Loomis Sayles Funds I

N-CSR 1 d465613dncsr.htm LOOMIS SAYLES FUNDS I Loomis Sayles Funds 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: 811-08282

Loomis Sayles Funds I

(Exact name of Registrant as specified in charter)


888 Boylston Street, Suite 800 Boston, Massachusetts		02199-8197
(Address of principal executive offices)		(Zip code)

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: December 31

Date of reporting period: December 31, 2022

Item 1. Reports to Stockholders.

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

LOGO

Loomis Sayles Bond Fund

Loomis Sayles Investment Grade Fixed Income Fund

Annual Report

December 31, 2022



TABLE OF CONTENTS

Portfolio Review			1

Portfolio of Investments			9

Financial Statements			39

Notes to Financial Statements			47

LOGO

LOOMIS SAYLES BOND FUND


Managers	Symbols

Matthew J. Eagan, CFA^®	Institutional Class	LSBDX

Brian P. Kennedy	Retail Class	LSBRX

Elaine M. Stokes	Admin Class	LBFAX

	Class N	LSBNX

Investment Objective

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

Market Conditions

The global bond market suffered pronounced weakness in 2022. Coming into the year, investors were already on edge as the investment community slowly began to understand that inflation would not be as “transitory” as initially expected. The outlook grew even more challenging after Russia’s invasion of Ukraine caused a jump in commodity prices and additional disruptions in global supply chains. Consumer price inflation (CPI) further increased as a result, with year-over-year gains of more than 8% in each monthly report of the second quarter. Inflation stayed elevated for the rest of the year before showing signs of cooling in the fourth quarter. Still, CPI remained above 6% through the last three quarters of the year, well above the US Federal Reserve’s (Fed’s) 2% target.

These developments prompted the Fed and other major central banks to tighten monetary policy aggressively. The Fed, in addition to ending its stimulative quantitative easing policy, raised interest rates at seven consecutive meetings from March onward. The benchmark fed funds rate, which stood in a range of 0% to 0.25% at the start of 2022, finished the year at 4.25% to 4.50%. This represented the most aggressive increase in short-term rates since the early 1980s.

The backdrop of high inflation and rising rates weighed heavily on US Treasuries. The yield on the two-year note surged from 0.39% to 4.41% over the course of 2022, while the 10-year yield climbed from 1.44% to 3.88%. The Treasury market suffered its second consecutive year of negative returns in 2022 – the first time this has happened since 1958–59. One result of these moves was that the yield curve inverted significantly (meaning that short-term yields traded above those on longer-term debt), an unusual event that typically precedes a recession.

Investment grade corporate bonds posted a double-digit loss and lagged US Treasuries. In addition to suffering from the uptrend in prevailing yields, corporates experienced a large increase in yield spreads relative to government debt. Rising spreads were the result of investors’ declining appetite for risk and concerns about the impact slowing economic growth could have on corporations’ earnings and balance sheets.

High yield bonds, while finishing 2022 in the red, outperformed US Treasuries and other segments of the investment grade market. The category was helped by its higher income, lower interest rate sensitivity, and a relatively large representation of the energy sector. Senior loans, which experienced elevated demand due to their floating rate feature, were the best-performing segment of the fixed income market for the year with a return just below the break-even mark.

Securitized assets – including agency mortgage-backed securities (MBS), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) – posted negative total returns but outperformed the broader US bond market due to the category’s shorter duration (lower interest rate sensitivity). ABS, particularly credit card and auto ABS, were the strongest performers among securitized assets due to their higher quality, better liquidity, and shorter duration.

Emerging market bonds underperformed the US due to the combination of growth fears, investors’ increased aversion to risk, the conflict in Ukraine, and negative headlines out of China. US-based investors were also hurt by a meaningful decline in emerging market currencies in relation to the US dollar.

Performance Results

For the 12 months ended December 31, 2022, Institutional Class shares of the Loomis Sayles Bond Fund returned -12.49% at net asset value. The Fund outperformed its benchmark, the Bloomberg U.S. Government/Credit Bond Index, which returned -13.58%.

Explanation of Fund Performance

Despite an extremely challenging year for fixed income markets, the Fund posted positive relative returns versus its benchmark. Yield curve positioning was the primary source of outperformance. The Fund has been targeting an overall duration shorter than that of the benchmark, which has been a positive contributor given the sharp upward movement in interest rates. We utilized Treasury futures to assist with meeting this objective. We have added back duration over the course of the year, but on a relative basis, remain short versus the benchmark. Securitized credit was also beneficial given the sector’s shorter duration profile. Here, holdings in asset-backed securities (ABS) and collateralized loan obligations (CLOs) aided returns. An allocation to equities was also positive for relative returns. For equities, the team has employed a basket approach – seeking a diversified allocation that provides attractive dividend yields and capital appreciation potential versus fixed income. This exposure was reduced during the year as fixed income yields increased. Finally, performance was aided by defensive, reserve-like positions as risk-off sentiment prevailed.

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Exposure to high yield credit was the primary source of underperformance for the Fund. High yield has lagged as aggressive central bank policy and an increasingly slower growth outlook have put pressure on risk assets. In addition, a handful of our higher conviction positions, particularly in the communications sector, have underperformed the broader market. The team’s investment thesis for these higher conviction positions started to play out in the second half of the year, but was not enough to offset the drawdown experienced earlier in the period. An allocation to emerging market credit was also a detractor of relative returns, with holdings in Chinese property developers as the main sources of underperformance. Extended Covid-related lockdowns in China had exacerbated already-declining housing sales and government measures taken thus far to alleviate stresses on this sector had been limited, resulting in further bond price erosion. More recently, however, we have started to see coordinated efforts here as Chinese authorities release rounds of policies to support the property sector. Finally, convertible securities weighed on returns given the tumultuous equity market backdrop. Here, selected communications holdings were performance laggards.

Outlook

Initial inflation data in the beginning of the fourth quarter of 2022 came in above expectations; however, subsequent readings were moderately positive, suggesting we may have passed peak inflation. The positive news appeared to usher in optimism that perhaps the Fed’s aggressive rate hiking cycle is finally working to bring inflation down. As we moved closer to the potential peak in Fed policy, risk assets stabilized and spreads on investment grade and high yield corporates finished the quarter at tighter levels.

While inflation has likely peaked and positive real rates should have the effect of slowing growth and rolling inflation down over time, we believe inflation will likely remain sticky and above the Fed’s target throughout 2023, primarily as result of wage pressure. We now believe much of the movement from the Fed has occurred or is currently being priced into the market, which in turn may also put a cap on the Treasury curve. We’re currently expecting an additional 50 bps of tightening in the first quarter of 2023, which would bring the policy rate up to 5.00% after the March meeting. In our view, the market continues to want to compress this cycle and lean towards a Fed pivot, but we believe inflation is structural at this point. We find it difficult for the Fed to begin cutting rates when inflation remains above their target. As a result, we’re anticipating a Fed pause after the March meeting which would likely extend into the latter stage of 2023. Throughout the year, the Fed will likely be driven by the extent to which there is firm evidence of inflation moderating, and at this point, we have not eliminated the possibility that the next Fed move could be a rate hike. We expect the US 10-year bond yield to move only modestly higher from here and we continue to be positioned defensively on rate risk, but to a lesser extent than earlier in 2022.

We believe that value has returned to US fixed income markets. Bond structures (price, yield and spread) appear relatively attractive. While corporate bond spreads in both investment grade and high yield are currently tighter than their long-term averages, we believe overall yields remain favorable post the 2008 Great Financial Crisis (GFC). Dollar prices on bonds are also currently at post-GFC lows. We believe the combination of discount-to-par and attractive yield could be increasing the potential value opportunity in bonds. We remain mindful of the risks to the global economy, such as tighter financial conditions, slowing Chinese growth, the Eastern Europe conflict, disruptions to the global supply chain and the lingering effects of the Covid pandemic. All of the turmoil around the world leaves us with a wide range of potential outcomes for growth, inflation, and central bank policy response. With the likelihood of downturn in 2023 rising, we have been holding larger than average liquid reserves and seeking to maintain an up-in-quality bias. If volatility increases and we see what we view as more attractive yields and spreads, we would consider redeploying reserves. At the same time, short-term yields have risen meaningfully and we are comfortable with how we are being compensated as we wait for opportunities to potentially develop.

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

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LOOMIS SAYLES BOND FUND

Hypothetical Growth of $100,000 Investment in Institutional Class Shares²

December 31, 2012 through December 31, 2022

LOGO

Average Annual Total Returns — December 31, 2022²



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

Institutional Class		-12.49	%		0.00	%		1.89	%		—	%		0.68	%		0.67	%

Retail Class		-12.78			-0.26			1.63			—			0.93			0.92

Admin Class		-12.91			-0.49			1.39			—			1.16			1.15

Class N (Inception 2/1/13)		-12.46			0.05			—			1.78			0.61			0.61

Comparative Performance
Bloomberg U.S. Government/Credit Bond Index¹		-13.58			0.21			1.16			1.26

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

Bloomberg U.S. Government/Credit Bond Index is the non-securitized component of the U.S. Aggregate Index. The U.S. Government/Credit Bond Index includes investment grade, U.S. dollar-denominated, fixed rate Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporate securities. The U.S. Government/Credit Index was launched on January 1, 1979, with index history backfilled to 1973, and is a subset of the U.S. Aggregate Index.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. 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.

3 |

LOOMIS SAYLES INVESTMENT GRADE FIXED INCOME FUND


Managers	Symbols

Matthew J. Eagan, CFA^®	Institutional Class	LSIGX

Brian P. Kennedy

Elaine M. Stokes

Investment Objective

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

Market Conditions

Performance Results

For the 12 months ended December 31, 2022, Institutional Class shares of the Loomis Sayles Investment Grade Fixed Income Fund returned -11.98% at net asset value. The Fund outperformed its benchmark, the Bloomberg U.S. Government/Credit Bond Index, which returned -13.58%.

Explanation of Fund Performance

Despite an extremely challenging year for fixed income markets, the Fund posted positive relative returns versus its benchmark. Yield curve positioning was the primary source of outperformance. The Fund has been targeting an overall duration shorter than that of the benchmark, which has been a positive contributor given the sharp upward movement in interest rates. We utilized Treasury futures to assist with meeting this objective. We have added back duration over the course of the year, but on a relative basis remain moderately short versus the benchmark. Securitized credit was a larger contributor given the sector’s shorter duration profile. Here, holdings in asset-backed securities (ABS) and collateralized loan obligations (CLOs) aided returns. An allocation to equities was also positive for relative returns. For equities, the team has employed a basket approach – seeking a diversified allocation that provides attractive dividend yields and capital appreciation potential versus

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LOOMIS SAYLES INVESTMENT GRADE FIXED INCOME FUND

fixed income. This exposure was reduced during the year as fixed income yields increased. Finally, performance was aided by defensive, reserve-like positions as risk-off sentiment prevailed.

An allocation to emerging market credit was a detractor of relative returns, with holdings in Chinese property developers as the main sources of underperformance. Extended Covid-related lockdowns in China had exacerbated already-declining housing sales and government measures taken thus far to alleviate stresses on this sector had been limited, resulting in further bond price erosion. More recently, however, we have started to see coordinated efforts here as Chinese authorities release rounds of policies to support the property sector. Exposure to high yield was also a source of underperformance for the Fund. High yield has lagged as aggressive central bank policy and an increasingly slower growth outlook has put pressure on risk assets. In addition, a handful of our higher conviction positions, particularly in the communications sector, have underperformed the broader market. The team’s investment thesis for these higher conviction positions started to play out in the second half of the year but was not enough to offset the drawdown experienced earlier in the period.

Outlook

In our view, the credit cycle¹ is firmly in the late cycle stage and the risk of downturn has become more balanced. We expect growth to continue to trend lower as manufacturing and housing metrics have deteriorated; however, in our view the US consumer appears on solid footing, maintaining strong levels of excess savings and continuing to spend at a healthy rate. Labor markets remain tight. We’ve observed higher wages, cost of living adjustments, an elevated number of job openings and employers who are reluctant to shed workers in industries where they may have trouble getting them back, which could help to support consumer confidence. We believe a healthy consumer combined with positive corporate fundamentals and a strong banking system should help provide a floor to economic activity and support credit fundamentals to some degree. While inflation has likely peaked and positive real rates should have the effect of slowing growth and rolling inflation down over time, we believe inflation will likely remain sticky and above the Fed’s target throughout 2023, primarily as result of wage pressure. We now believe much of the movement from the Fed has occurred or is currently being priced into the market, which in turn may also put a cap on the Treasury curve. We’re currently expecting an additional 50 bps of tightening in the first quarter of 2023, which would bring the policy rate up to 5.00% after the March meeting. In our view, the market continues to want to compress this cycle and lean towards a Fed pivot, but we believe inflation is structural at this point. We find it difficult for the Fed to begin cutting rates when inflation remains above their target. As a result, we’re anticipating a Fed pause after the March meeting which would likely extend into the latter stage of 2023. Throughout the year, the Fed will likely be driven by the extent to which there is firm evidence of inflation moderating, and at this point, we have not eliminated the possibility that the next Fed move could be a rate hike. We expect the US 10-year bond yield to move only modestly higher from here and we continue to be positioned defensively on rate risk, but to a lesser extent than earlier in 2022.

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

5 |

Hypothetical Growth of $3,000,000 Investment in Institutional Class Shares²

December 31, 2012 through December 31, 2022

LOGO

Average Annual Total Returns — December 31, 2022²



										Expense Ratios³
	1 Year			5 Years			10 Years			Gross			Net

Institutional Class		-11.98	%		0.36	%		1.75	%		0.52	%		0.52	%

Comparative Performance
Bloomberg U.S. Government/Credit Bond Index¹		-13.58			0.21			1.16

Bloomberg U.S. Government/Credit Bond Index is the non-securitized component of the U.S. Aggregate Index. The U.S. Government/Credit Bond Index includes investment grade, U.S. dollar-denominated, fixed-rate Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporate securities. The U.S. Government/Credit Index was launched on January 1, 1979, with index history backfilled to 1973, and is a subset of the Bloomberg U.S. Aggregate Index.

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

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ADDITIONAL INFORMATION

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

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

Additional Index Information

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

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

Proxy Voting Information

A description of the Fund’s proxy voting policies and procedures is available without charge upon request, by calling Loomis Sayles Funds at 800-633-3330; on the Fund’s website at www.loomissayles.com, and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information about how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available from the Fund’s website and the SEC’s website.

Quarterly Portfolio Schedules

The Loomis Sayles Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. First and third quarter schedules of portfolio holdings are also available at loomissayles.com. A hard copy may be requested from the Fund at no charge by calling 800-633-3330.

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

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Fund’s prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class of Fund shares shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from July 1, 2022 through December 31, 2022. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

Loomis Sayles Bond Fund


Institutional Class	Beginning Account Value 7/1/2022		Ending Account Value 12/31/2022		Expenses Paid During Period* 7/1/2022 – 12/31/2022
Actual		$1,000.00		$1,000.20		$3.38
Hypothetical (5% return before expenses)		$1,000.00		$1,021.83		$3.41

Retail Class
Actual		$1,000.00		$998.90		$4.64
Hypothetical (5% return before expenses)		$1,000.00		$1,020.57		$4.69

Admin Class
Actual		$1,000.00		$998.50		$5.89
Hypothetical (5% return before expenses)		$1,000.00		$1,019.31		$5.96

Class N
Actual		$1,000.00		$1,000.50		$3.18
Hypothetical (5% return before expenses)		$1,000.00		$1,022.03		$3.21

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.67%, 0.92%, 1.17% and 0.63% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period).

Loomis Sayles Investment Grade Fixed Income Fund


Institutional Class	Beginning Account Value 7/1/2022		Ending Account Value 12/31/2022		Expenses Paid During Period* 7/1/2022 – 12/31/2022
Actual		$1,000.00		$983.70		$2.70
Hypothetical (5% return before expenses)		$1,000.00		$1,022.48		$2.75

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

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Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 91.0% of Net Assets

	Non-Convertible Bonds – 83.8%

		ABS Car Loan – 4.2%
$	12,980,000	American Credit Acceptance Receivables Trust, Series 2021-4, Class D, 1.820%, 2/14/2028, 144A	$	11,882,048
	3,685,000	American Credit Acceptance Receivables Trust, Series 2022-1, Class D, 2.460%, 3/13/2028, 144A		3,315,558
	1,470,000	American Credit Acceptance Receivables Trust, Series 2022-4, Class C, 7.860%, 2/15/2029, 144A		1,488,599
	13,000,000	Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class D, 3.040%, 3/20/2025, 144A		12,164,594
	1,680,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class C, 4.240%, 9/22/2025, 144A		1,602,771
	6,300,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class C, 3.150%, 3/20/2026, 144A		5,776,735
	3,880,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.250%, 2/20/2027, 144A		3,463,979
	1,745,000	Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class C, 2.130%, 8/20/2027, 144A		1,450,524
	3,470,000	Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class C, 2.350%, 2/20/2028, 144A		2,869,490
	1,255,000	CarMax Auto Owner Trust, Series 2022-1, Class D, 2.470%, 7/17/2028		1,092,192
	6,243,116	Carvana Auto Receivables Trust, Series 2021-N3, Class C, 1.020%, 6/12/2028		6,034,336
	2,825,000	Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.720%, 9/11/2028		2,696,611
	6,410,000	Carvana Auto Receivables Trust, Series 2021-N4, Class D, 2.300%, 9/11/2028		5,820,010
	6,400,000	Carvana Auto Receivables Trust, Series 2021-P3, Class C, 1.930%, 10/12/2027		5,095,489
	3,032,000	Carvana Auto Receivables Trust, Series 2021-P4, Class C, 2.330%, 2/10/2028		2,492,395
	4,020,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.630%, 9/16/2030, 144A		3,624,334

		ABS Car Loan – continued
$	8,080,000	Credit Acceptance Auto Loan Trust, Series 2021-4, Class C, 1.940%, 2/18/2031, 144A	$	7,278,908
	3,680,000	DT Auto Owner Trust, Series 2020-3A, Class C, 1.470%, 6/15/2026, 144A		3,560,323
	7,980,000	DT Auto Owner Trust, Series 2021-4A, Class D, 1.990%, 9/15/2027, 144A		7,014,524
	11,340,000	Exeter Automobile Receivables Trust, Series 2021-2A, Class D, 1.400%, 4/15/2027		10,360,902
	15,295,000	Exeter Automobile Receivables Trust, Series 2021-3A, Class D, 1.550%, 6/15/2027		13,880,347
	2,010,000	Exeter Automobile Receivables Trust, Series 2022-6A, Class C, 6.320%, 5/15/2028		2,010,915
	2,820,000	First Investors Auto Owner Trust, Series 2022-2A, Class D, 8.710%, 10/16/2028, 144A		2,915,970
	5,245,000	Flagship Credit Auto Trust, Series 2021-2, Class D, 1.590%, 6/15/2027, 144A		4,671,388
	6,565,000	Flagship Credit Auto Trust, Series 2021-3, Class D, 1.650%, 9/15/2027, 144A		5,692,995
	5,951,000	Flagship Credit Auto Trust, Series 2021-4, Class C, 1.960%, 12/15/2027, 144A		5,440,603
	5,260,000	Foursight Capital Automobile Receivables Trust, Series 2021-2, Class D, 1.920%, 9/15/2027, 144A		4,763,089
	8,425,000	GLS Auto Receivables Issuer Trust, Series 2021-2A, Class D, 1.420%, 4/15/2027, 144A		7,643,306
	10,265,000	GLS Auto Receivables Issuer Trust, Series 2021-3A, Class D, 1.480%, 7/15/2027, 144A		9,179,605
	16,820,000	GLS Auto Receivables Issuer Trust, Series 2021-4A, Class D, 2.480%, 10/15/2027, 144A		14,859,076
	11,029,000	Hertz Vehicle Financing III LLC, Series 2022-1A, 4.850%, 6/25/2026, 144A		9,701,715
	8,512,000	Hertz Vehicle Financing III LLC, Series 2022-3A, 6.310%, 3/25/2025, 144A		8,115,749
	6,205,000	Hertz Vehicle Financing LLC, Class D, Series 2022-4A, 6.560%, 9/25/2026, 144A		5,719,515
	1,814,743	JPMorgan Chase Bank NA, Series 2021-3, Class D, 1.009%, 2/26/2029, 144A		1,690,467
	8,375,000	Prestige Auto Receivables Trust, Series 2022-1A, Class D, 8.080%, 8/15/2028, 144A		8,342,423
	2,305,615	Santander Bank NA, Series 2021-1A, Class B, 1.833%, 12/15/2031, 144A		2,217,617

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Car Loan – continued
$	10,510,000	Westlake Automobile Receivables Trust, Series 2021-3A, Class D, 2.120%, 1/15/2027, 144A	$	9,329,033

				215,258,135


		ABS Credit Card – 0.1%
	1,445,000	Brex Commercial Charge Card Master Trust, Series 2021-1, Class A, 2.090%, 7/15/2024, 144A		1,429,322
	5,000,000	Mercury Financial Credit Card Master Trust, Series 2021-1A, Class C, 4.210%, 3/20/2026, 144A		4,573,401
	1,245,000	Mission Lane Credit Card Master Trust, Series 2021-A, Class B, 2.240%, 9/15/2026, 144A		1,205,548

				7,208,271


		ABS Home Equity – 4.5%
	10,690,423	510 Asset Backed Trust, Series 2021-NPL1, Class A1, 2.240%, 6/25/2061, 144A(a)		9,752,542
	12,850,000	CAFL Issuer LLC, Series 2021-RTL1, Class A1, 2.239%, 3/28/2029, 144A(a)		11,685,086
	2,715,000	CoreVest American Finance Trust, Series 2021-1, Class C, 2.800%, 4/15/2053, 144A		2,088,553
	4,647,000	CoreVest American Finance Trust, Series 2021-2, Class C, 2.478%, 7/15/2054, 144A		3,397,365
	2,280,000	CoreVest American Finance Trust, Series 2021-3, Class D, 3.469%, 10/15/2054, 144A		1,723,985
	16,825,792	Credit Suisse Mortgage Trust, Series 2021-RPL4, Class A1, 1.796%, 12/27/2060, 144A(a)		14,974,887
	3,716,673	Credit Suisse Mortgage Trust, Series 2021-RPL6, Class M2, 3.125%, 10/25/2060, 144A		2,812,488
	7,995,000	FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.389%, 8/17/2038, 144A		6,666,243
	5,272,000	FirstKey Homes Trust, Series 2021-SFR2, Class E1, 2.258%, 9/17/2038, 144A		4,368,388
	3,120,000	FirstKey Homes Trust, Series 2021-SFR2, Class E2, 2.358%, 9/17/2038, 144A		2,563,513
	2,210,000	FRTKL, Series 2021-SFR1, Class E1, 2.372%, 9/17/2038, 144A		1,837,982
	1,930,000	FRTKL, Series 2021-SFR1, Class E2, 2.522%, 9/17/2038, 144A		1,600,671
	1,284,185	Home Partners of America Trust, Series 2021-1, Class E, 2.577%, 9/17/2041, 144A		980,525
	12,687,594	Home Partners of America Trust, Series 2021-2, Class E1, 2.852%, 12/17/2026, 144A		10,354,585

		ABS Home Equity – continued
$	6,348,658	Home Partners of America Trust, Series 2021-2, Class E2, 2.952%, 12/17/2026, 144A	$	5,180,209
	1,783,620	Legacy Mortgage Asset Trust, Series 2020-GS5, Class A1, 3.250%, 6/25/2060, 144A(a)		1,754,606
	7,921,840	Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.750%, 4/25/2061, 144A(a)		7,160,480
	2,595,718	Legacy Mortgage Asset Trust, Series 2021-GS4, Class A1, 1.650%, 11/25/2060, 144A(a)		2,320,291
	1,720,000	Mill City Mortgage Loan Trust, Series 2019-GS1, Class M2, 3.250%, 7/25/2059, 144A(a)		1,384,448
	1,635,000	Progress Residential Trust, Series 2021-SFR4, Class E1, 2.409%, 5/17/2038, 144A		1,365,190
	1,145,000	Progress Residential Trust, Series 2021-SFR4, Class E2, 2.559%, 5/17/2038, 144A		955,105
	3,535,000	Progress Residential Trust, Series 2021-SFR5, Class E1, 2.209%, 7/17/2038, 144A		2,943,620
	925,000	Progress Residential Trust, Series 2021-SFR5, Class E2, 2.359%, 7/17/2038, 144A		765,948
	4,495,000	Progress Residential Trust, Series 2021-SFR6, Class E1, 2.425%, 7/17/2038, 144A		3,726,254
	2,300,000	Progress Residential Trust, Series 2021-SFR6, Class E2, 2.525%, 7/17/2038, 144A		1,882,826
	5,280,000	Progress Residential Trust, Series 2021-SFR7, Class E1, 2.591%, 8/17/2040, 144A		4,063,876
	1,445,000	Progress Residential Trust, Series 2021-SFR7, Class E2, 2.640%, 8/17/2040, 144A		1,106,531
	1,705,000	Progress Residential Trust, Series 2021-SFR9, Class E1, 2.811%, 11/17/2040, 144A		1,323,971
	1,175,000	Progress Residential Trust, Series 2021-SFR9, Class E2, 3.010%, 11/17/2040, 144A		916,329
	6,952,591	PRPM LLC, Series 2021-10, Class A1, 2.487%, 10/25/2026, 144A(a)		6,303,045
	11,574,090	PRPM LLC, Series 2021-3, Class A1, 1.867%, 4/25/2026, 144A(a)		10,318,430
	11,634,360	PRPM LLC, Series 2021-4, Class A1, 1.867%, 4/25/2026, 144A(a)		10,417,815
	10,422,699	PRPM LLC, Series 2021-5, Class A1, 1.793%, 6/25/2026, 144A(a)		9,428,895
	7,279,208	PRPM LLC, Series 2021-8, Class A1, 1.743%, 9/25/2026, 144A(a)		6,521,739

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Home Equity – continued
$	7,867,146	PRPM LLC, Series 2021-9, Class A1, 2.363%, 10/25/2026, 144A(a)	$	7,082,094
	9,753,207	PRPM LLC, Series 2022-5, Class A1, 6.900%, 9/27/2027, 144A(a)		9,679,362
	12,050,000	Toorak Mortgage Corp., Series 2021-1, Class A1, 2.240%, 6/25/2024, 144A(a)		11,395,608
	170,000	Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.750%, 4/25/2055, 144A(a)		164,795
	3,660,000	Towd Point Mortgage Trust, Series 2016-3, Class M2, 4.000%, 4/25/2056, 144A(a)		3,529,941
	430,000	Towd Point Mortgage Trust, Series 2017-3, Class A2, 3.000%, 7/25/2057, 144A(a)		402,555
	1,690,000	Towd Point Mortgage Trust, Series 2017-4, Class M2, 3.250%, 6/25/2057, 144A(a)		1,368,144
	1,960,000	Towd Point Mortgage Trust, Series 2018-5, Class M1, 3.250%, 7/25/2058, 144A(a)		1,566,975
	1,195,000	Towd Point Mortgage Trust, Series 2019-4, Class M1, 3.500%, 10/25/2059, 144A(a)		969,646
	905,000	Towd Point Mortgage Trust, Series 2020-1, Class A2B, 3.250%, 1/25/2060, 144A(a)		735,085
	495,000	Towd Point Mortgage Trust, Series 2020-2, Class A2B, 3.000%, 4/25/2060, 144A(a)		387,795
	2,015,000	Tricon Residential Trust, Series 2021-SFR1, Class E1, 2.794%, 7/17/2038, 144A		1,692,118
	5,360,000	Tricon Residential Trust, Series 2021-SFR1, Class E2, 2.894%, 7/17/2038, 144A		4,468,936
	250,853	VCAT LLC, Series 2021-NPL1, Class A1, 2.289%, 12/26/2050, 144A(a)		236,795
	9,676,683	VCAT LLC, Series 2021-NPL5, Class A1, 1.868%, 8/25/2051, 144A(a)		8,525,635
	15,479,206	VCAT LLC, Series 2021-NPL6, Class A1, 1.917%, 9/25/2051, 144A(a)		13,475,675
	8,812,314	VOLT XCIV LLC, Series 2021-NPL3, Class A1, 2.240%, 2/27/2051, 144A(a)		7,966,445

				228,294,025


		ABS Other – 3.0%
	1,290,000	Affirm Asset Securitization Trust, Series 2021-B, Class C, 1.400%, 8/17/2026, 144A		1,172,526
	6,993,753	Apollo Aviation Securitization Equity Trust, Series 2021-1A, Class A, 2.950%, 11/16/2041, 144A		5,586,126

		ABS Other – continued
$	2,410,000	Aqua Finance Trust, Series 2021-A, Class B, 2.400%, 7/17/2046, 144A	$	2,028,672
	13,505,000	BHG Securitization Trust, Series 2022-A, Class B, 2.700%, 2/20/2035, 144A		11,738,164
	11,522,588	CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640%, 2/18/2046, 144A		9,825,010
	10,751,400	DB Master Finance LLC, Series 2021-1A, Class A2II, 2.493%, 11/20/2051, 144A		8,836,866
	759,600	Elara HGV Timeshare Issuer LLC, Series 2021-A, Class C, 2.090%, 8/27/2035, 144A		673,466
	3,565,000	FREED ABS Trust, Series 2022-1FP, Class D, 3.350%, 3/19/2029, 144A		3,259,651
	1,630,000	Freedom Financial Trust, Series 2021-2, Class C, 1.940%, 6/19/2028, 144A		1,582,841
	3,495,000	Freedom Financial Trust, Series 2021-3FP, Class D, 2.370%, 11/20/2028, 144A		3,179,774
	68,231	HIN Timeshare Trust, Series 2020-A, Class C, 3.420%, 10/09/2039, 144A		62,541
	3,980,000	HPEFS Equipment Trust, Series 2021-1A, Class D, 1.030%, 3/20/2031, 144A		3,754,083
	3,645,000	HPEFS Equipment Trust, Series 2022-1A, Class D, 2.400%, 11/20/2029, 144A		3,302,035
	10,066,726	Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/2046, 144A		8,227,515
	18,189,677	MAPS Trust, Series 2021-1A, Class A, 2.521%, 6/15/2046, 144A		14,739,586
	1,733,000	Marlette Funding Trust, Series 2021-2A, Class C, 1.500%, 9/15/2031, 144A		1,601,714
	3,210,000	Marlette Funding Trust, Series 2021-3A, Class C, 1.810%, 12/15/2031, 144A		2,874,252
	12,050,722	MVW LLC, Series 2021-2A, Class C, 2.230%, 5/20/2039, 144A		10,859,279
	15,350,996	Navigator Aircraft ABS Ltd., Series 2021-1, Class A, 2.771%, 11/15/2046, 144A(a)		12,894,096
	3,250,000	Nelnet Student Loan Trust, Series 2021-A, Class B2, 2.850%, 4/20/2062, 144A		2,582,823
	1,145,000	OneMain Financial Issuance Trust, Series 2018-2A, Class A, 3.570%, 3/14/2033, 144A		1,122,491
	1,835,000	OneMain Financial Issuance Trust, Series 2020-2A, Class A, 1.750%, 9/14/2035, 144A		1,603,002
	5,485,000	OneMain Financial Issuance Trust, Series 2021-1A, Class D, 2.470%, 6/16/2036, 144A		4,201,606

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Other – continued
$	800,000	Republic Finance Issuance Trust, Series 2021-A, Class C, 3.530%, 12/22/2031, 144A	$	694,966
	1,128,492	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		874,592
	725,000	SCF Equipment Leasing LLC, Series 2021-1A, Class D, 1.930%, 9/20/2030, 144A		632,387
	4,060,000	SCF Equipment Leasing LLC, Series 2022-2A, Class C, 6.500%, 8/20/2032, 144A		3,959,436
	899,626	Shenton Aircraft Investment I Ltd., Series 2015-1A, Class A, 4.750%, 10/15/2042, 144A		688,223
	14,961,362	SLAM Ltd., Series 2021-1A, Class A, 2.434%, 6/15/2046, 144A		12,378,133
	1,440,000	SoFi Consumer Loan Program Trust, Series 2021-1, Class D, 2.040%, 9/25/2030, 144A		1,304,882
	3,500,000	Towd Point Mortgage Trust, Series 2017-1, Class M1, 3.750%, 10/25/2056, 144A(a)		3,262,654
	2,746,206	Wave Trust, Series 2017-1A, Class A, 3.844%, 11/15/2042, 144A		2,073,413
	12,327,772	Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.104%, 5/15/2046, 144A		9,022,561

				150,599,366


		ABS Student Loan – 0.5%
	2,760,000	College Ave Student Loans LLC, Series 2021-A, Class C, 2.920%, 7/25/2051, 144A		2,476,177
	2,157,000	College Ave Student Loans LLC, Series 2021-C, Class D, 4.110%, 7/26/2055, 144A		1,679,771
	763,709	ELFI Graduate Loan Program LLC, Series 2021-A, Class B, 2.090%, 12/26/2046, 144A(a)		652,841
	2,565,000	Navient Private Education Refi Loan Trust, Series 2021-EA, Class B, 2.030%, 12/16/2069, 144A		1,634,218
	5,895,000	Navient Private Education Refi Loan Trust, Series 2021-FA, Class B, 2.120%, 2/18/2070, 144A		3,798,442
	2,120,000	Nelnet Student Loan Trust, Series 2021-DA, Class C, 3.500%, 4/20/2062, 144A		1,714,234
	863,000	Nelnet Student Loan Trust, Series 2021-DA, Class D, 4.380%, 4/20/2062, 144A		702,445
	5,735,000	SMB Private Education Loan Trust, Series 2021-B, Class B, 2.650%, 7/17/2051, 144A		4,566,955
	7,070,000	SMB Private Education Loan Trust, Series 2021-E, Class B, 2.490%, 2/15/2051, 144A		5,426,134
	630,000	SoFi Professional Loan Program LLC, Series 2017-A, Class C, 4.430%, 3/26/2040, 144A(a)		578,168

				23,229,385


		ABS Whole Business – 0.4%
	1,673,775	DB Master Finance LLC, Series 2019-1A, Class A23, 4.352%, 5/20/2049, 144A		1,526,121
	7,229,900	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.662%, 4/25/2051, 144A		6,082,088
	3,422,875	Hardee’s Funding LLC, Series 2021-1A, Class A2, 2.865%, 6/20/2051, 144A		2,728,589
	1,144,600	Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2, 3.858%, 12/05/2049, 144A		950,805
	203,463	Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2I, 3.251%, 12/05/2051, 144A		178,404
	11,081,250	Wendy’s Funding LLC, Series 2021-1A, Class A2I, 2.370%, 6/15/2051, 144A		8,946,159

				20,412,166


		Aerospace & Defense – 1.0%
	22,105,000	Boeing Co. (The), 3.625%, 2/01/2031		19,367,671
	2,995,000	Boeing Co. (The), 3.625%, 3/01/2048		1,959,524
	3,525,000	Boeing Co. (The), 3.750%, 2/01/2050		2,429,783
	6,180,000	Boeing Co. (The), 3.825%, 3/01/2059		3,950,872
	1,200,000	Boeing Co. (The), 3.850%, 11/01/2048		823,676
	8,855,000	Boeing Co. (The), 3.900%, 5/01/2049		6,217,671
	4,830,000	Boeing Co. (The), 5.150%, 5/01/2030		4,712,338
	4,055,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		3,882,662
	5,995,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		5,912,209

				49,256,406


		Airlines – 1.9%
	21,828,987	Air Canada Pass Through Trust, Series 2020-2A, 5.250%, 10/01/2030, 144A		20,477,336
	2,910,400	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		2,585,366
	2,673,333	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		2,402,142
	37,797,936	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		37,578,778
	4,070,441	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		3,781,729
	25,478,007	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		25,096,601

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Airlines – continued
$	3,665,220	United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027	$	3,450,365

				95,372,317


		Automotive – 1.2%
	2,355,000	Ford Motor Co., 3.250%, 2/12/2032		1,766,113
	14,465,000	Ford Motor Co., 4.750%, 1/15/2043		10,382,874
	1,560,000	Ford Motor Co., 6.625%, 2/15/2028		1,567,005
	1,580,000	Ford Motor Co., 7.500%, 8/01/2026		1,644,701
	3,505,000	General Motors Co., 5.200%, 4/01/2045		2,848,760
	1,750,000	General Motors Co., 6.250%, 10/02/2043		1,617,925
	44,900,000	General Motors Financial Co., Inc., 3.600%, 6/21/2030		37,786,155
	815,000	General Motors Financial Co., Inc., Series A, (fixed rate to 9/30/2027, variable rate thereafter), 5.750%(b)		686,146
	1,305,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(b)		1,104,519

				59,404,198


		Banking – 4.1%
	20,700,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(b)		13,843,125
	15,605,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(b)		9,772,631
	17,805,000	Barclays PLC, (fixed rate to 3/15/2028, variable rate thereafter), 4.375%(b)		13,576,312
	47,298,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		35,991,159
	14,253,000	BNP Paribas S.A., (fixed rate to 8/12/2030, variable rate thereafter), 2.588%, 8/12/2035, 144A		10,451,155
	8,140,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), EMTN, 4.000%, 1/10/2033		7,092,219
	605,000	Credit Suisse Group AG, (fixed rate to 1/12/2028, variable rate thereafter), 3.869%, 1/12/2029, 144A		484,937
	5,470,000	Credit Suisse Group AG, (fixed rate to 11/15/2032, variable rate thereafter), 9.016%, 11/15/2033, 144A		5,600,553
	510,000	Credit Suisse Group AG, (fixed rate to 5/14/2031, variable rate thereafter), 3.091%, 5/14/2032, 144A		352,383
	8,165,000	Credit Suisse Group AG, (fixed rate to 6/05/2025, variable rate thereafter), 2.193%, 6/05/2026, 144A		6,973,659

		Banking – continued
	11,755,000	Credit Suisse Group AG, (fixed rate to 7/15/2025, variable rate thereafter), 6.373%, 7/15/2026, 144A		11,036,172
	11,645,000	Credit Suisse Group AG, (fixed rate to 8/11/2027, variable rate thereafter), 6.442%, 8/11/2028, 144A		10,606,965
	5,690,000	Credit Suisse Group AG, (fixed rate to 8/12/2032, variable rate thereafter), 6.537%, 8/12/2033, 144A		4,998,551
	4,195,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		2,979,187
	25,209,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		18,483,586
	2,275,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		1,901,487
	3,380,000	Intesa Sanpaolo SpA, (fixed rate to 6/01/2031, variable rate thereafter), 4.198%, 6/01/2032, 144A		2,491,297
	22,550,000	NatWest Group PLC, (fixed rate to 8/28/2030, variable rate thereafter), 3.032%, 11/28/2035		16,635,811
	2,900,000	NatWest Group PLC, (fixed rate to 9/30/2027, variable rate thereafter), 5.516%, 9/30/2028		2,864,277
	4,370,000	Synchrony Bank, 5.400%, 8/22/2025		4,311,005
	8,885,000	Synchrony Bank, 5.625%, 8/23/2027		8,675,758
	22,400,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		18,198,837

				207,321,066


		Brokerage – 0.1%
	5,731,000	Jefferies Financial Group, Inc., 6.250%, 1/15/2036		5,779,778


		Building Materials – 1.5%
	57,099,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		48,193,549
	3,605,000	Cemex SAB de CV, 5.200%, 9/17/2030, 144A		3,363,058
	9,035,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(b)		8,348,430
	4,057,000	Masco Corp., 6.500%, 8/15/2032		4,153,024
	4,534,000	Masco Corp., 7.750%, 8/01/2029		4,955,757
	6,344,000	Owens Corning, 7.000%, 12/01/2036		6,713,760

				75,727,578


		Cable Satellite – 4.1%
	36,985,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		27,296,594
	11,015,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.300%, 2/01/2032		8,113,081

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Cable Satellite – continued
$	35,342,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.800%, 4/01/2031	$	27,514,021
	24,940,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.700%, 4/01/2051		15,165,210
	1,438,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.850%, 4/01/2061		831,682
	46,770,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.950%, 6/30/2062		27,589,626
	6,805,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 4/01/2033		5,822,761
	5,935,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.125%, 7/01/2049		4,487,821
	45,882,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		25,355,956
	1,875,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		1,047,563
	22,585,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		18,209,156
	1,390,000	CSC Holdings LLC, 5.750%, 1/15/2030, 144A		783,946
	9,430,000	DISH DBS Corp., 5.125%, 6/01/2029		6,083,387
	26,600,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		22,406,111
	14,719,000	DISH DBS Corp., 7.750%, 7/01/2026		11,869,255
	6,190,000	Time Warner Cable LLC, 4.500%, 9/15/2042		4,531,727
	535,000	Time Warner Cable LLC, 5.875%, 11/15/2040		466,106

				207,574,003


		Chemicals – 0.4%
	5,450,000	Alpek SAB de CV, 3.250%, 2/25/2031, 144A		4,541,220
	1,995,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030, 144A		1,696,665
	10,170,000	Braskem Netherlands Finance BV, 5.875%, 1/31/2050, 144A		7,878,357
	4,310,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		4,187,775
	3,175,000	Celanese U.S. Holdings LLC, 6.379%, 7/15/2032		3,019,260
	1,360,000	INEOS Quattro Finance 2 PLC, 3.375%, 1/15/2026, 144A		1,249,500

				22,572,777


		Construction Machinery – 0.6%
	2,300,000	Ashtead Capital, Inc., 5.500%, 8/11/2032, 144A		2,199,879
	27,030,000	Toro Co. (The), 6.625%, 5/01/2037		27,621,023

				29,820,902


		Consumer Cyclical Services – 2.2%
	2,700,000	Expedia Group, Inc., 2.950%, 3/15/2031		2,171,154
	2,255,000	Expedia Group, Inc., 3.250%, 2/15/2030		1,912,906
	14,700,000	TriNet Group, Inc., 3.500%, 3/01/2029, 144A		12,086,340
	33,255,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		28,973,585
	20,723,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		19,894,077
	44,403,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		44,434,082
	1,720,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		1,725,920

				111,198,064


		Consumer Products – 0.4%
	12,778,000	Avon Products, Inc., 8.450%, 3/15/2043		12,233,657
	9,385,000	Natura Cosmeticos S.A., 4.125%, 5/03/2028, 144A		7,658,254

				19,891,911


		Diversified Manufacturing – 0.0%
	2,080,000	General Electric Co., Series D, 3-month LIBOR + 3.330%, 8.099%(b)(c)		2,043,480


		Electric – 1.0%
	27,504,380	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		27,182,351
	8,663,000	Enel Generacion Chile S.A., 7.875%, 2/01/2027		9,139,465
	9,495,000	Pacific Gas & Electric Co., 4.300%, 3/15/2045		6,731,841
	6,825,000	Pacific Gas & Electric Co., 4.750%, 2/15/2044		5,221,699
	3,790,000	Pacific Gas & Electric Co., 5.450%, 6/15/2027		3,737,352

				52,012,708


		Finance Companies – 5.0%
	12,050,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/30/2032		9,420,217
	3,100,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 5.829%, 1/15/2067, 144A(c)		1,668,265
	6,606,000	Air Lease Corp., 4.625%, 10/01/2028		6,178,860
	17,166,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(b)		14,345,968
	5,325,000	Aircastle Ltd., Series A (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(b)		4,100,250

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Finance Companies – continued
$	12,465,000	Ares Capital Corp., 2.875%, 6/15/2028	$	9,994,799
	17,495,000	Ares Capital Corp., 3.200%, 11/15/2031		12,838,706
	3,260,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		2,838,085
	9,790,000	Barings BDC, Inc., 3.300%, 11/23/2026		8,297,791
	22,260,000	Blackstone Secured Lending Fund, 2.125%, 2/15/2027		18,431,636
	11,475,000	FS KKR Capital Corp., 3.125%, 10/12/2028		9,250,796
	8,178,000	FS KKR Capital Corp., 3.400%, 1/15/2026		7,251,868
	445,000	Navient Corp., 5.000%, 3/15/2027		389,559
	9,706,000	Navient Corp., 6.750%, 6/15/2026		9,199,217
	5,750,000	Navient Corp., Series A, 5.625%, 8/01/2033		4,096,216
	10,145,000	OneMain Finance Corp., 7.125%, 3/15/2026		9,646,678
	7,975,000	Owl Rock Capital Corp., 2.875%, 6/11/2028		6,261,765
	14,750,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		13,540,772
	13,420,000	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025, 144A		12,151,540
	30,029,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		25,739,729
	19,614,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		15,542,880
	53,876,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		41,122,227
	15,738,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		11,754,083

				254,061,907


		Financial Other – 1.5%
	9,560,000	Agile Group Holdings Ltd., 6.050%, 10/13/2025		4,423,221
	2,700,000	Central China Real Estate Ltd., 7.250%, 4/24/2023		1,163,766
	3,680,000	Central China Real Estate Ltd., 7.250%, 7/16/2024		1,043,758
	1,455,000	Central China Real Estate Ltd., 7.250%, 8/13/2024		407,124
	3,675,000	Central China Real Estate Ltd., 7.500%, 7/14/2025		1,010,089
	945,000	Central China Real Estate Ltd., 7.650%, 8/27/2023		337,951
	730,000	Central China Real Estate Ltd., 7.750%, 5/24/2024		225,490
	2,815,000	CIFI Holdings Group Co. Ltd., 6.000%, 7/16/2025		725,678
	990,000	CIFI Holdings Group Co. Ltd., 6.450%, 11/07/2024		259,875
	7,770,000	Country Garden Holdings Co. Ltd., 3.300%, 1/12/2031		4,110,874

		Financial Other – continued
	36,625,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		30,971,931
	19,485,000	Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(d)		2,652,103
	1,845,000	Kaisa Group Holdings Ltd., 9.950%, 7/23/2025(d)		249,795
	2,400,000	Kaisa Group Holdings Ltd., 10.500%, 1/15/2025(d)		325,128
	24,005,000	Kaisa Group Holdings Ltd., 11.250%, 4/16/2025(d)		3,249,797
	1,305,000	Kaisa Group Holdings Ltd., 11.650%, 6/01/2026(d)		176,449
	1,735,000	Kaisa Group Holdings Ltd., 11.700%, 11/11/2025(d)		235,318
	5,965,000	Logan Group Co. Ltd., 4.250%, 7/12/2025(e)		1,331,507
	5,148,000	Logan Group Co. Ltd., 4.850%, 12/14/2026(e)		1,159,227
	14,125,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		11,517,685
	6,195,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031(d)		1,108,905
	400,000	Shimao Group Holdings Ltd., 4.600%, 7/13/2030(d)		73,624
	1,515,000	Shimao Group Holdings Ltd., 5.200%, 1/16/2027(d)		272,700
	4,675,000	Shimao Group Holdings Ltd., 5.600%, 7/15/2026(d)		865,997
	1,465,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024(d)		273,486
	575,000	Sunac China Holdings Ltd., 5.950%, 4/26/2024(d)		123,527
	6,810,000	Sunac China Holdings Ltd., 6.500%, 1/10/2025(d)		1,455,978
	3,575,000	Sunac China Holdings Ltd., 6.500%, 1/26/2026(d)		761,511
	460,000	Sunac China Holdings Ltd., 6.650%, 8/03/2024(d)		98,592
	5,930,000	Sunac China Holdings Ltd., 7.000%, 7/09/2025(d)		1,267,715
	1,120,000	Times China Holdings Ltd., 5.750%, 1/14/2027		182,011
	7,485,000	Times China Holdings Ltd., 6.200%, 3/22/2026		1,213,393
	440,000	Times China Holdings Ltd., 6.750%, 7/08/2025		72,745
	3,175,000	Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027(d)		293,243
	6,250,000	Yuzhou Group Holdings Co. Ltd., 7.700%, 2/20/2025(d)		579,000
	1,585,000	Yuzhou Group Holdings Co. Ltd., 7.850%, 8/12/2026(d)		146,660
	4,025,000	Yuzhou Group Holdings Co. Ltd., 8.300%, 5/27/2025(d)		372,876

				74,738,729


		Food & Beverage – 0.4%
	965,000	Darling Ingredients, Inc., 6.000%, 6/15/2030, 144A		943,288
	5,695,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.000%, 2/02/2029, 144A		4,713,436

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Food & Beverage – continued
$	17,905,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A	$	13,995,622
	995,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031, 144A		846,302

				20,498,648


		Gaming – 1.0%
	19,755,000	Genm Capital Labuan Ltd., 3.882%, 4/19/2031, 144A		14,708,527
	5,810,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		4,644,426
	415,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		398,400
	10,488,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		9,784,504
	8,621,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A		8,113,029
	7,500,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		7,190,625
	6,163,000	VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A		6,102,972

				50,942,483


		Government Owned – No Guarantee – 1.3%
	27,210,000	Antares Holdings LP, 8.500%, 5/18/2025, 144A		27,778,430
	6,170,000	EcoPetrol S.A., 4.625%, 11/02/2031		4,712,892
	8,465,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		8,435,684
	28,145,000	Petroleos Mexicanos, 5.950%, 1/28/2031		21,301,487
	2,735,000	Sino-Ocean Land Treasure IV Ltd., 4.750%, 8/05/2029		1,482,917
	5,250,000	Sino-Ocean Land Treasure IV Ltd., 4.750%, 1/14/2030		2,674,875

				66,386,285


		Health Insurance – 0.7%
	23,625,000	Centene Corp., 2.500%, 3/01/2031		18,485,927
	8,940,000	Centene Corp., 2.625%, 8/01/2031		7,025,052
	6,921,000	Centene Corp., 3.000%, 10/15/2030		5,673,484
	6,470,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		5,372,943

				36,557,406


		Healthcare – 0.2%
	9,725,000	HCA, Inc., 4.125%, 6/15/2029		8,877,866


		Home Construction – 0.9%
	50,680,000	PulteGroup, Inc., 6.000%, 2/15/2035		48,458,269


		Independent Energy – 4.2%
	17,555,000	Aker BP ASA, 4.000%, 1/15/2031, 144A		15,385,148
	12,960,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		9,599,319
	56,135,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		52,253,844
	3,985,000	Devon Energy Corp., 4.500%, 1/15/2030		3,710,009

		Independent Energy – continued
	9,555,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		8,551,725
	12,510,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		10,899,338
	2,690,000	EQT Corp., 3.125%, 5/15/2026, 144A		2,472,204
	11,721,000	EQT Corp., 3.625%, 5/15/2031, 144A		9,932,799
	11,753,000	EQT Corp., 3.900%, 10/01/2027		10,849,961
	2,329,000	EQT Corp., 5.000%, 1/15/2029		2,186,368
	2,215,000	EQT Corp., 5.700%, 4/01/2028		2,203,098
	620,000	Occidental Petroleum Corp., 6.125%, 1/01/2031		625,698
	37,985,000	Occidental Petroleum Corp., 6.625%, 9/01/2030		39,252,939
	985,000	Occidental Petroleum Corp., 7.875%, 9/15/2031		1,087,440
	980,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		1,106,424
	15,296,000	Ovintiv, Inc., 6.500%, 8/15/2034		15,391,559
	828,000	Ovintiv, Inc., 6.500%, 2/01/2038		820,336
	4,156,000	Ovintiv, Inc., 6.625%, 8/15/2037		4,179,882
	553,000	Ovintiv, Inc., 7.200%, 11/01/2031		580,431
	1,815,000	Ovintiv, Inc., 7.375%, 11/01/2031		1,931,862
	2,285,000	Ovintiv, Inc., 8.125%, 9/15/2030		2,507,461
	190,000	Range Resources Corp., 4.875%, 5/15/2025		180,482
	27,050,000	Sanchez Energy Corp., 6.125%, 1/15/2023(d)		371,938
	12,420,000	Sanchez Energy Corp., 7.750%, 6/15/2021(d)		170,775
	2,150,000	Southwestern Energy Co., 4.750%, 2/01/2032		1,837,369
	4,695,000	Var Energi ASA, 7.500%, 1/15/2028, 144A		4,782,335
	10,345,000	Var Energi ASA, 8.000%, 11/15/2032, 144A		10,683,466

				213,554,210


		Industrial Other – 0.1%
	5,995,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		4,871,597


		Leisure – 0.9%
	13,160,000	Carnival Corp., 5.750%, 3/01/2027, 144A		9,396,767
	3,415,000	Carnival Corp., 6.000%, 5/01/2029, 144A		2,275,694
	10,030,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		7,878,264
	7,630,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		6,604,223
	3,695,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		2,727,728
	18,780,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		14,987,285

				43,869,961


		Life Insurance – 3.3%
	5,935,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		5,475,698
	6,099,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		4,461,459

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Life Insurance – continued
$	20,335,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030	$	19,340,130
	2,030,000	MetLife, Inc., 9.250%, 4/08/2068, 144A		2,364,825
	10,175,000	MetLife, Inc., 10.750%, 8/01/2069		13,499,071
	57,985,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		60,335,097
	38,476,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		50,217,721
	12,950,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		14,220,654

				169,914,655


		Lodging – 1.0%
	11,490,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		9,201,192
	2,475,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		2,019,979
	8,090,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		6,957,400
	11,290,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		9,142,446
	6,155,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		5,106,350
	10,440,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		8,506,826
	11,584,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		9,606,268

				50,540,461


		Media Entertainment – 1.7%
	5,896,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		4,801,349
	2,905,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		2,460,777
	6,670,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		5,672,352
	2,110,000	Netflix, Inc., 4.875%, 4/15/2028		2,037,387
	22,040,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		20,554,482
	2,757,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		2,674,290
	13,137,000	Netflix, Inc., 5.875%, 11/15/2028		13,314,744
	17,879,000	Netflix, Inc., 6.375%, 5/15/2029		18,402,629
	4,640,000	Warnermedia Holdings, Inc., 4.054%, 3/15/2029, 144A		4,021,534
	16,368,000	Warnermedia Holdings, Inc., 4.279%, 3/15/2032, 144A		13,495,743

				87,435,287


		Metals & Mining – 3.4%
	22,660,000	Anglo American Capital PLC, 2.875%, 3/17/2031, 144A		18,502,112
	19,906,000	ArcelorMittal S.A., 6.750%, 3/01/2041		19,195,350

		Metals & Mining – continued
	1,145,000	ArcelorMittal S.A., 7.000%, 10/15/2039		1,161,992
	3,950,000	Barrick Gold Corp., Series A, 5.800%, 11/15/2034		3,940,835
	7,370,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		6,979,549
	31,810,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		29,844,882
	9,200,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		8,954,730
	14,665,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		12,196,638
	34,855,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		32,916,440
	18,565,000	Glencore Funding LLC, 2.500%, 9/01/2030, 144A		15,073,852
	28,195,000	Glencore Funding LLC, 2.850%, 4/27/2031, 144A		23,072,677
	2,865,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		2,468,329

				174,307,386


		Midstream – 1.0%
	7,685,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		6,356,494
	55,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		53,005
	9,050,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		8,868,304
	13,095,000	Energy Transfer LP, 5.750%, 2/15/2033		12,811,624
	3,745,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		3,201,679
	205,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		213,306
	480,000	Targa Resources Corp., 5.200%, 7/01/2027		470,463
	5,300,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032		4,455,498
	1,365,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		1,232,527
	1,380,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030		1,298,470
	2,635,000	Western Midstream Operating LP, 4.300%, 2/01/2030		2,300,144
	6,105,000	Western Midstream Operating LP, 5.300%, 3/01/2048		5,019,695
	1,130,000	Western Midstream Operating LP, 5.450%, 4/01/2044		938,714
	840,000	Western Midstream Operating LP, 5.500%, 8/15/2048		697,177
	3,495,000	Western Midstream Operating LP, 5.500%, 2/01/2050		2,879,181

				50,796,281


		Mortgage Related – 0.0%
	3,903	FHLMC, 5.000%, 12/01/2031		3,880

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Non-Agency Commercial Mortgage-Backed Securities – 2.1%
$	10,990,000	BANK, Series 2021-BN35, Class AS, 2.457%, 6/15/2064	$	8,482,181
	505,000	BBSG Mortgage Trust, Series 2016-MRP, Class A, 3.275%, 6/05/2036, 144A		437,376
	11,095,000	BPR Trust, Series 2021-NRD, Class F, 1-month SOFR + 6.870%, 11.196%, 12/15/2038, 144A(c)		9,758,092
	7,790,000	BPR Trust, Series 2022-STAR, Class A, 1-month SOFR + 3.232%, 7.568%, 8/15/2024, 144A(c)		7,665,962
	1,819,488	Commercial Mortgage Pass Through Certificates, Series 2012-CR3, Class AM, 3.416%, 10/15/2045, 144A		1,635,666
	181,047	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		155,228
	2,429,303	Commercial Mortgage Trust, Series 2012-LC4, Class B, 4.934%, 12/10/2044(a)		2,424,777
	6,710,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class B, 4.185%, 9/15/2037, 144A		5,695,717
	630,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class C, 4.336%, 9/15/2037, 144A		508,696
	2,530,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class D, 4.373%, 9/15/2037, 144A		1,860,786
	4,217,150	Extended Stay America Trust, Series 2021-ESH, Class C, 1-month LIBOR + 1.700%, 6.018%, 7/15/2038, 144A(c)		4,047,884
	3,031,077	Extended Stay America Trust, Series 2021-ESH, Class D, 1-month LIBOR + 2.250%, 6.568%, 7/15/2038, 144A(c)		2,901,818
	3,760,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class B, 3.550%, 3/05/2033, 144A(a)		3,283,439
	3,815,000	GS Mortgage Securities Trust, Series 2013-G1, Class B, 3.650%, 4/10/2031, 144A(a)		3,690,087
	435,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class D, 4.064%, 12/15/2047, 144A(a)		403,326
	1,905,000	MedTrust, Series 2021-MDLN, Class B, 1-month LIBOR + 1.450%, 5.768%, 11/15/2038, 144A(c)		1,814,229
	6,060,000	MedTrust, Series 2021-MDLN, Class C, 1-month LIBOR + 1.800%, 6.118%, 11/15/2038, 144A(c)		5,757,321

		Non-Agency Commercial Mortgage-Backed Securities – continued
	2,500,000	MedTrust, Series 2021-MDLN, Class D, 1-month LIBOR + 2.000%, 6.318%, 11/15/2038, 144A(c)		2,362,077
	1,380,537	Morgan Stanley Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.277%, 10/15/2030, 144A		1,111,332
	11,786,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.198%, 8/15/2046(a)		11,614,740
	1,705,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class B, 4.398%, 8/15/2046(a)		1,258,320
	5,770,000	RBS Commercial Funding Trust, Series 2013-GSP, Class A, 3.834%, 1/15/2032, 144A(a)		5,553,469
	594,598	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A		578,584
	9,076,751	Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class B, 4.296%, 7/15/2046(a)		8,606,159
	4,970,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C36, Class B, 3.671%, 11/15/2059(a)		4,132,553
	1,955,000	WFRBS Commercial Mortgage Trust, Series 2012-C10, Class B, 3.744%, 12/15/2045		1,813,521
	7,750,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class B, 4.529%, 8/15/2046(a)		6,610,614
	2,915,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class B, 4.378%, 5/15/2047		2,508,389

				106,672,343


		Paper – 0.1%
	3,445,000	WestRock MWV LLC, 7.950%, 2/15/2031		3,870,846
	2,252,000	Weyerhaeuser Co., 7.375%, 3/15/2032		2,489,324

				6,360,170


		Pharmaceuticals – 1.3%
	11,605,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		7,381,265
	5,560,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		2,668,769
	580,000	Bausch Health Cos., Inc., 5.000%, 2/15/2029, 144A		277,964
	4,435,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		2,127,292
	3,015,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		1,460,979
	640,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A		308,120

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Pharmaceuticals – continued
$	1,045,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A	$	505,099
	9,370,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		8,236,855
	5,031,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		4,399,609
	25,967,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		15,876,880
	15,545,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		14,051,121
	10,545,000	Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/09/2029		9,390,820

				66,684,773


		Property & Casualty Insurance – 0.3%
	13,985,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 15.339%, 1/15/2033, 144A(e)(f)		1,398,500
	80,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 16.027%, 1/15/2033(e)(f)		8,000
	17,110,000	Stewart Information Services Corp., 3.600%, 11/15/2031		13,111,859

				14,518,359


		REITs – Diversified – 0.1%
	4,125,000	EPR Properties, 3.600%, 11/15/2031		2,988,568


		Retailers – 0.5%
	4,680,000	Dillard’s, Inc., 7.000%, 12/01/2028		4,632,264
	7,182,000	Dillard’s, Inc., 7.750%, 7/15/2026		7,411,609
	2,250,000	Dillard’s, Inc., 7.750%, 5/15/2027		2,253,983
	5,975,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		4,924,535
	9,245,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		8,169,344

				27,391,735


		Technology – 3.9%
	15,580,000	Avnet, Inc., 5.500%, 6/01/2032		14,386,568
	8,675,000	Block, Inc., 3.500%, 6/01/2031		6,921,999
	5,785,000	Broadcom, Inc., 3.137%, 11/15/2035, 144A		4,253,515
	13,741,000	Broadcom, Inc., 4.150%, 11/15/2030		12,314,027
	2,346,000	CDW LLC/CDW Finance Corp., 2.670%, 12/01/2026		2,082,821
	2,739,000	CDW LLC/CDW Finance Corp., 3.250%, 2/15/2029		2,332,779
	27,510,000	CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031		22,669,236
	637,000	CDW LLC/CDW Finance Corp., 4.250%, 4/01/2028		586,250
	14,400,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		9,780,503
	16,765,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		13,515,943

		Technology – continued
	19,780,000	Entegris Escrow Corp., 4.750%, 4/15/2029, 144A		18,038,120
	945,000	Gartner, Inc., 3.625%, 6/15/2029, 144A		830,390
	2,250,000	Global Payments, Inc., 2.900%, 11/15/2031		1,774,279
	3,460,000	Global Payments, Inc., 5.300%, 8/15/2029		3,345,026
	7,515,000	Global Payments, Inc., 5.400%, 8/15/2032		7,156,914
	13,265,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		11,569,733
	8,630,000	Marvell Technology, Inc., 2.950%, 4/15/2031		6,941,443
	19,330,000	Micron Technology, Inc., 6.750%, 11/01/2029		19,634,967
	2,080,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.400%, 6/01/2027		1,993,458
	4,150,000	Open Text Corp., 6.900%, 12/01/2027, 144A		4,150,000
	18,900,000	Oracle Corp., 3.950%, 3/25/2051		13,465,102
	5,830,000	Oracle Corp., 6.150%, 11/09/2029		6,051,341
	845,000	Seagate HDD Cayman, 4.091%, 6/01/2029		699,398
	615,825	Seagate HDD Cayman, 9.625%, 12/01/2032		675,437
	6,775,000	Western Digital Corp., 2.850%, 2/01/2029		5,241,614
	10,601,000	Western Digital Corp., 4.750%, 2/15/2026		9,983,174

				200,394,037


		Transportation Services – 0.5%
	5,895,000	Adani Ports & Special Economic Zone Ltd., 3.100%, 2/02/2031, 144A		4,324,100
	19,345,000	Adani Ports & Special Economic Zone Ltd., 4.200%, 8/04/2027, 144A		16,980,517
	1,845,000	GMR Hyderabad International Airport Ltd., 4.250%, 10/27/2027, 144A		1,599,320
	315,000	GMR Hyderabad International Airport Ltd., 4.750%, 2/02/2026, 144A		292,994

				23,196,931


		Treasuries – 15.6%
	222,380,000	U.S. Treasury Bond, 3.250%, 5/15/2042		194,964,716
	149,270,000	U.S. Treasury Note, 0.125%, 2/28/2023(g)		148,274,262
	213,830,000	U.S. Treasury Note, 0.125%, 6/30/2023		209,085,647
	76,545,000	U.S. Treasury Note, 0.500%, 11/30/2023		73,644,662
	73,585,000	U.S. Treasury Note, 0.875%, 1/31/2024		70,604,233
	103,730,000	U.S. Treasury Note, 1.500%, 2/29/2024		99,985,995

				796,559,515

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Wireless – 1.3%
$	9,835,000	IHS Holding Ltd., 5.625%, 11/29/2026, 144A	$	8,118,793
	8,000,000	SoftBank Group Corp., 4.625%, 7/06/2028		6,568,320
	3,695,000	SoftBank Group Corp., 5.250%, 7/06/2031		2,956,000
	35,370,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		31,152,817
	20,890,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		18,044,770

				66,840,700


		Wirelines – 0.3%
	3,825,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		3,336,968
	5,545,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		4,190,357
	11,370,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		9,301,683

				16,829,008


		Total Non-Convertible Bonds

		(Identified Cost $4,958,929,073)		4,267,227,986


	Convertible Bonds – 5.6%

		Airlines – 0.5%
	5,645,000	JetBlue Airways Corp., 0.500%, 4/01/2026		4,115,640
	17,869,000	Southwest Airlines Co., 1.250%, 5/01/2025		21,460,669

				25,576,309


		Cable Satellite – 2.3%
	195,000	Cable One, Inc., Zero Coupon 6.042%, 3/15/2026(h)		153,173
	184,765,000	DISH Network Corp., 3.375%, 8/15/2026		115,755,272

				115,908,445


		Consumer Cyclical Services – 0.3%
	1,520,000	Peloton Interactive, Inc., Zero Coupon 0.519%-0.987%, 2/15/2026(i)		1,075,993
	18,940,000	Uber Technologies, Inc., Zero Coupon, 0.000%-5.582%, 12/15/2025(i)		15,996,534

				17,072,527


		Gaming – 0.1%
	3,339,000	Penn Entertainment, Inc., 2.750%, 5/15/2026		4,921,686


		Healthcare – 0.6%
	36,387,000	Teladoc Health, Inc., 1.250%, 6/01/2027		27,952,304


		Leisure – 0.2%
	16,620,000	NCL Corp. Ltd., 1.125%, 2/15/2027		11,383,703


		Media Entertainment – 0.2%
	8,590,000	Snap, Inc., Zero Coupon 6.697%-7.641%, 5/01/2027(i)		6,000,115
	7,780,000	Spotify USA, Inc., Zero Coupon 5.189%-5.873%, 3/15/2026(i)		6,262,900

				12,263,015


		Pharmaceuticals – 1.0%
	13,963,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		14,818,932
	27,688,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		29,752,440
	6,370,000	Livongo Health, Inc., 0.875%, 6/01/2025		5,576,171

				50,147,543


		Technology – 0.4%
	475,000	Bentley Systems, Inc., 0.375%, 7/01/2027		386,650
	6,935,000	RingCentral, Inc., Zero Coupon 7.146%-8.016%, 3/15/2026(i)		5,443,975
	7,165,000	Splunk, Inc., 1.125%, 6/15/2027		6,045,827
	7,845,000	Unity Software, Inc., Zero Coupon 7.084%-8.213%, 11/15/2026(i)		5,871,983

				17,748,435


		Total Convertible Bonds

		(Identified Cost $386,146,449)		282,973,967


	Municipals – 1.6%

		Virginia – 1.6%
	89,440,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $88,795,062)		80,571,210


		Total Bonds and Notes

		(Identified Cost $5,433,870,584)		4,630,773,163


	Senior Loans – 0.3%

		Independent Energy – 0.3%
	16,469,000	Ascent Resources - Utica, 2020 Fixed 2nd Lien Term Loan, 3-month LIBOR + 9.000%, 12.941%, 11/01/2025(c)(j) (Identified Cost $16,469,450)		17,358,326


	Collateralized Loan Obligations – 4.5%
	9,977,000	522 Funding CLO Ltd., Series 2018-3A, Class DR, 3-month LIBOR + 3.100%, 7.343%, 10/20/2031, 144A(c)		9,295,411
	7,140,000	AGL CLO 12 Ltd., Series 2021-12A, Class B, 3-month LIBOR + 1.600%, 5.843%, 7/20/2034, 144A(c)		6,809,504
	7,240,000	AGL CLO 12 Ltd., Series 2021-12A, Class D, 3-month LIBOR + 2.850%, 7.093%, 7/20/2034, 144A(c)		6,540,152

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Collateralized Loan Obligations – continued
$	1,805,000	AGL CLO 7 Ltd., Series 2020-7A, Class DR, 3-month LIBOR + 3.100%, 7.179%, 7/15/2034, 144A(c)	$	1,668,639
	10,050,000	AIG CLO LLC, Series 2021-1A, Class D, 3-month LIBOR + 2.950%, 7.275%, 4/22/2034, 144A(c)		9,278,934
	5,605,000	AIG CLO LLC, Series 2021-2A, Class D, 3-month LIBOR + 3.050%, 7.293%, 7/20/2034, 144A(c)		5,175,231
	7,810,000	AIMCO CLO Ltd., Series 2020-12A, Class AR, 3-month SOFR + 1.170%, 5.034%, 1/17/2032, 144A(c)		7,659,689
	3,955,000	ARES Loan Funding I Ltd., Series 2021-ALFA, Class D, 3-month LIBOR +3.000%, 7.079%, 10/15/2034, 144A(c)		3,657,086
	5,225,000	Bain Capital Credit CLO Ltd, Series 2017-2A, Class DR2, 3-month LIBOR + 3.100%, 7.458%, 7/25/2034, 144A(c)		4,811,990
	1,340,000	Ballyrock CLO Ltd., Series 2019-2A, Class A2R, 3-month LIBOR + 1.400%, 6.075%, 11/20/2030, 144A(c)		1,289,395
	10,720,000	Benefit Street Partners CLO XVI Ltd., Series 2018-16A, Class CR, 3-month LIBOR + 2.000%, 6.079%, 1/17/2032, 144A(c)		10,136,253
	2,245,000	Benefit Street Partners CLO XVI Ltd., Series 2018-16A, Class DR, 3-month LIBOR + 3.000%, 7.079%, 1/17/2032, 144A(c)		2,062,356
	5,225,000	CarVal CLO III Ltd., Series 2019-2A, Class DR, 3-month LIBOR + 2.950%, 7.193%, 7/20/2032, 144A(c)		4,767,713
	4,305,000	CIFC Funding Ltd., Series 2021-5A, Class D, 3-month LIBOR + 3.250%, 7.329%, 7/15/2034, 144A(c)		4,065,457
	6,075,000	Crown City CLO I, Series 2020-1A, Class CR, 3-month LIBOR + 3.420%, 7.663%, 7/20/2034, 144A(c)		5,326,451
	7,745,000	Elmwood CLO V Ltd., Series 2020-2A, Class DR, 3-month LIBOR + 3.100%, 7.343%, 10/20/2034, 144A(c)		7,332,308
	4,085,000	Elmwood CLO VIII Ltd., Series 2021-1A, Class D2, 3-month LIBOR + 2.850%, 7.093%, 1/20/2034, 144A(c)		3,828,687
	8,760,000	LCM 30 Ltd., Series 30A, Class BR, 3-month LIBOR + 1.500%, 5.743%, 4/20/2031, 144A(c)		8,368,139
	1,470,000	LCM 30 Ltd., Series 30A, Class CR, 3-month LIBOR + 2.000%, 6.243%, 4/20/2031, 144A(c)		1,339,498

	Collateralized Loan Obligations – continued
	4,215,000	LCM 30 Ltd., Series 30A, Class DR, 3-month LIBOR + 3.000%, 7.243%, 4/20/2031, 144A(c)		3,597,873
	15,835,000	Madison Park Funding XXIII Ltd., Series 2017-23A, Class DR, 3-month LIBOR + 3.200%, 7.558%, 7/27/2031, 144A(c)		14,751,047
	1,260,000	Madison Park Funding XXXI Ltd., Series 2018-31A, Class D, 3-month LIBOR + 3.000%, 7.325%, 1/23/2031, 144A(c)		1,175,201
	9,225,000	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, 3-month LIBOR + 1.650%, 5.729%, 7/15/2034, 144A(c)		8,879,902
	11,920,000	OCP CLO Ltd., Series 2019-17A, Class DR, 3-month LIBOR + 3.100%, 7.343%, 7/20/2032, 144A(c)		10,728,930
	10,585,000	Octagon Investment Partners 42 Ltd., Series 2019-3A, Class DR, 3-month LIBOR + 3.150%, 7.229%, 7/15/2034, 144A(c)		10,019,179
	4,920,000	Octagon Investment Partners 46 Ltd., Series 2020-2A, Class DR, 3-month LIBOR + 3.300%, 7.379%, 7/15/2036, 144A(c)		4,425,097
	12,430,000	OHA Credit Funding 3 Ltd., Series 2019-3A, Class BR, 3-month LIBOR + 1.650%, 5.893%, 7/02/2035, 144A(c)		11,996,156
	9,720,000	OHA Credit Funding 3 Ltd., Series 2019-3A, Class DR, 3-month LIBOR + 2.900%, 7.143%, 7/02/2035, 144A(c)		9,082,650
	12,640,000	Palmer Square CLO Ltd., Series 2013-2A, Class A2R3, 3-month LIBOR + 1.500%, 5.727%, 10/17/2031, 144A(c)		12,208,685
	5,120,000	Palmer Square CLO Ltd., Series 2013-2A, Class CR3, 3-month LIBOR + 2.700%, 6.927%, 10/17/2031, 144A(c)		4,668,134
	2,970,000	Palmer Square CLO Ltd., Series 2015-1A, Class A2R4, 3-month LIBOR + 1.700%, 6.375%, 5/21/2034, 144A(c)		2,840,546
	11,585,000	Rockford Tower CLO Ltd., Series 2018-1A, Class A, 3-month LIBOR + 1.100%, 5.775%, 5/20/2031, 144A(c)		11,390,604
	6,015,447	Shackleton CLO Ltd., Series 2017-10A, Class AR2, 3-month LIBOR + 0.890%, 5.133%, 4/20/2029, 144A(c)		5,924,560
	6,075,000	Signal Peak CLO 1 Ltd., Series 2014-1A, Class AR3, 3-month LIBOR + 1.160%, 5.239%, 4/17/2034, 144A(c)		5,925,202

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued


Principal Amount		Description	Value (†)

	Collateralized Loan Obligations – continued
$	700,000	THL Credit Wind River CLO Ltd., Series 2018-3A, Class D, 3-month LIBOR + 2.950%, 7.193%, 1/20/2031, 144A(c)	$	600,160
	5,300,000	VERDE CLO Ltd., Series 2019-1A, Class AR, 3-month LIBOR + 1.100%, 5.179%, 4/15/2032, 144A(c)		5,204,033
	2,135,000	Vibrant CLO XIV Ltd., Series 2021-14A, Class C, 3-month LIBOR + 3.750%, 7.993%, 10/20/2034, 144A(c)		1,908,429


		Total Collateralized Loan Obligations

		(Identified Cost $242,767,867)		228,739,281


Shares

	Common Stocks – 1.5%

		Aerospace & Defense – 0.0%
	4,520	Lockheed Martin Corp.		2,198,935


		Air Freight & Logistics – 0.0%
	10,447	United Parcel Service, Inc., Class B		1,816,106


		Beverages – 0.0%
	30,600	Coca-Cola Co. (The)		1,946,466


		Biotechnology – 0.1%
	17,775	AbbVie, Inc.		2,872,618


		Capital Markets – 0.1%
	1,376	BlackRock, Inc.		975,075
	14,559	Morgan Stanley		1,237,806

				2,212,881


		Communications Equipment – 0.0%
	17,920	Cisco Systems, Inc.		853,709


		Containers & Packaging – 0.0%
	6,067	Packaging Corp. of America		776,030


		Electric Utilities – 0.1%
	11,847	Duke Energy Corp.		1,220,122
	21,018	NextEra Energy, Inc.		1,757,105

				2,977,227


		Electrical Equipment – 0.0%
	9,193	Emerson Electric Co.		883,080


		Food & Staples Retailing – 0.1%
	1,663	Costco Wholesale Corp.		759,159
	11,239	Walmart, Inc.		1,593,578

				2,352,737


		Health Care Equipment & Supplies – 0.0%
	13,744	Abbott Laboratories		1,508,954


		Health Care Providers & Services – 0.1%
	3,090	Elevance Health, Inc.		1,585,077
	2,931	UnitedHealth Group, Inc.		1,553,958

				3,139,035


		Hotels, Restaurants & Leisure – 0.0%
	20,119	Starbucks Corp.		1,995,805


		Household Products – 0.1%
	17,070	Procter & Gamble Co. (The)		2,587,129


		IT Services – 0.0%
	4,264	Accenture PLC, Class A		1,137,806


		Life Sciences Tools & Services – 0.0%
	2,144	Thermo Fisher Scientific, Inc.		1,180,679


		Machinery – 0.1%
	3,497	Cummins, Inc.		847,288
	3,955	Deere & Co.		1,695,746

				2,543,034


		Media – 0.3%
	2,006,877	Altice USA, Inc., Class A(e)		9,231,634
	52,164	Comcast Corp., Class A		1,824,175
	705,779	iHeartMedia, Inc., Class A(e)		4,326,426

				15,382,235


		Metals & Mining – 0.0%
	23,710	Newmont Corp.		1,119,112


		Oil, Gas & Consumable Fuels – 0.1%
	93,585	Battalion Oil Corp.(e)		908,710
	4,546	Devon Energy Corp.		279,625
	6,719	Pioneer Natural Resources Co.		1,534,552
	37,203	Williams Cos., Inc. (The)		1,223,979

				3,946,866


		Pharmaceuticals – 0.1%
	15,366	Bristol-Myers Squibb Co.		1,105,584
	14,316	Johnson & Johnson		2,528,921
	14,093	Merck & Co., Inc.		1,563,618

				5,198,123


		Professional Services – 0.0%
	7,905	Clarivate PLC(e)		65,928


		REITs – Diversified – 0.1%
	6,679	American Tower Corp.		1,415,013
	170,568	NexPoint Diversified Real Estate Trust		1,912,067

				3,327,080


		Road & Rail – 0.0%
	5,980	Union Pacific Corp.		1,238,279


		Semiconductors & Semiconductor Equipment – 0.1%
	3,545	Broadcom, Inc.		1,982,116
	22,248	Microchip Technology, Inc.		1,562,922
	15,974	QUALCOMM, Inc.		1,756,181

				5,301,219


		Software – 0.0%
	17,622	IQOR U.S., Inc.(e)		123,354
	7,925	Microsoft Corp.		1,900,573

				2,023,927


		Specialty Retail – 0.0%
	4,153	Home Depot, Inc. (The)		1,311,767

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued



Shares		Description	Value (†)

	Common Stocks – continued

		Technology Hardware, Storage & Peripherals – 0.0%
	12,644	Apple, Inc.	$	1,642,835


		Wireless Telecommunication Services – 0.1%
	30,481	T-Mobile US, Inc.(e)		4,267,340


		Total Common Stocks

		(Identified Cost $131,808,820)		77,806,942


	Preferred Stocks – 1.9%

	Convertible Preferred Stocks – 1.6%

		Banking – 0.8%
	20,983	Bank of America Corp., Series L, 7.250%		24,340,280
	11,335	Wells Fargo & Co., Class A, Series L, 7.500%		13,431,975

				37,772,255


		Midstream – 0.3%
	369,422	El Paso Energy Capital Trust I, 4.750%		16,638,434


		Technology – 0.1%
	170,945	Clarivate PLC, Series A, 5.250%		6,475,397


		Wireless – 0.4%
	19,569	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A		22,387,327


		Total Convertible Preferred Stocks

		(Identified Cost $99,503,988)		83,273,413


	Non-Convertible Preferred Stocks – 0.3%

		Home Construction – 0.0%
	52,867	Hovnanian Enterprises, Inc., 7.625%		1,004,473


		REITs – Diversified – 0.0%
	16,004	iStar, Inc., Series G, 7.650%		392,578


		REITs – Office Property – 0.1%
	2,318	Highwoods Properties, Inc., Series A, 8.625%(f)		2,398,869


		REITs – Warehouse/Industrials – 0.2%
	169,007	Prologis, Inc., Series Q, 8.540%		9,320,736


		Total Non-Convertible Preferred Stocks

		(Identified Cost $11,029,387)		13,116,656


		Total Preferred Stocks

		(Identified Cost $110,533,375)		96,390,069



Principal Amount		Description	Value (†)

	Short-Term Investments – 0.1%

$	2,941,726	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $2,942,315 on 1/03/2023 collateralized by $3,429,600 U.S. Treasury Note, 1.250% due 3/31/2028 valued at $3,000,632 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,941,726)	$	2,941,726


		Total Investments – 99.3%
		(Identified Cost $5,938,391,822)		5,054,009,507

		Other assets less liabilities–0.7%		37,178,205


		Net Assets – 100.0%	$	5,091,187,712



	(†)			See Note 2 of Notes to Financial Statements.

	(a)			Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of December 31, 2022 is disclosed.

	(b)			Perpetual bond with no specified maturity date.

	(c)			Variable rate security. Rate as of December 31, 2022 is disclosed.

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

	(e)			Non-income producing security.

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

	(g)			Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

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

	(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 1.00%, to which the spread is added.

	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of Rule 144A holdings amounted to $2,237,745,553 or 44.0% of net assets.
	ABS			Asset-Backed Securities
	EMTN			Euro Medium Term Note
	FHLMC			Federal Home Loan Mortgage Corp.
	LIBOR			London Interbank Offered Rate
	REITs			Real Estate Investment Trusts
	SOFR			Secured Overnight Financing Rate

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Bond Fund – continued

At December 31, 2022, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		3/22/2023		3,994	$	451,197,895		448,513,719	$	(2,684,176	)
Ultra Long U.S. Treasury Bond		3/22/2023		1,082		149,097,726		145,326,125		(3,771,601	)

Total									$	(6,455,777	)

Industry Summary at December 31, 2022


Treasuries	15.6	%
Cable Satellite	6.4
Finance Companies	5.0
Banking	4.9
Independent Energy	4.5
ABS Home Equity	4.5
Technology	4.4
ABS Car Loan	4.2
Metals & Mining	3.4
Life Insurance	3.3
ABS Other	3.0
Consumer Cyclical Services	2.5
Pharmaceuticals	2.4
Airlines	2.4
Non-Agency Commercial Mortgage-Backed Securities	2.1
Other Investments, less than 2% each	26.1
Collateralized Loan Obligations	4.5
Short-Term Investments	0.1

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

Net Assets	100.0	%

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 92.4% of Net Assets

	Non-Convertible Bonds – 90.7%

		ABS Car Loan – 8.5%
$	100,000	American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.400%, 6/15/2026, 144A	$	96,445
	335,000	American Credit Acceptance Receivables Trust, Series 2021-3, Class D, 1.340%, 11/15/2027, 144A		310,982
	100,000	American Credit Acceptance Receivables Trust, Series 2022-1, Class D, 2.460%, 3/13/2028, 144A		89,974
	60,000	American Credit Acceptance Receivables Trust, Series 2022-4, Class C, 7.860%, 2/15/2029, 144A		60,759
	230,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class D, 4.040%, 11/18/2024		228,335
	235,000	AmeriCredit Automobile Receivables Trust, Series 2021-1, Class D, 1.210%, 12/18/2026		209,142
	100,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		96,618
	620,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.360%, 3/20/2026, 144A		577,039
	100,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class B, 2.680%, 8/20/2026, 144A		90,463
	600,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A		543,738
	100,000	CarMax Auto Owner Trust, Series 2021-3, Class D, 1.500%, 1/18/2028		87,204
	100,000	CarMax Auto Owner Trust, Series 2022-1, Class D, 2.470%, 7/17/2028		87,027
	109,395	CPS Auto Receivables Trust, Series 2020-C, Class C, 1.710%, 8/17/2026, 144A		108,631
	370,000	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class C, 2.730%, 11/15/2029, 144A		353,741
	250,000	Credit Acceptance Auto Loan Trust, Series 2020-3A, Class C, 2.280%, 2/15/2030, 144A		235,586
	260,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class C, 1.640%, 6/17/2030, 144A		235,863
	250,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.630%, 9/16/2030, 144A		225,394
	69,623	Drive Auto Receivables Trust, Series 2018-5, Class D, 4.300%, 4/15/2026		69,561
	42,359	Drive Auto Receivables Trust, Series 2019-1, Class D, 4.090%, 6/15/2026		42,255
	340,000	Drive Auto Receivables Trust, Series 2021-1, Class D, 1.450%, 1/16/2029		318,621

		ABS Car Loan – continued
$	690,000	Drive Auto Receivables Trust, Series 2021-2, Class D, 1.390%, 3/15/2029	$	635,790
	115,000	DT Auto Owner Trust, Series 2021-2A, Class D, 1.500%, 2/16/2027, 144A		105,620
	690,000	DT Auto Owner Trust, Series 2021-3A, Class D, 1.310%, 5/17/2027, 144A		604,533
	254,637	Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.580%, 9/15/2025, 144A		250,363
	150,000	Exeter Automobile Receivables Trust, Series 2021-1A, Class D, 1.080%, 11/16/2026		139,847
	495,000	Exeter Automobile Receivables Trust, Series 2021-3A, Class D, 1.550%, 6/15/2027		449,217
	105,000	Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.560%, 7/17/2028		98,397
	75,000	Exeter Automobile Receivables Trust, Series 2022-6A, Class C, 6.320%, 5/15/2028		75,034
	201,662	First Investors Auto Owner Trust, Series 2019-1A, Class D, 3.550%, 4/15/2025, 144A		200,771
	285,000	First Investors Auto Owner Trust, Series 2021-1A, Class D, 1.620%, 3/15/2027, 144A		258,332
	165,000	Flagship Credit Auto Trust, Series 2021-1, Class D, 1.270%, 3/15/2027, 144A		148,649
	175,000	Flagship Credit Auto Trust, Series 2021-2, Class D, 1.590%, 6/15/2027, 144A		155,861
	210,000	Flagship Credit Auto Trust, Series 2021-3, Class D, 1.650%, 9/15/2027, 144A		182,107
	862,153	Ford Credit Auto Owner Trust, Series 2021-A, Class A3, 0.300%, 8/15/2025		837,475
	270,000	Foursight Capital Automobile Receivables Trust, Series 2021-1, Class D, 1.320%, 3/15/2027, 144A		249,517
	170,000	Foursight Capital Automobile Receivables Trust, Series 2021-2, Class D, 1.920%, 9/15/2027, 144A		153,940
	285,000	GLS Auto Receivables Issuer Trust, Series 2021-2A, Class D, 1.420%, 4/15/2027, 144A		258,557
	132,642	GLS Auto Receivables Trust, Series 2019-2A, Class C, 3.540%, 2/18/2025, 144A		131,699
	196,904	GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A3, 1.840%, 9/16/2024		195,587
	294,922	GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class A3, 0.350%, 10/16/2025		285,318
	805,183	GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class A3, 0.510%, 4/16/2026		773,661

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Car Loan – continued
$	548,000	Hertz Vehicle Financing III LLC, Series 2022-1A, 4.850%, 6/25/2026, 144A	$	482,051
	305,000	Hertz Vehicle Financing III LLC, Series 2022-3A, 6.310%, 3/25/2025, 144A		290,802
	250,000	Hertz Vehicle Financing LLC, Class D, Series 2022-4A, 6.560%, 9/25/2026, 144A		230,440
	1,300,000	Honda Auto Receivables Owner Trust, Series 2020-1, Class A4, 1.630%, 10/21/2026		1,276,655
	469,832	Honda Auto Receivables Owner Trust, Series 2021-1, Class A3, 0.270%, 4/21/2025		454,472
	317,724	Honda Auto Receivables Owner Trust, Series 2021-2, Class A3, 0.330%, 8/15/2025		306,664
	90,758	JPMorgan Chase Bank NA, Series 2021-1, Class D, 1.174%, 9/25/2028, 144A		87,245
	170,000	Prestige Auto Receivables Trust, Series 2020-1A, Class E, 3.670%, 2/15/2028, 144A		166,219
	229,235	Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.220%, 7/15/2025		227,791
	129,218	Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.110%, 12/15/2025		128,598
	225,000	Santander Drive Auto Receivables Trust, Series 2020-2, Class D, 2.220%, 9/15/2026		218,934
	315,000	Santander Drive Auto Receivables Trust, Series 2021-1, Class D, 1.130%, 11/16/2026		297,628
	485,000	Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.330%, 9/15/2027		449,354
	141,773	Toyota Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.660%, 5/15/2024		140,945
	125,000	Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.650%, 2/17/2026, 144A		118,450
	275,000	Westlake Automobile Receivables Trust, Series 2021-2A, Class D, 1.230%, 12/15/2026, 144A		248,881
	1,085,000	World Omni Auto Receivables Trust, Series 2021-B, Class A3, 0.420%, 6/15/2026		1,040,643

				16,423,425


		ABS Credit Card – 0.3%
	240,000	Brex Commercial Charge Card Master Trust, Series 2021-1, Class A, 2.090%, 7/15/2024, 144A		237,396
	265,000	Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.540%, 3/20/2026, 144A		252,825

				490,221


		ABS Home Equity – 5.0%
$	300,000	BINOM Securitization Trust, Series 2022-RPL1, Class M1, 3.000%, 2/25/2061, 144A(a)	$	214,779
	338,042	CIM Trust, Series 2021-NR2, Class A1, 2.568%, 7/25/2059, 144A(a)		311,035
	100,000	CoreVest American Finance Trust, Series 2021-1, Class C, 2.800%, 4/15/2053, 144A		76,926
	160,000	CoreVest American Finance Trust, Series 2021-2, Class C, 2.478%, 7/15/2054, 144A		116,974
	100,000	CoreVest American Finance Trust, Series 2021-3, Class D, 3.469%, 10/15/2054, 144A		75,613
	211,239	Credit Suisse Mortgage Trust, Series 2021-RPL1, Class A1, 1.668%, 9/27/2060, 144A(a)		199,288
	100,000	Credit Suisse Mortgage Trust, Series 2021-RPL3, Class M2, 3.750%, 1/25/2060, 144A		70,532
	535,727	Credit Suisse Mortgage Trust, Series 2021-RPL4, Class A1, 1.796%, 12/27/2060, 144A(a)		476,795
	246,571	Federal Home Loan Mortgage Corp., Series 2022-DNA3, Class M1A, 30-day Average SOFR + 2.000%, 5.928%, 4/25/2042, 144A(b)		245,338
	260,000	FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.389%, 8/17/2038, 144A		216,788
	205,000	FirstKey Homes Trust, Series 2021-SFR2, Class E1, 2.258%, 9/17/2038, 144A		169,863
	105,000	FirstKey Homes Trust, Series 2021-SFR2, Class E2, 2.358%, 9/17/2038, 144A		86,272
	360,000	FirstKey Homes Trust, Series 2022- SFR2, Class D, 4.500%, 7/17/2039, 144A		315,436
	100,000	FRTKL, Series 2021-SFR1, Class E1, 2.372%, 9/17/2038, 144A		83,167
	100,000	FRTKL, Series 2021-SFR1, Class E2, 2.522%, 9/17/2038, 144A		82,936
	152,681	GCAT Trust, Series 2019-RPL1, Class A1, 2.650%, 10/25/2068, 144A(a)		143,192
	87,360	Home Partners of America Trust, Series 2021-1, Class E, 2.577%, 9/17/2041, 144A		66,702
	403,475	Home Partners of America Trust, Series 2021-2, Class E1, 2.852%, 12/17/2026, 144A		329,284
	209,029	Home Partners of America Trust, Series 2021-2, Class E2, 2.952%, 12/17/2026, 144A		170,558
	86,857	Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 6.250%, 11/25/2059, 144A(a)		86,702
	463,231	Legacy Mortgage Asset Trust, Series 2020-GS5, Class A1, 3.250%, 6/25/2060, 144A(a)		455,695
	485,000	Legacy Mortgage Asset Trust, Series 2020-RPL1, Class A2, 3.250%, 9/25/2059, 144A(a)		411,394

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Home Equity – continued
$	234,721	Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.750%, 4/25/2061, 144A(a)	$	212,162
	4,490	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 4.285%, 7/25/2035(a)(c)		3,824
	235,000	Progress Residential Trust, Series 2021-SFR2, Class E1, 2.547%, 4/19/2038, 144A		198,820
	100,000	Progress Residential Trust, Series 2021-SFR3, Class E1, 2.538%, 5/17/2026, 144A		84,606
	100,000	Progress Residential Trust, Series 2021-SFR3, Class E2, 2.688%, 5/17/2026, 144A		84,388
	100,000	Progress Residential Trust, Series 2021-SFR4, Class E1, 2.409%, 5/17/2038, 144A		83,498
	100,000	Progress Residential Trust, Series 2021-SFR4, Class E2, 2.559%, 5/17/2038, 144A		83,415
	120,000	Progress Residential Trust, Series 2021-SFR5, Class E1, 2.209%, 7/17/2038, 144A		99,925
	150,000	Progress Residential Trust, Series 2021-SFR6, Class E1, 2.425%, 7/17/2038, 144A		124,347
	100,000	Progress Residential Trust, Series 2021-SFR6, Class E2, 2.525%, 7/17/2038, 144A		81,862
	165,000	Progress Residential Trust, Series 2021-SFR7, Class E1, 2.591%, 8/17/2040, 144A		126,996
	100,000	Progress Residential Trust, Series 2021-SFR7, Class E2, 2.640%, 8/17/2040, 144A		76,577
	100,000	Progress Residential Trust, Series 2021-SFR9, Class E1, 2.811%, 11/17/2040, 144A		77,652
	343,319	PRPM LLC, Series 2021-1, Class A1, 2.115%, 1/25/2026, 144A(a)		321,006
	130,406	PRPM LLC, Series 2021-2, Class A1, 2.115%, 3/25/2026, 144A(a)		120,062
	275,574	PRPM LLC, Series 2021-3, Class A1, 1.867%, 4/25/2026, 144A(a)		245,677
	100,482	PRPM LLC, Series 2021-4, Class A1, 1.867%, 4/25/2026, 144A(a)		89,975
	356,857	PRPM LLC, Series 2021-5, Class A1, 1.793%, 6/25/2026, 144A(a)		322,831
	519,051	PRPM LLC, Series 2022-5, Class A1, 6.900%, 9/27/2027, 144A(a)		515,121
	390,000	Toorak Mortgage Corp., Series 2021-1, Class A1, 2.240%, 6/25/2024, 144A(a)		368,821
	120,000	Towd Point Mortgage Trust, Series 2016-3, Class M2, 4.000%, 4/25/2056, 144A(a)		115,736
	240,000	Towd Point Mortgage Trust, Series 2018-5, Class M1, 3.250%, 7/25/2058, 144A(a)		191,874

		ABS Home Equity – continued
$	258,180	Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.900%, 10/25/2059, 144A(a)	$	239,730
	102,042	VCAT LLC, Series 2021-NPL1, Class A1, 2.289%, 12/26/2050, 144A(a)		96,323
	313,880	VCAT LLC, Series 2021-NPL5, Class A1, 1.868%, 8/25/2051, 144A(a)		276,544
	113,797	VOLT XCII LLC, Series 2021-NPL1, Class A1, 1.893%, 2/27/2051, 144A(a)		98,193
	283,562	VOLT XCIII LLC, Series 2021-NPL2, Class A1, 1.893%, 2/27/2051, 144A(a)		255,096
	253,811	VOLT XCIV LLC, Series 2021-NPL3, Class A1, 2.240%, 2/27/2051, 144A(a)		229,448
	176,546	VOLT XCVI LLC, Series 2021-NPL5, Class A1, 2.116%, 3/27/2051, 144A(a)		160,048
	354,838	VOLT XCVII LLC, Series 2021-NPL6, Class A1, 2.240%, 4/25/2051, 144A(a)		312,122

				9,701,948


		ABS Other – 2.8%
	100,000	Affirm Asset Securitization Trust, Series 2021-B, Class C, 1.400%, 8/17/2026, 144A		90,894
	230,112	Apollo Aviation Securitization Equity Trust, Series 2021-1A, Class A, 2.950%, 11/16/2041, 144A		183,797
	100,000	Aqua Finance Trust, Series 2021-A, Class B, 2.400%, 7/17/2046, 144A		84,177
	430,000	BHG Securitization Trust, Series 2022-A, Class B, 2.700%, 2/20/2035, 144A		373,744
	136,889	Business Jet Securities LLC, Series 2021-1A, Class A, 2.162%, 4/15/2036, 144A		120,196
	351,450	DB Master Finance LLC, Series 2021-1A, Class A2II, 2.493%, 11/20/2051, 144A		288,866
	155,000	Dell Equipment Finance Trust, Series 2020-2, Class D, 1.920%, 3/23/2026, 144A		152,128
	100,000	Freedom Financial Trust, Series 2021-2, Class C, 1.940%, 6/19/2028, 144A		97,107
	215,000	Freedom Financial Trust, Series 2021-3FP, Class D, 2.370%, 11/20/2028, 144A		195,608
	148,413	Hardee’s Funding LLC, Series 2018-1A, Class A2II, 4.959%, 6/20/2048, 144A		139,381
	115,000	HPEFS Equipment Trust, Series 2021-1A, Class D, 1.030%, 3/20/2031, 144A		108,472
	319,093	Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/2046, 144A		260,794
	100,000	Marlette Funding Trust, Series 2021-2A, Class C, 1.500%, 9/15/2031, 144A		92,424
	105,000	Marlette Funding Trust, Series 2021-3A, Class C, 1.810%, 12/15/2031, 144A		94,018

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Other – continued
$	86,912	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(a)	$	66,490
	56,796	MVW LLC, Series 2021-1WA, Class C, 1.940%, 1/22/2041, 144A		50,834
	145,000	OneMain Financial Issuance Trust, Series 2018-2A, Class B, 3.890%, 3/14/2033, 144A		137,750
	240,000	OneMain Financial Issuance Trust, Series 2021-1A, Class D, 2.470%, 6/16/2036, 144A		183,844
	310,000	OneMain Financial Issuance Trust, Series 2022-S1, Class D, 5.200%, 5/14/2035, 144A		285,511
	427,322	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		331,179
	100,000	SCF Equipment Leasing LLC, Series 2022-1A, Class D, 3.790%, 11/20/2031, 144A		88,564
	115,000	SCF Equipment Leasing LLC, Series 2022-2A, Class C, 6.500%, 8/20/2032, 144A		112,152
	59,186	Shenton Aircraft Investment I Ltd., Series 2015-1A, Class A, 4.750%, 10/15/2042, 144A		45,278
	54,259	Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class C, 3.120%, 5/20/2036, 144A		50,654
	36,032	Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class C, 3.000%, 8/20/2036, 144A		33,918
	38,283	Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.790%, 11/20/2037, 144A		34,996
	493,879	SLAM Ltd., Series 2021-1A, Class A, 2.434%, 6/15/2046, 144A		408,606
	353,418	Sunnova Helios X Issuer LLC, Series 2022-C, Class A, 5.300%, 11/22/2049, 144A		339,741
	226,133	Textainer Marine Containers VII Ltd., Series 2021-1A, Class A, 1.680%, 2/20/2046, 144A		189,936
	364,000	Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.230%, 4/20/2046, 144A		309,423
	246,923	TIF Funding II LLC, Series 2021-1A, Class A, 1.650%, 2/20/2046, 144A		204,785
	115,000	Towd Point Mortgage Trust, Series 2017-1, Class M1, 3.750%, 10/25/2056, 144A(a)		107,202
	155,341	Wave Trust, Series 2017-1A, Class A, 3.844%, 11/15/2042, 144A		117,284

				5,379,753


		ABS Student Loan – 0.8%
	100,000	College Ave Student Loans LLC, Series 2021-A, Class C, 2.920%, 7/25/2051, 144A		89,717

		ABS Student Loan – continued
$	95,253	Commonbond Student Loan Trust, Series 2019-AGS, Class B, 3.040%, 1/25/2047, 144A	$	84,150
	38,212	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		34,295
	191,684	Navient Private Education Refi Loan Trust, Series 2021-A, Class A, 0.840%, 5/15/2069, 144A		165,731
	135,000	Navient Private Education Refi Loan Trust, Series 2021-A, Class B, 2.240%, 5/15/2069, 144A		95,153
	100,000	Navient Private Education Refi Loan Trust, Series 2021-EA, Class B, 2.030%, 12/16/2069, 144A		63,712
	195,000	Navient Private Education Refi Loan Trust, Series 2021-FA, Class B, 2.120%, 2/18/2070, 144A		125,648
	130,962	SMB Private Education Loan Trust, Series 2018-C, Class A2A, 3.630%, 11/15/2035, 144A		123,098
	460,223	SMB Private Education Loan Trust, Series 2020-A, Class A2A, 2.230%, 9/15/2037, 144A		419,896
	168,750	SMB Private Education Loan Trust, Series 2021-A, Class A2A2, 1-month LIBOR + 0.730%, 5.048%, 1/15/2053, 144A(b)		161,454
	210,000	SMB Private Education Loan Trust, Series 2021-B, Class B, 2.650%, 7/17/2051, 144A		167,229
	100,000	SoFi Professional Loan Program LLC, Series 2017-A, Class C, 4.430%, 3/26/2040, 144A(a)		91,773

				1,621,856


		ABS Whole Business – 1.0%
	238,125	DB Master Finance LLC, Series 2017-1A, Class A2II, 4.030%, 11/20/2047, 144A		216,521
	58,050	DB Master Finance LLC, Series 2019-1A, Class A23, 4.352%, 5/20/2049, 144A		52,929
	162,240	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2II, 4.328%, 7/25/2048, 144A		150,006
	97,250	Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.668%, 10/25/2049, 144A		84,008
	600,850	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.662%, 4/25/2051, 144A		505,460
	98,500	Hardee’s Funding LLC, Series 2021-1A, Class A2, 2.865%, 6/20/2051, 144A		78,520
	191,500	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.666%, 9/05/2048, 144A		179,323
	455,400	Taco Bell Funding LLC, Series 2021-1A, Class A2II, 2.294%, 8/25/2051, 144A		365,854

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Whole Business – continued
$	261,025	Wendy’s Funding LLC, Series 2021-1A, Class A2I, 2.370%, 6/15/2051, 144A	$	210,732

				1,843,353


		Aerospace & Defense – 1.7%
	1,215,000	Boeing Co. (The), 2.196%, 2/04/2026		1,103,904
	85,000	Boeing Co. (The), 3.100%, 5/01/2026		79,982
	510,000	Boeing Co. (The), 3.625%, 2/01/2031		446,845
	85,000	Boeing Co. (The), 3.625%, 3/01/2048		55,613
	45,000	Boeing Co. (The), 3.750%, 2/01/2050		31,018
	390,000	Boeing Co. (The), 3.850%, 11/01/2048		267,695
	225,000	Boeing Co. (The), 3.950%, 8/01/2059		151,092
	115,000	Boeing Co. (The), 5.150%, 5/01/2030		112,199
	111,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		106,282
	1,125,000	Textron, Inc., 3.000%, 6/01/2030		956,055

				3,310,685


		Airlines – 1.3%
	1,115,404	Air Canada Pass Through Trust, Series 2020-2A, 5.250%, 10/01/2030, 144A		1,046,338
	39,066	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		34,703
	409,526	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		407,152
	164,465	U.S. Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		164,848
	380,845	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		346,894
	200,116	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		179,272
	403,096	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		397,061

				2,576,268


		Automotive – 1.0%
	1,614,000	General Motors Co., 5.200%, 4/01/2045		1,311,811
	250,000	General Motors Co., 6.250%, 10/02/2043		231,132
	315,000	General Motors Financial Co., Inc., 1.050%, 3/08/2024		299,125

				1,842,068


		Banking – 11.1%
	200,000	Ally Financial, Inc., 2.200%, 11/02/2028		155,934
	245,000	Ally Financial, Inc., 5.750%, 11/20/2025		237,343
	385,000	American Express Co., 5.850%, 11/05/2027		400,797
	420,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 4/17/2025, 144A		415,590

		Banking – continued
$	370,000	Bank of America Corp., (fixed rate to 10/24/2030, variable rate thereafter), MTN, 1.922%, 10/24/2031	$	282,638
	1,244,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		1,126,479
	335,000	Bank of America Corp., (fixed rate to 4/29/2030, variable rate thereafter), 2.592%, 4/29/2031		272,836
	235,000	Bank of America Corp., (fixed rate to 7/23/2030, variable rate thereafter), MTN, 1.898%, 7/23/2031		180,364
	391,000	Bank of America Corp., (fixed rate to 9/21/2031, variable rate thereafter), 2.482%, 9/21/2036		287,291
	314,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		303,308
	536,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		508,396
	950,000	Barclays PLC, (fixed rate to 11/24/2026, variable rate thereafter), 2.279%, 11/24/2027		821,158
	555,000	Barclays PLC, (fixed rate to 3/15/2028, variable rate thereafter), 4.375%(d)		423,187
	1,245,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		947,376
	1,145,000	BNP Paribas S.A., 2.824%, 1/26/2041, 144A		710,358
	415,000	BNP Paribas S.A., (fixed rate to 1/20/2027, variable rate thereafter), 2.591%, 1/20/2028, 144A		364,994
	1,040,000	BNP Paribas S.A., (fixed rate to 3/01/2028, variable rate thereafter), 4.375%, 3/01/2033, 144A		919,043
	1,060,000	Citigroup, Inc., (fixed rate to 3/31/2030, variable rate thereafter), 4.412%, 3/31/2031		973,394
	80,000	Citigroup, Inc., (fixed rate to 6/03/2030, variable rate thereafter), 2.572%, 6/03/2031		64,703
	640,000	Credit Agricole S.A., 2.811%, 1/11/2041, 144A		395,311
	250,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), EMTN, 4.000%, 1/10/2033		217,820
	250,000	Credit Suisse Group AG, (fixed rate to 11/15/2032, variable rate thereafter), 9.016%, 11/15/2033, 144A		255,967
	250,000	Credit Suisse Group AG, (fixed rate to 6/05/2025, variable rate thereafter), 2.193%, 6/05/2026, 144A		213,523
	405,000	Credit Suisse Group AG, (fixed rate to 7/15/2025, variable rate thereafter), 6.373%, 7/15/2026, 144A		380,234
	395,000	Credit Suisse Group AG, (fixed rate to 8/11/2027, variable rate thereafter), 6.442%, 8/11/2028, 144A		359,790
	500,000	Credit Suisse Group AG, (fixed rate to 8/12/2032, variable rate thereafter), 6.537%, 8/12/2033, 144A		439,240

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
$	265,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033	$	188,197
	400,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		293,286
	2,125,000	Goldman Sachs Group, Inc. (The), (fixed rate to 8/23/2027, variable rate thereafter), 4.482%, 8/23/2028		2,036,631
	220,000	JPMorgan Chase & Co., (fixed rate to 10/15/2029, variable rate thereafter), 2.739%, 10/15/2030		184,496
	740,000	JPMorgan Chase & Co., (fixed rate to 11/19/2030, variable rate thereafter), 1.764%, 11/19/2031		560,971
	200,000	Morgan Stanley, 3.950%, 4/23/2027		188,879
	1,205,000	Morgan Stanley, (fixed rate to 2/13/2031, variable rate thereafter), MTN, 1.794%, 2/13/2032		905,630
	533,000	Morgan Stanley, GMTN, 4.350%, 9/08/2026		517,139
	1,727,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		1,803,461
	655,000	NatWest Group PLC, (fixed rate to 6/14/2026, variable rate thereafter), 1.642%, 6/14/2027		566,877
	200,000	NatWest Group PLC, (fixed rate to 9/30/2027, variable rate thereafter), 5.516%, 9/30/2028		197,536
	1,685,000	Societe Generale S.A., (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035, 144A		1,322,889
	255,000	Synchrony Bank, 5.400%, 8/22/2025		251,557
	330,000	Synchrony Bank, 5.625%, 8/23/2027		322,228
	540,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		438,722

				21,435,573


		Brokerage – 0.4%
	733,000	Jefferies Financial Group, Inc., 6.250%, 1/15/2036		739,239


		Building Materials – 1.2%
	1,045,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		882,017
	310,000	Cemex SAB de CV, (fixed rate to 6/08/2026, variable rate thereafter), 5.125%, 144A(d)		286,443
	211,000	Masco Corp., 6.500%, 8/15/2032		215,994
	104,000	Masco Corp., 7.750%, 8/01/2029		113,674
	778,000	Owens Corning, 7.000%, 12/01/2036		823,346

				2,321,474


		Cable Satellite – 2.0%
	265,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.300%, 2/01/2032		195,185

		Cable Satellite – continued
$	1,285,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.800%, 4/01/2031	$	1,000,382
	890,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.700%, 4/01/2051		541,180
	30,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.850%, 4/01/2061		17,351
	1,580,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.950%, 6/30/2062		932,042
	220,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 4/01/2033		188,245
	165,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.125%, 7/01/2049		124,767
	800,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		442,107
	125,000	DISH DBS Corp., 5.125%, 6/01/2029		80,639
	170,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		143,197
	145,000	Time Warner Cable LLC, 5.500%, 9/01/2041		120,332

				3,785,427


		Chemicals – 0.6%
	200,000	Alpek SAB de CV, 3.250%, 2/25/2031, 144A		166,650
	200,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030, 144A		170,092
	400,000	Braskem Netherlands Finance BV, 5.875%, 1/31/2050, 144A		309,867
	80,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		77,731
	60,000	Celanese U.S. Holdings LLC, 6.379%, 7/15/2032		57,057
	525,000	Orbia Advance Corp. SAB de CV, 2.875%, 5/11/2031, 144A		412,167

				1,193,564


		Collateralized Mortgage Obligations – 0.1%
	134,997	Federal Home Loan Mortgage Corp., Series 2912, 5.500%, 1/15/2035		136,869


		Construction Machinery – 2.1%
	200,000	Ashtead Capital, Inc., 5.500%, 8/11/2032, 144A		191,294
	2,680,000	Caterpillar Financial Services Corp., MTN, 0.450%, 5/17/2024		2,524,552
	895,000	Caterpillar Financial Services Corp., MTN, 0.950%, 1/10/2024		863,375
	220,000	John Deere Capital Corp., MTN, 0.900%, 1/10/2024		211,827
	340,000	John Deere Capital Corp., MTN, 1.250%, 1/10/2025		318,012

				4,109,060


		Consumer Cyclical Services – 0.9%
	275,000	Expedia Group, Inc., 2.950%, 3/15/2031		221,136
	1,210,000	Expedia Group, Inc., 3.250%, 2/15/2030		1,026,437

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Consumer Cyclical Services – continued
$	210,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A	$	182,964
	375,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		375,262

				1,805,799


		Consumer Products – 0.3%
	360,000	Hasbro, Inc., 6.600%, 7/15/2028		363,829
	300,000	Natura Cosmeticos S.A., 4.125%, 5/03/2028, 144A		244,803

				608,632


		Diversified Manufacturing – 0.1%
	274,000	GE Capital Funding LLC, 4.550%, 5/15/2032		260,091


		Electric – 0.4%
	95,000	Edison International, 4.950%, 4/15/2025		93,423
	140,000	Pacific Gas & Electric Co., 3.250%, 6/01/2031		113,799
	225,000	Pacific Gas & Electric Co., 4.250%, 3/15/2046		156,487
	250,000	Pacific Gas & Electric Co., 4.300%, 3/15/2045		177,247
	190,000	Pacific Gas & Electric Co., 4.750%, 2/15/2044		145,366
	100,000	Pacific Gas & Electric Co., 5.450%, 6/15/2027		98,611

				784,933


		Finance Companies – 4.1%
	315,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, 10/29/2028		263,899
	400,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/30/2032		312,704
	290,000	Air Lease Corp., 3.125%, 12/01/2030		240,322
	196,000	Air Lease Corp., 4.625%, 10/01/2028		183,327
	125,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		104,247
	395,000	Ares Capital Corp., 2.875%, 6/15/2028		316,723
	565,000	Ares Capital Corp., 3.200%, 11/15/2031		414,625
	350,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		304,702
	310,000	Barings BDC, Inc., 3.300%, 11/23/2026		262,749
	1,110,000	Blackstone Secured Lending Fund, 2.125%, 2/15/2027		919,098
	390,000	FS KKR Capital Corp., 3.125%, 10/12/2028		314,406
	29,000	Navient Corp., Series A, 5.625%, 8/01/2033		20,659
	155,000	Oaktree Specialty Lending Corp., 2.700%, 1/15/2027		131,614

		Finance Companies – continued
$	440,000	Owl Rock Capital Corp., 2.875%, 6/11/2028	$	345,477
	1,920,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		1,762,595
	110,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		89,671
	375,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		321,436
	330,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		261,505
	995,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		759,459
	865,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		646,034

				7,975,252


		Financial Other – 0.2%
	200,000	CIFI Holdings Group Co. Ltd., 6.450%, 11/07/2024		52,500
	200,000	Country Garden Holdings Co. Ltd., 3.300%, 1/12/2031		105,814
	200,000	Logan Group Co. Ltd., 4.850%, 12/14/2026(e)		45,036
	200,000	Shimao Group Holdings Ltd., 4.750%, 7/03/2022(f)		37,058
	200,000	Shimao Group Holdings Ltd., 5.200%, 1/16/2027(f)		36,000
	200,000	Shimao Group Holdings Ltd., 5.600%, 7/15/2026(f)		37,048
	200,000	Shimao Group Holdings Ltd., 6.125%, 2/21/2024(f)		37,336
	200,000	Times China Holdings Ltd., 5.750%, 1/14/2027		32,502
	200,000	Times China Holdings Ltd., 6.200%, 3/22/2026		32,422

				415,716


		Food & Beverage – 0.3%
	185,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.000%, 2/02/2029, 144A		153,114
	225,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.750%, 12/01/2031, 144A		183,803
	300,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		234,498
	5,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031, 144A		4,253

				575,668


		Gaming – 0.8%
	425,000	Genm Capital Labuan Ltd., 3.882%, 4/19/2031, 144A		316,432
	190,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		151,883
	365,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		340,517

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Gaming – continued
$	295,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A	$	277,618
	265,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		254,069
	215,000	VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A		212,906

				1,553,425


		Government Owned – No Guarantee – 0.9%
	955,000	Antares Holdings LP, 3.750%, 7/15/2027, 144A		772,019
	780,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		777,299
	200,000	Sino-Ocean Land Treasure IV Ltd., 4.750%, 1/14/2030		101,900

				1,651,218


		Health Insurance – 0.4%
	810,000	Centene Corp., 2.500%, 3/01/2031		633,803
	155,000	Centene Corp., 2.625%, 8/01/2031		121,799
	110,000	Centene Corp., 3.000%, 10/15/2030		90,173

				845,775


		Healthcare – 0.8%
	200,000	Alcon Finance Corp., 5.375%, 12/06/2032, 144A		201,016
	10,000	Cigna Corp., 7.875%, 5/15/2027		11,023
	195,000	HCA, Inc., 3.500%, 9/01/2030		168,183
	1,192,000	HCA, Inc., 4.500%, 2/15/2027		1,148,822

				1,529,044


		Home Construction – 1.0%
	195,000	MDC Holdings, Inc., 3.966%, 8/06/2061		108,972
	510,000	MDC Holdings, Inc., 6.000%, 1/15/2043		414,340
	260,000	Meritage Homes Corp., 3.875%, 4/15/2029, 144A		220,494
	1,226,000	PulteGroup, Inc., 6.000%, 2/15/2035		1,172,254

				1,916,060


		Hybrid ARMs – 0.0%
	1,673	FNMA, 6-month LIBOR + 1.460%, 3.737%, 2/01/2037(b)		1,686
	6,933	FNMA, 12-month LIBOR + 1.810%, 4.041%, 9/01/2036(b)		7,083

				8,769


		Independent Energy – 2.9%
	1,160,000	Aker BP ASA, 3.750%, 1/15/2030, 144A		1,020,444
	765,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		566,626
	13,000	Continental Resources, Inc., 4.500%, 4/15/2023		12,969
	960,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		893,626
	190,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		157,332

		Independent Energy – continued
$	280,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A	$	250,600
	370,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		322,363
	100,000	EQT Corp., 3.125%, 5/15/2026, 144A		91,904
	385,000	EQT Corp., 3.625%, 5/15/2031, 144A		326,263
	430,000	EQT Corp., 3.900%, 10/01/2027		396,961
	75,000	EQT Corp., 5.000%, 1/15/2029		70,407
	125,000	EQT Corp., 5.678%, 10/01/2025		124,392
	85,000	EQT Corp., 5.700%, 4/01/2028		84,543
	95,000	EQT Corp., 6.125%, 2/01/2025		95,223
	440,000	Ovintiv, Inc., 6.500%, 8/15/2034		442,749
	40,000	Ovintiv, Inc., 7.375%, 11/01/2031		42,575
	65,000	Southwestern Energy Co., 4.750%, 2/01/2032		55,548
	220,000	Var Energi ASA, 7.500%, 1/15/2028, 144A		224,092
	385,000	Var Energi ASA, 8.000%, 11/15/2032, 144A		397,596

				5,576,213


		Leisure – 0.2%
	80,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		62,837
	250,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		216,390
	110,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		87,785

				367,012


		Life Insurance – 2.6%
	490,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		422,660
	975,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		899,546
	159,000	Brighthouse Financial, Inc., 4.700%, 6/22/2047		116,309
	1,488,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		1,942,093
	1,560,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		1,713,067

				5,093,675


		Lodging – 0.2%
	165,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		133,614
	40,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		33,185
	190,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		154,818
	65,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		53,902
	10,000	Travel & Leisure Co., 6.000%, 4/01/2027		9,491
	10,000	Travel & Leisure Co., 6.625%, 7/31/2026, 144A		9,783

				394,793


		Media Entertainment – 1.6%
	55,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		44,789

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Media Entertainment – continued
$	25,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A	$	21,177
	110,000	Netflix, Inc., 4.875%, 4/15/2028		106,215
	935,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		871,980
	60,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		58,200
	425,000	Netflix, Inc., 5.875%, 11/15/2028		430,750
	645,000	Netflix, Inc., 6.375%, 5/15/2029		663,890
	415,000	Warnermedia Holdings, Inc., 3.755%, 3/15/2027, 144A		374,554
	155,000	Warnermedia Holdings, Inc., 4.054%, 3/15/2029, 144A		134,340
	430,000	Warnermedia Holdings, Inc., 4.279%, 3/15/2032, 144A		354,544

				3,060,439


		Metals & Mining – 1.7%
	735,000	Anglo American Capital PLC, 2.875%, 3/17/2031, 144A		600,135
	200,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		187,645
	275,000	Freeport-McMoRan, Inc., 4.250%, 3/01/2030		249,675
	255,000	Freeport-McMoRan, Inc., 4.625%, 8/01/2030		237,506
	500,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		472,191
	1,250,000	Glencore Funding LLC, 2.500%, 9/01/2030, 144A		1,014,937
	645,000	Glencore Funding LLC, 2.850%, 4/27/2031, 144A		527,820
	85,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		73,231

				3,363,140


		Midstream – 1.0%
	240,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		198,511
	50,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		48,187
	125,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		122,490
	588,000	Energy Transfer LP, 5.000%, 5/15/2044		480,978
	330,000	Energy Transfer LP, 5.750%, 2/15/2033		322,859
	43,000	ONEOK Partners LP, 6.200%, 9/15/2043		40,824
	27,000	Plains All American Pipeline LP/PAA Finance Corp., 2.850%, 1/31/2023		26,958
	55,000	Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030		47,800
	10,000	Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		7,250
	25,000	Targa Resources Corp., 5.200%, 7/01/2027		24,503
	70,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		63,207
	80,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030		75,274

		Midstream – continued
$	85,000	Western Midstream Operating LP, 4.300%, 2/01/2030	$	74,198
	195,000	Western Midstream Operating LP, 5.300%, 3/01/2048		160,334
	35,000	Western Midstream Operating LP, 5.450%, 4/01/2044		29,075
	25,000	Western Midstream Operating LP, 5.500%, 8/15/2048		20,749
	120,000	Western Midstream Operating LP, 5.500%, 2/01/2050		98,856

				1,842,053


		Non-Agency Commercial Mortgage-Backed Securities – 2.4%
	345,000	BANK, Series 2021-BN35, Class AS, 2.457%, 6/15/2064		266,274
	95,000	BPR Trust, Series 2021-NRD, Class B, 1-month SOFR + 2.124%, 6.450%, 12/15/2038, 144A(b)		87,546
	105,000	BPR Trust, Series 2021-NRD, Class C, 1-month SOFR + 2.424%, 6.750%, 12/15/2038, 144A(b)		95,972
	65,000	BPR Trust, Series 2021-NRD, Class D, 1-month SOFR + 3.723%, 8.049%, 12/15/2038, 144A(b)		59,144
	290,000	BPR Trust, Series 2022-STAR, Class A, 1-month SOFR + 3.232%, 7.568%, 8/15/2024, 144A(b)		285,382
	112,573	Commercial Mortgage Pass Through Certificates, Series 2012-CR3, Class AM, 3.416%, 10/15/2045, 144A		101,200
	100,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class B, 4.185%, 9/15/2037, 144A		84,884
	136,667	Extended Stay America Trust, Series 2021-ESH, Class C, 1-month LIBOR + 1.700%, 6.018%, 7/15/2038, 144A(b)		131,181
	97,619	Extended Stay America Trust, Series 2021-ESH, Class D, 1-month LIBOR + 2.250%, 6.568%, 7/15/2038, 144A(b)		93,456
	115,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(a)		104,317
	125,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class B, 3.550%, 3/05/2033, 144A(a)		109,157
	125,000	GS Mortgage Securities Trust, Series 2014-GC18, Class AS, 4.383%, 1/10/2047		119,581
	185,000	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(a)		169,365
	105,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A5, 3.598%, 11/15/2048		98,726
	420,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class C, 4.064%, 12/15/2047, 144A(a)		396,843

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Non-Agency Commercial Mortgage-Backed Securities – continued
$	100,000	MedTrust, Series 2021-MDLN, Class B, 1-month LIBOR + 1.450%, 5.768%, 11/15/2038, 144A(b)	$	95,235
	200,000	MedTrust, Series 2021-MDLN, Class C, 1-month LIBOR + 1.800%, 6.118%, 11/15/2038, 144A(b)		190,011
	100,000	MedTrust, Series 2021-MDLN, Class D, 1-month LIBOR + 2.000%, 6.318%, 11/15/2038, 144A(b)		94,483
	97,564	Morgan Stanley Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.277%, 10/15/2030, 144A		78,539
	55,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class C, 4.756%, 10/15/2046(a)		52,127
	495,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class C, 4.095%, 9/15/2049(a)		417,751
	350,000	RBS Commercial Funding Trust, Series 2013-GSP, Class A, 3.834%, 1/15/2032, 144A(a)		336,866
	38,736	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A		37,693
	110,000	Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class B, 4.296%, 7/15/2046(a)		104,297
	155,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class AS, 4.020%, 8/15/2050		148,204
	72,926	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.378%, 3/15/2044, 144A(a)		29,069
	145,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class B, 4.529%, 8/15/2046(a)		123,683
	175,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class B, 4.378%, 5/15/2047		150,589
	655,000	WFRBS Commercial Mortgage Trust, Series 2014-C24, Class B, 4.204%, 11/15/2047(a)		594,651

				4,656,226


		Paper – 0.5%
	552,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		596,406
	137,000	WestRock MWV LLC, 7.550%, 3/01/2047		152,129
	104,000	WestRock MWV LLC, 8.200%, 1/15/2030		117,270

				865,805


		Pharmaceuticals – 0.4%
	100,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		63,604

		Pharmaceuticals – continued
$	150,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036	$	131,860
	425,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		259,856
	240,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		216,936
	200,000	Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/09/2029		178,109

				850,365


		Property & Casualty Insurance – 0.2%
	555,000	Stewart Information Services Corp., 3.600%, 11/15/2031		425,312


		REITs – Apartments – 0.0%
	85,000	American Homes 4 Rent, 2.375%, 7/15/2031		65,563


		REITs – Office Property – 0.0%
	85,000	Corporate Office Properties LP, 2.750%, 4/15/2031		63,614


		REITs – Shopping Centers – 0.0%
	70,000	Brixmor Operating Partnership LP, 2.250%, 4/01/2028		57,767


		Retailers – 1.7%
	2,680,000	Amazon.com, Inc., 0.450%, 5/12/2024		2,524,287
	650,000	AutoZone, Inc., 4.000%, 4/15/2030		601,866
	125,000	Tapestry, Inc., 3.050%, 3/15/2032		97,288

				3,223,441


		Supermarkets – 0.0%
	39,000	Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040		38,631


		Technology – 4.8%
	225,000	Broadcom, Inc., 3.137%, 11/15/2035, 144A		165,435
	240,000	Broadcom, Inc., 3.187%, 11/15/2036, 144A		172,389
	380,000	Broadcom, Inc., 4.150%, 11/15/2030		340,538
	85,000	Broadcom, Inc., 4.300%, 11/15/2032		74,914
	105,000	CDW LLC/CDW Finance Corp., 2.670%, 12/01/2026		93,221
	120,000	CDW LLC/CDW Finance Corp., 3.250%, 2/15/2029		102,203
	890,000	CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031		733,392
	25,000	CDW LLC/CDW Finance Corp., 4.250%, 4/01/2028		23,008
	155,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		105,276
	250,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		201,550
	670,000	Entegris Escrow Corp., 4.750%, 4/15/2029, 144A		610,998
	885,000	Equinix, Inc., 2.000%, 5/15/2028		747,072
	1,175,000	Equinix, Inc., 2.150%, 7/15/2030		934,759

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Technology – continued
$	175,000	Fidelity National Information Services, Inc., 5.100%, 7/15/2032	$	168,564
	170,000	FLEX Ltd., 6.000%, 1/15/2028		169,631
	85,000	Global Payments, Inc., 2.900%, 11/15/2031		67,028
	130,000	Global Payments, Inc., 5.300%, 8/15/2029		125,680
	280,000	Global Payments, Inc., 5.400%, 8/15/2032		266,658
	130,000	Jabil, Inc., 1.700%, 4/15/2026		115,199
	375,000	Jabil, Inc., 3.600%, 1/15/2030		329,261
	330,000	Jabil, Inc., 3.950%, 1/12/2028		307,219
	295,000	Marvell Technology, Inc., 2.450%, 4/15/2028		249,700
	250,000	Marvell Technology, Inc., 2.950%, 4/15/2031		201,085
	295,000	Microchip Technology, Inc., 0.983%, 9/01/2024		273,158
	120,000	Micron Technology, Inc., 4.663%, 2/15/2030		108,837
	155,000	Micron Technology, Inc., 5.327%, 2/06/2029		148,787
	580,000	Micron Technology, Inc., 6.750%, 11/01/2029		589,151
	75,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.400%, 6/01/2027		71,879
	165,000	Open Text Corp., 6.900%, 12/01/2027, 144A		165,000
	600,000	Oracle Corp., 3.950%, 3/25/2051		427,464
	275,000	Oracle Corp., 6.150%, 11/09/2029		285,441
	545,000	TD SYNNEX Corp., 1.750%, 8/09/2026		463,233
	140,000	Western Digital Corp., 2.850%, 2/01/2029		108,314
	310,000	Western Digital Corp., 4.750%, 2/15/2026		291,933

				9,237,977


		Transportation Services – 0.5%
	300,000	Adani Ports & Special Economic Zone Ltd., 3.100%, 2/02/2031, 144A		220,056
	210,000	Adani Ports & Special Economic Zone Ltd., 4.200%, 8/04/2027, 144A		184,332
	562,000	ERAC USA Finance LLC, 6.700%, 6/01/2034, 144A		590,059

				994,447


		Treasuries – 18.2%
	6,495,000	U.S. Treasury Bond, 2.250%, 2/15/2052		4,516,562
	7,125,000	U.S. Treasury Bond, 3.250%, 5/15/2042		6,246,621
	1,120,000	U.S. Treasury Note, 0.125%, 8/31/2023		1,086,181
	4,890,000	U.S. Treasury Note, 0.500%, 11/30/2023		4,704,715
	4,225,000	U.S. Treasury Note, 0.875%, 1/31/2024		4,053,855
	15,220,000	U.S. Treasury Note, 1.500%, 2/29/2024(g)		14,670,653

				35,278,587


		Wireless – 1.7%
$	1,415,000	Crown Castle, Inc., 2.250%, 1/15/2031	$	1,135,158
	55,000	Crown Castle, Inc., 3.300%, 7/01/2030		48,114
	100,000	T-Mobile USA, Inc., 2.400%, 3/15/2029		84,393
	180,000	T-Mobile USA, Inc., 2.700%, 3/15/2032		145,430
	620,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		546,077
	305,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		263,459
	1,120,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		1,014,512

				3,237,143


		Total Non-Convertible Bonds

		(Identified Cost $199,101,525)		175,533,368


	Convertible Bonds – 1.3%

		Airlines – 0.1%
	210,000	Southwest Airlines Co., 1.250%, 5/01/2025		252,210


		Cable Satellite – 0.4%
	965,000	DISH Network Corp., 3.375%, 8/15/2026		604,572
	180,000	DISH Network Corp., Zero Coupon, 6.944%-9.514%, 12/15/2025(h)		115,220

				719,792


		Consumer Cyclical Services – 0.1%
	45,000	Peloton Interactive, Inc., Zero Coupon, 0.519%-0.798%, 2/15/2026(h)		31,855
	245,000	Uber Technologies, Inc., Zero Coupon, 0.000%-1.922%, 12/15/2025(h)		206,925

				238,780


		Healthcare – 0.3%
	600,000	Teladoc Health, Inc., 1.250%, 6/01/2027		460,917


		Pharmaceuticals – 0.4%
	150,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		159,195
	465,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		499,671
	130,000	Livongo Health, Inc., 0.875%, 6/01/2025		113,799

				772,665


		Total Convertible Bonds

		(Identified Cost $3,107,426)		2,444,364


	Municipals – 0.4%

		Virginia – 0.4%
	825,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $816,953)		743,194


		Total Bonds and Notes

		(Identified Cost $203,025,904)		178,720,926

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount		Description	Value (†)

	Collateralized Loan Obligations – 4.5%
$	395,000	522 Funding CLO Ltd., Series 2021-7A, Class D, 3-month LIBOR + 2.900%, 7.225%, 4/23/2034, 144A(b)	$	351,972
	250,000	AGL CLO 5 Ltd., Series 2020-5A, Class BR, 3-month LIBOR + 1.700%, 5.943%, 7/20/2034, 144A(b)		238,452
	430,000	AIG CLO LLC, Series 2021-1A, Class D, 3-month LIBOR + 2.950%, 7.275%, 4/22/2034, 144A(b)		397,009
	675,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 7.143%, 4/20/2034, 144A(b)		620,725
	355,000	AIMCO CLO Ltd., Series 2017-AA, Class DR, 3-month LIBOR + 3.150%, 7.393%, 4/20/2034, 144A(b)		323,367
	600,000	Alinea CLO Ltd., Series 2018-1A, Class B, 3-month LIBOR + 1.650%, 5.893%, 7/20/2031, 144A(b)		578,857
	250,000	Battalion CLO VIII Ltd., Series 2015-8A, Class A2R2, 3-month LIBOR + 1.550%, 5.744%, 7/18/2030, 144A(b)		240,644
	250,000	Canyon CLO Ltd., Series 2021-4A, Class B, 3-month LIBOR + 1.700%, 5.779%, 10/15/2034, 144A(b)		238,385
	270,000	Carlyle U.S. CLO Ltd., Series 2021-9A, Class B, 3-month LIBOR + 1.650%, 5.893%, 10/20/2034, 144A(b)		259,108
	250,000	CIFC Funding Ltd., Series 2021-6A, Class B, 3-month LIBOR + 1.650%, 5.729%, 10/15/2034, 144A(b)		240,732
	455,000	Dryden 53 CLO Ltd., Series 2017-53A, Class B, 3-month LIBOR + 1.400%, 5.479%, 1/15/2031, 144A(b)		438,503
	275,000	Elmwood CLO VIII Ltd., Series 2021-1A, Class D2, 3-month LIBOR + 2.850%, 7.093%, 1/20/2034, 144A(b)		257,745
	250,000	Galaxy XXV CLO Ltd., Series 2018-25A, Class B, 3-month LIBOR + 1.650%, 6.008%, 10/25/2031, 144A(b)		240,751
	250,000	Galaxy XXVI CLO Ltd., Series 2018-26A, Class B, 3-month LIBOR + 1.700%, 6.365%, 11/22/2031, 144A(b)		240,975
	255,000	Invesco CLO Ltd., Series 2021-1A, Class D,, 3-month LIBOR + 3.050% 7.129%, 4/15/2034, 144A(b)		233,078
	310,418	Madison Park Funding XXV Ltd., Series 2017-25A, Class A1R, 3-month LIBOR + 0.970%, 5.328%, 4/25/2029, 144A(b)		306,439

	Collateralized Loan Obligations – continued
$	250,000	Magnetite XIV-R Ltd., Series 2015-14RA, Class B, 3-month LIBOR + 1.600%, 5.794%, 10/18/2031, 144A(b)	$	242,500
	250,000	Magnetite XV Ltd., Series 2015-15A, Class AR, 3-month LIBOR + 1.010%, 5.368%, 7/25/2031, 144A(b)		245,448
	530,000	Morgan Stanley Eaton Vance CLO Ltd., Series 2022-16A, Class B, 3-month SOFR + 1.950%, 5.814%, 4/15/2035, 144A(b)		503,472
	250,000	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, 3-month LIBOR + 1.650%, 5.729%, 7/15/2034, 144A(b)		240,648
	300,000	Octagon Investment Partners Ltd., Series 2018-18A, Class A2, 3-month LIBOR + 1.470%, 5.549%, 4/16/2031, 144A(b)		288,404
	315,000	Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, 3-month LIBOR + 0.970%, 5.197%, 7/19/2030, 144A(b)		311,219
	250,000	Palmer Square CLO Ltd., Series 2013-2A, Class A2R3, 3-month LIBOR + 1.500%, 5.727%, 10/17/2031, 144A(b)		241,469
	250,000	Palmer Square CLO Ltd., Series 2013-2A, Class CR3, 3-month LIBOR + 2.700%, 6.927%, 10/17/2031, 144A(b)		227,936
	136,623	Palmer Square Loan Funding Ltd., Series 2021-3A, Class A1, 3-month LIBOR + 0.800%, 5.043%, 7/20/2029, 144A(b)		134,707
	250,000	Rad CLO Ltd., Series 2021-15A, Class B, 3-month LIBOR + 1.650%, 5.893%, 1/20/2034, 144A(b)		238,791
	360,000	Recette CLO Ltd., Series 2015-1A, Class BRR, 3-month LIBOR + 1.400%, 5.643%, 4/20/2034, 144A(b)		337,694
	310,000	Sixth Street CLO XVIII Ltd., Series 2021-18A, Class D, 3-month LIBOR + 2.900%, 7.143%, 4/20/2034, 144A(b)		290,632
	255,000	Voya CLO Ltd., Series 2018-3A, Class B, 3-month LIBOR + 1.650%, 5.729%, 10/15/2031, 144A(b)		244,093


		Total Collateralized Loan Obligations

		(Identified Cost $9,199,221)		8,753,755


	Shares

	Common Stocks – 0.1%

		Wireless Telecommunication Services – 0.1%
	1,641	T-Mobile US, Inc.(e) (Identified Cost $201,920)		229,740

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – 1.3%

	Convertible Preferred Stocks – 1.3%

		Banking – 0.9%
	1,095	Bank of America Corp., Series L, 7.250%	$	1,270,200
	317	Wells Fargo & Co., Class A, Series L, 7.500%		375,645

				1,645,845

		Midstream – 0.3%
	12,375	El Paso Energy Capital Trust I, 4.750%		557,359


		Wireless – 0.1%
	250	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A		286,005


		Total Convertible Preferred Stocks
		(Identified Cost $2,382,327)		2,489,209


		Total Preferred Stocks

		(Identified Cost $2,382,327)		2,489,209


	Principal Amount

	Short-Term Investments – 0.9%
$	1,813,093	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $1,813,456 on 1/03/2023 collateralized by $1,926,600 U.S. Treasury Note, 3.250% due 6/30/2029 valued at $1,849,386 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,813,093)		1,813,093


		Total Investments – 99.2%

		(Identified Cost $216,622,465)		192,006,723

		Other assets less liabilities – 0.8%		1,481,862


		Net Assets – 100.0%	$	193,488,585

	(†)	See Note 2 of Notes to Financial Statements.

	(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of December 31, 2022 is disclosed.

	(b)	Variable rate security. Rate as of December 31, 2022 is disclosed.

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

	(d)	Perpetual bond with no specified maturity date.

	(e)	Non-income producing security.

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

	(g)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

	(h)	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.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of Rule 144A holdings amounted to $72,104,624 or 37.3% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	EMTN	Euro Medium Term Note
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts
	SOFR	Secured Overnight Financing Rate

At December 31, 2022, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		3/22/2023		76	$	9,049,118	$	8,989,375	$	(59,743	)
Ultra Long U.S. Treasury Bond		3/22/2023		84		11,436,059		11,282,250		(153,809	)

Total									$	(213,552	)

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles Investment Grade Fixed Income Fund – continued

Industry Summary at December 31, 2022


Treasuries	18.2	%
Banking	12.0
ABS Car Loan	8.5
ABS Home Equity	5.0
Technology	4.8
Finance Companies	4.1
Independent Energy	2.9
ABS Other	2.8
Life Insurance	2.6
Non-Agency Commercial Mortgage-Backed Securities	2.4
Cable Satellite	2.4
Construction Machinery	2.1
Other Investments, less than 2% each	26.0
Collateralized Loan Obligations	4.5
Short-Term Investments	0.9

Total Investments	99.2
Other assets less liabilities (including futures contracts)	0.8

Net Assets	100.0	%

See accompanying notes to financial statements.

| 38

Statements of Assets And Liabilities

December 31, 2022


	Bond Fund			Investment Grade Fixed Income Fund
ASSETS
Investments at cost	$	5,938,391,822		$	216,622,465
Net unrealized depreciation		(884,382,315	)		(24,615,742	)

Investments at value		5,054,009,507			192,006,723
Cash		3,064,084			42,191
Receivable for Fund shares sold		8,719,116			148,119
Dividends and interest receivable		50,738,551			1,677,012
Prepaid expenses (Note 8)		1,095			573

TOTAL ASSETS		5,116,532,353			193,874,618

LIABILITIES
Payable for Fund shares redeemed		19,050,850			—
Payable for variation margin on futures contracts (Note 2)		1,102,590			46,734
Management fees payable (Note 6)		2,237,209			67,452
Deferred Trustees’ fees (Note 6)		2,334,065			190,172
Administrative fees payable (Note 6)		207,920			7,835
Payable to distributor (Note 6d)		43,889			—
Other accounts payable and accrued expenses		368,118			73,840

TOTAL LIABILITIES		25,344,641			386,033

NET ASSETS	$	5,091,187,712		$	193,488,585

NET ASSETS CONSIST OF:
Paid-in capital	$	6,427,479,845		$	222,053,168
Accumulated loss		(1,336,292,133	)		(28,564,583	)

NET ASSETS	$	5,091,187,712		$	193,488,585

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Institutional Class:
Net assets	$	3,759,887,914		$	193,488,585

Shares of beneficial interest		331,245,703			19,263,399

Net asset value, offering and redemption price per share	$	11.35		$	10.04


Retail Class:
Net assets	$	861,223,106		$	—

Shares of beneficial interest		76,326,835			—

Net asset value, offering and redemption price per share	$	11.28		$	—


Admin Class shares:
Net assets	$	30,677,593		$	—

Shares of beneficial interest		2,729,836			—

Net asset value, offering and redemption price per share	$	11.24		$	—


Class N shares:
Net assets	$	439,399,099		$	—

Shares of beneficial interest		38,768,030			—

Net asset value, offering and redemption price per share	$	11.33		$	—

See accompanying notes to financial statements.

39 |

Statements of Operations

For the Year Ended December 31, 2022


	Bond Fund			Investment Grade Fixed Income Fund
INVESTMENT INCOME
Interest	$	241,192,582		$	6,855,437
Dividends		11,593,164			251,297

		252,785,746			7,106,734

Expenses
Management fees (Note 6)		33,713,301			879,328
Service and distribution fees (Note 6)		2,705,064			—
Administrative fees (Note 6)		2,768,894			99,253
Trustees’ fees and expenses (Note 6)		195,551			18,443
Trustees’ fees deferred compensation (Note 6)		(319,076	)		(25,110	)
Transfer agent fees and expenses (Notes 6 and 7)		4,270,567			3,013
Audit and tax services fees		67,898			60,232
Custodian fees and expenses		192,829			19,062
Legal fees (Note 8)		219,445			7,790
Registration fees		118,876			18,928
Shareholder reporting expenses		322,217			11,499
Miscellaneous expenses		218,194			40,061

Total expenses		44,473,760			1,132,499
Less waiver and/or expense reimbursement (Note 6)		(878,360	)		—

Net expenses		43,595,400			1,132,499

Net investment income		209,190,346			5,974,235


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(43,077,660	)		(2,974,199	)
Futures contracts		24,798,105			(58,019	)
Forward foreign currency contracts (Note 2d)		(565,055	)		(16,829	)
Foreign currency transactions (Note 2c)		(546,307	)		(3,409	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,101,034,927	)		(32,378,645	)
Futures contracts		1,411,296			84,269
Forward foreign currency contracts (Note 2d)		380,188			11,323
Foreign currency translations (Note 2c)		580,578			6,319

Net realized and unrealized loss on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		(1,118,053,782	)		(35,329,190	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(908,863,436	)	$	(29,354,955	)

See accompanying notes to financial statements.

| 40

Statements of Changes in Net Assets


	Bond Fund						Investment Grade Fixed Income Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	209,190,346		$	198,020,987		$	5,974,235		$	5,896,323
Net realized gain (loss) on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		(19,390,917	)		(43,126,883	)		(3,052,456	)		11,364,352
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations		(1,098,662,865	)		91,374,759			(32,276,734	)		(15,128,479	)

Net increase (decrease) in net assets resulting from operations		(908,863,436	)		246,268,863			(29,354,955	)		2,132,196

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(211,847,206	)		(175,075,070	)		(8,575,864	)		(14,203,351	)
Retail Class		(44,765,024	)		(35,087,605	)		—			—
Admin Class		(1,526,364	)		(1,118,112	)		—			—
Class N		(22,836,367	)		(19,142,811	)		—			—

Total distributions		(280,974,961	)		(230,423,598	)		(8,575,864	)		(14,203,351	)


NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(1,308,389,706	)		(1,479,856,346	)		(12,070,679	)		2,871,287

Net decrease in net assets		(2,498,228,103	)		(1,464,011,081	)		(50,001,498	)		(9,199,868	)
NET ASSETS
Beginning of the year		7,589,415,815			9,053,426,896			243,490,083			252,689,951

End of the year	$	5,091,187,712		$	7,589,415,815		$	193,488,585		$	243,490,083

See accompanying notes to financial statements.

41 |

Financial Highlights

For a share outstanding throughout each period.


	Bond Fund – Institutional Class
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	13.62		$	13.58		$	13.10		$	13.66		$	13.57		$	14.28

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.42			0.34			0.10			0.48			0.55			0.49
Net realized and unrealized gain (loss)		(2.11	)		0.09			0.59			(0.57	)		0.08			(0.37	)

Total from Investment Operations		(1.69	)		0.43			0.69			(0.09	)		0.63			0.12

LESS DISTRIBUTIONS FROM:
Net investment income		(0.58	)		(0.39	)		(0.14	)		(0.45	)		(0.50	)		(0.54	)
Net realized capital gains		—			—			(0.07	)		(0.02	)		(0.04	)		(0.29	)

Total Distributions		(0.58	)		(0.39	)		(0.21	)		(0.47	)		(0.54	)		(0.83	)

Net asset value, end of the period	$	11.35		$	13.62		$	13.58		$	13.10		$	13.66		$	13.57

Total return		(12.49	)%(b)		3.23	%(b)		5.35	%(c)		(0.73	)%		4.88	%		0.97	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,759,888		$	5,776,109		$	6,630,032		$	6,668,481		$	8,071,961		$	9,025,850
Net expenses		0.67	%(d)		0.67	%(d)		0.67	%(e)		0.67	%		0.67	%		0.66	%
Gross expenses		0.69	%		0.68	%		0.67	%(e)		0.67	%		0.67	%		0.66	%
Net investment income		3.44	%		2.47	%		3.02	%(e)		3.65	%		4.12	%		3.59	%
Portfolio turnover rate		23	%		87	%(f)		26	%(g)		25	%		17	%		7	%

For the three month period ended December 31, 2020 due to change in fiscal year.

(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)

The variation in the Fund’s turnover rate from the year ended September 30, 2020 to the year ended December 31, 2021 was primarily due to a repositioning of the portfolio.

(g)

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

See accompanying notes to financial statements.

| 42

Financial Highlights – continued

For a share outstanding throughout each period.


	Bond Fund – Retail Class
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	13.55		$	13.51		$	13.03		$	13.59		$	13.49		$	14.21

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.39			0.30			0.09			0.45			0.52			0.46
Net realized and unrealized gain (loss)		(2.11	)		0.10			0.59			(0.57	)		0.08			(0.38	)

Total from Investment Operations		(1.72	)		0.40			0.68			(0.12	)		0.60			0.08

LESS DISTRIBUTIONS FROM:
Net investment income		(0.55	)		(0.36	)		(0.13	)		(0.42	)		(0.46	)		(0.51	)
Net realized capital gains		—			—			(0.07	)		(0.02	)		(0.04	)		(0.29	)

Total Distributions		(0.55	)		(0.36	)		(0.20	)		(0.44	)		(0.50	)		(0.80	)

Net asset value, end of the period	$	11.28		$	13.55		$	13.51		$	13.03		$	13.59		$	13.49

Total return		(12.78	)%(b)		2.98	%(b)		5.31	%(c)		(0.99	)%		4.72	%(b)		0.64	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	861,223		$	1,248,925		$	1,469,489		$	1,474,316		$	2,019,828		$	2,520,105
Net expenses		0.92	%(d)		0.92	%(d)		0.92	%(e)		0.92	%		0.91	%(f)		0.91	%
Gross expenses		0.94	%		0.93	%		0.92	%(e)		0.92	%		0.92	%		0.91	%
Net investment income		3.20	%		2.22	%		2.77	%(e)		3.41	%		3.88	%		3.33	%
Portfolio turnover rate		23	%		87	%(g)		26	%(h)		25	%		17	%		7	%

For the three month period ended December 31, 2020 due to change in fiscal year.

(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)

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

(g)

The variation in the Fund’s turnover rate from the year ended September 30, 2020 to the year ended December 31, 2021 was primarily due to a repositioning of the portfolio.

(h)

See accompanying notes to financial statements.

43 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Bond Fund – Admin Class
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	13.49		$	13.45		$	12.97		$	13.53		$	13.44		$	14.16

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.36			0.27			0.08			0.42			0.48			0.42
Net realized and unrealized gain (loss)		(2.09	)		0.09			0.60			(0.58	)		0.08			(0.38	)

Total from Investment Operations		(1.73	)		0.36			0.68			(0.16	)		0.56			0.04

LESS DISTRIBUTIONS FROM:
Net investment income		(0.52	)		(0.32	)		(0.13	)		(0.38	)		(0.43	)		(0.47	)
Net realized capital gains		—			—			(0.07	)		(0.02	)		(0.04	)		(0.29	)

Total Distributions		(0.52	)		(0.32	)		(0.20	)		(0.40	)		(0.47	)		(0.76	)

Net asset value, end of the period	$	11.24		$	13.49		$	13.45		$	12.97		$	13.53		$	13.44

Total return		(12.91	)%(b)		2.74	%(b)		5.26	%(c)		(1.24	)%		4.40	%(b)		0.38	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	30,678		$	44,562		$	50,062		$	51,040		$	84,028		$	121,683
Net expenses		1.13	%(d)(e)		1.15	%(d)(f)		1.17	%(g)		1.17	%		1.16	%(h)		1.16	%
Gross expenses		1.15	%		1.16	%(f)		1.17	%(g)		1.17	%		1.17	%		1.16	%
Net investment income		2.99	%		1.99	%		2.52	%(g)		3.19	%		3.63	%		3.08	%
Portfolio turnover rate		23	%		87	%(i)		26	%(j)		25	%		17	%		7	%

For the three month period ended December 31, 2020 due to change in fiscal year.

(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)

Includes refund of prior year service fee of 0.04%. See Note 6b of Notes to Financial Statements.

(f)

Includes refund of prior year service fee of 0.02%.

(g)

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

(h)

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

(i)

The variation in the Fund’s turnover rate from the year ended September 30, 2020 to the year ended December 31, 2021 was primarily due to a repositioning of the portfolio.

(j)

See accompanying notes to financial statements.

| 44

Financial Highlights – continued

For a share outstanding throughout each period.


	Bond Fund – Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	13.60		$	13.57		$	13.08		$	13.64		$	13.55		$	14.27

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.43			0.35			0.10			0.48			0.56			0.50
Net realized and unrealized gain (loss)		(2.11	)		0.08			0.61			(0.56	)		0.08			(0.38	)

Total from Investment Operations		(1.68	)		0.43			0.71			(0.08	)		0.64			0.12

LESS DISTRIBUTIONS FROM:
Net investment income		(0.59	)		(0.40	)		(0.15	)		(0.46	)		(0.51	)		(0.55	)
Net realized capital gains		—			—			(0.07	)		(0.02	)		(0.04	)		(0.29	)

Total Distributions		(0.59	)		(0.40	)		(0.22	)		(0.48	)		(0.55	)		(0.84	)

Net asset value, end of the period	$	11.33		$	13.60		$	13.57		$	13.08		$	13.64		$	13.55

Total return		(12.46	)%		3.22	%		5.45	%(b)		(0.66	)%		4.97	%		0.97	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	439,399		$	519,821		$	903,844		$	853,559		$	469,234		$	443,609
Net expenses		0.61	%		0.61	%		0.60	%(c)		0.60	%		0.59	%		0.59	%
Gross expenses		0.61	%		0.61	%		0.60	%(c)		0.60	%		0.59	%		0.59	%
Net investment income		3.54	%		2.56	%		3.08	%(c)		3.65	%		4.20	%		3.68	%
Portfolio turnover rate		23	%		87	%(d)		26	%(e)		25	%		17	%		7	%

For the three month period ended December 31, 2020 due to change in fiscal year.

(a)

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

(b)

Periods less than one year are not annualized.

(c)

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

(d)

The variation in the Fund’s turnover rate from the year ended September 30, 2020 to the year ended December 31, 2021 was primarily due to a repositioning of the portfolio.

(e)

See accompanying notes to financial statements.

45 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Investment Grade Fixed Income Fund – Institutional Class
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	11.86		$	12.47		$	12.48		$	12.30		$	12.20		$	12.43

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.29			0.29			0.08			0.36			0.39			0.37
Net realized and unrealized gain (loss)		(1.70	)		(0.19	)		0.46			0.18			0.14			(0.22	)

Total from Investment Operations		(1.41	)		0.10			0.54			0.54			0.53			0.15

LESS DISTRIBUTIONS FROM:
Net investment income		(0.31	)		(0.30	)		(0.12	)		(0.32	)		(0.24	)		(0.30	)
Net realized capital gains		(0.10	)		(0.41	)		(0.43	)		(0.04	)		(0.19	)		(0.08	)

Total Distributions		(0.41	)		(0.71	)		(0.55	)		(0.36	)		(0.43	)		(0.38	)

Net asset value, end of the period	$	10.04		$	11.86		$	12.47		$	12.48		$	12.30		$	12.20

Total return		(11.98	)%		0.80	%		4.38	%(b)(c)		4.53	%		4.46	%		1.27	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	193,489		$	243,490		$	252,690		$	229,129		$	289,056		$	272,725
Net expenses		0.52	%		0.52	%		0.55	%(d)(e)		0.52	%		0.50	%		0.49	%
Gross expenses		0.52	%		0.52	%		0.67	%(d)		0.52	%		0.50	%		0.49	%
Net investment income		2.72	%		2.33	%		2.53	%(d)		2.93	%		3.26	%		3.03	%
Portfolio turnover rate		35	%		85	%(f)		30	%(g)		29	%		11	%		1	%

For the three month period ended December 31, 2020 due to change in fiscal year.

(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.

(f)

The variation in the Fund’s turnover rate from the year ended September 30, 2020 to the year ended December 31, 2021 was primarily due to a repositioning of the portfolio.

(g)

See accompanying notes to financial statements.

| 46

Notes to Financial Statements

December 31, 2022

1. Organization. Loomis Sayles Funds I (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trust are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Loomis Sayles Bond Fund (the “Bond Fund”)

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

Each Fund is a diversified investment company.

Each Fund offers Institutional Class shares. In addition, Bond Fund also offers Retail Class, Admin Class and Class N shares.

Each share class is sold without a sales charge. Retail Class and Admin Class shares pay a Rule 12b-1 fee. Admin Class shares are primarily intended for employer-sponsored retirement plans and are offered exclusively through intermediaries. Class N shares do not pay a front-end sales charge, a contingent deferred sales charge (“CDSC”) or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Institutional Class shares are intended for institutional investors with a minimum initial investment of $100,000 for Bond Fund and $3,000,000 for Investment Grade Fixed Income Fund. Certain categories of investors are exempted from the minimum investment amounts for Class N and Institutional Class as outlined in the relevant Fund’s prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, and Gateway Trust (“Natixis Funds Trusts”), and Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF Trusts”). Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Retail Class and Admin Class) and transfer agent fees are borne collectively for Institutional Class, Retail Class, and Admin Class, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

a. Valuation. 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.

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 Fund by an independent pricing service or bid prices obtained from broker-dealers. 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.

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

47 |

Notes to Financial Statements – continued

December 31, 2022

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, are 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. 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. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded 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.

d. 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 Fund’s 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 a 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 Fund’s 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.

e. 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.

| 48

Notes to Financial Statements – continued

December 31, 2022

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.

f. 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. The Funds cover their net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities.

Purchases of when-issued or delayed delivery securities may have a similar effect on the Funds’ NAV as if the Funds’ had created a degree of leverage in the portfolio. Risks may arise upon entering into such transactions from the potential inability of counterparties to meet their obligations under the transactions. Additionally, losses may arise due to changes in the value of the underlying securities.

There were no when-issued or delayed delivery securities held by the Funds as of December 31, 2022.

g. Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of December 31, 2022 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

49 |

Notes to Financial Statements – continued

December 31, 2022

h. 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 defaulted and/or non-income producing securities, premium amortization, distribution re-designations, trust preferred securities, return of capital distributions received, capital gain distributions received, and paydown gains and losses. Permanent book and tax basis differences relating to shareholder distributions, net investment income and net realized gains will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, defaulted and/or non-income producing securities, return of capital distributions received, trust preferred securities, corporate actions, capital gain distributions received, premium amortization, foreign currency gains and losses and futures contract mark-to-market. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and net realized short-term capital gains are reported as distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended December 31, 2022 and 2021 was as follows:


	2022 Distributions						2021 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Bond Fund	$	280,974,961	$	—	$	280,974,961	$	230,423,598	$	—	$	230,423,598
Investment Grade Fixed Income Fund		6,401,061		2,174,803		8,575,864		6,166,342		8,037,009		14,203,351

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:


	Bond Fund			Investment Grade Fixed Income Fund
Undistributed ordinary income	$	435,358		$	20,228

Capital loss carryforward:
Short-term:
No expiration date		(37,067,279	)		(1,473,853	)
Long-term:
No expiration date		(369,287,237	)		(1,733,808	)

Total capital loss carryforward		(406,354,516	)		(3,207,661	)

Unrealized depreciation		(900,844,554	)		(25,141,207	)

Total accumulated losses	$	(1,306,763,712	)	$	(28,328,640	)

As of December 31, 2022, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	Bond Fund			Investment Grade Fixed Income Fund
Federal tax cost	$	5,954,854,061		$	217,147,930

Gross tax appreciation	$	47,606,066		$	1,659,876
Gross tax depreciation		(948,450,620	)		(26,801,083	)

Net tax depreciation	$	(900,844,554	)	$	(25,141,207	)

| 50

Notes to Financial Statements – continued

December 31, 2022

i. 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.

j. 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.

k. Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of December 31, 2022, 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.

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

For the year ended December 31, 2022, neither Fund had loaned securities under this agreement.

m. Indemnifications. Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

n. New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in ASC 820 related to the measurement of fair value of an equity security subject to contractual sale restrictions, eliminating the ability to apply a discount to the fair value of such securities, and introducing related disclosure requirements. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the impact of applying this update.

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,

51 |

Notes to Financial Statements – continued

December 31, 2022

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

•

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.

| 52

Notes to Financial Statements – continued

December 31, 2022

The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2022, at value:

Bond Fund

Asset Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Property & Casualty Insurance	$	—		$	13,111,859	$	1,406,500	$	14,518,359
All Other Non-Convertible Bonds(a)		—			4,252,709,627		—		4,252,709,627

Total Non-Convertible Bonds		—			4,265,821,486		1,406,500		4,267,227,986

Convertible Bonds(a)		—			282,973,967		—		282,973,967
Municipals(a)		—			80,571,210		—		80,571,210

Total Bonds and Notes		—			4,629,366,663		1,406,500		4,630,773,163

Senior Loans(a)		—			17,358,326		—		17,358,326
Collateralized Loan Obligations		—			228,739,281		—		228,739,281
Common Stocks
Software		1,900,573			123,354		—		2,023,927
All Other Common Stocks(a)		75,783,015			—		—		75,783,015

Total Common Stocks		77,683,588			123,354		—		77,806,942

Preferred Stocks
Convertible Preferred Stocks
Wireless		—			22,387,327		—		22,387,327
All Other Convertible Preferred Stocks(a)		60,886,086			—		—		60,886,086

Total Convertible Preferred Stocks		60,886,086			22,387,327		—		83,273,413

Non-Convertible Preferred Stocks
REITs – Office Property		—			—		2,398,869		2,398,869
REITs – Warehouse/Industrials		—			9,320,736		—		9,320,736
All Other Non-Convertible Preferred Stocks(a)		1,397,051			—		—		1,397,051

Total Non-Convertible Preferred Stocks		1,397,051			9,320,736		2,398,869		13,116,656

Total Preferred Stocks		62,283,137			31,708,063		2,398,869		96,390,069

Short-Term Investments		—			2,941,726		—		2,941,726

Total	$	139,966,725		$	4,910,237,413	$	3,805,369	$	5,054,009,507

Liability Valuation Inputs
Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(6,455,777	)	$	—	$	—	$	(6,455,777	)

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

53 |

Notes to Financial Statements – continued

December 31, 2022

Investment Grade Fixed Income Fund

Asset Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—		$	9,698,124	$	3,824	$	9,701,948
All Other Non-Convertible Bonds(a)		—			165,831,420		—		165,831,420

Total Non-Convertible Bonds		—			175,529,544		3,824		175,533,368

Convertible Bonds(a)		—			2,444,364		—		2,444,364
Municipals(a)		—			743,194		—		743,194

Total Bonds and Notes		—			178,717,102		3,824		178,720,926

Collateralized Loan Obligations		—			8,753,755		—		8,753,755
Common Stocks(a)		229,740			—		—		229,740
Preferred Stocks
Convertible Preferred Stocks
Wireless		—			286,005		—		286,005
All Other Convertible Preferred Stocks(a)		2,203,204			—		—		2,203,204

Total Convertible Preferred Stocks		2,203,204			286,005		—		2,489,209

Total Preferred Stocks		2,203,204			286,005		—		2,489,209

Short-Term Investments		—			1,813,093		—		1,813,093

Total	$	2,432,944		$	189,569,955	$	3,824	$	192,006,723

Liability Valuation Inputs
Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(213,552	)	$	—	$	—	$	(213,552	)

(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 December 31, 2021 and/or December 31, 2022:

Bond Fund

Asset Valuation Inputs


Investments in Securities	Balance as of December 31, 2021		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3			Balance as of December 31, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at December 31, 2022
Bonds and Notes
Non-Convertible Bonds
Independent Energy	$	2,636,596	$	—	$	—	$	—		$	—	$	—	$	—	$	(2,636,596	)	$	—	$	—
Property & Casualty Insurance		1,687,800		81,812		—		(363,112	)		—		—		—		—			1,406,500		(363,112	)
Preferred Stocks
Non-Convertible Preferred Stocks
REITs—Office Property		—		—		—		(498,631	)		—		—		2,897,500		—			2,398,869		(498,631	)

Total	$	4,324,396	$	81,812	$	—	$	(861,743	)	$	—	$	—	$	2,897,500	$	(2,636,596	)	$	3,805,369	$	(861,743	)

Debt securities valued at $2,636,596 were transferred from Level 3 to Level 2 during the period ended December 31, 2022. At December 31, 2021, these securities were valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service was unable to price the securities. At December 31, 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.

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Notes to Financial Statements – continued

December 31, 2022

A preferred stock valued at $2,897,500 was transferred from Level 2 to Level 3 during the period ended December 31, 2022. At December 31, 2021, this security was valued based on evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At December 31, 2022, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service was unable to price the security.

Investment Grade Fixed Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of December 31, 2021		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of December 31, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at December 31, 2022
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	8,643	$	—	$	99	$	11	$	—	$	(4,929	)	$	—	$	—	$	3,824	$	(296	)

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 the Funds 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 exchange 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 year ended December 31, 2022, the Funds engaged in forward foreign currency contracts for hedging purposes.

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 year ended December 31, 2022, the Funds used futures contracts to manage duration.

The following is a summary of derivative instruments for Bond Fund as of December 31, 2022, as reflected within the Statements of Assets and Liabilities:


Liabilities	Unrealized depreciation on futures contracts¹
Exchange-traded liability derivatives
Interest rate contracts	$	(6,455,777	)

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 Bond Fund during the year ended December 31, 2022, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Forward foreign currency contracts			Futures contracts
Interest rate contracts	$	—		$	24,798,105
Foreign exchange contracts		(565,055	)		—

Total	$	(565,055	)	$	24,798,105


Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts			Futures contracts
Interest rate contracts	$	—		$	1,411,296
Foreign exchange contracts		380,188			—

Total	$	380,188		$	1,411,296

55 |

Notes to Financial Statements – continued

December 31, 2022

The following is a summary of derivative instruments for Investment Grade Fixed Income Fund as of December 31, 2022, as reflected within the Statements of Assets and Liabilities:


Liabilities	Unrealized depreciation on futures contracts¹
Exchange-traded liability derivatives
Interest rate contracts	$	(213,552	)

Transactions in derivative instruments for Investment Grade Fixed Income Fund during the year ended December 31, 2022, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Forward foreign currency contracts			Futures contracts
Interest rate contracts	$	—		$	(58,019	)
Foreign exchange contracts		(16,829	)		—

Total	$	(16,829	)	$	(58,019	)


Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts			Futures contracts
Interest rate contracts	$	—		$	84,269
Foreign exchange contracts		11,323			—

Total	$	11,323		$	84,269

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 the Funds, based on gross month-end or daily (as applicable) notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the year ended December 31, 2022:


Bond Fund	Forwards		Futures
Average Notional Amount Outstanding		0.14%		17.73%
Highest Notional Amount Outstanding		0.63%		22.00%
Lowest Notional Amount Outstanding		0.00%		9.76%
Notional Amount Outstanding as of December 31, 2022		0.00%		11.66%


Investment Grade Fixed Income Fund	Forwards		Futures
Average Notional Amount Outstanding		0.11%		5.83%
Highest Notional Amount Outstanding		0.57%		10.48%
Lowest Notional Amount Outstanding		0.00%		1.14%
Notional Amount Outstanding as of December 31, 2022		0.00%		10.48%

Notional amounts outstanding at the end of the prior period, if applicable, are included in the average notional amount outstanding.

Unrealized gain and/or loss on open futures is recorded in the Statements of Assets and Liabilities. The aggregate notional values of futures contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Funds’ net assets.

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.

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

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Notes to Financial Statements – continued

December 31, 2022

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 (typically $250,000, depending on the counterparty). With 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. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of December 31, 2022:


Fund	Maximum Amount of Loss — Gross		Maximum Amount of Loss — Net
Bond Fund	$	76,655,221	$	76,655,221
Investment Grade Fixed Income Fund		790,403		790,403

5. Purchases and Sales of Securities. For the year ended December 31, 2022, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:


	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Bond Fund	$	400,269,199	$	293,906,489	$	954,162,580	$	2,281,224,717
Investment Grade Fixed Income Fund		36,642,853		14,628,117		37,188,048		70,382,132

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 each Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $3 Billion		Next $12 Billion		Next $10 Billion		Over $25 Billion
Bond Fund		0.60%		0.50%		0.49%		0.48%
Investment Grade Fixed Income Fund		0.40%		0.40%		0.40%		0.40%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2023, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, are net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the year ended December 31, 2022, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class		Retail Class		Admin Class		Class N
Bond Fund		0.67%		0.92%		1.17%		0.62%
Investment Grade Fixed Income Fund		0.55%		—		—		—

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Notes to Financial Statements – continued

December 31, 2022

Loomis Sayles shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below 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 year ended December 31, 2022, the management fees for each Fund were as follows:


Fund	Gross Management Fees		Percentage of Average Daily Net Assets
Bond Fund	$	33,713,301		0.55%
Investment Grade Fixed Income Fund		879,328		0.40%

For the year ended December 31, 2022, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Bond Fund	$	711,683	$	160,839	$	5,838	$	—	$	878,360

¹Expense reimbursements are subject to possible recovery until December 31, 2023.

No expenses were recovered for either Fund during the year ended December 31, 2022 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 Trust. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trust.

Pursuant to Rule 12b-1 under the 1940 Act, Bond Fund has adopted Distribution Plans relating to the Fund’s Retail Class shares (the “Retail Class Plan”) and Admin Class shares (the “Admin Class Plan”).

Under the Retail Class Plan, Bond Fund pays Natixis Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Retail Class shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Retail Class shares or for payments made by Natixis Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Retail Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

Under the Admin Class Plan, Bond Fund pays Natixis Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Admin Class shares or for payments made by Natixis Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sales of Admin Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

In addition, the Admin Class shares of Bond Fund may pay Natixis Distribution an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

For the year ended December 31, 2022, the service and distribution fees for Bond Fund were as follows:


	Service Fees		Distribution Fees
Fund	Admin Class		Retail Class		Admin Class
Bond Fund	$	78,523	$	2,534,477	$	92,064

For the year ended December 31, 2022, Natixis Distribution refunded Bond Fund $13,541 of prior year Admin Class 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, LLC (“Natixis Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. 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

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Notes to Financial Statements – continued

December 31, 2022

$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 year ended December 31, 2022, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Bond Fund	$	2,768,894
Investment Grade Fixed Income Fund		99,253

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

For the year ended December 31, 2022, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for Bond Fund were $4,007,644.

As of December 31, 2022, Bond Fund owes Natixis Distribution $43,889 in reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor).

Sub-transfer agent fees attributable to Institutional Class, Retail Class and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis 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 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.

For the year ended December 31, 2022, net depreciation in the value of participants’ deferral accounts are reflected on the Statements of Operations as a reduction to expenses, as follows:


Fund	Amount
Bond Fund	$	(319,076	)
Investment Grade Fixed Income Fund		(25,110	)

59 |

Notes to Financial Statements – continued

December 31, 2022

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

f. Affiliated Ownership. As of December 31, 2022, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of Bond Fund representing 0.51% of the Fund’s net assets.

Investment activities of affiliated shareholders could have material impacts on the Fund.

7. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses for Bond Fund attributable to Institutional Class, Retail Class and Admin Class are allocated on a pro rata basis to each class based on relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For year ended December 31, 2022, Bond Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Admin Class		Class N
Bond Fund	$	3,475,089	$	762,885	$	27,710	$	4,883

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.

For the year ended December 31, 2022, neither Fund had borrowings under this agreement.

9. Risk. 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 December 31, 2022, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Fund	Number of 5% Account Holders	Percentage of Ownership
Investment Grade Fixed Income Fund	9		77.83%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Fund does not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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Notes to Financial Statements – continued

December 31, 2022

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:


	Bond Fund

	Year Ended December 31, 2022						Year Ended December 31, 2021

	Shares			Amount			Shares			Amount
Institutional Class
Issued from the sale of shares		60,178,494		$	731,035,905			63,430,292		$	861,382,436
Issued in connection with the reinvestment of distributions		16,400,210			195,503,283			11,763,240			159,634,336
Redeemed		(169,323,595	)		(2,042,242,993	)		(139,302,701	)		(1,889,100,821	)

Net change		(92,744,891	)	$	(1,115,703,805	)		(64,109,169	)	$	(868,084,049	)


Retail Class
Issued from the sale of shares		4,320,525		$	52,713,946			7,703,691		$	104,256,812
Issued in connection with the reinvestment of distributions		3,642,478			43,087,038			2,512,309			33,903,326
Redeemed		(23,840,273	)		(288,995,987	)		(26,803,210	)		(361,269,436	)

Net change		(15,877,270	)	$	(193,195,003	)		(16,587,210	)	$	(223,109,298	)


Admin Class
Issued from the sale of shares		787,529		$	9,363,411			662,627		$	8,899,931
Issued in connection with the reinvestment of distributions		128,111			1,508,431			82,224			1,104,976
Redeemed		(1,489,367	)		(17,743,200	)		(1,163,258	)		(15,642,177	)

Net change		(573,727	)	$	(6,871,358	)		(418,407	)	$	(5,637,270	)


Class N
Issued from the sale of shares		8,276,717		$	101,606,037			14,325,543		$	193,905,266
Issued in connection with the reinvestment of distributions		1,841,516			21,847,127			1,373,194			18,565,045
Redeemed		(9,561,799	)		(116,072,704	)		(44,112,725	)		(595,496,040	)

Net change		556,434		$	7,380,460			(28,413,988	)	$	(383,025,729	)

Decrease from capital share transactions		(108,639,454	)	$	(1,308,389,706	)		(109,528,774	)	$	(1,479,856,346	)


	Investment Grade Fixed Income Fund

	Year Ended December 31, 2022						Year Ended December 31, 2021

	Shares			Amount			Shares			Amount

Institutional Class
Issued from the sale of shares		582,596		$	6,328,414			2,889,240		$	35,421,008
Issued in connection with the reinvestment of distributions		799,752			8,493,158			1,176,233			14,112,526
Redeemed		(2,641,549	)		(26,892,251	)		(3,812,371	)		(46,662,247	)

Net change		(1,259,201	)	$	(12,070,679	)		253,102		$	2,871,287

Increase (decrease) from capital share transactions		(1,259,201	)	$	(12,070,679	)		253,102		$	2,871,287

61 |

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles Bond Fund and Loomis Sayles Investment Grade Fixed Income Fund (two of the funds constituting Loomis Sayles Funds I, hereafter collectively referred to as the “Funds”) as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2022, the three month period ended December 31, 2020 and for each of the three years in the period ended September 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022, and each of the financial highlights for each of the two years in the period ended December 31, 2022, the three month period ended December 31, 2020 and for each of the three years in the period ended September 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 22, 2023

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

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2022 U.S. Tax Distribution Information to Shareholders (unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended December 31, 2022, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:


Fund	Qualifying Percentage
Bond Fund		5.54%
Investment Grade Fixed Income Fund		4.21%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended December 31, 2022.


Fund	Amount
Investment Grade Fixed Income Fund	$	2,174,803

Qualified Dividend Income. For the fiscal year ended December 31, 2022, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds pay a distribution during calendar year 2022, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:


Fund	Qualifying Percentage
Bond Fund		4.09%
Investment Grade Fixed Income Fund		4.27%

63 |

Trustee and Officer Information

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


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

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

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

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

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

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

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

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

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

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

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

65 |


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

Interested Trustees

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

David L. Giunta⁴ (1965)	Trustee since 2011 Executive Vice President of Loomis Sayles Funds I since 2008	President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC	54 None	Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, LLC and Natixis Distribution, LLC

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

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

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

⁴	Mr. Giunta is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC.


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

Officers of the Trust
Matthew Block (1981)	Treasurer, Principal Financial and Accounting Officer	Since 2022	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; Assistant Treasurer of the Fund Complex; Managing Director, State Street Bank and Trust Company

Susan McWhan Tobin (1963)	Secretary and Chief Legal Officer	Since 2022	Executive Vice President, General Counsel and Secretary, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Executive Vice President and Chief Compliance Officer of Natixis Investment Managers (March 2019– May 2022) and Senior Vice President and Head of Compliance, US for Natixis Investment Managers (July 2011–March 2019)

Natalie R. Wagner (1979)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since 2021	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Head of Corporate Compliance, Global Atlantic Financial Group

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

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

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(b) Not Applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has established an audit committee. Mr. Richard A. Goglia, Mr. James Palermo, Mr. Peter J. Smail, Mr. Kirk A Sykes and Ms. Cynthia L. Walker are members of the audit committee and have been designated as “audit committee financial experts” by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

Item 4. Principal Accountant Fees and Services.

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

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


	Audit fees				Audit-related fees¹				Tax fees²				All other fees
	10/1/21-12/31/21		1/1/22-12/31/22		10/1/21-12/31/21		1/1/22-12/31/22		10/1/21-12/31/21		1/1/22-12/31/22		10/1/21-12/31/21		1/1/22-12/31/22
Loomis Sayles Bond Fund and Loomis Sayles Investment Grade Fixed Income Fund	$	103,285	$	109,483	$	189	$	1,220	$	16,208	$	17,180	$	—	$	—

Audit-related fees consist of:

2021 & 2022 – performance of agreed-upon procedures related to the Registrant’s deferred compensation plan.

Tax fees consist of:

2021 & 2022 – review of the Registrant’s tax returns.

Aggregate fees billed to the Registrant for non-audit services during 2021 and 2022 were $16,397 and $18,400, respectively.

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

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


	Audit-related fees				Tax fees				All other fees
	10/1/21-12/31/21		1/1/22-12/31/22		10/1/21-12/31/21		1/1/22-12/31/22		10/1/21-12/31/21		1/1/22-12/31/22
Control Affiliates	$	—	$	—	$	—	$	—	$	—	$	50,000

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


	Aggregate Non-Audit Fees
	10/1/21-12/31/21		1/1/22-12/31/22
Control Affiliates	$	972	$	50,000

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

Audit Committee Pre Approval Policies.

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

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

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

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.


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

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

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

SIGNATURES

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


Loomis Sayles Funds I

By:		/s/ Kevin Charleston
Name:		Kevin Charleston
Title:		President and Chief Executive Officer

Date:		February 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/ Kevin Charleston
Name:		Kevin Charleston
Title:		President and Chief Executive Officer

Date:		February 22, 2023

By:		/s/ Matthew Block
Name:		Matthew Block
Title:		Treasurer and Principal Financial and
		Accounting Officer

Date:		February 22, 2023