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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06241

Loomis Sayles Funds 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: December 31

Date of reporting period: December 31, 2020

Item 1.

Reports to Stockholders.

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

LOGO

Loomis Sayles Bond Fund

Loomis Sayles Investment Grade Fixed Income Fund

Annual Report

December 31, 2020



TABLE OF CONTENTS

Portfolio Review			1

Portfolio of Investments			9

Financial Statements			26

Notes to Financial Statements			33

LOGO

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

Effective March 1, 2021, Daniel J. Fuss will no longer be portfolio manager of the Fund.

Investment Objective

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

Market Conditions

Investors’ appetite for risk surged in the fourth quarter, which contributed to a broad range of nearly all positive returns across credit asset classes. In early November, investors were treated to the long-awaited news that coronavirus vaccines were effective and would soon become available to the public. The prospect of a gradual return to normal economic conditions in 2021 allowed market participants to look beyond recent adverse headlines, including the emergence of a new strain of the virus, ongoing Brexit negotiations, and a slowdown in the economic recovery. Investors instead were focused on and encouraged by the US Federal Reserve (Fed) statements indicating its intention to keep short-term interest rates near zero for a multiyear period. Not least, the resolution to the US election removed a factor that had weighed on sentiment in early autumn.

The developments mentioned above acted as a headwind for the Treasury market. While short-term yields were largely unchanged due to the steady outlook for Fed policy, longer-term yields rose (as prices fell). With Treasurys already having rallied significantly in the first nine months of the year, there was little room for further improvement – particularly in light of rising estimates for both economic growth and inflation in 2021. In addition, demand for “safe haven” assets was muted due to generally positive headlines.

Investment-grade corporate bonds delivered sizable outperformance in the quarter, closing out an impressive year. The combination of an improving credit outlook and stable Fed policy prompted investors to move further out on the risk spectrum in search of more attractive yields.

High yield corporate issues performed very well and finished as the best performing major segment of the bond market for the quarter. Yield spreads – the difference between yields on below investment-grade debt and Treasurys of similar maturities – declined to a level close to where they stood in February prior to the selloff associated with Covid-19.

Securitized assets – including mortgage-backed securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) – outperformed Treasurys but trailed both corporates and high yield. The category benefited from the same search for yield that aided other credit-sensitive segments of the fixed-income market, with CMBS outpacing ABS and MBS, respectively.

Emerging market bonds also moved higher in the quarter, with the bulk of the gain occurring in November and December. The asset class made up all of the ground it lost in the February-March selloff, allowing it to finish the full year firmly in positive territory. Emerging-markets debt was boosted by the combination of the “risk-on” environment, rising commodity prices and the persistent weakness in the US dollar.

Performance Results¹

For the three months ended December 31, 2020, Institutional Class shares of the Loomis Sayles Bond Fund returned 5.35% at net asset value. The Fund outperformed its benchmark, the Bloomberg Barclays U.S. Government/Credit Bond Index, which returned 0.82%.

Effective December 2, 2020, the Board of Trustees approved a change in the fiscal year-end of the Fund from September 30 to December 31. The Fund performance provided in this section reflects the three-month fiscal period ended December 31, 2020.

1 |

Explanation of Fund Performance

Markets finished the year on a positive note as a Covid-19 vaccine was approved and distribution began on a global scale. Credit sectors continued to perform well under these conditions. The Fund’s exposure to high yield corporate credit was the biggest contributor to relative return, largely driven by energy and finance company holdings. Exposure to non-US-dollar securities, particularly those denominated in the Mexican peso, also helped performance during the period. Within equities, allocations to the consumer cyclical, consumer non-cyclical and technology sectors generated positive relative performance as stock markets posted strong gains for the quarter.

An underweight to emerging market credit detracted modestly from relative performance during the quarter.

Outlook

Looking ahead to the upcoming year, there are a number of structural economic factors in place that pose risks to our market outlook, including the ongoing impact of the pandemic, further delay in reaching a fiscal package and any resurgence of trade tensions between the US and China. That said, we are optimistic that economic conditions could continue to show improvement over the next year. This view is reflected in current market prices and appears to be shared by the consensus.

While the recent rise in coronavirus cases has led to renewed containment measures across the US, the likelihood of a vaccine has been priced into markets along with expectations for a fiscal package to arrive in the first quarter of the year. These measures help give us some confidence that the economic recovery could continue to show steady, if uneven, progress. GDP growth rebounded from the steep declines last year and we expect this trend to continue into 2021.

We anticipate limited changes in monetary policy, with the Fed likely maintaining its zero interest rate policy until at least 2023. The Fed has also indicated that full employment and longer-term inflation averages are additional factors in considering any future rate hikes. This accommodative stance should continue to boost investor confidence and demand for yield in a low global rate environment. In addition, we believe the overall health of the consumer, strong housing market and expected inventory rebuilding provide support to our outlook.

The credit markets have been progressing through the cycle,² and we believe there are increasing signs of a shift towards recovery with corporate profits rebounding, easy monetary policy, balance sheet improvement and potential for large-scale vaccine distribution.

We have been maintaining a balance of liquidity, diversification and risk exposure in our portfolios. Within our credit allocation, we continue to focus on areas where we still see value based on our fundamental research. We are specifically focused on some of the sectors that were hardest hit by the pandemic including the transportation, recreational and hospitality industries. These areas of the economy include credits that have been cheap for their rating, have been able to access the capital markets for liquidity and are likely in a good position to benefit from the recovery.

Despite the higher valuations, we believe there are still selective opportunities in both the investment grade and high yield corporate sectors. Spreads have compressed but can potentially tighten further on improving fundamentals. We are selectively adding corporate credit, particularly in areas of the market that have lagged the recovery.

Our emerging market allocation largely represents US dollar-pay exposure to high quality securities with strong balance sheets and currently attractive real yields. We are holding little foreign currency but continue to evaluate opportunities in markets outside the US as we look for clarity on the outlook for global growth.

Market conditions in the past year have highlighted the notion that investors tend to overreact. The speed and severity of the recession and subsequent sharp rebound were unexpected, but also presented some favorable investment opportunities. These developments have served to reinforce our investment philosophy that markets are highly inefficient in the short term. We believe that we were able to capitalize on these developments in 2020 and that our portfolios are well-positioned to benefit from the expected economic growth and recovery in the new year.

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

Fund officers have analyzed the Fund’s current portfolio of investments, realized currency gains and losses, schedule of maturities, and the corresponding amounts of unrealized currency losses that may become realized during the 2021 fiscal year. This analysis is performed regularly to determine how realized currency losses will impact periodic ordinary income distributions for the Fund. Based on the limited foreign currency exposures held by the Fund on the most recent quarterly analysis (as of December 31, 2020), Fund officers do not anticipate realized currency losses will have an impact on the distributions in the 2021 fiscal year. This analysis is based on certain assumptions including, but not limited to, the level of foreign currency exchange rates, security prices, interest rates, the Fund adviser’s ability to manage realized currency losses, and the net asset level of the Fund. Changes to these assumptions could materially impact the analysis and the amounts of future Fund distributions. Fund officers will continue to monitor these amounts on a regular basis and take the necessary actions required to manage the Fund’s distributions to address realized currency losses while seeking to avoid a return of capital distribution.

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

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LOOMIS SAYLES BOND FUND

Hypothetical Growth of $100,000 Investment in Institutional Class Shares

December 31, 2010 through December 31, 2020²

LOGO

Average Annual Total Returns — December 31, 2020²



																Expense Ratios³
	3 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Institutional Class (Inception 5/16/91)		5.35	%		2.14	%		5.26	%		4.78	%		—	%		0.67	%		0.67	%

Retail Class (Inception 12/31/96)		5.31			1.89			5.00			4.50			—			0.92			0.92

Admin Class (Inception 1/2/98)		5.26			1.63			4.75			4.24			—			1.17			1.17

Class N (Inception 2/1/13)		5.45			2.21			5.36			—			3.55			0.59			0.59

Comparative Performance
Bloomberg Barclays U.S. Government/Credit Bond Index¹		0.82			8.93			4.98			4.19			3.70

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.

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 U.S. Aggregate Index.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/22. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

3 |

LOOMIS SAYLES 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

Effective March 1, 2021, Daniel J. Fuss will no longer be portfolio manager of the Fund.

Investment Objective

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

Market Conditions

Performance Results¹

For the three months ended December 31, 2020, Institutional Class shares of the Loomis Sayles Investment Grade Fixed Income Fund returned 4.38% at net asset value. The Fund outperformed its benchmark, the Bloomberg Barclays U.S. Government/Credit Bond Index, which returned 0.82%.

Explanation of Fund Performance

Markets finished the year on a positive note as a Covid-19 vaccine was approved and distribution began on a global scale. Credit sectors continued to perform well under these conditions. The Fund’s exposure to high yield corporate credit was the biggest contributor to relative return, largely driven by consumer cyclical and transportation holdings. Selected insurance, finance company and consumer cyclical names within investment grade corporate credit were beneficial as well. Exposure to non-US-dollar securities, particularly those denominated in the Mexican peso, also helped performance during the period. Within equities, an allocation to the technology sector generated positive relative performance as stock markets posted strong gains for the quarter.

| 4

LOOMIS SAYLES INVESTMENT GRADE FIXED INCOME FUND

Holdings of defensive, reserve-like positions detracted marginally from performance.

Outlook

Fund officers have analyzed the Fund’s current portfolio of investments, realized currency gains and losses, schedule of maturities, and the corresponding amounts of unrealized currency losses that may become realized during the 2021 fiscal year. This analysis is performed regularly to determine how realized currency losses will impact periodic ordinary income distributions for the Fund. Based on the limited foreign currency exposures held by the Fund on the most recent quarterly analysis (as of December 31, 2020), Fund officers do not anticipate realized currency losses will have an impact on the distributions in the 2021 fiscal year. This analysis is based on certain assumptions including, but not limited to the level of foreign currency exchange rates, security prices, interest rates, the Fund adviser’s ability to manage realized currency losses, and the net asset level of the Fund. Changes to these assumptions could materially impact the analysis and the amounts of future Fund distributions. Fund officers will continue to monitor these amounts on a regular basis and take the necessary actions required to manage the Fund’s distributions to address realized currency losses while seeking to avoid a return of capital distribution.

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

5 |

Hypothetical Growth of $3,000,000 Investment in Institutional Class Shares

December 31, 2010 through December 31, 2020²

LOGO

Average Annual Total Returns — December 31, 2020²



													Expense Ratios³
	3 Months			1 Year			5 Years			10 Years			Gross			Net

Institutional Class (Inception 7/1/94)		4.38	%		7.19	%		5.78	%		4.77	%		0.50	%		0.50	%

Comparative Performance
Bloomberg Barclays U.S. Government/Credit Bond Index¹		0.82			8.93			4.98			4.19

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.

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

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

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ADDITIONAL INFORMATION

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

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

Additional Index Information

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

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

Proxy Voting Information

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

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

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 the actual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from July 1, 2020 through December 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 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.

7 |

Loomis Sayles Bond Fund


Institutional Class	Beginning Account Value 7/1/2020		Ending Account Value 12/31/2020		Expenses Paid During Period** 7/1/2020 – 12/31/2020
Actual		$1,000.00		$1,084.20		$3.52
Hypothetical (5% return before expenses)		$1,000.00		$1,021.83		$3.41

Retail Class
Actual		$1,000.00		$1,083.20		$4.83
Hypothetical (5% return before expenses)		$1,000.00		$1,020.57		$4.69

Admin Class
Actual		$1,000.00		$1,081.40		$6.14
Hypothetical (5% return before expenses)		$1,000.00		$1,019.31		$5.96

Class N
Actual		$1,000.00		$1,084.60		$3.15
Hypothetical (5% return before expenses)		$1,000.00		$1,022.18		$3.06

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

Loomis Sayles Investment Grade Fixed Income Fund


Institutional Class	Beginning Account Value 7/1/2020		Ending Account Value 12/31/2020		Expenses Paid During Period* 7/1/2020 – 12/31/2020
Actual		$1,000.00		$1,083.80		$2.84
Hypothetical (5% return before expenses)		$1,000.00		$1,022.48		$2.75

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.54%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period).

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Portfolio of Investments – as of December 31, 2020

Loomis Sayles Bond Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 75.6% of Net Assets

	Non-Convertible Bonds – 70.2%

		ABS Home Equity – 0.1%
$	12,639,575	Legacy Mortgage Asset Trust, Series 2018-GS2, Class A1, 4.000%, 4/25/2058, 144A(a)	$	12,721,534


		ABS Other – 0.3%
	21,324,711	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(b)(c)(d)		11,728,591
	20,921,895	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(b)(c)(e)(f)		7,061,349
	9,492,593	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(b)(c)(e)(f)		1,283,209
	32,585,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(b)(c)(e)(f)(g)		—
	7,237,764	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A(b)(c)(d)		6,268,338

				26,341,487


		Aerospace & Defense – 3.0%
	260,000	Boeing Co. (The), 3.100%, 5/01/2026		278,407
	560,000	Boeing Co. (The), 3.250%, 2/01/2035		574,283
	3,715,000	Boeing Co. (The), 3.550%, 3/01/2038		3,790,014
	4,885,000	Boeing Co. (The), 3.600%, 5/01/2034		5,143,619
	22,105,000	Boeing Co. (The), 3.625%, 2/01/2031		24,191,293
	2,995,000	Boeing Co. (The), 3.625%, 3/01/2048		3,019,720
	2,950,000	Boeing Co. (The), 3.650%, 3/01/2047		2,986,102
	2,050,000	Boeing Co. (The), 3.750%, 2/01/2050		2,143,890
	1,200,000	Boeing Co. (The), 3.850%, 11/01/2048		1,237,752
	20,940,000	Boeing Co. (The), 3.950%, 8/01/2059		22,411,183
	7,085,000	Boeing Co. (The), 5.150%, 5/01/2030		8,574,632
	45,290,000	Boeing Co. (The), 5.805%, 5/01/2050		62,416,189
	21,310,000	Boeing Co. (The), 5.930%, 5/01/2060		30,230,236
	2,915,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		2,549,546
	4,055,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		4,308,478
	10,576,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		12,530,656
	328,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039		424,019

		Aerospace & Defense – continued
	10,821,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		13,988,740
	6,995,000	Textron Financial Corp., 3-month LIBOR + 1.735%, 1.956%, 2/15/2067, 144A(h)		5,138,247
	9,030,000	TransDigm, Inc., 5.500%, 11/15/2027		9,493,239
	25,941,000	TransDigm, Inc., 6.500%, 7/15/2024		26,400,674
	400,000	TransDigm, Inc., 7.500%, 3/15/2027		427,000
	29,130,000	TransDigm, Inc., 8.000%, 12/15/2025, 144A		32,197,389

				274,455,308


		Airlines – 1.6%
	29,160,000	Air Canada Pass Through Trust, Series 2020-2A, 5.250%, 10/01/2030, 144A		30,880,148
	345,000	American Airlines Group, Inc., 3.750%, 3/01/2025, 144A		266,782
	29,295,000	American Airlines Group, Inc., 5.000%, 6/01/2022, 144A		26,336,498
	3,832,240	American Airlines Pass Through Certificates, Series 2016-3, Class B, 3.750%, 4/15/2027		3,083,114
	3,665,185	American Airlines Pass Through Certificates, Series 2017-2, Class B, 3.700%, 4/15/2027		3,098,581
	216,231	Continental Airlines Pass Through Certificates, Series 2001-1, Class A-1, 6.703%, 12/15/2022		216,231
	41,995,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		45,144,625
	4,817,252	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		4,870,695
	32,235,000	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		34,777,697

				148,674,371


		Automotive – 2.8%
	3,641,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		3,832,152
	3,172,000	Cummins, Inc., 6.750%, 2/15/2027		4,019,789
	1,000,000	Dana, Inc., 5.625%, 6/15/2028		1,076,730
	30,125,000	Ford Motor Co., 4.750%, 1/15/2043		30,727,500
	2,440,000	Ford Motor Co., 5.291%, 12/08/2046		2,549,800
	1,560,000	Ford Motor Co., 6.625%, 2/15/2028		1,763,798
	1,580,000	Ford Motor Co., 7.500%, 8/01/2026		1,839,104
	6,430,000	Ford Motor Credit Co. LLC, 5.125%, 6/16/2025		6,991,339
	26,145,000	Ford Motor Credit Co. LLC, 5.596%, 1/07/2022		27,025,564
	3,505,000	General Motors Co., 5.200%, 4/01/2045		4,256,565
	3,170,000	General Motors Co., 6.250%, 10/02/2043		4,276,233
	88,950,000	General Motors Financial Co., Inc., 3.600%, 6/21/2030		99,177,801

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Automotive – continued
$	37,875,000	General Motors Financial Co., Inc., 4.375%, 9/25/2021	$	38,897,722
	20,094,000	Goodyear Tire & Rubber Co. (The), 4.875%, 3/15/2027		20,546,115
	2,365,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		2,406,388
	6,201,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		6,728,891

				256,115,491


		Banking – 5.8%
	16,572,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 4/17/2025, 144A		19,038,908
	13,982,000	Bank of America Corp., (fixed rate to 10/24/2030, variable rate thereafter), MTN, 1.922%, 10/24/2031		14,166,849
	4,423,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		4,995,974
	12,588,000	Bank of America Corp., (fixed rate to 4/29/2030, variable rate thereafter), 2.592%, 4/29/2031		13,491,295
	8,870,000	Bank of America Corp., (fixed rate to 7/23/2030, variable rate thereafter), MTN, 1.898%, 7/23/2031		8,961,726
	59,285,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		68,775,686
	47,298,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		51,249,275
	22,200,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(i)		24,642,000
	14,253,000	BNP Paribas S.A., (fixed rate to 8/12/2030, variable rate thereafter), 2.588%, 8/12/2035, 144A		14,530,934
	7,340,000	Citigroup, Inc., 4.500%, 1/14/2022		7,653,259
	40,185,000	Citigroup, Inc., (fixed rate to 3/31/2030, variable rate thereafter), 4.412%, 3/31/2031		48,730,625
	2,955,000	Citigroup, Inc., (fixed rate to 6/03/2030, variable rate thereafter), 2.572%, 6/03/2031		3,149,617
	4,045,000	Cooperatieve Rabobank UA, 3.950%, 11/09/2022		4,294,337
	3,005,000	Credit Agricole S.A., 3.250%, 1/14/2030, 144A		3,291,677
	2,275,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		2,380,560
	26,445,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		28,932,891
	8,330,000	JPMorgan Chase & Co., (fixed rate to 10/15/2029, variable rate thereafter), 2.739%, 10/15/2030		9,057,483
	28,240,000	JPMorgan Chase & Co., (fixed rate to 11/19/2030, variable rate thereafter), 1.764%, 11/19/2031		28,507,903

		Banking – continued
	6,600,000	Morgan Stanley, 3.950%, 4/23/2027		7,630,583
	45,685,000	Morgan Stanley, (fixed rate to 2/13/2031, variable rate thereafter), MTN, 1.794%, 2/13/2032		46,011,651
	47,205,000	Morgan Stanley, GMTN, 4.350%, 9/08/2026		55,654,140
	15,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		19,138,514
	22,550,000	Natwest Group PLC, (fixed rate to 8/28/2030, variable rate thereafter), 3.032%, 11/28/2035		23,293,473
	20,365,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		22,408,375

				529,987,735


		Brokerage – 0.8%
	21,725,000	Jefferies Group LLC, 6.250%, 1/15/2036		28,973,888
	22,428,000	Jefferies Group LLC, 6.450%, 6/08/2027		28,432,848
	13,420,000	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025, 144A		14,013,765

				71,420,501


		Building Materials – 0.8%
	7,794,000	American Woodmark Corp., 4.875%, 3/15/2026, 144A		7,988,850
	3,605,000	Cemex SAB de CV, 5.200%, 9/17/2030, 144A		3,952,883
	29,985,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		31,619,182
	4,835,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		5,113,013
	4,057,000	Masco Corp., 6.500%, 8/15/2032		5,416,796
	4,534,000	Masco Corp., 7.750%, 8/01/2029		6,302,517
	650,000	Owens Corning, 4.400%, 1/30/2048		782,779
	6,344,000	Owens Corning, 7.000%, 12/01/2036		9,044,981

				70,221,001


		Cable Satellite – 1.8%
	5,945,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 2.800%, 4/01/2031		6,287,911
	72,485,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.700%, 4/01/2051		75,272,392
	5,935,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.125%, 7/01/2049		7,243,752
	24,710,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		26,377,925
	9,330,000	DISH DBS Corp., 5.875%, 11/15/2024		9,782,832
	8,654,000	DISH DBS Corp., 7.750%, 7/01/2026		9,692,566
	6,190,000	Time Warner Cable LLC, 4.500%, 9/15/2042		7,253,423

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Cable Satellite – continued
$	535,000	Time Warner Cable LLC, 5.875%, 11/15/2040	$	714,096
	17,637,000	Ziggo BV, 5.500%, 1/15/2027, 144A		18,408,619

				161,033,516


		Chemicals – 0.1%
	9,275,000	Minerals Technologies, Inc., 5.000%, 7/01/2028, 144A		9,714,079


		Construction Machinery – 0.4%
	27,030,000	Toro Co. (The), 6.625%, 5/01/2037(b)(d)		35,817,759
	3,280,000	United Rentals North America, Inc., 4.875%, 1/15/2028		3,493,200

				39,310,959


		Consumer Cyclical Services – 0.7%
	6,590,000	Expedia Group, Inc., 3.250%, 2/15/2030		6,858,483
	21,260,000	Expedia Group, Inc., 3.800%, 2/15/2028		22,836,067
	8,919,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		10,379,486
	8,108,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		8,817,450
	10,590,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		11,649,000

				60,540,486


		Consumer Products – 0.3%
	15,473,000	Avon Products, Inc., 8.950%, 3/15/2043		20,230,947
	3,435,000	Whirlpool Corp., 4.600%, 5/15/2050		4,444,667

				24,675,614


		Diversified Manufacturing – 0.3%
	8,950,000	General Electric Co., 4.500%, 3/11/2044		10,939,392
	11,695,000	General Electric Co., Series A, MTN, 3-month LIBOR + 0.300%, 0.537%, 5/13/2024(h)		11,326,123
	2,080,000	General Electric Co., Series D, (fixed rate to 1/21/2021, variable rate thereafter), 5.000%(i)		1,934,920

				24,200,435


		Electric – 1.0%
	35,345,617	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		41,537,262
	1,230,000	Edison International, 4.950%, 4/15/2025		1,400,078
	8,663,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		10,291,631
	6,582,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050		6,541,923
	8,302,000	Pacific Gas & Electric Co., 4.250%, 3/15/2046		8,912,557
	11,201,000	Pacific Gas & Electric Co., 4.300%, 3/15/2045		11,942,063

		Electric – continued
	11,830,000	Pacific Gas & Electric Co., 4.750%, 2/15/2044		13,291,174

				93,916,688


		Finance Companies – 6.5%
	3,100,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 1.987%, 1/15/2067, 144A(b)(c)(f)(h)		1,205,500
	7,020,000	Air Lease Corp., 3.125%, 12/01/2030		7,307,676
	15,585,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		15,893,941
	27,210,000	Antares Holdings LP, 8.500%, 5/18/2025, 144A		29,332,178
	64,915,000	GE Capital Funding LLC, 4.550%, 5/15/2032, 144A		77,905,667
	16,790,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035		20,039,638
	445,000	Navient Corp., 5.000%, 3/15/2027		448,894
	27,420,000	Navient Corp., 5.500%, 1/25/2023		28,653,900
	5,365,000	Navient Corp., 5.875%, 10/25/2024		5,700,313
	150,996(††)	Navient Corp., 6.000%, 12/15/2043		3,787,483
	38,431,000	Navient Corp., 6.750%, 6/15/2026		41,745,674
	58,523,000	Navient Corp., MTN, 5.625%, 8/01/2033		56,182,080
	75,452,000	Navient Corp., MTN, 6.125%, 3/25/2024		80,545,010
	2,950,000	Navient Corp., MTN, 7.250%, 1/25/2022		3,082,750
	31,410,000	OneMain Finance Corp., 6.875%, 3/15/2025		36,474,862
	10,145,000	OneMain Finance Corp., 7.125%, 3/15/2026		11,996,463
	36,085,000	OneMain Finance Corp., 7.750%, 10/01/2021		37,979,462
	77,845,000	OneMain Finance Corp., 8.250%, 10/01/2023		89,327,137
	14,750,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		15,536,596
	10,870,000	Quicken Loans LLC, 5.250%, 1/15/2028, 144A		11,603,725
	3,503,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		3,573,060
	10,445,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		10,836,688

				589,158,697


		Financial Other – 0.2%
	5,390,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		5,778,080
	14,125,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		14,831,250

				20,609,330


		Food & Beverage – 1.3%
	37,465,000	Anheuser-Busch InBev Worldwide, Inc., 4.500%, 6/01/2050		47,290,564
	24,200,000	Fomento Economico Mexicano SAB de CV, 3.500%, 1/16/2050		26,929,632

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Food & Beverage – continued
$	43,345,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046	$	46,711,606

				120,931,802


		Gaming – 0.2%
	17,635,000	International Game Technology PLC, 6.250%, 1/15/2027, 144A		20,194,720


		Government Owned – No Guarantee – 0.6%
	8,465,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		11,470,786
	28,145,000	Petroleos Mexicanos, 5.950%, 1/28/2031		28,074,638
	15,400,000	Saudi Arabian Oil Co., 3.250%, 11/24/2050, 144A		15,616,640

				55,162,064


		Government Sponsored – 0.2%
	15,815,000	Petrobras Global Finance BV, 6.750%, 6/03/2050		19,650,137
	2,375,000	Petrobras Global Finance BV, 6.900%, 3/19/2049		3,010,313

				22,660,450


		Healthcare – 2.7%
	27,204,000	HCA, Inc., 7.050%, 12/01/2027		32,950,845
	27,545,000	HCA, Inc., 7.500%, 11/06/2033		38,287,550
	12,446,000	HCA, Inc., MTN, 7.750%, 7/15/2036		16,086,455
	46,555,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		47,462,357
	29,845,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		31,097,893
	23,235,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		24,919,538
	49,062,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		51,760,410

				242,565,048


		Home Construction – 0.9%
	8,225,000	Beazer Homes USA, Inc., 7.250%, 10/15/2029		9,273,688
	52,605,000	PulteGroup, Inc., 6.000%, 2/15/2035		71,527,018

				80,800,706


		Independent Energy – 2.3%
	6,177,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		6,487,756
	8,634,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.000%, 11/01/2027, 144A		9,605,325
	6,507,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		4,476,295
	46,735,000	Chesapeake Energy Corp., 8.000%, 6/15/2027(b)(d)(j)		2,103,075
	19,891,000	Continental Resources, Inc., 3.800%, 6/01/2024		20,539,645
	1,768,000	Continental Resources, Inc., 4.500%, 4/15/2023		1,822,985
	3,480,000	Diamondback Energy, Inc., 3.500%, 12/01/2029		3,717,739

		Independent Energy – continued
	17,381,000	Hess Corp., 5.600%, 2/15/2041		21,211,033
	1,724,000	Leviathan Bond Ltd., 6.125%, 6/30/2025, 144A		1,888,142
	10,098,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		10,198,980
	27,050,000	Mesquite Energy, Inc., 6.125%, 1/15/2023(b)(d)(j)		121,184
	12,420,000	Mesquite Energy, Inc., 7.750%, 6/15/2021(b)(d)(j)		14,656
	2,770,000	Occidental Petroleum Corp., 4.500%, 7/15/2044		2,386,826
	49,025,000	Occidental Petroleum Corp., 6.625%, 9/01/2030		53,228,894
	93,333	Pan American Energy LLC, 7.875%, 5/07/2021, 144A		94,179
	7,215,000	Parsley Energy LLC/Parsley Finance Corp., 4.125%, 2/15/2028, 144A		7,575,750
	4,270,000	QEP Resources, Inc., 5.250%, 5/01/2023		4,494,175
	190,000	Range Resources Corp., 4.875%, 5/15/2025		179,472
	22,947,000	SM Energy Co., 10.000%, 1/15/2025, 144A		24,756,141
	25,660,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.750%, 4/15/2023, 144A(b)(d)		20,271,400
	3,615,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.750%, 4/15/2023, 144A(b)(d)		2,892,000
	9,140,000	WPX Energy, Inc., 4.500%, 1/15/2030		9,688,400

				207,754,052


		Life Insurance – 3.1%
	6,212,000	American International Group, Inc., 4.875%, 6/01/2022		6,590,696
	27,930,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(i)		38,857,613
	7,878,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		8,226,568
	20,335,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030		25,103,171
	15,000,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		15,252,351
	2,030,000	MetLife, Inc., 9.250%, 4/08/2068, 144A		3,095,016
	10,175,000	MetLife, Inc., 10.750%, 8/01/2069		17,432,800
	57,985,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		77,787,022
	38,476,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(b)(d)		66,249,901
	12,950,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(b)(d)		17,834,481
	2,500,000	Prudential Financial, Inc., MTN, 3.700%, 3/13/2051		3,005,350

				279,434,969


		Media Entertainment – 0.4%
	10,215,000	Discovery Communications LLC, 4.000%, 9/15/2055, 144A		11,433,633

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Media Entertainment – continued
$	7,085,000	iHeartCommunications, Inc., 8.375%, 5/01/2027	$	7,562,954
	3,725,000	ViacomCBS, Inc., 4.375%, 3/15/2043		4,400,968
	6,730,000	ViacomCBS, Inc., 4.900%, 8/15/2044		8,393,471
	6,940,000	ViacomCBS, Inc., 4.950%, 5/19/2050		8,989,524

				40,780,550


		Metals & Mining – 1.4%
	4,205,000	Anglo American Capital PLC, 2.625%, 9/10/2030, 144A		4,397,120
	35,180,000	ArcelorMittal S.A., 7.000%, 3/01/2041		48,480,807
	3,635,000	ArcelorMittal S.A., 7.250%, 10/15/2039		5,100,341
	3,950,000	Barrick Gold Corp., Series A, 5.800%, 11/15/2034		4,979,624
	5,370,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		7,832,353
	12,096,000	Commercial Metals Co., 5.375%, 7/15/2027		12,731,040
	7,370,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		7,683,225
	12,245,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		13,285,825
	1,445,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		1,504,606
	5,915,000	Glencore Funding LLC, 2.500%, 9/01/2030, 144A		6,045,485
	2,570,000	Kaiser Aluminum Corp., 6.500%, 5/01/2025, 144A		2,749,900
	9,550,000	United States Steel Corp., 6.650%, 6/01/2037		8,022,000

				122,812,326


		Midstream – 0.8%
	9,050,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		9,774,000
	7,325,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		7,930,938
	1,455,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,544,000
	17,922,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		11,358,067
	205,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		277,156
	280,000	Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		275,492
	14,590,000	Plains All American Pipeline LP/PAA Finance Corp., 4.700%, 6/15/2044		15,128,502
	1,775,000	Plains All American Pipeline LP/PAA Finance Corp., 4.900%, 2/15/2045		1,883,798
	16,100,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(b)(d)(i)(j)		5,153,610

		Midstream – continued
	18,753,000	Williams Cos., Inc. (The), 3.350%, 8/15/2022		19,503,745

				72,829,308


		Mortgage Related – 0.0%
	20,031	FHLMC, 5.000%, 12/01/2031		22,192


		Oil Field Services – 0.6%
	2,710,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		1,246,600
	4,030,000	Transocean, Inc., 7.500%, 4/15/2031		1,400,425
	67,054,000	Transocean, Inc., 11.500%, 1/30/2027, 144A		47,943,610

				50,590,635


		Packaging – 0.2%
	12,925,000	Owens-Brockway Glass Container, Inc., 6.625%, 5/13/2027, 144A		13,991,312


		Paper – 1.6%
	38,882,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		57,519,323
	9,625,000	International Paper Co., 8.700%, 6/15/2038		16,285,023
	8,214,000	WestRock MWV LLC, 7.950%, 2/15/2031		11,727,879
	25,138,000	WestRock MWV LLC, 8.200%, 1/15/2030		35,823,743
	4,127,000	Weyerhaeuser Co., 6.950%, 10/01/2027		5,374,036
	14,035,000	Weyerhaeuser Co., 7.375%, 3/15/2032		21,046,814

				147,776,818


		Property & Casualty Insurance – 1.0%
	13,985,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 11.497%, 1/15/2033, 144A(g)(h)		4,894,750
	80,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 11.497%, 1/15/2033(g)(h)		28,000
	2,300,000	MGIC Investment Corp., 5.250%, 8/15/2028		2,461,000
	28,955,000	Nationwide Mutual Insurance Co., 4.350%, 4/30/2050, 144A		34,014,079
	4,810,000	Radian Group, Inc., 4.500%, 10/01/2024		5,074,550
	2,825,000	Radian Group, Inc., 4.875%, 3/15/2027		3,102,415
	33,290,000	Radian Group, Inc., 6.625%, 3/15/2025		37,700,925

				87,275,719


		REITs – Diversified – 0.0%
	1,020,000	iStar, Inc., 4.750%, 10/01/2024		1,032,750


		REITs – Hotels – 0.2%
	821,000	Service Properties Trust, 3.950%, 1/15/2028		793,291
	8,807,000	Service Properties Trust, 4.350%, 10/01/2024		8,696,913
	2,507,000	Service Properties Trust, 4.500%, 6/15/2023		2,519,535

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		REITs – Hotels – continued
$	1,400,000	Service Properties Trust, 4.650%, 3/15/2024	$	1,386,000
	1,146,000	Service Properties Trust, 4.750%, 10/01/2026		1,131,675
	4,085,000	Service Properties Trust, 4.950%, 2/15/2027		4,105,425

				18,632,839


		Retailers – 0.5%
	4,680,000	Dillard’s, Inc., 7.000%, 12/01/2028		5,008,349
	7,182,000	Dillard’s, Inc., 7.750%, 7/15/2026		8,105,390
	2,250,000	Dillard’s, Inc., 7.750%, 5/15/2027		2,477,902
	1,795,000	Hanesbrands, Inc., 5.375%, 5/15/2025, 144A		1,899,146
	9,245,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		10,334,246
	12,530,000	Michaels Stores, Inc., 8.000%, 7/15/2027, 144A		13,469,750

				41,294,783


		Sovereigns – 0.3%
	28,214,000	Mexico Government International Bond, 3.771%, 5/24/2061		29,489,555


		Supermarkets – 0.1%
	2,398,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s LP/Albertson’s LLC, 5.750%, 3/15/2025		2,469,940
	2,705,000	Safeway, Inc., 7.250%, 2/01/2031		3,167,095

				5,637,035


		Technology – 3.4%
	8,280,000	Broadcom, Inc., 4.150%, 11/15/2030		9,586,271
	34,815,000	Broadcom, Inc., 4.300%, 11/15/2032		41,272,801
	14,790,000	Broadcom, Inc., 5.000%, 4/15/2030		17,978,900
	14,400,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		14,184,000
	49,820,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		52,560,100
	14,075,000	Jabil, Inc., 3.600%, 1/15/2030		15,662,871
	12,420,000	Jabil, Inc., 3.950%, 1/12/2028		14,046,061
	35,206,000	KLA Corp., 4.650%, 11/01/2024		40,072,352
	12,970,000	KLA Corp., 5.650%, 11/01/2034		17,487,702
	39,770,000	Microchip Technology, Inc., 0.972%, 2/15/2024, 144A		39,867,349
	4,735,000	Micron Technology, Inc., 4.663%, 2/15/2030		5,810,540
	5,205,000	Micron Technology, Inc., 4.975%, 2/06/2026		6,152,067
	5,730,000	Micron Technology, Inc., 5.327%, 2/06/2029		7,167,578
	1,771,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		2,144,079
	9,561,000	Seagate HDD Cayman, 4.091%, 6/01/2029, 144A		10,240,309
	8,816,000	Seagate HDD Cayman, 4.875%, 6/01/2027		9,919,851

				304,152,831


		Transportation Services – 0.8%
	14,000,000	Adani Ports & Special Economic Zone Ltd., 4.200%, 8/04/2027, 144A		15,024,571
	1,215,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.750%, 7/15/2027, 144A		1,233,225
	20,994,000	Fenix Marine Service Holdings Ltd., 8.000%, 1/15/2024(b)(d)		19,012,166
	31,370,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.000%, 7/15/2025, 144A		35,574,051

				70,844,013


		Treasuries – 15.7%
	828,465,000	U.S. Treasury Bond, 1.250%, 5/15/2050		751,573,092
	398,175,000	U.S. Treasury Bond, 1.375%, 8/15/2050		372,915,773
	20,670,000	U.S. Treasury Bond, 1.625%, 11/15/2050		20,592,488
	231,210,000	U.S. Treasury Note, 0.125%, 11/30/2022		231,237,096
	45,170,000	U.S. Treasury Note, 0.125%, 12/31/2022		45,175,293

				1,421,493,742


		Wireless – 1.1%
	2,571,000	American Tower Corp., 1.875%, 10/15/2030		2,593,423
	1,895,000	American Tower Corp., 2.100%, 6/15/2030		1,945,042
	2,960,000	American Tower Corp., 2.950%, 1/15/2051		2,967,061
	11,875,000	American Tower Corp., 3.100%, 6/15/2050		12,231,576
	9,660,000	Crown Castle International Corp., 2.250%, 1/15/2031		10,020,690
	10,150,000	Crown Castle International Corp., 3.250%, 1/15/2051		10,709,251
	2,240,000	Crown Castle International Corp., 3.300%, 7/01/2030		2,507,185
	2,385,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		2,535,017
	5,305,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		5,968,125
	39,900,000	T-Mobile USA, Inc., 3.875%, 4/15/2030, 144A		46,212,180

				97,689,550


		Wirelines – 4.3%
	25,684,000	AT&T, Inc., 3.650%, 9/15/2059, 144A		25,934,121
	15,813,000	AT&T, Inc., 3.800%, 12/01/2057, 144A		16,523,586
	137,303,000	AT&T, Inc., 4.300%, 2/15/2030		164,013,570
	1,875,000	CenturyLink, Inc., 5.625%, 4/01/2025		2,022,656
	3,825,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		4,056,604
	3,036,000	Cincinnati Bell, Inc., 8.000%, 10/15/2025, 144A		3,237,135

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wirelines – continued
$	49,543,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034	$	60,347,833
	23,485,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		28,886,550
	71,128,000	Verizon Communications, Inc., 4.329%, 9/21/2028		85,518,617

				390,540,672


		Total Non-Convertible Bonds

		(Identified Cost $6,048,694,173)		6,359,487,673


	Convertible Bonds – 3.9%

		Airlines – 0.1%
	7,434,000	Southwest Airlines Co., 1.250%, 5/01/2025		10,797,885


		Cable Satellite – 2.5%
	48,505,000	DISH Network Corp., 2.375%, 3/15/2024		45,203,257
	184,765,000	DISH Network Corp., 3.375%, 8/15/2026		176,123,846

				221,327,103


		Consumer Cyclical Services – 0.1%
	11,830,000	Uber Technologies, Inc., Zero Coupon, 12/15/2025, 144A		12,102,550


		Energy – 0.0%
	65,055,000	Chesapeake Energy Corp., 5.500%, 9/15/2026(b)(d)(j)		2,927,475


		Healthcare – 0.1%
	2,835,000	Teladoc Health, Inc., 1.250%, 6/01/2027, 144A		3,395,493


		Pharmaceuticals – 0.2%
	11,478,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		12,316,895
	3,222,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027, 144A		3,366,990
	2,333,000	Neurocrine Biosciences, Inc., 2.250%, 5/15/2024		3,219,011

				18,902,896


		REITs – Diversified – 0.2%
	15,110,000	iStar, Inc., 3.125%, 9/15/2022		17,778,909


		Technology – 0.7%
	13,345,000	Booking Holdings, Inc., 0.900%, 9/15/2021		15,467,227
	1,000,000	Evolent Health, Inc., 3.500%, 12/01/2024, 144A		1,140,417
	10,741,000	Nuance Communications, Inc., 1.250%, 4/01/2025		24,451,994
	23,950,000	Western Digital Corp., 1.500%, 2/01/2024		23,805,004

				64,864,642


		Total Convertible Bonds

		(Identified Cost $387,701,046)		352,096,953


	Municipals – 1.5%

		Illinois – 0.4%
	30,610,000	State of Illinois, 5.100%, 6/01/2033		32,942,788


		Virginia – 1.1%
	94,480,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		98,851,590


		Total Municipals

		(Identified Cost $119,740,008)		131,794,378


		Total Bonds and Notes

		(Identified Cost $6,556,135,227)		6,843,379,004


	Senior Loans – 0.3%

		Chemicals – 0.1%
	10,864,295	Aruba Investments, Inc., 2020 2nd Lien Term Loan, 3-month LIBOR + 7.750%, 8.500%, 11/24/2028(h)		10,864,295


		Independent Energy – 0.2%
	16,469,450	Ascent Resources – Utica, 2020 Fixed 2nd Lien Term Loan, 11/01/2025(k)		17,848,766


		Total Senior Loans

		(Identified Cost $27,171,572)		28,713,061


	Shares

	Common Stocks – 10.4%

		Aerospace & Defense – 0.0%
	8,484	Lockheed Martin Corp.		3,011,650


		Air Freight & Logistics – 0.0%
	17,918	United Parcel Service, Inc., Class B		3,017,391


		Beverages – 0.0%
	56,873	Coca-Cola Co. (The)		3,118,915


		Capital Markets – 0.1%
	4,311	BlackRock, Inc.		3,110,559
	46,950	Morgan Stanley		3,217,483

				6,328,042


		Chemicals – 0.1%
	733,495	Hexion Holdings Corp., Class B(g)		9,484,090


		Communications Equipment – 0.0%
	68,194	Cisco Systems, Inc.		3,051,682


		Diversified Telecommunication Services – 3.5%
	11,115,698	AT&T, Inc.		319,687,474


		Electric Utilities – 0.1%
	33,517	Duke Energy Corp.		3,068,817
	41,500	NextEra Energy, Inc.		3,201,725

				6,270,542

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Electronic Equipment, Instruments & Components – 1.7%
	4,304,382	Corning, Inc.	$	154,957,752


		Food & Staples Retailing – 0.0%
	20,389	Walmart, Inc.		2,939,074


		Health Care Equipment & Supplies – 0.0%
	28,594	Abbott Laboratories		3,130,757


		Health Care Providers & Services – 0.1%
	9,534	Anthem, Inc.		3,061,272
	8,813	UnitedHealth Group, Inc.		3,090,543

				6,151,815


		Hotels, Restaurants & Leisure – 0.0%
	29,899	Starbucks Corp.		3,198,595


		Household Products – 0.0%
	22,179	Procter & Gamble Co. (The)		3,085,986


		Insurance – 0.1%
	32,666	Progressive Corp. (The)		3,230,014


		IT Services – 0.1%
	12,274	Accenture PLC, Class A		3,206,092
	17,442	Automatic Data Processing, Inc.		3,073,280

				6,279,372


		Machinery – 0.1%
	12,002	Deere & Co.		3,229,138


		Media – 0.1%
	1,740,413	Clear Channel Outdoor Holdings, Inc.(g)		2,871,681
	58,744	Comcast Corp., Class A		3,078,186
	83,772	iHeartMedia, Inc., Class A(g)		1,087,361

				7,037,228


		Metals & Mining – 0.0%
	49,964	Newmont Corp.		2,992,344


		Oil, Gas & Consumable Fuels – 0.5%
	93,585	Battalion Oil Corp.(g)		776,755
	33,606	Chevron Corp.		2,838,027
	666,240	Lonestar Resources U.S., Inc.(b)(c)(e)(f)(g)(l)		4,623,706
	209,391	Paragon Offshore Ltd., Litigation Units, Class A(b)(c)(e)(f)(g)		—
	299,302	Paragon Offshore Ltd., Litigation Units, Class B(e)(g)		1,945,463
	1,271,611	Whiting Petroleum Corp.(g)		31,790,275
	135,323	Williams Cos., Inc. (The)		2,713,226

				44,687,452


		Pharmaceuticals – 3.7%
	5,237,873	Bristol-Myers Squibb Co.		324,905,262
	19,959	Johnson & Johnson		3,141,148
	36,570	Merck & Co., Inc.		2,991,426

				331,037,836


		REITs – Diversified – 0.0%
	13,859	American Tower Corp.		3,110,791


		Road & Rail – 0.0%
	14,785	Union Pacific Corp.		3,078,533


		Software – 0.1%
	17,622	iQor Holdings, Inc.(g)		195,604
	14,177	Microsoft Corp.		3,153,249

				3,348,853


		Specialty Retail – 0.0%
	11,478	Home Depot, Inc. (The)		3,048,786


		Technology Hardware, Storage & Peripherals – 0.1%
	24,317	Apple, Inc.		3,226,623


		Total Common Stocks

		(Identified Cost $970,243,833)		941,740,735


	Preferred Stocks – 0.8%

	Convertible Preferred Stocks – 0.6%

		Banking – 0.2%
	14,254	Bank of America Corp., Series L, 7.250%		21,645,839


		Communications – 0.0%
	4,982	Cincinnati Bell, Inc., Series B, 6.750%		247,016


		Energy – 0.0%
	257,387	Chesapeake Energy Corp., 4.500%(b)(c)(f)(g)		—
	503,052	Chesapeake Energy Corp., 5.000%(b)(c)(f)(g)		—
	3,044	Chesapeake Energy Corp., 5.750%(b)(c)(f)(g)		—
	50,481	Chesapeake Energy Corp., 5.750%(b)(c)(f)(g)		—
	39,322	Chesapeake Energy Corp., 5.750%, 144A(b)(c)(f)(g)		—
	16,454	Chesapeake Energy Corp., 5.750%, 144A(b)(c)(f)(g)		—

				—


		Food & Beverage – 0.0%
	17,733	Bunge Ltd., 4.875%		1,929,067


		Healthcare – 0.1%
	85,919	Boston Scientific Corp., Series A, 5.500%		9,414,145


		Midstream – 0.3%
	433,942	El Paso Energy Capital Trust I, 4.750%		22,460,838


		Total Convertible Preferred Stocks

		(Identified Cost $189,739,403)		55,696,905


	Non-Convertible Preferred Stocks – 0.2%

		Electric – 0.0%
	2,925	Connecticut Light & Power Co. (The), Series 1947, 1.900%		142,504


		Finance Companies – 0.0%
	16,004	iStar, Inc., Series G, 7.650%		402,542

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – continued

		Home Construction – 0.0%
	52,867	Hovnanian Enterprises, Inc., 7.625%(g)	$	431,395


		REITs – Office Property – 0.1%
	2,318	Highwoods Properties, Inc., Series A, 8.625%		2,781,600


		REITs – Warehouse/Industrials – 0.1%
	169,007	Prologis, Inc., Series Q, 8.540%		11,661,483


		Total Non-Convertible Preferred Stocks

		(Identified Cost $11,111,452)		15,419,524


		Total Preferred Stocks

		(Identified Cost $200,850,855)		71,116,429


	Warrants – 0.1%
	629,465	iHeartMedia, Inc., Expiration on 5/1/2039(c)(f)(g)		8,170,456
	2,721,374	SM Energy Co., Expiration on 6/30/2023(b)(c)(f)(g)		2,063,618


		Total Warrants

		(Identified Cost $15,358,279)		10,234,074


	Closed-End Investment Companies – 0.0%
	170,002	NexPoint Strategic Opportunities Fund (Identified Cost $9,807,937)		1,788,421


	Principal Amount (‡)

	Short-Term Investments – 11.9%

	3,162,473,239	Central Bank of Iceland, 0.000%, (ISK)(h)(m)		24,749,360

	241,901,927	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, Dated 12/31/2020 at 0.000% to be repurchased at $241,901,927 on 1/04/2021 collateralized by $139,695,300 U.S. Treasury Note, 2.125% due 12/31/2022 valued at $145,304,904; $101,435,100 U.S. Treasury Note, 0.125% due 12/31/2022 valued at $101,435,100 including accrued interest (Note 2 of Notes to Financial Statements)		241,901,927

	204,900,000	U.S. Treasury Bills, 0.070%-0.071%, 3/11/2021(n)(o)		204,871,826

	175,000,000	U.S. Treasury Bills, 0.091%, 1/28/2021(n)		174,993,292

	427,955,000	U.S. Treasury Bills, 0.107%-0.111%, 4/15/2021(n)(o)		427,855,946


		Total Short-Term Investments

		(Identified Cost $1,075,325,508)		1,074,372,351


		Total Investments – 99.1%

		(Identified Cost $8,854,893,211)		8,971,344,075

		Other assets less liabilities—0.9%		82,082,821


		Net Assets – 100.0%	$	9,053,426,896

	(†)	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.

	(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 December 31, 2020 is disclosed.

	(b)	Illiquid security. (Unaudited)

	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.

	(d)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At December 31, 2020, the value of these securities amounted to $190,394,636 or 2.1% of net assets. See Note 2 of Notes to Financial Statements.

	(e)	Securities subject to restriction on resale. At December 31, 2020, the restricted securities held by the Fund are as follows:


	Acquisition Date	Acquisition Cost			Value		% of Net Assets

GCA2014 Holdings Ltd., Series 2014-1, Class C	12/18/2014	$	20,921,895		$	7,061,349		0.1%

GCA2014 Holdings Ltd., Series 2014-1, Class D	12/18/2014		9,492,593			1,283,209		Less than 0.1%

GCA2014 Holdings Ltd., Series 2014-1, Class E	12/18/2014		25,395,339			—		—

Lonestar Resources U.S., Inc.	12/01/2020		4,623,706	*		4,623,706		0.1%

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			1,945,463		Less than 0.1%

*	Represents basis assigned upon receipt in a taxable restructuring.


	(f)			Fair valued by the Fund’s adviser. At December 31, 2020, the value of these securities amounted to $24,407,838 or 0.3% of net assets. See Note 2 of Notes to Financial Statements.

	(g)			Non-income producing security.

	(h)			Variable rate security. Rate as of December 31, 2020 is disclosed.

	(i)			Perpetual bond with no specified maturity date.

	(j)			The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.

	(k)			Position is unsettled. Contract rate was not determined at December 31, 2020 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

	(l)			Affiliated issuer. See Note 5g for a summary of transactions in securities of affiliated issuers.

	(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 December 31, 2020, the value of Rule 144A holdings amounted to $1,531,036,758 or 16.9% of net assets.
	ABS			Asset-Backed Securities
	CMT			Constant Maturity Treasury
	FHLMC			Federal Home Loan Mortgage Corp.
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts
	ISK			Icelandic Krona

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Bond Fund – continued

Industry Summary at December 31, 2020


Treasuries	15.7	%
Finance Companies	6.5
Banking	6.0
Wirelines	4.3
Cable Satellite	4.3
Technology	4.1
Pharmaceuticals	3.9
Diversified Telecommunication Services	3.5
Life Insurance	3.1
Aerospace & Defense	3.0
Healthcare	2.9
Automotive	2.8
Independent Energy	2.5
Other Investments, less than 2% each	24.6
Short-Term Investments	11.9
Closed-End Investment Companies	0.0	*

Total Investments	99.1
Other assets less liabilities	0.9

Net Assets	100.0	%

* Less than 0.1%

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Investment Grade Fixed Income Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 87.9% of Net Assets

	Non-Convertible Bonds – 85.6%

		ABS Car Loan – 0.6%
$	400,000	CPS Auto Receivables Trust, Series 2020-C, Class C, 1.710%, 8/17/2026, 144A	$	405,506
	145,000	Drive Auto Receivables Trust, Series 2018-5, Class D, 4.300%, 4/15/2026		153,086
	100,000	Drive Auto Receivables Trust, Series 2019-1, Class D, 4.090%, 6/15/2026		104,747
	315,000	Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.580%, 9/15/2025, 144A		323,955
	450,000	Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.220%, 7/15/2025		467,970
	125,000	Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.650%, 2/17/2026, 144A		126,492

				1,581,756


		ABS Home Equity – 0.2%
	234,496	Credit Suisse Mortgage Trust, Series 2018-RPL8, Class A1, 4.125%, 7/25/2058, 144A(a)		235,383
	346,613	Legacy Mortgage Asset Trust, Series 2018-GS2, Class A1, 4.000%, 4/25/2058, 144A(a)		348,861
	10,839	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 2.713%, 7/25/2035(a)(b)(c)		9,201

				593,445


		ABS Other – 1.1%
	2,090,502	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(b)(d)(e)		1,149,776
	150,000	HPEFS Equipment Trust, Series 2019-1A, Class C, 2.490%, 9/20/2029, 144A		152,947
	200,177	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		194,240
	1,000,000	SoFi Consumer Loan Program Trust, Series 2019-3, Class C, 3.350%, 5/25/2028, 144A		1,034,859
	110,000	SoFi Consumer Loan Program Trust, Series 2019-4, Class C, 2.840%, 8/25/2028, 144A		113,049

				2,644,871


		ABS Student Loan – 0.0%
	90,286	Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650%, 1/25/2041, 144A		91,542


		Aerospace & Defense – 2.5%
	85,000	Boeing Co. (The), 3.100%, 5/01/2026		91,018
	15,000	Boeing Co. (The), 3.250%, 2/01/2035		15,383
	100,000	Boeing Co. (The), 3.550%, 3/01/2038		102,019
	115,000	Boeing Co. (The), 3.600%, 5/01/2034		121,088

		Aerospace & Defense – continued
	510,000	Boeing Co. (The), 3.625%, 2/01/2031		558,134
	85,000	Boeing Co. (The), 3.625%, 3/01/2048		85,702
	65,000	Boeing Co. (The), 3.650%, 3/01/2047		65,795
	50,000	Boeing Co. (The), 3.750%, 2/01/2050		52,290
	390,000	Boeing Co. (The), 3.850%, 11/01/2048		402,269
	705,000	Boeing Co. (The), 3.950%, 8/01/2059		754,531
	160,000	Boeing Co. (The), 5.150%, 5/01/2030		193,640
	1,055,000	Boeing Co. (The), 5.805%, 5/01/2050		1,453,943
	490,000	Boeing Co. (The), 5.930%, 5/01/2060		695,111
	376,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		399,504
	1,125,000	Textron, Inc., 3.000%, 6/01/2030		1,212,693
	195,000	TransDigm, Inc., 8.000%, 12/15/2025, 144A		215,534

				6,418,654


		Airlines – 2.2%
	137,742	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		137,443
	1,490,000	Air Canada Pass Through Trust, Series 2020-2A, 5.250%, 10/01/2030, 144A		1,577,895
	1,535,000	American Airlines Group, Inc., 5.000%, 6/01/2022, 144A		1,379,980
	55,114	American Airlines Pass Through Certificates, Series 2016-3, Class B, 3.750%, 4/15/2027		44,340
	11,749	Continental Airlines Pass Through Certificates, Series 2000-2, Class A-1, 7.707%, 10/02/2022		11,704
	338,242	Continental Airlines Pass Through Certificates, Series 2007-1, Class A, 5.983%, 10/19/2023		342,247
	288,401	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		281,730
	455,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		489,125
	221,506	U.S. Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		203,508
	466,775	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		416,030
	260,069	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		251,612
	500,000	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		539,440

				5,675,054


		Automotive – 2.6%
	659,000	Cummins, Inc., 5.650%, 3/01/2098		968,433
	869,000	General Motors Co., 5.200%, 4/01/2045		1,055,337
	250,000	General Motors Co., 6.250%, 10/02/2043		337,242
	1,625,000	General Motors Financial Co., Inc., 3.600%, 6/21/2030		1,811,849
	2,490,000	Volkswagen Group of America Finance LLC, 0.875%, 11/22/2023, 144A		2,504,027

				6,676,888

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – 9.9%
$	2,255,000	Ally Financial, Inc., 4.125%, 2/13/2022	$	2,341,788
	420,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 4/17/2025, 144A		482,521
	370,000	Bank of America Corp., (fixed rate to 10/24/2030, variable rate thereafter), MTN, 1.922%, 10/24/2031		374,892
	635,000	Bank of America Corp., (fixed rate to 12/20/2022, variable rate thereafter), 3.004%, 12/20/2023		668,344
	1,244,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		1,405,153
	335,000	Bank of America Corp., (fixed rate to 4/29/2030, variable rate thereafter), 2.592%, 4/29/2031		359,039
	235,000	Bank of America Corp., (fixed rate to 7/23/2030, variable rate thereafter), MTN, 1.898%, 7/23/2031		237,430
	314,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		368,312
	536,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		621,806
	1,245,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		1,349,007
	1,040,000	BNP Paribas S.A., (fixed rate to 3/01/2028, variable rate thereafter), 4.375%, 3/01/2033, 144A		1,191,611
	1,060,000	Citigroup, Inc., (fixed rate to 3/31/2030, variable rate thereafter), 4.412%, 3/31/2031		1,285,417
	80,000	Citigroup, Inc., (fixed rate to 6/03/2030, variable rate thereafter), 2.572%, 6/03/2031		85,269
	3,224,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		3,769,062
	220,000	JPMorgan Chase & Co., (fixed rate to 10/15/2029, variable rate thereafter), 2.739%, 10/15/2030		239,213
	740,000	JPMorgan Chase & Co., (fixed rate to 11/19/2030, variable rate thereafter), 1.764%, 11/19/2031		747,020
	482,000	Morgan Stanley, 3.950%, 4/23/2027		557,264
	659,000	Morgan Stanley, 5.750%, 1/25/2021		660,966
	1,205,000	Morgan Stanley, (fixed rate to 2/13/2031, variable rate thereafter), MTN, 1.794%, 2/13/2032		1,213,616
	953,000	Morgan Stanley, GMTN, 4.350%, 9/08/2026		1,123,576
	1,727,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		2,203,481
	710,000	Natwest Group PLC, 6.000%, 12/19/2023		811,434
	595,000	Natwest Group PLC, (fixed rate to 8/28/2030, variable rate thereafter), 3.032%, 11/28/2035		614,617
	1,685,000	Societe Generale S.A., (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035, 144A		1,824,671

		Banking – continued
	540,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		594,182

				25,129,691


		Brokerage – 1.7%
	2,528,000	Jefferies Group LLC, 5.125%, 1/20/2023		2,761,675
	733,000	Jefferies Group LLC, 6.250%, 1/15/2036		977,577
	343,000	Jefferies Group LLC, 6.450%, 6/08/2027		434,834

				4,174,086


		Building Materials – 0.6%
	211,000	Masco Corp., 6.500%, 8/15/2032		281,722
	104,000	Masco Corp., 7.750%, 8/01/2029		144,566
	778,000	Owens Corning, 7.000%, 12/01/2036		1,109,236

				1,535,524


		Cable Satellite – 1.5%
	565,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 5/01/2032, 144A		603,262
	165,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 2.800%, 4/01/2031		174,517
	2,430,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.700%, 4/01/2051		2,523,445
	165,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.125%, 7/01/2049		201,385
	12,000	Cox Communications, Inc., 4.800%, 2/01/2035, 144A		15,176
	145,000	Time Warner Cable LLC, 5.500%, 9/01/2041		186,303

				3,704,088


		Collateralized Mortgage Obligations – 0.1%
	221,491	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035		259,609


		Consumer Cyclical Services – 0.3%
	175,000	Expedia Group, Inc., 3.250%, 2/15/2030		182,130
	560,000	Expedia Group, Inc., 3.800%, 2/15/2028		601,514
	25,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		27,188
	35,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		38,500

				849,332


		Consumer Products – 0.6%
	360,000	Hasbro, Inc., 6.600%, 7/15/2028		450,882
	805,000	Whirlpool Corp., 4.600%, 5/15/2050		1,041,618

				1,492,500


		Diversified Manufacturing – 0.1%
	224,000	General Electric Co., Series A, MTN, 3-month LIBOR + 0.300%, 0.537%, 5/13/2024(f)		216,935

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Electric – 1.5%
$	605,000	Calpine Corp., 3.750%, 3/01/2031, 144A	$	599,150
	95,000	Edison International, 4.950%, 4/15/2025		108,136
	1,037,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		1,479,569
	416,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		612,222
	175,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050		173,934
	225,000	Pacific Gas & Electric Co., 4.250%, 3/15/2046		241,547
	290,000	Pacific Gas & Electric Co., 4.300%, 3/15/2045		309,187
	310,000	Pacific Gas & Electric Co., 4.750%, 2/15/2044		348,289

				3,872,034


		Finance Companies – 4.6%
	185,000	Air Lease Corp., 3.125%, 12/01/2030		192,581
	2,435,000	GE Capital Funding LLC, 4.550%, 5/15/2032, 144A		2,922,288
	445,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035		531,128
	15,000	Navient Corp., 5.000%, 3/15/2027		15,131
	3,370,000	Navient Corp., 5.500%, 1/25/2023		3,521,650
	95,000	Navient Corp., 5.875%, 10/25/2024		100,938
	110,000	Navient Corp., 6.750%, 6/15/2026		119,487
	891,000	Navient Corp., MTN, 5.625%, 8/01/2033		855,360
	691,000	Navient Corp., MTN, 6.125%, 3/25/2024		737,642
	398,000	Navient Corp., MTN, 7.250%, 1/25/2022		415,910
	1,920,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		2,022,391
	25,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		25,500
	80,000	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		83,000

				11,543,006


		Financial Other – 0.0%
	30,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		32,160


		Food & Beverage – 2.1%
	990,000	Anheuser-Busch InBev Worldwide, Inc., 4.500%, 6/01/2050		1,249,637
	1,066,000	Fomento Economico Mexicano SAB de CV, 3.500%, 1/16/2050		1,186,239
	360,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		387,961
	2,515,000	Nestle Holdings, Inc., 0.375%, 1/15/2024, 144A		2,517,535

				5,341,372


		Government Owned – No Guarantee – 0.6%
	780,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		1,056,965

		Government Owned – No Guarantee – continued
	400,000	Saudi Arabian Oil Co., 3.250%, 11/24/2050, 144A		405,627

				1,462,592


		Government Sponsored – 0.4%
	670,000	Petrobras Global Finance BV, 6.750%, 6/03/2050		832,475
	100,000	Petrobras Global Finance BV, 6.900%, 3/19/2049		126,750

				959,225


		Healthcare – 1.4%
	10,000	Cigna Corp., 7.875%, 5/15/2027		13,604
	1,192,000	HCA, Inc., 4.500%, 2/15/2027		1,386,537
	1,430,000	HCA, Inc., 5.250%, 6/15/2049	��	1,888,738
	182,000	HCA, Inc., MTN, 7.750%, 7/15/2036		235,235

				3,524,114


		Home Construction – 1.6%
	110,000	MDC Holdings, Inc., 6.000%, 1/15/2043		147,460
	1,989,000	PulteGroup, Inc., 6.000%, 2/15/2035		2,704,443
	867,000	PulteGroup, Inc., 6.375%, 5/15/2033		1,187,877

				4,039,780


		Hybrid ARMs – 0.0%
	4,021	FNMA, 6-month LIBOR + 1.460%, 1.963%, 2/01/2037(f)		4,139
	8,687	FNMA, 12-month LIBOR + 1.838%, 2.596%, 9/01/2036(f)		9,132

				13,271


		Independent Energy – 1.0%
	605,000	Chesapeake Energy Corp., 8.000%, 6/15/2027(d)(e)(g)		27,225
	353,000	Continental Resources, Inc., 3.800%, 6/01/2024		364,511
	13,000	Continental Resources, Inc., 4.500%, 4/15/2023		13,404
	455,000	Hess Corp., 5.600%, 2/15/2041		555,263
	40,000	Leviathan Bond Ltd., 6.125%, 6/30/2025, 144A		43,809
	1,416,000	Noble Energy, Inc., 3.900%, 11/15/2024		1,580,151

				2,584,363


		Integrated Energy – 0.2%
	500,000	Reliance Industries Ltd., 5.400%, 2/14/2022, 144A		523,503


		Life Insurance – 2.6%
	39,000	American International Group, Inc., 4.125%, 2/15/2024		43,149
	56,000	American International Group, Inc., 4.875%, 6/01/2022		59,414
	205,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		214,070
	1,402,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		1,425,586
	1,488,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(d)(e)		2,562,113
	1,560,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(d)(e)		2,148,401

				6,452,733

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Media Entertainment – 1.2%
$	1,170,000	Discovery Communications LLC, 3.950%, 3/20/2028	$	1,342,909
	225,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		240,179
	205,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		235,750
	39,000	ViacomCBS, Inc., 4.375%, 3/15/2043		46,077
	663,000	ViacomCBS, Inc., 5.250%, 4/01/2044		863,591
	239,000	ViacomCBS, Inc., 5.850%, 9/01/2043		332,453

				3,060,959


		Metals & Mining – 0.6%
	178,000	ArcelorMittal S.A., 7.000%, 3/01/2041		245,298
	304,000	ArcelorMittal S.A., 7.250%, 10/15/2039		426,549
	480,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		600,600
	155,000	Glencore Funding LLC, 2.500%, 9/01/2030, 144A		158,419

				1,430,866


		Midstream – 2.5%
	125,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		135,000
	588,000	Enable Midstream Partners LP, 5.000%, 5/15/2044		560,035
	404,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		616,497
	735,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		591,874
	2,949,000	ONEOK Partners LP, 4.900%, 3/15/2025		3,354,126
	43,000	ONEOK Partners LP, 6.200%, 9/15/2043		52,220
	27,000	Plains All American Pipeline LP/PAA Finance Corp., 2.850%, 1/31/2023		27,959
	10,000	Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		9,839
	390,000	Plains All American Pipeline LP/PAA Finance Corp., 4.700%, 6/15/2044		404,395
	45,000	Plains All American Pipeline LP/PAA Finance Corp., 4.900%, 2/15/2045		47,758
	392,000	Williams Cos., Inc. (The), 3.350%, 8/15/2022		407,693

				6,207,396


		Non-Agency Commercial Mortgage-Backed Securities – 0.4%
	13,664	Commercial Mortgage Pass Through Certificates, Series 2014-UBS4, Class A2, 2.963%, 8/10/2047		13,716
	65,000	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(a)		62,966
	55,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class C, 4.763%, 10/15/2046(a)		49,219
	165,000	Morgan Stanley Capital I Trust, Series 2011-C2, Class B, 5.200%, 6/15/2044, 144A(a)		164,565
	94,890	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.642%, 3/15/2044, 144A(a)		44,248

		Non-Agency Commercial Mortgage-Backed Securities – continued
	655,000	WFRBS Commercial Mortgage Trust, Series 2014-C24, Class B, 4.204%, 11/15/2047(a)		652,324

				987,038


		Oil Field Services – 0.1%
	680,000	Transocean, Inc., 6.800%, 3/15/2038		227,800
	110,000	Transocean, Inc., 7.500%, 4/15/2031		38,225

				266,025


		Paper – 0.4%
	552,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		749,984
	137,000	WestRock MWV LLC, 7.550%, 3/01/2047(d)(e)		194,182
	104,000	WestRock MWV LLC, 8.200%, 1/15/2030		148,209

				1,092,375


		Pharmaceuticals – 1.0%
	2,225,000	Viatris, Inc., 4.000%, 6/22/2050, 144A		2,549,156


		Property & Casualty Insurance – 1.9%
	87,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 11.497%, 1/15/2033, 144A(f)(h)		30,450
	2,715,000	Nationwide Mutual Insurance Co., 4.350%, 4/30/2050, 144A		3,189,370
	1,286,000	Old Republic International Corp., 4.875%, 10/01/2024		1,466,199

				4,686,019


		Retailers – 0.6%
	1,270,000	AutoZone, Inc., 4.000%, 4/15/2030		1,504,582


		Sovereigns – 1.7%
	835,000	Mexico Government International Bond, 3.771%, 5/24/2061		872,750
	1,452,000	U.S. Department of Housing and Urban Development, Series A, 2.350%, 8/01/2021		1,470,179
	1,760,000	U.S. Department of Housing and Urban Development, Series A, 2.450%, 8/01/2022		1,822,463

				4,165,392


		Supermarkets – 0.0%
	39,000	Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040		55,875


		Technology – 3.1%
	1,065,000	Avnet, Inc., 4.625%, 4/15/2026		1,205,493
	220,000	Broadcom, Inc., 4.150%, 11/15/2030		254,708
	915,000	Broadcom, Inc., 4.300%, 11/15/2032		1,084,722
	390,000	Broadcom, Inc., 5.000%, 4/15/2030		474,089
	155,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		152,675
	1,175,000	Equinix, Inc., 2.150%, 7/15/2030		1,195,151
	375,000	Jabil, Inc., 3.600%, 1/15/2030		417,306
	330,000	Jabil, Inc., 3.950%, 1/12/2028		373,205
	776,000	KLA Corp., 5.650%, 11/01/2034		1,046,296

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Technology – continued
$	1,050,000	Microchip Technology, Inc., 0.972%, 2/15/2024, 144A	$	1,052,570
	120,000	Micron Technology, Inc., 4.663%, 2/15/2030		147,258
	155,000	Micron Technology, Inc., 5.327%, 2/06/2029		193,887
	133,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		161,018

				7,758,378


		Transportation Services – 0.4%
	210,000	Adani Ports & Special Economic Zone Ltd., 4.200%, 8/04/2027, 144A		225,368
	562,000	ERAC USA Finance LLC, 6.700%, 6/01/2034, 144A		832,702

				1,058,070


		Treasuries – 25.1%
	14,915,000	U.S. Treasury Bond, 1.250%, 5/15/2050		13,530,701
	9,285,000	U.S. Treasury Bond, 1.375%, 8/15/2050		8,695,983
	2,105,000	U.S. Treasury Bond, 3.000%, 8/15/2048		2,769,144
	11,335,000	U.S. Treasury Note, 0.125%, 11/30/2022		11,336,328
	5,045,000	U.S. Treasury Note, 0.125%, 12/31/2022		5,045,591
	5,490,000	U.S. Treasury Note, 1.500%, 9/30/2021		5,546,616
	2,835,000	U.S. Treasury Note, 1.500%, 10/31/2021		2,867,337
	13,460,000	U.S. Treasury Note, 1.500%, 11/30/2021		13,628,250

				63,419,950


		Wireless – 2.1%
	1,250,000	American Tower Corp., 1.875%, 10/15/2030		1,260,902
	50,000	American Tower Corp., 2.100%, 6/15/2030		51,320
	75,000	American Tower Corp., 2.950%, 1/15/2051		75,179
	310,000	American Tower Corp., 3.100%, 6/15/2050		319,309
	1,415,000	Crown Castle International Corp., 2.250%, 1/15/2031		1,467,834
	265,000	Crown Castle International Corp., 3.250%, 1/15/2051		279,601
	55,000	Crown Castle International Corp., 3.300%, 7/01/2030		61,560
	395,000	Crown Castle International Corp., 4.150%, 7/01/2050		478,677
	1,050,000	T-Mobile USA, Inc., 3.875%, 4/15/2030, 144A		1,216,110

				5,210,492


		Wirelines – 4.5%
	1,248,000	AT&T, Inc., 3.650%, 9/15/2059, 144A		1,260,153
	371,000	AT&T, Inc., 3.800%, 12/01/2057, 144A		387,672
	2,841,000	AT&T, Inc., 4.300%, 2/15/2030		3,393,681

		Wirelines – continued
	201,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		244,836
	5,077,000	Verizon Communications, Inc., 4.329%, 9/21/2028		6,104,179

				11,390,521


		Total Non-Convertible Bonds

		(Identified Cost $201,658,434)		216,235,222


	Convertible Bonds – 1.8%

		Airlines – 0.1%
	115,000	Southwest Airlines Co., 1.250%, 5/01/2025		167,038


		Cable Satellite – 0.3%
	835,000	DISH Network Corp., 3.375%, 8/15/2026		795,948


		Consumer Cyclical Services – 0.1%
	155,000	Uber Technologies, Inc., Zero Coupon, 12/15/2025, 144A		158,571


		Energy – 0.0%
	1,035,000	Chesapeake Energy Corp., 5.500%, 9/15/2026(d)(e)(g)		46,575


		Healthcare – 0.0%
	45,000	Teladoc Health, Inc., 1.250%, 6/01/2027, 144A		53,897


		Pharmaceuticals – 0.1%
	120,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		128,771
	25,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027, 144A		26,125
	60,000	Neurocrine Biosciences, Inc., 2.250%, 5/15/2024		82,786

				237,682


		REITs – Diversified – 0.1%
	264,000	iStar, Inc., 3.125%, 9/15/2022		310,631


		Technology – 1.1%
	2,051,000	Booking Holdings, Inc., 0.900%, 9/15/2021		2,377,166
	224,000	Nuance Communications, Inc., 1.250%, 4/01/2025		509,938

				2,887,104


		Total Convertible Bonds

		(Identified Cost $4,601,284)		4,657,446


	Municipals – 0.5%

		Illinois – 0.1%
	245,000	State of Illinois, 5.100%, 6/01/2033		263,671


		Virginia – 0.4%
	875,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		915,486


		Total Municipals

		(Identified Cost $1,067,649)		1,179,157


		Total Bonds and Notes

		(Identified Cost $207,327,367)		222,071,825

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Collateralized Loan Obligations – 0.3%
$	600,000	Alinea CLO Ltd., Series 2018-1A, Class B, 3-month LIBOR + 1.650%, 1.868%, 7/20/2031, 144A(f)	$	599,320
	255,000	Voya CLO Ltd., Series 2018-3A, Class B, 3-month LIBOR + 1.650%, 1.887%, 10/15/2031, 144A(f)		254,999


		Total Collateralized Loan Obligations

		(Identified Cost $855,110)		854,319


	Shares

	Common Stocks – 6.1%

		Aerospace & Defense – 0.0%
	67	Lockheed Martin Corp.		23,784


		Air Freight & Logistics – 0.0%
	142	United Parcel Service, Inc., Class B		23,913


		Beverages – 0.0%
	451	Coca-Cola Co. (The)		24,733


		Capital Markets – 0.1%
	34	BlackRock, Inc.		24,533
	372	Morgan Stanley		25,493

				50,026


		Communications Equipment – 0.0%
	541	Cisco Systems, Inc.		24,210


		Diversified Telecommunication Services – 1.0%
	88,190	AT&T, Inc.		2,536,344


		Electric Utilities – 0.1%
	266	Duke Energy Corp.		24,355
	329	NextEra Energy, Inc.		25,382

				49,737


		Electronic Equipment, Instruments & Components – 4.5%
	315,646	Corning, Inc.		11,363,256


		Food & Staples Retailing – 0.0%
	162	Walmart, Inc.		23,352


		Health Care Equipment & Supplies – 0.0%
	227	Abbott Laboratories		24,854


		Health Care Providers & Services – 0.0%
	76	Anthem, Inc.		24,403
	70	UnitedHealth Group, Inc.		24,548

				48,951


		Hotels, Restaurants & Leisure – 0.0%
	237	Starbucks Corp.		25,354


		Household Products – 0.0%
	176	Procter & Gamble Co. (The)		24,489


		Insurance – 0.0%
	259	Progressive Corp. (The)		25,610


		IT Services – 0.0%
	97	Accenture PLC, Class A		25,337
	138	Automatic Data Processing, Inc.		24,316

				49,653


		Machinery – 0.0%
	95	Deere & Co.		25,560


		Media – 0.0%
	466	Comcast Corp., Class A		24,418


		Metals & Mining – 0.0%
	396	Newmont Corp.		23,716


		Oil, Gas & Consumable Fuels – 0.0%
	266	Chevron Corp.		22,464
	1,073	Williams Cos., Inc. (The)		21,513

				43,977


		Pharmaceuticals – 0.4%
	13,089	Bristol-Myers Squibb Co.		811,911
	158	Johnson & Johnson		24,866
	290	Merck & Co., Inc.		23,722

				860,499


		REITs – Diversified – 0.0%
	110	American Tower Corp.		24,691


		Road & Rail – 0.0%
	117	Union Pacific Corp.		24,362


		Software – 0.0%
	112	Microsoft Corp.		24,911


		Specialty Retail – 0.0%
	91	Home Depot, Inc. (The)		24,171


		Technology Hardware, Storage & Peripherals – 0.0%
	193	Apple, Inc.		25,609


		Total Common Stocks

		(Identified Cost $7,963,631)		15,420,180


	Preferred Stocks – 0.9%

	Convertible Preferred Stocks – 0.8%

		Banking – 0.4%
	714	Bank of America Corp., Series L, 7.250%		1,084,266


		Energy – 0.0%
	3,453	Chesapeake Energy Corp., 5.000%(b)(c)(d)(h)		—


		Food & Beverage – 0.0%
	281	Bunge Ltd., 4.875%		30,568


		Healthcare – 0.1%
	2,268	Boston Scientific Corp., Series A, 5.500%		248,505


		Midstream – 0.3%
	12,375	El Paso Energy Capital Trust I, 4.750%		640,530


		Total Convertible Preferred Stocks

		(Identified Cost $1,719,345)		2,003,869

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of December 31, 2020

Loomis Sayles Investment Grade Fixed Income Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – continued

	Non-Convertible Preferred Stocks – 0.1%

		Electric – 0.1%
	213	Connecticut Light & Power Co. (The), Series 1949, 2.200%	$	11,295
	1,860	Union Electric Co., 4.500%		195,784

				207,079


		Total Non-Convertible Preferred Stocks

		(Identified Cost $104,765)		207,079


		Total Preferred Stocks

		(Identified Cost $1,824,110)		2,210,948


	Principal Amount (‡)

	Short-Term Investments – 4.3%

	35,493,709	Central Bank of Iceland, 0.000%, (ISK)(f)(i)		277,772

	5,305,488	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2020 at 0.000% to be repurchased at $5,305,488 on 1/04/2021 collateralized by $5,411,600 U.S. Treasury Note, 1.250% due 12/31/2022 valued at $5,411,600 including accrued interest (Note 2 of Notes to Financial Statements)		5,305,488

	5,240,000	U.S. Treasury Bills, 0.070%, 3/11/2021(j)		5,239,280


		Total Short-Term Investments

		(Identified Cost $10,833,675)		10,822,540


		Total Investments – 99.5%

		(Identified Cost $228,803,893)		251,379,812

		Other assets less liabilities—0.5%		1,310,139


		Net Assets – 100.0%	$	252,689,951


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.

	(†)	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 December 31, 2020 is disclosed.

	(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 December 31, 2020, the value of these securities amounted to $9,201 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.

	(d)	Illiquid security. (Unaudited)

	(e)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At December 31, 2020, the value of these securities amounted to $6,128,272 or 2.4% of net assets. See Note 2 of Notes to Financial Statements.

	(f)	Variable rate security. Rate as of December 31, 2020 is disclosed.
	(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.

	(h)	Non-income producing security.

	(i)	Security callable by issuer at any time. No specified maturity date.

	(j)	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 December 31, 2020, the value of Rule 144A holdings amounted to $44,551,131 or 17.6% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	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
	ISK	Icelandic Krona

Industry Summary at December 31, 2020


Treasuries	25.1	%
Banking	10.3
Finance Companies	4.6
Wirelines	4.5
Electronic Equipment, Instruments & Components	4.5
Technology	4.2
Midstream	2.8
Automotive	2.6
Life Insurance	2.6
Aerospace & Defense	2.5
Airlines	2.3
Food & Beverage	2.1
Wireless	2.1
Other Investments, less than 2% each	24.7
Short-Term Investments	4.3
Collateralized Loan Obligations	0.3

Total Investments	99.5
Other assets less liabilities	0.5

Net Assets	100.0	%

See accompanying notes to financial statements.

25 |

Statements of Assets and Liabilities

December 31, 2020


	Bond Fund			Investment Grade Fixed Income Fund
ASSETS
Unaffiliated investments at cost	$	8,850,269,505		$	228,803,893
Affiliated investments at cost		4,623,706			—
Net unrealized appreciation (depreciation)		116,450,864			22,575,919

Investments at value		8,971,344,075			251,379,812
Cash		2,529,193			601,775
Receivable for Fund shares sold		13,385,983			14,852
Receivable for securities sold		22,360,834			32,474
Dividends and interest receivable		69,376,842			1,662,620
Prepaid expenses (Note 7)		29,526			17

TOTAL ASSETS		9,079,026,453			253,691,550


LIABILITIES
Payable for securities purchased		6,852,366			685,695
Payable for Fund shares redeemed		11,202,858			—
Management fees payable (Note 5)		4,014,389			48,136
Deferred Trustees’ fees (Note 5)		2,351,654			190,508
Administrative fees payable (Note 5)		301,014			8,922
Payable to distributor (Note 5d)		70,949			—
Other accounts payable and accrued expenses		806,327			68,338

TOTAL LIABILITIES		25,599,557			1,001,599

NET ASSETS	$	9,053,426,896		$	252,689,951

NET ASSETS CONSIST OF:
Paid-in capital	$	9,216,489,961		$	231,343,908
Accumulated earnings (loss)		(163,063,065	)		21,346,043

NET ASSETS	$	9,053,426,896		$	252,689,951


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Institutional Class:
Net assets	$	6,630,032,414		$	252,689,951

Shares of beneficial interest		488,099,763			20,269,498

Net asset value, offering and redemption price per share	$	13.58		$	12.47


Retail Class:
Net assets	$	1,469,488,647		$	—

Shares of beneficial interest		108,791,315			—

Net asset value, offering and redemption price per share	$	13.51		$	—


Admin Class shares:
Net assets	$	50,062,284		$	—

Shares of beneficial interest		3,721,970			—

Net asset value, offering and redemption price per share	$	13.45		$	—


Class N shares:
Net assets	$	903,843,551		$	—

Shares of beneficial interest		66,625,584			—

Net asset value, offering and redemption price per share	$	13.57		$	—

See accompanying notes to financial statements.

| 26

Statements of Operations


	Bond Fund						Investment Grade Fixed Income Fund
	Period Ended December 31, 2020(a)			Year Ended September 30, 2020			Period Ended December 31, 2020(a)			Year Ended September 30, 2020
INVESTMENT INCOME
Interest	$	71,045,976		$	367,682,907		$	1,676,678		$	7,994,472
Interest from affiliated investments (Note 5)		—			293,904			—			—
Dividends		12,777,238			52,213,085			150,452			812,252
Less net foreign taxes withheld		(12,005	)		(87,681	)		(518	)		(2,017	)

		83,811,209			420,102,215			1,826,612			8,804,707

Expenses
Management fees (Note 5)		12,121,027			51,666,632			237,554			1,020,718
Service and distribution fees (Note 5)		992,645			4,690,456			—			—
Administrative fees (Note 5)		954,262			4,299,300			25,864			112,717
Trustees’ fees and expenses (Note 5)		192,165			627,157			14,045			47,003
Transfer agent fees and expenses (Notes 5 and 6)		1,524,482			6,820,982			735			2,207
Audit and tax services fees		46,225			64,256			41,773			56,274
Custodian fees and expenses		111,656			478,242			8,843			16,520
Legal fees (Note 7)		34,639			241,946			779			6,497
Registration fees		71,972			199,834			58,049			24,104
Shareholder reporting expenses		41,293			350,707			147			2,260
Miscellaneous expenses (Note 7)		81,135			284,950			7,161			30,851

Total expenses		16,171,501			69,724,462			394,950			1,319,151
Less waiver and/or expense reimbursement (Note 5)		(93,335	)		(319,980	)		(68,314	)		—

Net expenses		16,078,166			69,404,482			326,636			1,319,151

Net investment income		67,733,043			350,697,733			1,499,976			7,485,556


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Unaffiliated investments		(483,000,128	)		(115,264,136	)		(2,046,710	)		1,645,902
Affiliated investments (Note 5)		—			(16,997,878	)		—			—
Foreign currency transactions (Note 2c)		312,711			(2,467,204	)		16,293			(38,480	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		886,281,313			(336,314,465	)		10,685,205			(245,035	)
Affiliated investments (Note 5)		—			12,188,974			—			—
Foreign currency translations (Note 2c)		(63,480	)		657,173			(439	)		11,051

Net realized and unrealized gain (loss) on investments and foreign currency transactions		403,530,416			(458,197,536	)		8,654,349			1,373,438


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	471,263,459		$	(107,499,803	)	$	10,154,325		$	8,858,994

(a)	For the three month period ended December 31, 2020. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

27 |

Statements of Changes in Net Assets


	Bond Fund
	Period Ended December 31, 2020(a)			Year Ended September 30, 2020			Year Ended September 30, 2019
FROM OPERATIONS:
Net investment income	$	67,733,043		$	350,697,733		$	448,515,423
Net realized gain (loss) on investments and foreign currency transactions		(482,687,417	)		(134,729,218	)		24,576,670
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		886,217,833			(323,468,318	)		7,816,158

Net increase (decrease) in net assets resulting from operations		471,263,459			(107,499,803	)		480,908,251

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(106,667,694	)		(254,323,638	)		(334,548,005	)
Retail Class		(22,892,670	)		(57,798,889	)		(81,827,929	)
Admin Class		(750,670	)		(2,055,462	)		(3,617,633	)
Class N		(14,297,581	)		(27,248,637	)		(18,399,820	)

Total distributions		(144,608,615	)		(341,426,626	)		(438,393,387	)


NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(320,623,442	)		(1,148,728,878	)		(1,508,711,343	)

Net increase (decrease) in net assets		6,031,402			(1,597,655,307	)		(1,466,196,479	)
NET ASSETS
Beginning of the year		9,047,395,494			10,645,050,801			12,111,247,280

End of the year	$	9,053,426,896		$	9,047,395,494		$	10,645,050,801

(a)	For the three month period ended December 31, 2020. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

| 28

Statements of Changes in Net Assets – continued


	Investment Grade Fixed Income Fund
	Period Ended December 31, 2020(a)			Year Ended September 30, 2020			Year Ended September 30, 2019
FROM OPERATIONS:
Net investment income	$	1,499,976		$	7,485,556		$	9,010,579
Net realized gain (loss) on investments and foreign currency transactions		(2,030,417	)		1,607,422			(2,404,099	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		10,684,766			(233,984	)		5,430,056

Net increase in net assets resulting from operations		10,154,325			8,858,994			12,036,536

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(10,169,387	)		(7,664,904	)		(9,558,974	)


NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		23,575,859			(61,121,051	)		13,853,887

Net increase (decrease) in net assets		23,560,797			(59,926,961	)		16,331,449
NET ASSETS
Beginning of the year		229,129,154			289,056,115			272,724,666

End of the year	$	252,689,951		$	229,129,154		$	289,056,115

(a)	For the three month period ended December 31, 2020. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

29 |

Financial Highlights

For a share outstanding throughout each period.


	Bond Fund – Institutional Class
	Period Ended December 31, 2020*			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	13.10		$	13.66		$	13.57		$	14.28		$	14.04		$	13.65

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.48			0.55			0.49			0.53			0.56
Net realized and unrealized gain (loss)		0.59			(0.57	)		0.08			(0.37	)		0.28			0.62

Total from Investment Operations		0.69			(0.09	)		0.63			0.12			0.81			1.18

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.45	)		(0.50	)		(0.54	)		(0.43	)		(0.29	)
Net realized capital gains		(0.07	)		(0.02	)		(0.04	)		(0.29	)		(0.14	)		(0.50	)

Total Distributions		(0.21	)		(0.47	)		(0.54	)		(0.83	)		(0.57	)		(0.79	)

Net asset value, end of the period	$	13.58		$	13.10		$	13.66		$	13.57		$	14.28		$	14.04

Total return		5.35	%(b)		(0.73	)%		4.88	%		0.97	%		5.99	%		9.17	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,630,032		$	6,668,481		$	8,071,961		$	9,025,850		$	9,785,854		$	10,045,427
Net expenses		0.67	%(c)		0.67	%		0.67	%		0.66	%		0.66	%		0.66	%
Gross expenses		0.67	%(c)		0.67	%		0.67	%		0.66	%		0.66	%		0.66	%
Net investment income		3.02	%(c)		3.65	%		4.12	%		3.59	%		3.80	%		4.21	%
Portfolio turnover rate		26	%(d)		25	%		17	%		7	%		9	%		13	%

For the three month period ended December 31, 2020. See Note 1 of Notes to Financial Statements.

(a)

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

(b)

Periods less than one year are not annualized.

(c)

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

(d)

The variation in the Fund’s turnover rate, if annualized, from the year ended September 30, 2020 to the period ended December 31, 2020 was primarily due to the disposition and realignment of certain foreign currency-denominated positions.


	Bond Fund – Retail Class
	Period Ended December 31, 2020*			Year Ended September 30, 2020			Year Ended September 30, 2019				Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	13.03		$	13.59		$	13.49			$	14.21		$	13.97		$	13.59

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.45			0.52				0.46			0.50			0.53
Net realized and unrealized gain (loss)		0.59			(0.57	)		0.08				(0.38	)		0.28			0.61

Total from Investment Operations		0.68			(0.12	)		0.60		��		0.08			0.78			1.14

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.42	)		(0.46	)			(0.51	)		(0.40	)		(0.26	)
Net realized capital gains		(0.07	)		(0.02	)		(0.04	)			(0.29	)		(0.14	)		(0.50	)

Total Distributions		(0.20	)		(0.44	)		(0.50	)			(0.80	)		(0.54	)		(0.76	)

Net asset value, end of the period	$	13.51		$	13.03		$	13.59			$	13.49		$	14.21		$	13.97

Total return		5.31	%(b)		(0.99	)%		4.72	%(c)			0.64	%		5.75	%		8.86	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,469,489		$	1,474,316		$	2,019,828			$	2,520,105		$	3,496,126		$	4,495,997
Net expenses		0.92	%(d)		0.92	%		0.91	%(e)			0.91	%		0.91	%		0.91	%
Gross expenses		0.92	%(d)		0.92	%		0.92	%			0.91	%		0.91	%		0.91	%
Net investment income		2.77	%(d)		3.41	%		3.88	%			3.33	%		3.56	%		3.97	%
Portfolio turnover rate		26	%(f)		25	%		17	%			7	%		9	%		13	%

For the three month period ended December 31, 2020. See Note 1 of Notes to Financial Statements.

(a)

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

(b)

Periods less than one year are not annualized.

(c)

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.

(f)

See accompanying notes to financial statements.

| 30

Financial Highlights – continued

For a share outstanding throughout each period.


	Bond Fund – Admin Class
	Period Ended December 31, 2020*			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	12.97		$	13.53		$	13.44		$	14.16		$	13.92		$	13.54

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.42			0.48			0.42			0.46			0.49
Net realized and unrealized gain (loss)		0.60			(0.58	)		0.08			(0.38	)		0.28			0.62

Total from Investment Operations		0.68			(0.16	)		0.56			0.04			0.74			1.11

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.38	)		(0.43	)		(0.47	)		(0.36	)		(0.23	)
Net realized capital gains		(0.07	)		(0.02	)		(0.04	)		(0.29	)		(0.14	)		(0.50	)

Total Distributions		(0.20	)		(0.40	)		(0.47	)		(0.76	)		(0.50	)		(0.73	)

Net asset value, end of the period	$	13.45		$	12.97		$	13.53		$	13.44		$	14.16		$	13.92

Total return		5.26	%(b)		(1.24	)%		4.40	%(c)		0.38	%		5.51	%		8.64	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	50,062		$	51,040		$	84,028		$	121,683		$	170,436		$	185,902
Net expenses		1.17	%(d)		1.17	%		1.16	%(e)		1.16	%		1.16	%		1.16	%
Gross expenses		1.17	%(d)		1.17	%		1.17	%		1.16	%		1.16	%		1.16	%
Net investment income		2.52	%(d)		3.19	%		3.63	%		3.08	%		3.31	%		3.72	%
Portfolio turnover rate		26	%(f)		25	%		17	%		7	%		9	%		13	%

For the three month period ended December 31, 2020. See Note 1 of Notes to Financial Statements.

(a)

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

(b)

Periods less than one year are not annualized.

(c)

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.

(f)


	Bond Fund – Class N
	Period Ended December 31, 2020*			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	13.08		$	13.64		$	13.55		$	14.27		$	14.02		$	13.64

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.48			0.56			0.50			0.54			0.57
Net realized and unrealized gain (loss)		0.61			(0.56	)		0.08			(0.38	)		0.29			0.61

Total from Investment Operations		0.71			(0.08	)		0.64			0.12			0.83			1.18

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.46	)		(0.51	)		(0.55	)		(0.44	)		(0.30	)
Net realized capital gains		(0.07	)		(0.02	)		(0.04	)		(0.29	)		(0.14	)		(0.50	)

Total Distributions		(0.22	)		(0.48	)		(0.55	)		(0.84	)		(0.58	)		(0.80	)

Net asset value, end of the period	$	13.57		$	13.08		$	13.64		$	13.55		$	14.27		$	14.02

Total return		5.45	%(b)		(0.66	)%		4.97	%		0.97	%		6.14	%		9.18	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	903,844		$	853,559		$	469,234		$	443,609		$	224,074		$	113,335
Net expenses		0.60	%(c)		0.60	%		0.59	%		0.59	%		0.59	%		0.58	%
Gross expenses		0.60	%(c)		0.60	%		0.59	%		0.59	%		0.59	%		0.58	%
Net investment income		3.08	%(c)		3.65	%		4.20	%		3.68	%		3.83	%		4.28	%
Portfolio turnover rate		26	%(d)		25	%		17	%		7	%		9	%		13	%

For the three month period ended December 31, 2020. See Note 1 of Notes to Financial Statements.

(a)

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

(b)

Periods less than one year are not annualized.

(c)

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

(d)

See accompanying notes to financial statements.

31 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Investment Grade Fixed Income Fund – Institutional Class
	Period Ended December 31, 2020*			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net asset value, beginning of the period	$	12.48		$	12.30		$	12.20		$	12.43		$	12.42		$	11.81

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.36			0.39			0.37			0.46			0.45
Net realized and unrealized gain (loss)		0.46			0.18			0.14			(0.22	)		0.22			0.50

Total from Investment Operations		0.54			0.54			0.53			0.15			0.68			0.95

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.32	)		(0.24	)		(0.30	)		(0.42	)		(0.22	)
Net realized capital gains		(0.43	)		(0.04	)		(0.19	)		(0.08	)		(0.25	)		(0.12	)

Total Distributions		(0.55	)		(0.36	)		(0.43	)		(0.38	)		(0.67	)		(0.34	)

Net asset value, end of the period	$	12.47		$	12.48		$	12.30		$	12.20		$	12.43		$	12.42

Total return		4.38	%(b)(c)		4.53	%		4.46	%		1.27	%		5.73	%		8.27	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	252,690		$	229,129		$	289,056		$	272,725		$	412,235		$	461,429
Net expenses		0.55	%(d)(e)		0.52	%		0.50	%		0.49	%		0.49	%		0.48	%
Gross expenses		0.67	%(e)		0.52	%		0.50	%		0.49	%		0.49	%		0.48	%
Net investment income		2.53	%(e)		2.93	%		3.26	%		3.03	%		3.79	%		3.72	%
Portfolio turnover rate		30	%(f)		29	%		11	%		1	%		3	%		23	%

For the three month period ended December 31, 2020. See Note 1 of Notes to Financial Statements.

(a)

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

(b)

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

(c)

Periods less than one year are not annualized.

(d)

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

(e)

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

(f)

See accompanying notes to financial statements.

| 32

Notes to Financial Statements

December 31, 2020

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 an open-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 Bond Fund (the “Bond Fund”)

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

Each Fund is a diversified investment company.

On December 2, 2020, the Board of Trustees approved a change to the fiscal year end of the Funds from September 30 to December 31. Accordingly, the Funds’ financial statements and related notes include information as of and for the three month period ended December 31, 2020, and the years ended September 30, 2020, and September 30, 2019, where applicable.

Each Fund offers Institutional Class shares. In addition, Bond Fund also offers 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 Rule 12b-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 a front-end sales charge, a contingent deferred sales charge (“CDSC”) or Rule 12b-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 for Bond Fund and $3,000,000 for 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 and Natixis ETF Trust II (“Natixis ETF Trusts”). Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Retail Class and Admin Class) and transfer agent fees are borne collectively for Institutional Class, Retail Class, and Admin Class, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

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 of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities, 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.

33 |

Notes to Financial Statements – continued

December 31, 2020

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 December 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
Bond Fund	$	190,394,636		2.1%	$	24,407,838		0.3%
Investment Grade Fixed Income Fund		6,128,272		2.4%		9,201		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 the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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

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

For the period ended December 31, 2020, the amount of income available to be distributed has been reduced by the following amounts as a result of losses arising from changes in exchange rates:


Bond Fund	$	509,724,454
Investment Grade Fixed Income Fund		8,767,983

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.

| 34

Notes to Financial Statements – continued

December 31, 2020

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

Delayed delivery transactions include those designated as To Be Announced (“TBAs”) in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. Certain transactions require the Funds or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. The Funds cover their net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities 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 December 31, 2020.

e. 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 December 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 twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts 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.

f. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency gains and losses, defaulted and/or non-income producing securities, deferred Trustees’ fees, premium amortization, convertible bonds, contingent payment debt instruments, corporate actions, distribution re-designations, return of capital distributions received, capital gain distributions received, trust preferred securities and paydown gains and losses. Permanent book and tax basis differences relating to shareholder distributions, net investment income and net realized gains 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, wash sales, premium amortization, convertible bonds, defaulted and/or non-income producing securities, return of capital distributions received, trust preferred securities, corporate actions, paydown gains and losses, capital gain distributions received, foreign currency gains and losses 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 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.

35 |

Notes to Financial Statements – continued

December 31, 2020

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the period ended December 31, 2020 and years ended September 30, 2020 and September 30, 2019 were as follows:


	December 31, 2020 Distributions						September 30, 2020 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Bond Fund	$	109,153,682	$	35,454,933	$	144,608,615	$	329,048,727	$	12,377,899	$	341,426,626
Investment Grade Fixed Income Fund		2,831,850		7,337,537		10,169,387		6,726,290		938,614		7,664,904

	September 30, 2019 Distributions
	Ordinary Income		Long-Term Capital Gains		Total
Bond Fund	$	402,223,224	$	36,170,163	$	438,393,387
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 in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of December 31, 2020, the components of distributable earnings on a tax basis were as follows:


	Bond Fund			Investment Grade Fixed Income Fund
Post-October capital loss deferrals*	$	(239,352,474	)	$	(745,312	)

Unrealized appreciation		98,148,469			22,416,673

Total accumulated earnings (losses)	$	(141,204,005	)	$	21,671,361

Capital loss carryforward utilized in the current year	$	111,860,218		$	—

* Under current tax law, 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. Bond Fund and Investment Grade Fixed Income Fund are deferring capital losses.

As of December 31, 2020, unrealized appreciation (depreciation) as a component of distributable earnings were as follows:


	Bond Fund			Investment Grade Fixed Income Fund
Unrealized appreciation (depreciation)
Investments	$	99,140,421		$	22,427,797
Foreign currency translations		(991,952	)		(11,124	)

Total unrealized appreciation	$	98,148,469		$	22,416,673

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


	Bond Fund			Investment Grade Fixed Income Fund
Federal tax cost	$	8,873,194,756		$	228,963,139

Gross tax appreciation	$	773,013,478		$	26,701,281
Gross tax depreciation		(674,864,159	)		(4,284,608	)

Net tax appreciation	$	98,149,319		$	22,416,673

The difference between these amounts and those reported in the components of distributable earnings are primarily attributable to foreign currency mark-to-market.

| 36

Notes to Financial Statements – continued

December 31, 2020

g. 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.

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

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

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 accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds may bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

For the period ended December 31, 2020, neither Fund had loaned securities under this agreement.

k. 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.

l. New Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of the London Interbank Offered Rate (“LIBOR”), which is expected to occur no later than December 31, 2021, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides temporary guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 amendments offer optional expedients for contract modifications that would allow an entity to account for such modifications by prospectively adjusting the effective interest rate, instead of evaluating each contract, in accordance with existing accounting standards, as to whether reference rate modifications constitute the establishment of new contracts or the continuation of existing contracts. ASU 2020-04 amendments are currently effective and an entity may elect to apply its provisions as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. No Fund contracts have yet been impacted by reference rate reform. Management expects to apply the optional expedients when appropriate.

37 |

Notes to Financial Statements – continued

December 31, 2020

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

•

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

•

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

•

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

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

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

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

Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	26,341,487	(b)(c)	$	26,341,487
Finance Companies		3,787,483		584,165,714		1,205,500	(d)		589,158,697
All Other Non-Convertible Bonds(a)		—		5,743,987,489		—			5,743,987,489

Total Non-Convertible Bonds		3,787,483		6,328,153,203		27,546,987			6,359,487,673

Convertible Bonds(a)		—		352,096,953		—			352,096,953
Municipals(a)		—		131,794,378		—			131,794,378

Total Bonds and Notes		3,787,483		6,812,044,534		27,546,987			6,843,379,004

Senior Loans(a)		—		28,713,061		—			28,713,061
Common Stocks
Chemicals		—		9,484,090		—			9,484,090
Oil, Gas & Consumable Fuels		38,118,283		1,945,463		4,623,706	(c)(d)		44,687,452
Software		3,153,249		195,604		—			3,348,853
All Other Common Stocks(a)		884,220,340		—		—			884,220,340

Total Common Stocks		925,491,872		11,625,157		4,623,706			941,740,735

Preferred Stocks
Convertible Preferred Stocks
Food & Beverage		—		1,929,067		—			1,929,067
Energy		—		—		—	(c)		—
All Other Convertible Preferred Stocks(a)		53,767,838		—		—			53,767,838

Total Convertible Preferred Stocks		53,767,838		1,929,067		—			55,696,905

| 38

Notes to Financial Statements – continued

December 31, 2020

Bond Fund

Asset Valuation Inputs – continued


Description	Level 1		Level 2		Level 3			Total
Non-Convertible Preferred Stocks
Electric	$	—	$	142,504	$	—		$	142,504
REITs—Office Property		—		2,781,600		—			2,781,600
REITs—Warehouse/Industrials		—		11,661,483		—			11,661,483
All Other Non-Convertible Preferred Stocks(a)		833,937		—		—			833,937

Total Non-Convertible Preferred Stocks		833,937		14,585,587		—			15,419,524

Total Preferred Stocks		54,601,775		16,514,654		—			71,116,429

Warrants		—		—		10,234,074	(d)		10,234,074
Closed-End Investment Companies		1,788,421		—		—			1,788,421
Short-Term Investments		—		1,074,372,351		—			1,074,372,351

Total	$	985,669,551	$	7,943,269,757	$	42,404,767		$	8,971,344,075

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

(b) Valued using broker-dealer bid prices ($17,996,929) or fair valued by the Fund’s adviser using a broker-dealer bid price provided by a single market maker ($8,344,558).

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

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	$	—	$	584,244	$	9,201	(b)	$	593,445
ABS Other		—		1,495,095		1,149,776	(c)		2,644,871
All Other Non-Convertible Bonds(a)		—		212,996,906		—			212,996,906

Total Non-Convertible Bonds		—		215,076,245		1,158,977			216,235,222

Convertible Bonds(a)		—		4,657,446		—			4,657,446
Municipals(a)		—		1,179,157		—			1,179,157

Total Bonds and Notes		—		220,912,848		1,158,977			222,071,825

Collateralized Loan Obligations		—		854,319		—			854,319
Common Stocks(a)		15,420,180		—		—			15,420,180
Preferred Stocks
Convertible Preferred Stocks
Energy		—		—		—	(d)		—
Food & Beverage		—		30,568		—			30,568
All Other Convertible Preferred Stocks(a)		1,973,301		—		—			1,973,301

Total Convertible Preferred Stocks		1,973,301		30,568		—			2,003,869

Non-Convertible Preferred Stocks(a)		—		207,079		—			207,079

Total Preferred Stocks		1,973,301		237,647		—			2,210,948

Short-Term Investments		—		10,822,540		—			10,822,540

Total	$	17,393,481	$	232,827,354	$	1,158,977		$	251,379,812

(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.

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

39 |

Notes to Financial Statements – continued

December 31, 2020

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

Bond Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2020			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of December 31, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at December 31, 2020
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	26,487,320	(a)	$	—	$	195		$	67,687	$	371,202	$	(584,917	)	$	—	$	—	$	26,341,487	(a)	$	(15,229	)
Finance Companies		994,938			400		—			210,162		—		—			—		—		1,205,500			210,162
Common Stocks
Oil, Gas & Consumable Fuels		133,992	(a)		—		(2,950,992	)		2,817,000		4,623,706		—			—		—		4,623,706	(a)		—
Preferred Stocks
Convertible Preferred Stocks
Energy		—	(a)		—		—			—		—		—			—		—		—	(a)		—
Warrants		8,436			—		—			5,268,601		—		—			4,957,037		—		10,234,074			5,268,601

Total	$	27,624,686		$	400	$	(2,950,797	)	$	8,363,450	$	4,994,908	$	(584,917	)	$	4,957,037	$	—	$	42,404,767		$	5,463,534

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

Warrants valued at $4,957,037 were transferred from Level 2 to Level 3 during the period ended December 31, 2020. At December 31, 2019, this security was valued on the basis of closing bid quotations furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At December 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.

Investment Grade Fixed Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2020			Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of December 31, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at December 31, 2020
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	9,826		$	—	$	16	$	105	$	—	$	(746	)	$	—	$	—	$	9,201		$	8
ABS Other		1,149,776			—		—		—		—		—			—		—		1,149,776			—
Preferred Stocks
Convertible Preferred Stocks
Energy		—	(a)		—		—		—		—		—			—		—		—	(a)		—

Total	$	1,159,602		$	—	$	16	$	105	$	—	$	(746	)	$	—	$	—	$	1,158,977		$	8

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

4. Purchases and Sales of Securities. For the period ended December 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
Bond Fund	$	551,607,938	$	1,003,976,251	$	1,499,004,598	$	2,182,148,114
Investment Grade Fixed Income Fund		23,856,326		20,229,394		61,233,987		45,575,096

| 40

Notes to Financial Statements – continued

December 31, 2020

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 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 $3 Billion		Next $12 Billion		Next $10 Billion		Over $25 Billion
Bond Fund		0.60%		0.50%		0.49%		0.48%
Investment Grade Fixed Income Fund		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, 2022, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, 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 period ended December 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
Bond Fund		0.67%		0.92%		1.17%		0.62%
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.

For the period ended December 31, 2020, the management for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross		Net
Bond Fund	$	12,121,027	$	—	$	12,121,027		0.53%		0.53%
Investment Grade Fixed Income Fund		237,554		68,314		169,240		0.40%		0.28%

For the period ended December 31, 2020, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Bond Fund	$	75,906	$	16,860	$	569	$	—	$	93,335

¹Waiver/expense reimbursements are subject to possible recovery until December 31, 2021.

Expense reimbursements represent less than 0.01% of net assets for each class of Bond Fund.

No expenses were recovered for either Fund during the period ended December 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 Trust. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trust.

41 |

Notes to Financial Statements – continued

December 31, 2020

Pursuant to Rule 12b-1 under the 1940 Act, Bond Fund 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, Bond 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, Bond 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 Bond 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 period ended December 31, 2020, the service and distribution fees for Bond Fund were as follows:


Service Fees	Distribution Fees
Admin Class	Retail Class	Admin Class
$31,803	$929,039	$31,803

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

For the period ended December 31, 2020, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Bond Fund	$	954,262
Investment Grade Fixed Income Fund		25,864

d. Sub-Transfer Agent Fees. Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board of Trustees, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the period ended December 31, 2020, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for Bond Fund were $1,461,243.

As of December 31, 2020, Bond Fund owes Natixis Distribution $70,949 in reimbursements for sub-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 a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e. Trustees Fees and Expenses. The 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

| 42

Notes to Financial Statements – continued

December 31, 2020

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

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

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

f. Affiliated Ownership. As of December 31, 2020, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of Bond Fund representing 0.36% of the Fund’s net assets.

g. Affiliated Transactions. As a result of a business restructuring, Bond Fund received common shares of Lonestar Resources U.S., Inc. (the “Company”) constituting more than 5% of the voting securities of the Company. As such, the Company is considered to be an affiliate at December 31, 2020. A summary of affiliated transactions for the period ended December 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
Lonestar Resources U.S., Inc.	$	—	$	4,623,706	*	$	—	$	—	$	—	$	—	$	4,623,706	$	—

*	Represents basis assigned upon receipt in a taxable restructuring.

6. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses for Bond Fund attributable to Institutional Class, Retail Class and Admin Class are allocated on a pro 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 period ended December 31, 2020, Bond Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Admin Class		Class N
Bond Fund	$	1,237,556	$	275,322	$	9,426	$	2,178

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

For the period ended December 31, 2020, neither Fund had borrowings under this agreement.

43 |

Notes to Financial Statements – continued

December 31, 2020

8. Risk. Global markets have experienced periods of high volatility triggered by the ongoing public health emergency known as coronavirus (“Covid-19”). As the situation continues, the extent and duration of the impact that the Covid-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of the Covid-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.

9. 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 December 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% Account Holders		Percentage of Ownership
Investment Grade Fixed Income Fund		8		59.59%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Fund does 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.

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:


	Bond Fund

	Period Ended December 31, 2020(a)						Year Ended September 30, 2020

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		17,958,709		$	240,258,146			120,708,487		$	1,570,749,463
Issued in connection with the reinvestment of distributions		7,237,580			97,312,891			17,523,667			232,268,672
Redeemed		(46,174,027	)		(616,268,376	)		(220,002,206	)		(2,875,026,445	)

Net change		(20,977,738	)	$	(278,697,339	)		(81,770,052	)	$	(1,072,008,310	)


Retail Class
Issued from the sale of shares		2,112,564		$	28,122,287			14,844,566		$	195,224,157
Issued in connection with the reinvestment of distributions		1,659,270			22,184,198			4,247,554			56,079,112
Redeemed		(8,156,547	)		(108,572,252	)		(54,570,868	)		(707,245,691	)

Net change		(4,384,713	)	$	(58,265,767	)		(35,478,748	)	$	(455,942,422	)


Admin Class
Issued from the sale of shares		141,005		$	1,869,144			988,190		$	12,986,806
Issued in connection with the reinvestment of distributions		55,811			743,230			153,962			2,026,396
Redeemed		(409,265	)		(5,417,629	)		(3,417,499	)		(43,720,128	)

Net change		(212,449	)	$	(2,805,255	)		(2,275,347	)	$	(28,706,926	)


Class N
Issued from the sale of shares		5,413,969		$	72,589,711			44,607,296		$	587,746,459
Issued in connection with the reinvestment of distributions		1,031,794			13,856,012			2,000,372			26,407,717
Redeemed		(5,062,581	)		(67,300,804	)		(15,755,871	)		(206,225,396	)

Net change		1,383,182		$	19,144,919			30,851,797		$	407,928,780

Decrease from capital share transactions		(24,191,718	)	$	(320,623,442	)		(88,672,350	)	$	(1,148,728,878	)

(a)	For the period October 1, 2020 through December 31, 2020.

| 44

Notes to Financial Statements – continued

December 31, 2020

10. Capital Shares – continued


	Bond Fund

	Year Ended September 30, 2019

Institutional Class	Shares			Amount
Issued from the sale of shares		114,880,589		$	1,536,762,571
Issued in connection with the reinvestment of distributions		22,980,553			307,097,798
Redeemed		(212,391,166	)		(2,831,530,285	)

Net change		(74,530,024	)	$	(987,669,916	)


Retail Class
Issued from the sale of shares		15,929,615		$	212,676,780
Issued in connection with the reinvestment of distributions		6,000,286			79,721,992
Redeemed		(60,037,841	)		(797,894,770	)

Net change		(38,107,940	)	$	(505,495,998	)


Admin Class
Issued from the sale of shares		1,157,656		$	15,385,127
Issued in connection with the reinvestment of distributions		264,817			3,500,482
Redeemed		(4,266,412	)		(56,394,526	)

Net change		(2,843,939	)	$	(37,508,917	)


Class N
Issued from the sale of shares		10,314,319		$	138,677,808
Issued in connection with the reinvestment of distributions		1,364,601			18,225,344
Redeemed		(10,030,579	)		(134,939,664	)

Net change		1,648,341		$	21,963,488

Decrease from capital share transactions		(113,833,562	)	$	(1,508,711,343	)


	Investment Grade Fixed Income Fund

	Period Ended December 31, 2020(a)						Year Ended September 30, 2020

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,437,694		$	17,904,133			2,019,833		$	25,209,066
Issued in connection with the reinvestment of distributions		814,976			10,137,526			586,707			7,179,359
Redeemed		(349,545	)		(4,465,800	)		(7,736,662	)		(93,509,476	)

Net change		1,903,125		$	23,575,859			(5,130,122	)	$	(61,121,051	)

Increase (decrease) from capital share transactions		1,903,125		$	23,575,859			(5,130,122	)	$	(61,121,051	)

(a) For the period October 1, 2020 through December 31, 2020.



	Year Ended September 30, 2019

Institutional Class	Shares			Amount
Issued from the sale of shares		3,715,904		$	44,596,334
Issued in connection with the reinvestment of distributions		744,228			8,846,688
Redeemed		(3,321,935	)		(39,589,135	)

Net change		1,138,197		$	13,853,887

Increase (decrease) from capital share transactions		1,138,197		$	13,853,887

45 |

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Loomis Sayles Funds I and Shareholders of Loomis Sayles Bond Fund and Loomis Sayles Investment Grade Fixed Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles Bond Fund and Loomis Sayles Investment Grade Fixed Income Fund (two of the funds constituting Loomis Sayles Funds I, hereafter collectively referred to as the “Funds”) as of December 31, 2020, the related statements of operations for the three month period ended December 31, 2020 and for the year ended September 30, 2020, the statements of changes in net assets for the three month period ended December 31, 2020 and for each of the two years in the period ended September 30, 2020, including the related notes, and the financial highlights for the three month period ended December 31, 2020 and for each of the five years in the period ended September 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of each of their operations for the three month period ended December 31, 2020 and for the year ended September 30, 2020, the changes in each of their net assets for the three month period ended December 31, 2020 and for each of the two years in the period ended September 30, 2020, and each of the financial highlights for the three month period ended December 31, 2020 and for each of the five years in the period ended September 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 22, 2021

We have served as the auditor of one or more of the investment companies in the Natixis Investment Company Complex since at least 1995. We have not been able to determine the specific year we began serving as auditor.

| 46

2020 U.S. Tax Distribution Information to Shareholders (unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended December 31, 2020, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:


Fund	Qualifying Percentage
Bond Fund		2.22%
Investment Grade Fixed Income		3.69%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended December 31, 2020.


Fund	Amount
Bond Fund	$	35,454,933
Investment Grade Fixed Income		7,337,537

Qualified Dividend Income. For the fiscal year ended December 31, 2020, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds pay a distribution during calendar year 2020, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:


Fund	Qualifying Percentage
Bond Fund		13.48%
Investment Grade Fixed Income		9.91%

47 |

Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds I (the “Trust”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statement of Additional Information includes additional information about the trustees of the Trust/Trusts and are available by calling Loomis Sayles Funds at 800-633-3330.


Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

Independent Trustees
Edmond J. English (1953)	Trustee since 2013 Chairperson of Governance Committee and Audit Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	54 Director, Burlington Stores, Inc. (retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

Richard A. Goglia (1951)	Trustee since 2015 Contract Review Committee Member and Governance Committee Member	Retired	54 Director of Triumph Group (aerospace industry)	Significant experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

Wendell J. Knox (1948)	Trustee since 2009 Chairperson of Contract Review Committee	Retired	54 Director of Abt Associates Inc. (research and consulting); Director, The Hanover Insurance Group (property and casualty insurance); formerly, Director, Eastern Bank (bank)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

Martin T. Meehan (1956)	Trustee since 2012 Audit Committee Member	President, University of Massachusetts	54 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience

| 48


Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
Maureen B. Mitchell (1951)	Trustee since 2017 Contract Review Committee Member and Governance Committee Member	Retired; formerly President, Global Sales and Marketing, GE Asset Management, Inc. (financial services)	54 Director, Sterling Bancorp (bank)	Experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

James P. Palermo (1955)	Trustee since 2016 Contract Review Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	54 Director, FutureFuel.io (chemicals and biofuels)	Experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

Erik R. Sirri (1958)	Chairperson of the Board of Trustees since January 2021 Trustee since 2009 Ex Officio member of Audit Committee, Contract Review Committee and Governance Committee	Professor of Finance at Babson College	54 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

Peter J. Smail (1952)	Trustee since 2009 Audit Committee Member and Governance Committee Member	Retired	54 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

Kirk A. Sykes (1958)	Trustee since 2019 Contract Review Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance); formerly, President of Urban Strategy America Fund (real estate fund manager)	54 Trustee, Eastern Bank (bank); Director of Apartment Investment and Management Company (real estate investment trust); formerly Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)

Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Audit Committee and Governance Committee Member	Retired; formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine	54 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

49 |


Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

Interested Trustees

Kevin P. Charleston³ (1965) One Financial Center Boston, MA 02111	Trustee since 2015 President and Chief Executive Officer since 2015	President, Chief Executive Officer and Chairman of the Board of Directors, Loomis, Sayles & Company, L. P.	54 None	Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee since 2011 Executive Vice Presiden since 2008	President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation	54 None	Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation

¹	Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

The trustees of the Trust serve as trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II, Natixis ETF Trust and Natixis ETF Trust II (collectively, the “Fund Complex”).

³	Mr. Charleston is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁴

Mr. Giunta is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation.


Name and Year of Birth	Position(s) Held with the Trust	Term of Office¹ and Length of Time Served	Principal Occupation(s) During Past 5 Years²

OFFICERS OF THE TRUST
Russell L. Kane (1969)	Secretary, Clerk and Chief Legal Officer Chief Compliance Officer and Anti-Money Laundering Officer	Since 2016 Since 2020	Executive Vice President, General Counsel, Secretary and Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.

Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since 2004	Senior Vice President, Natixis Advisors, L.P. and Natixis Distribution, L.P.

¹	Each officer of the Trust serves for an indefinite term in accordance with the Trust’s current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Previous positions during the past five years with Natixis Distribution, L.P., Natixis Advisors, L.P. or Loomis, Sayles & Company, L.P. are omitted, if not materially different from an officer’s current position with such entity.

| 50

Item 2.

Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant’s code of ethics during the period.

Item 3.

Audit Committee Financial Expert.

The Board of Trustees of the Registrant has established an audit committee. Mr. Edmond J. English, Mr. Martin T. Meehan, Mr. Peter J. Smail and Ms. Cynthia L. Walker are members of the audit committee and have been designated as “audit committee financial experts” by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

Item 4.

Principal Accountant Fees and Services.

Fees billed by the Principal Accountant for services rendered to the Registrant.

The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant’s annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant’s financial statements and but not reported under “Audit Fees”); c) tax compliance, tax advice and tax planning and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services reported as a part of (a) through (c) of this Item.


	Audit fees		Audit-related fees		Tax fees¹		All other fees
	10/1/20-12/31/20		10/1/20-12/31/20		10/1/20-12/31/20		10/1/20-12/31/20
Loomis Sayles Bond Fund and Loomis Sayles Investment Grade Fixed Income Fund	$	81,892	$	—	$	6,482	$	—

Tax fees consist of:

2020 – Review of Registrant’s tax returns.

Aggregate fees billed to the Registrant for non-audit services during 2020 were $6,482.

Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates.

The following table sets forth the fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. (“Loomis Sayles”) and entities controlling, controlled by or under common control with Loomis Sayles (“Control Affiliates”) that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.

10/1/20-12/31/20

Control Affiliates

—

The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis Sayles and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.


	10/1/20-12/31/20
Control Affiliates	$	1,646

None of the services described above were approved pursuant to paragraph (c)(7)(i)(C) of Regulation S-X.

Audit Committee Pre Approval Policies.

Annually, the Registrant’s Audit Committee reviews the audit, audit-related, tax and other non-audit services together with the projected fees, for services proposed to be rendered to the Registrant and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed.

If, in the opinion of management, a proposed engagement by the Registrant’s independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement, but only for engagements to provide audit, audit-related and tax services. This approval is subject to review by the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the Audit Committee.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11.

Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.


(a) (1)		Code of Ethics required by Item 2 hereof, filed herewith as Exhibit (a)(1).

(a) (2)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(a) (3)		Not applicable.

(b)		Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Loomis Sayles Funds I

By:		/s/ David L. Giunta
Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		February 22, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ David L. Giunta


Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		February 22, 2021



By:		/s/ Michael C. Kardok


Name:		Michael C. Kardok
Title:		Treasurer and Principal Financial and Accounting Officer
Date:		February 22, 2021

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