PORTFOLIO OF INVESTMENTS as of September 30, 2019 (Unaudited)
Loomis Sayles Intermediate Municipal Bond Fund
Principal Amount |
Description |
Value () | ||||||
Bonds and Notes 90.7% of Net Assets |
||||||||
Municipals 90.7% |
||||||||
California 1.4% |
| |||||||
$ | 250,000 | California Statewide Communities Development Authority Revenue, Beverly Community Hospital
Association, |
$ | 268,023 | ||||
Colorado 10.8% |
| |||||||
260,000 | Colorado Springs Utilities System Revenue, Series B-2,
|
294,388 | ||||||
400,000 | Colorado State Health Facilities Authority Revenue, Craig Hospital Project, |
436,052 | ||||||
400,000 | Denver City & County School District No. 1, GO, Prerefunded 12/01/2022@100, Series
B, (State Aid Withholding), |
446,516 | ||||||
250,000 | Denver City & County, Airport System Revenue, Series A, AMT, |
306,052 | ||||||
500,000 | Regional Transportation District Sales Tax Revenue, Fastracks Project, Refunding, Series A,
|
647,210 | ||||||
|
|
|||||||
2,130,218 | ||||||||
|
|
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Connecticut 2.4% |
| |||||||
400,000 | Connecticut State Health & Educational Facilities Authority, University of New Haven,
Series K-1, |
477,388 | ||||||
|
|
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Florida 13.7% |
| |||||||
235,000 | City of Cape Coral FL Utility Improvement Assessment, Various Areas, Water & Sewer
Revenue, (AGM Insured), |
252,143 | ||||||
95,000 | City of Cape Coral FL Utility Improvement Assessment, Various Areas, Water & Sewer
Revenue, (AGM Insured), |
102,640 | ||||||
700,000 | City of Cape Coral FL Water & Sewer Revenue, |
846,594 | ||||||
500,000 | Fernandina Beach Utility System Revenue, Refunding, Series A, |
563,595 | ||||||
400,000 | Sarasota County Utility System Revenue, |
457,924 | ||||||
400,000 | Volusia County Educational Facility Authority Revenue, Embry-Riddle Aeronautical University, Inc.,
Series B, |
470,632 | ||||||
|
|
|||||||
2,693,528 | ||||||||
|
|
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Georgia 1.5% |
| |||||||
250,000 | Savannah Hospital Authority Revenue, St. Josephs/Candler Health System Obligated Group,
Series A, |
286,303 | ||||||
|
|
|||||||
Illinois 3.6% |
| |||||||
540,000 | Chicago Midway International Airport Revenue, Second Lien, Refunding, Series A, AMT, |
604,805 |
Principal Amount |
Description |
Value () | ||||||
Municipals continued |
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Illinois continued |
| |||||||
$ | 100,000 | Illinois Finance Authority Revenue, Loyola University Chicago, Series B, |
$ | 106,065 | ||||
|
|
|||||||
710,870 | ||||||||
|
|
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Louisiana 2.7% |
| |||||||
200,000 | New Orleans Aviation Board, General Airport Revenue, North Terminal Project, Series B, AMT,
|
235,266 | ||||||
250,000 | New Orleans Aviation Board, General Airport Revenue, North Terminal Project, Series B, AMT,
|
293,590 | ||||||
|
|
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528,856 | ||||||||
|
|
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Missouri 4.1% |
| |||||||
700,000 | Missouri Joint Municipal Electric Utility Commission Power Project Revenue, Refunding, |
802,130 | ||||||
|
|
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Nevada 3.0% |
| |||||||
500,000 | City of Henderson, GO, Various Purpose, Refunding, |
581,265 | ||||||
|
|
|||||||
New Jersey 7.4% |
| |||||||
265,000 | New Jersey Health Care Facilities Financing Authority Revenue, Refunding, Virtua Health, Inc.,
|
299,704 | ||||||
500,000 | New Jersey State Turnpike Authority Revenue, Series A, |
578,480 | ||||||
500,000 | Rutgers The State University of New Jersey, Refunding, Series J, |
565,490 | ||||||
|
|
|||||||
1,443,674 | ||||||||
|
|
|||||||
New Mexico 3.0% |
| |||||||
500,000 | New Mexico Hospital Equipment Loan Council Revenue, Presbyterian Healthcare Services Obligated
Group, Refunding, |
590,725 | ||||||
|
|
|||||||
Ohio 5.8% |
| |||||||
500,000 | Columbus, GO, Various Purpose, Series A, |
570,780 | ||||||
500,000 | Hamilton County Hospital Facilities Revenue, UC Health Obligated Group, |
571,605 | ||||||
|
|
|||||||
1,142,385 | ||||||||
|
|
|||||||
Pennsylvania 1.6% |
| |||||||
285,000 | Delaware River Joint Toll Bridge Commission Revenue, Refunding, Series A, |
305,457 | ||||||
|
|
|||||||
Rhode Island 2.9% |
| |||||||
500,000 | Rhode Island Clean Water Finance Agency Pollution Control Agency Revolving Fund-Pooled Loan,
Series A, |
573,245 | ||||||
|
|
Principal Amount |
Description |
Value () | ||||||
Municipals continued |
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Tennessee 3.0% |
| |||||||
$ | 500,000 | Metropolitan Government Nashville & Davidson County Health & Educational
Facilities Board Revenue, Vanderbilt University Medical Center Obligated Group, Series A, |
$ | 597,290 | ||||
|
|
|||||||
Texas 11.1% |
| |||||||
700,000 | Houston TX Airport System Revenue, Refunding, Series C, AMT, |
844,655 | ||||||
400,000 | Tarrant County Cultural Education Facilities Finance Corp. Revenue, Methodist Hospitals of Dallas,
|
453,904 | ||||||
250,000 | Texas City Independent School District, GO, (PSF-GTD),
|
289,893 | ||||||
500,000 | Texas Public Finance Authority, Refunding, |
583,690 | ||||||
|
|
|||||||
2,172,142 | ||||||||
|
|
|||||||
Washington 8.7% |
| |||||||
500,000 | King County Public Hospital District No. 2, GO, Evergreen Healthcare, Series B, |
579,230 | ||||||
500,000 | Port of Seattle Revenue, AMT, |
558,100 | ||||||
500,000 | Snohomish County School District No. 15 Edmonds, GO, |
578,710 | ||||||
|
|
|||||||
1,716,040 | ||||||||
|
|
|||||||
Wisconsin 4.0% |
| |||||||
500,000 | State of Wisconsin, GO, Prerefunded 05/01/2021@100, Series B, |
529,005 | ||||||
225,000 | Wisconsin Health & Educational Facilities Authority Revenue, Aspirus, Inc. Obligated
Group, Refunding, Series A, |
259,965 | ||||||
|
|
|||||||
788,970 | ||||||||
|
|
|||||||
Total Bonds and Notes |
17,808,509 | |||||||
|
|
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Shares | ||||||||
Exchange-Traded Funds 4.3% |
||||||||
10,000 | SPDR® Nuveen S&P High Yield Municipal Bond ETF |
593,700 | ||||||
10,000 | VanEck Vectors® Short High-Yield Municipal Index ETF |
251,800 | ||||||
|
|
|||||||
Total Exchange-Traded Funds |
845,500 | |||||||
|
|
|||||||
Total Investments 95.0% |
18,654,009 | |||||||
Other assets less liabilities 5.0% |
990,093 | |||||||
|
|
|||||||
Net Assets 100.0% |
$ | 19,644,102 | ||||||
|
|
() | 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 or subadviser 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 or subadviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:
Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid
prices obtained from broker-dealers.
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.
Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where
an independent pricing service does not provide a reliable price for the security.
Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser
or subadviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but
prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuers security from the primary market on which it has traded) as well as
events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use
modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Funds 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 the Funds 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 the Fund. | |
AGM | Assured Guaranty Municipal Corporation | |
AMT | Alternative Minimum Tax | |
ETF | Exchange-Traded Fund | |
GO | General Obligation | |
SPDR | Standard & Poors Depositary Receipt |
Fair Value Measurements
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Funds 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 the Funds own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds investments as of September 30, 2019, at value:
Asset Valuation Inputs
Description |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Bonds and Notes* |
$ | | $ | 17,808,509 | $ | | $ | 17,808,509 | ||||||||
Exchange-Traded Funds |
845,500 | | | 845,500 | ||||||||||||
|
|
|
|
|
|
|
|
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Total |
$ | 845,500 | $ | 17,808,509 | $ | | $ | 18,654,009 | ||||||||
|
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|
|
|
|
|
|
* | Details of the major categories of the Funds investments are reflected within the Portfolio of Investments. |
For the period ended September 30, 2019, there were no transfers among Levels 1, 2 and 3.
Industry Summary at September 30, 2019 (Unaudited)
Hospitals |
19.1 | % | ||
General Purpose Public Improvement |
14.6 | |||
Airports |
11.6 | |||
Water and Sewer |
11.3 | |||
Higher Education |
8.2 | |||
Primary Secondary Education |
6.7 | |||
Electric Public Power |
4.1 | |||
Mass Rapid Transportation |
3.3 | |||
Toll Roads, Streets & Highways |
3.0 | |||
Pollution Control |
2.9 | |||
Seaports Marine Terminals |
2.8 | |||
Other Investments, less than 2% each |
3.1 | |||
Exchange-Traded Funds |
4.3 | |||
|
|
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Total Investments |
95.0 | |||
Other assets less liabilities |
5.0 | |||
|
|
|||
Net Assets |
100.0 | % | ||
|
|