Loomis Sayles Funds Ii NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-06241

Loomis Sayles Funds II

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Russell L. Kane, Esq.

Natixis Distribution, L.P.

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2019

Item 1. Reports to Stockholders.

The Registrant’s annual report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 is as follows:

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Annual Report

December 31, 2019

Loomis Sayles High Income Fund

Loomis Sayles Investment Grade Bond Fund

Loomis Sayles Multi-Asset Income Fund

Table of Contents



Portfolio Review			1

Portfolio of Investments			17

Financial Statements			57

Notes to Financial Statements			76

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling 1-800-225-5478. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically at www.icsdelivery.com/natixisfunds.

LOOMIS SAYLES HIGH INCOME FUND



Managers		Symbols

Matthew J. Eagan, CFA^®		Class A NEFHX

Brian P. Kennedy		Class C NEHCX

Elaine M. Stokes		Class N LSHNX

Todd P. Vandam, CFA^®		Class Y NEHYX

Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks high current income plus the opportunity for capital appreciation to produce a high total return.

Market Conditions

The fixed income markets produced robust returns in 2019, reflecting global central banks’ shift to more accommodative policies. A backdrop of moderate economic growth and low inflation provided the US Federal Reserve (the “Fed”) with the latitude to lower interest rates by a quarter point on three occasions in the span from July to October. While the Fed subsequently made it clear that it was unlikely to enact any further cuts in the near future barring a meaningful slowdown in growth, investors remained confident that it would keep rates steady throughout 2020. A number of other world central banks followed the Fed’s move toward easier policy, highlighted by the European Central Bank’s pledge to restart its stimulative quantitative easing program.

US Treasuries performed well in this environment, with falling yields (and rising prices) for bonds of all maturities. The yield on the bellwether 10-year note fell from 2.69% to 1.92% in 2019, while the two-year issue moved from 2.48% to 1.58%. As a result, the yield curve steepened compared to its level of December 31, 2018. The Treasury market reached its peak in late August, at which point yields began to tick higher as investors factored in improving economic data and the apparently low likelihood of further cuts in the coming year.

High-grade corporate bonds performed very well and finished the year as one of the best performing areas of the bond market. In addition to benefiting from the decline in Treasury yields, the asset class was helped by continued spread compression and elevated demand for high quality investments.

Lower-quality corporate debt also rallied in 2019 as the search for yield continued. The category was boosted by broad strength across higher-risk assets, an accommodative Fed and a benign economic outlook for 2020.

Domestic inflation remained tame, mirroring a trend that was in place across the globe. After flirting with the 2% level in late 2018, US core personal consumption expenditure inflation (which excludes food and energy) settled into a range between 1.5% and 1.7% from February onward. Low inflation was one of the key factors providing the Fed and foreign central banks with the ability to loosen policy in order to address slowing growth.

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Performance Results

For the 12 months ended December 31, 2019, Class Y shares of the Loomis Sayles High Income Fund returned 12.52% at net asset value. The Fund underperformed its benchmark, the Bloomberg Barclays U.S. Corporate High-Yield Bond Index, which returned 14.32%.

Explanation of Fund Performance

Security selection was the primary source of underperformance for the year. Within convertibles, selected energy holdings weighed on returns. Allocations to securitized issues and defensive reserve-like positions were also detractors as they underperformed higher-yielding securities during the period.

The Fund’s longer-than-benchmark positioning with respect to duration (and corresponding interest rate sensitivity) aided relative performance as yields declined over the period. Emerging market credit exposure positively contributed to performance as well, led by basic industry, consumer non-cyclical and government-related names. Finally, security selection within investment grade credit positively impacted performance during the year, most notably holdings of electric, banking and technology issues.

Outlook

We continue to believe we are late in the credit cycle¹ rather than at the end of it. Probabilities of a shift to a downturn in the cycle declined over the fourth quarter as the Fed provided additional rate cuts, a phase one deal with China became increasingly likely and odds of a no-deal Brexit declined. We do not see the US economy sliding into recession in 2020. These developments fueled further support for corporate bonds and risk assets, driving valuations up and delivering a strong year for fixed income assets in 2019.

Our macro outlook remains benign and the market backdrop has largely remained supportive. We believe that Fed rate cuts and relatively good news on trade and Brexit will allow the United States to emerge from a third “mini cycle” slow down within this long running late cycle phase without a recession. We expect global manufacturing to continue to improve into 2020 as uncertainty regarding global trade declines. We anticipate that slow, but positive, global growth will continue and that this will help support mid-single digit corporate profit growth and allow for reasonably strong corporate credit metrics in 2020.

We expect the US Fed to remain on hold for most, if not all, of 2020. Inflation remains well contained. Overall yield levels in the United States should remain within current established ranges, although there could be some modest upward pressure on yields should the global macro environment firm more quickly on better-than-expected news on the trade front. From a duration perspective, we remain modestly short relative to the broad market. Nonetheless, global developed market yields will likely remain low and relatively high US yields should be a supportive technical factor for US bonds.

The double-barreled market rally of lower yields and tighter spreads has pushed valuations on corporate bonds higher. High yield and investment grade corporate bond risk premiums declined over the course of 2019. While we believe that the global demand for yield and a continued late cycle environment can support spreads at current levels, we expect returns to be

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LOOMIS SAYLES HIGH INCOME FUND

based more on carry in 2020. We believe corporate credit quality will continue to marginally decline but not enough to cause a dramatic move wider in spreads or a large uptick in corporate defaults. That said, we retain a cautious and “up in quality” bias. By historic standards we have less exposure to high yield bonds than usual, while retaining relatively high liquidity which can be deployed should opportunities develop within the sector.

We continue to strive for positive issue selection through our credit research efforts. Our portfolios are dominated by credits we believe are attractively priced relative to the credit quality we assign them. Communications and cable and media issues account for the bulk of this exposure, along with select areas within consumer cyclical. We believe that opportunities for positive carry in emerging market corporate bonds could expand should global growth strengthen. While we have pulled back some of our energy exposure, we believe sentiment regarding the sector has become too negative relative to the actual fundamentals. Accordingly, we believe there is upside potential for some of our best picks in this sector.

We also remain comfortable with the securitized sector, which largely lagged the bigger moves in other fixed income sectors in 2019. We still like the defensive nature of the sector based on good carry for higher quality.

Overall, we believe that the large rally seen in 2019 presents a challenge to fixed income return potential in 2020. However, some of those same market drivers could provide support as we enter a new year. These include global demand for yield, reduced uncertainty on global trade and Brexit, and positive global growth. The late cycle environment is likely to continue. We remain focused on maintaining favorable carry/yield, seeking to identify attractively priced bonds and retaining the liquidity and flexibility to adapt should the benign market conditions deteriorate.

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

December 31, 2009 through December 31, 2019

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Average Annual Total Returns — December 31, 2019³


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

Class Y (Inception 2/29/08)
NAV		12.52	%		4.84	%		6.56	%		—	%		1.02	%		0.75	%

Class A (Inception 2/22/84)
NAV		11.94			4.51			6.25			—			1.27			1.00
With 4.25% Maximum Sales Charge		7.11			3.61			5.79			—

Class C (Inception 3/2/98)
NAV		11.32			3.76			5.46			—			2.02			1.75
With CDSC¹		10.32			3.76			5.46			—

Class N (Inception 11/30/16)
NAV		12.28			—			—			5.86			0.89			0.70

Comparative Performance
Bloomberg Barclays U.S.Corporate High-Yield Bond Index²		14.32			6.13			7.57			6.80

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

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

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

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 4/30/21. 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 INVESTMENT GRADE BOND FUND



Managers	Symbols

Matthew J. Eagan, CFA^®	Class A	LIGRX

Brian P. Kennedy	Class C	LGBCX

Elaine M. Stokes	Class N	LGBNX

Loomis, Sayles & Company, L.P.	Class Y	LSIIX

	Admin Class	LIGAX

Investment Goal

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

Market Conditions

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Performance Results

For the 12 months ended December 31, 2019, Class Y shares of the Loomis Sayles Investment Grade Bond Fund returned 9.04% at net asset value. The Fund underperformed its benchmark, the Bloomberg Barclays U.S. Government/Credit Bond Index, which returned 9.71%.

Explanation of Fund Performance

The Fund’s overall shorter-than-benchmark positioning with respect to duration weighed on return as interest rates declined over the period. Exposure to securitized issues had the largest negative impact on relative performance as the sector lagged both corporate credit and Treasuries. Additionally, holdings of defensive reserve-like positions detracted as these underperformed higher-yielding issues during the period.

A significant underweight to US Treasuries bolstered relative performance. An allocation to high yield corporate credit positively impacted performance during the year, aided by consumer non-cyclical, energy and banking names. Emerging market credit exposure also generated positive relative return, with metals & mining and government-related issues as top performers.

Outlook

Our macro outlook remains benign and the market backdrop has largely remained supportive. We believe that Fed rate cuts and relatively good news on trade and Brexit will allow the US to emerge from a third “mini cycle” slow down within this long running late cycle phase without a recession. We expect global manufacturing to continue to improve into 2020 as uncertainty regarding global trade declines. We anticipate that slow, but positive, global growth will continue and that this will help support mid-single digit corporate profit growth and allow for reasonably strong corporate credit metrics in 2020.

We expect the Fed to remain on hold for most, if not all, of 2020. Inflation remains well contained. Overall yield levels in the United States should remain within current established ranges, although there could be some modest upward pressure on yields should the global macro environment firm more quickly on better-than-expected news on the trade front. From a duration perspective, we remain modestly short relative to the broad market. Nonetheless, global developed market yields will likely remain low and relatively high US yields should be a supportive technical factor for US bonds.

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LOOMIS SAYLES INVESTMENT GRADE BOND FUND

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

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

December 31, 2009 through December 31, 2019

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Average Annual Total Returns — December 31, 2019⁴


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

Class Y (Inception 12/31/96)
NAV		9.04	%		3.16	%		5.06	%		—	%		0.57	%		0.51	%

Class A (Inception 12/31/96)
NAV		8.78			2.90			4.79			—			0.82			0.76
With 4.25% Maximum Sales Charge		4.14			2.01			4.33			—

Class C (Inception 9/12/03)
NAV		7.94			2.12			4.01			—			1.57			1.51
With CDSC²		6.94			2.12			4.01			—

Class N (Inception 2/1/13)
NAV		9.11			3.25			—			3.20			0.48			0.46

Admin Class (Inception 2/1/10)¹
NAV		8.43			2.67			4.54			—			1.07			1.01

Comparative Performance
Bloomberg Barclays U.S. Government/Credit Bond Index³		9.71			3.23			3.96			2.97

1	Prior to the inception of Admin Class shares (2/1/10), performance is that of Class A shares, restated to reflect the higher net expenses of Admin Class shares.

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

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

4	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 MULTI-ASSET INCOME FUND



Managers	Symbols

Thomas Fahey	Class A	IIDPX

Kevin Kearns	Class C	CIDPX

Maura Murphy, CFA^®	Class N	LMINX

Loomis, Sayles & Company, L.P.	Class Y	YIDPX

Investment Goal

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

Market Conditions

Subdued inflation has allowed central banks to maintain largely accommodative policies, which have supported risk assets. The US Federal Reserve’s (the “Fed”) indication that it will pause has given way to the expectation of yields to be tightly range bound.

Despite persistently soft data, some signs have been seen to indicate that the manufacturing slowdown may be bottoming out. Easy monetary policy has largely been used to counteract anemic global growth encumbered by the manufacturing slowdown.

Risk assets have been supported by the macro risk landscape softening in several regards since the end of the previous year. Central banks have shown a willingness to continue economic stimulus through monetary policy. The likelihood of a no deal Brexit appears to have diminished with negotiations spanning multiple Brexit deadlines. Trade negotiations between China and the US seem to have taken on a less tenuous tone; suggesting a lower probability of escalation and higher probability of a “phase one” agreement being reached.

Performance Results

For the 12 months ended December 31, 2019, Class Y shares of the Loomis Sayles Multi-Asset Income Fund returned 15.80% at net asset value. The Fund outperformed its primary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 8.72%.

Explanation of Fund Performance

Our allocation to US dividend-paying equities provided the largest positive contribution to performance for the year. During the period, markets remained focused on the direction of the US/China trade negotiations, the state of the Chinese economy and central bank policy in response to anemic growth and soft manufacturing data. Equity markets were assisted by a Fed that remained largely supportive throughout the year.

Our allocation to preferred stock benefited from a strong equity market and accommodative central bank policy throughout the period. In addition, the Fund’s focus on financial issues within preferreds added to the performance.

Exposure to emerging market fixed income assets aided performance despite a strong dollar. The perceived softening of Chinese trade-related macro risks buoyed the asset class. There remains a concern that a protracted trade conflict between the United States and

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China could exacerbate the global growth slowdown and increase pressure on export-driven economies. The focus within emerging markets remains on China regarding both its trade relations with the US and its pace of growth. Within the portfolio, the most significant contributions came from our Brazilian, Qatari and South African exposures.

An allocation to bank loan assets was the largest detractor during the year. The accommodative tack taken by the Fed throughout the year created headwinds for floating rate instruments. Within the portfolio, energy issues had the largest negative impact on performance.

Outlook

While near-term downside risks remain present, we expect to exit the manufacturing slowdown without an economy-wide recession. This view hinges on the idea that the Fed will remain supportive and continue accommodative monetary policy. We project the Fed to remain on hold for the next twelve months. Chair Powell has indicated that a rate cut is unlikely in the near term, barring any significant, unexpected increase in inflation acceleration.

We maintain our cautious outlook on risk sentiment. While the Fed appears likely to continue to maintain an accommodative monetary policy, China’s economic recovery is faltering and risk related to the United States/China trade war remains despite an increased likelihood of a phase one agreement. Markets will remain focused on Chinese stimulus as a potential catalyst for global growth. So far, however, Chinese policy makers have been reluctant to utilize all options available, instead favoring an incremental approach that emphasizes leverage stabilization.

Despite some volatility, the US dollar has essentially traded within a range. We expect a continuation of this theme, which should be supportive for risk assets in general. While there was some dollar weakening during October, we haven’t seen much of a breakout in either direction since. The perception of softening risks related to United States/China trade has caused the dollar’s recent bid as a safe-haven to largely evaporate. Volatility shocks and weakening risk appetite are factors that could prove constructive for the dollar.

The fund closed as of February 3, 2020, and as it closed, primary consideration was given to clients and their interests. There was no unusual market action that affected our trading of the portfolio during liquidation. All fund assets were subsequently redeemed or distributed to fund shareholders.

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LOOMIS SAYLES MULTI-ASSET INCOME FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares^1,5,6

December 31, 2009 through December 31, 2019

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Top Ten Holdings as of December 31, 2019


	Security Name	% of Assets
1	Alerian MLP ETF		5.06	%
2	Gol LuxCo S.A., 1st Lien Term Loan, 6.500%, 8/31/2020		2.41
3	Standard Chartered PLC, (fixed rate to 4/02/2023, variable rate thereafter), 7.750%		2.30
4	Apple, Inc.		1.98
5	HSBC Holdings PLC, (fixed rate to 3/23/2023, variable rate thereafter), 6.250%		1.92
6	Royal Bank of Scotland Group PLC, (fixed rate to 8/10/2025, variable rate thereafter), 8.000%		1.87
7	Banco BTG Pactual SA, (fixed rate to 2/15/2024, variable rate thereafter), 7.750%, 2/15/2029		1.86
8	Credit Agricole S.A., (fixed rate to 1/23/2024, variable rate thereafter), 7.875%		1.85
9	Microsoft Corp.		1.76
10	Banco Bilbao Vizcaya Argentaria S.A., (fixed rate to 11/16/2027, variable rate thereafter), 6.125%		1.43

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.

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Average Annual Total Returns — December 31, 2019^5,6



										Life of			Expense Ratios⁷
	1 Year			5 Years			10 Years			Class N			Gross			Net

Class Y (Inception 12/3/12)¹
NAV		15.80	%		5.18	%		8.13	%		—	%		0.89	%		0.75	%

Class A (Inception 11/17/05)
NAV		15.39			4.92			7.98			—			1.14			1.00
With 4.25% Maximum Sales Charge		10.51			4.00			7.52			—

Class C (Inception 11/17/05)
NAV		14.59			4.14			7.18			—			1.89			1.75
With CDSC²		13.59			4.14			7.18			—

Class N (Inception 8/31/15)
NAV		15.86			—			—			6.98			1.38			0.70

Comparative Performance
Bloomberg Barclays U.S. Aggregate Bond Index³		8.72			3.05			3.75			3.40
S&P 500^® Index⁴		31.49			11.70			13.56			14.32

1	Prior to the inception of Class Y shares (12/3/2012), performance is that of Class A shares and reflects the higher net expenses of that share class.

2	Class C share performance assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

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

4	S&P 500^® Index is a widely recognized measure of U.S. stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors.

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

6	Prior to the stock market close August 31, 2015, the Fund had multiple subadvisers. The performance results shown above for the periods prior to the stock market close August 31, 2015 reflect results achieved by those subadvisers using different investment strategies.

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 4/30/20. 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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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 Natixis Funds’ website at im.natixis.com; and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available from the Natixis Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

Natixis Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT reports are available on the SEC’s website at www.sec.gov.

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 Funds’ prospectuses. 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 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 July 1, 2019 through December 31, 2019. 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 each 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.

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LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 7/1/2019		ENDING ACCOUNT VALUE 12/31/2019		EXPENSES PAID DURING PERIOD* 7/1/2019 – 12/31/2019
Class A
Actual		$1,000.00		$1,022.20		$5.10
Hypothetical (5% return before expenses)		$1,000.00		$1,020.16		$5.09
Class C
Actual		$1,000.00		$1,020.50		$8.91
Hypothetical (5% return before expenses)		$1,000.00		$1,016.38		$8.89
Class N
Actual		$1,000.00		$1,023.80		$3.57
Hypothetical (5% return before expenses)		$1,000.00		$1,021.68		$3.57
Class Y
Actual		$1,000.00		$1,026.00		$3.83
Hypothetical (5% return before expenses)		$1,000.00		$1,021.43		$3.82

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.00%, 1.75%, 0.70% and 0.75% 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 (184), divided by 365 (to reflect the half-year period).


LOOMIS SAYLES INVESTMENT GRADE BOND FUND	BEGINNING ACCOUNT VALUE 7/1/2019		ENDING ACCOUNT VALUE 12/31/2019		EXPENSES PAID DURING PERIOD* 7/1/2019 – 12/31/2019
Class A
Actual		$1,000.00		$1,024.40		$3.88
Hypothetical (5% return before expenses)		$1,000.00		$1,021.37		$3.87
Class C
Actual		$1,000.00		$1,020.60		$7.69
Hypothetical (5% return before expenses)		$1,000.00		$1,017.59		$7.68
Class N
Actual		$1,000.00		$1,026.00		$2.35
Hypothetical (5% return before expenses)		$1,000.00		$1,022.89		$2.35
Class Y
Actual		$1,000.00		$1,025.70		$2.60
Hypothetical (5% return before expenses)		$1,000.00		$1,022.64		$2.60
Admin Class
Actual		$1,000.00		$1,023.20		$5.15
Hypothetical (5% return before expenses)		$1,000.00		$1,020.11		$5.14

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.76%, 1.51%, 0.46%, 0.51% and 1.01% for Class A, C, N, Y and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period).

15 |


LOOMIS SAYLES MULTI-ASSET INCOME FUND	BEGINNING ACCOUNT VALUE 7/1/2019		ENDING ACCOUNT VALUE 12/31/2019		EXPENSES PAID DURING PERIOD* 7/1/2019 – 12/31/2019
Class A
Actual		$1,000.00		$1,055.70		$4.92
Hypothetical (5% return before expenses)		$1,000.00		$1,020.42		$4.84
Class C
Actual		$1,000.00		$1,052.60		$8.80
Hypothetical (5% return before expenses)		$1,000.00		$1,016.64		$8.64
Class N
Actual		$1,000.00		$1,057.70		$3.37
Hypothetical (5% return before expenses)		$1,000.00		$1,021.93		$3.31
Class Y
Actual		$1,000.00		$1,057.50		$3.63
Hypothetical (5% return before expenses)		$1,000.00		$1,021.68		$3.57

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.95%, 1.70%, 0.65% and 0.70% 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 (184), divided by 365 (to reflect the half-year period).

| 16

Portfolio of Investments – as of December 31, 2019

Loomis Sayles High Income Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 93.6% of Net Assets
	Non-Convertible Bonds — 87.8%
		ABS Home Equity — 0.2%
$	70,254	Banc of America Alternative Loan Trust, Series2003-8, Class 1CB1, 5.500%, 10/25/2033	$	73,692
	53,688	Banc of America Funding Trust, Series2007-4, Class 5A1, 5.500%, 11/25/2034		53,667
	159,769	DSLA Mortgage Loan Trust, Series2005-AR5, Class 2A1A,1-month LIBOR + 0.330%, 2.094%, 9/19/2045(a)		130,510

				257,869

		Aerospace & Defense — 2.4%
	740,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		739,778
	638,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		700,218
	383,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		475,839
	60,000	Moog, Inc., 4.250%, 12/15/2027, 144A		61,056
	365,000	Signature Aviation U.S. Holdings, Inc., 4.000%, 3/01/2028, 144A		359,999
	1,155,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		1,250,415

				3,587,305

		Airlines — 0.5%
	535,000	Latam Finance Ltd., 6.875%, 4/11/2024, 144A		565,233
	200,000	Latam Finance Ltd., 7.000%, 3/01/2026, 144A		216,502

				781,735

		Automotive — 1.2%
	195,000	Allison Transmission, Inc., 5.000%, 10/01/2024, 144A		199,631
	510,000	Allison Transmission, Inc., 5.875%, 6/01/2029, 144A		558,450
	285,000	Dana Financing Luxembourg S.a.r.l., 5.750%, 4/15/2025, 144A		297,825
	255,000	Delphi Technologies PLC, 5.000%, 10/01/2025, 144A		235,875
	115,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		119,600
	420,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		383,250

				1,794,631

		Banking — 3.0%
	700,000	Ally Financial, Inc., 3.875%, 5/21/2024		733,250
	1,730,000	Ally Financial, Inc., 4.625%, 3/30/2025		1,872,725
	485,000	Ally Financial, Inc., 5.750%, 11/20/2025		542,594
	120,000	CIT Group, Inc., 4.125%, 3/09/2021		122,263
	425,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		400,563
	470,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		493,864
	265,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		286,848

				4,452,107

		Building Materials — 2.2%
	280,000	American Builders & Contractors Supply Co., Inc., 4.000%, 1/15/2028, 144A		284,200
	230,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		236,327
	350,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		380,625
	420,000	James Hardie International Finance Ltd., 4.750%, 1/15/2025, 144A		435,750

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Building Materials — continued
$	445,000	James Hardie International Finance Ltd., 5.000%, 1/15/2028, 144A	$	467,250
	360,000	JELD-WEN, Inc., 4.625%, 12/15/2025, 144A		370,620
	160,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		163,600
	110,000	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 7/15/2023		111,788
	685,000	U.S. Concrete, Inc., 6.375%, 6/01/2024		714,969

				3,165,129

		Cable Satellite — 9.2%
	2,700,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 3/01/2030, 144A		2,748,681
	450,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025, 144A		464,625
	405,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 6/01/2029, 144A		433,350
	865,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 2/15/2026, 144A		912,592
	1,360,000	CSC Holdings LLC, 5.500%, 4/15/2027, 144A		1,460,436
	390,000	CSC Holdings LLC, 6.500%, 2/01/2029, 144A		434,850
	415,000	DISH DBS Corp., 7.750%, 7/01/2026		439,647
	70,000	Intelsat Jackson Holdings S.A., 5.500%, 8/01/2023		60,133
	195,000	Intelsat Jackson Holdings S.A., 8.500%, 10/15/2024, 144A		177,612
	430,000	Intelsat Jackson Holdings S.A., 9.750%, 7/15/2025, 144A		397,750
	355,000	Sirius XM Radio, Inc., 5.000%, 8/01/2027, 144A		374,525
	1,400,000	Telenet Finance Luxembourg Notes S.a.r.l., 5.500%, 3/01/2028, 144A		1,498,518
	265,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		272,950
	1,070,000	Virgin Media Secured Finance PLC, 5.500%, 5/15/2029, 144A		1,132,862
	2,570,000	Ziggo BV, 5.500%, 1/15/2027, 144A		2,730,625

				13,539,156

		Chemicals — 1.3%
	1,510,000	Hercules LLC, 6.500%, 6/30/2029		1,593,050
	245,000	SASOL Financing USA LLC, 5.875%, 3/27/2024		265,301

				1,858,351

		Construction Machinery — 0.8%
	615,000	United Rentals North America, Inc., 4.625%, 10/15/2025		632,282
	15,000	United Rentals North America, Inc., 5.500%, 5/15/2027		16,069
	235,000	United Rentals North America, Inc., 5.875%, 9/15/2026		252,096
	195,000	United Rentals North America, Inc., 6.500%, 12/15/2026		214,317

				1,114,764

		Consumer Cyclical Services — 1.2%
	350,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		395,500
	180,000	Staples, Inc., 7.500%, 4/15/2026, 144A		186,750
	680,000	Uber Technologies, Inc., 7.500%, 11/01/2023, 144A		710,600
	345,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		353,949
	150,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		156,375

				1,803,174

		Consumer Products — 0.2%
	115,000	Mattel, Inc., 5.875%, 12/15/2027, 144A		121,181
	175,000	Prestige Brands, Inc., 5.125%, 1/15/2028, 144A		183,313

				304,494

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of December 31, 2019

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — 3.2%
$	125,000	AES Corp. (The), 5.125%, 9/01/2027	$	133,438
	479,000	AES Corp. (The), 5.500%, 4/15/2025		495,262
	150,000	AES Corp. (The), 6.000%, 5/15/2026		159,750
	1,105,000	Calpine Corp., 5.125%, 3/15/2028, 144A		1,127,874
	1,502,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A		1,762,972
	1,055,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A		1,048,319

				4,727,615

		Finance Companies — 3.2%
	820,000	Navient Corp., 6.500%, 6/15/2022		888,675
	315,000	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/2025, 144A		308,700
	1,305,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		1,350,675
	710,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		733,962
	185,000	Springleaf Finance Corp., 6.875%, 3/15/2025		210,438
	700,000	Springleaf Finance Corp., 7.125%, 3/15/2026		809,340
	405,000	Unifin Financiera SAB de CV, 7.250%, 9/27/2023, 144A		421,795

				4,723,585

		Financial Other — 1.5%
	745,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.750%, 9/15/2024, 144A		765,487
	635,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027, 144A		649,370
	465,000	Nationstar Mortgage Holdings, Inc., 8.125%, 7/15/2023, 144A		492,212
	330,000	Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/2026, 144A		365,475

				2,272,544

		Food & Beverage — 2.2%
	245,000	BRF S.A., 4.875%, 1/24/2030, 144A		252,659
	330,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A		341,550
	285,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.500%, 1/15/2030, 144A		306,118
	385,000	Marfrig Holdings Europe BV, Class B, 8.000%, 6/08/2023, 144A		401,081
	250,000	NBM U.S Holdings, Inc., 7.000%, 5/14/2026, 144A		270,753
	225,000	Performance Food Group, Inc., 5.500%, 10/15/2027, 144A		240,469
	280,000	Pilgrim’s Pride Corp., 5.750%, 3/15/2025, 144A		289,416
	540,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		583,875
	550,000	Post Holdings, Inc., 5.750%, 3/01/2027, 144A		589,875

				3,275,796

		Gaming — 1.8%
	375,000	Boyd Gaming Corp., 4.750%, 12/01/2027, 144A		389,531
	175,000	Boyd Gaming Corp., 6.375%, 4/01/2026		188,289
	200,000	Melco Resorts Finance Ltd., 5.375%, 12/04/2029, 144A		205,187
	210,000	MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc., 4.500%, 1/15/2028		218,925
	345,000	MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc., 5.750%, 2/01/2027, 144A		384,675
	380,000	MGM Resorts International, 7.750%, 3/15/2022		425,125
	155,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		166,238

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Gaming — continued
$	160,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A	$	173,600
	250,000	Wynn Macau Ltd., 5.125%, 12/15/2029, 144A		255,127
	215,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029, 144A		230,588

				2,637,285

		Government Owned – No Guarantee — 1.0%
	550,000	Petrobras Global Finance BV, 5.750%, 2/01/2029		620,400
	225,000	Petrobras Global Finance BV, 6.900%, 3/19/2049		263,925
	710,000	YPF S.A., 6.950%, 7/21/2027, 144A		631,900

				1,516,225

		Health Insurance — 0.8%
	630,000	Centene Corp., 4.250%, 12/15/2027, 144A		648,112
	290,000	Centene Corp., 4.625%, 12/15/2029, 144A		304,892
	210,000	Centene Corp., 4.750%, 1/15/2025, 144A		218,133

				1,171,137

		Healthcare — 6.0%
	590,000	CHS/Community Health Systems, Inc., 6.250%, 3/31/2023		598,850
	160,000	CHS/Community Health Systems, Inc., 8.000%, 3/15/2026, 144A		164,800
	350,000	Encompass Health Corp., 4.500%, 2/01/2028		362,688
	365,000	Encompass Health Corp., 4.750%, 2/01/2030		378,688
	170,000	HCA, Inc., 7.050%, 12/01/2027		201,450
	655,000	HCA, Inc., 7.500%, 12/15/2023		741,787
	145,000	HCA, Inc., 7.500%, 11/06/2033		182,700
	590,000	HCA, Inc., 7.690%, 6/15/2025		710,950
	480,000	HCA, Inc., 8.360%, 4/15/2024		583,200
	820,000	HCA, Inc., MTN, 7.580%, 9/15/2025		979,900
	515,000	HCA, Inc., MTN, 7.750%, 7/15/2036		612,850
	95,000	Hill Rom Holdings, Inc., 4.375%, 9/15/2027, 144A		97,731
	275,000	Hologic, Inc., 4.375%, 10/15/2025, 144A		283,938
	140,000	Hologic, Inc., 4.625%, 2/01/2028, 144A		148,400
	200,000	IQVIA, Inc., 5.000%, 10/15/2026, 144A		211,000
	715,000	MPH Acquisition Holdings LLC, 7.125%, 6/01/2024, 144A		691,762
	850,000	Polaris Intermediate Corp., 9.250% PIK or 8.500% Cash, 12/01/2022, 144A(b)		791,562
	725,000	Tenet Healthcare Corp., 4.625%, 7/15/2024		742,219
	390,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		401,700

				8,886,175

		Home Construction — 1.7%
	1,200,000	Corporacion GEO SAB de CV, 8.875%, 2/27/2022, 144A(e)(f)(h)		—
	230,000	KB Home, 4.800%, 11/15/2029		235,175
	800,000	Lennar Corp., 4.750%, 5/30/2025		860,000
	1,130,000	PulteGroup, Inc., 5.500%, 3/01/2026		1,262,775
	185,000	Taylor Morrison Communities, Inc., 5.750%, 1/15/2028, 144A		201,650

				2,559,600

		Independent Energy — 4.8%
	460,000	Aker BP ASA, 5.875%, 3/31/2025, 144A		488,750
	685,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		623,350

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of December 31, 2019

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Independent Energy — continued
$	1,025,000	Bruin E&P Partners LLC, 8.875%, 8/01/2023, 144A	$	667,336
	90,000	California Resources Corp., 5.500%, 9/15/2021(c)(d)		42,300
	41,000	California Resources Corp., 6.000%, 11/15/2024(c)(d)		12,300
	950,000	California Resources Corp., 8.000%, 12/15/2022, 144A(c)(d)		424,717
	425,000	Centennial Resource Production LLC, 6.875%, 4/01/2027, 144A		442,000
	195,000	Denbury Resources, Inc., 7.750%, 2/15/2024, 144A		172,575
	375,000	Gulfport Energy Corp., 6.000%, 10/15/2024		266,250
	595,000	Gulfport Energy Corp., 6.375%, 5/15/2025		377,825
	365,000	Gulfport Energy Corp., 6.375%, 1/15/2026		226,300
	690,000	Montage Resources Corp., 8.875%, 7/15/2023		636,525
	302,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		290,675
	685,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		688,425
	175,000	Seven Generations Energy Ltd., 6.875%, 6/30/2023, 144A		180,031
	320,000	SM Energy Co., 5.000%, 1/15/2024		304,800
	425,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.750%, 4/15/2023, 144A		212,500
	50,000	Viper Energy Partners LP, 5.375%, 11/01/2027, 144A		52,000
	405,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		383,130
	50,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		42,085
	805,000	Whiting Petroleum Corp., 6.625%, 1/15/2026		548,591

				7,082,465

		Industrial Other — 0.1%
	130,000	Installed Building Products, Inc., 5.750%, 2/01/2028, 144A		138,938

		Integrated Energy — 0.1%
	200,000	Geopark Ltd., 6.500%, 9/21/2024, 144A		208,404

		Leisure — 0.4%
	330,000	Live Nation Entertainment, Inc., 4.750%, 10/15/2027, 144A		341,550
	300,000	Speedway Motorsports LLC/Speedway Funding II, Inc., 4.875%, 11/01/2027, 144A		304,125

				645,675

		Life Insurance — 0.3%
	340,000	CNO Financial Group, Inc., 5.250%, 5/30/2025		376,550

		Local Authorities — 0.2%
	325,000	Provincia de Buenos Aires, 6.500%, 2/15/2023, 144A		134,875
	270,000	Provincia de Buenos Aires, 7.875%, 6/15/2027, 144A		114,750

				249,625

		Lodging — 1.2%
	150,000	Hilton Domestic Operating Co., Inc., 4.250%, 9/01/2024		152,813
	755,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.625%, 4/01/2025		775,762
	565,000	Marriott Ownership Resorts, Inc., 4.750%, 1/15/2028, 144A		578,419
	60,000	Marriott Ownership Resorts, Inc./ILG LLC, 6.500%, 9/15/2026		65,325
	255,000	Wyndham Destinations, Inc., 4.625%, 3/01/2030, 144A		255,637

				1,827,956

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Media Entertainment — 3.5%
$	735,000	AMC Networks, Inc., 4.750%, 8/01/2025	$	737,756
	720,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 5.375%, 8/15/2026, 144A		728,317
	120,000	Gray Television, Inc., 5.125%, 10/15/2024, 144A		124,500
	275,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		281,875
	99,931	iHeartCommunications, Inc., 6.375%, 5/01/2026		108,425
	346,125	iHeartCommunications, Inc., 8.375%, 5/01/2027		382,468
	395,000	Meredith Corp., 6.875%, 2/01/2026		410,682
	740,000	Netflix, Inc., 4.875%, 4/15/2028		768,638
	390,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		415,342
	105,000	Nexstar Broadcasting, Inc., 5.625%, 7/15/2027, 144A		110,649
	805,000	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 4/15/2022, 144A		808,019
	120,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 4.625%, 3/15/2030, 144A		122,100
	170,000	Terrier Media Buyer, Inc., 8.875%, 12/15/2027, 144A		179,775

				5,178,546

		Metals & Mining — 2.7%
	60,000	Allegheny Technologies, Inc., 5.875%, 12/01/2027		63,000
	190,000	Commercial Metals Co., 4.875%, 5/15/2023		197,600
	665,000	First Quantum Minerals Ltd., 6.500%, 3/01/2024, 144A		666,663
	835,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		845,437
	200,000	First Quantum Minerals Ltd., 7.250%, 4/01/2023, 144A		207,056
	210,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		214,725
	840,000	FMG Resources (August 2006) Pty Ltd., 4.750%, 5/15/2022, 144A		867,300
	370,000	FMG Resources (August 2006) Pty Ltd., 5.125%, 5/15/2024, 144A		393,125
	435,000	Mineral Resources Ltd., 8.125%, 5/01/2027, 144A		477,413

				3,932,319

		Midstream — 3.7%
	385,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		304,150
	205,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		165,537
	435,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		352,350
	1,265,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		1,321,723
	145,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		136,663
	350,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		350,000
	165,000	NGPL PipeCo LLC, 4.375%, 8/15/2022, 144A		171,391
	700,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		744,056
	935,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.500%, 8/15/2022		832,150
	95,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		95,950
	640,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		646,400
	255,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030, 144A		262,012

				5,382,382

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of December 31, 2019

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — 1.4%
$	100,000	CG-CCRE Commercial Mortgage Trust, Series2014-FL2, Class COL1,1-month LIBOR + 3.500%, 5.240%, 11/15/2031, 144A(a)(c)(d)	$	99,782
	225,000	CG-CCRE Commercial Mortgage Trust, Series2014-FL2, Class COL2,1-month LIBOR + 4.500%, 6.240%, 11/15/2031, 144A(a)(c)(d)		224,270
	1,020,000	Credit Suisse Mortgage Trust, Series2014-USA, Class E, 4.373%, 9/15/2037, 144A		959,114
	380,000	Starwood Retail Property Trust, Series 2014-STAR, Class D,1-month LIBOR + 3.500%, 5.240%, 11/15/2027, 144A(a)(c)(d)		322,911
	420,000	Starwood Retail Property Trust, Series 2014-STAR, Class E,1-month LIBOR + 4.400%, 6.140%, 11/15/2027, 144A(a)(c)(e)(f)		325,435
	125,000	WFRBS Commercial Mortgage Trust, Series2012-C7, Class E, 4.813%, 6/15/2045, 144A(g)		107,207

				2,038,719

		Oil Field Services — 1.8%
	935,000	McDermott Technology Americas, Inc./McDermott Technology U.S., Inc., 10.625%, 5/01/2024, 144A(c)(d)(h)		79,475
	160,000	Noble Holding International Ltd., 5.250%, 3/15/2042		57,970
	1,145,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		1,090,612
	360,450	Transocean Guardian Ltd., 5.875%, 1/15/2024, 144A		368,560
	22,250	Transocean Pontus Ltd., 6.125%, 8/01/2025, 144A		22,806
	196,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		201,880
	695,000	Transocean Sentry Ltd., 5.375%, 5/15/2023, 144A		707,162
	175,000	Transocean, Inc., 7.500%, 1/15/2026, 144A		172,813

				2,701,278

		Packaging — 0.3%
	370,000	ARD Finance S.A., 7.250% PIK or 6.500% Cash, 6/30/2027, 144A(b)		382,562

		Pharmaceuticals — 3.9%
	400,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		410,556
	395,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		409,615
	53,000	Bausch Health Cos., Inc., 5.500%, 3/01/2023, 144A		53,265
	36,000	Bausch Health Cos., Inc., 5.875%, 5/15/2023, 144A		36,315
	220,000	Bausch Health Cos., Inc., 6.125%, 4/15/2025, 144A		227,311
	170,000	Bausch Health Cos., Inc., 9.000%, 12/15/2025, 144A		193,324
	280,000	Catalent Pharma Solutions, Inc., 4.875%, 1/15/2026, 144A		289,800
	600,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.000%, 2/01/2025, 144A		404,628
	445,000	Mylan NV, 5.250%, 6/15/2046		500,519
	75,000	Mylan, Inc., 5.200%, 4/15/2048		83,973
	150,000	Mylan, Inc., 5.400%, 11/29/2043		166,238
	1,065,000	Teva Pharmaceutical Finance Netherlands III BV, 2.800%, 7/21/2023		986,020
	65,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		54,112
	2,155,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		1,551,600
	405,000	Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 1/31/2025, 144A		416,016

				5,783,292

		Property & Casualty Insurance — 0.6%
	45,000	AmWINS Group, Inc., 7.750%, 7/01/2026, 144A		49,731
	780,000	Ardonagh Midco 3 PLC, 8.625%, 7/15/2023, 144A		774,150

				823,881

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Refining — 0.8%
$	405,000	Parkland Fuel Corp., 5.875%, 7/15/2027, 144A	$	435,521
	635,000	Parkland Fuel Corp., 6.000%, 4/01/2026, 144A		670,750

				1,106,271

		REITs – Diversified — 0.3%
	395,000	iStar, Inc., 5.250%, 9/15/2022		405,369

		REITs – Hotels — 0.7%
	350,000	Service Properties Trust, 4.750%, 10/01/2026		359,056
	715,000	Service Properties Trust, 4.350%, 10/01/2024		734,794

				1,093,850

		REITs – Mortgage — 0.7%
	720,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		747,000
	255,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		258,506

				1,005,506

		REITs – Regional Malls — 0.5%
	695,000	Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.750%, 5/15/2026, 144A		733,225

		Restaurants — 1.0%
	400,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		401,000
	890,000	1011778 B.C. ULC/New Red Finance, Inc., 5.000%, 10/15/2025, 144A		918,925
	110,000	Yum Brands, Inc., 4.750%, 1/15/2030, 144A		115,225

				1,435,150

		Retailers — 2.2%
	830,000	Asbury Automotive Group, Inc., 6.000%, 12/15/2024		856,975
	820,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		831,275
	480,000	Hanesbrands, Inc., 4.875%, 5/15/2026, 144A		508,200
	505,000	J.C. Penney Corp., Inc., 5.875%, 7/01/2023, 144A		433,038
	105,000	Murphy Oil USA, Inc., 4.750%, 9/15/2029		110,887
	385,000	PetSmart, Inc., 7.125%, 3/15/2023, 144A		377,300
	125,000	William Carter Co. (The), 5.625%, 3/15/2027, 144A		134,375

				3,252,050

		Technology — 5.4%
	335,000	Camelot Finance S.A., 4.500%, 11/01/2026, 144A		344,213
	120,000	CDK Global, Inc., 5.250%, 5/15/2029, 144A		128,700
	595,000	CDW LLC/CDM Finance Corp., 4.250%, 4/01/2028		624,006
	825,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		775,500
	100,000	CommScope Technologies LLC, 6.000%, 6/15/2025, 144A		100,113
	1,455,000	CommScope, Inc., 5.500%, 3/01/2024, 144A		1,516,837
	620,000	Dun & Bradstreet Corp. (The), 6.875%, 8/15/2026, 144A		684,325
	690,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		700,902
	140,000	MSCI, Inc., 4.000%, 11/15/2029, 144A		141,925
	865,000	Nokia Oyj, 4.375%, 6/12/2027		901,762
	190,000	Open Text Corp., 5.875%, 6/01/2026, 144A		203,300

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of December 31, 2019

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Technology — continued
$	275,000	Sabre GLBL, Inc., 5.250%, 11/15/2023, 144A	$	282,219
	590,000	SS&C Technologies, Inc., 5.500%, 9/30/2027, 144A		629,825
	900,000	Western Digital Corp., 4.750%, 2/15/2026		938,250

				7,971,877

		Transportation Services — 0.2%
	275,000	APL Ltd., 8.000%, 1/15/2024(c)(d)		244,778

		Treasuries — 0.5%
	715,000	U.S. Treasury Note, 2.125%, 5/31/2021		720,167

		Wireless — 4.2%
	1,000,000	Altice Luxembourg S.A., 10.500%, 5/15/2027, 144A		1,140,050
	200,000	Bharti Airtel Ltd., 4.375%, 6/10/2025		203,682
	345,000	Kenbourne Invest S.A., 6.875%, 11/26/2024, 144A		358,862
	200,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		209,702
	200,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		220,658
	810,000	Sprint Capital Corp., 6.875%, 11/15/2028		872,775
	20,000	Sprint Capital Corp., 8.750%, 3/15/2032		24,275
	890,000	Sprint Corp., 7.125%, 6/15/2024		960,087
	650,000	Sprint Corp., 7.250%, 9/15/2021		687,375
	1,085,000	Sprint Corp., 7.875%, 9/15/2023		1,197,113
	315,000	T-Mobile USA, Inc., 4.500%, 2/01/2026		322,875

				6,197,454

		Wirelines — 2.7%
	130,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		133,457
	555,000	Frontier Communications Corp., 8.000%, 4/01/2027, 144A		579,975
	725,000	Frontier Communications Corp., 8.500%, 4/01/2026, 144A		734,062
	755,000	Level 3 Financing, Inc., 4.625%, 9/15/2027, 144A		772,969
	120,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		142,176
	1,485,000	Windstream Services LLC/Windstream Finance Corp., 8.625%, 10/31/2025, 144A		1,425,600
	505,000	Windstream Services LLC/Windstream Finance Corp., 10.500%, 6/30/2024, 144A(h)		196,950

				3,985,189

		TotalNon-Convertible Bonds (Identified Cost $127,159,786)		129,332,155


	Convertible Bonds — 5.8%
		Cable Satellite — 1.3%
	1,515,000	DISH Network Corp., 2.375%, 3/15/2024		1,383,346
	580,000	DISH Network Corp., 3.375%, 8/15/2026		557,902

				1,941,248

		Diversified Manufacturing — 0.5%
	755,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		728,818

		Independent Energy — 0.4%
	645,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		307,267
	325,000	PDC Energy, Inc., 1.125%, 9/15/2021		305,156
	31,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		30,259

				642,682

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Oil Field Services — 0.5%
$	510,000	Nabors Industries, Inc., 0.750%, 1/15/2024	$	382,184
	395,000	Oil States International, Inc., 1.500%, 2/15/2023		354,552

				736,736

		Pharmaceuticals — 1.9%
	1,530,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		1,616,443
	220,000	Dermira, Inc., 3.000%, 5/15/2022		202,586
	230,000	Flexion Therapeutics, Inc., 3.375%, 5/01/2024		245,390
	275,000	Intercept Pharmaceuticals, Inc., 3.250%, 7/01/2023		277,292
	330,000	PTC Therapeutics, Inc., 3.000%, 8/15/2022		380,682

				2,722,393

		Technology — 1.2%
	625,000	Avaya Holdings Corp., 2.250%, 6/15/2023		550,856
	655,000	CalAmp Corp., 2.000%, 8/01/2025		544,403
	245,000	Palo Alto Networks, Inc., 0.750%, 7/01/2023		270,233
	340,000	Pure Storage, Inc., 0.125%, 4/15/2023		337,162

				1,702,654

		Total Convertible Bonds (Identified Cost $8,963,204)		8,474,531


		Total Bonds and Notes (Identified Cost $136,122,990)		137,806,686


	Senior Loans — 1.4%
		Media Entertainment — 0.1%
	215,643	iHeartCommunications, Inc., Exit Term Loan,1-month LIBOR + 4.000%, 5.691%, 5/01/2026(a)		217,170

		Retailers — 0.6%
	921,922	J.C. Penney Corp., Inc., 2016 Term Loan B,3-month LIBOR + 4.250%, 6.159%, 6/23/2023(a)		810,425

		Transportation Services — 0.7%
	1,026,589	Uber Technologies, Inc., 2018 Term Loan,1-month LIBOR + 4.000%, 5.745%, 4/04/2025(a)		1,023,653

		Total Senior Loans (Identified Cost $2,127,859)		2,051,248


	Loan Participations — 0.3%
		ABS Other — 0.3%
	397,714	Harbour Aircraft Investments Ltd., Series2017-1, Class C, 8.000%, 11/15/2037 (Identified Cost $396,837)		398,373


Shares
	Preferred Stocks — 1.6%
		Food & Beverage — 1.5%
	21,381	Bunge Ltd., 4.875%		2,201,691

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of December 31, 2019

Loomis Sayles High Income Fund – (continued)


Shares		Description	Value (†)
		Midstream — 0.1%
	988	Chesapeake Energy Corp., 5.750%(c)(d)(f)	$	169,412
	20	Chesapeake Energy Corp., 5.750%, 144A(c)(d)(f)		3,430
	137	Chesapeake Energy Corp., 5.750%(c)(d)(f)		23,508

				196,350

		Total Preferred Stocks (Identified Cost $2,900,221)		2,398,041


	Other Investments — 0.6%
		Aircraft ABS — 0.6%
	100	ECAF I Blocker Ltd.(c)(e)(f)(i) (Identified Cost $1,000,000)		864,000


	Common Stocks — 0.4%
		Chemicals — 0.1%
	12,177	Hexion Holdings Corp., Class B(j)		155,257

		Media — 0.3%
	41,970	Clear Channel Outdoor Holdings, Inc.(j)		120,034
	17,670	iHeartMedia, Inc., Class A(j)		298,623

				418,657

		Oil, Gas & Consumable Fuels — 0.0%
	3,650	Halcon Resources Corp.(c)(e)(f)(j)		52,304

		Total Common Stocks (Identified Cost $1,412,096)		626,218


Principal Amount
	Short-Term Investments — 0.6%
$	924,835	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2019 at 0.900% to be repurchased at $924,882 on 1/02/2020 collateralized by $900,000 U.S. Treasury Note, 2.875% due 10/31/2023 valued at $945,191 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $924,835)		924,835


		Total Investments — 98.5% (Identified Cost $144,884,838)		145,069,401
		Other assets less liabilities — 1.5%		2,257,583

		Net Assets — 100.0%	$	147,326,984


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. Rate as of December 31, 2019 is disclosed.
	(b)	Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended December 31, 2019, interest payments were made in cash.
	(c)	Illiquid security. (Unaudited)
	(d)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At December 31, 2019, the value of these securities amounted to $1,646,883 or 1.1% of net assets. See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles High Income Fund – (continued)



	(e)			Fair valued by the Fund’s adviser. At December 31, 2019, the value of these securities amounted to $1,241,739 or 0.8% of net assets. See Note 2 of Notes to Financial Statements.
	(f)			Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(g)			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 December 31, 2019 is disclosed.
	(h)			The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(i)			Securities subject to restriction on resale. At December 31, 2019, the restricted securities held by the Fund are as follows:



	Acquisition Date		Acquisition Cost		Value		% of Net Assets
ECAF I Blocker Ltd.		12/20/2016	$	1,000,000	$	864,000		0.6%



	(j)			Non-income producing security.



	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2019, the value of Rule 144A holdings amounted to $82,598,504 or 56.1% of net assets.
	ABS			Asset-Backed Securities
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	PIK			Payment-in-Kind
	REITs			Real Estate Investment Trusts

Industry Summary at December 31, 2019


Cable Satellite	10.5	%
Technology	6.6
Healthcare	6.0
Pharmaceuticals	5.8
Independent Energy	5.2
Wireless	4.2
Midstream	3.8
Food & Beverage	3.7
Media Entertainment	3.6
Electric	3.2
Finance Companies	3.2
Banking	3.0
Retailers	2.8
Wirelines	2.7
Metals & Mining	2.7
Aerospace & Defense	2.4
Oil Field Services	2.3
Building Materials	2.2
Other Investments, less than 2% each	24.0
Short-Term Investments	0.6

Total Investments	98.5
Other assets less liabilities	1.5

Net Assets	100.0	%

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 94.7% of Net Assets
	Non-Convertible Bonds — 93.9%
		ABS Car Loan — 7.6%
$	6,688,850	Ally Auto Receivables Trust, Series2017-3, Class A3, 1.740%, 9/15/2021	$	6,684,620
	16,590,000	Ally Auto Receivables Trust, Series2019-1, Class A3, 2.910%, 9/15/2023		16,794,882
	13,085,000	Ally Auto Receivables Trust, Series2019-4, Class A3, 1.840%, 6/17/2024		13,060,610
	7,865,000	American Credit Acceptance Receivables Trust, Series2019-3, Class D, 2.890%, 9/12/2025, 144A		7,850,543
	1,965,000	AmeriCredit Automobile Receivables Trust, Series2018-2, Class D, 4.010%, 7/18/2024		2,046,347
	10,515,000	AmeriCredit Automobile Receivables Trust, Series2018-3, Class D, 4.040%, 11/18/2024		10,981,783
	25,880,000	AmeriCredit Automobile Receivables Trust, Series2019-1, Class D, 3.620%, 3/18/2025		26,584,971
	12,340,000	AmeriCredit Automobile Receivables Trust, Series2019-2, Class D, 2.990%, 6/18/2025		12,475,541
	3,650,000	CarMax Auto Owner Trust, Series2018-3, Class D, 3.910%, 1/15/2025		3,757,921
	13,585,000	CarMax Auto Owner Trust, Series2019-1, Class D, 4.040%, 8/15/2025(a)(b)		14,117,199
	5,811,000	CarMax Auto Owner Trust, Series2019-2, Class D, 3.410%, 10/15/2025		5,915,195
	2,315,000	CarMax Auto Owner Trust, Series2019-3, Class D, 2.850%, 1/15/2026		2,318,994
	5,122,000	CPS Auto Receivables Trust , Series2019-D, Class D, 2.720%, 9/15/2025, 144A		5,100,904
	13,965,000	CPS Auto Receivables Trust, Series2019-A, Class D, 4.350%, 12/16/2024, 144A		14,424,842
	1,800,000	Credit Acceptance Auto Loan Trust, Series2017-3A, Class C, 3.480%, 10/15/2026, 144A		1,825,684
	23,320,000	Credit Acceptance Auto Loan Trust, Series2019-1A, Class C, 3.940%, 6/15/2028, 144A(a)(b)		24,091,624
	6,555,000	Drive Auto Receivables Trust, Series2018-5, Class D, 4.300%, 4/15/2026		6,769,307
	16,395,000	Drive Auto Receivables Trust, Series2019-1, Class D, 4.090%, 6/15/2026		16,880,684
	3,700,000	Drive Auto Receivables Trust, Series2019-2, Class D, 3.690%, 8/17/2026		3,787,872
	10,760,000	DT Auto Owner Trust, Series2019-1A, Class D, 3.870%, 11/15/2024, 144A		10,990,159
	3,950,000	DT Auto Owner Trust, Series2019-2A, Class D, 3.480%, 2/18/2025, 144A		4,005,320
	3,400,000	DT Auto Owner Trust, Series2019-3A, Class D, 2.960%, 4/15/2025, 144A		3,401,958
	3,790,000	First Investors Auto Owner Trust, Series2019-1A, Class D, 3.550%, 4/15/2025, 144A		3,860,700
	4,610,000	Flagship Credit Auto Trust, Series2019-3, Class D, 2.860%, 12/15/2025, 144A		4,576,674
	1,549,198	Ford Credit Auto Owner Trust, Series2017-B, Class A3, 1.690%, 11/15/2021		1,547,673
	15,246,806	Ford Credit Auto Owner Trust, Series2018-A, Class A3, 3.030%, 11/15/2022		15,372,022
	8,555,000	GLS Auto Receivables Trust, Series2019-A, Class C, 3.540%, 2/18/2025, 144A		8,697,608
	3,218,000	GM Financial Consumer Automobile Receivables Trust, Series2018-2, Class A3, 2.810%, 12/16/2022		3,244,805
	2,000,000	GM Financial Consumer Automobile Receivables Trust, Series2018-3, Class A3, 3.020%, 5/16/2023		2,024,540
	15,645,000	GM Financial Consumer Automobile Receivables Trust, Series2019-1, Class A3, 2.970%, 11/16/2023		15,859,937

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Car Loan — continued
$	810,236	Honda Auto Receivables Owner Trust, Series2016-4, Class A3, 1.210%, 12/18/2020	$	809,602
	857,354	Honda Auto Receivables Owner Trust, Series2017-2, Class A3, 1.680%, 8/16/2021		856,558
	3,925,000	Honda Auto Receivables Owner Trust, Series2017-2, Class A4, 1.870%, 9/15/2023		3,919,858
	28,000,000	Honda Auto Receivables Owner Trust, Series2018-4, Class A3, 3.160%, 1/17/2023		28,459,970
	5,925,000	Honda Auto Receivables Owner Trust, Series2019-1, Class A3, 2.830%, 3/20/2023		6,015,848
	6,655,000	Nissan Auto Receivables Owner Trust, Series2019-C, Class A3, 1.930%, 7/15/2024		6,657,644
	2,685,000	Nissan Auto Receivables Owner Trust, Series2016-C, Class A3, 1.180%, 1/15/2021		2,683,427
	27,665,000	Santander Drive Auto Receivables Trust, Series2019-1, Class D, 3.650%, 4/15/2025		28,338,048
	6,995,000	Santander Drive Auto Receivables Trust, Series2019-2, Class D, 3.220%, 7/15/2025		7,130,455
	8,455,000	Santander Drive Auto Receivables Trust, Series2019-H13, Class D, 2.680%, 10/15/2025		8,423,722
	4,936,517	Toyota Auto Receivables Owner Trust, Series2017-B, Class A3, 1.760%, 7/15/2021		4,933,575
	12,473,250	Toyota Auto Receivables Owner Trust, Series2017-D, Class A3, 1.930%, 1/18/2022		12,471,431
	25,405,559	Toyota Auto Receivables Owner Trust, Series2018-A, Class A3, 2.350%, 5/16/2022		25,471,977
	1,981,871	Toyota Auto Receivables Owner Trust, Series2018-C, Class A2A, 2.770%, 8/16/2021		1,986,058
	15,495,000	Westlake Automobile Receivables Trust, Series2019-1A, Class D, 3.670%, 3/15/2024, 144A		15,792,079

				423,001,171

		ABS Credit Card — 1.7%
	14,559,000	American Express Credit Account Master Trust, Series2017-1, Class A, 1.930%, 9/15/2022		14,558,339
	10,434,000	American Express Credit Account Master Trust, Series2017-6, Class A, 2.040%, 5/15/2023		10,449,952
	3,000,000	American Express Credit Account Master Trust, Series2018-1, Class A, 2.670%, 10/17/2022		3,004,616
	8,000,000	American Express Credit Account Master Trust, Series2019-1, Class A, 2.870%, 10/15/2024		8,173,779
	25,135,000	Capital One Multi-Asset Execution Trust, Series2015-A2, Class A2, 2.080%, 3/15/2023		25,152,127
	6,170,000	Capital One Multi-Asset Execution Trust, Series2017-A4, Class A4, 1.990%, 7/17/2023		6,176,529
	11,730,000	Capital One Multi-Asset Execution Trust, Series2019-A1, Class A1, 2.840%, 12/15/2024		11,967,846
	7,915,000	Chase Issuance Trust, Series2015-A4, Class A4, 1.840%, 4/15/2022		7,913,172

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Credit Card — continued
$	10,366,000	Citibank Credit Card Issuance Trust, Series2017-A3, Class A3, 1.920%, 4/07/2022	$	10,365,443

				97,761,803

		ABS Home Equity — 4.7%
	15,451,000	American Homes 4 Rent, Series 2015-SFR1, Class E, 5.639%, 4/17/2052, 144A		16,634,191
	12,875,000	AMSR Trust, Series 2019-SFR1, Class A, 2.774%, 1/19/2039, 144A		12,869,361
	6,077,236	Bayview Opportunity Master Fund IVb Trust, Series2019-RN4, Class A1, 3.278%, 10/28/2034, 144A(c)		6,063,651
	1,579,142	Bayview Opportunity Master Fund Trust, Series2019-RN1, Class A1, 4.090%, 2/28/2034, 144A(c)		1,576,799
	1,401,782	Bayview Opportunity Master Fund Trust, Series2019-RN2, Class A1, 3.967%, 3/28/2034, 144A(c)		1,403,222
	6,075,000	Brass PLC, Series 8A,Class A1, 3-month LIBOR + 0.700%, 2.806%, 11/16/2066, 144A(d)		6,076,567
	5,466,450	Citigroup Mortgage Loan Trust, Series2019-B, Class A1, 3.258%, 4/25/2066, 144A(c)		5,472,867
	7,838,772	Citigroup Mortgage Loan Trust, Series2019-RP1, Class A1, 3.500%, 1/25/2066, 144A(c)		8,003,802
	5,513,144	Colony American Finance Ltd., Series2019-3, Class A, 2.705%, 10/15/2052, 144A		5,510,491
	2,929,000	Colony American Finance Ltd., Series2019-3, Class B, 3.163%, 10/15/2052, 144A		2,911,078
	2,434,000	CoreVest American Finance Trust, Series2019-1, Class D, 4.818%, 3/15/2052, 144A		2,612,904
	7,702,256	GCAT Trust, Series2019-3, Class A1, 3.352%, 10/25/2049, 144A(c)		7,693,564
	9,039,363	GCAT Trust, Series 2019-RPL1, Class A1, 2.650%, 10/25/2068, 144A(c)		9,028,412
	948,753	Gosforth Funding PLC, Series2018-1A,Class A1, 3-month LIBOR + 0.450%, 2.360%, 8/25/2060, 144A(d)		947,210
	1,835,670	Grand Avenue Mortgage Loan Trust, Series 2017-RPL1, Class A1, 3.250%, 8/25/2064, 144A		1,812,163
	1,630,371	Holmes Master Issuer PLC, Series2018-1A,Class A2, 3-month LIBOR + 0.360%, 2.361%, 10/15/2054, 144A(d)		1,629,309
	2,902,375	Home Partners of America Trust, Series2019-1, Class D, 3.406%, 9/17/2039, 144A		2,865,615
	2,628,289	Home Partners of America Trust, Series2019-2, Class D, 3.121%, 10/19/2039, 144A		2,575,723
	3,050,000	Invitation Homes Trust, Series 2018-SFR4,Class D, 1-month LIBOR + 1.650%, 3.387%, 1/17/2038, 144A(d)		3,061,402
	4,008,333	Lanark Master Issuer PLC, Series2019-1A,Class 1A1, 3-month LIBOR + 0.770%, 2.669%, 12/22/2069, 144A(d)		4,019,208
	7,020,000	Lanark Master Issuer PLC, Series2019-2A, Class 1A, 2.710%, 12/22/2069, 144A(c)		7,047,961
	9,486,722	Legacy Mortgage Asset Trust, Series2019-GS7, Class A1, 3.250%, 11/25/2059, 144A(c)		9,493,732
	4,116,300	Legacy Mortgage Asset Trust, Series2019-GS3, Class A1, 3.750%, 4/25/2059, 144A(c)		4,149,776

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	12,061,613	Mill City Mortgage Loan Trust, Series2019-GS1, Class A1, 2.750%, 7/25/2059, 144A(c)	$	12,122,192
	5,005,300	Mill City Mortgage Trust, Series2019-1, Class A1, 3.250%, 10/25/2069, 144A(c)		5,097,741
	6,695,495	Onslow Bay Financial LLC , Series 2019-EXP3, Class 1A8, 3.500%, 10/25/2059, 144A(c)		6,742,656
	3,327,372	Preston Ridge Partners Mortgage LLC, Series2019-3A, Class A1, 3.351%, 7/25/2024, 144A(c)		3,332,005
	3,708,000	Progress Residential Trust, Series 2017-SFR2, Class E, 4.142%, 12/17/2034, 144A		3,728,872
	1,332,000	Progress Residential Trust, Series 2018-SFR2, Class E, 4.656%, 8/17/2035, 144A		1,361,294
	2,830,000	Progress Residential Trust, Series 2019-SFR1, Class D, 4.168%, 8/17/2035, 144A		2,890,678
	4,732,000	Progress Residential Trust, Series 2019-SFR2, Class D, 3.794%, 5/17/2036, 144A		4,803,748
	3,860,000	Progress Residential Trust, Series 2019-SFR4, Class D, 3.136%, 10/17/2036, 144A		3,836,015
	5,506,820	PRPM LLC, Series2019-4A, Class A1, 3.351%, 11/25/2024, 144A(c)		5,506,759
	5,709,291	RCO V Mortgage LLC, Series2019-1, Class A1, 3.721%, 5/24/2024, 144A(c)		5,715,345
	3,143,539	Sequoia Mortgage Trust, Series2017-CH2, Class A1, 4.000%, 12/25/2047, 144A(c)		3,248,122
	6,864,056	Sequoia Mortgage Trust, Series2019-CH2, Class A1, 4.500%, 8/25/2049, 144A(c)		6,963,957
	5,000,475	Silverstone Master Issuer PLC, Series2019-1A,Class 1A, 3-month LIBOR + 0.570%, 2.536%, 1/21/2070, 144A(d)		5,002,275
	4,930,000	Towd Point Mortgage Trust, Series2017-4, Class M2, 3.250%, 6/25/2057, 144A(c)		4,925,840
	4,207,213	Towd Point Mortgage Trust, Series2015-2, Class 1A13, 2.500%, 11/25/2060, 144A(c)		4,196,295
	1,443,284	Towd Point Mortgage Trust, Series2016-1, Class A1B, 2.750%, 2/25/2055, 144A(c)		1,443,959
	10,959,121	Towd Point Mortgage Trust, Series2019-4, Class A1, 2.900%, 10/25/2059, 144A(c)		11,022,139
	2,575,000	Tricon American Homes Trust, Series 2019-SFR1, Class D, 3.198%, 3/17/2038, 144A		2,559,706
	13,259,594	Vericrest Opportunity Loan Trust, Series 2019-NPL8, Class A1A, 3.278%, 11/25/2049, 144A(c)		13,227,526
	8,358,268	Vericrest Opportunity Loan Trust, Series 2019-NPL3, Class A1, 3.967%, 3/25/2049, 144A(c)		8,401,162
	12,652,190	Vericrest Opportunity Loan Trust, Series 2019-NPL5, Class A1A, 3.352%, 9/25/2049, 144A(c)		12,646,578
	1,407,847	VOLT LXXII LLC, Series 2018-NPL8, Class A1A, 4.213%, 10/26/2048, 144A(c)		1,406,428
	5,318,288	VOLT LXXV LLC, Series 2019-NPL1, Class A1A, 4.336%, 1/25/2049, 144A(c)		5,349,987
	4,934,679	VOLT LXXXIII LLC, Series 2019-NPL9, Class A1A, 3.327%, 11/26/2049, 144A(c)		4,932,247

				263,922,534

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Other — 3.5%
$	39,262,848	FAN Engine Securitization Ltd., Series2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(a)(b)	$	39,261,741
	12,372,896	Horizon Aircraft Finance I Ltd., Series2018-1, Class A, 4.458%, 12/15/2038, 144A		12,702,154
	2,923,205	Horizon Aircraft Finance II Ltd., Series2019-1, Class A, 3.721%, 7/15/2039, 144A		2,919,606
	1,975,000	HPEFS Equipment Trust, Series2019-1A, Class C, 2.490%, 9/20/2029, 144A		1,974,637
	8,041,680	Kestrel Aircraft Funding Ltd., Series2018-1A, Class A, 4.250%, 12/15/2038, 144A		8,172,861
	14,088,288	MAPS Ltd., Series2018-1A, Class A, 4.212%, 5/15/2043, 144A		14,340,492
	4,096,091	MAPS Ltd., Series2019-1A, Class A, 4.458%, 3/15/2044, 144A		4,216,395
	13,610,000	Mariner Finance Issuance Trust, Series2018-AA, Class A, 4.200%, 11/20/2030, 144A		13,882,847
	5,222,850	Marlette Funding Trust, Series2019-4A, Class A, 2.390%, 12/17/2029, 144A		5,226,606
	2,406,243	Marlette Funding Trust, Series2019-1A, Class A, 3.440%, 4/16/2029, 144A		2,423,702
	8,040,000	OneMain Financial Issuance Trust, Series2019-1A, Class D, 4.220%, 2/14/2031, 144A		8,322,842
	15,600,403	S-Jets Ltd., Series2017-1, Class A, 3.967%, 8/15/2042, 144A		15,612,523
	940,000	SLM Private Credit Student Loan Trust, Series2003-C,Class A3, 28-day ARS, 5.080%, 9/15/2032(d)		938,892
	1,495,000	SLM Private Credit Student Loan Trust, Series2003-C,Class A4, 28-day ARS, 5.080%, 9/15/2032(d)		1,492,476
	13,765,000	SoFi Consumer Loan Program Trust, Series2019-1, Class C, 3.730%, 2/25/2028, 144A		14,077,175
	3,459,000	SoFi Consumer Loan Program Trust, Series2018-1, Class B, 3.650%, 2/25/2027, 144A		3,525,296
	6,720,000	SoFi Consumer Loan Program Trust, Series2018-4, Class C, 4.170%, 11/26/2027, 144A		6,943,605
	6,805,000	SoFi Consumer Loan Program Trust, Series2019-2, Class C, 3.460%, 4/25/2028, 144A		6,921,100
	12,755,000	SoFi Consumer Loan Program Trust, Series2019-3, Class C, 3.350%, 5/25/2028, 144A		12,956,024
	7,370,000	SoFi Consumer Loan Program Trust, Series2019-4, Class C, 2.840%, 8/25/2028, 144A		7,350,316
	13,234,382	SpringCastle Funding Asset-Backed Notes, Series2019-AA, Class A, 3.200%, 5/27/2036, 144A		13,283,534

				196,544,824

		ABS Student Loan — 1.6%
	11,813,199	ELFI Graduate Loan Program LLC, Series2019-A, Class A, 2.540%, 3/25/2044, 144A		11,662,331
	14,080,000	Navient Private Education Refi Loan Trust, Series2019-FA, Class A2, 2.600%, 8/15/2068, 144A		14,054,456
	4,020,000	Navient Private Education Refi Loan Trust, Series2019-CA, Class A2, 3.130%, 2/15/2068, 144A		4,040,302
	6,910,000	Navient Student Loan Trust, Series2018-EA, Class A2, 4.000%, 12/15/2059, 144A		7,155,941

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Student Loan — continued
$	796,000	SLM Private Credit Student Loan Trust, Series2003-A,Class A3, 28-day ARS, 5.040%, 6/15/2032(d)	$	794,917
	575,000	SLM Private Credit Student Loan Trust, Series2003-A,Class A4, 28-day ARS, 4.440%, 6/15/2032(d)		575,081
	1,150,000	SLM Private Credit Student Loan Trust, Series2003-B,Class A3, 28-day ARS, 5.040%, 3/15/2033(d)		1,147,862
	786,000	SLM Private Credit Student Loan Trust, Series2003-B,Class A4, 28-day ARS, 4.590%, 3/15/2033(d)		785,546
	2,500,000	SMB Private Education Loan Trust, Series2015-C, Class B, 3.500%, 9/15/2043, 144A		2,538,399
	565,000	SMB Private Education Loan Trust, Series2018-B, Class B, 4.000%, 7/15/2042, 144A		584,884
	1,525,000	SMB Private Education Loan Trust, Series2018-C, Class B, 4.000%, 11/17/2042, 144A		1,568,676
	10,385,000	SMB Private Education Loan Trust, Series2019-A, Class A2A, 3.440%, 7/15/2036, 144A		10,546,403
	16,265,000	SMB Private Education Loan Trust, Series2019-B, Class A2A, 2.840%, 6/15/2037, 144A		16,328,643
	9,075,000	SoFi Professional Loan Program LLC, Series2019-A, Class A2FX, 3.690%, 6/15/2048, 144A		9,376,797
	8,217,000	SoFi Professional Loan Program LLC, Series2019-C, Class A2FX, 2.370%, 11/16/2048, 144A		8,061,895

				89,222,133

		ABS Whole Business — 2.0%
	10,278,610	Adams Outdoor Advertising LP, Series2018-1, Class A, 4.810%, 11/15/2048, 144A		10,665,474
	3,595,000	Adams Outdoor Advertising LP, Series2018-1, Class B, 5.653%, 11/15/2048, 144A		3,714,392
	27,202,500	Coinstar Funding LLC, Series2017-1A, Class A2, 5.216%, 4/25/2047, 144A		27,908,233
	7,260,515	DB Master Finance LLC, Series2019-1A, Class A23, 4.352%, 5/20/2049, 144A		7,522,111
	2,383,360	Domino’s Pizza Master Issuer LLC, Series2017-1A, Class A23, 4.118%, 7/25/2047, 144A		2,468,780
	133,313	Domino’s Pizza Master Issuer LLC, Series2018-1A, Class A2I, 4.116%, 7/25/2048, 144A		137,101
	5,244,613	Domino’s Pizza Master Issuer LLC, Series2018-1A, Class A2II, 4.328%, 7/25/2048, 144A		5,462,002
	4,035,000	Domino’s Pizza Master Issuer LLC, Series2019-1A, Class A2, 3.668%, 10/25/2049, 144A		4,035,686
	2,285,200	Driven Brands Funding LLC, Series2018-1A, Class A2, 4.739%, 4/20/2048, 144A		2,369,204
	5,046,863	Driven Brands Funding LLC, Series2019-1A, Class A2, 4.641%, 4/20/2049, 144A		5,218,002
	4,962,500	Five Guys Funding LLC, Series2017-1A, Class A2, 4.600%, 7/25/2047, 144A		5,148,779
	17,582,250	Stack Infrastructure Issuer LLC, Series2019-1A, Class A2, 4.540%, 2/25/2044, 144A		18,408,863

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Whole Business — continued
$	13,459,050	Taco Bell Funding LLC, Series2018-1A, Class A2I, 4.318%, 11/25/2048, 144A	$	13,771,031
	3,672,250	Wingstop Funding LLC, Series2018-1, Class A2, 4.970%, 12/05/2048, 144A		3,779,994

				110,609,652

		Aerospace & Defense — 1.5%
	650,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039		807,560
	78,795,000	Textron, Inc., 5.950%, 9/21/2021		83,206,395

				84,013,955

		Airlines — 1.8%
	2,811,133	Air Canada Pass Through Trust, Series2013-1, Class B, 5.375%, 11/15/2022, 144A		2,890,127
	1,687,628	American Airlines Pass Through Certificates, Series2016-3, Class B, 3.750%, 4/15/2027		1,706,646
	3,782,751	American Airlines Pass Through Certificates, Series 2017-2, Class B, 3.700%, 4/15/2027		3,823,925
	8,007,826	American Airlines Pass Through Trust, Series2016-1, Class B, 5.250%, 7/15/2025		8,470,516
	2,014,937	American Airlines Pass Through Trust, Series2015-2, Class B, 4.400%, 3/22/2025		2,087,379
	23,269,000	American Airlines Pass Through Trust, Series2019-1, Class B, 3.850%, 8/15/2029		23,634,789
	6,855,000	British Airways Pass Through Trust, Series2019-1, Class A, 3.350%, 12/15/2030, 144A		6,970,781
	1,045,800	Continental Airlines Pass Through Certificates, Series2012-1, Class B, 6.250%, 10/11/2021		1,055,275
	324,173	Continental Airlines Pass Through Trust, Series2001-1,Class A-1, 6.703%, 12/15/2022		341,549
	1,039,170	Delta Air Lines Pass Through Trust, Series2007-1, Class A, 6.821%, 2/10/2024		1,128,160
	4,926,025	Delta Air Lines Pass Through Trust, Series2007-1, Class B, 8.021%, 2/10/2024		5,388,385
	835,182	Latam Airlines Pass Through Trust, Series2015-1, Class B, 4.500%, 8/15/2025		836,218
	13,000,876	UAL Pass Through Trust, Series2007-1, Class A, 6.636%, 1/02/2024		13,733,865
	24,981,273	United Airlines Pass Through Trust, Series2016-2, Class B, 3.650%, 4/07/2027		25,127,913
	2,724,967	United Airlines Pass Through Trust, Series2018-1, Class A, 3.700%, 9/01/2031		2,796,037

				99,991,565

		Automotive — 2.1%
	18,836,000	Cummins, Inc., 5.650%, 3/01/2098		23,942,816
	5,274,000	Cummins, Inc., 6.750%, 2/15/2027		6,509,068
	14,000,000	Toyota Motor Credit Corp., 1.950%, 4/17/2020		13,999,712
	10,000,000	Toyota Motor Credit Corp., MTN, 2.150%, 3/12/2020		10,002,611
	38,060,000	Toyota Motor Credit Corp., MTN, 2.650%, 4/12/2022		38,739,333
	4,750,000	Volkswagen Group of America Finance LLC, 2.500%, 9/24/2021, 144A		4,791,431

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Automotive — continued
$	12,005,000	Volkswagen Group of America Finance LLC, 2.700%, 9/26/2022, 144A	$	12,142,182
	7,565,000	ZF North America Capital, Inc., 4.750%, 4/29/2025, 144A		7,959,864

				118,087,017

		Banking — 7.9%
	39,613,000	Ally Financial, Inc., 4.625%, 3/30/2025		42,881,072
	1,468,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,011,681
	49,304,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		51,776,288
	100,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		109,081
	25,627,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		27,791,119
	22,500,000	BNP Paribas S.A., (fixed rate to 3/01/2028, variable rate thereafter), 4.375%, 3/01/2033, 144A		24,303,449
	460,000	Capital One Financial Corp., 4.200%, 10/29/2025		496,563
	17,000,000	Citigroup, Inc., 3.500%, 5/15/2023		17,694,194
	1,230,000	Citigroup, Inc., 4.125%, 7/25/2028		1,342,261
	1,660,000	Citigroup, Inc., 4.500%, 1/14/2022		1,740,490
	7,155,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033, 144A		7,549,455
	17,940,000	Danske Bank A/S, 5.000%, 1/12/2022, 144A		18,844,044
	14,200,000	Danske Bank A/S, 5.375%, 1/12/2024, 144A		15,543,803
	3,390,000	Danske Bank A/S, (fixed rate to 12/20/2024, variable rate thereafter), 3.244%, 12/20/2025, 144A		3,431,010
	13,075,000	Danske Bank A/S, (fixed rate to 9/20/2021, variable rate thereafter), 3.001%, 9/20/2022, 144A		13,190,898
	20,999,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		19,791,558
	6,645,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		6,690,024
	70,245,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		76,956,398
	100,000	KeyBank NA, 6.950%, 2/01/2028		126,434
	5,900,000	Morgan Stanley, 5.750%, 1/25/2021		6,127,564
	1,845,000	Morgan Stanley, GMTN, 4.350%, 9/08/2026		2,018,216
	20,695,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		21,853,083
	15,160,000	Santander Holdings USA, Inc., 3.244%, 10/05/2026, 144A		15,327,930
	20,295,000	Societe Generale S.A., 4.250%, 4/14/2025, 144A		21,208,275
	21,340,000	Standard Chartered PLC,3-month LIBOR + 1.150%, 3.116%, 1/20/2023, 144A(d)		21,478,497
	5,900,000	Standard Chartered PLC, (fixed rate to 1/20/2022, variable rate thereafter), 4.247%, 1/20/2023, 144A		6,110,984
	7,580,000	Synchrony Financial, 2.850%, 7/25/2022		7,673,669
	3,865,000	Synchrony Financial, 4.375%, 3/19/2024		4,123,986

				438,192,026

		Brokerage — 1.6%
	50,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		54,290,526
	19,498,000	Jefferies Group LLC, 6.250%, 1/15/2036		23,294,876
	8,760,000	Jefferies Group LLC, 6.450%, 6/08/2027		10,276,571

				87,861,973

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Building Materials — 0.5%
$	925,000	Masco Corp., 6.500%, 8/15/2032	$	1,135,631
	23,975,000	Owens Corning, 7.000%, 12/01/2036		29,869,531

				31,005,162

		Cable Satellite — 1.5%
	15,215,000	Charter Communication Operating LLC/Charter Communication Operating Capital Corp., 4.800%, 3/01/2050		16,044,284
	6,695,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.750%, 4/01/2048		7,819,254
	10,320,000	Cox Communications, Inc., 4.500%, 6/30/2043, 144A		10,750,045
	5,820,000	Cox Communications, Inc., 4.700%, 12/15/2042, 144A		6,310,272
	13,630,000	Time Warner Cable LLC, 4.125%, 2/15/2021		13,850,621
	9,055,000	Time Warner Cable LLC, 4.500%, 9/15/2042		9,257,638
	15,815,000	Time Warner Cable LLC, 5.500%, 9/01/2041		17,667,049

				81,699,163

		Chemicals — 0.8%
	27,205,000	CF Industries, Inc., 4.500%, 12/01/2026, 144A		29,608,549
	3,740,000	FMC Corp., 3.450%, 10/01/2029		3,867,088
	2,075,000	FMC Corp., 4.500%, 10/01/2049		2,264,229
	8,145,000	LYB International Finance III LLC, 4.200%, 10/15/2049		8,501,263

				44,241,129

		Consumer Products — 0.2%
	7,458,000	Hasbro, Inc., 6.600%, 7/15/2028		8,895,400

		Diversified Manufacturing — 0.1%
	5,305,000	General Electric Co., Series A, MTN,3-month LIBOR + 0.300%, 2.301%, 5/13/2024(d)		5,102,002

		Electric — 2.2%
	20,316,424	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		22,661,634
	30,430,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		30,397,014
	13,025,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		16,411,808
	9,007,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		11,991,613
	39,280,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A		39,031,256

				120,493,325

		Finance Companies — 1.5%
	12,430,000	Aircastle Ltd., 4.125%, 5/01/2024		13,060,361
	20,595,000	Aircastle Ltd., 4.400%, 9/25/2023		21,776,176
	8,160,000	Aircastle Ltd., 5.000%, 4/01/2023		8,727,782
	6,700,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		7,049,272
	18,830,000	International Lease Finance Corp., 4.625%, 4/15/2021		19,418,448
	7,805,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		8,078,175
	6,392,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		6,607,730

				84,717,944

		Food & Beverage — 2.1%
	8,980,000	BRF S.A., 4.875%, 1/24/2030, 144A		9,260,715
	13,750,000	General Mills, Inc., 2.600%, 10/12/2022		13,960,789

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Food & Beverage — continued
$	8,595,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A	$	8,895,825
	4,910,000	JBS USA LUX S.A./JBS USA Finance, Inc., 6.750%, 2/15/2028, 144A		5,425,599
	10,660,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.500%, 1/15/2030, 144A		11,449,906
	10,465,000	NBM U.S Holdings, Inc., 7.000%, 5/14/2026, 144A		11,333,700
	9,535,000	PepsiCo, Inc., 1.700%, 10/06/2021		9,539,187
	45,980,000	PepsiCo, Inc., 2.000%, 4/15/2021		46,111,181

				115,976,902

		Government Guaranteed — 1.0%
	55,000,000	Kreditanstalt fuer Wiederaufbau, 1.500%, 4/20/2020		54,963,095

		Government Owned – No Guarantee — 0.6%
	21,545,000	Petrobras Global Finance BV, 5.750%, 2/01/2029		24,302,760
	6,130,000	Petrobras Global Finance BV, 6.900%, 3/19/2049		7,190,490

				31,493,250

		Health Insurance — 0.5%
	27,570,000	Anthem, Inc., 2.500%, 11/21/2020		27,692,669
	3,040,000	Centene Corp., 6.125%, 2/15/2024		3,154,000

				30,846,669

		Healthcare — 2.3%
	19,420,000	Cigna Corp., 4.375%, 10/15/2028		21,515,185
	1,261,000	Cigna Corp., 7.875%, 5/15/2027, 144A		1,636,465
	13,765,000	CVS Health Corp., 4.100%, 3/25/2025		14,778,987
	23,120,000	HCA, Inc., 4.500%, 2/15/2027		24,934,707
	24,240,000	HCA, Inc., 5.250%, 4/15/2025		27,122,373
	4,580,000	HCA, Inc., 5.250%, 6/15/2026		5,131,121
	17,055,000	HCA, Inc., 5.250%, 6/15/2049		19,066,276
	4,806,000	HCA, Inc., 7.050%, 12/01/2027		5,695,110
	1,592,000	HCA, Inc., 7.500%, 11/06/2033		2,005,920
	1,295,000	HCA, Inc., 7.690%, 6/15/2025		1,560,475
	2,480,000	HCA, Inc., MTN, 7.580%, 9/15/2025		2,963,600
	3,068,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,650,920

				130,061,139

		Independent Energy — 2.4%
	30,195,000	Continental Resources, Inc., 3.800%, 6/01/2024		31,230,311
	10,525,000	Continental Resources, Inc., 4.375%, 1/15/2028		11,192,075
	20,900,000	Diamondback Energy, Inc., 3.500%, 12/01/2029		21,267,840
	10,475,000	Hess Corp., 4.300%, 4/01/2027		11,170,788
	21,000,000	Newfield Exploration Co., 5.625%, 7/01/2024		23,076,580
	6,090,000	Occidental Petroleum Corp., 5.550%, 3/15/2026		6,906,736
	26,185,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		26,315,925
	1,885,000	Viper Energy Partners LP, 5.375%, 11/01/2027, 144A		1,960,400
	60,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		50,501

				133,171,156

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Integrated Energy — 1.9%
$	55,470,000	Chevron Corp., 2.100%, 5/16/2021	$	55,820,295
	52,303,000	Shell International Finance BV, 1.875%, 5/10/2021		52,364,230

				108,184,525

		Life Insurance — 2.9%
	5,653,000	American International Group, Inc., 4.200%, 4/01/2028		6,222,858
	1,475,000	American International Group, Inc., 4.875%, 6/01/2022		1,574,744
	8,255,000	CNO Financial Group, Inc., 5.250%, 5/30/2029		9,214,644
	15,000,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		16,032,411
	5,895,000	Metropolitan Life Global Funding I,3-month LIBOR + 0.230%, 2.257%, 1/08/2021, 144A(d)		5,896,889
	30,030,000	Metropolitan Life Global Funding I, 3.375%, 1/11/2022, 144A		30,874,969
	9,063,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		11,839,927
	26,914,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(a)(b)		44,419,441
	6,440,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(a)(b)		8,686,031
	2,872,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		3,695,130
	14,489,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		20,845,306

				159,302,350

		Metals & Mining — 3.5%
	34,334,000	Anglo American Capital PLC, 4.500%, 3/15/2028, 144A		36,798,080
	8,785,000	Anglo American Capital PLC, 4.750%, 4/10/2027, 144A		9,609,741
	47,920,000	ArcelorMittal S.A., 6.750%, 3/01/2041		57,080,018
	19,365,000	ArcelorMittal S.A., 7.000%, 10/15/2039		23,604,524
	7,688,000	Glencore Funding LLC, 3.875%, 10/27/2027, 144A		7,963,615
	39,092,000	Glencore Funding LLC, 4.000%, 3/27/2027, 144A		40,632,231
	11,700,000	Glencore Funding LLC, 4.125%, 3/12/2024, 144A		12,254,535
	7,375,000	Minera Mexico S.A. de CV, 4.500%, 1/26/2050, 144A		7,493,737

				195,436,481

		Midstream — 4.3%
	22,495,000	Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029, 144A		22,972,276
	650,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		682,500
	7,000,000	Energy Transfer Operating LP, 4.950%, 6/15/2028		7,670,707
	36,405,000	Energy Transfer Operating LP, 5.250%, 4/15/2029		40,908,672
	3,115,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		2,460,850
	35,850,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		28,948,875
	7,695,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		6,232,950
	26,650,000	EQM Midstream Partners LP, Series 10Y, 5.500%, 7/15/2028		26,195,171
	14,300,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		14,951,661
	14,660,000	Kinder Morgan Energy Partners LP, 3.500%, 9/01/2023		15,193,563
	3,105,000	Kinder Morgan Energy Partners LP, 5.300%, 9/15/2020		3,175,567
	7,461,000	Kinder Morgan Energy Partners LP, 5.800%, 3/01/2021		7,767,080
	14,040,000	MPLX LP, 4.250%, 12/01/2027, 144A		14,784,260
	85,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		109,751
	225,000	Plains All American Pipeline LP/PAA Finance Corp., 2.850%, 1/31/2023		227,246
	40,610,000	Sunoco Logistics Partners Operations LP, 4.000%, 10/01/2027		42,017,038
	8,405,000	Williams Cos., Inc., 3.350%, 8/15/2022		8,612,025

				242,910,192

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Mortgage Related — 0.0%
$	1,531	FNMA, 6.000%, 7/01/2029	$	1,714

		Non-Agency Commercial Mortgage-Backed Securities — 0.8%
	405,000	Commercial Mortgage Trust, Series2012-LC4, Class C, 5.537%, 12/10/2044(c)		420,541
	3,205,000	Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class D,1-month LIBOR + 3.600%, 5.340%, 1/15/2034, 144A(d)		3,221,000
	12,790,000	Credit Suisse Mortgage Trust, Series2014-USA, Class D, 4.373%, 9/15/2037, 144A		12,565,772
	5,095,000	DBUBS Mortgage Trust, Series 2017-BRBK, Class D, 3.530%, 10/10/2034, 144A(c)		5,168,617
	9,406,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class D, 3.550%, 3/05/2033, 144A(c)		8,168,264
	3,456,000	Morgan Stanley Capital I Trust, Series2011-C2, Class E, 5.488%, 6/15/2044, 144A(c)		3,359,799
	6,706,000	UBS-Barclays Commercial Mortgage Trust, Series2012-C2, Class E, 4.890%, 5/10/2063, 144A(a)(b)(c)		5,600,395
	3,557,000	WFRBS Commercial Mortgage Trust, Series2011-C2, Class D, 5.652%, 2/15/2044, 144A(c)		3,621,132
	2,125,000	WFRBS Commercial Mortgage Trust, Series2011-C3, Class D, 5.683%, 3/15/2044, 144A(c)		1,624,085
	1,746,000	WFRBS Commercial Mortgage Trust, Series2012-C7, Class C, 4.813%, 6/15/2045(c)		1,782,563
	865,000	WFRBS Commercial Mortgage Trust, Series2012-C7, Class E, 4.813%, 6/15/2045, 144A(c)		741,872

				46,274,040

		Paper — 0.1%
	2,910,000	WestRock MWV LLC, 7.550%, 3/01/2047(a)(b)		4,003,917

		Pharmaceuticals — 1.3%
	27,550,000	Gilead Science, Inc., 2.550%, 9/01/2020		27,667,397
	10,312,000	Mylan NV, 5.250%, 6/15/2046		11,598,532
	2,459,000	Mylan, Inc., 5.200%, 4/15/2048		2,753,192
	2,764,000	Mylan, Inc., 5.400%, 11/29/2043		3,063,221
	17,010,000	Teva Pharmaceutical Finance Netherlands III BV, 2.800%, 7/21/2023		15,748,539
	8,000,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		6,660,000
	5,500,000	Teva Pharmaceutical Finance Netherlands III BV, 6.000%, 4/15/2024		5,572,820

				73,063,701

		Property & Casualty Insurance — 0.1%
	2,740,000	Fidelity National Financial, Inc., 5.500%, 9/01/2022		2,950,234

		REITs – Health Care — 0.1%
	5,972,000	Welltower, Inc., 6.500%, 3/15/2041		8,093,807

		REITs – Mortgage — 0.2%
	8,565,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 3/15/2022, 144A		8,896,894

		REITs – Single Tenant — 0.2%
	8,690,000	Realty Income Corp., 5.750%, 1/15/2021		8,939,740

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Retailers — 0.5%
$	391,381	CVS Pass Through Trust, 5.773%, 1/10/2033, 144A	$	440,687
	430,009	CVS Pass Through Trust, 6.036%, 12/10/2028		478,846
	11,637,350	CVS Pass Through Trust, Series 2013, 4.704%, 1/10/2036, 144A		12,463,253
	1,220,180	CVS Pass Through Trust, Series 2014, 4.163%, 8/11/2036, 144A		1,265,376
	1,255,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		1,272,256
	8,064,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		9,108,965
	3,755,000	PVH Corp., 7.750%, 11/15/2023		4,412,876

				29,442,259

		Supermarkets — 0.0%
	325,000	Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040		401,319

		Technology — 4.0%
	27,985,000	Avnet, Inc., 4.625%, 4/15/2026		29,615,642
	26,185,000	Broadcom Corp./Broadcom Cayman Finance Ltd., 3.000%, 1/15/2022		26,572,385
	27,405,000	Broadcom, Inc., 4.750%, 4/15/2029, 144A		29,966,901
	27,558,000	Cisco Systems, Inc., 1.850%, 9/20/2021		27,576,871
	22,066,000	Cisco Systems, Inc., 2.200%, 2/28/2021		22,195,159
	13,560,000	Equifax, Inc., 3.600%, 8/15/2021		13,873,934
	17,195,000	Equinix, Inc., 3.200%, 11/18/2029		17,258,965
	7,440,000	Jabil, Inc., 4.700%, 9/15/2022		7,884,816
	16,735,000	KLA Corp., 5.650%, 11/01/2034		20,059,106
	10,768,000	Micron technology, Inc., 4.663%, 2/15/2030		11,864,116
	1,857,000	Micron Technology, Inc., 5.327%, 2/06/2029		2,130,327
	5,000,000	Oracle Corp., 2.800%, 7/08/2021		5,076,442
	9,135,000	Verisk Analytics, Inc., 4.125%, 3/15/2029		10,032,340

				224,107,004

		Treasuries — 19.6%
	210,910,000	U.S. Treasury Bond, 3.000%, 8/15/2048		238,138,810
	111,500,000	U.S. Treasury Bond, 3.000%, 2/15/2049		126,116,953
	55,260,000	U.S. Treasury Note, 1.500%, 8/31/2021		55,173,656
	88,910,000	U.S. Treasury Note, 1.625%, 8/15/2029		86,683,777
	30,000,000	U.S. Treasury Note, 1.500%, 4/15/2020		29,991,797
	166,145,000	U.S. Treasury Note, 1.500%, 10/31/2021		165,917,848
	67,000,000	U.S. Treasury Note, 1.500%, 11/30/2021		66,911,016
	28,000,000	U.S. Treasury Note, 2.375%, 4/30/2020		28,067,813
	284,065,000	U.S. Treasury Note, 2.375%, 5/15/2029		295,460,890

				1,092,462,560

		Wireless — 0.6%
	22,660,000	Crown Castle International Corp., 3.650%, 9/01/2027		23,981,445
	6,615,000	Crown Castle International Corp., 4.000%, 3/01/2027		7,143,059

				31,124,504

		Wirelines — 2.1%
	61,415,000	AT&T, Inc., 4.300%, 2/15/2030		68,243,795
	435,000	AT&T, Inc., 4.350%, 6/15/2045		469,631
	3,105,000	AT&T, Inc., 4.500%, 3/09/2048		3,430,398
	7,980,000	AT&T, Inc., 4.850%, 3/01/2039		9,204,291
	27,220,000	Telefonica Emisiones S.A., 5.520%, 3/01/2049		34,149,463

				115,497,578

		TotalNon-Convertible Bonds (Identified Cost $4,909,449,415)		5,232,967,808

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Convertible Bonds — 0.7%
		Cable Satellite — 0.2%
$	9,050,000	DISH Network Corp., 2.375%, 3/15/2024	$	8,263,555
	6,190,000	DISH Network Corp., 3.375%, 8/15/2026		5,954,161

				14,217,716

		Diversified Manufacturing — 0.1%
	5,165,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		4,985,885

		Independent Energy — 0.1%
	6,390,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		3,044,094

		Pharmaceuticals — 0.3%
	14,075,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		14,870,220

		Total Convertible Bonds (Identified Cost $40,552,831)		37,117,915


	Municipals — 0.1%
		Michigan — 0.0%
	1,575,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		1,630,141

		Virginia — 0.1%
	7,595,000	Tobacco Settlement Financing Corp., SeriesA-1, 6.706%, 6/01/2046		7,315,124

		Total Municipals (Identified Cost $8,905,434)		8,945,265


		Total Bonds and Notes (Identified Cost $4,958,907,680)		5,279,030,988


	Collateralized Loan Obligations — 2.0%
	2,905,000	Atrium XII, Series 12A,Class AR, 3-month LIBOR + 0.830%, 2.783%, 4/22/2027, 144A(d)		2,901,318
	9,918,973	CVP Cascade CLO Ltd., Series2014-2A,Class A1R, 3-month LIBOR + 1.200%, 3.203%, 7/18/2026, 144A(d)		9,918,489
	8,702,094	Elevation CLO Ltd., Series2015-4A,Class AR, 3-month LIBOR + 0.990%, 2.993%, 4/18/2027, 144A(d)		8,701,466
	1,785,164	Flatiron CLO Ltd., Series2015-1A,Class AR, 3-month LIBOR + 0.890%, 2.891%, 4/15/2027, 144A(d)		1,783,831
	5,490,000	Halcyon Loan Advisors Funding, Series2014-3A,Class B1R, 3-month LIBOR + 1.700%, 3.653%, 10/22/2025, 144A(d)		5,502,457
	6,696,544	Halcyon Loan Advisors Funding Ltd., Series2014-2A, Class A1BR,3-month LIBOR + 1.180%, 3.116%, 4/28/2025, 144A(d)		6,696,410
	11,630,006	Jamestown CLO VII Ltd., Series2015-7A,Class A1R, 3-month LIBOR + 0.830%, 2.770%, 7/25/2027, 144A(d)		11,626,822
	966,464	Limerock CLO III LLC, Series2014-3A,Class A1R, 3-month LIBOR + 1.200%, 3.166%, 10/20/2026, 144A(d)		965,735
	13,685,000	Mountain View CLO X Ltd., Series2015-10A,Class AR, 3-month LIBOR + 0.820%, 2.821%, 10/13/2027, 144A(d)		13,636,346
	11,250,000	OCP CLO Ltd, Series2015-10A,Class A1R, 3-month LIBOR + 0.820%, 2.756%, 10/26/2027, 144A(d)		11,246,469

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Collateralized Loan Obligations — (continued)
$	3,115,383	OFSI Fund VII Ltd., Series2014-7A,Class AR, 3-month LIBOR + 0.900%, 2.903%, 10/18/2026, 144A(d)	$	3,115,245
	13,210,000	Parallel Ltd., Series2015-1A,Class AR, 3-month LIBOR + 0.850%, 2.816%, 7/20/2027, 144A(d)		13,186,096
	6,012,067	Staniford Street CLO Ltd., Series2014-1A,Class AR, 3-month LIBOR + 1.180%, 3.074%, 6/15/2025, 144A(d)		6,010,854
	4,471,640	Venture VII CDO Ltd., Series2006-7A,Class B, 3-month LIBOR + 0.380%, 2.346%, 1/20/2022, 144A(d)		4,470,318
	5,960,386	Venture XII CLO Ltd., Series2012-12A,Class ARR, 3-month LIBOR + 0.800%, 2.714%, 2/28/2026, 144A(d)		5,950,385
	8,219,760	West CLO Ltd., Series2014-1A,Class A1R, 3-month LIBOR + 0.920%, 2.923%, 7/18/2026, 144A(d)		8,212,081

		Total Collateralized Loan Obligations (Identified Cost $114,044,833)		113,924,322


Shares
	Preferred Stocks — 0.3%
		Food & Beverage — 0.3%
	138,889	Bunge Ltd., 4.875%		14,301,982

		Independent Energy — 0.0%
	40,860	Chesapeake Energy Corp., 5.000%(a)(b)(e)		721,179

		Total Preferred Stocks (Identified Cost $17,780,899)		15,023,161


Principal Amount (‡)
	Short-Term Investments — 2.3%
	2,690,358,211	Central Bank of Iceland, 0.000%, (ISK)(a)(b)(d)(f)		22,221,510
	104,719,265	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2019 at 0.900% to be repurchased at $104,724,501 on 1/02/2020 collateralized by $105,170,000 U.S. Treasury Note, 2.000% due 5/31/2024 valued at $106,815,385 including accrued interest (Note 2 of Notes to Financial Statements)		104,719,265

		Total Short-Term Investments (Identified Cost $126,617,021)		126,940,775


		Total Investments — 99.3% (Identified Cost $5,217,350,433)		5,534,919,246
		Other assets less liabilities — 0.7%		39,076,851

		Net Assets — 100.0%	$	5,573,996,097


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Illiquid security. (Unaudited)

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Investment Grade Bond Fund – (continued)



	(b)			Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At December 31, 2019, the value of these securities amounted to $163,123,037 or 2.9% of net assets. See Note 2 of Notes to Financial Statements.
	(c)			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 December 31, 2019 is disclosed.
	(d)			Variable rate security. Rate as of December 31, 2019 is disclosed.
	(e)			Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(f)			Security callable by issuer at any time. No specified maturity 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 December 31, 2019, the value of Rule 144A holdings amounted to $1,736,780,922 or 31.2% of net assets.
	ABS			Asset-Backed Securities
	ARS			Auction Rate Security
	FNMA			Federal National Mortgage Association
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts
	SLM			Sallie Mae

	ISK			Icelandic Krona

Industry Summary at December 31, 2019


Treasuries	19.6	%
Banking	7.9
ABS Car Loan	7.6
ABS Home Equity	4.7
Midstream	4.3
Technology	4.0
ABS Other	3.5
Metals & Mining	3.5
Life Insurance	2.9
Independent Energy	2.5
Food & Beverage	2.4
Healthcare	2.3
Electric	2.2
Automotive	2.1
Wirelines	2.1
ABS Whole Business	2.0
Other Investments, less than 2% each	21.4
Short-Term Investments	2.3
Collateralized Loan Obligations	2.0

Total Investments	99.3
Other assets less liabilities	0.7

Net Assets	100.0	%

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Multi-Asset Income Fund


Shares		Description	Value (†)
	Common Stocks — 44.0% of Net Assets
		Aerospace & Defense — 0.9%
	693	Boeing Co. (The)	$	225,752
	463	General Dynamics Corp.		81,650
	443	HEICO Corp.		50,568
	263	Huntington Ingalls Industries, Inc.		65,981
	456	L3Harris Technologies, Inc.		90,229
	677	Spirit AeroSystems Holdings, Inc., Class A		49,340
	1,195	United Technologies Corp.		178,963

				742,483

		Air Freight & Logistics — 0.2%
	441	FedEx Corp.		66,684
	984	United Parcel Service, Inc., Class B		115,187

				181,871

		Airlines — 0.1%
	100	Delta Air Lines, Inc.		5,848
	2,900	Japan Airlines Co. Ltd.		90,294

				96,142

		Auto Components — 0.3%
	5,224	Faurecia SE		283,599

		Automobiles — 0.1%
	6,257	Ford Motor Co.		58,190
	1,788	General Motors Co.		65,441

				123,631

		Banks — 6.5%
	10,749	Bank of America Corp.		378,580
	122,722	Barclays PLC		292,627
	10,973	BNP Paribas S.A.		652,214
	89,017	CaixaBank S.A.		280,320
	200	Canadian Imperial Bank of Commerce		16,643
	2,621	Citigroup, Inc.		209,392
	1,590	Citizens Financial Group, Inc.		64,570
	21,427	Credit Agricole S.A.		311,791
	45,081	DNB ASA		843,596
	2,059	Fifth Third Bancorp		63,294
	3,983	Huntington Bancshares, Inc.		60,064
	4,132	JPMorgan Chase & Co.		576,001
	3,203	KeyCorp		64,829
	330,303	Lloyds Banking Group PLC		273,630
	569	PNC Financial Services Group, Inc. (The)		90,829
	3,588	Regions Financial Corp.		61,570
	28,051	Societe Generale S.A.		978,923
	1,099	Truist Financial Corp.		61,896
	934	U.S. Bancorp		55,377
	4,927	Wells Fargo & Co.		265,072

				5,601,218

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Beverages — 0.8%
	1,800	Asahi Group Holdings Ltd.	$	82,117
	5,510	Coca-Cola Co. (The)		304,978
	282	Constellation Brands, Inc., Class A		53,510
	321	Molson Coors Brewing Co., Class B		17,302
	1,896	PepsiCo, Inc.		259,126

				717,033

		Biotechnology — 0.8%
	2,788	AbbVie, Inc.		246,849
	1,083	Amgen, Inc.		261,079
	3,105	Gilead Sciences, Inc.		201,763

				709,691

		Building Products — 0.1%
	1,376	Johnson Controls International PLC		56,017

		Capital Markets — 1.3%
	1,261	Bank of New York Mellon Corp. (The)		63,466
	145	BlackRock, Inc.		72,892
	1,754	Charles Schwab Corp. (The)		83,420
	271	CME Group, Inc.		54,395
	1,334	Cohen & Steers, Inc.		83,722
	1,211	Federated Investors, Inc., Class B		39,466
	505	Goldman Sachs Group, Inc. (The)		116,115
	591	Intercontinental Exchange, Inc.		54,697
	267	Moody’s Corp.		63,388
	1,934	Morgan Stanley		98,866
	246	MSCI, Inc.		63,512
	229	Northern Trust Corp.		24,329
	356	S&P Global, Inc.		97,206
	13,500	Singapore Exchange Ltd.		88,913
	453	State Street Corp.		35,832
	496	T. Rowe Price Group, Inc.		60,433

				1,100,652

		Chemicals — 0.8%
	262	Air Products & Chemicals, Inc.		61,567
	467	Celanese Corp.		57,497
	1,208	Dow, Inc.		66,114
	1,086	DuPont de Nemours, Inc.		69,721
	347	Ecolab, Inc.		66,967
	674	Linde PLC		143,495
	660	LyondellBasell Industries NV, Class A		62,357
	497	PPG Industries, Inc.		66,345
	119	Sherwin-Williams Co. (The)		69,441

				663,504

		Commercial Services & Supplies — 0.4%
	232	Cintas Corp.		62,427
	3,100	Dai Nippon Printing Co. Ltd.		83,847

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Commercial Services & Supplies — continued
	1,013	Republic Services, Inc.	$	90,795
	1,324	Waste Management, Inc.		150,883

				387,952

		Communications Equipment — 0.4%
	5,934	Cisco Systems, Inc.		284,595
	346	Motorola Solutions, Inc.		55,754

				340,349

		Construction & Engineering — 0.5%
	2,264	ACS Actividades de Construccion y Servicios S.A.		90,818
	2,348	Eiffage S.A.		269,379
	615	Jacobs Engineering Group, Inc.		55,245

				415,442

		Consumer Finance — 0.3%
	613	American Express Co.		76,313
	697	Capital One Financial Corp.		71,728
	693	Discover Financial Services		58,780
	634	Synchrony Financial		22,830

				229,651

		Containers & Packaging — 0.1%
	1,021	Ball Corp.		66,028
	1,376	International Paper Co.		63,365

				129,393

		Diversified Telecommunication Services — 1.1%
	12,367	AT&T, Inc.		483,302
	51,000	HKT Trust & HKT Ltd.		71,874
	6,265	Verizon Communications, Inc.		384,671

				939,847

		Electric Utilities — 1.0%
	8,074	Contact Energy Ltd.		38,784
	863	Duke Energy Corp.		78,714
	795	Edison International		59,951
	1,375	Evergy, Inc.		89,499
	1,376	Exelon Corp.		62,732
	1,203	FirstEnergy Corp.		58,466
	2,128	Fortum OYJ		52,526
	1,564	Pinnacle West Capital Corp.		140,651
	4,430	PPL Corp.		158,948
	1,466	Southern Co. (The)		93,384

				833,655

		Electrical Equipment — 0.3%
	636	AMETEK, Inc.		63,435
	675	Eaton Corp. PLC		63,936
	891	Emerson Electric Co.		67,948
	356	Rockwell Automation, Inc.		72,150

				267,469

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Electronic Equipment, Instruments & Components — 0.2%
	609	Amphenol Corp., Class A	$	65,912
	2,059	Corning, Inc.		59,938
	617	TE Connectivity Ltd.		59,133

				184,983

		Energy Equipment & Services — 0.1%
	1,910	Schlumberger Ltd.		76,782

		Entertainment — 0.5%
	1,205	Activision Blizzard, Inc.		71,601
	2,519	Walt Disney Co. (The)		364,323

				435,924

		Food & Staples Retailing — 0.8%
	415	Costco Wholesale Corp.		121,977
	2,225	Kroger Co. (The)		64,503
	1,900	Seven & I Holdings Co. Ltd.		69,645
	1,448	Sysco Corp.		123,862
	1,140	Walgreens Boots Alliance, Inc.		67,214
	1,943	Walmart, Inc.		230,906

				678,107

		Food Products — 0.7%
	1,370	Archer-Daniels-Midland Co.		63,499
	2,913	General Mills, Inc.		156,020
	566	Hershey Co. (The)		83,191
	2,023	Kraft Heinz Co. (The)		64,999
	1,815	Mondelez International, Inc., Class A		99,970
	9,385	Tate & Lyle PLC		94,562
	647	Tyson Foods, Inc., Class A		58,903

				621,144

		Health Care Equipment & Supplies — 1.2%
	2,255	Abbott Laboratories		195,869
	776	Baxter International, Inc.		64,889
	403	Becton Dickinson & Co.		109,604
	895	Danaher Corp.		137,365
	2,666	Medtronic PLC		302,458
	432	ResMed, Inc.		66,947
	494	Stryker Corp.		103,710
	414	Zimmer Biomet Holdings, Inc.		61,968

				1,042,810

		Health Care Providers & Services — 1.1%
	1,017	AmerisourceBergen Corp.		86,465
	355	Anthem, Inc.		107,221
	569	Cigna Corp.		116,355
	1,903	CVS Health Corp.		141,374
	455	HCA Healthcare, Inc.		67,253
	215	Humana, Inc.		78,802
	397	McKesson Corp.		54,913

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	1,185	UnitedHealth Group, Inc.	$	348,366

				1,000,749

		Health Care Technology — 0.1%
	850	Cerner Corp.		62,382

		Hotels, Restaurants & Leisure — 0.8%
	605	Hilton Worldwide Holdings, Inc.		67,100
	565	Las Vegas Sands Corp.		39,008
	518	Marriott International, Inc., Class A		78,441
	956	McDonald’s Corp.		188,915
	2,842	Starbucks Corp.		249,869
	655	Yum! Brands, Inc.		65,978

				689,311

		Household Durables — 0.1%
	1,165	DR Horton, Inc.		61,454
	500	Sekisui House Ltd.		10,677
	388	Whirlpool Corp.		57,242

				129,373

		Household Products — 0.8%
	472	Clorox Co. (The)		72,471
	1,075	Colgate-Palmolive Co.		74,003
	718	Kimberly-Clark Corp.		98,761
	3,749	Procter & Gamble Co. (The)		468,250

				713,485

		Independent Power & Renewable Electricity Producers — 0.2%
	3,615	AES Corp. (The)		71,939
	4,400	Northland Power, Inc.		92,164

				164,103

		Industrial Conglomerates — 0.5%
	800	3M Co.		141,136
	5,585	General Electric Co.		62,328
	855	Honeywell International, Inc.		151,335
	160	Roper Technologies, Inc.		56,677

				411,476

		Insurance — 2.3%
	1,323	Aflac, Inc.		69,987
	1,447	American International Group, Inc.		74,274
	352	Aon PLC		73,318
	98,694	Aviva PLC		547,806
	20,772	AXA S.A.		586,939
	584	Chubb Ltd.		90,905
	1,853	Fidelity National Financial, Inc.		84,034
	1,129	Loews Corp.		59,261
	677	Marsh & McLennan Cos., Inc.		75,425
	1,265	MetLife, Inc.		64,477

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Insurance — continued
	1,016	Principal Financial Group, Inc.	$	55,880
	864	Progressive Corp. (The)		62,545
	714	Prudential Financial, Inc.		66,930
	494	Travelers Cos., Inc. (The)		67,653
	293	Willis Towers Watson PLC		59,168

				2,038,602

		Internet & Direct Marketing Retail — 0.1%
	1,439	eBay, Inc.		51,962

		IT Services — 2.3%
	841	Accenture PLC, Class A		177,090
	1,273	Amdocs Ltd.		91,898
	1,114	Automatic Data Processing, Inc.		189,937
	909	Cognizant Technology Solutions Corp., Class A		56,376
	937	Fidelity National Information Services, Inc.		130,327
	347	Global Payments, Inc.		63,348
	1,096	International Business Machines Corp.		146,908
	980	Leidos Holdings, Inc.		95,932
	1,161	MasterCard, Inc., Class A		346,663
	1,600	Nihon Unisys Ltd.		50,190
	1,779	Paychex, Inc.		151,322
	2,433	Visa, Inc., Class A		457,161

				1,957,152

		Leisure Products — 0.1%
	2,500	Sankyo Co. Ltd.		83,032

		Life Sciences Tools & Services — 0.3%
	751	Agilent Technologies, Inc.		64,068
	565	Thermo Fisher Scientific, Inc.		183,551

				247,619

		Machinery — 0.9%
	776	Caterpillar, Inc.		114,599
	352	Cummins, Inc.		62,994
	461	Deere & Co.		79,873
	836	Fortive Corp.		63,862
	508	Illinois Tool Works, Inc.		91,252
	465	Ingersoll-Rand PLC		61,808
	1,900	Mitsubishi Heavy Industries Ltd.		73,676
	1,397	PACCAR, Inc.		110,503
	327	Parker-Hannifin Corp.		67,303
	147	Stanley Black & Decker, Inc.		24,364

				750,234

		Marine — 0.1%
	78,000	SITC International Holdings Co. Ltd.		95,189

		Media — 0.7%
	1,000	Cogeco Communications, Inc.		87,174
	8,266	Comcast Corp., Class A		371,722

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Media — continued
	1,119	Omnicom Group, Inc.	$	90,662
	657	ViacomCBS, Inc., Class B		27,574

				577,132

		Metals & Mining — 0.1%
	1,105	Nucor Corp.		62,189

		Multi-Utilities — 0.7%
	6,429	AGL Energy Ltd.		92,536
	1,800	Canadian Utilities Ltd., Class A		54,296
	2,487	CenterPoint Energy, Inc.		67,821
	800	Consolidated Edison, Inc.		72,376
	943	Dominion Energy, Inc.		78,099
	554	DTE Energy Co.		71,948
	2,496	NiSource, Inc.		69,489
	940	Public Service Enterprise Group, Inc.		55,507
	402	Sempra Energy		60,895

				622,967

		Multiline Retail — 0.3%
	424	Dollar General Corp.		66,136
	1,363	Target Corp.		174,750

				240,886

		Oil, Gas & Consumable Fuels — 1.7%
	2,522	Chevron Corp.		303,926
	1,482	ConocoPhillips		96,374
	1,370	CVR Energy, Inc.		55,389
	2,467	Devon Energy Corp.		64,068
	855	EOG Resources, Inc.		71,615
	5,587	Exxon Mobil Corp.		389,861
	2,807	Kinder Morgan, Inc.		59,424
	1,093	Marathon Petroleum Corp.		65,853
	1,036	Occidental Petroleum Corp.		42,694
	957	ONEOK, Inc.		72,416
	556	Phillips 66		61,944
	523	Pioneer Natural Resources Co.		79,166
	681	Valero Energy Corp.		63,776
	2,948	Williams Cos., Inc. (The)		69,927

				1,496,433

		Personal Products — 0.2%
	327	Estee Lauder Cos., Inc. (The), Class A		67,539
	1,402	Unilever PLC		80,254

				147,793

		Pharmaceuticals — 2.3%
	3,863	Bristol-Myers Squibb Co.		247,966
	1,652	Eli Lilly & Co.		217,122
	3,960	Johnson & Johnson		577,645
	4,522	Merck & Co., Inc.		411,276

See accompanying notes to financial statements.

51 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Pharmaceuticals — continued
	8,034	Pfizer, Inc.	$	314,772
	290	Roche Holding AG		94,251
	814	Zoetis, Inc.		107,733

				1,970,765

		Professional Services — 0.2%
	408	Equifax, Inc.		57,169
	710	TransUnion		60,783
	460	Verisk Analytics, Inc.		68,697

				186,649

		Road & Rail — 0.5%
	1,132	CSX Corp.		81,912
	438	Kansas City Southern		67,084
	424	Norfolk Southern Corp.		82,311
	890	Union Pacific Corp.		160,903
	900	West Japan Railway Co.		77,844

				470,054

		Semiconductors & Semiconductor Equipment — 1.5%
	501	Analog Devices, Inc.		59,539
	1,138	Applied Materials, Inc.		69,463
	724	ASM International NV		81,720
	475	Broadcom, Inc.		150,109
	5,708	Intel Corp.		341,624
	376	KLA Corp.		66,992
	245	Lam Research Corp.		71,638
	557	NVIDIA Corp.		131,062
	1,708	QUALCOMM, Inc.		150,697
	1,227	Texas Instruments, Inc.		157,412
	555	Xilinx, Inc.		54,262

				1,334,518

		Software — 2.2%
	394	Intuit, Inc.		103,200
	646	j2 Global, Inc.		60,537
	9,674	Microsoft Corp.		1,525,590
	4,335	Oracle Corp.		229,668

				1,918,995

		Specialty Retail — 0.9%
	1,300	ABC-Mart, Inc.		88,740
	1,571	Home Depot, Inc. (The)		343,075
	1,158	Lowe’s Cos., Inc.		138,682
	599	Ross Stores, Inc.		69,736
	1,837	TJX Cos., Inc. (The)		112,167

				752,400

		Technology Hardware, Storage & Peripherals — 2.1%
	5,826	Apple, Inc.		1,710,805

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Technology Hardware, Storage & Peripherals — continued
	1,329	Hewlett Packard Enterprise Co.	$	21,078
	3,068	HP, Inc.		63,047

				1,794,930

		Textiles, Apparel & Luxury Goods — 0.3%
	1,845	NIKE, Inc., Class B		186,917
	659	VF Corp.		65,676

				252,593

		Tobacco — 0.8%
	4,567	Altria Group, Inc.		227,939
	2,341	British American Tobacco PLC		99,497
	3,377	Imperial Brands PLC		83,548
	3,079	Philip Morris International, Inc.		261,992

				672,976

		Trading Companies & Distributors — 0.1%
	1,748	Fastenal Co.		64,589
	1,400	ITOCHU Corp.		32,447
	1,200	Sumitomo Corp.		17,824

				114,860

		Transportation Infrastructure — 0.1%
	9,401	Enav SpA, 144A		56,105

		Wireless Telecommunication Services — 0.1%
	2,900	KDDI Corp.		86,525

		Total Common Stocks (Identified Cost $35,187,434)		38,012,788


Principal Amount (‡)
	Bonds and Notes — 38.6%
		Banking — 16.3%
$	1,200,000	Banco Bilbao Vizcaya Argentaria S.A., (fixed rate to 11/16/2027, variable rate thereafter), 6.125%(a)		1,234,500
	1,520,000	Banco BTG Pactual SA, (fixed rate to 2/15/2024, variable rate thereafter), 7.750%, 2/15/2029, 144A		1,609,315
	985,000	Barclays PLC, (fixed rate to 6/15/2024, variable rate thereafter), 8.000%(a)		1,101,969
	495,000	Barclays PLC, (fixed rate to 9/15/2023, variable rate thereafter), 7.750%(a)		540,788
	400,000	CaixaBank S.A., (fixed rate to 3/23/2026, variable rate thereafter), 5.250%, (EUR)(a)		457,990
	1,400,000	Credit Agricole S.A., (fixed rate to 1/23/2024, variable rate thereafter), 7.875%, 144A(a)		1,595,720
	1,100,000	Credit Suisse Group AG, (fixed rate to 9/12/2025, variable rate thereafter), 7.250%, 144A(a)		1,227,875
	1,560,000	HSBC Holdings PLC, (fixed rate to 3/23/2023, variable rate thereafter), 6.250%(a)		1,655,550
	600,000	Lloyds Banking Group PLC, (fixed rate to 9/27/2025, variable rate thereafter), 7.500%(a)		672,750

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	1,405,000	Royal Bank of Scotland Group PLC, (fixed rate to 8/10/2025, variable rate thereafter), 8.000%(a)	$	1,617,267
	1,800,000	Standard Chartered PLC, (fixed rate to 4/02/2023, variable rate thereafter), 7.750%, 144A(a)		1,991,250
	310,000	UniCredit SpA, (fixed rate to 6/03/2023, variable rate thereafter), 6.625%, (EUR)(a)		375,980

				14,080,954

		Cable Satellite — 0.4%
	325,000	DISH DBS Corp., 7.750%, 7/01/2026		344,302

		Chemicals — 1.6%
	335,000	Alpek SAB de CV, 4.250%, 9/18/2029, 144A		341,700
	985,000	SASOL Financing USA LLC, 5.875%, 3/27/2024		1,066,617

				1,408,317

		Finance Companies — 1.6%
	565,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		584,775
	795,000	Unifin Financiera SAB de CV, 8.375%, 1/27/2028, 144A		813,881

				1,398,656

		Financial Other — 0.6%
	490,000	Kuwait Projects Co. SPC Ltd., EMTN, 4.500%, 2/23/2027		512,148

		Food & Beverage — 1.2%
	495,000	JBS Investments II GmbH, 7.000%, 1/15/2026, 144A		538,476
	470,000	NBM U.S Holdings, Inc., 7.000%, 5/14/2026, 144A		509,015

				1,047,491

		Government Owned – No Guarantee — 2.8%
	515,000	DP World Crescent Ltd., 4.848%, 9/26/2028, 144A		565,387
	415,000	OCP S.A., 6.875%, 4/25/2044, 144A		527,457
	240,000	Oztel Holdings SPC Ltd., 5.625%, 10/24/2023, 144A		255,900
	480,000	Perusahaan Listrik Negara PT, 4.125%, 5/15/2027, 144A		505,800
	480,000	Petrobras Global Finance BV, 5.750%, 2/01/2029		541,440

				2,395,984

		Independent Energy — 2.0%
	540,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		541,350
	1,165,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		1,172,281

				1,713,631

		Industrial Other — 0.6%
	475,000	GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 7/31/2026, 144A		499,938

		Media Entertainment — 0.6%
	515,000	Prosus NV, 4.850%, 7/06/2027, 144A		561,268

		Metals & Mining — 1.8%
	625,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		639,062
	820,000	Gold Fields Orogen Holdings BVI Ltd., 6.125%, 5/15/2029, 144A		910,200

				1,549,262

See accompanying notes to financial statements.

| 54

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Midstream — 0.5%
$	380,000	Delek & Avner Tamar Bond Ltd., 5.412%, 12/30/2025, 144A	$	400,734

		Oil Field Services — 0.7%
	600,000	Transocean Poseidon Ltd., 6.875%, 2/01/2027, 144A		636,000

		Property & Casualty Insurance — 0.8%
	510,000	Ardonagh Midco 3 PLC, 8.375%, 7/15/2023, 144A, (GBP)		671,371

		Sovereigns — 1.7%
	530,000	Oman Government International Bond, 6.000%, 8/01/2029, 144A		554,327
	355,000	Qatar Government International Bond, 4.000%, 3/14/2029, 144A		396,181
	405,000	Saudi Government International Bond, 5.250%, 1/16/2050		503,229

				1,453,737

		Supranational — 1.0%
	830,000	African Export-Import Bank (The), 3.994%, 9/21/2029, 144A		842,243

		Technology — 1.0%
	290,000	Dell International LLC/EMC Corp., 8.350%, 7/15/2046, 144A		399,602
	455,000	MTN Mauritius Investments Ltd., 6.500%, 10/13/2026, 144A		502,775

				902,377

		Treasuries — 0.6%
	6,514,000,000	Indonesia Treasury Bond, 8.250%, 5/15/2029, (IDR)		505,823

		Utility Other — 0.3%
	260,000	Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039, 144A		276,487

		Wireless — 2.5%
	900,000	GTH Finance BV, 7.250%, 4/26/2023, 144A		1,013,886
	505,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		557,161
	565,000	Sprint Corp., 7.625%, 3/01/2026		623,082

				2,194,129

		Total Bonds and Notes (Identified Cost $31,652,905)		33,394,852


Shares
	Exchange-Traded Funds — 5.1%
	514,600	Alerian MLP ETF (Identified Cost $4,707,757)		4,374,100


Principal Amount (‡)
	Senior Loans — 2.4%
		Airlines — 2.4%
$	2,063,636	Gol LuxCo S.A., 1st Lien Term Loan, 6.500%, 8/31/2020(b)(c) (Identified Cost $2,061,137)		2,084,272


Shares
	Preferred Stocks — 0.7%
		Technology — 0.7%
	515	Broadcom, Inc., Series A, 8.000% (Identified Cost $523,250)		606,655

See accompanying notes to financial statements.

55 |

Portfolio of Investments – as of December 31, 2019

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 9.0%
$	7,827,130	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2019 at 0.900% to be repurchased at $7,827,521 on 1/02/2020 collateralized by $7,105,000 U.S. Treasury Inflation Indexed Note, 0.125% due 7/15/2022 valued at $7,983,952 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $7,827,130)	$	7,827,130


		Total Investments — 99.8% (Identified Cost $81,959,613)		86,299,797
		Other assets less liabilities — 0.2%		140,350

		Net Assets — 100.0%	$	86,440,147


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Perpetual bond with no specified maturity date.
	(b)	Illiquid security. (Unaudited)
	(c)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At December 31, 2019, the value of these securities amounted to $2,084,272 or 2.4% 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 December 31, 2019, the value of Rule 144A holdings amounted to $21,697,522 or 25.1% of net assets.
	EMTN	Euro Medium Term Note
	ETF	Exchange-Traded Fund

	EUR	Euro
	GBP	British Pound
	IDR	Indonesian Rupiah

Industry Summary at December 31, 2019


Banking	16.3	%
Banks	6.5
Government Owned – No Guarantee	2.8
Wireless	2.5
Airlines	2.5
Chemicals	2.4
Insurance	2.3
Pharmaceuticals	2.3
IT Services	2.3
Software	2.2
Technology Hardware, Storage & Peripherals	2.1
Independent Energy	2.0
Other Investments, less than 2% each	39.5
Short-Term Investments	9.0
Exchange-Traded Funds	5.1

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

See accompanying notes to financial statements.

| 56

Statements of Assets and Liabilities

December 31, 2019


	High Income Fund			Investment Grade Bond Fund		Multi-Asset Income Fund
ASSETS
Investments at cost	$	144,884,838		$	5,217,350,433	$	81,959,613
Net unrealized appreciation		184,563			317,568,813		4,340,184

Investments at value		145,069,401			5,534,919,246		86,299,797
Cash		19,643			482		30,757
Due from broker		103,848			—		—
Foreign currency at value (identified cost $0, $34,356 and $9,422, respectively)		—			34,864		9,462
Receivable for Fund shares sold		288,823			9,988,794		16,822
Receivable for securities sold		261,814			104,000		—
Dividends and interest receivable		1,949,048			40,239,831		640,699
Tax reclaims receivable		—			479		24,292
Prepaid expenses (Note 8)		6			226		4

TOTAL ASSETS		147,692,583			5,585,287,922		87,021,833

LIABILITIES
Payable for Fund shares redeemed		30,991			8,011,293		372,762
Management fees payable (Note 6)		61,121			1,729,877		33,618
Deferred Trustees’ fees (Note 6)		179,116			925,935		94,834
Administrative fees payable (Note 6)		5,058			207,086		3,315
Payable to distributor (Note 6d)		1,772			41,954		583
Other accounts payable and accrued expenses		87,541			375,680		76,574

TOTAL LIABILITIES		365,599			11,291,825		581,686

NET ASSETS	$	147,326,984		$	5,573,996,097	$	86,440,147

NET ASSETS CONSIST OF:
Paid-in capital	$	152,974,132		$	5,229,586,800	$	87,066,139
Accumulated earnings (loss)		(5,647,148	)		344,409,297		(625,992	)

NET ASSETS	$	147,326,984		$	5,573,996,097	$	86,440,147

See accompanying notes to financial statements.

57 |

Statements of Assets and Liabilities (continued)

December 31, 2019


	High Income Fund		Investment Grade Bond Fund		Multi-Asset Income Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	23,199,445	$	772,485,362	$	28,845,182

Shares of beneficial interest		5,454,982		68,180,197		2,199,442

Net asset value and redemption price per share	$	4.25	$	11.33	$	13.11

Offering price per share (100/95.75 of net asset value) (Note 1)	$	4.44	$	11.83	$	13.69

Class C shares:(redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	3,835,901	$	204,394,573	$	16,737,912

Shares of beneficial interest		898,802		18,249,265		1,282,081

Net asset value and offering price per share	$	4.27	$	11.20	$	13.06

Class N shares:
Net assets	$	11,976,561	$	1,367,171,989	$	198,001

Shares of beneficial interest		2,814,782		120,656,644		15,196

Net asset value, offering and redemption price per share	$	4.25	$	11.33	$	13.03

Class Y shares:
Net assets	$	108,315,077	$	3,118,505,157	$	40,659,052

Shares of beneficial interest		25,504,177		275,056,548		3,120,428

Net asset value, offering and redemption price per share	$	4.25	$	11.34	$	13.03

Admin Class shares:
Net assets	$	—	$	111,439,016	$	—

Shares of beneficial interest		—		9,861,865		—

Net asset value, offering and redemption price per share	$	—	$	11.30	$	—

See accompanying notes to financial statements.

| 58

Statements of Operations

For the Year Ended December 31, 2019


	High Income Fund			Investment Grade Bond Fund			Multi-Asset Income Fund
INVESTMENT INCOME
Interest	$	8,398,038		$	213,518,155		$	3,324,106
Dividends		201,777			857,168			1,370,894
Less net foreign taxes withheld		(732	)		(17,886	)		(17,196	)

		8,599,083			214,357,437			4,677,804

Expenses
Management fees (Note 6)		881,481			22,174,684			595,472
Service and distribution fees (Note 6)		104,123			5,236,025			314,220
Administrative fees (Note 6)		64,514			2,440,159			47,707
Trustees’ fees and expenses (Note 6)		37,018			278,420			27,552
Transfer agent fees and expenses (Notes 6 and 7)		161,197			3,672,993			75,793
Audit and tax services fees		54,952			64,267			48,212
Custodian fees and expenses		12,794			134,406			43,164
Legal fees (Note 8)		4,232			170,820			3,084
Registration fees		77,677			206,502			66,381
Shareholder reporting expenses		34,722			440,542			8,553
Miscellaneous expenses (Note 8)		28,698			174,794			33,389

Total expenses		1,461,408			34,993,612			1,263,527
Less waiver and/or expense reimbursement (Note 6)		(224,533	)		(1,590,978	)		(190,284	)

Net expenses		1,236,875			33,402,634			1,073,243

Net investment income		7,362,208			180,954,803			3,604,561

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(386,388	)		73,163,029			(1,281,468	)
Forward foreign currency contracts (Note 2d)		(44,094	)		(670,701	)		(5,147	)
Foreign currency transactions (Note 2c)		—			2,368,603			(78,839	)
Net change in unrealized appreciation (depreciation) on:
Investments		9,712,862			217,944,856			13,596,978
Forward foreign currency contracts (Note 2d)		44,094			670,701			—
Foreign currency translations (Note 2c)		17			(2,229,110	)		1,859

Net realized and unrealized gain on investments, forward foreign currency contracts and foreign currency transactions		9,326,491			291,247,378			12,233,383

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,688,699		$	472,202,181		$	15,837,944

See accompanying notes to financial statements.

59 |

Statements of Changes in Net Assets


	High Income Fund
	Year Ended December 31, 2019			Period Ended December 31, 2018(a)			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment income	$	7,362,208		$	2,214,373		$	8,475,372
Net realized gain (loss) on investments and forward foreign currency contracts		(430,482	)		(6,387,716	)		1,205,344
Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts and foreign currency translations		9,756,973			(3,483,546	)		(7,029,759	)

Net increase (decrease) in net assets resulting from operations		16,688,699			(7,656,889	)		2,650,957

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,135,803	)		(410,882	)		(1,227,019	)
Class C		(194,240	)		(81,814	)		(311,547	)
Class N		(609,528	)		(178,711	)		(259,688	)
Class Y		(5,638,962	)		(2,141,392	)		(5,752,686	)

Total distributions		(7,578,533	)		(2,812,799	)		(7,550,940	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		1,738,584			(23,511,576	)		(3,848,432	)

Net increase (decrease) in net assets		10,848,750			(33,981,264	)		(8,748,415	)
NET ASSETS
Beginning of the year		136,478,234			170,459,498			179,207,913

End of the year	$	147,326,984		$	136,478,234		$	170,459,498

(a)	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

| 60

Statements of Changes in Net Assets (continued)


	Investment Grade Bond Fund
	Year Ended December 31, 2019			Period Ended December 31, 2018(a)			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment income	$	180,954,803		$	44,450,885		$	171,956,415
Net realized gain (loss) on investments, forward foreign currency contracts and foreign currency transactions		74,860,931			(228,459,921	)		(68,790,141	)
Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts and foreign currency translations		216,386,447			150,673,092			(88,370,511	)

Net increase (decrease) in net assets resulting from operations		472,202,181			(33,335,944	)		14,795,763

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(25,364,474	)		(9,439,602	)		(26,935,957	)
Class C		(6,942,862	)		(4,075,458	)		(15,654,049	)
Class N		(47,788,079	)		(16,768,000	)		(41,987,053	)
Class Y		(111,238,434	)		(39,150,105	)		(111,284,265	)
Admin Class		(3,581,152	)		(1,369,684	)		(778,851	)

Total distributions		(194,915,001	)		(70,802,849	)		(196,640,175	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(31,559,822	)		(126,167,759	)		(534,159,760	)

Net increase (decrease) in net assets		245,727,358			(230,306,552	)		(716,004,172	)
NET ASSETS
Beginning of the year		5,328,268,739			5,558,575,291			6,274,579,463

End of the year	$	5,573,996,097		$	5,328,268,739		$	5,558,575,291

(a)	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

61 |

Statements of Changes in Net Assets (continued)


	Multi-Asset Income Fund
	Year Ended December 31, 2019			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	3,604,561		$	5,207,147
Net realized loss on investments, forward foreign currency contracts and foreign currency transactions		(1,365,454	)		(1,541,137	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		13,598,837			(16,770,929	)

Net increase (decrease) in net assets resulting from operations		15,837,944			(13,104,919	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Accumulated earnings
Class A		(1,407,776	)		(3,689,139	)
Class C		(591,756	)		(1,796,319	)
Class N		(2,159	)		(2,353	)
Class Y		(1,679,151	)		(3,691,567	)
Paid-in capital
Class A		(72,102	)		—
Class C		(28,844	)		—
Class N		(532	)		—
Class Y		(109,510	)		—

Total distributions		(3,891,830	)		(9,179,378	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(44,926,409	)		(2,836,090	)

Net decrease in net assets		(32,980,295	)		(25,120,387	)
NET ASSETS
Beginning of the year		119,420,442			144,540,829

End of the year	$	86,440,147		$	119,420,442

See accompanying notes to financial statements.

| 62

Financial Highlights

For a share outstanding throughout each period.


	High Income Fund—Class A
	Year Ended December 31, 2019			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	3.99		$	4.25		$	4.37		$	4.23		$	3.99		$	4.49

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.05			0.20			0.22			0.20			0.19
Net realized and unrealized gain (loss)		0.27			(0.24	)		(0.14	)		0.12			0.21			(0.39	)

Total from Investment Operations		0.47			(0.19	)		0.06			0.34			0.41			(0.20	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.21	)		(0.06	)		(0.18	)		(0.20	)		(0.16	)		(0.19	)
Net realized capital gains		—			(0.01	)		—			—			(0.01	)		(0.11	)

Total Distributions		(0.21	)		(0.07	)		(0.18	)		(0.20	)		(0.17	)		(0.30	)

Net asset value, end of the period	$	4.25		$	3.99		$	4.25		$	4.37		$	4.23		$	3.99

Total return(b)(c)		11.94	%		(4.54	)%(d)		1.41	%		8.17	%		10.66	%		(4.78	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	23,199		$	23,125		$	26,175		$	34,039		$	34,820		$	37,870
Net expenses(e)		1.03	%(f)		1.05	%(g)		1.05	%		1.09	%(h)		1.10	%		1.11	%(i)
Gross expenses		1.18	%		1.27	%(g)		1.16	%		1.15	%		1.14	%		1.13	%
Net investment income		4.84	%		5.13	%(g)		4.73	%		5.03	%		5.16	%		4.41	%
Portfolio turnover rate		48	%		17	%		55	%		46	%		38	%		69	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

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

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

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

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

(f)	Effective July 1, 2019, the expense limit decreased from 1.05% to 1.00%. See Note 6 of Notes to Financial Statements.

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

(h)	Effective July 1, 2017, the expense limit decreased to 1.05%.

(i)	Effective July 1, 2015, the expense limit decreased to 1.10%.

See accompanying notes to financial statements.

63 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	High Income Fund—Class C
	Year Ended December 31, 2019			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	4.00		$	4.27		$	4.38		$	4.24		$	4.00		$	4.50

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.05			0.17			0.18			0.18			0.16
Net realized and unrealized gain (loss)		0.28			(0.26	)		(0.13	)		0.12			0.20			(0.39	)

Total from Investment Operations		0.45			(0.21	)		0.04			0.30			0.38			(0.23	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.05	)		(0.15	)		(0.16	)		(0.13	)		(0.16	)
Net realized capital gains		—			(0.01	)		—			—			(0.01	)		(0.11	)

Total Distributions		(0.18	)		(0.06	)		(0.15	)		(0.16	)		(0.14	)		(0.27	)

Net asset value, end of the period	$	4.27		$	4.00		$	4.27		$	4.38		$	4.24		$	4.00

Total return(b)(c)		11.32	%		(4.95	)%(d)		0.86	%		7.33	%		9.81	%		(5.48	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,836		$	5,351		$	6,248		$	11,227		$	12,288		$	12,609
Net expenses(e)		1.78	%(f)		1.80	%(g)		1.80	%		1.84	%(h)		1.85	%		1.86	%(i)
Gross expenses		1.93	%		2.02	%(g)		1.91	%		1.90	%		1.89	%		1.88	%
Net investment income		4.11	%		4.38	%(g)		3.99	%		4.29	%		4.43	%		3.68	%
Portfolio turnover rate		48	%		17	%		55	%		46	%		38	%		69	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

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

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

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

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

(f)	Effective July 1, 2019, the expense limit decreased from 1.80% to 1.75%. See Note 6 of Notes to Financial Statements.

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

(h)	Effective July 1, 2017, the expense limit decreased to 1.80%.

(i)	Effective July 1, 2015, the expense limit decreased to 1.85%.

See accompanying notes to financial statements.

| 64

Financial Highlights (continued)

For a share outstanding throughout each period.


	High Income Fund—Class N
	Year Ended December 31, 2019			Period Ended December 31, 2018*			Year Ended September 30, 2018			Period Ended September 30, 2017**
Net asset value, beginning of the period	$	3.99		$	4.25		$	4.36		$	4.16

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.22			0.06			0.20			0.19
Net realized and unrealized gain (loss)		0.26			(0.25	)		(0.12	)		0.18

Total from Investment Operations		0.48			(0.19	)		0.08			0.37

LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.06	)		(0.19	)		(0.17	)
Net realized capital gains		—			(0.01	)		—			—

Total Distributions		(0.22	)		(0.07	)		(0.19	)		(0.17	)

Net asset value, end of the period	$	4.25		$	3.99		$	4.25		$	4.36

Total return(b)		12.28	%		(4.47	)%(c)		1.96	%		8.99	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11,977		$	10,417		$	10,338		$	1
Net expenses(d)		0.72	%(e)		0.75	%(f)		0.75	%		0.75	%(f)(g)
Gross expenses		0.82	%		0.89	%(f)		0.79	%		31.73	%(f)
Net investment income		5.13	%		5.45	%(f)		4.65	%		5.19	%(f)
Portfolio turnover rate		48	%		17	%		55	%		46	%(h)

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

**	From commencement of Class operations on November 30, 2016 through September 30, 2017.

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

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

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

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

(e)	Effective July 1, 2019, the expense limit decreased from 0.75% to 0.70%. See Note 6 of Notes to Financial Statements.

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

(g)	Effective July 1, 2017, the expense limit decreased to 0.75%.

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

See accompanying notes to financial statements.

65 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	High Income Fund—Class Y
	Year Ended December 31, 2019			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	3.98		$	4.24		$	4.36		$	4.22		$	3.98		$	4.48

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.06			0.21			0.23			0.21			0.20
Net realized and unrealized gain (loss)		0.28			(0.25	)		(0.14	)		0.12			0.21			(0.39	)

Total from Investment Operations		0.49			(0.19	)		0.07			0.35			0.42			(0.19	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.06	)		(0.19	)		(0.21	)		(0.17	)		(0.20	)
Net realized capital gains		—			(0.01	)		—			—			(0.01	)		(0.11	)

Total Distributions		(0.22	)		(0.07	)		(0.19	)		(0.21	)		(0.18	)		(0.31	)

Net asset value, end of the period	$	4.25		$	3.98		$	4.24		$	4.36		$	4.22		$	3.98

Total return(b)		12.52	%		(4.49	)%(c)		1.68	%		8.47	%		10.98	%		(4.54	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	108,315		$	97,585		$	127,699		$	133,940		$	129,169		$	116,837
Net expenses(d)		0.77	%(e)		0.80	%(f)		0.80	%		0.84	%(g)		0.85	%		0.86	%(h)
Gross expenses		0.93	%		1.02	%(f)		0.91	%		0.90	%		0.89	%		0.88	%
Net investment income		5.07	%		5.39	%(f)		4.98	%		5.28	%		5.43	%		4.67	%
Portfolio turnover rate		48	%		17	%		55	%		46	%		38	%		69	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

(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)	Effective July 1, 2019, the expense limit decreased from 0.80% to 0.75%. See Note 6 of Notes to Financial Statements.

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

(g)	Effective July 1, 2017, the expense limit decreased to 0.80%.

(h)	Effective July 1, 2015, the expense limit decreased to 0.85%.

See accompanying notes to financial statements.

| 66

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Class A
	Year Ended December 31, 2019			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	10.77		$	10.98		$	11.30		$	11.59		$	11.10		$	12.11

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.35			0.08			0.30			0.36			0.39			0.40
Net realized and unrealized gain (loss)		0.58			(0.16	)		(0.28	)		0.05			0.48			(0.95	)

Total from Investment Operations		0.93			(0.08	)		0.02			0.41			0.87			(0.55	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.36	)		(0.08	)		(0.21	)		(0.26	)		(0.23	)		(0.34	)
Net realized capital gains		(0.01	)		(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)

Total Distributions		(0.37	)		(0.13	)		(0.34	)		(0.70	)		(0.38	)		(0.46	)

Net asset value, end of the period	$	11.33		$	10.77		$	10.98		$	11.30		$	11.59		$	11.10

Total return(b)		8.78	%(c)		(0.66	)%(c)(d)		0.19	%(c)		3.88	%		8.06	%		(4.72	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	772,485		$	721,110		$	777,391		$	902,955		$	1,130,260		$	1,628,216
Net expenses		0.77	%(e)(f)		0.78	%(e)(g)		0.80	%(e)(h)		0.82	%(i)		0.85	%		0.83	%
Gross expenses		0.81	%		0.82	%(g)		0.82	%		0.82	%		0.85	%		0.83	%
Net investment income		3.10	%		3.09	%(g)		2.73	%		3.23	%		3.49	%		3.38	%
Portfolio turnover rate		44	%(j)		39	%(j)		3	%		10	%		11	%		23	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

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

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

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

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

(f)	Effective July 1, 2019, the expense limit decreased from 0.78% to 0.76%. See Note 6 of Notes to Financial Statements.

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

(h)	Effective July 1, 2018, the expense limit decreased to 0.78%.

(i)	Effective July 1, 2017, the expense limit decreased to 0.80%.

(j)

The variation in the Fund’s turnover rate from the year ended September 30, 2018 to the period ended December 31, 2018 was primarily due to a changes in the investment strategy and portfolio management team of the Fund. During 2019, turnover has remained elevated due to a continued repositioning of the Fund.

See accompanying notes to financial statements.

67 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Class C
	Year Ended December 31, 2019			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	10.65		$	10.86		$	11.19		$	11.48		$	11.00		$	12.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.06			0.22			0.27			0.30			0.31
Net realized and unrealized gain (loss)		0.58			(0.16	)		(0.28	)		0.06			0.47			(0.94	)

Total from Investment Operations		0.84			(0.10	)		(0.06	)		0.33			0.77			(0.63	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.06	)		(0.14	)		(0.18	)		(0.14	)		(0.25	)
Net realized capital gains		(0.01	)		(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)

Total Distributions		(0.29	)		(0.11	)		(0.27	)		(0.62	)		(0.29	)		(0.37	)

Net asset value, end of the period	$	11.20		$	10.65		$	10.86		$	11.19		$	11.48		$	11.00

Total return(b)		7.94	%(c)		(0.86	)%(c)(d)		(0.53	)%(c)		3.12	%		7.18	%		(5.40	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	204,395		$	366,068		$	412,788		$	689,798		$	1,001,522		$	1,219,687
Net expenses		1.52	%(e)(f)		1.53	%(e)(g)		1.55	%(e)(h)		1.57	%(i)		1.60	%		1.58	%
Gross expenses		1.56	%		1.57	%(g)		1.57	%		1.57	%		1.60	%		1.58	%
Net investment income		2.35	%		2.34	%(g)		1.96	%		2.49	%		2.74	%		2.63	%
Portfolio turnover rate		44	%(j)		39	%(j)		3	%		10	%		11	%		23	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

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

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

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

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

(f)	Effective July 1, 2019, the expense limit decreased from 1.53% to 1.51%. See Note 6 of Notes to Financial Statements.

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

(h)	Effective July 1, 2018, the expense limit decreased to 1.53%.

(i)	Effective July 1, 2017, the expense limit decreased to 1.55%.

(j)

See accompanying notes to financial statements.

| 68

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Class N
	Year Ended December 31, 2019			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	10.78		$	10.98		$	11.30		$	11.58		$	11.11		$	12.11

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.38			0.09			0.34			0.39			0.43			0.44
Net realized and unrealized gain (loss)		0.58			(0.15	)		(0.28	)		0.07			0.47			(0.93	)

Total from Investment Operations		0.96			(0.06	)		0.06			0.46			0.90			(0.49	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.40	)		(0.09	)		(0.25	)		(0.30	)		(0.28	)		(0.39	)
Net realized capital gains		(0.01	)		(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)

Total Distributions		(0.41	)		(0.14	)		(0.38	)		(0.74	)		(0.43	)		(0.51	)

Net asset value, end of the period	$	11.33		$	10.78		$	10.98		$	11.30		$	11.58		$	11.11

Total return		9.11	%		(0.58	)%(b)		0.50	%		4.34	%		8.31	%		(4.28	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,367,172		$	1,216,690		$	1,251,189		$	1,203,169		$	47,343		$	21,851
Net expenses		0.47	%(c)		0.48	%(d)		0.47	%(e)		0.48	%(f)		0.47	%		0.47	%
Gross expenses		0.47	%		0.48	%(d)		0.47	%		0.48	%		0.47	%		0.47	%
Net investment income		3.40	%		3.40	%(d)		3.05	%		3.51	%		3.88	%		3.78	%
Portfolio turnover rate		44	%(g)		39	%(g)		3	%		10	%		11	%		23	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

(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)	Effective July 1, 2019, the expense limit decreased from 0.48% to 0.46%. See Note 6 of Notes to Financial Statements.

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

(e)	Effective July 1, 2018, the expense limit decreased to 0.48%.

(f)	Effective July 1, 2017, the expense limit decreased to 0.50%.

(g)

See accompanying notes to financial statements.

69 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Class Y
	Year Ended December 31, 2019			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	10.78		$	10.99		$	11.31		$	11.59		$	11.11		$	12.12

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.37			0.09			0.33			0.39			0.42			0.43
Net realized and unrealized gain (loss)		0.59			(0.16	)		(0.28	)		0.06			0.47			(0.95	)

Total from Investment Operations		0.96			(0.07	)		0.05			0.45			0.89			(0.52	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.39	)		(0.09	)		(0.24	)		(0.29	)		(0.26	)		(0.37	)
Net realized capital gains		(0.01	)		(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)

Total Distributions		(0.40	)		(0.14	)		(0.37	)		(0.73	)		(0.41	)		(0.49	)

Net asset value, end of the period	$	11.34		$	10.78		$	10.99		$	11.31		$	11.59		$	11.11

Total return		9.04	%^(b)		(0.59	)%^(b)(c)		0.43	%^(b)		4.24	%		8.25	%		(4.47	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,118,505		$	2,912,537		$	3,001,906		$	3,453,137		$	4,571,167		$	6,081,536
Net expenses		0.52	%^(d)(e)		0.53	%^(d)(f)		0.55	%^(d)(g)		0.57	%^(h)		0.60	%		0.58	%
Gross expenses		0.56	%		0.57	%^(f)		0.57	%		0.57	%		0.60	%		0.58	%
Net investment income		3.35	%		3.35	%^(f)		2.98	%		3.48	%		3.74	%		3.63	%
Portfolio turnover rate		44	%⁽ⁱ⁾		39	%⁽ⁱ⁾		3	%		10	%		11	%		23	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

(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)	Effective July 1, 2019, the expense limit decreased from 0.53% to 0.51%. See Note 6 of Notes to Financial Statements.

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

(g)	Effective July 1, 2018, the expense limit decreased to 0.53%.

(h)	Effective July 1, 2017, the expense limit decreased to 0.55%.

(i)

See accompanying notes to financial statements.

| 70

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Admin Class
	Year Ended December 31, 2019			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	10.75		$	10.95		$	11.28		$	11.56		$	11.08		$	12.09

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.32			0.08			0.28			0.34			0.37			0.37
Net realized and unrealized gain (loss)		0.58			(0.15	)		(0.28	)		0.06			0.47			(0.95	)

Total from Investment Operations		0.90			(0.07	)		0.00	^(b)		0.40			0.84			(0.58	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.34	)		(0.08	)		(0.20	)		(0.24	)		(0.21	)		(0.31	)
Net realized capital gains		(0.01	)		(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)

Total Distributions		(0.35	)		(0.13	)		(0.33	)		(0.68	)		(0.36	)		(0.43	)

Net asset value, end of the period	$	11.30		$	10.75		$	10.95		$	11.28		$	11.56		$	11.08

Total return		8.43	%^(c)		(0.63	)%^(c)(d)		(0.07	)%^(c)		3.76	%^(c)		7.73	%		(4.95	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	111,439		$	111,864		$	115,301		$	25,521		$	35,294		$	37,355
Net expenses		1.02	%^(e)(f)		1.03	%^(e)(g)		1.02	%^(e)(h)(i)		1.02	%^(e)(j)(k)		1.07	%^(l)		1.08	%
Gross expenses		1.06	%		1.07	%^(g)		1.05	%^(h)		1.03	%^(j)		1.07	%^(l)		1.08	%
Net investment income		2.85	%		2.85	%^(g)		2.56	%		3.03	%		3.27	%		3.14	%
Portfolio turnover rate		44	%^(m)		39	%^(m)		3	%		10	%		11	%		23	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

(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)	Effective July 1, 2019, the expense limit decreased from 1.03% to 1.01%. See Note 6 of Notes to Financial Statements.

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

(h)	Includes refund of prior year service fee of 0.02%.

(i)	Effective July 1, 2018, the expense limit decreased to 1.03%.

(j)	Includes refund of prior year service fee of 0.05%.

(k)	Effective July 1, 2017, the expense limit decreased to 1.05%.

(l)	Includes refund of prior year service fee of 0.03%.

(m)

The variation in the Fund’s turnover rate from the year ended September 30, 2018 to the period ended December 31, 2018 was primarily due to a change in the investment strategy and management structure of the Fund. During 2019, turnover has remained elevated due to a continued repositioning of the Fund.

See accompanying notes to financial statements.

71 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Multi-Asset Income Fund—Class A
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	11.78		$	13.87		$	13.24		$	12.85		$	13.45

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.42			0.48			0.47			0.49			0.32
Net realized and unrealized gain (loss)		1.36			(1.71	)		1.15			0.80			(0.58	)

Total from Investment Operations		1.78			(1.23	)		1.62			1.29			(0.26	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.42	)		(0.42	)		(0.45	)		(0.40	)		(0.34	)
Net realized capital gains		—			(0.44	)		(0.54	)		(0.50	)		—
Paid-in capital		(0.03	)		—			—			—			—

Total Distributions		(0.45	)		(0.86	)		(0.99	)		(0.90	)		(0.34	)

Net asset value, end of the period	$	13.11		$	11.78		$	13.87		$	13.24		$	12.85

Total return(b)(c)		15.39	%		(9.24	)%		12.41	%		10.14	%		(1.96	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	28,845		$	51,028		$	54,754		$	57,320		$	63,254
Net expenses(d)		0.95	%		0.95	%		0.95	%		0.95	%		1.04	%(e)
Gross expenses		1.13	%		1.11	%		1.13	%		1.09	%		1.11	%
Net investment income		3.37	%		3.63	%		3.37	%		3.70	%		2.40	%
Portfolio turnover rate		277	%		282	%		221	%		341	%(f)		93	%

(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)	Effective September 1, 2015, the expense limit decreased from 1.25% to 0.95%.

(f)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

See accompanying notes to financial statements.

| 72

Financial Highlights (continued)

For a share outstanding throughout each period.


	Multi-Asset Income Fund—Class C
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	11.73		$	13.82		$	13.18		$	12.80		$	13.41

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.33			0.38			0.36			0.39			0.24
Net realized and unrealized gain (loss)		1.36			(1.71	)		1.16			0.79			(0.60	)

Total from Investment Operations		1.69			(1.33	)		1.52			1.18			(0.36	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.34	)		(0.32	)		(0.34	)		(0.30	)		(0.25	)
Net realized capital gains		—			(0.44	)		(0.54	)		(0.50	)		—
Paid-in capital		(0.02	)		—			—			—			—

Total Distributions		(0.36	)		(0.76	)		(0.88	)		(0.80	)		(0.25	)

Net asset value, end of the period	$	13.06		$	11.73		$	13.82		$	13.18		$	12.80

Total return(b)(c)		14.59	%		(9.96	)%		11.70	%		9.27	%		(2.73	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	16,738		$	24,058		$	36,814		$	46,351		$	47,791
Net expenses(d)		1.70	%		1.70	%		1.70	%		1.70	%		1.80	%(e)
Gross expenses		1.88	%		1.86	%		1.88	%		1.84	%		1.87	%
Net investment income		2.62	%		2.83	%		2.65	%		2.96	%		1.78	%
Portfolio turnover rate		277	%		282	%		221	%		341	%(f)		93	%

(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.

(e)	Effective September 1, 2015, the expense limit decreased from 2.00% to 1.70%.

(f)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

See accompanying notes to financial statements.

73 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Multi-Asset Income Fund—Class N
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Period Ended December 31, 2015*
Net asset value, beginning of the period	$	11.70		$	13.79		$	13.16		$	12.77		$	12.70

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.45			0.52			0.51			0.53			0.14
Net realized and unrealized gain (loss)		1.37			(1.71	)		1.15			0.80			0.10

Total from Investment Operations		1.82			(1.19	)		1.66			1.33			0.24

LESS DISTRIBUTIONS FROM:
Net investment income		(0.46	)		(0.46	)		(0.49	)		(0.44	)		(0.17	)
Net realized capital gains		—			(0.44	)		(0.54	)		(0.50	)		—
Paid-in capital		(0.03	)		—			—			—			—

Total Distributions		(0.49	)		(0.90	)		(1.03	)		(0.94	)		(0.17	)

Net asset value, end of the period	$	13.03		$	11.70		$	13.79		$	13.16		$	12.77

Total return(b)		15.86	%		(9.02	)%		12.83	%		10.53	%		1.91	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	198		$	32		$	35		$	1		$	1
Net expenses(d)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(e)
Gross expenses		1.96	%		1.35	%		1.35	%		13.53	%		13.66	%(e)
Net investment income		3.57	%		3.93	%		3.71	%		4.02	%		3.22	%(e)
Portfolio turnover rate		277	%		282	%		221	%		341	%(f)		93	%

*	From commencement of Class operations on August 31, 2015 through December 31, 2015.

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

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

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

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

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

(f)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

See accompanying notes to financial statements.

| 74

Financial Highlights (continued)

For a share outstanding throughout each period.


	Multi-Asset Income Fund—Class Y
	Year Ended December 31, 2019		Year Ended December 31, 2018			Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Net asset value, beginning of the period	$	11.70	$	13.80		$	13.17	$	12.79	$	13.39

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.45		0.52			0.49		0.53		0.36
Net realized and unrealized gain (loss)		1.37		(1.73	)		1.16		0.78		(0.59	)

Loomis Sayles Funds Ii N-CSRCertified annual shareholder report (management investment company)