Loomis Sayles Funds I N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-08282

Loomis Sayles Funds I

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Russell L. Kane, Esq.

Natixis Distribution, L.P.

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2020

Item 1. Reports to Stockholders.

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

Loomis Sayles Fixed Income Fund

Loomis Sayles Global Bond Fund

Loomis Sayles Inflation Protected Securities Fund

Loomis Sayles Institutional High Income Fund

Loomis Sayles Investment Grade Fixed Income Fund

Semiannual Report

March 31, 2020

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	8
Financial Statements	38
Notes to Financial Statements	54

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling 1-800-633-3330. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically atwww.icsdelivery.com/loomissayles.

LOOMIS SAYLES FIXED INCOME FUND

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

Investment Objective

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

Average Annual Total Returns —  March31, 2020²

													Expense Ratios3
	6 Months			1 year			5 years			10 years			Gross			Net
Institutional Class (Inception1/17/95)		-10.43	%		-6.33	%		1.56	%		4.56	%		0.57	%		0.57	%
Comparative Performance
Bloomberg Barclays U.S. Government/Credit Bond Index1		3.36			9.82			3.54			4.15

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. Formost recent month-end performance, visit loomissayles.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

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

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

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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LOOMIS SAYLES GLOBAL BOND FUND

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

Investment Objective

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

Average Annual Total Returns — March31, 2020²

															Expense Ratios3
	6 Months			1 year			5 years			10 years			Life of Class N		Gross			Net
Institutional Class (Inception5/10/91)		-2.21	%		1.04	%		1.94	%		2.39	%		—		0.76	%		0.70	%
Retail Class (Inception12/31/96)		-2.34			0.85			1.70			2.13			—		1.01			0.95
Class N (Inception2/1/13)		-2.21			1.09			2.02			—			0.94		0.66			0.65
Comparative Performance
Bloomberg Barclays Global Aggregate Bond Index1		0.16			4.20			2.64			2.47			1.41

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

¹  Bloomberg Barclays Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The four major components of this index are the US Aggregate, the Pan-European Aggregate, the Asian-Pacific Aggregate, and the Canadian Aggregate Indices. The Index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

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

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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LOOMIS SAYLES INFLATION PROTECTED SECURITIES FUND

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

Investment Objective

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

Average Annual Total Returns — March31, 2020³

															Expense Ratios4
	6 Months			1 year			5 years			10 years			Life of Class N		Gross			Net
Institutional Class (Inception5/20/91)		3.30	%		7.70	%		2.74	%		3.36	%		—		0.96	%		0.40	%
Retail Class (Inception5/28/10)1		3.25			7.47			2.45			3.09			—		1.21			0.65
Class N (Inception2/1/17)		3.41			7.87			—			—			3.82		0.91			0.35
Comparative Performance
Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index2		2.50			6.85			2.67			3.48			3.44

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

¹  Prior to inception of Retail Class (5/28/10), performance is that of Institutional Class, restated to reflect the higher net expenses of Retail Class.

²  Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index is an unmanaged index that tracks inflation protected securities issued by the U.S. Treasury. On March 1, 1997, Barclays launched the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series-L), a rules-based, market value-weighted index that tracks inflation-protected securities issued by the U.S. Treasury.

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

⁴  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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LOOMIS SAYLES INSTITUTIONAL HIGH INCOME FUND

Managers	Symbol
Matthew J. Eagan, CFA®	Institutional Class	LSHIX
Daniel J. Fuss, CFA®, CIC
Elaine M. Stokes

Investment Objective

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

Average Annual Total Returns — March31, 2020²

													Expense Ratios3
	6 Months4			1 year			5 years			10 years			Gross			Net
Institutional Class (Inception6/5/96)		-15.84	%		-15.32	%		-0.04	%		4.46	%		0.68	%		0.68	%
Comparative Performance
Bloomberg Barclays U.S. Corporate High-Yield Bond Index1		-10.40			-6.94			2.78			5.64

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

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

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

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

⁴  Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only, and as such, the total returns reflected above are different from the total returns reported in the financial highlights. The returns presented in the table above are what an investor would have actually experienced.

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LOOMIS SAYLES INVESTMENT GRADE FIXED INCOME FUND

Managers	Symbols
Matthew J. Eagan, CFA®	Institutional Class	LSIGX
Daniel J. Fuss, CFA®, CIC
Brian P. Kennedy
Elaine M. Stokes

Investment Objective

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

Average Annual Total Returns — March31, 2020²

													Expense Ratios3
	6 Months			1 year			5 years			10 years			Gross			Net
Institutional Class (Inception7/1/94)		-5.35	%		-2.57	%		2.00	%		4.13	%		0.50	%		0.50	%
Comparative Performance
Bloomberg Barclays U.S. Government/Credit Bond Index1		3.36			9.82			3.54			4.15

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

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

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

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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ADDITIONAL INFORMATION

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

Additional Index Information

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

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

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Loomis Sayles at800-633-3330; on the Funds’ website at www.loomissayles.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Funds’ website and the SEC’s website.

Quarterly Portfolio Schedules

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

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

UNDERSTANDING YOUR FUND’S EXPENSES

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

The first line in the table for each class of Fund shares shows theactual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2019 through March 31, 2020. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

Loomis Sayles Fixed Income Fund

Institutional Class	Beginning Account Value 10/1/2019		Ending Account Value 3/31/2020		Expenses Paid During Period* 10/1/2019 – 3/31/2020
Actual	$	1,000.00	$	895.70	$	2.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.10	$	2.93
* Expenses are equal to the Fund’s annualized expense ratio of 0.58%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period).

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Loomis Sayles Global Bond Fund

Institutional Class	Beginning Account Value 10/1/2019		Ending Account Value 3/31/2020		Expenses Paid During Period* 10/1/2019 – 3/31/2020
Actual	$	1,000.00	$	977.90	$	3.41
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.55	$	3.49
Retail Class
Actual	$	1,000.00	$	976.60	$	4.65
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.30	$	4.75
Class N
Actual	$	1,000.00	$	977.90	$	3.16
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.80	$	3.23
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.69%, 0.94% and 0.64% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period).

Loomis Sayles Inflation Protected Securities Fund

Institutional Class	Beginning Account Value 10/1/2019		Ending Account Value 3/31/2020		Expenses Paid During Period* 10/1/2019 – 3/31/2020
Actual		$1,000.00		$1,033.00		$2.03
Hypothetical (5% return before expenses)		$1,000.00		$1,023.00		$2.02
Retail Class
Actual		$1,000.00		$1,032.50		$3.30
Hypothetical (5% return before expenses)		$1,000.00		$1,021.75		$3.29
Class N
Actual		$1,000.00		$1,034.10		$1.78
Hypothetical (5% return before expenses)		$1,000.00		$1,023.25		$1.77
*  Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.40%, 0.65% and 0.35% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period).

Loomis Sayles Institutional High Income Fund

Institutional Class	Beginning Account Value 10/1/2019		Ending Account Value 3/31/2020		Expenses Paid During Period* 10/1/2019 – 3/31/2020**
Actual	$	1,000.00	$	844.20	$	3.18
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.55	$	3.49
* Expenses are equal to the Fund’s annualized expense ratio of 0.69%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period).
** Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only. Amounts expressed in the table include the effect of such adjustments.

Loomis Sayles Investment Grade Fixed Income Fund

Institutional Class	Beginning Account Value 10/1/2019		Ending Account Value 3/31/2020		Expenses Paid During Period* 10/1/2019 – 3/31/2020
Actual	$	1,000.00	$	946.50	$	2.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.45	$	2.58
* Expenses are equal to the Fund’s annualized expense ratio of 0.51%, 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 366 (to reflect the half-year period).

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Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Fixed Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes –81.0% of Net Assets
	Non-Convertible Bonds –74.6%
		ABS Other –0.3%
$	1,171,774	GCA2014 Holdings Ltd.,Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(a)(b)(c)(d)	$	968,354
	522,438	GCA2014 Holdings Ltd.,Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(a)(b)(c)(d)		299,252
	1,855,000	GCA2014 Holdings Ltd.,Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(a)(b)(c)(d)(e)		—
	518,892	Global Container Assets Ltd.,Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A(c)(f)		501,981
				1,769,587
		Aerospace & Defense –1.8%
	115,000	Boeing Co. (The), 3.100%, 5/01/2026		105,793
	20,000	Boeing Co. (The), 3.625%, 3/01/2048		17,382
	520,000	Boeing Co. (The), 3.850%, 11/01/2048		468,250
	525,000	Boeing Co. (The), 3.950%, 8/01/2059		471,182
	7,865,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		5,898,750
	175,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		113,750
	1,265,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		1,114,478
	807,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		811,923
	722,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		830,300
	1,468,000	TransDigm, Inc., 6.500%, 7/15/2024		1,382,988
				11,214,796
		Airlines –3.1%
	423,152	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		428,959
	25,000	American Airlines Group, Inc., 3.750%, 3/01/2025, 144A		17,500
	7,632,585	American Airlines Pass Through Certificates,Series 2016-1, Class B, 5.250%, 7/15/2025		7,673,556
	2,971,871	American Airlines Pass Through Certificates,Series 2016-3, Class B, 3.750%, 4/15/2027		2,374,856
	1,102,843	American Airlines Pass Through Certificates,Series 2017-2, Class B, 3.700%, 4/15/2027		940,568
	676,088	American Airlines Pass Through Certificates,Series 2013-1, Class A, 4.000%, 1/15/2027		622,765
	162,947	American Airlines Pass Through Certificates,Series 2013-1, Class B, 5.625%, 7/15/2022, 144A		165,985
	1,613,306	American Airlines Pass Through Certificates,Series 2017-1B, Class B, 4.950%, 8/15/2026		1,388,040
		Airlines – continued
	93,832	Continental Airlines Pass Through Certificates,Series 2012-1, Class B, 6.250%, 10/11/2021		93,434
	116,032	Continental Airlines Pass Through Certificates,Series 2012-2, Class B, 5.500%, 4/29/2022		117,254
	590,871	U.S. Airways Pass Through Trust,Series 2012-1A, Class A, 5.900%, 4/01/2026		595,408
	1,463,445	U.S. Airways Pass Through Trust,Series 2012-2A, Class A, 4.625%, 12/03/2026		1,448,471
	503,705	UAL Pass Through Trust,Series 2007-1, Class A, 6.636%, 1/02/2024		484,896
	1,269,180	United Airlines Pass Through Trust,Series 2014-1, Class A, 4.000%, 10/11/2027		1,254,539
	874,282	United Airlines Pass Through Trust,Series 2016-2, Class B, 3.650%, 4/07/2027		771,012
	813,301	US Airways Pass Through Trust,Series 2011-1, Class A, 7.125%, 4/22/2025		801,712
				19,178,955
		Automotive –5.2%
	1,270,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		1,168,400
	2,835,000	Ford Motor Co., 5.291%, 12/08/2046		1,686,825
	1,550,000	Ford Motor Co., 6.375%, 2/01/2029		1,085,000
	165,000	Ford Motor Co., 6.625%, 2/15/2028		128,793
	4,230,000	Ford Motor Co., 6.625%, 10/01/2028		3,098,475
	4,955,000	Ford Motor Co., 7.450%, 7/16/2031		3,567,600
	1,645,000	Ford Motor Co., 7.500%, 8/01/2026		1,348,291
	10,375,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 1/08/2026		9,078,125
	1,625,000	General Motors Co., 5.200%, 4/01/2045		1,286,668
	2,175,000	General Motors Financial Co., Inc., 4.375%, 9/25/2021		2,002,632
	2,865,000	General Motors Financial Co., Inc., 5.250%, 3/01/2026		2,526,693
	5,130,000	Goodyear Tire & Rubber Co. (The), 4.875%, 3/15/2027		4,706,775
	375,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		330,000
	515,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		329,600
				32,343,877
		Banking –9.2%
	1,146,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,327,870
	4,570,000	Bank of America Corp., 6.110%, 1/29/2037		5,871,130
	2,424,000	Bank of America Corp., (fixed rate to 12/20/2022, variable rate thereafter), 3.004%, 12/20/2023		2,472,956

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Banking – continued
$	368,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028	$	379,606
	1,700,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		1,757,227
	1,000,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(g)		990,000
	235,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		192,700
	6,560,000	Goldman Sachs Group, Inc. (The), Series MPLE, 3.550%, 2/12/2021, (CAD)		4,700,238
	7,680,000	Lloyds Banking Group PLC, 4.344%, 1/09/2048		7,690,256
	770,000	Lloyds Banking Group PLC, 5.300%, 12/01/2045		849,007
	2,120,000	Morgan Stanley, 3.950%, 4/23/2027		2,232,657
	3,115,000	Morgan Stanley, 5.750%, 1/25/2021		3,197,302
	300,000	Morgan Stanley, GMTN, 4.350%, 9/08/2026		317,781
	13,040,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		13,309,893
	3,950,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		2,831,717
	1,920,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		2,012,677
	2,300,000	Royal Bank of Scotland Group PLC, Series U,3-month LIBOR + 2.320%, 3.770%(g)(h)		1,899,915
	5,000,000	Societe Generale S.A., 5.200%, 4/15/2021, 144A		5,102,488
				57,135,420
		Brokerage –1.3%
	200,000	Jefferies Finance LLC/JFINCo-Issuer Corp., 7.250%, 8/15/2024, 144A		172,000
	3,225,000	Jefferies Group LLC, 5.125%, 1/20/2023		3,283,461
	3,055,000	Jefferies Group LLC, 6.250%, 1/15/2036		2,703,333
	1,805,000	Jefferies Group LLC, 6.450%, 6/08/2027		1,843,353
				8,002,147
		Building Materials –0.4%
	360,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		317,700
	213,000	Masco Corp., 6.500%, 8/15/2032		248,748
	380,000	Masco Corp., 7.750%, 8/01/2029		466,859
	260,000	Owens Corning, 4.400%, 1/30/2048		221,735
	1,188,000	Owens Corning, 7.000%, 12/01/2036		1,350,771
				2,605,813
		Cable Satellite –2.4%
	1,645,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A		1,649,277
		Cable Satellite – continued
	2,245,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		2,289,900
	6,295,000	DISH DBS Corp., 5.000%, 3/15/2023		6,023,056
	270,000	DISH DBS Corp., 7.750%, 7/01/2026		277,425
	375,000	Time Warner Cable LLC, 4.500%, 9/15/2042		352,112
	1,500,000	Time Warner Cable LLC, 6.550%, 5/01/2037		1,682,778
	2,482,000	Ziggo BV, 5.500%, 1/15/2027, 144A		2,482,000
				14,756,548
		Chemicals –0.4%
	2,745,000	Consolidated Energy Finance S.A., 6.500%, 5/15/2026, 144A		2,305,800
		Construction Machinery –0.3%
	965,000	Toro Co. (The), 6.625%, 5/01/2037(c)(f)		1,231,767
	395,000	United Rentals North America, Inc., 4.875%, 1/15/2028		383,150
				1,614,917
		Consumer Products –0.1%
	880,000	Avon Products, Inc., 8.950%, 3/15/2043		739,200
		Diversified Manufacturing –0.0%
	45,000	General Electric Co., GMTN, 3.100%, 1/09/2023		45,329
	165,000	General Electric Co., Series D, (fixed rate to 1/21/2021, variable rate thereafter), 5.000%(g)		136,125
				181,454
		Electric –1.3%
	1,654,302	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		1,934,873
	255,000	Edison International, 4.950%, 4/15/2025		254,411
	1,589,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		1,620,768
	3,800,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		4,090,463
	100,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		120,121
				8,020,636
		Finance Companies –5.1%
	1,800,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.500%, 5/26/2022		1,593,498
	1,200,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.950%, 2/01/2022		1,086,797
	300,000	AGFC Capital Trust I,3-month LIBOR + 1.750%, 3.581%, 1/15/2067, 144A(a)(c)(d)(h)		115,162
	2,815,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		2,899,457

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Finance Companies – continued
$	1,400,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035	$	1,493,913
	1,680,000	International Lease Finance Corp., 4.625%, 4/15/2021		1,550,995
	4,668,000	Navient Corp., 5.500%, 1/25/2023		4,387,920
	3,903,000	Navient Corp., 5.875%, 10/25/2024		3,590,760
	31,725(††)	Navient Corp., 6.000%, 12/15/2043		546,728
	5,185,000	Navient Corp., MTN, 5.625%, 8/01/2033		3,822,382
	5,900,000	Navient Corp., MTN, 6.125%, 3/25/2024		5,457,500
	1,720,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		1,681,816
	910,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		905,450
	2,595,000	Springleaf Finance Corp., 6.875%, 3/15/2025		2,613,476
				31,745,854
		Financial Other –0.4%
	2,450,000	Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/2026, 144A		2,217,250
		Food & Beverage –0.8%
	2,445,000	Constellation Brands, Inc., 4.750%, 11/15/2024		2,526,610
	2,635,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		2,391,605
				4,918,215
		Government Owned – No Guarantee –0.3%
	1,715,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		1,868,496
		Healthcare –4.4%
	4,960,000	HCA, Inc., 5.875%, 5/01/2023		5,170,800
	2,932,000	HCA, Inc., 7.050%, 12/01/2027		3,019,960
	1,475,000	HCA, Inc., 7.500%, 12/15/2023		1,489,750
	1,440,000	HCA, Inc., 7.500%, 11/06/2033		1,440,000
	900,000	HCA, Inc., 7.690%, 6/15/2025		927,000
	2,220,000	HCA, Inc., 8.360%, 4/15/2024		2,286,600
	2,930,000	HCA, Inc., MTN, 7.580%, 9/15/2025		3,017,900
	430,000	HCA, Inc., MTN, 7.750%, 7/15/2036		430,000
	4,530,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		4,326,150
	4,005,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		3,694,612
	1,775,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,491,000
				27,293,772
		Home Construction –1.2%
	595,000	Beazer Homes USA, Inc., 7.250%, 10/15/2029		452,200
	3,920,000	PulteGroup, Inc., 6.000%, 2/15/2035		3,949,400
	3,020,000	PulteGroup, Inc., 6.375%, 5/15/2033		3,052,314
	15,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		13,935
				7,467,849
		Independent Energy –1.5%
	720,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		538,334
	1,898,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		1,110,330
	93,000	Bellatrix Exploration Ltd., 8.500%, 9/11/2023(a)(b)(c)(d)(i)		4,427
	101,000	Bellatrix Exploration Ltd., 12.500%, (9.500% PIK, 3.000% Cash), 12/15/2023(a)(b)(c)(d)(i)(j)		—
	644,000	California Resources Corp., 5.500%, 9/15/2021(c)(f)		62,790
	86,000	California Resources Corp., 6.000%, 11/15/2024(c)(f)		1,720
	6,075,000	California Resources Corp., 8.000%, 12/15/2022, 144A(c)(f)		91,125
	3,105,000	Chesapeake Energy Corp., 4.875%, 4/15/2022(c)(f)		310,500
	335,000	Chesapeake Energy Corp., 5.750%, 3/15/2023(c)(f)		33,473
	3,730,000	Chesapeake Energy Corp., 8.000%, 6/15/2027(c)(f)		261,100
	1,880,000	Continental Resources, Inc., 3.800%, 6/01/2024		967,069
	650,000	Continental Resources, Inc., 4.500%, 4/15/2023		360,987
	22,000	Continental Resources, Inc., 5.000%, 9/15/2022		14,035
	1,105,000	Montage Resources Corp., 8.875%, 7/15/2023(c)(f)		745,875
	5,955,000	Newfield Exploration Co., 5.625%, 7/01/2024		3,195,703
	345,000	QEP Resources, Inc., 5.250%, 5/01/2023		127,650
	315,000	SM Energy Co., 5.000%, 1/15/2024		100,784
	1,510,000	SM Energy Co., 5.625%, 6/01/2025		411,490
	536,000	SM Energy Co., 6.625%, 1/15/2027		156,011
	1,200,000	SM Energy Co., 6.750%, 9/15/2026		360,000
	1,575,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.750%, 4/15/2023, 144A(c)(f)		346,500
	265,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.750%, 4/15/2023, 144A(c)(f)		62,606
	980,000	Whiting Petroleum Corp., 5.750%, 3/15/2021(c)(e)(f)		65,856
	280,000	Whiting Petroleum Corp., 6.250%, 4/01/2023(c)(e)(f)		24,315
				9,352,680
		Life Insurance –2.7%
	160,000	American International Group, Inc., 4.125%, 2/15/2024		167,171
	130,000	American International Group, Inc., 4.875%, 6/01/2022		133,433
	3,700,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(g)		4,375,065
	200,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		220,338

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Life Insurance – continued
$	560,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047	$	436,644
	4,345,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		4,628,493
	2,270,000	MetLife, Inc., 9.250%, 4/08/2068, 144A		2,837,500
	1,115,000	MetLife, Inc., 10.750%, 8/01/2069		1,549,850
	1,165,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		1,683,395
	1,000,000	Prudential Financial, Inc., MTN, 3.700%, 3/13/2051		911,609
				16,943,498
		Media Entertainment –0.1%
	24,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		637,865
		Metals & Mining –2.1%
	6,630,000	ArcelorMittal S.A., 6.750%, 3/01/2041		6,522,138
	3,300,000	ArcelorMittal S.A., 7.000%, 10/15/2039		3,355,078
	2,525,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		2,223,641
	200,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		166,438
	1,195,000	United States Steel Corp., 6.650%, 6/01/2037		719,629
				12,986,924
		Midstream –2.3%
	575,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		275,828
	1,700,000	Enable Midstream Partners LP, 5.000%, 5/15/2044		730,048
	1,160,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		1,275,494
	3,000,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		1,454,100
	250,000	Kinder Morgan, Inc., GMTN, 7.800%, 8/01/2031		284,280
	3,470,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		1,179,800
	1,565,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		543,837
	95,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		94,574
	115,000	ONEOK Partners LP, 6.200%, 9/15/2043		102,686
	1,295,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(c)(f)(g)		18,519
	7,195,000	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 2/01/2026		8,191,770
				14,150,936
		Oil Field Services –0.8%
	225,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		107,550
		Oil Field Services – continued
	5,019,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		4,015,200
	400,000	Transocean, Inc., 5.800%, 10/15/2022		236,000
	3,095,000	Transocean, Inc., 6.800%, 3/15/2038		711,850
	160,000	Transocean, Inc., 7.500%, 4/15/2031		40,776
				5,111,376
		Packaging –1.8%
	11,450,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A		10,877,500
		Paper –2.2%
	2,894,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		3,658,936
	5,492,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		7,830,397
	350,000	WestRock MWV LLC, 7.950%, 2/15/2031		476,070
	1,035,000	WestRock MWV LLC, 8.200%, 1/15/2030		1,468,057
				13,433,460
		Property & Casualty Insurance –0.9%
	1,630,000	MBIA Insurance Corp.,3-month LIBOR + 11.260%, 13.091%, 1/15/2033, 144A(e)(h)		863,900
	3,275,000	Old Republic International Corp., 4.875%, 10/01/2024		3,458,582
	840,000	Radian Group, Inc., 4.500%, 10/01/2024		827,400
	485,000	Radian Group, Inc., 4.875%, 3/15/2027		477,725
				5,627,607
		Retailers –0.5%
	1,025,000	Dillard’s, Inc., 7.750%, 7/15/2026		841,146
	793,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036(c)(f)		59,475
	3,095,000	Michaels Stores, Inc., 8.000%, 7/15/2027, 144A		2,290,300
				3,190,921
		Supermarkets –0.2%
	690,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s LP/Albertson’s LLC, 5.750%, 3/15/2025		697,176
	760,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s LP/Albertson’s LLC, 6.625%, 6/15/2024		771,400
				1,468,576
		Technology –1.3%
	2,095,000	Hewlett Packard Enterprise Co., 6.350%, 10/15/2045		2,486,216
	3,680,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		3,456,918
	463,200	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		554,539
	1,265,000	Seagate HDD Cayman, 4.875%, 6/01/2027		1,246,037
				7,743,710

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Transportation Services –0.2%
$	2,500,000	APL Ltd., 8.000%, 1/15/2024(c)(f)	$	1,000,000
		Treasuries –17.8%
	13,195,000	Canadian Government Bond, 0.750%, 9/01/2020, (CAD)		9,390,174
	424,300(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		1,789,295
	200,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		864,437
	847,500(†††)	Mexican Fixed Rate Bonds, Series M, 8.000%, 12/07/2023, (MXN)		3,746,148
	595,000(†††)	Mexican Fixed Rate Bonds,Series M-20, 7.500%, 6/03/2027, (MXN)		2,549,201
	150,000(†††)	Mexican Fixed Rate Bonds,Series M-20, 8.500%, 5/31/2029, (MXN)		682,434
	1,455,000(†††)	Mexican Fixed Rate Bonds,Series M-20, 10.000%, 12/05/2024, (MXN)		6,930,455
	10,220,000	Norway Government Bond, Series 474, 3.750%, 5/25/2021, 144A, (NOK)		1,021,636
	10,150,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		1,894,786
	14,635,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		2,767,697
	14,300,000	U.S. Treasury Bond, 3.000%, 8/15/2048		19,863,594
	30,885,000	U.S. Treasury Note, 1.500%, 10/31/2021		31,513,558
	26,680,000	U.S. Treasury Note, 1.500%, 11/30/2021		27,250,077
				110,263,492
		Wireless –0.5%
	72,400,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		2,856,355
		Wirelines –1.7%
	1,170,000	AT&T, Inc., 4.500%, 3/09/2048		1,267,022
	1,475,000	AT&T, Inc., 4.550%, 3/09/2049		1,585,289
	210,000	Bell Canada, Inc., MTN, 6.100%, 3/16/2035, 144A, (CAD)		176,125
	195,000	Bell Canada, Inc., MTN, 6.550%, 5/01/2029, 144A, (CAD)		170,204
	690,000	Bell Canada, Inc., MTN, 7.300%, 2/23/2032, 144A, (CAD)		656,753
	695,000	CenturyLink, Inc., 5.625%, 4/01/2025		698,468
	145,000	Cincinnati Bell, Inc., 8.000%, 10/15/2025, 144A		148,625
	1,015,000	Qwest Corp., 7.250%, 9/15/2025		1,031,073
	1,790,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,772,100
	1,010,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		1,025,150
	600,000	Telecom Italia SpA, EMTN, 5.250%, 3/17/2055, (EUR)		659,356
	450,000	Telefonica Emisiones S.A., 4.570%, 4/27/2023		461,715
		Wirelines – continued
	750,000	Telefonica Emisiones S.A., EMTN, 5.375%, 2/02/2026, (GBP)		1,069,532
	662,000	Windstream Services LLC/Windstream Finance Corp., 9.000%, 6/30/2025, 144A(c)(f)(i)		26,480
	985,000	Windstream Services LLC/Windstream Finance Corp., 10.500%, 6/30/2024, 144A(c)(f)(i)		39,400
				10,787,292
		TotalNon-Convertible Bonds
		(Identified Cost $515,138,713)		461,812,778
	Convertible Bonds –5.6%
		Cable Satellite –2.3%
	13,430,000	DISH Network Corp., 2.375%, 3/15/2024		10,643,275
	4,045,000	DISH Network Corp., 3.375%, 8/15/2026		3,283,939
				13,927,214
		Independent Energy –0.2%
	8,530,000	Chesapeake Energy Corp., 5.500%, 9/15/2026(a)(c)(f)		255,900
	1,610,000	SM Energy Co., 1.500%, 7/01/2021		581,409
	792,000	Whiting Petroleum Corp., 1.250%, 4/01/2020(c)(e)(f)		380,160
				1,217,469
		Pharmaceuticals –0.1%
	400,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		419,173
	125,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		132,506
				551,679
		REITs – Diversified –0.2%
	1,530,000	iStar, Inc., 3.125%, 9/15/2022		1,497,655
		Technology –2.8%
	4,095,000	Booking Holdings, Inc., 0.900%, 9/15/2021		4,082,306
	520,000	Evolent Health, Inc., 2.000%, 12/01/2021		429,000
	1,235,000	Nuance Communications, Inc., 1.000%, 12/15/2035		1,180,092
	1,365,000	Nuance Communications, Inc., 1.250%, 4/01/2025		1,479,483
	8,194,000	Nuance Communications, Inc., 1.500%, 11/01/2035		8,634,837
	1,705,000	Western Digital Corp., 1.500%, 2/01/2024		1,483,050
				17,288,768
		Total Convertible Bonds
		(Identified Cost $44,618,073)		34,482,785

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Municipals –0.8%
		Michigan –0.2%
$	1,505,000	Michigan Tobacco Settlement Finance Authority, Series A, 7.309%, 6/01/2034	$	1,487,828
		Virginia –0.6%
	4,120,000	Tobacco Settlement Financing Corp.,Series A-1, 6.706%, 6/01/2046		3,559,392
		Total Municipals
		(Identified Cost $5,607,856)		5,047,220
		Total Bonds and Notes
		(Identified Cost $565,364,642)		501,342,783
	Shares
	Common Stocks –10.1%
		Automobiles –0.3%
	341,305	Ford Motor Co.		1,648,503
		Chemicals –0.3%
	159,649	Hexion Holdings Corp., Class B(c)(e)(f)		1,616,446
		Diversified Telecommunication Services –3.9%
	836,745	AT&T, Inc.		24,391,117
		Electronic Equipment, Instruments & Components –1.3%
	375,812	Corning, Inc.		7,719,178
		Media –0.0%
	97,654	Clear Channel Outdoor Holdings, Inc.(e)		62,499
	4,700	iHeartMedia, Inc., Class A(e)		34,357
	2,479	Thryv Holdings, Inc.(b)(c)(e)(f)		11,155
				108,011
		Oil, Gas & Consumable Fuels –0.0%
	939	Battalion Oil Corp.(e)		4,390
	37,303	Bellatrix Exploration Ltd.(a)(b)(c)(d)(e)		—
	54,259	Chesapeake Energy Corp.(e)		9,370
	11,108	Paragon Offshore Ltd., Litigation Units, Class A(a)(b)(c)(d)(e)		—
	16,662	Paragon Offshore Ltd., Litigation Units, Class B(b)(e)		191,613
				205,373
		Pharmaceuticals –4.3%
	477,213	Bristol-Myers Squibb Co.		26,599,853
		Total Common Stocks
		(Identified Cost $71,034,018)		62,288,481
	Preferred Stocks –1.3%
	Convertible Preferred Stocks –1.2%
		Banking –0.6%
	2,844	Bank of America Corp., Series L, 7.250%		3,600,561
		Independent Energy –0.0%
	10,213	Chesapeake Energy Corp., 4.500%		44,222
	14,180	Chesapeake Energy Corp., 5.000%(c)(f)		68,063
	660	Chesapeake Energy Corp., 5.750%, 144A(c)(f)		18,797
				131,082
		Midstream –0.6%
	96,065	El Paso Energy Capital Trust I, 4.750%		4,130,795
		Total Convertible Preferred Stocks
		(Identified Cost $8,653,390)		7,862,438
	Non-Convertible Preferred Stocks –0.1%
		Electric –0.1%
	4,670	Union Electric Co., 4.500% (Identified Cost $246,342)		476,340
		Total Preferred Stocks
		(Identified Cost $8,899,732)		8,338,778
	Warrants –0.0%
	35,319	iHeartMedia, Inc., Expiration on 5/1/2039(e) (Identified Cost $857,522)		225,159
	Principal Amount (‡)
	Short-Term Investments –6.5%
	645,083,591	Central Bank of Iceland, 0.000%, (ISK)(c)(f)(h)(k)		4,542,842
	560,586	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020 at 0.000% to be repurchased at $560,586 on 4/01/2020 collateralized by $570,000 U.S. Treasury Note, 0.500% due 3/15/2023 valued at $573,721 including accrued interest (Note 2 of Notes to Financial Statements)		560,586
	11,130,000	U.S. Treasury Bills, 1.518%, 8/13/2020(l)		11,126,779
	7,695,000	U.S. Treasury Bills, 1.581%, 4/30/2020(l)		7,694,658

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments – continued
$	16,000,000	U.S. Treasury Bills, 1.615%, 4/02/2020(l)	$	16,000,000
		Total Short-Term Investments
		(Identified Cost $40,562,762)		39,924,865
		Total Investments –98.9%
		(Identified Cost $686,718,676)		612,120,066
		Other assets less liabilities—1.1%		6,965,459
		Net Assets –100.0%	$	619,085,525
	(‡)	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 25.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(b)	Securities subject to restriction on resale. At March 31, 2020, the restricted securities held by the Fund are as follows:

	Acquisition Date	Acquisition Cost		Value		% of Net Assets
Bellatrix Exploration Ltd., 8.500%	6/04/2019	$	91,140	$	4,427		Less than 0.1%
Bellatrix Exploration Ltd., 12.500% (9.500% PIK, 3.000% Cash)	6/04/2019		66,660		—		—
Bellatrix Exploration Ltd.	6/04/2019		46,880		—		—
GCA2014 Holdings Ltd.,Series 2014-1, Class C	12/18/2014		1,171,774		968,354		0.2%
GCA2014 Holdings Ltd.,Series 2014-1, Class D	12/18/2014		522,438		299,252		Less than 0.1%
GCA2014 Holdings Ltd.,Series 2014-1, Class E	12/18/2014		1,445,707		—		—
Paragon Offshore Ltd., Litigation Units, Class A	7/18/2017		73,304		—		—
Paragon Offshore Ltd., Litigation Units, Class B	7/18/2017		1,466,032		191,613		Less than 0.1%
Thryv Holdings, Inc.	8/12/2016		12,076		11,155		Less than 0.1%

(c)	Illiquid security.
(d)	Fair valued by the Fund’s adviser. At March 31, 2020, the value of these securities amounted to $1,387,195 or 0.2% of net assets. See Note 2 of Notes to Financial Statements.
(e)	Non-income producing security.
(f)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2020, the value of these securities amounted to $11,776,845 or 1.9% of net assets. See Note 2 of Notes to Financial Statements.
(g)	Perpetual bond with no specified maturity date.
(h)	Variable rate security. Rate as of March 31, 2020 is disclosed.
(i)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(j)	Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. No payments were made during the period.
(k)	Security callable by issuer at any time. No specified maturity date.
(l)	Interest rate represents discount rate at time of purchase; not a coupon rate.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, the value of Rule 144A holdings amounted to $85,534,763 or 13.8% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
ISK	Icelandic Krona
MXN	Mexican Peso
NOK	Norwegian Krone

Industry Summary at March 31, 2020 (Unaudited)

Treasuries	17.8	%
Banking	9.8
Automotive	5.2
Finance Companies	5.1
Cable Satellite	4.7
Healthcare	4.4
Pharmaceuticals	4.4
Technology	4.1
Diversified Telecommunication Services	3.9
Airlines	3.1
Midstream	2.9
Life Insurance	2.7
Paper	2.2
Metals & Mining	2.1
Other Investments, less than 2% each	20.0
Short-Term Investments	6.5
Total Investments	98.9
Other assets less liabilities	1.1
Net Assets	100.0	%

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Global Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 98.3% of Net Assets
		Australia – 1.6%
	4,845,000	New South Wales Treasury Corp., Series 26, 4.000%, 5/20/2026, (AUD)(a)	$	3,507,354
	10,300,000	Queensland Treasury Corp., 2.750%, 8/20/2027, 144A, (AUD)(a)		7,054,944
				10,562,298
		Belgium – 1.3%
	4,345,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.700%, 2/01/2036(a)		4,550,266
	2,665,000	Anheuser-Busch InBev S.A., EMTN, 2.000%, 1/23/2035, (EUR)		2,671,692
	1,150,000	Anheuser-Busch InBev Worldwide, Inc., 4.750%, 1/23/2029(a)		1,269,427
				8,491,385
		Brazil – 3.6%
	3,245,000	Banco Bradesco S.A., 2.850%, 1/27/2023, 144A		3,080,446
	16,075(††)	Brazil Notas do Tesouro Nacional, 10.000%, 1/01/2029, (BRL)		3,534,866
	26,255(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2027, (BRL)		5,741,817
	3,525,000	Brazilian Government International Bond, 4.625%, 1/13/2028		3,754,125
	3,045,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		2,687,212
	530,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		466,935
	2,705,000	Itau Unibanco Holding S.A., 2.900%, 1/24/2023, 144A		2,571,644
	1,780,000	Republic of Brazil, 2.875%, 4/01/2021, (EUR)		1,956,997
				23,794,042
		Canada – 1.8%
	1,200,000	Alimentation Couche-Tard, Inc., 1.875%, 5/06/2026, (EUR)		1,290,284
	5,900,000	Canadian Government Bond, 2.000%, 6/01/2028, (CAD)(a)		4,631,498
	1,865,000	CPPIB Capital, Inc., EMTN, 0.875%, 2/06/2029, (EUR)(a)		2,178,981
	2,585,000	Fairstone Financial Issuance Trust I,Series 2019-1A, Class A, 3.948%, 3/21/2033, 144A, (CAD)(a)		1,835,896
	192,904	Ford Auto Securitization Trust,Series 2017-R5A, Class A2, 2.082%, 11/15/2021, 144A, (CAD)(a)		136,971
	750,000	Ford Auto Securitization Trust,Series 2019-AA, Class A3, 2.552%, 9/15/2024, 144A, (CAD)(a)		529,652
		Canada – continued
	760,000	Ford Auto Securitization Trust,Series 2019-BA, Class A2, 2.321%, 10/15/2023, 144A, (CAD)(a)		536,698
	1,260,000	Province of Manitoba Canada, MTN, 4.400%, 9/05/2025, (CAD)(a)		1,023,024
				12,163,004
		Chile – 0.3%
	2,235,000	Engie Energia Chile S.A., 3.400%, 1/28/2030		1,910,925
		China – 4.3%
	17,000,000	China Government Bond, Series 1904, 3.190%, 4/11/2024, (CNY)(a)		2,473,725
	27,700,000	China Government Bond, Series 1906, 3.290%, 5/23/2029, (CNY)(a)		4,106,231
	31,000,000	China Government Bond, Series 1906, 3.290%, 5/23/2029, (CNY)(a)		4,595,422
	33,630,000	China Government Bond, Series 1907, 3.250%, 6/06/2026, (CNY)(a)		4,922,243
	17,000,000	China Government Bond, Series 1907, 3.250%, 6/06/2026, (CNY)(a)		2,488,199
	11,000,000	China Government Bond, Series 1913, 2.940%, 10/17/2024, (CNY)(a)		1,594,880
	58,890,000	China Government Bond, Series 1916, 3.120%, 12/05/2026, (CNY)(a)		8,582,473
				28,763,173
		Colombia – 0.8%
	21,742,600,000	Titulos De Tesoreria, Series B, 7.500%, 8/26/2026, (COP)(a)		5,429,448
		Denmark – 1.1%
	43,535,000	Denmark Government Bond, 1.750%, 11/15/2025, (DKK)(a)		7,213,879
		Finland – 0.3%
	2,015,000	Nokia OYJ, 4.375%, 6/12/2027		1,954,550
		France – 0.6%
	1,435,000	AXA S.A., EMTN, (fixed rate to 1/16/2034, variable rate thereafter), 5.625%, 1/16/2054, (GBP)(a)		1,852,648
	1,840,000	BNP Paribas S.A., 4.375%, 5/12/2026, 144A(a)		1,881,200
	250,000	Credit Agricole S.A., 3.250%, 1/14/2030, 144A		236,343
	20,000	France Government Bond OAT, 4.500%, 4/25/2041, (EUR)(a)		39,382
				4,009,573
		Germany – 0.0%
	200,000	Allianz SE, (fixed rate to 9/25/2029, variable rate thereafter), 1.301%, 9/25/2049, (EUR)		194,234

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Hungary – 0.4%
	2,280,000	Hungary Government International Bond, 1.750%, 10/10/2027, (EUR)	$	2,692,243
		Indonesia – 1.0%
	111,600,000,000	Indonesia Treasury Bond, 8.250%, 5/15/2029, (IDR)(a)		6,941,463
		Ireland – 0.6%
	3,645,000	AIB Group PLC, 4.750%, 10/12/2023, 144A		3,638,327
		Israel – 0.2%
	1,145,000	Teva Pharmaceutical Finance Co. BV, Series 2, 3.650%, 11/10/2021		1,091,849
	570,000	Teva Pharmaceutical Finance IV BV, 3.650%, 11/10/2021		548,243
				1,640,092
		Italy – 5.9%
	985,000	Atlantia SpA, EMTN, 1.625%, 2/03/2025, (EUR)		886,684
	2,045,000	Atlantia SpA, EMTN, 1.875%, 7/13/2027, (EUR)		1,801,109
	1,600,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A(a)		1,722,300
	825,000	Enel SpA, EMTN, 5.750%, 6/22/2037, (GBP)(a)		1,302,558
	620,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		607,289
	825,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		803,611
	1,385,000	Intesa Sanpaolo SpA, EMTN, 0.750%, 12/04/2024, (EUR)		1,405,339
	1,250,000	Intesa Sanpaolo SpA, Series XR, 4.000%, 9/23/2029, 144A		1,138,672
	21,005,000	Italy Buoni Poliennali Del Tesoro, 1.350%, 4/01/2030, (EUR)(a)		22,807,471
	850,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		977,500
	380,000	Telecom Italia SpA, 5.303%, 5/30/2024, 144A		381,923
	605,000	UniCredit SpA, (fixed rate to 4/02/2029, variable rate thereafter), 7.296%, 4/02/2034, 144A		574,119
	350,000	UniCredit SpA, 6.572%, 1/14/2022, 144A		356,568
	340,000	UniCredit SpA, (fixed rate to 2/20/2024, variable rate thereafter), EMTN, 4.875%, 2/20/2029, (EUR)		348,735
	1,245,000	UniCredit SpA, (fixed rate to 6/19/2027, variable rate thereafter), 5.861%, 6/19/2032, 144A		1,194,939
	2,780,000	UniCredit SpA, (fixed rate to 9/23/2024, variable rate thereafter), EMTN, 2.000%, 9/23/2029, (EUR)		2,515,053
				38,823,870
		Japan – 11.4%
	3,705,000	Development Bank of Japan, Inc., GMTN, 0.875%, 10/10/2025, (EUR)(a)		4,276,776
	1,883,949,200(†††)	Japan Government CPI Linked Bond, Series 20, 0.100%, 3/10/2025, (JPY)(a)		17,500,631
	88,259,010(†††)	Japan Government CPI Linked Bond, Series 22, 0.100%, 3/10/2027, (JPY)(a)		820,206
	681,517,744(†††)	Japan Government CPI Linked Bond, Series 23, 0.100%, 3/10/2028, (JPY)(a)		6,334,279
	862,750,000	Japan Government Thirty Year Bond, Series 13, 2.000%, 12/20/2033, (JPY)(a)		9,930,792
	772,000,000	Japan Government Thirty Year Bond, Series 26, 2.400%, 3/20/2037, (JPY)(a)		9,663,552
	572,450,000	Japan Government Thirty Year Bond, Series 41, 1.700%, 12/20/2043, (JPY)(a)		6,938,664
	480,200,000	Japan Government Thirty Year Bond, Series 51, 0.300%, 6/20/2046, (JPY)(a)		4,356,835
	724,400,000	Japan Government Thirty Year Bond, Series 62, 0.500%, 3/20/2049, (JPY)(a)		6,892,192
	97,200,000	Japan Government Twenty Year Bond, Series 123, 2.100%, 12/20/2030, (JPY)(a)		1,098,484
	715,100,000	Japan Government Twenty Year Bond, Series 149, 1.500%, 6/20/2034, (JPY)(a)		7,803,551
				75,615,962
		Malaysia – 1.3%
	28,630,000	Malaysia Government Bond, Series 0119, 3.906%, 7/15/2026, (MYR)(a)		6,857,172
	7,665,000	Malaysia Government Bond, Series 0215, 3.795%, 9/30/2022, (MYR)(a)		1,815,098
				8,672,270
		Mexico – 2.8%
	3,255,000	America Movil SAB de CV, 3.625%, 4/22/2029(a)		3,311,686
	880,000	Cemex SAB de CV, 5.450%, 11/19/2029, 144A		718,080
	2,584,000	Fomento Economico Mexicano SAB de CV, 3.500%, 1/16/2050(a)		2,420,501
	381,571(††††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(a)		1,609,104
	1,485,666(††††)	Mexican Fixed Rate Bonds, Series M 20, 8.500%, 5/31/2029, (MXN)(a)		6,759,131
	1,025,000	Orbia Advance Corp. SAB de CV, 5.875%, 9/17/2044, 144A(a)		903,281

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Mexico – continued
$	190,000	Petroleos Mexicanos, 5.625%, 1/23/2046	$	117,895
	600,000	Sigma Alimentos S.A. de CV, 4.125%, 5/02/2026		555,906
	2,165,000	Sigma Alimentos S.A. de CV, 4.125%, 5/02/2026, 144A(a)		2,005,894
				18,401,478
		Netherlands – 0.5%
	1,000,000	ING Groep NV, EMTN, (fixed rate to 9/26/2024, variable rate thereafter), 1.625%, 9/26/2029, (EUR)(a)		1,037,403
	1,110,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.300%, 6/18/2029, 144A		1,137,501
	995,000	Shell International Finance BV, 2.375%, 11/07/2029(a)		981,177
				3,156,081
		New Zealand – 0.1%
	1,045,000	New Zealand Government Bond, Series 0423, 5.500%, 4/15/2023, (NZD)(a)		717,490
		Norway – 0.9%
	320,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		239,260
	45,000,000	City of Oslo, Norway, 3.550%, 2/12/2021, (NOK)(a)		4,423,192
	9,420,000	Norway Government Bond, Series 477, 1.750%, 3/13/2025, 144A, (NOK)(a)		957,617
				5,620,069
		Poland – 0.8%
	5,195,000	Poland Government International Bond, Series 0421, 2.000%, 4/25/2021, (PLN)(a)		1,270,885
	15,270,000	Republic of Poland Government Bond, Series 0726, 2.500%, 7/25/2026, (PLN)(a)		3,916,267
				5,187,152
		Portugal – 0.3%
	1,040,000	EDP Finance BV, 3.625%, 7/15/2024, 144A		1,044,146
	350,000	EDP Finance BV, EMTN, 0.375%, 9/16/2026, (EUR)		360,205
	450,000	EDP Finance BV, EMTN, 1.625%, 1/26/2026, (EUR)		501,150
				1,905,501
		South Africa – 1.5%
	730,000	Anglo American Capital PLC, 5.375%, 4/01/2025, 144A		737,669
	635,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A		643,969
		South Africa – continued
	204,670,000	South Africa Government International Bond, Series R213, 7.000%, 2/28/2031, (ZAR)		8,415,438
				9,797,076
		Spain – 4.1%
	3,500,000	Banco Santander S.A., 1.000%, 3/03/2022, (EUR)(a)		3,944,986
	800,000	Banco Santander S.A., 4.250%, 4/11/2027(a)		778,781
	2,400,000	Banco Santander S.A., 5.179%, 11/19/2025(a)		2,447,232
	1,320,000	Grifols S.A., 1.625%, 2/15/2025, (EUR)		1,393,227
	5,370,000	Spain Government Bond, 2.700%, 10/31/2048, 144A, (EUR)(a)		7,525,358
	3,060,000	Spain Government Bond, 4.200%, 1/31/2037, 144A, (EUR)(a)		4,992,446
	4,935,000	Spain Government Bond, 5.850%, 1/31/2022, 144A, (EUR)(a)		6,046,536
				27,128,566
		Supranationals – 2.2%
	5,840,000	European Investment Bank, 2.375%, 7/06/2023, 144A, (CAD)(a)		4,359,894
	2,665,000	Inter-American Development Bank, 4.400%, 1/26/2026, (CAD)(a)		2,233,313
	37,000,000,000	International Bank for Reconstruction & Development, EMTN, 8.400%, 10/12/2021, (IDR)(a)		2,327,370
	60,320,000	Nordic Investment Bank, GMTN, 1.375%, 7/15/2020, (NOK)(a)		5,809,523
				14,730,100
		Sweden – 0.4%
	27,455,000	Sweden Government Bond, Series 1057, 1.500%, 11/13/2023, 144A, (SEK)(a)		2,966,237
		Switzerland – 0.7%
	410,000	Argentum Netherlands BV for Zurich Insurance Co. Ltd., EMTN, (fixed rate to 10/01/2026, variable rate thereafter), 3.500%, 10/01/2046, (EUR)(a)		479,985
	285,000	Cloverie PLC for Zurich Insurance Co. Ltd., EMTN,(fixed rate to 6/24/2026, variable rate thereafter), 5.625%, 6/24/2046(a)		297,118
	3,465,000	Credit Suisse Group AG, (fixed rate to 4/01/2030, variable rate thereafter), 4.194%, 4/01/2031, 144A		3,548,201

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Switzerland – continued
$	510,000	Willow No. 2 (Ireland) PLC for Zurich Insurance Co. Ltd., EMTN, (fixed rate to 10/1/2025, variable rate thereafter), 4.250%, 10/01/2045(a)	$	497,250
				4,822,554
		United Arab Emirates – 0.1%
	735,000	DP World Crescent Ltd., MTN, 4.848%, 9/26/2028(a)		670,266
		United Kingdom – 9.7%
	1,300,000	Aviva PLC, EMTN,(fixed rate to 12/04/2025, variable rate thereafter), 3.375%, 12/04/2045, (EUR)(a)		1,419,188
	1,425,000	Barclays PLC, 4.337%, 1/10/2028(a)		1,448,562
	1,660,000	Barclays PLC, 4.375%, 1/12/2026(a)		1,668,300
	1,080,000	Barclays PLC, (fixed rate to 2/07/2023, variable rate thereafter), 2.000%, 2/07/2028, (EUR)(a)		1,089,242
	1,825,253	Brass PLC, Series 8A, Class A1,3-month LIBOR + 0.700%, 2.392%, 11/16/2066, 144A(a)(b)		1,801,811
	3,490,000	British Telecommunications PLC, 3.250%, 11/08/2029, 144A		3,393,260
	1,535,000	British Telecommunications PLC, 5.125%, 12/04/2028		1,711,455
	720,000	Centrica PLC, (fixed rate to 4/10/2021, variable rate thereafter), 3.000%, 4/10/2076, (EUR)		766,372
	1,370,000	Channel Link Enterprises Finance PLC, Series A7, (fixed rate to 6/20/2022, variable rate thereafter), 1.761%, 6/30/2050, (EUR)(a)		1,515,749
	1,055,000	Channel Link Enterprises Finance PLC, Series A8, (fixed rate to 6/20/2027, variable rate thereafter), 2.706%, 6/30/2050, (EUR)(a)		1,212,464
	3,350,000	CK Hutchison International 19 Ltd., 3.625%, 4/11/2029, 144A(a)		3,564,284
	2,268,000	Co-Operative Bank PLC (The), 4.750%, 11/11/2021, (GBP)(a)		2,960,495
	1,088,694	Gosforth Funding PLC,Series 2018-1A, Class A1,3-month LIBOR + 0.450%, 2.129%, 8/25/2060, 144A(a)(b)		1,066,248
	2,360,000	Heathrow Funding Ltd., EMTN, 1.875%, 3/14/2036, (EUR)(a)		2,212,260
	2,030,000	Lanark Master Issuer PLC,Series 2019-2A, Class 1A, 2.710%, 12/22/2069, 144A(a)(c)		2,073,876
	1,070,000	Lanark Master Issuer PLC,Series 2020-1A, Class 1A, 2.277%, 12/22/2069, 144A(a)(c)		1,086,582
	190,000	Lanark Master Issuer PLC,Series 2020-1A, Class 2A,3-month LIBOR + 0.570%, 2.333%, 12/22/2069, 144A, (GBP)(a)(b)		227,196
		United Kingdom – continued
	460,000	Lloyds Banking Group PLC, (fixed rate to 3/18/2025, variable rate thereafter), EMTN, 4.500%, 3/18/2030, (EUR)(a)	$	529,941
	1,535,000	Nationwide Building Society, (fixed rate to 7/25/2024, variable rate thereafter), EMTN, 2.000%, 7/25/2029, (EUR)(a)		1,541,533
	745,000	Network Rail Infrastructure Finance PLC, EMTN, 4.750%, 1/22/2024, (GBP)(a)		1,070,364
	1,225,000	Penarth Master Issuer PLC,Series 2019-1A, Class A1,1-month LIBOR + 0.540%, 1.152%, 7/18/2023, 144A(a)(b)		1,210,761
	5,264	Precise Mortgage Funding PLC,Series 2015-1, Class A,3-month LIBOR + 0.950%, 1.410%, 3/12/2048, (GBP)(a)(b)		6,526
	130,987	Residential Mortgage Securities PLC, Series 28, Class A,3-month LIBOR + 1.150%, 1.637%, 6/15/2046, (GBP)(a)(b)		160,434
	1,660,000	Royal Bank of Scotland Group PLC, 5.125%, 5/28/2024(a)		1,700,021
	1,268,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023(a)		1,329,205
	405,000	Royal Bank of Scotland Group PLC, 6.100%, 6/10/2023(a)		419,091
	2,095,000	Standard Chartered PLC, (fixed rate to 4/01/2030, variable rate thereafter), 4.644%, 4/01/2031, 144A		2,146,935
	615,000	United Kingdom Gilt, 0.750%, 7/22/2023, (GBP)(a)		779,017
	855,000	United Kingdom Gilt, 1.500%, 7/22/2047, (GBP)(a)		1,239,218
	7,165,000	United Kingdom Gilt, 1.625%, 10/22/2028, (GBP)(a)		9,954,554
	4,995,000	United Kingdom Gilt, 3.500%, 1/22/2045, (GBP)(a)		9,913,712
	350,000	United Kingdom Gilt, 4.500%, 9/07/2034, (GBP)(a)		669,596
	2,035,000	Vodafone Group PLC, 5.250%, 5/30/2048		2,452,586
				64,340,838
		United States – 37.7%
	565,000	AEP Transmission Co. LLC, 3.650%, 4/01/2050		581,931
	290,000,000	Aflac, Inc., 0.932%, 1/25/2027, (JPY)(a)		2,730,329
	390,000,000	Aflac, Inc., (fixed rate to 10/23/2027, variable rate thereafter), 2.108%, 10/23/2047, (JPY)(a)		3,818,464
	25,000	Air Lease Corp., 3.250%, 3/01/2025		19,593
	138,000	Air Lease Corp., 3.250%, 10/01/2029		110,544
	180,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		129,997

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		United States – continued
$	170,000	Ally Financial, Inc., 3.875%, 5/21/2024	$	153,000
	55,000	Ally Financial, Inc., 4.625%, 3/30/2025		52,565
	1,355,000	Altria Group, Inc., 3.125%, 6/15/2031, (EUR)(a)		1,464,651
	2,774,145	American Airlines Pass Through Certificates,Series 2017-1B, Class B, 4.950%, 8/15/2026		2,386,791
	9,715,000	American Tower Corp., 2.400%, 3/15/2025(a)		9,537,809
	2,350,000	AT&T, Inc., 4.350%, 6/15/2045(a)		2,481,702
	1,625,000	AT&T, Inc., 4.500%, 3/09/2048(a)		1,759,753
	2,050,000	Avis Budget Rental Car Funding AESOP LLC,Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A(a)		2,002,117
	1,290,000	Avis Budget Rental Car Funding AESOP LLC,Series 2019-1A, Class A, 3.450%, 3/20/2023, 144A(a)		1,269,481
	1,805,000	Bank of America Corp., (fixed rate to 2/13/2030, variable rate thereafter), MTN, 2.496%, 2/13/2031(a)		1,745,305
	3,135,000	Bank of America Corp., (fixed rate to 3/05/2028, variable rate thereafter), MTN, 3.970%, 3/05/2029(a)		3,273,994
	484,472	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A(a)		490,643
	854,305	Bayview Opportunity Master Fund IVb Trust,Series 2019-RN4, Class A1, 3.278%, 10/28/2034, 144A(c)		744,257
	85,000	Boeing Co. (The), 2.250%, 6/15/2026		74,889
	160,000	Boeing Co. (The), 3.100%, 5/01/2026		147,191
	50,000	Boeing Co. (The), 3.550%, 3/01/2038		43,816
	40,000	Boeing Co. (The), 3.625%, 3/01/2048		34,765
	450,000	Boeing Co. (The), 3.750%, 2/01/2050		410,677
	235,000	Boeing Co. (The), 3.850%, 11/01/2048(a)		211,613
	560,000	Boeing Co. (The), 3.950%, 8/01/2059(a)		502,594
	2,270,000	Boston Scientific Corp., 0.625%, 12/01/2027, (EUR)		2,287,598
	145,000	Broadcom Corp./Broadcom Cayman Finance Ltd., 3.875%, 1/15/2027		138,528
	210,000	Broadcom, Inc., 4.750%, 4/15/2029, 144A		213,014
		United States – continued
	625,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 5/01/2032, 144A		609,500
	1,125,000	Centene Corp., 3.375%, 2/15/2030, 144A		1,046,250
	2,560,000	Centene Corp., 4.625%, 12/15/2029, 144A		2,572,800
	257,168	Centre Point Funding LLC,Series 2012-2A, Class 1, 2.610%, 8/20/2021, 144A(a)		255,244
	3,525,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.050%, 3/30/2029		3,810,527
	1,040,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.800%, 3/01/2050		1,082,196
	745,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.125%, 7/01/2049		780,454
	1,860,000	Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.125%, 4/01/2025, 144A		1,912,993
	2,150,000	Cigna Corp., 4.125%, 11/15/2025(a)		2,299,798
	3,060,000	Cigna Corp., 4.375%, 10/15/2028(a)		3,283,976
	1,717,659	Citigroup Mortgage Loan Trust,Series 2019-E, Class A1, 3.228%, 11/25/2070, 144A(c)		1,661,175
	1,213,510	Citigroup Mortgage Loan Trust,Series 2018-A, Class A1, 4.000%, 1/25/2068, 144A(c)		1,118,179
	4,236,523	Citigroup Mortgage Loan Trust,Series 2018-C, Class A1, 4.125%, 3/25/2059, 144A(c)		3,873,155
	1,770,757	Citigroup Mortgage Loan Trust,Series 2019-B, Class A1, 3.258%, 4/25/2066, 144A(c)		1,745,689
	890,000	Citigroup, Inc., 2.750%, 1/24/2024, (GBP)(a)		1,099,873
	1,520,000	Citigroup, Inc., 4.400%, 6/10/2025(a)		1,589,287
	1,945,000	Citigroup, Inc., (fixed rate to 3/31/2030, variable rate thereafter), 4.412%, 3/31/2031		2,136,928
	2,930,000	Citigroup, Inc., Series MPLE, 4.090%, 6/09/2025, (CAD)(a)		2,113,335
	390,000	Comcast Corp., 4.000%, 3/01/2048		460,178
	1,550,000	Comcast Corp., 4.700%, 10/15/2048(a)		2,008,025
	2,570,000	Commercial Mortgage Trust,Series 2013-GAM, Class A2, 3.367%, 2/10/2028, 144A(a)		2,541,600
	380,000	Concho Resources, Inc., 4.300%, 8/15/2028		328,152
	3,475,000	Constellation Brands, Inc., 3.150%, 8/01/2029		3,227,560

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		United States – continued
$	335,000	Continental Resources, Inc., 3.800%, 6/01/2024	$	172,323
	3,780,000	Continental Resources, Inc., 4.375%, 1/15/2028		1,747,258
	600,000,000	Corning, Inc., 0.698%, 8/09/2024, (JPY)(a)		5,495,671
	2,016,559	Credit Suisse Mortgage Trust, Series 2018-RPL2, Class A1, 4.030%, 8/25/2062, 144A(a)(c)		1,845,308
	1,404,014	Credit Suisse Mortgage Trust, Series 2019-RP10, Class A1, 3.318%, 12/26/2059, 144A(c)		1,329,763
	385,000	Crown Castle International Corp., 4.150%, 7/01/2050		380,765
	3,235,000	CVS Health Corp., 3.250%, 8/15/2029		3,147,325
	3,685,000	CVS Health Corp., 4.100%, 3/25/2025		3,898,112
	2,985,000	CVS Health Corp., 4.300%, 3/25/2028		3,192,886
	1,285,000	CVS Health Corp., 4.780%, 3/25/2038		1,420,877
	1,395,000	DH Europe Finance II S.a.r.l., 0.750%, 9/18/2031, (EUR)(a)		1,337,485
	410,221	Diamond Resorts Owner Trust,Series 2018-1, Class A, 3.700%, 1/21/2031, 144A(a)		406,145
	5,795,000	Diamondback Energy, Inc., 3.500%, 12/01/2029		3,940,152
	1,180,000	Dominion Energy, Inc., 3.375%, 4/01/2030		1,168,141
	745,000	Duke Realty LP, 2.875%, 11/15/2029(a)		715,635
	1,550,000	Energy Transfer Operating LP, 5.150%, 3/15/2045		1,198,452
	825,000	Enterprise Products Operating LLC, 2.800%, 1/31/2030(a)		741,423
	295,000	Enterprise Products Operating LLC, 3.125%, 7/31/2029		268,397
	160,000	Enterprise Products Operating LLC, 3.700%, 1/31/2051		141,099
	1,070,000	Federal National Mortgage Association,Series 2017-M13, Class A2, 2.939%, 9/25/2027(a)(c)		1,199,542
	4,440,000	Federal National Mortgage Association,Series 2017-M14, Class A2, 2.876%, 11/25/2027(a)(c)		4,819,502
	130,000	FedEx Corp., 4.050%, 2/15/2048		112,975
	4,843,342	FHLMC, 2.500%, with various maturities from 2049 to 2050(a)(d)		5,017,978
	3,635,528	FHLMC, 3.000%, 10/01/2049(a)		3,811,175
	3,289,766	FHLMC, 4.000%, with various maturities from 2046 to 2048(a)(d)		3,557,328
	905,339	FHLMC, 4.500%, with various maturities from 2044 to 2048(a)(d)		987,974
	8,166,275	FHLMC, 5.000%, with various maturities from 2048 to 2049(a)(d)		8,812,313
	775,000	Fidelity National Information Services, Inc., 1.000%, 12/03/2028, (EUR)		790,769
		United States – continued
	4,947,584	FNMA, 2.500%, 12/01/2049(a)		5,125,890
	1,924,214	FNMA, 3.000%, with various maturities from 2046 to 2049(a)(d)		2,021,632
	2,738,378	FNMA, 3.500%, with various maturities from 2045 to 2048(a)(d)		2,928,917
	537,313	FNMA, 4.000%, 10/01/2047(a)		577,226
	2,799,607	FNMA, 4.500%, with various maturities from 2043 to 2047(a)(d)		3,051,217
	170,000	Freeport-McMoRan, Inc., 3.875%, 3/15/2023		160,650
	565,000	Freeport-McMoRan, Inc., 4.125%, 3/01/2028		492,962
	500,000	Freeport-McMoRan, Inc., 4.250%, 3/01/2030		435,000
	125,000	Freeport-McMoRan, Inc., 5.000%, 9/01/2027		116,056
	1,456,675	GCAT LLC,Series 2020-1, Class A1, 2.981%, 1/26/2060, 144A(c)		1,431,242
	315,000	General Motors Financial Co., Inc., EMTN, 0.955%, 9/07/2023, (EUR)		288,259
	997,793	GNMA,1-month LIBOR + 1.770%, 3.569%, 5/20/2064(a)(b)		1,027,919
	1,023,396	GNMA,1-month LIBOR + 2.046%, 3.845%, 11/20/2064(a)(b)		1,081,333
	1,075,688	GNMA,1-month LIBOR + 2.053%, 3.852%, 11/20/2064(a)(b)		1,132,176
	10,365	GNMA, 3.890%, 6/20/2062(a)(c)		10,374
	2,053,693	GNMA,1-month LIBOR + 2.313%, 4.112%, 10/20/2063(a)(b)		2,148,432
	331,043	GNMA, 4.265%, 1/20/2063(a)(c)		333,279
	225,332	GNMA, 4.483%, 4/20/2065(a)(c)		241,119
	1,528,174	GNMA, 4.574%, 2/20/2065(a)(c)		1,622,841
	4,947	GNMA, 4.630%, 12/20/2061(a)(c)		4,940
	1,424,291	GNMA, 4.651%, 7/20/2064(a)(c)		1,503,330
	1,379,387	GNMA, 4.655%, 7/20/2064(a)(c)		1,455,645
	2,632,184	GNMA, 4.666%, 5/20/2064(a)(c)		2,759,016
	765,000	HCA, Inc., 4.125%, 6/15/2029		766,318
	150,000	HCA, Inc., 4.500%, 2/15/2027		154,329
	2,100,000	HCA, Inc., 5.000%, 3/15/2024		2,174,317
	1,630,000	HCA, Inc., 5.250%, 4/15/2025		1,709,498
	1,505,000	HCA, Inc., 5.250%, 6/15/2026		1,578,397
	580,000	HCA, Inc., 5.375%, 9/01/2026		597,597
	605,000	HCA, Inc., 5.500%, 6/15/2047		657,428
	745,000	HCA, Inc., 5.875%, 2/15/2026		783,621
	1,975,000	Hertz Vehicle Financing II LP,Series 2016-2A, Class A, 2.950%, 3/25/2022, 144A(a)		1,947,193
	700,000	IQVIA, Inc., 2.250%, 1/15/2028, (EUR)		703,859
	90,000	Kinder Morgan, Inc., 5.050%, 2/15/2046		86,047
	445,000	Kraft Heinz Foods Co., 3.000%, 6/01/2026		432,352
	3,660,000	Kraft Heinz Foods Co., 3.750%, 4/01/2030, 144A		3,478,812
	1,180,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		1,071,003

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		United States – continued
$	1,200,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.250%, 2/01/2027, 144A	$	948,000
	2,509,501	Legacy Mortgage Asset Trust,Series 2019-GS7, Class A1, 3.250%, 11/25/2059, 144A(c)		2,532,829
	2,279,482	Legacy Mortgage Asset Trust,Series 2020-GS1, Class A1, 2.882%, 10/25/2059, 144A(c)		2,180,188
	60,000	Lennar Corp., 5.000%, 6/15/2027		54,900
	455,000	McDonald’s Corp., MTN, 3.625%, 9/01/2049		459,070
	440,000	Morgan Stanley, (fixed rate to 3/24/2050, variable rate thereafter), 5.597%, 3/24/2051(a)		610,236
	630,000	Occidental Petroleum Corp., 2.700%, 8/15/2022		449,219
	410,000	Occidental Petroleum Corp., 2.700%, 2/15/2023		242,806
	2,625,000	Occidental Petroleum Corp., 2.900%, 8/15/2024		1,436,728
	690,000	Omnicom Group, Inc., 4.200%, 6/01/2030		710,729
	1,411,640	OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072%, 12/26/2059, 144A(c)		1,349,560
	983,983	Preston Ridge Partners Mortgage LLC,Series 2019-3A, Class A1, 3.351%, 7/25/2024, 144A(c)		971,096
	1,441,290	Preston Ridge Partners Mortgage LLC,Series 2019-4A, Class A1, 3.351%, 11/25/2024, 144A(c)		1,394,500
	853,152	Preston Ridge Partners Mortgage LLC,Series 2020-1A, Class A1, 2.981%, 2/25/2025, 144A(c)		674,235
	595,000	Prologis Euro Finance LLC, 0.250%, 9/10/2027, (EUR)		593,667
	530,000,000	Prologis Yen Finance LLC, 0.972%, 9/25/2028, (JPY)(a)		4,930,516
	1,375,674	RCO V Mortgage LLC,Series 2019-1, Class A1, 3.721%, 5/24/2024, 144A(c)		1,308,023
	1,585,000	Santander Drive Auto Receivables Trust, Series 2019-2, Class C, 2.900%, 10/15/2024(a)		1,535,767
	245,000	Santander Holdings USA, Inc., 3.244%, 10/05/2026		217,138
	740,000	Simon Property Group LP, 2.450%, 9/13/2029		665,304
	775,000	Simon Property Group LP, 3.250%, 9/13/2049		623,435
	1,645,082	SoFi Consumer Loan Program Trust,Series 2019-2, Class A, 3.010%, 4/25/2028, 144A(a)		1,595,762
	2,135,803	SoFi Consumer Loan Program Trust,Series 2019-3, Class A, 2.900%, 5/25/2028, 144A(a)		2,069,230
		United States – continued
	275,877	SoFi Professional Loan Program LLC,Series 2018-B, Class A1FX, 2.640%, 8/25/2047, 144A(a)		274,234
	202,365	SoFi Professional Loan Program LLC,Series 2018-C, Class A1FX, 3.080%, 1/25/2048, 144A(a)		201,485
	2,314,257	Spirit Airlines Pass Through Trust,Series 2015-1, Class B, 4.450%, 10/01/2025(a)		2,153,995
	3,362,799	SpringCastle Funding Asset-Backed Notes,Series 2019-AA, Class A, 3.200%, 5/27/2036, 144A(a)		3,150,880
	175,000	Springleaf Finance Corp., 5.375%, 11/15/2029		160,125
	615,000	Springleaf Finance Corp., 6.625%, 1/15/2028		581,175
	60,000	Springleaf Finance Corp., 7.125%, 3/15/2026		59,400
	990,000	Thermo Fisher Scientific, Inc., 2.375%, 4/15/2032, (EUR)		1,093,006
	836,767	Towd Point HE Trust,Series 2019-HE1, Class A1,1-month LIBOR + 0.900%, 1.847%, 4/25/2048, 144A(a)(b)		811,664
	5,040,000	U.S. Treasury Bond, 2.875%, 5/15/2043(a)(e)		6,651,816
	785,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		774,952
	1,145,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		1,136,412
	1,060,741	United Airlines Pass Through Trust,Series 2016-1, Class B, 3.650%, 7/07/2027		859,176
	1,354,931	United Airlines Pass Through Trust,Series 2016-2, Class B, 3.650%, 4/07/2027(a)		1,194,886
	2,451,928	Vericrest Opportunity Loan Trust, Series 2019-NPL5, Class A1A, 3.352%, 9/25/2049, 144A(c)		2,066,375
	1,183,707	Vericrest Opportunity Loan Trust, Series 2019-NPL9, Class A1A, 3.327%, 11/26/2049, 144A(c)		1,047,171
	461,179	Vericrest Opportunity Loan Trust, Series 2020-NPL1, Class A1A, 3.228%, 1/25/2050, 144A(c)		406,283
	1,051,727	Vericrest Opportunity Loan Trust, Series 2020-NPL2, Class A1A, 2.981%, 2/25/2050, 144A(c)		864,070
	2,767,235	Vericrest Opportunity Loan Trust, Series 2020-NPL3, Class A1A, 2.981%, 2/25/2050, 144A(c)		2,528,957
	3,080,000	ViacomCBS, Inc., 4.950%, 1/15/2031		3,031,440
	570,000,000	Walmart, Inc., 0.183%, 7/15/2022, (JPY)(a)		5,292,568
				250,014,492
		Total Bonds and Notes
		(Identified Cost $667,298,921)		651,968,638

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments – 0.1%
$	925,535	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020 at 0.000% to be repurchased at $925,535 on 4/01/2020 collateralized by $940,000 U.S. Treasury Note, 0.500% due 3/15/2023 valued at $946,136 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $925,535)	$	925,535
		Total Investments – 98.4%
		(Identified Cost $668,224,456)		652,894,173
		Other assets less liabilities—1.6%		10,427,535
		Net Assets – 100.0%	$	663,321,708
	(‡)	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)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(b)	Variable rate security. Rate as of March 31, 2020 is disclosed.
	(c)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2020 is disclosed.
	(d)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(e)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, the value of Rule 144A holdings amounted to $144,436,550 or 21.8% of net assets.
	ABS	Asset-Backed Securities
	CPI	Consumer Price Index
	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
	AUD	Australian Dollar
	BRL	Brazilian Real
	CAD	Canadian Dollar
	CHF	Swiss Franc
	CNH	Chinese Yuan Renminbi Offshore
	CNY	Chinese Yuan Renminbi
	COP	Colombian Peso
	DKK	Danish Krone
	EUR	Euro
	GBP	British Pound
	IDR	Indonesian Rupiah
	JPY	Japanese Yen
	KRW	South Korean Won
	MXN	Mexican Peso
	MYR	Malaysian Ringgit
	NOK	Norwegian Krone
	NZD	New Zealand Dollar
	PLN	Polish Zloty
	SEK	Swedish Krona
	SGD	Singapore Dollar
	ZAR	South African Rand

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Global Bond Fund – continued

At March 31, 2020, 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.	4/02/2020	BRL		B17,305,000	$	3,472,807	$	3,330,382	$	(142,425	)
Bank of America, N.A.	4/02/2020	BRL		S17,305,000		3,522,432		3,330,382		192,050
Bank of America, N.A.	5/05/2020	BRL		S17,305,000		3,466,685		3,323,271		143,414
Bank of America, N.A.	6/17/2020	MXN		S79,330,000		3,562,751		3,306,705		256,046
Barclays Bank plc	6/17/2020	CNH		S17,890,000		2,562,303		2,520,091		42,212
BNP Paribas S.A.	6/17/2020	COP		S16,117,160,000		4,214,374		3,945,927		268,447
Citibank N.A.	6/17/2020	ZAR		S72,730,000		4,484,038		4,025,772		458,266
Credit Suisse International	6/17/2020	CHF		B4,540,000		4,794,507		4,733,999		(60,508	)
Credit Suisse International	6/17/2020	JPY		B1,756,500,000		16,618,805		16,388,751		(230,054	)
Credit Suisse International	6/17/2020	JPY		S300,000,000		2,877,187		2,799,103		78,084
Credit Suisse International	6/17/2020	JPY		S358,715,000		3,331,213		3,346,935		(15,722	)
Credit Suisse International	6/17/2020	KRW		B    10,055,589,000		8,384,548		8,283,363		(101,185	)
HSBC Bank USA	6/17/2020	SGD		B7,150,000		5,189,056		5,036,293		(152,763	)
Morgan Stanley Capital Services, Inc.	6/17/2020	GBP		B5,550,000		6,409,244		6,902,841		493,597
Morgan Stanley Capital Services, Inc.	6/17/2020	GBP		S1,075,000		1,336,171		1,337,037		(866	)
Standard Chartered Bank	6/17/2020	EUR		B4,820,000		5,180,590		5,331,422		150,832
Standard Chartered Bank	6/17/2020	EUR		B32,845,000		36,799,478		36,329,989		(469,489	)
Standard Chartered Bank	6/17/2020	EUR		S2,715,000		3,004,827		3,003,073		1,754
Standard Chartered Bank	6/17/2020	EUR		S4,710,000		5,121,183		5,209,750		(88,567	)
Total									$	823,123

At March 31, 2020, the Fund had the following open forward cross currency contracts:

Counterparty	Settlement Date	Deliver/Units of Currency			Receive/Units of Currency			Notional Value		Unrealized Appreciation (Depreciation)
BNP Paribas S.A.	6/17/2020		SEK	3,770,000		EUR	357,251	$	395,157	$	13,425
Credit Suisse International	6/17/2020		IDR	21,947,060,000		JPY	162,631,048		1,517,404		181,043
Morgan Stanley Capital Services, Inc.	6/17/2020		GBP	6,175,000		EUR	7,068,622		7,818,632		138,444
UBS AG	6/17/2020		ZAR	45,440,000		EUR	2,298,432		2,542,305		27,098
UBS AG	6/17/2020		ZAR	35,465,000		EUR	1,768,848		1,956,530		(6,539	)
Total										$	353,471

At March 31, 2020, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/30/2020		129	$	16,103,048	$	16,171,359	$	68,311
Euro-Buxl® 30 Year Bond		6/08/2020		39		9,239,025		9,028,445		(210,580	)
German Euro BOBL		6/08/2020		210		31,391,570		31,315,836		(75,734	)
UK Long Gilt		6/26/2020		37		6,221,348		6,258,980		37,632
Ultra Long U.S. Treasury Bond		6/19/2020		64		13,970,010		14,200,000		229,990
Total									$	49,619

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Global Bond Fund – continued

At March 31, 2020, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/19/2020		82	$	11,386,319	$	11,372,375	$	13,944
30 Year U.S. Treasury Bond		6/19/2020		149		24,845,535		26,680,313		(1,834,778	)
German Euro Bund		6/08/2020		26		5,034,212		4,946,791		87,421
Ultra 10 Year U.S. Treasury Note		6/19/2020		53		8,288,747		8,269,656		19,091
Total									$	(1,714,322	)

Industry Summary at March 31, 2020 (Unaudited)

Treasuries	36.1	%
Banking	9.1
Mortgage Related	7.4
ABS Home Equity	6.0
Healthcare	4.9
Food & Beverage	3.4
Local Authorities	2.4
Wireless	2.4
Supranational	2.2
Other Investments, less than 2% each	24.4
Short-Term Investments	0.1
Total Investments	98.4
Other assets less liabilities (including forward foreign currency and futures contracts)	1.6
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2020 (Unaudited)

United States Dollar	46.0	%
Japanese Yen	14.1
Euro	13.5
British Pound	4.7
Yuan Renminbi	4.3
Canadian Dollar	2.6
Other, less than 2% each	13.2
Total Investments	98.4
Other assets less liabilities (including forward foreign currency and futures contracts)	1.6
Net Assets	100.0	%

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March31, 2020(Unaudited)

Loomis Sayles Inflation Protected Securities Fund

Principal Amount		Description	Value (†)
	Bonds and Notes – 98.1% of Net Assets
		Aerospace & Defense – 0.4%
$	190,000	General Dynamics Corp., 3.500%, 4/01/2027	$	204,475
		Banking – 0.5%
	250,000	Credit Suisse Group AG, (fixed rate to 4/01/2030, variable rate thereafter), 4.194%, 4/01/2031, 144A		256,003
		Consumer Cyclical Services – 0.1%
	40,000	Mastercard, Inc., 3.850%, 3/26/2050		49,018
		Consumer Products – 0.5%
	195,000	Procter & Gamble Co. (The), 3.000%, 3/25/2030		216,589
		Electric – 0.1%
	30,000	Entergy Louisiana LLC, 2.900%, 3/15/2051		26,286
		Food & Beverage – 1.3%
	190,000	Coca-Cola Co. (The), 3.450%, 3/25/2030		215,128
	75,000	JM Smucker Co. (The), 3.550%, 3/15/2050		68,670
	195,000	PepsiCo, Inc., 3.625%, 3/19/2050		231,512
	90,000	Sysco Corp., 6.600%, 4/01/2050		94,365
				609,675
		Health Insurance – 0.2%
	85,000	Humana, Inc., 3.950%, 8/15/2049		83,354
		Healthcare – 0.5%
	30,000	Cigna Corp., 2.400%, 3/15/2030		28,414
	75,000	Cigna Corp., 3.200%, 3/15/2040		69,398
	115,000	CVS Health Corp., 3.250%, 8/15/2029		111,883
	30,000	Thermo Fisher Scientific, Inc., 4.497%, 3/25/2030		33,724
				243,419
		Life Insurance – 0.5%
	235,000	Athene Holding Ltd., 6.150%, 4/03/2030		234,549
		Media Entertainment – 0.7%
	100,000	Interpublic Group of Cos., Inc. (The), 4.750%, 3/30/2030		99,085
	20,000	Omnicom Group, Inc., 4.200%, 6/01/2030		20,601
	150,000	ViacomCBS, Inc., 4.950%, 1/15/2031		147,635
	35,000	Walt Disney Co. (The), 4.700%, 3/23/2050		45,736
				313,057
		Metals & Mining – 0.2%
	95,000	Newmont Corp., 2.250%, 10/01/2030		88,270
		Packaging – 0.1%
	45,000	Avery Dennison Corp., 2.650%, 4/30/2030		41,951
		Railroads – 0.0%
	15,000	Canadian Pacific Railway Co., 2.050%, 3/05/2030		13,945
		Restaurants – 0.2%
	105,000	McDonald’s Corp., MTN, 3.625%, 9/01/2049		105,939
		Restaurants – continued
$	5,000	McDonald’s Corp., MTN, 4.200%, 4/01/2050	$	5,593
				111,532
		Retailers – 0.7%
	165,000	Home Depot, Inc. (The), 2.500%, 4/15/2027		166,295
	10,000	Home Depot, Inc. (The), 3.350%, 4/15/2050		10,448
	25,000	Lowe’s Cos., Inc., 5.125%, 4/15/2050		30,184
	90,000	NIKE, Inc., 3.375%, 3/27/2050		98,181
				305,108
		Technology – 2.0%
	235,000	Intel Corp., 4.750%, 3/25/2050		315,563
	195,000	Oracle Corp., 3.600%, 4/01/2040		195,019
	210,000	Oracle Corp., 3.600%, 4/01/2050		210,005
	210,000	Oracle Corp., 3.850%, 4/01/2060		211,359
				931,946
		Transportation Services – 0.1%
	25,000	United Parcel Service, Inc., 5.300%, 4/01/2050		32,751
		Treasuries – 89.9%
	1,132,663	U.S. Treasury Inflation Indexed Bond, 0.875%, 2/15/2047(a)		1,348,370
	679,900	U.S. Treasury Inflation Indexed Bond, 1.000%, 2/15/2048(a)		836,961
	2,921,393	U.S. Treasury Inflation Indexed Bond, 1.000%, 2/15/2049(a)		3,629,511
	784,717	U.S. Treasury Inflation Indexed Bond, 3.375%, 4/15/2032(a)		1,107,598
	1,888,235	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2021(a)		1,850,655
	5,939,472	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2022(a)		5,857,951
	3,518,725	U.S. Treasury Inflation Indexed Note, 0.125%, 10/15/2024(a)		3,561,610
	1,732,489	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2026(a)		1,747,858
	4,290,914	U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2030(a)		4,417,930
	5,336,198	U.S. Treasury Inflation Indexed Note, 0.250%, 1/15/2025(a)		5,384,107
	1,709,221	U.S. Treasury Inflation Indexed Note, 0.250%, 7/15/2029(a)		1,774,662
	2,963,173	U.S. Treasury Inflation Indexed Note, 0.375%, 1/15/2027(a)		3,032,176
	1,953,395	U.S. Treasury Inflation Indexed Note, 0.500%, 4/15/2024(a)		1,981,612
	2,076,657	U.S. Treasury Inflation Indexed Note, 0.625%, 1/15/2026(a)		2,144,934
	2,224,711	U.S. Treasury Inflation Indexed Note, 0.750%, 7/15/2028(a)		2,379,072
	786,578	U.S. Treasury Inflation Indexed Note, 0.875%, 1/15/2029(a)		854,408
				41,909,415
		Wireless – 0.0%
	10,000	Crown Castle International Corp., 4.150%, 7/01/2050		9,890

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Wirelines – 0.1%
$	30,000	Verizon Communications, Inc., 4.000%, 3/22/2050	$	35,479
		Total Bonds and Notes
		(Identified Cost $44,989,854)		45,716,712
	Short-Term Investments – 4.9%
	2,281,530	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020 at 0.000% to be repurchased at $2,281,530 on 4/01/2020 collateralized by $2,315,000 U.S. Treasury Note, 0.500% due 3/15/2023 valued at $2,330,112 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,281,530)		2,281,530
		Total Investments �� 103.0%
		(Identified Cost $47,271,384)		47,998,242
		Other assets less liabilities—(3.0)%		(1,400,483	)
		Net Assets – 100.0%	$	46,597,759
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Treasury Inflation Protected Security (TIPS).
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, the value of Rule 144A holdings amounted to $256,003 or 0.5% of net assets.
	MTN	Medium Term Note

Industry Summary at March 31, 2020 (Unaudited)

Treasuries	89.9	%
Technology	2.0
Other Investments, less than 2% each	6.2
Short-Term Investments	4.9
Total Investments	103.0
Other assets less liabilities	(3.0	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Institutional High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 69.4% of Net Assets
	Non-Convertible Bonds – 63.2%
		Aerospace & Defense – 2.8%
$	85,000	Boeing Co. (The), 3.100%, 5/01/2026	$	78,195
	15,000	Boeing Co. (The), 3.625%, 3/01/2048		13,037
	390,000	Boeing Co. (The), 3.850%, 11/01/2048		351,188
	770,000	Boeing Co. (The), 3.950%, 8/01/2059		691,067
	135,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		69,739
	1,930,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		1,254,500
	4,535,000	Bombardier, Inc., 7.875%, 4/15/2027, 144A		3,026,432
	115,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		101,316
	1,165,000	Huntington Ingalls Industries, Inc., 5.000%, 11/15/2025, 144A		1,201,705
	1,072,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		1,078,539
	2,209,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		2,540,350
	2,610,000	Textron Financial Corp.,3-month LIBOR + 1.735%, 3.427%, 2/15/2067, 144A(a)		1,476,868
	625,000	TransDigm, Inc., 6.500%, 5/15/2025		587,494
				12,470,430
		Airlines – 1.5%
	234,486	Air Canada Pass Through Trust,Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		237,703
	80,000	American Airlines Group, Inc., 3.750%, 3/01/2025, 144A		56,000
	3,570,000	American Airlines Group, Inc., 5.000%, 6/01/2022, 144A		2,864,925
	625,657	American Airlines Pass Through Certificates,Series 2016-3, Class B, 3.750%, 4/15/2027		499,970
	1,815,449	American Airlines Pass Through Certificates,Series 2017-2, Class B, 3.700%, 4/15/2027		1,548,319
	38,348	Continental Airlines Pass Through Certificates,Series 2000-2,Class A-1, 7.707%, 10/02/2022		38,624
	1,615,730	U.S. Airways Pass Through Trust,Series 2013-1, Class B, 5.375%, 5/15/2023		1,500,545
	227,059	United Airlines Pass Through Trust,Series 2014-1, Class B, 4.750%, 10/11/2023		209,546
				6,955,632
		Automotive – 0.6%
	1,130,000	Ford Motor Co., 4.750%, 1/15/2043		641,275
	300,000	General Motors Co., 5.200%, 4/01/2045		237,539
	220,000	Goodyear Tire & Rubber Co. (The), 4.875%, 3/15/2027		201,850
	2,090,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		1,839,200
				2,919,864
		Banking – 0.2%
	1,145,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		938,900
		Brokerage – 0.4%
	350,000	Jefferies Finance LLC/JFINCo-Issuer Corp., 7.250%, 8/15/2024, 144A		301,000
	1,615,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,429,094
				1,730,094
		Building Materials – 0.8%
	3,350,000	American Woodmark Corp., 4.875%, 3/15/2026, 144A		3,123,875
	525,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		463,312
	178,000	Masco Corp., 6.500%, 8/15/2032		207,874
				3,795,061
		Cable Satellite – 3.6%
	60,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		60,600
	1,865,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A		1,869,849
	70,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025, 144A		71,764
	300,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027, 144A		309,000
	3,215,000	CSC Holdings LLC, 5.250%, 6/01/2024		3,223,006
	370,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		377,400
	2,205,000	DISH DBS Corp., 5.000%, 3/15/2023		2,109,744
	2,686,000	DISH DBS Corp., 5.875%, 11/15/2024		2,612,135
	1,720,000	DISH DBS Corp., 7.750%, 7/01/2026		1,767,300
	170,000	Time Warner Cable LLC, 4.500%, 9/15/2042		159,624
	3,718,000	Ziggo BV, 5.500%, 1/15/2027, 144A		3,718,000
				16,278,422
		Chemicals – 1.2%
	1,025,000	Aruba Investments, Inc., 8.750%, 2/15/2023, 144A		994,250
	4,738,000	Hercules LLC, 6.500%, 6/30/2029		3,831,289
	750,000	Koppers, Inc., 6.000%, 2/15/2025, 144A		600,000
				5,425,539
		Construction Machinery – 1.0%
	330,000	United Rentals North America, Inc., 4.875%, 1/15/2028		320,100
	1,370,000	United Rentals North America, Inc., 5.500%, 7/15/2025		1,342,600
	1,140,000	United Rentals North America, Inc., 5.875%, 9/15/2026		1,154,592

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Construction Machinery – continued
$	1,695,000	United Rentals North America, Inc., 6.500%, 12/15/2026	$	1,720,425
				4,537,717
		Consumer Cyclical Services – 0.4%
	1,902,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		1,664,250
		Diversified Manufacturing – 0.1%
	260,000	General Electric Co., Series D, (fixed rate to 1/21/2021, variable rate thereafter), 5.000%(b)		214,500
		Electric – 0.8%
	391,000	AES Corp. (The), 4.875%, 5/15/2023		376,334
	185,000	AES Corp. (The), 5.500%, 4/15/2025		180,771
	190,000	Edison International, 4.950%, 4/15/2025		189,561
	2,430,000	NRG Energy, Inc., 7.250%, 5/15/2026		2,545,425
	340,000	Vistra Energy Corp., 5.875%, 6/01/2023		339,150
				3,631,241
		Finance Companies – 6.7%
	1,000,000	AGFC Capital Trust I,3-month LIBOR + 1.750%, 3.581%, 1/15/2067, 144A(a)(c)(d)(e)		383,872
	2,240,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035		2,390,261
	240,000	International Lease Finance Corp., 4.625%, 4/15/2021		221,571
	300,000	International Lease Finance Corp., 8.250%, 12/15/2020		297,746
	17,880,000	Navient Corp., MTN, 5.625%, 8/01/2033		13,181,136
	5,345,000	Navient Corp., MTN, 6.125%, 3/25/2024		4,944,125
	325,000	Navient Corp., MTN, 7.250%, 1/25/2022		313,404
	4,815,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		4,708,107
	1,725,000	Springleaf Finance Corp., 6.875%, 3/15/2025		1,737,282
	1,535,000	Springleaf Finance Corp., 7.125%, 3/15/2026		1,519,650
	805,000	Springleaf Finance Corp., 8.250%, 10/01/2023		805,000
				30,502,154
		Financial Other – 1.0%
	5,010,000	Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/2026, 144A		4,534,050
		Food & Beverage – 0.4%
	2,005,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		1,819,798
		Gaming – 0.3%
	1,570,000	International Game Technology PLC, 6.250%, 1/15/2027, 144A		1,365,900
		Government Owned – No Guarantee – 0.1%
	75,000(††)	Petroleos Mexicanos, 7.650%, 11/24/2021, 144A, (MXN)		302,788
		Healthcare – 9.0%
	1,000,000	CHS/Community Health Systems, Inc., 6.625%, 2/15/2025, 144A		925,000
	2,825,000	HCA, Inc., 5.875%, 5/01/2023		2,945,062
	1,065,000	HCA, Inc., 7.050%, 12/01/2027		1,096,950
	4,660,000	HCA, Inc., 7.500%, 11/06/2033		4,660,000
	620,000	HCA, Inc., 7.690%, 6/15/2025		638,600
	375,000	HCA, Inc., 8.360%, 4/15/2024		386,250
	2,945,000	HCA, Inc., MTN, 7.580%, 9/15/2025		3,033,350
	3,875,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,875,000
	4,745,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		4,531,475
	5,520,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		5,092,200
	10,334,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		8,680,560
	910,000	Tenet Healthcare Corp., 7.000%, 8/01/2025		791,700
	1,395,000	Tenet Healthcare Corp., 8.125%, 4/01/2022		1,328,738
	2,554,000	Universal Health Services, Inc., 4.750%, 8/01/2022, 144A		2,539,647
				40,524,532
		Home Construction – 1.8%
	2,820,000	Beazer Homes USA, Inc., 5.875%, 10/15/2027		2,129,100
	1,120,000	Beazer Homes USA, Inc., 7.250%, 10/15/2029		851,200
	400,000	PulteGroup, Inc., 6.000%, 2/15/2035		403,000
	2,425,000	TRI Pointe Group, Inc., 4.875%, 7/01/2021		2,252,461
	1,970,000	TRI Pointe Group, Inc., 5.250%, 6/01/2027		1,752,709
	1,000,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		928,980
				8,317,450
		Independent Energy – 5.6%
	1,846,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		1,079,910
	870,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		321,900
	1,752,000	Bellatrix Exploration Ltd., 8.500%, 9/11/2023(c)(d)(e)(f)(g)		83,395
	1,910,000	Bellatrix Exploration Ltd., 12.500%, (9.500% PIK, 3.000% Cash), 12/15/2023(c)(d)(e)(f)(g)(h)		—
	647,000	California Resources Corp., 5.500%, 9/15/2021(c)(i)		63,082
	106,000	California Resources Corp., 6.000%, 11/15/2024(c)(i)		2,120
	13,220,000	California Resources Corp., 8.000%, 12/15/2022, 144A(c)(i)		198,300
	1,000,000	Chesapeake Energy Corp., 4.875%, 4/15/2022(c)(i)		100,000
	2,835,000	Chesapeake Energy Corp., 8.000%, 1/15/2025(c)(i)		185,210

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Independent Energy – continued
$	4,250,000	Chesapeake Energy Corp., 8.000%, 6/15/2027(c)(i)	$	297,500
	1,885,000	Continental Resources, Inc., 3.800%, 6/01/2024		969,641
	2,095,000	Continental Resources, Inc., 4.500%, 4/15/2023		1,163,487
	1,289,000	Continental Resources, Inc., 5.000%, 9/15/2022		822,305
	4,870,000	Denbury Resources, Inc., 7.750%, 2/15/2024, 144A(c)(i)		731,474
	1,175,000	Gulfport Energy Corp., 6.375%, 1/15/2026(c)(i)		229,613
	3,690,000	Lonestar Resources America, Inc., 11.250%, 1/01/2023, 144A(c)(i)		673,425
	5,499,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		2,536,414
	6,850,000	Montage Resources Corp., 8.875%, 7/15/2023(c)(i)		4,623,750
	565,000	QEP Resources, Inc., 5.250%, 5/01/2023		209,050
	430,000	Range Resources Corp., 4.875%, 5/15/2025		255,850
	340,000	Range Resources Corp., 5.000%, 8/15/2022		254,898
	1,540,000	Sanchez Energy Corp., 6.125%, 1/15/2023(c)(g)(i)		10,611
	5,560,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		3,099,700
	1,270,000	SM Energy Co., 5.000%, 1/15/2024		406,336
	1,045,000	SM Energy Co., 5.625%, 6/01/2025		284,773
	428,000	SM Energy Co., 6.125%, 11/15/2022		181,099
	690,000	SM Energy Co., 6.625%, 1/15/2027		200,835
	6,345,000	Southwestern Energy Co., 6.200%, 1/23/2025		4,320,628
	6,905,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.750%, 4/15/2023, 144A(c)(i)		1,519,100
	90,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.750%, 4/15/2023, 144A(c)(i)		21,262
	2,265,000	Whiting Petroleum Corp., 6.250%, 4/01/2023(c)(i)(j)		196,693
	2,011,000	Whiting Petroleum Corp., 6.625%, 1/15/2026(c)(i)(j)		135,742
				25,178,103
		Life Insurance – 0.5%
	280,000	MetLife, Inc., 9.250%, 4/08/2068, 144A		350,000
	1,530,000	MetLife, Inc., 10.750%, 8/01/2069		2,126,700
				2,476,700
		Metals & Mining – 2.9%
	2,520,000	Allegheny Technologies, Inc., 7.875%, 8/15/2023		2,431,069
	3,894,000	Commercial Metals Co., 5.375%, 7/15/2027		3,582,480
	1,660,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		1,332,150
		Metals & Mining – continued
	4,530,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		3,989,345
	200,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		166,438
	3,055,000	United States Steel Corp., 6.650%, 6/01/2037		1,839,721
				13,341,203
		Midstream – 1.5%
	800,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/2022, 144A		600,000
	5,415,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		4,931,070
	200,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		68,000
	3,465,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		1,204,087
	885,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(b)(c)(i)		12,656
				6,815,813
		Oil Field Services – 0.6%
	285,000	Noble Holding International Ltd., 7.750%, 1/15/2024(c)(i)		29,338
	250,000	Noble Holding International Ltd., 7.875%, 2/01/2026, 144A		60,000
	6,050,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022(c)(g)(i)		45,375
	3,410,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		1,629,980
	3,760,000	Transocean, Inc., 6.800%, 3/15/2038		864,800
	250,000	Transocean, Inc., 7.500%, 4/15/2031		63,713
	1,805,000	Valaris PLC, 7.750%, 2/01/2026(c)(i)		165,121
				2,858,327
		Packaging – 0.4%
	1,830,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		1,852,893
		Property & Casualty Insurance – 1.2%
	4,925,000	Ardonagh Midco 3 PLC, 8.625%, 7/15/2023, 144A		4,383,250
	1,920,000	MBIA Insurance Corp.,3-month LIBOR + 11.260%, 13.091%, 1/15/2033, 144A(a)(j)		1,017,600
				5,400,850
		REITs – Health Care – 0.4%
	1,815,000	MPT Operating Partnership LP/MPT Finance Corp., 5.000%, 10/15/2027		1,760,550
		Retailers – 1.4%
	500,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		460,000
	165,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036(c)(i)		12,375
	5,685,000	L Brands, Inc., 5.250%, 2/01/2028		4,342,771

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Retailers – continued
$	2,245,000	Michaels Stores, Inc., 8.000%, 7/15/2027, 144A	$	1,661,300
				6,476,446
		Supermarkets – 0.3%
	655,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s LP/Albertson’s LLC, 5.750%, 3/15/2025		661,812
	330,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s LP/Albertson’s LLC, 6.625%, 6/15/2024		334,950
	155,000	Safeway, Inc., 7.250%, 2/01/2031		153,679
				1,150,441
		Technology – 0.6%
	2,685,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		2,522,235
		Transportation Services – 0.3%
	3,285,000	APL Ltd., 8.000%, 1/15/2024(c)(i)		1,314,000
		Treasuries – 12.9%
	110,000(††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		475,440
	1,595,000(††)	Mexican Fixed Rate Bonds, Series M, 8.000%, 12/07/2023, (MXN)		7,050,273
	310,000(††)	Mexican Fixed Rate Bonds,Series M-20, 7.500%, 6/03/2027, (MXN)		1,328,155
	75,000(††)	Mexican Fixed Rate Bonds,Series M-20, 8.500%, 5/31/2029, (MXN)		341,217
	490,000(††)	Mexican Fixed Rate Bonds,Series M-20, 10.000%, 12/05/2024, (MXN)		2,333,968
	1,575,000	Norway Government Bond, Series 474, 3.750%, 5/25/2021, 144A, (NOK)		157,444
	4,170,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		788,609
	11,165,000	U.S. Treasury Bond, 3.000%, 8/15/2048		15,508,883
	22,950,000	U.S. Treasury Note, 1.500%, 10/31/2021		23,417,068
	7,030,000	U.S. Treasury Note, 1.500%, 11/30/2021		7,180,212
				58,581,269
		Wireless – 0.3%
	29,970,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		1,182,389
		Wirelines – 1.6%
	205,000	CenturyLink, Inc., 5.625%, 4/01/2025		206,023
	1,180,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		1,144,836
	1,115,000	Cincinnati Bell, Inc., 8.000%, 10/15/2025, 144A		1,142,875
	540,000	Qwest Corp., 7.250%, 9/15/2025		548,551
	2,213,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		2,190,870
		Wirelines – continued
	1,550,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		1,573,250
	5,756,000	Windstream Services LLC/Windstream Finance Corp., 9.000%, 6/30/2025, 144A(c)(g)(i)		230,240
	4,090,000	Windstream Services LLC/Windstream Finance Corp., 10.500%, 6/30/2024, 144A(c)(g)(i)		163,600
				7,200,245
		TotalNon-Convertible Bonds
		(Identified Cost $381,206,359)		286,039,786
	Convertible Bonds – 6.2%
		Cable Satellite – 2.7%
	3,815,000	DISH Network Corp., 2.375%, 3/15/2024		3,023,387
	11,145,000	DISH Network Corp., 3.375%, 8/15/2026		9,048,085
				12,071,472
		Independent Energy – 0.1%
	4,610,000	Chesapeake Energy Corp., 5.500%, 9/15/2026(c)(e)(i)		138,300
	1,485,000	SM Energy Co., 1.500%, 7/01/2021		536,269
	75,000	Whiting Petroleum Corp., 1.250%, 4/01/2020(c)(i)(j)		36,000
				710,569
		Pharmaceuticals – 0.3%
	440,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		461,090
	135,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		143,107
	750,000	Intercept Pharmaceuticals, Inc., 3.250%, 7/01/2023		600,036
				1,204,233
		REITs – Diversified – 0.2%
	755,000	iStar, Inc., 3.125%, 9/15/2022		739,039
		Technology – 2.9%
	1,560,000	Evolent Health, Inc., 2.000%, 12/01/2021		1,287,000
	10,395,000	Nuance Communications, Inc., 1.000%, 12/15/2035		9,932,838
	1,080,000	Nuance Communications, Inc., 1.250%, 4/01/2025		1,170,580
	877,000	Nuance Communications, Inc., 1.500%, 11/01/2035		924,183
				13,314,601
		Total Convertible Bonds
		(Identified Cost $36,428,532)		28,039,914
		Total Bonds and Notes
		(Identified Cost $417,634,891)		314,079,700

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Senior Loans – 0.0%
		Technology – 0.0%
$	128,399	IQOR U.S., Inc., 2nd Lien Term Loan,3-month LIBOR + 8.750%, 10.659%, 4/01/2022(a)(c)(i) (Identified Cost $125,537)	$	33,811
Shares
	Common Stocks – 13.3%
		Automobiles – 0.9%
	876,900	Ford Motor Co.		4,235,427
		Chemicals – 0.2%
	98,456	Hexion Holdings Corp., Class B(c)(i)(j)		996,867
		Diversified Telecommunication Services – 3.7%
	580,365	AT&T, Inc.		16,917,640
		Electronic Equipment, Instruments & Components – 3.3%
	735,766	Corning, Inc.		15,112,634
		Media – 0.1%
	67,175	Clear Channel Outdoor Holdings, Inc.(j)		42,992
	20,777	iHeartMedia, Inc., Class A(j)		151,880
	787	Thryv Holdings, Inc.(f)(j)		3,541
				198,413
		Oil, Gas & Consumable Fuels – 0.1%
	50,400	Battalion Oil Corp.(j)		235,620
	702,553	Bellatrix Exploration Ltd.(c)(d)(e)(f)(j)		—
	2,846	Chesapeake Energy Corp.(j)		492
	1,176	Frontera Energy Corp.		2,883
	11,183	Paragon Offshore Ltd., Litigation Units, Class A(c)(d)(e)(f)(j)		—
	16,774	Paragon Offshore Ltd., Litigation Units, Class B(f)(j)		192,901
				431,896
		Pharmaceuticals – 4.3%
	345,208	Bristol-Myers Squibb Co.		19,241,894
		REITs – Diversified – 0.7%
	296,558	iStar, Inc.		3,146,480
		Total Common Stocks
		(Identified Cost $74,375,798)		60,281,251
	Preferred Stocks – 1.3%
	Convertible Preferred Stocks – 1.2%
		Independent Energy – 0.0%
	15,716	Chesapeake Energy Corp., 5.000%(c)(i)		75,435
	160	Chesapeake Energy Corp., 5.750%, 144A(c)(i)		4,557
				79,992
		Midstream – 1.2%
	30	Chesapeake Energy Corp., 5.750%(c)(i)		854
	3,000	Chesapeake Energy Corp., 5.750%, 144A(c)(i)		85,442
	2,954	Chesapeake Energy Corp., 5.750%(c)(i)		84,132
	116,254	El Paso Energy Capital Trust I, 4.750%		4,998,922
				5,169,350
		Total Convertible Preferred Stocks
		(Identified Cost $10,813,621)		5,249,342
	Non-Convertible Preferred Stocks – 0.1%
		Home Construction – 0.1%
	96,887	Hovnanian Enterprises, Inc., 7.625%(j)		386,579
		REITs – Diversified – 0.0%
	2,575	iStar, Inc., Series G, 7.650%		51,320
		REITs – Warehouse/Industrials – 0.0%
	3,363	Prologis, Inc., Series Q, 8.540%		242,136
		TotalNon-Convertible Preferred Stocks
		(Identified Cost $857,979)		680,035
		Total Preferred Stocks
		(Identified Cost $11,671,600)		5,929,377
	Warrants – 0.0%
	6,752	iHeartMedia, Inc., Expiration on 5/1/2039(j) (Identified Cost $153,516)		43,044
Principal Amount (‡)
	Short-Term Investments – 15.0%
	120,226,126	Central Bank of Iceland, 0.000%, (ISK)(a)(c)(i)(k)		848,246
	6,615,486	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020 at 0.000% to be repurchased at $6,615,486 on 4/01/2020 collateralized by $6,705,000 U.S. Treasury Note, 0.500% due 3/15/2023 valued at $6,748,770 including accrued interest (Note 2 of Notes to Financial Statements)		6,615,486
	18,000,000	U.S. Treasury Bills,1.380%-1.415%, 5/28/2020(l)(m)		17,997,862
	34,275,000	U.S. Treasury Bills, 1.518%, 8/13/2020(l)		34,265,081

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments – continued
$	8,000,000	U.S. Treasury Bills, 1.520%, 8/06/2020(l)	$	7,997,594
		Total Short-Term Investments
		(Identified Cost $67,592,581)		67,724,269
		Total Investments – 99.0%
		(Identified Cost $571,553,923)		448,091,452
		Other assets less liabilities—1.0%		4,621,127
		Net Assets – 100.0%	$	452,712,579
	(‡)	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. Rate as of March 31, 2020 is disclosed.
	(b)	Perpetual bond with no specified maturity date.
	(c)	Illiquid security.
	(d)	Fair valued by the Fund’s adviser. At March 31, 2020, the value of these securities amounted to $467,267 or 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(e)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(f)	Securities subject to restriction on resale. At March 31, 2020, the restricted securities held by the Fund are as follows:

	Acquisition Date	Acquisition Cost		Value		% of Net Assets
Bellatrix Exploration Ltd., 8.500%	6/04/2019	$	1,716,960	$	83,395		Less than 0.1%
Bellatrix Exploration Ltd., 12.500% (9.500% PIK, 3.000% Cash)	6/04/2019		1,260,600		—		—
Bellatrix Exploration Ltd.	6/04/2019		882,919		—		—
Paragon Offshore Ltd., Litigation Units, Class A	7/18/2017		85,478		—		—
Paragon Offshore Ltd., Litigation Units, Class B	7/18/2017		1,709,463		192,901		Less than 0.1%
Thryv Holdings, Inc.	8/12/2016		3,834		3,541		Less than 0.1%

(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(h)	Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. No payments were made during the period.
(i)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2020, the value of these securities amounted to $13,264,231 or 2.9% of net assets. See Note 2 of Notes to Financial Statements.
(j)	Non-income producing security.
(k)	Security callable by issuer at any time. No specified maturity date.
(l)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(m)	The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, the value of Rule 144A holdings amounted to $71,986,009 or 15.9% of net assets.
ABS	Asset-Backed Securities
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
BRL	Brazilian Real
CAD	Canadian Dollar
ISK	Icelandic Krona
MXN	Mexican Peso
NOK	Norwegian Krone

Industry Summary at March 31, 2020 (Unaudited)

Treasuries	12.9	%
Healthcare	9.0
Finance Companies	6.7
Cable Satellite	6.3
Independent Energy	5.7
Pharmaceuticals	4.6
Diversified Telecommunication Services	3.7
Technology	3.5
Electronic Equipment, Instruments & Components	3.3
Metals & Mining	2.9
Aerospace & Defense	2.8
Midstream	2.7
Other Investments, less than 2% each	19.9
Short-Term Investments	15.0
Total Investments	99.0
Other assets less liabilities	1.0
Net Assets	100.0	%

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 75.6% of Net Assets
	Non-Convertible Bonds – 73.6%
		ABS Home Equity – 0.0%
$	11,591	Morgan Stanley Mortgage Loan Trust, Series2005-3AR, Class 5A, 3.938%, 7/25/2035(a)(b)(c)	$	9,143
		ABS Other – 0.9%
	2,090,502	FAN Engine Securitization Ltd.,Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(d)(e)		2,018,422
		Aerospace & Defense – 0.7%
	85,000	Boeing Co. (The), 3.100%, 5/01/2026		78,195
	15,000	Boeing Co. (The), 3.625%, 3/01/2048		13,037
	390,000	Boeing Co. (The), 3.850%, 11/01/2048		351,188
	395,000	Boeing Co. (The), 3.950%, 8/01/2059		354,508
	376,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		331,260
	322,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		400,260
				1,528,448
		Airlines – 1.5%
	160,636	Air Canada Pass Through Trust,Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		162,841
	1,535,000	American Airlines Group, Inc., 5.000%, 6/01/2022, 144A		1,231,838
	61,742	American Airlines Pass Through Certificates, Series2016-3, Class B, 3.750%, 4/15/2027		49,339
	265,365	American Airlines Pass Through Certificates, Series2013-1, Class A, 4.000%, 1/15/2027		244,435
	22,868	Continental Airlines Pass Through Certificates, Series2000-2,Class A-1, 7.707%, 10/02/2022		23,033
	421,981	Continental Airlines Pass Through Certificates, Series2007-1, Class A, 5.983%, 10/19/2023		432,649
	32,415	Continental Airlines Pass Through Certificates, Series2012-1, Class B, 6.250%, 10/11/2021		32,277
	42,318	Continental Airlines Pass Through Certificates, Series2012-2, Class B, 5.500%, 4/29/2022		42,763
	323,598	Delta Air Lines Pass Through Trust, Series2007-1, Class B, 8.021%, 2/10/2024		331,556
	523,418	U.S. Airways Pass Through Trust, Series2012-2A, Class A, 4.625%, 12/03/2026		518,062
	290,046	United Airlines Pass Through Trust, Series2016-2, Class B, 3.650%, 4/07/2027		255,786
	252,710	US Airways Pass Through Trust,Series 2011-1, Class A, 7.125%, 4/22/2025		249,109
				3,573,688
		Automotive – 3.9%
$	659,000	Cummins, Inc., 5.650%, 3/01/2098	$	846,479
	8,576,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 1/08/2026		7,504,000
	834,000	General Motors Co., 5.200%, 4/01/2045		660,357
				9,010,836
		Banking – 6.8%
	2,255,000	Ally Financial, Inc., 4.125%, 2/13/2022		2,169,738
	635,000	Bank of America Corp., (fixed rate to 12/20/2022, variable rate thereafter), 3.004%, 12/20/2023		647,825
	1,244,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		1,283,233
	314,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		333,752
	536,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		554,043
	3,224,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		3,467,140
	482,000	Morgan Stanley, 3.950%, 4/23/2027		507,614
	659,000	Morgan Stanley, 5.750%, 1/25/2021		676,412
	953,000	Morgan Stanley, GMTN, 4.350%, 9/08/2026		1,009,485
	1,727,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		2,096,524
	710,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		744,271
	2,114,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		2,183,651
				15,673,688
		Brokerage – 1.5%
	2,528,000	Jefferies Group LLC, 5.125%, 1/20/2023		2,573,827
	733,000	Jefferies Group LLC, 6.250%, 1/15/2036		648,623
	343,000	Jefferies Group LLC, 6.450%, 6/08/2027		350,288
				3,572,738
		Building Materials – 0.5%
	211,000	Masco Corp., 6.500%, 8/15/2032		246,412
	104,000	Masco Corp., 7.750%, 8/01/2029		127,772
	778,000	Owens Corning, 7.000%, 12/01/2036		884,596
				1,258,780
		Cable Satellite – 0.1%
	12,000	Cox Communications, Inc., 4.800%, 2/01/2035, 144A		13,024
	145,000	Time Warner Cable LLC, 5.500%, 9/01/2041		151,464
				164,488

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – 0.1%
$	269,154	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035	$	315,371
		Consumer Products – 0.2%
	360,000	Hasbro, Inc., 6.600%, 7/15/2028		391,768
		Diversified Manufacturing – 0.1%
	51,000	General Electric Co., GMTN, 3.100%, 1/09/2023		51,373
	224,000	General Electric Co., Series A, MTN, 3-month LIBOR + 0.300%, 2.131%, 5/13/2024(f)		193,386
				244,759
		Electric – 0.7%
	95,000	Edison International, 4.950%, 4/15/2025		94,780
	1,037,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		1,116,266
	416,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		499,702
				1,710,748
		Finance Companies – 2.5%
	697,000	International Lease Finance Corp., 4.625%, 4/15/2021		643,479
	15,000	Navient Corp., 5.000%, 3/15/2027		12,896
	3,370,000	Navient Corp., 5.500%, 1/25/2023		3,167,800
	95,000	Navient Corp., 5.875%, 10/25/2024		87,400
	110,000	Navient Corp., 6.750%, 6/15/2026		101,200
	891,000	Navient Corp., MTN, 5.625%, 8/01/2033		656,845
	686,000	Navient Corp., MTN, 6.125%, 3/25/2024		634,550
	398,000	Navient Corp., MTN, 7.250%, 1/25/2022		383,799
				5,687,969
		Food & Beverage – 0.4%
	1,000,000	Coca-Cola Co. (The), 1.550%, 9/01/2021		1,000,970
		Government Owned – No Guarantee – 0.4%
	780,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		849,811
		Healthcare – 0.6%
	10,000	Cigna Corp., 7.875%, 5/15/2027, 144A		12,625
	1,192,000	HCA, Inc., 4.500%, 2/15/2027		1,226,399
	182,000	HCA, Inc., MTN, 7.750%, 7/15/2036		182,000
				1,421,024
		Home Construction – 1.2%
$	1,989,000	PulteGroup, Inc., 6.000%, 2/15/2035	$	2,003,917
	867,000	PulteGroup, Inc., 6.375%, 5/15/2033		876,277
				2,880,194
		Hybrid ARMs – 0.0%
	6,030	FNMA, 6-month LIBOR + 1.544%, 3.419%, 2/01/2037(f)		6,123
	11,667	FNMA, 12-month LIBOR + 1.881%, 4.395%, 9/01/2036(f)		11,835
				17,958
		Independent Energy – 0.7%
	840,000	Chesapeake Energy Corp., 8.000%, 6/15/2027(d)(e)		58,800
	353,000	Continental Resources, Inc., 3.800%, 6/01/2024		181,583
	63,000	Continental Resources, Inc., 4.500%, 4/15/2023		34,988
	1,416,000	Noble Energy, Inc., 3.900%, 11/15/2024		1,167,907
	605,000	SM Energy Co., 6.625%, 1/15/2027		176,094
				1,619,372
		Industrial Other – 0.9%
	2,757,000	Original Wempi, Inc., Series B1, 4.309%, 2/13/2024, (CAD)(d)(e)		2,110,663
		Integrated Energy – 0.2%
	500,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		508,680
		Life Insurance – 2.9%
	39,000	American International Group, Inc., 4.125%, 2/15/2024		40,748
	56,000	American International Group, Inc., 4.875%, 6/01/2022		57,479
	205,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		159,843
	1,402,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		1,493,474
	1,488,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(d)(e)		2,647,719
	1,560,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(d)(e)		2,240,370
				6,639,633
		Media Entertainment – 1.1%
	1,170,000	Discovery Communications LLC, 3.950%, 3/20/2028		1,146,979
	14,290,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		379,796
	39,000	ViacomCBS, Inc., 4.375%, 3/15/2043		34,562
��	663,000	ViacomCBS, Inc., 5.250%, 4/01/2044		630,453
	239,000	ViacomCBS, Inc., 5.850%, 9/01/2043		244,876
				2,436,666

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Metals & Mining – 0.7%
$	1,373,000	ArcelorMittal S.A., 6.750%, 3/01/2041	$	1,350,663
	304,000	ArcelorMittal S.A., 7.000%, 10/15/2039		309,074
				1,659,737
		Midstream – 2.1%
	125,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		59,962
	588,000	Enable Midstream Partners LP, 5.000%, 5/15/2044		252,511
	404,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		444,224
	858,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		415,872
	330,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		120,351
	735,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		242,403
	850,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		286,875
	2,949,000	ONEOK Partners LP, 4.900%, 3/15/2025		2,578,151
	43,000	ONEOK Partners LP, 6.200%, 9/15/2043		38,396
	27,000	Plains All American Pipeline LP/PAA Finance Corp., 2.850%, 1/31/2023		23,213
	392,000	Williams Cos., Inc. (The), 3.350%, 8/15/2022		375,198
				4,837,156
		Non-Agency Commercial Mortgage-Backed Securities – 0.0%
	13,664	Commercial Mortgage Pass Through Certificates, Series 2014-UBS4, Class A2, 2.963%, 8/10/2047		13,671
	94,890	WFRBS Commercial Mortgage Trust, Series2011-C3, Class D, 5.681%, 3/15/2044, 144A(b)		75,586
				89,257
		Oil Field Services – 0.1%
	680,000	Transocean, Inc., 6.800%, 3/15/2038		156,400
	110,000	Transocean, Inc., 7.500%, 4/15/2031		28,034
				184,434
		Packaging – 0.6%
	1,302,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		1,318,288
		Paper – 0.5%
	552,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		727,016
	137,000	WestRock MWV LLC, 7.550%, 3/01/2047(d)(e)		175,526
	104,000	WestRock MWV LLC, 8.200%, 1/15/2030		147,515
				1,050,057
		Property & Casualty Insurance – 0.6%
$	87,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 13.091%, 1/15/2033, 144A(f)(g)	$	46,110
	1,286,000	Old Republic International Corp., 4.875%, 10/01/2024		1,358,087
				1,404,197
		Retailers – 0.0%
	52,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036(d)(e)		3,900
		Sovereigns – 2.4%
	2,201,000	U.S. Department of Housing and Urban Development, Series A, 1.980%, 8/01/2020		2,209,474
	1,452,000	U.S. Department of Housing and Urban Development, Series A, 2.350%, 8/01/2021		1,482,434
	1,760,000	U.S. Department of Housing and Urban Development, Series A, 2.450%, 8/01/2022		1,829,027
				5,520,935
		Supermarkets – 0.0%
	39,000	Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040		49,732
		Technology – 0.5%
	776,000	KLA Corp., 5.650%, 11/01/2034		897,702
	152,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		181,973
				1,079,675
		Transportation Services – 0.3%
	60,000	APL Ltd., 8.000%, 1/15/2024(d)(e)		24,000
	562,000	ERAC USA Finance LLC, 6.700%, 6/01/2034, 144A		728,233
				752,233
		Treasuries – 32.2%
	23,816,000	Canadian Government Bond, 0.750%, 9/01/2020, (CAD)		16,948,571
	200,000(††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		864,437
	578,400(††)	Mexican Fixed Rate Bonds, Series M, 8.000%, 12/07/2023, (MXN)		2,556,663
	207,800(††)	Mexican Fixed Rate Bonds,Series M-20, 7.500%, 6/03/2027, (MXN)		890,292
	137,300(††)	Mexican Fixed Rate Bonds,Series M-20, 8.500%, 5/31/2029, (MXN)		624,655
	913,700(††)	Mexican Fixed Rate Bonds,Series M-20, 10.000%, 12/05/2024, (MXN)		4,352,135
	8,546,000	Norway Government Bond, Series 474, 3.750%, 5/25/2021, 144A, (NOK)		854,295
	3,126,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		583,557
	2,105,000	U.S. Treasury Bond, 3.000%, 8/15/2048		2,923,977

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Treasuries – continued
$	10,000,000	U.S. Treasury Note, 1.500%, 8/31/2021	$	10,186,328
	17,000,000	U.S. Treasury Note, 1.500%, 9/30/2021		17,331,367
	2,835,000	U.S. Treasury Note, 1.500%, 10/31/2021		2,892,697
	13,460,000	U.S. Treasury Note, 1.500%, 11/30/2021		13,747,603
				74,756,577
		Wireless – 0.1%
	8,340,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		329,033
		Wirelines – 5.6%
	1,459,000	AT&T, Inc., 3.950%, 1/15/2025		1,540,686
	2,841,000	AT&T, Inc., 4.300%, 2/15/2030		3,050,897
	370,000	AT&T, Inc., 4.500%, 3/09/2048		400,682
	465,000	AT&T, Inc., 4.550%, 3/09/2049		499,769
	876,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		867,240
	589,000	Telefonica Emisiones S.A., EMTN, 5.375%, 2/02/2026, (GBP)		839,939
	5,077,000	Verizon Communications, Inc., 4.329%, 9/21/2028		5,755,186
				12,954,399
		TotalNon-Convertible Bonds
		(Identified Cost $180,175,723)		170,635,427
	Convertible Bonds – 1.4%
		Cable Satellite – 0.1%
	245,000	DISH Network Corp., 3.375%, 8/15/2026		198,904
		Independent Energy – 0.0%
	1,470,000	Chesapeake Energy Corp., 5.500%, 9/15/2026(a)(d)(e)		44,100
		REITs – Diversified – 0.2%
	329,000	iStar, Inc., 3.125%, 9/15/2022		322,045
		Technology – 1.1%
	2,051,000	Booking Holdings, Inc., 0.900%, 9/15/2021		2,044,642
	326,000	Nuance Communications, Inc., 1.000%, 12/15/2035		311,506
	224,000	Nuance Communications, Inc., 1.250%, 4/01/2025		242,787
	8,000	Nuance Communications, Inc., 1.500%, 11/01/2035		8,430
				2,607,365
		Total Convertible Bonds
		(Identified Cost $4,079,650)		3,172,414
	Municipals – 0.6%
		Illinois – 0.1%
$	245,000	State of Illinois, 5.100%, 6/01/2033	$	243,194
		Michigan – 0.2%
	395,000	Michigan Tobacco Settlement Finance Authority, Series A, 7.309%, 6/01/2034		390,493
		Virginia – 0.3%
	885,000	Tobacco Settlement Financing Corp., SeriesA-1, 6.706%, 6/01/2046		764,578
		Total Municipals
		(Identified Cost $1,470,970)		1,398,265
		Total Bonds and Notes
		(Identified Cost $185,726,343)		175,206,106
Shares
	Common Stocks – 6.6%
		Automobiles – 0.2%
	71,933	Ford Motor Co.		347,436
		Diversified Telecommunication Services – 1.1%
	88,190	AT&T, Inc.		2,570,739
		Electronic Equipment, Instruments & Components – 5.0%
	565,646	Corning, Inc.		11,618,369
		Pharmaceuticals – 0.3%
	13,089	Bristol-Myers Squibb Co.		729,581
		Total Common Stocks
		(Identified Cost $11,119,244)		15,266,125
	Preferred Stocks – 0.7%
	Convertible Preferred Stocks – 0.6%
		Banking – 0.4%
	714	Bank of America Corp., Series L, 7.250%		903,938
		Independent Energy – 0.0%
	3,453	Chesapeake Energy Corp., 5.000%(d)(e)		16,574
		Midstream – 0.2%
	12,375	El Paso Energy Capital Trust I, 4.750%		532,125
		Total Convertible Preferred Stocks
		(Identified Cost $1,446,924)		1,452,637

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Shares		Description	Value (†)
	Non-Convertible Preferred Stocks – 0.1%
		Electric – 0.1%
	213	Connecticut Light & Power Co. (The), Series 1949, 2.200%	$	10,437
	1,860	Union Electric Co., 4.500%		189,720
				200,157
		TotalNon-Convertible Preferred Stocks
		(Identified Cost $104,764)		200,157
		Total Preferred Stocks
		(Identified Cost $1,551,688)		1,652,794
	Principal Amount (‡)
	Short-Term Investments – 16.5%
	187,477,471	Central Bank of Iceland, 0.000%, (ISK)(d)(e)(f)(h)		1,322,732
	16,212,207	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020 at 0.000% to be repurchased at $16,212,207 on 4/01/2020 collateralized by $16,430,000 U.S. Treasury Notes, 0.50 due 3/15/2023 valued at $16,537,255 including accrued interest (Note 2 of Notes to Financial Statements)		16,212,207
	5,000,000	U.S. Treasury Bills, 0.809%-0.825%, 4/23/2020(i)(j)		4,999,904
	8,000,000	U.S. Treasury Bills, 1.380%-1.415%, 5/28/2020(i)(j)		7,999,050
	5,805,000	U.S. Treasury Bills, 1.615%, 4/09/2020(i)		5,804,885
	2,000,000	U.S. Treasury Bills, 1.516%, 7/30/2020(i)		1,999,415
		Total Short-Term Investments
		(Identified Cost $38,510,691)		38,338,193
		Total Investments – 99.4%
		(Identified Cost $236,907,966)		230,463,218
		Other assets less liabilities—0.6%		1,490,355
		Net Assets – 100.0%	$	231,953,573
	(‡)	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)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2020 is disclosed.
	(c)	Fair valued by the Fund’s adviser. At March 31, 2020, the value of this security amounted to $9,143 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(d)	Illiquid security.
	(e)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2020, the value of these securities amounted to $10,662,806 or 4.6% of net assets. See Note 2 of Notes to Financial Statements.
	(f)	Variable rate security. Rate as of March 31, 2020 is disclosed.
	(g)	Non-income producing security.
	(h)	Security callable by issuer at any time. No specified maturity 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 March 31, 2020, the value of Rule 144A holdings amounted to $16,059,219 or 6.9% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	EMTN	Euro Medium Term Note
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts
	REMIC	Real Estate Mortgage Investment Conduit
	BRL	Brazilian Real
	CAD	Canadian Dollar
	GBP	British Pound
	ISK	Icelandic Krona
	MXN	Mexican Peso
	NOK	Norwegian Krone

Industry Summary at March 31, 2020 (Unaudited)

Treasuries	32.2	%
Banking	7.2
Wirelines	5.6
Electronic Equipment, Instruments & Components	5.0
Automotive	3.9
Life Insurance	2.9
Finance Companies	2.5
Sovereigns	2.4
Midstream	2.3
Other Investments, less than 2% each	18.9
Short-Term Investments	16.5
Total Investments	99.4
Other assets less liabilities	0.6
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2020 (Unaudited)

United States Dollar	85.1	%
Canadian Dollar	8.2
Mexican Peso	4.4
Other, less than 2% each	1.7
Total Investments	99.4
Other assets less liabilities	0.6
Net Assets	100.0	%

See accompanying notes to financial statements.

37  |

Statements of Assets and Liabilities

March 31, 2020 (Unaudited)

	Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund
ASSETS
Investments at cost	$	686,718,676		$	668,224,456		$	47,271,384
Net unrealized appreciation (depreciation)		(74,598,610	)		(15,330,283	)		726,858
Investments at value		612,120,066			652,894,173			47,998,242
Cash		—			190,461			—
Due from brokers (Note 2)		—			760,000			45,000
Foreign currency at value (identified cost $0, $8,013,925 and $0, respectively)		—			8,114,089			—
Receivable for Fund shares sold		—			471,353			26,281
Receivable from investment adviser (Note 6)		—			—			5,025
Receivable for securities sold		—			25,744,790			—
Collateral received for open forward foreign currency contracts (Notes 2 and 4)		—			1,780,000			—
Dividends and interest receivable		7,801,299			5,169,685			47,198
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			2,444,712			—
Tax reclaims receivable		4,758			45,044			—
Prepaid expenses (Note 8)		5			5			—
TOTAL ASSETS		619,926,128			697,614,312			48,121,746
LIABILITIES
Payable for securities purchased		254,411			26,767,070			1,364,147
Payable for Fund shares redeemed		—			3,387,594			12,399
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			1,268,118			—
Due to brokers (Note 2)		—			1,780,000			—
Payable for variation margin on futures contracts (Note 2)		—			286,521			1,764
Management fees payable (Note 6)		277,866			305,688			—
Deferred Trustees’ fees (Note 6)		225,992			326,021			108,631
Administrative fees payable (Note 6)		25,239			26,522			1,502
Payable to distributor (Note 6d)		—			5,318			439
Other accounts payable and accrued expenses		57,095			139,752			35,105
TOTAL LIABILITIES		840,603			34,292,604			1,523,987
NET ASSETS	$	619,085,525		$	663,321,708		$	46,597,759
NET ASSETS CONSIST OF:
Paid-in capital	$	691,520,285		$	673,249,739		$	47,889,691
Accumulated loss		(72,434,760	)		(9,928,031	)		(1,291,932	)
NET ASSETS	$	619,085,525		$	663,321,708		$	46,597,759
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	619,085,525		$	319,033,170		$	43,129,438
Shares of beneficial interest		53,416,376			19,321,357			3,963,520
Net asset value, offering and redemption price per share	$	11.59		$	16.51		$	10.88
Retail Class:
Net assets	$	—		$	175,396,598		$	1,247,360
Shares of beneficial interest		—			10,806,562			114,763
Net asset value, offering and redemption price per share	$	—		$	16.23		$	10.87
Class N shares:
Net assets	$	—		$	168,891,940		$	2,220,961
Shares of beneficial interest		—			10,201,050			203,986
Net asset value, offering and redemption price per share	$	—		$	16.56		$	10.89

See accompanying notes to financial statements.

|  38

Statements of Assets and Liabilities – continued

March 31, 2020 (Unaudited)

	Institutional High Income Fund			Investment Grade Fixed Income Fund
ASSETS
Investments at cost	$	571,553,923		$	236,907,966
Net unrealized depreciation		(123,462,471	)		(6,444,748	)
Investments at value		448,091,452			230,463,218
Cash		193,086			—
Foreign currency at value (identified cost $11 and $0, respectively)		11			—
Receivable for Fund shares sold		1,285			332,000
Dividends and interest receivable		5,796,596			1,567,388
Tax reclaims receivable		2,164			1,841
Prepaid expenses (Note 8)		2			2
TOTAL ASSETS		454,084,596			232,364,449
LIABILITIES
Payable for securities purchased		888,592			111,772
Payable for Fund shares redeemed		1,409			—
Management fees payable (Note 6)		247,184			83,559
Deferred Trustees’ fees (Note 6)		165,975			159,588
Administrative fees payable (Note 6)		18,704			9,488
Payable to distributor (Note 6d)		71			—
Other accounts payable and accrued expenses		50,082			46,469
TOTAL LIABILITIES		1,372,017			410,876
NET ASSETS	$	452,712,579		$	231,953,573
NET ASSETS CONSIST OF:
Paid-in capital	$	572,317,461		$	238,862,790
Accumulated loss		(119,604,882	)		(6,909,217	)
NET ASSETS	$	452,712,579		$	231,953,573
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	452,712,579		$	231,953,573
Shares of beneficial interest		89,010,770			20,284,022
Net asset value, offering and redemption price per share	$	5.09		$	11.44

See accompanying notes to financial statements.

39  |

Statements of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

	Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund
INVESTMENT INCOME
Interest	$	16,321,194		$	9,001,493		$	249,369
Dividends		1,892,922			—			—
Less net foreign taxes withheld		(5,910	)		(63,633	)		—
		18,208,206			8,937,860			249,369
Expenses
Management fees (Note 6)		1,846,498			2,018,526			40,737
Service and distribution fees (Note 6)		—			245,377			4,177
Administrative fees (Note 6)		162,310			161,053			7,165
Trustees’ fees and expenses (Note 6)		25,940			27,420			11,441
Transfer agent fees and expenses (Notes 6 and 7)		1,312			260,246			13,091
Audit and tax services fees		28,497			27,418			23,077
Custodian fees and expenses		16,969			67,849			3,145
Legal fees (Note 8)		5,817			5,584			499
Registration fees		21,947			48,738			36,489
Shareholder reporting expenses		3,809			62,571			2,400
Miscellaneous expenses (Note 8)		23,792			35,462			14,384
Total expenses		2,136,891			2,960,244			156,605
Less waiver and/or expense reimbursement (Note 6)		—			(220,037	)		(87,712	)
Net expenses		2,136,891			2,740,207			68,893
Net investment income		16,071,315			6,197,653			180,476
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		3,985,633			7,815,623			406,084
Futures contracts		—			5,436,463			56,680
Forward foreign currency contracts (Note 2d)		—			(153,047	)		—
Foreign currency transactions (Note 2c)		4,421			(576,393	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		(91,949,145	)		(34,445,537	)		110,128
Futures contracts		—			(2,300,073	)		—
Forward foreign currency contracts (Note 2d)		—			1,210,065			—
Foreign currency translations (Note 2c)		(102,507	)		534,230			—
Net realized and unrealized gain (loss) on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		(88,061,598	)		(22,478,669	)		572,892
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(71,990,283	)	$	(16,281,016	)	$	753,368

See accompanying notes to financial statements.

|  40

Statements of Operations – continued

For the Six Months Ended March 31, 2020 (Unaudited)

	Institutional High Income Fund			Investment Grade Fixed Income Fund
INVESTMENT INCOME
Interest	$	14,274,733		$	4,447,377
Dividends		1,900,834			414,873
Less net foreign taxes withheld		(2,947	)		—
		16,172,620			4,862,250
Expenses
Management fees (Note 6)		1,656,677			555,875
Administrative fees (Note 6)		121,342			61,077
Trustees’ fees and expenses (Note 6)		21,617			16,661
Transfer agent fees and expenses (Notes 6 and 7)		4,658			565
Audit and tax services fees		26,376			28,178
Custodian fees and expenses		11,600			9,070
Legal fees (Note 8)		4,779			2,469
Registration fees		22,756			21,651
Shareholder reporting expenses		3,362			1,324
Miscellaneous expenses (Note 8)		20,605			16,744
Total expenses		1,893,772			713,614
Net investment income		14,278,848			4,148,636
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investments		5,817,485			733,578
Foreign currency transactions (Note 2c)		25,821			7,069
Net change in unrealized appreciation (depreciation) on:
Investments		(105,110,408	)		(18,580,497	)
Foreign currency translations (Note 2c)		(62,011	)		(50,996	)
Net realized and unrealized loss on investments and foreign currency transactions		(99,329,113	)		(17,890,846	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(85,050,265	)	$	(13,742,210	)

See accompanying notes to financial statements.

41  |

Statements of Changes in Net Assets

	Fixed Income Fund						Global Bond Fund
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
FROM OPERATIONS:
Net investment income	$	16,071,315		$	36,670,498		$	6,197,653		$	16,719,532
Net realized gain (loss) on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		3,990,054			(4,605,490	)		12,522,646			(13,485,266	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations		(92,051,652	)		16,408,827			(35,001,315	)		47,488,486
Net increase (decrease) in net assets resulting from operations		(71,990,283	)		48,473,835			(16,281,016	)		50,722,752
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(30,736,093	)		(44,056,634	)		(3,765,595	)		(2,580,426	)
Retail Class		—			—			(1,676,149	)		(840,780	)
Class N		—			—			(2,148,456	)		(1,931,839	)
Total distributions		(30,736,093	)		(44,056,634	)		(7,590,200	)		(5,353,045	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(54,999,823	)		(90,364,289	)		(120,323,617	)		(212,037,849	)
Net decrease in net assets		(157,726,199	)		(85,947,088	)		(144,194,833	)		(166,668,142	)
NET ASSETS
Beginning of the period		776,811,724			862,758,812			807,516,541			974,184,683
End of the period	$	619,085,525		$	776,811,724		$	663,321,708		$	807,516,541

See accompanying notes to financial statements.

|  42

Statements of Changes in Net Assets – continued

	Inflation Protected Securities Fund						Institutional High Income Fund
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
FROM OPERATIONS:
Net investment income	$	180,476		$	534,332		$	14,278,848		$	34,889,194
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		462,764			(261,604	)		5,843,306			3,860,840
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		110,128			1,491,492			(105,172,419	)		(36,794,413	)
Net increase (decrease) in net assets resulting from operations		753,368			1,764,220			(85,050,265	)		1,955,621
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(155,971	)		(509,430	)		(35,578,052	)		(46,893,344	)
Retail Class		(19,639	)		(17,313	)		—			—
Class N		(12,302	)		(35,387	)		—			—
Total distributions		(187,912	)		(562,130	)		(35,578,052	)		(46,893,344	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE11)		19,102,040			(2,856,864	)		948,210			(55,444,608	)
Net increase (decrease) in net assets		19,667,496			(1,654,774	)		(119,680,107	)		(100,382,331	)
NET ASSETS
Beginning of the period		26,930,263			28,585,037			572,392,686			672,775,017
End of the period	$	46,597,759		$	26,930,263		$	452,712,579		$	572,392,686

See accompanying notes to financial statements.

43  |

Statements of Changes in Net Assets – continued

	Investment Grade Fixed Income Fund
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
FROM OPERATIONS:
Net investment income	$	4,148,636		$	9,010,579
Net realized gain (loss) on investments and foreign currency transactions		740,647			(2,404,099	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(18,631,493	)		5,430,056
Net increase (decrease) in net assets resulting from operations		(13,742,210	)		12,036,536
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(4,813,478	)		(9,558,974	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(38,546,854	)		13,853,887
Net increase (decrease) in net assets		(57,102,542	)		16,331,449
NET ASSETS
Beginning of the period		289,056,115			272,724,666
End of the period	$	231,953,573		$	289,056,115

See accompanying notes to financial statements.

|  44

Financial Highlights

For a share outstanding throughout each period.

	Fixed Income Fund – Institutional Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	13.49		$	13.40		$	13.96		$	13.52		$	13.16		$	15.22
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.29			0.59			0.54			0.57			0.58			0.60
Net realized and unrealized gain (loss)		(1.63	)		0.19			(0.35	)		0.34			0.61			(1.46	)
Total from Investment Operations		(1.34	)		0.78			0.19			0.91			1.19			(0.86	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.56	)		(0.59	)		(0.52	)		(0.46	)		(0.61	)		(0.65	)
Net realized capital gains		—			(0.10	)		(0.23	)		(0.01	)		(0.22	)		(0.55	)
Total Distributions		(0.56	)		(0.69	)		(0.75	)		(0.47	)		(0.83	)		(1.20	)
Net asset value, end of the period	$	11.59		$	13.49		$	13.40		$	13.96		$	13.52		$	13.16
Total return		(10.43	)%(b)		6.29	%		1.39	%		6.96	%		9.72	%		(5.96	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	619,086		$	776,812		$	862,759		$	1,093,422		$	1,201,509		$	1,270,463
Net expenses		0.58	%(c)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Gross expenses		0.58	%(c)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Net investment income		4.35	%(c)		4.51	%		3.99	%		4.22	%		4.48	%		4.29	%
Portfolio turnover rate		10	%		14	%		11	%		10	%		14	%		15	%

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

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

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

See accompanying notes to financial statements.

45  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Global Bond Fund – Institutional Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017				Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	17.07		$	16.16		$	16.51		$	16.47			$	15.00		$	16.13
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.33			0.35			0.30				0.33			0.32
Net realized and unrealized gain (loss)		(0.52	)		0.69			(0.66	)		(0.18	)			1.14			(1.16	)
Total from Investment Operations		(0.37	)		1.02			(0.31	)		0.12				1.47			(0.84	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.05	)		—			(0.06	)			—			(0.14	)
Net realized capital gains		(0.11	)		(0.06	)		(0.04	)		(0.02	)			—			(0.15	)
Total Distributions		(0.19	)		(0.11	)		(0.04	)		(0.08	)	��		—			(0.29	)
Net asset value, end of the period	$	16.51		$	17.07		$	16.16		$	16.51			$	16.47		$	15.00
Total return(b)		(2.21	)%(c)		6.27	%		(1.85	)%		0.74	%			9.80	%		(5.31	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	319,033		$	353,872		$	450,376		$	509,080			$	822,993		$	1,289,885
Net expenses(d)		0.69	%(e)		0.70	%(f)		0.72	%(g)		0.75	%(h)			0.75	%		0.75	%
Gross expenses		0.76	%(e)		0.76	%(f)		0.77	%		0.80	%			0.83	%		0.78	%
Net investment income		1.74	%(e)		2.00	%		2.10	%		1.88	%			2.13	%		2.07	%
Portfolio turnover rate		140	%		215	%(i)		218	%(i)		163	%			120	%		117	%

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

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

|  46

Financial Highlights – continued

For a share outstanding throughout each period.

	Global Bond Fund – Retail Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	16.76		$	15.86		$	16.24		$	16.23		$	14.82		$	15.97
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.28			0.30			0.26			0.29			0.28
Net realized and unrealized gain (loss)		(0.51	)		0.68			(0.64	)		(0.19	)		1.12			(1.15	)
Total from Investment Operations		(0.39	)		0.96			(0.34	)		0.07			1.41			(0.87	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		(0.00	)(b)		—			(0.04	)		—			(0.13	)
Net realized capital gains		(0.11	)		(0.06	)		(0.04	)		(0.02	)		—			(0.15	)
Total Distributions		(0.14	)		(0.06	)		(0.04	)		(0.06	)		—			(0.28	)
Net asset value, end of the period	$	16.23		$	16.76		$	15.86		$	16.24		$	16.23		$	14.82
Total return(c)		(2.34	)%(d)		6.08	%		(2.12	)%		0.48	%		9.51	%		(5.56	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	175,397		$	207,251		$	247,119		$	288,479		$	350,915		$	447,304
Net expenses(e)		0.94	%(f)		0.95	%(g)		0.97	%(h)		1.00	%(i)		1.00	%		1.00	%
Gross expenses		1.01	%(f)		1.01	%(g)		1.02	%		1.05	%		1.08	%		1.03	%
Net investment income		1.49	%(f)		1.75	%		1.85	%		1.67	%		1.87	%		1.81	%
Portfolio turnover rate		140	%		215	%(j)		218	%(j)		163	%		120	%		117	%

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

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

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

47  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Global Bond Fund – Class N
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	17.12		$	16.21		$	16.55		$	16.50		$	15.01		$	16.13
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.34			0.36			0.33			0.34			0.34
Net realized and unrealized gain (loss)		(0.51	)		0.69			(0.66	)		(0.20	)		1.15			(1.17	)
Total from Investment Operations		(0.36	)		1.03			(0.30	)		0.13			1.49			(0.83	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.06	)		—			(0.06	)		—			(0.14	)
Net realized capital gains		(0.11	)		(0.06	)		(0.04	)		(0.02	)		—			(0.15	)
Total Distributions		(0.20	)		(0.12	)		(0.04	)		(0.08	)		—			(0.29	)
Net asset value, end of the period	$	16.56		$	17.12		$	16.21		$	16.55		$	16.50		$	15.01
Total return		(2.21	)%(b)(c)		6.31	%(c)		(1.78	)%(c)		0.81	%		9.93	%		(5.22	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	168,892		$	246,394		$	276,690		$	256,939		$	47,895		$	32,275
Net expenses		0.64	%(d)(e)		0.65	%(d)(f)		0.67	%(d)(g)		0.69	%(h)		0.66	%		0.63	%
Gross expenses		0.67	%(e)		0.66	%(f)		0.68	%		0.69	%		0.66	%		0.63	%
Net investment income		1.79	%(e)		2.06	%		2.15	%		2.09	%		2.19	%		2.20	%
Portfolio turnover rate		140	%		215	%(i)		218	%(i)		163	%		120	%		117	%

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

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

|  48

Financial Highlights – continued

For a share outstanding throughout each period.

	Inflation Protected Securities Fund – Institutional Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	10.59		$	10.13		$	10.41		$	10.64		$	10.17		$	10.33
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.20			0.30			0.18			0.12			0.06
Net realized and unrealized gain (loss)		0.29			0.48			(0.25	)		(0.22	)		0.49			(0.15	)
Total from Investment Operations		0.35			0.68			0.05			(0.04	)		0.61			(0.09	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.22	)		(0.33	)		(0.19	)		(0.13	)		(0.07	)
Paid-in capital		—			—			—			—			(0.01	)		—
Total Distributions		(0.06	)		(0.22	)		(0.33	)		(0.19	)		(0.14	)		(0.07	)
Net asset value, end of the period	$	10.88		$	10.59		$	10.13		$	10.41		$	10.64		$	10.17
Total return(b)		3.30	%(c)		6.73	%		0.49	%		(0.33	)%		6.00	%		(0.92	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	43,129		$	24,076		$	25,914		$	26,972		$	29,655		$	23,696
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.94	%(e)		0.96	%		0.94	%		0.81	%		0.86	%		0.80	%
Net investment income		1.15	%(e)		1.92	%		2.90	%		1.73	%		1.16	%		0.62	%
Portfolio turnover rate		27	%(f)		246	%		324	%(g)		354	%(g)		61	%		135	%

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

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

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

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

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

(f) Decrease in portfolio turnover rate is attributable to discontinued use of a previous trading strategy.

(g) The variation in the Fund’s turnover rate from 2016 to 2017 was primarily due to significant shareholder flows. During 2018, turnover has remained high due to certain trading strategies.

See accompanying notes to financial statements.

49  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Inflation Protected Securities Fund – Retail Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	10.57		$	10.11		$	10.39		$	10.62		$	10.14		$	10.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.05			0.18			0.28			0.14			(0.05	)		0.08
Net realized and unrealized gain (loss)		0.29			0.47			(0.26	)		(0.20	)		0.60			(0.20	)
Total from Investment Operations		0.34			0.65			0.02			(0.06	)		0.55			(0.12	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.04	)		(0.19	)		(0.30	)		(0.17	)		(0.07	)		(0.05	)
Paid-in capital		—			—			—			—			(0.00	)(b)		—
Total Distributions		(0.04	)		(0.19	)		(0.30	)		(0.17	)		(0.07	)		(0.05	)
Net asset value, end of the period	$	10.87		$	10.57		$	10.11		$	10.39		$	10.62		$	10.14
Total return(c)		3.25	%(d)		6.47	%		0.23	%		(0.59	)%		5.47	%		(1.17	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,247		$	1,076		$	967		$	1,144		$	1,522		$	19,203
Net expenses(e)		0.65	%(f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		1.18	%(f)		1.21	%		1.19	%		1.06	%		1.07	%		1.03	%
Net investment income (loss)		0.85	%(f)		1.77	%		2.69	%		1.37	%		(0.47	)%		0.75	%
Portfolio turnover rate		27	%(g)		246	%		324	%(h)		354	%(h)		61	%		135	%

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

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

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

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

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

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

(g) Decrease in portfolio turnover rate is attributable to discontinued use of a previous trading strategy.

(h) The variation in the Fund’s turnover rate from 2016 to 2017 was primarily due to significant shareholder flows. During 2018, turnover has remained high due to certain trading strategies.

See accompanying notes to financial statements.

|  50

Financial Highlights – continued

For a share outstanding throughout each period.

	Inflation Protected Securities Fund – Class N
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	10.59		$	10.13		$	10.41		$	10.43
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.21			0.32			0.15
Net realized and unrealized gain (loss)		0.31			0.47			(0.26	)		(0.01	)
Total from Investment Operations		0.36			0.68			0.06			0.14
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.22	)		(0.34	)		(0.16	)
Net asset value, end of the period	$	10.89		$	10.59		$	10.13		$	10.41
Total return(b)		3.41	%(c)		6.78	%		0.53	%		1.40	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,221		$	1,779		$	1,704		$	1,339
Net expenses(d)		0.35	%(e)		0.35	%		0.35	%		0.35	%(e)
Gross expenses		0.93	%(e)		0.91	%		0.87	%		0.77	%(e)
Net investment income		1.03	%(e)		2.09	%		3.09	%		2.18	%(e)
Portfolio turnover rate		27	%(f)		246	%		324	%(g)		354	%(h)

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

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

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

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

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

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

(f) Decrease in portfolio turnover rate is attributable to discontinued use of a previous trading strategy.

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

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

See accompanying notes to financial statements.

51  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Institutional High Income Fund – Institutional Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	6.44		$	6.90		$	7.01		$	6.81		$	6.72		$	8.15
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.34			0.36			0.35			0.37			0.40
Net realized and unrealized gain (loss)		(1.09	)		(0.35	)		(0.07	)		0.25			0.36			(1.04	)
Total from Investment Operations		(0.93	)		(0.01	)		0.29			0.60			0.73			(0.64	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.37	)		(0.37	)		(0.38	)		(0.38	)		(0.42	)		(0.43	)
Net realized capital gains		(0.05	)		(0.08	)		(0.02	)		(0.02	)		(0.22	)		(0.36	)
Total Distributions		(0.42	)		(0.45	)		(0.40	)		(0.40	)		(0.64	)		(0.79	)
Net asset value, end of the period	$	5.09		$	6.44		$	6.90		$	7.01		$	6.81		$	6.72
Total return		(15.58	)%(b)(c)		0.20	%(c)		4.31	%		9.19	%		12.53	%		(8.38	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	452,713		$	572,393		$	672,775		$	731,042		$	714,188		$	630,422
Net expenses		0.69	%(d)		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Gross expenses		0.69	%(d)		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Net investment income		5.17	%(d)		5.33	%		5.26	%		5.17	%		5.87	%		5.45	%
Portfolio turnover rate		12	%		23	%		14	%		17	%		17	%		19	%

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

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

(c) Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only, and as such, the total returns based on the adjusted net asset values per share may differ from the total returns reported in the average annual total return table.

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

See accompanying notes to financial statements.

|  52

Financial Highlights – continued

For a share outstanding throughout each period.

	Investment Grade Fixed Income Fund – Institutional Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	12.30		$	12.20		$	12.43		$	12.42		$	11.81		$	12.82
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.39			0.37			0.46			0.45			0.42
Net realized and unrealized gain (loss)		(0.83	)		0.14			(0.22	)		0.22			0.50			(0.88	)
Total from Investment Operations		(0.65	)		0.53			0.15			0.68			0.95			(0.46	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.24	)		(0.30	)		(0.42	)		(0.22	)		(0.44	)
Net realized capital gains		(0.04	)		(0.19	)		(0.08	)		(0.25	)		(0.12	)		(0.11	)
Total Distributions		(0.21	)		(0.43	)		(0.38	)		(0.67	)		(0.34	)		(0.55	)
Net asset value, end of the period	$	11.44		$	12.30		$	12.20		$	12.43		$	12.42		$	11.81
Total return		(5.35	)%(b)		4.46	%		1.27	%		5.73	%		8.27	%		(3.74	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	231,954		$	289,056		$	272,725		$	412,235		$	461,429		$	561,407
Net expenses		0.51	%(c)		0.50	%		0.49	%		0.49	%		0.48	%		0.48	%
Gross expenses		0.51	%(c)		0.50	%		0.49	%		0.49	%		0.48	%		0.48	%
Net investment income		2.99	%(c)		3.26	%		3.03	%		3.79	%		3.72	%		3.34	%
Portfolio turnover rate		9	%		11	%		1	%		3	%		23	%		26	%

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

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

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

See accompanying notes to financial statements.

53  |

Notes to Financial Statements

March 31, 2020 (Unaudited)

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

Loomis Sayles Fixed Income Fund (the “Fixed Income Fund”)

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

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

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

Loomis Sayles Investment Grade Fixed Income Fund (the “Investment Grade Fixed Income Fund”)

Each Fund is a diversified investment company.

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

Each share class is sold without a sales charge. Retail Class shares pay a Rule12b-1 fee. Class N shares are offered with an initial minimum investment of $1,000,000. Institutional Class shares are intended for institutional investors with a minimum initial investment of $100,000 for Global Bond Fund and Inflation Protected Securities Fund and $3,000,000 for Fixed Income Fund, Institutional High Income Fund and Investment Grade Fixed Income Fund. Certain categories of investors are exempted from the minimum investment amounts for Class N and Institutional Class as outlined in the relevant Fund’s prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, and Gateway Trust (“Natixis Funds Trusts”) and Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust. Expenses of a Fund are bornepro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule12b-1 fees applicable to Retail Class), and transfer agent fees are borne collectively for Institutional Class and Retail Class, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule12b-1 Plan. Shares of each class would receive theirpro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

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

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

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mid prices (between the bid and the ask price) supplied by an independent pricing service, if available. Other swaptions not priced through an independent pricing service are valued based on quotations obtained from broker-dealers. Centrally cleared credit default swap agreements are valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers. Bilateral credit default swaps are valued based on mid prices (between the bid price and the ask price) supplied by an independent pricing service.

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

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

As of March 31, 2020, securities held by the Funds were fair valued as follows:

Fund	Securities classified as fair valued		Percentage of Net Assets		Securities fair valued by the Fund’s adviser		Percentage of Net Assets
Fixed Income Fund	$	11,776,845		1.9%	$	1,387,195		0.2%
Institutional High Income Fund		13,264,231		2.9%		467,267		0.1%
Investment Grade Fixed Income Fund		10,662,806		4.6%		9,143		Less than 0.1%

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

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

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

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The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce or eliminate the amount of income available to be distributed by the Funds.

For the six months ended March 31, 2020, the amount of income available to be distributed by Investment Grade Fixed Income Fund has been reduced by $387,537.

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

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

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

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

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

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

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

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

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Over-the-counter interest rate swaptions are subject to the risk that the counterparty is unable or unwilling to meet its obligations under the swaption.

No swaptions were held by the Funds during the six months ended March 31, 2020.

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

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

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

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

No swap agreements were held by the Funds during the six months ended March 31, 2020.

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

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

Purchases of when-issued or delayed delivery securities may have a similar effect on the Funds’ NAV as if the Funds’ had created a degree of leverage in the portfolio. Risks may arise upon entering into such transactions from the potential inability of counterparties to meet their obligations under the transactions. Additionally, losses may arise due to changes in the value of the underlying securities.

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There were no when-issued or delayed delivery securities held by the Funds as of March 31, 2020.

i.  Federal and Foreign Income Taxes.The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2020 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or will be filed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

j.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on theex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as distributionre-designations, foreign currency gains and losses, convertible bonds, paydown gains and losses, premium amortization, return of capital distributions received, defaulted and/ornon-income producing securities, interest rate swaps, capital gains taxes, contingent payment debt instruments, treasury inflation-protected bonds and deferred Trustees’ fees. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, straddle loss deferrals, wash sales, convertible bonds, premium amortization, forward foreign currency contractmark-to-market, futures contract mark to market, trust preferred securities, return of capital distributions received, contingent payment debt instruments, corporate actions, and defaulted and/ornon-income producing securities. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and net realized short-term capital gains are reported as distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2019 was as follows:

	2019 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Fixed Income Fund	$	37,783,514	$	6,273,120	$	44,056,634
Global Bond Fund		2,303,295		3,049,750		5,353,045
Inflation Protected Securities Fund		562,130		—		562,130
Institutional High Income Fund		39,012,284		7,881,060		46,893,344
Investment Grade Fixed Income Fund		5,468,364		4,090,610		9,558,974

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

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As of September 30, 2019, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:

Capital loss carryforward:	Fixed Income Fund			Global Bond Fund		Inflation Protected Securities Fund			Institutional High Income Fund		Investment Grade Fixed Income Fund
Short-term:
No expiration date	$	—		$	—	$	(647,803	)	$	—	$	—
Long-term:
No expiration date		—			—		(1,652,505	)		—		—
Total capital loss carryforward		—			—		(2,300,308	)		—		—
Late-year ordinary and post-October capital loss deferrals*		(2,203,097	)		—		—			—		—

* Under current tax law, net operating losses, capital losses, foreign currency losses, losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Fixed Income Fund is deferring foreign currency losses.

As of March 31, 2020, unrealized appreciation (depreciation) on a tax basis was approximately as follows:

Unrealized appreciation (depreciation)	Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund		Institutional High Income Fund			Investment Grade Fixed Income Fund
Investments	$	(46,205,753	)	$	(3,823,175	)	$	687,213	$	(13,802,502	)	$	5,110,809
Foreign currency translations		(30,325,992	)		(15,351,268	)		—		(110,912,207	)		(12,737,981	)
Total unrealized appreciation (depreciation)	$	(76,531,745	)	$	(19,174,443	)	$	687,213	$	(124,714,709	)	$	(7,627,172	)

As of March 31, 2020, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund			Institutional High Income Fund			Investment Grade Fixed Income Fund
Federal tax cost	$	688,517,328		$	671,496,389		$	47,311,019		$	572,736,307		$	238,028,782
Gross tax appreciation	$	40,827,340		$	23,647,374		$	1,054,741		$	22,628,862		$	15,294,043
Gross tax depreciation		(117,224,602	)		(42,737,699	)		(367,518	)		(147,273,717	)		(22,859,607	)
Net tax appreciation (depreciation)	$	(76,397,262	)	$	(19,090,325	)	$	687,223		$	(124,644,855	)	$	(7,565,564	)

The difference between these amounts and those reported in the preceding table are primarily attributable to foreign currencymark-to-market.

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

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

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

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There were no loan participations held by the Funds as of March 31, 2020.

m.  Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements aretri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2020, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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

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

For the six months ended March 31, 2020, none of the Funds had loaned securities under this agreement.

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

q.  New Accounting Pronouncement. In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU2018-13”). The update introduces new fair value disclosure requirements, eliminates some prior fair value disclosure requirements, and modifies certain existing fair value disclosure requirements. ASU2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity is permitted to early adopt any eliminated or modified disclosures upon issuance of the update and delay adoption of any new disclosures until the required effective date. Management has evaluated the impact of the adoption of ASU2018-13 and has determined to early adopt the removal of (i) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and (ii) the policy for timing of transfers between levels. New disclosures required by ASU2018-13 will be incorporated in the Funds’ semiannual financial statements as of March 31, 2021.

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

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

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

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March31, 2020 (Unaudited)

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2020, at value:

Fixed Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	501,981	$	1,267,606	(b)(c)	$	1,769,587
Finance Companies		546,728		31,083,964		115,162	(d)		31,745,854
Independent Energy		—		9,348,253		4,427	(c)(d)		9,352,680
All OtherNon-Convertible Bonds(a)		—		418,944,657		—			418,944,657
TotalNon-Convertible Bonds		546,728		459,878,855		1,387,195			461,812,778
Convertible Bonds
Independent Energy		—		961,569		255,900	(e)		1,217,469
All Other Convertible Bonds(a)		—		33,265,316		—			33,265,316
Total Convertible Bonds		—		34,226,885		255,900			34,482,785
Municipals(a)		—		5,047,220		—			5,047,220
Total Bonds and Notes		546,728		499,152,960		1,643,095			501,342,783
Common Stocks
Chemicals		—		1,616,446		—			1,616,446
Media		96,856		11,155		—			108,011
Oil, Gas & Consumable Fuels		13,760		191,613		—	(c)		205,373
All Other Common Stocks(a)		60,358,651		—		—			60,358,651
Total Common Stocks		60,469,267		1,819,214		—			62,288,481
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		44,222		86,860		—			131,082
All Other Convertible Preferred Stocks(a)		7,731,356		—		—			7,731,356
Total Convertible Preferred Stocks		7,775,578		86,860		—			7,862,438
Non-Convertible Preferred Stocks(a)		—		476,340		—			476,340
Total Preferred Stocks		7,775,578		563,200		—			8,338,778
Warrants		—		225,159		—			225,159
Short-Term Investments		—		39,924,865		—			39,924,865
Total	$	68,791,573	$	541,685,398	$	1,643,095		$	612,120,066

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

(b) Fair valued by the Fund’s adviser using a broker-dealer bid price provided by a single market maker.

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

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

(e) Valued using broker-dealer bid prices.

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March31, 2020 (Unaudited)

Global Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	651,968,638	$	—	$	651,968,638
Short-Term Investments		—		925,535		—		925,535
Total Investments		—		652,894,173		—		652,894,173
Forward Foreign Currency Contracts (unrealized appreciation)		—		2,444,712		—		2,444,712
Futures Contracts (unrealized appreciation)		456,389		—		—		456,389
Total	$	456,389	$	655,338,885	$	—	$	655,795,274

Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(1,268,118	)	$	—	$	(1,268,118	)
Futures Contracts (unrealized depreciation)		(2,121,092	)		—			—		(2,121,092	)
Total	$	(2,121,092		$	(1,268,118	)	$	—	$	(3,389,210	)

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

Inflation Protected Securities Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	45,716,712	$	—	$	45,716,712
Short-Term Investments		—		2,281,530		—		2,281,530
Total	$	—	$	47,998,242	$	—	$	47,998,242

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

Institutional High Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Finance Companies	$	—	$	30,118,282	$	383,872	(b)	$	30,502,154
Independent Energy		—		25,094,708		83,395	(b)(c)		25,178,103
All OtherNon-Convertible Bonds(a)		—		230,359,529		—			230,359,529
TotalNon-Convertible Bonds		—		285,572,519		467,267			286,039,786
Convertible Bonds
Independent Energy		—		572,269		138,300	(d)		710,569
All Other Convertible Bonds(a)		—		27,329,345		—			27,329,345
Total Convertible Bonds		—		27,901,614		138,300			28,039,914
Total Bonds and Notes		—		313,474,133		605,567			314,079,700
Senior Loans(a)		—		33,811		—			33,811
Common Stocks
Chemicals		—		996,867		—			996,867
Media		194,872		3,541		—			198,413
Oil, Gas & Consumable Fuels		238,995		192,901		—	(c)		431,896
All Other Common Stocks(a)		58,654,075		—		—			58,654,075
Total Common Stocks		59,087,942		1,193,309		—			60,281,251

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Notes to Financial Statements – continued

March31, 2020 (Unaudited)

Institutional High Income Fund

Asset Valuation Inputs – continued

Description	Level 1		Level 2		Level 3		Total
Preferred Stocks
Convertible Preferred Stocks
Independent Energy	$	—	$	79,992	$	—	$	79,992
Midstream		4,998,922		170,428		—		5,169,350
Total Convertible Preferred Stocks		4,998,922		250,420		—		5,249,342
Non-Convertible Preferred Stocks
REITs—Warehouse/Industrials		—		242,136		—		242,136
All OtherNon-Convertible Preferred Stocks(a)		437,899		—		—		437,899
TotalNon-Convertible Preferred Stocks		437,899		242,136		—		680,035
Total Preferred Stocks		5,436,821		492,556		—		5,929,377
Warrants		—		43,044		—		43,044
Short-Term Investments		—		67,724,269		—		67,724,269
Total	$	64,524,763	$	382,961,122	$	605,567	$	448,091,452

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

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

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

(d) Valued using broker-dealer bid prices.

Investment Grade Fixed Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	—	$	9,143	(b)	$	9,143
All OtherNon-Convertible Bonds(a)		—		170,626,284		—			170,626,284
TotalNon-Convertible Bonds		—		170,626,284		9,143			170,635,427
Convertible Bonds
Independent Energy		—		—		44,100	(c)		44,100
All Other Convertible Bonds(a)		—		3,128,314		—			3,128,314
Total Convertible Bonds		—		3,128,314		44,100			3,172,414
Municipals(a)		—		1,398,265		—			1,398,265
Total Bonds and Notes		—		175,152,863		53,243			175,206,106
Common Stocks(a)		15,266,125		—		—			15,266,125
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		—		16,574		—			16,574
All Other Convertible Preferred Stocks(a)		1,436,063		—		—			1,436,063
Total Convertible Preferred Stocks		1,436,063		16,574		—			1,452,637
Non-Convertible Preferred Stocks(a)		—		200,157		—			200,157
Total Preferred Stocks		1,436,063		216,731		—			1,652,794
Short-Term Investments		—		38,338,193		—			38,338,193
Total	$	16,702,188	$	213,707,787	$	53,243		$	230,463,218

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

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

(c) Valued using broker-dealer bid prices.

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March31, 2020 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2019 and/or March 31, 2020:

Fixed Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2019			Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level  3		Transfers out of Level 3			Balance as of March 31, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2020
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	1,221,216	(a)	$	—	$	—	$	20,163		$	33,067	$	(6,840	)	$	—	$	—		$	1,267,606	(a)	$	22,080
Finance Companies		146,303			73		—		(31,214	)		—		—			—		—			115,162			(31,214	)
Independent Energy		55,800	(a)		2,597		—		(53,970	)		—		—			—		—			4,427	(a)		(53,970	)
Convertible Bonds
Independent Energy		—			97,602		—		(4,886,602	)		910,200		—			4,134,700		—			255,900			(4,886,602	)
Common Stocks
Oil, Gas & Consumable Fuels		111	(a)		—		—		(111	)		—		—			—		—			—	(a)		(111	)
Preferred Stocks
Independent Energy		231,178			—		—		—			—		—			—		(231,178	)		—			—
Total	$	1,654,608		$	100,272	$	—	$	(4,951,734	)	$	943,267	$	(6,840	)	$	4,134,700	$	(231,178	)	$	1,643,095		$	(4,949,817	)

(a) Includes a security fair valued at zero using Level 3 inputs.

A debt security valued at $4,134,700 was transferred from Level 2 to Level 3 during the period ended March 31, 2020. At September 30, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2020, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

A preferred stock valued at $231,178 was transferred from Level 3 to Level 2 during the period ended March 31, 2020. At September 30, 2019, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security. At March 31, 2020, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

Global Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2019		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2020
Bonds and Notes
Canada	$	2,008	$	—	$	7	$	12	$	—	$	(2,027	)	$	—	$	—	$	—	$	—

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Notes to Financial Statements – continued

March31, 2020 (Unaudited)

Institutional High Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2019			Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers into Level  3		Transfers out of Level  3			Balance as of March 31, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2020
Bonds and Notes
Non-Convertible Bonds
Finance Companies	$	487,678		$	236	$	—		(104,042	)	$	—	$	—	$	—	$	—		$	383,872		$	(104,042	)
Independent Energy		1,051,200	(a)		49,081		—		(1,016,886	)		—		—		—		—			83,395	(a)		(1,016,886	)
Convertible Bonds
Independent Energy		—			9,803		—		(2,625,978	)		—		—		2,754,475		—			138,300			(2,625,978	)
Common Stocks
Oil, Gas & Consumable Fuels		112	(a)		—		—		(112	)		—		—		—		—			—	(a)		(112	)
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		56,043			—		—		—			—		—		—		(56,043	)		—			—
Midstream		2,096,047			—		—		—			—		—		—		(2,096,047	)		—			—
Total	$	3,691,080		$	59,120	$	—	$	(3,747,018	)	$	—	$	—	$	2,754,475	$	(2,152,090	)	$	605,567		$	(3,747,018	)

(a) Includes securities fair valued at zero using Level 3 inputs.

A debt security valued at $2,754,475 was transferred from Level 2 to Level 3 during the period ended March 31, 2020. At September 30, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2020, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

Preferred stocks valued at $2,152,090 were transferred from Level 3 to Level 2 during the period ended March 31, 2020. At September 30, 2019, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the securities. At March 31, 2020, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

Investment Grade Fixed Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2019		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level  3			Balance as of March 31, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2020
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	11,066	$	—	$	20		$	(944	)	$	—	$	(999	)	$	—	$	—		$	9,143	$	(1,044	)
ABS Other		2,175,944		—		—			—			—		—			—		(2,175,944	)		—		—
Collateralized Mortgage Obligations		61		—		(1	)		2			—		(62	)		—		—			—		—
Convertible Bonds
Independent Energy		—		21,911		—			(845,198	)		198,187		—			669,200		—			44,100		(845,198	)
Total	$	2,187,071	$	21,911	$	19		$	(846,140	)	$	198,187	$	(1,061	)	$	669,200	$	(2,175,944	)	$	53,243	$	(846,242	)

A debt security valued at $2,175,944 was transferred from Level 3 to Level 2 during the period ended March 31, 2020. At September 30, 2019, this security was valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the security. At March 31, 2020, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

65  |

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March31, 2020 (Unaudited)

A debt security valued at $669,200 was transferred from Level 2 to Level 3 during the period ended March 31, 2020. At September 30, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2020, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

4.  Derivatives.Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that Global Bond Fund and Inflation Protected Securities Fund used during the period include forward foreign currency contracts and futures contracts.

Global Bond Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency exchange contracts for hedging purposes to protect the value of the Funds’ holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the six months ended March 31, 2020, Global Bond Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

Global Bond Fund and Inflation Protected Securities Fund are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed-income securities. A Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Funds may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. Inflation Protected Securities Fund may use futures contracts to gain investment exposure. During the six months ended March 31, 2020, Global Bond Fund and Inflation Protected Securities Fund used futures contracts for hedging purposes and to manage duration.

The following is a summary of derivative instruments for Global Bond Fund as of March 31, 2020, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on forward foreign currency contracts			Unrealized appreciation on  futures contracts1
Over-the-counter asset derivatives
Foreign exchange contracts	$	2,444,712		$	—
Exchange-traded asset derivatives
Interest rate contracts		—			456,389
Total asset derivatives	$	2,444,712		$	456,389
Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on  futures contracts1
Over-the-counter liability derivatives
Foreign exchange contracts	$	(1,268,118	)	$	—
Exchange-traded liability derivatives
Interest rate contracts		—			(2,121,092	)
Total liability derivatives		$(1,268,118)			$(2,121,092)

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

Transactions in derivative instruments for Global Bond Fund during the six months ended March 31, 2020, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts		Forward foreign currency contracts
Interest rate contracts	$	5,436,463	$	—
Foreign exchange contracts		—		(153,047	)
Total	$	5,436,463	$	(153,047	)

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Notes to Financial Statements – continued

March31, 2020 (Unaudited)

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts			Forward foreign currency contracts
Interest rate contracts	$	(2,300,073	)	$	—
Foreign exchange contracts		—			1,210,065
Total	$	(2,300,073	)	$	1,210,065

Transactions in derivative instruments for Inflation Protected Securities Fund during the six months ended March 31, 2020, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	56,680

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

The volume of forward foreign currency contract and futures contract activity, as a percentage of net assets for Global Bond Fund and Inflation Protected Securities Fund based on grossmonth-end or daily (as applicable) notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2020:

Global Bond Fund	Forwards		Futures
Average Notional Amount Outstanding		18.19%		19.65%
Highest Notional Amount Outstanding		23.40%		22.91%
Lowest Notional Amount Outstanding		14.59%		16.58%
Notional Amount Outstanding as of March 31, 2020		22.70%		19.33%

Inflation Protected Securities Fund	Futures
Average Notional Amount Outstanding	2.15%
Highest Notional Amount Outstanding	5.55%
Lowest Notional Amount Outstanding	0.00%
Notional Amount Outstanding as of March 31, 2020	0.00%

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

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

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Funds and their counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the netmark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds’ ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

67  |

Notes to Financial Statements – continued

March31, 2020 (Unaudited)

As of March 31, 2020, gross amounts ofover-the-counter derivative assets and liabilities not offset in the Statements of Assets and Liabilities and the related net amounts after taking into account master netting arrangements, by counterparty, are as follows:

Global Bond Fund

Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	591,510		$	(142,425	)	$	449,085		$	(250,000	)	$	199,085
Barclays Bank		42,212			—			42,212			—			42,212
BNP Paribas S.A		281,872			—			281,872			(281,872	)		—
Citibank N.A.		458,266			—			458,266			(458,266	)		—
Credit Suisse International		259,127			(259,127	)		—			—			—
Morgan Stanley Capital Services, Inc.		632,041			(866	)		631,175			(631,175	)		—
Standard Chartered Bank		152,586			(152,586	)		—			—			—
UBS AG		27,098			(6,539	)		20,559			—			20,559
	$	2,444,712		$	(561,543	)	$	1,883,169		$	(1,621,313	)	$	261,856
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	(142,425	)	$	142,425		$	—		$	—		$	—
Credit Suisse International		(407,469	)		259,127			(148,342	)		148,342			—
HSBC Bank USA		(152,763	)		—			(152,763	)		152,763			—
Morgan Stanley Capital Services, Inc.		(866	)		866			—			—			—
Standard Chartered Bank		(558,056	)		152,586			(405,470	)		—			(405,470	)
UBS AG		(6,539	)		6,539			—			—			—
	$	(1,268,118	)	$	561,543		$	(706,575	)	$	301,105		$	(405,470	)

The actual collateral received or pledged, if any, may exceed the amounts shown in the table due to overcollateralization. Timing differences may exist between when contracts under the ISDA agreements aremarked-to-market and when collateral moves. The ISDA agreements includetri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank.

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A Fund’s risk of loss from counterparty credit risk onover-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements atpre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of March 31, 2020:

Fund	Maximum Amount of Loss – Gross		Maximum Amount of Loss – Net
Global Bond Fund	$	9,803,735	$	7,319,774
Inflation Protected Securities Fund		45,000		45,000

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Net loss amount reflects cash received as collateral for Global Bond Fund of $1,780,000, which is recorded on the Statements of Assets and Liabilities.

5.  Purchases and Sales of Securities. For the six months ended March 31, 2020, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Fixed Income Fund	$	57,456,000	$	—	$	10,563,825	$	67,118,294
Global Bond Fund		717,000,309		772,455,991		283,698,882		335,600,145
Inflation Protected Securities Fund		23,339,689		7,650,031		4,302,380		1,017,703
Institutional High Income Fund		32,480,176		2,580,139		25,815,414		67,880,622
Investment Grade Fixed Income Fund		33,211,494		906		3,846,067		17,431,583

6.  Management Fees and Other Transactions with Affiliates.

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

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

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

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2021, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, are net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2020, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class		Retail Class		Class N
Fixed Income Fund		0.65%		—		—
Global Bond Fund		0.69%		0.94%		0.64%
Inflation Protected Securities Fund		0.40%		0.65%		0.35%
Institutional High Income Fund		0.75%		—		—
Investment Grade Fixed Income Fund		0.55%		—		—

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

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For the six months ended March 31, 2020, the management fees and waivers of management fees for each Fund were as follows:

Fund	Gross Management Fees		Contractual Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
							Gross		Net
Fixed Income Fund	$	1,846,498	$	—	$	1,846,498		0.50%		0.50%
Global Bond Fund		2,018,526		220,037		1,798,489		0.55%		0.49%
Inflation Protected Securities Fund		40,737		40,737		—		0.25%		—%
Institutional High Income Fund		1,656,677		—		1,656,677		0.60%		0.60%
Investment Grade Fixed Income Fund		555,875		—		555,875		0.40%		0.40%

¹Management fee waiver is subject to possible recovery until September 30, 2021.

Loomis Sayles reimbursednon-class specific expenses of Inflation Protected Securities Fund in the amount of $46,125².

²Expense reimbursements are subject to possible recovery until September 30, 2021.

No expenses were recovered for any of the Funds during the six months ended March 31, 2020 under the terms of the expense limitation agreements.

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

Pursuant to Rule12b-1 under the 1940 Act, Global Bond Fund and Inflation Protected Securities Fund have adopted a Distribution Plan relating to each Fund’s Retail Class shares (the “Retail Class Plans”).

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

For the six months ended March 31, 2020, the distribution fees for each Fund were as follows:

Fund	Retail Class
Global Bond Fund		245,377
Inflation Protected Securities Fund		4,177

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

For the six months ended March 31, 2020, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Fixed Income Fund	$	162,310
Global Bond Fund		161,053
Inflation Protected Securities Fund		7,165
Institutional High Income Fund		121,342
Investment Grade Fixed Income Fund		61,077

d.  Sub-Transfer Agent Fees. Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would

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have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts(sub-transfer agent fees) paid to Natixis Distribution are subject to a currentper-account equivalent fee limit approved by the Funds’ Board of Trustees, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 2020, thesub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Global Bond Fund		246,311
Inflation Protected Securities Fund		11,340
Institutional High Income Fund		2,926

As of March 31, 2020, the Funds owe Natixis Distribution the following reimbursements forsub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

Fund	Reimbursements of Sub-Transfer Agent  Fees
Global Bond Fund		5,318
Inflation Protected Securities Fund		439
Institutional High Income Fund		71

Sub-transfer agent fees attributable to Institutional Class and Retail Class are allocated on apro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e.  Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2020, the Chairperson of the Board received a retainer fee at the annual rate of $360,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $190,000, and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $15,000. All other Trustee fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocatedpro rataamong the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

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

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f.  Affiliated Ownership.As of March 31, 2020, the percentage of each Fund’s net assets owned by affiliates is as follows:

Inflation Protected Securities Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		12.00%
Loomis Sayles Trust		5.36%
Loomis Sayles Distribution		4.76%
Natixis Sustainable Future 2015 Fund		1.55%
Natixis Sustainable Future 2020 Fund		0.97%
Natixis Sustainable Future 2025 Fund		0.58%
Natixis Sustainable Future 2030 Fund		0.62%
Natixis Sustainable Future 2035 Fund		0.34%
Natixis Sustainable Future 2040 Fund		0.27%
Natixis Sustainable Future 2045 Fund		0.09%
		26.54%

Institutional High Income Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		3.73%
Loomis Sayles Non-Qualified Retirement Plans		4.05%
Other Affiliates		11.83%
		19.61%

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

g.  Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to Inflation Protected Securities Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through January 31, 2021 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2020, Natixis Advisors reimbursed the Fund $850 for transfer agency expenses related to Class N shares.

h.  Payment by Affiliates.For the six months ended March 31, 2020, Loomis Sayles reimbursed Global Bond Fund $26,309 in connection with a trading error.

7.  Class-Specific Transfer Agent Fees and Expenses.Transfer agent fees and expenses for Global Bond Fund and Inflation Protected Securities Fund attributable to Institutional Class and Retail Class are allocated on apro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

All other Funds in this report allocate transfer agent fees and expenses on apro rata basis based on the relative net assets of each class to the total net assets of those classes.

For the six months ended March 31, 2020, Global Bond Fund and Inflation Protected Securities Fund incurred the following class-specific transfer agent fees and expenses (includingsub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Class N
Global Bond Fund		164,860		94,034		1,352
Inflation Protected Securities Fund		10,989		1,252		850

8.  Line of Credit.Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the six months ended March 31, 2020, none of the Funds had borrowings under this agreement.

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

Global markets have experienced periods of high volatility triggered by the rapidly evolving public health emergency known as coronavirus(“COVID-19”). As the situation continues to unfold, the extent and duration of the impact that theCOVID-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of theCOVID-19 outbreak on financial markets and the economy continue for an extended period of time, the Funds’ future financial and investment results may be adversely affected.

10.  Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2020, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

Fund	Number of 5% Non- Affiliated Account  Holders		Percentage of Non-  Affiliated Ownership		Percentage of Affiliated Ownership (Note 6f)		Total Percentage of Ownership
Fixed Income Fund		6		44.44%		—		44.44%
Global Bond Fund		2		22.78%		—		22.78%
Inflation Protected Securities Fund		4		46.60%		26.54%		73.14%
Institutional High Income Fund		2		32.83%		19.61%		52.44%
Investment Grade Fixed Income Fund		8		62.45%		—		62.45%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for anon-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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

	Fixed Income Fund
	Six Months Ended March 31, 2020						Year Ended September 30, 2019
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,406,888		$	18,801,666			3,176,253		$	41,541,043
Issued in connection with the reinvestment of distributions		2,287,100			30,326,949			3,432,838			42,326,890
Redeemed		(7,856,522	)		(104,128,438	)		(13,399,912	)		(174,232,222	)
Net change		(4,162,534	)	$	(54,999,823	)		(6,790,821	)	$	(90,364,289	)
Decrease from capital share transactions		(4,162,534	)	$	(54,999,823	)		(6,790,821	)	$	(90,364,289	)

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	Global Bond Fund
	Six Months Ended March 31, 2020						Year Ended September 30, 2019
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,517,274		$	25,755,719			3,226,387		$	52,953,887
Issued in connection with the reinvestment of distributions		210,661			3,568,605			149,219			2,377,054
Redeemed		(3,138,907	)		(52,780,804	)		(10,504,657	)		(171,704,843	)
Net change		(1,410,972	)	$	(23,456,480	)		(7,129,051	)	$	(116,373,902	)
Retail Class
Issued from the sale of shares		520,115		$	8,673,585			1,121,678		$	18,246,576
Issued in connection with the reinvestment of distributions		98,162			1,635,375			52,412			821,302
Redeemed		(2,179,738	)		(36,193,700	)		(4,382,868	)		(70,560,176	)
Net change		(1,561,461	)	$	(25,884,740	)		(3,208,778	)	$	(51,492,298	)
Class N
Issued from the sale of shares		823,904		$	14,031,795			2,749,713		$	45,412,287
Issued in connection with the reinvestment of distributions		115,413			1,959,710			114,580			1,829,843
Redeemed		(5,130,630	)		(86,973,902	)		(5,536,193	)		(91,413,779	)
Net change		(4,191,313	)	$	(70,982,397	)		(2,671,900	)	$	(44,171,649	)
Decrease from capital share transactions		(7,163,746	)	$	(120,323,617	)		(13,009,729	)	$	(212,037,849	)
	Inflation Protected Securities Fund
	Six Months Ended March 31, 2020						Year Ended September 30, 2019
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,050,315		$	22,480,506			460,302		$	4,704,593
Issued in connection with the reinvestment of distributions		14,443			154,815			48,376			502,779
Redeemed		(375,003	)		(4,004,214	)		(794,259	)		(8,132,100	)
Net change		1,689,755		$	18,631,107			(285,581	)	$	(2,924,728	)
Retail Class
Issued from the sale of shares		491,147		$	5,195,999			35,398		$	364,690
Issued in connection with the reinvestment of distributions		1,852			19,639			1,664			17,313
Redeemed		(479,980	)		(5,120,444	)		(30,929	)		(313,268	)
Net change		13,019		$	95,194			6,133		$	68,735
Class N
Issued from the sale of shares		75,262		$	804,206			97,933		$	1,010,452
Issued in connection with the reinvestment of distributions		1,149			12,302			3,401			35,387
Redeemed		(40,334	)		(440,769	)		(101,642	)		(1,046,710	)
Net change		36,077		$	375,739			(308	)	$	(871	)
Increase (decrease) from capital share transactions		1,738,851		$	19,102,040			(279,756	)	$	(2,856,864	)

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		Institutional High Income Fund
		Six Months Ended March 31, 2020						Year Ended September 30, 2019
Institutional Class		Shares			Amount			Shares			Amount
Issued from the sale of shares			2,514,461		$	15,736,610			8,868,671		$	58,735,035
Issued in connection with the reinvestment of distributions			5,480,189			33,922,368			7,226,648			44,516,153
Redeemed			(7,844,516	)		(48,710,768	)		(24,694,958	)		(158,695,796	)
Net change			150,134		$	948,210			(8,599,639	)	$	(55,444,608	)
Increase (decrease) from capital share transactions	��		150,134		$	948,210			(8,599,639	)	$	(55,444,608	)
		Investment Grade Fixed Income Fund
		Six Months Ended March 31, 2020						Year Ended September 30, 2019
Institutional Class		Shares			Amount			Shares			Amount
Issued from the sale of shares			422,501		$	5,184,404			3,715,904		$	44,596,334
Issued in connection with the reinvestment of distributions			359,573			4,395,131			744,228			8,846,688
Redeemed			(3,994,547	)		(48,126,389	)		(3,321,935	)		(39,589,135	)
Net change			(3,212,473	)	$	(38,546,854	)		1,138,197		$	13,853,887
Increase (decrease) from capital share transactions			(3,212,473	)	$	(38,546,854	)		1,138,197		$	13,853,887

75  |

Loomis Sayles High Income Opportunities Fund

Loomis Sayles Securitized Asset Fund

Semiannual Report

March 31, 2020

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	5
Financial Statements	35
Notes to Financial Statements	39

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling1-800-633-3330. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically atwww.icsdelivery.com/loomissayles.

LOOMIS SAYLES HIGH INCOME OPPORTUNITIES FUND

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

Investment Objective

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

Average Annual Total Returns — March31, 2020

													Expense Ratios2
	6 Months			1 Year			5 Years			10 Years			Gross			Net
Institutional Class (Inception4/12/04)		-9.55	%		-7.22	%		2.86	%		6.15	%		0.00	%		0.00	%
Comparative Performance
Bloomberg Barclays U.S. Corporate High-Yield Bond Index1		-10.40			-6.94			2.78			5.64

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.Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

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

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

1  |

LOOMIS SAYLES SECURITIZED ASSET FUND

Managers	Symbol
Ian Anderson	Institutional Class	LSSAX
Alessandro Pagani, CFA®
Clifton V. Rowe, CFA®

Investment Objective

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

Average Annual Total Returns — March31, 2020

													Expense Ratios2
	6 Months			1 Year			5 Years			10 Years			Gross			Net
Institutional Class (Inception3/2/06)		-1.09	%3		2.83	%		2.94	%		4.46	%		0.00	%		0.00	%
Comparative Performance
Bloomberg Barclays U.S. Securitized Bond Index1		3.30			6.89			2.93			3.37

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.Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

¹  Bloomberg Barclays U.S. Securitized Bond Index is an unmanaged index of asset-backed securities, collateralized mortgage-backed securities (ERISA eligible), and fixed-rate mortgage-backed securities.

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

³  Generally accepted accounting principles require adjustments to be made to the net assets of the Fund for financial reporting purposes only, and as such, the total returns reflected above are different from the total returns reported in the financial highlights. The returns presented in the table above are what an investor would have actually experienced.

|  2

ADDITIONAL INFORMATION

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

Additional Index Information

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

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

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge, upon request by calling Loomis Sayles at800-633-3330; on the Funds’ website at www.loomissayles.com, and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Funds’ website and the SEC’s website.

Quarterly Portfolio Schedules

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

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

3  |

UNDERSTANDING FUND EXPENSES

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

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

The first line in each Fund’s table shows theactual amount of Fund expenses ($0) you would have paid on a $1,000 investment in the Fund from October 1, 2019 through March 31, 2020.

The second line in each Fund’s table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio (0%) and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Funds to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

Loomis Sayles High Income Opportunities Fund

Institutional Class	Beginning Account Value 10/1/2019		Ending Account  Value 3/31/2020		Expenses Paid During Period* 10/1/2019 –3/31/2020
Actual		$1,000.00		$904.50		$0.00
Hypothetical (5% return before expenses)		$1,000.00		$1,025.00		$0.00
* Expenses are equal to the Fund’s annualized expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period).

Loomis Sayles Securitized Asset Fund

Institutional Class	Beginning Account Value 10/1/2019		Ending Account  Value 3/31/2020		Expenses Paid During Period* 10/1/2019 –3/31/2020**
Actual		$1,000.00		$988.00		$0.00
Hypothetical (5% return before expenses)		$1,000.00		$1,025.00		$0.00
* Expenses are equal to the Fund’s annualized expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period). ** Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only. Amounts expressed in the table include the effect of such adjustments.

|  4

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles High Income Opportunities Fund

Principal Amount		Description	Value (†)
	Bonds and Notes – 93.5% of Net Assets
	Non-Convertible Bonds – 88.3%
		ABS Home Equity – 0.1%
$	129,615	DSLA Mortgage Loan Trust,Series 2005-AR5, Class 2A1A,1-month LIBOR + 0.330%, 1.080%, 9/19/2045(a)	$	88,076
		Aerospace & Defense – 3.1%
	925,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		693,750
	465,000	Bombardier, Inc., 6.125%, 1/15/2023, 144A		327,825
	555,000	Bombardier, Inc., 7.875%, 4/15/2027, 144A		370,379
	150,000	Bombardier, Inc., 8.750%, 12/01/2021, 144A		124,687
	170,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025(b)		150,025
	30,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		26,430
	606,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		609,697
	170,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		195,500
	70,000	Moog, Inc., 4.250%, 12/15/2027, 144A		63,175
	585,000	Signature Aviation U.S. Holdings, Inc., 4.000%, 3/01/2028, 144A		528,138
	360,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		305,929
	30,000	TransDigm, Inc., 5.500%, 11/15/2027, 144A		26,925
	1,160,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		1,155,650
	85,000	Wolverine Escrow LLC, 9.000%, 11/15/2026, 144A		69,063
				4,647,173
		Airlines – 0.5%
	40,000	American Airlines Group, Inc., 5.000%, 6/01/2022, 144A		32,100
	882,323	Latam Airlines Pass Through Trust,Series 2015-1, Class B, 4.500%, 8/15/2025		573,510
	485,000	Latam Finance Ltd., 7.000%, 3/01/2026, 144A		220,927
				826,537
		Automotive – 2.6%
	550,000	Allison Transmission, Inc., 5.875%, 6/01/2029, 144A		517,000
	180,000	American Axle & Manufacturing, Inc., 6.250%, 4/01/2025		148,500
	225,000	Dana Financing Luxembourg S.a.r.l., 5.750%, 4/15/2025, 144A		195,750
	300,000	Delphi Technologies PLC, 5.000%, 10/01/2025, 144A		239,250
	200,000	Ford Motor Credit Co. LLC, 3.219%, 1/09/2022		186,500
	200,000	Ford Motor Credit Co. LLC, 4.250%, 9/20/2022		186,000
	200,000	Ford Motor Credit Co. LLC, 4.542%, 8/01/2026		175,000
		Automotive – continued
	200,000	Ford Motor Credit Co. LLC, 5.113%, 5/03/2029		173,375
	200,000	Ford Motor Credit Co. LLC, 5.875%, 8/02/2021		196,000
	400,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 1/08/2026		350,000
	175,000	General Motors Financial Co., Inc., 3.450%, 4/10/2022		164,646
	160,000	General Motors Financial Co., Inc., 3.550%, 7/08/2022		148,788
	140,000	General Motors Financial Co., Inc., 3.700%, 5/09/2023		125,928
	295,000	General Motors Financial Co., Inc., 3.950%, 4/13/2024		267,328
	20,000	General Motors Financial Co., Inc., 4.250%, 5/15/2023		18,086
	65,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		59,962
	60,000	Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/2023		56,550
	320,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		281,600
	270,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		172,800
	325,000	Panther BF Aggregator 2 LP/Panther Finance Co., Inc., 8.500%, 5/15/2027, 144A		283,530
				3,946,593
		Banking – 1.8%
	95,000	CIT Group, Inc., 4.125%, 3/09/2021		93,575
	740,000	CIT Group, Inc., 5.000%, 8/01/2023		711,961
	900,000	Commerzbank AG, 8.125%, 9/19/2023, 144A(b)		940,889
	200,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		164,000
	815,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		798,291
				2,708,716
		Brokerage – 0.1%
	140,000	Jefferies Group LLC, 6.250%, 1/15/2036(b)		123,884
		Building Materials – 2.2%
	335,000	American Builders & Contractors Supply Co., Inc., 4.000%, 1/15/2028, 144A		304,850
	125,000	American Woodmark Corp., 4.875%, 3/15/2026, 144A		116,562
	315,000	Builders FirstSource, Inc., 5.000%, 3/01/2030, 144A		283,500
	300,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		253,503
	300,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		268,503
	405,000	James Hardie International Finance DAC, 4.750%, 1/15/2025, 144A		381,717
	400,000	James Hardie International Finance DAC, 5.000%, 1/15/2028, 144A		378,000

See accompanying notes to financial statements.

5  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Building Materials – continued
$	105,000	JELD-WEN, Inc., 4.625%, 12/15/2025, 144A	$	92,400
	350,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		308,875
	415,000	Masonite International Corp., 5.375%, 2/01/2028, 144A		407,862
	680,000	U.S. Concrete, Inc., 6.375%, 6/01/2024		613,700
				3,409,472
		Cable Satellite – 7.6%
	410,000	Altice Financing S.A., 5.000%, 1/15/2028, 144A		362,850
	95,000	Block Communications, Inc., 4.875%, 3/01/2028, 144A		88,350
	280,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		274,400
	205,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 5/01/2032, 144A		199,916
	780,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 6/01/2029, 144A		801,528
	575,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027, 144A		592,250
	260,000	Connect Finco S.a.r.l./Connect U.S. Finco LLC, 6.750%, 10/01/2026, 144A		214,825
	1,765,000	CSC Holdings LLC, 5.500%, 4/15/2027, 144A		1,826,598
	710,000	CSC Holdings LLC, 6.500%, 2/01/2029, 144A		765,728
	45,000	CSC Holdings LLC, 6.750%, 11/15/2021		46,350
	410,000	DISH DBS Corp., 7.750%, 7/01/2026		421,275
	175,000	Intelsat Connect Finance S.A., 9.500%, 2/15/2023, 144A		64,750
	85,000	Intelsat Jackson Holdings S.A., 5.500%, 8/01/2023		55,675
	230,000	Intelsat Jackson Holdings S.A., 8.500%, 10/15/2024, 144A		144,831
	515,000	Intelsat Jackson Holdings S.A., 9.750%, 7/15/2025, 144A		339,900
	275,000	Sirius XM Radio, Inc., 5.000%, 8/01/2027, 144A		279,098
	1,600,000	Telenet Finance Luxembourg Notes S.a.r.l., 5.500%, 3/01/2028, 144A		1,560,704
	630,000	Virgin Media Secured Finance PLC, 5.500%, 5/15/2029, 144A		627,732
	325,000	Ziggo BV, 4.875%, 1/15/2030, 144A		319,631
	2,590,000	Ziggo BV, 5.500%, 1/15/2027, 144A		2,590,000
				11,576,391
		Chemicals – 0.8%
	225,000	Chemours Co. (The), 5.375%, 5/15/2027		172,091
	25,000	Chemours Co. (The), 7.000%, 5/15/2025		20,813
	805,000	Hercules LLC, 6.500%, 6/30/2029		650,947
	170,000	Hexion, Inc., 7.875%, 7/15/2027, 144A		144,500
	205,000	Olin Corp., 5.000%, 2/01/2030		176,074
	70,000	Olin Corp., 5.125%, 9/15/2027		61,950
				1,226,375
		Construction Machinery – 0.8%
	215,000	United Rentals North America, Inc., 4.000%, 7/15/2030		192,425
	490,000	United Rentals North America, Inc., 4.625%, 10/15/2025		470,400
	285,000	United Rentals North America, Inc., 5.875%, 9/15/2026		288,648
	230,000	United Rentals North America, Inc., 6.500%, 12/15/2026		233,450
				1,184,923
		Consumer Cyclical Services – 3.1%
	740,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 6.250%, 1/15/2028, 144A		638,250
	295,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		258,125
	645,000	Staples, Inc., 7.500%, 4/15/2026, 144A		570,019
	660,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		651,552
	2,640,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		2,620,200
				4,738,146
		Consumer Products – 0.2%
	140,000	Mattel, Inc., 5.875%, 12/15/2027, 144A		143,892
	210,000	Prestige Brands, Inc., 5.125%, 1/15/2028, 144A		207,963
				351,855
		Electric – 4.0%
	695,000	AES Corp. (The), 4.000%, 3/15/2021(b)		682,143
	340,000	AES Corp. (The), 4.500%, 3/15/2023		333,200
	90,000	AES Corp. (The), 5.125%, 9/01/2027		90,223
	652,000	AES Corp. (The), 5.500%, 4/15/2025		637,095
	220,000	AES Corp. (The), 6.000%, 5/15/2026		216,700
	1,285,000	Calpine Corp., 5.125%, 3/15/2028, 144A		1,182,200
	925,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A(b)		975,875
	105,000	NRG Energy, Inc., 5.250%, 6/15/2029, 144A		108,150
	135,000	NRG Energy, Inc., 5.750%, 1/15/2028		137,700
	200,000	Talen Energy Supply LLC, 10.500%, 1/15/2026, 144A		144,000
	1,280,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A(b)		1,139,452
	475,000	Vistra Operations Co. LLC, 5.500%, 9/01/2026, 144A		489,250
				6,135,988
		Finance Companies – 3.4%
	140,000	Navient Corp., 5.000%, 3/15/2027		120,358
	245,000	Navient Corp., 5.500%, 1/25/2023		230,300
	980,000	Navient Corp., 6.500%, 6/15/2022		959,420
	245,000	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/2025, 144A		205,800
	955,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		933,799
	1,155,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		1,149,225

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Finance Companies – continued
$	240,000	Shriram Transport Finance Co. Ltd., 5.100%, 7/16/2023, 144A	$	167,979
	150,000	Springleaf Finance Corp., 6.875%, 3/15/2025		151,068
	1,110,000	Springleaf Finance Corp., 7.125%, 3/15/2026		1,098,900
	2,604	Stearns Holdings LLC/StearnsCo-Issuer, Inc., 5.000%, 11/05/2024, 144A(c)(d)(e)		1,320
	320,000	Unifin Financiera SAB de CV, 7.250%, 9/27/2023, 144A		224,227
				5,242,396
		Financial Other – 1.6%
	850,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.750%, 9/15/2024		781,753
	780,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		720,525
	220,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.250%, 2/01/2022		220,550
	135,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.250%, 5/15/2026		127,575
	60,000	Nationstar Mortgage Holdings, Inc., 6.000%, 1/15/2027, 144A		51,000
	300,000	Nationstar Mortgage Holdings, Inc., 8.125%, 7/15/2023, 144A		293,340
	270,000	Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/2026, 144A		244,350
				2,439,093
		Food & Beverage – 3.3%
	60,000	Aramark Services, Inc., 4.750%, 6/01/2026		56,538
	80,000	Aramark Services, Inc., 5.000%, 2/01/2028, 144A		74,450
	350,000	B&G Foods, Inc., 5.250%, 4/01/2025		341,481
	200,000	BRF S.A., 4.875%, 1/24/2030, 144A		168,190
	225,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A		227,250
	205,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.500%, 1/15/2030, 144A		211,663
	65,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.500%, 4/15/2029, 144A		69,726
	235,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		213,293
	595,000	Kraft Heinz Foods Co., 4.875%, 10/01/2049, 144A		541,012
	295,000	Kraft Heinz Foods Co., 5.000%, 6/04/2042		279,302
	350,000	MARB BondCo PLC, 6.875%, 1/19/2025, 144A		315,437
	735,000	NBM U.S Holdings, Inc., 7.000%, 5/14/2026, 144A		667,012
	260,000	Performance Food Group, Inc., 5.500%, 10/15/2027, 144A		241,150
	240,000	Pilgrim’s Pride Corp., 5.750%, 3/15/2025, 144A		241,800
	440,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		438,416
		Food & Beverage – continued
	590,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		564,925
	20,000	Post Holdings, Inc., 5.500%, 12/15/2029, 144A		20,746
	310,000	Post Holdings, Inc., 5.750%, 3/01/2027, 144A		317,660
				4,990,051
		Gaming – 2.5%
	455,000	Boyd Gaming Corp., 4.750%, 12/01/2027, 144A		375,375
	150,000	Boyd Gaming Corp., 6.375%, 4/01/2026		129,750
	610,000	International Game Technology PLC, 6.250%, 2/15/2022, 144A		560,901
	165,000	MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc., 4.500%, 1/15/2028		140,250
	360,000	MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc., 5.750%, 2/01/2027		313,200
	190,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		116,850
	190,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		118,750
	230,000	VICI Properties LP/VICI Note Co., Inc., 3.500%, 2/15/2025, 144A		214,475
	310,000	VICI Properties LP/VICI Note Co., Inc., 3.750%, 2/15/2027, 144A		292,175
	315,000	VICI Properties LP/VICI Note Co., Inc., 4.125%, 8/15/2030, 144A		294,919
	705,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.500%, 3/01/2025, 144A		655,650
	290,000	Wynn Macau Ltd., 5.125%, 12/15/2029, 144A		243,600
	420,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029, 144A		382,200
				3,838,095
		Government Owned – No Guarantee – 0.2%
	640,000	YPF S.A., 6.950%, 7/21/2027, 144A		329,792
		Health Insurance – 0.7%
	765,000	Centene Corp., 4.250%, 12/15/2027, 144A(b)		749,700
	355,000	Centene Corp., 4.625%, 12/15/2029, 144A		356,775
				1,106,475
		Healthcare – 6.0%
	80,000	CHS/Community Health Systems, Inc., 6.250%, 3/31/2023		75,950
	925,000	CHS/Community Health Systems, Inc., 6.625%, 2/15/2025, 144A		855,625
	845,000	CHS/Community Health Systems, Inc., 8.000%, 3/15/2026, 144A		802,750
	390,000	Encompass Health Corp., 4.500%, 2/01/2028		382,200
	415,000	Encompass Health Corp., 4.750%, 2/01/2030		406,700
	655,000	HCA, Inc., 5.375%, 2/01/2025		669,737
	430,000	HCA, Inc., 7.050%, 12/01/2027		442,900

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Healthcare – continued
$	35,000	HCA, Inc., 7.500%, 12/15/2023	$	35,350
	790,000	HCA, Inc., 7.500%, 11/06/2033		790,000
	40,000	HCA, Inc., 7.690%, 6/15/2025		41,200
	40,000	HCA, Inc., 8.360%, 4/15/2024		41,200
	205,000	HCA, Inc., MTN, 7.580%, 9/15/2025		211,150
	20,000	HCA, Inc., MTN, 7.750%, 7/15/2036		20,000
	105,000	Hill-Rom Holdings, Inc., 4.375%, 9/15/2027, 144A		103,425
	250,000	Hologic, Inc., 4.625%, 2/01/2028, 144A		250,625
	330,000	IQVIA, Inc., 5.000%, 10/15/2026, 144A		336,600
	645,000	MPH Acquisition Holdings LLC, 7.125%, 6/01/2024, 144A		561,189
	1,025,000	Polaris Intermediate Corp., 9.250% PIK or 8.500% Cash, 12/01/2022, 144A(f)		794,375
	775,000	Rede D’or Finance S.a.r.l., 4.500%, 1/22/2030, 144A		672,312
	115,000	Select Medical Corp., 6.250%, 8/15/2026, 144A		115,000
	1,015,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		969,325
	615,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		567,338
				9,144,951
		Home Construction – 2.2%
	255,000	Brookfield Residential Properties, Inc./Brookfield Residential U.S Corp., 4.875%, 2/15/2030, 144A		193,725
	200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(c)(d)(e)(g)		—
	200,000	Country Garden Holdings Co. Ltd., 7.250%, 4/08/2026		197,520
	215,000	Greenland Global Investment Ltd., EMTN, 6.750%, 9/26/2023		190,287
	275,000	KB Home, 4.800%, 11/15/2029		231,000
	460,000	Lennar Corp., 4.500%, 4/30/2024		450,800
	690,000	Lennar Corp., 5.000%, 6/15/2027(b)		631,350
	300,000	Mattamy Group Corp., 4.625%, 3/01/2030, 144A		260,766
	720,000	PulteGroup, Inc., 6.000%, 2/15/2035(b)		725,400
	200,000	Sunac China Holdings Ltd., 7.500%, 2/01/2024		181,132
	205,000	Taylor Morrison Communities, Inc., 5.750%, 1/15/2028, 144A		183,048
	200,000	Yuzhou Properties Co. Ltd., 8.300%, 5/27/2025		167,078
				3,412,106
		Independent Energy – 3.2%
	1,095,000	Aker BP ASA, 5.875%, 3/31/2025, 144A(b)		968,906
	265,000	Aker BP ASA, 6.000%, 7/01/2022, 144A		237,138
	805,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		297,850
	1,165,000	Bruin E&P Partners LLC, 8.875%, 8/01/2023, 144A(c)(h)		81,550
	68,000	California Resources Corp., 5.500%, 9/15/2021(c)(h)		6,630
	33,000	California Resources Corp., 6.000%, 11/15/2024(c)(h)		660
		Independent Energy – continued
	985,000	California Resources Corp., 8.000%, 12/15/2022, 144A(c)(h)		14,775
	450,000	Centennial Resource Production LLC, 6.875%, 4/01/2027, 144A		110,250
	230,000	Denbury Resources, Inc., 7.750%, 2/15/2024, 144A(c)(h)		34,546
	35,000	Diamondback Energy, Inc., 3.500%, 12/01/2029		23,797
	30,000	EQT Corp., 6.125%, 2/01/2025		23,103
	495,000	Gulfport Energy Corp., 6.000%, 10/15/2024		121,275
	480,000	Gulfport Energy Corp., 6.375%, 5/15/2025(c)(h)		116,400
	290,000	Gulfport Energy Corp., 6.375%, 1/15/2026(c)(h)		56,670
	245,000	Hess Corp., 5.600%, 2/15/2041		167,313
	640,000	Montage Resources Corp., 8.875%, 7/15/2023(c)(h)		432,000
	399,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022(c)(h)		78,802
	265,000	Occidental Petroleum Corp., 2.700%, 8/15/2022	��	188,957
	305,000	Occidental Petroleum Corp., 2.700%, 2/15/2023		180,624
	910,000	Occidental Petroleum Corp., 2.900%, 8/15/2024		498,066
	710,000	Occidental Petroleum Corp., 3.500%, 6/15/2025		363,281
	160,000	Occidental Petroleum Corp., 5.550%, 3/15/2026		84,625
	550,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		306,625
	140,000	Seven Generations Energy Ltd., 6.875%, 6/30/2023, 144A		95,900
	280,000	SM Energy Co., 5.000%, 1/15/2024		89,586
	125,000	SM Energy Co., 5.625%, 6/01/2025		34,064
	420,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.750%, 4/15/2023, 144A(c)(h)		99,225
	60,000	Viper Energy Partners LP, 5.375%, 11/01/2027, 144A		50,400
	660,000	Whiting Petroleum Corp., 5.750%, 3/15/2021(c)(h)(i)		44,352
	95,000	Whiting Petroleum Corp., 6.250%, 4/01/2023(c)(h)(i)		8,250
	565,000	Whiting Petroleum Corp., 6.625%, 1/15/2026(c)(h)(i)		38,138
				4,853,758
		Industrial Other – 0.4%
	340,000	CFLD Cayman Investment Ltd., 8.600%, 4/08/2024		276,379
	150,000	Installed Building Products, Inc., 5.750%, 2/01/2028, 144A		142,875
	200,000	Kaisa Group Holdings Ltd., 11.950%, 10/22/2022		172,520
				591,774
		Leisure – 0.4%
	385,000	Live Nation Entertainment, Inc., 4.750%, 10/15/2027, 144A		342,650

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Leisure – continued
$	355,000	Speedway Motorsports LLC/Speedway Funding II, Inc., 4.875%, 11/01/2027, 144A	$	319,500
				662,150
		Lodging – 1.3%
	115,000	Hilton Domestic Operating Co., Inc., 4.250%, 9/01/2024		107,525
	595,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.625%, 4/01/2025		553,350
	655,000	Marriott Ownership Resorts, Inc., 4.750%, 1/15/2028, 144A		491,250
	50,000	Marriott Ownership Resorts, Inc./ILG LLC, 6.500%, 9/15/2026		43,500
	300,000	Wyndham Destinations, Inc., 4.625%, 3/01/2030, 144A		231,000
	665,000	Wyndham Destinations, Inc., 5.625%, 3/01/2021		598,500
				2,025,125
		Media Entertainment – 3.7%
	250,000	Clear Channel Worldwide Holdings, Inc., 9.250%, 2/15/2024, 144A		214,375
	880,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 5.375%, 8/15/2026, 144A		715,018
	335,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		301,500
	1,345,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		1,170,984
	400,000	Lamar Media Corp., 3.750%, 2/15/2028, 144A		374,952
	150,000	Lamar Media Corp., 4.000%, 2/15/2030, 144A		139,500
	365,000	Meredith Corp., 6.875%, 2/01/2026		320,214
	710,000	Netflix, Inc., 4.875%, 4/15/2028		731,300
	140,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		142,121
	415,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		430,625
	115,000	Nexstar Broadcasting, Inc., 5.625%, 7/15/2027, 144A		112,412
	880,000	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 4/15/2022, 144A		811,202
	50,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.000%, 8/15/2027, 144A		46,000
	200,000	Terrier Media Buyer, Inc., 8.875%, 12/15/2027, 144A		169,000
				5,679,203
		Metals & Mining – 3.4%
	75,000	Allegheny Technologies, Inc., 5.875%, 12/01/2027		62,438
	545,000	Commercial Metals Co., 4.875%, 5/15/2023		513,662
	460,000	First Quantum Minerals Ltd., 6.500%, 3/01/2024, 144A		381,800
	1,235,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		991,087
		Metals & Mining – continued
	600,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		499,314
	365,000	FMG Resources (August 2006) Pty Ltd., 5.125%, 5/15/2024, 144A		359,525
	565,000	Freeport-McMoRan, Inc., 4.125%, 3/01/2028		492,962
	665,000	Freeport-McMoRan, Inc., 4.250%, 3/01/2030		578,550
	190,000	Freeport-McMoRan, Inc., 5.000%, 9/01/2027		176,406
	465,000	Mineral Resources Ltd., 8.125%, 5/01/2027, 144A		435,645
	520,000	Novelis Corp., 4.750%, 1/30/2030, 144A		462,800
	150,000	United States Steel Corp., 6.250%, 3/15/2026		94,500
	95,000	United States Steel Corp., 6.875%, 8/15/2025		66,244
				5,114,933
		Midstream – 2.6%
	875,000	Energy Transfer Operating LP, Series A, (fixed rate to 2/15/2023, variable rate thereafter), 6.250%(j)		437,500
	785,000	EnLink Midstream Partners LP, 4.850%, 7/15/2026		385,985
	90,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		32,823
	490,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		161,602
	250,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		84,375
	100,000	EQM Midstream Partners LP, Series 10Y, 5.500%, 7/15/2028		55,570
	375,000	Genesis Energy LP/Genesis Energy Finance Corp., 7.750%, 2/01/2028		261,075
	1,020,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		731,636
	80,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		27,200
	540,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		480,622
	395,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.000%, 3/01/2027, 144A		209,350
	50,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		43,035
	670,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		576,200
	435,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030, 144A		335,994
	215,000	Western Midstream Operating LP, 4.050%, 2/01/2030		93,598
				3,916,565
		Non-Agency Commercial Mortgage-Backed Securities – 0.9%
	100,000	CG-CCRE Commercial Mortgage Trust, Series2014-FL2, Class COL1,1-month LIBOR + 3.500%, 4.205%, 11/15/2031, 144A(a)(c)(h)		99,724

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
$	180,000	CG-CCRE Commercial Mortgage Trust, Series2014-FL2, Class COL2,1-month LIBOR + 4.500%, 5.205%, 11/15/2031, 144A(a)(c)(h)	$	179,063
	795,000	Credit Suisse Mortgage Trust,Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		580,992
	320,000	Starwood Retail Property Trust, Series 2014-STAR, Class D,1-month LIBOR + 3.500%, 4.205%, 11/15/2027, 144A(a)(c)(h)		233,600
	350,000	Starwood Retail Property Trust, Series 2014-STAR, Class E,1-month LIBOR + 4.400%, 5.105%, 11/15/2027, 144A(a)(c)(d)(e)		203,027
	100,000	WFRBS Commercial Mortgage Trust, Series2012-C7, Class E, 4.813%, 6/15/2045, 144A(k)		73,433
				1,369,839
		Oil Field Services – 1.2%
	1,045,000	McDermott Technology Americas, Inc./McDermott Technology U.S., Inc., 10.625%, 5/01/2024, 144A(c)(g)(h)		73,077
	90,000	Noble Holding International Ltd., 5.250%, 3/15/2042(c)(h)		5,558
	900,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		430,200
	530,225	Transocean Guardian Ltd., 5.875%, 1/15/2024, 144A		424,180
	20,875	Transocean Pontus Ltd., 6.125%, 8/01/2025, 144A		16,909
	154,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		123,200
	700,000	Transocean Sentry Ltd., 5.375%, 5/15/2023, 144A		588,000
	135,000	Transocean, Inc., 7.500%, 1/15/2026, 144A		63,450
	575,000	Valaris PLC, 4.875%, 6/01/2022(c)(h)		125,063
				1,849,637
		Packaging – 1.3%
	845,000	ARD Finance S.A., 7.250% PIK or 6.500% Cash, 6/30/2027, 144A(f)		725,770
	275,000	Crown Americas LLC/Crown Americas Capital Corp., 4.750%, 2/01/2026		281,793
	360,000	Mauser Packaging Solutions Holding Co., 7.250%, 4/15/2025, 144A		286,200
	665,000	OI European Group BV, 4.000%, 3/15/2023, 144A		631,750
				1,925,513
		Pharmaceuticals – 4.1%
	35,000	Bausch Health Americas, Inc., 8.500%, 1/31/2027, 144A		36,575
	490,000	Bausch Health Americas, Inc., 9.250%, 4/01/2026, 144A		517,832
	460,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		435,482
		Pharmaceuticals – continued
	465,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		439,685
	305,000	Bausch Health Cos., Inc., 6.125%, 4/15/2025, 144A		300,425
	185,000	Bausch Health Cos., Inc., 7.250%, 5/30/2029, 144A		191,993
	835,000	Bausch Health Cos., Inc., 9.000%, 12/15/2025, 144A		880,257
	225,000	Catalent Pharma Solutions, Inc., 4.875%, 1/15/2026, 144A		218,250
	165,000	Catalent Pharma Solutions, Inc., 5.000%, 7/15/2027, 144A		160,050
	605,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.000%, 2/01/2025, 144A		411,400
	170,000	Teva Pharmaceutical Finance Netherlands III BV, 2.800%, 7/21/2023		156,550
	425,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		357,999
	2,520,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		1,808,100
	295,000	Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 1/31/2025, 144A		292,050
				6,206,648
		Property & Casualty Insurance – 0.6%
	55,000	AmWINS Group, Inc., 7.750%, 7/01/2026, 144A		53,900
	880,000	Ardonagh Midco 3 PLC, 8.625%, 7/15/2023, 144A		783,200
				837,100
		Real Estate Operations/Development – 0.2%
	400,000	Easy Tactic Ltd., 8.125%, 2/27/2023		342,025
		Refining – 0.7%
	540,000	Parkland Fuel Corp., 5.875%, 7/15/2027, 144A		506,196
	635,000	Parkland Fuel Corp., 6.000%, 4/01/2026, 144A		590,550
				1,096,746
		REITs – Hotels – 0.6%
	770,000	Service Properties Trust, 4.350%, 10/01/2024		565,215
	380,000	Service Properties Trust, 4.750%, 10/01/2026		288,197
				853,412
		REITs – Mortgage – 1.1%
	330,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.250%, 2/01/2027, 144A		260,700
	340,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		279,752
	645,000	Starwood Property Trust, Inc., 3.625%, 2/01/2021		603,140
	610,000	Starwood Property Trust, Inc., 4.750%, 3/15/2025		536,800
				1,680,392

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		REITs – Regional Malls – 0.4%
$	805,000	Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.750%, 5/15/2026, 144A	$	653,161
		Restaurants – 1.1%
	380,000	1011778 B.C. ULC/New Red Finance, Inc., 3.875%, 1/15/2028, 144A		361,000
	380,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		351,082
	855,000	1011778 B.C. ULC/New Red Finance, Inc., 5.000%, 10/15/2025, 144A		816,516
	125,000	Yum! Brands, Inc., 4.750%, 1/15/2030, 144A		117,500
				1,646,098
		Retailers – 1.9%
	91,000	Asbury Automotive Group, Inc., 4.500%, 3/01/2028, 144A		77,350
	99,000	Asbury Automotive Group, Inc., 4.750%, 3/01/2030, 144A		84,150
	480,000	Dillard’s, Inc., 7.000%, 12/01/2028		414,168
	545,000	Hanesbrands, Inc., 4.875%, 5/15/2026, 144A		534,160
	165,000	J.C. Penney Corp., Inc., 5.875%, 7/01/2023, 144A		61,050
	185,000	L Brands, Inc., 5.250%, 2/01/2028		141,321
	150,000	L Brands, Inc., 6.750%, 7/01/2036		108,000
	465,000	L Brands, Inc., 6.875%, 11/01/2035		344,100
	115,000	Murphy Oil USA, Inc., 4.750%, 9/15/2029		107,813
	860,000	PetSmart, Inc., 7.125%, 3/15/2023, 144A		800,875
	50,000	PetSmart, Inc., 8.875%, 6/01/2025, 144A		45,250
	135,000	William Carter Co. (The), 5.625%, 3/15/2027, 144A		130,612
				2,848,849
		Supermarkets – 0.3%
	430,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.875%, 2/15/2030, 144A		428,925
		Technology – 6.5%
	415,000	Camelot Finance S.A., 4.500%, 11/01/2026, 144A		402,550
	125,000	CDK Global, Inc., 5.250%, 5/15/2029, 144A		127,500
	550,000	CDW LLC/CDM Finance Corp., 4.250%, 4/01/2028		552,750
	1,355,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		1,175,462
	225,000	CommScope Technologies LLC, 6.000%, 6/15/2025, 144A		205,920
	11,000	CommScope, Inc., 5.000%, 6/15/2021, 144A		10,890
	545,000	CommScope, Inc., 5.500%, 3/01/2024, 144A		551,540
	530,000	Dun & Bradstreet Corp. (The), 6.875%, 8/15/2026, 144A		551,200
		Technology – continued
	1,680,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		1,578,158
	325,000	MSCI, Inc., 3.625%, 9/01/2030, 144A		308,344
	170,000	MSCI, Inc., 4.000%, 11/15/2029, 144A		168,875
	80,000	Nokia OYJ, 3.375%, 6/12/2022		80,592
	700,000	Nokia OYJ, 4.375%, 6/12/2027		679,000
	515,000	Open Text Corp., 3.875%, 2/15/2028, 144A		486,206
	20,000	Open Text Corp., 5.875%, 6/01/2026, 144A		20,978
	130,000	Presidio Holdings, Inc., 4.875%, 2/01/2027, 144A		116,350
	130,000	Presidio Holdings, Inc., 8.250%, 2/01/2028, 144A		114,563
	205,000	PTC, Inc., 3.625%, 2/15/2025, 144A		191,675
	290,000	PTC, Inc., 4.000%, 2/15/2028, 144A		278,487
	575,000	Sabre GLBL, Inc., 5.250%, 11/15/2023, 144A		523,250
	235,000	Sabre GLBL, Inc., 5.375%, 4/15/2023, 144A		215,025
	20,000	Science Applications International Corp., 4.875%, 4/01/2028, 144A		19,200
	705,000	SS&C Technologies, Inc., 5.500%, 9/30/2027, 144A		734,758
	710,000	Western Digital Corp., 4.750%, 2/15/2026		720,650
				9,813,923
		Transportation Services – 0.1%
	185,000	APL Ltd., 8.000%, 1/15/2024(c)(h)		74,000
	125,000	Hertz Corp. (The), 7.125%, 8/01/2026, 144A		66,214
				140,214
		Wireless – 3.7%
	1,070,000	Altice France Holding S.A., 10.500%, 5/15/2027, 144A		1,130,979
	425,000	Kenbourne Invest S.A., 6.875%, 11/26/2024, 144A		325,206
	200,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		174,000
	600,000	Sprint Capital Corp., 6.875%, 11/15/2028		685,320
	1,595,000	Sprint Corp., 7.125%, 6/15/2024		1,750,752
	1,260,000	Sprint Corp., 7.250%, 9/15/2021		1,298,682
	175,000	Sprint Corp., 7.875%, 9/15/2023		192,076
				5,557,015
		Wirelines – 1.8%
	30,000	CenturyLink, Inc., 5.125%, 12/15/2026, 144A		30,000
	420,000	CenturyLink, Inc., 5.625%, 4/01/2025		422,096
	220,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		213,444
	725,000	Frontier Communications Corp., 8.000%, 4/01/2027, 144A		715,053
	845,000	Level 3 Financing, Inc., 4.625%, 9/15/2027, 144A		839,845
	100,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		99,000
	155,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		160,425

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Wirelines – continued
$	275,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.250%, 10/15/2023	$	210,375
	390,000	Windstream Services LLC/Windstream Finance Corp., 10.500%, 6/30/2024, 144A(c)(g)(h)		15,600
				2,705,838
		TotalNon-Convertible Bonds
		(Identified Cost $153,336,545)		134,265,931
	Convertible Bonds – 5.2%
		Cable Satellite – 1.5%
	960,000	DISH Network Corp., 2.375%, 3/15/2024		760,800
	1,895,000	DISH Network Corp., 3.375%, 8/15/2026		1,538,459
				2,299,259
		Diversified Manufacturing – 0.4%
	820,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		625,250
		Healthcare – 0.2%
	380,000	Integra LifeSciences Holdings Corp., 0.500%, 8/15/2025, 144A		328,107
		Independent Energy – 0.1%
	805,000	Chesapeake Energy Corp., 5.500%, 9/15/2026(c)(e)(h)		24,150
	180,000	PDC Energy, Inc., 1.125%, 9/15/2021		146,817
				170,967
		Oil Field Services – 0.3%
	375,000	Nabors Industries, Inc., 0.750%, 1/15/2024(c)(h)		63,919
	390,000	Oil States International, Inc., 1.500%, 2/15/2023		304,444
				368,363
		Pharmaceuticals – 1.7%
	170,000	Aerie Pharmaceuticals, Inc., 1.500%, 10/01/2024, 144A		152,272
	1,710,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		1,791,965
	155,000	Flexion Therapeutics, Inc., 3.375%, 5/01/2024		118,888
	255,000	Intercept Pharmaceuticals, Inc., 3.250%, 7/01/2023		204,012
	285,000	PTC Therapeutics, Inc., 3.000%, 8/15/2022		318,797
				2,585,934
		Technology – 1.0%
	490,000	Avaya Holdings Corp., 2.250%, 6/15/2023		374,610
	700,000	CalAmp Corp., 2.000%, 8/01/2025		455,700
	150,000	Microchip Technology, Inc., 1.625%, 2/15/2027		153,951
	200,000	Palo Alto Networks, Inc., 0.750%, 7/01/2023		193,039
		Technology – continued
	375,000	Pure Storage, Inc., 0.125%, 4/15/2023		322,910
				1,500,210
		Total Convertible Bonds
		(Identified Cost $9,833,275)		7,878,090
		Total Bonds and Notes
		(Identified Cost $163,169,820)		142,144,021
	Senior Loans – 0.2%
		Chemicals – 0.1%
	97,610	Chemours Co. (The), 2018 USD Term Loan B,1-month LIBOR + 1.750%, 2.740%, 4/03/2025(a)		88,825
		Retailers – 0.1%
	491,421	J.C. Penney Corp., Inc., 2016 Term Loan B,3-month LIBOR + 4.250%, 5.863%, 6/23/2023(a)		193,291
		Total Senior Loans
		(Identified Cost $538,158)		282,116
	Shares
	Preferred Stocks – 1.7%
		Food & Beverage – 1.4%
	25,145	Bunge Ltd., 4.875%		2,194,153
		Healthcare – 0.1%
	155	Danaher Corp., Series A, 4.750%		160,138
		Midstream – 0.0%
	641	Chesapeake Energy Corp., 5.750%(c)(h)		18,256
	13	Chesapeake Energy Corp., 5.750%, 144A(c)(h)		370
	90	Chesapeake Energy Corp., 5.750%(c)(h)		2,564
				21,190
		Technology – 0.2%
	234	Broadcom, Inc., Series A, 8.000%		218,640
		Total Preferred Stocks
		(Identified Cost $3,388,677)		2,594,121
	Common Stocks – 0.3%
		Chemicals – 0.1%
	12,926	Hexion Holdings Corp., Class B(c)(h)(i)		130,875
		Diversified Telecommunication Services – 0.2%
	11,540	AT&T, Inc.		336,391
		Oil, Gas & Consumable Fuels – 0.0%
	2,801	Battalion Oil Corp.(i)		13,095
	12,202	Whiting Petroleum Corp.(i)		8,180
				21,275
		Total Common Stocks
		(Identified Cost $1,414,921)		488,541

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Shares		Description	Value (†)
	Warrants – 0.0%
	7,285	Stearns Holdings LLC, Expiration on 11/5/2039(c)(d)(e)(i) (Identified Cost $0)	$	—
	Principal Amount
	Short-Term Investments – 2.5%
$	3,791,926	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020 at 0.000% to be repurchased at $3,791,926 on 4/01/2020 collateralized by $3,630,000 U.S. Treasury Note, 2.500% due 3/31/2023 valued at $3,869,497 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $3,791,926)		3,791,926
		Total Investments – 98.2%
		(Identified Cost $172,303,502)		149,300,725
		Other assets less liabilities—1.8%		2,777,869
		Net Assets – 100.0%	$	152,078,594
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. Rate as of March 31, 2020 is disclosed.
	(b)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(c)	Illiquid security.
	(d)	Fair valued by the Fund’s adviser. At March 31, 2020, the value of these securities amounted to $204,347 or 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(e)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(f)	Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended March 31, 2020, interest payments were made in cash.
	(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(h)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2020, the value of these securities amounted to $2,057,817 or 1.4% of net assets. See Note 2 of Notes to Financial Statements.
	(i)	Non-income producing security.
	(j)	Perpetual bond with no specified maturity date.
	(k)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2020 is disclosed.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, the value of Rule 144A holdings amounted to $86,900,569 or 57.1% of net assets.
	ABS	Asset-Backed Securities
	EMTN	Euro Medium Term Note
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	PIK	Payment-in-Kind
	REITs	Real Estate Investment Trusts

At March 31, 2020, the Fund had the following open centrally cleared credit default swap agreements:

Sell Protection

Reference Obligation	(Pay)/ Receive Fixed Rate	Expiration Date		Implied Credit Spread^	Notional Value(‡)		Market Value			Unrealized Appreciation (Depreciation)
CDX.HY Series 34 500,5-Year	5.00%		6/20/2025	6.56%		3,200,000	$	(205,440	)	$	(33,794	)

(‡) Notional value stated in U.S. dollars unless otherwise noted.

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

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Industry Summary at March 31, 2020 (Unaudited)

Cable Satellite	9.1	%
Technology	7.7
Healthcare	6.3
Pharmaceuticals	5.8
Food & Beverage	4.7
Electric	4.0
Media Entertainment	3.7
Wireless	3.7
Finance Companies	3.4
Metals & Mining	3.4
Independent Energy	3.3
Consumer Cyclical Services	3.1
Aerospace & Defense	3.1
Automotive	2.6
Midstream	2.6
Gaming	2.5
Home Construction	2.2
Building Materials	2.2
Retailers	2.0
Other Investments, less than 2% each	20.3
Short-Term Investments	2.5
Total Investments	98.2
Other assets less liabilities (including swap agreements)	1.8
Net Assets	100.0	%

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund

Principal Amount		Description	Value (†)
	Bonds and Notes – 106.0% of Net Assets
		ABS Car Loan – 7.3%
$	1,525,000	American Credit Acceptance Receivables Trust, Series2019-4, Class C, 2.690%, 12/12/2025, 144A	$	1,375,425
	4,500,000	American Credit Acceptance Receivables Trust, Series2020-1A, Class C, 2.190%, 3/13/2026, 144A		4,236,111
	2,000,000	AmeriCredit Automobile Receivables Trust, Series2018-3, Class C, 3.740%, 10/18/2024		1,998,490
	1,500,000	AmeriCredit Automobile Receivables Trust, Series2019-1, Class C, 3.360%, 2/18/2025		1,509,121
	442,506	Avid Automobile Receivables Trust, Series2018-1, Class A, 2.840%, 8/15/2023, 144A		440,038
	825,000	Avis Budget Rental Car Funding AESOP LLC, Series2019-1A, Class A, 3.450%, 3/20/2023, 144A		811,877
	5,920,000	Avis Budget Rental Car Funding AESOP LLC, Series2019-3A, Class A, 2.360%, 3/20/2026, 144A		5,182,853
	500,000	Avis Budget Rental Car Funding AESOP LLC, Series2020-1A, Class A, 2.330%, 8/20/2026, 144A		440,003
	2,750,000	Bank of The West Auto Trust,Series 2019-1, Class B, 2.760%, 1/15/2025, 144A		2,736,387
	3,100,000	California Republic Auto Receivables Trust, Series2017-1, Class C, 3.760%, 12/15/2023		3,112,806
	3,950,000	California Republic Auto Receivables Trust, Series2018-1, Class C, 3.870%, 10/16/2023		4,007,024
	1,370,000	Canadian Pacer Auto Receivables Trust, Series2018-2A, Class C, 4.070%, 3/19/2025, 144A		1,391,063
	74,001	Capital Auto Receivables Asset Trust, Series2017-1, Class A3, 2.020%, 8/20/2021, 144A		73,866
	1,655,000	CarMax Auto Owner Trust,Series 2017-4, Class D, 3.300%, 5/15/2024		1,634,088
	1,655,000	CarMax Auto Owner Trust,Series 2018-1, Class C, 2.950%, 11/15/2023		1,584,713
	1,050,000	CarMax Auto Owner Trust,Series 2018-1, Class D, 3.370%, 7/15/2024		968,587
	1,285,000	CarMax Auto Owner Trust,Series 2018-2, Class D, 3.990%, 4/15/2025		1,306,910
	1,465,000	CarMax Auto Owner Trust,Series 2019-4, Class B, 2.320%, 7/15/2025		1,472,099
	67,463	CIG Auto Receivables Trust,Series 2017-1A, Class A, 2.710%, 5/15/2023, 144A		67,248
	821,584	CIG Auto Receivables Trust,Series 2019-1A, Class A, 3.330%, 8/15/2024, 144A		810,681
		ABS Car Loan – continued
	1,481,898	CPS Auto Receivables Trust,Series 2016-A, Class D, 5.000%, 12/15/2021, 144A		1,480,607
	1,675,000	CPS Auto Receivables Trust,Series 2019-C, Class B, 2.630%, 8/15/2023, 144A		1,646,222
	2,035,000	CPS Auto Receivables Trust,Series 2020-A, Class B, 2.360%, 2/15/2024, 144A		1,962,835
	4,025,000	CPS Auto Trust, Series2016-D, Class D, 4.530%, 1/17/2023, 144A		4,046,799
	2,000,000	Credit Acceptance Auto Loan Trust, Series2018-3A, Class A, 3.550%, 8/15/2027, 144A(a)		2,014,088
	2,360,000	Credit Acceptance Auto Loan Trust, Series2019-3A, Class B, 2.860%, 1/16/2029, 144A		2,269,498
	910,000	Credit Acceptance Auto Loan Trust, Series2020-1A, Class B, 2.390%, 4/16/2029, 144A		873,920
	2,800,000	Drive Auto Receivables Trust,Series 2018-5, Class C, 3.990%, 1/15/2025		2,778,831
	1,000,000	Drive Auto Receivables Trust,Series 2019-2, Class C, 3.420%, 6/16/2025		985,504
	1,775,000	DT Auto Owner Trust,Series 2018-3A, Class C, 3.790%, 7/15/2024, 144A		1,743,745
	1,200,000	DT Auto Owner Trust,Series 2018-2A, Class D, 4.150%, 3/15/2024, 144A		1,193,145
	3,360,000	First Investors Auto Owner Trust, Series2019-2A, Class C, 2.710%, 12/15/2025, 144A		3,230,857
	2,245,000	First Investors Auto Owner Trust, Series2017-1A, Class C, 2.950%, 4/17/2023, 144A		2,229,519
	211,869	Flagship Credit Auto Trust,Series 2016-2, Class B, 3.840%, 9/15/2022, 144A		211,802
	1,329,000	Flagship Credit Auto Trust,Series 2018-3, Class B, 3.590%, 12/16/2024, 144A		1,322,108
	2,800,000	Flagship Credit Auto Trust,Series 2018-4, Class B, 3.880%, 10/16/2023, 144A		2,803,881
	1,826,000	Flagship Credit Auto Trust,Series 2019-4, Class C, 2.770%, 12/15/2025, 144A		1,754,385
	3,500,000	Flagship Credit Auto Trust,Series 2020-1, Class C, 2.240%, 1/15/2026, 144A		3,262,501
	3,025,000	Ford Credit Auto Owner Trust, Series2020-A, Class A, 2.040%, 8/15/2031, 144A		2,830,051
	2,250,000	Foursight Capital Automobile Receivables Trust, Series2020-1, Class B, 2.270%, 2/18/2025, 144A		2,164,300
	1,016,418	GLS Auto Receivables Trust,Series 2018-1A, Class A, 2.820%, 7/15/2022, 144A		1,011,753

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description		Value (†)
	Bonds and Notes – continued
		ABS Car Loan – continued
$	2,270,000	GLS Auto Receivables Trust,Series 2020-1A, Class B, 2.430%, 11/15/2024, 144A		$	2,049,678
	2,435,000	Hertz Vehicle Financing II LP, Series2017-2A, Class A, 3.290%, 10/25/2023, 144A(a)			2,342,195
	208,813	Motor PLC, Series2017-1A, Class A1,1-month LIBOR + 0.530%, 1.477%, 9/25/2024, 144A(b)			208,648
	1,670,000	NextGear Floorplan Master Owner Trust, Series2018-1A, Class A1,1-month LIBOR + 0.640%, 1.345%, 2/15/2023, 144A(b)			1,586,388
	1,705,000	NextGear Floorplan Master Owner Trust, Series2018-2A, Class A2, 3.690%, 10/15/2023, 144A			1,616,625
	1,100,000	NextGear Floorplan Master Owner Trust, Series2019-1A, Class A2, 3.210%, 2/15/2024, 144A			1,035,088
	5,300,000	NextGear Floorplan Master Owner Trust, Series2019-2A, Class A1,1-month LIBOR + 0.700%, 1.405%, 10/15/2024, 144A(b)			4,834,817
	5,000,000	NextGear Floorplan Master Owner Trust, Series2020-1A, Class A2, 1.550%, 2/18/2025, 144A			4,809,015
	2,000,000	Prestige Auto Receivables Trust, Series2018-1A, Class C, 3.750%, 10/15/2024, 144A			1,994,891
	2,830,000	Santander Drive Auto Receivables Trust, Series2018-3, Class D, 4.070%, 8/15/2024			2,763,786
	2,220,000	Santander Drive Auto Receivables Trust, Series2018-5, Class C, 3.810%, 12/16/2024			2,193,079
	202,399	Tidewater Auto Receivables Trust, Series2018-AA, Class A2, 3.120%, 7/15/2022, 144A(a)			202,065
	1,680,000	United Auto Credit Securitization Trust, Series2019-1, Class C, 3.160%, 8/12/2024, 144A			1,622,979
					104,234,995
		ABS Credit Card – 0.9%
	3,930,000	Delamare Cards MTN Issuer PLC, Series2018-1A, Class A1,1-month LIBOR + 0.700%, 1.450%, 11/19/2025, 144A(a)(b)			3,907,898
	4,100,000	World Financial Network Credit Card Master Trust, Series2019-B, Class A, 2.490%, 4/15/2026			4,103,423
	4,220,000	World Financial Network Credit Card Master Trust, Series2019-C, Class M, 2.710%, 7/15/2026			4,074,798
					12,086,119
		ABS Home Equity – 5.1%
	3,745,442	Ajax Mortgage Loan Trust,Series 2019-D, Class A1, 2.956%, 9/25/2065, 144A(c)			3,659,772
	2,016,100	Bayview Koitere Fund Trust, Series 2017-SPL3, Class B1, 4.250%, 11/28/2053, 144A(c)			1,983,801
	1,296,736	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A(a)			1,313,254
	1,132,406	Bayview Opportunity Master Fund IVa Trust, Series2017-RT1, Class A1, 3.000%, 3/28/2057, 144A(a)(c)			1,114,168
	1,132,648	Bayview Opportunity Master Fund IVb Trust, Series 2016-SPL2, Class A, 4.000%, 6/28/2053, 144A(a)(c)	��		1,130,354
	1,385,000	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL2, Class B1, 4.250%, 6/28/2054, 144A(c)			1,323,884
	1,781,060	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL4, Class A, 3.500%, 1/28/2055, 144A(a)(c)			1,766,396
	115,735	Colony American Finance Ltd., Series2015-1, Class A, 2.896%, 10/15/2047, 144A(a)			115,493
	602,330	CoreVest American Finance Trust, Series2017-1, Class A, 2.968%, 10/15/2049, 144A			592,701
	1,566,972	CoreVest American Finance Trust, Series2018-1, Class A, 3.804%, 6/15/2051, 144A			1,581,455
	1,968,869	CoreVest American Finance Trust, Series2019-2, Class A, 2.835%, 6/15/2052, 144A			1,873,803
	2,726,689	Corevest American Finance Trust, Series2019-3, Class A, 2.705%, 10/15/2052, 144A			2,587,156
	32,189	Countrywide Alternative Loan Trust, Series2006-J5, Class 4A1, 5.107%, 7/25/2021(c)(d)(e)			30,668
	31,225	Countrywide Asset-Backed Certificates, Series2004-S1, Class A3, 5.115%, 2/25/2035(c)(d)(e)			30,810
	2,210,367	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2,1-month LIBOR + 1.850%, 2.797%, 10/25/2027(a)(b)			2,152,884
	2,471,844	GCAT Trust, Series 2019-RPL1, Class A1, 2.650%, 10/25/2068, 144A(c)			2,436,831
	935,274	Gosforth Funding PLC,Series 2018-1A, Class A1,3-month LIBOR + 0.450%, 2.129%, 8/25/2060, 144A(b)			915,991

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		ABS Home Equity – continued
$	1,620,167	HarborView Mortgage Loan Trust, Series2004-3, Class 1A, 4.093%, 5/19/2034(c)	$	1,513,391
	3,079,825	Invitation Homes Trust,Series 2018-SFR2, Class A,1-month LIBOR + 0.900%, 1.605%, 6/17/2037, 144A(a)(b)		2,837,981
	9,656,304	Invitation Homes Trust,Series 2018-SFR3, Class A,1-month LIBOR + 1.000%, 1.800%, 7/17/2037, 144A(b)		8,955,802
	2,832,615	Invitation Homes Trust,Series 2018-SFR4, Class A,1-month LIBOR + 1.100%, 1.900%, 1/17/2038, 144A(a)(b)		2,626,997
	74,504,065	JPMorgan Mortgage Trust,Series 2017-4, Class AX1, IO, 0.439%, 11/25/2048, 144A(c)(d)(e)(f)(g)		355,275
	249,627	Mill City Mortgage Loan Trust,Series 2016-1, Class A1, 2.500%, 4/25/2057, 144A(c)		247,519
	1,800,040	Mill City Mortgage Loan Trust,Series 2018-3, Class A1, 3.500%, 8/25/2058, 144A(a)(c)		1,832,207
	3,626,424	Mill City Mortgage Loan Trust,Series 2019-GS1, Class A1, 2.750%, 7/25/2059, 144A(c)		3,526,308
	48,048	Morgan Stanley Mortgage Loan Trust, Series2005-3AR, Class 5A, 3.938%, 7/25/2035(c)(d)(e)		37,897
	1,896,306	Onslow Bay Financial LLC , Series 2019-EXP3, Class 1A8, 3.500%, 10/25/2059, 144A(c)		1,873,310
	1,146,559	Onslow Bay Financial LLC, Series 2018-EXP1, Class 1A3, 4.000%, 4/25/2048, 144A(c)		1,152,309
	1,800,692	Onslow Bay Financial LLC, Series 2019-EXP1, Class 1A3, 4.000%, 1/25/2059, 144A(c)		1,797,407
	1,417,000	Progress Residential Trust, Series 2015-SFR3, Class D, 4.673%, 11/12/2032, 144A		1,402,192
	399,257	Progress Residential Trust, Series 2017-SFR2, Class A, 2.897%, 12/17/2034, 144A		397,149
	1,647,995	Progress Residential Trust, Series 2018-SFR1, Class A, 3.255%, 3/17/2035, 144A		1,603,995
	2,270,000	Progress Residential Trust, Series 2019-SFR2, Class B, 3.446%, 5/17/2036, 144A		2,213,762
	17,369	Residential Accredit Loans, Inc., Trust, Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021(d)(e)		16,358
	112,510	Residential Accredit Loans, Inc., Trust, Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021(d)(e)		103,292
		ABS Home Equity – continued
	3,382	Residential Accredit Loans, Inc., Trust, Series2006-QS6, Class 2A1, 6.000%, 6/25/2021(d)(e)		3,182
	371,006	Sequoia Mortgage Trust,Series 2017-CH1, Class A1, 4.000%, 8/25/2047, 144A(c)		374,750
	605,459	Sequoia Mortgage Trust,Series 2017-CH2, Class A1, 4.000%, 12/25/2047, 144A(c)		606,060
	650,162	Sequoia Mortgage Trust,Series 2018-CH1, Class A1, 4.000%, 2/25/2048, 144A(c)		647,691
	1,190,365	Sequoia Mortgage Trust,Series 2018-CH3, Class A2, 4.000%, 8/25/2048, 144A(a)(c)		1,193,999
	1,602,166	Sequoia Mortgage Trust,Series 2019-CH2, Class A1, 4.500%, 8/25/2049, 144A(c)		1,595,097
	652,158	Towd Point Mortgage Trust,Series 2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(a)(c)		649,206
	806,790	Towd Point Mortgage Trust,Series 2016-3, Class A1, 2.250%, 4/25/2056, 144A(a)(c)		798,189
	1,661,571	Towd Point Mortgage Trust,Series 2018-3, Class A1, 3.750%, 5/25/2058, 144A(a)(c)		1,659,911
	2,325,000	Towd Point Mortgage Trust,Series 2018-4, Class A2, 3.000%, 6/25/2058, 144A(c)		1,994,580
	3,032,397	Tricon American Homes Trust, Series 2017-SFR2, Class A, 2.928%, 1/17/2036, 144A(a)		2,976,575
	1,700,000	Tricon American Homes Trust, Series 2019-SFR1, Class A, 2.750%, 3/17/2038, 144A		1,595,357
	1,809,208	WaMu Mortgage Pass Through Certificates, Series2007-HY2, Class 2A2, 4.061%, 11/25/2036(c)		1,509,003
				72,706,172
		ABS Other – 5.1%
	3,877,928	Accelerated Assets LLC,Series 2018-1, Class A, 3.870%, 12/02/2033, 144A		3,870,481
	325,000	Ascentium Equipment Receivables Trust, Series2017-2A, Class C, 2.870%, 8/10/2022, 144A		324,237
	1,628,229	Blackbird Capital Aircraft Lease Securitization Ltd., Series2016-1A, Class A, 4.213%, 12/16/2041, 144A(c)		1,191,389
	2,248,016	Castlelake Aircraft Structured Trust, Series2019-1A, Class A, 3.967%, 4/15/2039, 144A		1,572,781
	1,051,000	CCG Receivables Trust,Series 2018-1, Class B, 3.090%, 6/16/2025, 144A		1,034,151
	1,155,000	CCG Receivables Trust,Series 2019-1, Class B, 3.220%, 9/14/2026, 144A		1,153,899

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		ABS Other – continued
$	174,400	Centre Point Funding LLC,Series 2012-2A, Class 1, 2.610%, 8/20/2021, 144A	$	173,095
	993,263	Chesapeake Funding II LLC,Series 2017-4A, Class A1, 2.120%, 11/15/2029, 144A		987,105
	4,000,000	Chesapeake Funding II LLC,Series 2018-1A, Class B, 3.450%, 4/15/2030, 144A(g)(h)		4,020,529
	1,824,223	Diamond Resorts Owner Trust, Series2018-1, Class A, 3.700%, 1/21/2031, 144A(a)		1,806,097
	3,184,157	Diamond Resorts Owner Trust, Series2019-1, Class A, 2.890%, 2/20/2032, 144A		3,071,753
	3,493,920	Horizon Aircraft Finance I Ltd., Series2018-1, Class A, 4.458%, 12/15/2038, 144A		2,557,905
	711,538	Horizon Aircraft Finance II Ltd., Series2019-1, Class A, 3.721%, 7/15/2039, 144A		497,745
	2,297,442	Kestrel Aircraft Funding Ltd.,Series 2018-1A, Class A, 4.250%, 12/15/2038, 144A		1,678,640
	1,572,531	Lending Point Asset Securitization Trust, Series2020-1, Class A, 2.512%, 2/10/2026, 144A		1,528,363
	1,206,429	MAPS Ltd., Series2018-1A, Class A, 4.212%, 5/15/2043, 144A		906,908
	238,954	Merlin Aviation Holdings DAC, Series2016-1, Class A, 4.500%, 12/15/2032, 144A(c)		196,174
	9,265,000	OneMain Financial Issuance Trust, Series2015-3A, Class A, 3.630%, 11/20/2028, 144A(a)		8,771,983
	1,620,000	OneMain Financial Issuance Trust, Series2019-1A, Class B, 3.790%, 2/14/2031, 144A		1,462,009
	2,574,845	Orange Lake Timeshare Trust,Series 2018-A, Class A, 3.100%, 11/08/2030, 144A(a)		2,525,667
	4,269,526	S-Jets Ltd., Series2017-1, Class A, 3.967%, 8/15/2042, 144A		3,007,148
	3,955,000	SCF Equipment Trust LLC,Series 2018-1A, Class B, 3.970%, 12/20/2025, 144A		3,883,017
	1,375,000	SCF Equipment Trust LLC,Series 2019-1A, Class A2, 3.230%, 10/20/2024, 144A		1,355,842
	805,423	Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class A, 3.500%, 6/20/2035, 144A		776,604
	260,000	SLM Private Credit Student Loan Trust, Series2003-C, Class A3,28-day ARS, 4.485%, 9/15/2032(b)		236,600
	225,000	SLM Private Credit Student Loan Trust, Series2003-C, Class A4,28-day ARS, 4.225%, 9/15/2032(b)		220,581
		ABS Other – continued
	663,275	SoFi Consumer Loan Program Trust, Series2018-1A, Class A2, 3.140%, 2/25/2027, 144A		648,209
	3,974,487	SoFi Consumer Loan Program Trust, Series2018-3, Class A2, 3.670%, 8/25/2027, 144A		3,856,240
	415,370	SoFi Consumer Loan Program Trust, Series2019-2, Class A, 3.010%, 4/25/2028, 144A		402,917
	1,295,982	SoFi Consumer Loan Program Trust, Series2019-3, Class A, 2.900%, 5/25/2028, 144A		1,255,586
	4,235,000	SoFi Consumer Loan Program Trust, Series2021-B, Class B, 2.250%, 1/25/2029, 144A(g)(h)		3,620,828
	3,189,743	SpringCastle Funding Asset-Backed Notes, Series2019-AA, Class A, 3.200%, 5/27/2036, 144A		2,988,730
	734,996	Sprite Ltd., Series2017-1, Class A, 4.250%, 12/15/2037, 144A		552,496
	855,792	TAL Advantage V LLC,Series 2014-1A, Class A, 3.510%, 2/22/2039, 144A		826,693
	299,903	TAL Advantage V LLC,Series 2014-2A, Class A2, 3.330%, 5/20/2039, 144A		295,081
	2,272,667	TAL Advantage V LLC,Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		2,146,505
	4,524,323	Wave LLC, Series2017-1A, Class A, 3.844%, 11/15/2042, 144A		3,427,287
	2,535,714	Welk Resorts LLC, Series2019-AA, Class A, 2.800%, 6/15/2038, 144A		2,464,465
	930,000	Wheels SPV 2 LLC, Series2018-1A, Class A4, 3.410%, 4/20/2027, 144A(g)(h)		921,126
	1,270,000	Wheels SPV 2 LLC, Series2019-1A, Class A2, 2.300%, 5/22/2028, 144A		1,269,135
				73,486,001
		ABS Student Loan – 2.7%
	555,051	Earnest Student Loan Program LLC, Series2017-A, Class A2, 2.650%, 1/25/2041, 144A		553,069
	4,518,156	Education Funding Trust,Series 2020-A, Class A, 2.790%, 7/25/2041, 144A		4,469,694
	2,725,767	Massachusetts Educational Financing Authority, Series2018-A, Class A, 3.850%, 5/25/2033		2,843,329
	3,135,000	Navient Private Education Refi Loan Trust, Series2019-CA, Class A2, 3.130%, 2/15/2068, 144A		3,086,310
	4,199,695	Navient Private Education Refi Loan Trust, Series2019-GA, Class A, 2.400%, 10/15/2068, 144A		4,102,119
	1,480,000	Navient Private Education Refi Loan Trust, Series2020-BA, Class A2, 2.120%, 1/15/2069, 144A		1,412,354
	1,009,000	SLM Private Credit Student Loan Trust, Series2003-A, Class A3,28-day ARS, 4.459%, 6/15/2032(b)		933,246

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		ABS Student Loan – continued
$	159,000	SLM Private Credit Student Loan Trust, Series2003-A, Class A4,28-day ARS, 4.311%, 6/15/2032(b)	$	155,375
	314,000	SLM Private Credit Student Loan Trust, Series2003-B, Class A3,28-day ARS, 4.363%, 3/15/2033(b)		311,528
	4,704,000	SLM Private Credit Student Loan Trust, Series2003-B, Class A4,28-day ARS, 4.477%, 3/15/2033(b)		4,280,640
	2,715,000	SMB Private Education Loan Trust, Series2018-A, Class A2B,1-month LIBOR + 0.800%, 1.505%, 2/15/2036, 144A(a)(b)		2,618,483
	2,520,119	SMB Private Education Loan Trust, Series2018-B, Class A2A, 3.600%, 1/15/2037, 144A(a)		2,495,940
	2,018,517	SoFi Professional Loan Program LLC, Series2015-C, Class B, 3.580%, 8/25/2036, 144A(a)		2,046,272
	1,442,251	SoFi Professional Loan Program LLC, Series2016-B, Class A2B, 2.740%, 10/25/2032, 144A(a)		1,437,181
	2,485,000	SoFi Professional Loan Program LLC, Series2017-F, Class A2FX, 2.840%, 1/25/2041, 144A(a)		2,442,043
	5,715,000	SoFi Professional Loan Program Trust, Series2020-A, Class A2FX, 2.540%, 5/15/2046, 144A		5,523,227
				38,710,810
		ABS Whole Business – 1.7%
	2,731,680	Adams Outdoor Advertising LP, Series2018-1, Class A, 4.810%, 11/15/2048, 144A		2,724,034
	3,267,600	Coinstar Funding LLC,Series 2017-1A, Class A2, 5.216%, 4/25/2047, 144A		3,077,692
	1,751,763	DB Master Finance LLC,Series 2019-1A, Class A23, 4.352%, 5/20/2049, 144A		1,664,928
	2,019,250	Domino’s Pizza Master Issuer LLC, Series2018-1A, Class A2I, 4.116%, 7/25/2048, 144A		1,949,626
	373,350	Driven Brands Funding LLC,Series 2018-1A, Class A2, 4.739%, 4/20/2048, 144A		361,183
	1,930,413	Five Guys Funding LLC,Series 2017-1A, Class A2, 4.600%, 7/25/2047, 144A		2,015,565
	3,969,550	Planet Fitness Master Issuer LLC, Series2018-1A, Class A2II, 4.666%, 9/05/2048, 144A		3,530,835
��	1,226,925	Planet Fitness Master Issuer LLC, Series2019-1A, Class A2, 3.858%, 12/05/2049, 144A		1,111,711
	2,576,779	Stack Infrastructure Issuer LLC, Series2019-1A, Class A2, 4.540%, 2/25/2044, 144A		2,524,276
		ABS Whole Business – continued
	1,728,125	Taco Bell Funding LLC,Series 2018-1A, Class A2II, 4.940%, 11/25/2048, 144A		1,682,105
	3,572,763	Wendy’s Funding LLC,Series 2018-1A, Class A2II, 3.884%, 3/15/2048, 144A		3,234,315
	594,000	Wingstop Funding LLC,Series 2018-1, Class A2, 4.970%, 12/05/2048, 144A		571,149
				24,447,419
		Agency Commercial Mortgage-Backed Securities – 8.2%
	264,405	Federal National Mortgage Association, Series2015-M17, Class FA,1-month LIBOR + 0.930%, 2.584%, 11/25/2022(b)		263,702
	1,320,000	Federal National Mortgage Association, Series2017-M12, Class A2, 3.079%, 6/25/2027(c)		1,430,531
	7,610,000	Federal National Mortgage Association, Series2018-M4, Class A2, 3.046%, 3/25/2028(a)(c)		8,298,070
	18,396,802	FHLMC Multifamily Structured Pass Through Certificates,Series K-103, Class X1, 0.757%, 11/25/2029(c)(f)		915,388
	20,938,952	FHLMC Multifamily Structured Pass Through Certificates,Series K-1514, Class X1, 0.703%, 10/25/2034(c)(f)		1,287,348
	9,317,629	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class X1, 1.286%, 12/25/2021(c)(d)(e)(f)		151,734
	375,604,576	FHLMC Multifamily Structured Pass Through Certificates, Series K028, Class X1, 0.271%, 2/25/2023(a)(c)(f)		2,402,480
	79,082,333	FHLMC Multifamily Structured Pass Through Certificates, Series K031, Class X1, 0.214%, 4/25/2023(a)(c)(d)(e)(f)		458,060
	32,424,538	FHLMC Multifamily Structured Pass Through Certificates, Series K036, Class X1, 0.734%, 10/25/2023(c)(f)		741,348
	33,994,322	FHLMC Multifamily Structured Pass Through Certificates, Series K038, Class X1, 1.129%, 3/25/2024(c)(f)		1,251,249
	38,124,445	FHLMC Multifamily Structured Pass Through Certificates, Series K040, Class X1, 0.721%, 9/25/2024(a)(c)(f)		1,033,100
	76,806,494	FHLMC Multifamily Structured Pass Through Certificates, Series K046, Class X1, 0.367%, 3/25/2025(c)(f)		1,221,177

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Agency Commercial Mortgage-Backed Securities – continued
$	72,798,163	FHLMC Multifamily Structured Pass Through Certificates, Series K047, Class X1, 0.137%, 5/25/2025(c)(d)(e)(f)	$	495,951
	36,448,146	FHLMC Multifamily Structured Pass Through Certificates, Series K049, Class X1, 0.599%, 7/25/2025(c)(f)		959,053
	21,392,131	FHLMC Multifamily Structured Pass Through Certificates, Series K050, Class X1, 0.325%, 8/25/2025(c)(f)		337,027
	41,903,967	FHLMC Multifamily Structured Pass Through Certificates, Series K051, Class X1, 0.544%, 9/25/2025(a)(c)(f)		1,054,823
	17,062,216	FHLMC Multifamily Structured Pass Through Certificates, Series K052, Class X1, 0.660%, 11/25/2025(c)(f)		521,705
	9,608,418	FHLMC Multifamily Structured Pass Through Certificates, Series K053, Class X1, 0.888%, 12/25/2025(c)(d)(e)(f)		408,090
	16,798,275	FHLMC Multifamily Structured Pass Through Certificates, Series K054, Class X1, 1.173%, 1/25/2026(c)(f)		946,784
	7,569,211	FHLMC Multifamily Structured Pass Through Certificates, Series K055, Class X1, 1.364%, 3/25/2026(c)(f)		520,905
	28,344,950	FHLMC Multifamily Structured Pass Through Certificates, Series K057, Class X1, 1.189%, 7/25/2026(c)(f)		1,691,987
	8,615,564	FHLMC Multifamily Structured Pass Through Certificates, Series K058, Class X1, 0.927%, 8/25/2026(c)(f)		431,347
	25,718,900	FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class X1, 0.314%, 9/25/2026(c)(f)		437,929
	93,402,919	FHLMC Multifamily Structured Pass Through Certificates, Series K060, Class X1, 0.075%, 10/25/2026(c)(f)		530,781
	17,555,000	FHLMC Multifamily Structured Pass Through Certificates, Series K105, Class X1, 1.645%, 1/25/2030(c)(f)		2,037,047
	15,085,208	FHLMC Multifamily Structured Pass Through Certificates, Series K152, Class X1, 0.957%, 1/25/2031(c)(f)		1,073,174
	1,031,864	FHLMC Multifamily Structured Pass Through Certificates, Series KS01, Class X1, 1.197%, 1/25/2023(c)(d)(e)(f)		21,985
		Agency Commercial Mortgage-Backed Securities – continued
	50,606,074	FHLMC Multifamily Structured Pass Through Certificates, Series KS03, Class X, 0.290%, 8/25/2025(c)(d)(e)(f)		378,927
	34,004,974	FHLMC Multifamily Structured Pass Through Certificates, Series KW02, Class X1, 0.311%, 12/25/2026(c)(f)		442,755
	2,886,001	FNMA, 3.000%, 1/01/2028(a)		3,188,584
	6,850,099	FNMA, 3.120%, 8/01/2027(a)		7,614,856
	4,210,000	FNMA, 3.225%, 12/01/2029(a)		4,796,470
	1,876,009	FNMA, 3.340%, 3/01/2029		2,133,306
	3,000,000	FNMA, 3.410%, 4/01/2028(a)		3,417,481
	2,247,393	FNMA, 3.430%, 5/01/2033(a)		2,520,462
	6,199,085	FNMA, 3.880%, 6/01/2033(a)		7,424,497
	6,129,751	Government National Mortgage Association, Series2003-87, Class E, 4.671%, 8/16/2043(c)		6,291,827
	4,527,556	Government National Mortgage Association, Series2006-46, Class IO, 0.484%, 4/16/2046(c)(d)(e)(f)		50,545
	2,084,073	Government National Mortgage Association, Series2006-51, Class IO, 0.970%, 8/16/2046(a)(c)(d)(e)(f)		58,435
	4,000,000	Government National Mortgage Association, Series2008-52, Class E, 6.041%, 8/16/2042(a)(c)		4,747,475
	1,354,661	Government National Mortgage Association, Series2008-80, Class E, 5.674%, 8/16/2042(a)(c)		1,447,207
	6,885,087	Government National Mortgage Association, Series2009-114, Class IO, 0.001%, 10/16/2049(c)(d)(e)(f)		42
	4,001,525	Government National Mortgage Association, Series2010-124, Class X, 0.290%, 12/16/2052(a)(c)(d)(e)(f)		36,549
	260,602	Government National Mortgage Association, Series2010-49, Class IA, 1.450%, 10/16/2052(c)(d)(e)(f)		11,700
	2,827,276	Government National Mortgage Association, Series2011-119, Class IO, 0.288%, 8/16/2051(c)(d)(e)(f)		22,662
	13,811,927	Government National Mortgage Association, Series2011-121, Class IO, 0.122%, 6/16/2043(a)(c)(d)(e)(f)		55,728
	2,602,504	Government National Mortgage Association, Series2011-121, Class ZA, 6.500%, 8/16/2051(a)		3,405,674
	13,617,407	Government National Mortgage Association, Series2011-161, Class IO, 0.310%, 4/16/2045(c)(d)(e)(f)		118,458

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Agency Commercial Mortgage-Backed Securities – continued
$	4,888,737	Government National Mortgage Association, Series2011-38, Class IO, 0.143%, 4/16/2053(a)(c)(d)(e)(f)	$	91,575
	595,971	Government National Mortgage Association, Series2011-53, Class IO, Zero Coupon, 5/16/2051(a)(c)(d)(e)(f)		674
	4,514,170	Government National Mortgage Association, Series2012-100, Class IC, 1.516%, 9/16/2050(c)(d)(e)(f)		123,427
	3,432,134	Government National Mortgage Association, Series2012-111, Class IC, 1.416%, 9/16/2050(c)(d)(e)(f)		87,375
	52,771,260	Government National Mortgage Association, Series2012-142, Class IO, 0.872%, 4/16/2054(a)(c)(f)		1,304,495
	10,743,814	Government National Mortgage Association, Series2012-23, Class IO, 0.338%, 6/16/2053(a)(c)(d)(e)(f)		135,065
	19,193,219	Government National Mortgage Association, Series2012-55, Class IO, 0.250%, 4/16/2052(a)(c)(d)(e)(f)		112,849
	14,277,426	Government National Mortgage Association, Series2012-70, Class IO, 0.412%, 8/16/2052(a)(c)(d)(e)(f)		159,265
	13,882,394	Government National Mortgage Association, Series2012-79, Class IO, 0.655%, 3/16/2053(c)(d)(e)(f)		369,361
	56,425,396	Government National Mortgage Association, Series2012-85, Class IO, 0.772%, 9/16/2052(a)(c)(f)		1,903,889
	4,331,481	Government National Mortgage Association, Series2013-175, Class IO, 0.629%, 5/16/2055(c)(d)(e)(f)		99,899
	10,092,498	Government National Mortgage Association, Series2014-101, Class IO, 0.810%, 4/16/2056(c)(f)		375,350
	30,845,271	Government National Mortgage Association, Series2014-130, Class IB, 0.846%, 8/16/2054(a)(c)(f)		1,082,228
	27,599,557	Government National Mortgage Association, Series2014-24, Class IX, 0.643%, 1/16/2054(a)(c)(f)		600,677
	18,866,015	Government National Mortgage Association, Series2014-70, Class IO, 0.786%, 3/16/2049(a)(c)(f)		708,683
		Agency Commercial Mortgage-Backed Securities – continued
	14,699,504	Government National Mortgage Association, Series2014-86, Class IO, 0.720%, 4/16/2056(c)(f)		509,639
	32,152,234	Government National Mortgage Association, Series2015-120, Class IO, 0.822%, 3/16/2057(a)(c)(f)		1,279,048
	62,558,030	Government National Mortgage Association, Series2015-146, Class IB, 0.839%, 7/16/2055(a)(c)(f)		2,766,016
	12,046,000	Government National Mortgage Association, Series2015-171, Class IO, 0.867%, 11/16/2055(c)(f)		584,098
	22,966,997	Government National Mortgage Association, Series2015-189, Class IG, 0.913%, 1/16/2057(a)(c)(f)		1,240,128
	13,411,164	Government National Mortgage Association, Series2015-21, Class IO, 0.915%, 7/16/2056(c)(f)		622,951
	32,048,199	Government National Mortgage Association, Series2015-32, Class IO, 0.820%, 9/16/2049(a)(c)(f)		1,350,976
	11,303,326	Government National Mortgage Association, Series2015-68, Class IO, 0.745%, 7/16/2057(c)(d)(e)(f)		479,437
	37,258,383	Government National Mortgage Association, Series2015-70, Class IO, 0.986%, 12/16/2049(a)(c)(f)		1,964,262
	24,834,836	Government National Mortgage Association, Series2015-73, Class IO, 0.730%, 11/16/2055(a)(c)(f)		1,049,744
	25,465,886	Government National Mortgage Association, Series2016-143, 0.957%, 10/16/2056(a)(f)		1,800,456
	42,321,612	Government National Mortgage Association, Series2016-6, Class IO, 0.679%, 2/16/2051(a)(c)(f)		1,626,144
	48,186,220	Government National Mortgage Association, Series2017-168, Class IO, 0.658%, 12/16/2059(a)(c)(f)		2,523,787
	29,892,526	Government National Mortgage Association, Series2018-133, Class IO, IO, 0.613%, 6/16/2058(c)(f)		2,072,538
	23,727,161	Government National Mortgage Association, Series2018-2, Class IO, 0.750%, 12/16/2059(c)(f)		1,397,345
	76,423,630	Government National Mortgage Association, Series2018-82, Class IO, 0.501%, 5/16/2058(c)(f)		3,486,079
	33,688,888	Government National Mortgage Association, Series2018-96, Class IO, IO, 0.518%, 8/16/2060(c)(f)		1,748,217

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Agency Commercial Mortgage-Backed Securities – continued
$	39,651,847	Government National Mortgage Association, Series2019-75, Class IO, 0.915%, 12/16/2060(c)(f)	$	2,942,579
	33,178,489	Government National Mortgage Association, Series2019-94, Class IO, 0.930%, 8/16/2061(c)(f)		2,556,320
				118,240,991
		Collateralized Mortgage Obligations – 41.0%
	3,688,817	Federal Agricultural Mortgage Corp., Series2017-1, Class A2, 3.728%, 3/25/2047, 144A(a)(c)		3,902,309
	47,987	Federal Home Loan Mortgage Corp., REMIC, Series 1673, Class SE, 8.390%, 2/15/2024(c)(d)(e)		51,731
	51,106	Federal Home Loan Mortgage Corp., REMIC, Series 2060, Class ZA, 6.000%, 4/15/2028(a)(d)(e)		56,991
	430,140	Federal Home Loan Mortgage Corp., REMIC, Series 2626, Class SQ, 13.238%, 6/15/2023(c)(d)(e)		477,321
	463,062	Federal Home Loan Mortgage Corp., REMIC, Series 2646, Class MH, 5.000%, 7/15/2033		511,294
	128,309	Federal Home Loan Mortgage Corp., REMIC, Series 2649, Class IM, 7.000%, 7/15/2033(a)(d)(e)(f)		32,113
	102,487	Federal Home Loan Mortgage Corp., REMIC, Series 2725, Class SC, 7.041%, 11/15/2033(c)(d)(e)		110,894
	245,059	Federal Home Loan Mortgage Corp., REMIC, Series 2882, Class TF,1-month LIBOR + 0.250%, 0.955%, 10/15/2034(a)(b)(d)(e)		243,682
	5,189,808	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035(a)		6,080,972
	1,691,201	Federal Home Loan Mortgage Corp., REMIC, Series 3013, Class AS, 16.625%, 5/15/2035(a)(c)		2,274,692
	4,961,729	Federal Home Loan Mortgage Corp., REMIC, Series 3149, Class LS, 6.495%, 5/15/2036(a)(c)(f)		1,166,780
	1,574,920	Federal Home Loan Mortgage Corp., REMIC, Series 3416, Class BI, 5.545%, 2/15/2038(c)(d)(e)(f)		326,114
	902,107	Federal Home Loan Mortgage Corp., REMIC, Series 3417, Class VS, 15.740%, 2/15/2038(a)(c)		1,302,336
		Collateralized Mortgage Obligations – continued
	848,987	Federal Home Loan Mortgage Corp., REMIC, Series 3417, Class WS, 14.343%, 2/15/2038(a)(c)		1,156,626
	960,213	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, IO, 2.829%, 6/15/2048(a)(c)(f)		998,497
	1,785,000	Federal Home Loan Mortgage Corp., REMIC, Series 3599, Class DY, 4.500%, 11/15/2029		2,065,003
	417,155	Federal Home Loan Mortgage Corp., REMIC, Series 3605, Class NC, 5.500%, 6/15/2037(d)(e)		479,881
	1,017,447	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, IO, 3.947%, 12/15/2036(a)(c)(f)		1,099,725
	2,554,659	Federal Home Loan Mortgage Corp., REMIC, Series 3641, Class PB, 5.000%, 3/15/2040		2,855,124
	3,665,006	Federal Home Loan Mortgage Corp., REMIC, Series 3747, Class CS, 5.795%, 10/15/2040(c)(d)(e)(f)		578,592
	1,937,290	Federal Home Loan Mortgage Corp., REMIC, Series 3785, Class LS, 8.491%, 1/15/2041(a)(c)		2,557,336
	7,500,000	Federal Home Loan Mortgage Corp., REMIC, Series 3805, Class PB, 4.500%, 2/15/2041		8,695,900
	360,817	Federal Home Loan Mortgage Corp., REMIC, Series 3808, Class SH, 6.489%, 2/15/2041(c)		464,726
	404,820	Federal Home Loan Mortgage Corp., REMIC, Series 3828, Class EF,1-month LIBOR + 0.400%, 1.105%, 5/15/2037(a)(b)(d)(e)		402,792
	4,639,000	Federal Home Loan Mortgage Corp., REMIC, Series 3848, Class WX, 5.000%, 4/15/2041(a)		5,444,651
	3,370,559	Federal Home Loan Mortgage Corp., REMIC, Series 3922, Class SH, 5.195%, 9/15/2041(c)(d)(e)(f)		488,249
	7,634,374	Federal Home Loan Mortgage Corp., REMIC, Series 4034, Class GB, 4.500%, 4/15/2032		8,796,204
	1,800,000	Federal Home Loan Mortgage Corp., REMIC, Series 4041, Class ES, 20.477%, 8/15/2040(a)(c)		3,233,433
	2,195,780	Federal Home Loan Mortgage Corp., REMIC, Series 4097, Class US, 5.445%, 8/15/2032(c)(d)(e)(f)		307,371
	1,820,000	Federal Home Loan Mortgage Corp., REMIC, Series 4204, Class QP, 3.000%, 5/15/2043(a)		2,003,204
	928,482	Federal Home Loan Mortgage Corp., REMIC, Series 4238, Class FD,1-month LIBOR + 0.300%, 1.005%, 2/15/2042(a)(b)		921,742

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	7,246,743	Federal Home Loan Mortgage Corp., REMIC, Series 4321, Class BS, 2.194%, 6/15/2039(c)(d)(e)(f)	$	350,370
	9,428,579	Federal Home Loan Mortgage Corp., REMIC, Series 4367, Class MZ, 4.000%, 7/15/2044		10,924,208
	800,000	Federal Home Loan Mortgage Corp., REMIC, Series 4395, Class PE, 2.500%, 4/15/2037		862,353
	357,917	Federal Home Loan Mortgage Corp., REMIC, Series 4460, Class NT, 6.500%, 8/15/2043(c)(d)(e)		412,762
	425,382	Federal Home Loan Mortgage Corp., REMIC, Series 4460, Class TN, 5.000%, 8/15/2043(c)(d)(e)		451,006
	1,399,000	Federal Home Loan Mortgage Corp., REMIC, Series 4480, Class NB, 3.500%, 6/15/2045		1,663,993
	3,628,701	Federal Home Loan Mortgage Corp., REMIC, Series 4512, Class IE, 4.500%, 3/15/2044(f)		486,659
	11,898,254	Federal Home Loan Mortgage Corp., REMIC, Series 4672, Class SP, 5.395%, 4/15/2047(c)(f)		1,591,534
	5,459,102	Federal Home Loan Mortgage Corp., REMIC, Series 4749, Class IO, 4.000%, 12/15/2047(f)		547,375
	2,223,211	Federal Home Loan Mortgage Corp., REMIC, Series 4860, Class CY, 3.500%, 8/15/2047		2,490,293
	50,811,055	Federal Home Loan Mortgage Corp., REMIC, Series 4923, Class FT,1-month LIBOR + 0.500%, 1.205%, 11/25/2049(b)		50,281,000
	2,751,785	Federal Home Loan Mortgage Corp., REMIC, Series 4949, Class BP, 3.000%, 2/25/2050		3,100,067
	394,482	Federal Home Loan Mortgage Corp., Series 224, Class IO, 6.000%, 3/01/2033(a)(d)(e)(f)		69,875
	1,482,056	Federal Home Loan Mortgage Corp., Series 3229, Class BI, 5.915%, 10/15/2036(c)(d)(e)(f)		306,358
	1,321,539	Federal Home Loan Mortgage Corp., Series 3459, Class MB, 5.000%, 6/15/2038		1,497,276
	4,203,768	Federal Home Loan Mortgage Corp., Series 353, Class 300, 3.000%, 12/15/2046(a)		4,548,083
	139,583	Federal Home Loan Mortgage Corp., Series 3792, Class DF,1-month LIBOR + 0.400%, 1.105%, 11/15/2040(b)(d)(e)		138,955
	2,170,761	Federal Home Loan Mortgage Corp., Series 4268, Class DL, 2.500%, 11/15/2028(a)		2,335,129
		Collateralized Mortgage Obligations – continued
	1,655,138	Federal Home Loan Mortgage Corp., Series 4290, Class QB, 2.500%, 1/15/2029		1,761,525
	5,503,120	Federal Home Loan Mortgage Corp., Series 4774, Class KZ, 4.500%, 1/15/2048		6,887,950
	10,875,555	Federal Home Loan Mortgage Corp., Series 4838, Class UZ, 4.500%, 8/15/2048(a)		12,716,928
	2,791,936	Federal Home Loan Mortgage Corp., Series 4840, Class KY, 4.500%, 11/15/2048		3,510,105
	2,090,605	Federal Home Loan Mortgage Corp., Series 4895, Class GF,1-month LIBOR + 0.400%, 2.055%, 11/15/2043(b)		2,080,113
	6,435,568	Federal Home Loan Mortgage Corp., Series 4930, Class PY, 3.500%, 11/25/2049		7,504,645
	3,175,544	Federal National Mortgage Association, Series2012-14, Class MS, 5.553%, 3/25/2042(c)(f)		610,661
	2,822,042	Federal National Mortgage Association, Series2012-21, Class SB, 5.003%, 3/25/2042(c)(d)(e)(f)		324,526
	4,997,502	Federal National Mortgage Association, Series2013-117, Class S, 5.653%, 11/25/2043(c)(f)		945,465
	622,000	Federal National Mortgage Association , REMIC,Series 2019-55, Class PL, 3.500%, 10/25/2049(d)(e)		689,794
	102,351	Federal National Mortgage Association, REMIC,Series 1996-45, Class SC, 6.303%, 1/25/2024(c)(d)(e)(f)		9,499
	1,093,158	Federal National Mortgage Association, REMIC,Series 2005-22, Class DG, 6.810%, 4/25/2035(a)(c)		1,213,933
	2,348,897	Federal National Mortgage Association, REMIC,Series 2005-45, Class DA, 20.949%, 6/25/2035(a)(c)		3,895,739
	2,193,575	Federal National Mortgage Association, REMIC,Series 2005-62, Class GZ, 5.750%, 7/25/2035(a)		2,753,773
	1,834,881	Federal National Mortgage Association, REMIC,Series 2006-46, Class SK, 20.729%, 6/25/2036(a)(c)		3,127,317
	80,559	Federal National Mortgage Association, REMIC,Series 2006-69, Class KI, 6.353%, 8/25/2036(c)(d)(e)(f)		15,755
	496,800	Federal National Mortgage Association, REMIC,Series 2008-15, Class AS, 28.267%, 8/25/2036(c)		1,001,899

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	1,194,886	Federal National Mortgage Association, REMIC,Series 2008-86, Class LA, 3.504%, 8/25/2038(a)(c)	$	1,281,225
	312,037	Federal National Mortgage Association, REMIC,Series 2008-87, Class LD, 4.245%, 11/25/2038(c)(d)(e)		342,554
	1,359,167	Federal National Mortgage Association, REMIC,Series 2009-11, Class VP, 2.521%, 3/25/2039(a)(c)		1,397,577
	2,021,061	Federal National Mortgage Association, REMIC,Series 2009-63, Class LM, 5.000%, 8/25/2039		2,259,632
	39,319	Federal National Mortgage Association, REMIC,Series 2009-71, Class MB, 4.500%, 9/25/2024(d)(e)		40,709
	115,250	Federal National Mortgage Association, REMIC,Series 2010-75, Class MT, 2.647%, 12/25/2039(c)(d)(e)		119,741
	2,285,362	Federal National Mortgage Association, REMIC,Series 2010-80, Class PZ, 5.000%, 7/25/2040(a)		2,737,147
	1,738,717	Federal National Mortgage Association, REMIC,Series 2010-95, Class FB,1-month LIBOR + 0.400%, 1.347%, 9/25/2040(a)(b)		1,725,992
	458,025	Federal National Mortgage Association, REMIC,Series 2011-100, Class SH, 6.119%, 11/25/2040(c)		596,583
	3,442,632	Federal National Mortgage Association, REMIC,Series 2011-51, Class SM, 4.903%, 6/25/2041(c)(d)(e)(f)		528,310
	4,674,994	Federal National Mortgage Association, REMIC,Series 2012-112, Class DA, 3.000%, 10/25/2042(a)		4,941,796
	8,999,044	Federal National Mortgage Association, REMIC,Series 2012-97, Class SB, 5.053%, 9/25/2042(c)(f)		1,577,190
	1,500,000	Federal National Mortgage Association, REMIC,Series 2013-109, Class US, 9.844%, 7/25/2043(a)(c)		2,136,509
	939,818	Federal National Mortgage Association, REMIC,Series 2013-23, Class TS, 3.778%, 3/25/2043(c)		969,757
		Collateralized Mortgage Obligations – continued
	3,277,449	Federal National Mortgage Association, REMIC,Series 2013-34, Class PS, 5.203%, 8/25/2042(a)(c)(d)(e)(f)		508,123
	26,120,003	Federal National Mortgage Association, REMIC,Series 2014-15, Class SA, 5.103%, 4/25/2044(c)(f)		4,908,118
	3,719,427	Federal National Mortgage Association, REMIC,Series 2014-28, Class SD, 5.103%, 5/25/2044(c)(d)(e)(f)		620,895
	103,795	Federal National Mortgage Association, REMIC,Series 2014-67, Class PT, 6.000%, 10/25/2044(c)(d)(e)		106,049
	1,845,566	Federal National Mortgage Association, REMIC, Series2015-1, Class SN, 6.000%, 7/25/2043(a)(c)		2,030,941
	687,206	Federal National Mortgage Association, REMIC,Series 2015-55, Class KT, 5.500%, 5/25/2041(c)		802,570
	2,827,399	Federal National Mortgage Association, REMIC,Series 2016-26, Class KL, 4.500%, 11/25/2042(a)(c)		3,029,478
	17,459,643	Federal National Mortgage Association, REMIC,Series 2016-32, Class SA, 5.153%, 10/25/2034(a)(c)(f)		3,236,175
	21,223,320	Federal National Mortgage Association, REMIC,Series 2016-60, Class ES, 5.153%, 9/25/2046(a)(c)(f)		3,907,432
	13,994,902	Federal National Mortgage Association, REMIC,Series 2016-60, Class QS, 5.153%, 9/25/2046(a)(c)(f)		2,752,729
	8,864,842	Federal National Mortgage Association, REMIC,Series 2016-82, Class SC, 5.153%, 11/25/2046(c)(f)		1,608,029
	8,321,865	Federal National Mortgage Association, REMIC,Series 2016-82, Class SG, 5.153%, 11/25/2046(c)(f)		1,541,040
	10,561,688	Federal National Mortgage Association, REMIC,Series 2016-93, Class SL, 5.703%, 12/25/2046(a)(c)(f)		2,013,293
	6,149,669	Federal National Mortgage Association, REMIC,Series 2017-89, Class KZ, 3.500%, 8/25/2047		6,992,849
	17,119,813	Federal National Mortgage Association, REMIC,Series 2019-20, Class LY, 3.500%, 10/25/2048(a)		18,507,225

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	1,578,000	Federal National Mortgage Association, REMIC,Series 2019-64, Class ML, 3.500%, 11/25/2049	$	1,772,131
	6,000,000	Federal National Mortgage Association, Series2010-134, Class DB, 4.500%, 12/25/2040(a)		7,133,543
	3,264,731	Federal National Mortgage Association, Series2011-109, Class PZ, 4.500%, 8/25/2041		4,017,734
	1,888,397	Federal National Mortgage Association, Series2011-60, Class ZB, 5.000%, 7/25/2041		2,254,102
	15,024,643	Federal National Mortgage Association, Series2016-22, Class ST, IO, 5.153%, 4/25/2046(a)(c)(f)		2,710,993
	13,651,755	Federal National Mortgage Association, Series2017-26, Class SA, 5.203%, 4/25/2047(a)(c)(f)		2,582,806
	72,520,618	Federal National Mortgage Association, Series2017-57, Class SD, IO, 2.750%, 8/25/2047(a)(c)(f)		6,894,666
	4,820,663	Federal National Mortgage Association, Series2019-42, Class PT, 3.000%, 8/25/2049		5,039,023
	519,384	Federal National Mortgage Association, Series 334, Class 11, 6.000%, 3/25/2033(a)(d)(e)(f)		95,747
	127,502	Federal National Mortgage Association, Series 334, Class 19, 7.000%, 2/25/2033(a)(c)(d)(e)(f)		31,530
	528,645	Federal National Mortgage Association, Series 339, Class 13, 6.000%, 6/25/2033(a)(d)(e)(f)		112,612
	352,579	Federal National Mortgage Association, Series 339, Class 7, 5.500%, 11/25/2033(d)(e)(f)		67,762
	1,184,648	Federal National Mortgage Association, Series 356, Class 13, 5.500%, 6/25/2035(a)(d)(e)(f)		220,418
	486,936	Federal National Mortgage Association, Series 359, Class 17, 6.000%, 7/25/2035(a)(d)(e)(f)		110,144
	267,155	Federal National Mortgage Association, Series 374, Class 18, 6.500%, 8/25/2036(a)(d)(e)(f)		61,003
	583,350	Federal National Mortgage Association, Series 374, Class 20, 6.500%, 9/25/2036(a)(d)(e)(f)		135,647
	260,759	Federal National Mortgage Association, Series 374, Class 22, 7.000%, 10/25/2036(a)(d)(e)(f)		68,693
	307,979	Federal National Mortgage Association, Series 374, Class 23, 7.000%, 10/25/2036(a)(d)(e)(f)		68,112
		Collateralized Mortgage Obligations – continued
	380,013	Federal National Mortgage Association, Series 374, Class 24, 7.000%, 6/25/2037(a)(d)(e)(f)		104,587
	374,067	Federal National Mortgage Association, Series 381, Class 12, 6.000%, 11/25/2035(a)(d)(e)(f)		77,885
	188,592	Federal National Mortgage Association, Series 381, Class 13, 6.000%, 11/25/2035(a)(c)(d)(e)(f)		34,029
	226,610	Federal National Mortgage Association, Series 381, Class 18, 7.000%, 3/25/2037(a)(d)(e)(f)		45,152
	153,247	Federal National Mortgage Association, Series 381, Class 19, 7.000%, 3/25/2037(a)(c)(d)(e)(f)		29,839
	43,092	Federal National Mortgage Association, Series 383, Class 32, 6.000%, 1/25/2038(d)(e)(f)		8,809
	1,293,168	Federal National Mortgage Association, Series 384, Class 20, 5.500%, 5/25/2036(a)(c)(d)(e)(f)		260,418
	473,707	Federal National Mortgage Association, Series 384, Class 31, 6.500%, 7/25/2037(a)(d)(e)(f)		110,845
	371,259	Federal National Mortgage Association, Series 384, Class 36, 7.000%, 7/25/2037(a)(c)(d)(e)(f)		68,822
	388,768	Federal National Mortgage Association, Series 384, Class 4, 4.500%, 9/25/2036(a)(c)(d)(e)(f)		70,248
	213,638	Federal National Mortgage Association, Series 385, Class 23, 7.000%, 7/25/2037(a)(d)(e)(f)		56,506
	33,931	Federal National Mortgage Association, Series 386, Class 25, 7.000%, 3/25/2038(c)(d)(e)(f)		9,065
	1,088,244	Government National Mortgage Association, Series2019-H13, Class FT,1-year CMT + 0.450%, 1.950%, 8/20/2069(b)		1,080,008
	296,706	Government National Mortgage Association, Series2009-65, Class NZ, 5.500%, 8/20/2039(d)(e)		365,110
	414,831	Government National Mortgage Association, Series2010-H02, Class FA,1-month LIBOR + 0.680%, 2.293%, 2/20/2060(b)		417,317
	739,185	Government National Mortgage Association, Series2010-H20, Class AF,1-month LIBOR + 0.330%, 1.992%, 10/20/2060(b)		727,238
	787,204	Government National Mortgage Association, Series2010-H22, Class FE,1-month LIBOR + 0.350%, 2.012%, 5/20/2059(a)(b)		781,180
	221,327	Government National Mortgage Association, Series2010-H24, Class FA,1-month LIBOR + 0.350%, 2.012%, 10/20/2060(b)		217,615
	2,209,624	Government National Mortgage Association, Series 2011-H20, Class FA,1-month LIBOR + 0.550%, 2.212%, 9/20/2061(a)(b)		2,186,371

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	1,052,183	Government National Mortgage Association, Series2011-H01, Class AF,1-month LIBOR + 0.450%, 2.112%, 11/20/2060(b)	$	1,038,400
	184,527	Government National Mortgage Association, Series2011-H05, Class FB,1-month LIBOR + 0.500%, 2.162%, 12/20/2060(b)		182,144
	179,365	Government National Mortgage Association, Series2011-H06, Class FA,1-month LIBOR + 0.450%, 2.112%, 2/20/2061(b)		176,983
	96,344	Government National Mortgage Association, Series2011-H11, Class FA,1-month LIBOR + 0.500%, 2.162%, 3/20/2061(b)		95,212
	137,089	Government National Mortgage Association, Series2011-H21, Class FA,1-month LIBOR + 0.600%, 2.262%, 10/20/2061(b)(d)(e)		135,242
	367,744	Government National Mortgage Association, Series2011-H21, Class FT, 1-year CMT + 0.700%, 2.200%, 10/20/2061(b)		366,821
	5,481,372	Government National Mortgage Association, Series2012-H08, Class FA,1-month LIBOR + 0.600%, 2.262%, 1/20/2062(a)(b)		5,435,043
	158,273	Government National Mortgage Association, Series2012-H11, Class BA, 2.000%, 5/20/2062(a)(d)(e)		158,034
	783,924	Government National Mortgage Association, Series2012-H11, Class GA,1-month LIBOR + 0.580%, 2.242%, 5/20/2062(b)		778,408
	200,449	Government National Mortgage Association, Series2012-H16, Class HA, 2.000%, 7/20/2062		203,846
	1,578,655	Government National Mortgage Association, Series2012-H20, Class BA,1-month LIBOR + 0.560%, 2.222%, 9/20/2062(a)(b)		1,566,606
	3,024,439	Government National Mortgage Association, Series2012-H20, Class PT, 2.382%, 7/20/2062(c)		3,021,395
	698,258	Government National Mortgage Association, Series2012-H22, Class HD, 5.169%, 1/20/2061(c)(d)(e)		742,239
	18,408	Government National Mortgage Association, Series2012-H24, Class FE,1-month LIBOR + 0.600%, 2.262%, 10/20/2062(b)		18,328
	2,443,524	Government National Mortgage Association, Series2012-H24, Class HI, 0.924%, 10/20/2062(c)(d)(e)(f)		72,163
		Collateralized Mortgage Obligations – continued
	3,005,886	Government National Mortgage Association, Series2012-H26, Class BA,1-month LIBOR + 0.350%, 2.012%, 10/20/2062(a)(b)		2,964,626
	1,291,065	Government National Mortgage Association, Series2012-H27, Class FA,1-month LIBOR + 0.400%, 2.062%, 10/20/2062(a)(b)		1,273,638
	1,925,141	Government National Mortgage Association, Series2012-H30, Class GA,1-month LIBOR + 0.350%, 2.012%, 12/20/2062(a)(b)		1,900,191
	804,087	Government National Mortgage Association, Series2013-H01, Class JA,1-month LIBOR + 0.320%, 1.982%, 1/20/2063(b)(d)(e)		788,624
	1,520,912	Government National Mortgage Association, Series2013-H10, Class LA, 2.500%, 4/20/2063		1,523,280
	1,348,830	Government National Mortgage Association, Series2013-H11, Class JA, 3.500%, 4/20/2063		1,360,473
	1,819,319	Government National Mortgage Association, Series2013-H13, Class SI, 1.381%, 6/20/2063(c)(d)(e)(f)		99,222
	1,517,188	Government National Mortgage Association, Series2013-H14, Class FG,1-month LIBOR + 0.470%, 2.132%, 5/20/2063(b)		1,500,551
	18,115,015	Government National Mortgage Association, Series2013-H16, Class AI, 1.685%, 7/20/2063(c)(f)		619,787
	11,800,532	Government National Mortgage Association, Series2013-H18, Class EI, 1.828%, 7/20/2063(c)(d)(e)(f)		578,741
	1,691,727	Government National Mortgage Association, Series2013-H18, Class JI, 1.425%, 8/20/2063(c)(d)(e)(f)		62,282
	1,039,607	Government National Mortgage Association, Series2013-H19, Class DF,1-month LIBOR + 0.650%, 2.312%, 5/20/2063(b)		1,031,047
	465,341	Government National Mortgage Association, Series2013-H20, Class FA,1-month LIBOR + 0.600%, 2.262%, 8/20/2063(b)(d)(e)		459,392
	1,295,229	Government National Mortgage Association, Series2013-H21, Class FB,1-month LIBOR + 0.700%, 2.362%, 9/20/2063(b)		1,287,920
	2,168,585	Government National Mortgage Association, Series2013-H22, Class FB,1-month LIBOR + 0.700%, 2.362%, 8/20/2063(a)(b)		2,156,959
	208,715	Government National Mortgage Association, Series2013-H22, Class FT,1-year CMT + 0.650%, 2.150%, 4/20/2063(b)		208,031

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	10,240,430	Government National Mortgage Association, Series2014-H03, Class FS,1-month LIBOR + 0.650%, 2.312%, 2/20/2064(a)(b)	$	10,123,990
	6,801,878	Government National Mortgage Association, Series2014-H05, Class FB,1-month LIBOR + 0.600%, 2.262%, 12/20/2063(a)(b)		6,743,019
	2,295,941	Government National Mortgage Association, Series2014-H06, Class FA,1-month LIBOR + 0.570%, 2.232%, 3/20/2064(a)(b)		2,275,493
	9,311,419	Government National Mortgage Association, Series2014-H12, Class HZ, 4.601%, 6/20/2064(a)(c)		10,347,465
	2,539,825	Government National Mortgage Association, Series2014-H14, Class FA,1-month LIBOR + 0.500%, 2.234%, 7/20/2064(a)(b)		2,499,096
	1,961,694	Government National Mortgage Association, Series2014-H15, Class FA,1-month LIBOR + 0.500%, 2.162%, 7/20/2064(a)(b)		1,925,636
	21,747,487	Government National Mortgage Association, Series2014-H24, Class HI, 0.950%, 9/20/2064(c)(f)		791,087
	8,387,906	Government National Mortgage Association, Series2015-152, Class PI, IO, 4.000%, 10/20/2045(f)		819,968
	8,770,548	Government National Mortgage Association, Series2015-69, Class DZ, 3.500%, 5/20/2045		9,591,047
	14,519,479	Government National Mortgage Association, Series2015-H01, Class XZ, 4.596%, 10/20/2064(a)(c)		16,677,848
	11,919,161	Government National Mortgage Association, Series2015-H04, Class FL,1-month LIBOR + 0.470%, 2.132%, 2/20/2065(a)(b)		11,723,006
	798,449	Government National Mortgage Association, Series2015-H04, Class HA, 3.500%, 11/20/2064(c)(d)(e)		844,600
	45,820	Government National Mortgage Association, Series2015-H05, Class FA,1-month LIBOR + 0.300%, 1.962%, 4/20/2061(a)(b)(d)(e)		45,234
	3,053,800	Government National Mortgage Association, Series2015-H10, Class JA, 2.250%, 4/20/2065(a)		3,105,061
	2,640,894	Government National Mortgage Association, Series2015-H12, Class FL,1-month LIBOR + 0.230%, 1.892%, 5/20/2065(a)(b)		2,595,894
	99,662	Government National Mortgage Association, Series2015-H13, Class FL,1-month LIBOR + 0.280%, 1.942%, 5/20/2063(a)(b)(d)(e)		98,457
		Collateralized Mortgage Obligations – continued
	95,337	Government National Mortgage Association, Series2015-H19, Class FA,1-month LIBOR + 0.200%, 1.862%, 4/20/2063(a)(b)(d)(e)		93,693
	5,196,935	Government National Mortgage Association, Series2015-H26, Class FC,1-month LIBOR + 0.600%, 2.262%, 8/20/2065(a)(b)		5,162,413
	452,545	Government National Mortgage Association, Series2015-H28, Class JZ, 5.115%, 3/20/2065(c)(d)(e)(g)		489,161
	44,847	Government National Mortgage Association, Series2015-H29, Class FA,1-month LIBOR + 0.700%, 2.362%, 10/20/2065(a)(b)(d)(e)		44,506
	121,487	Government National Mortgage Association, Series2015-H29, Class HZ, 4.586%, 9/20/2065(c)(d)(e)		149,969
	10,745	Government National Mortgage Association, Series2015-H30, Class FA,1-month LIBOR + 0.680%, 2.342%, 8/20/2061(b)(d)(e)		10,555
	1,770,000	Government National Mortgage Association, Series2016-17, Class GT, 5.000%, 8/20/2045(c)		2,070,569
	981,552	Government National Mortgage Association, Series2016-23, Class PA, 5.661%, 7/20/2037(a)(c)		1,146,038
	16,255,718	Government National Mortgage Association, Series2016-H01, Class AI, 1.669%, 1/20/2066(a)(c)(f)		1,248,764
	3,657,090	Government National Mortgage Association, Series2016-H06, Class FC,1-month LIBOR + 0.920%, 2.582%, 2/20/2066(a)(b)		3,636,367
	4,366,163	Government National Mortgage Association, Series2016-H08, Class FT,1-month LIBOR + 0.720%, 1.619%, 2/20/2066(b)		4,339,356
	23,930,914	Government National Mortgage Association, Series2016-H09, Class JI, 2.689%, 4/20/2066(a)(c)(f)		2,087,781
	1,379,827	Government National Mortgage Association, Series2016-H10, Class FJ,1-month LIBOR + 0.600%, 2.262%, 4/20/2066(a)(b)		1,381,467
	4,431,672	Government National Mortgage Association, Series2016-H13, Class FD,1-year CMT + 0.450%, 1.950%, 5/20/2066(b)		4,395,716
	1,292,213	Government National Mortgage Association, Series2016-H13, Class FT,1-month LIBOR + 0.580%, 2.242%, 5/20/2066(a)(b)		1,285,613

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	591,197	Government National Mortgage Association, Series2016-H14, Class JZ, 4.238%, 8/20/2063(c)(d)(e)	$	625,715
	584,215	Government National Mortgage Association, Series2016-H19, Class CZ, 4.371%, 8/20/2066(c)(d)(e)		647,795
	599,423	Government National Mortgage Association, Series2016-H19, Class EZ, 5.126%, 6/20/2061(c)(d)(e)(g)		618,837
	655,033	Government National Mortgage Association, Series2016-H19, Class FC,1-month LIBOR + 0.400%, 2.062%, 8/20/2066(a)(b)		655,238
	2,132	Government National Mortgage Association, Series2016-H19, Class FE,1-month LIBOR + 0.370%, 2.032%, 6/20/2061(a)(b)(d)(e)		2,110
	374,615	Government National Mortgage Association, Series2016-H19, Class FJ,1-month LIBOR + 0.400%, 2.062%, 9/20/2063(a)(b)		374,013
	8,052,283	Government National Mortgage Association, Series2016-H20, Class FG,1-month LIBOR + 0.700%, 2.362%, 8/20/2066(a)(b)		8,001,841
	3,168,290	Government National Mortgage Association, Series2017-H05, Class AI, IO, 2.302%, 1/20/2067(c)(d)(e)(f)		325,266
	2,994,816	Government National Mortgage Association, Series2017-H14, Class FK,1-year CMT + 0.200%, 1.700%, 5/20/2067(a)(b)		2,957,615
	3,368,576	Government National Mortgage Association, Series2017-H17, Class FG,1-month LIBOR + 0.500%, 2.162%, 8/20/2067(a)(b)		3,327,142
	28,438,260	Government National Mortgage Association, Series2018-110, Class IO, 0.719%, 1/16/2060(c)(f)		1,788,886
	2,312,775	Government National Mortgage Association, Series2018-124, Class KY, 3.500%, 9/20/2048		2,607,042
	39,276,506	Government National Mortgage Association, Series2018-129, Class IO, 0.608%, 7/16/2060(c)(f)		2,315,028
	32,697,987	Government National Mortgage Association, Series2018-143, Class IO, IO, 0.668%, 10/16/2060(c)(f)		2,270,218
	3,915,232	Government National Mortgage Association, Series2018-160 Class BY, 4.000%, 11/20/2048		4,437,085
	998,460	Government National Mortgage Association, Series2018-H02, Class FJ,1-month LIBOR + 0.200%, 1.862%, 10/20/2064(a)(b)		994,414
		Collateralized Mortgage Obligations – continued
	4,027,589	Government National Mortgage Association, Series2018-H04, Class FM,1-month LIBOR + 0.300%, 1.962%, 3/20/2068(a)(b)		3,947,502
	725,537	Government National Mortgage Association, Series2018-H10, Class FJ,1-month LIBOR + 0.250%, 1.912%, 6/20/2068(a)(b)		720,943
	8,852,842	Government National Mortgage Association, Series2018-H11, Class FJ,12-month LIBOR + 0.080%, 2.590%, 6/20/2068(a)(b)		8,581,831
	4,278,732	Government National Mortgage Association, Series2018-H14, Class FG,1-month LIBOR + 0.350%, 2.012%, 9/20/2068(a)(b)		4,275,170
	3,857,837	Government National Mortgage Association, Series2018-H16, Class CZ, 4.270%, 5/20/2068(c)		4,996,227
	2,530,309	Government National Mortgage Association, Series2019-1 Class CY, 4.000%, 1/20/2049		3,015,226
	280,000	Government National Mortgage Association, Series2019-111, Class LP, 3.500%, 9/20/2049(d)(e)		300,116
	34,852,619	Government National Mortgage Association, Series2019-116, Class IO, 0.851%, 12/16/2061(c)(f)		2,606,802
	324,000	Government National Mortgage Association, Series2019-132, Class LP, 3.500%, 10/20/2049(d)(e)		346,375
	9,563,379	Government National Mortgage Association, Series2019-136, Class EL, 3.000%, 11/20/2049		10,450,140
	8,447,001	Government National Mortgage Association, Series2019-152, Class LI, 4.777%, 2/20/2044(c)(f)		2,821,976
	2,503,752	Government National Mortgage Association, Series2019-31, Class HD, 3.500%, 3/20/2049		2,715,565
	1,000,000	Government National Mortgage Association, Series2019-31, Class V, 3.500%, 2/20/2039		1,073,001
	13,529,336	Government National Mortgage Association, Series2019-44, Class BS, 5.277%, 4/20/2049(c)(f)		1,835,809
	5,553,104	Government National Mortgage Association, Series2019-61, Class M, 3.500%, 3/20/2049		6,191,648
	12,280,000	Government National Mortgage Association, Series2019-70, Class SK, 5.227%, 8/20/2043(c)(f)		3,626,447
	4,075,853	Government National Mortgage Association, Series2019-71, Class JY, 3.000%, 6/20/2049		4,432,283
	7,684,999	Government National Mortgage Association, Series2019-H01, Class FT,1-month LIBOR + 0.400%, 2.062%, 10/20/2068(a)(b)		7,599,482
	1,855,075	Government National Mortgage Association, Series2019-H02, Class BZ, 4.287%, 1/20/2069(c)		2,423,811

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	9,501,915	Government National Mortgage Association, Series2019-H04, Class NA, 3.500%, 9/20/2068	$	10,323,412
	25,473,258	Government National Mortgage Association, Series2019-H17, Class HA, 3.000%, 3/20/2069(a)		27,048,064
	4,779,641	Government National Mortgage Association, Series2019-H18, Class DF,1-month LIBOR + 0.400%, 2.062%, 10/20/2069(b)		4,703,243
				588,978,401
		Hybrid ARMs – 0.4%
	462,494	FHLMC,12-month LIBOR + 2.190%, 4.190%, 2/01/2037(a)(b)		474,308
	61,055	FHLMC,1-year CMT + 2.257%, 4.384%, 1/01/2035(a)(b)		61,563
	1,147,429	FHLMC,1-year CMT + 2.215%, 4.433%, 6/01/2035(a)(b)		1,158,036
	102,731	FHLMC,1-year CMT + 2.271%, 4.469%, 1/01/2036(a)(b)		103,855
	194,596	FNMA,6-month LIBOR + 1.544%, 3.419%, 2/01/2037(a)(b)		197,604
	397,914	FNMA,12-month LIBOR + 1.651%, 3.948%, 8/01/2038(a)(b)		404,773
	206,717	FNMA,1-year CMT + 2.045%, 4.045%, 10/01/2035(a)(b)		208,991
	1,110,684	FNMA,1-year CMT + 2.220%, 4.059%, 6/01/2034(a)(b)		1,127,700
	497,126	FNMA,1-year CMT + 2.136%, 4.065%, 9/01/2034(a)(b)		502,843
	190,752	FNMA,12-month LIBOR + 1.881%, 4.395%, 9/01/2036(a)(b)		193,488
	1,584,815	FNMA,12-month LIBOR + 1.725%, 4.442%, 9/01/2037(a)(b)		1,599,259
				6,032,420
		Mortgage Related – 22.3%
	35,923	FHLMC, 5.000%, 9/01/2035		39,835
	1,118,328	FNMA, 2.500%, 1/01/2057		1,167,312
	1,512,427	FNMA, 4.000%, with various maturities from 2045 to 2052(i)		1,610,378
	311,678	FNMA, 5.500%, 8/01/2034(a)		352,058
	3,540	FNMA, 6.000%, 10/01/2034		4,076
	728,071	GNMA,1-month LIBOR + 0.531%, 2.331%, 8/20/2063(b)		730,763
	25,309	GNMA, 3.450%, 8/20/2062(c)		25,342
	1,151,740	GNMA,1-month LIBOR + 1.741%, 3.504%, 2/20/2061(a)(b)		1,190,378
	340,725	GNMA,1-month LIBOR + 1.735%, 3.534%, 7/20/2060(b)		353,051
	254,202	GNMA,1-month LIBOR + 1.791%, 3.590%, 9/20/2060(b)		263,584
	8,957	GNMA, 3.656%, 10/20/2061(c)		8,952
	1,551,075	GNMA,1-month LIBOR + 1.971%, 3.767%, 2/20/2063(a)(b)		1,600,007
	16,493	GNMA, 3.890%, 6/20/2062(c)		16,507
	5,828	GNMA, 3.899%, 11/20/2061(c)		5,862
	83,591	GNMA, 3.931%, 7/20/2062(c)		83,833
	3,411	GNMA, 3.971%, 5/20/2062(c)		3,414
		Mortgage Related – continued
	2,877	GNMA, 4.054%, 5/20/2062(c)		2,941
	24,952	GNMA, 4.062%, 2/20/2063(c)		25,103
	761,304	GNMA,1-month LIBOR + 2.306%, 4.105%, 6/20/2065(b)		808,876
	4,137	GNMA, 4.145%, 12/20/2062(c)		4,157
	368,985	GNMA, 4.158%, 3/20/2063(c)		372,889
	7,235	GNMA, 4.200%, 10/20/2062(c)		7,329
	17,215	GNMA, 4.232%, 6/20/2062(c)		17,370
	2,821	GNMA, 4.235%, 11/20/2062(c)		2,834
	318,178	GNMA, 4.258%, 6/20/2063(c)		321,186
	6,126	GNMA, 4.277%, 12/20/2063(c)		6,161
	1,153	GNMA, 4.284%, 6/20/2062(c)		1,164
	1,243,916	GNMA, 4.287%, 2/20/2063(a)(c)		1,245,459
	14,238	GNMA, 4.288%, 12/20/2062(c)		14,492
	24,102	GNMA, 4.289%, 12/20/2061(a)(c)		25,346
	117,604	GNMA, 4.297%, 1/20/2064(c)		118,248
	13,273	GNMA, 4.300%, 3/20/2063(c)		13,337
	919,102	GNMA, 4.307%, 4/20/2063(a)(c)		923,966
	1,795	GNMA, 4.310%, 12/20/2060(c)		1,920
	1,941	GNMA, 4.317%, 12/20/2063(c)		1,964
	188,386	GNMA, 4.331%, 7/20/2063(a)(c)		190,329
	832,102	GNMA, 4.355%, 5/20/2063(a)(c)		838,636
	43,948	GNMA, 4.361%, 11/20/2063(c)		44,388
	346,965	GNMA, 4.372%, 1/20/2067(a)(c)		349,128
	673,785	GNMA, 4.382%, 4/20/2063(a)(c)		677,919
	158,603	GNMA, 4.397%, with various maturities from 2062 to 2063(c)(i)		158,762
	10,102	GNMA, 4.408%, 3/20/2063(c)		10,150
	33,857	GNMA, 4.416%, 2/20/2067(c)		36,427
	1,157,675	GNMA, 4.423%, with various maturities from 2061 to 2063(a)(c)(i)		1,160,221
	953,459	GNMA, 4.424%, 7/20/2061(c)		979,271
	1,265,362	GNMA, 4.451%, with various maturities from 2066 to 2067(a)(c)(i)		1,329,993
	1,399,051	GNMA, 4.457%, 6/20/2063(a)(c)		1,411,282
	18,943	GNMA, 4.460%, 10/20/2062(c)		18,970
	19,814	GNMA, 4.486%, 8/20/2062(c)		20,147
	16,384	GNMA, 4.492%, 7/20/2062(c)		16,611
	63,016	GNMA, 4.493%, 1/20/2063(c)		63,127
	2,033,179	GNMA, 4.498%, 2/20/2067(a)(c)		2,196,690
	104,144	GNMA, 4.500%, 9/20/2060(c)		104,840
	2,438,820	GNMA, 4.502%, 4/20/2067(a)(c)		2,639,333
	25,113	GNMA, 4.507%, 9/20/2062(c)		25,839
	3,896	GNMA, 4.517%, 3/20/2062(c)		4,119
	2,856,603	GNMA, 4.522%, 12/20/2064(a)(c)		2,993,815
	2,345,761	GNMA, 4.525%, 12/20/2066(a)(c)		2,531,254
	12,288	GNMA, 4.528%, 3/20/2063(c)		12,339
	116,541	GNMA, 4.531%, 7/20/2063(c)		117,061
	14,590	GNMA, 4.533%, 4/20/2067(c)		14,967
	1,196,439	GNMA, 4.536%, 11/20/2063(c)		1,254,119
	12,254,746	GNMA, 4.543%, 6/20/2067(a)(c)		13,303,566
	973,510	GNMA, 4.545%, 7/20/2067(c)		1,058,111
	1,028,318	GNMA, 4.551%, 2/20/2067(c)		1,113,106
	526,482	GNMA, 4.552%, 8/20/2063(c)		528,556
	3,378,456	GNMA, 4.559%, 4/20/2067(a)(c)		3,677,260
	435,133	GNMA, 4.562%, 2/20/2066(c)		458,665
	1,041,919	GNMA, 4.564%, 2/20/2068(c)		1,102,517
	156,567	GNMA, 4.565%, 4/20/2065(c)		166,664
	1,557,054	GNMA, 4.566%, 5/20/2067(a)(c)		1,700,215
	5,391,927	GNMA, 4.575%, 7/20/2065(a)(c)		5,761,581

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Mortgage Related – continued
$	3,941,266	GNMA, 4.580%, 6/20/2064(a)(c)	$	4,154,177
	1,425,051	GNMA, 4.581%, 12/20/2063(c)		1,493,288
	797,082	GNMA, 4.593%, 7/20/2067(c)		861,820
	4,689,845	GNMA, 4.597%, 5/20/2067(a)(c)		5,090,933
	1,229,167	GNMA, 4.604%, 1/20/2067(a)(c)		1,333,605
	2,451,723	GNMA, 4.606%, with various maturities in 2067(c)(i)		2,611,736
	132,296	GNMA, 4.607%, 6/20/2063(c)		132,932
	1,262,547	GNMA, 4.608%, 12/20/2063(c)		1,314,831
	13,430,935	GNMA, 4.609%, with various maturities in 2067(a)(c)(i)		14,597,906
	731,233	GNMA, 4.610%, 4/20/2067(c)		768,932
	55,249	GNMA, 4.630%, with various maturities from 2061 to 2063(a)(c)(i)		57,849
	726,434	GNMA, 4.635%, 9/20/2063(c)		764,863
	111,798	GNMA, 4.637%, 4/20/2062(c)		114,540
	12,269	GNMA, 4.640%, 3/20/2062(c)		12,705
	40,967	GNMA, 4.645%, 1/20/2064(c)		43,174
	2,998,876	GNMA, 4.646%, 6/20/2066(a)(c)		3,216,773
	3,702,368	GNMA, 4.647%, 8/20/2066(a)(c)		4,014,297
	6,626,861	GNMA, 4.648%, 5/20/2067(a)(c)		7,215,622
	1,501	GNMA, 4.650%, 1/20/2061(c)		1,553
	3,425,471	GNMA, 4.656%, 3/20/2067(a)(c)		3,814,983
	1,019,575	GNMA, 4.669%, 10/20/2064(c)		1,073,826
	717,836	GNMA, 4.671%, with various maturities from 2063 to 2067(c)(i)		776,059
	1,233,376	GNMA, 4.685%, 5/20/2064(a)(c)		1,293,435
	28,958	GNMA, 4.686%, 8/20/2061(c)		29,110
	1,718	GNMA, 4.697%, 3/20/2061(c)		1,727
	217,228	GNMA, 4.700%, with various maturities from 2061 to 2062(c)(i)		221,976
	7,668	GNMA, 4.714%, 8/20/2061(c)		7,811
	747	GNMA, 4.728%, 3/20/2062(c)		777
	572,884	GNMA, 4.730%, 12/20/2063(c)		596,193
	11	GNMA, 4.740%, 10/20/2060(c)		12
	5,469	GNMA, 4.810%, with various maturities from 2060 to 2061(c)(i)		5,989
	256,124	GNMA, 4.887%, 12/20/2061(a)(c)		277,792
	5,377	GNMA, 4.924%, 1/20/2062(c)		5,485
	68	GNMA, 4.940%, 2/20/2062(c)		69
	8,659	GNMA, 5.027%, 6/20/2061(a)(c)		8,809
	873	GNMA, 5.036%, 2/20/2062(c)		899
	5,682	GNMA, 5.084%, 1/20/2062(c)		5,690
	323	GNMA, 5.107%, 9/20/2063(c)		340
	6,096	GNMA, 5.140%, 5/20/2060(c)		6,182
	5,798	GNMA, 5.240%, 5/20/2060(c)		5,875
	311	GNMA, 5.310%, 3/20/2064(c)		324
	895	GNMA, 5.334%, 12/20/2061(c)		924
	406	GNMA, 5.335%, 6/20/2062(c)		420
	501	GNMA, 5.393%, 11/20/2063(c)		511
	1,975	GNMA, 5.460%, 7/20/2059(c)		2,162
	95	GNMA, 5.470%, with various maturities in 2059(c)(i)		101
	3,055	GNMA, 5.500%, with various maturities from 2058 to 2059(c)(i)		3,335
	7,058	GNMA, 5.585%, 11/20/2059(c)		7,841
	508	GNMA, 5.632%, 6/20/2061(c)		527
	392	GNMA, 5.661%, 9/20/2059(c)		426
	3,262	GNMA, 5.669%, 6/20/2059(c)		3,642
		Mortgage Related – continued
	1,223	GNMA, 5.695%, 2/20/2060(c)		1,227
	3,253	GNMA, 5.856%, 12/20/2059(c)		3,259
	155,610,000	GNMA (TBA), 3.000%, 5/01/2050(j)		164,284,041
	107,514	Government National Mortgage Association, Series2018-H12, Class HZ, 4.582%, 8/20/2068(c)(d)(e)		139,284
	5,710,164	Government National Mortgage Association, Series2019-HO2, Class JA, 3.500%, 12/20/2068		6,222,898
	32,350,000	UMBS® (TBA), 3.000%, 5/01/2050(j)		33,895,470
				319,941,039
		Non-Agency Commercial Mortgage-Backed Securities – 11.3%
	4,155,000	BANK, Series 2019-BN19, Class A3, 3.183%, 8/15/2061		4,387,378
	3,525,000	BANK, Series 2019-BN22, Class A4, 2.978%, 11/15/2062		3,679,095
	3,720,000	BANK, Series 2019-BN20, Class A3, 3.011%, 9/15/2062		3,876,205
	2,390,000	BANK, Series 2019-BN24, Class A3, 2.960%, 11/15/2062		2,480,847
	1,770,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		1,790,102
	3,649,000	BANK, Series 2020-BN26, Class A4, 2.403%, 3/15/2063		3,596,523
	3,330,000	Benchmark Mortgage Trust,Series 2019-B10, Class A4, 3.717%, 3/15/2062		3,718,785
	5,185,000	Benchmark Mortgage Trust,Series 2019-B13, Class A4, 2.952%, 8/15/2057		5,377,605
	510,000	Cali Mortgage Trust,Series 2019-101C, Class A, 3.957%, 3/10/2039, 144A		544,689
	6,637,000	Citigroup Commercial Mortgage Trust, Series2019-C7, Class A4, 3.102%, 12/15/2072		6,895,047
	4,355,000	Citigroup Commercial Mortgage Trust, Series 2019-GC43, Class A4, 3.038%, 11/10/2052		4,368,719
	6,000,000	Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class A5, 2.717%, 2/15/2053		6,098,268
	2,424,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A(a)		2,374,327
	2,572,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR13, Class A4, 4.194%, 11/10/2046(a)(c)		2,722,550
	2,605,000	Commercial Mortgage Pass Through Certificates, Series2013-CR6, Class A4, 3.101%, 3/10/2046(a)		2,658,311
	5,595,000	Commercial Mortgage Pass Through Certificates, Series2013-WWP, Class A2, 3.424%, 3/10/2031, 144A		5,763,317
	381,373	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		381,010

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Non-Agency Commercial Mortgage-Backed Securities – continued
$	2,207,421	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047(a)	$	2,269,708
	1,220,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A4, 3.691%, 3/10/2047		1,259,876
	1,300,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,354,653
	2,520,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS5, Class A4, 3.838%, 9/10/2047(a)		2,637,721
	3,110,000	Commercial Mortgage Pass Through Certificates, Series2015-DC1, Class A5, 3.350%, 2/10/2048(a)		3,190,393
	1,200,000	Commercial Mortgage Pass Through Certificates, Series2016-DC2, Class ASB, 3.550%, 2/10/2049		1,246,697
	2,250,000	Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class B,1-month LIBOR +1.900%, 2.605%, 1/15/2034, 144A(b)		1,963,250
	3,005,000	Credit Suisse Mortgage Capital Certificates, Series2014-USA, Class A2, 3.953%, 9/15/2037, 144A		2,970,175
	695,000	Credit Suisse Mortgage Capital Certificates, Series2014-USA, Class B, 4.185%, 9/15/2037, 144A		640,987
	2,045,000	Credit Suisse Mortgage Capital Certificates, Series2014-USA, Class C, 4.336%, 9/15/2037, 144A		1,674,037
	5,000,000	CSAIL Commercial Mortgage Trust, Series2019-C17, Class A5, 3.016%, 9/15/2052		5,049,935
	2,405,000	CSAIL Commercial Mortgage Trust, Series2019-C18, Class A4, 2.968%, 12/15/2052		2,418,718
	5,775,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.549%, 3/05/2033, 144A(a)(c)		5,602,783
	3,461,000	GS Mortgage Securities Trust, Series 2013-GC16, Class B, 5.161%, 11/10/2046(a)(c)		3,597,518
	2,930,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047(a)		3,092,331
	1,416,000	GS Mortgage Securities Trust, Series 2014-GC20, Class A5, 3.998%, 4/10/2047		1,501,753
	5,000,000	GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.048%, 11/10/2052		5,019,230
	2,555,000	GS Mortgage Securities Trust, Series 2020-GC45, Class AS, 2.911%, 2/13/2053		2,635,194
	3,425,000	Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.155%, 8/05/2034, 144A(a)		3,367,538
		Non-Agency Commercial Mortgage-Backed Securities – continued
	1,254,897	JPMorgan Chase Commercial Mortgage Securities Trust,Series 2014-C19, Class ASB, 3.584%, 4/15/2047(a)		1,283,094
	2,735,000	Morgan Stanley Bank of America Merrill Lynch Trust,Series 2013-C8, Class A4, 3.134%, 12/15/2048(a)		2,758,426
	1,433,209	Morgan Stanley Bank of America Merrill Lynch Trust,Series 2014-C14, Class A3, 3.669%, 2/15/2047(a)		1,438,997
	1,000,000	Morgan Stanley Capital I Trust, Series2011-C2, Class D, 5.488%, 6/15/2044, 144A(c)		899,413
	3,135,000	Morgan Stanley Capital I Trust, Series 2013-ALTM, Class A2, 3.705%, 2/05/2035, 144A(a)(c)		3,020,308
	5,780,000	Morgan Stanley Capital I Trust, Series2019-L3, Class A4, 3.127%, 11/15/2052		6,056,210
	3,475,000	RBS Commercial Funding, Inc., Trust, Series2013-SMV, Class C, 3.584%, 3/11/2031, 144A(c)		3,222,504
	1,861,317	Starwood Retail Property Trust, Series 2014-STAR, Class A,1-month LIBOR + 1.470%, 2.175%, 11/15/2027, 144A(a)(b)		1,737,298
	6,500,000	Starwood Retail Property Trust, Series 2014-STAR, Class B,1-month LIBOR + 1.900%, 2.605%, 11/15/2027, 144A(b)		5,855,141
	1,350,000	UBS Commercial Mortgage Trust, Series2019-C16, Class A4, 3.605%, 4/15/2052		1,475,144
	4,000,000	Wells Fargo Commercial Mortgage Trust, Series2015-C29, Class ASB, 3.400%, 6/15/2048(a)		4,106,099
	5,607,153	Wells Fargo Commercial Mortgage Trust, Series2019-C49, Class A5, 4.023%, 3/15/2052		6,055,942
	5,012,000	Wells Fargo Commercial Mortgage Trust, Series2019-C54, Class A4, 3.146%, 12/15/2052		5,233,871
	1,465,000	WFRBS Commercial Mortgage Trust, Series2014-C20, Class A4, 3.723%, 5/15/2047		1,511,336
	1,635,000	WFRBS Commercial Mortgage Trust, Series2014-C20, Class A5, 3.995%, 5/15/2047		1,712,455
	3,867,181	WFRBS Commercial Mortgage Trust, Series2014-C20, Class ASB, 3.638%, 5/15/2047(a)		3,968,444
				162,539,957
		Financial Other – 0.0%
	3,423,671	FHLMC Multifamily Structured Pass Through Certificates,Series K-1513, Class X1, IO, 0.865%, 8/25/2034(c)(f)		281,463
		Total Bonds and Notes
		(Identified Cost $1,554,584,359)		1,521,685,787

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Collateralized Loan Obligations – 4.0%
$	1,937,156	Hull Street CDO Ltd.,Series 2014-1A, Class AR,3-month LIBOR + 1.220%, 3.047%, 10/18/2026, 144A(b)	$	1,923,294
	1,033,070	CVP Cascade CLO Ltd.,Series 2014-2A, Class A1R,3-month LIBOR + 1.200%, 3.019%, 7/18/2026, 144A(b)		1,024,233
	447,947	Halcyon Loan Advisors Funding Ltd., Series2014-2A, Class A1BR,3-month LIBOR + 1.180%, 2.975%, 4/28/2025, 144A(b)		447,481
	556,546	Halcyon Loan Advisors Funding Ltd., Series2014-1A, Class A1R,3-month LIBOR + 1.130%, 2.949%, 4/18/2026, 144A(b)		555,951
	1,983,511	Venture XXI CLO Ltd.,Series 2015-21A, Class AR,3-month LIBOR + 0.880%, 2.711%, 7/15/2027, 144A(b)		1,925,242
	3,764,220	Mountain View CLO X Ltd., Series2015-10A, Class AR,3-month LIBOR + 0.820%, 2.668%, 10/13/2027, 144A(b)		3,644,101
	1,414,402	Elevation CLO Ltd.,Series 2015-4A, Class AR,3-month LIBOR + 0.990%, 2.809%, 4/18/2027, 144A(b)		1,400,256
	4,430,000	Cole Park CLO Ltd.,Series 2015-1A, Class AR,3-month LIBOR + 1.050%, 2.869%, 10/20/2028, 144A(b)		4,158,048
	4,000,000	Allegro CLO Ltd., Series2017-1A, Class B,3-month LIBOR + 1.650%, 3.493%, 10/16/2030, 144A(b)		3,442,318
	2,250,000	Apidos CLO XXXII,Series 2019-32A, Class B1,3-month LIBOR + 1.850%, 3.533%, 1/20/2033, 144A(b)		1,929,361
	5,000,000	Jamestown CLO VII Ltd.,Series 2015-7A, Class A2R,3-month LIBOR + 1.300%, 3.094%, 7/25/2027, 144A(b)		4,359,642
	1,000,000	Palmer Square CLO Ltd.,Series 2013-2A, Class A2RR,3-month LIBOR + 1.750%, 3.586%, 10/17/2031, 144A(b)		897,867
	4,000,000	Trinitas CLO Ltd., Series2017-6A, Class B,3-month LIBOR + 1.850%, 3.644%, 7/25/2029, 144A(b)		3,623,728
	3,000,000	AGL CLO 3 Ltd., Series2020-3A, Class A,3-month LIBOR + 1.300%, 2.190%, 1/15/2033, 144A(b)		2,775,604
	1,415,000	Burnham Park CLO Ltd., Series2016-1A, Class CR,3-month LIBOR + 2.150%, 3.969%, 10/20/2029, 144A(b)		1,159,523
	4,500,000	Race Point CLO Ltd.,Series 2013-8A, Class BR2,3-month LIBOR + 1.500%, 3.719%, 2/20/2030, 144A(b)		3,830,635
	Collateralized Loan Obligations – continued
	5,900,000	TICP CLO VII Ltd.,Series 2017-7A, Class BR,3-month LIBOR + 1.700%, 3.210%, 4/15/2033, 144A(b)		4,940,922
	2,000,000	CBAM CLO Management,Series 2019-10A, Class A1A,3-month LIBOR + 1.420%, 3.239%, 4/20/2032, 144A(b)		1,862,658
	6,000,000	Magnetite XVIII Ltd.,Series 2016-18A, Class AR,3-month LIBOR + 1.080%, 2.772%, 11/15/2028, 144A(b)		5,693,886
	2,960,000	Marble Point CLO XIV Ltd., Series2018-2A, Class A1,3-month LIBOR + 1.330%, 3.149%, 1/20/2032, 144A(b)		2,743,561
	3,000,000	Vibrant CLO Ltd., Series2018-10A, Class A1,3-month LIBOR + 1.200%, 3.019%, 10/20/2031, 144A(b)		2,781,399
	1,217,220	Acis CLO Ltd., Series2014-4A, Class A,3-month LIBOR + 1.420%, 3.183%, 5/01/2026, 144A(b)		1,208,289
	1,108,776	B&M CLO Ltd., Series2014-1A, Class A1R,3-month LIBOR + 0.730%, 2.573%, 4/16/2026, 144A(b)		1,102,382
		Total Collateralized Loan Obligations
		(Identified Cost $62,035,898)		57,430,381
	Loan Participations – 0.2%
		ABS Other – 0.2%
	2,881,966	Harbour Aircraft Investments Ltd., Series2017-1, Class A, 4.000%, 11/15/2037 (Identified Cost $2,865,649)		2,410,848
	Short-Term Investments – 0.4%
	1,600,000	U.S. Treasury Bills, 1.480%, 6/18/2020(k)(l)		1,599,678
	1,495,200	U.S. Treasury Bills,1.486%-1.525%, 5/14/2020(k)(l)(m)		1,495,062
	3,350,000	U.S. Treasury Bills,1.493%-1.542%, 6/25/2020(k)(l)(m)		3,349,474
		Total Short-Term Investments
		(Identified Cost $6,425,376)		6,444,214
		Total Investments – 110.6%
		(Identified Cost $1,625,911,282)		1,587,971,230
		Other assets less liabilities—(10.6)%		(152,642,199	)
		Net Assets – 100.0%	$	1,435,329,031
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts or TBA transactions.

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

(b)	Variable rate security. Rate as of March 31, 2020 is disclosed.
(c)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2020 is disclosed.
(d)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
(e)	Fair valued by the Fund’s adviser. At March 31, 2020, the value of these securities amounted to $23,186,882 or 1.6% of net assets. See Note 2 of Notes to Financial Statements.
(f)	Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
(g)	Illiquid security.
(h)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2020, the value of these securities amounted to $8,562,483 or 0.6% of net assets. See Note 2 of Notes to Financial Statements.
(i)	The Fund’s investment in mortgage related securities of 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.
(j)	When-issued/delayed delivery.
(k)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(l)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
(m)	The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, the value of Rule 144A holdings amounted to $377,767,930 or 26.3% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
ARS	Auction Rate Security
CMT	Constant Maturity Treasury
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REMIC	Real Estate Mortgage Investment Conduit
SLM	Sallie Mae
TBA	To Be Announced
UMBS®	Uniform Mortgage-Backed Securities

At March 31, 2020, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
2 Year U.S. Treasury Note		6/30/2020		57	$	12,387,298	$	12,561,820	$	(174,522	)
5 Year U.S. Treasury Note		6/30/2020		589		71,635,562		73,836,672		(2,201,110	)
10 Year U.S. Treasury Note		6/19/2020		917		122,072,377		127,176,437		(5,104,060	)
Ultra 10 Year U.S. Treasury Note		6/19/2020		536		79,218,058		83,632,750		(4,414,692	)
Total									$	(11,894,384	)

At March 31, 2020, the Fund had the following open centrally cleared interest rate swap agreements:

Notional Value	Currency		Expiration Date		Fund Pays1			Fund Receives2		Market Value			Unrealized Appreciation (Depreciation)3
15,000,000		USD		1/07/2030		1.763	%		3-month LIBOR	$	(1,505,558	)	$	(1,500,895	)
50,000,000		USD		5/23/2024		2.222	%		3-month LIBOR		(3,573,193	)		(3,875,621	)
35,000,000		USD		12/16/2029		1.804	%		3-month LIBOR		(3,694,505	)		(3,849,145	)
63,000,000		USD		3/04/2024		2.564	%		3-month LIBOR		(5,177,946	)		(5,237,675	)
Total										$	(13,951,202	)	$	(14,463,336	)

¹ Payments are made semiannually.

² Payments are made quarterly.

³ Differences between unrealized appreciation (depreciation) and market value, if any, are due to net interest receivable (payable) balances.

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Industry Summary at March 31, 2020 (Unaudited)

Collateralized Mortgage Obligations	41.0	%
Mortgage Related	22.3
Non-Agency Commercial Mortgage-Backed Securities	11.3
Agency Commercial Mortgage-Backed Securities	8.2
ABS Car Loan	7.3
ABS Other	5.3
ABS Home Equity	5.1
ABS Student Loan	2.7
Other Investments, less than 2% each	3.0
Collateralized Loan Obligations	4.0
Short-Term Investments	0.4
Total Investments	110.6
Other assets less liabilities (including swap agreements and futures contracts)	(10.6	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  34

Statements of Assets and Liabilities

March 31, 2020 (Unaudited)

	High Income Opportunities Fund			Securitized Asset Fund
ASSETS
Investments at cost	$	172,303,502		$	1,625,911,282
Net unrealized depreciation		(23,002,777	)		(37,940,052	)
Investments at value		149,300,725			1,587,971,230
Due from brokers (Note 2)		320,000			3,382,000
Receivable for Fund shares sold		134,407			1,724,103
Receivable for securities sold		9,016,061			50,785,493
Receivable for when-issued/delayed delivery securities sold (Note 2)		—			388,792,372
Collateral received for delayed delivery securities (Note 2)		—			7,074,867
Dividends and interest receivable		2,367,781			5,154,420
Receivable for variation margin on futures contracts (Note 2)		—			1,384,246
Receivable for variation margin on centrally cleared swap agreements (Note 2)		295,468			358,603
TOTAL ASSETS		161,434,442			2,046,627,334
LIABILITIES
Payable for securities purchased		8,848,491			18,051,492
Payable for when-issued/delayed delivery securities purchased (Note 2)		—			581,001,558
Payable for Fund shares redeemed		187,136			1,647,511
Payable to custodian bank (Note 8)		320,221			3,522,875
Due to brokers (Note 2)		—			7,074,867
TOTAL LIABILITIES		9,355,848			611,298,303
NET ASSETS	$	152,078,594		$	1,435,329,031
NET ASSETS CONSIST OF:
Paid-in capital	$	173,788,979		$	1,557,945,502
Accumulated loss		(21,710,385	)		(122,616,471	)
NET ASSETS	$	152,078,594		$	1,435,329,031
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	152,078,594		$	1,435,329,031
Shares of beneficial interest		16,531,440			150,224,933
Net asset value, offering and redemption price per share	$	9.20		$	9.55

See accompanying notes to financial statements.

35  |

Statements of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

	High Income Opportunities Fund			Securitized Asset Fund
INVESTMENT INCOME
Interest	$	4,572,003		$	23,518,845
Dividends		88,233			—
Less net foreign taxes withheld		(128	)		(1,880	)
Investment income		4,660,108			23,516,965
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND SWAP AGREEMENTS
Net realized gain (loss) on:
Investments		1,700,332			4,034,306
Futures contracts		—			(4,972,655	)
Swap agreements		136,833			(39,668	)
Net change in unrealized appreciation (depreciation) on:
Investments		(23,003,914	)		(20,490,075	)
Futures contracts		—			(12,288,775	)
Swap agreements		(33,794	)		(9,733,834	)
Net realized and unrealized loss on investments, futures contracts and swap agreements		(21,200,543	)		(43,490,701	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(16,540,435	)	$	(19,973,736	)

See accompanying notes to financial statements.

|  36

Statements of Changes in Net Assets

	High Income Opportunities Fund						Securitized Asset Fund
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
FROM OPERATIONS:
Investment income	$	4,660,108		$	8,822,034		$	23,516,965		$	45,959,088
Net realized gain (loss) on investments, futures contracts and swap agreements		1,837,165			(749,555	)		(978,017	)		15,583,759
Net change in unrealized appreciation (depreciation) on investments, futures contracts and swap agreements		(23,037,708	)		(44,613	)		(42,512,684	)		37,056,613
Net increase (decrease) in net assets resulting from operations		(16,540,435	)		8,027,866			(19,973,736	)		98,599,460
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(4,699,238	)		(10,688,805	)		(36,310,891	)		(64,801,602	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE11)		(784,338	)		37,343,416			252,478,624			55,883,032
Net increase (decrease) in net assets		(22,024,011	)		34,682,477			196,193,997			89,680,890
NET ASSETS
Beginning of the period		174,102,605			139,420,128			1,239,135,034			1,149,454,144
End of the period	$	152,078,594		$	174,102,605		$	1,435,329,031		$	1,239,135,034

See accompanying notes to financial statements.

37  |

Financial Highlights

For a share outstanding throughout each period.

	High Income Opportunities Fund – Institutional Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	10.45		$	10.69		$	10.95		$	10.66		$	10.11		$	10.92
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Investment income(a)		0.28			0.60			0.58			0.62			0.60			0.55
Net realized and unrealized gain (loss)		(1.25	)		(0.08	)		(0.24	)		0.30			0.60			(0.81	)
Total from Investment Operations		(0.97	)		0.52			0.34			0.92			1.20			(0.26	)
LESS DISTRIBUTIONS FROM:
Investment income		(0.28	)		(0.62	)		(0.60	)		(0.63	)		(0.62	)		(0.55	)
Net realized capital gains		—			(0.14	)		—			—			(0.03	)		—
Total Distributions		(0.28	)		(0.76	)		(0.60	)		(0.63	)		(0.65	)		(0.55	)
Net asset value, end of the period	$	9.20		$	10.45		$	10.69		$	10.95		$	10.66		$	10.11
Total return		(9.55	)%(b)		5.14	%		3.21	%		8.91	%		12.55	%		(2.61	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	152,079		$	174,103		$	139,420		$	142,373		$	135,706		$	120,168
Net expenses(c)		—			—			—			—			—			—
Gross expenses(c)		—			—			—			—			—			—
Net investment income		5.40	%(d)		5.78	%		5.45	%		5.74	%		5.94	%		5.12	%
Portfolio turnover rate		37	%		48	%		42	%		37	%		36	%		28	%

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

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

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

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

	Securitized Asset Fund – Institutional Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	9.94		$	9.65		$	10.16		$	10.57		$	10.62		$	10.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Investment income(a)		0.17			0.39			0.37			0.39			0.40			0.37
Net realized and unrealized gain (loss)		(0.28	)		0.45			(0.33	)		(0.25	)		0.04			0.06
Total from Investment Operations		(0.11	)		0.84			0.04			0.14			0.44			0.43
LESS DISTRIBUTIONS FROM:
Investment income		(0.28	)		(0.55	)		(0.55	)		(0.55	)		(0.49	)		(0.54	)
Net asset value, end of the period	$	9.55		$	9.94		$	9.65		$	10.16		$	10.57		$	10.62
Total return		(1.20	)%(b)(c)		8.97	%		0.39	%		1.40	%		4.27	%		4.13	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,435,329		$	1,239,135		$	1,149,454		$	1,133,638		$	1,015,859		$	945,208
Net expenses(d)		—			—			—			—			—			—
Gross expenses(d)		—			—			—			—			—			—
Net investment income		3.55	%(e)		3.98	%		3.81	%		3.78	%		3.84	%		3.47	%
Portfolio turnover rate		160	%		369	%(f)		259	%		313	%		306	%		272	%

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

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

(c) Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only, and as such, the total returns based on the adjusted net asset values per share may differ from the total returns reported in the average annual total return table.

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

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

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

See accompanying notes to financial statements.

|  38

Notes to Financial Statements

March 31, 2020 (Unaudited)

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

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

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

Each Fund is a diversified investment company.

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

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

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

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

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

39  |

Notes to Financial Statements – continued

March31, 2020 (Unaudited)

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

As of March 31, 2020, securities held by the Funds were fair valued as follows:

Fund	Securities classified  as fair valued		Percentage of Net Assets		Securities fair valued by the Fund’s adviser		Percentage of Net  Assets
High Income Opportunities Fund	$	2,057,817		1.4%	$	204,347		0.1%
Securitized Asset Fund		8,562,483		0.6%		23,186,882		1.6%

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on theex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis.

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

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

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

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

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

No forward foreign currency contracts were held by the Funds during the six months ended March 31, 2020.

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

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

|  40

Notes to Financial Statements – continued

March31, 2020 (Unaudited)

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

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

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

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

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

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

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

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

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

Purchases of when-issued or delayed delivery securities may have a similar effect on the Funds’ NAV as if the Funds’ had created a degree of leverage in the portfolio. Risks may arise upon entering into such transactions from the potential inability of counterparties to meet their obligations under the transactions. Additionally, losses may arise due to changes in the value of the underlying securities.

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

i.  Federal and Foreign Income Taxes.The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2020 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or will be filed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

j.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on theex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as premium amortization, contingent payment debt instruments, interest rate swaps, defaulted bonds and/ornon-income producing securities, distributionre-designations, convertible bonds and paydown gains and losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to wash sales, premium amortization, defaulted bonds and/ornon-income producing securities, contingent payment debt instruments, convertible bonds, futures contractsmark-to-market and swap adjustments. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and net realized short-term capital gains are reported as distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax characterization of distributions paid to shareholders during the year ended September 30, 2019 was as follows:

	2019 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Opportunities Fund	$	9,838,729	$	850,076	$	10,688,805
Securitized Asset Fund		64,801,602		—		64,801,602

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

As of September 30, 2019, capital loss carryforwards were as follows:

	High Income Opportunities Fund			Securitized Asset Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—		$	(1,164,884	)
Long-term:
No expiration date		(706,200	)		(49,368,347	)
Total capital loss carryforward	$	(706,200	)	$	(50,533,231	)

As of March 31, 2020, the tax cost of investments (including derivatives) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	High Income Opportunities Fund			Securitized Asset Fund
Federal tax cost	$	172,621,826		$	1,625,911,282
Gross tax appreciation	$	1,910,401		$	38,031,092
Gross tax depreciation		(25,270,630	)		(101,816,730	)
Net tax depreciation	$	(23,360,229	)	$	(63,785,638	)

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

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

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

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

n.  Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements aretri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency

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of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2020, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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

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

For the six months ended March 31, 2020, neither Fund had loaned securities under this agreement.

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

r.  New Accounting Pronouncement. In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU2018-13”). The update introduces new fair value disclosure requirements, eliminates some prior fair value disclosure requirements, and modifies certain existing fair value disclosure requirements. ASU2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity is permitted to early adopt any eliminated or modified disclosures upon issuance of the update and delay adoption of any new disclosures until the required effective date. Management has evaluated the impact of the adoption of ASU2018-13 and has determined to early adopt the removal of (i) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and (ii) the policy for timing of transfers between levels. New disclosures required by ASU2018-13 will be incorporated in the Funds’ semiannual financial statements as of March 31, 2021.

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

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

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

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

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

The Funds’ pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Funds by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. The Funds’ adviser may use

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internally developed models to validate broker-dealer bid prices that are only available from a single broker or market maker. Such securities are considered and classified as fair valued. Broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2020, at value:

High Income Opportunities Fund

Asset Valuation Inputs

Description	Level 1		Level 2			Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Finance Companies	$	—	$	5,241,076		$	1,320	(b)	$	5,242,396
Home Construction		—		3,412,106			—	(c)		3,412,106
Non-Agency Commercial Mortgage-Backed Securities		—		1,166,812			203,027	(b)		1,369,839
All OtherNon-Convertible Bonds(a)		—		124,241,590			—			124,241,590
TotalNon-Convertible Bonds		—		134,061,584			204,347			134,265,931
Convertible Bonds
Independent Energy		—		146,817			24,150	(d)		170,967
All Other Convertible Bonds(a)		—		7,707,123			—			7,707,123
Total Convertible Bonds		—		7,853,940			24,150			7,878,090
Total Bonds and Notes		—		141,915,524			228,497			142,144,021
Senior Loans(a)		—		282,116			—			282,116
Preferred Stocks
Food & Beverage		—		2,194,153			—			2,194,153
Midstream		—		21,190			—			21,190
All Other Preferred Stocks(a)		378,778		—			—			378,778
Total Preferred Stocks		378,778		2,215,343			—			2,594,121
Common Stocks
Chemicals		—		130,875			—			130,875
All Other Common Stocks(a)		357,666		—			—			357,666
Total Common Stocks		357,666		130,875			—			488,541
Warrants		—		—			—	(c)		—
Short-Term Investments		—		3,791,926			—			3,791,926
Total	$	736,444	$	148,335,784		$	228,497		$	149,300,725
Liability Valuation Inputs
Description	Level 1		Level 2			Level 3			Total
Centrally Cleared Credit Default Swap Agreements (unrealized depreciation)	$	—	$	(33,794	)	$	—		$	(33,794	)

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

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

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

(d) Valued using broker-dealer bid prices.

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Securitized Asset Fund

Asset Valuation Inputs

Description	Level 1			Level 2			Level 3			Total
Bonds and Notes
ABS Home Equity	$	—		$	72,128,690		$	577,482	(b)	$	72,706,172
Agency Commercial Mortgage-Backed Securities		—			114,313,198			3,927,793	(b)		118,240,991
Collateralized Mortgage Obligations		—			570,436,078			18,542,323	(b)		588,978,401
Mortgage Related		—			319,801,755			139,284	(b)		319,941,039
All Other Bonds and Notes(a)		—			421,819,184			—			421,819,184
Total Bonds and Notes		—			1,498,498,905			23,186,882			1,521,685,787
Collateralized Loan Obligations					57,430,381			—			57,430,381
Loan Participations(a)					2,410,848			—			2,410,848
Short-Term Investments		—			6,444,214			—			6,444,214
Total Investments	$	—		$	1,564,784,348		$	23,186,882		$	1,587,971,230
Liability Valuation Inputs
Description	Level 1			Level 2			Level 3			Total
Futures Contracts (unrealized depreciation)	$	(11,894,384	)	$	—		$	—		$	(11,894,384	)
Centrally Cleared Interest Rate Swap Agreements (unrealized depreciation)		—			(14,463,336	)		—			(14,463,336	)
Total	$	(11,894,384	)	$	(14,463,336	)	$	—		$	(26,357,720	)

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

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2019 and/or March 31, 2020:

High Income Opportunities Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2019		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2020
Bonds and Notes
Non-Convertible Bonds
Finance Companies	$	35,640	$	—	$	(63,816	)	$	64,661		$	19	$	(35,184	)	$	—	$	—		$	1,320		$	1,301
Home Construction		—		—		—			—			—		—			—		—			—	(a)		—
Non-Agency Commercial Mortgage-Backed Securities		89,787		—		—			(69,371	)		—		—			272,398		(89,787	)		203,027			(69,371	)
Convertible Bonds
Independent Energy		—		1,576		—			(458,414	)		—		—			480,988		—			24,150			(458,414	)
Preferred Stocks
Midstream		260,608		—		—			—			—		—			—		(260,608	)		—			—
Warrants		—		—		—			—			—		—			—		—			—	(a)		—
Total	$	386,035	$	1,576	$	(63,816	)	$	(463,124	)	$	19	$	(35,184	)	$	753,386	$	(350,395	)	$	228,497		$	(526,484	)

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

A debt security valued at $272,398 was transferred from Level 2 to Level 3 during the period ended March 31, 2020. At September 30, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2020, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

A debt security valued at $89,787 was transferred from Level 3 to Level 2 during the period ended March 31, 2020. At September 30, 2019, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not

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provide a reliable price for the security. At March 31, 2020, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $480,988 was transferred from Level 2 to Level 3 during the period ended March 31, 2020. At September 30, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2020, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

Preferred stocks valued at $260,608 were transferred from Level 3 to Level 2 during the period ended March 31, 2020. At September 30, 2019, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the securities. At March 31, 2020, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

Securitized Asset Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2019		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2020
Bonds and Notes
ABS Home Equity	$	2,026,262	$	—	$	(412,053	)	$	(278,309	)	$	—	$	(98,431	)	$	1,040,116	$	(1,700,103	)	$	577,482	$	(283,159	)
ABS Other		484,855		—		—			—			—		—			—		(484,855	)		—		—
ABS Student Loan		7,075,876		—		—			—			—		—			—		(7,075,876	)		—		—
Agency Commercial Mortgage-Backed Securities		5,042,467		—		(2,932,124	)		1,247,480			—		—			569,970		—			3,927,793		1,247,480
Collateralized Mortgage Obligations		16,317,990		6,204		(897,283	)		534,837			4,867,615		(2,827,419	)		3,187,042		(2,646,663	)		18,542,323		505.683
Mortgage Related		—		—		—			7,136			132,148		—			—		—			139,284		7,136
Non-Agency Commercial Mortgage-Backed Securities		4,310,241		—		—			—			—		—			—		(4,310,241	)		—		—
Loan Participations
ABS Other		4,421,731		—		—			—			—		—			—		(4,421,731	)		—		—
Total	$	39,679,422	$	6,204	$	(4,241,460	)	$	1,511,144		$	4,999,763	$	(2,925,850	)	$	4,797,128	$	(20,639,469	)	$	23,186,882	$	1,477,140

Debt securities valued at $4,797,128 were transferred from Level 2 to Level 3 during the period ended March 31, 2020. At September 30, 2019, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2020 these securities were valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the securities.

Debt securities valued at $15,730,754 were transferred from Level 3 to Level 2 during the period ended March 31, 2020. At September 30, 2019, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities. At March 31, 2020 these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $486,984 was transferred from Level 3 to Level 2 during the period ended March 31, 2020. At September 30, 2019, this security was valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the security. At March 31, 2020, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $4,421,731 was transferred from Level 3 to Level 2 during the period ended March 31, 2020. At September 30, 2019, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At March 31, 2020, this security was valued on the basis of bid prices furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

47  |

Notes to Financial Statements – continued

March31, 2020 (Unaudited)

The significant unobservable inputs used for those securities fair valued by the adviser and categorized in Level 3 as of March 31, 2020, were as follows:

Description	Valuation Technique(s)		Unobservable Input		Unobservable Input Value(s)	Value
Bonds and Notes
ABS Home Equity		Market Discount		Discount Rate1	1.00% - 3.00%	$	577,482
Agency Commercial Mortgage-Backed Securities		Market Discount		Discount Rate1	1.00% - 2.00%		3,927,793
Collateralized Mortgage Obligations		Market Discount		Discount Rate1	0.50% - 2.00%		18,542,323
Mortgage Related		Market Discount		Discount Rate1	1.00% - 2.00%		139,284
Total						$	23,186,882

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

4.  Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Funds used during the period include futures contracts and swap agreements.

High Income Opportunities Fund is subject to the risk that companies in which the Fund invests will fail financially or otherwise be unwilling or unable to meet their obligations to the Fund. The Fund may use credit default swaps, as a protection buyer, to hedge its credit exposure to issuers of bonds it holds without having to sell the bonds. The Fund may also use credit default swaps, as a protection seller, to gain investment exposure. During the six months ended March 31, 2020, the Fund engaged in credit default swap transactions (as a protection seller) to gain investment exposure.

Securitized Asset Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts and interest rate swaps to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the six months ended March 31, 2020, Securitized Asset Fund used futures contracts to hedge against changes in interest rates and used both futures contracts and interest rate swaps to manage duration.

The following is a summary of derivative instruments for High Income Opportunities Fund as of March 31, 2020, as reflected within the Statements of Assets and Liabilities:

Liabilities	Swap agreements at value1
Exchange-traded/cleared liability derivatives Credit contracts	$	(205,440	)

¹ Represents swap agreements, at value. Market value of swap agreements is reported in the Portfolio of Investments along with the unamortized upfront premium paid (received), if any, and unrealized appreciation (depreciation) on each individual contract.

Transactions in derivative instruments for High Income Opportunities Fund during the six months ended March 31, 2020 as reflected in the Statements of Operations were as follows:

Net Realized Gain (Loss) on:	Swap agreements
Credit contracts	$136,833
Net Change in Unrealized Appreciation (Depreciation) on:	Swap agreements
Credit contracts	$(33,794)

The following is a summary of derivative instruments for Securitized Asset Fund as of March 31, 2020, as reflected within the Statements of Assets and Liabilities:

Liabilities	Unrealized depreciation on futures contracts1			Swap agreements at value2
Exchange-traded/cleared liability derivatives Interest rate contracts	$	(11,894,384	)	$	(13,951,202	)

|  48

Notes to Financial Statements – continued

March31, 2020 (Unaudited)

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

² Represents swap agreements, at value. Only the current day’s variation margin on swap agreements is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Securitized Asset Fund during the six months ended March 31, 2020 as reflected in the Statements of Operations were as follows:

Net Realized Gain (Loss) on:	Futures contracts			Swap agreements
Interest rate contracts	$	(4,972,655	)	$	(39,668	)
Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts			Swap agreements
Interest rate contracts	$	(12,288,775	)	$	(9,733,834	)

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

The volume of futures contract and swap agreement activity, as a percentage of net assets, based on grossmonth-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2020:

High Income Opportunities Fund			Credit Default Swaps
Average Notional Amount Outstanding				0.27%
Highest Notional Amount Outstanding				2.10%
Lowest Notional Amount Outstanding				0.00%
Notional Amount Outstanding as of March 31, 2020				2.10%
Securitized Asset Fund	Futures		Interest Rate Swaps
Average Notional Amount Outstanding		12.02%		10.55%
Highest Notional Amount Outstanding		20.71%		12.79%
Lowest Notional Amount Outstanding		6.07%		8.95%
Notional Amount Outstanding as of March 31, 2020		20.71%		11.36%

Notional amounts outstanding at the end of the prior period, if applicable, are included in the averages above.

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

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the applicable Fund would incur if parties (including brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund:

Fund	Maximum Amount of Loss – Gross		Maximum Amount of Loss – Net
High Income Opportunities Fund	$	615,468	$	615,468
Securitized Asset Fund		10,429,227		10,429,227

49  |

Notes to Financial Statements – continued

March31, 2020 (Unaudited)

5.  Purchases and Sales of Securities. For the six months ended March 31, 2020, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
High Income Opportunities Fund	$	2,620,666	$	5,035,216	$	67,171,377	$	54,174,577
Securitized Asset Fund		2,029,040,030		2,103,432,013		525,888,262		268,405,331

6.  Management Fees and Other Transactions with Affiliates.

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

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

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

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

d.  Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings. Loomis Sayles has agreed to pay, without reimbursement from the Trust or Funds, Trustees fees and expenses allocable to the Funds.

Prior to January 1, 2020, the Chairperson of the Board received a retainer fee at the annual rate of $360,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $190,000, and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $15,000. All other Trustee fees remained unchanged.

|  50

Notes to Financial Statements – continued

March31, 2020 (Unaudited)

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocatedpro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

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

7.  Line of Credit.Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds (applicable allocations to the Funds are paid by Loomis Sayles) based on their average daily unused portion of the line of credit. Loomis Sayles, on behalf of the Funds, paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement.

For the six months ended March 31, 2020, neither Fund had borrowings under this agreement.

8.  Payable to Custodian Bank. The Funds’ custodian bank, State Street Bank, provides overdraft protection to the Funds in the event of a cash shortfall. Cash overdrafts bear interest at a rate per annum equal to the Federal Funds rate plus 2.00%. At March 31, 2020, High Income Opportunities Fund and Securitized Asset Fund had payables to the custodian bank of $320,122 and $3,522,875, for overdrafts due to derivative and redemption activity, respectively.

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

Global markets have experienced periods of high volatility triggered by the rapidly evolving public health emergency known as coronavirus(“COVID-19”). As the situation continues to unfold, the extent and duration of the impact that theCOVID-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of theCOVID-19 outbreak on financial markets and the economy continue for an extended period of time, the Funds’ future financial and investment results may be adversely affected.

10.   Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2020, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of fund shares, and the aggregate percentage of net assets represented by such holdings were as follows:

Fund	Number of 5% Account Holders	Percentage of Ownership
High Income Opportunities Fund	4	95.26%
Securitized Asset Fund	4	97.53%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for anon-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts.

51  |

Notes to Financial Statements – continued

March31, 2020 (Unaudited)

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

	High Income Opportunities Fund
	Six Months Ended March 31, 2020						Year Ended September 30, 2019
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,114,836		$	21,984,934			5,368,732		$	55,556,767
Issued in connection with the reinvestment of distributions		249,615			2,603,689			593,934			6,147,496
Redeemed		(2,487,776	)		(25,372,961	)		(2,346,806	)		(24,360,847	)
Increase (decrease) from capital share transactions		(123,325	)	$	(784,338	)		3,615,860		$	37,343,416
	Securitized Asset Fund
	Six Months Ended March 31, 2020						Year Ended September 30, 2019
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		39,729,134		$	391,028,928			32,004,897		$	312,974,724
Issued in connection with the reinvestment of distributions		931,611			9,186,385			1,503,724			14,632,987
Redeemed		(15,100,632	)		(147,736,689	)		(27,921,888	)		(271,724,679	)
Increase from capital share transactions		25,560,113		$	252,478,624			5,586,733		$	55,883,032

|  52

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Semiannual Report

March 31, 2020

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	10
Financial Statements	27
Notes to Financial Statements	40

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling1-800-633-3330. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically atwww.icsdelivery.com/loomissayles.

LOOMIS SAYLES SMALL CAP GROWTH FUND

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

Investment Objective

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

1  |

Average Annual Total Returns — March31, 2020²

																Expense Ratios3
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Institutional Class (Inception12/31/96)		-16.66	%		-16.66	%		4.23	%		10.66	%		—	%		0.95	%		0.95	%
Retail Class (Inception12/31/96)		-16.75			-16.86			3.97			10.37			—			1.20			1.20
Class N (Inception2/1/13)		-16.58			-16.52			4.36			—			8.84			0.82			0.82
Comparative Performance
Russell2000® Growth Index1		-17.31			-18.58			1.70			8.89			7.05

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

¹  Russell2000^® Growth Index is an unmanaged index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® companies with higher price-to-book ratios and higher forecasted growth values.

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

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

|  2

LOOMIS SAYLES SMALL CAP VALUE FUND

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

Investment Objective

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

3  |

Average Annual Total Returns — March31, 2020³

																Expense Ratios4
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Institutional Class (Inception5/13/91)		-30.02	%		-27.51	%		-2.35	%		6.09	%		—	%		0.95	%		0.92	%
Retail Class (Inception12/31/96)		-30.12			-27.67			-2.59			5.83			—			1.20			1.17
Admin Class (Inception1/2/98)		-30.19			-27.86			-2.83			5.57			—			1.45			1.42
Class N (Inception2/1/13)		-29.98			-27.45			-2.28			—			3.22			0.85			0.85
Comparative Performance
Russell2000® Value Index1		-30.20			-29.64			-2.42			4.79			2.35
Russell2000® Index2		-23.72			-23.99			-0.25			6.90			4.77

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

¹  Russell2000^® Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

²  Russell2000^® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe.

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

⁴  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

|  4

LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

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

Investment Objective

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

5  |

Average Annual Total Returns — March31, 2020²

													Expense Ratios3
	6 Months			1 Year			Life of Fund			Life of Class N			Gross			Net
Institutional Class (Inception6/30/15)		-14.89	%		-12.44	%		5.29	%		—	%		1.30	%		0.85	%
Class N (Inception10/1/19)		—			—			—			-13.58			1.29			0.83
Comparative Performance
Russell2500TM Growth Index1		-15.10			-14.40			3.69			-13.70

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

¹  TheRussell2500^™ Growth Index measures the performance of the small-to-mid-cap growth segment of the US equity universe. It includes those Russell 2500^TM Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2500^TM Growth Index is constructed to provide a comprehensive and unbiased barometer of the small-to-mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-to-mid-cap opportunity set and that the represented companies continue to reflect growth characteristics. Indices are unmanaged.

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

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

|  6

ADDITIONAL INFORMATION

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

Additional Index Information

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

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

Proxy Voting Information

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

Quarterly Portfolio Schedules

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

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

UNDERSTANDING YOUR FUND’S EXPENSES

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

The first line in the table of each Fund shows theactual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2019 through March 31, 2020. 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

7  |

multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

Loomis Sayles Small Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2019		Ending Account Value 3/31/2020		Expenses Paid During Period* 10/1/2019 –3/31/2020
Actual		$1,000.00		$833.40		$4.35
Hypothetical (5% return before expenses)		$1,000.00		$1,020.25		$4.80
Retail Class
Actual		$1,000.00		$832.50		$5.50
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$6.06
Class N
Actual		$1,000.00		$834.20		$3.81
Hypothetical (5% return before expenses)		$1,000.00		$1,020.85		$4.19
*  Expenses are equal to the Fund’s annualized expense ratio: 0.95%, 1.20% and 0.83% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period).

|  8

Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 10/1/2019		Ending Account Value 3/31/2020		Expenses Paid During Period* 10/1/2019 – 3/31/2020
Actual		$1,000.00		$699.80		$3.82
Hypothetical (5% return before expenses)		$1,000.00		$1,020.50		$4.55
Retail Class
Actual		$1,000.00		$698.80		$4.88
Hypothetical (5% return before expenses)		$1,000.00		$1,019.25		$5.81
Admin Class
Actual		$1,000.00		$698.10		$5.94
Hypothetical (5% return before expenses)		$1,000.00		$1,018.00		$7.06
Class N
Actual		$1,000.00		$700.20		$3.61
Hypothetical (5% return before expenses)		$1,000.00		$1,020.75		$4.29

*  Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.40% and 0.85% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period).

Loomis Sayles Small/Mid Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2019		Ending Account Value 3/31/2020		Expenses Paid During Period* 10/1/2019 – 3/31/2020
Actual		$1,000.00		$851.10		$3.891
Hypothetical (5% return before expenses)		$1,000.00		$1,020.80		$4.24*
Class N
Actual		$1,000.00		$864.20		$3.852
Hypothetical (5% return before expenses)		$1,000.00		$1,020.85		$4.19*

*  Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.84% and 0.83% for Institutional Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period).

¹  Actual expenses for Institutional Class are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.84%, 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 366 (to reflect the half-year period).

²  Class N commenced operations on October 1, 2019. Actual expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.83%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (182), divided by 366 (to reflect the partial period).

9  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 95.0% of Net Assets
		Aerospace & Defense – 2.8%
	182,827	Hexcel Corp.	$	6,799,336
	667,595	Kratos Defense & Security Solutions, Inc.(a)		9,239,515
	350,539	Mercury Systems, Inc.(a)		25,007,452
				41,046,303
		Air Freight & Logistics – 0.6%
	495,815	Air Transport Services Group, Inc.(a)		9,063,498
		Auto Components – 1.3%
	274,926	Fox Factory Holding Corp.(a)		11,546,892
	460,260	Stoneridge, Inc.(a)		7,709,355
				19,256,247
		Banks – 0.5%
	343,013	TCF Financial Corp.		7,772,675
		Biotechnology – 7.6%
	112,011	Argenx SE, ADR(a)		14,755,209
	150,511	Emergent BioSolutions, Inc.(a)		8,708,566
	741,760	Epizyme, Inc.(a)		11,504,698
	758,993	Halozyme Therapeutics, Inc.(a)		13,654,284
	334,833	Momenta Pharmaceuticals, Inc.(a)		9,107,458
	381,618	Natera, Inc.(a)		11,395,113
	257,178	PTC Therapeutics, Inc.(a)		11,472,711
	424,324	Veracyte, Inc.(a)		10,315,316
	343,231	Xencor, Inc.(a)		10,255,742
	414,016	Y-mAbs Therapeutics, Inc.(a)		10,805,818
				111,974,915
		Building Products – 4.5%
	403,654	AAON, Inc.		19,504,561
	418,269	Advanced Drainage Systems, Inc.		12,313,840
	309,857	Trex Co., Inc.(a)		24,831,940
	257,832	Universal Forest Products, Inc.		9,588,772
				66,239,113
		Capital Markets – 1.7%
	501,051	AssetMark Financial Holdings, Inc.(a)		10,216,430
	257,832	Hamilton Lane, Inc., Class A		14,260,688
				24,477,118
		Commercial Services & Supplies – 2.9%
	485,781	Casella Waste Systems, Inc., Class A(a)		18,974,606
	270,593	McGrath RentCorp		14,173,661
	366,135	Mobile Mini, Inc.		9,603,721
				42,751,988

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Construction & Engineering – 0.7%
	620,696	Primoris Services Corp.	$	9,869,066
		Distributors – 1.3%
	99,141	POOL CORP.		19,507,975
		Diversified Consumer Services – 1.4%
	248,917	frontdoor, Inc.(a)		8,657,333
	1,201,300	Laureate Education, Inc., Class A(a)		12,625,663
				21,282,996
		Diversified Telecommunication Services – 1.1%
	203,845	Cogent Communications Holdings, Inc.		16,709,175
		Electrical Equipment – 1.4%
	223,258	Generac Holdings, Inc.(a)		20,800,948
		Electronic Equipment, Instruments & Components – 3.2%
	149,857	Insight Enterprises, Inc.(a)		6,313,475
	237,219	Itron, Inc.(a)		13,243,937
	237,328	Novanta, Inc.(a)		18,957,761
	84,635	Rogers Corp.(a)		7,991,237
				46,506,410
		Entertainment – 0.4%
	578,815	IMAX Corp.(a)		5,238,276
		Food Products – 2.9%
	440,737	Freshpet, Inc.(a)		28,149,872
	722,128	Simply Good Foods Co. (The)(a)		13,908,186
				42,058,058
		Health Care Equipment & Supplies – 6.9%
	383,804	AtriCure, Inc.(a)		12,891,976
	226,907	CONMED Corp.		12,994,964
	600,192	CryoLife, Inc.(a)		10,155,249
	86,412	iRhythm Technologies, Inc.(a)		7,029,616
	222,822	NuVasive, Inc.(a)		11,288,163
	91,179	Penumbra, Inc.(a)		14,709,908
	230,784	Quidel Corp.(a)		22,572,983
	311,166	STAAR Surgical Co.(a)		10,038,215
				101,681,074
		Health Care Providers & Services – 5.5%
	130,770	Amedisys, Inc.(a)		24,001,526
	121,390	AMN Healthcare Services, Inc.(a)		7,017,556
	391,657	BioTelemetry, Inc.(a)		15,082,711
	180,493	HealthEquity, Inc.(a)		9,131,141
	182,249	LHC Group, Inc.(a)		25,551,309
				80,784,243

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Health Care Technology – 2.6%
	1,088,046	Inovalon Holdings, Inc., Class A(a)	$	18,126,846
	183,667	Inspire Medical Systems, Inc.(a)		11,071,447
	459,060	Phreesia, Inc.(a)		9,654,032
				38,852,325
		Hotels, Restaurants & Leisure – 1.2%
	211,916	Wingstop, Inc.		16,889,705
		Insurance – 4.3%
	414,561	Goosehead Insurance, Inc., Series A(a)		18,501,858
	239,946	Kinsale Capital Group, Inc.		25,081,555
	323,927	Palomar Holdings, Inc.(a)		18,839,594
				62,423,007
		IT Services – 4.7%
	444,554	EVERTEC, Inc.		10,104,712
	677,610	Evo Payments, Inc., Class A(a)		10,367,433
	140,913	ManTech International Corp., Class A		10,240,148
	770,990	NIC, Inc.		17,732,770
	470,185	WNS Holdings Ltd., ADR(a)		20,208,551
				68,653,614
		Leisure Products – 0.5%
	658,433	Callaway Golf Co.		6,729,185
		Life Sciences Tools & Services – 3.9%
	657,343	NeoGenomics, Inc.(a)		18,149,240
	263,504	PRA Health Sciences, Inc.(a)		21,881,372
	179,414	Repligen Corp.(a)		17,320,628
				57,351,240
		Machinery – 4.3%
	330,253	Albany International Corp., Class A		15,630,875
	174,506	Chart Industries, Inc.(a)		5,057,184
	478,474	Kornit Digital Ltd.(a)		11,909,218
	163,272	Proto Labs, Inc.(a)		12,429,897
	159,018	RBC Bearings, Inc.(a)		17,935,640
				62,962,814
		Pharmaceuticals – 4.0%
	94,692	GW Pharmaceuticals PLC, Sponsored ADR(a)		8,292,179
	556,893	Horizon Therapeutics PLC(a)		16,495,171
	179,741	MyoKardia, Inc.(a)		8,426,258
	442,155	Pacira BioSciences, Inc.(a)		14,825,457
	78,527	Reata Pharmaceuticals, Inc., Class A(a)		11,334,587
				59,373,652

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Professional Services – 2.3%
	349,230	Huron Consulting Group, Inc.(a)	$	15,841,073
	255,869	ICF International, Inc.		17,578,200
				33,419,273
		Semiconductors & Semiconductor Equipment – 5.5%
	469,639	FormFactor, Inc.(a)		9,435,047
	487,635	MACOM Technology Solutions Holdings, Inc.(a)		9,230,931
	153,783	Monolithic Power Systems, Inc.		25,752,501
	976,035	Rambus, Inc.(a)		10,833,988
	195,010	Silicon Laboratories, Inc.(a)		16,655,804
	249,216	Silicon Motion Technology Corp., ADR		9,136,259
				81,044,530
		Software – 10.7%
	173,851	Blackline, Inc.(a)		9,146,301
	153,456	Cornerstone OnDemand, Inc.(a)		4,872,228
	330,034	Envestnet, Inc.(a)		17,749,228
	385,658	Five9, Inc.(a)		29,487,411
	178,214	Globant S.A.(a)		15,661,446
	455,897	Mimecast Ltd.(a)		16,093,164
	317,165	Q2 Holdings, Inc.(a)		18,731,765
	420,669	Rapid7, Inc.(a)		18,227,588
	335,488	RealPage, Inc.(a)		17,757,380
	145,494	Varonis Systems, Inc.(a)		9,263,603
				156,990,114
		Specialty Retail – 0.8%
	598,433	National Vision Holdings, Inc.(a)		11,621,569
		Textiles, Apparel & Luxury Goods – 1.7%
	231,329	Columbia Sportswear Co.		16,139,824
	390,130	Steven Madden Ltd.		9,062,720
				25,202,544
		Trading Companies & Distributors – 1.8%
	362,100	SiteOne Landscape Supply, Inc.(a)		26,657,802
		Total Common Stocks (Identified Cost $1,349,933,173)		1,395,191,452

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Principal Amount			Value (†)
	Short-Term Investments – 4.5%
$	65,714,673	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020 at 0.000% to be repurchased at $65,714,673 on 4/01/2020 collateralized by $66,595,000 U.S. Treasury Note, 0.500% due 3/15/2023 valued at $67,029,732 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $65,714,673)	$	65,714,673
		Total Investments – 99.5% (Identified Cost $1,415,647,846)		1,460,906,125
		Other assets less liabilities—0.5%		7,822,944
		Net Assets – 100.0%	$	1,468,729,069
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at March 31, 2020 (Unaudited)

Software	10.7	%
Biotechnology	7.6
Health Care Equipment & Supplies	6.9
Semiconductors & Semiconductor Equipment	5.5
Health Care Providers & Services	5.5
IT Services	4.7
Building Products	4.5
Machinery	4.3
Insurance	4.3
Pharmaceuticals	4.0
Life Sciences Tools & Services	3.9
Electronic Equipment, Instruments & Components	3.2
Commercial Services & Supplies	2.9
Food Products	2.9
Aerospace & Defense	2.8
Health Care Technology	2.6
Professional Services	2.3
Other Investments, less than 2% each	16.4
Short-Term Investments	4.5
Total Investments	99.5
Other assets less liabilities	0.5
Net Assets	100.0	%

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 97.8% of Net Assets
		Aerospace & Defense – 2.2%
	153,821	Aerojet Rocketdyne Holdings, Inc.(a)	$	6,434,332
	69,221	BWX Technologies, Inc.		3,371,755
				9,806,087
		Auto Components – 2.1%
	155,343	Cooper Tire & Rubber Co.		2,532,091
	276,310	Dana, Inc.		2,157,981
	47,691	Fox Factory Holding Corp.(a)		2,003,022
	39,127	LCI Industries		2,614,857
				9,307,951
		Banks – 13.7%
	151,821	Ameris Bancorp		3,607,267
	163,622	BancorpSouth Bank		3,095,728
	157,994	Bryn Mawr Bank Corp.		4,483,870
	92,076	Carolina Financial Corp.		2,382,006
	136,806	Cathay General Bancorp		3,139,698
	223,523	CenterState Bank Corp.		3,851,301
	227,317	CVB Financial Corp.		4,557,706
	198,196	First Financial Bancorp		2,955,102
	325,880	Home BancShares, Inc.		3,907,301
	137,067	PacWest Bancorp		2,456,241
	94,236	Pinnacle Financial Partners, Inc.		3,537,620
	133,102	Popular, Inc.		4,658,570
	92,942	Prosperity Bancshares, Inc.		4,484,452
	34,729	Signature Bank		2,791,864
	148,015	TCF Financial Corp.		3,354,020
	174,357	Triumph Bancorp, Inc.(a)		4,533,282
	113,184	Wintrust Financial Corp.		3,719,226
				61,515,254
		Beverages – 0.8%
	415,397	Primo Water Corp.		3,763,497
		Biotechnology – 2.0%
	77,837	Emergent BioSolutions, Inc.(a)		4,503,649
	46,538	United Therapeutics Corp.(a)		4,412,966
				8,916,615
		Building Products – 1.8%
	42,646	American Woodmark Corp.(a)		1,943,378
	58,766	Armstrong World Industries, Inc.		4,667,196
	36,386	Universal Forest Products, Inc.		1,353,195
				7,963,769

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Capital Markets – 1.2%
	263,636	Donnelley Financial Solutions, Inc.(a)	$	1,389,362
	99,474	Stifel Financial Corp.		4,106,286
				5,495,648
		Chemicals – 2.9%
	83,743	AdvanSix, Inc.(a)		798,908
	46,766	Ashland Global Holdings, Inc.		2,341,574
	102,717	Cabot Corp.		2,682,968
	37,830	Ingevity Corp.(a)		1,331,616
	190,609	Valvoline, Inc.		2,495,072
	87,767	WR Grace & Co.		3,124,505
				12,774,643
		Commercial Services & Supplies – 3.8%
	60,665	Clean Harbors, Inc.(a)		3,114,541
	368,200	Harsco Corp.(a)		2,566,354
	147,769	IAA, Inc.(a)		4,427,159
	151,273	KAR Auction Services, Inc.		1,815,276
	220,407	Kimball International, Inc., Class B		2,625,048
	117,687	Viad Corp.		2,498,495
				17,046,873
		Communications Equipment – 1.0%
	119,200	Digi International, Inc.(a)		1,137,168
	288,846	Viavi Solutions, Inc.(a)		3,237,964
				4,375,132
		Construction & Engineering – 2.2%
	111,542	AECOM(a)		3,329,529
	167,309	Arcosa, Inc.		6,648,859
				9,978,388
		Distributors – 0.7%
	105,802	Core-Mark Holding Co., Inc.		3,022,763
		Diversified Consumer Services – 0.4%
	49,648	frontdoor, Inc.(a)		1,726,757
		Diversified Financial Services – 1.0%
	139,815	Cannae Holdings, Inc.(a)		4,682,404
		Diversified Telecommunication Services – 1.4%
	110,462	GCI Liberty, Inc., Class A(a)		6,293,020
		Electric Utilities – 2.4%
	99,987	ALLETE, Inc.		6,067,211
	171,731	NRG Energy, Inc.		4,681,387
				10,748,598

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Electrical Equipment – 0.3%
	175,149	GrafTech International Ltd.	$	1,422,210
		Electronic Equipment, Instruments & Components – 3.6%
	126,191	Kimball Electronics, Inc.(a)		1,378,006
	44,846	Littelfuse, Inc.		5,983,353
	155,505	Methode Electronics, Inc.		4,109,997
	62,457	National Instruments Corp.		2,066,078
	236,639	TTM Technologies, Inc.(a)		2,446,847
				15,984,281
		Energy Equipment & Services – 0.8%
	223,792	Apergy Corp.(a)		1,286,804
	103,943	DMC Global, Inc.		2,391,728
				3,678,532
		Entertainment – 0.6%
	139,588	Liberty Media Corp.-Liberty Braves, Class C(a)		2,660,547
		Food Products – 3.9%
	196,973	Darling Ingredients, Inc.(a)		3,775,972
	26,041	J&J Snack Foods Corp.		3,150,961
	384,619	Nomad Foods Ltd.(a)		7,138,529
	43,924	Post Holdings, Inc.(a)		3,644,374
				17,709,836
		Health Care Equipment & Supplies – 2.7%
	110,552	Avanos Medical, Inc.(a)		2,977,166
	53,300	Quidel Corp.(a)		5,213,273
	164,779	Varex Imaging Corp.(a)		3,742,131
				11,932,570
		Health Care Providers & Services – 1.1%
	84,184	AMN Healthcare Services, Inc.(a)		4,866,677
		Hotels, Restaurants & Leisure – 2.2%
	48,831	Churchill Downs, Inc.		5,027,152
	19,888	Cracker Barrel Old Country Store, Inc.		1,655,079
	55,491	Marriott Vacations Worldwide Corp.		3,084,190
				9,766,421
		Household Durables – 1.4%
	30,533	Helen of Troy Ltd.(a)		4,397,668
	124,060	Skyline Champion Corp.(a)		1,945,261
				6,342,929

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Independent Power & Renewable Electricity Producers – 1.9%
	134,346	NextEra Energy Partners LP	$	5,776,878
	168,599	Vistra Energy Corp.		2,690,840
				8,467,718
		Industrial Conglomerates – 0.6%
	130,393	Raven Industries, Inc.		2,768,243
		Insurance – 3.1%
	157,076	Employers Holdings, Inc.		6,363,149
	110,009	First American Financial Corp.		4,665,482
	108,417	ProAssurance Corp.		2,710,425
				13,739,056
		Internet & Direct Marketing Retail – 0.3%
	241,945	Qurate Retail, Inc., Class A(a)		1,477,074
		IT Services – 5.0%
	103,302	CSG Systems International, Inc.		4,323,189
	46,114	Euronet Worldwide, Inc.(a)		3,952,892
	171,802	Genpact Ltd.		5,016,618
	199,403	Perspecta, Inc.		3,637,111
	168,723	Unisys Corp.(a)		2,083,729
	33,996	WEX, Inc.(a)		3,554,282
				22,567,821
		Leisure Products – 0.6%
	81,462	Brunswick Corp.		2,881,311
		Machinery – 4.3%
	57,991	Alamo Group, Inc.		5,148,441
	144,815	Altra Industrial Motion Corp.		2,532,814
	142,931	Columbus McKinnon Corp.		3,573,275
	28,495	John Bean Technologies Corp.		2,116,324
	59,105	Kadant, Inc.		4,412,188
	60,099	Miller Industries, Inc.		1,699,600
				19,482,642
		Marine – 0.6%
	66,581	Kirby Corp.(a)		2,894,276
		Media – 1.7%
	261,162	Gray Television, Inc.(a)		2,804,880
	74,961	John Wiley & Sons, Inc., Class A		2,810,288
	207,668	Liberty Latin America Ltd., Class C(a)		2,130,674
				7,745,842
		Metals & Mining – 0.3%
	73,453	Haynes International, Inc.		1,513,866

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Multi-Utilities – 2.1%
	201,305	MDU Resources Group, Inc.	$	4,328,057
	86,130	NorthWestern Corp.		5,153,158
				9,481,215
		Oil, Gas & Consumable Fuels – 0.7%
	61,960	Arch Coal, Inc., Class A		1,790,644
	89,226	Delek U.S. Holdings, Inc.		1,406,202
				3,196,846
		Pharmaceuticals – 2.0%
	114,733	Catalent, Inc.(a)		5,960,380
	160,488	Supernus Pharmaceuticals, Inc.(a)		2,887,179
				8,847,559
		Professional Services – 2.3%
	62,016	ASGN, Inc.(a)		2,190,405
	207,090	Clarivate Analytics PLC(a)		4,297,118
	46,994	Insperity, Inc.		1,752,876
	78,760	Korn Ferry		1,915,443
				10,155,842
		REITs – Apartments – 0.6%
	94,526	American Campus Communities, Inc.		2,623,097
		REITs – Diversified – 0.3%
	113,388	Outfront Media, Inc.		1,528,470
		REITs – Shopping Centers – 0.5%
��	288,617	Retail Opportunity Investments Corp.		2,392,635
		REITs – Single Tenant – 1.3%
	251,146	Essential Properties Realty Trust, Inc.		3,279,967
	74,403	National Retail Properties, Inc.		2,395,032
				5,674,999
		REITs – Storage – 1.0%
	166,555	CubeSmart		4,462,009
		REITs – Warehouse/Industrials – 3.5%
	181,484	Americold Realty Trust		6,177,715
	66,969	CyrusOne, Inc.		4,135,336
	132,538	Rexford Industrial Realty, Inc.		5,435,384
				15,748,435
		Road & Rail – 0.6%
	20,969	Old Dominion Freight Line, Inc.		2,752,325
		Semiconductors & Semiconductor Equipment – 2.2%
	86,197	Advanced Energy Industries, Inc.(a)		4,179,692
	19,090	Mellanox Technologies Ltd.(a)		2,315,999

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Semiconductors & Semiconductor Equipment – continued
	212,276	Tower Semiconductor Ltd.(a)	$	3,379,434
				9,875,125
		Software – 1.8%
	121,369	ACI Worldwide, Inc.(a)		2,931,061
	20,921	LogMeIn, Inc.		1,742,301
	75,858	Verint Systems, Inc.(a)		3,261,894
				7,935,256
		Specialty Retail – 1.0%
	87,507	Aaron’s, Inc.		1,993,410
	176,926	Urban Outfitters, Inc.(a)		2,519,426
				4,512,836
		Thrifts & Mortgage Finance – 2.1%
	51,041	Federal Agricultural Mortgage Corp., Class C		2,839,411
	144,355	Meta Financial Group, Inc.		3,135,390
	211,347	OceanFirst Financial Corp.		3,362,531
				9,337,332
		Trading Companies & Distributors – 0.4%
	91,177	Herc Holdings, Inc.(a)		1,865,481
		Wireless Telecommunication Services – 0.8%
	121,713	United States Cellular Corp.(a)		3,564,974
		Total Common Stocks (Identified Cost $456,929,605)		439,273,687
	Other Investments – 0.0%
		Metals & Mining – 0.0%
	507,316	Ferroglobe R&W Trust(a)(b)(c)(d) (Identified Cost $0)		—
	Principal Amount
	Short-Term Investments – 2.2%
$	9,733,879	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020 at 0.000% to be repurchased at $9,733,879 on 4/01/2020 collateralized by $9,865,000 U.S. Treasury Note, 0.500% due 3/15/2023 valued at $9,929,399 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $9,733,879)		9,733,879
		Total Investments – 100.0% (Identified Cost $466,663,484)		449,007,566
		Other assets less liabilities—0.0%		73,412
		Net Assets – 100.0%	$	449,080,978

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

(†)	See Note 2 of Notes to Financial Statements.
(a)	Non-income producing security.
(b)	Security subject to restrictions on resale. This security was acquired on November 29, 2016 at a cost of $0.
(c)	Illiquid security.
(d)	Security classified as fair valued pursuant to the Fund’s pricing policies and procedures. See Note 2 of Notes to Financial Statements.
REITs	Real Estate Investment Trusts

Industry Summary at March 31, 2020 (Unaudited)

Banks	13.7	%
IT Services	5.0
Machinery	4.3
Food Products	3.9
Commercial Services & Supplies	3.8
Electronic Equipment, Instruments & Components	3.6
REITs – Warehouse/Industrials	3.5
Insurance	3.1
Chemicals	2.9
Health Care Equipment & Supplies	2.7
Electric Utilities	2.4
Professional Services	2.3
Construction & Engineering	2.2
Semiconductors & Semiconductor Equipment	2.2
Aerospace & Defense	2.2
Hotels, Restaurants & Leisure	2.2
Multi-Utilities	2.1
Thrifts & Mortgage Finance	2.1
Auto Components	2.1
Biotechnology	2.0
Pharmaceuticals	2.0
Other Investments, less than 2% each	27.5
Short-Term Investments	2.2
Total Investments	100.0
Other assets less liabilities	0.0	*
Net Assets	100.0	%

* Less than 0.1%

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 97.7% of Net Assets
		Aerospace & Defense – 2.4%
	6,151	Aerojet Rocketdyne Holdings, Inc.(a)	$	257,296
	5,021	HEICO Corp.		374,617
	4,161	Hexcel Corp.		154,748
				786,661
		Biotechnology – 5.1%
	2,365	Argenx SE, ADR(a)		311,542
	3,453	Ascendis Pharma AS, ADR(a)		388,842
	17,860	Immunomedics, Inc.(a)		240,753
	10,562	Momenta Pharmaceuticals, Inc.(a)		287,286
	5,068	Neurocrine Biosciences, Inc.(a)		438,635
				1,667,058
		Capital Markets – 4.6%
	19,446	Ares Management Corp., Class A		601,465
	1,509	MarketAxess Holdings, Inc.		501,848
	3,293	Morningstar, Inc.		382,811
				1,486,124
		Commercial Services & Supplies – 1.5%
	14,652	Ritchie Bros. Auctioneers, Inc.		500,805
		Communications Equipment – 1.8%
	14,892	Ciena Corp.(a)		592,851
		Distributors – 1.7%
	2,816	POOL CORP.		554,104
		Diversified Consumer Services – 2.7%
	3,335	Bright Horizons Family Solutions, Inc.(a)		340,170
	6,733	Chegg, Inc.(a)		240,907
	28,913	Laureate Education, Inc., Class A(a)		303,875
				884,952
		Diversified Telecommunication Services – 1.5%
	5,797	Cogent Communications Holdings, Inc.		475,180
		Electrical Equipment – 1.8%
	6,130	Generac Holdings, Inc.(a)		571,132
		Electronic Equipment, Instruments & Components – 2.3%
	10,781	FLIR Systems, Inc.		343,806
	13,096	Trimble, Inc.(a)		416,846
				760,652
		Entertainment – 0.9%
	6,227	Live Nation Entertainment, Inc.(a)		283,079

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Food & Staples Retailing – 1.3%
	3,225	Casey’s General Stores, Inc.	$	427,280
		Food Products – 3.6%
	11,494	Freshpet, Inc.(a)		734,122
	23,995	Nomad Foods Ltd.(a)		445,347
				1,179,469
		Health Care Equipment & Supplies – 6.7%
	2,411	CONMED Corp.		138,078
	9,748	Globus Medical, Inc., Class A(a)		414,583
	4,052	Insulet Corp.(a)		671,335
	2,386	Penumbra, Inc.(a)		384,933
	3,820	West Pharmaceutical Services, Inc.		581,595
				2,190,524
		Health Care Providers & Services – 5.1%
	13,412	1Life Healthcare, Inc.(a)		243,428
	1,210	Chemed Corp.		524,172
	4,730	Encompass Health Corp.		302,862
	4,191	LHC Group, Inc.(a)		587,578
				1,658,040
		Hotels, Restaurants & Leisure – 3.3%
	8,728	Texas Roadhouse, Inc.		360,466
	2,095	Vail Resorts, Inc.		309,453
	26,534	Wendy’s Co. (The)		394,826
				1,064,745
		Household Durables – 1.1%
	2,534	Helen of Troy Ltd.(a)		364,972
		Insurance – 3.5%
	6,139	Kemper Corp.		456,558
	3,858	Kinsale Capital Group, Inc.		403,277
	3,124	RLI Corp.		274,693
				1,134,528
		IT Services – 8.9%
	9,794	Black Knight, Inc.(a)		568,639
	8,702	Booz Allen Hamilton Holding Corp.		597,305
	4,625	Broadridge Financial Solutions, Inc.		438,589
	4,068	EPAM Systems, Inc.(a)		755,265
	15,407	Evo Payments, Inc., Class A(a)		235,727
	14,782	KBR, Inc.		305,692
				2,901,217

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Life Sciences Tools & Services – 5.0%
	1,361	Bio-Techne Corp.	$	258,073
	3,229	Charles River Laboratories International, Inc.(a)		407,532
	4,153	ICON PLC(a)		564,808
	5,042	PRA Health Sciences, Inc.(a)		418,688
				1,649,101
		Machinery – 5.3%
	6,341	Albany International Corp., Class A		300,120
	5,839	ESCO Technologies, Inc.		443,239
	8,534	Helios Technologies, Inc.		323,609
	17,519	Ingersoll Rand, Inc.(a)		434,471
	3,912	Woodward, Inc.		232,529
				1,733,968
		Pharmaceuticals – 2.8%
	9,782	Catalent, Inc.(a)		508,175
	13,429	Horizon Therapeutics PLC(a)		397,767
				905,942
		Professional Services – 2.2%
	2,032	FTI Consulting, Inc.(a)		243,373
	7,323	TransUnion		484,636
				728,009
		Semiconductors & Semiconductor Equipment – 6.4%
	8,386	Advanced Energy Industries, Inc.(a)		406,637
	4,886	MKS Instruments, Inc.		397,965
	3,145	Monolithic Power Systems, Inc.		526,662
	8,593	Semtech Corp.(a)		322,237
	5,266	Silicon Laboratories, Inc.(a)		449,769
				2,103,270
		Software – 11.4%
	3,773	Avalara, Inc.(a)		281,466
	4,840	Blackline, Inc.(a)		254,632
	4,638	Five9, Inc.(a)		354,621
	6,501	Guidewire Software, Inc.(a)		515,594
	7,113	j2 Global, Inc.		532,408
	5,308	Paylocity Holding Corp.(a)		468,803
	4,722	Pegasystems, Inc.		336,348
	5,375	Q2 Holdings, Inc.(a)		317,448
	5,645	Smartsheet, Inc., Class A(a)		234,324
	1,433	Tyler Technologies, Inc.(a)		424,971
				3,720,615

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Specialty Retail – 0.7%
	7,256	Floor & Decor Holdings, Inc., Class A(a)	$	232,845
		Textiles, Apparel & Luxury Goods – 1.8%
	3,373	Carter’s, Inc.		221,707
	5,249	Columbia Sportswear Co.		366,223
				587,930
		Trading Companies & Distributors – 2.3%
	4,743	Kaman Corp.		182,463
	7,893	SiteOne Landscape Supply, Inc.(a)		581,083
				763,546
		Total Common Stocks (Identified Cost $35,084,640)		31,908,599
	Principal Amount
	Short-Term Investments – 3.8%
$	1,253,510	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020 at 0.000% to be repurchased at $1,253,510 on 4/01/2020 collateralized by $1,275,000 U.S. Treasury Note, 0.500% due 3/15/2023 valued at $1,283,323 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,253,510)		1,253,510
		Total Investments – 101.5% (Identified Cost $36,338,150)		33,162,109
		Other assets less liabilities—(1.5)%		(495,927	)
		Net Assets – 100.0%	$	32,666,182
	(†)	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.

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March31, 2020 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Industry Summary at March 31, 2020 (Unaudited)

Software	11.4	%
IT Services	8.9
Health Care Equipment & Supplies	6.7
Semiconductors & Semiconductor Equipment	6.4
Machinery	5.3
Biotechnology	5.1
Health Care Providers & Services	5.1
Life Sciences Tools & Services	5.0
Capital Markets	4.6
Food Products	3.6
Insurance	3.5
Hotels, Restaurants & Leisure	3.3
Pharmaceuticals	2.8
Diversified Consumer Services	2.7
Aerospace & Defense	2.4
Trading Companies & Distributors	2.3
Electronic Equipment, Instruments & Components	2.3
Professional Services	2.2
Other Investments, less than 2% each	14.1
Short-Term Investments	3.8
Total Investments	101.5
Other assets less liabilities	(1.5	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

Statements of Assets and Liabilities

March 31, 2020 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	1,415,647,846		$	466,663,484		$	36,338,150
Net unrealized appreciation (depreciation)		45,258,279			(17,655,918	)		(3,176,041	)
Investments at value		1,460,906,125			449,007,566			33,162,109
Cash		544,318			—			—
Receivable for Fund shares sold		16,385,488			1,249,212			1,552
Receivable for securities sold		8,897,906			—			1,134,518
Dividends receivable		399,024			610,097			13,724
Prepaid expenses (Note 7)		9			4			—
TOTAL ASSETS		1,487,132,870			450,866,879			34,311,903
LIABILITIES
Payable for securities purchased		14,534,547			780,492			499,387
Payable for Fund shares redeemed		2,538,168			380,634			1,072,548
Management fees payable (Note 5)		959,701			281,154			10,693
Deferred Trustees’ fees (Note 5)		212,645			246,822			27,249
Administrative fees payable (Note 5)		57,225			18,334			1,315
Payable to distributor (Note 5d)		12,180			5,138			32
Other accounts payable and accrued expenses		89,335			73,327			34,497
TOTAL LIABILITIES		18,403,801			1,785,901			1,645,721
NET ASSETS	$	1,468,729,069		$	449,080,978		$	32,666,182
NET ASSETS CONSIST OF:
Paid-in capital	$	1,495,545,019		$	445,223,375		$	36,747,436
Accumulated earnings (loss)		(26,815,950	)		3,857,603			(4,081,254	)
NET ASSETS	$	1,468,729,069		$	449,080,978		$	32,666,182
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	751,670,388		$	275,331,695		$	32,665,319
Shares of beneficial interest		37,315,334			14,912,565			3,912,965
Net asset value, offering and redemption price per share	$	20.14		$	18.46		$	8.35
Retail Class:
Net assets	$	72,740,402		$	79,652,741		$	—
Shares of beneficial interest		4,005,366			4,400,063			—
Net asset value, offering and redemption price per share	$	18.16		$	18.10		$	—
Admin Class shares:
Net assets	$	—		$	6,665,912		$	—
Shares of beneficial interest		—			389,605			—
Net asset value, offering and redemption price per share	$	—		$	17.11		$	—
Class N shares:
Net assets	$	644,318,279		$	87,430,630		$	863
Shares of beneficial interest		31,665,950			4,733,546			103
Net asset value, offering and redemption price per share	$	20.35		$	18.47		$	8.35	*

* Net asset value calculations have been determined utilizing fractional share and penny amounts.

See accompanying notes to financial statements.

27  |

Statements of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
INVESTMENT INCOME
Dividends	$	2,015,525		$	4,290,059		$	107,346
Interest		317,141			39,764			6,143
Less net foreign taxes withheld		—			(17,211	)		(837	)
		2,332,666			4,312,612			112,652
Expenses
Management fees (Note 5)		6,568,523			2,519,135			143,558
Service and distribution fees (Note 5)		118,827			183,968			—
Administrative fees (Note 5)		383,947			147,141			8,393
Trustees’ fees and expenses (Note 5)		44,205			25,376			10,010
Transfer agent fees and expenses (Notes 5 and 6)		671,241			289,374			3,170
Audit and tax services fees		20,209			20,632			20,289
Custodian fees and expenses		30,513			11,046			4,209
Legal fees (Note 7)		14,981			5,255			609
Registration fees		72,982			61,993			34,183
Shareholder reporting expenses		40,526			32,322			4,428
Miscellaneous expenses (Note 7)		37,641			24,270			14,207
Total expenses		8,003,595			3,320,512			243,056
Less waiver and/or expense reimbursement (Note 5)		—			(146,357	)		(81,746	)
Net expenses		8,003,595			3,174,155			161,310
Net investment income (loss)		(5,670,929	)		1,138,457			(48,658	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(53,910,373	)		26,413,159			(597,218	)
Net change in unrealized appreciation (depreciation) on:
Investments		(227,884,714	)		(222,138,996	)		(5,513,792	)
Net realized and unrealized loss on investments		(281,795,087	)		(195,725,837	)		(6,111,010	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(287,466,016	)	$	(194,587,380	)	$	(6,159,668	)

See accompanying notes to financial statements.

|  28

Statements of Changes in Net Assets

	Small Cap Growth Fund						Small Cap Value Fund
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
FROM OPERATIONS:
Net investment income (loss)	$	(5,670,929	)	$	(8,790,650	)	$	1,138,457		$	2,471,460
Net realized gain (loss) on investments		(53,910,373	)		155,991,266			26,413,159			55,538,968
Net change in unrealized appreciation (depreciation) on investments		(227,884,714	)		(268,064,056	)		(222,138,996	)		(109,251,529	)
Net decrease in net assets resulting from operations		(287,466,016	)		(120,863,440	)		(194,587,380	)		(51,241,101	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(80,218,616	)		(74,228,048	)		(34,882,909	)		(67,841,584	)
Retail Class		(9,162,211	)		(11,691,827	)		(10,573,237	)		(23,416,722	)
Admin Class		—			—			(1,107,925	)		(3,000,140	)
Class N		(61,460,368	)		(45,465,070	)		(11,045,289	)		(18,276,952	)
Total distributions		(150,841,195	)		(131,384,945	)		(57,609,360	)		(112,535,398	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		272,872,126			305,348,898			(21,694,780	)		(86,935,502	)
Net increase (decrease) in net assets		(165,435,085	)		53,100,513			(273,891,520	)		(250,712,001	)
NET ASSETS
Beginning of the period		1,634,164,154			1,581,063,641			722,972,498			973,684,499
End of the period	$	1,468,729,069		$	1,634,164,154		$	449,080,978		$	722,972,498

See accompanying notes to financial statements.

29  |

Statements of Changes in Net Assets – continued

	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
FROM OPERATIONS:
Net investment loss	$	(48,658	)	$	(82,902	)
Net realized gain (loss) on investments		(597,218	)		707,633
Net change in unrealized appreciation (depreciation) on investments		(5,513,792	)		(112,924	)
Net increase (decrease) in net assets resulting from operations		(6,159,668	)		511,807
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(817,090	)		(4,717,064	)
Class N		(24	)		—
Total distributions		(817,114	)		(4,717,064	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		5,330,996			21,017,023
Net increase (decrease) in net assets		(1,645,786	)		16,811,766
NET ASSETS
Beginning of the period		34,311,968			17,500,202
End of the period	$	32,666,182		$	34,311,968

See accompanying notes to financial statements.

|  30

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.

	Small Cap Growth Fund—Institutional Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	26.30		$	31.55		$	27.37		$	22.03		$	22.22		$	24.27
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.09	)		(0.16	)		(0.16	)		(0.12	)		(0.09	)		(0.14	)
Net realized and unrealized gain (loss)		(3.72	)		(2.51	)		7.54			5.46			1.59			1.63
Total from Investment Operations		(3.81	)		(2.67	)		7.38			5.34			1.50			1.49
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(2.35	)		(2.58	)		(3.20	)		—			(1.69	)		(3.54	)
Net asset value, end of the period	$	20.14		$	26.30		$	31.55		$	27.37		$	22.03		$	22.22
Total return		(16.66	)%(b)		(6.88	)%		29.77	%		24.24	%		6.92	%		5.78	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	751,670		$	908,616		$	926,914		$	824,103		$	812,383		$	800,883
Net expenses		0.95	%(c)		0.95	%		0.94	%		0.95	%		0.95	%		0.94	%
Gross expenses		0.95	%(c)		0.95	%		0.94	%		0.95	%		0.95	%		0.94	%
Net investment loss		(0.69	)%(c)		(0.62	)%		(0.58	)%		(0.49	)%		(0.41	)%		(0.57	)%
Portfolio turnover rate		23	%		67	%		41	%		45	%		56	%		78	%

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

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

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

See accompanying notes to financial statements.

31  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Retail Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	23.95		$	29.09		$	25.53		$	20.61		$	20.93		$	23.10
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.11	)		(0.21	)		(0.22	)		(0.16	)		(0.13	)		(0.19	)
Net realized and unrealized gain (loss)		(3.33	)		(2.35	)		6.98			5.08			1.50			1.56
Total from Investment Operations		(3.44	)		(2.56	)		6.76			4.92			1.37			1.37
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(2.35	)		(2.58	)		(3.20	)		—			(1.69	)		(3.54	)
Net asset value, end of the period	$	18.16		$	23.95		$	29.09		$	25.53		$	20.61		$	20.93
Total return		(16.75	)%(b)		(7.11	)%(c)		29.45	%		23.93	%		6.61	%		5.58	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	72,740		$	95,635		$	136,415		$	107,387		$	118,670		$	162,906
Net expenses		1.20	%(d)		1.19	%(e)		1.19	%		1.20	%		1.20	%		1.19	%
Gross expenses		1.20	%(d)		1.20	%		1.19	%		1.20	%		1.20	%		1.19	%
Net investment loss		(0.94	)%(d)		(0.86	)%		(0.82	)%		(0.73	)%		(0.66	)%		(0.82	)%
Portfolio turnover rate		23	%		67	%		41	%		45	%		56	%		78	%

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

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

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

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

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

See accompanying notes to financial statements.

|  32

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Class N
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	26.53		$	31.76		$	27.50		$	22.11		$	22.27		$	24.29
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.07	)		(0.13	)		(0.12	)		(0.09	)		(0.06	)		(0.12	)
Net realized and unrealized gain (loss)		(3.76	)		(2.52	)		7.58			5.48			1.59			1.64
Total from Investment Operations		(3.83	)		(2.65	)		7.46			5.39			1.53			1.52
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(2.35	)		(2.58	)		(3.20	)		—			(1.69	)		(3.54	)
Net asset value, end of the period	$	20.35		$	26.53		$	31.76		$	27.50		$	22.11		$	22.27
Total return		(16.58	)%(b)		(6.76	)%		29.93	%		24.38	%		7.05	%		5.92	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	644,318		$	629,914		$	517,734		$	279,508		$	196,733		$	162,591
Net expenses		0.83	%(c)		0.82	%		0.82	%		0.82	%		0.83	%		0.83	%
Gross expenses		0.83	%(c)		0.82	%		0.82	%		0.82	%		0.83	%		0.83	%
Net investment loss		(0.56	)%(c)		(0.49	)%		(0.43	)%		(0.39	)%		(0.29	)%		(0.51	)%
Portfolio turnover rate		23	%		67	%		41	%		45	%		56	%		78	%

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

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

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

See accompanying notes to financial statements.

33  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund— Institutional Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	28.66		$	35.27		$	37.37		$	33.78		$	32.19		$	36.40
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.10			0.09			0.13			0.17			0.27
Net realized and unrealized gain (loss)		(7.84	)		(2.49	)		2.11			6.36			4.82			0.49
Total from Investment Operations		(7.79	)		(2.39	)		2.20			6.49			4.99			0.76
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.08	)		(0.05	)		(0.14	)		(0.22	)		(0.22	)
Net realized capital gains		(2.29	)		(4.14	)		(4.25	)		(2.76	)		(3.18	)		(4.75	)
Total Distributions		(2.41	)		(4.22	)		(4.30	)		(2.90	)		(3.40	)		(4.97	)
Net asset value, end of the period	$	18.46		$	28.66		$	35.27		$	37.37		$	33.78		$	32.19
Total return(b)		(30.02	)%(c)		(4.11	)%		6.21	%		19.68	%		16.75	%		1.20	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	275,332		$	433,360		$	587,198		$	665,229		$	654,501		$	666,107
Net expenses(d)		0.90	%(e)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		0.95	%(e)		0.93	%		0.92	%		0.93	%		0.93	%		0.92	%
Net investment income		0.39	%(e)		0.36	%		0.26	%		0.37	%		0.52	%		0.75	%
Portfolio turnover rate		11	%		24	%		19	%		25	%		22	%		22	%

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

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

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

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

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

See accompanying notes to financial statements.

|  34

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund— Retail Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	28.11		$	34.66		$	36.83		$	33.33		$	31.78		$	35.98
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.02			0.03			0.00	(b)		0.04			0.08			0.18
Net realized and unrealized gain (loss)		(7.70	)		(2.44	)		2.08			6.27			4.77			0.48
Total from Investment Operations		(7.68	)		(2.41	)		2.08			6.31			4.85			0.66
LESS DISTRIBUTIONS FROM:
Net investment income		(0.04	)		—			—			(0.05	)		(0.12	)		(0.11	)
Net realized capital gains		(2.29	)		(4.14	)		(4.25	)		(2.76	)		(3.18	)		(4.75	)
Total Distributions		(2.33	)		(4.14	)		(4.25	)		(2.81	)		(3.30	)		(4.86	)
Net asset value, end of the period	$	18.10		$	28.11		$	34.66		$	36.83		$	33.33		$	31.78
Total return(c)		(30.12	)%(d)		(4.33	)%		5.95	%		19.38	%		16.47	%		0.94	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	79,653		$	134,434		$	208,310		$	251,405		$	267,936		$	306,360
Net expenses(e)		1.15	%(f)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.20	%(f)		1.18	%		1.17	%		1.18	%		1.18	%		1.17	%
Net investment income		0.13	%(f)		0.10	%		0.01	%		0.12	%		0.27	%		0.50	%
Portfolio turnover rate		11	%		24	%		19	%		25	%		22	%		22	%

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

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

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

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

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

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

See accompanying notes to financial statements.

35  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund— Admin Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	26.68		$	33.25		$	35.58		$	32.31		$	30.88		$	35.06
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)		(0.04	)		(0.08	)		(0.04	)		0.01			0.09
Net realized and unrealized gain (loss)		(7.26	)		(2.39	)		2.00			6.07			4.62			0.48
Total from Investment Operations		(7.28	)		(2.43	)		1.92			6.03			4.63			0.57
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			(0.02	)		(0.00	)(b)
Net realized capital gains		(2.29	)		(4.14	)		(4.25	)		(2.76	)		(3.18	)		(4.75	)
Total Distributions		(2.29	)		(4.14	)		(4.25	)		(2.76	)		(3.20	)		(4.75	)
Net asset value, end of the period	$	17.11		$	26.68		$	33.25		$	35.58		$	32.31		$	30.88
Total return(c)		(30.19	)%(d)		(4.60	)%		5.68	%		19.10	%		16.19	%		0.71	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,666		$	13,357		$	24,530		$	30,533		$	43,973		$	45,762
Net expenses(e)		1.40	%(f)		1.40	%		1.40	%		1.40	%		1.39	%(g)		1.38	%(h)
Gross expenses		1.45	%(f)		1.43	%		1.42	%		1.43	%		1.42	%(g)		1.40	%(h)
Net investment income (loss)		(0.13	)%(f)		(0.15	)%		(0.24	)%		(0.11	)%		0.03	%		0.28	%
Portfolio turnover rate		11	%		24	%		19	%		25	%		22	%		22	%

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

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

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

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

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

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

(g) Includes refund of prior year service fee of 0.01%.

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

See accompanying notes to financial statements.

|  36

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund— Class N
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	28.68		$	35.31		$	37.41		$	33.81		$	32.22		$	36.44
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.12			0.12			0.15			0.19			0.27
Net realized and unrealized gain (loss)		(7.84	)		(2.50	)		2.11			6.37			4.83			0.50
Total from Investment Operations		(7.78	)		(2.38	)		2.23			6.52			5.02			0.77
LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.11	)		(0.08	)		(0.16	)		(0.25	)		(0.24	)
Net realized capital gains		(2.29	)		(4.14	)		(4.25	)		(2.76	)		(3.18	)		(4.75	)
Total Distributions		(2.43	)		(4.25	)		(4.33	)		(2.92	)		(3.43	)		(4.99	)
Net asset value, end of the period	$	18.47		$	28.68		$	35.31		$	37.41		$	33.81		$	32.22
Total return		(29.98	)%(b)		(4.07	)%		6.28	%		19.78	%		16.84	%		1.25	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	87,431		$	141,821		$	153,646		$	136,162		$	68,332		$	38,555
Net expenses		0.85	%(c)		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%(d)
Gross expenses		0.85	%(c)		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%(d)
Net investment income		0.43	%(c)		0.43	%		0.33	%		0.44	%		0.61	%		0.76	%
Portfolio turnover rate		11	%		24	%		19	%		25	%		22	%		22	%

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

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

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

(d) Includes fee/expense recovery of less than 0.01%.

See accompanying notes to financial statements.

37  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small/Mid Cap Growth Fund— Institutional Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015*
Net asset value, beginning of the period	$	10.03		$	15.49		$	12.31		$	9.73		$	9.05		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.01	)		(0.04	)		(0.05	)		0.00	(b)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		(1.43	)		(1.55	)(c)		3.23			2.60			0.70			(0.94	)
Total from Investment Operations		(1.44	)		(1.59	)		3.18			2.60			0.68			(0.95	)
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			(0.02	)		—			—
Net realized capital gains		(0.24	)		(3.87	)		—			—			—			—
Total Distributions		(0.24	)		(3.87	)		—			(0.02	)		—			—
Net asset value, end of the period	$	8.35		$	10.03		$	15.49		$	12.31		$	9.73		$	9.05
Total return(d)		(14.89	)%(e)		(3.27	)%		25.83	%		26.74	%		7.51	%		(9.50	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	32,665		$	34,312		$	17,500		$	14,592		$	11,974		$	9,242
Net expenses(f)		0.84	%(g)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%(g)
Gross expenses		1.27	%(g)		1.30	%		1.43	%		1.57	%		1.75	%		2.65	%(g)
Net investment income (loss)		(0.25	)%(g)		(0.35	)%		(0.35	)%		0.01	%		(0.22	)%		(0.53	)%(g)
Portfolio turnover rate		37	%		67	%		102	%(h)		49	%		53	%		14	%

* From commencement of operations on June 30, 2015 through September 30, 2015.

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

(b) Amount rounds to less than $0.01.

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

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

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

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

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

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

See accompanying notes to financial statements.

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Financial Highlights – continued

For a share outstanding throughout each period.

	Small/Mid Cap Growth Fund— Class N
	Period Ended March 31, 2020* (Unaudited)
Net asset value, beginning of the period	$	9.89
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.01	)
Net realized and unrealized gain (loss)		(1.29	)
Total from Investment Operations		(1.30	)
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.24	)
Net asset value, end of the period	$	8.35
Total return(b)(c)		(13.58	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1
Net expenses(d)(e)		0.83	%
Gross expenses(e)		140.63	%
Net investment loss(e)		(0.27	)%
Portfolio turnover rate		37	%

* Class operations commenced on October 1, 2019.

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

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

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

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

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

See accompanying notes to financial statements.

39  |

Notes to Financial Statements

March 31, 2020 (Unaudited)

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

Loomis Sayles Funds I:

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

Loomis Sayles Funds II:

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

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

Each Fund is a diversified investment company.

Small Cap Growth Fund offers Institutional Class, Retail Class and Class N shares. Small Cap Value Fund offers Institutional Class, Retail Class, Admin Class and Class N shares. Small/Mid Cap Growth Fund offers Institutional Class and Class N shares (effective October 1, 2019).

Each share class is sold without a sales charge. Retail Class and Admin Class shares pay a Rule12b-1 fee. Class N shares are offered with an initial minimum investment of $1,000,000. Institutional Class shares are intended for institutional investors with a minimum initial investment of $100,000. Certain categories of investors are exempted from the minimum investment amount for Class N and Institutional Class as outlined in the relevant Fund’s prospectus. Admin Class shares are offered exclusively through intermediaries.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust. Expenses of a Fund are bornepro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule12b-1 fees applicable to Retail Class and Admin Class), and transfer agent fees are borne collectively for Institutional Class, Retail Class and Admin Class, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule12b-1 Plan. Shares of each class would receive theirpro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

2.  Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements.

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Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

The Funds’ financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

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

Listed equity securities (including shares ofclosed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Funds may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has

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Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

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

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

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

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

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes

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Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities.

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

d.  Federal and Foreign Income Taxes. The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2020 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or will be filed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

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Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

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

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2019 was as follows:

	2019 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	131,384,945	$	131,384,945
Small Cap Value Fund		1,761,169		110,774,229		112,535,398
Small/Mid Cap Growth Fund		—		4,717,064		4,717,064

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

As of September 30, 2019, late-year ordinary and post-October capital loss deferrals were as follows:

	Small Cap Growth Fund			Small Cap Value Fund		Small/Mid Cap Growth Fund
Late-year ordinary and post-October capital loss deferrals*	$	(6,292,971	)	$	—	$	(67,038	)

* Under current tax law, net operating losses, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Small Cap Growth Fund and Small/Mid Cap Growth Fund are deferring net operating losses.

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Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

As of March 31, 2020, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap  Growth Fund
Federal tax cost	$	1,415,647,846		$	466,663,484		$	36,338,150
Gross tax appreciation	$	219,261,762		$	85,291,418		$	1,407,633
Gross tax depreciation		(174,003,483	)		(102,947,336	)		(4,583,674	)
Net tax appreciation (depreciation)	$	45,258,279		$	(17,655,918	)	$	(3,176,041	)

Amounts in the table above exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.

f.  Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements aretri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2020, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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

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Notes to Financial Statements – continued

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For the six months ended March 31, 2020, none of the Funds had loaned securities under this agreement.

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

i.  New Accounting Pronouncement. In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU2018-13”). The update introduces new fair value disclosure requirements, eliminates some prior fair value disclosure requirements, and modifies certain existing fair value disclosure requirements. ASU2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity is permitted to early adopt any eliminated or modified disclosures upon issuance of the update and delay adoption of any new disclosures until the required effective date. Management has evaluated the impact of the adoption of ASU2018-13 and has determined to early adopt the removal of (i) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and (ii) the policy for timing of transfers between levels. New disclosures required by ASU2018-13 will be incorporated in the Funds’ semiannual financial statements as of March 31, 2021.

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

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

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

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

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

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Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2020, at value:

Small Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,395,191,452	$	—	$	—	$	1,395,191,452
Short-Term Investments		—		65,714,673		—		65,714,673
Total	$	1,395,191,452	$	65,714,673	$	—	$	1,460,906,125

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

Small Cap Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	439,273,687	$	—	$	—	$	439,273,687
Other Investments(a)		—		—		—		—
Short-Term Investments		—		9,733,879		—		9,733,879
Total	$	439,273,687	$	9,733,879	$	—	$	449,007,566

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

Small/Mid Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	31,908,599	$	—	$	—	$	31,908,599
Short-Term Investments		—		1,253,510		—		1,253,510
Total	$	31,908,599	$	1,253,510	$	—	$	33,162,109

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

4.  Purchases and Sales of Securities. For the six months ended March 31, 2020, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Small Cap Growth Fund	$	482,203,705	$	384,401,070
Small Cap Value Fund		71,631,093		152,043,625
Small/Mid Cap Growth Fund		20,980,361		13,383,952

5.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment

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March 31, 2020 (Unaudited)

Managers, LLC (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

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

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

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2021, may be terminated before then only with the consent of the Funds’ Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/ reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2020, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

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

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

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March 31, 2020 (Unaudited)

For the six months ended March 31, 2020, the management fees for each Fund were as follows:

	Gross Management Fees		Contractual Waivers of Management Fees1		Voluntary Waivers of Management Fees2		Net Management Fees		Percentage of Average Daily Net Assets
Fund									Gross		Net
Small Cap Growth Fund	$	6,568,523	$	—	$	—	$	6,568,523		0.75%		0.75%
Small Cap Value Fund		2,519,135		—		—		2,519,135		0.75%		0.75%
Small/Mid Cap Growth Fund		143,558		79,627		1,389		62,542		0.75%		0.33%

For the six months ended March 31, 2020, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	110,252	$	32,920	$	3,185	$	—	$	146,357

¹  Waiver/expense reimbursements are subject to possible recovery until September 30, 2021.

² Voluntary management fee waivers are not subject to recovery under the expense limitation agreement described above.

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

Pursuant to Rule12b-1 under the 1940 Act, Small Cap Growth Fund and Small Cap Value Fund have adopted a Distribution Plan relating to each Fund’s Retail Class shares (the “Retail Class Plans”) and Small Cap Value Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

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

Under the Admin Class Plan, Small Cap Value Fund pays Natixis Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by

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March 31, 2020 (Unaudited)

Natixis Distribution in connection with the marketing or sale of Admin Class shares or for payments made by Natixis Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Admin Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

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

For the six months ended March 31, 2020, the service and distribution fees for each Fund were as follows:

	Service Fees		Distribution Fees
Fund	Admin Class		Retail Class		Admin Class
Small Cap Growth Fund	$	—	$	118,827	$	—
Small Cap Value Fund		15,261		153,446		15,261

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

For the six months ended March 31, 2020, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Small Cap Growth Fund	$	383,947
Small Cap Value Fund		147,141
Small/Mid Cap Growth Fund		8,393

d.  Sub-Transfer Agent Fees. Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold

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Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts(sub-transfer agent fees) paid to Natixis Distribution are subject to a currentper-account equivalent fee limit approved by the Funds’ Board of Trustees, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 2020, thesub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Small Cap Growth Fund	$	661,169
Small Cap Value Fund		280,424
Small/Mid Cap Growth Fund		992

As of March 31, 2020, the Funds owe Natixis Distribution the following reimbursements forsub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

Fund	Reimbursements of Sub-Transfer Agent Fees
Small Cap Growth Fund	$	12,180
Small Cap Value Fund		5,138
Small/Mid Cap Growth Fund		32

Sub-transfer agent fees attributable to Institutional Class, Retail Class and Admin Class are allocated on apro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e.  Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each

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March 31, 2020 (Unaudited)

Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2020, the Chairperson of the Board received a retainer fee at the annual rate of $360,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $190,000, and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $15,000. All other Trustee fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocatedpro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

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

f.  Affiliated Ownership. As of March 31, 2020, Natixis and affiliates, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of the Funds’ net assets:

Fund	Natixis		Pension Plan		Retirement Plan		Total Affiliated Ownership
Small Cap Growth Fund		—		0.15%		1.30%		1.45%
Small Cap Value Fund		—		0.39%		4.19%		4.58%
Small/Mid Cap Growth Fund		Less than 1%		—		—		Less than 1%

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

g.  Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to Small/Mid Cap Growth Fund to reimburse any

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Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through January 31, 2021 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2020, Natixis Advisors reimbursed Small/Mid Cap Growth Fund $730 for transfer agency expenses related to Class N shares.

6.Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Institutional Class, Retail Class and Admin Class are allocated on apro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the six months ended March 31, 2020, the Funds incurred the following class-specific transfer agent fees and expenses (includingsub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Admin Class		Class N
Small Cap Growth Fund	$	605,803	$	62,253	$	—	$	3,185
Small Cap Value Fund		216,577		65,106		6,443		1,248
Small/Mid Cap Growth Fund		2,440		—		—		730

7.  Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the six months ended March 31, 2020, none of the Funds had borrowings under this agreement.

8.  Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2020, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than

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Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

Fund	Number of 5% Account Holders		Percentage of Ownership
Small Cap Value Fund		1		7.42%
Small/Mid Cap Growth Fund		5		68.09%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for anon-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

9.  Risk. Global markets have experienced periods of high volatility triggered by the rapidly evolving public health emergency known as coronavirus(“COVID-19”). As the situation continues to unfold, the extent and duration of the impact that theCOVID-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of theCOVID-19 outbreak on financial markets and the economy continue for an extended period of time, the Funds’ future financial and investment results may be adversely affected.

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

	Small Cap Growth Fund
	Six Months Ended March 31, 2020						Year Ended September 30, 2019
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		7,187,870		$	172,100,244			11,579,961		$	308,840,843
Issued in connection with the reinvestment of distributions		2,907,753			77,404,396			3,229,384			71,175,640
Redeemed		(7,328,693	)		(186,805,050	)		(9,640,609	)		(255,383,227	)
Net change		2,766,930		$	62,699,590			5,168,736		$	124,633,256
Retail Class
Issued from the sale of shares		572,516		$	12,846,699			1,457,788		$	35,354,241
Issued in connection with the reinvestment of distributions		379,550			9,116,785			580,575			11,675,362
Redeemed		(939,892	)		(21,781,361	)		(2,734,300	)		(66,088,287	)
Net change		12,174		$	182,123			(695,937	)	$	(19,058,684	)

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Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

10.  Capital Shares – continued

	Small Cap Growth Fund
	Six Months Ended March 31, 2020						Year Ended September 30, 2019
Class N	Shares			Amount			Shares			Amount
Issued from the sale of shares		8,980,579		$	232,288,718			14,891,081		$	407,213,957
Issued in connection with the reinvestment of distributions		2,249,879			60,476,756			2,040,644			45,322,697
Redeemed		(3,310,307	)		(82,775,061	)		(9,488,573	)		(252,762,328	)
Net change		7,920,151		$	209,990,413			7,443,152		$	199,774,326
Increase from capital share transactions		10,699,255		$	272,872,126			11,915,951		$	305,348,898
	Small Cap Value Fund
	Six Months Ended March 31, 2020						Year Ended September 30, 2019
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,200,840		$	30,898,944			1,885,997		$	52,720,402
Issued in connection with the reinvestment of distributions		1,187,726			33,101,927			2,757,754			64,641,757
Redeemed		(2,595,423	)		(67,537,255	)		(6,172,550	)		(172,631,075	)
Net change		(206,857	)	$	(3,536,384	)		(1,528,799	)	$	(55,268,916	)
Retail Class
Issued from the sale of shares		110,004		$	2,771,868			248,433		$	6,930,683
Issued in connection with the reinvestment of distributions		385,444			10,541,881			1,013,991			23,352,213
Redeemed		(878,427	)		(23,108,375	)		(2,489,201	)		(67,155,838	)
Net change		(382,979	)	$	(9,794,626	)		(1,226,777	)	$	(36,872,942	)
Admin Class
Issued from the sale of shares		59,420		$	1,473,427			164,641		$	4,244,622
Issued in connection with the reinvestment of distributions		33,393			863,879			103,280			2,261,822
Redeemed		(203,794	)		(4,163,577	)		(505,156	)		(12,991,234	)
Net change		(110,981	)	$	(1,826,271	)		(237,235	)	$	(6,484,790	)
Class N
Issued from the sale of shares		380,627		$	9,332,730			1,949,203		$	53,692,224
Issued in connection with the reinvestment of distributions		396,172			11,045,289			779,733			18,276,952
Redeemed		(987,460	)		(26,915,518	)		(2,136,634	)		(60,278,030	)
Net change		(210,661	)	$	(6,537,499	)		592,302		$	11,691,146
Decrease from capital share transactions		(911,478	)	$	(21,694,780	)		(2,400,509	)	$	(86,935,502	)

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Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

10.  Capital Shares – continued

	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2020						Year Ended September 30, 2019
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,247,278		$	12,904,888			2,433,625		$	23,898,389
Issued in connection with the reinvestment of distributions		74,958			787,810			540,127			4,234,598
Redeemed		(298,965	)		(2,762,496	)		(681,600	)		(7,115,964	)
Redeemedin-kind (Note 11)		(532,341	)		(5,600,230	)		—			—
Net change		490,930		$	5,329,972			2,292,152		$	21,017,023
Class N(a)
Issued from the sale of shares		101		$	1,000			—		$	—
Issued in connection with the reinvestment of distributions		2			24			—			—
Net change		103		$	1,024			—		$	—
Increase from capital share transactions		491,033		$	5,330,996			2,292,152		$	21,017,023

(a) Class operations commenced on October 1, 2019.

11.  RedemptionIn-Kind. In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (redemptionin-kind). For financial reporting purposes, the Fund will recognize a gain onin-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Fund will recognize a loss if the cost exceeds value. Gains and losses realized on redemptionsin-kind are not recognized for tax purposes, and arere-classified from realized gain (loss) topaid-in-capital. Small/Mid Cap Growth Fund realized a gain of $779,521 on redemptionsin-kind during the six months ended March 31, 2020. This amount is included in realized gain (loss) on the Statements of Operations.

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Loomis Sayles Bond Fund

Semiannual Report

March 31, 2020

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	5
Financial Statements	20
Notes to Financial Statements	27

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling1-800-633-3330. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically atwww.icsdelivery.com/loomissayles.

LOOMIS SAYLES BOND FUND

Managers	Symbols
Matthew J. Eagan, CFA®	Institutional Class	LSBDX
Daniel J. Fuss, CFA®, CIC	Retail Class	LSBRX
Brian P. Kennedy	Admin Class	LBFAX
Elaine M. Stokes	Class N	LSBNX

Investment Objective

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

1  |

LOOMIS SAYLES BOND FUND

Average Annual Total Returns — March31, 2020²

																Expense  Ratios3
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Institutional Class (Inception5/16/91)		-9.63	%		-6.39	%		1.00	%		4.07	%		—	%		0.67	%		0.67	%
Retail Class (Inception12/31/96)		-9.72			-6.51			0.75			3.80			—			0.92			0.92
Admin Class (Inception1/2/98)		-9.81			-6.77			0.50			3.53			—			1.17			1.17
Class N (Inception2/1/13)		-9.54			-6.26			1.07			—			1.83			0.59			0.59
Comparative Performance
Bloomberg Barclays US Government/ Credit Bond Index1		3.36			9.82			3.54			4.15			3.34

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

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

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

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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ADDITIONAL INFORMATION

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

Additional Index Information

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

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

Proxy Voting Information

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

Quarterly Portfolio Schedules

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit on Form N-PORT. The Fund’sForm N-PORT is available on the SEC’s website at www.sec.gov.

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

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1)transaction costs, and (2) ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Fund’s prospectus. 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 for each class of Fund shares shows theactual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2019 through March 31, 2020. 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)

3  |

and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

Loomis Sayles Bond Fund

Institutional Class	Beginning Account Value 10/1/2019		Ending Account Value 3/31/2020		Expenses Paid During Period* 10/1/2019 – 3/31/2020
Actual		$1,000.00		$903.70		$3.19
Hypothetical (5% return before expenses)		$1,000.00		$1,021.65		$3.39
Retail Class
Actual		$1,000.00		$902.80		$4.38
Hypothetical (5% return before expenses)		$1,000.00		$1,020.40		$4.65
Admin Class
Actual		$1,000.00		$901.90		$5.56
Hypothetical (5% return before expenses)		$1,000.00		$1,019.15		$5.91
Class N
Actual		$1,000.00		$904.60		$2.86
Hypothetical (5% return before expenses)		$1,000.00		$1,022.00		$3.03
*  Expenses are equal to the Fund’s annualized expense ratio: 0.67%, 0.92%, 1.17% and 0.60% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period).

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Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes –70.4% of Net Assets
	Non-Convertible Bonds –65.5%
		ABS Other –0.6%
$	21,324,711	FAN Engine Securitization Ltd., Series2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(a)(b)	$	20,589,435
	20,103,545	GCA2014 Holdings Ltd., Series2014-1, Class C, 6.000%, 1/05/2030, 144A(a)(c)(d)(e)		16,613,570
	8,971,235	GCA2014 Holdings Ltd., Series2014-1, Class D, 7.500%, 1/05/2030, 144A(a)(c)(d)(e)		5,138,724
	32,585,000	GCA2014 Holdings Ltd., Series2014-1, Class E, Zero Coupon, 1/05/2030, 144A(a)(c)(d)(e)(f)		—
	8,970,944	Global Container Assets Ltd., Series2015-1A, Class B, 4.500%, 2/05/2030, 144A(a)(b)		8,678,577
				51,020,306
		Aerospace & Defense –1.5%
	260,000	Boeing Co. (The), 3.100%, 5/01/2026		239,185
	45,000	Boeing Co. (The), 3.625%, 3/01/2048		39,110
	1,200,000	Boeing Co. (The), 3.850%, 11/01/2048		1,080,577
	7,515,000	Boeing Co. (The), 3.950%, 8/01/2059		6,744,630
	26,680,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		20,010,000
	1,510,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		780,043
	11,844,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		7,698,600
	10,075,000	Bombardier, Inc., 7.875%, 4/15/2027, 144A		6,723,551
	4,055,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		3,572,495
	10,576,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		10,640,514
	10,821,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		12,444,150
	328,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039		377,200
	6,995,000	Textron Financial Corp.,3-month LIBOR + 1.735%, 3.427%, 2/15/2067, 144A(g)		3,958,121
	23,658,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		29,407,941
	25,941,000	TransDigm, Inc., 6.500%, 7/15/2024		24,438,757
				128,154,874
		Airlines –0.5%
	345,000	American Airlines Group, Inc., 3.750%, 3/01/2025, 144A		241,500
	29,295,000	American Airlines Group, Inc., 5.000%, 6/01/2022, 144A		23,509,237
	4,293,160	American Airlines Pass Through Certificates, Series2016-3, Class B, 3.750%, 4/15/2027		3,430,714
	4,161,111	American Airlines Pass Through Certificates, Series2017-2, Class B, 3.700%, 4/15/2027		3,548,834
	2,018,241	Continental Airlines Pass Through Certificates, Series2012-1, Class B, 6.250%, 10/11/2021		2,009,684
	2,250,112	Continental Airlines Pass Through Certificates, Series2012-2, Class B, 5.500%, 4/29/2022		2,273,806

See accompanying notes to financial statements.

5  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Airlines – continued
$	284,489	Continental Airlines Pass Through Trust, Series2001-1,Class A-1, 6.703%, 12/15/2022	$	292,677
	5,193,125	United Airlines Pass Through Trust, Series2014-1, Class A, 4.000%, 10/11/2027		5,133,215
				40,439,667
		Automotive –1.3%
	3,641,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		3,349,720
	3,172,000	Cummins, Inc., 6.750%, 2/15/2027		3,845,784
	21,945,000	Ford Motor Co., 4.750%, 1/15/2043		12,453,788
	1,560,000	Ford Motor Co., 6.625%, 2/15/2028		1,217,674
	1,580,000	Ford Motor Co., 7.500%, 8/01/2026		1,295,015
	26,145,000	Ford Motor Credit Co. LLC, 5.596%, 1/07/2022		25,295,288
	1,510,000	General Motors Co., 5.200%, 4/01/2045		1,195,611
	37,875,000	General Motors Financial Co., Inc., 4.375%, 9/25/2021		34,873,421
	17,724,000	Goodyear Tire & Rubber Co. (The), 4.875%, 3/15/2027		16,261,770
	6,201,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		5,456,880
	9,660,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		6,182,400
				111,427,351
		Banking –5.8%
	4,423,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		4,562,493
	59,285,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		61,280,717
	54,910,000	Bank of Nova Scotia (The), 2.130%, 6/15/2020, (CAD)		39,029,293
	22,200,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(h)		21,978,000
	7,340,000	Citigroup, Inc., 4.500%, 1/14/2022		7,620,139
	4,045,000	Cooperatieve Rabobank UA, 3.950%, 11/09/2022		4,083,052
	2,275,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		1,865,500
	27,405,000	Goldman Sachs Group, Inc. (The), Series MPLE, 3.550%, 2/12/2021, (CAD)		19,635,674
	26,445,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		25,902,819
	6,600,000	Morgan Stanley, 3.950%, 4/23/2027		6,950,724
	47,205,000	Morgan Stanley, GMTN, 4.350%, 9/08/2026		50,002,885
	75,000,000	Morgan Stanley, GMTN, 5.000%, 9/30/2021, (AUD)		48,637,880
	139,740,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		142,632,239
	15,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		18,209,528
	68,800,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		49,322,066
	2,250,000	National Australia Bank Ltd., 5.000%, 3/11/2024, (AUD)		1,581,027
				503,294,036

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Brokerage –1.1%
$	2,010,000	Jefferies Finance LLC/JFINCo-Issuer Corp., 7.250%, 8/15/2024, 144A	$	1,728,600
	51,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		52,199,400
	21,725,000	Jefferies Group LLC, 6.250%, 1/15/2036		19,224,192
	22,428,000	Jefferies Group LLC, 6.450%, 6/08/2027		22,904,555
				96,056,747
		Building Materials –0.3%
	7,794,000	American Woodmark Corp., 4.875%, 3/15/2026, 144A		7,267,905
	4,835,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		4,266,887
	4,057,000	Masco Corp., 6.500%, 8/15/2032		4,737,889
	4,534,000	Masco Corp., 7.750%, 8/01/2029		5,570,364
	650,000	Owens Corning, 4.400%, 1/30/2048		554,337
	6,344,000	Owens Corning, 7.000%, 12/01/2036		7,213,212
				29,610,594
		Cable Satellite –0.9%
	24,710,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		25,204,200
	9,330,000	DISH DBS Corp., 5.000%, 3/15/2023		8,926,944
	8,654,000	DISH DBS Corp., 7.750%, 7/01/2026		8,891,985
	6,190,000	Time Warner Cable LLC, 4.500%, 9/15/2042		5,812,199
	535,000	Time Warner Cable LLC, 5.875%, 11/15/2040		563,207
	15,800,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		10,723,073
	17,637,000	Ziggo BV, 5.500%, 1/15/2027, 144A		17,637,000
				77,758,608
		Chemicals –0.2%
	18,254,000	Consolidated Energy Finance S.A., 6.500%, 5/15/2026, 144A		15,333,360
		Construction Machinery –0.5%
	27,030,000	Toro Co. (The), 6.625%, 5/01/2037(a)(b)		34,502,244
	3,280,000	United Rentals North America, Inc., 4.875%, 1/15/2028		3,181,600
	9,505,000	United Rentals North America, Inc., 6.500%, 12/15/2026		9,647,575
				47,331,419
		Consumer Cyclical Services –0.1%
	8,919,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		7,804,125
		Consumer Products –0.1%
	15,473,000	Avon Products, Inc., 8.950%, 3/15/2043		12,997,320
		Diversified Manufacturing –0.2%
	8,950,000	General Electric Co., 4.500%, 3/11/2044		8,803,690
	11,695,000	General Electric Co., Series A, MTN,3-month LIBOR + 0.300%, 2.131%, 5/13/2024(g)		10,096,663
	2,080,000	General Electric Co., Series D, (fixed rate to 1/21/2021, variable rate thereafter), 5.000%(h)		1,716,000
				20,616,353

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Electric –0.8%
$	2,644,000	AES Corp. (The), 4.875%, 5/15/2023	$	2,544,823
	40,297,185	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		47,131,645
	1,230,000	Edison International, 4.950%, 4/15/2025		1,227,159
	8,663,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		8,836,194
	12,250,000	Vistra Energy Corp., 5.875%, 6/01/2023		12,219,375
				71,959,196
		Finance Companies –4.2%
	3,100,000	AGFC Capital Trust I,3-month LIBOR + 1.750%, 3.581%, 1/15/2067, 144A(a)(c)(e)(g)		1,190,004
	15,585,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		16,052,589
	445,000	Navient Corp., 5.000%, 3/15/2027		382,567
	27,420,000	Navient Corp., 5.500%, 1/25/2023		25,774,800
	5,365,000	Navient Corp., 5.875%, 10/25/2024		4,935,800
	150,996(††)	Navient Corp., 6.000%, 12/15/2043		2,602,165
	38,431,000	Navient Corp., 6.750%, 6/15/2026		35,356,520
	58,523,000	Navient Corp., MTN, 5.625%, 8/01/2033		43,143,156
	75,327,000	Navient Corp., MTN, 6.125%, 3/25/2024		69,677,475
	2,950,000	Navient Corp., MTN, 7.250%, 1/25/2022		2,844,744
	10,870,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		10,628,686
	31,410,000	Springleaf Finance Corp., 6.875%, 3/15/2025		31,633,639
	10,145,000	Springleaf Finance Corp., 7.125%, 3/15/2026		10,043,550
	36,085,000	Springleaf Finance Corp., 7.750%, 10/01/2021		36,265,425
	77,845,000	Springleaf Finance Corp., 8.250%, 10/01/2023		77,845,000
				368,376,120
		Financial Other –0.4%
	35,775,000	Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/2026, 144A		32,376,375
		Food & Beverage –0.2%
	1,500,000	FonterraCo-operative Group Ltd., MTN, 4.500%, 6/30/2021, (AUD)		956,220
	23,500,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		21,329,305
				22,285,525
		Gaming –0.2%
	17,635,000	International Game Technology PLC, 6.250%, 1/15/2027, 144A		15,342,450
		Government Owned – No Guarantee –0.1%
	8,465,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		9,222,633
		Healthcare –3.1%
	3,000,000	CHS/Community Health Systems, Inc., 6.625%, 2/15/2025, 144A		2,775,000
	5,175,000	HCA, Inc., 5.375%, 9/01/2026		5,332,010
	27,204,000	HCA, Inc., 7.050%, 12/01/2027		28,020,120
	27,545,000	HCA, Inc., 7.500%, 11/06/2033		27,545,000
	45,324,000	HCA, Inc., 8.360%, 4/15/2024		46,683,720
	6,944,000	HCA, Inc., MTN, 7.580%, 9/15/2025		7,152,320

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bond and Notes – continued
		Healthcare – continued
$	12,446,000	HCA, Inc., MTN, 7.750%, 7/15/2036	$	12,446,000
	45,135,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		43,103,925
	54,975,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		50,714,437
	49,062,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		41,212,080
	990,000	Tenet Healthcare Corp., 8.125%, 4/01/2022		942,975
	690,000	Universal Health Services, Inc., 4.750%, 8/01/2022, 144A		686,122
				266,613,709
		Home Construction –0.7%
	8,225,000	Beazer Homes USA, Inc., 7.250%, 10/15/2029		6,251,000
	52,605,000	PulteGroup, Inc., 6.000%, 2/15/2035		52,999,537
				59,250,537
		Independent Energy –1.0%
	6,177,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		4,618,459
	24,372,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		14,257,620
	6,507,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		2,407,590
	7,525,000	Bellatrix Exploration Ltd., 8.500%, 9/11/2023(a)(c)(d)(e)(i)(j)		358,190
	8,199,000	Bellatrix Exploration Ltd., 12.500%, (9.500% PIK, 3.000% Cash), 12/15/2023(a)(c)(d)(e)(i)(j)(k)		—
	11,379,000	California Resources Corp., 5.500%, 9/15/2021(a)(b)		1,109,453
	1,709,000	California Resources Corp., 6.000%, 11/15/2024(a)(b)		34,180
	103,250,000	California Resources Corp., 8.000%, 12/15/2022, 144A(a)(b)		1,548,750
	1,835,000	Chesapeake Energy Corp., 4.875%, 4/15/2022(a)(b)		183,500
	24,610,000	Chesapeake Energy Corp., 8.000%, 1/15/2025(a)(b)		1,607,771
	64,710,000	Chesapeake Energy Corp., 8.000%, 6/15/2027(a)(b)		4,529,700
	19,891,000	Continental Resources, Inc., 3.800%, 6/01/2024		10,231,896
	8,832,000	Continental Resources, Inc., 4.500%, 4/15/2023		4,904,971
	418,000	Continental Resources, Inc., 5.000%, 9/15/2022		266,659
	1,500,000	Denbury Resources, Inc., 7.750%, 2/15/2024, 144A		225,300
	20,735,000	Lonestar Resources America, Inc., 11.250%, 1/01/2023, 144A(a)(b)		3,784,137
	10,098,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		4,657,702
	2,000,000	Montage Resources Corp., 8.875%, 7/15/2023(a)(b)		1,350,000
	2,660,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		545,300
	2,770,000	Occidental Petroleum Corp., 4.500%, 7/15/2044		1,165,422
	186,667	Pan American Energy LLC, 7.875%, 5/07/2021, 144A		163,569
	4,270,000	QEP Resources, Inc., 5.250%, 5/01/2023		1,579,900
	190,000	Range Resources Corp., 4.875%, 5/15/2025		113,050
	27,050,000	Sanchez Energy Corp., 6.125%, 1/15/2023(a)(b)(j)		186,375
	12,420,000	Sanchez Energy Corp., 7.750%, 6/15/2021(a)(b)(j)		31,050
	4,915,000	SM Energy Co., 5.000%, 1/15/2024		1,572,554
	9,235,000	SM Energy Co., 5.625%, 6/01/2025		2,516,630
	17,818,000	SM Energy Co., 6.125%, 11/15/2022		7,539,295

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Independent Energy – continued
$	13,772,000	SM Energy Co., 6.625%, 1/15/2027	$	4,008,547
	11,777,000	SM Energy Co., 6.750%, 9/15/2026		3,533,100
	25,660,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.750%, 4/15/2023, 144A(a)(b)		5,645,200
	3,615,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.750%, 4/15/2023, 144A(a)(b)		854,044
	38,670,000	Whiting Petroleum Corp., 5.750%, 3/15/2021(a)(b)(f)		2,598,624
	7,005,000	Whiting Petroleum Corp., 6.250%, 4/01/2023(a)(b)(f)		608,314
	33,205,000	Whiting Petroleum Corp., 6.625%, 1/15/2026(a)(b)(f)		2,241,338
				90,978,190
		Life Insurance –3.4%
	6,212,000	American International Group, Inc., 4.875%, 6/01/2022		6,376,070
	67,930,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(h)		80,323,829
	7,878,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		6,142,642
	15,000,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		15,978,686
	2,030,000	MetLife, Inc., 9.250%, 4/08/2068, 144A		2,537,500
	10,175,000	MetLife, Inc., 10.750%, 8/01/2069		14,143,250
	57,985,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A(a)(b)		80,932,088
	38,476,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(a)(b)		68,463,456
	12,950,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(a)(b)		18,597,941
	2,500,000	Prudential Financial, Inc., MTN, 3.700%, 3/13/2051		2,279,022
				295,774,484
		Local Authorities –0.7%
	99,500,000	New South Wales Treasury Corp., 4.000%, 4/08/2021, (AUD)		63,388,670
	1,507,000	Ontario Hydro, 6.042%, 11/27/2020, (CAD)(l)		1,064,645
				64,453,315
		Media Entertainment –0.1%
	164,410,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		4,369,643
		Metals & Mining –1.1%
	35,180,000	ArcelorMittal S.A., 6.750%, 3/01/2041		34,607,664
	3,635,000	ArcelorMittal S.A., 7.000%, 10/15/2039		3,695,669
	3,950,000	Barrick Gold Corp., Series A, 5.800%, 11/15/2034		4,528,611
	5,370,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		6,877,727
	12,096,000	Commercial Metals Co., 5.375%, 7/15/2027		11,128,320
	5,000,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		4,012,500
	16,650,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		14,662,822
	1,445,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		1,202,515
	11,965,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		8,268,289
	11,640,000	United States Steel Corp., 6.650%, 6/01/2037		7,009,608
				95,993,725

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Midstream –0.5%
$	755,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/2022, 144A	$	566,250
	9,050,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		4,341,285
	7,325,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		6,586,042
	1,455,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,324,969
	17,922,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		6,093,480
	11,555,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		4,015,363
	205,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		204,080
	16,100,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(a)(b)(h)		230,230
	18,753,000	Williams Cos., Inc. (The), 3.350%, 8/15/2022		17,949,189
				41,310,888
		Mortgage Related –0.0%
	28,472	FHLMC, 5.000%, 12/01/2031		30,865
		Oil Field Services –0.9%
	8,997,000	Global Marine, Inc., 7.000%, 6/01/2028		3,143,732
	13,165,000	Noble Holding International Ltd., 7.875%, 2/01/2026, 144A		3,159,600
	10,000	Precision Drilling Corp., 5.250%, 11/15/2024		3,500
	2,680	Precision Drilling Corp., 6.500%, 12/15/2021		2,010
	2,710,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		1,295,380
	25,802,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		20,641,600
	51,710,000	Transocean, Inc., 5.800%, 10/15/2022		30,508,900
	69,157,000	Transocean, Inc., 6.800%, 3/15/2038(a)(b)		15,906,110
	4,030,000	Transocean, Inc., 7.500%, 4/15/2031		1,027,045
	15,500,000	Valaris PLC, 7.750%, 2/01/2026(a)(b)		1,417,940
				77,105,817
		Paper –1.6%
	38,882,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		55,437,273
	9,625,000	International Paper Co., 8.700%, 6/15/2038		13,788,888
	8,214,000	WestRock MWV LLC, 7.950%, 2/15/2031		11,172,693
	25,138,000	WestRock MWV LLC, 8.200%, 1/15/2030		35,656,045
	4,127,000	Weyerhaeuser Co., 6.950%, 10/01/2027		4,827,002
	14,035,000	Weyerhaeuser Co., 7.375%, 3/15/2032		16,544,273
				137,426,174
		Property & Casualty Insurance –0.2%
	13,985,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 13.091%, 1/15/2033, 144A(f)(g)		7,412,050
	80,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 13.091%, 1/15/2033(f)(g)		42,400

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Property & Casualty Insurance – continued
$	4,810,000	Radian Group, Inc., 4.500%, 10/01/2024	$	4,737,850
	2,825,000	Radian Group, Inc., 4.875%, 3/15/2027		2,782,625
				14,974,925
		Retailers –0.6%
	4,680,000	Dillard’s, Inc., 7.000%, 12/01/2028		4,038,138
	7,182,000	Dillard’s, Inc., 7.750%, 7/15/2026		5,893,765
	2,250,000	Dillard’s, Inc., 7.750%, 5/15/2027		2,185,721
	36,970,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036(a)(b)		2,772,750
	3,515,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097(a)(b)		301,155
	9,245,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		8,912,457
	41,870,000	Michaels Stores, Inc., 8.000%, 7/15/2027, 144A		30,983,800
				55,087,786
		Supermarkets –0.3%
	14,985,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s LP/Albertson’s LLC, 5.750%, 3/15/2025		15,140,844
	6,795,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s LP/Albertson’s LLC, 6.625%, 6/15/2024		6,896,925
	2,705,000	Safeway, Inc., 7.250%, 2/01/2031		2,681,953
				24,719,722
		Supranational –0.1%
	18,525,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		11,594,715
		Technology –1.4%
	49,820,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		46,799,912
	35,206,000	KLA Corp., 4.650%, 11/01/2024		37,144,686
	12,970,000	KLA Corp., 5.650%, 11/01/2034		15,004,114
	5,205,000	Micron Technology, Inc., 4.975%, 2/06/2026		5,455,255
	2,024,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		2,423,113
	17,527,000	Seagate HDD Cayman, 4.875%, 6/01/2027		17,264,260
				124,091,340
		Transportation Services –0.1%
	20,994,000	APL Ltd., 8.000%, 1/15/2024(a)(b)		8,397,600
		Treasuries –25.8%
	545,500,000	Canadian Government Bond, 0.750%, 9/01/2020, (CAD)		388,203,119
	8,600,000(†††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		34,254,990
	4,579,595(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		19,793,850
	39,547,655(†††)	Mexican Fixed Rate Bonds, Series M, 8.000%, 12/07/2023, (MXN)		174,809,888
	10,160,320(†††)	Mexican Fixed Rate Bonds, SeriesM-20, 7.500%, 6/03/2027, (MXN)		43,530,584
	3,288,446(†††)	Mexican Fixed Rate Bonds, SeriesM-20, 8.500%, 5/31/2029, (MXN)		14,960,991
	34,470,000(†††)	Mexican Fixed Rate Bonds, SeriesM-20, 10.000%, 12/05/2024, (MXN)		164,187,487
	113,749(†††)	Mexican Fixed Rate Bonds, SeriesM-20, 10.000%, 12/05/2024, (MXN)		541,809

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bond and Notes – continued
		Treasuries – continued
$	128,565,000	New Zealand Government Bond, Series 0521, 6.000%, 5/15/2021, (NZD)	$	81,626,781
	83,000,000	New Zealand Government Bond, Series 420, 3.000%, 4/15/2020, (NZD)		49,574,636
	764,599,000	Norway Government Bond, Series 474, 3.750%, 5/25/2021, 144A, (NOK)		76,432,645
	253,010,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		47,231,520
	97,345,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		18,409,391
	203,945,000	U.S. Treasury Bond, 3.000%, 8/15/2048		283,292,352
	80,000,000	U.S. Treasury Note, 1.500%, 9/30/2021		81,559,375
	468,275,000	U.S. Treasury Note, 1.500%, 10/31/2021		477,805,127
	279,500,000	U.S. Treasury Note, 1.500%, 11/30/2021		285,472,130
				2,241,686,675
		Wireless –0.2%
	281,500,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		11,105,856
	143,600,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		5,081,360
				16,187,216
		Wirelines –4.7%
	137,303,000	AT&T, Inc., 4.300%, 2/15/2030		147,447,106
	15,760,000	AT&T, Inc., 4.500%, 3/09/2048		17,066,895
	19,930,000	AT&T, Inc., 4.550%, 3/09/2049		21,420,211
	10,946,000	Bell Canada, Inc., MTN, 6.100%, 3/16/2035, 144A, (CAD)		9,180,313
	5,790,000	Bell Canada, Inc., MTN, 6.550%, 5/01/2029, 144A, (CAD)		5,053,753
	3,695,000	Bell Canada, Inc., MTN, 7.300%, 2/23/2032, 144A, (CAD)		3,516,958
	1,875,000	CenturyLink, Inc., 5.625%, 4/01/2025		1,884,356
	1,700,000	CenturyLink, Inc., Series S, 6.450%, 6/15/2021		1,725,500
	11,795,000	CenturyLink, Inc., Series W, 6.750%, 12/01/2023		12,535,726
	3,825,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		3,711,015
	3,036,000	Cincinnati Bell, Inc., 8.000%, 10/15/2025, 144A		3,111,900
	8,990,000	Qwest Corp., 7.250%, 9/15/2025		9,132,362
	49,543,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		49,047,570
	23,485,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		23,837,275
	13,590,000	Telefonica Emisiones S.A., EMTN, 5.375%, 2/02/2026, (GBP)		19,379,923
	71,128,000	Verizon Communications, Inc., 4.329%, 9/21/2028		80,629,278
	5,495,000	Windstream Services LLC/Windstream Finance Corp., 9.000%, 6/30/2025, 144A(a)(b)(j)		219,800
	12,552,000	Windstream Services LLC/Windstream Finance Corp., 10.500%, 6/30/2024, 144A(a)(b)(j)		502,080
				409,402,021
		TotalNon-Convertible Bonds (Identified Cost $6,813,221,172)		5,700,856,406

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bond and Notes – continued
	Convertible Bonds –3.5%
		Cable Satellite –2.2%
$	48,505,000	DISH Network Corp., 2.375%, 3/15/2024	$	38,440,213
	184,610,000	DISH Network Corp., 3.375%, 8/15/2026		149,875,905
				188,316,118
		Independent Energy –0.1%
	92,990,000	Chesapeake Energy Corp., 5.500%, 9/15/2026(a)(b)(c)		2,789,700
	14,628,000	SM Energy Co., 1.500%, 7/01/2021		5,282,516
	3,269,000	Whiting Petroleum Corp., 1.250%, 4/01/2020(a)(b)(f)		1,569,120
				9,641,336
		Pharmaceuticals –0.1%
	4,102,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		4,298,619
	1,263,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		1,338,843
				5,637,462
		REITs – Diversified –0.2%
	18,765,000	iStar, Inc., 3.125%, 9/15/2022		18,368,300
		Technology –0.9%
	13,345,000	Booking Holdings, Inc., 0.900%, 9/15/2021		13,303,631
	6,420,000	Evolent Health, Inc., 2.000%, 12/01/2021		5,296,500
	26,148,000	Nuance Communications, Inc., 1.000%, 12/15/2035		24,985,460
	14,263,000	Nuance Communications, Inc., 1.250%, 4/01/2025		15,459,238
	1,363,000	Nuance Communications, Inc., 1.500%, 11/01/2035		1,436,329
	23,950,000	Western Digital Corp., 1.500%, 2/01/2024		20,832,291
				81,313,449
		Total Convertible Bonds (Identified Cost $429,735,258)		303,276,665
	Municipals –1.4%
		Illinois –0.3%
	25,725,000	State of Illinois, 5.100%, 6/01/2033		25,535,407
		Michigan – 0.1%
	12,705,000	Michigan Tobacco Settlement Finance Authority, Series A, 7.309%, 6/01/2034		12,560,036
		Virginia –1.0%
	95,465,000	Tobacco Settlement Financing Corp., SeriesA-1, 6.706%, 6/01/2046		82,475,077
		Total Municipals (Identified Cost $128,230,493)		120,570,520
		Total Bonds and Notes (Identified Cost $7,371,186,923)		6,124,703,591

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Senior Loans –0.0%
		Technology –0.0%
$	7,048,927	IQOR U.S., Inc., 2nd Lien Term Loan, 3-month LIBOR + 8.750%, 10.659%, 4/01/2022(a)(b)(g) (Identified Cost $6,892,219)	$	1,856,194
	Shares
	Common Stocks –9.8%
		Automobiles –1.2%
	21,480,222	Ford Motor Co.		103,749,472
		Chemicals –0.1%
	733,495	Hexion Holdings Corp., Class B(a)(b)(f)		7,426,637
		Diversified Telecommunication Services –3.7%
	11,115,698	AT&T, Inc.		324,022,597
		Electronic Equipment, Instruments & Components –1.0%
	4,304,382	Corning, Inc.		88,412,006
		Media –0.0%
	1,740,413	Clear Channel Outdoor Holdings, Inc.(f)		1,113,864
	83,772	iHeartMedia, Inc., Class A(f)		612,373
	204,160	Thryv Holdings, Inc.(a)(b)(d)(f)		918,720
				2,644,957
		Oil, Gas & Consumable Fuels –0.1%
	93,585	Battalion Oil Corp.(f)		437,510
	3,016,077	Bellatrix Exploration Ltd.(a)(c)(d)(e)(f)(i)		—
	1,033,462	Chesapeake Energy Corp.(f)		178,479
	2,354	Frontera Energy Corp.		5,771
	209,391	Paragon Offshore Ltd., Litigation Units, Class A(a)(c)(d)(e)(f)		—
	299,302	Paragon Offshore Ltd., Litigation Units, Class B(d)(f)		3,441,973
	2,021	Southcross Holdings Group LLC(d)(f)		—
	2,021	Southcross Holdings LP, Class A(a)(c)(d)(e)		133,992
				4,197,725
		Pharmaceuticals –3.7%
	5,822,378	Bristol-Myers Squibb Co.		324,539,350
		Total Common Stocks (Identified Cost $1,045,379,902)		854,992,744

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Shares		Description	Value (†)
	Preferred Stocks –0.7%
	Convertible Preferred Stocks –0.5%
		Banking –0.2%
	11,443	Bank of America Corp., Series L, 7.250%	$	14,487,067
		Communications –0.0%
	4,982	Cincinnati Bell, Inc., Series B, 6.750%		219,457
		Independent Energy –0.1%
	257,387	Chesapeake Energy Corp., 4.500%		1,114,486
	503,052	Chesapeake Energy Corp., 5.000%(a)(b)		2,414,599
	16,454	Chesapeake Energy Corp., 5.750%, 144A(a)(b)		468,619
				3,997,704
		Midstream –0.2%
	3,044	Chesapeake Energy Corp., 5.750%(a)(b)		86,695
	50,481	Chesapeake Energy Corp., 5.750%(a)(b)		1,437,727
	39,322	Chesapeake Energy Corp., 5.750%, 144A(a)(b)		1,119,913
	433,942	El Paso Energy Capital Trust I, 4.750%		18,659,506
				21,303,841
		Total Convertible Preferred Stocks (Identified Cost $174,382,771)		40,008,069
	Non-Convertible Preferred Stocks –0.2%
		Electric –0.0%
	2,925	Connecticut Light & Power Co. (The), Series 1947, 1.900%		136,340
	50,100	Southern California Edison Co., 4.780%		1,227,450
				1,363,790
		Finance Companies –0.0%
	16,004	iStar, Inc., Series G, 7.650%		318,960
		Home Construction –0.0%
	52,867	Hovnanian Enterprises, Inc., 7.625%(f)		210,939
		REITs – Office Property –0.0%
	2,318	Highwoods Properties, Inc., Series A, 8.625%		2,433,900
		REITs – Warehouse/Industrials –0.2%
	169,007	Prologis, Inc., Series Q, 8.540%		12,168,504
		TotalNon-Convertible Preferred Stocks (Identified Cost $11,824,666)		16,496,093
		Total Preferred Stocks (Identified Cost $186,207,437)		56,504,162

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Shares			Description	Value (†)
	Closed-End Investment Companies –0.0%
	170,002		NexPoint Strategic Opportunities Fund (Identified Cost $9,807,937)	$	1,404,217
	Warrants –0.0%
	629,465		iHeartMedia, Inc., Expiration on 5/1/2039(f) (Identified Cost $15,276,366)		4,012,839
	Principal Amount (‡)
	Short-Term Investments –18.2%
$	16,704,156,763		Central Bank of Iceland, 0.000%, (ISK)(a)(b)(g)(m)		117,634,907
	169,612,779		Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020 at 0.000% to be repurchased at $169,612,779 on 4/01/2020 collateralized by $117,885,000 U.S. Treasury Note, 0.500% due 3/15/2023 valued at $173,007,065 including accrued interest (Note 2 of Notes to Financial Statements)		169,612,779
	300,000,000		U.S. Treasury Bills,0.809%-0.825%, 4/23/2020(n)(o)		299,994,225
	379,000,000		U.S. Treasury Bills,1.380%-1.415%, 5/28/2020(n)(o)		378,954,994
	25,000,000		U.S. Treasury Bills, 1.516%, 7/30/2020(n)		24,992,687
	212,180,000		U.S. Treasury Bills, 1.518%, 8/13/2020(n)		212,118,595
	25,200,000		U.S. Treasury Bills, 1.520%, 8/06/2020(n)		25,192,421
	191,855,000		U.S. Treasury Bills,1.605%-1.615%, 4/02/2020(n)(o)		191,854,998
	158,500,000		U.S. Treasury Bills, 1.615%, 4/09/2020(n)		158,496,865
			Total Short-Term Investments (Identified Cost $1,594,791,323)		1,578,852,471
			Total Investments –99.1% (Identified Cost $10,229,542,107)		8,622,326,218
			Other assets less liabilities – 0.9%		78,202,485
			Net Assets –100.0%	$	8,700,528,703
	(†	)	See Note 2 of Notes to Financial Statements.
	(‡	)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(††	)	Amount shown represents units. One unit represents a principal amount of 25.
	(†††)		Amount shown represents units. One unit represents a principal amount of 100.
	(a	)	Illiquid security.
	(b	)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2020, the value of these securities amounted to $425,546,673 or 4.9% of net assets. See Note 2 of Notes to Financial Statements.
	(c)		Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

(d) Securities subject to restriction on resale. At March 31, 2020, the restricted securities held by the Fund are as follows:

	Acquisition Date	Acquisition Cost		Value		% of Net Assets
Bellatrix Exploration Ltd., 8.500%	6/04/2019	$	7,374,500	$	358,190		Less than 0.1%
Bellatrix Exploration Ltd., 12.500% (9.500% PIK, 3.000% Cash)	6/04/2019		5,411,340		—		—
Bellatrix Exploration Ltd.	6/04/2019		3,790,394		—		—
GCA2014 Holdings Ltd., Series2014-1, Class C	12/18/2014		20,103,545		16,613,570		0.2%
GCA2014 Holdings Ltd., Series2014-1, Class D	12/18/2014		8,971,235		5,138,724		0.1%
GCA2014 Holdings Ltd., Series2014-1, Class E	12/18/2014		25,395,339		—		—
Paragon Offshore Ltd., Litigation Units, Class A	7/18/2017		1,451,033		—		—
Paragon Offshore Ltd., Litigation Units, Class B	7/18/2017		28,157,326		3,441,973		Less than 0.1%
Southcross Holdings Group LLC	4/29/2016		—		—		—
Southcross Holdings LP, Class A	4/29/2016		2,950,992		133,992		Less than 0.1%
Thryv Holdings, Inc.	8/12/2016		960,757		918,720		Less than 0.1%

(e)	Fair valued by the Fund’s adviser. At March 31, 2020, the value of these securities amounted to $23,434,480 or 0.3% of net assets. See Note 2 of Notes to Financial Statements.
(f)	Non-income producing security.
(g)	Variable rate security. Rate as of March 31, 2020 is disclosed.
(h)	Perpetual bond with no specified maturity date.
(i)	Affiliated issuer. See Note 5g for a summary of transactions in securities of affiliated issuers.
(j)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(k)	Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. No payments were made during the period.
(l)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
(m)	Security callable by issuer at any time. No specified maturity date.
(n)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(o)	The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, the value of Rule 144A holdings amounted to $971,492,995 or 11.2% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
GMTN	Global Medium Term Note
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
GBP	British Pound
ISK	Icelandic Krona
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Bond Fund – continued

Industry Summary at March 31, 2020 (Unaudited)

Treasuries	25.8	%
Banking	6.0
Wirelines	4.7
Finance Companies	4.2
Pharmaceuticals	3.8
Diversified Telecommunication Services	3.7
Life Insurance	3.4
Healthcare	3.1
Cable Satellite	3.1
Technology	2.3
Other Investments, less than 2% each	20.8
Short-Term Investments	18.2
Closed-End Investment Companies	0.0	*
Total Investments	99.1
Other assets less liabilities	0.9
Net Assets	100.0	%

* Less than 0.1%

Currency Exposure Summary at March 31, 2020 (Unaudited)

United States Dollar	81.1	%
Canadian Dollar	6.1
Mexican Peso	5.5
Other, less than 2% each	6.4
Total Investments	99.1
Other assets less liabilities	0.9
Net Assets	100.0	%

See accompanying notes to financial statements.

19  |

Statement of Assets and Liabilities

March 31, 2020 (Unaudited)

ASSETS
Unaffiliated investments at cost	$	10,212,627,438
Affiliated investments at cost (Note 5)		16,914,669
Net unrealized depreciation on unaffiliated investments		(1,590,659,410	)
Net unrealized depreciation on affiliated investments (Note 5)		(16,556,479	)
Investments at value		8,622,326,218
Cash		5,094,456
Receivable for Fund shares sold		21,945,627
Dividends and interest receivable		89,746,361
Tax reclaims receivable		21,896
Prepaid expenses (Note 7)		53
TOTAL ASSETS		8,739,134,611
LIABILITIES
Payable for securities purchased		19,634,336
Payable for Fund shares redeemed		11,992,536
Management fees payable (Note 5)		4,199,640
Deferred Trustees’ fees (Note 5)		1,942,071
Administrative fees payable (Note 5)		353,710
Payable to distributor (Note 5d)		46,289
Other accounts payable and accrued expenses		437,326
TOTAL LIABILITIES		38,605,908
NET ASSETS	$	8,700,528,703
NET ASSETS CONSIST OF:
Paid-in capital	$	10,401,299,872
Accumulated loss		(1,700,771,169	)
NET ASSETS	$	8,700,528,703
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	6,396,676,426
Shares of beneficial interest		528,139,691
Net asset value, offering and redemption price per share	$	12.11
Retail Class:
Net assets	$	1,603,569,012
Shares of beneficial interest		133,130,309
Net asset value, offering and redemption price per share	$	12.05
Admin Class shares:
Net assets	$	64,667,864
Shares of beneficial interest		5,391,478
Net asset value, offering and redemption price per share	$	11.99
Class N shares:
Net assets	$	635,615,401
Shares of beneficial interest		52,545,111
Net asset value, offering and redemption price per share	$	12.10

See accompanying notes to financial statements.

|  20

Statement of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

INVESTMENT INCOME
Interest from unaffiliated investments	$	206,985,796
Interest from affiliated investments (Note 5)		210,695
Dividends		32,573,218
Less net foreign taxes withheld		(65,734	)
		239,703,975
Expenses
Management fees (Note 5)		27,318,748
Service and distribution fees (Note 5)		2,602,302
Administrative fees (Note 5)		2,265,038
Trustees’ fees and expenses (Note 5)		223,669
Transfer agent fees and expenses (Notes 5 and 6)		3,586,969
Audit and tax services fees		32,141
Custodian fees and expenses		233,763
Legal fees (Note 7)		87,590
Registration fees		117,335
Shareholder reporting expenses		212,361
Miscellaneous expenses (Note 7)		165,929
Total expenses		36,845,845
Net investment income		202,858,130
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Unaffiliated investments		5,617,088
Foreign currency transactions (Note 2c)		(63,828	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(1,157,143,426	)
Affiliated investments (Note 5)		(4,367,505	)
Foreign currency translations (Note 2c)		(2,715,829	)
Net realized and unrealized loss on investments and foreign currency transactions		(1,158,673,500	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(955,815,370	)

See accompanying notes to financial statements.

21  |

Statement of Changes In Net Assets

	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
FROM OPERATIONS:
Net investment income	$	202,858,130		$	448,515,423
Net realized gain on investments and foreign currency transactions		5,553,260			24,576,670
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(1,164,226,760	)		7,816,158
Net increase (decrease) in net assets resulting from operations		(955,815,370	)		480,908,251
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(150,357,709	)		(334,548,005	)
Retail Class		(35,813,171	)		(81,827,929	)
Admin Class		(1,348,857	)		(3,617,633	)
Class N		(14,419,381	)		(18,399,820	)
Total distributions		(201,939,118	)		(438,393,387	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		(786,767,610	)		(1,508,711,343	)
Net decrease in net assets		(1,944,522,098	)		(1,466,196,479	)
NET ASSETS
Beginning of the period		10,645,050,801			12,111,247,280
End of the period	$	8,700,528,703		$	10,645,050,801

See accompanying notes to financial statements.

|  22

Financial Highlights

For a share outstanding throughout each period.

	Institutional Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	13.66		$	13.57		$	14.28		$	14.04		$	13.65		$	15.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.27			0.55			0.49			0.53			0.56			0.61
Net realized and unrealized gain (loss)		(1.55	)		0.08			(0.37	)		0.28			0.62			(1.55	)
Total from Investment Operations		(1.28	)		0.63			0.12			0.81			1.18			(0.94	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.25	)		(0.50	)		(0.54	)		(0.43	)		(0.29	)		(0.50	)
Net realized capital gains		(0.02	)		(0.04	)		(0.29	)		(0.14	)		(0.50	)		(0.40	)
Total Distributions		(0.27	)		(0.54	)		(0.83	)		(0.57	)		(0.79	)		(0.90	)
Net asset value, end of the period	$	12.11		$	13.66		$	13.57		$	14.28		$	14.04		$	13.65
Total return		(9.63	)%(b)		4.88	%		0.97	%		5.99	%		9.17	%		(6.37	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,396,676		$	8,071,961		$	9,025,850		$	9,785,854		$	10,045,427		$	12,966,991
Net expenses		0.67	%(c)		0.67	%		0.66	%		0.66	%		0.66	%		0.64	%
Gross expenses		0.67	%(c)		0.67	%		0.66	%		0.66	%		0.66	%		0.64	%
Net investment income		3.98	%(c)		4.12	%		3.59	%		3.80	%		4.21	%		4.17	%
Portfolio turnover rate		12	%		17	%		7	%		9	%		13	%		22	%

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

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

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

See accompanying notes to financial statements.

23  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Retail Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	13.59		$	13.49		$	14.21		$	13.97		$	13.59		$	15.43
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25			0.52			0.46			0.50			0.53			0.57
Net realized and unrealized gain (loss)		(1.54	)		0.08			(0.38	)		0.28			0.61			(1.55	)
Total from Investment Operations		(1.29	)		0.60			0.08			0.78			1.14			(0.98	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.23	)		(0.46	)		(0.51	)		(0.40	)		(0.26	)		(0.46	)
Net realized capital gains		(0.02	)		(0.04	)		(0.29	)		(0.14	)		(0.50	)		(0.40	)
Total Distributions		(0.25	)		(0.50	)		(0.80	)		(0.54	)		(0.76	)		(0.86	)
Net asset value, end of the period	$	12.05		$	13.59		$	13.49		$	14.21		$	13.97		$	13.59
Total return		(9.72	)%(b)		4.72	%(c)		0.64	%		5.75	%		8.86	%		(6.58	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,603,569		$	2,019,828		$	2,520,105		$	3,496,126		$	4,495,997		$	6,268,878
Net expenses		0.92	%(d)		0.91	%(e)		0.91	%		0.91	%		0.91	%		0.89	%
Gross expenses		0.92	%(d)		0.92	%		0.91	%		0.91	%		0.91	%		0.89	%
Net investment income		3.73	%(d)		3.88	%		3.33	%		3.56	%		3.97	%		3.91	%
Portfolio turnover rate		12	%		17	%		7	%		9	%		13	%		22	%

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

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

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

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

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

See accompanying notes to financial statements.

|  24

Financial Highlights – continued

For a share outstanding throughout each period.

	Admin Class
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	13.53		$	13.44		$	14.16		$	13.92		$	13.54		$	15.38
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.23			0.48			0.42			0.46			0.49			0.53
Net realized and unrealized gain (loss)		(1.53	)		0.08			(0.38	)		0.28			0.62			(1.55	)
Total from Investment Operations		(1.30	)		0.56			0.04			0.74			1.11			(1.02	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.43	)		(0.47	)		(0.36	)		(0.23	)		(0.42	)
Net realized capital gains		(0.02	)		(0.04	)		(0.29	)		(0.14	)		(0.50	)		(0.40	)
Total Distributions		(0.24	)		(0.47	)		(0.76	)		(0.50	)		(0.73	)		(0.82	)
Net asset value, end of the period	$	11.99		$	13.53		$	13.44		$	14.16		$	13.92		$	13.54
Total return		(9.81	)%(b)		4.40	%(c)		0.38	%		5.51	%		8.64	%		(6.89	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	64,668		$	84,028		$	121,683		$	170,436		$	185,902		$	239,088
Net expenses		1.17	%(d)		1.16	%(e)		1.16	%		1.16	%		1.16	%		1.14	%
Gross expenses		1.17	%(d)		1.17	%		1.16	%		1.16	%		1.16	%		1.14	%
Net investment income		3.48	%(d)		3.63	%		3.08	%		3.31	%		3.72	%		3.67	%
Portfolio turnover rate		12	%		17	%		7	%		9	%		13	%		22	%

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

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

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

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

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

See accompanying notes to financial statements.

25  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Class N
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	13.64		$	13.55		$	14.27		$	14.02		$	13.64		$	15.48
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.27			0.56			0.50			0.54			0.57			0.63
Net realized and unrealized gain (loss)		(1.53	)		0.08			(0.38	)		0.29			0.61			(1.56	)
Total from Investment Operations		(1.26	)		0.64			0.12			0.83			1.18			(0.93	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.51	)		(0.55	)		(0.44	)		(0.30	)		(0.51	)
Net realized capital gains		(0.02	)		(0.04	)		(0.29	)		(0.14	)		(0.50	)		(0.40	)
Total Distributions		(0.28	)		(0.55	)		(0.84	)		(0.58	)		(0.80	)		(0.91	)
Net asset value, end of the period	$	12.10		$	13.64		$	13.55		$	14.27		$	14.02		$	13.64
Total return		(9.54	)%(b)		4.97	%		0.97	%		6.14	%		9.18	%		(6.31	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	635,615		$	469,234		$	443,609		$	224,074		$	113,335		$	85,042
Net expenses		0.60	%(c)		0.59	%		0.59	%		0.59	%		0.58	%		0.57	%
Gross expenses		0.60	%(c)		0.59	%		0.59	%		0.59	%		0.58	%		0.57	%
Net investment income		3.99	%(c)		4.20	%		3.68	%		3.83	%		4.28	%		4.33	%
Portfolio turnover rate		12	%		17	%		7	%		9	%		13	%		22	%

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

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

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

See accompanying notes to financial statements.

|  26

Notes to Financial Statements

March 31, 2020 (Unaudited)

1.  Organization. Loomis Sayles Funds I (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as anopen-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trust are presented in separate reports. Information presented in these financial statements pertains to Loomis Sayles Bond Fund (the “Fund”).

The Fund is a diversified investment company.

The Fund offers Institutional Class, Retail Class, Admin Class and Class N shares.

Each share class is sold without a sales charge. Retail Class and Admin Class shares pay a Rule12b-1 fee. Admin Class shares are primarily intended for employer-sponsored retirement plans and are offered exclusively through intermediaries. Class N shares do not pay afront-end sales charge, a contingent deferred sales charge (“CDSC”) or Rule12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Institutional Class shares are intended for institutional investors with a minimum initial investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Institutional Class as outlined in the Fund’s prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, and Gateway Trust (“Natixis Funds Trusts”), and Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust. Expenses of the Fund are bornepro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule12b-1 fees applicable to Retail Class and Admin Class) and transfer agent fees are borne collectively for Institutional Class, Retail Class, and Admin Class, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule12b-1 Plan. Shares of each class would receive theirpro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

27  |

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including shares ofclosed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

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

|  28

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

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

As of March 31, 2020, securities held by the Fund were fair valued as follows:

Securities classified as fair valued	Percentage of Net Assets	Securities fair valued by the Fund’s adviser	Percentage of Net Assets
$425,546,673	4.9%	$23,434,480	0.3%

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on theex-dividend date, or in the case of certain foreign securities, as soon as the Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income,non-class specific expenses and realized and unrealized gains and losses are allocated on apro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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

29  |

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statement of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statement of Operations, may be characterized as ordinary income and may, if the Fund has net losses, reduce the amount of income available to be distributed by the Fund.

During the six months ended March 31, 2020, the amount of income available to be distributed by the Fund has been reduced by $38,991,428 as a result of losses arising from changes in exchange rates.

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

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

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

Purchases of when-issued or delayed delivery securities may have a similar effect on the Fund’s NAV as if the Fund had created a degree of leverage in the portfolio. Risks may arise upon entering into such transactions from the potential inability of counterparties to meet their obligations under the transactions. Additionally, losses may arise due to changes in the value of the underlying securities.

|  30

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

There were no when-issued or delayed delivery securities held by the Fund as of March 31, 2020.

e.  Federal and Foreign Income Taxes. The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of the Fund’s tax positions for the open tax years as of March 31, 2020 and has concluded that no provisions for income tax are required. The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

The Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statement of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statement of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or will be filed are reflected on the Statement of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statement of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statement of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to the Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statement of Assets and Liabilities and are recorded as a realized gain when received.

f.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on theex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency gains and losses, defaulted and/ornon-income producing securities, deferred Trustees’ Fees, partnership basis adjustments, premium amortization, convertible bonds and paydown gains and losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statement of Assets and Liabilities. Temporary differences between book

31  |

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, premium amortization, convertible bonds, defaulted and/ornon-income producing securities, return of capital distributions received, trust preferred securities, partnership basis adjustments, corporate actions and contingent payment debt instruments. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Fund’s fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2019 was as follows:

2019 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains	Total
$402,223,224	$36,170,163	$438,393,387

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

As of March 31, 2020, unrealized appreciation (depreciation) on a tax basis was approximately as follows:

Unrealized appreciation (depreciation)
Investments	$	(896,363,262	)
Foreign currency translations		(765,726,863	)
Total unrealized depreciation	$	(1,662,090,125	)

As of March 31, 2020, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:

Federal tax cost	$	10,281,105,971
Gross tax appreciation	$	462,899,496
Gross tax depreciation		(2,121,679,249	)
Net tax depreciation	$	(1,658,779,753	)

The difference between these amounts and those reported in the preceding table are primarily attributable to foreign currencymark-to-market.

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Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

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

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

h.  Repurchase Agreements. The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements aretri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of March 31, 2020, the Fund had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes.

i.  Securities Lending. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities fornon-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued bynon-U.S. Governments andnon-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund

33  |

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent.

For the six months ended March 31, 2020, the Fund did not loan securities under this agreement.

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

k.  New Accounting Pronouncement. In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU2018-13”). The update introduces new fair value disclosure requirements, eliminates some prior fair value disclosure requirements, and modifies certain existing fair value disclosure requirements. ASU2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity is permitted to early adopt any eliminated or modified disclosures upon issuance of the update and delay adoption of any new disclosures until the required effective date. Management has evaluated the impact of the adoption of ASU2018-13 and has determined to early adopt the removal of (i) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and (ii) the policy for timing of transfers between levels. New disclosures required by ASU2018-13 will be incorporated in the Fund’s semiannual financial statements as of March 31, 2021.

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

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

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

• Level 3—prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity

|  34

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

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

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2020, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	29,268,012	$	21,752,294	(b)(c)	$	51,020,306
Finance Companies		2,602,165		364,583,951		1,190,004	(d)		368,376,120
Independent Energy		—		90,620,000		358,190	(c)(d)		90,978,190
All OtherNon-Convertible Bonds(a)		—		5,190,481,790		—			5,190,481,790
TotalNon-Convertible Bonds		2,602,165		5,674,953,753		23,300,488			5,700,856,406
Convertible Bonds
Independent Energy		—		6,851,636		2,789,700	(e)		9,641,336
All Other Convertible Bonds(a)		—		293,635,329		—			293,635,329
Total Convertible Bonds		—		300,486,965		2,789,700			303,276,665
Municipals(a)		—		120,570,520		—			120,570,520
Total Bonds and Notes		2,602,165		6,096,011,238		26,090,188			6,124,703,591

35  |

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

Asset Valuation Inputs – continued

Description	Level 1		Level 2		Level 3			Total
Senior Loans(a)	$	—	$	1,856,194	$	—		$	1,856,194
Common Stocks
Chemicals		—		7,426,637		—			7,426,637
Media		1,726,237		918,720		—			2,644,957
Oil, Gas & Consumable Fuels		621,760		3,441,973		133,992	(c)(d)		4,197,725
All Other Common Stocks(a)		840,723,425		—		—			840,723,425
Total Common Stocks		843,071,422		11,787,330		133,992			854,992,744
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		1,114,486		2,883,218		—			3,997,704
Midstream		18,659,506		2,644,335		—			21,303,841
All Other Convertible Preferred Stocks(a)		14,706,524		—		—			14,706,524
Total Convertible Preferred Stocks		34,480,516		5,527,553		—			40,008,069
Non-Convertible Preferred Stocks
Electric		1,227,450		136,340		—			1,363,790
REITs—Office Property		—		2,433,900		—			2,433,900
REITs—Warehouse/Industrials		—		12,168,504		—			12,168,504
All OtherNon-Convertible Preferred Stocks(a)		529,899		—		—			529,899
TotalNon-Convertible Preferred Stocks		1,757,349		14,738,744		—			16,496,093
Total Preferred Stocks		36,237,865		20,266,297		—			56,504,162
Closed-End Investment Companies		1,404,217		—		—			1,404,217
Warrants		—		4,012,839		—			4,012,839
Short-Term Investments		—		1,578,852,471		—			1,578,852,471
Total	$	883,315,669	$	7,712,786,369	$	26,224,180		$	8,622,326,218

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

(b) Fair valued by the Fund’s adviser using a broker-dealer bid price provided by a single market maker.

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

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

(e) Valued using broker-dealer bid prices.

|  36

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2019 and/or March 31, 2020:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2019			Accrued Discounts (Premiums)		Realized Gain  (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	43,042,193	(a)	$	—	$	—	$	302,995		$	720,149
Finance Companies		1,511,802			748		—		(322,546	)		—
Independent Energy		4,515,000	(a)		210,696		—		(4,367,506	)		—
Convertible Bonds
Independent Energy		—			823,362		—		(53,174,594	)		7,349,894
Common Stocks
Oil, Gas & Consumable Fuels		2,094	(a)		—		—		(777,552	)		—
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		5,763,342			—		—		—			—
Midstream		32,521,942			—		—		—			—
Total	$	87,356,373		$	1,034,806	$	—	$	(58,339,203	)	$	8,070,043

Investments in Securities – continued	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2020
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(116,760	)	$	—	$	(22,196,283	)	$	21,752,294	(a)	$	354,546
Finance Companies		—			—		—			1,190,004			(322,546	)
Independent Energy		—			—		—			358,190	(a)		(4,367,506	)
Convertible Bonds
Independent Energy		—			47,791,038		—			2,789,700			(53,174,594	)
Common Stocks
Oil, Gas & Consumable Fuels		—			909,450		—			133,992	(a)		(777,552	)
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		—			—		(5,763,342	)		—			—
Midstream		—			—		(32,521,942	)		—			—
Total	$	(116,760	)	$	48,700,488	$	(60,481,567	)	$	26,224,180		$	(58,287,652	)

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

37  |

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

A debt security valued at $22,196,283 was transferred from Level 3 to Level 2 during the period ended March 31, 2020. At September 30, 2019, this security was valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the security. At March 31, 2020, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $47,791,038 was transferred from Level 2 to Level 3 during the period ended March 31, 2020. At September 30, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2020, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

A common stock valued at $909,450 was transferred from Level 2 to Level 3 during the period ended March 31, 2020. At September 30, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2020, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service was unable to price the security.

Preferred stocks valued at $38,285,284 were transferred from Level 3 to Level 2 during the period ended March 31, 2020. At September 30, 2019, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the securities. At March 31, 2020, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

4.  Purchases and Sales of Securities. For the six months ended March 31, 2020, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $96,910,873 and $780,387,165, respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $1,010,660,709 and $187,998,957, respectively.

5.  Management Fees and Other Transactions with Affiliates.

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

|  38

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

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

Percentage of Average Daily Net Assets
First $3 billion	Next $12 billion	Next $10 billion	Over $25 billion
0.60%	0.50%	0.49%	0.48%

Loomis Sayles has given a binding undertaking to the Fund to waive management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. This undertaking is in effect until January 31, 2021, may be terminated before then only with the consent of the Fund’s Board of Trustees and is reevaluated on an annual basis. Management fees payable, as reflected on the Statement of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to this undertaking. Waivers/reimbursements that exceed management fees payable are reflected on the Statement of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2020, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:

Expense Limit as a Percentage of Average Daily Net Assets
Institutional Class	Retail Class	Admin Class	Class N
0.67%	0.92%	1.17%	0.62%

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

For the six months ended March 31, 2020, the management fees for the Fund were $27,318,748 (effective rate of 0.53% of average daily net assets).

No expenses were recovered during the six months ended March 31, 2020 under the terms of the expense limitation agreement.

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

39  |

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

Pursuant to Rule12b-1 under the 1940 Act, the Trust has adopted Distribution Plans relating to the Fund’s Retail Class shares (the “Retail Class Plan”) and Admin Class shares (the “Admin Class Plan”).

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

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

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

For the six months ended March 31, 2020, the service and distribution fees for the Fund were as follows:

Service Fees	Distribution Fees
Admin Class	Retail Class	Admin Class
$96,684	$2,408,934	$96,684

c.  Administrative Fees. Natixis Advisors, L.P. (“Natixis Advisors”) provides certain administrative services for the Fund and contracts with State Street Bank to serve assub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trust and Natixis Advisors, each Fund pays Natixis Advisors monthly itspro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual

|  40

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2020, the administrative fees were as follows:

Administrative Fees

$2,265,038

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

For the six months ended March 31, 2020, thesub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $3,437,638.

As of March 31, 2020, the Fund owes Natixis Distribution $46,289 in reimbursements forsub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as payable to distributor).

Sub-transfer agent fees attributable to Institutional Class, Retail Class and Admin Class are allocated on apro ratabasis to each class based on the relative net assets of each class to the total net assets of those classes.

e.  Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance

41  |

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2020, the Chairperson of the Board received a retainer fee at the annual rate of $360,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $190,000, and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $15,000. All other Trustee fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Fund until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocatedpro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, and are normally reflected as Trustees’ fees and expenses in the Statement of Operations. The portions of the accrued obligations allocated to the Fund under the Plan are reflected as Deferred Trustees’ fees in the Statement of Assets and Liabilities.

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

f.  Affiliated Ownership. As of March 31, 2020, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of the Fund representing 0.37% of the Fund’s net assets.

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

g.  Affiliated Transactions. As a result of a business restructuring, the Fund received common stock shares of Bellatrix Exploration Ltd. (the “Company”) which constitutes more than 5% of the voting securities of the Company. As such, the Company is

|  42

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

considered to be an affiliate. A summary of affiliated transactions for the six months ended March 31, 2020, is as follows:

	Beginning Value		Purchase Cost		Sales Proceeds		Accrued Discounts (Premiums)		Realized Gain  (Loss)		Change in Unrealized Gain (Loss)			Ending Value		Investment Income
Bellatrix Exploration Ltd., 8.500%	$	4,515,000	$	—	$	—	$	15,317	$	—	$	(4,172,127	)	$	358,190	$	—
Bellatrix Exploration Ltd., 12.500% (9.500% PIK, 3.000% Cash)		—		—		—		195,378		—		(195,378	)		—		—
Bellatrix Exploration Ltd.		—		—		—		—		—		—			—		—
	$	4,515,000	$	—	$	—	$	210,695	$	—	$	(4,367,505	)	$	358,190	$	—

6.  Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Institutional Class, Retail Class and Admin Class are allocated on apro rata basis to each class based on relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the six months ended March 31, 2020, the Fund incurred the following class-specific transfer agent fees and expenses (includingsub-transfer agent fees, where applicable):

Transfer Agent Fees and Expenses
Institutional Class	Retail Class	Admin Class	Class N
$2,831,394	$714,486	$28,684	$12,405

7.  Line of Credit. The Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statement of Operations. The unamortized balance is reflected as prepaid expenses on the Statement of Assets and Liabilities.

For the six months ended March 31, 2020, the Fund had no borrowings under this agreement.

43  |

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

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

Global markets have experienced periods of high volatility triggered by the rapidly evolving public health emergency known as coronavirus(“COVID-19”). As the situation continues to unfold, the extent and duration of the impact that theCOVID-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of theCOVID-19 outbreak on financial markets and the economy continue for an extended period of time, the Fund’s future financial and investment results may be adversely affected.

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

	Six Months Ended March 31, 2020						Year Ended September 30, 2019
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		52,509,218		$	702,103,856			114,880,589		$	1,536,762,571
Issued in connection with the reinvestment of distributions		10,156,166			137,248,760			22,980,553			307,097,798
Redeemed		(125,373,246	)		(1,663,785,286	)		(212,391,166	)		(2,831,530,285	)
Net change		(62,707,862	)	$	(824,432,670	)		(74,530,024	)	$	(987,669,916	)
Retail Class
Issued from the sale of shares		8,698,031		$	117,368,854			15,929,615		$	212,676,780
Issued in connection with the reinvestment of distributions		2,584,813			34,769,577			6,000,286			79,721,992
Redeemed		(26,807,311	)		(354,402,012	)		(60,037,841	)		(797,894,770	)
Net change		(15,524,467	)	$	(202,263,581	)		(38,107,940	)	$	(505,495,998	)
Admin Class
Issued from the sale of shares		638,259		$	8,540,207			1,157,656		$	15,385,127
Issued in connection with the reinvestment of distributions		98,961			1,325,616			264,817			3,500,482
Redeemed		(1,555,508	)		(20,672,474	)		(4,266,412	)		(56,394,526	)
Net change		(818,288	)	$	(10,806,651	)		(2,843,939	)	$	(37,508,917	)

|  44

Notes to Financial Statements – continued

March 31, 2020 (Unaudited)

9.  Capital Shares – continued.

	Six Months Ended March 31, 2020						Year Ended September 30, 2019
Class N	Shares			Amount			Shares			Amount
Issued from the sale of shares		26,488,501		$	360,809,222			10,314,319		$	138,677,808
Issued in connection with the reinvestment of distributions		1,046,753			14,115,398			1,364,601			18,225,344
Redeemed		(9,380,748	)		(124,189,328	)		(10,030,579	)		(134,939,664	)
Net change		18,154,506		$	250,735,292			1,648,341		$	21,963,488
Decrease from capital share transactions		(60,896,111	)	$	(786,767,610	)		(113,833,562	)	$	(1,508,711,343	)

45  |

Semiannual Report

March 31, 2020

Loomis Sayles Intermediate Duration Bond Fund

Loomis Sayles Limited Term Government and Agency Fund

Table of Contents

Portfolio Review	1
Portfolio of Investments	8
Financial Statements	36
Notes to Financial Statements	48

IMPORTANT NOTICE TO SHAREHOLDERS

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

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
Kurt L. Wagner, CFA®, CIC*	Class Y    LSDIX
Loomis, Sayles & Company, L.P.

* Effective June 30, 2020, Kurt L. Wagner will no longer serve as portfolio manager of the Fund.

Investment Goal

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

1  |

Average Annual Total Returns — March 31, 2020^4,5

													Life of		Expense Ratios6
	6 Months			1 Year			5 Years			10 Years			Class N		Gross			Net
Class Y (Inception 1/28/98)1
NAV		0.91	%		5.16	%		2.60	%		3.40	%		—		0.48	%		0.40	%
Class A (Inception 5/28/10)1
NAV		0.78			4.79			2.34			3.14			—		0.72			0.65
With 4.25% Maximum Sales Charge		-3.53			0.38			1.45			2.69			—
Class C (Inception 8/31/16)1
NAV		0.42			4.14			1.56			2.30			—		1.48			1.40
With CDSC2		-0.57			3.14			1.56			2.30			—
Class N (Inception 2/01/19)
NAV		0.94			5.11			—			—			6.17		0.42			0.35
Comparative Performance
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index3		2.78			6.88			2.76			3.14			7.39

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

1 As of August 31, 2016, the Fund’s Retail Class shares and Institutional Class shares were redesignated as Class A shares and Class Y shares, respectively. Accordingly, the returns shown in the table for Class A shares prior to August 31, 2016 are those of Retail Class shares, restated to reflect the sales loads of Class A shares, and the returns in the table for Class Y shares prior to August 31, 2016 are those of Institutional Class shares. Prior to the inception of Retail Class shares (May 28, 2010), performance is that of Institutional Class shares, restated to reflect the higher net expenses and sales loads of Class A shares. Prior to the inception of Class C shares (August 31, 2016), performance is that of Retail Class shares, restated to reflect the higher net expenses and sales loads of Class C shares.

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

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

4 The Fund revised its investment strategy on May 28, 2010; performance may have been different had the current investment strategy been in place for all periods shown.

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

6 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 1/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

|  2

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
Kurt L. Wagner, CFA®, CIC*	Class Y    NELYX
Loomis, Sayles & Company, L.P.

* Effective June 30, 2020, Kurt L. Wagner will no longer serve as portfolio manager of the Fund.

Investment Goal

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

3  |

Average Annual Total Returns — March 31, 2020³

													Life of		Expense Ratios4
	6 Months			1 Year			5 Years			10 Years			Class N		Gross			Net
Class Y (Inception 3/31/94)
NAV		2.44	%		4.81	%		1.79	%		2.02	%		—		0.55	%		0.55	%
Class A (Inception 1/3/89)
NAV		2.32			4.46			1.52			1.77			—		0.80			0.80
With 2.25% Maximum Sales Charge		0.03			2.10			1.06			1.54			—
Class C (Inception 12/30/94)
NAV		1.94			3.68			0.76			1.01			—		1.55			1.55
With CDSC1		0.94			2.68			0.76			1.01			—
Class N (Inception 2/1/17)
NAV		2.58			4.90			—			—			2.70		0.48			0.46
Comparative Performance
Bloomberg Barclays U.S.1-5 Year Government Bond Index2		4.11			6.85			2.25			1.99			3.17

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

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

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

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

4 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

|  4

ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO SCHEDULES

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

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

5  |

UNDERSTANDING FUND EXPENSES

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

The first line in the table of each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2019 through March 31, 2020. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

|  6

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2019		ENDING ACCOUNT VALUE 3/31/2020		EXPENSES PAID DURING PERIOD* 10/1/2019 – 3/31/2020
Class A
Actual		$1,000.00		$1,007.80		$3.26
Hypothetical (5% return before expenses)		$1,000.00		$1,021.75		$3.29
Class C
Actual		$1,000.00		$1,004.20		$7.01
Hypothetical (5% return before expenses)		$1,000.00		$1,018.00		$7.06
Class N
Actual		$1,000.00		$1,009.40		$1.76
Hypothetical (5% return before expenses)		$1,000.00		$1,023.25		$1.77
Class Y
Actual		$1,000.00		$1,009.10		$2.01
Hypothetical (5% return before expenses)		$1,000.00		$1,023.00		$2.02

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.65%, 1.40%, 0.35% and 0.40% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period).

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 10/1/2019		ENDING ACCOUNT VALUE 3/31/2020		EXPENSES PAID DURING PERIOD* 10/1/2019 – 3/31/2020
Class A
Actual		$1,000.00		$1,023.20		$4.05
Hypothetical (5% return before expenses)		$1,000.00		$1,021.00		$4.04
Class C
Actual		$1,000.00		$1,019.40		$7.83
Hypothetical (5% return before expenses)		$1,000.00		$1,017.25		$7.82
Class N
Actual		$1,000.00		$1,025.80		$2.38
Hypothetical (5% return before expenses)		$1,000.00		$1,022.65		$2.38
Class Y
Actual		$1,000.00		$1,024.40		$2.78
Hypothetical (5% return before expenses)		$1,000.00		$1,022.25		$2.78

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.80%, 1.55%, 0.47% and 0.55% 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 366 (to reflect the half-year period).

7  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 98.8% of Net Assets
		ABS Car Loan — 10.5%
$	845,000	American Credit Acceptance Receivables Trust, Series2019-4, Class C, 2.690%, 12/12/2025, 144A	$	762,121
	28,239	AmeriCredit Automobile Receivables Trust, Series2016-2, Class C, 2.870%, 11/08/2021		28,212
	145,286	AmeriCredit Automobile Receivables Trust, Series2016-3, Class C, 2.240%, 4/08/2022		143,912
	111,924	AmeriCredit Automobile Receivables Trust, Series2016-4, Class B, 1.830%, 12/08/2021(a)		111,873
	69,976	AmeriCredit Automobile Receivables Trust, Series2017-1, Class B, 2.300%, 2/18/2022		69,646
	510,000	AmeriCredit Automobile Receivables Trust, Series2018-3, Class B, 3.580%, 10/18/2024		509,591
	480,000	AmeriCredit Automobile Receivables Trust, Series2019-2, Class B, 2.540%, 7/18/2024		470,904
	695,000	AmeriCredit Automobile Receivables Trust, Series2019-3, Class A3, 2.060%, 4/18/2024		705,319
	385,000	AmeriCredit Automobile Receivables Trust, Series2020-1, Class A3, 1.110%, 8/19/2024		376,242
	360,000	Avis Budget Rental Car Funding AESOP LLC, Series2016-1A, Class A, 2.990%, 6/20/2022, 144A(a)		351,591
	100,000	Avis Budget Rental Car Funding AESOP LLC, Series2019-1A, Class A, 3.450%, 3/20/2023, 144A		98,409
	140,000	Avis Budget Rental Car Funding AESOP LLC, Series2019-2A, Class A, 3.350%, 9/22/2025, 144A		132,398
	172,964	Bank of The West Auto Trust, Series2017-1, Class A3, 2.110%, 1/15/2023, 144A		172,281
	450,000	Bank of The West Auto Trust, Series2019-1, Class A3, 2.430%, 4/15/2024, 144A		448,797
	265,927	California Republic Auto Receivables Trust, Series2017-1, Class A4, 2.280%, 6/15/2022(a)		264,932
	16,603	Capital Auto Receivables Asset Trust, Series2017-1, Class A3, 2.020%, 8/20/2021, 144A		16,572
	565,000	Capital One Prime Auto Receivables Trust, Series2019-2, Class A3, 1.920%, 5/15/2024		570,214
	585,000	CarMax Auto Owner Trust, Series2019-4, Class A2A, 2.010%, 3/15/2023		584,401
	349,888	CarMax Auto Owner Trust, Series2017-2, Class A3, 1.930%, 3/15/2022(a)		349,346
	660,000	Carvana Auto Receivables Trust, Series2019-3A, Class A3, 2.340%, 6/15/2023, 144A		648,144
	10,675	CIG Auto Receivables Trust, Series2017-1A, Class A, 2.710%, 5/15/2023, 144A		10,640
	775,000	CPS Auto Receivables Trust, Series2018-D, Class B, 3.610%, 11/15/2022, 144A		772,351
	145,000	CPS Auto Receivables Trust, Series2020-A, Class B, 2.360%, 2/15/2024, 144A		139,858
	595,000	Credit Acceptance Auto Loan Trust, Series2019-3A, Class A, 2.380%, 11/15/2028, 144A		575,640
	435,000	Credit Acceptance Auto Loan Trust, Series2020-1A, Class A, 2.010%, 2/15/2029, 144A		403,377
	585,000	Credit Acceptance Auto Loan Trust, Series2020-1A, Class B, 2.390%, 4/16/2029, 144A		561,806
	1,005,000	Drive Auto Receivables Trust, Series2018-5, Class B, 3.680%, 7/15/2023		1,000,508

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	215,000	Drive Auto Receivables Trust, Series2019-3, Class B, 2.650%, 2/15/2024	$	212,257
	105,000	DT Auto Owner Trust, Series2019-4A, Class B, 2.360%, 1/16/2024, 144A		102,791
	60,000	DT Auto Owner Trust, Series2018-2A, Class C, 3.670%, 3/15/2024, 144A		59,780
	285,000	DT Auto Owner Trust, Series2019-1A, Class C, 3.610%, 11/15/2024, 144A		283,275
	270,000	DT Auto Owner Trust, Series2019-2A, Class C, 3.180%, 2/18/2025, 144A		266,533
	65,598	Exeter Automobile Receivables Trust, Series2017-2A, Class B, 2.820%, 5/16/2022, 144A		65,461
	57,638	Exeter Automobile Receivables Trust, Series2018-2A, Class B, 3.270%, 5/16/2022, 144A		57,593
	150,000	Exeter Automobile Receivables Trust, Series2019-2A, Class B, 3.060%, 5/15/2023, 144A		151,709
	170,000	Exeter Automobile Receivables Trust, Series2020-1A, Class B, 2.260%, 4/15/2024, 144A		164,001
	1,652	First Investors Auto Owner Trust, Series2017-1A, Class A2, 2.200%, 3/15/2022, 144A		1,650
	80,333	First Investors Auto Owner Trust, Series2017-2A, Class A2, 2.270%, 7/15/2022, 144A		80,140
	122,798	First Investors Auto Owner Trust, Series2018-2A, Class A1, 3.230%, 12/15/2022, 144A		122,283
	399,862	First Investors Auto Owner Trust, Series2019-2A, Class A, 2.210%, 9/16/2024, 144A		395,703
	58,189	Flagship Credit Auto Trust, Series2016-2, Class B, 3.840%, 9/15/2022, 144A		58,171
	800,000	Flagship Credit Auto Trust, Series2018-4, Class B, 3.880%, 10/16/2023, 144A		801,109
	839,955	Flagship Credit Auto Trust, Series2020-1, Class A, 1.900%, 8/15/2024, 144A(a)		822,226
	915,000	Flagship Credit Auto Trust, Series2020-1, Class B, 2.050%, 2/17/2025, 144A		864,592
	705,000	Ford Credit Auto Owner Trust, Series2016-2, Class A, 2.030%, 12/15/2027, 144A(a)		704,937
	595,000	Ford Credit Auto Owner Trust, Series2018-1, Class A, 3.190%, 7/15/2031, 144A(a)		651,729
	635,000	Ford Credit Floorplan Master Owner Trust, Series2019-1, Class A, 2.840%, 3/15/2024		627,624
	265,000	GLS Auto Receivables Trust, Series2018-3A, Class B, 3.780%, 8/15/2023, 144A		259,686
	401,688	GLS Auto Receivables Trust, Series2019-2A, Class A, 3.060%, 4/17/2023, 144A		392,680
	260,000	GLS Auto Receivables Trust, Series2019-4A, Class B, 2.780%, 9/16/2024, 144A		250,815
	52,009	GM Financial Consumer Automobile Receivables Trust, Series2017-1A, Class A3, 1.780%, 10/18/2021, 144A		51,757
	247,454	GM Financial Consumer Automobile Receivables Trust, Series2017-3A, Class A3, 1.970%, 5/16/2022, 144A(a)		247,390
	450,000	GM Financial Consumer Automobile Receivables Trust, Series2019-3, Class A3, 2.180%, 4/16/2024		451,918
	420,000	Hyundai Auto Receivables Trust, Series2019-B, Class A3, 1.940%, 2/15/2024		412,889
	510,000	NextGear Floorplan Master Owner Trust, Series2017-1A, Class A2, 2.540%, 4/18/2022, 144A(a)		509,654
	150,000	NextGear Floorplan Master Owner Trust, Series2017-2A, Class A2, 2.560%, 10/17/2022, 144A		144,650
	125,000	NextGear Floorplan Master Owner Trust, Series2018-1A, Class A2, 3.220%, 2/15/2023, 144A		124,286

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	310,000	NextGear Floorplan Master Owner Trust, Series2018-2A, Class A2, 3.690%, 10/15/2023, 144A	$	293,932
	865,000	NextGear Floorplan Master Owner Trust, Series2020-1A, Class A2, 1.550%, 2/18/2025, 144A(a)		831,960
	1,045,000	Prestige Auto Receivables Trust, Series2019-1A, Class A3, 2.450%, 5/15/2023, 144A(a)		1,041,755
	370,000	Santander Drive Auto Receivables Trust, Series2019-2, Class C, 2.900%, 10/15/2024		358,507
	460,000	Santander Drive Auto Receivables Trust, Series2018-5, Class C, 3.810%, 12/16/2024		454,422
	655,000	Santander Drive Auto Receivables Trust, Series2019-3, Class A3, 2.160%, 11/15/2022		646,503
	225,000	Westlake Automobile Receivables Trust, Series2019-3A, Class B, 2.410%, 10/15/2024, 144A		218,593
	515,000	Westlake Automobile Receivables Trust, Series2019-1A, Class B, 3.260%, 10/17/2022, 144A		492,186
	830,000	Westlake Automobile Receivables Trust, Series2019-2A, Class B, 2.620%, 7/15/2024, 144A		802,346
	73,812	World Omni Auto Receivables Trust, Series2017-B, Class A3, 1.950%, 2/15/2023		73,671
				24,832,249
		ABS Credit Card — 1.7%
	620,000	American Express Credit Account Master Trust, Series2019-1, Class A, 2.870%, 10/15/2024		638,834
	925,000	Barclays Dryrock Issuance Trust, Series2019-1, Class A, 1.960%, 5/15/2025(a)		915,725
	805,000	Capital One Multi-Asset Execution Trust, Series2017-A4, Class A4, 1.990%, 7/17/2023(a)		805,483
	260,000	Citibank Credit Card Issuance Trust, Series2014-A1, Class A1, 2.880%, 1/23/2023		262,259
	730,000	World Financial Network Credit Card Master Trust, Series2017-A, Class A, 2.120%, 3/15/2024(a)		728,918
	585,000	World Financial Network Credit Card Master Trust, Series2019-C, Class A, 2.210%, 7/15/2026		561,867
				3,913,086
		ABS Home Equity — 0.3%
	210,281	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		212,960
	13,384	Colony American Finance Ltd., Series2015-1, Class A, 2.896%, 10/15/2047, 144A		13,356
	134,599	CoreVest American Finance Trust, Series2017-1, Class A, 2.968%, 10/15/2049, 144A		132,447
	6,393	Countrywide Alternative Loan Trust, Series2006-J5, Class 4A1, 5.107%, 7/25/2021(b)(c)(d)		6,091
	4,237	Countrywide Asset-Backed Certificates, Series2004-S1, Class A3, 5.115%, 2/25/2035(b)(c)(d)		4,180
	183,433	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2,1-month LIBOR + 1.850%, 2.797%, 10/25/2027(a)(e)		178,663

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Home Equity — continued
$	76,045	Mill City Mortgage Loan Trust, Series2016-1, Class A1, 2.500%, 4/25/2057, 144A(d)	$	75,403
	57,486	Towd Point Mortgage Trust, Series2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(d)		57,226
				680,326
		ABS Other — 2.2%
	155,838	Diamond Resorts Owner Trust, Series2018-1, Class A, 3.700%, 1/21/2031, 144A		154,290
	73,551	John Deere Owner Trust, Series2017-B, Class A3, 1.820%, 10/15/2021		73,282
	178,587	Merlin Aviation Holdings DAC, Series2016-1, Class A, 4.500%, 12/15/2032, 144A(d)		146,614
	3,750	OneMain Financial Issuance Trust, Series2016-1A, Class A, 3.660%, 2/20/2029, 144A		3,737
	555,000	OneMain Financial Issuance Trust, Series2018-1A, Class A, 3.300%, 3/14/2029, 144A(a)		553,357
	274,555	S-Jets Ltd., Series2017-1, Class A, 3.967%, 8/15/2042, 144A		193,377
	232,223	SCF Equipment Leasing LLC, Series2018-1A, Class A2, 3.630%, 10/20/2024, 144A(a)		227,911
	51,778	Sierra Timeshare Conduit Receivables Funding LLC, Series2017-1A, Class A, 2.910%, 3/20/2034, 144A		51,087
	566,511	SoFi Consumer Loan Program Trust, Series2018-2, Class A2, 3.350%, 4/26/2027, 144A		561,247
	480,550	SoFi Consumer Loan Program Trust, Series2018-4, Class A, 3.540%, 11/26/2027, 144A		475,719
	107,708	TAL Advantage V LLC, Series2014-1A, Class A, 3.510%, 2/22/2039, 144A		104,046
	39,722	TAL Advantage V LLC, Series2014-2A, Class A2, 3.330%, 5/20/2039, 144A		39,084
	116,667	TAL Advantage V LLC, Series2014-3A, Class A, 3.270%, 11/21/2039, 144A		110,190
	2,180,000	Verizon Owner Trust, Series2019-B, Class A1A, 2.330%, 12/20/2023(a)		2,193,312
	345,000	Wheels SPV 2 LLC, Series2019-1A, Class A2, 2.300%, 5/22/2028, 144A		344,765
				5,232,018
		ABS Student Loan — 0.9%
	65,390	Earnest Student Loan Program LLC, Series2017-A, Class A2, 2.650%, 1/25/2041, 144A		65,156
	276,260	Massachusetts Educational Financing Authority, Series2018-A, Class A, 3.850%, 5/25/2033		288,175
	1,455,000	Navient Student Loan Trust, Series2020-BA, Class A1, 1.800%, 1/15/2069, 144A(a)		1,435,618
	88,768	North Carolina State Education Assistance Authority, Series2011-2, Class A2,3-month LIBOR + 0.800%, 2.594%, 7/25/2025(e)		88,686
	132,132	SoFi Professional Loan Program LLC, Series2016-B, Class A2B, 2.740%, 10/25/2032, 144A		131,667
	180,000	SoFi Professional Loan Program LLC, Series2017-E, Class A2B, 2.720%, 11/26/2040, 144A		176,300
	36,901	South Carolina Student Loan Corp., Series2010-1, Class A2,3-month LIBOR + 1.000%, 2.794%, 7/25/2025(e)		36,900
				2,222,502

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Whole Business — 0.2%
$	526,975	Planet Fitness Master Issuer LLC, Series2018-1A, Class A2II, 4.666%, 9/05/2048, 144A	$	468,734
		Aerospace & Defense — 0.9%
	340,000	General Dynamics Corp., 3.625%, 4/01/2030		377,986
	80,000	Huntington Ingalls Industries, Inc., 4.200%, 5/01/2030, 144A		82,921
	630,000	Northrop Grumman Corp., 4.400%, 5/01/2030		731,342
	450,000	Rolls-Royce PLC, 2.375%, 10/14/2020, 144A		445,729
	620,000	Textron, Inc., 3.000%, 6/01/2030		579,578
				2,217,556
		Agency Commercial Mortgage-Backed Securities — 1.4%
	94,797	Federal Home Loan Mortgage Corp., Series KJ28, Class A1, 1.766%, 2/25/2025		96,462
	1,175,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ26, Class A2, 2.606%, 7/25/2027		1,268,166
	648,018	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021(a)(d)		658,865
	509,476	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(a)		536,952
	701,647	FHLMC Multifamily Structured Pass Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024(a)		743,194
				3,303,639
		Airlines — 0.2%
	640,000	Delta Air Lines, Inc., 2.900%, 10/28/2024		512,166
		Automotive — 5.0%
	795,000	American Honda Finance Corp., MTN, 2.200%, 6/27/2022		780,957
	145,000	American Honda Finance Corp., MTN, 2.350%, 1/08/2027		136,603
	245,000	American Honda Finance Corp., MTN, 3.625%, 10/10/2023		248,927
	290,000	BMW U.S. Capital LLC, 1.850%, 9/15/2021, 144A		284,968
	870,000	Daimler Finance North America LLC, 2.625%, 3/10/2030, 144A		776,300
	1,100,000	Daimler Finance North America LLC, 3.350%, 2/22/2023, 144A		1,067,553
	670,000	Ford Motor Credit Co. LLC, 2.979%, 8/03/2022		623,100
	200,000	Ford Motor Credit Co. LLC, 3.810%, 1/09/2024		181,000
	560,000	Ford Motor Credit Co. LLC, 4.271%, 1/09/2027		477,400
	425,000	General Motors Financial Co., Inc., 2.900%, 2/26/2025		367,381
	360,000	General Motors Financial Co., Inc., 4.150%, 6/19/2023		327,455
	315,000	Harley-Davidson Financial Services, Inc., 3.350%, 2/15/2023, 144A		308,226
	220,000	Harley-Davidson Financial Services, Inc., 4.050%, 2/04/2022, 144A		215,106
	195,000	Hyundai Capital America, 2.375%, 2/10/2023, 144A		183,844
	585,000	Hyundai Capital America, 2.750%, 9/18/2020, 144A		586,383
	95,000	Hyundai Capital America, 3.000%, 6/20/2022, 144A		92,293
	400,000	Hyundai Capital America, 3.000%, 2/10/2027, 144A		370,768
	275,000	Lear Corp., 5.250%, 5/15/2049		238,689
	600,000	Nissan Motor Acceptance Corp., 2.150%, 7/13/2020, 144A		596,459
	585,000	Nissan Motor Acceptance Corp., 3.450%, 3/15/2023, 144A		571,534
	955,000	PACCAR Financial Corp., MTN, 1.900%, 2/07/2023		942,202
	160,000	PACCAR Financial Corp., MTN, 1.800%, 2/06/2025		151,603
	295,000	Toyota Motor Credit Corp., MTN, 1.800%, 10/07/2021		292,111

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Automotive — continued
$	870,000	Toyota Motor Credit Corp., MTN, 2.150%, 9/08/2022	$	865,405
	360,000	Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030		333,860
	155,000	Toyota Motor Credit Corp., MTN, 3.375%, 4/01/2030		156,514
	615,000	Volkswagen Group of America Finance LLC, 4.250%, 11/13/2023, 144A		608,530
				11,785,171
		Banking — 21.8%
	315,000	American Express Co., 2.200%, 10/30/2020		314,127
	495,000	American Express Co., 3.700%, 8/03/2023		513,358
	625,000	ANZ New Zealand International Ltd., 1.900%, 2/13/2023, 144A		628,860
	915,000	ANZ New Zealand International Ltd., 2.200%, 7/17/2020, 144A		914,611
	1,190,000	Australia & New Zealand Banking Group Ltd., MTN, 2.050%, 11/21/2022		1,192,129
	395,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		384,934
	725,000	Bank of Montreal, MTN, 2.050%, 11/01/2022		718,881
	545,000	Bank of Montreal, MTN, 2.500%, 6/28/2024		532,597
	1,235,000	Bank of New Zealand, 2.000%, 2/21/2025, 144A		1,208,457
	870,000	Bank of Nova Scotia (The), 2.000%, 11/15/2022		872,134
	950,000	Bank of Nova Scotia (The), 2.150%, 7/14/2020		949,359
	545,000	Bank of Nova Scotia (The), 2.200%, 2/03/2025		546,910
	450,000	Banque Federative du Credit Mutuel S.A., 2.200%, 7/20/2020, 144A		449,191
	200,000	Banque Federative du Credit Mutuel S.A., 2.375%, 11/21/2024, 144A		195,803
	460,000	Banque Federative du Credit Mutuel S.A., 2.700%, 7/20/2022, 144A		449,695
	485,000	Banque Federative du Credit Mutuel S.A., 3.750%, 7/20/2023, 144A		494,029
	795,000	Barclays PLC, (fixed rate to 5/16/2023, variable rate thereafter), 4.338%, 5/16/2024		766,882
	300,000	BNP Paribas S.A, (fixed rate to 1/13/2030, variable rate thereafter), 3.052%, 1/13/2031, 144A		280,525
	510,000	BNP Paribas S.A., (fixed rate to 11/19/2024, variable rate thereafter), 2.819%, 11/19/2025, 144A		503,762
	160,000	Capital One Financial Corp., 3.750%, 3/09/2027		153,594
	545,000	Capital One NA, 2.150%, 9/06/2022		530,362
	215,000	Citigroup, Inc., 2.900%, 12/08/2021		216,654
	1,000,000	Citigroup, Inc., (fixed rate to 1/24/2022, variable rate thereafter), 3.142%, 1/24/2023		1,011,781
	940,000	Citigroup, Inc., (fixed rate to 11/04/2021, variable rate thereafter), 2.312%, 11/04/2022		936,422
	460,000	Citigroup, Inc., (fixed rate to 3/31/2030, variable rate thereafter), 4.412%, 3/31/2031		505,392
	250,000	Comerica Bank, 2.500%, 6/02/2020		250,014
	225,000	Comerica, Inc., 3.700%, 7/31/2023		230,956
	660,000	Cooperatieve Rabobank U.A. (NY), 2.750%, 1/10/2023		661,850
	925,000	Credit Agricole S.A., 3.750%, 4/24/2023, 144A		945,223
	405,000	Credit Suisse AG, 2.100%, 11/12/2021		403,834
	250,000	Credit Suisse Group AG, (fixed rate to 4/01/2030, variable rate thereafter), 4.194%, 4/01/2031, 144A		256,003
	940,000	Danske Bank A/S, 3.875%, 9/12/2023, 144A		927,769
	215,000	Deutsche Bank AG, 3.150%, 1/22/2021		210,044

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Banking — continued
$	395,000	Deutsche Bank AG, (fixed rate to 11/26/2024, variable rate thereafter), 3.961%, 11/26/2025	$	364,111
	865,000	DNB Bank ASA, 2.150%, 12/02/2022, 144A		854,317
	635,000	Goldman Sachs Group, Inc. (The), 2.600%, 2/07/2030		598,842
	570,000	Goldman Sachs Group, Inc. (The), 3.500%, 4/01/2025		582,668
	520,000	Goldman Sachs Group, Inc. (The), (fixed rate to 10/31/2021, variable rate thereafter), 2.876%, 10/31/2022		522,402
	520,000	HSBC Holdings PLC, (fixed rate to 9/12/2025, variable rate thereafter), 4.292%, 9/12/2026		518,883
	890,000	JPMorgan Chase & Co., (fixed rate to 3/13/2025, variable rate thereafter), 2.005%, 3/13/2026		883,984
	535,000	JPMorgan Chase & Co., (fixed rate to 4/1/2022, variable rate thereafter), 3.207%, 4/01/2023		544,210
	770,000	KeyCorp, MTN, 2.250%, 4/06/2027		714,837
	665,000	Lloyds Bank PLC, 2.250%, 8/14/2022		663,803
	495,000	Lloyds Banking Group PLC, 4.050%, 8/16/2023		510,120
	1,195,000	Macquarie Bank Ltd., 2.100%, 10/17/2022, 144A		1,183,529
	835,000	Macquarie Bank Ltd., 2.300%, 1/22/2025, 144A		820,505
	805,000	Mitsubishi UFJ Financial Group, Inc., 2.193%, 2/25/2025		800,796
	455,000	Morgan Stanley, (fixed rate to 4/01/2030, variable rate thereafter), MTN, 3.622%, 4/01/2031		475,903
	930,000	National Australia Bank Ltd., 3.700%, 11/04/2021		945,243
	625,000	National Bank of Canada, 2.150%, 10/07/2022, 144A		619,424
	1,135,000	National Bank of Canada, 2.200%, 11/02/2020		1,132,526
	620,000	Nationwide Building Society, (fixed rate to 3/08/2023, variable rate thereafter), 3.766%, 3/08/2024, 144A		600,421
	1,020,000	NatWest Markets PLC, 3.625%, 9/29/2022, 144A		1,007,898
	1,055,000	Nordea Bank ABP, 2.125%, 5/29/2020, 144A		1,053,871
	315,000	Northern Trust Corp., (fixed rate to 5/08/2027, variable rate thereafter), 3.375%, 5/08/2032		305,015
	305,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		307,982
	870,000	Santander Holdings USA, Inc., 3.244%, 10/05/2026		771,060
	120,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		117,125
	350,000	Santander UK PLC, 2.125%, 11/03/2020		347,990
	715,000	Santander UK PLC, 2.500%, 1/05/2021		695,726
	580,000	Santander UK PLC, 2.875%, 6/18/2024		578,940
	840,000	Societe Generale S.A., 2.625%, 10/16/2024, 144A		809,180
	395,000	Societe Generale S.A., 2.625%, 1/22/2025, 144A		380,259
	820,000	Standard Chartered PLC, (fixed rate to 1/30/2025, variable rate thereafter), 2.819%, 1/30/2026, 144A		776,914
	530,000	Standard Chartered PLC, (fixed rate to 5/21/2024, variable rate thereafter), 3.785%, 5/21/2025, 144A		521,207
	245,000	State Street Corp., (fixed rate to 3/30/2025, variable rate thereafter), 2.901%, 3/30/2026, 144A		250,787
	305,000	State Street Corp., (fixed rate to 5/15/2022, variable rate thereafter), 2.653%, 5/15/2023		300,579
	545,000	Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/2024		544,587

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Banking — continued
$	380,000	Sumitomo Mitsui Financial Group, Inc., 2.750%, 1/15/2030	$	370,825
	235,000	Sumitomo Mitsui Financial Group, Inc., 2.784%, 7/12/2022		234,261
	515,000	Svenska Handelsbanken AB, 3.900%, 11/20/2023		535,055
	1,140,000	Synchrony Bank, 3.650%, 5/24/2021		1,121,786
	75,000	Synchrony Financial, 4.250%, 8/15/2024		72,200
	700,000	Toronto-Dominion Bank (The), MTN, 1.900%, 12/01/2022		698,846
	1,065,000	Toronto-Dominion Bank (The), MTN, 3.250%, 6/11/2021		1,087,009
	890,000	Truist Bank, 1.500%, 3/10/2025		860,096
	340,000	Truist Financial Corp., MTN, 2.500%, 8/01/2024		335,304
	1,015,000	Truist Financial Corp., MTN, 3.050%, 6/20/2022		1,035,489
	1,150,000	UBS AG, 2.200%, 6/08/2020, 144A		1,149,022
	665,000	UniCredit SpA, 3.750%, 4/12/2022, 144A		659,466
	425,000	Wells Fargo & Co., (fixed rate to 10/30/2029, variable rate thereafter), MTN, 2.879%, 10/30/2030		420,960
	1,030,000	Wells Fargo Bank NA, 3.625%, 10/22/2021		1,058,214
	220,000	Westpac Banking Corp., 2.650%, 1/16/2030		219,192
	195,000	Westpac Banking Corp., 2.800%, 1/11/2022		196,873
				51,316,384
		Brokerage — 0.9%
	415,000	Ameriprise Financial, Inc., 3.000%, 3/22/2022		420,193
	495,000	BlackRock, Inc., 2.400%, 4/30/2030		493,175
	625,000	Brookfield Finance LLC, 3.450%, 4/15/2050		499,348
	640,000	Charles Schwab Corp. (The), 4.625%, 3/22/2030		704,870
				2,117,586
		Building Materials — 0.4%
	107,000	Fortune Brands Home & Security, Inc., 3.000%, 6/15/2020		106,775
	600,000	Martin Marietta Materials, Inc.,3-month LIBOR + 0.650%, 2.333%, 5/22/2020(e)		595,707
	320,000	Martin Marietta Materials, Inc., Series CB, 2.500%, 3/15/2030		289,673
	40,000	Masco Corp., 3.500%, 4/01/2021		39,631
				1,031,786
		Cable Satellite — 0.2%
	450,000	Comcast Corp., 3.400%, 4/01/2030		487,755
		Chemicals — 0.5%
	360,000	Cabot Corp., 4.000%, 7/01/2029		361,116
	255,000	DuPont de Nemours, Inc., 3.766%, 11/15/2020		255,800
	9,000	Eastman Chemical Co., 4.500%, 1/15/2021		8,892
	140,000	Ecolab, Inc., 4.800%, 3/24/2030		157,260
	315,000	Sherwin Williams Co. (The), 2.300%, 5/15/2030		293,374
				1,076,442
		Collateralized Mortgage Obligations — 3.2%
	579,039	Government National Mortgage Association, Series2010-H02, Class FA,1-month LIBOR + 0.680%, 2.293%, 2/20/2060(e)		582,509
	295,502	Government National Mortgage Association, Series2010-H03, Class FA,1-month LIBOR + 0.550%, 2.163%, 3/20/2060(e)		292,668

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	163,591	Government National Mortgage Association, Series2014-H14, Class FA,1-month LIBOR + 0.500%, 2.234%, 7/20/2064(e)	$	160,968
	120,405	Government National Mortgage Association, Series2014-H15, Class FA,1-month LIBOR + 0.500%, 2.162%, 7/20/2064(e)		118,191
	11,812	Government National Mortgage Association, Series2015-H09, Class HA, 1.750%, 3/20/2065(b)(c)		11,743
	292,971	Government National Mortgage Association, Series2015-H10, Class JA, 2.250%, 4/20/2065(a)		297,889
	493,417	Government National Mortgage Association, Series2016-H06, Class FC,1-month LIBOR + 0.920%, 2.582%, 2/20/2066(a)(e)		490,621
	308,391	Government National Mortgage Association, Series2016-H10, Class FJ,1-month LIBOR + 0.600%, 2.262%, 4/20/2066(a)(e)		308,758
	2,009,414	Government National Mortgage Association, Series2018-H17, Class JA, 3.750%, 9/20/2068(a)(d)		2,271,059
	394,151	Government National Mortgage Association, Series2019-H01, Class FL,1-month LIBOR + 0.450%, 2.112%, 12/20/2068(e)		393,850
	1,360,857	Government National Mortgage Association, Series2019-H01, Class FT,1-month LIBOR + 0.400%, 2.062%, 10/20/2068(a)(e)		1,345,714
	1,233,013	Government National Mortgage Association, Series2019-H10, Class FM,1-month LIBOR + 0.400%, 2.062%, 5/20/2069(a)(e)		1,232,888
				7,506,858
		Construction Machinery — 0.6%
	300,000	Caterpillar Financial Services Corp., MTN, 3.150%, 9/07/2021		305,501
	500,000	Caterpillar Financial Services Corp., MTN, 3.650%, 12/07/2023		529,980
	265,000	Caterpillar Financial Services Corp., Series I, 2.650%, 5/17/2021		267,495
	140,000	John Deere Capital Corp., MTN, 1.750%, 3/09/2027		134,581
	110,000	John Deere Capital Corp., MTN, 2.600%, 3/07/2024		110,652
	174,000	John Deere Capital Corp., Series 0014, 2.450%, 9/11/2020		173,569
				1,521,778
		Consumer Cyclical Services — 1.1%
	670,000	eBay, Inc., 1.900%, 3/11/2025		632,751
	620,000	Mastercard, Inc., 2.000%, 3/03/2025		650,677
	245,000	Mastercard, Inc., 3.350%, 3/26/2030		271,320
	455,000	Visa, Inc., 2.050%, 4/15/2030		454,340
	495,000	Western Union Co. (The), 4.250%, 6/09/2023		525,911
				2,534,999
		Consumer Products — 0.3%
	420,000	Hasbro, Inc., 3.550%, 11/19/2026		400,672
	175,000	Kimberly-Clark Corp., 3.100%, 3/26/2030		189,318
				589,990
		Diversified Manufacturing — 1.5%
	550,000	Carrier Global Corp., 2.242%, 2/15/2025, 144A		534,290
	455,000	Kennametal, Inc., 4.625%, 6/15/2028		459,625
	615,000	Otis Worldwide Corp., 2.056%, 4/05/2025, 144A		601,062
	620,000	Otis Worldwide Corp., 2.565%, 2/15/2030, 144A		602,576

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Diversified Manufacturing — continued
$	265,000	Timken Co. (The), 4.500%, 12/15/2028	$	296,354
	100,000	United Technologies Corp., 3.650%, 8/16/2023		105,151
	175,000	Westinghouse Air Brake Technologies Corp.,3-month LIBOR + 1.300%, 2.041%, 9/15/2021(e)		169,868
	820,000	WW Grainger, Inc., 1.850%, 2/15/2025		820,766
				3,589,692
		Electric — 5.2%
	720,000	Alliant Energy Finance LLC, 4.250%, 6/15/2028, 144A		725,637
	290,000	American Electric Power Co., Inc., 2.300%, 3/01/2030		270,413
	495,000	Berkshire Hathaway Energy Co., 3.700%, 7/15/2030, 144A		530,574
	270,000	Consolidated Edison Co. of New York, Inc., Series 20A, 3.350%, 4/01/2030		277,846
	120,000	Consolidated Edison Co. of New York, Inc., Series B, 2.900%, 12/01/2026		121,322
	225,000	Dominion Energy, Inc., 3.071%, 8/15/2024		224,305
	625,000	Dominion Energy, Inc., Series B, 3.600%, 3/15/2027		635,528
	480,000	DTE Electric Co., 2.250%, 3/01/2030		463,787
	270,000	DTE Energy Co., 2.250%, 11/01/2022		266,814
	1,135,000	Duke Energy Carolinas LLC, 3.050%, 3/15/2023		1,162,177
	451,000	Exelon Corp., 2.450%, 4/15/2021		447,056
	115,000	Exelon Corp., 4.050%, 4/15/2030		116,150
	116,000	Exelon Generation Co. LLC, 4.250%, 6/15/2022		116,042
	280,000	Florida Power & Light Co., 2.850%, 4/01/2025		291,928
	188,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		187,195
	830,000	NextEra Energy Capital Holdings, Inc., 2.403%, 9/01/2021		829,267
	75,000	Ohio Power Co., Series P, 2.600%, 4/01/2030		72,838
	195,000	Oklahoma Gas & Electric Co., 3.250%, 4/01/2030		195,205
	1,115,000	PNM Resources, Inc., 3.250%, 3/09/2021		1,122,057
	370,000	PSEG Power LLC, 3.850%, 6/01/2023		376,420
	235,000	Public Service Enterprise Group, Inc., 2.875%, 6/15/2024		234,263
	360,000	Southern California Edison Co., 2.250%, 6/01/2030		325,030
	273,000	Southern Co. (The), 2.750%, 6/15/2020		273,236
	720,000	Southern Power Co., Series E, 2.500%, 12/15/2021		708,195
	635,000	Union Electric Co., 2.950%, 3/15/2030		654,272
	600,000	Vistra Operations Co. LLC, 3.550%, 7/15/2024, 144A		563,902
	1,030,000	Wisconsin Public Service Corp., 3.350%, 11/21/2021		1,035,295
	75,000	Xcel Energy, Inc., 3.400%, 6/01/2030		75,960
				12,302,714
		Finance Companies — 1.1%
	310,000	Air Lease Corp., 3.250%, 10/01/2029		248,323
	1,190,000	Ares Capital Corp., 3.250%, 7/15/2025		944,454
	305,000	Aviation Capital Group LLC, 3.875%, 5/01/2023, 144A		285,016
	225,000	Aviation Capital Group LLC, 4.375%, 1/30/2024, 144A		203,076
	375,000	Avolon Holdings Funding Ltd., 3.625%, 5/01/2022, 144A		332,423
	615,000	FS KKR Capital Corp., 4.125%, 2/01/2025		500,114
	150,000	Oaktree Specialty Lending Corp., 3.500%, 2/25/2025		134,540
				2,647,946

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Financial Other — 0.4%
$	470,000	LeasePlan Corp NV, 2.875%, 10/24/2024, 144A	$	460,401
	410,000	Mitsubishi UFJ Lease & Finance Co. Ltd., 2.652%, 9/19/2022, 144A		398,651
	185,000	ORIX Corp., 3.250%, 12/04/2024		193,441
				1,052,493
		Food & Beverage — 1.6%
	835,000	Bacardi Ltd., 4.700%, 5/15/2028, 144A		892,102
	120,000	Brown-Forman Corp., 3.500%, 4/15/2025		127,907
	525,000	Bunge Ltd. Finance Corp., 4.350%, 3/15/2024		513,398
	1,095,000	General Mills, Inc., 2.600%, 10/12/2022		1,103,226
	260,000	General Mills, Inc., 2.875%, 4/15/2030		259,480
	90,000	Kraft Heinz Foods Co., 3.000%, 6/01/2026		87,442
	390,000	PepsiCo, Inc., 2.625%, 3/19/2027		409,401
	140,000	Smithfield Foods, Inc., 3.350%, 2/01/2022, 144A		136,187
	215,000	Sysco Corp., 2.400%, 2/15/2030		176,424
				3,705,567
		Health Insurance — 0.2%
	220,000	Centene Corp., 3.375%, 2/15/2030, 144A		204,600
	310,000	Humana, Inc., 2.500%, 12/15/2020		308,611
				513,211
		Healthcare — 1.2%
	180,000	Baxter International, Inc., 3.950%, 4/01/2030, 144A		192,995
	210,000	Cigna Corp., 2.400%, 3/15/2030		198,898
	419,000	Cigna Corp., 3.750%, 7/15/2023		430,786
	95,000	Cigna Corp., 4.500%, 2/25/2026, 144A		102,422
	420,000	CVS Health Corp., 4.300%, 3/25/2028		449,250
	510,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		495,430
	165,000	Quest Diagnostics, Inc., 2.950%, 6/30/2030		161,752
	85,000	Thermo Fisher Scientific, Inc., 4.497%, 3/25/2030		95,552
	635,000	Zimmer Biomet Holdings, Inc., 3.550%, 3/20/2030		632,614
				2,759,699
		Hybrid ARMs — 0.1%
	37,052	FHLMC,1-year CMT + 2.257%, 4.384%, 1/01/2035(e)		37,360
	84,639	FHLMC,1-year CMT + 2.500%, 4.678%, 5/01/2036(e)		86,152
				123,512
		Independent Energy — 0.1%
	400,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		299,075
		Integrated Energy — 0.3%
	635,000	Exxon Mobil Corp., 3.482%, 3/19/2030		701,316
		Life Insurance — 2.2%
	85,000	AIG Global Funding, 2.150%, 7/02/2020, 144A		84,630
	615,000	Athene Global Funding, 2.500%, 1/14/2025, 144A		579,304
	380,000	Athene Global Funding, 2.750%, 4/20/2020, 144A		379,172
	330,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		286,104
	405,000	Global Atlantic Finance Co., 4.400%, 10/15/2029, 144A		355,710

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Life Insurance — continued
$	155,000	Jackson National Life Global Funding, 3.875%, 6/11/2025, 144A	$	167,387
	505,000	Metropolitan Life Global Funding I, 2.400%, 6/17/2022, 144A		508,459
	1,070,000	New York Life Global Funding, 2.875%, 4/10/2024, 144A(a)		1,098,772
	915,000	New York Life Global Funding, 2.950%, 1/28/2021, 144A(a)		933,441
	565,000	Reliance Standard Life Global Funding II, 3.850%, 9/19/2023, 144A		607,498
	63,000	Unum Group, 5.625%, 9/15/2020		63,141
				5,063,618
		Lodging — 0.4%
	590,000	Marriott International, Inc., 2.125%, 10/03/2022		531,017
	350,000	Marriott International, Inc., Series Z, 4.150%, 12/01/2023		320,640
				851,657
		Media Entertainment — 0.4%
	95,000	Activision Blizzard, Inc., 2.300%, 9/15/2021		95,672
	90,000	Fox Corp., 3.500%, 4/08/2030		89,819
	130,000	Interpublic Group of Cos., Inc. (The), 3.500%, 10/01/2020		128,026
	425,000	ViacomCBS, Inc., 2.900%, 6/01/2023		397,958
	345,000	ViacomCBS, Inc., 4.950%, 1/15/2031		339,561
				1,051,036
		Metals & Mining — 0.2%
	140,000	ArcelorMittal S.A., 3.600%, 7/16/2024		127,607
	155,000	Glencore Funding LLC, 4.125%, 3/12/2024, 144A		142,486
	330,000	Newmont Corp., 2.250%, 10/01/2030		306,622
				576,715
		Midstream — 1.0%
	195,000	Cameron LNG LLC, 3.302%, 1/15/2035, 144A		168,763
	25,000	Energy Transfer Operating LP, 4.250%, 3/15/2023		22,637
	440,000	Midwest Connector Capital Co. LLC, 3.625%, 4/01/2022, 144A		422,784
	1,130,000	MPLX LP,3-month LIBOR + 0.900%, 1.899%, 9/09/2021(e)		1,067,777
	885,000	ONEOK, Inc., 3.100%, 3/15/2030		664,202
				2,346,163
		Mortgage Related — 2.0%
	2,309	FHLMC, 3.000%, 10/01/2026		2,420
	199	FHLMC, 6.500%, 1/01/2024		221
	46	FHLMC, 8.000%, 7/01/2025		50
	23	FNMA, 6.000%, 9/01/2021		24
	19,815	GNMA, 3.971%, 5/20/2062(d)		19,835
	81,795	GNMA, 4.053%, 2/20/2063(d)		82,389
	15,898	GNMA, 4.054%, 5/20/2062(d)		16,249
	27,486	GNMA, 4.200%, 10/20/2062(d)		27,841
	67,444	GNMA, 4.257%, 4/20/2063(d)		67,748
	75,810	GNMA, 4.268%, 2/20/2063(a)(d)		76,050
	47,085	GNMA, 4.323%, 11/20/2064(d)		47,614
	105,185	GNMA, 4.398%, 4/20/2063(a)(d)		106,193
	61,828	GNMA, 4.405%, 6/20/2066(d)		65,789
	227,128	GNMA, 4.431%, 10/20/2066(d)		243,913

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	106,215	GNMA, 4.437%, 9/20/2066(d)	$	113,616
	60,995	GNMA, 4.444%, 11/20/2066(d)		64,992
	48,194	GNMA, 4.460%, 2/20/2063(d)		48,306
	64,410	GNMA, 4.494%, 8/20/2066(d)		68,605
	112,640	GNMA, 4.499%, 11/20/2066(d)		120,715
	46,987	GNMA, 4.500%, 3/20/2063(d)		47,130
	184,406	GNMA, 4.520%, 9/20/2066(d)		198,578
	83,781	GNMA, 4.521%, 10/20/2066(d)		90,318
	1,175,339	GNMA, 4.530%, with various maturities from 2066 to 2067(a)(d)(f)		1,270,007
	457,180	GNMA, 4.545%, 7/20/2067(a)(d)		496,910
	856,508	GNMA, 4.586%, 1/20/2067(a)(d)		929,890
	2,125	GNMA, 4.630%, 7/20/2062(d)		2,194
	389,140	GNMA, 4.685%, 5/20/2064(a)(d)		408,089
	690	GNMA, 4.700%, 8/20/2061(d)		733
	657	GNMA, 6.500%, 12/15/2023		721
				4,617,140
		Non-Agency Commercial Mortgage-Backed Securities — 6.5%
	230,000	BANK, Series 2019-BN24, Class A3, 2.960%, 11/15/2062		238,743
	270,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		273,066
	565,000	Barclays Commercial Mortgage Securities Trust, Series2017-C1, Class A2, 3.189%, 2/15/2050(a)		573,260
	285,000	Benchmark Mortgage Trust, Series2020-B16, Class A5, 2.732%, 2/15/2053		291,270
	491,600	CFCRE Commercial Mortgage Trust, Series2016-C3, Class A3, 3.865%, 1/10/2048(a)		516,295
	361,996	CFCRE Commercial Mortgage Trust, Series2016-C4, Class A4, 3.283%, 5/10/2058		370,220
	992,138	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314%, 4/10/2049(a)		1,016,252
	540,000	Citigroup Commercial Mortgage Trust, Series2019-C7, Class A4, 3.102%, 12/15/2072		560,995
	263,676	Commercial Mortgage Pass Through Certificates, Series2013-CR8, Class A5, 3.612%, 6/10/2046(d)		273,694
	535,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A(a)		524,037
	26,544	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		26,519
	68,558	Commercial Mortgage Pass Through Certificates, Series 2014-CR15, Class A2, 2.928%, 2/10/2047		68,453
	169,962	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		174,757
	478,193	Commercial Mortgage Pass Through Certificates, Series 2014-LC17, Class A3, 3.723%, 10/10/2047(a)		489,881
	280,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS3, Class A4, 3.819%, 6/10/2047		291,041
	280,000	Commercial Mortgage Pass Through Certificates, Series2015-DC1, Class A5, 3.350%, 2/10/2048		287,238

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	520,299	Commercial Mortgage Pass Through Certificates, Series2016-DC2, Class A5, 3.765%, 2/10/2049(a)	$	545,189
	640,000	Credit Suisse Mortgage Capital Certificates, Series2014-USA, Class A2, 3.953%, 9/15/2037, 144A(a)		632,583
	84,913	CSAIL Commercial Mortgage Trust, Series2015-C4, Class ASB, 3.617%, 11/15/2048		88,744
	470,000	CSAIL Commercial Mortgage Trust, Series2019-C18, Class A4, 2.968%, 12/15/2052		472,681
	340,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.549%, 3/05/2033, 144A(d)		329,861
	330,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047		348,283
	245,000	GS Mortgage Securities Trust, Series 2020-GC45, Class AS, 2.911%, 2/13/2053		252,690
	180,000	Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.155%, 8/05/2034, 144A		176,980
	355,000	Hudsons Bay Simon JV Trust, Series2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		352,678
	850,000	JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class A4, 3.057%, 11/13/2052		881,954
	93,011	JPMorgan Chase Commercial Mortgage Securities Trust, Series2014-C19, Class ASB, 3.584%, 4/15/2047		95,101
	19,706	JPMorgan Chase Commercial Mortgage Securities Trust, Series2017-JP5, Class A1, 2.086%, 3/15/2050		19,661
	575,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A4, 3.386%, 6/13/2052(a)		597,479
	240,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2013-C10, Class A4, 4.083%, 7/15/2046(d)		252,777
	111,476	Morgan Stanley Bank of America Merrill Lynch Trust, Series2014-C14, Class A3, 3.669%, 2/15/2047		111,926
	129,604	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C22, Class A4, 3.306%, 4/15/2048		135,285
	550,000	Morgan Stanley Capital I Trust, Series2020-L4, Class A3, 2.698%, 2/15/2053		552,352
	194,995	Starwood Retail Property Trust, Series 2014-STAR, Class A,1-month LIBOR + 1.470%, 2.175%, 11/15/2027, 144A(e)		182,003
	505,000	UBS-Barclays Commercial Mortgage Trust, Series2012-TFT, Class A, 2.892%, 6/05/2030, 144A(a)		503,969
	565,000	UBS-Barclays Commercial Mortgage Trust, Series2013-C6, Class A4, 3.244%, 4/10/2046(a)		574,709
	201,109	Wells Fargo Commercial Mortgage Trust, Series2016-C33, Class A4, 3.426%, 3/15/2059		207,134
	1,295,000	Wells Fargo Commercial Mortgage Trust, Series2017-RC1, Class A2, 3.118%, 1/15/2060(a)		1,314,216
	152,101	WFRBS Commercial Mortgage Trust, Series2014-C19, Class A3, 3.660%, 3/15/2047		152,940
	325,000	WFRBS Commercial Mortgage Trust, Series2014-C19, Class A5, 4.101%, 3/15/2047		344,712
	291,031	WFRBS Commercial Mortgage Trust, Series2014-C20, Class ASB, 3.638%, 5/15/2047(a)		298,652
				15,400,280

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Oil Field Services — 0.8%
$	980,000	Baker Hughes a GE Co. LLC/Baker HughesCo-Obligor, Inc., 2.773%, 12/15/2022	$	933,082
	725,000	Halliburton Co., 2.920%, 3/01/2030		560,181
	375,000	National Oilwell Varco, Inc., 3.600%, 12/01/2029		279,944
				1,773,207
		Packaging — 0.1%
	165,000	Avery Dennison Corp., 2.650%, 4/30/2030		153,820
		Pharmaceuticals — 1.3%
	315,000	AbbVie, Inc., 2.950%, 11/21/2026, 144A		316,445
	305,000	AbbVie, Inc., 3.600%, 5/14/2025		320,070
	480,000	Amgen, Inc., 2.450%, 2/21/2030		472,100
	235,000	Bayer U.S. Finance II LLC, 3.375%, 7/15/2024, 144A		235,956
	845,000	Novartis Capital Corp., 2.200%, 8/14/2030		864,941
	365,000	Pfizer, Inc., 2.625%, 4/01/2030		383,784
	525,000	Pfizer, Inc., 3.200%, 9/15/2023		552,792
				3,146,088
		Property & Casualty Insurance — 0.6%
	645,000	American Financial Group, Inc., 3.500%, 8/15/2026		613,829
	180,000	Assurant, Inc., 4.200%, 9/27/2023		191,227
	245,000	Berkshire Hathaway Finance Corp., 1.850%, 3/12/2030		237,845
	275,000	Progressive Corp. (The), 3.200%, 3/26/2030		297,331
				1,340,232
		Railroads — 0.3%
	65,000	Canadian Pacific Railway Co., 2.050%, 3/05/2030		60,426
	350,000	Union Pacific Corp., 2.400%, 2/05/2030		339,983
	215,000	Union Pacific Corp., 3.646%, 2/15/2024		223,963
				624,372
		REITs – Apartments — 0.1%
	210,000	Essex Portfolio LP, 2.650%, 3/15/2032		186,324
		REITs – Health Care — 0.5%
	505,000	Healthpeak Properties, Inc., 3.000%, 1/15/2030		481,475
	615,000	Omega Healthcare Investors, Inc., 4.500%, 1/15/2025		595,808
				1,077,283
		REITs – Hotels — 0.1%
	350,000	Host Hotels & Resorts LP, Series H, 3.375%, 12/15/2029		294,820
		REITs – Office Property — 0.3%
	310,000	Alexandria Real Estate Equities, Inc., 4.900%, 12/15/2030		336,394
	290,000	Office Properties Income Trust, 4.250%, 5/15/2024		286,151
				622,545
		REITs – Warehouse/Industrials — 0.0%
	115,000	Prologis LP, 2.125%, 4/15/2027		109,346
		Restaurants — 1.0%
	190,000	McDonald’s Corp., MTN, 2.125%, 3/01/2030		175,524
	1,280,000	McDonald’s Corp., MTN, 2.625%, 1/15/2022		1,290,293

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Restaurants — continued
$	420,000	McDonald’s Corp., MTN, 3.350%, 4/01/2023	$	433,901
	110,000	McDonald’s Corp., MTN, 3.600%, 7/01/2030		115,492
	365,000	Starbucks Corp., 2.250%, 3/12/2030		343,346
				2,358,556
		Retailers — 1.7%
	345,000	AutoNation, Inc., 3.500%, 11/15/2024		335,428
	290,000	AutoNation, Inc., 4.500%, 10/01/2025		278,560
	385,000	Best Buy Co., Inc., 4.450%, 10/01/2028		390,562
	475,000	Home Depot, Inc. (The), 2.500%, 4/15/2027		478,727
	270,000	Home Depot, Inc.(The), 2.950%, 6/15/2029		279,871
	170,000	Lowe’s Cos., Inc., 4.500%, 4/15/2030		187,344
	455,000	NIKE, Inc., 2.850%, 3/27/2030		480,746
	850,000	Seven & i Holdings Co. Ltd., 3.350%, 9/17/2021, 144A		862,723
	270,000	Target Corp., 2.350%, 2/15/2030		269,734
	460,000	TJX Cos., Inc. (The), 3.875%, 4/15/2030		474,916
				4,038,611
		Technology — 2.7%
	135,000	Amphenol Corp., 2.050%, 3/01/2025		127,643
	470,000	Flex Ltd., 4.875%, 6/15/2029		440,718
	450,000	Genpact Luxembourg S.a.r.l., 3.700%, 4/01/2022		458,088
	1,145,000	Hewlett Packard Enterprise Co.,3-month LIBOR + 0.680%, 1.464%, 3/12/2021(e)		1,107,882
	445,000	Intel Corp., 2.450%, 11/15/2029		455,767
	640,000	Intel Corp., 3.900%, 3/25/2030		730,104
	530,000	International Business Machines Corp., 2.850%, 5/13/2022		543,534
	89,000	Jabil, Inc., 5.625%, 12/15/2020		88,836
	175,000	Marvell Technology Group Ltd., 4.200%, 6/22/2023		178,915
	140,000	Microchip Technology, Inc., 3.922%, 6/01/2021		136,414
	350,000	NVIDIA Corp., 2.850%, 4/01/2030		365,266
	460,000	Oracle Corp., 2.950%, 4/01/2030		463,167
	565,000	Panasonic Corp., 2.536%, 7/19/2022, 144A		554,806
	205,000	Seagate HDD Cayman, 4.875%, 3/01/2024		204,263
	325,000	Texas Instruments, Inc., 1.375%, 3/12/2025		322,512
	130,000	Texas Instruments, Inc., 2.250%, 9/04/2029		129,870
				6,307,785
		Tobacco — 0.4%
	565,000	BAT Capital Corp., 3.215%, 9/06/2026		537,249
	460,000	BAT Capital Corp., 4.700%, 4/02/2027		467,436
				1,004,685
		Transportation Services — 1.1%
	695,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.125%, 8/01/2023, 144A		717,807
	135,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.450%, 1/29/2026, 144A		149,732
	320,000	Ryder System, Inc., MTN, 3.750%, 6/09/2023		321,209
	275,000	Ryder System, Inc., MTN, 3.875%, 12/01/2023		280,448
	430,000	TTX Co., 2.600%, 6/15/2020, 144A		428,724
	620,000	United Parcel Service, Inc., 4.450%, 4/01/2030		701,592
				2,599,512

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Treasuries — 10.5%
$	1,245,000	U.S. Treasury Note, 1.125%, 2/28/2021	$	1,256,672
	2,800,000	U.S. Treasury Note, 1.250%, 8/31/2024		2,910,578
	2,165,000	U.S. Treasury Note, 1.500%, 9/30/2024		2,274,941
	2,495,000	U.S. Treasury Note, 1.500%, 10/31/2024		2,623,941
	14,805,000	U.S. Treasury Note, 1.750%, 12/31/2024		15,763,855
				24,829,987
		Wireless — 0.1%
	200,000	SK Telecom Co. Ltd., 3.750%, 4/16/2023, 144A		211,078
		Wirelines — 0.5%
	320,000	British Telecommunications PLC, 3.250%, 11/08/2029, 144A		311,130
	205,000	British Telecommunications PLC, 4.500%, 12/04/2023		213,789
	515,000	Verizon Communications, Inc., 3.150%, 3/22/2030		554,734
				1,079,653
		Total Bonds and Notes (Identified Cost $233,837,641)		232,710,763
	Short-Term Investments — 1.3%
	3,145,864	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020 at 0.000% to be repurchased at $3,145,864 on 4/01/2020 collateralized by $3,055,000 U.S. Treasury Inflation Indexed Note, 0.625% due 4/15/2023 valued at $3,213,814 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $3,145,864)		3,145,864
		Total Investments — 100.1% (Identified Cost $236,983,505)		235,856,627
		Other assets less liabilities — (0.1)%		(253,377	)
		Net Assets — 100.0%	$	235,603,250
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(b)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(c)	Fair valued by the Fund’s adviser. At March 31, 2020, the value of these securities amounted to $22,014 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(d)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2020 is disclosed.
	(e)	Variable rate security. Rate as of March 31, 2020 is disclosed.
	(f)	The Fund’s investment in mortgage related securities of Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, the value of Rule 144A holdings amounted to $65,663,832 or 27.9% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
CMT	Constant Maturity Treasury
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REITs	Real Estate Investment Trusts

At March 31, 2020, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/30/2020	174	$	21,157,535	$	21,812,531	$	654,996

At March 31, 2020, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		6/19/2020	20	$	3,111,210	$	3,120,625	$	(9,415	)

Industry Summary at March 31, 2020 (Unaudited)

Banking	21.8	%
ABS Car Loan	10.5
Treasuries	10.5
Non-Agency Commercial Mortgage-Backed Securities	6.5
Electric	5.2
Automotive	5.0
Collateralized Mortgage Obligations	3.2
Technology	2.7
ABS Other	2.2
Life Insurance	2.2
Mortgage Related	2.0
Other Investments, less than 2% each	27.0
Short-Term Investments	1.3
Total Investments	100.1
Other assets less liabilities (including futures contracts)	(0.1	)
Net Assets	100.0	%

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 89.1% of Net Assets
		ABS Car Loan — 1.3%
$	1,550,000	Avis Budget Rental Car Funding AESOP LLC, Series2016-1A, Class A, 2.990%, 6/20/2022, 144A	$	1,513,796
	840,000	Avis Budget Rental Car Funding AESOP LLC, Series2019-1A, Class A, 3.450%, 3/20/2023, 144A		826,639
	1,103,166	CPS Auto Receivables Trust, Series2019-C, Class A, 2.550%, 9/15/2022, 144A		1,094,981
	1,955,000	Credit Acceptance Auto Loan Trust, Series2019-3A, Class A, 2.380%, 11/15/2028, 144A		1,891,388
	809,060	Exeter Automobile Receivables Trust, Series2019-3A, Class A, 2.590%, 9/15/2022, 144A		804,047
	425,408	First Investors Auto Owner Trust, Series2018-2A, Class A1, 3.230%, 12/15/2022, 144A		423,623
	2,090,000	Foursight Capital Automobile Receivables Trust, Series2018-2, Class A3, 3.640%, 5/15/2023, 144A		2,075,141
	1,495,000	NextGear Floorplan Master Owner Trust, Series2017-1A, Class A2, 2.540%, 4/18/2022, 144A		1,493,985
	685,000	NextGear Floorplan Master Owner Trust, Series2017-2A, Class A2, 2.560%, 10/17/2022, 144A		660,567
	765,000	World Omni Auto Receivables Trust, Series2019-B, Class A3, 2.590%, 7/15/2024		769,154
				11,553,321
		ABS Home Equity — 0.1%
	780,674	CoreVest American Finance Trust, Series2017-1, Class A, 2.968%, 10/15/2049, 144A		768,193
	525,425	Towd Point Mortgage Trust, Series2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(a)		523,047
				1,291,240
		ABS Other — 0.6%
	586,685	Diamond Resorts Owner Trust, Series2018-1, Class A, 3.700%, 1/21/2031, 144A		580,855
	825,000	Navistar Financial Dealer Note Master Owner Trust II, Series2018-1, Class A, 1-month LIBOR + 0.630%, 1.577%, 9/25/2023, 144A(b)		800,231
	1,668,097	SoFi Consumer Loan Program Trust, Series2018-4, Class A, 3.540%, 11/26/2027, 144A		1,651,328
	2,000,061	Welk Resorts LLC, Series2019-AA, Class A, 2.800%, 6/15/2038, 144A		1,943,863
				4,976,277
		ABS Student Loan — 0.5%
	4,000,000	Navient Private Education Refi Loan Trust, Series2019-FA, Class A2, 2.600%, 8/15/2068, 144A		4,041,879
	66,735	SoFi Professional Loan Program LLC, Series2016-D, Class A1, 1-month LIBOR + 0.950%, 1.897%, 1/25/2039, 144A(b)		66,412
				4,108,291

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2020 (Unaudited)

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

Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — 14.3%
$	1,057,733	Federal Home Loan Mortgage Corp., Series KJ28, Class A1, 1.766%, 2/25/2025	$	1,076,313
	7,396,082	Federal National Mortgage Association, Series2014-M2, Class A2, 3.513%, 12/25/2023(a)		7,958,431
	1,086,706	Federal National Mortgage Association, Series2015-M17, Class FA, 1-month LIBOR + 0.930%, 2.584%, 11/25/2022(b)		1,083,814
	569,459	Federal National Mortgage Association, Series2016-M3, Class ASQ2, 2.263%, 2/25/2023		576,568
	6,131,198	Federal National Mortgage Association, Series2020-M5, Class FA, 1-month LIBOR + 0.460%, 2.041%, 1/25/2027(b)		6,111,321
	7,720,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ26, Class A2, 2.606%, 7/25/2027		8,332,122
	13,445,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ20, Class A2, 3.799%, 12/25/2025		15,227,293
	4,139,196	FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2, 3.871%, 4/25/2021		4,229,441
	3,810,720	FHLMC Multifamily Structured Pass Through Certificates, Series K015, Class A2, 3.230%, 7/25/2021		3,903,697
	6,020,705	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2, 2.873%, 12/25/2021		6,181,814
	7,900,000	FHLMC Multifamily Structured Pass Through Certificates, Series K034, Class A2, 3.531%, 7/25/2023(a)		8,467,131
	7,835,000	FHLMC Multifamily Structured Pass Through Certificates, Series K035, Class A2, 3.458%, 8/25/2023(a)		8,382,435
	7,500,000	FHLMC Multifamily Structured Pass Through Certificates, Series K038, Class A2, 3.389%, 3/25/2024		8,085,882
	2,580,000	FHLMC Multifamily Structured Pass Through Certificates, Series K064, Class A2, 3.224%, 3/25/2027		2,860,584
	2,187,171	FHLMC Multifamily Structured Pass Through Certificates, Series K725, Class A1, 2.666%, 5/25/2023		2,258,501
	8,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series KC06, Class A2, 2.541%, 8/25/2026		8,606,624
	220,031	FHLMC Multifamily Structured Pass Through Certificates, Series KF06, Class A,1-month LIBOR + 0.330%, 1.845%, 11/25/2021(b)		215,783
	1,389,416	FHLMC Multifamily Structured Pass Through Certificates, Series KF14, Class A,1-month LIBOR + 0.650%, 2.165%, 1/25/2023(b)		1,369,142
	4,131,702	FHLMC Multifamily Structured Pass Through Certificates, Series KF53, Class A,1-month LIBOR + 0.390%, 1.905%, 10/25/2025(b)		4,097,125
	4,830,747	FHLMC Multifamily Structured Pass Through Certificates, Series KF72, Class A,1-month LIBOR + 0.500%, 2.015%, 11/25/2026(b)		4,782,900
	130,159	FHLMC Multifamily Structured Pass Through Certificates, Series KI01, Class A,1-month LIBOR + 0.160%, 1.675%, 9/25/2022(b)		127,691
	1,238,583	FHLMC Multifamily Structured Pass Through Certificates, Series KI02, Class A,1-month LIBOR + 0.200%, 1.715%, 2/25/2023(b)		1,215,786
	10,261,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ21, Class A2, 3.700%, 9/25/2026		11,653,626
	3,770,818	FHLMC Multifamily Structured Pass Through Certificates, Series Q008, Class A,1-month LIBOR + 0.390%, 1.905%, 10/25/2045(b)		3,740,398

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

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

Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	5,200,000	FNMA, 3.580%, 1/01/2026	$	5,816,288
	126,724	Government National Mortgage Association, Series2003-72, Class Z, 5.290%, 11/16/2045(a)		136,907
	23,381	Government National Mortgage Association, Series2003-88, Class Z, 5.434%, 3/16/2046(a)		24,623
				126,522,240
		Collateralized Mortgage Obligations — 11.0%
	27,011	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 7-year CMT – 0.200%, 1.460%, 5/15/2023(b)(c)(d)		26,364
	20,489	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 10-year CMT – 0.650%, 0.870%, 8/15/2023(b)(c)(d)		20,040
	107,901	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029(c)(d)		118,633
	883,905	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035		994,441
	1,337,968	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035		1,533,530
	719,079	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038		814,352
	1,034,237	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, IO, 2.829%, 6/15/2048(a)(e)		1,075,473
	1,160,375	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, IO, 3.947%, 12/15/2036(a)(e)		1,254,210
	696,176	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 1-month LIBOR + 2.100%, 2.805%, 6/15/2043(b)		720,334
	983,057	Federal National Mortgage Association, REMIC, Series2003-48, Class GH, 5.500%, 6/25/2033		1,144,167
	13,492	Federal National Mortgage Association, REMIC, Series1992-162, Class FB, 7-year CMT – 0.050%, 0.850%, 9/25/2022(b)(c)(d)		13,315
	21,746	Federal National Mortgage Association, REMIC, Series1994-42, Class FD, 10-year CMT – 0.500%, 1.020%, 4/25/2024(b)(c)(d)		21,226
	7,839	Federal National Mortgage Association, REMIC, Series2002-W10, Class A7, 4.536%, 8/25/2042(a)(c)(d)		8,384
	329,236	Federal National Mortgage Association, REMIC, Series2005-100, Class BQ, 5.500%, 11/25/2025(c)(d)		344,859
	382,744	Federal National Mortgage Association, REMIC, Series2007-73, Class A1, 1-month LIBOR + 0.060%, 1.687%, 7/25/2037(b)		376,113
	1,037,376	Federal National Mortgage Association, REMIC, Series2008-86, Class LA, 3.504%, 8/25/2038(a)		1,112,334
	5,412,360	Federal National Mortgage Association, REMIC, Series2013-67, Class NF, 1-month LIBOR + 1.000%, 1.947%, 7/25/2043(b)		5,097,422
	419	Federal National Mortgage Association, REMIC, SeriesG93-19, Class FD, 10-year CMT – 0.650%, 0.340%, 4/25/2023(b)(c)(d)		415
	7,435	FHLMC Structured Pass Through Securities, SeriesT-60, Class 2A1, 4.107%, 3/25/2044(a)(c)(d)		8,719
	470,215	FHLMC Structured Pass Through Securities, SeriesT-62, Class 1A1, 12-month MTA + 1.200%, 3.166%, 10/25/2044(b)		462,614

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2020 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	4,523,171	Government National Mortgage Association, Series2019-H13, Class FT, 1-year CMT + 0.450%, 1.950%, 8/20/2069(b)	$	4,488,941
	988,944	Government National Mortgage Association, Series2010-H20, Class AF, 1-month LIBOR + 0.330%, 1.992%, 10/20/2060(b)		972,960
	957,240	Government National Mortgage Association, Series2010-H24, Class FA, 1-month LIBOR + 0.350%, 2.012%, 10/20/2060(b)		941,184
	719,703	Government National Mortgage Association, Series2011-H06, Class FA, 1-month LIBOR + 0.450%, 2.112%, 2/20/2061(b)		710,146
	108,451	Government National Mortgage Association, Series2011-H23, Class HA, 3.000%, 12/20/2061(c)(d)		111,430
	43,360	Government National Mortgage Association, Series2012-124, Class HT, 6.500%, 7/20/2032(a)(c)(d)		42,481
	9,562	Government National Mortgage Association, Series2012-H15, Class FA, 1-month LIBOR + 0.450%, 2.112%, 5/20/2062(b)(c)(d)		9,433
	752,736	Government National Mortgage Association, Series2012-H18, Class NA, 1-month LIBOR + 0.520%, 2.182%, 8/20/2062(b)		745,092
	221,055	Government National Mortgage Association, Series2012-H29, Class HF, 1-month LIBOR + 0.500%, 2.162%, 10/20/2062(b)(c)(d)		218,706
	67,904	Government National Mortgage Association, Series2013-H02, Class GF, 1-month LIBOR + 0.500%, 2.162%, 12/20/2062(b)(c)(d)		66,623
	3,055,113	Government National Mortgage Association, Series2013-H08, Class FA, 1-month LIBOR + 0.350%, 2.012%, 3/20/2063(b)		3,017,713
	2,010,756	Government National Mortgage Association, Series2013-H10, Class FA, 1-month LIBOR + 0.400%, 2.062%, 3/20/2063(b)		1,985,046
	7,709,865	Government National Mortgage Association, Series2013-H22, Class FT, 1-year CMT + 0.650%, 2.150%, 4/20/2063(b)		7,684,602
	4,924,782	Government National Mortgage Association, Series2014-H14, Class FA, 1-month LIBOR + 0.500%, 2.234%, 7/20/2064(b)		4,845,809
	3,578,196	Government National Mortgage Association, Series2014-H15, Class FA, 1-month LIBOR + 0.500%, 2.162%, 7/20/2064(b)		3,512,425
	2,979,790	Government National Mortgage Association, Series2015-H04, Class FL, 1-month LIBOR + 0.470%, 2.132%, 2/20/2065(b)		2,930,751
	46,171	Government National Mortgage Association, Series2015-H05, Class FA, 1-month LIBOR + 0.300%, 1.962%, 4/20/2061(b)(c)(d)		45,580
	315,552	Government National Mortgage Association, Series2015-H09, Class HA, 1.750%, 3/20/2065(c)(d)		313,712
	4,951,577	Government National Mortgage Association, Series2015-H10, Class JA, 2.250%, 4/20/2065		5,034,695
	24,633	Government National Mortgage Association, Series2015-H11, Class FA, 1-month LIBOR + 0.250%, 1.912%, 4/20/2065(b)(c)(d)		24,306
	4,000,954	Government National Mortgage Association, Series2015-H12, Class FL, 1-month LIBOR + 0.230%, 1.892%, 5/20/2065(b)		3,932,780
	482,238	Government National Mortgage Association, Series2015-H19, Class FH, 1-month LIBOR + 0.300%, 1.962%, 7/20/2065(b)		479,413
	46,572	Government National Mortgage Association, Series2015-H29, Class FA, 1-month LIBOR + 0.700%, 2.362%, 10/20/2065(b)(c)(d)		46,218
	9,617	Government National Mortgage Association, Series2015-H30, Class FA, 1-month LIBOR + 0.680%, 2.342%, 8/20/2061(b)(c)(d)		9,446

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	5,405,818	Government National Mortgage Association, Series2016-H06, Class FC, 1-month LIBOR + 0.920%, 2.582%, 2/20/2066(b)	$	5,375,186
	1,149,856	Government National Mortgage Association, Series2016-H10, Class FJ, 1-month LIBOR + 0.600%, 2.262%, 4/20/2066(b)		1,151,222
	1,118,851	Government National Mortgage Association, Series2016-H19, Class FJ, 1-month LIBOR + 0.400%, 2.062%, 9/20/2063(b)		1,117,051
	1,186,377	Government National Mortgage Association, Series2017-H24, Class FJ, 1-month LIBOR + 0.250%, 1.912%, 10/20/2067(b)		1,184,319
	7,666,561	Government National Mortgage Association, Series2018-H11, Class FJ, 12-month LIBOR + 0.080%, 2.590%, 6/20/2068(b)		7,431,866
	13,841,855	Government National Mortgage Association, Series2019-H04, Class NA, 3.500%, 9/20/2068		15,038,565
	7,320,781	Government National Mortgage Association, Series2020-HO1, Class FT, 1-year CMT + 0.500%, 2.036%, 1/20/2070(b)		7,642,368
	185,124	NCUA Guaranteed Notes, Series2010-A1, Class A, 1-month LIBOR + 0.350%, 1.075%, 12/07/2020(b)		184,458
	240,030	NCUA Guaranteed Notes, Series2010-R1, Class 1A, 1-month LIBOR + 0.450%, 1.466%, 10/07/2020(b)		239,880
	784,244	NCUA Guaranteed Notes, Series2010-R3, Class 1A, 1-month LIBOR + 0.560%, 1.576%, 12/08/2020(b)		782,562
	52,082	NCUA Guaranteed Notes, Series2010-R3, Class 2A, 1-month LIBOR + 0.560%, 1.576%, 12/08/2020(b)		52,082
				97,515,996
		Hybrid ARMs — 5.2%
	5,882,716	FHLMC,12-month LIBOR + 1.841%, 2.624%, 1/01/2046(b)		5,963,516
	213,107	FHLMC,1-year CMT + 2.250%, 3.759%, 2/01/2035(b)		216,009
	395,393	FHLMC,6-month LIBOR + 1.704%, 3.800%, 6/01/2037(b)		398,523
	828,147	FHLMC,12-month LIBOR + 1.739%, 3.803%, 4/01/2037(b)		842,646
	342,085	FHLMC,1-year CMT + 1.869%, 3.864%, 9/01/2038(b)		345,324
	62,814	FHLMC,12-month LIBOR + 1.733%, 3.977%, 12/01/2037(b)		63,172
	214,070	FHLMC,12-month LIBOR + 1.724%, 3.989%, 4/01/2037(b)		215,812
	1,041,456	FHLMC,12-month LIBOR + 1.758%, 4.007%, 9/01/2035(b)		1,051,385
	851,354	FHLMC,1-year CMT + 2.286%, 4.050%, 2/01/2036(b)		863,031
	1,342,088	FHLMC,1-year CMT + 2.271%, 4.106%, 2/01/2036(b)		1,360,506
	144,490	FHLMC,1-year CMT + 2.210%, 4.122%, 9/01/2038(b)		146,359
	206,916	FHLMC,12-month LIBOR + 2.180%, 4.180%, 3/01/2037(b)		209,315
	546,858	FHLMC,1-year CMT + 2.245%, 4.188%, 3/01/2036(b)		552,718
	168,877	FHLMC,12-month LIBOR + 1.636%, 4.303%, 11/01/2038(b)		170,413
	2,266,468	FHLMC,1-year CMT + 2.249%, 4.328%, 3/01/2037(b)		2,285,980
	477,570	FHLMC,1-year CMT + 2.165%, 4.334%, 4/01/2036(b)		482,162
	498,535	FHLMC,1-year CMT + 2.248%, 4.389%, 9/01/2038(b)		501,943
	239,298	FHLMC,12-month LIBOR + 1.935%, 4.451%, 12/01/2034(b)		241,944
	207,458	FHLMC,12-month LIBOR + 1.845%, 4.458%, 11/01/2038(b)		211,806
	244,576	FHLMC,12-month LIBOR + 1.787%, 4.468%, 3/01/2038(b)		247,624
	710,864	FHLMC,1-year CMT + 2.220%, 4.595%, 7/01/2033(b)		718,265
	1,694,324	FHLMC,12-month LIBOR + 1.896%, 4.771%, 9/01/2041(b)		1,727,460
	73,781	FNMA,6-month LIBOR + 1.544%, 3.419%, 2/01/2037(b)		74,922

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2020 (Unaudited)

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

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	616,173	FNMA,6-month LIBOR + 1.541%, 3.497%, 7/01/2035(b)	$	624,559
	299,712	FNMA,12-month LIBOR + 1.656%, 3.715%, 10/01/2033(b)		301,827
	1,470,291	FNMA,12-month LIBOR + 1.800%, 3.731%, 10/01/2041(b)		1,499,121
	473,849	FNMA,12-month LIBOR + 1.765%, 3.765%, 2/01/2037(b)		478,526
	47,292	FNMA,12-month LIBOR + 1.754%, 3.795%, 1/01/2037(b)		48,250
	359,361	FNMA,12-month LIBOR + 1.800%, 3.800%, 12/01/2041(b)		363,237
	475,879	FNMA,1-year CMT + 2.185%, 3.810%, 1/01/2036(b)		479,676
	1,014,268	FNMA,12-month LIBOR + 1.820%, 3.820%, 2/01/2047(b)		1,028,837
	1,088,651	FNMA,12-month LIBOR + 1.622%, 3.959%, 9/01/2037(b)		1,089,689
	155,024	FNMA,12-month LIBOR + 1.730%, 4.023%, 11/01/2035(b)		156,599
	201,289	FNMA,1-year CMT + 2.185%, 4.041%, 12/01/2034(b)		202,851
	342,337	FNMA,1-year CMT + 2.136%, 4.065%, 9/01/2034(b)		346,274
	950,814	FNMA,12-month LIBOR + 1.592%, 4.077%, 7/01/2035(b)		955,746
	2,156,555	FNMA,1-year CMT + 2.218%, 4.091%, 4/01/2034(b)		2,186,185
	1,397,449	FNMA,12-month LIBOR + 1.560%, 4.121%, 4/01/2037(b)		1,405,178
	268,467	FNMA,12-month LIBOR + 1.684%, 4.165%, 11/01/2036(b)		270,714
	350,579	FNMA,1-year CMT + 2.503%, 4.171%, 5/01/2035(b)		357,951
	176,534	FNMA,12-month LIBOR + 1.562%, 4.202%, 8/01/2035(b)		178,384
	763,558	FNMA,6-month LIBOR + 2.265%, 4.268%, 7/01/2037(b)		789,497
	270,378	FNMA,1-year CMT + 2.287%, 4.274%, 10/01/2033(b)		273,305
	1,334,946	FNMA,1-year CMT + 2.173%, 4.276%, 11/01/2033(b)		1,347,397
	366,158	FNMA,1-year CMT + 2.223%, 4.307%, 8/01/2035(b)		371,008
	653,839	FNMA,12-month LIBOR + 1.712%, 4.337%, 8/01/2034(b)		667,174
	2,951,254	FNMA,1-year CMT + 2.190%, 4.343%, 10/01/2034(b)		2,979,174
	363,040	FNMA,12-month LIBOR + 1.657%, 4.347%, 8/01/2038(b)		365,903
	478,911	FNMA,12-month LIBOR + 1.619%, 4.369%, 7/01/2038(b)		489,285
	262,056	FNMA,1-year CMT + 2.145%, 4.372%, 9/01/2036(b)		262,350
	397,291	FNMA,1-year CMT + 2.214%, 4.409%, 4/01/2034(b)		405,607
	1,514,012	FNMA,1-year CMT + 2.174%, 4.411%, 12/01/2040(b)		1,526,020
	125,759	FNMA,12-month LIBOR + 1.801%, 4.433%, 7/01/2041(b)		127,609
	1,155,960	FNMA,12-month LIBOR + 1.725%, 4.442%, 9/01/2037(b)		1,166,496
	434,776	FNMA,12-month LIBOR + 1.617%, 4.465%, 4/01/2037(b)		441,587
	204,448	FNMA,1-year CMT + 2.500%, 4.539%, 8/01/2036(b)		207,574
	541,422	FNMA,1-year CMT + 2.164%, 4.614%, 6/01/2036(b)		544,432
	1,027,771	FNMA,1-year CMT + 2.273%, 4.648%, 6/01/2037(b)		1,036,130
	1,159,769	FNMA,12-month LIBOR + 1.806%, 4.666%, 3/01/2037(b)		1,174,075
	538,826	FNMA,1-year CMT +2.287%, 4.678%, 6/01/2033(b)		544,495
	198,553	FNMA,1-year CMT + 2.192%, 4.725%, 4/01/2033(b)		200,239
	64,245	FNMA,1-year CMT + 2.440%, 4.815%, 8/01/2033(b)		64,807
	176,313	FNMA,12-month LIBOR + 1.800%, 4.889%, 3/01/2034(b)		178,715
	418,338	FNMA,12-month LIBOR + 2.473%, 5.348%, 6/01/2035(b)		423,345
				46,450,663
		Mortgage Related — 3.4%
	47,139	FHLMC,3.000%, 10/01/2026		49,413
	366,404	FHLMC,4.000%, with various maturities from 2024 to 2042(f)		393,217
	168,133	FHLMC,4.500%, with various maturities from 2025 to 2034(f)		178,786
	53,524	FHLMC,5.500%, 10/01/2023		55,892

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

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

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	6,906	FHLMC,COFI + 1.250%, 5.765%, 6/01/2020(b)	$	6,892
	22,954	FHLMC,COFI + 1.250%, 5.878%, 8/01/2020(b)		22,924
	28,259	FHLMC,COFI + 1.250%, 5.917%, 10/01/2020(b)		28,367
	35,411	FHLMC,COFI + 1.250%, 5.955%, 11/01/2020(b)		35,439
	205,731	FHLMC,6.500%, 12/01/2034		240,604
	135	FHLMC,7.500%, 6/01/2026		148
	118,952	FNMA,3.000%, 3/01/2042		125,959
	1,136,297	FNMA,5.000%, with various maturities from 2037 to 2038(f)		1,258,050
	487,071	FNMA,5.500%, with various maturities from 2023 to 2033(f)		526,741
	362,674	FNMA,6.000%, with various maturities from 2021 to 2022(f)		378,209
	163,421	FNMA,6.500%, with various maturities from 2032 to 2037(f)		182,973
	64,130	FNMA,7.500%, with various maturities from 2030 to 2032(f)		71,798
	2,491,391	GNMA,1-month LIBOR + 1.741%, 3.504%, 2/20/2061(b)		2,574,972
	2,051,162	GNMA,1-month LIBOR + 1.890%, 3.689%, 2/20/2063(b)		2,120,133
	2,472,810	GNMA,1-month LIBOR + 2.158%, 3.956%, 3/20/2063(b)		2,556,147
	761,689	GNMA,1-month LIBOR + 2.242%, 4.043%, 6/20/2065(b)		808,758
	25,325	GNMA,4.060%, 8/20/2061(a)		26,111
	810,572	GNMA,1-month LIBOR + 2.271%, 4.066%, 5/20/2065(b)		858,620
	1,291,405	GNMA,1-month LIBOR + 2.361%, 4.161%, 2/20/2063(b)		1,340,897
	746,106	GNMA,4.267%, 12/20/2062(a)		748,728
	73,544	GNMA,4.284%, 6/20/2062(a)		74,221
	33,594	GNMA,4.289%, 12/20/2061(a)		35,327
	2,016,701	GNMA,4.301%, with various maturities in 2063(a)(f)		2,032,361
	711,844	GNMA,4.309%, 3/20/2063(a)		713,571
	921,356	GNMA,4.323%, 11/20/2062(a)		923,348
	3,181,969	GNMA, 4.475%, 10/20/2065(a)		3,400,415
	22,400	GNMA, 4.486%, 8/20/2062(a)		22,777
	243,076	GNMA, 4.524%, 4/20/2063(a)		246,659
	1,770,458	GNMA, 4.600%, 2/20/2066(a)		1,866,922
	484,051	GNMA, 4.602%, 7/20/2063(a)		506,067
	1,983,829	GNMA, 4.624%, 3/20/2064(a)		2,082,814
	24,538	GNMA, 4.630%, with various maturities from 2061 to 2062(a)(f)		24,570
	29,365	GNMA, 4.639%, 4/20/2061(a)		29,718
	347,176	GNMA, 4.645%, 1/20/2064(a)		365,883
	1,709,026	GNMA, 4.671%, 11/20/2063(a)		1,847,966
	1,281,224	GNMA, 4.685%, 5/20/2064(a)		1,343,614
	17,821	GNMA, 4.697%, 3/20/2061(a)		17,919
	25,542	GNMA, 4.700%, with various maturities in 2061(a)(f)		27,159
	23,693	GNMA, 4.714%, 8/20/2061(a)		24,135
	26,037	GNMA, 4.897%, 2/20/2062(a)		26,821
	7,709	GNMA, 5.070%, 3/20/2062(a)		7,732
	9,848	GNMA, 6.000%, 12/15/2031		11,176
	41,765	GNMA, 6.500%, 5/15/2031		49,772
	46,236	GNMA, 7.000%, 10/15/2028		52,065
				30,322,790

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2020 (Unaudited)

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

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — 2.4%
$	1,595,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063	$	1,613,114
	1,310,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		1,283,155
	1,488,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,550,556
	4,282,000	Commercial Mortgage Pass Through Certificates, Series2016-DC2, Class ASB, 3.550%, 2/10/2049		4,448,632
	1,397,747	DBUBS Mortgage Trust, Series 2011-LC2A, Class A4, 4.537%, 7/10/2044, 144A		1,417,510
	4,159,430	GS Mortgage Securities Trust, Series2010-C2, Class A2, 5.162%, 12/10/2043, 144A(a)		4,207,639
	2,600,000	Hudsons Bay Simon JV Trust, Series2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		2,582,993
	1,040,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2013-C8, Class A4, 3.134%, 12/15/2048		1,048,908
	3,279,464	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1-month LIBOR + 1.470%, 2.175%, 11/15/2027, 144A(b)		3,060,954
				21,213,461
		Treasuries — 50.3%
	2,230,000	U.S. Treasury Note, 0.375%, 3/31/2022		2,236,446
	12,460,000	U.S. Treasury Note, 0.500%, 3/31/2025		12,536,415
	8,395,000	U.S. Treasury Note, 1.125%, 6/30/2021		8,501,905
	24,445,000	U.S. Treasury Note, 1.125%, 7/31/2021		24,756,292
	13,540,000	U.S. Treasury Note, 1.125%, 8/31/2021		13,719,828
	65,545,000	U.S. Treasury Note, 1.125%, 2/28/2022		66,633,149
	20,945,000	U.S. Treasury Note, 1.250%, 7/31/2023		21,595,441
	9,635,000	U.S. Treasury Note, 1.375%, 1/31/2021		9,740,383
	23,445,000	U.S. Treasury Note, 1.375%, 1/31/2022		23,943,206
	5,000,000	U.S. Treasury Note, 1.375%, 9/30/2023		5,185,547
	15,355,000	U.S. Treasury Note, 1.500%, 10/31/2021		15,667,498
	13,605,000	U.S. Treasury Note, 1.625%, 8/31/2022		14,051,414
	24,755,000	U.S. Treasury Note, 1.750%, 11/30/2021		25,392,248
	8,460,000	U.S. Treasury Note, 1.750%, 6/30/2022		8,750,813
	12,480,000	U.S. Treasury Note, 1.750%, 7/15/2022		12,907,537
	12,605,000	U.S. Treasury Note, 1.750%, 9/30/2022		13,074,241
	16,165,000	U.S. Treasury Note, 1.875%, 4/30/2022		16,718,146
	9,900,000	U.S. Treasury Note, 2.000%, 2/28/2021		10,074,023
	9,090,000	U.S. Treasury Note, 2.000%, 12/31/2021		9,372,642
	4,585,000	U.S. Treasury Note, 2.000%, 2/15/2025		4,940,517
	13,945,000	U.S. Treasury Note, 2.125%, 9/30/2021		14,348,098
	6,000,000	U.S. Treasury Note, 2.125%, 5/15/2022		6,240,703
	6,550,000	U.S. Treasury Note, 2.250%, 2/15/2021		6,674,348
	6,915,000	U.S. Treasury Note, 2.250%, 1/31/2024		7,422,010
	3,340,000	U.S. Treasury Note, 2.250%, 10/31/2024		3,624,944
	7,835,000	U.S. Treasury Note, 2.875%, 11/15/2021		8,174,415
	67,520,000	U.S. Treasury Note, 2.875%, 10/31/2023		73,633,725
	6,030,000	U.S. Treasury Note, 2.875%, 11/30/2023		6,592,721
				446,508,655
		Total Bonds and Notes (Identified Cost $772,696,299)		790,462,934

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2020 (Unaudited)

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

Principal Amount		Description	Value (†)
	Short-Term Investments — 10.3%
$	29,440,724	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020 at 0.000% to be repurchased at $29,440,724 on 4/01/2020 collateralized by $29,835,000 U.S. Treasury Note, 0.500% due 3/15/2023 valued at $30,029,763 including accrued interest (Note 2 of Notes to Financial Statements)	$	29,440,724
	62,265,000	U.S. Treasury Bills, 0.020%, 5/05/2020(g)		62,261,251
		Total Short-Term Investments (Identified Cost $91,704,548)		91,701,975
		Total Investments — 99.4% (Identified Cost $864,400,847)		882,164,909
		Other assets less liabilities — 0.6%		5,446,400
		Net Assets — 100.0%	$	887,611,309
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2020 is disclosed.
	(b)	Variable rate security. Rate as of March 31, 2020 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)	Fair valued by the Fund’s adviser. At March 31, 2020, the value of these securities amounted to $1,449,890 or 0.2% of net assets. See Note 2 of Notes to Financial Statements.
	(e)	Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
	(f)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(g)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, the value of Rule 144A holdings amounted to $33,712,226 or 3.8% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	CMT	Constant Maturity Treasury
	COFI	Cost Of Funds Index
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2020 (Unaudited)

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

GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate
MTA	Monthly Treasury Average Interest
REMIC	Real Estate Mortgage Investment Conduit

Industry Summary at March 31, 2020 (Unaudited)

Treasuries	50.3	%
Agency Commercial Mortgage-Backed Securities	14.3
Collateralized Mortgage Obligations	11.0
Hybrid ARMs	5.2
Mortgage Related	3.4
Non-Agency Commercial Mortgage-Backed Securities	2.4
Other Investments, less than 2% each	2.5
Short-Term Investments	10.3
Total Investments	99.4
Other assets less liabilities	0.6
Net Assets	100.0	%

See accompanying notes to financial statements.

35  |

Statements of Assets and Liabilities

March 31, 2020 (Unaudited)

	Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	236,983,505		$	864,400,847
Net unrealized appreciation (depreciation)		(1,126,878	)		17,764,062
Investments at value		235,856,627			882,164,909
Cash		—			68
Due from brokers (Note 2)		165,000			—
Receivable for Fund shares sold		200,416			6,459,878
Receivable for securities sold		1,876,990			63,613,385
Interest receivable		1,129,564			3,348,264
Prepaid expenses (Note 8)		2			3
TOTAL ASSETS		239,228,599			955,586,507
LIABILITIES
Payable for securities purchased		3,310,127			62,263,824
Payable for Fund shares redeemed		82,956			4,633,428
Payable for variation margin on futures contracts (Note 2)		1,639			—
Distributions payable		—			255,829
Management fees payable (Note 6)		45,706			280,226
Deferred Trustees’ fees (Note 6)		119,284			354,749
Administrative fees payable (Note 6)		9,403			29,851
Payable to distributor (Note 6d)		1,987			13,063
Other accounts payable and accrued expenses		54,247			144,228
TOTAL LIABILITIES		3,625,349			67,975,198
NET ASSETS	$	235,603,250		$	887,611,309
NET ASSETS CONSIST OF:
Paid-in capital	$	233,468,464		$	905,111,894
Accumulated earnings (loss)		2,134,786			(17,500,585	)
NET ASSETS	$	235,603,250		$	887,611,309

See accompanying notes to financial statements.

|  36

Statements of Assets and Liabilities (continued)

March 31, 2020 (Unaudited)

	Intermediate Duration Bond Fund		Limited Term Government and Agency Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	20,259,386	$	311,730,266
Shares of beneficial interest		1,941,632		27,102,390
Net asset value and redemption price per share	$	10.43	$	11.50
Offering price per share(100/[100-maximum sales charge] of net asset value) (Note 1)	$	10.89	$	11.76
Class C shares:(redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	563,844	$	24,148,192
Shares of beneficial interest		53,906		2,097,874
Net asset value and offering price per share	$	10.46	$	11.51
Class N shares:
Net assets	$	3,565,309	$	9,453,117
Shares of beneficial interest		342,084		819,498
Net asset value, offering and redemption price per share	$	10.42	$	11.54
Class Y shares:
Net assets	$	211,214,711	$	542,279,734
Shares of beneficial interest		20,249,941		46,992,193
Net asset value, offering and redemption price per share	$	10.43	$	11.54

See accompanying notes to financial statements.

37  |

Statements of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

	Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	3,228,645		$	7,701,780
Expenses
Management fees (Note 6)		306,993			1,449,751
Service and distribution fees (Note 6)		29,291			487,438
Administrative fees (Note 6)		53,906			173,128
Trustees’ fees and expenses (Note 6)		15,298			28,874
Transfer agent fees and expenses (Notes 6 and 7)		92,147			342,713
Audit and tax services fees		26,102			28,178
Custodian fees and expenses		10,527			18,523
Legal fees (Note 8)		2,277			6,493
Registration fees		53,418			78,371
Shareholder reporting expenses		12,154			36,231
Miscellaneous expenses (Note 8)		17,916			25,294
Total expenses		620,029			2,674,994
Less waiver and/or expense reimbursement (Note 6)		(100,456	)		(10,782	)
Net expenses		519,573			2,664,212
Net investment income		2,709,072			5,037,568
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain on:
Investments		2,866,812			3,777,669
Futures contracts		172,793			—
Net change in unrealized appreciation (depreciation) on:
Investments		(4,762,609	)		9,838,452
Futures contracts		759,925			—
Net realized and unrealized gain (loss) on investments and futures contracts		(963,079	)		13,616,121
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,745,993		$	18,653,689

See accompanying notes to financial statements.

|  38

Statements of Changes in Net Assets

	Intermediate Duration Bond Fund						Limited Term Government and Agency Fund
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
FROM OPERATIONS:
Net investment income	$	2,709,072		$	5,737,366		$	5,037,568		$	10,657,761
Net realized gain (loss) on investments and futures contracts		3,039,605			5,241,457			3,777,669			(805,903	)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(4,002,684	)		6,546,482			9,838,452			23,250,762
Net increase in net assets resulting from operations		1,745,993			17,525,305			18,653,689			33,102,620
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(331,400	)		(489,457	)		(2,746,888	)		(6,888,790	)
Class C		(5,741	)		(4,669	)		(109,859	)		(335,648	)
Class N		(61,348	)		(14,658	)		(80,202	)		(117,078	)
Class Y		(3,618,225	)		(5,477,745	)		(4,639,816	)		(9,249,815	)
Total distributions		(4,016,714	)		(5,986,529	)		(7,576,765	)		(16,591,331	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(3,306,250	)		62,370,471			83,686,424			54,497,302
Net increase (decrease) in net assets		(5,576,971	)		73,909,247			94,763,348			71,008,591
NET ASSETS
Beginning of the period		241,180,221			167,270,974			792,847,961			721,839,370
End of the period	$	235,603,250		$	241,180,221		$	887,611,309		$	792,847,961

See accompanying notes to financial statements.

39  |

Financial Highlights

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class A*
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	10.51		$	9.97		$	10.29		$	10.52		$	10.39		$	10.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.25			0.22			0.17			0.20			0.20
Net realized and unrealized gain (loss)		(0.02	)		0.55			(0.31	)		(0.12	)		0.17			0.03
Total from Investment Operations		0.08			0.80			(0.09	)		0.05			0.37			0.23
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.26	)		(0.23	)		(0.20	)		(0.21	)		(0.22	)
Net realized capital gains		(0.05	)		—			—			(0.08	)		(0.03	)		(0.01	)
Total Distributions		(0.16	)		(0.26	)		(0.23	)		(0.28	)		(0.24	)		(0.23	)
Net asset value, end of the period	$	10.43		$	10.51		$	9.97		$	10.29		$	10.52		$	10.39
Total return(b)(c)		0.78	%(d)		8.11	%		(0.85	)%		0.44	%		3.64	%		2.17	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	20,259		$	21,415		$	19,149		$	21,828		$	19,327		$	18,425
Net expenses(e)		0.65	%(f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.73	%(f)		0.72	%		0.70	%		0.72	%		0.72	%		0.71	%
Net investment income		1.98	%(f)		2.42	%		2.17	%		1.69	%		1.89	%		1.93	%
Portfolio turnover rate		55	%		135	%		152	%		216	%		151	%		151	%

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

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

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

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

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

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

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

See accompanying notes to financial statements.

|  40

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class C
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Period Ended September 30, 2016*
Net asset value, beginning of the period	$	10.54		$	10.00		$	10.30		$	10.53		$	10.53
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.17			0.13			0.10			0.01
Net realized and unrealized gain (loss)		(0.02	)		0.55			(0.31	)		(0.13	)		0.00	(b)
Total from Investment Operations		0.04			0.72			(0.18	)		(0.03	)		0.01
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.18	)		(0.12	)		(0.12	)		(0.01	)
Net realized capital gains		(0.05	)		—			—			(0.08	)		—
Total Distributions		(0.12	)		(0.18	)		(0.12	)		(0.20	)		(0.01	)
Net asset value, end of the period	$	10.46		$	10.54		$	10.00		$	10.30		$	10.53
Total return(c)(d)		0.42	%(e)		7.28	%		(1.71	)%		(0.29	)%		0.08	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	564		$	467		$	2		$	3,225		$	3,088
Net expenses(f)		1.40	%(g)		1.40	%		1.40	%		1.40	%		1.40	%(g)
Gross expenses		1.48	%(g)		1.48	%		1.45	%		1.48	%		1.56	%(g)
Net investment income		1.23	%(g)		1.64	%		1.31	%		0.95	%		0.86	%(g)
Portfolio turnover rate		55	%		135	%		152	%		216	%		151	%

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

41  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class N
	Six Months Ended March 31, 2020 (Unaudited)			Period Ended September 30, 2019*
Net asset value, beginning of the period	$	10.50		$	10.07
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.17
Net realized and unrealized gain (loss)		(0.03	)		0.45
Total from Investment Operations		0.09			0.62
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.19	)
Net realized capital gains		(0.05	)		—
Total Distributions		(0.17	)		(0.19	)
Net asset value, end of the period	$	10.42		$	10.50
Total return(b)(c)		0.94	%		6.19	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,565		$	3,546
Net expenses(d)(e)		0.35	%		0.35	%
Gross expenses(e)		0.46	%		0.42	%
Net investment income(e)		2.28	%		2.54	%
Portfolio turnover rate		55	%		135	%(f)

* From commencement of Class operations on February 1, 2019 through September 30, 2019.

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

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

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

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

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

(f) Represents the Fund’s portfolio turnover rate for year ended September 30, 2019.

See accompanying notes to financial statements.

|  42

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class Y*
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	10.51		$	9.97		$	10.29		$	10.52		$	10.39		$	10.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.27			0.25			0.20			0.22			0.22
Net realized and unrealized gain (loss)		(0.03	)		0.55			(0.31	)		(0.13	)		0.18			0.04
Total from Investment Operations		0.09			0.82			(0.06	)		0.07			0.40			0.26
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.28	)		(0.26	)		(0.22	)		(0.24	)		(0.25	)
Net realized capital gains		(0.05	)		—			—			(0.08	)		(0.03	)		(0.01	)
Total Distributions		(0.17	)		(0.28	)		(0.26	)		(0.30	)		(0.27	)		(0.26	)
Net asset value, end of the period	$	10.43		$	10.51		$	9.97		$	10.29		$	10.52		$	10.39
Total return(b)		0.91	%(c)		8.38	%		(0.60	)%		0.69	%		3.90	%		2.42	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	211,215		$	215,752		$	148,119		$	154,668		$	139,398		$	88,592
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.48	%(e)		0.48	%		0.45	%		0.47	%		0.47	%		0.47	%
Net investment income		2.23	%(e)		2.67	%		2.43	%		1.93	%		2.11	%		2.15	%
Portfolio turnover rate		55	%		135	%		152	%		216	%		151	%		151	%

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

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

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

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

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

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

See accompanying notes to financial statements.

43  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class A
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	11.34		$	11.09		$	11.32		$	11.51		$	11.57		$	11.61
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.15			0.11			0.08			0.11			0.14
Net realized and unrealized gain (loss)		0.19			0.34			(0.13	)		(0.09	)		0.00	(b)		0.01	(c)
Total from Investment Operations		0.26			0.49			(0.02	)		(0.01	)		0.11			0.15
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.24	)		(0.21	)		(0.18	)		(0.17	)		(0.19	)
Net asset value, end of the period	$	11.50		$	11.34		$	11.09		$	11.32		$	11.51		$	11.57
Total return(d)		2.32	%(e)		4.42	%		(0.17	)%		(0.04	)%		0.93	%		1.26	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	311,730		$	308,186		$	328,475		$	336,227		$	442,671		$	346,317
Net expenses		0.80	%(f)		0.80	%		0.80	%		0.80	%		0.77	%		0.77	%
Gross expenses		0.80	%(f)		0.80	%		0.80	%		0.80	%		0.77	%		0.77	%
Net investment income		1.15	%(f)		1.31	%		1.02	%		0.67	%		0.96	%		1.21	%
Portfolio turnover rate		175	%		527	%(g)		157	%		126	%		109	%(h)		48	%

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

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

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

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

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

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

(g) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

(h) The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to fluctuation in the level of fund assets due to shareholder flows.

See accompanying notes to financial statements.

|  44

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class C
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	11.35		$	11.10		$	11.33		$	11.52		$	11.58		$	11.62
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			0.06			0.03			(0.01	)		0.02			0.05
Net realized and unrealized gain (loss)		0.20			0.34			(0.13	)		(0.08	)		0.00	(b)		0.01	(c)
Total from Investment Operations		0.22			0.40			(0.10	)		(0.09	)		0.02			0.06
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.15	)		(0.13	)		(0.10	)		(0.08	)		(0.10	)
Net asset value, end of the period	$	11.51		$	11.35		$	11.10		$	11.33		$	11.52		$	11.58
Total return(d)		1.94	%(e)		3.64	%		(0.91	)%		(0.79	)%		0.18	%		0.51	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	24,148		$	22,142		$	23,341		$	43,319		$	73,027		$	63,167
Net expenses		1.55	%(f)		1.55	%		1.55	%		1.55	%		1.52	%		1.53	%
Gross expenses		1.55	%(f)		1.55	%		1.55	%		1.55	%		1.52	%		1.53	%
Net investment income (loss)		0.40	%(f)		0.57	%		0.24	%		(0.09	)%		0.21	%		0.47	%
Portfolio turnover rate		175	%		527	%(g)		157	%		126	%		109	%(h)		48	%

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

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

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

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

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

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

(g) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

(h) The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to fluctuation in the level of fund assets due to shareholder flows.

See accompanying notes to financial statements.

45  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class N
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	11.37		$	11.12		$	11.36		$	11.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.19			0.15			0.05
Net realized and unrealized gain (loss)		0.21			0.33			(0.14	)		0.08	(b)
Total from Investment Operations		0.29			0.52			0.01			0.13
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.27	)		(0.25	)		(0.16	)
Net asset value, end of the period	$	11.54		$	11.37		$	11.12		$	11.36
Total return(c)		2.58	%(d)		4.77	%		0.09	%		1.12	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	9,453		$	5,272		$	3,176		$	1,900
Net expenses(e)		0.47	%(f)		0.46	%		0.46	%		0.47	%(f)
Gross expenses		0.49	%(f)		0.48	%		0.48	%		0.50	%(f)
Net investment income		1.47	%(f)		1.65	%		1.37	%		0.64	%(f)
Portfolio turnover rate		175	%		527	%(g)		157	%		126	%(h)

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

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

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

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

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

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

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

(g) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

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

See accompanying notes to financial statements.

|  46

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class Y
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	11.38		$	11.13		$	11.36		$	11.55		$	11.61		$	11.65
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.17			0.14			0.11			0.14			0.17
Net realized and unrealized gain (loss)		0.20			0.34			(0.13	)		(0.09	)		0.00	(b)		0.01	(c)
Total from Investment Operations		0.28			0.51			0.01			0.02			0.14			0.18
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.26	)		(0.24	)		(0.21	)		(0.20	)		(0.22	)
Net asset value, end of the period	$	11.54		$	11.38		$	11.13		$	11.36		$	11.55		$	11.61
Total return		2.44	%(d)		4.67	%		0.09	%		0.22	%		1.19	%		1.51	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	542,280		$	457,248		$	366,847		$	360,322		$	411,898		$	431,727
Net expenses		0.55	%(e)		0.55	%		0.55	%		0.55	%		0.52	%		0.52	%
Gross expenses		0.55	%(e)		0.55	%		0.55	%		0.55	%		0.52	%		0.52	%
Net investment income		1.39	%(e)		1.55	%		1.26	%		0.92	%		1.20	%		1.45	%
Portfolio turnover rate		175	%		527	%(f)		157	%		126	%		109	%(g)		48	%

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

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

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

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

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

(f) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

(g) The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to fluctuation in the level of fund assets due to shareholder flows.

See accompanying notes to financial statements.

47  |

Notes to Financial Statements

March 31, 2020 (Unaudited)

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

Loomis Sayles Funds I:

Loomis Sayles Intermediate Duration Bond Fund (the “Intermediate Duration Bond Fund”)

Loomis Sayles Funds II:

Loomis Sayles Limited Term Government and Agency Fund (the “Limited Term Government and Agency Fund”)

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C, Class N and Class Y shares.

Class A shares of Intermediate Duration Bond Fund are sold with a maximumfront-end sales charge of 4.25%. Class A shares of Limited Term Government and Agency Fund are sold with a maximumfront-end sales charge of 2.25%. Class C shares do not pay afront-end sales charge, pay higher Rule12b-1 fees than Class A shares for 10 years (at which point they automatically convert to Class A shares) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay afront-end sales charge, a CDSC or Rule12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust. Expenses of a Fund are bornepro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule12b-1 fees applicable to Class A and Class C) and transfer agent fees are borne collectively for Class A, Class C and Class Y, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule12b-1 Plan. Shares of each class would receive theirpro rata share of

|  48

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Listed equity securities (including shares ofclosed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Futures contracts are valued at the most

49  |

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively.

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

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

As of March 31, 2020, securities held by the Funds were fair valued as follows:

Fund	Securities fair valued by the Fund’s adviser		Percentage of Net Assets
Intermediate Duration Bond Fund	$	22,014		Less than 0.1	%
Limited Term Government and Agency Fund		1,449,890		0.2	%

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on theex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of

|  50

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income,non-class specific expenses and realized and unrealized gains and losses are allocated on apro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities.

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

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

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

51  |

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

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

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

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

Purchases of when-issued or delayed delivery securities may have a similar effect on the Funds’ NAV as if the Funds’ had created a degree of leverage in the portfolio. Risks may arise upon entering into such transactions from the potential inability of counterparties to meet their obligations under the transactions. Additionally, losses may arise due to changes in the value of the underlying securities.

There were no when-issued or delayed delivery securities held by the Funds as of March 31, 2020.

|  52

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

f.  Federal and Foreign Income Taxes.  The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2020 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or will be filed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

g.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on theex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as deferred Trustees’ fees, premium amortization and paydown gains and losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, premium amortization and futures contractmark-to-market. Amounts of income and capital gain available to be

53  |

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and net realized short-term capital gains are reported as distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2019 was as follows:

	2019 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Intermediate Duration Bond Fund	$	5,986,529	$	—	$	5,986,529
Limited Term Government and Agency Fund		16,591,331		—		16,591,331

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

As of September 30, 2019, capital loss carryforwards were as follows:

	Intermediate Duration Bond Fund		Limited Term Government and Agency Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—	$	(1,558,729	)
Long-term:
No expiration date		—		(34,283,605	)
Total capital loss carryforward	$	—	$	(35,842,334	)

|  54

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

As of March 31, 2020, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Federal tax cost	$	237,003,513		$	864,903,067
Gross tax appreciation	$	4,424,946		$	22,904,538
Gross tax depreciation		(4,926,251	)		(5,642,696	)
Net tax appreciation (depreciation)	$	(501,305	)	$	17,261,842

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

h.  Repurchase Agreements.  Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements aretri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2020, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

i.  Due from Brokers.  Transactions and positions in certain futures contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Funds and the various broker/dealers. The due from broker balance in the Statements of Assets and Liabilities for Intermediate Duration Bond Fund represents cash pledged as initial margin for futures contracts. In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

j.  Securities Lending.  The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including

55  |

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities fornon-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued bynon-U.S. Governments andnon-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds may bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

For the six months ended March 31, 2020, neither Fund had loaned securities under this agreement.

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

l.  New Accounting Pronouncement.  In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU2018-13”). The update introduces new fair value disclosure requirements, eliminates some prior fair value disclosure requirements, and modifies certain existing fair value disclosure requirements. ASU2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity is permitted to early adopt any eliminated or modified disclosures upon issuance of the update and delay adoption of any new disclosures until the required effective date. Management has evaluated the impact of the adoption of ASU2018-13 and has determined to early adopt the removal of (i) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and (ii) the policy for timing of transfers between levels. New disclosures required by ASU2018-13 will be incorporated in the Funds’ semiannual financial statements as of March 31, 2021.

3.  Fair Value Measurements.  In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in

|  56

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

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

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

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

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

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

57  |

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2020, at value:

Intermediate Duration Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Home Equity	$	—	$	670,055	$	10,271	(b)	$	680,326
Collateralized Mortgage Obligations		—		7,495,115		11,743	(b)		7,506,858
All Other Bonds and Notes(a)		—		224,523,579		—			224,523,579
Total Bonds and Notes		—		232,688,749		22,014			232,710,763
Short-Term Investments		—		3,145,864		—			3,145,864
Futures Contracts (unrealized appreciation)		654,996		—		—			654,996
Total	$	654,996	$	235,834,613	$	22,014		$	236,511,623

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(9,415	)	$	—	$	—	$	(9,415)

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

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

Limited Term Government and Agency Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Collateralized Mortgage Obligations	$	—	$	96,066,106	$	1,449,890	(b)	$	97,515,996
All Other Bonds and Notes(a)		—		692,946,938		—			692,946,938
Total Bonds and Notes		—		789,013,044		1,449,890			790,462,934
Short-Term Investments		—		91,701,975		—			91,701,975
Total	$	—	$	880,715,019	$	1,449,890		$	882,164,909

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

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

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2019 and/or March 31, 2020:

Intermediate Duration Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2019			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	660,000		$	—	$	—		$	—	$	—
ABS Home Equity		16,609			—		(28	)		254		—
Collateralized Mortgage Obligations		—			—		(134	)		189		—
Total	$	676,609		$	—	$	(162	)	$	443	$	—
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Held Still at March 31, 2020
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—		$	—	$	(660,000	)	$	—	$	—
ABS Home Equity		(6,564	)		—		—			10,271		(26	)
Collateralized Mortgage Obligations		(11,807	)		23,495		—			11,743		189
Total	$	(18,371	)	$	23,495	$	(660,000	)	$	22,014	$	163

A debt security valued at $660,000 was transferred from Level 3 to Level 2 during the period ended March 31, 2020. At September 30, 2019, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At March 31, 2020 this security was

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $23,495 was transferred from Level 2 to Level 3 during the period ended March 31, 2020. At September 30, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2020 this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

Limited Term Government and Agency Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2019			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Collateralized Mortgage Obligations	$	1,744,293		$	—	$	(205,658	)	$	216,476	$	464
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2020
Bonds and Notes
Collateralized Mortgage Obligations	$	(2,164,264	)	$	1,858,579	$	—		$	1,449,890	$	5,358

Debt securities valued at $1,858,579 were transferred from Level 2 to Level 3 during the period ended March 31, 2020. At September 30, 2019, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2020 these securities were valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the securities.

4.  Derivatives.  Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that Intermediate Duration Bond Fund used during the period include futures contracts.

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

Intermediate Duration Bond Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income securities. A Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage its duration in order to control interest rate risk without having to buy or sell portfolio securities. During the six months ended March 31, 2020, Intermediate Duration Bond Fund used futures contracts to manage duration.

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of March 31, 2020, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on futures contracts
Exchange-traded asset derivatives
Interest rate contracts	$	654,996
Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives
Interest rate contracts		$(9,415)

Transactions in derivative instruments for Intermediate Duration Bond Fund during the six months ended March 31, 2020, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	172,793
Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	759,925

As the Fund values its derivatives at fair value and recognizes changes in fair value through the Statement of Operations, it does not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to benon-hedge transactions for the purpose of these disclosures.

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

The volume of futures contract activity, as a percentage of net assets, based on grossmonth-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2020:

Intermediate Duration Bond Fund	Futures
Average Notional Amount Outstanding		8.75	%
Highest Notional Amount Outstanding		10.58	%
Lowest Notional Amount Outstanding		8.36	%
Notional Amount Outstanding as of March 31, 2020		10.58	%

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

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

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Intermediate Duration Bond Fund	$	165,000	$	165,000

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2020, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Intermediate Duration Bond Fund	$	33,455,119	$	59,299,325	$	97,942,358	$	72,501,344
Limited Term Government and Agency Fund		1,260,097,543		1,192,898,062		83,794,261		26,175,457

6. Management Fees and Other Transactions with Affiliates.

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

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

	Percentage of Average Daily Net Assets
Fund	First $500 million			Next $1.5 billion			Over $2 billion
Intermediate Duration Bond Fund		0.2500	%		0.2500	%		0.2500	%
Limited Term Government and Agency Fund		0.3750	%		0.3500	%		0.3000	%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2021, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

63  |

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

For the six months ended March 31, 2020 the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
Intermediate Duration Bond Fund		0.65	%		1.40	%		0.35	%		0.40	%
Limited Term Government and Agency Fund		0.80	%		1.55	%		0.50	%		0.55	%

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

For the six months ended March 31, 2020, the management fees and waivers of management fees for each Fund were as follows:

	Gross Management Fees		Contractual Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
Fund							Gross			Net
Intermediate Duration Bond Fund	$	306,993	$	99,521	$	207,472		0.25	%		0.17	%
Limited Term Government and Agency Fund		1,449,751		—		1,449,751		0.37	%		0.37	%

For the six months ended March 31, 2020, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Class A		Class C		Class N		Class Y		Total
Limited Term Government and Agency Fund	$	3,986	$	266	$	—	$	5,635	$	9,887

¹  Waiver/expense reimbursements are subject to possible recovery until September 30, 2021.

No expenses were recovered for either Fund during the six months ended March 31, 2020 under the terms of the expense limitation agreements.

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

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

Pursuant to Rule12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”) and a Distribution and Service Plan relating to each Fund’s Class C shares (the “Class C Plans”).

Under the Class A Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class C Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at the annual rate of 0.75% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

For the six months ended March 31, 2020, the service and distribution fees for each Fund were as follows:

	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Intermediate Duration Bond Fund	$	26,857	$	609	$	1,825
Limited Term Government and Agency Fund		382,006		26,358		79,074

For the six months ended March 31, 2020, Natixis Distribution refunded Limited Term Government and Agency Fund $1,420 of prior year Class A service fees paid to Natixis Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statements of Operations have been reduced by these amounts.

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

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

For the six months ended March 31, 2020, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Intermediate Duration Bond Fund	$	53,906
Limited Term Government and Agency Fund		173,128

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

For the six months ended March 31, 2020, thesub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Intermediate Duration Bond Fund	$	86,663
Limited Term Government and Agency Fund		203,153

As of March 31, 2020, the Funds owe Natixis Distribution the following reimbursements forsub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

Fund	Reimbursements ofSub-Transfer Agent Fees
Intermediate Duration Bond Fund	$	1,987
Limited Term Government and Agency Fund		13,063

Sub-transfer agent fees attributable to Class A, Class C and Class Y are allocated on apro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended March 31, 2020 were as follows:

Fund	Commissions
Limited Term Government and Agency Fund	$	4,965

f.  Trustees Fees and Expenses.  The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2020, the Chairperson of the Board received a retainer fee at the annual rate of $360,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $190,000, and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $15,000. All other Trustee fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocatedpro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the

67  |

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

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

g. Affiliated Ownership.As of March 31, 2020, the percentage of each Fund’s net assets owned by affiliates is as follows:

Intermediate Duration Bond	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		1.04	%

Limited Term Government and Agency Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.17	%
Loomis Sayles Distribution		0.14	%
Natixis Sustainable Future 2015 Fund		0.07	%
Natixis Sustainable Future 2020 Fund		0.06	%
Natixis Sustainable Future 2025 Fund		0.05	%
Natixis Sustainable Future 2030 Fund		0.04	%
Natixis Sustainable Future 2035 Fund		0.02	%
Natixis Sustainable Future 2040 Fund		0.01	%
Natixis Sustainable Future 2045 Fund		0.01	%

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

h.  Reimbursement of Transfer Agent Fees and Expenses.  Natixis Advisors has given a binding contractual undertaking to the Funds to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through January 31, 2021 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2020, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

	Reimbursement of Transfer Agency Expenses
Fund	Class N
Intermediate Duration Bond Fund	$	935
Limited Term Government and Agency Fund		895

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

7.  Class-Specific Transfer Agent Fees and Expenses.  Transfer agent fees and expenses attributable to Class A, Class C, and Class Y are allocated on apro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the six months ended March 31, 2020, the Funds incurred the following class-specific transfer agent fees and expenses (includingsub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y
Intermediate Duration Bond Fund	$	8,121	$	182	$	935	$	82,909
Limited Term Government and Agency Fund		133,661		9,180		895		198,977

8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the six months ended March 31, 2020, neither Fund had borrowings under this agreement.

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

Global markets have experienced periods of high volatility triggered by the rapidly evolving public health emergency known as coronavirus(“COVID-19”). As the situation continues to unfold, the extent and duration of the impact that theCOVID-19 outbreak

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

may have on financial markets and the economy as a whole remains highly uncertain. If the effects of theCOVID-19 outbreak on financial markets and the economy continue for an extended period of time, the Funds’ future financial and investment results may be adversely affected.

10.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2020, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

	Number of 5% Account Holders		Percentage of Ownership
Intermediate Duration Bond		4		74.86	%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for anon-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

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

	Six Months Ended March 31, 2020					Year Ended September 30, 2019(a)
Intermediate Duration Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	163,303		$	1,715,406		398,531		$	4,099,679
Issued in connection with the reinvestment of distributions	30,959			323,566		47,051			480,510
Redeemed	(289,912	)		(3,064,129	)	(328,671	)		(3,334,024	)
Net change	(95,650	)	$	(1,025,157	)	116,911		$	1,246,165
Class C
Issued from the sale of shares	9,090		$	96,848		43,629		$	442,533
Issued in connection with the reinvestment of distributions	514			5,383		435			4,496
Redeemed	(2	)		(18	)	(3	)		(26	)
Net change	9,602		$	102,213		44,061		$	447,003
Class N
Issued from the sale of shares	7,375		$	77,919		336,294		$	3,517,593
Issued in connection with the reinvestment of distributions	5,876			61,347		1,393			14,658
Redeemed	(8,854	)		(94,066	)	—			—
Net change	4,397		$	45,200		337,687		$	3,532,251
Class Y
Issued from the sale of shares	3,323,517		$	34,908,124		10,382,829		$	104,956,223
Issued in connection with the reinvestment of distributions	331,867			3,467,326		500,421			5,110,711
Redeemed	(3,937,010	)		(40,803,956	)	(5,211,508	)		(52,921,882	)
Net change	(281,626	)	$	(2,428,506	)	5,671,742		$	57,145,052
Increase (decrease) from capital share transactions	(363,277	)	$	(3,306,250	)	6,170,401		$	62,370,471

(a) From commencement of operations on February 1, 2019 through September 30, 2019 for Class N shares.

71  |

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2020					Year Ended September 30, 2019
Limited Term Government and Agency Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	3,758,229		$	42,793,578		6,604,468		$	73,758,793
Issued in connection with the reinvestment of distributions	185,780			2,112,419		468,020			5,253,188
Redeemed	(4,016,164	)		(45,645,922	)	(9,509,963	)		(106,560,526	)
Net change	(72,155	)	$	(739,925	)	(2,437,475	)	$	(27,548,545	)
Class C
Issued from the sale of shares	1,064,304		$	12,139,193		1,272,362		$	14,195,722
Issued in connection with the reinvestment of distributions	6,892			78,395		21,420			240,567
Redeemed	(924,157	)		(10,495,944	)	(1,445,466	)		(16,189,983	)
Net change	147,039		$	1,721,644		(151,684	)	$	(1,753,694	)
Class N
Issued from the sale of shares	467,455		$	5,313,848		351,754		$	3,935,676
Issued in connection with the reinvestment of distributions	6,998			79,903		10,232			115,280
Redeemed	(118,491	)		(1,357,856	)	(183,979	)		(2,066,729	)
Net change	355,962		$	4,035,895		178,007		$	1,984,227
Class Y
Issued from the sale of shares	23,395,198		$	268,106,845		26,296,159		$	295,778,178
Issued in connection with the reinvestment of distributions	312,984			3,571,500		623,009			7,019,684
Redeemed	(16,901,423	)		(193,009,535	)	(19,697,925	)		(220,982,548	)
Net change	6,806,759		$	78,668,810		7,221,243		$	81,815,314
Increase from capital share transactions	7,237,605		$	83,686,424		4,810,091		$	54,497,302

|  72

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this FormN-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There was no change in the Registrant’s internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1) Not applicable.

(a) (2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule30a-2(a) under the Investment Company Act of 1940 (17 CFR270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(a) (3) Not applicable.

(b) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Loomis Sayles Funds I
By:	/s/ Kevin Charleston
Name:	Kevin Charleston
Title:	President and Chief Executive Officer
Date:	May 19, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Kevin Charleston
Name:	Kevin Charleston
Title:	President and Chief Executive Officer
Date:	May 19, 2020

By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer and Principal Financial and Accounting Officer
Date:	May 19, 2020