Loomis Sayles Funds II

0001193125-21-180786.txt : 20210603 0001193125-21-180786.hdr.sgml : 20210603 20210603095745 ACCESSION NUMBER: 0001193125-21-180786 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210603 DATE AS OF CHANGE: 20210603 EFFECTIVENESS DATE: 20210603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOOMIS SAYLES FUNDS II CENTRAL INDEX KEY: 0000872649 IRS NUMBER: 043113285 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06241 FILM NUMBER: 21991521 BUSINESS ADDRESS: STREET 1: 888 BOYLSTON STREET STREET 2: 8TH FLOOR CITY: BOSTON STATE: MA ZIP: 02199 BUSINESS PHONE: 617-449-2810 MAIL ADDRESS: STREET 1: 888 BOYLSTON STREET STREET 2: 8TH FLOOR CITY: BOSTON STATE: MA ZIP: 02199 FORMER COMPANY: FORMER CONFORMED NAME: LOOMIS SAYLES FUNDS I DATE OF NAME CHANGE: 20031119 FORMER COMPANY: FORMER CONFORMED NAME: LOOMIS SAYLES FUNDS DATE OF NAME CHANGE: 20031015 FORMER COMPANY: FORMER CONFORMED NAME: LOOMIS SAYLES FUNDS II DATE OF NAME CHANGE: 20030718

0000872649 S000006698 Loomis Sayles Global Allocation Fund

C000018226 Class Y LSWWX

C000027670 Class A LGMAX

C000027671 Class C LGMCX

C000182249 Class N LGMNX

0000872649 S000006699 Loomis Sayles Growth Fund

C000018227 Class A LGRRX

C000018229 Class C LGRCX

C000018230 Class Y LSGRX

C000125484 Class N LGRNX

0000872649 S000006702 Loomis Sayles Limited Term Government and Agency Fund

C000018239 Class A NEFLX

C000018241 Class C NECLX

C000018242 Class Y NELYX

C000182250 Class N LGANX

0000872649 S000006705 Loomis Sayles Small Cap Growth Fund

C000018249 Institutional Class LSSIX

C000018250 Retail Class LCGRX

C000125486 Class N LSSNX

0000872649 S000049859 Loomis Sayles Small/Mid Cap Growth Fund

C000157445 Institutional Class LSMIX

C000216341 Class N LSMNX

0000872649 S000069661 Loomis Sayles Credit Income Fund

C000222162 Class Y

C000222163 Class A

C000222164 Class C

C000222165 Class N

N-CSRS 1 d143315dncsrs.htm LOOMIS SAYLES FUNDS II Loomis Sayles Funds II

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06241

Loomis Sayles Funds II

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Russell L. Kane, Esq.

Natixis Distribution, L.P.

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2021

Item 1. Reports to Stockholders.

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

LOGO

Semiannual Report

March 31, 2021

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			55
Notes to Financial Statements			86

LOGO

LOOMIS SAYLES CORE PLUS BOND FUND



Managers		Symbols

Lead Portfolio Managers		Class A NEFRX

Peter W. Palfrey, CFA^®		Class C NECRX

Richard G. Raczkowski		Class N NERNX

Agency MBS Portfolio Managers		Class Y NERYX

Ian Anderson

Barath W. Sankaran, CFA^®

Loomis, Sayles & Company, L.P.

Average Annual Total Returns — March 31, 2021³



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

Class Y (Inception 12/30/94)
NAV		-1.21	%		5.59	%		4.76	%		4.68	%		—		0.47	%		0.47	%

Class A (Inception 11/7/73)
NAV		-1.27			5.37			4.50			4.42			—		0.72			0.72
With 4.25% Maximum Sales Charge		-5.43			0.90			3.60			3.96			—

Class C (Inception 12/30/94)
NAV		-1.71			4.48			3.71			3.80			—		1.47			1.47
With CDSC¹		-2.67			3.48			3.71			3.80			—

Class N (Inception 2/1/13)
NAV		-1.17			5.66			4.85			—			3.69		0.38			0.38

Comparative Performance
Bloomberg Barclays U.S. Aggregate Bond Index²		-2.73			0.71			3.10			3.44			2.89

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.

The Bloomberg Barclays U.S. Aggregate Bond Index is 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.

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 1/31/22. 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

Elaine M. Stokes		Class C LOCCX

Brain P. Kennedy		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.

Total Returns — March 31, 2021³



							Expense Ratios⁴

	6 Months			Life of Fund			Gross			Net

Class Y (Inception 9/29/20)
NAV		2.14	%		1.83	%		1.11	%		0.57	%

Class A (Inception 9/29/20)
NAV		2.13			1.83			1.36			0.82
With 4.25% Maximum Sales Charge		-2.18			-2.46

Class C (Inception 9/29/20)
NAV		1.64			1.34			2.11			1.57
With CDSC¹		0.64			0.34

Class N (Inception 9/29/20)
NAV		2.16			1.86			1.42			0.52

Comparative Performance
Bloomberg Barclays U.S. Credit Index²		-1.79			-1.98

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

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

The Bloomberg Barclays U.S. 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. Indexes are unmanaged. It is not possible to invest directly in an index.

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

| 2

LOOMIS SAYLES GLOBAL ALLOCATION FUND



Managers		Symbols

Matthew J. Eagan, CFA^®*		Class A LGMAX

Daniel J. Fuss, CFA^®, CIC*		Class C LGMCX

Eileen N. Riley, CFA^®		Class N LGMNX

David W. Rolley, CFA^®		Class Y LSWWX

Lee M. Rosenbaum

Loomis, Sayles & Company, L.P.

*	Effective March 1, 2021, Matthew Eagan was added as portfolio manager to the Fund and Daniel J. Fuss no longer serves as portfolio manager.

Investment Goal

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

Average Annual Total Returns —March 31, 2021⁴



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

Class Y (Inception 5/1/96)
NAV		9.66	%		36.98	%		12.40	%		9.16	%		—		0.90	%		0.90	%

Class A (Inception 2/1/06)
NAV		9.49			36.63			12.11			8.88			—		1.15			1.15
With 5.75% Maximum Sales Charge		-3.20			28.79			10.79			8.24			—

Class C (Inception 2/1/06)
NAV		9.13			35.64			11.29			8.23			—		1.90			1.90
With CDSC¹		8.13			34.64			11.29			8.23			—

Class N (Inception 2/1/17)
NAV		9.70			37.09			—			—			13.17		0.82			0.82

Comparative Performance
MSCI ACWI (Net)²		19.93			54.60			13.21			9.14			13.25
Blended Index³		11.13			32.72			9.12			6.55			9.71

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.

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

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, 2021³



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

Class Y (Inception 5/16/91)
NAV		11.76	%		53.09	%		19.72	%		16.87	%		—		0.65	%		0.65	%

Class A (Inception 12/31/96)
NAV		11.65			52.80			19.43			16.58			—		0.90			0.90
With 5.75% Maximum Sales Charge		5.25			44.04			18.01			15.89			—

Class C (Inception 9/12/03)
NAV		11.26			51.65			18.52			15.87			—		1.65			1.65
With CDSC¹		10.26			50.65			18.52			15.87			—

Class N (Inception 2/1/13)
NAV		11.79			53.23			19.83			—			17.68		0.57			0.57

Comparative Performance
Russell 1000^® Growth Index²		12.44			62.74			21.05			16.63			18.32

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

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’s investment objective is above-average total return through a combination of current income and capital appreciation.

Average Annual Total Returns — March 31, 2021⁴



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

Class Y (Inception 1/28/98)¹
NAV		-0.83	%		5.48	%		3.41	%		3.38	%		—		0.47	%		0.40	%

Class A (Inception 5/28/10)¹
NAV		-0.95			5.22			3.15			3.10			—		0.72			0.65
With 4.25% Maximum Sales Charge		-5.18			0.77			2.26			2.66			—

Class C (Inception 8/31/16)¹
NAV		-1.34			4.41			2.38			2.44			—		1.46			1.40
With CDSC²		-2.30			3.41			2.38			2.44			—

Class N (Inception 2/01/19)
NAV		-0.71			5.64			—			—			5.92		0.43			0.35

Comparative Performance
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index³		-1.39			2.01			2.75			2.88			4.86

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.

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.

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

The Bloomberg Barclays 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 |

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, 2021³



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

Class Y (Inception 3/31/94)
NAV		-0.29	%		0.59	%		1.74	%		1.73	%		—		0.49	%		0.49	%

Class A (Inception 1/3/89)
NAV		-0.51			0.34			1.49			1.47			—		0.74			0.74
With 2.25% Maximum Sales Charge		-2.78			-1.88			1.02			1.24			—

Class C (Inception 12/30/94)
NAV		-0.83			-0.44			0.72			0.86			—		1.49			1.49
With CDSC¹		-1.83			-1.44			0.72			0.86			—

Class N (Inception 2/1/17)
NAV		-0.34			0.59			—			—			2.18		0.42			0.41

Comparative Performance
Bloomberg Barclays U.S. 1-5 Year Government Bond Index²		-0.56			-0.02			1.92			1.72			2.39

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

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

The Bloomberg Barclays U.S. 1-5 Year Government Bond Index is a subindex of the Bloomberg Barclays U.S. Government Index, which is comprised of the Bloomberg Barclays U.S. Treasury and U.S. Agency Indices. The Bloomberg Barclays 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 Barclays U.S. Government Index is a component of the Bloomberg Barclays U.S. Government/Credit Index and the Bloomberg Barclays 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.

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ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the Natixis Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the 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 the most recent 12-month period ended June 30 is available from 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, 2020 through March 31, 2021. 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 10/1/2020		ENDING ACCOUNT VALUE 3/31/2021		EXPENSES PAID DURING PERIOD* 10/1/2020 - 3/31/2021
Class A
Actual		$1,000.00		$987.30		$3.52
Hypothetical (5% return before expenses)		$1,000.00		$1,021.39		$3.58
Class C
Actual		$1,000.00		$982.90		$7.22
Hypothetical (5% return before expenses)		$1,000.00		$1,017.65		$7.34
Class N
Actual		$1,000.00		$988.30		$1.88
Hypothetical (5% return before expenses)		$1,000.00		$1,023.04		$1.92
Class Y
Actual		$1,000.00		$987.90		$2.28
Hypothetical (5% return before expenses)		$1,000.00		$1,022.64		$2.32

Expenses are equal to the Fund’s annualized expense ratio: 0.71%, 1.46%, 0.38% and 0.46% 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).

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LOOMIS SAYLES CREDIT INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2020		ENDING ACCOUNT VALUE 3/31/2021		EXPENSES PAID DURING PERIOD* 10/1/2020 – 3/31/2021
Class A
Actual		$1,000.00		$1,021.30		$4.13
Hypothetical (5% return before expenses)		$1,000.00		$1,020.84		$4.13
Class C
Actual		$1,000.00		$1,016.40		$7.89
Hypothetical (5% return before expenses)		$1,000.00		$1,017.10		$7.90
Class N
Actual		$1,000.00		$1,021.60		$2.62
Hypothetical (5% return before expenses)		$1,000.00		$1,022.34		$2.62
Class Y
Actual		$1,000.00		$1,021.40		$2.87
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 10/1/2020		ENDING ACCOUNT VALUE 3/31/2021		EXPENSES PAID DURING PERIOD* 10/1/2020 - 3/31/2021
Class A
Actual		$1,000.00		$1,094.90		$5.95
Hypothetical (5% return before expenses)		$1,000.00		$1,019.25		$5.74
Class C
Actual		$1,000.00		$1,091.30		$9.85
Hypothetical (5% return before expenses)		$1,000.00		$1,015.51		$9.50
Class N
Actual		$1,000.00		$1,097.00		$4.29
Hypothetical (5% return before expenses)		$1,000.00		$1,020.84		$4.13
Class Y
Actual		$1,000.00		$1,096.60		$4.65
Hypothetical (5% return before expenses)		$1,000.00		$1,020.49		$4.48

Expenses are equal to the Fund’s annualized expense ratio: 1.14%, 1.89%, 0.82% and 0.89% 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 10/1/2020		ENDING ACCOUNT VALUE 3/31/2021		EXPENSES PAID DURING PERIOD* 10/1/2020 - 3/31/2021
Class A
Actual		$1,000.00		$1,116.50		$4.70
Hypothetical (5% return before expenses)		$1,000.00		$1,020.49		$4.48
Class C
Actual		$1,000.00		$1,112.60		$8.64
Hypothetical (5% return before expenses)		$1,000.00		$1,016.75		$8.25
Class N
Actual		$1,000.00		$1,117.90		$3.01
Hypothetical (5% return before expenses)		$1,000.00		$1,022.09		$2.87
Class Y
Actual		$1,000.00		$1,117.60		$3.38
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%, 0.57% 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 10/1/2020		ENDING ACCOUNT VALUE 3/31/2021		EXPENSES PAID DURING PERIOD* 10/1/2020 – 3/31/2021
Class A
Actual		$1,000.00		$990.50		$3.23
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
Class C
Actual		$1,000.00		$986.60		$6.93
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04
Class N
Actual		$1,000.00		$992.90		$1.74
Hypothetical (5% return before expenses)		$1,000.00		$1,023.19		$1.77
Class Y
Actual		$1,000.00		$991.70		$1.99
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 10/1/2020		ENDING ACCOUNT VALUE 3/31/2021		EXPENSES PAID DURING PERIOD* 10/1/2020 – 3/31/2021
Class A
Actual		$1,000.00		$994.90		$3.63
Hypothetical (5% return before expenses)		$1,000.00		$1,021.29		$3.68
Class C
Actual		$1,000.00		$991.70		$7.40
Hypothetical (5% return before expenses)		$1,000.00		$1,017.50		$7.49
Class N
Actual		$1,000.00		$996.60		$2.04
Hypothetical (5% return before expenses)		$1,000.00		$1,022.89		$2.07
Class Y
Actual		$1,000.00		$997.10		$2.44
Hypothetical (5% return before expenses)		$1,000.00		$1,022.49		$2.47

Expenses are equal to the Fund’s annualized expense ratio: 0.73%, 1.49%, 0.41% and 0.49% 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, 2021 (Unaudited)

Loomis Sayles Core Plus Bond Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 84.6% of Net Assets
	Non-Convertible Bonds — 84.4%
		ABS Car Loan — 0.7%
$	5,674,500	Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A	$	5,695,018
	14,245,000	Avis Budget Rental Car Funding AESOP LLC, Series 2016-2A, Class A, 2.720%, 11/20/2022, 144A		14,383,666
	9,825,000	Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class A, 3.070%, 9/20/2023, 144A		10,137,455
	4,732,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.450%, 3/20/2023, 144A		4,837,445
	7,215,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		7,743,892
	7,910,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A		8,084,328
	3,627,037	CarMax Auto Owner Trust, Series 2019-4, Class A2A, 2.010%, 3/15/2023		3,641,986
	2,730,000	Exeter Automobile Receivables Trust, Series 2020-1A, Class B, 2.260%, 4/15/2024, 144A		2,753,347
	1,273,070	Santander Drive Auto Receivables Trust, Series 2018-2, Class C, 3.350%, 7/17/2023		1,279,579
	9,160,000	Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.750%, 2/17/2026		9,138,215

				67,694,931

		ABS Credit Card — 0.1%
	10,552,000	World Financial Network Credit Card Master Trust, Series 2016-A, Class A, 2.030%, 4/15/2025		10,589,076

		ABS Home Equity — 0.9%
	1,467,278	Bayview Koitere Fund Trust, Series 2017-SPL3, Class A, 4.000%, 11/28/2053, 144A(a)		1,509,212
	1,740,442	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		1,784,260
	973,023	Bayview Opportunity Master Fund IVa Trust, Series 2017-RT1, Class A1, 3.000%, 3/28/2057, 144A(a)		988,130
	5,548,997	Bayview Opportunity Master Fund IVa Trust, Series 2017-RT5, Class A, 3.500%, 5/28/2069, 144A(a)		5,680,014
	3,276,544	Bayview Opportunity Master Fund IVa Trust, Series 2017-SPL1, Class A, 4.000%, 10/28/2064, 144A(a)		3,365,682
	1,317,968	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL2, Class A, 4.000%, 6/28/2054, 144A(a)		1,351,581
	4,798,215	CoreVest American Finance Trust, Series 2019-3, Class A, 2.705%, 10/15/2052, 144A		4,998,544
	21,133	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(a)		21,107
	22,699,485	Invitation Homes Trust, Series 2018-SFR2, Class A, 1-month LIBOR + 0.900%, 1.006%, 6/17/2037, 144A(b)		22,741,549
	5,164,034	Lanark Master Issuer PLC, Series 2019-1A, Class 1A1, 3-month LIBOR + 0.770%, 0.952%, 12/22/2069, 144A(b)		5,171,454
		ABS Home Equity — continued
	905,130	Mill City Mortgage Loan Trust, Series 2016-1, Class A1, 2.500%, 4/25/2057, 144A(a)		912,502
	3,632,641	Onslow Bay Financial LLC, Series 2018-EXP1, Class 1A3, 4.000%, 4/25/2048, 144A(a)		3,708,468
	944,370	Sequoia Mortgage Trust, Series 2017-CH1, Class A1, 4.000%, 8/25/2047, 144A(a)		960,534
	313,115	Sequoia Mortgage Trust, Series 2017-CH2, Class A10, 4.000%, 12/25/2047, 144A(a)		313,860
	2,178,484	Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.000%, 2/25/2048, 144A(a)		2,219,813
	4,307,565	Sequoia Mortgage Trust, Series 2018-CH3, Class A2, 4.000%, 8/25/2048, 144A(a)		4,416,670
	1,454,000	Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.399%, 10/25/2053, 144A(a)		1,540,048
	1,142,270	Towd Point Mortgage Trust, Series 2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(a)		1,144,276
	4,763,689	Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.750%, 4/25/2055, 144A(a)		5,071,087
	2,605,598	Towd Point Mortgage Trust, Series 2016-2, Class A1A, 2.750%, 8/25/2055, 144A(a)		2,639,552
	5,712,060	Towd Point Mortgage Trust, Series 2016-2, Class M2, 3.000%, 8/25/2055, 144A(a)		5,968,536
	8,950,648	Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.750%, 5/25/2058, 144A(a)		9,420,332

				85,927,211

		ABS Other — 0.7%
	25,160,000	CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640%, 2/18/2046, 144A		24,577,974
	7,943,000	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/2032, 144A		8,332,144
	12,426,600	Textainer Marine Containers VII Ltd., Series 2021-1A, Class A, 1.680%, 2/20/2046, 144A		12,061,151
	10,904,746	Textainer Marine Containers VIII Ltd., Series 2020-2A, Class A, 2.100%, 9/20/2045, 144A		10,928,490
	13,430,000	Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.860%, 3/20/2046, 144A		13,104,654

				69,004,413

		ABS Student Loan — 0.2%
	9,850,618	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		9,912,573
	6,745,831	SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.070%, 1/15/2053, 144A		6,662,426
	4,229,000	SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.540%, 5/15/2046, 144A		4,334,069

				20,909,068

		ABS Whole Business — 0.1%
	13,402,350	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2I, 4.262%, 9/05/2048, 144A		13,412,268

		Aerospace & Defense — 1.4%
	24,635,000	Boeing Co. (The), 1.433%, 2/04/2024		24,947,775
	18,782,000	Boeing Co. (The), 5.705%, 5/01/2040		22,984,031
	20,417,000	Boeing Co. (The), 5.805%, 5/01/2050		25,703,991
	3,595,000	Boeing Co. (The), 5.930%, 5/01/2060		4,612,835

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Aerospace & Defense — continued
$	874,000	Bombardier, Inc., 5.750%, 3/15/2022, 144A	$	911,145
	14,175,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		14,708,547
	5,685,000	Huntington Ingalls Industries, Inc., 4.200%, 5/01/2030		6,306,250
	33,420,000	Textron, Inc., 3.000%, 6/01/2030		33,945,622

				134,120,196

		Agency Commercial Mortgage-Backed Securities — 1.3%
	5,358,203	Federal National Mortgage Association, Series 2015-M17, Class A2, 2.898%, 11/25/2025(a)		5,761,279
	19,323,414	Federal National Mortgage Association, Series 2017-M14, Class A2, 2.869%, 11/25/2027(a)(c)		20,736,427
	1,575,872	Federal National Mortgage Association, Series 2017-M15, Class A2, 2.960%, 9/25/2027(a)		1,712,357
	7,206,290	Federal National Mortgage Association, Series 2017-M3, Class A2, 2.478%, 12/25/2026(a)		7,593,509
	6,206,747	Federal National Mortgage Association, Series 2017-M7, Class A2, 2.961%, 2/25/2027(a)		6,681,707
	11,259,203	Federal National Mortgage Association, Series 2018-M1, Class A2, 2.985%, 12/25/2027(a)		12,291,718
	2,335,328	Federal National Mortgage Association, Series 2018-M10, Class A2, 3.370%, 7/25/2028(a)		2,615,753
	17,016,566	Federal National Mortgage Association, Series 2018-M7, Class A2, 3.052%, 3/25/2028(a)(c)		18,532,968
	4,428,579	Federal National Mortgage Association, Series 2018-M8, Class A2, 3.325%, 6/25/2028(a)		4,928,783
	2,629,617	FHLMC Multifamily Structured Pass Through Certificates, Series K058, Class A2, 2.653%, 8/25/2026		2,817,314
	5,881,039	FHLMC Multifamily Structured Pass Through Certificates, Series K061, Class A2, 3.347%, 11/25/2026(a)		6,515,865
	6,640,495	FHLMC Multifamily Structured Pass Through Certificates, Series K062, Class A2, 3.413%, 12/25/2026		7,378,106
	4,846,745	FHLMC Multifamily Structured Pass Through Certificates, Series K063, Class A2, 3.430%, 1/25/2027(a)		5,391,788
	868,628	FHLMC Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.187%, 9/25/2027(a)		957,011
	1,243,610	FHLMC Multifamily Structured Pass Through Certificates, Series K071, Class A2, 3.286%, 11/25/2027		1,377,721
	7,637,281	FHLMC Multifamily Structured Pass Through Certificates, Series K072, Class A2, 3.444%, 12/25/2027		8,532,987
	2,420,767	FHLMC Multifamily Structured Pass Through Certificates, Series K073, Class A2, 3.350%, 1/25/2028		2,691,153
	9,934,637	FHLMC Multifamily Structured Pass Through Certificates, Series K084, Class A2, 3.780%, 10/25/2028(a)		11,305,687

				127,822,133

		Airlines — 0.7%
	8,660,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		9,012,375
	9,910,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		10,540,772
	1,957,477	Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.000%, 4/29/2026		2,013,226
	18,085,000	Delta Air Lines, Inc./SkyMiles IP Ltd., 4.750%, 10/20/2028, 144A		19,665,553
	17,470,000	Southwest Airlines Co., 5.125%, 6/15/2027		20,084,728
	5,505,000	United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		5,716,062

				67,032,716

		Automotive — 2.3%
	18,225,000	Ford Motor Credit Co. LLC, 2.900%, 2/16/2028		17,509,669
	15,580,000	Ford Motor Credit Co. LLC, 5.875%, 8/02/2021		15,789,551
	22,553,000	General Motors Co., 5.000%, 4/01/2035		25,977,542
	7,913,000	General Motors Financial Co., Inc., 2.900%, 2/26/2025		8,296,685
	26,135,000	Goodyear Tire & Rubber Co. (The), 5.625%, 4/30/2033		26,135,000
	7,940,000	Hyundai Capital America, 2.375%, 10/15/2027, 144A		7,964,172
	11,596,000	Hyundai Capital America, 2.650%, 2/10/2025, 144A		11,978,693
	8,345,000	Hyundai Capital America, 3.000%, 2/10/2027, 144A		8,682,121
	18,824,000	Lear Corp., 5.250%, 5/15/2049		22,055,404
	8,595,000	Nissan Motor Co. Ltd., 3.043%, 9/15/2023, 144A		8,992,187
	17,460,000	Nissan Motor Co. Ltd., 3.522%, 9/17/2025, 144A		18,495,923
	9,825,000	Toyota Motor Corp., 2.358%, 7/02/2024		10,350,501
	16,490,000	Toyota Motor Credit Corp., MTN, 1.800%, 2/13/2025		16,942,084
	7,946,000	Volkswagen Group of America Finance LLC, 3.200%, 9/26/2026, 144A		8,533,939
	14,887,000	Volkswagen Group of America Finance LLC, 3.750%, 5/13/2030, 144A		16,148,062

				223,851,533

		Banking — 8.9%
	31,336,000	Ally Financial, Inc., 3.050%, 6/05/2023		32,765,788
	20,016,000	American Express Co., 2.500%, 7/30/2024		21,128,885
	11,254,000	Banco Santander Chile, 2.700%, 1/10/2025, 144A		11,760,430
	15,204,000	Banco Santander Chile, 3.875%, 9/20/2022, 144A		15,829,645
	15,600,000	Banco Santander S.A., 1.849%, 3/25/2026		15,570,113
	3,600,000	Banco Santander S.A., 2.958%, 3/25/2031		3,579,230
	31,885,000	Bangkok Bank PCL, 4.050%, 3/19/2024, 144A		34,810,601
	9,656,000	Bank of America Corp., (fixed rate to 12/20/2022, variable rate thereafter), 3.004%, 12/20/2023		10,042,673
	58,102,000	Bank of America Corp., (fixed rate to 4/23/2026, variable rate thereafter), MTN, 3.559%, 4/23/2027		63,225,014
	6,700,000	Barclays PLC, 3.200%, 8/10/2021		6,766,327
	24,705,000	Barclays PLC, (fixed rate to 3/10/2041, variable rate thereafter), 3.811%, 3/10/2042		24,201,941
	8,805,000	BBVA Bancomer S.A., 1.875%, 9/18/2025, 144A		8,816,006
	19,610,000	BNP Paribas S.A., (fixed rate to 1/13/2026, variable rate thereafter), 1.323%, 1/13/2027, 144A		19,178,415

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	29,799,000	BNP Paribas S.A., (fixed rate to 11/19/2024, variable rate thereafter), 2.819%, 11/19/2025, 144A	$	31,368,108
	6,645,000	Citigroup, Inc., 4.000%, 8/05/2024		7,256,621
	28,532,000	Citigroup, Inc., 4.050%, 7/30/2022		29,818,131
	10,800,000	Citigroup, Inc., (fixed rate to 3/31/2030, variable rate thereafter), 4.412%, 3/31/2031		12,325,090
	18,320,000	Credit Agricole S.A., 2.811%, 1/11/2041, 144A		16,604,013
	5,853,000	Credit Suisse AG, 2.100%, 11/12/2021		5,913,996
	11,240,000	Deutsche Bank AG, 1.686%, 3/19/2026		11,215,029
	10,505,000	Deutsche Bank AG, (fixed rate to 1/14/2031, variable rate thereafter), 3.729%, 1/14/2032		10,185,995
	13,420,000	Deutsche Bank AG, (fixed rate to 11/24/2025, variable rate thereafter), 2.129%, 11/24/2026		13,453,768
	34,005,000	DNB Bank ASA, 2.150%, 12/02/2022, 144A		35,065,511
	12,057,000	Goldman Sachs Group, Inc. (The), 3.625%, 1/22/2023		12,713,113
	17,026,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		24,068,311
	6,000,000	Goldman Sachs Group, Inc. (The), (fixed rate to 6/5/2027, variable rate thereafter), 3.691%, 6/05/2028		6,564,977
	2,605,000	HSBC Holdings PLC, 4.950%, 3/31/2030		3,041,547
	18,906,000	Huntington Bancshares, Inc., 2.625%, 8/06/2024		19,944,530
	14,425,000	ING Groep NV, (fixed rate to 4/01/2026, variable rate thereafter), 1.726%, 4/01/2027		14,436,540
	14,082,000	JPMorgan Chase & Co., (fixed rate to 5/13/2030, variable rate thereafter), 2.956%, 5/13/2031		14,342,395
	10,366,000	JPMorgan Chase & Co., 3.200%, 1/25/2023		10,888,543
	9,705,000	JPMorgan Chase & Co., 4.350%, 8/15/2021		9,849,035
	22,401,000	JPMorgan Chase & Co., 4.500%, 1/24/2022		23,166,920
	31,750,000	JPMorgan Chase & Co., (fixed rate to 10/15/2029, variable rate thereafter), 2.739%, 10/15/2030		32,268,161
	3,235,000	Lloyds Banking Group PLC, 3.000%, 1/11/2022		3,298,338
	3,755,000	Lloyds Banking Group PLC, 3.100%, 7/06/2021		3,780,837
	27,075,000	Lloyds Banking Group PLC, 4.344%, 1/09/2048		29,509,406
	10,000,000	Morgan Stanley, (fixed rate to 7/22/2027, variable rate thereafter), 3.591%, 7/22/2028		10,901,857
	3,210,000	Morgan Stanley, GMTN, 3.700%, 10/23/2024		3,514,175
	11,914,000	Morgan Stanley, GMTN, 5.500%, 7/28/2021		12,109,807
	20,667,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		22,576,579
	15,854,000	Nationwide Building Society, (fixed rate to 4/26/2022, variable rate thereafter), 3.622%, 4/26/2023, 144A		16,352,992
	17,572,000	PNC Bank NA, (fixed rate to 12/9/2021, variable rate thereafter), 2.028%, 12/09/2022		17,765,995
	10,161,000	Santander UK Group Holdings PLC, 5.625%, 9/15/2045, 144A		12,544,894
	29,676,000	Societe Generale S.A., 2.625%, 1/22/2025, 144A		30,759,783
	27,261,000	Standard Chartered PLC, (fixed rate to 1/30/2025, variable rate thereafter), 2.819%, 1/30/2026, 144A		28,343,381
	16,310,000	Sumitomo Mitsui Financial Group, Inc., 1.474%, 7/08/2025		16,317,162
	20,961,000	Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/2024		22,160,623
	13,675,000	Sumitomo Mitsui Financial Group, Inc., 3.040%, 7/16/2029		14,219,250
	24,004,000	Toronto-Dominion Bank (The), MTN, 2.650%, 6/12/2024		25,460,357

				881,780,838

		Brokerage — 0.1%
	10,960,000	Owl Rock Technology Finance Corp., 3.750%, 6/17/2026, 144A		11,208,279

		Building Materials — 0.5%
	12,050,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		11,760,800
	21,858,000	Mohawk Industries, Inc., 3.625%, 5/15/2030		23,480,301
	8,129,000	Owens Corning, 4.200%, 12/01/2024		8,971,810
	1,245,000	Summit Materials LLC/Summit Materials Finance Corp., 5.250%, 1/15/2029, 144A		1,299,469

				45,512,380

		Cable Satellite — 0.5%
	27,375,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		27,429,476
	2,664,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 2/15/2026, 144A		2,748,582
	6,920,000	Time Warner Cable LLC, 4.500%, 9/15/2042		7,396,165
	877,000	Time Warner Cable LLC, 5.500%, 9/01/2041		1,037,982
	2,514,000	Time Warner Cable LLC, 5.875%, 11/15/2040		3,121,994
	8,019,000	Time Warner Cable LLC, 6.550%, 5/01/2037		10,544,948
	1,911,000	Time Warner Cable LLC, 6.750%, 6/15/2039		2,560,330

				54,839,477

		Chemicals — 1.0%
	3,498,000	Air Products & Chemicals, Inc., 1.500%, 10/15/2025		3,548,825
	1,610,000	Alpek SAB de CV, 3.250%, 2/25/2031, 144A		1,592,290
	28,948,000	Braskem America Finance Co., 7.125%, 7/22/2041, 144A		32,928,350
	1,571,000	Ecolab, Inc., 4.800%, 3/24/2030		1,879,268
	9,845,000	Koppers, Inc., 6.000%, 2/15/2025, 144A		10,148,128
	12,223,000	Orbia Advance Corp. SAB de CV, 5.875%, 9/17/2044, 144A		14,319,245
	10,599,000	Orbia Advance Corp. SAB de CV, 6.750%, 9/19/2042, 144A		13,566,720
	4,179,000	RPM International, Inc., 3.450%, 11/15/2022		4,325,837
	12,792,000	Sociedad Quimica y Minera de Chile S.A., 4.250%, 1/22/2050, 144A		13,709,186
	6,213,000	Univar Solutions USA, Inc., 5.125%, 12/01/2027, 144A		6,465,372

				102,483,221

		Collateralized Mortgage Obligations — 0.2%
	4,746,601	Federal Home Loan Mortgage Corp., REMIC, Series 3654, Class DC, 5.000%, 4/15/2030		5,409,270
	336,895	Government National Mortgage Association, Series 2010-H24, Class FA, 1-month LIBOR + 0.350%, 0.470%, 10/20/2060(b)		337,234
	319,403	Government National Mortgage Association, Series 2012-H18, Class NA, 1-month LIBOR + 0.520%, 0.640%, 8/20/2062(b)		320,919
	111,889	Government National Mortgage Association, Series 2013-H01, Class FA, 1.650%, 1/20/2063(d)(e)		111,522
	149,440	Government National Mortgage Association, Series 2013-H03, Class HA, 1.750%, 12/20/2062(d)(e)		148,592
	292,755	Government National Mortgage Association, Series 2013-H04, Class BA, 1.650%, 2/20/2063(d)(e)		291,865
	435,631	Government National Mortgage Association, Series 2013-H07, Class DA, 2.500%, 3/20/2063(d)(e)		434,977
	1,578,447	Government National Mortgage Association, Series 2013-H10, Class PA, 2.500%, 4/20/2063		1,596,777

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	10,755,881	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065	$	10,925,972
	19,742	Government National Mortgage Association, Series 2015-H13, Class FL, 1-month LIBOR + 0.280%, 0.400%, 5/20/2063(b)(d)(e)		19,628

				19,596,756

		Construction Machinery — 0.3%
	6,702,000	Caterpillar Financial Services Corp., MTN, 2.150%, 11/08/2024		7,013,799
	6,500,000	CNH Industrial Capital LLC, 1.950%, 7/02/2023		6,674,692
	8,264,000	CNH Industrial Capital LLC, 4.375%, 4/05/2022		8,568,656
	4,547,000	John Deere Capital Corp., MTN, 2.600%, 3/07/2024		4,815,775

				27,072,922

		Consumer Cyclical Services — 0.4%
	18,630,000	Alibaba Group Holding Ltd., 3.250%, 2/09/2061		17,239,162
	8,360,000	Expedia Group, Inc., 3.600%, 12/15/2023, 144A		8,877,066
	6,420,000	Expedia Group, Inc., 4.625%, 8/01/2027, 144A		7,136,600
	2,005,000	Expedia Group, Inc., 6.250%, 5/01/2025, 144A		2,319,208
	3,945,000	MercadoLibre, Inc., 2.375%, 1/14/2026		3,916,202
	5,130,000	MercadoLibre, Inc., 3.125%, 1/14/2031		4,883,760

				44,371,998

		Consumer Products — 0.5%
	6,911,000	Hasbro, Inc., 3.550%, 11/19/2026		7,458,657
	987,000	Hasbro, Inc., 3.900%, 11/19/2029		1,061,479
	2,415,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031, 144A		2,355,881
	6,670,000	Mattel, Inc., 3.375%, 4/01/2026, 144A		6,886,375
	3,161,000	Newell Brands, Inc., 4.875%, 6/01/2025		3,488,954
	8,890,000	Valvoline, Inc., 3.625%, 6/15/2031, 144A		8,601,075
	2,838,000	Valvoline, Inc., 4.250%, 2/15/2030, 144A		2,894,760
	12,185,000	Whirlpool Corp., 4.750%, 2/26/2029		14,115,191
	3,318,000	Whirlpool Corp., MTN, 4.850%, 6/15/2021		3,346,508

				50,208,880

		Diversified Manufacturing — 0.4%
	3,085,000	Clark Equipment Co., 5.875%, 6/01/2025, 144A		3,262,388
	16,591,000	General Electric Co., 4.250%, 5/01/2040		18,210,486
	5,956,000	General Electric Co., 4.350%, 5/01/2050		6,610,831
	8,705,000	Roper Technologies, Inc., 1.400%, 9/15/2027		8,410,405

				36,494,110

		Electric — 1.7%
	4,016,000	AES Corp. (The), 3.300%, 7/15/2025, 144A		4,261,779
	4,041,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		4,320,152
	15,315,000	Calpine Corp., 3.750%, 3/01/2031, 144A		14,596,727
	16,660,000	Calpine Corp., 5.000%, 2/01/2031, 144A		16,260,160
	20,400,000	Clearway Energy Operating LLC, 3.750%, 2/15/2031, 144A		19,571,352
	30,209,817	Cometa Energia S.A. de CV, 6.375%, 4/24/2035, 144A		33,759,470
	3,816,000	DPL, Inc., 4.125%, 7/01/2025, 144A		4,044,273
	954,000	Edison International, 4.950%, 4/15/2025		1,064,869
	3,147,000	Enel Americas S.A., 4.000%, 10/25/2026		3,437,122
	3,194,000	Enel Generacion Chile S.A., 4.250%, 4/15/2024		3,431,779
	7,514,000	Entergy Corp., 2.800%, 6/15/2030		7,566,233
	16,373,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		16,806,108
	10,340,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.500%, 8/15/2028, 144A		10,508,025
	11,395,000	PG&E Corp., 5.000%, 7/01/2028		12,038,533
		Electric — continued
	1,647,000	PG&E Corp., 5.250%, 7/01/2030		1,745,820
	7,987,000	Transelec S.A., 4.250%, 1/14/2025, 144A		8,705,830
	4,158,000	Transelec S.A., 4.625%, 7/26/2023, 144A		4,488,894
	2,895,000	Virginia Electric & Power Co., Class A, 2.875%, 7/15/2029		3,015,245

				169,622,371

		Finance Companies — 2.0%
	1,534,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/23/2023		1,590,498
	21,331,000	Air Lease Corp., GMTN, 3.750%, 6/01/2026		22,800,706
	27,195,000	Aircastle Ltd., 2.850%, 1/26/2028, 144A		26,018,064
	31,405,000	Ares Capital Corp., 2.150%, 7/15/2026		30,582,939
	23,990,000	Avolon Holdings Funding Ltd., 2.750%, 2/21/2028, 144A		22,544,693
	21,195,000	FS KKR Capital Corp., 3.400%, 1/15/2026		21,022,708
	4,628,000	GATX Corp., 4.000%, 6/30/2030		5,096,854
	3,712,000	International Lease Finance Corp., 5.875%, 8/15/2022		3,969,397
	17,602,000	Navient Corp., 5.000%, 3/15/2027		17,646,005
	1,016,000	Navient Corp., 5.875%, 10/25/2024		1,066,912
	1,068,000	Navient Corp., 6.750%, 6/15/2026		1,157,712
	8,451,000	Navient Corp., MTN, 6.125%, 3/25/2024		8,947,496
	16,090,000	Owl Rock Capital Corp., 3.400%, 7/15/2026		16,297,222
	4,145,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		3,989,562
	13,626,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		13,115,025

				195,845,793

		Financial Other — 0.2%
	13,710,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029, 144A		13,397,549
	5,995,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		6,189,838

				19,587,387

		Food & Beverage — 2.3%
	25,505,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, 2/01/2046		30,466,840
	14,358,000	Anheuser-Busch InBev Worldwide, Inc., 4.350%, 6/01/2040		16,233,068
	17,348,000	Anheuser-Busch InBev Worldwide, Inc., 4.600%, 6/01/2060		19,551,971
	7,006,000	Bacardi Ltd., 5.150%, 5/15/2038, 144A		8,372,873
	19,029,000	Bacardi Ltd., 5.300%, 5/15/2048, 144A		23,379,600
	19,940,000	BRF S.A., 5.750%, 9/21/2050, 144A		19,640,302
	2,500,000	Bunge Ltd. Finance Corp., 1.630%, 8/17/2025		2,501,090
	12,400,000	Conagra Brands, Inc., 1.375%, 11/01/2027		11,944,857
	29,356,000	Fomento Economico Mexicano SAB de CV, 3.500%, 1/16/2050		29,240,925
	3,490,000	Gruma SAB de CV, 4.875%, 12/01/2024, 144A		3,869,572
	11,068,000	Kraft Heinz Foods Co., 3.875%, 5/15/2027		12,054,108
	23,625,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		23,365,125
	20,451,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		20,502,128
	1,790,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A		1,780,137

				222,902,596

		Gaming — 0.1%
	5,245,000	International Game Technology PLC, 4.125%, 4/15/2026, 144A		5,389,657

		Government Owned – No Guarantee — 2.3%
	7,695,000	Antares Holdings LP, 3.950%, 7/15/2026, 144A		7,760,320

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Government Owned – No Guarantee — continued
$	7,364,000	CNPC General Capital Ltd., 3.950%, 4/19/2022, 144A	$	7,585,804
	17,070,000	Dolphin Energy Ltd. LLC, 5.500%, 12/15/2021, 144A		17,639,114
	4,370,000	Empresa de los Ferrocarriles del Estado, 3.068%, 8/18/2050, 144A		3,812,825
	21,790,000	OCP S.A., 5.625%, 4/25/2024, 144A		23,669,387
	18,465,000	Ooredoo International Finance Ltd., 2.625%, 4/08/2031, 144A		18,265,947
	6,982,000	Ooredoo International Finance Ltd., 3.250%, 2/21/2023, 144A		7,292,420
	10,400,000	Ooredoo International Finance Ltd., 3.875%, 1/31/2028, 144A		11,619,816
	14,095,000	Saudi Arabian Oil Co., 3.500%, 11/24/2070, 144A		12,510,040
	11,680,000	Saudi Arabian Oil Co., 4.375%, 4/16/2049, 144A		12,669,564
	44,487,000	Tennessee Valley Authority, 4.250%, 9/15/2065		57,366,703
	8,587,000	Tennessee Valley Authority, 4.625%, 9/15/2060		11,608,468
	6,077,000	Tennessee Valley Authority, 4.875%, 1/15/2048		8,351,435
	10,402,000	Tennessee Valley Authority, 5.250%, 9/15/2039		14,265,426
	10,376,000	Transportadora de Gas Internacional S.A. E.S.P., 5.550%, 11/01/2028, 144A		11,781,948

				226,199,217

		Health Insurance — 0.3%
	23,890,000	Centene Corp., 2.500%, 3/01/2031		22,815,428
	11,398,000	Centene Corp., 3.375%, 2/15/2030		11,504,799

				34,320,227

		Healthcare — 0.6%
	4,213,000	CVS Health Corp., 4.300%, 3/25/2028		4,784,207
	20,165,000	CVS Health Corp., 5.050%, 3/25/2048		24,755,356
	17,239,000	DaVita, Inc., 4.625%, 6/01/2030, 144A		17,564,127
	9,916,000	Quest Diagnostics, Inc., 2.800%, 6/30/2031		10,078,870

				57,182,560

		Home Construction — 0.2%
	275,000	Lennar Corp., 4.500%, 4/30/2024		299,137
	1,291,000	Lennar Corp., 4.750%, 11/15/2022		1,353,936
	18,057,000	NVR, Inc., 3.000%, 5/15/2030		18,532,698

				20,185,771

		Hybrid ARMs — 0.0%
	14,212	FNMA, 6-month LIBOR + 1.460%, 1.710%, 2/01/2037(b)		14,604

		Independent Energy — 0.9%
	2,940,000	Aker BP ASA, 3.000%, 1/15/2025, 144A		3,041,205
	2,955,000	Chesapeake Energy Corp., 5.875%, 2/01/2029, 144A		3,132,300
	9,289,000	Diamondback Energy, Inc., 4.750%, 5/31/2025		10,380,271
	12,755,000	Energean Israel Finance Ltd., 4.500%, 3/30/2024, 144A		12,854,362
	1,535,000	EQT Corp., 5.000%, 1/15/2029		1,642,450
	10,165,000	Leviathan Bond Ltd., 6.125%, 6/30/2025, 144A		11,104,348
	19,575,000	Occidental Petroleum Corp., 5.875%, 9/01/2025		20,921,760
	2,410,000	Occidental Petroleum Corp., 8.000%, 7/15/2025		2,766,511
	4,394,666	Pan American Energy LLC, 7.875%, 5/07/2021, 144A		4,327,472
	4,820,000	Pioneer Natural Resources Co., 1.125%, 1/15/2026		4,732,138
	11,507,000	WPX Energy, Inc., 4.500%, 1/15/2030		12,390,623

				87,293,440

		Industrial Other — 0.2%
	10,447,000	CK Hutchison International 16 Ltd., 2.750%, 10/03/2026, 144A		11,088,550
		Industrial Other — continued
	9,417,000	CK Hutchison International 20 Ltd., 2.500%, 5/08/2030, 144A		9,348,924
	3,816,000	Georgetown University (The), Class A, 5.215%, 10/01/2118		4,897,073

				25,334,547

		Life Insurance — 0.6%
	27,675,000	Athene Global Funding, 2.450%, 8/20/2027, 144A		28,004,372
	17,345,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030		20,323,261
	4,530,000	GA Global Funding Trust, 1.625%, 1/15/2026, 144A		4,523,713
	3,445,000	OneAmerica Financial Partners, Inc., 4.250%, 10/15/2050, 144A		3,355,292

				56,206,638

		Lodging — 0.4%
	15,690,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		15,228,714
	23,965,000	Marriott International, Inc., 3.500%, 10/15/2032		24,868,348

				40,097,062

		Media Entertainment — 1.1%
	21,850,000	AMC Networks, Inc., 4.250%, 2/15/2029		21,249,125
	60,490,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		2,144,725
	10,225,000	Lamar Media Corp., 3.625%, 1/15/2031, 144A		9,877,861
	9,783,000	Lamar Media Corp., 3.750%, 2/15/2028		9,770,771
	5,486,000	Lamar Media Corp., 4.000%, 2/15/2030		5,470,749
	14,145,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 4.250%, 1/15/2029, 144A		13,617,674
	17,860,000	Prosus NV, 3.832%, 2/08/2051, 144A		15,685,989
	15,455,000	Prosus NV, 3.680%, 1/21/2030, 144A		15,951,657
	14,843,000	Prosus NV, 4.850%, 7/06/2027, 144A		16,644,643

				110,413,194

		Metals & Mining — 1.1%
	1,835,000	Anglo American Capital PLC, 2.250%, 3/17/2028, 144A		1,807,358
	2,560,000	Anglo American Capital PLC, 2.625%, 9/10/2030, 144A		2,505,345
	3,720,000	Anglo American Capital PLC, 3.950%, 9/10/2050, 144A		3,781,137
	9,737,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A		11,626,202
	17,005,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		17,313,301
	18,120,000	Fresnillo PLC, 4.250%, 10/02/2050, 144A		17,828,630
	34,340,000	Glencore Funding LLC, 2.500%, 9/01/2030, 144A		32,997,993
	3,816,000	Steel Dynamics, Inc., 2.400%, 6/15/2025		3,977,228
	2,689,000	Steel Dynamics, Inc., 3.450%, 4/15/2030		2,870,595
	9,945,000	Vale Overseas Ltd., 3.750%, 7/08/2030		10,381,486

				105,089,275

		Midstream — 1.7%
	636,000	Energy Transfer Operating LP, 5.150%, 2/01/2043		649,677
	6,606,000	Energy Transfer Operating LP, 5.950%, 10/01/2043		7,343,984
	9,571,000	Energy Transfer Operating LP, 6.500%, 2/01/2042		11,413,758
	1,498,000	Energy Transfer Operating LP, 6.625%, 10/15/2036		1,837,419
	12,565,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		13,196,772

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Midstream — continued
$	2,606,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 5.875%, 3/01/2022	$	2,694,022
	13,210,000	EQM Midstream Partners LP, 4.500%, 1/15/2029, 144A		12,872,617
	6,242,000	EQM Midstream Partners LP, 6.500%, 7/01/2027, 144A		6,786,615
	2,255,000	Gray Oak Pipeline LLC, 2.600%, 10/15/2025, 144A		2,288,323
	1,100,000	Gray Oak Pipeline LLC, 3.450%, 10/15/2027, 144A		1,135,293
	3,426,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		3,721,205
	11,760,000	Kinder Morgan Energy Partners LP, 4.300%, 5/01/2024		12,919,061
	17,068,000	Kinder Morgan, Inc., 5.625%, 11/15/2023, 144A		18,958,203
	6,330,000	New Fortress Energy, Inc., 6.500%, 9/30/2026, 144A		6,377,475
	17,565,000	New Fortress Energy, Inc., 6.750%, 9/15/2025, 144A		18,046,281
	6,354,000	ONEOK, Inc., 5.850%, 1/15/2026		7,438,405
	3,686,000	Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030		3,753,917
	7,495,000	Rattler Midstream LP, 5.625%, 7/15/2025, 144A		7,825,679
	5,475,000	Sunoco Logistics Partners Operations LP, 5.400%, 10/01/2047		5,911,862
	21,676,000	Williams Cos., Inc. (The) , 3.500%, 11/15/2030		22,978,193

				168,148,761

		Mortgage Related — 24.6%
	27,908,154	FHLMC, 1.500%, with various maturities from 2050 to 2051(f)		26,923,929
	193,288,133	FHLMC, 2.000%, with various maturities from 2050 to 2051(c)(f)		192,940,130
	40,004,962	FHLMC, 2.500%, with various maturities in 2050(f)		41,010,116
	31,831,828	FHLMC, 3.000%, with various maturities from 2042 to 2050(c)(f)		33,415,130
	19,639,352	FHLMC, 3.500%, with various maturities from 2043 to 2050(f)		21,091,327
	4,926,628	FHLMC, 4.000%, with various maturities from 2044 to 2048(f)		5,367,341
	115,906,342	FHLMC, 4.500%, with various maturities from 2041 to 2049(c)(f)		126,268,943
	267,694,220	FHLMC, 5.000%, with various maturities from 2048 to 2050(c)(f)		296,238,620
	7,264	FHLMC, 6.000%, 6/01/2035		8,683
	52,237,099	FNMA, 1.500%, with various maturities in 2051(f)		50,485,221
	235,819,983	FNMA, 2.000%, with various maturities from 2050 to 2051(f)		235,517,201
	64,743,820	FNMA, 2.500%, with various maturities from 2045 to 2050(c)(f)		66,608,787
	92,903,192	FNMA, 3.000%, with various maturities from 2045 to 2050(c)(f)		97,263,792
	77,877,881	FNMA, 3.500%, with various maturities from 2043 to 2050(c)(f)		82,157,167
	257,574,351	FNMA, 4.000%, with various maturities from 2041 to 2050(c)(f)		276,305,477
	279,721,697	FNMA, 4.500%, with various maturities from 2043 to 2050(c)(f)		304,743,101
	58,046,833	FNMA, 5.000%, with various maturities from 2048 to 2050(c)(f)		64,285,825
	8,940,464	FNMA, 5.500%, 4/01/2050		9,960,551
		Mortgage Related — continued
	7,439,336	FNMA, 6.000%, with various maturities from 2034 to 2049(f)		8,413,545
	9,413	FNMA, 6.500%, with various maturities from 2029 to 2031(f)		10,648
	24,667	FNMA, 7.000%, with various maturities in 2030(f)		26,766
	15,220	FNMA, 7.500%, with various maturities from 2024 to 2032(f)		17,362
	5,827	GNMA, 3.640%, 8/20/2062(a)		5,843
	7,005	GNMA, 3.756%, 1/20/2063(a)		7,173
	21,228	GNMA, 3.814%, 12/20/2062(a)		21,736
	4,835	GNMA, 3.851%, 11/20/2062(a)		4,935
	65,618	GNMA, 3.893%, 11/20/2062(a)		66,723
	27,437	GNMA, 3.927%, 7/20/2063(a)		28,458
	9,654	GNMA, 3.961%, 5/20/2063(a)		9,944
	44,958	GNMA, 4.055%, 7/20/2063(a)		46,012
	8,936	GNMA, 4.084%, 5/20/2063(a)		9,409
	5,567	GNMA, 4.327%, 8/20/2061(a)		6,153
	8,465,389	GNMA, 4.385%, 12/20/2066(a)		9,535,153
	8,264	GNMA, 4.390%, 10/20/2062(a)		8,280
	4,989,897	GNMA, 4.407%, 11/20/2066(a)		5,540,700
	2,707,104	GNMA, 4.436%, 10/20/2066(a)		3,035,786
	3,421,521	GNMA, 4.458%, 2/20/2066(a)		3,810,212
	1,615,917	GNMA, 4.459%, 2/20/2066(a)		1,811,921
	4,134,439	GNMA, 4.516%, 2/20/2065(a)		4,482,108
	2,615,585	GNMA, 4.518%, 9/20/2066(a)		2,934,176
	4,311,770	GNMA, 4.522%, 6/20/2066(a)		4,814,128
	3,500,376	GNMA, 4.526%, 6/20/2066(a)		3,898,072
	4,311,357	GNMA, 4.534%, 12/20/2064(a)		4,705,203
	2,216,177	GNMA, 4.557%, 4/20/2066(a)		2,456,712
	3,370,937	GNMA, 4.560%, 12/20/2063(a)		3,596,567
	3,136,802	GNMA, 4.568%, 6/20/2066(a)		3,522,340
	1,757,027	GNMA, 4.574%, 1/20/2065(a)		1,918,119
	8,885,285	GNMA, 4.577%, 12/20/2066(a)		10,030,216
	3,096,750	GNMA, 4.580%, 6/20/2064(a)		3,348,604
	11,614,381	GNMA, 4.589%, with various maturities from 2064 to 2065(a)(f)		12,714,875
	4,688,229	GNMA, 4.613%, 10/20/2064(a)		5,150,146
	22,370	GNMA, 4.630%, 12/20/2061(a)		22,521
	2,472,610	GNMA, 4.632%, 3/20/2065(a)		2,713,199
	4,194,616	GNMA, 4.633%, 3/20/2066(a)		4,717,060
	726,861	GNMA, 4.636%, 1/20/2064(a)		775,858
	3,932,624	GNMA, 4.649%, 1/20/2065(a)		4,338,076
	19,324	GNMA, 4.650%, 1/20/2061(a)		19,393
	2,883,529	GNMA, 4.667%, 1/20/2064(a)		3,077,935
	4,466,783	GNMA, 4.671%, 6/20/2064(a)		4,852,323
	113,888	GNMA, 4.700%, with various maturities in 2062(a)(f)		117,851
	3,433,863	GNMA, 4.714%, 1/20/2064(a)		3,716,460
	161,811	GNMA, 5.500%, 4/15/2038		189,191
	32,835	GNMA, 6.000%, with various maturities from 2029 to 2038(f)		38,740
	30,559	GNMA, 6.500%, with various maturities from 2029 to 2032(f)		34,150
	42,953	GNMA, 7.000%, 9/15/2025		44,507
	4,046	GNMA, 7.500%, with various maturities from 2025 to 2030(f)		4,289
	92	GNMA, 8.500%, 10/15/2022		92
	194,942,000	UMBS^® (TBA), 2.500%, 6/01/2051(g)		199,198,742
	24,575,000	UMBS^® (TBA), 1.500%, 6/01/2051(g)		23,650,558
	13,408,000	UMBS^® (TBA), 2.000%, 4/01/2051(g)		13,382,860
	141,104,000	UMBS^® (TBA), 2.000%, 6/01/2051(g)		140,293,755

				2,427,766,926

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Natural Gas — 0.2%
$	12,610,000	Atmos Energy Corp., 0.625%, 3/09/2023	$	12,614,771
	3,024,000	Boston Gas Co., 3.001%, 8/01/2029, 144A		3,124,024

				15,738,795

		Non-Agency Commercial Mortgage-Backed Securities — 1.3%
	14,216,071	BANK, Series 2019-BN22, Class A4, 2.978%, 11/15/2062		14,900,696
	1,715,000	BANK, Series 2019-BN16, Class A4, 4.005%, 2/15/2052		1,920,375
	3,817,534	BANK, Series 2019-BN20, Class A3, 3.011%, 9/15/2062		4,012,994
	6,873,079	BANK, Series 2019-BN24, Class A3, 2.960%, 11/15/2062		7,196,449
	15,877,381	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A4, 3.102%, 12/15/2072(c)		16,802,921
	20,793,185	Citigroup Commercial Mortgage Trust, Series 2019-GC43, Class A4, 3.038%, 11/10/2052(c)		21,921,958
	11,060,000	Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class A5, 2.717%, 2/15/2053		11,368,530
	1,025,000	Commercial Mortgage Trust, Series 2010-C1, Class D, 5.759%, 7/10/2046, 144A(a)		1,040,988
	11,283,000	Credit Suisse Mortgage Capital Certificates, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		11,838,381
	6,300,639	GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.406%, 8/10/2044, 144A(a)		5,290,161
	2,595,000	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(a)		2,606,268
	7,385,712	GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.911%, 2/13/2053		7,690,520
	7,736,960	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.185%, 3/10/2046		8,033,557
	5,578,578	WFRBS Commercial Mortgage Trust, Series 2011-C4, Class D, 5.226%, 6/15/2044, 144A(a)		4,979,351
	5,874,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class AS, 4.176%, 5/15/2047		6,300,725

				125,903,874

		Oil Field Services — 0.3%
	28,400,000	Thaioil Treasury Center Co. Ltd., 4.875%, 1/23/2043, 144A		30,235,776

		Packaging — 0.1%
	7,713,000	CCL Industries, Inc., 3.050%, 6/01/2030, 144A		7,812,252

		Paper — 0.3%
	5,503,000	Celulosa Arauco y Constitucion S.A., 4.500%, 8/01/2024		5,963,931
	13,825,000	Klabin Austria GmbH, 7.000%, 4/03/2049, 144A		16,524,677
	9,550,000	Suzano Austria GmbH, 3.750%, 1/15/2031		9,824,754
	1,888,000	WestRock RKT LLC, 4.900%, 3/01/2022		1,961,661

				34,275,023

		Pharmaceuticals — 0.6%
	9,438,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		9,555,975
	10,441,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		10,495,293
	9,180,000	Biogen, Inc., 2.250%, 5/01/2030		8,905,591
	8,089,000	Biogen, Inc., 3.150%, 5/01/2050		7,428,610
	13,755,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		13,153,219
	8,496,000	Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 1/31/2025		9,385,531
		Pharmaceuticals — continued
	3,251,000	Viatris, Inc., 4.000%, 6/22/2050, 144A		3,312,936

				62,237,155

		Property & Casualty Insurance — 0.2%
	2,895,000	Ascot Group Ltd., 4.250%, 12/15/2030, 144A		2,996,325
	8,806,000	Liberty Mutual Group, Inc., 3.950%, 5/15/2060, 144A		8,900,778
	4,405,000	Willis North America, Inc., 2.950%, 9/15/2029		4,548,639

				16,445,742

		Refining — 0.1%
	13,536,000	Ultrapar International S.A., 5.250%, 10/06/2026, 144A		14,449,680

		REITs – Diversified — 0.2%
	18,479,000	iStar, Inc., 4.250%, 8/01/2025		18,606,505
	1,419,000	iStar, Inc., 4.750%, 10/01/2024		1,476,335

				20,082,840

		REITs – Health Care — 0.1%
	6,085,000	Welltower, Inc., 2.750%, 1/15/2031		6,052,177

		REITs – Shopping Centers — 0.0%
	2,269,000	Brixmor Operating Partnership LP, 4.050%, 7/01/2030		2,444,079

		REITs – Single Tenant — 0.1%
	7,155,000	Realty Income Corp., 1.800%, 3/15/2033		6,570,390
	5,010,000	Realty Income Corp., 3.250%, 1/15/2031		5,288,433

				11,858,823

		Retailers — 0.9%
	2,175,000	Asbury Automotive Group, Inc., 4.500%, 3/01/2028		2,224,829
	2,175,000	Asbury Automotive Group, Inc., 4.750%, 3/01/2030		2,246,775
	30,730,000	El Puerto de Liverpool SAB de CV, 3.875%, 10/06/2026, 144A		33,042,740
	9,426,000	Falabella S.A., 3.750%, 4/30/2023, 144A		9,887,099
	7,176,000	Falabella S.A., 4.375%, 1/27/2025, 144A		7,876,611
	5,935,000	Group 1 Automotive, Inc., 4.000%, 8/15/2028, 144A		5,897,906
	959,000	Hanesbrands, Inc., 4.625%, 5/15/2024, 144A		1,017,408
	4,526,000	Hanesbrands, Inc., 4.875%, 5/15/2026, 144A		4,854,135
	5,626,000	Hanesbrands, Inc., 5.375%, 5/15/2025, 144A		5,953,011
	4,355,000	Ken Garff Automotive LLC, 4.875%, 9/15/2028, 144A		4,350,645
	11,485,000	Lithia Motors, Inc., 4.375%, 1/15/2031, 144A		11,920,798

				89,271,957

		Sovereigns — 2.1%
	14,795,000	Colombia Government International Bond, 4.125%, 5/15/2051		14,075,075
	26,615,000	Dominican Republic, 4.875%, 9/23/2032, 144A		27,147,300
	12,395,000	Dominican Republic, 5.300%, 1/21/2041, 144A		12,178,087
	18,000,000	Egypt Government International Bond, 5.875%, 2/16/2031, 144A		16,849,800
	7,609,000	Indonesia Government International Bond, 3.700%, 1/08/2022, 144A		7,784,464
	30,516,000	Kingdom of Saudi Arabia, 3.250%, 10/26/2026, 144A		32,821,179
	20,005,000	Mexico Government International Bond, 3.771%, 5/24/2061		17,717,228
	16,360,000	Morocco Government International Bond, 4.000%, 12/15/2050, 144A		14,482,657
	8,649,000	Panama Government International Bond, 4.500%, 4/01/2056		9,457,422

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Sovereigns — continued
$	3,337,000	Peruvian Government International Bond, 2.392%, 1/23/2026	$	3,434,507
	8,368,000	Qatar Government International Bond, 4.400%, 4/16/2050, 144A		9,706,880
	1,245,000	Republic of Ghana, 7.750%, 4/07/2029, 144A		1,232,550
	10,561,000	Republic of Oman, 3.875%, 3/08/2022, 144A		10,720,049
	11,230,000	State of Qatar, 3.875%, 4/23/2023, 144A		11,959,950
	20,255,000	Ukraine Government International Bond, 7.253%, 3/15/2033, 144A		20,149,674

				209,716,822

		Supermarkets — 0.3%
	17,805,000	Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.250%, 3/15/2026, 144A		17,736,807
	13,740,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.500%, 3/15/2029, 144A		13,075,533

				30,812,340

		Technology — 3.8%
	3,835,000	Baidu, Inc., 2.375%, 10/09/2030		3,705,760
	5,055,000	Baidu, Inc., 3.075%, 4/07/2025		5,330,245
	5,475,000	Broadcom, Inc., 3.150%, 11/15/2025		5,835,435
	33,130,000	Broadcom, Inc., 3.419%, 4/15/2033, 144A		33,224,877
	17,295,000	Broadcom, Inc., 3.750%, 2/15/2051, 144A		16,537,755
	21,038,000	Corning, Inc., 5.450%, 11/15/2079		26,164,402
	7,617,000	DXC Technology Co., 4.125%, 4/15/2025		8,283,272
	3,508,000	Equifax, Inc., 2.600%, 12/15/2025		3,677,427
	4,112,000	Equifax, Inc., 3.100%, 5/15/2030		4,268,220
	2,848,000	Equifax, Inc., 3.300%, 12/15/2022		2,963,464
	4,842,000	Equifax, Inc., 7.000%, 7/01/2037		6,448,997
	14,915,000	HCL America, Inc., 1.375%, 3/10/2026, 144A		14,599,995
	8,685,000	Hewlett Packard Enterprise Co., 4.450%, 10/02/2023		9,436,892
	5,505,000	Hewlett Packard Enterprise Co., 4.650%, 10/01/2024		6,145,250
	19,506,000	Hewlett Packard Enterprise Co., 6.200%, 10/15/2035		25,514,475
	18,945,000	Iron Mountain, Inc., 4.500%, 2/15/2031, 144A		18,729,027
	23,745,000	J2 Global, Inc., 4.625%, 10/15/2030, 144A		23,982,450
	7,810,000	Jabil, Inc., 3.000%, 1/15/2031		7,752,966
	14,885,000	Microchip Technology, Inc., 2.670%, 9/01/2023, 144A		15,501,718
	7,134,000	Microchip Technology, Inc., 4.333%, 6/01/2023		7,651,515
	14,669,000	Micron Technology, Inc., 2.497%, 4/24/2023		15,224,808
	6,887,000	Molex Electronic Technologies LLC, 3.900%, 4/15/2025, 144A		7,013,955
	19,675,000	Oracle Corp., 4.100%, 3/25/2061		20,360,499
	9,380,000	Qorvo, Inc., 3.375%, 4/01/2031, 144A		9,191,368
	6,470,000	Sabre GLBL, Inc., 7.375%, 9/01/2025, 144A		7,060,711
	1,652,000	Sabre GLBL, Inc., 9.250%, 4/15/2025, 144A		1,970,010
	1,538,000	Science Applications International Corp., 4.875%, 4/01/2028, 144A		1,589,907
	2,307,000	Seagate HDD Cayman, 4.125%, 1/15/2031, 144A		2,342,585
	6,320,000	Sensata Technologies BV, 4.000%, 4/15/2029, 144A		6,433,950
	8,945,000	Sensata Technologies, Inc., 3.750%, 2/15/2031, 144A		8,819,233
	18,243,000	Tencent Holdings Ltd., 3.290%, 6/03/2060, 144A		16,585,106
	20,175,000	Western Union Co. (The), 1.350%, 3/15/2026		19,664,996
	18,649,000	Xilinx, Inc., 2.375%, 6/01/2030		18,226,000

				380,237,270

		Tobacco — 0.8%
	3,764,000	Altria Group, Inc., 2.350%, 5/06/2025		3,901,901
	4,805,000	Altria Group, Inc., 4.400%, 2/14/2026		5,418,349
	29,325,000	BAT Capital Corp., 2.726%, 3/25/2031		28,360,966
	35,552,000	BAT Capital Corp., 2.789%, 9/06/2024		37,466,403

				75,147,619

		Transportation Services — 0.1%
	10,405,000	Ryder System, Inc., MTN, 2.500%, 9/01/2024		10,902,392

		Treasuries — 9.2%
	11,015,900(††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		53,437,584
	27,937,631(††)	Mexican Fixed Rate Bonds, Series M 20, 8.500%, 5/31/2029, (MXN)		153,380,526
	524,841,000	Republic of Uruguay, 8.500%, 3/15/2028, 144A, (UYU)		12,383,351
	280,039,000	Republic of Uruguay, 9.875%, 6/20/2022, 144A, (UYU)		6,567,980
	138,755,000	U.S. Treasury Bond, 1.875%, 2/15/2041		129,193,913
	47,230,000	U.S. Treasury Bond, 1.875%, 2/15/2051		41,916,625
	16,928,038	U.S. Treasury Inflation Indexed Bond, 0.250%, 2/15/2050(h)		17,675,694
	31,449,003	U.S. Treasury Inflation Indexed Bond, 0.750%, 2/15/2042(h)		36,339,569
	42,976,700	U.S. Treasury Note, 0.250%, 5/31/2025(c)		42,157,457
	126,160,000	U.S. Treasury Note, 0.750%, 3/31/2026		125,065,956
	5,965,000	U.S. Treasury Note, 1.125%, 2/29/2028		5,860,613
	29,190,000	U.S. Treasury Note, 1.125%, 2/15/2031		27,579,989
	54,645,000	U.S. Treasury Note, 1.250%, 3/31/2028		54,081,473
	4,778,600	U.S. Treasury Note, 2.375%, 5/15/2029		5,078,009
	35,509,300	U.S. Treasury Note, 2.625%, 2/15/2029		38,408,301
	11,800,300	U.S. Treasury Note, 2.875%, 8/15/2028		12,979,408
	126,527,300	U.S. Treasury Note, 3.125%, 11/15/2028(c)		141,498,049
	104,240,000	Uruguay Government International Bond, 8.500%, 3/15/2028, (UYU)		2,459,489

				906,063,986

		Utility Other — 0.4%
	28,632,000	Acwa Power Management & Investments One Ltd., 5.950%, 12/15/2039, 144A		32,785,931
	6,286,000	Essential Utilities, Inc., 2.704%, 4/15/2030		6,336,042

				39,121,973

		Wireless — 1.0%
	15,102,000	America Movil SAB de CV, 2.875%, 5/07/2030		15,407,799
	1,352,000	American Tower Corp., 4.700%, 3/15/2022		1,406,883
	21,910,000	Bharti Airtel Ltd., 4.375%, 6/10/2025, 144A		23,524,612
	1,101,000	Crown Castle International Corp., 4.150%, 7/01/2050		1,174,646
	8,040,000	Kenbourne Invest S.A., 4.700%, 1/22/2028, 144A		8,234,246
	2,660,000	Millicom International Cellular S.A., 4.500%, 4/27/2031, 144A		2,766,400
	3,383,100	Millicom International Cellular S.A., 6.625%, 10/15/2026, 144A		3,603,678
	20,065,000	SBA Communications Corp., 3.125%, 2/01/2029, 144A		19,285,475
	22,875,000	T-Mobile USA, Inc., 3.875%, 4/15/2030, 144A		24,827,610

				100,231,349

		Wirelines — 0.8%
	24,665,000	AT&T, Inc., 1.700%, 3/25/2026		24,656,341
	8,909,000	AT&T, Inc., 3.500%, 9/15/2053, 144A		8,233,126
	2,383,000	AT&T, Inc., 3.550%, 9/15/2055, 144A		2,180,699

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	4,325,000	AT&T, Inc., 3.650%, 6/01/2051	$	4,183,107
	17,793,000	AT&T, Inc., 3.650%, 9/15/2059, 144A		16,264,023
	8,442,000	AT&T, Inc., 3.800%, 12/01/2057, 144A		8,031,606
	13,645,000	Verizon Communications, Inc., 2.100%, 3/22/2028		13,702,177

				77,251,079

		Total Non-Convertible Bonds (Identified Cost $8,197,168,351)		8,331,825,435


	Municipals — 0.2%
		Local Authorities — 0.2%
	16,530,000	University of Virginia, Revenue Bond, Series A, 3.227%, 9/01/2119 (Identified Cost $16,530,000)		14,335,444

		Total Bonds and Notes (Identified Cost $8,213,698,351)		8,346,160,879


	Senior Loans — 3.7%
		Aerospace & Defense — 0.2%
	12,882,642	TransDigm, Inc., 2020 Term Loan F, 1-month LIBOR + 2.250%, 2.359%, 12/09/2025(b)		12,603,476
	6,360,727	TransDigm, Inc., 2020 Term Loan G, 1-month LIBOR + 2.250%, 2.359%, 8/22/2024(b)		6,236,565

				18,840,041

		Automotive — 0.0%
	2,738,300	KAR Auction Services, Inc., 2019 Term Loan B6, 1-month LIBOR + 2.250%, 2.375%, 9/19/2026(b)		2,680,111
	1,487,781	Visteon Corp., 2018 Term Loan B, LIBOR + 1.750%, 1.869%, 3/25/2024(i)		1,474,450

				4,154,561

		Brokerage — 0.1%
	10,208,315	Citadel Securities LP, 2021 Term Loan B, 1-month LIBOR + 2.500%, 2.609%, 2/02/2028(b)		10,089,184

		Building Materials — 0.5%
	19,690,025	American Builders & Contractors Supply Co., Inc., 2019 Term Loan, 1-month LIBOR + 2.000%, 2.109%, 1/15/2027(b)		19,517,738
	10,184,217	Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 2/01/2027(j)		10,104,169
	18,054,478	Summit Materials Cos. I, LLC, 2017 Term Loan B, 1-month LIBOR + 2.000%, 2.109%, 11/21/2024(b)		17,975,580

				47,597,487

		Cable Satellite — 0.4%
	12,309,085	CSC Holdings LLC, 2017 Term Loan B1, 1-month LIBOR + 2.250%, 2.356%, 7/17/2025(b)		12,127,034
	4,217,424	Telenet Financing USD LLC, 2020 USD Term Loan AR, 1-month LIBOR + 2.000%, 2.106%, 4/30/2028(b)		4,160,489
	9,994,764	UPC Broadband Holding BV, 2020 USD Term Loan AT, 1-month LIBOR + 2.250%, 2.356%, 4/30/2028(b)		9,877,325
	12,405,000	Virgin Media Bristol LLC, USD Term Loan N, 1-month LIBOR + 2.500%, 2.606%, 1/31/2028(b)		12,283,803

				38,448,651

		Chemicals — 0.0%
	4,091,600	Venator Materials Corp., Term Loan B, 1-month LIBOR + 3.000%, 3.109%, 8/08/2024(b)		4,031,945

		Consumer Cyclical Services — 0.2%
	1,141,730	FrontDoor, Inc., 2018 Term Loan B, 1-month LIBOR + 2.500%, 2.625%, 8/16/2025(b)		1,136,021
	4,357,093	RE/MAX International, Inc., 2016 Term Loan B, 3-month LIBOR + 2.750%, 3.500%, 12/15/2023(b)		4,316,267
	11,119,431	Trans Union LLC, 2019 Term Loan B5, 1-month LIBOR + 1.750%, 1.859%, 11/16/2026(b)		11,036,035

				16,488,323

		Consumer Products — 0.1%
	6,944,114	Coty, Inc., 2018 USD Term Loan B, 3-month LIBOR + 2.250%, 2.354%, 4/07/2025(b)		6,663,155

		Electric — 0.2%
	5,801,096	Calpine Corp., 2019 Term Loan B10, 8/12/2026(j)		5,732,701
	4,383,028	Calpine Corp., Term Loan B9, 4/05/2026(j)		4,331,221
	4,383,028	Calpine Corp., Term Loan B9, 1-month LIBOR + 2.000%, 2.110%, 4/05/2026(b)		4,331,220
	9,954,775	Pacific Gas & Electric Co., 2020 Term Loan, 3-month LIBOR + 3.000%, 3.500%, 6/23/2025(b)		9,932,974

				24,328,116

		Food & Beverage — 0.1%
	10,210,000	Aramark Services, Inc., 2018 Term Loan B2, 1 Week LIBOR + 1.750%, 1.859%, 3/28/2024(b)		10,168,547

		Gaming — 0.1%
	4,385,678	Churchill Downs, Inc., 2017 Term Loan B, 1-month LIBOR + 2.000%, 2.110%, 12/27/2024(b)		4,358,267
	4,000,000	Churchill Downs, Inc., 2021 Incremental Term Loan B1, 3/10/2028(j)		3,975,000
	3,213,043	Churchill Downs, Inc., 2021 Incremental Term Loan B1, 3-month LIBOR + 2.000%, 2.120%, 3/10/2028(b)		3,192,962

				11,526,229

		Industrial Other — 0.0%
	2,570,224	Altra Industrial Motion Corp., 2018 Term Loan B, 1-month LIBOR + 2.000%, 2.109%, 10/01/2025(b)		2,549,020

		Media Entertainment — 0.6%
	5,755,575	E.W. Scripps Co. (The), 2020 Term Loan B3, 1-month LIBOR + 3.000%, 3.750%, 1/07/2028(b)		5,729,502
	9,400,342	Entercom Media Corp., 2019 Term Loan, 1-month LIBOR + 2.500%, 2.609%, 11/18/2024(b)		9,181,784
	3,468,383	Lamar Media Corp., 2020 Term Loan B, 1-month LIBOR + 1.500%, 1.604%, 2/05/2027(b)		3,436,959
	12,965,920	Meredith Corp., 2020 Term Loan B2, 1-month LIBOR + 2.500%, 2.609%, 1/31/2025(b)		12,808,774
	12,900,777	Nielsen Finance LLC, USD Term Loan B4, 1-month LIBOR + 2.000%, 2.103%, 10/04/2023(b)		12,874,589
	5,959,250	Sinclair Television Group, Inc., Term Loan B2B, 1-month LIBOR + 2.500%, 2.610%, 9/30/2026(b)		5,862,412
	6,690,750	WMG Acquisition Corp., 2021 Term Loan G, 1/20/2028(j)		6,659,370

				56,553,390

		Packaging — 0.0%
	2,474,305	Plastipak Packaging, Inc., 2018 Term Loan B, 1-month LIBOR + 2.500%, 2.610%, 10/14/2024(b)		2,463,270

		Pharmaceuticals — 0.4%
	4,848,416	Bausch Health Cos., Inc., Term Loan B, 1-month LIBOR + 2.750%, 2.859%, 11/27/2025(b)		4,817,531
	6,572,105	Change Healthcare Holdings LLC, 2017 Term Loan B, LIBOR + 2.500%, 3.500%, 3/01/2024(i)		6,561,655

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Pharmaceuticals — continued
$	19,674,968	Elanco Animal Health, Inc., Term Loan B, 1-month LIBOR + 1.750%, 1.865%, 8/01/2027(b)	$	19,400,896
	4,950,338	Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 Week LIBOR + 2.000%, 2.081%, 11/15/2027(b)		4,892,419

				35,672,501

		Property & Casualty Insurance — 0.0%
	2,673,050	USI, Inc., 2017 Repriced Term Loan, 3-month LIBOR + 3.000%, 3.203%, 5/16/2024(b)		2,641,080
	2,098,446	USI, Inc., 2019 Incremental Term Loan B, 3-month LIBOR + 3.250%, 3.453%, 12/02/2026(b)		2,076,329

				4,717,409

		Restaurants — 0.2%
	18,263,813	1011778 B.C. Unlimited Liability Co., Term Loan B4, 1-month LIBOR + 1.750%, 1.859%, 11/19/2026(b)		17,915,704

		Technology — 0.2%
	9,828,400	Iron Mountain, Inc., 2018 Term Loan B, 1-month LIBOR + 1.750%, 1.859%, 1/02/2026(b)		9,680,974
	1,934,855	Sabre GLBL, Inc., 2018 Term Loan B, 1-month LIBOR + 2.000%, 2.109%, 2/22/2024(b)		1,907,864
	2,533,650	Sabre GLBL, Inc., 2020 Term Loan B, 1-month LIBOR + 4.000%, 4.750%, 12/17/2027(b)		2,557,416
	9,637,669	SS&C Technologies Inc., 2018 Term Loan B5, 1-month LIBOR + 1.750%, 1.859%, 4/16/2025(b)		9,529,245

				23,675,499

		Transportation Services — 0.2%
	10,443,580	Uber Technologies, Inc., 2021 Term Loan B, 1-month LIBOR + 3.500%, 3.609%, 2/16/2027(b)		10,389,691
	4,696,677	WEX Inc., 2021 Term Loan, 3/18/2028(j)		4,679,064

				15,068,755

		Wireless — 0.2%
	2,767,410	Asurion LLC, 2018 Term Loan B6, 1-month LIBOR + 3.000%, 3.109%, 11/03/2023(b)		2,758,195
	15,777,324	Asurion LLC, 2020 Term Loan B8, 1-month LIBOR + 3.250%, 3.359%, 12/23/2026(b)		15,667,514

				18,425,709

		Total Senior Loans (Identified Cost $371,386,498)		369,377,496


Shares
	Common Stocks — 0.0%
		Oil, Gas & Consumable Fuels — 0.0%
	116,806	Paragon Offshore Ltd., Litigation Units, Class B(d)(e)(k)(l) (Identified Cost $8,598,870)		912,255


	Short-Term Investments — 15.2%
$	713,074,727	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2021 at 0.000% to be repurchased at $713,074,727 on 4/1/2021 collateralized by $425,300 U.S. Treasury Note, 0.125% due 9/30/2022 valued at $425,350; $215,670,200 U.S. Treasury Note, 2.250% due 10/31/2024 valued at $231,072,580; $62,400,100 U.S. Treasury Note, 2.250% due 11/15/2024 valued at $66,820,276; $114,637,600 U.S. Treasury Cash Management Bills, 0.125% due 10/15/2024 valued at $126,496,479; $290,404,300 U.S. Treasury Note, 1.500% due 10/31/2024 valued at $302,521,683 including accrued interest (Note 2 of Notes to Financial Statements)		713,074,727
	129,100,000	U.S. Treasury Bills, 0.002%, 4/13/2021(m)		129,099,784
	66,490,000	U.S. Treasury Bills, 0.002%, 4/15/2021(m)		66,489,677
	42,240,000	U.S. Treasury Bills, 0.007%, 4/29/2021(m)		42,239,671
	400,000,000	U.S. Treasury Bills, 0.010%-0.048%, 7/29/2021(m)(n)		399,973,556
	151,155,000	U.S. Treasury Bills, 0.076%-0.085%, 6/10/2021(m)(n)		151,149,856

		Total Short-Term Investments (Identified Cost $1,501,991,408)		1,502,027,271


		Total Investments — 103.5% (Identified Cost $10,095,675,127)		10,218,477,901
		Other assets less liabilities — (3.5)%		(348,201,531	)

		Net Assets — 100.0%	$	9,870,276,370


	Bonds and Notes Sold Short — (0.4)%
		Mortgage Related — (0.4)%
$	(36,530,000)	UMBS^® (TBA), 4.000%, 4/01/2051(g) (Proceeds $39,306,851)	$	(39,198,402	)


	(‡)	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, 2021 is disclosed.
	(b)	Variable rate security. Rate as of March 31, 2021 is disclosed.
	(c)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open TBA transactions and short sales.
	(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, 2021, the value of these securities amounted to $1,918,839 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.

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)



	(g)			When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
	(h)			Treasury Inflation Protected Security (TIPS).
	(i)			Variable rate security. Rate shown represents the weighted average rate of underlying contracts at March 31, 2021. 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.
	(j)			Position is unsettled. Contract rate was not determined at March 31, 2021 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	(k)			Securities subject to restriction on resale. At March 31, 2021, the restricted securities held by the Fund are as follows:

Acquisition
Date

Acquisition
Cost

Value

% of
Net Assets

Paragon Offshore Ltd., Litigation Units, Class B

7/18/2017

8,598,870

912,255

Less than 0.1%


	(l)			Non-income producing security.
	(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, 2021, the value of Rule 144A holdings amounted to $2,376,198,028 or 24.1% of net assets.
	ABS			Asset-Backed Securities
	ARMs			Adjustable Rate Mortgages
	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
	TBA			To Be Announced
	UMBS^®			Uniform Mortgage-Backed Securities

	MXN			Mexican Peso
	UYU			Uruguayan Peso

Industry Summary at March 31, 2021 (Unaudited)


Mortgage Related*	24.2	%
Treasuries	9.2
Banking	8.9
Technology	4.0
Food & Beverage	2.4
Automotive	2.3
Government Owned - No Guarantee	2.3
Sovereigns	2.1
Finance Companies	2.0
Other Investments, less than 2% each	30.5
Short-Term Investments	15.2

Total Investments	103.1
Other assets less liabilities	(3.1	)

Net Assets	100.0	%

*	Net of securities sold short.

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Credit Income Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 93.8% of Net Assets
	Non-Convertible Bonds — 88.8%
		Aerospace & Defense — 4.6%
$	125,000	Boeing Co. (The), 2.196%, 2/04/2026	$	124,612
	20,000	Boeing Co. (The), 2.250%, 6/15/2026		20,028
	20,000	Boeing Co. (The), 2.950%, 2/01/2030		19,944
	5,000	Boeing Co. (The), 3.100%, 5/01/2026		5,296
	10,000	Boeing Co. (The), 3.200%, 3/01/2029		10,127
	5,000	Boeing Co. (The), 3.250%, 2/01/2035		4,846
	5,000	Boeing Co. (The), 3.375%, 6/15/2046		4,421
	5,000	Boeing Co. (The), 3.500%, 3/01/2039		4,801
	15,000	Boeing Co. (The), 3.550%, 3/01/2038		14,506
	220,000	Boeing Co. (The), 3.625%, 2/01/2031		230,165
	5,000	Boeing Co. (The), 3.625%, 3/01/2048		4,616
	40,000	Boeing Co. (The), 3.750%, 2/01/2050		38,204
	15,000	Boeing Co. (The), 3.825%, 3/01/2059		13,955
	10,000	Boeing Co. (The), 3.850%, 11/01/2048		9,650
	15,000	Boeing Co. (The), 3.900%, 5/01/2049		14,554
	30,000	Boeing Co. (The), 3.950%, 8/01/2059		28,839
	70,000	Boeing Co. (The), 5.150%, 5/01/2030		80,622
	105,000	Boeing Co. (The), 5.805%, 5/01/2050		132,190
	30,000	Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025		32,732
	20,000	Huntington Ingalls Industries, Inc., 4.200%, 5/01/2030		22,186
	125,000	Raytheon Technologies Corp., 2.800%, 3/15/2022(a)		127,649
	5,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		4,900
	30,000	Spirit AeroSystems, Inc., 7.500%, 4/15/2025, 144A		32,271
	125,000	Textron, Inc., 3.000%, 6/01/2030		126,966
	60,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		63,612

				1,171,692

		Airlines — 0.5%
	78,050	American Airlines Pass Through Trust, Series 2016-3, Class A, 3.250%, 4/15/2030		75,075
	15,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		15,610
	15,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		15,955
	15,000	United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		15,575

				122,215

		Automotive — 1.7%
	60,000	Allison Transmission, Inc., 3.750%, 1/30/2031, 144A		58,125
	30,000	Ford Motor Co., 8.500%, 4/21/2023		33,450
	40,000	Ford Motor Co., 9.000%, 4/22/2025		48,445
	30,000	Ford Motor Co., 9.625%, 4/22/2030		41,866
	170,000	General Motors Co., 5.200%, 4/01/2045		195,196
	40,000	General Motors Co., 6.250%, 10/02/2043		51,227
	5,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(b)		5,400

				433,709

		Banking — 11.1%
	165,000	Ally Financial, Inc., 5.125%, 9/30/2024		185,998
	110,000	Ally Financial, Inc., 5.750%, 11/20/2025		124,968
	270,000	Bank of America Corp., MTN, 4.250%, 10/22/2026(a)		302,774
	200,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		200,288
	215,000	Citigroup, Inc., 4.450%, 9/29/2027(a)		242,646
	250,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033, 144A(a)		267,727
	150,000	Deutsche Bank AG, (fixed rate to 9/18/2030, variable rate thereafter), 3.547%, 9/18/2031		154,888
	210,000	Goldman Sachs Group, Inc. (The), 4.250%, 10/21/2025(a)		234,402
		Banking — continued
	390,000	Morgan Stanley, 3.625%, 1/20/2027(a)		427,928
	115,000	Santander Holdings USA, Inc., 3.244%, 10/05/2026		121,588
	30,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		32,077
	200,000	Societe Generale S.A., (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035, 144A		199,688
	200,000	Standard Chartered PLC, (fixed rate to 4/01/2030, variable rate thereafter), 4.644%, 4/01/2031, 144A(a)		226,998
	115,000	Synchrony Financial, 4.375%, 3/19/2024		125,373

				2,847,343

		Brokerage — 1.0%
	15,000	Jefferies Group LLC, 6.250%, 1/15/2036		19,281
	180,000	Jefferies Group LLC, 6.500%, 1/20/2043		230,016

				249,297

		Building Materials — 0.6%
	40,000	Builders FirstSource, Inc., 6.750%, 6/01/2027, 144A		43,050
	55,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		56,873
	45,000	Standard Industries, Inc., 4.375%, 7/15/2030, 144A		45,405

				145,328

		Cable Satellite — 4.5%
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		120,239
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		122,304
	220,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.800%, 3/01/2050		235,997
	200,000	CSC Holdings LLC, 5.500%, 4/15/2027, 144A		210,070
	30,000	Sirius XM Radio, Inc., 5.000%, 8/01/2027, 144A		31,472
	5,000	Sirius XM Radio, Inc., 5.500%, 7/01/2029, 144A		5,406
	200,000	Time Warner Cable LLC, 4.500%, 9/15/2042		213,762
	200,000	Virgin Media Secured Finance PLC, 5.500%, 8/15/2026, 144A		207,521

				1,146,771

		Chemicals — 0.8%
	70,000	CF Industries, Inc., 4.500%, 12/01/2026, 144A		78,809
	15,000	FMC Corp., 3.450%, 10/01/2029		15,791
	60,000	Hercules LLC, 6.500%, 6/30/2029		64,175
	30,000	Westlake Chemical Corp., 3.600%, 8/15/2026		32,428

				191,203

		Construction Machinery — 0.5%
	60,000	United Rentals North America, Inc., 5.250%, 1/15/2030		65,118
	60,000	United Rentals North America, Inc., 5.500%, 5/15/2027		63,990

				129,108

		Consumer Cyclical Services — 3.2%
	30,000	CBRE Services, Inc., 4.875%, 3/01/2026		34,463
	345,000	Expedia Group, Inc., 3.250%, 2/15/2030		347,224
	25,000	Expedia Group, Inc., 3.800%, 2/15/2028		26,479
	50,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		49,125
	55,000	IHS Markit Ltd., 4.250%, 5/01/2029		61,954
	45,000	TriNet Group, Inc., 3.500%, 3/01/2029, 144A		44,019
	115,000	Uber Technologies, Inc., 7.500%, 5/15/2025, 144A		124,104
	5,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		5,523
	115,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		124,487

				817,378

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — 2.3%
$	15,000	AES Corp. (The), 2.450%, 1/15/2031, 144A	$	14,299
	5,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		5,345
	85,000	Calpine Corp., 3.750%, 3/01/2031, 144A		81,014
	40,000	Calpine Corp., 5.125%, 3/15/2028, 144A		40,186
	210,000	FirstEnergy Corp., Series C, 3.400%, 3/01/2050		183,750
	20,000	IPALCO Enterprises, Inc., 4.250%, 5/01/2030, 144A		21,787
	35,000	NRG Energy, Inc., 4.450%, 6/15/2029, 144A		38,146
	35,000	NRG Energy, Inc., 5.250%, 6/15/2029, 144A		37,450
	140,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050		121,487
	50,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A		52,079

				595,543

		Finance Companies — 4.9%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.875%, 1/23/2028		157,175
	105,000	Air Lease Corp., 3.125%, 12/01/2030		104,689
	205,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		200,635
	40,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(b)		39,500
	125,000	Aircastle Ltd., 4.125%, 5/01/2024		132,037
	25,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		24,358
	35,000	FS KKR Capital Corp., 3.400%, 1/15/2026		34,715
	200,000	GE Capital Funding LLC, 4.400%, 5/15/2030, 144A		226,430
	80,000	Navient Corp., 5.000%, 3/15/2027		80,200
	35,000	OneMain Finance Corp., 7.125%, 3/15/2026		40,367
	70,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		67,375
	150,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		144,375

				1,251,856

		Financial Other — 0.6%
	45,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029, 144A		43,974
	115,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		118,738

				162,712

		Food & Beverage — 3.9%
	240,000	Coca-Cola Co. (The), 1.750%, 9/06/2024(a)		249,776
	150,000	Fomento Economico Mexicano SAB de CV, 3.500%, 1/16/2050(a)		149,412
	145,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		151,922
	95,000	Kraft Heinz Foods Co., 4.875%, 10/01/2049		106,553
	35,000	Lamb Weston Holdings, Inc., 4.875%, 5/15/2028, 144A		37,793
	50,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		53,585
	60,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		60,150
	190,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A		188,953

				998,144

		Gaming — 0.6%
	85,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 3.875%, 2/15/2029, 144A		84,671
	55,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		58,773

				143,444

		Health Insurance — 0.3%
	65,000	Centene Corp., 2.500%, 3/01/2031		62,076
	15,000	Centene Corp., 3.000%, 10/15/2030		14,975
	5,000	Centene Corp., 4.625%, 12/15/2029		5,412

				82,463

		Healthcare — 3.7%
	10,000	Charles River Laboratories International, Inc., 3.750%, 3/15/2029, 144A		10,016
	10,000	Charles River Laboratories International, Inc., 4.000%, 3/15/2031, 144A		10,165
	75,000	Cigna Corp., 4.375%, 10/15/2028		85,805
	5,000	Encompass Health Corp., 4.750%, 2/01/2030		5,144
	165,000	HCA, Inc., 4.125%, 6/15/2029		182,851
	100,000	HCA, Inc., 5.250%, 6/15/2049		122,367
	270,000	HCA, Inc., MTN, 7.750%, 7/15/2036		355,050
	90,000	Hologic, Inc., 3.250%, 2/15/2029, 144A		88,875
	25,000	Tenet Healthcare Corp., 4.625%, 6/15/2028, 144A		25,624
	40,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		40,562
	30,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		31,312

				957,771

		Home Construction — 0.7%
	90,000	Lennar Corp., 4.750%, 11/29/2027		103,331
	70,000	PulteGroup, Inc., 6.000%, 2/15/2035		87,500

				190,831

		Independent Energy — 2.1%
	150,000	Aker BP ASA, 4.000%, 1/15/2031, 144A		156,365
	10,000	Cimarex Energy Co., 4.375%, 6/01/2024		10,876
	20,000	Continental Resources, Inc., 3.800%, 6/01/2024		20,500
	20,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		19,967
	25,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		25,365
	40,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		39,986
	5,000	EQT Corp., 5.000%, 1/15/2029		5,350
	55,000	Hess Corp., 4.300%, 4/01/2027		59,941
	60,000	Hess Corp., 5.600%, 2/15/2041		69,216
	15,000	Occidental Petroleum Corp., 2.900%, 8/15/2024		14,836
	10,000	Occidental Petroleum Corp., 3.500%, 6/15/2025		9,900
	30,000	Occidental Petroleum Corp., 5.550%, 3/15/2026		31,728
	45,000	Ovintiv Exploration, Inc., 5.375%, 1/01/2026		49,591
	20,000	Ovintiv Exploration, Inc., 5.625%, 7/01/2024		21,986

				535,607

		Leisure — 0.6%
	55,000	Carnival Corp., 5.750%, 3/01/2027, 144A		56,444
	30,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		30,300
	10,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		10,187
	60,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		60,300

				157,231

		Life Insurance — 0.6%
	95,000	Athene Global Funding, 2.550%, 11/19/2030, 144A		91,668
	30,000	Athene Holding Ltd., 3.500%, 1/15/2031		30,827
	30,000	CNO Financial Group, Inc., 5.250%, 5/30/2029		34,706

				157,201

		Lodging — 1.0%
	60,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		58,236
	40,000	Hilton Domestic Operating Co., Inc., 4.000%, 5/01/2031, 144A		39,971
	5,000	Hyatt Hotels Corp., 5.375%, 4/23/2025		5,610
	15,000	Hyatt Hotels Corp., 5.750%, 4/23/2030		17,530
	20,000	Marriott International, Inc., Series EE, 5.750%, 5/01/2025		22,950
	25,000	Marriott International, Inc., Series FF, 4.625%, 6/15/2030		27,968
	20,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		19,629
	70,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		72,559

				264,453

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)


Principal Amount		Description	Value (†)
		Media Entertainment — 2.8%
$	25,000	AMC Networks, Inc., 4.250%, 2/15/2029	$	24,313
	60,000	Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/2027, 144A		60,345
	30,000	Discovery Communications LLC, 3.950%, 3/20/2028		32,771
	80,000	Discovery Communications LLC, 5.000%, 9/20/2037		93,864
	85,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		85,637
	70,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		72,003
	35,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		37,537
	25,000	Lamar Media Corp., 3.750%, 2/15/2028		24,969
	30,000	Lamar Media Corp., 4.000%, 2/15/2030		29,917
	120,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		138,185
	115,000	ViacomCBS, Inc., 4.375%, 3/15/2043		124,092

				723,633

		Metals & Mining — 4.3%
	45,000	Allegheny Technologies, Inc., 5.875%, 12/01/2027		46,575
	200,000	Anglo American Capital PLC, 4.500%, 3/15/2028, 144A		224,475
	35,000	ArcelorMittal S.A., 7.250%, 10/15/2039		47,915
	200,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		214,500
	45,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		45,816
	60,000	Freeport-McMoRan, Inc., 4.625%, 8/01/2030		65,293
	40,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		47,621
	10,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		12,030
	135,000	Glencore Funding LLC, 3.875%, 10/27/2027, 144A		148,260
	20,000	Glencore Funding LLC, 4.000%, 3/27/2027, 144A		22,041
	45,000	Glencore Funding LLC, 4.125%, 3/12/2024, 144A		48,722
	115,000	Glencore Funding LLC, 4.625%, 4/29/2024, 144A		126,613
	35,000	Novelis Corp., 4.750%, 1/30/2030, 144A		36,075
	10,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		10,249

				1,096,185

		Midstream — 2.7%
	115,000	Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027		131,516
	55,000	Energy Transfer Operating LP, 5.000%, 5/15/2050		56,883
	30,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		24,199
	35,000	EQM Midstream Partners LP, Series 10Y, 5.500%, 7/15/2028		36,741
	50,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		51,500
	20,000	NGPL PipeCo LLC, 4.375%, 8/15/2022, 144A		20,760
	80,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		89,428
	15,000	Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030		15,276
	35,000	Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		32,197
	35,000	Plains All American Pipeline LP/PAA Finance Corp., 4.700%, 6/15/2044		33,301
	120,000	Sunoco Logistics Partners Operations LP, 4.000%, 10/01/2027		129,053
	15,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032, 144A		14,108
	60,000	Valero Energy Partners LP, 4.500%, 3/15/2028		66,569

				701,531

		Paper — 0.2%
	45,000	Suzano Austria GmbH, 3.750%, 1/15/2031		46,295

		Pharmaceuticals — 4.1%
	15,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		14,400
	230,000	GlaxoSmithKline Capital PLC, 3.000%, 6/01/2024(a)		245,785
	245,000	Merck & Co., Inc., 2.350%, 2/10/2022(a)		249,375
		Pharmaceuticals — continued
	50,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		53,885
	70,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		66,938
	250,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		219,512
	120,000	Utah Acquisition Sub, Inc., 5.250%, 6/15/2046		141,154
	55,000	Viatris, Inc., 4.000%, 6/22/2050, 144A		56,048

				1,047,097

		Property & Casualty Insurance — 0.9%
	175,000	Fidelity National Financial, Inc., 2.450%, 3/15/2031		169,232
	65,000	Sirius International Group Ltd., 4.600%, 11/01/2026, 144A		65,519

				234,751

		REITs – Health Care — 0.5%
	110,000	Welltower, Inc., 4.250%, 4/01/2026		123,577

		REITs – Mortgage — 0.2%
	15,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.250%, 2/01/2027, 144A		14,775
	25,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		25,000

				39,775

		REITs – Office Property — 0.0%
	10,000	Corporate Office Properties LP, 2.750%, 4/15/2031		9,670

		REITs – Shopping Centers — 0.8%
	115,000	Brixmor Operating Partnership LP, 4.050%, 7/01/2030		123,874
	75,000	SITE Centers Corp., 3.625%, 2/01/2025		78,319

				202,193

		Restaurants — 0.9%
	125,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		125,590
	45,000	Yum! Brands, Inc., 4.625%, 1/31/2032		45,900
	60,000	Yum! Brands, Inc., 4.750%, 1/15/2030, 144A		63,438

				234,928

		Retailers — 1.0%
	45,000	AutoZone, Inc., 3.625%, 4/15/2025		49,006
	55,000	Carvana Co., 5.625%, 10/01/2025, 144A		56,460
	94,741	CVS Pass-Through Trust, Series 2014, 4.163%, 8/11/2036, 144A		100,038
	35,000	Lithia Motors, Inc., 4.375%, 1/15/2031, 144A		36,328
	10,000	Murphy Oil USA, Inc., 3.750%, 2/15/2031, 144A		9,829

				251,661

		Technology — 4.8%
	85,000	Avnet, Inc., 4.625%, 4/15/2026		93,851
	220,000	Broadcom, Inc., 4.300%, 11/15/2032		239,522
	130,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		128,782
	45,000	CommScope, Inc., 6.000%, 3/01/2026, 144A		47,416
	60,000	Iron Mountain, Inc., 5.250%, 7/15/2030, 144A		61,908
	145,000	Microchip Technology, Inc., 4.333%, 6/01/2023		155,519
	265,000	Micron Technology, Inc., 4.663%, 2/15/2030		301,023
	60,000	Open Text Holdings, Inc., 4.125%, 2/15/2030, 144A		60,821
	60,000	Qorvo, Inc., 3.375%, 4/01/2031, 144A		58,793
	10,000	Sabre GLBL, Inc., 9.250%, 4/15/2025, 144A		11,925
	35,000	SS&C Technologies, Inc., 5.500%, 9/30/2027, 144A		37,277
	35,000	Verisk Analytics, Inc., 4.125%, 3/15/2029		38,894

				1,235,731

		Transportation Services — 0.5%
	115,000	United Parcel Service, Inc., 2.500%, 4/01/2023		119,840

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)


Principal Amount		Description	Value (†)
		Treasuries — 9.9%
$	135,000	U.S. Treasury Bond, 1.125%, 8/15/2040	$	109,772
	2,430,000	U.S. Treasury Note, 0.125%, 1/31/2023(a)(c)		2,428,861

				2,538,633

		Wireless — 2.3%
	70,000	SBA Communications Corp., 3.125%, 2/01/2029, 144A		67,280
	30,000	Sprint Capital Corp., 6.875%, 11/15/2028		37,829
	130,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		130,975
	65,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		65,488
	265,000	T-Mobile USA, Inc., 3.875%, 4/15/2030, 144A		287,620

				589,192

		Wirelines — 3.1%
	550,000	AT&T, Inc., 3.650%, 6/01/2051(a)		531,956
	150,000	Telefonica Emisiones S.A., 5.520%, 3/01/2049		184,557
	70,000	Verizon Communications, Inc., 3.550%, 3/22/2051		69,902

				786,415

		Total Non-Convertible Bonds (Identified Cost $22,696,531)		22,732,407


	Convertible Bonds — 5.0%
		Airlines — 0.4%
	20,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A		21,976
	40,000	Southwest Airlines Co., 1.250%, 5/01/2025		68,675

				90,651

		Cable Satellite — 1.5%
	25,000	DISH Network Corp., Zero Coupon, 0.000%, 12/15/2025, 144A(h)		26,450
	340,000	DISH Network Corp., 3.375%, 8/15/2026		326,842
	35,000	Liberty Media Corp., 0.500%, 12/01/2050, 144A		40,495

				393,787

		Communications — 0.1%
	35,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026, 144A(h)		33,075

		Consumer Cyclical Services — 0.3%
	25,000	Expedia Group, Inc., Zero Coupon, 0.000%, 2/15/2026, 144A(h)		27,288
	15,000	Peloton Interactive, Inc., Zero Coupon, 0.000%-1.003%, 2/15/2026, 144A(d)		14,184
	35,000	Uber Technologies, Inc., Zero Coupon, 0.000%, 12/15/2025, 144A(h)		36,772

				78,244

		Diversified Manufacturing — 0.1%
	25,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		27,188

		Electric — 0.1%
	10,000	NRG Energy, Inc., 2.750%, 6/01/2048		11,648
	10,000	Sunrun, Inc., Zero Coupon, 0.000%, 2/01/2026, 144A(h)		8,982

				20,630

		Healthcare — 0.5%
	20,000	SmileDirectClub, Inc., Zero Coupon, 0.000%, 2/01/2026, 144A(h)		17,513
	105,000	Teladoc Health, Inc., 1.250%, 6/01/2027, 144A		116,686

				134,199

		Industrial Other — 0.1%
	15,000	Chegg, Inc., Zero Coupon, 0.000%, 9/01/2026, 144A(h)		16,125

		Lodging — 0.1%
	30,000	Marriott Vacations Worldwide Corp., Zero Coupon, 0.000%, 1/15/2026, 144A(h)		35,531

		Pharmaceuticals — 1.3%
	240,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027, 144A		235,344
	15,000	Guardant Health, Inc., Zero Coupon, 0.000%, 11/15/2027, 144A(h)		19,237
	25,000	Halozyme Therapeutics, Inc., 0.250%, 3/01/2027, 144A		22,766
	30,000	Neurocrine Biosciences, Inc., 2.250%, 5/15/2024		40,331

				317,678

		Technology — 0.5%
	5,000	Bentley Systems, Inc., 0.125%, 1/15/2026, 144A		5,168
	25,000	LivePerson, Inc., Zero Coupon, 0.000%, 12/15/2026, 144A(h)		25,187
	15,000	Lumentum Holdings, Inc., 0.500%, 12/15/2026		17,447
	35,000	Palo Alto Networks, Inc., 0.375%, 6/01/2025, 144A		43,225
	30,000	Shift4 Payments, Inc., Zero Coupon, 0.000%, 12/15/2025, 144A(h)		37,518

				128,545

		Total Convertible Bonds (Identified Cost $1,227,923)		1,275,653


		Total Bonds and Notes (Identified Cost $23,924,454)		24,008,060


	Collateralized Loan Obligations — 2.9%
	250,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 4/20/2034, 144A(e)(f)(g)		250,025
	250,000	Fillmore Park CLO Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.900%, 3.141%, 7/15/2030, 144A(e)		249,853
	250,000	Recette CLO Ltd., Series 2015-1A, Class DRR, 3-month LIBOR + 3.250%, 3.359%, 4/20/2034, 144A(e)		250,000

		Total Collateralized Loan Obligations (Identified Cost $750,000)		749,878


Shares
	Preferred Stocks — 2.0%
		Banking — 1.0%
	94	Bank of America Corp., Series L, 7.250%		131,412
	83	Wells Fargo & Co., Class A, Series L, 7.500%		117,645

				249,057

		Food & Beverage — 0.9%
	1,950	Bunge Ltd., 4.875%		224,603

		Healthcare — 0.1%
	234	Boston Scientific Corp., Series A, 5.500%		25,099

		Total Preferred Stocks (Identified Cost $468,058)		498,759


		Total Investments — 98.7% (Identified Cost $25,142,512)		25,256,697
		Other assets less liabilities — 1.3%		326,734

		Net Assets — 100.0%	$	25,583,431


	(†)	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)	Perpetual bond with no specified maturity date.
	(c)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)



	(d)			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.
	(e)			Variable rate security. Rate as of March 31, 2021 is disclosed.
	(f)			Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(g)			New issue unsettled as of March 31, 2021. Coupon rate does not take effect until settlement date.
	(h)			Interest rate represents annualized yield 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, 2021, the value of Rule 144A holdings amounted to $8,507,873 or 33.3% of net assets.
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts

At March 31, 2021, 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		6/21/2021		7	$	1,008,533	$	1,005,813	$	2,720

Industry Summary at March 31, 2021 (Unaudited)


Banking	12.1	%
Treasuries	9.9
Cable Satellite	6.0
Pharmaceuticals	5.4
Technology	5.3
Finance Companies	4.9
Food & Beverage	4.8
Aerospace & Defense	4.6
Healthcare	4.3
Metals & Mining	4.3
Consumer Cyclical Services	3.5
Wirelines	3.1
Media Entertainment	2.8
Midstream	2.7
Electric	2.4
Wireless	2.3
Independent Energy	2.1
Other Investments, less than 2% each	15.3
Collateralized Loan Obligations	2.9

Total Investments	98.7
Other assets less liabilities (including futures contracts)	1.3

Net Assets	100.0	%

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Global Allocation Fund


Shares		Description	Value (†)
	Common Stocks — 70.8% of Net Assets
		Canada — 3.0%
	880,049	Canada Goose Holdings, Inc.(a)	$	34,545,092
	504,000	CGI, Inc.(a)		41,981,953
	358,664	Descartes Systems Group, Inc. (The)(a)		21,881,729
	807,200	Open Text Corp.		38,487,645

				136,896,419

		China — 1.8%
	360,932	Alibaba Group Holding Ltd., Sponsored ADR(a)		81,834,112

		France — 1.0%
	205,601	Dassault Systemes SE		43,944,905

		Hong Kong — 0.9%
	3,470,200	AIA Group Ltd.		42,464,024

		India — 1.2%
	2,570,638	HDFC Bank Ltd.(a)		52,620,289

		Japan — 1.4%
	2,033,661	Nomura Research Institute Ltd.		63,181,477

		Netherlands — 3.4%
	248,062	ASML Holding NV		152,203,208

		Sweden — 1.3%
	994,020	Atlas Copco AB, Class A		60,602,649

		Taiwan — 2.7%
	5,838,000	Taiwan Semiconductor Manufacturing Co. Ltd.		122,943,571

		United Kingdom — 5.0%
	896,341	Farfetch Ltd., Class A(a)		47,524,000
	1,015,764	Halma PLC		33,232,398
	416,228	Linde PLC		116,602,112
	304,164	London Stock Exchange Group PLC		29,077,922

				226,436,432

		United States — 49.1%
	335,030	Accenture PLC, Class A		92,552,037
	403,476	Airbnb, Inc., Class A(a)		75,829,279
	6,493	Alphabet, Inc., Class C(a)		13,431,615
	51,489	Alphabet, Inc., Class A(a)		106,197,092
	45,818	Amazon.com, Inc.(a)		141,764,557
	138,311	Becton Dickinson & Co.		33,630,320
	345,423	Copart, Inc.(a)		37,516,392
	232,795	Costco Wholesale Corp.		82,055,582
	211,336	Cummins, Inc.		54,759,271
	520,746	Danaher Corp.		117,209,510
	2,783,791	Dropbox, Inc., Class A(a)		74,215,868
	324,283	Estee Lauder Cos., Inc. (The), Class A		94,317,711
	344,932	Facebook, Inc., Class A(a)		101,592,822
	96,871	Goldman Sachs Group, Inc. (The)		31,676,817
	280,919	Home Depot, Inc. (The)		85,750,525
	555,403	IQVIA Holdings, Inc.(a)		107,270,535
	455,244	M&T Bank Corp.		69,019,543
	326,155	MasterCard, Inc., Class A		116,127,488
	50,191	Mettler-Toledo International, Inc.(a)		58,005,237
	219,419	Northrop Grumman Corp.		71,012,765
	111,754	Parker-Hannifin Corp.		35,250,564
	746,790	Peloton Interactive, Inc., Class A(a)		83,969,068
	234,547	Roper Technologies, Inc.		94,602,187
	284,391	S&P Global, Inc.		100,353,052
	109,424	Sherwin-Williams Co. (The)		80,756,006
	366,127	Texas Instruments, Inc.		69,194,342
	269,360	UnitedHealth Group, Inc.		100,220,775
	102,119	Vail Resorts, Inc.(a)		29,784,027
		United States — continued
	312,266	VeriSign, Inc.(a)		62,065,990
	11,165	Whiting Petroleum Corp.(a)		395,799

				2,220,526,776

		Total Common Stocks (Identified Cost $2,246,558,978)		3,203,653,862


Principal Amount (‡)
	Bonds and Notes — 28.5%
	Non-Convertible Bonds — 27.4%
		Australia — 0.4%
	3,010,000	Australia Government Bond, Series 133, 5.500%, 4/21/2023, (AUD)(b)		2,538,883
	800,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		814,504
	670,000	GAIF Bond Issuer Pty Ltd., 3.400%, 9/30/2026, 144A(b)		720,310
	3,560,000	Glencore Funding LLC, 1.625%, 9/01/2025, 144A(b)		3,557,473
	11,610,000	New South Wales Treasury Corp., 2.000%, 3/08/2033, (AUD)(b)		8,599,501
	95,000	Sydney Airport Finance Co. Pty Ltd., 3.375%, 4/30/2025, 144A		101,110
	1,370,000	Westpac Banking Corp., 2.650%, 1/16/2030(b)		1,425,167

				17,756,948

		Belgium — 0.1%
	2,745,000	Anheuser-Busch InBev S.A., EMTN, 2.000%, 1/23/2035, (EUR)(b)		3,593,954
	1,690,000	Anheuser-Busch InBev Worldwide, Inc., 4.750%, 1/23/2029(b)		1,974,846

				5,568,800

		Brazil — 0.5%
	1,150,000	Banco Bradesco S.A., 2.850%, 1/27/2023, 144A		1,172,620
	1,035,000	Braskem Netherlands Finance BV, 4.500%, 1/10/2028		1,063,380
	1,785,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030		1,793,336
	22,385(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2031, (BRL)		4,162,691
	2,685,000	Brazilian Government International Bond, 4.500%, 5/30/2029		2,760,610
	1,085,000	Brazilian Government International Bond, 4.625%, 1/13/2028		1,146,422
	2,980,000	BRF S.A., 4.875%, 1/24/2030		3,039,600
	650,000	Centrais Eletricas Brasileiras S.A., 4.625%, 2/04/2030, 144A		649,356
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		400,000
	1,100,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		1,141,404
	1,250,000	Itau Unibanco Holding S.A., 2.900%, 1/24/2023, 144A		1,275,000
	2,465,000	Petrobras Global Finance BV, 5.999%, 1/27/2028		2,708,394
	150,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		168,000
	575,000	Raizen Fuels Finance S.A., 5.300%, 1/20/2027, 144A		638,652
	550,000	Suzano Austria GmbH, 3.750%, 1/15/2031		565,824

				22,685,289

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Canada — 4.2%
$	387,586	Air Canada Pass Through Trust, Series 2015-2, Class A, 4.125%, 6/15/2029, 144A(b)	$	380,257
	780,440	Air Canada Pass Through Trust, Series 2017-1, Class AA, 3.300%, 7/15/2031, 144A(b)		776,491
	1,010,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		1,059,259
	815,000	Bank of Montreal, 1.750%, 6/15/2021, 144A(b)		817,372
	4,500,000	Bank of Montreal, (fixed rate to 1/22/2026, variable rate thereafter), MTN, 0.949%, 1/22/2027(b)		4,377,375
	2,675,000	Bank of Nova Scotia (The), 1.050%, 3/02/2026		2,632,465
	1,015,000	Brookfield Finance, Inc., 3.900%, 1/25/2028(b)		1,115,251
	63,600,000	Canadian Government Bond, 0.250%, 2/01/2023, (CAD)(b)		50,639,608
	11,680,000	Canadian Government Bond, 0.500%, 3/01/2022, (CAD)(b)		9,323,832
	23,060,000	Canadian Government Bond, 0.500%, 9/01/2025, (CAD)(b)		18,079,723
	63,755,000	Canadian Government Bond, 0.750%, 9/01/2021, (CAD)(b)		50,867,531
	32,470,000	Canadian Government Bond, 1.750%, 5/01/2021, (CAD)(b)		25,870,066
	970,000	Canadian Imperial Bank of Commerce, 3.500%, 9/13/2023(b)		1,041,121
	1,800,000	Canadian Imperial Bank of Commerce, (fixed rate to 7/22/2022, variable rate thereafter), 2.606%, 7/22/2023(b)		1,848,123
	800,000	CPPIB Capital, Inc., 0.375%, 6/20/2024, 144A, (EUR)(b)		963,744
	430,000	Enbridge, Inc., 2.900%, 7/15/2022(b)		442,185
	905,000	Export Development Canada, 1.800%, 9/01/2022, (CAD)(b)		735,940
	453,795	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)(b)		354,217
	5,000,000	Province of British Columbia Canada, Series 10, 1.750%, 9/27/2024(b)		5,199,300
	2,355,000	Province of Quebec Canada, 2.300%, 9/01/2029, (CAD)(b)		1,920,842
	2,725,000	Royal Bank of Canada, 0.875%, 1/20/2026(b)		2,675,113
	2,475,000	Royal Bank of Canada, GMTN, 2.250%, 11/01/2024(b)		2,594,317
	2,500,000	Toronto-Dominion Bank (The), 2.100%, 7/15/2022, 144A(b)		2,557,721
	1,690,000	Toronto-Dominion Bank (The), GMTN, 3.500%, 7/19/2023(b)		1,809,361
	1,675,000	Toronto-Dominion Bank (The), MTN, 1.150%, 6/12/2025(b)		1,675,794
	1,580,000	Videotron Ltd., 5.125%, 4/15/2027, 144A		1,669,862

				191,426,870

		Chile — 0.2%
	950,000	Celulosa Arauco y Constitucion S.A., 4.500%, 8/01/2024		1,029,572
	1,500,000	Chile Government International Bond, 2.450%, 1/31/2031(b)		1,505,835
	1,005,000	Chile Government International Bond, 2.550%, 1/27/2032(b)		1,012,739
	1,960,000	Corp. Nacional del Cobre de Chile, 3.000%, 9/30/2029, 144A(b)		2,013,489
	570,000	Corp. Nacional del Cobre de Chile, 3.750%, 1/15/2031, 144A(b)		615,027
	525,000	Enel Chile S.A., 4.875%, 6/12/2028(b)		607,950
		Chile — continued
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A(b)		844,000
	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A(b)		1,220,800

				8,849,412

		China — 0.8%
	920,000	Alibaba Group Holding Ltd., 3.400%, 12/06/2027(b)		986,991
	795,000	Baidu, Inc., 3.875%, 9/29/2023(b)		849,640
	67,500,000	China Government Bond, 4.000%, 11/30/2035, (CNY)(b)		11,306,173
	98,500,000	China Government Bond, 2.200%, 7/27/2025, (CNY)(b)		14,666,222
	6,500,000	China Government Bond, 3.390%, 5/21/2025, (CNH)(b)		1,014,927
	500,000	China Government Bond, 3.480%, 6/29/2027, (CNH)(b)		79,233
	25,000,000	China Government Bond, 3.900%, 7/04/2036, (CNH)(b)		4,128,218
	905,000	Industrial & Commercial Bank of China Ltd., 2.957%, 11/08/2022(b)		934,774
	500,000	Tencent Holdings Ltd., 2.985%, 1/19/2023, 144A(b)		518,697
	1,175,000	Tencent Holdings Ltd., 3.280%, 4/11/2024, 144A(b)		1,251,998
	1,270,000	Weibo Corp., 3.500%, 7/05/2024(b)		1,338,152

				37,075,025

		Colombia — 0.4%
	1,395,000	Colombia Government International Bond, 3.125%, 4/15/2031		1,366,207
	2,536,000	Ecopetrol S.A., 5.875%, 5/28/2045		2,705,912
	1,300,000	Empresas Publicas de Medellin ESP, 4.250%, 7/18/2029, 144A		1,316,250
	1,026,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		1,140,891
	1,028,862	Millicom International Cellular S.A., 6.625%, 10/15/2026		1,095,944
	575,000	Republic of Colombia, 3.875%, 4/25/2027		615,440
	200,000,000	Republic of Colombia, 7.750%, 4/14/2021, (COP)		54,787
	7,073,300,000	Republic of Colombia, Series B, 6.250%, 11/26/2025, (COP)		2,005,822
	29,559,900,000	Titulos De Tesoreria, Series B, 7.500%, 8/26/2026, (COP)(b)		8,723,497
	870,000	Transportadora de Gas Internacional S.A. E.S.P., 5.550%, 11/01/2028, 144A		987,885

				20,012,635

		Dem.Rep. Congo — 0.0%
	985,000	HTA Group Ltd. Co., 7.000%, 12/18/2025, 144A		1,046,563

		Dominican Republic — 0.1%
	2,160,000	Dominican Republic, 4.500%, 1/30/2030, 144A		2,181,600
	1,155,000	Dominican Republic, 4.875%, 9/23/2032, 144A		1,178,100
	590,000	Dominican Republic, 5.950%, 1/25/2027, 144A		663,195
	995,000	Dominican Republic, 6.000%, 7/19/2028, 144A		1,117,385
	425,000	Dominican Republic, 8.625%, 4/20/2027, 144A		516,375

				5,656,655

		Egypt — 0.1%
	1,515,000	Egypt Government International Bond, 5.250%, 10/06/2025		1,565,237
	1,435,000	Egypt Government International Bond, 7.625%, 5/29/2032		1,467,575

				3,032,812

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Finland — 0.1%
$	3,575,000	Nordea Bank Abp, 0.750%, 8/28/2025, 144A(b)	$	3,493,127

		France — 0.3%
	205,000	BNP Paribas S.A., 4.375%, 5/12/2026, 144A(b)		226,690
	890,000	BNP Paribas S.A., (fixed rate to 6/09/2025, variable rate thereafter), 2.219%, 6/09/2026, 144A(b)		912,622
	1,415,000	Caisse d’Amortissement de la Dette Sociale, 1.875%, 2/12/2022(b)		1,435,022
	250,000	Credit Agricole S.A., 3.250%, 10/04/2024, 144A(b)		268,338
	4,500,000	Credit Agricole S.A., (fixed rate to 1/26/2026, variable rate thereafter), 1.247%, 1/26/2027, 144A(b)		4,401,219
	1,300,000	Edenred, 1.875%, 3/06/2026, (EUR)(b)		1,654,779
	1,400,000	Engie S.A., 1.250%, 10/24/2041, (EUR)(b)		1,694,580
	500,000	Holding d’Infrastructures de Transport SASU, EMTN, 1.625%, 11/27/2027, (EUR)		621,965
	500,000	Holding d’Infrastructures de Transport SASU, EMTN, 0.625%, 3/27/2023, (EUR)		592,073
	1,015,000	Societe Generale S.A., 4.750%, 11/24/2025, 144A(b)		1,127,099

				12,934,387

		Germany — 0.1%
	1,165,000	BMW U.S. Capital LLC, 3.150%, 4/18/2024, 144A(b)		1,244,261
	1,395,000	BMW U.S. Capital LLC, 4.150%, 4/09/2030, 144A(b)		1,589,903
	3,790,000	Kreditanstalt fuer Wiederaufbau, EMTN, 1.250%, 8/28/2023, (NOK)(b)		447,363
	1,450,000	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026, 144A(b)		1,499,840
	490,000	Volkswagen Group of America Finance LLC, 1.625%, 11/24/2027, 144A(b)		476,786
	420,000	Volkswagen Group of America Finance LLC, 3.350%, 5/13/2025, 144A(b)		450,959

				5,709,112

		Hong Kong — 0.1%
	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A(b)		377,759
	1,405,000	AIA Group Ltd., 3.600%, 4/09/2029(b)		1,509,363
	1,135,000	AIA Group Ltd., 3.900%, 4/06/2028, 144A(b)		1,237,641

				3,124,763

		India — 0.1%
	1,195,000	Adani Ports & Special Economic Zone Ltd., 3.100%, 2/02/2031, 144A		1,131,199
	2,790,000	Export-Import Bank of India, 2.250%, 1/13/2031, 144A		2,540,449
	1,230,000	ICICI Bank Ltd., EMTN, 3.250%, 9/09/2022		1,261,727
	1,250,000	Power Finance Corp. Ltd., 3.950%, 4/23/2030, 144A		1,276,125

				6,209,500

		Indonesia — 0.3%
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		328,576
	1,385,000	Indonesia Government International Bond, 4.200%, 10/15/2050(b)		1,516,783
	735,000	Indonesia Government International Bond, 4.750%, 1/08/2026		831,873
	50,092,000,000	Indonesia Treasury Bond, Series FR75, 7.500%, 5/15/2038, (IDR)(b)		3,463,124
	43,840,000,000	Indonesia Treasury Bond, Series FR82, 7.000%, 9/15/2030, (IDR)(b)		3,052,622
		Indonesia — continued
	1,475,000	Republic of Indonesia, 2.850%, 2/14/2030(b)		1,501,978
	545,000	Republic of Indonesia, 2.875%, 7/08/2021, 144A, (EUR)		642,637
	525,000	Republic of Indonesia, 4.750%, 1/08/2026, 144A		594,069

				11,931,662

		Ireland — 0.1%
	1,250,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		1,360,288
	3,710,000	Ireland Government Bond, Zero Coupon, 0.000%, 10/18/2031, (EUR)(h)		4,325,448
	375,000	Ireland Government Bond, 3.400%, 3/18/2024, (EUR)(b)		491,664

				6,177,400

		Israel — 0.3%
	23,525,000	State of Israel, 1.000%, 3/31/2030, (ILS)(b)		6,978,476
	2,300,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		2,478,710
	1,265,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		1,209,656
	5,755,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		5,053,178

				15,720,020

		Italy — 0.6%
	275,000	Assicurazioni Generali SpA, EMTN (fixed rate to 10/27/2027, variable rate thereafter), 5.500%, 10/27/2047, (EUR)		394,247
	200,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		224,158
	530,000	Intesa Sanpaolo SpA, EMTN, 3.928%, 9/15/2026, (EUR)		700,770
	6,965,000	Italy Buoni Poliennali Del Tesoro, 1.350%, 4/01/2030, (EUR)(b)		8,743,346
	3,305,000	Italy Buoni Poliennali Del Tesoro, 2.000%, 2/01/2028, (EUR)		4,324,619
	4,255,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 3/01/2022, (EUR)(b)		5,235,339
	1,975,000	Italy Government International Bond, 2.375%, 10/17/2024		2,060,835
	3,335,000	Republic of Italy, 2.500%, 11/15/2025, (EUR)		4,369,318
	630,000	UniCredit SpA, (fixed rate to 4/02/2029, variable rate thereafter), 7.296%, 4/02/2034, 144A		742,178
	635,000	UniCredit SpA, (fixed rate to 6/19/2027, variable rate thereafter), 5.861%, 6/19/2032, 144A		703,231

				27,498,041

		Japan — 0.8%
	985,870,200(†††)	Japan Government CPI Linked Bond, Series 23, 0.100%, 3/10/2028, (JPY)(b)		8,994,647
	2,020,350,000	Japan Government Thirty Year Bond, Series 62, 0.500%, 3/20/2049, (JPY)(b)		17,580,193
	2,000,000	Mizuho Financial Group, Inc., (fixed rate to 7/10/2023, variable rate thereafter), 1.241%, 7/10/2024(b)		2,021,039
	2,000,000	Nomura Holdings, Inc., 1.851%, 7/16/2025(b)		1,995,774
	1,445,000	Sumitomo Mitsui Financial Group, Inc., 3.040%, 7/16/2029(b)		1,502,509
	2,790,000	Toyota Motor Corp., 2.362%, 3/25/2031		2,802,813

				34,896,975

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Korea — 1.0%
$	765,000	Export-Import Bank of Korea, 3.000%, 11/01/2022(b)	$	794,912
	160,900,000	Export-Import Bank of Korea, MTN, 6.750%, 8/09/2022, (INR)(b)		2,230,030
	636,300,000	Export-Import Bank of Korea, MTN, 6.900%, 2/07/2023, (INR)(b)(c)(d)		8,882,592
	1,100,000	Hyundai Capital Services, Inc., 3.750%, 3/05/2023, 144A(b)		1,160,228
	1,575,000	Kia Motors Corp., 3.000%, 4/25/2023, 144A(b)		1,643,623
	1,515,000	Korea East-West Power Co. Ltd., 1.750%, 5/06/2025, 144A(b)		1,535,452
	910,000	Korea Gas Corp., 2.750%, 7/20/2022, 144A(b)		936,545
	670,000	KT Corp., 2.500%, 7/18/2026, 144A(b)		701,873
	1,180,000	LG Chem Ltd., 3.250%, 10/15/2024, 144A(b)		1,277,440
	4,500,000,000	Republic of Korea, 0.875%, 12/10/2023, (KRW)(b)		3,949,228
	4,500,000,000	Republic of Korea, 1.125%, 9/10/2025, (KRW)(b)		3,900,111
	13,130,550,000	Republic of Korea, 1.500%, 12/10/2030, (KRW)(b)		11,036,107
	1,440,000,000	Republic of Korea, Series 2209, 2.000%, 9/10/2022, (KRW)(b)		1,293,511
	770,000	Shinhan Bank Co. Ltd., 3.875%, 3/24/2026, 144A(b)		843,749
	2,765,000	SK Hynix, Inc., 2.375%, 1/19/2031, 144A		2,614,573
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A(b)		178,980
	200,000	Woori Bank, 5.875%, 4/13/2021, 144A(b)		200,220

				43,179,174

		Malaysia — 0.2%
	28,570,000	Malaysia Government Bond, 3.480%, 3/15/2023, (MYR)(b)		7,066,536

		Mexico — 1.1%
	620,000	Alfa SAB de CV, 6.875%, 3/25/2044		766,630
	770,000	America Movil SAB de CV, 2.125%, 3/10/2028, (EUR)(b)		1,006,460
	860,000	America Movil SAB de CV, 2.875%, 5/07/2030(b)		877,414
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)(b)		493,456
	675,000	Banco Nacional de Comercio Exterior SNC, (fixed rate to 8/11/2021, variable rate thereafter), 3.800%, 8/11/2026, 144A		673,650
	730,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 4/17/2025, 144A(b)		819,644
	855,000	Cemex SAB de CV, 5.450%, 11/19/2029		936,652
	603,000	Cemex SAB de CV, 5.700%, 1/11/2025		615,181
	400,000	Cemex SAB de CV, 7.375%, 6/05/2027, 144A		452,868
	1,775,000	Coca-Cola Femsa SAB de CV, 2.750%, 1/22/2030(b)		1,782,384
	1,205,000	Comision Federal de Electricidad, 4.750%, 2/23/2027(b)		1,321,885
	800,000	Gruma SAB de CV, 4.875%, 12/01/2024(b)		887,008
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)(b)		354,559
	840,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031, 144A(b)		819,437
	1,707,184(††††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)(b)		8,281,465
	190,229(††††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(b)		933,634
		Mexico — continued
	1,123,620(††††)	Mexican Fixed Rate Bonds, Series M 20, 8.500%, 5/31/2029, (MXN)(b)		6,168,792
	637,836(††††)	Mexican Fixed Rate Bonds, Series M 30, 8.500%, 11/18/2038, (MXN)(b)		3,428,484
	724,558(††††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)(b)		3,775,451
	2,665,000	Mexico Government International Bond, 3.250%, 4/16/2030(b)		2,687,359
	3,600,000	Mexico Government International Bond, 4.000%, 10/02/2023(b)		3,874,572
	196,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)(b)		246,789
	1,240,000	Orbia Advance Corp. SAB de CV, 4.000%, 10/04/2027		1,351,600
	205,000	Orbia Advance Corp. SAB de CV, 5.875%, 9/17/2044		240,157
	3,505,000	Petroleos Mexicanos, 5.950%, 1/28/2031		3,364,800
	100,000	Sigma Alimentos S.A. de CV, 2.625%, 2/07/2024, 144A, (EUR)		123,588
	835,000	Sigma Alimentos S.A. de CV, 4.125%, 5/02/2026		903,470
	1,205,000	Sigma Finance Netherlands BV, 4.875%, 3/27/2028		1,373,700
	1,010,000	Unifin Financiera SAB de CV, 7.250%, 9/27/2023		1,016,040

				49,577,129

		Netherlands — 0.1%
	870,000	Cooperatieve Rabobank U.A., 4.375%, 8/04/2025(b)		963,951
	1,725,000	ING Groep NV, (fixed rate to 7/01/2025, variable rate thereafter), 1.400%, 7/01/2026, 144A(b)		1,716,099

				2,680,050

		New Zealand — 0.3%
	2,200,000	Bank of New Zealand, 1.000%, 3/03/2026, 144A		2,155,610
	5,000,000	Fonterra Co-operative Group Ltd., 5.500%, 2/26/2024, (AUD)		4,310,487
	6,310,000	New Zealand Government Bond, 1.500%, 5/15/2031, (NZD)		4,276,240
	3,575,000	New Zealand Government Bond, 3.000%, 4/20/2029, (NZD)(b)		2,775,396

				13,517,733

		Norway — 0.2%
	2,790,000	Equinor ASA, 3.625%, 4/06/2040(b)		2,968,735
	16,500,000	Norway Government Bond, Series 478, 1.500%, 2/19/2026, 144A, (NOK)(b)		1,968,390
	46,500,000	Norway Government Bond, Series 482, 1.375%, 8/19/2030, 144A, (NOK)(b)		5,392,938

				10,330,063

		Panama — 0.1%
	1,485,000	Cable Onda S.A., 4.500%, 1/30/2030, 144A		1,577,025
	3,545,000	Panama Government International Bond, 2.252%, 9/29/2032		3,369,558

				4,946,583

		Paraguay — 0.1%
	1,420,000	Paraguay Government International Bond, 4.950%, 4/28/2031, 144A		1,604,614

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Paraguay — continued
$	800,000	Republic of Paraguay, 5.000%, 4/15/2026, 144A	$	902,808

				2,507,422

		Peru — 0.2%
	3,220,000	Corp. Financiera de Desarrollo S.A., 2.400%, 9/28/2027, 144A		3,171,925
	2,005,000	Peruvian Government International Bond, 2.392%, 1/23/2026(b)		2,063,586
	580,000	Southern Copper Corp., 3.875%, 4/23/2025(b)		636,821
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A(b)		1,156,323

				7,028,655

		Philippines — 0.0%
	1,060,000	Philippine Government International Bond, 2.457%, 5/05/2030(b)		1,072,932

		Poland — 0.2%
	26,400,000	Republic of Poland Government Bond, 1.250%, 10/25/2030, (PLN)(b)		6,492,726
	12,970,000	Republic of Poland Government Bond, 3.250%, 7/25/2025, (PLN)(b)		3,638,643

				10,131,369

		Portugal — 0.1%
	3,590,000	EDP Finance BV, 1.710%, 1/24/2028, 144A		3,464,314

		Qatar — 0.0%
	1,770,000	Ooredoo International Finance Ltd., 2.625%, 4/08/2031, 144A		1,750,919

		Romania — 0.2%
	29,970,000	Romania Government Bond, 4.150%, 10/24/2030, (RON)		7,694,448

		Singapore — 0.4%
	785,000	BOC Aviation Ltd., 2.750%, 9/18/2022, 144A(b)		800,473
	1,450,000	BOC Aviation Ltd., 3.250%, 4/29/2025, 144A(b)		1,521,036
	345,000	DBS Group Holdings Ltd., (fixed rate to 12/11/2023, variable rate thereafter), 4.520%, 12/11/2028, 144A(b)		374,304
	4,510,000	Republic of Singapore, 2.750%, 7/01/2023, (SGD)(b)		3,511,913
	10,770,000	Singapore Government Bond, 0.500%, 11/01/2025, (SGD)(b)		7,848,602
	3,215,000	United Overseas Bank Ltd., 3.200%, 4/23/2021, 144A(b)		3,218,954

				17,275,282

		South Africa — 0.5%
	1,400,000	Anglo American Capital PLC, 2.625%, 9/10/2030, 144A		1,370,111
	1,400,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A(b)		1,671,632
	1,420,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024		1,483,900
	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		971,850
	116,835,000	Republic of South Africa, Series 2035, 8.875%, 2/28/2035, (ZAR)		6,716,855
	39,185,000	Republic of South Africa, Series R213, 7.000%, 2/28/2031, (ZAR)		2,168,183
	7,585,000	South Africa Government International Bond, 5.750%, 9/30/2049		6,979,338

				21,361,869

		Spain — 0.5%
	2,300,000	Banco Bilbao Vizcaya Argentaria S.A., GMTN, 0.750%, 9/11/2022, (EUR)(b)		2,735,355
	400,000	Banco Santander S.A., 3.125%, 2/23/2023(b)		418,488
	600,000	CaixaBank S.A., (fixed rate to 4/17/2025, variable rate thereafter), EMTN, 2.250%, 4/17/2030, (EUR)		733,242
	500,000	CaixaBank S.A., (fixed rate to 7/14/2023, variable rate thereafter), EMTN, 2.750%, 7/14/2028, (EUR)		611,666
	3,700,000	Cellnex Telecom S.A., EMTN, 1.750%, 10/23/2030, (EUR)		4,292,303
	700,000	Naturgy Finance BV, EMTN, 1.500%, 1/29/2028, (EUR)(b)		886,500
	725,000	Spain Government Bond, 0.750%, 7/30/2021, (EUR)(b)		853,700
	430,000	Spain Government Bond, 1.600%, 4/30/2025, 144A, (EUR)(b)		544,984
	2,525,000	Spain Government Bond, 1.950%, 7/30/2030, 144A, (EUR)(b)		3,430,651
	1,400,000	Spain Government Bond, 2.700%, 10/31/2048, 144A, (EUR)(b)		2,220,194
	2,565,000	Spain Government Bond, 4.400%, 10/31/2023, 144A, (EUR)(b)		3,389,626
	1,300,000	Telefonica Emisiones S.A., EMTN, 1.495%, 9/11/2025, (EUR)(b)		1,618,493

				21,735,202

		Supranationals — 0.2%
	1,495,000	Corporacion Andina de Fomento, 2.375%, 5/12/2023(b)		1,543,049
	1,115,000	Corporacion Andina de Fomento, 4.375%, 6/15/2022(b)		1,162,990
	3,360,000	European Investment Bank, 1.750%, 7/30/2024, 144A, (CAD)(b)		2,755,858
	2,560,000	International Bank for Reconstruction & Development, 0.250%, 12/23/2022, (SEK)(b)		294,141
	3,515,000	International Bank for Reconstruction & Development, 2.200%, 1/18/2022, (CAD)(b)		2,840,557
	16,750,000	Nordic Investment Bank, EMTN, 1.500%, 3/13/2025, (NOK)(b)		1,978,357

				10,574,952

		Sweden — 0.0%
	1,675,000	Svenska Handelsbanken AB, 0.625%, 6/30/2023, 144A(b)		1,680,844

		Switzerland — 0.1%
	930,000	Credit Suisse AG, 2.950%, 4/09/2025(b)		985,839
	2,180,000	Credit Suisse Group AG, (fixed rate to 4/01/2030, variable rate thereafter), 4.194%, 4/01/2031, 144A(b)		2,371,456
	1,375,000	Novartis Capital Corp., 2.000%, 2/14/2027(b)		1,418,579
	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(b)		365,215

				5,141,089

		Thailand — 0.1%
	1,570,000	Kasikornbank PCL, EMTN, 3.256%, 7/12/2023(b)		1,653,983
	950,000	Thaioil Treasury Center Co. Ltd., 3.625%, 1/23/2023, 144A(b)		989,150

				2,643,133

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Trinidad — 0.0%
$	415,000	Trinidad Generation Unlimited, 5.250%, 11/04/2027, 144A	$	425,379

		Turkey — 0.4%
	2,250,000	TC Ziraat Bankasi A/S, 5.375%, 3/02/2026, 144A		2,080,732
	2,830,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025		3,004,192
	525,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025, 144A		557,315
	2,875,000	Turkcell Iletisim Hizmetleri AS, 5.800%, 4/11/2028		2,900,415
	6,970,000	Turkey Government International Bond, 5.250%, 3/13/2030		6,178,905
	1,345,000	Turkey Government International Bond, 7.625%, 4/26/2029		1,381,584

				16,103,143

		Ukraine — 0.0%
	1,035,000	Ukraine Government International Bond, 7.253%, 3/15/2033, 144A		1,029,618

		United Arab Emirates — 0.1%
	1,610,000	Abu Dhabi Crude Oil Pipeline LLC, 3.650%, 11/02/2029(b)		1,775,025
	1,295,000	Abu Dhabi Government International Bond, 3.125%, 4/16/2030, 144A(b)		1,387,688

				3,162,713

		United Kingdom — 0.3%
	95,000	Avon Products, Inc., 8.450%, 3/15/2043		116,138
	1,265,000	British Telecommunications PLC, 3.250%, 11/08/2029, 144A		1,323,007
	1,350,000	CK Hutchison International 19 Ltd., 3.625%, 4/11/2029, 144A(b)		1,457,646
	1,420,000	Diageo Capital PLC, 2.125%, 4/29/2032(b)		1,371,182
	365,000	HSBC Holdings PLC, 4.950%, 3/31/2030(b)		426,167
	635,000	Lloyds Banking Group PLC, 4.050%, 8/16/2023(b)		684,970
	400,000	Lloyds Banking Group PLC, 4.500%, 11/04/2024(b)		444,620
	1,125,000	Lloyds Banking Group PLC, (fixed rate to 7/09/2024, variable rate thereafter), 3.870%, 7/09/2025(b)		1,224,294
	1,395,000	Nationwide Building Society, (fixed rate to 7/18/2029, variable rate thereafter), 3.960%, 7/18/2030, 144A(b)		1,522,278
	235,000	Network Rail Infrastructure Finance PLC, EMTN, 4.750%, 1/22/2024, (GBP)(b)		363,637
	1,455,000	Standard Chartered PLC, (fixed rate to 11/18/2030, variable rate thereafter), 3.265%, 2/18/2036, 144A		1,413,774
	250,000	Standard Chartered PLC, EMTN, 3.125%, 11/19/2024, (EUR)(b)		323,225
	1,035,000	United Kingdom Gilt, 2.750%, 9/07/2024, (GBP)(b)		1,551,808
	1,660,000	Vodafone Group PLC, 4.375%, 5/30/2028(b)		1,906,398

				14,129,144

		United States — 11.4%
	165,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		176,398
	480,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		510,144
	435,000	AMC Networks, Inc., 4.250%, 2/15/2029		423,037
	70,000	American Airlines Group, Inc., 3.750%, 3/01/2025, 144A		59,718
		United States — continued
	1,965,000	American Airlines Group, Inc., 5.000%, 6/01/2022, 144A		1,930,612
	1,541,560	American Airlines Pass Through Trust, Series 2016-1, Class B, 5.250%, 7/15/2025		1,457,838
	1,285,987	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		1,207,529
	361,444	American Airlines Pass Through Trust, Series 2017-1B, Class B, 4.950%, 8/15/2026		336,493
	470,758	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		432,395
	5,335,000	American Airlines, Inc., 11.750%, 7/15/2025, 144A		6,599,342
	220,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		228,952
	255,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		271,231
	2,510,000	American Honda Finance Corp., GMTN, 1.700%, 9/09/2021		2,525,786
	3,975,000	Apple, Inc., Series MPLE, 2.513%, 8/19/2024, (CAD)(b)		3,324,361
	260,000	Aptiv PLC, 1.600%, 9/15/2028, (EUR)		330,553
	804,000	AT&T, Inc., 3.650%, 9/15/2059, 144A		734,911
	497,000	AT&T, Inc., 3.800%, 12/01/2057, 144A		472,839
	75,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.750%, 7/15/2027, 144A		77,719
	3,180,000	Beazer Homes USA, Inc., 7.250%, 10/15/2029		3,466,200
	2,240,000	Boeing Co. (The), 2.196%, 2/04/2026		2,233,054
	140,000	Boeing Co. (The), 3.100%, 5/01/2026		148,297
	25,000	Boeing Co. (The), 3.250%, 2/01/2035		24,228
	165,000	Boeing Co. (The), 3.550%, 3/01/2038		159,567
	25,000	Boeing Co. (The), 3.625%, 3/01/2048		23,078
	90,000	Boeing Co. (The), 3.750%, 2/01/2050		85,958
	635,000	Boeing Co. (The), 3.850%, 11/01/2048		612,753
	640,000	Boeing Co. (The), 3.950%, 8/01/2059		615,239
	585,000	BP Capital Markets America, Inc., 3.216%, 11/28/2023(b)		623,709
	690,000	Broadcom, Inc., 5.000%, 4/15/2030		786,404
	3,555,000	Carnival Corp., 5.750%, 3/01/2027, 144A		3,648,319
	260,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		249,600
	6,275,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		6,287,487
	1,475,000	Centene Corp., 2.500%, 3/01/2031		1,408,654
	485,000	Centene Corp., 3.000%, 10/15/2030		484,195
	165,000	Charles River Laboratories International, Inc., 3.750%, 3/15/2029, 144A		165,261
	175,000	Charles River Laboratories International, Inc., 4.000%, 3/15/2031, 144A		177,896
	1,750,000	CHS/Community Health Systems, Inc., 6.000%, 1/15/2029, 144A		1,850,625
	3,250,000	CHS/Community Health Systems, Inc., 5.625%, 3/15/2027, 144A		3,404,375
	40,000	Cincinnati Bell, Inc., 8.000%, 10/15/2025, 144A		42,547
	95,000	Continental Resources, Inc., 3.800%, 6/01/2024		97,375
	595,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		625,494
	490,000	Dana, Inc., 5.375%, 11/15/2027		514,500
	67,252	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		70,184
	940,000	DH Europe Finance II S.a.r.l., 0.750%, 9/18/2031, (EUR)(b)		1,105,160
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		54,619
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		9,177

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	3,035,000	DISH DBS Corp., 5.875%, 11/15/2024	$	3,174,064
	1,385,000	DISH DBS Corp., 7.750%, 7/01/2026		1,528,673
	310,000	DR Horton, Inc., 4.375%, 9/15/2022		323,724
	140,000	Ecolab, Inc., 4.800%, 3/24/2030(b)		167,471
	160,000	Edison International, 4.950%, 4/15/2025		178,594
	235,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		332,474
	465,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		454,635
	2,970,000	Expedia Group, Inc., 2.950%, 3/15/2031, 144A		2,929,311
	410,000	FedEx Corp., 1.000%, 1/11/2023, (EUR)		489,236
	650,000	FedEx Corp., 3.400%, 1/14/2022		665,141
	760,000	Ford Motor Co., 5.291%, 12/08/2046		798,965
	25,000	Ford Motor Co., 6.375%, 2/01/2029		27,750
	50,000	Ford Motor Co., 6.625%, 2/15/2028		56,508
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,413,151
	5,000	Ford Motor Co., 7.500%, 8/01/2026		5,854
	875,000	Ford Motor Credit Co. LLC, 5.113%, 5/03/2029		939,269
	200,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 1/08/2026		210,214
	2,710,000	Freeport-McMoRan, Inc., 4.375%, 8/01/2028		2,874,632
	3,305,000	Freeport-McMoRan, Inc., 5.000%, 9/01/2027		3,511,893
	1,845,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		2,196,500
	2,495,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		3,001,485
	1,055,000	General Motors Co., 5.200%, 4/01/2045		1,211,361
	405,000	General Motors Co., 6.250%, 10/02/2043		518,678
	100,000	General Motors Financial Co., Inc., EMTN, 0.955%, 9/07/2023, (EUR)		119,479
	635,000	General Motors Financial Co., Inc., EMTN, 2.250%, 9/06/2024, (GBP)		900,048
	770,000	General Motors Financial of Canada Ltd., Series 5, 3.250%, 11/07/2023, (CAD)		644,455
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		481,791
	905,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		907,006
	855,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		840,037
	2,895,000	Goodyear Tire & Rubber Co. (The), 4.875%, 3/15/2027		2,978,231
	150,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		154,073
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		184,447
	855,000	Hanesbrands, Inc., 5.375%, 5/15/2025, 144A		904,697
	1,135,000	HCA, Inc., 3.500%, 9/01/2030		1,144,613
	20,000	HCA, Inc., 4.750%, 5/01/2023		21,557
	1,275,000	HCA, Inc., 5.250%, 6/15/2049		1,560,178
	6,670,000	HCA, Inc., 5.375%, 9/01/2026		7,535,099
	225,000	HCA, Inc., 7.050%, 12/01/2027		270,562
	820,000	HCA, Inc., 7.500%, 11/06/2033		1,092,962
	395,000	HCA, Inc., 8.360%, 4/15/2024		461,162
	195,000	HCA, Inc., MTN, 7.580%, 9/15/2025		232,050
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		98,625
	1,000,000	Hyundai Capital America, 2.650%, 2/10/2025(b)		1,033,002
	835,000	Hyundai Capital America, 2.650%, 2/10/2025, 144A(b)		862,557
	1,585,000	Hyundai Capital America, 2.750%, 9/27/2026, 144A(b)		1,642,443
	1,395,000	Hyundai Capital America, 6.375%, 4/08/2030, 144A(b)		1,751,244
	10,310,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029, 144A		10,075,035
		United States — continued
	1,085,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		1,093,137
	3,960,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		4,247,100
	5,760,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		5,831,712
	1,280,000	iStar, Inc., 4.250%, 8/01/2025		1,288,832
	290,000	iStar, Inc., 4.750%, 10/01/2024		301,717
	7,760,000	JELD-WEN, Inc., 4.625%, 12/15/2025, 144A		7,857,000
	1,875,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		1,938,844
	1,885,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		1,974,990
	760,000	Level 3 Financing, Inc., 5.375%, 5/01/2025		775,960
	60,000	Lumen Technologies, Inc., 5.625%, 4/01/2025		64,725
	880,000	Lumen Technologies, Inc., Series S, 6.450%, 6/15/2021		886,380
	44,000	Masco Corp., 6.500%, 8/15/2032		56,979
	615,000	Medtronic Global Holdings SCA, 1.125%, 3/07/2027, (EUR)(b)		759,831
	2,905,000	MGIC Investment Corp., 5.250%, 8/15/2028		3,017,569
	4,315,000	Michaels Stores, Inc., 8.000%, 7/15/2027, 144A		4,768,075
	2,355,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		2,581,669
	1,025,000	Minerals Technologies, Inc., 5.000%, 7/01/2028, 144A		1,056,344
	25,000	MPLX LP, 4.500%, 7/15/2023		26,931
	95,000	MPLX LP, 4.875%, 6/01/2025		107,003
	2,135,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		2,143,647
	4,605,000	Nationwide Mutual Insurance Co., 4.350%, 4/30/2050, 144A		4,833,764
	2,535,000	Navient Corp., 5.000%, 3/15/2027		2,541,337
	915,000	Navient Corp., 5.500%, 1/25/2023		949,312
	255,000	Navient Corp., 5.875%, 10/25/2024		267,778
	1,600(†††††)	Navient Corp., 6.000%, 12/15/2043		39,205
	1,130,000	Navient Corp., 6.750%, 6/15/2026		1,224,920
	4,318,000	Navient Corp., MTN, 5.625%, 8/01/2033		4,034,523
	760,000	Navient Corp., MTN, 6.125%, 3/25/2024		804,650
	415,000	Navient Corp., MTN, 7.250%, 1/25/2022		430,044
	3,325,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		3,358,250
	790,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		804,812
	665,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		765,774
	245,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		289,725
	1,200,000	New Fortress Energy, Inc., 6.750%, 9/15/2025, 144A		1,232,880
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		26,528
	1,765,000	Nissan Motor Acceptance Corp., 3.650%, 9/21/2021, 144A(b)		1,788,163
	300,000	Occidental Petroleum Corp., 4.500%, 7/15/2044		255,390
	2,355,000	Occidental Petroleum Corp., 6.625%, 9/01/2030		2,646,549
	1,795,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		2,263,495
	2,275,000	Oceaneering International, Inc., 4.650%, 11/15/2024		2,183,750
	420,000	Old Republic International Corp., 4.875%, 10/01/2024		473,391
	1,170,000	OneMain Finance Corp., 5.625%, 3/15/2023		1,238,737
	860,000	OneMain Finance Corp., 6.875%, 3/15/2025		978,185
	2,310,000	OneMain Finance Corp., 7.125%, 3/15/2026		2,664,238
	130,000	OneMain Finance Corp., 8.250%, 10/01/2023		146,250

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	2,965,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A	$	3,124,369
	585,000	Owens-Brockway Glass Container, Inc., 6.625%, 5/13/2027, 144A		635,968
	8,630,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		9,056,575
	5,150,000	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025, 144A		5,507,974
	2,165,000	Prologis Euro Finance LLC, 0.250%, 9/10/2027, (EUR)(b)		2,532,167
	1,530,000	Prologis Euro Finance LLC, 0.375%, 2/06/2028, (EUR)(b)		1,802,700
	365,000	Prologis LP, 2.250%, 6/30/2029, (GBP)(b)		529,923
	295,000	Quicken Loans LLC, 5.250%, 1/15/2028, 144A		309,750
	1,190,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		1,145,375
	345,000	Radian Group, Inc., 4.500%, 10/01/2024		358,903
	195,000	Radian Group, Inc., 4.875%, 3/15/2027		205,238
	3,365,000	Radian Group, Inc., 6.625%, 3/15/2025		3,770,331
	890,000	Range Resources Corp., 4.875%, 5/15/2025		881,100
	165,000	Range Resources Corp., 5.000%, 3/15/2023		167,681
	1,100,000	Realty Income Corp., EMTN, 1.625%, 12/15/2030, (GBP)(b)		1,483,142
	4,130,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		4,150,650
	810,000	Santander Holdings USA, Inc., 3.450%, 6/02/2025(b)		868,038
	1,020,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		1,089,982
	435,000	Sensata Technologies BV, 4.000%, 4/15/2029, 144A		442,843
	35,000	Service Properties Trust, 3.950%, 1/15/2028		32,288
	395,000	Service Properties Trust, 4.350%, 10/01/2024		392,684
	115,000	Service Properties Trust, 4.500%, 6/15/2023		116,824
	60,000	Service Properties Trust, 4.650%, 3/15/2024		60,000
	50,000	Service Properties Trust, 4.750%, 10/01/2026		48,750
	185,000	Service Properties Trust, 4.950%, 2/15/2027		182,919
	420,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		492,450
	140,000	Silgan Holdings, Inc., 3.250%, 3/15/2025, (EUR)		165,327
	2,785,000	Summit Materials LLC/Summit Materials Finance Corp., 5.250%, 1/15/2029, 144A		2,906,844
	6,900,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		6,951,750
	3,410,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		3,435,575
	2,805,000	T-Mobile USA, Inc., 3.875%, 4/15/2030, 144A		3,044,435
	3,960,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		4,015,638
	14,910,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		15,562,312
	100,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		108,390
	1,695,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,884,213
	100,000	Thermo Fisher Scientific, Inc., EMTN, 1.500%, 10/01/2039, (EUR)		119,742
	245,000	Thermo Fisher Scientific, Inc., EMTN, 1.875%, 10/01/2049, (EUR)(b)		303,597
	90,000	Time Warner Cable LLC, 4.500%, 9/15/2042		96,193
	85,000	Time Warner Cable LLC, 5.500%, 9/01/2041		100,603
	1,635,000	Toyota Motor Credit Corp., MTN, 2.650%, 4/12/2022(b)		1,674,450
	635,000	TransDigm, Inc., 5.500%, 11/15/2027		657,308
	185,000	TransDigm, Inc., 6.500%, 5/15/2025		188,469
	50,000	TransDigm, Inc., 7.500%, 3/15/2027		53,250
	2,615,000	TransDigm, Inc., 8.000%, 12/15/2025, 144A		2,847,735
	295,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		305,785
		United States — continued
	75,000	Travel & Leisure Co., 6.000%, 4/01/2027		83,063
	90,000	Travel & Leisure Co., 6.625%, 7/31/2026, 144A		102,182
	5,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		5,525
	775,000	TriNet Group, Inc., 3.500%, 3/01/2029, 144A		758,105
	72,590	U.S. Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		75,277
	278,907	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		262,964
	33,675,000	U.S. Treasury Bond, 1.250%, 5/15/2050		25,412,786
	9,680,000	U.S. Treasury Bond, 1.375%, 8/15/2050(b)		7,553,425
	4,183,539	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2022(b)(e)		4,302,345
	4,223,340	U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/2027(b)(e)		4,683,701
	13,319,944	U.S. Treasury Inflation Indexed Note, 0.625%, 4/15/2023(b)(e)		14,171,172
	8,705,000	U.S. Treasury Note, 0.125%, 12/15/2023(b)		8,666,576
	43,590,000	U.S. Treasury Note, 0.125%, 1/31/2023		43,569,567
	17,435,000	U.S. Treasury Note, 0.750%, 3/31/2026		17,283,806
	2,255,000	U.S. Treasury Note, 1.500%, 10/31/2021		2,273,938
	35,975,000	U.S. Treasury Note, 1.500%, 11/30/2021		36,317,887
	13,685,000	U.S. Treasury Note, 1.625%, 10/31/2026(b)		14,082,186
	14,060,000	U.S. Treasury Note, 1.625%, 8/15/2029(b)		14,109,979
	21,715,000	U.S. Treasury Note, 1.750%, 11/30/2021(b)		21,957,597
	10,235,000	U.S. Treasury Note, 1.750%, 11/15/2029(f)		10,356,141
	4,515,000	U.S. Treasury Note, 1.875%, 3/31/2022		4,595,776
	4,700,000	U.S. Treasury Note, 2.875%, 5/15/2028(b)		5,166,512
	815,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		887,698
	378,958	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		372,308
	2,459,079	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		2,720,135
	1,150,000	Walmart, Inc., 3.700%, 6/26/2028(b)		1,293,392
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		76,386
	315,000	Weyerhaeuser Co., 7.375%, 3/15/2032		442,389
	1,595,000	Yum! Brands, Inc., 4.625%, 1/31/2032		1,626,908

				518,018,810

		Uruguay — 0.0%
	1,415,000	Uruguay Government International Bond, 4.375%, 1/23/2031(b)		1,641,174

		Total Non-Convertible Bonds (Identified Cost $1,205,292,309)		1,240,675,675


	Convertible Bonds — 1.1%
		United States — 1.1%
	7,213,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027, 144A		7,073,068
	2,880,000	DISH Network Corp., Zero Coupon, 0.000%, 12/15/2025, 144A(h)		3,047,040
	545,000	DISH Network Corp., 2.375%, 3/15/2024		523,881
	16,330,000	DISH Network Corp., 3.375%, 8/15/2026		15,698,029
	2,435,000	Expedia Group, Inc., Zero Coupon, 0.000%, 2/15/2026, 144A(h)		2,657,803
	405,000	Halozyme Therapeutics, Inc., 0.250%, 3/01/2027, 144A		368,803
	305,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A		335,134
	440,000	Livongo Health, Inc., 0.875%, 6/01/2025, 144A		746,064
	2,335,000	Marriott Vacations Worldwide Corp., Zero Coupon, 0.000%, 1/15/2026, 144A(h)		2,765,516

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	360,000	Palo Alto Networks, Inc., 0.375%, 6/01/2025, 144A	$	444,600
	250,000	Peloton Interactive, Inc., Zero Coupon, 0.951%-1.734%, 2/15/2026, 144A(g)		236,406
	1,360,000	Southwest Airlines Co., 1.250%, 5/01/2025		2,334,950
	205,000	Sunrun, Inc., Zero Coupon, 0.000%, 2/01/2026, 144A(h)		184,126
	7,160,000	Teladoc Health, Inc., 1.250%, 6/01/2027, 144A		7,956,908
	680,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026, 144A(h)		642,600
	3,275,000	Uber Technologies, Inc., Zero Coupon, 0.000%, 12/15/2025, 144A(h)		3,440,797
	825,000	Western Digital Corp., 1.500%, 2/01/2024		842,632

		Total Convertible Bonds (Identified Cost $48,985,661)		49,298,357


	Municipals — 0.0%
		United States — 0.0%
	130,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $129,988)		136,431


		Total Bonds and Notes (Identified Cost $1,254,407,958)		1,290,110,463


Shares
	Preferred Stocks — 0.0%
		United States — 0.0%
	38,952	El Paso Energy Capital Trust I, 4.750% (Identified Cost $1,828,520)		1,952,664


Principal Amount (‡)
	Short-Term Investments — 0.8%
$	37,347,780	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2021 at 0.000% to be repurchased at $37,347,780 on 4/01/2021 collateralized by $38,090,300 U.S. Treasury Note, 0.125% due 9/30/2022 valued at $38,094,756 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $37,347,780)		37,347,780


		Total Investments — 100.1% (Identified Cost $3,540,143,236)		4,533,064,769
		Other assets less liabilities — (0.1)%		(5,918,498	)

		Net Assets — 100.0%	$	4,527,146,271


	(‡)	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.
	(†††††)	Amount shown represents units. One unit represents a principal amount of 25.
	(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, 2021, the value of these securities amounted to $8,882,592 or 0.2% of net assets.
	(e)	Treasury Inflation Protected Security (TIPS).
	(f)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
	(g)	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.
	(h)	Interest rate represents annualized yield 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, 2021, the value of Rule 144A holdings amounted to $299,237,748 or 6.6% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	CPI	Consumer Price Index
	EMTN	Euro Medium Term Note
	GMTN	Global Medium Term Note
	MTN	Medium Term Note

	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
	ZAR	South African Rand

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

At March 31, 2021, 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.		6/02/2021	BRL		S	27,000,000	$	4,772,848	$	4,778,989	$	(6,141	)
Bank of America, N.A.		6/16/2021	KRW		B	5,850,000,000		5,146,386		5,168,742		22,356
Bank of America, N.A.		6/16/2021	MXN		S	162,993,000		7,666,362		7,912,758		(246,396	)
Citibank N.A.		6/17/2021	ZAR		S	142,945,000		9,183,451		9,592,620		(409,169	)
Credit Suisse International		6/16/2021	CAD		B	2,780,000		2,230,782		2,212,361		(18,421	)
Credit Suisse International		6/16/2021	CAD		S	198,988,000		158,161,088		158,357,298		(196,210	)
Credit Suisse International		6/16/2021	COP		S	38,844,665,000		10,861,235		10,588,602		272,633
Credit Suisse International		6/16/2021	GBP		B	12,371,000		17,186,622		17,058,319		(128,303	)
Credit Suisse International		6/16/2021	JPY		B	11,200,164,000		102,970,035		101,224,637		(1,745,398	)
HSBC Bank USA		6/16/2021	AUD		B	4,075,000		3,144,168		3,096,123		(48,045	)
Morgan Stanley Capital Services, Inc.		6/16/2021	EUR		B	142,831,000		172,252,086		167,748,692		(4,503,394	)
Morgan Stanley Capital Services, Inc.		6/16/2021	EUR		S	1,850,000		2,213,621		2,172,743		40,878
Morgan Stanley Capital Services, Inc.		6/16/2021	NZD		S	6,003,000		4,298,328		4,191,793		106,535
UBS AG		6/16/2021	IDR		S	40,354,000,000		2,797,175		2,763,369		33,806
UBS AG		6/16/2021	SEK		B	7,350,000		871,726		842,140		(29,586	)

Total											$	(6,854,855	)

At March 31, 2021, 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.		6/16/2021	NOK	30,959,000		EUR	3,014,227	$	3,540,076	$	(79,386	)

At March 31, 2021, 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		6/21/2021	185	$	26,835,290	$	26,582,187	$	(253,103	)

Industry Summary at March 31, 2021 (Unaudited)


Treasuries	14.4	%
IT Services	8.3
Semiconductors & Semiconductor Equipment	7.6
Internet & Direct Marketing Retail	6.0
Interactive Media & Services	4.9
Chemicals	4.5
Software	3.9
Life Sciences Tools & Services	3.7
Capital Markets	3.5
Health Care Equipment & Supplies	3.3
Machinery	3.3
Banks	2.7
Hotels, Restaurants & Leisure	2.4
Health Care Providers & Services	2.2
Industrial Conglomerates	2.1
Personal Products	2.1
Other Investments, less than 2% each	24.4
Short-Term Investments	0.8

Total Investments	100.1
Other assets less liabilities (including forward foreign currency and futures contracts)	(0.1	)

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2021 (Unaudited)


United States Dollar	73.2	%
Canadian Dollar	6.8
Euro	5.9
New Taiwan Dollar	2.7
Japanese Yen	2.0
Other, less than 2% each	9.5

Total Investments	100.1
Other assets less liabilities (including forward foreign currency and futures contracts)	(0.1	)

Net Assets	100.0	%

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Growth Fund


Shares		Description	Value (†)
	Common Stocks — 98.7% of Net Assets
		Aerospace & Defense — 5.1%
	2,542,375	Boeing Co. (The)(a)	$	647,593,760

		Air Freight & Logistics — 2.5%
	2,950,513	Expeditors International of Washington, Inc.		317,740,745

		Beverages — 3.3%
	4,662,113	Monster Beverage Corp.(a)		424,671,873

		Biotechnology — 2.4%
	637,131	Regeneron Pharmaceuticals, Inc.(a)		301,452,161

		Capital Markets — 2.8%
	541,532	FactSet Research Systems, Inc.		167,111,360
	3,077,814	SEI Investments Co.		187,531,207

				354,642,567

		Communications Equipment — 1.8%
	4,494,432	Cisco Systems, Inc.		232,407,079

		Energy Equipment & Services — 1.4%
	6,671,197	Schlumberger NV		181,389,847

		Entertainment — 3.7%
	2,517,743	Walt Disney Co. (The)(a)		464,573,938

		Health Care Equipment & Supplies — 1.2%
	197,817	Intuitive Surgical, Inc.(a)		146,174,894

		Health Care Technology — 1.5%
	2,657,622	Cerner Corp.		191,029,869

		Hotels, Restaurants & Leisure — 4.8%
	3,042,325	Starbucks Corp.		332,434,853
	2,047,667	Yum China Holdings, Inc.		121,242,363
	1,439,902	Yum! Brands, Inc.		155,768,598

				609,445,814

		Household Products — 1.3%
	2,130,249	Colgate-Palmolive Co.		167,927,529

		Interactive Media & Services — 11.9%
	185,959	Alphabet, Inc., Class A(a)		383,544,157
	185,703	Alphabet, Inc., Class C(a)		384,150,797
	2,535,412	Facebook, Inc., Class A(a)		746,754,896

				1,514,449,850

		Internet & Direct Marketing Retail — 10.9%
	2,434,578	Alibaba Group Holding Ltd., Sponsored ADR(a)		551,991,870
	269,186	Amazon.com, Inc.(a)		832,883,019

				1,384,874,889

		IT Services — 6.1%
	506,138	Automatic Data Processing, Inc.		95,391,829
	3,204,895	Visa, Inc., Class A		678,572,418

				773,964,247

		Life Sciences Tools & Services — 2.2%
	743,451	Illumina, Inc.(a)		285,529,791

		Machinery — 5.1%
	1,739,855	Deere & Co.		650,949,350

		Pharmaceuticals — 6.2%
	4,464,230	Novartis AG, Sponsored ADR		381,602,380
	1,495,147	Novo Nordisk A/S, Sponsored ADR		100,802,811
	7,416,214	Roche Holding AG, Sponsored ADR		300,801,640

				783,206,831

		Semiconductors & Semiconductor Equipment — 6.9%
	1,096,008	NVIDIA Corp.		585,191,551
	2,216,684	QUALCOMM, Inc.		293,910,132

				879,101,683

		Software — 17.6%
	2,071,269	Autodesk, Inc.(a)		574,052,203
	2,260,203	Microsoft Corp.		532,888,061
	7,105,688	Oracle Corp.		498,606,127
	2,099,385	salesforce.com, Inc.(a)		444,796,700
	750,020	Workday, Inc., Class A(a)		186,327,469

				2,236,670,560

		Total Common Stocks (Identified Cost $6,745,962,748)		12,547,797,277


Principal Amount
	Short-Term Investments — 1.1%
$	145,823,508	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2021 at 0.000% to be repurchased at $145,823,508 on 4/01/2021 collateralized by $83,844,900 U.S. Treasury Note, 1.875% due 8/31/2024 valued at $87,999,287; $59,110,700 U.S. Treasury Note, 1.250% due 8/31/2024 valued at $60,740,736 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $145,823,508)		145,823,508


		Total Investments — 99.8% (Identified Cost $6,891,786,256)		12,693,620,785
		Other assets less liabilities — 0.2%		24,258,803

		Net Assets — 100.0%	$	12,717,879,588


	(†)	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, 2021 (Unaudited)


Software	17.6	%
Interactive Media & Services	11.9
Internet & Direct Marketing Retail	10.9
Semiconductors & Semiconductor Equipment	6.9
Pharmaceuticals	6.2
IT Services	6.1
Machinery	5.1
Aerospace & Defense	5.1
Hotels, Restaurants & Leisure	4.8
Entertainment	3.7
Beverages	3.3
Capital Markets	2.8
Air Freight & Logistics	2.5
Biotechnology	2.4
Life Sciences Tools & Services	2.2
Other Investments, less than 2% each	7.2
Short-Term Investments	1.1

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 98.2% of Net Assets
		ABS Car Loan — 8.5%
$	845,000	American Credit Acceptance Receivables Trust, Series 2019-4, Class C, 2.690%, 12/12/2025, 144A	$	860,253
	90,000	American Credit Acceptance Receivables Trust, Series 2020-2, Class B, 2.480%, 9/13/2024, 144A		91,567
	135,000	American Credit Acceptance Receivables Trust, Series 2020-3, Class B, 1.150%, 8/13/2024, 144A		135,835
	240,000	American Credit Acceptance Receivables Trust, Series 2020-4, Class C, 1.310%, 12/14/2026, 144A		241,381
	510,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class B, 3.580%, 10/18/2024		524,747
	480,000	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class B, 2.540%, 7/18/2024		492,237
	695,000	AmeriCredit Automobile Receivables Trust, Series 2019-3, Class A3, 2.060%, 4/18/2024		703,535
	385,000	AmeriCredit Automobile Receivables Trust, Series 2020-1, Class A3, 1.110%, 8/19/2024		387,842
	110,000	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A3, 0.660%, 12/18/2024		110,422
	265,000	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class B, 0.970%, 2/18/2026		266,044
	125,000	AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C, 1.060%, 8/18/2026		125,285
	100,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.450%, 3/20/2023, 144A		102,228
	140,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		150,263
	35,446	Bank of The West Auto Trust, Series 2017-1, Class A3, 2.110%, 1/15/2023, 144A		35,543
	450,000	Bank of The West Auto Trust, Series 2019-1, Class A3, 2.430%, 4/15/2024, 144A		456,505
	565,000	Capital One Prime Auto Receivables Trust, Series 2019-2, Class A3, 1.920%, 5/15/2024		572,990
	200,816	CarMax Auto Owner Trust, Series 2019-4, Class A2A, 2.010%, 3/15/2023		201,643
	510,000	CarMax Auto Owner Trust, Series 2020-2, Class A3, 1.700%, 11/15/2024		517,978
	485,000	CarMax Auto Owner Trust, Series 2020-3, Class A3, 0.620%, 3/17/2025		486,219
	320,725	Carvana Auto Receivables Trust, Series 2019-3A, Class A3, 2.340%, 6/15/2023, 144A		321,807
	145,000	CPS Auto Receivables Trust, Series 2020-A, Class B, 2.360%, 2/15/2024, 144A		146,593
	595,000	Credit Acceptance Auto Loan Trust, Series 2019-3A, Class A, 2.380%, 11/15/2028, 144A		607,442
	435,000	Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.010%, 2/15/2029, 144A		442,391
	585,000	Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.390%, 4/16/2029, 144A		598,713
	315,000	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class A, 1.370%, 7/16/2029, 144A		318,530
	215,000	Drive Auto Receivables Trust, Series 2019-3, Class B, 2.650%, 2/15/2024		216,385
	881	DT Auto Owner Trust, Series 2018-2A, Class C, 3.670%, 3/15/2024, 144A		882
	285,000	DT Auto Owner Trust, Series 2019-1A, Class C, 3.610%, 11/15/2024, 144A		288,490
	270,000	DT Auto Owner Trust, Series 2019-2A, Class C, 3.180%, 2/18/2025, 144A		274,456
	105,000	DT Auto Owner Trust, Series 2019-4A, Class B, 2.360%, 1/16/2024, 144A		105,950
	102,828	DT Auto Owner Trust, Series 2020-2A, Class A, 1.140%, 1/16/2024, 144A		103,154
		ABS Car Loan — continued
	320,000	DT Auto Owner Trust, Series 2020-2A, Class C, 3.280%, 3/16/2026, 144A		333,867
	30,000	DT Auto Owner Trust, Series 2021-1A, Class B, 0.620%, 9/15/2025, 144A		29,968
	32,897	Exeter Automobile Receivables Trust, Series 2019-2A, Class B, 3.060%, 5/15/2023, 144A		32,955
	170,000	Exeter Automobile Receivables Trust, Series 2020-1A, Class B, 2.260%, 4/15/2024, 144A		171,454
	68,995	Exeter Automobile Receivables Trust, Series 2020-2A, Class A, 1.130%, 8/15/2023, 144A		69,107
	440,000	Exeter Automobile Receivables Trust, Series 2020-2A, Class C, 3.280%, 5/15/2025, 144A		455,304
	275,000	Exeter Automobile Receivables Trust, Series 2021-1A, Class B, 0.500%, 2/18/2025		274,798
	174,423	First Investors Auto Owner Trust, Series 2019-2A, Class A, 2.210%, 9/16/2024, 144A		176,064
	800,000	Flagship Credit Auto Trust, Series 2018-4, Class B, 3.880%, 10/16/2023, 144A		814,232
	455,045	Flagship Credit Auto Trust, Series 2020-1, Class A, 1.900%, 8/15/2024, 144A(a)		460,277
	915,000	Flagship Credit Auto Trust, Series 2020-1, Class B, 2.050%, 2/17/2025, 144A		937,041
	705,000	Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.030%, 12/15/2027, 144A(a)		707,477
	595,000	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/2031, 144A(a)		641,188
	175,000	Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.040%, 8/15/2024		176,668
	785,000	Ford Credit Auto Owner Trust, Series 2020-B, Class A3, 0.560%, 10/15/2024(a)		787,693
	635,000	Ford Credit Floorplan Master Owner Trust, Series 2019-1, Class A, 2.840%, 3/15/2024		650,082
	77,891	GLS Auto Receivables Issuer Trust, Series 2019-2A, Class A, 3.060%, 4/17/2023, 144A		78,163
	260,000	GLS Auto Receivables Issuer Trust, Series 2019-4A, Class B, 2.780%, 9/16/2024, 144A		266,239
	140,100	GLS Auto Receivables Issuer Trust, Series 2020-2A, Class A, 1.580%, 8/15/2024, 144A		141,153
	300,000	GLS Auto Receivables Issuer Trust, Series 2020-3A, Class B, 1.380%, 8/15/2024, 144A		302,013
	265,000	GLS Auto Receivables Issuer Trust, Series 2020-4A, Class C, 1.140%, 11/17/2025, 144A		266,151
	177,300	GLS Auto Receivables Trust, Series 2018-3A, Class B, 3.780%, 8/15/2023, 144A		179,452
	140,000	GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.800%, 7/20/2023		140,787
	415,851	GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class A3, 2.180%, 4/16/2024		421,221
	145,000	GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.490%, 12/16/2024		147,174
	180,000	GMF Floorplan Owner Revolving Trust, Series 2020-1, Class A, 0.680%, 8/15/2025, 144A		180,564
	311,867	Honda Auto Receivables Owner Trust, Series 2020-2, Class A2, 0.740%, 11/15/2022		312,404
	455,000	Honda Auto Receivables Owner Trust, Series 2020-2, Class A3, 0.820%, 7/15/2024		457,965
	420,000	Hyundai Auto Receivables Trust, Series 2019-B, Class A3, 1.940%, 2/15/2024		426,129
	170,000	Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.410%, 11/15/2024		172,879
	290,000	Mercedes-Benz Auto Receivables Trust, Series 2020-1, Class A3, 0.550%, 2/18/2025		291,005

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	310,000	NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 3.690%, 10/15/2023, 144A	$	315,544
	865,000	NextGear Floorplan Master Owner Trust, Series 2020-1A, Class A2, 1.550%, 2/15/2025, 144A(a)		881,298
	782,503	Prestige Auto Receivables Trust, Series 2019-1A, Class A3, 2.450%, 5/15/2023, 144A(a)		786,698
	695,000	Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.310%, 11/16/2026, 144A		695,771
	210,000	Santander Consumer Auto Receivables Trust, Series 2020-AA, Class C, 3.710%, 2/17/2026, 144A		224,576
	300,000	Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3, 0.460%, 8/15/2024, 144A		300,279
	216,202	Santander Drive Auto Receivables Trust, Series 2018-5, Class C, 3.810%, 12/16/2024		217,806
	370,000	Santander Drive Auto Receivables Trust, Series 2019-2, Class C, 2.900%, 10/15/2024		377,493
	140,000	Santander Drive Auto Receivables Trust, Series 2020-1, Class A3, 2.030%, 2/15/2024		141,433
	175,000	Santander Drive Auto Receivables Trust, Series 2020-2, Class A3, 0.670%, 4/15/2024		175,317
	520,000	Santander Drive Auto Receivables Trust, Series 2020-2, Class B, 0.960%, 11/15/2024		521,811
	615,000	Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.120%, 1/15/2026		620,571
	170,000	Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.010%, 1/15/2026		170,555
	440,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.350%, 5/25/2033, 144A		446,823
	200,000	Toyota Auto Receivables Owner Trust, Series 2020-B, Class A3, 1.360%, 8/15/2024		202,826
	236,689	Westlake Automobile Receivables Trust, Series 2019-1A, Class B, 3.260%, 10/17/2022, 144A		237,297
	830,000	Westlake Automobile Receivables Trust, Series 2019-2A, Class B, 2.620%, 7/15/2024, 144A(a)		837,715
	225,000	Westlake Automobile Receivables Trust, Series 2019-3A, Class B, 2.410%, 10/15/2024, 144A		227,637
	631,105	Westlake Automobile Receivables Trust, Series 2020-2A, Class A2A, 0.930%, 2/15/2024, 144A(a)		632,517
	400,000	Westlake Automobile Receivables Trust, Series 2020-2A, Class C, 2.010%, 7/15/2025, 144A		407,360
	590,000	Westlake Automobile Receivables Trust, Series 2021-1A, Class B, 0.640%, 3/16/2026, 144A		589,666
	24,637	World Omni Auto Receivables Trust, Series 2017-B, Class A3, 1.950%, 2/15/2023		24,770
	635,000	World Omni Auto Receivables Trust, Series 2020-B, Class A3, 0.630%, 5/15/2025		637,292
	310,000	World Omni Select Auto Trust, Series 2020-A, Class A3, 0.550%, 7/15/2025		310,315

				30,372,154

		ABS Credit Card — 0.6%
	620,000	American Express Credit Account Master Trust, Series 2019-1, Class A, 2.870%, 10/15/2024		635,744
	925,000	Barclays Dryrock Issuance Trust, Series 2019-1, Class A, 1.960%, 5/15/2025(a)		945,064
	585,000	World Financial Network Credit Card Master Trust, Series 2019-C, Class A, 2.210%, 7/15/2026		600,965

				2,181,773

		ABS Home Equity — 0.1%
	143,737	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		147,356
		ABS Home Equity — continued
	60,880	CoreVest American Finance Trust, Series 2017-1, Class A, 2.968%, 10/15/2049, 144A		61,287
	2,844	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		2,841
	35,774	Mill City Mortgage Loan Trust, Series 2016-1, Class A1, 2.500%, 4/25/2057, 144A(b)		36,065
	14,099	Towd Point Mortgage Trust, Series 2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(b)		14,124

				261,673

		ABS Other — 1.4%
	294,228	Chesapeake Funding II LLC, Series 2020-1A, Class A1, 0.870%, 8/16/2032, 144A		295,708
	257,412	CNH Equipment Trust, Series 2020-A, Class A2, 1.080%, 7/17/2023		258,066
	250,000	CNH Equipment Trust, Series 2020-A, Class A3, 1.160%, 6/16/2025		252,544
	115,942	Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.700%, 1/21/2031, 144A		121,064
	255,000	Kubota Credit Owner Trust, Series 2020-1A, Class A3, 1.960%, 3/15/2024, 144A		260,692
	174,538	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(b)		167,395
	147,066	MVW LLC, Series 2020-1A, Class A, 1.740%, 10/20/2037, 144A		149,518
	535,593	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.300%, 3/14/2029, 144A(a)		537,452
	261,734	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		256,552
	34,625	Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A, 2.910%, 3/20/2034, 144A		35,150
	213,817	Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A, 1.330%, 7/20/2037, 144A		215,895
	2,180,000	Verizon Owner Trust, Series 2019-B, Class A1A, 2.330%, 12/20/2023(a)		2,213,177
	159,490	Wheels SPV 2 LLC, Series 2019-1A, Class A2, 2.300%, 5/22/2028, 144A		160,831

				4,924,044

		ABS Student Loan — 0.3%
	30,896	Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650%, 1/25/2041, 144A		31,116
	192,716	Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.850%, 5/25/2033		200,369
	206,540	Navient Private Education Refi Loan Trust, Series 2020-BA, Class A1, 1.800%, 1/15/2069, 144A(a)		206,743
	126,846	Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.170%, 9/16/2069, 144A		127,314
	175,522	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		176,625
	39,276	North Carolina State Education Assistance Authority, Series 2011-2, Class A2, 3-month LIBOR + 0.800%, 1.018%, 7/25/2025(c)		39,334
	58,444	SoFi Professional Loan Program LLC, Series 2016-B, Class A2B, 2.740%, 10/25/2032, 144A		59,442
	110,117	SoFi Professional Loan Program LLC, Series 2017-E, Class A2B, 2.720%, 11/26/2040, 144A		111,870

				952,813

		ABS Whole Business — 0.1%
	521,625	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.666%, 9/05/2048, 144A		532,934

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Aerospace & Defense — 0.6%
$	1,255,000	Boeing Co. (The), 2.196%, 2/04/2026	$	1,251,108
	29,000	Raytheon Technologies Corp., 3.650%, 8/16/2023		31,024
	940,000	Teledyne Technologies, Inc., 2.750%, 4/01/2031		936,579

				2,218,711

		Agency Commercial Mortgage-Backed Securities — 0.7%
	509,476	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(a)(b)		535,373
	701,647	FHLMC Multifamily Structured Pass Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024(a)		747,605
	1,175,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ26, Class A2, 2.606%, 7/25/2027(a)		1,254,107
	77,165	FHLMC Multifamily Structured Pass Through Certificates, Series KJ28, Class A1, 1.766%, 2/25/2025		78,087

				2,615,172

		Automotive — 2.3%
	1,440,000	American Honda Finance Corp., MTN, 0.875%, 7/07/2023		1,450,050
	145,000	American Honda Finance Corp., MTN, 3.625%, 10/10/2023		155,739
	290,000	BMW U.S. Capital LLC, 1.850%, 9/15/2021, 144A		291,703
	325,000	BMW U.S. Capital LLC, 2.550%, 4/01/2031, 144A		325,883
	310,000	Daimler Finance North America LLC, 1.450%, 3/02/2026, 144A		307,296
	160,000	Daimler Finance North America LLC, 3.350%, 2/22/2023, 144A		167,759
	360,000	General Motors Financial Co., Inc., 4.150%, 6/19/2023		386,238
	295,000	Harley-Davidson Financial Services, Inc., 3.350%, 6/08/2025, 144A		309,149
	220,000	Harley-Davidson Financial Services, Inc., 4.050%, 2/04/2022, 144A		226,222
	1,045,000	Hyundai Capital America, 1.800%, 1/10/2028, 144A		999,253
	195,000	Hyundai Capital America, 2.375%, 2/10/2023, 144A		200,167
	95,000	Hyundai Capital America, 3.000%, 6/20/2022, 144A		97,532
	200,000	Hyundai Capital America, 3.000%, 2/10/2027, 144A		208,080
	275,000	Nissan Motor Acceptance Corp., 3.450%, 3/15/2023, 144A		287,677
	105,000	PACCAR Financial Corp., MTN, 0.800%, 6/08/2023		105,991
	160,000	PACCAR Financial Corp., MTN, 1.800%, 2/06/2025		163,647
	955,000	PACCAR Financial Corp., MTN, 1.900%, 2/07/2023		981,472
	250,000	Toyota Motor Credit Corp., MTN, 1.150%, 5/26/2022		252,702
	295,000	Toyota Motor Credit Corp., MTN, 1.800%, 10/07/2021		297,201
	555,000	Volkswagen Group of America Finance LLC, 1.250%, 11/24/2025, 144A		548,356
	275,000	Volkswagen Group of America Finance LLC, 3.350%, 5/13/2025, 144A		295,271
	290,000	Volkswagen Group of America Finance LLC, 4.250%, 11/13/2023, 144A		315,169

				8,372,557

		Banking — 16.5%
	1,165,000	Ally Financial, Inc., 3.050%, 6/05/2023		1,218,156
	495,000	American Express Co., 3.700%, 8/03/2023		529,816
	625,000	ANZ New Zealand International Ltd., 1.900%, 2/13/2023, 144A		641,591
	1,190,000	Australia & New Zealand Banking Group Ltd., MTN, 2.050%, 11/21/2022		1,223,093
		Banking — continued
	1,600,000	Banco Bilbao Vizcaya Argentaria S.A., 0.875%, 9/18/2023		1,604,266
	400,000	Banco Santander S.A., 2.958%, 3/25/2031		397,692
	650,000	Bank of America Corp., (fixed rate to 6/19/2025, variable rate thereafter), MTN, 1.319%, 6/19/2026		648,017
	395,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		429,851
	175,000	Bank of Montreal, MTN, 1.850%, 5/01/2025		179,379
	725,000	Bank of Montreal, MTN, 2.050%, 11/01/2022		744,602
	655,000	Bank of New York Mellon Corp. (The), MTN, 1.600%, 4/24/2025		667,518
	1,235,000	Bank of New Zealand, 2.000%, 2/21/2025, 144A		1,267,705
	1,515,000	Bank of Nova Scotia (The), 0.550%, 9/15/2023		1,515,310
	870,000	Bank of Nova Scotia (The), 2.000%, 11/15/2022		893,269
	200,000	Banque Federative du Credit Mutuel S.A., 2.375%, 11/21/2024, 144A		209,897
	460,000	Banque Federative du Credit Mutuel S.A., 2.700%, 7/20/2022, 144A		473,305
	485,000	Banque Federative du Credit Mutuel S.A., 3.750%, 7/20/2023, 144A		519,542
	795,000	Barclays PLC, (fixed rate to 5/16/2023, variable rate thereafter), 4.338%, 5/16/2024		851,271
	700,000	BNP Paribas S.A., (fixed rate to 1/13/2026, variable rate thereafter), 1.323%, 1/13/2027, 144A		684,594
	675,000	BNP Paribas S.A., (fixed rate to 6/09/2025, variable rate thereafter), 2.219%, 6/09/2026, 144A		692,157
	940,000	Citigroup, Inc., (fixed rate to 11/04/2021, variable rate thereafter), 2.312%, 11/04/2022		950,003
	510,000	Citigroup, Inc., (fixed rate to 4/08/2025, variable rate thereafter), 3.106%, 4/08/2026		544,406
	225,000	Comerica, Inc., 3.700%, 7/31/2023		240,582
	660,000	Cooperatieve Rabobank U.A., 2.750%, 1/10/2023		687,711
	980,000	Cooperatieve Rabobank U.A., (fixed rate to 2/24/2026, variable rate thereafter), 1.106%, 2/24/2027, 144A		957,304
	750,000	Credit Agricole S.A, (fixed rate to 6/16/2025, variable rate thereafter), 1.907%, 6/16/2026, 144A		760,400
	925,000	Credit Agricole S.A., 3.750%, 4/24/2023, 144A		983,245
	405,000	Credit Suisse AG, 2.100%, 11/12/2021		409,221
	895,000	Credit Suisse Group AG, (fixed rate to 6/05/2025, variable rate thereafter), 2.193%, 6/05/2026, 144A		909,552
	940,000	Danske Bank A/S, 3.875%, 9/12/2023, 144A		1,006,348
	840,000	Deutsche Bank AG, 1.686%, 3/19/2026		838,134
	590,000	Deutsche Bank AG, (fixed rate to 11/24/2025, variable rate thereafter), 2.129%, 11/24/2026		591,485
	395,000	Deutsche Bank AG, (fixed rate to 11/26/2024, variable rate thereafter), 3.961%, 11/26/2025		427,699
	680,000	Deutsche Bank AG, (fixed rate to 4/01/2024, variable rate thereafter), 1.447%, 4/01/2025		679,763
	425,000	DNB Bank ASA, 2.150%, 12/02/2022, 144A		438,254
	1,055,000	DNB Bank ASA, (fixed rate to 9/16/2025, variable rate thereafter), 1.127%, 9/16/2026, 144A		1,039,776
	520,000	Goldman Sachs Group, Inc. (The), (fixed rate to 10/31/2021, variable rate thereafter), 2.876%, 10/31/2022		526,915
	510,000	Goldman Sachs Group, Inc. (The), (fixed rate to 12/09/2025, variable rate thereafter), 1.093%, 12/09/2026		499,745
	465,000	Goldman Sachs Group, Inc. (The), (fixed rate to 2/12/2025, variable rate thereafter), 0.855%, 2/12/2026		457,050
	480,000	Goldman Sachs Group, Inc. (The), (fixed rate to 3/09/2026, variable rate thereafter), 1.431%, 3/09/2027		475,702

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Banking — continued
$	520,000	HSBC Holdings PLC, (fixed rate to 9/12/2025, variable rate thereafter), 4.292%, 9/12/2026	$	575,558
	675,000	ING Groep NV, (fixed rate to 4/01/2031, variable rate thereafter), 2.727%, 4/01/2032		674,595
	865,000	JPMorgan Chase & Co., (fixed rate to 11/19/2025, variable rate thereafter), 1.045%, 11/19/2026		844,851
	1,570,000	JPMorgan Chase & Co., (fixed rate to 3/16/2023, variable rate thereafter), 0.697%, 3/16/2024		1,575,734
	535,000	JPMorgan Chase & Co., (fixed rate to 4/01/2022, variable rate thereafter), 3.207%, 4/01/2023		549,519
	1,335,000	JPMorgan Chase & Co., (fixed rate to 6/01/2023, variable rate thereafter), 1.514%, 6/01/2024		1,362,705
	515,000	KeyCorp, MTN, 2.250%, 4/06/2027		528,190
	495,000	Lloyds Banking Group PLC, 4.050%, 8/16/2023		533,953
	375,000	Lloyds Banking Group PLC, (fixed rate to 7/09/2024, variable rate thereafter), 3.870%, 7/09/2025		408,098
	1,195,000	Macquarie Bank Ltd., 2.100%, 10/17/2022, 144A		1,225,781
	65,000	Macquarie Bank Ltd., 2.300%, 1/22/2025, 144A		67,332
	365,000	Macquarie Group Ltd., (fixed rate to 1/12/2026, variable rate thereafter), 1.340%, 1/12/2027, 144A		358,145
	930,000	National Australia Bank Ltd., 3.700%, 11/04/2021		947,642
	625,000	National Bank of Canada, 2.150%, 10/07/2022, 144A		640,603
	620,000	Nationwide Building Society, (fixed rate to 3/08/2023, variable rate thereafter), 3.766%, 3/08/2024, 144A		654,918
	1,020,000	NatWest Markets PLC, 3.625%, 9/29/2022, 144A		1,066,672
	210,000	Northern Trust Corp., (fixed rate to 5/08/2027, variable rate thereafter), 3.375%, 5/08/2032		225,277
	690,000	Santander Holdings USA, Inc., 3.450%, 6/02/2025		739,439
	935,000	Santander UK Group Holdings PLC, (fixed rate to 3/15/2031, variable rate thereafter), 2.896%, 3/15/2032		929,465
	289,000	Santander UK PLC, 2.875%, 6/18/2024		307,730
	245,000	Societe Generale S.A., 1.375%, 7/08/2025, 144A		243,978
	840,000	Societe Generale S.A., 2.625%, 10/16/2024, 144A		876,440
	820,000	Standard Chartered PLC, (fixed rate to 1/30/2025, variable rate thereafter), 2.819%, 1/30/2026, 144A		852,558
	205,000	Standard Chartered PLC, (fixed rate to 3/23/2024, variable rate thereafter), 1.214%, 3/23/2025, 144A		205,407
	530,000	Standard Chartered PLC, (fixed rate to 5/21/2024, variable rate thereafter), 3.785%, 5/21/2025, 144A		570,565
	645,000	State Street Corp., 2.200%, 3/03/2031		628,582
	245,000	State Street Corp., (fixed rate to 3/30/2025, variable rate thereafter), 2.901%, 3/30/2026		260,660
	305,000	State Street Corp., (fixed rate to 5/15/2022, variable rate thereafter), 2.653%, 5/15/2023		312,825
	545,000	Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/2024		576,191
	235,000	Sumitomo Mitsui Financial Group, Inc., 2.784%, 7/12/2022		241,948
	1,700,000	Sumitomo Mitsui Trust Bank Ltd., 0.850%, 3/25/2024, 144A		1,697,882
	515,000	Svenska Handelsbanken AB, 3.900%, 11/20/2023		560,812
	1,400,000	Swedbank AB, 1.300%, 6/02/2023, 144A		1,422,288
	1,140,000	Synchrony Bank, 3.650%, 5/24/2021		1,142,488
	75,000	Synchrony Financial, 4.250%, 8/15/2024		81,586
	675,000	Toronto-Dominion Bank (The), 0.750%, 9/11/2025		661,261
	700,000	Toronto-Dominion Bank (The), MTN, 1.900%, 12/01/2022		718,330
	750,000	Truist Financial Corp., (fixed rate to 3/02/2026, variable rate thereafter), MTN, 1.267%, 3/02/2027		741,042
	340,000	Truist Financial Corp., MTN, 2.500%, 8/01/2024		357,966
	770,000	Truist Financial Corp., MTN, 3.050%, 6/20/2022		793,945
		Banking — continued
	425,000	UBS Group AG, (fixed rate to 2/11/2031, variable rate thereafter), 2.095%, 2/11/2032, 144A		401,893
	665,000	UniCredit SpA, 3.750%, 4/12/2022, 144A		684,595
	585,000	UniCredit SpA, (fixed rate to 9/22/2025, variable rate thereafter), 2.569%, 9/22/2026, 144A		587,338
	340,000	Wells Fargo & Co., (fixed rate to 4/30/2025, variable rate thereafter), 2.188%, 4/30/2026		350,907
	1,030,000	Wells Fargo Bank NA, 3.625%, 10/22/2021		1,046,090
	195,000	Westpac Banking Corp., 2.800%, 1/11/2022		198,884

				59,246,994

		Brokerage — 1.0%
	415,000	Ameriprise Financial, Inc., 3.000%, 3/22/2022		425,817
	1,025,000	Charles Schwab Corp. (The), 2.000%, 3/20/2028		1,029,551
	465,000	Intercontinental Exchange, Inc., 2.100%, 6/15/2030		447,474
	1,300,000	National Securities Clearing Corp., 1.200%, 4/23/2023, 144A(a)		1,320,061
	425,000	Owl Rock Technology Finance Corp., 3.750%, 6/17/2026, 144A		434,628

				3,657,531

		Building Materials — 0.1%
	325,000	Masco Corp., 1.500%, 2/15/2028		312,143

		Chemicals — 0.6%
	360,000	Cabot Corp., 4.000%, 7/01/2029		378,729
	460,000	DuPont de Nemours, Inc., 2.169%, 5/01/2023		461,942
	960,000	Nutrien Ltd., 1.900%, 5/13/2023		984,562
	210,000	PPG Industries, Inc., 1.200%, 3/15/2026		205,811

				2,031,044

		Collateralized Mortgage Obligations — 1.6%
	425,501	Government National Mortgage Association, Series 2010-H02, Class FA, 1-month LIBOR + 0.680%, 0.795%, 2/20/2060(c)		427,568
	249,320	Government National Mortgage Association, Series 2010-H03, Class FA, 1-month LIBOR + 0.550%, 0.665%, 3/20/2060(c)		250,553
	142,050	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 0.644%, 7/20/2064(c)		142,867
	108,367	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 0.620%, 7/20/2064(c)		109,071
	2,348	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065(d)(e)		2,355
	284,025	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065(a)		288,517
	439,419	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 1.040%, 2/20/2066(a)(c)		447,627
	29,892	Government National Mortgage Association, Series 2016-H10, Class FJ, 1-month LIBOR + 0.600%, 0.720%, 4/20/2066(a)(c)(d)(e)		29,750
	1,374,779	Government National Mortgage Association, Series 2018-H17, Class JA, 3.750%, 9/20/2068(a)(b)		1,485,444
	327,175	Government National Mortgage Association, Series 2019-H01, Class FL, 1-month LIBOR + 0.450%, 0.570%, 12/20/2068(c)		327,394
	1,137,591	Government National Mortgage Association, Series 2019-H01, Class FT, 1-month LIBOR + 0.400%, 0.520%, 10/20/2068(a)(c)		1,139,423
	1,037,795	Government National Mortgage Association, Series 2019-H10, Class FM, 1-month LIBOR + 0.400%, 0.520%, 5/20/2069(a)(c)		1,037,009

				5,687,578

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Construction Machinery — 1.1%
$	1,435,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023	$	1,442,102
	275,000	Caterpillar Financial Services Corp., MTN, 0.950%, 5/13/2022		277,195
	300,000	Caterpillar Financial Services Corp., MTN, 3.150%, 9/07/2021		303,755
	265,000	Caterpillar Financial Services Corp., Series I, 2.650%, 5/17/2021		265,773
	300,000	CNH Industrial Capital LLC, 1.950%, 7/02/2023		308,063
	1,255,000	John Deere Capital Corp., MTN, 1.500%, 3/06/2028		1,222,132

				3,819,020

		Consumer Cyclical Services — 0.1%
	350,000	eBay, Inc., 1.900%, 3/11/2025		359,078
	165,000	Expedia Group, Inc., 6.250%, 5/01/2025, 144A		190,857

				549,935

		Consumer Products — 0.1%
	420,000	Hasbro, Inc., 3.550%, 11/19/2026		453,283

		Diversified Manufacturing — 0.5%
	135,000	Amphenol Corp., 2.050%, 3/01/2025		139,282
	225,000	Kennametal, Inc., 4.625%, 6/15/2028		249,957
	990,000	Siemens Financieringsmaatschappij NV, 1.200%, 3/11/2026, 144A		978,502
	265,000	Timken Co. (The), 4.500%, 12/15/2028		284,297
	275,000	WW Grainger, Inc., 1.850%, 2/15/2025		283,376

				1,935,414

		Electric — 5.0%
	735,000	AES Corp. (The), 1.375%, 1/15/2026, 144A		716,362
	435,000	AES Corp. (The), 3.300%, 7/15/2025, 144A		461,622
	360,000	Alliant Energy Finance LLC, 4.250%, 6/15/2028, 144A		403,192
	465,000	Ameren Corp., 1.750%, 3/15/2028		449,457
	595,000	Appalachian Power Co., 2.700%, 4/01/2031		593,413
	425,000	Atlantic City Electric Co., 2.300%, 3/15/2031		420,000
	555,000	CenterPoint Energy Houston Electric LLC, 2.350%, 4/01/2031		555,161
	120,000	Consolidated Edison Co. of New York, Inc., Series B, 2.900%, 12/01/2026		127,704
	225,000	Dominion Energy, Inc., 3.071%, 8/15/2024		239,620
	270,000	DTE Energy Co., 2.250%, 11/01/2022		276,914
	1,135,000	Duke Energy Carolinas LLC, 3.050%, 3/15/2023		1,193,524
	570,000	Duke Energy Corp., 0.900%, 9/15/2025		557,636
	605,000	Entergy Corp., 0.900%, 9/15/2025		590,790
	710,000	Entergy Corp., 2.400%, 6/15/2031		685,981
	420,000	Entergy Louisiana LLC, 2.350%, 6/15/2032		413,741
	451,000	Exelon Corp., 2.450%, 4/15/2021		451,253
	116,000	Exelon Generation Co. LLC, 4.250%, 6/15/2022		119,931
	530,000	National Rural Utilities Cooperative Finance Corp., 1.650%, 6/15/2031		490,730
	188,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		192,973
	1,420,000	NextEra Energy Capital Holdings, Inc., 0.650%, 3/01/2023		1,424,540
	435,000	NextEra Energy Capital Holdings, Inc., 2.403%, 9/01/2021		438,730
	870,000	NRG Energy, Inc., 2.000%, 12/02/2025, 144A		868,782
	340,000	Pacific Gas & Electric Co., 1.367%, 3/10/2023		340,099
	1,255,000	Pacific Gas & Electric Co., 3-month LIBOR + 1.375%, 1.573%, 11/15/2021(c)		1,257,399
	370,000	PSEG Power LLC, 3.850%, 6/01/2023		394,459
		Electric — continued
	235,000	Public Service Enterprise Group, Inc., 2.875%, 6/15/2024		248,966
	255,000	Southern California Edison Co., Series 20C, 1.200%, 2/01/2026		251,303
	720,000	Southern Power Co., Series E, 2.500%, 12/15/2021		729,457
	775,000	Southwestern Electric Power Co., 1.650%, 3/15/2026		777,170
	235,000	Tampa Electric Co., 2.400%, 3/15/2031		233,492
	600,000	Vistra Operations Co. LLC, 3.550%, 7/15/2024, 144A		627,860
	1,540,000	WEC Energy Group, Inc., 0.550%, 9/15/2023		1,536,834

				18,069,095

		Finance Companies — 1.7%
	180,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.750%, 1/30/2026		174,828
	735,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.150%, 2/15/2024		765,829
	555,000	Aircastle Ltd., 2.850%, 1/26/2028, 144A		530,981
	90,000	Ares Capital Corp., 2.150%, 7/15/2026		87,644
	705,000	Ares Capital Corp., 3.250%, 7/15/2025		727,224
	50,000	Ares Capital Corp., 4.250%, 3/01/2025		53,641
	305,000	Aviation Capital Group LLC, 3.875%, 5/01/2023, 144A		318,353
	225,000	Aviation Capital Group LLC, 4.375%, 1/30/2024, 144A		239,183
	285,000	Avolon Holdings Funding Ltd., 2.750%, 2/21/2028, 144A		267,830
	47,000	Avolon Holdings Funding Ltd., 3.625%, 5/01/2022, 144A		47,926
	535,000	Avolon Holdings Funding Ltd., 4.250%, 4/15/2026, 144A		560,368
	320,000	FS KKR Capital Corp., 3.400%, 1/15/2026		317,399
	210,000	FS KKR Capital Corp., 4.125%, 2/01/2025		215,924
	425,000	GE Capital Funding LLC, 4.050%, 5/15/2027, 144A		473,562
	250,000	Goldman Sachs BDC, Inc., 2.875%, 1/15/2026		252,683
	150,000	Oaktree Specialty Lending Corp., 3.500%, 2/25/2025		154,504
	575,000	Owl Rock Capital Corp., 3.400%, 7/15/2026		582,405
	315,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		330,570

				6,100,854

		Financial Other — 0.3%
	470,000	LeasePlan Corp NV, 2.875%, 10/24/2024, 144A		494,149
	410,000	Mitsubishi UFJ Lease & Finance Co. Ltd., 2.652%, 9/19/2022, 144A		420,910
	185,000	ORIX Corp., 3.250%, 12/04/2024		199,791

				1,114,850

		Food & Beverage — 1.2%
	835,000	Bacardi Ltd., 4.700%, 5/15/2028, 144A		954,949
	120,000	Brown-Forman Corp., 3.500%, 4/15/2025		129,903
	525,000	Bunge Ltd. Finance Corp., 4.350%, 3/15/2024		575,384
	1,095,000	General Mills, Inc., 2.600%, 10/12/2022		1,130,082
	370,000	Mondelez International, Inc., 2.750%, 4/13/2030		377,747
	1,065,000	Pernod Ricard International Finance LLC, 1.250%, 4/01/2028, 144A		1,000,169

				4,168,234

		Health Insurance — 0.6%
	950,000	Anthem, Inc., 1.500%, 3/15/2026		951,023
	735,000	Centene Corp., 2.500%, 3/01/2031		701,940
	360,000	Centene Corp., 3.000%, 10/15/2030		359,402

				2,012,365

		Healthcare — 1.2%
	1,080,000	Agilent Technologies, Inc., 2.300%, 3/12/2031		1,051,631
	1,250,000	AmerisourceBergen Corp., 2.700%, 3/15/2031		1,247,179

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Healthcare — continued
$	227,000	Cigna Corp., 3.750%, 7/15/2023	$	242,765
	95,000	Cigna Corp., 4.500%, 2/25/2026		108,155
	237,000	CVS Health Corp., 4.300%, 3/25/2028		269,133
	510,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		531,534
	900,000	STERIS Irish FinCo Unlimited Co., 2.700%, 3/15/2031		893,253

				4,343,650

		Hybrid ARMs — 0.0%
	33,171	FHLMC, 1-year CMT + 2.225%, 2.539%, 1/01/2035(c)		35,279
	58,484	FHLMC, 1-year CMT + 2.500%, 3.081%, 5/01/2036(c)		62,622

				97,901

		Independent Energy — 0.3%
	400,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		412,592
	210,000	Diamondback Energy, Inc., 0.900%, 3/24/2023		210,135
	470,000	Diamondback Energy, Inc., 4.750%, 5/31/2025		525,216

				1,147,943

		Integrated Energy — 0.5%
	940,000	BP Capital Markets America, Inc., 3.379%, 2/08/2061		871,225
	315,000	Exxon Mobil Corp., 3.482%, 3/19/2030		342,018
	660,000	Suncor Energy, Inc., 2.800%, 5/15/2023		689,426

				1,902,669

		Life Insurance — 4.9%
	1,385,000	AIG Global Funding, 0.800%, 7/07/2023, 144A		1,392,734
	535,000	AIG Global Funding, 0.900%, 9/22/2025, 144A		521,031
	655,000	Athene Global Funding, 1.200%, 10/13/2023, 144A		661,065
	1,160,000	Athene Global Funding, 2.500%, 3/24/2028, 144A		1,157,227
	325,000	Athene Global Funding, 2.550%, 11/19/2030, 144A		313,601
	185,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		195,718
	1,285,000	Equitable Financial Life Global Funding, 1.800%, 3/08/2028, 144A		1,256,484
	335,000	Five Corners Funding Trust II, 2.850%, 5/15/2030, 144A		345,253
	975,000	GA Global Funding Trust, 1.000%, 4/08/2024, 144A		973,908
	220,000	Global Atlantic Finance Co., 4.400%, 10/15/2029, 144A		231,874
	665,000	Great-West Lifeco U.S. Finance LP, 0.904%, 8/12/2025, 144A		654,342
	1,370,000	Guardian Life Global Funding, 1.100%, 6/23/2025, 144A		1,360,058
	155,000	Jackson National Life Global Funding, 3.875%, 6/11/2025, 144A		170,188
	1,400,000	MassMutual Global Funding II, 0.850%, 6/09/2023, 144A		1,411,671
	795,000	Metropolitan Life Global Funding I, 0.900%, 6/08/2023, 144A		802,004
	700,000	Metropolitan Life Global Funding I, 0.950%, 7/02/2025, 144A		692,426
	1,070,000	New York Life Global Funding, 2.875%, 4/10/2024, 144A(a)		1,139,646
	905,000	Principal Life Global Funding II, 0.875%, 1/12/2026, 144A		878,916
	1,360,000	Protective Life Global Funding, 1.082%, 6/09/2023, 144A		1,377,741
	655,000	Reliance Standard Life Global Funding II, 2.750%, 5/07/2025, 144A		687,654
	565,000	Reliance Standard Life Global Funding II, 3.850%, 9/19/2023, 144A		607,106
	700,000	Unum Group, 4.500%, 3/15/2025		782,331

				17,612,978

		Lodging — 0.2%
	225,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		220,825
	350,000	Marriott International, Inc., Series Z, 4.150%, 12/01/2023		376,460

				597,285

		Media Entertainment — 0.2%
	860,000	Interpublic Group of Cos., Inc. (The), 2.400%, 3/01/2031		843,545

		Metals & Mining — 0.3%
	425,000	Anglo American Capital PLC, 2.250%, 3/17/2028, 144A		418,598
	350,000	Glencore Funding LLC, 2.500%, 9/01/2030, 144A		336,322
	155,000	Glencore Funding LLC, 4.125%, 3/12/2024, 144A		167,820

				922,740

		Midstream — 0.4%
	25,000	Energy Transfer Operating LP, 4.250%, 3/15/2023		26,384
	440,000	Midwest Connector Capital Co. LLC, 3.625%, 4/01/2022, 144A		446,293
	910,000	Williams Cos., Inc. (The), 2.600%, 3/15/2031		889,459

				1,362,136

		Mortgage Related — 1.1%
	1,557	FHLMC, 3.000%, 10/01/2026		1,646
	116	FHLMC, 6.500%, 1/01/2024		130
	36	FHLMC, 8.000%, 7/01/2025		39
	18,273	GNMA, 3.630%, 2/20/2063(a)(b)		18,664
	27,940	GNMA, 3.667%, 2/20/2063(b)		28,439
	6,596	GNMA, 3.820%, 10/20/2062(b)		6,947
	3,959	GNMA, 3.890%, 2/20/2063(b)		4,005
	8,437	GNMA, 3.959%, 4/20/2063(b)		8,493
	13,063	GNMA, 4.015%, 4/20/2063(a)(b)		13,860
	6,569	GNMA, 4.035%, 5/20/2062(b)		7,012
	11,837	GNMA, 4.244%, 11/20/2064(b)		12,479
	54,194	GNMA, 4.362%, 6/20/2066(b)		60,201
	223,377	GNMA, 4.436%, 10/20/2066(b)		250,498
	96,863	GNMA, 4.445%, 9/20/2066(b)		107,469
	63,762	GNMA, 4.446%, 11/20/2066(b)		70,620
	99,174	GNMA, 4.481%, 11/20/2066(b)		111,382
	94,129	GNMA, 4.494%, 10/20/2066(b)		105,525
	84,761	GNMA, 4.516%, 10/20/2066(b)		95,040
	165,313	GNMA, 4.518%, 9/20/2066(b)		185,449
	478,361	GNMA, 4.545%, 7/20/2067(a)(b)		544,293
	986,451	GNMA, 4.547%, 4/20/2067(a)(b)		1,116,468
	57,135	GNMA, 4.558%, 8/20/2066(b)		63,433
	796,819	GNMA, 4.572%, 1/20/2067(a)(b)		898,491
	2,111	GNMA, 4.630%, 7/20/2062(b)		2,197
	345,503	GNMA, 4.682%, 5/20/2064(a)(b)		372,125
	1,750	GNMA, 4.700%, with various maturities from 2061 to 2063(b)		1,830
	393	GNMA, 6.500%, 12/15/2023		439

				4,087,174

		Non-Agency Commercial Mortgage-Backed Securities — 4.3%
	230,000	BANK, Series 2019-BN24, Class A3, 2.960%, 11/15/2062		240,821
	270,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		276,483
	491,936	Barclays Commercial Mortgage Securities Trust, Series 2017-C1, Class A2, 3.189%, 2/15/2050(a)		500,723
	660,000	Barclays Commercial Mortgage Securities Trust, Series 2020-BID, Class A, 1-month LIBOR + 2.140%, 2.246%, 10/15/2037, 144A(c)		663,307

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	285,000	Benchmark Mortgage Trust, Series 2020-B16, Class A5, 2.732%, 2/15/2053	$	293,579
	491,600	CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.865%, 1/10/2048(a)		540,341
	361,996	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.283%, 5/10/2058		391,581
	992,138	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314%, 4/10/2049(a)		1,071,156
	540,000	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A4, 3.102%, 12/15/2072		571,478
	535,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A(a)		520,560
	263,676	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046(b)		278,595
	26,367	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		26,378
	68,558	Commercial Mortgage Pass Through Certificates, Series 2014-CR15, Class A2, 2.928%, 2/10/2047		68,085
	116,485	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		121,333
	478,193	Commercial Mortgage Pass Through Certificates, Series 2014-LC17, Class A3, 3.723%, 10/10/2047(a)		480,805
	280,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS3, Class A4, 3.819%, 6/10/2047		303,461
	280,000	Commercial Mortgage Pass Through Certificates, Series 2015-DC1, Class A5, 3.350%, 2/10/2048		301,432
	520,299	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class A5, 3.765%, 2/10/2049(a)		571,461
	640,000	Credit Suisse Mortgage Capital Certificates, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A(a)		671,503
	76,830	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617%, 11/15/2048		81,536
	470,000	CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A4, 2.968%, 12/15/2052		489,270
	440,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(b)		441,251
	330,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047		355,742
	245,000	GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.911%, 2/13/2053		255,111
	180,000	Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.155%, 8/05/2034, 144A		163,587
	355,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		322,880
	68,867	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		71,568
	575,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A4, 3.386%, 6/13/2052(a)		618,205
	240,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class A4, 4.082%, 7/15/2046(b)		253,400
	129,604	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.306%, 4/15/2048		138,932
	550,000	Morgan Stanley Capital I Trust, Series 2020-L4, Class A3, 2.698%, 2/15/2053		562,858
	505,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A(a)		502,364
		Non-Agency Commercial Mortgage-Backed Securities — continued
	565,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.244%, 4/10/2046(a)		588,694
	201,109	Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.426%, 3/15/2059		218,621
	1,233,580	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A2, 3.118%, 1/15/2060(a)		1,249,872
	490,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C58, Class A4, 2.092%, 7/15/2053		476,009
	127,432	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A3, 3.660%, 3/15/2047		127,941
	325,000	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101%, 3/15/2047		353,413
	216,080	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ASB, 3.638%, 5/15/2047(a)		226,241

				15,390,577

		Oil Field Services — 0.3%
	980,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		1,016,355

		Packaging — 0.2%
	580,000	Berry Global, Inc., 1.570%, 1/15/2026, 144A		570,848

		Pharmaceuticals — 0.5%
	335,000	AbbVie, Inc., 2.600%, 11/21/2024		353,693
	235,000	Bayer U.S. Finance II LLC, 3.375%, 7/15/2024, 144A		251,602
	525,000	Pfizer, Inc., 3.200%, 9/15/2023		559,187
	825,000	Viatris, Inc., 2.700%, 6/22/2030, 144A		814,673

				1,979,155

		Property & Casualty Insurance — 0.3%
	645,000	American Financial Group, Inc., 3.500%, 8/15/2026		699,065
	180,000	Assurant, Inc., 4.200%, 9/27/2023		194,842
	205,000	Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031, 144A		204,228

				1,098,135

		Railroads — 0.1%
	215,000	Union Pacific Corp., 3.646%, 2/15/2024		230,421

		REITs – Health Care — 0.5%
	255,000	Healthpeak Properties, Inc., 3.000%, 1/15/2030		263,041
	235,000	Omega Healthcare Investors, Inc., 4.500%, 1/15/2025		253,994
	1,190,000	Welltower, Inc., 2.800%, 6/01/2031		1,182,775

				1,699,810

		REITs – Office Property — 0.3%
	170,000	Corporate Office Properties LP, 2.750%, 4/15/2031		164,386
	675,000	Office Properties Income Trust, 4.500%, 2/01/2025		710,039
	260,000	Piedmont Operating Partnership LP, 3.150%, 8/15/2030		253,091

				1,127,516

		REITs – Regional Malls — 0.1%
	460,000	Simon Property Group LP, 1.750%, 2/01/2028		446,369

		REITs – Shopping Centers — 0.0%
	70,000	Brixmor Operating Partnership LP, 2.250%, 4/01/2028		68,685

		Restaurants — 0.5%
	1,280,000	McDonald’s Corp., MTN, 2.625%, 1/15/2022		1,303,093
	420,000	McDonald’s Corp., MTN, 3.350%, 4/01/2023		442,463

				1,745,556

		Retailers — 0.8%
	345,000	AutoNation, Inc., 3.500%, 11/15/2024		371,680

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Retailers — continued
$	290,000	AutoNation, Inc., 4.500%, 10/01/2025	$	321,758
	235,000	Home Depot, Inc. (The), 2.500%, 4/15/2027		247,352
	1,250,000	Lowe’s Cos., Inc., 2.625%, 4/01/2031		1,253,560
	850,000	Seven & i Holdings Co. Ltd., 3.350%, 9/17/2021, 144A		860,731

				3,055,081

		Technology — 2.6%
	125,000	Apple, Inc., 3.350%, 2/09/2027		137,334
	245,000	Broadcom, Inc., 4.150%, 11/15/2030		264,443
	110,000	DXC Technology Co., 4.125%, 4/15/2025		119,622
	725,000	Fidelity National Information Services, Inc., 1.150%, 3/01/2026		712,862
	325,000	Flex Ltd., 4.875%, 6/15/2029		366,719
	450,000	Genpact Luxembourg S.a.r.l., 3.700%, 4/01/2022		461,231
	485,000	Hewlett Packard Enterprise Co., 4.650%, 10/01/2024		541,407
	315,000	Infor, Inc., 1.450%, 7/15/2023, 144A		318,911
	530,000	International Business Machines Corp., 2.850%, 5/13/2022		545,107
	175,000	Marvell Technology Group Ltd., 4.200%, 6/22/2023		187,247
	285,000	Microchip Technology, Inc., 0.972%, 2/15/2024, 144A		284,470
	460,000	Microchip Technology, Inc., 2.670%, 9/01/2023, 144A		479,059
	140,000	Microchip Technology, Inc., 3.922%, 6/01/2021		140,809
	755,000	Micron Technology, Inc., 2.497%, 4/24/2023		783,607
	1,250,000	Oracle Corp., 2.875%, 3/25/2031		1,272,417
	565,000	Panasonic Corp., 2.536%, 7/19/2022, 144A		578,228
	925,000	PayPal Holdings, Inc., 1.350%, 6/01/2023		941,355
	1,005,000	Western Union Co. (The), 1.350%, 3/15/2026		979,594
	165,000	Western Union Co. (The), 4.250%, 6/09/2023		176,924

				9,291,346

		Tobacco — 0.6%
	1,015,000	Altria Group, Inc., 2.450%, 2/04/2032		969,711
	1,025,000	BAT Capital Corp., 4.700%, 4/02/2027		1,153,787

				2,123,498

		Transportation Services — 0.7%
	150,000	Element Fleet Management Corp., 1.600%, 4/06/2024, 144A		149,825
	450,000	Element Fleet Management Corp., 3.850%, 6/15/2025, 144A		474,176
	175,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.000%, 7/15/2025, 144A		192,109
	695,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.125%, 8/01/2023, 144A		745,545
	135,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.450%, 1/29/2026, 144A		151,221
	255,000	Ryder System, Inc., MTN, 3.750%, 6/09/2023		271,772
	275,000	Ryder System, Inc., MTN, 3.875%, 12/01/2023		297,211
	370,000	Ryder System, Inc., MTN, 4.625%, 6/01/2025		416,956

				2,698,815

		Treasuries — 31.4%
	3,690,000	U.S. Treasury Note, 0.125%, 1/15/2024		3,671,550
	5,415,000	U.S. Treasury Note, 0.125%, 2/15/2024		5,385,810
	14,340,000	U.S. Treasury Note, 0.250%, 8/31/2025		14,006,147
	11,255,000	U.S. Treasury Note, 0.250%, 9/30/2025		10,977,582
	24,385,000	U.S. Treasury Note, 0.250%, 10/31/2025		23,743,941
	7,010,000	U.S. Treasury Note, 0.375%, 11/30/2025		6,856,930
	23,985,000	U.S. Treasury Note, 0.375%, 12/31/2025		23,423,788
	14,355,000	U.S. Treasury Note, 0.500%, 3/31/2025		14,263,599
	3,895,000	U.S. Treasury Note, 0.625%, 8/15/2030		3,529,844
		Treasuries — continued
	7,390,000	U.S. Treasury Note, 0.875%, 11/15/2030		6,834,595

				112,693,786

		Wireless — 0.1%
	200,000	SK Telecom Co. Ltd., 3.750%, 4/16/2023, 144A		212,185

		Wirelines — 0.8%
	720,000	AT&T, Inc., 2.250%, 2/01/2032		684,819
	205,000	British Telecommunications PLC, 4.500%, 12/04/2023		224,289
	560,000	NTT Finance Corp., 1.162%, 4/03/2026, 144A		552,605
	600,000	Verizon Communications, Inc., 1.750%, 1/20/2031		558,741
	710,000	Verizon Communications, Inc., 2.100%, 3/22/2028		712,975

				2,733,429

		Total Bonds and Notes (Identified Cost $351,030,460)		352,689,759


	Short-Term Investments — 2.0%
	7,202,082	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2021 at 0.000% to be repurchased at $7,202,082 on 4/01/2021 collateralized by $7,149,000 U.S. Treasury Note, 1.250% due 8/31/2024 valued at $7,346,141 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $7,202,082)		7,202,082


		Total Investments — 100.2% (Identified Cost $358,232,542)		359,891,841
		Other assets less liabilities — (0.2)%		(738,929	)

		Net Assets — 100.0%	$	359,152,912


	(†)	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, 2021 is disclosed.
	(c)	Variable rate security. Rate as of March 31, 2021 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, 2021, the value of these securities amounted to $32,105 or less than 0.1% 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, 2021, the value of Rule 144A holdings amounted to $88,815,067 or 24.7% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	CMT	Constant Maturity Treasury
	FHLMC	Federal Home Loan Mortgage Corp.
	GNMA	Government National Mortgage Association
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

At March 31, 2021, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/30/2021	174	$	21,723,159	$	21,471,328	$	(251,831	)

At March 31, 2021, 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		6/21/2021	20	$	2,974,265	$	2,873,750	$	100,515

Industry Summary at March 31, 2021 (Unaudited)


Treasuries	31.4	%
Banking	16.5
ABS Car Loan	8.5
Electric	5.0
Life Insurance	4.9
Non-Agency Commercial Mortgage-Backed Securities	4.3
Technology	2.6
Automotive	2.3
Other Investments, less than 2% each	22.7
Short-Term Investments	2.0

Total Investments	100.2
Other assets less liabilities (including futures contracts)	(0.2	)

Net Assets	100.0	%

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 95.1% of Net Assets
		ABS Car Loan — 3.4%
$	227,480	Ally Auto Receivables Trust, Series 2018-2, Class A3, 2.920%, 11/15/2022	$	228,565
	395,000	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A3, 0.660%, 12/18/2024		396,514
	775,000	Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A		777,802
	840,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.450%, 3/20/2023, 144A		858,718
	1,710,000	CarMax Auto Owner Trust, Series 2020-2, Class A3, 1.700%, 11/15/2024		1,736,751
	1,955,000	Credit Acceptance Auto Loan Trust, Series 2019-3A, Class A, 2.380%, 11/15/2028, 144A		1,995,880
	9,695,000	Credit Acceptance Auto Loan Trust, Series 2020-3A, Class A, 1.240%, 10/15/2029, 144A		9,785,475
	519,396	Flagship Credit Auto Trust, Series 2020-2, Class A, 1.490%, 7/15/2024, 144A		522,075
	763,345	Flagship Credit Auto Trust, Series 2020-3, Class A, 0.700%, 4/15/2025, 144A		764,689
	595,000	Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.040%, 8/15/2024		600,671
	416,875	Foursight Capital Automobile Receivables Trust, Series 2018-2, Class A3, 3.640%, 5/15/2023, 144A		418,269
	475,000	GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.800%, 7/20/2023		477,669
	970,000	GM Financial Consumer Automobile Receivables Trust, Series 2019-4, Class A3, 1.750%, 7/16/2024		982,290
	500,000	GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.490%, 12/16/2024		507,497
	1,363,067	GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class A3, 2.180%, 4/16/2024		1,380,668
	1,170,000	GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A3, 1.840%, 9/16/2024		1,187,135
	170,712	Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.520%, 6/21/2023		173,267
	410,000	Honda Auto Receivables Owner Trust, Series 2020-1, Class A3, 1.610%, 4/22/2024		416,668
	585,000	Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.410%, 11/15/2024		594,906
	1,805,000	Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.380%, 12/16/2024		1,832,792
	1,713,655	Santander Consumer Auto Receivables Trust, Series 2020-AA, Class A, 1.370%, 10/15/2024, 144A		1,726,060
	630,000	Santander Drive Auto Receivables Trust, Series 2020-2, Class A3, 0.670%, 4/15/2024		631,142
	765,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.350%, 5/25/2033, 144A		776,864
	1,065,171	Toyota Auto Receivables Owner Trust, Series 2017-C, Class A4, 1.980%, 12/15/2022		1,069,302
	935,484	Toyota Auto Receivables Owner Trust, Series 2019-A, Class A3, 2.910%, 7/17/2023		950,014
	450,000	Toyota Auto Receivables Owner Trust, Series 2020-A, Class A3 MTN, 1.660%, 5/15/2024		457,282
	670,000	Toyota Auto Receivables Owner Trust, Series 2020-B, Class A3, 1.360%, 8/15/2024		679,466
	273,118	United Auto Credit Securitization Trust, Series 2020-1, Class A, 0.850%, 5/10/2022, 144A		273,208
	2,222,094	Westlake Automobile Receivables Trust, Series 2020-2A, Class A2A, 0.930%, 2/15/2024, 144A		2,227,064
	664,708	World Omni Auto Receivables Trust, Series 2019-B, Class A3, 2.590%, 7/15/2024		674,019

				35,102,722

		ABS Home Equity — 0.0%
	353,103	CoreVest American Finance Trust, Series 2017-1, Class A, 2.968%, 10/15/2049, 144A		355,464
	128,867	Towd Point Mortgage Trust, Series 2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(a)		129,093

				484,557

		ABS Other — 0.7%
	1,010,610	Chesapeake Funding II LLC, Series 2020-1A, Class A1, 0.870%, 8/16/2032, 144A		1,015,691
	430,000	CNH Equipment Trust, Series 2020-A, Class A3, 1.160%, 6/16/2025		434,375
	436,486	Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.700%, 1/21/2031, 144A		455,772
	805,000	Kubota Credit Owner Trust, Series 2020-1A, Class A3, 1.960%, 3/15/2024, 144A		822,970
	836,176	MVW LLC, Series 2020-1A, Class A, 1.740%, 10/20/2037, 144A		850,113
	1,477,961	Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A, 1.330%, 7/20/2037, 144A		1,492,329
	1,637,632	Welk Resorts LLC, Series 2019-AA, Class A, 2.800%, 6/15/2038, 144A		1,706,128

				6,777,378

		ABS Student Loan — 0.5%
	3,568,291	Navient Private Education Refi Loan Trust, Series 2019-FA, Class A2, 2.600%, 8/15/2068, 144A		3,674,679
	1,095,983	Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.690%, 5/15/2069, 144A		1,103,263
	41,602	SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1-month LIBOR + 0.950%, 1.059%, 1/25/2039, 144A(b)		41,775

				4,819,717

		Agency Commercial Mortgage-Backed Securities — 28.6%
	6,622,716	Federal National Mortgage Association, Series 2014-M2, Class A2, 3.513%, 12/25/2023(a)		7,022,019
	948,710	Federal National Mortgage Association, Series 2015-M17, Class FA, 1-month LIBOR + 0.930%, 1.037%, 11/25/2022(b)		950,536
	200,906	Federal National Mortgage Association, Series 2016-M3, Class ASQ2, 2.263%, 2/25/2023		202,208
	4,620,839	Federal National Mortgage Association, Series 2020-M5, Class FA, 1-month LIBOR + 0.460%, 0.575%, 1/25/2027(b)		4,681,899
	7,979,244	FHLMC Multifamily Structured Pass Through Certificates, Series KF74, Class AS, 1-month Average Compounded SOFR + 0.530%, 0.567%, 1/25/2027(b)		8,024,068
	13,593,696	FHLMC Multifamily Structured Pass Through Certificates, Series KF77, Class AL, 1-month LIBOR + 0.700%, 0.819%, 2/25/2027(b)		13,736,999
	17,879,193	FHLMC Multifamily Structured Pass Through Certificates, Series KF77, Class AS, 30-day Average SOFR + 0.900%, 0.942%, 2/25/2027(b)		17,897,949
	31,425,000	FHLMC Multifamily Structured Pass Through Certificates, Series KF78, Class AL, 1-month LIBOR + 0.800%, 0.919%, 3/25/2030(b)		31,480,151
	31,425,000	FHLMC Multifamily Structured Pass Through Certificates, Series KF78, Class AS, 30-day Average SOFR + 1.000%, 1.042%, 3/25/2030(b)		31,798,288
	7,720,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ26, Class A2, 2.606%, 7/25/2027		8,239,748

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)


Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	8,515,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS12, Class A, 1-month LIBOR + 0.650%, 0.769%, 8/25/2029(b)	$	8,528,146
	13,445,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ20, Class A2, 3.799%, 12/25/2025		14,742,383
	5,975,000	FHLMC Multifamily Structured Pass Through Certificates, Series K-F100, Class AS, 30-day Average SOFR + 0.180%, 0.222%, 1/25/2028(b)		5,978,893
	212,501	FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2, 3.871%, 4/25/2021		212,442
	2,798,564	FHLMC Multifamily Structured Pass Through Certificates, Series K015, Class A2, 3.230%, 7/25/2021		2,813,577
	5,847,922	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2, 2.873%, 12/25/2021		5,924,596
	7,900,000	FHLMC Multifamily Structured Pass Through Certificates, Series K034, Class A2, 3.531%, 7/25/2023(a)		8,420,450
	7,835,000	FHLMC Multifamily Structured Pass Through Certificates, Series K035, Class A2, 3.458%, 8/25/2023(a)		8,347,160
	7,500,000	FHLMC Multifamily Structured Pass Through Certificates, Series K038, Class A2, 3.389%, 3/25/2024		8,073,596
	2,580,000	FHLMC Multifamily Structured Pass Through Certificates, Series K064, Class A2, 3.224%, 3/25/2027		2,840,246
	1,807,464	FHLMC Multifamily Structured Pass Through Certificates, Series K725, Class A1, 2.666%, 5/25/2023		1,846,402
	8,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series KC06, Class A2, 2.541%, 8/25/2026		8,280,141
	217,317	FHLMC Multifamily Structured Pass Through Certificates, Series KF06, Class A, 1-month LIBOR + 0.330%, 0.449%, 11/25/2021(b)		217,380
	552,759	FHLMC Multifamily Structured Pass Through Certificates, Series KF14, Class A, 1-month LIBOR + 0.650%, 0.769%, 1/25/2023(b)		553,429
	2,739,131	FHLMC Multifamily Structured Pass Through Certificates, Series KF53, Class A, 1-month LIBOR + 0.390%, 0.509%, 10/25/2025(b)		2,749,097
	11,873,417	FHLMC Multifamily Structured Pass Through Certificates, Series KF72, Class A, 1-month LIBOR + 0.500%, 0.619%, 11/25/2026(b)		11,960,498
	4,853,066	FHLMC Multifamily Structured Pass Through Certificates, Series KF79, Class AL, 1-month LIBOR + 0.470%, 0.589%, 5/25/2030(b)		4,897,268
	4,478,215	FHLMC Multifamily Structured Pass Through Certificates, Series KF79, Class AS, 30-day Average SOFR + 0.580%, 0.622%, 5/25/2030(b)		4,500,100
	8,810,000	FHLMC Multifamily Structured Pass Through Certificates, Series KF80, Class AL, 1-month LIBOR + 0.440%, 0.559%, 6/25/2030(b)		8,884,004
	4,950,000	FHLMC Multifamily Structured Pass Through Certificates, Series KF80, Class AS, 30-day Average SOFR + 0.510%, 0.552%, 6/25/2030(b)		4,989,274
	3,299,084	FHLMC Multifamily Structured Pass Through Certificates, Series KF81, Class AL, 1-month LIBOR + 0.360%, 0.479%, 6/25/2027(b)		3,321,734
		Agency Commercial Mortgage-Backed Securities — continued
	2,474,313	FHLMC Multifamily Structured Pass Through Certificates, Series KF81, Class AS, 30-day Average SOFR + 0.400%, 0.442%, 6/25/2027(b)		2,481,538
	1,784,181	FHLMC Multifamily Structured Pass Through Certificates, Series KF84, Class AL, 1-month LIBOR + 0.300%, 0.419%, 7/25/2030(b)		1,787,416
	1,500,978	FHLMC Multifamily Structured Pass Through Certificates, Series KF84, Class AS, 30-day Average SOFR + 0.320%, 0.362%, 7/25/2030(b)		1,510,381
	1,855,000	FHLMC Multifamily Structured Pass Through Certificates, Series KF85, Class AL, 1-month LIBOR + 0.300%, 0.410%, 8/25/2030(b)		1,855,013
	4,945,000	FHLMC Multifamily Structured Pass Through Certificates, Series KF85, Class AS, 30-day Average SOFR + 0.330%, 0.346%, 8/25/2030(b)		4,980,297
	2,584,234	FHLMC Multifamily Structured Pass Through Certificates, Series KF86, Class AL, 1-month LIBOR + 0.290%, 0.400%, 8/25/2027(b)		2,594,874
	2,307,647	FHLMC Multifamily Structured Pass Through Certificates, Series KF86, Class AS, 30-day Average SOFR + 0.320%, 0.336%, 8/25/2027(b)		2,317,441
	10,261,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ21, Class A2, 3.700%, 9/25/2026		11,337,733
	860,994	FHLMC Multifamily Structured Pass Through Certificates, Series KJ28, Class A1, 1.766%, 2/25/2025		871,287
	2,855,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS14, Class AL, 1-month LIBOR + 0.340%, 0.459%, 4/25/2030(b)		2,863,733
	3,140,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS14, Class AS, 30-day Average SOFR + 0.370%, 0.412%, 4/25/2030(b)		3,168,988
	2,387,344	FHLMC Multifamily Structured Pass Through Certificates, Series Q008, Class A, 1-month LIBOR + 0.390%, 0.509%, 10/25/2045(b)		2,394,044
	5,200,000	FNMA, 3.580%, 1/01/2026		5,727,377
	1,544,679	Freddie Mac Multifamily Structured Pass Through Certificates, Series KF93, Class AL, 1-month LIBOR + 0.280%, 0.400%, 10/25/2027(b)		1,547,041
	1,854,614	Freddie Mac Multifamily Structured Pass Through Certificates, Series KF93, Class AS, 30-day Average SOFR + 0.310%, 0.352%, 10/25/2027(b)		1,860,517
	5,185,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series KF97, Class AS, 30-day Average SOFR + 0.250%, 0.266%, 12/25/2030(b)		5,204,487
	110,840	Government National Mortgage Association, Series 2003-72, Class Z, 5.294%, 11/16/2045(a)		120,849
	18,546	Government National Mortgage Association, Series 2003-88, Class Z, 5.522%, 3/16/2046(a)		19,979

				294,757,676

		Collateralized Mortgage Obligations — 16.3%
	13,877	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 7-year CMT - 0.200%, 0.580%, 5/15/2023(b)(c)(d)		13,629
	11,478	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 10-year CMT - 0.650%, 0.660%, 8/15/2023(b)(c)(d)		11,217
	84,162	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029(c)(d)		92,674
	669,249	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035		756,698

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)


Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	1,003,062	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035	$	1,143,816
	448,066	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038(c)(d)		495,796
	871,083	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, IO, 2.771%, 6/15/2048(a)(e)		932,766
	908,370	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, IO, 3.792%, 12/15/2036(a)(e)		965,216
	306,249	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 2.206%, 6/15/2043(a)(c)(d)		307,155
	816,474	Federal National Mortgage Association, REMIC, Series 2003-48, Class GH, 5.500%, 6/25/2033(c)(d)		935,149
	3,438,554	Federal National Mortgage Association, REMIC, Series 2012-58, Class KF, 1-month LIBOR + 0.550%, 0.659%, 6/25/2042(b)		3,485,879
	4,986,597	Federal National Mortgage Association, Series 2012-83, Class LF, 1-month LIBOR + 0.510%, 0.619%, 8/25/2042(b)		5,047,474
	6,129	Federal National Mortgage Association, REMIC, Series 1992-162, Class FB, 7-year CMT - 0.050%, 1.260%, 9/25/2022(b)(c)(d)		6,051
	13,890	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 10-year CMT - 0.500%, 0.810%, 4/25/2024(b)(c)(d)		13,551
	6,623	Federal National Mortgage Association, REMIC, Series 2002-W10, Class A7, 4.202%, 8/25/2042(a)(c)(d)		7,103
	195,661	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025(c)(d)		203,470
	464,703	Federal National Mortgage Association, REMIC, Series 2007-73, Class A1, 1-month LIBOR + 0.060%, 0.178%, 7/25/2037(b)		456,763
	854,307	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.480%, 8/25/2038(a)		889,258
	2,033,466	Federal National Mortgage Association, REMIC, Series 2012-56, Class FK, 1-month LIBOR + 0.450%, 0.559%, 6/25/2042(b)		2,052,202
	3,652,808	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1-month LIBOR + 1.000%, 1.109%, 7/25/2043(b)		3,576,773
	5,707,428	Federal National Mortgage Association, REMIC, Series 2015-4, Class BF, 1-month LIBOR + 0.400%, 0.509%, 2/25/2045(b)		5,751,777
	9,489,738	Federal National Mortgage Association, REMIC, Series 2020-35, Class FA, 1-month LIBOR + 0.500%, 0.623%, 6/25/2050(b)		9,410,375
	6,541	FHLMC Structured Pass Through Securities, Series T-60, Class 2A1, 3.742%, 3/25/2044(a)(c)(d)		7,508
	382,974	FHLMC Structured Pass Through Securities, Series T-62, Class 1A1, 12-month MTA + 1.200%, 1.459%, 10/25/2044(b)(c)(d)		386,636
	3,371,031	Government National Mortgage Association, Series 2017-H05, Class FC, 1-month LIBOR + 0.750%, 0.870%, 2/20/2067(b)		3,425,055
	3,611,650	Government National Mortgage Association, Series 2019-H13, Class FT, 1-year CMT + 0.450%, 0.540%, 8/20/2069(b)		3,608,540
	5,242,658	Government National Mortgage Association, Series 2020-H02, Class FG, 1-month LIBOR + 0.600%, 0.720%, 1/20/2070(b)		5,304,459
	1,469,039	Government National Mortgage Association, Series 2005-18, Class F, 1-month LIBOR + 0.200%, 0.311%, 2/20/2035(b)		1,468,205
		Collateralized Mortgage Obligations — continued
	1,062,099	Government National Mortgage Association, Series 2007-59, Class FM, 1-month LIBOR + 0.520%, 0.631%, 10/20/2037(b)		1,069,333
	431,779	Government National Mortgage Association, Series 2009-H01, Class FA, 1-month LIBOR + 1.150%, 1.261%, 11/20/2059(b)(c)(d)		433,092
	974,501	Government National Mortgage Association, Series 2010-H20, Class AF, 1-month LIBOR + 0.330%, 0.450%, 10/20/2060(b)		974,965
	803,902	Government National Mortgage Association, Series 2010-H24, Class FA, 1-month LIBOR + 0.350%, 0.470%, 10/20/2060(b)		804,711
	442,294	Government National Mortgage Association, Series 2010-H27, Class FA, 1-month LIBOR + 0.380%, 0.500%, 12/20/2060(b)		443,074
	49,811	Government National Mortgage Association, Series 2011- H20, Class FA, 1-month LIBOR + 0.550%, 0.670%, 9/20/2061(b)		50,081
	621,791	Government National Mortgage Association, Series 2011-H06, Class FA, 1-month LIBOR + 0.450%, 0.570%, 2/20/2061(b)		623,846
	45,791	Government National Mortgage Association, Series 2011-H08, Class FA, 1-month LIBOR + 0.600%, 0.720%, 2/20/2061(b)		46,044
	32,380	Government National Mortgage Association, Series 2011-H23, Class HA, 3.000%, 12/20/2061(c)(d)		33,609
	34,004	Government National Mortgage Association, Series 2012-124, Class HT, 6.500%, 7/20/2032(a)(c)(d)		33,321
	3,095,433	Government National Mortgage Association, Series 2012-18, Class FM, 1-month LIBOR + 0.250%, 0.361%, 9/20/2038(b)		3,098,963
	819	Government National Mortgage Association, Series 2012-H15, Class FA, 1-month LIBOR + 0.450%, 0.570%, 5/20/2062(b)(c)(d)		814
	573,168	Government National Mortgage Association, Series 2012-H18, Class NA, 1-month LIBOR + 0.520%, 0.640%, 8/20/2062(b)		575,887
	1,769,864	Government National Mortgage Association, Series 2012-H20, Class PT, 0.930%, 7/20/2062(a)		1,767,044
	126,474	Government National Mortgage Association, Series 2012-H29, Class HF, 1-month LIBOR + 0.500%, 0.620%, 10/20/2062(b)(c)(d)		126,009
	44,105	Government National Mortgage Association, Series 2013-H02, Class GF, 1-month LIBOR + 0.500%, 0.620%, 12/20/2062(b)(c)(d)		43,871
	2,136,955	Government National Mortgage Association, Series 2013-H08, Class FA, 1-month LIBOR + 0.350%, 0.470%, 3/20/2063(b)		2,138,664
	1,639,923	Government National Mortgage Association, Series 2013-H10, Class FA, 1-month LIBOR + 0.400%, 0.520%, 3/20/2063(b)		1,643,071
	267,105	Government National Mortgage Association, Series 2013-H14, Class FG, 1-month LIBOR + 0.470%, 0.590%, 5/20/2063(b)		267,984
	6,279,941	Government National Mortgage Association, Series 2013-H22, Class FT, 1-year CMT + 0.650%, 0.740%, 4/20/2063(b)		6,255,529
	4,276,292	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 0.644%, 7/20/2064(b)		4,300,894

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)


Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	3,220,468	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 0.620%, 7/20/2064(b)	$	3,241,380
	2,515,285	Government National Mortgage Association, Series 2015-H04, Class FL, 1-month LIBOR + 0.470%, 0.590%, 2/20/2065(b)		2,527,030
	21,505	Government National Mortgage Association, Series 2015-H05, Class FA, 1-month LIBOR + 0.300%, 0.420%, 4/20/2061(b)(c)(d)		21,396
	62,721	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065(c)(d)		62,924
	302,975	Government National Mortgage Association, Series 2015-H10, Class FC, 1-month LIBOR + 0.480%, 0.600%, 4/20/2065(b)		304,698
	4,800,384	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		4,876,296
	18,408	Government National Mortgage Association, Series 2015-H11, Class FA, 1-month LIBOR + 0.250%, 0.370%, 4/20/2065(b)(c)(d)		18,309
	3,241,164	Government National Mortgage Association, Series 2015-H12, Class FL, 1-month LIBOR + 0.230%, 0.350%, 5/20/2065(b)		3,235,751
	148,965	Government National Mortgage Association, Series 2015-H19, Class FH, 1-month LIBOR + 0.300%, 0.420%, 7/20/2065(b)(c)(d)		148,210
	12,375	Government National Mortgage Association, Series 2015-H29, Class FA, 1-month LIBOR + 0.700%, 0.820%, 10/20/2065(b)(c)(d)		12,294
	6,925	Government National Mortgage Association, Series 2015-H30, Class FA, 1-month LIBOR + 0.680%, 0.800%, 8/20/2061(b)(c)(d)		6,936
	4,814,225	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 1.040%, 2/20/2066(b)		4,904,150
	111,452	Government National Mortgage Association, Series 2016-H10, Class FJ, 1-month LIBOR + 0.600%, 0.720%, 4/20/2066(b)(c)(d)		110,925
	60,677	Government National Mortgage Association, Series 2016-H19, Class FJ, 1-month LIBOR + 0.400%, 0.520%, 9/20/2063(b)(c)(d)		60,386
	1,464,538	Government National Mortgage Association, Series 2016-H20, Class FB, 1-month LIBOR + 0.550%, 0.670%, 9/20/2066(b)		1,474,263
	150,660	Government National Mortgage Association, Series 2018-H02, Class FJ, 1-month LIBOR + 0.200%, 0.320%, 10/20/2064(b)		150,563
	6,708,994	Government National Mortgage Association, Series 2018-H11, Class FJ, 12-month LIBOR + 0.080%, 0.718%, 6/20/2068(b)		6,639,337
	153,604	Government National Mortgage Association, Series 2018-H14, Class FG, 1-month LIBOR + 0.350%, 0.470%, 9/20/2068(b)		153,278
	9,449,965	Government National Mortgage Association, Series 2018-H16, Class FA, 1-month LIBOR + 0.420%, 0.540%, 9/20/2068(b)		9,497,581
	9,546,318	Government National Mortgage Association, Series 2019-H04, Class NA, 3.500%, 9/20/2068		10,210,570
	3,133,251	Government National Mortgage Association, Series 2020-30, Class F, 1-month LIBOR + 0.400%, 0.515%, 4/20/2048(b)		3,145,313
	5,744,858	Government National Mortgage Association, Series 2020-53, Class NF, 1-month LIBOR + 0.450%, 0.565%, 5/20/2046(b)		5,714,049
		Collateralized Mortgage Obligations — continued
	5,652,099	Government National Mortgage Association, Series 2020-H04, Class FP, 1-month LIBOR + 0.500%, 0.620%, 6/20/2069(b)		5,694,461
	11,666,405	Government National Mortgage Association, Series 2020-H07, Class FL, 1-month LIBOR + 0.650%, 0.761%, 4/20/2070(b)		11,730,068
	12,805,786	Government National Mortgage Association, Series 2020-H10, Class FD, 1-month LIBOR + 0.400%, 0.511%, 5/20/2070(b)		12,687,666
	5,844,629	Government National Mortgage Association, Series 2020-HO1, Class FT, 1-year CMT + 0.500%, 0.610%, 1/20/2070(b)		5,842,134

				167,955,969

		Hybrid ARMs — 3.4%
	207,920	FHLMC, 1-year CMT + 1.941%, 2.066%, 9/01/2038(b)		208,699
	781,729	FHLMC, 12-month LIBOR + 1.737%, 2.208%, 4/01/2037(b)		786,628
	310,755	FHLMC, 6-month LIBOR + 1.713%, 2.246%, 6/01/2037(b)		311,426
	54,797	FHLMC, 12-month LIBOR + 1.741%, 2.361%, 12/01/2037(b)		55,137
	694,644	FHLMC, 12-month LIBOR + 1.761%, 2.374%, 9/01/2035(b)		726,711
	155,651	FHLMC, 1-year CMT + 2.250%, 2.375%, 2/01/2035(b)		166,073
	117,138	FHLMC, 1-year CMT + 2.209%, 2.425%, 9/01/2038(b)		117,583
	617,587	FHLMC, 1-year CMT + 2.285%, 2.443%, 2/01/2036(b)		658,084
	187,990	FHLMC, 12-month LIBOR + 1.733%, 2.470%, 4/01/2037(b)		196,606
	390,639	FHLMC, 1-year CMT + 2.246%, 2.539%, 9/01/2038(b)		415,671
	127,276	FHLMC, 12-month LIBOR + 1.656%, 2.544%, 11/01/2038(b)		128,052
	1,055,212	FHLMC, 1-year CMT + 2.255%, 2.548%, 2/01/2036(b)		1,122,551
	150,877	FHLMC, 12-month LIBOR + 2.180%, 2.555%, 3/01/2037(b)		151,679
	2,737,910	FHLMC, 12-month LIBOR + 1.842%, 2.556%, 1/01/2046(b)		2,844,121
	407,406	FHLMC, 1-year CMT + 2.165%, 2.572%, 4/01/2036(b)		407,939
	1,832,765	FHLMC, 1-year CMT + 2.248%, 2.573%, 3/01/2037(b)		1,950,882
	527,084	FHLMC, 1-year CMT + 2.220%, 2.595%, 7/01/2033(b)		529,889
	431,121	FHLMC, 1-year CMT + 2.245%, 2.837%, 3/01/2036(b)		461,133
	201,683	FHLMC, 12-month LIBOR + 1.932%, 2.901%, 12/01/2034(b)		204,217
	161,311	FHLMC, 12-month LIBOR + 1.823%, 2.918%, 11/01/2038(b)		163,944
	191,733	FHLMC, 12-month LIBOR + 1.763%, 3.158%, 3/01/2038(b)		193,829
	1,089,467	FHLMC, 12-month LIBOR + 1.894%, 3.641%, 9/01/2041(b)		1,153,242
	35,373	FNMA, 6-month LIBOR + 1.460%, 1.710%, 2/01/2037(b)		36,349
	469,773	FNMA, 6-month LIBOR + 1.543%, 1.791%, 7/01/2035(b)		488,035

See accompanying notes to financial statements.

51 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)


Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	45,256	FNMA, 12-month LIBOR + 1.754%, 2.129%, 1/01/2037(b)	$	45,911
	451,337	FNMA, 12-month LIBOR + 1.765%, 2.140%, 2/01/2037(b)		456,365
	247,168	FNMA, 12-month LIBOR + 1.650%, 2.150%, 10/01/2033(b)		259,552
	121,692	FNMA, 12-month LIBOR + 1.800%, 2.175%, 12/01/2041(b)		122,432
	992,924	FNMA, 12-month LIBOR + 1.820%, 2.195%, 2/01/2047(b)		1,065,204
	711,519	FNMA, 12-month LIBOR + 1.625%, 2.251%, 9/01/2037(b)		741,969
	117,871	FNMA, 12-month LIBOR + 1.480%, 2.272%, 8/01/2035(b)		117,838
	1,209,549	FNMA, 12-month LIBOR + 1.800%, 2.300%, 10/01/2041(b)		1,276,950
	409,906	FNMA, 1-year CMT + 2.185%, 2.310%, 1/01/2036(b)		425,837
	713,877	FNMA, 12-month LIBOR + 1.591%, 2.326%, 7/01/2035(b)		742,227
	188,540	FNMA, 1-year CMT + 2.185%, 2.362%, 12/01/2034(b)		188,998
	144,383	FNMA, 12-month LIBOR + 1.731%, 2.406%, 11/01/2035(b)		152,434
	1,244,255	FNMA, 1-year CMT + 2.173%, 2.428%, 11/01/2033(b)		1,317,934
	209,376	FNMA, 12-month LIBOR + 1.676%, 2.446%, 11/01/2036(b)		220,701
	486,523	FNMA, 12-month LIBOR + 1.703%, 2.453%, 8/01/2034(b)		492,473
	224,117	FNMA, 1-year CMT + 2.287%, 2.462%, 10/01/2033(b)		225,704
	345,334	FNMA, 1-year CMT + 2.223%, 2.499%, 8/01/2035(b)		346,681
	236,401	FNMA, 1-year CMT + 2.147%, 2.507%, 9/01/2034(b)		250,119
	1,356,939	FNMA, 1-year CMT + 2.223%, 2.511%, 4/01/2034(b)		1,439,359
	87,766	FNMA, 1-year CMT + 2.145%, 2.528%, 9/01/2036(b)		89,592
	349,218	FNMA, 12-month LIBOR + 1.657%, 2.537%, 8/01/2038(b)		351,868
	1,188,169	FNMA, 12-month LIBOR + 1.587%, 2.590%, 4/01/2037(b)		1,249,073
	163,516	FNMA, 1-year CMT + 2.479%, 2.604%, 5/01/2035(b)		173,539
	482,444	FNMA, 6-month LIBOR + 2.206%, 2.626%, 7/01/2037(b)		508,892
	391,504	FNMA, 12-month LIBOR + 1.637%, 2.637%, 7/01/2038(b)		397,800
	643,351	FNMA, 1-year CMT + 2.274%, 2.649%, 6/01/2037(b)		688,179
	1,142,339	FNMA, 1-year CMT + 2.171%, 2.655%, 12/01/2040(b)		1,209,628
	441,892	FNMA, 1-year CMT + 2.287%, 2.677%, 6/01/2033(b)		441,858
	2,351,607	FNMA, 1-year CMT + 2.212%, 2.677%, 10/01/2034(b)		2,494,997
	68,549	FNMA, 12-month LIBOR + 1.802%, 2.737%, 7/01/2041(b)		68,861
	60,475	FNMA, 1-year CMT + 2.440%, 2.815%, 8/01/2033(b)		60,821
	178,278	FNMA, 1-year CMT + 2.500%, 2.916%, 8/01/2036(b)		192,186
		Hybrid ARMs — continued
	948,349	FNMA, 12-month LIBOR + 1.733%, 3.037%, 9/01/2037(b)		1,003,841
	299,411	FNMA, 1-year CMT + 2.208%, 3.134%, 4/01/2034(b)		302,230
	351,536	FNMA, 1-year CMT + 2.130%, 3.218%, 6/01/2036(b)		363,540
	204,204	FNMA, 12-month LIBOR + 1.587%, 3.303%, 4/01/2037(b)		206,089
	157,850	FNMA, 12-month LIBOR + 2.473%, 3.348%, 6/01/2035(b)		159,819
	1,013,326	FNMA, 12-month LIBOR + 1.791%, 3.544%, 3/01/2037(b)		1,072,835
	98,704	FNMA, 1-year CMT + 2.141%, 3.641%, 4/01/2033(b)		98,883
	136,693	FNMA, 12-month LIBOR + 1.800%, 3.738%, 3/01/2034(b)		144,046

				34,645,745

		Mortgage Related — 2.2%
	31,783	FHLMC, 3.000%, 10/01/2026		33,613
	231,809	FHLMC, 4.000%, with various maturities from 2024 to 2042(f)		252,862
	98,732	FHLMC, 4.500%, with various maturities from 2025 to 2034(f)		104,782
	24,362	FHLMC, 5.500%, 10/01/2023		25,153
	168,111	FHLMC, 6.500%, 12/01/2034		193,153
	84	FHLMC, 7.500%, 6/01/2026		91
	87,759	FNMA, 3.000%, 3/01/2042		93,327
	881,688	FNMA, 5.000%, with various maturities from 2037 to 2038(f)		1,020,076
	373,278	FNMA, 5.500%, with various maturities from 2023 to 2033(f)		411,597
	145,874	FNMA, 6.000%, with various maturities from 2021 to 2022(f)		149,975
	152,739	FNMA, 6.500%, with various maturities from 2032 to 2037(f)		172,704
	43,570	FNMA, 7.500%, with various maturities from 2030 to 2032(f)		47,602
	2,078,860	GNMA, 1-month LIBOR + 1.754%, 1.884%, 2/20/2061(b)		2,177,241
	1,626,865	GNMA, 1-month LIBOR + 1.890%, 2.035%, 2/20/2063(b)		1,700,773
	1,766,396	GNMA, 1-month LIBOR + 2.174%, 2.316%, 3/20/2063(b)		1,840,423
	713,981	GNMA, 1-month LIBOR + 2.250%, 2.396%, 6/20/2065(b)		775,696
	690,372	GNMA, 1-month LIBOR + 2.254%, 2.399%, 5/20/2065(b)		746,680
	928,129	GNMA, 1-month LIBOR + 2.351%, 2.497%, 2/20/2063(b)		976,018
	105,818	GNMA, 3.640%, 3/20/2063(a)		106,590
	32,317	GNMA, 3.677%, 2/20/2063(a)		33,015
	499,099	GNMA, 3.915%, 6/20/2063(a)		510,440
	54,792	GNMA, 4.002%, 12/20/2062(a)		57,315
	23,690	GNMA, 4.140%, 12/20/2061(a)		25,655
	83,785	GNMA, 4.283%, 4/20/2063(a)		88,567
	13,637	GNMA, 4.327%, 8/20/2061(a)		15,074
	3,196,939	GNMA, 4.467%, 10/20/2065(a)		3,547,457
	268,270	GNMA, 4.528%, 7/20/2063(a)		291,418
	6,198	GNMA, 4.558%, 8/20/2062(a)		6,717
	1,603,790	GNMA, 4.598%, 2/20/2066(a)		1,753,927
	8,514	GNMA, 4.610%, 2/20/2062(a)		8,800
	1,790,959	GNMA, 4.613%, 3/20/2064(a)		1,928,221
	269,515	GNMA, 4.627%, 1/20/2064(a)		291,156

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)


Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	25,474	GNMA, 4.630%, with various maturities from 2061 to 2062(a)(f)	$	25,717
	1,728,380	GNMA, 4.670%, 11/20/2063(a)		1,869,072
	1,137,554	GNMA, 4.682%, 5/20/2064(a)		1,225,204
	65,850	GNMA, 4.700%, with various maturities from 2061 to 2062(a)(f)		68,984
	3,151	GNMA, 4.897%, 4/20/2061(a)		3,319
	8,387	GNMA, 6.000%, 12/15/2031		9,844
	33,029	GNMA, 6.500%, 5/15/2031		38,793
	41,713	GNMA, 7.000%, 10/15/2028		46,457

				22,673,508

		Non-Agency Commercial Mortgage-Backed Securities — 1.8%
	1,595,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		1,633,298
	3,895,000	Barclays Commercial Mortgage Securities Trust, Series 2020-BID, Class A, 1-month LIBOR + 2.140%, 2.246%, 10/15/2037, 144A(b)		3,914,517
	1,310,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		1,274,643
	1,488,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,606,413
	4,143,089	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class ASB, 3.550%, 2/10/2049		4,402,143
	414,944	DBUBS Mortgage Trust, Series 2011-LC2A, Class A4, 4.537%, 7/10/2044, 144A		415,735
	2,600,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		2,364,757
	1,040,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class A4, 3.134%, 12/15/2048		1,079,310
	3,279,464	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1-month LIBOR + 1.470%, 1.576%, 11/15/2027, 144A(b)		2,382,859

				19,073,675

		Treasuries — 38.2%
	11,510,000	U.S. Treasury Note, 0.125%, 11/30/2022		11,507,752
	9,500,000	U.S. Treasury Note, 0.125%, 2/28/2023		9,494,063
	27,350,000	U.S. Treasury Note, 0.125%, 3/31/2023		27,331,838
	18,650,000	U.S. Treasury Note, 0.250%, 6/30/2025		18,272,629
	13,840,000	U.S. Treasury Note, 0.250%, 8/31/2025		13,517,788
	13,070,000	U.S. Treasury Note, 0.250%, 9/30/2025		12,747,845
	13,605,000	U.S. Treasury Note, 0.250%, 10/31/2025		13,247,337
	47,425,000	U.S. Treasury Note, 0.375%, 4/30/2025		46,830,335
	7,255,000	U.S. Treasury Note, 0.375%, 11/30/2025		7,096,580
	56,000,000	U.S. Treasury Note, 0.375%, 12/31/2025		54,689,687
	24,685,000	U.S. Treasury Note, 0.375%, 1/31/2026		24,073,661
	4,600,000	U.S. Treasury Note, 0.500%, 3/31/2025		4,570,711
	12,970,000	U.S. Treasury Note, 0.750%, 3/31/2026		12,857,526
	20,945,000	U.S. Treasury Note, 1.250%, 7/31/2023		21,448,989
	11,470,000	U.S. Treasury Note, 2.000%, 2/15/2025		12,080,688
	6,915,000	U.S. Treasury Note, 2.250%, 1/31/2024		7,292,084
	3,340,000	U.S. Treasury Note, 2.250%, 10/31/2024		3,543,792
	9,200,000	U.S. Treasury Note, 2.375%, 1/31/2023		9,573,031
	67,520,000	U.S. Treasury Note, 2.875%, 10/31/2023		72,051,225
	9,955,000	U.S. Treasury Note, 2.875%, 7/31/2025		10,858,727

				393,086,288

		Total Bonds and Notes (Identified Cost $971,571,172)		979,377,235

	Short-Term Investments — 2.9%
	10,085,366	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2021 at 0.000% to be repurchased at $10,085,366 on 4/01/2021 collateralized by $9,888,300 U.S. Treasury Note, 1.500% due 11/30/2024 valued at $10,287,177 including accrued interest (Note 2 of Notes to Financial Statements)		10,085,366
	14,225,000	U.S. Treasury Bills, 0.000%, 4/13/2021(g)		14,224,976
	5,245,000	U.S. Treasury Bills, 0.003%, 4/01/2021(g)		5,245,000

		Total Short-Term Investments (Identified Cost $29,555,366)		29,555,342


		Total Investments — 98.0% (Identified Cost $1,001,126,538)		1,008,932,577
		Other assets less liabilities — 2.0%		21,112,455

		Net Assets — 100.0%	$	1,030,045,032


	(†)	See Note 2 of Notes to Financial Statements.
	(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, 2021 is disclosed.
	(b)	Variable rate security. Rate as of March 31, 2021 is disclosed.
	(c)	Fair valued by the Fund’s adviser. At March 31, 2021, the value of these securities amounted to $3,592,035 or 0.3% of net assets. See Note 2 of Notes to Financial Statements.
	(d)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 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.

	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, 2021, the value of Rule 144A holdings amounted to $42,125,892 or 4.1% 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
	MTN	Medium Term Note
	REMIC	Real Estate Mortgage Investment Conduit
	SOFR	Secured Overnight Financing Rate

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Industry Summary at March 31, 2021 (Unaudited)


Treasuries	38.2	%
Agency Commercial Mortgage-Backed Securities	28.6
Collateralized Mortgage Obligations	16.3
ABS Car Loan	3.4
Hybrid ARMs	3.4
Mortgage Related	2.2
Other Investments, less than 2% each	3.0
Short-Term Investments	2.9

Total Investments	98.0
Other assets less liabilities	2.0

Net Assets	100.0	%

See accompanying notes to financial statements.

| 54

Statements of Assets and Liabilities

March 31, 2021 (Unaudited)


	Core Plus Bond Fund		Credit Income Fund		Global Allocation Fund
ASSETS
Investments at cost	$	10,095,675,127	$	25,142,512	$	3,540,143,236
Net unrealized appreciation		122,802,774		114,185		992,921,533

Investments at value		10,218,477,901		25,256,697		4,533,064,769
Cash		19,853,467		446,356		6,465,456
Due from brokers (Note 2)		5,921,866		—		5,505,241
Foreign currency at value (identified cost $0, $0 and $11,511,032, respectively)		—		—		11,388,136
Receivable for Fund shares sold		54,954,829		—		6,233,344
Receivable from investment adviser (Note 6)		—		6,196		—
Receivable for securities sold		494,209,008		5,303		26,706,513
Receivable for when-issued/delayed delivery securities sold (Note 2)		407,409,394		—		—
Dividends and interest receivable		54,437,241		218,255		10,247,684
Unrealized appreciation on forward foreign currency contracts (Note 2)		—		—		476,208
Tax reclaims receivable		—		—		1,129,452
Receivable for variation margin on futures contracts (Note 2)		—		2,406		—
Prepaid expenses (Note 9)		36		—		15

TOTAL ASSETS		11,255,263,742		25,935,213		4,601,216,818

LIABILITIES
Securities sold short, at value (proceeds $39,306,851) (Note 2)		39,198,402		—		—
Payable for securities purchased		583,906,372		306,312		55,637,321
Payable for when-issued/delayed delivery securities purchased (Note 2)		751,111,106		—		—
Payable for Fund shares redeemed		6,673,493		—		4,490,830
Unrealized depreciation on forward foreign currency contracts (Note 2)		—		—		7,410,449
Foreign taxes payable (Note 2)		—		—		2,834,330
Payable for variation margin on futures contracts (Note 2)		—		—		104,946
Management fees payable (Note 6)		2,638,887		—		2,811,514
Deferred Trustees’ fees (Note 6)		814,196		1,343		358,003
Administrative fees payable (Note 6)		358,800		931		163,205
Payable to distributor (Note 6d)		89,832		—		74,081
Other accounts payable and accrued expenses		196,284		43,196		185,868

TOTAL LIABILITIES		1,384,987,372		351,782		74,070,547

NET ASSETS	$	9,870,276,370	$	25,583,431	$	4,527,146,271

NET ASSETS CONSIST OF:
Paid-in capital	$	9,785,396,888	$	25,506,531	$	3,414,290,938
Accumulated earnings		84,879,482		76,900		1,112,855,333

NET ASSETS	$	9,870,276,370	$	25,583,431	$	4,527,146,271

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	685,719,460	$	88,128	$	665,635,749

Shares of beneficial interest		50,832,698		8,781		24,585,923

Net asset value and redemption price per share	$	13.49	$	10.04	$	27.07

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	14.09	$	10.49	$	28.72

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	121,408,741	$	1,013	$	515,116,633

Shares of beneficial interest		8,996,397		101		19,353,877

Net asset value and offering price per share	$	13.50	$	10.03	$	26.62

Class N shares:
Net assets	$	2,704,369,763	$	25,472,982	$	306,202,254

Shares of beneficial interest		198,646,572		2,538,807		11,237,224

Net asset value, offering and redemption price per share	$	13.61	$	10.03	$	27.25

Class Y shares:
Net assets	$	6,358,778,406	$	21,308	$	3,040,191,635

Shares of beneficial interest		467,365,399		2,124		111,540,812

Net asset value, offering and redemption price per share	$	13.61	$	10.03	$	27.26

See accompanying notes to financial statements.

55 |

Statements of Assets and Liabilities

March 31, 2021 (Unaudited)


	Growth Fund		Intermediate Duration Bond Fund		Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	6,891,786,256	$	358,232,542	$	1,001,126,538
Net unrealized appreciation		5,801,834,529		1,659,299		7,806,039

Investments at value		12,693,620,785		359,891,841		1,008,932,577
Due from brokers (Note 2)		—		165,000		—
Receivable for Fund shares sold		26,540,917		313,949		3,574,127
Receivable for securities sold		—		1,801,186		32,143,714
Dividends and interest receivable		4,173,585		1,126,982		2,046,488
Tax reclaims receivable		10,109,321		—		—
Prepaid expenses (Note 9)		41		2		4

TOTAL ASSETS		12,734,444,649		363,298,960		1,046,696,910

LIABILITIES
Payable for securities purchased		—		3,701,496		14,225,000
Payable for Fund shares redeemed		9,619,217		144,677		1,456,553
Payable for variation margin on futures contracts (Note 2)		—		21,717		—
Distributions payable		—		—		85,702
Management fees payable (Note 6)		5,327,411		60,664		272,221
Deferred Trustees’ fees (Note 6)		713,295		151,711		444,436
Administrative fees payable (Note 6)		457,026		13,072		37,432
Payable to distributor (Note 6d)		119,756		4,659		16,493
Other accounts payable and accrued expenses		328,356		48,052		114,041

TOTAL LIABILITIES		16,565,061		4,146,048		16,651,878

NET ASSETS	$	12,717,879,588	$	359,152,912	$	1,030,045,032

NET ASSETS CONSIST OF:
Paid-in capital	$	6,502,777,156	$	357,239,942	$	1,053,603,086
Accumulated earnings (loss)		6,215,102,432		1,912,970		(23,558,054	)

NET ASSETS	$	12,717,879,588	$	359,152,912	$	1,030,045,032

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	1,630,600,596	$	21,051,488	$	299,203,687

Shares of beneficial interest		73,748,909		1,996,514		26,155,711

Net asset value and redemption price per share	$	22.11	$	10.54	$	11.44

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	23.46	$	11.01	$	11.70

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	129,093,514	$	405,287	$	24,388,359

Shares of beneficial interest		6,540,849		38,334		2,131,982

Net asset value and offering price per share	$	19.74	$	10.57	$	11.44

Class N shares:
Net assets	$	650,716,558	$	19,076,494	$	10,653,304

Shares of beneficial interest		27,324,348		1,810,721		928,738

Net asset value, offering and redemption price per share	$	23.81	$	10.54	$	11.47

Class Y shares:
Net assets	$	10,307,468,920	$	318,619,643	$	695,799,682

Shares of beneficial interest		432,696,221		30,228,877		60,633,131

Net asset value, offering and redemption price per share	$	23.82	$	10.54	$	11.48

See accompanying notes to financial statements.

| 56

Statements of Operations

For the Six Months Ended March 31, 2021 (Unaudited)


	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund
INVESTMENT INCOME
Interest	$	107,659,683		$	369,681		$	18,853,545
Dividends		—			9,922			12,749,290
Less net foreign taxes withheld		—			(3	)		(477,694	)

		107,659,683			379,600			31,125,141

Expenses
Management fees (Note 6)		15,054,976			53,903			16,053,061
Service and distribution fees (Note 6)		1,464,349			83			3,360,205
Administrative fees (Note 6)		2,051,911			5,527			935,175
Trustees’ fees and expenses (Note 6)		240,307			6,879			112,149
Transfer agent fees and expenses (Notes 6 and 8)		2,702,181			2,412			1,592,197
Audit and tax services fees		26,955			31,169			30,338
Custodian fees and expenses (Note 7)		151,720			3,910			184,985
Legal fees (Note 9)		123,132			423			56,013
Registration fees		241,222			15,361			145,904
Shareholder reporting expenses		85,827			1,320			97,517
Miscellaneous expenses (Note 9)		139,846			16,424			93,979

Total expenses		22,282,426			137,411			22,661,523
Less waiver and/or expense reimbursement (Note 6)		—			(70,571	)		—

Net expenses		22,282,426			66,840			22,661,523

Net investment income		85,377,257			312,760			8,463,618

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		24,145,718			43,214			169,768,355
Futures contracts		—			—			(323,838	)
Short sales		36,388			—			—
Forward foreign currency contracts (Note 2e)		—			—			(7,029,426	)
Foreign currency transactions (Note 2d)		207,294			—			559,205
Net change in unrealized appreciation (depreciation) on:
Investments		(237,070,240	)		199,279			228,685,297
Futures contracts		—			2,720			(280,831	)
Short sales		108,449			—			—
Forward foreign currency contracts (Note 2e)		—			—			(8,946,072	)
Foreign currency translations (Note 2d)		(29,757	)		—			(40,490	)

Net realized and unrealized gain (loss) on investments, futures contracts, short sales, forward foreign currency contracts and foreign currency transactions		(212,602,148	)		245,213			382,392,200

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(127,224,891	)	$	557,973		$	390,855,818

See accompanying notes to financial statements.

57 |

Statements of Operations

For the Six Months Ended March 31, 2021 (Unaudited)


	Growth Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	—		$	3,054,661		$	6,140,884
Dividends		55,742,094			—			—
Less net foreign taxes withheld		(4,166,478	)		—			—

		51,575,616			3,054,661			6,140,884

Expenses
Management fees (Note 6)		30,574,486			434,891			1,627,335
Service and distribution fees (Note 6)		2,624,477			28,102			463,213
Administrative fees (Note 6)		2,633,301			74,904			224,703
Trustees’ fees and expenses (Note 6)		274,590			27,153			67,839
Transfer agent fees and expenses (Notes 6 and 8)		4,358,611			129,005			451,643
Audit and tax services fees		43,248			26,255			28,352
Custodian fees and expenses (Note 7)		387,820			11,469			22,781
Legal fees (Note 9)		158,569			4,355			13,883
Registration fees		126,180			56,486			84,482
Shareholder reporting expenses		87,683			5,427			28,710
Miscellaneous expenses (Note 9)		225,456			20,534			22,852

Total expenses		41,494,421			818,581			3,035,793
Less waiver and/or expense reimbursement (Note 6)		—			(98,330	)		(619	)

Net expenses		41,494,421			720,251			3,035,174

Net investment income		10,081,195			2,334,410			3,105,710

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain (loss) on:
Investments		442,802,279			1,203,951			1,232,179
Futures contracts		—			(5,936	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		899,563,264			(6,369,769	)		(8,509,554	)
Futures contracts		—			(164,475	)		—

Net realized and unrealized gain (loss) on investments and futures contracts		1,342,365,543			(5,336,229	)		(7,277,375	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,352,446,738		$	(3,001,819	)	$	(4,171,665	)

See accompanying notes to financial statements.

| 58

Statements of Changes in Net Assets


	Core Plus Bond Fund						Credit Income Fund
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Six Months Ended March 31, 2021 (Unaudited)			Period Ended September 30, 2020(a)
FROM OPERATIONS:
Net investment income	$	85,377,257		$	170,336,486		$	312,760		$	374
Net realized gain on investments, short sales and foreign currency transactions		24,389,400			299,827,757			43,214			—
Net change in unrealized appreciation (depreciation) on investments, futures contracts, short sales and foreign currency translations		(236,991,548	)		200,630,915			201,999			(85,094	)

Net increase (decrease) in net assets resulting from operations		(127,224,891	)		670,795,158			557,973			(84,720	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(19,149,865	)		(11,953,860	)		(1,003	)		—
Class C		(3,400,467	)		(2,056,615	)		(11	)		—
Class N		(81,629,843	)		(67,400,814	)		(395,016	)		—
Class Y		(187,518,127	)		(111,898,170	)		(325	)		—

Total distributions		(291,698,302	)		(193,309,459	)		(396,355	)		—

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		1,010,455,860			1,308,282,070			503,533			25,003,000

Net increase in net assets		591,532,667			1,785,767,769			665,151			24,918,280
NET ASSETS
Beginning of the period		9,278,743,703			7,492,975,934			24,918,280			—

End of the period	$	9,870,276,370		$	9,278,743,703		$	25,583,431		$	24,918,280

(a)	From commencement of operations on September 29, 2020 through September 30, 2020.

See accompanying notes to financial statements.

59 |

Statements of Changes in Net Assets


	Global Allocation Fund						Growth Fund
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
FROM OPERATIONS:
Net investment income	$	8,463,618		$	17,209,846		$	10,081,195		$	23,245,547
Net realized gain on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		162,974,296			216,871,990			442,802,279			534,694,084
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations		219,417,904			212,609,579			899,563,264			2,336,956,869

Net increase in net assets resulting from operations		390,855,818			446,691,415			1,352,446,738			2,894,896,500

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(37,700,764	)		(13,439,861	)		(71,172,533	)		(35,045,986	)
Class C		(27,793,335	)		(11,301,039	)		(6,613,461	)		(3,210,189	)
Class N		(17,490,999	)		(6,572,302	)		(27,159,617	)		(16,996,001	)
Class Y		(172,869,178	)		(60,646,702	)		(427,889,322	)		(197,277,542	)

Total distributions		(255,854,276	)		(91,959,904	)		(532,834,933	)		(252,529,718	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		350,587,075			612,522,950			398,242,982			26,641,271

Net increase in net assets		485,588,617			967,254,461			1,217,854,787			2,669,008,053
NET ASSETS
Beginning of the period		4,041,557,654			3,074,303,193			11,500,024,801			8,831,016,748

End of the period	$	4,527,146,271		$	4,041,557,654		$	12,717,879,588		$	11,500,024,801

See accompanying notes to financial statements.

| 60

Statements of Changes in Net Assets (continued)


	Intermediate Duration Bond Fund						Limited Term Government and Agency Fund
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
FROM OPERATIONS:
Net investment income	$	2,334,410		$	5,315,122		$	3,105,710		$	9,045,389
Net realized gain on investments and futures contracts		1,198,015			8,937,549			1,232,179			9,395,293
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(6,534,244	)		4,520,840			(8,509,554	)		8,389,983

Net increase (decrease) in net assets resulting from operations		(3,001,819	)		18,773,511			(4,171,665	)		26,830,665

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(632,595	)		(502,738	)		(1,073,003	)		(4,298,464	)
Class C		(17,668	)		(8,696	)		(6,574	)		(141,631	)
Class N		(666,465	)		(94,763	)		(52,892	)		(149,308	)
Class Y		(10,232,995	)		(6,108,309	)		(3,449,288	)		(8,468,385	)

Total distributions		(11,549,723	)		(6,714,506	)		(4,581,757	)		(13,057,788	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		56,190,092			64,275,136			20,302,690			211,874,926

Net increase in net assets		41,638,550			76,334,141			11,549,268			225,647,803
NET ASSETS
Beginning of the period		317,514,362			241,180,221			1,018,495,764			792,847,961

End of the period	$	359,152,912		$	317,514,362		$	1,030,045,032		$	1,018,495,764

See accompanying notes to financial statements.

61 |

Financial Highlights

For a share outstanding throughout each period.


	Core Plus Bond Fund—Class A
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	14.08		$	13.25		$	12.53		$	12.96		$	13.06		$	12.34

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.26			0.34			0.35			0.28			0.37
Net realized and unrealized gain (loss)		(0.28	)		0.86			0.70			(0.38	)		(0.04	)		0.71

Total from Investment Operations		(0.17	)		1.12			1.04			(0.03	)		0.24			1.08

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.29	)		(0.32	)		(0.40	)		(0.34	)		(0.36	)
Net realized capital gains		(0.28	)		—			—			—			—			—

Total Distributions		(0.42	)		(0.29	)		(0.32	)		(0.40	)		(0.34	)		(0.36	)

Net asset value, end of the period	$	13.49		$	14.08		$	13.25		$	12.53		$	12.96		$	13.06

Total return(b)		(1.27	)%(c)		8.60	%		8.39	%		(0.27	)%		1.86	%		8.90	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	685,719		$	617,609		$	558,291		$	600,762		$	676,892		$	776,566
Net expenses		0.71	%(d)		0.72	%(e)		0.73	%		0.73	%		0.73	%		0.73	%
Gross expenses		0.71	%(d)		0.72	%		0.73	%		0.73	%		0.73	%		0.73	%
Net investment income		1.55	%(d)		1.88	%		2.63	%		2.71	%		2.19	%		2.91	%
Portfolio turnover rate		144	%		359	%(f)		297	%(g)		181	%		195	%		143	%

(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.

| 62

Financial Highlights (continued)

For a share outstanding throughout each period.


	Core Plus Bond Fund—Class C
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	14.09		$	13.25		$	12.53		$	12.96		$	13.06		$	12.33

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.15			0.24			0.25			0.19			0.27
Net realized and unrealized gain (loss)		(0.28	)		0.88			0.70			(0.38	)		(0.05	)		0.73

Total from Investment Operations		(0.22	)		1.03			0.94			(0.13	)		0.14			1.00

LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.19	)		(0.22	)		(0.30	)		(0.24	)		(0.27	)
Net realized capital gains		(0.28	)		—			—			—			—			—

Total Distributions		(0.37	)		(0.19	)		(0.22	)		(0.30	)		(0.24	)		(0.27	)

Net asset value, end of the period	$	13.50		$	14.09		$	13.25		$	12.53		$	12.96		$	13.06

Total return(b)		(1.71	)%(c)		7.83	%		7.57	%		(1.03	)%		1.08	%		8.17	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	121,409		$	132,590		$	160,201		$	185,758		$	248,687		$	321,626
Net expenses		1.46	%(d)		1.47	%(e)		1.48	%		1.48	%		1.48	%		1.48	%
Gross expenses		1.46	%(d)		1.47	%		1.48	%		1.48	%		1.48	%		1.48	%
Net investment income		0.79	%(d)		1.13	%		1.88	%		1.96	%		1.44	%		2.16	%
Portfolio turnover rate		144	%		359	%(f)		297	%(g)		181	%		195	%		143	%

(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.

63 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Core Plus Bond Fund—Class N
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	14.21		$	13.37		$	12.63		$	13.06		$	13.17		$	12.44

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.30			0.38			0.39			0.33			0.41
Net realized and unrealized gain (loss)		(0.29	)		0.88			0.72			(0.38	)		(0.06	)		0.73

Total from Investment Operations		(0.16	)		1.18			1.10			0.01			0.27			1.14

LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.34	)		(0.36	)		(0.44	)		(0.38	)		(0.41	)
Net realized capital gains		(0.28	)		—			—			—			—			—

Total Distributions		(0.44	)		(0.34	)		(0.36	)		(0.44	)		(0.38	)		(0.41	)

Net asset value, end of the period	$	13.61		$	14.21		$	13.37		$	12.63		$	13.06		$	13.17

Total return		(1.17	)%(b)		8.95	%		8.85	%		0.07	%		2.12	%		9.33	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,704,370		$	2,682,487		$	2,610,699		$	1,899,190		$	1,784,150		$	2,134,113
Net expenses		0.38	%(c)		0.38	%(d)		0.39	%		0.39	%		0.39	%		0.39	%
Gross expenses		0.38	%(c)		0.38	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income		1.88	%(c)		2.21	%		2.96	%		3.06	%		2.53	%		3.25	%
Portfolio turnover rate		144	%		359	%(e)		297	%(f)		181	%		195	%		143	%

(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.

| 64

Financial Highlights (continued)

For a share outstanding throughout each period.


	Core Plus Bond Fund—Class Y
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	14.20		$	13.36		$	12.63		$	13.06		$	13.16		$	12.43

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.29			0.37			0.38			0.31			0.40
Net realized and unrealized gain (loss)		(0.28	)		0.88			0.71			(0.38	)		(0.04	)		0.73

Total from Investment Operations		(0.15	)		1.17			1.08			0.00	(b)		0.27			1.13

LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.33	)		(0.35	)		(0.43	)		(0.37	)		(0.40	)
Net realized capital gains		(0.28	)		—			—			—			—			—

Total Distributions		(0.44	)		(0.33	)		(0.35	)		(0.43	)		(0.37	)		(0.40	)

Net asset value, end of the period	$	13.61		$	14.20		$	13.36		$	12.63		$	13.06		$	13.16

Total return		(1.21	)%(c)		8.87	%		8.67	%		(0.02	)%		2.10	%		9.22	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,358,778		$	5,846,057		$	4,163,785		$	3,733,751		$	3,846,208		$	2,953,919
Net expenses		0.46	%(d)		0.47	%(e)		0.48	%		0.48	%		0.48	%		0.48	%
Gross expenses		0.46	%(d)		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		1.80	%(d)		2.11	%		2.87	%		2.97	%		2.43	%		3.15	%
Portfolio turnover rate		144	%		359	%(f)		297	%(g)		181	%		195	%		143	%

(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.

65 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Credit Income Fund—Class A
	Six Months Ended March 31, 2021 (Unaudited)			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	9.97		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.11			(0.00	)(b)
Net realized and unrealized gain (loss)		0.10			(0.03	)

Total from Investment Operations		0.21			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		—
Net realized capital gains		(0.00	)(b)		—

Net asset value, end of the period	$	10.04		$	9.97

Total return(c)(d)(e)		2.13	%		(0.30	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	88		$	1
Net expenses(f)(g)		0.82	%		0.82	%
Gross expenses(g)		6.13	%		125.79	%
Net investment income (loss)(g)		2.18	%		(0.82	)%
Portfolio turnover rate		28	%		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.

| 66

Financial Highlights (continued)

For a share outstanding throughout each period.


	Credit Income Fund—Class C
	Six Months Ended March 31, 2021 (Unaudited)			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	9.97		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.07			(0.00	)(b)
Net realized and unrealized gain (loss)		0.09			(0.03	)

Total from Investment Operations		0.16			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		—
Net realized capital gains		(0.00	)(b)		—

Net asset value, end of the period	$	10.03		$	9.97

Total return(c)(d)(e)		1.64	%		(0.30	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1
Net expenses(f)(g)		1.57	%		1.57	%
Gross expenses(g)		6.95	%		126.54	%
Net investment income (loss)(g)		1.32	%		(1.57	)%
Portfolio turnover rate		28	%		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.

67 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Credit Income Fund—Class N
	Six Months Ended March 31, 2021 (Unaudited)			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	9.97		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.00	(b)
Net realized and unrealized gain (loss)		0.10			(0.03	)

Total from Investment Operations		0.22			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		—
Net realized capital gains		(0.00	)(b)		—

Net asset value, end of the period	$	10.03		$	9.97

Total return(c)(d)		2.16	%		(0.30	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	25,473		$	24,915
Net expenses(e)(f)		0.52	%		0.52	%
Gross expenses(f)		1.05	%		27.91	%
Net investment income(f)		2.44	%		0.55	%
Portfolio turnover rate		28	%		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.

| 68

Financial Highlights (continued)

For a share outstanding throughout each period.


	Credit Income Fund—Class Y
	Six Months Ended March 31, 2021 (Unaudited)			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	9.97		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.12			(0.00	)(b)
Net realized and unrealized gain (loss)		0.09			(0.03	)

Total from Investment Operations		0.21			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		—
Net realized capital gains		(0.00	)(b)		—

Net asset value, end of the period	$	10.03		$	9.97

Total return(c)(d)		2.14	%		(0.30	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	21		$	1
Net expenses(e)(f)		0.57	%		0.57	%
Gross expenses(f)		5.88	%		125.54	%
Net investment income (loss)(f)		2.40	%		(0.57	)%
Portfolio turnover rate		28	%		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.

69 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Allocation Fund—Class A
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	26.23		$	23.76		$	23.10		$	21.60		$	19.17		$	18.45

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.10			0.19			0.23			0.31			0.24
Net realized and unrealized gain (loss)		2.41			3.05			1.38			1.75			2.36			1.47

Total from Investment Operations		2.45			3.15			1.57			1.98			2.67			1.71

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.12	)		(0.16	)		(0.19	)		(0.24	)		(0.15	)
Net realized capital gains		(1.48	)		(0.56	)		(0.75	)		(0.29	)		—			(0.84	)

Total Distributions		(1.61	)		(0.68	)		(0.91	)		(0.48	)		(0.24	)		(0.99	)

Net asset value, end of the period	$	27.07		$	26.23		$	23.76		$	23.10		$	21.60		$	19.17

Total return(b)		9.49	%(c)		13.41	%		7.66	%		9.26	%		14.10	%		9.64	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	665,636		$	632,479		$	453,009		$	401,036		$	305,275		$	280,263
Net expenses		1.14	%(d)		1.15	%		1.16	%		1.16	%		1.18	%		1.17	%
Gross expenses		1.14	%(d)		1.15	%		1.16	%		1.16	%		1.18	%		1.17	%
Net investment income		0.29	%(d)		0.42	%		0.83	%		1.03	%		1.57	%		1.32	%
Portfolio turnover rate		24	%		37	%		27	%		22	%		35	%		43	%

(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.

| 70

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Allocation Fund—Class C
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	25.78		$	23.43		$	22.78		$	21.29		$	18.89		$	18.19

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.06	)		(0.08	)		0.02			0.06			0.16			0.10
Net realized and unrealized gain (loss)		2.38			2.99			1.38			1.73			2.33			1.46

Total from Investment Operations		2.32			2.91			1.40			1.79			2.49			1.56

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.00	)(b)		(0.01	)		(0.09	)		(0.02	)
Net realized capital gains		(1.48	)		(0.56	)		(0.75	)		(0.29	)		—			(0.84	)

Total Distributions		(1.48	)		(0.56	)		(0.75	)		(0.30	)		(0.09	)		(0.86	)

Net asset value, end of the period	$	26.62		$	25.78		$	23.43		$	22.78		$	21.29		$	18.89

Total return(c)		9.13	%(d)		12.55	%		6.85	%		8.46	%		13.22	%		8.88	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	515,117		$	483,814		$	480,479		$	412,610		$	354,017		$	423,350
Net expenses		1.89	%(e)		1.90	%		1.91	%		1.91	%		1.93	%		1.92	%
Gross expenses		1.89	%(e)		1.90	%		1.91	%		1.91	%		1.93	%		1.92	%
Net investment income (loss)		(0.46	)%(e)		(0.33	)%		0.08	%		0.29	%		0.84	%		0.57	%
Portfolio turnover rate		24	%		37	%		27	%		22	%		35	%		43	%

(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.

71 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Allocation Fund—Class N
	Six Months Ended March 31, 2021 (Unaudited)			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	$	26.42		$	23.92		$	23.25		$	21.73		$	19.20

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.18			0.27			0.31			0.20
Net realized and unrealized gain (loss)		2.44			3.07			1.38			1.75			2.33

Total from Investment Operations		2.52			3.25			1.65			2.06			2.53

LESS DISTRIBUTIONS FROM:
Net investment income		(0.21	)		(0.19	)		(0.23	)		(0.25	)		—
Net realized capital gains		(1.48	)		(0.56	)		(0.75	)		(0.29	)		—

Total Distributions		(1.69	)		(0.75	)		(0.98	)		(0.54	)		—

Net asset value, end of the period	$	27.25		$	26.42		$	23.92		$	23.25		$	21.73

Total return		9.70	%(b)		13.78	%		8.04	%		9.60	%		13.18	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	306,202		$	264,338		$	202,692		$	80,346		$	59,512
Net expenses		0.82	%(c)		0.82	%		0.82	%		0.83	%		0.87	%(c)
Gross expenses		0.82	%(c)		0.82	%		0.82	%		0.83	%		0.87	%(c)
Net investment income		0.61	%(c)		0.76	%		1.20	%		1.36	%		1.48	%(c)
Portfolio turnover rate		24	%		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.

| 72

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Allocation Fund—Class Y
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	26.42		$	23.92		$	23.25		$	21.74		$	19.29		$	18.55

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.16			0.24			0.29			0.36			0.29
Net realized and unrealized gain (loss)		2.44			3.07			1.40			1.75			2.37			1.49

Total from Investment Operations		2.51			3.23			1.64			2.04			2.73			1.78

LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.17	)		(0.22	)		(0.24	)		(0.28	)		(0.20	)
Net realized capital gains		(1.48	)		(0.56	)		(0.75	)		(0.29	)		—			(0.84	)

Total Distributions		(1.67	)		(0.73	)		(0.97	)		(0.53	)		(0.28	)		(1.04	)

Net asset value, end of the period	$	27.26		$	26.42		$	23.92		$	23.25		$	21.74		$	19.29

Total return		9.66	%(b)		13.70	%		7.95	%		9.49	%		14.42	%		9.97	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,040,192		$	2,660,927		$	1,938,124		$	1,549,689		$	1,067,062		$	835,391
Net expenses		0.89	%(c)		0.90	%		0.91	%		0.91	%		0.93	%		0.92	%
Gross expenses		0.89	%(c)		0.90	%		0.91	%		0.91	%		0.93	%		0.92	%
Net investment income		0.54	%(c)		0.67	%		1.08	%		1.29	%		1.79	%		1.58	%
Portfolio turnover rate		24	%		37	%		27	%		22	%		35	%		43	%

(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.

73 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class A
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	20.72		$	16.02		$	16.05		$	14.04		$	11.96		$	9.90

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.00	)(b)		0.01			0.05			0.06			0.06			0.06
Net realized and unrealized gain (loss)		2.38			5.14			0.71			2.29			2.18			2.05

Total from Investment Operations		2.38			5.15			0.76			2.35			2.24			2.11

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.05	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)
Net realized capital gains		(0.99	)		(0.40	)		(0.74	)		(0.29	)		(0.11	)		—

Total Distributions		(0.99	)		(0.45	)		(0.79	)		(0.34	)		(0.16	)		(0.05	)

Net asset value, end of the period	$	22.11		$	20.72		$	16.02		$	16.05		$	14.04		$	11.96

Total return(c)		11.65	%(d)		32.80	%		5.81	%		16.98	%		18.99	%		21.32	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,630,601		$	1,477,915		$	1,250,030		$	1,083,362		$	983,047		$	729,989
Net expenses		0.89	%(e)		0.90	%		0.91	%		0.90	%		0.91	%		0.92	%
Gross expenses		0.89	%(e)		0.90	%		0.91	%		0.90	%		0.91	%		0.92	%
Net investment income (loss)		(0.05	)%(e)		0.04	%		0.35	%		0.39	%		0.45	%		0.58	%
Portfolio turnover rate		5	%		19	%		7	%		11	%		8	%		11	%

(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)	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.

| 74

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class C
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	18.66		$	14.53		$	14.68		$	12.92		$	11.06		$	9.18

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.08	)		(0.11	)		(0.06	)		(0.05	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss)		2.15			4.64			0.65			2.10			2.00			1.90

Total from Investment Operations		2.07			4.53			0.59			2.05			1.97			1.88

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.99	)		(0.40	)		(0.74	)		(0.29	)		(0.11	)		—

Net asset value, end of the period	$	19.74		$	18.66		$	14.53		$	14.68		$	12.92		$	11.06

Total return(b)		11.26	%(c)		31.76	%		5.05	%		16.09	%		18.03	%		20.48	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	129,094		$	128,764		$	120,493		$	130,133		$	133,329		$	109,798
Net expenses		1.64	%(d)		1.65	%		1.66	%		1.65	%		1.66	%		1.66	%
Gross expenses		1.64	%(d)		1.65	%		1.66	%		1.65	%		1.66	%		1.66	%
Net investment loss		(0.81	)%(d)		(0.71	)%		(0.39	)%		(0.36	)%		(0.29	)%		(0.16	)%
Portfolio turnover rate		5	%		19	%		7	%		11	%		8	%		11	%

(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.

75 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class N
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	22.26		$	17.17		$	17.15		$	14.97		$	12.73		$	10.52

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.07			0.11			0.12			0.11			0.10
Net realized and unrealized gain (loss)		2.56			5.53			0.76			2.44			2.32			2.18

Total from Investment Operations		2.59			5.60			0.87			2.56			2.43			2.28

LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.11	)		(0.11	)		(0.09	)		(0.08	)		(0.07	)
Net realized capital gains		(0.99	)		(0.40	)		(0.74	)		(0.29	)		(0.11	)		—

Total Distributions		(1.04	)		(0.51	)		(0.85	)		(0.38	)		(0.19	)		(0.07	)

Net asset value, end of the period	$	23.81		$	22.26		$	17.17		$	17.15		$	14.97		$	12.73

Total return		11.79	%(b)		33.26	%		6.14	%		17.40	%(c)		19.39	%(c)		21.75	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	650,717		$	579,571		$	442,787		$	1,001,688		$	341,160		$	60,765
Net expenses		0.57	%(d)		0.57	%		0.56	%		0.57	%(e)		0.57	%(e)		0.58	%
Gross expenses		0.57	%(d)		0.57	%		0.56	%		0.58	%		0.58	%		0.58	%
Net investment income		0.28	%(d)		0.38	%		0.69	%		0.73	%		0.80	%		0.82	%
Portfolio turnover rate		5	%		19	%		7	%		11	%		8	%		11	%

(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.

| 76

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class Y
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	22.26		$	17.17		$	17.14		$	14.97		$	12.73		$	10.53

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.02			0.05			0.10			0.10			0.09			0.10
Net realized and unrealized gain (loss)		2.56			5.53			0.77			2.44			2.33			2.16

Total from Investment Operations		2.58			5.58			0.87			2.54			2.42			2.26

LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		(0.09	)		(0.10	)		(0.08	)		(0.07	)		(0.06	)
Net realized capital gains		(0.99	)		(0.40	)		(0.74	)		(0.29	)		(0.11	)		—

Total Distributions		(1.02	)		(0.49	)		(0.84	)		(0.37	)		(0.18	)		(0.06	)

Net asset value, end of the period	$	23.82		$	22.26		$	17.17		$	17.14		$	14.97		$	12.73

Total return		11.76	%(b)		33.15	%		6.09	%		17.25	%		19.31	%		21.55	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	10,307,469		$	9,313,775		$	7,017,707		$	6,620,996		$	5,749,576		$	3,493,961
Net expenses		0.64	%(c)		0.65	%		0.66	%		0.65	%		0.66	%		0.66	%
Gross expenses		0.64	%(c)		0.65	%		0.66	%		0.65	%		0.66	%		0.66	%
Net investment income		0.20	%(c)		0.27	%		0.60	%		0.64	%		0.69	%		0.82	%
Portfolio turnover rate		5	%		19	%		7	%		11	%		8	%		11	%

(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.

77 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class A*
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	10.99		$	10.51		$	9.97		$	10.29		$	10.52		$	10.39

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.19			0.25			0.22			0.17			0.20
Net realized and unrealized gain (loss)		(0.16	)		0.54			0.55			(0.31	)		(0.12	)		0.17

Total from Investment Operations		(0.10	)		0.73			0.80			(0.09	)		0.05			0.37

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.20	)		(0.26	)		(0.23	)		(0.20	)		(0.21	)
Net realized capital gains		(0.29	)		(0.05	)		—			—			(0.08	)		(0.03	)

Total Distributions		(0.35	)		(0.25	)		(0.26	)		(0.23	)		(0.28	)		(0.24	)

Net asset value, end of the period	$	10.54		$	10.99		$	10.51		$	9.97		$	10.29		$	10.52

Total return(b)(c)		(0.95	)%(d)		7.06	%		8.11	%		(0.85	)%		0.44	%		3.64	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	21,051		$	19,962		$	21,415		$	19,149		$	21,828		$	19,327
Net expenses(e)		0.65	%(f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.71	%(f)		0.72	%		0.72	%		0.70	%		0.72	%		0.72	%
Net investment income		1.11	%(f)		1.78	%		2.42	%		2.17	%		1.69	%		1.89	%
Portfolio turnover rate		45	%		123	%		135	%		152	%		216	%		151	%

*	Effective August 31, 2016, Retail Class shares were redesignated as Class A shares.

(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)	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 C
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Period Ended September 30, 2016*
Net asset value, beginning of the period	$	11.02		$	10.54		$	10.00		$	10.30		$	10.53		$	10.53

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.02			0.11			0.17			0.13			0.10			0.01
Net realized and unrealized gain (loss)		(0.16	)		0.54			0.55			(0.31	)		(0.13	)		0.00	(b)

Total from Investment Operations		(0.14	)		0.65			0.72			(0.18	)		(0.03	)		0.01

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		(0.12	)		(0.18	)		(0.12	)		(0.12	)		(0.01	)
Net realized capital gains		(0.29	)		(0.05	)		—			—			(0.08	)		—

Total Distributions		(0.31	)		(0.17	)		(0.18	)		(0.12	)		(0.20	)		(0.01	)

Net asset value, end of the period	$	10.57		$	11.02		$	10.54		$	10.00		$	10.30		$	10.53

Total return(c)(d)		(1.34	)%(e)		6.27	%		7.28	%		(1.71	)%		(0.29	)%		0.08	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	405		$	668		$	467		$	2		$	3,225		$	3,088
Net expenses(f)		1.40	%(g)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%(g)
Gross expenses		1.46	%(g)		1.46	%		1.48	%		1.45	%		1.48	%		1.56	%(g)
Net investment income		0.37	%(g)		1.00	%		1.64	%		1.31	%		0.95	%		0.86	%(g)
Portfolio turnover rate		45	%		123	%		135	%		152	%		216	%		151	%

*	From commencement of Class operations on August 31, 2016 through September 30, 2016.

(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 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.

79 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class N
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Period Ended September 30, 2019*
Net asset value, beginning of the period	$	10.98		$	10.50		$	10.07

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.22			0.17
Net realized and unrealized gain (loss)		(0.14	)		0.54			0.45

Total from Investment Operations		(0.07	)		0.76			0.62

LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.23	)		(0.19	)
Net realized capital gains		(0.29	)		(0.05	)		—

Total Distributions		(0.37	)		(0.28	)		(0.19	)

Net asset value, end of the period	$	10.54		$	10.98		$	10.50

Total return(b)		(0.71	)%(c)		7.39	%		6.19	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	19,076		$	3,307		$	3,546
Net expenses(d)		0.35	%(e)		0.35	%		0.35	%(e)
Gross expenses		0.38	%(e)		0.43	%		0.42	%(e)
Net investment income		1.38	%(e)		2.09	%		2.54	%(e)
Portfolio turnover rate		45	%		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.

| 80

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class Y*
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	10.99		$	10.51		$	9.97		$	10.29		$	10.52		$	10.39

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.21			0.27			0.25			0.20			0.22
Net realized and unrealized gain (loss)		(0.15	)		0.54			0.55			(0.31	)		(0.13	)		0.18

Total from Investment Operations		(0.08	)		0.75			0.82			(0.06	)		0.07			0.40

LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.22	)		(0.28	)		(0.26	)		(0.22	)		(0.24	)
Net realized capital gains		(0.29	)		(0.05	)		—			—			(0.08	)		(0.03	)

Total Distributions		(0.37	)		(0.27	)		(0.28	)		(0.26	)		(0.30	)		(0.27	)

Net asset value, end of the period	$	10.54		$	10.99		$	10.51		$	9.97		$	10.29		$	10.52

Total return(b)		(0.83	)%(c)		7.33	%		8.38	%		(0.60	)%		0.69	%		3.90	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	318,620		$	293,577		$	215,752		$	148,119		$	154,668		$	139,398
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.46	%(e)		0.47	%		0.48	%		0.45	%		0.47	%		0.47	%
Net investment income		1.36	%(e)		2.01	%		2.67	%		2.43	%		1.93	%		2.11	%
Portfolio turnover rate		45	%		123	%		135	%		152	%		216	%		151	%

*	Effective August 31, 2016, Institutional Class shares were redesignated as Class Y shares.

(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.

81 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class A
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	11.54		$	11.34		$	11.09		$	11.32		$	11.51		$	11.57

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.11			0.15			0.11			0.08			0.11
Net realized and unrealized gain (loss)		(0.09	)		0.25			0.34			(0.13	)		(0.09	)		0.00	(b)

Total from Investment Operations		(0.06	)		0.36			0.49			(0.02	)		(0.01	)		0.11

LESS DISTRIBUTIONS FROM:
Net investment income		(0.04	)		(0.16	)		(0.24	)		(0.21	)		(0.18	)		(0.17	)

Net asset value, end of the period	$	11.44		$	11.54		$	11.34		$	11.09		$	11.32		$	11.51

Total return(c)		(0.51	)%(d)		3.19	%		4.42	%		(0.17	)%		(0.04	)%		0.93	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	299,204		$	296,217		$	308,186		$	328,475		$	336,227		$	442,671
Net expenses		0.73	%(e)(f)		0.78	%(g)		0.80	%		0.80	%		0.80	%		0.77	%
Gross expenses		0.73	%(e)(f)		0.78	%		0.80	%		0.80	%		0.80	%		0.77	%
Net investment income		0.45	%(e)		0.93	%		1.31	%		1.02	%		0.67	%		0.96	%
Portfolio turnover rate		138	%		319	%(h)		527	%(h)		157	%		126	%		109	%

(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)	Periods less than one year are not annualized.

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

(f)	Includes refund of prior year service fee of 0.01%. See Note 6b of Notes to Financial Statements.

(g)	Effective July 1, 2020, the expense limit decreased from 0.80% to 0.75%.

(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.

| 82

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class C
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	11.54		$	11.35		$	11.10		$	11.33		$	11.52		$	11.58

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)		0.02			0.06			0.03			(0.01	)		0.02
Net realized and unrealized gain (loss)		(0.08	)		0.24			0.34			(0.13	)		(0.08	)		0.00	(b)

Total from Investment Operations		(0.10	)		0.26			0.40			(0.10	)		(0.09	)		0.02

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.07	)		(0.15	)		(0.13	)		(0.10	)		(0.08	)

Net asset value, end of the period	$	11.44		$	11.54		$	11.35		$	11.10		$	11.33		$	11.52

Total return(c)		(0.83	)%(d)		2.34	%		3.64	%		(0.91	)%		(0.79	)%		0.18	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	24,388		$	19,628		$	22,142		$	23,341		$	43,319		$	73,027
Net expenses		1.49	%(e)		1.53	%(f)		1.55	%		1.55	%		1.55	%		1.52	%
Gross expenses		1.49	%(e)		1.53	%		1.55	%		1.55	%		1.55	%		1.52	%
Net investment income (loss)		(0.32	)%(e)		0.18	%		0.57	%		0.24	%		(0.09	)%		0.21	%
Portfolio turnover rate		138	%		319	%(g)		527	%(g)		157	%		126	%		109	%

(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.

(f)	Effective July 1, 2020, the expense limit decreased from 1.55% to 1.50%.

(g)	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 N
	Six Months Ended March 31, 2021 (Unaudited)			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	$	11.57		$	11.37		$	11.12		$	11.36		$	11.39

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.14			0.19			0.15			0.05
Net realized and unrealized gain (loss)		(0.08	)		0.26			0.33			(0.14	)		0.08	(b)

Total from Investment Operations		(0.04	)		0.40			0.52			0.01			0.13

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.20	)		(0.27	)		(0.25	)		(0.16	)

Net asset value, end of the period	$	11.47		$	11.57		$	11.37		$	11.12		$	11.36

Total return(c)		(0.34	)%(d)		3.53	%		4.77	%		0.09	%		1.12	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	10,653		$	11,035		$	5,272		$	3,176		$	1,900
Net expenses(e)		0.41	%(f)		0.45	%(g)		0.46	%		0.46	%		0.47	%(f)
Gross expenses		0.42	%(f)		0.46	%		0.48	%		0.48	%		0.50	%(f)
Net investment income		0.77	%(f)		1.20	%		1.65	%		1.37	%		0.64	%(f)
Portfolio turnover rate		138	%		319	%(h)		527	%(h)		157	%		126	%(i)

*	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, 2020, the expense limit decreased from 0.50% to 0.45%.

(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.

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

See accompanying notes to financial statements.

| 84

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class Y
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	11.57		$	11.38		$	11.13		$	11.36		$	11.55		$	11.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.13			0.17			0.14			0.11			0.14
Net realized and unrealized gain (loss)		(0.07	)		0.25			0.34			(0.13	)		(0.09	)		0.00	(b)

Total from Investment Operations		(0.03	)		0.38			0.51			0.01			0.02			0.14

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.19	)		(0.26	)		(0.24	)		(0.21	)		(0.20	)

Net asset value, end of the period	$	11.48		$	11.57		$	11.38		$	11.13		$	11.36		$	11.55

Total return		(0.29	)%(c)		3.35	%		4.67	%		0.09	%		0.22	%		1.19	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	695,800		$	691,616		$	457,248		$	366,847		$	360,322		$	411,898
Net expenses		0.49	%(d)		0.53	%(e)		0.55	%		0.55	%		0.55	%		0.52	%
Gross expenses		0.49	%(d)		0.53	%		0.55	%		0.55	%		0.55	%		0.52	%
Net investment income		0.68	%(d)		1.11	%		1.55	%		1.26	%		0.92	%		1.20	%
Portfolio turnover rate		138	%		319	%(f)		527	%(f)		157	%		126	%		109	%

(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 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.

85 |

Notes to Financial Statements

March 31, 2021 (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 ten years (at which point they automatically convert to Class A shares) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus.

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 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 furnished to the Funds by an

| 86

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

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 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, 2021, 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	$	—		—	$	—		—	$	1,918,839		Less than 0.1%
Global Allocation Fund		600,270,443		13.3%		8,882,592		0.2%		—		—
Intermediate Duration Bond Fund		—		—		—		—		32,105		Less than 0.1%
Limited Term Government and Agency Fund		—		—		—		—		3,592,035		0.3%

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. 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. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

c. Short Sales. A short sale is a transaction in which a Fund sells a security it does not own, usually in anticipation of a decline in the fair market value of the security. 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

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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, 2021, Core Plus Bond Fund held short sale securities.

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, 2021, 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		$	6,357,126

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

e. Forward Foreign Currency Contracts. The Funds may enter into forward foreign currency contracts, including forward foreign cross currency contracts to acquire exposure to foreign currencies or to hedge the Funds’ investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized 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.

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

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

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

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

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

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

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, 2021 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.

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 bonds, defaulted and/or non-income producing securities, capital gains taxes, deferred Trustees’ fees, distribution re-designations, contingent payment debt instruments, forward foreign currency contract mark-to-market, futures contract mark-to-market, trust preferred securities, 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, defaulted and/or non-income producing securities, forward foreign currency contract mark-to-market, wash sales, premium amortization, contingent payment debt instruments, trust preferred

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securities, capital gains taxes, foreign currency gains and losses, futures contract mark-to-market, paydown gains and losses, dividends payable and convertible bonds. 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, 2020 was as follows:


	2020 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total
Core Plus Bond Fund	$	193,309,459	$	—	$	193,309,459
Credit Income Fund		—		—		—
Global Allocation Fund		18,191,927		73,767,977		91,959,904
Growth Fund		44,589,045		207,940,673		252,529,718
Intermediate Duration Bond Fund		6,686,899		27,607		6,714,506
Limited Term Government and Agency Fund		13,057,788		—		13,057,788

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, 2020, 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:
Long-term:
No expiration date	$	—	$	—	$	—	$	—	$	—	$	(30,539,386	)

As of March 31, 2021, 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	$	106,115,457		$	39,994	$	979,488,605	$	5,801,834,529	$	1,477,227	$	7,374,580
Foreign currency translations		(6,004,781	)		—		841,417		—		—		—

Total unrealized appreciation	$	100,110,676		$	39,994	$	980,330,022	$	5,801,834,529	$	1,477,227	$	7,374,580

As of March 31, 2021, 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	$	10,118,449,966		$	25,219,423		$	3,542,592,021		$	6,891,786,256		$	358,263,298		$	1,001,557,997

Gross tax appreciation	$	239,293,624		$	493,958		$	1,024,958,945		$	5,922,500,568		$	5,588,920		$	14,185,708
Gross tax depreciation		(139,157,240	)		(453,964	)		(41,673,541	)		(120,666,039	)		(4,111,693	)		(6,811,128	)

Net tax appreciation	$	100,136,384		$	39,994		$	983,285,404		$	5,801,834,529		$	1,477,227		$	7,374,580

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

k. 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, 2021, 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.

l. Due 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. 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. In certain circumstances a Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

m. Securities Lending. Each Fund, except Credit Income 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 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, 2021, none of the Funds had loaned securities under this agreement.

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

o. New Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of the London Interbank Offered Rate (“LIBOR”), which is expected to occur no later than

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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 2020-04 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. No Fund contracts have yet been impacted by reference rate reform. 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).

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.

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The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2021, 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	$	—	$	18,590,172		$	1,006,584	(b)	$	19,596,756
All Other Non-Convertible Bonds(a)		—		8,312,228,679			—			8,312,228,679

Total Non-Convertible Bonds		—		8,330,818,851			1,006,584			8,331,825,435

Municipals(a)		—		14,335,444			—			14,335,444

Total Bonds and Notes		—		8,345,154,295			1,006,584			8,346,160,879

Senior Loans(a)		—		369,377,496			—			369,377,496
Common Stocks(a)		—		—			912,255	(b)		912,255
Short-Term Investments		—		1,502,027,271			—			1,502,027,271

Total	$	—	$	10,216,559,062		$	1,918,839		$	10,218,477,901


Liability Valuation Inputs

Description	Level 1		Level 2			Level 3			Total
Bonds and Notes Sold Short(a)	$	—	$	(39,198,402	)	$	—		$	(39,198,402	)

(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.

Credit Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes(a)	$	—	$	24,008,060	$	—		$	24,008,060
Collateralized Loan Obligations		—		499,853		250,025	(b)		749,878
Preferred Stocks
Food & Beverage		—		224,603		—			224,603
All Other Preferred Stocks(a)		274,156		—		—			274,156

Total Preferred Stocks		274,156		224,603		—			498,759

Total Investments		274,156		24,732,516		250,025			25,256,697

Futures Contracts (unrealized appreciation)		2,720		—		—			2,720

Total	$	276,876	$	24,732,516	$	250,025		$	25,259,417

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

(b)	Valued using broker-dealer bid prices.

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Global Allocation Fund

Asset Valuation Inputs


Description	Level 1			Level 2			Level 3		Total
Common Stocks
France	$	—		$	43,944,905		$	—	$	43,944,905
Hong Kong		—			42,464,024			—		42,464,024
India		—			52,620,289			—		52,620,289
Japan		—			63,181,477			—		63,181,477
Netherlands		—			152,203,208			—		152,203,208
Sweden		—			60,602,649			—		60,602,649
Taiwan		—			122,943,571			—		122,943,571
United Kingdom		164,126,112			62,310,320			—		226,436,432
All Other Common Stocks(a)		2,439,257,307			—			—		2,439,257,307

Total Common Stocks		2,603,383,419			600,270,443			—		3,203,653,862

Bonds and Notes
Non-Convertible Bonds
United States		39,205			517,979,605			—		518,018,810
All Other Non-Convertible Bonds(a)		—			722,656,865			—		722,656,865

Total Non-Convertible Bonds		39,205			1,240,636,470			—		1,240,675,675

Convertible Bonds(a)		—			49,298,357			—		49,298,357
Municipals(a)		—			136,431			—		136,431

Total Bonds and Notes		39,205			1,290,071,258					1,290,110,463

Preferred Stocks(a)		1,952,664			—			—		1,952,664
Short-Term Investments		—			37,347,780			—		37,347,780

Total Investments		2,605,375,288			1,927,689,481			—		4,533,064,769

Forward Foreign Currency Contracts (unrealized appreciation)		—			476,208			—		476,208

Total	$	2,605,375,288		$	1,928,165,689		$	—	$	4,533,540,977


Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(7,410,449	)	$	—	$	(7,410,449	)
Futures Contracts (unrealized depreciation)		(253,103	)		—			—		(253,103	)

Total	$	(253,103	)	$	(7,410,449	)	$	—	$	(7,663,552	)

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

Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	12,547,797,277	$	—	$	—	$	12,547,797,277
Short-Term Investments		—		145,823,508		—		145,823,508

Total	$	12,547,797,277	$	145,823,508	$	—	$	12,693,620,785

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

| 94

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

Intermediate Duration Bond Fund

Asset Valuation Inputs


Description	Level 1			Level 2		Level 3			Total
Bonds and Notes
Collateralized Mortgage Obligations	$	—		$	5,655,473	$	32,105	(b)	$	5,687,578
All Other Bonds and Notes(a)		—			347,002,181		—			347,002,181

Total Bonds and Notes		—			352,657,654		32,105			352,689,759

Short-Term Investments		—			7,202,082		—			7,202,082

Total Investments		—			359,859,736		32,105			359,891,841

Futures Contracts (unrealized appreciation)		100,515			—		—			100,515

Total	$	100,515		$	359,859,736	$	32,105		$	359,992,356


Liability Valuation Inputs

Description	Level 1			Level 2		Level 3			Total
Futures Contracts (unrealized depreciation)	$	(251,831	)	$	—	$	—		$	(251,831	)

(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	$	—	$	164,363,934	$	3,592,035	(b)	$	167,955,969
All Other Bonds and Notes(a)		—		811,421,266		—			811,421,266

Total Bonds and Notes		—		975,785,200		3,592,035			979,377,235

Short-Term Investments		—		29,555,342		—			29,555,342

Total	$	—	$	1,005,340,542	$	3,592,035		$	1,008,932,577

(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, 2020 and/or March 31, 2021:

Core Plus Bond Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2020			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	27,065		$	—	$	—		$	—	$	—
Collateralized Mortgage Obligations		2,280,311			—		(9,846	)		13,412		10
Common Stocks
Oil, Gas & Consumable Fuels		—	(a)		—		(429,948	)		758,173		—

Total	$	2,307,376		$	—		$(439,794)		$	771,585	$	10

95 |

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

Core Plus Bond Fund (continued)

Asset Valuation Inputs (continued)


Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2021		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2021
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—		$	—	$	(27,065	)	$	—	$	—
Collateralized Mortgage Obligations		(1,277,303	)		—		—			1,006,584		(746	)
Common Stocks
Oil, Gas & Consumable Fuels		—			584,030		—			912,255		328,225

Total		$(1,277,303)		$	584,030		$(27,065)		$	1,918,839	$	327,479

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

A debt security valued at $27,065 was transferred from Level 3 to Level 2 during the period ended March 31, 2021. At September 30, 2020, this security was valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the security. At March 31, 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.

A common stock valued at $584,030 was transferred from Level 2 to Level 3 during the period ended March 31, 2021. At September 30, 2020, this security was valued at a bid price furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 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.

Credit Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2020		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases
Collateralized Loan Obligations	$	—	$	—	$	—	$	25	$	250,000


Investments in Securities	Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2021		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2021
Collateralized Loan Obligations		$ —	$	—	$	—	$	250,025	$	25

| 96

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

Global Allocation Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2020		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases
Preferred Stocks
United States		$ —(a)	$	—		$(457,096)	$	457,096	$	—


Investments in Securities	Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2021		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2021
Preferred Stocks
United States	$	—	$	—	$	—	$	—	$	—

(a)	Includes securities fair valued at zero by the Fund’s adviser using Level 3 Inputs.

Intermediate Duration Bond Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2020			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
ABS Home Equity	$	3,643		$	—	$	—		$	—		$	—
Collateralized Mortgage Obligations		4,042			—		19			(212	)		—

Total	$	7,685		$	—	$	19			$ (212	)	$	—


Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2021			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2021
Bonds and Notes
ABS Home Equity	$	—		$	—		$(3,643	)	$	—		$	—
Collateralized Mortgage Obligations		(63,012	)		91,268		—			32,105			(231	)

Total	$	(63,012	)	$	91,268	$	(3,643	)	$	32,105		$	(231	)

A debt security valued at $3,643 was transferred from Level 3 to Level 2 during the period ended March 31, 2021. At September 30, 2020, this security was valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the security. At March 31, 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.

97 |

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

A debt security valued at $91,268 was transferred from Level 2 to Level 3 during the period ended March 31, 2021. At September 30, 2020, 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, 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.

Limited Term Government and Agency Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2020		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Collateralized Mortgage Obligations	$	2,501,798	$	—		$(26,785)		$ (51,083)	$	353


Investments in Securities	Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2021		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2021
Bonds and Notes
Collateralized Mortgage Obligations		$(1,427,305)	$	2,595,057	$	—	$	3,592,035		$(59,311)

Debt securities valued at $2,595,057 were transferred from Level 2 to Level 3 during the period ended March 31, 2021. At September 30, 2020, 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, 2021, 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.

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 Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund used during the period include forward foreign currency contracts and futures contracts.

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, 2021, 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, 2021, Global Allocation Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

| 98

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

The following is a summary of derivative instruments for Credit Income Fund as of March 31, 2021, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts¹
Exchange-traded asset derivatives
Interest rate contracts	$	2,720

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 Credit Income Fund during the six months ended March 31, 2021, as reflected within the Statements of Operations, were as follows:


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	2,720

The following is a summary of derivative instruments for Global Allocation Fund as of March 31, 2021, 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	$	476,208

Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts¹
Over-the-counter liability derivatives
Foreign exchange contracts	$	(7,410,449	)	$	—

Exchange-traded liability derivatives
Interest rate contracts		—			(253,103	)

Total liability derivatives	$	(7,410,449	)	$	(253,103	)

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.

99 |

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

Transactions in derivative instruments for Global Allocation Fund during the six months ended March 31, 2021, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Forward foreign currency contracts			Futures contracts
Interest rate contracts	$	—		$	(323,838	)
Foreign exchange contracts		(7,029,426	)		—

Total	$	(7,029,426	)	$	(323,838	)


Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts			Futures contracts
Interest rate contracts	$	—		$	(280,831	)
Foreign exchange contracts		(8,946,072	)		—

Total	$	(8,946,072	)	$	(280,831	)

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of March 31, 2021, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts¹
Exchange-traded asset derivatives
Interest rate contracts	$	100,515

Liabilities	Unrealized depreciation on futures contracts¹
Exchange-traded liability derivatives
Interest rate contracts	$	(251,831	)

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, 2021, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(5,936	)

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(164,475	)

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.

| 100

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

The volume of forward foreign currency contract and futures contract activity, as a percentage of net assets for 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, 2021:


Credit Income Fund	Futures
Average Notional Amount Outstanding		0.56	%
Highest Notional Amount Outstanding		3.93	%
Lowest Notional Amount Outstanding		0.00	%
Notional Amount Outstanding as of March 31, 2021		3.93	%


Global Allocation Fund	Forwards			Futures
Average Notional Amount Outstanding		11.45	%		0.21	%
Highest Notional Amount Outstanding		12.10	%		0.59	%
Lowest Notional Amount Outstanding		11.15	%		0.13	%
Notional Amount Outstanding as of March 31, 2021		11.15	%		0.59	%


Intermediate Duration Bond Fund	Futures
Average Notional Amount Outstanding		7.18	%
Highest Notional Amount Outstanding		7.78	%
Lowest Notional Amount Outstanding		6.78	%
Notional Amount Outstanding as of March 31, 2021		6.78	%

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 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, 2021, 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
Bank of America, N.A.	$	22,356	$	(22,356	)	$	—	$	—	$	—
Credit Suisse International		272,633		(272,633	)		—		—		—
Morgan Stanley Capital Services, Inc.		147,413		(147,413	)		—		—		—
UBS AG		33,806		(29,586	)		4,220		—		4,220

	$	476,208	$	(471,988	)	$	4,220	$	—	$	4,220

101 |

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

Global Allocation Fund (continued)


Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	(252,537	)	$	22,356	$	(230,181	)	$	230,181	$	—
Citibank N.A.		(409,169	)		—		(409,169	)		270,000		(139,169	)
Credit Suisse International		(2,088,332	)		272,633		(1,815,699	)		450,000		(1,365,699	)
HSBC Bank USA		(48,045	)		—		(48,045	)		—		(48,045	)
Morgan Stanley Capital Services, Inc.		(4,582,780	)		147,413		(4,435,367	)		4,400,241		(35,126	)
UBS AG		(29,586	)		29,586		—			—		—

	$	(7,410,449	)	$	471,988	$	(6,938,461	)	$	5,350,422	$	(1,588,039	)

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 are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on 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, 2021:


Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Credit Income Fund	$	22,397	$	22,397
Global Allocation Fund		6,082,633		260,223
Intermediate Duration Bond Fund		165,000		165,000

5. Purchases and Sales of Securities. For the six months ended March 31, 2021, 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	$	11,102,232,552	$	11,546,871,413	$	1,799,983,604	$	924,798,858
Credit Income Fund		2,968,638		1,244,190		5,409,346		5,741,549
Global Allocation Fund		138,769,070		204,930,930		999,277,544		791,363,279
Growth Fund		—		—		644,070,836		827,489,812
Intermediate Duration Bond Fund		94,098,056		40,587,596		105,390,883		113,350,261
Limited Term Government and Agency Fund		1,344,282,594		1,270,194,924		44,078,824		59,208,638

| 102

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

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 (“Natixis”), 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 $1.9 billion			Over $2 billion
Core Plus Bond Fund		0.2000	%		0.1875	%		0.1875	%		0.1500	%
Credit Income Fund		0.4200	%		0.4200	%		0.4200	%		0.4200	%
Global Allocation Fund		0.7500	%		0.7500	%		0.7500	%		0.7300	%
Growth Fund		0.5000	%		0.5000	%		0.5000	%		0.5000	%
Intermediate Duration Bond Fund		0.2500	%		0.2500	%		0.2500	%		0.2500	%
Limited Term Government and Agency Fund		0.3250	%		0.3250	%		0.3000	%		0.3000	%

Natixis Advisors, L.P. (“Natixis Advisors”) serves as the advisory administrator to Core Plus Bond Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis. 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	%

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, 2022, 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, 2021 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		0.75	%		1.50	%		0.45	%		0.50	%

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 a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

103 |

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

For the six months ended March 31, 2021, 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 Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross			Net
Core Plus Bond Fund	$	7,527,488	$	—	$	7,527,488		0.16	%		0.16	%
Credit Income Fund		53,903		53,903		—		0.42	%		—	%
Global Allocation Fund		16,053,061		—		16,053,061		0.74	%		0.74	%
Growth Fund		30,574,486		—		30,574,486		0.50	%		0.50	%
Intermediate Duration Bond Fund		434,891		97,863		337,028		0.25	%		0.19	%
Limited Term Government and Agency Fund		1,627,335		—		1,627,335		0.31	%		0.31	%

¹	Waiver/expense reimbursements are subject to possible recovery until September 30, 2022.

For the six months ended March 31, 2021, the advisory administration fees for Core Plus Bond Fund were $7,527,488 (effective rate of 0.16% of average daily net assets).

In addition, Loomis Sayles reimbursed non-class specific expenses of Credit Income Fund in the amount of $5,841. Expense reimbursements are subject to possible recovery until September 30, 2022.

No expenses were recovered for any of the Funds during the six months ended March 31, 2021 under the terms of the expense limitation agreements.

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

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts 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, 2021, 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	$	819,593	$	161,189	$	483,567
Credit Income Fund		78		1		4
Global Allocation Fund		816,842		635,841		1,907,522
Growth Fund		1,967,984		164,123		492,370
Intermediate Duration Bond Fund		25,322		695		2,085
Limited Term Government and Agency Fund		355,336		26,969		80,908

For the six months ended March 31, 2021, Natixis Distribution refunded Limited Term Government and Agency Fund $17,234 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

| 104

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

$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, 2021, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Core Plus Bond Fund	$	2,051,911
Credit Income Fund		5,527
Global Allocation Fund		935,175
Growth Fund		2,633,301
Intermediate Duration Bond Fund		74,904
Limited Term Government and Agency Fund		224,703

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, 2021, 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	$	2,550,227
Global Allocation Fund		1,546,491
Growth Fund		4,006,825
Intermediate Duration Bond Fund		123,620
Limited Term Government and Agency Fund		299,287

As of March 31, 2021, 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	$	89,832
Global Allocation Fund		74,081
Growth Fund		119,756
Intermediate Duration Bond Fund		4,659
Limited Term Government and Agency Fund		16,493

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, 2021, were as follows:


Fund	Commissions
Core Plus Bond Fund	$	38,196
Global Allocation Fund		149,701
Growth Fund		52,846
Limited Term Government and Agency Fund		62,087

105 |

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

f. Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $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 $199,000. 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.

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 Trusts.

g. Affiliated Ownership. As of March 31, 2021, 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		0.12	%

Credit Income Fund
Natixis and Affiliates		99.57	%
Loomis Sayles Employees		0.04	%

Global Allocation Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.57	%

Growth Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.71	%
Loomis Sayles Funded Pension Plan and Trust		0.10	%

Intermediate Duration Bond Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.81	%

Limited Term Government and Agency Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.17	%
Loomis Sayles Distribution		0.12	%
Natixis Sustainable Future 2015 Fund		0.05	%
Natixis Sustainable Future 2020 Fund		0.03	%
Natixis Sustainable Future 2025 Fund		0.06	%
Natixis Sustainable Future 2030 Fund		0.04	%
Natixis Sustainable Future 2035 Fund		0.03	%
Natixis Sustainable Future 2040 Fund		0.01	%
Natixis Sustainable Future 2045 Fund		0.01	%

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

| 106

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

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, 2022 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2021, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
Credit Income Fund	$	417
Intermediate Duration Bond Fund		467
Limited Term Government and Agency Fund		619

7. Custodian Fees and Expenses. State Street Bank, custodian to the Funds, has agreed to waive custodian fees and certain other expenses for the first 12 months of operations for Credit Income Fund. For the six months ended March 31, 2021, total fees waived for the Fund were $10,410.

8. 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, 2021, 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	$	257,048	$	50,294	$	6,714	$	2,388,125
Credit Income Fund		1,499		25		417		471
Global Allocation Fund		256,262		199,391		1,898		1,134,646
Growth Fund		590,656		49,316		1,868		3,716,771
Intermediate Duration Bond Fund		7,863		218		467		120,457
Limited Term Government and Agency Fund		130,318		9,507		619		311,199

9. Line of Credit. Each Fund, except for Credit Income Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the six months ended March 31, 2021, none of the Funds had borrowings under this agreement.

Effective April 8, 2021, 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.

10. 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

107 |

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

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.

11. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2021, 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		10.62	%
Growth Fund		2		18.58	%
Intermediate Duration Bond Fund		4		67.78	%

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.

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


	Six Months Ended March 31, 2021						Year Ended September 30, 2020
Core Plus Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		14,720,812		$	205,027,112			17,898,810		$	246,212,136
Issued in connection with the reinvestment of distributions		983,421			13,673,794			648,421			8,793,629
Redeemed		(8,727,749	)		(121,391,176	)		(16,819,374	)		(227,319,033	)

Net change		6,976,484		$	97,309,730			1,727,857		$	27,686,732

Class C
Issued from the sale of shares		994,378		$	13,911,152			2,130,053		$	29,237,104
Issued in connection with the reinvestment of distributions		221,598			3,086,753			119,932			1,623,298
Redeemed		(1,630,801	)		(22,741,959	)		(4,925,789	)		(67,833,185	)

Net change		(414,825	)	$	(5,744,054	)		(2,675,804	)	$	(36,972,783	)

Class N
Issued from the sale of shares		48,119,950		$	675,454,323			84,014,957		$	1,156,522,813
Issued in connection with the reinvestment of distributions		5,528,161			77,548,046			4,691,629			64,237,460
Redeemed		(43,795,143	)		(615,357,157	)		(62,741,955	)		(854,510,574	)
Redeemed in-kind (Note 13)		—			—			(32,463,709	)		(456,764,389	)

Net change		9,852,968		$	137,645,212			(6,499,078	)	$	(90,514,690	)

Class Y
Issued from the sale of shares		100,252,120		$	1,406,436,203			190,014,284		$	2,636,656,671
Issued in connection with the reinvestment of distributions		11,550,057			162,006,334			6,961,003			95,521,951
Redeemed		(56,132,009	)		(787,197,565	)		(96,927,942	)		(1,324,095,811	)

Net change		55,670,168		$	781,244,972			100,047,345		$	1,408,082,811

Increase from capital share transactions		72,084,795		$	1,010,455,860			92,600,320		$	1,308,282,070

| 108

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

12. Capital Shares (continued).


	Six Months Ended March 31, 2021				Period Ended September 30, 2020(a)
Credit Income Fund	Shares		Amount		Shares		Amount
Class A
Issued from the sale of shares		8,583	$	87,178		100	$	1,000
Issued in connection with the reinvestment of distributions		98		1,003		—		—

Net change		8,681	$	88,181		100	$	1,000

Class C
Issued from the sale of shares		—	$	—		100	$	1,000
Issued in connection with the reinvestment of distributions		1		11		—		—

Net change		1	$	11		100	$	1,000

Class N
Issued from the sale of shares		—	$	—		2,500,000	$	25,000,000
Issued in connection with the reinvestment of distributions		38,807		395,016		—		—

Net change		38,807	$	395,016		2,500,000	$	25,000,000

Class Y
Issued from the sale of shares		1,992	$	20,000		100	$	1,000
Issued in connection with the reinvestment of distributions		32		325		—		—

Net change		2,024	$	20,325		100	$	1,000

Increase from capital share transactions		49,513	$	503,533		2,500,300	$	25,003,000

(a)	From commencement of operations on September 29, 2020 through September 30, 2020.


	Six Months Ended March 31, 2021						Year Ended September 30, 2020
Global Allocation Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		3,354,971		$	90,261,733			9,934,108		$	244,510,222
Issued in connection with the reinvestment of distributions		920,421			24,308,308			408,536			10,037,738
Redeemed		(3,806,556	)		(102,564,130	)		(5,288,773	)		(125,525,882	)

Net change		468,836		$	12,005,911			5,053,871		$	129,022,078

Class C
Issued from the sale of shares		1,979,967		$	52,363,174			5,429,302		$	129,254,637
Issued in connection with the reinvestment of distributions		874,791			22,762,056			335,475			8,148,688
Redeemed		(2,269,785	)		(60,122,864	)		(7,501,444	)		(180,254,496	)

Net change		584,973		$	15,002,366			(1,736,667	)	$	(42,851,171	)

Class N
Issued from the sale of shares		1,323,284		$	36,012,719			2,473,848		$	60,506,193
Issued in connection with the reinvestment of distributions		538,052			14,290,673			229,737			5,672,201
Redeemed		(630,727	)		(17,133,954	)		(1,170,090	)		(28,432,814	)

Net change		1,230,609		$	33,169,438			1,533,495		$	37,745,580

Class Y
Issued from the sale of shares		17,851,500		$	484,297,631			39,782,349		$	960,786,370
Issued in connection with the reinvestment of distributions		5,159,028			137,075,378			1,901,677			46,971,422
Redeemed		(12,203,488	)		(330,963,649	)		(21,963,125	)		(519,151,329	)

Net change		10,807,040		$	290,409,360			19,720,901		$	488,606,463

Increase from capital share transactions		13,091,458		$	350,587,075			24,571,600		$	612,522,950

109 |

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

12. Capital Shares (continued).


	Six Months Ended March 31, 2021						Year Ended September 30, 2020
Growth Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		8,502,714		$	184,346,657			17,054,510		$	295,932,287
Issued in connection with the reinvestment of distributions		2,584,796			55,159,560			1,535,788			26,261,967
Redeemed		(8,664,782	)		(188,092,422	)		(25,287,462	)		(430,112,221	)

Net change		2,422,728		$	51,413,795			(6,697,164	)	$	(107,917,967	)

Class C
Issued from the sale of shares		421,995		$	8,156,814			1,233,665		$	19,482,505
Issued in connection with the reinvestment of distributions		217,137			4,145,151			120,727			1,870,055
Redeemed		(997,976	)		(19,371,674	)		(2,748,722	)		(44,108,509	)

Net change		(358,844	)	$	(7,069,709	)		(1,394,330	)	$	(22,755,949	)

Class N
Issued from the sale of shares		2,857,865		$	66,744,525			17,025,202		$	315,167,287
Issued in connection with the reinvestment of distributions		791,042			18,170,220			728,950			13,354,361
Redeemed		(2,365,009	)		(55,083,876	)		(17,501,743	)		(331,093,667	)

Net change		1,283,898		$	29,830,869			252,409		$	(2,572,019	)

Class Y
Issued from the sale of shares		59,552,211		$	1,387,964,636			129,418,130		$	2,410,503,407
Issued in connection with the reinvestment of distributions		14,341,619			329,570,400			8,337,704			152,830,107
Redeemed		(59,682,715	)		(1,393,467,009	)		(127,998,579	)		(2,403,446,308	)

Net change		14,211,115		$	324,068,027			9,757,255		$	159,887,206

Increase from capital share transactions		17,558,897		$	398,242,982			1,918,170		$	26,641,271


	Six Months Ended March 31, 2021						Year Ended September 30, 2020
Intermediate Duration Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		257,371		$	2,756,111			324,729		$	3,474,978
Issued in connection with the reinvestment of distributions		57,284			615,239			46,350			490,629
Redeemed		(134,252	)		(1,448,165	)		(592,250	)		(6,368,788	)

Net change		180,403		$	1,923,185			(221,171	)	$	(2,403,181	)

Class C
Issued from the sale of shares		15,059		$	160,511			19,815		$	211,443
Issued in connection with the reinvestment of distributions		1,559			16,786			773			8,198
Redeemed		(38,924	)		(418,127	)		(4,252	)		(45,689	)

Net change		(22,306	)	$	(240,830	)		16,336		$	173,952

Class N
Issued from the sale of shares		1,610,520		$	17,699,394			8,686		$	92,320
Issued in connection with the reinvestment of distributions		62,149			666,465			8,959			94,763
Redeemed		(163,182	)		(1,748,468	)		(54,098	)		(585,173	)

Net change		1,509,487		$	16,617,391			(36,453	)	$	(398,090	)

Class Y
Issued from the sale of shares		6,167,218		$	66,630,012			12,426,531		$	132,862,309
Issued in connection with the reinvestment of distributions		946,129			10,162,350			557,209			5,914,095
Redeemed		(3,602,452	)		(38,902,016	)		(6,797,325	)		(71,873,949	)

Net change		3,510,895		$	37,890,346			6,186,415		$	66,902,455

Increase from capital share transactions		5,178,479		$	56,190,092			5,945,127		$	64,275,136

| 110

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

12. Capital Shares (continued).



	Six Months Ended March 31, 2021						Year Ended September 30, 2020
Limited Term Government and Agency Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		2,920,368		$	33,600,973			8,119,093		$	93,051,564
Issued in connection with the reinvestment of distributions		81,472			936,877			294,326			3,364,566
Redeemed		(2,523,551	)		(29,019,153	)		(9,910,542	)		(113,643,142	)

Net change		478,289		$	5,518,697			(1,497,123	)	$	(17,227,012	)

Class C
Issued from the sale of shares		980,175		$	11,276,800			1,390,000		$	15,896,924
Issued in connection with the reinvestment of distributions		469			5,405			8,812			100,557
Redeemed		(549,177	)		(6,314,129	)		(1,649,132	)		(18,865,977	)

Net change		431,467		$	4,968,076			(250,320	)	$	(2,868,496	)

Class N
Issued from the sale of shares		325,312		$	3,753,839			719,991		$	8,232,916
Issued in connection with the reinvestment of distributions		4,622			52,892			12,962			148,889
Redeemed		(355,124	)		(4,100,608	)		(242,561	)		(2,793,313	)

Net change		(25,190	)	$	(293,877	)		490,392		$	5,588,492

Class Y
Issued from the sale of shares		19,673,164		$	227,104,506			54,197,489		$	624,437,973
Issued in connection with the reinvestment of distributions		232,731			2,684,829			574,408			6,596,941
Redeemed		(19,033,876	)		(219,679,541	)		(35,196,219	)		(404,652,972	)

Net change		872,019		$	10,109,794			19,575,678		$	226,381,942

Increase from capital share transactions		1,756,585		$	20,302,690			18,318,627		$	211,874,926

13. 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, 2020, Core Plus Bond Fund participated in a redemption in-kind transaction.

14. Subsequent Event. Effective May 1, 2021, Class C shares will automatically convert to Class A shares after eight years.

111 |

LOGO

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Semiannual Report

March 31, 2021



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, 2021²


																Expense Ratios³
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Institutional Class (Inception 12/31/96)		28.53	%		81.95	%		19.84	%		13.68	%		—	%		0.94	%		0.94	%

Retail Class (Inception 12/31/96)		28.37			81.46			19.54			13.38			—			1.19			1.19

Class N (Inception 2/1/13)		28.62			82.09			19.97			—			15.93			0.82			0.82

Comparative Performance
Russell 2000^® Growth Index¹		35.92			90.20			18.61			13.02			14.84

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.

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.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/22. 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, 2021³


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

Institutional Class (Inception 5/13/91)		49.29	%		80.67	%		11.04	%		9.81	%		—	%		0.95	%		0.90	%

Retail Class (Inception 12/31/96)		49.16			80.23			10.77			9.54			—			1.20			1.15

Admin Class (Inception 1/2/98)		48.94			79.76			10.49			9.27			—			1.45			1.40

Class N (Inception 2/1/13)		49.39			80.77			11.12			—			10.56			0.85			0.85

Comparative Performance
Russell 2000^® Value Index¹		61.59			97.05			13.56			10.06			10.87
Russell 2000^® Index²		48.05			94.85			16.35			11.68			13.02

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.

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.

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

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 1/31/22. 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, 2021²


																Expense Ratios³
	6 Months			1 Year			5 Years			Life of Institutional Class			Life of Class N			Gross			Net

Institutional Class (Inception 6/30/15)		20.96	%		71.08	%		19.23	%		14.56	%		—	%		1.21	%		0.85	%

Class N (Inception 10/1/19)		21.05			71.00			—			—			29.77			107.49			0.83

Comparative Performance
Russell 2500^TM Growth Index¹		29.02			87.50			19.91			14.89			37.71

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.

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.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/22. 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

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 on 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, 2020 through March 31, 2021. 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 10/1/2020	Ending Account Value 3/31/2021	Expenses Paid During Period* 10/1/2020 – 3/31/2021
Actual	$1,000.00	$1,285.30	$5.24
Hypothetical (5% return before expenses)	$1,000.00	$1,020.34	$4.63

Retail Class
Actual	$1,000.00	$1,283.70	$6.66
Hypothetical (5% return before expenses)	$1,000.00	$1,019.10	$5.89

Class N
Actual	$1,000.00	$1,286.20	$4.67
Hypothetical (5% return before expenses)	$1,000.00	$1,020.84	$4.13

* Expenses are equal to the Fund’s annualized expense ratio: 0.92%, 1.17% 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 10/1/2020	Ending Account Value 3/31/2021	Expenses Paid During Period* 10/1/2020 – 3/31/2021
Actual	$1,000.00	$1,492.90	$5.59
Hypothetical (5% return before expenses)	$1,000.00	$1,020.44	$4.53

Retail Class
Actual	$1,000.00	$1,491.60	$7.14
Hypothetical (5% return before expenses)	$1,000.00	$1,019.20	$5.79

Admin Class
Actual	$1,000.00	$1,489.40	$8.69
Hypothetical (5% return before expenses)	$1,000.00	$1,017.95	$7.04

Class N
Actual	$1,000.00	$1,493.90	$5.29
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 10/1/2020	Ending Account Value 3/31/2021	Expenses Paid During Period* 10/1/2020 – 3/31/2021
Actual	$1,000.00	$1,209.60	$4.63
Hypothetical (5% return before expenses)	$1,000.00	$1,020.74	$4.23

Class N
Actual	$1,000.00	$1,210.50	$4.57
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, 2021 (Unaudited)

Loomis Sayles Small Cap Growth Fund


Shares		Description	Value (†)

	Common Stocks – 96.6% of Net Assets

		Aerospace & Defense – 3.3%
	264,405	AeroVironment, Inc.(a)	$	30,686,844
	1,512,699	Kratos Defense & Security Solutions, Inc.(a)		41,266,429
	412,216	Mercury Systems, Inc.(a)		29,123,060

				101,076,333


		Air Freight & Logistics – 1.6%
	928,012	Air Transport Services Group, Inc.(a)		27,153,631
	296,046	HUB Group, Inc., Class A(a)		19,917,975

				47,071,606


		Auto Components – 5.3%
	316,673	Dorman Products, Inc.(a)		32,503,317
	310,084	Fox Factory Holding Corp.(a)		39,399,273
	324,159	Gentherm, Inc.(a)		24,023,423
	402,595	Patrick Industries, Inc.		34,220,575
	930,899	Stoneridge, Inc.(a)		29,611,897

				159,758,485


		Banks – 1.5%
	475,250	Ameris Bancorp		24,955,377
	970,672	Bancorp, Inc. (The)(a)		20,112,324

				45,067,701


		Beverages – 0.8%
	1,461,073	Primo Water Corp.		23,757,047


		Biotechnology – 9.5%
	240,766	Blueprint Medicines Corp.(a)		23,409,678
	374,526	ChemoCentryx, Inc.(a)		19,190,712
	949,889	Dicerna Pharmaceuticals, Inc.(a)		24,288,662
	855,533	Halozyme Therapeutics, Inc.(a)		35,667,171
	472,044	Insmed, Inc.(a)		16,077,819
	355,681	Natera, Inc.(a)		36,115,849
	343,821	PTC Therapeutics, Inc.(a)		16,279,924
	464,076	Replimune Group, Inc.(a)		14,158,959
	547,688	Rocket Pharmaceuticals, Inc.(a)		24,300,917
	344,347	SpringWorks Therapeutics, Inc.(a)		25,333,609
	808,702	Sutro Biopharma, Inc.(a)		18,406,057
	452,805	Xencor, Inc.(a)		19,497,783
	466,773	Y-mAbs Therapeutics, Inc.(a)		14,115,215

				286,842,355


		Building Products – 3.8%
	411,820	AAON, Inc.		28,831,518
	521,332	Advanced Drainage Systems, Inc.		53,900,515
	409,184	UFP Industries, Inc.		31,032,515

				113,764,548


		Capital Markets – 3.6%
	971,350	AssetMark Financial Holdings, Inc.(a)		22,671,309
	570,618	Focus Financial Partners, Inc., Class A(a)		23,749,121
	383,619	Hamilton Lane, Inc., Class A		33,973,299
	437,386	PJT Partners, Inc., Class A		29,589,163

				109,982,892


		Commercial Services & Supplies – 1.3%
	616,215	Casella Waste Systems, Inc., Class A(a)		39,172,788


		Construction & Engineering – 1.2%
	1,344,708	WillScot Mobile Mini Holdings Corp.(a)	$	37,315,647


		Diversified Consumer Services – 1.2%
	687,977	frontdoor, Inc.(a)		36,978,764


		Electronic Equipment, Instruments & Components – 3.2%
	373,340	Itron, Inc.(a)		33,096,591
	682,370	nLight, Inc.(a)		22,108,788
	313,510	Novanta, Inc.(a)		41,348,834

				96,554,213


		Food Products – 3.0%
	396,006	Freshpet, Inc.(a)		62,889,713
	926,854	Simply Good Foods Co. (The)(a)		28,194,899

				91,084,612


		Health Care Equipment & Supplies – 7.8%
	549,006	AtriCure, Inc.(a)		35,970,873
	607,889	Axonics Modulation Technologies, Inc.(a)		36,406,472
	223,700	CONMED Corp.		29,212,983
	456,889	CryoPort, Inc.(a)		23,762,797
	453,271	Merit Medical Systems, Inc.(a)		27,141,867
	491,417	NuVasive, Inc.(a)		32,217,299
	514,472	SI-BONE, Inc.(a)		16,365,354
	314,038	STAAR Surgical Co.(a)		33,102,746

				234,180,391


		Health Care Providers & Services – 4.0%
	178,956	Addus HomeCare Corp.(a)		18,717,008
	58,161	Amedisys, Inc.(a)		15,400,451
	462,036	HealthEquity, Inc.(a)		31,418,448
	205,976	LHC Group, Inc.(a)		39,384,671
	423,022	PetIQ, Inc.(a)		14,915,756

				119,836,334


		Health Care Technology – 2.3%
	212,697	Inspire Medical Systems, Inc.(a)		44,026,152
	482,455	Phreesia, Inc.(a)		25,135,906

				69,162,058


		Hotels, Restaurants & Leisure – 2.8%
	232,464	Papa John’s International, Inc.		20,605,609
	335,913	Texas Roadhouse, Inc.(a)		32,227,493
	238,921	Wingstop, Inc.		30,383,584

				83,216,686


		Insurance – 1.3%
	370,756	Goosehead Insurance, Inc., Series A		39,737,628


		Internet & Direct Marketing Retail – 1.1%
	357,444	Shutterstock, Inc.		31,826,814


		IT Services – 4.1%
	658,196	EVERTEC, Inc.		24,498,055
	143,082	Globant S.A.(a)		29,705,254
	916,810	NIC, Inc.		31,107,363
	534,524	WNS Holdings Ltd., ADR(a)		38,720,919

				124,031,591


		Leisure Products – 1.0%
	384,277	Malibu Boats, Inc., Class A(a)		30,619,191

See accompanying notes to financial statements.

| 6

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Life Sciences Tools & Services – 3.3%
	291,007	NanoString Technologies, Inc.(a)	$	19,122,070
	741,013	NeoGenomics, Inc.(a)		35,739,057
	297,037	PRA Health Sciences, Inc.(a)		45,544,683

				100,405,810


		Machinery – 3.3%
	292,461	Albany International Corp., Class A		24,411,720
	460,975	Kornit Digital Ltd.(a)		45,691,842
	145,224	RBC Bearings, Inc.(a)		28,575,726

				98,679,288


		Media – 0.8%
	350,410	TechTarget, Inc.(a)		24,335,974


		Pharmaceuticals – 3.1%
	1,139,918	Aerie Pharmaceuticals, Inc.(a)		20,370,335
	162,355	GW Pharmaceuticals PLC, Sponsored ADR(a)		35,214,800
	518,959	Pacira BioSciences, Inc.(a)		36,373,836
	56,728	Supernus Pharmaceuticals, Inc.(a)		1,485,139

				93,444,110


		Professional Services – 2.4%
	364,510	Huron Consulting Group, Inc.(a)		18,364,014
	994,140	KBR, Inc.		38,165,035
	198,333	ManTech International Corp., Class A		17,245,054

				73,774,103


		Semiconductors & Semiconductor Equipment – 7.7%
	318,978	Advanced Energy Industries, Inc.		34,822,828
	873,717	FormFactor, Inc.(a)		39,413,374
	716,369	MACOM Technology Solutions Holdings, Inc.(a)		41,563,729
	707,408	MaxLinear, Inc.(a)		24,108,465
	1,538,884	Rambus, Inc.(a)		29,915,905
	248,015	Silicon Laboratories, Inc.(a)		34,987,476
	441,292	Silicon Motion Technology Corp., ADR		26,208,332

				231,020,109


		Software – 5.5%
	232,859	Blackline, Inc.(a)		25,241,916
	425,262	Envestnet, Inc.(a)		30,716,674
	357,525	Q2 Holdings, Inc.(a)		35,824,005
	505,122	Rapid7, Inc.(a)		37,687,153
	721,904	Varonis Systems, Inc.(a)		37,062,551

				166,532,299


		Specialty Retail – 1.8%
	334,345	Boot Barn Holdings, Inc.(a)		20,833,037
	748,919	National Vision Holdings, Inc.(a)		32,825,120

				53,658,157


		Technology Hardware, Storage & Peripherals – 0.7%
	977,430	Pure Storage, Inc., Class A(a)		21,053,842


		Textiles, Apparel & Luxury Goods – 1.3%
	260,797	Columbia Sportswear Co.		27,547,987
	296,905	Steven Madden Ltd.		11,062,680

				38,610,667


		Trading Companies & Distributors – 3.0%
	370,704	McGrath RentCorp	$	29,897,278
	355,153	SiteOne Landscape Supply, Inc.(a)		60,638,823

				90,536,101


		Total Common Stocks

		(Identified Cost $1,993,497,077)		2,913,088,144


	Principal Amount

	Short-Term Investments – 3.3%

$	100,402,538	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2021 at 0.000% to be repurchased at $100,402,538 on 4/01/2021 collateralized by $97,575,900 U.S.Treasury Note, 1.875% due 8/31/2024 valued at $102,410,637 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $100,402,538)		100,402,538


		Total Investments – 99.9%

		(Identified Cost $2,093,899,615)		3,013,490,682

		Other assets less liabilities—0.1%		1,702,046


		Net Assets – 100.0%	$	3,015,192,728


	(†)	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, 2021 (Unaudited)


Biotechnology	9.5	%
Health Care Equipment & Supplies	7.8
Semiconductors & Semiconductor Equipment	7.7
Software	5.5
Auto Components	5.3
IT Services	4.1
Health Care Providers & Services	4.0
Building Products	3.8
Capital Markets	3.6
Aerospace & Defense	3.3
Life Sciences Tools & Services	3.3
Machinery	3.3
Electronic Equipment, Instruments & Components	3.2
Pharmaceuticals	3.1
Food Products	3.0
Trading Companies & Distributors	3.0
Hotels, Restaurants & Leisure	2.8
Professional Services	2.4
Health Care Technology	2.3
Other Investments, less than 2% each	15.6
Short-Term Investments	3.3

Total Investments	99.9
Other assets less liabilities	0.1

Net Assets	100.0	%

See accompanying notes to financial statements.

7 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Small Cap Value Fund


Shares		Description	Value (†)

	Common Stocks – 98.8% of Net Assets

		Aerospace & Defense – 1.2%
	64,870	Aerojet Rocketdyne Holdings, Inc.	$	3,046,295
	66,785	BWX Technologies, Inc.		4,403,803

				7,450,098


		Auto Components – 3.2%
	109,176	Cooper Tire & Rubber Co.		6,111,672
	288,336	Dana, Inc.		7,015,215
	20,928	Fox Factory Holding Corp.(a)		2,659,112
	35,360	LCI Industries		4,677,421

				20,463,420


		Banks – 14.1%
	146,346	Ameris Bancorp		7,684,629
	171,514	Atlantic Union Bankshares Corp.		6,579,277
	172,148	BancorpSouth Bank		5,591,367
	147,547	Bryn Mawr Bank Corp.		6,714,864
	215,661	CVB Financial Corp.		4,763,952
	271,568	Home BancShares, Inc.		7,345,914
	234,144	OceanFirst Financial Corp.		5,605,407
	87,832	Pinnacle Financial Partners, Inc.		7,787,185
	122,460	Popular, Inc.		8,611,387
	76,931	Prosperity Bancshares, Inc.		5,761,363
	62,945	South State Corp.		4,941,812
	127,437	Triumph Bancorp, Inc.(a)		9,862,349
	107,868	Wintrust Financial Corp.		8,176,394

				89,425,900


		Beverages – 0.9%
	343,673	Primo Water Corp.		5,588,123


		Biotechnology – 1.5%
	45,738	Emergent BioSolutions, Inc.(a)		4,249,518
	29,565	United Therapeutics Corp.(a)		4,945,337

				9,194,855


		Building Products – 2.9%
	49,887	American Woodmark Corp.(a)		4,917,861
	31,238	Armstrong World Industries, Inc.		2,814,231
	154,015	Quanex Building Products Corp.		4,039,813
	85,538	UFP Industries, Inc.		6,487,202

				18,259,107


		Capital Markets – 2.3%
	251,684	Donnelley Financial Solutions, Inc.(a)		7,004,366
	120,154	Stifel Financial Corp.		7,697,065

				14,701,431


		Chemicals – 3.0%
	41,766	Ashland Global Holdings, Inc.		3,707,568
	79,441	Cabot Corp.		4,165,886
	22,092	Ingevity Corp.(a)		1,668,609
	199,838	Valvoline, Inc.		5,209,776
	75,242	WR Grace & Co.		4,503,986

				19,255,825


		Commercial Services & Supplies – 1.9%
	55,355	Clean Harbors, Inc.(a)		4,653,141
	88,006	IAA, Inc.(a)		4,852,651
	184,235	KAR Auction Services, Inc.		2,763,525

				12,269,317


		Communications Equipment – 0.7%
	300,248	Viavi Solutions, Inc.(a)	$	4,713,894


		Construction & Engineering – 2.5%
	108,636	AECOM(a)		6,964,654
	135,385	Arcosa, Inc.		8,812,210

				15,776,864


		Consumer Finance – 0.5%
	72,475	PROG Holdings, Inc.		3,137,443


		Distributors – 0.7%
	115,036	Core-Mark Holding Co., Inc.		4,450,743


		Diversified Consumer Services – 1.2%
	100,494	frontdoor, Inc.(a)		5,401,553
	259,010	Houghton Mifflin Harcourt Co.(a)		1,973,656

				7,375,209


		Diversified Financial Services – 0.9%
	137,675	Cannae Holdings, Inc.(a)		5,454,684


		Diversified Telecommunication Services – 0.4%
	204,894	Liberty Latin America Ltd., Class C(a)		2,659,524


		Electric Utilities – 0.8%
	78,245	ALLETE, Inc.		5,257,282


		Electrical Equipment – 1.7%
	44,509	Atkore, Inc.(a)		3,200,197
	35,577	AZZ, Inc.		1,791,302
	291,533	Vertiv Holdings Co.		5,830,660

				10,822,159


		Electronic Equipment, Instruments & Components – 4.4%
	126,191	Kimball Electronics, Inc.(a)		3,255,728
	17,532	Littelfuse, Inc.		4,636,162
	162,530	Methode Electronics, Inc.		6,823,009
	32,899	SYNNEX Corp.		3,778,121
	358,959	TTM Technologies, Inc.(a)		5,204,906
	129,488	Vontier Corp.(a)		3,919,602

				27,617,528


		Energy Equipment & Services – 2.0%
	402,714	ChampionX Corp.(a)		8,750,975
	75,402	DMC Global, Inc.		4,091,313

				12,842,288


		Entertainment – 0.8%
	139,588	Liberty Media Corp.-Liberty Braves, Class C(a)		3,883,338
	10,919	Madison Square Garden Entertainment Corp.(a)		893,174

				4,776,512


		Food Products – 3.1%
	84,565	Darling Ingredients, Inc.(a)		6,222,293
	20,544	J&J Snack Foods Corp.		3,226,024
	268,719	Nomad Foods Ltd.(a)		7,379,024
	234,710	Whole Earth Brands, Inc.(a)		3,060,618

				19,887,959

See accompanying notes to financial statements.

| 8

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Health Care Equipment & Supplies – 2.3%
	31,265	CONMED Corp.	$	4,082,896
	100,245	Inmode Ltd.(a)		7,254,731
	158,911	Lantheus Holdings, Inc.(a)		3,395,928

				14,733,555


		Health Care Providers & Services – 0.2%
	21,306	AMN Healthcare Services, Inc.(a)		1,570,252


		Health Care Technology – 0.9%
	384,998	Allscripts Healthcare Solutions, Inc.(a)		5,780,745


		Hotels, Restaurants & Leisure – 2.6%
	26,266	Churchill Downs, Inc.		5,973,413
	15,277	Cracker Barrel Old Country Store, Inc.		2,641,088
	43,577	Marriott Vacations Worldwide Corp.(a)		7,590,242

				16,204,743


		Household Durables – 2.2%
	21,832	Helen of Troy Ltd.(a)		4,599,129
	102,725	KB Home		4,779,794
	107,014	Skyline Champion Corp.(a)		4,843,454

				14,222,377


		Independent Power & Renewable Electricity Producers – 1.1%
	96,174	NextEra Energy Partners LP		7,009,161


		Industrial Conglomerates – 0.6%
	97,961	Raven Industries, Inc.		3,754,845


		Insurance – 1.8%
	132,379	Employers Holdings, Inc.		5,700,240
	102,079	First American Financial Corp.		5,782,775

				11,483,015


		Internet & Direct Marketing Retail – 0.5%
	282,441	Qurate Retail, Inc., Class A		3,321,506


		IT Services – 5.2%
	56,419	Concentrix Corp.(a)		8,447,053
	81,407	CSG Systems International, Inc.		3,654,360
	36,452	Euronet Worldwide, Inc.(a)		5,041,311
	183,739	Perspecta, Inc.		5,337,618
	215,034	Unisys Corp.(a)		5,466,164
	23,080	WEX, Inc.(a)		4,828,798

				32,775,304


		Leisure Products – 1.1%
	70,002	Brunswick Corp.		6,676,091


		Machinery – 7.2%
	48,038	Alamo Group, Inc.		7,501,134
	54,675	Albany International Corp., Class A		4,563,722
	117,886	Altra Industrial Motion Corp.		6,521,453
	123,325	Columbus McKinnon Corp.		6,506,627
	26,114	John Bean Technologies Corp.		3,482,041
	46,463	Kadant, Inc.		8,596,120
	103,261	Miller Industries, Inc.		4,769,626
	118,798	TriMas Corp.(a)		3,601,955

				45,542,678


		Marine – 0.5%
	328,248	Genco Shipping & Trading Ltd.	$	3,308,740


		Media – 1.8%
	231,150	Gray Television, Inc.		4,253,160
	69,305	John Wiley & Sons, Inc., Class A		3,756,331
	21,396	Liberty Broadband Corp., Class C(a)		3,212,609

				11,222,100


		Multi-Utilities – 1.6%
	187,373	MDU Resources Group, Inc.		5,922,860
	62,208	NorthWestern Corp.		4,055,962

				9,978,822


		Pharmaceuticals – 1.3%
	43,008	Catalent, Inc.(a)		4,529,173
	139,461	Supernus Pharmaceuticals, Inc.(a)		3,651,089

				8,180,262


		Professional Services – 2.8%
	55,879	Insperity, Inc.		4,679,307
	115,610	Korn Ferry		7,210,596
	66,617	Science Applications International Corp.		5,568,515

				17,458,418


		REITs - Single Tenant – 0.8%
	79,065	Agree Realty Corp.		5,321,865


		REITs - Storage – 0.7%
	120,491	CubeSmart		4,558,175


		REITs - Warehouse/Industrials – 2.4%
	141,322	Americold Realty Trust		5,436,658
	101,008	Rexford Industrial Realty, Inc.		5,090,803
	145,387	STAG Industrial, Inc.		4,886,457

				15,413,918


		Semiconductors & Semiconductor Equipment – 1.7%
	43,567	Advanced Energy Industries, Inc.		4,756,209
	218,391	Tower Semiconductor Ltd.(a)		6,123,684

				10,879,893


		Software – 1.3%
	100,864	ACI Worldwide, Inc.(a)		3,837,875
	57,430	Cognyte Software Ltd.(a)		1,597,128
	57,430	Verint Systems, Inc.(a)		2,612,491

				8,047,494


		Specialty Retail – 1.5%
	155,704	Aaron’s Co., Inc. (The)		3,998,479
	139,939	Urban Outfitters, Inc.(a)		5,204,331

				9,202,810


		Thrifts & Mortgage Finance – 2.0%
	51,041	Federal Agricultural Mortgage Corp., Class C		5,140,849
	170,609	Meta Financial Group, Inc.		7,730,294

				12,871,143


		Trading Companies & Distributors – 2.8%
	187,898	Alta Equipment Group, Inc.(a)		2,442,674
	94,555	Herc Holdings, Inc.(a)		9,581,258
	68,491	McGrath RentCorp		5,523,799

				17,547,731

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Water Utilities – 0.4%
	181,801	Pure Cycle Corp.(a)	$	2,439,769


		Wireless Telecommunication Services – 0.8%
	146,139	United States Cellular Corp.(a)		5,331,151


		Total Common Stocks

		(Identified Cost $388,155,268)		626,216,728


	Other Investments – 0.0%

		Metals & Mining – 0.0%
	507,316	Ferroglobe R&W Trust(a)(b)(c)(d) (Identified Cost $0)		—


	Principal Amount

	Short-Term Investments – 3.1%

$	19,374,903	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2021 at 0.000% to be repurchased at $19,374,903 on 4/01/2021 collateralized by $18,829,500 U.S. Treasury Note, 1.875% due 8/31/2024 valued at $19,762,473 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $19,374,903)		19,374,903


		Total Investments – 101.9%

		(Identified Cost $407,530,171)		645,591,631
		Other assets less liabilities—(1.9)%		(11,918,457	)


		Net Assets – 100.0%	$	633,673,174


	(†)	See Note 2 of Notes to Financial Statements.

	(a)	Non-income producing security.

	(b)	Illiquid security.

	(c)	Security subject to restrictions on resale. This security was acquired on November 29, 2016 at a cost of $0.

	(d)	Security classified as fair valued pursuant to the Fund’s pricing policies and procedures. See Note 2 of Notes to Financial Statements.

	REITs	Real Estate Investment Trusts

Industry Summary at March 31, 2021 (Unaudited)


Banks	14.1	%
Machinery	7.2
IT Services	5.2
Electronic Equipment, Instruments & Components	4.4
Auto Components	3.2
Food Products	3.1
Chemicals	3.0
Building Products	2.9
Trading Companies & Distributors	2.8
Professional Services	2.8
Hotels, Restaurants & Leisure	2.6
Construction & Engineering	2.5
REITs - Warehouse/Industrials	2.4
Health Care Equipment & Supplies	2.3
Capital Markets	2.3
Household Durables	2.2
Thrifts & Mortgage Finance	2.0
Energy Equipment & Services	2.0
Other Investments, less than 2% each	31.8
Short-Term Investments	3.1

Total Investments	101.9
Other assets less liabilities	(1.9	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund


Shares		Description	Value (†)

	Common Stocks – 96.8% of Net Assets

		Aerospace & Defense – 3.7%
	9,353	Axon Enterprise, Inc.(a)	$	1,332,054
	7,584	HEICO Corp.		954,067
	11,222	Hexcel Corp.(a)		628,432

				2,914,553


		Auto Components – 2.4%
	7,676	Fox Factory Holding Corp.(a)		975,313
	6,830	LCI Industries		903,472

				1,878,785


		Banks – 1.1%
	19,629	Pacific Premier Bancorp, Inc.		852,684


		Biotechnology – 5.7%
	2,253	Argenx SE, ADR(a)		620,453
	5,861	Ascendis Pharma A/S, ADR(a)		755,366
	6,945	ChemoCentryx, Inc.(a)		355,862
	18,668	Halozyme Therapeutics, Inc.(a)		778,269
	8,607	Neurocrine Biosciences, Inc.(a)		837,031
	11,145	PTC Therapeutics, Inc.(a)		527,716
	14,153	Xencor, Inc.(a)		609,428

				4,484,125


		Building Products – 3.9%
	10,714	Advanced Drainage Systems, Inc.		1,107,720
	15,006	AZEK Co., Inc. (The)(a)		631,002
	5,161	Masonite International Corp.(a)		594,754
	8,038	Trex Co., Inc.(a)		735,799

				3,069,275


		Capital Markets – 4.3%
	27,321	Ares Management Corp., Class A		1,530,796
	8,999	Hamilton Lane, Inc., Class A		796,951
	4,615	Morningstar, Inc.		1,038,560

				3,366,307


		Commercial Services & Supplies – 1.3%
	7,222	Tetra Tech, Inc.		980,170


		Distributors – 1.4%
	3,169	POOL CORP.		1,094,066


		Diversified Consumer Services – 1.2%
	11,253	Chegg, Inc.(a)		963,932


		Electrical Equipment – 1.6%
	3,738	Generac Holdings, Inc.(a)		1,224,008


		Electronic Equipment, Instruments & Components – 1.8%
	18,398	Trimble, Inc.(a)		1,431,180


		Entertainment – 0.6%
	38,405	Lions Gate Entertainment Corp.(a)		495,425


		Food & Staples Retailing – 2.0%
	4,522	Casey’s General Stores, Inc.		977,611
	16,860	Grocery Outlet Holding Corp.(a)		621,966

				1,599,577


		Food Products – 2.9%
	9,184	Freshpet, Inc.(a)	$	1,458,511
	27,352	Simply Good Foods Co. (The)(a)		832,048

				2,290,559


		Health Care Equipment & Supplies – 4.2%
	6,468	CONMED Corp.		844,656
	16,052	Globus Medical, Inc., Class A(a)		989,927
	5,691	Insulet Corp.(a)		1,484,896

				3,319,479


		Health Care Providers & Services – 5.0%
	15,645	1Life Healthcare, Inc.(a)		611,407
	14,283	Acadia Healthcare Co., Inc.(a)		816,131
	1,899	Chemed Corp.		873,198
	7,845	Encompass Health Corp.		642,505
	5,238	LHC Group, Inc.(a)		1,001,558

				3,944,799


		Hotels, Restaurants & Leisure – 1.5%
	12,260	Texas Roadhouse, Inc.(a)		1,176,224


		Household Durables – 1.2%
	4,476	Helen of Troy Ltd.(a)		942,914


		Insurance – 0.6%
	4,384	RLI Corp.		489,123


		Internet & Direct Marketing Retail – 0.7%
	25,621	RealReal, Inc. (The)(a)		579,803


		IT Services – 4.6%
	9,645	Black Knight, Inc.(a)		713,634
	6,491	Broadridge Financial Solutions, Inc.		993,772
	7,168	Endava PLC, Sponsored ADR(a)		607,058
	3,199	EPAM Systems, Inc.(a)		1,269,011

				3,583,475


		Leisure Products – 1.8%
	14,522	Brunswick Corp.		1,384,963


		Life Sciences Tools & Services – 6.6%
	3,207	Bio-Techne Corp.		1,224,849
	3,861	Charles River Laboratories International, Inc.(a)		1,119,034
	3,869	ICON PLC(a)		759,756
	7,076	PRA Health Sciences, Inc.(a)		1,084,963
	13,391	Syneos Health, Inc.(a)		1,015,707

				5,204,309


		Machinery – 2.8%
	9,222	ESCO Technologies, Inc.		1,004,184
	24,614	Ingersoll Rand, Inc.(a)		1,211,255

				2,215,439


		Pharmaceuticals – 3.7%
	11,914	Catalent, Inc.(a)		1,254,663
	10,845	Horizon Therapeutics PLC(a)		998,174
	8,968	Pacira BioSciences, Inc.(a)		628,567

				2,881,404


		Professional Services – 1.2%
	24,067	KBR, Inc.		923,932

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2021 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Road & Rail – 1.3%
	6,122	Landstar System, Inc.	$	1,010,497


		Semiconductors & Semiconductor Equipment – 9.9%
	11,776	Advanced Energy Industries, Inc.		1,285,586
	13,530	Cohu, Inc.(a)		566,095
	7,430	MKS Instruments, Inc.		1,377,671
	3,869	Monolithic Power Systems, Inc.		1,366,569
	11,476	Nova Measuring Instruments Ltd.(a)		1,044,431
	15,822	Semtech Corp.(a)		1,091,718
	7,399	Silicon Laboratories, Inc.(a)		1,043,777

				7,775,847


		Software – 10.8%
	6,115	Avalara, Inc.(a)		815,925
	9,622	Blackline, Inc.(a)		1,043,025
	7,576	Five9, Inc.(a)		1,184,356
	6,322	Paylocity Holding Corp.(a)		1,136,885
	7,107	Pegasystems, Inc.		812,614
	11,014	Q2 Holdings, Inc.(a)		1,103,603
	7,522	Rapid7, Inc.(a)		561,216
	13,999	Smartsheet, Inc., Class A(a)		894,816
	2,184	Tyler Technologies, Inc.(a)		927,174

				8,479,614


		Specialty Retail – 1.4%
	11,683	Floor & Decor Holdings, Inc., Class A(a)		1,115,493


		Technology Hardware, Storage & Peripherals – 0.9%
	33,852	Pure Storage, Inc., Class A(a)		729,172


		Textiles, Apparel & Luxury Goods – 1.8%
	7,368	Columbia Sportswear Co.		778,282
	15,422	Skechers U.S.A., Inc., Class A(a)		643,251

				1,421,533


		Thrifts & Mortgage Finance – 0.7%
	11,614	Axos Financial, Inc.(a)		545,974


		Trading Companies & Distributors – 2.2%
	10,068	SiteOne Landscape Supply, Inc.(a)		1,719,010


		Total Common Stocks

		(Identified Cost $57,005,735)		76,087,650


	Principal Amount

	Short-Term Investments – 4.6%

$	3,652,764	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2021 at 0.000% to be repurchased at $3,652,764 on 4/01/2021 collateralized by $3,479,400 U.S. Treasury Note, 2.250% due 11/15/2024 valued at $3,725,867 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $3,652,764)		3,652,764


		Total Investments – 101.4%
		(Identified Cost $60,658,499)		79,740,414
		Other assets less liabilities—(1.4)%		(1,123,907	)


		Net Assets – 100.0%	$	78,616,507


	(†)	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, 2021 (Unaudited)


Software	10.8	%
Semiconductors & Semiconductor Equipment	9.9
Life Sciences Tools & Services	6.6
Biotechnology	5.7
Health Care Providers & Services	5.0
IT Services	4.6
Capital Markets	4.3
Health Care Equipment & Supplies	4.2
Building Products	3.9
Aerospace & Defense	3.7
Pharmaceuticals	3.7
Food Products	2.9
Machinery	2.8
Auto Components	2.4
Trading Companies & Distributors	2.2
Food & Staples Retailing	2.0
Other Investments, less than 2% each	22.1
Short-Term Investments	4.6

Total Investments	101.4
Other assets less liabilities	(1.4	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 12

Statements of Assets and Liabilities

March 31, 2021 (Unaudited)


	Small Cap Growth Fund		Small Cap Value Fund		Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	2,093,899,615	$	407,530,171	$	60,658,499
Net unrealized appreciation		919,591,067		238,061,460		19,081,915

Investments at value		3,013,490,682		645,591,631		79,740,414
Receivable for Fund shares sold		5,280,314		978,837		6,960
Receivable for securities sold		9,823,200		—		—
Dividends receivable		272,640		430,291		13,150
Prepaid expenses (Note 7)		8		3		—

TOTAL ASSETS		3,028,866,844		647,000,762		79,760,524


LIABILITIES
Payable for securities purchased		5,435,769		—		1,022,226
Payable for Fund shares redeemed		5,812,174		12,537,344		3,508
Management fees payable (Note 5)		1,933,083		390,994		45,241
Deferred Trustees’ fees (Note 5)		284,438		310,050		36,249
Administrative fees payable (Note 5)		110,554		23,534		2,850
Payable to distributor (Note 5d)		23,481		6,928		28
Other accounts payable and accrued expenses		74,617		58,738		33,915

TOTAL LIABILITIES		13,674,116		13,327,588		1,144,017

NET ASSETS	$	3,015,192,728	$	633,673,174	$	78,616,507

NET ASSETS CONSIST OF:
Paid-in capital	$	1,808,725,496	$	357,842,874	$	57,779,004
Accumulated earnings		1,206,467,232		275,830,300		20,837,503

NET ASSETS	$	3,015,192,728	$	633,673,174	$	78,616,507


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Institutional Class:
Net assets	$	1,337,080,514	$	389,151,360	$	69,000,801

Shares of beneficial interest		37,122,673		12,608,403		4,864,716

Net asset value, offering and redemption price per share	$	36.02	$	30.86	$	14.18


Retail Class:
Net assets	$	116,548,637	$	106,027,092	$	—

Shares of beneficial interest		3,605,038		3,509,390		—

Net asset value, offering and redemption price per share	$	32.33	$	30.21	$	—


Admin Class shares:
Net assets	$	—	$	9,532,048	$	—

Shares of beneficial interest		—		335,400		—

Net asset value, offering and redemption price per share	$	—	$	28.42	$	—


Class N shares:
Net assets	$	1,561,563,577	$	128,962,674	$	9,615,706

Shares of beneficial interest		42,867,710		4,176,582		677,444

Net asset value, offering and redemption price per share	$	36.43	$	30.88	$	14.19

See accompanying notes to financial statements.

13 |

Statements of Operations

For the Six Months Ended March 31, 2021 (Unaudited)


	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
INVESTMENT INCOME
Dividends	$	3,566,540		$	3,338,640		$	133,146
Less net foreign taxes withheld		(22,695	)		(16,579	)		(791	)

		3,543,845			3,322,061			132,355

Expenses
Management fees (Note 5)		10,427,260			2,164,358			266,239
Service and distribution fees (Note 5)		143,463			142,744			—
Administrative fees (Note 5)		598,395			124,234			15,275
Trustees’ fees and expenses (Note 5)		80,114			46,601			11,263
Transfer agent fees and expenses (Notes 5 and 6)		708,275			210,632			2,236
Audit and tax services fees		20,348			20,732			20,404
Custodian fees and expenses		44,503			8,354			4,244
Legal fees (Note 7)		32,979			5,862			767
Registration fees		86,722			59,418			16,174
Shareholder reporting expenses		17,868			13,657			2,948
Miscellaneous expenses (Note 7)		47,574			22,811			11,351

Total expenses		12,207,501			2,819,403			350,901
Less waiver and/or expense reimbursement (Note 5)		—			(107,797	)		(54,217	)

Net expenses		12,207,501			2,711,606			296,684

Net investment income (loss)		(8,663,656	)		610,455			(164,329	)


NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on:
Investments		314,791,116			44,167,405			3,075,901
Net change in unrealized appreciation (depreciation) on:
Investments		335,217,711			179,672,383			9,098,948

Net realized and unrealized gain on investments		650,008,827			223,839,788			12,174,849


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	641,345,171		$	224,450,243		$	12,010,520

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, 2021 (Unaudited)			Year Ended September 30, 2020			Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
FROM OPERATIONS:
Net investment income (loss)	$	(8,663,656	)	$	(11,503,268	)	$	610,455		$	2,531,907
Net realized gain on investments		314,791,116			44,416,635			44,167,405			39,651,898
Net change in unrealized appreciation (depreciation) on investments		335,217,711			311,230,363			179,672,383			(146,094,001	)

Net increase (decrease) in net assets resulting from operations		641,345,171			344,143,730			224,450,243			(103,910,196	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(22,559,287	)		(80,218,616	)		(26,695,330	)		(34,882,909	)
Retail Class		(2,296,488	)		(9,162,211	)		(7,238,030	)		(10,573,237	)
Admin Class		—			—			(668,585	)		(1,107,925	)
Class N		(24,308,305	)		(61,460,368	)		(8,552,785	)		(11,045,289	)

Total distributions		(49,164,080	)		(150,841,195	)		(43,154,730	)		(57,609,360	)


NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		221,115,113			374,429,835			(26,271,674	)		(82,803,607	)

Net increase (decrease) in net assets		813,296,204			567,732,370			155,023,839			(244,323,163	)
NET ASSETS
Beginning of the period		2,201,896,524			1,634,164,154			478,649,335			722,972,498

End of the period	$	3,015,192,728		$	2,201,896,524		$	633,673,174		$	478,649,335

See accompanying notes to financial statements.

15 |

Statements of Changes in Net Assets – continued


	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
FROM OPERATIONS:
Net investment loss	$	(164,329	)	$	(142,634	)
Net realized gain on investments		3,075,901			478,820
Net change in unrealized appreciation (depreciation) on investments		9,098,948			7,645,216

Net increase in net assets resulting from operations		12,010,520			7,981,402

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(450,185	)		(817,090	)
Class N		(58,589	)		(24	)

Total distributions		(508,774	)		(817,114	)


NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		14,943,286			10,695,219

Net increase in net assets		26,445,032			17,859,507
NET ASSETS
Beginning of the period		52,171,475			34,311,968

End of the period	$	78,616,507		$	52,171,475

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, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	28.51		$	26.30		$	31.55		$	27.37		$	22.03		$	22.22

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.11	)		(0.17	)		(0.16	)		(0.16	)		(0.12	)		(0.09	)
Net realized and unrealized gain (loss)		8.24			4.73			(2.51	)		7.54			5.46			1.59

Total from Investment Operations		8.13			4.56			(2.67	)		7.38			5.34			1.50

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.62	)		(2.35	)		(2.58	)		(3.20	)		—			(1.69	)

Net asset value, end of the period	$	36.02		$	28.51		$	26.30		$	31.55		$	27.37		$	22.03

Total return		28.53	%(b)		17.98	%		(6.88	)%		29.77	%		24.24	%		6.92	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,337,081		$	1,037,625		$	908,616		$	926,914		$	824,103		$	812,383
Net expenses		0.92	%(c)		0.94	%		0.95	%		0.94	%		0.95	%		0.95	%
Gross expenses		0.92	%(c)		0.94	%		0.95	%		0.94	%		0.95	%		0.95	%
Net investment loss		(0.66	)%(c)		(0.66	)%		(0.62	)%		(0.58	)%		(0.49	)%		(0.41	)%
Portfolio turnover rate		26	%		52	%		67	%		41	%		45	%		56	%

(a)

Per share net investment loss 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.


	Small Cap Growth Fund – Retail Class
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	25.67		$	23.95		$	29.09		$	25.53		$	20.61		$	20.93

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.14	)		(0.21	)		(0.21	)		(0.22	)		(0.16	)		(0.13	)
Net realized and unrealized gain (loss)		7.42			4.28			(2.35	)		6.98			5.08			1.50

Total from Investment Operations		7.28			4.07			(2.56	)		6.76			4.92			1.37

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.62	)		(2.35	)		(2.58	)		(3.20	)		—			(1.69	)

Net asset value, end of the period	$	32.33		$	25.67		$	23.95		$	29.09		$	25.53		$	20.61

Total return		28.37	%(b)		17.67	%		(7.11	)%(c)		29.45	%		23.93	%		6.61	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	116,549		$	98,205		$	95,635		$	136,415		$	107,387		$	118,670
Net expenses		1.17	%(d)		1.19	%		1.19	%(e)		1.19	%		1.20	%		1.20	%
Gross expenses		1.17	%(d)		1.19	%		1.20	%		1.19	%		1.20	%		1.20	%
Net investment loss		(0.91	)%(d)		(0.91	)%		(0.86	)%		(0.82	)%		(0.73	)%		(0.66	)%
Portfolio turnover rate		26	%		52	%		67	%		41	%		45	%		56	%

(a)

Per share net investment loss 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 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, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	28.81		$	26.53		$	31.76		$	27.50		$	22.11		$	22.27

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.10	)		(0.14	)		(0.13	)		(0.12	)		(0.09	)		(0.06	)
Net realized and unrealized gain (loss)		8.34			4.77			(2.52	)		7.58			5.48			1.59

Total from Investment Operations		8.24			4.63			(2.65	)		7.46			5.39			1.53

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.62	)		(2.35	)		(2.58	)		(3.20	)		—			(1.69	)

Net asset value, end of the period	$	36.43		$	28.81		$	26.53		$	31.76		$	27.50		$	22.11

Total return		28.62	%(b)		18.09	%		(6.76	)%		29.93	%		24.38	%		7.05	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,561,564		$	1,066,067		$	629,914		$	517,734		$	279,508		$	196,733
Net expenses		0.82	%(c)		0.82	%		0.82	%		0.82	%		0.82	%		0.83	%
Gross expenses		0.82	%(c)		0.82	%		0.82	%		0.82	%		0.82	%		0.83	%
Net investment loss		(0.56	)%(c)		(0.54	)%		(0.49	)%		(0.43	)%		(0.39	)%		(0.29	)%
Portfolio turnover rate		26	%		52	%		67	%		41	%		45	%		56	%

(a)

Per share net investment loss 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.


	Small Cap Value Fund – Institutional Class
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	22.34		$	28.66		$	35.27		$	37.37		$	33.78		$	32.19

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.12			0.10			0.09			0.13			0.17
Net realized and unrealized gain (loss)		10.61			(4.03	)		(2.49	)		2.11			6.36			4.82

Total from Investment Operations		10.64			(3.91	)		(2.39	)		2.20			6.49			4.99

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.12	)		(0.08	)		(0.05	)		(0.14	)		(0.22	)
Net realized capital gains		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)		(3.18	)

Total Distributions		(2.12	)		(2.41	)		(4.22	)		(4.30	)		(2.90	)		(3.40	)

Net asset value, end of the period	$	30.86		$	22.34		$	28.66		$	35.27		$	37.37		$	33.78

Total return(b)		49.29	%(c)		(15.31	)%		(4.11	)%		6.21	%		19.68	%		16.75	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	389,151		$	295,006		$	433,360		$	587,198		$	665,229		$	654,501
Net expenses(d)		0.90	%(e)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		0.95	%(e)		0.95	%		0.93	%		0.92	%		0.93	%		0.93	%
Net investment income		0.25	%(e)		0.48	%		0.36	%		0.26	%		0.37	%		0.52	%
Portfolio turnover rate		12	%		23	%		24	%		19	%		25	%		22	%

(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.

| 18

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund – Retail Class
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	21.87		$	28.11		$	34.66		$	36.83		$	33.33		$	31.78

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.00	)(b)		0.05			0.03			0.00	(b)		0.04			0.08
Net realized and unrealized gain (loss)		10.39			(3.96	)		(2.44	)		2.08			6.27			4.77

Total from Investment Operations		10.39			(3.91	)		(2.41	)		2.08			6.31			4.85

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.04	)		—			—			(0.05	)		(0.12	)
Net realized capital gains		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)		(3.18	)

Total Distributions		(2.05	)		(2.33	)		(4.14	)		(4.25	)		(2.81	)		(3.30	)

Net asset value, end of the period	$	30.21		$	21.87		$	28.11		$	34.66		$	36.83		$	33.33

Total return(c)		49.16	%(d)		(15.56	)%		(4.33	)%		5.95	%		19.38	%		16.47	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	106,027		$	83,163		$	134,434		$	208,310		$	251,405		$	267,936
Net expenses(e)		1.15	%(f)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.19	%(f)		1.20	%		1.18	%		1.17	%		1.18	%		1.18	%
Net investment income (loss)		(0.00	)%(f)(g)		0.23	%		0.10	%		0.01	%		0.12	%		0.27	%
Portfolio turnover rate		12	%		23	%		24	%		19	%		25	%		22	%

(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.

(g)

Amount rounds to less than 0.01%.


	Small Cap Value Fund – Admin Class
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	20.65		$	26.68		$	33.25		$	35.58		$	32.31		$	30.88

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.03	)		(0.01	)		(0.04	)		(0.08	)		(0.04	)		0.01
Net realized and unrealized gain (loss)		9.79			(3.73	)		(2.39	)		2.00			6.07			4.62

Total from Investment Operations		9.76			(3.74	)		(2.43	)		1.92			6.03			4.63

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			(0.02	)
Net realized capital gains		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)		(3.18	)

Total Distributions		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)		(3.20	)

Net asset value, end of the period	$	28.42		$	20.65		$	26.68		$	33.25		$	35.58		$	32.31

Total return(b)		48.94	%(c)		(15.74	)%		(4.60	)%		5.68	%		19.10	%		16.19	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	9,532		$	7,662		$	13,357		$	24,530		$	30,533		$	43,973
Net expenses(d)		1.40	%(e)		1.40	%		1.40	%		1.40	%		1.40	%		1.39	%(f)
Gross expenses		1.44	%(e)		1.45	%		1.43	%		1.42	%		1.43	%		1.42	%(f)
Net investment income (loss)		(0.25	)%(e)		(0.03	)%		(0.15	)%		(0.24	)%		(0.11	)%		0.03	%
Portfolio turnover rate		12	%		23	%		24	%		19	%		25	%		22	%

(a)

Per share net investment income (loss) 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 refund of prior year service fee of 0.01%.

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, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	22.35		$	28.68		$	35.31		$	37.41		$	33.81		$	32.22

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.13			0.12			0.12			0.15			0.19
Net realized and unrealized gain (loss)		10.62			(4.03	)		(2.50	)		2.11			6.37			4.83

Total from Investment Operations		10.66			(3.90	)		(2.38	)		2.23			6.52			5.02

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.14	)		(0.11	)		(0.08	)		(0.16	)		(0.25	)
Net realized capital gains		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)		(3.18	)

Total Distributions		(2.13	)		(2.43	)		(4.25	)		(4.33	)		(2.92	)		(3.43	)

Net asset value, end of the period	$	30.88		$	22.35		$	28.68		$	35.31		$	37.41		$	33.81

Total return		49.39	%(b)(c)		(15.28	)%		(4.07	)%		6.28	%		19.78	%		16.84	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	128,963		$	92,818		$	141,821		$	153,646		$	136,162		$	68,332
Net expenses		0.85	%(d)(e)		0.85	%		0.83	%		0.83	%		0.83	%		0.83	%
Gross expenses		0.86	%(e)		0.85	%		0.83	%		0.83	%		0.83	%		0.83	%
Net investment income		0.30	%(e)		0.53	%		0.43	%		0.33	%		0.44	%		0.61	%
Portfolio turnover rate		12	%		23	%		24	%		19	%		25	%		22	%

(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.


	Small/Mid Cap Growth Fund – Institutional Class
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	11.81		$	10.03		$	15.49		$	12.31		$	9.73		$	9.05

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.03	)		(0.04	)		(0.04	)		(0.05	)		0.00	(b)		(0.02	)
Net realized and unrealized gain (loss)		2.50			2.06			(1.55	)(c)		3.23			2.60			0.70

Total from Investment Operations		2.47			2.02			(1.59	)		3.18			2.60			0.68

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			(0.02	)		—
Net realized capital gains		(0.10	)		(0.24	)		(3.87	)		—			—			—

Total Distributions		(0.10	)		(0.24	)		(3.87	)		—			(0.02	)		—

Net asset value, end of the period	$	14.18		$	11.81		$	10.03		$	15.49		$	12.31		$	9.73

Total return(d)		20.96	%(e)		20.38	%		(3.27	)%		25.83	%		26.74	%		7.51	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	69,001		$	52,170		$	34,312		$	17,500		$	14,592		$	11,974
Net expenses(f)		0.84	%(g)		0.84	%		0.85	%		0.85	%		0.85	%		0.85	%
Gross expenses		0.99	%(g)		1.21	%		1.30	%		1.43	%		1.57	%		1.75	%
Net investment income (loss)		(0.47	)%(g)		(0.34	)%		(0.35	)%		(0.35	)%		0.01	%		(0.22	)%
Portfolio turnover rate		26	%		60	%		67	%		102	%(h)		49	%		53	%

(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.

(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.

(h)

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, 2021 (Unaudited)			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	11.81		$	9.89

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss)		2.51			2.20

Total from Investment Operations		2.48			2.16

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.10	)		(0.24	)

Net asset value, end of the period	$	14.19		$	11.81

Total return(b)(c)		21.05	%		22.08	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	9,616		$	1
Net expenses(d)(e)		0.83	%		0.83	%
Gross expenses(e)		0.99	%		107.49	%
Net investment loss(e)		(0.40	)%		(0.34	)%
Portfolio turnover rate		26	%		60	%(f)

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)

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 the year ended September 30, 2020.

See accompanying notes to financial statements.

21 |

Notes to Financial Statements

March 31, 2021 (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.

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.

| 22

Notes to Financial Statements – continued

March 31, 2021 (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.

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, 2021 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.

23 |

Notes to Financial Statements – continued

March 31, 2021 (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, deferred Trustees’ fees, redemptions-in-kind, 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, capital gain distributions received 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, 2020 was as follows:


	2020 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	150,841,195	$	150,841,195
Small Cap Value Fund		2,526,541		55,082,819		57,609,360
Small/Mid Cap Growth Fund		—		817,114		817,114

As of September 30, 2020, late-year ordinary and post-October capital loss deferrals were as follows:


	Small Cap Growth Fund			Small Cap Value Fund		Small/Mid Cap Growth Fund
Late-year ordinary and post-October capital loss deferrals*	$	(8,252,065	)	$	—	$	(522,399	)

* Under current tax law, net operating losses, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Small Cap Growth Fund and Small/Mid Cap Growth Fund are deferring net operating losses.

As of March 31, 2021, 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	$	2,093,899,615		$	407,530,171		$	60,658,499

Gross tax appreciation	$	937,624,219		$	243,443,770		$	19,600,976
Gross tax depreciation		(18,033,152	)		(5,382,310	)		(519,061	)

Net tax appreciation	$	919,591,067		$	238,061,460		$	19,081,915

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, 2021, 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

| 24

Notes to Financial Statements – continued

March 31, 2021 (Unaudited)

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, 2021, 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.

•

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, 2021, at value:

Small Cap Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,913,088,144	$	—	$	—	$	2,913,088,144
Short-Term Investments		—		100,402,538		—		100,402,538

Total	$	2,913,088,144	$	100,402,538	$	—	$	3,013,490,682

(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)	$	626,216,728	$	—	$	—	$	626,216,728
Other Investments(a)		—		—		—		—
Short-Term Investments		—		19,374,903		—		19,374,903

Total	$	626,216,728	$	19,374,903	$	—	$	645,591,631

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

25 |

Notes to Financial Statements – continued

March 31, 2021 (Unaudited)

Small/Mid Cap Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	76,087,650	$	—	$	—	$	76,087,650
Short-Term Investments		—		3,652,764		—		3,652,764

Total	$	76,087,650	$	3,652,764	$	—	$	79,740,414

(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, 2021, purchases and sales of securities (excluding short-term investments) were as follows:


Fund	Purchases		Sales
Small Cap Growth Fund	$	825,468,866	$	663,933,983
Small Cap Value Fund		68,769,633		139,107,950
Small/Mid Cap Growth Fund		31,159,019		17,727,500

5. Management Fees and Other Transactions with Affiliates.

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, 2022, 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, 2021, 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 a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

| 26

Notes to Financial Statements – continued

March 31, 2021 (Unaudited)

For the six months ended March 31, 2021, the management fees for each Fund were as follows:


	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Net Management Fees		Gross			Net
Small Cap Growth Fund	$	10,427,260	$	—	$	—	$	10,427,260		0.75	%		0.75	%
Small Cap Value Fund		2,164,358		107,797		—		2,056,561		0.75	%		0.71	%
Small/Mid Cap Growth Fund		266,239		49,360		4,412		212,467		0.75	%		0.60	%

¹Waiver/expense reimbursements are subject to possible recovery until September 30, 2022.

²Voluntary management fee waivers are not subject to recovery under the expense limitation agreement described above.

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, 2021, 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	$	—	$	143,463	$	—
Small Cap Value Fund		10,917		120,910		10,917

c. Administrative Fees. Natixis Advisors, L.P. (“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. 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, 2021, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Small Cap Growth Fund	$	598,395
Small Cap Value Fund		124,234
Small/Mid Cap Growth Fund		15,275

27 |

Notes to Financial Statements – continued

March 31, 2021 (Unaudited)

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, 2021, 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	$	693,653
Small Cap Value Fund		198,773
Small/Mid Cap Growth Fund		298


Fund	Reimbursements of Sub-Transfer Agent Fees
Small Cap Growth Fund	$	23,481
Small Cap Value Fund		6,928
Small/Mid Cap Growth Fund		28

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 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 $199,000. 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.

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

| 28

Notes to Financial Statements – continued

March 31, 2021 (Unaudited)

f. Affiliated Ownership. As of March 31, 2021, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of the Funds’ net assets:


Fund	Pension Plan		Retirement Plan		Total Affiliated Ownership
Small Cap Growth Fund		0.09%		1.04%		1.13%
Small Cap Value Fund		0.58%		4.73%		5.31%

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 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, 2022 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2021, Natixis Advisors reimbursed Small/Mid Cap Growth Fund $445 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, 2021, 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	$	645,310	$	58,522	$	—	$	4,443
Small Cap Value Fund		162,077		43,789		3,952		814
Small/Mid Cap Growth Fund		1,791		—		—		445

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 $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the six months ended March 31, 2021, 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, 2021, 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 5g)	Total Percentage of Ownership
Small Cap Value Fund	2	16.28%	5.31%	21.59%
Small/Mid Cap Growth Fund	5	77.42%	—	77.42%

29 |

Notes to Financial Statements – continued

March 31, 2021 (Unaudited)

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.

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, 2021						Year Ended September 30, 2020

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		5,400,831		$	186,123,110			13,167,719		$	318,448,815
Issued in connection with the reinvestment of distributions		603,506			21,484,823			2,907,753			77,404,396
Redeemed		(5,281,813	)		(181,981,834	)		(14,223,727	)		(360,653,006	)

Net change		722,524		$	25,626,099			1,851,745		$	35,200,205


Retail Class
Issued from the sale of shares		413,321		$	12,736,183			912,597		$	20,495,084
Issued in connection with the reinvestment of distributions		71,504			2,286,695			379,550			9,116,785
Redeemed		(705,751	)		(21,745,015	)		(1,459,375	)		(33,506,278	)

Net change		(220,926	)	$	(6,722,137	)		(167,228	)	$	(3,894,409	)


Class N
Issued from the sale of shares		10,260,417		$	358,675,428			17,628,357		$	452,596,699
Issued in connection with the reinvestment of distributions		666,169			23,982,068			2,249,879			60,476,756
Redeemed		(5,062,345	)		(180,446,345	)		(6,620,566	)		(169,949,416	)

Net change		5,864,241		$	202,211,151			13,257,670		$	343,124,039

Increase from capital share transactions		6,365,839		$	221,115,113			14,942,187		$	374,429,835

| 30

Notes to Financial Statements – continued

March 31, 2021 (Unaudited)

10. Capital Shares – continued


	Small Cap Value Fund

	Six Months Ended March 31, 2021						Year Ended September 30, 2020

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,172,169		$	32,855,011			3,070,880		$	72,483,944
Issued in connection with the reinvestment of distributions		969,486			25,449,017			1,187,726			33,101,927
Redeemed		(2,739,966	)		(76,619,676	)		(6,171,314	)		(143,712,872	)

Net change		(598,311	)	$	(18,315,648	)		(1,912,708	)	$	(38,127,001	)


Retail Class
Issued from the sale of shares		189,012		$	5,300,543			209,646		$	4,830,652
Issued in connection with the reinvestment of distributions		280,859			7,220,881			385,444			10,541,881
Redeemed		(762,394	)		(20,192,409	)		(1,576,219	)		(38,194,968	)

Net change		(292,523	)	$	(7,670,985	)		(981,129	)	$	(22,822,435	)


Admin Class
Issued from the sale of shares		8,169		$	205,940			89,240		$	2,047,167
Issued in connection with the reinvestment of distributions		27,530			666,234			33,393			863,879
Redeemed		(71,365	)		(1,740,100	)		(252,153	)		(5,146,329	)

Net change		(35,666	)	$	(867,926	)		(129,520	)	$	(2,235,283	)


Class N
Issued from the sale of shares		397,857		$	11,413,748			606,779		$	14,233,156
Issued in connection with the reinvestment of distributions		325,820			8,552,785			396,172			11,045,289
Redeemed		(699,645	)		(19,383,648	)		(1,794,608	)		(44,897,333	)

Net change		24,032		$	582,885			(791,657	)	$	(19,618,888	)

Decrease from capital share transactions		(902,468	)	$	(26,271,674	)		(3,815,014	)	$	(82,803,607	)


	Small/Mid Cap Growth Fund

	Six Months Ended March 31, 2021						Year Ended September 30, 2020(a)

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		612,095		$	8,339,938			2,299,458		$	24,306,399
Issued in connection with the reinvestment of distributions		31,883			450,185			74,958			787,810
Redeemed		(198,466	)		(2,805,426	)		(844,906	)		(8,799,784	)
Redeemed in-kind (Note 11)		—			—			(532,341	)		(5,600,230	)

Net change		445,512		$	5,984,697			997,169		$	10,694,195

Class N
Issued from the sale of shares		673,195		$	8,900,000			101		$	1,000
Issued in connection with the reinvestment of distributions		4,146			58,589			2			24

Net change		677,341		$	8,958,589			103		$	1,024

Increase from capital share transactions		1,122,853		$	14,943,286			997,272		$	10,695,219

(a) From commencement of operations on October 1, 2019 for Class N shares.

31 |

Notes to Financial Statements – continued

March 31, 2021 (Unaudited)

11. 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, 2020, Small/Mid Cap Growth Fund participated in a redemption in-kind transaction.

| 32

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.

(a) (3)		Not applicable.

(b)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Loomis Sayles Funds II



By:		/s/ David L. Giunta


Name: David L. Giunta
Title: President and Chief Executive Officer
Date: May 24, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ David L. Giunta


Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		May 24, 2021



By:		/s/ Michael C. Kardok


Name:		Michael C. Kardok
Title:		Treasurer and Principal Financial and Accounting Officer
Date:		May 24, 2021

EX-99.CERT 2 d143315dex99cert.htm SECTION 302 CERTIFICATIONS Section 302 Certifications

Exhibit (a)(2)(1)

Loomis Sayles Funds II

Exhibit to SEC Form N-CSR

Section 302 Certification

I, David L. Giunta, certify that:

I have reviewed this report on Form N-CSR of Loomis Sayles Funds II;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 24, 2021

/s/ David L. Giunta

David L. Giunta

President and Chief Executive Officer

Exhibit (a)(2)(2)

Loomis Sayles Funds II

Exhibit to SEC Form N-CSR

Section 302 Certification

I, Michael C. Kardok, certify that:

I have reviewed this report on Form N-CSR of Loomis Sayles Funds II;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 24, 2021

/s/ Michael C. Kardok

Michael C. Kardok

Treasurer and Principal Financial and Accounting Officer

EX-99.906CERT 3 d143315dex99906cert.htm SECTION 906 CERTIFICATION Section 906 Certification

Exhibit (b)

Loomis Sayles Funds II

Section 906 Certification

In connection with the report on Form N-CSR for the period ended March 31, 2021 for the Registrant (the “Report”), the undersigned each hereby certifies to the best of his knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as applicable; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.


By:				By:
President and Chief Executive Officer				Treasurer and Principal Financial and
Loomis Sayles Funds II				Accounting Officer
				Loomis Sayles Funds II
-------------------------------------------				-------------------------------------------

/s/ David L. Giunta				/s/ Michael C. Kardok
David L. Giunta				Michael C. Kardok

Date: May 24, 2021				Date: May 24, 2021

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Loomis Sayles Funds II, and will be retained by Loomis Sayles Funds II and furnished to the Securities and Exchange Commission or its staff upon request.

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