Loomis Sayles Funds II

N-CSR 1 d208353dncsr.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)

Natalie Wagner, Esq.

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2021

Item 1. Reports to Stockholders.

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

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Annual Report

September 30, 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			34
Financial Statements			77
Notes to Financial Statements			108

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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.

Investment Goal

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

Market Conditions

The bond market experienced mixed returns over the period as investors reacted to the combination of improving economic growth, rising inflation and the increasing likelihood that the US Federal Reserve (Fed) and other central banks will need to begin tightening monetary policy in the coming year.

Following the approval and rollout of multiple vaccines for Covid-19 in late 2020 and early 2021, business conditions gradually returned to normal. Economic growth surged as a result, allaying fears that the virus would lead to a protracted slowdown. The reopening of the economy, while fueling impressive headline GDP growth, was accompanied by rising commodity prices, disruptions in the global supply chain and a sharp increase in inflation. Although the Fed initially described the rise in inflation as a “transitory” phenomenon, the persistence of price pressures through the summer and early autumn led to a gradual shift in the outlook. In September, Fed Chair Jerome Powell stated that the central bank was likely to announce a tapering of its stimulative quantitative easing (QE) program before the end of 2021. In addition, the markets began to price in a significant likelihood that the Fed will enact its first rate hike in late 2022. Together, these factors dampened returns across the fixed income market.

US Treasuries underperformed the broad fixed income market as risk appetite drastically improved over the past year. Mounting concerns over inflation and Fed policy also played a role in the rise in yields. While the prices of short-term government debt were relatively stable, longer-maturity bonds declined sharply. The yield on the 10-year note rose from 0.69% on September 30, 2020, to 1.52% on the final day of the period, and the 30-year bond moved from 1.46% to 2.08% (prices and yields move in opposite directions).

Despite the weakness in US Treasuries, investment grade corporates registered a solid gain for the 12-month period. As growth accelerated and the credit outlook improved, investors sought opportunities in higher-yielding segments of the market. Corporate yield spreads over Treasuries fell sharply as a result, leading to positive relative performance.

Securitized assets — including mortgage-backed securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) — produced marginally negative total returns as a group but outpaced the US Treasury market. The category’s underlying fundamentals remained firm, however, with continued strength in both real estate prices and consumer credit. ABS and CMBS posted positive total returns, but MBS experienced small negative total returns due in part to its higher interest rate sensitivity.

Investors’ increased appetite for risk translated to a strong, double-digit gain for high yield corporates. The category tends to have lower interest rate sensitivity than investment grade bonds, a key tailwind at a time in which concern about Fed policy was the key factor driving market performance. High yield further benefited from the combination of favorable credit conditions, robust gains for equities and an impressive rally in oil prices. Leveraged loans, which typically offer yields that adjust upward with prevailing interest rates, also outperformed.

Emerging market bonds, while experiencing bouts of volatility, nonetheless finished comfortably ahead of domestic investment grade debt. Although investors remained on edge due to persistently negative headlines out of China during the second half of the period, the asset class benefited from its above-average yield and the broader strength in higher-risk assets.

Performance Results

For the 12 months ended September 30, 2021, Class Y shares of the Fund returned 0.78% at net asset value. The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.90%.

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Explanation of Fund Performance

The Fund maintained an average allocation to high yield corporates of about 10% over the 12-month period, which buoyed performance as the sector strongly outperformed. Positioning in investment grade corporate bonds also contributed positively to relative return, driven by both security selection and sector allocation. Within corporates, an emphasis on the reopening theme within industrials across the quality spectrum proved beneficial. An underweight to US Treasuries and positioning within government sectors were additional sources of outperformance. Finally, small out-of-benchmark positions in bank loans and non-US dollar assets both added to relative performance.

The Fund’s positioning along the yield curve (which depicts the relationship among bond yields across the maturity spectrum) weighed on relative performance as the curve steepened over the 12 months. A shorter-than-benchmark stance with respect to duration (and corresponding interest rate sensitivity) for most of the period also detracted modestly. Finally, out-of-benchmark exposure to municipal bonds detracted slightly from relative performance.

Outlook

We believe the Fed will remain accommodative for the foreseeable future, keeping the fed funds rate unchanged at the zero lower bound and anchoring the very front end of the Treasury yield curve into late 2022 or early 2023. The Fed has now indicated that it is ready to address balance sheet policy. Our base case, based on Fed comments, is for tapering to be completed by mid-2022. Traditional monetary policy tightening is expected to start in late 2022 or early 2023 based on the current Fed “dot plot” chart, which displays individual FOMC member expectations for the trajectory of fed funds. This is in line with our expectations. We expect core inflation to remain above the Fed’s target of 2% for at least the next several quarters or perhaps longer, as inflationary pressure, while in part transitory due to base effect, may prove more lasting in our view.

We believe the credit cycle¹ is currently in the early expansion phase, with continued strong corporate earnings and a healthy consumer supported by significant excess savings and easy financial conditions. We believe risk appetite should remain elevated given the strong expansionary environment, expectations for robust global growth, continued monetary and fiscal policy support, and the increasing availability of vaccines across more demographic groups.

We believe corporate fundamentals are currently healthy, reflecting the recovery in the US and, now to a greater degree, the global economy. Additionally, we believe very accommodative global central bank and fiscal policy have been a significant tailwind, although that may also be changing as heightened inflation concerns, elevated leverage and extended risk valuations have become a greater focus for central banks globally. In the US, corporate bond and equity valuations are at or near historic highs reflecting this very strong environment, and we believe may be vulnerable to some near-term profit-taking or volatility.

We believe we are positioned for a continued recovery in the US and global economies, with a pro-cyclical bias to the portfolio. We currently favor spread sectors, including securitized credit, high yield corporate credit and emerging market credit, versus sectors more vulnerable to interest rate and valuation risk, such as Treasuries and high grade corporate bonds. We are managing interest rate risk by maintaining a relatively short overall portfolio duration and are seeking to achieve better carry and roll-down by employing a bulleted yield curve strategy with more in the belly of the curve.

We expect overall portfolio credit quality to remain high, although it has come down from pre-pandemic levels when we were more concerned about preserving capital. Average credit quality currently stands at A2. Approximately 40% of the portfolio remains in AAA government issues, although we have a broad overweight to BBB and BB/B credits as well, balancing liquidity with total return opportunities in lower-rated securitized and corporate credits.

Within agency MBS, we continue to position for potential better-than-market convexity (i.e., a favorable risk/reward profile in a changing interest rate environment) and continue to maintain a modest underweight to the sector. With the recent underperformance of the MBS sector, we believe valuations have become more attractive, and we may consider adding back some exposure, in particular relative to corporate credit.

Within securitized credit, we remain overweight in non-agency CMBS, but more recently sold our agency CMBS exposure due to very tight valuations. We currently favor ABS as a high quality substitute for government bonds and prefer auto loans and credit card receivables within the sector, particularly with the improved employment and the continued strength of the consumer balance sheet.

Regarding investment grade corporate credit, we are approximately market neutral to the benchmark and about 0.6 years short on a contribution-to-duration basis versus the benchmark. While corporate fundamentals are healthy, we believe valuations are not as compelling and we now favor a lower use of our risk budget for the asset class..

Within the plus sector allocation, we continue to favor a mix of fixed rate high yield, bank loan, emerging market Yankee and non-dollar emerging market exposure as a way to seek portfolio yield and return potential in this improving, low-yielding economic environment. At the end of the third quarter of 2021, we had just under 13% in fixed rate high yield securities, just over 5% in high quality bank loans, and 3.5% in investment grade emerging market non-dollar bonds.

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LOOMIS SAYLES CORE PLUS BOND FUND

During periods in which the US dollar appreciates relative to foreign currencies, funds that hold non-US-dollar-denominated bonds, foreign currency or foreign currency based derivative securities (“foreign currency exposures”) may realize currency losses in connection with the maturity or sale of certain foreign currency exposures. These losses impact a fund’s ordinary income distributions (to the extent that losses are not offset by realized currency gains within the fund’s fiscal year). A recognized currency loss, in accordance with federal tax rules, decreases the amount of ordinary income a fund has available to distribute, even though non-US dollar-denominated bonds continue to generate coupon income.

Fund officers have analyzed the Fund’s current portfolio of investments, realized currency gains and losses, schedule of maturities, and the corresponding amounts of unrealized currency losses that may become realized during the current fiscal year. This analysis is performed regularly to determine how realized currency losses have and will impact periodic ordinary income distributions for the Fund. Based on the most recent quarterly analysis (as of September 30, 2021), realized currency losses will continue to have an impact on the distributions in the 2022 fiscal year. This analysis is based on certain assumptions including, but not limited to, the amount of foreign currency exposures held by the Fund, the level of foreign currency exchange rates, security prices, interest rates, the Fund advisers’ ability to manage realized currency losses, and the net asset level of the Fund. Changes to these assumptions could materially impact the analysis and the amounts of future fund distributions. Fund officers will continue to monitor these amounts on a regular basis and take the necessary actions required to manage the Fund’s distributions to address realized currency losses while seeking to avoid a return of capital distribution.

¹	A credit cycle is a cyclical pattern that follows credit availability and corporate health.

Hypothetical Growth of $100,000 Investment in Class Y Shares³

September 30, 2011 to September 30, 2021

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Average Annual Total Returns — September 30, 2021³



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

Class Y (Inception 12/30/94)
NAV		0.78	%		4.01	%		4.54	%		—		0.47	%		0.47	%

Class A (Inception 11/7/73)
NAV		0.53			3.75			4.27			—		0.72			0.72
With 4.25% Maximum Sales Charge		-3.71			2.85			3.82			—

Class C (Inception 12/30/94)
NAV		-0.24			2.97			3.65			—		1.47			1.47
With CDSC¹		-1.20			2.97			3.65			—

Class N (Inception 2/1/13)
NAV		0.86			4.10			—			3.72		0.38			0.38

Comparative Performance
Bloomberg U.S. Aggregate Bond Index²		-0.90			2.94			3.01			2.95

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

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

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.

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LOOMIS SAYLES CREDIT INCOME FUND



Managers		Symbols

Matthew J. Eagan, CFA^®		Class A LOCAX

Brian P. Kennedy		Class C LOCCX

Elaine M. Stokes		Class N LOCNX

		Class Y LOCYX

Loomis, Sayles & Company, L.P.

Investment Goal

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

Market Conditions

The bond market experienced mixed returns over the period, as investors reacted to the combination of improving economic growth, rising inflation and the increasing likelihood that the US Federal Reserve (Fed) and other central banks will need to begin tightening monetary policy in the coming year.

Performance Results

For the 12 months ended September 30, 2021, Class Y shares of the Loomis Sayles Credit Income Fund returned 5.38% at net asset value. The Fund outperformed its benchmark, the Bloomberg U.S. Credit Index, which returned 1.45%.

Explanation of Fund Performance

Though the Covid-19 global pandemic continued to shape the events of this past year, markets advanced on the back of optimism surrounding vaccine rollouts and economic reopenings. Security selection was the primary source of outperformance for the Fund, particularly within investment grade and high yield corporate credit. Consumer cyclical and finance company holdings aided relative return in investment grade. For high yield credit, consumer non-cyclical and energy names were positive contributors to performance. The Fund’s allocation to convertible securities, specifically in the consumer non-cyclical, communications and technology sectors, was also beneficial as stock markets posted strong gains for the period. The Fund’s position in US Treasuries was a modest detractor from performance on an absolute and relative basis.

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Outlook

While our fundamental economic outlook remains positive, the world appears less synchronized than we expected at this point in the recovery. Leading indicators remain strong, financial conditions appear easy and monetary/fiscal policies continue to be a tailwind to economic activity. This macroeconomic backdrop, coupled with strong credit fundamentals, appears positive for risk assets. However, we are mindful of the risks inherent to our outlook, such as the lingering impact of the Covid-19 Delta variant, slowing Chinese growth (and deleveraging within its property sector) and ongoing global supply chain disruptions that could lead to a bumpier, if still solid, global growth environment.

Under our base case of a gradual economic expansion, we anticipate a slow rise in interest rates as the Fed likely initiates a taper of QE purchases later this year and into 2022. While the most recent Federal Open Market Committee (FOMC) statement sent a strong signal that we are approaching the end of the road on QE, the Fed has stated its belief that inflation has been boosted by transitory factors, which will presumably fade over time. We believe supply disruptions should work out over time and energy prices could ease in 2022, which would support the Fed’s view. While we expect rate lift-off in 2023, the Fed may find it necessary to delay hiking if growth is weaker or accelerate hiking if inflation is persistently higher than expected. Adding to the uncertainty of the timing and magnitude of the Fed’s taper and rate lift-off includes the early retirement of two Fed presidents over their 2020 trading activities, which adds risk to Fed Chair Powell’s renomination and the future composition of the FOMC. Given our views, we remain defensive on interest rates and positioned shorter than broad market benchmarks from a duration perspective.

In our view, we remain fully embedded in the expansion phase of the credit cycle¹ with credit fundamentals, technical factors and default expectations continuing to appear attractive. We remain “pro risk” on credit for higher carry and potential outperformance of our best ideas. In this environment, we continue to focus on issue selection, which drives our investment process. Specifically, we are seeking out “rising star” candidates that possess strong balance sheets and catalysts to help drive upgrades. We believe accommodative global monetary policies coupled with the tailwind of fiscal support could drive a wave of credit upgrades going forward. From a sector perspective, we are targeting those that have strong carry, less interest rate sensitivity and positive convexity (i.e., a favorable risk/reward profile in a changing rate environment). As such, we currently favor high yield corporates and convertible securities along with securitized debt, which can provide diversification away from pure corporate risk, relatively attractive yield potential and shorter duration profiles. During the third quarter of 2021, credit markets were generally resilient to macroeconomic events, including Fed taper talk and concerns over Chinese growth and property sector challenges, suggesting to us that there could be a strong demand for yield. We suspect this dynamic will likely hold going forward given our outlook for downgrades, defaults and losses to trend notably below long-term averages. However, we recognize current elevated valuations and tight credit spreads, and have built flexibility into our portfolios in an effort to take advantage of opportunities that may arise as a result of short-term disruptions.

¹	A credit cycle is a cyclical pattern that follows credit availability and corporate health.

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LOOMIS SAYLES CREDIT INCOME FUND

Hypothetical Growth of $100,000 Investment in Class Y shares³

September 29, 2020 (inception) through September 30, 2021

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Average Annual Total Returns — September 30, 2021³



							Expense Ratios⁴

	1 Year			Life of Fund			Gross			Net

Class Y (Inception 9/29/20)
NAV		5.38	%		5.05	%		0.90	%		0.90	%

Class A (Inception 9/29/20)
NAV		5.24			4.91			1.15			1.15
With 4.25% Maximum Sales Charge		0.79			0.50

Class C (Inception 9/29/20)
NAV		4.34			4.02			1.90			1.90
With CDSC¹		3.34			4.02

Class N (Inception 9/29/20)
NAV		5.54			5.21			0.82			0.82

Comparative Performance
Bloomberg U.S. Credit Index²		1.45			1.25

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

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

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LOOMIS SAYLES GLOBAL ALLOCATION FUND



Managers		Symbols

Matthew J. Eagan, CFA^®		Class A LGMAX

Eileen N. Riley, CFA^®		Class C LGMCX

David W. Rolley, CFA^®		Class N LGMNX

Lee M. Rosenbaum		Class Y LSWWX

Loomis, Sayles & Company, L.P.

Investment Goal

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

Market Conditions

Following the approval and rollout of multiple vaccines for Covid-19 in late 2020 and early 2021, business conditions gradually returned to normal. Economic growth surged as a result, allaying fears that the virus would lead to a protracted slowdown. The reopening of the economy, while fueling impressive headline GDP growth, was accompanied by rising commodity prices, disruptions in the global supply chain and a sharp increase in inflation. Although the US Federal Reserve (Fed) initially described the rise in inflation as a “transitory” phenomenon, the persistence of price pressures through the summer and early autumn led to a gradual shift in the outlook. In September, Fed Chair Jerome Powell stated that the central bank was likely to announce a tapering of its quantitative easing (QE) program before the end of 2021. In addition, the markets began to price in a significant likelihood that the Fed will enact its first rate hike in late 2022.

Global equities registered significant gains for the 12-month period, posting a return of just under 28% as measured by the MSCI All Country World Index. The reopening of economies led some equity indices to record highs. All sectors posted double-digit returns, with the energy sector posting the strongest return. The financials, information technology and communication services sectors also outperformed the broader market. The consumer staples, utilities and consumer discretionary sectors registered the lowest returns.

US Treasuries underperformed the broad fixed income market as risk appetite drastically improved over the period. Growing inflation concerns and Fed policy also contributed to the rise in yields. While the prices of short-term government debt were relatively stable, longer-maturity bonds declined sharply. The yield on the 10-year note rose from 0.69% on September 30, 2020 to 1.52% on the final day of the period, and the 30-year bond moved from 1.46% to 2.08% (prices and yields move in opposite directions).

Specifically, high yield corporates posted double-digit gains. The category tends to have lower interest rate sensitivity than investment grade bonds, a key tailwind as concerns about Fed policy were the main factor driving market performance. High yield also benefited from favorable credit conditions, robust gains for equities and a rally in oil prices. Leveraged loans, which typically offer yields that adjust upward with prevailing interest rates, also outperformed.

Emerging market bonds, while experiencing bouts of volatility, finished comfortably ahead of domestic investment grade debt. Although investors remained on edge due to negative headlines out of China during the second half of the period, the asset class benefited from its above-average yield and the broader strength in higher-risk assets.

Performance Results

For the 12 months ended September 30, 2021 Class Y shares of the Loomis Sayles Global Allocation Fund returned 17.02% at net asset value. The Fund underperformed its primary index, the MSCI All Country World Index (Net), which returned 27.44%. The Fund outperformed its secondary blended index (60% MSCI All Country World Index (Net)/40% Bloomberg Global Aggregate Bond Index), which returned 15.48%.

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Explanation of Fund Performance

In equities, the largest contributors to return were ASML Holding, Alphabet and IQVIA Holdings.

Shares of ASML, the leader in photolithography in the semiconductor industry, outperformed over the period. The company, with its critical manufacturing equipment, has been a beneficiary of the chip shortage as it has prompted governments to make investments in semiconductor production. Specifically, the Biden administration announced it would study supply chains for critical industries and sought $37 billion for chip manufacturing onshore while the European Union outlined a plan to produce 20% of the world’s chips by 2030. Shares were also supported by positive announcements from ASML’s customers. TSMC, a key customer for ASML’s next generation equipment, announced a large increase in spending, while Intel announced its intention to revive its manufacturing and foundry capabilities, a move which would require lithography equipment.

Alphabet shares outperformed as improved Covid-19 vaccination rates drove consumer optimism. Despite the stock price rally, we believe the market may still be underappreciating the extent of digital advertising market share gains during the pandemic. We expect Alphabet to benefit in the second half of 2021 as industries like travel, restaurants and entertainment come back online globally, building on a larger base of e-commerce advertisers. Our longer-term view is supported by revenue growth acceleration at Google Cloud, which suggests the cloud computing platform is gaining market share.

Shares of IQVIA, a healthcare services company, outperformed following better-than-expected results that underlined strong momentum in the company’s outsourced clinical research and healthcare technology businesses. Requests for proposals continued to increase, biotech funding was robust and clinical studies were able to progress with Covid-19 restrictions lifted in many regions. Looking ahead, we believe IQVIA’s differentiated data-driven offerings will enable the company to gain market share in key segments.

In fixed income, the Fund’s corporate credit allocation was a positive source of return during the period. Particularly helpful to performance were overweight allocations to the communications, consumer cyclical, transportation and energy sectors. Accommodative fiscal and monetary policy and strong corporate earnings helped to bolster the asset class.

Allocations to high yield corporate credit also contributed to performance. In particular, BB holdings contributed to results, generally outpacing higher-grade names as investors sought yield. Issuers within communications added value as cable and wireless operators continued to benefit from strong media and data demand.

Within the transportation sector, allocations to airline companies contributed to performance. Favored issuers, particularly in the US, benefited from government support throughout the pandemic. As vaccination rates improved and the economy began to reopen, the domestic market was further aided by pent-up consumer demand.

In equities, the largest detractors from return were Alibaba, Farfetch, and Nestle.

Shares of Alibaba, a Chinese e-commerce company, underperformed along with the broader Chinese technology sector due to increased regulatory actions by the Chinese government. Shares of Farfetch, a luxury goods marketplace platform, underperformed as physical stores reopened, moderating the surge in online shopping seen in 2020. Shares of Nestle, a multinational consumer packaged food company, underperformed over the period. We eliminated our position in early 2021 due to concerns around our intrinsic value growth alpha driver. We believe weakness in Nestle’s nutrition and confectionery businesses will continue, and margin growth will likely be pressured by increased investment around marketing. We found more attractive risk/reward within existing holdings and new opportunities.

In fixed income, allocations to US dollar fixed income markets detracted from performance. Allocations to US Treasuries in the ten and thirty-year maturity ranges were the primary detractors.

Positioning along the yield curve (which depicts the relationship among bond yields across the maturity spectrum) in the euro pay markets also detracted from performance as core euro zone government yields moved modestly higher in the period amid continued vaccination progress and optimism surrounding the economic recovery.

Although in line with the returns posted by the underlying cash bond markets, the Fund’s use of forward foreign currency contracts in managing relative exposures detracted from performance as currency markets experienced slightly higher levels of volatility in the period.

Finally, currency allocation detracted from performance, particularly exposure to the Japanese yen. Rising commodity prices, a stronger US dollar and slower-than-expected growth related to the pandemic proved to be a headwind for the yen.

Outlook

The economic outlook in large part continues to depend on the successful management of the pandemic on a global scale. While much of the developed world has made demonstrable progress in terms of infection rates, and some emerging markets have gained

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LOOMIS SAYLES GLOBAL ALLOCATION FUND

better control of the virus, there remain regions that continue to struggle to manage the virus, such as Africa. The recent increase in vaccine production is positive, but with a lack of consensus on duration of antibodies and the potential for new variants, uncertainty persists. The outlook is also reliant on the duration of fiscal and monetary support, and other relief packages, in the US and globally. Supply chain issues and inflation surprises remain risks. Thus, our focus remains on investing in companies we believe have the ability to successfully navigate the current environment and generate value over the longer term.

In equities, we currently hold a diverse group of technology names spanning digital payments, cloud storage and collaboration, and semiconductor manufacturing and equipment. We have selective exposure to consumer-related names, focusing on best-in-class e-commerce platform retailers and physical retailers with compelling value propositions. We also have exposure to the growing online fitness industry. We have focused our healthcare exposure toward higher growth areas in the industry, and away from areas that are exposed to reimbursement risk. We continue to have no direct exposure to the energy or utilities sectors, as we typically do not find many opportunities, which meet our three alpha drivers.

As the pandemic continues to evolve, there could be further volatility in global equities. However, we believe our portfolio companies have sustainable competitive advantages and strong balance sheets that will prove resilient. This is evidenced by the portfolio’s return on equity, which is meaningfully higher than the MSCI ACWI (Net) benchmark,¹ and financial leverage which is significantly less than the benchmark by key measures. This profile should allow our holdings the flexibility to weather challenging environments, and quite possibly emerge stronger.

In fixed income, most major developed market government bonds are expensive and we think yields are likely to see some upside pressure as the cyclical upturn gradually progresses, output gaps compress, and central banks look to move towards policy normalization. Although investment grade corporate credit spreads look fair-to-slightly-rich, we still like the yield advantage they offer. The fundamental backdrop underpinned by solid corporate profit growth and technical backdrop remain supportive.

Our primary US dollar view is for moderate softening as global growth starts to catch up to the US. Healthy investor risk appetites and cyclical improvement abroad are typically consistent with a weaker dollar. Rising twin deficits and higher commodities prices are additional headwinds for the dollar.

¹	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.

Hypothetical Growth of $100,000 Investment in Class Y Shares⁴

September 30, 2011 through September 30, 2021

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Top Ten Holdings as of September 30, 2021



Security Name			% of Net Assets
	1	ASML Holding NV		3.52	%
	2	Airbnb, Inc., Class A		3.32
	3	Danaher Corp.		3.15
	4	Amazon.com, Inc.		2.91
	5	salesforce.com, Inc.		2.83
	6	IQVIA Holdings, Inc.		2.67
	7	Alphabet, Inc., Class A		2.66
	8	S&P Global, Inc.		2.48
	9	Facebook, Inc., Class A		2.26
	10	Linde PLC		2.23

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

Average Annual Total Returns — September 30, 2021⁴



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

Class Y (Inception 5/1/96)
NAV		17.02	%		12.47	%		11.31	%		—		0.90	%		0.90	%

Class A (Inception 2/1/06)
NAV		16.73			12.18			11.03			—		1.15			1.15
With 5.75% Maximum Sales Charge		10.02			10.86			10.38			—

Class C (Inception 2/1/06)
NAV		15.85			11.34			10.37			—		1.90			1.90
With CDSC¹		14.85			11.34			10.37			—

Class N (Inception 2/1/17)
NAV		17.10			—			—			13.25		0.82			0.82

Comparative Performance
MSCI All Country World Index (Net)		27.44			13.20			11.90			13.20
Blended Index³		15.48			8.83			7.99			9.52

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

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

| 12

LOOMIS SAYLES GROWTH FUND



Manager		Symbols

Aziz V. Hamzaogullari, CFA^®		Class A LGRRX

Loomis, Sayles & Company, L.P.		Class C LGRCX

		Class N LGRNX

		Class Y LSGRX

Investment Goal

The Fund seeks long-term growth of capital.

Market Conditions

The US equity market delivered strong returns over the period, with a confluence of positive factors contributing to the gain. As business conditions slowly returned to normal, following the rollout of vaccinations and the gradual reopening of the economy, economic growth and corporate earnings rebounded off their previously depressed levels. The US Federal Reserve and other major central banks kept interest rates at ultra-low levels and continued to pursue stimulative quantitative easing policies. Low rates, in addition to helping the economy recover, also depressed bond yields and may have made equities a more compelling investment alternative. Consumers and businesses also benefited from aggressive fiscal stimulus enacted by the US government. Together, these factors helped stocks overcome periodic bouts of volatility caused by issues such as rising inflation, new Covid-19 variants, and worries about the health of China’s economy.

Although investors’ style preferences experienced a number of shifts over the course of the year, value stocks outperformed growth. The bulk of the advantage occurred in the five months following the approval of a Covid-19 vaccine in early November 2020, a milestone that fueled investor enthusiasm for the more economically sensitive stocks typically represented in the value category. Small- and mid-cap stocks both strongly outpaced large caps, reflecting investors’ robust appetite for risk amid optimism about the economic outlook.

Performance Results

For the 12 months ended September 30, 2021, Class Y shares of the Loomis Sayles Growth Fund returned 20.72% at net asset value. The Fund underperformed its benchmark, the Russell 1000® Growth Index, which returned 27.32%.

Explanation of Fund Performance

We are an active manager with a long-term, private equity approach to investing. Through our proprietary bottom-up research framework, we look to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value. Given the rare confluence of quality, growth, and valuation, we may study dozens of companies but may only invest in a select few businesses each year. We believe identifying those few businesses with these characteristics is an art, not a science. Because of this rigorous approach, ours is a selective, high-conviction portfolio of typically 30-40 names.

The Fund’s positions in Alphabet, Nvidia, and Deere contributed the most to performance. Stock selection in the industrials and communication services sectors, along with our allocations in the communication services, energy, and healthcare sectors, contributed positively to relative performance.

Alphabet is a holding company that owns a collection of businesses — the largest and most important of which by far is Google. Google is the global leader in online search and advertising, and also offers online cloud solutions to businesses and consumers globally. We believe Alphabet’s competitive advantages include its scale, brand strength, the power of its network and business ecosystem, as well as its innovative culture that is reinforced by its massive investments in research and development (R&D). A long-term Fund holding, Alphabet reported financial results during the period that reflected a strong recovery in advertising spending, which had been depressed due to Covid-19, while revenue growth accelerated and adjusted operating margins expanded. Beginning in 2021, the company began presenting results in three segments. Google Services represents approximately 93% of total revenue and is driven by the secular shift of advertising to online and mobile platforms. The segment’s search and YouTube businesses both benefited from strong growth in direct response ads — particularly for YouTube, where in just three years direct response ads have grown from almost nothing to become one of the largest drivers. YouTube is also benefiting from strong demand from brand advertisers due to its reach and engagement with over 2 billion monthly users who spent over 1 billion hours daily on the platform. Google Cloud revenue represents approximately 7% of total revenue, and was driven by Google Cloud Platform, which encompasses the company’s infrastructure- and platform-as-a-service offerings. Other Bets includes a number of early-stage and pre-revenue businesses and represents less than 1% of revenues. Google’s attractive financial model generates strong free cash flow and earns high returns on

13 |

invested capital, enabling it to reinvest significantly in its business. Over the past five years, Google has invested over $100 billion in R&D, an amount very few companies could replicate. We believe the global secular shift from traditional advertising to online advertising is the biggest long-term growth driver for Google. Online advertising accounts for approximately $330 billion or around 20% of the $1.5 trillion annual spending on global advertising and marketing. Over our investment horizon, we believe this penetration will increase to over 40%. We believe investors underestimate Alphabet’s growth opportunities and the intrinsic value of the business given its unique and difficult-to-replicate attributes and business model. We believe the company’s shares trade at a significant discount to our estimate of intrinsic value and offer a compelling reward-to-risk opportunity.

Nvidia is the world leader in graphic processing units (GPUs), which enable computers to produce and utilize highly realistic 3D graphic imagery and models. We believe the company’s competitive advantages include its intellectual property, brands, and a large and growing ecosystem of developers and applications utilizing GPU technology. A portfolio holding since January 2019, Nvidia reported financial results during the period that were better than consensus expectations, driven by broad-based strength that included quarterly revenue records in the company’s gaming, data center, and professional visualization segments in the second half of the year. In gaming, Nvidia is benefiting from record sales of PCs and gaming laptops and the roll out of Turing, its newest GPU architecture, which is becoming the industry norm for the latest blockbuster titles. Data center revenue benefited from a pickup in demand from hyperscale data center customers and rising demand from industry verticals such as industrials and enterprise clients, which are adopting more artificial intelligence capabilities. The company saw strong traction for its latest architecture, Ampere, which for the first time enables clients to address both training and inferencing through a single architecture with performance that surpasses its already leading T4 inferencing and V100 training products. The company’s professional visualization segment addresses a more mature market, but Nvidia has been able to drive greater adoption of its products through ongoing innovation. Over our investment horizon, we believe Nvidia can sustain total annualized revenue growth of approximately 20%, driven by secular growth in spending on GPUs. As Nvidia’s business mix shifts increasingly towards its more profitable data center segment, we believe operating profits and free cash flow will grow faster than revenues. We believe Nvidia’s strong free cash flow growth prospects are not currently reflected in its share price. As a result, we believe the company’s shares trade at a significant discount to our estimate of intrinsic value and offer a compelling long-term reward-to-risk opportunity.

A Fund holding since the third quarter of 2016, Deere manufactures a full line of equipment used in agriculture, construction, forestry, and turf care, including value-added components such as precision agriculture tools. We believe the company’s competitive advantages include its iconic brand, scale, and global distribution. Deere’s distribution network of approximately 1,500 exclusive dealers in North America gives it unmatched reach for sales and service, and the company is among the market leaders in Europe and Latin America. During the period, Deere reported financial results that were well above consensus expectations and reflected strong global agricultural fundamentals, including grain prices that reached their highest levels since the prior cycle peak around 2012. The company also posted strong pricing gains and record margins. Despite strong growth in demand in 2021, agricultural equipment volumes have been near trough levels for the last seven years. Compared to the prior peak, average equipment age is at its highest in over 20 years, new and used inventories are near all-time lows, farmer incomes are expected to be higher, land values are also higher, and large agricultural equipment demands remain significantly below peak levels — all of which are conducive to above-average volume growth. Deere has seen very strong demand for sprayers, planters, and tractors in its 2022 order book, and the company expects its net pricing growth in 2022 to again be positive in spite of rising material and logistics costs. We believe Deere’s long-term secular growth driver is the global growth in demand for agricultural equipment, fueled by the steady increase in global demand for grains from a growing population with increasing affluence. We believe Deere’s market leadership, superior technology, and demonstrated pricing power leave it well positioned over our long-term investment horizon, and we believe continued adoption of its growing precision agricultural offerings, including subscription-based offerings, will lower cyclicality and enable the company to realize sustainably higher margins. We trimmed our position during the period following strong market appreciation, but we believe the company’s shares continue to trade at a discount to our estimate of intrinsic value.

The Fund’s positions in Alibaba, Vertex Pharmaceuticals, and Novartis detracted the most from performance. Stock selection in the consumer discretionary, healthcare, information technology, financials, consumer staples, and energy sectors, along with our allocations in the industrials, information technology, financials, and consumer staples sectors, detracted from relative performance.

A Fund holding since its initial public offering in the third quarter of 2014, Alibaba Group is a leading China e-commerce and consumer-engagement platform provider. With over 60% of China’s e-commerce transactions estimated to take place through its marketplaces, Alibaba is the world’s largest retail platform, and we believe Alibaba’s scale and interconnected sites create an unparalleled and difficult-to-replicate business ecosystem. During the period, Alibaba reported solid fundamentals and continued market share gains. However, shares have been under pressure since late-2020, despite good fundamentals, due to investor concern regarding increasing regulatory intervention by the Chinese government and the uncertainty these measures have created among investors questioning the ultimate impact on the businesses. In April, China’s State Administration for Market Regulation (SAMR) concluded that Alibaba’s practices had violated antitrust law. The company was fined approximately $2.8 billion and ordered to carry

| 14

LOOMIS SAYLES GROWTH FUND

out “comprehensive” self-inspections to standardize business practices and ensure compliance with anti-monopoly laws. Alibaba cooperated fully with the investigation and has changed certain business practices. Before the ruling, we believed that Alibaba could potentially be fined a meaningful percentage of prior-year revenue if it was found to have violated the rules. The $2.8 billion fine represented under 3% of FY 2021 revenues, approximately 20% of Alibaba’s free cash flow in the preceding quarter, and a fraction of the company’s approximately $70 billion of cash and short-term investments. We do not believe the investigation, fine, or any potential remedies will ultimately impact Alibaba’s strong and sustainable competitive advantages. In August, China passed the Personal Information Protection Law (PIPL) which is focused on protecting personal information rights and interests by standardizing the handling and usage of personal information by businesses. The law allows companies such as Alibaba to continue to collect, maintain, and use personalized data in their operations, but with certain restrictions. We believe the focus of PIPL is similar to the General Data Protection Regulation (GDPR) which went into effect in the European Union in 2018. The GDPR impacted other portfolio holdings such as Alphabet and Facebook, which incurred increased compliance costs and other disruptions as they adjusted certain business practices to comply with the new regulations. However, both companies continued to generate strong growth in revenue and free cash flow due to their competitive advantages and strong value propositions. While PIPL will go into effect beginning in November, we believe Alibaba has already started to implement portions of PIPL’s requirements into its business. As with Facebook and Google, we expect that Alibaba will experience other short-term disruptions as it further modifies its practices to fully comply with the law. However, we do not believe the law’s provisions will ultimately impact the company’s difficult-to-replicate competitive advantages. We believe SAMR and other Chinese regulatory efforts are focused on promoting sustainable and healthy development of China’s online ecosystem, fair competitive behavior, compliance with social responsibility, and setting reasonable limits on the usage of personal information. We believe that many of the companies to which the regulations pertain, including Alibaba, are engaged in activities that are supportive of the Chinese government’s long-term strategic goals. These goals include promoting domestic consumption as well as the development of domestic cloud technologies in order to reduce China’s dependence on foreign companies and countries. On both of these counts, Alibaba is a leader and its continued success advances those long-term goals. We believe Alibaba continues to execute well on its business model, allowing it to expand its already dominant market position and to invest to strengthen its competitive advantages. We believe the near-term uncertainty regarding the regulatory environment does not change the long-term fundamentals; namely, China remains one of the largest and most attractive e-commerce markets and Alibaba is one of the best-positioned companies to take advantage of this long-term secular opportunity. Many great businesses in our portfolio, including Microsoft, Google, Facebook, Visa, and others, have faced significant regulatory challenges around the globe over the last few decades, which often resulted in near-term uncertainty and share weakness. We recognize that the individual circumstances of these challenges had significant differences in terms of regulatory bodies and geographies. We also recognize that China offers both unique differences and challenges that we do not take lightly. However, while all of these situations are different, what is similar is that the uncertainty associated with these challenges did not change the strong underlying business characteristics of these companies; nor did it prevent them from continuing to generate strong long-term returns for shareholders. We believe the current market price embeds expectations for revenue and cash flow growth that are well below our long-term assumptions, and we added to our position in July, taking advantage of the long-term secular opportunity. With its shares trading at a significant discount to our estimate of intrinsic value, we believe Alibaba offers a compelling reward-to-risk opportunity.

Vertex Pharmaceuticals, founded in 1989, is a global biopharmaceutical company with deep expertise in protein and genetic science and a focus on specialty markets. The company is the leader in creating therapies for patients suffering from cystic fibrosis (CF), with four currently approved treatments, and the company is building out its capabilities to address related diseases that lever its core expertise in biology and medicinal chemistry. We initiated a new position in Vertex in June 2021. While the share price declined modestly during our holding period, given our short length of ownership, it was among the lowest contributors in a full-year period during which the Fund returned approximately 21.5% (gross). We believe Vertex’s strong and sustainable competitive advantages include its unparalleled understanding of CF, rooted in its history of investment and innovation for which it is recognized as setting the standard of care, its partnerships with the CF Foundation and other entities that enhance its solutions capabilities, and its broader understanding of biology and serial approach to drug development. Vertex created the only four therapies approved for CF, which currently account for all of the company’s revenues. Over our long-term investment horizon, we believe growing medical access, ongoing market penetration, lower patient mortality, and ongoing innovation will drive mid-single-digit growth in the company’s dominant CF franchise. We also believe the company’s deep understanding of biology, well-defined and disciplined approach to innovation, and growing pipeline of clinical therapies addressing diseases outside of CF, will collectively enable the company to realize high-single-digit growth in revenues over our forecast period. As the company continues to penetrate its core CF market, we expect it to realize operating leverage from its existing distribution infrastructure and for operating margins and free cash flow to grow faster than revenues, in the low double digits. We believe expectations embedded in Vertex’s share price underestimate the defensibility of its dominant CF franchise, the life-changing benefit of its therapies for its growing base of 40,000 patients, and the strength of its science and innovation ability that is contributing to a growing pipeline of potentially transformative therapies. We believe the shares embed expectations for revenue and free cash flow that are well below our long-term expectations. At today’s valuation, we believe we are buying the core, established CF franchise at a discount and receiving the pipeline for free. As a result, we believe the shares are trading at a significant discount to our estimate of intrinsic value and offer a compelling long-term reward-to-risk opportunity.

15 |

Novartis is a diversified global healthcare company with market leadership in branded and generic pharmaceuticals. The company’s Innovative Medicines division accounts for about 80% of total revenue and 85% of core operating income while the Sandoz generics and biosimilars division accounts for about 20% of revenue and approximately 15% of core operating income. We believe Novartis’ strong and sustainable competitive advantages include its brand, culture of innovation, product breadth, clinical trials expertise, powerful global manufacturing and distribution network, and the benefits of scale. Decades of investment in innovative research and development and the accumulation of intellectual property has resulted in a broad suite of mature, successful products, newer, differentiated, rapidly growing products, and a large, well-balanced clinical pipeline of approximately 75 new molecular entities that we believe will lay the foundation of growth for the next 10 years. A holding since 2010, Novartis reported financial results that were fundamentally solid but mixed versus consensus expectations during the period. Results were impacted earlier in the period by a decline in patient visits to physician offices due to Covid-19. Shares also declined in response to management’s guidance for lower margins due to increased investment spending. We view the market reaction to higher investment spending as short sighted as the company’s continued investments in innovation and its pipeline represent the cornerstone of its competitive differentiation and lay the groundwork for sustainable long-term revenue generation. We believe the company executed well during the period, which included strong performance in its “growth” portfolio that now accounts for over 50% of sales. Novartis remains a differentiated business that we believe will benefit from accelerating growth, continued solid execution, a structurally improving business, and a strong management team that is making sound strategic decisions to enable greater focus on the company’s long-term competitive advantages of brand, scale, technology, and innovation. We believe the company is focused on and executing in the right areas of growth to create long-term shareholder value, and the current stock price embeds future growth well below our forecasts. As a result, we believe the shares are selling at a significant discount to our estimate of intrinsic value and offer a compelling reward-to-risk opportunity.

All aspects of our quality-growth-valuation investment thesis must be present simultaneously for us to make an investment. Often our research is completed well in advance of the opportunity to invest. We are patient investors and maintain coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the period we initiated a new position in Vertex Pharmaceuticals. We added to our existing holdings in Alibaba, Boeing, Disney, Novartis, Schlumberger, and Starbucks. We trimmed our existing positions in Cerner, Deere, Expeditors International, and Qualcomm. We sold our position in Varian Medical Systems, which was in the process of being acquired by Siemens Healthineers and reached our view of intrinsic value.

Outlook

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

| 16

LOOMIS SAYLES GROWTH FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares³

September 30, 2011 through September 30, 2021

LOGO

Top Ten Holdings as of September 30, 2021



	Security Name	% of Net Assets
1	NVIDIA Corp.		6.60	%
2	Amazon.com, Inc.		6.42
3	Facebook, Inc., Class A		6.25
4	Visa, Inc., Class A		5.18
5	Microsoft Corp.		4.67
6	Oracle Corp.		4.53
7	Autodesk, Inc.		4.33
8	salesforce.com, Inc.		4.17
9	Boeing Co. (The)		4.10
10	Alphabet, Inc., Class A		3.61

17 |

Average Annual Total Returns — September 30, 2021³



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

Class Y (Inception 5/16/91)
NAV		20.72	%		18.99	%		18.85	%		—		0.65	%		0.65	%

Class A (Inception 12/31/96)
NAV		20.43			18.69			18.56			—		0.90			0.90
With 5.75% Maximum Sales Charge		13.53			17.29			17.86			—

Class C (Inception 9/12/03)
NAV		19.55			17.79			17.84			—		1.65			1.65
With CDSC¹		18.55			17.79			17.84			—

Class N (Inception 2/1/13)
NAV		20.80			19.08			—			17.62		0.57			0.57

Comparative Performance
Russell 1000^® Growth Index²		27.32			22.84			19.68			18.86

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.

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.

| 18

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND



Managers		Symbols

Daniel Conklin, CFA^®		Class A LSDRX

Christopher T. Harms		Class C LSCDX

Clifton V. Rowe, CFA^®		Class N LSDNX

		Class Y LSDIX

Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks above-average total return through a combination of current income and capital appreciation.

Market Conditions

US Treasuries underperformed the broad fixed income market as risk appetite drastically improved over the past year. Mounting concerns over inflation and Fed policy also played a role in the rise in yields. While the prices of short-term government debt were relatively stable, longer-maturity bonds declined sharply. The yield on the 10-year note rose from 0.69% on September 30, 2020 to 1.52% on the final day of the period, and the 30-year bond moved from 1.46% to 2.08% (prices and yields move in opposite directions).

Performance Results

For the 12 months ended September 30, 2021, Class Y shares of the Fund returned 0.20% at net asset value. The Fund outperformed its benchmark, the Bloomberg U.S. Intermediate Government/Credit Bond Index, which returned -0.40%.

Explanation of Fund Performance

The Fund favored spread sectors such as corporate bonds and securitized assets, benefiting performance relative to the benchmark during a period of declining risk premiums. While sector allocation provided the bulk of positive contributions to performance, issuer selection also proved additive. The Fund’s overweight allocation to corporate bonds led positive contributions to performance over the period as spreads (the incremental income provided by lower quality bonds relative to Treasuries) declined. Issuer selection within corporates also aided return.

Results within securitized assets were positive overall but more mixed as agency-backed holdings detracted slightly while securitized credit exposures proved beneficial. In particular, holdings of CMBS were the most helpful to performance during the period.

On the downside, holdings of agency MBS detracted from relative performance during the period. Exposure to auto loans within ABS also weighed on return. Finally, within corporate bonds, issuer selection among banking names proved to be a constraint on performance.

19 |

Outlook

We believe the Fed will remain accommodative for the foreseeable future, keeping the fed funds rate unchanged at the zero lower bound and anchoring the front end of the Treasury yield curve into 2023. We expect the Fed to address balance sheet policy later this year and tapering of bond purchases could be completed sometime in 2022. We continue to expect economic activity to be healthy but expectations have moderated from earlier this year as recent data suggests some bumpiness due to increasing Covid-19 Delta variant cases nationwide.

We believe the credit cycle¹ is currently in the expansion phase, with strong corporate fundamentals and a healthy consumer supported by significant excess savings and easy financial conditions. We believe risk appetite should remain elevated given the strong expansionary environment, expectations for global growth and continued monetary accommodation.

Inflation is expected to be in the 2% to 2.5% range but could be elevated for some time or settle above this range. We expect tighter monetary conditions if inflation trends toward the higher end of the range while lower inflation could keep the Fed at bay longer.

Corporate debt levels are currently elevated but fundamentals are healthy with stable-to-improving margins and significant free cash flow in a number of industries. While valuations are not overly compelling, we may see some additional spread tightening given low expectations for losses.

We continue to favor spread sectors, such as corporate bonds and securitized assets. However, we are maintaining a risk posture in the lower end of our range, in a similar posture to the beginning of 2020.

We remain overweight in both agency and non-agency CMBS, particularly senior parts of the capital stack.

Within MBS, we remain focused on securities with limited prepayment risk.

We favor ABS in the front end of the curve and prefer consumer-related areas such as auto loans and credit card receivables.

We continue to follow our process in building diversified exposures by asset class, industry and issuer.

We continue to hold select high yield corporate names, which we view as inexpensive.

¹	A credit cycle is a cyclical pattern that follows credit availability and corporate health.

Hypothetical Growth of $100,000 Investment in Class Y Shares^1,4

September 30, 2011 through September 30, 2021

LOGO

See notes to chart on page 21.

| 20

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND

Average Annual Total Returns — September 30, 2021⁴



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

Class Y (Inception 1/28/98)¹
NAV		0.20	%		3.13	%		3.12	%		—		0.47	%		0.40	%

Class A (Inception 5/28/10)¹
NAV		-0.06			2.87			2.85			—		0.72			0.65
With 4.25% Maximum Sales Charge		-4.32			1.97			2.40			—

Class C (Inception 8/31/16)¹
NAV		-0.76			2.09			2.19			—		1.46			1.40
With CDSC²		-1.72			2.09			2.19			—

Class N (Inception 2/01/19)		0.25			—			—			5.16		0.43			0.35

Comparative Performance
Bloomberg U.S. Intermediate Government/Credit Bond Index³		-0.40			2.60			2.52			4.31

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 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.

21 |

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.

Market Conditions

Performance Review

For the 12 months ended September 30, 2021, Class Y shares of the Limited Term Government and Agency Fund returned -0.33% at net asset value. The Fund held up better than its benchmark, the Bloomberg U.S. 1-5 Year Government Bond Index, which returned -0.43%.

Explanation of Fund Performance

The Fund’s security selection within agency-backed securitized assets was a leading positive contributor to performance relative to the benchmark for the 12 months, most notably holdings of agency CMBS and collateralized mortgage obligations. Within non-agency securitized assets, holdings of ABS and CMBS contributed positively.

Asset allocation decisions were a slight constraint in relative return for the period due to an underweight to US agency securities. The Fund’s cash position was also a slight detractor.

The Fund’s positioning along the yield curve (which depicts the relationship among bond yields across the maturity spectrum) detracted from performance during the period.

Outlook

Agency MBS spreads (the difference in yield between agency MBS and Treasuries of similar maturity) have declined below their longer-term averages. We continue to favor MBS sectors less likely to face refinancing and extension risk, such as low loan balance mortgages and home equity conversion mortgages. Within the commercial real estate sector, we have focused on agency CMBS

| 22

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

opportunities. Our non-agency securitized exposures remain steady, although we have marginally adjusted upward exposure to ABS relative to CMBS. The ABS market has recovered faster than CMBS, and we continue to find opportunities that offer strong credit quality and enhanced yield.

Hypothetical Growth of $100,000 Investment in Class Y Shares³

September 30, 2011 through September 30, 2021

LOGO

23 |

Average Annual Total Returns — September 30, 2021³



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

Class Y (Inception 3/31/94)
NAV		-0.33	%		1.58	%		1.59	%		—		0.49	%		0.49	%

Class A (Inception 1/3/89)
NAV		-0.58			1.34			1.34			—		0.74			0.74
With 2.25% Maximum Sales Charge		-2.85			0.89			1.11			—

Class C (Inception 12/30/94)
NAV		-1.35			0.57			0.74			—		1.49			1.49
With CDSC¹		-2.34			0.57			0.74			—

Class N (Inception 2/1/17)
NAV		-0.25			—			—			1.97		0.42			0.41

Comparative Performance
Bloomberg U.S. 1-5 Year Government Bond Index²		-0.43			1.82			1.46			2.16

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 U.S. 1-5 Year Government Bond Index is a subindex of the Bloomberg U.S. Government Index, which is comprised of the Bloomberg U.S. Treasury and U.S. Agency Indices. The Bloomberg U.S. Government Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year) and U.S. agency debentures (publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Bloomberg U.S. Government Index is a component of the Bloomberg U.S. Government/Credit Index and the Bloomberg U.S. Aggregate Bond Index.

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

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ADDITIONAL INFORMATION

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

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

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the Natixis Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Fund’s website at im.natixis.com; and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available 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.

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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 April 1, 2021 through September 30, 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 4/1/2021		ENDING ACCOUNT VALUE 9/30/2021		EXPENSES PAID DURING PERIOD* 4/1/2021 – 9/30/2021
Class A
Actual		$1,000.00		$1,018.20		$3.64
Hypothetical (5% return before expenses)		$1,000.00		$1,021.46		$3.65
Class C
Actual		$1,000.00		$1,015.00		$7.43
Hypothetical (5% return before expenses)		$1,000.00		$1,017.70		$7.44
Class N
Actual		$1,000.00		$1,020.60		$1.92
Hypothetical (5% return before expenses)		$1,000.00		$1,023.16		$1.93
Class Y
Actual		$1,000.00		$1,020.10		$2.38
Hypothetical (5% return before expenses)		$1,000.00		$1,022.71		$2.38

Expenses are equal to the Fund’s annualized expense ratio: 0.72%, 1.47%, 0.38% and 0.47% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES CREDIT INCOME FUND	BEGINNING ACCOUNT VALUE 4/1/2021		ENDING ACCOUNT VALUE 9/30/2021		EXPENSES PAID DURING PERIOD* 4/1/2021 – 9/30/2021
Class A
Actual		$1,000.00		$1,030.40		$4.17
Hypothetical (5% return before expenses)		$1,000.00		$1,020.96		$4.15
Class C
Actual		$1,000.00		$1,026.50		$7.98
Hypothetical (5% return before expenses)		$1,000.00		$1,017.20		$7.94
Class N
Actual		$1,000.00		$1,033.10		$2.65
Hypothetical (5% return before expenses)		$1,000.00		$1,022.46		$2.64
Class Y
Actual		$1,000.00		$1,031.80		$2.90
Hypothetical (5% return before expenses)		$1,000.00		$1,022.21		$2.89

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 (183), divided by 365 (to reflect the half-year period).


LOOMIS SAYLES GLOBAL ALLOCATION FUND	BEGINNING ACCOUNT VALUE 4/1/2021		ENDING ACCOUNT VALUE 9/30/2021		EXPENSES PAID DURING PERIOD* 4/1/2021 – 9/30/2021
Class A
Actual		$1,000.00		$1,066.10		$5.85
Hypothetical (5% return before expenses)		$1,000.00		$1,019.40		$5.72
Class C
Actual		$1,000.00		$1,061.60		$9.72
Hypothetical (5% return before expenses)		$1,000.00		$1,015.64		$9.50
Class N
Actual		$1,000.00		$1,067.50		$4.20
Hypothetical (5% return before expenses)		$1,000.00		$1,021.01		$4.10
Class Y
Actual		$1,000.00		$1,067.10		$4.56
Hypothetical (5% return before expenses)		$1,000.00		$1,020.66		$4.46

Expenses are equal to the Fund’s annualized expense ratio: 1.13%, 1.88%, 0.81% and 0.88% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES GROWTH FUND	BEGINNING ACCOUNT VALUE 4/1/2021		ENDING ACCOUNT VALUE 9/30/2021		EXPENSES PAID DURING PERIOD* 4/1/2021 – 9/30/2021
Class A
Actual		$1,000.00		$1,078.70		$4.59
Hypothetical (5% return before expenses)		$1,000.00		$1,020.66		$4.46
Class C
Actual		$1,000.00		$1,074.50		$8.48
Hypothetical (5% return before expenses)		$1,000.00		$1,016.90		$8.24
Class N
Actual		$1,000.00		$1,080.60		$2.92
Hypothetical (5% return before expenses)		$1,000.00		$1,022.26		$2.84
Class Y
Actual		$1,000.00		$1,080.20		$3.29
Hypothetical (5% return before expenses)		$1,000.00		$1,021.91		$3.19

Expenses are equal to the Fund’s annualized expense ratio: 0.88%, 1.63%, 0.56% and 0.63% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).


LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND	BEGINNING ACCOUNT VALUE 4/1/2021		ENDING ACCOUNT VALUE 9/30/2021		EXPENSES PAID DURING PERIOD* 4/1/2021 – 9/30/2021
Class A
Actual		$1,000.00		$1,009.10		$3.27
Hypothetical (5% return before expenses)		$1,000.00		$1,021.81		$3.29
Class C
Actual		$1,000.00		$1,005.80		$7.04
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$7.08
Class N
Actual		$1,000.00		$1,009.60		$1.76
Hypothetical (5% return before expenses)		$1,000.00		$1,023.31		$1.78
Class Y
Actual		$1,000.00		$1,010.30		$2.02
Hypothetical (5% return before expenses)		$1,000.00		$1,023.06		$2.03

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 (183), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 4/1/2021		ENDING ACCOUNT VALUE 9/30/2021		EXPENSES PAID DURING PERIOD* 4/1/2021 – 9/30/2021
Class A
Actual		$1,000.00		$999.20		$3.61
Hypothetical (5% return before expenses)		$1,000.00		$1,021.46		$3.65
Class C
Actual		$1,000.00		$994.80		$7.35
Hypothetical (5% return before expenses)		$1,000.00		$1,017.70		$7.44
Class N
Actual		$1,000.00		$1,000.90		$2.01
Hypothetical (5% return before expenses)		$1,000.00		$1,023.06		$2.03
Class Y
Actual		$1,000.00		$999.60		$2.36
Hypothetical (5% return before expenses)		$1,000.00		$1,022.71		$2.38

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.72%, 1.47%, 0.40% and 0.47% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

The Board of Trustees of the Trusts (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory agreement (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. This meeting typically includes all the Independent Trustees, including the Trustees who do not serve on the Contract Review Committee. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements at its June board meeting. The Loomis Sayles Credit Income Fund was not included in the most recent annual review as the Fund’s initial board-approved investment advisory agreement is effective until September 29, 2022.

In connection with these meetings, the Trustees receive materials that the Funds’ investment adviser and Loomis Sayles Core Plus Bond Fund’s advisory administrator (the “Advisers”) believe to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory fees and other expenses, including information comparing the Funds’ advisory fees to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers and (v) information obtained through the completion by the Advisers of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) each Fund’s investment objective and strategies and the size, education and experience of the Advisers’ investment staffs and their use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, to the extent applicable, the use of “soft” commission dollars to pay for research and other similar services, (iv) the Advisers’ policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Advisers.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and expense differentials against each Fund’s peer group/category of funds, performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Advisers make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board or Committee presentations and reviews. In addition, the Trustees are periodically provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings, both at the Board and at the Committee level.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2021. In the case of each of Loomis Sayles Global Allocation Fund and Loomis Sayles Limited Term Government and Agency Fund, the Board approved the Agreement with an amendment that introduced an additional breakpoint in the Fund’s advisory fee effective July 1, 2021. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Advisers and their affiliates to the Funds and the resources dedicated to the Funds by the Advisers and their affiliates. The Trustees also considered their experience with other funds advised or sub-advised by the Advisers, as well as the affiliation between the Advisers and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.

The Trustees considered not only the advisory services provided by the Advisers to the Funds, but also the benefits to the Funds from the monitoring and oversight services provided by Natixis Advisors, LLC (“Natixis Advisors”). They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Funds. They also took into consideration increases in the services provided resulting from new regulatory requirements.

| 30

For each Fund, the Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.

Investment performance of the Funds and the Advisers. As noted above, the Trustees received information about the performance of Loomis Sayles Core Plus Bond Fund, Loomis Sayles Global Allocation Fund, Loomis Sayles Growth Fund, Loomis Sayles Intermediate Duration Bond Fund and Loomis Sayles Limited Term Government and Agency Fund (the “Existing Funds”) over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. In addition, the Trustees reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that measured the performance of the Funds on a risk adjusted basis. The Trustees noted that the Loomis Sayles Credit Income Fund did not yet have one year of performance.

The Board noted that, through December 31, 2020, each Existing Fund’s one-, three- and five-year performance, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):


	One-Year			Three-Year			Five-Year
Loomis Sayles Core Plus Bond Fund		16	%		29	%		12	%
Loomis Sayles Global Allocation Fund		13	%		4	%		1	%
Loomis Sayles Growth Fund		62	%		66	%		46	%
Loomis Sayles Intermediate Duration Bond Fund		65	%		61	%		83	%
Loomis Sayles Limited Term Government and Agency Fund		43	%		45	%		42	%

In the case of a Fund that had performance that lagged that of a relevant category median as determined by the independent third party for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Advisers that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent performance had resulted in relative outperformance over certain time periods; and (3) that the Fund had outperformed its relevant performance benchmark for all periods. The Board also considered information about the Funds’ more recent performance, including how that performance had been impacted by the Covid-19 crisis.

The Trustees also considered the Advisers’ performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Advisers to Trustee concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Advisers and/or other relevant factors supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory and administrative services as well as the total expense levels of the Funds. This information included comparisons (provided both by management and by an independent third party) of the Funds’ advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Advisers to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund, as well as the need for the Advisers to offer competitive compensation and the potential need to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that the Funds have expense limitations in place, and they considered the amounts

31 |

waived or reimbursed by the Advisers for Loomis Sayles Credit Income Fund and Loomis Sayles Intermediate Duration Bond Fund under their respective expense limitation agreements. The Trustees also considered that the current expenses for Loomis Sayles Core Plus Bond Fund, Loomis Sayles Global Allocation Fund, Loomis Sayles Growth Fund, and Loomis Sayles Limited Term Government and Agency Fund were below each Fund’s limitation. They further noted that management had proposed to reduce the expense limitation for Loomis Sayles Limited Term Government and Agency Fund on all share classes, effective as of July 1, 2021. The Trustees also noted that the total advisory fee rate for each Fund was at or below the median of its peer group of funds. They further noted that management had proposed to amend the advisory fee for each of Loomis Sayles Global Allocation Fund and Loomis Sayles Limited Term Government and Agency Fund to introduce an additional breakpoint in each Fund’s advisory fee.

The Trustees also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Advisers’ and their affiliates’ relationships with the Funds, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Funds, the expense levels of the Funds, whether the Advisers had implemented breakpoints and/or expense limitations with respect to such Funds and the overall profit margin of Natixis Investment Managers, LLC compared to that of certain other investment managers for which such data was available.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fee charged to each of the Funds was fair and reasonable, and that the costs of these services generally and the related profitability of the Advisers and their affiliates in respect of their relationships with the Funds supported the renewal of the Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations. With respect to economies of scale, the Trustees noted that each of Loomis Sayles Core Plus Bond Fund, Loomis Sayles Global Allocation Fund and Loomis Sayles Limited Term Government and Agency Fund had breakpoints in its advisory fee and that each of the Funds was subject to an expense limitation. The Trustees also considered management’s proposal to reduce the expense limitation for Loomis Sayles Limited Term Government and Agency Fund. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Advisers and their affiliates of their relationships with the Funds, as discussed above. The Trustees also considered that the Funds have benefitted from the substantial reinvestment each Adviser has made into its business.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

•

The effect of recent market and economic events, including but not limited to the Covid-19 crisis and its significant disruptions to the economy and business operations, on the performance, asset levels and expense ratios of each Fund.

•

Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates were providing to the Funds.

•

So-called “fallout benefits” to the Advisers, such as the engagement of affiliates of the Advisers to provide distribution and administrative services to the Funds, and the benefits of research made available to the Advisers by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of Natixis Advisors from the retention of the Advisers. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

•

The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the existing Agreements, reflecting the amendments to the advisory fee schedule for each of Loomis Sayles Global Allocation Fund and Loomis Sayles Limited Term Government and Agency Fund described above, should be continued through June 30, 2022.

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LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on January 1, 2020 and ending December 31, 2020 (including updates through September 30, 2021)

Effective December 1, 2018 (September 29, 2020 for Credit Income Fund), the Funds adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Rule requires registered open-end funds, including mutual funds and exchange-traded funds to establish liquidity risk management programs in order to effectively manage fund liquidity and mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

The rule requires the Funds to assess, manage and review their liquidity risk considering applicable factors during normal and foreseeable stressed conditions. In fulfilling this requirement, each Fund assesses and reviews (where applicable and amongst other matters) its investment strategy, portfolio holdings, possible investment concentrations, use of derivatives, short-term and long-term cash flow projections, use of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Each Program has established a Program Administrator, which is the adviser or sub-adviser of the Fund.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Each Fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. If a Fund does not hold a majority of highly liquid investments in its portfolio, then the Fund is required to establish a highly liquid investment minimum (“HLIM”). Loomis Sayles Core Plus Bond Fund, Loomis Sayles Credit Income Fund and Loomis Sayles Intermediate Duration Bond Fund have established an HLIM.

During the period from January 1, 2020 to December 31, 2020, there were no material changes to the Program and no material events that impacted the operation of the Funds’ Programs. During the period, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any HLIM or illiquid security violations during the period.

During the period January 1, 2021 through September 30, 2021, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any HLIM or illiquid security violations.

Annual Program Assessment and Conclusion

In the opinion of the Program Administrators, the Program of each Fund approved by the Funds’ Board has been implemented effectively. The Program Administrator has also monitored, assessed and managed each Fund’s liquidity risk regularly and has determined that the Program is operating effectively.

Pursuant to the Rule’s requirements, the Board has received and reviewed a written report prepared by each Fund’s Program Administrator that addressed the operation of the Program, assessed its adequacy and effectiveness and described any material changes made to the Program.

33 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 91.6% of Net Assets
	Non-Convertible Bonds — 91.4%
		ABS Car Loan — 0.7%
$	4,240,667	Avis Budget Rental Car Funding AESOP LLC, Series 2016-2A, Class A, 2.720%, 11/20/2022, 144A	$	4,249,162
	8,775,000	Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class A, 3.070%, 9/20/2023, 144A		8,957,002
	4,226,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.450%, 3/20/2023, 144A		4,259,425
	6,444,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		6,868,722
	7,064,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A		7,231,777
	1,259,536	Exeter Automobile Receivables Trust, Series 2020-1A, Class B, 2.260%, 4/15/2024, 144A		1,263,145
	2,460,000	Exeter Automobile Receivables Trust, Series 2021-2A, Class B, 0.570%, 9/15/2025		2,463,221
	3,525,000	Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.980%, 6/15/2026		3,531,172
	8,181,000	Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.750%, 2/17/2026		8,214,474
	8,315,000	Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.900%, 6/15/2026		8,344,183
	9,095,000	Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.950%, 9/15/2027		9,111,451

				64,493,734

		ABS Home Equity — 0.7%
	1,062,732	Bayview Koitere Fund Trust, Series 2017-SPL3, Class A, 4.000%, 11/28/2053, 144A(a)		1,084,688
	1,151,085	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		1,158,127
	654,813	Bayview Opportunity Master Fund IVa Trust, Series 2017-RT1, Class A1, 3.000%, 3/28/2057, 144A(a)		662,467
	3,696,741	Bayview Opportunity Master Fund IVa Trust, Series 2017-RT5, Class A, 3.500%, 5/28/2069, 144A(a)		3,762,610
	2,509,637	Bayview Opportunity Master Fund IVa Trust, Series 2017-SPL1, Class A, 4.000%, 10/28/2064, 144A(a)		2,559,554
	977,939	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL2, Class A, 4.000%, 6/28/2054, 144A(a)		1,000,216
	3,857,019	CoreVest American Finance Trust, Series 2019-3, Class A, 2.705%, 10/15/2052, 144A		4,016,514
	16,474	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(a)		16,709
	20,182,430	Invitation Homes Trust, Series 2018-SFR2, Class A, 1-month LIBOR + 0.900%, 0.984%, 6/17/2037, 144A(b)		20,210,352
	300,144	Mill City Mortgage Loan Trust, Series 2016-1, Class A1, 2.500%, 4/25/2057, 144A(a)		301,071
	2,197,939	Onslow Bay Financial LLC, Series 2018-EXP1, Class 1A3, 4.000%, 4/25/2048, 144A(a)		2,231,867
	414,054	Sequoia Mortgage Trust, Series 2017-CH1, Class A1, 4.000%, 8/25/2047, 144A(a)		418,322
		ABS Home Equity — continued
	1,079,126	Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.000%, 2/25/2048, 144A(a)		1,096,459
	1,915,021	Sequoia Mortgage Trust, Series 2018-CH3, Class A2, 4.000%, 8/25/2048, 144A(a)		1,941,852
	1,298,545	Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.184%, 10/25/2053, 144A(a)		1,349,817
	4,254,377	Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.750%, 4/25/2055, 144A(a)		4,389,436
	1,168,002	Towd Point Mortgage Trust, Series 2016-2, Class A1A, 2.750%, 8/25/2055, 144A(a)		1,173,682
	5,101,352	Towd Point Mortgage Trust, Series 2016-2, Class M2, 3.000%, 8/25/2055, 144A(a)		5,320,479
	6,752,955	Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.750%, 5/25/2058, 144A(a)		7,062,211

				59,756,433

		ABS Other — 1.3%
	21,164,065	CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640%, 2/18/2046, 144A		20,892,155
	11,628,000	Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.560%, 12/11/2034, 144A		11,641,390
	7,094,000	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/2032, 144A		7,330,535
	13,500,000	OneMain Financial Issuance Trust, Series 2021-1A, Class A2, 30-day Average SOFR + 0.760%, 0.810%, 6/16/2036, 144A(b)		13,607,649
	27,038,533	Textainer Marine Containers Ltd., Series 2021-3A, Class A, 1.940%, 8/20/2046, 144A		26,826,416
	10,650,637	Textainer Marine Containers VII Ltd., Series 2021-1A, Class A, 1.680%, 2/20/2046, 144A		10,486,253
	9,247,740	Textainer Marine Containers VIII Ltd., Series 2020-2A, Class A, 2.100%, 9/20/2045, 144A		9,328,657
	11,484,255	Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.860%, 3/20/2046, 144A		11,379,584

				111,492,639

		ABS Student Loan — 0.3%
	6,562,235	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		6,606,263
	13,443,181	Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.060%, 10/15/2069, 144A		13,461,665
	5,363,664	SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.070%, 1/15/2053, 144A		5,283,789
	3,777,000	SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.540%, 5/15/2046, 144A		3,876,410

				29,228,127

		ABS Whole Business — 0.2%
	5,505,203	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A21, 2.662%, 4/25/2051, 144A		5,661,638
	11,907,720	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2I, 4.262%, 9/05/2048, 144A		11,915,448

				17,577,086

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Aerospace & Defense — 1.4%
$	22,001,000	Boeing Co. (The), 1.433%, 2/04/2024	$	22,033,893
	16,774,000	Boeing Co. (The), 5.705%, 5/01/2040		21,315,654
	20,949,000	Boeing Co. (The), 5.805%, 5/01/2050		27,924,396
	3,211,000	Boeing Co. (The), 5.930%, 5/01/2060		4,386,467
	12,659,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		13,323,598
	29,847,000	Textron, Inc., 3.000%, 6/01/2030		31,362,957

				120,346,965

		Airlines — 0.8%
	7,734,112	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		8,130,485
	8,850,467	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		9,536,378
	1,681,114	Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.000%, 4/29/2026		1,762,312
	16,151,433	Delta Air Lines, Inc./SkyMiles IP Ltd., 4.750%, 10/20/2028, 144A		18,008,848
	15,602,000	Southwest Airlines Co., 5.125%, 6/15/2027		18,246,164
	4,592,773	United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		4,859,338
	4,381,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		4,496,001
	6,533,000	United Airlines, Inc., 4.625%, 4/15/2029, 144A		6,751,529

				71,791,055

		Automotive — 2.1%
	9,280,000	Dana, Inc., 4.250%, 9/01/2030		9,544,015
	16,276,000	Ford Motor Credit Co. LLC, 2.900%, 2/16/2028		16,255,655
	20,142,000	General Motors Co., 5.000%, 4/01/2035		23,782,418
	7,067,000	General Motors Financial Co., Inc., 2.900%, 2/26/2025		7,414,468
	23,341,000	Goodyear Tire & Rubber Co. (The), 5.625%, 4/30/2033		25,441,690
	7,091,000	Hyundai Capital America, 2.375%, 10/15/2027, 144A		7,186,925
	10,356,000	Hyundai Capital America, 2.650%, 2/10/2025, 144A		10,757,025
	7,453,000	Hyundai Capital America, 3.000%, 2/10/2027, 144A		7,838,618
	16,811,000	Lear Corp., 5.250%, 5/15/2049		20,879,328
	7,676,000	Nissan Motor Co. Ltd., 3.043%, 9/15/2023, 144A		7,985,085
	15,593,000	Nissan Motor Co. Ltd., 3.522%, 9/17/2025, 144A		16,577,854
	9,825,000	Toyota Motor Corp., 2.358%, 7/02/2024		10,285,092
	16,490,000	Toyota Motor Credit Corp., MTN, 1.800%, 2/13/2025		16,937,469
	7,096,000	Volkswagen Group of America Finance LLC, 3.200%, 9/26/2026, 144A		7,593,738

				188,479,380

		Banking — 9.0%
	27,986,000	Ally Financial, Inc., 3.050%, 6/05/2023		29,033,414
	17,876,000	American Express Co., 2.500%, 7/30/2024		18,791,995
	10,051,000	Banco Santander Chile, 2.700%, 1/10/2025, 144A		10,453,542
	13,578,000	Banco Santander Chile, 3.875%, 9/20/2022, 144A		13,959,542
	14,000,000	Banco Santander S.A., 1.849%, 3/25/2026		14,180,102
	3,200,000	Banco Santander S.A., 2.958%, 3/25/2031		3,292,096
	28,476,000	Bangkok Bank PCL, 4.050%, 3/19/2024, 144A		30,574,918
	8,624,000	Bank of America Corp., (fixed rate to 12/20/2022, variable rate thereafter), 3.004%, 12/20/2023		8,887,636
	31,146,000	Bank of America Corp., (fixed rate to 4/22/2024, variable rate thereafter), 0.976%, 4/22/2025		31,311,644
		Banking — continued
	37,210,000	Bank of America Corp., (fixed rate to 4/23/2026, variable rate thereafter), MTN, 3.559%, 4/23/2027		40,493,023
	22,064,000	Barclays PLC, (fixed rate to 3/10/2041, variable rate thereafter), 3.811%, 3/10/2042		23,417,518
	7,864,000	BBVA Bancomer S.A., 1.875%, 9/18/2025, 144A		7,906,859
	17,513,000	BNP Paribas S.A., (fixed rate to 1/13/2026, variable rate thereafter), 1.323%, 1/13/2027, 144A		17,218,957
	26,613,000	BNP Paribas S.A., (fixed rate to 11/19/2024, variable rate thereafter), 2.819%, 11/19/2025, 144A		27,873,547
	5,935,000	Citigroup, Inc., 4.000%, 8/05/2024		6,437,468
	25,481,000	Citigroup, Inc., 4.050%, 7/30/2022		26,253,486
	9,645,000	Citigroup, Inc., (fixed rate to 3/31/2030, variable rate thereafter), 4.412%, 3/31/2031		11,136,671
	8,154,000	Citigroup, Inc., (fixed rate to 5/01/2024, variable rate thereafter), 0.981%, 5/01/2025		8,180,407
	5,227,000	Credit Suisse AG, 2.100%, 11/12/2021		5,237,923
	9,780,000	Deutsche Bank AG, 0.898%, 5/28/2024		9,771,023
	10,038,000	Deutsche Bank AG, 1.686%, 3/19/2026		10,095,043
	9,382,000	Deutsche Bank AG, (fixed rate to 1/14/2031, variable rate thereafter), 3.729%, 1/14/2032		9,686,771
	11,985,000	Deutsche Bank AG, (fixed rate to 11/24/2025, variable rate thereafter), 2.129%, 11/24/2026		12,173,983
	30,369,000	DNB Bank ASA, 2.150%, 12/02/2022, 144A		31,063,697
	10,768,000	Goldman Sachs Group, Inc. (The), 3.625%, 1/22/2023		11,222,920
	15,206,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		21,779,346
	5,359,000	Goldman Sachs Group, Inc. (The), (fixed rate to 6/05/2027, variable rate thereafter), 3.691%, 6/05/2028		5,898,823
	2,326,000	HSBC Holdings PLC, 4.950%, 3/31/2030		2,766,290
	13,610,000	HSBC Holdings PLC, (fixed rate to 5/24/2024, variable rate thereafter), 0.976%, 5/24/2025		13,586,028
	16,885,000	Huntington Bancshares, Inc., 2.625%, 8/06/2024		17,710,251
	4,740,000	Intesa Sanpaolo SpA, 4.198%, 6/01/2032, 144A		4,858,216
	12,576,000	JPMorgan Chase & Co., (fixed rate to 5/13/2030, variable rate thereafter), 2.956%, 5/13/2031		13,083,540
	9,258,000	JPMorgan Chase & Co., 3.200%, 1/25/2023		9,610,429
	20,006,000	JPMorgan Chase & Co., 4.500%, 1/24/2022		20,270,158
	28,355,000	JPMorgan Chase & Co., (fixed rate to 10/15/2029, variable rate thereafter), 2.739%, 10/15/2030		29,365,053
	2,889,000	Lloyds Banking Group PLC, 3.000%, 1/11/2022		2,910,399
	23,028,000	Morgan Stanley, (fixed rate to 4/05/2023, variable rate thereafter), 0.731%, 4/05/2024		23,104,437
	8,931,000	Morgan Stanley, (fixed rate to 7/22/2027, variable rate thereafter), 3.591%, 7/22/2028		9,794,070
	2,867,000	Morgan Stanley, GMTN, 3.700%, 10/23/2024		3,109,876
	18,457,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		19,914,365
	14,159,000	Nationwide Building Society, (fixed rate to 4/26/2022, variable rate thereafter), 3.622%, 4/26/2023, 144A		14,405,201
	15,693,000	PNC Bank NA, (fixed rate to 12/09/2021, variable rate thereafter), 2.028%, 12/09/2022		15,741,263
	9,780,000	Santander UK Group Holdings PLC, 5.625%, 9/15/2045, 144A		12,623,778
	26,503,000	Societe Generale S.A., 2.625%, 1/22/2025, 144A		27,518,567
	24,346,000	Standard Chartered PLC, (fixed rate to 1/30/2025, variable rate thereafter), 2.819%, 1/30/2026, 144A		25,353,715

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	14,566,000	Sumitomo Mitsui Financial Group, Inc., 1.474%, 7/08/2025	$	14,683,256
	18,720,000	Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/2024		19,662,911
	12,213,000	Sumitomo Mitsui Financial Group, Inc., 3.040%, 7/16/2029		12,940,284
	21,438,000	Toronto-Dominion Bank (The), MTN, 2.650%, 6/12/2024		22,559,105
	17,630,000	UniCredit SpA, (fixed rate to 6/03/2026, variable rate thereafter), 1.982%, 6/03/2027, 144A		17,585,324

				799,488,870

		Brokerage — 0.1%
	11,958,000	Owl Rock Technology Finance Corp., 3.750%, 6/17/2026, 144A		12,623,999

		Building Materials — 0.7%
	19,920,000	American Builders & Contractors Supply Co., Inc., 3.875%, 11/15/2029, 144A		19,826,575
	10,762,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		10,768,457
	19,521,000	Mohawk Industries, Inc., 3.625%, 5/15/2030		21,265,397
	7,260,000	Owens Corning, 4.200%, 12/01/2024		7,916,730
	1,112,000	Summit Materials LLC/Summit Materials Finance Corp., 5.250%, 1/15/2029, 144A		1,167,600

				60,944,759

		Cable Satellite — 0.7%
	23,720,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		23,497,625
	14,725,000	Sirius XM Radio, Inc., 4.000%, 7/15/2028, 144A		14,973,484
	6,180,000	Time Warner Cable LLC, 4.500%, 9/15/2042		6,763,028
	783,000	Time Warner Cable LLC, 5.500%, 9/01/2041		959,638
	2,245,000	Time Warner Cable LLC, 5.875%, 11/15/2040		2,831,847
	7,162,000	Time Warner Cable LLC, 6.550%, 5/01/2037		9,663,580
	1,707,000	Time Warner Cable LLC, 6.750%, 6/15/2039		2,336,348

				61,025,550

		Chemicals — 1.4%
	1,610,000	Alpek SAB de CV, 3.250%, 2/25/2031, 144A		1,626,116
	22,620,000	Ashland LLC, 3.375%, 9/01/2031, 144A		22,817,925
	25,853,000	Braskem America Finance Co., 7.125%, 7/22/2041, 144A		33,415,002
	8,792,000	Koppers, Inc., 6.000%, 2/15/2025, 144A		8,989,820
	11,671,000	Orbia Advance Corp. SAB de CV, 5.875%, 9/17/2044, 144A		14,383,340
	9,466,000	Orbia Advance Corp. SAB de CV, 6.750%, 9/19/2042, 144A		12,554,377
	3,732,000	RPM International, Inc., 3.450%, 11/15/2022		3,823,380
	4,630,000	Sociedad Quimica y Minera de Chile S.A., 3.500%, 9/10/2051, 144A		4,460,311
	11,424,000	Sociedad Quimica y Minera de Chile S.A., 4.250%, 1/22/2050, 144A		12,314,044
	5,549,000	Univar Solutions USA, Inc., 5.125%, 12/01/2027, 144A		5,826,173

				120,210,488

		Collateralized Mortgage Obligations — 0.2%
	4,239,116	Federal Home Loan Mortgage Corp., REMIC, Series 3654, Class DC, 5.000%, 4/15/2030		4,748,927
	308,569	Government National Mortgage Association, Series 2010-H24, Class FA, 1-month LIBOR + 0.350%, 0.440%, 10/20/2060(b)		308,740
	245,978	Government National Mortgage Association, Series 2012-H18, Class NA, 1-month LIBOR + 0.520%, 0.610%, 8/20/2062(b)		247,023
		Collateralized Mortgage Obligations — continued
	40,474	Government National Mortgage Association, Series 2013-H01, Class FA, 1.650%, 1/20/2063(c)(d)		40,172
	25,821	Government National Mortgage Association, Series 2013-H03, Class HA, 1.750%, 12/20/2062(c)(d)		25,615
	88,125	Government National Mortgage Association, Series 2013-H04, Class BA, 1.650%, 2/20/2063(c)(d)		88,318
	99,950	Government National Mortgage Association, Series 2013-H07, Class DA, 2.500%, 3/20/2063(c)(d)		99,806
	729,786	Government National Mortgage Association, Series 2013-H10, Class PA, 2.500%, 4/20/2063(c)(d)		730,585
	8,939,017	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		9,156,419
	17,534	Government National Mortgage Association, Series 2015-H13, Class FL, 1-month LIBOR + 0.280%, 0.370%, 5/20/2063(b)(c)(d)		17,426

				15,463,031

		Construction Machinery — 0.4%
	5,985,000	Caterpillar Financial Services Corp., MTN, 2.150%, 11/08/2024		6,252,625
	5,805,000	CNH Industrial Capital LLC, 1.950%, 7/02/2023		5,933,748
	7,380,000	CNH Industrial Capital LLC, 4.375%, 4/05/2022		7,521,084
	4,061,000	John Deere Capital Corp., MTN, 2.600%, 3/07/2024		4,263,155
	13,280,000	United Rentals North America, Inc., 3.750%, 1/15/2032		13,429,400

				37,400,012

		Consumer Cyclical Services — 0.2%
	7,466,000	Expedia Group, Inc., 3.600%, 12/15/2023		7,902,645
	5,734,000	Expedia Group, Inc., 4.625%, 8/01/2027		6,500,521
	1,791,000	Expedia Group, Inc., 6.250%, 5/01/2025, 144A		2,064,902
	3,523,000	MercadoLibre, Inc., 2.375%, 1/14/2026		3,465,786

				19,933,854

		Consumer Products — 0.3%
	881,000	Hasbro, Inc., 3.900%, 11/19/2029		973,117
	2,157,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031, 144A		2,149,882
	11,615,000	Natura Cosmeticos S.A., 4.125%, 5/03/2028, 144A		11,757,284
	2,823,000	Newell Brands, Inc., 4.875%, 6/01/2025		3,115,745
	7,940,000	Valvoline, Inc., 3.625%, 6/15/2031, 144A		7,840,750
	2,535,000	Valvoline, Inc., 4.250%, 2/15/2030, 144A		2,628,288

				28,465,066

		Diversified Manufacturing — 0.3%
	2,755,000	Clark Equipment Co., 5.875%, 6/01/2025, 144A		2,882,419
	14,817,000	General Electric Co., 4.250%, 5/01/2040		17,309,366
	5,319,000	General Electric Co., 4.350%, 5/01/2050		6,422,407

				26,614,192

		Electric — 2.1%
	3,587,000	AES Corp. (The), 3.300%, 7/15/2025, 144A		3,810,183
	3,609,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		3,968,529
	13,678,000	Calpine Corp., 3.750%, 3/01/2031, 144A		13,165,075
	14,879,000	Calpine Corp., 5.000%, 2/01/2031, 144A		14,879,000
	13,220,000	CenterPoint Energy, Inc., SOFR + 0.650%, 0.700%, 5/13/2024(b)		13,246,969
	18,219,000	Clearway Energy Operating LLC, 3.750%, 2/15/2031, 144A		18,264,547

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Electric — continued
$	26,317,716	Cometa Energia S.A. de CV, 6.375%, 4/24/2035, 144A	$	30,857,522
	3,408,000	DPL, Inc., 4.125%, 7/01/2025		3,646,560
	7,440,000	DPL, Inc., 4.350%, 4/15/2029		8,091,000
	852,000	Edison International, 4.950%, 4/15/2025		938,099
	2,811,000	Enel Americas S.A., 4.000%, 10/25/2026		3,069,190
	2,853,000	Enel Generacion Chile S.A., 4.250%, 4/15/2024		3,045,242
	6,711,000	Entergy Corp., 2.800%, 6/15/2030		6,921,990
	14,622,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		15,246,315
	6,785,000	NRG Energy, Inc., 3.875%, 2/15/2032, 144A		6,708,669
	9,234,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.500%, 8/15/2028, 144A		9,626,445
	11,619,000	PG&E Corp., 5.000%, 7/01/2028		11,836,856
	8,950,000	PG&E Corp., 5.250%, 7/01/2030		9,162,562
	7,133,000	Transelec S.A., 4.250%, 1/14/2025, 144A		7,748,293
	3,713,000	Transelec S.A., 4.625%, 7/26/2023, 144A		3,938,565

				188,171,611

		Finance Companies — 2.4%
	1,370,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/23/2023		1,411,643
	19,050,000	Air Lease Corp., GMTN, 3.750%, 6/01/2026		20,619,887
	24,287,000	Aircastle Ltd., 2.850%, 1/26/2028, 144A		24,596,902
	28,047,000	Ares Capital Corp., 2.150%, 7/15/2026		28,121,598
	21,425,000	Avolon Holdings Funding Ltd., 2.750%, 2/21/2028, 144A		21,370,059
	18,929,000	FS KKR Capital Corp., 3.400%, 1/15/2026		19,778,556
	4,133,000	GATX Corp., 4.000%, 6/30/2030		4,611,275
	3,315,000	International Lease Finance Corp., 5.875%, 8/15/2022		3,467,139
	15,720,000	Navient Corp., 5.000%, 3/15/2027		16,191,600
	907,000	Navient Corp., 5.875%, 10/25/2024		968,223
	954,000	Navient Corp., 6.750%, 6/15/2026		1,052,863
	7,547,000	Navient Corp., MTN, 6.125%, 3/25/2024		8,080,950
	22,635,000	OneMain Finance Corp., 3.875%, 9/15/2028		22,493,305
	15,397,000	Owl Rock Capital Corp., 3.400%, 7/15/2026		16,034,935
	4,537,000	Owl Rock Capital Corp., 2.625%, 1/15/2027		4,545,009
	3,702,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		3,743,647
	12,169,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		12,275,479
	4,045,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		4,014,662

				213,377,732

		Financial Other — 0.2%
	12,588,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		12,572,265
	5,354,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		5,554,775

				18,127,040

		Food & Beverage — 1.7%
	22,778,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, 2/01/2046		27,999,055
	12,823,000	Anheuser-Busch InBev Worldwide, Inc., 4.350%, 6/01/2040		14,900,878
	15,493,000	Anheuser-Busch InBev Worldwide, Inc., 4.600%, 6/01/2060		18,615,591
	2,684,000	Bacardi Ltd., 5.300%, 5/15/2048, 144A		3,487,080
	17,808,000	BRF S.A., 5.750%, 9/21/2050, 144A		17,081,968
	3,117,000	Gruma SAB de CV, 4.875%, 12/01/2024, 144A		3,440,420
	6,690,000	Kraft Heinz Foods Co., 3.875%, 5/15/2027		7,304,896
		Food & Beverage — continued
	12,765,000	Minerva Luxembourg S.A., 4.375%, 3/18/2031, 144A		12,330,352
	21,099,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		20,848,555
	18,264,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		18,405,181
	1,599,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A		1,609,466

				146,023,442

		Government Owned – No Guarantee — 2.7%
	6,872,000	Antares Holdings LP, 3.950%, 7/15/2026, 144A		7,241,666
	18,141,000	BOC Aviation USA Corp., 1.625%, 4/29/2024, 144A		18,280,405
	6,577,000	CNPC General Capital Ltd., 3.950%, 4/19/2022, 144A		6,690,190
	15,245,000	Dolphin Energy Ltd. LLC, 5.500%, 12/15/2021, 144A		15,379,156
	3,903,000	Empresa de los Ferrocarriles del Estado, 3.068%, 8/18/2050, 144A		3,435,421
	19,956,000	NBN Co. Ltd., 1.450%, 5/05/2026, 144A		19,877,573
	7,985,000	OCP S.A., 3.750%, 6/23/2031, 144A		7,955,455
	19,460,000	OCP S.A., 5.625%, 4/25/2024, 144A		21,068,135
	16,491,000	Ooredoo International Finance Ltd., 2.625%, 4/08/2031, 144A		16,791,796
	6,236,000	Ooredoo International Finance Ltd., 3.250%, 2/21/2023, 144A		6,437,423
	9,288,000	Ooredoo International Finance Ltd., 3.875%, 1/31/2028, 144A		10,405,012
	14,555,000	Qatar Petroleum, 3.125%, 7/12/2041, 144A		14,548,014
	8,035,000	SA Global Sukuk Ltd., 0.946%, 6/17/2024, 144A		7,955,614
	12,588,000	Saudi Arabian Oil Co., 3.500%, 11/24/2070, 144A		11,835,867
	10,431,000	Saudi Arabian Oil Co., 4.375%, 4/16/2049, 144A		11,843,462
	12,825,000	Tennessee Valley Authority, 4.250%, 9/15/2065		17,892,003
	7,669,000	Tennessee Valley Authority, 4.625%, 9/15/2060		11,142,372
	5,427,000	Tennessee Valley Authority, 4.875%, 1/15/2048		7,775,897
	9,290,000	Tennessee Valley Authority, 5.250%, 9/15/2039		13,182,666
	9,267,000	Transportadora de Gas Internacional S.A. E.S.P., 5.550%, 11/01/2028, 144A		10,534,726

				240,272,853

		Health Insurance — 0.5%
	21,336,000	Centene Corp., 2.500%, 3/01/2031		21,042,630
	8,295,000	Centene Corp., 2.625%, 8/01/2031		8,238,926
	10,179,000	Centene Corp., 3.375%, 2/15/2030		10,538,319

				39,819,875

		Healthcare — 0.2%
	15,396,000	DaVita, Inc., 4.625%, 6/01/2030, 144A		15,836,492

		Home Construction — 0.2%
	7,881,000	Forestar Group, Inc., 3.850%, 5/15/2026, 144A		7,871,149
	246,000	Lennar Corp., 4.500%, 4/30/2024		265,983
	1,153,000	Lennar Corp., 4.750%, 11/15/2022		1,191,072
	11,190,000	NVR, Inc., 3.000%, 5/15/2030		11,710,205

				21,038,409

		Independent Energy — 1.0%
	2,626,000	Aker BP ASA, 3.000%, 1/15/2025, 144A		2,764,371
	2,639,000	Chesapeake Energy Corp., 5.875%, 2/01/2029, 144A		2,819,640
	10,277,000	Devon Energy Corp., 4.500%, 1/15/2030, 144A		11,200,773
	8,296,000	Diamondback Energy, Inc., 4.750%, 5/31/2025		9,266,877
	11,391,292	Energean Israel Finance Ltd., 4.500%, 3/30/2024, 144A		11,624,244
	1,765,000	EQT Corp., 3.125%, 5/15/2026, 144A		1,809,337
	6,641,000	EQT Corp., 3.900%, 10/01/2027		7,187,089
	1,371,000	EQT Corp., 5.000%, 1/15/2029		1,543,677

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	9,078,204	Leviathan Bond Ltd., 6.125%, 6/30/2025, 144A	$	9,857,477
	17,482,000	Occidental Petroleum Corp., 5.875%, 9/01/2025		19,592,951
	2,152,000	Occidental Petroleum Corp., 8.000%, 7/15/2025		2,569,488
	8,181,000	Pan American Energy LLC, 9.125%, 4/30/2027, 144A		9,166,811

				89,402,735

		Industrial Other — 0.2%
	8,410,000	CK Hutchison International 20 Ltd., 2.500%, 5/08/2030, 144A		8,553,304
	3,408,000	Georgetown University (The), Class A, 5.215%, 10/01/2118		4,944,940

				13,498,244

		Life Insurance — 0.4%
	11,059,000	Athene Global Funding, 2.450%, 8/20/2027, 144A		11,409,683
	15,491,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030		18,700,283
	3,077,000	OneAmerica Financial Partners, Inc., 4.250%, 10/15/2050, 144A		3,278,390

				33,388,356

		Lodging — 0.4%
	14,012,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		13,801,820
	21,403,000	Marriott International, Inc., 3.500%, 10/15/2032		22,739,492

				36,541,312

		Media Entertainment — 0.9%
	19,514,000	AMC Networks, Inc., 4.250%, 2/15/2029		19,416,430
	54,020,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		1,820,949
	9,132,000	Lamar Media Corp., 3.625%, 1/15/2031		9,132,731
	4,899,000	Lamar Media Corp., 4.000%, 2/15/2030		5,043,520
	12,633,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 4.250%, 1/15/2029, 144A		12,521,198
	15,950,000	Prosus NV, 3.832%, 2/08/2051, 144A		14,518,175
	13,803,000	Prosus NV, 3.680%, 1/21/2030, 144A		14,320,067

				76,773,070

		Metals & Mining — 1.0%
	1,835,000	Anglo American Capital PLC, 2.250%, 3/17/2028, 144A		1,823,963
	2,286,000	Anglo American Capital PLC, 2.625%, 9/10/2030, 144A		2,270,708
	3,322,000	Anglo American Capital PLC, 3.950%, 9/10/2050, 144A		3,552,831
	8,696,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A		10,495,411
	15,187,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		15,693,486
	16,183,000	Fresnillo PLC, 4.250%, 10/02/2050, 144A		16,874,338
	31,977,000	Glencore Funding LLC, 2.500%, 9/01/2030, 144A		31,378,710
	6,210,000	SunCoke Energy, Inc., 4.875%, 6/30/2029, 144A		6,186,712

				88,276,159

		Midstream — 1.8%
	568,000	Energy Transfer LP, 5.150%, 2/01/2043		635,114
	4,890,000	Energy Transfer LP, 5.400%, 10/01/2047		5,826,995
	5,900,000	Energy Transfer LP, 5.950%, 10/01/2043		7,194,858
	8,548,000	Energy Transfer LP, 6.500%, 2/01/2042		11,105,756
	1,338,000	Energy Transfer LP, 6.625%, 10/15/2036		1,755,558
	11,222,000	Energy Transfer LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		11,576,795
	2,327,000	Energy Transfer LP/Regency Energy Finance Corp., 5.875%, 3/01/2022		2,346,733
		Midstream — continued
	11,798,000	EQM Midstream Partners LP, 4.500%, 1/15/2029, 144A		12,240,425
	3,485,000	EQM Midstream Partners LP, 4.750%, 7/15/2023		3,639,386
	5,575,000	EQM Midstream Partners LP, 6.500%, 7/01/2027, 144A		6,270,481
	2,014,000	Gray Oak Pipeline LLC, 2.600%, 10/15/2025, 144A		2,064,516
	982,000	Gray Oak Pipeline LLC, 3.450%, 10/15/2027, 144A		1,035,104
	3,060,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		3,272,856
	10,503,000	Kinder Morgan Energy Partners LP, 4.300%, 5/01/2024		11,325,635
	15,243,000	Kinder Morgan, Inc., 5.625%, 11/15/2023, 144A		16,592,931
	5,653,000	New Fortress Energy, Inc., 6.500%, 9/30/2026, 144A		5,405,681
	15,687,000	New Fortress Energy, Inc., 6.750%, 9/15/2025, 144A		15,098,738
	6,694,000	Rattler Midstream LP, 5.625%, 7/15/2025, 144A		6,970,462
	6,783,000	Southern Natural Gas Co. LLC, 0.625%, 4/28/2023, 144A		6,779,087
	3,310,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.500%, 7/15/2027		3,568,941
	19,358,000	Williams Cos., Inc. (The) , 3.500%, 11/15/2030		21,029,757

				155,735,809

		Mortgage Related — 25.4%
	66,159,657	FHLMC, 1.500%, with various maturities from 2050 to 2051(e)(f)		63,458,856
	166,178,113	FHLMC, 2.000%, with various maturities from 2050 to 2051(e)(f)		167,655,519
	31,640,958	FHLMC, 2.500%, with various maturities in 2050(e)(f)		32,523,579
	21,284,057	FHLMC, 3.000%, with various maturities from 2042 to 2050(e)(f)		22,462,250
	14,411,543	FHLMC, 3.500%, with various maturities from 2043 to 2050(e)		15,598,898
	2,609,219	FHLMC, 4.000%, with various maturities from 2044 to 2048(e)		2,833,353
	72,761,667	FHLMC, 4.500%, with various maturities from 2041 to 2049(e)(f)		78,715,489
	169,642,729	FHLMC, 5.000%, with various maturities from 2048 to 2050(e)(f)		186,860,247
	5,656	FHLMC, 6.000%, 6/01/2035		6,646
	45,914,321	FNMA, 1.500%, with various maturities in 2051(e)(f)		44,577,931
	204,623,325	FNMA, 2.000%, with various maturities from 2050 to 2051(e)(f)		206,458,615
	70,830,247	FNMA, 2.500%, with various maturities from 2045 to 2051(e)(f)		73,250,188
	63,402,451	FNMA, 3.000%, with various maturities from 2045 to 2050(e)(f)		66,776,933
	48,427,027	FNMA, 3.500%, with various maturities from 2043 to 2050(e)(f)		51,375,207
	182,811,530	FNMA, 4.000%, with various maturities from 2041 to 2050(e)(f)		196,290,863
	202,761,138	FNMA, 4.500%, with various maturities from 2043 to 2050(e)(f)		219,513,316
	37,137,543	FNMA, 5.000%, with various maturities from 2048 to 2050(e)(f)		40,891,839
	6,000,952	FNMA, 5.500%, 4/01/2050		6,710,138
	4,590,198	FNMA, 6.000%, with various maturities from 2034 to 2049(e)		5,177,147

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Mortgage Related — continued
$	7,146	FNMA, 6.500%, with various maturities from 2029 to 2031(e)	$	8,026
	20,727	FNMA, 7.000%, with various maturities in 2030(e)		22,397
	12,495	FNMA, 7.500%, with various maturities from 2024 to 2032(e)		14,113
	14,160	GNMA, 3.794%, 7/20/2063(a)		14,791
	1,501	GNMA, 3.890%, 12/20/2062(a)		1,559
	2,156	GNMA, 4.005%, 1/20/2063(a)		2,201
	5,790	GNMA, 4.063%, 5/20/2063(a)		6,025
	28,017	GNMA, 4.125%, 7/20/2063(a)		28,577
	5,067	GNMA, 4.327%, 8/20/2061(a)		5,493
	7,015,899	GNMA, 4.381%, 12/20/2066(a)		7,742,074
	27,285	GNMA, 4.390%, with various maturities in 2062(a)(e)		27,536
	4,555,502	GNMA, 4.407%, 11/20/2066(a)		4,958,711
	2,126,968	GNMA, 4.419%, 10/20/2066(a)		2,332,291
	2,107	GNMA, 4.422%, 5/20/2063(a)		2,256
	2,836,462	GNMA, 4.438%, 2/20/2066(a)		3,095,875
	1,315,292	GNMA, 4.449%, 2/20/2066(a)		1,437,121
	3,569,949	GNMA, 4.522%, 12/20/2064(a)		3,811,092
	2,158,856	GNMA, 4.538%, 9/20/2066(a)		2,362,207
	2,607,401	GNMA, 4.539%, 12/20/2063(a)		2,749,603
	2,806,946	GNMA, 4.545%, 6/20/2066(a)		3,055,255
	3,345,088	GNMA, 4.557%, 6/20/2066(a)		3,650,976
	3,033,820	GNMA, 4.561%, 2/20/2065(a)		3,247,847
	1,563,442	GNMA, 4.571%, 1/20/2065(a)		1,667,836
	2,583,198	GNMA, 4.584%, 6/20/2064(a)		2,749,106
	1,737,851	GNMA, 4.585%, 4/20/2066(a)		1,886,625
	7,048,006	GNMA, 4.591%, with various maturities from 2064 to 2066(a)(e)		7,625,905
	4,391,641	GNMA, 4.605%, 2/20/2065(a)		4,749,973
	4,284,504	GNMA, 4.614%, 10/20/2064(a)		4,609,823
	2,041,106	GNMA, 4.625%, 3/20/2065(a)		2,201,026
	20,445	GNMA, 4.630%, 12/20/2061(a)		20,525
	2,975,008	GNMA, 4.640%, 3/20/2066(a)		3,280,858
	5,847,577	GNMA, 4.642%, 12/20/2066(a)		6,467,847
	546,336	GNMA, 4.644%, 1/20/2064(a)		571,381
	2,489,464	GNMA, 4.665%, 1/20/2064(a)		2,608,496
	3,370,107	GNMA, 4.666%, 1/20/2065(a)		3,643,466
	4,053,977	GNMA, 4.671%, 6/20/2064(a)		4,313,592
	44,633	GNMA, 4.700%, with various maturities in 2062(a)(e)		46,160
	2,884,995	GNMA, 4.715%, 1/20/2064(a)		3,072,318
	113,754	GNMA, 5.500%, 4/15/2038		132,723
	24,801	GNMA, 6.000%, with various maturities from 2029 to 2038(e)		28,926
	25,587	GNMA, 6.500%, with various maturities from 2029 to 2032(e)		28,584
	34,489	GNMA, 7.000%, 9/15/2025		35,639
	3,145	GNMA, 7.500%, with various maturities from 2025 to 2030(e)		3,312
	87,976,000	UMBS^® (TBA), 2.500%, 12/01/2051(g)		90,323,172
	236,058,000	UMBS^® (TBA), 2.000%, 11/01/2051(g)		236,270,084
	9,907,000	UMBS^® (TBA), 2.000%, 10/01/2051(g)		9,933,703
	309,259,000	UMBS^® (TBA), 2.500%, 11/01/2051(g)		318,258,919
	26,588,000	UMBS^® (TBA), 3.000%, 11/01/2051(g)		27,786,132

				2,252,029,171

		Natural Gas — 0.2%
	11,262,000	Atmos Energy Corp., 0.625%, 3/09/2023		11,262,374
	2,701,000	Boston Gas Co., 3.001%, 8/01/2029, 144A		2,815,370

				14,077,744

		Non-Agency Commercial Mortgage-Backed Securities — 1.5%
	12,696,152	BANK, Series 2019-BN22, Class A4, 2.978%, 11/15/2062		13,581,832
	1,531,640	BANK, Series 2019-BN16, Class A4, 4.005%, 2/15/2052		1,742,081
	3,409,380	BANK, Series 2019-BN20, Class A3, 3.011%, 9/15/2062		3,654,258
	6,138,240	BANK, Series 2019-BN24, Class A3, 2.960%, 11/15/2062		6,555,810
	14,179,842	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A4, 3.102%, 12/15/2072(f)		15,279,985
	18,570,071	Citigroup Commercial Mortgage Trust, Series 2019-GC43, Class A4, 3.038%, 11/10/2052(f)		19,922,349
	9,877,514	Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class A5, 2.717%, 2/15/2053		10,329,687
	915,412	Commercial Mortgage Trust, Series 2010-C1, Class D, 5.985%, 7/10/2046, 144A(a)		928,391
	2,112,208	Credit Suisse Mortgage Trust, Series 2014-USA, Class A1, 3.304%, 9/15/2037, 144A		2,215,817
	11,367,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		12,192,666
	6,366,877	Extended Stay America Trust, Series 2021-ESH, Class A, 1-month LIBOR + 1.080%, 1.164%, 7/15/2038, 144A(b)		6,384,849
	1,477,314	Extended Stay America Trust, Series 2021-ESH, Class D, 1-month LIBOR + 2.250%, 2.334%, 7/15/2038, 144A(b)		1,495,627
	5,627,003	GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.303%, 8/10/2044, 144A(a)		4,797,020
	2,317,554	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(a)		2,296,720
	6,596,065	GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.911%, 2/13/2053		6,994,566
	3,825,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.297%, 8/15/2046(a)		4,028,379
	6,909,759	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.185%, 3/10/2046		7,079,383
	4,982,141	WFRBS Commercial Mortgage Trust, Series 2011-C4, Class D, 5.024%, 6/15/2044, 144A(a)		4,744,155
	5,245,978	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class AS, 4.176%, 5/15/2047		5,576,540

				129,800,115

		Oil Field Services — 0.3%
	25,364,000	Thaioil Treasury Center Co. Ltd., 4.875%, 1/23/2043, 144A		26,662,637

		Paper — 0.4%
	4,915,000	Celulosa Arauco y Constitucion S.A., 4.500%, 8/01/2024		5,314,245
	13,075,000	Klabin Austria GmbH, 7.000%, 4/03/2049, 144A		15,816,828
	8,445,000	Suzano Austria GmbH, 3.125%, 1/15/2032		8,155,759
	8,529,000	Suzano Austria GmbH, 3.750%, 1/15/2031		8,761,415

				38,048,247

		Pharmaceuticals — 0.4%
	9,325,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		8,695,562
	3,863,000	Jazz Securities DAC, 4.375%, 1/15/2029, 144A		4,003,227
	12,284,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		11,761,930
	7,588,000	Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 1/31/2025		8,299,375
	2,903,000	Viatris, Inc., 4.000%, 6/22/2050, 144A		3,085,489

				35,845,583

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Property & Casualty Insurance — 0.1%
$	2,585,000	Ascot Group Ltd., 4.250%, 12/15/2030, 144A	$	2,740,355
	7,865,000	Liberty Mutual Group, Inc., 3.950%, 5/15/2060, 144A		8,733,314

				11,473,669

		Refining — 0.1%
	12,089,000	Ultrapar International S.A., 5.250%, 10/06/2026, 144A		13,146,788

		REITs – Apartments — 0.0%
	1,220,000	American Homes 4 Rent, 2.375%, 7/15/2031		1,208,510
	1,715,000	American Homes 4 Rent, 3.375%, 7/15/2051		1,738,896

				2,947,406

		REITs – Diversified — 0.2%
	16,503,000	iStar, Inc., 4.250%, 8/01/2025		17,142,161
	1,267,000	iStar, Inc., 4.750%, 10/01/2024		1,339,853

				18,482,014

		REITs – Health Care — 0.1%
	5,434,000	Welltower, Inc., 2.750%, 1/15/2031		5,599,932

		REITs – Shopping Centers — 0.0%
	2,026,000	Brixmor Operating Partnership LP, 4.050%, 7/01/2030		2,262,325

		Retailers — 1.0%
	4,081,000	Alibaba Group Holding Ltd., 3.250%, 2/09/2061		3,790,082
	1,942,000	Asbury Automotive Group, Inc., 4.500%, 3/01/2028		1,992,978
	1,942,000	Asbury Automotive Group, Inc., 4.750%, 3/01/2030		2,026,963
	27,444,000	El Puerto de Liverpool SAB de CV, 3.875%, 10/06/2026, 144A		29,605,489
	8,418,000	Falabella S.A., 3.750%, 4/30/2023, 144A		8,775,849
	6,409,000	Falabella S.A., 4.375%, 1/27/2025, 144A		6,921,784
	5,300,000	Group 1 Automotive, Inc., 4.000%, 8/15/2028, 144A		5,392,750
	856,000	Hanesbrands, Inc., 4.625%, 5/15/2024, 144A		902,464
	4,042,000	Hanesbrands, Inc., 4.875%, 5/15/2026, 144A		4,377,486
	5,024,000	Hanesbrands, Inc., 5.375%, 5/15/2025, 144A		5,259,525
	3,889,000	Ken Garff Automotive LLC, 4.875%, 9/15/2028, 144A		3,995,947
	3,280,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		3,410,610
	10,257,000	Lithia Motors, Inc., 4.375%, 1/15/2031, 144A		10,949,347
	4,582,000	MercadoLibre, Inc., 3.125%, 1/14/2031		4,421,676

				91,822,950

		Sovereigns — 3.4%
	13,213,000	Colombia Government International Bond, 4.125%, 5/15/2051		11,338,340
	23,769,000	Dominican Republic, 4.875%, 9/23/2032, 144A		24,244,618
	11,070,000	Dominican Republic, 5.300%, 1/21/2041, 144A		10,948,341
	16,076,000	Egypt Government International Bond, 5.875%, 2/16/2031, 144A		14,770,147
	6,795,000	Indonesia Government International Bond, 3.700%, 1/08/2022, 144A		6,851,874
	8,600,000	Kenya Government International Bond, 6.300%, 1/23/2034, 144A		8,491,382
	27,253,000	Kingdom of Saudi Arabia, 3.250%, 10/26/2026, 144A		29,367,560
	17,866,000	Mexico Government International Bond, 3.771%, 5/24/2061		15,864,472
	14,611,000	Morocco Government International Bond, 4.000%, 12/15/2050, 144A		13,328,154
	6,285,000	Oman Sovereign Sukuk Co., 4.875%, 6/15/2030, 144A		6,614,271
		Sovereigns — continued
	2,980,000	Peruvian Government International Bond, 2.392%, 1/23/2026		3,040,554
	7,473,000	Qatar Government International Bond, 4.400%, 4/16/2050, 144A		9,107,644
	14,497,000	Republic of Ghana, 7.750%, 4/07/2029, 144A		13,804,043
	9,432,000	Republic of Oman, 3.875%, 3/08/2022, 144A		9,492,176
	10,029,000	State of Qatar, 3.875%, 4/23/2023, 144A		10,549,625
	18,089,000	Ukraine Government International Bond, 7.253%, 3/15/2033, 144A		18,300,279
	4,000,460,000	Uruguay Government International Bond, 8.250%, 5/21/2031, (UYU)		94,651,425

				300,764,905

		Supermarkets — 0.3%
	12,271,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.500%, 3/15/2029, 144A		12,246,151
	15,901,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.250%, 3/15/2026, 144A		16,139,515

				28,385,666

		Technology — 2.8%
	3,425,000	Baidu, Inc., 2.375%, 10/09/2030		3,361,843
	4,515,000	Baidu, Inc., 3.075%, 4/07/2025		4,737,183
	4,890,000	Broadcom, Inc., 3.137%, 11/15/2035, 144A		4,874,626
	18,789,000	Corning, Inc., 5.450%, 11/15/2079		25,502,596
	3,133,000	Equifax, Inc., 2.600%, 12/15/2025		3,284,995
	2,544,000	Equifax, Inc., 3.300%, 12/15/2022		2,612,387
	4,324,000	Equifax, Inc., 7.000%, 7/01/2037		6,130,224
	13,320,000	HCL America, Inc., 1.375%, 3/10/2026, 144A		13,158,828
	7,756,000	Hewlett Packard Enterprise Co., 4.450%, 10/02/2023		8,307,781
	4,916,000	Hewlett Packard Enterprise Co., 4.650%, 10/01/2024		5,430,698
	17,421,000	Hewlett Packard Enterprise Co., 6.200%, 10/15/2035		23,064,478
	16,919,000	Iron Mountain, Inc., 4.500%, 2/15/2031, 144A		17,160,942
	21,206,000	J2 Global, Inc., 4.625%, 10/15/2030, 144A		22,531,375
	6,975,000	Jabil, Inc., 3.000%, 1/15/2031		7,152,767
	13,294,000	Microchip Technology, Inc., 2.670%, 9/01/2023		13,783,127
	6,371,000	Microchip Technology, Inc., 4.333%, 6/01/2023		6,733,609
	13,101,000	Micron Technology, Inc., 2.497%, 4/24/2023		13,484,597
	6,151,000	Molex Electronic Technologies LLC, 3.900%, 4/15/2025, 144A		6,461,762
	17,571,000	Oracle Corp., 4.100%, 3/25/2061		18,706,552
	5,778,000	Sabre GLBL, Inc., 7.375%, 9/01/2025, 144A		6,158,192
	1,475,000	Sabre GLBL, Inc., 9.250%, 4/15/2025, 144A		1,704,790
	1,374,000	Science Applications International Corp., 4.875%, 4/01/2028, 144A		1,419,960
	2,060,000	Seagate HDD Cayman, 4.125%, 1/15/2031		2,144,151
	5,644,000	Sensata Technologies BV, 4.000%, 4/15/2029, 144A		5,745,310
	7,989,000	Sensata Technologies, Inc., 3.750%, 2/15/2031, 144A		8,043,645
	16,293,000	Tencent Holdings Ltd., 3.290%, 6/03/2060, 144A		15,179,211

				246,875,629

		Tobacco — 0.4%
	3,362,000	Altria Group, Inc., 2.350%, 5/06/2025		3,485,865
	31,751,000	BAT Capital Corp., 2.789%, 9/06/2024		33,391,067

				36,876,932

		Transportation Services — 0.1%
	9,293,000	Ryder System, Inc., MTN, 2.500%, 9/01/2024		9,712,747

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Treasuries — 16.1%
	9,838,100(††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)	$	45,448,338
	25,562,431(††)	Mexican Fixed Rate Bonds, Series M 20, 8.500%, 5/31/2029, (MXN)		132,456,774
	468,727,000	Republic of Uruguay, 8.500%, 3/15/2028, 144A, (UYU)		11,415,531
	250,098,000	Republic of Uruguay, 9.875%, 6/20/2022, 144A, (UYU)		5,929,895
	40,725,000	U.S. Treasury Bond, 2.000%, 8/15/2051		40,005,949
	10,150,000	U.S. Treasury Bond, 2.250%, 5/15/2041		10,554,414
	1,860,000	U.S. Treasury Bond, 2.375%, 5/15/2051		1,984,969
	38,381,800	U.S. Treasury Note, 0.250%, 5/31/2025(f)		37,734,107
	448,836,000	U.S. Treasury Note, 0.625%, 7/31/2026		441,647,613
	35,580,500	U.S. Treasury Note, 0.750%, 3/31/2026		35,328,935
	72,580,000	U.S. Treasury Note, 0.750%, 8/31/2026		71,803,168
	115,805,000	U.S. Treasury Note, 0.875%, 9/30/2026		115,180,739
	201,725,000	U.S. Treasury Note, 1.250%, 9/30/2028		200,873,973
	25,590,000	U.S. Treasury Note, 1.250%, 8/15/2031		24,970,242
	61,745,000	U.S. Treasury Note, 1.625%, 10/31/2023		63,423,692
	4,267,700	U.S. Treasury Note, 2.375%, 5/15/2029		4,581,109
	20,372,800	U.S. Treasury Note, 2.625%, 2/15/2029		22,212,719
	62,385,000	U.S. Treasury Note, 2.875%, 10/15/2021		62,452,202
	81,104,600	U.S. Treasury Note, 3.125%, 11/15/2028(f)		91,122,285
	93,095,000	Uruguay Government International Bond, 8.500%, 3/15/2028, (UYU)		2,267,266

				1,421,393,920

		Utility Other — 0.3%
	25,543,639	Acwa Power Management & Investments One Ltd., 5.950%, 12/15/2039, 144A		30,652,367

		Wireless — 1.1%
	13,487,000	America Movil SAB de CV, 2.875%, 5/07/2030		14,030,094
	1,207,000	American Tower Corp., 4.700%, 3/15/2022		1,230,250
	19,567,000	Bharti Airtel Ltd., 4.375%, 6/10/2025, 144A		21,030,807
	983,000	Crown Castle International Corp., 4.150%, 7/01/2050		1,115,971
	5,305,000	Empresa Nacional de Telecomunicaciones S.A., 3.050%, 9/14/2032, 144A		5,212,163
	7,180,000	Kenbourne Invest S.A., 4.700%, 1/22/2028, 144A		7,220,495
	5,452,000	Millicom International Cellular S.A., 4.500%, 4/27/2031, 144A		5,700,066
	17,920,000	SBA Communications Corp., 3.125%, 2/01/2029, 144A		17,315,200
	20,429,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		22,556,927

				95,411,973

		Wirelines — 0.7%
	22,028,000	AT&T, Inc., 1.700%, 3/25/2026		22,300,700
	7,956,000	AT&T, Inc., 3.500%, 9/15/2053		7,874,212
	2,128,000	AT&T, Inc., 3.550%, 9/15/2055		2,098,514
	3,863,000	AT&T, Inc., 3.650%, 6/01/2051		3,936,349
	15,891,000	AT&T, Inc., 3.650%, 9/15/2059		15,842,101
	7,539,000	AT&T, Inc., 3.800%, 12/01/2057		7,701,480

				59,753,356

		Total Non-Convertible Bonds (Identified Cost $7,958,866,090)		8,093,644,455


	Municipals — 0.2%
		Virginia — 0.2%
	14,765,000	University of Virginia, Revenue Bond, Series A, 3.227%, 9/01/2119		14,837,710

		Total Municipals (Identified Cost $14,765,000)		14,837,710


		Total Bonds and Notes (Identified Cost $7,973,631,090)		8,108,482,165


	Senior Loans — 5.1%
		Aerospace & Defense — 0.2%
	12,817,414	TransDigm, Inc., 2020 Term Loan F, 1-month LIBOR + 2.250%, 2.334%, 12/09/2025(b)		12,657,196
	6,328,521	TransDigm, Inc., 2020 Term Loan G, 1-month LIBOR + 2.250%, 2.334%, 8/22/2024(b)		6,257,325

				18,914,521

		Automotive — 0.0%
	2,724,400	KAR Auction Services, Inc., 2019 Term Loan B6, 1-month LIBOR + 2.250%, 2.375%, 9/19/2026(b)		2,656,290
	1,487,781	Visteon Corp., 2018 Term Loan B, LIBOR + 1.750%, 1.834%, 3/25/2024(a)		1,472,903

				4,129,193

		Brokerage — 0.2%
	10,157,273	Citadel Securities LP, 2021 Term Loan B, 1-month LIBOR + 2.500%, 2.584%, 2/02/2028(b)		10,059,357
	6,231,250	Zebra Buyer LLC, Term Loan B, 4/21/2028(h)		6,247,950

				16,307,307

		Building Materials — 0.8%
	19,590,076	American Builders & Contractors Supply Co., Inc., 2019 Term Loan, 1-month LIBOR + 2.000%, 2.084%, 1/15/2027(b)		19,450,203
	15,290,908	Beacon Roofing Supply, Inc., 2021 Term Loan B, 1-month LIBOR + 2.250%, 2.334%, 5/19/2028(b)		15,196,868
	10,132,652	Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 1-month LIBOR + 2.500%, 2.584%, 2/01/2027(b)		10,041,863
	7,323,510	Quikrete Holdings, Inc., 2021 Term Loan B1, 2/21/2028(h)		7,296,999
	17,961,174	Summit Materials Cos. I LLC, 2017 Term Loan B, 1-month LIBOR + 2.000%, 2.084%, 11/21/2024(b)		17,921,839

				69,907,772

		Cable Satellite — 0.4%
	12,245,142	CSC Holdings LLC, 2017 Term Loan B1, 1-month LIBOR + 2.250%, 2.334%, 7/17/2025(b)		12,061,465
	4,217,424	Telenet Financing USD LLC, 2020 USD Term Loan AR, 1-month LIBOR + 2.000%, 2.084%, 4/30/2028(b)		4,166,477
	9,994,764	UPC Broadband Holding BV, 2020 USD Term Loan AT, 1-month LIBOR + 2.250%, 2.334%, 4/30/2028(b)		9,884,422
	12,405,000	Virgin Media Bristol LLC, USD Term Loan N, 1-month LIBOR + 2.500%, 2.584%, 1/31/2028(b)		12,316,676

				38,429,040

		Chemicals — 0.0%
	4,070,400	Venator Materials Corp., Term Loan B, 1-month LIBOR + 3.000%, 3.084%, 8/08/2024(b)		4,011,054

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Consumer Cyclical Services — 0.2%
$	430,375	FrontDoor, Inc., 2021 Term Loan B, 1-month LIBOR + 2.250%, 2.334%, 6/17/2028(b)	$	429,299
	4,344,113	RE/MAX International, Inc., 2021 Term Loan B, 3-month LIBOR + 2.500%, 3.000%, 7/21/2028(b)		4,327,822
	11,055,399	Trans Union LLC, 2019 Term Loan B5, 1-month LIBOR + 1.750%, 1.834%, 11/16/2026(b)		10,981,107

				15,738,228

		Consumer Products — 0.1%
	6,887,092	Coty, Inc., 2018 USD Term Loan B, 1-month LIBOR + 2.250%, 2.333%, 4/07/2025(b)		6,753,689
	4,859,697	SRAM LLC, 2021 Term Loan B, LIBOR + 2.750%, 3.250%, 5/12/2028(a)		4,851,582

				11,605,271

		Electric — 0.2%
	5,771,649	Calpine Corp., 2019 Term Loan B10, 1-month LIBOR + 2.000%, 2.084%, 8/12/2026(b)		5,698,407
	4,360,722	Calpine Corp., Term Loan B9, 1-month LIBOR + 2.000%, 2.090%, 4/05/2026(b)		4,308,960
	9,904,625	Pacific Gas & Electric Co., 2020 Term Loan, 3-month LIBOR + 3.000%, 3.500%, 6/23/2025(b)		9,728,224

				19,735,591

		Food & Beverage — 0.1%
	8,942,631	Aramark Services, Inc., 2021 Term Loan B, 1-month LIBOR + 2.500%, 2.584%, 4/06/2028(b)		8,875,561

		Gaming — 0.2%
	4,363,013	Churchill Downs, Inc., 2017 Term Loan B, 1-month LIBOR + 2.000%, 2.086%, 12/27/2024(b)		4,352,105
	10,062,478	Churchill Downs, Inc., 2021 Incremental Term Loan B1, 1-month LIBOR + 2.000%, 2.090%, 3/10/2028(b)		9,961,853

				14,313,958

		Industrial Other — 0.3%
	14,330,952	AEA International Holdings (Lux) S.a.r.l., Term Loan B, 3-month LIBOR + 3.750%, 4.250%, 9/07/2028(b)		14,313,039
	7,790,475	AECOM, 2021 Term Loan B, 1-month LIBOR + 1.750%, 1.834%, 4/13/2028(b)		7,782,684
	2,315,746	Altra Industrial Motion Corp., 2018 Term Loan B, 1-month LIBOR + 2.000%, 2.084%, 10/01/2025(b)		2,300,694

				24,396,417

		Media Entertainment — 0.6%
	5,005,475	E.W. Scripps Co. (The), 2020 Term Loan B3, 1-month LIBOR + 3.000%, 3.750%, 1/07/2028(b)		5,012,433
	9,400,342	Entercom Media Corp., 2019 Term Loan, 1-month LIBOR + 2.500%, 2.585%, 11/18/2024(b)		9,253,508
	3,468,383	Lamar Media Corp., 2020 Term Loan B, 1-month LIBOR + 1.500%, 1.583%, 2/05/2027(b)		3,436,959
	12,965,920	Meredith Corp., 2020 Term Loan B2, 1-month LIBOR + 2.500%, 2.584%, 1/31/2025(b)		12,932,598
	12,900,777	Nielsen Finance LLC, USD Term Loan B4, 1-month LIBOR + 2.000%, 2.083%, 10/04/2023(b)		12,876,653
	5,929,000	Sinclair Television Group, Inc., Term Loan B2B, 1-month LIBOR + 2.500%, 2.590%, 9/30/2026(b)		5,821,566
	6,690,750	WMG Acquisition Corp., 2021 Term Loan G, 1-month LIBOR + 2.125%, 2.209%, 1/20/2028(b)		6,650,338

				55,984,055

		Midstream — 0.1%
	7,448,000	DT Midstream, Inc., Term Loan B, LIBOR + 2.000%, 2.500%, 6/26/2028(a)		7,442,191

		Packaging — 0.0%
	2,474,305	Plastipak Packaging, Inc., 2018 Term Loan B, 1-month LIBOR + 2.500%, 2.590%, 10/14/2024(b)		2,470,915

		Pharmaceuticals — 0.4%
	4,275,592	Bausch Health Cos., Inc., Term Loan B, 1-month LIBOR + 2.750%, 2.834%, 11/27/2025(b)		4,262,765
	6,383,967	Change Healthcare Holdings LLC, 2017 Term Loan B, LIBOR + 2.500%, 3.500%, 3/01/2024(a)		6,376,306
	19,573,645	Elanco Animal Health, Inc., Term Loan B, 1-month LIBOR + 1.750%, 1.836%, 8/01/2027(b)		19,321,928
	4,925,273	Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 Week LIBOR + 2.000%, 2.072%, 11/15/2027(b)		4,843,168

				34,804,167

		Property & Casualty Insurance — 0.1%
	2,659,200	USI, Inc., 2017 Repriced Term Loan, 3-month LIBOR + 3.000%, 3.132%, 5/16/2024(b)		2,639,734
	2,087,838	USI, Inc., 2019 Incremental Term Loan B, 3-month LIBOR + 3.250%, 3.382%, 12/02/2026(b)		2,072,827

				4,712,561

		Restaurants — 0.2%
	18,171,338	1011778 B.C. Unlimited Liability Co., Term Loan B4, 1-month LIBOR + 1.750%, 1.837%, 11/19/2026(b)		17,936,564

		Technology — 0.6%
	9,777,738	Iron Mountain, Inc., 2018 Term Loan B, 1-month LIBOR + 1.750%, 1.834%, 1/02/2026(b)		9,679,961
	19,673,393	ON Semiconductor Corp., 2019 Term Loan B, 1-month LIBOR + 2.000%, 2.084%, 9/19/2026(b)		19,641,522
	1,924,856	Sabre GLBL, Inc., 2018 Term Loan B, 1-month LIBOR + 2.000%, 2.084%, 2/22/2024(b)		1,900,449
	3,547,052	Sabre GLBL, Inc., 2021 Term Loan B1, 1-month LIBOR + 3.500%, 4.000%, 12/17/2027(b)		3,525,982
	5,654,211	Sabre GLBL, Inc., 2021 Term Loan B2, 1-month LIBOR + 3.500%, 4.000%, 12/17/2027(b)		5,620,625
	9,584,398	SS&C Technologies Inc., 2018 Term Loan B5, 1-month LIBOR + 1.750%, 1.834%, 4/16/2025(b)		9,492,580

				49,861,119

		Transportation Services — 0.2%
	10,388,901	Uber Technologies, Inc., 2021 Term Loan B, 1-month LIBOR + 3.500%, 3.584%, 2/25/2027(b)		10,380,278
	4,673,193	WEX, Inc., 2021 Term Loan, 1-month LIBOR + 2.250%, 2.334%, 3/31/2028(b)		4,651,136

				15,031,414

		Wireless — 0.2%
	2,375,530	Asurion LLC, 2018 Term Loan B6, 1-month LIBOR + 3.125%, 3.209%, 11/03/2023(b)		2,360,683
	15,698,240	Asurion LLC, 2020 Term Loan B8, 1-month LIBOR + 3.250%, 3.334%, 12/23/2026(b)		15,457,115

				17,817,798

		Total Senior Loans (Identified Cost $453,853,278)		452,424,697

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 11.0%
$	770,683,768	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2021 at 0.000% to be repurchased at $770,683,768 on 10/01/2021 collateralized by $117,000,000 U.S. Treasury Bond, 3.875% due 8/15/2040 valued at $153,429,939; $117,829,600 U.S. Treasury Bond, 1.125% due 8/15/2040 valued at $101,526,726; $588,165,000 U.S. Treasury Bond, 1.375% due 11/15/2040 valued at $531,140,786 including accrued interest (Note 2 of Notes to Financial Statements)	$	770,683,768
	186,490,000	U.S. Treasury Bills, 0.002%-0.014%, 10/12/2021(i)(j)		186,488,363
	13,380,000	U.S. Treasury Bills, 0.010%, 10/07/2021(i)		13,379,916

		Total Short-Term Investments (Identified Cost $970,553,291)		970,552,047


		Total Investments — 107.7% (Identified Cost $9,398,037,659)		9,531,458,909
		Other assets less liabilities — (7.7)%		(681,908,562	)

		Net Assets — 100.0%	$	8,849,550,347


	(‡)	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 September 30, 2021 is disclosed.
	(b)	Variable rate security. Rate as of September 30, 2021 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)	Fair valued by the Fund’s adviser. At September 30, 2021, the value of these securities amounted to $1,001,922 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(e)	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.
	(f)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open TBA transactions.
	(g)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
	(h)	Position is unsettled. Contract rate was not determined at September 30, 2021 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	(i)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(j)	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 September 30, 2021, the value of Rule 144A holdings amounted to $2,193,450,851 or 24.8% of net assets.
	ABS	Asset-Backed Securities
	EMTN	Euro Medium Term Note
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	GNMA	Government National Mortgage Association
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts
	REMIC	Real Estate Mortgage Investment Conduit
	SOFR	Secured Overnight Financing Rate
	TBA	To Be Announced
	UMBS^®	Uniform Mortgage-Backed Securities

	MXN	Mexican Peso
	UYU	Uruguayan Peso

Industry Summary at September 30, 2021


Mortgage Related	25.4	%
Treasuries	16.1
Banking	9.0
Sovereigns	3.4
Technology	3.4
Government Owned - No Guarantee	2.7
Finance Companies	2.4
Electric	2.3
Automotive	2.1
Other Investments, less than 2% each	29.9
Short-Term Investments	11.0

Total Investments	107.7
Other assets less liabilities	(7.7	)

Net Assets	100.0	%

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Credit Income Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 92.6% of Net Assets
	Non-Convertible Bonds — 87.5%
		Aerospace & Defense — 3.4%
$	125,000	Boeing Co. (The), 2.196%, 2/04/2026	$	125,921
	20,000	Boeing Co. (The), 2.250%, 6/15/2026		20,329
	20,000	Boeing Co. (The), 2.950%, 2/01/2030		20,392
	5,000	Boeing Co. (The), 3.100%, 5/01/2026		5,285
	10,000	Boeing Co. (The), 3.200%, 3/01/2029		10,406
	5,000	Boeing Co. (The), 3.250%, 2/01/2035		5,000
	5,000	Boeing Co. (The), 3.375%, 6/15/2046		4,815
	5,000	Boeing Co. (The), 3.500%, 3/01/2039		5,012
	15,000	Boeing Co. (The), 3.550%, 3/01/2038		15,236
	220,000	Boeing Co. (The), 3.625%, 2/01/2031		235,512
	5,000	Boeing Co. (The), 3.625%, 3/01/2048		4,909
	40,000	Boeing Co. (The), 3.750%, 2/01/2050		40,554
	15,000	Boeing Co. (The), 3.825%, 3/01/2059		14,714
	10,000	Boeing Co. (The), 3.850%, 11/01/2048		10,189
	15,000	Boeing Co. (The), 3.900%, 5/01/2049		15,441
	30,000	Boeing Co. (The), 3.950%, 8/01/2059		30,789
	40,000	Boeing Co. (The), 5.150%, 5/01/2030		46,948
	20,000	Boeing Co. (The), 5.805%, 5/01/2050		26,659
	30,000	Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025		32,492
	20,000	Huntington Ingalls Industries, Inc., 4.200%, 5/01/2030		22,574
	5,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		4,963
	30,000	Spirit AeroSystems, Inc., 7.500%, 4/15/2025, 144A		31,762
	125,000	Textron, Inc., 3.000%, 6/01/2030		131,349

				861,251

		Airlines — 0.6%
	75,745	American Airlines Pass Through Trust, Series 2016-3, Class A, 3.250%, 4/15/2030		73,172
	15,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		15,769
	15,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		16,162
	14,014	United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		14,827
	10,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		10,263
	15,000	United Airlines, Inc., 4.625%, 4/15/2029, 144A		15,502

				145,695

		Automotive — 1.7%
	60,000	Allison Transmission, Inc., 3.750%, 1/30/2031, 144A		58,350
	40,000	Ford Motor Co., 9.000%, 4/22/2025		48,101
	30,000	Ford Motor Co., 9.625%, 4/22/2030		42,464
	170,000	General Motors Co., 5.200%, 4/01/2045		207,017
	40,000	General Motors Co., 6.250%, 10/02/2043		53,878
	5,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(a)		5,756

				415,566

		Banking — 10.0%
	65,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(a)		67,655
	50,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(a)		52,250
	270,000	Bank of America Corp., MTN, 4.250%, 10/22/2026(b)		303,910
	200,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		207,495
	215,000	Citigroup, Inc., 4.450%, 9/29/2027(b)		244,496
	250,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033, 144A(b)		269,807
	150,000	Deutsche Bank AG, (fixed rate to 9/18/2030, variable rate thereafter), 3.547%, 9/18/2031		160,068
	390,000	Morgan Stanley, 3.625%, 1/20/2027(b)		429,912
		Banking — continued
	200,000	NatWest Group PLC, (fixed rate to 6/14/2026, variable rate thereafter), 1.642%, 6/14/2027		199,987
	115,000	Santander Holdings USA, Inc., 3.244%, 10/05/2026		122,845
	200,000	Societe Generale S.A., (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035, 144A		207,255
	200,000	Standard Chartered PLC, (fixed rate to 4/01/2030, variable rate thereafter), 4.644%, 4/01/2031, 144A(b)		230,700

				2,496,380

		Brokerage — 1.3%
	15,000	Jefferies Group LLC, 6.250%, 1/15/2036		20,149
	180,000	Jefferies Group LLC, 6.500%, 1/20/2043		249,736
	60,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		60,233

				330,118

		Building Materials — 0.4%
	40,000	Builders FirstSource, Inc., 6.750%, 6/01/2027, 144A		42,400
	55,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		57,312

				99,712

		Cable Satellite — 3.2%
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		122,059
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		123,807
	90,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.950%, 6/30/2062		86,822
	165,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.800%, 3/01/2050		185,164
	15,000	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.875%, 8/15/2027, 144A		15,656
	40,000	DISH DBS Corp., 5.125%, 6/01/2029		39,192
	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		218,868

				796,974

		Chemicals — 1.5%
	70,000	CF Industries, Inc., 4.500%, 12/01/2026, 144A		79,812
	15,000	FMC Corp., 3.450%, 10/01/2029		16,188
	60,000	Hercules LLC, 6.500%, 6/30/2029		68,163
	200,000	Orbia Advance Corp. SAB de CV, 2.875%, 5/11/2031, 144A		201,488

				365,651

		Consumer Cyclical Services — 3.5%
	185,000	Expedia Group, Inc., 3.250%, 2/15/2030		191,328
	50,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		49,562
	45,000	TriNet Group, Inc., 3.500%, 3/01/2029, 144A		45,113
	115,000	Uber Technologies, Inc., 7.500%, 5/15/2025, 144A		122,590
	325,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		327,234
	5,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		5,459
	115,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		121,541

				862,827

		Electric — 1.6%
	15,000	AES Corp. (The), 2.450%, 1/15/2031		14,794
	5,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		5,498
	85,000	Calpine Corp., 3.750%, 3/01/2031, 144A		81,812
	40,000	Calpine Corp., 5.125%, 3/15/2028, 144A		40,509
	20,000	IPALCO Enterprises, Inc., 4.250%, 5/01/2030		22,435
	35,000	NRG Energy, Inc., 4.450%, 6/15/2029, 144A		38,724
	35,000	NRG Energy, Inc., 5.250%, 6/15/2029, 144A		37,231

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Credit Income Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — continued
$	140,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050	$	127,321
	20,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A		21,092

				389,416

		Finance Companies — 6.6%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.875%, 1/23/2028		161,043
	105,000	Air Lease Corp., 3.125%, 12/01/2030		107,568
	205,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		208,015
	40,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(a)		41,850
	125,000	Aircastle Ltd., 4.125%, 5/01/2024		132,966
	15,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(a)		15,349
	100,000	Ares Capital Corp., 2.875%, 6/15/2028		101,302
	25,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		24,910
	35,000	FS KKR Capital Corp., 3.400%, 1/15/2026		36,571
	200,000	GE Capital Funding LLC, 4.400%, 5/15/2030		231,744
	75,000	Navient Corp., 5.000%, 3/15/2027		77,250
	35,000	Oaktree Specialty Lending Corp., 2.700%, 1/15/2027		35,111
	10,000	OneMain Finance Corp., 7.125%, 3/15/2026		11,587
	50,000	Owl Rock Capital Corp., 2.625%, 1/15/2027		50,088
	50,000	Owl Rock Capital Corp., 2.875%, 6/11/2028		49,907
	80,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		78,176
	75,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		75,844
	155,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		156,356
	55,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		54,587

				1,650,224

		Financial Other — 1.0%
	115,000	Blackstone Secured Lending Fund, 2.125%, 2/15/2027, 144A		113,713
	30,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		29,963
	115,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		119,312

				262,988

		Food & Beverage — 3.0%
	150,000	Fomento Economico Mexicano SAB de CV, 3.500%, 1/16/2050(b)		156,934
	145,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		165,444
	95,000	Kraft Heinz Foods Co., 4.875%, 10/01/2049		115,624
	10,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		10,171
	50,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		53,162
	60,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		60,464
	190,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A		191,244

				753,043

		Gaming — 0.7%
	85,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 3.875%, 2/15/2029, 144A		90,525
	15,000	Penn National Gaming, Inc., 4.125%, 7/01/2029, 144A		14,826
	55,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		59,331
	5,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		5,618

				170,300

		Health Insurance — 0.6%
	90,000	Centene Corp., 2.500%, 3/01/2031		88,763
	35,000	Centene Corp., 2.625%, 8/01/2031		34,763
	20,000	Centene Corp., 3.000%, 10/15/2030		20,500
	5,000	Centene Corp., 4.625%, 12/15/2029		5,449

				149,475

		Healthcare — 2.3%
	15,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		14,729
	10,000	Charles River Laboratories International, Inc., 3.750%, 3/15/2029, 144A		10,212
	75,000	Cigna Corp., 4.375%, 10/15/2028		86,671
	5,000	Encompass Health Corp., 4.750%, 2/01/2030		5,259
	165,000	HCA, Inc., 4.125%, 6/15/2029		184,309
	100,000	HCA, Inc., 5.250%, 6/15/2049		127,635
	90,000	Hologic, Inc., 3.250%, 2/15/2029, 144A		90,043
	25,000	Tenet Healthcare Corp., 4.625%, 6/15/2028, 144A		25,904
	30,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		31,514

				576,276

		Home Construction — 0.8%
	90,000	Lennar Corp., 4.750%, 11/29/2027		104,283
	70,000	PulteGroup, Inc., 6.000%, 2/15/2035		90,475

				194,758

		Independent Energy — 2.4%
	150,000	Aker BP ASA, 4.000%, 1/15/2031, 144A		163,155
	10,000	Cimarex Energy Co., 4.375%, 6/01/2024		10,783
	20,000	Continental Resources, Inc., 3.800%, 6/01/2024		21,016
	40,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		48,350
	20,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		20,768
	25,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		25,585
	40,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		41,086
	5,000	EQT Corp., 3.125%, 5/15/2026, 144A		5,126
	10,000	EQT Corp., 3.625%, 5/15/2031, 144A		10,420
	5,000	EQT Corp., 5.000%, 1/15/2029		5,630
	55,000	Hess Corp., 4.300%, 4/01/2027		61,086
	60,000	Hess Corp., 5.600%, 2/15/2041		74,967
	30,000	Occidental Petroleum Corp., 5.550%, 3/15/2026		33,300
	45,000	Ovintiv Exploration, Inc., 5.375%, 1/01/2026		50,880
	20,000	Ovintiv Exploration, Inc., 5.625%, 7/01/2024		22,177

				594,329

		Industrial Other — 0.1%
	20,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		20,200

		Leisure — 0.6%
	55,000	Carnival Corp., 5.750%, 3/01/2027, 144A		56,856
	30,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		30,750
	10,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		10,375
	60,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		61,369

				159,350

		Life Insurance — 0.8%
	50,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		49,964
	95,000	Athene Global Funding, 2.550%, 11/19/2030, 144A		95,143
	30,000	Athene Holding Ltd., 3.500%, 1/15/2031		32,121
	30,000	CNO Financial Group, Inc., 5.250%, 5/30/2029		35,247

				212,475

		Lodging — 1.2%
	60,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		59,100
	40,000	Hilton Domestic Operating Co., Inc., 4.000%, 5/01/2031, 144A		40,774

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Credit Income Fund – (continued)


Principal Amount		Description	Value (†)
		Lodging — continued
$	10,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A	$	10,037
	25,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		25,500
	5,000	Hyatt Hotels Corp., 5.375%, 4/23/2025		5,585
	15,000	Hyatt Hotels Corp., 5.750%, 4/23/2030		18,006
	3,000	Marriott International, Inc., Series EE, 5.750%, 5/01/2025		3,431
	25,000	Marriott International, Inc., Series FF, 4.625%, 6/15/2030		28,562
	20,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		20,256
	20,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		20,250
	75,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		77,062

				308,563

		Media Entertainment — 2.5%
	25,000	AMC Networks, Inc., 4.250%, 2/15/2029		24,875
	60,000	Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/2027, 144A		62,089
	85,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		87,592
	75,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		77,930
	35,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		37,406
	25,000	Lamar Media Corp., 3.750%, 2/15/2028		25,715
	30,000	Lamar Media Corp., 4.000%, 2/15/2030		30,885
	10,000	Netflix, Inc., 4.875%, 4/15/2028		11,525
	120,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		141,300
	115,000	ViacomCBS, Inc., 4.375%, 3/15/2043		131,555

				630,872

		Metals & Mining — 3.7%
	45,000	Allegheny Technologies, Inc., 5.875%, 12/01/2027		47,587
	200,000	Anglo American Capital PLC, 4.500%, 3/15/2028, 144A		225,525
	35,000	ArcelorMittal S.A., 7.000%, 10/15/2039		49,394
	200,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		211,500
	45,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		46,501
	60,000	Freeport-McMoRan, Inc., 4.625%, 8/01/2030		64,875
	40,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		48,050
	10,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		12,313
	135,000	Glencore Funding LLC, 3.875%, 10/27/2027, 144A		147,502
	20,000	Glencore Funding LLC, 4.000%, 3/27/2027, 144A		21,995
	35,000	Novelis Corp., 4.750%, 1/30/2030, 144A		36,844
	10,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		9,735

				921,821

		Midstream — 2.4%
	115,000	Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027		132,952
	55,000	Energy Transfer LP, 4.000%, 10/01/2027		60,679
	30,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		28,945
	35,000	EQM Midstream Partners LP, Series 10Y, 5.500%, 7/15/2028		38,452
	15,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		15,169
	50,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		51,875
	80,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		90,797
	15,000	Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030		16,014
		Midstream — continued
	35,000	Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		35,940
	35,000	Plains All American Pipeline LP/PAA Finance Corp., 4.700%, 6/15/2044		37,562
	15,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032, 144A		15,502
	60,000	Valero Energy Partners LP, 4.500%, 3/15/2028		67,734

				591,621

		Paper — 0.2%
	45,000	Suzano Austria GmbH, 3.750%, 1/15/2031		46,226

		Pharmaceuticals — 2.3%
	245,000	Merck & Co., Inc., 2.350%, 2/10/2022(b)		246,886
	50,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		54,657
	70,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		67,025
	250,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		215,625

				584,193

		Property & Casualty Insurance — 1.0%
	175,000	Fidelity National Financial, Inc., 2.450%, 3/15/2031		174,060
	65,000	Sirius International Group Ltd., 4.600%, 11/01/2026, 144A		66,369

				240,429

		REITs – Apartments — 0.0%
	10,000	American Homes 4 Rent, 2.375%, 7/15/2031		9,906

		REITs – Mortgage — 0.2%
	15,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.250%, 2/01/2027, 144A		14,850
	25,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		25,311

				40,161

		REITs – Office Property — 0.0%
	10,000	Corporate Office Properties LP, 2.750%, 4/15/2031		10,101

		REITs – Shopping Centers — 0.8%
	115,000	Brixmor Operating Partnership LP, 4.050%, 7/01/2030		128,414
	75,000	SITE Centers Corp., 3.625%, 2/01/2025		79,476

				207,890

		Restaurants — 1.0%
	125,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		126,901
	45,000	Yum! Brands, Inc., 4.625%, 1/31/2032		48,038
	60,000	Yum! Brands, Inc., 4.750%, 1/15/2030, 144A		65,029

				239,968

		Retailers — 0.8%
	55,000	Carvana Co., 5.625%, 10/01/2025, 144A		56,864
	92,525	CVS Pass-Through Trust, Series 2014, 4.163%, 8/11/2036, 144A		102,158
	20,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		20,796
	10,000	Murphy Oil USA, Inc., 3.750%, 2/15/2031, 144A		10,063

				189,881

		Sovereigns — 0.8%
	200,000	Mexico Government International Bond, 4.280%, 8/14/2041		204,060

		Technology — 4.8%
	85,000	Avnet, Inc., 4.625%, 4/15/2026		94,794
	115,000	Broadcom, Inc., 4.300%, 11/15/2032		128,873
	130,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		123,651

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Credit Income Fund – (continued)


Principal Amount		Description	Value (†)
		Technology — continued
$	60,000	CommScope, Inc., 4.750%, 9/01/2029, 144A	$	59,925
	5,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		5,123
	55,000	IHS Markit Ltd., 4.250%, 5/01/2029		62,679
	60,000	Iron Mountain, Inc., 5.250%, 7/15/2030, 144A		63,674
	35,000	Jabil, Inc., 1.700%, 4/15/2026		35,184
	30,000	Marvell Technology, Inc., 2.450%, 4/15/2028, 144A		30,563
	25,000	Marvell Technology, Inc., 2.950%, 4/15/2031, 144A		25,697
	265,000	Micron Technology, Inc., 4.663%, 2/15/2030		305,876
	25,000	MSCI, Inc., 3.250%, 8/15/2033, 144A		25,286
	60,000	Open Text Holdings, Inc., 4.125%, 2/15/2030, 144A		61,650
	60,000	Qorvo, Inc., 3.375%, 4/01/2031, 144A		63,264
	10,000	Sabre GLBL, Inc., 9.250%, 4/15/2025, 144A		11,558
	60,000	SYNNEX Corp., 1.750%, 8/09/2026, 144A		59,358
	35,000	Verisk Analytics, Inc., 4.125%, 3/15/2029		39,749

				1,196,904

		Treasuries — 15.6%
	135,000	U.S. Treasury Bond, 1.125%, 8/15/2040		116,174
	430,000	U.S. Treasury Bond, 1.875%, 2/15/2051		410,045
	1,705,000	U.S. Treasury Note, 0.125%, 1/31/2023(b)(c)		1,704,134
	780,000	U.S. Treasury Note, 0.125%, 4/30/2023		778,964
	875,000	U.S. Treasury Note, 0.250%, 9/30/2023		874,317

				3,883,634

		Wireless — 2.7%
	80,000	Crown Castle International Corp., 2.500%, 7/15/2031		79,935
	70,000	SBA Communications Corp., 3.125%, 2/01/2029, 144A		67,638
	30,000	Sprint Capital Corp., 6.875%, 11/15/2028		38,400
	130,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		135,622
	65,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		68,551
	265,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		292,603

				682,749

		Wirelines — 1.4%
	130,000	AT&T, Inc., 3.650%, 6/01/2051(b)		132,468
	150,000	Telefonica Emisiones S.A., 5.520%, 3/01/2049		196,311
	20,000	Verizon Communications, Inc., 2.850%, 9/03/2041		19,520

				348,299

		Total Non-Convertible Bonds (Identified Cost $21,349,732)		21,844,286


	Convertible Bonds — 5.1%
		Airlines — 0.6%
	20,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A		19,597
	80,000	Southwest Airlines Co., 1.250%, 5/01/2025		119,500

				139,097

		Cable Satellite — 1.5%
	25,000	DISH Network Corp., Zero Coupon, 0.000%, 12/15/2025, 144A(d)		29,875
	340,000	DISH Network Corp., 3.375%, 8/15/2026		353,430

				383,305

		Consumer Cyclical Services — 0.3%
	25,000	Expedia Group, Inc., Zero Coupon, 0.000%, 2/15/2026, 144A(d)		26,992
	25,000	Peloton Interactive, Inc., Zero Coupon, 0.000%-1.003%, 2/15/2026, 144A(e)		22,007
	35,000	Uber Technologies, Inc., Zero Coupon, 0.000%, 12/15/2025, 144A(d)		34,042

				83,041

		Gaming — 0.1%
	10,000	Penn National Gaming, Inc., 2.750%, 5/15/2026		31,910

		Healthcare — 0.5%
	120,000	Teladoc Health, Inc., 1.250%, 6/01/2027		120,532

		Media Entertainment — 0.2%
	35,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026, 144A(d)		32,492
	5,000	Zynga, Inc., Zero Coupon, 0.779%, 12/15/2026, 144A(d)		4,828

				37,320

		Pharmaceuticals — 1.2%
	240,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		240,198
	15,000	Guardant Health, Inc., Zero Coupon, 0.000%, 11/15/2027, 144A(d)		17,175
	25,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026, 144A(d)		22,718
	10,000	Livongo Health, Inc., 0.875%, 6/01/2025		13,211

				293,302

		Technology — 0.7%
	80,000	Palo Alto Networks, Inc., 0.375%, 6/01/2025		132,086
	40,000	Splunk, Inc., 1.125%, 6/15/2027		39,225

				171,311

		Total Convertible Bonds (Identified Cost $1,204,578)		1,259,818


		Total Bonds and Notes (Identified Cost $22,554,310)		23,104,104


	Collateralized Loan Obligations — 3.0%
	250,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 3.098%, 4/20/2034, 144A(f)		249,995
	250,000	Fillmore Park CLO Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.900%, 3.026%, 7/15/2030, 144A(f)		249,998
	250,000	Recette CLO Ltd., Series 2015-1A, Class DRR, 3-month LIBOR + 3.250%, 3.384%, 4/20/2034, 144A(f)		251,339

		Total Collateralized Loan Obligations (Identified Cost $750,000)		751,332


Shares
	Preferred Stocks — 2.8%
	Convertible Preferred Stocks — 2.8%
		Banking — 1.0%
	97	Bank of America Corp., Series L, 7.250%		139,915
	83	Wells Fargo & Co., Class A, Series L, 7.500%		123,006

				262,921

		Food & Beverage — 0.7%
	1,391	Bunge Ltd., 4.875%		165,449

		Wireless — 1.1%
	250	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A(g)(h)		282,692

		Total Convertible Preferred Stocks (Identified Cost $702,116)		711,062


		Total Preferred Stocks (Identified Cost $702,116)		711,062

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Credit Income Fund – (continued)


Principal Amount		Description	Value (†)
	Short-Term Investments — 2.5%
$	624,662	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2021 at 0.000% to be repurchased at $624,662 on 10/01/2021 collateralized by $640,500 U.S. Treasury Note, 1.250% due 9/30/2028 valued at $637,198 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $624,662)	$	624,662


		Total Investments — 100.9% (Identified Cost $24,631,088)		25,191,160
		Other assets less liabilities — (0.9)%		(235,620	)

		Net Assets — 100.0%	$	24,955,540


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Perpetual bond with no specified maturity date.
	(b)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(c)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
	(d)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(e)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
	(f)	Variable rate security. Rate as of September 30, 2021 is disclosed.
	(g)	Illiquid security. (Unaudited)
	(h)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At September 30, 2021, the value of these securities amounted to $282,692 or 1.1% 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 September 30, 2021, the value of Rule 144A holdings amounted to $7,998,989 or 32.1% of net assets.
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

At September 30, 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		12/21/2021		16	$	2,359,718	$	2,324,000	$	35,718

Industry Summary at September 30, 2021



Treasuries	15.6	%
Banking	11.0
Finance Companies	6.6
Technology	5.5
Cable Satellite	4.7
Wireless	3.8
Consumer Cyclical Services	3.8
Metals & Mining	3.7
Food & Beverage	3.7
Pharmaceuticals	3.5
Aerospace & Defense	3.4
Healthcare	2.8
Media Entertainment	2.7
Independent Energy	2.4
Midstream	2.4
Other Investments, less than 2% each	19.8
Collateralized Loan Obligations	3.0
Short-Term Investments	2.5

Total Investments	100.9
Other assets less liabilities (including futures contracts)	(0.9	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund


Shares		Description	Value (†)
	Common Stocks — 68.3% of Net Assets
		Canada — 1.4%
	1,147,249	Canada Goose Holdings, Inc.(a)	$	40,968,003
	362,764	Descartes Systems Group, Inc. (The)(a)		29,528,634

				70,496,637

		China — 0.8%
	251,023	Alibaba Group Holding Ltd., Sponsored ADR(a)		37,163,955

		France — 0.8%
	722,714	Dassault Systemes SE		38,033,194

		Hong Kong — 0.7%
	2,898,200	AIA Group Ltd.		33,342,052

		India — 1.2%
	2,690,437	HDFC Bank Ltd.		57,516,834

		Japan — 1.3%
	1,710,461	Nomura Research Institute Ltd.		62,870,911

		Netherlands — 3.5%
	229,666	ASML Holding NV		171,573,864

		Sweden — 1.1%
	937,369	Atlas Copco AB, Class A		56,603,634

		Taiwan — 2.2%
	5,112,000	Taiwan Semiconductor Manufacturing Co. Ltd.		105,726,810

		United Kingdom — 3.3%
	557,068	Farfetch Ltd., Class A(a)		20,878,909
	869,975	Halma PLC		33,183,893
	370,983	Linde PLC		108,838,993

				162,901,795

		United States — 52.0%
	304,439	Accenture PLC, Class A		97,396,125
	964,607	Airbnb, Inc., Class A(a)		161,812,824
	6,127	Alphabet, Inc., Class C(a)		16,330,354
	48,559	Alphabet, Inc., Class A(a)		129,823,458
	43,213	Amazon.com, Inc.(a)		141,956,434
	264,894	Copart, Inc.(a)		36,746,096
	219,531	Costco Wholesale Corp.		98,646,255
	477,365	Cummins, Inc.		107,197,084
	505,058	Danaher Corp.		153,759,858
	1,709,250	Dropbox, Inc., Class A(a)		49,944,285
	284,361	Estee Lauder Cos., Inc. (The), Class A		85,288,395
	325,276	Facebook, Inc., Class A(a)		110,395,422
	91,353	Goldman Sachs Group, Inc. (The)		34,534,175
	245,807	Home Depot, Inc. (The)		80,688,606
	544,589	IQVIA Holdings, Inc.(a)		130,450,849
	231,630	M&T Bank Corp.		34,591,624
	304,881	MasterCard, Inc., Class A		106,001,026
	47,335	Mettler-Toledo International, Inc.(a)		65,197,336
	133,527	Northrop Grumman Corp.		48,089,749
	480,770	NVIDIA Corp.		99,596,313
	809,310	Peloton Interactive, Inc., Class A(a)		70,450,435
	203,465	Roper Technologies, Inc.		90,771,840
	284,643	S&P Global, Inc.		120,941,964
	508,609	salesforce.com, Inc.(a)		137,944,933
	298,164	Sherwin-Williams Co. (The)		83,405,416
	309,450	Texas Instruments, Inc.		59,479,384
	270,076	UnitedHealth Group, Inc.		105,529,496
	96,301	Vail Resorts, Inc.(a)		32,169,349
	226,834	VeriSign, Inc.(a)		46,503,238

				2,535,642,323

		Total Common Stocks (Identified Cost $2,284,347,624)		3,331,872,009

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 30.3%
	Non-Convertible Bonds — 28.3%
		Australia — 0.4%
	3,010,000	Australia Government Bond, Series 133, 5.500%, 4/21/2023, (AUD)(b)	$	2,359,885
	800,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		826,680
	670,000	GAIF Bond Issuer Pty Ltd., 3.400%, 9/30/2026, 144A(b)		725,065
	3,560,000	Glencore Funding LLC, 1.625%, 9/01/2025, 144A(b)		3,574,382
	4,000,000	Macquarie Group Ltd., (fixed rate to 9/23/2026, variable rate thereafter), 1.629%, 9/23/2027, 144A		3,980,484
	11,610,000	New South Wales Treasury Corp., 2.000%, 3/08/2033, (AUD)(b)		8,386,569
	95,000	Sydney Airport Finance Co. Pty Ltd., 3.375%, 4/30/2025, 144A		100,790
	1,370,000	Westpac Banking Corp., 2.650%, 1/16/2030(b)		1,457,027

				21,410,882

		Belgium — 0.1%
	2,745,000	Anheuser-Busch InBev S.A., EMTN, 2.000%, 1/23/2035, (EUR)(b)		3,513,373
	1,690,000	Anheuser-Busch InBev Worldwide, Inc., 4.750%, 1/23/2029(b)		1,989,599

				5,502,972

		Brazil — 0.5%
	1,150,000	Banco Bradesco S.A., 2.850%, 1/27/2023, 144A		1,167,388
	1,035,000	Braskem Netherlands Finance BV, 4.500%, 1/10/2028		1,099,584
	1,785,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030		1,899,240
	22,385(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2031, (BRL)		3,859,778
	2,685,000	Brazilian Government International Bond, 4.500%, 5/30/2029		2,755,615
	1,085,000	Brazilian Government International Bond, 4.625%, 1/13/2028		1,140,552
	2,980,000	BRF S.A., 4.875%, 1/24/2030		2,983,725
	650,000	Centrais Eletricas Brasileiras S.A., 4.625%, 2/04/2030, 144A		645,775
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		399,000
	1,100,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		1,157,750
	1,250,000	Itau Unibanco Holding S.A., 2.900%, 1/24/2023, 144A		1,268,763
	2,465,000	Petrobras Global Finance BV, 5.999%, 1/27/2028		2,780,520
	150,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		171,933
	575,000	Raizen Fuels Finance S.A., 5.300%, 1/20/2027, 144A		644,690
	2,515,000	Suzano Austria GmbH, 2.500%, 9/15/2028		2,445,837
	1,185,000	Suzano Austria GmbH, 3.125%, 1/15/2032		1,144,414
	550,000	Suzano Austria GmbH, 3.750%, 1/15/2031		564,988

				26,129,552

		Canada — 5.0%
	790,000	1011778 BC ULC/New Red Finance, Inc., 4.000%, 10/15/2030, 144A		782,100
	375,651	Air Canada Pass Through Trust, Series 2015-2, Class A, 4.125%, 6/15/2029, 144A(b)		371,493

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Canada — continued
$	757,528	Air Canada Pass Through Trust, Series 2017-1, Class AA, 3.300%, 7/15/2031, 144A(b)	$	772,853
	1,210,000	Antares Holdings LP, 3.950%, 7/15/2026, 144A		1,275,090
	1,010,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		1,092,642
	4,500,000	Bank of Montreal, (fixed rate to 1/22/2026, variable rate thereafter), MTN, 0.949%, 1/22/2027(b)		4,427,190
	2,675,000	Bank of Nova Scotia (The), 1.050%, 3/02/2026(b)		2,644,847
	2,525,000	Bank of Nova Scotia (The), 1.300%, 9/15/2026		2,506,444
	2,835,000	Bell Telephone Co. of Canada/Bell Canada (The), MTN, 3.600%, 9/29/2027, (CAD)		2,410,377
	1,735,000	Brookfield Finance I UK PLC, 2.340%, 1/30/2032		1,707,176
	1,015,000	Brookfield Finance, Inc., 3.900%, 1/25/2028(b)		1,126,046
	2,715,000	Brookfield Renewable Partners ULC, MTN, 4.250%, 1/15/2029, (CAD)		2,408,003
	63,600,000	Canadian Government Bond, 0.250%, 2/01/2023, (CAD)(b)		50,104,709
	61,465,000	Canadian Government Bond, 0.250%, 5/01/2023, (CAD)(b)		48,366,443
	11,680,000	Canadian Government Bond, 0.500%, 3/01/2022, (CAD)(b)		9,233,341
	89,175,000	Canadian Government Bond, 0.500%, 9/01/2025, (CAD)(b)		69,142,659
	970,000	Canadian Imperial Bank of Commerce, 3.500%, 9/13/2023(b)		1,028,195
	1,800,000	Canadian Imperial Bank of Commerce, (fixed rate to 7/22/2022, variable rate thereafter), 2.606%, 7/22/2023(b)		1,831,780
	800,000	CPPIB Capital, Inc., 0.375%, 6/20/2024, 144A, (EUR)(b)		945,732
	4,695,000	Enbridge Gas, Inc., MTN, 2.900%, 4/01/2030, (CAD)		3,871,132
	430,000	Enbridge, Inc., 2.900%, 7/15/2022(b)		437,651
	4,770,000	Enbridge, Inc., MTN, 2.990%, 10/03/2029, (CAD)		3,866,276
	905,000	Export Development Canada, 1.800%, 9/01/2022, (CAD)(b)		723,814
	2,965,000	Federation des Caisses Desjardins du Quebec, (fixed rate to 5/26/2025, variable rate thereafter), 2.856%, 5/26/2030, (CAD)		2,423,547
	197,076	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)(b)		153,248
	4,670,000	Ontario Power Generation, Inc., MTN, 2.977%, 9/13/2029, (CAD)		3,874,264
	5,000,000	Province of British Columbia Canada, Series 10, 1.750%, 9/27/2024(b)		5,167,098
	2,355,000	Province of Quebec Canada, 2.300%, 9/01/2029, (CAD)(b)		1,925,779
	2,725,000	Royal Bank of Canada, 0.875%, 1/20/2026(b)		2,682,519
	2,040,000	Royal Bank of Canada, 1.200%, 4/27/2026(b)		2,027,387
	2,475,000	Royal Bank of Canada, GMTN, 2.250%, 11/01/2024(b)		2,583,555
	2,960,000	Shaw Communications, Inc., 3.300%, 12/10/2029, (CAD)		2,415,487
	2,500,000	Toronto-Dominion Bank (The), 2.100%, 7/15/2022, 144A(b)		2,537,107
	1,690,000	Toronto-Dominion Bank (The), GMTN, 3.500%, 7/19/2023(b)		1,785,340
	1,675,000	Toronto-Dominion Bank (The), MTN, 1.150%, 6/12/2025(b)		1,678,708
	1,580,000	Videotron Ltd., 5.125%, 4/15/2027, 144A		1,635,300

				241,965,332

		Chile — 0.3%
	950,000	Celulosa Arauco y Constitucion S.A., 4.500%, 8/01/2024		1,027,168
	1,500,000	Chile Government International Bond, 2.450%, 1/31/2031(b)		1,484,895
	1,005,000	Chile Government International Bond, 2.550%, 1/27/2032(b)		995,784
	2,580,000	Colbun S.A., 3.150%, 3/06/2030		2,650,950
	1,960,000	Corp. Nacional del Cobre de Chile, 3.000%, 9/30/2029, 144A(b)		2,002,920
	570,000	Corp. Nacional del Cobre de Chile, 3.750%, 1/15/2031, 144A(b)		613,176
	595,000	Empresa Nacional de Telecomunicaciones S.A., 3.050%, 9/14/2032, 144A		584,588
	1,980,000	Empresa Nacional del Petroleo, 3.450%, 9/16/2031, 144A		1,940,697
	525,000	Enel Chile S.A., 4.875%, 6/12/2028(b)		601,125
	2,690,000	Engie Energia Chile S.A., 3.400%, 1/28/2030		2,763,975
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A(b)		834,400
	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A(b)		1,216,611

				16,716,289

		China — 1.0%
	920,000	Alibaba Group Holding Ltd., 3.400%, 12/06/2027(b)		985,416
	795,000	Baidu, Inc., 3.875%, 9/29/2023(b)		839,448
	67,500,000	China Government Bond, 4.000%, 11/30/2035, (CNY)(b)		11,930,048
	98,500,000	China Government Bond, 2.200%, 7/27/2025, (CNY)(b)		15,109,816
	6,500,000	China Government Bond, 3.390%, 5/21/2025, (CNH)(b)		1,039,091
	500,000	China Government Bond, 3.480%, 6/29/2027, (CNH)(b)		81,417
	25,000,000	China Government Bond, 3.900%, 7/04/2036, (CNH)(b)		4,268,256
	2,600,000	Country Garden Holdings Co. Ltd., 2.700%, 7/12/2026		2,415,187
	2,435,000	Country Garden Holdings Co. Ltd., 8.000%, 1/27/2024		2,516,060
	905,000	Industrial & Commercial Bank of China Ltd., 2.957%, 11/08/2022(b)		926,928
	2,750,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031		2,448,654
	2,750,000	Sunac China Holdings Ltd., 5.950%, 4/26/2024		2,213,942
	625,000	Tencent Holdings Ltd., 2.880%, 4/22/2031, 144A		637,917
	500,000	Tencent Holdings Ltd., 2.985%, 1/19/2023, 144A(b)		513,300
	1,175,000	Tencent Holdings Ltd., 3.280%, 4/11/2024, 144A(b)		1,239,402
	1,270,000	Weibo Corp., 3.500%, 7/05/2024(b)		1,322,983

				48,487,865

		Colombia — 0.4%
	1,395,000	Colombia Government International Bond, 3.125%, 4/15/2031		1,305,762
	2,536,000	Ecopetrol S.A., 5.875%, 5/28/2045		2,561,360
	1,300,000	Empresas Publicas de Medellin ESP, 4.250%, 7/18/2029, 144A		1,294,475
	1,026,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		1,123,470
	1,035,000	Millicom International Cellular S.A., 6.625%, 10/15/2026		1,087,785

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Colombia — continued
$	575,000	Republic of Colombia, 3.875%, 4/25/2027	$	595,913
	7,073,300,000	Republic of Colombia, Series B, 6.250%, 11/26/2025, (COP)		1,860,368
	29,559,900,000	Titulos De Tesoreria, Series B, 7.500%, 8/26/2026, (COP)(b)		8,040,435
	870,000	Transportadora de Gas Internacional S.A. E.S.P., 5.550%, 11/01/2028, 144A		989,016

				18,858,584

		Denmark — 0.1%
	2,055,000	Orsted A/S, EMTN, 2.125%, 5/17/2027, (GBP)		2,886,056

		Dominican Republic — 0.1%
	2,160,000	Dominican Republic, 4.500%, 1/30/2030, 144A		2,197,822
	1,155,000	Dominican Republic, 4.875%, 9/23/2032, 144A		1,178,111
	590,000	Dominican Republic, 5.950%, 1/25/2027, 144A		662,806
	995,000	Dominican Republic, 6.000%, 7/19/2028, 144A		1,122,042
	425,000	Dominican Republic, 8.625%, 4/20/2027, 144A		512,975

				5,673,756

		Egypt — 0.1%
	1,515,000	Egypt Government International Bond, 5.250%, 10/06/2025		1,545,603
	1,435,000	Egypt Government International Bond, 7.625%, 5/29/2032		1,430,021

				2,975,624

		Finland — 0.1%
	3,575,000	Nordea Bank Abp, 0.750%, 8/28/2025, 144A(b)		3,534,717

		France — 0.3%
	205,000	BNP Paribas S.A., 4.375%, 5/12/2026, 144A(b)		226,400
	890,000	BNP Paribas S.A., (fixed rate to 6/09/2025, variable rate thereafter), 2.219%, 6/09/2026, 144A(b)		913,479
	1,415,000	Caisse d’Amortissement de la Dette Sociale, 1.875%, 2/12/2022(b)		1,423,745
	250,000	Credit Agricole S.A., 3.250%, 10/04/2024, 144A(b)		266,629
	4,500,000	Credit Agricole S.A., (fixed rate to 1/26/2026, variable rate thereafter), 1.247%, 1/26/2027, 144A(b)		4,436,404
	1,300,000	Edenred, 1.875%, 3/06/2026, (EUR)(b)		1,622,197
	1,400,000	Engie S.A., 1.250%, 10/24/2041, (EUR)(b)		1,637,469
	500,000	Holding d’Infrastructures de Transport SASU, EMTN, 1.625%, 11/27/2027, (EUR)		615,135
	500,000	Holding d’Infrastructures de Transport SASU, EMTN, 0.625%, 3/27/2023, (EUR)		584,625
	1,015,000	Societe Generale S.A., 4.750%, 11/24/2025, 144A(b)		1,126,398
	230,000	SPCM S.A., 3.125%, 3/15/2027, 144A		230,276
	215,000	SPCM S.A., 3.375%, 3/15/2030, 144A		214,833

				13,297,590

		Germany — 0.2%
	1,165,000	BMW U.S. Capital LLC, 3.150%, 4/18/2024, 144A(b)		1,235,447
	1,395,000	BMW U.S. Capital LLC, 4.150%, 4/09/2030, 144A(b)		1,609,029
	1,255,000	Deutsche Bank AG, (fixed rate to 1/14/2031, variable rate thereafter), 3.729%, 1/14/2032		1,295,768
	680,000	Deutsche Bank AG, (fixed rate to 5/28/2031, variable rate thereafter), 3.035%, 5/28/2032		689,934
	3,790,000	Kreditanstalt fuer Wiederaufbau, EMTN, 1.250%, 8/28/2023, (NOK)(b)		434,523
	1,450,000	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026, 144A(b)		1,514,533
		Germany — continued
	490,000	Volkswagen Group of America Finance LLC, 1.625%, 11/24/2027, 144A(b)		484,763
	420,000	Volkswagen Group of America Finance LLC, 3.350%, 5/13/2025, 144A(b)		449,026

				7,713,023

		Hong Kong — 0.1%
	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A(b)		375,597
	1,405,000	AIA Group Ltd., 3.600%, 4/09/2029(b)		1,538,541
	1,135,000	AIA Group Ltd., 3.900%, 4/06/2028, 144A(b)		1,262,120

				3,176,258

		India — 0.2%
	1,195,000	Adani Ports & Special Economic Zone Ltd., 3.100%, 2/02/2031, 144A		1,140,711
	2,480,000	Adani Ports & Special Economic Zone Ltd., 4.200%, 8/04/2027		2,601,346
	2,940,000	Bharti Airtel Ltd., 3.250%, 6/03/2031		2,955,828
	2,790,000	Export-Import Bank of India, 2.250%, 1/13/2031, 144A		2,588,561
	1,230,000	ICICI Bank Ltd., EMTN, 3.250%, 9/09/2022		1,252,286
	1,250,000	Power Finance Corp. Ltd., 3.950%, 4/23/2030, 144A		1,277,988

				11,816,720

		Indonesia — 0.2%
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		328,068
	735,000	Indonesia Government International Bond, 4.750%, 1/08/2026		833,993
	50,092,000,000	Indonesia Treasury Bond, Series FR75, 7.500%, 5/15/2038, (IDR)(b)		3,643,372
	43,840,000,000	Indonesia Treasury Bond, Series FR82, 7.000%, 9/15/2030, (IDR)(b)		3,211,615
	1,475,000	Republic of Indonesia, 2.850%, 2/14/2030(b)		1,527,289
	525,000	Republic of Indonesia, 4.750%, 1/08/2026, 144A		596,479

				10,140,816

		Ireland — 0.1%
	1,250,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		1,339,665
	3,710,000	Ireland Government Bond, Zero Coupon, 0.029%, 10/18/2031, (EUR)(b)(c)		4,216,565
	375,000	Ireland Government Bond, 3.400%, 3/18/2024, (EUR)(b)		477,214

				6,033,444

		Israel — 0.5%
	10,950,000	State of Israel, 1.000%, 3/31/2030, (ILS)(b)		3,344,782
	2,300,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		2,514,222
	4,140,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		3,964,050
	19,171,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		16,534,988

				26,358,042

		Italy — 0.6%
	175,000	Assicurazioni Generali SpA, EMTN (fixed rate to 10/27/2027, variable rate thereafter), 5.500%, 10/27/2047, (EUR)		249,228
	200,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		224,377
	530,000	Intesa Sanpaolo SpA, EMTN, 3.928%, 9/15/2026, (EUR)		694,030

See accompanying notes to financial statements.

51 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Italy — continued
	6,965,000	Italy Buoni Poliennali Del Tesoro, 1.350%, 4/01/2030, (EUR)(b)	$	8,510,609
	3,305,000	Italy Buoni Poliennali Del Tesoro, 2.000%, 2/01/2028, (EUR)		4,219,259
	4,255,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 3/01/2022, (EUR)(b)		5,040,613
	1,975,000	Italy Government International Bond, 2.375%, 10/17/2024		2,048,956
	3,335,000	Republic of Italy, 2.500%, 11/15/2025, (EUR)		4,264,411
	630,000	UniCredit SpA, (fixed rate to 4/02/2029, variable rate thereafter), 7.296%, 4/02/2034, 144A		763,768
	635,000	UniCredit SpA, (fixed rate to 6/19/2027, variable rate thereafter), 5.861%, 6/19/2032, 144A		705,383

				26,720,634

		Japan — 0.8%
	991,720,800(†††)	Japan Government CPI Linked Bond, Series 23, 0.100%, 3/10/2028, (JPY)(b)		9,169,042
	2,020,350,000	Japan Government Thirty Year Bond, Series 62, 0.500%, 3/20/2049, (JPY)(b)		17,557,322
	2,020,000	Mizuho Financial Group, Inc., 2.564%, 9/13/2031		1,991,523
	2,000,000	Mizuho Financial Group, Inc., (fixed rate to 7/10/2023, variable rate thereafter), 1.241%, 7/10/2024(b)		2,023,340
	2,000,000	Nomura Holdings, Inc., 1.851%, 7/16/2025(b)		2,029,766
	3,050,000	Sumitomo Mitsui Financial Group, Inc., 1.402%, 9/17/2026		3,024,997
	1,445,000	Sumitomo Mitsui Financial Group, Inc., 3.040%, 7/16/2029(b)		1,531,050
	2,790,000	Toyota Motor Corp., 2.362%, 3/25/2031(b)		2,884,950

				40,211,990

		Korea — 0.9%
	765,000	Export-Import Bank of Korea, 3.000%, 11/01/2022(b)		786,170
	160,900,000	Export-Import Bank of Korea, MTN, 6.750%, 8/09/2022, (INR)(b)		2,205,931
	636,300,000	Export-Import Bank of Korea, MTN, 6.900%, 2/07/2023, (INR)(b)(d)(e)		8,767,057
	1,100,000	Hyundai Capital Services, Inc., 3.750%, 3/05/2023, 144A(b)		1,144,910
	1,650,000	Kia Corp., 1.750%, 10/16/2026, 144A		1,652,475
	1,575,000	Kia Corp., 3.000%, 4/25/2023, 144A(b)		1,631,858
	2,720,000	Kookmin Bank, 1.375%, 5/06/2026, 144A(b)		2,714,696
	1,515,000	Korea East-West Power Co. Ltd., 1.750%, 5/06/2025, 144A(b)		1,540,210
	910,000	Korea Gas Corp., 2.750%, 7/20/2022, 144A(b)		926,544
	670,000	KT Corp., 2.500%, 7/18/2026, 144A(b)		700,632
	1,180,000	LG Chem Ltd., 3.250%, 10/15/2024, 144A(b)		1,259,787
	4,500,000,000	Republic of Korea, 0.875%, 12/10/2023, (KRW)(b)		3,748,291
	4,500,000,000	Republic of Korea, 1.125%, 9/10/2025, (KRW)(b)		3,697,444
	13,130,550,000	Republic of Korea, 1.500%, 12/10/2030, (KRW)(b)		10,413,222
	1,440,000,000	Republic of Korea, Series 2209, 2.000%, 9/10/2022, (KRW)(b)		1,226,485
	770,000	Shinhan Bank Co. Ltd., 3.875%, 3/24/2026, 144A(b)		837,629
	2,765,000	SK Hynix, Inc., 2.375%, 1/19/2031, 144A		2,683,767
		Korea — continued
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A(b)		177,969

				46,115,077

		Luxembourg — 0.0%
	920,000	ArcelorMittal S.A., 6.750%, 3/01/2041		1,264,425

		Malaysia — 0.1%
	28,570,000	Malaysia Government Bond, 3.480%, 3/15/2023, (MYR)(b)		6,969,624

		Mexico — 1.0%
	620,000	Alfa SAB de CV, 6.875%, 3/25/2044		824,600
	770,000	America Movil SAB de CV, 2.125%, 3/10/2028, (EUR)(b)		987,633
	860,000	America Movil SAB de CV, 2.875%, 5/07/2030(b)		894,631
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)(b)		483,250
	730,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 4/17/2025, 144A(b)		815,921
	1,905,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		1,906,143
	855,000	Cemex SAB de CV, 5.450%, 11/19/2029		926,606
	400,000	Cemex SAB de CV, 7.375%, 6/05/2027, 144A		443,096
	1,775,000	Coca-Cola Femsa SAB de CV, 2.750%, 1/22/2030(b)		1,830,309
	1,205,000	Comision Federal de Electricidad, 4.750%, 2/23/2027(b)		1,349,600
	800,000	Gruma SAB de CV, 4.875%, 12/01/2024(b)		883,008
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)(b)		337,088
	840,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031, 144A(b)		837,228
	1,707,184(††††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)(b)		7,886,551
	1,294,043(††††)	Mexican Fixed Rate Bonds, Series M 20, 8.500%, 5/31/2029, (MXN)(b)		6,705,339
	637,836(††††)	Mexican Fixed Rate Bonds, Series M 30, 8.500%, 11/18/2038, (MXN)(b)		3,284,740
	724,558(††††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)(b)		3,565,977
	2,665,000	Mexico Government International Bond, 3.250%, 4/16/2030(b)		2,728,880
	196,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)(b)		246,671
	1,850,000	Orbia Advance Corp. SAB de CV, 1.875%, 5/11/2026, 144A		1,852,960
	1,240,000	Orbia Advance Corp. SAB de CV, 4.000%, 10/04/2027		1,351,612
	3,505,000	Petroleos Mexicanos, 5.950%, 1/28/2031		3,397,747
	100,000	Sigma Alimentos S.A. de CV, 2.625%, 2/07/2024, 144A, (EUR)		121,400
	835,000	Sigma Alimentos S.A. de CV, 4.125%, 5/02/2026		911,845
	2,090,000	Sigma Finance Netherlands BV, 4.875%, 3/27/2028		2,382,600
	1,010,000	Unifin Financiera SAB de CV, 7.250%, 9/27/2023		1,012,414
	2,195,000	Unifin Financiera SAB de CV, 9.875%, 1/28/2029		2,205,997

				50,173,846

		Netherlands — 0.1%
	870,000	Cooperatieve Rabobank U.A., 4.375%, 8/04/2025(b)		964,030

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Netherlands — continued
$	1,725,000	ING Groep NV, (fixed rate to 7/01/2025, variable rate thereafter), 1.400%, 7/01/2026, 144A(b)	$	1,729,395

				2,693,425

		New Zealand — 0.3%
	3,495,000	ANZ New Zealand International Ltd., 1.250%, 6/22/2026, 144A(b)		3,479,917
	2,200,000	Bank of New Zealand, 1.000%, 3/03/2026, 144A(b)		2,164,467
	5,000,000	Fonterra Co-operative Group Ltd., MTN, 5.500%, 2/26/2024, (AUD)(b)		4,032,999
	6,310,000	New Zealand Government Bond, 1.500%, 5/15/2031, (NZD)(b)		4,163,742
	3,575,000	New Zealand Government Bond, 3.000%, 4/20/2029, (NZD)(b)		2,666,033

				16,507,158

		Nigeria — 0.0%
	1,975,000	Nigeria Government International Bond, 6.125%, 9/28/2028, 144A		1,981,636

		Norway — 0.3%
	3,660,000	DNB Bank ASA, (fixed rate to 5/25/2026, variable rate thereafter), 1.535%, 5/25/2027, 144A(b)		3,661,669
	2,790,000	Equinor ASA, 3.625%, 4/06/2040(b)		3,117,231
	16,500,000	Norway Government Bond, Series 478, 1.500%, 2/19/2026, 144A, (NOK)(b)		1,896,592
	46,500,000	Norway Government Bond, Series 482, 1.375%, 8/19/2030, 144A, (NOK)(b)		5,233,873

				13,909,365

		Panama — 0.0%
	1,485,000	Cable Onda S.A., 4.500%, 1/30/2030, 144A		1,557,765

		Paraguay — 0.1%
	1,420,000	Paraguay Government International Bond, 4.950%, 4/28/2031, 144A		1,601,760
	800,000	Republic of Paraguay, 5.000%, 4/15/2026, 144A		888,008

				2,489,768

		Peru — 0.1%
	3,220,000	Corp. Financiera de Desarrollo S.A., 2.400%, 9/28/2027, 144A		3,202,708
	2,005,000	Peruvian Government International Bond, 2.392%, 1/23/2026(b)		2,045,742
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A(b)		1,138,200

				6,386,650

		Philippines — 0.0%
	1,060,000	Philippine Government International Bond, 2.457%, 5/05/2030(b)		1,084,020

		Poland — 0.2%
	26,400,000	Republic of Poland Government Bond, 1.250%, 10/25/2030, (PLN)(b)		6,200,324
	12,970,000	Republic of Poland Government Bond, 3.250%, 7/25/2025, (PLN)(b)		3,508,887

				9,709,211

		Portugal — 0.1%
	3,590,000	EDP Finance BV, 1.710%, 1/24/2028, 144A		3,524,016

		Qatar — 0.1%
	1,770,000	Ooredoo International Finance Ltd., 2.625%, 4/08/2031, 144A		1,802,285
	1,600,000	Qatar Petroleum, 2.250%, 7/12/2031, 144A(b)		1,584,640

				3,386,925

		Romania — 0.2%
	29,970,000	Romania Government Bond, 4.150%, 10/24/2030, (RON)		6,996,914
	1,100,000	Romania Government International Bond, 2.000%, 4/14/2033, 144A, (EUR)		1,214,680

				8,211,594

		Singapore — 0.3%
	785,000	BOC Aviation Ltd., 2.750%, 9/18/2022, 144A(b)		797,073
	1,450,000	BOC Aviation Ltd., 3.250%, 4/29/2025, 144A(b)		1,518,784
	860,000	BOC Aviation USA Corp., 1.625%, 4/29/2024, 144A		866,609
	345,000	DBS Group Holdings Ltd., (fixed rate to 12/11/2023, variable rate thereafter), 4.520%, 12/11/2028, 144A(b)		369,750
	4,510,000	Republic of Singapore, 2.750%, 7/01/2023, (SGD)(b)		3,452,237
	10,055,000	Singapore Government Bond, 2.125%, 6/01/2026, (SGD)(b)		7,801,623

				14,806,076

		South Africa — 0.5%
	1,400,000	Anglo American Capital PLC, 2.625%, 9/10/2030, 144A		1,390,635
	1,400,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A(b)		1,689,693
	1,420,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024		1,485,607
	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		972,968
	116,835,000	Republic of South Africa, Series 2035, 8.875%, 2/28/2035, (ZAR)		6,893,252
	39,185,000	Republic of South Africa, Series R213, 7.000%, 2/28/2031, (ZAR)		2,189,442
	7,585,000	South Africa Government International Bond, 5.750%, 9/30/2049		7,224,712

				21,846,309

		Spain — 0.4%
	2,300,000	Banco Bilbao Vizcaya Argentaria S.A., GMTN, 0.750%, 9/11/2022, (EUR)(b)		2,693,218
	400,000	Banco Santander S.A., 3.125%, 2/23/2023(b)		414,243
	2,000,000	Banco Santander S.A., (fixed rate to 9/14/2026, variable rate thereafter), 1.722%, 9/14/2027		1,990,706
	600,000	CaixaBank S.A., (fixed rate to 4/17/2025, variable rate thereafter), EMTN, 2.250%, 4/17/2030, (EUR)		731,502
	500,000	CaixaBank S.A., (fixed rate to 7/14/2023, variable rate thereafter), EMTN, 2.750%, 7/14/2028, (EUR)		603,628
	3,700,000	Cellnex Telecom S.A., EMTN, 1.750%, 10/23/2030, (EUR)		4,220,106
	270,000	Grifols Escrow Issuer S.A., 4.750%, 10/15/2028, 144A		275,737
	700,000	Naturgy Finance BV, EMTN, 1.500%, 1/29/2028, (EUR)(b)		870,640
	430,000	Spain Government Bond, 1.600%, 4/30/2025, 144A, (EUR)(b)		534,351
	2,525,000	Spain Government Bond, 1.950%, 7/30/2030, 144A, (EUR)(b)		3,355,077
	2,565,000	Spain Government Bond, 4.400%, 10/31/2023, 144A, (EUR)(b)		3,278,529

				18,967,737

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Supranationals — 0.3%
$	1,495,000	Corporacion Andina de Fomento, 2.375%, 5/12/2023(b)	$	1,536,367
	1,115,000	Corporacion Andina de Fomento, 4.375%, 6/15/2022(b)		1,146,183
	3,360,000	European Investment Bank, 1.750%, 7/30/2024, 144A, (CAD)(b)		2,715,270
	2,560,000	International Bank for Reconstruction & Development, 0.250%, 12/23/2022, (SEK)(b)		293,091
	10,030,000	International Bank for Reconstruction & Development, 1.200%, 7/22/2026, (CAD)(b)		7,867,841
	16,750,000	Nordic Investment Bank, EMTN, 1.500%, 3/13/2025, (NOK)(b)		1,918,633

				15,477,385

		Sweden — 0.1%
	1,675,000	Svenska Handelsbanken AB, 0.625%, 6/30/2023, 144A(b)		1,683,034
	38,000,000	Sweden Government Bond, 0.125%, 5/12/2031, 144A, (SEK)(b)		4,221,211

				5,904,245

		Switzerland — 0.1%
	930,000	Credit Suisse AG, 2.950%, 4/09/2025(b)		985,836
	2,180,000	Credit Suisse Group AG, (fixed rate to 4/01/2030, variable rate thereafter), 4.194%, 4/01/2031, 144A(b)		2,441,707
	1,500,000	Credit Suisse Group AG, (fixed rate to 5/14/2031, variable rate thereafter), 3.091%, 5/14/2032, 144A		1,533,789
	1,375,000	Novartis Capital Corp., 2.000%, 2/14/2027(b)		1,421,187
	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)		367,669

				6,750,188

		Tanzania — 0.0%
	985,000	HTA Group Ltd., 7.000%, 12/18/2025, 144A		1,034,250

		Thailand — 0.1%
	1,570,000	Kasikornbank PCL, EMTN, 3.256%, 7/12/2023(b)		1,637,227
	950,000	Thaioil Treasury Center Co. Ltd., 3.625%, 1/23/2023, 144A(b)		976,895

				2,614,122

		Trinidad — 0.0%
	415,000	Trinidad Generation Unlimited, 5.250%, 11/04/2027, 144A		424,860

		Turkey — 0.4%
	2,045,000	Aydem Yenilenebilir Enerji A/S, 7.750%, 2/02/2027, 144A		1,991,830
	2,250,000	TC Ziraat Bankasi A/S, 5.375%, 3/02/2026, 144A		2,183,036
	2,830,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025		3,060,079
	525,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025, 144A		567,683
	2,875,000	Turkcell Iletisim Hizmetleri AS, 5.800%, 4/11/2028		3,051,237
	6,970,000	Turkey Government International Bond, 5.250%, 3/13/2030		6,426,953
	1,345,000	Turkey Government International Bond, 7.625%, 4/26/2029		1,433,614

				18,714,432

		Ukraine — 0.0%
	1,035,000	Ukraine Government International Bond, 7.253%, 3/15/2033, 144A		1,047,089

		United Arab Emirates — 0.1%
	1,610,000	Abu Dhabi Crude Oil Pipeline LLC, 3.650%, 11/02/2029(b)		1,789,112
	1,295,000	Abu Dhabi Government International Bond, 3.125%, 4/16/2030, 144A(b)		1,405,464

				3,194,576

		United Kingdom — 0.3%
	95,000	Avon Products, Inc., 8.450%, 3/15/2043		120,175
	1,350,000	CK Hutchison International 19 Ltd., 3.625%, 4/11/2029, 144A(b)		1,476,900
	1,420,000	Diageo Capital PLC, 2.125%, 4/29/2032(b)		1,411,988
	635,000	Lloyds Banking Group PLC, 4.050%, 8/16/2023(b)		676,078
	400,000	Lloyds Banking Group PLC, 4.500%, 11/04/2024(b)		439,241
	1,125,000	Lloyds Banking Group PLC, (fixed rate to 7/09/2024, variable rate thereafter), 3.870%, 7/09/2025(b)		1,212,963
	1,395,000	Nationwide Building Society, (fixed rate to 7/18/2029, variable rate thereafter), 3.960%, 7/18/2030, 144A(b)		1,550,753
	1,190,000	NatWest Markets PLC, 0.800%, 8/12/2024, 144A		1,187,489
	235,000	Network Rail Infrastructure Finance PLC, EMTN, 4.750%, 1/22/2024, (GBP)(b)		346,691
	1,455,000	Standard Chartered PLC, (fixed rate to 11/18/2030, variable rate thereafter), 3.265%, 2/18/2036, 144A		1,443,510
	250,000	Standard Chartered PLC, EMTN, 3.125%, 11/19/2024, (EUR)(b)		316,568
	1,035,000	United Kingdom Gilt, 2.750%, 9/07/2024, (GBP)(b)		1,488,800
	1,660,000	Vodafone Group PLC, 4.375%, 5/30/2028(b)		1,906,481

				13,577,637

		United States — 11.0%
	165,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		181,437
	315,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(f)		322,340
	480,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		499,200
	1,145,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(f)		1,191,773
	965,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(f)		1,008,425
	435,000	AMC Networks, Inc., 4.250%, 2/15/2029		432,825
	70,000	American Airlines Group, Inc., 3.750%, 3/01/2025, 144A		63,077
	1,416,756	American Airlines Pass Through Trust, Series 2016-1, Class B, 5.250%, 7/15/2025		1,398,381
	1,208,651	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		1,163,665
	336,330	American Airlines Pass Through Trust, Series 2017-1B, Class B, 4.950%, 8/15/2026		337,287
	438,909	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		424,222
	3,910,000	American Airlines, Inc., 11.750%, 7/15/2025, 144A		4,838,625
	220,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		231,275
	255,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		274,763

See accompanying notes to financial statements.

| 54

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
	3,975,000	Apple, Inc., Series MPLE, 2.513%, 8/19/2024, (CAD)(b)	$	3,256,136
	260,000	Aptiv PLC, 1.600%, 9/15/2028, (EUR)		322,744
	1,300,000	Ashland LLC, 3.375%, 9/01/2031, 144A		1,311,375
	915,000	AT&T, Inc., 3.500%, 9/15/2053		905,594
	804,000	AT&T, Inc., 3.650%, 9/15/2059		801,526
	945,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		944,315
	2,865,000	Bank of America Corp., (fixed rate to 9/15/2026, variable rate thereafter), 1.978%, 9/15/2027, (CAD)(b)		2,257,596
	2,345,000	Bank of America Corp., MTN, (fixed rate to 6/14/2023, variable rate thereafter), 0.523%, 6/14/2024(b)		2,344,009
	1,140,000	Beazer Homes USA, Inc., 7.250%, 10/15/2029		1,255,425
	2,240,000	Boeing Co. (The), 2.196%, 2/04/2026(b)		2,256,513
	140,000	Boeing Co. (The), 3.100%, 5/01/2026		147,976
	25,000	Boeing Co. (The), 3.250%, 2/01/2035		24,998
	165,000	Boeing Co. (The), 3.550%, 3/01/2038		167,592
	25,000	Boeing Co. (The), 3.625%, 3/01/2048		24,544
	90,000	Boeing Co. (The), 3.750%, 2/01/2050		91,247
	635,000	Boeing Co. (The), 3.850%, 11/01/2048		647,021
	640,000	Boeing Co. (The), 3.950%, 8/01/2059		656,830
	585,000	BP Capital Markets America, Inc., 3.216%, 11/28/2023(b)		617,122
	690,000	Broadcom, Inc., 3.187%, 11/15/2036, 144A		687,996
	4,730,000	Carnival Corp., 5.750%, 3/01/2027, 144A		4,889,637
	1,720,000	Carvana Co., 5.500%, 4/15/2027, 144A		1,755,604
	260,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		255,307
	12,500,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		12,714,500
	2,360,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		2,337,875
	2,510,000	Centene Corp., 2.500%, 3/01/2031		2,475,487
	160,000	Centene Corp., 2.625%, 8/01/2031		158,918
	975,000	Centene Corp., 3.000%, 10/15/2030		999,375
	165,000	Charles River Laboratories International, Inc., 3.750%, 3/15/2029, 144A		168,506
	175,000	Charles River Laboratories International, Inc., 4.000%, 3/15/2031, 144A		183,353
	1,085,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.950%, 6/30/2062		1,046,689
	6,835,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.400%, 12/01/2061		7,108,127
	40,000	Cincinnati Bell, Inc., 8.000%, 10/15/2025, 144A		41,688
	1,240,000	Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/2027, 144A		1,283,164
	5,315,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		5,055,415
	7,265,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		7,255,919
	95,000	Continental Resources, Inc., 3.800%, 6/01/2024		99,826
	920,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		1,112,050
	595,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		621,775
	490,000	Dana, Inc., 5.375%, 11/15/2027		516,338
	940,000	DH Europe Finance II S.a.r.l., 0.750%, 9/18/2031, (EUR)(b)		1,095,378
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		59,049
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		9,553
	355,000	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.875%, 8/15/2027, 144A		370,531
		United States — continued
	705,000	DISH DBS Corp., 5.125%, 6/01/2029		690,752
	3,035,000	DISH DBS Corp., 5.875%, 11/15/2024		3,263,475
	1,385,000	DISH DBS Corp., 7.750%, 7/01/2026		1,563,977
	310,000	DR Horton, Inc., 4.375%, 9/15/2022		318,279
	160,000	Edison International, 4.950%, 4/15/2025		176,169
	235,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		370,573
	575,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		554,783
	70,000	EQT Corp., 3.125%, 5/15/2026, 144A		71,758
	145,000	EQT Corp., 3.625%, 5/15/2031, 144A		151,090
	115,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		117,838
	3,780,000	Expedia Group, Inc., 2.950%, 3/15/2031		3,819,917
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,526,042
	2,710,000	Freeport-McMoRan, Inc., 4.375%, 8/01/2028		2,835,337
	6,640,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		7,976,300
	3,005,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		3,699,906
	2,710,000	General Motors Co., 5.200%, 4/01/2045		3,300,089
	405,000	General Motors Co., 6.250%, 10/02/2043		545,514
	100,000	General Motors Financial Co., Inc., EMTN, 0.955%, 9/07/2023, (EUR)		117,938
	635,000	General Motors Financial Co., Inc., EMTN, 2.250%, 9/06/2024, (GBP)		876,578
	770,000	General Motors Financial of Canada Ltd., Series 5, 3.250%, 11/07/2023, (CAD)		631,885
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		491,675
	855,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		847,519
	2,340,000	Goldman Sachs Group, Inc. (The), (fixed rate to 9/10/2023, variable rate thereafter), 0.657%, 9/10/2024		2,340,796
	975,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		1,113,469
	830,000	HCA, Inc., 3.500%, 9/01/2030		879,294
	20,000	HCA, Inc., 4.750%, 5/01/2023		21,251
	1,275,000	HCA, Inc., 5.250%, 6/15/2049		1,627,345
	4,285,000	HCA, Inc., 5.375%, 9/01/2026		4,905,554
	245,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		247,756
	660,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		662,475
	470,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		479,400
	3,065,000	Hyundai Capital America, 0.875%, 6/14/2024, 144A		3,048,855
	1,000,000	Hyundai Capital America, 2.650%, 2/10/2025(b)		1,038,724
	835,000	Hyundai Capital America, 2.650%, 2/10/2025, 144A(b)		867,334
	1,585,000	Hyundai Capital America, 2.750%, 9/27/2026, 144A(b)		1,643,062
	1,395,000	Hyundai Capital America, 6.375%, 4/08/2030, 144A(b)		1,791,335
	11,250,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		11,235,937
	1,085,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		1,118,092
	620,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		644,217
	2,160,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		2,308,500
	1,135,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		1,188,912

See accompanying notes to financial statements.

55 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	200,000	Jazz Securities DAC, 4.375%, 1/15/2029, 144A	$	207,260
	745,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.750%, 12/01/2031, 144A		775,195
	7,760,000	JELD-WEN, Inc., 4.625%, 12/15/2025, 144A		7,878,961
	1,875,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		1,953,825
	1,135,000	John Deere Capital Corp., MTN, 0.450%, 6/07/2024		1,131,764
	3,185,000	John Deere Financial, Inc., 1.340%, 9/08/2027, (CAD)		2,429,336
	2,435,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		2,778,311
	1,970,000	Kraft Heinz Foods Co., 5.500%, 6/01/2050		2,599,160
	760,000	Level 3 Financing, Inc., 5.375%, 5/01/2025		776,388
	345,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		358,738
	60,000	Lumen Technologies, Inc., 5.625%, 4/01/2025		65,250
	870,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		880,875
	44,000	Masco Corp., 6.500%, 8/15/2032		58,150
	615,000	Medtronic Global Holdings SCA, 1.125%, 3/07/2027, (EUR)(b)		749,728
	2,355,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		2,560,874
	1,025,000	Minerals Technologies, Inc., 5.000%, 7/01/2028, 144A		1,063,355
	25,000	MPLX LP, 4.500%, 7/15/2023		26,466
	95,000	MPLX LP, 4.875%, 6/01/2025		106,165
	490,000	MSCI, Inc., 3.250%, 8/15/2033, 144A		495,615
	2,135,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		2,199,050
	4,605,000	Nationwide Mutual Insurance Co., 4.350%, 4/30/2050, 144A(b)		5,194,693
	1,370,000	Navient Corp., 5.000%, 3/15/2027		1,411,100
	421,000	Navient Corp., MTN, 5.625%, 8/01/2033		400,476
	4,045,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		4,146,125
	790,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		819,625
	835,000	Netflix, Inc., 4.875%, 4/15/2028		962,338
	2,250,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		2,649,375
	245,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		296,756
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		28,662
	2,550,000	Nissan Motor Acceptance Co. LLC, 1.125%, 9/16/2024, 144A		2,545,206
	475,000	Novelis Corp., 4.750%, 1/30/2030, 144A		500,033
	775,000	NRG Energy, Inc., 3.625%, 2/15/2031, 144A		761,244
	300,000	Occidental Petroleum Corp., 4.500%, 7/15/2044		301,227
	2,355,000	Occidental Petroleum Corp., 6.625%, 9/01/2030		2,902,537
	1,795,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		2,438,382
	420,000	Old Republic International Corp., 4.875%, 10/01/2024		466,588
	1,170,000	OneMain Finance Corp., 5.625%, 3/15/2023		1,230,659
	860,000	OneMain Finance Corp., 6.875%, 3/15/2025		966,425
	2,310,000	OneMain Finance Corp., 7.125%, 3/15/2026		2,676,712
	130,000	OneMain Finance Corp., 8.250%, 10/01/2023		145,279
	100,000	Ovintiv, Inc., 6.500%, 8/15/2034		134,868
	45,000	Ovintiv, Inc., 6.500%, 2/01/2038		61,900
	230,000	Ovintiv, Inc., 6.625%, 8/15/2037		315,432
	30,000	Ovintiv, Inc., 7.200%, 11/01/2031		40,258
	30,000	Ovintiv, Inc., 7.375%, 11/01/2031		40,694
	130,000	Ovintiv, Inc., 8.125%, 9/15/2030		178,849
	8,630,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		9,262,603
	1,550,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		1,556,008
		United States — continued
	2,120,000	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025, 144A		2,317,473
	1,250,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050		1,136,794
	1,645,000	Pacific Gas & Electric Co., 3.950%, 12/01/2047		1,583,037
	310,000	Penn National Gaming, Inc., 4.125%, 7/01/2029, 144A		306,404
	970,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		986,606
	2,165,000	Prologis Euro Finance LLC, 0.250%, 9/10/2027, (EUR)(b)		2,509,608
	1,530,000	Prologis Euro Finance LLC, 0.375%, 2/06/2028, (EUR)(b)		1,783,760
	365,000	Prologis LP, 2.250%, 6/30/2029, (GBP)(b)		516,716
	890,000	Range Resources Corp., 4.875%, 5/15/2025		939,662
	165,000	Range Resources Corp., 5.000%, 3/15/2023		171,188
	1,100,000	Realty Income Corp., EMTN, 1.625%, 12/15/2030, (GBP)(b)		1,455,847
	295,000	Rocket Mortgage LLC, 5.250%, 1/15/2028, 144A		317,863
	4,370,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		4,270,364
	6,794,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		6,870,432
	10,226,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		10,315,477
	2,915,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		2,893,137
	790,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		773,845
	4,130,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		4,224,201
	810,000	Santander Holdings USA, Inc., 3.450%, 6/02/2025(b)		867,309
	1,450,000	SBA Communications Corp., 3.125%, 2/01/2029, 144A		1,401,062
	1,020,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		1,100,325
	525,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		589,910
	435,000	Sensata Technologies BV, 4.000%, 4/15/2029, 144A		442,808
	140,000	Silgan Holdings, Inc., 3.250%, 3/15/2025, (EUR)		163,462
	130,000	Skyworks Solutions, Inc., 1.800%, 6/01/2026		131,723
	500,000	Square, Inc., 3.500%, 6/01/2031, 144A		512,865
	2,785,000	Summit Materials LLC/Summit Materials Finance Corp., 5.250%, 1/15/2029, 144A		2,924,250
	6,900,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		7,198,425
	4,305,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		4,540,202
	2,805,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		3,097,175
	1,695,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,945,012
	420,000	Terminix Co. LLC (The), 7.450%, 8/15/2027		509,250
	100,000	Thermo Fisher Scientific, Inc., EMTN, 1.500%, 10/01/2039, (EUR)		118,400
	245,000	Thermo Fisher Scientific, Inc., EMTN, 1.875%, 10/01/2049, (EUR)(b)		298,213
	90,000	Time Warner Cable LLC, 4.500%, 9/15/2042		98,491
	85,000	Time Warner Cable LLC, 5.500%, 9/01/2041		104,175
	400,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		404,000
	1,635,000	Toyota Motor Credit Corp., MTN, 2.650%, 4/12/2022(b)		1,655,913
	635,000	TransDigm, Inc., 5.500%, 11/15/2027		652,463
	50,000	TransDigm, Inc., 7.500%, 3/15/2027		52,375
	2,615,000	TransDigm, Inc., 8.000%, 12/15/2025, 144A		2,788,244

See accompanying notes to financial statements.

| 56

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	615,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A	$	631,913
	75,000	Travel & Leisure Co., 6.000%, 4/01/2027		83,117
	90,000	Travel & Leisure Co., 6.625%, 7/31/2026, 144A		102,489
	5,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		5,500
	775,000	TriNet Group, Inc., 3.500%, 3/01/2029, 144A		776,938
	68,117	U.S. Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		71,663
	263,253	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		263,781
	4,366,097	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2022(b)(g)		4,427,040
	4,407,647	U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/2027(b)(g)		4,902,991
	12,489,112	U.S. Treasury Inflation Indexed Note, 0.625%, 4/15/2023(b)(g)		13,068,035
	36,290,000	U.S. Treasury Note, 0.125%, 1/31/2023(h)		36,271,572
	10,300,000	U.S. Treasury Note, 0.125%, 3/31/2023		10,289,941
	9,320,000	U.S. Treasury Note, 0.125%, 4/30/2023(b)		9,307,622
	23,105,000	U.S. Treasury Note, 0.125%, 5/31/2023		23,067,996
	13,295,000	U.S. Treasury Note, 0.750%, 3/31/2026(b)		13,201,000
	35,000,000	U.S. Treasury Note, 0.875%, 6/30/2026		34,876,953
	5,130,000	U.S. Treasury Note, 1.500%, 11/30/2021		5,142,123
	8,590,000	U.S. Treasury Note, 1.625%, 10/31/2026(b)		8,853,740
	14,060,000	U.S. Treasury Note, 1.625%, 8/15/2029(b)		14,320,330
	10,235,000	U.S. Treasury Note, 1.750%, 11/15/2029(b)(h)		10,518,062
	4,515,000	U.S. Treasury Note, 1.875%, 3/31/2022(b)		4,555,564
	4,700,000	U.S. Treasury Note, 2.875%, 5/15/2028(b)		5,183,770
	13,090,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		13,179,994
	10,745,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		11,523,905
	1,080,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		1,179,225
	357,118	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		355,643
	2,337,237	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029(b)		2,606,440
	195,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		200,119
	290,000	United Airlines, Inc., 4.625%, 4/15/2029, 144A		299,701
	390,000	Verizon Communications, Inc., 2.850%, 9/03/2041		380,628
	3,095,000	Verizon Communications, Inc., Series MPLE, 2.500%, 5/16/2030, (CAD)		2,425,858
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		76,687
	315,000	Weyerhaeuser Co., 7.375%, 3/15/2032		448,566
	1,595,000	Yum! Brands, Inc., 4.625%, 1/31/2032		1,702,662

				535,610,174

		Uruguay — 0.1%
	1,415,000	Uruguay Government International Bond, 4.375%, 1/23/2031(b)		1,636,066
	86,955,000	Uruguay Government International Bond, 8.250%, 5/21/2031, (UYU)		2,057,367

				3,693,433

		Total Non-Convertible Bonds (Identified Cost $1,351,965,492)		1,379,237,164


	Convertible Bonds — 2.0%
		United States — 2.0%
	3,485,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		3,565,804
	18,255,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		18,270,031
		United States — continued
	5,315,000	DISH Network Corp., Zero Coupon, 0.000%, 12/15/2025, 144A(c)		6,351,425
	545,000	DISH Network Corp., 2.375%, 3/15/2024		531,034
	21,905,000	DISH Network Corp., 3.375%, 8/15/2026		22,770,248
	4,220,000	Expedia Group, Inc., Zero Coupon, 0.000%, 2/15/2026, 144A(c)		4,556,127
	805,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%-0.979%, 4/01/2026, 144A(i)		731,534
	305,000	JetBlue Airways Corp., 0.500%, 4/01/2026, 144A		298,852
	1,345,000	Livongo Health, Inc., 0.875%, 6/01/2025		1,776,866
	6,525,000	Palo Alto Networks, Inc., 0.375%, 6/01/2025		10,773,255
	810,000	Peloton Interactive, Inc., Zero Coupon, 0.519%-1.734%, 2/15/2026, 144A(i)		713,031
	155,000	Penn National Gaming, Inc., 2.750%, 5/15/2026		494,605
	6,745,000	Southwest Airlines Co., 1.250%, 5/01/2025(b)		10,075,344
	820,000	Splunk, Inc., 1.125%, 6/15/2027		804,113
	9,500,000	Teladoc Health, Inc., 1.250%, 6/01/2027		9,542,147
	1,100,000	Twitter, Inc., Zero Coupon, 0.000%-1.483%, 3/15/2026, 144A(i)		1,021,174
	3,275,000	Uber Technologies, Inc., Zero Coupon, 0.000%, 12/15/2025, 144A(c)		3,185,365
	170,000	Zynga, Inc., Zero Coupon, 0.779%-0.859%, 12/15/2026, 144A(i)		164,156

		Total Convertible Bonds (Identified Cost $93,156,750)		95,625,111


	Municipals — 0.0%
		United States — 0.0%
	125,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $124,989)		130,525


		Total Bonds and Notes (Identified Cost $1,445,247,231)		1,474,992,800


	Senior Loans — 0.1%
		United States — 0.1%
	521,874	Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 1-month LIBOR + 3.000%, 3.500%, 8/02/2028(j)		523,048
	441,893	Jazz Financing Lux S.a.r.l., USD Term Loan, 1-month LIBOR + 3.500%, 4.000%, 5/05/2028(j)		442,392
	469,394	Medline Industries, Inc., USD Term Loan B, 9/20/2028(k)		468,366
	496,133	United Airlines, Inc., 2021 Term Loan B, 3-month LIBOR + 3.750%, 4.500%, 4/21/2028(j)		499,179

		Total Senior Loans (Identified Cost $1,919,951)		1,932,985


Shares
	Preferred Stocks — 0.0%
	Convertible Preferred Stocks — 0.0%
		United States — 0.0%
	38,952	El Paso Energy Capital Trust I, 4.750% (Identified Cost $1,828,520)		1,930,072

See accompanying notes to financial statements.

57 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 0.9%
$	45,159,597	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2021 at 0.000% to be repurchased at $45,159,597 on 10/01/2021 collateralized by $46,301,600 U.S. Treasury Note, 1.250% due 9/30/2028 valued at $46,062,869 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $45,159,597)	$	45,159,597


		Total Investments — 99.6% (Identified Cost $3,778,502,923)		4,855,887,463
		Other assets less liabilities — 0.4%		21,556,871

		Net Assets — 100.0%	$	4,877,444,334


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 1,000.
	(†††)	Amount shown represents principal amount including inflation adjustments.
	(††††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Non-income producing security.
	(b)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(c)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(d)	Illiquid security. (Unaudited)
	(e)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At September 30, 2021, the value of these securities amounted to $8,767,057 or 0.2% of net assets. See Note 2 of Notes to Financial Statements.
	(f)	Perpetual bond with no specified maturity date.
	(g)	Treasury Inflation Protected Security (TIPS).
	(h)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
	(i)	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.
	(j)	Variable rate security. Rate as of September 30, 2021 is disclosed.
	(k)	Position is unsettled. Contract rate was not determined at September 30, 2021 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021, the value of Rule 144A holdings amounted to $353,199,824 or 7.2% 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
	LIBOR	London Interbank Offered Rate
	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
	UYU	Uruguayan Peso
	ZAR	South African Rand

See accompanying notes to financial statements.

| 58

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)

At September 30, 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.		12/15/2021	KRW		B	5,850,000,000	$	5,020,597	$	4,935,617	$	(84,980	)
Bank of America, N.A.		12/15/2021	MXN		S	256,059,000		12,673,239		12,277,219		396,020
Bank of America, N.A.		12/02/2021	BRL		S	27,000,000		5,060,255		4,910,704		149,551
Citibank, N.A.		12/15/2021	ZAR		S	71,581,000		4,913,746		4,706,949		206,797
Credit Suisse International		12/15/2021	CAD		S	254,417,000		200,926,697		200,863,281		63,416
Credit Suisse International		12/15/2021	COP		S	38,844,665,000		10,113,165		10,152,288		(39,123	)
Credit Suisse International		12/15/2021	GBP		B	12,371,000		17,114,957		16,670,387		(444,570	)
Credit Suisse International		12/15/2021	JPY		B	11,200,164,000		101,668,095		100,696,676		(971,419	)
HSBC Bank USA		12/15/2021	AUD		B	18,075,000		13,467,231		13,071,622		(395,609	)
Morgan Stanley Capital Services, Inc.		12/15/2021	EUR		B	144,681,000		171,509,820		167,839,265		(3,670,555	)
Morgan Stanley Capital Services, Inc.		12/15/2021	NZD		S	6,003,000		4,274,376		4,141,899		132,477
UBS AG		12/15/2021	IDR		S	105,333,420,000		7,321,634		7,307,646		13,988
UBS AG		12/15/2021	SEK		B	7,350,000		856,151		840,125		(16,026	)

Total											$	(4,660,033	)

At September 30, 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.		12/15/2021	NOK	30,959,000		EUR	2,996,891	$	3,476,586	$	(62,832	)

At September 30, 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		12/21/2021	185	$	27,299,811	$	26,871,250	$	428,561
Ultra Long U.S. Treasury Bond		12/21/2021	40		7,882,086		7,642,500		239,586

Total								$	668,147

Industry Summary at September 30, 2021


Treasuries	12.9	%
Semiconductors & Semiconductor Equipment	8.9
IT Services	6.5
Interactive Media & Services	5.3
Software	5.2
Internet & Direct Marketing Retail	4.1
Life Sciences Tools & Services	4.0
Hotels, Restaurants & Leisure	4.0
Chemicals	3.9
Machinery	3.3
Capital Markets	3.2
Health Care Equipment & Supplies	3.1
Banking	2.2
Health Care Providers & Services	2.2
Food & Staples Retailing	2.0
Other Investments, less than 2% each	27.9
Short-Term Investments	0.9

Total Investments	99.6
Other assets less liabilities (including forward foreign currency and futures contracts)	0.4

Net Assets	100.0	%

Currency Exposure Summary at September 30, 2021


United States Dollar	75.2	%
Canadian Dollar	6.4
Euro	5.7
New Taiwan Dollar	2.2
Other, less than 2% each	10.1

Total Investments	99.6
Other assets less liabilities (including forward foreign currency and futures contracts)	0.4

Net Assets	100.0	%

See accompanying notes to financial statements.

59 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Growth Fund


Shares		Description	Value (†)
	Common Stocks — 99.0% of Net Assets
		Aerospace & Defense — 4.1%
	2,563,845	Boeing Co. (The)(a)	$	563,892,069

		Air Freight & Logistics — 2.1%
	2,461,694	Expeditors International of Washington, Inc.		293,261,606

		Beverages — 3.0%
	4,701,484	Monster Beverage Corp.(a)		417,632,824

		Biotechnology — 5.0%
	642,511	Regeneron Pharmaceuticals, Inc.(a)		388,834,807
	1,682,068	Vertex Pharmaceuticals, Inc.(a)		305,110,314

				693,945,121

		Capital Markets — 2.9%
	546,105	FactSet Research Systems, Inc.		215,591,332
	3,103,806	SEI Investments Co.		184,055,696

				399,647,028

		Communications Equipment — 1.8%
	4,532,387	Cisco Systems, Inc.		246,697,824

		Energy Equipment & Services — 1.5%
	6,727,536	Schlumberger NV		199,404,167

		Entertainment — 3.1%
	2,539,005	Walt Disney Co. (The)(a)		429,523,476

		Health Care Equipment & Supplies — 1.4%
	199,487	Intuitive Surgical, Inc.(a)		198,320,001

		Health Care Technology — 0.9%
	1,736,498	Cerner Corp.		122,457,839

		Hotels, Restaurants & Leisure — 4.6%
	3,068,017	Starbucks Corp.		338,432,955
	2,064,960	Yum China Holdings, Inc.		119,994,826
	1,452,062	Yum! Brands, Inc.		177,601,703

				636,029,484

		Household Products — 1.2%
	2,148,239	Colgate-Palmolive Co.		162,363,904

		Interactive Media & Services — 13.5%
	185,959	Alphabet, Inc., Class A(a)		497,165,106
	185,703	Alphabet, Inc., Class C(a)		494,956,063
	2,535,412	Facebook, Inc., Class A(a)		860,493,478

				1,852,614,647

		Internet & Direct Marketing Retail — 9.4%
	2,727,205	Alibaba Group Holding Ltd., Sponsored ADR(a)		403,762,700
	269,186	Amazon.com, Inc.(a)		884,286,778

				1,288,049,478

		IT Services — 5.9%
	510,413	Automatic Data Processing, Inc.		102,041,767
	3,204,895	Visa, Inc., Class A		713,890,361

				815,932,128

		Life Sciences Tools & Services — 2.2%
	749,729	Illumina, Inc.(a)		304,097,580

		Machinery — 2.6%
	1,080,265	Deere & Co.		361,964,394

		Pharmaceuticals — 6.2%
	4,501,930	Novartis AG, Sponsored ADR		368,167,835
	1,507,774	Novo Nordisk A/S, Sponsored ADR		144,761,382
	7,478,844	Roche Holding AG, Sponsored ADR		340,063,037

				852,992,254

		Semiconductors & Semiconductor Equipment — 8.5%
	4,384,032	NVIDIA Corp.		908,196,069
	1,982,057	QUALCOMM, Inc.		255,645,712

				1,163,841,781

		Software — 19.1%
	2,088,760	Autodesk, Inc.(a)		595,651,689
	2,279,290	Microsoft Corp.		642,577,437
	7,165,695	Oracle Corp.		624,347,005
	2,117,114	salesforce.com, Inc.(a)		574,203,659
	756,354	Workday, Inc., Class A(a)		189,005,301

				2,625,785,091

		Total Common Stocks (Identified Cost $7,044,124,379)		13,628,452,696


Principal Amount
	Short-Term Investments — 0.9%
$	130,851,234	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2021 at 0.000% to be repurchased at $130,851,234 on 10/01/2021 collateralized by $112,570,100 U.S. Treasury Inflation Indexed Note, 0.250% due 7/15/2029 valued at $133,468,279 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $130,851,234)		130,851,234


		Total Investments — 99.9% (Identified Cost $7,174,975,613)		13,759,303,930
		Other assets less liabilities — 0.1%		9,330,227

		Net Assets — 100.0%	$	13,768,634,157


	(†)	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 September 30, 2021


Software	19.1	%
Interactive Media & Services	13.5
Internet & Direct Marketing Retail	9.4
Semiconductors & Semiconductor Equipment	8.5
Pharmaceuticals	6.2
IT Services	5.9
Biotechnology	5.0
Hotels, Restaurants & Leisure	4.6
Aerospace & Defense	4.1
Entertainment	3.1
Beverages	3.0
Capital Markets	2.9
Machinery	2.6
Life Sciences Tools & Services	2.2
Air Freight & Logistics	2.1
Other Investments, less than 2% each	6.8
Short-Term Investments	0.9

Total Investments	99.9
Other assets less liabilities	0.1

Net Assets	100.0	%

See accompanying notes to financial statements.

| 60

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Intermediate Duration Bond Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 95.6% of Net Assets
		ABS Car Loan — 7.6%
$	754,600	American Credit Acceptance Receivables Trust, Series 2019-4, Class C, 2.690%, 12/12/2025, 144A	$	760,840
	90,000	American Credit Acceptance Receivables Trust, Series 2020-2, Class B, 2.480%, 9/13/2024, 144A		90,646
	135,000	American Credit Acceptance Receivables Trust, Series 2020-3, Class B, 1.150%, 8/13/2024, 144A		135,385
	240,000	American Credit Acceptance Receivables Trust, Series 2020-4, Class C, 1.310%, 12/14/2026, 144A		241,827
	385,000	American Credit Acceptance Receivables Trust, Series 2021-3, Class B, 0.660%, 2/13/2026, 144A		385,399
	510,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class B, 3.580%, 10/18/2024		514,704
	480,000	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class B, 2.540%, 7/18/2024		486,965
	423,830	AmeriCredit Automobile Receivables Trust, Series 2019-3, Class A3, 2.060%, 4/18/2024		426,080
	333,554	AmeriCredit Automobile Receivables Trust, Series 2020-1, Class A3, 1.110%, 8/19/2024		334,757
	110,000	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A3, 0.660%, 12/18/2024		110,390
	265,000	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class B, 0.970%, 2/18/2026		267,102
	125,000	AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C, 1.060%, 8/18/2026		125,832
	215,000	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.690%, 1/19/2027		214,575
	100,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.450%, 3/20/2023, 144A		100,791
	140,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		149,227
	266,086	Bank of The West Auto Trust, Series 2019-1, Class A3, 2.430%, 4/15/2024, 144A		268,446
	397,682	Capital One Prime Auto Receivables Trust, Series 2019-2, Class A3, 1.920%, 5/15/2024		401,589
	488,317	CarMax Auto Owner Trust, Series 2020-2, Class A3, 1.700%, 11/15/2024		492,788
	485,000	CarMax Auto Owner Trust, Series 2020-3, Class A3, 0.620%, 3/17/2025		486,699
	220,000	Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.750%, 3/10/2028		219,439
	90,730	CPS Auto Receivables Trust, Series 2020-A, Class B, 2.360%, 2/15/2024, 144A		91,009
	595,000	Credit Acceptance Auto Loan Trust, Series 2019-3A, Class A, 2.380%, 11/15/2028, 144A		603,431
	435,000	Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.010%, 2/15/2029, 144A		441,098
	585,000	Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.390%, 4/16/2029, 144A		600,170
	315,000	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class A, 1.370%, 7/16/2029, 144A		318,116
	265,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.000%, 5/15/2030, 144A		265,146
	17,852	Drive Auto Receivables Trust, Series 2019-3, Class B, 2.650%, 2/15/2024		17,870
	405,000	Drive Auto Receivables Trust, Series 2021-1, Class B, 0.650%, 7/15/2025		406,111
	585,000	Drive Auto Receivables Trust, Series 2021-2, Class B, 0.580%, 12/15/2025		585,131
	113,355	DT Auto Owner Trust, Series 2019-1A, Class C, 3.610%, 11/15/2024, 144A		113,946
	227,705	DT Auto Owner Trust, Series 2019-2A, Class C, 3.180%, 2/18/2025, 144A		229,848
		ABS Car Loan — continued
	54,981	DT Auto Owner Trust, Series 2019-4A, Class B, 2.360%, 1/16/2024, 144A		55,120
	46,171	DT Auto Owner Trust, Series 2020-2A, Class A, 1.140%, 1/16/2024, 144A		46,281
	320,000	DT Auto Owner Trust, Series 2020-2A, Class C, 3.280%, 3/16/2026, 144A		332,032
	30,000	DT Auto Owner Trust, Series 2021-1A, Class B, 0.620%, 9/15/2025, 144A		30,046
	300,000	DT Auto Owner Trust, Series 2021-2A, Class B, 0.810%, 1/15/2027, 144A		300,766
	87,755	Exeter Automobile Receivables Trust, Series 2020-1A, Class B, 2.260%, 4/15/2024, 144A		88,006
	440,000	Exeter Automobile Receivables Trust, Series 2020-2A, Class C, 3.280%, 5/15/2025, 144A		451,450
	275,000	Exeter Automobile Receivables Trust, Series 2021-1A, Class B, 0.500%, 2/18/2025		275,187
	330,000	Exeter Automobile Receivables Trust, Series 2021-2A, Class B, 0.570%, 9/15/2025		330,432
	70,339	First Investors Auto Owner Trust, Series 2019-2A, Class A, 2.210%, 9/16/2024, 144A		70,655
	392,379	Flagship Credit Auto Trust, Series 2018-4, Class B, 3.880%, 10/16/2023, 144A		393,954
	235,037	Flagship Credit Auto Trust, Series 2020-1, Class A, 1.900%, 8/15/2024, 144A(a)		236,734
	915,000	Flagship Credit Auto Trust, Series 2020-1, Class B, 2.050%, 2/17/2025, 144A		926,114
	290,000	Flagship Credit Auto Trust, Series 2021-2, Class B, 0.930%, 6/15/2027, 144A		290,557
	595,000	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/2031, 144A(a)		637,087
	167,511	Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.040%, 8/15/2024		168,423
	785,000	Ford Credit Auto Owner Trust, Series 2020-B, Class A3, 0.560%, 10/15/2024(a)		787,211
	570,000	Ford Credit Auto Owner Trust, Series 2021-1, Class A, 1.370%, 10/17/2033, 144A		572,407
	635,000	Ford Credit Floorplan Master Owner Trust, Series 2019-1, Class A, 2.840%, 3/15/2024		642,440
	260,000	GLS Auto Receivables Issuer Trust, Series 2019-4A, Class B, 2.780%, 9/16/2024, 144A		263,837
	77,251	GLS Auto Receivables Issuer Trust, Series 2020-2A, Class A, 1.580%, 8/15/2024, 144A		77,571
	300,000	GLS Auto Receivables Issuer Trust, Series 2020-3A, Class B, 1.380%, 8/15/2024, 144A		301,683
	265,000	GLS Auto Receivables Issuer Trust, Series 2020-4A, Class C, 1.140%, 11/17/2025, 144A		266,284
	42,419	GLS Auto Receivables Trust, Series 2018-3A, Class B, 3.780%, 8/15/2023, 144A		42,560
	340,000	GLS Auto Receivables Trust, Series 2021-2A, Class B, 0.770%, 9/15/2025, 144A		340,102
	140,000	GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.800%, 7/20/2023		140,578
	251,157	GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class A3, 2.180%, 4/16/2024		253,528
	145,000	GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.490%, 12/16/2024		146,308
	180,000	GMF Floorplan Owner Revolving Trust, Series 2020-1, Class A, 0.680%, 8/15/2025, 144A		180,688
	74,395	Honda Auto Receivables Owner Trust, Series 2020-2, Class A2, 0.740%, 11/15/2022		74,444
	455,000	Honda Auto Receivables Owner Trust, Series 2020-2, Class A3, 0.820%, 7/15/2024		457,350
	298,925	Hyundai Auto Receivables Trust, Series 2019-B, Class A3, 1.940%, 2/15/2024		301,420

See accompanying notes to financial statements.

61 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	170,000	Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.410%, 11/15/2024	$	171,910
	290,000	Mercedes-Benz Auto Receivables Trust, Series 2020-1, Class A3, 0.550%, 2/18/2025		290,797
	310,000	NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 3.690%, 10/15/2023, 144A		310,384
	865,000	NextGear Floorplan Master Owner Trust, Series 2020-1A, Class A2, 1.550%, 2/15/2025, 144A(a)		878,379
	17,262	Prestige Auto Receivables Trust, Series 2019-1A, Class A3, 2.450%, 5/15/2023, 144A(a)		17,277
	695,000	Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.310%, 11/16/2026, 144A		699,506
	210,000	Santander Consumer Auto Receivables Trust, Series 2020-AA, Class C, 3.710%, 2/17/2026, 144A		219,339
	300,000	Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3, 0.460%, 8/15/2024, 144A		300,342
	306,709	Santander Drive Auto Receivables Trust, Series 2019-2, Class C, 2.900%, 10/15/2024		308,860
	68,140	Santander Drive Auto Receivables Trust, Series 2020-1, Class A3, 2.030%, 2/15/2024		68,275
	90,717	Santander Drive Auto Receivables Trust, Series 2020-2, Class A3, 0.670%, 4/15/2024		90,759
	520,000	Santander Drive Auto Receivables Trust, Series 2020-2, Class B, 0.960%, 11/15/2024		522,054
	615,000	Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.120%, 1/15/2026		618,876
	170,000	Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.010%, 1/15/2026		171,099
	460,000	Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.900%, 6/15/2026		461,614
	745,000	Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.950%, 9/15/2027		746,348
	440,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.350%, 5/25/2033, 144A		446,090
	200,000	Toyota Auto Receivables Owner Trust, Series 2020-B, Class A3, 1.360%, 8/15/2024		201,809
	190,270	Westlake Automobile Receivables Trust, Series 2019-2A, Class B, 2.620%, 7/15/2024, 144A(a)		190,488
	202,440	Westlake Automobile Receivables Trust, Series 2019-3A, Class B, 2.410%, 10/15/2024, 144A		203,098
	311,812	Westlake Automobile Receivables Trust, Series 2020-2A, Class A2A, 0.930%, 2/15/2024, 144A(a)		312,432
	400,000	Westlake Automobile Receivables Trust, Series 2020-2A, Class C, 2.010%, 7/15/2025, 144A		407,330
	590,000	Westlake Automobile Receivables Trust, Series 2021-1A, Class B, 0.640%, 3/16/2026, 144A		591,079
	270,000	Westlake Automobile Receivables Trust, Series 2021-2A, Class B, 0.620%, 7/15/2026, 144A		269,951
	4,855	World Omni Auto Receivables Trust, Series 2017-B, Class A3, 1.950%, 2/15/2023		4,862
	635,000	World Omni Auto Receivables Trust, Series 2020-B, Class A3, 0.630%, 5/15/2025		637,378
	310,000	World Omni Select Auto Trust, Series 2020-A, Class A3, 0.550%, 7/15/2025		310,481
	360,000	World Omni Select Auto Trust, Series 2021-A, Class B, 0.850%, 8/16/2027		358,952

				29,176,381

		ABS Credit Card — 0.6%
	620,000	American Express Credit Account Master Trust, Series 2019-1, Class A, 2.870%, 10/15/2024		627,693
		ABS Credit Card — continued
	925,000	Barclays Dryrock Issuance Trust, Series 2019-1, Class A, 1.960%, 5/15/2025(a)		938,030
	585,000	World Financial Network Credit Card Master Trust, Series 2019-C, Class A, 2.210%, 7/15/2026		596,034

				2,161,757

		ABS Home Equity — 0.0%
	106,445	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		107,096
	2,482	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		2,518
	13,283	Mill City Mortgage Loan Trust, Series 2016-1, Class A1, 2.500%, 4/25/2057, 144A(b)		13,324

				122,938

		ABS Other — 1.4%
	395,000	Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.030%, 8/17/2026, 144A		395,459
	565,000	Aqua Finance Trust, Series 2021-A, Class A, 1.540%, 7/17/2046, 144A(c)		564,912
	244,914	Chesapeake Funding II LLC, Series 2020-1A, Class A1, 0.870%, 8/16/2032, 144A		246,112
	75,924	CNH Equipment Trust, Series 2020-A, Class A2, 1.080%, 7/17/2023		75,978
	250,000	CNH Equipment Trust, Series 2020-A, Class A3, 1.160%, 6/16/2025		252,160
	88,816	Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.700%, 1/21/2031, 144A		91,966
	795,000	Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.560%, 12/11/2034, 144A		795,915
	255,000	Kubota Credit Owner Trust, Series 2020-1A, Class A3, 1.960%, 3/15/2024, 144A		258,948
	174,286	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(b)		168,727
	118,291	MVW LLC, Series 2020-1A, Class A, 1.740%, 10/20/2037, 144A		119,535
	265,725	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.300%, 3/14/2029, 144A(a)		266,391
	251,884	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		249,818
	27,755	Sierra Timeshare Conduit Receivables Funding LLC, Series 2017-1A, Class A, 2.910%, 3/20/2034, 144A		27,941
	162,734	Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A, 1.330%, 7/20/2037, 144A		163,666
	1,504,466	Verizon Owner Trust, Series 2019-B, Class A1A, 2.330%, 12/20/2023(a)		1,518,104
	73,242	Wheels SPV 2 LLC, Series 2019-1A, Class A2, 2.300%, 5/22/2028, 144A		73,609

				5,269,241

		ABS Student Loan — 0.1%
	21,284	Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650%, 1/25/2041, 144A		21,329
	153,076	Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.850%, 5/25/2033		161,140
	94,316	Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.170%, 9/16/2069, 144A		96,679
	130,925	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		131,804
	8,408	North Carolina State Education Assistance Authority, Series 2011-2, Class A2, 3-month LIBOR + 0.800%, 0.925%, 7/25/2025(d)		8,425
	35,118	SoFi Professional Loan Program LLC, Series 2016-B, Class A2B, 2.740%, 10/25/2032, 144A		35,443

See accompanying notes to financial statements.

| 62

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		ABS Student Loan — continued
$	66,954	SoFi Professional Loan Program LLC, Series 2017-E, Class A2B, 2.720%, 11/26/2040, 144A	$	67,945

				522,765

		ABS Whole Business — 0.1%
	518,950	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.666%, 9/05/2048, 144A		533,334

		Aerospace & Defense — 0.2%
	640,000	Raytheon Technologies Corp., 1.900%, 9/01/2031		621,013
	29,000	Raytheon Technologies Corp., 3.650%, 8/16/2023		30,632

				651,645

		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)		527,900
	701,647	FHLMC Multifamily Structured Pass Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024(a)		741,067
	1,175,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ26, Class A2, 2.606%, 7/25/2027(a)		1,250,283
	69,553	FHLMC Multifamily Structured Pass Through Certificates, Series KJ28, Class A1, 1.766%, 2/25/2025		70,206

				2,589,456

		Automotive — 2.5%
	1,440,000	American Honda Finance Corp., MTN, 0.875%, 7/07/2023		1,451,257
	145,000	American Honda Finance Corp., MTN, 3.625%, 10/10/2023		154,070
	160,000	Daimler Finance North America LLC, 3.350%, 2/22/2023, 144A		166,273
	665,000	Denso Corp., 1.239%, 9/16/2026, 144A		660,157
	360,000	General Motors Financial Co., Inc., 4.150%, 6/19/2023		380,476
	295,000	Harley-Davidson Financial Services, Inc., 3.350%, 6/08/2025, 144A		313,252
	220,000	Harley-Davidson Financial Services, Inc., 4.050%, 2/04/2022, 144A		222,668
	1,295,000	Hyundai Capital America, 2.100%, 9/15/2028, 144A		1,276,280
	195,000	Hyundai Capital America, 2.375%, 2/10/2023, 144A		199,293
	95,000	Hyundai Capital America, 3.000%, 6/20/2022, 144A		96,639
	240,000	Kia Corp., 1.000%, 4/16/2024, 144A		240,083
	275,000	Nissan Motor Acceptance Co. LLC, 3.450%, 3/15/2023, 144A		284,613
	105,000	PACCAR Financial Corp., MTN, 0.800%, 6/08/2023		105,601
	160,000	PACCAR Financial Corp., MTN, 1.800%, 2/06/2025		164,705
	955,000	PACCAR Financial Corp., MTN, 1.900%, 2/07/2023		974,740
	1,150,000	Toyota Motor Credit Corp., 1.900%, 9/12/2031		1,128,946
	250,000	Toyota Motor Credit Corp., MTN, 1.150%, 5/26/2022		251,557
	295,000	Toyota Motor Credit Corp., MTN, 1.800%, 10/07/2021		295,033
	480,000	Toyota Motor Credit Corp., MTN, 1.900%, 4/06/2028		486,329
	275,000	Volkswagen Group of America Finance LLC, 3.350%, 5/13/2025, 144A		294,005
	290,000	Volkswagen Group of America Finance LLC, 4.250%, 11/13/2023, 144A		311,045

				9,457,022

		Banking — 16.8%
	1,165,000	Ally Financial, Inc., 3.050%, 6/05/2023		1,208,602
	495,000	American Express Co., 3.700%, 8/03/2023		523,490
		Banking — continued
	625,000	ANZ New Zealand International Ltd., 1.900%, 2/13/2023, 144A		638,338
	1,190,000	Australia & New Zealand Banking Group Ltd., MTN, 2.050%, 11/21/2022		1,215,081
	800,000	Banco Bilbao Vizcaya Argentaria S.A., 0.875%, 9/18/2023		804,848
	805,000	Bank of America Corp., MTN, (fixed rate to 6/14/2028, variable rate thereafter), 2.087%, 6/14/2029		803,708
	395,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		423,334
	910,000	Bank of Ireland Group PLC, (fixed rate to 9/30/2026, variable rate thereafter), 2.029%, 9/30/2027, 144A		909,470
	175,000	Bank of Montreal, MTN, 1.850%, 5/01/2025		180,075
	655,000	Bank of New York Mellon Corp. (The), MTN, 1.600%, 4/24/2025		669,537
	595,000	Bank of New York Mellon Corp. (The), MTN, 1.800%, 7/28/2031		581,588
	1,235,000	Bank of New Zealand, 2.000%, 2/21/2025, 144A		1,270,718
	1,325,000	Bank of Nova Scotia (The), 1.300%, 9/15/2026		1,315,263
	870,000	Bank of Nova Scotia (The), 2.000%, 11/15/2022		887,065
	280,000	Bank of Nova Scotia (The), 2.150%, 8/01/2031		277,914
	200,000	Banque Federative du Credit Mutuel S.A., 2.375%, 11/21/2024, 144A		208,408
	460,000	Banque Federative du Credit Mutuel S.A., 2.700%, 7/20/2022, 144A		469,095
	485,000	Banque Federative du Credit Mutuel S.A., 3.750%, 7/20/2023, 144A		513,137
	795,000	Barclays PLC, (fixed rate to 5/16/2023, variable rate thereafter), 4.338%, 5/16/2024		841,520
	215,000	BNP Paribas S.A., (fixed rate to 1/13/2026, variable rate thereafter), 1.323%, 1/13/2027, 144A		211,390
	450,000	BNP Paribas S.A., (fixed rate to 4/19/2031, variable rate thereafter), 2.871%, 4/19/2032, 144A		459,569
	675,000	BNP Paribas S.A., (fixed rate to 6/09/2025, variable rate thereafter), 2.219%, 6/09/2026, 144A		692,807
	645,000	BNP Paribas S.A., (fixed rate to 9/15/2028, variable rate thereafter), 2.159%, 9/15/2029, 144A		639,846
	505,000	Capital One Financial Corp., (fixed rate to 7/29/2031, variable rate thereafter), 2.359%, 7/29/2032		494,410
	940,000	Citigroup, Inc., (fixed rate to 11/04/2021, variable rate thereafter), 2.312%, 11/04/2022		941,439
	510,000	Citigroup, Inc., (fixed rate to 4/08/2025, variable rate thereafter), 3.106%, 4/08/2026		541,493
	230,000	Citigroup, Inc., (fixed rate to 5/01/2024, variable rate thereafter), 0.981%, 5/01/2025		230,745
	225,000	Comerica, Inc., 3.700%, 7/31/2023		237,632
	715,000	Commonwealth Bank of Australia, 1.875%, 9/15/2031, 144A		702,212
	660,000	Cooperatieve Rabobank U.A., 2.750%, 1/10/2023		680,458
	320,000	Cooperatieve Rabobank U.A., (fixed rate to 2/24/2026, variable rate thereafter), 1.106%, 2/24/2027, 144A		315,436
	750,000	Credit Agricole S.A., (fixed rate to 6/16/2025, variable rate thereafter), 1.907%, 6/16/2026, 144A		764,267
	575,000	Credit Suisse AG, 1.250%, 8/07/2026		566,833
	405,000	Credit Suisse AG, 2.100%, 11/12/2021		405,846
	725,000	Credit Suisse Group AG, (fixed rate to 5/14/2031, variable rate thereafter), 3.091%, 5/14/2032, 144A		741,331
	940,000	Danske Bank A/S, 3.875%, 9/12/2023, 144A		994,483
	800,000	Danske Bank A/S, (fixed rate to 9/10/2024, variable rate thereafter), 0.976%, 9/10/2025, 144A		798,658

See accompanying notes to financial statements.

63 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Banking — continued
$	250,000	Deutsche Bank AG, (fixed rate to 11/24/2025, variable rate thereafter), 2.129%, 11/24/2026	$	253,942
	395,000	Deutsche Bank AG, (fixed rate to 11/26/2024, variable rate thereafter), 3.961%, 11/26/2025		427,197
	205,000	DNB Bank ASA, 2.150%, 12/02/2022, 144A		209,689
	790,000	DNB Bank ASA, (fixed rate to 9/16/2025, variable rate thereafter), 1.127%, 9/16/2026, 144A		780,481
	520,000	Goldman Sachs Group, Inc. (The), (fixed rate to 10/31/2021, variable rate thereafter), 2.876%, 10/31/2022		520,901
	510,000	Goldman Sachs Group, Inc. (The), (fixed rate to 12/09/2025, variable rate thereafter), 1.093%, 12/09/2026		502,566
	480,000	Goldman Sachs Group, Inc. (The), (fixed rate to 3/09/2026, variable rate thereafter), 1.431%, 3/09/2027		478,680
	605,000	HSBC Holdings PLC, (fixed rate to 5/24/2031, variable rate thereafter), 2.804%, 5/24/2032		613,148
	790,000	HSBC Holdings PLC, (fixed rate to 8/17/2028, variable rate thereafter), 2.206%, 8/17/2029		783,569
	520,000	HSBC Holdings PLC, (fixed rate to 9/12/2025, variable rate thereafter), 4.292%, 9/12/2026		573,629
	865,000	JPMorgan Chase & Co., (fixed rate to 11/19/2025, variable rate thereafter), 1.045%, 11/19/2026		851,880
	535,000	JPMorgan Chase & Co., (fixed rate to 4/01/2022, variable rate thereafter), 3.207%, 4/01/2023		542,479
	1,070,000	JPMorgan Chase & Co., (fixed rate to 6/01/2028, variable rate thereafter), 2.069%, 6/01/2029		1,072,410
	1,520,000	JPMorgan Chase & Co., (fixed rate to 6/23/2024, variable rate thereafter), 0.969%, 6/23/2025		1,521,864
	495,000	Lloyds Banking Group PLC, 4.050%, 8/16/2023		527,021
	375,000	Lloyds Banking Group PLC, (fixed rate to 7/09/2024, variable rate thereafter), 3.870%, 7/09/2025		404,321
	1,195,000	Macquarie Bank Ltd., 2.100%, 10/17/2022, 144A		1,217,881
	65,000	Macquarie Bank Ltd., 2.300%, 1/22/2025, 144A		67,606
	595,000	Macquarie Group Ltd., (fixed rate to 6/23/2031, variable rate thereafter), 2.691%, 6/23/2032, 144A		594,112
	280,000	Mitsubishi UFJ Financial Group, Inc., (fixed rate to 7/20/2031, variable rate thereafter), 2.309%, 7/20/2032		277,413
	600,000	Mizuho Financial Group, Inc., (fixed rate to 7/9/2031, variable rate thereafter), 2.260%, 7/09/2032		591,293
	910,000	Morgan Stanley, (fixed rate to 5/30/2024, variable rate thereafter), 0.790%, 5/30/2025		907,206
	570,000	Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027		567,290
	930,000	National Australia Bank Ltd., 3.700%, 11/04/2021		932,502
	625,000	National Bank of Canada, 2.150%, 10/07/2022, 144A		636,893
	620,000	Nationwide Building Society, (fixed rate to 3/08/2023, variable rate thereafter), 3.766%, 3/08/2024, 144A		646,375
	570,000	NatWest Markets PLC, 0.800%, 8/12/2024, 144A		568,797
	1,215,000	NatWest Markets PLC, 1.600%, 9/29/2026, 144A		1,214,337
	1,020,000	NatWest Markets PLC, 3.625%, 9/29/2022, 144A		1,053,648
	1,305,000	Nordea Bank Abp, 1.500%, 9/30/2026, 144A		1,301,124
	210,000	Northern Trust Corp., (fixed rate to 5/08/2027, variable rate thereafter), 3.375%, 5/08/2032		226,061
	1,215,000	Royal Bank of Canada, 0.650%, 7/29/2024		1,212,424
	410,000	Royal Bank of Canada, 1.200%, 4/27/2026		407,465
	690,000	Santander Holdings USA, Inc., 3.450%, 6/02/2025		738,818
	245,000	Societe Generale S.A., 1.375%, 7/08/2025, 144A		245,191
	935,000	Societe Generale S.A., (fixed rate to 6/9/2026, variable rate thereafter), 1.792%, 6/09/2027, 144A		929,926
		Banking — continued
	820,000	Standard Chartered PLC, (fixed rate to 1/30/2025, variable rate thereafter), 2.819%, 1/30/2026, 144A		853,941
	375,000	Standard Chartered PLC, (fixed rate to 6/29/2031, variable rate thereafter), 2.678%, 6/29/2032, 144A		373,091
	245,000	State Street Corp., (fixed rate to 3/30/2025, variable rate thereafter), 2.901%, 3/30/2026		259,915
	305,000	State Street Corp., (fixed rate to 5/15/2022, variable rate thereafter), 2.653%, 5/15/2023		309,457
	1,540,000	Sumitomo Mitsui Financial Group, Inc., 1.902%, 9/17/2028		1,521,922
	545,000	Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/2024		572,451
	235,000	Sumitomo Mitsui Financial Group, Inc., 2.784%, 7/12/2022		239,581
	840,000	Sumitomo Mitsui Trust Bank Ltd., 0.850%, 3/25/2024, 144A		842,039
	515,000	Svenska Handelsbanken AB, 3.900%, 11/20/2023		553,315
	1,400,000	Swedbank AB, 1.300%, 6/02/2023, 144A		1,419,936
	75,000	Synchrony Financial, 4.250%, 8/15/2024		81,045
	675,000	Toronto-Dominion Bank (The), 0.750%, 9/11/2025		666,338
	1,260,000	Toronto-Dominion Bank (The), MTN, 1.250%, 9/10/2026		1,250,893
	700,000	Toronto-Dominion Bank (The), MTN, 1.900%, 12/01/2022		713,066
	770,000	Truist Financial Corp., MTN, 3.050%, 6/20/2022		783,830
	515,000	Truist Financial Corp., MTN, (fixed rate to 6/7/2028, variable rate thereafter), 1.887%, 6/07/2029		514,498
	1,565,000	UBS Group AG, (fixed rate to 8/10/2026, variable rate thereafter), 1.494%, 8/10/2027, 144A		1,548,035
	665,000	UniCredit SpA, 3.750%, 4/12/2022, 144A		675,950
	375,000	UniCredit SpA, (fixed rate to 6/03/2026, variable rate thereafter), 1.982%, 6/03/2027, 144A		374,050
	585,000	UniCredit SpA, (fixed rate to 9/22/2025, variable rate thereafter), 2.569%, 9/22/2026, 144A		594,796
	340,000	Wells Fargo & Co., (fixed rate to 4/30/2025, variable rate thereafter), 2.188%, 4/30/2026		350,926
	680,000	Westpac Banking Corp., 2.150%, 6/03/2031		685,981
	195,000	Westpac Banking Corp., 2.800%, 1/11/2022		196,418

				63,941,659

		Brokerage — 1.4%
	415,000	Ameriprise Financial, Inc., 3.000%, 3/22/2022		420,240
	1,270,000	Blackstone Holdings Finance Co. LLC, 2.000%, 1/30/2032, 144A		1,220,285
	970,000	Blackstone Private Credit Fund, 2.625%, 12/15/2026, 144A		966,998
	560,000	Blue Owl Finance LLC, 3.125%, 6/10/2031, 144A		553,875
	155,000	Brookfield Finance I UK PLC, 2.340%, 1/30/2032		152,514
	230,000	Charles Schwab Corp. (The), 2.000%, 3/20/2028		234,749
	465,000	Intercontinental Exchange, Inc., 2.100%, 6/15/2030		459,880
	1,300,000	National Securities Clearing Corp., 1.200%, 4/23/2023, 144A(a)		1,318,087

				5,326,628

		Building Materials — 0.1%
	270,000	Eagle Materials, Inc., 2.500%, 7/01/2031		268,308

		Chemicals — 0.4%
	360,000	Cabot Corp., 4.000%, 7/01/2029		393,297
	960,000	Nutrien Ltd., 1.900%, 5/13/2023		980,656

				1,373,953

		Collateralized Mortgage Obligations — 1.3%
	364,105	Government National Mortgage Association, Series 2010-H02, Class FA, 1-month LIBOR + 0.680%, 0.768%, 2/20/2060(d)		365,778

See accompanying notes to financial statements.

| 64

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	222,724	Government National Mortgage Association, Series 2010-H03, Class FA, 1-month LIBOR + 0.550%, 0.638%, 3/20/2060(d)	$	223,678
	129,132	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 0.603%, 7/20/2064(d)		129,960
	102,462	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 0.590%, 7/20/2064(d)		103,044
	529	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065(c)(e)		531
	264,307	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065(a)		270,735
	392,767	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 1.010%, 2/20/2066(a)(d)		398,821
	1,204,073	Government National Mortgage Association, Series 2018-H17, Class JA, 3.750%, 9/20/2068(a)(b)		1,297,826
	292,751	Government National Mortgage Association, Series 2019-H01, Class FL, 1-month LIBOR + 0.450%, 0.540%, 12/20/2068(d)		293,490
	991,904	Government National Mortgage Association, Series 2019-H01, Class FT, 1-month LIBOR + 0.400%, 0.490%, 10/20/2068(a)(d)		993,121
	920,362	Government National Mortgage Association, Series 2019-H10, Class FM, 1-month LIBOR + 0.400%, 0.490%, 5/20/2069(a)(d)		920,676

				4,997,660

		Construction Machinery — 0.2%
	240,000	Ashtead Capital, Inc., 2.450%, 8/12/2031, 144A		235,929
	275,000	Caterpillar Financial Services Corp., MTN, 0.950%, 5/13/2022		276,308
	300,000	CNH Industrial Capital LLC, 1.950%, 7/02/2023		306,653

				818,890

		Consumer Cyclical Services — 0.4%
	1,255,000	eBay, Inc., 1.400%, 5/10/2026		1,259,036
	165,000	Expedia Group, Inc., 6.250%, 5/01/2025, 144A		190,234

				1,449,270

		Consumer Products — 0.1%
	205,000	Hasbro, Inc., 3.550%, 11/19/2026		223,160

		Diversified Manufacturing — 0.6%
	135,000	Amphenol Corp., 2.050%, 3/01/2025		139,303
	265,000	Amphenol Corp., 2.200%, 9/15/2031		262,797
	465,000	Honeywell International, Inc., 1.750%, 9/01/2031		453,156
	745,000	Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 2.000%, 9/16/2031		725,523
	225,000	Kennametal, Inc., 4.625%, 6/15/2028		253,235
	135,000	Timken Co. (The), 4.500%, 12/15/2028		150,616
	275,000	WW Grainger, Inc., 1.850%, 2/15/2025		283,441

				2,268,071

		Electric — 3.5%
	370,000	AES Corp. (The), 1.375%, 1/15/2026		365,143
	435,000	AES Corp. (The), 3.300%, 7/15/2025, 144A		462,066
	360,000	Alliant Energy Finance LLC, 4.250%, 6/15/2028, 144A		407,329
	465,000	Ameren Corp., 1.750%, 3/15/2028		455,718
	370,000	Arizona Public Service Co., 2.200%, 12/15/2031		365,675
	120,000	Consolidated Edison Co. of New York, Inc., Series B, 2.900%, 12/01/2026		127,078
	225,000	Dominion Energy, Inc., 3.071%, 8/15/2024		237,827
	270,000	DTE Energy Co., 2.250%, 11/01/2022		275,401
		Electric — continued
	1,135,000	Duke Energy Carolinas LLC, 3.050%, 3/15/2023		1,177,212
	570,000	Duke Energy Corp., 0.900%, 9/15/2025		565,076
	635,000	Enel Finance International NV, 1.875%, 7/12/2028, 144A		632,395
	605,000	Entergy Corp., 0.900%, 9/15/2025		594,899
	116,000	Exelon Generation Co. LLC, 4.250%, 6/15/2022		118,015
	188,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		196,027
	900,000	NextEra Energy Capital Holdings, Inc., 0.650%, 3/01/2023		903,043
	730,000	Ohio Power Co., 2.900%, 10/01/2051		705,375
	765,000	Pacific Gas & Electric Co., 3-month LIBOR + 1.375%, 1.500%, 11/15/2021(d)		765,309
	370,000	Pacific Gas & Electric Co., 3.000%, 6/15/2028		376,514
	370,000	PSEG Power LLC, 3.850%, 6/01/2023		389,214
	235,000	Public Service Enterprise Group, Inc., 2.875%, 6/15/2024		247,505
	515,000	Southern California Edison Co., 0.700%, 8/01/2023		515,799
	255,000	Southern California Edison Co., Series G, 2.500%, 6/01/2031		255,900
	720,000	Southern Power Co., Series E, 2.500%, 12/15/2021		721,807
	260,000	Southwestern Electric Power Co., 1.650%, 3/15/2026		261,796
	600,000	Vistra Operations Co. LLC, 3.550%, 7/15/2024, 144A		631,095
	1,540,000	WEC Energy Group, Inc., 0.550%, 9/15/2023		1,539,876

				13,293,094

		Finance Companies — 1.6%
	510,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.150%, 2/15/2024		531,804
	360,000	Air Lease Corp., 1.875%, 8/15/2026		358,743
	555,000	Aircastle Ltd., 2.850%, 1/26/2028, 144A		562,082
	915,000	Ares Capital Corp., 2.875%, 6/15/2028		926,912
	50,000	Ares Capital Corp., 4.250%, 3/01/2025		53,666
	305,000	Aviation Capital Group LLC, 3.875%, 5/01/2023, 144A		318,253
	225,000	Aviation Capital Group LLC, 4.375%, 1/30/2024, 144A		240,241
	285,000	Avolon Holdings Funding Ltd., 2.750%, 2/21/2028, 144A		284,269
	47,000	Avolon Holdings Funding Ltd., 3.625%, 5/01/2022, 144A		47,703
	210,000	FS KKR Capital Corp., 4.125%, 2/01/2025		224,386
	425,000	GE Capital Funding LLC, 4.050%, 5/15/2027		477,166
	335,000	Hercules Capital, Inc., 2.625%, 9/16/2026		334,892
	945,000	Main Street Capital Corp., 3.000%, 7/14/2026		963,871
	150,000	Oaktree Specialty Lending Corp., 3.500%, 2/25/2025		157,119
	175,000	Owl Rock Capital Corp., 3.400%, 7/15/2026		182,251
	260,000	Owl Rock Capital Corp., 3.750%, 7/22/2025		273,425
	90,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		96,597

				6,033,380

		Financial Other — 0.5%
	675,000	Blackstone Secured Lending Fund, 2.850%, 9/30/2028, 144A		670,430
	470,000	LeasePlan Corp NV, 2.875%, 10/24/2024, 144A		491,980
	410,000	Mitsubishi HC Capital, Inc., 2.652%, 9/19/2022, 144A		417,416
	185,000	ORIX Corp., 3.250%, 12/04/2024		198,113

				1,777,939

		Food & Beverage — 1.7%
	120,000	Brown-Forman Corp., 3.500%, 4/15/2025		129,868
	355,000	Bunge Ltd. Finance Corp., 2.750%, 5/14/2031		359,704
	525,000	Bunge Ltd. Finance Corp., 4.350%, 3/15/2024		567,655

See accompanying notes to financial statements.

65 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Food & Beverage — continued
$	1,060,000	Coca-Cola Europacific Partners PLC, 0.800%, 5/03/2024, 144A	$	1,056,696
	1,095,000	General Mills, Inc., 2.600%, 10/12/2022		1,118,163
	535,000	J M Smucker Co. (The), 2.125%, 3/15/2032		522,228
	205,000	JDE Peet’s NV, 2.250%, 9/24/2031, 144A		200,419
	1,085,000	Nestle Holdings, Inc., 1.875%, 9/14/2031, 144A		1,074,899
	1,065,000	Pernod Ricard International Finance LLC, 1.250%, 4/01/2028, 144A		1,017,660
	340,000	Viterra Finance BV, 2.000%, 4/21/2026, 144A		342,412

				6,389,704

		Government Owned – No Guarantee — 0.4%
	330,000	Antares Holdings LP, 2.750%, 1/15/2027, 144A		330,299
	350,000	BOC Aviation USA Corp., 1.625%, 4/29/2024, 144A		352,690
	325,000	DAE Funding LLC, 1.550%, 8/01/2024, 144A		322,029
	380,000	NBN Co. Ltd., 2.625%, 5/05/2031, 144A		385,523

				1,390,541

		Health Insurance — 0.2%
	605,000	Centene Corp., 2.625%, 8/01/2031		600,910

		Healthcare — 0.6%
	227,000	Cigna Corp., 3.750%, 7/15/2023		239,942
	92,000	CVS Health Corp., 4.300%, 3/25/2028		104,940
	510,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		530,997
	865,000	McKesson Corp., 1.300%, 8/15/2026		857,845
	510,000	Universal Health Services, Inc., 2.650%, 1/15/2032, 144A		505,021

				2,238,745

		Hybrid ARMs — 0.0%
	28,958	FHLMC, 1-year CMT + 2.225%, 2.280%, 1/01/2035(d)		30,983
	46,002	FHLMC, 1-year CMT + 2.500%, 2.601%, 5/01/2036(d)		49,140

				80,123

		Independent Energy — 0.4%
	200,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		214,129
	210,000	Diamondback Energy, Inc., 0.900%, 3/24/2023		209,936
	470,000	Diamondback Energy, Inc., 4.750%, 5/31/2025		525,004
	530,000	Pioneer Natural Resources Co., 0.550%, 5/15/2023		530,539

				1,479,608

		Industrial Other — 0.1%
	455,000	CK Hutchison International Ltd., 1.500%, 4/15/2026, 144A		455,118

		Integrated Energy — 0.2%
	660,000	Suncor Energy, Inc., 2.800%, 5/15/2023		683,049

		Life Insurance — 4.4%
	1,385,000	AIG Global Funding, 0.800%, 7/07/2023, 144A		1,396,007
	535,000	AIG Global Funding, 0.900%, 9/22/2025, 144A		527,313
	490,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		489,645
	875,000	Athene Global Funding, 2.500%, 3/24/2028, 144A		895,562
	1,295,000	Athene Global Funding, 2.646%, 10/04/2031, 144A		1,296,420
	235,000	Brighthouse Financial Global Funding, 1.000%, 4/12/2024, 144A		236,170
	565,000	CNO Global Funding, 1.750%, 10/07/2026, 144A		564,921
	1,285,000	Equitable Financial Life Global Funding, 1.800%, 3/08/2028, 144A		1,276,742
	920,000	F&G Global Funding, 2.000%, 9/20/2028, 144A		905,803
	600,000	GA Global Funding Trust, 1.000%, 4/08/2024, 144A		602,592
	730,000	GA Global Funding Trust, 1.950%, 9/15/2028, 144A		719,389
	665,000	Great-West Lifeco U.S. Finance LP, 0.904%, 8/12/2025, 144A		654,744
	1,370,000	Guardian Life Global Funding, 1.100%, 6/23/2025, 144A		1,373,577
		Life Insurance — continued
	155,000	Jackson National Life Global Funding, 3.875%, 6/11/2025, 144A		168,918
	795,000	Metropolitan Life Global Funding I, 0.900%, 6/08/2023, 144A		802,675
	700,000	Metropolitan Life Global Funding I, 0.950%, 7/02/2025, 144A		696,311
	590,000	New York Life Global Funding, 1.850%, 8/01/2031, 144A		574,401
	1,070,000	New York Life Global Funding, 2.875%, 4/10/2024, 144A(a)		1,131,419
	460,000	Reliance Standard Life Global Funding II, 1.512%, 9/28/2026, 144A		457,705
	655,000	Reliance Standard Life Global Funding II, 2.750%, 5/07/2025, 144A		686,654
	565,000	Reliance Standard Life Global Funding II, 3.850%, 9/19/2023, 144A		600,047
	755,000	Security Benefit Global Funding, 1.250%, 5/17/2024, 144A		760,058

				16,817,073

		Lodging — 0.1%
	350,000	Marriott International, Inc., Series Z, 4.150%, 12/01/2023		373,306

		Media Entertainment — 0.1%
	580,000	Prosus NV, 3.061%, 7/13/2031, 144A		566,643

		Metals & Mining — 0.4%
	425,000	Anglo American Capital PLC, 2.250%, 3/17/2028, 144A		422,444
	1,085,000	Glencore Funding LLC, 2.625%, 9/23/2031, 144A		1,062,541
	155,000	Glencore Funding LLC, 4.125%, 3/12/2024, 144A		166,058

				1,651,043

		Midstream — 0.1%
	25,000	Energy Transfer LP, 4.250%, 3/15/2023		26,062
	440,000	Midwest Connector Capital Co. LLC, 3.625%, 4/01/2022, 144A		445,207

				471,269

		Mortgage Related — 0.8%
	1,248	FHLMC, 3.000%, 10/01/2026		1,314
	82	FHLMC, 6.500%, 1/01/2024		92
	26	FHLMC, 8.000%, 7/01/2025		28
	37,146	GNMA, 3.630%, with various maturities in 2063(a)(b)(f)		37,352
	4,758	GNMA, 3.890%, 10/20/2062(b)		4,979
	6,026	GNMA, 3.990%, 5/20/2062(b)		6,420
	13,142	GNMA, 4.015%, 4/20/2063(a)(b)		13,868
	55,387	GNMA, 4.362%, 6/20/2066(b)		60,134
	8,065	GNMA, 4.408%, 11/20/2064(b)		8,487
	196,518	GNMA, 4.419%, 10/20/2066(b)		215,488
	71,534	GNMA, 4.428%, 9/20/2066(b)		76,952
	58,136	GNMA, 4.434%, 11/20/2066(b)		62,917
	65,397	GNMA, 4.456%, 10/20/2066(b)		72,520
	66,966	GNMA, 4.462%, 11/20/2066(b)		74,018
	70,965	GNMA, 4.491%, 10/20/2066(b)		77,613
	41,716	GNMA, 4.512%, 8/20/2066(b)		46,058
	462,778	GNMA, 4.537%, 7/20/2067(a)(b)		515,368
	152,781	GNMA, 4.538%, 9/20/2066(b)		167,172
	2,093	GNMA, 4.630%, 7/20/2062(b)		2,170
	712,315	GNMA, 4.647%, 4/20/2067(a)(b)		792,317
	676,438	GNMA, 4.683%, 1/20/2067(a)(b)		748,343
	255,718	GNMA, 4.700%, with various maturities from 2061 to 2064(a)(b)(f)		268,980
	277	GNMA, 6.500%, 12/15/2023		310

				3,252,900

See accompanying notes to financial statements.

| 66

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Natural Gas — 0.2%
$	945,000	Atmos Energy Corp., 2.850%, 2/15/2052	$	902,573

		Non-Agency Commercial Mortgage-Backed Securities — 3.7%
	230,000	BANK, Series 2019-BN24, Class A3, 2.960%, 11/15/2062		245,646
	270,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		282,292
	414,186	Barclays Commercial Mortgage Securities Trust, Series 2017-C1, Class A2, 3.189%, 2/15/2050(a)		417,339
	660,000	Barclays Commercial Mortgage Securities Trust, Series 2020-BID, Class A, 1-month LIBOR + 2.140%, 2.224%, 10/15/2037, 144A(d)		663,904
	285,000	Benchmark Mortgage Trust, Series 2020-B16, Class A5, 2.732%, 2/15/2053		298,811
	491,600	CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.865%, 1/10/2048(a)		539,005
	361,996	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.283%, 5/10/2058		387,688
	145,000	CIM Retail Portfolio Trust, Series 2021-RETL, Class A, 1-month LIBOR + 1.400%, 1.484%, 8/15/2036, 144A(d)		145,180
	992,138	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314%, 4/10/2049(a)		1,069,858
	540,000	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A4, 3.102%, 12/15/2072		581,896
	535,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A(a)		532,335
	263,676	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046(b)		274,939
	24,122	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		24,324
	5,640	Commercial Mortgage Pass Through Certificates, Series 2014-CR15, Class A2, 2.928%, 2/10/2047		5,581
	93,487	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		96,474
	280,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS3, Class A4, 3.819%, 6/10/2047		300,060
	280,000	Commercial Mortgage Pass Through Certificates, Series 2015-DC1, Class A5, 3.350%, 2/10/2048		299,453
	520,299	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class A5, 3.765%, 2/10/2049(a)		568,708
	640,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A(a)		686,488
	68,789	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617%, 11/15/2048		72,436
	470,000	CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A4, 2.968%, 12/15/2052		495,972
	605,000	GS Mortgage Securities Corp. II, Series 2012-BWTR, Class A, 2.954%, 11/05/2034, 144A		614,133
	440,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.668%, 3/05/2033, 144A(b)		457,266
	330,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047		350,906
	245,000	GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.911%, 2/13/2053		259,802
	180,000	Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.155%, 8/05/2034, 144A		166,689
	355,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		327,989
	55,298	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		57,132
		Non-Agency Commercial Mortgage-Backed Securities — continued
	575,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A4, 3.386%, 6/13/2052(a)		626,165
	240,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class A4, 4.216%, 7/15/2046(b)		251,451
	129,604	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.306%, 4/15/2048		138,269
	550,000	Morgan Stanley Capital I Trust, Series 2020-L4, Class A3, 2.698%, 2/15/2053		574,017
	211,070	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A(a)		211,257
	565,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.244%, 4/10/2046(a)		582,357
	201,109	Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.426%, 3/15/2059		217,957
	340,655	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A2, 3.118%, 1/15/2060(a)		343,066
	490,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C58, Class A4, 2.092%, 7/15/2053		488,694
	127,432	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A3, 3.660%, 3/15/2047		127,655
	325,000	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101%, 3/15/2047		349,149
	179,836	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ASB, 3.638%, 5/15/2047(a)		186,546

				14,318,889

		Oil Field Services — 0.3%
	850,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		873,259
	190,000	Helmerich & Payne, Inc., 2.900%, 9/29/2031, 144A		190,549

				1,063,808

		Pharmaceuticals — 0.7%
	335,000	AbbVie, Inc., 2.600%, 11/21/2024		352,162
	1,275,000	Amgen, Inc., 2.000%, 1/15/2032		1,226,133
	235,000	Bayer U.S. Finance II LLC, 3.375%, 7/15/2024, 144A		248,443
	265,000	Pfizer, Inc., 1.750%, 8/18/2031		258,983
	525,000	Pfizer, Inc., 3.200%, 9/15/2023		552,175

				2,637,896

		Property & Casualty Insurance — 0.7%
	645,000	American Financial Group, Inc., 3.500%, 8/15/2026		703,897
	180,000	Assurant, Inc., 4.200%, 9/27/2023		191,643
	450,000	Enstar Group Ltd., 3.100%, 9/01/2031		442,738
	940,000	Everest Reinsurance Holdings, Inc., 3.125%, 10/15/2052		916,381
	580,000	Hartford Financial Services Group, Inc. (The), 2.900%, 9/15/2051		559,415

				2,814,074

		Railroads — 0.1%
	215,000	Union Pacific Corp., 3.646%, 2/15/2024		228,465

		REITs – Apartments — 0.1%
	225,000	Invitation Homes Operating Partnership LP, 2.000%, 8/15/2031		216,084

		REITs – Diversified — 0.1%
	295,000	Lexington Realty Trust, 2.375%, 10/01/2031		286,032

		REITs – Health Care — 0.2%
	235,000	Omega Healthcare Investors, Inc., 4.500%, 1/15/2025		256,187

See accompanying notes to financial statements.

67 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		REITs – Health Care — continued
$	450,000	Ventas Realty LP, 2.500%, 9/01/2031	$	444,210

				700,397

		REITs – Office Property — 0.7%
	790,000	Kilroy Realty LP, 2.650%, 11/15/2033		779,101
	300,000	Office Properties Income Trust, 2.400%, 2/01/2027		296,455
	950,000	Office Properties Income Trust, 3.450%, 10/15/2031		929,316
	340,000	Office Properties Income Trust, 4.500%, 2/01/2025		364,449
	195,000	Piedmont Operating Partnership LP, 3.150%, 8/15/2030		200,423

				2,569,744

		REITs – Regional Malls — 0.3%
	310,000	Simon Property Group LP, 1.750%, 2/01/2028		307,674
	895,000	Simon Property Group LP, 2.250%, 1/15/2032		875,004

				1,182,678

		REITs – Single Tenant — 0.1%
	530,000	National Retail Properties, Inc., 3.000%, 4/15/2052		501,621

		REITs – Storage — 0.1%
	570,000	Life Storage LP, 2.400%, 10/15/2031		564,471

		REITs – Warehouse/Industrials — 0.1%
	210,000	Rexford Industrial Realty LP, 2.150%, 9/01/2031		202,379

		Restaurants — 0.4%
	1,280,000	McDonald’s Corp., MTN, 2.625%, 1/15/2022		1,288,866
	420,000	McDonald’s Corp., MTN, 3.350%, 4/01/2023		437,460

				1,726,326

		Retailers — 0.8%
	345,000	AutoNation, Inc., 3.500%, 11/15/2024		369,841
	290,000	AutoNation, Inc., 4.500%, 10/01/2025		321,469
	995,000	Home Depot, Inc. (The), 1.500%, 9/15/2028		984,211
	545,000	Lowe’s Cos, Inc., 1.700%, 9/15/2028		540,231
	1,010,000	Walmart, Inc., 1.800%, 9/22/2031		1,001,324

				3,217,076

		Technology — 2.6%
	280,000	Avnet, Inc., 3.000%, 5/15/2031		280,871
	985,000	CGI, Inc., 1.450%, 9/14/2026, 144A		974,973
	1,775,000	DXC Technology Co., 1.800%, 9/15/2026		1,772,701
	575,000	Equifax, Inc., 2.350%, 9/15/2031		566,052
	165,000	Flex Ltd., 4.875%, 6/15/2029		189,833
	450,000	Genpact Luxembourg S.a.r.l., 3.700%, 4/01/2022		455,935
	485,000	Hewlett Packard Enterprise Co., 4.650%, 10/01/2024		535,779
	490,000	HP, Inc., 1.450%, 6/17/2026, 144A		487,372
	315,000	Infor, Inc., 1.450%, 7/15/2023, 144A		318,315
	530,000	International Business Machines Corp., 2.850%, 5/13/2022		538,650
	175,000	Marvell Technology, Inc., 4.200%, 6/22/2023, 144A		184,790
	285,000	Microchip Technology, Inc., 0.972%, 2/15/2024, 144A		285,179
	460,000	Microchip Technology, Inc., 2.670%, 9/01/2023		476,925
	755,000	Micron Technology, Inc., 2.497%, 4/24/2023		777,106
	565,000	Panasonic Corp., 2.536%, 7/19/2022, 144A		573,259
	925,000	PayPal Holdings, Inc., 1.350%, 6/01/2023		940,376
	275,000	SYNNEX Corp., 1.750%, 8/09/2026, 144A		272,056
	265,000	Western Union Co. (The), 1.350%, 3/15/2026		261,393
	165,000	Western Union Co. (The), 4.250%, 6/09/2023		174,348

				10,065,913

		Tobacco — 0.4%
	585,000	Altria Group, Inc., 2.450%, 2/04/2032		560,565
	1,025,000	BAT Capital Corp., 4.700%, 4/02/2027		1,157,913

				1,718,478

		Transportation Services — 0.5%
	450,000	Element Fleet Management Corp., 3.850%, 6/15/2025, 144A		484,531
	175,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.000%, 7/15/2025, 144A		191,255
	695,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.125%, 8/01/2023, 144A		736,548
	255,000	Ryder System, Inc., MTN, 3.750%, 6/09/2023		268,683
	370,000	Ryder System, Inc., MTN, 4.625%, 6/01/2025		414,391

				2,095,408

		Treasuries — 33.6%
	10,860,000	U.S. Treasury Note, 0.250%, 8/31/2025(a)		10,638,134
	3,855,000	U.S. Treasury Note, 0.250%, 9/30/2025		3,772,328
	24,385,000	U.S. Treasury Note, 0.250%, 10/31/2025		23,825,860
	7,010,000	U.S. Treasury Note, 0.375%, 11/30/2025		6,876,098
	23,985,000	U.S. Treasury Note, 0.375%, 12/31/2025		23,501,552
	14,355,000	U.S. Treasury Note, 0.500%, 3/31/2025(a)		14,275,375
	7,525,000	U.S. Treasury Note, 0.625%, 7/31/2026		7,404,482
	3,580,000	U.S. Treasury Note, 0.750%, 3/31/2026		3,554,688
	4,705,000	U.S. Treasury Note, 0.750%, 5/31/2026		4,665,485
	9,505,000	U.S. Treasury Note, 0.750%, 8/31/2026		9,403,267
	2,305,000	U.S. Treasury Note, 0.875%, 6/30/2026		2,296,897
	2,890,000	U.S. Treasury Note, 1.125%, 2/15/2031(a)		2,799,236
	9,760,000	U.S. Treasury Note, 1.250%, 8/15/2031		9,523,625
	5,515,000	U.S. Treasury Note, 1.625%, 5/15/2031		5,579,629

				128,116,656

		Wireless — 0.1%
	200,000	SK Telecom Co. Ltd., 3.750%, 4/16/2023, 144A		209,322

		Wirelines — 0.2%
	205,000	British Telecommunications PLC, 4.500%, 12/04/2023		221,300
	710,000	Verizon Communications, Inc., 2.100%, 3/22/2028		720,714

				942,014

		Total Bonds and Notes (Identified Cost $363,617,256)		364,986,887


	Short-Term Investments — 5.8%
	8,541,562	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2021 at 0.000% to be repurchased at $8,541,562 on 10/01/2021 collateralized by $8,757,600 U.S. Treasury Note, 1.250% due 9/30/2028 valued at $8,712,446 including accrued interest (Note 2 of Notes to Financial Statements)		8,541,562
	13,320,000	U.S. Treasury Bills, 0.010%-0.032%, 12/02/2021(g)(h)		13,319,155

		Total Short-Term Investments (Identified Cost $21,861,038)		21,860,717


		Total Investments — 101.4% (Identified Cost $385,478,294)		386,847,604
		Other assets less liabilities — (1.4)%		(5,171,122	)

		Net Assets — 100.0%	$	381,676,482


	(†)	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.

See accompanying notes to financial statements.

| 68

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Intermediate Duration Bond Fund – (continued)



	(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 September 30, 2021 is disclosed.
	(c)			Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)			Variable rate security. Rate as of September 30, 2021 is disclosed.
	(e)			Fair valued by the Fund’s adviser. At September 30, 2021, the value of this security amounted to $531 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(f)			The Fund’s investment in mortgage related securities of Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(g)			Interest rate represents discount rate at time of purchase; not a coupon rate.

	(h)			The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021, the value of Rule 144A holdings amounted to $95,288,973 or 25.0% of net assets.
	ABS			Asset-Backed Securities
	ARMs			Adjustable Rate Mortgages
	CMT			Constant Maturity Treasury
	FHLMC			Federal Home Loan Mortgage Corp.
	GMTN			Global Medium Term Note
	GNMA			Government National Mortgage Association
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts

At September 30, 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		12/31/2021		174	$	21,476,669	$	21,357,141	$	(119,528	)

At September 30, 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		12/21/2021		20	$	2,949,647	$	2,905,000	$	44,647
Ultra Long U.S. Treasury Bond		12/21/2021		10		1,988,729		1,910,625		78,104

Total									$	122,751

Industry Summary at September 30, 2021


Treasuries	33.6	%
Banking	16.8
ABS Car Loan	7.6
Life Insurance	4.4
Non-Agency Commercial Mortgage-Backed Securities	3.7
Electric	3.5
Technology	2.6
Automotive	2.5
Other Investments, less than 2% each	20.9
Short-Term Investments	5.8

Total Investments	101.4
Other assets less liabilities (including futures contracts)	(1.4	)

Net Assets	100.0	%

See accompanying notes to financial statements.

69 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Limited Term Government and Agency Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 95.9% of Net Assets
		ABS Car Loan — 2.9%
$	395,000	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A3, 0.660%, 12/18/2024	$	396,399
	840,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.450%, 3/20/2023, 144A		846,644
	1,637,300	CarMax Auto Owner Trust, Series 2020-2, Class A3, 1.700%, 11/15/2024		1,652,291
	1,865,000	Carvana Auto Receivables Trust, Series 2021-N2, Class A2, 0.970%, 3/10/2028		1,868,577
	1,955,000	Credit Acceptance Auto Loan Trust, Series 2019-3A, Class A, 2.380%, 11/15/2028, 144A		1,982,701
	9,695,000	Credit Acceptance Auto Loan Trust, Series 2020-3A, Class A, 1.240%, 10/15/2029, 144A		9,779,951
	257,290	Flagship Credit Auto Trust, Series 2020-2, Class A, 1.490%, 7/15/2024, 144A		258,028
	481,028	Flagship Credit Auto Trust, Series 2020-3, Class A, 0.700%, 4/15/2025, 144A		481,995
	569,538	Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.040%, 8/15/2024		572,638
	475,000	GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.800%, 7/20/2023		476,960
	823,238	GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class A3, 2.180%, 4/16/2024		831,009
	666,084	GM Financial Consumer Automobile Receivables Trust, Series 2019-4, Class A3, 1.750%, 7/16/2024		671,716
	941,509	GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A3, 1.840%, 9/16/2024		951,550
	500,000	GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.490%, 12/16/2024		504,509
	655,000	GM Financial Revolving Receivables Trust, Series 2021-1, Class A, 1.170%, 6/12/2034, 144A		650,993
	97,042	Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.520%, 6/21/2023		98,025
	410,000	Honda Auto Receivables Owner Trust, Series 2020-1, Class A3, 1.610%, 4/22/2024		414,315
	585,000	Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.410%, 11/15/2024		591,573
	1,805,000	Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.380%, 12/16/2024		1,821,462
	1,009,202	Santander Consumer Auto Receivables Trust, Series 2020-AA, Class A, 1.370%, 10/15/2024, 144A		1,013,742
	326,582	Santander Drive Auto Receivables Trust, Series 2020-2, Class A3, 0.670%, 4/15/2024		326,732
	765,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.350%, 5/25/2033, 144A		775,588
	521,996	Toyota Auto Receivables Owner Trust, Series 2019-A, Class A3, 2.910%, 7/17/2023		527,265
	450,000	Toyota Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.660%, 5/15/2024		454,343
	670,000	Toyota Auto Receivables Owner Trust, Series 2020-B, Class A3, 1.360%, 8/15/2024		676,061
	1,097,877	Westlake Automobile Receivables Trust, Series 2020-2A, Class A2A, 0.930%, 2/15/2024, 144A		1,100,060
	382,994	World Omni Auto Receivables Trust, Series 2019-B, Class A3, 2.590%, 7/15/2024		386,298

				30,111,425

		ABS Other — 0.8%
	841,228	Chesapeake Funding II LLC, Series 2020-1A, Class A1, 0.870%, 8/16/2032, 144A		845,340
		ABS Other — continued
	430,000	CNH Equipment Trust, Series 2020-A, Class A3, 1.160%, 6/16/2025		433,716
	334,367	Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.700%, 1/21/2031, 144A		346,225
	2,250,000	Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.560%, 12/11/2034, 144A		2,252,591
	805,000	Kubota Credit Owner Trust, Series 2020-1A, Class A3, 1.960%, 3/15/2024, 144A		817,463
	672,567	MVW LLC, Series 2020-1A, Class A, 1.740%, 10/20/2037, 144A		679,639
	1,124,863	Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A, 1.330%, 7/20/2037, 144A		1,131,304
	1,288,720	Welk Resorts LLC, Series 2019-AA, Class A, 2.800%, 6/15/2038, 144A		1,336,148

				7,842,426

		ABS Student Loan — 1.2%
	2,684,981	Navient Private Education Refi Loan Trust, Series 2019-FA, Class A2, 2.600%, 8/15/2068, 144A		2,738,184
	827,946	Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.690%, 5/15/2069, 144A		836,001
	2,391,928	Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.060%, 10/15/2069, 144A		2,395,216
	5,196,554	Navient Private Education Refi Loan Trust, Series 2021-EA, Class A, 0.970%, 12/16/2069, 144A		5,171,393
	1,450,000	SMB Private Education Loan Trust, Series 2021-D, Class A1A, 1.340%, 3/17/2053, 144A		1,449,494
	32,501	SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1-month LIBOR + 0.950%, 1.036%, 1/25/2039, 144A(a)		32,658

				12,622,946

		Agency Commercial Mortgage-Backed Securities — 30.2%
	4,135,000	Federal Home Loan Mortgage Corp., Series Q016, Class APT1, 1.242%, 5/25/2051(b)		4,155,530
	4,916,140	Federal National Mortgage Association, Series 2014-M2, Class A2, 3.513%, 12/25/2023(b)		5,190,476
	691,477	Federal National Mortgage Association, Series 2015-M17, Class FA, 1-month LIBOR + 0.930%, 1.017%, 11/25/2022(a)		691,973
	143,383	Federal National Mortgage Association, Series 2016-M3, Class ASQ2, 2.263%, 2/25/2023		143,876
	4,321,109	Federal National Mortgage Association, Series 2020-M5, Class FA, 1-month LIBOR + 0.460%, 0.546%, 1/25/2027(a)		4,372,975
	7,596,590	FHLMC Multifamily Structured Pass Through Certificates, Series KF74, Class AS, 1-month Average Compounded SOFR + 0.530%, 0.580%, 1/25/2027(a)		7,643,014
	13,208,657	FHLMC Multifamily Structured Pass Through Certificates, Series KF77, Class AL, 1-month LIBOR + 0.700%, 0.783%, 2/25/2027(a)		13,336,365
	17,372,769	FHLMC Multifamily Structured Pass Through Certificates, Series KF77, Class AS, 30-day Average SOFR + 0.900%, 0.950%, 2/25/2027(a)		17,235,976
	31,041,037	FHLMC Multifamily Structured Pass Through Certificates, Series KF78, Class AL, 1-month LIBOR + 0.800%, 0.883%, 3/25/2030(a)		31,092,472
	31,041,037	FHLMC Multifamily Structured Pass Through Certificates, Series KF78, Class AS, 30-day Average SOFR + 1.000%, 1.050%, 3/25/2030(a)		31,385,443

See accompanying notes to financial statements.

| 70

Portfolio of Investments – as of September 30, 2021

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%, 0.733%, 8/25/2029(a)	$	8,527,440
	12,857,120	FHLMC Multifamily Structured Pass Through Certificates, Series KJ20, Class A2, 3.799%, 12/25/2025		13,924,828
	5,974,381	FHLMC Multifamily Structured Pass Through Certificates, Series K-F100, Class AS, 30-day Average SOFR + 0.180%, 0.230%, 1/25/2028(a)		5,979,605
	2,611,351	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2, 2.873%, 12/25/2021		2,614,654
	7,900,000	FHLMC Multifamily Structured Pass Through Certificates, Series K034, Class A2, 3.531%, 7/25/2023(b)		8,290,734
	7,835,000	FHLMC Multifamily Structured Pass Through Certificates, Series K035, Class A2, 3.458%, 8/25/2023(b)		8,234,073
	7,500,000	FHLMC Multifamily Structured Pass Through Certificates, Series K038, Class A2, 3.389%, 3/25/2024		7,971,578
	2,580,000	FHLMC Multifamily Structured Pass Through Certificates, Series K064, Class A2, 3.224%, 3/25/2027		2,834,797
	1,115,359	FHLMC Multifamily Structured Pass Through Certificates, Series K725, Class A1, 2.666%, 5/25/2023		1,127,040
	8,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series KC06, Class A2, 2.541%, 8/25/2026		8,282,265
	46,362	FHLMC Multifamily Structured Pass Through Certificates, Series KF06, Class A, 1-month LIBOR + 0.330%, 0.413%, 11/25/2021(a)		46,366
	424,061	FHLMC Multifamily Structured Pass Through Certificates, Series KF14, Class A, 1-month LIBOR + 0.650%, 0.733%, 1/25/2023(a)		424,419
	2,336,955	FHLMC Multifamily Structured Pass Through Certificates, Series KF53, Class A, 1-month LIBOR + 0.390%, 0.473%, 10/25/2025(a)		2,344,529
	10,264,896	FHLMC Multifamily Structured Pass Through Certificates, Series KF72, Class A, 1-month LIBOR + 0.500%, 0.583%, 10/25/2026(a)		10,333,289
	4,722,478	FHLMC Multifamily Structured Pass Through Certificates, Series KF79, Class AL, 1-month LIBOR + 0.470%, 0.553%, 5/25/2030(a)		4,744,731
	4,357,714	FHLMC Multifamily Structured Pass Through Certificates, Series KF79, Class AS, 30-day Average SOFR + 0.580%, 0.630%, 5/25/2030(a)		4,385,659
	8,424,411	FHLMC Multifamily Structured Pass Through Certificates, Series KF80, Class AL, 1-month LIBOR + 0.440%, 0.523%, 6/25/2030(a)		8,464,765
	4,733,352	FHLMC Multifamily Structured Pass Through Certificates, Series KF80, Class AS, 30-day Average SOFR + 0.510%, 0.560%, 6/25/2030(a)		4,760,834
	2,976,053	FHLMC Multifamily Structured Pass Through Certificates, Series KF81, Class AL, 1-month LIBOR + 0.360%, 0.443%, 6/25/2027(a)		2,994,805
	2,232,039	FHLMC Multifamily Structured Pass Through Certificates, Series KF81, Class AS, 30-day Average SOFR + 0.400%, 0.450%, 6/25/2027(a)		2,239,084
	1,650,698	FHLMC Multifamily Structured Pass Through Certificates, Series KF84, Class AL, 1-month LIBOR + 0.300%, 0.383%, 7/25/2030(a)		1,652,472
		Agency Commercial Mortgage-Backed Securities — continued
	1,388,682	FHLMC Multifamily Structured Pass Through Certificates, Series KF84, Class AS, 30-day Average SOFR + 0.320%, 0.370%, 7/25/2030(a)		1,393,358
	1,669,306	FHLMC Multifamily Structured Pass Through Certificates, Series KF85, Class AL, 1-month LIBOR + 0.300%, 0.383%, 8/25/2030(a)		1,672,014
	4,449,984	FHLMC Multifamily Structured Pass Through Certificates, Series KF85, Class AS, 30-day Average SOFR + 0.330%, 0.380%, 8/25/2030(a)		4,464,869
	1,874,634	FHLMC Multifamily Structured Pass Through Certificates, Series KF86, Class AL, 1-month LIBOR + 0.290%, 0.373%, 8/25/2027(a)		1,876,917
	1,673,994	FHLMC Multifamily Structured Pass Through Certificates, Series KF86, Class AS, 30-day Average SOFR + 0.320%, 0.370%, 8/25/2027(a)		1,677,230
	10,261,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ21, Class A2, 3.700%, 9/25/2026		11,232,049
	7,720,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ26, Class A2, 2.606%, 7/25/2027		8,214,630
	776,067	FHLMC Multifamily Structured Pass Through Certificates, Series KJ28, Class A1, 1.766%, 2/25/2025		783,350
	2,855,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS14, Class AL, 1-month LIBOR + 0.340%, 0.423%, 4/25/2030(a)		2,856,742
	3,140,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS14, Class AS, 30-day Average SOFR + 0.370%, 0.420%, 4/25/2030(a)		3,167,051
	2,176,597	FHLMC Multifamily Structured Pass Through Certificates, Series Q008, Class A, 1-month LIBOR + 0.390%, 0.473%, 10/25/2045(a)		2,182,150
	5,200,000	FNMA, 3.580%, 1/01/2026		5,682,246
	20,600,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K-107, Class AS, 30-day Average SOFR + 0.250%, 0.300%, 3/25/2028(a)		20,581,893
	9,395,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K-F121, Class AS, 30-day Average SOFR + 0.180%, 0.230%, 8/25/2028(a)		9,401,582
	1,332,856	Freddie Mac Multifamily Structured Pass Through Certificates, Series KF93, Class AL, 1-month LIBOR + 0.280%, 0.363%, 10/25/2027(a)		1,335,155
	1,600,290	Freddie Mac Multifamily Structured Pass Through Certificates, Series KF93, Class AS, 30-day Average SOFR + 0.310%, 0.360%, 10/25/2027(a)		1,603,496
	5,185,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series KF97, Class AS, 30-day Average SOFR + 0.250%, 0.300%, 12/25/2030(a)		5,204,167
	3,190,780	Freddie Mac Multifamily Structured Pass Through Certificates, Series Q015, Class A, 30-day Average SOFR + 0.200%, 0.250%, 8/25/2024(a)		3,190,780
	107,069	Government National Mortgage Association, Series 2003-72, Class Z, 5.297%, 11/16/2045(b)		116,486

				312,062,232

		Collateralized Mortgage Obligations — 14.0%
	8,857	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 7-year CMT – 0.200%, 0.810%, 5/15/2023(a)(c)(d)		8,712

See accompanying notes to financial statements.

71 |

Portfolio of Investments – as of September 30, 2021

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


Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	7,980	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 10-year CMT – 0.650%, 0.610%, 8/15/2023(a)(c)(d)	$	7,817
	74,779	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029(c)(d)		82,149
	579,443	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035(c)(d)		653,019
	795,586	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035		901,900
	345,677	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038(c)(d)		361,866
	781,009	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, IO, 2.704%, 6/15/2048(b)(e)		833,716
	761,832	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, IO, 3.840%, 12/15/2036(b)(e)		808,478
	159,486	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 2.184%, 6/15/2043(b)(c)(d)		168,680
	732,288	Federal National Mortgage Association, REMIC, Series 2003-48, Class GH, 5.500%, 6/25/2033(c)(d)		833,039
	2,234,738	Federal National Mortgage Association, REMIC, Series 2012-58, Class KF, 1-month LIBOR + 0.550%, 0.636%, 6/25/2042(a)		2,266,740
	4,019,379	Federal National Mortgage Association, REMIC, Series 2012-83, Class LF, 1-month LIBOR + 0.510%, 0.596%, 8/25/2042(a)		4,073,854
	3,408	Federal National Mortgage Association, REMIC, Series 1992-162, Class FB, 7-year CMT – 0.050%, 1.070%, 9/25/2022(a)(c)(d)		3,367
	10,307	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 10-year CMT – 0.500%, 0.810%, 4/25/2024(a)(c)(d)		10,073
	6,258	Federal National Mortgage Association, REMIC, Series 2002-W10, Class A7, 4.113%, 8/25/2042(b)(c)(d)		6,694
	137,271	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025(c)(d)		141,683
	407,424	Federal National Mortgage Association, REMIC, Series 2007-73, Class A1, 1-month LIBOR + 0.060%, 0.136%, 7/25/2037(a)(c)(d)		398,387
	747,424	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.492%, 8/25/2038(b)		780,586
	1,577,388	Federal National Mortgage Association, REMIC, Series 2012-56, Class FK, 1-month LIBOR + 0.450%, 0.536%, 6/25/2042(a)		1,593,455
	2,470,552	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1-month LIBOR + 1.000%, 1.086%, 7/25/2043(a)		2,412,504
	4,557,268	Federal National Mortgage Association, REMIC, Series 2015-4, Class BF, 1-month LIBOR + 0.400%, 0.486%, 2/25/2045(a)		4,587,593
	7,638,820	Federal National Mortgage Association, REMIC, Series 2020-35, Class FA, 1-month LIBOR + 0.500%, 0.596%, 6/25/2050(a)		7,687,556
	6,034	FHLMC Structured Pass Through Securities, Series T-60, Class 2A1, 3.553%, 3/25/2044(b)(c)(d)		6,968
	339,417	FHLMC Structured Pass Through Securities, Series T-62, Class 1A1, 12-month MTA + 1.200%, 1.292%, 10/25/2044(a)(c)(d)		346,359
	2,976,046	Government National Mortgage Association, Series 2017-H05, Class FC, 1-month LIBOR + 0.750%, 0.840%, 2/20/2067(a)		3,013,418
		Collateralized Mortgage Obligations — continued
	3,131,419	Government National Mortgage Association, Series 2019-H13, Class FT, 1-year CMT + 0.450%, 0.520%, 8/20/2069(a)		3,128,948
	4,680,903	Government National Mortgage Association, Series 2020-H02, Class FG, 1-month LIBOR + 0.600%, 0.690%, 1/20/2070(a)		4,729,809
	1,266,291	Government National Mortgage Association, Series 2005-18, Class F, 1-month LIBOR + 0.200%, 0.287%, 2/20/2035(a)		1,265,500
	950,332	Government National Mortgage Association, Series 2007-59, Class FM, 1-month LIBOR + 0.520%, 0.607%, 10/20/2037(a)(c)(d)		951,185
	357,360	Government National Mortgage Association, Series 2009-H01, Class FA, 1-month LIBOR + 1.150%, 1.237%, 11/20/2059(a)(c)(d)		358,459
	873,073	Government National Mortgage Association, Series 2010-H20, Class AF, 1-month LIBOR + 0.330%, 0.420%, 10/20/2060(a)		873,139
	736,309	Government National Mortgage Association, Series 2010-H24, Class FA, 1-month LIBOR + 0.350%, 0.440%, 10/20/2060(a)		736,718
	417,939	Government National Mortgage Association, Series 2010-H27, Class FA, 1-month LIBOR + 0.380%, 0.470%, 12/20/2060(a)		418,476
	44,045	Government National Mortgage Association, Series 2011- H20, Class FA, 1-month LIBOR + 0.550%, 0.640%, 9/20/2061(a)		44,257
	552,843	Government National Mortgage Association, Series 2011-H06, Class FA, 1-month LIBOR + 0.450%, 0.540%, 2/20/2061(a)		554,402
	38,808	Government National Mortgage Association, Series 2011-H08, Class FA, 1-month LIBOR + 0.600%, 0.690%, 2/20/2061(a)		39,007
	32,218	Government National Mortgage Association, Series 2011-H23, Class HA, 3.000%, 12/20/2061(c)(d)		33,570
	30,807	Government National Mortgage Association, Series 2012-124, Class HT, 6.500%, 7/20/2032(b)(c)(d)		30,194
	2,814,237	Government National Mortgage Association, Series 2012-18, Class FM, 1-month LIBOR + 0.250%, 0.337%, 9/20/2038(a)		2,817,861
	143	Government National Mortgage Association, Series 2012-H15, Class FA, 1-month LIBOR + 0.450%, 0.540%, 5/20/2062(a)(c)(d)		142
	494,248	Government National Mortgage Association, Series 2012-H18, Class NA, 1-month LIBOR + 0.520%, 0.610%, 8/20/2062(a)		496,348
	1,611,561	Government National Mortgage Association, Series 2012-H20, Class PT, 0.919%, 7/20/2062(b)		1,608,864
	23,992	Government National Mortgage Association, Series 2012-H29, Class HF, 1-month LIBOR + 0.500%, 0.590%, 10/20/2062(a)(c)(d)		23,824
	41,695	Government National Mortgage Association, Series 2013-H02, Class GF, 1-month LIBOR + 0.500%, 0.590%, 12/20/2062(a)(c)(d)		41,460
	1,728,621	Government National Mortgage Association, Series 2013-H08, Class FA, 1-month LIBOR + 0.350%, 0.440%, 3/20/2063(a)		1,729,360
	1,407,886	Government National Mortgage Association, Series 2013-H10, Class FA, 1-month LIBOR + 0.400%, 0.490%, 3/20/2063(a)		1,410,031

See accompanying notes to financial statements.

| 72

Portfolio of Investments – as of September 30, 2021

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


Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	225,066	Government National Mortgage Association, Series 2013-H14, Class FG, 1-month LIBOR + 0.470%, 0.560%, 5/20/2063(a)	$	225,704
	5,523,513	Government National Mortgage Association, Series 2013-H22, Class FT, 1-year CMT + 0.650%, 0.720%, 4/20/2063(a)		5,502,594
	3,887,419	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 0.603%, 7/20/2064(a)		3,912,333
	3,044,960	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 0.590%, 7/20/2064(a)		3,062,262
	2,280,828	Government National Mortgage Association, Series 2015-H04, Class FL, 1-month LIBOR + 0.470%, 0.560%, 2/20/2065(a)		2,292,993
	20,401	Government National Mortgage Association, Series 2015-H05, Class FA, 1-month LIBOR + 0.300%, 0.390%, 4/20/2061(a)(c)(d)		20,188
	14,128	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065(c)(d)		14,195
	287,018	Government National Mortgage Association, Series 2015-H10, Class FC, 1-month LIBOR + 0.480%, 0.570%, 4/20/2065(a)		288,427
	4,467,115	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		4,575,758
	4,807	Government National Mortgage Association, Series 2015-H11, Class FA, 1-month LIBOR + 0.250%, 0.340%, 4/20/2065(a)(c)(d)		4,753
	2,820,295	Government National Mortgage Association, Series 2015-H12, Class FL, 1-month LIBOR + 0.230%, 0.320%, 5/20/2065(a)		2,814,654
	110,990	Government National Mortgage Association, Series 2015-H19, Class FH, 1-month LIBOR + 0.300%, 0.390%, 7/20/2065(a)(c)(d)		110,402
	5,429	Government National Mortgage Association, Series 2015-H29, Class FA, 1-month LIBOR + 0.700%, 0.790%, 10/20/2065(a)(c)(d)		5,404
	6,555	Government National Mortgage Association, Series 2015-H30, Class FA, 1-month LIBOR + 0.680%, 0.770%, 8/20/2061(a)(c)(d)		6,562
	4,303,114	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 1.010%, 2/20/2066(a)		4,369,433
	1,309,387	Government National Mortgage Association, Series 2016-H20, Class FB, 1-month LIBOR + 0.550%, 0.640%, 9/20/2066(a)		1,317,274
	81,218	Government National Mortgage Association, Series 2018-H02, Class FJ, 1-month LIBOR + 0.200%, 0.290%, 10/20/2064(a)		81,159
	6,023,677	Government National Mortgage Association, Series 2018-H11, Class FJ, 12-month LIBOR + 0.080%, 0.327%, 6/20/2068(a)		5,952,755
	141,678	Government National Mortgage Association, Series 2018-H14, Class FG, 1-month LIBOR + 0.350%, 0.440%, 9/20/2068(a)		141,765
	8,684,851	Government National Mortgage Association, Series 2018-H16, Class FA, 1-month LIBOR + 0.420%, 0.510%, 9/20/2068(a)		8,702,061
	7,605,630	Government National Mortgage Association, Series 2019-H04, Class NA, 3.500%, 9/20/2068		8,129,007
	2,612,820	Government National Mortgage Association, Series 2020-30, Class F, 1-month LIBOR + 0.400%, 0.486%, 4/20/2048(a)		2,624,749
		Collateralized Mortgage Obligations — continued
	4,841,427	Government National Mortgage Association, Series 2020-53, Class NF, 1-month LIBOR + 0.450%, 0.536%, 5/20/2046(a)		4,821,378
	5,186,399	Government National Mortgage Association, Series 2020-H04, Class FP, 1-month LIBOR + 0.500%, 0.590%, 6/20/2069(a)		5,219,784
	10,651,442	Government National Mortgage Association, Series 2020-H07, Class FL, 1-month LIBOR + 0.650%, 0.737%, 4/20/2070(a)		10,766,808
	11,406,315	Government National Mortgage Association, Series 2020-H10, Class FD, 1-month LIBOR + 0.400%, 0.487%, 5/20/2070(a)		11,390,506
	5,128,478	Government National Mortgage Association, Series 2020-HO1, Class FT, 1-year CMT + 0.500%, 0.610%, 1/20/2070(a)		5,145,828

				144,778,903

		Hybrid ARMs — 2.9%
	112,025	FHLMC, 12-month LIBOR + 1.666%, 1.933%, 11/01/2038(a)		112,748
	300,521	FHLMC, 6-month LIBOR + 1.712%, 1.961%, 6/01/2037(a)		300,652
	165,906	FHLMC, 12-month LIBOR + 1.735%, 2.029%, 3/01/2038(a)		167,461
	517,159	FHLMC, 12-month LIBOR + 1.764%, 2.044%, 9/01/2035(a)		539,594
	112,820	FHLMC, 12-month LIBOR + 1.791%, 2.061%, 11/01/2038(a)		114,047
	202,582	FHLMC, 1-year CMT + 1.940%, 2.065%, 9/01/2038(a)		203,448
	175,079	FHLMC, 12-month LIBOR + 1.734%, 2.107%, 4/01/2037(a)		182,768
	998,658	FHLMC, 12-month LIBOR + 1.895%, 2.145%, 9/01/2041(a)		1,056,590
	52,502	FHLMC, 12-month LIBOR + 1.742%, 2.180%, 12/01/2037(a)		52,854
	2,182,726	FHLMC, 12-month LIBOR + 1.842%, 2.202%, 1/01/2046(a)		2,265,765
	382,036	FHLMC, 1-year CMT + 2.220%, 2.220%, 7/01/2033(a)		382,945
	359,134	FHLMC, 1-year CMT + 2.247%, 2.272%, 9/01/2038(a)		384,808
	468,402	FHLMC, 12-month LIBOR + 1.899%, 2.274%, 4/01/2037(a)		471,893
	175,694	FHLMC, 12-month LIBOR + 1.936%, 2.275%, 12/01/2034(a)		177,749
	393,696	FHLMC, 1-year CMT + 2.165%, 2.290%, 4/01/2036(a)		394,145
	112,796	FHLMC, 1-year CMT + 2.209%, 2.316%, 9/01/2038(a)		113,370
	1,717,593	FHLMC, 1-year CMT + 2.248%, 2.323%, 3/01/2037(a)		1,833,972
	374,748	FHLMC, 1-year CMT + 2.245%, 2.367%, 3/01/2036(a)		400,192
	973,536	FHLMC, 1-year CMT + 2.256%, 2.372%, 2/01/2036(a)		1,035,337
	121,370	FHLMC, 1-year CMT + 2.250%, 2.375%, 2/01/2035(a)		129,352
	515,680	FHLMC, 1-year CMT + 2.285%, 2.409%, 2/01/2036(a)		544,840
	50,601	FHLMC, 12-month LIBOR + 2.180%, 2.555%, 3/01/2037(a)		50,931
	22,002	FNMA, 6-month LIBOR + 1.460%, 1.585%, 2/01/2037(a)		22,486

See accompanying notes to financial statements.

73 |

Portfolio of Investments – as of September 30, 2021

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


Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	113,951	FNMA, 12-month LIBOR + 1.479%, 1.729%, 8/01/2035(a)	$	113,856
	379,161	FNMA, 6-month LIBOR + 1.544%, 1.767%, 7/01/2035(a)		393,693
	572,600	FNMA, 12-month LIBOR + 1.595%, 1.849%, 9/01/2037(a)		595,757
	229,131	FNMA, 12-month LIBOR + 1.639%, 1.889%, 8/01/2038(a)		231,249
	863,217	FNMA, 12-month LIBOR + 1.549%, 1.919%, 4/01/2037(a)		905,416
	327,156	FNMA, 12-month LIBOR + 1.669%, 1.919%, 7/01/2038(a)		332,043
	573,186	FNMA, 12-month LIBOR + 1.574%, 1.926%, 7/01/2035(a)		595,364
	198,763	FNMA, 12-month LIBOR + 1.587%, 1.928%, 4/01/2037(a)		200,435
	316,324	FNMA, 12-month LIBOR + 1.678%, 1.953%, 8/01/2034(a)		318,764
	168,218	FNMA, 12-month LIBOR + 1.665%, 2.016%, 11/01/2036(a)		177,217
	185,478	FNMA, 12-month LIBOR + 1.608%, 2.060%, 10/01/2033(a)		192,718
	847,381	FNMA, 12-month LIBOR + 1.741%, 2.063%, 9/01/2037(a)		897,045
	66,539	FNMA, 12-month LIBOR + 1.802%, 2.072%, 7/01/2041(a)		66,796
	44,090	FNMA, 12-month LIBOR + 1.754%, 2.129%, 1/01/2037(a)		44,751
	373,700	FNMA, 12-month LIBOR + 1.760%, 2.135%, 2/01/2037(a)		378,161
	766,117	FNMA, 12-month LIBOR + 1.781%, 2.156%, 3/01/2037(a)		811,908
	69,927	FNMA, 1-year CMT + 2.145%, 2.171%, 9/01/2036(a)		71,268
	125,430	FNMA, 12-month LIBOR + 1.800%, 2.175%, 3/01/2034(a)		132,406
	119,246	FNMA, 12-month LIBOR + 1.800%, 2.175%, 12/01/2041(a)		120,035
	125,778	FNMA, 12-month LIBOR + 1.729%, 2.181%, 11/01/2035(a)		132,801
	979,442	FNMA, 12-month LIBOR + 1.820%, 2.195%, 2/01/2047(a)		1,051,792
	1,113,253	FNMA, 1-year CMT + 2.175%, 2.216%, 11/01/2033(a)		1,188,240
	202,894	FNMA, 1-year CMT + 2.149%, 2.223%, 9/01/2034(a)		214,460
	264,116	FNMA, 1-year CMT + 2.223%, 2.223%, 8/01/2035(a)		264,502
	1,022,223	FNMA, 1-year CMT + 2.172%, 2.240%, 12/01/2040(a)		1,090,752
	308,261	FNMA, 1-year CMT + 2.159%, 2.249%, 6/01/2036(a)		318,902
	181,716	FNMA, 1-year CMT + 2.185%, 2.259%, 12/01/2034(a)		182,195
	95,284	FNMA, 1-year CMT + 2.141%, 2.266%, 4/01/2033(a)		95,455
	2,220,753	FNMA, 1-year CMT + 2.212%, 2.268%, 10/01/2034(a)		2,371,523
	624,994	FNMA, 1-year CMT + 2.274%, 2.274%, 6/01/2037(a)		671,192
	1,183,264	FNMA, 12-month LIBOR + 1.800%, 2.300%, 10/01/2041(a)		1,247,879
	373,945	FNMA, 1-year CMT + 2.287%, 2.303%, 6/01/2033(a)		373,452
		Hybrid ARMs — continued
	396,883	FNMA, 1-year CMT + 2.185%, 2.310%, 1/01/2036(a)		412,382
	199,468	FNMA, 1-year CMT + 2.205%, 2.323%, 4/01/2034(a)		200,561
	1,205,874	FNMA, 1-year CMT + 2.225%, 2.330%, 4/01/2034(a)		1,282,273
	215,436	FNMA, 1-year CMT + 2.287%, 2.362%, 10/01/2033(a)		216,942
	58,201	FNMA, 1-year CMT + 2.440%, 2.440%, 8/01/2033(a)		58,521
	449,616	FNMA, 6-month LIBOR + 2.193%, 2.443%, 7/01/2037(a)		473,605
	132,628	FNMA, 1-year CMT + 2.500%, 2.592%, 8/01/2036(a)		142,649
	156,825	FNMA, 1-year CMT + 2.480%, 2.605%, 5/01/2035(a)		166,390
	66,934	FNMA, 12-month LIBOR + 2.473%, 2.723%, 6/01/2035(a)		67,792

				29,741,089

		Mortgage Related — 1.9%
	25,473	FHLMC, 3.000%, 10/01/2026		26,837
	180,478	FHLMC, 4.000%, with various maturities from 2024 to 2042(f)		196,730
	77,731	FHLMC, 4.500%, with various maturities from 2025 to 2034(f)		82,309
	13,266	FHLMC, 5.500%, 10/01/2023		13,615
	143,903	FHLMC, 6.500%, 12/01/2034		165,035
	65	FHLMC, 7.500%, 6/01/2026		70
	85,130	FNMA, 3.000%, 3/01/2042		92,007
	746,189	FNMA, 5.000%, with various maturities from 2037 to 2038(f)		848,755
	323,358	FNMA, 5.500%, with various maturities from 2023 to 2033(f)		356,634
	70,646	FNMA, 6.000%, with various maturities in 2022(f)		71,840
	147,232	FNMA, 6.500%, with various maturities from 2032 to 2037(f)		166,221
	41,133	FNMA, 7.500%, with various maturities from 2030 to 2032(f)		44,724
	1,751,635	GNMA, 1-month LIBOR + 1.748%, 1.863%, 2/20/2061(a)		1,827,665
	1,406,413	GNMA, 1-month LIBOR + 1.890%, 1.986%, 2/20/2063(a)		1,463,741
	1,452,852	GNMA, 1-month LIBOR + 2.190%, 2.283%, 3/20/2063(a)		1,505,876
	642,615	GNMA, 1-month LIBOR + 2.233%, 2.329%, 5/20/2065(a)		686,460
	673,642	GNMA, 1-month LIBOR + 2.242%, 2.342%, 6/20/2065(a)		724,456
	742,235	GNMA, 1-month LIBOR + 2.339%, 2.437%, 2/20/2063(a)		778,296
	48,260	GNMA, 3.640%, 3/20/2063(b)		48,252
	25,902	GNMA, 3.687%, 2/20/2063(b)		26,104
	54,016	GNMA, 4.006%, 12/20/2062(b)		56,530
	24,184	GNMA, 4.140%, 12/20/2061(b)		26,019
	85,595	GNMA, 4.284%, 4/20/2063(b)		88,859
	13,898	GNMA, 4.327%, 8/20/2061(b)		15,066
	2,829,196	GNMA, 4.434%, 10/20/2065(b)		3,089,210
	273,941	GNMA, 4.529%, 7/20/2063(b)		291,532
	1,489,784	GNMA, 4.601%, 2/20/2066(b)		1,595,877
	8,089	GNMA, 4.604%, 2/20/2062(b)		8,327
	1,832,667	GNMA, 4.613%, 3/20/2064(b)		1,934,841
	245,727	GNMA, 4.622%, 1/20/2064(b)		260,443

See accompanying notes to financial statements.

| 74

Portfolio of Investments – as of September 30, 2021

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


Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	25,958	GNMA, 4.630%, with various maturities from 2061 to 2062(b)(f)	$	26,127
	4,543	GNMA, 4.632%, 8/20/2062(b)		4,890
	1,768,285	GNMA, 4.670%, 11/20/2063(b)		1,874,214
	923,837	GNMA, 4.700%, with various maturities from 2061 to 2064(b)(f)		970,183
	2,500	GNMA, 4.882%, 4/20/2061(b)		2,627
	6,844	GNMA, 6.000%, 12/15/2031		7,959
	30,007	GNMA, 6.500%, 5/15/2031		34,936
	33,021	GNMA, 7.000%, 10/15/2028		36,203

				19,449,470

		Non-Agency Commercial Mortgage-Backed Securities — 2.0%
	1,595,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		1,667,611
	3,895,000	Barclays Commercial Mortgage Securities Trust, Series 2020-BID, Class A, 1-month LIBOR + 2.140%, 2.224%, 10/15/2037, 144A(a)		3,918,040
	1,310,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		1,303,474
	1,488,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,588,114
	3,804,856	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class ASB, 3.550%, 2/10/2049		4,018,671
	2,570,000	DROP Mortgage Trust, Series 2021-FILE, Class A, 1-month LIBOR + 1.150%, 1.230%, 4/15/2026, 144A(a)		2,577,968
	2,600,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		2,402,176
	1,040,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class A4, 3.134%, 12/15/2048		1,064,531
	3,279,464	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1-month LIBOR + 1.470%, 1.554%, 11/15/2027, 144A(a)		2,033,268

				20,573,853

		Treasuries — 40.0%
	41,575,000	U.S. Treasury Note, 0.250%, 9/30/2023		41,542,519
	4,845,000	U.S. Treasury Note, 0.250%, 6/15/2024		4,818,125
	18,650,000	U.S. Treasury Note, 0.250%, 6/30/2025		18,317,797
	13,840,000	U.S. Treasury Note, 0.250%, 8/31/2025		13,557,253
	13,070,000	U.S. Treasury Note, 0.250%, 9/30/2025		12,789,710
	13,605,000	U.S. Treasury Note, 0.250%, 10/31/2025		13,293,042
	47,425,000	U.S. Treasury Note, 0.375%, 4/30/2025		46,898,879
	7,255,000	U.S. Treasury Note, 0.375%, 11/30/2025		7,116,418
	56,000,000	U.S. Treasury Note, 0.375%, 12/31/2025		54,871,250
	24,685,000	U.S. Treasury Note, 0.375%, 1/31/2026		24,154,658
	4,600,000	U.S. Treasury Note, 0.500%, 3/31/2025		4,574,484
	11,585,000	U.S. Treasury Note, 0.500%, 2/28/2026		11,389,503
	13,225,000	U.S. Treasury Note, 0.750%, 3/31/2026		13,131,495
	71,995,000	U.S. Treasury Note, 0.750%, 8/31/2026		71,224,429
	11,470,000	U.S. Treasury Note, 2.000%, 2/15/2025		11,997,351
	6,915,000	U.S. Treasury Note, 2.250%, 1/31/2024		7,218,612
	3,340,000	U.S. Treasury Note, 2.250%, 10/31/2024		3,514,437
	40,295,000	U.S. Treasury Note, 2.875%, 10/31/2023		42,438,820
	9,955,000	U.S. Treasury Note, 2.875%, 7/31/2025		10,753,733

				413,602,515

		Total Bonds and Notes (Identified Cost $988,328,988)		990,784,859

	Short-Term Investments — 4.0%
	9,469,399	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2021 at 0.000% to be repurchased at $9,469,399 on 10/01/2021 collateralized by $11,209,800 U.S. Treasury Bond, 1.125% due 08/15/2040 valued at $9,658,815 including accrued interest (Note 2 of Notes to Financial Statements)		9,469,399
	31,675,000	U.S. Treasury Bills, 0.002%-0.018%, 10/12/2021(g)(h)		31,674,722

		Total Short-Term Investments (Identified Cost $41,144,281)		41,144,121


		Total Investments — 99.9% (Identified Cost $1,029,473,269)		1,031,928,980
		Other assets less liabilities — 0.1%		1,112,424

		Net Assets — 100.0%	$	1,033,041,404


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. Rate as of September 30, 2021 is disclosed.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of September 30, 2021 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)	Fair valued by the Fund’s adviser. At September 30, 2021, the value of these securities amounted to $4,629,151 or 0.4% of net assets. See Note 2 of Notes to Financial Statements.
	(e)	Interest only security. Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
	(f)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(g)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(h)	The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021, the value of Rule 144A holdings amounted to $49,156,284 or 4.8% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	CMT	Constant Maturity Treasury
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GNMA	Government National Mortgage Association
	LIBOR	London Interbank Offered Rate
	MTA	Monthly Treasury Average Interest
	REMIC	Real Estate Mortgage Investment Conduit
	SOFR	Secured Overnight Financing Rate

See accompanying notes to financial statements.

75 |

Portfolio of Investments – as of September 30, 2021

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

Industry Summary at September 30, 2021


Treasuries	40.0	%
Agency Commercial Mortgage-Backed Securities	30.2
Collateralized Mortgage Obligations	14.0
ABS Car Loan	2.9
Hybrid ARMs	2.9
Non-Agency Commercial Mortgage-Backed Securities	2.0
Other Investments, less than 2% each	3.9
Short-Term Investments	4.0

Total Investments	99.9
Other assets less liabilities	0.1

Net Assets	100.0	%

See accompanying notes to financial statements.

| 76

Statements of Assets and Liabilities

September 30, 2021


	Core Plus Bond Fund		Credit Income Fund		Global Allocation Fund
ASSETS
Investments at cost	$	9,398,037,659	$	24,631,088	$	3,778,502,923
Net unrealized appreciation		133,421,250		560,072		1,077,384,540

Investments at value		9,531,458,909		25,191,160		4,855,887,463
Cash		4,996,292		—		150,228
Due from brokers (Note 2)		6,480,102		—		4,145,238
Foreign currency at value (identified cost $0, $0 and $15,213,836, respectively)		—		—		14,822,124
Receivable for Fund shares sold		13,687,769		—		4,925,564
Receivable from investment adviser (Note 6)		—		16,371		—
Receivable for securities sold		262,748,214		754,252		9,345,847
Receivable for when-issued/delayed delivery securities sold (Note 2)		207,302,160		—		—
Collateral received for open forward foreign currency contracts (Notes 2 and 4)		—		—		590,000
Dividends and interest receivable		52,431,367		195,682		10,857,171
Unrealized appreciation on forward foreign currency contracts (Note 2)		—		—		962,249
Tax reclaims receivable		—		—		702,153
Prepaid expenses (Note 9)		1,170		3		557

TOTAL ASSETS		10,079,105,983		26,157,468		4,902,388,594

LIABILITIES
Payable for securities purchased		319,583,965		1,118,521		9,564,537
Payable for when-issued/delayed delivery securities purchased (Note 2)		895,336,641		—		—
Payable for Fund shares redeemed		10,585,652		—		2,918,294
Unrealized depreciation on forward foreign currency contracts (Note 2)		—		—		5,685,114
Foreign taxes payable (Note 2)		—		—		2,146,613
Due to brokers (Note 2)		—		—		590,000
Payable for variation margin on futures contracts (Note 2)		—		2,750		25,547
Management fees payable (Note 6)		2,344,632		—		3,053,825
Deferred Trustees’ fees (Note 6)		917,200		3,008		407,023
Administrative fees payable (Note 6)		313,629		921		176,988
Payable to distributor (Note 6d)		64,591		5		57,346
Other accounts payable and accrued expenses		409,326		76,723		318,973

TOTAL LIABILITIES		1,229,555,636		1,201,928		24,944,260

NET ASSETS	$	8,849,550,347	$	24,955,540	$	4,877,444,334

NET ASSETS CONSIST OF:
Paid-in capital	$	8,721,602,439	$	24,430,295	$	3,463,722,292
Accumulated earnings		127,947,908		525,245		1,413,722,042

NET ASSETS	$	8,849,550,347	$	24,955,540	$	4,877,444,334

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	747,496,573	$	90,833	$	737,469,453

Shares of beneficial interest		54,997,773		8,898		25,553,630

Net asset value and redemption price per share	$	13.59	$	10.21	$	28.86

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	14.19	$	10.66	$	30.62

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	95,754,823	$	1,040	$	503,072,774

Shares of beneficial interest		7,041,346		102		17,798,725

Net asset value and offering price per share	$	13.60	$	10.20	$	28.26

Class N shares:
Net assets	$	2,563,736,037	$	24,841,678	$	350,221,891

Shares of beneficial interest		186,882,456		2,434,178		12,038,151

Net asset value, offering and redemption price per share	$	13.72	$	10.21	$	29.09

Class Y shares:
Net assets	$	5,442,562,914	$	21,989	$	3,286,680,216

Shares of beneficial interest		396,976,803		2,155		112,981,209

Net asset value, offering and redemption price per share	$	13.71	$	10.20	$	29.09

See accompanying notes to financial statements.

77 |

Statements of Assets and Liabilities (continued)

September 30, 2021


	Growth Fund		Intermediate Duration Bond Fund		Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	7,174,975,613	$	385,478,294	$	1,029,473,269
Net unrealized appreciation		6,584,328,317		1,369,310		2,455,711

Investments at value		13,759,303,930		386,847,604		1,031,928,980
Due from brokers (Note 2)		—		165,000		—
Receivable for Fund shares sold		19,401,913		863,712		879,800
Receivable for securities sold		—		4,395,277		19,043,112
Dividends and interest receivable		2,831,934		1,083,504		1,672,689
Tax reclaims receivable		6,317,585		363		—
Receivable for variation margin on futures contracts (Note 2)		—		13,033		—
Prepaid expenses (Note 9)		1,567		43		122

TOTAL ASSETS		13,787,856,929		393,368,536		1,053,524,703

LIABILITIES
Payable for securities purchased		—		11,188,877		18,444,955
Payable for Fund shares redeemed		11,360,084		163,862		955,152
Distributions payable		—		—		128,684
Management fees payable (Note 6)		5,925,968		72,437		242,612
Deferred Trustees’ fees (Note 6)		822,003		168,206		490,303
Administrative fees payable (Note 6)		502,471		13,236		36,100
Payable to distributor (Note 6d)		98,926		3,327		13,868
Other accounts payable and accrued expenses		513,320		82,109		171,625

TOTAL LIABILITIES		19,222,772		11,692,054		20,483,299

NET ASSETS	$	13,768,634,157	$	381,676,482	$	1,033,041,404

NET ASSETS CONSIST OF:
Paid-in capital	$	6,536,950,316	$	378,658,824	$	1,060,615,704
Accumulated earnings (loss)		7,231,683,841		3,017,658		(27,574,300	)

NET ASSETS	$	13,768,634,157	$	381,676,482	$	1,033,041,404

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	1,740,523,283	$	20,941,833	$	287,243,903

Shares of beneficial interest		72,982,489		1,979,277		25,207,226

Net asset value and redemption price per share	$	23.85	$	10.58	$	11.40

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	25.31	$	11.05	$	11.66

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	127,002,763	$	315,130	$	24,921,677

Shares of beneficial interest		5,988,326		29,682		2,189,243

Net asset value and offering price per share	$	21.21	$	10.62	$	11.38

Class N shares:
Net assets	$	806,186,080	$	20,093,747	$	12,971,503

Shares of beneficial interest		31,335,350		1,900,845		1,135,204

Net asset value, offering and redemption price per share	$	25.73	$	10.57	$	11.43

Class Y shares:
Net assets	$	11,094,922,031	$	340,325,772	$	707,904,321

Shares of beneficial interest		431,263,125		32,177,540		61,926,959

Net asset value, offering and redemption price per share	$	25.73	$	10.58	$	11.43

See accompanying notes to financial statements.

| 78

Statements of Operations

For the Year Ended September 30, 2021


	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund
INVESTMENT INCOME
Interest	$	208,087,794		$	724,402		$	38,727,553
Dividends		—			27,565			24,815,255
Less net foreign taxes withheld		—			(14	)		(793,058	)

		208,087,794			751,953			62,749,750

Expenses
Management fees (Note 6)		29,609,686			109,063			33,980,508
Service and distribution fees (Note 6)		2,917,327			202			6,889,543
Administrative fees (Note 6)		4,007,984			11,116			1,972,813
Trustees’ fees and expenses (Note 6)		457,095			13,751			225,703
Transfer agent fees and expenses (Notes 6 and 8)		5,590,449			4,294			3,179,009
Audit and tax services fees		56,767			62,608			62,418
Custodian fees and expenses (Note 7)		328,996			8,207			443,326
Legal fees (Note 9)		326,652			969			154,682
Registration fees		313,993			58,651			171,447
Shareholder reporting expenses		244,631			4,992			187,610
Miscellaneous expenses (Notes 7 and 9)		261,615			29,594			195,423

Total expenses		44,115,195			303,447			47,462,482
Less waiver and/or expense reimbursement (Notes 6 and 7)		—			(168,167	)		—

Net expenses		44,115,195			135,280			47,462,482

Net investment income		163,972,599			616,673			15,287,268

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		116,389,278			127,665			379,925,633
Futures contracts		—			(35,988	)		(617,791	)
Short sales		173,375			—			—
Forward foreign currency contracts (Note 2e)		—			—			(10,850,551	)
Foreign currency transactions (Note 2d)		360,619			—			599,384
Net change in unrealized appreciation (depreciation) on:
Investments		(226,451,764	)		645,166			313,836,021
Futures contracts		—			35,718			640,419
Forward foreign currency contracts (Note 2e)		—			—			(6,734,696	)
Foreign currency translations (Note 2d)		(72,727	)		—			(363,160	)

Net realized and unrealized gain (loss) on investments, futures contracts, short sales, forward foreign currency contracts and foreign currency transactions		(109,601,219	)		772,561			676,435,259

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	54,371,380		$	1,389,234		$	691,722,527

See accompanying notes to financial statements.

79 |

Statements of Operations (continued)

For the Year Ended September 30, 2021


	Growth Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	—		$	5,994,515		$	11,333,597
Dividends		89,046,896			—			—
Less net foreign taxes withheld		(2,656,488	)		—			—

		86,390,408			5,994,515			11,333,597

Expenses
Management fees (Note 6)		65,539,656			893,605			3,243,640
Service and distribution fees (Note 6)		5,517,442			56,392			953,555
Administrative fees (Note 6)		5,608,769			152,980			445,799
Trustees’ fees and expenses (Note 6)		559,504			52,993			131,177
Transfer agent fees and expenses (Notes 6 and 8)		9,057,488			270,734			877,292
Audit and tax services fees		79,594			54,716			58,946
Custodian fees and expenses (Note 7)		603,260			23,553			45,644
Legal fees (Note 9)		435,715			12,075			35,546
Registration fees		221,979			76,394			99,415
Shareholder reporting expenses		280,271			18,316			73,905
Miscellaneous expenses (Notes 7 and 9)		366,625			36,405			53,302

Total expenses		88,270,303			1,648,163			6,018,221
Less waiver and/or expense reimbursement (Notes 6 and 7)		—			(170,162	)		(62,613	)

Net expenses		88,270,303			1,478,001			5,955,608

Net investment income (loss)		(1,879,895	)		4,516,514			5,377,989

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain (loss) on:
Investments		688,859,379			2,740,390			4,014,542
Futures contracts		—			(121,824	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		1,682,057,052			(6,659,758	)		(13,859,882	)
Futures contracts		—			(9,936	)		—
Foreign currency translations (Note 2d)		(8,389	)		—			—

Net realized and unrealized gain (loss) on investments and futures contracts		2,370,908,042			(4,051,128	)		(9,845,340	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,369,028,147		$	465,386		$	(4,467,351	)

See accompanying notes to financial statements.

| 80

Statements of Changes in Net Assets


	Core Plus Bond Fund						Credit Income Fund
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2021			Period Ended September 30, 2020(a)
FROM OPERATIONS:
Net investment income	$	163,972,599		$	170,336,486		$	616,673		$	374
Net realized gain on investments, futures contracts, short sales and foreign currency transactions		116,923,272			299,827,757			91,677			—
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(226,524,491	)		200,630,915			680,884			(85,094	)

Net increase (decrease) in net assets resulting from operations		54,371,380			670,795,158			1,389,234			(84,720	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(26,989,208	)		(11,953,860	)		(2,194	)		—
Class C		(4,109,684	)		(2,056,615	)		(20	)		—
Class N		(114,300,522	)		(67,400,814	)		(776,415	)		—
Class Y		(253,871,577	)		(111,898,170	)		(642	)		—

Total distributions		(399,270,991	)		(193,309,459	)		(779,271	)		—

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(84,293,745	)		1,308,282,070			(572,703	)		25,003,000

Net increase (decrease) in net assets		(429,193,356	)		1,785,767,769			37,260			24,918,280
NET ASSETS
Beginning of the year		9,278,743,703			7,492,975,934			24,918,280			—

End of the year	$	8,849,550,347		$	9,278,743,703		$	24,955,540		$	24,918,280

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

See accompanying notes to financial statements.

81 |

Statements of Changes in Net Assets (continued)


	Global Allocation Fund						Growth Fund
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2021			Year Ended September 30, 2020
FROM OPERATIONS:
Net investment income (loss)	$	15,287,268		$	17,209,846		$	(1,879,895	)	$	23,245,547
Net realized gain on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		369,056,675			216,871,990			688,859,379			534,694,084
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations		307,378,584			212,609,579			1,682,048,663			2,336,956,869

Net increase in net assets resulting from operations		691,722,527			446,691,415			2,369,028,147			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)		400,018,429			612,522,950			432,416,142			26,641,271

Net increase in net assets		835,886,680			967,254,461			2,268,609,356			2,669,008,053
NET ASSETS
Beginning of the year		4,041,557,654			3,074,303,193			11,500,024,801			8,831,016,748

End of the year	$	4,877,444,334		$	4,041,557,654		$	13,768,634,157		$	11,500,024,801

See accompanying notes to financial statements.

| 82

Statements of Changes in Net Assets (continued)


	Intermediate Duration Bond Fund						Limited Term Government and Agency Fund
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2021			Year Ended September 30, 2020
FROM OPERATIONS:
Net investment income	$	4,516,514		$	5,315,122		$	5,377,989		$	9,045,389
Net realized gain on investments and futures contracts		2,618,566			8,937,549			4,014,542			9,395,293
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(6,669,694	)		4,520,840			(13,859,882	)		8,389,983

Net increase (decrease) in net assets resulting from operations		465,386			18,773,511			(4,467,351	)		26,830,665

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(742,805	)		(502,738	)		(1,888,946	)		(4,298,464	)
Class C		(18,045	)		(8,696	)		(6,855	)		(141,631	)
Class N		(788,205	)		(94,763	)		(104,954	)		(149,308	)
Class Y		(12,363,185	)		(6,108,309	)		(6,301,562	)		(8,468,385	)

Total distributions		(13,912,240	)		(6,714,506	)		(8,302,317	)		(13,057,788	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		77,608,974			64,275,136			27,315,308			211,874,926

Net increase in net assets		64,162,120			76,334,141			14,545,640			225,647,803
NET ASSETS
Beginning of the year		317,514,362			241,180,221			1,018,495,764			792,847,961

End of the year	$	381,676,482		$	317,514,362		$	1,033,041,404		$	1,018,495,764

See accompanying notes to financial statements.

83 |

Financial Highlights

For a share outstanding throughout each period.


	Core Plus Bond Fund—Class A
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	14.08		$	13.25		$	12.53		$	12.96		$	13.06

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.26			0.34			0.35			0.28
Net realized and unrealized gain (loss)		(0.13	)		0.86			0.70			(0.38	)		(0.04	)

Total from Investment Operations		0.08			1.12			1.04			(0.03	)		0.24

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

Total Distributions		(0.57	)		(0.29	)		(0.32	)		(0.40	)		(0.34	)

Net asset value, end of the period	$	13.59		$	14.08		$	13.25		$	12.53		$	12.96

Total return(b)		0.53	%		8.60	%		8.39	%		(0.27	)%		1.86	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	747,497		$	617,609		$	558,291		$	600,762		$	676,892
Net expenses		0.71	%		0.72	%(c)		0.73	%		0.73	%		0.73	%
Gross expenses		0.71	%		0.72	%		0.73	%		0.73	%		0.73	%
Net investment income		1.51	%		1.88	%		2.63	%		2.71	%		2.19	%
Portfolio turnover rate		266	%		359	%(d)		297	%(e)		181	%		195	%

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

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

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

(d)	The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(e)	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.

| 84

Financial Highlights (continued)

For a share outstanding throughout each period.


	Core Plus Bond Fund—Class C
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	14.09		$	13.25		$	12.53		$	12.96		$	13.06

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.15			0.24			0.25			0.19
Net realized and unrealized gain (loss)		(0.13	)		0.88			0.70			(0.38	)		(0.05	)

Total from Investment Operations		(0.03	)		1.03			0.94			(0.13	)		0.14

LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.19	)		(0.22	)		(0.30	)		(0.24	)
Net realized capital gains		(0.28	)		—			—			—			—

Total Distributions		(0.46	)		(0.19	)		(0.22	)		(0.30	)		(0.24	)

Net asset value, end of the period	$	13.60		$	14.09		$	13.25		$	12.53		$	12.96

Total return(b)		(0.24	)%		7.83	%		7.57	%		(1.03	)%		1.08	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	95,755		$	132,590		$	160,201		$	185,758		$	248,687
Net expenses		1.46	%		1.47	%(c)		1.48	%		1.48	%		1.48	%
Gross expenses		1.46	%		1.47	%		1.48	%		1.48	%		1.48	%
Net investment income		0.75	%		1.13	%		1.88	%		1.96	%		1.44	%
Portfolio turnover rate		266	%		359	%(d)		297	%(e)		181	%		195	%

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

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

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

(d)	The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(e)	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.

85 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Core Plus Bond Fund—Class N
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	14.21		$	13.37		$	12.63		$	13.06		$	13.17

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.30			0.38			0.39			0.33
Net realized and unrealized gain (loss)		(0.14	)		0.88			0.72			(0.38	)		(0.06	)

Total from Investment Operations		0.12			1.18			1.10			0.01			0.27

LESS DISTRIBUTIONS FROM:
Net investment income		(0.33	)		(0.34	)		(0.36	)		(0.44	)		(0.38	)
Net realized capital gains		(0.28	)		—			—			—			—

Total Distributions		(0.61	)		(0.34	)		(0.36	)		(0.44	)		(0.38	)

Net asset value, end of the period	$	13.72		$	14.21		$	13.37		$	12.63		$	13.06

Total return		0.86	%		8.95	%		8.85	%		0.07	%		2.12	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,563,736		$	2,682,487		$	2,610,699		$	1,899,190		$	1,784,150
Net expenses		0.38	%		0.38	%(b)		0.39	%		0.39	%		0.39	%
Gross expenses		0.38	%		0.38	%		0.39	%		0.39	%		0.39	%
Net investment income		1.84	%		2.21	%		2.96	%		3.06	%		2.53	%
Portfolio turnover rate		266	%		359	%(c)		297	%(d)		181	%		195	%

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

(b)	Effective July 1, 2020, the expense limit decreased from 0.50% to 0.45%.

(c)	The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(d)	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.

| 86

Financial Highlights (continued)

For a share outstanding throughout each period.


	Core Plus Bond Fund—Class Y
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	14.20		$	13.36		$	12.63		$	13.06		$	13.16

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.24			0.29			0.37			0.38			0.31
Net realized and unrealized gain (loss)		(0.13	)		0.88			0.71			(0.38	)		(0.04	)

Total from Investment Operations		0.11			1.17			1.08			0.00	(b)		0.27

LESS DISTRIBUTIONS FROM:
Net investment income		(0.32	)		(0.33	)		(0.35	)		(0.43	)		(0.37	)
Net realized capital gains		(0.28	)		—			—			—			—

Total Distributions		(0.60	)		(0.33	)		(0.35	)		(0.43	)		(0.37	)

Net asset value, end of the period	$	13.71		$	14.20		$	13.36		$	12.63		$	13.06

Total return		0.78	%		8.87	%		8.67	%		(0.02	)%		2.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,442,563		$	5,846,057		$	4,163,785		$	3,733,751		$	3,846,208
Net expenses		0.46	%		0.47	%(c)		0.48	%		0.48	%		0.48	%
Gross expenses		0.46	%		0.47	%		0.48	%		0.48	%		0.48	%
Net investment income		1.76	%		2.11	%		2.87	%		2.97	%		2.43	%
Portfolio turnover rate		266	%		359	%(d)		297	%(e)		181	%		195	%

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

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

(c)	Effective July 1, 2020, the expense limit decreased from 0.55% to 0.50%.

(d)	The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(e)	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.

87 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Credit Income Fund—Class A
	Year Ended September 30, 2021			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)		0.21			(0.00	)(b)
Net realized and unrealized gain (loss)		0.31			(0.03	)

Total from Investment Operations		0.52			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		—
Net realized capital gains		(0.00	)(b)		—

Total Distributions		(0.28	)		—

Net asset value, end of the period	$	10.21		$	9.97

Total return(c)(d)		5.24	%		(0.30	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	91		$	1
Net expenses(f)		0.82	%		0.82	%(g)
Gross expenses		4.79	%		125.79	%(g)
Net investment income (loss)		2.07	%		(0.82	)%(g)
Portfolio turnover rate		55	%		0	%

*	From commencement of operations on September 29, 2020 through September 30, 2020.

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

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

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

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

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

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

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

See accompanying notes to financial statements.

| 88

Financial Highlights (continued)

For a share outstanding throughout each period.


	Credit Income Fund—Class C
	Year Ended September 30, 2021			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)		0.13			(0.00	)(b)
Net realized and unrealized gain (loss)		0.30			(0.03	)

Total from Investment Operations		0.43			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		—
Net realized capital gains		(0.00	)(b)		—

Total Distributions		(0.20	)		—

Net asset value, end of the period	$	10.20		$	9.97

Total return(c)(d)		4.34	%		(0.30	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1
Net expenses(f)		1.57	%		1.57	%(g)
Gross expenses		5.60	%		126.54	%(g)
Net investment income (loss)		1.29	%		(1.57	)%(g)
Portfolio turnover rate		55	%		0	%

*	From commencement of operations on September 29, 2020 through September 30, 2020.

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

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

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

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

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

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

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

See accompanying notes to financial statements.

89 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Credit Income Fund—Class N
	Year Ended September 30, 2021			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)		0.24			0.00	(b)
Net realized and unrealized gain (loss)		0.31			(0.03	)

Total from Investment Operations		0.55			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.31	)		—
Net realized capital gains		(0.00	)(b)		—

Total Distributions		(0.31	)		—

Net asset value, end of the period	$	10.21		$	9.97

Total return(c)		5.54	%		(0.30	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	24,842		$	24,915
Net expenses(e)		0.52	%		0.52	%(f)
Gross expenses		1.16	%		27.91	%(f)
Net investment income		2.38	%		0.55	%(f)
Portfolio turnover rate		55	%		0	%

*	From commencement of operations on September 29, 2020 through September 30, 2020.

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

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

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

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

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

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

See accompanying notes to financial statements.

| 90

Financial Highlights (continued)

For a share outstanding throughout each period.


	Credit Income Fund—Class Y
	Year Ended September 30, 2021			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)		0.24			(0.00	)(b)
Net realized and unrealized gain (loss)		0.29			(0.03	)

Total from Investment Operations		0.53			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)		—
Net realized capital gains		(0.00	)(b)		—

Total Distributions		(0.30	)		—

Net asset value, end of the period	$	10.20		$	9.97

Total return(c)		5.38	%		(0.30	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	22		$	1
Net expenses(e)		0.57	%		0.57	%(f)
Gross expenses		4.54	%		125.54	%(f)
Net investment income (loss)		2.33	%		(0.57	)%(f)
Portfolio turnover rate		55	%		0	%

*	From commencement of operations on September 29, 2020 through September 30, 2020.

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

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

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

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

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

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

See accompanying notes to financial statements.

91 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Allocation Fund—Class A
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	26.23		$	23.76		$	23.10		$	21.60		$	19.17

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.10			0.19			0.23			0.31
Net realized and unrealized gain (loss)		4.18			3.05			1.38			1.75			2.36

Total from Investment Operations		4.24			3.15			1.57			1.98			2.67

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

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

Net asset value, end of the period	$	28.86		$	26.23		$	23.76		$	23.10		$	21.60

Total return(b)		16.73	%		13.41	%		7.66	%		9.26	%		14.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	737,469		$	632,479		$	453,009		$	401,036		$	305,275
Net expenses		1.13	%		1.15	%		1.16	%		1.16	%		1.18	%
Gross expenses		1.13	%		1.15	%		1.16	%		1.16	%		1.18	%
Net investment income		0.23	%		0.42	%		0.83	%		1.03	%		1.57	%
Portfolio turnover rate		45	%		37	%		27	%		22	%		35	%

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

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

See accompanying notes to financial statements.

| 92

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Allocation Fund—Class C
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	25.78		$	23.43		$	22.78		$	21.29		$	18.89

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.14	)		(0.08	)		0.02			0.06			0.16
Net realized and unrealized gain (loss)		4.10			2.99			1.38			1.73			2.33

Total from Investment Operations		3.96			2.91			1.40			1.79			2.49

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

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

Net asset value, end of the period	$	28.26		$	25.78		$	23.43		$	22.78		$	21.29

Total return(c)		15.85	%		12.55	%		6.85	%		8.46	%		13.22	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	503,073		$	483,814		$	480,479		$	412,610		$	354,017
Net expenses		1.88	%		1.90	%		1.91	%		1.91	%		1.93	%
Gross expenses		1.88	%		1.90	%		1.91	%		1.91	%		1.93	%
Net investment income (loss)		(0.52	)%		(0.33	)%		0.08	%		0.29	%		0.84	%
Portfolio turnover rate		45	%		37	%		27	%		22	%		35	%

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

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

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

See accompanying notes to financial statements.

93 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Allocation Fund—Class N
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	26.42		$	23.92		$	23.25		$	21.73		$	19.20

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.18			0.27			0.31			0.20
Net realized and unrealized gain (loss)		4.21			3.07			1.38			1.75			2.33

Total from Investment Operations		4.36			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	$	29.09		$	26.42		$	23.92		$	23.25		$	21.73

Total return		17.10	%		13.78	%		8.04	%		9.60	%		13.18	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	350,222		$	264,338		$	202,692		$	80,346		$	59,512
Net expenses		0.81	%		0.82	%		0.82	%		0.83	%		0.87	%(c)
Gross expenses		0.81	%		0.82	%		0.82	%		0.83	%		0.87	%(c)
Net investment income		0.55	%		0.76	%		1.20	%		1.36	%		1.48	%(c)
Portfolio turnover rate		45	%		37	%		27	%		22	%		35	%(d)

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

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

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

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

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

See accompanying notes to financial statements.

| 94

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Allocation Fund—Class Y
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	26.42		$	23.92		$	23.25		$	21.74		$	19.29

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.16			0.24			0.29			0.36
Net realized and unrealized gain (loss)		4.21			3.07			1.40			1.75			2.37

Total from Investment Operations		4.34			3.23			1.64			2.04			2.73

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

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

Net asset value, end of the period	$	29.09		$	26.42		$	23.92		$	23.25		$	21.74

Total return		17.02	%		13.70	%		7.95	%		9.49	%		14.42	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,286,680		$	2,660,927		$	1,938,124		$	1,549,689		$	1,067,062
Net expenses		0.88	%		0.90	%		0.91	%		0.91	%		0.93	%
Gross expenses		0.88	%		0.90	%		0.91	%		0.91	%		0.93	%
Net investment income		0.48	%		0.67	%		1.08	%		1.29	%		1.79	%
Portfolio turnover rate		45	%		37	%		27	%		22	%		35	%

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

See accompanying notes to financial statements.

95 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class A
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	20.72		$	16.02		$	16.05		$	14.04		$	11.96

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.05	)		0.01			0.05			0.06			0.06
Net realized and unrealized gain (loss)		4.17			5.14			0.71			2.29			2.18

Total from Investment Operations		4.12			5.15			0.76			2.35			2.24

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

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

Net asset value, end of the period	$	23.85		$	20.72		$	16.02		$	16.05		$	14.04

Total return(b)		20.43	%		32.80	%		5.81	%		16.98	%		18.99	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,740,523		$	1,477,915		$	1,250,030		$	1,083,362		$	983,047
Net expenses		0.89	%		0.90	%		0.91	%		0.90	%		0.91	%
Gross expenses		0.89	%		0.90	%		0.91	%		0.90	%		0.91	%
Net investment income (loss)		(0.22	)%		0.04	%		0.35	%		0.39	%		0.45	%
Portfolio turnover rate		9	%		19	%		7	%		11	%		8	%

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

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

See accompanying notes to financial statements.

| 96

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class C
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	18.66		$	14.53		$	14.68		$	12.92		$	11.06

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.20	)		(0.11	)		(0.06	)		(0.05	)		(0.03	)
Net realized and unrealized gain (loss)		3.74			4.64			0.65			2.10			2.00

Total from Investment Operations		3.54			4.53			0.59			2.05			1.97

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

Net asset value, end of the period	$	21.21		$	18.66		$	14.53		$	14.68		$	12.92

Total return(b)		19.55	%		31.76	%		5.05	%		16.09	%		18.03	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	127,003		$	128,764		$	120,493		$	130,133		$	133,329
Net expenses		1.63	%		1.65	%		1.66	%		1.65	%		1.66	%
Gross expenses		1.63	%		1.65	%		1.66	%		1.65	%		1.66	%
Net investment loss		(0.97	)%		(0.71	)%		(0.39	)%		(0.36	)%		(0.29	)%
Portfolio turnover rate		9	%		19	%		7	%		11	%		8	%

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

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

See accompanying notes to financial statements.

97 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class N
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	22.26		$	17.17		$	17.15		$	14.97		$	12.73

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.02			0.07			0.11			0.12			0.11
Net realized and unrealized gain (loss)		4.49			5.53			0.76			2.44			2.32

Total from Investment Operations		4.51			5.60			0.87			2.56			2.43

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

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

Net asset value, end of the period	$	25.73		$	22.26		$	17.17		$	17.15		$	14.97

Total return		20.80	%		33.26	%		6.14	%		17.40	%(b)		19.39	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	806,186		$	579,571		$	442,787		$	1,001,688		$	341,160
Net expenses		0.56	%		0.57	%		0.56	%		0.57	%(c)		0.57	%(c)
Gross expenses		0.56	%		0.57	%		0.56	%		0.58	%		0.58	%
Net investment income		0.09	%		0.38	%		0.69	%		0.73	%		0.80	%
Portfolio turnover rate		9	%		19	%		7	%		11	%		8	%

(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)	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.

| 98

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class Y
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	22.26		$	17.17		$	17.14		$	14.97		$	12.73

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.01			0.05			0.10			0.10			0.09
Net realized and unrealized gain (loss)		4.48			5.53			0.77			2.44			2.33

Total from Investment Operations		4.49			5.58			0.87			2.54			2.42

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

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

Net asset value, end of the period	$	25.73		$	22.26		$	17.17		$	17.14		$	14.97

Total return		20.72	%		33.15	%		6.09	%		17.25	%		19.31	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11,094,922		$	9,313,775		$	7,017,707		$	6,620,996		$	5,749,576
Net expenses		0.64	%		0.65	%		0.66	%		0.65	%		0.66	%
Gross expenses		0.64	%		0.65	%		0.66	%		0.65	%		0.66	%
Net investment income		0.02	%		0.27	%		0.60	%		0.64	%		0.69	%
Portfolio turnover rate		9	%		19	%		7	%		11	%		8	%

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

See accompanying notes to financial statements.

99 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class A
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	10.99		$	10.51		$	9.97		$	10.29		$	10.52

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.19			0.25			0.22			0.17
Net realized and unrealized gain (loss)		(0.11	)		0.54			0.55			(0.31	)		(0.12	)

Total from Investment Operations		(0.00	)(b)		0.73			0.80			(0.09	)		0.05

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.20	)		(0.26	)		(0.23	)		(0.20	)
Net realized capital gains		(0.29	)		(0.05	)		—			—			(0.08	)

Total Distributions		(0.41	)		(0.25	)		(0.26	)		(0.23	)		(0.28	)

Net asset value, end of the period	$	10.58		$	10.99		$	10.51		$	9.97		$	10.29

Total return(c)(d)		(0.06	)%		7.06	%		8.11	%		(0.85	)%		0.44	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	20,942		$	19,962		$	21,415		$	19,149		$	21,828
Net expenses(e)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.70	%		0.72	%		0.72	%		0.70	%		0.72	%
Net investment income		1.03	%		1.78	%		2.42	%		2.17	%		1.69	%
Portfolio turnover rate		100	%		123	%		135	%		152	%		216	%

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

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

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

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

(e)	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.

| 100

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class C
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	11.02		$	10.54		$	10.00		$	10.30		$	10.53

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.11			0.17			0.13			0.10
Net realized and unrealized gain (loss)		(0.11	)		0.54			0.55			(0.31	)		(0.13	)

Total from Investment Operations		(0.08	)		0.65			0.72			(0.18	)		(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		(0.12	)		(0.18	)		(0.12	)		(0.12	)
Net realized capital gains		(0.29	)		(0.05	)		—			—			(0.08	)

Total Distributions		(0.32	)		(0.17	)		(0.18	)		(0.12	)		(0.20	)

Net asset value, end of the period	$	10.62		$	11.02		$	10.54		$	10.00		$	10.30

Total return(b)(c)		(0.76	)%		6.27	%		7.28	%		(1.71	)%		(0.29	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	315		$	668		$	467		$	2		$	3,225
Net expenses(d)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses		1.45	%		1.46	%		1.48	%		1.45	%		1.48	%
Net investment income		0.30	%		1.00	%		1.64	%		1.31	%		0.95	%
Portfolio turnover rate		100	%		123	%		135	%		152	%		216	%

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

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

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

(d)	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.

101 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class N
	Year Ended September 30, 2021			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)		0.14			0.22			0.17
Net realized and unrealized gain (loss)		(0.11	)		0.54			0.45

Total from Investment Operations		0.03			0.76			0.62

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.23	)		(0.19	)
Net realized capital gains		(0.29	)		(0.05	)		—

Total Distributions		(0.44	)		(0.28	)		(0.19	)

Net asset value, end of the period	$	10.57		$	10.98		$	10.50

Total return(b)		0.25	%		7.39	%		6.19	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	20,094		$	3,307		$	3,546
Net expenses(d)		0.35	%		0.35	%		0.35	%(e)
Gross expenses		0.38	%		0.43	%		0.42	%(e)
Net investment income		1.32	%		2.09	%		2.54	%(e)
Portfolio turnover rate		100	%		123	%		135	%(f)

*	From commencement of Class operations on February 1, 2019 through September 30, 2019.

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

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

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

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

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

(f)	Represents the Fund’s portfolio turnover rate for year ended September 30, 2019.

See accompanying notes to financial statements.

| 102

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class Y
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	10.99		$	10.51		$	9.97		$	10.29		$	10.52

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.21			0.27			0.25			0.20
Net realized and unrealized gain (loss)		(0.11	)		0.54			0.55			(0.31	)		(0.13	)

Total from Investment Operations		0.03			0.75			0.82			(0.06	)		0.07

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.22	)		(0.28	)		(0.26	)		(0.22	)
Net realized capital gains		(0.29	)		(0.05	)		—			—			(0.08	)

Total Distributions		(0.44	)		(0.27	)		(0.28	)		(0.26	)		(0.30	)

Net asset value, end of the period	$	10.58		$	10.99		$	10.51		$	9.97		$	10.29

Total return(b)		0.20	%		7.33	%		8.38	%		(0.60	)%		0.69	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	340,326		$	293,577		$	215,752		$	148,119		$	154,668
Net expenses(c)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.45	%		0.47	%		0.48	%		0.45	%		0.47	%
Net investment income		1.28	%		2.01	%		2.67	%		2.43	%		1.93	%
Portfolio turnover rate		100	%		123	%		135	%		152	%		216	%

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

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

(c)	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.

103 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class A
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	11.54		$	11.34		$	11.09		$	11.32		$	11.51

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.11			0.15			0.11			0.08
Net realized and unrealized gain (loss)		(0.11	)		0.25			0.34			(0.13	)		(0.09	)

Total from Investment Operations		(0.07	)		0.36			0.49			(0.02	)		(0.01	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.16	)		(0.24	)		(0.21	)		(0.18	)

Net asset value, end of the period	$	11.40		$	11.54		$	11.34		$	11.09		$	11.32

Total return(b)		(0.58	)%(c)		3.19	%		4.42	%		(0.17	)%		(0.04	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	287,244		$	296,217		$	308,186		$	328,475		$	336,227
Net expenses		0.73	%(d)(e)(f)		0.78	%(g)		0.80	%		0.80	%		0.80	%
Gross expenses		0.73	%(e)		0.78	%		0.80	%		0.80	%		0.80	%
Net investment income		0.36	%		0.93	%		1.31	%		1.02	%		0.67	%
Portfolio turnover rate		247	%		319	%(h)		527	%(h)		157	%		126	%

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

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

(f)	Effective July 1, 2021, the expense limit decreased from 0.75% to 0.70%. See Note 6 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.

| 104

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class C
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	11.54		$	11.35		$	11.10		$	11.33		$	11.52

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.05	)		0.02			0.06			0.03			(0.01	)
Net realized and unrealized gain (loss)		(0.11	)		0.24			0.34			(0.13	)		(0.08	)

Total from Investment Operations		(0.16	)		0.26			0.40			(0.10	)		(0.09	)

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

Net asset value, end of the period	$	11.38		$	11.54		$	11.35		$	11.10		$	11.33

Total return(c)		(1.35	)%(d)		2.34	%		3.64	%		(0.91	)%		(0.79	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	24,922		$	19,628		$	22,142		$	23,341		$	43,319
Net expenses		1.48	%(e)(f)		1.53	%(g)		1.55	%		1.55	%		1.55	%
Gross expenses		1.49	%		1.53	%		1.55	%		1.55	%		1.55	%
Net investment income (loss)		(0.40	)%		0.18	%		0.57	%		0.24	%		(0.09	)%
Portfolio turnover rate		247	%		319	%(h)		527	%(h)		157	%		126	%

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

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

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

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

(e)	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)	Effective July 1, 2021, the expense limit decreased from 1.50% to 1.45%. See Note 6 of Notes to Financial Statements.

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

(h)	The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

105 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class N
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	11.57		$	11.37		$	11.12		$	11.36		$	11.39

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.14			0.19			0.15			0.05
Net realized and unrealized gain (loss)		(0.11	)		0.26			0.33			(0.14	)		0.08	(b)

Total from Investment Operations		(0.03	)		0.40			0.52			0.01			0.13

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.20	)		(0.27	)		(0.25	)		(0.16	)

Net asset value, end of the period	$	11.43		$	11.57		$	11.37		$	11.12		$	11.36

Total return(c)		(0.25	)%		3.53	%		4.77	%		0.09	%		1.12	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	12,972		$	11,035		$	5,272		$	3,176		$	1,900
Net expenses(e)		0.40	%(f)		0.45	%(g)		0.46	%		0.46	%		0.47	%(h)
Gross expenses		0.41	%		0.46	%		0.48	%		0.48	%		0.50	%(h)
Net investment income		0.68	%		1.20	%		1.65	%		1.37	%		0.64	%(h)
Portfolio turnover rate		247	%		319	%(i)		527	%(i)		157	%		126	%(j)

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

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

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

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

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

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

(f)	Effective July 1, 2021, the expense limit decreased from 0.45% to 0.40%. See Note 6 of Notes to Financial Statements.

(g)	Effective July 1, 2020, the expense limit decreased from 0.50% to 0.45%.

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

(i)	The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

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

See accompanying notes to financial statements.

| 106

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class Y
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	11.57		$	11.38		$	11.13		$	11.36		$	11.55

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

Total from Investment Operations		(0.04	)		0.38			0.51			0.01			0.02

LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.19	)		(0.26	)		(0.24	)		(0.21	)

Net asset value, end of the period	$	11.43		$	11.57		$	11.38		$	11.13		$	11.36

Total return		(0.33	)%(b)		3.35	%		4.67	%		0.09	%		0.22	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	707,904		$	691,616		$	457,248		$	366,847		$	360,322
Net expenses		0.48	%(c)(d)		0.53	%(e)		0.55	%		0.55	%		0.55	%
Gross expenses		0.49	%		0.53	%		0.55	%		0.55	%		0.55	%
Net investment income		0.61	%		1.11	%		1.55	%		1.26	%		0.92	%
Portfolio turnover rate		247	%		319	%(f)		527	%(f)		157	%		126	%

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

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

(c)	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.

(d)	Effective July 1, 2021, the expense limit decreased from 0.50% to 0.45%. See Note 6 of Notes to Financial Statements.

(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.

107 |

Notes to Financial Statements

September 30, 2021

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

Natixis Funds Trust I:

Loomis Sayles Core Plus Bond Fund (the “Core Plus Bond Fund”)

Loomis Sayles Funds I:

Loomis Sayles Intermediate Duration Bond Fund (the “Intermediate Duration Bond Fund”)

Loomis Sayles Funds II:

Loomis Sayles Credit Income Fund (the “Credit Income Fund”)

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

Loomis Sayles Growth Fund (the “Growth Fund”)

Loomis Sayles Limited Term Government and Agency Fund (the “Limited Term Government and Agency Fund”)

Each Fund is a diversified investment company.

Each Fund, except Growth Fund, offers Class A, Class C, Class N and Class Y shares. Growth Fund was closed to new investors effective April 28, 2017. Growth Fund offers Class A, Class C, Class N, and Class Y shares to defined contribution and defined benefit plans, clients of registered investment advisers and registered representatives trading through intermediary programs/platforms on which the Fund is already available and existing shareholders.

Class A shares are sold with a maximum front-end sales charge of 4.25% for Core Plus Bond Fund, Credit Income Fund and Intermediate Duration Bond Fund, 5.75% for Global Allocation Fund and Growth Fund, and 2.25% for Limited Term Government and Agency Fund. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF Trusts”). Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Class A and Class C), and transfer agent fees are borne collectively for Class A, Class C and Class Y, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations are valued at bid prices

| 108

Notes to Financial Statements (continued)

September 30, 2021

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

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

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

As of September 30, 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	$	—		—	$	—		—	$	1,001,922		Less than 0.1%
Credit Income Fund		—		—		282,692		1.1%		—		—
Global Allocation Fund		558,851,192		11.5%		8,767,057		0.2%		—		—
Intermediate Duration Bond Fund		—		—		—		—		531		Less than 0.1%
Limited Term Government and Agency Fund		—		—		—		—		4,629,151		0.4%

¹	Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities.

b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Loan consent fees, upfront origination fees and/or amendment fees are recorded when received and included in interest income on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment

109 |

Notes to Financial Statements (continued)

September 30, 2021

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 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 year ended September 30, 2021, Core Plus Bond Fund engaged in short sales.

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

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

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

For the year ended September 30, 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	$	9,809,979
Global Allocation Fund		9,233,847

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. Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

f. Futures Contracts. 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

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

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

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 September 30, 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 twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

111 |

Notes to Financial Statements (continued)

September 30, 2021

In certain countries across the European Union, certain Funds filed tax reclaims for previously withheld taxes on dividends earned in certain countries (EU reclaims) and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as a reduction of foreign taxes withheld in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities.

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

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended September 30, 2021 and 2020 was as follows:


	2021 Distributions						2020 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Core Plus Bond Fund	$	363,707,896	$	35,563,095	$	399,270,991	$	193,309,459	$	—	$	193,309,459
Credit Income Fund		779,271		—		779,271		—		—		—
Global Allocation Fund		26,444,526		229,409,750		255,854,276		18,191,927		73,767,977		91,959,904
Growth Fund		24,536,652		508,298,281		532,834,933		44,589,045		207,940,673		252,529,718
Intermediate Duration Bond Fund		12,774,431		1,137,809		13,912,240		6,686,899		27,607		6,714,506
Limited Term Government and Agency Fund		8,302,317		—		8,302,317		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.

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Notes to Financial Statements (continued)

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As of September 30, 2021, the components of distributable earnings on a 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
Undistributed ordinary income	$	1,853,128	$	61,261	$	17,822,376	$	38,619,525	$	684,715	$	527,209
Undistributed long-term capital gains		17,404,702		—		331,575,389		626,991,994		1,181,959		—

Total undistributed earnings		19,257,830		61,261		349,397,765		665,611,519		1,866,674		527,209

Capital loss carryforward:
Short-term:
No expiration date		—		—		—		—		—		(183,761	)
Long-term:
No expiration date		—		—		—		—		—		(28,753,709	)

Total capital loss carryforward		—		—		—		—		—		(28,937,470	)

Unrealized appreciation		109,607,278		466,992		1,064,731,300		6,566,894,325		1,319,190		1,454,948

Total accumulated earnings (losses)	$	128,865,108	$	528,253	$	1,414,129,065	$	7,232,505,844	$	3,185,864	$	(26,955,313	)

Capital loss carryforward utilized in the current year	$	—	$	—	$	—	$	—	$	—	$	1,601,626

As of September 30, 2021, unrealized appreciation (depreciation) as a component of distributable earnings 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	$	119,996,463		$	466,992	$	1,069,206,190		$	6,566,902,714		$	1,319,190	$	1,454,948
Foreign currency translations		(10,389,185	)		—		(4,474,890	)		(8,389	)		—		—

Total unrealized appreciation	$	109,607,278		$	466,992	$	1,064,731,300		$	6,566,894,325		$	1,319,190	$	1,454,948

As of September 30, 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	$	9,421,782,953		$	24,724,168		$	3,788,579,816		$	7,192,401,216		$	385,528,414		$	1,030,474,032

Gross tax appreciation	$	195,686,915		$	668,426		$	1,123,111,729		$	6,704,831,604		$	4,080,617		$	8,474,375
Gross tax depreciation		(86,010,959	)		(201,434	)		(55,790,094	)		(137,928,890	)		(2,761,427	)		(7,019,427	)

Net tax appreciation	$	109,675,956		$	466,992		$	1,067,321,635		$	6,566,902,714		$	1,319,190		$	1,454,948

The difference between these amounts and those reported in the preceding table, if any, are primarily attributable to capital gains taxes and foreign exchange gains or losses.

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. The settlement period for senior loans is uncertain as there is no standardized settlement schedule

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Notes to Financial Statements (continued)

September 30, 2021

applicable to such investments. Senior loans outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

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

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

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

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

For the year ended September 30, 2021, none of the Funds had loaned securities under this agreement.

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

p. New Accounting Pronouncement. In January 2021, the Financial Accounting Standards Board issued Accounting Standard Update 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). ASU 2021-01 is an update of ASU 2020-04, which was issued in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of the London Interbank Offered Rate (“LIBOR”), expected to occur no later than June 30, 2023. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides temporary guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 amendments

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Notes to Financial Statements (continued)

September 30, 2021

offer optional expedients for contract modifications that would allow an entity to account for such modifications by prospectively adjusting the effective interest rate, instead of evaluating each contract, in accordance with existing accounting standards, as to whether reference rate modifications constitute the establishment of new contracts or the continuation of existing contracts. ASU 2021-01 clarifies that provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments are currently effective and an entity may elect to apply its provisions as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. Management expects to apply the optional expedients when appropriate.

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

•

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

•

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

•

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 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	$	—	$	14,461,109	$	1,001,922	(b)	$	15,463,031
All Other Non-Convertible Bonds(a)		—		8,078,181,424		—			8,078,181,424

Total Non-Convertible Bonds		—		8,092,642,533		1,001,922			8,093,644,455

Municipals(a)		—		14,837,710		—			14,837,710

Total Bonds and Notes		—		8,107,480,243		1,001,922			8,108,482,165

Senior Loans(a)		—		452,424,697		—			452,424,697
Short-Term Investments		—		970,552,047		—			970,552,047

Total	$	—	$	9,530,456,987	$	1,001,922		$	9,531,458,909

(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.

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Notes to Financial Statements (continued)

September 30, 2021

Credit Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	23,104,104	$	—	$	23,104,104
Collateralized Loan Obligations		—		751,332		—		751,332
Preferred Stocks
Banking		262,921		—		—		262,921
Food & Beverage		—		165,449		—		165,449
Wireless		—		282,692		—		282,692

Total Preferred Stocks		262,921		448,141		—		711,062

Short-Term Investments		—		624,662		—		624,662

Total Investments		262,921		24,928,239		—		25,191,160

Futures Contracts (unrealized appreciation)		35,718		—		—		35,718

Total	$	298,639	$	24,928,239	$	—	$	25,226,878

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

Global Allocation Fund

Asset Valuation Inputs


Description	Level 1		Level 2			Level 3		Total
Common Stocks
France	$	—	$	38,033,194		$	—	$	38,033,194
Hong Kong		—		33,342,052			—		33,342,052
India		—		57,516,834			—		57,516,834
Japan		—		62,870,911			—		62,870,911
Netherlands		—		171,573,864			—		171,573,864
Sweden		—		56,603,634			—		56,603,634
Taiwan		—		105,726,810			—		105,726,810
United Kingdom		129,717,902		33,183,893			—		162,901,795
All Other Common Stocks(a)		2,643,302,915		—			—		2,643,302,915

Total Common Stocks		2,773,020,817		558,851,192			—		3,331,872,009

Bonds and Notes(a)		—		1,474,992,800			—		1,474,992,800
Senior Loans(a)		—		1,932,985			—		1,932,985
Preferred Stocks(a)		1,930,072		—			—		1,930,072
Short-Term Investments		—		45,159,597			—		45,159,597

Total Investments		2,774,950,889		2,080,936,574			—		4,855,887,463

Forward Foreign Currency Contracts (unrealized appreciation)		—		962,249			—		962,249
Futures Contracts (unrealized appreciation)		668,147		—			—		668,147

Total	$	2,775,619,036	$	2,081,898,823		$	—	$	4,857,517,859


Liability Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(5,685,114	)	$	—	$	(5,685,114	)

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

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Notes to Financial Statements (continued)

September 30, 2021

Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	13,628,452,696	$	—	$	—	$	13,628,452,696
Short-Term Investments		—		130,851,234		—		130,851,234

Total	$	13,628,452,696	$	130,851,234	$	—	$	13,759,303,930

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

Intermediate Duration Bond Fund

Asset Valuation Inputs


Description	Level 1			Level 2		Level 3			Total
Bonds and Notes
ABS Other	$	—		$	4,704,329	$	564,912	(b)	$	5,269,241
Collateralized Mortgage Obligations		—			4,997,129		531	(c)		4,997,660
All Other Bonds and Notes(a)		—			354,719,986		—			354,719,986

Total Bonds and Notes		—			364,421,444		565,443			364,986,887

Short-Term Investments		—			21,860,717		—			21,860,717

Total Investments		—			386,282,161		565,443			386,847,604

Futures Contracts (unrealized appreciation)		122,751			—		—			122,751

Total	$	122,751		$	386,282,161	$	565,443		$	386,970,355


Liability Valuation Inputs

Description	Level 1			Level 2		Level 3			Total
Futures Contracts (unrealized depreciation)	$	(119,528	)	$	—	$	—		$	(119,528	)

(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.

(c)	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	$	—	$	140,149,752	$	4,629,151	(b)	$	144,778,903
All Other Bonds and Notes(a)		—		846,005,956		—			846,005,956

Total Bonds and Notes		—		986,155,708		4,629,151			990,784,859

Short-Term Investments		—		41,144,121		—			41,144,121

Total	$	—	$	1,027,299,829	$	4,629,151		$	1,031,928,980

(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.

117 |

Notes to Financial Statements (continued)

September 30, 2021

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 September 30, 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		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2021		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2021
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	27,065		$	—	$	—		$	—	$	—	$	—		$	—	$	(27,065	)	$	—	$	—
Collateralized Mortgage Obligations		2,280,311			—		(79,147	)		59,110		7,083		(4,521,397	)		3,255,962		—			1,001,922		36,575
Common Stocks
Oil, Gas & Consumable Fuels		—	(a)		—		(429,948	)		429,948		—		—			—		—			—		—

Total	$	2,307,376		$	—	$	(509,095	)	$	489,058	$	7,083	$	(4,521,397	)	$	3,255,962	$	(27,065	)	$	1,001,922	$	36,575

(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 September 30, 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 September 30, 2021, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $3,255,962 was transferred from Level 2 to Level 3 during the period ended September 30, 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 September 30, 2021, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

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		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2021		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2021
Preferred Stocks
United States	$	—	(a)	$	—	$	(457,096	)	$	457,096	$	—	$	—	$	—	$	—	$	—	$	—

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

| 118

Notes to Financial Statements (continued)

September 30, 2021

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		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2021		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2021
Bonds and Notes
ABS Home Equity	$	3,643	$	—	$	—		$	—		$	—	$	—		$	—	$	(3,643	)	$	—	$	—
ABS Other		—		—		—			(14	)		564,926		—			—		—			564,912		(14	)
Collateralized Mortgage Obligations		4,042		—		(41	)		38			—		(3,508	)		—		—			531		1

Total	$	7,685	$	—	$	(41	)	$	24		$	564,926	$	(3,508	)	$	—	$	(3,643	)	$	565,443	$	(13	)

A debt security valued at $3,643 was transferred from Level 3 to Level 2 during the period ended September 30, 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 September 30, 2021, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2021		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2021
Bonds and Notes
Collateralized Mortgage Obligations	$	2,501,798	$	—	$	(76,513	)	$	(74,902	)	$	474	$	(2,607,532	)	$	4,885,826	$	—	$	4,629,151	$	(90,208	)

Debt securities valued at $4,885,826 were transferred from Level 2 to Level 3 during the period ended September 30, 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 September 30, 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 year ended September 30, 2021, Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund each used futures contracts to manage duration.

119 |

Notes to Financial Statements (continued)

September 30, 2021

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 year ended September 30, 2021, Global Allocation Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

The following is a summary of derivative instruments for Credit Income Fund as of September 30, 2021, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts¹
Exchange-traded asset derivatives
Interest rate contracts	$	35,718

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 year ended September 30, 2021, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(35,988	)

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	35,718

The following is a summary of derivative instruments for Global Allocation Fund as of September 30, 2021, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on forward foreign currency contracts			Unrealized appreciation on futures contracts¹
Over-the-counter asset derivatives
Foreign exchange contracts	$	962,249		$	—

Exchange-traded asset derivatives
Interest rate contracts		—			668,147

Total asset derivatives	$	962,249		$	668,147


Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(5,685,114	)

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.

| 120

Notes to Financial Statements (continued)

September 30, 2021

Transactions in derivative instruments for Global Allocation Fund during the year ended September 30, 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	$	—		$	(617,791	)
Foreign exchange contracts		(10,850,551	)		—

Total	$	(10,850,551	)	$	(617,791	)


Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts			Futures contracts
Interest rate contracts	$	—		$	640,419
Foreign exchange contracts		(6,734,696	)		—

Total	$	(6,734,696	)	$	640,419

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of September 30, 2021, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts¹
Exchange-traded asset derivatives
Interest rate contracts	$	122,751

Liabilities	Unrealized depreciation on futures contracts¹
Exchange-traded liability derivatives
Interest rate contracts	$	(119,528	)

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 year ended September 30, 2021, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(121,824	)

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(9,936	)

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.

121 |

Notes to Financial Statements (continued)

September 30, 2021

The volume of forward foreign currency contract and futures contract activity, as a percentage of net assets for Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the year ended September 30, 2021:


Credit Income Fund				Futures
Average Notional Amount Outstanding					3.11	%
Highest Notional Amount Outstanding					10.20	%
Lowest Notional Amount Outstanding					0.00	%
Notional Amount Outstanding as of September 30, 2021					9.31	%

Global Allocation Fund	Forwards			Futures
Average Notional Amount Outstanding		11.44	%		0.35	%
Highest Notional Amount Outstanding		12.10	%		0.73	%
Lowest Notional Amount Outstanding		10.98	%		0.13	%
Notional Amount Outstanding as of September 30, 2021		11.39	%		0.71	%

Intermediate Duration Bond Fund				Futures
Average Notional Amount Outstanding					6.96	%
Highest Notional Amount Outstanding					7.78	%
Lowest Notional Amount Outstanding					6.45	%
Notional Amount Outstanding as of September 30, 2021					6.86	%

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

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

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Funds and their counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds’ ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of September 30, 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.	$	545,571	$	(84,980	)	$	460,591	$	(340,000	)	$	120,591
Citibank, N.A.		206,797		—			206,797		(206,797	)		—
Credit Suisse International		63,416		(63,416	)		—		—			—
Morgan Stanley Capital Services, Inc.		132,477		(132,477	)		—		—			—
UBS AG		13,988		(13,988	)		—		—			—

	$	962,249	$	(294,861	)	$	667,388	$	(546,797	)	$	120,591

| 122

Notes to Financial Statements (continued)

September 30, 2021

Global Allocation Fund (continued)


Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	(84,980	)	$	84,980	$	—		$	—	$	—
Credit Suisse International		(1,455,112	)		63,416		(1,391,696	)		720,000		(671,696	)
HSBC Bank USA		(395,609	)		—		(395,609	)		280,000		(115,609	)
Morgan Stanley Capital Services, Inc.		(3,733,387	)		132,477		(3,600,910	)		3,070,238		(530,672	)
UBS AG		(16,026	)		13,988		(2,038	)		—		(2,038	)

	$	(5,685,114	)	$	294,861	$	(5,390,253	)	$	4,070,238	$	(1,320,015	)

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

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of September 30, 2021:


Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Credit Income Fund	$	49,975	$	49,975
Global Allocation Fund		6,134,783		1,222,887
Intermediate Duration Bond Fund		178,033		178,033

Net loss amount reflects cash received as collateral for Global Allocation Fund of $590,000, which is recorded on the Statements of Assets and Liabilities.

5. Purchases and Sales of Securities. For the year ended September 30, 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	$	20,291,804,025	$	20,573,833,094	$	2,663,253,287	$	2,209,505,691
Credit Income Fund		5,006,734		1,968,936		9,171,608		11,974,553
Global Allocation Fund		216,720,089		320,823,736		1,951,666,485		1,687,345,272
Growth Fund		—		—		1,093,709,010		1,225,021,327
Intermediate Duration Bond Fund		151,175,130		85,701,398		253,881,999		262,679,520
Limited Term Government and Agency Fund		2,444,459,052		2,377,207,451		30,265,463		23,520,661

123 |

Notes to Financial Statements (continued)

September 30, 2021

6. Management Fees and Other Transactions with Affiliates.

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

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


	Percentage of Average Daily Net Assets
Fund	First $100 million			Next $400 million			Next $500 million			Next $1 billion			Next $2 billion			Over $4 billion
Core Plus Bond Fund		0.2000	%		0.1875	%		0.1875	%		0.1875	%		0.1500	%		0.1500	%
Credit Income Fund		0.4200	%		0.4200	%		0.4200	%		0.4200	%		0.4200	%		0.4200	%
Global Allocation Fund		0.7500	%		0.7500	%		0.7500	%		0.7500	%		0.7300	%		0.7000	%
Growth Fund		0.5000	%		0.5000	%		0.5000	%		0.5000	%		0.5000	%		0.5000	%
Intermediate Duration Bond Fund		0.2500	%		0.2500	%		0.2500	%		0.2500	%		0.2500	%		0.2500	%
Limited Term Government and Agency Fund		0.3250	%		0.3250	%		0.3000	%		0.2500	%		0.2500	%		0.2500	%

Prior to July 1, 2021, Global Allocation Fund and Limited Term Government and Agency Fund paid a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $500 million			Next $1.5 billion			Over $2 billion
Global Allocation Fund		0.7500	%		0.7500	%		0.7300	%
Limited Term Government and Agency Fund		0.3250	%		0.3000	%		0.3000	%

Natixis Advisors, LLC (“Natixis Advisors”) serves as the advisory administrator to Core Plus Bond Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Under the terms of the advisory administration agreement, the Fund pays an advisory administration fee at the following annual rates, calculated daily and payable monthly, based on its average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $100 million			Next $1.9 billion			Over $2 billion
Core Plus Bond Fund		0.2000	%		0.1875	%		0.1500	%

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, except for Limited Term Government and Agency Fund which is in effect until January 31, 2023, may be terminated before then only with the consent of the Funds’ Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

| 124

Notes to Financial Statements (continued)

September 30, 2021

For the year ended September 30, 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		0.70	%		1.45	%		0.40	%		0.45	%

Prior to July 1, 2021, the expense limits as a percentage of average daily net assets under the expense limitation agreement for Limited Term Government and Agency Fund were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
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 both (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended September 30, 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	$	14,804,843	$	—	$	14,804,843		0.16	%		0.16	%
Credit Income Fund		109,063		109,063		—		0.42	%		—	%
Global Allocation Fund		33,980,508		—		33,980,508		0.74	%		0.74	%
Growth Fund		65,539,656		—		65,539,656		0.50	%		0.50	%
Intermediate Duration Bond Fund		893,605		169,115		724,490		0.25	%		0.20	%
Limited Term Government and Agency Fund		3,243,640		—		3,243,640		0.31	%		0.31	%

For the year ended September 30, 2021, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Class A		Class C		Class N		Class Y		Total
Credit Income Fund	$	2,582	$	35	$	—	$	701	$	3,318
Limited Term Government and Agency Fund		17,410		1,490		—		42,321		61,221

¹	Waiver/expense reimbursements are subject to possible recovery until September 30, 2022.

In addition, Loomis Sayles reimbursed non-class specific expenses of Credit Income Fund in the amount of $35,465. Expense reimbursements are subject to possible recovery until September 30, 2022.

For the year ended September 30, 2021, the advisory administration fees for Core Plus Bond Fund were $14,804,843 (effective rate of 0.16% of average daily net assets).

No expenses were recovered for any of the Funds during the year ended September 30, 2021 under the terms of the expense limitation agreements.

125 |

Notes to Financial Statements (continued)

September 30, 2021

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

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”), and a Distribution and Service Plan relating to each Fund’s Class C shares (the “Class C Plans”).

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

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

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

For the year ended September 30, 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	$	1,737,291	$	295,009	$	885,027
Credit Income Fund		191		3		8
Global Allocation Fund		1,734,474		1,288,767		3,866,302
Growth Fund		4,188,567		332,219		996,656
Intermediate Duration Bond Fund		51,861		1,133		3,398
Limited Term Government and Agency Fund		722,768		57,697		173,090

For the year ended September 30, 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 $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 year ended September 30, 2021, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Core Plus Bond Fund	$	4,007,984
Credit Income Fund		11,116
Global Allocation Fund		1,972,813
Growth Fund		5,608,769
Intermediate Duration Bond Fund		152,980
Limited Term Government and Agency Fund		445,799

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

| 126

Notes to Financial Statements (continued)

September 30, 2021

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 year ended September 30, 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	$	5,273,250
Credit Income Fund		7
Global Allocation Fund		3,089,988
Growth Fund		8,279,948
Intermediate Duration Bond Fund		260,810
Limited Term Government and Agency Fund		568,606

As of September 30, 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	$	64,591
Credit Income Fund		5
Global Allocation Fund		57,346
Growth Fund		98,926
Intermediate Duration Bond Fund		3,327
Limited Term Government and Agency Fund		13,868

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 year ended September 30, 2021, were as follows:


Fund	Commissions
Core Plus Bond Fund	$	52,059
Global Allocation Fund		198,188
Growth Fund		81,590
Limited Term Government and Agency Fund		79,062

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

127 |

Notes to Financial Statements (continued)

September 30, 2021

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 September 30, 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		0.10	%

Credit Income Fund
Natixis and Affiliates		99.63	%
Loomis Sayles Employees		0.04	%

Global Allocation Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.54	%

Growth Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.69	%
Loomis Sayles Funded Pension Plan and Trust		0.08	%

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		0.19	%
Loomis Sayles Distribution		0.12	%
Natixis Sustainable Future 2015 Fund		0.05	%
Natixis Sustainable Future 2020 Fund		0.04	%
Natixis Sustainable Future 2025 Fund		0.06	%
Natixis Sustainable Future 2030 Fund		0.07	%
Natixis Sustainable Future 2035 Fund		0.05	%
Natixis Sustainable Future 2040 Fund		0.02	%
Natixis Sustainable Future 2045 Fund		0.02	%

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

h. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to Credit Income Fund, Intermediate Duration Bond Fund and Limited Term Government and Agency Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through January 31, 2022 and is not subject to recovery under the expense limitation agreement described above.

For the year ended September 30, 2021, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
Credit Income Fund	$	975
Intermediate Duration Bond Fund		1,047
Limited Term Government and Agency Fund		1,392

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 period ended September 30, 2021, total fees waived for the Fund were $19,346 (which are reflected in the Statements of Operations as part of waiver and/or expense reimbursement).

| 128

Notes to Financial Statements (continued)

September 30, 2021

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 year ended September 30, 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	$	584,734	$	97,697	$	10,006	$	4,898,012
Credit Income Fund		2,583		35		975		701
Global Allocation Fund		513,456		381,942		3,514		2,280,097
Growth Fund		1,221,765		97,087		3,158		7,735,478
Intermediate Duration Bond Fund		16,461		359		1,047		252,867
Limited Term Government and Agency Fund		251,884		19,681		1,392		604,335

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

Prior to April 8, 2021, 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.

For the year ended September 30, 2021, none of the Funds had borrowings under this agreement.

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 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.

129 |

Notes to Financial Statements (continued)

September 30, 2021

11. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of September 30, 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
Growth Fund		2		18.61	%
Intermediate Duration Bond Fund		3		63.08	%

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:


	Year Ended September 30, 2021						Year Ended September 30, 2020
Core Plus Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		29,816,749		$	411,705,864			17,898,810		$	246,212,136
Issued in connection with the reinvestment of distributions		1,418,984			19,617,302			648,421			8,793,629
Redeemed		(20,094,174	)		(276,883,383	)		(16,819,374	)		(227,319,033	)

Net change		11,141,559		$	154,439,783			1,727,857		$	27,686,732

Class C
Issued from the sale of shares		1,270,632		$	17,680,906			2,130,053		$	29,237,104
Issued in connection with the reinvestment of distributions		267,935			3,719,298			119,932			1,623,298
Redeemed		(3,908,443	)		(53,805,611	)		(4,925,789	)		(67,833,185	)

Net change		(2,369,876	)	$	(32,405,407	)		(2,675,804	)	$	(36,972,783	)

Class N
Issued from the sale of shares		74,310,781		$	1,036,339,256			84,014,957		$	1,156,522,813
Issued in connection with the reinvestment of distributions		7,758,533			108,261,976			4,691,629			64,237,460
Redeemed		(83,980,462	)		(1,169,430,230	)		(62,741,955	)		(854,510,574	)
Redeemed in-kind (Note 13)		—			—			(32,463,709	)		(456,764,389	)

Net change		(1,911,148	)	$	(24,828,998	)		(6,499,078	)	$	(90,514,690	)

Class Y
Issued from the sale of shares		165,904,514		$	2,311,069,290			190,014,284		$	2,636,656,671
Issued in connection with the reinvestment of distributions		15,514,659			216,562,574			6,961,003			95,521,951
Redeemed		(118,855,676	)		(1,651,141,438	)		(96,927,942	)		(1,324,095,811	)
Redeemed in-kind (Note 13)		(77,281,925	)		(1,057,989,549	)		—			—

Net change		(14,718,428	)	$	(181,499,123	)		100,047,345		$	1,408,082,811

Increase (decrease) from capital share transactions		(7,857,893	)	$	(84,293,745	)		92,600,320		$	1,308,282,070

| 130

Notes to Financial Statements (continued)

September 30, 2021

12. Capital Shares (continued).


	Year Ended September 30, 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		215			2,194			—		—

Net change		8,798		$	89,372			100	$	1,000

Class C
Issued from the sale of shares		—		$	—			100	$	1,000
Issued in connection with the reinvestment of distributions		2			20			—		—

Net change		2		$	20			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		70,365			717,264			—		—
Redeemed		(136,187	)		(1,400,000	)		—		—

Net change		(65,822	)	$	(682,736	)		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		63			641			—		—

Net change		2,055		$	20,641			100	$	1,000

Increase (decrease) from capital share transactions		(54,967	)	$	(572,703	)		2,500,300	$	25,003,000

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


	Year Ended September 30, 2021						Year Ended September 30, 2020
Global Allocation Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		6,524,893		$	180,992,665			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		(6,008,771	)		(165,998,676	)		(5,288,773	)		(125,525,882	)

Net change		1,436,543		$	39,302,297			5,053,871		$	129,022,078

Class C
Issued from the sale of shares		3,263,944		$	88,556,205			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		(5,108,914	)		(139,833,825	)		(7,501,444	)		(180,254,496	)

Net change		(970,179	)	$	(28,515,564	)		(1,736,667	)	$	(42,851,171	)

Class N
Issued from the sale of shares		2,841,756		$	79,949,134			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		(1,348,272	)		(37,935,362	)		(1,170,090	)		(28,432,814	)

Net change		2,031,536		$	56,304,445			1,533,495		$	37,745,580

Class Y
Issued from the sale of shares		28,068,845		$	781,608,888			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		(20,980,436	)		(585,757,015	)		(21,963,125	)		(519,151,329	)

Net change		12,247,437		$	332,927,251			19,720,901		$	488,606,463

Increase from capital share transactions		14,745,337		$	400,018,429			24,571,600		$	612,522,950

131 |

Notes to Financial Statements (continued)

September 30, 2021

12. Capital Shares (continued).


	Year Ended September 30, 2021						Year Ended September 30, 2020
Growth Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		14,830,602		$	336,860,802			17,054,510		$	295,932,287
Issued in connection with the reinvestment of distributions		2,584,797			55,159,560			1,535,788			26,261,967
Redeemed		(15,759,091	)		(358,878,253	)		(25,287,462	)		(430,112,221	)

Net change		1,656,308		$	33,142,109			(6,697,164	)	$	(107,917,967	)

Class C
Issued from the sale of shares		758,965		$	15,406,250			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		(1,887,469	)		(38,343,784	)		(2,748,722	)		(44,108,509	)

Net change		(911,367	)	$	(18,792,383	)		(1,394,330	)	$	(22,755,949	)

Class N
Issued from the sale of shares		9,306,755		$	236,713,241			17,025,202		$	315,167,287
Issued in connection with the reinvestment of distributions		791,041			18,170,220			728,950			13,354,361
Redeemed		(4,802,896	)		(118,776,438	)		(17,501,743	)		(331,093,667	)

Net change		5,294,900		$	136,107,023			252,409		$	(2,572,019	)

Class Y
Issued from the sale of shares		103,087,646		$	2,516,764,085			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		(104,651,246	)		(2,564,375,092	)		(127,998,579	)		(2,403,446,308	)

Net change		12,778,019		$	281,959,393			9,757,255		$	159,887,206

Increase from capital share transactions		18,817,860		$	432,416,142			1,918,170		$	26,641,271


	Year Ended September 30, 2021						Year Ended September 30, 2020
Intermediate Duration Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		391,289		$	4,178,504			324,729		$	3,474,978
Issued in connection with the reinvestment of distributions		67,348			722,081			46,350			490,629
Redeemed		(295,471	)		(3,162,591	)		(592,250	)		(6,368,788	)

Net change		163,166		$	1,737,994			(221,171	)	$	(2,403,181	)

Class C
Issued from the sale of shares		33,975		$	362,538			19,815		$	211,443
Issued in connection with the reinvestment of distributions		1,594			17,157			773			8,198
Redeemed		(66,527	)		(713,206	)		(4,252	)		(45,689	)

Net change		(30,958	)	$	(333,511	)		16,336		$	173,952

Class N
Issued from the sale of shares		1,919,981		$	20,990,656			8,686		$	92,320
Issued in connection with the reinvestment of distributions		73,626			788,205			8,959			94,763
Redeemed		(393,996	)		(4,192,408	)		(54,098	)		(585,173	)

Net change		1,599,611		$	17,586,453			(36,453	)	$	(398,090	)

Class Y
Issued from the sale of shares		10,808,587		$	115,946,231			12,426,531		$	132,862,309
Issued in connection with the reinvestment of distributions		1,146,148			12,285,740			557,209			5,914,095
Redeemed		(6,495,177	)		(69,613,933	)		(6,797,325	)		(71,873,949	)

Net change		5,459,558		$	58,618,038			6,186,415		$	66,902,455

Increase from capital share transactions		7,191,377		$	77,608,974			5,945,127		$	64,275,136

| 132

Notes to Financial Statements (continued)

September 30, 2021

12. Capital Shares (continued).


	Year Ended September 30, 2021						Year Ended September 30, 2020
Limited Term Government and Agency Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		4,147,975		$	47,644,899			8,119,093		$	93,051,564
Issued in connection with the reinvestment of distributions		142,329			1,632,849			294,326			3,364,566
Redeemed		(4,760,500	)		(54,613,007	)		(9,910,542	)		(113,643,142	)

Net change		(470,196	)	$	(5,335,259	)		(1,497,123	)	$	(17,227,012	)

Class C
Issued from the sale of shares		1,491,979		$	17,130,682			1,390,000		$	15,896,924
Issued in connection with the reinvestment of distributions		565			6,501			8,812			100,557
Redeemed		(1,003,816	)		(11,516,279	)		(1,649,132	)		(18,865,977	)

Net change		488,728		$	5,620,904			(250,320	)	$	(2,868,496	)

Class N
Issued from the sale of shares		647,112		$	7,445,249			719,991		$	8,232,916
Issued in connection with the reinvestment of distributions		9,104			104,691			12,962			148,889
Redeemed		(474,940	)		(5,474,545	)		(242,561	)		(2,793,313	)

Net change		181,276		$	2,075,395			490,392		$	5,588,492

Class Y
Issued from the sale of shares		31,129,058		$	358,564,945			54,197,489		$	624,437,973
Issued in connection with the reinvestment of distributions		418,562			4,816,720			574,408			6,596,941
Redeemed		(29,381,773	)		(338,427,397	)		(35,196,219	)		(404,652,972	)

Net change		2,165,847		$	24,954,268			19,575,678		$	226,381,942

Increase from capital share transactions		2,365,655		$	27,315,308			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. Core Plus Bond Fund realized a gain of $31,368,945 on redemptions-in-kind during the year ended September 30, 2021. This amount is included in realized gain (loss) on the Statements of Operations.

133 |

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Loomis Sayles Funds I, Loomis Sayles Funds II and Natixis Funds Trust I and Shareholders of Loomis Sayles Intermediate Duration Bond Fund, Loomis Sayles Global Allocation Fund, Loomis Sayles Growth Fund, Loomis Sayles Limited Term Government and Agency Fund, Loomis Sayles Credit Income Fund and Loomis Sayles Core Plus Bond Fund:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles Intermediate Duration Bond Fund (one of the funds constituting Loomis Sayles Funds I), Loomis Sayles Global Allocation Fund, Loomis Sayles Growth Fund, Loomis Sayles Limited Term Government and Agency Fund and Loomis Sayles Credit Income Fund (four of the funds constituting Loomis Sayles Funds II), and Loomis Sayles Core Plus Bond Fund (the fund constituting Natixis Funds Trust I) (hereafter collectively referred to as the “Funds”) as of September 30, 2021, the related statements of operations for the year ended September 30, 2021, the statements of changes in net assets for each of the two years in the period ended September 30, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2021 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

November 22, 2021

We have served as the auditor of one or more investment companies in the Natixis Investment Company Complex since at least 1995. We have not determined the specific year we began serving as auditor.

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2021 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended September 30, 2021, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:


Fund	Qualifying Percentage
Credit Income Fund		2.31	%
Global Allocation Fund		53.99	%
Growth Fund		100.00	%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2021, unless subsequently determined to be different.


Fund	Amount
Core Plus Bond Fund	$	35,563,095
Global Allocation Fund		229,409,750
Growth Fund		508,298,281
Intermediate Duration Bond Fund		1,137,809

Qualified Dividend Income. For the fiscal year ended September 30, 2021, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds pay a distribution during calendar year 2021, complete information will be reported in conjunction with Form 1099-DIV.


Fund
Credit Income Fund
Global Allocation Fund
Growth Fund

135 |

Trustee and Officer Information

The tables below provide certain information regarding the Trustees and officers of Natixis Funds Trust I, Loomis Sayles Funds I and Loomis Sayles Funds II (the “Trusts”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statement of Additional Information includes additional information about the Trustees of the Trusts and is available by calling Natixis Funds at 800-225-5478.


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES

Edmond J. English (1953)	Trustee since 2013 Chairperson of the Governance Committee and Contract Review Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	54 Director, Burlington Stores, Inc. (retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

Richard A. Goglia (1951)	Trustee since 2015 Contract Review Committee Member and Governance Committee Member	Retired	54 Director of Triumph Group (aerospace industry)	Significant experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

Wendell J. Knox (1948)	Trustee since 2009 Chairperson of the Contract Review Committee	Retired	54 Director, Abt Associates Inc. (research and consulting); Director, The Hanover Insurance Group (property and casualty insurance); formerly, Director, Eastern Bank (bank)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

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Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES – continued

Martin T. Meehan (1956)	Trustee since 2012 Audit Committee Member and Governance Committee Member	President, University of Massachusetts	54 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience

Maureen B. Mitchell (1951)	Trustee since 2017 Audit Committee Member and Governance Committee Member	Retired	54 Director, Sterling Bancorp (bank)	Experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

James P. Palermo (1955)	Trustee since 2016 Audit Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	54 Director, FutureFuel.io (chemicals and biofuels)	Significant experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

Erik R. Sirri (1958)	Chairperson of the Board of Trustees since January 2021 Trustee since 2009 Ex Officio member of the Audit Committee, Contract Review Committee and Governance Committee	Professor of Finance at Babson College	54 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

137 |

Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES – continued

Peter J. Smail (1952)	Trustee since 2009 Audit Committee Member	Retired	54 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

Kirk A. Sykes (1958)	Trustee since 2019 Contract Review Committee Member and Governance Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance); formerly, President of Urban Strategy America Fund (real estate fund manager)	54 Trustee, Eastern Bank (bank); Director, Apartment Investment and Management Company (real estate investment trust); formerly, Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)

Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Audit Committee	Retired; formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine	54 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

INTERESTED TRUSTEES

Kevin P. Charleston³ (1965) One Financial Center Boston, MA 02111	Trustee since 2015 President and Chief Executive Officer of Loomis Sayles Funds I since 2015	President, Chief Executive Officer and Chairman of the Board of Directors, Loomis, Sayles & Company, L.P.	54 None	Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

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Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INTERESTED TRUSTEES – continued

David L. Giunta⁴ (1965)	Trustee since 2011 President and Chief Executive Officer of Natixis Funds Trust I; Chief Executive Officer of Loomis Sayles Funds II since 2015; President of Loomis Sayles Funds II and Executive Vice President of Loomis Sayles Funds I since 2008	President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC	54 None	Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, LLC and Natixis Distribution, LLC

¹	Each Trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

The Trustees of the Trusts serve as Trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II, Natixis ETF Trust and Natixis ETF Trust II (collectively, the “Fund Complex”).

³	Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁴	Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC.


Name and Year of Birth	Position(s) Held with the Trusts	Term of Office¹ and Length of Time Served	Principal Occupation(s) During Past 5 Years²

OFFICERS OF THE TRUSTS

Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since 2004	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC

Natalie R. Wagner (1979)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer Chief Legal Officer	Since May 2021 Since July 2021	Formerly, Vice President, Head of Corporate Compliance, Global Atlantic Financial Group

¹	Each officer of the Trusts serves for an indefinite term in accordance with the Trusts’ current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Previous positions during the past five years with Natixis Distribution, LLC, Natixis Advisors, LLC or Loomis, Sayles & Company, L.P. are omitted, if not materially different from an officer’s current position with such entity.

139 |

LOGO

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Annual Report

September 30, 2021



TABLE OF CONTENTS

Portfolio Review			1

Portfolio of Investments			17

Financial Statements			24

Notes to Financial Statements			33

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.

Market Conditions

The one-year period ending September 30, 2021 was very strong for the overall market, although punctuated by choppiness and volatility. Markets rallied sharply during the fourth quarter of 2020 as Covid-19 vaccines received emergency use authorization approval and uncertainty about the US presidential election resolved itself. Lower-quality stocks, as well as stocks that are more sensitive to market movements, led the market higher. At the beginning of 2021, the market steadied, but the spring months brought new concerns, including heightened valuations, challenging year-over-year comparisons on economic data, and the rise of the Delta variant. This produced a greater degree of choppiness in the market, which persisted through the end of the period.

Performance Results

For the 12 months ended September 30, 2021, Institutional Class shares of the Loomis Sayles Small Cap Growth Fund returned 30.53% at net asset value. The Fund underperformed its benchmark, the Russell 2000^® Growth Index, which returned 33.27%.

Explanation of Fund Performance

Given our strategy’s high quality focus, the early part of the period was very challenging on a relative basis. Since then, however, the Fund’s relative performance has improved.

Among top contributors to relative performance were stock selection in the healthcare and communication services sectors, as well as relative positioning in the utilities sector. Conversely, stock selection in the information technology and industrials sectors, along with relative positioning and stock selection in the financials sector, detracted from relative performance.

The Fund’s top contributors to relative performance at the individual stock level were digital printing specialist Kornit Digital Ltd., cybersecurity services provider Rapid7 Inc. and implantable ocular lens company STAAR Surgical. Kornit Digital has led the secular shift away from traditional methods of printing on fabrics and garments toward digital alternatives, and it introduced a number of new printing machines to the market that drove further demand and widened its competitive advantage versus its peers. With the boom in e-commerce during the pandemic, the demand for Kornit’s products has accelerated. Rapid7 has been strong for the last year as an emerging leader within cloud cybersecurity for the mid-market, having expanded its suite of solutions. As a result, Rapid7 has seen acceleration in new customer growth, consistently better-than-expected total annual recurring revenue growth, and profit gains coming more quickly than anticipated. STAAR Surgical has performed well as investors have recognized its ability to outperform internationally while overcoming pandemic-related headwinds. Anticipation of STAAR’s entry into the US market in 2022 with its newest lens product also spurred investor interest.

Conversely, the largest detractors from relative performance among individual stocks were insurance provider Palomar Holdings Inc., cloud-based healthcare platform provider Inovalon Holdings Inc. and home-health services company LHC Group Inc. Palomar triggered the Fund’s stop loss after announcing a larger-than-expected catastrophe loss related to three moderate-sized hurricanes near the Gulf Coast of the US during the 2020 storm season. Inovalon saw its stock fall on uncertainty that its bookings would be sufficient to meet the company’s full-year guidance, given the choppy macroeconomic environment. With LHC Group, later-than-usual referrals due to Covid-19 weighed on its hospice business, and the slowdown in hospital discharges hurt its home-health segment. LHC Group has also seen costs rise as a result of the nationwide shortage of nursing professionals.

Outlook

As market correlations fall, we see investors placing greater importance on company-specific fundamentals. This, in turn, should lead to earnings growth becoming the primary driver of stock returns.

The economic outlook is still generally positive although uncertainties remain. These include more difficult growth comparisons for companies in the coming quarters, continued supply chain disruptions, lingering concerns about Covid-19 variants, and ongoing fiscal and monetary policy uncertainty from Washington and the US Federal Reserve.

Despite these uncertainties, we remain focused on the underlying business fundamentals of our companies. Uncertainty drives markets, and with market correlations low, earnings growth increasing in importance, and small-cap stocks looking ready to catch up to their large-cap counterparts, we believe that the Fund is well positioned for the future.

1 |

Top Ten Holdings as of September 30, 2021


Security name		% of Net Assets
1	Kornit Digital Ltd.		2.18	%
2	SiteOne Landscape Supply, Inc.		2.04
3	Rapid7, Inc.		1.87
4	Shutterstock, Inc.		1.68
5	Novanta, Inc.		1.58
6	Casella Waste Systems, Inc., Class A		1.53
7	MACOM Technology Solutions Holdings, Inc.		1.52
8	Varonis Systems, Inc.		1.44
9	WNS Holdings Ltd., ADR		1.43
10	Advanced Drainage Systems, Inc.		1.41

Hypothetical Growth of $100,000 Investment in Institutional Class Shares²

September 30, 2011 through September 30, 2021

LOGO

See notes to charts on Page 3.

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LOOMIS SAYLES SMALL CAP GROWTH FUND

Average Annual Total Returns — September 30, 2021²


													Expense Ratios³
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Institutional Class (Inception 12/31/96)		30.53	%		18.25	%		16.27	%		—	%		0.94	%		0.94	%

Retail Class (Inception 12/31/96)		30.20			17.95			15.96			—			1.19			1.19

Class N (Inception 2/1/13)		30.66			18.38			—			15.15			0.82			0.82

Comparative Performance
Russell 2000^® Growth Index¹		33.27			15.34			15.74			13.66

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.

3 |

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.

Market Conditions

The trailing 12 months ended September 30, 2021 was one of the highest-returning periods in the 37-year history of the Russell 2000^® Index, against a backdrop of sustained economic recovery fueled by notable progress on the vaccine front, anticipation of new fiscal stimulus measures, monetary accommodation, and positive corporate earnings surprises. After a strong market rally during the fourth quarter of 2020, US equities advanced in early 2021, continuing the robust rally from the pandemic-driven lows in March 2020. The market experienced a rotation to value-oriented sectors such as energy, financials and materials during the period, amid an uptick in interest rates.

Domestic equities were higher during the first three quarters of the 12-month period, marking five consecutive quarters of gains. Earnings grew as the global economy reopened, and ample liquidity supported capital markets. Below the surface of the steady market gains, however, debate arose concerning the potential for rising inflation, headwinds from higher input costs, peaking profits, and fears of a new variant of the Covid-19 virus. These factors affected relative performance between cyclicals and defensive stocks, between growth and value stocks, and between large-cap and small-cap stocks.

During the final three months of the period, US equities remained within a fairly tight range, with slight gains achieved in large cap stocks and modest losses in small caps. Positive contributors such as robust earnings growth and ample liquidity from central banks began to give way late in the quarter to heightened uncertainty over worsening supply chain disruptions, inflationary pressures, potential tapering by the US Federal Reserve, and waves of new Covid-19 outbreaks. The period ended with higher-quality stocks back in favor after lagging substantially during the initial stages of the economy reopening.

Small cap stocks fully participated in the equity market recovery, outperforming larger cap stocks, as the small cap value index was the best performing segment of the domestic equity market, returning almost 64% during the 12-month period. Reversing the trend of the last few years, value stocks outperformed growth stocks across all market capitalizations.

Although there were several market rotations during the past year within the Russell 2000^® Value Index, overall the market gains were led by stocks with the smallest market capitalization, the lowest quality fundamentals or money-losing companies. Cyclical areas of the market such as energy, materials and consumer discretionary were the leading sectors along with communication services. Conversely, defensive sectors such as utilities, healthcare, and consumer staples were laggards within the small cap value index.

Performance Results

For the 12 months ended September 30, 2021, Institutional Class shares of the Loomis Sayles Small Cap Value Fund returned 55.05% at net asset value. The Fund underperformed its benchmark, the Russell 2000^® Value Index, which returned 63.92%.

Explanation of Performance

The Fund’s underweight positions in real estate and healthcare, which were two of the worst-performing sectors in the small-cap value market, contributed to relative performance. In addition, stock selection was favorable in the financials, healthcare and utilities sectors.

Overall, the primary detractor from the Fund’s relative performance was adverse security selection, which resulted from the Fund’s focus on higher-quality stocks and those with higher market capitalizations, both of which underperformed within the small cap value segment of the stock market. Stock selection lagged particularly within the communication services, real estate and information technology sectors. In addition, sector positioning also detracted from the Fund’s returns relative to the index. More specifically, the Fund’s sector selection was negatively affected by its underweight to energy which was the best performing sector in the benchmark, and an underweight to the financials sector.

Among individual stocks, Herc Holdings, Inc., InMode Ltd. and Triumph Bancorp, Inc. made the largest positive contributions to performance for the period. Herc Holdings, one of the leading equipment rental suppliers in North America, specializes in industrial products such as aerial platforms, earthmoving equipment, and tele-handlers. Herc had been a turnaround story prior to our taking an initial position in the stock in late 2019, and the market was slow to recognize the significant improvement in the fleet of equipment for rent, as well as strong cash flow which repaired a formerly over-leveraged balance sheet. While the Covid-19 pandemic proved to be a temporary setback in terms of rental demand in 2020, Herc was able to maintain strong profitability and cash flow remained robust on a decline in new fleet equipment purchases. Coming into 2021, the stock was further helped by signs of a rebounding industrial economy, as well as Herc’s role as a

| 4

LOOMIS SAYLES SMALL CAP VALUE FUND

potential beneficiary of infrastructure-related investment activity. Late in the period, the company announced ambitious new targets for growth and profitability for the next three to four years and initiated a common dividend for the first time.

InMode produces minimally invasive medical aesthetic surgery platforms for fat reduction, skin tightening and tissue remodeling applications. The company has had strong demand for its proprietary systems due to pent-up demand from physicians, the expansion of its sales force in the US, and continued momentum of hands-free technologies. Earnings continued to exceed investor expectations, driven by the continued opening of the economy, both within the US and internationally. Also, InMode’s introductions of two new platforms (women’s health & ophthalmology), increases in research and development activity, and expanding its international distribution capability helped produce strong returns for shareholders.

Triumph Bancorp, a Texas-based niche bank with a focus on freight payment factoring, continued with its business model transformation from a traditional bank structure into a digital freight payments business. This strategic pivot has substantially increased its market opportunity and outlook for growth. Recently, its TriumphPay division announced that annualized payments volume for the third quarter of 2021 will make it the largest payer in brokered freight. The division’s goal is to “own” the payment channel for freight brokers and then move on to shippers. As the company continues to reach payments milestones, investors have reassessed its future earnings outlook and have increased the firm’s valuation.

Conversely, during the 12-month period, individual names Emergent BioSolutions Inc., Modine Manufacturing Co. and Cannae Holdings, Inc. detracted the most from relative performance. Emergent BioSolutions is specialty biopharmaceutical company focused on clinical and commercial products that address the public health threats associated with chemical and biological agents, radiation, infectious diseases, and opioid abuse. A key initiative was the development of a growing outsourced pharmaceutical development and manufacturing business. With the Covid-19 pandemic, the company received substantial new contracts for the manufacture of vaccines, including key wins with Johnson & Johnson and AstraZeneca. In April 2021, media reports of a manufacturing error in the development of the J&J vaccine were confirmed, and a subsequent inspection by the FDA found various deficiencies at an Emergent BioSolutions facility. This widely publicized event placed considerable doubt on the investment thesis and expectations regarding the company’s ability to establish itself as a contract drug manufacturer, and we chose to exit the position.

Modine Manufacturing is a manufacturer of heat transfer and heat storage equipment and was added to the Fund in early July 2021. Key end markets include building HVAC, commercial and industrial solutions, and heavy-duty equipment. New management has been implementing a business improvement process, and several legacy divisions have already been sold or are slated for divestment, which will transform the business from an auto-parts supplier to more of a core-industrial company. While the most recent quarterly report showed sales and profits in line with investor expectations and management reaffirmed its earnings outlook, the sales process has taken more time than investors have expected.

Cannae Holdings operates as a publicly traded holding company which owns significant equity stakes in several companies including Dun & Bradstreet, Paysafe and Ceridian. Cannae has significantly increased its ownership in several special purpose acquisition companies (SPACs) this year, which has created a modest amount of underlying shareholder value. Unfortunately, the complexity of these investments has resulted in investors applying a much greater discount to the company’s net asset value, and that was reflected in the decline in its stock price. We added to the position during the period.

Outlook

We remain committed to identifying inefficiencies in the small cap market that result in stock prices and valuations that do not accurately reflect our assessment of the underlying value of the corporate enterprise.

While many forms of inefficiency may exist, we focus on companies that are misunderstood, underfollowed or in the midst of a “special situation” where we believe we can use our strengths in the form of our time horizon, resource deployment or a willingness to solve complex situations. We require fundamentally sound business models, capable management teams and financial stability.

Key to our process are distinct, company-specific catalysts on the horizon to sustain, enhance, or highlight the fundamental outlook. These principles are applied consistently over time, regardless of the current market environment. With a margin of safety and a proper time horizon, our goal is to achieve an attractive total return for our investors, while managing to an appropriate level of risk.

5 |

Top Ten Holdings as of September 30, 2021


Security name		% of Net Assets
1	Herc Holdings, Inc.		2.42	%
2	Inmode Ltd.		1.79
3	Triumph Bancorp, Inc.		1.69
4	Concentrix Corp.		1.54
5	Popular, Inc.		1.41
6	Kadant, Inc.		1.34
7	Genco Shipping & Trading Ltd.		1.33
8	ChampionX Corp.		1.31
9	Wintrust Financial Corp.		1.30
10	Meta Financial Group, Inc.		1.30

Hypothetical Growth of $100,000 Investment in Institutional Class Shares³

September 30, 2011 through September 30, 2021

LOGO

See notes to charts on Page 7.

| 6

LOOMIS SAYLES SMALL CAP VALUE FUND

Average Annual Total Returns — September 30, 2021³


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

Institutional Class (Inception 5/13/91)		55.05	%		9.86	%		13.03	%		—	%		0.95	%		0.90	%

Retail Class (Inception 12/31/96)		54.69			9.59			12.74			—			1.20			1.15

Admin Class (Inception 1/2/98)		54.29			9.32			12.47			—			1.45			1.40

Class N (Inception 2/1/13)		55.15			9.93			—			10.40			0.85			0.85

Comparative Performance
Russell 2000^® Value Index¹		63.92			11.03			13.22			10.39
Russell 2000^® Index²		47.68			13.45			14.63			12.19

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.

7 |

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.

Market Conditions

Performance Results

For the 12 months ended September 30, 2021, Institutional Class shares of the Loomis Sayles Small/Mid Cap Growth Fund returned 30.00% at net asset value. The Fund underperformed its benchmark, the Russell 2500™ Growth Index, which returned 31.98%.

Explanation of Fund Performance

Given our strategy’s high quality focus, the early part of the period was very challenging on a relative basis. Since then, however, the Fund has performed well on a relative basis.

Among contributors to the Fund’s relative performance were stock selection in the industrials and financials sectors, as well as relative positioning in the communications services and materials sectors. By contrast, stock selection in the information technology, healthcare, and consumer discretionary sectors detracted from relative performance.

The Fund’s top contributors to relative performance at the individual stock level were power generation equipment manufacturer Generac Holdings Inc., alternative asset manager Ares Management Corp. and digital engineering and software development provider EPAM Systems Inc. Generac had very positive absolute performance over the 12-month period, although some of its industry peers were exceptionally strong and actually outperformed the company. Ares Management’s focus on private credit asset investment solutions for clients outperformed during the past year, benefiting from strong inflows from new and existing clients. Ares also made several strategic acquisitions that expanded its total addressable market by adding investment capabilities and distribution. EPAM Systems saw organic growth reaccelerate as it made very strong market share gains within the massive global IT services market. EPAM has augmented its world-class engineering and development capability with improving consulting expertise to capture greater wallet share among clients of all sizes, and its industry has spurred positive revisions to earnings estimates and multiple expansion that in turn have helped push the stock higher.

Conversely, the largest detractors from relative performance among individual stocks were biotech company Acadia Pharmaceuticals Inc., home-health services company LHC Group Inc. and biopharmaceutical developer Global Blood Therapeutics Inc. Acadia’s application with the US Food and Drug Administration to extend use of its approved psychiatric medicine into adjacent populations was rejected, and the resulting reduction in expected revenues drove the stock down. With LHC Group, later-than-usual referrals due to Covid-19 weighed on its hospice business, and the slowdown in hospital discharges hurt its home-health segment. LHC Group has also seen costs rise as a result of the nationwide shortage of nursing professionals. Global Blood Therapeutics faced challenges to its sickle cell disease drug launch from Covid-19, resulting in lower expectations and underperformance from the stock.

Outlook

As market correlations fall, we see investors placing greater importance on company-specific fundamentals. This, in turn, should lead to earnings growth becoming the primary driver of stock returns.

The economic outlook is still generally positive. However, uncertainties remain, including more difficult growth comparisons for companies in the coming quarters, continued supply chain disruptions, lingering concerns about Covid-19 variants, and ongoing fiscal and monetary policy uncertainty from Washington and the US Federal Reserve.

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LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

Top Ten Holdings as of September 30, 2021


Security name		% of Net Assets
1	SiteOne Landscape Supply, Inc.		2.20	%
2	Paylocity Holding Corp.		2.10
3	Axon Enterprise, Inc.		1.93
4	Insulet Corp.		1.91
5	Catalent, Inc.		1.67
6	Floor & Decor Holdings, Inc., Class A		1.67
7	POOL CORP.		1.63
8	Tetra Tech, Inc.		1.60
9	Acadia Healthcare Co., Inc.		1.53
10	Syneos Health, Inc.		1.53

Hypothetical Growth of $100,000 Investment in Institutional Class Shares²

June 30, 2015 (inception) through September 30, 2021

LOGO

9 |

Average Annual Total Returns — September 30, 2021²



							Life of			Life of			Expense Ratios³
	1 Year			5 Years			Class I			Class N			Gross			Net

Institutional Class (Inception 6/30/15)		30.00	%		19.28	%		14.64	%		—	%		1.21	%		0.85	%

Class N (Inception 10/1/19)		30.08			—			—			26.02			107.49			0.83

Comparative Performance
Russell 2500^TM Growth Index¹		31.98			18.21			14.03			28.53

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.

| 10

ADDITIONAL INFORMATION

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

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

Additional Index Information

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 April 1, 2021 through September 30, 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.

11 |

Loomis Sayles Small Cap Growth Fund


Institutional Class	Beginning Account Value 4/1/2021		Ending Account Value 9/30/2021		Expenses Paid During Period* 4/1/2021 – 9/30/2021
Actual		$1,000.00		$1,015.50		$4.65
Hypothetical (5% return before expenses)		$1,000.00		$1,020.46		$4.66

Retail Class
Actual		$1,000.00		$1,014.20		$5.91
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.92

Class N
Actual		$1,000.00		$1,015.90		$4.09
Hypothetical (5% return before expenses)		$1,000.00		$1,021.01		$4.10

* Expenses are equal to the Fund’s annualized expense ratio: 0.92%, 1.17% and 0.81% 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 (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Small Cap Value Fund


Institutional Class	Beginning Account Value 4/1/2021		Ending Account Value 9/30/2021		Expenses Paid During Period* 4/1/2021 – 9/30/2021
Actual		$1,000.00		$1,038.60		$4.60
Hypothetical (5% return before expenses)		$1,000.00		$1,020.56		$4.56

Retail Class
Actual		$1,000.00		$1,037.10		$5.87
Hypothetical (5% return before expenses)		$1,000.00		$1,019.30		$5.82

Admin Class
Actual		$1,000.00		$1,035.90		$7.15
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$7.08

Class N
Actual		$1,000.00		$1,038.50		$4.34
Hypothetical (5% return before expenses)		$1,000.00		$1,020.81		$4.31

* 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 (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Small/Mid Cap Growth Fund


Institutional Class	Beginning Account Value 4/1/2021		Ending Account Value 9/30/2021		Expenses Paid During Period* 4/1/2021 – 9/30/2021
Actual		$1,000.00		$1,074.70		$4.32
Hypothetical (5% return before expenses)		$1,000.00		$1,020.91		$4.20

Class N
Actual		$1,000.00		$1,074.60		$4.32
Hypothetical (5% return before expenses)		$1,000.00		$1,020.91		$4.20

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) 0.83% 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 (183), divided by 365 (to reflect the half-year period).

| 12

BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

In connection with these meetings, the Trustees receive materials that the Funds’ investment adviser (the “Adviser”) believes to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory fees and other expenses, including information comparing the Funds’ advisory fees to the fees charged to institutional accounts with similar strategies managed by the Adviser, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Adviser and (v) information obtained through the completion by the Adviser of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) each Fund’s investment objective and strategies and the size, education and experience of the Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, to the extent applicable, the use of “soft” commission dollars to pay for research and other similar services, (iv) each Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Adviser.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and expense differentials against each Fund’s peer group/category of funds, performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Adviser make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board or Committee presentations and reviews. In addition, the Trustees are periodically provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings, both at the Board and at the Committee level.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2021. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Adviser and its affiliates to the Funds and the resources dedicated to the Funds by the Adviser and its affiliates. The Trustees also considered their experience with other funds advised or sub-advised by the Adviser as well as the affiliation between the Adviser and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.

The Trustees considered not only the advisory services provided by the Adviser to the Funds, but also the benefits to the Funds from the monitoring and oversight services provided by Natixis Advisors, LLC (“Natixis Advisors”). They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Funds. They also took into consideration increases in the services provided resulting from new regulatory requirements.

Investment performance of the Funds and the Adviser. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. In addition, the Trustees reviewed data prepared by an independent

13 |

third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that measured the performance of the Funds on a risk adjusted basis.

The Board noted that, through December 31, 2020, each Fund’s one-, three- and five-year performance, stated as percentile rankings within categories selected by the independent third-party data provider was as follows (where the best performance would be in the first percentile of its category):


	One-Year		Three-Year		Five-Year
Loomis Sayles Small Cap Growth Fund		56%		45%		47%
Loomis Sayles Small Cap Value Fund		80%		87%		81%
Loomis Sayles Small/Mid Cap Growth Fund		64%		65%		50%

In the case of each Fund that had performance that lagged that of a relevant category median as determined by the independent third party for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s performance over the five- and ten-year periods has been stronger; and (3) that the Adviser’s investment strategy is expected to result in cyclical underperformance from time to time, but that this style of investing is showing improved performance generally, which is expected to help the Fund’s performance. The Board also considered information about the Funds’ more recent performance, including how that performance had been impacted by the Covid-19 crisis.

The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Adviser and/or other relevant factors supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory and administrative services as well as the total expense levels of the Funds. This information included comparisons (provided both by management and by an independent third party) of the Funds’ advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Adviser to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund and the need for the Adviser to offer competitive compensation and the potential need to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that all of the Funds have expense limitations in place, and they considered the amounts waived or reimbursed by the Adviser for certain Funds under their respective expense limitation agreements. The Trustees also considered that Loomis Sayles Small Cap Growth Fund’s current expenses are below its expense limitation. The Trustees noted that the Funds had total advisory fee rates that were at or below the medians of their respective peer groups of funds.

The Trustees also considered the compensation directly or indirectly received by the Adviser and its affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Adviser’s and its affiliates’ relationships with the Funds, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Funds, the expense levels of the Funds, whether the Adviser had implemented breakpoints and/or expense limitations with respect to such Funds and the overall profit margin of Natixis Investment Managers, LLC compared to that of certain other investment managers for which such data was available.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fee charged to each of the Funds was fair and reasonable, and that the costs of these services generally and the related profitability of the Adviser and its affiliates in respect of their relationships with the Funds supported the renewal of the Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations. With respect to economies of scale, the Trustees noted that although none of

| 14

the Funds’ management fees were subject to breakpoints, each of the Funds was subject to an expense limitation. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Funds, as discussed above. The Trustees also considered that the Funds have benefitted from the substantial reinvestment the Adviser has made into its business.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

•

Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Funds.

•

So-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution and administrative services to the Funds, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of Natixis Advisors from the retention of the Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

•

The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

15 |

LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on January 1, 2020 and ending December 31, 2020 (including updates through September 30, 2021)

Effective December 1, 2018, the Funds adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Rule requires registered open-end funds, including mutual funds and exchange-traded funds to establish liquidity risk management programs in order to effectively manage fund liquidity and mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

During the period January 1, 2021 through September 30, 2021, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.

Annual Program Assessment and Conclusion

| 16

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Small Cap Growth Fund


Shares		Description	Value (†)

	Common Stocks – 96.8% of Net Assets

		Aerospace & Defense – 2.4%
	285,129	AeroVironment, Inc.(a)	$	24,612,335
	1,423,894	Kratos Defense & Security Solutions, Inc.(a)		31,767,075
	242,980	Mercury Systems, Inc.(a)		11,522,112

				67,901,522


		Air Freight & Logistics – 1.1%
	470,199	HUB Group, Inc., Class A(a)		32,326,181


		Auto Components – 4.9%
	298,068	Dorman Products, Inc.(a)		28,218,098
	240,715	Fox Factory Holding Corp.(a)		34,792,946
	358,917	Gentherm, Inc.(a)		29,047,153
	378,966	Patrick Industries, Inc.		31,567,868
	834,273	Stoneridge, Inc.(a)		17,010,826

				140,636,891


		Banks – 2.7%
	495,069	Ameris Bancorp		25,684,179
	1,131,275	Bancorp, Inc. (The)(a)		28,790,949
	314,079	Lakeland Financial Corp.		22,374,988

				76,850,116


		Beverages – 0.7%
	1,375,051	Primo Water Corp.		21,615,802


		Biotechnology – 6.8%
	226,611	Blueprint Medicines Corp.(a)		23,297,877
	805,376	Halozyme Therapeutics, Inc.(a)		32,762,695
	720,442	Insmed, Inc.(a)		19,840,973
	262,631	Natera, Inc.(a)		29,267,598
	457,732	PTC Therapeutics, Inc.(a)		17,032,208
	662,802	Replimune Group, Inc.(a)		19,645,451
	324,179	SpringWorks Therapeutics, Inc.(a)		20,565,916
	914,075	Sutro Biopharma, Inc.(a)		17,266,877
	539,115	Xencor, Inc.(a)		17,607,496

				197,287,091


		Building Products – 2.3%
	375,010	Advanced Drainage Systems, Inc.		40,564,832
	397,681	UFP Industries, Inc.		27,034,354

				67,599,186


		Capital Markets – 3.4%
	278,998	AssetMark Financial Holdings, Inc.(a)		6,938,680
	537,150	Focus Financial Partners, Inc., Class A(a)		28,130,546
	361,131	Hamilton Lane, Inc., Class A		30,631,131
	411,722	PJT Partners, Inc., Class A		32,571,328

				98,271,685


		Commercial Services & Supplies – 1.5%
	580,049	Casella Waste Systems, Inc., Class A(a)		44,048,921


		Communications Equipment – 1.2%
	396,680	Calix, Inc.(a)		19,607,892
	428,447	Radware Ltd.(a)		14,447,233

				34,055,125


		Construction & Engineering – 1.4%
	1,265,826	WillScot Mobile Mini Holdings Corp.(a)	$	40,152,001


		Containers & Packaging – 0.7%
	755,871	Ranpak Holdings Corp.(a)		20,272,460


		Diversified Consumer Services – 0.9%
	647,542	Frontdoor, Inc.(a)		27,132,010


		Electronic Equipment, Instruments & Components – 4.0%
	248,889	Advanced Energy Industries, Inc.		21,840,010
	351,456	Itron, Inc.(a)		26,580,617
	748,024	nLight, Inc.(a)		21,086,797
	295,153	Novanta, Inc.(a)		45,601,138

				115,108,562


		Energy Equipment & Services – 0.9%
	721,178	Cactus, Inc., Class A		27,202,834


		Food Products – 2.3%
	246,367	Freshpet, Inc.(a)		35,154,107
	872,404	Simply Good Foods Co. (The)(a)		30,089,214

				65,243,321


		Health Care Equipment & Supplies – 8.2%
	516,751	AtriCure, Inc.(a)		35,940,032
	572,122	Axonics, Inc.(a)		37,239,421
	210,524	CONMED Corp.		27,542,855
	515,688	CryoPort, Inc.(a)		34,298,409
	272,243	Inogen, Inc.(a)		11,730,951
	472,455	Merit Medical Systems, Inc.(a)		33,922,269
	462,546	NuVasive, Inc.(a)		27,683,378
	211,264	STAAR Surgical Co.(a)		27,153,762

				235,511,077


		Health Care Providers & Services – 3.9%
	175,787	Ensign Group, Inc. (The)		13,164,689
	510,224	HealthEquity, Inc.(a)		33,042,106
	193,854	LHC Group, Inc.(a)		30,417,631
	99,057	ModivCare, Inc.(a)		17,990,732
	719,177	Option Care Health, Inc.(a)		17,447,234

				112,062,392


		Health Care Technology – 3.2%
	924,710	Evolent Health, Inc., Class A(a)		28,666,010
	153,172	Inspire Medical Systems, Inc.(a)		35,670,695
	454,154	Phreesia, Inc.(a)		28,021,302

				92,358,007


		Hotels, Restaurants & Leisure – 4.0%
	438,300	Chuy’s Holdings, Inc.(a)		13,819,599
	275,017	Papa John’s International, Inc.		34,924,409
	316,253	Texas Roadhouse, Inc.		28,883,386
	224,862	Wingstop, Inc.		36,861,628

				114,489,022


		Household Durables – 0.9%
	237,931	Installed Building Products, Inc.		25,494,307


		Insurance – 0.8%
	658,430	BRP Group, Inc., Class A(a)		21,919,135


		Internet & Direct Marketing Retail – 1.7%
	426,865	Shutterstock, Inc.		48,372,342

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		IT Services – 3.4%
	742,108	EVERTEC, Inc.	$	33,929,178
	189,775	Perficient, Inc.(a)		21,956,967
	502,995	WNS Holdings Ltd., ADR(a)		41,144,991

				97,031,136


		Leisure Products – 0.9%
	361,715	Malibu Boats, Inc., Class A(a)		25,312,816


		Life Sciences Tools & Services – 1.4%
	54,420	Medpace Holdings, Inc.(a)		10,300,618
	595,435	NeoGenomics, Inc.(a)		28,723,784

				39,024,402


		Machinery – 5.8%
	343,296	Albany International Corp., Class A		26,389,164
	279,839	Helios Technologies, Inc.		22,977,580
	433,986	Kornit Digital Ltd.(a)		62,815,134
	148,276	RBC Bearings, Inc.(a)		31,464,167
	622,019	Shyft Group, Inc. (The)		23,642,942

				167,288,987


		Media – 1.2%
	429,324	TechTarget, Inc.(a)		35,384,884


		Personal Products – 0.7%
	685,943	elf Beauty, Inc.(a)		19,926,644


		Pharmaceuticals – 1.6%
	488,541	Pacira BioSciences, Inc.(a)		27,358,296
	712,937	Supernus Pharmaceuticals, Inc.(a)		19,014,030

				46,372,326


		Professional Services – 1.3%
	935,585	KBR, Inc.		36,862,049


		Semiconductors & Semiconductor Equipment – 6.1%
	674,353	MACOM Technology Solutions Holdings, Inc.(a)		43,745,279
	805,596	MaxLinear, Inc.(a)		39,675,603
	1,448,606	Rambus, Inc.(a)		32,159,053
	233,489	Silicon Laboratories, Inc.(a)		32,725,818
	415,335	Silicon Motion Technology Corp., ADR		28,649,809

				176,955,562


		Software – 6.4%
	264,782	Blackline, Inc.(a)		31,260,163
	400,299	Envestnet, Inc.(a)		32,119,992
	336,535	Q2 Holdings, Inc.(a)		26,969,915
	475,485	Rapid7, Inc.(a)		53,739,314
	679,598	Varonis Systems, Inc.(a)		41,353,538

				185,442,922


		Specialty Retail – 2.5%
	364,512	Boot Barn Holdings, Inc.(a)		32,394,181
	705,011	National Vision Holdings, Inc.(a)		40,023,475

				72,417,656


		Technology Hardware, Storage & Peripherals – 0.8%
	920,081	Pure Storage, Inc., Class A(a)		23,149,238


		Textiles, Apparel & Luxury Goods – 1.8%
	324,224	Columbia Sportswear Co.		31,073,628
	231,170	Oxford Industries, Inc.		20,844,599

				51,918,227


		Trading Companies & Distributors – 3.0%
	373,022	McGrath RentCorp	$	26,838,933
	294,687	SiteOne Landscape Supply, Inc.(a)		58,781,216

				85,620,149


		Total Common Stocks

		(Identified Cost $2,026,920,760)		2,788,616,988


	Principal Amount

	Short-Term Investments – 3.9%
$	110,757,237	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2021 at 0.000% to be repurchased at $110,757,237 on 10/01/2021 collateralized by $113,557,900 U.S.Treasury Note, 1.250% due 9/30/2028 valued at $112,972,396 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $110,757,237)		110,757,237


		Total Investments – 100.7%

		(Identified Cost $2,137,677,997)		2,899,374,225

		Other assets less liabilities—(0.7)%		(19,431,158	)


		Net Assets – 100.0%	$	2,879,943,067


	(†)	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 September 30, 2021


Health Care Equipment & Supplies	8.2	%
Biotechnology	6.8
Software	6.4
Semiconductors & Semiconductor Equipment	6.1
Machinery	5.8
Auto Components	4.9
Electronic Equipment, Instruments & Components	4.0
Hotels, Restaurants & Leisure	4.0
Health Care Providers & Services	3.9
Capital Markets	3.4
IT Services	3.4
Health Care Technology	3.2
Trading Companies & Distributors	3.0
Banks	2.7
Specialty Retail	2.5
Aerospace & Defense	2.4
Building Products	2.3
Food Products	2.3
Other Investments, less than 2% each	21.5
Short-Term Investments	3.9

Total Investments	100.7
Other assets less liabilities	(0.7	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Small Cap Value Fund


Shares		Description	Value (†)

	Common Stocks – 98.1% of Net Assets

		Auto Components – 3.4%
	319,113	Dana, Inc.	$	7,097,073
	230,509	Garrett Motion, Inc.(a)		1,698,852
	217,043	Goodyear Tire & Rubber Co. (The)(a)		3,841,661
	40,937	LCI Industries		5,511,348
	177,706	Modine Manufacturing Co.(a)		2,013,409

				20,162,343


		Banks – 13.7%
	128,529	Ameris Bancorp		6,668,085
	150,850	Atlantic Union Bankshares Corp.		5,558,822
	182,586	BancorpSouth Bank		5,437,411
	119,078	Bryn Mawr Bank Corp.		5,471,634
	181,713	CVB Financial Corp.		3,701,494
	275,568	Home BancShares, Inc.		6,484,115
	255,850	OceanFirst Financial Corp.		5,477,749
	78,320	Pinnacle Financial Partners, Inc.		7,368,346
	107,551	Popular, Inc.		8,353,486
	66,748	Prosperity Bancshares, Inc.		4,747,785
	57,412	SouthState Corp.		4,286,954
	99,805	Triumph Bancorp, Inc.(a)		9,993,475
	96,185	Wintrust Financial Corp.		7,730,388

				81,279,744


		Beverages – 0.4%
	141,677	Primo Water Corp.		2,227,162


		Biotechnology – 0.8%
	26,739	United Therapeutics Corp.(a)		4,935,484


		Building Products – 2.0%
	32,080	Armstrong World Industries, Inc.		3,062,678
	176,947	Quanex Building Products Corp.		3,788,435
	72,186	UFP Industries, Inc.		4,907,204

				11,758,317


		Capital Markets – 2.0%
	130,858	Donnelley Financial Solutions, Inc.(a)		4,530,304
	103,405	Stifel Financial Corp.		7,027,404

				11,557,708


		Chemicals – 2.5%
	37,204	Ashland Global Holdings, Inc.		3,315,620
	76,932	Cabot Corp.		3,855,832
	31,072	Ingevity Corp.(a)		2,217,609
	179,393	Valvoline, Inc.		5,593,474

				14,982,535


		Commercial Services & Supplies – 2.9%
	59,236	Clean Harbors, Inc.(a)		6,152,843
	89,131	IAA, Inc.(a)		4,863,879
	242,300	KAR Auction Services, Inc.(a)		3,971,297
	43,092	VSE Corp.		2,075,742

				17,063,761


		Communications Equipment – 0.8%
	297,674	Viavi Solutions, Inc.(a)		4,685,389


		Construction & Engineering – 2.0%
	96,870	AECOM(a)		6,117,340
	120,156	Arcosa, Inc.		6,028,227

				12,145,567


		Consumer Finance – 0.7%
	94,994	PROG Holdings, Inc.	$	3,990,698


		Containers & Packaging – 0.6%
	117,548	TriMas Corp.(a)		3,803,853


		Diversified Consumer Services – 1.3%
	99,437	Frontdoor, Inc.(a)		4,166,410
	259,010	Houghton Mifflin Harcourt Co.(a)		3,478,504

				7,644,914


		Diversified Financial Services – 0.7%
	132,315	Cannae Holdings, Inc.(a)		4,116,320


		Diversified Telecommunication Services – 0.5%
	110,049	Frontier Communications Parent, Inc.(a)		3,067,066


		Electric Utilities – 0.7%
	72,343	ALLETE, Inc.		4,305,855


		Electrical Equipment – 2.0%
	52,846	Atkore, Inc.(a)		4,593,374
	35,203	AZZ, Inc.		1,872,800
	230,123	Vertiv Holdings Co.		5,543,663

				12,009,837


		Electronic Equipment, Instruments & Components – 5.0%
	38,303	Advanced Energy Industries, Inc.		3,361,088
	130,581	Kimball Electronics, Inc.(a)		3,365,072
	12,733	Littelfuse, Inc.		3,479,547
	151,773	Methode Electronics, Inc.		6,382,055
	31,859	SYNNEX Corp.		3,316,522
	355,177	TTM Technologies, Inc.(a)		4,464,575
	164,562	Vontier Corp.		5,529,283

				29,898,142


		Energy Equipment & Services – 1.9%
	348,478	ChampionX Corp.(a)		7,791,968
	87,531	DMC Global, Inc.(a)		3,230,769

				11,022,737


		Entertainment – 0.5%
	113,210	Liberty Media Corp.-Liberty Braves, Class C(a)		2,991,008


		Food Products – 3.6%
	42,662	Darling Ingredients, Inc.(a)		3,067,398
	331,026	Dole PLC(a)		5,614,201
	18,218	J&J Snack Foods Corp.		2,784,075
	244,381	Nomad Foods Ltd.(a)		6,735,140
	288,696	Whole Earth Brands, Inc.(a)		3,334,439

				21,535,253


		Health Care Equipment & Supplies – 3.2%
	30,936	CONMED Corp.		4,047,357
	66,525	Inmode Ltd.(a)		10,607,411
	157,238	Lantheus Holdings, Inc.(a)		4,037,872

				18,692,640


		Health Care Providers & Services – 0.4%
	20,633	AMN Healthcare Services, Inc.(a)		2,367,637


		Health Care Technology – 0.8%
	344,378	Allscripts Healthcare Solutions, Inc.(a)		4,604,334

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Hotels, Restaurants & Leisure – 2.4%
	25,437	Churchill Downs, Inc.	$	6,106,915
	14,794	Cracker Barrel Old Country Store, Inc.		2,068,793
	38,857	Marriott Vacations Worldwide Corp.		6,113,372

				14,289,080


		Household Durables – 2.1%
	19,689	Helen of Troy Ltd.(a)		4,423,725
	106,882	KB Home		4,159,847
	59,915	Skyline Champion Corp.(a)		3,598,495

				12,182,067


		Household Products – 1.0%
	60,466	Spectrum Brands Holdings, Inc.		5,784,782


		Independent Power & Renewable Electricity Producers – 1.1%
	88,036	NextEra Energy Partners LP		6,634,393


		Insurance – 1.9%
	118,835	Employers Holdings, Inc.		4,692,794
	95,581	First American Financial Corp.		6,408,706

				11,101,500


		Internet & Direct Marketing Retail – 0.8%
	437,044	Qurate Retail, Inc., Class A		4,453,478


		IT Services – 4.8%
	51,461	Concentrix Corp.(a)		9,108,597
	78,836	CSG Systems International, Inc.		3,799,895
	32,352	Euronet Worldwide, Inc.(a)		4,117,763
	180,807	International Money Express, Inc.(a)		3,019,477
	208,244	Unisys Corp.(a)		5,235,254
	18,839	WEX, Inc.(a)		3,318,301

				28,599,287


		Leisure Products – 1.0%
	63,310	Brunswick Corp.		6,031,544


		Machinery – 6.3%
	43,456	Alamo Group, Inc.		6,063,416
	58,355	Albany International Corp., Class A		4,485,749
	116,644	Altra Industrial Motion Corp.		6,456,245
	126,859	Columbus McKinnon Corp.		6,133,633
	20,993	John Bean Technologies Corp.		2,950,566
	38,902	Kadant, Inc.		7,939,898
	103,261	Miller Industries, Inc.		3,515,004

				37,544,511


		Marine – 1.3%
	390,577	Genco Shipping & Trading Ltd.		7,862,315


		Media – 2.0%
	207,501	Gray Television, Inc.		4,735,173
	58,348	John Wiley & Sons, Inc., Class A		3,046,349
	62,218	Scholastic Corp.		2,218,071
	68,473	Thryv Holdings, Inc.(a)		2,056,929

				12,056,522


		Metals & Mining – 0.7%
	130,911	Arconic Corp.(a)		4,128,933


		Multi-Utilities – 1.6%
	210,891	MDU Resources Group, Inc.		6,257,136

		Multi-Utilities – continued
	60,243	NorthWestern Corp.	$	3,451,924

				9,709,060


		Pharmaceuticals – 1.2%
	23,015	Catalent, Inc.(a)		3,062,606
	152,530	Supernus Pharmaceuticals, Inc.(a)		4,067,975

				7,130,581


		Professional Services – 3.0%
	43,267	Insperity, Inc.		4,791,387
	103,185	Korn Ferry		7,466,467
	63,089	Science Applications International Corp.		5,397,895

				17,655,749


		REITs – Single Tenant – 0.8%
	67,391	Agree Realty Corp.		4,463,306


		REITs – Storage – 0.8%
	92,678	CubeSmart		4,490,249


		REITs – Warehouse/Industrials – 1.7%
	77,993	Rexford Industrial Realty, Inc.		4,426,103
	140,795	STAG Industrial, Inc.		5,526,203

				9,952,306


		Semiconductors & Semiconductor Equipment – 1.9%
	206,425	Rambus, Inc.(a)		4,582,635
	216,090	Tower Semiconductor Ltd.(a)		6,461,091

				11,043,726


		Software – 0.4%
	85,938	ACI Worldwide, Inc.(a)		2,640,875


		Specialty Retail – 1.4%
	171,975	Aaron’s Co., Inc. (The)		4,736,192
	121,509	Urban Outfitters, Inc.(a)		3,607,602

				8,343,794


		Thrifts & Mortgage Finance – 2.1%
	42,908	Federal Agricultural Mortgage Corp., Class C		4,656,376
	146,774	Meta Financial Group, Inc.		7,702,700

				12,359,076


		Tobacco – 0.6%
	69,041	Turning Point Brands, Inc.		3,296,708


		Trading Companies & Distributors – 3.6%
	200,693	Alta Equipment Group, Inc.(a)		2,755,515
	87,675	Herc Holdings, Inc.(a)		14,331,356
	60,235	McGrath RentCorp		4,333,908

				21,420,779


		Water Utilities – 0.4%
	195,915	Pure Cycle Corp.(a)		2,607,629


		Wireless Telecommunication Services – 0.8%
	141,524	United States Cellular Corp.(a)		4,513,200


		Total Common Stocks

		(Identified Cost $374,791,318)		581,143,754

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	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 – 1.9%

$	11,208,671	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2021 at 0.000% to be repurchased at $11,208,671 on 10/01/2021 collateralized by $10,212,400 U.S. Treasury Inflation Indexed Note, 0.125% due 7/15/2031 valued at $11,432,910 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $11,208,671)		11,208,671


		Total Investments – 100.0%

		(Identified Cost $385,999,989)		592,352,425

		Other assets less liabilities—0.0%		290,436


		Net Assets – 100.0%	$	592,642,861


	(†)	See Note 2 of Notes to Financial Statements.

	(a)	Non-income producing security.

	(b)	Illiquid security. (Unaudited)

	(c)	Security classified as fair valued pursuant to the Fund’s pricing policies and procedures.

	(d)	Security subject to restrictions on resale. This security was acquired on November 29, 2016 at a cost of $0.

	REITs	Real Estate Investment Trusts

Industry Summary at September 30, 2021


Banks	13.7	%
Machinery	6.3
Electronic Equipment, Instruments & Components	5.0
IT Services	4.8
Food Products	3.6
Trading Companies & Distributors	3.6
Auto Components	3.4
Health Care Equipment & Supplies	3.2
Professional Services	3.0
Commercial Services & Supplies	2.9
Chemicals	2.5
Hotels, Restaurants & Leisure	2.4
Thrifts & Mortgage Finance	2.1
Household Durables	2.1
Construction & Engineering	2.0
Media	2.0
Electrical Equipment	2.0
Building Products	2.0
Capital Markets	2.0
Other Investments, less than 2% each	29.5
Short-Term Investments	1.9

Total Investments	100.0
Other assets less liabilities	0.0	*

Net Assets	100.0	%

* Less than 0.1%

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Small/Mid Cap Growth Fund


Shares		Description	Value (†)

	Common Stocks – 97.0% of Net Assets

		Aerospace & Defense – 4.3%
	8,820	Axon Enterprise, Inc.(a)	$	1,543,677
	7,152	HEICO Corp.		943,134
	15,310	Hexcel Corp.(a)		909,261

				3,396,072


		Auto Components – 2.2%
	5,889	Fox Factory Holding Corp.(a)		851,196
	6,441	LCI Industries		867,152

				1,718,348


		Banks – 1.8%
	11,902	Glacier Bancorp, Inc.		658,776
	18,512	Pacific Premier Bancorp, Inc.		767,137

				1,425,913


		Biotechnology – 6.9%
	2,832	Acceleron Pharma, Inc.(a)		487,387
	2,125	Argenx SE, ADR(a)		641,750
	12,248	BridgeBio Pharma, Inc.(a)		574,064
	17,607	Halozyme Therapeutics, Inc.(a)		716,253
	10,227	Horizon Therapeutics PLC(a)		1,120,265
	8,117	Neurocrine Biosciences, Inc.(a)		778,501
	15,137	PTC Therapeutics, Inc.(a)		563,248
	19,633	Xencor, Inc.(a)		641,214

				5,522,682


		Building Products – 3.8%
	10,104	Advanced Drainage Systems, Inc.		1,092,950
	25,066	AZEK Co., Inc. (The)(a)		915,661
	9,699	Trex Co., Inc.(a)		988,619

				2,997,230


		Capital Markets – 3.8%
	15,854	Ares Management Corp., Class A		1,170,501
	8,487	Hamilton Lane, Inc., Class A		719,867
	4,352	Morningstar, Inc.		1,127,299

				3,017,667


		Commercial Services & Supplies – 1.6%
	8,533	Tetra Tech, Inc.		1,274,318


		Communications Equipment – 1.1%
	17,267	Ciena Corp.(a)		886,660


		Distributors – 1.6%
	2,988	POOL CORP.		1,298,017


		Diversified Consumer Services – 0.9%
	10,612	Chegg, Inc.(a)		721,828


		Electrical Equipment – 0.7%
	1,368	Generac Holdings, Inc.(a)		559,061


		Electronic Equipment, Instruments & Components – 2.3%
	8,774	Advanced Energy Industries, Inc.		769,918
	12,723	Trimble, Inc.(a)		1,046,467

				1,816,385


		Food & Staples Retailing – 1.8%
	12,273	BJ’s Wholesale Club Holdings, Inc.(a)		674,033
	4,265	Casey’s General Stores, Inc.		803,739

				1,477,772


		Food Products – 2.3%
	6,369	Freshpet, Inc.(a)	$	908,793
	25,795	Simply Good Foods Co. (The)(a)		889,669

				1,798,462


		Health Care Equipment & Supplies – 6.1%
	21,811	AngioDynamics, Inc.(a)		565,777
	10,671	Axonics, Inc.(a)		694,575
	7,064	CONMED Corp.		924,183
	15,139	Globus Medical, Inc., Class A(a)		1,159,950
	5,367	Insulet Corp.(a)		1,525,463

				4,869,948


		Health Care Providers & Services – 3.9%
	19,132	Acadia Healthcare Co., Inc.(a)		1,220,239
	7,399	Encompass Health Corp.		555,221
	4,939	LHC Group, Inc.(a)		774,978
	26,682	R1 RCM, Inc.(a)		587,271

				3,137,709


		Hotels, Restaurants & Leisure – 2.2%
	2,821	Churchill Downs, Inc.		677,265
	11,563	Texas Roadhouse, Inc.		1,056,049

				1,733,314


		Household Durables – 1.4%
	4,947	Helen of Troy Ltd.(a)		1,111,492


		IT Services – 2.4%
	6,122	Broadridge Financial Solutions, Inc.		1,020,170
	6,761	Endava PLC, Sponsored ADR(a)		918,482

				1,938,652


		Leisure Products – 1.3%
	10,883	Brunswick Corp.		1,036,823


		Life Sciences Tools & Services – 5.4%
	2,272	Bio-Techne Corp.		1,100,943
	2,407	Charles River Laboratories International, Inc.(a)		993,297
	3,835	ICON PLC(a)		1,004,847
	13,920	Syneos Health, Inc.(a)		1,217,721

				4,316,808


		Machinery – 4.6%
	8,698	ESCO Technologies, Inc.		669,746
	20,123	Ingersoll Rand, Inc.(a)		1,014,401
	4,806	John Bean Technologies Corp.		675,483
	4,923	Kornit Digital Ltd.(a)		712,555
	2,770	RBC Bearings, Inc.(a)		587,794

				3,659,979


		Personal Products – 0.8%
	21,304	BellRing Brands, Inc., Class A(a)		655,098


		Pharmaceuticals – 2.3%
	10,019	Catalent, Inc.(a)		1,333,228
	9,383	Pacira BioSciences, Inc.(a)		525,448

				1,858,676


		Professional Services – 1.1%
	22,700	KBR, Inc.		894,380


		Road & Rail – 1.2%
	6,297	Landstar System, Inc.		993,793

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Small/Mid Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Semiconductors & Semiconductor Equipment – 8.1%
	7,007	MKS Instruments, Inc.	$	1,057,426
	2,469	Monolithic Power Systems, Inc.		1,196,675
	10,824	Nova Ltd.(a)		1,107,187
	14,923	Semtech Corp.(a)		1,163,546
	6,979	Silicon Laboratories, Inc.(a)		978,177
	5,365	Synaptics, Inc.(a)		964,252

				6,467,263


		Software – 12.3%
	6,031	Avalara, Inc.(a)		1,054,038
	9,097	Black Knight, Inc.(a)		654,984
	9,075	Blackline, Inc.(a)		1,071,395
	5,614	Five9, Inc.(a)		896,780
	5,962	Paylocity Holding Corp.(a)		1,671,745
	6,703	Pegasystems, Inc.		851,951
	10,388	Q2 Holdings, Inc.(a)		832,494
	8,147	Rapid7, Inc.(a)		920,774
	13,203	Smartsheet, Inc., Class A(a)		908,631
	2,060	Tyler Technologies, Inc.(a)		944,819

				9,807,611


		Specialty Retail – 2.4%
	3,258	Five Below, Inc.(a)		576,047
	11,019	Floor & Decor Holdings, Inc., Class A(a)		1,330,985

				1,907,032


		Technology Hardware, Storage & Peripherals – 1.0%
	31,927	Pure Storage, Inc., Class A(a)		803,283


		Textiles, Apparel & Luxury Goods – 2.0%
	7,790	Columbia Sportswear Co.		746,594
	19,550	Skechers U.S.A., Inc., Class A(a)		823,446

				1,570,040


		Thrifts & Mortgage Finance – 1.2%
	18,214	Axos Financial, Inc.(a)		938,750


		Trading Companies & Distributors – 2.2%
	8,797	SiteOne Landscape Supply, Inc.(a)		1,754,738


		Total Common Stocks

		(Identified Cost $58,697,920)		77,365,804


	Principal Amount

	Short-Term Investments – 3.2%

$	2,569,192	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2021 at 0.000% to be repurchased at $2,569,192 on 10/01/2021 collateralized by $2,902,000 U.S. Treasury Bond, 1.375% due 11/15/2040 valued at $2,620,643 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,569,192)		2,569,192


		Total Investments – 100.2%

		(Identified Cost $61,267,112)		79,934,996

		Other assets less liabilities—(0.2)%		(149,591	)


		Net Assets – 100.0%	$	79,785,405

	(†)	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 September 30, 2021


Software	12.3	%
Semiconductors & Semiconductor Equipment	8.1
Biotechnology	6.9
Health Care Equipment & Supplies	6.1
Life Sciences Tools & Services	5.4
Machinery	4.6
Aerospace & Defense	4.3
Health Care Providers & Services	3.9
Capital Markets	3.8
Building Products	3.8
IT Services	2.4
Specialty Retail	2.4
Pharmaceuticals	2.3
Electronic Equipment, Instruments & Components	2.3
Food Products	2.3
Trading Companies & Distributors	2.2
Hotels, Restaurants & Leisure	2.2
Auto Components	2.2
Textiles, Apparel & Luxury Goods	2.0
Other Investments, less than 2% each	17.5
Short-Term Investments	3.2

Total Investments	100.2
Other assets less liabilities	(0.2	)

Net Assets	100.0	%

See accompanying notes to financial statements.

23 |

Statements of Assets and Liabilities

September 30, 2021


	Small Cap Growth Fund		Small Cap Value Fund		Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	2,137,677,997	$	385,999,989	$	61,267,112
Net unrealized appreciation		761,696,228		206,352,436		18,667,884

Investments at value		2,899,374,225		592,352,425		79,934,996
Cash		1,778,493		—		—
Receivable for Fund shares sold		4,089,013		980,335		4,326
Receivable for securities sold		5,733,537		1,236,249		238,061
Dividends receivable		428,613		352,906		15,685
Prepaid expenses (Note 7)		374		76		10

TOTAL ASSETS		2,911,404,255		594,921,991		80,193,078


LIABILITIES
Payable for securities purchased		23,595,476		1,235,975		266,534
Payable for Fund shares redeemed		5,454,256		235,109		—
Management fees payable (Note 5)		1,831,613		354,021		40,689
Deferred Trustees’ fees (Note 5)		321,059		341,862		41,325
Administrative fees payable (Note 5)		103,537		20,621		2,875
Payable to distributor (Note 5d)		17,801		4,972		23
Audit and tax services fees payable		42,476		43,318		42,601
Other accounts payable and accrued expenses		94,970		43,252		13,626

TOTAL LIABILITIES		31,461,188		2,279,130		407,673

NET ASSETS	$	2,879,943,067	$	592,642,861	$	79,785,405

NET ASSETS CONSIST OF:
Paid-in capital	$	1,623,695,819	$	292,564,136	$	53,031,302
Accumulated earnings		1,256,247,248		300,078,725		26,754,103

NET ASSETS	$	2,879,943,067	$	592,642,861	$	79,785,405


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Institutional Class:
Net assets	$	1,299,776,658	$	378,856,352	$	70,525,723

Shares of beneficial interest		35,538,108		11,821,837		4,624,749

Net asset value, offering and redemption price per share	$	36.57	$	32.05	$	15.25


Retail Class:
Net assets	$	105,026,939	$	92,035,713	$	—

Shares of beneficial interest		3,203,282		2,937,541		—

Net asset value, offering and redemption price per share	$	32.79	$	31.33	$	—


Admin Class shares:
Net assets	$	—	$	9,440,456	$	—

Shares of beneficial interest		—		320,721		—

Net asset value, offering and redemption price per share	$	—	$	29.44	$	—


Class N shares:
Net assets	$	1,475,139,470	$	112,310,340	$	9,259,682

Shares of beneficial interest		39,858,871		3,502,195		606,773

Net asset value, offering and redemption price per share	$	37.01	$	32.07	$	15.26

See accompanying notes to financial statements.

| 24

Statements of Operations

For the Year Ended September 30, 2021


	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
INVESTMENT INCOME
Dividends	$	5,894,541		$	6,150,452		$	530,001	(a)
Less net foreign taxes withheld		(48,237	)		(31,020	)		(791	)

		5,846,304			6,119,432			529,210

Expenses
Management fees (Note 5)		21,669,026			4,483,393			569,723
Service and distribution fees (Note 5)		286,313			290,334			—
Administrative fees (Note 5)		1,236,240			255,823			32,493
Trustees’ fees and expenses (Note 5)		157,990			90,852			22,214
Transfer agent fees and expenses (Notes 5 and 6)		1,462,415			426,161			4,649
Audit and tax services fees		42,776			43,322			42,612
Custodian fees and expenses		88,758			18,490			8,254
Legal fees (Note 7)		99,995			19,107			2,554
Registration fees		106,446			74,757			40,506
Shareholder reporting expenses		57,511			36,820			5,824
Miscellaneous expenses (Note 7)		89,695			40,765			27,608

Total expenses		25,297,165			5,779,824			756,437
Fee/expense recovery (Note 5)		—			1,568			—
Less waiver and/or expense reimbursement (Note 5)		—			(169,338	)		(122,222	)

Net expenses		25,297,165			5,612,054			634,215

Net investment income (loss)		(19,450,861	)		507,378			(105,005	)


NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on:
Investments		533,253,178			100,227,931			9,142,738

Net change in unrealized appreciation (depreciation) on:
Investments		177,322,872			147,963,359			8,684,917

Net realized and unrealized gain on investments		710,576,050			248,191,290			17,827,655


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	691,125,189		$	248,698,668		$	17,722,650

(a)	Includes a non-recurring dividend of $291,045.

See accompanying notes to financial statements.

25 |

Statements of Changes in Net Assets


	Small Cap Growth Fund						Small Cap Value Fund
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2021			Year Ended September 30, 2020
FROM OPERATIONS:
Net investment income (loss)	$	(19,450,861	)	$	(11,503,268	)	$	507,378		$	2,531,907
Net realized gain on investments		533,253,178			44,416,635			100,227,931			39,651,898
Net change in unrealized appreciation (depreciation) on investments		177,322,872			311,230,363			147,963,359			(146,094,001	)

Net increase (decrease) in net assets resulting from operations		691,125,189			344,143,730			248,698,668			(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)		36,085,434			374,429,835			(91,550,412	)		(82,803,607	)

Net increase (decrease) in net assets		678,046,543			567,732,370			113,993,526			(244,323,163	)
NET ASSETS
Beginning of the year		2,201,896,524			1,634,164,154			478,649,335			722,972,498

End of the year	$	2,879,943,067		$	2,201,896,524		$	592,642,861		$	478,649,335

See accompanying notes to financial statements.

| 26

Statements of Changes in Net Assets – continued


	Small/Mid Cap Growth Fund
	Year Ended September 30, 2021			Year Ended September 30, 2020
FROM OPERATIONS:
Net investment loss	$	(105,005	)	$	(142,634	)
Net realized gain on investments		9,142,738			478,820
Net change in unrealized appreciation (depreciation) on investments		8,684,917			7,645,216

Net increase in net assets resulting from operations		17,722,650			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)		10,400,054			10,695,219

Net increase in net assets		27,613,930			17,859,507
NET ASSETS
Beginning of the year		52,171,475			34,311,968

End of the year	$	79,785,405		$	52,171,475

See accompanying notes to financial statements.

27 |

Financial Highlights

For a share outstanding throughout each period.


	Small Cap Growth Fund – Institutional Class
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	28.51		$	26.30		$	31.55		$	27.37		$	22.03

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.26	)		(0.17	)		(0.16	)		(0.16	)		(0.12	)
Net realized and unrealized gain (loss)		8.94			4.73			(2.51	)		7.54			5.46

Total from Investment Operations		8.68			4.56			(2.67	)		7.38			5.34

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.62	)		(2.35	)		(2.58	)		(3.20	)		—

Net asset value, end of the period	$	36.57		$	28.51		$	26.30		$	31.55		$	27.37

Total return		30.53	%		17.98	%		(6.88	)%		29.77	%		24.24	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,299,777		$	1,037,625		$	908,616		$	926,914		$	824,103
Net expenses		0.92	%		0.94	%		0.95	%		0.94	%		0.95	%
Gross expenses		0.92	%		0.94	%		0.95	%		0.94	%		0.95	%
Net investment loss		(0.72	)%		(0.66	)%		(0.62	)%		(0.58	)%		(0.49	)%
Portfolio turnover rate		52	%		52	%		67	%		41	%		45	%

(a)

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


	Small Cap Growth Fund – Retail Class
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	25.67		$	23.95		$	29.09		$	25.53		$	20.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.30	)		(0.21	)		(0.21	)		(0.22	)		(0.16	)
Net realized and unrealized gain (loss)		8.04			4.28			(2.35	)		6.98			5.08

Total from Investment Operations		7.74			4.07			(2.56	)		6.76			4.92

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.62	)		(2.35	)		(2.58	)		(3.20	)		—

Net asset value, end of the period	$	32.79		$	25.67		$	23.95		$	29.09		$	25.53

Total return		30.20	%		17.67	%		(7.11	)%(b)		29.45	%		23.93	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	105,027		$	98,205		$	95,635		$	136,415		$	107,387
Net expenses		1.17	%		1.19	%		1.19	%(c)		1.19	%		1.20	%
Gross expenses		1.17	%		1.19	%		1.20	%		1.19	%		1.20	%
Net investment loss		(0.92	)%		(0.91	)%		(0.86	)%		(0.82	)%		(0.73	)%
Portfolio turnover rate		52	%		52	%		67	%		41	%		45	%

(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)

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.

| 28

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Growth Fund – Class N
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	28.81		$	26.53		$	31.76		$	27.50		$	22.11

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.22	)		(0.14	)		(0.13	)		(0.12	)		(0.09	)
Net realized and unrealized gain (loss)		9.04			4.77			(2.52	)		7.58			5.48

Total from Investment Operations		8.82			4.63			(2.65	)		7.46			5.39

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.62	)		(2.35	)		(2.58	)		(3.20	)		—

Net asset value, end of the period	$	37.01		$	28.81		$	26.53		$	31.76		$	27.50

Total return		30.66	%		18.09	%		(6.76	)%		29.93	%		24.38	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,475,139		$	1,066,067		$	629,914		$	517,734		$	279,508
Net expenses		0.82	%		0.82	%		0.82	%		0.82	%		0.82	%
Gross expenses		0.82	%		0.82	%		0.82	%		0.82	%		0.82	%
Net investment loss		(0.62	)%		(0.54	)%		(0.49	)%		(0.43	)%		(0.39	)%
Portfolio turnover rate		52	%		52	%		67	%		41	%		45	%

(a)

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


	Small Cap Value Fund – Institutional Class
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	22.34		$	28.66		$	35.27		$	37.37		$	33.78

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.12			0.10			0.09			0.13
Net realized and unrealized gain (loss)		11.79			(4.03	)		(2.49	)		2.11			6.36

Total from Investment Operations		11.83			(3.91	)		(2.39	)		2.20			6.49

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.12	)		(0.08	)		(0.05	)		(0.14	)
Net realized capital gains		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)

Total Distributions		(2.12	)		(2.41	)		(4.22	)		(4.30	)		(2.90	)

Net asset value, end of the period	$	32.05		$	22.34		$	28.66		$	35.27		$	37.37

Total return(b)		55.05	%		(15.31	)%		(4.11	)%		6.21	%		19.68	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	378,856		$	295,006		$	433,360		$	587,198		$	665,229
Net expenses(c)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		0.94	%		0.95	%		0.93	%		0.92	%		0.93	%
Net investment income		0.12	%		0.48	%		0.36	%		0.26	%		0.37	%
Portfolio turnover rate		23	%		23	%		24	%		19	%		25	%

(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)

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.

29 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund – Retail Class
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	21.87		$	28.11		$	34.66		$	36.83		$	33.33

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.04	)		0.05			0.03			0.00	(b)		0.04
Net realized and unrealized gain (loss)		11.55			(3.96	)		(2.44	)		2.08			6.27

Total from Investment Operations		11.51			(3.91	)		(2.41	)		2.08			6.31

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.04	)		—			—			(0.05	)
Net realized capital gains		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)

Total Distributions		(2.05	)		(2.33	)		(4.14	)		(4.25	)		(2.81	)

Net asset value, end of the period	$	31.33		$	21.87		$	28.11		$	34.66		$	36.83

Total return(c)		54.69	%		(15.56	)%		(4.33	)%		5.95	%		19.38	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	92,036		$	83,163		$	134,434		$	208,310		$	251,405
Net expenses(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.19	%		1.20	%		1.18	%		1.17	%		1.18	%
Net investment income (loss)		(0.12	)%		0.23	%		0.10	%		0.01	%		0.12	%
Portfolio turnover rate		23	%		23	%		24	%		19	%		25	%

(a)

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

(b)

Amount rounds to less than $0.01 per share.

(c)

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

(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.


	Small Cap Value Fund – Admin Class
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	20.65		$	26.68		$	33.25		$	35.58		$	32.31

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.10	)		(0.01	)		(0.04	)		(0.08	)		(0.04	)
Net realized and unrealized gain (loss)		10.88			(3.73	)		(2.39	)		2.00			6.07

Total from Investment Operations		10.78			(3.74	)		(2.43	)		1.92			6.03

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)

Net asset value, end of the period	$	29.44		$	20.65		$	26.68		$	33.25		$	35.58

Total return(b)		54.29	%		(15.74	)%		(4.60	)%		5.68	%		19.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	9,440		$	7,662		$	13,357		$	24,530		$	30,533
Net expenses(c)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses		1.43	%		1.45	%		1.43	%		1.42	%		1.43	%
Net investment loss		(0.38	)%		(0.03	)%		(0.15	)%		(0.24	)%		(0.11	)%
Portfolio turnover rate		23	%		23	%		24	%		19	%		25	%

(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)

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.

| 30

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund – Class N
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	22.35		$	28.68		$	35.31		$	37.41		$	33.81

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.13			0.12			0.12			0.15
Net realized and unrealized gain (loss)		11.80			(4.03	)		(2.50	)		2.11			6.37

Total from Investment Operations		11.85			(3.90	)		(2.38	)		2.23			6.52

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.14	)		(0.11	)		(0.08	)		(0.16	)
Net realized capital gains		(1.99	)		(2.29	)		(4.14	)		(4.25	)		(2.76	)

Total Distributions		(2.13	)		(2.43	)		(4.25	)		(4.33	)		(2.92	)

Net asset value, end of the period	$	32.07		$	22.35		$	28.68		$	35.31		$	37.41

Total return		55.15	%		(15.28	)%		(4.07	)%		6.28	%		19.78	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	112,310		$	92,818		$	141,821		$	153,646		$	136,162
Net expenses		0.85	%		0.85	%		0.83	%		0.83	%		0.83	%
Gross expenses		0.85	%		0.85	%		0.83	%		0.83	%		0.83	%
Net investment income		0.17	%		0.53	%		0.43	%		0.33	%		0.44	%
Portfolio turnover rate		23	%		23	%		24	%		19	%		25	%

(a)

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


	Small/Mid Cap Growth Fund – Institutional Class
	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of the period	$	11.81		$	10.03		$	15.49		$	12.31		$	9.73

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)(b)		(0.04	)		(0.04	)		(0.05	)		0.00	(c)
Net realized and unrealized gain (loss)		3.56			2.06			(1.55	)(d)		3.23			2.60

Total from Investment Operations		3.54			2.02			(1.59	)		3.18			2.60

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	$	15.25		$	11.81		$	10.03		$	15.49		$	12.31

Total return(e)		30.00	%(b)		20.38	%		(3.27	)%		25.83	%		26.74	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	70,526		$	52,170		$	34,312		$	17,500		$	14,592
Net expenses(f)		0.84	%(g)		0.84	%		0.85	%		0.85	%		0.85	%
Gross expenses		0.99	%		1.21	%		1.30	%		1.43	%		1.57	%
Net investment income (loss)		(0.14	)%(b)		(0.34	)%		(0.35	)%		(0.35	)%		0.01	%
Portfolio turnover rate		50	%		60	%		67	%		102	%(h)		49	%

(a)

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

(b)

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

(c)

Amount rounds to less than $0.01.

(d)

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

(e)

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

(f)

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)

Includes additional voluntary waiver of advisory fee of 0.01%.

(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.

31 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Small/Mid Cap Growth Fund – Class N
	Year Ended September 30, 2021			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)		(0.01	)(b)		(0.04	)
Net realized and unrealized gain (loss)		3.56			2.20

Total from Investment Operations		3.55			2.16

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.10	)		(0.24	)

Net asset value, end of the period	$	15.26		$	11.81

Total return(c)		30.08	%(b)		22.08	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	9,260		$	1
Net expenses(e)		0.83	%		0.83	%(f)
Gross expenses		1.00	%		107.49	%(f)
Net investment loss		(0.08	)%(b)		(0.34	)%(f)
Portfolio turnover rate		50	%		60	%(g)

Class operations commenced on October 1, 2019.

(a)

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

(b)

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

(c)

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

(d)

Periods less than one year are not annualized.

(e)

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

(f)

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

(g)

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

See accompanying notes to financial statements.

| 32

Notes to Financial Statements

September 30, 2021

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 year-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

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.

33 |

Notes to Financial Statements – continued

September 30, 2021

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.

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 September 30, 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 twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

| 34

Notes to Financial Statements – continued

September 30, 2021

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

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended September 30, 2021 and 2020 was as follows:


	2021 Distributions						2020 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	49,164,080	$	49,164,080	$	—	$	150,841,195	$	150,841,195
Small Cap Value Fund		2,422,269		40,732,461		43,154,730		2,526,541		55,082,819		57,609,360
Small/Mid Cap Growth Fund		—		508,774		508,774		—		817,114		817,114

As of September 30, 2021, the components of distributable earnings on a tax basis were as follows:


	Small Cap Growth Fund		Small Cap Value Fund		Small/Mid Cap Growth Fund
Undistributed ordinary income	$	14,122,150	$	7,392,623	$	—
Undistributed long-term capital gains		483,888,077		87,266,175		8,186,206

Total undistributed earnings		498,010,227		94,658,798		8,186,206

Unrealized appreciation		758,558,080		205,761,791		18,609,222

Total accumulated earnings	$	1,256,568,307	$	300,420,589	$	26,795,428

As of September 30, 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	$	2,140,816,145		$	386,590,634		$	61,325,774

Gross tax appreciation	$	817,562,809		$	212,799,813		$	19,861,470
Gross tax depreciation		(59,004,729	)		(7,038,022	)		(1,252,248	)

Net tax appreciation	$	758,558,080		$	205,761,791		$	18,609,222

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 September 30, 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.

35 |

Notes to Financial Statements – continued

September 30, 2021

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

For the year ended September 30, 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.

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

•

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

•

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

•

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

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

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2021, at value:

Small Cap Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,788,616,988	$	—	$	—	$	2,788,616,988
Short-Term Investments		—		110,757,237		—		110,757,237

Total	$	2,788,616,988	$	110,757,237	$	—	$	2,899,374,225

(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)	$	581,143,754		$	—	$	—	$	581,143,754
Other Investments(a)		—	(b)		—		—		—
Short-Term Investments		—			11,208,671		—		11,208,671

Total	$	581,143,754		$	11,208,671	$	—	$	592,352,425

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

(b) Includes a security valued at zero.

| 36

Notes to Financial Statements – continued

September 30, 2021

Small/Mid Cap Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	77,365,804	$	—	$	—	$	77,365,804
Short-Term Investments		—		2,569,192		—		2,569,192

Total	$	77,365,804	$	2,569,192	$	—	$	79,934,996

(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 year ended September 30, 2021, purchases and sales of securities (excluding short-term investments) were as follows:


Fund	Purchases		Sales
Small Cap Growth Fund	$	1,418,938,557	$	1,418,379,258
Small Cap Value Fund		130,375,644		265,564,331
Small/Mid Cap Growth Fund		45,519,968		36,183,222

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 year ended September 30, 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 both (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

37 |

Notes to Financial Statements – continued

September 30, 2021

For the year ended September 30, 2021, the management fees for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Net Management Fees		Gross			Net
Small Cap Growth Fund	$	21,669,026	$	—	$	—	$	21,669,026		0.75	%		0.75	%
Small Cap Value Fund		4,483,393		—		—		4,483,393		0.75	%		0.75	%
Small/Mid Cap Growth Fund		569,723		111,300		9,895		448,528		0.75	%		0.59	%

For the year ended September 30, 2021, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	131,922	$	34,175	$	3,241	$	—	$	169,338

¹Waiver/expense reimbursements are subject to possible recovery until September 30, 2022.

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

For the year ended September 30, 2021, expense reimbursements related to the prior fiscal year were recovered as follows:


Fund	Recovered Expenses
Small Cap Value Fund	$	1,568

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 year ended September 30, 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	$	—	$	286,313	$	—
Small Cap Value Fund		23,186		243,962		23,186

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

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Notes to Financial Statements – continued

September 30, 2021

For the year ended September 30, 2021, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Small Cap Growth Fund	$	1,236,240
Small Cap Value Fund		255,823
Small/Mid Cap Growth Fund		32,493

For the year ended September 30, 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	$	1,430,850
Small Cap Value Fund		400,517
Small/Mid Cap Growth Fund		871


Fund	Reimbursements of Sub-Transfer Agent Fees
Small Cap Growth Fund	$	17,801
Small Cap Value Fund		4,972
Small/Mid Cap Growth Fund		23

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

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

39 |

Notes to Financial Statements – continued

September 30, 2021

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

f. Affiliated Ownership. As of September 30, 2021, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”), Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) and Loomis Sayles non-qualified retirement plans held shares of the Funds representing the following percentages of the Funds’ net assets:


Fund	Pension Plan		Retirement Plan		Non-Qualified Retirement Plans		Total Affiliated Ownership
Small Cap Growth Fund		0.06%		1.09%		—		1.15%
Small Cap Value Fund		0.27%		5.17%		5.95%		11.39%

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 year ended September 30, 2021, Natixis Advisors reimbursed Small/Mid Cap Growth Fund $1,027 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 year ended September 30, 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	$	1,336,755	$	116,880	$	—	$	8,780
Small Cap Value Fund		330,090		86,123		8,179		1,769
Small/Mid Cap Growth Fund		3,622		—		—		1,027

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

Prior to 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 $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.

For the year ended September 30, 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 September 30, 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 5f)		Total Percentage of Ownership
Small Cap Value Fund	1		12.37%		11.39%		23.76%
Small/Mid Cap Growth Fund	5		81.19%		—		81.19%

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Notes to Financial Statements – continued

September 30, 2021

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

	Year Ended September 30, 2021						Year Ended September 30, 2020

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		9,135,230		$	323,499,208			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		(10,600,777	)		(379,032,001	)		(14,223,727	)		(360,653,006	)

Net change		(862,041	)	$	(34,047,970	)		1,851,745		$	35,200,205


Retail Class
Issued from the sale of shares		559,662		$	17,611,050			912,597		$	20,495,084
Issued in connection with the reinvestment of distributions		71,504			2,286,695			379,550			9,116,785
Redeemed		(1,253,848	)		(39,965,014	)		(1,459,375	)		(33,506,278	)

Net change		(622,682	)	$	(20,067,269	)		(167,228	)	$	(3,894,409	)


Class N
Issued from the sale of shares		12,972,678		$	459,829,686			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		(10,783,445	)		(393,611,081	)		(6,620,566	)		(169,949,416	)

Net change		2,855,402		$	90,200,673			13,257,670		$	343,124,039

Increase from capital share transactions		1,370,679		$	36,085,434			14,942,187		$	374,429,835

41 |

Notes to Financial Statements – continued

September 30, 2021

10. Capital Shares – continued


	Small Cap Value Fund

	Year Ended September 30, 2021						Year Ended September 30, 2020

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,185,029		$	65,327,936			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		(4,539,392	)		(134,099,821	)		(6,171,314	)		(143,712,872	)

Net change		(1,384,877	)	$	(43,322,868	)		(1,912,708	)	$	(38,127,001	)


Retail Class
Issued from the sale of shares		272,038		$	7,899,117			209,646		$	4,830,652
Issued in connection with the reinvestment of distributions		280,859			7,220,881			385,444			10,541,881
Redeemed		(1,417,269	)		(40,836,991	)		(1,576,219	)		(38,194,968	)

Net change		(864,372	)	$	(25,716,993	)		(981,129	)	$	(22,822,435	)


Admin Class
Issued from the sale of shares		23,426		$	655,054			89,240		$	2,047,167
Issued in connection with the reinvestment of distributions		27,530			666,234			33,393			863,879
Redeemed		(101,301	)		(2,619,066	)		(252,153	)		(5,146,329	)

Net change		(50,345	)	$	(1,297,778	)		(129,520	)	$	(2,235,283	)


Class N
Issued from the sale of shares		710,243		$	21,428,894			606,779		$	14,233,156
Issued in connection with the reinvestment of distributions		325,820			8,552,785			396,172			11,045,289
Redeemed		(1,686,418	)		(51,194,452	)		(1,794,608	)		(44,897,333	)

Net change		(650,355	)	$	(21,212,773	)		(791,657	)	$	(19,618,888	)

Decrease from capital share transactions		(2,949,949	)	$	(91,550,412	)		(3,815,014	)	$	(82,803,607	)


	Small/Mid Cap Growth Fund

	Year Ended September 30, 2021						Year Ended September 30, 2020(a)

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		770,533		$	10,719,355			2,299,458		$	24,306,399
Issued in connection with the reinvestment of distributions		31,883			450,185			74,958			787,810
Redeemed		(596,871	)		(8,728,075	)		(844,906	)		(8,799,784	)
Redeemed in-kind (Note 11)		—			—			(532,341	)		(5,600,230	)

Net change		205,545		$	2,441,465			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
Redeemed		(70,671	)		(1,000,000	)		—			—

Net change		606,670		$	7,958,589			103		$	1,024

Increase from capital share transactions		812,215		$	10,400,054			997,272		$	10,695,219

(a) From commencement of operations on October 1, 2019 for Class N shares.

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.

| 42

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Loomis Sayles Funds I and Loomis Sayles Funds II and Shareholders of Loomis Sayles Small Cap Value Fund, Loomis Sayles Small Cap Growth Fund and Loomis Sayles Small/Mid Cap Growth Fund:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles Small Cap Value Fund (one of the funds constituting Loomis Sayles Funds I), and Loomis Sayles Small Cap Growth Fund and Loomis Sayles Small/Mid Cap Growth Fund (two of the funds constituting Loomis Sayles Funds II) (hereafter collectively referred to as the “Funds”) as of September 30, 2021, the related statements of operations for the year ended September 30, 2021, the statements of changes in net assets for each of the two years in the period ended September 30, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

November 22, 2021

We have served as the auditor of one or more investment companies in the Natixis Investment Company Complex since at least 1995. We have not determined the specific year we began serving as auditor.

43 |

2021 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended September 30, 2021, a percentage of dividends distributed by the Fund listed below qualifies for the dividends received deduction for corporate shareholders. This percentage is as follows:


Fund	Qualifying Percentage
Small Cap Value Fund		89.61%


Fund	Amount
Small Cap Growth Fund	$	49,164,080
Small Cap Value Fund		40,732,461
Small/Mid Cap Growth Fund		508,774

Fund

Small Cap Value Fund

| 44

Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds I and Loomis Sayles Funds II (the “Trusts”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statement of Additional Information includes additional information about the trustees of the Trusts and is available by calling Loomis Sayles Funds at 800-633-3330.


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

Independent Trustees
Edmond J. English (1953)	Trustee since 2013 Chairperson of the Governance Committee and Contract Review Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	54 Director, Burlington Stores, Inc. (retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

Richard A. Goglia (1951)	Trustee since 2015 Contract Review Committee Member and Governance Committee Member	Retired	54 Director of Triumph Group (aerospace industry)	Significant experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

Wendell J. Knox (1948)	Trustee since 2009 Chairperson of the Contract Review Committee	Retired	54 Director, Abt Associates Inc. (research and consulting); Director, The Hanover Insurance Group (property and casualty insurance); formerly, Director, Eastern Bank (bank)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

Martin T. Meehan (1956)	Trustee since 2012 Audit Committee Member and Governance Committee Member	President, University of Massachusetts	54 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience

45 |


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
Maureen B. Mitchell (1951)	Trustee since 2017 Audit Committee Member and Governance Committee Member	Retired	54 Director, Sterling Bancorp (bank)	Experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

James P. Palermo (1955)	Trustee since 2016 Audit Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	54 Director, FutureFuel.io (chemicals and biofuels)	Significant experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

Erik R. Sirri (1958)	Chairperson of the Board of Trustees since January 2021 Trustee since 2009 Ex Officio member of the Audit Committee, Contract Review Committee and Governance Committee	Professor of Finance at Babson College	54 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

Peter J. Smail (1952)	Trustee since 2009 Audit Committee Member	Retired	54 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

Kirk A. Sykes (1958)	Trustee since 2019 Contract Review Committee Member and Governance Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance); formerly, President of Urban Strategy America Fund (real estate fund manager)	54 Trustee, Eastern Bank (bank); Director, Apartment Investment and Management Company (real estate investment trust); formerly, Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)

Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Audit Committee	Retired; formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine	54 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

| 46


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

Interested Trustees
Kevin P. Charleston³ (1965) One Financial Center Boston, MA 02111	Trustee since 2015 President and Chief Executive Officer of Loomis Sayles Funds I since 2015	President, Chief Executive Officer and Chairman of the Board of Directors, Loomis, Sayles & Company, L.P.	54 None	Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee since 2011 President of Loomis Sayles Funds II and Executive Vice President of Loomis Sayles Funds I since 2008; Chief Executive Officer of Loomis Sayles Funds II since 2015	President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC	54 None	Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, LLC and Natixis Distribution, LLC

¹	Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

The trustees of the Trusts serve as trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II, Natixis ETF Trust and Natixis ETF Trust II (collectively, the “Fund Complex”).

³	Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁴	Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC.


Name and Year of Birth	Position(s) Held with the Trusts	Term of Office¹ and Length of Time Served	Principal Occupation(s) During Past 5 Years²

Officers of the Trusts
Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since 2004	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC

Natalie R. Wagner (1979)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since May 2021	Formerly, Vice President, Head of Corporate Compliance, Global Atlantic Financial Group
	Chief Legal Officer	Since July 2021

¹	Each officer of the Trusts serves for an indefinite term in accordance with the Trusts’ current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

47 |

(b) Not Applicable.

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant’s code of ethics during the period.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has established an audit committee. Mr. Martin T. Meehan, Ms. Maureen Mitchell, Mr. James Palermo, Mr. Peter Smail, and Ms. Cynthia L. Walker are members of the audit committee and have been designated as “audit committee financial experts” by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

Item 4. Principal Accountant Fees and Services.

Fees billed by the Principal Accountant for services rendered to the Registrant.

The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant’s annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant’s financial statements but not reported under “Audit Fees”); c) tax compliance, tax advice and tax planning and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services reported as a part of (a) through (c) of this Item.


	Audit fees				Audit-related fees¹				Tax fees²				All other fees
	10/1/19- 9/30/20		10/1/20- 9/30/21		10/1/19- 9/30/20		10/1/20- 9/30/21		10/1/19- 9/30/20		10/1/20- 9/30/21		10/1/19- 9/30/20		10/1/20- 9/30/21
Loomis Sayles Funds II	$	268,648	$	253,570	$	3,920	$	3,828	$	46,726	$	81,725	$	—	$	—

Audit-related fees consist of:

2020 & 2021 – performance of agreed-upon procedures related to the Registrant’s deferred compensation plan.

Tax fees consist of:

2020 & 2021 – review of Registrant’s tax returns

2021 - filings with the French tax authorities to reclaim taxes withheld on dividend income received from French resident companies

Aggregate fees billed to the Registrant for non-audit services during 2020 and 2021 were $50,646 and $85,553, respectively.

Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates.

The following table sets forth the fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. and entities controlling, controlled by or under common control with Loomis, Sayles & Company, L.P. Registrant (“Control Affiliates”) that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.

Audit-related fees

Tax fees

All other fees

10/1/19-9/30/20

10/1/20-9/30/21

10/1/19-9/30/20

10/1/20-9/30/21

10/1/19-9/30/20

10/1/20-9/30/21

Control Affiliates

—

The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.


	Aggregate Non-Audit Fees
	10/1/19-9/30/20	10/1/20-9/30/21
Control Affiliates	$1,646	$972

None of the services described above were approved pursuant to (c)(7)(i)(C) of Regulation S-X.

Audit Committee Pre Approval Policies.

Annually, the Registrant’s Audit Committee reviews the audit, audit-related, tax and other non-audit services together with the projected fees, for services proposed to be rendered to the Registrant and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed. If, in the opinion of management, a proposed engagement by the Registrant’s independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement, but only for engagements to provide audit, audit related and tax services. This approval is subject to review of the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the Audit Committee.

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 Registrant’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 were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by the report that have 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)	Code of Ethics required by Item 2 hereof, filed herewith as Exhibit (a)(1).

(a)	(2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(b)		Certification 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:		November 22, 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:		November 22, 2021

By:		/s/ Michael C. Kardok
Name:		Michael C. Kardok
Title:		Treasurer and Principal Financial and
		Accounting Officer
Date:		November 22, 2021