,236
	2,035,000	Carbone CLO Ltd., Series 2017-1A, Class A1, 3-month LIBOR + 1.140%, 1.394%, 1/20/2031, 144A(b)		2,025,665
	400,000	CarVal CLO II Ltd., Series 2019-1A, Class DR, 3-month LIBOR + 3.200%, 3.454%, 4/20/2032, 144A(b)		395,520

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
$	3,515,000	CarVal CLO III Ltd., Series 2019-2A, Class DR, 3-month LIBOR + 2.950%, 3.204%, 7/20/2032, 144A(b)	$	3,430,468
	525,000	Cayuga Park CLO Ltd., Series 2020-1A, Class B1R, 3-month LIBOR + 1.650%, 1.891%, 7/17/2034, 144A(b)		519,846
	540,000	CIFC Funding Ltd., Series 2019-3A, Class CR, 3-month LIBOR + 3.050%, 3.291%, 10/16/2034, 144A(b)		530,079
	1,935,000	CIFC Funding Ltd., Series 2020-1A, Class BR, 3-month LIBOR + 1.650%, 1.891%, 7/15/2036, 144A(b)		1,920,567
	2,165,000	CIFC Funding Ltd., Series 18-2RA, Class A2, 3-month LIBOR + 1.2500%, 1.504%, 1/20/2028, 144A(b)		2,150,059
	2,500,000	CIFC Funding Ltd., Series 2019-5A, Class CR, 3-month LIBOR + 3.1500%, 3.387%, 1/15/2035, 144A(b)		2,466,048
	3,900,000	CIFC Funding Ltd., Series 2020-3A, Class DR, 3-month LIBOR + 3.100%, 3.354%, 10/20/2034, 144A(b)		3,827,990
	7,190,000	CIFC Funding Ltd., Series 2021-7A, Class D, 3-month LIBOR + 3.000%, 3.128%, 1/23/2035, 144A(b)		7,018,166
	7,655,000	Crown City CLO III, Series 2021-1A, Class A1A, 3-month LIBOR + 1.170%, 1.424%, 7/20/2034, 144A(b)		7,567,695
	5,450,000	Dryden CLO Ltd., Series 2020-78A, Class A, 3-month LIBOR + 1.180%, 1.421%, 4/17/2033, 144A(b)		5,409,021
	2,520,000	Elmwood CLO III Ltd., Series 2019-3A, Class AR, 3-month LIBOR + 1.160%, 1.414%, 10/20/2034, 144A(b)		2,497,960
	2,700,000	Elmwood CLO IV Ltd., Series 2020-1A, Class A, 3-month LIBOR + 1.240%, 1.481%, 4/15/2033, 144A(b)		2,688,741
	550,000	Fortress Credit BSL XII Ltd., Series 2021-4A, Class D, 3-month LIBOR + 3.650%, 3.786%, 10/15/2034, 144A(b)		534,513
	1,650,000	Gilbert Park CLO Ltd., Series 2017-1A, Class D, 3-month LIBOR + 2.950%, 3.191%, 10/15/2030, 144A(b)		1,629,223
	1,190,000	Long Point Park CLO Ltd., Series 2017-1A, Class A2, 3-month LIBOR + 1.37500%, 1.616%, 1/17/2030, 144A(b)		1,177,448
	1,650,000	Madison Park Funding XLVI Ltd., Series 2020-46A, Class DR, 3-month LIBOR + 3.150%, 3.391%, 10/15/2034, 144A(b)		1,629,390
	1,250,000	Magnetite XXI Ltd., Series 2019-21A, Class BR, 3-month LIBOR + 1.3500%, 1.604%, 4/20/2034, 144A(b)		1,219,196
	4,320,000	Magnetite XXIII Ltd., Series 2019-23A, Class DR, 3-month LIBOR + 3.0500%, 3.171%, 1/25/2035, 144A(b)		4,238,356
	1,900,000	Magnetite Xxx Ltd., Series 2021-30A, Class D, 3-month LIBOR + 2.950%, 3.082%, 10/25/2034, 144A(b)		1,846,792
	3,410,000	Neuberger Berman Loan Advisers CLO Ltd., Series 2021-40A, Class B, 3-month LIBOR + 1.400%, 1.641%, 4/16/2033, 144A(b)		3,358,744
	2,745,000	NYACK Park CLO Ltd., Series 2021-1A, Class D, 3-month LIBOR + 2.800%, 2.924%, 10/20/2034, 144A(b)		2,661,994
	1,150,000	OCP CLO Ltd., Series 2021-21A, Class D, 3-month LIBOR + 2.950%, 3.204%, 7/20/2034, 144A(b)		1,120,099
	7,630,000	OHA Credit Funding Ltd., Series 2021-8A, Class B1, 3-month LIBOR + 1.500%, 1.741%, 1/18/2034, 144A(b)		7,525,889
	720,000	OHA Credit Partners VII Ltd., Series 2012-7A, Class D1R3, 3-month LIBOR + 2.900%, 3.380%, 2/20/2034, 144A(b)		700,948
	3,895,000	OHA Credit Partners XIII Ltd., Series 2016-13A, Class DR, 3-month LIBOR + 3.200%, 3.455%, 10/25/2034, 144A(b)		3,846,235
	5,655,000	Palmer Square Loan Funding Ltd., Series 2020-2A, Class C, 3-month LIBOR + 3.000%, 3.254%, 4/20/2028, 144A(b)		5,655,249
	3,890,000	Palmer Square Loan Funding Ltd., Series 2019-4A, Class C, 3-month LIBOR + 3.250%, 3.509%, 10/24/2027, 144A(b)		3,890,265
	2,120,000	Palmer Square Loan Funding Ltd., Series 2020-4A, Class C, 3-month LIBOR + 3.600%, 4.098%, 11/25/2028, 144A(b)		2,121,079
	5,670,000	Post CLO Ltd., Series 2021-1A, Class B, 3-month LIBOR + 1.750%, 1.879%, 10/15/2034, 144A(b)		5,615,880
	3,730,000	PPM CLO Ltd., Series 2021-5A, Class B, 3-month LIBOR + 1.700%, 1.819%, 10/18/2034, 144A(b)		3,644,389
	3,250,000	Riserva CLO Ltd., Series 2016-3A, Class DRR, 3-month LIBOR + 3.2500%, 3.491%, 1/18/2034, 144A(b)		3,218,628
	400,000	Symphony CLO XIV Ltd., Series 2014-14A, Class CR, 3-month LIBOR + 2.100%, 2.338%, 7/14/2026, 144A(b)		400,072
	940,000	Telos CLO Ltd., Series 2014-5A, Class DR, 3-month LIBOR + 3.300%, 3.541%, 4/17/2028, 144A(b)		929,997
	657,897	WhiteHorse IX Ltd., Series 2014-9A, Class C, 3-month LIBOR + 2.700%, 2.941%, 7/17/2026, 144A(b)		657,947
		Total Collateralized Loan Obligations (Identified Cost $108,914,780)		108,552,145
	Short-Term Investments — 8.1%
	467,373,794	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $467,373,793 on 4/01/2022 collateralized by $403,979,700 U.S. Treasury Bond, 3.375% due 11/15/2048 valued at $476,721,321 including accrued interest (Note 2 of Notes to Financial Statements)		467,373,794
	70,615,000	U.S. Treasury Bills, 0.050%-0.060%, 4/14/2022(m)(n)		70,611,398
	60,745,000	U.S. Treasury Bills, 0.050%-0.065%, 4/12/2022(m)(n)		60,742,401
		Total Short-Term Investments (Identified Cost $598,731,324)		598,727,593
		Total Investments — 104.9% (Identified Cost $8,104,683,284)		7,751,253,521
		Other assets less liabilities — (4.9)%		(365,378,558	)
		Net Assets — 100.0%	$	7,385,874,963
	Bonds and Notes Sold Short — (1.0)%
		Mortgage Related — (1.0)%
$	68,805,000	UMBS® (TBA), 4.000%, 4/01/2052(g) (Proceeds $71,422,815)	$	(70,267,106	)

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(††)	Amount shown represents units. One unit represents a principal amount of 100.
(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2022 is disclosed.
(b)	Variable rate security. Rate as of March 31, 2022 is disclosed.
(c)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts or TBA transactions.
(d)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
(e)	Fair valued by the Fund’s adviser. At March 31, 2022, the value of these securities amounted to $153,360 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
(f)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
(g)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
(h)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 0.00%, to which the spread is added.
(i)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 0.50%, to which the spread is added.
(j)	Position is unsettled. Contract rate was not determined at March 31, 2022 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
(k)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 0.75%, to which the spread is added.
(l)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 1.00%, to which the spread is added.
(m)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(n)	The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the value of Rule 144A holdings amounted to $1,990,579,038 or 27.0% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced
UMBS®	Uniform Mortgage-Backed Securities
MXN	Mexican Peso
UYU	Uruguayan Peso

At March 31, 2022, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/21/2022		1,636	$	199,633,599	$	201,023,500	$	1,389,901

Industry Summary at March 31, 2022 (Unaudited)

Mortgage Related	26.7	%
Treasuries	14.8
Banking	8.6
Technology	3.2
Sovereigns	3.0
Finance Companies	2.6
Electric	2.3
Government Owned – No Guarantee	2.2
Non-Agency Commercial Mortgage-Backed Securities	2.0
Other Investments, less than 2% each	29.9
Short-Term Investments	8.1
Collateralized Loan Obligations	1.5
Total Investments	104.9
Other assets less liabilities (including futures contracts and securities sold short )	(4.9	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Credit Income Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 92.4% of Net Assets
	Non-Convertible Bonds — 87.0%
		Aerospace & Defense — 3.2%
$	125,000	Boeing Co. (The), 2.196%, 2/04/2026	$	118,177
	20,000	Boeing Co. (The), 2.250%, 6/15/2026		18,904
	20,000	Boeing Co. (The), 2.950%, 2/01/2030		18,531
	5,000	Boeing Co. (The), 3.100%, 5/01/2026		4,913
	10,000	Boeing Co. (The), 3.200%, 3/01/2029		9,529
	5,000	Boeing Co. (The), 3.250%, 2/01/2035		4,465
	5,000	Boeing Co. (The), 3.375%, 6/15/2046		4,136
	5,000	Boeing Co. (The), 3.500%, 3/01/2039		4,303
	15,000	Boeing Co. (The), 3.550%, 3/01/2038		13,184
	220,000	Boeing Co. (The), 3.625%, 2/01/2031		214,136
	5,000	Boeing Co. (The), 3.625%, 3/01/2048		4,243
	40,000	Boeing Co. (The), 3.750%, 2/01/2050		35,784
	15,000	Boeing Co. (The), 3.825%, 3/01/2059		12,320
	10,000	Boeing Co. (The), 3.850%, 11/01/2048		8,768
	15,000	Boeing Co. (The), 3.900%, 5/01/2049		13,535
	30,000	Boeing Co. (The), 3.950%, 8/01/2059		25,989
	40,000	Boeing Co. (The), 5.150%, 5/01/2030		42,658
	10,000	Boeing Co. (The), 5.805%, 5/01/2050		11,547
	30,000	Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025		30,321
	20,000	Huntington Ingalls Industries, Inc., 4.200%, 5/01/2030		20,801
	5,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		4,693
	125,000	Textron, Inc., 3.000%, 6/01/2030		119,288
				740,225
		Airlines — 0.5%
	73,308	American Airlines Pass Through Trust, Series 2016-3, Class A, 3.250%, 4/15/2030		65,628
	15,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		15,112
	15,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		14,944
	12,960	United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		12,719
				108,403
		Automotive — 1.6%
	60,000	Allison Transmission, Inc., 3.750%, 1/30/2031, 144A		54,429
	40,000	Ford Motor Co., 3.250%, 2/12/2032		35,725
	40,000	Ford Motor Co., 9.000%, 4/22/2025		45,805
	170,000	General Motors Co., 5.200%, 4/01/2045		172,070
	40,000	General Motors Co., 6.250%, 10/02/2043		45,352
	5,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(a)		5,239
				358,620
		Banking — 10.8%
	40,000	Ally Financial, Inc., 2.200%, 11/02/2028		36,135
	65,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(a)		61,185
	50,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(a)		45,500
	270,000	Bank of America Corp., MTN, 4.250%, 10/22/2026(b)		277,904
	200,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		184,206
	215,000	Citigroup, Inc., 4.450%, 9/29/2027		221,759
	250,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033, 144A		245,830
	150,000	Deutsche Bank AG, (fixed rate to 9/18/2030, variable rate thereafter), 3.547%, 9/18/2031		141,447
	120,000	Goldman Sachs Group, Inc. (The), (fixed rate to 1/24/2024, variable rate thereafter), 1.757%, 1/24/2025		116,988
	390,000	Morgan Stanley, 3.625%, 1/20/2027(b)		393,353
	80,000	Morgan Stanley, (fixed rate to 1/21/2027, variable rate thereafter), 2.475%, 1/21/2028		76,266
		Banking — continued
$	200,000	NatWest Group PLC, (fixed rate to 6/14/2026, variable rate thereafter), 1.642%, 6/14/2027(b)	$	182,844
	115,000	Santander Holdings USA, Inc., 3.244%, 10/05/2026		112,100
	200,000	Societe Generale S.A., (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035, 144A		184,405
	200,000	Standard Chartered PLC, (fixed rate to 4/01/2030, variable rate thereafter), 4.644%, 4/01/2031, 144A(b)		206,221
				2,486,143
		Brokerage — 1.0%
	15,000	Jefferies Group LLC, 6.250%, 1/15/2036		17,540
	180,000	Jefferies Group LLC, 6.500%, 1/20/2043		215,646
				233,186
		Building Materials — 0.2%
	35,000	Builders FirstSource, Inc., 6.750%, 6/01/2027, 144A		36,313
		Cable Satellite — 4.5%
	125,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		113,935
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		112,595
	35,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 2/01/2032, 144A		32,593
	90,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.950%, 6/30/2062		72,780
	165,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.800%, 3/01/2050		156,735
	200,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		167,572
	15,000	DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		14,756
	100,000	DISH DBS Corp., 5.125%, 6/01/2029		85,159
	110,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		104,775
	200,000	Time Warner Cable LLC, 4.500%, 9/15/2042		184,984
				1,045,884
		Chemicals — 1.4%
	70,000	CF Industries, Inc., 4.500%, 12/01/2026, 144A		73,062
	15,000	FMC Corp., 3.450%, 10/01/2029		14,734
	60,000	Hercules LLC, 6.500%, 6/30/2029		63,759
	200,000	Orbia Advance Corp. SAB de CV, 2.875%, 5/11/2031, 144A		177,456
				329,011
		Construction Machinery — 0.6%
	90,000	Caterpillar Financial Services Corp., MTN, 0.950%, 1/10/2024		87,675
	20,000	John Deere Capital Corp., MTN, 0.900%, 1/10/2024		19,461
	35,000	John Deere Capital Corp., MTN, 1.250%, 1/10/2025		33,689
				140,825
		Consumer Cyclical Services — 2.3%
	185,000	Expedia Group, Inc., 3.250%, 2/15/2030		176,097
	50,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		45,974
	325,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		304,687
	5,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		5,331
				532,089
		Electric — 1.5%
	15,000	AES Corp. (The), 2.450%, 1/15/2031		13,414
	5,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		4,953
	85,000	Calpine Corp., 3.750%, 3/01/2031, 144A		76,091
	40,000	Calpine Corp., 5.125%, 3/15/2028, 144A		38,103
	20,000	IPALCO Enterprises, Inc., 4.250%, 5/01/2030		20,031
	35,000	NRG Energy, Inc., 4.450%, 6/15/2029, 144A		35,014

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)

Principal Amount		Description	Value (†)
		Electric — continued
$	35,000	NRG Energy, Inc., 5.250%, 6/15/2029, 144A	$	34,203
	140,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050		112,708
	20,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A		19,195
				353,712
		Finance Companies — 7.0%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.875%, 1/23/2028		146,199
	105,000	Air Lease Corp., 3.125%, 12/01/2030		97,074
	205,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		188,816
	40,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(a)		35,900
	125,000	Aircastle Ltd., 4.125%, 5/01/2024		124,794
	15,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(a)		13,725
	60,000	Ares Capital Corp., 2.875%, 6/15/2028		53,118
	65,000	Ares Capital Corp., 3.200%, 11/15/2031		55,085
	25,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		22,960
	30,000	Barings BDC, Inc., 3.300%, 11/23/2026, 144A		27,700
	115,000	Blackstone Secured Lending Fund, 2.125%, 2/15/2027, 144A		102,016
	40,000	FS KKR Capital Corp., 3.125%, 10/12/2028		35,659
	35,000	FS KKR Capital Corp., 3.400%, 1/15/2026		33,886
	75,000	Hercules Capital, Inc., 3.375%, 1/20/2027		70,409
	75,000	Navient Corp., 5.000%, 3/15/2027		71,437
	35,000	Oaktree Specialty Lending Corp., 2.700%, 1/15/2027		32,068
	10,000	OneMain Finance Corp., 7.125%, 3/15/2026		10,689
	50,000	Owl Rock Capital Corp., 2.625%, 1/15/2027		44,815
	50,000	Owl Rock Capital Corp., 2.875%, 6/11/2028		43,609
	60,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		54,188
	110,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		100,996
	75,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		68,539
	155,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		140,275
	55,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		48,174
				1,622,131
		Financial Other — 1.1%
	30,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		27,525
	115,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		112,864
	35,000	Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031, 144A		33,380
	200,000	Times China Holdings Ltd., 6.200%, 3/22/2026		75,834
				249,603
		Food & Beverage — 2.5%
	30,000	Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.250%, 4/27/2029, 144A		29,850
	20,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.000%, 2/02/2029, 144A		18,500
	145,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		143,782
	95,000	Kraft Heinz Foods Co., 4.875%, 10/01/2049		100,095
	10,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		8,743
	50,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		50,469
	60,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		54,027
	190,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A		172,437
				577,903
		Gaming — 0.8%
	20,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		18,146
	85,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 3.875%, 2/15/2029, 144A		83,512
		Gaming — continued
$	15,000	Penn National Gaming, Inc., 4.125%, 7/01/2029, 144A	$	13,428
	55,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		57,007
	5,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		5,238
				177,331
		Government Owned – No Guarantee — 0.1%
	25,000	EcoPetrol S.A., 4.625%, 11/02/2031		22,625
		Health Insurance — 0.7%
	90,000	Centene Corp., 2.500%, 3/01/2031		79,428
	35,000	Centene Corp., 2.625%, 8/01/2031		31,150
	20,000	Centene Corp., 3.000%, 10/15/2030		18,369
	5,000	Centene Corp., 4.625%, 12/15/2029		5,041
	20,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		19,019
				153,007
		Healthcare — 1.6%
	25,000	Avantor Funding, Inc., 3.875%, 11/01/2029, 144A		23,500
	15,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		13,634
	75,000	Cigna Corp., 4.375%, 10/15/2028		78,894
	5,000	Encompass Health Corp., 4.750%, 2/01/2030		4,800
	165,000	HCA, Inc., 4.125%, 6/15/2029		168,185
	15,000	HCA, Inc., 5.250%, 6/15/2049		16,427
	25,000	Tenet Healthcare Corp., 4.625%, 6/15/2028, 144A		24,531
	30,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		30,488
				360,459
		Home Construction — 1.0%
	90,000	Lennar Corp., 4.750%, 11/29/2027		93,756
	75,000	MDC Holdings, Inc., 3.966%, 8/06/2061		57,946
	70,000	PulteGroup, Inc., 6.000%, 2/15/2035		78,791
				230,493
		Independent Energy — 3.4%
	150,000	Aker BP ASA, 4.000%, 1/15/2031, 144A		149,435
	5,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		4,459
	20,000	Continental Resources, Inc., 3.800%, 6/01/2024		20,073
	85,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		92,973
	10,000	Coterra Energy, Inc., 4.375%, 6/01/2024, 144A		10,201
	20,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		19,101
	25,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		24,037
	40,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		38,090
	5,000	EQT Corp., 3.125%, 5/15/2026, 144A		4,856
	30,000	EQT Corp., 3.625%, 5/15/2031, 144A		28,650
	15,000	EQT Corp., 3.900%, 10/01/2027		14,957
	10,000	EQT Corp., 5.000%, 1/15/2029		10,323
	55,000	Hess Corp., 4.300%, 4/01/2027		56,435
	60,000	Hess Corp., 5.600%, 2/15/2041		67,419
	15,000	Occidental Petroleum Corp., 4.100%, 2/15/2047		13,875
	45,000	Occidental Petroleum Corp., 4.200%, 3/15/2048		42,075
	15,000	Occidental Petroleum Corp., 4.400%, 4/15/2046		14,250
	5,000	Occidental Petroleum Corp., 4.400%, 8/15/2049		4,700
	5,000	Occidental Petroleum Corp., 4.500%, 7/15/2044		4,781
	30,000	Occidental Petroleum Corp., 5.550%, 3/15/2026		31,800
	45,000	Ovintiv Exploration, Inc., 5.375%, 1/01/2026		47,698
	20,000	Ovintiv Exploration, Inc., 5.625%, 7/01/2024		21,027
	50,000	Ovintiv, Inc., 6.500%, 8/15/2034		59,346
	5,000	Southwestern Energy Co., 4.750%, 2/01/2032		4,994
				785,555
		Industrial Other — 0.1%
	20,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		18,125
		Leisure — 0.9%
	55,000	Carnival Corp., 5.750%, 3/01/2027, 144A		52,452
	30,000	Carnival Corp., 6.000%, 5/01/2029, 144A		28,270

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)

Principal Amount		Description	Value (†)
		Leisure — continued
$	30,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A	$	28,505
	25,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		24,688
	10,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		9,273
	60,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		57,199
				200,387
		Life Insurance — 1.0%
	50,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		45,556
	55,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		52,414
	95,000	Athene Global Funding, 2.550%, 11/19/2030, 144A		84,292
	30,000	Athene Holding Ltd., 3.500%, 1/15/2031		28,714
	30,000	CNO Financial Group, Inc., 5.250%, 5/30/2029		31,621
				242,597
		Lodging — 1.3%
	60,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		54,450
	40,000	Hilton Domestic Operating Co., Inc., 4.000%, 5/01/2031, 144A		37,758
	10,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		9,291
	25,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		23,857
	5,000	Hyatt Hotels Corp., (Step to 5.625% on 4/23/2022), 5.375%, 4/23/2025		5,249
	3,000	Marriott International, Inc., Series EE, 5.750%, 5/01/2025		3,185
	25,000	Marriott International, Inc., Series FF, 4.625%, 6/15/2030		25,892
	20,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		18,254
	20,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		18,850
	45,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		41,729
	75,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		69,750
				308,265
		Media Entertainment — 2.0%
	25,000	AMC Networks, Inc., 4.250%, 2/15/2029		23,330
	60,000	Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/2027, 144A		59,351
	85,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		81,175
	75,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		74,156
	15,000	Magallanes, Inc., 4.054%, 3/15/2029, 144A		15,073
	25,000	Magallanes, Inc., 4.279%, 3/15/2032, 144A		25,141
	10,000	Netflix, Inc., 4.875%, 4/15/2028		10,488
	135,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		144,004
	5,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		5,413
	5,000	Netflix, Inc., 5.875%, 11/15/2028		5,511
	15,000	Netflix, Inc., 6.375%, 5/15/2029		16,962
				460,604
		Metals & Mining — 3.5%
	25,000	Allegheny Technologies, Inc., 5.875%, 12/01/2027		24,982
	200,000	Anglo American Capital PLC, 4.500%, 3/15/2028, 144A		207,369
	35,000	ArcelorMittal S.A., 7.000%, 10/15/2039		41,081
	200,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		209,500
	45,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		42,566
	25,000	Freeport-McMoRan, Inc., 4.625%, 8/01/2030		25,563
	40,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		44,402
	10,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		11,199
	135,000	Glencore Funding LLC, 3.875%, 10/27/2027, 144A		134,306
		Metals & Mining — continued
$	20,000	Glencore Funding LLC, 4.000%, 3/27/2027, 144A	$	20,061
	35,000	Novelis Corp., 4.750%, 1/30/2030, 144A		33,980
	10,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		9,575
				804,584
		Midstream — 2.6%
	115,000	Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027		122,581
	55,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		49,500
	10,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		10,285
	55,000	Energy Transfer LP, 4.000%, 10/01/2027		55,354
	30,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		25,275
	35,000	EQM Midstream Partners LP, Series 10Y, 5.500%, 7/15/2028		35,137
	15,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		14,154
	80,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		83,037
	15,000	Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030		14,713
	35,000	Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		30,989
	35,000	Plains All American Pipeline LP/PAA Finance Corp., 4.700%, 6/15/2044		32,841
	15,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032		14,397
	60,000	Valero Energy Partners LP, 4.500%, 3/15/2028		61,461
	10,000	Western Midstream Operating LP, 4.550%, 2/01/2030		9,950
	20,000	Western Midstream Operating LP, 5.300%, 3/01/2048		19,800
	5,000	Western Midstream Operating LP, 5.450%, 4/01/2044		5,069
	10,000	Western Midstream Operating LP, 5.750%, 2/01/2050		9,750
				594,293
		Paper — 0.2%
	45,000	Suzano Austria GmbH, 3.750%, 1/15/2031		42,368
		Pharmaceuticals — 1.9%
	10,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		9,575
	65,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		53,532
	10,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		7,856
	50,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		38,918
	5,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A		4,100
	5,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		4,476
	50,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		50,500
	70,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		63,377
	250,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		196,250
				428,584
		Property & Casualty Insurance — 1.2%
	175,000	Fidelity National Financial, Inc., 2.450%, 3/15/2031		154,993
	65,000	Sirius International Group Ltd., 4.600%, 11/01/2026, 144A		63,356
	55,000	Stewart Information Services Corp., 3.600%, 11/15/2031		50,057
				268,406
		REITs – Apartments — 0.0%
	10,000	American Homes 4 Rent, 2.375%, 7/15/2031		8,828
		REITs – Diversified — 0.1%
	15,000	EPR Properties, 3.600%, 11/15/2031		13,599
		REITs – Mortgage — 0.1%
	15,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.250%, 2/01/2027, 144A		14,375

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)

Principal Amount		Description	Value (†)
		REITs – Office Property — 0.0%
$	10,000	Corporate Office Properties LP, 2.750%, 4/15/2031	$	8,977
		REITs – Shopping Centers – 0.8%
	115,000	Brixmor Operating Partnership LP, 4.050%, 7/01/2030		115,384
	75,000	SITE Centers Corp., 3.625%, 2/01/2025		75,049
				190,433
		Restaurants — 0.7%
	125,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		120,000
	45,000	Yum! Brands, Inc., 4.625%, 1/31/2032		43,528
				163,528
		Retailers — 0.8%
	55,000	Carvana Co., 5.625%, 10/01/2025, 144A		51,857
	90,263	CVS Pass-Through Trust, Series 2014, 4.163%, 8/11/2036, 144A		93,997
	20,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		19,001
	10,000	Murphy Oil USA, Inc., 3.750%, 2/15/2031, 144A		9,125
	10,000	Tapestry, Inc., 3.050%, 3/15/2032		9,088
				183,068
		Sovereigns — 0.8%
	200,000	Mexico Government International Bond, 4.280%, 8/14/2041		186,434
		Technology — 5.1%
	85,000	Avnet, Inc., 4.625%, 4/15/2026		87,261
	55,000	Broadcom, Inc., 4.300%, 11/15/2032		55,812
	90,000	CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031		83,381
	130,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		112,915
	60,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		55,261
	5,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		4,738
	60,000	Iron Mountain, Inc., 5.250%, 7/15/2030, 144A		58,800
	35,000	Jabil, Inc., 1.700%, 4/15/2026		32,400
	30,000	Marvell Technology, Inc., 2.450%, 4/15/2028		27,584
	25,000	Marvell Technology, Inc., 2.950%, 4/15/2031		23,109
	265,000	Micron Technology, Inc., 4.663%, 2/15/2030		276,959
	25,000	MSCI, Inc., 3.250%, 8/15/2033, 144A		22,470
	60,000	Open Text Holdings, Inc., 4.125%, 2/15/2030, 144A		56,892
	60,000	Oracle Corp., 3.950%, 3/25/2051		52,453
	60,000	Qorvo, Inc., 3.375%, 4/01/2031, 144A		54,561
	55,000	S&P Global, Inc., 4.250%, 5/01/2029, 144A		57,875
	10,000	Sabre GLBL, Inc., 9.250%, 4/15/2025, 144A		11,086
	60,000	TD SYNNEX Corp., 1.750%, 8/09/2026, 144A		54,952
	35,000	Verisk Analytics, Inc., 4.125%, 3/15/2029		36,089
	5,000	Western Digital Corp., 2.850%, 2/01/2029		4,568
	5,000	Western Digital Corp., 3.100%, 2/01/2032		4,477
				1,173,643
		Treasuries — 15.6%
	135,000	U.S. Treasury Bond, 1.125%, 8/15/2040		105,833
	255,000	U.S. Treasury Bond, 1.875%, 2/15/2051		222,816
	1,510,000	U.S. Treasury Note, 0.125%, 1/31/2023(b)(c)		1,492,128
	780,000	U.S. Treasury Note, 0.125%, 4/30/2023(b)		766,228
	805,000	U.S. Treasury Note, 0.250%, 9/30/2023(b)		782,642
	230,000	U.S. Treasury Note, 1.500%, 2/29/2024		226,649
				3,596,296
		Wireless — 2.5%
	80,000	Crown Castle International Corp., 2.500%, 7/15/2031		71,364
	70,000	SBA Communications Corp., 3.125%, 2/01/2029		63,673
	130,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		123,647
	65,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		61,164
	265,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		266,017
				585,865
		Total Non-Convertible Bonds (Identified Cost $21,355,897)		20,036,777
	Convertible Bonds – 5.4%
		Airlines – 0.6%
$	20,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A	$	18,609
	90,000	Southwest Airlines Co., 1.250%, 5/01/2025		122,130
				140,739
		Cable Satellite — 1.4%
	25,000	DISH Network Corp., Zero Coupon, 0.000%, 12/15/2025(d)		24,254
	340,000	DISH Network Corp., 3.375%, 8/15/2026		305,830
				330,084
		Consumer Cyclical Services — 0.3%
	20,000	Peloton Interactive, Inc., Zero Coupon, 0.000%-1.003%, 2/15/2026(e)		16,710
	55,000	Uber Technologies, Inc., Zero Coupon, 0.000%-1.532%, 12/15/2025(e)		49,300
				66,010
		Gaming — 0.1%
	10,000	Penn National Gaming, Inc., 2.750%, 5/15/2026		20,110
		Healthcare — 0.5%
	140,000	Teladoc Health, Inc., 1.250%, 6/01/2027		118,090
		Leisure — 0.2%
	60,000	NCL Corp. Ltd., 1.125%, 2/15/2027, 144A		54,956
		Media Entertainment — 0.5%
	30,000	Bilibili, Inc., 0.500%, 12/01/2026, 144A		21,975
	25,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026(d)		20,988
	75,000	Zynga, Inc., Zero Coupon, 0.456%-1.992%, 12/15/2026(e)		76,350
				119,313
		Pharmaceuticals — 1.4%
	240,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		240,309
	15,000	Guardant Health, Inc., Zero Coupon, 0.000%, 11/15/2027(d)		12,031
	25,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026, 144A(d)		23,252
	40,000	Livongo Health, Inc., 0.875%, 6/01/2025		40,520
				316,112
		Technology — 0.4%
	25,000	Nutanix, Inc., 0.250%, 10/01/2027, 144A		20,828
	65,000	Splunk, Inc., 1.125%, 6/15/2027		62,075
				82,903
		Total Convertible Bonds (Identified Cost $1,356,166)		1,248,317
		Total Bonds and Notes (Identified Cost $22,712,063)		21,285,094
	Collateralized Loan Obligations — 3.2%
	250,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 3.154%, 4/20/2034, 144A(f)		238,768
	250,000	Fillmore Park CLO Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.900%, 3.141%, 7/15/2030, 144A(f)		245,576
	250,000	Recette CLO Ltd., Series 2015-1A, Class DRR, 3-month LIBOR + 3.250%, 3.504%, 4/20/2034, 144A(f)		243,528
		Total Collateralized Loan Obligations (Identified Cost $750,000)		727,872
Shares
	Preferred Stocks — 2.3%
	Convertible Preferred Stocks — 2.3%
		Banking — 1.0%
	97	Bank of America Corp., Series L, 7.250%		127,312
	83	Wells Fargo & Co., Class A, Series L, 7.500%		109,975
				237,287

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)

Shares		Description	Value (†)
		Technology — 0.1%
	273	Clarivate PLC, Series A, 5.250%	$	18,529
		Wireless — 1.2%
	250	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A(g)(h)		278,750
		Total Convertible Preferred Stocks (Identified Cost $591,279)		534,566
		Total Preferred Stocks (Identified Cost $591,279)		534,566
Principal Amount
	Short-Term Investments — 1.5%
$	355,617	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $355,617 on 4/01/2022 collateralized by $364,100 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $362,791 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $355,617)		355,617
		Total Investments — 99.4% (Identified Cost $24,408,959)		22,903,149
		Other assets less liabilities — 0.6%		137,628
		Net Assets — 100.0%	$	23,040,777
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Perpetual bond with no specified maturity date.
	(b)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(c)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
	(d)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(e)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
	(f)	Variable rate security. Rate as of March 31, 2022 is disclosed.
	(g)	Illiquid security.
	(h)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2022, the value of this security amounted to $278,750 or 1.2% of net assets. See Note 2 of Notes to Financial Statements.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the value of Rule 144A holdings amounted to $7,573,678 or 32.9% of net assets.
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

At March 31, 2022, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		6/21/2022		15	$	2,097,275	$	2,032,031	$	65,244

Industry Summary at March 31, 2022 (Unaudited)

Treasuries	15.6	%
Banking	11.8
Finance Companies	7.0
Cable Satellite	5.9
Technology	5.6
Wireless	3.7
Metals & Mining	3.5
Independent Energy	3.4
Pharmaceuticals	3.3
Aerospace & Defense	3.2
Consumer Cyclical Services	2.6
Midstream	2.6
Media Entertainment	2.5
Food & Beverage	2.5
Healthcare	2.1
Other Investments, less than 2% each	19.4
Collateralized Loan Obligations	3.2
Short-Term Investments	1.5
Total Investments	99.4
Other assets less liabilities (including futures contracts)	0.6
Net Assets	100.0	%

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Allocation Fund

Shares		Description	Value (†)
	Common Stocks — 67.3% of Net Assets
		Canada — 0.4%
	646,549	Canada Goose Holdings, Inc.(a)	$	16,989,269
	22,985	Descartes Systems Group, Inc. (The)(a)		1,682,852
				18,672,121
		France — 2.2%
	607,804	Dassault Systemes SE		29,860,559
	94,127	LVMH Moet Hennessy Louis Vuitton SE		67,187,729
				97,048,288
		Hong Kong — 0.8%
	3,332,200	AIA Group Ltd.		34,794,423
		India — 1.1%
	2,507,735	HDFC Bank Ltd.		48,298,498
		Japan — 1.2%
	1,570,861	Nomura Research Institute Ltd.		51,252,926
		Netherlands — 3.2%
	210,316	ASML Holding NV		140,537,665
		Sweden — 1.4%
	1,212,567	Atlas Copco AB, Class A		62,939,413
		Taiwan — 1.9%
	4,172,000	Taiwan Semiconductor Manufacturing Co. Ltd.		85,582,376
		United Kingdom — 3.6%
	798,070	Halma PLC		26,110,536
	414,707	Linde PLC		132,469,857
				158,580,393
		United States — 51.5%
	313,590	Accenture PLC, Class A		105,751,956
	117,905	Adobe, Inc.(a)		53,719,876
	843,730	Airbnb, Inc., Class A(a)		144,919,065
	5,639	Alphabet, Inc., Class C(a)		15,749,671
	46,899	Alphabet, Inc., Class A(a)		130,442,534
	46,054	Amazon.com, Inc.(a)		150,133,737
	88,173	Azenta, Inc.		7,307,778
	195,384	Copart, Inc.(a)		24,514,830
	163,032	Costco Wholesale Corp.		93,881,977
	492,713	Cummins, Inc.		101,060,363
	427,719	Danaher Corp.		125,462,814
	773,946	Dropbox, Inc., Class A(a)		17,994,245
	226,363	Estee Lauder Cos., Inc. (The), Class A		61,643,172
	226,305	Goldman Sachs Group, Inc. (The)		74,703,281
	262,853	Home Depot, Inc. (The)		78,679,788
	498,220	IQVIA Holdings, Inc.(a)		115,193,446
	390,858	Mastercard, Inc., Class A		139,684,832
	298,750	Meta Platforms, Inc., Class A(a)		66,430,050
	47,995	Mettler-Toledo International, Inc.(a)		65,906,254
	419,574	NVIDIA Corp.		114,484,962
	207,663	Roper Technologies, Inc.		98,064,699
	261,434	S&P Global, Inc.		107,234,998
	556,196	salesforce.com, inc.(a)		118,091,535
	273,850	Sherwin-Williams Co. (The)		68,358,437
	267,513	Texas Instruments, Inc.		49,083,285
	232,426	UnitedHealth Group, Inc.		118,530,287
	66,428	VeriSign, Inc.(a)		14,777,573
				2,261,805,445
		Total Common Stocks (Identified Cost $2,187,396,313)		2,959,511,548
Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 31.3%
	Non-Convertible Bonds — 29.0%
		Australia — 0.7%
	3,010,000	Australia Government Bond, Series 133, 5.500%, 4/21/2023, (AUD)(b)	$	2,356,560
	10,700,000	Australia Government Bond, Series 164, 0.500%, 9/21/2026, (AUD)(b)		7,305,994
	800,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		756,720
	670,000	GAIF Bond Issuer Pty Ltd., 3.400%, 9/30/2026, 144A		675,300
	3,560,000	Glencore Funding LLC, 1.625%, 9/01/2025, 144A		3,328,600
	5,000,000	Macquarie Group Ltd., (fixed rate to 1/14/2032, variable rate thereafter), 2.871%, 1/14/2033, 144A(b)		4,437,835
	4,000,000	Macquarie Group Ltd., (fixed rate to 9/23/2026, variable rate thereafter), 1.629%, 9/23/2027, 144A(b)		3,609,972
	11,610,000	New South Wales Treasury Corp., 2.000%, 3/08/2033, (AUD)(b)		7,656,796
	95,000	Sydney Airport Finance Co. Pty Ltd., 3.375%, 4/30/2025, 144A		94,439
	1,370,000	Westpac Banking Corp., 1.953%, 11/20/2028(b)		1,261,855
				31,484,071
		Belgium — 0.1%
	2,745,000	Anheuser-Busch InBev S.A., EMTN, 2.000%, 1/23/2035, (EUR)		3,027,394
	1,690,000	Anheuser-Busch InBev Worldwide, Inc., 4.750%, 1/23/2029		1,832,256
				4,859,650
		Brazil — 0.7%
	1,035,000	Braskem Netherlands Finance BV, 4.500%, 1/10/2028		1,021,235
	1,785,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030		1,727,505
	53,329(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2031, (BRL)		10,288,655
	2,685,000	Brazilian Government International Bond, 4.500%, 5/30/2029		2,632,374
	1,085,000	Brazilian Government International Bond, 4.625%, 1/13/2028		1,087,431
	2,980,000	BRF S.A., 4.875%, 1/24/2030		2,841,430
	650,000	Centrais Eletricas Brasileiras S.A., 4.625%, 2/04/2030, 144A		607,750
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		400,100
	1,100,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		1,111,011
	2,465,000	Petrobras Global Finance BV, 5.999%, 1/27/2028		2,586,894
	150,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		154,599
	575,000	Raizen Fuels Finance S.A., 5.300%, 1/20/2027, 144A		595,125
	2,515,000	Suzano Austria GmbH, 2.500%, 9/15/2028		2,269,410
	1,185,000	Suzano Austria GmbH, 3.125%, 1/15/2032		1,049,175
	550,000	Suzano Austria GmbH, 3.750%, 1/15/2031		517,825
				28,890,519

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Canada — 3.3%
$	790,000	1011778 BC ULC/New Red Finance, Inc., 4.000%, 10/15/2030, 144A	$	712,608
	363,716	Air Canada Pass Through Trust, Series 2015-2, Class A, 4.125%, 6/15/2029, 144A		349,033
	734,616	Air Canada Pass Through Trust, Series 2017-1, Class AA, 3.300%, 7/15/2031, 144A(b)		697,716
	505,000	Antares Holdings LP, 3.750%, 7/15/2027, 144A		465,883
	1,210,000	Antares Holdings LP, 3.950%, 7/15/2026, 144A		1,127,895
	1,010,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		1,031,044
	4,500,000	Bank of Montreal, (fixed rate to 1/22/2026, variable rate thereafter), MTN, 0.949%, 1/22/2027(b)		4,129,200
	2,675,000	Bank of Nova Scotia (The), 1.050%, 3/02/2026(b)		2,453,872
	2,525,000	Bank of Nova Scotia (The), 1.300%, 9/15/2026(b)		2,321,921
	2,835,000	Bell Telephone Co. of Canada/Bell Canada (The), MTN, 3.600%, 9/29/2027, (CAD)		2,252,398
	1,735,000	Brookfield Finance I UK PLC, 2.340%, 1/30/2032		1,542,273
	1,015,000	Brookfield Finance, Inc., 3.900%, 1/25/2028		1,019,297
	2,715,000	Brookfield Renewable Partners ULC, MTN, 4.250%, 1/15/2029, (CAD)		2,216,173
	1,220,000	Canada Housing Trust No. 1, 1.550%, 12/15/2026, 144A, (CAD)(b)		925,557
	35,055,000	Canadian Government Bond, 0.500%, 9/01/2025, (CAD)(b)		26,329,315
	62,805,000	Canadian Government Bond, 1.500%, 12/01/2031, (CAD)		46,370,652
	970,000	Canadian Imperial Bank of Commerce, 3.500%, 9/13/2023(b)		984,432
	1,800,000	Canadian Imperial Bank of Commerce, (fixed rate to 7/22/2022, variable rate thereafter), 2.606%, 7/22/2023(b)		1,800,286
	2,465,000	Canadian Pacific Railway Co., 1.750%, 12/02/2026		2,321,959
	800,000	CPPIB Capital, Inc., 0.375%, 6/20/2024, 144A, (EUR)(b)		881,044
	4,695,000	Enbridge Gas, Inc., MTN, 2.900%, 4/01/2030, (CAD)(b)		3,567,096
	430,000	Enbridge, Inc., 2.900%, 7/15/2022		431,086
	4,770,000	Enbridge, Inc., MTN, 2.990%, 10/03/2029, (CAD)		3,532,658
	2,965,000	Federation des Caisses Desjardins du Quebec, (fixed rate to 5/26/2025, variable rate thereafter), 2.856%, 5/26/2030, (CAD)(b)		2,304,335
	182,519	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)		142,469
	4,670,000	Ontario Power Generation, Inc., MTN, 2.977%, 9/13/2029, (CAD)(b)		3,574,288
	5,000,000	Province of British Columbia Canada, Series 10, 1.750%, 9/27/2024(b)		4,909,746
	2,355,000	Province of Quebec Canada, 2.300%, 9/01/2029, (CAD)(b)		1,800,511
	2,725,000	Royal Bank of Canada, 0.875%, 1/20/2026(b)		2,504,957
	2,040,000	Royal Bank of Canada, 1.200%, 4/27/2026(b)		1,887,958
	2,475,000	Royal Bank of Canada, GMTN, 2.250%, 11/01/2024(b)		2,440,281
	2,960,000	Shaw Communications, Inc., 3.300%, 12/10/2029, (CAD)		2,222,409
		Canada — continued
$	7,170,000	Toronto-Dominion Bank (The), 1.950%, 1/12/2027(b)	$	6,790,781
	2,500,000	Toronto-Dominion Bank (The), 2.100%, 7/15/2022, 144A(b)		2,505,110
	1,690,000	Toronto-Dominion Bank (The), GMTN, 3.500%, 7/19/2023(b)		1,717,718
	1,675,000	Toronto-Dominion Bank (The), MTN, 1.150%, 6/12/2025(b)		1,580,799
	1,580,000	Videotron Ltd., 5.125%, 4/15/2027, 144A		1,598,923
				143,443,683
		Chile — 0.4%
	715,000	Banco de Chile, 2.990%, 12/09/2031, 144A(b)		659,838
	2,525,000	Banco Santander Chile, 3.177%, 10/26/2031, 144A(b)		2,411,981
	950,000	Celulosa Arauco y Constitucion S.A., 4.500%, 8/01/2024		976,134
	1,500,000	Chile Government International Bond, 2.450%, 1/31/2031(b)		1,404,795
	1,005,000	Chile Government International Bond, 2.550%, 1/27/2032(b)		944,318
	2,580,000	Colbun S.A., 3.150%, 3/06/2030		2,390,396
	1,960,000	Corp. Nacional del Cobre de Chile, 3.000%, 9/30/2029, 144A(b)		1,866,948
	570,000	Corp. Nacional del Cobre de Chile, 3.750%, 1/15/2031, 144A(b)		570,471
	595,000	Empresa Nacional de Telecomunicaciones S.A., 3.050%, 9/14/2032, 144A		539,962
	1,980,000	Empresa Nacional del Petroleo, 3.450%, 9/16/2031, 144A(b)		1,815,541
	525,000	Enel Chile S.A., 4.875%, 6/12/2028		543,853
	2,690,000	Engie Energia Chile S.A., 3.400%, 1/28/2030		2,474,827
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A		813,008
	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A		1,142,400
				18,554,472
		China — 1.0%
	920,000	Alibaba Group Holding Ltd., 3.400%, 12/06/2027(b)		902,677
	795,000	Baidu, Inc., 3.875%, 9/29/2023(b)		802,982
	98,500,000	China Government Bond, 2.200%, 7/27/2025, (CNY)(b)		15,255,368
	6,500,000	China Government Bond, 3.390%, 5/21/2025, (CNH)(b)		1,043,786
	500,000	China Government Bond, 3.480%, 6/29/2027, (CNH)		81,210
	25,000,000	China Government Bond, 3.900%, 7/04/2036, (CNH)(b)		4,270,462
	67,500,000	China Government Bond, 4.000%, 11/30/2035, (CNY)(b)		11,678,948
	2,600,000	Country Garden Holdings Co. Ltd., 2.700%, 7/12/2026		1,844,778
	2,800,000	Country Garden Holdings Co. Ltd., 3.300%, 1/12/2031		1,933,764
	2,435,000	Country Garden Holdings Co. Ltd., 8.000%, 1/27/2024		2,089,303
	905,000	Industrial & Commercial Bank of China Ltd., 2.957%, 11/08/2022(b)		906,765
	2,750,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031(c)(d)		682,880
	2,750,000	Sunac China Holdings Ltd., 5.950%, 4/26/2024(c)(d)		701,223
	625,000	Tencent Holdings Ltd., 2.880%, 4/22/2031, 144A(b)		570,869

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		China — continued
$	500,000	Tencent Holdings Ltd., 2.985%, 1/19/2023, 144A(b)	$	499,715
	1,175,000	Tencent Holdings Ltd., 3.280%, 4/11/2024, 144A(b)		1,168,238
	1,270,000	Weibo Corp., 3.500%, 7/05/2024		1,239,850
				45,672,818
		Colombia — 0.4%
	1,395,000	Colombia Government International Bond, 3.125%, 4/15/2031		1,180,519
	2,536,000	Ecopetrol S.A., 5.875%, 5/28/2045		2,221,790
	1,300,000	Empresas Publicas de Medellin ESP, 4.250%, 7/18/2029, 144A		1,157,260
	1,026,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		1,088,714
	1,035,000	Millicom International Cellular S.A., 6.625%, 10/15/2026		1,060,875
	575,000	Republic of Colombia, 3.875%, 4/25/2027		551,241
	7,073,300,000	Republic of Colombia, Series B, 6.250%, 11/26/2025, (COP)		1,707,051
	29,559,900,000	Titulos De Tesoreria, Series B, 7.500%, 8/26/2026, (COP)		7,331,512
	870,000	Transportadora de Gas Internacional S.A. E.S.P., 5.550%, 11/01/2028, 144A		898,832
				17,197,794
		Denmark — 0.1%
	2,055,000	Orsted A/S, EMTN, 2.125%, 5/17/2027, (GBP)		2,664,785
		Dominican Republic — 0.1%
	2,160,000	Dominican Republic, 4.500%, 1/30/2030, 144A		1,981,822
	1,155,000	Dominican Republic, 4.875%, 9/23/2032, 144A		1,045,287
	590,000	Dominican Republic, 5.950%, 1/25/2027, 144A		606,514
	995,000	Dominican Republic, 6.000%, 7/19/2028, 144A		1,012,034
	425,000	Dominican Republic, 8.625%, 4/20/2027, 144A		469,625
				5,115,282
		Ecuador — 0.1%
	4,275,000	Ecuador Government International Bond, (Step to 5.500% on 7/31/2022), 5.000%, 7/31/2030		3,569,668
		Egypt — 0.1%
	1,515,000	Egypt Government International Bond, 5.250%, 10/06/2025		1,457,127
	1,435,000	Egypt Government International Bond, 7.625%, 5/29/2032		1,298,305
				2,755,432
		Finland — 0.1%
	3,575,000	Nordea Bank Abp, 0.750%, 8/28/2025, 144A(b)		3,293,301
		France — 0.2%
	205,000	BNP Paribas S.A., 4.375%, 5/12/2026, 144A		207,728
	890,000	BNP Paribas S.A., (fixed rate to 6/09/2025, variable rate thereafter), 2.219%, 6/09/2026, 144A(b)		846,306
	250,000	Credit Agricole S.A., 3.250%, 10/04/2024, 144A		249,992
	4,500,000	Credit Agricole S.A., (fixed rate to 1/26/2026, variable rate thereafter), 1.247%, 1/26/2027, 144A(b)		4,093,986
	1,300,000	Edenred, 1.875%, 3/06/2026, (EUR)		1,468,095
	1,400,000	Engie S.A., 1.250%, 10/24/2041, (EUR)		1,269,510
	500,000	Holding d’Infrastructures de Transport SASU, EMTN, 0.625%, 3/27/2023, (EUR)		555,116
	500,000	Holding d’Infrastructures de Transport SASU, EMTN, 1.625%, 11/27/2027, (EUR)		542,717
		France — continued
$	1,015,000	Societe Generale S.A., 4.750%, 11/24/2025, 144A	$	1,023,610
	230,000	SPCM S.A., 3.125%, 3/15/2027, 144A		211,600
	215,000	SPCM S.A., 3.375%, 3/15/2030, 144A		188,749
				10,657,409
		Germany — 0.3%
	1,165,000	BMW U.S. Capital LLC, 3.150%, 4/18/2024, 144A(b)		1,170,981
	1,395,000	BMW U.S. Capital LLC, 4.150%, 4/09/2030, 144A(b)		1,464,412
	1,635,000	Deutsche Bank AG, (fixed rate to 1/07/2027, variable rate thereafter), 2.552%, 1/07/2028		1,508,359
	305,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		269,559
	2,255,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		2,011,342
	3,220,000	Fraport AG Frankfurt Airport Services Worldwide, 1.875%, 3/31/2028, (EUR)		3,431,216
	3,790,000	Kreditanstalt fuer Wiederaufbau, EMTN, 1.250%, 8/28/2023, (NOK)(b)		426,123
	1,450,000	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026, 144A(b)		1,396,221
	490,000	Volkswagen Group of America Finance LLC, 1.625%, 11/24/2027, 144A		435,052
	420,000	Volkswagen Group of America Finance LLC, 3.350%, 5/13/2025, 144A		418,682
				12,531,947
		Guatemala — 0.0%
	1,050,000	CT Trust, 5.125%, 2/03/2032, 144A		1,049,423
		Hong Kong — 0.1%
	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A		357,032
	1,405,000	AIA Group Ltd., 3.600%, 4/09/2029(b)		1,415,205
	1,135,000	AIA Group Ltd., 3.900%, 4/06/2028, 144A(b)		1,155,566
				2,927,803
		India — 0.3%
	1,195,000	Adani Ports & Special Economic Zone Ltd., 3.100%, 2/02/2031, 144A		1,028,787
	2,480,000	Adani Ports & Special Economic Zone Ltd., 4.200%, 8/04/2027		2,415,931
	2,940,000	Bharti Airtel Ltd., 3.250%, 6/03/2031		2,717,190
	2,790,000	Export-Import Bank of India, 2.250%, 1/13/2031, 144A		2,391,203
	1,230,000	ICICI Bank Ltd., EMTN, 3.250%, 9/09/2022		1,230,763
	1,250,000	Power Finance Corp. Ltd., 3.950%, 4/23/2030, 144A		1,198,387
	2,400,000	Shriram Transport Finance Co. Ltd., 4.150%, 7/18/2025, 144A		2,286,000
	2,420,000	Shriram Transport Finance Co. Ltd., 4.400%, 3/13/2024		2,366,760
				15,635,021
		Indonesia — 0.2%
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		308,175
	50,092,000,000	Indonesia Treasury Bond, Series FR75, 7.500%, 5/15/2038, (IDR)		3,566,306
	43,840,000,000	Indonesia Treasury Bond, Series FR82, 7.000%, 9/15/2030, (IDR)		3,104,010
	1,475,000	Republic of Indonesia, 2.850%, 2/14/2030		1,450,559
				8,429,050

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Ireland — 0.2%
$	645,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, 10/29/2028	$	594,811
	3,245,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/30/2032		2,925,236
	1,250,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		1,273,970
	3,710,000	Ireland Government Bond, Zero Coupon, 0.029%, 10/18/2031, (EUR)(b)(e)		3,724,172
	375,000	Ireland Government Bond, 3.400%, 3/18/2024, (EUR)(b)		442,165
				8,960,354
		Israel — 0.7%
	10,950,000	State of Israel, 1.000%, 3/31/2030, (ILS)(b)		3,176,464
	2,750,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		2,777,500
	4,140,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		3,748,315
	20,421,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		16,030,485
	4,475,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		4,295,776
	510,000	Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/09/2029		490,222
				30,518,762
		Italy — 0.4%
	200,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		204,309
	530,000	Intesa Sanpaolo SpA, EMTN, 3.928%, 9/15/2026, (EUR)		612,855
	6,965,000	Italy Buoni Poliennali Del Tesoro, 1.350%, 4/01/2030, (EUR)		7,464,710
	3,305,000	Italy Buoni Poliennali Del Tesoro, 2.000%, 2/01/2028, (EUR)		3,769,862
	1,975,000	Italy Government International Bond, 2.375%, 10/17/2024		1,941,449
	3,335,000	Republic of Italy, 2.500%, 11/15/2025, (EUR)		3,892,995
	630,000	UniCredit SpA, (fixed rate to 4/02/2029, variable rate thereafter), 7.296%, 4/02/2034, 144A		667,286
	635,000	UniCredit SpA, (fixed rate to 6/19/2027, variable rate thereafter), 5.861%, 6/19/2032, 144A		624,052
	200,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		191,109
				19,368,627
		Japan — 1.0%
	995,386,000(†††)	Japan Government CPI Linked Bond, Series 23, 0.100%, 3/10/2028, (JPY)(b)		8,607,511
	2,020,350,000	Japan Government Thirty Year Bond, Series 62, 0.500%, 3/20/2049, (JPY)(b)		15,067,987
	2,375,000	Mitsubishi UFJ Financial Group, Inc., (fixed rate to 1/19/2027, variable rate thereafter), 2.341%, 1/19/2028(b)		2,243,152
	3,000,000	Mitsubishi UFJ Financial Group, Inc., (fixed rate to 10/13/2026, variable rate thereafter), 1.640%, 10/13/2027(b)		2,757,859
	2,020,000	Mizuho Financial Group, Inc., 2.564%, 9/13/2031(b)		1,765,488
	2,000,000	Mizuho Financial Group, Inc., (fixed rate to 7/10/2023, variable rate thereafter), 1.241%, 7/10/2024(b)		1,957,287
		Japan — continued
$	2,000,000	Nomura Holdings, Inc., 1.851%, 7/16/2025(b)	$	1,887,743
	2,385,000	Nomura Holdings, Inc., 2.710%, 1/22/2029		2,198,884
	3,050,000	Sumitomo Mitsui Financial Group, Inc., 1.402%, 9/17/2026(b)		2,782,430
	1,445,000	Sumitomo Mitsui Financial Group, Inc., 3.040%, 7/16/2029(b)		1,389,612
	2,790,000	Toyota Motor Corp., 2.362%, 3/25/2031(b)		2,607,381
				43,265,334
		Korea — 1.1%
	765,000	Export-Import Bank of Korea, 3.000%, 11/01/2022(b)		767,303
	160,900,000	Export-Import Bank of Korea, MTN, 6.750%, 8/09/2022, (INR)(b)		2,128,461
	636,300,000	Export-Import Bank of Korea, MTN, 6.900%, 2/07/2023, (INR)(b)(c)(d)		8,440,138
	1,100,000	Hyundai Capital Services, Inc., 3.750%, 3/05/2023, 144A		1,112,374
	1,650,000	Kia Corp., 1.750%, 10/16/2026, 144A		1,537,256
	1,060,000	Kia Corp., 2.750%, 2/14/2027, 144A		1,025,094
	1,575,000	Kia Corp., 3.000%, 4/25/2023, 144A		1,579,630
	2,720,000	Kookmin Bank, 1.375%, 5/06/2026, 144A(b)		2,544,315
	1,515,000	Korea East-West Power Co. Ltd., 1.750%, 5/06/2025, 144A(b)		1,451,279
	910,000	Korea Gas Corp., 2.750%, 7/20/2022, 144A(b)		910,628
	2,400,000	Korea National Oil Corp., 2.125%, 4/18/2027, 144A(b)		2,246,943
	670,000	KT Corp., 2.500%, 7/18/2026, 144A(b)		652,073
	1,180,000	LG Chem Ltd., 3.250%, 10/15/2024, 144A		1,182,732
	4,500,000,000	Republic of Korea, 0.875%, 12/10/2023, (KRW)(b)		3,629,148
	4,500,000,000	Republic of Korea, 1.125%, 9/10/2025, (KRW)(b)		3,520,837
	13,130,550,000	Republic of Korea, 1.500%, 12/10/2030, (KRW)(b)		9,625,483
	1,440,000,000	Republic of Korea, Series 2209, 2.000%, 9/10/2022, (KRW)(b)		1,190,397
	770,000	Shinhan Bank Co. Ltd., 3.875%, 3/24/2026, 144A		776,348
	2,765,000	SK Hynix, Inc., 2.375%, 1/19/2031, 144A		2,410,097
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		161,678
				46,892,214
		Luxembourg — 0.0%
	920,000	ArcelorMittal S.A., 6.750%, 3/01/2041		1,088,038
		Malaysia — 0.2%
	28,570,000	Malaysia Government Bond, 3.480%, 3/15/2023, (MYR)(b)		6,879,423
		Mexico — 1.1%
	620,000	Alfa SAB de CV, 6.875%, 3/25/2044		685,987
	770,000	America Movil SAB de CV, 2.125%, 3/10/2028, (EUR)		863,802
	860,000	America Movil SAB de CV, 2.875%, 5/07/2030		821,567
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		495,475
	730,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 4/17/2025, 144A		761,781
	1,905,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		1,738,332
	855,000	Cemex SAB de CV, 5.450%, 11/19/2029		864,627
	400,000	Cemex SAB de CV, 7.375%, 6/05/2027, 144A		428,000
	1,775,000	Coca-Cola Femsa SAB de CV, 2.750%, 1/22/2030(b)		1,698,728

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Mexico — continued
$	1,205,000	Comision Federal de Electricidad, 4.750%, 2/23/2027	$	1,232,112
	800,000	Gruma SAB de CV, 4.875%, 12/01/2024		829,008
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		330,518
	840,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031, 144A(b)		760,654
	1,707,184(††††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)(b)		7,806,183
	1,294,043(††††)	Mexican Fixed Rate Bonds, Series M 20, 8.500%, 5/31/2029, (MXN)(b)		6,575,287
	637,836(††††)	Mexican Fixed Rate Bonds, Series M 30, 8.500%, 11/18/2038, (MXN)		3,254,888
	724,558(††††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		3,496,129
	2,665,000	Mexico Government International Bond, 3.250%, 4/16/2030		2,565,249
	1,880,000	Mexico Government International Bond, 3.500%, 2/12/2034		1,747,441
	196,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)		196,443
	1,850,000	Orbia Advance Corp. SAB de CV, 1.875%, 5/11/2026, 144A		1,735,836
	1,240,000	Orbia Advance Corp. SAB de CV, 4.000%, 10/04/2027		1,240,012
	3,505,000	Petroleos Mexicanos, 5.950%, 1/28/2031		3,235,150
	100,000	Sigma Alimentos S.A. de CV, 2.625%, 2/07/2024, 144A, (EUR)		112,612
	835,000	Sigma Alimentos S.A. de CV, 4.125%, 5/02/2026		841,263
	2,090,000	Sigma Finance Netherlands BV, 4.875%, 3/27/2028		2,155,333
	1,010,000	Unifin Financiera SAB de CV, 7.250%, 9/27/2023		717,403
	2,195,000	Unifin Financiera SAB de CV, 9.875%, 1/28/2029		1,290,879
				48,480,699
		Netherlands — 0.1%
	870,000	Cooperatieve Rabobank U.A., 4.375%, 8/04/2025		884,677
	1,725,000	ING Groep NV, (fixed rate to 7/01/2025, variable rate thereafter), 1.400%, 7/01/2026, 144A(b)		1,595,852
				2,480,529
		New Zealand — 0.5%
	3,495,000	ANZ New Zealand International Ltd., 1.250%, 6/22/2026, 144A(b)		3,228,252
	2,200,000	Bank of New Zealand, 1.000%, 3/03/2026, 144A(b)		2,018,750
	5,000,000	Fonterra Co-operative Group Ltd., MTN, 5.500%, 2/26/2024, (AUD)(b)		3,940,636
	10,700,000	New Zealand Government Bond, 0.500%, 5/15/2024, (NZD)(b)		7,053,160
	6,310,000	New Zealand Government Bond, 1.500%, 5/15/2031, (NZD)(b)		3,778,967
	3,575,000	New Zealand Government Bond, 3.000%, 4/20/2029, (NZD)(b)		2,446,882
				22,466,647
		Nigeria — 0.0%
	1,975,000	Nigeria Government International Bond, 6.125%, 9/28/2028, 144A		1,812,102
		Norway — 0.4%
$	3,660,000	DNB Bank ASA, (fixed rate to 5/25/2026, variable rate thereafter), 1.535%, 5/25/2027, 144A(b)	$	3,365,386
	2,790,000	Equinor ASA, 3.625%, 4/06/2040(b)		2,805,923
	41,750,000	Norway Government Bond, 1.750%, 2/17/2027, 144A, (NOK)(b)		4,564,409
	16,500,000	Norway Government Bond, Series 478, 1.500%, 2/19/2026, 144A, (NOK)(b)		1,804,168
	46,500,000	Norway Government Bond, Series 482, 1.375%, 8/19/2030, 144A, (NOK)(b)		4,809,494
				17,349,380
		Panama — 0.0%
	1,485,000	Cable Onda S.A., 4.500%, 1/30/2030, 144A		1,448,618
		Paraguay — 0.1%
	1,420,000	Paraguay Government International Bond, 4.950%, 4/28/2031, 144A		1,483,914
	800,000	Republic of Paraguay, 5.000%, 4/15/2026, 144A		834,000
				2,317,914
		Peru — 0.2%
	3,220,000	Corp. Financiera de Desarrollo S.A., 2.400%, 9/28/2027, 144A		2,949,198
	2,005,000	Peruvian Government International Bond, 2.392%, 1/23/2026		1,945,231
	2,455,000	Peruvian Government International Bond, 3.000%, 1/15/2034		2,288,453
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A		1,065,760
				8,248,642
		Philippines — 0.0%
	1,060,000	Philippine Government International Bond, 2.457%, 5/05/2030		1,008,325
		Poland — 0.2%
	26,400,000	Republic of Poland Government Bond, 1.250%, 10/25/2030, (PLN)(b)		4,626,244
	12,970,000	Republic of Poland Government Bond, 3.250%, 7/25/2025, (PLN)(b)		2,869,744
				7,495,988
		Portugal — 0.1%
	3,590,000	EDP Finance BV, 1.710%, 1/24/2028, 144A		3,172,196
		Qatar — 0.1%
	1,770,000	Ooredoo International Finance Ltd., 2.625%, 4/08/2031, 144A(b)		1,659,191
	1,600,000	Qatar Energy, 2.250%, 7/12/2031, 144A(b)		1,472,224
				3,131,415
		Romania — 0.1%
	29,970,000	Romania Government Bond, 4.150%, 10/24/2030, (RON)		5,845,868
	1,100,000	Romania Government International Bond, 2.000%, 4/14/2033, 144A, (EUR)		976,396
				6,822,264
		Singapore — 0.3%
	785,000	BOC Aviation Ltd., 2.750%, 9/18/2022, 144A		785,093
	1,450,000	BOC Aviation Ltd., 3.250%, 4/29/2025, 144A		1,427,423
	860,000	BOC Aviation USA Corp., 1.625%, 4/29/2024, 144A		826,073
	345,000	DBS Group Holdings Ltd., (fixed rate to 12/11/2023, variable rate thereafter), 4.520%, 12/11/2028, 144A(b)		352,100

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Singapore — continued
	4,510,000	Republic of Singapore, 2.750%, 7/01/2023, (SGD)(b)	$	3,372,781
	10,055,000	Singapore Government Bond, 2.125%, 6/01/2026, (SGD)(b)		7,389,073
				14,152,543
		South Africa — 0.5%
	1,400,000	Anglo American Capital PLC, 2.625%, 9/10/2030, 144A		1,269,394
	1,400,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A		1,543,069
	1,420,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024		1,423,550
	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		932,325
	116,835,000	Republic of South Africa, Series 2035, 8.875%, 2/28/2035, (ZAR)		7,181,605
	39,185,000	Republic of South Africa, Series R213, 7.000%, 2/28/2031, (ZAR)		2,234,852
	7,585,000	South Africa Government International Bond, 5.750%, 9/30/2049		6,617,913
				21,202,708
		Spain — 0.4%
	2,300,000	Banco Bilbao Vizcaya Argentaria S.A., GMTN, 0.750%, 9/11/2022, (EUR)		2,555,570
	400,000	Banco Santander S.A., 3.125%, 2/23/2023		402,877
	2,000,000	Banco Santander S.A., (fixed rate to 9/14/2026, variable rate thereafter), 1.722%, 9/14/2027(b)		1,806,404
	600,000	CaixaBank S.A., (fixed rate to 4/17/2025, variable rate thereafter), EMTN, 2.250%, 4/17/2030, (EUR)		660,225
	500,000	CaixaBank S.A., (fixed rate to 7/14/2023, variable rate thereafter), EMTN, 2.750%, 7/14/2028, (EUR)		561,855
	3,700,000	Cellnex Telecom S.A., EMTN, 1.750%, 10/23/2030, (EUR)		3,574,615
	270,000	Grifols Escrow Issuer S.A., 4.750%, 10/15/2028, 144A		254,138
	700,000	Naturgy Finance BV, EMTN, 1.500%, 1/29/2028, (EUR)		774,455
	430,000	Spain Government Bond, 1.600%, 4/30/2025, 144A, (EUR)		492,850
	2,525,000	Spain Government Bond, 1.950%, 7/30/2030, 144A, (EUR)(b)		2,962,324
	2,565,000	Spain Government Bond, 4.400%, 10/31/2023, 144A, (EUR)(b)		3,034,467
				17,079,780
		Supranationals — 0.3%
	1,495,000	Corporacion Andina de Fomento, 2.375%, 5/12/2023(b)		1,495,552
	1,115,000	Corporacion Andina de Fomento, 4.375%, 6/15/2022(b)		1,119,271
	3,360,000	European Investment Bank, 1.750%, 7/30/2024, 144A, (CAD)(b)		2,641,557
	2,560,000	International Bank for Reconstruction & Development, 0.250%, 12/23/2022, (SEK)(b)		271,836
	10,030,000	International Bank for Reconstruction & Development, 1.200%, 7/22/2026, (CAD)(b)		7,519,592
	16,750,000	Nordic Investment Bank, EMTN, 1.500%, 3/13/2025, (NOK)(b)		1,842,843
				14,890,651
		Sweden — 0.1%
$	1,675,000	Svenska Handelsbanken AB, 0.625%, 6/30/2023, 144A(b)	$	1,639,310
	38,000,000	Sweden Government Bond, 0.125%, 5/12/2031, 144A, (SEK)(b)		3,668,072
				5,307,382
		Switzerland — 0.1%
	930,000	Credit Suisse AG, 2.950%, 4/09/2025(b)		919,782
	3,855,000	Credit Suisse Group AG, (fixed rate to 5/14/2031, variable rate thereafter), 3.091%, 5/14/2032, 144A(b)		3,476,814
	1,375,000	Novartis Capital Corp., 2.000%, 2/14/2027(b)		1,323,299
	340,000	Willow No. 2 (Ireland) PLC for Zurich Insurance Co. Ltd., EMTN, (fixed rate to 10/01/2025, variable rate thereafter), 4.250%, 10/01/2045		339,150
				6,059,045
		Taiwan — 0.0%
	1,925,000	TSMC Arizona Corp., 2.500%, 10/25/2031(b)		1,782,673
		Tanzania — 0.1%
	2,990,000	AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028		2,804,380
	985,000	HTA Group Ltd., 7.000%, 12/18/2025, 144A		973,968
				3,778,348
		Thailand — 0.1%
	1,570,000	Kasikornbank PCL, EMTN, 3.256%, 7/12/2023		1,576,904
	950,000	Thaioil Treasury Center Co. Ltd., 3.625%, 1/23/2023, 144A		951,700
				2,528,604
		Trinidad And Tobago — 0.0%
	415,000	Trinidad Generation Unlimited, 5.250%, 11/04/2027, 144A		414,573
		Turkey — 0.4%
	2,045,000	Aydem Yenilenebilir Enerji A/S, 7.750%, 2/02/2027, 144A		1,625,898
	2,250,000	TC Ziraat Bankasi A/S, 5.375%, 3/02/2026, 144A		2,074,815
	2,830,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025		2,782,897
	525,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025, 144A		516,262
	2,875,000	Turkcell Iletisim Hizmetleri AS, 5.800%, 4/11/2028		2,598,253
	6,970,000	Turkey Government International Bond, 5.250%, 3/13/2030		5,864,558
	1,345,000	Turkey Government International Bond, 7.625%, 4/26/2029		1,311,106
				16,773,789
		United Arab Emirates — 0.1%
	1,610,000	Abu Dhabi Crude Oil Pipeline LLC, 3.650%, 11/02/2029(b)		1,650,250
	1,295,000	Abu Dhabi Government International Bond, 3.125%, 4/16/2030, 144A(b)		1,322,324
				2,972,574
		United Kingdom — 0.3%
	95,000	Avon Products, Inc., 8.450%, 3/15/2043		109,962
	1,350,000	CK Hutchison International 19 Ltd., 3.625%, 4/11/2029, 144A(b)		1,364,876
	1,420,000	Diageo Capital PLC, 2.125%, 4/29/2032		1,280,856
	635,000	Lloyds Banking Group PLC, 4.050%, 8/16/2023(b)		646,304

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United Kingdom — continued
$	1,125,000	Lloyds Banking Group PLC, (fixed rate to 7/09/2024, variable rate thereafter), 3.870%, 7/09/2025(b)	$	1,136,847
	1,395,000	Nationwide Building Society, (fixed rate to 7/18/2029, variable rate thereafter), 3.960%, 7/18/2030, 144A(b)		1,390,796
	1,190,000	NatWest Markets PLC, 0.800%, 8/12/2024, 144A(b)		1,120,225
	235,000	Network Rail Infrastructure Finance PLC, EMTN, 4.750%, 1/22/2024, (GBP)(b)		325,294
	955,000	Santander U.K. Group Holdings PLC, (fixed rate to 1/11/2027, variable rate thereafter), 2.469%, 1/11/2028(b)		888,205
	1,455,000	Standard Chartered PLC, (fixed rate to 11/18/2030, variable rate thereafter), 3.265%, 2/18/2036, 144A		1,304,378
	2,200,000	Standard Chartered PLC, (fixed rate to 3/30/2025, variable rate thereafter), 3.971%, 3/30/2026, 144A		2,193,480
	250,000	Standard Chartered PLC, EMTN, 3.125%, 11/19/2024, (EUR)		288,944
	1,035,000	United Kingdom Gilt, 2.750%, 9/07/2024, (GBP)(b)		1,403,188
	1,660,000	Vodafone Group PLC, 4.375%, 5/30/2028		1,735,939
				15,189,294
		United States — 11.5%
	165,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		163,458
	315,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(f)		288,225
	480,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		472,200
	1,145,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(f)		1,077,800
	965,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(f)		878,150
	435,000	AMC Networks, Inc., 4.250%, 2/15/2029		405,940
	1,364,551	American Airlines Pass Through Trust, Series 2016-1, Class B, 5.250%, 7/15/2025		1,329,318
	1,131,315	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		1,040,256
	311,216	American Airlines Pass Through Trust, Series 2017-1B, Class B, 4.950%, 8/15/2026		298,334
	407,061	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		382,433
	220,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		221,650
	255,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		254,044
	3,975,000	Apple, Inc., Series MPLE, 2.513%, 8/19/2024, (CAD)(b)		3,155,803
	260,000	Aptiv PLC, 1.600%, 9/15/2028, (EUR)		278,404
	2,630,000	Ares Capital Corp., 3.200%, 11/15/2031		2,228,809
	1,300,000	Ashland LLC, 3.375%, 9/01/2031, 144A		1,147,250
	945,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		861,020
	2,410,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		2,296,677
	980,000	Avantor Funding, Inc., 3.875%, 11/01/2029, 144A		921,200
	2,865,000	Bank of America Corp., (fixed rate to 9/15/2026, variable rate thereafter), 1.978%, 9/15/2027, (CAD)(b)		2,107,218
	675,000	Barings BDC, Inc., 3.300%, 11/23/2026, 144A		623,249
		United States — continued
$	950,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A	$	909,625
	7,660,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		6,308,546
	205,000	Bausch Health Cos., Inc., 5.000%, 2/15/2029, 144A		159,696
	1,215,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		954,431
	4,007,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		3,118,889
	228,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A		186,960
	370,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		331,254
	1,140,000	Beazer Homes USA, Inc., 7.250%, 10/15/2029		1,146,099
	500,000	Block, Inc., 3.500%, 6/01/2031, 144A		457,500
	140,000	Boeing Co. (The), 3.100%, 5/01/2026		137,552
	25,000	Boeing Co. (The), 3.250%, 2/01/2035		22,322
	165,000	Boeing Co. (The), 3.550%, 3/01/2038		145,023
	25,000	Boeing Co. (The), 3.625%, 3/01/2048		21,215
	90,000	Boeing Co. (The), 3.750%, 2/01/2050		80,513
	635,000	Boeing Co. (The), 3.850%, 11/01/2048		556,751
	640,000	Boeing Co. (The), 3.950%, 8/01/2059		554,435
	875,000	BPR Trust, Series 2021-NRD, Class F, 1-month Term SOFR + 6.870%, 7.174%, 12/15/2023, 144A(g)		857,225
	690,000	Broadcom, Inc., 3.187%, 11/15/2036, 144A		598,981
	6,085,000	Carnival Corp., 5.750%, 3/01/2027, 144A		5,803,052
	2,125,000	Carnival Corp., 6.000%, 5/01/2029, 144A		2,002,472
	1,720,000	Carvana Co., 5.500%, 4/15/2027, 144A		1,535,100
	260,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		236,318
	12,500,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		11,393,500
	3,810,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		3,308,966
	1,575,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 2/01/2032, 144A		1,466,703
	2,510,000	Centene Corp., 2.500%, 3/01/2031		2,215,150
	160,000	Centene Corp., 2.625%, 8/01/2031		142,400
	975,000	Centene Corp., 3.000%, 10/15/2030		895,508
	165,000	Charles River Laboratories International, Inc., 3.750%, 3/15/2029, 144A		155,624
	175,000	Charles River Laboratories International, Inc., 4.000%, 3/15/2031, 144A		164,281
	1,085,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.950%, 6/30/2062		877,399
	6,835,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.400%, 12/01/2061		5,949,692
	1,240,000	Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/2027, 144A		1,226,596
	5,315,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		4,616,476
	7,265,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		6,691,138
	1,565,000	CommScope, Inc., 7.125%, 7/01/2028, 144A		1,413,782
	200,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		178,350
	920,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		1,006,296
	19,925,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		16,663,078
	2,060,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		1,725,992
	595,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		577,483

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	495,000	CSC Holdings LLC, 5.750%, 1/15/2030, 144A	$	440,550
	490,000	Dana, Inc., 5.375%, 11/15/2027		486,938
	2,235,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		2,011,500
	380,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		390,826
	940,000	DH Europe Finance II S.a.r.l., 0.750%, 9/18/2031, (EUR)		952,879
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		55,045
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		8,570
	355,000	DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		349,231
	705,000	DISH DBS Corp., 5.125%, 6/01/2029		600,371
	2,260,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		2,152,650
	3,035,000	DISH DBS Corp., 5.875%, 11/15/2024		3,027,412
	1,960,000	DISH DBS Corp., 7.750%, 7/01/2026		1,947,260
	160,000	Edison International, 4.950%, 4/15/2025		163,694
	235,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		325,863
	575,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		484,438
	280,000	EPR Properties, 3.600%, 11/15/2031		253,848
	70,000	EQT Corp., 3.125%, 5/15/2026, 144A		67,989
	1,555,000	EQT Corp., 3.625%, 5/15/2031, 144A		1,485,025
	515,000	EQT Corp., 3.900%, 10/01/2027		513,509
	360,000	EQT Corp., 5.000%, 1/15/2029		371,642
	115,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		108,963
	3,780,000	Expedia Group, Inc., 2.950%, 3/15/2031		3,499,696
	575,000	Ford Motor Co., 3.250%, 2/12/2032		513,550
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,303,186
	2,710,000	Freeport-McMoRan, Inc., 4.375%, 8/01/2028		2,722,547
	6,640,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		7,370,732
	3,005,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		3,365,119
	2,710,000	General Motors Co., 5.200%, 4/01/2045		2,742,998
	405,000	General Motors Co., 6.250%, 10/02/2043		459,190
	100,000	General Motors Financial Co., Inc., EMTN, 0.955%, 9/07/2023, (EUR)		110,997
	635,000	General Motors Financial Co., Inc., EMTN, 2.250%, 9/06/2024, (GBP)		823,198
	770,000	General Motors Financial of Canada Ltd., Series 5, 3.250%, 11/07/2023, (CAD)		615,630
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		440,065
	460,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		417,358
	855,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		786,147
	975,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		1,004,367
	830,000	HCA, Inc., 3.500%, 9/01/2030		801,833
	220,000	HCA, Inc., 5.250%, 6/15/2049		240,935
	245,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		231,182
	660,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		613,173
	470,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		448,519
	3,065,000	Hyundai Capital America, 0.875%, 6/14/2024, 144A		2,893,385
	1,000,000	Hyundai Capital America, 2.650%, 2/10/2025		968,871
	835,000	Hyundai Capital America, 2.650%, 2/10/2025, 144A		809,008
	1,585,000	Hyundai Capital America, 2.750%, 9/27/2026, 144A		1,505,426
		United States — continued
$	1,395,000	Hyundai Capital America, 6.375%, 4/08/2030, 144A	$	1,588,743
	11,250,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		10,321,875
	1,180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		1,158,082
	1,085,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		1,036,175
	620,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		613,025
	1,135,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		1,080,372
	200,000	Jazz Securities DAC, 4.375%, 1/15/2029, 144A		193,750
	795,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.750%, 12/01/2031, 144A		737,947
	2,430,000	JELD-WEN, Inc., 4.625%, 12/15/2025, 144A		2,338,875
	1,875,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		1,795,313
	1,135,000	John Deere Capital Corp., MTN, 0.450%, 6/07/2024		1,080,985
	3,185,000	John Deere Financial, Inc., 1.340%, 9/08/2027, (CAD)(b)		2,266,735
	2,435,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		2,414,546
	1,970,000	Kraft Heinz Foods Co., 5.500%, 6/01/2050		2,236,994
	760,000	Level 3 Financing, Inc., 5.375%, 5/01/2025		767,220
	345,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		327,771
	60,000	Lumen Technologies, Inc., 5.625%, 4/01/2025		60,450
	870,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		819,975
	44,000	Masco Corp., 6.500%, 8/15/2032		51,851
	615,000	Medtronic Global Holdings SCA, 1.125%, 3/07/2027, (EUR)(b)		677,520
	2,355,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		2,455,087
	1,025,000	Minerals Technologies, Inc., 5.000%, 7/01/2028, 144A		979,019
	435,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		413,663
	490,000	MSCI, Inc., 3.250%, 8/15/2033, 144A		440,418
	2,135,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		2,052,375
	4,605,000	Nationwide Mutual Insurance Co., 4.350%, 4/30/2050, 144A		4,581,571
	1,370,000	Navient Corp., 5.000%, 3/15/2027		1,304,925
	421,000	Navient Corp., MTN, 5.625%, 8/01/2033		354,482
	4,600,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		4,370,736
	615,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		607,331
	790,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		732,603
	835,000	Netflix, Inc., 4.875%, 4/15/2028		875,710
	2,620,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		2,794,754
	310,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		335,575
	280,000	Netflix, Inc., 5.875%, 11/15/2028		308,644
	530,000	Netflix, Inc., 6.375%, 5/15/2029		599,313
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		25,101
	475,000	Novelis Corp., 4.750%, 1/30/2030, 144A		461,161
	1,865,000	NRG Energy, Inc., 3.625%, 2/15/2031, 144A		1,640,435
	455,000	NRG Energy, Inc., 3.875%, 2/15/2032, 144A		400,400
	300,000	Occidental Petroleum Corp., 4.500%, 7/15/2044		286,869
	2,355,000	Occidental Petroleum Corp., 6.625%, 9/01/2030		2,702,362
	1,795,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		2,302,087
	420,000	Old Republic International Corp., 4.875%, 10/01/2024		433,644

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	1,170,000	OneMain Finance Corp., 5.625%, 3/15/2023	$	1,191,440
	860,000	OneMain Finance Corp., 6.875%, 3/15/2025		904,307
	2,310,000	OneMain Finance Corp., 7.125%, 3/15/2026		2,469,136
	130,000	OneMain Finance Corp., 8.250%, 10/01/2023		136,976
	1,490,000	Oracle Corp., 3.950%, 3/25/2051		1,302,581
	1,000,000	Ovintiv, Inc., 6.500%, 8/15/2034		1,186,928
	45,000	Ovintiv, Inc., 6.500%, 2/01/2038		53,303
	230,000	Ovintiv, Inc., 6.625%, 8/15/2037		272,105
	30,000	Ovintiv, Inc., 7.200%, 11/01/2031		36,307
	115,000	Ovintiv, Inc., 7.375%, 11/01/2031		140,982
	130,000	Ovintiv, Inc., 8.125%, 9/15/2030		162,772
	8,630,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		8,410,201
	1,550,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		1,399,852
	2,120,000	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025, 144A		2,092,471
	1,250,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050		1,006,318
	1,645,000	Pacific Gas & Electric Co., 3.950%, 12/01/2047		1,361,078
	310,000	Penn National Gaming, Inc., 4.125%, 7/01/2029, 144A		277,512
	1,205,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		1,053,483
	70,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031, 144A		64,750
	1,060,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		939,149
	2,165,000	Prologis Euro Finance LLC, 0.250%, 9/10/2027, (EUR)(b)		2,230,277
	1,530,000	Prologis Euro Finance LLC, 0.375%, 2/06/2028, (EUR)(b)		1,570,156
	365,000	Prologis LP, 2.250%, 6/30/2029, (GBP)		463,750
	890,000	Range Resources Corp., 4.875%, 5/15/2025		900,828
	165,000	Range Resources Corp., 5.000%, 3/15/2023		166,155
	1,100,000	Realty Income Corp., EMTN, 1.625%, 12/15/2030, (GBP)		1,314,212
	5,190,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		4,765,173
	6,794,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029		6,208,697
	11,981,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		10,842,805
	4,435,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		3,884,616
	2,175,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		2,023,163
	4,130,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		3,937,170
	810,000	Santander Holdings USA, Inc., 3.450%, 6/02/2025		804,145
	1,605,000	SBA Communications Corp., 3.125%, 2/01/2029		1,459,940
	1,020,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		1,057,225
	525,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		549,938
	435,000	Sensata Technologies BV, 4.000%, 4/15/2029, 144A		414,220
	140,000	Silgan Holdings, Inc., 3.250%, 3/15/2025, (EUR)		153,900
	315,000	Southwestern Energy Co., 4.750%, 2/01/2032		314,606
	2,785,000	Summit Materials LLC/Summit Materials Finance Corp., 5.250%, 1/15/2029, 144A		2,750,187
	410,000	T-Mobile USA, Inc., 2.400%, 3/15/2029, 144A		375,443
	735,000	T-Mobile USA, Inc., 2.700%, 3/15/2032, 144A		668,624
	6,900,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		6,562,797
		United States — continued
$	5,840,000	T-Mobile USA, Inc., 3.500%, 4/15/2031	$	5,495,323
	2,805,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		2,815,769
	255,000	Tapestry, Inc., 3.050%, 3/15/2032		231,738
	420,000	Terminix Co. LLC (The), 7.450%, 8/15/2027		475,440
	100,000	Thermo Fisher Scientific, Inc., EMTN, 1.500%, 10/01/2039, (EUR)		99,179
	245,000	Thermo Fisher Scientific, Inc., EMTN, 1.875%, 10/01/2049, (EUR)		242,979
	90,000	Time Warner Cable LLC, 4.500%, 9/15/2042		83,243
	85,000	Time Warner Cable LLC, 5.500%, 9/01/2041		88,237
	400,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		362,500
	1,635,000	Toyota Motor Credit Corp., MTN, 2.650%, 4/12/2022(b)		1,635,547
	635,000	TransDigm, Inc., 5.500%, 11/15/2027		630,238
	50,000	TransDigm, Inc., 7.500%, 3/15/2027		51,500
	11,330,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		10,506,536
	615,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		571,950
	75,000	Travel & Leisure Co., 6.000%, 4/01/2027		77,250
	90,000	Travel & Leisure Co., 6.625%, 7/31/2026, 144A		93,825
	5,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		5,194
	775,000	TriNet Group, Inc., 3.500%, 3/01/2029, 144A		712,031
	63,766	U.S. Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		65,885
	251,111	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		241,945
	4,495,867	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2022(b)(h)		4,513,078
	4,538,629	U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/2027(b)(h)		4,833,906
	12,860,293	U.S. Treasury Inflation Indexed Note, 0.625%, 4/15/2023(b)(h)		13,408,363
	32,370,000	U.S. Treasury Note, 0.125%, 1/31/2023(b)(i)		31,986,871
	10,300,000	U.S. Treasury Note, 0.125%, 3/31/2023(b)		10,139,465
	7,860,000	U.S. Treasury Note, 0.125%, 4/30/2023(b)		7,721,222
	14,775,000	U.S. Treasury Note, 0.500%, 11/30/2023(b)		14,361,185
	2,910,000	U.S. Treasury Note, 0.875%, 1/31/2024		2,835,886
	19,120,000	U.S. Treasury Note, 0.875%, 6/30/2026(b)		17,857,781
	4,495,000	U.S. Treasury Note, 1.625%, 10/31/2026(b)		4,327,140
	14,060,000	U.S. Treasury Note, 1.625%, 8/15/2029(b)		13,333,384
	8,930,000	U.S. Treasury Note, 1.750%, 3/15/2025		8,740,935
	10,235,000	U.S. Treasury Note, 1.750%, 11/15/2029(b)(i)		9,792,816
	4,700,000	U.S. Treasury Note, 2.875%, 5/15/2028(b)		4,809,605
	13,090,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		12,271,875
	10,745,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		11,109,685
	1,080,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		1,151,561
	335,278	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		313,280
	2,205,179	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		2,257,463
	770,000	United Rentals North America, Inc., 3.750%, 1/15/2032		718,025
	710,000	United Rentals North America, Inc., 3.875%, 2/15/2031		669,175
	3,095,000	Verizon Communications, Inc., Series MPLE, 2.500%, 5/16/2030, (CAD)(b)		2,230,559
	130,000	Western Digital Corp., 2.850%, 2/01/2029		118,767
	90,000	Western Digital Corp., 3.100%, 2/01/2032		80,583
	360,000	Western Midstream Operating LP, 4.550%, 2/01/2030		358,200

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	820,000	Western Midstream Operating LP, 5.300%, 3/01/2048	$	811,800
	150,000	Western Midstream Operating LP, 5.450%, 4/01/2044		152,064
	115,000	Western Midstream Operating LP, 5.500%, 8/15/2048		113,563
	475,000	Western Midstream Operating LP, 5.750%, 2/01/2050		463,125
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		69,573
	89,000	Weyerhaeuser Co., 7.375%, 3/15/2032		113,459
	1,595,000	Yum! Brands, Inc., 4.625%, 1/31/2032		1,542,828
				507,708,804
		Uruguay — 0.1%
	1,415,000	Uruguay Government International Bond, 4.375%, 1/23/2031		1,541,911
	86,955,000	Uruguay Government International Bond, 8.250%, 5/21/2031, (UYU)		2,015,749
				3,557,660
		Total Non-Convertible Bonds (Identified Cost $1,343,258,370)		1,275,338,027
	Convertible Bonds — 2.3%
		United States — 2.3%
	3,485,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		3,483,257
	18,255,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		18,278,467
	5,315,000	DISH Network Corp., Zero Coupon, 0.000%, 12/15/2025(e)		5,156,454
	545,000	DISH Network Corp., 2.375%, 3/15/2024		509,575
	24,745,000	DISH Network Corp., 3.375%, 8/15/2026		22,258,127
	805,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%-0.979%, 4/01/2026, 144A(j)		748,730
	305,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A		283,784
	5,320,000	Livongo Health, Inc., 0.875%, 6/01/2025		5,389,160
	6,630,000	NCL Corp. Ltd., 1.125%, 2/15/2027, 144A		6,072,616
	550,000	Nutanix, Inc., 0.250%, 10/01/2027, 144A		458,219
	575,000	Peloton Interactive, Inc., Zero Coupon, 0.519%-1.146%, 2/15/2026(j)		480,401
	230,000	Penn National Gaming, Inc., 2.750%, 5/15/2026		462,530
	8,945,000	Southwest Airlines Co., 1.250%, 5/01/2025(b)		12,138,365
	1,340,000	Splunk, Inc., 1.125%, 6/15/2027		1,279,700
	17,320,000	Teladoc Health, Inc., 1.250%, 6/01/2027		14,609,420
	645,000	Twitter, Inc., Zero Coupon, 0.000%-1.483%, 3/15/2026(j)		541,477
	7,528,000	Uber Technologies, Inc., Zero Coupon, 0.000%-1.922%, 12/15/2025(j)		6,747,873
	120,000	Zillow Group, Inc., 1.375%, 9/01/2026		158,775
	1,610,000	Zynga, Inc., Zero Coupon, 0.456%-1.992%, 12/15/2026(j)		1,638,980
		Total Convertible Bonds (Identified Cost $109,551,487)		100,695,910
	Municipals — 0.0%
		United States — 0.0%
	125,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $124,989)		126,772
		Total Bonds and Notes (Identified Cost $1,452,934,846)		1,376,160,709
	Senior Loans — 0.0%
		United States — 0.0%
$	255,310	Jazz Financing Lux S.a.r.l., USD Term Loan, 1-month LIBOR + 3.500%, 4.000%, 4/29/2022(g)(k) (Identified Cost $254,192)	$	254,131
Shares
	Preferred Stocks — 0.2%
	Convertible Preferred Stocks — 0.2%
		United States — 0.2%
	5,415	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A(c)(d)		6,037,725
	38,952	El Paso Energy Capital Trust I, 4.750%		1,939,810
				7,977,535
		Total Convertible Preferred Stocks (Identified Cost $7,306,436)		7,977,535
		Total Preferred Stocks (Identified Cost $7,306,436)		7,977,535
Principal Amount (‡)
	Short-Term Investments — 0.6%
$	24,010,009	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $24,010,009 on 4/01/2022 collateralized by $24,578,600 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $24,490,265 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $24,010,009)		24,010,009
		Total Investments — 99.4% (Identified Cost $3,671,901,796)		4,367,913,932
		Other assets less liabilities — 0.6%		27,111,313
		Net Assets — 100.0%	$	4,395,025,245
	(‡)	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 principal amount including inflation adjustments.
	(††††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Non-income producing security.
	(b)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(c)	Illiquid security.
	(d)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2022, the value of these securities amounted to $15,861,966 or 0.4% of net assets. See Note 2 of Notes to Financial Statements.
	(e)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(f)	Perpetual bond with no specified maturity date.
	(g)	Variable rate security. Rate as of March 31, 2022 is disclosed.
	(h)	Treasury Inflation Protected Security (TIPS).

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

(i)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
(j)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
(k)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark rate (LIBOR floor) of 0.50%, to which the spread is added.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the value of Rule 144A holdings amounted to $387,031,653 or 8.8% of net assets.
CPI	Consumer Price Index
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
SOFR	Secured Overnight Financing Rate
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNH	Chinese Yuan Renminbi Offshore
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
RON	Romanian Leu
SEK	Swedish Krona
SGD	Singapore Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

At March 31, 2022, the Fund had the following open forward foreign currency contracts:

Counterparty	Delivery Date		Currency Bought/ Sold (B/S)	Units of Currency			In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
Bank of America, N.A.		6/15/2022	KRW		B	5,850,000,000	$	4,837,429	$	4,822,895	$	(14,534	)
Bank of America, N.A.		6/15/2022	MXN		S	256,059,000		11,881,812		12,710,452		(828,640	)
Credit Suisse International		6/15/2022	CAD		B	12,904,000		10,214,677		10,320,046		105,369
Credit Suisse International		6/15/2022	CAD		B	16,382,000		13,104,353		13,101,597		(2,756	)
Credit Suisse International		6/15/2022	CAD		S	144,460,000		112,991,080		115,532,698		(2,541,618	)
Credit Suisse International		6/15/2022	COP		S	38,844,665,000		10,247,765		10,193,840		53,925
Credit Suisse International		6/15/2022	GBP		B	12,371,000		16,284,826		16,246,450		(38,376	)
Credit Suisse International		6/15/2022	JPY		B	11,200,164,000		96,639,697		92,170,808		(4,468,889	)
HSBC Bank USA		6/15/2022	AUD		B	18,075,000		13,251,234		13,541,828		290,594
Morgan Stanley Capital Services, Inc.		6/15/2022	EUR		B	147,481,000		161,043,353		163,591,496		2,548,143
Morgan Stanley Capital Services, Inc.		6/15/2022	NZD		S	6,003,000		4,103,230		4,155,347		(52,117	)
UBS AG		6/15/2022	IDR		S	105,333,420,000		7,278,429		7,312,002		(33,573	)
UBS AG		6/15/2022	SEK		B	7,350,000		761,805		783,094		21,289
Total											$	(4,961,183	)

At March 31, 2022, the Fund had the following open forward cross currency contracts:

Counterparty	Settlement Date		Deliver/Units of Currency		Receive/Units of Currency			Notional Value		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		6/15/2022	NOK	30,959,000		EUR	3,139,922	$	3,482,920	$	(31,919	)

At March 31, 2022, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		6/21/2022	59	$	8,249,515	$	7,992,656	$	(256,859	)

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Industry Summary at March 31, 2022 (Unaudited)

Treasuries	10.8	%
Semiconductors & Semiconductor Equipment	8.8
Life Sciences Tools & Services	7.2
IT Services	7.1
Software	5.0
Interactive Media & Services	4.9
Chemicals	4.7
Capital Markets	4.1
Machinery	3.7
Internet & Direct Marketing Retail	3.4
Hotels, Restaurants & Leisure	3.3
Banking	2.7
Health Care Providers & Services	2.7
Industrial Conglomerates	2.2
Food & Staples Retailing	2.1
Cable Satellite	2.0
Other Investments, less than 2% each	24.1
Short-Term Investments	0.6
Total Investments	99.4
Other assets less liabilities (including forward foreign currency and futures contracts)	0.6
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2022 (Unaudited)

United States Dollar	76.3	%
Euro	6.7
Canadian Dollar	3.5
Other, less than 2% each	12.9
Total Investments	99.4
Other assets less liabilities (including forward foreign currency and futures contracts)	0.6
Net Assets	100.0	%

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Growth Fund

Shares		Description	Value (†)
	Common Stocks — 99.3% of Net Assets
		Aerospace & Defense — 4.5%
	3,071,410	Boeing Co. (The)(a)	$	588,175,015
		Air Freight & Logistics — 1.5%
	1,898,081	Expeditors International of Washington, Inc.		195,806,036
		Automobiles — 3.2%
	388,556	Tesla, Inc.(a)		418,707,946
		Beverages — 2.7%
	4,375,499	Monster Beverage Corp.(a)		349,602,370
		Biotechnology — 6.3%
	605,426	Regeneron Pharmaceuticals, Inc.(a)		422,841,627
	1,572,840	Vertex Pharmaceuticals, Inc.(a)		410,464,055
				833,305,682
		Capital Markets — 3.0%
	509,416	FactSet Research Systems, Inc.		221,162,956
	2,923,179	SEI Investments Co.		176,004,608
				397,167,564
		Entertainment — 5.3%
	717,328	Netflix, Inc.(a)		268,703,895
	3,170,424	Walt Disney Co. (The)(a)		434,855,356
				703,559,251
		Health Care Equipment & Supplies — 1.3%
	554,999	Intuitive Surgical, Inc.(a)		167,432,098
		Hotels, Restaurants & Leisure — 3.8%
	2,845,065	Starbucks Corp.		258,815,563
	1,912,829	Yum China Holdings, Inc.		79,458,917
	1,351,857	Yum! Brands, Inc.		160,235,610
				498,510,090
		Interactive Media & Services — 12.0%
	185,888	Alphabet, Inc., Class A(a)		517,019,589
	171,234	Alphabet, Inc., Class C(a)		478,254,850
	2,640,759	Meta Platforms, Inc., Class A(a)		587,199,171
				1,582,473,610
		Internet & Direct Marketing Retail — 7.9%
	1,604,893	Alibaba Group Holding Ltd., Sponsored ADR(a)		174,612,358
	265,105	Amazon.com, Inc.(a)		864,229,045
				1,038,841,403
		IT Services — 10.2%
	1,474,684	Block, Inc.(a)		199,967,151
	1,699,891	PayPal Holdings, Inc.(a)		196,592,394
	284,152	Shopify, Inc., Class A(a)		192,075,386
	3,392,182	Visa, Inc., Class A		752,284,202
				1,340,919,133
		Life Sciences Tools & Services — 2.3%
	872,283	Illumina, Inc.(a)		304,775,680
		Machinery — 2.6%
	840,222	Deere & Co.		349,078,632
		Pharmaceuticals — 6.6%
	4,229,234	Novartis AG, Sponsored ADR		371,115,284
	1,398,056	Novo Nordisk A/S, Sponsored ADR		155,254,119
	6,936,642	Roche Holding AG, Sponsored ADR		342,739,481
				869,108,884
		Semiconductors & Semiconductor Equipment — 9.1%
	3,337,897	NVIDIA Corp.		910,778,575
	1,837,155	QUALCOMM, Inc.		280,754,027
				1,191,532,602
		Software — 17.0%
	1,937,029	Autodesk, Inc.(a)	$	415,202,166
	2,133,216	Microsoft Corp.		657,691,825
	6,552,562	Oracle Corp.		542,093,454
	2,121,490	salesforce.com, inc.(a)		450,434,757
	699,721	Workday, Inc., Class A(a)		167,555,191
				2,232,977,393
		Total Common Stocks (Identified Cost $7,588,241,648)		13,061,973,389
Principal Amount
	Short-Term Investments — 0.6%
$	84,444,321	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $84,444,321 on 4/01/2022 collateralized by $86,443,900 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $86,133,221 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $84,444,321)		84,444,321
		Total Investments — 99.9% (Identified Cost $7,672,685,969)		13,146,417,710
		Other assets less liabilities — 0.1%		8,630,160
		Net Assets — 100.0%	$	13,155,047,870
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at March 31, 2022 (Unaudited)

Software	17.0	%
Interactive Media & Services	12.0
IT Services	10.2
Semiconductors & Semiconductor Equipment	9.1
Internet & Direct Marketing Retail	7.9
Pharmaceuticals	6.6
Biotechnology	6.3
Entertainment	5.3
Aerospace & Defense	4.5
Hotels, Restaurants & Leisure	3.8
Automobiles	3.2
Capital Markets	3.0
Beverages	2.7
Machinery	2.6
Life Sciences Tools & Services	2.3
Other Investments, less than 2% each	2.8
Short-Term Investments	0.6
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0	%

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 96.1% of Net Assets
		ABS Car Loan — 8.8%
$	291,216	American Credit Acceptance Receivables Trust, Series 2019-4, Class C, 2.690%, 12/12/2025, 144A	$	291,499
	24,916	American Credit Acceptance Receivables Trust, Series 2020-2, Class B, 2.480%, 9/13/2024, 144A		24,926
	46,200	American Credit Acceptance Receivables Trust, Series 2020-3, Class B, 1.150%, 8/13/2024, 144A		46,186
	240,000	American Credit Acceptance Receivables Trust, Series 2020-4, Class C, 1.310%, 12/14/2026, 144A		237,347
	385,000	American Credit Acceptance Receivables Trust, Series 2021-3, Class B, 0.660%, 2/13/2026, 144A		377,844
	180,000	American Credit Acceptance Receivables Trust, Series 2022-1, Class B, 1.680%, 9/14/2026, 144A		175,514
	112,854	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class B, 3.580%, 10/18/2024		113,054
	480,000	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class B, 2.540%, 7/18/2024		481,510
	117,991	AmeriCredit Automobile Receivables Trust, Series 2019-3, Class A3, 2.060%, 4/18/2024		118,095
	156,075	AmeriCredit Automobile Receivables Trust, Series 2020-1, Class A3, 1.110%, 8/19/2024		155,875
	98,680	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A3, 0.660%, 12/18/2024		98,143
	265,000	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class B, 0.970%, 2/18/2026		260,312
	215,000	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.690%, 1/19/2027		205,642
	520,000	AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.410%, 8/18/2027		486,500
	140,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		140,450
	118,564	Bank of The West Auto Trust, Series 2019-1, Class A3, 2.430%, 4/15/2024, 144A		118,854
	225,201	Capital One Prime Auto Receivables Trust, Series 2019-2, Class A3, 1.920%, 5/15/2024		225,463
	306,686	CarMax Auto Owner Trust, Series 2020-2, Class A3, 1.700%, 11/15/2024		307,490
	415,380	CarMax Auto Owner Trust, Series 2020-3, Class A3, 0.620%, 3/17/2025		411,851
	196,603	Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.750%, 3/10/2028		192,487
	305,000	Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.720%, 9/11/2028		296,257
	1,075,000	Carvana Auto Receivables Trust, Series 2021-P4, Class A3, 1.310%, 1/11/2027		1,034,047
	332,995	Credit Acceptance Auto Loan Trust, Series 2019-3A, Class A, 2.380%, 11/15/2028, 144A		333,609
	377,385	Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.010%, 2/15/2029, 144A		377,256
	585,000	Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.390%, 4/16/2029, 144A		577,680
	315,000	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class A, 1.370%, 7/16/2029, 144A		311,800
	265,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.000%, 5/15/2030, 144A		255,728
	405,000	Drive Auto Receivables Trust, Series 2021-1, Class B, 0.650%, 7/15/2025		401,425
	585,000	Drive Auto Receivables Trust, Series 2021-2, Class B, 0.580%, 12/15/2025		570,481
	465,000	Drive Auto Receivables Trust, Series 2021-3, Class B, 1.110%, 5/15/2026		451,362
	71,675	DT Auto Owner Trust, Series 2019-2A, Class C, 3.180%, 2/18/2025, 144A		71,827
		ABS Car Loan — continued
$	320,000	DT Auto Owner Trust, Series 2020-2A, Class C, 3.280%, 3/16/2026, 144A	$	320,212
	30,000	DT Auto Owner Trust, Series 2021-1A, Class B, 0.620%, 9/15/2025, 144A		29,583
	300,000	DT Auto Owner Trust, Series 2021-2A, Class B, 0.810%, 1/15/2027, 144A		294,055
	410,000	DT Auto Owner Trust, Series 2021-4A, Class C, 1.500%, 9/15/2027, 144A		390,951
	440,000	Exeter Automobile Receivables Trust, Series 2020-2A, Class C, 3.280%, 5/15/2025, 144A		442,156
	251,980	Exeter Automobile Receivables Trust, Series 2021-1A, Class B, 0.500%, 2/18/2025		251,305
	330,000	Exeter Automobile Receivables Trust, Series 2021-2A, Class B, 0.570%, 9/15/2025		324,913
	715,000	Exeter Automobile Receivables Trust, Series 2021-4A, Class B, 1.050%, 5/15/2026		692,221
	64,947	Flagship Credit Auto Trust, Series 2020-1, Class A, 1.900%, 8/15/2024, 144A		64,946
	915,000	Flagship Credit Auto Trust, Series 2020-1, Class B, 2.050%, 2/17/2025, 144A		914,182
	290,000	Flagship Credit Auto Trust, Series 2021-2, Class B, 0.930%, 6/15/2027, 144A		277,541
	1,647,576	Flagship Credit Auto Trust, Series 2022-1, Class A, 1.790%, 10/15/2026, 144A(a)		1,628,733
	595,000	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/2031, 144A		592,925
	107,871	Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.040%, 8/15/2024		107,434
	589,991	Ford Credit Auto Owner Trust, Series 2020-B, Class A3, 0.560%, 10/15/2024		585,045
	570,000	Ford Credit Auto Owner Trust, Series 2021-1, Class A, 1.370%, 10/17/2033, 144A		529,105
	410,000	Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A3, 1.830%, 12/15/2026, 144A		397,042
	189,757	GLS Auto Receivables Issuer Trust, Series 2019-4A, Class B, 2.780%, 9/16/2024, 144A		190,094
	29,042	GLS Auto Receivables Issuer Trust, Series 2020-2A, Class A, 1.580%, 8/15/2024, 144A		28,989
	184,462	GLS Auto Receivables Issuer Trust, Series 2020-3A, Class B, 1.380%, 8/15/2024, 144A		184,366
	265,000	GLS Auto Receivables Issuer Trust, Series 2020-4A, Class C, 1.140%, 11/17/2025, 144A		260,634
	995,000	GLS Auto Receivables Issuer Trust, Series 2021-4A, Class B, 1.530%, 4/15/2026, 144A		964,889
	340,000	GLS Auto Receivables Trust, Series 2021-2A, Class B, 0.770%, 9/15/2025, 144A		333,591
	96,824	GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.800%, 7/20/2023		96,662
	129,445	GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class A3, 2.180%, 4/16/2024		129,778
	98,644	GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.490%, 12/16/2024		98,326
	180,000	GMF Floorplan Owner Revolving Trust, Series 2020-1, Class A, 0.680%, 8/15/2025, 144A		175,227
	347,438	Honda Auto Receivables Owner Trust, Series 2020-2, Class A3, 0.820%, 7/15/2024		344,909
	152,428	Hyundai Auto Receivables Trust, Series 2019-B, Class A3, 1.940%, 2/15/2024		152,618
	146,614	Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.410%, 11/15/2024		146,028
	232,400	Mercedes-Benz Auto Receivables Trust, Series 2020-1, Class A3, 0.550%, 2/18/2025		230,352
	865,000	NextGear Floorplan Master Owner Trust, Series 2020-1A, Class A2, 1.550%, 2/15/2025, 144A		859,293

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	695,000	Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.310%, 11/16/2026, 144A	$	688,265
	430,000	Prestige Auto Receivables Trust, Series 2021-1A, Class C, 1.530%, 2/15/2028, 144A		392,638
	210,000	Santander Consumer Auto Receivables Trust, Series 2020-AA, Class C, 3.710%, 2/17/2026, 144A		210,963
	149,956	Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3, 0.460%, 8/15/2024, 144A		149,470
	81,602	Santander Drive Auto Receivables Trust, Series 2019-2, Class C, 2.900%, 10/15/2024		81,713
	168,638	Santander Drive Auto Receivables Trust, Series 2020-2, Class B, 0.960%, 11/15/2024		168,555
	290,000	Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.120%, 1/15/2026		287,412
	170,000	Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.010%, 1/15/2026		168,071
	460,000	Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.900%, 6/15/2026		447,065
	745,000	Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.950%, 9/15/2027		722,889
	530,000	Santander Drive Auto Receivables Trust, Series 2021-4, Class B, 0.880%, 6/15/2026		511,705
	440,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.350%, 5/25/2033, 144A		416,029
	150,500	Toyota Auto Receivables Owner Trust, Series 2020-B, Class A3, 1.360%, 8/15/2024		149,922
	185,000	United Auto Credit Securitization Trust, Series 2022-1, Class B, 2.100%, 3/10/2025, 144A		182,728
	69,206	Westlake Automobile Receivables Trust, Series 2020-2A, Class A2A, 0.930%, 2/15/2024, 144A		69,172
	400,000	Westlake Automobile Receivables Trust, Series 2020-2A, Class C, 2.010%, 7/15/2025, 144A		397,340
	590,000	Westlake Automobile Receivables Trust, Series 2021-1A, Class B, 0.640%, 3/16/2026, 144A		578,887
	270,000	Westlake Automobile Receivables Trust, Series 2021-2A, Class B, 0.620%, 7/15/2026, 144A		262,177
	1,050,000	Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.580%, 1/15/2027, 144A		1,009,640
	556,778	World Omni Auto Receivables Trust, Series 2020-B, Class A3, 0.630%, 5/15/2025		550,684
	310,000	World Omni Select Auto Trust, Series 2020-A, Class A3, 0.550%, 7/15/2025		307,673
	360,000	World Omni Select Auto Trust, Series 2021-A, Class B, 0.850%, 8/16/2027		340,813
				29,282,430
		ABS Credit Card — 0.7%
	925,000	Barclays Dryrock Issuance Trust, Series 2019-1, Class A, 1.960%, 5/15/2025		926,965
	960,000	Mercury Financial Credit Card Master Trust, Series 2022-1A, Class A, 2.500%, 9/21/2026, 144A		926,274
	585,000	World Financial Network Credit Card Master Trust, Series 2019-C, Class A, 2.210%, 7/15/2026		586,578
				2,439,817
		ABS Home Equity — 0.0%
	2,005	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		2,028
		ABS Other — 1.2%
	395,000	Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.030%, 8/17/2026, 144A		377,436
	480,598	Aqua Finance Trust, Series 2021-A, Class A, 1.540%, 7/17/2046, 144A		457,940
		ABS Other — continued
$	188,585	Chesapeake Funding II LLC, Series 2020-1A, Class A1, 0.870%, 8/15/2032, 144A	$	187,076
	162,960	CNH Equipment Trust, Series 2020-A, Class A3, 1.160%, 6/16/2025		161,721
	69,267	Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.700%, 1/21/2031, 144A		69,423
	691,985	Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.560%, 12/11/2034, 144A		678,837
	204,947	Kubota Credit Owner Trust, Series 2020-1A, Class A3, 1.960%, 3/15/2024, 144A		204,628
	463,136	Marlette Funding Trust, Series 2021-3A, Class A, 0.650%, 12/15/2031, 144A		457,122
	91,129	MVW LLC, Series 2020-1A, Class A, 1.740%, 10/20/2037, 144A		88,399
	69,458	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.300%, 3/14/2029, 144A		69,470
	238,761	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		202,288
	370,000	SCF Equipment Leasing LLC, Series 2022-1A, Class A3, 2.920%, 7/20/2029, 144A		359,818
	127,859	Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A, 1.330%, 7/20/2037, 144A		123,025
	601,453	Verizon Owner Trust, Series 2019-B, Class A1A, 2.330%, 12/20/2023		603,005
	7,105	Wheels SPV 2 LLC, Series 2019-1A, Class A2, 2.300%, 5/22/2028, 144A		7,109
				4,047,297
		ABS Student Loan — 0.1%
	128,368	Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.850%, 5/25/2033		126,614
	72,323	Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.170%, 9/16/2069, 144A		69,934
	100,214	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		97,039
	18,021	SoFi Professional Loan Program LLC, Series 2016-B, Class A2B, 2.740%, 10/25/2032, 144A		18,054
	37,500	SoFi Professional Loan Program LLC, Series 2017-E, Class A2B, 2.720%, 11/26/2040, 144A		37,565
				349,206
		ABS Whole Business — 0.2%
	516,275	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.666%, 9/05/2048, 144A		515,800
		Aerospace & Defense — 0.0%
	29,000	Raytheon Technologies Corp., 3.650%, 8/16/2023		29,375
		Agency Commercial Mortgage-Backed Securities — 0.7%
	491,260	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(b)		496,128
	701,647	FHLMC Multifamily Structured Pass Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024		701,053
	1,175,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ26, Class A2, 2.606%, 7/25/2027(a)		1,165,320
	53,861	FHLMC Multifamily Structured Pass Through Certificates, Series KJ28, Class A1, 1.766%, 2/25/2025		52,892
				2,415,393

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Automotive — 2.7%
$	1,205,000	American Honda Finance Corp., MTN, 2.250%, 1/12/2029	$	1,123,618
	145,000	American Honda Finance Corp., MTN, 3.625%, 10/10/2023		146,950
	470,000	Aptiv PLC/Aptiv Corp., 3.250%, 3/01/2032		445,465
	160,000	Daimler Finance North America LLC, 3.350%, 2/22/2023, 144A		161,481
	380,000	Daimler Trucks Finance North America LLC, 2.375%, 12/14/2028, 144A		345,951
	725,000	Daimler Trucks Finance North America LLC, 3.650%, 4/07/2027, 144A		723,557
	665,000	Denso Corp., 1.239%, 9/16/2026, 144A		613,842
	360,000	General Motors Financial Co., Inc., 4.150%, 6/19/2023		365,231
	295,000	Harley-Davidson Financial Services, Inc., 3.350%, 6/08/2025, 144A		289,989
	645,000	Hyundai Capital America, 2.100%, 9/15/2028, 144A		568,416
	195,000	Hyundai Capital America, 2.375%, 2/10/2023, 144A		194,364
	95,000	Hyundai Capital America, 3.000%, 6/20/2022, 144A		95,208
	240,000	Kia Corp., 1.000%, 4/16/2024, 144A		229,219
	275,000	Nissan Motor Acceptance Co. LLC, 3.450%, 3/15/2023, 144A		276,219
	205,000	PACCAR Financial Corp., 2.000%, 2/04/2027		196,876
	105,000	PACCAR Financial Corp., MTN, 0.800%, 6/08/2023		103,288
	160,000	PACCAR Financial Corp., MTN, 1.800%, 2/06/2025		155,131
	955,000	PACCAR Financial Corp., MTN, 1.900%, 2/07/2023		953,665
	860,000	Toyota Motor Credit Corp., 3.050%, 3/22/2027		858,565
	250,000	Toyota Motor Credit Corp., MTN, 1.150%, 5/26/2022		249,938
	480,000	Toyota Motor Credit Corp., MTN, 1.900%, 4/06/2028		445,505
	275,000	Volkswagen Group of America Finance LLC, 3.350%, 5/13/2025, 144A		274,137
	290,000	Volkswagen Group of America Finance LLC, 4.250%, 11/13/2023, 144A		295,401
				9,112,016
		Banking — 18.7%
	800,000	ABN AMRO Bank NV, (fixed rate to 12/13/2028, variable rate thereafter), 2.470%, 12/13/2029, 144A		731,197
	1,165,000	Ally Financial, Inc., 3.050%, 6/05/2023		1,169,253
	855,000	American Express Co., 2.550%, 3/04/2027		831,337
	525,000	ANZ New Zealand International Ltd., 2.166%, 2/18/2025, 144A		511,371
	1,190,000	Australia & New Zealand Banking Group Ltd., MTN, 2.050%, 11/21/2022		1,192,494
	800,000	Banco Bilbao Vizcaya Argentaria S.A., 0.875%, 9/18/2023		777,236
	600,000	Banco Santander S.A., (fixed rate to 3/24/2027, variable rate thereafter), 4.175%, 3/24/2028		603,043
	840,000	Bank of America Corp., (fixed rate to 4/02/2025, variable rate thereafter), MTN, 3.384%, 4/02/2026		838,869
	395,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		402,575
	910,000	Bank of Ireland Group PLC, (fixed rate to 9/30/2026, variable rate thereafter), 2.029%, 9/30/2027, 144A		824,160
	1,210,000	Bank of Montreal, MTN, 1.500%, 1/10/2025		1,159,187
	515,000	Bank of Montreal, MTN, 2.650%, 3/08/2027		498,047
	1,055,000	Bank of New York Mellon Corp. (The), 2.050%, 1/26/2027		1,016,470
	655,000	Bank of New York Mellon Corp. (The), MTN, 1.600%, 4/24/2025		631,380
	295,000	Bank of New York Mellon Corp. (The), MTN, 1.800%, 7/28/2031		260,952
	635,000	Bank of New Zealand, 2.000%, 2/21/2025, 144A		613,878
	690,000	Bank of New Zealand, 2.285%, 1/27/2027, 144A		658,433
		Banking — continued
$	870,000	Bank of Nova Scotia (The), 2.000%, 11/15/2022	$	871,514
	945,000	Bank of Nova Scotia (The), 2.450%, 2/02/2032		869,606
	200,000	Banque Federative du Credit Mutuel S.A., 2.375%, 11/21/2024, 144A		194,720
	460,000	Banque Federative du Credit Mutuel S.A., 2.700%, 7/20/2022, 144A		461,841
	485,000	Banque Federative du Credit Mutuel S.A., 3.750%, 7/20/2023, 144A		491,243
	485,000	Barclays PLC, (fixed rate to 5/16/2023, variable rate thereafter), 4.338%, 5/16/2024		492,414
	480,000	BNP Paribas S.A., (fixed rate to 1/20/2027, variable rate thereafter), 2.591%, 1/20/2028, 144A		451,730
	1,600,000	Canadian Imperial Bank of Commerce, 1.000%, 10/18/2024		1,519,731
	360,000	Canadian Imperial Bank of Commerce, 3.450%, 4/07/2027		359,285
	245,000	Capital One Financial Corp., (fixed rate to 11/02/2031, variable rate thereafter), 2.618%, 11/02/2032		220,613
	1,015,000	Capital One Financial Corp., (fixed rate to 12/06/2023, variable rate thereafter), 1.343%, 12/06/2024		984,267
	135,000	Capital One Financial Corp., (fixed rate to 3/03/2025, variable rate thereafter), 2.636%, 3/03/2026		132,098
	255,000	Capital One Financial Corp., (fixed rate to 7/29/2031, variable rate thereafter), 2.359%, 7/29/2032		219,416
	880,000	Citigroup, Inc., (fixed rate to 2/24/2027, variable rate thereafter), 3.070%, 2/24/2028		857,084
	510,000	Citigroup, Inc., (fixed rate to 4/08/2025, variable rate thereafter), 3.106%, 4/08/2026		505,665
	230,000	Citigroup, Inc., (fixed rate to 5/01/2024, variable rate thereafter), 0.981%, 5/01/2025		219,254
	225,000	Comerica, Inc., 3.700%, 7/31/2023		227,986
	880,000	Commonwealth Bank of Australia, 2.552%, 3/14/2027, 144A		853,462
	1,380,000	Cooperatieve Rabobank U.A., (fixed rate to 12/15/2026, variable rate thereafter), 1.980%, 12/15/2027, 144A		1,280,896
	750,000	Credit Agricole S.A., (fixed rate to 6/16/2025, variable rate thereafter), 1.907%, 6/16/2026, 144A		707,970
	575,000	Credit Suisse AG, 1.250%, 8/07/2026		524,340
	500,000	Danske Bank A/S, 3.875%, 9/12/2023, 144A		504,641
	800,000	Danske Bank A/S, (fixed rate to 9/10/2024, variable rate thereafter), 0.976%, 9/10/2025, 144A		749,709
	390,000	Danske Bank AS, (fixed rate to 3/28/2024, variable rate thereafter), 3.773%, 3/28/2025, 144A		390,895
	1,365,000	Deutsche Bank AG, (fixed rate to 1/07/2027, variable rate thereafter), 2.552%, 1/07/2028		1,259,272
	205,000	DNB Bank ASA, 2.150%, 12/02/2022, 144A		205,418
	935,000	DNB Bank ASA, (fixed rate to 3/28/2024, variable rate thereafter), 2.968%, 3/28/2025, 144A		934,067
	590,000	DNB Bank ASA, (fixed rate to 9/16/2025, variable rate thereafter), 1.127%, 9/16/2026, 144A		539,614
	980,000	Goldman Sachs Group, Inc. (The), (fixed rate to 10/21/2026, variable rate thereafter), 1.948%, 10/21/2027		911,184
	480,000	Goldman Sachs Group, Inc. (The), (fixed rate to 3/09/2026, variable rate thereafter), 1.431%, 3/09/2027		442,320
	1,205,000	Goldman Sachs Group, Inc. (The), (fixed rate to 3/15/2027, variable rate thereafter), 3.615%, 3/15/2028		1,205,060

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Banking — continued
$	1,335,000	HSBC Holdings PLC, (fixed rate to 3/10/2025, variable rate thereafter), 2.999%, 3/10/2026	$	1,308,910
	395,000	HSBC Holdings PLC, (fixed rate to 8/17/2028, variable rate thereafter), 2.206%, 8/17/2029		355,289
	940,000	ING Groep NV, (fixed rate to 3/28/2027, variable rate thereafter), 4.017%, 3/28/2028		945,166
	825,000	JPMorgan Chase & Co., (fixed rate to 2/24/2027, variable rate thereafter), 2.947%, 2/24/2028		805,098
	535,000	JPMorgan Chase & Co., (fixed rate to 4/01/2022, variable rate thereafter), 3.207%, 4/01/2023		535,000
	1,070,000	JPMorgan Chase & Co., (fixed rate to 6/01/2028, variable rate thereafter), 2.069%, 6/01/2029		986,064
	495,000	Lloyds Banking Group PLC, 4.050%, 8/16/2023		503,812
	520,000	Lloyds Banking Group PLC, (fixed rate to 3/18/2025, variable rate thereafter), 3.511%, 3/18/2026		517,452
	375,000	Lloyds Banking Group PLC, (fixed rate to 7/09/2024, variable rate thereafter), 3.870%, 7/09/2025		378,949
	1,195,000	Macquarie Bank Ltd., 2.100%, 10/17/2022, 144A		1,195,199
	65,000	Macquarie Bank Ltd., 2.300%, 1/22/2025, 144A		63,167
	1,170,000	Macquarie Group Ltd., (fixed rate to 6/21/2027, variable rate thereafter), 4.098%, 6/21/2028, 144A		1,165,207
	885,000	Morgan Stanley, (fixed rate to 1/21/2027, variable rate thereafter), 2.475%, 1/21/2028		843,691
	2,005,000	National Australia Bank Ltd., 1.388%, 1/12/2025, 144A		1,919,840
	620,000	Nationwide Building Society, (fixed rate to 3/08/2023, variable rate thereafter), 3.766%, 3/08/2024, 144A		623,344
	1,215,000	NatWest Markets PLC, 1.600%, 9/29/2026, 144A		1,112,672
	660,000	NatWest Markets PLC, 3.625%, 9/29/2022, 144A		665,282
	1,305,000	Nordea Bank Abp, 1.500%, 9/30/2026, 144A		1,198,102
	210,000	Northern Trust Corp., (fixed rate to 5/08/2027, variable rate thereafter), 3.375%, 5/08/2032		205,375
	355,000	Royal Bank of Canada, 0.650%, 7/29/2024		337,580
	1,175,000	Royal Bank of Canada, GMTN, 1.600%, 1/21/2025		1,129,393
	690,000	Santander Holdings USA, Inc., 3.450%, 6/02/2025		685,012
	395,000	Santander U.K. Group Holdings PLC, (fixed rate to 1/11/2027, variable rate thereafter), 2.469%, 1/11/2028		367,373
	265,000	Societe Generale S.A., (fixed rate to 1/21/2032, variable rate thereafter), 3.337%, 1/21/2033, 144A		243,749
	390,000	Standard Chartered PLC, (fixed rate to 1/12/2027, variable rate thereafter), 2.608%, 1/12/2028, 144A		364,806
	465,000	Standard Chartered PLC, (fixed rate to 3/30/2025, variable rate thereafter), 3.971%, 3/30/2026, 144A		463,622
	375,000	Standard Chartered PLC, (fixed rate to 6/29/2031, variable rate thereafter), 2.678%, 6/29/2032, 144A		330,007
	335,000	State Street Corp., (fixed rate to 11/18/2026, variable rate thereafter), 1.684%, 11/18/2027		314,301
	320,000	State Street Corp., (fixed rate to 2/07/2032, variable rate thereafter), 2.623%, 2/07/2033		301,113
	305,000	State Street Corp., (fixed rate to 5/15/2022, variable rate thereafter), 2.653%, 5/15/2023		305,069
	1,015,000	Sumitomo Mitsui Financial Group, Inc., 1.902%, 9/17/2028		908,335
	235,000	Sumitomo Mitsui Financial Group, Inc., 2.784%, 7/12/2022		235,964
	840,000	Sumitomo Mitsui Trust Bank Ltd., 0.850%, 3/25/2024, 144A		804,870
	200,000	Sumitomo Mitsui Trust Bank Ltd., 2.550%, 3/10/2025, 144A		195,686
	1,400,000	Swedbank AB, 1.300%, 6/02/2023, 144A		1,381,058
	235,000	Swedbank AB, 3.356%, 4/04/2025, 144A		235,724
	75,000	Synchrony Financial, 4.250%, 8/15/2024		76,046
		Banking — continued
$	840,000	Toronto-Dominion Bank (The), MTN, 3.200%, 3/10/2032	$	826,681
	770,000	Truist Financial Corp., MTN, 3.050%, 6/20/2022		771,781
	515,000	Truist Financial Corp., MTN, (fixed rate to 6/07/2028, variable rate thereafter), 1.887%, 6/07/2029		468,098
	1,400,000	UBS AG, 1.375%, 1/13/2025, 144A		1,330,330
	665,000	UniCredit SpA, 3.750%, 4/12/2022, 144A		665,150
	585,000	UniCredit SpA, (fixed rate to 9/22/2025, variable rate thereafter), 2.569%, 9/22/2026, 144A		540,482
	610,000	Wells Fargo & Co., (fixed rate to 3/24/2027, variable rate thereafter), MTN, 3.526%, 3/24/2028		608,775
	1,000,000	Westpac Banking Corp., 1.953%, 11/20/2028		921,062
				62,446,883
		Brokerage — 1.2%
	595,000	Ares Finance Co. IV LLC, 3.650%, 2/01/2052, 144A		505,332
	855,000	Blue Owl Finance LLC, 4.375%, 2/15/2032, 144A		802,502
	880,000	Charles Schwab Corp. (The), 2.450%, 3/03/2027		854,280
	465,000	Intercontinental Exchange, Inc., 2.100%, 6/15/2030		426,182
	355,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 2.625%, 10/15/2031		320,047
	1,205,000	Nomura Holdings, Inc., 2.329%, 1/22/2027		1,127,111
				4,035,454
		Building Materials — 0.2%
	640,000	Fortune Brands Home & Security, Inc., 4.000%, 3/25/2032		640,986
		Chemicals — 0.4%
	360,000	Cabot Corp., 4.000%, 7/01/2029		361,589
	960,000	Nutrien Ltd., 1.900%, 5/13/2023		952,777
				1,314,366
		Collateralized Mortgage Obligations — 1.3%
	322,251	Government National Mortgage Association, Series 2010-H02, Class FA, 1-month LIBOR + 0.680%, 0.911%, 2/20/2060(c)		322,386
	193,649	Government National Mortgage Association, Series 2010-H03, Class FA, 1-month LIBOR + 0.550%, 0.781%, 3/20/2060(c)		193,324
	116,278	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 0.601%, 7/20/2064(c)		115,923
	93,885	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 0.606%, 7/20/2064(c)		93,583
	272	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065(d)(e)		261
	242,083	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		239,527
	354,245	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 1.026%, 2/20/2066(c)		356,751
	999,406	Government National Mortgage Association, Series 2018-H17, Class JA, 3.750%, 9/20/2068(b)		1,008,742
	254,881	Government National Mortgage Association, Series 2019-H01, Class FL, 1-month LIBOR + 0.450%, 0.556%, 12/20/2068(c)		253,865
	848,558	Government National Mortgage Association, Series 2019-H01, Class FT, 1-month LIBOR + 0.400%, 0.506%, 10/20/2068(c)		845,459
	799,080	Government National Mortgage Association, Series 2019-H10, Class FM, 1-month LIBOR + 0.400%, 0.506%, 5/20/2069(c)		794,905
				4,224,726

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Construction Machinery — 0.3%
$	275,000	Caterpillar Financial Services Corp., MTN, 0.950%, 5/13/2022	$	274,998
	300,000	CNH Industrial Capital LLC, 1.950%, 7/02/2023		296,900
	435,000	John Deere Capital Corp., MTN, 2.350%, 3/08/2027		422,977
				994,875
		Consumer Cyclical Services — 0.3%
	945,000	eBay, Inc., 1.400%, 5/10/2026		879,744
	165,000	Expedia Group, Inc., 6.250%, 5/01/2025, 144A		176,406
				1,056,150
		Consumer Products — 0.6%
	840,000	Brunswick Corp., 4.400%, 9/15/2032		830,458
	1,115,000	GSK Consumer Healthcare Capital U.S. LLC, 3.375%, 3/24/2027, 144A		1,114,986
				1,945,444
		Diversified Manufacturing — 0.2%
	135,000	Amphenol Corp., 2.050%, 3/01/2025		131,329
	225,000	Kennametal, Inc., 4.625%, 6/15/2028		233,495
	135,000	Timken Co. (The), 4.500%, 12/15/2028		138,515
	275,000	WW Grainger, Inc., 1.850%, 2/15/2025		266,847
				770,186
		Electric — 3.7%
	435,000	AES Corp. (The), 3.300%, 7/15/2025, 144A		426,779
	360,000	Alliant Energy Finance LLC, 4.250%, 6/15/2028, 144A		371,439
	550,000	American Electric Power Co., Inc., 2.031%, 3/15/2024		540,475
	120,000	Consolidated Edison Co. of New York, Inc., Series B, 2.900%, 12/01/2026		118,022
	225,000	Dominion Energy, Inc., 3.071%, 8/15/2024		224,536
	270,000	DTE Energy Co., 2.250%, 11/01/2022		270,357
	1,135,000	Duke Energy Carolinas LLC, 3.050%, 3/15/2023		1,146,466
	285,000	Duke Energy Corp., 0.900%, 9/15/2025		264,706
	605,000	Entergy Corp., 0.900%, 9/15/2025		554,799
	270,000	Eversource Energy, 3.375%, 3/01/2032		264,109
	855,000	Fells Point Funding Trust, 3.046%, 1/31/2027, 144A		819,610
	590,000	National Rural Utilities Cooperative Finance Corp., 1.875%, 2/07/2025		571,591
	188,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		183,365
	900,000	NextEra Energy Capital Holdings, Inc., 0.650%, 3/01/2023		887,071
	300,000	NextEra Energy Capital Holdings, Inc., 2.940%, 3/21/2024		300,138
	825,000	Oncor Electric Delivery Co. LLC, 2.750%, 5/15/2030, 144A		795,028
	115,000	Pacific Gas & Electric Co., SOFR Index + 1.150%, 1.338%, 11/14/2022(c)		115,033
	375,000	Pacific Gas & Electric Co., 4.200%, 3/01/2029		368,747
	200,000	Public Service Electric & Gas Co., MTN, 3.100%, 3/15/2032		197,582
	235,000	Public Service Enterprise Group, Inc., 2.875%, 6/15/2024		232,833
	275,000	Puget Energy, Inc., 4.224%, 3/15/2032		275,553
	515,000	Southern California Edison Co., 0.700%, 8/01/2023		501,634
	845,000	Southern California Edison Co., SOFR + 0.470%, 0.702%, 12/02/2022(c)		845,115
	600,000	Vistra Operations Co. LLC, 3.550%, 7/15/2024, 144A		594,313
	1,540,000	WEC Energy Group, Inc., 0.550%, 9/15/2023		1,495,816
				12,365,117
		Finance Companies — 3.2%
$	510,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.150%, 2/15/2024	$	501,778
	360,000	Air Lease Corp., 1.875%, 8/15/2026		331,636
	555,000	Aircastle Ltd., 2.850%, 1/26/2028, 144A		498,559
	550,000	Ares Capital Corp., 2.875%, 6/15/2028		486,916
	50,000	Ares Capital Corp., 4.250%, 3/01/2025		49,975
	305,000	Aviation Capital Group LLC, 3.875%, 5/01/2023, 144A		306,334
	225,000	Aviation Capital Group LLC, 4.375%, 1/30/2024, 144A		224,642
	545,000	Bain Capital Specialty Finance, Inc., 2.550%, 10/13/2026		491,452
	200,000	Barings BDC, Inc., 3.300%, 11/23/2026, 144A		184,666
	1,115,000	Blackstone Private Credit Fund, 2.625%, 12/15/2026, 144A		1,003,457
	350,000	Blackstone Private Credit Fund, 3.250%, 3/15/2027, 144A		320,764
	615,000	Blackstone Secured Lending Fund, 2.850%, 9/30/2028, 144A		533,070
	710,000	FS KKR Capital Corp., 3.125%, 10/12/2028		632,946
	280,000	GATX Corp., 3.500%, 6/01/2032		269,983
	810,000	Golub Capital BDC, Inc., 2.500%, 8/24/2026		744,125
	695,000	Hercules Capital, Inc., 3.375%, 1/20/2027		652,456
	785,000	Main Street Capital Corp., 3.000%, 7/14/2026		727,802
	600,000	Morgan Stanley Direct Lending Fund, 4.500%, 2/11/2027, 144A		569,160
	110,000	Oaktree Specialty Lending Corp., 3.500%, 2/25/2025		107,387
	260,000	Owl Rock Capital Corp., 3.750%, 7/22/2025		251,491
	90,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		87,708
	500,000	OWL Rock Core Income Corp., 5.500%, 3/21/2025, 144A		498,729
	1,110,000	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025, 144A		1,095,586
				10,570,622
		Financial Other — 0.3%
	470,000	LeasePlan Corp. NV, 2.875%, 10/24/2024, 144A		459,113
	410,000	Mitsubishi HC Capital, Inc., 2.652%, 9/19/2022, 144A		410,667
	185,000	ORIX Corp., 3.250%, 12/04/2024		185,205
				1,054,985
		Food & Beverage — 1.2%
	120,000	Brown-Forman Corp., 3.500%, 4/15/2025		121,667
	1,060,000	Coca-Cola Europacific Partners PLC, 0.800%, 5/03/2024, 144A		1,012,514
	1,095,000	General Mills, Inc., 2.600%, 10/12/2022		1,097,597
	265,000	J M Smucker Co. (The), 2.125%, 3/15/2032		231,387
	455,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.000%, 5/15/2032, 144A		409,505
	915,000	Pernod Ricard International Finance LLC, 1.250%, 4/01/2028, 144A		800,551
	340,000	Viterra Finance BV, 2.000%, 4/21/2026, 144A		313,019
				3,986,240
		Government Owned – No Guarantee — 0.4%
	800,000	Antares Holdings LP, 3.750%, 7/15/2027, 144A		738,032
	350,000	BOC Aviation USA Corp., 1.625%, 4/29/2024, 144A		336,193
	325,000	DAE Funding LLC, 1.550%, 8/01/2024, 144A		306,964
				1,381,189
		Healthcare — 0.6%
	650,000	Baxter International, Inc., 2.272%, 12/01/2028, 144A		602,157
	227,000	Cigna Corp., 3.750%, 7/15/2023		230,314

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Healthcare — continued
$	92,000	CVS Health Corp., 4.300%, 3/25/2028	$	96,239
	510,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		499,566
	490,000	HCA, Inc., 3.125%, 3/15/2027, 144A		478,775
				1,907,051
		Hybrid ARMs — 0.0%
	23,805	FHLMC, 1-year CMT + 2.225%, 2.289%, 1/01/2035(c)		24,972
	41,351	FHLMC, 1-year CMT + 2.500%, 2.603%, 5/01/2036(c)		43,400
				68,372
		Independent Energy — 0.3%
	350,000	ConocoPhillips Co., 2.400%, 3/07/2025		345,972
	530,000	Pioneer Natural Resources Co., 0.550%, 5/15/2023		518,205
				864,177
		Industrial Other — 0.1%
	225,000	CK Hutchison International Ltd., 1.500%, 4/15/2026, 144A		210,213
		Integrated Energy — 0.2%
	660,000	Suncor Energy, Inc., 2.800%, 5/15/2023		660,974
		Life Insurance — 6.0%
	535,000	AIG Global Funding, 0.900%, 9/22/2025, 144A		490,120
	295,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		281,128
	635,000	Athene Global Funding, 2.500%, 3/24/2028, 144A		584,808
	415,000	Athene Global Funding, 2.646%, 10/04/2031, 144A		366,228
	445,000	Athene Global Funding, 3.205%, 3/08/2027, 144A		428,382
	885,000	Brighthouse Financial Global Funding, 1.200%, 12/15/2023, 144A		859,276
	780,000	Brighthouse Financial Global Funding, 1.750%, 1/13/2025, 144A		742,257
	985,000	CNO Global Funding, 2.650%, 1/06/2029, 144A		910,715
	1,680,000	Corebridge Financial, Inc., 3.650%, 4/05/2027, 144A		1,677,648
	1,285,000	Equitable Financial Life Global Funding, 1.800%, 3/08/2028, 144A		1,155,754
	615,000	F&G Global Funding, 2.000%, 9/20/2028, 144A		550,163
	820,000	GA Global Funding Trust, 1.250%, 12/08/2023, 144A		791,632
	995,000	GA Global Funding Trust, 2.250%, 1/06/2027, 144A		928,837
	665,000	Great-West Lifeco U.S. Finance LP, 0.904%, 8/12/2025, 144A		615,035
	1,370,000	Guardian Life Global Funding, 1.100%, 6/23/2025, 144A		1,288,847
	955,000	Jackson National Life Global Funding, 1.750%, 1/12/2025, 144A		914,520
	155,000	Jackson National Life Global Funding, 3.875%, 6/11/2025, 144A		157,537
	340,000	Lincoln National Corp., 3.400%, 3/01/2032		327,953
	565,000	Manulife Financial Corp., 3.703%, 3/16/2032		570,112
	795,000	Metropolitan Life Global Funding I, 0.900%, 6/08/2023, 144A		781,171
	700,000	Metropolitan Life Global Funding I, 0.950%, 7/02/2025, 144A		655,375
	1,070,000	New York Life Global Funding, 2.875%, 4/10/2024, 144A		1,072,359
	1,180,000	Protective Life Global Funding, 1.646%, 1/13/2025, 144A		1,130,204
	430,000	Protective Life Global Funding, 3.218%, 3/28/2025, 144A		429,276
	655,000	Reliance Standard Life Global Funding II, 2.750%, 5/07/2025, 144A		642,267
	175,000	Reliance Standard Life Global Funding II, 3.850%, 9/19/2023, 144A		177,348
	770,000	RGA Global Funding, 2.700%, 1/18/2029, 144A		724,799
	755,000	Security Benefit Global Funding, 1.250%, 5/17/2024, 144A		721,487
				19,975,238
		Lodging — 0.1%
$	350,000	Marriott International, Inc., Series Z, 4.150%, 12/01/2023	$	356,458
		Media Entertainment — 0.4%
	495,000	Magallanes, Inc., 4.279%, 3/15/2032, 144A		497,787
	870,000	Prosus NV, 4.193%, 1/19/2032, 144A		765,495
				1,263,282
		Metals & Mining — 0.2%
	210,000	Anglo American Capital PLC, 2.250%, 3/17/2028, 144A		191,787
	200,000	Anglo American Capital PLC, 3.875%, 3/16/2029, 144A		200,092
	155,000	Glencore Funding LLC, 4.125%, 3/12/2024, 144A		157,094
				548,973
		Midstream — 0.5%
	300,000	Boardwalk Pipelines LP, 3.600%, 9/01/2032		286,013
	25,000	Energy Transfer LP, 4.250%, 3/15/2023		25,272
	440,000	Midwest Connector Capital Co. LLC, 3.625%, 4/01/2022, 144A		440,000
	510,000	MPLX LP, 4.950%, 3/14/2052		530,951
	225,000	Targa Resources Corp., 4.200%, 2/01/2033		227,053
				1,509,289
		Mortgage Related — 0.8%
	1,003	FHLMC, 3.000%, 10/01/2026		1,013
	57	FHLMC, 6.500%, 1/01/2024		61
	20	FHLMC, 8.000%, 7/01/2025		21
	4,817	GNMA, 3.890%, 10/20/2062(b)		4,758
	5,991	GNMA, 3.991%, 5/20/2062(b)		6,028
	13,283	GNMA, 4.015%, 4/20/2063(b)		13,329
	46,184	GNMA, 4.286%, 11/20/2066(b)		47,415
	60,843	GNMA, 4.373%, 9/20/2066(b)		62,325
	38,770	GNMA, 4.396%, 6/20/2066(b)		39,609
	154,941	GNMA, 4.427%, 10/20/2066(b)		159,282
	59,842	GNMA, 4.464%, 10/20/2066(b)		61,782
	34,944	GNMA, 4.470%, 8/20/2066(b)		36,074
	60,589	GNMA, 4.504%, 11/20/2066(b)		62,447
	69,043	GNMA, 4.509%, 10/20/2066(b)		71,017
	143,506	GNMA, 4.524%, 9/20/2066(b)		147,596
	5,953	GNMA, 4.529%, 11/20/2064(b)		6,058
	342,554	GNMA, 4.622%, 7/20/2067(b)		353,486
	689,890	GNMA, 4.644%, 4/20/2067(b)		714,686
	561,549	GNMA, 4.679%, 1/20/2067(b)		580,342
	207,695	GNMA, 4.700%, with various maturities from 2061 to 2064(b)(f)		212,027
	176	GNMA, 6.500%, 12/15/2023		188
				2,579,544
		Natural Gas — 0.2%
	290,000	Sempra Energy, 3.700%, 4/01/2029		291,403
	430,000	Southwest Gas Corp., 4.050%, 3/15/2032		428,816
				720,219
		Non-Agency Commercial Mortgage-Backed Securities — 5.5%
	230,000	BANK, Series 2019-BN24, Class A3, 2.960%, 11/15/2062		223,447
	270,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		256,600
	870,000	BANK, Series 2021-BN37, Class A5, 2.618%, 11/15/2064(b)		818,613
	308,860	Barclays Commercial Mortgage Securities Trust, Series 2017-C1, Class A2, 3.189%, 2/15/2050		308,659

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	660,000	Barclays Commercial Mortgage Securities Trust, Series 2020-BID, Class A, 1-month LIBOR + 2.140%, 2.537%, 10/15/2037, 144A(c)	$	659,402
	865,000	BBCMS Mortgage Trust, Series 2021-C12, Class A5, 2.689%, 11/15/2054(a)		818,081
	285,000	Benchmark Mortgage Trust, Series 2020-B16, Class A5, 2.732%, 2/15/2053		267,711
	755,000	Benchmark Mortgage Trust, Series 2021-B31, Class A5, 2.669%, 12/15/2054		713,121
	520,000	BPR Trust, Series 2021-NRD, Class A, 1-month Term SOFR + 1.525%, 1.829%, 12/15/2023, 144A(c)		506,990
	491,600	CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.865%, 1/10/2048		499,213
	361,996	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.283%, 5/10/2058		359,057
	992,138	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314%, 4/10/2049		984,820
	540,000	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A4, 3.102%, 12/15/2072		522,678
	535,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		527,484
	263,676	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046(b)		265,369
	22,994	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		22,736
	71,499	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		72,234
	280,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS3, Class A4, 3.819%, 6/10/2047		282,782
	280,000	Commercial Mortgage Pass Through Certificates, Series 2015-DC1, Class A5, 3.350%, 2/10/2048		279,572
	520,299	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class A5, 3.765%, 2/10/2049		526,855
	795,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		781,393
	60,199	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617%, 11/15/2048		60,759
	470,000	CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A4, 2.968%, 12/15/2052		451,487
	605,000	GS Mortgage Securities Corp. II, Series 2012-BWTR, Class A, 2.954%, 11/05/2034, 144A		604,062
	440,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(b)		427,337
	330,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047		334,185
	245,000	GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.911%, 2/13/2053		236,397
	180,000	Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.155%, 8/05/2034, 144A		164,851
	355,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		327,327
	43,373	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		43,793
	575,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A4, 3.386%, 6/13/2052		572,622
	470,000	MedTrust, Series 2021-MDLN, Class A, 1-month LIBOR + 0.950%, 1.347%, 11/15/2038, 144A(c)		461,886
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	240,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class A4, 4.075%, 7/15/2046(b)	$	241,169
	129,604	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.306%, 4/15/2048		128,717
	550,000	Morgan Stanley Capital I Trust, Series 2020-L4, Class A3, 2.698%, 2/15/2053		519,538
	256,506	Motel 6 Trust, Series 2021-MTL6, Class A, 1-month LIBOR + 0.900%, 1.297%, 9/15/2038, 144A(c)		252,782
	845,000	New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, 10/20/2061, 144A		787,966
	980,000	SPGN Mortgage Trust, Series 2022-TFLM. Class A, 1-month Term SOFR + 1.550%, 1.851%, 2/15/2039, 144A(c)		973,219
	211,070	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A		210,636
	565,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.244%, 4/10/2046		566,879
	201,109	Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.426%, 3/15/2059		201,334
	490,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C58, Class A4, 2.092%, 7/15/2053		442,380
	100,418	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A3, 3.660%, 3/15/2047		100,131
	325,000	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101%, 3/15/2047		330,215
	144,174	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ASB, 3.638%, 5/15/2047		145,420
				18,281,909
		Pharmaceuticals — 0.4%
	235,000	Bayer U.S. Finance II LLC, 3.375%, 7/15/2024, 144A		235,873
	1,200,000	Roche Holdings, Inc., 2.314%, 3/10/2027, 144A		1,164,678
				1,400,551
		Property & Casualty Insurance — 0.4%
	325,000	American Financial Group, Inc., 3.500%, 8/15/2026		327,962
	180,000	Assurant, Inc., 4.200%, 9/27/2023		183,026
	670,000	Brown & Brown, Inc., 4.200%, 3/17/2032		680,760
	240,000	Trustage Financial Group, Inc., 4.625%, 4/15/2032, 144A		240,813
				1,432,561
		Railroads — 0.3%
	930,000	Canadian Pacific Railway Co., 1.350%, 12/02/2024		891,681
	215,000	Union Pacific Corp., 3.646%, 2/15/2024		218,562
				1,110,243
		REITs – Apartments — 0.1%
	155,000	American Campus Communities Operating Partnership LP, 2.250%, 1/15/2029		141,649
	225,000	Invitation Homes Operating Partnership LP, 2.000%, 8/15/2031		192,143
				333,792
		REITs – Health Care — 0.3%
	235,000	Omega Healthcare Investors, Inc., 4.500%, 1/15/2025		238,872
	355,000	Welltower, Inc., 2.750%, 1/15/2032		326,486
	375,000	Welltower, Inc., 3.850%, 6/15/2032		377,618
				942,976
		REITs – Office Property — 0.4%
	570,000	Kilroy Realty LP, 2.650%, 11/15/2033		493,854
	190,000	Office Properties Income Trust, 2.400%, 2/01/2027		168,998

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		REITs – Office Property — continued
$	560,000	Office Properties Income Trust, 3.450%, 10/15/2031	$	482,466
	340,000	Office Properties Income Trust, 4.500%, 2/01/2025		339,336
				1,484,654
		REITs – Regional Malls — 0.1%
	310,000	Simon Property Group LP, 1.750%, 2/01/2028		282,404
		REITs – Storage — 0.2%
	215,000	Extra Space Storage LP, 3.900%, 4/01/2029		215,447
	550,000	Life Storage LP, 2.400%, 10/15/2031		484,703
				700,150
		Restaurants — 0.1%
	420,000	McDonald’s Corp., MTN, 3.350%, 4/01/2023		425,206
		Retailers — 1.0%
	100,000	Advance Auto Parts, Inc., 3.500%, 3/15/2032		95,946
	345,000	AutoNation, Inc., 3.500%, 11/15/2024		343,776
	670,000	AutoNation, Inc., 3.850%, 3/01/2032		648,598
	290,000	AutoNation, Inc., 4.500%, 10/01/2025		295,225
	445,000	Home Depot, Inc. (The), 2.875%, 4/15/2027		443,328
	190,000	Tapestry, Inc., 3.050%, 3/15/2032		172,667
	1,245,000	Walgreens Boots Alliance, Inc., 0.950%, 11/17/2023		1,213,154
				3,212,694
		Technology — 2.5%
	875,000	Broadcom, Inc., 4.000%, 4/15/2029, 144A		874,571
	870,000	CDW LLC/CDW Finance Corp., 3.276%, 12/01/2028		819,453
	950,000	DXC Technology Co., 1.800%, 9/15/2026		870,826
	165,000	Flex Ltd., 4.875%, 6/15/2029		171,661
	450,000	Genpact Luxembourg S.a.r.l., 3.700%, 4/01/2022		450,000
	525,000	Global Payments, Inc., 1.500%, 11/15/2024		501,920
	825,000	HP, Inc., 4.000%, 4/15/2029		821,921
	315,000	Infor, Inc., 1.450%, 7/15/2023, 144A		308,607
	530,000	International Business Machines Corp., 2.850%, 5/13/2022		531,096
	175,000	Marvell Technology, Inc., 4.200%, 6/22/2023		177,813
	285,000	Microchip Technology, Inc., 0.972%, 2/15/2024		273,144
	460,000	Microchip Technology, Inc., 2.670%, 9/01/2023		458,459
	565,000	Panasonic Corp., 2.536%, 7/19/2022, 144A		565,761
	925,000	PayPal Holdings, Inc., 1.350%, 6/01/2023		922,295
	200,000	Qorvo, Inc., 1.750%, 12/15/2024, 144A		190,774
	170,000	Western Digital Corp., 2.850%, 2/01/2029		155,310
	165,000	Western Union Co. (The), 4.250%, 6/09/2023		167,563
				8,261,174
		Tobacco — 0.8%
	585,000	Altria Group, Inc., 2.450%, 2/04/2032		508,523
	1,025,000	BAT Capital Corp., 4.700%, 4/02/2027		1,051,288
	1,170,000	BAT Capital Corp., 4.742%, 3/16/2032		1,176,916
				2,736,727
		Transportation Services — 0.7%
	450,000	Element Fleet Management Corp., 3.850%, 6/15/2025, 144A		450,412
	175,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.000%, 7/15/2025, 144A		176,701
	695,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.125%, 8/01/2023, 144A		703,409
	285,000	Ryder System, Inc., 2.850%, 3/01/2027		276,357
	255,000	Ryder System, Inc., MTN, 3.750%, 6/09/2023		257,882
	370,000	Ryder System, Inc., MTN, 4.625%, 6/01/2025		383,013
				2,247,774
		Treasuries — 27.0%
	14,455,000	U.S. Treasury Note, 0.250%, 10/31/2025(a)		13,327,397
		Treasuries — continued
$	14,355,000	U.S. Treasury Note, 0.375%, 12/31/2025(a)	$	13,255,385
	7,050,000	U.S. Treasury Note, 0.500%, 3/31/2025(a)		6,641,596
	15,830,000	U.S. Treasury Note, 1.125%, 10/31/2026(a)		14,890,094
	4,630,000	U.S. Treasury Note, 1.250%, 11/30/2026(a)		4,380,595
	6,240,000	U.S. Treasury Note, 1.250%, 8/15/2031(a)		5,672,550
	19,625,000	U.S. Treasury Note, 1.375%, 11/15/2031(a)		18,005,937
	3,470,000	U.S. Treasury Note, 1.500%, 1/31/2027		3,316,019
	6,825,000	U.S. Treasury Note, 1.875%, 2/28/2027		6,642,111
	4,250,000	U.S. Treasury Note, 1.875%, 2/15/2032		4,081,328
				90,213,012
		Wireless — 0.3%
	680,000	Crown Castle International Corp., 2.900%, 3/15/2027		657,400
	200,000	SK Telecom Co. Ltd., 3.750%, 4/16/2023, 144A		202,168
				859,568
		Wirelines — 0.2%
	205,000	British Telecommunications PLC, 4.500%, 12/04/2023		209,072
	600,000	TELUS Corp., 3.400%, 5/13/2032		586,951
				796,023
		Total Bonds and Notes (Identified Cost $333,827,737)		320,365,793
	Short-Term Investments — 4.1%
	4,428,284	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $4,428,284 on 4/01/2022 collateralized by $4,533,200 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $4,516,908 including accrued interest (Note 2 of Notes to Financial Statements)		4,428,284
	9,405,000	U.S. Treasury Bills, 0.086%, 6/02/2022(g)		9,399,711
		Total Short-Term Investments (Identified Cost $13,831,891)		13,827,995
		Total Investments — 100.2% (Identified Cost $347,659,628)		334,193,788
		Other assets less liabilities — (0.2)%		(696,951	)
		Net Assets — 100.0%	$	333,496,837
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2022 is disclosed.
	(c)	Variable rate security. Rate as of March 31, 2022 is disclosed.
	(d)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(e)	Fair valued by the Fund’s adviser. At March 31, 2022, the value of this security amounted to $261 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(f)	The Fund’s investment in mortgage related securities of Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have

See accompanying notes to financial statements.

|  48

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

	been aggregated for the purpose of presentation in the Portfolio of Investments.
(g)	Interest rate represents discount rate at time of purchase; not a coupon 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 March 31, 2022, the value of Rule 144A holdings amounted to $101,645,076 or 30.5% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
CMT	Constant Maturity Treasury
FHLMC	Federal Home Loan Mortgage Corp.
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
SOFR	Secured Overnight Financing Rate

At March 31, 2022, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/30/2022		374	$	43,921,127	$	42,893,124	$	(1,028,003	)

At March 31, 2022, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		6/21/2022		82	$	11,465,102	$	11,108,437	$	356,665
Ultra Long U.S. Treasury Bond		6/21/2022		12		2,200,805		2,125,500		75,305
Total									$	431,970

Industry Summary at March 31, 2022 (Unaudited)

Treasuries	27.0	%
Banking	18.7
ABS Car Loan	8.8
Life Insurance	6.0
Non-Agency Commercial Mortgage-Backed Securities	5.5
Electric	3.7
Finance Companies	3.2
Automotive	2.7
Technology	2.5
Other Investments, less than 2% each	18.0
Short-Term Investments	4.1
Total Investments	100.2
Other assets less liabilities (including futures contracts)	(0.2	)
Net Assets	100.0	%

See accompanying notes to financial statements.

49  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 94.9% of Net Assets
		ABS Car Loan — 2.3%
$	354,350	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A3, 0.660%, 12/18/2024	$	352,423
	1,028,299	CarMax Auto Owner Trust, Series 2020-2, Class A3, 1.700%, 11/15/2024		1,030,994
	1,865,000	Carvana Auto Receivables Trust, Series 2021-N2, Class A2, 0.970%, 3/10/2028		1,777,797
	1,094,127	Credit Acceptance Auto Loan Trust, Series 2019-3A, Class A, 2.380%, 11/15/2028, 144A		1,096,145
	9,695,000	Credit Acceptance Auto Loan Trust, Series 2020-3A, Class A, 1.240%, 10/15/2029, 144A		9,536,460
	61,506	Flagship Credit Auto Trust, Series 2020-2, Class A, 1.490%, 7/15/2024, 144A		61,489
	253,872	Flagship Credit Auto Trust, Series 2020-3, Class A, 0.700%, 4/15/2025, 144A		252,938
	366,763	Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.040%, 8/15/2024		365,274
	328,509	GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.800%, 7/20/2023		327,962
	424,293	GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class A3, 2.180%, 4/16/2024		425,383
	372,630	GM Financial Consumer Automobile Receivables Trust, Series 2019-4, Class A3, 1.750%, 7/16/2024		372,831
	581,759	GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A3, 1.840%, 9/16/2024		581,946
	340,151	GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.490%, 12/16/2024		339,056
	655,000	GM Financial Revolving Receivables Trust, Series 2021-1, Class A, 1.170%, 6/12/2034, 144A		600,227
	41,704	Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.520%, 6/21/2023		41,815
	280,501	Honda Auto Receivables Owner Trust, Series 2020-1, Class A3, 1.610%, 4/22/2024		280,306
	504,525	Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.410%, 11/15/2024		502,507
	1,343,673	Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.380%, 12/16/2024		1,336,482
	450,153	Santander Consumer Auto Receivables Trust, Series 2020-AA, Class A, 1.370%, 10/15/2024, 144A		449,252
	765,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.350%, 5/25/2033, 144A		723,323
	222,924	Toyota Auto Receivables Owner Trust, Series 2019-A, Class A3, 2.910%, 7/17/2023		223,618
	298,664	Toyota Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.660%, 5/15/2024		298,170
	504,175	Toyota Auto Receivables Owner Trust, Series 2020-B, Class A3, 1.360%, 8/15/2024		502,240
	243,671	Westlake Automobile Receivables Trust, Series 2020-2A, Class A2A, 0.930%, 2/15/2024, 144A		243,552
	182,613	World Omni Auto Receivables Trust, Series 2019-B, Class A3, 2.590%, 7/15/2024		183,253
				21,905,443
		ABS Other — 1.4%
	647,749	Chesapeake Funding II LLC, Series 2020-1A, Class A1, 0.870%, 8/15/2032, 144A		642,566
	280,290	CNH Equipment Trust, Series 2020-A, Class A3, 1.160%, 6/16/2025		278,159
	260,768	Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.700%, 1/21/2031, 144A		261,356
	1,958,448	Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.560%, 12/11/2034, 144A		1,921,237
		ABS Other — continued
$	7,165,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ37, Class A2, 2.333%, 11/25/2030	$	6,998,738
	646,990	Kubota Credit Owner Trust, Series 2020-1A, Class A3, 1.960%, 3/15/2024, 144A		645,983
	518,136	MVW LLC, Series 2020-1A, Class A, 1.740%, 10/20/2037, 144A		502,611
	883,800	Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A, 1.330%, 7/20/2037, 144A		850,386
	1,057,460	Welk Resorts LLC, Series 2019-AA, Class A, 2.800%, 6/15/2038, 144A		1,045,484
				13,146,520
		ABS Student Loan — 1.1%
	2,072,956	Navient Private Education Refi Loan Trust, Series 2019-FA, Class A2, 2.600%, 8/15/2068, 144A		2,048,804
	642,776	Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.690%, 5/15/2069, 144A		620,894
	1,973,441	Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.060%, 10/15/2069, 144A		1,878,629
	4,480,269	Navient Private Education Refi Loan Trust, Series 2021-EA, Class A, 0.970%, 12/16/2069, 144A		4,175,660
	1,215,736	SMB Private Education Loan Trust, Series 2021-D, Class A1A, 1.340%, 3/17/2053, 144A		1,149,880
	24,355	SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1-month LIBOR + 0.950%, 1.407%, 1/25/2039, 144A(a)		24,392
				9,898,259
		Agency Commercial Mortgage-Backed Securities — 33.0%
	4,132,569	Federal Home Loan Mortgage Corp., Series Q016, Class APT1, 1.242%, 5/25/2051(b)		3,895,665
	11,380,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K747, Class A2, 2.050%, 11/25/2028(b)		10,822,084
	4,253,941	Federal National Mortgage Association, Series 2014-M2, Class A2, 3.513%, 12/25/2023(b)		4,319,691
	322,218	Federal National Mortgage Association, Series 2015-M17, Class FA, 1-month LIBOR + 0.930%, 1.056%, 11/25/2022(a)		322,231
	45,681	Federal National Mortgage Association, Series 2016-M3, Class ASQ2, 2.263%, 2/25/2023		45,562
	3,790,363	Federal National Mortgage Association, Series 2020-M5, Class FA, 1-month LIBOR + 0.460%, 0.691%, 1/25/2027(a)		3,814,591
	9,763,436	FHLMC Multifamily Structured Pass Through Certificates, Series KJ20, Class A2, 3.799%, 12/25/2025		9,961,815
	4,630,723	FHLMC Multifamily Structured Pass Through Certificates, Series K-F100, Class AS, 30-day Average SOFR + 0.180%, 0.230%, 1/25/2028(a)		4,630,723
	7,900,000	FHLMC Multifamily Structured Pass Through Certificates, Series K034, Class A2, 3.531%, 7/25/2023(b)		8,010,226
	7,835,000	FHLMC Multifamily Structured Pass Through Certificates, Series K035, Class A2, 3.458%, 8/25/2023(b)		7,941,192
	7,500,000	FHLMC Multifamily Structured Pass Through Certificates, Series K038, Class A2, 3.389%, 3/25/2024		7,595,541
	2,580,000	FHLMC Multifamily Structured Pass Through Certificates, Series K064, Class A2, 3.224%, 3/25/2027		2,629,789

See accompanying notes to financial statements.

|  50

Portfolio of Investments – as of March 31, 2022 (Unaudited)

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

Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	19,170,000	FHLMC Multifamily Structured Pass Through Certificates, Series K139, Class A1, 2.209%, 10/25/2031	$	18,504,397
	697,727	FHLMC Multifamily Structured Pass Through Certificates, Series K725, Class A1, 2.666%, 5/25/2023		698,433
	8,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series KC06, Class A2, 2.541%, 8/25/2026		7,942,239
	18,395,000	FHLMC Multifamily Structured Pass Through Certificates, Series KF123, Class AS, 30-day Average SOFR + 0.200%, 0.250%, 9/25/2028(a)		18,279,259
	373,656	FHLMC Multifamily Structured Pass Through Certificates, Series KF14, Class A, 1-month LIBOR + 0.650%, 0.891%, 1/25/2023(a)		373,741
	1,670,550	FHLMC Multifamily Structured Pass Through Certificates, Series KF53, Class A, 1-month LIBOR + 0.390%, 0.631%, 10/25/2025(a)		1,672,994
	8,313,590	FHLMC Multifamily Structured Pass Through Certificates, Series KF72, Class A, 1-month LIBOR + 0.500%, 0.741%, 10/25/2026(a)		8,297,889
	7,579,075	FHLMC Multifamily Structured Pass Through Certificates, Series KF74, Class AS, 1-month Average Compounded SOFR + 0.530%, 0.580%, 1/25/2027(a)		7,595,169
	9,474,268	FHLMC Multifamily Structured Pass Through Certificates, Series KF77, Class AL, 1-month LIBOR + 0.700%, 0.941%, 2/25/2027(a)		9,537,831
	12,461,091	FHLMC Multifamily Structured Pass Through Certificates, Series KF77, Class AS, 30-day Average SOFR + 0.900%, 0.950%, 2/25/2027(a)		12,634,873
	28,885,152	FHLMC Multifamily Structured Pass Through Certificates, Series KF78, Class AL, 1-month LIBOR + 0.800%, 1.041%, 3/25/2030(a)		28,719,063
	28,885,152	FHLMC Multifamily Structured Pass Through Certificates, Series KF78, Class AS, 30-day Average SOFR + 1.000%, 1.050%, 3/25/2030(a)		29,093,660
	4,304,597	FHLMC Multifamily Structured Pass Through Certificates, Series KF79, Class AL, 1-month LIBOR + 0.470%, 0.711%, 5/25/2030(a)		4,310,661
	3,972,110	FHLMC Multifamily Structured Pass Through Certificates, Series KF79, Class AS, 30-day Average SOFR + 0.580%, 0.630%, 5/25/2030(a)		3,983,761
	7,022,856	FHLMC Multifamily Structured Pass Through Certificates, Series KF80, Class AL, 1-month LIBOR + 0.440%, 0.681%, 6/25/2030(a)		7,012,810
	3,945,873	FHLMC Multifamily Structured Pass Through Certificates, Series KF80, Class AS, 30-day Average SOFR + 0.510%, 0.560%, 6/25/2030(a)		3,951,563
	2,370,032	FHLMC Multifamily Structured Pass Through Certificates, Series KF81, Class AL, 1-month LIBOR + 0.360%, 0.601%, 6/25/2027(a)		2,373,053
	1,777,524	FHLMC Multifamily Structured Pass Through Certificates, Series KF81, Class AS, 30-day Average SOFR + 0.400%, 0.450%, 6/25/2027(a)		1,778,061
	1,062,066	FHLMC Multifamily Structured Pass Through Certificates, Series KF84, Class AL, 1-month LIBOR + 0.300%, 0.541%, 7/25/2030(a)		1,058,896
	893,484	FHLMC Multifamily Structured Pass Through Certificates, Series KF84, Class AS, 30-day Average SOFR + 0.320%, 0.370%, 7/25/2030(a)		889,633
	738,382	FHLMC Multifamily Structured Pass Through Certificates, Series KF85, Class AL, 1-month LIBOR + 0.300%, 0.541%, 8/25/2030(a)		736,786
		Agency Commercial Mortgage-Backed Securities — continued
$	1,968,354	FHLMC Multifamily Structured Pass Through Certificates, Series KF85, Class AS, 30-day Average SOFR + 0.330%, 0.380%, 8/25/2030(a)	$	1,961,496
	1,402,750	FHLMC Multifamily Structured Pass Through Certificates, Series KF86, Class AL, 1-month LIBOR + 0.290%, 0.531%, 8/25/2027(a)		1,398,109
	1,252,616	FHLMC Multifamily Structured Pass Through Certificates, Series KF86, Class AS, 30-day Average SOFR + 0.320%, 0.370%, 8/25/2027(a)		1,248,145
	10,261,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ21, Class A2, 3.700%, 9/25/2026		10,502,506
	7,720,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ26, Class A2, 2.606%, 7/25/2027		7,656,404
	600,976	FHLMC Multifamily Structured Pass Through Certificates, Series KJ28, Class A1, 1.766%, 2/25/2025		590,160
	8,515,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS12, Class A, 1-month LIBOR + 0.650%, 0.891%, 8/25/2029(a)		8,514,999
	2,855,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS14, Class AL, 1-month LIBOR + 0.340%, 0.581%, 4/25/2030(a)		2,843,748
	3,140,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS14, Class AS, 30-day Average SOFR + 0.370%, 0.420%, 4/25/2030(a)		3,128,385
	1,918,069	FHLMC Multifamily Structured Pass Through Certificates, Series Q008, Class A, 1-month LIBOR + 0.390%, 0.631%, 10/25/2045(a)		1,909,990
	5,200,000	FNMA, 3.580%, 1/01/2026		5,317,518
	17,436,910	Freddie Mac Multifamily Structured Pass Through Certificates, Series K-107, Class AS, 30-day Average SOFR + 0.250%, 0.300%, 3/25/2028(a)		17,436,910
	9,395,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K-F121, Class AS, 30-day Average SOFR + 0.180%, 0.230%, 8/25/2028(a)		9,300,813
	915,287	Freddie Mac Multifamily Structured Pass Through Certificates, Series KF93, Class AL, 1-month LIBOR + 0.280%, 0.521%, 10/25/2027(a)		915,287
	1,098,937	Freddie Mac Multifamily Structured Pass Through Certificates, Series KF93, Class AS, 30-day Average SOFR + 0.310%, 0.360%, 10/25/2027(a)		1,098,937
	4,623,066	Freddie Mac Multifamily Structured Pass Through Certificates, Series KF97, Class AS, 30-day Average SOFR + 0.250%, 0.300%, 12/25/2030(a)		4,623,066
	1,819,955	Freddie Mac Multifamily Structured Pass Through Certificates, Series Q015, Class A, 30-day Average SOFR + 0.200%, 0.306%, 8/25/2024(a)		1,824,140
	103,191	Government National Mortgage Association, Series 2003-72, Class Z, 5.300%, 11/16/2045(b)		106,537
				313,811,032
		Collateralized Mortgage Obligations — 13.1%
	5,317	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 7-year CMT – 0.200%, 1.570%, 5/15/2023(a)(c)(d)		5,250
	5,168	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 10-year CMT – 0.650%, 1.340%, 8/15/2023(a)(c)(d)		5,089
	63,840	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029(c)(d)		66,647
	465,058	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035(c)(d)		492,749

See accompanying notes to financial statements.

51  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	690,998	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035	$	735,585
	219,795	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038(c)(d)		224,902
	703,689	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, IO, 2.585%, 6/15/2048(b)(e)		696,307
	656,457	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, IO, 3.846%, 12/15/2036(b)(e)		669,977
	98,978	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 2.497%, 6/15/2043(b)(c)(d)		108,764
	1,225	Federal National Mortgage Association, REMIC, Series 1992-162, Class FB, 7-year CMT – 0.050%, 2.140%, 9/25/2022(a)(c)(d)		1,211
	7,120	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 10-year CMT – 0.500%, 1.490%, 4/25/2024(a)(c)(d)		6,999
	6,070	Federal National Mortgage Association, REMIC, Series 2002-W10, Class A7, 4.037%, 8/25/2042(b)(c)(d)		6,197
	680,826	Federal National Mortgage Association, REMIC, Series 2003-48, Class GH, 5.500%, 6/25/2033(c)(d)		728,784
	85,244	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025(c)(d)		86,335
	363,367	Federal National Mortgage Association, REMIC, Series 2007-73, Class A1, 1-month LIBOR + 0.060%, 0.247%, 7/25/2037(a)(c)(d)		353,592
	663,967	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.435%, 8/25/2038(b)		663,002
	1,309,961	Federal National Mortgage Association, REMIC, Series 2012-56, Class FK, 1-month LIBOR + 0.450%, 0.907%, 6/25/2042(a)		1,317,923
	1,695,030	Federal National Mortgage Association, REMIC, Series 2012-58, Class KF, 1-month LIBOR + 0.550%, 1.007%, 6/25/2042(a)		1,714,678
	3,462,701	Federal National Mortgage Association, REMIC, Series 2012-83, Class LF, 1-month LIBOR + 0.510%, 0.967%, 8/25/2042(a)		3,492,079
	1,846,794	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1-month LIBOR + 1.000%, 1.457%, 7/25/2043(a)		1,746,827
	3,741,964	Federal National Mortgage Association, REMIC, Series 2015-4, Class BF, 1-month LIBOR + 0.400%, 0.857%, 2/25/2045(a)		3,750,734
	6,428,488	Federal National Mortgage Association, REMIC, Series 2020-35, Class FA, 1-month LIBOR + 0.500%, 0.606%, 6/25/2050(a)		6,415,245
	5,655	FHLMC Structured Pass Through Securities, Series T-60, Class 2A1, 3.441%, 3/25/2044(b)(c)(d)		5,723
	302,150	FHLMC Structured Pass Through Securities, Series T-62, Class 1A1, 12-month MTA + 1.200%, 1.341%, 10/25/2044(a)(c)(d)		306,383
	1,131,286	Government National Mortgage Association, Series 2005-18, Class F, 1-month LIBOR + 0.200%, 0.649%, 2/20/2035(a)		1,130,208
	841,495	Government National Mortgage Association, Series 2007-59, Class FM, 1-month LIBOR + 0.520%, 0.969%, 10/20/2037(a)(c)(d)		840,884
	268,409	Government National Mortgage Association, Series 2009-H01, Class FA, 1-month LIBOR + 1.150%, 1.599%, 11/20/2059(a)(c)(d)		269,528
	779,804	Government National Mortgage Association, Series 2010-H20, Class AF, 1-month LIBOR + 0.330%, 0.436%, 10/20/2060(a)		775,312
		Collateralized Mortgage Obligations — continued
$	660,573	Government National Mortgage Association, Series 2010-H24, Class FA, 1-month LIBOR + 0.350%, 0.456%, 10/20/2060(a)	$	656,736
	386,263	Government National Mortgage Association, Series 2010-H27, Class FA, 1-month LIBOR + 0.380%, 0.486%, 12/20/2060(a)		384,264
	40,100	Government National Mortgage Association, Series 2011- H20, Class FA, 1-month LIBOR + 0.550%, 0.656%, 9/20/2061(a)		40,027
	497,660	Government National Mortgage Association, Series 2011-H06, Class FA, 1-month LIBOR + 0.450%, 0.556%, 2/20/2061(a)		495,813
	32,226	Government National Mortgage Association, Series 2011-H08, Class FA, 1-month LIBOR + 0.600%, 0.706%, 2/20/2061(a)		32,193
	29,070	Government National Mortgage Association, Series 2011-H23, Class HA, 3.000%, 12/20/2061(c)(d)		28,511
	28,469	Government National Mortgage Association, Series 2012-124, Class HT, 6.500%, 7/20/2032(b)(c)(d)		27,893
	2,534,345	Government National Mortgage Association, Series 2012-18, Class FM, 1-month LIBOR + 0.250%, 0.699%, 9/20/2038(a)		2,534,296
	101	Government National Mortgage Association, Series 2012-H15, Class FA, 1-month LIBOR + 0.450%, 0.556%, 5/20/2062(a)(c)(d)		100
	413,979	Government National Mortgage Association, Series 2012-H18, Class NA, 1-month LIBOR + 0.520%, 0.626%, 8/20/2062(a)		413,764
	1,393,239	Government National Mortgage Association, Series 2012-H20, Class PT, 1.129%, 7/20/2062(b)		1,389,541
	20,125	Government National Mortgage Association, Series 2012-H29, Class HF, 1-month LIBOR + 0.500%, 0.606%, 10/20/2062(a)(c)(d)		19,865
	28,408	Government National Mortgage Association, Series 2013-H02, Class GF, 1-month LIBOR + 0.500%, 0.606%, 12/20/2062(a)(c)(d)		28,043
	1,278,199	Government National Mortgage Association, Series 2013-H08, Class FA, 1-month LIBOR + 0.350%, 0.456%, 3/20/2063(a)		1,272,028
	1,250,511	Government National Mortgage Association, Series 2013-H10, Class FA, 1-month LIBOR + 0.400%, 0.506%, 3/20/2063(a)		1,245,020
	179,305	Government National Mortgage Association, Series 2013-H14, Class FG, 1-month LIBOR + 0.470%, 0.576%, 5/20/2063(a)		178,738
	4,912,591	Government National Mortgage Association, Series 2013-H22, Class FT, 1-year CMT + 0.650%, 1.340%, 4/20/2063(a)		4,893,036
	3,500,471	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 0.601%, 7/20/2064(a)		3,489,782
	2,790,077	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 0.606%, 7/20/2064(a)		2,781,118
	2,107,131	Government National Mortgage Association, Series 2015-H04, Class FL, 1-month LIBOR + 0.470%, 0.576%, 2/20/2065(a)		2,099,339
	3,410	Government National Mortgage Association, Series 2015-H05, Class FA, 1-month LIBOR + 0.300%, 0.406%, 4/20/2061(a)(c)(d)		3,357
	7,254	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065(c)(d)		6,965

See accompanying notes to financial statements.

|  52

Portfolio of Investments – as of March 31, 2022 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	252,637	Government National Mortgage Association, Series 2015-H10, Class FC, 1-month LIBOR + 0.480%, 0.586%, 4/20/2065(a)	$	251,701
	4,091,511	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		4,048,309
	3,368	Government National Mortgage Association, Series 2015-H11, Class FA, 1-month LIBOR + 0.250%, 0.356%, 4/20/2065(a)(c)(d)		3,312
	2,429,757	Government National Mortgage Association, Series 2015-H12, Class FL, 1-month LIBOR + 0.230%, 0.336%, 5/20/2065(a)		2,412,050
	82,450	Government National Mortgage Association, Series 2015-H19, Class FH, 1-month LIBOR + 0.300%, 0.406%, 7/20/2065(a)(c)(d)		81,664
	3,706	Government National Mortgage Association, Series 2015-H29, Class FA, 1-month LIBOR + 0.700%, 0.806%, 10/20/2065(a)(c)(d)		3,670
	3,056	Government National Mortgage Association, Series 2015-H30, Class FA, 1-month LIBOR + 0.680%, 0.786%, 8/20/2061(a)(c)(d)		3,032
	3,881,071	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 1.026%, 2/20/2066(a)		3,908,518
	1,137,323	Government National Mortgage Association, Series 2016-H20, Class FB, 1-month LIBOR + 0.550%, 0.656%, 9/20/2066(a)		1,135,259
	2,552,787	Government National Mortgage Association, Series 2017-H05, Class FC, 1-month LIBOR + 0.750%, 0.856%, 2/20/2067(a)		2,562,866
	39,441	Government National Mortgage Association, Series 2018-H02, Class FJ, 1-month LIBOR + 0.200%, 0.306%, 10/20/2064(a)(c)(d)		39,068
	5,285,970	Government National Mortgage Association, Series 2018-H11, Class FJ, 12-month LIBOR + 0.080%, 0.327%, 6/20/2068(a)		5,188,965
	127,128	Government National Mortgage Association, Series 2018-H14, Class FG, 1-month LIBOR + 0.350%, 0.456%, 9/20/2068(a)		126,360
	7,520,053	Government National Mortgage Association, Series 2018-H16, Class FA, 1-month LIBOR + 0.420%, 0.526%, 9/20/2068(a)		7,469,625
	6,568,902	Government National Mortgage Association, Series 2019-H04, Class NA, 3.500%, 9/20/2068		6,573,027
	2,651,590	Government National Mortgage Association, Series 2019-H13, Class FT, 1-year CMT + 0.450%, 1.140%, 8/20/2069(a)		2,649,651
	2,207,430	Government National Mortgage Association, Series 2020-30, Class F, 1-month LIBOR + 0.400%, 0.631%, 4/20/2048(a)		2,201,890
	4,173,043	Government National Mortgage Association, Series 2020-53, Class NF, 1-month LIBOR + 0.450%, 0.681%, 5/20/2046(a)		4,087,053
	4,164,905	Government National Mortgage Association, Series 2020-H02, Class FG, 1-month LIBOR + 0.600%, 0.706%, 1/20/2070(a)		4,164,245
	4,551,298	Government National Mortgage Association, Series 2020-H04, Class FP, 1-month LIBOR + 0.500%, 0.606%, 6/20/2069(a)		4,535,812
	9,397,292	Government National Mortgage Association, Series 2020-H07, Class FL, 1-month LIBOR + 0.650%, 1.099%, 4/20/2070(a)		9,452,332
		Collateralized Mortgage Obligations — continued
$	10,184,929	Government National Mortgage Association, Series 2020-H10, Class FD, 1-month LIBOR + 0.400%, 0.849%, 5/20/2070(a)	$	10,174,031
	4,399,137	Government National Mortgage Association, Series 2020-HO1, Class FT, 1-year CMT + 0.500%, 0.710%, 1/20/2070(a)		4,452,032
				124,161,815
		Hybrid ARMs — 2.6%
	250,483	FHLMC, 6-month LIBOR + 1.776%, 1.900%, 6/01/2037(a)		250,860
	104,353	FHLMC, 12-month LIBOR + 1.670%, 1.921%, 11/01/2038(a)		104,575
	44,877	FHLMC, 12-month LIBOR + 1.739%, 1.996%, 12/01/2037(a)		44,893
	166,988	FHLMC, 12-month LIBOR + 1.725%, 2.001%, 4/01/2037(a)		171,832
	501,626	FHLMC, 12-month LIBOR + 1.764%, 2.013%, 9/01/2035(a)		517,218
	131,516	FHLMC, 12-month LIBOR + 1.707%, 2.024%, 3/01/2038(a)		131,667
	94,713	FHLMC, 12-month LIBOR + 1.799%, 2.048%, 11/01/2038(a)		94,967
	1,877,276	FHLMC, 12-month LIBOR + 1.842%, 2.108%, 1/01/2046(a)		1,923,465
	669,822	FHLMC, 12-month LIBOR + 1.896%, 2.146%, 9/01/2041(a)		695,652
	165,223	FHLMC, 12-month LIBOR + 1.934%, 2.195%, 12/01/2034(a)		165,519
	347,396	FHLMC, 1-year CMT + 2.220%, 2.220%, 7/01/2033(a)		348,198
	327,262	FHLMC, 1-year CMT + 2.247%, 2.273%, 9/01/2038(a)		343,939
	344,299	FHLMC, 1-year CMT + 2.165%, 2.290%, 4/01/2036(a)		344,011
	107,922	FHLMC, 1-year CMT + 2.209%, 2.318%, 9/01/2038(a)		108,159
	1,544,195	FHLMC, 1-year CMT + 2.247%, 2.326%, 3/01/2037(a)		1,617,306
	891,453	FHLMC, 1-year CMT + 2.258%, 2.386%, 2/01/2036(a)		927,842
	448,459	FHLMC, 12-month LIBOR + 1.899%, 2.388%, 4/01/2037(a)		448,098
	497,558	FHLMC, 1-year CMT + 2.285%, 2.411%, 2/01/2036(a)		518,916
	346,397	FHLMC, 1-year CMT + 2.245%, 2.441%, 3/01/2036(a)		361,368
	90,073	FHLMC, 1-year CMT + 2.250%, 2.497%, 2/01/2035(a)		93,559
	49,960	FHLMC, 12-month LIBOR + 2.180%, 2.555%, 3/01/2037(a)		49,879
	67,868	FHLMC, 1-year CMT + 2.470%, 2.595%, 9/01/2038(a)		67,824
	325,992	FNMA, 6-month LIBOR + 1.544%, 1.734%, 7/01/2035(a)		336,971
	21,363	FNMA, 6-month LIBOR + 1.460%, 1.786%, 2/01/2037(a)		21,722
	91,191	FNMA, 12-month LIBOR + 1.555%, 1.805%, 8/01/2035(a)		91,330
	511,624	FNMA, 12-month LIBOR + 1.565%, 1.836%, 7/01/2035(a)		526,537
	480,626	FNMA, 12-month LIBOR + 1.599%, 1.847%, 9/01/2037(a)		495,099
	177,162	FNMA, 12-month LIBOR + 1.607%, 1.858%, 10/01/2033(a)		181,863
	785,060	FNMA, 12-month LIBOR + 1.546%, 1.887%, 4/01/2037(a)		812,178
	223,732	FNMA, 12-month LIBOR + 1.639%, 1.889%, 8/01/2038(a)		224,792
	317,980	FNMA, 12-month LIBOR + 1.669%, 1.919%, 7/01/2038(a)		321,160
	143,534	FNMA, 12-month LIBOR + 1.594%, 1.924%, 4/01/2037(a)		143,745
	305,804	FNMA, 12-month LIBOR + 1.678%, 1.928%, 8/01/2034(a)		306,341

See accompanying notes to financial statements.

53  |

Portfolio of Investments – as of March 31, 2022 (Unaudited)

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

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	117,946	FNMA, 12-month LIBOR + 1.728%, 1.990%, 11/01/2035(a)	$	122,744
	151,340	FNMA, 12-month LIBOR + 1.667%, 2.014%, 11/01/2036(a)		157,393
	840,912	FNMA, 12-month LIBOR + 1.800%, 2.050%, 10/01/2041(a)		869,645
	116,936	FNMA, 12-month LIBOR + 1.800%, 2.050%, 12/01/2041(a)		116,932
	819,130	FNMA, 12-month LIBOR + 1.743%, 2.083%, 9/01/2037(a)		854,566
	42,907	FNMA, 12-month LIBOR + 1.754%, 2.089%, 1/01/2037(a)		43,015
	26,481	FNMA, 12-month LIBOR + 1.805%, 2.134%, 7/01/2041(a)		26,508
	53,961	FNMA, 1-year CMT + 2.145%, 2.145%, 9/01/2036(a)		54,569
	662,556	FNMA, 12-month LIBOR + 1.761%, 2.148%, 3/01/2037(a)		689,730
	316,276	FNMA, 12-month LIBOR + 1.755%, 2.177%, 2/01/2037(a)		316,662
	109,501	FNMA, 12-month LIBOR + 1.800%, 2.186%, 3/01/2034(a)		113,573
	938,577	FNMA, 1-year CMT + 2.188%, 2.219%, 11/01/2033(a)		985,591
	256,271	FNMA, 1-year CMT + 2.223%, 2.223%, 8/01/2035(a)		256,860
	185,343	FNMA, 1-year CMT + 2.149%, 2.238%, 9/01/2034(a)		193,918
	259,592	FNMA, 1-year CMT + 2.145%, 2.245%, 6/01/2036(a)		266,447
	946,311	FNMA, 1-year CMT + 2.172%, 2.255%, 12/01/2040(a)		991,868
	174,841	FNMA, 1-year CMT + 2.185%, 2.259%, 12/01/2034(a)		175,055
	531,639	FNMA, 1-year CMT + 2.270%, 2.270%, 6/01/2037(a)		564,895
	1,762,359	FNMA, 1-year CMT + 2.207%, 2.275%, 10/01/2034(a)		1,847,706
	384,121	FNMA, 1-year CMT + 2.185%, 2.310%, 1/01/2036(a)		394,618
	207,069	FNMA, 1-year CMT + 2.287%, 2.313%, 6/01/2033(a)		207,679
	391,885	FNMA, 6-month LIBOR + 2.157%, 2.319%, 7/01/2037(a)		409,955
	49,177	FNMA, 1-year CMT + 2.211%, 2.336%, 4/01/2033(a)		49,397
	1,102,982	FNMA, 1-year CMT + 2.225%, 2.338%, 4/01/2034(a)		1,150,780
	169,591	FNMA, 1-year CMT + 2.287%, 2.351%, 10/01/2033(a)		169,841
	112,314	FNMA, 1-year CMT + 2.198%, 2.366%, 4/01/2034(a)		112,382
	56,112	FNMA, 1-year CMT + 2.440%, 2.440%, 8/01/2033(a)		56,241
	725,021	FNMA, 12-month LIBOR + 1.820%, 2.445%, 2/01/2047(a)		750,644
	149,870	FNMA, 1-year CMT + 2.482%, 2.606%, 5/01/2035(a)		157,253
	128,684	FNMA, 1-year CMT + 2.500%, 2.633%, 8/01/2036(a)		136,007
	63,946	FNMA, 12-month LIBOR + 2.473%, 2.723%, 6/01/2035(a)		64,568
				25,098,527
		Mortgage Related — 1.7%
	20,480	FHLMC, 3.000%, 10/01/2026		20,694
	150,837	FHLMC, 4.000%, with various maturities from 2024 to 2042(f)		157,232
	52,194	FHLMC, 4.500%, with various maturities from 2025 to 2034(f)		53,773
	6,514	FHLMC, 5.500%, 10/01/2023		6,602
	129,057	FHLMC, 6.500%, 12/01/2034		140,009
	50	FHLMC, 7.500%, 6/01/2026		52
	83,056	FNMA, 3.000%, 3/01/2042		82,910
	659,219	FNMA, 5.000%, with various maturities from 2037 to 2038(f)		712,345
	258,479	FNMA, 5.500%, with various maturities from 2023 to 2033(f)		273,568
	24,281	FNMA, 6.000%, with various maturities in 2022(f)		24,438
	142,983	FNMA, 6.500%, with various maturities from 2032 to 2037(f)		154,353
	32,444	FNMA, 7.500%, with various maturities from 2030 to 2032(f)		34,041
		Mortgage Related — continued
$	1,519,499	GNMA, 1-month LIBOR + 1.748%, 1.869%, 2/20/2061(a)	$	1,548,959
	1,214,699	GNMA, 1-month LIBOR + 1.890%, 1.991%, 2/20/2063(a)		1,238,857
	951,204	GNMA, 1-month LIBOR + 2.150%, 2.249%, 3/20/2063(a)		972,876
	577,543	GNMA, 1-month LIBOR + 2.210%, 2.312%, 5/20/2065(a)		597,393
	596,269	GNMA, 1-month LIBOR + 2.236%, 2.338%, 6/20/2065(a)		620,839
	603,893	GNMA, 1-month LIBOR + 2.328%, 2.436%, 2/20/2063(a)		619,485
	54,757	GNMA, 4.007%, 12/20/2062(b)		55,438
	27,151	GNMA, 4.140%, with various maturities from 2061 to 2063(b)(f)		27,494
	13,761	GNMA, 4.316%, 8/20/2061(b)		14,008
	193,436	GNMA, 4.476%, 7/20/2063(b)		196,372
	2,485,704	GNMA, 4.483%, 10/20/2065(b)		2,553,585
	3,644	GNMA, 4.581%, 8/20/2062(b)		3,723
	1,317,967	GNMA, 4.601%, 2/20/2066(b)		1,348,073
	1,875,346	GNMA, 4.613%, 3/20/2064(b)		1,911,110
	205,544	GNMA, 4.624%, with various maturities from 2062 to 2064(b)(f)		209,542
	72,274	GNMA, 4.630%, with various maturities from 2061 to 2063(b)(f)		71,097
	1,595,313	GNMA, 4.677%, 11/20/2063(b)		1,627,022
	757,517	GNMA, 4.700%, with various maturities from 2061 to 2064(b)(f)		770,658
	2,413	GNMA, 4.891%, 4/20/2061(b)		2,426
	6,262	GNMA, 6.000%, 12/15/2031		6,949
	26,627	GNMA, 6.500%, 5/15/2031		29,161
	24,426	GNMA, 7.000%, 10/15/2028		25,738
				16,110,822
		Non-Agency Commercial Mortgage-Backed Securities — 2.6%
	1,595,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		1,515,840
	3,895,000	Barclays Commercial Mortgage Securities Trust, Series 2020-BID, Class A, 1-month LIBOR + 2.140%, 2.537%, 10/15/2037, 144A(a)		3,891,473
	1,825,000	BPR Trust, Series 2021-NRD, Class A, 1-month Term SOFR + 1.525%, 1.829%, 12/15/2023, 144A(a)		1,779,340
	1,310,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		1,291,597
	1,488,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,505,013
	3,311,532	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class ASB, 3.550%, 2/10/2049		3,343,071
	2,570,000	DROP Mortgage Trust, Series 2021-FILE, Class A, 1-month LIBOR + 1.150%, 1.550%, 4/15/2026, 144A(a)		2,542,717
	2,600,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		2,397,322
	1,040,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class A4, 3.134%, 12/15/2048		1,042,297
	3,295,000	SPGN Mortgage Trust, Series 2022-TFLM. Class A, 1-month Term SOFR + 1.550%, 1.851%, 2/15/2039, 144A(a)		3,272,201
	3,279,464	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1-month LIBOR + 1.470%, 1.867%, 11/15/2027, 144A(a)		2,299,817
				24,880,688

See accompanying notes to financial statements.

|  54

Portfolio of Investments – as of March 31, 2022 (Unaudited)

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

Principal Amount		Description	Value (†)
		Treasuries — 37.1%
$	17,715,000	U.S. Treasury Bond, 1.500%, 2/15/2025	$	17,218,150
	4,510,000	U.S. Treasury Note, 0.250%, 6/30/2025		4,189,896
	13,840,000	U.S. Treasury Note, 0.250%, 8/31/2025		12,805,244
	13,070,000	U.S. Treasury Note, 0.250%, 9/30/2025		12,073,412
	13,605,000	U.S. Treasury Note, 0.250%, 10/31/2025		12,543,704
	7,255,000	U.S. Treasury Note, 0.375%, 11/30/2025		6,707,474
	65,670,000	U.S. Treasury Note, 0.375%, 12/31/2025		60,639,576
	24,685,000	U.S. Treasury Note, 0.375%, 1/31/2026		22,743,949
	11,585,000	U.S. Treasury Note, 0.500%, 2/28/2026		10,710,695
	13,225,000	U.S. Treasury Note, 0.750%, 3/31/2026		12,332,829
	67,095,000	U.S. Treasury Note, 0.750%, 8/31/2026		62,186,057
	13,355,000	U.S. Treasury Note, 0.875%, 1/31/2024		13,014,865
	25,460,000	U.S. Treasury Note, 0.875%, 9/30/2026		23,698,685
	21,410,000	U.S. Treasury Note, 1.250%, 12/31/2026		20,228,268
	5,760,000	U.S. Treasury Note, 1.875%, 2/28/2027		5,605,650
	46,160,000	U.S. Treasury Note, 2.250%, 3/31/2024		46,096,890
	9,955,000	U.S. Treasury Note, 2.875%, 7/31/2025		10,063,883
				352,859,227
		Total Bonds and Notes (Identified Cost $929,323,816)		901,872,333
	Short-Term Investments — 5.0%
	19,252,967	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $19,252,967 on 4/01/2022 collateralized by $21,825,500 U.S. Treasury Bond, 2.000% due 8/15/2051 valued at $19,638,038 including accrued interest (Note 2 of Notes to Financial Statements)		19,252,967
	27,770,000	U.S. Treasury Bills, 0.050%-0.131%, 4/12/2022(g)(h)		27,768,812
		Total Short-Term Investments (Identified Cost $47,022,278)		47,021,779
		Total Investments — 99.9% (Identified Cost $976,346,094)		948,894,112
		Other assets less liabilities — 0.1%		1,232,455
		Net Assets — 100.0%	$	950,126,567
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. Rate as of March 31, 2022 is disclosed.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2022 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)	Fair valued by the Fund’s adviser. At March 31, 2022, the value of these securities amounted to $3,754,517 or 0.4% of net assets. See Note 2 of Notes to Financial Statements.
	(e)	Interest only security. Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
	(f)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(g)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(h)	The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the value of Rule 144A holdings amounted to $46,205,735 or 4.9% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	CMT	Constant Maturity Treasury
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GNMA	Government National Mortgage Association
	LIBOR	London Interbank Offered Rate
	MTA	Monthly Treasury Average Interest
	REMIC	Real Estate Mortgage Investment Conduit
	SOFR	Secured Overnight Financing Rate

Industry Summary at March 31, 2022 (Unaudited)

Treasuries	37.1	%
Agency Commercial Mortgage-Backed Securities	33.0
Collateralized Mortgage Obligations	13.1
Hybrid ARMs	2.6
Non-Agency Commercial Mortgage-Backed Securities	2.6
ABS Car Loan	2.3
Other Investments, less than 2% each	4.2
Short-Term Investments	5.0
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0	%

See accompanying notes to financial statements.

55  |

Statements of Assets and Liabilities

March 31, 2022 (Unaudited)

	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund
ASSETS
Investments at cost	$	8,104,683,284		$	24,408,959		$	3,671,901,796
Net unrealized appreciation (depreciation)		(353,429,763	)		(1,505,810	)		696,012,136
Investments at value		7,751,253,521			22,903,149			4,367,913,932
Cash		—			—			1,351,286
Due from brokers (Note 2)		12,202,775			—			8,495,000
Foreign currency at value (identified cost $0, $0 and $6,915,025, respectively)		—			—			6,945,888
Receivable for Fund shares sold		11,624,104			—			3,143,624
Receivable for securities sold		278,615,566			22,025			7,997,500
Receivable for when-issued/delayed delivery securities sold (Note 2)		823,998,490			—			—
Collateral received for open forward foreign currency contracts (Notes 2 and 4)		—			—			3,838,481
Dividends and interest receivable		48,889,934			191,243			12,184,293
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			—			3,019,320
Tax reclaims receivable		—			—			845,753
Receivable for variation margin on futures contracts (Note 2)		1,572,301			—			23,968
Prepaid expenses (Note 8)		59			—			28
TOTAL ASSETS		8,928,156,750			23,116,417			4,415,759,073
LIABILITIES
Securities sold short, at value (proceeds $71,422,815)		70,267,106			—			—
Payable for securities purchased		205,405,857			—			—
Payable for when-issued/delayed delivery securities purchased (Note 2)		1,247,075,217			—			—
Payable for Fund shares redeemed		14,612,837			—			3,770,593
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			—			8,012,422
Foreign taxes payable (Note 2)		—			—			1,426,408
Due to brokers (Note 2)		—			—			3,838,481
Payable for variation margin on futures contracts (Note 2)		—			6,094			—
Management fees payable (Note 6)		2,044,464			8,068			2,720,900
Deferred Trustees’ fees (Note 6)		862,510			4,133			386,529
Administrative fees payable (Note 6)		280,105			861			162,014
Payable to distributor (Note 6d)		64,147			—			63,723
Audit and tax services fees payable		32,476			35,273			33,086
Other accounts payable and accrued expenses		1,637,068			21,211			319,672
TOTAL LIABILITIES		1,542,281,787			75,640			20,733,828
NET ASSETS	$	7,385,874,963		$	23,040,777		$	4,395,025,245
NET ASSETS CONSIST OF:
Paid-in capital	$	7,840,793,991		$	24,461,908		$	3,616,120,680
Accumulated earnings (loss)		(454,919,028	)		(1,421,131	)		778,904,565
NET ASSETS	$	7,385,874,963		$	23,040,777		$	4,395,025,245
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	562,466,239		$	85,215		$	660,191,773
Shares of beneficial interest		44,502,561			9,052			26,098,965
Net asset value and redemption price per share	$	12.64		$	9.41		$	25.30
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	13.20		$	9.83		$	26.84
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	72,493,658		$	972		$	445,430,244
Shares of beneficial interest		5,732,083			103			18,079,244
Net asset value and offering price per share	$	12.65		$	9.40	*	$	24.64
Class N shares:
Net assets	$	2,207,568,662		$	22,908,225		$	332,019,438
Shares of beneficial interest		173,028,635			2,434,178			13,011,854
Net asset value, offering and redemption price per share	$	12.76		$	9.41		$	25.52
Class Y shares:
Net assets	$	4,543,346,404		$	46,365		$	2,957,383,790
Shares of beneficial interest		356,323,656			4,927			115,871,297
Net asset value, offering and redemption price per share	$	12.75		$	9.41		$	25.52

* Net asset value calculations have been determined utilizing fractional share and penny amounts.

See accompanying notes to financial statements.

|  56

Statements of Assets and Liabilities (continued)

March 31, 2022 (Unaudited)

	Growth Fund		Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	7,672,685,969	$	347,659,628		$	976,346,094
Net unrealized appreciation (depreciation)		5,473,731,741		(13,465,840	)		(27,451,982	)
Investments at value		13,146,417,710		334,193,788			948,894,112
Due from brokers (Note 2)		—		215,000			—
Receivable for Fund shares sold		16,536,351		360,818			1,435,557
Receivable for securities sold		—		2,481,431			18,743,801
Dividends and interest receivable		2,847,388		1,218,743			2,455,353
Tax reclaims receivable		11,298,233		388			—
Receivable for variation margin on futures contracts (Note 2)		—		6,486			—
Prepaid expenses (Note 8)		79		1			7
TOTAL ASSETS		13,177,099,761		338,476,655			971,528,830
LIABILITIES
Payable for securities purchased		—		4,484,903			18,779,670
Payable for Fund shares redeemed		14,658,899		175,579			1,590,086
Distributions payable		—		—			127,965
Management fees payable (Note 6)		5,369,795		79,596			270,702
Deferred Trustees’ fees (Note 6)		790,775		156,598			451,340
Administrative fees payable (Note 6)		471,212		12,568			35,571
Payable to distributor (Note 6d)		134,353		2,742			13,381
Audit and tax services fees payable		26,179		30,364			32,554
Other accounts payable and accrued expenses		600,678		37,468			100,994
TOTAL LIABILITIES		22,051,891		4,979,818			21,402,263
NET ASSETS	$	13,155,047,870	$	333,496,837		$	950,126,567
NET ASSETS CONSIST OF:
Paid-in capital	$	6,766,084,854	$	355,345,533		$	1,010,192,603
Accumulated earnings (loss)		6,388,963,016		(21,848,696	)		(60,066,036	)
NET ASSETS	$	13,155,047,870	$	333,496,837		$	950,126,567
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	1,639,592,049	$	21,804,061		$	266,319,256
Shares of beneficial interest		73,543,524		2,205,446			24,170,301
Net asset value and redemption price per share	$	22.29	$	9.89		$	11.02
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	23.65	$	10.33		$	11.27
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	104,846,085	$	317,942		$	20,129,844
Shares of beneficial interest		5,342,730		32,039			1,831,364
Net asset value and offering price per share	$	19.62	$	9.92		$	10.99
Class N shares:
Net assets	$	977,013,047	$	19,153,357		$	13,617,418
Shares of beneficial interest		40,402,639		1,938,943			1,232,491
Net asset value, offering and redemption price per share	$	24.18	$	9.88		$	11.05
Class Y shares:
Net assets	$	10,433,596,689	$	292,221,477		$	650,060,049
Shares of beneficial interest		431,655,795		29,568,776			58,811,208
Net asset value, offering and redemption price per share	$	24.17	$	9.88		$	11.05

See accompanying notes to financial statements.

57  |

Statements of Operations

For the Six Months Ended March 31, 2022 (Unaudited)

	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund
INVESTMENT INCOME
Interest	$	100,845,247		$	350,653		$	22,451,276
Dividends		—			14,351			10,515,930
Less net foreign taxes withheld		(5,736	)		—			(144,037	)
		100,839,511			365,004			32,823,169
Expenses
Management fees (Note 6)		13,128,674			50,759			17,655,883
Service and distribution fees (Note 6)		1,273,976			116			3,354,967
Administrative fees (Note 6)		1,770,203			5,191			1,033,964
Trustees’ fees and expenses (Note 6)		109,571			5,256			66,673
Trustees’ fees deferred compensation (Note 6)		(40,445	)		1,182			(14,096	)
Transfer agent fees and expenses (Notes 6 and 7)		2,891,651			2,979			1,648,111
Audit and tax services fees		27,151			31,221			31,570
Custodian fees and expenses		155,448			4,984			218,060
Legal fees (Note 8)		82,200			224			48,518
Registration fees		90,693			24,719			91,531
Shareholder reporting expenses		220,427			1,953			137,734
Miscellaneous expenses		139,199			16,307			95,311
Total expenses		19,848,748			144,891			24,368,226
Less waiver and/or expense reimbursement (Note 6)		—			(81,893	)		—
Net expenses		19,848,748			62,998			24,368,226
Net investment income		80,990,763			302,006			8,454,943
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SHORT SALES, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(61,848,524	)		136,990			124,368,483
Futures contracts		—			102,500			1,378,808
Forward foreign currency contracts (Note 2e)		—			—			(19,813,755	)
Foreign currency transactions (Note 2d)		(250,259	)		—			(642,356	)
Net change in unrealized appreciation (depreciation) on:
Investments		(486,851,013	)		(2,065,882	)		(380,662,404	)
Futures contracts		1,389,901			29,526			(925,006	)
Short sales		1,155,709			—			—
Forward foreign currency contracts (Note 2e)		—			—			(270,237	)
Foreign currency translations (Note 2d)		370,729			—			481,526
Net realized and unrealized loss on investments, futures contracts, short sales, forward foreign currency contracts and foreign currency transactions		(546,033,457	)		(1,796,866	)		(276,084,941	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(465,042,694	)	$	(1,494,860	)	$	(267,629,998	)

See accompanying notes to financial statements.

|  58

Statements of Operations (continued)

For the Six Months Ended March 31, 2022 (Unaudited)

	Growth Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	—		$	3,158,308		$	4,933,826
Dividends		53,217,706			—			—
Less net foreign taxes withheld		(1,537,126	)		—			—
		51,680,580			3,158,308			4,933,826
Expenses
Management fees (Note 6)		34,344,940			467,765			1,526,247
Service and distribution fees (Note 6)		2,736,366			28,032			442,028
Administrative fees (Note 6)		2,949,198			80,343			209,817
Trustees’ fees and expenses (Note 6)		180,276			9,704			17,554
Trustees’ fees deferred compensation (Note 6)		(18,219	)		(9,884	)		(31,375	)
Transfer agent fees and expenses (Notes 6 and 7)		5,018,107			133,579			376,250
Audit and tax services fees		43,116			26,266			28,369
Custodian fees and expenses		173,308			12,484			21,615
Legal fees (Note 8)		139,008			3,674			9,456
Registration fees		159,464			51,048			71,877
Shareholder reporting expenses		411,697			18,374			31,149
Miscellaneous expenses		235,358			21,149			29,564
Total expenses		46,372,619			842,534			2,732,551
Less waiver and/or expense reimbursement (Note 6)		—			(70,823	)		(96,486	)
Net expenses		46,372,619			771,711			2,636,065
Net investment income		5,307,961			2,386,597			2,297,761
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain (loss) on:
Investments		928,326,494			(7,003,818	)		(1,221,874	)
Futures contracts		—			(559,568	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		(1,110,596,576	)		(14,835,150	)		(29,907,693	)
Futures contracts		—			(599,256	)		—
Foreign currency translations (Note 2d)		(85,294	)		—			—
Net realized and unrealized loss on investments and futures contracts		(182,355,376	)		(22,997,792	)		(31,129,567	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(177,047,415	)	$	(20,611,195	)	$	(28,831,806	)

See accompanying notes to financial statements.

59  |

Statements of Changes in Net Assets

	Core Plus Bond Fund						Credit Income Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
FROM OPERATIONS:
Net investment income	$	80,990,763		$	163,972,599		$	302,006		$	616,673
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		(62,098,783	)		116,923,272			239,490			91,677
Net change in unrealized appreciation (depreciation) on investments, futures contracts, short sales and foreign currency translations		(483,934,674	)		(226,524,491	)		(2,036,356	)		680,884
Net increase (decrease) in net assets resulting from operations		(465,042,694	)		54,371,380			(1,494,860	)		1,389,234
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(8,951,542	)		(26,989,208	)		(1,520	)		(2,194	)
Class C		(781,754	)		(4,109,684	)		(14	)		(20	)
Class N		(35,535,780	)		(114,300,522	)		(448,862	)		(776,415	)
Class Y		(72,555,166	)		(253,871,577	)		(1,120	)		(642	)
Total distributions		(117,824,242	)		(399,270,991	)		(451,516	)		(779,271	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(880,808,448	)		(84,293,745	)		31,613			(572,703	)
Net increase (decrease) in net assets		(1,463,675,384	)		(429,193,356	)		(1,914,763	)		37,260
NET ASSETS
Beginning of the period		8,849,550,347			9,278,743,703			24,955,540			24,918,280
End of the period	$	7,385,874,963		$	8,849,550,347		$	23,040,777		$	24,955,540

See accompanying notes to financial statements.

|  60

Statements of Changes in Net Assets (continued)

	Global Allocation Fund						Growth Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
FROM OPERATIONS:
Net investment income (loss)	$	8,454,943		$	15,287,268		$	5,307,961		$	(1,879,895	)
Net realized gain on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		105,291,180			369,056,675			928,326,494			688,859,379
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations		(381,376,121	)		307,378,584			(1,110,681,870	)		1,682,048,663
Net increase (decrease) in net assets resulting from operations		(267,629,998	)		691,722,527			(177,047,415	)		2,369,028,147
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(54,983,172	)		(37,700,764	)		(87,877,160	)		(71,172,533	)
Class C		(37,592,938	)		(27,793,335	)		(6,955,691	)		(6,613,461	)
Class N		(26,402,455	)		(17,490,999	)		(39,935,698	)		(27,159,617	)
Class Y		(248,208,914	)		(172,869,178	)		(530,904,861	)		(427,889,322	)
Total distributions		(367,187,479	)		(255,854,276	)		(665,673,410	)		(532,834,933	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		152,398,388			400,018,429			229,134,538			432,416,142
Net increase (decrease) in net assets		(482,419,089	)		835,886,680			(613,586,287	)		2,268,609,356
NET ASSETS
Beginning of the period		4,877,444,334			4,041,557,654			13,768,634,157			11,500,024,801
End of the period	$	4,395,025,245		$	4,877,444,334		$	13,155,047,870		$	13,768,634,157

See accompanying notes to financial statements.

61  |

Statements of Changes in Net Assets (continued)

	Intermediate Duration Bond Fund						Limited Term Government and Agency Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
FROM OPERATIONS:
Net investment income	$	2,386,597		$	4,516,514		$	2,297,761		$	5,377,989
Net realized gain (loss) on investments and futures contracts		(7,563,386	)		2,618,566			(1,221,874	)		4,014,542
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(15,434,406	)		(6,669,694	)		(29,907,693	)		(13,859,882	)
Net increase (decrease) in net assets resulting from operations		(20,611,195	)		465,386			(28,831,806	)		(4,467,351	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(215,077	)		(742,805	)		(834,921	)		(1,888,946	)
Class C		(2,102	)		(18,045	)		(13,327	)		(6,855	)
Class N		(225,955	)		(788,205	)		(61,977	)		(104,954	)
Class Y		(3,812,025	)		(12,363,185	)		(2,749,705	)		(6,301,562	)
Total distributions		(4,255,159	)		(13,912,240	)		(3,659,930	)		(8,302,317	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(23,313,291	)		77,608,974			(50,423,101	)		27,315,308
Net increase (decrease) in net assets		(48,179,645	)		64,162,120			(82,914,837	)		14,545,640
NET ASSETS
Beginning of the period		381,676,482			317,514,362			1,033,041,404			1,018,495,764
End of the period	$	333,496,837		$	381,676,482		$	950,126,567		$	1,033,041,404

See accompanying notes to financial statements.

|  62

Financial Highlights

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class A
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	13.59		$	14.08		$	13.25		$	12.53		$	12.96		$	13.06
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.21			0.26			0.34			0.35			0.28
Net realized and unrealized gain (loss)		(0.88	)		(0.13	)		0.86			0.70			(0.38	)		(0.04	)
Total from Investment Operations		(0.77	)		0.08			1.12			1.04			(0.03	)		0.24
LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.29	)		(0.29	)		(0.32	)		(0.40	)		(0.34	)
Net realized capital gains		(0.03	)		(0.28	)		—			—			—			—
Total Distributions		(0.18	)		(0.57	)		(0.29	)		(0.32	)		(0.40	)		(0.34	)
Net asset value, end of the period	$	12.64		$	13.59		$	14.08		$	13.25		$	12.53		$	12.96
Total return(b)		(5.75	)%(c)		0.53	%		8.60	%		8.39	%		(0.27	)%		1.86	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	562,466		$	747,497		$	617,609		$	558,291		$	600,762		$	676,892
Net expenses		0.73	%(d)		0.71	%		0.72	%(e)		0.73	%		0.73	%		0.73	%
Gross expenses		0.73	%(d)		0.71	%		0.72	%		0.73	%		0.73	%		0.73	%
Net investment income		1.71	%(d)		1.51	%		1.88	%		2.63	%		2.71	%		2.19	%
Portfolio turnover rate		145	%		266	%		359	%(f)		297	%(g)		181	%		195	%

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

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

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

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

(e) Effective July 1, 2020, the expense limit decreased from 0.80% to 0.75%.

(f) The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(g) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

63  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class C
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	13.60		$	14.09		$	13.25		$	12.53		$	12.96		$	13.06
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.10			0.15			0.24			0.25			0.19
Net realized and unrealized gain (loss)		(0.88	)		(0.13	)		0.88			0.70			(0.38	)		(0.05	)
Total from Investment Operations		(0.82	)		(0.03	)		1.03			0.94			(0.13	)		0.14
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.18	)		(0.19	)		(0.22	)		(0.30	)		(0.24	)
Net realized capital gains		(0.03	)		(0.28	)		—			—			—			—
Total Distributions		(0.13	)		(0.46	)		(0.19	)		(0.22	)		(0.30	)		(0.24	)
Net asset value, end of the period	$	12.65		$	13.60		$	14.09		$	13.25		$	12.53		$	12.96
Total return(b)		(6.18	)%(c)		(0.24	)%		7.83	%		7.57	%		(1.03	)%		1.08	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	72,494		$	95,755		$	132,590		$	160,201		$	185,758		$	248,687
Net expenses		1.48	%(d)		1.46	%		1.47	%(e)		1.48	%		1.48	%		1.48	%
Gross expenses		1.48	%(d)		1.46	%		1.47	%		1.48	%		1.48	%		1.48	%
Net investment income		0.96	%(d)		0.75	%		1.13	%		1.88	%		1.96	%		1.44	%
Portfolio turnover rate		145	%		266	%		359	%(f)		297	%(g)		181	%		195	%

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

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

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

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

(e) Effective July 1, 2020, the expense limit decreased from 1.55% to 1.50%.

(f) The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(g) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

|  64

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class N
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	13.72		$	14.21		$	13.37		$	12.63		$	13.06		$	13.17
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.26			0.30			0.38			0.39			0.33
Net realized and unrealized gain (loss)		(0.90	)		(0.14	)		0.88			0.72			(0.38	)		(0.06	)
Total from Investment Operations		(0.76	)		0.12			1.18			1.10			0.01			0.27
LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.33	)		(0.34	)		(0.36	)		(0.44	)		(0.38	)
Net realized capital gains		(0.03	)		(0.28	)		—			—			—			—
Total Distributions		(0.20	)		(0.61	)		(0.34	)		(0.36	)		(0.44	)		(0.38	)
Net asset value, end of the period	$	12.76		$	13.72		$	14.21		$	13.37		$	12.63		$	13.06
Total return		(5.60	)%(b)		0.86	%		8.95	%		8.85	%		0.07	%		2.12	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,207,569		$	2,563,736		$	2,682,487		$	2,610,699		$	1,899,190		$	1,784,150
Net expenses		0.38	%(c)		0.38	%		0.38	%(d)		0.39	%		0.39	%		0.39	%
Gross expenses		0.38	%(c)		0.38	%		0.38	%		0.39	%		0.39	%		0.39	%
Net investment income		2.07	%(c)		1.84	%		2.21	%		2.96	%		3.06	%		2.53	%
Portfolio turnover rate		145	%		266	%		359	%(e)		297	%(f)		181	%		195	%

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

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

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

(d) Effective July 1, 2020, the expense limit decreased from 0.50% to 0.45%.

(e) The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(f) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

65  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class Y
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	13.71		$	14.20		$	13.36		$	12.63		$	13.06		$	13.16
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.24			0.29			0.37			0.38			0.31
Net realized and unrealized gain (loss)		(0.90	)		(0.13	)		0.88			0.71			(0.38	)		(0.04	)
Total from Investment Operations		(0.77	)		0.11			1.17			1.08			0.00	(b)		0.27
LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.32	)		(0.33	)		(0.35	)		(0.43	)		(0.37	)
Net realized capital gains		(0.03	)		(0.28	)		—			—			—			—
Total Distributions		(0.19	)		(0.60	)		(0.33	)		(0.35	)		(0.43	)		(0.37	)
Net asset value, end of the period	$	12.75		$	13.71		$	14.20		$	13.36		$	12.63		$	13.06
Total return		(5.65	)%(c)		0.78	%		8.87	%		8.67	%		(0.02	)%		2.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,543,346		$	5,442,563		$	5,846,057		$	4,163,785		$	3,733,751		$	3,846,208
Net expenses		0.48	%(d)		0.46	%		0.47	%(e)		0.48	%		0.48	%		0.48	%
Gross expenses		0.48	%(d)		0.46	%		0.47	%		0.48	%		0.48	%		0.48	%
Net investment income		1.97	%(d)		1.76	%		2.11	%		2.87	%		2.97	%		2.43	%
Portfolio turnover rate		145	%		266	%		359	%(f)		297	%(g)		181	%		195	%

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

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

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

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

(e) Effective July 1, 2020, the expense limit decreased from 0.55% to 0.50%.

(f) The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(g) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

|  66

Financial Highlights (continued)

For a share outstanding throughout each period.

	Credit Income Fund—Class A
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	10.21		$	9.97		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.11			0.21			(0.00	)(b)
Net realized and unrealized gain (loss)		(0.74	)		0.31			(0.03	)
Total from Investment Operations		(0.63	)		0.52			(0.03	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.28	)		—
Net realized capital gains		(0.04	)		(0.00	)(b)		—
Total Distributions		(0.17	)		(0.28	)		—
Net asset value, end of the period	$	9.41		$	10.21		$	9.97
Total return(c)(d)		(6.24	)%(e)		5.24	%		(0.30	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	85		$	91		$	1
Net expenses(f)		0.82	%(g)		0.82	%		0.82	%(g)
Gross expenses		4.27	%(g)		4.79	%		125.79	%(g)
Net investment income (loss)		2.20	%(g)		2.07	%		(0.82	)%(g)
Portfolio turnover rate		13	%		55	%		0	%

* From commencement of operations on September 29, 2020 through September 30, 2020.

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

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

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

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

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

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

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

See accompanying notes to financial statements.

67  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Credit Income Fund—Class C
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	10.20		$	9.97		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.07			0.13			(0.00	)(b)
Net realized and unrealized gain (loss)		(0.74	)		0.30			(0.03	)
Total from Investment Operations		(0.67	)		0.43			(0.03	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.20	)		—
Net realized capital gains		(0.04	)		(0.00	)(b)		—
Total Distributions		(0.13	)		(0.20	)		—
Net asset value, end of the period	$	9.40		$	10.20		$	9.97
Total return(c)(d)		(6.59	)%(e)		4.34	%		(0.30	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1		$	1
Net expenses(f)		1.57	%(g)		1.57	%		1.57	%(g)
Gross expenses		5.10	%(g)		5.60	%		126.54	%(g)
Net investment income (loss)		1.40	%(g)		1.29	%		(1.57	)%(g)
Portfolio turnover rate		13	%		55	%		0	%

* From commencement of operations on September 29, 2020 through September 30, 2020.

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

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

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

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

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

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

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

See accompanying notes to financial statements.

|  68

Financial Highlights (continued)

For a share outstanding throughout each period.

	Credit Income Fund—Class N
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	10.21		$	9.97		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.24			0.00	(b)
Net realized and unrealized gain (loss)		(0.74	)		0.31			(0.03	)
Total from Investment Operations		(0.62	)		0.55			(0.03	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.31	)		—
Net realized capital gains		(0.04	)		(0.00	)(b)		—
Total Distributions		(0.18	)		(0.31	)		—
Net asset value, end of the period	$	9.41		$	10.21		$	9.97
Total return(c)		(6.10	)%(d)		5.54	%		(0.30	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	22,908		$	24,842		$	24,915
Net expenses(e)		0.52	%(f)		0.52	%		0.52	%(f)
Gross expenses		1.18	%(f)		1.16	%		27.91	%(f)
Net investment income		2.50	%(f)		2.38	%		0.55	%(f)
Portfolio turnover rate		13	%		55	%		0	%

* From commencement of operations on September 29, 2020 through September 30, 2020.

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

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

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

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

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

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

See accompanying notes to financial statements.

69  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Credit Income Fund—Class Y
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	10.20		$	9.97		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.12			0.24			(0.00	)(b)
Net realized and unrealized gain (loss)		(0.73	)		0.29			(0.03	)
Total from Investment Operations		(0.61	)		0.53			(0.03	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.30	)		—
Net realized capital gains		(0.04	)		(0.00	)(b)		—
Total Distributions		(0.18	)		(0.30	)		—
Net asset value, end of the period	$	9.41		$	10.20		$	9.97
Total return(c)		(6.03	)%(d)		5.38	%		(0.30	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	46		$	22		$	1
Net expenses(e)		0.57	%(f)		0.57	%		0.57	%(f)
Gross expenses		4.02	%(f)		4.54	%		125.54	%(f)
Net investment income (loss)		2.49	%(f)		2.33	%		(0.57	)%(f)
Portfolio turnover rate		13	%		55	%		0	%

* From commencement of operations on September 29, 2020 through September 30, 2020.

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

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

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

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

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

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

See accompanying notes to financial statements.

|  70

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Allocation Fund—Class A
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	28.86		$	26.23		$	23.76		$	23.10		$	21.60		$	19.17
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.06			0.10			0.19			0.23			0.31
Net realized and unrealized gain (loss)		(1.43	)		4.18			3.05			1.38			1.75			2.36
Total from Investment Operations		(1.40	)		4.24			3.15			1.57			1.98			2.67
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.13	)		(0.12	)		(0.16	)		(0.19	)		(0.24	)
Net realized capital gains		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.29	)		—
Total Distributions		(2.16	)		(1.61	)		(0.68	)		(0.91	)		(0.48	)		(0.24	)
Net asset value, end of the period	$	25.30		$	28.86		$	26.23		$	23.76		$	23.10		$	21.60
Total return(b)		(5.58	)%(c)		16.73	%		13.41	%		7.66	%		9.26	%		14.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	660,192		$	737,469		$	632,479		$	453,009		$	401,036		$	305,275
Net expenses		1.13	%(d)		1.13	%		1.15	%		1.16	%		1.16	%		1.18	%
Gross expenses		1.13	%(d)		1.13	%		1.15	%		1.16	%		1.16	%		1.18	%
Net investment income		0.23	%(d)		0.23	%		0.42	%		0.83	%		1.03	%		1.57	%
Portfolio turnover rate		20	%		45	%		37	%		27	%		22	%		35	%

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

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

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

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

See accompanying notes to financial statements.

71  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Allocation Fund—Class C
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	28.26		$	25.78		$	23.43		$	22.78		$	21.29		$	18.89
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.07	)		(0.14	)		(0.08	)		0.02			0.06			0.16
Net realized and unrealized gain (loss)		(1.39	)		4.10			2.99			1.38			1.73			2.33
Total from Investment Operations		(1.46	)		3.96			2.91			1.40			1.79			2.49
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			(0.00	)(b)		(0.01	)		(0.09	)
Net realized capital gains		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.29	)		—
Total Distributions		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.30	)		(0.09	)
Net asset value, end of the period	$	24.64		$	28.26		$	25.78		$	23.43		$	22.78		$	21.29
Total return(c)		(5.93	)%(d)		15.85	%		12.55	%		6.85	%		8.46	%		13.22	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	445,430		$	503,073		$	483,814		$	480,479		$	412,610		$	354,017
Net expenses		1.88	%(e)		1.88	%		1.90	%		1.91	%		1.91	%		1.93	%
Gross expenses		1.88	%(e)		1.88	%		1.90	%		1.91	%		1.91	%		1.93	%
Net investment income (loss)		(0.52	)%(e)		(0.52	)%		(0.33	)%		0.08	%		0.29	%		0.84	%
Portfolio turnover rate		20	%		45	%		37	%		27	%		22	%		35	%

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

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

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

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

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

See accompanying notes to financial statements.

|  72

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Allocation Fund—Class N
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	29.09		$	26.42		$	23.92		$	23.25		$	21.73		$	19.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.15			0.18			0.27			0.31			0.20
Net realized and unrealized gain (loss)		(1.44	)		4.21			3.07			1.38			1.75			2.33
Total from Investment Operations		(1.36	)		4.36			3.25			1.65			2.06			2.53
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.21	)		(0.19	)		(0.23	)		(0.25	)		—
Net realized capital gains		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.29	)		—
Total Distributions		(2.21	)		(1.69	)		(0.75	)		(0.98	)		(0.54	)		—
Net asset value, end of the period	$	25.52		$	29.09		$	26.42		$	23.92		$	23.25		$	21.73
Total return		(5.43	)%(b)		17.10	%		13.78	%		8.04	%		9.60	%		13.18	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	332,019		$	350,222		$	264,338		$	202,692		$	80,346		$	59,512
Net expenses		0.81	%(c)		0.81	%		0.82	%		0.82	%		0.83	%		0.87	%(c)
Gross expenses		0.81	%(c)		0.81	%		0.82	%		0.82	%		0.83	%		0.87	%(c)
Net investment income		0.56	%(c)		0.55	%		0.76	%		1.20	%		1.36	%		1.48	%(c)
Portfolio turnover rate		20	%		45	%		37	%		27	%		22	%		35	%(d)

* From commencement of Class operations on February 1, 2017 through September 30, 2017.

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

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

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

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

See accompanying notes to financial statements.

73  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Allocation Fund—Class Y
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	29.09		$	26.42		$	23.92		$	23.25		$	21.74		$	19.29
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.13			0.16			0.24			0.29			0.36
Net realized and unrealized gain (loss)		(1.45	)		4.21			3.07			1.40			1.75			2.37
Total from Investment Operations		(1.38	)		4.34			3.23			1.64			2.04			2.73
LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		(0.19	)		(0.17	)		(0.22	)		(0.24	)		(0.28	)
Net realized capital gains		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.29	)		—
Total Distributions		(2.19	)		(1.67	)		(0.73	)		(0.97	)		(0.53	)		(0.28	)
Net asset value, end of the period	$	25.52		$	29.09		$	26.42		$	23.92		$	23.25		$	21.74
Total return		(5.49	)%(b)		17.02	%		13.70	%		7.95	%		9.49	%		14.42	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,957,384		$	3,286,680		$	2,660,927		$	1,938,124		$	1,549,689		$	1,067,062
Net expenses		0.88	%(c)		0.88	%		0.90	%		0.91	%		0.91	%		0.93	%
Gross expenses		0.88	%(c)		0.88	%		0.90	%		0.91	%		0.91	%		0.93	%
Net investment income		0.49	%(c)		0.48	%		0.67	%		1.08	%		1.29	%		1.79	%
Portfolio turnover rate		20	%		45	%		37	%		27	%		22	%		35	%

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

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

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

See accompanying notes to financial statements.

|  74

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class A
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	23.85		$	20.72		$	16.02		$	16.05		$	14.04		$	11.96
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)		(0.05	)		0.01			0.05			0.06			0.06
Net realized and unrealized gain (loss)		(0.30	)		4.17			5.14			0.71			2.29			2.18
Total from Investment Operations		(0.32	)		4.12			5.15			0.76			2.35			2.24
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.05	)		(0.05	)		(0.05	)		(0.05	)
Net realized capital gains		(1.24	)		(0.99	)		(0.40	)		(0.74	)		(0.29	)		(0.11	)
Total Distributions		(1.24	)		(0.99	)		(0.45	)		(0.79	)		(0.34	)		(0.16	)
Net asset value, end of the period	$	22.29		$	23.85		$	20.72		$	16.02		$	16.05		$	14.04
Total return(b)		(1.73	)%(c)		20.43	%		32.80	%		5.81	%		16.98	%		18.99	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,639,592		$	1,740,523		$	1,477,915		$	1,250,030		$	1,083,362		$	983,047
Net expenses		0.89	%(d)		0.89	%		0.90	%		0.91	%		0.90	%		0.91	%
Gross expenses		0.89	%(d)		0.89	%		0.90	%		0.91	%		0.90	%		0.91	%
Net investment income (loss)		(0.14	)%(d)		(0.22	)%		0.04	%		0.35	%		0.39	%		0.45	%
Portfolio turnover rate		14	%		9	%		19	%		7	%		11	%		8	%

(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) 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.

75  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class C
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	21.21		$	18.66		$	14.53		$	14.68		$	12.92		$	11.06
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.09	)		(0.20	)		(0.11	)		(0.06	)		(0.05	)		(0.03	)
Net realized and unrealized gain (loss)		(0.26	)		3.74			4.64			0.65			2.10			2.00
Total from Investment Operations		(0.35	)		3.54			4.53			0.59			2.05			1.97
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(1.24	)		(0.99	)		(0.40	)		(0.74	)		(0.29	)		(0.11	)
Net asset value, end of the period	$	19.62		$	21.21		$	18.66		$	14.53		$	14.68		$	12.92
Total return(b)		(2.10	)%(c)		19.55	%		31.76	%		5.05	%		16.09	%		18.03	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	104,846		$	127,003		$	128,764		$	120,493		$	130,133		$	133,329
Net expenses		1.64	%(d)		1.63	%		1.65	%		1.66	%		1.65	%		1.66	%
Gross expenses		1.64	%(d)		1.63	%		1.65	%		1.66	%		1.65	%		1.66	%
Net investment loss		(0.90	)%(d)		(0.97	)%		(0.71	)%		(0.39	)%		(0.36	)%		(0.29	)%
Portfolio turnover rate		14	%		9	%		19	%		7	%		11	%		8	%

(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) 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.

|  76

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class N
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	25.73		$	22.26		$	17.17		$	17.15		$	14.97		$	12.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.02			0.07			0.11			0.12			0.11
Net realized and unrealized gain (loss)		(0.34	)		4.49			5.53			0.76			2.44			2.32
Total from Investment Operations		(0.31	)		4.51			5.60			0.87			2.56			2.43
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.05	)		(0.11	)		(0.11	)		(0.09	)		(0.08	)
Net realized capital gains		(1.24	)		(0.99	)		(0.40	)		(0.74	)		(0.29	)		(0.11	)
Total Distributions		(1.24	)		(1.04	)		(0.51	)		(0.85	)		(0.38	)		(0.19	)
Net asset value, end of the period	$	24.18		$	25.73		$	22.26		$	17.17		$	17.15		$	14.97
Total return		(1.56	)%(b)		20.80	%		33.26	%		6.14	%		17.40	%(c)		19.39	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	977,013		$	806,186		$	579,571		$	442,787		$	1,001,688		$	341,160
Net expenses		0.56	%(d)		0.56	%		0.57	%		0.56	%		0.57	%(e)		0.57	%(e)
Gross expenses		0.56	%(d)		0.56	%		0.57	%		0.56	%		0.58	%		0.58	%
Net investment income		0.22	%(d)		0.09	%		0.38	%		0.69	%		0.73	%		0.80	%
Portfolio turnover rate		14	%		9	%		19	%		7	%		11	%		8	%

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

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

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

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

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

See accompanying notes to financial statements.

77  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class Y
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	25.73		$	22.26		$	17.17		$	17.14		$	14.97		$	12.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.01			0.01			0.05			0.10			0.10			0.09
Net realized and unrealized gain (loss)		(0.33	)		4.48			5.53			0.77			2.44			2.33
Total from Investment Operations		(0.32	)		4.49			5.58			0.87			2.54			2.42
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.03	)		(0.09	)		(0.10	)		(0.08	)		(0.07	)
Net realized capital gains		(1.24	)		(0.99	)		(0.40	)		(0.74	)		(0.29	)		(0.11	)
Total Distributions		(1.24	)		(1.02	)		(0.49	)		(0.84	)		(0.37	)		(0.18	)
Net asset value, end of the period	$	24.17		$	25.73		$	22.26		$	17.17		$	17.14		$	14.97
Total return		(1.60	)%(b)		20.72	%		33.15	%		6.09	%		17.25	%		19.31	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	10,433,597		$	11,094,922		$	9,313,775		$	7,017,707		$	6,620,996		$	5,749,576
Net expenses		0.64	%(c)		0.64	%		0.65	%		0.66	%		0.65	%		0.66	%
Gross expenses		0.64	%(c)		0.64	%		0.65	%		0.66	%		0.65	%		0.66	%
Net investment income		0.11	%(c)		0.02	%		0.27	%		0.60	%		0.64	%		0.69	%
Portfolio turnover rate		14	%		9	%		19	%		7	%		11	%		8	%

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

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

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

See accompanying notes to financial statements.

|  78

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class A
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	10.58		$	10.99		$	10.51		$	9.97		$	10.29		$	10.52
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.11			0.19			0.25			0.22			0.17
Net realized and unrealized gain (loss)		(0.63	)		(0.11	)		0.54			0.55			(0.31	)		(0.12	)
Total from Investment Operations		(0.58	)		(0.00	)(b)		0.73			0.80			(0.09	)		0.05
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.12	)		(0.20	)		(0.26	)		(0.23	)		(0.20	)
Net realized capital gains		(0.05	)		(0.29	)		(0.05	)		—			—			(0.08	)
Total Distributions		(0.11	)		(0.41	)		(0.25	)		(0.26	)		(0.23	)		(0.28	)
Net asset value, end of the period	$	9.89		$	10.58		$	10.99		$	10.51		$	9.97		$	10.29
Total return(c)(d)		(5.58	)%(e)		(0.06	)%		7.06	%		8.11	%		(0.85	)%		0.44	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	21,804		$	20,942		$	19,962		$	21,415		$	19,149		$	21,828
Net expenses(f)		0.65	%(g)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.69	%(g)		0.70	%		0.72	%		0.72	%		0.70	%		0.72	%
Net investment income		1.06	%(g)		1.03	%		1.78	%		2.42	%		2.17	%		1.69	%
Portfolio turnover rate		75	%		100	%		123	%		135	%		152	%		216	%

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

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

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

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

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

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

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

See accompanying notes to financial statements.

79  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class C
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	10.62		$	11.02		$	10.54		$	10.00		$	10.30		$	10.53
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.01			0.03			0.11			0.17			0.13			0.10
Net realized and unrealized gain (loss)		(0.64	)		(0.11	)		0.54			0.55			(0.31	)		(0.13	)
Total from Investment Operations		(0.63	)		(0.08	)		0.65			0.72			(0.18	)		(0.03	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		(0.03	)		(0.12	)		(0.18	)		(0.12	)		(0.12	)
Net realized capital gains		(0.05	)		(0.29	)		(0.05	)		—			—			(0.08	)
Total Distributions		(0.07	)		(0.32	)		(0.17	)		(0.18	)		(0.12	)		(0.20	)
Net asset value, end of the period	$	9.92		$	10.62		$	11.02		$	10.54		$	10.00		$	10.30
Total return(b)(c)		(6.02	)%(d)		(0.76	)%		6.27	%		7.28	%		(1.71	)%		(0.29	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	318		$	315		$	668		$	467		$	2		$	3,225
Net expenses(e)		1.40	%(f)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses		1.44	%(f)		1.45	%		1.46	%		1.48	%		1.45	%		1.48	%
Net investment income		0.29	%(f)		0.30	%		1.00	%		1.64	%		1.31	%		0.95	%
Portfolio turnover rate		75	%		100	%		123	%		135	%		152	%		216	%

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

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

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

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

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

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

See accompanying notes to financial statements.

|  80

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class N
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Period Ended September 30, 2019*
Net asset value, beginning of the period	$	10.57		$	10.98		$	10.50		$	10.07
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.14			0.22			0.17
Net realized and unrealized gain (loss)		(0.64	)		(0.11	)		0.54			0.45
Total from Investment Operations		(0.57	)		0.03			0.76			0.62
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.15	)		(0.23	)		(0.19	)
Net realized capital gains		(0.05	)		(0.29	)		(0.05	)		—
Total Distributions		(0.12	)		(0.44	)		(0.28	)		(0.19	)
Net asset value, end of the period	$	9.88		$	10.57		$	10.98		$	10.50
Total return(b)		(5.45	)%(c)		0.25	%		7.39	%		6.19	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	19,153		$	20,094		$	3,307		$	3,546
Net expenses(d)		0.35	%(e)		0.35	%		0.35	%		0.35	%(e)
Gross expenses		0.37	%(e)		0.38	%		0.43	%		0.42	%(e)
Net investment income		1.35	%(e)		1.32	%		2.09	%		2.54	%(e)
Portfolio turnover rate		75	%		100	%		123	%		135	%(f)

* From commencement of Class operations on February 1, 2019 through September 30, 2019.

(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) Represents the Fund’s portfolio turnover rate for year ended September 30, 2019.

See accompanying notes to financial statements.

81  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class Y
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	10.58		$	10.99		$	10.51		$	9.97		$	10.29		$	10.52
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.14			0.21			0.27			0.25			0.20
Net realized and unrealized gain (loss)		(0.65	)		(0.11	)		0.54			0.55			(0.31	)		(0.13	)
Total from Investment Operations		(0.58	)		0.03			0.75			0.82			(0.06	)		0.07
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.15	)		(0.22	)		(0.28	)		(0.26	)		(0.22	)
Net realized capital gains		(0.05	)		(0.29	)		(0.05	)		—			—			(0.08	)
Total Distributions		(0.12	)		(0.44	)		(0.27	)		(0.28	)		(0.26	)		(0.30	)
Net asset value, end of the period	$	9.88		$	10.58		$	10.99		$	10.51		$	9.97		$	10.29
Total return(b)		(5.56	)%(c)		0.20	%		7.33	%		8.38	%		(0.60	)%		0.69	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	292,221		$	340,326		$	293,577		$	215,752		$	148,119		$	154,668
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.44	%(e)		0.45	%		0.47	%		0.48	%		0.45	%		0.47	%
Net investment income		1.29	%(e)		1.28	%		2.01	%		2.67	%		2.43	%		1.93	%
Portfolio turnover rate		75	%		100	%		123	%		135	%		152	%		216	%

(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.

See accompanying notes to financial statements.

|  82

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class A
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	11.40		$	11.54		$	11.34		$	11.09		$	11.32		$	11.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.02			0.04			0.11			0.15			0.11			0.08
Net realized and unrealized gain (loss)		(0.37	)		(0.11	)		0.25			0.34			(0.13	)		(0.09	)
Total from Investment Operations		(0.35	)		(0.07	)		0.36			0.49			(0.02	)		(0.01	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		(0.07	)		(0.16	)		(0.24	)		(0.21	)		(0.18	)
Net asset value, end of the period	$	11.02		$	11.40		$	11.54		$	11.34		$	11.09		$	11.32
Total return(b)		(3.04	)%(c)(d)		(0.58	)%(c)		3.19	%		4.42	%		(0.17	)%		(0.04	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	266,319		$	287,244		$	296,217		$	308,186		$	328,475		$	336,227
Net expenses		0.69	%(e)(f)(g)		0.73	%(e)(h)(i)		0.78	%(j)		0.80	%		0.80	%		0.80	%
Gross expenses		0.71	%(f)(g)		0.73	%(h)		0.78	%		0.80	%		0.80	%		0.80	%
Net investment income		0.33	%(g)		0.36	%		0.93	%		1.31	%		1.02	%		0.67	%
Portfolio turnover rate		94	%		247	%		319	%(k)		527	%(k)		157	%		126	%

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

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

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

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

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

(f) Includes refund of prior year service fee of 0.01%. See Note 6b of Notes to Financial Statements.

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

(h) Includes refund of prior year service fee of 0.01%.

(i) Effective July 1, 2021, the expense limit decreased from 0.75% to 0.70%.

(j) Effective July 1, 2020, the expense limit decreased from 0.80% to 0.75%.

(k) The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

83  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class C
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	11.38		$	11.54		$	11.35		$	11.10		$	11.33		$	11.52
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)		(0.05	)		0.02			0.06			0.03			(0.01	)
Net realized and unrealized gain (loss)		(0.36	)		(0.11	)		0.24			0.34			(0.13	)		(0.08	)
Total from Investment Operations		(0.38	)		(0.16	)		0.26			0.40			(0.10	)		(0.09	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(0.00	)(b)		(0.07	)		(0.15	)		(0.13	)		(0.10	)
Net asset value, end of the period	$	10.99		$	11.38		$	11.54		$	11.35		$	11.10		$	11.33
Total return(c)		(3.37	)%(d)(e)		(1.35	)%(d)		2.34	%		3.64	%		(0.91	)%		(0.79	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	20,130		$	24,922		$	19,628		$	22,142		$	23,341		$	43,319
Net expenses		1.45	%(f)(g)		1.48	%(f)(h)		1.53	%(i)		1.55	%		1.55	%		1.55	%
Gross expenses		1.47	%(g)		1.49	%		1.53	%		1.55	%		1.55	%		1.55	%
Net investment income (loss)		(0.44	)%(g)		(0.40	)%		0.18	%		0.57	%		0.24	%		(0.09	)%
Portfolio turnover rate		94	%		247	%		319	%(j)		527	%(j)		157	%		126	%

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

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

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

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

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

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

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

(h) Effective July 1, 2021, the expense limit decreased from 1.50% to 1.45%.

(i) Effective July 1, 2020, the expense limit decreased from 1.55% to 1.50%.

(j) The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

|  84

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class N
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	11.43		$	11.57		$	11.37		$	11.12		$	11.36		$	11.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.08			0.14			0.19			0.15			0.05
Net realized and unrealized gain (loss)		(0.36	)		(0.11	)		0.26			0.33			(0.14	)		0.08	(b)
Total from Investment Operations		(0.33	)		(0.03	)		0.40			0.52			0.01			0.13
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.11	)		(0.20	)		(0.27	)		(0.25	)		(0.16	)
Net asset value, end of the period	$	11.05		$	11.43		$	11.57		$	11.37		$	11.12		$	11.36
Total return(c)		(2.89	)%(d)		(0.25	)%		3.53	%		4.77	%		0.09	%		1.12	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	13,617		$	12,972		$	11,035		$	5,272		$	3,176		$	1,900
Net expenses(e)		0.39	%(f)		0.40	%(g)		0.45	%(h)		0.46	%		0.46	%		0.47	%(f)
Gross expenses		0.41	%(f)		0.41	%		0.46	%		0.48	%		0.48	%		0.50	%(f)
Net investment income		0.62	%(f)		0.68	%		1.20	%		1.65	%		1.37	%		0.64	%(f)
Portfolio turnover rate		94	%		247	%		319	%(i)		527	%(i)		157	%		126	%(j)

* From commencement of Class operations on February 1, 2017 through September 30, 2017.

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

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

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

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

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

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

(g) Effective July 1, 2021, the expense limit decreased from 0.45% to 0.40%.

(h) Effective July 1, 2020, the expense limit decreased from 0.50% to 0.45%.

(i) The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

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

See accompanying notes to financial statements.

85  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class Y
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	11.43		$	11.57		$	11.38		$	11.13		$	11.36		$	11.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.07			0.13			0.17			0.14			0.11
Net realized and unrealized gain (loss)		(0.36	)		(0.11	)		0.25			0.34			(0.13	)		(0.09	)
Total from Investment Operations		(0.33	)		(0.04	)		0.38			0.51			0.01			0.02
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.10	)		(0.19	)		(0.26	)		(0.24	)		(0.21	)
Net asset value, end of the period	$	11.05		$	11.43		$	11.57		$	11.38		$	11.13		$	11.36
Total return		(2.92	)%(b)(c)		(0.33	)%(b)		3.35	%		4.67	%		0.09	%		0.22	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	650,060		$	707,904		$	691,616		$	457,248		$	366,847		$	360,322
Net expenses		0.45	%(d)(e)		0.48	%(d)(f)		0.53	%(g)		0.55	%		0.55	%		0.55	%
Gross expenses		0.47	%(e)		0.49	%		0.53	%		0.55	%		0.55	%		0.55	%
Net investment income		0.56	%(e)		0.61	%		1.11	%		1.55	%		1.26	%		0.92	%
Portfolio turnover rate		94	%		247	%		319	%(h)		527	%(h)		157	%		126	%

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

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

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

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

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

(f) Effective July 1, 2021, the expense limit decreased from 0.50% to 0.45%.

(g) Effective July 1, 2020, the expense limit decreased from 0.55% to 0.50%.

(h) The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

|  86

Notes to Financial Statements

March 31, 2022 (Unaudited)

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

Natixis Funds Trust I:

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

Loomis Sayles Funds I:

Loomis Sayles Intermediate Duration Bond Fund (the “Intermediate Duration Bond Fund”)

Loomis Sayles Funds II:

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

Loomis Sayles Global Allocation Fund (the “Global Allocation Fund”)

Loomis Sayles Growth Fund (the “Growth Fund”)

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

Each Fund is a diversified investment company.

Each Fund, except Growth Fund, offers Class A, Class C, Class N and Class Y shares. Growth Fund was closed to new investors effective April 28, 2017. Growth Fund offers Class A, Class C, Class N, and Class Y shares to defined contribution and defined benefit plans, clients of registered investment advisers and registered representatives trading through intermediary programs/platforms on which the Fund is already available and existing shareholders.

Class A shares are sold with a maximum front-end sales charge of 4.25% for Core Plus Bond Fund, Credit Income Fund and Intermediate Duration Bond Fund, 5.75% for Global Allocation Fund and Growth Fund, and 2.25% for Limited Term Government and Agency Fund. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF 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 and Class C), and transfer agent fees are borne collectively for Class A, Class C and Class Y, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations are valued at bid prices supplied by an independent pricing service, if available. Short sales of debt securities are valued based on an evaluated ask price

87  |

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

furnished to the Funds by an independent pricing service. Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans and collateralized loan obligations where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service. Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively.

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

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

As of March 31, 2022, securities held by the Funds were fair valued as follows:

Fund	Equity securities1		Percentage of Net Assets		Securities classified as fair valued		Percentage of Net Assets		Securities fair valued by the Fund’s adviser		Percentage of Net Assets
Core Plus Bond Fund	$	—		—	$	—		—	$	153,360		Less than 0.1%
Credit Income Fund		—		—		278,750		1.2%		—		—
Global Allocation Fund		546,564,125		12.4%		15,861,966		0.4%		—		—
Intermediate Duration Bond Fund		—		—		—		—		261		Less than 0.1%
Limited Term Government and Agency Fund		—		—		—		—		3,754,517		0.4%

¹ Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities.

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Loan consent fees, upfront origination fees and/or amendment fees are recorded when received and included in interest income on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

|  88

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

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. 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. A Fund will realize a profit from closing out a short position if the price of the security sold short has declined since the short position was opened; a Fund will realize a loss from closing out a short position if the value of the shorted security has risen since the short position was opened. Because there is no upper limit on the price to which a security can rise, short selling exposes a Fund to potentially unlimited losses. The Funds intend to cover their short sale transactions by segregating or earmarking liquid assets, such that the segregated/earmarked amount, equals the current market value of the securities underlying the short sale.

For the six months ended March 31, 2022, Core Plus Bond Fund engaged in short sales.

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

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

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

For the six months ended March 31, 2022, the amount of income available to be distributed has been reduced by the following amounts as a result of losses arising from changes in exchange rates:

Core Plus Bond Fund $ 2,879,477

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.  A Fund may enter into forward foreign currency contracts, including forward foreign cross currency contracts to acquire exposure to foreign currencies or to hedge the Funds’ investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds’ Statements of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency 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. Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

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

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

89  |

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

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

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

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

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

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 Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2022 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. 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 are expected to be filed and paid 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.

Certain Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries (EU reclaims) and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as a reduction of foreign taxes withheld in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities.

|  90

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

Under certain circumstances, EU reclaims may be subject to closing agreements with the Internal Revenue Service (IRS), which may materially reduce the reclaim amounts realized by the Funds. Fees and expenses associated with closing agreements will be reflected in the Statements of Operations when it is determined that a closing agreement with the IRS is required.

i.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency gains and losses, convertible bond adjustments, defaulted and/or non-income producing securities, distribution re-designations, contingent payment debt instruments, return of capital distributions received, net operating losses, redemptions in-kind, treasury inflation-protected bonds, premium amortization and paydown gains and losses. 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, trust preferred securities, futures contract mark-to-market, return of capital distributions received and dividends payable. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and net realized short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2021 was as follows:

	2021 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total
Core Plus Bond Fund	$	363,707,896	$	35,563,095	$	399,270,991
Credit Income Fund		779,271		—		779,271
Global Allocation Fund		26,444,526		229,409,750		255,854,276
Growth Fund		24,536,652		508,298,281		532,834,933
Intermediate Duration Bond Fund		12,774,431		1,137,809		13,912,240
Limited Term Government and Agency Fund		8,302,317		—		8,302,317

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

As of September 30, 2021, capital loss carryforwards were as follows:

	Core Plus Bond Fund		Credit Income Fund		Global Allocation Fund		Growth Fund		Intermediate Duration Bond Fund		Limited Term Government and Agency Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—	$	—	$	—	$	—	$	—	$	(183,761	)
Long-term:
No expiration date		—		—		—		—		—		(28,753,709	)
Total capital loss carryforward	$	—	$	—	$	—	$	—	$	—	$	(28,937,470	)

91  |

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

As of March 31, 2022, unrealized appreciation (depreciation) on a tax basis was approximately as follows:

	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund			Growth Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Unrealized appreciation (depreciation) Investments	$	(361,956,861	)	$	(1,557,684	)	$	698,282,558		$	5,473,731,741		$	(14,106,886	)	$	(27,873,944	)
Foreign currency translations		(4,542,583	)		–			(12,727,981	)		(93,683	)		–			–
Total unrealized appreciation (depreciation)	$	(366,499,444	)	$	(1,557,684	)	$	685,554,577		$	5,473,638,058		$	(14,106,886	)	$	(27,873,944	)

As of March 31, 2022, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund			Growth Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Federal tax cost	$	8,120,600,626		$	24,526,077		$	3,675,710,585		$	7,672,685,969		$	347,704,641		$	976,768,056
Gross tax appreciation	$	26,138,010		$	230,124		$	840,340,481		$	5,592,990,340		$	847,597		$	1,619,200
Gross tax depreciation		(392,939,505	)		(1,787,808	)		(153,387,095	)		(119,258,599	)		(14,954,483	)		(29,493,144	)
Net tax appreciation (depreciation)	$	(366,801,495	)	$	(1,557,684	)	$	686,953,386		$	5,473,731,741		$	(14,106,886	)	$	(27,873,944	)

The difference between these amounts and those reported in the preceding table are primarily attributable to capital gains taxes and foreign exchange gains or losses.

Amounts in the tables above exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales and derivatives mark-to-market.

j.  Senior Loans.  A Fund’s investment in senior loans may be to corporate, governmental or other borrowers. Senior loans, which include both secured and unsecured loans made by banks and other financial institutions to corporate customers, typically hold the most senior position in a borrower’s capital structure, may be secured by the borrower’s assets and have interest rates that reset frequently. Senior Loans can include term loans, revolving credit facility loans and second lien loans. A senior loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the senior loan, as specified in the loan agreement. Large loans may be shared or syndicated among several lenders. A Fund may enter into the primary syndicate for a loan or it may also purchase all or a portion of loans from other lenders (sometimes referred to as loan assignments), in either case becoming a direct lender. The settlement period for senior loans is uncertain as there is no standardized settlement schedule applicable to such investments. Senior loans outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

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

l.  Repurchase Agreements.  Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2022, 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.

|  92

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

m.  Due to/from Brokers.  Transactions and positions in certain futures, forward foreign currency contracts and delayed delivery commitments are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Funds and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for Core Plus Bond Fund represents cash pledged as collateral for delayed delivery securities and as initial margin for futures contracts. The due from brokers balance in the Statements of Assets and Liabilities for Global Allocation Fund represents cash pledged as collateral for forward foreign currency contracts and as initial margin for futures contracts. The due from brokers balance in the Statements of Assets and Liabilities for Intermediate Duration Bond Fund represents cash pledged as initial margin for futures contracts. The due to brokers balance in the Statements of Assets and Liabilities for Global Allocation Fund represents cash received as collateral for forward foreign currency contracts. In certain circumstances a Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

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

For the six months ended March 31, 2022, none of the Funds had loaned securities under this agreement.

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

p.  New Accounting Pronouncement.  In January 2021, the Financial Accounting Standards Board issued Accounting Standard Update 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). ASU 2021-01 is an update of ASU 2020-04, which was issued in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of the London Interbank Offered Rate (“LIBOR”), expected to occur no later than June 30, 2023. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides temporary guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 amendments offer optional expedients for contract modifications that would allow an entity to account for such modifications by prospectively adjusting the effective interest rate, instead of evaluating each contract, in accordance with existing accounting standards, as to whether reference rate modifications constitute the establishment of new contracts or the continuation of existing contracts. ASU 2021-01 clarifies that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments are currently effective and an entity may elect to apply its provisions as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. Management expects to apply the optional expedients when appropriate.

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).

93  |

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

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

The Funds’ pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Funds by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. The Funds’ adviser may use internally developed models to validate broker-dealer bid prices that are only available from a single broker or market maker. Such securities are considered and classified as fair valued. Broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2022, at value:

Core Plus Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2			Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Collateralized Mortgage Obligations	$	—	$	13,015,770		$	153,360	(b)	$	13,169,130
All Other Non-Convertible Bonds(a)		—		6,591,396,687			—			6,591,396,687
Total Non-Convertible Bonds		—		6,604,412,457			153,360			6,604,565,817
Municipals(a)		—		9,728,787			—			9,728,787
Total Bonds and Notes		—		6,614,141,244			153,360			6,614,294,604
Senior Loans(a)		—		429,679,179			—			429,679,179
Collateralized Loan Obligations		—		108,552,145			—			108,552,145
Short-Term Investments		—		598,727,593			—			598,727,593
Total Investments		—		7,751,100,161			153,360			7,751,253,521
Futures Contracts (unrealized appreciation)		1,389,901		—			—			1,389,901
Total	$	1,389,901	$	7,751,100,161		$	153,360		$	7,752,643,422
Liability Valuation Inputs
Description	Level 1		Level 2			Level 3			Total
Bonds and Notes Sold Short(a)	$	—	$	(70,267,106	)	$	—		$	(70,267,106	)

(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.

|  94

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

Credit Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	21,285,094	$	—	$	21,285,094
Collateralized Loan Obligations		—		727,872		—		727,872
Preferred Stocks
Wireless		—		278,750		—		278,750
All Other Preferred Stocks(a)		255,816		—		—		255,816
Total Preferred Stocks		255,816		278,750		—		534,566
Short-Term Investments		—		355,617		—		355,617
Total Investments		255,816		22,647,333		—		22,903,149
Futures Contracts (unrealized appreciation)		65,244		—		—		65,244
Total	$	321,060	$	22,647,333	$	—	$	22,968,393

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

Global Allocation Fund

Asset Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Common Stocks
France	$	—		$	97,048,288		$	—	$	97,048,288
Hong Kong		—			34,794,423			—		34,794,423
India		—			48,298,498			—		48,298,498
Japan		—			51,252,926			—		51,252,926
Netherlands		—			140,537,665			—		140,537,665
Sweden		—			62,939,413			—		62,939,413
Taiwan		—			85,582,376			—		85,582,376
United Kingdom		132,469,857			26,110,536			—		158,580,393
All Other Common Stocks(a)		2,280,477,566			—			—		2,280,477,566
Total Common Stocks		2,412,947,423			546,564,125			—		2,959,511,548
Bonds and Notes(a)		—			1,376,160,709			—		1,376,160,709
Senior Loans(a)		—			254,131			—		254,131
Preferred Stocks(a)		1,939,810			6,037,725			—		7,977,535
Short-Term Investments		—			24,010,009			—		24,010,009
Total Investments	$	2,414,887,233		$	1,953,026,699		$	—	$	4,367,913,932
Forward Foreign Currency Contracts (unrealized appreciation)		—			3,019,320			—		3,019,320
Total	$	2,414,887,233		$	1,956,046,019		$	—	$	4,370,933,252
Liability Valuation Inputs
Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)		—			(8,012,422	)		—		(8,012,422	)
Futures Contracts (unrealized depreciation)		(256,859	)		—			—		(256,859	)
Total	$	(256,859	)	$	(8,012,422	)	$	—	$	(8,269,281	)

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

95  |

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	13,061,973,389	$	—	$	—	$	13,061,973,389
Short-Term Investments		—		84,444,321		—		84,444,321
Total	$	13,061,973,389	$	84,444,321	$	—	$	13,146,417,710

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

Intermediate Duration Bond Fund

Asset Valuation Inputs

Description	Level 1			Level 2		Level 3			Total
Bonds and Notes
Collateralized Mortgage Obligations	$	—		$	4,224,465	$	261	(b)	$	4,224,726
All Other Bonds and Notes(a)		—			316,141,067		—			316,141,067
Total Bonds and Notes		—			320,365,532		261			320,365,793
Short-Term Investments		—			13,827,995		—			13,827,995
Total Investments		—			334,193,527	$	261		$	334,193,788
Futures Contracts (unrealized appreciation)		431,970			—		—			431,970
Total	$	431,970		$	334,193,527	$	261		$	334,625,758
Liability Valuation Inputs
Description	Level 1			Level 2		Level 3			Total
Futures Contracts (unrealized depreciation)	$	(1,028,003	)	$	—	$	—		$	(1,028,003	)

(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.

Limited Term Government and Agency Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Collateralized Mortgage Obligations	$	—	$	120,407,298	$	3,754,517	(b)	$	124,161,815
All Other Bonds and Notes(a)		—		777,710,518		—			777,710,518
Total Bonds and Notes		—		898,117,816		3,754,517			901,872,333
Short-Term Investments		—		47,021,779		—			47,021,779
Total	$	—	$	945,139,595	$	3,754,517		$	948,894,112

(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.

|  96

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2021 and/or March 31, 2022:

Core Plus Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2021		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2022
Bonds and Notes
Non-Convertible Bonds
Collateralized Mortgage Obligations	$	1,001,922	$	—	$	(16,458	)	$	12,044	$	1,700	$	(845,848	)	$	—	$	—	$	153,360	$	(4,456	)

Intermediate Duration Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2021		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2022
Bonds and Notes
ABS Other	$	564,912	$	—	$	—		$	—		$	—	$	—		$	—	$	(564,912	)	$	—	$	—
Collateralized Mortgage Obligations		531		—		(3	)		(10	)		—		(257	)		—		—			261		(12	)
Total	$	565,443	$	—	$	(3	)	$	(10	)	$	—	$	(257	)	$	—	$	(564,912	)	$	261	$	(12	)

A debt security valued at $564,912 was transferred from Level 3 to Level 2 during the period ended March 31, 2022. At September 30, 2021, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At March 31, 2022, 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.

Limited Term Government and Agency Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2021		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2022
Bonds and Notes
Collateralized Mortgage Obligations	$	4,629,151	$	—	$	(39,794	)	$	(85,866	)	$	18	$	(830,151	)	$	81,159	$	—	$	3,754,517	$	(92,373	)

97  |

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

A debt security valued at $81,159 was transferred from Level 2 to Level 3 during the period ended March 31, 2022. At September 30, 2021, 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 March 31, 2022, 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.

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 Core Plus Bond Fund, Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund used during the period include forward foreign currency contracts and futures contracts.

Core Plus Bond Fund, Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed income securities. The Funds will be subject to increased interest rate risk to the extent that they invest in fixed income securities with longer maturities or durations, as compared to investing in fixed income securities with shorter maturities or durations. The Funds may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. The Funds may also use futures contracts to gain investment exposure. During the six months ended March 31, 2022, Core Plus Bond Fund, Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund each used futures contracts to manage duration.

Global Allocation Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the six months ended March 31, 2022, Global Allocation 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 Core Plus Bond Fund as of March 31, 2022, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on futures contracts1
Exchange-traded asset derivatives
Interest rate contracts	$	1,389,901

¹  Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Core Plus Bond Fund during the six months ended March 31, 2022, as reflected within the Statements of Operations, were as follows:

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	1,389,901

The following is a summary of derivative instruments for Credit Income Fund as of March 31, 2022, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on futures contracts1
Exchange-traded asset derivatives
Interest rate contracts	$	65,244

¹  Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

|  98

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

Transactions in derivative instruments for Credit Income Fund during the six months ended March 31, 2022, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	102,500
Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	29,526

The following is a summary of derivative instruments for Global Allocation Fund as of March 31, 2022, 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	$	3,019,320

Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts1
Over-the-counter liability derivatives
Foreign exchange contracts	$	(8,012,422	)	$	—
Exchange-traded liability derivatives
Interest rate contracts		—			(256,859	)
Total liability derivatives	$	(8,012,422	)	$	(256,859	)

¹  Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Global Allocation Fund during the six months ended March 31, 2022, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Forward foreign currency contracts			Futures contracts
Interest rate contracts	$	—		$	1,378,808
Foreign exchange contracts		(19,813,755	)		—
Total	$	(19,813,755	)	$	1,378,808
Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts			Futures contracts
Interest rate contracts	$	—		$	(925,006	)
Foreign exchange contracts		(270,237	)		—
Total	$	(270,237	)	$	(925,006	)

99  |

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of March 31, 2022, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on futures contracts1
Exchange-traded asset derivatives
Interest rate contracts	$	431,970
Liabilities	Unrealized depreciation on futures contracts1
Exchange-traded liability derivatives
Interest rate contracts	$	(1,028,003	)

¹  Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Intermediate Duration Bond Fund during the six months ended March 31, 2022, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(559,568	)
Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(599,256	)

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

The volume of forward foreign currency contract and futures contract activity, as a percentage of net assets for Core Plus Bond Fund, Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2022:

Core Plus Bond Fund				Futures
Average Notional Amount Outstanding					0.35	%
Highest Notional Amount Outstanding					2.72	%
Lowest Notional Amount Outstanding					0.00	%
Notional Amount Outstanding as of March 31, 2022					2.72	%
Credit Income Fund				Futures
Average Notional Amount Outstanding					9.05	%
Highest Notional Amount Outstanding					9.34	%
Lowest Notional Amount Outstanding					8.82	%
Notional Amount Outstanding as of March 31, 2022					8.82	%
Global Allocation Fund	Forwards			Futures
Average Notional Amount Outstanding		11.08	%		0.67	%
Highest Notional Amount Outstanding		12.27	%		0.96	%
Lowest Notional Amount Outstanding		9.52	%		0.18	%
Notional Amount Outstanding as of March 31, 2022		10.73	%		0.18	%
Intermediate Duration Bond Fund				Futures
Average Notional Amount Outstanding					9.23	%
Highest Notional Amount Outstanding					17.03	%
Lowest Notional Amount Outstanding					6.24	%
Notional Amount Outstanding as of March 31, 2022					16.83	%

|  100

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

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

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

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Funds and their 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 a Fund or the counterparty to the extent of 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 Funds 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 Funds or the counterparty. The Funds’ ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of March 31, 2022, 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 Allocation Fund

Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged			Net Amount
Credit Suisse International	$	159,294		$	(159,294	)	$	—		$	—		$	—
HSBC Bank USA		290,594			—			290,594			—			290,594
Morgan Stanley Capital Services, Inc.		2,548,143			(84,036	)		2,464,107			(2,464,107	)		—
UBS AG		21,289			(21,289	)		—			—			—
	$	3,019,320		$	(264,619	)	$	2,754,701		$	(2,464,107	)	$	290,594
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	(843,174	)	$	—		$	(843,174	)	$	830,000		$	(13,174	)
Credit Suisse International		(7,051,639	)		159,294			(6,892,345	)		6,892,345			—
Morgan Stanley Capital Services, Inc.		(84,036	)		84,036			—			—			—
UBS AG		(33,573	)		21,289			(12,284	)		12,284			—
	$	(8,012,422	)	$	264,619		$	(7,747,803	)	$	7,734,629		$	(13,174	)

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.

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A 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 clearing house, 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 typically are required to segregate customer margin for exchange-traded derivatives 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

101  |

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

amount of margin held by the broker for all its customers, 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 each 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 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 Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of March 31, 2022:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Core Plus Bond Fund	$	4,189,901	$	4,189,901
Credit Income Fund		49,408		49,408
Global Allocation Fund		12,562,842		2,099,487
Intermediate Duration Bond Fund		221,486		221,486

Net loss amount reflects cash received as collateral for Global Allocation Fund of $3,838,481, which is recorded on the Statements of Assets and Liabilities.

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2022, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Core Plus Bond Fund	$	10,832,773,029	$	11,204,774,040	$	473,974,139	$	950,040,885
Credit Income Fund		226,613		421,520		2,822,488		2,687,161
Global Allocation Fund		41,532,917		85,803,168		909,798,041		1,075,843,394
Growth Fund		—		—		1,851,570,415		2,235,779,414
Intermediate Duration Bond Fund		74,262,754		106,093,143		193,712,067		184,677,485
Limited Term Government and Agency Fund		879,430,121		928,643,763		5,115,458		11,778,622

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. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on the Fund’s average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $100 million			Next $400 million			Next $500 million			Next $1 billion			Next $2 billion			Over $4 billion
Core Plus Bond Fund		0.2000	%		0.1875	%		0.1875	%		0.1875	%		0.1500	%		0.1500	%
Credit Income Fund		0.4200	%		0.4200	%		0.4200	%		0.4200	%		0.4200	%		0.4200	%
Global Allocation Fund		0.7500	%		0.7500	%		0.7500	%		0.7500	%		0.7300	%		0.7000	%
Growth Fund		0.5000	%		0.5000	%		0.5000	%		0.5000	%		0.5000	%		0.5000	%
Intermediate Duration Bond Fund		0.2500	%		0.2500	%		0.2500	%		0.2500	%		0.2500	%		0.2500	%
Limited Term Government and Agency Fund		0.3250	%		0.3250	%		0.3000	%		0.2500	%		0.2500	%		0.2500	%

Natixis Advisors, LLC (“Natixis Advisors”) serves as the advisory administrator to Core Plus Bond Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Under the terms of the advisory administration agreement, the Fund pays an advisory administration fee at the following annual rates, calculated daily and payable monthly, based on its average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $100 million			Next $1.9 billion			Over $2 billion
Core Plus Bond Fund		0.2000	%		0.1875	%		0.1500	%

|  102

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

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

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2023, may be terminated before then only with the consent of the Funds’ Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2022 the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
Core Plus Bond Fund		0.75	%		1.50	%		0.45	%		0.50	%
Credit Income Fund		0.82	%		1.57	%		0.52	%		0.57	%
Global Allocation Fund		1.25	%		2.00	%		0.95	%		1.00	%
Growth Fund		1.25	%		2.00	%		0.95	%		1.00	%
Intermediate Duration Bond Fund		0.65	%		1.40	%		0.35	%		0.40	%
Limited Term Government and Agency Fund		0.70	%		1.45	%		0.40	%		0.45	%

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

Loomis Sayles (and Natixis Advisors for Core Plus Bond Fund) shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below both (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the six months ended March 31, 2022, the management fees and waivers of management fees for each Fund were as follows:

	Gross Management Fees		Contractual Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
Fund							Gross			Net
Core Plus Bond Fund	$	6,564,337	$	—	$	6,564,337		0.16	%		0.16	%
Credit Income Fund		50,759		50,759		—		0.42	%		—	%
Global Allocation Fund		17,655,883		—		17,655,883		0.73	%		0.73	%
Growth Fund		34,344,940		—		34,344,940		0.50	%		0.50	%
Intermediate Duration Bond Fund		467,765		69,966		397,799		0.25	%		0.21	%
Limited Term Government and Agency Fund		1,526,247		—		1,526,247		0.31	%		0.31	%

For the six months ended March 31, 2022, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Class A		Class C		Class N		Class Y		Total
Limited Term Government and Agency Fund	$	28,604	$	2,358	$	—	$	64,523	$	95,485

¹ Waiver/expense reimbursements are subject to possible recovery until September 30, 2023.

In addition, Loomis Sayles reimbursed non-class specific expenses of Credit Income Fund in the amount of $30,305. Expense reimbursements are subject to possible recovery until September 30, 2023.

For the six months ended March 31, 2022, the advisory administration fees for Core Plus Bond Fund were $6,564,337 (effective rate of 0.16% of average daily net assets).

No expenses were recovered for any of the Funds during the six months ended March 31, 2022 under the terms of the expense limitation agreements.

103  |

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

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

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

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

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

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

For the six months ended March 31, 2022, the service and distribution fees for each Fund were as follows:

	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Core Plus Bond Fund	$	853,501	$	105,119	$	315,356
Credit Income Fund		111		1		4
Global Allocation Fund		907,850		611,779		1,835,338
Growth Fund		2,146,471		147,474		442,421
Intermediate Duration Bond Fund		26,238		449		1,345
Limited Term Government and Agency Fund		327,841		28,547		85,640

For the six months ended March 31, 2022, Natixis Distribution refunded Limited Term Government and Agency Fund $20,054 of prior year Class A service fees paid to Natixis Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statements of Operations have been reduced by these amounts.

c.  Administrative Fees.  Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2022, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Core Plus Bond Fund	$	1,770,203
Credit Income Fund		5,191
Global Allocation Fund		1,033,964
Growth Fund		2,949,198
Intermediate Duration Bond Fund		80,343
Limited Term Government and Agency Fund		209,817

d.  Sub-Transfer Agent Fees.  Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to

|  104

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

Natixis Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board of Trustees, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 2022, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Core Plus Bond Fund	$	2,724,228
Credit Income Fund		7
Global Allocation Fund		1,606,249
Growth Fund		4,512,920
Intermediate Duration Bond Fund		125,795
Limited Term Government and Agency Fund		254,881

As of March 31, 2022, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

Fund	Reimbursements of Sub-Transfer Agent Fees
Core Plus Bond Fund	$	64,147
Global Allocation Fund		63,723
Growth Fund		134,353
Intermediate Duration Bond Fund		2,742
Limited Term Government and Agency Fund		13,381

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

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended March 31, 2022, were as follows:

Fund	Commissions
Core Plus Bond Fund	$	13,580
Global Allocation Fund		62,912
Growth Fund		13,994
Limited Term Government and Agency Fund		10,134

f.  Trustees Fees and Expenses.  The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $210,000. 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, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF 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, 2022, each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $199,000. All other Trustees 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 on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles

105  |

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

Funds Trusts and Natixis ETF 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, Loomis Sayles Funds Trusts and Natixis ETF 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.

For the six months ended March 31, 2022, net depreciation in the value of participants’ deferral accounts are reflected on the Statements of Operations as a reduction to expenses, as follows:

Fund	Amount
Core Plus Bond Fund	$	(40,445	)
Global Allocation Fund		(14,096	)
Growth Fund		(18,219	)
Intermediate Duration Bond Fund		(9,884	)
Limited Term Government Agency Fund		(31,375	)

Certain officers and employees of Natixis Advisors and Loomis Sayles are also officers and/or Trustees of the Trusts.

g.  Affiliated Ownership.  As of March 31, 2022, the percentage of each Fund’s net assets owned by affiliates is as follows:

Core Plus Bond Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.13	%
Credit Income Fund
Natixis and Affiliates		99.45	%
Loomis Sayles Employees		0.04	%
Global Allocation Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.54	%
Growth Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.71	%
Loomis Sayles Funded Pension Plan and Trust		0.08	%
Intermediate Duration Bond Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		1.09	%
Limited Term Government and Agency Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.20	%
Loomis Sayles Distribution		0.13	%
Natixis Sustainable Future 2015 Fund		0.06	%
Natixis Sustainable Future 2020 Fund		0.05	%
Natixis Sustainable Future 2025 Fund		0.08	%
Natixis Sustainable Future 2030 Fund		0.08	%
Natixis Sustainable Future 2035 Fund		0.06	%
Natixis Sustainable Future 2040 Fund		0.03	%
Natixis Sustainable Future 2045 Fund		0.02	%

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

h.  Reimbursement of Transfer Agent Fees and Expenses.  Natixis Advisors has given a binding contractual undertaking to Credit Income Fund, Intermediate Duration Bond Fund and Limited Term Government and Agency Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through January 31, 2023 and is not subject to recovery under the expense limitation agreement described above.

|  106

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

For the six months ended March 31, 2022, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

	Reimbursement of Transfer Agency Expenses
Fund	Class N
Credit Income Fund	$	829
Intermediate Duration Bond Fund		857
Limited Term Government and Agency Fund		1,001

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

For the six months ended March 31, 2022, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y
Core Plus Bond Fund	$	336,532	$	41,484	$	7,573	$	2,506,062
Credit Income Fund		1,262		14		829		874
Global Allocation Fund		267,585		180,255		2,381		1,197,890
Growth Fund		670,449		45,885		3,312		4,298,461
Intermediate Duration Bond Fund		7,816		135		857		124,771
Limited Term Government and Agency Fund		108,544		8,899		1,001		257,806

8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $500,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $500,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid certain legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the six months ended March 31, 2022, Intermediate Duration Bond Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $2,300,000 at a weighted average interest rate of 1.18%. Interest expense incurred on the line of credit was $75.

9.  Risk.  Global Allocation Fund’s investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Core Plus Bond Fund and Limited Term Government and Agency Fund’s investments in mortgage-related and asset-backed securities are subject to certain risks not associated with investments in other securities. Mortgage-related and asset-backed securities are subject to the risk that unexpected changes in interest rates will have a direct effect on expected maturity. A shortened maturity may result in the reinvestment of prepaid amounts in securities with lower yields than the original obligations. An extended maturity may result in a reduction of a security’s value.

Global markets have experienced periods of high volatility triggered by the Covid-19 pandemic. The impact of this pandemic and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Such effects could impair the Funds’ ability to maintain operational standards, disrupt the operations of the Funds’ service providers, adversely affect the value and liquidity of the Funds’ investments and negatively impact the Funds’ performance.

107  |

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region and around the world are impossible to predict, but could be significant and have a severe adverse effect on the region and around the world, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

10.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2022, 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:

	Number of 5% Account Holders		Percentage of Ownership
Core Plus Bond Fund		1		5.29	%
Growth Fund		2		18.91	%
Intermediate Duration Bond Fund		3		62.34	%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the 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.

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

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Core Plus Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		6,248,020		$	82,691,055			29,816,749		$	411,705,864
Issued in connection with the reinvestment of distributions		510,722			6,750,409			1,418,984			19,617,302
Redeemed		(17,253,954	)		(226,636,892	)		(20,094,174	)		(276,883,383	)
Net change		(10,495,212	)	$	(137,195,428	)		11,141,559		$	154,439,783
Class C
Issued from the sale of shares		177,856		$	2,326,419			1,270,632		$	17,680,906
Issued in connection with the reinvestment of distributions		52,589			695,373			267,935			3,719,298
Redeemed		(1,539,708	)		(20,409,102	)		(3,908,443	)		(53,805,611	)
Net change		(1,309,263	)	$	(17,387,310	)		(2,369,876	)	$	(32,405,407	)
Class N
Issued from the sale of shares		22,825,617		$	305,555,378			74,310,781		$	1,036,339,256
Issued in connection with the reinvestment of distributions		2,529,274			33,670,862			7,758,533			108,261,976
Redeemed		(39,208,712	)		(525,720,488	)		(83,980,462	)		(1,169,430,230	)
Net change		(13,853,821	)	$	(186,494,248	)		(1,911,148	)	$	(24,828,998	)
Class Y
Issued from the sale of shares		50,375,321		$	673,218,567			165,904,514		$	2,311,069,290
Issued in connection with the reinvestment of distributions		4,388,901			58,414,135			15,514,659			216,562,574
Redeemed		(95,417,369	)		(1,271,364,164	)		(118,855,676	)		(1,651,141,438	)
Redeemed in-kind (Note 13)		—			—			(77,281,925	)		(1,057,989,549	)
Net change		(40,653,147	)	$	(539,731,462	)		(14,718,428	)	$	(181,499,123	)
Decrease from capital share transactions		(66,311,443	)	$	(880,808,448	)		(7,857,893	)	$	(84,293,745	)

|  108

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Credit Income Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		—		$	—			8,583		$	87,178
Issued in connection with the reinvestment of distributions		154			1,520			215			2,194
Net change		154		$	1,520			8,798		$	89,372
Class C
Issued in connection with the reinvestment of distributions		1		$	14			2		$	20
Net change		1		$	14			2		$	20
Class N
Issued in connection with the reinvestment of distributions		—		$	—			70,365		$	717,264
Redeemed		—			—			(136,187	)		(1,400,000	)
Net change		—		$	—			(65,822	)	$	(682,736	)
Class Y
Issued from the sale of shares		5,230		$	52,959			1,992		$	20,000
Issued in connection with the reinvestment of distributions		114			1,120			63			641
Redeemed		(2,572	)		(24,000	)		—			—
Net change		2,772		$	30,079			2,055		$	20,641
Increase (decrease) from capital share transactions		2,927		$	31,613			(54,967	)	$	(572,703	)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Global Allocation Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		2,842,185		$	79,144,283			6,524,893		$	180,992,665
Issued in connection with the reinvestment of distributions		1,295,398			36,335,913			920,421			24,308,308
Redeemed		(3,592,248	)		(97,330,688	)		(6,008,771	)		(165,998,676	)
Net change		545,335		$	18,149,508			1,436,543		$	39,302,297
Class C
Issued from the sale of shares		1,191,799		$	32,335,603			3,263,944		$	88,556,205
Issued in connection with the reinvestment of distributions		1,119,198			30,632,442			874,791			22,762,056
Redeemed		(2,030,478	)		(54,152,991	)		(5,108,914	)		(139,833,825	)
Net change		280,519		$	8,815,054			(970,179	)	$	(28,515,564	)
Class N
Issued from the sale of shares		1,232,843		$	34,584,728			2,841,756		$	79,949,134
Issued in connection with the reinvestment of distributions		769,270			21,747,266			538,052			14,290,673
Redeemed		(1,028,410	)		(29,078,759	)		(1,348,272	)		(37,935,362	)
Net change		973,703		$	27,253,235			2,031,536		$	56,304,445
Class Y
Issued from the sale of shares		11,556,748		$	321,786,678			28,068,845		$	781,608,888
Issued in connection with the reinvestment of distributions		7,072,361			200,006,364			5,159,028			137,075,378
Redeemed		(15,739,021	)		(423,612,451	)		(20,980,436	)		(585,757,015	)
Net change		2,890,088		$	98,180,591			12,247,437		$	332,927,251
Increase from capital share transactions		4,689,645		$	152,398,388			14,745,337		$	400,018,429

109  |

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Growth Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		15,392,173		$	344,571,892			14,830,602		$	336,860,802
Issued in connection with the reinvestment of distributions		2,690,613			64,816,875			2,584,797			55,159,560
Redeemed		(17,521,751	)		(399,555,986	)		(15,759,091	)		(358,878,253	)
Net change		561,035		$	9,832,781			1,656,308		$	33,142,109
Class C
Issued from the sale of shares		301,886		$	6,280,983			758,965		$	15,406,250
Issued in connection with the reinvestment of distributions		212,100			4,507,128			217,137			4,145,151
Redeemed		(1,159,582	)		(24,409,799	)		(1,887,469	)		(38,343,784	)
Net change		(645,596	)	$	(13,621,688	)		(911,367	)	$	(18,792,383	)
Class N
Issued from the sale of shares		12,114,057		$	305,038,346			9,306,755		$	236,713,241
Issued in connection with the reinvestment of distributions		974,540			25,445,235			791,041			18,170,220
Redeemed		(4,021,308	)		(100,956,624	)		(4,802,896	)		(118,776,438	)
Net change		9,067,289		$	229,526,957			5,294,900		$	136,107,023
Class Y
Issued from the sale of shares		49,568,075		$	1,247,729,019			103,087,646		$	2,516,764,085
Issued in connection with the reinvestment of distributions		15,751,106			411,103,854			14,341,619			329,570,400
Redeemed		(64,926,511	)		(1,655,436,385	)		(104,651,246	)		(2,564,375,092	)
Net change		392,670		$	3,396,488			12,778,019		$	281,959,393
Increase from capital share transactions		9,375,398		$	229,134,538			18,817,860		$	432,416,142

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Intermediate Duration Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		466,154		$	4,847,587			391,289		$	4,178,504
Issued in connection with the reinvestment of distributions		19,037			196,495			67,348			722,081
Redeemed		(259,022	)		(2,702,114	)		(295,471	)		(3,162,591	)
Net change		226,169		$	2,341,968			163,166		$	1,737,994
Class C
Issued from the sale of shares		25,419		$	268,078			33,975		$	362,538
Issued in connection with the reinvestment of distributions		199			2,071			1,594			17,157
Redeemed		(23,261	)		(244,122	)		(66,527	)		(713,206	)
Net change		2,357		$	26,027			(30,958	)	$	(333,511	)
Class N
Issued from the sale of shares		35,117		$	360,070			1,919,981		$	20,990,656
Issued in connection with the reinvestment of distributions		21,920			225,955			73,626			788,205
Redeemed		(18,939	)		(197,089	)		(393,996	)		(4,192,408	)
Net change		38,098		$	388,936			1,599,611		$	17,586,453
Class Y
Issued from the sale of shares		5,366,239		$	55,633,497			10,808,587		$	115,946,231
Issued in connection with the reinvestment of distributions		368,308			3,804,621			1,146,148			12,285,740
Redeemed		(8,343,311	)		(85,508,340	)		(6,495,177	)		(69,613,933	)
Net change		(2,608,764	)	$	(26,070,222	)		5,459,558		$	58,618,038
Increase (decrease) from capital share transactions		(2,342,140	)	$	(23,313,291	)		7,191,377		$	77,608,974

|  110

Notes to Financial Statements (continued)

March 31, 2022 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
Limited Term Government and Agency Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		1,611,108		$	18,150,963			4,147,975		$	47,644,899
Issued in connection with the reinvestment of distributions		64,024			719,265			142,329			1,632,849
Redeemed		(2,712,057	)		(30,504,156	)		(4,760,500	)		(54,613,007	)
Net change		(1,036,925	)	$	(11,633,928	)		(470,196	)	$	(5,335,259	)
Class C
Issued from the sale of shares		223,104		$	2,512,656			1,491,979		$	17,130,682
Issued in connection with the reinvestment of distributions		1,099			12,374			565			6,501
Redeemed		(582,082	)		(6,542,628	)		(1,003,816	)		(11,516,279	)
Net change		(357,879	)	$	(4,017,598	)		488,728		$	5,620,904
Class N
Issued from the sale of shares		261,009		$	2,950,290			647,112		$	7,445,249
Issued in connection with the reinvestment of distributions		5,500			61,970			9,104			104,691
Redeemed		(169,222	)		(1,900,447	)		(474,940	)		(5,474,545	)
Net change		97,287		$	1,111,813			181,276		$	2,075,395
Class Y
Issued from the sale of shares		16,485,364		$	185,531,713			31,129,058		$	358,564,945
Issued in connection with the reinvestment of distributions		185,080			2,086,554			418,562			4,816,720
Redeemed		(19,786,195	)		(223,501,655	)		(29,381,773	)		(338,427,397	)
Net change		(3,115,751	)	$	(35,883,388	)		2,165,847		$	24,954,268
Increase (decrease) from capital share transactions		(4,413,268	)	$	(50,423,101	)		2,365,655		$	27,315,308

12.  Redemption In-Kind.  In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (redemption in-kind). For financial reporting purposes, the Fund will recognize a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Fund will recognize a loss if the cost exceeds value. Gains and losses realized on redemptions in-kind are not recognized for tax purposes and are re-classified from realized gain (loss) to paid-in-capital. For the year ended September 30, 2021, Core Plus Bond Fund participated in a redemption in-kind transaction.

111  |

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There was no change in the Registrant’s internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)  (1)	Not applicable.
(a)  (2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.
(b)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Loomis Sayles Funds I
By:	/s/ Kevin Charleston

Name:	Kevin Charleston
Title:	President and Chief Executive Officer
Date:	May 24, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Kevin Charleston

Name:	Kevin Charleston
Title:	President and Chief Executive Officer
Date:	May 24, 2022

By: /s/ Michael C. Kardok

Name:	Michael C. Kardok
Title:	Treasurer and Principal Financial and Accounting Officer
Date:	May 24, 2022