Natixis Funds Trust I

N-CSRS 1 d478796dncsrs.htm NATIXIS FUNDS TRUST I Natixis Funds Trust I

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: 811-04323

Natixis Funds Trust 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)

Susan McWhan Tobin, Esq.

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2139

Date of fiscal year end: September 30

Date of reporting period: March 31, 2023

Item 1. Reports to Stockholders.

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

LOGO

Semiannual Report

March 31, 2023

Loomis Sayles Core Plus Bond Fund

Loomis Sayles Credit Income Fund

Loomis Sayles Global Allocation Fund

Loomis Sayles Growth Fund

Loomis Sayles Intermediate Duration Bond Fund

Loomis Sayles Limited Term Government and Agency Fund

Table of Contents


Portfolio Review			1
Portfolio of Investments			12
Financial Statements			56
Notes to Financial Statements			87

LOGO

LOOMIS SAYLES CORE PLUS BOND FUND



Managers		Symbols

Ian Anderson		Class A NEFRX

Peter W. Palfrey, CFA^®		Class C NECRX

Richard G. Raczkowski		Class N NERNX

Barath W. Sankaran, CFA^®		Class Y NERYX

Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks high total investment return through a combination of current income and capital appreciation.

Average Annual Total Returns — March 31, 2023³



													Expense Ratios⁴

	6 Months			1 Year			5 Years			10 Years			Gross			Net

Class Y
NAV		6.32	%		-4.25	%		1.51	%		2.03	%		0.49	%		0.49	%

Class A
NAV		6.15			-4.53			1.25			1.78			0.74			0.74
With 4.25% Maximum Sales Charge		1.62			-8.58			0.36			1.34

Class C
NAV		5.74			-5.19			0.49			1.17			1.49			1.49
With CDSC¹		4.74			-6.12			0.49			1.17

Class N
NAV		6.37			-4.15			1.60			2.13			0.38			0.38

Comparative Performance
Bloomberg U.S. Aggregate Bond Index²		4.89			-4.78			0.91			1.36

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

1	Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.

Bloomberg U.S. Aggregate Bond Index is a broad-based index that covers the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The Index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and collateralized mortgage-backed securities sectors.

3	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 1/31/24. 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.

1 |

LOOMIS SAYLES CREDIT INCOME FUND



Managers		Symbols

Matthew J. Eagan, CFA^®		Class A LOCAX

Brian P. Kennedy		Class C LOCCX

Elaine M. Stokes		Class N LOCNX

Loomis, Sayles & Company, L.P.		Class Y LOCYX

Investment Goal

The Fund seeks high current income with a secondary objective of capital growth.

Average Annual Total Returns — March 31, 2023³



										Expense Ratios⁴

	6 Months			1 Year			Life of Fund			Gross			Net

Class Y (Inception 9/29/20)
NAV		6.50	%		-4.33	%		-2.26	%		3.12	%		0.57	%

Class A (Inception 9//29/20)
NAV		6.50			-4.45			-2.44			3.37			0.82
With 4.25% Maximum Sales Charge		1.96			-8.53			-4.11

Class C (Inception 9/29/20)
NAV		6.23			-5.08			-3.18			4.18			1.57
With CDSC¹		5.23			-6.00			-3.18

Class N (Inception 9/29/20)
NAV		6.66			-4.17			-2.16			1.30			0.52

Comparative Performance
Bloomberg U.S. Credit Index²		7.00			-5.31			-4.57

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

1	Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

Bloomberg U.S. Credit Index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities. The Index was called the U.S. Corporate Index until July 2000, when it was renamed to reflect its inclusion of both corporate and non-corporate issuers. The Index is a subset of the U.S. Government/Credit Index and U.S. Aggregate Index.

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

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LOOMIS SAYLES GLOBAL ALLOCATION FUND



Managers		Symbols

Matthew J. Eagan, CFA^®		Class A LGMAX

Eileen N. Riley, CFA^®		Class C LGMCX

David W. Rolley, CFA^®		Class N LGMNX

Lee M. Rosenbaum		Class Y LSWWX

Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks high total investment return through a combination of capital appreciation and current income.

Average Annual Total Returns — March 31, 2023⁴



													Life of Class N			Expense Ratios⁵
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y
NAV		16.70	%		-7.90	%		5.20	%		6.99	%		—	%		0.89	%		0.89	%

Class A
NAV		16.51			-8.17			4.93			6.73			—			1.14			1.14
With 5.75% Maximum Sales Charge		9.79			-13.44			3.69			6.10			—

Class C
NAV		16.12			-8.86			4.15			6.09			—			1.89			1.89
With CDSC¹		15.12			-9.68			4.15			6.09			—

Class N (Inception 2/1/17)
NAV		16.75			-7.86			5.28			—			7.44			0.81			0.81

Comparative Performance
MSCI All Country World Index (Net)²		17.78			-7.44			6.93			8.06			8.64
Blended Index³		13.75			-7.50			3.83			5.00			5.41

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

1	Performance for Class C shares assumes a 1% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.

2	MSCI All Country World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

Blended Index is an unmanaged, blended index composed of the following weights: 60% MSCI All Country World Index (Net) and 40% Bloomberg Global Aggregate Bond Index. The Bloomberg Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The four major components of this index are the U.S. Aggregate, the Pan-European Aggregate, the Asian-Pacific Aggregate, and the Canadian Aggregate Indices. The Index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

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

3 |

LOOMIS SAYLES GROWTH FUND



Manager		Symbols

Aziz V. Hamzaogullari, CFA^®		Class A LGRRX

Loomis, Sayles & Company, L.P.		Class C LGRCX

		Class N LGRNX

		Class Y LSGRX

Investment Goal

The Fund seeks long-term growth of capital.

Average Annual Total Returns — March 31, 2023³



													Expense Ratios⁴

	6 Months			1 Year			5 Years			10 Years			Gross			Net

Class Y
NAV		28.96	%		-4.71	%		11.90	%		14.11	%		0.65	%		0.65	%

Class A
NAV		28.81			-4.94			11.61			13.83			0.90			0.90
With 5.75% Maximum Sales Charge		21.43			-10.40			10.30			13.17

Class C
NAV		28.40			-5.63			10.78			13.15			1.65			1.65
With CDSC¹		27.40			-6.41			10.78			13.15

Class N
NAV		29.06			-4.62			11.99			14.16			0.57			0.57

Comparative Performance
Russell 1000^® Growth Index²		16.88			-10.90			13.66			14.59

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

1	Performance for Class C shares assumes a 1% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.

2	Russell 1000^® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.

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

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LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND



Managers		Symbols

Daniel Conklin, CFA^®		Class A LSDRX

Christopher T. Harms		Class C LSCDX

Clifton V. Rowe, CFA^®		Class N LSDNX

Loomis, Sayles & Company, L.P.		Class Y LSDIX

Investment Goal

The Fund seeks above-average total return through a combination of current income and capital appreciation.

Average Annual Total Returns — March 31, 2023⁴



													Life of Class N			Expense Ratios⁵
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y¹
NAV		3.98	%		-1.74	%		1.67	%		1.67	%		—	%		0.44	%		0.40	%

Class A¹
NAV		3.85			-2.10			1.40			1.40			—			0.68			0.65
With 4.25% Maximum Sales Charge		-0.57			-6.27			0.51			0.96			—

Class C (Inception 8/31/16)¹
NAV		3.37			-2.82			0.63			0.78			—			1.43			1.40
With CDSC²		2.37			-3.78			0.63			0.78			—

Class N (Inception 2/01/19)	4.01			-1.80			—			—			1.44			0.37			0.35

Comparative Performance
Bloomberg U.S. Intermediate Government/Credit Bond Index³		3.91			-1.66			1.40			1.32			1.06

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

As of August 31, 2016, the Fund’s Retail Class shares and Institutional Class shares were redesignated as Class A shares and Class Y shares, respectively. Accordingly, the returns shown in the table for Class A shares prior to August 31, 2016 are those of Retail Class shares, restated to reflect the sales loads of Class A shares, and the returns in the table for Class Y shares prior to August 31, 2016 are those of Institutional Class shares. Prior to the inception of Class C shares (August 31, 2016), performance is that of Retail Class shares, restated to reflect the higher net expenses and sales loads of Class C shares.

2	Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.

Bloomberg U.S. Intermediate Government/Credit Bond Index includes securities in the intermediate maturity range within the Government and Credit Indices. The Government Index includes treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

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

5 |

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND



Managers		Symbols

Daniel Conklin, CFA^®		Class A NEFLX

Christopher T. Harms		Class C NECLX

Clifton V. Rowe, CFA^®		Class N LGANX

Loomis, Sayles & Company, L.P.		Class Y NELYX

Investment Goal

The Fund seeks high current return consistent with preservation of capital.

Average Annual Total Returns — March 31, 2023³



													Life of Class N			Expense Ratios⁴
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y
NAV		2.61	%		-0.03	%		0.98	%		0.84	%		—	%		0.48	%		0.45	%

Class A
NAV		2.50			-0.37			0.73			0.57			—			0.72			0.70
With 2.25% Maximum Sales Charge		0.14			-2.58			0.27			0.35			—

Class C
NAV		2.11			-1.12			-0.04			-0.03			—			1.48			1.45
With CDSC¹		1.11			-2.09			-0.04			-0.03			—

Class N (Inception 2/1/17)
NAV		2.64			-0.07			1.04			—			0.99			0.40			0.39

Comparative Performance
Bloomberg U.S. 1-5 Year Government Bond Index²		2.81			-0.35			1.07			0.85			0.89

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

1	Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.

Bloomberg U.S. 1-5 Year Government Bond Index is a subindex of the Bloomberg U.S. Government Index, which is comprised of the Bloomberg U.S. Treasury and U.S. Agency Indices. The Bloomberg U.S. Government Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year) and U.S. agency debentures (publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Bloomberg U.S. Government Index is a component of the Bloomberg U.S. Government/Credit Index and the Bloomberg U.S. Aggregate Bond Index.

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

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ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the Natixis Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Fund’s website at im.natixis.com; and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available through 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 im.natixis.com/funddocuments. 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.

7 |

UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Fund’s prospectuses. 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 of each class of Fund shares shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2022 through March 31, 2023. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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


LOOMIS SAYLES CORE PLUS BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2022		ENDING ACCOUNT VALUE 3/31/2023		EXPENSES PAID DURING PERIOD* 10/1/2022 – 3/31/2023
Class A
Actual		$1,000.00		$1,061.50		$3.80
Hypothetical (5% return before expenses)		$1,000.00		$1,021.24		$3.73
Class C
Actual		$1,000.00		$1,057.40		$7.64
Hypothetical (5% return before expenses)		$1,000.00		$1,017.50		$7.49
Class N
Actual		$1,000.00		$1,063.70		$2.06
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02
Class Y
Actual		$1,000.00		$1,063.20		$2.52
Hypothetical (5% return before expenses)		$1,000.00		$1,022.49		$2.47

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.74%, 1.49%, 0.40% and 0.49% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES CREDIT INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2022		ENDING ACCOUNT VALUE 3/31/2023		EXPENSES PAID DURING PERIOD* 10/1/2022 – 3/31/2023
Class A
Actual		$1,000.00		$1,065.00		$4.22
Hypothetical (5% return before expenses)		$1,000.00		$1,020.84		$4.13
Class C
Actual		$1,000.00		$1,062.30		$8.07
Hypothetical (5% return before expenses)		$1,000.00		$1,017.10		$7.90
Class N
Actual		$1,000.00		$1,066.60		$2.68
Hypothetical (5% return before expenses)		$1,000.00		$1,022.34		$2.62
Class Y
Actual		$1,000.00		$1,065.00		$2.93
Hypothetical (5% return before expenses)		$1,000.00		$1,022.09		$2.87

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.82%, 1.57%, 0.52% and 0.57% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).


LOOMIS SAYLES GLOBAL ALLOCATION FUND	BEGINNING ACCOUNT VALUE 10/1/2022		ENDING ACCOUNT VALUE 3/31/2023		EXPENSES PAID DURING PERIOD* 10/1/2022 – 3/31/2023
Class A
Actual		$1,000.00		$1,165.10		$6.32
Hypothetical (5% return before expenses)		$1,000.00		$1,019.10		$5.89
Class C
Actual		$1,000.00		$1,161.20		$10.35
Hypothetical (5% return before expenses)		$1,000.00		$1,015.36		$9.65
Class N
Actual		$1,000.00		$1,167.50		$4.49
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79		$4.18
Class Y
Actual		$1,000.00		$1,167.00		$4.97
Hypothetical (5% return before expenses)		$1,000.00		$1,020.34		$4.63

Expenses are equal to the Fund’s annualized expense ratio: 1.17%, 1.92%, 0.83% and 0.92% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

9 |


LOOMIS SAYLES GROWTH FUND	BEGINNING ACCOUNT VALUE 10/1/2022		ENDING ACCOUNT VALUE 3/31/2023		EXPENSES PAID DURING PERIOD* 10/1/2022 – 3/31/2023
Class A
Actual		$1,000.00		$1,288.10		$5.25
Hypothetical (5% return before expenses)		$1,000.00		$1,020.34		$4.63
Class C
Actual		$1,000.00		$1,284.00		$9.57
Hypothetical (5% return before expenses)		$1,000.00		$1,016.56		$8.45
Class N
Actual		$1,000.00		$1,290.60		$3.31
Hypothetical (5% return before expenses)		$1,000.00		$1,022.04		$2.92
Class Y
Actual		$1,000.00		$1,289.60		$3.88
Hypothetical (5% return before expenses)		$1,000.00		$1,021.54		$3.43

Expenses are equal to the Fund’s annualized expense ratio: 0.92%, 1.68%, 0.58% and 0.68% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).


LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2022		ENDING ACCOUNT VALUE 3/31/2023		EXPENSES PAID DURING PERIOD* 10/1/2022 – 3/31/2023
Class A
Actual		$1,000.00		$1,038.50		$3.30
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
Class C
Actual		$1,000.00		$1,033.70		$7.10
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04
Class N
Actual		$1,000.00		$1,040.10		$1.78
Hypothetical (5% return before expenses)		$1,000.00		$1,023.19		$1.77
Class Y
Actual		$1,000.00		$1,039.80		$2.03
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.65%, 1.40%, 0.35% and 0.40% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

| 10


LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 10/1/2022		ENDING ACCOUNT VALUE 3/31/2023		EXPENSES PAID DURING PERIOD* 10/1/2022 – 3/31/2023
Class A
Actual		$1,000.00		$1,025.00		$3.48
Hypothetical (5% return before expenses)		$1,000.00		$1,021.49		$3.48
Class C
Actual		$1,000.00		$1,021.10		$7.31
Hypothetical (5% return before expenses)		$1,000.00		$1,017.70		$7.29
Class N
Actual		$1,000.00		$1,026.40		$2.02
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02
Class Y
Actual		$1,000.00		$1,026.10		$2.27
Hypothetical (5% return before expenses)		$1,000.00		$1,022.69		$2.27

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.69%, 1.45%, 0.40% and 0.45% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

11 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Core Plus Bond Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 89.9% of Net Assets
	Non-Convertible Bonds — 89.8%
		ABS Car Loan — 2.7%
$	4,420,000	AmeriCredit Automobile Receivables Trust, Series 2023-1, Class C, 5.800%, 12/18/2028	$	4,468,430
	2,396,000	Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.000%, 3/20/2025, 144A		2,367,041
	6,444,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		6,268,251
	7,064,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A		6,489,587
	8,160,000	Avis Budget Rental Car Funding AESOP LLC, Series 2022-1A, Class A, 3.830%, 8/21/2028, 144A		7,739,776
	1,840,000	Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class A, 5.200%, 10/20/2027, 144A		1,835,732
	9,895,000	Carvana Auto Receivables Trust, Series 2023-P1, Class A3, 5.980%, 12/10/2027, 144A		9,970,546
	7,300,000	Credit Acceptance Auto Loan Trust, Series 2023-1A, Class A, 6.480%, 3/15/2033, 144A		7,401,545
	2,020,000	DT Auto Owner Trust, Series 2023-1A, Class C, 5.550%, 10/16/2028, 144A		2,008,288
	253,008	Exeter Automobile Receivables Trust, Series 2021-2A, Class B, 0.570%, 9/15/2025		252,498
	3,525,000	Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.980%, 6/15/2026		3,428,817
	4,320,000	Exeter Automobile Receivables Trust, Series 2023-1A, Class C, 5.820%, 2/15/2028		4,334,907
	3,455,000	Ford Credit Auto Owner Trust, Series 2018-1, Class B, 3.340%, 7/15/2031, 144A		3,321,572
	14,500,000	Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.850%, 8/15/2035, 144A		14,493,577
	4,950,000	GM Financial Automobile Leasing Trust, Series 2023-1, Class B, 5.510%, 1/20/2027		4,944,832
	12,845,000	Hertz Vehicle Financing III LLC, Series 2023-2A, Class A, 5.570%, 9/25/2029, 144A		13,034,743
	9,874,000	Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.210%, 12/26/2025, 144A		9,242,600
	9,930,000	NextGear Floorplan Master Owner Trust, Series 2023-1A, Class A2, 5.740%, 3/15/2028, 144A		9,874,144
	10,730,000	OneMain Direct Auto Receivables Trust, Series 2023-1A, Class A, 5.410%, 11/14/2029, 144A		10,719,452
	1,803,071	Santander Bank Auto Credit-Linked Notes, Series 2022-C,Class B, 6.451%, 12/15/2032, 144A		1,805,851
	1,143,837	Santander Bank Auto Credit-Linked Notes, Series 2022-C,Class C, 6.986%, 12/15/2032, 144A		1,150,310
	4,445,837	Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.750%, 2/17/2026		4,384,663
	7,475,679	Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.900%, 6/15/2026		7,339,939
	9,095,000	Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.950%, 9/15/2027		8,827,964
		ABS Car Loan — continued
	19,695,000	Santander Drive Auto Receivables Trust, Series 2022-2, Class B, 3.440%, 9/15/2027		19,091,742
	4,910,000	Westlake Automobile Receivables Trust, Seies 2023-2A, Class C, 6.290%, 3/15/2028, 144A		4,963,200
	6,865,000	Westlake Automobile Receivables Trust, Series 2022-2A, Class C, 4.850%, 9/15/2027, 144A		6,764,963
	1,295,000	Westlake Automobile Receivables Trust, Series 2023-1A, Class B, 5.410%, 1/18/2028, 144A		1,292,295

				177,817,265

		ABS Home Equity — 0.3%
	2,784,916	CoreVest American Finance Ltd., Series 2019-3, Class A, 2.705%, 10/15/2052, 144A		2,634,644
	11,316	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(a)		11,161
	994,037	OBX Trust, Series 2018-EXP1, Class 1A3, 4.000%, 4/25/2048, 144A(a)		923,889
	2,970,000	Progress Residential Trust, Series 2023-SFR1, Class A, 4.300%, 3/17/2040, 144A		2,849,344
	91,355	Sequoia Mortgage Trust, Series 2017-CH1, Class A1, 4.000%, 8/25/2047, 144A(a)		86,495
	427,586	Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.000%, 3/25/2048, 144A(a)		399,880
	251,617	Sequoia Mortgage Trust, Series 2018-CH3, Class A2, 4.000%, 8/25/2048, 144A(a)		244,098
	1,298,545	Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.858%, 10/25/2053, 144A(a)		1,257,245
	4,254,377	Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.750%, 4/25/2055, 144A(a)		4,137,642
	5,101,352	Towd Point Mortgage Trust, Series 2016-2, Class M2, 3.000%, 8/25/2055, 144A(a)		4,668,333
	4,545,653	Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.750%, 5/25/2058, 144A(a)		4,348,803

				21,561,534

		ABS Other — 1.4%
	2,230,000	Affirm Asset Securitization Trust, Series 2023-A, Class A, 6.610%, 1/18/2028, 144A		2,219,134
	6,965,437	CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640%, 2/18/2046, 144A		6,047,989
	11,884,563	DB Master Finance LLC, Series 2021-1A, Class A2II, 2.493%, 11/20/2051, 144A		10,088,853
	5,242,145	Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.560%, 12/11/2034, 144A		5,090,946
	8,075,200	Jack in the Box Funding LLC, Series 2022-1A, Class A2I, 3.445%, 2/26/2052, 144A		7,259,233
	13,587,700	Jack in the Box Funding LLC, Series 2022-1A, Class A2II, 4.136%, 2/26/2052, 144A		11,248,455
	6,665,457	Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/2046, 144A		5,821,484
	9,199,926	Navigator Aircraft ABS Ltd., Series 2021-1, Class A, 2.771%, 11/15/2046, 144A(a)		7,954,327
	2,312,653	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/2032, 144A		2,298,060
	13,500,000	OneMain Financial Issuance Trust, Series 2021-1A, Class A2, 30 day USD SOFR Average + 0.760%, 5.318%, 6/16/2036, 144A(b)		13,117,734

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Other — continued
$	19,047,400	Textainer Marine Containers Ltd., Series 2021-3A, Class A, 1.940%, 8/20/2046, 144A	$	16,017,067
	3,201,654	Textainer Marine Containers VIII Ltd., Series 2020-2A, Class A, 2.100%, 9/20/2045, 144A		2,858,072

				90,021,354

		ABS Student Loan — 0.5%
	3,592,951	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		3,296,454
	9,112,597	Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.060%, 10/15/2069, 144A		7,934,429
	3,404,917	SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.070%, 1/15/2053, 144A		2,930,973
	8,467,829	SMB Private Education Loan Trust, Series 2021-C, Class A2, 1 mo. USD LIBOR + 0.800%, 5.484%, 1/15/2053, 144A(b)		8,216,709
	9,520,000	SMB Private Education Loan Trust, Series 2023-A, Class A1A, 5.380%, 1/15/2053, 144A		9,458,215
	2,432,709	SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.540%, 5/15/2046, 144A		2,268,301

				34,105,081

		ABS Whole Business — 0.3%
	7,200,400	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2I, 4.116%, 7/25/2048, 144A		6,902,181
	4,737,150	Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2I, 3.251%, 12/05/2051, 144A		4,270,768
	11,988,900	Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2II, 4.008%, 12/05/2051, 144A		9,965,198

				21,138,147

		Aerospace & Defense — 0.7%
	15,199,000	Boeing Co., 5.705%, 5/01/2040		15,375,417
	19,409,000	Boeing Co., 5.805%, 5/01/2050		19,538,400
	11,659,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		11,272,796
	1,329,000	Textron, Inc., 3.000%, 6/01/2030		1,187,277

				47,373,890

		Agency Commercial Mortgage-Backed Securities — 0.6%
	1,598,000	Federal Home Loan Mortgage Corp., 3.100%, 6/01/2037		1,367,181
	2,103,000	Federal Home Loan Mortgage Corp., 3.100%, 6/01/2037		1,799,237
	1,725,000	Federal Home Loan Mortgage Corp., 3.100%, 6/01/2037		1,475,836
	6,107,236	Federal Home Loan Mortgage Corp., 3.350%, 8/01/2037		5,440,685
	3,650,089	Federal Home Loan Mortgage Corp., 3.450%, 5/01/2037		3,337,114
	1,258,043	Federal Home Loan Mortgage Corp., 3.700%, 5/01/2037		1,177,310
	8,680,701	Federal Home Loan Mortgage Corp., 3.750%, 5/01/2037		8,053,856
		Agency Commercial Mortgage-Backed Securities — continued
	2,097,562	Federal Home Loan Mortgage Corp., 3.900%, 7/01/2037		1,973,563
	2,099,256	Federal Home Loan Mortgage Corp., 3.900%, 7/01/2037		1,977,462
	7,013,000	Federal National Mortgage Association, 3.850%, 9/01/2037		6,527,374
	160,000	Federal National Mortgage Association, 3.940%, 9/01/2032		156,394
	6,620,615	Federal National Mortgage Association, 4.240%, 7/01/2038		6,408,265

				39,694,277

		Airlines — 0.5%
	5,874,112	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		5,780,783
	5,620,467	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		5,391,353
	1,483,822	Continental Airlines Pass-Through Trust, Series 2012-2A, Class A, 4.000%, 4/29/2026		1,440,910
	14,751,433	Delta Air Lines, Inc./SkyMiles IP Ltd., 4.750%, 10/20/2028, 144A		14,227,935
	3,556,726	United Airlines Pass-Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		3,429,715
	2,266,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		2,167,912
	2,333,000	United Airlines, Inc., 4.625%, 4/15/2029, 144A		2,110,202

				34,548,810

		Apartment REITs — 0.0%
	1,715,000	American Homes 4 Rent LP, 3.375%, 7/15/2051		1,134,324

		Automotive — 1.2%
	5,315,000	Ford Motor Credit Co. LLC, 6.950%, 3/06/2026		5,394,725
	16,142,000	General Motors Co., 5.000%, 4/01/2035		14,836,116
	5,067,000	General Motors Financial Co., Inc., 2.900%, 2/26/2025		4,835,919
	11,534,000	Goodyear Tire & Rubber Co., 5.625%, 4/30/2033		9,976,910
	6,206,000	Hyundai Capital America, 2.375%, 10/15/2027, 144A		5,486,533
	10,356,000	Hyundai Capital America, 2.650%, 2/10/2025, 144A		9,873,991
	7,453,000	Hyundai Capital America, 3.000%, 2/10/2027, 144A		6,835,864
	1,725,000	Lear Corp., 3.550%, 1/15/2052		1,131,928
	12,381,000	Lear Corp., 5.250%, 5/15/2049		10,929,202
	7,676,000	Nissan Motor Co. Ltd., 3.043%, 9/15/2023, 144A		7,561,188

				76,862,376

		Banking — 6.4%
	15,905,000	Ally Financial, Inc., 3.050%, 6/05/2023		15,755,981
	10,051,000	Banco Santander Chile, 2.700%, 1/10/2025, 144A		9,611,269
	11,000,000	Banco Santander SA, 1.849%, 3/25/2026		9,866,699
	3,200,000	Banco Santander SA, 2.958%, 3/25/2031		2,630,708
	15,850,000	Bangkok Bank PCL, 4.050%, 3/19/2024, 144A		15,679,508
	26,146,000	Bank of America Corp., (fixed rate to 4/22/2024, variable rate thereafter), 0.976%, 4/22/2025		24,910,370
	24,210,000	Bank of America Corp., (fixed rate to 4/23/2026, variable rate thereafter), MTN, 3.559%, 4/23/2027		22,994,706
	5,475,000	Bank of America Corp., (fixed rate to 4/24/2027, variable rate thereafter), 3.705%, 4/24/2028		5,173,902

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	18,664,000	Barclays PLC, (fixed rate to 3/10/2041, variable rate thereafter), 3.811%, 3/10/2042	$	13,334,481
	7,864,000	BBVA Bancomer SA, 1.875%, 9/18/2025, 144A		7,175,900
	13,513,000	BNP Paribas SA, (fixed rate to 1/13/2026, variable rate thereafter), 1.323%, 1/13/2027, 144A		11,945,626
	26,613,000	BNP Paribas SA, (fixed rate to 11/19/2024, variable rate thereafter), 2.819%, 11/19/2025, 144A		25,287,722
	1,154,000	Citigroup, Inc., (fixed rate to 5/01/2024, variable rate thereafter), 0.981%, 5/01/2025		1,096,313
	5,040,000	Credit Suisse Group AG, (fixed rate to 11/15/2032, variable rate thereafter), 9.016%, 11/15/2033, 144A		5,971,896
	690,000	Credit Suisse Group AG, (fixed rate to 7/15/2025, variable rate thereafter), 6.373%, 7/15/2026, 144A		666,813
	7,695,000	Credit Suisse Group AG, (fixed rate to 8/11/2027, variable rate thereafter), 6.442%, 8/11/2028, 144A		7,645,675
	9,038,000	Deutsche Bank AG, 1.686%, 3/19/2026		7,900,517
	8,585,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		6,211,322
	6,737,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		5,024,388
	10,680,000	Deutsche Bank AG, (fixed rate to 11/24/2025, variable rate thereafter), 2.129%, 11/24/2026		9,203,744
	12,486,000	Goldman Sachs Group, Inc., 6.750%, 10/01/2037		13,501,095
	3,320,000	Goldman Sachs Group, Inc., (fixed rate to 6/05/2027, variable rate thereafter), 3.691%, 6/05/2028		3,144,820
	1,326,000	HSBC Holdings PLC, 4.950%, 3/31/2030		1,301,686
	13,610,000	HSBC Holdings PLC, (fixed rate to 5/24/2024, variable rate thereafter), 0.976%, 5/24/2025		12,808,225
	4,740,000	Intesa Sanpaolo SpA, (fixed rate to 6/01/2031, variable rate thereafter), 4.198%, 6/01/2032, 144A		3,408,818
	24,590,000	JPMorgan Chase & Co., (fixed rate to 10/15/2029, variable rate thereafter), 2.739%, 10/15/2030		21,466,314
	11,576,000	JPMorgan Chase & Co., (fixed rate to 5/13/2030, variable rate thereafter), 2.956%, 5/13/2031		10,006,428
	14,145,000	Macquarie Bank Ltd., 3.231%, 3/21/2025, 144A		13,727,220
	16,028,000	Morgan Stanley, (fixed rate to 4/05/2023, variable rate thereafter), 0.731%, 4/05/2024		16,023,354
	13,321,000	Morgan Stanley, (fixed rate to 7/22/2027, variable rate thereafter), 3.591%, 7/22/2028		12,582,593
	5,600,000	PNC Financial Services Group, Inc., (fixed rate to 1/24/2033, variable rate thereafter), 5.068%, 1/24/2034		5,524,467
	10,720,000	Santander Holdings USA, Inc., (fixed rate to 1/06/2027, variable rate thereafter), 2.490%, 1/06/2028		9,268,348
	24,503,000	Societe Generale SA, 2.625%, 1/22/2025, 144A		22,961,050
	18,840,000	Standard Chartered PLC, (fixed rate to 1/12/2032, variable rate thereafter), 3.603%, 1/12/2033, 144A		15,144,534
	22,346,000	Standard Chartered PLC, (fixed rate to 1/30/2025, variable rate thereafter), 2.819%, 1/30/2026, 144A		21,058,322
		Banking — continued
	660,000	Standard Chartered PLC, (fixed rate to 3/15/2028, variable rate thereafter), 4.866%, 3/15/2033, 144A		605,976
	5,660,000	Sumitomo Mitsui Financial Group, Inc., 1.474%, 7/08/2025		5,182,919
	10,388,000	Sumitomo Mitsui Financial Group, Inc., 3.040%, 7/16/2029		9,203,509
	15,345,000	UniCredit SpA, (fixed rate to 6/03/2026, variable rate thereafter), 1.982%, 6/03/2027, 144A		13,391,711

				418,398,929

		Building Materials — 0.4%
	14,130,000	American Builders & Contractors Supply Co., Inc., 3.875%, 11/15/2029, 144A		12,048,651
	8,962,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		7,466,368
	9,128,000	Mohawk Industries, Inc., 3.625%, 5/15/2030		8,245,596
	17,000	Summit Materials LLC/Summit Materials Finance Corp., 5.250%, 1/15/2029, 144A		16,065

				27,776,680

		Cable Satellite — 0.7%
	16,255,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		12,713,361
	21,060,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.500%, 4/01/2063		17,089,785
	2,885,000	Time Warner Cable LLC, 4.500%, 9/15/2042		2,215,542
	783,000	Time Warner Cable LLC, 5.500%, 9/01/2041		676,547
	2,245,000	Time Warner Cable LLC, 5.875%, 11/15/2040		2,034,719
	7,162,000	Time Warner Cable LLC, 6.550%, 5/01/2037		7,059,532
	1,707,000	Time Warner Cable LLC, 6.750%, 6/15/2039		1,681,301

				43,470,787

		Chemicals — 1.2%
	1,610,000	Alpek SAB de CV, 3.250%, 2/25/2031, 144A		1,301,782
	20,998,000	Braskem America Finance Co., 7.125%, 7/22/2041, 144A		19,154,375
	6,925,000	Celanese U.S. Holdings LLC, 6.050%, 3/15/2025		6,964,748
	2,795,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		2,825,773
	6,640,000	Celanese U.S. Holdings LLC, 6.379%, 7/15/2032		6,730,894
	6,317,000	Koppers, Inc., 6.000%, 2/15/2025, 144A		6,315,737
	4,410,000	Nutrien Ltd., 5.800%, 3/27/2053		4,542,228
	8,271,000	Orbia Advance Corp. SAB de CV, 5.875%, 9/17/2044, 144A		7,144,076
	9,466,000	Orbia Advance Corp. SAB de CV, 6.750%, 9/19/2042, 144A		9,103,961
	3,830,000	Sociedad Quimica y Minera de Chile SA, 3.500%, 9/10/2051, 144A		2,701,337
	10,424,000	Sociedad Quimica y Minera de Chile SA, 4.250%, 1/22/2050, 144A		8,516,095

				75,301,006

		Collateralized Mortgage Obligations — 0.1%
	204,313	Government National Mortgage Association, Series 2010-H24, Class FA, 1 mo. USD LIBOR + 0.350%, 4.916%, 10/20/2060(b)		202,831
	128,605	Government National Mortgage Association, Series 2012-H18, Class NA, 1 mo. USD LIBOR + 0.520%, 5.086%, 8/20/2062(b)		127,879
	706	Government National Mortgage Association, Series 2013-H01, Class FA, 1.650%, 1/20/2063(c)		620
	8,811	Government National Mortgage Association, Series 2013-H03, Class HA, 1.750%, 12/20/2062(c)		7,795

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	10,173	Government National Mortgage Association, Series 2013-H04, Class BA, 1.650%, 2/20/2063(c)	$	9,259
	84,678	Government National Mortgage Association, Series 2013-H10, Class PA, 2.500%, 4/20/2063(c)		76,932
	6,402,387	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		6,193,141
	6,790	Government National Mortgage Association, Series 2015-H13, Class FL, 1 mo. USD LIBOR + 0.280%, 4.846%, 5/20/2063(b)(c)		6,488

				6,624,945

		Consumer Cyclical Services — 0.0%
	1,791,000	Expedia Group, Inc., 6.250%, 5/01/2025, 144A		1,812,735

		Consumer Products — 0.3%
	2,157,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031, 144A		1,793,145
	5,250,000	Natura & Co.Luxembourg Holdings Sarl, 6.000%, 4/19/2029, 144A		4,567,027
	11,615,000	Natura Cosmeticos SA, 4.125%, 5/03/2028, 144A		9,457,261
	3,225,000	Valvoline, Inc., 3.625%, 6/15/2031, 144A		2,736,606

				18,554,039

		Electric — 1.5%
	3,587,000	AES Corp., 3.300%, 7/15/2025, 144A		3,399,792
	1,609,000	AES Corp., 3.950%, 7/15/2030, 144A		1,440,538
	10,104,000	Calpine Corp., 5.000%, 2/01/2031, 144A		8,553,214
	12,220,000	CenterPoint Energy, Inc., SOFR Index + 0.650%, 5.373%, 5/13/2024(b)		12,108,051
	13,354,000	Clearway Energy Operating LLC, 3.750%, 2/15/2031, 144A		11,517,825
	21,248,458	Cometa Energia SA de CV, 6.375%, 4/24/2035, 144A		20,054,037
	2,415,000	DPL, Inc., 4.350%, 4/15/2029		2,142,974
	852,000	Edison International, 4.950%, 4/15/2025		845,474
	2,811,000	Enel Americas SA, 4.000%, 10/25/2026		2,691,533
	1,348,000	Enel Generacion Chile SA, 4.250%, 4/15/2024		1,317,670
	4,316,000	Entergy Corp., 2.800%, 6/15/2030		3,734,662
	14,622,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 5/01/2023, variable rate thereafter), 4.750%, 4/30/2043		14,091,075
	3,800,000	NRG Energy, Inc., 3.875%, 2/15/2032, 144A		3,040,000
	5,584,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.500%, 8/15/2028, 144A		5,108,487
	7,133,000	Transelec SA, 4.250%, 1/14/2025, 144A		6,881,532
	3,713,000	Transelec SA, 4.625%, 7/26/2023, 144A		3,693,544

				100,620,408

		Finance Companies — 2.2%
	6,365,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, 10/29/2028		5,556,787
	17,650,000	Air Lease Corp., GMTN, 3.750%, 6/01/2026		16,681,831
	20,287,000	Aircastle Ltd., 2.850%, 1/26/2028, 144A		17,455,336
	22,772,000	Ares Capital Corp., 2.150%, 7/15/2026		19,525,036
	15,425,000	Avolon Holdings Funding Ltd., 2.750%, 2/21/2028, 144A		12,874,756
	17,929,000	FS KKR Capital Corp., 3.400%, 1/15/2026		16,088,994
	6,000,000	Navient Corp., 5.000%, 3/15/2027		5,285,371
	6,547,000	Navient Corp., MTN, 6.125%, 3/25/2024		6,459,008
	4,325,000	OneMain Finance Corp., 3.500%, 1/15/2027		3,629,807
	8,215,000	OneMain Finance Corp., 3.875%, 9/15/2028		6,510,387
	4,262,000	Owl Rock Capital Corp., 2.625%, 1/15/2027		3,603,499
	13,397,000	Owl Rock Capital Corp., 3.400%, 7/15/2026		11,828,873
		Finance Companies — continued
	10,958,000	Owl Rock Technology Finance Corp., 3.750%, 6/17/2026, 144A		9,677,684
	5,769,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		4,783,309
	1,155,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		916,897

				140,877,575

		Financial Other — 0.1%
	4,763,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		4,096,180

		Food & Beverage — 0.8%
	6,258,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, 2/01/2046		6,116,021
	12,823,000	Anheuser-Busch InBev Worldwide, Inc., 4.350%, 6/01/2040		11,906,394
	14,008,000	BRF SA, 5.750%, 9/21/2050, 144A		9,361,266
	2,032,000	Gruma SAB de CV, 4.875%, 12/01/2024, 144A		2,023,323
	11,530,000	Minerva Luxembourg SA, 4.375%, 3/18/2031, 144A		9,466,803
	5,634,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		4,958,484
	4,996,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		4,477,665
	1,599,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A		1,275,826

				49,585,782

		Government Owned – No Guarantee — 1.7%
	6,872,000	Antares Holdings LP, 3.950%, 7/15/2026, 144A		5,926,619
	17,141,000	BOC Aviation USA Corp., 1.625%, 4/29/2024, 144A		16,445,937
	3,903,000	Empresa de los Ferrocarriles del Estado, 3.068%, 8/18/2050, 144A		2,429,061
	8,230,000	Freeport Indonesia PT, 5.315%, 4/14/2032, 144A		7,761,795
	6,355,000	Korea National Oil Corp., 4.875%, 4/03/2028, 144A		6,375,918
	16,956,000	NBN Co. Ltd., 1.450%, 5/05/2026, 144A		15,321,557
	6,985,000	OCP SA, 3.750%, 6/23/2031, 144A		5,684,393
	8,950,000	OCP SA, 5.625%, 4/25/2024, 144A		8,888,155
	11,538,000	Saudi Arabian Oil Co., 3.500%, 11/24/2070, 144A		7,773,727
	11,825,000	Tennessee Valley Authority, 4.250%, 9/15/2065		11,103,969
	7,669,000	Tennessee Valley Authority, 4.625%, 9/15/2060		7,674,036
	5,427,000	Tennessee Valley Authority, 4.875%, 1/15/2048		5,545,164
	9,290,000	Tennessee Valley Authority, 5.250%, 9/15/2039		9,914,181

				110,844,512

		Health Insurance — 0.1%
	7,364,000	Centene Corp., 3.375%, 2/15/2030		6,424,678

		Healthcare — 0.2%
	12,395,000	HCA, Inc., 4.625%, 3/15/2052, 144A		10,291,469

		Home Construction — 0.2%
	4,091,000	Forestar Group, Inc., 3.850%, 5/15/2026, 144A		3,680,488
	8,905,000	NVR, Inc., 3.000%, 5/15/2030		7,832,291

				11,512,779

		Independent Energy — 0.7%
	2,626,000	Aker BP ASA, 3.000%, 1/15/2025, 144A		2,529,448
	8,277,000	Devon Energy Corp., 4.500%, 1/15/2030		7,904,992
	11,391,292	Energean Israel Finance Ltd., 4.500%, 3/30/2024, 144A		11,120,749
	1,765,000	EQT Corp., 3.125%, 5/15/2026, 144A		1,632,537
	4,696,000	EQT Corp., 3.900%, 10/01/2027		4,413,864
	601,000	EQT Corp., 5.000%, 1/15/2029		569,852

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	9,078,204	Leviathan Bond Ltd., 6.125%, 6/30/2025, 144A	$	8,816,752
	5,835,000	Pan American Energy LLC, 9.125%, 4/30/2027, 144A		6,239,074

				43,227,268

		Industrial Other — 0.1%
	3,408,000	Georgetown University, Series A, 5.215%, 10/01/2118		3,158,432

		Life Insurance — 0.2%
	13,671,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030		13,202,608
	2,327,000	OneAmerica Financial Partners, Inc., 4.250%, 10/15/2050, 144A		1,691,171

				14,893,779

		Lodging — 0.1%
	6,397,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		5,397,469
	2,240,000	Marriott International, Inc., 4.900%, 4/15/2029		2,220,371

				7,617,840

		Media Entertainment — 0.9%
	54,020,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		1,926,224
	5,553,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 4.250%, 1/15/2029, 144A		4,608,990
	12,303,000	Prosus NV, 3.680%, 1/21/2030, 144A		10,446,631
	13,750,000	Prosus NV, 3.832%, 2/08/2051, 144A		8,815,010
	15,925,000	Warnermedia Holdings, Inc., 3.528%, 3/15/2024, 144A		15,569,235
	19,300,000	Warnermedia Holdings, Inc., 5.391%, 3/15/2062, 144A		15,599,225

				56,965,315

		Metals & Mining — 1.0%
	1,835,000	Anglo American Capital PLC, 2.250%, 3/17/2028, 144A		1,587,850
	3,620,000	Anglo American Capital PLC, 3.875%, 3/16/2029, 144A		3,329,146
	3,322,000	Anglo American Capital PLC, 3.950%, 9/10/2050, 144A		2,543,493
	7,696,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A		7,742,691
	9,977,000	FMG Resources August 2006 Pty. Ltd., 4.375%, 4/01/2031, 144A		8,749,829
	14,428,000	Fresnillo PLC, 4.250%, 10/02/2050, 144A		10,887,802
	24,912,000	Glencore Funding LLC, 2.500%, 9/01/2030, 144A		20,865,046
	5,290,000	POSCO, 5.625%, 1/17/2026, 144A		5,351,901
	3,555,000	SunCoke Energy, Inc., 4.875%, 6/30/2029, 144A		3,095,192

				64,152,950

		Midstream — 0.7%
	568,000	Energy Transfer LP, 5.150%, 2/01/2043		495,306
	125,000	Energy Transfer LP, 5.400%, 10/01/2047		111,116
	4,900,000	Energy Transfer LP, 5.950%, 10/01/2043		4,688,612
	8,548,000	Energy Transfer LP, 6.500%, 2/01/2042		8,865,237
	1,338,000	Energy Transfer LP, 6.625%, 10/15/2036		1,406,370
	275,000	EnLink Midstream LLC, 6.500%, 9/01/2030, 144A		278,083
	2,445,000	EQM Midstream Partners LP, 6.500%, 7/01/2027, 144A		2,369,890
	2,014,000	Gray Oak Pipeline LLC, 2.600%, 10/15/2025, 144A		1,866,506
	982,000	Gray Oak Pipeline LLC, 3.450%, 10/15/2027, 144A		890,177
		Midstream — continued
	12,960,000	Sempra Global, 3.250%, 1/15/2032, 144A		10,825,115
	930,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.500%, 7/15/2027		948,195
	1,570,000	Western Midstream Operating LP, 6.150%, 4/01/2033		1,591,291
	12,346,000	Williams Cos., Inc., 3.500%, 11/15/2030		11,181,801

				45,517,699

		Mortgage Related — 22.1%
	47,590,161	Federal Home Loan Mortgage Corp., 1.500%, with various maturities from 2050 to 2051(d)		36,314,101
	175,425,610	Federal Home Loan Mortgage Corp., 2.000%, with various maturities from 2050 to 2052(d)		144,892,058
	43,373,293	Federal Home Loan Mortgage Corp., 2.500%, with various maturities from 2050 to 2051(d)		37,296,905
	55,588,452	Federal Home Loan Mortgage Corp., 3.000%, with various maturities from 2042 to 2052(d)		50,139,782
	16,311,535	Federal Home Loan Mortgage Corp., 3.500%, with various maturities from 2043 to 2052(d)		15,325,133
	61,586,037	Federal Home Loan Mortgage Corp., 4.000%, with various maturities from 2044 to 2052(d)		58,945,839
	25,375,584	Federal Home Loan Mortgage Corp., 4.500%, with various maturities from 2041 to 2052(d)		24,945,349
	14,231,974	Federal Home Loan Mortgage Corp., 5.000%, with various maturities from 2048 to 2052(d)		14,408,356
	4,007	Federal Home Loan Mortgage Corp., 6.000%, 6/01/2035		4,171
	266,401,567	Federal National Mortgage Association, 2.000%, with various maturities from 2037 to 2052(d)		225,060,173
	484,376,568	Federal National Mortgage Association, 2.500%, with various maturities from 2045 to 2062(d)		408,941,497
	64,253,749	Federal National Mortgage Association, 3.000%, with various maturities from 2045 to 2052(d)		58,264,292
	113,728,960	Federal National Mortgage Association, 3.500%, with various maturities from 2043 to 2052(d)		105,865,414
	38,194,523	Federal National Mortgage Association, 4.000%, with various maturities from 2041 to 2052(d)		36,779,541
	36,241,320	Federal National Mortgage Association, 4.500%, with various maturities from 2043 to 2053(d)		35,651,962
	119,373,429	Federal National Mortgage Association, 5.000%, with various maturities from 2048 to 2052(d)		119,252,366
	3,108,925	Federal National Mortgage Association, 5.500%, 4/01/2050		3,182,822
	1,886,899	Federal National Mortgage Association, 6.000%, with various maturities from 2034 to 2049(d)		1,956,496
	4,528	Federal National Mortgage Association, 6.500%, with various maturities from 2029 to 2031(d)		4,670

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Mortgage Related — continued
$	16,563	Federal National Mortgage Association, 7.000%, with various maturities in 2030(d)	$	16,680
	9,349	Federal National Mortgage Association, 7.500%, with various maturities from 2024 to 2032(d)		9,656
	4,433	Government National Mortgage Association, 3.660%, 7/20/2063(a)		4,342
	1,114	Government National Mortgage Association, 3.890%, 12/20/2062(a)		1,061
	4,729,516	Government National Mortgage Association, 4.388%, with various maturities from 2063 to 2066(a)(d)		4,688,984
	5,346,045	Government National Mortgage Association, 4.389%, 12/20/2066(a)		5,316,649
	17,854	Government National Mortgage Association, 4.390%, 11/20/2062(a)		17,004
	2,459,189	Government National Mortgage Association, 4.421%, 2/20/2066(a)		2,443,766
	2,252	Government National Mortgage Association, 4.422%, 5/20/2063(a)		2,216
	1,204,801	Government National Mortgage Association, 4.447%, 2/20/2066(a)		1,195,354
	1,475,132	Government National Mortgage Association, 4.450%, 6/20/2066(a)		1,468,161
	1,478,146	Government National Mortgage Association, 4.454%, 10/20/2066(a)		1,470,317
	1,698,847	Government National Mortgage Association, 4.491%, 9/20/2066(a)		1,691,154
	2,300,349	Government National Mortgage Association, 4.508%, 12/20/2064(a)		2,281,653
	2,718,917	Government National Mortgage Association, 4.522%, 6/20/2066(a)		2,699,205
	2,585,181	Government National Mortgage Association, 4.526%, 12/20/2064(a)		2,565,321
	1,642,648	Government National Mortgage Association, 4.535%, 6/20/2064(a)		1,629,994
	2,482,259	Government National Mortgage Association, 4.542%, 2/20/2065(a)		2,464,489
	3,515,768	Government National Mortgage Association, 4.594%, 10/20/2064(a)		3,488,348
	1,303,520	Government National Mortgage Association, 4.614%, 4/20/2066(a)		1,295,432
	984,512	Government National Mortgage Association, 4.615%, 1/20/2065(a)		978,449
	1,222,355	Government National Mortgage Association, 4.619%, 3/20/2065(a)		1,216,497
	3,305,089	Government National Mortgage Association, 4.626%, 2/20/2065(a)		3,283,693
	973,384	Government National Mortgage Association, 4.628%, 1/20/2064(a)		967,298
	2,749,142	Government National Mortgage Association, 4.631%, 3/20/2066(a)		2,742,110
	2,427,553	Government National Mortgage Association, 4.654%, 6/20/2064(a)		2,410,185
	2,618	Government National Mortgage Association, 4.657%, 5/20/2063(a)		2,589
	4,295,333	Government National Mortgage Association, 4.659%, 12/20/2066(a)		4,304,462
	243,169	Government National Mortgage Association, 4.673%, 1/20/2064(a)		241,882
	3,411	Government National Mortgage Association, 4.677%, 8/20/2061(a)		3,386
	2,335,531	Government National Mortgage Association, 4.693%, 1/20/2065(a)		2,323,977
		Mortgage Related — continued
	1,271,418	Government National Mortgage Association, 4.700%, with various maturities from 2062 to 2066(a)(d)		1,268,561
	1,855,797	Government National Mortgage Association, 4.723%, 1/20/2064(a)		1,843,948
	79,102	Government National Mortgage Association, 5.500%, 4/15/2038		82,741
	15,529	Government National Mortgage Association, 6.000%, with various maturities from 2029 to 2038(d)		15,960
	16,860	Government National Mortgage Association, 6.500%, with various maturities from 2029 to 2032(d)		17,353
	15,193	Government National Mortgage Association, 7.000%, 9/15/2025		15,226
	1,916	Government National Mortgage Association, 7.500%, with various maturities from 2025 to 2030(d)		1,934

				1,433,700,964

		Natural Gas — 0.0%
	2,701,000	Boston Gas Co., 3.001%, 8/01/2029, 144A		2,389,781

		Non-Agency Commercial Mortgage-Backed Securities — 2.0%
	22,085,000	AOA Mortgage Trust, Series 2021-1177, Class A, 1 mo. USD LIBOR + 0.874%, 5.559%, 10/15/2038, 144A(b)		20,517,716
	1,531,640	BANK, Series 2019-BN16, Class A4, 4.005%, 2/15/2052		1,438,716
	3,409,380	BANK, Series 2019-BN20, Class A3, 3.011%, 9/15/2062		2,993,923
	12,696,152	BANK, Series 2019-BN22, Class A4, 2.978%, 11/15/2062		11,112,929
	6,138,240	BANK, Series 2019-BN24, Class A3, 2.960%, 11/15/2062		5,354,505
	7,135,000	BPR Trust, Series 2021-NRD, Class A, 1 mo. USD SOFR + 1.525%, 6.185%, 12/15/2038, 144A(b)		6,638,821
	14,179,842	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A4, 3.102%, 12/15/2072		12,413,771
	7,070,071	Citigroup Commercial Mortgage Trust, Series 2019-GC43, Class A4, 3.038%, 11/10/2052		6,228,915
	8,877,514	Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class A5, 2.717%, 2/15/2053		7,489,426
	802,377	Commercial Mortgage Trust, Series 2010-C1, Class D, 5.794%, 7/10/2046, 144A(a)		770,728
	2,112,208	Credit Suisse Mortgage Trust, Series 2014-USA, Class A1, 3.304%, 9/15/2037, 144A		1,914,844
	11,367,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		10,324,290
	7,902,276	Extended Stay America Trust, Series 2021-ESH, Class A, 1 mo. USD LIBOR + 1.080%, 5.765%, 7/15/2038, 144A(b)		7,659,459
	1,449,645	Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD LIBOR + 2.250%, 6.935%, 7/15/2038, 144A(b)		1,380,565
	5,627,003	GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.156%, 8/10/2044, 144A(a)		3,268,726
	2,317,554	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(a)		1,918,309

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	6,596,065	GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.911%, 2/13/2053	$	5,713,103
	8,345,208	Med Trust, Series 2021-MDLN, Class A, 1 mo. USD LIBOR + 0.950%, 5.635%, 11/15/2038, 144A(b)		8,032,183
	3,825,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.168%, 8/15/2046(a)		3,785,504
	4,982,141	WFRBS Commercial Mortgage Trust, Series 2011-C4, Class D, 4.846%, 6/15/2044, 144A(a)		4,283,344
	5,245,978	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class AS, 4.176%, 5/15/2047		5,099,247

				128,339,024

		Other REITs — 0.0%
	3,790,000	EPR Properties, 3.600%, 11/15/2031		2,835,395

		Paper — 0.2%
	10,675,000	Klabin Austria GmbH, 7.000%, 4/03/2049, 144A		10,637,637

		Pharmaceuticals — 0.5%
	12,370,000	Amgen, Inc., 5.750%, 3/02/2063		12,835,540
	9,284,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		8,402,020
	7,588,000	Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 1/31/2025		7,743,706
	1,903,000	Viatris, Inc., 4.000%, 6/22/2050		1,251,273

				30,232,539

		Property & Casualty Insurance — 0.1%
	2,585,000	Ascot Group Ltd., 4.250%, 12/15/2030, 144A		2,045,716
	5,865,000	Liberty Mutual Group, Inc., 3.950%, 5/15/2060, 144A		4,086,430

				6,132,146

		Refining — 0.3%
	1,000,000	Thaioil Treasury Center Co. Ltd., 3.750%, 6/18/2050, 144A		645,756
	19,664,000	Thaioil Treasury Center Co. Ltd., 4.875%, 1/23/2043, 144A		15,699,541

				16,345,297

		Retailers — 0.7%
	3,081,000	Alibaba Group Holding Ltd., 3.250%, 2/09/2061		1,935,039
	10,855,000	Dick’s Sporting Goods, Inc., 4.100%, 1/15/2052		7,711,473
	17,825,000	El Puerto de Liverpool SAB de CV, 3.875%, 10/06/2026, 144A		16,862,628
	8,985,000	Falabella SA, 3.375%, 1/15/2032, 144A		6,958,041
	2,037,000	Hanesbrands, Inc., 4.875%, 5/15/2026, 144A		1,930,057
	6,632,000	Lithia Motors, Inc., 4.375%, 1/15/2031, 144A		5,711,810
	2,715,000	Lowe’s Cos., Inc., 5.750%, 7/01/2053		2,766,547
	4,582,000	MercadoLibre, Inc., 3.125%, 1/14/2031		3,610,410

				47,486,005

		Sovereigns — 0.6%
	13,729,000	Dominican Republic International Bonds, 4.875%, 9/23/2032, 144A		11,640,589
	9,930,000	Dominican Republic International Bonds, 5.300%, 1/21/2041, 144A		7,727,839
	6,195,000	Panama Government International Bonds, 6.853%, 3/28/2054		6,351,924
	14,320,000	Republic of South Africa Government International Bonds, 7.300%, 4/20/2052		12,485,322

				38,205,674

		Technology — 1.7%
	2,425,000	Baidu, Inc., 2.375%, 10/09/2030		2,028,391
	4,515,000	Baidu, Inc., 3.075%, 4/07/2025		4,339,141
	3,890,000	Broadcom, Inc., 3.137%, 11/15/2035, 144A		2,991,641
	11,254,000	Corning, Inc., 5.450%, 11/15/2079		10,363,226
	2,133,000	Equifax, Inc., 2.600%, 12/15/2025		1,987,990
	4,324,000	Equifax, Inc., 7.000%, 7/01/2037		4,720,751
	15,011,000	Hewlett Packard Enterprise Co., 6.200%, 10/15/2035		16,096,449
	12,214,000	Iron Mountain, Inc., 4.500%, 2/15/2031, 144A		10,495,857
	5,460,000	Jabil, Inc., 3.000%, 1/15/2031		4,587,624
	6,371,000	Microchip Technology, Inc., 4.333%, 6/01/2023		6,347,646
	6,151,000	Molex Electronic Technologies LLC, 3.900%, 4/15/2025, 144A		5,914,619
	14,161,000	Oracle Corp., 4.100%, 3/25/2061		10,415,802
	4,505,000	Qorvo, Inc., 1.750%, 12/15/2024, 144A		4,182,082
	3,513,000	Sabre Global, Inc., 7.375%, 9/01/2025, 144A		3,138,848
	39,000	Science Applications International Corp., 4.875%, 4/01/2028, 144A		36,314
	4,204,000	Sensata Technologies, Inc., 3.750%, 2/15/2031, 144A		3,678,500
	13,563,000	Tencent Holdings Ltd., 3.290%, 6/03/2060, 144A		8,449,212
	12,407,000	Ziff Davis, Inc., 4.625%, 10/15/2030, 144A		10,704,255

				110,478,348

		Tobacco — 0.4%
	26,019,000	BAT Capital Corp., 2.789%, 9/06/2024		25,082,724

		Treasuries — 31.9%
	5,909,647(††)	Mexico Bonos, Series M, 5.750%, 3/05/2026, (MXN)		29,574,799
	22,800,431(††)	Mexico Bonos, Series M 20, 8.500%, 5/31/2029, (MXN)		124,646,995
	154,795,000	U.S. Treasury Bonds, 1.750%, 8/15/2041		112,081,255
	241,735,000	U.S. Treasury Bonds, 2.000%, 11/15/2041		182,443,825
	2,455,000	U.S. Treasury Bonds, 2.250%, 2/15/2052		1,830,701
	71,990,000	U.S. Treasury Bonds, 2.375%, 2/15/2042		57,890,083
	20,835,000	U.S. Treasury Bonds, 3.000%, 8/15/2052		18,302,245
	46,925,000	U.S. Treasury Bonds, 3.250%, 5/15/2042		43,290,145
	100,130,000	U.S. Treasury Bonds, 3.375%, 8/15/2042		94,012,683
	29,000,000	U.S. Treasury Bonds, 3.625%, 2/15/2053		28,791,562
	97,150,000	U.S. Treasury Notes, 2.750%, 7/31/2027		93,560,004
	182,200,000	U.S. Treasury Notes, 2.750%, 8/15/2032		171,467,281
	1,135,000	U.S. Treasury Notes, 2.875%, 5/15/2032		1,080,112
	175,885,000	U.S. Treasury Notes, 3.125%, 8/31/2029		171,206,185
	25,830,000	U.S. Treasury Notes, 3.500%, 1/31/2028		25,694,796
	21,635,000	U.S. Treasury Notes, 3.500%, 1/31/2030		21,547,108
	51,070,000	U.S. Treasury Notes, 3.500%, 2/15/2033		51,149,797
	83,700,000	U.S. Treasury Notes, 3.625%, 3/31/2028		83,837,320
	1,290,000	U.S. Treasury Notes, 3.625%, 3/31/2030		1,296,047
	34,855,000	U.S. Treasury Notes, 3.875%, 11/30/2027		35,217,165
	33,275,000	U.S. Treasury Notes, 3.875%, 12/31/2027		33,624,647
	175,610,000	U.S. Treasury Notes, 3.875%, 9/30/2029		178,491,102
	30,770,000	U.S. Treasury Notes, 3.875%, 11/30/2029		31,302,465
	60,010,000	U.S. Treasury Notes, 3.875%, 12/31/2029		61,092,993
	15,815,000	U.S. Treasury Notes, 4.125%, 9/30/2027		16,112,767
	19,250,000	U.S. Treasury Notes, 4.125%, 10/31/2027		19,619,209
	235,490,000	U.S. Treasury Notes, 4.125%, 11/15/2032		247,448,477
	43,755,000	U.S. Treasury Notes, 4.500%, 11/30/2024		43,925,918
	3,858,137,000	Uruguay Government International Bonds, 8.250%, 5/21/2031, (UYU)		88,165,104
	93,095,000	Uruguay Government International Bonds, 8.500%, 3/15/2028, (UYU)		2,234,098

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	213,447,000	Uruguay Government International Bonds, 8.500%, 3/15/2028, 144A, (UYU)	$	5,122,310

				2,076,059,198

		Wireless — 0.9%
	6,130,000	America Movil SAB de CV, 2.875%, 5/07/2030		5,408,702
	17,567,000	Bharti Airtel Ltd., 4.375%, 6/10/2025, 144A		17,273,753
	983,000	Crown Castle, Inc., 4.150%, 7/01/2050		786,105
	5,305,000	Empresa Nacional de Telecomunicaciones SA, 3.050%, 9/14/2032, 144A		4,210,844
	7,180,000	Kenbourne Invest SA, 4.700%, 1/22/2028, 144A		4,161,384
	5,452,000	Millicom International Cellular SA, 4.500%, 4/27/2031, 144A		4,378,774
	13,010,000	SBA Communications Corp., 3.125%, 2/01/2029		11,317,920
	14,780,000	Sitios Latinoamerica SAB de CV, 5.375%, 4/04/2032, 144A		13,258,399

				60,795,881

		Wirelines — 0.6%
	18,528,000	AT&T, Inc., 1.700%, 3/25/2026		17,045,757
	7,956,000	AT&T, Inc., 3.500%, 9/15/2053		5,776,438
	2,405,000	AT&T, Inc., 3.550%, 9/15/2055		1,726,330
	1,863,000	AT&T, Inc., 3.650%, 6/01/2051		1,411,100
	11,891,000	AT&T, Inc., 3.650%, 9/15/2059		8,497,241
	7,539,000	AT&T, Inc., 3.800%, 12/01/2057		5,597,029

				40,053,895

		Total Non-Convertible Bonds (Identified Cost $6,338,130,561)		5,834,757,353


	Municipals — 0.1%
		Virginia — 0.1%
	12,785,000	University of Virginia, Revenue Bonds, Series A, 3.227%, 9/01/2119		8,271,427

		Total Municipals (Identified Cost $12,785,000)		8,271,427


		Total Bonds and Notes (Identified Cost $6,350,915,561)		5,843,028,780


	Collateralized Loan Obligations — 2.9%
	4,210,000	AIG CLO LLC, Series 2018-1A, Class A1R, 3 mo. USD LIBOR + 1.120%, 5.928%, 4/20/2032, 144A(b)		4,132,119
	725,000	AIG CLO Ltd., Series 2019-1A, Class BR, 3 mo. USD SOFR + 1.850%, 6.482%, 4/18/2035, 144A(b)		699,472
	2,000,000	AMMC CLO 16 Ltd., Series 2015-16A, Class BR2, 3 mo. USD LIBOR + 1.450%, 6.242%, 4/14/2029, 144A(b)		1,971,960
	1,585,000	AMMC CLO 22 Ltd., Series 2018-22A, Class D, 3 mo. USD LIBOR + 2.700%, 7.518%, 4/25/2031, 144A(b)		1,430,900
	4,275,000	AMMC CLO Ltd., Series 2023-26A, Class D, 3 mo. USD SOFR + 5.750%, 10.893%, 4/15/2036, 144A(b)		4,203,060
	400,000	ARES XXXVII CLO Ltd., Series 2015-4A, Class A3R, 3 mo. USD LIBOR + 1.500%, 6.292%, 10/15/2030, 144A(b)		387,110
	995,142	Atrium XIII, Series 13A, Class A1, 3 mo. USD LIBOR + 1.180%, 5.995%, 11/21/2030, 144A(b)		987,096
	3,000,000	Atrium XV, Series 15A, Class D, 3 mo. USD LIBOR + 3.000%, 7.815%, 1/23/2031, 144A(b)		2,842,319
	2,250,000	Bain Capital Credit CLO Ltd., Series 2023-1A, Class D, 3 mo. USD SOFR + 4.900%, 9.643%, 4/16/2036, 144A(b)		2,161,568
	1,750,000	Bain Capital Credit CLO Ltd., Series 2021-7A, Class D, 3 mo. USD LIBOR + 3.250%, 8.065%, 1/22/2035, 144A(b)		1,564,981
	1,165,000	Bain Capital Credit CLO Ltd., Series 2019-1A, Class CR, 3 mo. USD LIBOR + 2.150%, 6.948%, 4/19/2034, 144A(b)		1,094,753
	420,000	Bain Capital Credit CLO Ltd., Series 2021-4A, Class D, 3 mo. USD LIBOR + 3.100%, 7.908%, 10/20/2034, 144A(b)		366,949
	3,420,000	Balboa Bay Loan Funding Ltd., Series 2023-1A, Class B, 3 mo. USD SOFR + 2.550%, 7.429%, 4/20/2035, 144A(b)		3,406,170
	4,165,000	Balboa Bay Loan Funding Ltd., Series 2021-1A, Class A, 3 mo. USD LIBOR + 1.200%, 6.008%, 7/20/2034, 144A(b)		4,069,843
	1,400,000	Ballyrock CLO Ltd., Series 2019-1A, Class A2R, 3 mo. USD LIBOR + 1.550%, 6.342%, 7/15/2032, 144A(b)		1,361,360
	3,500,000	Barings CLO Ltd., Series 2021-1A, Class D, 3 mo. USD LIBOR + 2.900%, 7.718%, 4/25/2034, 144A(b)		3,244,234
	5,000,000	Battalion CLO X Ltd., Series 2016-10A, Class A1R2, 3 mo. USD LIBOR + 1.170%, 5.986%, 1/25/2035, 144A(b)		4,859,230
	400,000	Battalion CLO XIX Ltd., Series 2021-19A, Class D, 3 mo. USD LIBOR + 3.250%, 8.042%, 4/15/2034, 144A(b)		352,704
	1,675,000	Betony CLO 2 Ltd., Series 2018-1A, Class A2, 3 mo. USD LIBOR + 1.600%, 6.402%, 4/30/2031, 144A(b)		1,622,820
	1,865,000	BlueMountain CLO XXIX Ltd., Series 2020-29A, Class BR, 3 mo. USD LIBOR + 1.750%, 6.568%, 7/25/2034, 144A(b)		1,789,523
	2,400,000	Buttermilk Park CLO Ltd., Series 2018-1A, Class C, 3 mo. USD LIBOR + 2.100%, 6.892%, 10/15/2031, 144A(b)		2,260,625
	2,035,000	Carbone CLO Ltd., Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.140%, 5.948%, 1/20/2031, 144A(b)		2,013,256
	3,570,000	CARLYLE U.S. CLO Ltd., Series 2021-1A, Class C, 3 mo. USD LIBOR + 2.800%, 7.592%, 4/15/2034, 144A(b)		3,282,629
	2,020,000	CarVal CLO II Ltd., Series 2019-1A, Class DR, 3 mo. USD LIBOR + 3.200%, 8.008%, 4/20/2032, 144A(b)		1,838,134
	3,515,000	CarVal CLO III Ltd., Series 2019-2A, Class DR, 3 mo. USD LIBOR + 2.950%, 7.758%, 7/20/2032, 144A(b)		3,188,804
	525,000	Cayuga Park CLO Ltd., Series 2020-1A, Class B1R, 3 mo. USD LIBOR + 1.650%, 6.442%, 7/17/2034, 144A(b)		505,840
	1,000,000	CIFC Funding Ltd., Series 2015-4A, Class CR2, 3 mo. USD LIBOR + 3.000%, 7.808%, 4/20/2034, 144A(b)		929,999
	2,165,000	CIFC Funding Ltd., Series 2012-2RA, Class A2, 3 mo. USD LIBOR + 1.250%, 6.058%, 1/20/2028, 144A(b)		2,125,023
	540,000	CIFC Funding Ltd., Series 2019-3A, Class CR, 3 mo. USD LIBOR + 3.050%, 7.842%, 10/16/2034, 144A(b)		512,712

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
$	2,500,000	CIFC Funding Ltd., Series 2019-5A, Class CR, 3 mo. USD LIBOR + 3.150%, 7.942%, 1/15/2035, 144A(b)	$	2,348,957
	1,935,000	CIFC Funding Ltd., Series 2020-1A, Class BR, 3 mo. USD LIBOR + 1.650%, 6.442%, 7/15/2036, 144A(b)		1,877,418
	4,500,000	CIFC Funding Ltd., Series 2020-3A, Class DR, 3 mo. USD LIBOR + 3.100%, 7.908%, 10/20/2034, 144A(b)		4,236,826
	7,190,000	CIFC Funding Ltd., Series 2021-7A, Class D, 3 mo. USD LIBOR + 3.000%, 7.815%, 1/23/2035, 144A(b)		6,518,828
	7,655,000	Crown City CLO III, Series 2021-1A, Class A1A, 3 mo. USD LIBOR + 1.170%, 5.978%, 7/20/2034, 144A(b)		7,418,568
	752,008	Dryden 30 Senior Loan Fund, Series 2013-30A, Class AR, 3 mo. USD LIBOR + 0.820%, 5.684%, 11/15/2028, 144A(b)		744,969
	5,450,000	Dryden 78 CLO Ltd., Series 2020-78A, Class A, 3 mo. USD LIBOR + 1.180%, 5.972%, 4/17/2033, 144A(b)		5,347,071
	4,520,000	Elmwood CLO III Ltd., Series 2019-3A, Class AR, 3 mo. USD LIBOR + 1.160%, 5.968%, 10/20/2034, 144A(b)		4,403,587
	2,700,000	Elmwood CLO IV Ltd., Series 2020-1A, Class A, 3 mo. USD LIBOR + 1.240%, 6.032%, 4/15/2033, 144A(b)		2,659,333
	1,750,000	Fortress Credit BSL XII Ltd., Series 2021-4A, Class D, 3 mo. USD LIBOR + 3.650%, 8.442%, 10/15/2034, 144A(b)		1,578,317
	500,000	Generate CLO 9 Ltd., Series 9A,Class A, 3 mo. USD LIBOR + 1.200%, 6.008%, 10/20/2034, 144A(b)		484,490
	1,650,000	Gilbert Park CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 2.950%, 7.742%, 10/15/2030, 144A(b)		1,518,365
	1,518,000	Greywolf CLO VI Ltd., Series 2018-1A, Class A2, 3 mo. USD SOFR + 1.890%, 6.556%, 4/26/2031, 144A(b)		1,487,698
	2,575,000	Hayfin U.S. XII Ltd., Series 2018-9A, Class BR, 3 mo. USD LIBOR + 1.800%, 6.602%, 4/28/2031, 144A(b)		2,497,792
	5,000,000	Invesco U.S. CLO Ltd., Series 2023-2A, Class D, 3 mo. USD SOFR + 4.950% 9.806%, 4/21/2036, 144A(b)		4,963,575
	2,000,000	LCM XX LP, Series 20A, Class BR, 3 mo. USD LIBOR + 1.550%, 6.358%, 10/20/2027, 144A(b)		1,971,864
	1,190,000	Long Point Park CLO Ltd., Series 2017-1A, Class A2, 3 mo. USD LIBOR + 1.375%, 6.167%, 1/17/2030, 144A(b)		1,152,717
	3,155,000	Madison Park Funding LIX Ltd., Series 2021-59A, Class A, 3 mo. USD LIBOR + 1.140%, 5.935%, 1/18/2034, 144A(b)		3,097,636
	1,650,000	Madison Park Funding XLVI Ltd., Series 2020-46A, Class DR, 3 mo. USD LIBOR + 3.150%, 7.942%, 10/15/2034, 144A(b)		1,564,806
	475,000	Madison Park Funding XXXV Ltd., Series 2019-35A, Class CR, 3 mo. USD LIBOR + 1.900%, 6.708%, 4/20/2032, 144A(b)		457,509
	1,250,000	Magnetite XXI Ltd., Series 2019-21A, Class BR, 3 mo. USD LIBOR + 1.350%, 6.158%, 4/20/2034, 144A(b)		1,206,486
	4,320,000	Magnetite XXIII Ltd., Series 2019-23A, Class DR, 3 mo. USD LIBOR + 3.050%, 7.868%, 1/25/2035, 144A(b)		3,990,193
	1,900,000	Magnetite XXX Ltd., Series 2021-30A, Class D, 3 mo. USD LIBOR + 2.950%, 7.768%, 10/25/2034, 144A(b)		1,790,714
	465,000	MP CLO VIII Ltd., Class ARR, Series 2015-2A, 3 mo. USD LIBOR + 1.200%, 6.002%, 4/28/2034, 144A(b)		454,312
	650,000	Neuberger Berman CLO XIV Ltd., Series 2013-14A, Class CR2, 3 mo. USD LIBOR + 1.900%, 6.702%, 1/28/2030, 144A(b)		612,035
	3,410,000	Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class B, 3 mo. USD LIBOR + 1.400%, 6.192%, 4/16/2033, 144A(b)		3,320,794
	2,745,000	NYACK Park CLO Ltd., Series 2021-1A, Class D, 3 mo. USD LIBOR + 2.800%, 7.608%, 10/20/2034, 144A(b)		2,515,603
	1,150,000	OCP CLO Ltd., Series 2021-21A, Class D, 3 mo. USD LIBOR + 2.950%, 7.758%, 7/20/2034, 144A(b)		1,015,191
	4,385,000	Octagon Investment Partners 32 Ltd., Series 2017-1A, Class CR, 3 mo. USD LIBOR + 2.050%, 6.842%, 7/15/2029, 144A(b)		4,150,517
	7,630,000	OHA Credit Funding 8 Ltd., Series 2021-8A, Class B1, 3 mo. USD LIBOR + 1.500%, 6.295%, 1/18/2034, 144A(b)		7,443,561
	720,000	OHA Credit Partners VII Ltd., Series 2012-7A, Class D1R3, 3 mo. USD LIBOR + 2.900%, 7.815%, 2/20/2034, 144A(b)		683,379
	5,395,000	OHA Credit Partners XIII Ltd., Series 2016-13A, Class DR, 3 mo. USD LIBOR + 3.200%, 8.015%, 10/25/2034, 144A(b)		5,044,869
	470,000	OZLM Funding IV Ltd., Series 2013-4A, Class A2R, 3 mo. USD LIBOR + 1.700%, 6.515%, 10/22/2030, 144A(b)		459,990
	260,000	Palmer Square CLO Ltd., Series 2015-2A, Class BR2, 3 mo. USD LIBOR + 1.950%, 6.758%, 7/20/2030, 144A(b)		246,562
	1,500,000	Palmer Square Loan Funding Ltd., Series 2021-4A, Class A2, 3 mo. USD LIBOR + 1.400%, 6.192%, 10/15/2029, 144A(b)		1,457,292
	2,120,000	Palmer Square Loan Funding Ltd., Series 2020-4A, Class C, 3 mo. USD LIBOR + 3.600%, 8.558%, 11/25/2028, 144A(b)		2,102,679
	415,000	Palmer Square Loan Funding Ltd., Series 2020-1A, Class A2, 3 mo. USD LIBOR + 1.350%, 6.025%, 2/20/2028, 144A(b)		411,884
	1,000,000	Palmer Square Loan Funding Ltd., Series 2021-1A, Class B, 3 mo. USD LIBOR + 1.800%, 6.608%, 4/20/2029, 144A(b)		972,868
	750,000	Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2, 3 mo. USD LIBOR + 1.400%, 6.208%, 7/20/2029, 144A(b)		731,922
	1,450,000	Post CLO Ltd., Series 2021-1A, Class A, 3 mo. USD LIBOR + 1.200%, 5.992%, 10/15/2034, 144A(b)		1,412,752
	5,670,000	Post CLO Ltd., Series 2021-1A, Class B, 3 mo. USD LIBOR + 1.750%, 6.542%, 10/15/2034, 144A(b)		5,454,642
	1,245,000	Post CLO Ltd., Series 2022-1A, Class B, 3 mo. USD SOFR + 1.900%, 6.539%, 4/20/2035, 144A(b)		1,201,770
	3,730,000	PPM CLO 5 Ltd., Series 2021-5A, Class B, 3 mo. USD LIBOR + 1.700%, 6.495%, 10/18/2034, 144A(b)		3,561,432

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
$	3,250,000	Riserva CLO Ltd., Series 2016-3A, Class DRR, 3 mo. USD LIBOR + 3.250%, 8.045%, 1/18/2034, 144A(b)	$	2,989,129
	1,495,000	Rockford Tower CLO Ltd., Series 2017-1A, Class BR2A, 3 mo. USD LIBOR + 1.650%, 6.458%, 4/20/2034, 144A(b)		1,417,800
	2,750,000	RR 26 Ltd., Series 2023-26A, Class A1, 3 mo. USD SOFR + 1.780%, 6.512%, 4/15/2038, 144A(b)		2,743,823
	1,000,000	Signal Peak CLO Ltd., Series 2022-12A, Class B1, 3 mo. USD SOFR + 2.600%, 7.232%, 7/18/2034, 144A(b)		968,085
	1,000,000	Silver Creek CLO Ltd., Series 2014-1A, Class DR, 3 mo. USD LIBOR + 3.350%, 8.158%, 7/20/2030, 144A(b)		948,708
	400,000	Symphony CLO XIV Ltd., Series 2014-14A, Class CR, 3 mo. USD LIBOR + 2.100%, 6.892%, 7/14/2026, 144A(b)		397,470
	1,085,000	THL Credit Wind River CLO Ltd., Series 2017-4A, Class B, 3 mo. USD LIBOR + 1.450%, 6.365%, 11/20/2030, 144A(b)		1,062,581
	3,500,000	TICP CLO V Ltd., Series 2016-5A, Class CR, 3 mo. USD LIBOR + 2.200%, 6.992%, 7/17/2031, 144A(b)		3,385,802
	5,000,000	Trestles CLO IV Ltd., Series 2021-4A, Class A, 3 mo. USD LIBOR + 1.170%, 5.985%, 7/21/2034, 144A(b)		4,891,090
	1,000,000	Trinitas CLO XVI Ltd., Series 2021-16A, Class A1, 3 mo. USD LIBOR + 1.180%, 5.988%, 7/20/2034, 144A(b)		975,133
	500,000	Trinitas CLO XVIII Ltd., Series 2021-18A, Class A1, 3 mo. USD LIBOR + 1.170%, 5.978%, 1/20/2035, 144A(b)		486,542
	250,000	Wind River CLO Ltd., Series 2021-3A, Class A, 3 mo. USD LIBOR + 1.150%, 5.958%, 7/20/2033, 144A(b)		242,338

		Total Collateralized Loan Obligations (Identified Cost $190,955,916)		186,285,467


	Short-Term Investments — 6.5%
	72,330,000	Federal Home Loan Bank Discount Notes, 4.200%-4.300%, 4/10/2023(e)(f)		72,266,629
	105,588,538	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2023 at 2.100% to be repurchased at $105,607,016 on 4/03/2023 collateralized by $110,475,200 U.S. Treasury Note, 2.875% due 6/15/2025 valued at $107,700,394 including accrued interest (Note 2 of Notes to Financial Statements)		105,588,538
	32,550,000	U.S. Treasury Bills, 4.434%, 5/09/2023(e)		32,404,094
	68,220,000	U.S. Treasury Bills, 4.450%-4.648%, 5/16/2023(e)(f)(g)		67,849,549
	10,370,000	U.S. Treasury Bills, 4.487%, 4/06/2023(e)		10,366,010
	40,540,000	U.S. Treasury Bills, 4.500%-4.505%, 4/11/2023(e)(f)		40,498,739
	68,800,000	U.S. Treasury Bills, 4.580%, 4/17/2023(e)		68,674,249
	25,880,000	U.S. Treasury Bills, 4.727%, 6/01/2023(e)		25,687,544

		Total Short-Term Investments (Identified Cost $423,301,621)		423,335,352


		Total Investments — 99.3% (Identified Cost $6,965,173,098)		6,452,649,599
		Other assets less liabilities — 0.7%		48,721,636

		Net Assets — 100.0%	$	6,501,371,235


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2023 is disclosed.
	(b)	Variable rate security. Rate as of March 31, 2023 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(e)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(f)	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.
	(g)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the value of Rule 144A holdings amounted to $1,467,922,020 or 22.6% of net assets.
	ABS	Asset-Backed Securities
	EMTN	Euro Medium Term Note
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts
	SOFR	Secured Overnight Financing Rate

	MXN	Mexican Peso
	UYU	Uruguayan Peso

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

At March 31, 2023, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
2 Year U.S. Treasury Note		6/30/2023		828	$	169,217,555	$	170,943,188	$	1,725,633
5 Year U.S. Treasury Note		6/30/2023		4,474		480,015,776		489,937,955		9,922,179
10 Year U.S. Treasury Note		6/21/2023		2,831		316,220,330		325,343,828		9,123,498
Ultra 10 Year U.S. Treasury Note		6/21/2023		1,583		184,523,804		191,765,610		7,241,806
Ultra Long U.S. Treasury Bond		6/21/2023		528		71,528,604		74,514,000		2,985,396

Total									$	30,998,512

Industry Summary at March 31, 2023 (Unaudited)


Treasuries	31.9	%
Mortgage Related	22.1
Banking	6.4
ABS Car Loan	2.7
Finance Companies	2.2
Non-Agency Commercial Mortgage-Backed Securities	2.0
Other Investments, less than 2% each	22.6
Short-Term Investments	6.5
Collateralized Loan Obligations	2.9

Total Investments	99.3
Other assets less liabilities (including futures contracts)	0.7

Net Assets	100.0	%

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Credit Income Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 86.5% of Net Assets
	Non-Convertible Bonds — 81.7%
		Aerospace & Defense — 2.1%
$	20,000	Boeing Co., 2.250%, 6/15/2026	$	18,385
	20,000	Boeing Co., 2.950%, 2/01/2030		17,650
	10,000	Boeing Co., 3.200%, 3/01/2029		9,135
	5,000	Boeing Co., 3.375%, 6/15/2046		3,547
	220,000	Boeing Co., 3.625%, 2/01/2031		201,588
	45,000	Boeing Co., 5.150%, 5/01/2030		45,281
	20,000	Huntington Ingalls Industries, Inc., 4.200%, 5/01/2030		18,719
	125,000	Textron, Inc., 3.000%, 6/01/2030		111,670
	20,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		20,018
	10,000	TransDigm, Inc., 6.750%, 8/15/2028, 144A		10,100

				456,093

		Airlines — 0.3%
	68,534	American Airlines Pass-Through Trust, Series 2016-3, Class A, 3.250%, 4/15/2030		59,274
	10,853	United Airlines Pass-Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		10,465

				69,739

		Apartment REITs — 0.0%
	10,000	American Homes 4 Rent LP, 2.375%, 7/15/2031		7,969

		Automotive — 1.2%
	60,000	Allison Transmission, Inc., 3.750%, 1/30/2031, 144A		51,191
	70,000	General Motors Co., 5.200%, 4/01/2045		58,963
	40,000	General Motors Co., 6.250%, 10/02/2043		38,448
	5,000	General Motors Financial Co., Inc., 3.100%, 1/12/2032		4,074
	90,000	General Motors Financial Co., Inc., 6.000%, 1/09/2028		92,116
	5,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(a)		4,303

				249,095

		Banking — 12.2%
	40,000	Ally Financial, Inc., 2.200%, 11/02/2028		31,852
	65,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(a)		46,638
	50,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(a)		33,350
	40,000	American Express Co., 5.850%, 11/05/2027		41,967
	270,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		261,534
	200,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		156,871
	215,000	Citigroup, Inc., 4.450%, 9/29/2027		208,485
	250,000	Credit Agricole SA, (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033, 144A		226,205
	250,000	Credit Suisse Group AG, (fixed rate to 8/12/2032, variable rate thereafter), 6.537%, 8/12/2033, 144A		257,470
	150,000	Deutsche Bank AG, (fixed rate to 9/18/2030, variable rate thereafter), 3.547%, 9/18/2031		123,026
	120,000	Goldman Sachs Group, Inc., (fixed rate to 1/24/2024, variable rate thereafter), 1.757%, 1/24/2025		116,139
	390,000	Morgan Stanley, 3.625%, 1/20/2027		375,351
	20,000	Morgan Stanley, (fixed rate to 1/19/2033, variable rate thereafter), 5.948%, 1/19/2038		19,888
	80,000	Morgan Stanley, (fixed rate to 1/21/2027, variable rate thereafter), 2.475%, 1/21/2028		73,070
	200,000	NatWest Group PLC, (fixed rate to 6/14/2026, variable rate thereafter), 1.642%, 6/14/2027		176,337
	115,000	Santander Holdings USA, Inc., 3.244%, 10/05/2026		104,169
	200,000	Societe Generale SA, (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035, 144A		156,620
	200,000	Standard Chartered PLC, (fixed rate to 4/01/2030, variable rate thereafter), 4.644%, 4/01/2031, 144A		185,792

				2,594,764

		Brokerage — 0.9%
	15,000	Jefferies Financial Group, Inc., 6.250%, 1/15/2036		15,433
	180,000	Jefferies Financial Group, Inc., 6.500%, 1/20/2043		184,444

				199,877

		Building Materials — 1.0%
	260,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		216,610

		Cable Satellite — 5.0%
	125,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		102,437
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		101,400
	35,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 2/01/2032, 144A		29,395
	25,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A		23,625
	10,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.500%, 5/01/2026, 144A		9,725
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.300%, 2/01/2032		3,810
	20,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.800%, 4/01/2031		16,099
	90,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.950%, 6/30/2062		57,027
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 4/01/2033		4,437
	150,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.800%, 3/01/2050		114,329
	200,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		98,620
	200,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		101,277
	15,000	Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		13,586
	155,000	DISH DBS Corp., 5.125%, 6/01/2029		82,537
	175,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		139,632
	15,000	DISH DBS Corp., 5.750%, 12/01/2028, 144A		11,194
	200,000	Time Warner Cable LLC, 4.500%, 9/15/2042		153,590

				1,062,720

		Chemicals — 1.5%
	15,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		15,165
	10,000	Celanese U.S. Holdings LLC, 6.379%, 7/15/2032		10,137
	70,000	CF Industries, Inc., 4.500%, 12/01/2026, 144A		68,152
	15,000	FMC Corp., 3.450%, 10/01/2029		13,590
	60,000	Hercules LLC, 6.500%, 6/30/2029		56,588
	200,000	Orbia Advance Corp. SAB de CV, 2.875%, 5/11/2031, 144A		157,328

				320,960

		Construction Machinery — 0.7%
	90,000	Caterpillar Financial Services Corp., MTN, 0.950%, 1/10/2024		87,271
	20,000	John Deere Capital Corp., MTN, 0.900%, 1/10/2024		19,396
	35,000	John Deere Capital Corp., MTN, 1.250%, 1/10/2025		33,134

				139,801

		Consumer Cyclical Services — 2.5%
	10,000	Expedia Group, Inc., 2.950%, 3/15/2031		8,344
	195,000	Expedia Group, Inc., 3.250%, 2/15/2030		168,987
	50,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		43,232
	325,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		296,156

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)


Principal Amount		Description	Value (†)
		Consumer Cyclical Services — continued
$	25,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A	$	25,778

				542,497

		Electric — 0.9%
	15,000	AES Corp., 2.450%, 1/15/2031		12,212
	5,000	AES Corp., 3.950%, 7/15/2030, 144A		4,477
	60,000	Calpine Corp., 3.750%, 3/01/2031, 144A		50,608
	20,000	IPALCO Enterprises, Inc., 4.250%, 5/01/2030		18,413
	25,000	NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025		25,433
	35,000	NRG Energy, Inc., 4.450%, 6/15/2029, 144A		31,735
	15,000	Pacific Gas & Electric Co., 5.450%, 6/15/2027		14,842
	15,000	Southern California Edison Co., 5.300%, 3/01/2028		15,376
	20,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A		18,459

				191,555

		Finance Companies — 6.5%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.875%, 1/23/2028		138,359
	30,000	Air Lease Corp., 3.125%, 12/01/2030		25,452
	120,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		102,650
	40,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(a)		33,219
	125,000	Aircastle Ltd., 4.125%, 5/01/2024		122,375
	15,000	Aircastle Ltd., Series A (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(a)		10,944
	40,000	Ares Capital Corp., 2.875%, 6/15/2028		32,892
	60,000	Ares Capital Corp., 3.200%, 11/15/2031		45,749
	35,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		31,124
	35,000	Aviation Capital Group LLC, 6.250%, 4/15/2028, 144A		35,031
	30,000	Barings BDC, Inc., 3.300%, 11/23/2026		26,551
	115,000	Blackstone Secured Lending Fund, 2.125%, 2/15/2027		95,929
	40,000	FS KKR Capital Corp., 3.125%, 10/12/2028		32,732
	75,000	Hercules Capital, Inc., 3.375%, 1/20/2027		64,345
	60,000	Navient Corp., 5.000%, 3/15/2027		52,854
	30,000	Oaktree Specialty Lending Corp., 2.700%, 1/15/2027		25,634
	10,000	OneMain Finance Corp., 7.125%, 3/15/2026		9,613
	50,000	Owl Rock Capital Corp., 2.625%, 1/15/2027		42,275
	50,000	Owl Rock Capital Corp., 2.875%, 6/11/2028		40,542
	60,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		49,739
	140,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		125,300
	75,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		64,391
	160,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		132,662
	60,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		47,631

				1,387,993

		Financial Other — 0.9%
	30,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		25,800
	115,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		107,906
	35,000	Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031, 144A		27,148
	200,000	Times China Holdings Ltd., 6.200%, 3/22/2026		30,044

				190,898

		Food & Beverage — 1.5%
	30,000	Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.250%, 4/27/2029, 144A		27,882
		Food & Beverage — continued
	20,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.000%, 2/02/2029, 144A		17,037
	10,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032		8,138
	10,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031		8,820
	50,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		49,700
	60,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		53,775
	190,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A		151,599

				316,951

		Gaming — 0.9%
	20,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		16,227
	55,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		54,450
	5,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		5,010
	85,000	VICI Properties LP/VICI Note Co., Inc., 3.875%, 2/15/2029, 144A		75,575
	20,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		18,660
	5,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A		4,703
	5,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		4,834
	10,000	VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A		9,913

				189,372

		Health Insurance — 0.7%
	90,000	Centene Corp., 2.500%, 3/01/2031		72,882
	35,000	Centene Corp., 2.625%, 8/01/2031		28,361
	20,000	Centene Corp., 3.000%, 10/15/2030		16,842
	5,000	Centene Corp., 4.625%, 12/15/2029		4,701
	25,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		21,010

				143,796

		Healthcare — 1.6%
	75,000	Cigna Group, 4.375%, 10/15/2028		73,903
	85,595	CVS Pass-Through Trust, Series 2014, 4.163%, 8/11/2036, 144A		77,119
	5,000	Encompass Health Corp., 4.750%, 2/01/2030		4,546
	165,000	HCA, Inc., 4.125%, 6/15/2029		154,561
	30,000	Tenet Healthcare Corp., 4.625%, 6/15/2028		27,671

				337,800

		Home Construction — 0.5%
	75,000	MDC Holdings, Inc., 3.966%, 8/06/2061		45,022
	60,000	PulteGroup, Inc., 6.000%, 2/15/2035		60,708

				105,730

		Independent Energy — 3.4%
	150,000	Aker BP ASA, 4.000%, 1/15/2031, 144A		136,206
	147,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		114,145
	103,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		98,981
	20,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		17,343
	25,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		22,312
	40,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		34,950
	10,000	EQT Corp., 3.125%, 5/15/2026, 144A		9,250
	30,000	EQT Corp., 3.625%, 5/15/2031, 144A		26,004
	45,000	EQT Corp., 3.900%, 10/01/2027		42,296
	10,000	EQT Corp., 5.000%, 1/15/2029		9,482
	10,000	EQT Corp., 5.700%, 4/01/2028		9,989
	60,000	EQT Corp., 7.000%, 2/01/2030		62,801
	30,000	Occidental Petroleum Corp., 5.550%, 3/15/2026		30,225
	5,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		5,816

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)


Principal Amount		Description	Value (†)
		Independent Energy — continued
$	45,000	Ovintiv Exploration, Inc., 5.375%, 1/01/2026	$	45,077
	50,000	Ovintiv, Inc., 6.500%, 8/15/2034		50,548
	5,000	Southwestern Energy Co., 4.750%, 2/01/2032		4,415

				719,840

		Industrial Other — 0.1%
	20,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		16,713

		Leisure — 1.0%
	40,000	Carnival Corp., 5.750%, 3/01/2027, 144A		32,813
	30,000	Carnival Corp., 6.000%, 5/01/2029, 144A		23,850
	50,000	Carnival Corp., 9.875%, 8/01/2027, 144A		51,505
	30,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		25,533
	25,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		23,311
	10,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		8,102
	60,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		52,973

				218,087

		Life Insurance — 1.0%
	50,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		43,183
	55,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		51,113
	95,000	Athene Global Funding, 2.550%, 11/19/2030, 144A		74,128
	30,000	Athene Holding Ltd., 3.500%, 1/15/2031		24,934
	30,000	CNO Financial Group, Inc., 5.250%, 5/30/2029		28,986

				222,344

		Lodging — 1.3%
	60,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		50,625
	40,000	Hilton Domestic Operating Co., Inc., 4.000%, 5/01/2031, 144A		35,021
	10,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		8,540
	25,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		22,205
	5,000	Hyatt Hotels Corp., 5.625%, 4/23/2025		4,974
	3,000	Marriott International, Inc., Series EE, 5.750%, 5/01/2025		3,020
	25,000	Marriott International, Inc., Series FF, 4.625%, 6/15/2030		24,272
	20,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		17,036
	20,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		17,025
	45,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		39,024
	75,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		64,185

				285,927

		Media Entertainment — 2.0%
	85,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		67,150
	75,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		61,312
	20,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		14,550
	10,000	Netflix, Inc., 4.875%, 4/15/2028		9,950
	135,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		134,399
	5,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		5,080
	5,000	Netflix, Inc., 5.875%, 11/15/2028		5,254
	15,000	Netflix, Inc., 6.375%, 5/15/2029		16,060
	15,000	Warnermedia Holdings, Inc., 4.054%, 3/15/2029, 144A		13,949
	60,000	Warnermedia Holdings, Inc., 4.279%, 3/15/2032, 144A		53,537
	45,000	Warnermedia Holdings, Inc., 6.412%, 3/15/2026		45,227

				426,468

		Metals & Mining — 3.2%
	200,000	Anglo American Capital PLC, 4.500%, 3/15/2028, 144A		192,462
	20,000	ArcelorMittal SA, 7.000%, 10/15/2039		21,015
	25,000	ATI, Inc., 5.875%, 12/01/2027		24,423
	200,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		192,806
	45,000	FMG Resources August 2006 Pty. Ltd., 4.375%, 4/01/2031, 144A		39,465
	10,000	Freeport-McMoRan, Inc., 4.250%, 3/01/2030		9,251
	10,000	Freeport-McMoRan, Inc., 4.625%, 8/01/2030		9,445
	135,000	Glencore Funding LLC, 3.875%, 10/27/2027, 144A		127,826
	20,000	Glencore Funding LLC, 4.000%, 3/27/2027, 144A		19,258
	35,000	Novelis Corp., 4.750%, 1/30/2030, 144A		32,158
	10,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		8,276

				676,385

		Midstream — 2.6%
	5,000	Cheniere Energy Partners LP, 4.500%, 10/01/2029		4,645
	55,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		46,378
	10,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		9,844
	65,000	Enbridge, Inc., 5.700%, 3/08/2033		67,609
	55,000	Energy Transfer LP, 4.000%, 10/01/2027		52,415
	35,000	Energy Transfer LP, 5.750%, 2/15/2033		35,846
	5,000	EnLink Midstream LLC, 6.500%, 9/01/2030, 144A		5,056
	30,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		23,909
	35,000	EQM Midstream Partners LP, 5.500%, 7/15/2028		31,791
	15,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		13,397
	15,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		14,848
	80,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		77,533
	15,000	Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030		13,367
	10,000	Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		7,459
	25,000	Targa Resources Corp., 6.125%, 3/15/2033		25,888
	15,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032		13,118
	5,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		4,678
	60,000	Valero Energy Partners LP, 4.500%, 3/15/2028		59,206
	10,000	Western Midstream Operating LP, 4.300%, 2/01/2030		9,103
	20,000	Western Midstream Operating LP, 5.300%, 3/01/2048		16,946
	5,000	Western Midstream Operating LP, 5.450%, 4/01/2044		4,360
	10,000	Western Midstream Operating LP, 5.500%, 2/01/2050		8,485
	5,000	Western Midstream Operating LP, 6.150%, 4/01/2033		5,068

				550,949

		Office REITs — 0.0%
	10,000	Corporate Office Properties LP, 2.750%, 4/15/2031		7,409

		Other REITs — 0.1%
	15,000	EPR Properties, 3.600%, 11/15/2031		11,222

		Paper — 0.2%
	45,000	Suzano Austria GmbH, 3.750%, 1/15/2031		39,162

		Pharmaceuticals — 2.4%
	155,000	Astrazeneca Finance LLC, 4.875%, 3/03/2028		159,464
	65,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		38,350
	55,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		20,900
	5,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		1,986
	50,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		45,401
	85,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		76,925

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)


Principal Amount		Description	Value (†)
		Pharmaceuticals — continued
$	250,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046	$	166,574

				509,600

		Property & Casualty Insurance — 1.1%
	175,000	Fidelity National Financial, Inc., 2.450%, 3/15/2031		140,235
	65,000	SiriusPoint Ltd., 4.600%, 11/01/2026, 144A		54,600
	55,000	Stewart Information Services Corp., 3.600%, 11/15/2031		43,244

				238,079

		Restaurants — 0.7%
	125,000	1011778 BC ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		115,394
	45,000	Yum! Brands, Inc., 4.625%, 1/31/2032		41,850

				157,244

		Retail REITs — 0.8%
	115,000	Brixmor Operating Partnership LP, 4.050%, 7/01/2030		103,821
	75,000	SITE Centers Corp., 3.625%, 2/01/2025		70,960

				174,781

		Retailers — 0.2%
	30,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		25,941
	10,000	Tapestry, Inc., 3.050%, 3/15/2032		8,124

				34,065

		Technology — 7.4%
	20,000	Arrow Electronics, Inc., 6.125%, 3/01/2026		20,046
	105,000	Avnet, Inc., 6.250%, 3/15/2028		106,877
	20,000	Broadcom, Inc., 3.137%, 11/15/2035, 144A		15,381
	30,000	Broadcom, Inc., 4.150%, 11/15/2030		27,822
	55,000	Broadcom, Inc., 4.300%, 11/15/2032		50,674
	10,000	CDW LLC/CDW Finance Corp., 2.670%, 12/01/2026		8,995
	10,000	CDW LLC/CDW Finance Corp., 3.250%, 2/15/2029		8,795
	30,000	CDW LLC/CDW Finance Corp., 3.276%, 12/01/2028		26,511
	95,000	CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031		81,712
	20,000	CDW LLC/CDW Finance Corp., 4.250%, 4/01/2028		18,638
	130,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		95,052
	60,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		50,011
	65,000	Entegris Escrow Corp., 4.750%, 4/15/2029, 144A		61,451
	5,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		4,450
	35,000	Flex Ltd., 6.000%, 1/15/2028		35,861
	5,000	Gartner, Inc., 3.625%, 6/15/2029, 144A		4,462
	25,000	Global Payments, Inc., 2.900%, 5/15/2030		21,169
	20,000	Global Payments, Inc., 2.900%, 11/15/2031		16,379
	15,000	Global Payments, Inc., 5.300%, 8/15/2029		14,813
	30,000	Global Payments, Inc., 5.400%, 8/15/2032		29,414
	60,000	Iron Mountain, Inc., 5.250%, 7/15/2030, 144A		54,101
	35,000	Jabil, Inc., 1.700%, 4/15/2026		31,424
	35,000	Leidos, Inc., 5.750%, 3/15/2033		35,772
	30,000	Marvell Technology, Inc., 2.450%, 4/15/2028		26,274
	25,000	Marvell Technology, Inc., 2.950%, 4/15/2031		20,876
	265,000	Micron Technology, Inc., 4.663%, 2/15/2030		254,427
	25,000	MSCI, Inc., 3.250%, 8/15/2033, 144A		20,474
	5,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.400%, 6/01/2027		4,940
	15,000	Open Text Corp., 6.900%, 12/01/2027, 144A		15,474
	35,000	Open Text Holdings, Inc., 4.125%, 2/15/2030, 144A		30,025
	60,000	Oracle Corp., 3.950%, 3/25/2051		45,149
	30,000	Oracle Corp., 6.150%, 11/09/2029		31,954
	60,000	Qorvo, Inc., 3.375%, 4/01/2031, 144A		49,636
	55,000	S&P Global, Inc., 4.250%, 5/01/2029		54,145
	60,000	TD SYNNEX Corp., 1.750%, 8/09/2026		52,564
		Technology — continued
	50,000	Trimble, Inc., 6.100%, 3/15/2033		50,475
	35,000	Verisk Analytics, Inc., 4.125%, 3/15/2029		33,465
	20,000	Verisk Analytics, Inc., 5.750%, 4/01/2033		20,995
	30,000	Western Digital Corp., 2.850%, 2/01/2029		24,373
	30,000	Western Digital Corp., 4.750%, 2/15/2026		28,784

				1,583,840

		Treasuries — 10.3%
	135,000	U.S. Treasury Bonds, 1.125%, 8/15/2040		89,232
	255,000	U.S. Treasury Bonds, 1.875%, 2/15/2051		174,167
	155,000	U.S. Treasury Bonds, 2.250%, 2/15/2052		115,584
	415,000	U.S. Treasury Bonds, 3.250%, 5/15/2042		382,854
	420,000	U.S. Treasury Notes, 0.125%, 4/30/2023		418,552
	805,000	U.S. Treasury Notes, 0.250%, 9/30/2023		787,705
	230,000	U.S. Treasury Notes, 1.500%, 2/29/2024(b)		223,558

				2,191,652

		Wireless — 3.0%
	95,000	American Tower Corp., 5.500%, 3/15/2028		96,855
	80,000	Crown Castle, Inc., 2.500%, 7/15/2031		67,238
	70,000	SBA Communications Corp., 3.125%, 2/01/2029		60,896
	130,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		118,519
	65,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		58,446
	265,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		248,653

				650,607

		Total Non-Convertible Bonds (Identified Cost $20,002,525)		17,438,594


	Convertible Bonds — 4.8%
		Airlines — 0.5%
	20,000	JetBlue Airways Corp., 0.500%, 4/01/2026		15,340
	85,000	Southwest Airlines Co., 1.250%, 5/01/2025		96,560

				111,900

		Cable Satellite — 1.0%
	40,000	DISH Network Corp., Zero Coupon, 0.000%-8.380%, 12/15/2025(c)		21,142
	350,000	DISH Network Corp., 3.375%, 8/15/2026		180,250

				201,392

		Consumer Cyclical Services — 0.3%
	5,000	Peloton Interactive, Inc., Zero Coupon, 0.798%, 2/15/2026(d)		3,779
	65,000	Uber Technologies, Inc., Zero Coupon, 0.000%-5.152%, 12/15/2025(c)		57,093

				60,872

		Electric — 0.0%
	5,000	PPL Capital Funding, Inc., 2.875%, 3/15/2028, 144A		5,018

		Gaming — 0.1%
	10,000	Penn Entertainment, Inc., 2.750%, 5/15/2026		14,370

		Healthcare — 0.5%
	140,000	Teladoc Health, Inc., 1.250%, 6/01/2027		107,981

		Independent Energy — 0.1%
	20,000	Northern Oil & Gas, Inc., 3.625%, 4/15/2029, 144A		21,350

		Leisure — 0.1%
	40,000	NCL Corp. Ltd., 1.125%, 2/15/2027		28,661

		Media Entertainment — 0.3%
	30,000	Bilibili, Inc., 0.500%, 12/01/2026		26,114
	30,000	Snap, Inc., Zero Coupon, 6.709%-6.954%, 5/01/2027(c)		21,855
	25,000	Spotify USA, Inc., Zero Coupon, 5.189%-5.777%, 3/15/2026(c)		20,925

				68,894

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)


Principal Amount		Description	Value (†)
		Pharmaceuticals — 1.3%
$	195,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027	$	203,386
	15,000	Guardant Health, Inc., Zero Coupon, 0.000%, 11/15/2027(d)		10,055
	25,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026(d)		22,688
	40,000	Livongo Health, Inc., 0.875%, 6/01/2025		35,542

				271,671

		Technology — 0.6%
	25,000	Nutanix, Inc., 0.250%, 10/01/2027		20,834
	60,000	Splunk, Inc., 1.125%, 6/15/2027		51,270
	40,000	Unity Software, Inc., Zero Coupon, 7.084%-8.213%, 11/15/2026(c)		30,980
	5,000	Wolfspeed, Inc., 0.250%, 2/15/2028		4,165
	15,000	Wolfspeed, Inc., 1.875%, 12/01/2029, 144A		13,283

				120,532

		Total Convertible Bonds (Identified Cost $1,324,878)		1,012,641


		Total Bonds and Notes (Identified Cost $21,327,403)		18,451,235


	Collateralized Loan Obligations — 3.3%
	250,000	AIMCO CLO 14 Ltd., Series 2021-14A, Class D, 3 mo. USD LIBOR + 2.900%, 7.708%, 4/20/2034, 144A(e)		233,328
	250,000	Fillmore Park CLO Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 2.900%, 7.692%, 7/15/2030, 144A(e)		230,051
	250,000	Recette CLO Ltd., Series 2015-1A, Class DRR, 3 mo. USD LIBOR + 3.250%, 8.058%, 4/20/2034, 144A(e)		230,724

		Total Collateralized Loan Obligations (Identified Cost $750,000)		694,103


Shares
	Preferred Stocks — 1.0%
	Convertible Preferred Stocks — 1.0%
		Banking — 0.9%
	97	Bank of America Corp., Series L, 7.250%(a)		113,273
	83	Wells Fargo & Co., Class A, Series L, 7.500%(a)		97,629

				210,902

		Technology — 0.1%
	273	Clarivate PLC, Series A, 5.250%		11,212

		Total Convertible Preferred Stocks (Identified Cost $281,607)		222,114


		Total Preferred Stocks (Identified Cost $281,607)		222,114

Principal Amount		Description	Value (†)
	Short-Term Investments — 8.5%
$	130,029	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2023 at 2.100% to be repurchased at $130,052 on 4/03/2023 collateralized by $136,100 U.S. Treasury Note, 2.875% due 6/15/2025 valued at $132,682 including accrued interest (Note 2 of Notes to Financial Statements)		130,029
	1,690,000	U.S. Treasury Bills, 4.409%-4.535%, 4/27/2023(f)(g)		1,684,817

		Total Short-Term Investments (Identified Cost $1,814,516)		1,814,846


		Total Investments — 99.3% (Identified Cost $24,173,526)		21,182,298
		Other assets less liabilities — 0.7%		158,146

		Net Assets — 100.0%	$	21,340,444


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Perpetual bond with no specified maturity date.
	(b)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
	(c)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
	(d)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(e)	Variable rate security. Rate as of March 31, 2023 is disclosed.
	(f)	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.
	(g)	Interest rate represents discount rate at time of purchase; not a coupon rate.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the value of Rule 144A holdings amounted to $7,027,971 or 32.9% of net assets.
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

At March 31, 2023, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
2 Year U.S. Treasury Note		6/30/2023		4	$	825,246	$	825,813	$	567
10 Year U.S. Treasury Note		6/21/2023		5		558,604		574,610		16,006
30 Year U.S. Treasury Bond		6/21/2023		23		2,899,941		3,016,593		116,652
Ultra Long U.S. Treasury Bond		6/21/2023		8		1,090,032		1,129,000		38,968

Total									$	172,193

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Credit Income Fund – (continued)

At March 31, 2023, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		6/21/2023		12	$	1,409,527	$	1,453,688	$	(44,161	)

Industry Summary at March 31, 2023 (Unaudited)


Banking	13.1	%
Treasuries	10.3
Technology	8.1
Finance Companies	6.5
Cable Satellite	6.0
Pharmaceuticals	3.7
Independent Energy	3.5
Metals & Mining	3.2
Wireless	3.0
Consumer Cyclical Services	2.8
Midstream	2.6
Media Entertainment	2.3
Aerospace & Defense	2.1
Healthcare	2.1
Other Investments, less than 2% each	18.2
Short-Term Investments	8.5
Collateralized Loan Obligations	3.3

Total Investments	99.3
Other assets less liabilities (including futures contracts)	0.7

Net Assets	100.0	%

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Global Allocation Fund


Shares		Description	Value (†)
	Common Stocks — 68.4% of Net Assets
		France — 5.1%
	364,397	Dassault Systemes SE	$	15,031,752
	88,376	LVMH Moet Hennessy Louis Vuitton SE		81,121,064
	404,697	Vinci SA		46,395,403

				142,548,219

		Japan — 1.7%
	1,986,161	Nomura Research Institute Ltd.		46,451,735

		Netherlands — 3.2%
	132,384	ASML Holding NV		90,212,806

		Sweden — 2.4%
	5,271,979	Atlas Copco AB, Class A		66,787,249

		Taiwan — 1.8%
	2,948,000	Taiwan Semiconductor Manufacturing Co. Ltd.		51,662,538

		United Kingdom — 0.8%
	786,651	Halma PLC		21,716,662

		United States — 53.4%
	256,452	Accenture PLC, Class A		73,296,546
	84,608	Adobe, Inc.(a)		32,605,385
	624,643	Airbnb, Inc., Class A(a)		77,705,589
	779,732	Alphabet, Inc., Class A(a)		80,881,600
	841,129	Amazon.com, Inc.(a)		86,880,215
	60,583	BlackRock, Inc.		40,537,297
	109,862	Costco Wholesale Corp.		54,587,132
	287,089	Cummins, Inc.		68,579,820
	263,893	Danaher Corp.		66,511,592
	166,654	Diamondback Energy, Inc.		22,526,621
	162,344	Estee Lauder Cos., Inc., Class A		40,011,302
	128,367	Goldman Sachs Group, Inc.		41,990,129
	227,525	Home Depot, Inc.		67,147,178
	285,719	IQVIA Holdings, Inc.(a)		56,826,652
	336,898	JPMorgan Chase & Co.		43,901,178
	235,726	Linde PLC		83,786,450
	211,526	Mastercard, Inc., Class A		76,870,664
	34,530	Mettler-Toledo International, Inc.(a)		52,838,151
	274,485	NIKE, Inc., Class B		33,662,841
	190,803	NVIDIA Corp.		52,999,349
	123,190	Roper Technologies, Inc.		54,288,601
	229,254	S&P Global, Inc.		79,039,902
	386,976	Salesforce, Inc.(a)		77,310,065
	91,003	Schneider Electric SE		15,208,765
	189,187	Texas Instruments, Inc.		35,190,674
	127,722	UnitedHealth Group, Inc.		60,360,140
	614,625	Zions Bancorp N.A.		18,395,726

				1,493,939,564

		Total Common Stocks (Identified Cost $1,706,630,299)		1,913,318,773


Principal Amount (‡)
	Bonds and Notes — 28.4%
	Non-Convertible Bonds — 26.2%
		Australia — 1.0%
$	2,990,000	AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028		2,658,456
	10,700,000	Australia Government Bonds, Series 164, 0.500%, 9/21/2026, (AUD)		6,577,273
	670,000	GAIF Bond Issuer Pty. Ltd., 3.400%, 9/30/2026, 144A		626,731
	3,560,000	Glencore Funding LLC, 1.625%, 9/01/2025, 144A		3,289,867
		Australia — continued
	5,000,000	Macquarie Group Ltd., (fixed rate to 1/14/2032, variable rate thereafter), 2.871%, 1/14/2033, 144A		4,049,693
	4,000,000	Macquarie Group Ltd., (fixed rate to 9/23/2026, variable rate thereafter), 1.629%, 9/23/2027, 144A		3,514,991
	11,610,000	New South Wales Treasury Corp., 2.000%, 3/08/2033, (AUD)		6,443,457
	95,000	Sydney Airport Finance Co. Pty. Ltd., 3.375%, 4/30/2025, 144A		91,736

				27,252,204

		Belgium — 0.1%
	2,745,000	Anheuser-Busch InBev SA, EMTN, 2.000%, 1/23/2035, (EUR)		2,465,872

		Brazil — 0.8%
	1,035,000	Braskem Netherlands Finance BV, 4.500%, 1/10/2028		944,748
	1,785,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030		1,515,984
	2,685,000	Brazil Government International Bonds, 4.500%, 5/30/2029		2,540,285
	1,085,000	Brazil Government International Bonds, 4.625%, 1/13/2028		1,060,195
	53,329(††)	Brazil Notas do Tesouro Nacional, Series NTNF, 10.000%, 1/01/2031, (BRL)		9,206,028
	650,000	Centrais Eletricas Brasileiras SA, 4.625%, 2/04/2030, 144A		544,375
	1,100,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		1,063,562
	575,000	Raizen Fuels Finance SA, 5.300%, 1/20/2027, 144A		555,945
	2,515,000	Suzano Austria GmbH, 2.500%, 9/15/2028		2,140,894
	1,185,000	Suzano Austria GmbH, 3.125%, 1/15/2032		969,647
	550,000	Suzano Austria GmbH, 3.750%, 1/15/2031		478,642

				21,020,305

		Canada — 1.2%
	790,000	1011778 BC ULC/New Red Finance, Inc., 4.000%, 10/15/2030, 144A		677,425
	339,847	Air Canada Pass-Through Trust, Series 2015-2, Class A, 4.125%, 6/15/2029, 144A		300,051
	688,792	Air Canada Pass-Through Trust, Series 2017-1, Class AA, 3.300%, 7/15/2031, 144A		604,491
	505,000	Antares Holdings LP, 3.750%, 7/15/2027, 144A		426,973
	1,210,000	Antares Holdings LP, 3.950%, 7/15/2026, 144A		1,043,540
	2,835,000	Bell Telephone Co. of Canada/Bell Canada, MTN, 3.600%, 9/29/2027, (CAD)		2,020,286
	1,735,000	Brookfield Finance I U.K. PLC/Brookfield Finance, Inc., 2.340%, 1/30/2032		1,379,667
	1,015,000	Brookfield Finance, Inc., 3.900%, 1/25/2028		943,579
	2,715,000	Brookfield Renewable Partners ULC, MTN, 4.250%, 1/15/2029, (CAD)		1,956,186
	2,465,000	Canadian Pacific Railway Co., 1.750%, 12/02/2026		2,234,364
	800,000	CPPIB Capital, Inc., 0.375%, 6/20/2024, 144A, (EUR)		836,323
	4,695,000	Enbridge Gas, Inc., MTN, 2.900%, 4/01/2030, (CAD)		3,202,709
	4,770,000	Enbridge, Inc., MTN, 2.990%, 10/03/2029, (CAD)		3,193,553

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Canada — continued
	2,965,000	Federation des Caisses Desjardins du Quebec, (fixed rate to 5/26/2025, variable rate thereafter), 2.856%, 5/26/2030, (CAD)	$	2,079,668
	156,798	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)		113,543
	4,670,000	Ontario Power Generation, Inc., MTN, 2.977%, 9/13/2029, (CAD)		3,196,955
	705,000	Open Text Corp., 6.900%, 12/01/2027, 144A		727,278
	2,960,000	Shaw Communications, Inc., 3.300%, 12/10/2029, (CAD)		1,993,001
	2,735,000	Toronto-Dominion Bank, 1.950%, 1/12/2027		2,448,339
	1,675,000	Toronto-Dominion Bank, MTN, 1.150%, 6/12/2025		1,541,825
	1,580,000	Videotron Ltd., 5.125%, 4/15/2027, 144A		1,525,048

				32,444,804

		Chile — 0.6%
	575,000	Antofagasta PLC, 2.375%, 10/14/2030		458,235
	975,000	Antofagasta PLC, 5.625%, 5/13/2032		969,540
	2,525,000	Banco Santander Chile, 3.177%, 10/26/2031, 144A		2,113,602
	950,000	Celulosa Arauco y Constitucion SA, 4.500%, 8/01/2024		930,615
	1,005,000	Chile Government International Bonds, 2.550%, 1/27/2032		857,911
	2,580,000	Colbun SA, 3.150%, 3/06/2030		2,192,406
	1,960,000	Corp. Nacional del Cobre de Chile, 3.000%, 9/30/2029, 144A		1,751,719
	595,000	Empresa Nacional de Telecomunicaciones SA, 3.050%, 9/14/2032, 144A		472,281
	1,980,000	Empresa Nacional del Petroleo, 3.450%, 9/16/2031, 144A		1,642,133
	525,000	Enel Chile SA, 4.875%, 6/12/2028		511,901
	2,690,000	Engie Energia Chile SA, 3.400%, 1/28/2030		2,195,813
	800,000	Inversiones CMPC SA, 4.375%, 5/15/2023, 144A		797,760
	1,120,000	Transelec SA, 4.250%, 1/14/2025, 144A		1,080,515

				15,974,431

		China — 0.2%
	920,000	Alibaba Group Holding Ltd., 3.400%, 12/06/2027		867,612
	795,000	Baidu, Inc., 3.875%, 9/29/2023		789,952
	1,450,000	BOC Aviation Ltd., 3.250%, 4/29/2025, 144A		1,389,139
	860,000	BOC Aviation USA Corp., 1.625%, 4/29/2024, 144A		825,127
	625,000	Tencent Holdings Ltd., 2.880%, 4/22/2031, 144A		542,194
	1,175,000	Tencent Holdings Ltd., 3.280%, 4/11/2024, 144A		1,154,271
	1,270,000	Weibo Corp., 3.500%, 7/05/2024		1,235,846

				6,804,141

		Colombia — 0.5%
	1,395,000	Colombia Government International Bonds, 3.125%, 4/15/2031		1,062,717
	575,000	Colombia Government International Bonds, 3.875%, 4/25/2027		521,271
	1,280,000	Colombia Government International Bonds, 7.500%, 2/02/2034		1,256,126
	7,073,300,000	Colombian TES, Series B, 6.250%, 11/26/2025, (COP)		1,359,511
	29,559,900,000	Colombian TES, Series B, 7.500%, 8/26/2026, (COP)		5,706,728
	2,536,000	Ecopetrol SA, 5.875%, 5/28/2045		1,760,618
		Colombia — continued
	1,300,000	Empresas Publicas de Medellin ESP, 4.250%, 7/18/2029, 144A		995,265

				12,662,236

		Czech — 0.1%
	1,525,000	CEZ AS, EMTN, 0.875%, 12/02/2026, (EUR)		1,466,592
	1,120,000	CEZ AS, EMTN, 3.000%, 6/05/2028, (EUR)		1,127,669

				2,594,261

		Denmark — 0.1%
	2,055,000	Orsted AS, EMTN, 2.125%, 5/17/2027, (GBP)		2,290,952

		Dominican Republic — 0.2%
	2,160,000	Dominican Republic International Bonds, 4.500%, 1/30/2030, 144A		1,878,084
	1,155,000	Dominican Republic International Bonds, 4.875%, 9/23/2032, 144A		979,305
	590,000	Dominican Republic International Bonds, 5.950%, 1/25/2027, 144A		582,678
	995,000	Dominican Republic International Bonds, 6.000%, 7/19/2028, 144A		972,652
	425,000	Dominican Republic International Bonds, 8.625%, 4/20/2027, 144A		443,522

				4,856,241

		Ecuador — 0.1%
	4,275,000	Ecuador Government International Bonds, (Step to 6.000% on 7/31/2023), 5.500%, 7/31/2030(b)		1,987,193

		France — 0.1%
	205,000	BNP Paribas SA, 4.375%, 5/12/2026, 144A		194,454
	890,000	BNP Paribas SA, (fixed rate to 6/09/2025, variable rate thereafter), 2.219%, 6/09/2026, 144A		817,361
	1,410,000	Electricite de France SA, 4.875%, 9/21/2038, 144A		1,258,119
	1,400,000	Engie SA, 1.250%, 10/24/2041, (EUR)		945,406
	1,015,000	Societe Generale SA, 4.750%, 11/24/2025, 144A		949,368

				4,164,708

		Germany — 0.3%
	1,635,000	Deutsche Bank AG, (fixed rate to 1/07/2027, variable rate thereafter), 2.552%, 1/07/2028		1,387,504
	305,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		220,670
	2,255,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		1,681,757
	3,220,000	Fraport AG Frankfurt Airport Services Worldwide, 1.875%, 3/31/2028, (EUR)		3,089,452
	3,790,000	Kreditanstalt fuer Wiederaufbau, EMTN, 1.250%, 8/28/2023, (NOK)		358,392
	1,450,000	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026, 144A		1,347,465
	2,100,000	Vonovia SE, EMTN, 0.750%, 9/01/2032, (EUR)		1,458,752

				9,543,992

		Guatemala — 0.1%
	1,050,000	CT Trust, 5.125%, 2/03/2032, 144A		877,580
	1,035,000	Millicom International Cellular SA, 6.625%, 10/15/2026		988,129

				1,865,709

		India — 0.4%
	2,480,000	Adani Ports & Special Economic Zone Ltd., 4.200%, 8/04/2027		1,965,400

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		India — continued
$	2,940,000	Bharti Airtel Ltd., 3.250%, 6/03/2031	$	2,539,328
	2,790,000	Export-Import Bank of India, 2.250%, 1/13/2031, 144A		2,232,044
	1,250,000	Power Finance Corp. Ltd., 3.950%, 4/23/2030, 144A		1,109,500
	2,400,000	Shriram Finance Ltd., 4.150%, 7/18/2025, 144A		2,214,000
	2,420,000	Shriram Finance Ltd., 4.400%, 3/13/2024		2,338,325

				12,398,597

		Indonesia — 0.3%
	1,475,000	Indonesia Government International Bonds, 2.850%, 2/14/2030		1,336,232
	300,000	Indonesia Government International Bonds, 4.125%, 1/15/2025, 144A		298,052
	50,092,000,000	Indonesia Treasury Bonds, Series FR75, 7.500%, 5/15/2038, (IDR)		3,476,658
	43,840,000,000	Indonesia Treasury Bonds, Series FR82, 7.000%, 9/15/2030, (IDR)		2,986,891

				8,097,833

		Ireland — 0.3%
	3,245,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/30/2032		2,688,247
	1,250,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		1,234,204
	3,710,000	Ireland Government Bonds, Zero Coupon, 0.029%, 10/18/2031, (EUR)(c)		3,185,562

				7,108,013

		Israel — 1.0%
	2,750,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		2,497,082
	4,570,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		4,135,850
	17,791,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		11,854,058
	2,700,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		2,520,254
	510,000	Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/09/2029		461,913
	4,415,000	Teva Pharmaceutical Finance Netherlands III BV, 7.875%, 9/15/2029		4,619,194
	3,170,000	Teva Pharmaceutical Finance Netherlands III BV, 8.125%, 9/15/2031		3,327,552

				29,415,903

		Italy — 0.6%
	200,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		189,497
	575,000	Intesa Sanpaolo SpA, EMTN, 0.625%, 2/24/2026, (EUR)		562,568
	6,965,000	Italy Buoni Poliennali Del Tesoro, 1.350%, 4/01/2030, (EUR)		6,430,028
	3,305,000	Italy Buoni Poliennali Del Tesoro, 2.000%, 2/01/2028, (EUR)		3,344,427
	2,370,000	Italy Buoni Poliennali Del Tesoro, 2.500%, 11/15/2025, (EUR)		2,518,217
	1,975,000	Republic of Italy Government International Bonds, 2.375%, 10/17/2024		1,886,508
	830,000	UniCredit SpA, (fixed rate to 4/02/2029, variable rate thereafter), 7.296%, 4/02/2034, 144A		765,757
	1,460,000	UniCredit SpA, (fixed rate to 6/19/2027, variable rate thereafter), 5.861%, 6/19/2032, 144A		1,293,137
		Italy — continued
	200,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		164,753

				17,154,892

		Japan — 0.6%
	1,036,830,200(†††)	Japan Government CPI Linked Bonds, Series 23, 0.100%, 3/10/2028, (JPY)		8,078,141
	2,375,000	Mitsubishi UFJ Financial Group, Inc., (fixed rate to 1/19/2027, variable rate thereafter), 2.341%, 1/19/2028		2,132,666
	2,020,000	Mizuho Financial Group, Inc., 2.564%, 9/13/2031		1,590,514
	2,000,000	Nomura Holdings, Inc., 1.851%, 7/16/2025		1,830,313
	2,385,000	Nomura Holdings, Inc., 2.710%, 1/22/2029		2,024,280
	1,200,000	Sumitomo Mitsui Financial Group, Inc., 5.766%, 1/13/2033		1,253,240

				16,909,154

		Korea — 0.8%
	1,060,000	Kia Corp., 2.750%, 2/14/2027, 144A		973,165
	1,515,000	Korea East-West Power Co. Ltd., 1.750%, 5/06/2025, 144A		1,421,210
	2,400,000	Korea National Oil Corp., 2.125%, 4/18/2027, 144A		2,175,576
	4,500,000,000	Korea Treasury Bonds, Series 2312, 0.875%, 12/10/2023, (KRW)		3,402,140
	4,500,000,000	Korea Treasury Bonds, Series 2509, 1.125%, 9/10/2025, (KRW)		3,280,203
	13,130,550,000	Korea Treasury Bonds, Series 3012, 1.500%, 12/10/2030, (KRW)		8,824,488
	770,000	Shinhan Bank Co. Ltd., 3.875%, 3/24/2026, 144A		732,855
	2,765,000	SK Hynix, Inc., 2.375%, 1/19/2031, 144A		2,070,446
	200,000	SK Hynix, Inc., 6.375%, 1/17/2028, 144A		201,147
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		149,324

				23,230,554

		Luxembourg — 0.1%
	920,000	ArcelorMittal SA, 6.750%, 3/01/2041		932,524
	1,905,000	Blackstone Property Partners Europe Holdings Sarl, EMTN, 1.625%, 4/20/2030, (EUR)		1,431,209
	280,000	Logicor Financing Sarl, EMTN, 0.875%, 1/14/2031, (EUR)		188,529
	1,490,000	Logicor Financing Sarl, EMTN, 1.625%, 1/17/2030, (EUR)		1,124,680
	100,000	Logicor Financing Sarl, EMTN, 2.000%, 1/17/2034, (EUR)		64,548

				3,741,490

		Mexico — 1.7%
	620,000	Alfa SAB de CV, 6.875%, 3/25/2044		602,992
	770,000	America Movil SAB de CV, 2.125%, 3/10/2028, (EUR)		769,404
	860,000	America Movil SAB de CV, 2.875%, 5/07/2030		758,807
	730,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.375%, 4/17/2025, 144A		725,985
	1,460,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		1,216,346
	855,000	Cemex SAB de CV, 5.450%, 11/19/2029		804,942

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Mexico — continued
$	400,000	Cemex SAB de CV, 7.375%, 6/05/2027, 144A	$	413,860
	810,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(d)		725,314
	1,775,000	Coca-Cola Femsa SAB de CV, 2.750%, 1/22/2030		1,573,988
	800,000	Gruma SAB de CV, 4.875%, 12/01/2024		796,584
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		356,576
	1,515,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031		1,259,441
	840,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031, 144A		698,304
	1,707,184(††††)	Mexico Bonos, Series M, 5.750%, 3/05/2026, (MXN)		8,543,594
	724,558(††††)	Mexico Bonos, Series M 20, 7.500%, 6/03/2027, (MXN)		3,810,926
	1,294,043(††††)	Mexico Bonos, Series M 20, 8.500%, 5/31/2029, (MXN)		7,074,365
	637,836(††††)	Mexico Bonos, Series M 30, 8.500%, 11/18/2038, (MXN)		3,378,301
	2,665,000	Mexico Government International Bonds, 3.250%, 4/16/2030		2,385,890
	1,880,000	Mexico Government International Bonds, 3.500%, 2/12/2034		1,593,882
	196,000	Mexico Government International Bonds, 4.000%, 3/15/2115, (EUR)		150,728
	810,000	Mexico Government International Bonds, 4.875%, 5/19/2033		774,873
	1,850,000	Orbia Advance Corp. SAB de CV, 1.875%, 5/11/2026, 144A		1,657,174
	1,240,000	Orbia Advance Corp. SAB de CV, 4.000%, 10/04/2027		1,156,300
	3,505,000	Petroleos Mexicanos, 5.950%, 1/28/2031		2,682,384
	100,000	Sigma Alimentos SA de CV, 2.625%, 2/07/2024, 144A, (EUR)		106,694
	835,000	Sigma Alimentos SA de CV, 4.125%, 5/02/2026		794,871
	2,090,000	Sigma Finance Netherlands BV, 4.875%, 3/27/2028		2,035,660
	1,010,000	Unifin Financiera SAB de CV, 7.250%, 9/27/2023(e)		27,775
	2,195,000	Unifin Financiera SAB de CV, 9.875%, 1/28/2029(e)		54,875

				46,930,835

		Netherlands — 0.1%
	870,000	Cooperatieve Rabobank U.A., 4.375%, 8/04/2025		841,969
	1,725,000	ING Groep NV, (fixed rate to 7/01/2025, variable rate thereafter), 1.400%, 7/01/2026, 144A		1,572,817

				2,414,786

		New Zealand — 0.5%
	5,000,000	Fonterra Co-operative Group Ltd., MTN, 5.500%, 2/26/2024, (AUD)		3,382,218
	3,575,000	New Zealand Government Bonds, Series 429, 3.000%, 4/20/2029, (NZD)		2,087,850
	10,700,000	New Zealand Government Bonds, Series 524, 0.500%, 5/15/2024, (NZD)		6,372,005
	6,310,000	New Zealand Government Bonds, Series 531, 1.500%, 5/15/2031, (NZD)		3,211,724

				15,053,797

		Norway — 0.7%
	3,660,000	DNB Bank ASA, (fixed rate to 5/25/2026, variable rate thereafter), 1.535%, 5/25/2027, 144A		3,251,902
	2,790,000	Equinor ASA, 3.625%, 4/06/2040		2,398,121
	16,500,000	Norway Government Bonds, Series 478, 1.500%, 2/19/2026, 144A, (NOK)		1,510,780
	41,750,000	Norway Government Bonds, Series 479, 1.750%, 2/17/2027, 144A, (NOK)		3,810,927
	36,610,000	Norway Government Bonds, Series 480, 2.000%, 4/26/2028, 144A, (NOK)		3,338,476
	46,500,000	Norway Government Bonds, Series 482, 1.375%, 8/19/2030, 144A, (NOK)		3,974,063
	455,000	Var Energi ASA, 8.000%, 11/15/2032, 144A		484,252

				18,768,521

		Paraguay — 0.1%
	1,420,000	Paraguay Government International Bonds, 4.950%, 4/28/2031, 144A		1,375,426
	800,000	Paraguay Government International Bonds, 5.000%, 4/15/2026, 144A		793,104

				2,168,530

		Peru — 0.1%
	3,220,000	Corp. Financiera de Desarrollo SA, 2.400%, 9/28/2027, 144A		2,745,887
	1,050,000	Transportadora de Gas del Peru SA, 4.250%, 4/30/2028, 144A		1,005,785

				3,751,672

		Philippines — 0.0%
	1,060,000	Philippines Government International Bonds, 2.457%, 5/05/2030		918,829

		Poland — 0.3%
	26,400,000	Republic of Poland Government Bonds, Series 1030, 1.250%, 10/25/2030, (PLN)		4,388,889
	12,970,000	Republic of Poland Government Bonds, Series 725, 3.250%, 7/25/2025, (PLN)		2,827,559

				7,216,448

		Portugal — 0.1%
	3,590,000	EDP Finance BV, 1.710%, 1/24/2028, 144A		3,056,741

		Qatar — 0.1%
	1,770,000	Ooredoo International Finance Ltd., 2.625%, 4/08/2031, 144A		1,532,926
	1,600,000	QatarEnergy, 2.250%, 7/12/2031, 144A		1,358,000

				2,890,926

		Romania — 0.0%
	1,100,000	Romania Government International Bonds, 2.000%, 4/14/2033, 144A, (EUR)		811,612

		Singapore — 0.4%
	10,055,000	Singapore Government Bonds, 2.125%, 6/01/2026, (SGD)		7,351,604
	4,510,000	Singapore Government Bonds, 2.750%, 7/01/2023, (SGD)		3,378,091

				10,729,695

		South Africa — 0.6%
	1,400,000	Anglo American Capital PLC, 2.625%, 9/10/2030, 144A		1,164,843
	1,400,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A		1,408,494
	1,420,000	MTN Mauritius Investments Ltd., 4.755%, 11/11/2024		1,386,630

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		South Africa — continued
$	930,000	MTN Mauritius Investments Ltd., 4.755%, 11/11/2024, 144A	$	908,145
	116,835,000	Republic of South Africa Government Bonds, Series 2035, 8.875%, 2/28/2035, (ZAR)		5,623,566
	39,185,000	Republic of South Africa Government Bonds, Series R213, 7.000%, 2/28/2031, (ZAR)		1,820,270
	7,585,000	Republic of South Africa Government International Bonds, 5.750%, 9/30/2049		5,556,316

				17,868,264

		Spain — 0.3%
	2,000,000	Banco Santander SA, (fixed rate to 9/14/2026, variable rate thereafter), 1.722%, 9/14/2027		1,745,603
	1,000,000	CaixaBank SA, EMTN, (fixed rate to 11/23/2027, variable rate thereafter), 6.250%, 2/23/2033, (EUR)		1,102,735
	3,700,000	Cellnex Telecom SA, EMTN, 1.750%, 10/23/2030, (EUR)		3,200,289
	700,000	Naturgy Finance BV, EMTN, 1.500%, 1/29/2028, (EUR)		689,238
	2,525,000	Spain Government Bonds, 1.950%, 7/30/2030, 144A, (EUR)		2,537,180

				9,275,045

		Supranationals — 0.4%
	1,495,000	Corporacion Andina de Fomento, 2.375%, 5/12/2023		1,490,125
	10,030,000	International Bank for Reconstruction & Development, 1.200%, 7/22/2026, (CAD)		6,874,057
	16,750,000	Nordic Investment Bank, EMTN, 1.500%, 3/13/2025, (NOK)		1,540,117

				9,904,299

		Sweden — 0.3%
	1,900,000	Heimstaden Bostad Treasury BV, EMTN, 1.375%, 7/24/2028, (EUR)		1,514,216
	29,665,000	Sweden Government Bonds, Series 1057, 1.500%, 11/13/2023, (SEK)		2,823,500
	2,560,000	Sweden Government Bonds, Series 1058, 2.500%, 5/12/2025, (SEK)		244,747
	38,000,000	Sweden Government Bonds, Series 1062, 0.125%, 5/12/2031, (SEK)		3,085,297

				7,667,760

		Switzerland — 0.3%
	930,000	Credit Suisse AG, 2.950%, 4/09/2025		863,077
	325,000	Credit Suisse Group AG, (fixed rate to 11/15/2032, variable rate thereafter), 9.016%, 11/15/2033, 144A		385,093
	2,185,000	Credit Suisse Group AG, (fixed rate to 5/14/2031, variable rate thereafter), 3.091%, 5/14/2032, 144A		1,756,674
	2,290,000	Credit Suisse Group AG, (fixed rate to 6/05/2025, variable rate thereafter), 2.193%, 6/05/2026, 144A		2,038,565
	750,000	Credit Suisse Group AG, (fixed rate to 8/12/2032, variable rate thereafter), 6.537%, 8/12/2033, 144A		772,410
	1,375,000	Novartis Capital Corp., 2.000%, 2/14/2027		1,268,399
	340,000	Willow No. 2 Ireland PLC for Zurich Insurance Co. Ltd., EMTN, (fixed rate to 10/01/2025, variable rate thereafter), 4.250%, 10/01/2045		311,015

				7,395,233

		Taiwan — 0.2%
	1,925,000	TSMC Arizona Corp., 2.500%, 10/25/2031		1,650,409
	3,180,000	TSMC Arizona Corp., 4.125%, 4/22/2029		3,129,080

				4,779,489

		Tanzania — 0.0%
	985,000	HTA Group Ltd., 7.000%, 12/18/2025, 144A		932,795

		Trinidad And Tobago — 0.0%
	415,000	Trinidad Generation Unlimited, 5.250%, 11/04/2027, 144A		407,323

		Turkey — 0.6%
	2,045,000	Aydem Yenilenebilir Enerji AS, 7.750%, 2/02/2027, 144A		1,725,162
	2,250,000	TC Ziraat Bankasi AS, 5.375%, 3/02/2026, 144A		2,034,248
	2,830,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025		2,708,955
	525,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025, 144A		502,545
	2,875,000	Turkcell Iletisim Hizmetleri AS, 5.800%, 4/11/2028		2,539,280
	6,970,000	Turkey Government International Bonds, 5.250%, 3/13/2030		5,741,537
	1,345,000	Turkey Government International Bonds, 7.625%, 4/26/2029		1,277,750

				16,529,477

		United Arab Emirates — 0.1%
	1,610,000	Abu Dhabi Crude Oil Pipeline LLC, 3.650%, 11/02/2029		1,507,009
	1,295,000	Abu Dhabi Government International Bonds, 3.125%, 4/16/2030, 144A		1,219,048

				2,726,057

		United Kingdom — 0.3%
	200,000	Ashtead Capital, Inc., 5.500%, 8/11/2032, 144A		196,472
	95,000	Avon Products, Inc., 8.450%, 3/15/2043		95,076
	1,350,000	CK Hutchison International 19 Ltd., 3.625%, 4/11/2029, 144A		1,282,079
	1,420,000	Diageo Capital PLC, 2.125%, 4/29/2032		1,178,259
	1,395,000	Nationwide Building Society, (fixed rate to 7/18/2029, variable rate thereafter), 3.960%, 7/18/2030, 144A		1,258,162
	1,190,000	NatWest Markets PLC, 0.800%, 8/12/2024, 144A		1,113,462
	235,000	Network Rail Infrastructure Finance PLC, Series 6, EMTN, 4.750%, 1/22/2024, (GBP)		290,249
	955,000	Santander U.K. Group Holdings PLC, (fixed rate to 1/11/2027, variable rate thereafter), 2.469%, 1/11/2028		839,875
	1,455,000	Standard Chartered PLC, (fixed rate to 11/18/2030, variable rate thereafter), 3.265%, 2/18/2036, 144A		1,138,118
	2,200,000	Standard Chartered PLC, (fixed rate to 3/30/2025, variable rate thereafter), 3.971%, 3/30/2026, 144A		2,116,444
	250,000	Standard Chartered PLC, EMTN, 3.125%, 11/19/2024, (EUR)		266,543

				9,774,739

		United States — 9.4%
	165,000	AES Corp., 3.950%, 7/15/2030, 144A		147,725
	315,000	Aircastle Ltd., Series A (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(d)		229,824

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	1,915,000	Albemarle Corp., 5.050%, 6/01/2032	$	1,870,486
	1,145,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(d)		821,537
	965,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(d)		643,655
	1,247,709	American Airlines Pass-Through Trust, Series 2016-1, Class B, 5.250%, 7/15/2025		1,227,595
	976,644	American Airlines Pass-Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		902,400
	260,989	American Airlines Pass-Through Trust, Series 2017-1B, Class B, 4.950%, 8/15/2026		251,336
	343,364	American Airlines Pass-Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		320,343
	3,975,000	Apple, Inc., 2.513%, 8/19/2024, (CAD)		2,857,824
	260,000	Aptiv PLC, 1.600%, 9/15/2028, (EUR)		247,243
	2,330,000	Ares Capital Corp., 3.200%, 11/15/2031		1,776,586
	755,000	Ashland LLC, 3.375%, 9/01/2031, 144A		617,160
	2,865,000	Bank of America Corp., (fixed rate to 9/15/2026, variable rate thereafter), 1.978%, 9/15/2027, (CAD)		1,922,550
	910,000	Bank of America Corp., (fixed rate to 9/21/2031, variable rate thereafter), 2.482%, 9/21/2036		691,078
	665,000	Barings BDC, Inc., 3.300%, 11/23/2026		588,550
	7,800,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		4,602,000
	4,695,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		1,784,100
	370,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		146,971
	930,000	Beazer Homes USA, Inc., 7.250%, 10/15/2029		864,900
	500,000	Block, Inc., 3.500%, 6/01/2031		410,625
	875,000	BPR Trust, Series 2021-NRD, Class F, 1 mo. USD SOFR + 6.870%, 11.530%, 12/15/2038, 144A(f)		769,061
	690,000	Broadcom, Inc., 3.187%, 11/15/2036, 144A		522,894
	545,000	Carnival Corp., 5.750%, 3/01/2027, 144A		447,080
	10,570,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		8,662,115
	3,810,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		2,979,877
	1,575,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 2/01/2032, 144A		1,322,768
	370,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		374,074
	270,000	Celanese U.S. Holdings LLC, 6.379%, 7/15/2032		273,696
	2,510,000	Centene Corp., 2.500%, 3/01/2031		2,032,598
	975,000	Centene Corp., 3.000%, 10/15/2030		821,029
	165,000	Charles River Laboratories International, Inc., 3.750%, 3/15/2029, 144A		146,480
	175,000	Charles River Laboratories International, Inc., 4.000%, 3/15/2031, 144A		153,124
	1,075,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.950%, 6/30/2062		681,155
	180,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 4/01/2033		159,734
	4,945,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 12/01/2061		3,378,808
	4,025,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		2,942,959
		United States — continued
	7,265,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		6,055,523
	1,565,000	CommScope, Inc., 7.125%, 7/01/2028, 144A		1,154,250
	2,663,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		2,067,806
	4,527,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		4,350,374
	6,260,000	CSC Holdings LLC, 3.375%, 2/15/2031, 144A		4,329,729
	1,020,000	CSC Holdings LLC, 4.125%, 12/01/2030, 144A		732,554
	430,000	CSC Holdings LLC, 4.500%, 11/15/2031, 144A		310,034
	20,100,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		9,911,310
	2,060,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		1,043,153
	595,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		487,460
	495,000	CSC Holdings LLC, 5.750%, 1/15/2030, 144A		260,630
	1,115,000	CSC Holdings LLC, 6.500%, 2/01/2029, 144A		926,021
	940,000	DH Europe Finance II Sarl, 0.750%, 9/18/2031, (EUR)		811,434
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		50,599
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		8,261
	355,000	Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		321,523
	2,475,000	DISH DBS Corp., 5.125%, 6/01/2029		1,317,937
	4,115,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		3,283,338
	330,000	DISH DBS Corp., 5.750%, 12/01/2028, 144A		246,263
	1,960,000	DISH DBS Corp., 7.750%, 7/01/2026		1,293,600
	80,000	EnLink Midstream LLC, 6.500%, 9/01/2030, 144A		80,897
	575,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		458,263
	280,000	EPR Properties, 3.600%, 11/15/2031		209,475
	1,555,000	EQT Corp., 3.625%, 5/15/2031, 144A		1,347,895
	360,000	EQT Corp., 5.000%, 1/15/2029		341,343
	115,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		102,359
	2,570,000	Expedia Group, Inc., 2.950%, 3/15/2031		2,144,520
	2,710,000	Freeport-McMoRan, Inc., 4.375%, 8/01/2028		2,540,487
	4,795,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		4,698,961
	2,100,000	General Motors Co., 5.200%, 4/01/2045		1,768,898
	405,000	General Motors Co., 6.250%, 10/02/2043		389,282
	570,000	General Motors Financial Co., Inc., 3.100%, 1/12/2032		464,440
	155,000	General Motors Financial Co., Inc., 6.400%, 1/09/2033		159,802
	460,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		373,226
	785,000	Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		788,603
	610,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		544,791
	475,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		405,655
	470,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		417,447
	1,395,000	Hyundai Capital America, 6.375%, 4/08/2030, 144A		1,455,583
	7,770,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		6,682,200
	1,180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		1,107,206
	1,210,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		955,900
	665,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		543,637

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	1,905,000	iHeartCommunications, Inc., 8.375%, 5/01/2027	$	1,385,887
	1,135,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		1,020,042
	795,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.750%, 12/01/2031, 144A		656,521
	730,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		620,923
	1,135,000	John Deere Capital Corp., MTN, 0.450%, 6/07/2024		1,080,750
	480,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		415,066
	870,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		740,587
	615,000	Medtronic Global Holdings SCA, 1.125%, 3/07/2027, (EUR)		613,223
	3,355,000	Micron Technology, Inc., 5.875%, 2/09/2033		3,392,081
	905,250	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		902,335
	435,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		365,574
	345,000	MSCI, Inc., 3.250%, 8/15/2033, 144A		282,538
	255,000	Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030, 144A		195,948
	1,095,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		938,962
	4,600,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		3,914,968
	615,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		573,444
	790,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		640,090
	2,020,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		2,011,001
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		22,039
	395,000	Novelis Corp., 4.750%, 1/30/2030, 144A		362,924
	30,000	Occidental Petroleum Corp., 6.125%, 1/01/2031		31,125
	2,355,000	Occidental Petroleum Corp., 6.625%, 9/01/2030		2,480,215
	50,000	Occidental Petroleum Corp., 7.875%, 9/15/2031		56,161
	1,845,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		2,145,993
	860,000	OneMain Finance Corp., 6.875%, 3/15/2025		833,344
	1,705,000	OneMain Finance Corp., 7.125%, 3/15/2026		1,638,999
	130,000	OneMain Finance Corp., 8.250%, 10/01/2023		130,403
	1,000,000	Ovintiv, Inc., 6.500%, 8/15/2034		1,010,955
	45,000	Ovintiv, Inc., 6.500%, 2/01/2038		44,887
	230,000	Ovintiv, Inc., 6.625%, 8/15/2037		231,996
	30,000	Ovintiv, Inc., 7.200%, 11/01/2031		31,913
	115,000	Ovintiv, Inc., 7.375%, 11/01/2031		123,889
	130,000	Ovintiv, Inc., 8.125%, 9/15/2030		144,301
	4,160,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		3,821,112
	1,550,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		1,284,919
	2,120,000	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025, 144A		1,904,771
	1,265,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032		1,029,457
	315,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031		277,839
	745,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		655,674
	2,165,000	Prologis Euro Finance LLC, 0.250%, 9/10/2027, (EUR)		1,977,756
	1,530,000	Prologis Euro Finance LLC, 0.375%, 2/06/2028, (EUR)		1,389,917
	365,000	Prologis LP, 2.250%, 6/30/2029, (GBP)		384,278
	700,000	Rand Parent LLC, 8.500%, 2/15/2030, 144A		657,930
	1,100,000	Realty Income Corp., EMTN, 1.625%, 12/15/2030, (GBP)		1,045,198
		United States — continued
	7,695,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		6,887,025
	6,794,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029		5,832,989
	130,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		111,612
	7,011,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		5,813,101
	4,510,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		3,580,263
	2,175,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		1,952,062
	3,280,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		2,895,863
	1,425,000	SBA Communications Corp., 3.125%, 2/01/2029		1,239,664
	1,020,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		1,009,800
	525,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		526,013
	435,000	Sensata Technologies BV, 4.000%, 4/15/2029, 144A		393,012
	140,000	Silgan Holdings, Inc., 3.250%, 3/15/2025, (EUR)		147,722
	315,000	Southwestern Energy Co., 4.750%, 2/01/2032		278,142
	765,000	Synchrony Bank, 5.625%, 8/23/2027		703,020
	2,805,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		2,631,970
	255,000	Tapestry, Inc., 3.050%, 3/15/2032		207,156
	515,000	Targa Resources Corp., 6.125%, 3/15/2033		533,290
	165,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		154,388
	245,000	Thermo Fisher Scientific Finance I BV, 2.000%, 10/18/2051, (EUR)		171,535
	100,000	Thermo Fisher Scientific, Inc., EMTN, 1.500%, 10/01/2039, (EUR)		77,400
	90,000	Time Warner Cable LLC, 4.500%, 9/15/2042		69,116
	85,000	Time Warner Cable LLC, 5.500%, 9/01/2041		73,444
	400,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		334,260
	405,000	TransDigm, Inc., 6.750%, 8/15/2028, 144A		409,050
	9,190,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		7,969,511
	615,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		526,319
	5,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		4,975
	625,000	TriNet Group, Inc., 3.500%, 3/01/2029, 144A		534,381
	227,562	U.S. Airways Pass-Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		214,983
	5,123,531	U.S. Treasury Inflation-Indexed Notes, 0.625%, 4/15/2023(g)		5,127,231
	1,940,000	U.S. Treasury Notes, 0.500%, 11/30/2023		1,886,726
	2,910,000	U.S. Treasury Notes, 0.875%, 1/31/2024		2,818,039
	17,750,000	U.S. Treasury Notes, 2.250%, 3/31/2024(h)		17,340,225
	13,115,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		11,951,044
	8,655,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		8,633,362
	1,555,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		1,603,376
	140,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		143,532
	291,597	United Airlines Pass-Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		272,025

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	1,901,424	United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029	$	1,888,951
	3,095,000	Verizon Communications, Inc., 2.500%, 5/16/2030, (CAD)		1,995,617
	895,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		835,050
	740,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A		696,086
	640,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		618,761
	1,270,000	Warnermedia Holdings, Inc., 4.279%, 3/15/2032, 144A		1,133,196
	130,000	Western Digital Corp., 2.850%, 2/01/2029		105,617
	90,000	Western Digital Corp., 3.100%, 2/01/2032		67,832
	360,000	Western Midstream Operating LP, 4.300%, 2/01/2030		327,706
	470,000	Western Midstream Operating LP, 5.300%, 3/01/2048		398,236
	150,000	Western Midstream Operating LP, 5.450%, 4/01/2044		130,803
	115,000	Western Midstream Operating LP, 5.500%, 8/15/2048		99,035
	475,000	Western Midstream Operating LP, 5.500%, 2/01/2050		403,037
	1,110,000	Yum! Brands, Inc., 4.625%, 1/31/2032		1,032,300

				263,792,397

		Uruguay — 0.1%
	1,415,000	Uruguay Government International Bonds, 4.375%, 1/23/2031		1,405,163
	86,955,000	Uruguay Government International Bonds, 8.250%, 5/21/2031, (UYU)		1,987,072

				3,392,235

		Total Non-Convertible Bonds (Identified Cost $845,086,434)		733,140,990


	Convertible Bonds — 2.2%
		United States — 2.2%
	40,000	Bentley Systems, Inc., 0.375%, 7/01/2027		33,760
	12,590,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		13,131,442
	23,580,000	DISH Network Corp., 3.375%, 8/15/2026		12,143,702
	6,285,000	DISH Network Corp., Zero Coupon, 0.000%-9.514%, 12/15/2025(i)		3,321,937
	700,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%-0.979%, 4/01/2026(i)		635,250
	305,000	JetBlue Airways Corp., 0.500%, 4/01/2026		233,935
	4,390,000	Livongo Health, Inc., 0.875%, 6/01/2025		3,900,734
	1,615,000	NCL Corp. Ltd., 1.125%, 2/15/2027		1,157,196
	345,000	Northern Oil & Gas, Inc., 3.625%, 4/15/2029, 144A		368,285
	430,000	Nutanix, Inc., 0.250%, 10/01/2027		358,346
	135,000	Peloton Interactive, Inc., Zero Coupon, 1.146%, 2/15/2026(c)		102,033
	230,000	Penn Entertainment, Inc., 2.750%, 5/15/2026		330,510
	620,000	Snap, Inc., Zero Coupon, 6.697%-7.641%, 5/01/2027(i)		451,670
	6,700,000	Southwest Airlines Co., 1.250%, 5/01/2025		7,611,200
	1,025,000	Splunk, Inc., 1.125%, 6/15/2027		875,863
	655,000	Spotify USA, Inc., Zero Coupon, 5.189%-5.873%, 3/15/2026(i)		548,235
	14,290,000	Teladoc Health, Inc., 1.250%, 6/01/2027		11,021,778
		United States — continued
	6,678,000	Uber Technologies, Inc., Zero Coupon, 0.000%-5.582%, 12/15/2025(i)		5,865,688
	410,000	Unity Software, Inc., Zero Coupon, 0.000%-7.334%, 11/15/2026(i)		317,545
	120,000	Zillow Group, Inc., 1.375%, 9/01/2026		141,180

		Total Convertible Bonds (Identified Cost $83,145,658)		62,550,289


	Municipals — 0.0%
		United States — 0.0%
	120,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $119,990)		111,223

		Total Bonds and Notes (Identified Cost $928,352,082)		795,802,502


	Senior Loans — 0.1%
		United States — 0.1%
	1,541,038	Carnival Corp., USD Term Loan B, 1-mo. USD LIBOR + 3.000%, 7.840%, 6/30/2025(f)(j)		1,517,538
	1,182,008	Carnival Corp., 2021 Incremental Term Loan B, 1-mo. USD LIBOR + 3.250%, 8.090%, 10/18/2028(f)(j)		1,152,824
	490,000	Uber Technologies, Inc., 2023 Term Loan B, 3/03/2030(k)		488,623

		Total Senior Loans (Identified Cost $3,174,588)		3,158,985


Shares
	Preferred Stocks — 0.1%
		United States — 0.1%
	1,970	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A		2,290,617
	24,376	El Paso Energy Capital Trust I, 4.750%		1,120,565

				3,411,182

		Total Preferred Stocks (Identified Cost $3,101,240)		3,411,182


Principal Amount (‡)
	Short-Term Investments — 2.1%
$	23,670,137	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2023 at 2.100% to be repurchased at $23,674,279 on 4/03/2023 collateralized by $24,765,600 U.S. Treasury Note, 2.875% due 6/15/2025 valued at $24,143,562 including accrued interest (Note 2 of Notes to Financial Statements)		23,670,137
	23,360,000	U.S. Treasury Bills, 4.511%, 5/25/2023(l)		23,204,280
	11,815,000	U.S. Treasury Bills, 4.488%-4.553%, 4/27/2023(l)(m)		11,778,767

		Total Short-Term Investments (Identified Cost $58,648,415)		58,653,184


		Total Investments — 99.1% (Identified Cost $2,699,906,624)		2,774,344,626
		Other assets less liabilities — 0.9%		24,008,472

		Net Assets — 100.0%	$	2,798,353,098

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)


	(‡)			Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)			See Note 2 of Notes to Financial Statements.
	(††)			Amount shown represents units. One unit represents a principal amount of 1,000.
	(†††)			Amount shown represents principal amount including inflation adjustments.
	(††††)			Amount shown represents units. One unit represents a principal amount of 100.
	(a)			Non-income producing security.
	(b)			Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(c)			Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(d)			Perpetual bond with no specified maturity date.
	(e)			The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(f)			Variable rate security. Rate as of March 31, 2023 is disclosed.
	(g)			Treasury Inflation Protected Security (TIPS).
	(h)			Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
	(i)			Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
	(j)			Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate of 0.75%, to which the spread is added.
	(k)			Position is unsettled. Contract rate was not determined at March 31, 2023 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	(l)			Interest rate represents discount rate at time of purchase; not a coupon rate.
	(m)			The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the value of Rule 144A holdings amounted to $265,186,096 or 9.5% of net assets.
	CPI			Consumer Price Index
	EMTN			Euro Medium Term Note
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	SOFR			Secured Overnight Financing Rate

	AUD			Australian Dollar
	BRL			Brazilian Real
	CAD			Canadian Dollar
	COP			Colombian Peso
	EUR			Euro
	GBP			British Pound
	IDR			Indonesian Rupiah
	JPY			Japanese Yen
	KRW			South Korean Won
	MXN			Mexican Peso
	NOK			Norwegian Krone
	NZD			New Zealand Dollar
	PLN			Polish Zloty
	SEK			Swedish Krona
	SGD			Singapore Dollar
	UYU			Uruguayan Peso
	ZAR			South African Rand

At March 31, 2023, the Fund had the following open forward foreign currency contracts:


Counterparty	Delivery Date		Currency Bought/ Sold (B/S)	Units of Currency			In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
Bank of America N.A.		6/21/2023	GBP		B	8,634,000	$	10,315,472	$	10,667,190	$	351,718
Bank of America N.A.		6/21/2023	GBP		B	4,460,000		5,515,459		5,510,270		(5,189	)
Bank of America N.A.		6/21/2023	JPY		B	8,701,840,000		64,808,520		66,288,349		1,479,829
Bank of America N.A.		6/21/2023	JPY		S	316,457,000		2,449,168		2,410,687		38,481
Bank of America N.A.		6/21/2023	KRW		S	19,047,379,000		14,481,616		14,700,266		(218,650	)
Bank of America N.A.		6/21/2023	MXN		S	256,059,000		13,644,836		13,996,522		(351,686	)
Citibank N.A.		6/21/2023	CAD		S	20,465,000		14,863,238		15,161,627		(298,389	)
Morgan Stanley Capital Services LLC		6/21/2023	EUR		B	82,154,000		87,388,853		89,487,303		2,098,450
Morgan Stanley Capital Services LLC		6/21/2023	NZD		S	6,003,000		3,681,742		3,753,614		(71,872	)
UBS AG		6/21/2023	COP		S	30,469,789,000		6,286,994		6,440,949		(153,955	)
UBS AG		6/21/2023	IDR		S	100,000,000,000		6,457,862		6,655,677		(197,815	)
UBS AG		6/21/2023	SEK		B	7,350,000		690,014		711,030		21,016
UBS AG		6/21/2023	SEK		S	7,350,000		713,226		711,030		2,196

Total											$	2,694,134

At March 31, 2023, the Fund had the following open forward cross currency contracts:

Counterparty

Settlement
Date

Deliver/Units
of Currency

Receive/Units
of Currency

Notional
Value

Unrealized
Appreciation
(Depreciation)

Morgan Stanley Capital Services LLC

6/21/2023

NOK

30,959,000

EUR

2,736,465

2,980,730

13,356

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

At March 31, 2023, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/21/2023		78	$	8,714,217	$	8,963,906	$	249,689
30 Year U.S. Treasury Bond		6/21/2023		470		59,589,671		61,643,437		2,053,766
5 Year U.S. Treasury Note		6/30/2023		137		14,982,136		15,002,570		20,434
Ultra Long U.S. Treasury Bond		6/21/2023		86		11,717,842		12,136,750		418,908

Total									$	2,742,797

At March 31, 2023, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		6/21/2023		199	$	23,546,824	$	24,106,984	$	(560,160	)

Industry Summary at March 31, 2023 (Unaudited)


Semiconductors & Semiconductor Equipment	8.2	%
Software	6.4
Treasuries	6.4
Life Sciences Tools & Services	6.3
Capital Markets	5.7
Machinery	4.8
IT Services	4.3
Textiles, Apparel & Luxury Goods	4.1
Chemicals	3.4
Broadline Retail	3.1
Interactive Media & Services	2.9
Hotels, Restaurants & Leisure	2.8
Financial Services	2.7
Specialty Retail	2.4
Banks	2.3
Cable Satellite	2.3
Health Care Providers & Services	2.2
Pharmaceuticals	2.1
Banking	2.0
Consumer Staples Distribution & Retail	2.0
Other Investments, less than 2% each	20.6
Short-Term Investments	2.1

Total Investments	99.1
Other assets less liabilities (including forward foreign currency and futures contracts)	0.9

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2023 (Unaudited)


United States Dollar	75.5	%
Euro	10.3
Swedish Krona	2.6
Other, less than 2% each	10.7

Total Investments	99.1
Other assets less liabilities (including forward foreign currency and futures contracts)	0.9

Net Assets	100.0	%

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Growth Fund


Shares		Description	Value (†)
	Common Stocks — 99.2% of Net Assets
		Aerospace & Defense — 5.8%
	2,736,381	Boeing Co.(a)	$	581,289,416

		Air Freight & Logistics — 1.8%
	1,579,267	Expeditors International of Washington, Inc.		173,908,882

		Automobiles — 4.7%
	2,259,917	Tesla, Inc.(a)		468,842,381

		Beverages — 3.6%
	6,583,544	Monster Beverage Corp.(a)		355,577,211

		Biotechnology — 5.2%
	311,584	Regeneron Pharmaceuticals, Inc.(a)		256,019,225
	837,799	Vertex Pharmaceuticals, Inc.(a)		263,965,331

				519,984,556

		Broadline Retail — 6.0%
	1,307,983	Alibaba Group Holding Ltd., ADR(a)		133,649,703
	4,520,102	Amazon.com, Inc.(a)		466,881,336

				600,531,039

		Capital Markets — 3.1%
	416,115	FactSet Research Systems, Inc.		172,725,175
	2,370,365	SEI Investments Co.		136,414,506

				309,139,681

		Entertainment — 6.6%
	1,121,368	Netflix, Inc.(a)		387,410,217
	2,721,141	Walt Disney Co.(a)		272,467,848

				659,878,065

		Financial Services — 8.5%
	1,832,178	Block, Inc.(a)		125,779,020
	1,648,776	PayPal Holdings, Inc.(a)		125,208,049
	2,646,936	Visa, Inc., Class A		596,778,191

				847,765,260

		Health Care Equipment & Supplies — 1.2%
	482,145	Intuitive Surgical, Inc.(a)		123,173,583

		Hotels, Restaurants & Leisure — 4.6%
	2,229,368	Starbucks Corp.		232,144,090
	1,278,838	Yum China Holdings, Inc.		81,065,541
	1,092,944	Yum! Brands, Inc.		144,356,043

				457,565,674

		Interactive Media & Services — 13.0%
	3,698,473	Alphabet, Inc., Class A(a)		383,642,604
	1,834,705	Alphabet, Inc., Class C(a)		190,809,320
	3,409,954	Meta Platforms, Inc., Class A(a)		722,705,651

				1,297,157,575

		IT Services — 1.6%
	3,328,433	Shopify, Inc., Class A(a)		159,565,078

		Life Sciences Tools & Services — 1.9%
	822,575	Illumina, Inc.(a)		191,289,816

		Machinery — 0.8%
	194,748	Deere & Co.		80,407,554

		Pharmaceuticals — 4.6%
	1,579,378	Novartis AG, ADR		145,302,776
	1,187,093	Novo Nordisk AS, ADR		188,913,980
	3,592,773	Roche Holding AG, ADR		128,836,840

				463,053,596

		Semiconductors & Semiconductor Equipment — 9.2%
	2,603,603	NVIDIA Corp.		723,202,805
	1,528,774	QUALCOMM, Inc.		195,040,987

				918,243,792

		Software — 17.0%
	1,592,687	Autodesk, Inc.(a)		331,533,726
	1,699,877	Microsoft Corp.		490,074,539
	4,788,461	Oracle Corp.		444,943,796
	1,599,010	Salesforce, Inc.(a)		319,450,218
	554,931	Workday, Inc., Class A(a)		114,615,449

				1,700,617,728

		Total Common Stocks (Identified Cost $5,938,138,603)		9,907,990,887


Principal Amount
	Short-Term Investments — 0.8%
$	74,270,908	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2023 at 2.100% to be repurchased at $74,283,905 on 4/03/2023 collateralized by $77,708,200 U.S. Treasury Note, 2.875% due 6/15/2025 valued at $75,756,403 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $74,270,908)		74,270,908


		Total Investments — 100.0% (Identified Cost $6,012,409,511)		9,982,261,795
		Other assets less liabilities — 0.0%		2,104,933

		Net Assets — 100.0%	$	9,984,366,728


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at March 31, 2023 (Unaudited)


Software	17.0	%
Interactive Media & Services	13.0
Semiconductors & Semiconductor Equipment	9.2
Financial Services	8.5
Entertainment	6.6
Broadline Retail	6.0
Aerospace & Defense	5.8
Biotechnology	5.2
Automobiles	4.7
Pharmaceuticals	4.6
Hotels, Restaurants & Leisure	4.6
Beverages	3.6
Capital Markets	3.1
Other Investments, less than 2% each	7.3
Short-Term Investments	0.8

Total Investments	100.0
Other assets less liabilities	0.0	*

Net Assets	100.0	%

* Less than 0.1%

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 98.2% of Net Assets
		ABS Car Loan — 8.6%
$	255,000	Ally Auto Receivables Trust, Series 2022-3,Class A3, 5.070%, 4/15/2027	$	255,900
	107,256	American Credit Acceptance Receivables Trust, Series 2020-4, Class C, 1.310%, 12/14/2026, 144A		105,438
	180,000	American Credit Acceptance Receivables Trust, Series 2022-1, Class B, 1.680%, 9/14/2026, 144A		177,339
	80,000	American Credit Acceptance Receivables Trust, Series 2022-4, Class C, 7.860%, 2/15/2029, 144A		82,800
	246,281	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class B, 0.970%, 2/18/2026		242,477
	215,000	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.690%, 1/19/2027		202,694
	520,000	AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.410%, 8/18/2027		472,251
	335,000	AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A3, 4.380%, 4/18/2028		330,292
	870,000	AmeriCredit Automobile Receivables Trust, Series 2023-1, Class B, 5.570%, 3/20/2028		877,915
	140,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		136,182
	455,000	Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class A, 6.120%, 4/20/2027, 144A		465,672
	255,000	Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class A, 5.200%, 10/20/2027, 144A		254,409
	1,210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2023-3A, Class A, 5.440%, 2/22/2028, 144A(a)		1,209,797
	44,379	CarMax Auto Owner Trust, Series 2020-2, Class A3, 1.700%, 11/15/2024		44,236
	129,907	CarMax Auto Owner Trust, Series 2020-3, Class A3, 0.620%, 3/17/2025		128,120
	241,405	CarNow Auto Receivables Trust, Series 2023-1A, Class A, 6.620%, 12/16/2024, 144A		241,666
	75,253	Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.750%, 3/10/2028		69,887
	275,756	Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.720%, 9/11/2028		265,279
	475,000	Carvana Auto Receivables Trust, Series 2021-P4, Class A3, 1.310%, 1/11/2027		450,464
	165,000	Carvana Auto Receivables Trust, Series 2022-P3, Class A3, 4.610%, 11/10/2027		161,434
	1,235,000	Carvana Auto Receivables Trust, Series 2023-P1, Class A3, 5.980%, 12/10/2027, 144A		1,244,429
	59,802	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class A, 1.370%, 7/16/2029, 144A		59,551
	265,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.000%, 5/15/2030, 144A		256,147
	845,000	Credit Acceptance Auto Loan Trust, Series 2022-3A, Class A, 6.570%, 10/15/2032, 144A		855,672
	710,000	Credit Acceptance Auto Loan Trust, Series 2023-1A, Class A, 6.480%, 3/15/2033, 144A		719,876
	257,438	Drive Auto Receivables Trust, Series 2021-2, Class B, 0.580%, 12/15/2025		255,727
	465,000	Drive Auto Receivables Trust, Series 2021-3, Class B, 1.110%, 5/15/2026		454,742
	192,663	DT Auto Owner Trust, Series 2020-2A, Class C, 3.280%, 3/16/2026, 144A		191,276
	7,947	DT Auto Owner Trust, Series 2021-1A, Class B, 0.620%, 9/15/2025, 144A		7,920
	246,064	DT Auto Owner Trust, Series 2021-2A, Class B, 0.810%, 1/15/2027, 144A		243,378
	410,000	DT Auto Owner Trust, Series 2021-4A, Class C, 1.500%, 9/15/2027, 144A		383,782
		ABS Car Loan — continued
	630,000	DT Auto Owner Trust, Series 2022-3A, Class B, 6.740%, 7/17/2028, 144A		638,950
	170,000	DT Auto Owner Trust, Series 2023-1A, Class B, 5.190%, 10/16/2028, 144A		168,734
	56,636	Exeter Automobile Receivables Trust, Series 2020-2A, Class C, 3.280%, 5/15/2025, 144A		56,525
	33,940	Exeter Automobile Receivables Trust, Series 2021-2A, Class B, 0.570%, 9/15/2025		33,872
	707,202	Exeter Automobile Receivables Trust, Series 2021-4A, Class B, 1.050%, 5/15/2026		696,499
	605,000	Exeter Automobile Receivables Trust, Series 2022-3A, Class B, 4.860%, 12/15/2026		598,525
	680,000	Exeter Automobile Receivables Trust, Series 2022-5A, Class B, 5.970%, 3/15/2027		681,449
	215,000	Exeter Automobile Receivables Trust, Series 2022-6A, Class B, 6.030%, 8/16/2027		216,223
	360,000	Exeter Automobile Receivables Trust, Series 2023-1A, Class B, 5.720%, 4/15/2027		360,401
	290,000	Flagship Credit Auto Trust, Series 2021-2, Class B, 0.930%, 6/15/2027, 144A		278,116
	490,000	Flagship Credit Auto Trust, Series 2022-4, Class A3, 6.320%, 6/15/2027, 144A		498,067
	430,000	Flagship Credit Auto Trust, Series 2023-1, Class A3, 5.010%, 8/16/2027, 144A		427,064
	595,000	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/2031, 144A		577,198
	20,963	Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.040%, 8/15/2024		20,833
	125,565	Ford Credit Auto Owner Trust, Series 2020-B, Class A3, 0.560%, 10/15/2024		124,561
	570,000	Ford Credit Auto Owner Trust, Series 2021-1, Class A, 1.370%, 10/17/2033, 144A		516,669
	410,000	Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A3, 1.830%, 12/15/2026, 144A		394,999
	340,000	Foursight Capital Automobile Receivables Trust, Series 2022-2, Class A3, 4.590%, 6/15/2027, 144A		334,179
	168,285	GLS Auto Receivables Issuer Trust, Series 2020-4A, Class C, 1.140%, 11/17/2025, 144A		165,967
	163,587	GLS Auto Receivables Issuer Trust, Series 2021-2A, Class B, 0.770%, 9/15/2025, 144A		162,924
	995,000	GLS Auto Receivables Issuer Trust, Series 2021-4A, Class B, 1.530%, 4/15/2026, 144A		958,269
	26,896	GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.490%, 12/16/2024		26,660
	180,000	GMF Floorplan Owner Revolving Trust, Series 2020-1, Class A, 0.680%, 8/15/2025, 144A		176,883
	90,400	Honda Auto Receivables Owner Trust, Series 2020-2, Class A3, 0.820%, 7/15/2024		89,416
	44,143	Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.410%, 11/15/2024		43,672
	68,017	Mercedes-Benz Auto Receivables Trust, Series 2020-1, Class A3, 0.550%, 2/18/2025		66,911
	332,784	Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.310%, 11/16/2026, 144A		330,803
	430,000	Prestige Auto Receivables Trust, Series 2021-1A, Class C, 1.530%, 2/15/2028, 144A		398,020
	210,000	Santander Consumer Auto Receivables Trust, Series 2020-AA, Class C, 3.710%, 2/17/2026, 144A		208,764
	60,276	Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.120%, 1/15/2026		59,997
	63,817	Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.010%, 1/15/2026		63,301
	835,000	Santander Drive Auto Receivables Trust, Series 2022-3, Class B, 4.130%, 8/16/2027		818,310

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	560,000	Santander Drive Auto Receivables Trust, Series 2022-4, Class B, 4.420%, 11/15/2027	$	550,169
	285,000	Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.430%, 3/15/2027		280,626
	155,000	Santander Drive Auto Receivables Trust, Series 2022-7, Class A3, 5.750%, 4/15/2027		156,449
	115,000	Santander Drive Auto Receivables Trust, Series 2023-1, Class C, 5.090%, 5/15/2030		113,665
	440,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.350%, 5/25/2033, 144A		408,071
	35,346	Toyota Auto Receivables Owner Trust, Series 2020-B, Class A3, 1.360%, 8/15/2024		35,088
	180,664	United Auto Credit Securitization Trust, Series 2022-1, Class B, 2.100%, 3/10/2025, 144A		179,232
	320,000	United Auto Credit Securitization Trust, Series 2022-2, Class C, 5.810%, 5/10/2027, 144A		318,303
	167,594	Westlake Automobile Receivables Trust, Series 2020-2A, Class C, 2.010%, 7/15/2025, 144A		166,739
	467,434	Westlake Automobile Receivables Trust, Series 2021-1A, Class B, 0.640%, 3/16/2026, 144A		463,269
	270,000	Westlake Automobile Receivables Trust, Series 2021-2A, Class B, 0.620%, 7/15/2026, 144A		263,125
	1,050,000	Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.580%, 1/15/2027, 144A		992,591
	170,000	Westlake Automobile Receivables Trust, Series 2023-1A, Class C, 5.740%, 8/15/2028, 144A		170,643
	208,039	World Omni Auto Receivables Trust, Series 2020-B, Class A3, 0.630%, 5/15/2025		204,021
	37,358	World Omni Select Auto Trust, Series 2020-A, Class A3, 0.550%, 7/15/2025		37,197
	360,000	World Omni Select Auto Trust, Series 2021-A, Class B, 0.850%, 8/16/2027		333,159

				25,711,860

		ABS Credit Card — 0.3%
	960,000	Mercury Financial Credit Card Master Trust, Series 2022-1A, Class A, 2.500%, 9/21/2026, 144A		902,181

		ABS Home Equity — 0.0%
	1,705	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		1,682

		ABS Other — 1.2%
	395,000	Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.030%, 8/17/2026, 144A		377,657
	125,000	Affirm Asset Securitization Trust, Series 2022-A, Class A, 4.300%, 5/17/2027, 144A		120,236
	105,000	Affirm Asset Securitization Trust, Series 2023-A, Class A, 6.610%, 1/18/2028, 144A		104,488
	338,730	Aqua Finance Trust, Series 2021-A, Class A, 1.540%, 7/17/2046, 144A		303,835
	111,317	BHG Securitization Trust, Series 2022-C, Class A, 5.320%, 10/17/2035, 144A		110,225
	108,055	Chesapeake Funding II LLC, Series 2020-1A, Class A1, 0.870%, 8/15/2032, 144A		106,771
	45,381	CNH Equipment Trust, Series 2020-A, Class A3, 1.160%, 6/16/2025		44,600
	358,403	Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.560%, 12/11/2034, 144A		348,065
	180,000	Enterprise Fleet Financing LLC, Series 2022-3, Class A2, 4.380%, 7/20/2029, 144A		177,224
	98,493	Hilton Grand Vacations Trust, Series 2022-2A, Class C, 5.570%, 1/25/2037, 144A		95,816
	27,860	Kubota Credit Owner Trust, Series 2020-1A, Class A3, 1.960%, 3/15/2024, 144A		27,784
		ABS Other — continued
	76,680	Marlette Funding Trust, Series 2021-3A, Class A, 0.650%, 12/15/2031, 144A		76,084
	113,735	Marlette Funding Trust, Series 2022-3A, Class A, 5.180%, 11/15/2032, 144A		112,875
	61,735	MVW LLC, Series 2020-1A, Class A, 1.740%, 10/20/2037, 144A		56,621
	1,135,000	OneMain Financial Issuance Trust, Series 2022-S1, Class A, 4.130%, 5/14/2035, 144A		1,096,304
	370,000	SCF Equipment Leasing LLC, Series 2022-1A, Class A3, 2.920%, 7/20/2029, 144A		353,192
	78,659	Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A, 1.330%, 7/20/2037, 144A		73,176

				3,584,953

		ABS Student Loan — 0.1%
	98,374	Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.850%, 5/25/2033		92,791
	55,686	Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.170%, 9/16/2069, 144A		49,766
	71,684	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		65,769
	5,605	SoFi Professional Loan Program LLC, Series 2017-E, Class A2B, 2.720%, 11/26/2040, 144A		5,579

				213,905

		ABS Whole Business — 0.2%
	510,925	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.666%, 9/05/2048, 144A		494,946

		Aerospace & Defense — 0.1%
	29,000	Raytheon Technologies Corp., 3.650%, 8/16/2023		28,757
	365,000	Raytheon Technologies Corp., 5.000%, 2/27/2026		370,540

				399,297

		Agency Commercial Mortgage-Backed Securities — 0.5%
	701,647	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024		679,862
	1,002,601	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ26, Class A2, 2.606%, 7/25/2027		952,641
	1,056	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ28, Class A1, 1.766%, 2/25/2025		1,056

				1,633,559

		Apartment REITs — 0.1%
	225,000	Invitation Homes Operating Partnership LP, 2.000%, 8/15/2031		172,587

		Automotive — 2.7%
	470,000	American Honda Finance Corp., 4.750%, 1/12/2026		473,731
	145,000	American Honda Finance Corp., MTN, 3.625%, 10/10/2023		143,826
	735,000	Daimler Truck Finance North America LLC, 5.200%, 1/17/2025, 144A		736,191
	665,000	Denso Corp., 1.239%, 9/16/2026, 144A		591,575
	875,000	General Motors Financial Co., Inc., 6.050%, 10/10/2025		889,288
	295,000	Harley-Davidson Financial Services, Inc., 3.350%, 6/08/2025, 144A		281,705
	1,040,000	Harley-Davidson Financial Services, Inc., 6.500%, 3/10/2028, 144A		1,051,353
	645,000	Hyundai Capital America, 2.100%, 9/15/2028, 144A		545,116
	560,000	Hyundai Capital America, 5.800%, 4/01/2030, 144A		564,839
	240,000	Kia Corp., 1.000%, 4/16/2024, 144A		229,866

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Automotive — continued
$	840,000	Mercedes-Benz Finance North America LLC, 4.800%, 3/30/2028, 144A	$	842,475
	105,000	PACCAR Financial Corp., MTN, 0.800%, 6/08/2023		104,161
	990,000	PACCAR Financial Corp., MTN, 4.450%, 3/30/2026		991,224
	275,000	Volkswagen Group of America Finance LLC, 3.350%, 5/13/2025, 144A		265,721
	290,000	Volkswagen Group of America Finance LLC, 4.250%, 11/13/2023, 144A		287,878

				7,998,949

		Banking — 16.5%
	700,000	AIB Group PLC, (fixed rate to 10/14/2025, variable rate thereafter), 7.583%, 10/14/2026, 144A		717,957
	735,000	Ally Financial, Inc., 7.100%, 11/15/2027		746,569
	865,000	American Express Co., 4.900%, 2/13/2026		873,037
	525,000	ANZ New Zealand International Ltd., 2.166%, 2/18/2025, 144A		496,782
	565,000	ASB Bank Ltd., (fixed rate to 6/17/2027, variable rate thereafter), 5.284%, 6/17/2032, 144A		541,191
	1,505,000	Australia & New Zealand Banking Group Ltd., 5.088%, 12/08/2025		1,517,077
	840,000	Bank of America Corp., (fixed rate to 4/02/2025, variable rate thereafter), MTN, 3.384%, 4/02/2026		805,359
	395,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		390,008
	315,000	Bank of Ireland Group PLC, (fixed rate to 9/16/2025, variable rate thereafter), 6.253%, 9/16/2026, 144A		313,095
	1,495,000	Bank of New York Mellon, (fixed rate to 11/21/2024, variable rate thereafter), MTN, 5.224%, 11/21/2025		1,498,543
	655,000	Bank of New York Mellon Corp., MTN, 1.600%, 4/24/2025		608,804
	295,000	Bank of New York Mellon Corp., MTN, 1.800%, 7/28/2031		233,819
	635,000	Bank of New Zealand, 2.000%, 2/21/2025, 144A		603,919
	690,000	Bank of New Zealand, 2.285%, 1/27/2027, 144A		626,509
	610,000	Bank of Nova Scotia, 4.850%, 2/01/2030		602,489
	200,000	Banque Federative du Credit Mutuel SA, 2.375%, 11/21/2024, 144A		190,349
	840,000	Banque Federative du Credit Mutuel SA, 4.753%, 7/13/2027, 144A		817,428
	400,000	Barclays PLC, (fixed rate to 11/02/2032, variable rate thereafter), 7.437%, 11/02/2033		442,123
	485,000	Barclays PLC, (fixed rate to 5/16/2023, variable rate thereafter), 4.338%, 5/16/2024		483,821
	170,000	Capital One Financial Corp., (fixed rate to 11/02/2031, variable rate thereafter), 2.618%, 11/02/2032		129,552
	1,015,000	Capital One Financial Corp., (fixed rate to 12/06/2023, variable rate thereafter), 1.343%, 12/06/2024		980,165
	685,000	Capital One Financial Corp., (fixed rate to 2/01/2028, variable rate thereafter), 5.468%, 2/01/2029		667,582
	510,000	Citigroup, Inc., (fixed rate to 4/08/2025, variable rate thereafter), 3.106%, 4/08/2026		487,578
	230,000	Citigroup, Inc., (fixed rate to 5/01/2024, variable rate thereafter), 0.981%, 5/01/2025		218,503
	815,000	Citizens Financial Group, Inc., (fixed rate to 5/21/2032, variable rate thereafter), 5.641%, 5/21/2037		745,170
	225,000	Comerica, Inc., 3.700%, 7/31/2023		215,733
	1,495,000	Commonwealth Bank of Australia, 5.316%, 3/13/2026		1,520,251
	1,185,000	Cooperatieve Rabobank UA, (fixed rate to 2/28/2028, variable rate thereafter), 5.564%, 2/28/2029, 144A		1,192,948
		Banking — continued
	730,000	Credit Agricole SA, 5.301%, 7/12/2028, 144A		740,068
	460,000	Credit Agricole SA, (fixed rate to 6/16/2025, variable rate thereafter), 1.907%, 6/16/2026, 144A		422,312
	335,000	Credit Suisse AG, 5.000%, 7/09/2027		322,437
	500,000	Danske Bank AS, 3.875%, 9/12/2023, 144A		495,740
	430,000	Danske Bank AS, (fixed rate to 1/09/2025, variable rate thereafter), 6.466%, 1/09/2026, 144A		430,778
	800,000	Danske Bank AS, (fixed rate to 9/10/2024, variable rate thereafter), 0.976%, 9/10/2025, 144A		743,002
	755,000	Deutsche Bank AG, 5.371%, 9/09/2027		739,908
	280,000	Deutsche Bank AG, (fixed rate to 1/18/2028, variable rate thereafter), 6.720%, 1/18/2029		278,043
	330,000	Deutsche Bank AG, (fixed rate to 11/10/2032, variable rate thereafter), 7.079%, 2/10/2034		306,049
	590,000	DNB Bank ASA, (fixed rate to 9/16/2025, variable rate thereafter), 1.127%, 9/16/2026, 144A		529,684
	1,030,000	Federation des Caisses Desjardins du Quebec, 5.700%, 3/14/2028, 144A		1,055,029
	520,000	HSBC Holdings PLC, (fixed rate to 3/09/2028, variable rate thereafter), 6.161%, 3/09/2029		534,612
	1,405,000	HSBC USA, Inc., 3.750%, 5/24/2024		1,369,914
	1,050,000	HSBC USA, Inc., 5.625%, 3/17/2025		1,051,974
	290,000	Huntington National Bank, 5.650%, 1/10/2030		277,897
	495,000	Intesa Sanpaolo SpA, 7.000%, 11/21/2025, 144A		502,346
	1,470,000	JPMorgan Chase & Co., (fixed rate to 12/15/2024, variable rate thereafter), 5.546%, 12/15/2025		1,480,057
	550,000	JPMorgan Chase & Co., (fixed rate to 6/01/2028, variable rate thereafter), 2.069%, 6/01/2029		477,229
	435,000	KeyBank NA, 5.850%, 11/15/2027		427,717
	655,000	Lloyds Banking Group PLC, (fixed rate to 3/06/2028, variable rate thereafter), 5.871%, 3/06/2029		660,395
	280,000	Lloyds Banking Group PLC, (fixed rate to 3/18/2025, variable rate thereafter), 3.511%, 3/18/2026		266,412
	375,000	Lloyds Banking Group PLC, (fixed rate to 7/09/2024, variable rate thereafter), 3.870%, 7/09/2025		364,494
	440,000	Mitsubishi UFJ Financial Group, Inc., (fixed rate to 2/22/2028, variable rate thereafter), 5.422%, 2/22/2029		444,129
	1,130,000	National Bank of Canada, (fixed rate to 6/09/2024, variable rate thereafter), 3.750%, 6/09/2025		1,105,558
	350,000	Nationwide Building Society, 4.850%, 7/27/2027, 144A		343,224
	525,000	NatWest Group PLC, (fixed rate to 3/26/2033, variable rate thereafter), 6.016%, 3/02/2034		543,800
	1,215,000	NatWest Markets PLC, 1.600%, 9/29/2026, 144A		1,060,441
	1,305,000	Nordea Bank Abp, 1.500%, 9/30/2026, 144A		1,145,881
	210,000	Northern Trust Corp., (fixed rate to 5/08/2027, variable rate thereafter), 3.375%, 5/08/2032		190,518
	485,000	Royal Bank of Canada, 6.000%, 11/01/2027		505,919
	685,000	Santander Holdings USA, Inc., 3.450%, 6/02/2025		641,251
	550,000	Santander Holdings USA, Inc., (fixed rate to 3/09/2028, variable rate thereafter), 6.499%, 3/09/2029		549,493
	285,000	Santander U.K. Group Holdings PLC, (fixed rate to 1/10/2028, variable rate thereafter), 6.534%, 1/10/2029		289,758
	435,000	Santander U.K. Group Holdings PLC, (fixed rate to 11/21/2025, variable rate thereafter), 6.833%, 11/21/2026		440,602
	1,025,000	Societe Generale SA, (fixed rate to 1/10/2033, variable rate thereafter), 6.691%, 1/10/2034, 144A		1,047,704
	710,000	Standard Chartered PLC, (fixed rate to 1/09/2028, variable rate thereafter), 6.301%, 1/09/2029, 144A		725,582

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Banking — continued
$	475,000	Sumitomo Mitsui Financial Group, Inc., 1.902%, 9/17/2028	$	402,315
	1,115,000	Sumitomo Mitsui Financial Group, Inc., 5.710%, 1/13/2030		1,151,257
	200,000	Sumitomo Mitsui Trust Bank Ltd., 2.550%, 3/10/2025, 144A		190,262
	525,000	Sumitomo Mitsui Trust Bank Ltd., 5.650%, 3/09/2026, 144A		533,672
	560,000	Synchrony Bank, 5.400%, 8/22/2025		525,095
	475,000	Synchrony Financial, 4.875%, 6/13/2025		439,704
	730,000	Toronto-Dominion Bank, 5.156%, 1/10/2028		737,687
	630,000	Truist Financial Corp., (fixed rate to 1/26/2033, variable rate thereafter), MTN, 5.122%, 1/26/2034		614,372
	585,000	UniCredit SpA, (fixed rate to 9/22/2025, variable rate thereafter), 2.569%, 9/22/2026, 144A		529,533
	1,470,000	Wells Fargo & Co., (fixed rate to 4/25/2025, variable rate thereafter), MTN, 3.908%, 4/25/2026		1,426,804
	800,000	Wells Fargo & Co., (fixed rate to 8/15/2025, variable rate thereafter), MTN, 4.540%, 8/15/2026		785,472
	610,000	Westpac Banking Corp., (fixed rate to 8/10/2032, variable rate thereafter), 5.405%, 8/10/2033		582,959

				49,095,450

		Brokerage — 0.4%
	575,000	Ameriprise Financial, Inc., 5.150%, 5/15/2033		573,306
	355,000	Blue Owl Finance LLC, 4.375%, 2/15/2032, 144A		280,990
	540,000	Nomura Holdings, Inc., 2.329%, 1/22/2027		477,122

				1,331,418

		Building Materials — 0.3%
	440,000	Ferguson Finance PLC, 4.650%, 4/20/2032, 144A		418,009
	595,000	Stanley Black & Decker, Inc., 6.000%, 3/06/2028		613,234

				1,031,243

		Chemicals — 0.3%
	240,000	Cabot Corp., 4.000%, 7/01/2029		223,461
	310,000	Cabot Corp., 5.000%, 6/30/2032		301,733
	305,000	Eastman Chemical Co., 5.750%, 3/08/2033		310,219

				835,413

		Collateralized Mortgage Obligations — 1.0%
	217,242	Government National Mortgage Association, Series 2010-H02, Class FA, 1 mo. USD LIBOR + 0.680%, 5.315%, 2/20/2060(c)		216,106
	131,396	Government National Mortgage Association, Series 2010-H03, Class FA, 1 mo. USD LIBOR + 0.550%, 5.185%, 3/20/2060(c)		130,844
	96,817	Government National Mortgage Association, Series 2014-H14, Class FA, 1 mo. USD LIBOR + 0.500%, 4.892%, 7/20/2064(c)		96,129
	83,267	Government National Mortgage Association, Series 2014-H15, Class FA, 1 mo. USD LIBOR + 0.500%, 5.066%, 7/20/2064(c)		82,622
	191	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065(a)		172
	189,304	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		183,117
	302,429	Government National Mortgage Association, Series 2016-H06, Class FC, 1 mo. USD LIBOR + 0.920%, 5.486%, 2/20/2066(c)		299,827
	825,564	Government National Mortgage Association, Series 2018-H17, Class JA, 3.750%, 9/20/2068(b)		796,072
	191,538	Government National Mortgage Association, Series 2019-H01, Class FL, 1 mo. USD LIBOR + 0.450%, 5.016%, 12/20/2068(c)		190,768
		Collateralized Mortgage Obligations — continued
	500,790	Government National Mortgage Association, Series 2019-H01, Class FT, 1 mo. USD LIBOR + 0.400%, 4.966%, 10/20/2068(c)		498,530
	577,280	Government National Mortgage Association, Series 2019-H10, Class FM, 1 mo. USD LIBOR + 0.400%, 4.966%, 5/20/2069(c)		569,140

				3,063,327

		Construction Machinery — 1.0%
	260,000	Caterpillar Financial Services Corp., 4.800%, 1/06/2026		264,271
	1,275,000	Caterpillar Financial Services Corp., MTN, 5.400%, 3/10/2025		1,298,645
	300,000	CNH Industrial Capital LLC, 1.950%, 7/02/2023		297,094
	395,000	CNH Industrial Capital LLC, 5.450%, 10/14/2025		399,408
	585,000	John Deere Capital Corp., MTN, 4.750%, 1/20/2028		597,285

				2,856,703

		Consumer Cyclical Services — 0.1%
	165,000	Expedia Group, Inc., 6.250%, 5/01/2025, 144A		167,002

		Consumer Products — 0.8%
	215,000	Brunswick Corp., 4.400%, 9/15/2032		186,620
	520,000	Colgate-Palmolive Co., 4.600%, 3/01/2033		539,825
	930,000	Kenvue, Inc., 5.050%, 3/22/2028, 144A		961,150
	750,000	Whirlpool Corp., 5.500%, 3/01/2033		752,422

				2,440,017

		Diversified Manufacturing — 0.2%
	125,000	Amphenol Corp., 4.750%, 3/30/2026		125,491
	225,000	Kennametal, Inc., 4.625%, 6/15/2028		217,410
	275,000	WW Grainger, Inc., 1.850%, 2/15/2025		261,358

				604,259

		Electric — 5.8%
	435,000	AES Corp., 3.300%, 7/15/2025, 144A		412,297
	360,000	Alliant Energy Finance LLC, 4.250%, 6/15/2028, 144A		344,127
	550,000	American Electric Power Co., Inc., 2.031%, 3/15/2024		532,050
	220,000	Black Hills Corp., 5.950%, 3/15/2028		227,884
	325,000	CenterPoint Energy Houston Electric LLC, 4.950%, 4/01/2033		331,895
	485,000	Consolidated Edison Co. of New York, Inc., 5.200%, 3/01/2033		500,191
	120,000	Consolidated Edison Co. of New York, Inc., Series B, 2.900%, 12/01/2026		112,399
	365,000	Constellation Energy Generation LLC, 5.800%, 3/01/2033		376,460
	725,000	Consumers Energy Co., 4.625%, 5/15/2033		722,951
	590,000	DTE Electric Co., 5.200%, 4/01/2033		608,956
	745,000	DTE Energy Co., 4.220%, 11/01/2024		736,612
	1,110,000	Edison International, 4.700%, 8/15/2025		1,094,584
	435,000	Enel Finance International NV, 5.000%, 6/15/2032, 144A		409,091
	605,000	Entergy Corp., 0.900%, 9/15/2025		544,714
	1,040,000	Exelon Corp., 5.300%, 3/15/2033		1,058,057
	525,000	Florida Power & Light Co., 5.100%, 4/01/2033		543,976
	205,000	Louisville Gas & Electric Co., Series LOU, 5.450%, 4/15/2033		213,036
	188,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 5/01/2023, variable rate thereafter), 4.750%, 4/30/2043		181,174
	1,040,000	NextEra Energy Capital Holdings, Inc., 4.900%, 2/28/2028		1,046,878
	380,000	NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025		386,575

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — continued
$	610,000	NRG Energy, Inc., 7.000%, 3/15/2033, 144A	$	631,911
	825,000	Oncor Electric Delivery Co. LLC, 2.750%, 5/15/2030		735,029
	525,000	Pacific Gas & Electric Co., 4.950%, 6/08/2025		518,703
	100,000	Pennsylvania Electric Co., 5.150%, 3/30/2026, 144A		100,437
	235,000	Public Service Enterprise Group, Inc., 2.875%, 6/15/2024		228,578
	275,000	Puget Energy, Inc., 4.224%, 3/15/2032		251,705
	345,000	Southern California Edison Co., 5.300%, 3/01/2028		353,655
	730,000	Vistra Operations Co. LLC, 5.125%, 5/13/2025, 144A		712,422
	1,540,000	WEC Energy Group, Inc., 0.550%, 9/15/2023		1,505,361
	1,500,000	WEC Energy Group, Inc., 4.750%, 1/09/2026		1,500,375
	240,000	Wisconsin Power & Light Co., 4.950%, 4/01/2033		241,487

				17,163,570

		Environmental — 0.2%
	140,000	Republic Services, Inc., 5.000%, 4/01/2034		142,636
	520,000	Waste Management, Inc., 4.625%, 2/15/2030		520,281

				662,917

		Finance Companies — 3.0%
	510,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.150%, 2/15/2024		494,468
	360,000	Air Lease Corp., 1.875%, 8/15/2026		318,933
	555,000	Aircastle Ltd., 2.850%, 1/26/2028, 144A		477,533
	500,000	Ares Capital Corp., 2.875%, 6/15/2028		411,155
	50,000	Ares Capital Corp., 4.250%, 3/01/2025		47,237
	305,000	Aviation Capital Group LLC, 3.875%, 5/01/2023, 144A		303,732
	225,000	Aviation Capital Group LLC, 4.375%, 1/30/2024, 144A		218,767
	545,000	Bain Capital Specialty Finance, Inc., 2.550%, 10/13/2026		459,931
	200,000	Barings BDC, Inc., 3.300%, 11/23/2026		177,008
	1,115,000	Blackstone Private Credit Fund, 2.625%, 12/15/2026		936,302
	615,000	Blackstone Secured Lending Fund, 2.850%, 9/30/2028		504,626
	435,000	FS KKR Capital Corp., 3.125%, 10/12/2028		355,961
	685,000	Golub Capital BDC, Inc., 2.500%, 8/24/2026		587,180
	680,000	Hercules Capital, Inc., 3.375%, 1/20/2027		583,393
	785,000	Main Street Capital Corp., 3.000%, 7/14/2026		684,309
	450,000	Morgan Stanley Direct Lending Fund, 4.500%, 2/11/2027		422,186
	260,000	Owl Rock Capital Corp., 3.750%, 7/22/2025		237,093
	90,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		82,668
	155,000	Owl Rock Core Income Corp., 5.500%, 3/21/2025		150,934
	140,000	Owl Rock Core Income Corp., 7.750%, 9/16/2027, 144A		137,919
	955,000	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025, 144A		858,045
	520,000	USAA Capital Corp., 3.375%, 5/01/2025, 144A		502,068

				8,951,448

		Financial Other — 0.2%
	470,000	LeasePlan Corp. NV, 2.875%, 10/24/2024, 144A		446,499
	185,000	ORIX Corp., 3.250%, 12/04/2024		178,827

				625,326

		Food & Beverage — 1.2%
	300,000	Archer-Daniels-Midland Co., 4.500%, 8/15/2033		300,321
	250,000	Brown-Forman Corp., 4.750%, 4/15/2033		252,865
	725,000	General Mills, Inc., 5.241%, 11/18/2025		727,177
	1,040,000	Nestle Holdings, Inc., 4.850%, 3/14/2033, 144A		1,087,559
	915,000	Pernod Ricard International Finance LLC, 1.250%, 4/01/2028, 144A		789,099
	340,000	Viterra Finance BV, 2.000%, 4/21/2026, 144A		302,593

				3,459,614

		Government Owned – No Guarantee — 0.4%
	800,000	Antares Holdings LP, 3.750%, 7/15/2027, 144A		676,392
	350,000	BOC Aviation USA Corp., 1.625%, 4/29/2024, 144A		335,808
	325,000	DAE Funding LLC, 1.550%, 8/01/2024, 144A		305,671

				1,317,871

		Health Care REITs — 0.1%
	235,000	Omega Healthcare Investors, Inc., 4.500%, 1/15/2025		225,158

		Health Insurance — 0.3%
	1,045,000	UnitedHealth Group, Inc., 4.500%, 4/15/2033		1,038,987

		Healthcare — 0.4%
	227,000	Cigna Group, 3.750%, 7/15/2023		225,898
	755,000	GE HealthCare Technologies, Inc., 5.550%, 11/15/2024, 144A		759,472
	275,000	Medtronic Global Holdings SCA, 4.250%, 3/30/2028		274,562

				1,259,932

		Hybrid ARMs — 0.0%
	31,273	Federal Home Loan Mortgage Corp., 1 yr. CMT + 2.500%, 4.066%, 5/01/2036(c)		31,978
	15,625	Federal Home Loan Mortgage Corp., 1 yr. CMT + 2.225%, 4.174%, 1/01/2035(c)		15,820

				47,798

		Independent Energy — 0.3%
	530,000	Pioneer Natural Resources Co., 0.550%, 5/15/2023		527,043
	460,000	Pioneer Natural Resources Co., 5.100%, 3/29/2026		461,913

				988,956

		Integrated Energy — 0.2%
	520,000	BP Capital Markets America, Inc., 4.812%, 2/13/2033		527,989

		Life Insurance — 7.0%
	330,000	Athene Global Funding, 2.500%, 3/24/2028, 144A		277,810
	430,000	Athene Holding Ltd., 6.650%, 2/01/2033		436,449
	410,000	Brighthouse Financial Global Funding, 1.200%, 12/15/2023, 144A		396,499
	780,000	Brighthouse Financial Global Funding, 1.750%, 1/13/2025, 144A		729,405
	985,000	CNO Global Funding, 2.650%, 1/06/2029, 144A		855,275
	535,000	Corebridge Global Funding, 0.900%, 9/22/2025, 144A		483,851
	355,000	Equitable Financial Life Global Funding, 1.800%, 3/08/2028, 144A		299,023
	1,155,000	Equitable Financial Life Global Funding, 5.500%, 12/02/2025, 144A		1,161,320
	5,000	Equitable Holdings, Inc., 5.594%, 1/11/2033		4,915
	245,000	F&G Annuities & Life, Inc., 7.400%, 1/13/2028, 144A		246,693
	505,000	F&G Global Funding, 2.000%, 9/20/2028, 144A		428,112
	1,170,000	F&G Global Funding, 5.150%, 7/07/2025, 144A		1,153,419
	500,000	Five Corners Funding Trust III, 5.791%, 2/15/2033, 144A		513,013
	230,000	GA Global Funding Trust, 1.250%, 12/08/2023, 144A		223,021
	995,000	GA Global Funding Trust, 2.250%, 1/06/2027, 144A		868,069
	665,000	Great-West Lifeco U.S. Finance LP, 0.904%, 8/12/2025, 144A		604,077
	1,370,000	Guardian Life Global Funding, 1.100%, 6/23/2025, 144A		1,257,884
	45,000	Guardian Life Global Funding, 5.550%, 10/28/2027, 144A		46,706
	955,000	Jackson National Life Global Funding, 1.750%, 1/12/2025, 144A		894,081
	155,000	Jackson National Life Global Funding, 3.875%, 6/11/2025, 144A		146,962
	435,000	Jackson National Life Global Funding, 5.500%, 1/09/2026, 144A		439,809

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Life Insurance — continued
$	230,000	Lincoln National Corp., 3.400%, 3/01/2032	$	185,100
	380,000	MassMutual Global Funding II, 4.150%, 8/26/2025, 144A		374,429
	795,000	Metropolitan Life Global Funding I, 0.900%, 6/08/2023, 144A		787,998
	700,000	Metropolitan Life Global Funding I, 0.950%, 7/02/2025, 144A		643,055
	440,000	Metropolitan Life Global Funding I, 5.000%, 1/06/2026, 144A		442,583
	545,000	Metropolitan Life Global Funding I, 5.150%, 3/28/2033, 144A		549,410
	915,000	New York Life Global Funding, 4.700%, 4/02/2026, 144A		915,719
	850,000	New York Life Global Funding, 4.850%, 1/09/2028, 144A		862,325
	745,000	Protective Life Global Funding, 1.646%, 1/13/2025, 144A		699,761
	765,000	Protective Life Global Funding, 4.714%, 7/06/2027, 144A		747,252
	745,000	Prudential Financial, Inc., (fixed rate to 12/01/2032, variable rate thereafter), 6.750%, 3/01/2053		724,587
	655,000	Reliance Standard Life Global Funding II, 2.750%, 5/07/2025, 144A		621,891
	175,000	Reliance Standard Life Global Funding II, 3.850%, 9/19/2023, 144A		173,563
	415,000	Reliance Standard Life Global Funding II, 5.243%, 2/02/2026, 144A		411,933
	770,000	RGA Global Funding, 2.700%, 1/18/2029, 144A		672,306
	755,000	Security Benefit Global Funding, 1.250%, 5/17/2024, 144A		715,978

				20,994,283

		Lodging — 0.2%
	140,000	Marriott International, Inc., 4.900%, 4/15/2029		138,773
	350,000	Marriott International, Inc., Series Z, 4.150%, 12/01/2023		347,585

				486,358

		Media Entertainment — 0.2%
	550,000	Prosus NV, 4.193%, 1/19/2032, 144A		467,259

		Metals & Mining — 0.5%
	1,045,000	BHP Billiton Finance USA Ltd., 4.875%, 2/27/2026		1,052,044
	155,000	Glencore Funding LLC, 4.125%, 3/12/2024, 144A		153,320
	290,000	Northern Star Resources Ltd., 6.125%, 4/11/2033, 144A		287,665

				1,493,029

		Midstream — 0.6%
	685,000	Enbridge, Inc., 5.700%, 3/08/2033		712,499
	305,000	Kinder Morgan, Inc., 5.200%, 6/01/2033		303,016
	50,000	Western Midstream Operating LP, 6.150%, 4/01/2033		50,678
	600,000	Williams Cos., Inc., 5.400%, 3/02/2026		611,255

				1,677,448

		Mortgage Related — 0.7%
	664	Federal Home Loan Mortgage Corp., 3.000%, 10/01/2026		647
	20	Federal Home Loan Mortgage Corp., 6.500%, 1/01/2024		21
	12	Federal Home Loan Mortgage Corp., 8.000%, 7/01/2025		12
	10,037	Government National Mortgage Association, 3.890%, with various maturities in 2062(b)(d)		9,703
		Mortgage Related — continued
	13,383	Government National Mortgage Association, 4.015%, 4/20/2063(b)		13,031
	44,703	Government National Mortgage Association, 4.256%, 11/20/2066(b)		44,424
	19,746	Government National Mortgage Association, 4.304%, 6/20/2066(b)		19,421
	40,720	Government National Mortgage Association, 4.388%, 9/20/2066(b)		40,472
	53,996	Government National Mortgage Association, 4.428%, 10/20/2066(b)		53,771
	50,126	Government National Mortgage Association, 4.453%, 11/20/2066(b)		50,039
	136,571	Government National Mortgage Association, 4.454%, 10/20/2066(b)		135,848
	36,499	Government National Mortgage Association, 4.471%, 8/20/2066(b)		36,398
	120,227	Government National Mortgage Association, 4.491%, 9/20/2066(b)		119,682
	3,793	Government National Mortgage Association, 4.514%, 11/20/2064(b)		3,746
	243,105	Government National Mortgage Association, 4.585%, 7/20/2067(b)		243,807
	51,512	Government National Mortgage Association, 4.586%, 10/20/2066(b)		51,313
	677,748	Government National Mortgage Association, 4.641%, 4/20/2067(b)		677,841
	455,297	Government National Mortgage Association, 4.673%, 1/20/2067(b)		454,574
	94,599	Government National Mortgage Association, 4.700%, with various maturities from 2061 to 2064(b)(d)		93,905
	42	Government National Mortgage Association, 6.500%, 12/15/2023		44

				2,048,699

		Natural Gas — 0.5%
	720,000	CenterPoint Energy Resources Corp., 5.400%, 3/01/2033		744,511
	240,000	NiSource, Inc., 5.250%, 3/30/2028		244,138
	290,000	Sempra Energy, 3.700%, 4/01/2029		269,253
	170,000	Southwest Gas Corp., 5.450%, 3/23/2028		171,602

				1,429,504

		Non-Agency Commercial Mortgage-Backed Securities — 5.6%
	230,000	BANK, Series 2019-BN24, Class A3, 2.960%, 11/15/2062		200,633
	270,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		230,591
	870,000	BANK, Series 2021-BN37, Class A5, 2.618%, 11/15/2064(b)		717,702
	660,000	Barclays Commercial Mortgage Securities Trust, Series 2020-BID, Class A, 1 mo. USD LIBOR + 2.140%, 6.824%, 10/15/2037, 144A(c)		637,316
	865,000	BBCMS Mortgage Trust, Series 2021-C12, Class A5, 2.689%, 11/15/2054		717,863
	285,000	Benchmark Mortgage Trust, Series 2020-B16, Class A5, 2.732%, 2/15/2053		243,333
	755,000	Benchmark Mortgage Trust, Series 2021-B31, Class A5, 2.669%, 12/15/2054		621,830
	520,000	BPR Trust, Series 2021-NRD, Class A, 1 mo. USD SOFR + 1.525%, 6.185%, 12/15/2038, 144A(c)		483,838
	360,000	BPR Trust, Series 2022-OANA, Class A, 1 mo. USD SOFR + 1.898%, 6.725%, 4/15/2037, 144A(c)		345,897

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	491,600	CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.865%, 1/10/2048	$	469,863
	361,996	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.283%, 5/10/2058		340,131
	992,138	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314%, 4/10/2049		934,819
	540,000	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A4, 3.102%, 12/15/2072		472,744
	484,468	Commercial Mortgage Pass-Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		427,653
	57,284	Commercial Mortgage Pass-Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046(b)		57,164
	21,808	Commercial Mortgage Pass-Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		21,610
	29,133	Commercial Mortgage Pass-Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		28,865
	280,000	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS3, Class A4, 3.819%, 6/10/2047		272,450
	280,000	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1, Class A5, 3.350%, 2/10/2048		267,985
	520,299	Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, Class A5, 3.765%, 2/10/2049		496,604
	795,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		722,074
	42,727	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617%, 11/15/2048		41,473
	470,000	CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A4, 2.968%, 12/15/2052		408,452
	605,000	GS Mortgage Securities Corp. Trust, Series 2012-BWTR, Class A, 2.954%, 11/05/2034, 144A		442,243
	440,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(b)		367,488
	330,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047		324,048
	245,000	GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.911%, 2/13/2053		212,204
	180,000	Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.155%, 8/05/2034, 144A		155,004
	355,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		311,110
	19,677	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		19,438
	575,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A4, 3.386%, 6/13/2052		517,811
	468,608	Med Trust, Series 2021-MDLN, Class A, 1 mo. USD LIBOR + 0.950%, 5.635%, 11/15/2038, 144A(c)		451,031
	240,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class A4, 4.067%, 7/15/2046(b)		238,929
	129,604	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.306%, 4/15/2048		123,499
	550,000	Morgan Stanley Capital I Trust, Series 2020-L4, Class A3, 2.698%, 2/15/2053		462,601
	845,000	New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, 10/20/2061, 144A		728,640
	465,000	SCOTT Trust, Series 2023-SFS, Class A, 5.910%, 3/15/2040, 144A		470,020
		Non-Agency Commercial Mortgage-Backed Securities — continued
	980,000	SPGN Mortgage Trust, Series 2022-TFLM. Class A, 1 mo. USD SOFR + 1.550%, 6.377%, 2/15/2039, 144A(c)		926,193
	193,104	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A		176,707
	24,103	UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.244%, 4/10/2046		24,054
	201,109	Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.426%, 3/15/2059		189,511
	490,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C58, Class A4, 2.092%, 7/15/2053		393,137
	825,000	Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class A4, 4.000%, 4/15/2055(b)		752,853
	325,000	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101%, 3/15/2047		318,628
	69,612	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ASB, 3.638%, 5/15/2047		68,637

				16,834,676

		Office REITs — 0.4%
	720,000	Hudson Pacific Properties LP, 5.950%, 2/15/2028		545,284
	190,000	Office Properties Income Trust, 2.400%, 2/01/2027		124,239
	420,000	Office Properties Income Trust, 3.450%, 10/15/2031		233,031
	205,000	Office Properties Income Trust, 4.500%, 2/01/2025		176,975

				1,079,529

		Other REITs — 0.1%
	170,000	Extra Space Storage LP, 5.700%, 4/01/2028		171,153

		Packaging — 0.1%
	335,000	Amcor Flexibles North America, Inc., 4.000%, 5/17/2025		328,037

		Pharmaceuticals — 0.4%
	1,005,000	Astrazeneca Finance LLC, 4.900%, 3/03/2030		1,027,946
	235,000	Bayer U.S. Finance II LLC, 3.375%, 7/15/2024, 144A		229,989

				1,257,935

		Property & Casualty Insurance — 0.3%
	285,000	Aon Corp./Aon Global Holdings PLC, 5.350%, 2/28/2033		295,205
	30,000	Assurant, Inc., 4.200%, 9/27/2023		29,808
	470,000	Marsh & McLennan Cos., Inc., 5.450%, 3/15/2053		484,029
	240,000	Trustage Financial Group, Inc., 4.625%, 4/15/2032, 144A		214,793

				1,023,835

		Railroads — 0.1%
	215,000	Union Pacific Corp., 3.646%, 2/15/2024		211,821

		Refining — 0.2%
	540,000	Phillips 66, 4.950%, 12/01/2027		542,401

		Restaurants — 0.1%
	420,000	McDonald’s Corp., MTN, 3.350%, 4/01/2023		420,000

		Retailers — 1.0%
	225,000	Advance Auto Parts, Inc., 5.950%, 3/09/2028		231,942
	345,000	AutoNation, Inc., 3.500%, 11/15/2024		333,867
	290,000	AutoNation, Inc., 4.500%, 10/01/2025		283,415
	820,000	Lowe’s Cos., Inc., 5.150%, 7/01/2033		827,818
	1,245,000	Walgreens Boots Alliance, Inc., 0.950%, 11/17/2023		1,211,435

				2,888,477

		Sovereigns — 0.1%
	405,000	Panama Government International Bonds, 6.400%, 2/14/2035		421,780

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Technology — 3.3%
$	325,000	Avnet, Inc., 5.500%, 6/01/2032	$	316,703
	1,045,000	Avnet, Inc., 6.250%, 3/15/2028		1,063,683
	440,000	Broadcom, Inc., 4.000%, 4/15/2029, 144A		411,586
	870,000	CDW LLC/CDW Finance Corp., 3.276%, 12/01/2028		768,810
	355,000	Flex Ltd., 6.000%, 1/15/2028		363,737
	525,000	Global Payments, Inc., 1.500%, 11/15/2024		494,558
	980,000	Hewlett Packard Enterprise Co., 5.900%, 10/01/2024		992,356
	315,000	Infor, Inc., 1.450%, 7/15/2023, 144A		310,648
	1,045,000	Intel Corp., 5.200%, 2/10/2033		1,064,323
	1,030,000	International Business Machines Corp., 4.500%, 2/06/2028		1,030,069
	175,000	Marvell Technology, Inc., 4.200%, 6/22/2023		174,253
	285,000	Microchip Technology, Inc., 0.972%, 2/15/2024		273,599
	460,000	Microchip Technology, Inc., 2.670%, 9/01/2023		453,547
	695,000	Micron Technology, Inc., 6.750%, 11/01/2029		738,313
	200,000	Qorvo, Inc., 1.750%, 12/15/2024, 144A		185,664
	815,000	Texas Instruments, Inc., 4.900%, 3/14/2033		847,810
	345,000	Trimble, Inc., 6.100%, 3/15/2033		348,276
	165,000	Western Union Co., 4.250%, 6/09/2023		164,126

				10,002,061

		Tobacco — 0.6%
	585,000	Altria Group, Inc., 2.450%, 2/04/2032		460,500
	665,000	BAT Capital Corp., 4.700%, 4/02/2027		652,498
	590,000	Philip Morris International, Inc., 5.125%, 2/15/2030		597,570

				1,710,568

		Transportation Services — 1.4%
	450,000	Element Fleet Management Corp., 3.850%, 6/15/2025, 144A		429,600
	175,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.000%, 7/15/2025, 144A		169,502
	695,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.125%, 8/01/2023, 144A		691,079
	785,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 5.550%, 5/01/2028, 144A		783,661
	255,000	Ryder System, Inc., MTN, 3.750%, 6/09/2023		254,065
	1,045,000	Ryder System, Inc., MTN, 5.650%, 3/01/2028		1,058,774
	910,000	United Parcel Service, Inc., 4.875%, 3/03/2033		933,891

				4,320,572

		Treasuries — 28.2%
	7,670,000	U.S. Treasury Notes, 2.500%, 5/31/2024		7,498,024
	3,240,000	U.S. Treasury Notes, 2.750%, 4/30/2027		3,122,677
	8,045,000	U.S. Treasury Notes, 2.750%, 7/31/2027		7,747,712
	1,485,000	U.S. Treasury Notes, 3.250%, 8/31/2024		1,462,493
	9,900,000	U.S. Treasury Notes, 3.250%, 6/30/2027		9,729,070
	3,005,000	U.S. Treasury Notes, 3.500%, 1/31/2028		2,989,271
	17,710,000	U.S. Treasury Notes, 3.875%, 11/30/2027		17,894,018
	8,895,000	U.S. Treasury Notes, 3.875%, 12/31/2027		8,988,467
	2,920,000	U.S. Treasury Notes, 4.000%, 2/29/2028		2,972,697
	2,895,000	U.S. Treasury Notes, 4.125%, 9/30/2027		2,949,507
	2,800,000	U.S. Treasury Notes, 4.125%, 11/15/2032		2,942,188
	9,785,000	U.S. Treasury Notes, 4.250%, 12/31/2024		9,793,791
	2,935,000	U.S. Treasury Notes, 4.500%, 11/30/2024		2,946,465
	2,940,000	U.S. Treasury Notes, 4.625%, 2/28/2025		2,968,596

				84,004,976

		Wireless — 0.1%
	200,000	SK Telecom Co. Ltd., 3.750%, 4/16/2023, 144A		199,930

		Total Bonds and Notes (Identified Cost $302,020,850)		292,822,648

	Short-Term Investments — 1.4%
	4,002,461	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2023 at 2.100% to be repurchased at $4,003,161 on 4/03/2023 collateralized by $4,187,700 U.S. Treasury Note, 2.875% due 6/15/2025 valued at $4,082,518 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $4,002,461)		4,002,461


		Total Investments — 99.6% (Identified Cost $306,023,311)		296,825,109
		Other assets less liabilities — 0.4%		1,251,640

		Net Assets — 100.0%	$	298,076,749


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2023 is disclosed.
	(c)	Variable rate security. Rate as of March 31, 2023 is disclosed.
	(d)	The Fund’s investment in mortgage related securities of Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the value of Rule 144A holdings amounted to $85,191,930 or 28.6% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	CMT	Constant Maturity Treasury
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts
	SOFR	Secured Overnight Financing Rate

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

At March 31, 2023, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/30/2023		374	$	40,135,610	$	40,955,922	$	820,312

At March 31, 2023, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		6/21/2023		12	$	1,625,600	$	1,693,500	$	(67,900	)

Industry Summary at March 31, 2023 (Unaudited)


Treasuries	28.2	%
Banking	16.5
ABS Car Loan	8.6
Life Insurance	7.0
Electric	5.8
Non-Agency Commercial Mortgage-Backed Securities	5.6
Technology	3.3
Finance Companies	3.0
Automotive	2.7
Other Investments, less than 2% each	17.5
Short-Term Investments	1.4

Total Investments	99.6
Other assets less liabilities (including futures contracts)	0.4

Net Assets	100.0	%

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 94.9% of Net Assets
		ABS Car Loan — 2.8%
$	3,220,000	Avis Budget Rental Car Funding AESOP LLC, Series 2022-1A, Class A, 3.830%, 8/21/2028, 144A	$	3,054,176
	148,802	CarMax Auto Owner Trust, Series 2020-2, Class A3, 1.700%, 11/15/2024		148,319
	1,865,000	Carvana Auto Receivables Trust, Series 2021-N2, Class A2, 0.970%, 3/10/2028		1,732,637
	5,293,188	Credit Acceptance Auto Loan Trust, Series 2020-3A, Class A, 1.240%, 10/15/2029, 144A		5,214,709
	2,735,000	Exeter Automobile Receivables Trust, Series 2022-5A, Class A3, 5.430%, 4/15/2026		2,731,323
	71,275	Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.040%, 8/15/2024		70,832
	73,505	GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A3, 1.840%, 9/16/2024		73,209
	92,745	GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.490%, 12/16/2024		91,933
	655,000	GM Financial Revolving Receivables Trust, Series 2021-1, Class A, 1.170%, 6/12/2034, 144A		577,705
	48,413	Honda Auto Receivables Owner Trust, Series 2020-1, Class A3, 1.610%, 4/22/2024		48,173
	151,903	Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.410%, 11/15/2024		150,282
	426,535	Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.380%, 12/16/2024		421,545
	620,000	PenFed Auto Receivables Owner Trust, Series 2022-A, Class A4, 4.180%, 12/15/2028, 144A		606,806
	765,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.350%, 5/25/2033, 144A		709,486
	4,365,000	Toyota Auto Loan Extended Note Trust, Series 2022-1A, Class A, 3.820%, 4/25/2035, 144A		4,229,965
	34,835	Toyota Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.660%, 5/15/2024		34,745
	118,408	Toyota Auto Receivables Owner Trust, Series 2020-B, Class A3, 1.360%, 8/15/2024		117,546

				20,013,391

		ABS Other — 0.5%
	371,147	Chesapeake Funding II LLC, Series 2020-1A, Class A1, 0.870%, 8/15/2032, 144A		366,735
	78,056	CNH Equipment Trust, Series 2020-A, Class A3, 1.160%, 6/16/2025		76,712
	1,014,347	Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.560%, 12/11/2034, 144A		985,090
	675,000	Enterprise Fleet Financing LLC, Series 2022-3, Class A2, 4.380%, 7/20/2029, 144A		664,591
	87,951	Kubota Credit Owner Trust, Series 2020-1A, Class A3, 1.960%, 3/15/2024, 144A		87,711
	351,008	MVW LLC, Series 2020-1A, Class A, 1.740%, 10/20/2037, 144A		321,933
	543,716	Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A, 1.330%, 7/20/2037, 144A		505,812
	692,328	Welk Resorts LLC, Series 2019-AA, Class A, 2.800%, 6/15/2038, 144A		651,574

				3,660,158

		ABS Student Loan — 1.0%
	1,591,053	Navient Private Education Refi Loan Trust, Series 2019-FA, Class A2, 2.600%, 8/15/2068, 144A		1,483,586
	495,231	Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.690%, 5/15/2069, 144A		450,196
	1,621,393	Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.060%, 10/15/2069, 144A		1,411,763
		ABS Student Loan — continued
	3,785,717	Navient Private Education Refi Loan Trust, Series 2021-EA, Class A, 0.970%, 12/16/2069, 144A		3,209,621
	906,887	SMB Private Education Loan Trust, Series 2021-D, Class A1A, 1.340%, 3/17/2053, 144A		810,703
	9,832	SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1 mo. USD LIBOR + 0.950%, 5.795%, 1/25/2039, 144A(a)		9,806

				7,375,675

		Agency Commercial Mortgage-Backed Securities — 34.9%
	6,835,641	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ20, Class A2, 3.799%, 12/25/2025		6,697,891
	2,491,490	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K-F100, Class AS, 30 day USD SOFR Average + 0.180%, 4.706%, 1/25/2028(a)		2,462,725
	7,524,542	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K-F121, Class AS, 30 day USD SOFR Average + 0.180%, 4.706%, 8/25/2028(a)		7,425,603
	7,112,112	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K034, Class A2, 3.531%, 7/25/2023(b)		7,065,749
	7,079,195	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K035, Class A2, 3.458%, 8/25/2023(b)		7,029,235
	7,452,252	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K038, Class A2, 3.389%, 3/25/2024		7,341,079
	2,580,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.224%, 3/25/2027		2,483,230
	19,106,343	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K139, Class A1, 2.209%, 10/25/2031		17,255,645
	11,380,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K747, Class A2, 2.050%, 11/25/2028(b)		10,137,441
	7,999,426	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KC06, Class A2, 2.541%, 8/25/2026		7,560,819
	15,258,345	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF123, Class AS, 30 day USD SOFR Average + 0.200%, 4.726%, 9/25/2028(a)		14,968,589
	1,251,278	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF53, Class A, 1 mo. USD LIBOR + 0.390%, 5.059%, 10/25/2025(a)		1,244,018
	6,818,331	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF72, Class A, 1 mo. USD LIBOR + 0.500%, 5.169%, 10/25/2026(a)		6,805,420
	1,901,508	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF74, Class AS, 1 mo. USD SOFR Historical Calendar Day Compounded + 0.530%, 5.079%, 1/25/2027(a)		1,898,552
	5,261,371	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF77, Class AL, 1 mo. USD LIBOR + 0.700%, 5.369%, 2/25/2027(a)		5,279,559

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)


Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	6,920,051	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF77, Class AS, 30 day USD SOFR Average + 0.900%, 5.426%, 2/25/2027(a)	$	6,991,881
	21,043,634	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF78, Class AL, 1 mo. USD LIBOR + 0.800%, 5.469%, 3/25/2030(a)		21,052,030
	21,043,634	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF78, Class AS, 30 day USD SOFR Average + 1.000%, 5.526%, 3/25/2030(a)		21,341,256
	3,259,412	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF79, Class AL, 1 mo. USD LIBOR + 0.470%, 5.139%, 5/25/2030(a)		3,238,732
	3,007,655	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF79, Class AS, 30 day USD SOFR Average + 0.580%, 5.106%, 5/25/2030(a)		2,986,806
	4,595,545	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF80, Class AL, 1 mo. USD LIBOR + 0.440%, 5.109%, 6/25/2030(a)		4,563,239
	2,582,060	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF80, Class AS, 30 day USD SOFR Average + 0.510%, 5.036%, 6/25/2030(a)		2,568,446
	1,023,302	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF81, Class AL, 1 mo. USD LIBOR + 0.360%, 5.029%, 6/25/2027(a)		1,018,980
	767,476	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF81, Class AS, 30 day USD SOFR Average + 0.400%, 4.926%, 6/25/2027(a)		764,235
	778,976	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF84, Class AL, 1 mo. USD LIBOR + 0.300%, 4.969%, 7/25/2030(a)		760,584
	655,329	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF84, Class AS, 30 day USD SOFR Average + 0.320%, 4.846%, 7/25/2030(a)		640,516
	223,849	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF85, Class AL, 1 mo. USD LIBOR + 0.300%, 4.969%, 8/25/2030(a)		221,365
	596,730	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF85, Class AS, 30 day USD SOFR Average + 0.330%, 4.856%, 8/25/2030(a)		584,494
	657,204	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF86, Class AL, 1 mo. USD LIBOR + 0.290%, 4.959%, 8/25/2027(a)		649,518
	586,865	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF86, Class AS, 30 day USD SOFR Average + 0.320%, 4.846%, 8/25/2027(a)		580,635
	566,662	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF93, Class AL, 1 mo. USD LIBOR + 0.280%, 4.949%, 10/25/2027(a)		562,590
		Agency Commercial Mortgage-Backed Securities — continued
	680,362	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF93, Class AS, 30 day USD SOFR Average + 0.310%, 4.836%, 10/25/2027(a)		676,012
	3,192,283	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KF97, Class AS, 30 day USD SOFR Average + 0.250%, 4.776%, 12/25/2030(a)		3,150,132
	8,720,280	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ21, Class A2, 3.700%, 9/25/2026		8,516,236
	6,587,303	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ26, Class A2, 2.606%, 7/25/2027		6,259,055
	11,783	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ28, Class A1, 1.766%, 2/25/2025		11,783
	7,165,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ37, Class A2, 2.333%, 11/25/2030		6,380,929
	16,300,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ42, Class A2, 4.118%, 11/25/2032		16,106,177
	8,515,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KS12, Class A, 1 mo. USD LIBOR + 0.650%, 5.319%, 8/25/2029(a)		8,514,972
	2,855,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KS14, Class AL, 1 mo. USD LIBOR + 0.340%, 5.009%, 4/25/2030(a)		2,818,239
	3,140,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KS14, Class AS, 30 day USD SOFR Average + 0.370%, 4.896%, 4/25/2030(a)		3,103,997
	1,005,635	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series Q008, Class A, 1 mo. USD LIBOR + 0.390%, 5.059%, 10/25/2045(a)		1,001,145
	944,103	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series Q015, Class A, 30 day USD SOFR Average + 0.200%, 4.758%, 8/25/2024(a)		942,422
	3,915,928	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series Q016, Class APT1, 1.242%, 5/25/2051(b)		3,574,463
	5,200,000	Federal National Mortgage Association, 3.580%, 1/01/2026		5,086,316
	2,689,292	Federal National Mortgage Association, Series 2014-M2, Class A2, 3.513%, 12/25/2023(b)		2,652,400
	2,121,667	Federal National Mortgage Association, Series 2020-M5, Class FA, 1 mo. USD LIBOR + 0.460%, 5.122%, 1/25/2027(a)		2,102,606
	80,224	Government National Mortgage Association, Series 2003-72, Class Z, 5.379%, 11/16/2045(b)		78,743

				245,156,489

		Collateralized Mortgage Obligations — 13.7%
	262	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 7 yr. CMT — 0.200%, 3.280%, 5/15/2023(a)(c)		254
	724	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 10 yr. CMT — 0.650%, 3.150%, 8/15/2023(a)(c)		701

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)


Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	46,241	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029(c)	$	45,070
	396,833	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035(c)		407,581
	593,479	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035(c)		599,770
	199,657	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038(c)		203,212
	592,172	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, IO, 2.551%, 6/15/2048(b)(d)		541,280
	490,673	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, IO, 3.881%, 12/15/2036(b)(d)		484,659
	98,978	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 6.600%, 6/15/2043(b)(c)		89,458
	4,989	Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates, Series T-60, Class 2A1, 3.768%, 3/25/2044(b)(c)		4,147
	256,263	Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates, Series T-62, Class 1A1, 1 yr. MTA + 1.200%, 4.338%, 10/25/2044(a)(c)		237,889
	2,544	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 10 yr. CMT — 0.500%, 3.430%, 4/25/2024(a)(c)		2,454
	5,554	Federal National Mortgage Association, REMIC, Series 2002-W10, Class A7, 4.338%, 8/25/2042(b)(c)		5,090
	563,156	Federal National Mortgage Association, REMIC, Series 2003-48, Class GH, 5.500%, 6/25/2033(c)		575,326
	22,095	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025(c)		21,284
	297,434	Federal National Mortgage Association, REMIC, Series 2007-73, Class A1, 1 mo. USD LIBOR + 0.060%, 4.677%, 7/25/2037(a)(c)		289,651
	547,691	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.447%, 8/25/2038(b)		521,614
	1,095,134	Federal National Mortgage Association, REMIC, Series 2012-56, Class FK, 1 mo. USD LIBOR + 0.450%, 5.295%, 6/25/2042(a)		1,067,224
	1,223,366	Federal National Mortgage Association, REMIC, Series 2012-58, Class KF, 1 mo. USD LIBOR + 0.550%, 5.395%, 6/25/2042(a)		1,198,214
	2,924,528	Federal National Mortgage Association, REMIC, Series 2012-83, Class LF, 1 mo. USD LIBOR + 0.510%, 5.355%, 8/25/2042(a)		2,856,704
	1,840,298	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1 mo. USD LIBOR + 1.000%, 5.000%, 7/25/2043(a)		1,672,325
	3,173,403	Federal National Mortgage Association, REMIC, Series 2015-4, Class BF, 1 mo. USD LIBOR + 0.400%, 5.245%, 2/25/2045(a)		3,126,512
	4,787,228	Federal National Mortgage Association, REMIC, Series 2020-35, Class FA, 1 mo. USD LIBOR + 0.500%, 4.043%, 6/25/2050(a)		4,689,654
	942,834	Government National Mortgage Association, Series 2005-18, Class F, 1 mo. USD LIBOR + 0.200%, 4.961%, 2/20/2035(a)(c)		930,061
	712,993	Government National Mortgage Association, Series 2007-59, Class FM, 1 mo. USD LIBOR + 0.520%, 5.281%, 10/20/2037(a)(c)		708,404
	186,905	Government National Mortgage Association, Series 2009-H01, Class FA, 1 mo. USD LIBOR + 1.150%, 5.911%, 11/20/2059(a)(c)		186,054
	566,442	Government National Mortgage Association, Series 2010-H20, Class AF, 1 mo. USD LIBOR + 0.330%, 4.896%, 10/20/2060(a)		562,110
		Collateralized Mortgage Obligations — continued
	487,534	Government National Mortgage Association, Series 2010-H24, Class FA, 1 mo. USD LIBOR + 0.350%, 4.916%, 10/20/2060(a)		483,996
	322,287	Government National Mortgage Association, Series 2010-H27, Class FA, 1 mo. USD LIBOR + 0.380%, 4.946%, 12/20/2060(a)		319,968
	29,013	Government National Mortgage Association, Series 2011- H20, Class FA, 1 mo. USD LIBOR + 0.550%, 5.116%, 9/20/2061(a)		28,880
	392,352	Government National Mortgage Association, Series 2011-H06, Class FA, 1 mo. USD LIBOR + 0.450%, 5.016%, 2/20/2061(a)		389,946
	21,394	Government National Mortgage Association, Series 2011-H08, Class FA, 1 mo. USD LIBOR + 0.600%, 5.166%, 2/20/2061(a)		21,320
	28,641	Government National Mortgage Association, Series 2011-H23, Class HA, 3.000%, 12/20/2061(c)		26,489
	24,368	Government National Mortgage Association, Series 2012-124, Class HT, 6.500%, 7/20/2032(b)(c)		23,565
	2,112,250	Government National Mortgage Association, Series 2012-18, Class FM, 1 mo. USD LIBOR + 0.250%, 5.011%, 9/20/2038(a)		2,099,517
	88	Government National Mortgage Association, Series 2012-H15, Class FA, 1 mo. USD LIBOR + 0.450%, 5.016%, 5/20/2062(a)(c)		85
	258,409	Government National Mortgage Association, Series 2012-H18, Class NA, 1 mo. USD LIBOR + 0.520%, 5.086%, 8/20/2062(a)		256,950
	978,713	Government National Mortgage Association, Series 2012-H20, Class PT, 5.468%, 7/20/2062(b)		975,283
	10,883	Government National Mortgage Association, Series 2012-H29, Class HF, 1 mo. USD LIBOR + 0.500%, 4.749%, 10/20/2062(a)(c)		10,407
	26,735	Government National Mortgage Association, Series 2013-H02, Class GF, 1 mo. USD LIBOR + 0.500%, 5.003%, 12/20/2062(a)(c)		25,681
	707,942	Government National Mortgage Association, Series 2013-H08, Class FA, 1 mo. USD LIBOR + 0.350%, 4.916%, 3/20/2063(a)		703,025
	884,237	Government National Mortgage Association, Series 2013-H10, Class FA, 1 mo. USD LIBOR + 0.400%, 4.966%, 3/20/2063(a)		878,460
	117,616	Government National Mortgage Association, Series 2013-H14, Class FG, 1 mo. USD LIBOR + 0.470%, 5.036%, 5/20/2063(a)(c)		116,313
	2,989,141	Government National Mortgage Association, Series 2013-H22, Class FT, 1 yr. CMT + 0.650%, 5.340%, 4/20/2063(a)		2,984,029
	2,915,440	Government National Mortgage Association, Series 2014-H14, Class FA, 1 mo. USD LIBOR + 0.500%, 4.892%, 7/20/2064(a)		2,894,702
	2,474,537	Government National Mortgage Association, Series 2014-H15, Class FA, 1 mo. USD LIBOR + 0.500%, 5.066%, 7/20/2064(a)		2,455,382
	1,662,458	Government National Mortgage Association, Series 2015-H04, Class FL, 1 mo. USD LIBOR + 0.470%, 4.862%, 2/20/2065(a)		1,650,524
	3,492	Government National Mortgage Association, Series 2015-H05, Class FA, 1 mo. USD LIBOR + 0.300%, 4.866%, 4/20/2061(a)(c)		3,367
	5,096	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065(c)		4,601

See accompanying notes to financial statements.

51 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)


Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	223,977	Government National Mortgage Association, Series 2015-H10, Class FC, 1 mo. USD LIBOR + 0.480%, 5.046%, 4/20/2065(a)	$	222,289
	3,199,480	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		3,094,913
	2,298	Government National Mortgage Association, Series 2015-H11, Class FA, 1 mo. USD LIBOR + 0.250%, 4.816%, 4/20/2065(a)(c)		2,203
	1,765,665	Government National Mortgage Association, Series 2015-H12, Class FL, 1 mo. USD LIBOR + 0.230%, 4.796%, 5/20/2065(a)		1,750,709
	42,283	Government National Mortgage Association, Series 2015-H19, Class FH, 1 mo. USD LIBOR + 0.300%, 4.866%, 7/20/2065(a)(c)		40,581
	2,425	Government National Mortgage Association, Series 2015-H29, Class FA, 1 mo. USD LIBOR + 0.700%, 5.266%, 10/20/2065(a)(c)		2,334
	2,970	Government National Mortgage Association, Series 2015-H30, Class FA, 1 mo. USD LIBOR + 0.680%, 5.246%, 8/20/2061(a)(c)		2,849
	3,313,374	Government National Mortgage Association, Series 2016-H06, Class FC, 1 mo. USD LIBOR + 0.920%, 5.486%, 2/20/2066(a)		3,284,867
	886,925	Government National Mortgage Association, Series 2016-H20, Class FB, 1 mo. USD LIBOR + 0.550%, 5.116%, 9/20/2066(a)		881,751
	2,312,856	Government National Mortgage Association, Series 2017-H05, Class FC, 1 mo. USD LIBOR + 0.750%, 5.316%, 2/20/2067(a)		2,290,673
	16,606	Government National Mortgage Association, Series 2018-H02, Class FJ, 1 mo. USD LIBOR + 0.200%, 4.766%, 10/20/2064(a)(c)		16,477
	4,495,841	Government National Mortgage Association, Series 2018-H11, Class FJ, 1 yr. USD LIBOR + 0.080%, 2.855%, 6/20/2068(a)		4,412,742
	94,378	Government National Mortgage Association, Series 2018-H14, Class FG, 1 mo. USD LIBOR + 0.350%, 4.916%, 9/20/2068(a)		93,560
	6,475,973	Government National Mortgage Association, Series 2018-H16, Class FA, 1 mo. USD LIBOR + 0.420%, 4.986%, 9/20/2068(a)		6,338,384
	6,138,325	Government National Mortgage Association, Series 2019-H04, Class NA, 3.500%, 9/20/2068		5,847,461
	1,606,397	Government National Mortgage Association, Series 2019-H13, Class FT, 1 yr. CMT + 0.450%, 5.140%, 8/20/2069(a)		1,604,228
	1,742,990	Government National Mortgage Association, Series 2020-30, Class F, 1 mo. USD LIBOR + 0.400%, 2.732%, 4/20/2048(a)		1,680,590
	3,363,924	Government National Mortgage Association, Series 2020-53, Class NF, 1 mo. USD LIBOR + 0.450%, 2.735%, 5/20/2046(a)		3,206,018
	3,524,788	Government National Mortgage Association, Series 2020-H02, Class FG, 1 mo. USD LIBOR + 0.600%, 5.166%, 1/20/2070(a)		3,493,742
	4,031,755	Government National Mortgage Association, Series 2020-H04, Class FP, 1 mo. USD LIBOR + 0.500%, 5.066%, 6/20/2069(a)		3,988,673
	7,246,483	Government National Mortgage Association, Series 2020-H07, Class FL, 1 mo. USD LIBOR + 0.650%, 5.216%, 4/20/2070(a)		7,199,062
	6,784,583	Government National Mortgage Association, Series 2020-H10, Class FD, 1 mo. USD LIBOR + 0.400%, 4.966%, 5/20/2070(a)		6,746,881
		Collateralized Mortgage Obligations — continued
	2,687,680	Government National Mortgage Association, Series 2020-HO1, Class FT, 1 yr. CMT + 0.500%, 5.190%, 1/20/2070(a)		2,675,173

				96,255,352

		Hybrid ARMs — 2.6%
	59,638	Federal Home Loan Mortgage Corp., 1 yr. USD LIBOR + 1.678%, 3.201%, 3/01/2038(a)		58,291
	630,354	Federal Home Loan Mortgage Corp., 1 yr. USD LIBOR + 1.896%, 3.275%, 9/01/2041(a)		617,614
	69,744	Federal Home Loan Mortgage Corp., 1 yr. USD LIBOR + 1.769%, 3.477%, 11/01/2038(a)		68,197
	201,491	Federal Home Loan Mortgage Corp., 1 yr. CMT + 2.165%, 3.585%, 4/01/2036(a)		197,979
	145,736	Federal Home Loan Mortgage Corp., 1 yr. USD LIBOR + 1.724%, 3.642%, 4/01/2037(a)		143,641
	217,032	Federal Home Loan Mortgage Corp., 6 mo. USD LIBOR + 1.770%, 3.643%, 6/01/2037(a)		210,062
	270,017	Federal Home Loan Mortgage Corp., 1 yr. CMT + 2.245%, 3.858%, 3/01/2036(a)		274,105
	40,828	Federal Home Loan Mortgage Corp., 1 yr. USD LIBOR + 1.742%, 3.876%, 12/01/2037(a)		40,161
	1,296,713	Federal Home Loan Mortgage Corp., 1 yr. USD LIBOR + 1.840%, 3.935%, 1/01/2046(a)		1,312,553
	76,685	Federal Home Loan Mortgage Corp., 1 yr. USD LIBOR + 1.703%, 3.942%, 11/01/2038(a)		75,405
	426,694	Federal Home Loan Mortgage Corp., 1 yr. USD LIBOR + 1.765%, 4.015%, 9/01/2035(a)		425,570
	149,934	Federal Home Loan Mortgage Corp., 1 yr. USD LIBOR + 1.937%, 4.046%, 12/01/2034(a)		147,458
	146,179	Federal Home Loan Mortgage Corp., 1 yr. USD LIBOR + 1.903%, 4.049%, 4/01/2037(a)		143,450
	1,177,674	Federal Home Loan Mortgage Corp., 1 yr. CMT + 2.250%, 4.063%, 3/01/2037(a)		1,199,179
	215,592	Federal Home Loan Mortgage Corp., 1 yr. CMT + 2.220%, 4.128%, 7/01/2033(a)		212,055
	83,574	Federal Home Loan Mortgage Corp., 1 yr. CMT + 2.208%, 4.228%, 9/01/2038(a)		82,046
	268,244	Federal Home Loan Mortgage Corp., 1 yr. CMT + 2.248%, 4.234%, 9/01/2038(a)		273,834
	735,471	Federal Home Loan Mortgage Corp., 1 yr. CMT + 2.264%, 4.237%, 2/01/2036(a)		739,352
	428,056	Federal Home Loan Mortgage Corp., 1 yr. CMT + 2.285%, 4.377%, 2/01/2036(a)		425,839
	80,991	Federal Home Loan Mortgage Corp., 1 yr. CMT + 2.250%, 4.498%, 2/01/2035(a)		82,036
	29,288	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.565%, 2.315%, 4/01/2037(a)		28,754
	92,118	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.800%, 2.642%, 3/01/2034(a)		93,556
	440,437	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.804%, 2.792%, 3/01/2037(a)		434,224
	222,220	Federal National Mortgage Association, 1 yr. CMT + 2.131%, 2.864%, 6/01/2036(a)		219,753
	45,131	Federal National Mortgage Association, 1 yr. CMT + 2.211%, 3.211%, 4/01/2033(a)		44,695
	467,869	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.706%, 3.338%, 9/01/2037(a)		474,141
	19,104	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.806%, 3.395%, 7/01/2041(a)		18,680
	439,468	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.565%, 3.618%, 7/01/2035(a)		438,483
	632,368	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.554%, 3.662%, 4/01/2037(a)		635,942

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)


Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	800,279	Federal National Mortgage Association, 1 yr. CMT + 2.168%, 3.787%, 12/01/2040(a)	$	815,178
	84,841	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.553%, 3.803%, 8/01/2035(a)		83,237
	383,867	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.564%, 3.817%, 9/01/2037(a)		381,150
	84,629	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.729%, 3.846%, 11/01/2035(a)		85,670
	1,084,119	Federal National Mortgage Association, 1 yr. CMT + 2.221%, 3.853%, 10/01/2034(a)		1,105,513
	97,332	Federal National Mortgage Association, 1 yr. CMT + 2.198%, 3.856%, 4/01/2034(a)		95,061
	121,649	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.684%, 3.860%, 11/01/2036(a)		120,985
	213,957	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.639%, 3.889%, 8/01/2038(a)		210,177
	134,811	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.667%, 3.917%, 10/01/2033(a)		133,446
	299,465	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.669%, 3.919%, 7/01/2038(a)		294,975
	182,961	Federal National Mortgage Association, 1 yr. CMT + 2.287%, 3.926%, 6/01/2033(a)		181,239
	51,015	Federal National Mortgage Association, 1 yr. CMT + 2.145%, 3.934%, 9/01/2036(a)		50,501
	189,958	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.730%, 3.980%, 8/01/2034(a)		185,842
	286,089	Federal National Mortgage Association, 1 yr. CMT + 2.270%, 4.020%, 6/01/2037(a)		289,928
	270,603	Federal National Mortgage Association, 6 mo. USD LIBOR + 2.030%, 4.037%, 7/01/2037(a)		271,281
	800,489	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.800%, 4.050%, 10/01/2041(a)		812,497
	112,295	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.800%, 4.050%, 12/01/2041(a)		109,903
	35,863	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.729%, 4.074%, 1/01/2037(a)		35,263
	120,659	Federal National Mortgage Association, 1 yr. CMT + 2.147%, 4.078%, 9/01/2034(a)		121,564
	121,233	Federal National Mortgage Association, 1 yr. CMT + 2.500%, 4.152%, 8/01/2036(a)		125,165
	840,411	Federal National Mortgage Association, 1 yr. CMT + 2.230%, 4.168%, 4/01/2034(a)		846,043
	175,990	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.734%, 4.188%, 2/01/2037(a)		172,983
	803,942	Federal National Mortgage Association, 1 yr. CMT + 2.185%, 4.218%, 11/01/2033(a)		821,358
	60,271	Federal National Mortgage Association, 1 yr. USD LIBOR + 2.473%, 4.223%, 6/01/2035(a)		59,077
	131,540	Federal National Mortgage Association, 1 yr. CMT + 2.223%, 4.223%, 8/01/2035(a)		129,408
	51,423	Federal National Mortgage Association, 1 yr. CMT + 2.440%, 4.266%, 8/01/2033(a)		50,905
	96,992	Federal National Mortgage Association, 1 yr. CMT + 2.185%, 4.310%, 12/01/2034(a)		95,114
	296,642	Federal National Mortgage Association, 1 yr. CMT + 2.185%, 4.310%, 1/01/2036(a)		294,714
	110,314	Federal National Mortgage Association, 1 yr. CMT + 2.287%, 4.364%, 10/01/2033(a)		108,639
	464,192	Federal National Mortgage Association, 1 yr. USD LIBOR + 1.820%, 4.445%, 2/01/2047(a)		457,956
	135,343	Federal National Mortgage Association, 1 yr. CMT + 2.486%, 4.611%, 5/01/2035(a)		135,905
		Hybrid ARMs — continued
	233,669	Federal National Mortgage Association, 6 mo. USD LIBOR + 1.546%, 4.989%, 7/01/2035(a)		234,995
	20,201	Federal National Mortgage Association, 6 mo. USD LIBOR + 1.460%, 5.737%, 2/01/2037(a)		20,432

				18,053,159

		Mortgage Related — 1.7%
	13,563	Federal Home Loan Mortgage Corp., 3.000%, 10/01/2026		13,220
	113,950	Federal Home Loan Mortgage Corp., 4.000%, with various maturities from 2024 to 2042(e)		111,897
	30,352	Federal Home Loan Mortgage Corp., 4.500%, with various maturities from 2025 to 2034(e)		30,336
	941	Federal Home Loan Mortgage Corp., 5.500%, 10/01/2023		939
	109,836	Federal Home Loan Mortgage Corp., 6.500%, 12/01/2034		114,673
	28	Federal Home Loan Mortgage Corp., 7.500%, 6/01/2026		28
	78,145	Federal National Mortgage Association, 3.000%, 3/01/2042		72,072
	547,221	Federal National Mortgage Association, 5.000%, with various maturities from 2037 to 2038(e)		558,836
	163,512	Federal National Mortgage Association, 5.500%, with various maturities from 2023 to 2033(e)		165,753
	133,116	Federal National Mortgage Association, 6.500%, with various maturities from 2032 to 2037(e)		138,012
	27,271	Federal National Mortgage Association, 7.500%, with various maturities from 2030 to 2032(e)		27,745
	25,731	Government National Mortgage Association, 4.140%, 12/20/2061(b)		25,388
	13,376	Government National Mortgage Association, 4.390%, 12/20/2062(b)		13,162
	169,772	Government National Mortgage Association, 4.435%, 7/20/2063(b)		167,203
	2,094,272	Government National Mortgage Association, 4.465%, 10/20/2065(b)		2,081,249
	925,977	Government National Mortgage Association, 4.580%, 2/20/2066(b)		917,379
	129,524	Government National Mortgage Association, 4.587%, 1/20/2064(b)		128,565
	1,599,805	Government National Mortgage Association, 4.593%, 3/20/2064(b)		1,592,824
	2,136	Government National Mortgage Association, 4.616%, 8/20/2062(b)		2,127
	58,116	Government National Mortgage Association, 4.630%, with various maturities from 2062 to 2063(b)(e)		56,586
	1,098,120	Government National Mortgage Association, 4.677%, with various maturities from 2061 to 2063(b)(e)		1,091,809
	382,171	Government National Mortgage Association, 4.700%, with various maturities from 2061 to 2064(b)(e)		377,386
	1,990	Government National Mortgage Association, 4.892%, 4/20/2061(b)		1,954
	4,846	Government National Mortgage Association, 6.000%, 12/15/2031		5,034
	1,204,318	Government National Mortgage Association, 1 mo. USD LIBOR + 1.746%, 6.124%, 2/20/2061(a)		1,218,861
	800,480	Government National Mortgage Association, 1 mo. USD LIBOR + 1.890%, 6.277%, 2/20/2063(a)		815,087
	21,783	Government National Mortgage Association, 6.500%, 5/15/2031		22,470

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)


Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	553,830	Government National Mortgage Association, 1 mo. USD LIBOR + 2.168%, 6.543%, 3/20/2063(a)	$	566,885
	534,671	Government National Mortgage Association, 1 mo. USD LIBOR + 2.205%, 6.592%, 5/20/2065(a)		546,547
	515,871	Government National Mortgage Association, 1 mo. USD LIBOR + 2.238%, 6.624%, 6/20/2065(a)		531,842
	427,653	Government National Mortgage Association, 1 mo. USD LIBOR + 2.335%, 6.721%, 2/20/2063(a)		436,421
	18,926	Government National Mortgage Association, 7.000%, 10/15/2028		19,190

				11,851,480

		Non-Agency Commercial Mortgage-Backed Securities — 4.0%
	1,595,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		1,362,197
	3,895,000	Barclays Commercial Mortgage Securities Trust, Series 2020-BID, Class A, 1 mo. USD LIBOR + 2.140%, 6.824%, 10/15/2037, 144A(a)		3,761,132
	1,825,000	BPR Trust, Series 2021-NRD, Class A, 1 mo. USD SOFR + 1.525%, 6.185%, 12/15/2038, 144A(a)		1,698,087
	4,650,000	BPR Trust, Series 2022-SSP, Class A, 1 mo. USD SOFR + 3.000%, 7.827%, 5/15/2039, 144A(a)		4,617,129
	1,745,000	CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/2054		1,640,711
	1,186,267	Commercial Mortgage Pass-Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		1,047,151
	1,488,000	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,459,670
	2,346,829	Commercial Mortgage Pass-Through Certificates, Series 2016-DC2, Class ASB, 3.550%, 2/10/2049		2,272,218
	2,570,000	DROP Mortgage Trust, Series 2021-FILE, Class A, 1 mo. USD LIBOR + 1.150%, 5.830%, 10/15/2043, 144A(a)		2,370,116
	2,600,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		2,278,553
	3,295,000	SPGN Mortgage Trust, Series 2022-TFLM. Class A, 1 mo. USD SOFR + 1.550%, 6.377%, 2/15/2039, 144A(a)		3,114,089
	3,279,464	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1 mo. USD LIBOR + 1.470%, 6.155%, 11/15/2027, 144A(a)		2,220,164

				27,841,217

		Treasuries — 33.7%
	4,010,000	U.S. Treasury Notes, 0.375%, 9/30/2027		3,467,554
	3,620,000	U.S. Treasury Notes, 2.750%, 4/30/2027		3,488,916
	71,120,000	U.S. Treasury Notes, 2.750%, 2/15/2028		68,314,094
	14,950,000	U.S. Treasury Notes, 2.750%, 8/15/2032		14,069,352
	4,870,000	U.S. Treasury Notes, 3.625%, 3/31/2028		4,877,990
	44,505,000	U.S. Treasury Notes, 3.875%, 3/31/2025		44,369,399
	26,990,000	U.S. Treasury Notes, 3.875%, 11/30/2027		27,270,443
	10,465,000	U.S. Treasury Notes, 3.875%, 12/31/2027		10,574,964
	12,315,000	U.S. Treasury Notes, 4.000%, 2/29/2028		12,537,247
	5,270,000	U.S. Treasury Notes, 4.125%, 10/31/2027		5,371,077
	21,030,000	U.S. Treasury Notes, 4.250%, 12/31/2024		21,048,894
	20,570,000	U.S. Treasury Notes, 4.625%, 3/15/2026		21,039,253
				236,429,183

		Total Bonds and Notes (Identified Cost $685,406,235)		666,636,104


	Short-Term Investments — 4.6%
	1,236,330	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2023 at 2.100% to be repurchased at $1,236,547 on 4/03/2023 collateralized by $1,293,600 U.S. Treasury Note, 2.875% due 6/15/2025 valued at $1,261,109 including accrued interest (Note 2 of Notes to Financial Statements)		1,236,330
	31,405,000	U.S. Treasury Bills, 3.623%-4.505%, 4/11/2023(f)(g)		31,373,037

		Total Short-Term Investments (Identified Cost $32,609,841)		32,609,367


		Total Investments — 99.5% (Identified Cost $718,016,076)		699,245,471
		Other assets less liabilities — 0.5%		3,257,859

		Net Assets — 100.0%	$	702,503,330


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. Rate as of March 31, 2023 is disclosed.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2023 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)	Interest only security. Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
	(e)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(f)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(g)	The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the value of Rule 144A holdings amounted to $46,458,389 or 6.6% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	CMT	Constant Maturity Treasury
	LIBOR	London Interbank Offered Rate
	MTA	Monthly Treasury Average Interest
	REMIC	Real Estate Mortgage Investment Conduit
	SOFR	Secured Overnight Financing Rate

See accompanying notes to financial statements.

| 54

Portfolio of Investments – as of March 31, 2023 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Industry Summary at March 31, 2023 (Unaudited)


Agency Commercial Mortgage-Backed Securities	34.9	%
Treasuries	33.7
Collateralized Mortgage Obligations	13.7
Non-Agency Commercial Mortgage-Backed Securities	4.0
ABS Car Loan	2.8
Hybrid ARMs	2.6
Other Investments, less than 2% each	3.2
Short-Term Investments	4.6

Total Investments	99.5
Other assets less liabilities	0.5

Net Assets	100.0	%

See accompanying notes to financial statements.

55 |

Statements of Assets and Liabilities

March 31, 2023 (Unaudited)


	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund
ASSETS
Investments at cost	$	6,965,173,098		$	24,173,526		$	2,699,906,624
Net unrealized appreciation (depreciation)		(512,523,499	)		(2,991,228	)		74,438,002

Investments at value		6,452,649,599			21,182,298			2,774,344,626
Cash		13,965,195			19			10,717
Due from brokers (Note 2)		—			25,000			9,073,907
Foreign currency at value (identified cost $33, $0 and $3,847,949, respectively)		34			—			3,865,906
Receivable for Fund shares sold		23,540,169			—			3,323,118
Receivable from investment adviser (Note 6)		—			11,305			—
Receivable for securities sold		299,470,408			17,260			2,138,666
Receivable for when-issued/delayed delivery securities sold (Note 2)		275,524,728			—			—
Collateral received for delayed delivery securities and open forward foreign currency contracts (Notes 2 and 4)		700,000			—			1,560,000
Dividends and interest receivable		47,184,244			201,859			9,168,038
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			—			4,005,046
Tax reclaims receivable		—			—			467,303
Receivable for variation margin on futures contracts (Note 2)		3,668,581			31,733			536,249
Prepaid expenses (Note 8)		797			422			650

TOTAL ASSETS		7,116,703,755			21,469,896			2,808,494,226

LIABILITIES
Payable for securities purchased		332,304,490			64,949			2,419,571
Payable for when-issued/delayed delivery securities purchased (Note 2)		275,706,603			—			—
Payable for Fund shares redeemed		3,460,571			—			2,292,027
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			—			1,297,556
Foreign taxes payable (Note 2)		—			—			68,456
Due to brokers (Note 2)		700,000			—			1,560,000
Management fees payable (Note 6)		1,688,653			—			1,732,062
Deferred Trustees’ fees (Note 6)		841,640			7,170			382,005
Administrative fees payable (Note 6)		252,436			827			107,806
Payable to distributor (Note 6d)		51,152			—			53,250
Audit and tax services fees payable		34,526			37,351			35,062
Other accounts payable and accrued expenses		292,449			19,155			193,333

TOTAL LIABILITIES		615,332,520			129,452			10,141,128

NET ASSETS	$	6,501,371,235		$	21,340,444		$	2,798,353,098

NET ASSETS CONSIST OF:
Paid-in capital	$	7,493,312,885		$	24,649,974		$	2,702,650,142
Accumulated earnings (loss)		(991,941,650	)		(3,309,530	)		95,702,956

NET ASSETS	$	6,501,371,235		$	21,340,444		$	2,798,353,098

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	426,558,587		$	287,332		$	489,456,450

Shares of beneficial interest		36,478,529			33,242			23,239,100

Net asset value and redemption price per share	$	11.69		$	8.64		$	21.06

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	12.21		$	9.02		$	22.34

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	38,044,262		$	922		$	285,170,154

Shares of beneficial interest		3,250,557			107			14,053,285

Net asset value and offering price per share	$	11.70		$	8.64	*	$	20.29

Class N shares:
Net assets	$	1,989,440,565		$	21,032,421		$	266,783,447

Shares of beneficial interest		168,487,444			2,434,178			12,499,106

Net asset value, offering and redemption price per share	$	11.81		$	8.64		$	21.34

Class Y shares:
Net assets	$	4,047,327,821		$	19,769		$	1,756,943,047

Shares of beneficial interest		342,986,392			2,290			82,376,952

Net asset value, offering and redemption price per share	$	11.80		$	8.63		$	21.33

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

See accompanying notes to financial statements.

| 56

Statements of Assets and Liabilities (continued)

March 31, 2023 (Unaudited)


	Growth Fund		Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	6,012,409,511	$	306,023,311		$	718,016,076
Net unrealized appreciation (depreciation)		3,969,852,284		(9,198,202	)		(18,770,605	)

Investments at value		9,982,261,795		296,825,109			699,245,471
Cash		246		158			35
Due from brokers (Note 2)		—		590,000			—
Receivable for Fund shares sold		20,975,556		47,028			2,608,129
Receivable for securities sold		—		1,448,124			20,268,863
Dividends and interest receivable		1,270,833		2,166,295			2,109,656
Tax reclaims receivable		9,647,269		1,335			—
Receivable for variation margin on futures contracts (Note 2)		—		68,631			—
Prepaid expenses (Note 8)		1,099		438			469

TOTAL ASSETS		10,014,156,798		301,147,118			724,232,623

LIABILITIES
Payable for securities purchased		—		2,758,054			19,895,074
Payable for Fund shares redeemed		23,929,669		32,986			745,153
Distributions payable		—		—			336,559
Management fees payable (Note 6)		3,996,172		44,961			159,655
Deferred Trustees’ fees (Note 6)		805,674		149,311			421,235
Administrative fees payable (Note 6)		370,409		11,660			27,359
Payable to distributor (Note 6d)		97,919		6,426			12,438
Audit and tax services fees payable		27,680		32,154			34,487
Other accounts payable and accrued expenses		562,547		34,817			97,333

TOTAL LIABILITIES		29,790,070		3,070,369			21,729,293

NET ASSETS	$	9,984,366,728	$	298,076,749		$	702,503,330

NET ASSETS CONSIST OF:
Paid-in capital	$	5,849,223,665	$	334,916,342		$	785,600,470
Accumulated earnings (loss)		4,135,143,063		(36,839,593	)		(83,097,140	)

NET ASSETS	$	9,984,366,728	$	298,076,749		$	702,503,330

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	678,220,674	$	18,512,510		$	225,644,859

Shares of beneficial interest		37,815,954		1,961,493			20,987,268

Net asset value and redemption price per share	$	17.93	$	9.44		$	10.75

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	19.02	$	9.86		$	11.00

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	66,487,316	$	709,644		$	10,643,382

Shares of beneficial interest		4,357,396		74,942			992,419

Net asset value and offering price per share	$	15.26	$	9.47		$	10.72

Class N shares:
Net assets	$	725,597,840	$	18,305,142		$	44,501,164

Shares of beneficial interest		36,642,820		1,940,906			4,127,048

Net asset value, offering and redemption price per share	$	19.80	$	9.43		$	10.78

Class Y shares:
Net assets	$	8,514,060,898	$	260,549,453		$	421,713,925

Shares of beneficial interest		430,641,847		27,613,931			39,100,246

Net asset value, offering and redemption price per share	$	19.77	$	9.44		$	10.79

See accompanying notes to financial statements.

57 |

Statements of Operations

For the Six Months Ended March 31, 2023 (Unaudited)


	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund
INVESTMENT INCOME
Interest	$	119,049,371		$	433,275		$	20,124,556
Dividends		—			7,345			11,395,577
Less net foreign taxes withheld		—			—			(496,593	)

		119,049,371			440,620			31,023,540

Expenses
Management fees (Note 6)		9,791,800			43,978			10,785,831
Service and distribution fees (Note 6)		732,205			261			2,115,459
Administrative fees (Note 6)		1,396,617			4,858			672,800
Trustees’ fees and expenses (Note 6)		167,794			8,571			83,957
Transfer agent fees and expenses (Notes 6 and 7)		2,171,267			3,361			1,288,531
Audit and tax services fees		28,580			33,061			29,982
Custodian fees and expenses		86,913			3,919			85,477
Legal fees (Note 8)		87,088			326			45,298
Registration fees		193,575			31,230			74,358
Shareholder reporting expenses		144,262			2,247			108,218
Miscellaneous expenses		216,124			26,035			90,523

Total expenses		15,016,225			157,847			15,380,434
Less waiver and/or expense reimbursement (Note 6)		(311,600	)		(103,078	)		—

Net expenses		14,704,625			54,769			15,380,434

Net investment income		104,344,746			385,851			15,643,106

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(153,064,348	)		(211,024	)		58,835,401
Futures contracts		(23,290,173	)		(88,828	)		(3,838,422	)
Forward foreign currency contracts (Note 2e)		—			—			2,507,608
Foreign currency transactions (Note 2d)		103,989			—			67,629
Net change in unrealized appreciation (depreciation) on:
Investments		398,059,349			1,113,134			368,807,973
Futures contracts		45,561,753			149,682			4,415,779
Forward foreign currency contracts (Note 2e)		—			—			6,095,730
Foreign currency translations (Note 2d)		267,036			—			357,353

Net realized and unrealized gain on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		267,637,606			962,964			437,249,051

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	371,982,352		$	1,348,815		$	452,892,157

See accompanying notes to financial statements.

| 58

Statements of Operations (continued)

For the Six Months Ended March 31, 2023 (Unaudited)


	Growth Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	582,582		$	5,353,856		$	12,631,807
Dividends		29,961,061			—			—
Less net foreign taxes withheld		(329,001	)		(397	)		—

		30,214,642			5,353,459			12,631,807

Expenses
Management fees (Note 6)		22,842,775			368,229			1,124,225
Service and distribution fees (Note 6)		1,103,374			25,443			337,896
Administrative fees (Note 6)		2,119,415			68,339			164,219
Trustees’ fees and expenses (Note 6)		230,911			19,990			39,552
Transfer agent fees and expenses (Notes 6 and 7)		4,295,550			106,043			337,202
Audit and tax services fees		22,453			27,817			30,039
Custodian fees and expenses		140,030			12,454			18,498
Legal fees (Note 8)		144,354			4,749			11,520
Registration fees		244,656			41,133			81,006
Shareholder reporting expenses		289,620			13,230			30,520
Miscellaneous expenses		254,478			30,905			33,645

Total expenses		31,687,616			718,332			2,208,322
Less waiver and/or expense reimbursement (Note 6)		—			(108,368	)		(285,621	)

Net expenses		31,687,616			609,964			1,922,701

Net investment income (loss)		(1,472,974	)		4,743,495			10,709,106

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		174,649,369			(6,678,437	)		(10,336,098	)
Futures contracts		—			(1,610,225	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		2,190,198,363			13,053,327			16,941,061
Futures contracts		—			2,024,178			—
Foreign currency translations (Note 2d)		185,899			—			—

Net realized and unrealized gain on investments, futures contracts and foreign currency transactions		2,365,033,631			6,788,843			6,604,963

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,363,560,657		$	11,532,338		$	17,314,069

See accompanying notes to financial statements.

59 |

Statements of Changes in Net Assets


	Core Plus Bond Fund						Credit Income Fund
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
FROM OPERATIONS:
Net investment income	$	104,344,746		$	174,385,553		$	385,851		$	631,633
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		(176,250,532	)		(277,234,957	)		(299,852	)		266,764
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		443,888,138			(1,058,570,772	)		1,262,816			(4,721,802	)

Net increase (decrease) in net assets resulting from operations		371,982,352			(1,161,420,176	)		1,348,815			(3,823,405	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(7,128,320	)		(16,005,020	)		(4,969	)		(3,571	)
Class C		(529,009	)		(1,420,755	)		(18	)		(25	)
Class N		(35,702,086	)		(68,723,627	)		(530,894	)		(818,127	)
Class Y		(65,763,911	)		(135,179,006	)		(683	)		(1,898	)

Total distributions		(109,123,326	)		(221,328,408	)		(536,564	)		(823,621	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		327,118,731			(1,555,408,285	)		76,792			142,887

Net increase (decrease) in net assets		589,977,757			(2,938,156,869	)		889,043			(4,504,139	)
NET ASSETS
Beginning of the period		5,911,393,478			8,849,550,347			20,451,401			24,955,540

End of the period	$	6,501,371,235		$	5,911,393,478		$	21,340,444		$	20,451,401

See accompanying notes to financial statements.

| 60

Statements of Changes in Net Assets (continued)


	Global Allocation Fund						Growth Fund
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
FROM OPERATIONS:
Net investment income (loss)	$	15,643,106		$	26,885,363		$	(1,472,974	)	$	(10,830,629	)
Net realized gain on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		57,572,216			205,757,956			174,649,369			1,235,669,337
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations		379,676,835			(1,371,139,443	)		2,190,384,262			(4,804,984,300	)

Net increase (decrease) in net assets resulting from operations		452,892,157			(1,138,496,124	)		2,363,560,657			(3,580,145,592	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(46,037,953	)		(54,983,218	)		(87,496,281	)		(87,877,160	)
Class C		(28,653,921	)		(37,592,938	)		(11,157,335	)		(6,955,691	)
Class N		(23,349,603	)		(26,402,455	)		(94,252,383	)		(39,935,698	)
Class Y		(167,186,117	)		(248,208,914	)		(1,021,376,434	)		(530,904,861	)

Total distributions		(265,227,594	)		(367,187,525	)		(1,214,282,433	)		(665,673,410	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(350,617,752	)		(410,454,398	)		(652,607,220	)		(35,119,431	)

Net increase (decrease) in net assets		(162,953,189	)		(1,916,138,047	)		496,671,004			(4,280,938,433	)
NET ASSETS
Beginning of the period		2,961,306,287			4,877,444,334			9,487,695,724			13,768,634,157

End of the period	$	2,798,353,098		$	2,961,306,287		$	9,984,366,728		$	9,487,695,724

See accompanying notes to financial statements.

61 |

Statements of Changes in Net Assets (continued)


	Intermediate Duration Bond Fund						Limited Term Government and Agency Fund
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
FROM OPERATIONS:
Net investment income	$	4,743,495		$	5,926,872		$	10,709,106		$	7,352,923
Net realized loss on investments and futures contracts		(8,288,662	)		(19,695,363	)		(10,336,098	)		(21,343,422	)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		15,077,505			(24,895,828	)		16,941,061			(38,167,377	)

Net increase (decrease) in net assets resulting from operations		11,532,338			(38,664,319	)		17,314,069			(52,157,876	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(280,946	)		(418,231	)		(3,547,901	)		(2,294,331	)
Class C		(6,869	)		(3,268	)		(138,787	)		(45,623	)
Class N		(308,498	)		(457,509	)		(613,367	)		(191,170	)
Class Y		(4,254,006	)		(6,995,943	)		(7,038,583	)		(6,809,271	)

Total distributions		(4,850,319	)		(7,874,951	)		(11,338,638	)		(9,340,395	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(1,568,933	)		(42,173,549	)		(74,967,244	)		(200,047,990	)

Net increase (decrease) in net assets		5,113,086			(88,712,819	)		(68,991,813	)		(261,546,261	)
NET ASSETS
Beginning of the period		292,963,663			381,676,482			771,495,143			1,033,041,404

End of the period	$	298,076,749		$	292,963,663		$	702,503,330		$	771,495,143

See accompanying notes to financial statements.

| 62

Financial Highlights

For a share outstanding throughout each period.


	Core Plus Bond Fund—Class A
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	11.20		$	13.59		$	14.08		$	13.25		$	12.53		$	12.96

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.26			0.21			0.26			0.34			0.35
Net realized and unrealized gain (loss)		0.50			(2.30	)		(0.13	)		0.86			0.70			(0.38	)

Total from Investment Operations		0.68			(2.04	)		0.08			1.12			1.04			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.32	)		(0.29	)		(0.29	)		(0.32	)		(0.40	)
Net realized capital gains		—			(0.03	)		(0.28	)		—			—			—

Total Distributions		(0.19	)		(0.35	)		(0.57	)		(0.29	)		(0.32	)		(0.40	)

Net asset value, end of the period	$	11.69		$	11.20		$	13.59		$	14.08		$	13.25		$	12.53

Total return(b)		6.15	%(c)(d)		(15.24	)%(c)		0.53	%		8.60	%		8.39	%		(0.27	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	426,559		$	428,825		$	747,497		$	617,609		$	558,291		$	600,762
Net expenses		0.74	%(e)(f)		0.73	%(e)(g)		0.71	%		0.72	%(h)		0.73	%		0.73	%
Gross expenses		0.76	%(f)		0.74	%		0.71	%		0.72	%		0.73	%		0.73	%
Net investment income		3.21	%(f)		2.08	%		1.51	%		1.88	%		2.63	%		2.71	%
Portfolio turnover rate		94	%		280	%		266	%		359	%(i)		297	%(j)		181	%

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

(b)	A sales charge for Class A shares is not reflected in total return calculations.

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

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

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

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

(g)	Effective July 1, 2022, the expense limit decreased from 0.75% to 0.74%.

(h)	Effective July 1, 2020, the expense limit decreased from 0.80% to 0.75%.

(i)	The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(j)	The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

63 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Core Plus Bond Fund—Class C
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	11.21		$	13.60		$	14.09		$	13.25		$	12.53		$	12.96

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.17			0.10			0.15			0.24			0.25
Net realized and unrealized gain (loss)		0.50			(2.30	)		(0.13	)		0.88			0.70			(0.38	)

Total from Investment Operations		0.64			(2.13	)		(0.03	)		1.03			0.94			(0.13	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.23	)		(0.18	)		(0.19	)		(0.22	)		(0.30	)
Net realized capital gains		—			(0.03	)		(0.28	)		—			—			—

Total Distributions		(0.15	)		(0.26	)		(0.46	)		(0.19	)		(0.22	)		(0.30	)

Net asset value, end of the period	$	11.70		$	11.21		$	13.60		$	14.09		$	13.25		$	12.53

Total return(b)		5.74	%(c)(d)		(15.88	)%(c)		(0.24	)%		7.83	%		7.57	%		(1.03	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	38,044		$	48,679		$	95,755		$	132,590		$	160,201		$	185,758
Net expenses		1.49	%(e)(f)		1.48	%(e)(g)		1.46	%		1.47	%(h)		1.48	%		1.48	%
Gross expenses		1.51	%(f)		1.49	%		1.46	%		1.47	%		1.48	%		1.48	%
Net investment income		2.45	%(f)		1.33	%		0.75	%		1.13	%		1.88	%		1.96	%
Portfolio turnover rate		94	%		280	%		266	%		359	%(i)		297	%(j)		181	%

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

(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

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

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

(g)	Effective July 1, 2022, the expense limit decreased from 1.50% to 1.49%.

(h)	Effective July 1, 2020, the expense limit decreased from 1.55% to 1.50%.

(i)	The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(j)	The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

| 64

Financial Highlights (continued)

For a share outstanding throughout each period.


	Core Plus Bond Fund—Class N
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	11.31		$	13.72		$	14.21		$	13.37		$	12.63		$	13.06

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.31			0.26			0.30			0.38			0.39
Net realized and unrealized gain (loss)		0.51			(2.32	)		(0.14	)		0.88			0.72			(0.38	)

Total from Investment Operations		0.71			(2.01	)		0.12			1.18			1.10			0.01

LESS DISTRIBUTIONS FROM:
Net investment income		(0.21	)		(0.37	)		(0.33	)		(0.34	)		(0.36	)		(0.44	)
Net realized capital gains		—			(0.03	)		(0.28	)		—			—			—

Total Distributions		(0.21	)		(0.40	)		(0.61	)		(0.34	)		(0.36	)		(0.44	)

Net asset value, end of the period	$	11.81		$	11.31		$	13.72		$	14.21		$	13.37		$	12.63

Total return		6.37	%(b)		(14.94	)%		0.86	%		8.95	%		8.85	%		0.07	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,989,441		$	1,890,793		$	2,563,736		$	2,682,487		$	2,610,699		$	1,899,190
Net expenses		0.40	%(c)		0.38	%(d)		0.38	%		0.38	%(e)		0.39	%		0.39	%
Gross expenses		0.40	%(c)		0.38	%		0.38	%		0.38	%		0.39	%		0.39	%
Net investment income		3.55	%(c)		2.47	%		1.84	%		2.21	%		2.96	%		3.06	%
Portfolio turnover rate		94	%		280	%		266	%		359	%(f)		297	%(g)		181	%

(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)	Effective July 1, 2022, the expense limit decreased from 0.45% to 0.44%.

(e)	Effective July 1, 2020, the expense limit decreased from 0.50% to 0.45%.

(f)	The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(g)	The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

65 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Core Plus Bond Fund—Class Y
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	11.30		$	13.71		$	14.20		$	13.36		$	12.63		$	13.06

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.30			0.24			0.29			0.37			0.38
Net realized and unrealized gain (loss)		0.51			(2.32	)		(0.13	)		0.88			0.71			(0.38	)

Total from Investment Operations		0.71			(2.02	)		0.11			1.17			1.08			0.00	(b)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.21	)		(0.36	)		(0.32	)		(0.33	)		(0.35	)		(0.43	)
Net realized capital gains		—			(0.03	)		(0.28	)		—			—			—

Total Distributions		(0.21	)		(0.39	)		(0.60	)		(0.33	)		(0.35	)		(0.43	)

Net asset value, end of the period	$	11.80		$	11.30		$	13.71		$	14.20		$	13.36		$	12.63

Total return		6.32	%(c)(d)		(15.03	)%(c)		0.78	%		8.87	%		8.67	%		(0.02	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,047,328		$	3,543,096		$	5,442,563		$	5,846,057		$	4,163,785		$	3,733,751
Net expenses		0.49	%(e)(f)		0.48	%(e)(g)		0.46	%		0.47	%(h)		0.48	%		0.48	%
Gross expenses		0.51	%(f)		0.49	%		0.46	%		0.47	%		0.48	%		0.48	%
Net investment income		3.46	%(f)		2.35	%		1.76	%		2.11	%		2.87	%		2.97	%
Portfolio turnover rate		94	%		280	%		266	%		359	%(i)		297	%(j)		181	%

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

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

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

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

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

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

(g)	Effective July 1, 2022, the expense limit decreased from 0.50% to 0.49%.

(h)	Effective July 1, 2020, the expense limit decreased from 0.55% to 0.50%.

(i)	The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(j)	The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

| 66

Financial Highlights (continued)

For a share outstanding throughout each period.


	Credit Income Fund—Class A
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	8.31		$	10.21		$	9.97		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.15			0.23			0.21			(0.00	)(b)
Net realized and unrealized gain (loss)		0.38			(1.82	)		0.31			(0.03	)

Total from Investment Operations		0.53			(1.59	)		0.52			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.27	)		(0.28	)		—
Net realized capital gains		(0.05	)		(0.04	)		(0.00	)(b)		—

Total Distributions		(0.20	)		(0.31	)		(0.28	)		—

Net asset value, end of the period	$	8.64		$	8.31		$	10.21		$	9.97

Total return(c)(d)		6.50	%(e)		(15.88	)%		5.24	%		(0.30	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	287		$	175		$	91		$	1
Net expenses(f)		0.82	%(g)		0.82	%		0.82	%		0.82	%(g)
Gross expenses		3.86	%(g)		3.37	%		4.79	%		125.79	%(g)
Net investment income (loss)		3.45	%(g)		2.54	%		2.07	%		(0.82	)%(g)
Portfolio turnover rate		9	%		21	%		55	%		0	%

*	From commencement of operations on September 29, 2020 through September 30, 2020.

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

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

(c)	A sales charge for Class A shares is not reflected in total return calculations.

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

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

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

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

See accompanying notes to financial statements.

67 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Credit Income Fund—Class C
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	8.30		$	10.20		$	9.97		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.11			0.16			0.13			(0.00	)(b)
Net realized and unrealized gain (loss)		0.40			(1.82	)		0.30			(0.03	)

Total from Investment Operations		0.51			(1.66	)		0.43			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.20	)		(0.20	)		—
Net realized capital gains		(0.05	)		(0.04	)		(0.00	)(b)		—

Total Distributions		(0.17	)		(0.24	)		(0.20	)		—

Net asset value, end of the period	$	8.64		$	8.30		$	10.20		$	9.97

Total return(c)(d)		6.23	%(e)		(16.53	)%		4.34	%		(0.30	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1		$	1		$	1
Net expenses(f)		1.57	%(g)		1.57	%		1.57	%		1.57	%(g)
Gross expenses		4.55	%(g)		4.18	%		5.60	%		126.54	%(g)
Net investment income (loss)		2.68	%(g)		1.67	%		1.29	%		(1.57	)%(g)
Portfolio turnover rate		9	%		21	%		55	%		0	%

*	From commencement of operations on September 29, 2020 through September 30, 2020.

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

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

(c)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

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

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

See accompanying notes to financial statements.

| 68

Financial Highlights (continued)

For a share outstanding throughout each period.


	Credit Income Fund—Class N
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	8.31		$	10.21		$	9.97		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.26			0.24			0.00	(b)
Net realized and unrealized gain (loss)		0.39			(1.82	)		0.31			(0.03	)

Total from Investment Operations		0.55			(1.56	)		0.55			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.30	)		(0.31	)		—
Net realized capital gains		(0.05	)		(0.04	)		(0.00	)(b)		—

Total Distributions		(0.22	)		(0.34	)		(0.31	)		—

Net asset value, end of the period	$	8.64		$	8.31		$	10.21		$	9.97

Total return(c)		6.66	%(d)		(15.63	)%		5.54	%		(0.30	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	21,032		$	20,229		$	24,842		$	24,915
Net expenses(e)		0.52	%(f)		0.52	%		0.52	%		0.52	%(f)
Gross expenses		1.48	%(f)		1.30	%		1.16	%		27.91	%(f)
Net investment income		3.69	%(f)		2.75	%		2.38	%		0.55	%(f)
Portfolio turnover rate		9	%		21	%		55	%		0	%

*	From commencement of operations on September 29, 2020 through September 30, 2020.

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

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

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

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

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

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

See accompanying notes to financial statements.

69 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Credit Income Fund—Class Y
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	8.31		$	10.20		$	9.97		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.15			0.25			0.24			(0.00	)(b)
Net realized and unrealized gain (loss)		0.38			(1.81	)		0.29			(0.03	)

Total from Investment Operations		0.53			(1.56	)		0.53			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.29	)		(0.30	)		—
Net realized capital gains		(0.05	)		(0.04	)		(0.00	)(b)		—

Total Distributions		(0.21	)		(0.33	)		(0.30	)		—

Net asset value, end of the period	$	8.63		$	8.31		$	10.20		$	9.97

Total return(c)		6.50	%(d)		(15.59	)%		5.38	%		(0.30	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	20		$	46		$	22		$	1
Net expenses(e)		0.57	%(f)		0.57	%		0.57	%		0.57	%(f)
Gross expenses		3.61	%(f)		3.12	%		4.54	%		125.54	%(f)
Net investment income (loss)		3.59	%(f)		2.70	%		2.33	%		(0.57	)%(f)
Portfolio turnover rate		9	%		21	%		55	%		0	%

*	From commencement of operations on September 29, 2020 through September 30, 2020.

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

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

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

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

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

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

See accompanying notes to financial statements.

| 70

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Allocation Fund—Class A
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	19.94		$	28.86		$	26.23		$	23.76		$	23.10		$	21.60

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.13			0.06			0.10			0.19			0.23
Net realized and unrealized gain (loss)		3.05			(6.89	)		4.18			3.05			1.38			1.75

Total from Investment Operations		3.15			(6.76	)		4.24			3.15			1.57			1.98

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.13	)		(0.12	)		(0.16	)		(0.19	)
Net realized capital gains		(2.03	)		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.29	)

Total Distributions		(2.03	)		(2.16	)		(1.61	)		(0.68	)		(0.91	)		(0.48	)

Net asset value, end of the period	$	21.06		$	19.94		$	28.86		$	26.23		$	23.76		$	23.10

Total return(b)		16.51	%(c)		(25.59	)%		16.73	%		13.41	%		7.66	%		9.26	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	489,456		$	482,031		$	737,469		$	632,479		$	453,009		$	401,036
Net expenses		1.17	%(d)		1.14	%		1.13	%		1.15	%		1.16	%		1.16	%
Gross expenses		1.17	%(d)		1.14	%		1.13	%		1.15	%		1.16	%		1.16	%
Net investment income		0.97	%(d)		0.52	%		0.23	%		0.42	%		0.83	%		1.03	%
Portfolio turnover rate		7	%		35	%		45	%		37	%		27	%		22	%

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

(b)	A sales charge for Class A shares is not reflected in total return calculations.

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

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

See accompanying notes to financial statements.

71 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Allocation Fund—Class C
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	19.34		$	28.26		$	25.78		$	23.43		$	22.78		$	21.29

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			(0.06	)		(0.14	)		(0.08	)		0.02			0.06
Net realized and unrealized gain (loss)		2.96			(6.70	)		4.10			2.99			1.38			1.73

Total from Investment Operations		2.98			(6.76	)		3.96			2.91			1.40			1.79

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			(0.00	)(b)		(0.01	)
Net realized capital gains		(2.03	)		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.29	)

Total Distributions		(2.03	)		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.30	)

Net asset value, end of the period	$	20.29		$	19.34		$	28.26		$	25.78		$	23.43		$	22.78

Total return(c)		16.12	%(d)		(26.16	)%		15.85	%		12.55	%		6.85	%		8.46	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	285,170		$	302,501		$	503,073		$	483,814		$	480,479		$	412,610
Net expenses		1.92	%(e)		1.89	%		1.88	%		1.90	%		1.91	%		1.91	%
Gross expenses		1.92	%(e)		1.89	%		1.88	%		1.90	%		1.91	%		1.91	%
Net investment income (loss)		0.21	%(e)		(0.23	)%		(0.52	)%		(0.33	)%		0.08	%		0.29	%
Portfolio turnover rate		7	%		35	%		45	%		37	%		27	%		22	%

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

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

(c)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

See accompanying notes to financial statements.

| 72

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Allocation Fund—Class N
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	20.14		$	29.09		$	26.42		$	23.92		$	23.25		$	21.73

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.22			0.15			0.18			0.27			0.31
Net realized and unrealized gain (loss)		3.09			(6.96	)		4.21			3.07			1.38			1.75

Total from Investment Operations		3.23			(6.74	)		4.36			3.25			1.65			2.06

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.05	)		(0.21	)		(0.19	)		(0.23	)		(0.25	)
Net realized capital gains		(2.03	)		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.29	)

Total Distributions		(2.03	)		(2.21	)		(1.69	)		(0.75	)		(0.98	)		(0.54	)

Net asset value, end of the period	$	21.34		$	20.14		$	29.09		$	26.42		$	23.92		$	23.25

Total return		16.75	%(b)		(25.36	)%		17.10	%		13.78	%		8.04	%		9.60	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	266,783		$	243,862		$	350,222		$	264,338		$	202,692		$	80,346
Net expenses		0.83	%(c)		0.81	%		0.81	%		0.82	%		0.82	%		0.83	%
Gross expenses		0.83	%(c)		0.81	%		0.81	%		0.82	%		0.82	%		0.83	%
Net investment income		1.31	%(c)		0.87	%		0.55	%		0.76	%		1.20	%		1.36	%
Portfolio turnover rate		7	%		35	%		45	%		37	%		27	%		22	%

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

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

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

See accompanying notes to financial statements.

73 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Global Allocation Fund—Class Y
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	20.14		$	29.09		$	26.42		$	23.92		$	23.25		$	21.74

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.20			0.13			0.16			0.24			0.29
Net realized and unrealized gain (loss)		3.09			(6.96	)		4.21			3.07			1.40			1.75

Total from Investment Operations		3.22			(6.76	)		4.34			3.23			1.64			2.04

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.03	)		(0.19	)		(0.17	)		(0.22	)		(0.24	)
Net realized capital gains		(2.03	)		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.29	)

Total Distributions		(2.03	)		(2.19	)		(1.67	)		(0.73	)		(0.97	)		(0.53	)

Net asset value, end of the period	$	21.33		$	20.14		$	29.09		$	26.42		$	23.92		$	23.25

Total return		16.70	%(b)		(25.41	)%		17.02	%		13.70	%		7.95	%		9.49	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,756,943		$	1,932,913		$	3,286,680		$	2,660,927		$	1,938,124		$	1,549,689
Net expenses		0.92	%(c)		0.89	%		0.88	%		0.90	%		0.91	%		0.91	%
Gross expenses		0.92	%(c)		0.89	%		0.88	%		0.90	%		0.91	%		0.91	%
Net investment income		1.22	%(c)		0.77	%		0.48	%		0.67	%		1.08	%		1.29	%
Portfolio turnover rate		7	%		35	%		45	%		37	%		27	%		22	%

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

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

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

See accompanying notes to financial statements.

| 74

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class A
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	16.45		$	23.85		$	20.72		$	16.02		$	16.05		$	14.04

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)		(0.06	)		(0.05	)		0.01			0.05			0.06
Net realized and unrealized gain (loss)		4.18			(6.10	)		4.17			5.14			0.71			2.29

Total from Investment Operations		4.16			(6.16	)		4.12			5.15			0.76			2.35

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			(0.05	)		(0.05	)		(0.05	)
Net realized capital gains		(2.68	)		(1.24	)		(0.99	)		(0.40	)		(0.74	)		(0.29	)

Total Distributions		(2.68	)		(1.24	)		(0.99	)		(0.45	)		(0.79	)		(0.34	)

Net asset value, end of the period	$	17.93		$	16.45		$	23.85		$	20.72		$	16.02		$	16.05

Total return(b)		28.81	%(c)		(27.48	)%		20.43	%		32.80	%		5.81	%		16.98	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	678,221		$	1,164,116		$	1,740,523		$	1,477,915		$	1,250,030		$	1,083,362
Net expenses		0.92	%(d)		0.90	%		0.89	%		0.90	%		0.91	%		0.90	%
Gross expenses		0.92	%(d)		0.90	%		0.89	%		0.90	%		0.91	%		0.90	%
Net investment income (loss)		(0.27	)%(d)		(0.30	)%		(0.22	)%		0.04	%		0.35	%		0.39	%
Portfolio turnover rate		7	%		20	%		9	%		19	%		7	%		11	%

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

(b)	A sales charge for Class A shares is not reflected in total return calculations.

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

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

See accompanying notes to financial statements.

75 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class C
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	14.42		$	21.21		$	18.66		$	14.53		$	14.68		$	12.92

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.07	)		(0.20	)		(0.20	)		(0.11	)		(0.06	)		(0.05	)
Net realized and unrealized gain (loss)		3.59			(5.35	)		3.74			4.64			0.65			2.10

Total from Investment Operations		3.52			(5.55	)		3.54			4.53			0.59			2.05

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(2.68	)		(1.24	)		(0.99	)		(0.40	)		(0.74	)		(0.29	)

Net asset value, end of the period	$	15.26		$	14.42		$	21.21		$	18.66		$	14.53		$	14.68

Total return(b)		28.40	%(c)		(28.05	)%		19.55	%		31.76	%		5.05	%		16.09	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	66,487		$	65,977		$	127,003		$	128,764		$	120,493		$	130,133
Net expenses		1.68	%(d)		1.65	%		1.63	%		1.65	%		1.66	%		1.65	%
Gross expenses		1.68	%(d)		1.65	%		1.63	%		1.65	%		1.66	%		1.65	%
Net investment loss		(1.02	)%(d)		(1.05	)%		(0.97	)%		(0.71	)%		(0.39	)%		(0.36	)%
Portfolio turnover rate		7	%		20	%		9	%		19	%		7	%		11	%

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

(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

See accompanying notes to financial statements.

| 76

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class N
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	17.87		$	25.73		$	22.26		$	17.17		$	17.15		$	14.97

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.01			0.01			0.02			0.07			0.11			0.12
Net realized and unrealized gain (loss)		4.60			(6.63	)		4.49			5.53			0.76			2.44

Total from Investment Operations		4.61			(6.62	)		4.51			5.60			0.87			2.56

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.05	)		(0.11	)		(0.11	)		(0.09	)
Net realized capital gains		(2.68	)		(1.24	)		(0.99	)		(0.40	)		(0.74	)		(0.29	)

Total Distributions		(2.68	)		(1.24	)		(1.04	)		(0.51	)		(0.85	)		(0.38	)

Net asset value, end of the period	$	19.80		$	17.87		$	25.73		$	22.26		$	17.17		$	17.15

Total return		29.06	%(b)		(27.25	)%		20.80	%		33.26	%		6.14	%		17.40	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	725,598		$	663,001		$	806,186		$	579,571		$	442,787		$	1,001,688
Net expenses		0.58	%(d)		0.57	%		0.56	%		0.57	%		0.56	%		0.57	%(e)
Gross expenses		0.58	%(d)		0.57	%		0.56	%		0.57	%		0.56	%		0.58	%
Net investment income		0.08	%(d)		0.04	%		0.09	%		0.38	%		0.69	%		0.73	%
Portfolio turnover rate		7	%		20	%		9	%		19	%		7	%		11	%

(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 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.

See accompanying notes to financial statements.

77 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Growth Fund—Class Y
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	17.86		$	25.73		$	22.26		$	17.17		$	17.14		$	14.97

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.00	)(b)		(0.01	)		0.01			0.05			0.10			0.10
Net realized and unrealized gain (loss)		4.59			(6.62	)		4.48			5.53			0.77			2.44

Total from Investment Operations		4.59			(6.63	)		4.49			5.58			0.87			2.54

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.03	)		(0.09	)		(0.10	)		(0.08	)
Net realized capital gains		(2.68	)		(1.24	)		(0.99	)		(0.40	)		(0.74	)		(0.29	)

Total Distributions		(2.68	)		(1.24	)		(1.02	)		(0.49	)		(0.84	)		(0.37	)

Net asset value, end of the period	$	19.77		$	17.86		$	25.73		$	22.26		$	17.17		$	17.14

Total return		28.96	%(c)		(27.29	)%		20.72	%		33.15	%		6.09	%		17.25	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	8,514,061		$	7,594,603		$	11,094,922		$	9,313,775		$	7,017,707		$	6,620,996
Net expenses		0.68	%(d)		0.65	%		0.64	%		0.65	%		0.66	%		0.65	%
Gross expenses		0.68	%(d)		0.65	%		0.64	%		0.65	%		0.66	%		0.65	%
Net investment income (loss)		(0.01	)%(d)		(0.05	)%		0.02	%		0.27	%		0.60	%		0.64	%
Portfolio turnover rate		7	%		20	%		9	%		19	%		7	%		11	%

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

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

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

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

See accompanying notes to financial statements.

| 78

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class A
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	9.23		$	10.58		$	10.99		$	10.51		$	9.97		$	10.29

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.15			0.11			0.19			0.25			0.22
Net realized and unrealized gain (loss)		0.21			(1.30	)		(0.11	)		0.54			0.55			(0.31	)

Total from Investment Operations		0.35			(1.15	)		(0.00	)(b)		0.73			0.80			(0.09	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.15	)		(0.12	)		(0.20	)		(0.26	)		(0.23	)
Net realized capital gains		—			(0.05	)		(0.29	)		(0.05	)		—			—

Total Distributions		(0.14	)		(0.20	)		(0.41	)		(0.25	)		(0.26	)		(0.23	)

Net asset value, end of the period	$	9.44		$	9.23		$	10.58		$	10.99		$	10.51		$	9.97

Total return(c)(d)		3.85	%(e)		(10.98	)%		(0.06	)%		7.06	%		8.11	%		(0.85	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	18,513		$	18,077		$	20,942		$	19,962		$	21,415		$	19,149
Net expenses(f)		0.65	%(g)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.72	%(g)		0.68	%		0.70	%		0.72	%		0.72	%		0.70	%
Net investment income		2.99	%(g)		1.49	%		1.03	%		1.78	%		2.42	%		2.17	%
Portfolio turnover rate		76	%		144	%		100	%		123	%		135	%		152	%

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

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

(c)	A sales charge for Class A shares is not reflected in total return calculations.

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

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

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

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

See accompanying notes to financial statements.

79 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class C
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	9.27		$	10.62		$	11.02		$	10.54		$	10.00		$	10.30

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.06			0.03			0.11			0.17			0.13
Net realized and unrealized gain (loss)		0.20			(1.29	)		(0.11	)		0.54			0.55			(0.31	)

Total from Investment Operations		0.31			(1.23	)		(0.08	)		0.65			0.72			(0.18	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.07	)		(0.03	)		(0.12	)		(0.18	)		(0.12	)
Net realized capital gains		—			(0.05	)		(0.29	)		(0.05	)		—			—

Total Distributions		(0.11	)		(0.12	)		(0.32	)		(0.17	)		(0.18	)		(0.12	)

Net asset value, end of the period	$	9.47		$	9.27		$	10.62		$	11.02		$	10.54		$	10.00

Total return(b)(c)		3.37	%(d)		(11.65	)%		(0.76	)%		6.27	%		7.28	%		(1.71	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	710		$	174		$	315		$	668		$	467		$	2
Net expenses(e)		1.40	%(f)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses		1.48	%(f)		1.43	%		1.45	%		1.46	%		1.48	%		1.45	%
Net investment income		2.34	%(f)		0.60	%		0.30	%		1.00	%		1.64	%		1.31	%
Portfolio turnover rate		76	%		144	%		100	%		123	%		135	%		152	%

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

(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

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

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

See accompanying notes to financial statements.

| 80

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class N
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Period Ended September 30, 2019*
Net asset value, beginning of the period	$	9.22		$	10.57		$	10.98		$	10.50		$	10.07

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.18			0.14			0.22			0.17
Net realized and unrealized gain (loss)		0.22			(1.30	)		(0.11	)		0.54			0.45

Total from Investment Operations		0.37			(1.12	)		0.03			0.76			0.62

LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.18	)		(0.15	)		(0.23	)		(0.19	)
Net realized capital gains		—			(0.05	)		(0.29	)		(0.05	)		—

Total Distributions		(0.16	)		(0.23	)		(0.44	)		(0.28	)		(0.19	)

Net asset value, end of the period	$	9.43		$	9.22		$	10.57		$	10.98		$	10.50

Total return(b)		4.01	%(c)		(10.73	)%		0.25	%		7.39	%		6.19	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	18,305		$	19,294		$	20,094		$	3,307		$	3,546
Net expenses(d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%(e)
Gross expenses		0.41	%(e)		0.37	%		0.38	%		0.43	%		0.42	%(e)
Net investment income		3.28	%(e)		1.80	%		1.32	%		2.09	%		2.54	%(e)
Portfolio turnover rate		76	%		144	%		100	%		123	%		135	%(f)

*	From commencement of Class operations on February 1, 2019 through September 30, 2019.

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

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

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

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

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

(f)	Represents the Fund’s portfolio turnover rate for year ended September 30, 2019.

See accompanying notes to financial statements.

81 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class Y
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	9.23		$	10.58		$	10.99		$	10.51		$	9.97		$	10.29

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.17			0.14			0.21			0.27			0.25
Net realized and unrealized gain (loss)		0.21			(1.29	)		(0.11	)		0.54			0.55			(0.31	)

Total from Investment Operations		0.36			(1.12	)		0.03			0.75			0.82			(0.06	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.18	)		(0.15	)		(0.22	)		(0.28	)		(0.26	)
Net realized capital gains		—			(0.05	)		(0.29	)		(0.05	)		—			—

Total Distributions		(0.15	)		(0.23	)		(0.44	)		(0.27	)		(0.28	)		(0.26	)

Net asset value, end of the period	$	9.44		$	9.23		$	10.58		$	10.99		$	10.51		$	9.97

Total return(b)		3.98	%(c)		(10.76	)%		0.20	%		7.33	%		8.38	%		(0.60	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	260,549		$	255,418		$	340,326		$	293,577		$	215,752		$	148,119
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.47	%(e)		0.44	%		0.45	%		0.47	%		0.48	%		0.45	%
Net investment income		3.23	%(e)		1.70	%		1.28	%		2.01	%		2.67	%		2.43	%
Portfolio turnover rate		76	%		144	%		100	%		123	%		135	%		152	%

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

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

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

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

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

See accompanying notes to financial statements.

| 82

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class A
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	10.65		$	11.40		$	11.54		$	11.34		$	11.09		$	11.32

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.07			0.04			0.11			0.15			0.11
Net realized and unrealized gain (loss)		0.11			(0.72	)		(0.11	)		0.25			0.34			(0.13	)

Total from Investment Operations		0.26			(0.65	)		(0.07	)		0.36			0.49			(0.02	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.10	)		(0.07	)		(0.16	)		(0.24	)		(0.21	)

Net asset value, end of the period	$	10.75		$	10.65		$	11.40		$	11.54		$	11.34		$	11.09

Total return(b)		2.50	%(c)(d)		(5.75	)%(c)		(0.58	)%(c)		3.19	%		4.42	%		(0.17	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	225,645		$	246,532		$	287,244		$	296,217		$	308,186		$	328,475
Net expenses		0.69	%(e)(f)(g)		0.69	%(e)(h)		0.73	%(e)(h)(i)		0.78	%(j)		0.80	%		0.80	%
Gross expenses		0.77	%(f)(g)		0.72	%(h)		0.73	%(h)		0.78	%		0.80	%		0.80	%
Net investment income		2.88	%(f)		0.65	%		0.36	%		0.93	%		1.31	%		1.02	%
Portfolio turnover rate		130	%		203	%		247	%		319	%(k)		527	%(k)		157	%

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

(b)	A sales charge for Class A shares is not reflected in total return calculations.

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

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

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

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

(g)	Includes refund of prior year service fee of 0.01%. See Note 6b of Notes to Financial Statements.

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

(i)	Effective July 1, 2021, the expense limit decreased from 0.75% to 0.70%.

(j)	Effective July 1, 2020, the expense limit decreased from 0.80% to 0.75%.

(k)	The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

83 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class C
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	10.62		$	11.38		$	11.54		$	11.35		$	11.10		$	11.33

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.11			(0.02	)		(0.05	)		0.02			0.06			0.03
Net realized and unrealized gain (loss)		0.11			(0.71	)		(0.11	)		0.24			0.34			(0.13	)

Total from Investment Operations		0.22			(0.73	)		(0.16	)		0.26			0.40			(0.10	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.03	)		(0.00	)(b)		(0.07	)		(0.15	)		(0.13	)

Net asset value, end of the period	$	10.72		$	10.62		$	11.38		$	11.54		$	11.35		$	11.10

Total return(c)		2.11	%(d)(e)		(6.43	)%(d)		(1.35	)%(d)		2.34	%		3.64	%		(0.91	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	10,643		$	14,145		$	24,922		$	19,628		$	22,142		$	23,341
Net expenses		1.45	%(f)(g)		1.45	%(f)		1.48	%(f)(h)		1.53	%(i)		1.55	%		1.55	%
Gross expenses		1.53	%(g)		1.48	%		1.49	%		1.53	%		1.55	%		1.55	%
Net investment income (loss)		2.10	%(g)		(0.16	)%		(0.40	)%		0.18	%		0.57	%		0.24	%
Portfolio turnover rate		130	%		203	%		247	%		319	%(j)		527	%(j)		157	%

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

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

(c)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

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

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

(h)	Effective July 1, 2021, the expense limit decreased from 1.50% to 1.45%.

(i)	Effective July 1, 2020, the expense limit decreased from 1.55% to 1.50%.

(j)	The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

| 84

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class N
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	10.68		$	11.43		$	11.57		$	11.37		$	11.12		$	11.36

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.11			0.08			0.14			0.19			0.15
Net realized and unrealized gain (loss)		0.10			(0.73	)		(0.11	)		0.26			0.33			(0.14	)

Total from Investment Operations		0.28			(0.62	)		(0.03	)		0.40			0.52			0.01

LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.13	)		(0.11	)		(0.20	)		(0.27	)		(0.25	)

Net asset value, end of the period	$	10.78		$	10.68		$	11.43		$	11.57		$	11.37		$	11.12

Total return(b)		2.64	%(c)		(5.45	)%		(0.25	)%		3.53	%		4.77	%		0.09	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	44,501		$	19,656		$	12,972		$	11,035		$	5,272		$	3,176
Net expenses(d)		0.40	%(e)		0.39	%		0.40	%(f)		0.45	%(g)		0.46	%		0.46	%
Gross expenses		0.44	%(e)		0.40	%		0.41	%		0.46	%		0.48	%		0.48	%
Net investment income		3.30	%(e)		1.03	%		0.68	%		1.20	%		1.65	%		1.37	%
Portfolio turnover rate		130	%		203	%		247	%		319	%(h)		527	%(h)		157	%

(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)	Effective July 1, 2021, the expense limit decreased from 0.45% to 0.40%.

(g)	Effective July 1, 2020, the expense limit decreased from 0.50% to 0.45%.

(h)	The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

85 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class Y
	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	10.69		$	11.43		$	11.57		$	11.38		$	11.13		$	11.36

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.10			0.07			0.13			0.17			0.14
Net realized and unrealized gain (loss)		0.11			(0.72	)		(0.11	)		0.25			0.34			(0.13	)

Total from Investment Operations		0.28			(0.62	)		(0.04	)		0.38			0.51			0.01

LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.12	)		(0.10	)		(0.19	)		(0.26	)		(0.24	)

Net asset value, end of the period	$	10.79		$	10.69		$	11.43		$	11.57		$	11.38		$	11.13

Total return		2.61	%(b)(c)		(5.42	)%(b)		(0.33	)%(b)		3.35	%		4.67	%		0.09	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	421,714		$	491,162		$	707,904		$	691,616		$	457,248		$	366,847
Net expenses		0.45	%(d)(e)		0.45	%(d)		0.48	%(d)(f)		0.53	%(g)		0.55	%		0.55	%
Gross expenses		0.53	%(e)		0.48	%		0.49	%		0.53	%		0.55	%		0.55	%
Net investment income		3.11	%(e)		0.87	%		0.61	%		1.11	%		1.55	%		1.26	%
Portfolio turnover rate		130	%		203	%		247	%		319	%(h)		527	%(h)		157	%

(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)	Effective July 1, 2021, the expense limit decreased from 0.50% to 0.45%.

(g)	Effective July 1, 2020, the expense limit decreased from 0.55% to 0.50%.

(h)	The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

| 86

Notes to Financial Statements

March 31, 2023 (Unaudited)

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

Natixis Funds Trust I:

Loomis Sayles Core Plus Bond Fund (“Core Plus Bond Fund”)

Loomis Sayles Funds I:

Loomis Sayles Intermediate Duration Bond Fund (“Intermediate Duration Bond Fund”)

Loomis Sayles Funds II:

Loomis Sayles Credit Income Fund (“Credit Income Fund”)

Loomis Sayles Global Allocation Fund (“Global Allocation Fund”)

Loomis Sayles Growth Fund (“Growth Fund”)

Loomis Sayles Limited Term Government and Agency Fund (“Limited Term Government and Agency Fund”)

Each Fund is a diversified investment company.

Each Fund, except Growth Fund, offers Class A, Class C, Class N and Class Y shares. Growth Fund was closed to new investors effective April 28, 2017. Growth Fund offers Class A, Class C, Class N, and Class Y shares to defined contribution and defined benefit plans, clients of registered investment advisers and registered representatives trading through intermediary programs/platforms on which the Fund is already available and existing shareholders.

Effective April 25, 2023, Growth Fund began accepting orders for the purchase of shares from new investors.

Class A shares are sold with a maximum front-end sales charge of 4.25% for Core Plus Bond Fund, Credit Income Fund and Intermediate Duration Bond Fund, 5.75% for Global Allocation Fund and Growth Fund, and 2.25% for Limited Term Government and Agency Fund. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust 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 Class A and Class C), and transfer agent fees are borne collectively for Class A, Class C and Class Y, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

a. Valuation. Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds’ Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight.

87 |

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Futures contracts are valued at the closing settlement price on the exchange on which the valuation designee believes that, over time, they are traded most extensively. Shares of open-end investment companies are valued at net asset value per share.

Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair 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 fair valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Short sales of debt investments are fair valued based on an evaluated ask price furnished to the Funds by an independent pricing service. Senior loans and collateralized loan obligations are fair valued at bid prices supplied by an independent pricing service, if available. Broker-dealer bid prices may be used to fair value debt, unlisted equities, senior loans and collateralized loan obligations where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Forward foreign currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service. Bilateral credit default swaps are fair valued based on mid prices (between the bid price and the ask price) supplied by an independent pricing service. Bilateral interest rate swaps are fair valued based on prices supplied by an independent pricing source. Centrally cleared swap agreements are fair valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers.

The Funds may also fair value investments 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 a Fund’s investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s net asset value (“NAV”) is calculated. Fair valuation by the Fund(s) valuation designee may require subjective determinations about the value of the investment, 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 investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.

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. Loan consent fees, upfront origination fees and/or amendment fees are recorded when received and included in interest income on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. 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. Short Sales. A short sale is a transaction in which a Fund sells a security it does not own, usually in anticipation of a decline in the fair market value of the security. When closing out a short position, a Fund will have to purchase the security it originally sold short. The value of short sales is reflected as a liability in the Statements of Assets and Liabilities and is marked-to-market daily. A Fund will realize a profit from closing out a short position if the price of the security sold short has declined since the short position was opened; a Fund will realize a loss from closing out a short position if the value of the shorted security has risen since the short position was opened. Because there is no upper limit on the price to which a security can rise, short selling exposes a Fund to potentially unlimited losses. The Funds intend to cover their short sale transactions by segregating or earmarking liquid assets, such that the segregated/earmarked amount, equals the current market value of the securities underlying the short sale.

| 88

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

d. 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 in the Funds’ books and records 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.

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.

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

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

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

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

g. Swap Agreements. A Fund may enter into credit default swaps. A credit default swap is an agreement between two parties (the “protection buyer” and “protection seller”) to exchange the credit risk of an issuer (“reference obligation”) for a specified time period.

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

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

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

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

h. When-Issued and Delayed Delivery Transactions. A Fund may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the 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.

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

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i. Federal and Foreign Income Taxes. The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2023 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

Certain Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries (EU reclaims) and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as a reduction of foreign taxes withheld in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, EU reclaims may be subject to closing agreements with the Internal Revenue Service (IRS), which may materially reduce the reclaim amounts realized by the Funds. Fees and expenses associated with closing agreements will be reflected in the Statements of Operations when it is determined that a closing agreement with the IRS is required.

j. 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, net operating losses, premium amortization and paydown gains and losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, forward foreign currency contract mark-to-market, wash sales, premium amortization, foreign currency gains and losses, futures contract mark-to-market and paydown gains and losses. 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 considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2022 was as follows:


	2022 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total
Core Plus Bond Fund	$	203,923,706	$	17,404,702	$	221,328,408
Credit Income Fund		778,535		45,086		823,621
Global Allocation Fund		17,835,692		349,351,833		367,187,525
Growth Fund		38,655,122		627,018,288		665,673,410
Intermediate Duration Bond Fund		6,692,992		1,181,959		7,874,951
Limited Term Government and Agency Fund		9,340,395		—		9,340,395

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Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed 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 September 30, 2022, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:


	Core Plus Bond Fund			Credit Income Fund		Global Allocation Fund			Growth Fund		Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Capital loss carryforward:
Short-term:
No expiration date	$	(190,454,871	)	$	—	$	—		$	—	$	(15,733,520	)	$	(6,200,137	)
Long-term:
No expiration date		(126,333,113	)		—		—			—		(5,381,480	)		(46,724,620	)

Total capital loss carryforward	$	(316,787,984	)	$	—	$	—		$	—	$	(21,115,000	)	$	(52,924,757	)

Late-year ordinary and post-October capital loss deferrals*	$	—		$	—	$	(32,949,657	)	$	—	$	—		$	—

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

As of March 31, 2023, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund			Growth Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Federal tax cost	$	6,979,987,955		$	24,332,743		$	2,703,680,720		$	6,012,409,511		$	306,146,818		$	718,040,528

Gross tax appreciation	$	64,367,823		$	411,962		$	285,427,837		$	4,263,505,423		$	2,318,170		$	944,130
Gross tax depreciation		(560,707,667	)		(3,434,375	)		(209,873,804	)		(293,653,139	)		(10,887,467	)		(19,739,187	)

Net tax appreciation (depreciation)	$	(496,339,844	)	$	(3,022,413	)	$	75,554,033		$	3,969,852,284		$	(8,569,297	)	$	(18,795,057	)

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

k. Senior Loans. A Fund’s investment in senior loans may be 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. The settlement period for senior loans is uncertain as there is no standardized settlement schedule applicable to such investments. Senior loans outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

l. Collateralized Loan Obligations. A 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. CLOs outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

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m. Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements 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 March 31, 2023, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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

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

p. New Accounting Pronouncement. In January 2021, the Financial Accounting Standards Board issued Accounting Standard Update 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). ASU 2021-01 is an update of ASU 2020-04, which was issued in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of the London Interbank Offered Rate (“LIBOR”), expected to occur no later than June 30, 2023. 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 2021-01 clarifies that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The 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. In December 2022, the Financial Accounting Standards Board issued a further update to Topic 848 under ASU 2022-06, which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the optional expedients provided in Topic 848. Management expects to apply the optional expedients when appropriate.

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

•

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

•

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

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•

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 have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Funds have knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.

Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2023, at value:

Core Plus Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Collateralized Mortgage Obligations	$	—	$	6,523,851	$	101,094	$	6,624,945
All Other Non-Convertible Bonds(a)		—		5,828,132,408		—		5,828,132,408

Total Non-Convertible Bonds		—		5,834,656,259		101,094		5,834,757,353

Municipals(a)		—		8,271,427		—		8,271,427

Total Bonds and Notes		—		5,842,927,686		101,094		5,843,028,780

Collateralized Loan Obligations		—		186,285,467		—		186,285,467
Short-Term Investments		—		423,335,352		—		423,335,352

Total Investments		—		6,452,548,505		101,094		6,452,649,599

Futures Contracts (unrealized appreciation)		30,998,512		—		—		30,998,512

Total	$	30,998,512	$	6,452,548,505	$	101,094	$	6,483,648,111

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

Credit Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	18,451,235	$	—	$	18,451,235
Collateralized Loan Obligations		—		694,103		—		694,103
Preferred Stocks(a)		222,114		—		—		222,114
Short-Term Investments		—		1,814,846		—		1,814,846

Total Investments		222,114		20,960,184		—		21,182,298

Futures Contracts (unrealized appreciation)		172,193		—		—		172,193

Total	$	394,307	$	20,960,184	$	—	$	21,354,491

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(44,161	)	$	—	$	—	$	(44,161	)

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

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Global Allocation Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
France	$	—	$	142,548,219	$	—	$	142,548,219
Japan		—		46,451,735		—		46,451,735
Netherlands		—		90,212,806		—		90,212,806
Sweden		—		66,787,249		—		66,787,249
Taiwan		—		51,662,538		—		51,662,538
United Kingdom		—		21,716,662		—		21,716,662
United States		1,478,730,799		15,208,765		—		1,493,939,564

Total Common Stocks		1,478,730,799		434,587,974		—		1,913,318,773

Bonds and Notes(a)		—		795,802,502		—		795,802,502
Senior Loans(a)		—		3,158,985		—		3,158,985
Preferred Stocks(a)		1,120,565		2,290,617		—		3,411,182
Short-Term Investments		—		58,653,184		—		58,653,184

Total Investments		1,479,851,364		1,294,493,262		—		2,774,344,626

Forward Foreign Currency Contracts (unrealized appreciation)		—		4,005,046		—		4,005,046
Futures Contracts (unrealized appreciation)		2,742,797		—		—		2,742,797

Total	$	1,482,594,161	$	1,298,498,308	$	—	$	2,781,092,469

Liability Valuation Inputs


Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(1,297,556	)	$	—	$	(1,297,556	)
Futures Contracts (unrealized depreciation)		(560,160	)		—			—		(560,160	)

Total	$	(560,160	)	$	(1,297,556	)	$	—	$	(1,857,716	)

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

Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	9,907,990,887	$	—	$	—	$	9,907,990,887
Short-Term Investments		—		74,270,908		—		74,270,908

Total	$	9,907,990,887	$	74,270,908	$	—	$	9,982,261,795

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

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Intermediate Duration Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Car Loan	$	—	$	24,502,063	$	1,209,797	(b)	$	25,711,860
Collateralized Mortgage Obligations		—		3,063,155		172			3,063,327
All Other Bonds and Notes(a)		—		264,047,461		—			264,047,461

Total Bonds and Notes		—		291,612,679		1,209,969			292,822,648

Short-Term Investments		—		4,002,461		—			4,002,461

Total Investments		—		295,615,140		1,209,969			296,825,109

Futures Contracts (unrealized appreciation)		820,312		—		—			820,312

Total	$	820,312	$	295,615,140	$	1,209,969		$	297,645,421

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(67,900	)	$	—	$	—	$	(67,900	)

(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.

Limited Term Government and Agency Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Collateralized Mortgage Obligations	$	—	$	91,673,994	$	4,581,358	$	96,255,352
All Other Bonds and Notes(a)		—		570,380,752		—		570,380,752

Total Bonds and Notes		—		662,054,746		4,581,358		666,636,104

Short-Term Investments		—		32,609,367		—		32,609,367

Total	$	—	$	694,664,113	$	4,581,358	$	699,245,471

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2022 and/or March 31, 2023:

Core Plus Bond Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2022		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2023		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2023
Bonds and Notes
Non-Convertible Bonds
Collateralized Mortgage Obligations	$	122,859	$	—	$	75	$	2,021	$	1,189	$	(25,050	)	$	—	$	—	$	101,094	$	494

| 96

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

Intermediate Duration Bond Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2022		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2023		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2023
Bonds and Notes
ABS Car Loan	$	—	$	—	$	—	$	—	$	1,209,797	$	—		$	—	$	—	$	1,209,797	$	—
Collateralized Mortgage Obligations		201		—		—		5		—		(34	)		—		—		172		1

Total	$	201	$	—	$	—	$	5	$	1,209,797	$	(34	)	$	—	$	—	$	1,209,969	$	1

Limited Term Government and Agency Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2022		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2023		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2023
Bonds and Notes
Collateralized Mortgage Obligations	$	3,867,800	$	—	$	(21,859	)	$	22,829	$	1,111	$	(437,917	)	$	1,149,394	$	—	$	4,581,358	$	(1,601	)

Debt securities valued at $1,149,394 were transferred from Level 2 to Level 3 during the period ended March 31, 2023. At September 30, 2022, these securities were fair valued based on evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2023, these securities were fair valued as determined by the Fund’s valuation designee as an independent pricing service did not provide a reliable price for the securities.

4. Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that Core Plus Bond Fund, Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund used during the period include forward foreign currency contracts and futures contracts.

The Funds are subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Funds may enter into forward foreign currency contracts for hedging purposes to protect the value of the Funds’ holdings of foreign securities. The Funds may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Funds. During the six months ended March 31, 2023, Global Allocation Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

The Funds are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed income securities. The Funds will be subject to increased interest rate risk to the extent that they invest in fixed income securities with longer maturities or durations, as compared to investing in fixed income securities with shorter maturities or durations. The Funds may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. The Funds may also use futures contracts to gain investment exposure. During the six months ended March 31, 2023, Core Plus Bond Fund, Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund each used futures contracts to manage duration.

97 |

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

The following is a summary of derivative instruments for Core Plus Bond Fund as of March 31, 2023, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts¹
Exchange-traded asset derivatives
Interest rate contracts	$	30,998,512

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

Transactions in derivative instruments for Core Plus Bond Fund during the six months ended March 31, 2023, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(23,290,173	)


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	45,561,753

The following is a summary of derivative instruments for Credit Income Fund as of March 31, 2023, as reflected within the Statements of Assets and Liabilities:

Assets

Unrealized
appreciation
on futures
contracts¹

Exchange-traded asset derivatives

Interest rate contracts

172,193

Liabilities

Unrealized
depreciation
on futures
contracts¹

Exchange-traded liability derivatives

Interest rate contracts

(44,161

)

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

Transactions in derivative instruments for Credit Income Fund during the six months ended March 31, 2023, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(88,828	)


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	149,682

| 98

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

The following is a summary of derivative instruments for Global Allocation Fund as of March 31, 2023, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on forward foreign currency contracts		Unrealized appreciation on futures contracts¹
Over-the-counter asset derivatives Foreign exchange contracts	$	4,005,046	$	—
Exchange-traded asset derivatives Interest rate contracts		—		2,742,797

Total asset derivatives	$	4,005,046	$	2,742,797


Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts¹
Over-the-counter liability derivatives Foreign exchange contracts	$	(1,297,556	)	$	—
Exchange-traded liability derivatives Interest rate contracts		—			(560,160	)

Total liability derivatives	$	(1,297,556	)	$	(560,160	)

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

Transactions in derivative instruments for Global Allocation Fund during the six months ended March 31, 2023, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Forward foreign currency contracts		Futures contracts
Interest rate contracts	$	—	$	(3,838,422	)
Foreign exchange contracts		2,507,608		—

Total	$	2,507,608	$	(3,838,422	)


Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts		Futures contracts
Interest rate contracts	$	—	$	4,415,779
Foreign exchange contracts		6,095,730		—

Total	$	6,095,730	$	4,415,779

99 |

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of March 31, 2023, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts¹
Exchange-traded asset derivatives Interest rate contracts	$	820,312


Liabilities	Unrealized depreciation on futures contracts¹
Exchange-traded liability derivatives Interest rate contracts	$	(67,900	)

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

Transactions in derivative instruments for Intermediate Duration Bond Fund during the six months ended March 31, 2023, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(1,610,225	)


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	2,024,178

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

The volume of forward foreign currency contract and futures contract activity, as a percentage of net assets for Core Plus Bond Fund, Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2023:


Core Plus Bond Fund				Futures
Average Notional Amount Outstanding					14.20	%
Highest Notional Amount Outstanding					19.27	%
Lowest Notional Amount Outstanding					10.48	%
Notional Amount Outstanding as of March 31, 2023					19.27	%

Credit Income Fund				Futures
Average Notional Amount Outstanding					19.11	%
Highest Notional Amount Outstanding					35.09	%
Lowest Notional Amount Outstanding					6.19	%
Notional Amount Outstanding as of March 31, 2023					32.80	%

Global Allocation Fund	Forwards			Futures
Average Notional Amount Outstanding		9.67	%		2.37	%
Highest Notional Amount Outstanding		11.24	%		4.35	%
Lowest Notional Amount Outstanding		8.66	%		1.12	%
Notional Amount Outstanding as of March 31, 2023		8.66	%		4.35	%

| 100

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)


Intermediate Duration Bond Fund	Futures
Average Notional Amount Outstanding		14.26	%
Highest Notional Amount Outstanding		14.41	%
Lowest Notional Amount Outstanding		14.06	%
Notional Amount Outstanding as of March 31, 2023		14.31	%

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

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

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

As of March 31, 2023, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statements of Assets and Liabilities and the related net amounts after taking into account master netting arrangements, by counterparty, are as follows:

Global Allocation Fund


Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America N.A.	$	1,870,028		$	(575,525	)	$	1,294,503		$	(1,294,503	)	$	—
Morgan Stanley Capital Services LLC		2,111,806			(71,872	)		2,039,934			—			2,039,934
UBS AG		23,212			(23,212	)		—			—			—

	$	4,005,046		$	(670,609	)	$	3,334,437		$	(1,294,503	)	$	2,039,934


Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America N.A.	$	(575,525	)	$	575,525		$	—		$	—		$	—
Citibank N.A.		(298,389	)		—			(298,389	)		280,000			(18,389	)
Morgan Stanley Capital Services LLC		(71,872	)		71,872			—			—			—
UBS AG		(351,770	)		23,212			(328,558	)		280,000			(48,558	)

	$	(1,297,556	)	$	670,609		$	(626,947	)	$	560,000		$	(66,947	)

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

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount. With

101 |

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund.

5. Purchases and Sales of Securities. For the six months ended March 31, 2023, 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
Core Plus Bond Fund	$	5,127,944,638	$	4,644,812,141	$	386,319,550	$	691,610,214
Credit Income Fund		—		1,757,216		1,838,827		1,467,052
Global Allocation Fund		—		59,057,743		197,978,346		780,194,440
Growth Fund		—		—		638,818,408		2,503,555,026
Intermediate Duration Bond Fund		64,600,531		47,083,828		154,659,834		172,385,672
Limited Term Government and Agency Fund		881,655,797		952,660,026		2,728,385		10,357,376

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment Managers, LLC, 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 the Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $100 million			Next $400 million			Next $500 million			Next $1 billion			Next $2 billion			Over $4 billion
Core Plus Bond Fund		0.2000	%		0.1875	%		0.1875	%		0.1875	%		0.1500	%		0.1500	%
Credit Income Fund		0.4200	%		0.4200	%		0.4200	%		0.4200	%		0.4200	%		0.4200	%
Global Allocation Fund		0.7500	%		0.7500	%		0.7500	%		0.7500	%		0.7300	%		0.7000	%
Growth Fund		0.5000	%		0.5000	%		0.5000	%		0.5000	%		0.5000	%		0.5000	%
Intermediate Duration Bond Fund		0.2500	%		0.2500	%		0.2500	%		0.2500	%		0.2500	%		0.2500	%
Limited Term Government and Agency Fund		0.3250	%		0.3250	%		0.3000	%		0.2500	%		0.2500	%		0.2500	%

Natixis Advisors, LLC (“Natixis Advisors”) serves as the advisory administrator to Core Plus Bond Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Under the terms of the advisory administration agreement, the Fund pays an advisory administration fee at the following annual rates, calculated daily and payable monthly, based on its average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $100 million			Next $1.9 billion			Over $2 billion
Core Plus Bond Fund		0.2000	%		0.1875	%		0.1500	%

Management and advisory administration fees are presented in the Statements of Operations as management fees.

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, 2024, may be terminated before then only with the consent of the Funds’ Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

| 102

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

For the six months ended March 31, 2023 the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
Core Plus Bond Fund		0.74	%		1.49	%		0.44	%		0.49	%
Credit Income Fund		0.82	%		1.57	%		0.52	%		0.57	%
Global Allocation Fund		1.25	%		2.00	%		0.95	%		1.00	%
Growth Fund		1.25	%		2.00	%		0.95	%		1.00	%
Intermediate Duration Bond Fund		0.65	%		1.40	%		0.35	%		0.40	%
Limited Term Government and Agency Fund		0.70	%		1.45	%		0.40	%		0.45	%

Loomis Sayles and Natixis Advisors have agreed to equally bear the waivers and/or expense reimbursements for Core Plus Bond Fund.

Loomis Sayles (and Natixis Advisors for Core Plus Bond Fund) 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 both (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the six months ended March 31, 2023, the management fees and waivers of management fees for each Fund were as follows:


	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross			Net
Core Plus Bond Fund	$	4,895,900	$	—	$	4,895,900		0.16	%		0.16	%
Credit Income Fund		43,978		43,978		—		0.42	%		—	%
Global Allocation Fund		10,785,831		—		10,785,831		0.74	%		0.74	%
Growth Fund		22,842,775		—		22,842,775		0.50	%		0.50	%
Intermediate Duration Bond Fund		368,229		107,498		260,731		0.25	%		0.18	%
Limited Term Government and Agency Fund		1,124,225		284,527		839,698		0.32	%		0.24	%

For the six months ended March 31, 2023, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Class A		Class C		Class N		Class Y		Total
Core Plus Bond Fund	$	30,958	$	2,926	$	—	$	277,716	$	311,600

¹	Waiver/expense reimbursements are subject to possible recovery until September 30, 2024.

In addition, Loomis Sayles reimbursed non-class specific expenses of Credit Income Fund in the amount of $58,254. Expense reimbursements are subject to possible recovery until September 30, 2024.

For the six months ended March 31, 2023, the advisory administration fees for Core Plus Bond Fund were $4,895,900 (effective rate of 0.16% of average daily net assets).

No expenses were recovered for any of the Funds during the six months ended March 31, 2023 under the terms of the expense limitation agreements.

b. Service and Distribution Fees. Natixis Distribution, LLC (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”), and a Distribution and Service Plan relating to each Fund’s Class C shares (the “Class C Plans”).

103 |

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

Under the Class A Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class C Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

For the six months ended March 31, 2023, the service and distribution fees for each Fund were as follows:


	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Core Plus Bond Fund	$	526,679	$	51,382	$	154,144
Credit Income Fund		257		1		3
Global Allocation Fund		618,774		374,171		1,122,514
Growth Fund		776,465		81,727		245,182
Intermediate Duration Bond Fund		22,924		630		1,889
Limited Term Government and Agency Fund		276,936		15,240		45,720

For the six months ended March 31, 2023, Natixis Distribution refunded Limited Term Government and Agency Fund $12,768 of prior year Class A service fees paid to Natixis Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statements of Operations have been reduced by these amounts.

c. Administrative Fees. Natixis Advisors 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 six months ended March 31, 2023, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Core Plus Bond Fund	$	1,396,617
Credit Income Fund		4,858
Global Allocation Fund		672,800
Growth Fund		2,119,415
Intermediate Duration Bond Fund		68,339
Limited Term Government and Agency Fund		164,219

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.

| 104

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

For the six months ended March 31, 2023, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:


Fund	Sub-Transfer Agent Fees
Core Plus Bond Fund	$	2,044,485
Credit Income Fund		27
Global Allocation Fund		1,246,578
Growth Fund		3,718,245
Intermediate Duration Bond Fund		101,801
Limited Term Government and Agency Fund		209,451

As of March 31, 2023, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):


Fund	Reimbursements of Sub-Transfer Agent Fees
Core Plus Bond Fund	$	51,152
Global Allocation Fund		53,250
Growth Fund		97,919
Intermediate Duration Bond Fund		6,426
Limited Term Government and Agency Fund		12,438

Sub-transfer agent fees attributable to Class A, Class C and Class Y 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. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended March 31, 2023, were as follows:


Fund	Commissions
Core Plus Bond Fund	$	4,228
Global Allocation Fund		15,433
Growth Fund		17,123
Limited Term Government and Agency Fund		34,330

f. Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $210,000. 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.

Effective January 1, 2023, each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends either in person or telephonically.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. 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. Deferred amounts

105 |

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

remain in the funds until distributed in accordance with the provisions of the Plan. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

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

g. Affiliated Ownership. As of March 31, 2023, the percentage of each Fund’s net assets owned by affiliates is as follows:


Core Plus Bond Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.16	%

Credit Income Fund
Natixis and Affiliates		98.59	%
Loomis Sayles Employees		0.04	%

		98.63	%

Global Allocation Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.77	%

Growth Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.83	%
Loomis Sayles Funded Pension Plan and Trust		0.15	%

		0.98	%

Intermediate Duration Bond Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.99	%

Limited Term Government and Agency Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.38	%
Loomis Sayles Distribution and Trust		0.62	%
Natixis Sustainable Future 2015 Fund		0.09	%
Natixis Sustainable Future 2020 Fund		0.06	%
Natixis Sustainable Future 2025 Fund		0.11	%
Natixis Sustainable Future 2030 Fund		0.13	%
Natixis Sustainable Future 2035 Fund		0.11	%
Natixis Sustainable Future 2040 Fund		0.06	%
Natixis Sustainable Future 2045 Fund		0.04	%

		1.60	%

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

h. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to Credit Income Fund, Intermediate Duration Bond Fund and Limited Term Government and Agency Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through January 31, 2024 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2023, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
Credit Income Fund	$	846
Intermediate Duration Bond Fund		870
Limited Term Government and Agency Fund		1,094

7. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

| 106

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

For the six months ended March 31, 2023, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y
Core Plus Bond Fund	$	223,127	$	21,850	$	7,817	$	1,918,473
Credit Income Fund		2,193		10		846		312
Global Allocation Fund		241,066		145,767		2,557		899,141
Growth Fund		315,264		33,253		3,292		3,943,741
Intermediate Duration Bond Fund		6,996		193		870		97,984
Limited Term Government and Agency Fund		115,856		6,088		1,094		214,164

8. 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 $500,000,000 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 $500,000,000 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 certain 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 on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

Effective April 6, 2023, each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 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.

For the six months ended March 31, 2023, Growth Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $39,590,909 at a weighted average interest rate of 5.39%. Interest expense incurred on the line of credit was $65,187.

For the six months ended March 31, 2023, Limited Term Government and Agency Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $5,000,000 at a weighted average interest rate of 5.43%. Interest expense incurred on the line of credit was $754.

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

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

Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These and any related events could significantly impact a Fund’s performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

10. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2023, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on

107 |

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


	Number of 5% Account Holders		Percentage of Ownership
Core Plus Bond		1		5.58	%
Growth Fund		1		16.50	%
Intermediate Duration Bond		4		64.65	%

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 Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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


	Six Months Ended March 31, 2023						Year Ended September 30, 2022
Core Plus Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		6,534,494		$	74,993,654			10,474,485		$	132,986,632
Issued in connection with the reinvestment of distributions		435,982			4,992,789			938,411			11,828,548
Redeemed		(8,787,638	)		(100,854,231	)		(28,114,978	)		(356,886,979	)

Net change		(1,817,162	)	$	(20,867,788	)		(16,702,082	)	$	(212,071,799	)

Class C
Issued from the sale of shares		229,097		$	2,638,640			423,129		$	5,278,465
Issued in connection with the reinvestment of distributions		40,174			460,294			100,207			1,261,196
Redeemed		(1,362,265	)		(15,504,803	)		(3,221,131	)		(40,470,551	)

Net change		(1,092,994	)	$	(12,405,869	)		(2,697,795	)	$	(33,930,890	)

Class N
Issued from the sale of shares		25,651,895		$	297,570,580			38,179,814		$	490,210,689
Issued in connection with the reinvestment of distributions		2,902,273			33,565,129			5,162,553			65,205,642
Redeemed		(27,313,671	)		(316,125,052	)		(62,977,876	)		(811,978,447	)

Net change		1,240,497		$	15,010,657			(19,635,509	)	$	(256,562,116	)

Class Y
Issued from the sale of shares		89,660,919		$	1,039,835,989			102,729,590		$	1,306,190,967
Issued in connection with the reinvestment of distributions		4,597,091			53,147,335			8,612,778			108,982,625
Redeemed		(64,865,391	)		(747,601,593	)		(194,725,398	)		(2,468,017,072	)

Net change		29,392,619		$	345,381,731			(83,383,030	)	$	(1,052,843,480	)

Increase (decrease) from capital share transactions		27,722,960		$	327,118,731			(122,418,416	)	$	(1,555,408,285	)

| 108

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

11. Capital Shares (continued).


	Six Months Ended March 31, 2023						Year Ended September 30, 2022
Credit Income Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		11,575		$	100,000			11,798		$	103,473
Issued in connection with the reinvestment of distributions		582			4,969			389			3,571

Net change		12,157		$	104,969			12,187		$	107,044

Class C
Issued in connection with the reinvestment of distributions		2		$	18			3		$	25

Net change		2		$	18			3		$	25

Class Y
Issued from the sale of shares		301		$	2,480			5,804		$	57,920
Issued in connection with the reinvestment of distributions		80			683			202			1,898
Redeemed		(3,680	)		(31,358	)		(2,572	)		(24,000	)

Net change		(3,299	)	$	(28,195	)		3,434		$	35,818

Increase from capital share transactions		8,860		$	76,792			15,624		$	142,887


	Six Months Ended March 31, 2023						Year Ended September 30, 2022
Global Allocation Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		2,025,524		$	41,614,389			4,486,306		$	116,023,013
Issued in connection with the reinvestment of distributions		1,584,011			31,205,007			1,295,399			36,335,959
Redeemed		(4,549,317	)		(95,496,935	)		(7,156,453	)		(177,508,478	)

Net change		(939,782	)	$	(22,677,539	)		(1,374,748	)	$	(25,149,506	)

Class C
Issued from the sale of shares		546,870		$	10,839,048			1,599,502		$	41,324,930
Issued in connection with the reinvestment of distributions		1,249,699			23,769,266			1,119,198			30,632,442
Redeemed		(3,381,210	)		(68,453,108	)		(4,879,499	)		(116,412,070	)

Net change		(1,584,641	)	$	(33,844,794	)		(2,160,799	)	$	(44,454,698	)

Class N
Issued from the sale of shares		833,873		$	17,358,250			1,767,033		$	46,769,376
Issued in connection with the reinvestment of distributions		960,857			19,169,099			769,270			21,747,266
Redeemed		(1,401,332	)		(29,726,627	)		(2,468,746	)		(61,003,997	)

Net change		393,398		$	6,800,722			67,557		$	7,512,645

Class Y
Issued from the sale of shares		7,323,808		$	153,103,380			17,815,028		$	464,667,649
Issued in connection with the reinvestment of distributions		6,812,550			135,842,251			7,072,360			200,006,364
Redeemed		(27,731,708	)		(589,841,772	)		(41,896,295	)		(1,013,036,852	)

Net change		(13,595,350	)	$	(300,896,141	)		(17,008,907	)	$	(348,362,839	)

Decrease from capital share transactions		(15,726,375	)	$	(350,617,752	)		(20,476,897	)	$	(410,454,398	)

109 |

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

11. Capital Shares (continued).


	Six Months Ended March 31, 2023						Year Ended September 30, 2022
Growth Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		17,239,926		$	275,158,744			39,717,368		$	783,108,012
Issued in connection with the reinvestment of distributions		3,080,126			45,431,858			2,690,613			64,816,875
Redeemed		(53,275,054	)		(886,316,195	)		(44,619,514	)		(895,385,409	)

Net change		(32,955,002	)	$	(565,725,593	)		(2,211,533	)	$	(47,460,522	)

Class C
Issued from the sale of shares		501,305		$	6,764,227			482,265		$	9,254,099
Issued in connection with the reinvestment of distributions		596,956			7,503,741			212,100			4,507,128
Redeemed		(1,314,864	)		(18,740,448	)		(2,108,692	)		(39,692,654	)

Net change		(216,603	)	$	(4,472,480	)		(1,414,327	)	$	(25,931,427	)

Class N
Issued from the sale of shares		4,435,904		$	80,305,878			16,076,988		$	384,004,405
Issued in connection with the reinvestment of distributions		3,273,161			53,254,325			974,540			25,445,235
Redeemed		(8,162,057	)		(152,703,477	)		(11,291,066	)		(249,812,188	)

Net change		(452,992	)	$	(19,143,274	)		5,760,462		$	159,637,452

Class Y
Issued from the sale of shares		70,612,667		$	1,277,952,217			106,157,081		$	2,382,270,036
Issued in connection with the reinvestment of distributions		50,233,839			816,299,888			15,751,106			411,103,854
Redeemed		(105,446,268	)		(1,965,929,559	)		(127,856,705	)		(2,914,738,824	)
Redeemed in-kind (Note 12)		(10,072,998	)		(191,588,419	)		—			—

Net change		5,327,240		$	(63,265,873	)		(5,948,518	)	$	(121,364,934	)

Decrease from capital share transactions		(28,297,357	)	$	(652,607,220	)		(3,813,916	)	$	(35,119,431	)



	Six Months Ended March 31, 2023						Year Ended September 30, 2022
Intermediate Duration Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		139,123		$	1,307,591			620,754		$	6,337,904
Issued in connection with the reinvestment of distributions		27,010			252,569			38,180			379,158
Redeemed		(163,342	)		(1,525,531	)		(679,509	)		(6,739,182	)

Net change		2,791		$	34,629			(20,575	)	$	(22,120	)

Class C
Issued from the sale of shares		86,199		$	813,282			25,419		$	268,078
Issued in connection with the reinvestment of distributions		727			6,841			318			3,209
Redeemed		(30,765	)		(292,234	)		(36,638	)		(374,076	)

Net change		56,161		$	527,889			(10,901	)	$	(102,789	)

Class N
Issued from the sale of shares		39,749		$	371,346			223,571		$	2,186,390
Issued in connection with the reinvestment of distributions		33,037			308,498			46,222			457,509
Redeemed		(224,276	)		(2,104,726	)		(78,242	)		(767,571	)

Net change		(151,490	)	$	(1,424,882	)		191,551		$	1,876,328

Class Y
Issued from the sale of shares		3,346,485		$	31,234,813			10,432,771		$	104,382,931
Issued in connection with the reinvestment of distributions		454,335			4,245,423			701,722			6,984,487
Redeemed		(3,873,483	)		(36,186,805	)		(15,625,439	)		(155,292,386	)

Net change		(72,663	)	$	(706,569	)		(4,490,946	)	$	(43,924,968	)

Decrease from capital share transactions		(165,201	)	$	(1,568,933	)		(4,330,871	)	$	(42,173,549	)

| 110

Notes to Financial Statements (continued)

March 31, 2023 (Unaudited)

11. Capital Shares (continued).


	Six Months Ended March 31, 2023						Year Ended September 30, 2022
Limited Term Government and Agency Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		1,798,659		$	19,173,104			3,443,653		$	38,051,151
Issued in connection with the reinvestment of distributions		287,858			3,072,130			180,701			1,981,779
Redeemed		(4,244,502	)		(45,230,141	)		(5,686,327	)		(62,870,713	)

Net change		(2,157,985	)	$	(22,984,907	)		(2,061,973	)	$	(22,837,783	)

Class C
Issued from the sale of shares		179,432		$	1,902,855			355,616		$	3,946,921
Issued in connection with the reinvestment of distributions		11,175			118,940			3,777			41,142
Redeemed		(529,474	)		(5,628,264	)		(1,217,350	)		(13,438,953	)

Net change		(338,867	)	$	(3,606,469	)		(857,957	)	$	(9,450,890	)

Class N
Issued from the sale of shares		2,600,772		$	27,905,873			1,015,581		$	11,197,256
Issued in connection with the reinvestment of distributions		57,235			613,280			17,409			191,162
Redeemed		(371,479	)		(3,993,962	)		(327,674	)		(3,626,861	)

Net change		2,286,528		$	24,525,191			705,316		$	7,761,557

Class Y
Issued from the sale of shares		10,561,517		$	113,353,466			29,040,597		$	322,624,285
Issued in connection with the reinvestment of distributions		525,854			5,629,350			473,606			5,223,069
Redeemed		(17,953,219	)		(191,883,875	)		(45,475,068	)		(503,368,228	)

Net change		(6,865,848	)	$	(72,901,059	)		(15,960,865	)	$	(175,520,874	)

Decrease from capital share transactions		(7,076,172	)	$	(74,967,244	)		(18,175,479	)	$	(200,047,990	)

12. Redemption In-Kind. In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (redemption in-kind). For financial reporting purposes, the Fund will recognize a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Fund will recognize a loss if the cost exceeds value. Gains and losses realized on redemptions in-kind are not recognized for tax purposes, and are re-classified from realized gain (loss) to paid-in-capital. Growth Fund realized a gain of $14,126,530 on redemptions-in-kind during the six months ended March 31, 2023. This amount is included in realized gain (loss) on the Statements of Operations.

111 |

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

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

Item 7. Disclosure of Proxy Voting Policies and Procedures 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 Trust’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this 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 was no change in the Registrant’s internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.


(a) (1)		Not applicable.

(a) (2)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 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.

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

SIGNATURES

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


Natixis Funds Trust I

By:		/s/ David L. Giunta

Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		May 22, 2023

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:		May 22, 2023

By:		/s/ Matthew J. Block

Name:		Matthew J. Block
Title:		Treasurer and Principal Financial and Accounting Officer
Date:		May 22, 2023