PORTFOLIO OF INVESTMENTS – as of March 31, 2021 (Unaudited)

Loomis Sayles Intermediate Municipal Bond Fund

Principal Amount		Description	Value (†)
	Bonds and Notes – 92.6% of Net Assets
	Municipals – 92.6%
		Arizona – 0.6%
$	200,000	City of Mesa, Excise Tax Revenue, 4.000%, 7/01/2037	$	239,967
		California – 3.1%
	1,000,000	California State, GO, Various Purpose, Refunding, 4.000%, 3/01/2037		1,197,145
		Colorado – 5.9%
	260,000	Colorado Springs Utilities System Revenue, Series B-2, 5.000%, 11/15/2033		290,509
	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		432,274
	250,000	Denver City & County, Airport System Revenue, Series A, AMT, 5.000%, 11/15/2030		305,268
	500,000	Regional Transportation District Sales Tax Revenue, Series A, 5.000%, 11/01/2028		647,437
	500,000	State of Colorado, Certificate of Participation, Series A, 4.000%, 12/15/2035		608,050
				2,283,538
		Delaware – 0.9%
	250,000	University of Delaware, Revenue Bond, 5.000%, 11/01/2043		360,243
		Florida – 11.1%
	500,000	Alachua County School Board, Certificate of Participation, (AGM Insured), 5.000%, 7/01/2028		621,154
	340,000	Bay County School Board, Certificate of Participation, Series A, (AGM Insured), 5.000%, 7/01/2033		439,899
	230,000	City of Cape Coral Utility Improvement Assessment, Various Areas, Water & Sewer Revenue, Refunding, (AGM Insured), 3.000%, 9/01/2027		257,255
	90,000	City of Cape Coral Utility Improvement Assessment, Various Areas, Water & Sewer Revenue, Refunding, (AGM Insured), 3.000%, 9/01/2028		101,363
	200,000	Clay County, Sales Surtax Revenue, 4.000%, 10/01/2039		228,551
	225,000	County of Collier Special Obligation, Revenue Bonds, Series A, 4.000%, 10/01/2036		273,156
	500,000	Fernandina Beach Utility System Revenue, Refunding, Series A, 5.000%, 9/01/2027		554,542
	500,000	Miami-Dade County Aviation Revenue, Refunding, Series A, 4.000%, 10/01/2039		585,515
	400,000	Sarasota County Utility System Revenue, 5.000%, 10/01/2023		447,145
	225,000	Sarasota County Utility System Revenue, Series A, 5.000%, 10/01/2027		285,761

Principal Amount		Description	Value (†)
	Municipals – continued
		Florida – continued
	$      400,000	Volusia County Educational Facility Authority Revenue, Embry-Riddle Aeronautical University, Inc., Series B, 5.000%, 10/15/2025	$	474,001
				4,268,342
		Georgia – 0.7%
	250,000	Savannah Hospital Authority Revenue, St. Joseph’s/Candler Health System Obligated Group, Series A, 5.500%, 7/01/2027		276,459
		Illinois – 5.0%
	540,000	Chicago Midway International Airport Revenue, Second Lien, Refunding, Series A, AMT, 5.000%, 1/01/2031		598,692
	500,000	Chicago O’Hare International Airport, Series C, AMT, 5.000%, 1/01/2046		565,140
	400,000	Illinois Finance Authority, Presbyterian Homes Obligation Group, Revenue Bonds, Series A, 3.000%, 5/01/2025		433,104
	300,000	State of Illinois, GO, 5.000%, 6/01/2028		348,388
				1,945,324
		Kentucky – 1.8%
	700,000	Trimble County Pollution Control, Louisville Gas & Electric Project, Revenue Bonds, Series B, AMT, 1.350%, 11/01/2027		696,876
		Louisiana – 1.4%
	200,000	New Orleans Aviation Board, General Airport Revenue, North Terminal Project, Series B, AMT, 5.000%, 1/01/2035		235,401
	250,000	New Orleans Aviation Board, General Airport Revenue, North Terminal Project, Series B, AMT, 5.000%, 1/01/2036		293,604
				529,005
		Maryland – 1.1%
	360,000	Maryland Health & Higher Educational Facilities Authority, Series B2, 5.000%, 7/01/2045		437,991
		Massachusetts – 4.1%
	500,000	Commonwealth of Massachusetts, GO, Series D, 5.000%, 7/01/2045		632,253
	770,000	Massachusetts School Building Authority Sales Tax Revenue, Series A, 5.000%, 2/15/2026		934,091
				1,566,344
		Michigan – 1.9%
	600,000	University of Michigan, Revenue Bonds, 5.000%, 4/01/2032		715,516
		Minnesota – 1.0%
	390,000	Minnesota Housing Finance Agency, Revenue Bonds, Series A, AMT, 1.350%, 1/01/2027		390,544

Principal Amount		Description	Value (†)
	Municipals – continued
		Nebraska – 0.8%
$	250,000	Douglas County Hospital Authority No. 2, Series A, 5.000%, 11/15/2030	$	327,063
		Nevada – 2.8%
	500,000	City of Henderson, GO, Various Purpose, Refunding, 5.000%, 6/01/2026		573,067
	240,000	Las Vegas Convention & Visitors Authority, Refunding, Series C, 5.000%, 7/01/2032		263,853
	200,000	Washoe County School District, GO, Series A, 5.000%, 10/01/2025		239,659
				1,076,579
		New Jersey – 2.8%
	265,000	New Jersey Health Care Facilities Financing Authority Revenue, Refunding, Virtua Health, Inc., 5.000%, 7/01/2023		292,800
	500,000	New Jersey State Turnpike Authority Revenue, Series A, 5.000%, 1/01/2032		568,091
	270,000	New Jersey Transportation Trust Fund Authority, Capital Appreciation Transportation System, Revenue Bonds, Series A, Zero Coupon, 0.000%, 12/15/2029(a)		225,421
				1,086,312
		New Mexico – 1.5%
	500,000	New Mexico Hospital Equipment Loan Council Revenue, Presbyterian Healthcare Services Obligated Group, Refunding, 5.000%, 8/01/2031		580,051
		New York – 3.4%
	500,000	Metropolitan Transportation Authority, Series D, 4.000%, 11/15/2032		552,260
	400,000	New York City, GO, Refunding, Series A1, 5.000%, 8/01/2030		526,394
	200,000	New York State Dormitory Authority, Series D, 4.000%, 2/15/2038		231,062
				1,309,716
		North Carolina – 1.7%
	180,000	Buncombe County, Limited Obligation, Revenue, Series A, 4.000%, 6/01/2034		219,629
	400,000	North Carolina Agricultural & Technical University System Revenue, Series A, 4.000%, 10/01/2045		429,495
				649,124
		North Dakota – 2.0%
	250,000	City of West Fargo, GO, Refunding, Series A, 4.000%, 5/01/2026		289,916
	350,000	North Dakota Building Authority, Series A, 5.000%, 12/01/2030		469,760
				759,676
		Ohio – 4.5%
	500,000	Columbus, GO, Various Purpose, Series A, 5.000%, 8/15/2023		556,492

Principal Amount		Description	Value (†)
	Municipals – continued
		Ohio – continued
$	500,000	Hamilton County Hospital Facilities Revenue, UC Health Obligated Group, 5.000%, 2/01/2024	$	561,333
	500,000	Ohio State University (The), Series A, 5.000%, 12/01/2026		620,755
				1,738,580
		Oklahoma – 3.2%
	1,000,000	Oklahoma Water Resources Board, Series A, 5.000%, 4/01/2027		1,251,421
		Oregon – 0.7%
	230,000	Port of Portland, Airport Revenue, Portland International Airport, Series 25-B, 5.000%, 7/01/2028		287,883
		Pennsylvania – 0.8%
	270,000	Allegheny County Higher Education Building Authority, Refunding, Series A, 5.000%, 3/01/2029		309,607
		Rhode Island – 1.5%
	500,000	Rhode Island Clean Water Finance Agency Pollution Control Agency Revolving Fund-Pooled Loan, Series A, 5.000%, 10/01/2024		559,463
		Tennessee – 3.9%
	185,000	Greeneville Health & Educational Facilities Board, Series A, 5.000%, 7/01/2028		228,967
	550,000	Memphis-Shelby County Airport Authority, Revenue Bonds, Series A, AMT, 5.000%, 7/01/2026		663,404
	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		597,860
				1,490,231
		Texas – 12.7%
	330,000	Central Texas Regional Mobility Authority, Revenue Bonds, Series B, 5.000%, 1/01/2031		432,416
	500,000	Grand Parkway Transportation Corp, Series A, Prerefunded 10/01/2023@100, 5.500%, 4/01/2053		565,357
	500,000	Harris County Toll Road Authority (The), 4.000%, 8/15/2038		600,967
	1,000,000	Houston Combined Utility System Revenue, Series A, (AGM Insured), Zero Coupon, 0.000%, 12/01/2025(a)		959,918
	300,000	Lower Colorado River Authority, Refunding, 5.000%, 5/15/2030		384,351
	500,000	New Braunfels Utility System Revenue, 5.000%, 7/01/2029		635,721
	400,000	Tarrant County Cultural Education Facilities Finance Corp. Revenue, Methodist Hospitals of Dallas, 5.000%, 10/01/2024		444,183
	250,000	Texas City Independent School District, GO, (PSF-GTD), 4.000%, 8/15/2034		291,830

Principal Amount		Description	Value (†)
	Municipals – continued
		Texas – continued
$	500,000	Texas Public Finance Authority, Refunding, 4.000%, 2/01/2034	$	595,098
				4,909,841
		Utah – 5.1%
	500,000	Utah County Hospital Revenue, IHC Health Services, Inc., Series A, 4.000%, 5/15/2043		585,598
	500,000	Utah Infrastructure Agency, Telecommunication Revenue, 4.000%, 10/15/2033		584,204
	250,000	Utah Infrastructure Agency, Telecommunication Revenue, 4.000%, 10/15/2036		287,719
	180,000	Utah Transit Authority Sales Tax Revenue, Series A, Prerefunded 06/15/2025@100, 5.000%, 6/15/2038		213,909
	250,000	Weber Basin Water Conservancy District, Revenue Bonds, Series A, 4.000%, 4/01/2040		293,682
				1,965,112
		Washington – 5.0%
	500,000	King County Public Hospital District No. 2, GO, Evergreen Healthcare, Series B, 5.000%, 12/01/2032		575,544
	500,000	Port of Seattle Revenue, AMT, 5.000%, 7/01/2029		543,521
	500,000	Snohomish County School District No. 15 Edmonds, GO, 5.000%, 12/01/2031		566,732
	200,000	State of Washington, GO, Series 2015-C, Class R, 5.000%, 7/01/2029		232,728
				1,918,525
		Wisconsin – 0.7%
	225,000	Wisconsin Health & Educational Facilities Authority Revenue, Aspirus, Inc. Obligated Group, Refunding, Series A, 5.000%, 8/15/2031		256,534
		Wyoming – 0.9%
	275,000	Laramie County, Cheyenne Regional Medical Center Project, Hospital Revenue, Refunding, 4.000%, 5/01/2033		330,453
		Total Bonds and Notes (Identified Cost $34,582,436)		35,713,465
	Short-Term Investments – 11.0%
	4,243,978	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2021 at 0.000% to be repurchased at $4,243,978 on 4/01/2021 collateralized by $4,161,100 U.S. Treasury Note, 1.500% due 11/30/2024 valued at $4,328,952 including accrued interest(b) (Identified Cost $4,243,978)		4,243,978
		Total Investments – 103.6% (Identified Cost $38,826,414)		39,957,443
		Other assets less liabilities – (3.6)%		(1,381,217	)
		Net Assets – 100.0%	$	38,576,226

(†) 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) Interest rate represents annualized yield at time of purchase; not a coupon rate.

(b) 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 March 31, 2021, 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 March 31, 2021, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes*	$	—	$	35,713,465	$	—	$	35,713,465
Short-Term Investments		—		4,243,978		—		4,243,978
Total	$	—	$	39,957,443	$	—	$	39,957,443

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

Industry Summary at March 31, 2021 (Unaudited)

General Purpose Public Improvement	16.0	%
Hospitals	15.3
Water and Sewer	10.9
Airports	10.5
Primary Secondary Education	9.7
Higher Education	8.1
Toll Roads, Streets & Highways	5.7
Mass Rapid Transportation	3.7
Electric Public Power	2.8
Combined Utilities	2.3
Industrial Development	2.2
Other Transportation	2.2
Other Investments, less than 2% each	3.2
Short-Term Investments	11.0
Total Investments	103.6
Other assets less liabilities	(3.6	)
Net Assets	100.0	%