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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06241

Loomis Sayles Funds II

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Natalie Wagner, Esq.

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2021

Item 1. Reports to Stockholders.

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

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Annual Report

September 30, 2021

Loomis Sayles Core Plus Bond Fund

Loomis Sayles Credit Income Fund

Loomis Sayles Global Allocation Fund

Loomis Sayles Growth Fund

Loomis Sayles Intermediate Duration Bond Fund

Loomis Sayles Limited Term Government and Agency Fund

Table of Contents


Portfolio Review			1
Portfolio of Investments			34
Financial Statements			77
Notes to Financial Statements			108

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LOOMIS SAYLES CORE PLUS BOND FUND



Managers		Symbols

Lead Portfolio Managers		Class A NEFRX

Peter W. Palfrey, CFA^®		Class C NECRX

Richard G. Raczkowski		Class N NERNX

Agency MBS Portfolio Managers		Class Y NERYX

Ian Anderson

Barath W. Sankaran, CFA^®

Loomis, Sayles & Company, L.P.

Investment Goal

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

Market Conditions

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

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

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

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

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

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

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

Performance Results

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

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Explanation of Fund Performance

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

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

Outlook

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

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

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

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

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

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

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

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

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

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LOOMIS SAYLES CORE PLUS BOND FUND

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

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

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

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

September 30, 2011 to September 30, 2021

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Average Annual Total Returns — September 30, 2021³



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

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

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

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

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

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

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

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

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

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/22. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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LOOMIS SAYLES CREDIT INCOME FUND



Managers		Symbols

Matthew J. Eagan, CFA^®		Class A LOCAX

Brian P. Kennedy		Class C LOCCX

Elaine M. Stokes		Class N LOCNX

		Class Y LOCYX

Loomis, Sayles & Company, L.P.

Investment Goal

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

Market Conditions

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

Performance Results

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

Explanation of Fund Performance

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

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Outlook

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

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

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

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

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LOOMIS SAYLES CREDIT INCOME FUND

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

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

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Average Annual Total Returns — September 30, 2021³



							Expense Ratios⁴

	1 Year			Life of Fund			Gross			Net

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

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

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

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

Comparative Performance
Bloomberg U.S. Credit Index²		1.45			1.25

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

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

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

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

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LOOMIS SAYLES GLOBAL ALLOCATION FUND



Managers		Symbols

Matthew J. Eagan, CFA^®		Class A LGMAX

Eileen N. Riley, CFA^®		Class C LGMCX

David W. Rolley, CFA^®		Class N LGMNX

Lee M. Rosenbaum		Class Y LSWWX

Loomis, Sayles & Company, L.P.

Investment Goal

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

Market Conditions

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

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

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

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

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

Performance Results

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

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Explanation of Fund Performance

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

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

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

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

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

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

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

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

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

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

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

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

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

Outlook

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

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LOOMIS SAYLES GLOBAL ALLOCATION FUND

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

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

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

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

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

¹	The MSCI All Country World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

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

September 30, 2011 through September 30, 2021

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Top Ten Holdings as of September 30, 2021



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

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

Average Annual Total Returns — September 30, 2021⁴



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

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

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

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

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

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

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

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

2	The MSCI All Country World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The Blended Index is an unmanaged, blended index composed of the following weights: 60% MSCI All Country World Index (Net) and 40% Bloomberg Global Aggregate Bond Index. The Bloomberg Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The four major components of this index are the U.S. Aggregate, the Pan-European Aggregate, the Asian-Pacific Aggregate, and the Canadian Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

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

| 12

LOOMIS SAYLES GROWTH FUND



Manager		Symbols

Aziz V. Hamzaogullari, CFA^®		Class A LGRRX

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

		Class N LGRNX

		Class Y LSGRX

Investment Goal

The Fund seeks long-term growth of capital.

Market Conditions

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

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

Performance Results

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

Explanation of Fund Performance

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

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

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

13 |

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

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

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

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

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

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LOOMIS SAYLES GROWTH FUND

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

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

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

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

Outlook

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

| 16

LOOMIS SAYLES GROWTH FUND

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

September 30, 2011 through September 30, 2021

LOGO

Top Ten Holdings as of September 30, 2021



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

17 |

Average Annual Total Returns — September 30, 2021³



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

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

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

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

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

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

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

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

2	The Russell 1000^® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® Growth Index companies with higher price-to-book ratios and higher forecasted growth values.

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

| 18

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND



Managers		Symbols

Daniel Conklin, CFA^®		Class A LSDRX

Christopher T. Harms		Class C LSCDX

Clifton V. Rowe, CFA^®		Class N LSDNX

		Class Y LSDIX

Loomis, Sayles & Company, L.P.

Investment Goal

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

Market Conditions

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

Performance Results

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

Explanation of Fund Performance

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

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

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

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Outlook

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

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

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

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

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

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

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

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

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

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

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

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

September 30, 2011 through September 30, 2021

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See notes to chart on page 21.

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LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND

Average Annual Total Returns — September 30, 2021⁴



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

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

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

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

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

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

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

As of August 31, 2016, the Fund’s Retail Class shares and Institutional Class shares were redesignated as Class A shares and Class Y shares, respectively. Accordingly, the returns shown in the table for Class A shares prior to August 31, 2016 are those of Retail Class shares, restated to reflect the sales loads of Class A shares, and the returns in the table for Class Y shares prior to August 31, 2016 are those of Institutional Class shares.

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

The Bloomberg U.S. Intermediate Government/Credit Bond Index includes securities in the intermediate maturity range within the Government and Credit Indices. The Government Index includes treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

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

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LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND



Managers		Symbols

Daniel Conklin, CFA^®		Class A NEFLX

Christopher T. Harms		Class C NECLX

Clifton V. Rowe, CFA^®		Class N LGANX

		Class Y NELYX

Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks high current return consistent with preservation of capital.

Market Conditions

Performance Review

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

Explanation of Fund Performance

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

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

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

Outlook

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

| 22

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

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

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

September 30, 2011 through September 30, 2021

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Average Annual Total Returns — September 30, 2021³



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

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

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

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

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

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

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

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

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

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

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ADDITIONAL INFORMATION

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

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

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO SCHEDULES

The Natixis Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. First and third quarter schedules of portfolio holdings are also available at im.natixis.com/funddocuments. A hard copy may be requested from the Fund at no charge by calling 800-225-5478.

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

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UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Fund’s prospectuses. The following examples are intended to help you understand the ongoing costs of investing in the Fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each class of Fund shares shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the Fund from April 1, 2021 through September 30, 2021. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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


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

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

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

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.82%, 1.57%, 0.52% and 0.57% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).


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

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

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

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


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

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.65%, 1.40%, 0.35% and 0.40% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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

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

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BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

•

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

•

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

•

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

•

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

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

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LIQUIDITY RISK MANAGEMENT PROGRAM

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

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

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

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

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

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

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

Annual Program Assessment and Conclusion

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

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

33 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund


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

				64,493,734

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

				59,756,433

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

				111,492,639

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

				29,228,127

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

				17,577,086

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


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

				120,346,965

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

				71,791,055

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

				188,479,380

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

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


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

				799,488,870

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

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

				60,944,759

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

				61,025,550

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

				120,210,488

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

				15,463,031

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

				37,400,012

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

				19,933,854

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

				28,465,066

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

				26,614,192

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

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


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

				188,171,611

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

				213,377,732

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

				18,127,040

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

				146,023,442

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

				240,272,853

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

				39,819,875

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

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

				21,038,409

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

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


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

				89,402,735

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

				13,498,244

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

				33,388,356

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

				36,541,312

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

				76,773,070

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

				88,276,159

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

				155,735,809

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

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


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

				2,252,029,171

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

				14,077,744

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

				129,800,115

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

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

				38,048,247

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

				35,845,583

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


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

				11,473,669

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

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

				2,947,406

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

				18,482,014

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

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

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

				91,822,950

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

				300,764,905

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

				28,385,666

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

				246,875,629

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

				36,876,932

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

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


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

				1,421,393,920

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

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

				95,411,973

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

				59,753,356

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


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

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


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


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

				18,914,521

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

				4,129,193

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

				16,307,307

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

				69,907,772

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

				38,429,040

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

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


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

				15,738,228

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

				11,605,271

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

				19,735,591

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

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

				14,313,958

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

				24,396,417

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

				55,984,055

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

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

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

				34,804,167

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

				4,712,561

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

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

				49,861,119

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

				15,031,414

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

				17,817,798

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

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Core Plus Bond Fund – (continued)


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

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


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

		Net Assets — 100.0%	$	8,849,550,347


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of September 30, 2021 is disclosed.
	(b)	Variable rate security. Rate as of September 30, 2021 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)	Fair valued by the Fund’s adviser. At September 30, 2021, the value of these securities amounted to $1,001,922 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(e)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(f)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open TBA transactions.
	(g)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
	(h)	Position is unsettled. Contract rate was not determined at September 30, 2021 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	(i)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(j)	The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021, the value of Rule 144A holdings amounted to $2,193,450,851 or 24.8% of net assets.
	ABS	Asset-Backed Securities
	EMTN	Euro Medium Term Note
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	GNMA	Government National Mortgage Association
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts
	REMIC	Real Estate Mortgage Investment Conduit
	SOFR	Secured Overnight Financing Rate
	TBA	To Be Announced
	UMBS^®	Uniform Mortgage-Backed Securities

	MXN	Mexican Peso
	UYU	Uruguayan Peso

Industry Summary at September 30, 2021


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

Total Investments	107.7
Other assets less liabilities	(7.7	)

Net Assets	100.0	%

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Credit Income Fund


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

				861,251

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

				145,695

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

				415,566

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

				2,496,380

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

				330,118

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

				99,712

		Cable Satellite — 3.2%
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		122,059
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		123,807
	90,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.950%, 6/30/2062		86,822
	165,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.800%, 3/01/2050		185,164
	15,000	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.875%, 8/15/2027, 144A		15,656
	40,000	DISH DBS Corp., 5.125%, 6/01/2029		39,192
	5,000	Sirius XM Radio, Inc., 5.500%, 7/01/2029, 144A		5,406
	200,000	Time Warner Cable LLC, 4.500%, 9/15/2042		218,868

				796,974

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

				365,651

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

				862,827

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

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Credit Income Fund – (continued)


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

				389,416

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

				1,650,224

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

				262,988

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

				753,043

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

				170,300

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

				149,475

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

				576,276

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

				194,758

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

				594,329

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

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

				159,350

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

				212,475

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

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Credit Income Fund – (continued)


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

				308,563

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

				630,872

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

				921,821

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

				591,621

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

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

				584,193

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

				240,429

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

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

				40,161

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

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

				207,890

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

				239,968

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

				189,881

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

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

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Credit Income Fund – (continued)


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

				1,196,904

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

				3,883,634

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

				682,749

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

				348,299

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


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

				139,097

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

				383,305

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

				83,041

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

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

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

				37,320

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

				293,302

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

				171,311

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


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


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

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


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

				262,921

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

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

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


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

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Credit Income Fund – (continued)


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


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

		Net Assets — 100.0%	$	24,955,540


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

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021, the value of Rule 144A holdings amounted to $7,998,989 or 32.1% of net assets.
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

At September 30, 2021, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		12/21/2021		16	$	2,359,718	$	2,324,000	$	35,718

Industry Summary at September 30, 2021



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

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

Net Assets	100.0	%

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund


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

				70,496,637

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

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

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

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

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

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

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

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

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

				162,901,795

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

				2,535,642,323

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

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

				21,410,882

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

				5,502,972

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

				26,129,552

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

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


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

				241,965,332

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

				16,716,289

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

				48,487,865

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

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


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

				18,858,584

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

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

				5,673,756

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

				2,975,624

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

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

				13,297,590

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

				7,713,023

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

				3,176,258

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

				11,816,720

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

				10,140,816

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

				6,033,444

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

				26,358,042

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

See accompanying notes to financial statements.

51 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


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

				26,720,634

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

				40,211,990

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

				46,115,077

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

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

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

				50,173,846

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

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


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

					2,693,425

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

					16,507,158

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

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

					13,909,365

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

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

					2,489,768

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

					6,386,650

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

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

					9,709,211

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

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

					3,386,925

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

					8,211,594

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

					14,806,076

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

					21,846,309

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

					18,967,737

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


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

				15,477,385

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

				5,904,245

		Switzerland — 0.1%
	930,000	Credit Suisse AG, 2.950%, 4/09/2025(b)		985,836
	2,180,000	Credit Suisse Group AG, (fixed rate to 4/01/2030, variable rate thereafter), 4.194%, 4/01/2031, 144A(b)		2,441,707
	1,500,000	Credit Suisse Group AG, (fixed rate to 5/14/2031, variable rate thereafter), 3.091%, 5/14/2032, 144A		1,533,789
	1,375,000	Novartis Capital Corp., 2.000%, 2/14/2027(b)		1,421,187
	340,000	Willow No. 2 (Ireland) PLC for Zurich Insurance Co. Ltd., EMTN, (fixed rate to 10/01/2025, variable rate thereafter), 4.250%, 10/01/2045(b)		367,669

				6,750,188

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

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

				2,614,122

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

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

				18,714,432

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

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

				3,194,576

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

				13,577,637

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

See accompanying notes to financial statements.

| 54

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


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

See accompanying notes to financial statements.

55 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


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

See accompanying notes to financial statements.

| 56

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


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

				535,610,174

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

				3,693,433

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


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

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


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


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


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

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


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

See accompanying notes to financial statements.

57 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)


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


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

		Net Assets — 100.0%	$	4,877,444,334


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 1,000.
	(†††)	Amount shown represents principal amount including inflation adjustments.
	(††††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Non-income producing security.
	(b)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(c)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(d)	Illiquid security. (Unaudited)
	(e)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At September 30, 2021, the value of these securities amounted to $8,767,057 or 0.2% of net assets. See Note 2 of Notes to Financial Statements.
	(f)	Perpetual bond with no specified maturity date.
	(g)	Treasury Inflation Protected Security (TIPS).
	(h)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
	(i)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
	(j)	Variable rate security. Rate as of September 30, 2021 is disclosed.
	(k)	Position is unsettled. Contract rate was not determined at September 30, 2021 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021, the value of Rule 144A holdings amounted to $353,199,824 or 7.2% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	CPI	Consumer Price Index
	EMTN	Euro Medium Term Note
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note

	AUD	Australian Dollar
	BRL	Brazilian Real
	CAD	Canadian Dollar
	CNH	Chinese Yuan Renminbi Offshore
	CNY	Chinese Yuan Renminbi
	COP	Colombian Peso
	EUR	Euro
	GBP	British Pound
	IDR	Indonesian Rupiah
	ILS	Israeli Shekel
	INR	Indian Rupee
	JPY	Japanese Yen
	KRW	South Korean Won
	MXN	Mexican Peso
	MYR	Malaysian Ringgit
	NOK	Norwegian Krone
	NZD	New Zealand Dollar
	PLN	Polish Zloty
	RON	Romanian Leu
	SEK	Swedish Krona
	SGD	Singapore Dollar
	UYU	Uruguayan Peso
	ZAR	South African Rand

See accompanying notes to financial statements.

| 58

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Global Allocation Fund – (continued)

At September 30, 2021, the Fund had the following open forward foreign currency contracts:


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

Total											$	(4,660,033	)

At September 30, 2021, the Fund had the following open forward cross currency contracts:


Counterparty	Settlement Date		Deliver/Units of Currency		Receive/Units of Currency			Notional Value		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		12/15/2021	NOK	30,959,000		EUR	2,996,891	$	3,476,586	$	(62,832	)

At September 30, 2021, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		12/21/2021	185	$	27,299,811	$	26,871,250	$	428,561
Ultra Long U.S. Treasury Bond		12/21/2021	40		7,882,086		7,642,500		239,586

Total								$	668,147

Industry Summary at September 30, 2021


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

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

Net Assets	100.0	%

Currency Exposure Summary at September 30, 2021


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

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

Net Assets	100.0	%

See accompanying notes to financial statements.

59 |

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Growth Fund


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

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

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

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

				693,945,121

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

				399,647,028

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

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

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

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

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

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

				636,029,484

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

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

				1,852,614,647

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

				1,288,049,478

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

				815,932,128

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

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

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

				852,992,254

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

				1,163,841,781

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

				2,625,785,091

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


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


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

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


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at September 30, 2021


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

Total Investments	99.9
Other assets less liabilities	0.1

Net Assets	100.0	%

See accompanying notes to financial statements.

| 60

Portfolio of Investments – as of September 30, 2021

Loomis Sayles Intermediate Duration Bond Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 95.6% of Net Assets
		ABS Car Loan — 7.6%
$	754,600	American Credit Acceptance Receivables Trust, Series 2019-4, Class C, 2.690%, 12/12/2025, 144A	$	760,840
	90,000	American Credit Acceptance Receivables Trust, Series 2020-2, Class B, 2.480%, 9/13/2024, 144A		90,646
	135,000	American Credit Acceptance Receivables Trust, Series 2020-3, Class B, 1.150%, 8/13/2024, 144A		135,385
	240,000	American Credit Acceptance Receivables Trust, Series 2020-4, Class C, 1.310%, 12/14/2026, 144A		241,827
	385,000	American Credit Acceptance Receivables Trust, Series 2021-3, Class B, 0.660%, 2/13/2026, 144A		385,399
	510,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class B, 3.580%, 10/18/2024		514,704
	480,000	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class B, 2.540%, 7/18/2024		486,965
	423,830	AmeriCredit Automobile Receivables Trust, Series 2019-3, Class A3, 2.060%, 4/18/2024		426,080
	333,554	AmeriCredit Automobile Receivables Trust, Series 2020-1, Class A3, 1.110%, 8/19/2024		334,757
	110,000	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A3, 0.660%, 12/18/2024		110,390
	265,000	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class B, 0.970%, 2/18/2026		267,102
	125,000	AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C, 1.060%, 8/18/2026		125,832
	215,000	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.690%, 1/19/2027		214,575
	100,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.450%, 3/20/2023, 144A		100,791
	140,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		149,227
	266,086	Bank of The West Auto Trust, Series 2019-1, Class A3, 2.430%, 4/15/2024, 144A		268,446
	397,682	Capital One Prime Auto Receivables Trust, Series 2019-2, Class A3, 1.920%, 5/15/2024		401,589
	488,317	CarMax Auto Owner Trust, Series 2020-2, Class A3, 1.700%, 11/15/2024		492,788
	485,000	CarMax Auto Owner Trust, Series 2020-3, Class A3, 0.620%, 3/17/2025		486,699
	220,000	Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.750%, 3/10/2028		219,439
	90,730	CPS Auto Receivables Trust, Series 2020-A, Class B, 2.360%, 2/15/2024, 144A		91,009
	595,000	Credit Acceptance Auto Loan Trust, Series 2019-3A, Class A, 2.380%, 11/15/2028, 144A		603,431
	435,000	Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.010%, 2/15/2029, 144A		441,098
	585,000	Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.390%, 4/16/2029, 144A		600,170
	315,000	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class A, 1.370%, 7/16/2029, 144A		318,116
	265,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.000%, 5/15/2030, 144A		265,146
	17,852	Drive Auto Receivables Trust, Series 2019-3, Class B, 2.650%, 2/15/2024		17,870
	405,000	Drive Auto Receivables Trust, Series 2021-1, Class B, 0.650%, 7/15/2025		406,111
	585,000	Drive Auto Receivables Trust, Series 2021-2, Class B, 0.580%, 12/15/2025		585,131
	113,355	DT Auto Owner Trust, Series 2019-1A, Class C, 3.610%, 11/15/2024, 144A		113,946
	227,705	DT Auto Owner Trust, Series 2019-2A, Class C, 3.180%, 2/18/2025, 144A		229,848
		ABS Car Loan — continued
	54,981	DT Auto Owner Trust, Series 2019-4A, Class B, 2.360%, 1/16/2024, 144A		5

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