PORTFOLIO OF INVESTMENTS – as of September 30, 2020 (Unaudited)

Loomis Sayles Intermediate Municipal Bond Fund

Principal Amount		Description	Value (†)
	Bonds and Notes – 96.7% of Net Assets
	Municipals – 96.7%
		Colorado – 8.7%
	$  260,000	Colorado Springs Utilities System Revenue, Series B-2, 5.000%, 11/15/2033	$	295,269
	400,000	Denver City & County School District No. 1, GO, Prerefunded 12/01/2022@100, Series B, (State Aid Withholding), 5.000%, 12/01/2026		441,160
	250,000	Denver City & County, Airport System Revenue, Series A, AMT, 5.000%, 11/15/2030		305,672
	500,000	Regional Transportation District Sales Tax Revenue, Series A, 5.000%, 11/01/2028		656,180
	500,000	State of Colorado, Certificate of Participation, Series A, 4.000%, 12/15/2035		607,845
				2,306,126
		Delaware – 1.4%
	250,000	University of Delaware, Revenue Bond, 5.000%, 11/01/2043		378,305
		Florida – 11.9%
	500,000	Alachua County School Board, Certificate of Participation, (AGM Insured), 5.000%, 7/01/2028		636,710
	340,000	Bay County School Board, Certificate of Participation, Series A, (AGM Insured), 5.000%, 7/01/2033		437,026
	230,000	City of Cape Coral FL Utility Improvement Assessment, Various Areas, Water & Sewer Revenue, (AGM Insured), 3.000%, 9/01/2027		258,614
	90,000	City of Cape Coral FL Utility Improvement Assessment, Various Areas, Water & Sewer Revenue, (AGM Insured), 3.000%, 9/01/2028		101,811
	200,000	Clay County, Sales Surtax Revenue, 4.000%, 10/01/2039		232,364
	500,000	Fernandina Beach Utility System Revenue, Refunding, Series A, 5.000%, 9/01/2027		564,475
	400,000	Sarasota County Utility System Revenue, 5.000%, 10/01/2023		457,396
	400,000	Volusia County Educational Facility Authority Revenue, Embry-Riddle Aeronautical University, Inc., Series B, 5.000%, 10/15/2025		480,944
				3,169,340
		Georgia – 1.0%
	250,000	Savannah Hospital Authority Revenue, St. Joseph’s/Candler Health System Obligated Group, Series A, 5.500%, 7/01/2027		278,620
		Illinois – 4.3%
	540,000	Chicago Midway International Airport Revenue, Second Lien, Refunding, Series A, AMT, 5.000%, 1/01/2031		595,134

Principal Amount		Description	Value (†)
	Municipals – continued
		Illinois – continued
	$  500,000	Chicago O’Hare International Airport, Series C, AMT, 5.000%, 1/01/2046	$	563,315
				1,158,449
		Louisiana – 1.9%
	200,000	New Orleans Aviation Board, General Airport Revenue, North Terminal Project, Series B, AMT, 5.000%, 1/01/2035		230,954
	250,000	New Orleans Aviation Board, General Airport Revenue, North Terminal Project, Series B, AMT, 5.000%, 1/01/2036		287,775
				518,729
		Maryland – 1.7%
	360,000	Maryland Health & Higher Educational Facilities Authority, Series B2, 5.000%, 7/01/2045		446,850
		Michigan – 2.8%
	600,000	University of Michigan, 5.000%, 4/01/2032		732,912
		Nebraska – 1.3%
	250,000	Douglas County Hospital Authority No. 2, Series A, 5.000%, 11/15/2030		333,267
		Nevada – 4.1%
	500,000	City of Henderson, GO, Various Purpose, Refunding, 5.000%, 6/01/2026		586,365
	240,000	Las Vegas Convention & Visitors Authority, Refunding, Series C, 5.000%, 7/01/2032		263,683
	200,000	Washoe County School District, GO, Series A, 5.000%, 10/01/2025		241,640
				1,091,688
		New Jersey – 3.3%
	265,000	New Jersey Health Care Facilities Financing Authority Revenue, Refunding, Virtua Health, Inc., 5.000%, 7/01/2023		299,363
	500,000	New Jersey State Turnpike Authority Revenue, Series A, 5.000%, 1/01/2032		569,995
				869,358
		New Mexico – 2.2%
	500,000	New Mexico Hospital Equipment Loan Council Revenue, Presbyterian Healthcare Services Obligated Group, Refunding, 5.000%, 8/01/2031		586,225
		New York – 4.7%
	500,000	Metropolitan Transportation Authority, Series D, 4.000%, 11/15/2032		494,140
	400,000	New York City, GO, Series A1, 5.000%, 8/01/2030		529,432

Principal Amount		Description	Value (†)
	Municipals – continued
		New York – continued
	$  200,000	New York State Dormitory Authority, Series D, 4.000%, 2/15/2038	$	232,412
				1,255,984
		North Carolina – 2.4%
	180,000	Buncombe County, Limited Obligation, Revenue, Series A, 4.000%, 6/01/2034		221,125
	400,000	North Carolina Agricultural & Technical University System Revenue, Series A, 4.000%, 10/01/2045		422,816
				643,941
		Ohio – 6.7%
	500,000	Columbus, GO, Various Purpose, Series A, 5.000%, 8/15/2023		569,210
	500,000	Hamilton County Hospital Facilities Revenue, UC Health Obligated Group, 5.000%, 2/01/2024		571,085
	500,000	Ohio State University (The), Series A, 5.000%, 12/01/2026		636,150
				1,776,445
		Pennsylvania – 1.2%
	270,000	Allegheny County Higher Education Building Authority, Refunding, Series A, 5.000%, 3/01/2029		311,823
		Rhode Island – 2.1%
	500,000	Rhode Island Clean Water Finance Agency Pollution Control Agency Revolving Fund-Pooled Loan, Series A, 5.000%, 10/01/2024		571,745
		Tennessee – 2.2%
	500,000	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, Vanderbilt University Medical Center Obligated Group, Series A, 5.000%, 7/01/2030		596,370
		Texas – 21.3%
	1,000,000	Bexar County TX, GO, Series B, Prerefunded 6/15/2023@100, 5.000%, 6/15/2043		1,129,900
	500,000	Dallas TX Waterworks & Sewer System Revenue, Series C, 4.000%, 10/01/2037		615,105
	500,000	Grand Parkway Transportation Corp, Series A, Prerefunded 10/01/2023@100, 5.500%, 4/01/2053		578,335
	1,000,000	Houston TX Combined Utility System Revenue, Refunding, Series A, (AGM Insured), Zero Coupon, 12/01/2025		963,580
	300,000	Lower Colorado River Authority, Refunding, 5.000%, 5/15/2030		392,589
	500,000	New Braunfels TX Utility System Revenue, 5.000%, 7/01/2029		651,715
	400,000	Tarrant County Cultural Education Facilities Finance Corp. Revenue, Methodist Hospitals of Dallas, 5.000%, 10/01/2024		450,608
	250,000	Texas City Independent School District, GO, (PSF-GTD), 4.000%, 8/15/2034		297,980

Principal Amount		Description	Value (†)
	Municipals – continued
		Texas – continued
	$  500,000	Texas Public Finance Authority, Refunding, 4.000%, 2/01/2034	$	604,730
				5,684,542
		Utah – 3.0%
	500,000	Utah County Hospital Revenue, IHC Health Services, Inc., Series A, 4.000%, 5/15/2043		584,675
	180,000	Utah Transit Authority Sales Tax Revenue, Series A, Prerefunded 06/15/2025@100, 5.000%, 6/15/2038		219,854
				804,529
		Virginia – 1.1%
	225,000	Fairfax County, GO, Series A, 5.000%, 10/01/2034		301,795
		Washington – 6.4%
	500,000	King County Public Hospital District No. 2, GO, Evergreen Healthcare, Series B, 5.000%, 12/01/2032		589,045
	500,000	Port of Seattle Revenue, AMT, 5.000%, 7/01/2029		547,910
	500,000	Snohomish County School District No. 15 Edmonds, GO, 5.000%, 12/01/2031		576,350
				1,713,305
		Wisconsin – 1.0%
	225,000	Wisconsin Health & Educational Facilities Authority Revenue, Aspirus, Inc. Obligated Group, Refunding, Series A, 5.000%, 8/15/2031		257,080
		Total Bonds and Notes (Identified Cost $24,478,049)		25,787,428
	Short-Term Investments – 2.6%
	687,391	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2020 at 0.000% to be repurchased at $687,391 on 10/01/2020 collateralized by $701,200 U.S. Treasury Note, 0.250% due 9/30/2025 valued at $701,145 including accrued interest(a) (Identified Cost $687,391)		687,391
		Total Investments – 99.3% (Identified Cost $25,165,440)		26,474,819
		Other assets less liabilities – 0.7%		174,204
		Net Assets – 100.0%	$	26,649,023

(†) 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 issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the 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 the Fund.

(a) The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements 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 the Fund’s ability to dispose of the underlying securities. As of September 30, 2020, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.

AGM	Assured Guaranty Municipal Corporation
AMT	Alternative Minimum Tax
GO	General Obligation
PSF-GTD	Permanent School Fund Guarantee Program

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2020, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes*	$	—	$	25,787,428	$	—	$	25,787,428
Short-Term Investments		—		687,391		—		687,391
Total	$	—	$	26,474,819	$	—	$	26,474,819

* Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Industry Summary at September 30, 2020 (Unaudited)

Hospitals	16.6	%
General Purpose Public Improvement	13.7
Higher Education	11.2
Water and Sewer	11.1
Primary Secondary Education	10.7
Airports	9.3
Mass Rapid Transportation	5.1
Toll Roads, Streets & Highways	4.4
Pre-Refunded	4.2
Combined Utilities	3.5
Other Transportation	2.3
Pollution Control	2.1
Other Investments, less than 2% each	2.5
Short-Term Investments	2.6
Total Investments	99.3
Other assets less liabilities	0.7
Net Assets	100.0	%