# EDGAR Filing Document

**Accession Number:** 0000917469
**File Stem:** 0001193125-26-250657
**Filing Date:** 2026-6
**Character Count:** 1418640
**Document Hash:** d426d864dce5b359e4cec094b9d52589
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-250657.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001193125-26-250657

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LOOMIS SAYLES FUNDS I
- **CENTRAL INDEX KEY:** 0000917469

**ORGANIZATION NAME:**
- **EIN:** 043219179
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08282
- **FILM NUMBER:** 261049024

**BUSINESS ADDRESS:**
- **STREET 1:** 888 BOYLSTON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-449-2810

**MAIL ADDRESS:**
- **STREET 1:** 888 BOYLSTON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LOOMIS SAYLES FUNDS II
- **DATE OF NAME CHANGE:** 20031119

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LOOMIS SAYLES INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20031015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LOOMIS SAYLES FUNDS I
- **DATE OF NAME CHANGE:** 20030718

## Series and Classes Contracts Data

### Loomis Sayles Securitized Asset Fund (Series ID: S000006639)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018125 | Institutional Class | LSSAX           |

### Loomis Sayles Fixed Income Fund (Series ID: S000006640)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018126 | Institutional Class | LSFIX           |

### Loomis Sayles Global Bond Fund (Series ID: S000006641)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018127 | Institutional Class | LSGBX           |
| C000018128 | Retail Class        | LSGLX           |
| C000125494 | Class N             | LSGNX           |

### Loomis Sayles High Income Opportunities Fund (Series ID: S000006642)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018129 | Institutional Class | LSIOX           |

### Loomis Sayles Inflation Protected Securities Fund (Series ID: S000006643)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018130 | Institutional Class | LSGSX           |
| C000089752 | Retail Class        | LIPRX           |
| C000182246 | Class N             | LIPNX           |

### Loomis Sayles Institutional High Income Fund (Series ID: S000006644)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018131 | Institutional Class | LSHIX           |

### Loomis Sayles Intermediate Duration Bond Fund (Series ID: S000006645)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018132 | Class Y      | LSDIX           |
| C000089753 | Class A      | LSDRX           |
| C000173092 | Class C      | LSCDX           |
| C000211126 | Class N      | LSDNX           |

### Loomis Sayles Small Cap Value Fund (Series ID: S000006647)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018134 | Institutional Class | LSSCX           |
| C000018135 | Retail Class        | LSCRX           |
| C000018136 | Admin Class         | LSVAX           |
| C000125495 | Class N             | LSCNX           |

?xml version='1.0' encoding='ASCII'? 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: September 30

Date of reporting period: March 31, 2026

------

#### Item 1. Reports to Stockholders.
(a) The Registrant's Semi-annual Tailored Shareholder Reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:

# Institutional Class

# LSFIX

# Loomis Sayles Fixed Income Fund
![Image](g121806g48z17.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Fixed Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Institutional Class | $31 | 0.62% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $470841920 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 836 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $1165791 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g38i00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 44.7% |
| Short-Term Investments | 3.0% |
| Sovereigns | 3.0% |
| ABS Car Loan | 3.0% |
| Midstream | 3.2% |
| Finance Companies | 3.6% |
| Banking | 3.8% |
| Cable Satellite | 4.3% |
| ABS Other | 5.8% |
| Technology | 8.3% |
| Treasuries | 17.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including purchased options, written options, forward foreign currency contracts and futures contracts) |

---

### Credit Quality<sup>**Footnote Reference \***</sup><sup>**Footnote Reference †**</sup>
![Group By Country Chart](g121806g82e70.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 2.1 |
| US Treasury | 13.3 |
| Not rated<sup>Footnote Reference^</sup> | 16.1 |
| CCC | 2 |
| B | 5.7 |
| BB | 14.7 |
| BBB | 37 |
| A | 6.9 |
| AA | 1.2 |
| AAA | 1 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

# Institutional Class

# LSFIX
![Image](g121806g22f60.jpg)

# Loomis Sayles Fixed Income Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTFI88I-0326

# Class N

# LSGNX

# Loomis Sayles Global Bond Fund
![Image](g121806g31a86.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Global Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $31 | 0.62% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $325984081 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 327 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $690556 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g03n29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 35.1% |
| ABS Other | 3.6% |
| Local Authorities | 4.6% |
| Mortgage Related | 5.8% |
| Banking | 10.5% |
| Treasuries | 40.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including forward foreign currency contracts and futures contracts) |

---

### Country Weightings
![Group By Country Chart](g121806g99a51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 26.1% |
| Mexico | 3.1% |
| Germany | 3.7% |
| Italy | 4.5% |
| Canada | 4.6% |
| United Kingdom | 4.9% |
| France | 5.0% |
| Spain | 5.0% |
| Japan | 6.6% |
| China | 6.9% |
| United States | 29.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including forward foreign currency contracts and futures contracts) |

---

#### Credit Quality<sup>Footnote Reference \*</sup><sup>Footnote Reference †</sup>
![Group By Country Chart](g121806g99b55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.7 |
| US Treasury | 4.2 |
| Not rated<sup>Footnote Reference^</sup> | 10.4 |
| BB | 5.2 |
| BBB | 25.4 |
| A | 31.0 |
| AA | 14.4 |
| AAA | 7.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

# Class N

# LSGNX
![Image](g121806g47c90.jpg)

# Loomis Sayles Global Bond Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTGB88N-0326

# Institutional Class

# LSGBX

# Loomis Sayles Global Bond Fund
![Image](g121806g31a86.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Global Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Institutional Class | $33 | 0.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $325984081 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 327 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $690556 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g03n29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 35.1% |
| ABS Other | 3.6% |
| Local Authorities | 4.6% |
| Mortgage Related | 5.8% |
| Banking | 10.5% |
| Treasuries | 40.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including forward foreign currency contracts and futures contracts) |

---

### Country Weightings
![Group By Country Chart](g121806g99a51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 26.1% |
| Mexico | 3.1% |
| Germany | 3.7% |
| Italy | 4.5% |
| Canada | 4.6% |
| United Kingdom | 4.9% |
| France | 5.0% |
| Spain | 5.0% |
| Japan | 6.6% |
| China | 6.9% |
| United States | 29.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including forward foreign currency contracts and futures contracts) |

---

#### Credit Quality<sup>Footnote Reference \*</sup><sup>Footnote Reference †</sup>
![Group By Country Chart](g121806g99b55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.7 |
| US Treasury | 4.2 |
| Not rated<sup>Footnote Reference^</sup> | 10.4 |
| BB | 5.2 |
| BBB | 25.4 |
| A | 31.0 |
| AA | 14.4 |
| AAA | 7.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

# Institutional Class

# LSGBX
![Image](g121806g47c90.jpg)

# Loomis Sayles Global Bond Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTGB88I-0326

# Retail Class

# LSGLX

# Loomis Sayles Global Bond Fund
![Image](g121806g31a86.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Global Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Retail Class | $46 | 0.92% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $325984081 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 327 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $690556 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g03n29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 35.1% |
| ABS Other | 3.6% |
| Local Authorities | 4.6% |
| Mortgage Related | 5.8% |
| Banking | 10.5% |
| Treasuries | 40.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including forward foreign currency contracts and futures contracts) |

---

### Country Weightings
![Group By Country Chart](g121806g99a51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 26.1% |
| Mexico | 3.1% |
| Germany | 3.7% |
| Italy | 4.5% |
| Canada | 4.6% |
| United Kingdom | 4.9% |
| France | 5.0% |
| Spain | 5.0% |
| Japan | 6.6% |
| China | 6.9% |
| United States | 29.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including forward foreign currency contracts and futures contracts) |

---

#### Credit Quality<sup>Footnote Reference \*</sup><sup>Footnote Reference †</sup>
![Group By Country Chart](g121806g99b55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.7 |
| US Treasury | 4.2 |
| Not rated<sup>Footnote Reference^</sup> | 10.4 |
| BB | 5.2 |
| BBB | 25.4 |
| A | 31.0 |
| AA | 14.4 |
| AAA | 7.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

# Retail Class

# LSGLX
![Image](g121806g47c90.jpg)

# Loomis Sayles Global Bond Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTGB88R-0326

# Institutional Class

# LSIOX

# Loomis Sayles High Income Opportunities Fund
![Image](g121806g48z17.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles High Income Opportunities Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at loomissayles.com/website/intermediary-advisory/prospectuses-and-fund-reports. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Institutional Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $297554042 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 428 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $0 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g51r08.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 46.7% |
| Short-Term Investments | 5.8% |
| Lodging | 3.3% |
| Healthcare | 3.5% |
| Media Entertainment | 3.7% |
| Independent Energy | 4.3% |
| Property & Casualty Insurance | 5.6% |
| Midstream | 5.8% |
| Cable Satellite | 9.3% |
| Technology | 12.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including futures contracts) |

---

### Credit Quality<sup>**Footnote Reference \***</sup><sup>**Footnote Reference †**</sup>
![Group By Country Chart](g121806g23z37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 2.8 |
| Not rated<sup>Footnote Reference^</sup> | 5.8 |
| CCC | 6.2 |
| B | 30.2 |
| BB | 53.4 |
| BBB | 0.6 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://loomissayles.com/website/intermediary-advisory/prospectuses-and-fund-reports](g121806g59x67.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit loomissayles.com/website/intermediary-advisory/prospectuses-and-fund-reports. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

# Institutional Class

# LSIOX
![Image](g121806g22f60.jpg)

# Loomis Sayles High Income Opportunities Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTHI88I-0326

# Class N

# LIPNX

# Loomis Sayles Inflation Protected Securities Fund
![Image](g121806g48z17.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Inflation Protected Securities Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $17 | 0.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $106394665 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 52 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $0 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g78k88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 6.6% |
| Banking | 3.3% |
| Treasuries | 90.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities |

---

### Credit Quality<sup>**Footnote Reference \***</sup><sup>**Footnote Reference †**</sup>
![Group By Country Chart](g121806g52p63.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 0.2 |
| U.S. Treasury | 90.2 |
| Not rated<sup>Footnote Reference^</sup> | 1.4 |
| BB | 0.9 |
| BBB | 5.5 |
| A | 1.1 |
| AA | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

# Class N

# LIPNX
![Image](g121806g22f60.jpg)

# Loomis Sayles Inflation Protected Securities Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTIPS88N-0326

# Institutional Class

# LSGSX

# Loomis Sayles Inflation Protected Securities Fund
![Image](g121806g48z17.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Inflation Protected Securities Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Institutional Class | $20 | 0.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $106394665 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 52 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $0 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g78k88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 6.6% |
| Banking | 3.3% |
| Treasuries | 90.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities |

---

### Credit Quality<sup>**Footnote Reference \***</sup><sup>**Footnote Reference †**</sup>
![Group By Country Chart](g121806g52p63.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 0.2 |
| U.S. Treasury | 90.2 |
| Not rated<sup>Footnote Reference^</sup> | 1.4 |
| BB | 0.9 |
| BBB | 5.5 |
| A | 1.1 |
| AA | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

# Institutional Class

# LSGSX
![Image](g121806g22f60.jpg)

# Loomis Sayles Inflation Protected Securities Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTIPS88I-0326

# Retail Class

# LIPRX

# Loomis Sayles Inflation Protected Securities Fund
![Image](g121806g48z17.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Inflation Protected Securities Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Retail Class | $32 | 0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $106394665 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 52 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $0 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g78k88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 6.6% |
| Banking | 3.3% |
| Treasuries | 90.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities |

---

### Credit Quality<sup>**Footnote Reference \***</sup><sup>**Footnote Reference †**</sup>
![Group By Country Chart](g121806g52p63.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 0.2 |
| U.S. Treasury | 90.2 |
| Not rated<sup>Footnote Reference^</sup> | 1.4 |
| BB | 0.9 |
| BBB | 5.5 |
| A | 1.1 |
| AA | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

# Retail Class

# LIPRX
![Image](g121806g22f60.jpg)

# Loomis Sayles Inflation Protected Securities Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTIPS88R-0326

# Institutional Class

# LSHIX

# Loomis Sayles Institutional High Income Fund
![Image](g121806g48z17.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Institutional High Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Institutional Class | $37 | 0.73% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $261135187 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 441 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $732351 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g95e60.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 41.7% |
| Short-Term Investments | 6.3% |
| Healthcare | 3.1% |
| Chemicals | 3.7% |
| Media Entertainment | 3.9% |
| Independent Energy | 4.0% |
| Property & Casualty Insurance | 5.5% |
| Banking | 5.5% |
| Midstream | 6.1% |
| Cable Satellite | 9.5% |
| Technology | 10.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including futures contracts) |

---

### Credit Quality<sup>**Footnote Reference \***</sup><sup>**Footnote Reference †**</sup>
![Group By Country Chart](g121806g53b81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 4.9 |
| Not rated<sup>Footnote Reference^</sup> | 10.5 |
| CCC | 6.2 |
| B | 30.1 |
| BB | 48.5 |
| BBB | 0.6 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

# Institutional Class

# LSHIX
![Image](g121806g22f60.jpg)

# Loomis Sayles Institutional High Income Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTIH88I-0326

# Class A

# LSDRX

# Loomis Sayles Intermediate Duration Bond Fund
![Image](g121806g48h99.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Intermediate Duration Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class A | $33 | 0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics
* Total Net Assets$200,257,599

* # of Portfolio Holdings (including overnight repurchase agreements and derivatives)592

* Portfolio Turnover Rate51%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$135,141

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g12q78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 21.9% |
| Automotive | 3.0% |
| Electric | 3.0% |
| ABS Other | 3.6% |
| Finance Companies | 3.8% |
| Technology | 3.8% |
| Life Insurance | 5.2% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.4% |
| ABS Car Loan | 14.5% |
| Banking | 15.3% |
| Treasuries | 18.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including futures contracts) |

---

### Credit Quality<sup>**Footnote Reference \***</sup><sup>**Footnote Reference †**</sup>
![Group By Country Chart](g121806g08y01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 0.8 |
| US Treasury | 18.6 |
| Not rated<sup>Footnote Reference^</sup> | 13.6 |
| B | 0.1 |
| BB | 0.2 |
| BBB | 26.3 |
| A | 21.7 |
| AA | 6.9 |
| AAA | 12.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

![Image](g121806g93n28.jpg)

# Class A

# LSDRX

# Loomis Sayles Intermediate Duration Bond Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### TIDB88A-0326

# Class C

# LSCDX

# Loomis Sayles Intermediate Duration Bond Fund
![Image](g121806g48h99.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Intermediate Duration Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class C | $70 | 1.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics
* Total Net Assets$200,257,599

* # of Portfolio Holdings (including overnight repurchase agreements and derivatives)592

* Portfolio Turnover Rate51%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$135,141

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g12q78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 21.9% |
| Automotive | 3.0% |
| Electric | 3.0% |
| ABS Other | 3.6% |
| Finance Companies | 3.8% |
| Technology | 3.8% |
| Life Insurance | 5.2% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.4% |
| ABS Car Loan | 14.5% |
| Banking | 15.3% |
| Treasuries | 18.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including futures contracts) |

---

### Credit Quality<sup>**Footnote Reference \***</sup><sup>**Footnote Reference †**</sup>
![Group By Country Chart](g121806g08y01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 0.8 |
| US Treasury | 18.6 |
| Not rated<sup>Footnote Reference^</sup> | 13.6 |
| B | 0.1 |
| BB | 0.2 |
| BBB | 26.3 |
| A | 21.7 |
| AA | 6.9 |
| AAA | 12.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

![Image](g121806g93n28.jpg)

# Class C

# LSCDX

# Loomis Sayles Intermediate Duration Bond Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### TIDB88C-0326

# Class N

# LSDNX

# Loomis Sayles Intermediate Duration Bond Fund
![Image](g121806g48h99.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Intermediate Duration Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $18 | 0.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics
* Total Net Assets$200,257,599

* # of Portfolio Holdings (including overnight repurchase agreements and derivatives)592

* Portfolio Turnover Rate51%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$135,141

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g12q78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 21.9% |
| Automotive | 3.0% |
| Electric | 3.0% |
| ABS Other | 3.6% |
| Finance Companies | 3.8% |
| Technology | 3.8% |
| Life Insurance | 5.2% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.4% |
| ABS Car Loan | 14.5% |
| Banking | 15.3% |
| Treasuries | 18.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including futures contracts) |

---

### Credit Quality<sup>**Footnote Reference \***</sup><sup>**Footnote Reference †**</sup>
![Group By Country Chart](g121806g08y01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 0.8 |
| US Treasury | 18.6 |
| Not rated<sup>Footnote Reference^</sup> | 13.6 |
| B | 0.1 |
| BB | 0.2 |
| BBB | 26.3 |
| A | 21.7 |
| AA | 6.9 |
| AAA | 12.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

![Image](g121806g93n28.jpg)

# Class N

# LSDNX

# Loomis Sayles Intermediate Duration Bond Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### TIDB88N-0326

# Class Y

# LSDIX

# Loomis Sayles Intermediate Duration Bond Fund
![Image](g121806g48h99.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Intermediate Duration Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class Y | $20 | 0.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics
* Total Net Assets$200,257,599

* # of Portfolio Holdings (including overnight repurchase agreements and derivatives)592

* Portfolio Turnover Rate51%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$135,141

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g12q78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 21.9% |
| Automotive | 3.0% |
| Electric | 3.0% |
| ABS Other | 3.6% |
| Finance Companies | 3.8% |
| Technology | 3.8% |
| Life Insurance | 5.2% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.4% |
| ABS Car Loan | 14.5% |
| Banking | 15.3% |
| Treasuries | 18.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including futures contracts) |

---

### Credit Quality<sup>**Footnote Reference \***</sup><sup>**Footnote Reference †**</sup>
![Group By Country Chart](g121806g08y01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 0.8 |
| US Treasury | 18.6 |
| Not rated<sup>Footnote Reference^</sup> | 13.6 |
| B | 0.1 |
| BB | 0.2 |
| BBB | 26.3 |
| A | 21.7 |
| AA | 6.9 |
| AAA | 12.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

![Image](g121806g93n28.jpg)

# Class Y

# LSDIX

# Loomis Sayles Intermediate Duration Bond Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### TIDB88Y-0326

# Institutional Class

# LSSAX

# Loomis Sayles Securitized Asset Fund
![Image](g121806g48z17.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Securitized Asset Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at loomissayles.com/website/intermediary-advisory/prospectuses-and-fund-reports. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Institutional Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1616161260 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 671 |
| Portfolio Turnover Rate | 107% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $0 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g27p18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | (17.0%) |
| Collateralized Loan Obligations | 3.8% |
| ABS Home Equity | 4.0% |
| Agency Commercial Mortgage-Backed Securities | 6.2% |
| ABS Car Loan | 7.6% |
| Non-Agency Commercial Mortgage-Backed Securities | 9.4% |
| ABS Other | 10.3% |
| Collateralized Mortgage Obligations | 13.8% |
| Mortgage Related | 61.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities |

---

### Credit Quality<sup>**Footnote Reference \***</sup><sup>**Footnote Reference †**</sup>
![Group By Country Chart](g121806g87h20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 0.3 |
| Not rated<sup>Footnote Reference^</sup> | 21.7 |
| B | 0.4 |
| BB | 0.3 |
| BBB | 0.8 |
| A | 2.9 |
| AA | 84.7 |
| AAA | 9.9 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Percentages are calculated based on Net Assets. Totals may not add up to 100% due to other assets and liabilities, such as receivables and payables, not being included in the table. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;&nbsp;Credit ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;&nbsp;Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here. |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://loomissayles.com/website/intermediary-advisory/prospectuses-and-fund-reports](g121806g59x67.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit loomissayles.com/website/intermediary-advisory/prospectuses-and-fund-reports. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

# Institutional Class

# LSSAX
![Image](g121806g22f60.jpg)

# Loomis Sayles Securitized Asset Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTSA88I-0326

# Class N

# LSCNX

# Loomis Sayles Small Cap Value Fund
![Image](g121806g48z17.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Small Cap Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $43 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $325598965 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 101 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $1133958 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g61r12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 45.9% |
| Short-Term Investments | 3.0% |
| Health Care Providers & Services | 3.4% |
| Oil, Gas & Consumable Fuels | 3.5% |
| Energy Equipment & Services | 4.2% |
| Aerospace & Defense | 4.7% |
| Trading Companies & Distributors | 4.8% |
| Machinery | 5.2% |
| Capital Markets | 5.2% |
| Electronic Equipment, Instruments & Components | 7.2% |
| Banks | 12.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Moog, Inc., Class A | 2.1% |
| Bel Fuse, Inc., Class B | 1.9% |
| TTM Technologies, Inc. | 1.8% |
| Popular, Inc. | 1.8% |
| Kodiak Gas Services, Inc. | 1.8% |
| Ameris Bancorp | 1.6% |
| Viper Energy, Inc., Class A | 1.6% |
| Array Digital Infrastructure, Inc. | 1.6% |
| Garrett Motion, Inc. | 1.5% |
| TD SYNNEX Corp. | 1.5% |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

Class N

LSCNX

![Image](g121806g66m34.jpg)

#### Loomis Sayles Small Cap Value Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTSCV88N-0326

# Institutional Class

# LSSCX

# Loomis Sayles Small Cap Value Fund
![Image](g121806g48z17.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Small Cap Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Institutional Class | $46 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $325598965 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 101 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $1133958 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g61r12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 45.9% |
| Short-Term Investments | 3.0% |
| Health Care Providers & Services | 3.4% |
| Oil, Gas & Consumable Fuels | 3.5% |
| Energy Equipment & Services | 4.2% |
| Aerospace & Defense | 4.7% |
| Trading Companies & Distributors | 4.8% |
| Machinery | 5.2% |
| Capital Markets | 5.2% |
| Electronic Equipment, Instruments & Components | 7.2% |
| Banks | 12.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Moog, Inc., Class A | 2.1% |
| Bel Fuse, Inc., Class B | 1.9% |
| TTM Technologies, Inc. | 1.8% |
| Popular, Inc. | 1.8% |
| Kodiak Gas Services, Inc. | 1.8% |
| Ameris Bancorp | 1.6% |
| Viper Energy, Inc., Class A | 1.6% |
| Array Digital Infrastructure, Inc. | 1.6% |
| Garrett Motion, Inc. | 1.5% |
| TD SYNNEX Corp. | 1.5% |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

Institutional Class

LSSCX

![Image](g121806g66m34.jpg)

#### Loomis Sayles Small Cap Value Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTSCV88I-0326

# Retail Class

# LSCRX

# Loomis Sayles Small Cap Value Fund
![Image](g121806g48z17.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Small Cap Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Retail Class | $58 | 1.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $325598965 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 101 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $1133958 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g61r12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 45.9% |
| Short-Term Investments | 3.0% |
| Health Care Providers & Services | 3.4% |
| Oil, Gas & Consumable Fuels | 3.5% |
| Energy Equipment & Services | 4.2% |
| Aerospace & Defense | 4.7% |
| Trading Companies & Distributors | 4.8% |
| Machinery | 5.2% |
| Capital Markets | 5.2% |
| Electronic Equipment, Instruments & Components | 7.2% |
| Banks | 12.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Moog, Inc., Class A | 2.1% |
| Bel Fuse, Inc., Class B | 1.9% |
| TTM Technologies, Inc. | 1.8% |
| Popular, Inc. | 1.8% |
| Kodiak Gas Services, Inc. | 1.8% |
| Ameris Bancorp | 1.6% |
| Viper Energy, Inc., Class A | 1.6% |
| Array Digital Infrastructure, Inc. | 1.6% |
| Garrett Motion, Inc. | 1.5% |
| TD SYNNEX Corp. | 1.5% |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

Retail Class

LSCRX

![Image](g121806g66m34.jpg)

#### Loomis Sayles Small Cap Value Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTSCV88R-0326

# Admin Class

# LSVAX

# Loomis Sayles Small Cap Value Fund
![Image](g121806g48z17.jpg)

## Semi-annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about Loomis Sayles Small Cap Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

## **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Admin Class | $71 | 1.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $325598965 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 101 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $1133958 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121806g61r12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 45.9% |
| Short-Term Investments | 3.0% |
| Health Care Providers & Services | 3.4% |
| Oil, Gas & Consumable Fuels | 3.5% |
| Energy Equipment & Services | 4.2% |
| Aerospace & Defense | 4.7% |
| Trading Companies & Distributors | 4.8% |
| Machinery | 5.2% |
| Capital Markets | 5.2% |
| Electronic Equipment, Instruments & Components | 7.2% |
| Banks | 12.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Moog, Inc., Class A | 2.1% |
| Bel Fuse, Inc., Class B | 1.9% |
| TTM Technologies, Inc. | 1.8% |
| Popular, Inc. | 1.8% |
| Kodiak Gas Services, Inc. | 1.8% |
| Ameris Bancorp | 1.6% |
| Viper Energy, Inc., Class A | 1.6% |
| Array Digital Infrastructure, Inc. | 1.6% |
| Garrett Motion, Inc. | 1.5% |
| TD SYNNEX Corp. | 1.5% |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121806g74e25.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments. Effective after the close of business on June 5, 2026, the Fund's telephone number will be 800-225-5478.

Admin Class

LSVAX

![Image](g121806g66m34.jpg)

#### Loomis Sayles Small Cap Value Fund

#### Semi-annual Shareholder Report

#### March 31, 2026

#### M-LSTSCV88A-0326

------

(b) Not applicable.

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Schedule of Investments.
The Schedule of Investments are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
The Registrant's Semi-annual Financial Statements and Other Important Information are as follows:

------

![](g121806img0f522bce1.gif)

![](g121806img94db15b32.gif)

---

| |
|:---|
| Loomis Sayles Fixed Income Fund |
| Loomis Sayles Global Bond Fund |
| Loomis Sayles Inflation Protected Securities Fund |
| Loomis Sayles Institutional High Income Fund |

---

Semi-annual Financial Statements and Other Important Information

March 31, 2026

**Table of Contents** 

---

| | |
|:---|:---|
| [Portfolio of Investments (Form](#xx_1e173e04-e650-46b7-bd2a-265af271ff2d_SOI1-Continued-286_1)<br> [N-CSR Item 6)](#xx_1e173e04-e650-46b7-bd2a-265af271ff2d_SOI1-Continued-286_1)<br>| 1 |
| [Financial Statements (Form N-CSR](#xx_1e173e04-e650-46b7-bd2a-265af271ff2d_FS-Continued-286_1)<br> [Item 7)](#xx_1e173e04-e650-46b7-bd2a-265af271ff2d_FS-Continued-286_1)<br>| 44 |
| [Notes to Financial Statements (Form](#xx_1e173e04-e650-46b7-bd2a-265af271ff2d_NTF-Continued-286_1)<br> [N-CSR Item 7)](#xx_1e173e04-e650-46b7-bd2a-265af271ff2d_NTF-Continued-286_1)<br>| 59 |
| [Trustees Fees and Expenses (Form](#xx_1e173e04-e650-46b7-bd2a-265af271ff2d_NTF-Continued-286_16)<br> [N-CSR Item 10)](#xx_1e173e04-e650-46b7-bd2a-265af271ff2d_NTF-Continued-286_16)<br>| 74 |

---

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 89.0% of Net Assets** | **Bonds and Notes — 89.0% of Net Assets** | **Bonds and Notes — 89.0% of Net Assets** |
| **Non-Convertible Bonds — 86.8%** | **Non-Convertible Bonds — 86.8%** | **Non-Convertible Bonds — 86.8%** |
|  | **ABS Car Loan — 3.0%** | **ABS Car Loan — 3.0%** |
| $500000 | American Credit Acceptance Receivables <br> Trust, Series 2023-4, Class D, <br> 7.650%, 9/12/2030(a)<br>| $513958 |
| 200000 | American Credit Acceptance Receivables <br> Trust, Series 2024-4, Class D, <br> 5.340%, 8/12/2031(a)<br>| 201106 |
| 200000 | American Credit Acceptance Receivables <br> Trust, Series 2025-1, Class D, <br> 5.540%, 8/12/2031(a)<br>| 201747 |
| 250000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-5A, Class D, <br> 7.350%, 4/20/2028(a)<br>| 253097 |
| 125000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-8A, Class C, <br> 7.340%, 2/20/2030(a)<br>| 130386 |
| 100000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-1A, Class C, <br> 6.480%, 6/20/2030(a)<br>| 102547 |
| 985000 | Bridgecrest Lending Auto Securitization <br> Trust, Series 2023-1, Class D, <br> 7.840%, 8/15/2029<br>| 1026228 |
| 705000 | Bridgecrest Lending Auto Securitization <br> Trust, Series 2024-2, Class D, <br> 6.300%, 2/15/2030<br>| 721709 |
| 100000 | CarMax Auto Owner Trust, Series 2022-1, <br> Class D, 2.470%, 7/17/2028<br>| 99901 |
| 200000 | CarMax Auto Owner Trust, Series 2023-4, <br> Class D, 7.160%, 4/15/2030<br>| 206616 |
| 100000 | CarMax Auto Owner Trust, Series 2024-1, <br> Class D, 6.000%, 7/15/2030<br>| 101297 |
| 260000 | Carvana Auto Receivables Trust, <br> Series 2023-N1, Class D, <br> 6.690%, 7/10/2029(a)<br>| 264503 |
| 100000 | Carvana Auto Receivables Trust, <br> Series 2023-N4, Class D, <br> 7.220%, 2/11/2030(a)<br>| 103571 |
| 100000 | Carvana Auto Receivables Trust, <br> Series 2024-N1, Class D, <br> 6.300%, 5/10/2030(a)<br>| 101949 |
| 300000 | Carvana Auto Receivables Trust, <br> Series 2024-N3, Class D, <br> 5.380%, 12/10/2030(a)<br>| 299928 |
| 165000 | Credit Acceptance Auto Loan Trust, <br> Series 2024-1A, Class C, <br> 6.710%, 7/17/2034(a)<br>| 168056 |
| 220000 | Credit Acceptance Auto Loan Trust, <br> Series 2024-2A, Class C, <br> 6.700%, 10/16/2034(a)<br>| 226992 |
| 200000 | Credit Acceptance Auto Loan Trust, <br> Series 2024-3A, Class C, <br> 5.390%, 1/16/2035(a)<br>| 201271 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $200000 | Credit Acceptance Auto Loan Trust, <br> Series 2025-2A, Class C, <br> 5.380%, 3/17/2036(a)<br>| $201158 |
| 385000 | DT Auto Owner Trust, Series 2023-3A, <br> Class D, 7.120%, 5/15/2029(a)<br>| 395043 |
| 335000 | Exeter Automobile Receivables Trust, <br> Series 2023-2A, Class D, <br> 6.320%, 8/15/2029<br>| 340384 |
| 160000 | Exeter Automobile Receivables Trust, <br> Series 2023-3A, Class D, <br> 6.680%, 4/16/2029<br>| 162957 |
| 680000 | Exeter Automobile Receivables Trust, <br> Series 2023-5A, Class D, <br> 7.130%, 2/15/2030<br>| 697231 |
| 300000 | Exeter Automobile Receivables Trust, <br> Series 2024-5A, Class D, <br> 5.060%, 2/18/2031<br>| 298772 |
| 485000 | Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D, <br> 5.490%, 5/15/2031<br>| 489059 |
| 441877 | FHF Issuer Trust, Series 2025-1A, Class A2, <br> 4.920%, 2/15/2031(a)<br>| 441684 |
| 815000 | FHF Issuer Trust, Series 2025-2A, Class A2, <br> 5.750%, 5/15/2030(a)<br>| 814882 |
| 215000 | First Investors Auto Owner Trust, <br> Series 2022-2A, Class D, <br> 8.710%, 10/16/2028(a)<br>| 219741 |
| 300000 | First Investors Auto Owner Trust, <br> Series 2025-1A, Class D, <br> 5.220%, 12/15/2033(a)<br>| 300709 |
| 225588 | Flagship Credit Auto Trust, Series 2021-2, <br> Class D, 1.590%, 6/15/2027(a)<br>| 224055 |
| 15000 | Flagship Credit Auto Trust, Series 2023-3, <br> Class C, 6.010%, 7/16/2029(a)<br>| 15130 |
| 200000 | Ford Credit Auto Lease Trust, <br> Series 2023-B, Class D, 6.970%, 6/15/2028<br>| 200141 |
| 255000 | GLS Auto Receivables Issuer Trust, <br> Series 2023-2A, Class D, <br> 6.310%, 3/15/2029(a)<br>| 259229 |
| 305000 | GLS Auto Receivables Issuer Trust, <br> Series 2023-4A, Class D, <br> 7.180%, 8/15/2029(a)<br>| 313748 |
| 200000 | GLS Auto Receivables Issuer Trust, <br> Series 2024-1A, Class D, <br> 5.950%, 12/17/2029(a)<br>| 203544 |
| 215000 | GLS Auto Receivables Issuer Trust, <br> Series 2024-2A, Class D, <br> 6.190%, 2/15/2030(a)<br>| 219638 |
| 75000 | GLS Auto Select Receivables Trust, <br> Series 2024-2A, Class C, <br> 5.930%, 6/17/2030(a)<br>| 76826 |
| 127500 | Hertz Vehicle Financing III LLC, <br> Series 2023-1A, Class 1D, <br> 9.130%, 6/25/2027(a)<br>| 128089 |

---

See accompanying notes to financial statements.

1 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $135000 | LAD Auto Receivables Trust, <br> Series 2023-4A, Class C, <br> 6.760%, 3/15/2029(a)<br>| $138002 |
| 75000 | LAD Auto Receivables Trust, <br> Series 2023-4A, Class D, <br> 7.370%, 4/15/2031(a)<br>| 77620 |
| 100000 | LAD Auto Receivables Trust, <br> Series 2024-1A, Class B, <br> 5.330%, 2/15/2029(a)<br>| 100932 |
| 100000 | LAD Auto Receivables Trust, <br> Series 2024-3A, Class C, <br> 4.930%, 3/15/2030(a)<br>| 100651 |
| 100000 | LAD Auto Receivables Trust, <br> Series 2024-3A, Class D, <br> 5.180%, 2/17/2032(a)<br>| 100280 |
| 206591 | Merchants Fleet Funding LLC, <br> Series 2023-1A, Class A, <br> 7.210%, 5/20/2036(a)<br>| 207094 |
| 250000 | Merchants Fleet Funding LLC, <br> Series 2023-1A, Class D, <br> 8.200%, 5/20/2036(a)<br>| 251968 |
| 635000 | Prestige Auto Receivables Trust, <br> Series 2022-1A, Class D, <br> 8.080%, 8/15/2028(a)<br>| 639794 |
| 100000 | Prestige Auto Receivables Trust, <br> Series 2023-2A, Class D, <br> 7.710%, 8/15/2029(a)<br>| 101251 |
| 345000 | Red Oak Funding Master Trust, <br> Series 2025-1A, Class A, 30 day USD SOFR <br> Average + 2.000%, <br> 5.673%, 12/20/2030(a)(b)<br>| 345399 |
| 100000 | Veros Auto Receivables Trust, Series 2026-1, <br> Class D, 5.660%, 7/15/2031(a)<br>| 99778 |
| 100000 | VStrong Auto Receivables Trust, <br> Series 2024-A, Class D, <br> 7.290%, 7/15/2030(a)<br>| 102859 |
| 200000 | Westlake Automobile Receivables Trust, <br> Series 2023-1A, Class D, <br> 6.790%, 11/15/2028(a)<br>| 203201 |
| 640000 | Westlake Automobile Receivables Trust, <br> Series 2023-4A, Class D, <br> 7.190%, 7/16/2029(a)<br>| 657373 |
| 100000 | Westlake Automobile Receivables Trust, <br> Series 2024-2A, Class D, <br> 5.910%, 4/15/2030(a)<br>| 101996 |
| 200000 | Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class D, <br> 5.540%, 11/15/2030(a)<br>| 201583 |
|  |  | 14356663 |
|  | **ABS Credit Card — 0.5%** | **ABS Credit Card — 0.5%** |
| 670000 | Mercury Financial Credit Card Master <br> Trust, Series 2024-2A, Class A, <br> 6.560%, 7/20/2029(a)<br>| 670486 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Credit Card — continued** | **ABS Credit Card — continued** |
| $275000 | Mercury Financial Credit Card Master <br> Trust, Series 2025-1A, Class B, <br> 6.160%, 12/22/2031(a)<br>| $270498 |
| 385000 | Mission Lane Credit Card Master Trust, <br> Series 2024-A, Class B, <br> 6.590%, 8/15/2029(a)<br>| 386089 |
| 485000 | Mission Lane Credit Card Master Trust, <br> Series 2024-B, Class A, <br> 5.880%, 1/15/2030(a)<br>| 485787 |
| 385000 | Mission Lane Credit Card Master Trust, <br> Series 2025-A, Class A, <br> 5.800%, 5/15/2030(a)<br>| 387147 |
|  |  | 2200007 |
|  | **ABS Home Equity — 2.8%** | **ABS Home Equity — 2.8%** |
| 257106 | ATLX Trust, Series 2024-RPL2, Class A1, <br> 3.850%, 4/25/2063(a)(b)<br>| 249556 |
| 830000 | CAFL Issuer LLC, Series 2026-R1, <br> Class A1, 6.773%, 3/25/2036(a)(b)<br>| 829055 |
| 385000 | Cardinal Mortgage Trust, <br> Series 2025-RTL1, Class A1, <br> 5.593%, 11/25/2030(a)(b)<br>| 385594 |
| 150000 | CoreVest American Finance Ltd., <br> Series 2021-3, Class D, <br> 3.469%, 10/15/2054(a)<br>| 134816 |
| 210000 | CoreVest American Finance Trust, <br> Series 2021-1, Class C, <br> 2.800%, 4/15/2053(a)<br>| 187039 |
| 909405 | Credit Suisse Mortgage Trust, <br> Series 2021-RPL4, Class A1, <br> 4.152%, 12/27/2060(a)(b)<br>| 906208 |
| 675000 | FirstKey Homes Trust, Series 2021-SFR1, <br> Class E1, 2.389%, 8/17/2038(a)<br>| 667372 |
| 315000 | FirstKey Homes Trust, Series 2021-SFR2, <br> Class E1, 2.258%, 9/17/2038(a)<br>| 310778 |
| 205000 | FirstKey Homes Trust, Series 2021-SFR2, <br> Class E2, 2.358%, 9/17/2038(a)<br>| 202246 |
| 122899 | GCAT Trust, Series 2019-RPL1, Class A1, <br> 2.650%, 10/25/2068(a)(b)<br>| 120023 |
| 81055 | Home Partners of America Trust, <br> Series 2021-1, Class E, <br> 2.577%, 9/17/2041(a)<br>| 73333 |
| 796256 | Home Partners of America Trust, <br> Series 2021-2, Class E1, <br> 2.852%, 12/17/2026(a)<br>| 782052 |
| 412518 | Home Partners of America Trust, <br> Series 2021-2, Class E2, <br> 2.952%, 12/17/2026(a)<br>| 405287 |
| 1215000 | Legacy Mortgage Asset Trust, <br> Series 2020-RPL1, Class A2, <br> 3.250%, 9/25/2059(a)(b)<br>| 1094770 |
| 408944 | Legacy Mortgage Asset Trust, <br> Series 2021-GS2, Class A1, <br> 5.750%, 4/25/2061(a)(b)<br>| 409658 |

---

See accompanying notes to financial statements.

\| 2

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $115000 | Mill City Mortgage Loan Trust, <br> Series 2019-GS1, Class M2, <br> 3.250%, 7/25/2059(a)(b)<br>| $104811 |
| 580000 | New Residential Mortgage Loan Trust, <br> Series 2024-RTL1, Class A1, <br> 6.664%, 3/25/2039(a)(b)<br>| 580483 |
| 665000 | NYMT Loan Trust, Series 2024-BPL2, <br> Class A1, 6.509%, 5/25/2039(a)(b)<br>| 667741 |
| 259338 | NYMT Loan Trust, Series 2024-BPL3, <br> Class A1, 5.268%, 9/25/2039(a)(b)<br>| 259286 |
| 239569 | NYMT Loan Trust, Series 2024-CP1, <br> Class A1, 3.750%, 2/25/2068(a)(b)<br>| 221613 |
| 240000 | Progress Residential Trust, <br> Series 2021-SFR3, Class E1, <br> 2.538%, 5/17/2026(a)<br>| 239040 |
| 200000 | Progress Residential Trust, <br> Series 2021-SFR3, Class E2, <br> 2.688%, 5/17/2026(a)<br>| 199199 |
| 295000 | Progress Residential Trust, <br> Series 2021-SFR5, Class E1, <br> 2.209%, 7/17/2038(a)<br>| 292651 |
| 100000 | Progress Residential Trust, <br> Series 2021-SFR5, Class E2, <br> 2.359%, 7/17/2038(a)<br>| 99212 |
| 340000 | Progress Residential Trust, <br> Series 2021-SFR7, Class E1, <br> 2.591%, 8/17/2040(a)<br>| 317478 |
| 100000 | Progress Residential Trust, <br> Series 2021-SFR7, Class E2, <br> 2.640%, 8/17/2040(a)<br>| 93630 |
| 198283 | PRPM LLC, Series 2024-7, Class A1, <br> 5.870%, 11/25/2029(a)(b)<br>| 198355 |
| 90265 | PRPM LLC, Series 2025-2, Class A1, <br> 6.469%, 5/25/2030(a)(b)<br>| 90052 |
| 453215 | PRPM LLC, Series 2025-8, Class A1, <br> 5.385%, 10/25/2030(a)(b)<br>| 451169 |
| 348072 | PRPM LLC, Series 2026-1, Class A1, <br> 5.185%, 2/25/2031(a)(b)<br>| 344397 |
| 367407 | PRPM LLC, Series 2026-2, Class A1, <br> 5.089%, 2/25/2031(a)(b)<br>| 366239 |
| 730000 | Roc Mortgage Trust, Series 2024-RTL1, <br> Class A1, 5.589%, 10/25/2039(a)(b)<br>| 731016 |
| 102006 | Toorak Mortgage Trust, <br> Series 2024-RRTL1, Class A1, <br> 6.597%, 2/25/2039(a)(b)<br>| 102073 |
| 765000 | TVC Mortgage Trust, Series 2024-RRTL1, <br> Class A1, 5.545%, 7/25/2039(a)(b)<br>| 766577 |
| 100000 | TVC Mortgage Trust, Series 2026-RRTL1, <br> Class A2, 5.315%, 2/25/2041(a)(b)<br>| 99285 |
|  |  | 12982094 |
|  | **ABS Other — 5.8%** | **ABS Other — 5.8%** |
| 934021 | AASET Ltd., Series 2024-2A, Class A, <br> 5.930%, 9/16/2049(a)<br>| 940901 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $125000 | Affirm Asset Securitization Trust, <br> Series 2024-X2, Class D, <br> 6.080%, 12/17/2029(a)<br>| $125332 |
| 444327 | ALTDE Trust, Series 2025-1A, Class A, <br> 5.900%, 8/15/2050(a)<br>| 446976 |
| 1510000 | Applebee's Funding LLC/IHOP <br> Funding LLC, Series 2025-1A, Class A2, <br> 6.720%, 6/07/2055(a)<br>| 1510336 |
| 72994 | Aqua Finance Trust, Series 2019-A, Class C, <br> 4.010%, 7/16/2040(a)<br>| 71443 |
| 249631 | BHG Securitization Trust, Series 2023-B, <br> Class B, 7.450%, 12/17/2036(a)<br>| 259788 |
| 112551 | BHG Securitization Trust, <br> Series 2024-1CON, Class B, <br> 6.490%, 4/17/2035(a)<br>| 115269 |
| 87674 | BHG Securitization Trust, <br> Series 2024-1CON, Class C, <br> 6.860%, 4/17/2035(a)<br>| 89140 |
| 105206 | BHG Securitization Trust, <br> Series 2025-1CON, Class B, <br> 5.260%, 4/17/2036(a)<br>| 105753 |
| 494381 | CAL Funding IV Ltd., Series 2020-1A, <br> Class A, 2.220%, 9/25/2045(a)<br>| 474392 |
| 208094 | Castlelake Aircraft Securitization Trust, <br> Series 2018-1, Class B, <br> 5.300%, 6/15/2043(a)<br>| 203937 |
| 64315 | Castlelake Aircraft Structured Trust, <br> Series 2019-1A, Class A, <br> 3.967%, 4/15/2039(a)<br>| 63674 |
| 451131 | CLI Funding VIII LLC, Series 2025-R, <br> Class A, 6.610%, 6/21/2050(a)<br>| 447021 |
| 999988 | CLIF Holdings LLC, Series 2025-1H, <br> Class A, 6.720%, 12/20/2050(a)<br>| 992352 |
| 420000 | Compass Datacenters Issuer II LLC, <br> Series 2025-1A, Class A1, <br> 5.316%, 5/25/2050(a)<br>| 417397 |
| 430000 | Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2, <br> 5.656%, 2/25/2050(a)<br>| 432119 |
| 75000 | Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A3, <br> 5.852%, 2/25/2050(a)<br>| 75171 |
| 225000 | CyrusOne Data Centers Issuer I LLC, <br> Series 2024-3A, Class A2, <br> 4.650%, 5/20/2049(a)<br>| 213696 |
| 740000 | DataBank Issuer II LLC, Series 2025-1A, <br> Class A2, 5.180%, 9/27/2055(a)<br>| 717809 |
| 264716 | EverBright Solar Trust, Series 2024-A, <br> Class A, 6.430%, 6/22/2054(a)<br>| 223420 |
| 92157 | Foundation Finance Trust, Series 2023-2A, <br> Class B, 6.970%, 6/15/2049(a)<br>| 95630 |
| 79200 | Foundation Finance Trust, Series 2024-2A, <br> Class D, 6.590%, 3/15/2050(a)<br>| 80655 |
| 402076 | Foundation Finance Trust, Series 2025-1A, <br> Class B, 5.260%, 4/15/2050(a)<br>| 403160 |

---

See accompanying notes to financial statements.

3 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $289133 | Foundation Finance Trust, Series 2025-1A, <br> Class D, 6.090%, 4/15/2050(a)<br>| $287990 |
| 689497 | GGAM Master Trust International Ltd., <br> Series 2025-1A, Class A, <br> 5.923%, 9/30/2060(a)<br>| 687013 |
| 745152 | Global SC Finance X Ltd., Series 2025-1H, <br> Class A, 6.169%, 9/20/2045(a)<br>| 741365 |
| 125939 | GoodLeap Home Improvement Solutions <br> Trust, Series 2024-1A, Class A, <br> 5.350%, 10/20/2046(a)<br>| 126931 |
| 18954 | Hilton Grand Vacations Trust, <br> Series 2024-1B, Class C, <br> 6.620%, 9/15/2039(a)<br>| 19317 |
| 37862 | HINNT LLC, Series 2024-A, Class A, <br> 5.490%, 3/15/2043(a)<br>| 38170 |
| 115000 | HPEFS Equipment Trust, Series 2023-2A, <br> Class D, 6.970%, 7/21/2031(a)<br>| 115794 |
| 100000 | Island Finance Trust, Series 2025-1A, <br> Class A, 6.540%, 3/19/2035(a)<br>| 100669 |
| 170755 | Jack in the Box Funding LLC, <br> Series 2019-1A, Class A2II, <br> 4.476%, 8/25/2049(a)<br>| 169670 |
| 459512 | JOL Air Ltd., Series 2019-1, Class A, <br> 3.967%, 4/15/2044(a)<br>| 458869 |
| 120000 | Kapitus Asset Securitization IV LLC, <br> Series 2024-1A, Class 1A, <br> 5.490%, 9/10/2031(a)<br>| 120193 |
| 355000 | Kapitus Asset Securitization IV LLC, <br> Series 2024-1A, Class A, <br> 5.490%, 9/10/2031(a)<br>| 355570 |
| 80000 | Kinetic ABS Issuer LLC, Series 2026-1A, <br> Class A2, 5.219%, 2/25/2056(a)<br>| 79772 |
| 59419 | Labrador Aviation Finance Ltd., <br> Series 2016-1A, Class A1, <br> 4.300%, 1/15/2042(a)<br>| 60945 |
| 540000 | Lightpath Fiber Issuer LLC, Series 2026-1A, <br> Class A2, 5.597%, 3/25/2056(a)<br>| 538503 |
| 357735 | MAPS Trust, Series 2021-1A, Class A, <br> 2.521%, 6/15/2046(a)<br>| 343922 |
| 100000 | Mariner Finance Issuance Trust, <br> Series 2024-AA, Class D, <br> 6.770%, 9/22/2036(a)<br>| 101637 |
| 380000 | Marlette Funding Trust, Series 2023-4A, <br> Class B, 8.150%, 12/15/2033(a)<br>| 388761 |
| 42014 | Marlette Funding Trust, Series 2024-1A, <br> Class B, 6.070%, 7/17/2034(a)<br>| 42119 |
| 385000 | Marlette Funding Trust, Series 2024-1A, <br> Class D, 6.930%, 7/17/2034(a)<br>| 391635 |
| 770387 | MAST Ltd., Series 2026-1A, Class A, <br> 5.134%, 2/15/2051(a)<br>| 757270 |
| 72121 | Mosaic Solar Loan Trust, Series 2022-3A, <br> Class A, 6.100%, 6/20/2053(a)<br>| 70440 |
| 145000 | NFAS3 LLC, Series 2025-1, Class A, <br> 6.351%, 5/15/2031(a)<br>| 145618 |
| 240000 | Octane Receivables Trust, Series 2025-1A, <br> Class D, 5.400%, 12/22/2031(a)<br>| 239001 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $345000 | OneMain Financial Issuance Trust, <br> Series 2021-1A, Class D, <br> 2.470%, 6/16/2036(a)<br>| $324562 |
| 380000 | OneMain Financial Issuance Trust, <br> Series 2022-S1, Class D, <br> 5.200%, 5/14/2035(a)<br>| 380511 |
| 518388 | OWN Equipment Fund I LLC, <br> Series 2024-2M, Class A, <br> 5.700%, 12/20/2032(a)<br>| 521503 |
| 286316 | OWN Equipment Fund II LLC, <br> Series 2025-1M, Class A, <br> 5.480%, 9/26/2033(a)<br>| 285898 |
| 685132 | OWN Equipment Fund III LLC, <br> Series 2025-2M, Class A, <br> 5.420%, 3/27/2034(a)<br>| 682478 |
| 165543 | PK ALIFT Loan Funding 3 LP, <br> Series 2024-1, Class A1, <br> 5.842%, 9/15/2039(a)<br>| 168343 |
| 310000 | Planet Fitness Master Issuer LLC, <br> Series 2025-1A, Class A2I, <br> 5.274%, 12/06/2055(a)<br>| 309889 |
| 230000 | QTS Issuer ABS II LLC, Series 2025-1A, <br> Class B, 5.778%, 10/05/2055(a)<br>| 222467 |
| 100000 | QTS Issuer ABS II LLC, Series 2026-1A, <br> Class B, 6.729%, 1/05/2056(a)<br>| 98971 |
| 115000 | Reach ABS Trust, Series 2025-1A, Class C, <br> 5.990%, 8/16/2032(a)<br>| 116365 |
| 190000 | Regional Management Issuance Trust, <br> Series 2025-2, Class D, <br> 6.010%, 11/16/2037(a)<br>| 186980 |
| 325000 | Republic Finance Issuance Trust, <br> Series 2024-A, Class A, <br> 5.910%, 8/20/2032(a)<br>| 326215 |
| 175000 | Republic Finance Issuance Trust, <br> Series 2024-B, Class A, <br> 5.420%, 11/20/2037(a)<br>| 176727 |
| 340000 | Republic Finance Issuance Trust, <br> Series 2024-B, Class C, <br> 6.600%, 11/20/2037(a)<br>| 345582 |
| 100000 | SCF Equipment Leasing LLC, <br> Series 2024-1A, Class C, <br> 5.820%, 9/20/2032(a)<br>| 102374 |
| 100000 | SCF Equipment Leasing LLC, <br> Series 2024-1A, Class D, <br> 6.580%, 6/21/2033(a)<br>| 103809 |
| 435000 | SEB Funding LLC, Series 2024-1A, <br> Class A2, 7.386%, 4/30/2054(a)<br>| 442730 |
| 1150000 | SF ABS Issuer LLC, Series 2025-1A, <br> Class A2, 5.377%, 11/25/2055(a)<br>| 1125360 |
| 595000 | Shentel Issuer LLC, Series 2025-1A, <br> Class A2, 5.640%, 12/20/2055(a)<br>| 599502 |
| 115932 | Shenton Aircraft Investment I Ltd., <br> Series 2015-1A, Class A, <br> 4.750%, 10/15/2042(a)<br>| 115932 |

---

See accompanying notes to financial statements.

\| 4

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $29024 | Sierra Timeshare Receivables Funding LLC, <br> Series 2023-2A, Class C, <br> 7.300%, 4/20/2040(a)<br>| $29859 |
| 86767 | Sierra Timeshare Receivables Funding LLC, <br> Series 2023-3A, Class C, <br> 7.120%, 9/20/2040(a)<br>| 89081 |
| 76303 | Sierra Timeshare Receivables Funding LLC, <br> Series 2025-3A, Class C, <br> 4.980%, 8/22/2044(a)<br>| 75563 |
| 532639 | Slam Ltd., Series 2024-1A, Class A, <br> 5.335%, 9/15/2049(a)<br>| 530597 |
| 60705 | Stream Innovations Issuer Trust, <br> Series 2024-1A, Class A, <br> 6.270%, 7/15/2044(a)<br>| 62489 |
| 208126 | Stream Innovations Issuer Trust, <br> Series 2024-2A, Class A, <br> 5.210%, 2/15/2045(a)<br>| 209457 |
| 69779 | Sunnova Helios II Issuer LLC, <br> Series 2019-AA, Class A, <br> 3.750%, 6/20/2046(a)<br>| 63932 |
| 298021 | Sunnova Helios V Issuer LLC, <br> Series 2021-A, Class B, <br> 3.150%, 2/20/2048(a)<br>| 152175 |
| 547826 | Sunnova Helios XIII Issuer LLC, <br> Series 2024-A, Class A, <br> 5.300%, 2/20/2051(a)<br>| 469837 |
| 162761 | Sunrun Atlas Issuer LLC, Series 2019-2, <br> Class A, 3.610%, 2/01/2055(a)<br>| 157016 |
| 77711 | Sunrun Demeter Issuer LLC, <br> Series 2021-2A, Class A, <br> 2.270%, 1/30/2057(a)<br>| 70534 |
| 206640 | Thrust Engine Leasing DAC, <br> Series 2021-1A, Class A, <br> 4.163%, 7/15/2040(a)<br>| 204373 |
| 665823 | TMCL VII Holdings Ltd., Series 2025-1H, <br> Class A, 6.430%, 7/23/2050(a)<br>| 664902 |
| 995000 | Trafigura Securitisation Finance PLC, <br> Series 2024-1A, Class A1, 1 day USD SOFR <br> + 1.400%, 5.041%, 11/15/2027(a)(b)<br>| 994585 |
| 200000 | Trafigura Securitisation Finance PLC, <br> Series 2024-1A, Class B, <br> 7.290%, 11/15/2027(a)<br>| 200014 |
| 248572 | Vivint Solar Financing V LLC, <br> Series 2018-1A, Class A, <br> 4.730%, 4/30/2048(a)<br>| 241580 |
| 250251 | Volofin Finance DAC, Series 2024-1A, <br> Class A, 5.935%, 6/15/2037(a)<br>| 252070 |
| 982136 | Willis Engine Structured Trust VI, <br> Series 2021-A, Class A, <br> 3.104%, 5/15/2046(a)<br>| 925015 |
| 251196 | Willis Engine Structured Trust VII, <br> Series 2023-A, Class A, <br> 8.000%, 10/15/2048(a)<br>| 256113 |
|  |  | 27171935 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Residential Mortgage — 1.6%** | **ABS Residential Mortgage — 1.6%** |
| $435460 | GITSIT Mortgage Loan Trust, <br> Series 2025-NPL1, Class A1, <br> 6.276%, 2/25/2055(a)(b)<br>| $435736 |
| 675396 | GITSIT Mortgage Loan Trust, <br> Series 2025-NPL2, Class A1, <br> 5.425%, 12/25/2055(a)(b)<br>| 671759 |
| 418049 | MFA Trust, Series 2024-NPL1, Class A1, <br> 6.330%, 9/25/2054(a)(b)<br>| 418564 |
| 314679 | Pretium Mortgage Credit Partners LLC, <br> Series 2025-NPL3, Class A1, <br> 6.708%, 4/25/2055(a)(b)<br>| 314978 |
| 278700 | Pretium Mortgage Credit Partners LLC, <br> Series 2025-NPL6, Class A1, <br> 5.744%, 6/25/2055(a)(b)<br>| 279128 |
| 722400 | Pretium Mortgage Credit Partners LLC, <br> Series 2025-NPL8, Class A1, <br> 5.732%, 8/25/2055(a)(b)<br>| 723924 |
| 97454 | Pretium Mortgage Credit Partners LLC, <br> Series 2026-NPL1, Class A1, <br> 5.180%, 1/25/2056(a)(b)<br>| 96665 |
| 449496 | Pretium Mortgage Credit Partners LLC, <br> Series 2026-NPL2, Class A1, <br> 5.151%, 2/25/2056(a)(b)<br>| 445958 |
| 470000 | Pretium Mortgage Credit Partners LLC, <br> Series 2026-NPL4, Class A1, <br> 5.510%, 4/25/2056(a)(b)<br>| 470023 |
| 806127 | RCO IX Mortgage LLC, Series 2025-2, <br> Class A1, 6.513%, 4/25/2030(a)(b)<br>| 807210 |
| 811060 | RCO IX Mortgage LLC, Series 2025-4, <br> Class A1, 5.310%, 10/25/2030(a)(b)<br>| 810426 |
| 391446 | RCO VIII Mortgage LLC, Series 2025-3, <br> Class A1, 6.435%, 5/25/2030(a)(b)<br>| 391849 |
| 715000 | RCO X Mortgage LLC, Series 2026-1, <br> Class A1, 5.536%, 3/25/2031(a)(b)<br>| 715044 |
| 552284 | VCAT LLC, Series 2025-NPL3, Class A1, <br> 5.889%, 2/25/2055(a)(b)<br>| 552969 |
| 306535 | VCAT LLC, Series 2026-NPL1, Class A1, <br> 5.101%, 1/25/2056(a)(b)<br>| 304820 |
|  |  | 7439053 |
|  | **ABS Student Loan — 0.7%** | **ABS Student Loan — 0.7%** |
| 146365 | Ascent Education Funding Trust, <br> Series 2024-A, Class A, <br> 6.140%, 10/25/2050(a)<br>| 149332 |
| 863184 | College Ave Student Loans LLC, <br> Series 2024-B, Class A1A, <br> 5.690%, 8/25/2054(a)<br>| 880554 |
| 100000 | College Ave Student Loans LLC, <br> Series 2024-B, Class B, <br> 6.080%, 8/25/2054(a)<br>| 101734 |
| 32513 | Navient Private Education Refi Loan Trust, <br> Series 2020-HA, Class A, <br> 1.310%, 1/15/2069(a)<br>| 30893 |
| 112845 | Navient Private Education Refi Loan Trust, <br> Series 2021-A, Class A, <br> 0.840%, 5/15/2069(a)<br>| 103310 |

---

See accompanying notes to financial statements.

5 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Student Loan — continued** | **ABS Student Loan — continued** |
| $100000 | Navient Private Education Refi Loan Trust, <br> Series 2021-A, Class B, <br> 2.240%, 5/15/2069(a)<br>| $80880 |
| 170000 | Navient Private Education Refi Loan Trust, <br> Series 2021-EA, Class B, <br> 2.030%, 12/16/2069(a)<br>| 123129 |
| 385000 | Navient Private Education Refi Loan Trust, <br> Series 2021-FA, Class B, <br> 2.120%, 2/18/2070(a)<br>| 274515 |
| 265000 | Navient Student Loan Trust, <br> Series 2023-BA, Class B, <br> 7.230%, 3/15/2072(a)<br>| 285365 |
| 230000 | Nelnet Student Loan Trust, Series 2021-BA, <br> Class B, 2.680%, 4/20/2062(a)<br>| 207141 |
| 23966 | SMB Private Education Loan Trust, <br> Series 2020-A, Class A2A, <br> 2.230%, 9/15/2037(a)<br>| 23273 |
| 439030 | SMB Private Education Loan Trust, <br> Series 2021-A, Class A2A2, 1 mo. USD <br> SOFR + 0.844%, 4.517%, 1/15/2053(a)(b)<br>| 435392 |
| 475000 | SMB Private Education Loan Trust, <br> Series 2021-B, Class B, <br> 2.650%, 7/17/2051(a)<br>| 427739 |
|  |  | 3123257 |
|  | **ABS Whole Business — 0.6%** | **ABS Whole Business — 0.6%** |
| 785000 | Applebee's Funding LLC/IHOP <br> Funding LLC, Series 2023-1A, Class A2, <br> 7.824%, 3/05/2053(a)<br>| 791332 |
| 120313 | EWC Master Issuer LLC, Series 2022-1A, <br> Class A2, 5.500%, 3/15/2052(a)<br>| 119384 |
| 244375 | FOCUS Brands Funding, Series 2023-2, <br> Class A2, 8.241%, 10/30/2053(a)<br>| 255816 |
| 318750 | Planet Fitness Master Issuer LLC, <br> Series 2019-1A, Class A2, <br> 3.858%, 12/05/2049(a)<br>| 303544 |
| 96000 | Planet Fitness Master Issuer LLC, <br> Series 2022-1A, Class A2II, <br> 4.008%, 12/05/2051(a)<br>| 89573 |
| 285650 | Planet Fitness Master Issuer LLC, <br> Series 2024-1A, Class A2I, <br> 5.765%, 6/05/2054(a)<br>| 287478 |
| 1022062 | Subway Funding LLC, Series 2024-1A, <br> Class A2I, 6.028%, 7/30/2054(a)<br>| 1028658 |
| 135000 | Wingstop Funding LLC, Series 2024-1A, <br> Class A2, 5.858%, 12/05/2054(a)<br>| 137102 |
|  |  | 3012887 |
|  | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| 177000 | Axon Enterprise, Inc., <br> 6.125%, 3/15/2030(a)<br>| 179929 |
| 97000 | Axon Enterprise, Inc., <br> 6.250%, 3/15/2033(a)<br>| 99012 |
| 789000 | Boeing Co., 3.625%, 2/01/2031 | 750356 |
| 985000 | Boeing Co., 5.150%, 5/01/2030 | 1001489 |
| 896000 | Boeing Co., 5.705%, 5/01/2040 | 897409 |
| 2798000 | Boeing Co., 5.805%, 5/01/2050 | 2704900 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| $55000 | Boeing Co., 5.930%, 5/01/2060 | $52794 |
| 295000 | Boeing Co., 6.528%, 5/01/2034 | 321356 |
| 1786000 | Boeing Co., 6.858%, 5/01/2054 | 1965627 |
| 193000 | Honeywell Aerospace, Inc., <br> 4.950%, 3/16/2036(a)<br>| 191495 |
| 953000 | L3Harris Technologies, Inc., <br> 5.350%, 6/01/2034<br>| 968667 |
| 875000 | L3Harris Technologies, Inc., <br> 5.400%, 7/31/2033<br>| 897744 |
| 12000 | TransDigm, Inc., 6.000%, 1/15/2033(a) | 11993 |
| 435000 | TransDigm, Inc., 6.750%, 8/15/2028(a) | 439968 |
| 12000 | TransDigm, Inc., 6.875%, 12/15/2030(a) | 12296 |
|  |  | 10495035 |
|  | **Agency Commercial Mortgage-Backed** <br> **Securities — 0.0%** | **Agency Commercial Mortgage-Backed** <br> **Securities — 0.0%** |
| 230000 | Arixa Mortgage Trust, Series 2025-RTL1, <br> Class A1, 5.735%, 8/25/2030(a)(b)<br>| 230591 |
|  | **Apartment REITs — 0.1%** | **Apartment REITs — 0.1%** |
| 285000 | Invitation Homes Operating Partnership LP, <br> 4.875%, 2/01/2035,<br>| 271972 |
|  | **Automotive — 0.3%** | **Automotive — 0.3%** |
| 335000 | ZF North America Capital, Inc., <br> 6.750%, 4/23/2030(a)<br>| 324073 |
| 285000 | ZF North America Capital, Inc., <br> 6.875%, 4/14/2028(a)<br>| 287910 |
| 510000 | ZF North America Capital, Inc., <br> 6.875%, 4/23/2032(a)<br>| 484552 |
| 300000 | ZF North America Capital, Inc., <br> 7.125%, 4/14/2030(a)<br>| 296127 |
|  |  | 1392662 |
|  | **Banking — 3.8%** | **Banking — 3.8%** |
| 295000 | CaixaBank SA, (fixed rate to 7/03/2035, <br> variable rate thereafter), <br> 5.581%, 7/03/2036(a)<br>| 296678 |
| 445000 | Capital One Financial Corp., (fixed rate to <br> 9/11/2035, variable rate thereafter), <br> 5.197%, 9/11/2036<br>| 431396 |
| 686000 | Goldman Sachs Group, Inc., (fixed rate to <br> 1/21/2036, variable rate thereafter), <br> 5.065%, 1/21/2037<br>| 670683 |
| 1423000 | Goldman Sachs Group, Inc., (fixed rate to <br> 2/02/2036, variable rate thereafter), <br> 5.387%, 2/02/2041<br>| 1374833 |
| 440000 | JPMorgan Chase & Co., (fixed rate to <br> 1/22/2036, variable rate thereafter), <br> 4.898%, 1/22/2037<br>| 430544 |
| 1590000 | JPMorgan Chase & Co., Series OO, (fixed <br> rate to 4/01/2030, variable rate thereafter), <br> 6.500%(c)<br>| 1631555 |
| 2448000 | Morgan Stanley, (fixed rate to 1/18/2036, <br> variable rate thereafter), 5.314%, 1/18/2041<br>| 2363109 |
| 3541000 | Morgan Stanley, (fixed rate to 1/19/2033, <br> variable rate thereafter), 5.948%, 1/19/2038<br>| 3627441 |

---

See accompanying notes to financial statements.

\| 6

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Banking — continued** | **Banking — continued** |
| $365000 | Morgan Stanley, Series I, (fixed rate to <br> 10/22/2035, variable rate thereafter), <br> 4.892%, 10/22/2036<br>| $352847 |
| 1080000 | Societe Generale SA, (fixed rate to <br> 10/03/2035, variable rate thereafter), <br> 5.439%, 10/03/2036(a)<br>| 1056662 |
| 12000 | Synchrony Financial, 7.250%, 2/02/2033 | 12257 |
| 57000 | Synchrony Financial, (fixed rate to <br> 2/25/2031, variable rate thereafter), <br> 4.947%, 2/25/2032<br>| 55319 |
| 270000 | Synchrony Financial, (fixed rate to <br> 3/06/2030, variable rate thereafter), <br> 5.450%, 3/06/2031<br>| 269776 |
| 161000 | Synchrony Financial, (fixed rate to <br> 7/29/2035, variable rate thereafter), <br> 6.000%, 7/29/2036<br>| 158798 |
| 635000 | Synchrony Financial, (fixed rate to <br> 8/02/2029, variable rate thereafter), <br> 5.935%, 8/02/2030<br>| 645188 |
| 200000 | UBS Group AG, (fixed rate to 11/06/2032, <br> variable rate thereafter), <br> 4.844%, 11/06/2033(a)<br>| 196718 |
| 900000 | UBS Group AG, (fixed rate to 2/08/2034, <br> variable rate thereafter), <br> 5.699%, 2/08/2035(a)<br>| 922606 |
| 710000 | UBS Group AG, (fixed rate to 8/05/2030, <br> variable rate thereafter), 6.600%(a)(c)<br>| 692984 |
| 400000 | UniCredit SpA, (fixed rate to 6/03/2031, <br> variable rate thereafter), <br> 3.127%, 6/03/2032(a)<br>| 367522 |
| 405000 | UniCredit SpA, (fixed rate to 6/19/2027, <br> variable rate thereafter), <br> 5.861%, 6/19/2032(a)<br>| 407754 |
| 200000 | UniCredit SpA, (fixed rate to 6/30/2030, <br> variable rate thereafter), <br> 5.459%, 6/30/2035(a)<br>| 199640 |
| 620000 | Wells Fargo & Co., (fixed rate to 1/23/2036, <br> variable rate thereafter), 4.960%, 1/23/2037<br>| 603968 |
| 1210000 | Wells Fargo & Co., (fixed rate to 9/15/2035, <br> variable rate thereafter), 4.892%, 9/15/2036<br>| 1177217 |
|  |  | 17945495 |
|  | **Brokerage — 1.0%** | **Brokerage — 1.0%** |
| 520000 | BGC Group, Inc., 6.150%, 4/02/2030 | 528889 |
| 1065000 | Blue Owl Finance LLC, 6.250%, 4/18/2034 | 1023872 |
| 200000 | Brookfield Asset Management Ltd., <br> 5.795%, 4/24/2035<br>| 203784 |
| 225000 | Citadel LP, 6.000%, 1/23/2030(a) | 231626 |
| 175000 | Citadel LP, 6.375%, 1/23/2032(a) | 181377 |
| 12000 | Jane Street Group/JSG Finance, Inc., <br> 6.750%, 5/01/2033(a)<br>| 12175 |
| 12000 | Jane Street Group/JSG Finance, Inc., <br> 7.125%, 4/30/2031(a)<br>| 12335 |
| 360000 | Jefferies Financial Group, Inc., <br> 6.200%, 4/14/2034<br>| 367132 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Brokerage — continued** | **Brokerage — continued** |
| $1670000 | Jefferies Financial Group, Inc., <br> 6.250%, 1/15/2036<br>| $1692882 |
| 490000 | Osaic Holdings, Inc., 6.750%, 8/01/2032(a) | 490061 |
|  |  | 4744133 |
|  | **Building Materials — 1.9%** | **Building Materials — 1.9%** |
| 350000 | Amrize Finance U.S. LLC, <br> 5.400%, 4/07/2035<br>| 355911 |
| 2325000 | Cemex SAB de CV, 3.875%, 7/11/2031(a) | 2170321 |
| 1195000 | Cemex SAB de CV, (fixed rate to <br> 6/08/2026, variable rate thereafter), <br> 5.125%(a)(c)<br>| 1190030 |
| 200000 | Cemex SAB de CV, (fixed rate to <br> 6/10/2030, variable rate thereafter), <br> 7.200%(a)(c)<br>| 202500 |
| 1265000 | CRH America Finance, Inc., <br> 5.000%, 2/09/2036<br>| 1241874 |
| 979000 | Eagle Materials, Inc., 5.000%, 3/15/2036 | 937398 |
| 545000 | JH North America Holdings, Inc., <br> 5.875%, 1/31/2031(a)<br>| 540472 |
| 775000 | JH North America Holdings, Inc., <br> 6.125%, 7/31/2032(a)<br>| 771911 |
| 1404000 | Quikrete Holdings, Inc., <br> 6.375%, 3/01/2032(a)<br>| 1423660 |
|  |  | 8834077 |
|  | **Cable Satellite — 4.0%** | **Cable Satellite — 4.0%** |
| 34000 | CCO Holdings LLC/CCO Holdings <br> Capital Corp., 5.000%, 2/01/2028(a)<br>| 33721 |
| 1025000 | Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 3.950%, 6/30/2062<br>| 602248 |
| 70000 | Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.384%, 10/23/2035<br>| 71084 |
| 170000 | Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.550%, 6/01/2034<br>| 176486 |
| 85000 | Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.650%, 2/01/2034<br>| 88666 |
| 220000 | CSC Holdings LLC, 3.375%, 2/15/2031(a) | 129238 |
| 200000 | CSC Holdings LLC, <br> 4.500%, 11/15/2031(a)<br>| 118582 |
| 2710000 | CSC Holdings LLC, <br> 4.625%, 12/01/2030(a)<br>| 956271 |
| 2540000 | CSC Holdings LLC, 5.375%, 2/01/2028(a) | 1878460 |
| 465000 | CSC Holdings LLC, 7.500%, 4/01/2028(a) | 255915 |
| 514000 | Directv Financing LLC, <br> 8.875%, 2/01/2030(a)<br>| 512856 |
| 208000 | Directv Financing LLC, <br> 8.875%, 2/01/2030(a)<br>| 207031 |
| 644000 | Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.000%, 2/15/2031(a)<br>| 657414 |
| 2215000 | DISH DBS Corp., 5.250%, 12/01/2026(a) | 2196003 |
| 2710000 | DISH DBS Corp., 5.750%, 12/01/2028(a) | 2621092 |
| 270000 | DISH DBS Corp., 7.750%, 7/01/2026 | 268696 |

---

See accompanying notes to financial statements.

7 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Cable Satellite — continued** | **Cable Satellite — continued** |
| $6237370 | EchoStar Corp., 10.750%, 11/30/2029 | $6737924 |
| 1445000 | Time Warner Cable LLC, <br> 6.550%, 5/01/2037<br>| 1456843 |
|  |  | 18968530 |
|  | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| 794000 | Ashland, Inc., 3.375%, 9/01/2031(a) | 712963 |
| 117000 | Chemours Co., 5.750%, 11/15/2028(a) | 115844 |
| 466000 | Solstice Advanced Materials, Inc., <br> 5.625%, 9/30/2033(a)<br>| 459496 |
|  |  | 1288303 |
|  | **Construction Machinery — 0.9%** | **Construction Machinery — 0.9%** |
| 200000 | Ashtead Capital, Inc., <br> 5.800%, 4/15/2034(a)<br>| 203898 |
| 1755000 | Ashtead Capital, Inc., <br> 5.950%, 10/15/2033(a)<br>| 1806022 |
| 13000 | United Rentals North America, Inc., <br> 3.750%, 1/15/2032<br>| 11914 |
| 13000 | United Rentals North America, Inc., <br> 3.875%, 2/15/2031<br>| 12221 |
| 973000 | United Rentals North America, Inc., <br> 5.375%, 11/15/2033(a)<br>| 946125 |
| 1100000 | United Rentals North America, Inc., <br> 6.125%, 3/15/2034(a)<br>| 1113846 |
|  |  | 4094026 |
|  | **Consumer Cyclical Services — 0.5%** | **Consumer Cyclical Services — 0.5%** |
| 1870000 | Expedia Group, Inc., 5.400%, 2/15/2035 | 1855164 |
| 9000 | TriNet Group, Inc., 3.500%, 3/01/2029(a) | 8158 |
| 8000 | TriNet Group, Inc., 7.125%, 8/15/2031(a) | 7763 |
| 275000 | Uber Technologies, Inc., <br> 4.800%, 9/15/2035<br>| 266848 |
|  |  | 2137933 |
|  | **Diversified Manufacturing — 0.1%** | **Diversified Manufacturing — 0.1%** |
| 312000 | Esab Corp., 5.625%, 4/01/2031(a) | 314187 |
| 12000 | Esab Corp., 6.250%, 4/15/2029(a) | 12179 |
|  |  | 326366 |
|  | **Electric — 0.5%** | **Electric — 0.5%** |
| 1077198 | Alta Wind Holdings LLC, <br> 7.000%, 6/30/2035(a)<br>| 1021854 |
| 235000 | Southern Power Co., Series B, <br> 4.900%, 10/01/2035<br>| 227268 |
| 236000 | Vistra Operations Co. LLC, <br> 4.700%, 1/31/2031(a)<br>| 232200 |
| 155000 | Vistra Operations Co. LLC, <br> 5.250%, 10/15/2035(a)<br>| 150524 |
| 335000 | Vistra Operations Co. LLC, <br> 5.350%, 1/31/2036(a)<br>| 327695 |
| 190000 | Vistra Operations Co. LLC, <br> 5.700%, 12/30/2034(a)<br>| 191142 |
| 17000 | VoltaGrid LLC, 7.375%, 11/01/2030(a) | 17558 |
|  |  | 2168241 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Environmental — 0.1%** | **Environmental — 0.1%** |
| $6000 | Clean Harbors, Inc., <br> 5.750%, 10/15/2033(a)<br>| $5985 |
| 6000 | Clean Harbors, Inc., 6.375%, 2/01/2031(a) | 6093 |
| 360000 | GFL Environmental Holdings U.S., Inc., <br> 5.500%, 2/01/2034(a)<br>| 353087 |
| 308000 | GFL Environmental, Inc., <br> 4.375%, 8/15/2029(a)<br>| 299660 |
| 12000 | GFL Environmental, Inc., <br> 6.750%, 1/15/2031(a)<br>| 12418 |
|  |  | 677243 |
|  | **Finance Companies — 3.6%** | **Finance Companies — 3.6%** |
| 1845000 | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust, 3.300%, 1/30/2032<br>| 1675677 |
| 645000 | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust, 3.400%, 10/29/2033<br>| 570664 |
| 1375000 | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust, 4.950%, 9/10/2034<br>| 1336394 |
| 300000 | AGFC Capital Trust I, 3 mo. USD SOFR + <br> 2.012%, 5.684%, 1/15/2067(a)(b)<br>| 182607 |
| 985000 | Air Lease Corp., Series B, (fixed rate to <br> 6/15/2026, variable rate thereafter), <br> 4.650%(c)<br>| 978742 |
| 245000 | Aircastle Ltd., 5.950%, 2/15/2029(a) | 251697 |
| 740000 | Aircastle Ltd., 6.500%, 7/18/2028(a) | 767201 |
| 230000 | Aircastle Ltd./Aircastle Ireland DAC, <br> 5.250%, 3/15/2030(a)<br>| 231892 |
| 450000 | Aircastle Ltd./Aircastle Ireland DAC, <br> 5.750%, 10/01/2031(a)<br>| 460763 |
| 39000 | Aviation Capital Group LLC, <br> 4.250%, 4/30/2029(a)<br>| 38431 |
| 260000 | Aviation Capital Group LLC, <br> 4.800%, 10/24/2030(a)<br>| 256997 |
| 52000 | Aviation Capital Group LLC, <br> 4.875%, 1/28/2033(a)<br>| 50180 |
| 955000 | Aviation Capital Group LLC, <br> 6.375%, 7/15/2030(a)<br>| 1005177 |
| 810000 | Aviation Capital Group LLC, <br> 6.750%, 10/25/2028(a)<br>| 847545 |
| 376000 | Avolon Holdings Funding Ltd., <br> 4.700%, 1/30/2031(a)<br>| 368441 |
| 355000 | Avolon Holdings Funding Ltd., <br> 4.850%, 4/01/2033(a)<br>| 340078 |
| 310000 | Avolon Holdings Funding Ltd., <br> 5.375%, 5/30/2030(a)<br>| 313380 |
| 8000 | Azorra Finance Ltd., 7.250%, 1/15/2031(a) | 8078 |
| 8000 | Azorra Finance Ltd., 7.750%, 4/15/2030(a) | 8240 |
| 385000 | Freedom Mortgage Holdings LLC, <br> 7.875%, 4/01/2033(a)<br>| 360966 |
| 64000 | Freedom Mortgage Holdings LLC, <br> 8.375%, 4/01/2032(a)<br>| 62956 |
| 124000 | Freedom Mortgage Holdings LLC, <br> 9.125%, 5/15/2031(a)<br>| 126046 |
| 16000 | Freedom Mortgage Holdings LLC, <br> 9.250%, 2/01/2029(a)<br>| 16217 |

---

See accompanying notes to financial statements.

\| 8

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Finance Companies — continued** | **Finance Companies — continued** |
| $16000 | GGAM Finance Ltd., <br> 5.875%, 3/15/2030(a)<br>| $15942 |
| 105000 | Macquarie Airfinance Holdings Ltd., <br> 5.150%, 3/17/2030(a)<br>| 104463 |
| 207000 | Macquarie Airfinance Holdings Ltd., <br> 5.200%, 3/27/2028(a)<br>| 207746 |
| 65000 | Macquarie Airfinance Holdings Ltd., <br> 6.400%, 3/26/2029(a)<br>| 67348 |
| 945000 | Macquarie Airfinance Holdings Ltd., <br> 6.500%, 3/26/2031(a)<br>| 989550 |
| 995000 | Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.625%, 3/01/2029(a)<br>| 942257 |
| 3345000 | Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.875%, 3/01/2031(a)<br>| 3086693 |
| 530000 | Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 4.000%, 10/15/2033(a)<br>| 475074 |
| 289000 | SMBC Aviation Capital Finance DAC, <br> 5.100%, 4/01/2030(a)<br>| 291355 |
| 508000 | Takeoff Merger Sub, Inc., <br> 4.850%, 3/24/2031(a)<br>| 501647 |
|  |  | 16940444 |
|  | **Financial Other — 0.0%** | **Financial Other — 0.0%** |
| 205000 | Central China Real Estate Ltd., <br> 7.250%, 7/16/2024(d)<br>| 2050 |
| 200000 | Central China Real Estate Ltd., <br> 7.250%, 8/13/2024(d)<br>| 2000 |
| 190000 | Central China Real Estate Ltd., <br> 7.250%, 4/28/2025(d)<br>| 1900 |
| 200000 | Central China Real Estate Ltd., <br> 7.500%, 7/14/2025(d)<br>| 2000 |
| 201847 | Country Garden Holdings Co. Ltd., <br> Series AI, 5.000% PIK and/or 2.500% <br> Cash, 12/31/2032(e)(f)<br>| 27459 |
| 197207 | Kaisa Group Holdings Ltd., 6.250% PIK <br> and/or 5.250% Cash, 12/28/2028(a)(e)<br>| 3944 |
| 330141 | Kaisa Group Holdings Ltd., 6.500% PIK <br> and/or 5.500% Cash, 12/28/2029(a)(e)<br>| 5777 |
| 397924 | Kaisa Group Holdings Ltd., 6.750% PIK <br> and/or 5.750% Cash, 12/28/2030(a)(e)<br>| 5969 |
| 599518 | Kaisa Group Holdings Ltd., 7.000% PIK <br> and/or 6.000% Cash, 12/28/2031(a)(e)<br>| 10492 |
| 564198 | Kaisa Group Holdings Ltd., 7.250% PIK <br> and/or 6.250% Cash, 12/28/2032(a)(e)<br>| 7052 |
| 134898 | Kaisa Group Holdings Ltd., 7.721% PIK <br> and/or 6.721% Cash, 12/28/2028(a)(e)<br>| 2698 |
| 400000 | Logan Group Co. Ltd., <br> 4.250%, 7/12/2025(d)<br>| 41524 |
| 400000 | Logan Group Co. Ltd., <br> 4.850%, 12/14/2026(d)<br>| 41984 |
| 10604 | Shimao Group Holdings Ltd., 6.000% PIK <br> and/or 5.000% Cash, 7/21/2031(a)(e)<br>| 345 |
| 188026 | Sino-Ocean Group Holding Ltd., <br> 3.000%, 3/27/2033(a)<br>| 11705 |
| 51829 | Times China Holdings Ltd., 3.000% PIK <br> and/or 1.000% Cash, 3/30/2029(a)(e)<br>| 1518 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Financial Other — continued** | **Financial Other — continued** |
| $193347 | Times China Holdings Ltd., 4.200% PIK, <br> 9/30/2032(a)(e)<br>| $5317 |
| 71896 | Yuzhou Group Holdings Co. Ltd., 1.000% <br> PIK, 6/30/2034(e)(f)<br>| 180 |
| 67836 | Yuzhou Group Holdings Co. Ltd., 4.000% <br> PIK, 6/30/2028(e)(f)<br>| 1942 |
| 118416 | Yuzhou Group Holdings Co. Ltd., 4.500% <br> PIK, 6/30/2029(e)(f)<br>| 3677 |
| 158445 | Yuzhou Group Holdings Co. Ltd., 5.000% <br> PIK, 6/30/2030(e)(f)<br>| 4357 |
| 222812 | Yuzhou Group Holdings Co. Ltd., 5.500% <br> PIK, 6/30/2031(e)(f)<br>| 5590 |
| 80795 | Yuzhou Group Holdings Co. Ltd., 7.000% <br> PIK and/or 6.000% Cash, 6/30/2027(e)(f)<br>| 6262 |
|  |  | 195742 |
|  | **Food & Beverage — 1.0%** | **Food & Beverage — 1.0%** |
| 705000 | JBS NV/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co. Holdings, <br> 5.500%, 1/15/2036<br>| 705324 |
| 756000 | JBS NV/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co. Holdings, <br> 5.625%, 3/10/2037(a)<br>| 758366 |
| 600000 | JBS NV/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co. Holdings, <br> 5.950%, 4/20/2035<br>| 622838 |
| 345000 | JBS NV/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co. Holdings, <br> 6.750%, 3/15/2034<br>| 379448 |
| 9000 | Lamb Weston Holdings, Inc., <br> 4.125%, 1/31/2030(a)<br>| 8569 |
| 9000 | Lamb Weston Holdings, Inc., <br> 4.375%, 1/31/2032(a)<br>| 8361 |
| 9000 | Performance Food Group, Inc., <br> 4.250%, 8/01/2029(a)<br>| 8645 |
| 1254000 | Pilgrim's Pride Corp., 3.500%, 3/01/2032 | 1138311 |
| 280000 | Pilgrim's Pride Corp., 4.250%, 4/15/2031 | 267461 |
| 425000 | Pilgrim's Pride Corp., 6.875%, 5/15/2034 | 458814 |
| 325000 | Post Holdings, Inc., 4.500%, 9/15/2031(a) | 302189 |
| 13000 | Post Holdings, Inc., 4.625%, 4/15/2030(a) | 12480 |
|  |  | 4670806 |
|  | **Gaming — 0.1%** | **Gaming — 0.1%** |
| 385000 | GLP Capital LP/GLP Financing II, Inc., <br> 3.250%, 1/15/2032<br>| 343217 |
| 30000 | Light & Wonder International, Inc., <br> 7.250%, 11/15/2029(a)<br>| 30582 |
|  |  | 373799 |
|  | **Government Owned - No Guarantee — 0.3%** | **Government Owned - No Guarantee — 0.3%** |
| 730000 | Antares Holdings LP, 3.750%, 7/15/2027(a) | 709445 |
| 805000 | Antares Holdings LP, 7.950%, 8/11/2028(a) | 834690 |
|  |  | 1544135 |
|  | **Health Insurance — 0.4%** | **Health Insurance — 0.4%** |
| 465000 | Elevance Health, Inc., 5.200%, 2/15/2035 | 464237 |

---

See accompanying notes to financial statements.

9 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Health Insurance — continued** | **Health Insurance — continued** |
| $9000 | Molina Healthcare, Inc., <br> 3.875%, 11/15/2030(a)<br>| $8046 |
| 670000 | Molina Healthcare, Inc., <br> 3.875%, 5/15/2032(a)<br>| 581976 |
| 180000 | Molina Healthcare, Inc., <br> 4.375%, 6/15/2028(a)<br>| 174053 |
| 8000 | Molina Healthcare, Inc., <br> 6.250%, 1/15/2033(a)<br>| 7757 |
| 781000 | Molina Healthcare, Inc., <br> 6.500%, 2/15/2031(a)<br>| 767805 |
|  |  | 2003874 |
|  | **Healthcare — 0.9%** | **Healthcare — 0.9%** |
| 18000 | Avantor Funding, Inc., <br> 3.875%, 11/01/2029(a)<br>| 16888 |
| 255000 | Avantor Funding, Inc., <br> 4.625%, 7/15/2028(a)<br>| 248883 |
| 15000 | Bausch & Lomb Corp., <br> 8.375%, 10/01/2028(a)<br>| 15488 |
| 40000 | HCA, Inc., 4.900%, 11/15/2035 | 38672 |
| 855000 | HCA, Inc., 5.125%, 6/15/2039 | 805771 |
| 310000 | HCA, Inc., 5.450%, 9/15/2034 | 312901 |
| 1050000 | HCA, Inc., 5.500%, 6/01/2033 | 1070940 |
| 770000 | HCA, Inc., 5.600%, 4/01/2034 | 786357 |
| 5000 | HCA, Inc., 5.750%, 3/01/2035 | 5141 |
| 375000 | Hologic, Inc., 3.250%, 2/15/2029(a) | 374348 |
| 200000 | Icon Investments Six DAC, <br> 6.000%, 5/08/2034<br>| 202600 |
| 575000 | Medline Borrower LP/Medline Co-Issuer, <br> Inc., 6.250%, 4/01/2029(a)<br>| 585915 |
| 12000 | Radiology Partners, Inc., <br> 8.500%, 7/15/2032(a)<br>| 12166 |
|  |  | 4476070 |
|  | **Home Construction — 0.8%** | **Home Construction — 0.8%** |
| 325000 | DR Horton, Inc., 5.500%, 10/15/2035 | 329786 |
| 1520000 | Meritage Homes Corp., 5.650%, 3/15/2035 | 1518343 |
| 1010000 | PulteGroup, Inc., 6.375%, 5/15/2033 | 1083089 |
| 17000 | Taylor Morrison Communities, Inc., <br> 5.125%, 8/01/2030(a)<br>| 16806 |
| 676000 | Taylor Morrison Communities, Inc., <br> 5.750%, 11/15/2032(a)<br>| 676591 |
|  |  | 3624615 |
|  | **Independent Energy — 2.7%** | **Independent Energy — 2.7%** |
| 565000 | Aker BP ASA, 5.125%, 10/01/2034(a) | 552928 |
| 2220000 | Canadian Natural Resources Ltd., <br> 5.400%, 12/15/2034<br>| 2245736 |
| 638000 | Chord Energy Corp., <br> 6.000%, 10/01/2030(a)<br>| 646466 |
| 60000 | Chord Energy Corp., 6.750%, 3/15/2033(a) | 61947 |
| 1275000 | Continental Resources, Inc., <br> 2.875%, 4/01/2032(a)<br>| 1116764 |
| 4220000 | Continental Resources, Inc., <br> 5.750%, 1/15/2031(a)<br>| 4300858 |
| 9000 | Crescent Energy Finance LLC, <br> 7.375%, 1/15/2033(a)<br>| 8998 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Independent Energy — continued** | **Independent Energy — continued** |
| $960000 | Energean Israel Finance Ltd., <br> 5.375%, 3/30/2028<br>| $921662 |
| 400000 | Energean Israel Finance Ltd., <br> 5.875%, 3/30/2031<br>| 371562 |
| 55000 | Leviathan Bond Ltd., 6.500%, 6/30/2027 | 54969 |
| 39000 | Matador Resources Co., <br> 6.500%, 4/15/2032(a)<br>| 39425 |
| 461000 | SM Energy Co., 6.750%, 8/01/2029(a) | 467983 |
| 6000 | SM Energy Co., 7.000%, 8/01/2032(a) | 6127 |
| 250000 | SM Energy Co., 8.375%, 7/01/2028(a) | 256881 |
| 197000 | SM Energy Co., 8.625%, 11/01/2030(a) | 207852 |
| 12000 | SM Energy Co., 8.750%, 7/01/2031(a) | 12543 |
| 1471000 | Viper Energy Partners LLC, <br> 5.700%, 8/01/2035<br>| 1482488 |
|  |  | 12755189 |
|  | **Industrial Other — 0.2%** | **Industrial Other — 0.2%** |
| 24000 | Arcosa, Inc., 6.875%, 8/15/2032(a) | 24591 |
| 468000 | Jacobs Solutions, Inc., 5.375%, 3/03/2036 | 456416 |
| 395000 | TopBuild Corp., 4.125%, 2/15/2032(a) | 364025 |
| 17000 | TopBuild Corp., 5.625%, 1/31/2034(a) | 16639 |
|  |  | 861671 |
|  | **Integrated Energy — 0.0%** | **Integrated Energy — 0.0%** |
| 237000 | Cenovus Energy, Inc., 5.400%, 3/20/2036 | 235777 |
|  | **Leisure — 2.2%** | **Leisure — 2.2%** |
| 130000 | Carnival Corp., 4.000%, 8/01/2028(a) | 126942 |
| 1080000 | Carnival Corp., 5.750%, 3/15/2030(a) | 1088567 |
| 795000 | Carnival Corp., 5.750%, 8/01/2032(a) | 794741 |
| 1195000 | Carnival Corp., 6.125%, 2/15/2033(a) | 1206980 |
| 405000 | Kingpin Intermediate Holdings LLC, <br> 7.250%, 10/15/2032(a)<br>| 357848 |
| 305000 | NCL Corp. Ltd., 6.750%, 2/01/2032(a) | 302686 |
| 280000 | NCL Finance Ltd., 6.125%, 3/15/2028(a) | 282406 |
| 848000 | Royal Caribbean Cruises Ltd., <br> 4.750%, 5/15/2033<br>| 818795 |
| 634000 | Royal Caribbean Cruises Ltd., <br> 5.250%, 2/27/2038<br>| 603134 |
| 625000 | Royal Caribbean Cruises Ltd., <br> 5.375%, 1/15/2036<br>| 614030 |
| 1705000 | Royal Caribbean Cruises Ltd., <br> 5.500%, 4/01/2028(a)<br>| 1724274 |
| 1065000 | Royal Caribbean Cruises Ltd., <br> 5.625%, 9/30/2031(a)<br>| 1075498 |
| 1105000 | Royal Caribbean Cruises Ltd., <br> 6.000%, 2/01/2033(a)<br>| 1116040 |
| 410000 | Royal Caribbean Cruises Ltd., <br> 6.250%, 3/15/2032(a)<br>| 419177 |
| 17000 | Viking Cruises Ltd., <br> 5.875%, 10/15/2033(a)<br>| 16784 |
|  |  | 10547902 |
|  | **Life Insurance — 1.2%** | **Life Insurance — 1.2%** |
| 17000 | APH Somerset Investor 2 LLC/APH2 <br> Somerset Investor 2 LLC/APH3 Somerset <br> Investor 2 LLC, 7.875%, 11/01/2029(a)<br>| 15373 |

---

See accompanying notes to financial statements.

\| 10

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Life Insurance — continued** | **Life Insurance — continued** |
| $534000 | Brighthouse Financial, Inc., <br> 3.850%, 12/22/2051<br>| $296829 |
| 2270000 | MetLife, Inc., 9.250%, 4/08/2068(a) | 2661407 |
| 1115000 | MetLife, Inc., 10.750%, 8/01/2069 | 1445139 |
| 1165000 | Penn Mutual Life Insurance Co., <br> 6.650%, 6/15/2034(a)<br>| 1251984 |
|  |  | 5670732 |
|  | **Lodging — 0.9%** | **Lodging — 0.9%** |
| 195000 | Choice Hotels International, Inc., <br> 5.850%, 8/01/2034<br>| 196662 |
| 14000 | Hilton Domestic Operating Co., Inc., <br> 3.625%, 2/15/2032(a)<br>| 12721 |
| 311000 | Hilton Domestic Operating Co., Inc., <br> 5.500%, 3/31/2034(a)<br>| 303840 |
| 12000 | Hilton Domestic Operating Co., Inc., <br> 6.125%, 4/01/2032(a)<br>| 12180 |
| 200000 | Hilton Grand Vacations <br> Borrower LLC/Hilton Grand Vacations <br> Borrower, Inc., 4.875%, 7/01/2031(a)<br>| 180471 |
| 236000 | Hilton Grand Vacations <br> Borrower LLC/Hilton Grand Vacations <br> Borrower, Inc., 6.625%, 1/15/2032(a)<br>| 233100 |
| 52000 | Marriott International, Inc., <br> 5.100%, 5/01/2038<br>| 49436 |
| 520000 | Marriott International, Inc., <br> 5.300%, 5/15/2034<br>| 524836 |
| 970000 | Marriott International, Inc., <br> 5.500%, 4/15/2037<br>| 965754 |
| 300000 | Marriott Ownership Resorts, Inc., <br> 4.500%, 6/15/2029(a)<br>| 284441 |
| 17000 | Marriott Ownership Resorts, Inc., <br> 4.750%, 1/15/2028<br>| 16733 |
| 620000 | Travel & Leisure Co., <br> 4.500%, 12/01/2029(a)<br>| 592868 |
| 815000 | Travel & Leisure Co., <br> 4.625%, 3/01/2030(a)<br>| 777583 |
|  |  | 4150625 |
|  | **Media Entertainment — 2.0%** | **Media Entertainment — 2.0%** |
| 470000 | AppLovin Corp., 5.125%, 12/01/2029 | 472727 |
| 270000 | AppLovin Corp., 5.375%, 12/01/2031 | 272649 |
| 1370000 | AppLovin Corp., 5.500%, 12/01/2034 | 1358658 |
| 3172000 | Beignet Investor LLC, <br> 6.581%, 5/30/2049(a)<br>| 3261311 |
| 62000 | Discovery Communications LLC, <br> 3.625%, 5/15/2030<br>| 57643 |
| 220000 | Discovery Communications LLC, <br> 6.350%, 6/01/2040<br>| 161220 |
| 1173000 | Discovery Global Holdings, Inc., <br> 4.279%, 3/15/2032<br>| 1038105 |
| 1385000 | Meta Platforms, Inc., 5.625%, 11/15/2055 | 1298286 |
| 243000 | OAK-Eagle Acquireco, Inc., <br> 7.250%, 7/01/2033(a)<br>| 251771 |
| 241000 | Paramount Global, 4.200%, 5/19/2032 | 206603 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Media Entertainment — continued** | **Media Entertainment — continued** |
| $458000 | Paramount Global, 4.950%, 1/15/2031 | $424251 |
| 408000 | Paramount Global, 7.875%, 7/30/2030 | 425922 |
|  |  | 9229146 |
|  | **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** |
| 219000 | Anglo American Capital PLC, <br> 5.250%, 3/19/2036(a)<br>| 214134 |
| 17000 | Carpenter Technology Corp., <br> 5.625%, 3/01/2034(a)<br>| 16843 |
| 304000 | Commercial Metals Co., <br> 5.750%, 11/15/2033(a)<br>| 300804 |
| 425000 | Commercial Metals Co., <br> 6.000%, 12/15/2035(a)<br>| 418984 |
| 258000 | Fortescue Treasury Pty. Ltd., <br> 4.375%, 4/01/2031(a)<br>| 243770 |
| 325000 | Glencore Funding LLC, <br> 2.500%, 9/01/2030(a)<br>| 295328 |
| 2905000 | Glencore Funding LLC, <br> 2.850%, 4/27/2031(a)<br>| 2644057 |
| 1205000 | Glencore Funding LLC, <br> 5.700%, 5/08/2033(a)<br>| 1241955 |
| 1190000 | Glencore Funding LLC, <br> 6.125%, 10/06/2028(a)<br>| 1231551 |
| 3165000 | Glencore Funding LLC, <br> 6.500%, 10/06/2033(a)<br>| 3424797 |
| 29000 | Mineral Resources Ltd., <br> 8.000%, 11/01/2027(a)<br>| 29370 |
| 77000 | Mineral Resources Ltd., <br> 9.250%, 10/01/2028(a)<br>| 79782 |
| 515000 | Steel Dynamics, Inc., 5.250%, 5/15/2035 | 515221 |
| 200000 | Steel Dynamics, Inc., 5.375%, 8/15/2034 | 201826 |
|  |  | 10858422 |
|  | **Midstream — 3.2%** | **Midstream — 3.2%** |
| 455000 | Cheniere Energy Partners LP, <br> 3.250%, 1/31/2032<br>| 414692 |
| 1040000 | Cheniere Energy Partners LP, <br> 4.000%, 3/01/2031<br>| 998321 |
| 645000 | Cheniere Energy Partners LP, <br> 5.950%, 6/30/2033<br>| 676160 |
| 530000 | DCP Midstream Operating LP, <br> 3.250%, 2/15/2032<br>| 481751 |
| 575000 | DCP Midstream Operating LP, <br> 6.450%, 11/03/2036(a)<br>| 608850 |
| 1040000 | Energy Transfer LP, 5.000%, 5/15/2044 | 902450 |
| 1245000 | Energy Transfer LP, 5.600%, 9/01/2034 | 1268860 |
| 335000 | Energy Transfer LP, 5.700%, 4/01/2035 | 344055 |
| 435000 | Energy Transfer LP, 6.550%, 12/01/2033 | 469653 |
| 16000 | Energy Transfer LP, (fixed rate to 2/15/2029, <br> variable rate thereafter), 8.000%, 5/15/2054<br>| 16758 |
| 715000 | Hess Midstream Operations LP, <br> 4.250%, 2/15/2030(a)<br>| 687070 |
| 95000 | NGPL PipeCo LLC, <br> 7.768%, 12/15/2037(a)<br>| 110005 |
| 34000 | Sunoco LP, 5.375%, 7/15/2031(a) | 33727 |
| 128000 | Sunoco LP, 5.625%, 3/15/2031(a) | 127413 |
| 235000 | Targa Resources Corp., 5.500%, 2/15/2035 | 237090 |

---

See accompanying notes to financial statements.

11 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Midstream — continued** | **Midstream — continued** |
| $2055000 | Targa Resources Corp., 5.550%, 8/15/2035 | $2072567 |
| 17000 | Venture Global LNG, Inc., (fixed rate to <br> 9/30/2029, variable rate thereafter), <br> 9.000%(a)(c)<br>| 16933 |
| 880000 | Venture Global Plaquemines LNG LLC, <br> 6.125%, 12/15/2030(a)<br>| 905015 |
| 1079000 | Venture Global Plaquemines LNG LLC, <br> 6.500%, 1/15/2034(a)<br>| 1124797 |
| 448000 | Venture Global Plaquemines LNG LLC, <br> 6.500%, 6/15/2034(a)<br>| 466347 |
| 115000 | Venture Global Plaquemines LNG LLC, <br> 6.750%, 1/15/2036(a)<br>| 121802 |
| 1010000 | Venture Global Plaquemines LNG LLC, <br> 7.500%, 5/01/2033(a)<br>| 1110196 |
| 595000 | Venture Global Plaquemines LNG LLC, <br> 7.750%, 5/01/2035(a)<br>| 666863 |
| 230000 | Western Midstream Operating LP, <br> 5.250%, 2/01/2050<br>| 193986 |
| 405000 | Western Midstream Operating LP, <br> 5.300%, 3/01/2048<br>| 342322 |
| 80000 | Western Midstream Operating LP, <br> 5.450%, 4/01/2044<br>| 71167 |
| 151000 | Western Midstream Operating LP, <br> 5.500%, 12/15/2035<br>| 148499 |
| 55000 | Western Midstream Operating LP, <br> 5.500%, 8/15/2048<br>| 47524 |
| 100000 | Western Midstream Operating LP, <br> 6.150%, 4/01/2033<br>| 104368 |
| 225000 | Whistler Pipeline LLC, <br> 5.700%, 9/30/2031(a)<br>| 231116 |
| 250000 | Whistler Pipeline LLC, <br> 5.950%, 9/30/2034(a)<br>| 256151 |
|  |  | 15256508 |
|  | **Natural Gas — 0.1%** | **Natural Gas — 0.1%** |
| 245000 | Southern Co. Gas Capital Corp., <br> 5.750%, 9/15/2033<br>| 254616 |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — 2.0%** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — 2.0%** |
| 180000 | BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class B, 1 mo. USD <br> SOFR + 1.800%, <br> 5.473%, 11/15/2042(a)(b)<br>| 179550 |
| 155000 | BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class C, 1 mo. USD <br> SOFR + 2.150%, <br> 5.823%, 11/15/2042(a)(b)<br>| 154613 |
| 110000 | BPR Commercial Mortgage Trust, <br> Series 2025-STAR, Class A, <br> 4.617%, 11/05/2042(a)(b)<br>| 109064 |
| 170000 | BPR Trust, Series 2021-NRD, Class E, <br> 1 mo. USD SOFR + 5.621%, <br> 9.294%, 12/15/2038(a)(b)<br>| 168581 |
| 740000 | BPR Trust, Series 2021-NRD, Class F, <br> 1 mo. USD SOFR + 6.870%, <br> 10.543%, 12/15/2038(a)(b)<br>| 726541 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $385000 | BX Trust, Series 2024-VLT4, Class A, 1 mo. <br> USD SOFR + 1.491%, <br> 5.164%, 6/15/2041(a)(b)<br>| $382594 |
| 170000 | BX Trust, Series 2025-DELC, Class C, <br> 1 mo. USD SOFR + 2.200%, <br> 5.873%, 12/15/2042(a)(b)<br>| 169575 |
| 2000000 | BX Trust, Series 2025-VLT6, Class A, 1 mo. <br> USD SOFR + 1.443%, <br> 5.116%, 3/15/2042(a)(b)<br>| 1986250 |
| 660000 | BX Trust, Series 2025-VLT7, Class A, 1 mo. <br> USD SOFR + 1.700%, <br> 5.373%, 7/15/2044(a)(b)<br>| 657112 |
| 580000 | BX Trust, Series 2025-VLT7, Class B, 1 mo. <br> USD SOFR + 2.000%, <br> 5.673%, 7/15/2044(a)(b)<br>| 576556 |
| 58912 | Commercial Mortgage Pass-Through <br> Certificates, Series 2012-LTRT, Class A2, <br> 3.400%, 10/05/2030(a)<br>| 58510 |
| 100000 | Commercial Mortgage Trust, <br> Series 2024-CBM, Class A2, <br> 5.867%, 12/10/2041(a)(b)<br>| 100279 |
| 185000 | Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class B, <br> 4.185%, 9/15/2037(a)<br>| 157358 |
| 100000 | Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class C, <br> 4.336%, 9/15/2037(a)<br>| 84126 |
| 200000 | Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class D, <br> 4.373%, 9/15/2037(a)<br>| 165124 |
| 545000 | DC Commercial Mortgage Trust, <br> Series 2023-DC, Class C, <br> 7.141%, 9/12/2040(a)(b)<br>| 550551 |
| 100000 | Extended Stay America Trust, <br> Series 2025-ESH, Class C, 1 mo. USD <br> SOFR + 1.850%, <br> 5.523%, 10/15/2042(a)(b)<br>| 100156 |
| 100000 | Extended Stay America Trust, <br> Series 2025-ESH, Class D, 1 mo. USD <br> SOFR + 2.600%, <br> 6.273%, 10/15/2042(a)(b)<br>| 100125 |
| 95000 | Extended Stay America Trust, <br> Series 2025-ESH, Class E, 1 mo. USD <br> SOFR + 3.350%, <br> 7.023%, 10/15/2042(a)(b)<br>| 95119 |
| 99068 | Extended Stay America Trust, <br> Series 2026-ESH2, Class C, 1 mo. USD <br> SOFR + 1.600%, 5.273%, 2/15/2043(a)(b)<br>| 99223 |
| 212996 | Extended Stay America Trust, <br> Series 2026-ESH2, Class D, 1 mo. USD <br> SOFR + 2.250%, 5.923%, 2/15/2043(a)(b)<br>| 213462 |
| 208043 | Extended Stay America Trust, <br> Series 2026-ESH2, Class E, 1 mo. USD <br> SOFR + 2.900%, 6.573%, 2/15/2043(a)(b)<br>| 208498 |

---

See accompanying notes to financial statements.

\| 12

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $295000 | GS Mortgage Securities Corp. Trust, <br> Series 2013-PEMB, Class A, <br> 3.550%, 3/05/2033(a)(b)<br>| $228655 |
| 315000 | GS Mortgage Securities Corp. Trust, <br> Series 2013-PEMB, Class B, <br> 3.550%, 3/05/2033(a)(b)(g)<br>| 141750 |
| 200000 | GS Mortgage Securities Trust, <br> Series 2014-GC22, Class B, <br> 4.391%, 6/10/2047(b)<br>| 163142 |
| 322189 | JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2012-LC9, Class C, <br> 3.500%, 12/15/2047(a)(b)<br>| 315739 |
| 100000 | JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2012-LC9, Class D, <br> 3.500%, 12/15/2047(a)(b)<br>| 97368 |
| 300000 | JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, Class A, <br> 1 mo. USD SOFR + 1.600%, <br> 5.273%, 1/15/2042(a)(b)<br>| 299250 |
| 200000 | JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, Class B, <br> 1 mo. USD SOFR + 2.000%, <br> 5.673%, 1/15/2042(a)(b)<br>| 199500 |
| 100000 | LEX Mortgage Trust, Series 2024-BBG, <br> Class A, 4.874%, 10/13/2033(a)(b)<br>| 99577 |
| 84196 | MSBAM Commercial Mortgage Securities <br> Trust, Series 2012-CKSV, Class A2, <br> 3.277%, 10/15/2030(a)<br>| 80407 |
| 200000 | New Economy Assets - Phase <br> 1 Sponsor LLC, Series 2021-1, Class A1, <br> 1.910%, 10/20/2061(a)<br>| 167876 |
| 275000 | Wells Fargo Commercial Mortgage Trust, <br> Series 2016-C36, Class B, <br> 3.671%, 11/15/2059(b)<br>| 260676 |
| 361760 | WFRBS Commercial Mortgage Trust, <br> Series 2013-C15, Class B, <br> 4.152%, 8/15/2046(b)<br>| 351631 |
| 249823 | WFRBS Commercial Mortgage Trust, <br> Series 2014-C20, Class B, <br> 4.378%, 5/15/2047<br>| 216092 |
|  |  | 9664630 |
|  | **Oil Field Services — 0.2%** | **Oil Field Services — 0.2%** |
| 1074000 | Helmerich & Payne, Inc., <br> 5.500%, 12/01/2034<br>| 1055808 |
| 8000 | Oceaneering International, Inc., <br> 6.000%, 2/01/2028<br>| 8033 |
| 12000 | Weatherford International Ltd., <br> 6.750%, 10/15/2033(a)<br>| 12261 |
|  |  | 1076102 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Other REITs — 0.3%** | **Other REITs — 0.3%** |
| $270000 | EPR Properties, 3.600%, 11/15/2031 | $245059 |
| 1245000 | Host Hotels & Resorts LP, <br> 5.500%, 4/15/2035<br>| 1235211 |
|  |  | 1480270 |
|  | **Packaging — 0.3%** | **Packaging — 0.3%** |
| 1623000 | Ball Corp., 5.500%, 9/15/2033 | 1623932 |
|  | **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** |
| 745000 | Bausch Health Cos., Inc., <br> 4.875%, 6/01/2028(a)<br>| 682204 |
| 706000 | Teva Pharmaceutical Finance Co. LLC, <br> 6.150%, 2/01/2036<br>| 727402 |
| 610000 | Teva Pharmaceutical Finance Netherlands II <br> BV, 7.375%, 9/15/2029, (EUR)<br>| 768421 |
| 520000 | Teva Pharmaceutical Finance Netherlands II <br> BV, 7.875%, 9/15/2031, (EUR)<br>| 697573 |
| 134000 | Teva Pharmaceutical Finance Netherlands <br> III BV, 3.150%, 10/01/2026<br>| 132668 |
| 3097000 | Teva Pharmaceutical Finance Netherlands <br> III BV, 4.100%, 10/01/2046<br>| 2295748 |
| 703000 | Teva Pharmaceutical Finance Netherlands <br> III BV, 4.750%, 5/09/2027<br>| 701383 |
| 695000 | Teva Pharmaceutical Finance Netherlands <br> III BV, 5.125%, 5/09/2029<br>| 692758 |
| 200000 | Teva Pharmaceutical Finance Netherlands <br> III BV, 6.000%, 12/01/2032<br>| 205268 |
| 645000 | Teva Pharmaceutical Finance Netherlands <br> III BV, 7.875%, 9/15/2029<br>| 690691 |
| 460000 | Teva Pharmaceutical Finance Netherlands <br> III BV, 8.125%, 9/15/2031<br>| 514243 |
| 200000 | Teva Pharmaceutical Finance Netherlands <br> IV BV, 5.750%, 12/01/2030<br>| 202538 |
|  |  | 8310897 |
|  | **Property & Casualty Insurance — 0.8%** | **Property & Casualty Insurance — 0.8%** |
| 425000 | Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 6.500%, 10/01/2031(a)<br>| 417328 |
| 133000 | Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 6.750%, 4/15/2028(a)<br>| 133725 |
| 146000 | Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.000%, 1/15/2031(a)<br>| 147243 |
| 12000 | AmWINS Group, Inc., <br> 6.375%, 2/15/2029(a)<br>| 12069 |
| 411000 | Arthur J Gallagher & Co., <br> 5.150%, 2/15/2035<br>| 407670 |
| 250000 | Arthur J Gallagher & Co., <br> 5.450%, 7/15/2034<br>| 253944 |
| 21000 | Baldwin Insurance Group <br> Holdings LLC/Baldwin Insurance Group <br> Holdings Finance, 7.125%, 5/15/2031(a)<br>| 21106 |
| 180000 | Brown & Brown, Inc., 5.550%, 6/23/2035 | 179761 |
| 1270000 | Marsh & McLennan Cos., Inc., <br> 5.000%, 3/15/2035<br>| 1264656 |
| 16000 | Panther Escrow Issuer LLC, <br> 7.125%, 6/01/2031(a)<br>| 16054 |
| 33000 | Ryan Specialty LLC, 5.875%, 8/01/2032(a) | 32616 |

---

See accompanying notes to financial statements.

13 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Property & Casualty Insurance — continued** | **Property & Casualty Insurance — continued** |
| $1135000 | Stewart Information Services Corp., <br> 3.600%, 11/15/2031<br>| $1003423 |
| 129000 | Willis North America, Inc., <br> 5.150%, 3/15/2036<br>| 125626 |
|  |  | 4015221 |
|  | **Restaurants — 0.4%** | **Restaurants — 0.4%** |
| 245000 | 1011778 BC ULC/New Red Finance, Inc., <br> 3.500%, 2/15/2029(a)<br>| 233895 |
| 60000 | 1011778 BC ULC/New Red Finance, Inc., <br> 3.875%, 1/15/2028(a)<br>| 58649 |
| 697000 | 1011778 BC ULC/New Red Finance, Inc., <br> 4.000%, 10/15/2030(a)<br>| 655128 |
| 691000 | 1011778 BC ULC/New Red Finance, Inc., <br> 5.625%, 9/15/2029(a)<br>| 692505 |
| 13000 | Yum! Brands, Inc., 3.625%, 3/15/2031 | 12009 |
| 13000 | Yum! Brands, Inc., 4.625%, 1/31/2032 | 12414 |
|  |  | 1664600 |
|  | **Retailers — 0.6%** | **Retailers — 0.6%** |
| 664000 | Amazon.com, Inc., 4.875%, 3/13/2036 | 657948 |
| 1025000 | Dillard's, Inc., 7.750%, 7/15/2026 | 1030197 |
| 340000 | Global Auto Holdings Ltd./AAG FH U.K. <br> Ltd., 8.375%, 1/15/2029(a)<br>| 312134 |
| 815000 | Global Auto Holdings Ltd./AAG FH U.K. <br> Ltd., 11.500%, 8/15/2029(a)<br>| 810854 |
| 5000 | Murphy Oil USA, Inc., <br> 3.750%, 2/15/2031(a)<br>| 4646 |
|  |  | 2815779 |
|  | **Sovereigns — 3.0%** | **Sovereigns — 3.0%** |
| 2238000 | Chile Government International Bonds, <br> 3.100%, 1/22/2061<br>| 1377041 |
| 2600000 | Chile Government International Bonds, <br> 3.250%, 9/21/2071<br>| 1607268 |
| 1134000 | Colombia Government International Bonds, <br> 5.625%, 2/26/2044<br>| 894284 |
| 401000 | Colombia Government International Bonds, <br> 6.125%, 1/18/2041<br>| 348485 |
| 400000 | Colombia Government International Bonds, <br> 7.375%, 9/18/2037<br>| 398052 |
| 419000 | Egypt Government International Bonds, <br> 5.800%, 9/30/2027<br>| 413561 |
| 615000 | Kyrgyz Republic International Bonds, <br> 7.750%, 6/03/2030(a)<br>| 613370 |
| 1291000 | Mexico Government International Bonds, <br> 6.125%, 2/09/2038<br>| 1258080 |
| 1128000 | Nigeria Government International Bonds, <br> 6.500%, 11/28/2027<br>| 1131381 |
| 875000 | Pakistan Government International Bonds, <br> 6.000%, 4/08/2026<br>| 873906 |
| 1045000 | Pakistan Government International Bonds, <br> 6.875%, 12/05/2027<br>| 1031429 |
| 1345000 | Republic of Poland Government <br> International Bonds, 5.500%, 3/18/2054<br>| 1242473 |
| 400000 | Republic of Uzbekistan International Bonds, <br> 3.700%, 11/25/2030<br>| 363558 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Sovereigns — continued** | **Sovereigns — continued** |
| $1570000 | Republic of Uzbekistan International Bonds, <br> 6.900%, 2/28/2032(a)<br>| $1630806 |
| 550000 | Republic of Uzbekistan International Bonds, <br> 6.947%, 5/25/2032(a)<br>| 572726 |
| 335000 | Republic of Uzbekistan International Bonds, <br> 7.850%, 10/12/2028(a)<br>| 350231 |
|  |  | 14106651 |
|  | **Technology — 6.7%** | **Technology — 6.7%** |
| 1008000 | Alphabet, Inc., 4.800%, 2/15/2036 | 1003682 |
| 220000 | Black Pearl Compute LLC, <br> 6.125%, 2/15/2031(a)<br>| 223915 |
| 395000 | Block, Inc., 3.500%, 6/01/2031 | 359191 |
| 16000 | Block, Inc., 6.500%, 5/15/2032 | 16146 |
| 70000 | Broadcom, Inc., 2.600%, 2/15/2033 | 61206 |
| 915000 | Broadcom, Inc., 3.137%, 11/15/2035(a) | 777371 |
| 680000 | Broadcom, Inc., 3.419%, 4/15/2033 | 621808 |
| 2065000 | Broadcom, Inc., 3.469%, 4/15/2034 | 1859405 |
| 1465000 | CDW LLC/CDW Finance Corp., <br> 3.569%, 12/01/2031<br>| 1339133 |
| 840000 | CDW LLC/CDW Finance Corp., <br> 5.550%, 8/22/2034<br>| 825484 |
| 191000 | Cipher Compute LLC, <br> 7.125%, 11/15/2030(a)<br>| 197882 |
| 820000 | Dell International LLC/EMC Corp., <br> 5.100%, 2/15/2036<br>| 801799 |
| 9000 | Entegris, Inc., 3.625%, 5/01/2029(a) | 8554 |
| 1585000 | Entegris, Inc., 4.750%, 4/15/2029(a) | 1566822 |
| 8000 | Entegris, Inc., 5.950%, 6/15/2030(a) | 8050 |
| 1161000 | Fair Isaac Corp., 6.000%, 5/15/2033(a) | 1139198 |
| 489000 | Flash Compute LLC, <br> 7.250%, 12/31/2030(a)<br>| 492321 |
| 390000 | Go Daddy Operating Co. LLC/GD Finance <br> Co., Inc., 5.250%, 12/01/2027(a)<br>| 388410 |
| 34000 | Imola Merger Corp., 4.750%, 5/15/2029(a) | 33046 |
| 1215000 | Iron Mountain, Inc., 4.875%, 9/15/2029(a) | 1182120 |
| 13000 | Iron Mountain, Inc., 5.250%, 7/15/2030(a) | 12630 |
| 12000 | Iron Mountain, Inc., 7.000%, 2/15/2029(a) | 12231 |
| 115000 | Leidos, Inc., 4.375%, 5/15/2030 | 113141 |
| 1329000 | Leidos, Inc., 5.000%, 3/15/2036 | 1284887 |
| 502000 | Leidos, Inc., 5.400%, 3/15/2032 | 511714 |
| 320000 | Leidos, Inc., 5.500%, 3/15/2035 | 325193 |
| 1270000 | Leidos, Inc., 5.750%, 3/15/2033 | 1316527 |
| 1063000 | Motorola Solutions, Inc., <br> 5.550%, 8/15/2035<br>| 1086802 |
| 575000 | MSCI, Inc., 5.250%, 9/01/2035 | 563245 |
| 430000 | NetApp, Inc., 5.500%, 3/17/2032 | 439964 |
| 380000 | NetApp, Inc., 5.700%, 3/17/2035 | 387121 |
| 415000 | Open Text Corp., 3.875%, 2/15/2028(a) | 399589 |
| 471000 | Open Text Corp., 3.875%, 12/01/2029(a) | 420911 |
| 139000 | Open Text Corp., 6.900%, 12/01/2027(a) | 142667 |
| 130000 | Open Text Holdings, Inc., <br> 4.125%, 2/15/2030(a)<br>| 116159 |
| 34000 | Oracle Corp., 3.950%, 3/25/2051 | 21544 |
| 2105000 | Oracle Corp., 5.200%, 9/26/2035 | 1974479 |
| 361000 | Oracle Corp., 5.700%, 2/04/2036 | 347097 |

---

See accompanying notes to financial statements.

\| 14

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $861000 | Oracle Corp., 5.950%, 9/26/2055 | $724334 |
| 68000 | Oracle Corp., 6.000%, 8/03/2055 | 57010 |
| 975000 | Oracle Corp., 6.700%, 2/04/2056 | 904901 |
| 847000 | Oracle Corp., 6.850%, 2/04/2066 | 778666 |
| 320000 | Paychex, Inc., 5.600%, 4/15/2035 | 321382 |
| 1660000 | Salesforce, Inc., 5.550%, 3/15/2036 | 1654836 |
| 8000 | Science Applications International Corp., <br> 4.875%, 4/01/2028(a)<br>| 7873 |
| 8000 | Science Applications International Corp., <br> 5.875%, 11/01/2033(a)<br>| 7807 |
| 6000 | Seagate Data Storage Technology Pte. Ltd., <br> 5.750%, 12/01/2034(a)<br>| 5994 |
| 6000 | Seagate Data Storage Technology Pte. Ltd., <br> 5.875%, 7/15/2030(a)<br>| 6099 |
| 6000 | Seagate Data Storage Technology Pte. Ltd., <br> 8.250%, 12/15/2029(a)<br>| 6301 |
| 380000 | Sensata Technologies BV, <br> 4.000%, 4/15/2029(a)<br>| 366685 |
| 200000 | Sensata Technologies BV, <br> 5.875%, 9/01/2030(a)<br>| 200362 |
| 153000 | Sensata Technologies, Inc., <br> 3.750%, 2/15/2031(a)<br>| 141911 |
| 34000 | Sensata Technologies, Inc., <br> 4.375%, 2/15/2030(a)<br>| 32515 |
| 645000 | Synopsys, Inc., 5.700%, 4/01/2055 | 616673 |
| 770000 | TD SYNNEX Corp., 5.300%, 10/10/2035 | 745995 |
| 655000 | TD SYNNEX Corp., 6.100%, 4/12/2034 | 675594 |
| 995000 | Trimble, Inc., 6.100%, 3/15/2033 | 1041070 |
| 619000 | WULF Compute LLC, <br> 7.750%, 10/15/2030(a)<br>| 654085 |
| 16000 | Zebra Technologies Corp., <br> 6.500%, 6/01/2032(a)<br>| 16109 |
|  |  | 31347646 |
|  | **Treasuries — 17.3%** | **Treasuries — 17.3%** |
| 24,237(h)<br>| Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2031, (BRL)<br>| 4092237 |
| 2441000 | Canada Government Bonds, <br> 2.250%, 2/01/2028, (CAD)<br>| 1736898 |
| 5910000 | Malaysia Government Bonds, <br> 3.519%, 4/20/2028, (MYR)<br>| 1467967 |
| 11431000 | Malaysia Government Bonds, <br> 4.054%, 4/18/2039, (MYR)<br>| 2861649 |
| 541,656(i)<br>| Mexico Bonos, 8.000%, 7/31/2053, (MXN) | 2500811 |
| 21943619 | Republic of South Africa Government <br> Bonds, 9.000%, 1/31/2040, (ZAR)<br>| 1217833 |
| 77444000 | Turkiye Government Bonds, <br> 36.000%, 8/12/2026, (TRY)<br>| 1712160 |
| 93196000 | Turkiye Government Bonds, <br> 36.780%, 10/13/2027, (TRY)<br>| 2030663 |
| 40173000 | U.S. Treasury Notes, 3.500%, 11/30/2030 | 39433879 |
| 22560000 | U.S. Treasury Notes, 4.000%, 3/31/2030(j) | 22641075 |
| 22253000 | Uruguay Government International Bonds, <br> 8.000%, 10/29/2035, (UYU)<br>| 554784 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Treasuries — continued** | **Treasuries — continued** |
| 21172000 | Uruguay Government International Bonds, <br> 8.500%, 3/15/2028, (UYU)<br>| $535111 |
| 27700000 | Uruguay Government International Bonds, <br> 9.750%, 7/20/2033, (UYU)<br>| 754684 |
|  |  | 81539751 |
|  | **Wireless — 0.5%** | **Wireless — 0.5%** |
| 875000 | Sprint Capital Corp., 8.750%, 3/15/2032 | 1040436 |
| 265000 | T-Mobile USA, Inc., 2.700%, 3/15/2032 | 235732 |
| 605000 | T-Mobile USA, Inc., 4.700%, 1/15/2035 | 585149 |
| 500000 | T-Mobile USA, Inc., 5.750%, 1/15/2034 | 521403 |
|  |  | 2382720 |
|  | **Wirelines — 0.3%** | **Wirelines — 0.3%** |
| 152000 | AT&T, Inc., 5.125%, 4/30/2036 | 150176 |
| 1200000 | AT&T, Inc., 5.375%, 8/15/2035 | 1215584 |
|  |  | 1365760 |
|  | **Total Non-Convertible Bonds**<br>(Identified Cost $415,269,080)<br>| 408904535 |
| **Convertible Bonds — 1.8%** | **Convertible Bonds — 1.8%** | **Convertible Bonds — 1.8%** |
|  | **Cable Satellite — 0.3%** |  |
| 317781 | EchoStar Corp., 3.875% PIK and/or <br> 3.875% Cash, 11/30/2030(e)<br>| 1135145 |
|  | **Consumer Cyclical Services — 0.2%** |  |
| 208000 | Compass, Inc., 0.250%, 4/15/2031(a) | 174096 |
| 245000 | DoorDash, Inc., Zero Coupon, <br> 5/15/2030(a)<br>| 223195 |
| 190000 | Lyft, Inc., Zero Coupon, 9/15/2030(a) | 178681 |
| 184000 | Uber Technologies, Inc., Series 2028, <br> 0.875%, 12/01/2028<br>| 221260 |
|  |  | 797232 |
|  | **Diversified Manufacturing — 0.1%** |  |
| 137000 | Advanced Energy Industries, Inc., <br> 2.500%, 9/15/2028<br>| 329321 |
| 158000 | Bloom Energy Corp., Zero Coupon, <br> 11/15/2030(a)<br>| 168238 |
| 109000 | Itron, Inc., 1.375%, 7/15/2030 | 109545 |
|  |  | 607104 |
|  | **Electric — 0.1%** |  |
| 120000 | Evergy, Inc., 4.500%, 12/15/2027 | 161880 |
| 223000 | FirstEnergy Corp., 3.875%, 1/15/2031(a) | 257119 |
| 163000 | Pinnacle West Capital Corp., <br> 4.750%, 6/15/2027<br>| 186635 |
|  |  | 605634 |
|  | **Environmental — 0.0%** |  |
| 129000 | Tetra Tech, Inc., 2.250%, 8/15/2028 | 134857 |
|  | **Financial Other — 0.1%** |  |
| 399217 | CIFI Holdings Group Co. Ltd., Series IAI, <br> Zero Coupon, 6/30/2029(f)<br>| 17290 |

---

See accompanying notes to financial statements.

15 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Financial Other — continued** |  |
| $418177 | Country Garden Holdings Co. Ltd., <br> Series AI, Zero Coupon, 12/31/2031(f)<br>| $46514 |
| 211000 | IREN Ltd., Series 33, <br> 1.000%, 6/01/2033(a)<br>| 185364 |
| 117264 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2026(a)<br>| 293 |
| 146587 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2027(a)<br>| 147 |
| 234530 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2028(a)<br>| 117 |
| 234530 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2029(a)<br>| 47 |
| 293162 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2030(a)<br>| 88 |
| 293162 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2031(a)<br>| 29 |
| 553067 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2032(a)<br>| 55 |
| 881265 | Shimao Group Holdings Ltd., Zero <br> Coupon, 7/21/2026(a)<br>| 17185 |
| 464698 | Sino-Ocean Group Holding Ltd., Zero <br> Coupon, 3/27/2027(a)<br>| 3485 |
| 545208 | Sunac China Holdings Ltd., Zero Coupon, <br> 6/23/2026(a)<br>| 85996 |
| 402886 | Sunac China Holdings Ltd., Zero Coupon, <br> 6/23/2028(a)<br>| 101970 |
| 231451 | Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| 1359 |
| 45332 | Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| 176 |
|  |  | 460115 |
|  | **Food & Beverage — 0.0%** |  |
| 143000 | Post Holdings, Inc., 2.500%, 8/15/2027 | 154797 |
|  | **Industrial Other — 0.1%** |  |
| 120000 | Fluor Corp., 1.125%, 8/15/2029 | 147780 |
| 80000 | Granite Construction, Inc., <br> 3.750%, 5/15/2028<br>| 209800 |
|  |  | 357580 |
|  | **Leisure — 0.1%** |  |
| 175000 | NCL Corp. Ltd., 0.875%, 4/15/2030(a) | 181611 |
|  | **Metals & Mining — 0.1%** |  |
| 124000 | B2Gold Corp., 2.750%, 2/01/2030(a) | 200074 |
|  | **Midstream — 0.0%** |  |
| 128000 | UGI Corp., 5.000%, 6/01/2028 | 179392 |
|  | **Pharmaceuticals — 0.1%** |  |
| 177000 | Arrowhead Pharmaceuticals, Inc., Zero <br> Coupon, 1/15/2032<br>| 183124 |
| 137000 | Halozyme Therapeutics, Inc., <br> 0.875%, 11/15/2032(a)<br>| 135150 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Pharmaceuticals — continued** |  |
| $122000 | Ligand Pharmaceuticals, Inc., <br> 0.750%, 10/01/2030(a)<br>| $147559 |
| 105000 | Zoetis, Inc., 0.250%, 6/15/2029(a) | 104213 |
|  |  | 570046 |
|  | **Retailers — 0.1%** |  |
| 195000 | Burlington Stores, Inc., <br> 1.250%, 12/15/2027<br>| 321750 |
| 62000 | Freshpet, Inc., 3.000%, 4/01/2028 | 71201 |
|  |  | 392951 |
|  | **Technology — 0.5%** |  |
| 71000 | Cloudflare, Inc., Zero Coupon, <br> 6/15/2030(a)<br>| 80496 |
| 200000 | CyberArk Software Ltd., Zero Coupon, <br> 6/15/2030(a)<br>| 205360 |
| 142000 | Guidewire Software, Inc., <br> 1.250%, 11/01/2029<br>| 141379 |
| 58000 | InterDigital, Inc., 3.500%, 6/01/2027 | 226345 |
| 79000 | Lumentum Holdings, Inc., <br> 0.375%, 3/15/2032(a)<br>| 304113 |
| 111000 | Microchip Technology, Inc., Zero Coupon, <br> 2/15/2030(a)<br>| 108280 |
| 86000 | MKS, Inc., 1.250%, 6/01/2030 | 142072 |
| 196000 | Nova Ltd., Zero Coupon, 9/15/2030(a) | 301631 |
| 172000 | Nutanix, Inc., 0.500%, 12/15/2029 | 155059 |
| 259000 | Rubrik, Inc., Zero Coupon, 6/15/2030(a) | 222869 |
| 65000 | Seagate HDD Cayman, 3.500%, 6/01/2028 | 308568 |
| 201000 | Snowflake, Inc., Zero Coupon, 10/01/2029 | 245944 |
|  |  | 2442116 |
|  | **Total Convertible Bonds**<br>(Identified Cost $9,877,785)<br>| 8218654 |
| **Municipals — 0.4%** | **Municipals — 0.4%** | **Municipals — 0.4%** |
|  | **Virginia — 0.4%** | **Virginia — 0.4%** |
| 2645000 | Tobacco Settlement Financing Corp., <br> 6.706%, 6/01/2046 <br>(Identified Cost $2,629,652)<br>| 2011237 |
|  | **Total Bonds and Notes**<br>(Identified Cost $427,776,517)<br>| 419134426 |
| **Senior Loans — 5.7%** | **Senior Loans — 5.7%** | **Senior Loans — 5.7%** |
|  | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| 180000 | TransDigm, Inc., 2026 Term Loan N, 1 mo. <br> USD SOFR + 2.500%, <br> 6.168%, 2/13/2033(b)(k)<br>| 180034 |
|  | **Automotive — 0.1%** | **Automotive — 0.1%** |
| 670000 | Allison Transmission, Inc., 2025 <br> Incremental Term Loan B, 1 mo. USD <br> SOFR + 1.750%, 5.422%, 1/02/2033(b)(k)<br>| 671675 |
| 104271 | First Brands Group LLC, 2021 Term Loan, <br> 10.759% PIK, 3/30/2027(d)(e)(k)<br>| 135 |

---

See accompanying notes to financial statements.

\| 16

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Automotive — continued** | **Automotive — continued** |
| $153694 | First Brands Group LLC, 2022 Incremental <br> Term Loan, 3 mo. USD SOFR + 7.114%, <br> 10.782%, 3/30/2027(d)(k)<br>| $200 |
| 103517 | First Brands Group LLC, 2025 DIP Term <br> Loan, 13.671% PIK, 6/29/2026(b)(e)(k)<br>| 23809 |
| 295827 | First Brands Group LLC, 2025 PIK DIP <br> Roll-Up Term Loan B, 10.671% PIK, <br> 6/29/2026(b)(e)(k)<br>| 198 |
|  |  | 696017 |
|  | **Brokerage — 0.0%** | **Brokerage — 0.0%** |
| 212845 | Citadel Securities LP, 2024 First Lien Term <br> Loan, 3 mo. USD SOFR + 2.000%, <br> 5.700%, 10/31/2031(b)(k)<br>| 212964 |
|  | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| 750000 | Advanced Drainage Systems, Inc., 2026 <br> Term Loan B, 1 mo. USD SOFR + 1.625%, <br> 5.298%, 2/28/2033(b)(k)<br>| 752348 |
|  | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| 765000 | Solstice Advanced Materials, Inc., Term <br> Loan B, 3 mo. USD SOFR + 1.750%, <br> 5.417%, 10/29/2032(b)(k)<br>| 768190 |
|  | **Construction Machinery — 0.1%** | **Construction Machinery — 0.1%** |
| 153453 | Terex Corp., 2025 Term Loan, 1 mo. USD <br> SOFR + 1.750%, <br> 5.418%, 10/08/2031(b)(k)<br>| 153549 |
| 168709 | United Rentals, Inc., 2025 Repriced Term <br> Loan B, 1 mo. USD SOFR + 1.500%, <br> 5.168%, 2/14/2031(b)(k)<br>| 169173 |
|  |  | 322722 |
|  | **Consumer Cyclical Services — 0.2%** | **Consumer Cyclical Services — 0.2%** |
| 100000 | Aramark Services, Inc., 2025 Repriced Term <br> Loan, 1 mo. USD SOFR + 1.750%, <br> 5.418%, 4/06/2028(b)(k)<br>| 100000 |
| 894632 | Aramark Services, Inc., 2025 Term Loan, <br> 1 mo. USD SOFR + 1.750%, <br> 5.418%, 6/22/2030(b)(k)<br>| 894632 |
|  |  | 994632 |
|  | **Diversified Manufacturing — 0.1%** | **Diversified Manufacturing — 0.1%** |
| 224829 | Resideo Funding, Inc., 2024 1st Lien Term <br> Loan B, 1 mo. USD SOFR + 2.000%, <br> 5.673%, 2/11/2028(b)(k)<br>| 224830 |
| 197042 | Resideo Funding, Inc., 2024 M&A 1st lien <br> Term Loan B, 6 mo. USD SOFR + 2.000%, <br> 5.641%, 6/13/2031(b)(k)<br>| 195934 |
|  |  | 420764 |
|  | **Electric — 0.5%** | **Electric — 0.5%** |
| 2121914 | NRG Energy, Inc., 2024 Term Loan, 3 mo. <br> USD SOFR + 1.750%, <br> 5.521%, 4/16/2031(b)(k)<br>| 2124227 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Environmental — 0.2%** | **Environmental — 0.2%** |
| $698250 | Clean Harbors, Inc., 2025 Term Loan, <br> 1 mo. USD SOFR + 1.500%, <br> 5.168%, 10/08/2032(b)(k)<br>| $702440 |
|  | **Gaming — 0.5%** | **Gaming — 0.5%** |
| 554400 | DK Crown Holdings, Inc., 2025 Term Loan <br> B, 1 mo. USD SOFR + 1.750%, <br> 5.419%, 3/04/2032(b)(k)<br>| 553363 |
| 1401903 | Flutter Financing BV, 2024 Term Loan B, <br> 3 mo. USD SOFR + 1.750%, <br> 5.450%, 11/30/2030(b)(k)<br>| 1384380 |
| 526025 | Flutter Financing BV, 2025 Term Loan B, <br> 3 mo. USD SOFR + 2.000%, <br> 5.700%, 6/04/2032(b)(k)<br>| 519450 |
| 49252 | Light & Wonder International, Inc., 2026 <br> Term Loan B, 1 mo. USD SOFR + 2.000%, <br> 5.675%, 4/16/2029(b)(k)<br>| 49210 |
|  |  | 2506403 |
|  | **Healthcare — 0.3%** | **Healthcare — 0.3%** |
| 213366 | Bausch & Lomb Corp., 2025 Repriced Term <br> Loan, 1/15/2031(l)<br>| 213632 |
| 169237 | Bausch & Lomb Corp., 2025 Repriced Term <br> Loan, 1 mo. USD SOFR + 3.750%, <br> 7.418%, 1/15/2031(b)(k)<br>| 169449 |
| 1042095 | DaVita, Inc., 2025 Term Loan B, 1 mo. <br> USD SOFR + 1.750%, <br> 5.418%, 5/09/2031(b)(k)<br>| 1043398 |
|  |  | 1426479 |
|  | **Lodging — 0.6%** | **Lodging — 0.6%** |
| 716062 | Hilton Domestic Operating Co., Inc., 2023 <br> Term Loan B4, 1 mo. USD SOFR + <br> 1.750%, 5.429%, 11/08/2030(b)<br>| 716957 |
| 1965000 | Wyndham Hotels & Resorts, Inc., 2024 <br> Term Loan, 1 mo. USD SOFR + 1.750%, <br> 5.418%, 5/24/2030(b)(k)<br>| 1970188 |
|  |  | 2687145 |
|  | **Media Entertainment — 0.2%** | **Media Entertainment — 0.2%** |
| 930000 | Electronic Arts, Inc., USD Term Loan B, <br> 3/24/2033(l)<br>| 924187 |
|  | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| 790371 | Novelis Corp., 2025 Term Loan B, 3 mo. <br> USD SOFR + 1.750%, <br> 5.450%, 3/11/2032(b)(k)<br>| 790040 |
|  | **Paper — 0.2%** | **Paper — 0.2%** |
| 1050205 | Asplundh Tree Expert LLC, 2024 <br> Incremental Term Loan B, 1 mo. USD <br> SOFR + 1.750%, 5.418%, 5/23/2031(b)<br>| 1052043 |
|  | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| 1545000 | BioMarin Pharmaceutical, Inc., Term Loan <br> B, 1/28/2033(l)<br>| 1540180 |

---

See accompanying notes to financial statements.

17 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Property & Casualty Insurance — 0.5%** | **Property & Casualty Insurance — 0.5%** |
| $495927 | Amynta Agency Borrower, Inc., 2026 <br> Repriced Term Loan B, 12/29/2031(l)<br>| $488047 |
| 1606601 | Ardonagh Midco 3 PLC, 2024 USD Term <br> Loan B, USD SOFR + 2.750%, <br> 6.374%, 2/15/2031(b)(k)<br>| 1567448 |
| 32856 | Baldwin Insurance Group Holdings LLC, <br> 2025 Term Loan B2, 1 mo. USD SOFR + <br> 2.500%, 6.178%, 5/26/2031(b)(k)<br>| 32254 |
| 155038 | Ryan Specialty Group LLC, 2024 USD <br> Term Loan B, 1 mo. USD SOFR + 2.000%, <br> 5.668%, 9/15/2031(b)(k)<br>| 154650 |
| 268231 | Truist Insurance Holdings LLC, 2024 Term <br> Loan B, 3 mo. USD SOFR + 2.750%, <br> 6.450%, 5/06/2031(b)(k)<br>| 264124 |
|  |  | 2506523 |
|  | **Retailers — 0.1%** | **Retailers — 0.1%** |
| 338251 | PetSmart, Inc., 2025 USD Term Loan B, <br> 8/18/2032(l)<br>| 335630 |
| 188060 | PetSmart, Inc., 2025 USD Term Loan B, <br> 1 mo. USD SOFR + 4.000%, <br> 7.675%, 8/18/2032(b)(k)<br>| 186603 |
|  |  | 522233 |
|  | **Technology — 1.1%** | **Technology — 1.1%** |
| 483000 | CACI International, Inc., 2026 Incremental <br> Term Loan B2, 3/09/2033(l)<br>| 482396 |
| 198870 | Ciena Corp., 2025 Repriced Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.425%, 10/24/2030(b)(k)<br>| 198787 |
| 184070 | Darktrace PLC, 1st Lien Term Loan, 3 mo. <br> USD SOFR + 3.250%, <br> 6.898%, 10/09/2031(b)<br>| 175811 |
| 1641390 | Dayforce, Inc., 2026 Term Loan, 3 mo. <br> USD SOFR + 3.000%, <br> 6.663%, 2/04/2033(b)(k)<br>| 1550653 |
| 891650 | Open Text Corp., 2023 Term Loan B, 1 mo. <br> USD SOFR + 1.750%, <br> 5.418%, 1/31/2030(b)(k)<br>| 871267 |
| 1954423 | Trans Union LLC, 2024 Term Loan B8, <br> 3 mo. USD SOFR + 1.750%, <br> 5.450%, 6/24/2031(b)(k)<br>| 1942560 |
|  |  | 5221474 |
|  | **Wireless — 0.1%** | **Wireless — 0.1%** |
| 461680 | SBA Senior Finance II LLC, 2024 Term <br> Loan B, 1 mo. USD SOFR + 1.750%, <br> 5.420%, 1/25/2031(b)(k)<br>| 463028 |
|  | **Total Senior Loans**<br>(Identified Cost $27,435,485)<br>| 26814073 |
| **Collateralized Loan Obligations — 1.9%** | **Collateralized Loan Obligations — 1.9%** | **Collateralized Loan Obligations — 1.9%** |
| 255000 | Atrium XV, Series 15A, Class D1R, 3 mo. <br> USD SOFR + 3.300%, <br> 6.971%, 7/16/2037(a)(b)<br>| 244463 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $970000 | Benefit Street Partners CLO XXVIII Ltd., <br> Series 2022-28A, Class BR, 3 mo. USD <br> SOFR + 1.700%, <br> 5.368%, 10/20/2037(a)(b)<br>| $972462 |
| 420000 | Benefit Street Partners CLO XXXVII Ltd., <br> Series 2024-37A, Class B, 3 mo. USD <br> SOFR + 1.650%, 5.318%, 1/25/2038(a)(b)<br>| 418975 |
| 610000 | Birch Grove CLO 9 Ltd., Series 2024-9A, <br> Class A1, 3 mo. USD SOFR + 1.400%, <br> 5.069%, 10/22/2037(a)(b)<br>| 610463 |
| 305000 | CarVal CLO I Ltd., Series 2018-1A, <br> Class D, 3 mo. USD SOFR + 3.152%, <br> 6.823%, 7/16/2031(a)(b)<br>| 303238 |
| 340000 | Elmwood CLO VIII Ltd., Series 2021-1A, <br> Class DR, 3 mo. USD SOFR + 3.800%, <br> 7.468%, 4/20/2037(a)(b)<br>| 340168 |
| 1090000 | Fort Greene Park CLO LLC, <br> Series 2025-2A, Class DR, 3 mo. USD <br> SOFR + 2.350%, 6.019%, 4/22/2034(a)(b)<br>| 1058370 |
| 365000 | Invesco CLO Ltd., Series 2021-1A, Class D, <br> 3 mo. USD SOFR + 3.312%, <br> 6.984%, 4/15/2034(a)(b)<br>| 347712 |
| 500000 | Madison Park Funding XXXI Ltd., <br> Series 2018-31A, Class D1R, 3 mo. USD <br> SOFR + 3.300%, 6.971%, 7/23/2037(a)(b)<br>| 478018 |
| 1885000 | Oaktree CLO Ltd., Series 2019-2A, <br> Class BRR, 3 mo. USD SOFR + 2.200%, <br> 5.872%, 10/15/2037(a)(b)<br>| 1885240 |
| 890000 | Palmer Square BDC CLO 1 Ltd., Series 1A, <br> Class A, 3 mo. USD SOFR + 1.600%, <br> 5.272%, 7/15/2037(a)(b)<br>| 890362 |
| 625000 | Palmer Square BDC CLO 1 Ltd., Series 1A, <br> Class B1, 3 mo. USD SOFR + 2.150%, <br> 5.822%, 7/15/2037(a)(b)<br>| 626498 |
| 250000 | Recette CLO Ltd., Series 2015-1A, <br> Class DRR, 3 mo. USD SOFR + 3.512%, <br> 7.179%, 4/20/2034(a)(b)<br>| 238462 |
| 75043 | Rockford Tower CLO Ltd., Series 2018-1A, <br> Class A, 3 mo. USD SOFR + 1.362%, <br> 5.017%, 5/20/2031(a)(b)<br>| 75057 |
| 525000 | Sixth Street CLO XVIII Ltd., <br> Series 2021-18A, Class D1R, 3 mo. USD <br> SOFR + 2.700%, <br> 6.368%, 10/17/2038(a)(b)<br>| 513870 |
|  | **Total Collateralized Loan Obligations**<br>(Identified Cost $9,102,774)<br>| 9003358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Common Stocks— 0.3%** | **Common Stocks— 0.3%** | **Common Stocks— 0.3%** |
|  | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| 18635 | BioMarin Pharmaceutical, Inc.(g) | 1052691 |
|  | **Media — 0.1%** | **Media — 0.1%** |
| 138910 | Optimum Communications, Inc., <br> Class A(g)<br>| 180583 |

---

See accompanying notes to financial statements.

\| 18

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| 1800 | Country Garden Holdings Co. Ltd.(g) | $74 |
| 145357 | Kaisa Group Holdings Ltd.(g) | 1650 |
| 46580 | Sunac China Holdings Ltd.(g) | 6328 |
| 130840 | Times China Holdings Ltd.(g) | 1237 |
| 75187 | Yuzhou Group Holdings Co. Ltd.(g) | 1524 |
|  |  | 10813 |
|  | **Total Common Stocks**<br>(Identified Cost $4,189,864)<br>| 1244087 |
| **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** |
| **Convertible Preferred Stocks — 0.1%** | **Convertible Preferred Stocks — 0.1%** | **Convertible Preferred Stocks — 0.1%** |
|  | **Brokerage — 0.0%** | **Brokerage — 0.0%** |
| 950 | Apollo Global Management, Inc., 6.750% | 55537 |
|  | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| 1050 | Albemarle Corp., 7.250% | 75442 |
|  | **Electric — 0.1%** | **Electric — 0.1%** |
| 5666 | PG&E Corp., Series A, 6.000% | 243581 |
|  | **Technology — 0.0%** | **Technology — 0.0%** |
| 1550 | Oracle Corp., Series D, 6.500% | 69766 |
|  | **Total Convertible Preferred Stocks**<br>(Identified Cost $453,010)<br>| 444326 |
|  | **Total Preferred Stocks**<br>(Identified Cost $453,010)<br>| 444326 |
|  | **Total Purchased Options — 0.0%** <br>(Identified Cost $5,199) (see details below)<br>| 4102 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** |
| $11831642 | Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated <br> 3/31/2026 at 2.150% to be repurchased at <br> $11,832,349 on 4/01/2026 collateralized by <br> $12,134,900 U.S. Treasury Note, 3.375% <br> due 9/15/2027 valued at $12,068,388 <br> including accrued interest (Note 2 of Notes <br> to Financial Statements)<br>| $11831642 |
| 2384000 | U.S. Treasury Bills, 3.599%, 9/24/2026(m) | 2342340 |
|  | **Total Short-Term Investments**<br>(Identified Cost $14,173,701)<br>| 14173982 |
|  | **Total Investments — 100.0%**<br>(Identified Cost $483,136,550)<br>| 470818354 |
|  | Other assets less liabilities — 0.0% | 23566 |
|  | **Net Assets — 100.0%** | $470841920 |

---

**Purchased Options — 0.0%** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration <br>Date<br>| Exercise <br>Price<br>| Shares | Notional <br>Amount<br>| Cost | Value (†) |
| **Options on Futures — 0.0%** | **Options on Futures — 0.0%** | **Options on Futures — 0.0%** | **Options on Futures — 0.0%** | **Options on Futures — 0.0%** | **Options on Futures — 0.0%** | **Options on Futures — 0.0%** |
| CBOT 5 Year U.S. Treasury Notes, Put | &nbsp;&nbsp; 4/24/2026 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; $56794336 | &nbsp;&nbsp; $5199 | &nbsp;&nbsp; $4102 |

---

**Written Options — (0.1%)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration <br>Date<br>| Exercise <br>Price<br>| Shares | Notional <br>Amount<br>| Premiums <br>(Received)<br>| Value (†) |
| **Options on Futures — (0.1%)** | **Options on Futures — (0.1%)** | **Options on Futures — (0.1%)** | **Options on Futures — (0.1%)** | **Options on Futures — (0.1%)** | **Options on Futures — (0.1%)** | **Options on Futures — (0.1%)** |
| CBOT 5 Year U.S. Treasury Notes, Put | &nbsp;&nbsp; 4/24/2026 | 108.25 | &nbsp;&nbsp; (525000)<br>| &nbsp;&nbsp; $(56794336)<br>| &nbsp;&nbsp; $(110996)<br>| &nbsp;&nbsp; $(274805)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (‡) | Principal Amount stated in U.S. dollars unless otherwise noted. |
| (a) | &nbsp;&nbsp; All or a portion of these securities are exempt from registration <br> under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. At March 31, 2026, the value of <br> Rule 144A holdings amounted to $196,430,982 or 41.7% of net <br> assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Rate as of March 31, 2026 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for the purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and/or spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Perpetual bond with no specified maturity date.

See accompanying notes to financial statements.

19 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Payment–in–kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Securities subject to restriction on resale. At March 31, 2026, the restricted securities held by the Fund are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | &nbsp;&nbsp; **% of** <br>**Net Assets**<br>|
| CIFI <br> Holdings <br> Group <br> Co. Ltd.<br>| 8/26/2021-12/29/2025 | &nbsp;&nbsp; $418408 | &nbsp;&nbsp; $17290 | Less than 0.1% |
| Country <br> Garden <br> Holdings <br> Co. Ltd.<br>| 8/02/2021-2/06/2026 | &nbsp;&nbsp; 461609 | &nbsp;&nbsp; 46514 | Less than 0.1% |
| Country <br> Garden <br> Holdings <br> Co. Ltd.<br>| 8/02/2021-12/23/2025 | &nbsp;&nbsp; 120730 | &nbsp;&nbsp; 27459 | Less than 0.1% |
| Yuzhou <br> Group <br> Holdings <br> Co. Ltd.<br>| 11/17/2021-12/31/2025 | &nbsp;&nbsp; 168792 | &nbsp;&nbsp; 6262 | Less than 0.1% |
| Yuzhou <br> Group <br> Holdings <br> Co. Ltd.<br>| 11/17/2021-1/07/2026 | &nbsp;&nbsp; 163273 | &nbsp;&nbsp; 5590 | Less than 0.1% |
| Yuzhou <br> Group <br> Holdings <br> Co. Ltd.<br>| 11/17/2021-1/07/2026 | &nbsp;&nbsp; 146268 | &nbsp;&nbsp; 4357 | Less than 0.1% |
| Yuzhou <br> Group <br> Holdings <br> Co. Ltd.<br>| 11/17/2021-1/07/2026 | &nbsp;&nbsp; 14061 | &nbsp;&nbsp; 3677 | Less than 0.1% |
| Yuzhou <br> Group <br> Holdings <br> Co. Ltd.<br>| 11/17/2021-1/09/2026 | &nbsp;&nbsp; 43328 | &nbsp;&nbsp; 1942 | Less than 0.1% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Acquisition**<br> **Date**<br>| **Acquisition**<br> **Cost**<br>| **Value** | &nbsp;&nbsp; **% of**<br> **Net Assets**<br>|
| Yuzhou <br> Group <br> Holdings <br> Co. Ltd.<br>| 11/17/2021-1/16/2026 | &nbsp;&nbsp; $30919 | &nbsp;&nbsp; $180 | Less than 0.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Amount shown represents units. One unit represents a principal amount of 1,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amount shown represents units. One unit represents a principal amount of 100.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate which may range from 0.00% to 1.00%, to which the spread is added.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Position is unsettled. Contract rate was not determined at March 31, 2026 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Interest rate represents discount rate at time of purchase; not a coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ABS | Asset-Backed Securities |
| DIP | Debtor In Possession |
| PIK | Payment-in-Kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| EUR | Euro |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| TRY | Turkish Lira |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

**At March 31, 2026, the Fund had the following open forward foreign currency contracts:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | &nbsp;&nbsp; Delivery <br>Date<br>| &nbsp;&nbsp; Currency <br>Bought/ <br>Sold (B/S) | &nbsp;&nbsp; Currency <br>Bought/ <br>Sold (B/S) | Units <br>of <br>Currency<br>| In Exchange <br>for<br>| Notional <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Bank of America N.A. | 6/17/2026 | EUR | S | &nbsp;&nbsp; 1063000 | &nbsp;&nbsp; $1237231 | &nbsp;&nbsp; $1232938 | &nbsp;&nbsp; $4293 |

---

**At March 31, 2026, the Fund had the following open long futures contracts:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; $9057115 | &nbsp;&nbsp; $8883750 | &nbsp;&nbsp; $(173365)<br>|
| CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 3296 | &nbsp;&nbsp; 361613080 | &nbsp;&nbsp; 356560252 | &nbsp;&nbsp; (5052828)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(5226193)<br>|

---

See accompanying notes to financial statements.

\| 20

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Fixed Income Fund (continued)**

**At March 31, 2026, the Fund had the following open short futures contracts:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; $26536331 | &nbsp;&nbsp; $26345555 | &nbsp;&nbsp; $190776 |
| CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 8351149 | &nbsp;&nbsp; 8085125 | &nbsp;&nbsp; 266024 |
| CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 13371445 | &nbsp;&nbsp; 13055000 | &nbsp;&nbsp; 316445 |
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 936 | &nbsp;&nbsp; 108632524 | &nbsp;&nbsp; 106250625 | &nbsp;&nbsp; 2381899 |
| Total |  |  |  |  | &nbsp;&nbsp; $3155144 |

---

See accompanying notes to financial statements.

21 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Global Bond Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount(‡)**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 97.0% of Net Assets** | **Bonds and Notes — 97.0% of Net Assets** | **Bonds and Notes — 97.0% of Net Assets** |
|  | **Australia — 2.8%** | **Australia — 2.8%** |
| 1794000 | Australia Government Bonds, <br> 4.250%, 12/21/2035, (AUD)<br>| $1169322 |
| 152000 | Glencore Funding LLC, <br> 2.625%, 9/23/2031(a)<br>| 135457 |
| 290000 | Glencore Funding LLC, <br> 5.673%, 4/01/2035(a)<br>| 296262 |
| 270000 | Glencore Funding LLC, <br> 5.700%, 5/08/2033(a)<br>| 278280 |
| 840000 | Glencore Funding LLC, <br> 6.500%, 10/06/2033(a)<br>| 908951 |
| 3390000 | Queensland Treasury Corp., <br> 1.750%, 7/20/2034, (AUD)<br>| 1759087 |
| 4200000 | Queensland Treasury Corp., <br> 2.750%, 8/20/2027, (AUD)<br>| 2820623 |
| 2491000 | Queensland Treasury Corp., <br> 4.500%, 8/22/2035, (AUD)<br>| 1582341 |
|  |  | 8950323 |
|  | **Belgium — 0.5%** | **Belgium — 0.5%** |
| 360000 | Anheuser-Busch <br> Cos. LLC/Anheuser-Busch InBev <br> Worldwide, Inc., 4.700%, 2/01/2036<br>| 350630 |
| 250000 | Anheuser-Busch <br> Cos. LLC/Anheuser-Busch InBev <br> Worldwide, Inc., 4.900%, 2/01/2046<br>| 225293 |
| 210000 | Anheuser-Busch InBev Worldwide, Inc., <br> 8.200%, 1/15/2039<br>| 263908 |
| 800000 | Warehouses De Pauw CVA, EMTN, <br> 3.125%, 1/15/2031, (EUR)<br>| 891068 |
|  |  | 1730899 |
|  | **Brazil — 2.9%** | **Brazil — 2.9%** |
| 4,600(b)<br>| Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2029, (BRL)<br>| 819295 |
| 46,771(b)<br>| Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2031, (BRL)<br>| 7896936 |
| 565000 | Gerdau Trade, Inc., 5.750%, 6/09/2035 | 572062 |
|  |  | 9288293 |
|  | **Canada — 4.6%** | **Canada — 4.6%** |
| 4880000 | Canada Government Bonds, <br> 2.750%, 3/01/2031, (CAD)<br>| 3454132 |
| 2930000 | Canada Government Bonds, <br> 3.250%, 6/01/2035, (CAD)<br>| 2077328 |
| 1224000 | CPPIB Capital, Inc., MTN, <br> 5.300%, 3/10/2036, (AUD)<br>| 825016 |
| 5245000 | Province of Ontario, <br> 1.900%, 12/02/2051, (CAD)<br>| 2218238 |
| 4980000 | Province of Quebec, Zero Coupon, <br> 10/29/2030, (EUR)<br>| 5012076 |
| 1260000 | Toronto-Dominion Bank, EMTN, <br> 3.715%, 3/13/2030, (EUR)<br>| 1490107 |
|  |  | 15076897 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **Cayman Islands — 0.5%** | **Cayman Islands — 0.5%** |
| $712178 | GGAM Master Trust International Ltd., <br> Series 2025-1A, Class A, <br> 5.923%, 9/30/2060(a)<br>| $709613 |
| 536786 | MAST Ltd., Series 2026-1A, Class A, <br> 5.134%, 2/15/2051(a)<br>| 527647 |
| 519097 | Slam Ltd., Series 2024-1A, Class A, <br> 5.335%, 9/15/2049(a)<br>| 517107 |
|  |  | 1754367 |
|  | **Chile — 0.2%** | **Chile — 0.2%** |
| 687000 | Chile Government International Bonds, <br> 3.375%, 4/14/2032, (EUR)<br>| 772597 |
|  | **China — 6.9%** | **China — 6.9%** |
| 41870000 | China Development Bank, <br> 3.120%, 9/13/2031, (CNY)<br>| 6526847 |
| 40920000 | China Government Bonds, <br> 1.750%, 2/25/2036, (CNY)<br>| 5897817 |
| 25120000 | China Government Bonds, <br> 1.920%, 1/15/2055, (CNY)<br>| 3314393 |
| 44960000 | China Government Bonds, <br> 2.270%, 5/25/2034, (CNY)<br>| 6793238 |
|  |  | 22532295 |
|  | **Colombia — 0.9%** | **Colombia — 0.9%** |
| 1300000 | Colombia Government International <br> Bonds, 7.500%, 2/02/2034<br>| 1328119 |
| 7278600000 | Colombia TES, 7.000%, 3/26/2031, <br> (COP)<br>| 1525600 |
|  |  | 2853719 |
|  | **Denmark — 0.8%** | **Denmark — 0.8%** |
| 914000 | Danske Bank AS, EMTN, (fixed rate to <br> 12/02/2032, variable rate thereafter), <br> 3.375%, 12/02/2033, (EUR)<br>| 1023153 |
| 203000 | Danske Bank AS, EMTN, (fixed rate to <br> 8/19/2030, variable rate thereafter), <br> 3.500%, 11/19/2035, (EUR)<br>| 228796 |
| 100000 | Danske Bank AS, EMTN, (fixed rate to <br> 11/19/2031, variable rate thereafter), <br> 3.750%, 11/19/2036, (EUR)<br>| 112672 |
| 408000 | Danske Bank AS, EMTN, (fixed rate to <br> 1/09/2031, variable rate thereafter), <br> 3.875%, 1/09/2032, (EUR)<br>| 475602 |
| 350000 | Danske Bank AS, (fixed rate to <br> 10/02/2029, variable rate thereafter), <br> 4.613%, 10/02/2030(a)<br>| 348966 |
| 273000 | Danske Bank AS, EMTN, (fixed rate to <br> 6/21/2029, variable rate thereafter), <br> 4.750%, 6/21/2030, (EUR)<br>| 327151 |
|  |  | 2516340 |
|  | **France — 5.0%** | **France — 5.0%** |
| 100000 | AXA SA, EMTN, (fixed rate to <br> 1/24/2036, variable rate thereafter), <br> 4.125%, 7/24/2056, (EUR)<br>| 111606 |

---

See accompanying notes to financial statements.

\| 22

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Global Bond Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **France — continued** | **France — continued** |
| 184000 | AXA SA, EMTN, (fixed rate to <br> 9/10/2032, variable rate thereafter), <br> 4.250%, 3/10/2043, (EUR)<br>| $212186 |
| 703000 | AXA SA, EMTN, (fixed rate to <br> 1/24/2035, variable rate thereafter), <br> 4.375%, 7/24/2055, (EUR)<br>| 807157 |
| 729782 | Bavarian Sky French Auto Leases 5, <br> Series FRE5, Class A, 1 mo. EUR <br> EURIBOR + 0.600%, <br> 2.540%, 8/20/2032, (EUR)(c)<br>| 844549 |
| 1338000 | BNP Paribas SA, (fixed rate to <br> 11/19/2029, variable rate thereafter), <br> 5.283%, 11/19/2030(a)<br>| 1358371 |
| 668237 | BPCE Consumer Loans FCT, <br> Series 2024-1, Class A, 1 mo. EUR <br> EURIBOR + 0.700%, <br> 2.592%, 10/31/2042, (EUR)(c)<br>| 772773 |
| 1100000 | Credit Agricole SA, (fixed rate to <br> 1/12/2036, variable rate thereafter), <br> 5.261%, 1/12/2037(a)<br>| 1076085 |
| 405000 | Credit Agricole SA, (fixed rate to <br> 1/09/2035, variable rate thereafter), <br> 5.862%, 1/09/2036(a)<br>| 417189 |
| 1055000 | French Republic Government Bonds <br> OAT, 0.500%, 6/25/2044, (EUR)<br>| 648842 |
| 2158000 | French Republic Government Bonds <br> OAT, 2.700%, 2/25/2031, (EUR)<br>| 2444189 |
| 4127000 | French Republic Government Bonds <br> OAT, 3.200%, 5/25/2035, (EUR)<br>| 4598119 |
| 100000 | Orange SA, EMTN, <br> 3.750%, 9/04/2037, (EUR)<br>| 111477 |
| 1225000 | Societe Generale SA, (fixed rate to <br> 4/10/2036, variable rate thereafter), <br> 5.400%, 4/10/2037(a)<br>| 1185099 |
| 1555000 | Societe Generale SA, (fixed rate to <br> 1/19/2034, variable rate thereafter), <br> 6.066%, 1/19/2035(a)<br>| 1605755 |
| 200000 | Societe Generale SA, (fixed rate to <br> 1/10/2033, variable rate thereafter), <br> 6.691%, 1/10/2034(a)<br>| 213606 |
|  |  | 16407003 |
|  | **Germany — 3.7%** | **Germany — 3.7%** |
| 500000 | Allianz SE, (fixed rate to 1/26/2034, <br> variable rate thereafter), <br> 4.851%, 7/26/2054, (EUR)<br>| 594194 |
| 600000 | Allianz SE, (fixed rate to 1/25/2033, <br> variable rate thereafter), <br> 5.824%, 7/25/2053, (EUR)<br>| 755220 |
| 7199000 | Bundesrepublik Deutschland <br> Bundesanleihe, Zero Coupon, <br> 8/15/2052, (EUR)<br>| 3416422 |
| 600000 | Commerzbank AG, EMTN, (fixed rate <br> to 6/06/2033, variable rate thereafter), <br> 3.750%, 6/06/2034, (EUR)<br>| 677916 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **Germany — continued** | **Germany — continued** |
| 600000 | Commerzbank AG, EMTN, (fixed rate <br> to 9/02/2035, variable rate thereafter), <br> 3.875%, 9/02/2036, (EUR)<br>| $670302 |
| 200000 | Commerzbank AG, EMTN, (fixed rate <br> to 6/30/2032, variable rate thereafter), <br> 4.125%, 6/30/2037, (EUR)<br>| 226564 |
| 900000 | Deutsche Bank AG, EMTN, (fixed rate <br> to 7/12/2034, variable rate thereafter), <br> 4.500%, 7/12/2035, (EUR)<br>| 1055824 |
| 725000 | Deutsche Bank AG, (fixed rate to <br> 8/04/2030, variable rate thereafter), <br> 4.950%, 8/04/2031<br>| 722269 |
| 255000 | Deutsche Bank AG, (fixed rate to <br> 9/11/2029, variable rate thereafter), <br> 4.999%, 9/11/2030<br>| 256201 |
| 355000 | Deutsche Bank AG, (fixed rate to <br> 11/20/2028, variable rate thereafter), <br> 6.819%, 11/20/2029<br>| 372739 |
| 48000 | Deutsche Telekom AG, EMTN, <br> 1.375%, 7/05/2034, (EUR)<br>| 46565 |
| 48000 | Deutsche Telekom AG, EMTN, <br> 3.250%, 6/04/2035, (EUR)<br>| 53551 |
| 49000 | Deutsche Telekom AG, EMTN, <br> 3.250%, 3/20/2036, (EUR)<br>| 54218 |
| 48000 | Deutsche Telekom AG, EMTN, <br> 3.625%, 2/03/2045, (EUR)<br>| 49849 |
| 423000 | Kreditanstalt fuer Wiederaufbau, <br> EMTN, 2.875%, 12/28/2029, (EUR)<br>| 489413 |
| 600000 | LEG Immobilien SE, EMTN, <br> 1.625%, 11/28/2034, (EUR)<br>| 556151 |
| 100000 | LEG Immobilien SE, EMTN, <br> 3.875%, 1/20/2035, (EUR)<br>| 109933 |
| 370000 | RWE Finance U.S. LLC, <br> 5.125%, 9/18/2035(a)<br>| 359716 |
| 1630000 | RWE Finance U.S. LLC, <br> 5.875%, 4/16/2034(a)<br>| 1684968 |
|  |  | 12152015 |
|  | **Hungary — 0.2%** | **Hungary — 0.2%** |
| 283000000 | Hungary Government Bonds, <br> 3.000%, 8/21/2030, (HUF)<br>| 720391 |
|  | **Indonesia — 0.4%** | **Indonesia — 0.4%** |
| 21356000000 | Indonesia Treasury Bonds, <br> 6.500%, 2/15/2031, (IDR)<br>| 1247524 |
|  | **Ireland — 1.4%** | **Ireland — 1.4%** |
| 1360000 | AIB Group PLC, (fixed rate to <br> 3/28/2034, variable rate thereafter), <br> 5.871%, 3/28/2035(a)<br>| 1405371 |
| 491102 | APL Finance DAC, Series 2025-1A, <br> Class A, 4.810%, 3/20/2036(a)<br>| 486711 |
| 1095000 | Ireland Government Bonds, Zero <br> Coupon, 10/18/2031, (EUR)<br>| 1081300 |

---

See accompanying notes to financial statements.

23 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Global Bond Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **Ireland — continued** | **Ireland — continued** |
| 553574 | LT Rahoitus DAC, Series 6, Class A, <br> 1 mo. EUR EURIBOR + 0.540%, <br> 2.488%, 7/18/2036, (EUR)(c)<br>| $640122 |
| 781000 | Zurich Finance Ireland II DAC, <br> EMTN, (fixed rate to 5/22/2035, <br> variable rate thereafter), <br> 6.250%, 11/22/2055<br>| 800210 |
|  |  | 4413714 |
|  | **Israel — 0.5%** | **Israel — 0.5%** |
| 1875000 | Israel Government Bonds - Fixed, <br> 1.000%, 3/31/2030, (ILS)<br>| 532944 |
| 905000 | Teva Pharmaceutical Finance <br> Netherlands II BV, 4.125%, 6/01/2031, <br> (EUR)<br>| 1031237 |
|  |  | 1564181 |
|  | **Italy — 4.5%** | **Italy — 4.5%** |
| 200000 | ENEL Finance International NV, <br> 5.000%, 9/30/2035(a)<br>| 193955 |
| 730000 | ENEL Finance International NV, <br> 6.000%, 10/07/2039(a)<br>| 740435 |
| 812588 | Fulvia SPV SRL, Series 2025-1, <br> Class A1, 3 mo. EUR EURIBOR + <br> 0.700%, 2.808%, 12/23/2041, <br> (EUR)(c)<br>| 939604 |
| 987439 | Golden Bar Securitisation SRL, <br> Series 2025-1, Class A1, 3 mo. EUR <br> EURIBOR + 0.750%, <br> 2.871%, 12/20/2044, (EUR)(c)<br>| 1141751 |
| 302000 | Intesa Sanpaolo SpA, EMTN, (fixed <br> rate to 9/16/2031, variable rate <br> thereafter), 3.850%, 9/16/2032, (EUR)<br>| 348627 |
| 200000 | Intesa Sanpaolo SpA, EMTN, (fixed <br> rate to 11/14/2031, variable rate <br> thereafter), 4.271%, 11/14/2036, <br> (EUR)<br>| 229886 |
| 150000 | Intesa Sanpaolo SpA, EMTN, <br> 6.625%, 5/31/2033, (GBP)<br>| 210005 |
| 565000 | Intesa Sanpaolo SpA, <br> 6.625%, 6/20/2033(a)<br>| 612064 |
| 200000 | Intesa Sanpaolo SpA, <br> 7.200%, 11/28/2033(a)<br>| 224232 |
| 5596000 | Italy Buoni Poliennali Del Tesoro, <br> 3.650%, 8/01/2035, (EUR)<br>| 6378955 |
| 879000 | Italy Buoni Poliennali Del Tesoro, <br> 4.100%, 4/30/2046, (EUR)<br>| 976470 |
| 708834 | Red & Black Auto Italy SRL, Series 3, <br> Class A, 1 mo. EUR EURIBOR + <br> 0.810%, 2.717%, 7/28/2036, (EUR)(c)<br>| 820571 |
| 900000 | Sunrise SPV 97 SRL, Series 2025-2, <br> Class A, 1 mo. EUR EURIBOR + <br> 0.720%, 2.667%, 10/27/2050, <br> (EUR)(c)<br>| 1040285 |
| 370000 | UniCredit SpA, (fixed rate to <br> 6/03/2031, variable rate thereafter), <br> 3.127%, 6/03/2032(a)<br>| 339958 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **Italy — continued** | **Italy — continued** |
| 204000 | UniCredit SpA, EMTN, (fixed rate to <br> 6/24/2032, variable rate thereafter), <br> 4.175%, 6/24/2037, (EUR)<br>| $232242 |
| 301000 | UniCredit SpA, 4.200%, 6/11/2034, <br> (EUR)<br>| 348549 |
|  |  | 14777589 |
|  | **Japan — 6.6%** | **Japan — 6.6%** |
| 154000000 | Japan Government Ten Year Bonds, <br> 1.600%, 9/20/2035, (JPY)<br>| 920112 |
| 1091150000 | Japan Government Ten Year Bonds, <br> 1.700%, 9/20/2035, (JPY)<br>| 6521942 |
| 810650000 | Japan Government Thirty Year Bonds, <br> 1.600%, 12/20/2053, (JPY)<br>| 3276057 |
| 582600000 | Japan Government Thirty Year Bonds, <br> 2.800%, 6/20/2055, (JPY)<br>| 3099026 |
| 300550000 | Japan Government Thirty Year Bonds, <br> 3.400%, 12/20/2055, (JPY)<br>| 1803111 |
| 953200000 | Japan Government Twenty Year Bonds, <br> 1.600%, 3/20/2044, (JPY)<br>| 4733237 |
| 93550000 | Japan Government Two Year Bonds, <br> 0.800%, 6/01/2027, (JPY)<br>| 587018 |
| 520000 | Mitsubishi UFJ Financial Group, Inc., <br> (fixed rate to 1/14/2036, variable rate <br> thereafter), 5.057%, 1/14/2037<br>| 510862 |
|  |  | 21451365 |
|  | **Korea — 2.1%** | **Korea — 2.1%** |
| 5046340000 | Korea Treasury Bonds, <br> 2.500%, 9/10/2030, (KRW)<br>| 3124213 |
| 375000000 | Korea Treasury Bonds, <br> 3.000%, 12/10/2034, (KRW)<br>| 229159 |
| 5233300000 | Korea Treasury Bonds, <br> 3.500%, 6/10/2034, (KRW)<br>| 3323345 |
|  |  | 6676717 |
|  | **Kuwait — 0.4%** | **Kuwait — 0.4%** |
| 1185000 | Kuwait International Government <br> Bonds, 4.652%, 10/09/2035(a)<br>| 1137808 |
|  | **Luxembourg — 1.3%** | **Luxembourg — 1.3%** |
| 1584000 | CBRE Open-Ended Funds SCA <br> SICAV-SIF, EMTN, <br> 4.750%, 3/27/2034, (EUR)<br>| 1866651 |
| 800000 | ECARAT DE SA Compartment Lease, <br> Series 2025-1, Class A, 1 mo. EUR <br> EURIBOR + 0.640%, <br> 2.580%, 5/25/2034, (EUR)(c)<br>| 927214 |
| 712111 | First Mobility SARL - Compartment <br> Swiss Lease, Series 2025-1, Class A, <br> 1 mo. EUR EURIBOR + 0.680%, <br> 2.620%, 10/14/2032, (EUR)(c)<br>| 823093 |
| 285000 | Prologis International Funding II SA, <br> EMTN, 4.375%, 7/01/2036, (EUR)<br>| 326598 |
| 364000 | SELP Finance SARL, EMTN, <br> 3.750%, 1/16/2032, (EUR)<br>| 410879 |
|  |  | 4354435 |

---

See accompanying notes to financial statements.

\| 24

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Global Bond Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **Malaysia — 0.5%** | **Malaysia — 0.5%** |
| 6119000 | Malaysia Government Bonds, <br> 3.476%, 7/02/2035, (MYR)<br>| $1490095 |
|  | **Mexico — 3.1%** | **Mexico — 3.1%** |
| 658000 | FIBRA Prologis, <br> 5.500%, 11/26/2035(a)<br>| 634773 |
| 300000 | FIBRA Prologis, 5.625%, 1/14/2038(a) | 285372 |
| 975,478(d)<br>| Mexico Bonos, 8.000%, 2/21/2036, <br> (MXN)<br>| 4985099 |
| 1450000 | Mexico Government International <br> Bonds, 3.500%, 2/12/2034<br>| 1234675 |
| 2154000 | Mexico Government International <br> Bonds, 5.375%, 3/22/2033<br>| 2103381 |
| 808000 | Orbia Advance Corp. SAB de CV, <br> 7.500%, 5/13/2035(a)<br>| 770098 |
|  |  | 10013398 |
|  | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| 885000 | NXP BV/NXP Funding LLC/NXP <br> USA, Inc., 5.250%, 8/19/2035<br>| 882319 |
|  | **New Zealand — 2.1%** | **New Zealand — 2.1%** |
| 11937000 | New Zealand Government Bonds, <br> 3.500%, 4/14/2033, (NZD)<br>| 6461396 |
| 665000 | New Zealand Government Bonds, <br> 4.500%, 4/15/2027, (NZD)<br>| 387852 |
|  |  | 6849248 |
|  | **Norway — 1.7%** | **Norway — 1.7%** |
| 995000 | Aker BP ASA, 4.000%, 1/15/2031(a) | 954490 |
| 365000 | Aker BP ASA, 5.125%, 10/01/2034(a) | 357201 |
| 197000 | Aker BP ASA, 5.250%, 10/30/2035(a) | 191574 |
| 150000 | Aker BP ASA, 6.000%, 6/13/2033(a) | 156254 |
| 367000 | DNB Bank ASA, (fixed rate to <br> 11/04/2030, variable rate thereafter), <br> 4.384%, 11/04/2031(a)<br>| 361743 |
| 3340000 | SpareBank 1 Boligkreditt AS, EMTN, <br> 0.050%, 11/03/2028, (EUR)<br>| 3589059 |
|  |  | 5610321 |
|  | **Romania — 0.3%** | **Romania — 0.3%** |
| 1005000 | Romania Government International <br> Bonds, 6.125%, 10/07/2037, (EUR)(a)<br>| 1126634 |
|  | **Singapore — 0.3%** | **Singapore — 0.3%** |
| 1080000 | Singapore Government Bonds, <br> 2.125%, 6/01/2026, (SGD)<br>| 840849 |
|  | **South Africa — 0.6%** | **South Africa — 0.6%** |
| 400000 | Anglo American Capital PLC, <br> 2.875%, 3/17/2031(a)<br>| 365875 |
| 440000 | Anglo American Capital PLC, <br> 5.625%, 4/01/2030(a)<br>| 453718 |
| 1225000 | Republic of South Africa Government <br> International Bonds, <br> 7.100%, 11/19/2036(a)<br>| 1251233 |
|  |  | 2070826 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **Spain — 5.0%** | **Spain — 5.0%** |
| 1365000 | Autonomous Community of Madrid, <br> 2.398%, 6/02/2031, (EUR)<br>| $1515081 |
| 100000 | Banco Santander SA, EMTN, <br> 3.500%, 2/17/2035, (EUR)<br>| 111053 |
| 200000 | Banco Santander SA, EMTN, (fixed rate <br> to 5/23/2028, variable rate thereafter), <br> 5.750%, 8/23/2033, (EUR)<br>| 239326 |
| 843064 | BBVA Consumer Auto FT, <br> Series 2025-1, Class A, 3 mo. EUR <br> EURIBOR + 0.640%, <br> 2.651%, 5/19/2042, (EUR)(c)<br>| 973342 |
| 200000 | CaixaBank SA, EMTN, (fixed rate to <br> 1/20/2036, variable rate thereafter), <br> 3.875%, 1/20/2037, (EUR)<br>| 224576 |
| 200000 | CaixaBank SA, EMTN, (fixed rate to <br> 2/08/2031, variable rate thereafter), <br> 4.375%, 8/08/2036, (EUR)<br>| 232585 |
| 1177000 | CaixaBank SA, (fixed rate to 6/15/2034, <br> variable rate thereafter), <br> 6.037%, 6/15/2035(a)<br>| 1225844 |
| 1790000 | CaixaBank SA, (fixed rate to 1/18/2028, <br> variable rate thereafter), <br> 6.208%, 1/18/2029(a)<br>| 1838464 |
| 1389000 | Spain Government Bonds, <br> 1.250%, 10/31/2030, (EUR)<br>| 1491535 |
| 7565000 | Spain Government Bonds, <br> 3.150%, 4/30/2035, (EUR)<br>| 8563295 |
|  |  | 16415101 |
|  | **Supranationals — 1.2%** | **Supranationals — 1.2%** |
| 3957000 | European Union, 1.000%, 7/06/2032, <br> (EUR)<br>| 4036427 |
|  | **Sweden — 0.9%** | **Sweden — 0.9%** |
| 31975000 | Sweden Government Bonds, <br> 0.125%, 5/12/2031, (SEK)<br>| 2982969 |
|  | **Switzerland — 1.1%** | **Switzerland — 1.1%** |
| 836000 | UBS Group AG, (fixed rate to <br> 4/02/2031, variable rate thereafter), <br> 2.875%, 4/02/2032, (EUR)<br>| 928218 |
| 715000 | UBS Group AG, (fixed rate to <br> 5/14/2031, variable rate thereafter), <br> 3.091%, 5/14/2032(a)<br>| 655709 |
| 407000 | UBS Group AG, (fixed rate to <br> 11/06/2032, variable rate thereafter), <br> 4.844%, 11/06/2033(a)<br>| 400322 |
| 225000 | UBS Group AG, (fixed rate to <br> 3/23/2036, variable rate thereafter), <br> 5.010%, 3/23/2037(a)<br>| 217588 |
| 445000 | UBS Group AG, (fixed rate to <br> 8/10/2036, variable rate thereafter), <br> 5.199%, 8/10/2037(a)<br>| 434651 |

---

See accompanying notes to financial statements.

25 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Global Bond Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **Switzerland — continued** | **Switzerland — continued** |
| $365000 | Zurich Finance Ireland Designated <br> Activity Co., EMTN, (fixed rate to <br> 1/19/2031, variable rate thereafter), <br> 3.000%, 4/19/2051<br>| $326176 |
| 534000 | Zurich Finance Ireland Designated <br> Activity Co., EMTN, (fixed rate to <br> 8/23/2032, variable rate thereafter), <br> 5.125%, 11/23/2052, (GBP)<br>| 679816 |
|  |  | 3642480 |
|  | **Tanzania — 0.1%** | **Tanzania — 0.1%** |
| 469000 | HTA Group Ltd., <br> 6.750%, 4/01/2031(a)<br>| 463462 |
|  | **Thailand — 0.4%** | **Thailand — 0.4%** |
| 40910000 | Thailand Government Bonds, <br> 1.600%, 12/17/2029, (THB)<br>| 1237356 |
|  | **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** |
| 239000 | DP World Crescent Ltd., <br> 5.500%, 5/08/2035<br>| 234543 |
|  | **United Kingdom — 4.9%** | **United Kingdom — 4.9%** |
| 725000 | Anglian Water Osprey Financing PLC, <br> EMTN, 6.750%, 8/27/2031, (GBP)<br>| 967900 |
| 157000 | Anglian Water Services Financing PLC, <br> GMTN, 5.750%, 6/07/2043, (GBP)<br>| 180292 |
| 323000 | Anglian Water Services Financing PLC, <br> GMTN, 6.250%, 9/12/2044, (GBP)<br>| 390351 |
| 295000 | Aviva PLC, (fixed rate to 2/28/2036, <br> variable rate thereafter), <br> 4.625%, 8/28/2056, (EUR)<br>| 340286 |
| 100000 | Aviva PLC, (fixed rate to 3/12/2034, <br> variable rate thereafter), <br> 6.125%, 9/12/2054, (GBP)<br>| 130720 |
| 156000 | CCEP Finance Ireland DAC, <br> 1.500%, 5/06/2041, (EUR)<br>| 124042 |
| 1055000 | Channel Link Enterprises Finance PLC, <br> Series A8, (fixed rate to 6/20/2027, <br> variable rate thereafter), <br> 2.706%, 6/30/2050, (EUR)<br>| 1207837 |
| 100000 | Coca-Cola Europacific Partners PLC, <br> 3.250%, 3/21/2032, (EUR)<br>| 112718 |
| 143000 | Heathrow Funding Ltd., EMTN, <br> 3.875%, 1/16/2038, (EUR)<br>| 159628 |
| 446000 | Heathrow Funding Ltd., EMTN, <br> 4.500%, 7/11/2035, (EUR)<br>| 525586 |
| 127000 | Heathrow Funding Ltd., EMTN, <br> 5.875%, 5/13/2043, (GBP)<br>| 157372 |
| 885000 | National Grid Electricity Distribution <br> South Wales PLC, EMTN, <br> 1.625%, 10/07/2035, (GBP)<br>| 810018 |
| 630000 | National Grid Electricity <br> Transmission PLC, EMTN, <br> 2.750%, 2/06/2035, (GBP)<br>| 658034 |
| 965000 | NatWest Group PLC, (fixed rate to <br> 3/01/2034, variable rate thereafter), <br> 5.778%, 3/01/2035<br>| 997553 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **United Kingdom — continued** | **United Kingdom — continued** |
| 150000 | Severn Trent Utilities Finance PLC, <br> EMTN, 4.000%, 3/05/2034, (EUR)<br>| $172875 |
| 2714000 | U.K. Gilts, 4.375%, 3/07/2030, (GBP) | 3585750 |
| 2690000 | U.K. Gilts, 4.375%, 7/31/2054, (GBP) | 2964994 |
| 1080000 | United Utilities Water Finance PLC, <br> EMTN, 3.750%, 5/23/2034, (EUR)<br>| 1223372 |
| 910000 | United Utilities Water Finance PLC, <br> EMTN, 5.750%, 6/26/2036, (GBP)<br>| 1170267 |
|  |  | 15879595 |
|  | **United States — 28.2%** | **United States — 28.2%** |
| 1269453 | AASET Trust, Series 2021-2A, Class A, <br> 2.798%, 1/15/2047(a)<br>| 1199790 |
| 390000000 | Aflac, Inc., (fixed rate to 10/23/2027, <br> variable rate thereafter), <br> 2.108%, 10/23/2047, (JPY)<br>| 2434560 |
| 333245 | ALTDE Trust, Series 2025-1A, Class A, <br> 5.900%, 8/15/2050(a)<br>| 335232 |
| 1508000 | AT&T, Inc., 2.250%, 2/01/2032 | 1317426 |
| 140000 | AT&T, Inc., 3.650%, 6/01/2051 | 96115 |
| 545000 | AT&T, Inc., 5.125%, 4/30/2036 | 538461 |
| 380000 | AT&T, Inc., 6.050%, 8/15/2056 | 374217 |
| 279270 | ATLX Trust, Series 2024-RPL2, <br> Class A1, 3.850%, 4/25/2063(a)(c)<br>| 271070 |
| 484000 | Bank of America Corp., (fixed rate to <br> 2/06/2036, variable rate thereafter), <br> 5.045%, 2/06/2037<br>| 477562 |
| 1848000 | Beignet Investor LLC, <br> 6.581%, 5/30/2049(a)<br>| 1900032 |
| 815000 | Boeing Co., 3.750%, 2/01/2050 | 577794 |
| 1065000 | Boeing Co., 5.805%, 5/01/2050 | 1029564 |
| 90000 | Boeing Co., 6.528%, 5/01/2034 | 98041 |
| 479000 | Broadcom, Inc., <br> 3.187%, 11/15/2036(a)<br>| 400281 |
| 410000 | Broadcom, Inc., 3.419%, 4/15/2033 | 374914 |
| 1000000 | Broadcom, Inc., 4.800%, 10/15/2034 | 984857 |
| 270000 | Broadcom, Inc., 4.800%, 2/15/2036 | 263233 |
| 650000 | Broadcom, Inc., 4.950%, 1/15/2036 | 641063 |
| 1450000 | Broadcom, Inc., 5.200%, 4/15/2032 | 1484222 |
| 325000 | Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2, <br> 5.656%, 2/25/2050(a)<br>| 326601 |
| 525000 | Compass Datacenters Issuer III LLC, <br> Series 2025-3A, Class A2, <br> 5.286%, 7/25/2050(a)<br>| 519841 |
| 1065000 | Continental Resources, Inc., <br> 2.875%, 4/01/2032(a)<br>| 932827 |
| 315000 | Continental Resources, Inc., <br> 5.750%, 1/15/2031(a)<br>| 321036 |
| 1305000 | CVS Health Corp., 4.780%, 3/25/2038 | 1202607 |
| 394000 | CVS Health Corp., 5.625%, 2/21/2053 | 361018 |
| 302000 | CVS Health Corp., 5.875%, 6/01/2053 | 285957 |
| 754000 | CVS Health Corp., 6.050%, 6/01/2054 | 731471 |
| 530000 | CyrusOne Data Centers Issuer I LLC, <br> Series 2025-1A, Class A2, <br> 5.910%, 2/20/2050(a)<br>| 532111 |

---

See accompanying notes to financial statements.

\| 26

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Global Bond Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $1425000 | DataBank Issuer II LLC, <br> Series 2025-1A, Class A2, <br> 5.180%, 9/27/2055(a)<br>| $1382268 |
| 191000 | DH Europe Finance II SARL, <br> 1.800%, 9/18/2049, (EUR)<br>| 135435 |
| 390000 | Diamondback Energy, Inc., <br> 5.400%, 4/18/2034<br>| 395927 |
| 309000 | Diamondback Energy, Inc., <br> 5.550%, 4/01/2035<br>| 315341 |
| 185000 | Diamondback Energy, Inc., <br> 6.250%, 3/15/2033<br>| 197391 |
| 1185000 | Digital Dutch Finco BV, <br> 1.000%, 1/15/2032, (EUR)<br>| 1144881 |
| 865000 | Energy Transfer LP, 5.300%, 4/15/2047 | 763259 |
| 415000 | Energy Transfer LP, 5.950%, 5/15/2054 | 389136 |
| 65000 | Energy Transfer LP, 6.300%, 1/15/2056 | 64005 |
| 108000 | Equinix Europe 2 Financing <br> Corp. LLC, 3.650%, 9/03/2033, (EUR)<br>| 120417 |
| 416085 | Extended Stay America Trust, <br> Series 2026-ESH2, Class A, 1 mo. USD <br> SOFR + 1.200%, <br> 4.873%, 2/15/2043(a)(c)<br>| 416085 |
| 1151669 | Federal Home Loan Mortgage Corp., <br> 2.500%, 12/01/2051<br>| 976625 |
| 1172906 | Federal Home Loan Mortgage Corp., <br> 4.500%, 11/01/2040<br>| 1164948 |
| 1048117 | Federal Home Loan Mortgage Corp., <br> 5.500%, 7/01/2053<br>| 1056735 |
| 539321 | Federal Home Loan Mortgage Corp., <br> 6.500%, 1/01/2055<br>| 557880 |
| 2350819 | Federal National Mortgage Association, <br> 2.000%, 11/01/2051<br>| 1904551 |
| 554125 | Federal National Mortgage Association, <br> 2.000%, 11/01/2051<br>| 446635 |
| 1283505 | Federal National Mortgage Association, <br> 2.000%, 3/01/2052<br>| 1038505 |
| 2594988 | Federal National Mortgage Association, <br> 2.500%, 5/01/2052<br>| 2192461 |
| 179713 | Federal National Mortgage Association, <br> 3.000%, 11/01/2046<br>| 161910 |
| 1768271 | Federal National Mortgage Association, <br> 3.000%, 11/01/2051<br>| 1554490 |
| 538778 | Federal National Mortgage Association, <br> 3.500%, 6/01/2045<br>| 508643 |
| 225426 | Federal National Mortgage Association, <br> 3.500%, 9/01/2047<br>| 209457 |
| 957111 | Federal National Mortgage Association, <br> 3.500%, 8/01/2049<br>| 884665 |
| 157899 | Federal National Mortgage Association, <br> 4.000%, 8/01/2048<br>| 150442 |
| 1201381 | Federal National Mortgage Association, <br> 4.000%, 3/01/2049<br>| 1148397 |
| 232270 | Federal National Mortgage Association, <br> 4.500%, 11/01/2043<br>| 229108 |
| 50090 | Federal National Mortgage Association, <br> 4.500%, 7/01/2046<br>| 49080 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $314250 | Federal National Mortgage Association, <br> 4.500%, 3/01/2047<br>| $309368 |
| 968883 | Federal National Mortgage Association, <br> 4.500%, 9/01/2052<br>| 939794 |
| 1664791 | Federal National Mortgage Association, <br> 5.000%, 8/01/2052<br>| 1649096 |
| 1362767 | Federal National Mortgage Association, <br> 6.000%, 7/01/2054<br>| 1392688 |
| 135932 | Federal National Mortgage Association, <br> 6.500%, 11/01/2053<br>| 140531 |
| 151384 | Federal National Mortgage Association, <br> 6.500%, 1/01/2055<br>| 156506 |
| 840000 | Ford Auto Securitization Trust II, <br> Series 2025-AA, Class A2, <br> 3.280%, 11/15/2029, (CAD)(a)<br>| 602959 |
| 250000 | Foundry JV Holdco LLC, <br> 5.900%, 1/25/2033(a)<br>| 257028 |
| 200000 | Foundry JV Holdco LLC, <br> 6.150%, 1/25/2032(a)<br>| 208797 |
| 1709000 | Foundry JV Holdco LLC, <br> 6.200%, 1/25/2037(a)<br>| 1766059 |
| 200000 | Foundry JV Holdco LLC, <br> 6.250%, 1/25/2035(a)<br>| 209477 |
| 526000 | Foundry JV Holdco LLC, <br> 6.400%, 1/25/2038(a)<br>| 548296 |
| 991000 | Global Payments, Inc., <br> 5.550%, 11/15/2035<br>| 954966 |
| 65424 | GreenSky Home Improvement Issuer <br> Trust, Series 2024-1, Class A4, <br> 5.670%, 6/25/2059(a)<br>| 66360 |
| 1430000 | HCA, Inc., 3.500%, 7/15/2051 | 946451 |
| 68000 | HCA, Inc., 4.625%, 3/15/2052 | 54284 |
| 165000 | HCA, Inc., 5.450%, 9/15/2034 | 166544 |
| 580000 | HCA, Inc., 5.500%, 6/01/2033 | 591567 |
| 655000 | HCA, Inc., 5.700%, 11/15/2055 | 609308 |
| 1848000 | JBS NV/JBS USA Foods Group <br> Holdings, Inc./JBS USA Food Co. <br> Holdings, 5.500%, 1/15/2036<br>| 1848850 |
| 443000 | JBS NV/JBS USA Foods Group <br> Holdings, Inc./JBS USA Food Co. <br> Holdings, 5.625%, 3/10/2037(a)<br>| 444387 |
| 1701000 | JPMorgan Chase & Co., (fixed rate to <br> 2/05/2036, variable rate thereafter), <br> 5.193%, 2/05/2037<br>| 1671515 |
| 1130000 | Kroger Co., 5.000%, 9/15/2034 | 1115720 |
| 275000 | Kroger Co., 5.500%, 9/15/2054 | 255386 |
| 162000 | Meta Platforms, Inc., <br> 5.625%, 11/15/2055<br>| 151857 |
| 974000 | Morgan Stanley, (fixed rate to <br> 1/30/2036, variable rate thereafter), <br> 5.073%, 1/30/2037<br>| 954247 |
| 415000 | Morgan Stanley, Series I, (fixed rate to <br> 10/22/2035, variable rate thereafter), <br> 4.892%, 10/22/2036<br>| 401182 |
| 145000 | National Grid North America, Inc., <br> EMTN, 3.724%, 11/25/2034, (EUR)<br>| 162675 |

---

See accompanying notes to financial statements.

27 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Global Bond Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| 162000 | National Grid North America, Inc., <br> EMTN, 4.061%, 9/03/2036, (EUR)<br>| $184055 |
| 1548967 | Navigator Aircraft ABS Ltd., <br> Series 2021-1, Class A, <br> 2.771%, 11/15/2046(a)(c)<br>| 1469193 |
| 385000 | Ovintiv, Inc., 6.500%, 2/01/2038 | 403352 |
| 295000 | Ovintiv, Inc., 6.625%, 8/15/2037 | 313487 |
| 517000 | Ovintiv, Inc., 7.375%, 11/01/2031 | 571911 |
| 250000 | PK ALIFT Loan Funding 8 LP, <br> Series 2026-1, Class A, <br> 4.614%, 9/15/2043(a)<br>| 246817 |
| 1650000 | Prologis Targeted U.S. Logistics <br> Fund LP, 4.625%, 3/15/2033(a)<br>| 1604577 |
| 530000000 | Prologis Yen Finance LLC, <br> 0.972%, 9/25/2028, (JPY)<br>| 3228557 |
| 332712 | PRPM LLC, Series 2024-7, Class A1, <br> 5.870%, 11/25/2029(a)(c)<br>| 332833 |
| 485000 | PulteGroup, Inc., 4.250%, 3/01/2031 | 473992 |
| 1613000 | PulteGroup, Inc., 4.900%, 3/01/2036 | 1558272 |
| 645000 | QTS Issuer ABS II LLC, <br> Series 2025-1A, Class A2, <br> 5.044%, 10/05/2055(a)<br>| 631789 |
| 1150000 | SM Energy Co., 7.000%, 8/01/2032(a) | 1174258 |
| 110000 | SM Energy Co., <br> 8.625%, 11/01/2030(a)<br>| 116059 |
| 985000 | SM Energy Co., 8.750%, 7/01/2031(a) | 1029613 |
| 340000 | Steel Dynamics, Inc., <br> 5.250%, 5/15/2035<br>| 340146 |
| 625000 | T-Mobile USA, Inc., <br> 3.300%, 2/15/2051<br>| 409050 |
| 613000 | T-Mobile USA, Inc., <br> 4.375%, 4/15/2040<br>| 538834 |
| 500000 | Toll Brothers Finance Corp., <br> 5.600%, 6/15/2035<br>| 509852 |
| 4140000 | U.S. Treasury Bonds, <br> 2.875%, 5/15/2043(e)<br>| 3179552 |
| 4220000 | U.S. Treasury Bonds, <br> 3.000%, 5/15/2045<br>| 3211486 |
| 642000 | U.S. Treasury Bonds, <br> 4.750%, 8/15/2055<br>| 625649 |
| 6635997 | U.S. Treasury Inflation-Indexed Notes, <br> 1.875%, 7/15/2035(f)<br>| 6603379 |
| 685000 | UnitedHealth Group, Inc., <br> 4.500%, 4/15/2033<br>| 668808 |
| 125000 | UnitedHealth Group, Inc., <br> 5.000%, 4/15/2034<br>| 125098 |
| 200000 | UnitedHealth Group, Inc., <br> 5.050%, 4/15/2053<br>| 175939 |
| 458000 | UnitedHealth Group, Inc., <br> 5.150%, 7/15/2034<br>| 461905 |
| 65000 | UnitedHealth Group, Inc., <br> 5.375%, 4/15/2054<br>| 59773 |
| 215000 | UnitedHealth Group, Inc., <br> 5.625%, 7/15/2054<br>| 204911 |
| 366085 | VCAT LLC, Series 2025-NPL3, <br> Class A1, 5.889%, 2/25/2055(a)(c)<br>| 366539 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount(‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $740000 | Verizon Communications, Inc., <br> 2.355%, 3/15/2032<br>| $645911 |
| 350000 | Verizon Communications, Inc., <br> 2.850%, 9/03/2041<br>| 246198 |
| 425000 | Verizon Communications, Inc., <br> 3.550%, 3/22/2051<br>| 296511 |
| 211849 | VOLT CII LLC, Series 2021-NP11, <br> Class A1, 5.868%, 8/25/2051(a)(c)<br>| 211832 |
| 360000 | Wells Fargo & Co., (fixed rate to <br> 12/03/2034, variable rate thereafter), <br> 5.211%, 12/03/2035<br>| 358408 |
| 330000 | Wells Fargo & Co., MTN, (fixed rate to <br> 7/25/2033, variable rate thereafter), <br> 5.557%, 7/25/2034<br>| 338205 |
| 645000 | Williams Cos., Inc., <br> 5.150%, 3/15/2036<br>| 635398 |
| 269000 | Xcel Energy, Inc., (fixed rate to <br> 9/03/2031, variable rate thereafter), <br> 5.750%, 12/03/2056<br>| 262592 |
|  |  | 91961219 |
|  | **Total Bonds and Notes**<br>(Identified Cost $329,986,502)<br>| 316115314 |
| **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** |
| 4558954 | Tri-Party Repurchase Agreement with <br> Fixed Income Clearing Corporation, <br> dated 3/31/2026 at 2.150% to be <br> repurchased at $4,559,226 on <br> 4/01/2026 collateralized by $4,873,100 <br> U.S. Treasury Note, 0.500% due <br> 8/31/2027 valued at $4,650,172 <br> including accrued interest (Note 2 of <br> Notes to Financial Statements) <br>(Identified Cost $4,558,954)<br>| 4558954 |
|  | **Total Investments — 98.4%**<br>(Identified Cost $334,545,456)<br>| 320674268 |
|  | Other assets less liabilities — 1.6% | 5309813 |
|  | **Net Assets — 100.0%** | $325984081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (‡) | &nbsp;&nbsp; Principal Amount stated in U.S. dollars unless otherwise <br> noted.<br>|
| (a) | &nbsp;&nbsp; All or a portion of these securities are exempt from <br> registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from <br> registration, normally to qualified institutional buyers. At <br> March 31, 2026, the value of Rule 144A holdings amounted <br> to $48,732,658 or 14.9% of net assets.<br>|
| (b) | &nbsp;&nbsp; Amount shown represents units. One unit represents a <br> principal amount of 1,000.<br>|

---

See accompanying notes to financial statements.

\| 28

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Global Bond Fund (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Rate as of March 31, 2026 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for the purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and/or spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount shown represents units. One unit represents a principal amount of 100.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Treasury Inflation Protected Security (TIPS).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| EMTN | Euro Medium Term Note |
| EURIBOR | Euro Interbank Offered Rate |
| GMTN | Global Medium Term Note |
| MTN | Medium Term Note |
| SOFR | Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

AUD Australian Dollar <br> BRL Brazilian Real

---

| | |
|:---|:---|
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CNH | Chinese Yuan Renminbi Offshore |
| CNY | Chinese Yuan Renminbi |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |

---

**At March 31, 2026, the Fund had the following open forward foreign currency contracts:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | &nbsp;&nbsp; Delivery <br>Date<br>| &nbsp;&nbsp; Currency <br>Bought/ <br>Sold (B/S) | &nbsp;&nbsp; Currency <br>Bought/ <br>Sold (B/S) | Units <br>of <br>Currency<br>| In Exchange <br>for<br>| Notional <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Bank of America N.A. | 6/17/2026 | COP | S | &nbsp;&nbsp; 6300000000 | &nbsp;&nbsp; $1665125 | &nbsp;&nbsp; $1687007 | &nbsp;&nbsp; $(21882)<br>|
| Bank of America N.A. | 6/17/2026 | EUR | B | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 343352 | &nbsp;&nbsp; 342161 | &nbsp;&nbsp; (1191)<br>|
| Bank of America N.A. | 6/18/2026 | EUR | S | &nbsp;&nbsp; 5318000 | &nbsp;&nbsp; 6136256 | &nbsp;&nbsp; 6168435 | &nbsp;&nbsp; (32179)<br>|
| Bank of America N.A. | 6/17/2026 | EUR | S | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 340985 | &nbsp;&nbsp; 342161 | &nbsp;&nbsp; (1176)<br>|
| Bank of America N.A. | 6/18/2026 | EUR | S | &nbsp;&nbsp; 367000 | &nbsp;&nbsp; 427023 | &nbsp;&nbsp; 425689 | &nbsp;&nbsp; 1334 |
| Bank of America N.A. | 6/17/2026 | JPY | B | &nbsp;&nbsp; 527324000 | &nbsp;&nbsp; 3357917 | &nbsp;&nbsp; 3343872 | &nbsp;&nbsp; (14045)<br>|
| Bank of America N.A. | 6/17/2026 | JPY | S | &nbsp;&nbsp; 527324000 | &nbsp;&nbsp; 3362392 | &nbsp;&nbsp; 3343872 | &nbsp;&nbsp; 18520 |
| BNP Paribas SA | 6/17/2026 | CNH | B | &nbsp;&nbsp; 75032000 | &nbsp;&nbsp; 10954189 | &nbsp;&nbsp; 10951274 | &nbsp;&nbsp; (2915)<br>|
| Deutsche Bank AG | 6/02/2026 | BRL | S | &nbsp;&nbsp; 47625000 | &nbsp;&nbsp; 8994475 | &nbsp;&nbsp; 9073848 | &nbsp;&nbsp; (79373)<br>|
| Deutsche Bank AG | 6/17/2026 | DKK | B | &nbsp;&nbsp; 4689000 | &nbsp;&nbsp; 731304 | &nbsp;&nbsp; 728143 | &nbsp;&nbsp; (3161)<br>|
| Deutsche Bank AG | 6/17/2026 | KRW | S | &nbsp;&nbsp; 3287076000 | &nbsp;&nbsp; 2239992 | &nbsp;&nbsp; 2151017 | &nbsp;&nbsp; 88975 |
| Goldman Sachs Bank USA | 6/17/2026 | MXN | S | &nbsp;&nbsp; 69417000 | &nbsp;&nbsp; 3868061 | &nbsp;&nbsp; 3849274 | &nbsp;&nbsp; 18787 |
| HSBC Bank USA N.A. | 6/17/2026 | CZK | B | &nbsp;&nbsp; 11272000 | &nbsp;&nbsp; 536437 | &nbsp;&nbsp; 531297 | &nbsp;&nbsp; (5140)<br>|
| Royal Bank of Canada | 6/17/2026 | CAD | B | &nbsp;&nbsp; 704000 | &nbsp;&nbsp; 515994 | &nbsp;&nbsp; 507759 | &nbsp;&nbsp; (8235)<br>|
| Royal Bank of Canada | 6/17/2026 | GBP | S | &nbsp;&nbsp; 2097000 | &nbsp;&nbsp; 2798920 | &nbsp;&nbsp; 2774965 | &nbsp;&nbsp; 23955 |
| UBS AG | 6/17/2026 | CHF | B | &nbsp;&nbsp; 1445000 | &nbsp;&nbsp; 1884086 | &nbsp;&nbsp; 1822218 | &nbsp;&nbsp; (61868)<br>|
| UBS AG | 6/17/2026 | JPY | B | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp; 1900435 | &nbsp;&nbsp; 1902363 | &nbsp;&nbsp; 1928 |
| UBS AG | 6/17/2026 | NZD | S | &nbsp;&nbsp; 11864000 | &nbsp;&nbsp; 7004623 | &nbsp;&nbsp; 6835867 | &nbsp;&nbsp; 168756 |
| UBS AG | 6/17/2026 | SEK | S | &nbsp;&nbsp; 17500000 | &nbsp;&nbsp; 1908347 | &nbsp;&nbsp; 1855683 | &nbsp;&nbsp; 52664 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; $143754 |

---

**At March 31, 2026, the Fund had the following open forward cross currency contracts:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement <br>Date<br>| &nbsp;&nbsp; Deliver/Units <br>of Currency | &nbsp;&nbsp; Deliver/Units <br>of Currency | &nbsp;&nbsp; Receive/Units <br>of Currency | &nbsp;&nbsp; Receive/Units <br>of Currency | Notional <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Barclays Bank PLC | &nbsp;&nbsp; 6/17/2026 | EUR | &nbsp;&nbsp; 643595 | PLN | &nbsp;&nbsp; 2770000 | &nbsp;&nbsp; $745987 | &nbsp;&nbsp; $(497)<br>|

---

**At March 31, 2026, the Fund had the following open long futures contracts:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; $24656683 | &nbsp;&nbsp; $24478547 | &nbsp;&nbsp; $(178136)<br>|
| CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 12842401 | &nbsp;&nbsp; 12657024 | &nbsp;&nbsp; (185377)<br>|

---

See accompanying notes to financial statements.

29 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Global Bond Fund (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration<br> Date<br>| Contracts | Notional<br> Amount<br>| Value | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; $8440426 | &nbsp;&nbsp; $8159375 | &nbsp;&nbsp; $(281051)<br>|
| Eurex 2 Year Euro SCHATZ Futures | &nbsp;&nbsp; 6/08/2026 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 8036787 | &nbsp;&nbsp; 7945025 | &nbsp;&nbsp; (91762)<br>|
| Eurex 5 Year Euro BOBL Futures | &nbsp;&nbsp; 6/08/2026 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 4362321 | &nbsp;&nbsp; 4269433 | &nbsp;&nbsp; (92888)<br>|
| Long Gilt Futures | &nbsp;&nbsp; 6/26/2026 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1226066 | &nbsp;&nbsp; 1161989 | &nbsp;&nbsp; (64077)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(893291)<br>|

---

**At March 31, 2026, the Fund had the following open short futures contracts:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $352866 | &nbsp;&nbsp; $341625 | &nbsp;&nbsp; $11241 |
| Eurex 10 Year Euro BUND Futures | &nbsp;&nbsp; 6/08/2026 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 9234724 | &nbsp;&nbsp; 9130720 | &nbsp;&nbsp; 104004 |
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 25997527 | &nbsp;&nbsp; 25427500 | &nbsp;&nbsp; 570027 |
| Total |  |  |  |  | &nbsp;&nbsp; $685272 |

---

**Currency Exposure Summary at March 31, 2026 (Unaudited)** 

---

| | |
|:---|:---|
| United States Dollar | 39.2<br> %<br>|
| Euro | 23.7 |
| Japanese Yen | 8.1 |
| Yuan Renminbi | 6.9 |
| British Pound | 3.6 |
| Brazilian Real | 2.7 |
| Canadian Dollar | 2.6 |
| Australian Dollar | 2.5 |
| New Zealand Dollar | 2.1 |
| South Korean Won | 2.1 |
| Other, less than 2% each | 4.9 |
| Total Investments | 98.4 |
| Other assets less liabilities (including forward <br> foreign currency and futures contracts)<br>| 1.6 |
| Net Assets | 100.0<br> %<br>|

---

See accompanying notes to financial statements.

\| 30

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Inflation Protected Securities Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 99.4% of Net Assets** | **Bonds and Notes — 99.4% of Net Assets** | **Bonds and Notes — 99.4% of Net Assets** |
|  | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| $70000 | General Dynamics Corp., <br> 4.950%, 8/15/2035<br>| $70476 |
|  | **Airlines — 0.1%** | **Airlines — 0.1%** |
| 70000 | Delta Air Lines, Inc., 5.250%, 7/10/2030 | 70461 |
|  | **Automotive — 0.2%** | **Automotive — 0.2%** |
| 205000 | Stellantis Financial Services U.S. Corp., <br> 4.950%, 9/15/2028(a)<br>| 203872 |
|  | **Banking — 3.3%** | **Banking — 3.3%** |
| 600000 | Banco Bilbao Vizcaya Argentaria SA, (fixed <br> rate to 1/14/2032, variable rate thereafter), <br> 7.750%(b)<br>| 614535 |
| 280000 | BNP Paribas SA, (fixed rate to 12/15/2033, <br> variable rate thereafter), 6.875%(a)(b)<br>| 270561 |
| 384000 | HSBC Holdings PLC, (fixed rate to <br> 3/24/2031, variable rate thereafter), <br> 6.750%(b)<br>| 379903 |
| 488000 | ING Groep NV, Series VAR, (fixed rate to <br> 3/23/2031, variable rate thereafter), <br> 4.803%, 3/23/2032<br>| 485078 |
| 300000 | NatWest Group PLC, (fixed rate to <br> 11/10/2033, variable rate thereafter), <br> 8.125%(b)<br>| 324758 |
| 293000 | Pinnacle Bank/Nashville TN, (fixed rate to <br> 1/15/2031, variable rate thereafter), <br> 5.957%, 1/15/2036<br>| 290175 |
| 496000 | Standard Chartered PLC, (fixed rate to <br> 11/14/2035, variable rate thereafter), <br> 7.000%(a)(b)<br>| 486585 |
| 51000 | Synchrony Financial, (fixed rate to <br> 2/25/2031, variable rate thereafter), <br> 4.947%, 2/25/2032<br>| 49496 |
| 435000 | UBS Group AG, (fixed rate to 2/10/2030, <br> variable rate thereafter), 7.000%(a)(b)<br>| 430812 |
| 240000 | UBS Group AG, (fixed rate to 1/08/2036, <br> variable rate thereafter), 7.000%(a)(b)<br>| 232013 |
|  |  | 3563916 |
|  | **Brokerage — 0.5%** | **Brokerage — 0.5%** |
| 300000 | Citadel Securities Global Holdings LLC, <br> 6.200%, 6/18/2035(a)<br>| 306922 |
| 224000 | Lseg U.S. Fin Corp., 5.250%, 3/23/2036(a) | 221800 |
|  |  | 528722 |
|  | **Construction Machinery — 0.3%** | **Construction Machinery — 0.3%** |
| 210000 | Ashtead Capital, Inc., <br> 5.800%, 4/15/2034(a)<br>| 214093 |
| 115000 | Deere & Co., 5.700%, 1/19/2055 | 117221 |
|  |  | 331314 |
|  | **Consumer Cyclical Services — 0.0%** | **Consumer Cyclical Services — 0.0%** |
| 45000 | Rollins, Inc., 5.250%, 2/24/2035 | 44969 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Electric — 1.2%** | **Electric — 1.2%** |
| $399000 | American Electric Power Co., Inc., Series C, <br> (fixed rate to 12/15/2030, variable rate <br> thereafter), 5.800%, 3/15/2056<br>| $394138 |
| 10000 | Edison International, 6.250%, 3/15/2030 | 10360 |
| 60000 | Oncor Electric Delivery Co. LLC, <br> 5.350%, 4/01/2035<br>| 61310 |
| 300000 | Pacific Gas & Electric Co., <br> 6.000%, 8/15/2035<br>| 309947 |
| 60000 | PPL Capital Funding, Inc., <br> 5.250%, 9/01/2034<br>| 60425 |
| 490000 | Virginia Electric & Power Co., Series C, <br> 4.900%, 9/15/2035<br>| 479407 |
|  |  | 1315587 |
|  | **Finance Companies — 0.4%** | **Finance Companies — 0.4%** |
| 130000 | Apollo Debt Solutions BDC, <br> 5.700%, 1/23/2031(a)<br>| 126818 |
| 135000 | Carlyle Secured Lending, Inc., <br> 5.750%, 2/15/2031<br>| 127488 |
| 160000 | Oaktree Strategic Credit Fund, <br> 6.190%, 7/15/2030<br>| 156979 |
|  |  | 411285 |
|  | **Food & Beverage — 0.1%** | **Food & Beverage — 0.1%** |
| 100000 | JBS NV/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co. Holdings, <br> 5.950%, 4/20/2035<br>| 103806 |
|  | **Gaming — 0.2%** | **Gaming — 0.2%** |
| 200000 | Flutter Treasury DAC, <br> 5.875%, 6/04/2031(a)<br>| 198138 |
|  | **Government Owned - No Guarantee — 0.2%** | **Government Owned - No Guarantee — 0.2%** |
| 250000 | Antares Holdings LP, <br> 6.350%, 10/23/2029(a)<br>| 247469 |
|  | **Government Sponsored — 0.5%** | **Government Sponsored — 0.5%** |
| 490000 | Petrobras Global Finance BV, <br> 6.250%, 1/10/2036<br>| 478652 |
|  | **Lodging — 0.1%** | **Lodging — 0.1%** |
| 100000 | Hyatt Hotels Corp., 5.750%, 3/30/2032 | 102741 |
|  | **Midstream — 0.3%** | **Midstream — 0.3%** |
| 175000 | Boardwalk Pipelines LP, 5.375%, 2/15/2036 | 172184 |
| 46000 | Western Midstream Operating LP, <br> 5.500%, 12/15/2035<br>| 45238 |
| 155000 | Williams Cos., Inc., 5.150%, 3/15/2036 | 152692 |
|  |  | 370114 |
|  | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| 160000 | Merck & Co., Inc., 4.750%, 12/04/2035 | 156998 |
|  | **Retailers — 0.5%** | **Retailers — 0.5%** |
| 493000 | Amazon.com, Inc., 5.650%, 3/13/2046 | 491294 |
|  | **Technology — 0.9%** | **Technology — 0.9%** |
| 392000 | Flex Ltd., 5.375%, 11/13/2035 | 385180 |
| 250000 | Micron Technology, Inc., <br> 5.300%, 1/15/2031<br>| 261679 |

---

See accompanying notes to financial statements.

31 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Inflation Protected Securities Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $170000 | Micron Technology, Inc., <br> 6.050%, 11/01/2035<br>| $183437 |
| 75000 | NetApp, Inc., 5.700%, 3/17/2035 | 76406 |
| 65000 | Synopsys, Inc., 5.150%, 4/01/2035 | 65124 |
|  |  | 971826 |
|  | **Transportation Services — 0.3%** | **Transportation Services — 0.3%** |
| 283000 | Sydney Airport Finance Co. Pty. Ltd., <br> 5.248%, 3/26/2036(a)<br>| 280656 |
|  | **Treasuries — 90.1%** | **Treasuries — 90.1%** |
| 13125501 | U.S. Treasury Inflation-Indexed Bonds, <br> 0.250%, 2/15/2050(c)<br>| 7424995 |
| 8952135 | U.S. Treasury Inflation-Indexed Bonds, <br> 0.750%, 2/15/2042(c)<br>| 6893860 |
| 12655392 | U.S. Treasury Inflation-Indexed Notes, <br> 0.125%, 4/15/2027(c)<br>| 12583598 |
| 14270083 | U.S. Treasury Inflation-Indexed Notes, <br> 0.625%, 7/15/2032(c)<br>| 13462955 |
| 22011236 | U.S. Treasury Inflation-Indexed Notes, <br> 0.875%, 1/15/2029(c)<br>| 21848160 |
| 17828758 | U.S. Treasury Inflation-Indexed Notes, <br> 1.125%, 10/15/2030(c)<br>| 17668738 |
| 14018442 | U.S. Treasury Inflation-Indexed Notes, <br> 1.875%, 7/15/2035(c)<br>| 13949537 |
| 2001720 | U.S. Treasury Inflation-Indexed Notes, <br> 1.875%, 1/15/2036(c)<br>| 1977551 |
|  |  | 95809394 |
|  | **Total Bonds and Notes**<br>(Identified Cost $110,929,580)<br>| 105751690 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| $337921 | Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated <br> 3/31/2026 at 2.150% to be repurchased at <br> $337,941 on 4/01/2026 collateralized by <br> $361,300 U.S. Treasury Note, 0.500% due <br> 8/31/2027 valued at $344,862 including <br> accrued interest (Note 2 of Notes to <br> Financial Statements) <br>(Identified Cost $337,921)<br>| $337921 |
|  | **Total Investments — 99.7%**<br>(Identified Cost $111,267,501)<br>| 106089611 |
|  | Other assets less liabilities — 0.3% | 305054 |
|  | **Net Assets — 100.0%** | $106394665 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the value of Rule 144A holdings amounted to $3,219,739 or 3.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Perpetual bond with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Treasury Inflation Protected Security (TIPS).

See accompanying notes to financial statements.

\| 32

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Institutional High Income Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>| **Description** | **Value (†)** |
| **Bonds and Notes — 80.6% of Net Assets** | **Bonds and Notes — 80.6% of Net Assets** | **Bonds and Notes — 80.6% of Net Assets** |
| **Non-Convertible Bonds — 78.4%** | **Non-Convertible Bonds — 78.4%** | **Non-Convertible Bonds — 78.4%** |
|  | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| $520000 | Axon Enterprise, Inc., <br> 6.125%, 3/15/2030(a)<br>| $528604 |
| 230000 | Axon Enterprise, Inc., <br> 6.250%, 3/15/2033(a)<br>| 234772 |
| 645000 | TransDigm, Inc., 4.625%, 1/15/2029 | 633728 |
| 680000 | TransDigm, Inc., 6.250%, 1/31/2034(a) | 687501 |
| 160000 | TransDigm, Inc., 6.375%, 5/31/2033(a) | 159147 |
| 1110000 | TransDigm, Inc., 6.750%, 8/15/2028(a) | 1122676 |
|  |  | 3366428 |
|  | **Automotive — 2.8%** | **Automotive — 2.8%** |
| 190000 | American Axle & Manufacturing, Inc., <br> 5.000%, 10/01/2029<br>| 181249 |
| 635000 | American Axle & Manufacturing, Inc., <br> 6.375%, 10/15/2032(a)<br>| 628487 |
| 1315000 | General Motors Financial Co., Inc., <br> Series A, (fixed rate to 9/30/2027, variable <br> rate thereafter), 5.750%(b)<br>| 1280310 |
| 690000 | Nissan Motor Acceptance Co. LLC, <br> 5.625%, 9/29/2028(a)<br>| 677130 |
| 680000 | Nissan Motor Co. Ltd., <br> 4.345%, 9/17/2027(a)<br>| 661173 |
| 1303000 | Nissan Motor Co. Ltd., <br> 4.810%, 9/17/2030(a)<br>| 1182945 |
| 1736000 | ZF North America Capital, Inc., <br> 6.750%, 4/23/2030(a)<br>| 1679376 |
| 325000 | ZF North America Capital, Inc., <br> 6.875%, 4/23/2032(a)<br>| 308784 |
| 280000 | ZF North America Capital, Inc., <br> 7.125%, 4/14/2030(a)<br>| 276385 |
| 341000 | ZF North America Capital, Inc., <br> 7.500%, 3/24/2031(a)<br>| 334970 |
|  |  | 7210809 |
|  | **Banking — 0.7%** | **Banking — 0.7%** |
| 400000 | Intesa Sanpaolo SpA, (fixed rate to <br> 6/01/2041, variable rate thereafter), <br> 4.950%, 6/01/2042(a)<br>| 335292 |
| 1541000 | Synchrony Financial, 7.250%, 2/02/2033 | 1573949 |
|  |  | 1909241 |
|  | **Brokerage — 1.4%** | **Brokerage — 1.4%** |
| 650000 | Jane Street Group/JSG Finance, Inc., <br> 6.750%, 5/01/2033(a)<br>| 659469 |
| 155000 | Jane Street Group/JSG Finance, Inc., <br> 7.125%, 4/30/2031(a)<br>| 159333 |
| 1415000 | Osaic Holdings, Inc., 6.750%, 8/01/2032(a) | 1415177 |
| 1528000 | Osaic Holdings, Inc., 8.000%, 8/01/2033(a) | 1508445 |
|  |  | 3742424 |
|  | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| 890000 | Quikrete Holdings, Inc., <br> 6.375%, 3/01/2032(a)<br>| 902463 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Cable Satellite — 9.0%** | **Cable Satellite — 9.0%** |
| $2276000 | CCO Holdings LLC/CCO Holdings <br> Capital Corp., 4.750%, 3/01/2030(a)<br>| $2159638 |
| 775000 | CCO Holdings LLC/CCO Holdings <br> Capital Corp., 5.000%, 2/01/2028(a)<br>| 768638 |
| 800000 | CCO Holdings LLC/CCO Holdings <br> Capital Corp., 5.375%, 6/01/2029(a)<br>| 789002 |
| 795000 | CCO Holdings LLC/CCO Holdings <br> Capital Corp., 6.375%, 9/01/2029(a)<br>| 797440 |
| 1198000 | CSC Holdings LLC, 5.375%, 2/01/2028(a) | 885982 |
| 5100000 | CSC Holdings LLC, 5.750%, 1/15/2030(a) | 1935864 |
| 3075000 | CSC Holdings LLC, <br> 11.250%, 5/15/2028(a)<br>| 2512718 |
| 1645000 | Directv Financing LLC, <br> 8.875%, 2/01/2030(a)<br>| 1637334 |
| 70000 | Directv Financing LLC, <br> 8.875%, 2/01/2030(a)<br>| 69844 |
| 2300000 | Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.000%, 2/15/2031(a)<br>| 2347907 |
| 2285000 | DISH DBS Corp., 5.250%, 12/01/2026(a) | 2265403 |
| 235000 | DISH DBS Corp., 5.750%, 12/01/2028(a) | 227290 |
| 2090000 | DISH DBS Corp., 7.750%, 7/01/2026 | 2079910 |
| 305000 | DISH Network Corp., <br> 11.750%, 11/15/2027(a)<br>| 314225 |
| 4384111 | EchoStar Corp., 10.750%, 11/30/2029 | 4735939 |
|  |  | 23527134 |
|  | **Chemicals — 3.7%** | **Chemicals — 3.7%** |
| 1814000 | ARC Falcon I, Inc./Arclin USA LLC/New <br> Arclin U.S. Holding Corp., <br> 9.750%, 3/01/2033(a)<br>| 1744868 |
| 730000 | Ashland, Inc., 3.375%, 9/01/2031(a) | 655495 |
| 1493000 | Chemours Co., 5.750%, 11/15/2028(a) | 1478256 |
| 3798000 | Hercules LLC, 6.500%, 6/30/2029 | 3799899 |
| 655000 | Perimeter Holdings LLC, <br> 6.250%, 1/15/2034(a)<br>| 642391 |
| 1313000 | SK Invictus Intermediate II SARL, <br> 5.000%, 10/30/2029(a)<br>| 1280660 |
|  |  | 9601569 |
|  | **Construction Machinery — 0.6%** | **Construction Machinery — 0.6%** |
| 100000 | United Rentals North America, Inc., <br> 3.750%, 1/15/2032<br>| 91648 |
| 1485000 | United Rentals North America, Inc., <br> 3.875%, 2/15/2031<br>| 1396003 |
| 45000 | United Rentals North America, Inc., <br> 6.125%, 3/15/2034(a)<br>| 45567 |
|  |  | 1533218 |
|  | **Consumer Cyclical Services — 0.6%** | **Consumer Cyclical Services — 0.6%** |
| 1652000 | TriNet Group, Inc., 3.500%, 3/01/2029(a) | 1497510 |
| 65000 | TriNet Group, Inc., 7.125%, 8/15/2031(a) | 63076 |
|  |  | 1560586 |

---

See accompanying notes to financial statements.

33 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Institutional High Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Diversified Manufacturing — 0.7%** | **Diversified Manufacturing — 0.7%** |
| $795000 | Esab Corp., 6.250%, 4/15/2029(a) | $806845 |
| 958000 | Resideo Funding, Inc., <br> 4.000%, 9/01/2029(a)<br>| 905345 |
|  |  | 1712190 |
|  | **Electric — 0.8%** | **Electric — 0.8%** |
| 1308000 | Talen Energy Supply LLC, <br> 6.250%, 2/01/2034(a)<br>| 1293427 |
| 863000 | VoltaGrid LLC, 7.375%, 11/01/2030(a) | 891314 |
|  |  | 2184741 |
|  | **Environmental — 0.2%** | **Environmental — 0.2%** |
| 130000 | Clean Harbors, Inc., 5.125%, 7/15/2029(a) | 128404 |
| 105000 | Clean Harbors, Inc., 6.375%, 2/01/2031(a) | 106635 |
| 275000 | GFL Environmental, Inc., <br> 4.375%, 8/15/2029(a)<br>| 267554 |
| 130000 | GFL Environmental, Inc., <br> 6.750%, 1/15/2031(a)<br>| 134528 |
|  |  | 637121 |
|  | **Finance Companies — 2.2%** | **Finance Companies — 2.2%** |
| 770000 | AGFC Capital Trust I, 3 mo. USD SOFR + <br> 2.012%, 5.684%, 1/15/2067(a)(c)<br>| 468691 |
| 1560000 | Azorra Finance Ltd., 7.250%, 1/15/2031(a) | 1575116 |
| 980000 | Azorra Finance Ltd., 7.750%, 4/15/2030(a) | 1009372 |
| 280000 | Freedom Mortgage Holdings LLC, <br> 7.875%, 4/01/2033(a)<br>| 262520 |
| 260000 | Freedom Mortgage Holdings LLC, <br> 8.375%, 4/01/2032(a)<br>| 255761 |
| 1170000 | Freedom Mortgage Holdings LLC, <br> 9.125%, 5/15/2031(a)<br>| 1189305 |
| 1024000 | Freedom Mortgage Holdings LLC, <br> 9.250%, 2/01/2029(a)<br>| 1037916 |
| 48000 | GGAM Finance Ltd., <br> 5.875%, 3/15/2030(a)<br>| 47825 |
|  |  | 5846506 |
|  | **Financial Other — 0.8%** | **Financial Other — 0.8%** |
| 139776 | Add Hero Holdings Ltd., Series IAI, <br> 8.500% PIK and/or 7.500% Cash, <br> 9/30/2029(d)(e)<br>| 5479 |
| 113835 | Add Hero Holdings Ltd., Series IAI, <br> 9.000% PIK and/or 8.000% Cash, <br> 9/30/2030(d)(e)<br>| 1423 |
| 150266 | Add Hero Holdings Ltd., Series IAI, <br> 9.800% PIK and/or 8.800% Cash, <br> 9/30/2031(d)(e)<br>| 1358 |
| 271000 | Burford Capital Global Finance LLC, <br> 6.875%, 4/15/2030(a)<br>| 239204 |
| 854000 | Burford Capital Global Finance LLC, <br> 7.500%, 7/15/2033(a)<br>| 710955 |
| 894000 | Burford Capital Global Finance LLC, <br> 8.500%, 1/15/2034(a)<br>| 767696 |
| 207000 | Burford Capital Global Finance LLC, <br> 9.250%, 7/01/2031(a)<br>| 186817 |
| 200000 | Central China Real Estate Ltd., <br> 7.250%, 7/16/2024(f)<br>| 2000 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Financial Other — continued** | **Financial Other — continued** |
| $200000 | Central China Real Estate Ltd., <br> 7.250%, 8/13/2024(f)<br>| $2000 |
| 280000 | Central China Real Estate Ltd., <br> 7.650%, 8/27/2025(f)<br>| 2800 |
| 535665 | CFLD Cayman Investment Ltd., <br> 2.500%, 1/31/2031(a)(g)<br>| 17972 |
| 283247 | CFLD Cayman Investment Ltd., <br> 2.500%, 1/31/2031(a)(g)<br>| 7282 |
| 62868 | CFLD Cayman Investment Ltd., Zero <br> Coupon, 1/31/2031(a)<br>| 1332 |
| 197246 | China Aoyuan Group Ltd., <br> Series IAI(b)(c)(e)<br>| 493 |
| 80630 | China Aoyuan Group Ltd., Series IAI, <br> 5.500% PIK, 9/30/2031(d)(e)<br>| 202 |
| 405000 | China Evergrande Group, <br> 8.750%, 6/28/2025(f)<br>| 4050 |
| 200000 | China Evergrande Group, <br> 9.500%, 4/11/2022(f)<br>| 2000 |
| 170000 | Icahn Enterprises LP/Icahn Enterprises <br> Finance Corp., 5.250%, 5/15/2027<br>| 166584 |
| 125913 | Kaisa Group Holdings Ltd., 6.250% PIK <br> and/or 5.250% Cash, 12/28/2028(a)(d)<br>| 2518 |
| 210789 | Kaisa Group Holdings Ltd., 6.500% PIK <br> and/or 5.500% Cash, 12/28/2029(a)(d)<br>| 3689 |
| 254067 | Kaisa Group Holdings Ltd., 6.750% PIK <br> and/or 5.750% Cash, 12/28/2030(a)(d)<br>| 3811 |
| 382781 | Kaisa Group Holdings Ltd., 7.000% PIK <br> and/or 6.000% Cash, 12/28/2031(a)(d)<br>| 6699 |
| 360230 | Kaisa Group Holdings Ltd., 7.250% PIK <br> and/or 6.250% Cash, 12/28/2032(a)(d)<br>| 4503 |
| 86129 | Kaisa Group Holdings Ltd., 7.721% PIK <br> and/or 6.721% Cash, 12/28/2028(a)(d)<br>| 1723 |
| 8905 | Shimao Group Holdings Ltd., 6.000% PIK <br> and/or 5.000% Cash, 7/21/2031(a)(d)<br>| 289 |
| 52262 | Times China Holdings Ltd., 3.000% PIK <br> and/or 1.000% Cash, 3/30/2029(a)(d)<br>| 1531 |
| 194958 | Times China Holdings Ltd., 4.200% PIK, <br> 9/30/2032(a)(d)<br>| 5361 |
| 87551 | Yuzhou Group Holdings Co. Ltd., 1.000% <br> PIK, 6/30/2034(d)(e)<br>| 219 |
| 90336 | Yuzhou Group Holdings Co. Ltd., 4.000% <br> PIK, 6/30/2028(d)(e)<br>| 2586 |
| 157694 | Yuzhou Group Holdings Co. Ltd., 4.500% <br> PIK, 6/30/2029(d)(e)<br>| 4896 |
| 210997 | Yuzhou Group Holdings Co. Ltd., 5.000% <br> PIK, 6/30/2030(d)(e)<br>| 5802 |
| 296707 | Yuzhou Group Holdings Co. Ltd., 5.500% <br> PIK, 6/30/2031(d)(e)<br>| 7444 |
| 107595 | Yuzhou Group Holdings Co. Ltd., 7.000% <br> PIK and/or 6.000% Cash, 6/30/2027(d)(e)<br>| 8339 |
|  |  | 2179057 |
|  | **Food & Beverage — 1.6%** | **Food & Beverage — 1.6%** |
| 425000 | HLF Financing SARL LLC/Herbalife <br> International, Inc., 4.875%, 6/01/2029(a)<br>| 397691 |

---

See accompanying notes to financial statements.

\| 34

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Institutional High Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Food & Beverage — continued** | **Food & Beverage — continued** |
| $100000 | Lamb Weston Holdings, Inc., <br> 4.125%, 1/31/2030(a)<br>| $95205 |
| 1695000 | Lamb Weston Holdings, Inc., <br> 4.375%, 1/31/2032(a)<br>| 1574574 |
| 1002000 | Performance Food Group, Inc., <br> 4.250%, 8/01/2029(a)<br>| 962486 |
| 1136000 | Viking Baked Goods Acquisition Corp., <br> 8.625%, 11/01/2031(a)<br>| 1124088 |
|  |  | 4154044 |
|  | **Gaming — 0.9%** | **Gaming — 0.9%** |
| 1680000 | Genting New York LLC/GENNY Capital, <br> Inc., 7.250%, 10/01/2029(a)<br>| 1686761 |
| 788000 | Penn Entertainment, Inc., <br> 6.750%, 4/01/2031(a)<br>| 765321 |
|  |  | 2452082 |
|  | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| 595000 | MPT Operating Partnership LP/MPT <br> Finance Corp., 8.500%, 2/15/2032, (a)<br>| 603218 |
|  | **Health Insurance — 1.6%** | **Health Insurance — 1.6%** |
| 1165000 | Molina Healthcare, Inc., <br> 3.875%, 11/15/2030(a)<br>| 1041545 |
| 1690000 | Molina Healthcare, Inc., <br> 3.875%, 5/15/2032(a)<br>| 1467970 |
| 390000 | Molina Healthcare, Inc., <br> 6.250%, 1/15/2033(a)<br>| 378140 |
| 1415000 | Molina Healthcare, Inc., <br> 6.500%, 2/15/2031(a)<br>| 1391094 |
|  |  | 4278749 |
|  | **Healthcare — 1.5%** | **Healthcare — 1.5%** |
| 245000 | Accendra Health, Inc., <br> 6.625%, 4/01/2030(a)<br>| 116510 |
| 320000 | DaVita, Inc., 4.625%, 6/01/2030(a) | 307685 |
| 540000 | HAH Group Holding Co. LLC, <br> 9.750%, 10/01/2031(a)<br>| 473075 |
| 735000 | Hologic, Inc., 3.250%, 2/15/2029(a) | 733723 |
| 745000 | LifePoint Health, Inc., <br> 5.375%, 1/15/2029(a)<br>| 718443 |
| 649000 | Radiology Partners, Inc., <br> 8.500%, 7/15/2032(a)<br>| 658001 |
| 998000 | TEAM Services Holding, Inc., <br> 9.000%, 2/15/2033(a)<br>| 978584 |
|  |  | 3986021 |
|  | **Home Construction — 2.0%** | **Home Construction — 2.0%** |
| 890000 | Mattamy Group Corp., <br> 6.000%, 12/15/2033(a)<br>| 835758 |
| 1140000 | Taylor Morrison Communities, Inc., <br> 5.125%, 8/01/2030(a)<br>| 1126960 |
| 3160000 | Taylor Morrison Communities, Inc., <br> 5.750%, 11/15/2032(a)<br>| 3162765 |
|  |  | 5125483 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Independent Energy — 4.0%** | **Independent Energy — 4.0%** |
| $549000 | Chord Energy Corp., <br> 6.000%, 10/01/2030(a)<br>| $556285 |
| 2355000 | Chord Energy Corp., 6.750%, 3/15/2033(a) | 2431401 |
| 100000 | Crescent Energy Finance LLC, <br> 7.375%, 1/15/2033(a)<br>| 99975 |
| 1087000 | Crescent Energy Finance LLC, <br> 7.625%, 4/01/2032(a)<br>| 1103119 |
| 758000 | Crescent Energy Finance LLC, <br> 7.875%, 4/15/2032(a)<br>| 774416 |
| 910000 | Matador Resources Co., <br> 6.250%, 4/15/2033(a)<br>| 910856 |
| 1264000 | Northern Oil & Gas, Inc., <br> 8.750%, 6/15/2031(a)<br>| 1314364 |
| 1540000 | Sanchez Energy Corp., <br> 6.125%, 1/15/2023(f)<br>| 154 |
| 551000 | Saturn Oil & Gas, Inc., <br> 9.625%, 6/15/2029(a)<br>| 576791 |
| 637000 | SM Energy Co., 6.750%, 8/01/2029(a) | 646649 |
| 420000 | SM Energy Co., 8.625%, 11/01/2030(a) | 443136 |
| 1459000 | SM Energy Co., 8.750%, 7/01/2031(a) | 1525081 |
|  |  | 10382227 |
|  | **Industrial Other — 1.1%** | **Industrial Other — 1.1%** |
| 585000 | Arcosa, Inc., 4.375%, 4/15/2029(a) | 564373 |
| 340000 | Arcosa, Inc., 6.875%, 8/15/2032(a) | 348379 |
| 640000 | Brundage-Bone Concrete Pumping <br> Holdings, Inc., 7.500%, 2/01/2032(a)<br>| 646692 |
| 1288000 | TopBuild Corp., 5.625%, 1/31/2034(a) | 1260658 |
|  |  | 2820102 |
|  | **Leisure — 0.8%** | **Leisure — 0.8%** |
| 1445000 | Kingpin Intermediate Holdings LLC, <br> 7.250%, 10/15/2032(a)<br>| 1276766 |
| 893000 | Lindblad Expeditions LLC, <br> 7.000%, 9/15/2030(a)<br>| 911745 |
|  |  | 2188511 |
|  | **Life Insurance — 0.7%** | **Life Insurance — 0.7%** |
| 1960000 | APH Somerset Investor 2 LLC/APH2 <br> Somerset Investor 2 LLC/APH3 Somerset <br> Investor 2 LLC, 7.875%, 11/01/2029(a)<br>| 1772369 |
|  | **Lodging — 2.4%** | **Lodging — 2.4%** |
| 995000 | Hilton Domestic Operating Co., Inc., <br> 3.625%, 2/15/2032(a)<br>| 904127 |
| 175000 | Hilton Domestic Operating Co., Inc., <br> 4.000%, 5/01/2031(a)<br>| 164136 |
| 355000 | Hilton Domestic Operating Co., Inc., <br> 5.500%, 3/31/2034(a)<br>| 346827 |
| 1350000 | Hilton Grand Vacations <br> Borrower LLC/Hilton Grand Vacations <br> Borrower, Inc., 6.625%, 1/15/2032(a)<br>| 1333411 |
| 688000 | Marriott Ownership Resorts, Inc., <br> 4.500%, 6/15/2029(a)<br>| 652318 |
| 1480000 | Travel & Leisure Co., <br> 4.625%, 3/01/2030(a)<br>| 1412052 |

---

See accompanying notes to financial statements.

35 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Institutional High Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Lodging — continued** | **Lodging — continued** |
| $547000 | Travel & Leisure Co., <br> 6.125%, 9/01/2033(a)<br>| $539889 |
| 975000 | Wyndham Hotels & Resorts, Inc., <br> 5.625%, 3/01/2033(a)<br>| 959377 |
|  |  | 6312137 |
|  | **Media Entertainment — 3.6%** | **Media Entertainment — 3.6%** |
| 1030000 | Discovery Communications LLC, <br> 3.625%, 5/15/2030<br>| 957617 |
| 855000 | Discovery Communications LLC, <br> 6.350%, 6/01/2040<br>| 626561 |
| 1443000 | Discovery Global Holdings, Inc., <br> 4.279%, 3/15/2032<br>| 1277055 |
| 540000 | Discovery Global Holdings, Inc., <br> 5.050%, 3/15/2042<br>| 360256 |
| 1230000 | Dotdash Meredith, Inc., <br> 7.625%, 6/15/2032(a)<br>| 1134158 |
| 272000 | iHeartCommunications, Inc., <br> 7.000%, 1/15/2031(a)<br>| 207876 |
| 562250 | iHeartCommunications, Inc., <br> 9.125%, 5/01/2029(a)<br>| 510354 |
| 745000 | OAK-Eagle Acquireco, Inc., <br> 7.250%, 7/01/2033(a)<br>| 771890 |
| 980000 | OAK-Eagle Acquireco, Inc., <br> 8.750%, 7/01/2034(a)<br>| 1025954 |
| 267000 | Paramount Global, 4.200%, 5/19/2032 | 228892 |
| 509000 | Paramount Global, 4.950%, 1/15/2031 | 471494 |
| 454000 | Paramount Global, 7.875%, 7/30/2030 | 473942 |
| 1895000 | Paramount Global, (fixed rate to 3/30/2027, <br> variable rate thereafter), 6.375%, 3/30/2062<br>| 1383350 |
|  |  | 9429399 |
|  | **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** |
| 60000 | Commercial Metals Co., <br> 3.875%, 2/15/2031<br>| 55254 |
| 1105000 | Commercial Metals Co., <br> 4.125%, 1/15/2030<br>| 1052742 |
| 820000 | Commercial Metals Co., <br> 4.375%, 3/15/2032<br>| 758222 |
| 276000 | Commercial Metals Co., <br> 5.750%, 11/15/2033(a)<br>| 273098 |
| 390000 | Commercial Metals Co., <br> 6.000%, 12/15/2035(a)<br>| 384480 |
| 434000 | Fortescue Treasury Pty. Ltd., <br> 4.375%, 4/01/2031(a)<br>| 410063 |
| 570000 | GrafTech Finance, Inc., <br> 4.625%, 12/23/2029(a)<br>| 314976 |
| 1595000 | Mineral Resources Ltd., <br> 9.250%, 10/01/2028(a)<br>| 1652616 |
|  |  | 4901451 |
|  | **Midstream — 6.1%** | **Midstream — 6.1%** |
| 1996000 | Antero Midstream Partners LP/Antero <br> Midstream Finance Corp., <br> 5.750%, 7/01/2034(a)<br>| 1966922 |
| 1655000 | CQP Holdco LP/BIP-V Chinook <br> Holdco LLC, 5.500%, 6/15/2031(a)<br>| 1614026 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Midstream — continued** | **Midstream — continued** |
| $250000 | CQP Holdco LP/BIP-V Chinook <br> Holdco LLC, 7.500%, 12/15/2033(a)<br>| $262366 |
| 1295000 | Energy Transfer LP, (fixed rate to 2/15/2029, <br> variable rate thereafter), 8.000%, 5/15/2054<br>| 1356375 |
| 1315000 | Sunoco LP, 5.375%, 7/15/2031(a) | 1304435 |
| 806000 | Sunoco LP, 5.625%, 3/15/2031(a) | 802303 |
| 460000 | Sunoco LP, 7.250%, 5/01/2032(a) | 475948 |
| 1905000 | Venture Global LNG, Inc., (fixed rate to <br> 9/30/2029, variable rate thereafter), <br> 9.000%(a)(b)<br>| 1897468 |
| 171000 | Venture Global Plaquemines LNG LLC, <br> 6.125%, 12/15/2030(a)<br>| 175861 |
| 1798000 | Venture Global Plaquemines LNG LLC, <br> 6.500%, 1/15/2034(a)<br>| 1874315 |
| 88000 | Venture Global Plaquemines LNG LLC, <br> 6.500%, 6/15/2034(a)<br>| 91604 |
| 1205000 | Venture Global Plaquemines LNG LLC, <br> 6.750%, 1/15/2036(a)<br>| 1276278 |
| 1801000 | Venture Global Plaquemines LNG LLC, <br> 7.500%, 5/01/2033(a)<br>| 1979666 |
| 635000 | Venture Global Plaquemines LNG LLC, <br> 7.750%, 5/01/2035(a)<br>| 711694 |
|  |  | 15789261 |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — 0.4%** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — 0.4%** |
| 165000 | Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class E, <br> 4.373%, 9/15/2037(a)<br>| 130324 |
| 425000 | GS Mortgage Securities Trust, <br> Series 2014-GC22, Class D, <br> 4.371%, 6/10/2047(a)(c)(g)<br>| 55224 |
| 1135000 | Morgan Stanley Bank of America Merrill <br> Lynch Trust, Series 2013-C11, Class B, <br> 3.892%, 8/15/2046(c)<br>| 703666 |
| 475000 | MSBAM Commercial Mortgage Securities <br> Trust, Series 2012-CKSV, Class C, <br> 4.280%, 10/15/2030(a)(c)(g)<br>| 36813 |
| 179770 | Starwood Retail Property Trust, <br> Series 2014-STAR, Class A, Prime + <br> 0.000%, 6.750%, 11/15/2027(a)(c)<br>| 107859 |
|  |  | 1033886 |
|  | **Oil Field Services — 1.9%** | **Oil Field Services — 1.9%** |
| 603000 | Oceaneering International, Inc., <br> 6.000%, 2/01/2028<br>| 605452 |
| 285000 | Oceaneering International, Inc., <br> 6.000%, 2/01/2028<br>| 286159 |
| 357000 | Transocean International Ltd., <br> 8.750%, 2/15/2030(a)<br>| 371349 |
| 1989000 | WBI Operating LLC, <br> 6.250%, 10/15/2030(a)<br>| 2000855 |
| 1613000 | Weatherford International Ltd., <br> 6.750%, 10/15/2033(a)<br>| 1648113 |
|  |  | 4911928 |

---

See accompanying notes to financial statements.

\| 36

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Institutional High Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Packaging — 1.5%** | **Packaging — 1.5%** |
| $840000 | Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC, 3.250%, 9/01/2028(a)<br>| $798903 |
| 3152000 | Ball Corp., 5.500%, 9/15/2033 | 3153809 |
|  |  | 3952712 |
|  | **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** |
| 1940000 | Bausch Health Cos., Inc., <br> 4.875%, 6/01/2028(a)<br>| 1776478 |
| 572000 | Bausch Health Cos., Inc., <br> 11.000%, 9/30/2028(a)<br>| 583462 |
| 5106000 | Teva Pharmaceutical Finance Netherlands <br> III BV, 4.100%, 10/01/2046<br>| 3784981 |
| 200000 | Teva Pharmaceutical Finance Netherlands <br> III BV, 6.000%, 12/01/2032<br>| 205268 |
|  |  | 6350189 |
|  | **Property & Casualty Insurance — 5.1%** | **Property & Casualty Insurance — 5.1%** |
| 1581000 | Acrisure LLC/Acrisure Finance, Inc., <br> 4.250%, 2/15/2029(a)<br>| 1492210 |
| 1855000 | Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 6.500%, 10/01/2031(a)<br>| 1821513 |
| 1210000 | Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.000%, 1/15/2031(a)<br>| 1220300 |
| 3390000 | Ardonagh Finco Ltd., <br> 7.750%, 2/15/2031(a)<br>| 3429721 |
| 2020000 | Baldwin Insurance Group <br> Holdings LLC/Baldwin Insurance Group <br> Holdings Finance, 7.125%, 5/15/2031(a)<br>| 2030240 |
| 609000 | Howden U.K. Refinance PLC/Howden <br> U.K. Refinance 2 PLC/Howden <br> U.S. Refinance LLC, 8.125%, 2/15/2032(a)<br>| 570602 |
| 1045000 | Liberty Mutual Group, Inc., <br> 4.300%, 2/01/2061(a)<br>| 656553 |
| 1382000 | Panther Escrow Issuer LLC, <br> 7.125%, 6/01/2031(a)<br>| 1386642 |
| 628000 | Ryan Specialty LLC, 5.875%, 8/01/2032(a) | 620693 |
|  |  | 13228474 |
|  | **Refining — 0.8%** | **Refining — 0.8%** |
| 1060000 | CVR Energy, Inc., 7.875%, 2/15/2034(a) | 1063715 |
| 1056000 | PBF Holding Co. LLC/PBF Finance Corp., <br> 9.875%, 3/15/2030(a)<br>| 1131988 |
|  |  | 2195703 |
|  | **Restaurants — 2.0%** | **Restaurants — 2.0%** |
| 245000 | 1011778 BC ULC/New Red Finance, Inc., <br> 3.500%, 2/15/2029(a)<br>| 233896 |
| 360000 | 1011778 BC ULC/New Red Finance, Inc., <br> 3.875%, 1/15/2028(a)<br>| 351893 |
| 1160000 | 1011778 BC ULC/New Red Finance, Inc., <br> 4.000%, 10/15/2030(a)<br>| 1090313 |
| 1930000 | 1011778 BC ULC/New Red Finance, Inc., <br> 4.375%, 1/15/2028(a)<br>| 1902964 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Restaurants — continued** | **Restaurants — continued** |
| $575000 | 1011778 BC ULC/New Red Finance, Inc., <br> 6.125%, 6/15/2029(a)<br>| $584295 |
| 1005000 | Yum! Brands, Inc., 3.625%, 3/15/2031 | 928392 |
|  |  | 5091753 |
|  | **Retailers — 2.2%** | **Retailers — 2.2%** |
| 1935000 | Global Auto Holdings Ltd./AAG FH U.K. <br> Ltd., 8.375%, 1/15/2029(a)<br>| 1776407 |
| 440000 | Global Auto Holdings Ltd./AAG FH U.K. <br> Ltd., 11.500%, 8/15/2029(a)<br>| 437762 |
| 200000 | Michaels Cos., Inc., 8.500%, 3/15/2033(a) | 194699 |
| 570000 | Murphy Oil USA, Inc., <br> 3.750%, 2/15/2031(a)<br>| 529667 |
| 2195000 | PetSmart LLC/PetSmart Finance Corp., <br> 7.500%, 9/15/2032(a)<br>| 2205690 |
| 608000 | Wayfair LLC, 7.750%, 9/15/2030(a) | 633011 |
|  |  | 5777236 |
|  | **Technology — 8.0%** | **Technology — 8.0%** |
| 820000 | CACI International, Inc., <br> 6.375%, 6/15/2033(a)<br>| 834699 |
| 45000 | Entegris, Inc., 3.625%, 5/01/2029(a) | 42771 |
| 360000 | Entegris, Inc., 4.375%, 4/15/2028(a) | 354077 |
| 1285000 | Fair Isaac Corp., 6.000%, 5/15/2033(a) | 1260869 |
| 915000 | Fair Isaac Corp., 6.250%, 9/15/2034(a) | 899932 |
| 891000 | Flash Compute LLC, <br> 7.250%, 12/31/2030(a)<br>| 897051 |
| 518996 | GoTo Group, Inc., 5.500%, 5/01/2028(a) | 405969 |
| 1923000 | Imola Merger Corp., 4.750%, 5/15/2029(a) | 1869029 |
| 347000 | Iron Mountain, Inc., 5.250%, 3/15/2028(a) | 345039 |
| 1892000 | Neptune Bidco U.S., Inc., <br> 9.290%, 4/15/2029(a)<br>| 1897256 |
| 695000 | Open Text Corp., 3.875%, 2/15/2028(a) | 669190 |
| 496000 | Open Text Corp., 3.875%, 12/01/2029(a) | 443253 |
| 1530000 | Open Text Holdings, Inc., <br> 4.125%, 2/15/2030(a)<br>| 1367098 |
| 120000 | Open Text Holdings, Inc., <br> 4.125%, 12/01/2031(a)<br>| 102407 |
| 1110000 | Oracle Corp., 6.700%, 2/04/2056 | 1030195 |
| 932000 | Sabre Financial Borrower LLC, <br> 11.125%, 6/15/2029(a)<br>| 953737 |
| 1207000 | Science Applications International Corp., <br> 5.875%, 11/01/2033(a)<br>| 1177879 |
| 445000 | Seagate Data Storage Technology Pte. Ltd., <br> 4.091%, 6/01/2029(a)<br>| 430690 |
| 175000 | Seagate Data Storage Technology Pte. Ltd., <br> 4.125%, 1/15/2031(a)<br>| 163572 |
| 95000 | Seagate Data Storage Technology Pte. Ltd., <br> 5.750%, 12/01/2034(a)<br>| 94903 |
| 820000 | Seagate Data Storage Technology Pte. Ltd., <br> 5.875%, 7/15/2030(a)<br>| 833481 |
| 30600 | Seagate Data Storage Technology Pte. Ltd., <br> 9.625%, 12/01/2032(a)<br>| 34079 |
| 256000 | Sensata Technologies BV, <br> 4.000%, 4/15/2029(a)<br>| 247030 |
| 1488000 | Sensata Technologies, Inc., <br> 3.750%, 2/15/2031(a)<br>| 1380150 |

---

See accompanying notes to financial statements.

37 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Institutional High Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $335000 | Sensata Technologies, Inc., <br> 4.375%, 2/15/2030(a)<br>| $320372 |
| 674000 | UKG, Inc., 6.875%, 2/01/2031(a) | 658711 |
| 362000 | WULF Compute LLC, <br> 7.750%, 10/15/2030(a)<br>| 382518 |
| 1848000 | Ziff Davis, Inc., 4.625%, 10/15/2030(a) | 1742418 |
|  |  | 20838375 |
|  | **Wirelines — 0.5%** | **Wirelines — 0.5%** |
| 1305000 | Level 3 Financing, Inc., <br> 4.250%, 7/01/2028(a)<br>| 1259173 |
|  | **Total Non-Convertible Bonds**<br>(Identified Cost $213,536,296)<br>| 204747970 |
| **Convertible Bonds — 2.2%** | **Convertible Bonds — 2.2%** | **Convertible Bonds — 2.2%** |
|  | **Cable Satellite — 0.5%** |  |
| 355126 | EchoStar Corp., 3.875% PIK and/or <br> 3.875% Cash, 11/30/2030(d)<br>| 1268545 |
|  | **Consumer Cyclical Services — 0.2%** |  |
| 115000 | Compass, Inc., 0.250%, 4/15/2031(a) | 96255 |
| 136000 | DoorDash, Inc., Zero Coupon, <br> 5/15/2030(a)<br>| 123896 |
| 105000 | Lyft, Inc., Zero Coupon, 9/15/2030(a) | 98745 |
| 107000 | Uber Technologies, Inc., Series 2028, <br> 0.875%, 12/01/2028<br>| 128667 |
|  |  | 447563 |
|  | **Diversified Manufacturing — 0.1%** |  |
| 75000 | Advanced Energy Industries, Inc., <br> 2.500%, 9/15/2028<br>| 180285 |
| 91000 | Bloom Energy Corp., Zero Coupon, <br> 11/15/2030(a)<br>| 96897 |
| 63000 | Itron, Inc., 1.375%, 7/15/2030 | 63315 |
|  |  | 340497 |
|  | **Electric — 0.1%** |  |
| 66000 | Evergy, Inc., 4.500%, 12/15/2027 | 89034 |
| 124000 | FirstEnergy Corp., 3.875%, 1/15/2031(a) | 142972 |
| 95000 | Pinnacle West Capital Corp., <br> 4.750%, 6/15/2027<br>| 108775 |
|  |  | 340781 |
|  | **Environmental — 0.0%** |  |
| 72000 | Tetra Tech, Inc., 2.250%, 8/15/2028 | 75269 |
|  | **Financial Other — 0.2%** |  |
| 17628 | China Aoyuan Group Ltd., Series IAI, Zero <br> Coupon, 9/30/2028(e)<br>| 333 |
| 485000 | IREN Ltd., Series 33, <br> 1.000%, 6/01/2033(a)<br>| 426072 |
| 74870 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2026(a)<br>| 187 |
| 93592 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2027(a)<br>| 94 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Financial Other — continued** |  |
| $149742 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2028(a)<br>| $75 |
| 149742 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2029(a)<br>| 30 |
| 187178 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2030(a)<br>| 56 |
| 187178 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2031(a)<br>| 19 |
| 353123 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2032(a)<br>| 35 |
| 740290 | Shimao Group Holdings Ltd., Zero <br> Coupon, 7/21/2026(a)<br>| 14436 |
| 435268 | Sunac China Holdings Ltd., Zero Coupon, <br> 6/23/2026(a)<br>| 68655 |
| 321645 | Sunac China Holdings Ltd., Zero Coupon, <br> 6/23/2028(a)<br>| 81408 |
| 233380 | Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| 1370 |
| 45712 | Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| 178 |
|  |  | 592948 |
|  | **Food & Beverage — 0.0%** |  |
| 82000 | Post Holdings, Inc., 2.500%, 8/15/2027 | 88765 |
|  | **Industrial Other — 0.1%** |  |
| 70000 | Fluor Corp., 1.125%, 8/15/2029 | 86205 |
| 46000 | Granite Construction, Inc., <br> 3.750%, 5/15/2028<br>| 120635 |
|  |  | 206840 |
|  | **Leisure — 0.1%** |  |
| 102000 | NCL Corp. Ltd., 0.875%, 4/15/2030(a) | 105853 |
|  | **Metals & Mining — 0.1%** |  |
| 72000 | B2Gold Corp., 2.750%, 2/01/2030(a) | 116172 |
|  | **Midstream — 0.0%** |  |
| 74000 | UGI Corp., 5.000%, 6/01/2028 | 103711 |
|  | **Pharmaceuticals — 0.1%** |  |
| 103000 | Arrowhead Pharmaceuticals, Inc., Zero <br> Coupon, 1/15/2032<br>| 106564 |
| 79000 | Halozyme Therapeutics, Inc., <br> 0.875%, 11/15/2032(a)<br>| 77934 |
| 71000 | Ligand Pharmaceuticals, Inc., <br> 0.750%, 10/01/2030(a)<br>| 85874 |
| 58000 | Zoetis, Inc., 0.250%, 6/15/2029(a) | 57565 |
|  |  | 327937 |
|  | **Retailers — 0.1%** |  |
| 108000 | Burlington Stores, Inc., <br> 1.250%, 12/15/2027<br>| 178200 |
| 35000 | Freshpet, Inc., 3.000%, 4/01/2028 | 40194 |
|  |  | 218394 |

---

See accompanying notes to financial statements.

\| 38

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Institutional High Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Technology — 0.6%** |  |
| $41000 | Cloudflare, Inc., Zero Coupon, <br> 6/15/2030(a)<br>| $46484 |
| 100000 | CyberArk Software Ltd., Zero Coupon, <br> 6/15/2030(a)<br>| 102680 |
| 82000 | Guidewire Software, Inc., <br> 1.250%, 11/01/2029<br>| 81641 |
| 33000 | InterDigital, Inc., 3.500%, 6/01/2027 | 128782 |
| 45000 | Lumentum Holdings, Inc., <br> 0.375%, 3/15/2032(a)<br>| 173229 |
| 64000 | Microchip Technology, Inc., Zero Coupon, <br> 2/15/2030(a)<br>| 62432 |
| 50000 | MKS, Inc., 1.250%, 6/01/2030 | 82600 |
| 113000 | Nova Ltd., Zero Coupon, 9/15/2030(a) | 173899 |
| 99000 | Nutanix, Inc., 0.500%, 12/15/2029 | 89249 |
| 149000 | Rubrik, Inc., Zero Coupon, 6/15/2030(a) | 128214 |
| 35000 | Seagate HDD Cayman, 3.500%, 6/01/2028 | 166152 |
| 111000 | Snowflake, Inc., Zero Coupon, 10/01/2029 | 135820 |
| 91000 | Wolfspeed, Inc., 2.500%, 6/15/2031 | 129789 |
| 54000 | Wolfspeed, Inc., 2.500%, 6/15/2031(a) | 77018 |
|  |  | 1577989 |
|  | **Total Convertible Bonds**<br>(Identified Cost $6,201,379)<br>| 5811264 |
|  | **Total Bonds and Notes**<br>(Identified Cost $219,737,675)<br>| 210559234 |
| **Senior Loans — 6.9%** | **Senior Loans — 6.9%** | **Senior Loans — 6.9%** |
|  | **Automotive — 0.0%** | **Automotive — 0.0%** |
| 93264 | First Brands Group LLC, 2021 Term Loan, <br> 10.759% PIK, 3/30/2027(d)(f)(h)<br>| 121 |
| 134936 | First Brands Group LLC, 2022 Incremental <br> Term Loan, 3 mo. USD SOFR + 5.000%, <br> 10.786%, 3/30/2027(f)(h)<br>| 176 |
| 91573 | First Brands Group LLC, 2025 DIP Term <br> Loan, 13.671% PIK, 6/29/2026(c)(d)(h)<br>| 21062 |
| 261692 | First Brands Group LLC, 2025 PIK DIP <br> Roll-Up Term Loan B, 10.671% PIK, <br> 6/29/2026(c)(d)(h)<br>| 175 |
|  |  | 21534 |
|  | **Consumer Cyclical Services — 1.1%** | **Consumer Cyclical Services — 1.1%** |
| 1592588 | Horizon U.S. Finco LP, Term Loan B, 6 mo. <br> USD SOFR + 4.500%, <br> 8.448%, 10/31/2031(c)(h)<br>| 1481107 |
| 1359653 | PUG LLC, 2024 Extended Term Loan B, <br> 1 mo. USD SOFR + 4.750%, <br> 8.418%, 3/15/2030(c)<br>| 1335016 |
|  |  | 2816123 |
|  | **Healthcare — 1.6%** | **Healthcare — 1.6%** |
| 1674289 | Bausch & Lomb Corp., 2025 Repriced Term <br> Loan, 1 mo. USD SOFR + 3.750%, <br> 7.418%, 1/15/2031(c)(h)<br>| 1676382 |
| 22538 | Hanger, Inc., 2024 Delayed Draw Term <br> Loan, 3.500%, 10/23/2031(i)<br>| 22578 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Healthcare — continued** | **Healthcare — continued** |
| $37395 | Hanger, Inc., 2024 Delayed Draw Term <br> Loan, 1 mo. USD SOFR + 3.500%, <br> 5.788%, 10/23/2031(c)(h)<br>| $37461 |
| 459206 | Hanger, Inc., 2024 Term Loan B, 1 mo. <br> USD SOFR + 3.500%, <br> 7.168%, 10/23/2031(c)(h)<br>| 460009 |
| 682342 | IVC Acquisition Ltd., 2025 USD Repriced <br> Term Loan B, 3 mo. USD SOFR + 3.750%, <br> 7.450%, 12/12/2028(c)(h)<br>| 678077 |
| 174342 | U.S. Fertility Enterprises LLC, 2025 <br> Delayed Draw Term Loan, <br> 1.750%, 12/30/2032(i)<br>| 173688 |
| 1150658 | U.S. Fertility Enterprises LLC, 2025 Term <br> Loan, 3 mo. USD SOFR + 3.500%, <br> 7.167%, 12/30/2032(c)(h)<br>| 1146343 |
|  |  | 4194538 |
|  | **Industrial Other — 0.1%** | **Industrial Other — 0.1%** |
| 390000 | Fluid Flow Products, Inc., 2026 Term Loan <br> B, 3/04/2033(j)<br>| 389513 |
|  | **Media Entertainment — 0.3%** | **Media Entertainment — 0.3%** |
| 660000 | Electronic Arts, Inc., USD Term Loan B, <br> 3/24/2033(j)<br>| 655875 |
|  | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| 327119 | GrafTech Finance, Inc., 2024 Delayed Draw <br> Term Loan, 3.750%, 12/21/2029(i)<br>| 308925 |
| 572458 | GrafTech Finance, Inc., 2024 Term Loan, <br> 3 mo. USD SOFR + 6.000%, <br> 9.670%, 12/21/2029(c)(h)<br>| 540618 |
|  |  | 849543 |
|  | **Paper — 0.8%** | **Paper — 0.8%** |
| 2055000 | Mativ Holdings, Inc., 2026 Term Loan B, <br> 4/04/2033(j)<br>| 1972800 |
|  | **Property & Casualty Insurance — 0.4%** | **Property & Casualty Insurance — 0.4%** |
| 330357 | Ardonagh Midco 3 PLC, 2024 USD Term <br> Loan B, USD SOFR + 2.750%, <br> 6.374%, 2/15/2031(c)(h)<br>| 322306 |
| 82323 | Asurion LLC, 2023 Term Loan B11, 1 mo. <br> USD SOFR + 4.250%, <br> 8.018%, 8/19/2028(c)(h)<br>| 82205 |
| 567380 | Truist Insurance Holdings LLC, 2nd Lien <br> Term Loan, 3 mo. USD SOFR + 4.750%, <br> 8.450%, 5/06/2032(c)(h)<br>| 560821 |
|  |  | 965332 |
|  | **Supermarkets — 0.3%** | **Supermarkets — 0.3%** |
| 895868 | Northeast Grocery, Inc., Term Loan B, <br> 3 mo. USD SOFR + 7.500%, <br> 11.152%, 12/13/2028(c)(h)<br>| 896988 |
|  | **Technology — 2.0%** | **Technology — 2.0%** |
| 687000 | Cyberswift U.S. Finco LLC, Term Loan B, <br> 10/08/2032(j)<br>| 674977 |

---

See accompanying notes to financial statements.

39 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Institutional High Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $213920 | Darktrace PLC, 1st Lien Term Loan, 3 mo. <br> USD SOFR + 3.250%, <br> 6.898%, 10/09/2031(c)<br>| $204321 |
| 830000 | Darktrace PLC, 2nd Lien Term Loan, 3 mo. <br> USD SOFR + 5.250%, <br> 8.898%, 10/09/2032(c)(h)<br>| 763085 |
| 1973000 | Dayforce, Inc., 2026 Term Loan, 3 mo. <br> USD SOFR + 3.000%, <br> 6.661%, 2/04/2033(c)(h)<br>| 1863933 |
| 291421 | GoTo Group, Inc., 2024 First Out Term <br> Loan, 3 mo. USD SOFR + 4.750%, <br> 8.571%, 4/28/2028(c)(h)<br>| 238237 |
| 364132 | Project Alpha Intermediate Holding, Inc., <br> 2024 1st Lien Term Loan B, 3 mo. USD <br> SOFR + 3.250%, <br> 6.950%, 10/26/2030(c)(h)<br>| 274341 |
| 1175000 | Vantor Holdings, Inc., 1st Lien Term Loan, <br> 3 mo. USD SOFR + 4.500%, <br> 8.170%, 3/03/2033(c)(h)<br>| 1150031 |
|  |  | 5168925 |
|  | **Total Senior Loans**<br>(Identified Cost $18,781,386)<br>| 17931171 |
| **Equity-Linked Notes — 4.8%** | **Equity-Linked Notes — 4.8%** | **Equity-Linked Notes — 4.8%** |
| 262837 | Barclays Bank PLC, (Yum! Brands, Inc.), <br> 9.570%, 8/21/2026(a)<br>| 266554 |
| 273495 | Barclays Bank PLC, (Hilton Worldwide <br> Holdings, Inc.), 10.690%, 10/20/2026(a)<br>| 278207 |
| 412847 | Barclays Bank PLC, (Honeywell <br> International, Inc.), 11.390%, 4/29/2026(a)<br>| 425994 |
| 268379 | Barclays Bank PLC, (Cheniere Energy, Inc.), <br> 12.000%, 1/28/2027(a)<br>| 277682 |
| 400376 | Barclays Bank PLC, (Trane <br> Technologies PLC), 12.120%, 5/13/2026(a)<br>| 386398 |
| 269028 | Barclays Bank PLC, (AutoZone, Inc.), <br> 12.310%, 12/18/2026(a)<br>| 245233 |
| 267438 | Barclays Bank PLC, (Meta Platforms, Inc.), <br> 14.920%, 4/07/2026(a)<br>| 256811 |
| 260871 | Barclays Bank PLC, (Amazon.com, Inc.), <br> 15.250%, 3/25/2027(a)<br>| 258405 |
| 267078 | Barclays Bank PLC, (Palo Alto Networks, <br> Inc.), 15.350%, 2/11/2027(a)<br>| 243328 |
| 132604 | Barclays Bank PLC, (Dollar General Corp.), <br> 16.150%, 3/11/2027(a)<br>| 114095 |
| 403419 | Barclays Bank PLC, (Adobe, Inc.), <br> 17.110%, 6/09/2026(a)<br>| 295521 |
| 265706 | Barclays Bank PLC, (Microsoft Corp.), <br> 18.340%, 5/28/2026(a)<br>| 212596 |
| 316735 | Barclays Bank PLC, (Freeport-McMoRan, <br> Inc.), 20.380%, 4/29/2026(a)<br>| 329859 |
| 396750 | Barclays Bank PLC, (Arista Networks, Inc.), <br> 21.330%, 3/04/2027(a)<br>| 379755 |
| 397585 | Barclays Bank PLC, (Estee Lauder <br> Companies, Inc.), 22.940%, 9/10/2026(a)<br>| 301906 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
| $271558 | BNP Paribas Issuance BV, (Kroger Co.), <br> 11.370%, 10/06/2026(a)<br>| $273402 |
| 408396 | BNP Paribas Issuance BV, (Visa, Inc.), <br> 12.010%, 4/01/2026(a)<br>| 359412 |
| 270740 | BNP Paribas Issuance BV, (Kinder Morgan, <br> Inc.), 12.270%, 6/25/2026(a)<br>| 280459 |
| 263767 | BNP Paribas Issuance BV, (Walt Disney <br> Co.), 12.410%, 1/21/2027(a)<br>| 238834 |
| 262061 | BNP Paribas Issuance BV, (Eaton <br> Corp. PLC), 13.580%, 1/14/2027(a)<br>| 261755 |
| 264994 | BNP Paribas Issuance BV, (McKesson <br> Corp.), 15.650%, 6/17/2026(a)<br>| 267850 |
| 408276 | BNP Paribas Issuance BV, (Crowdstrike <br> Holdings, Inc.), 17.830%, 5/26/2026(a)<br>| 366153 |
| 266589 | Citigroup Global Markets Holdings, Inc., <br> (Home Depot, Inc.), <br> 13.340%, 8/06/2026(a)<br>| 242184 |
| 264861 | Citigroup Global Markets Holdings, Inc., <br> (EOG Resources, Inc.), <br> 14.010%, 2/18/2027(a)<br>| 277688 |
| 395094 | Citigroup Global Markets Holdings, Inc., <br> (United Rentals, Inc.), <br> 15.650%, 2/25/2027(a)<br>| 348771 |
| 133311 | Citigroup Global Markets Holdings, Inc., <br> (Ebay, Inc.), 17.290%, 9/17/2026(a)<br>| 128035 |
| 265483 | Citigroup Global Markets Holdings, Inc., <br> (Parker-Hannifin Corp.), <br> 17.870%, 10/15/2026(a)<br>| 259887 |
| 264872 | Citigroup Global Markets Holdings, Inc., <br> (Carnival Corp.), 18.240%, 8/04/2026(a)<br>| 236757 |
| 266061 | Citigroup Global Markets Holdings, Inc., <br> (Palo Alto Networks, Inc.), <br> 18.370%, 7/01/2026(a)<br>| 230284 |
| 271387 | Citigroup Global Markets Holdings, Inc., <br> (Vistra Corp.), 21.690%, 11/17/2026(a)<br>| 242437 |
| 214119 | Citigroup Global Markets Holdings, Inc., <br> (AngloGold Ashanti PLC), <br> 24.180%, 2/04/2027(a)<br>| 212191 |
| 214811 | Citigroup Global Markets Holdings, Inc., <br> (Coinbase Global, Inc.), <br> 25.010%, 1/07/2027(a)<br>| 161557 |
| 398624 | Citigroup Global Markets Holdings, Inc., <br> (Dollar Tree, Inc.), 25.610%, 9/24/2026(a)<br>| 382807 |
| 410857 | GS Finance Corp., MTN, (GE Vernova, <br> Inc.), 18.830%, 11/04/2026(a)<br>| 426911 |
| 409044 | GS Finance Corp., MTN, (Chipotle <br> Mexican Grill, Inc.), <br> 19.980%, 4/15/2026(a)<br>| 335126 |
| 408897 | JPMorgan Chase Bank NA, (Dominion <br> Energy, Inc.), 12.280%, 4/06/2026(a)<br>| 417505 |
| 262285 | JPMorgan Chase Bank NA, (Visa Inc.), <br> 13.440%, 10/01/2026(a)<br>| 262285 |
| 403138 | JPMorgan Chase Bank NA, (Netflix, Inc.), <br> 15.650%, 7/14/2026(a)<br>| 340812 |
| 388927 | JPMorgan Chase Bank NA, (Bank of <br> America Corp.), 16.220%, 4/23/2026(a)<br>| 402866 |
| 267137 | JPMorgan Chase Bank NA, (NVIDIA <br> Corp.), 17.210%, 12/02/2026(a)<br>| 256286 |

---

See accompanying notes to financial statements.

\| 40

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Institutional High Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
| $401931 | JPMorgan Chase Bank NA, (EQT <br> Midstream Partners LP), <br> 17.970%, 4/28/2026(a)<br>| $416684 |
| 212119 | Nomura America Finance LLC, <br> (ServiceNow, Inc.), 20.200%, 3/18/2027(a)<br>| 194857 |
| 403494 | UBS AG, (ResMed, Inc.), <br> 12.250%, 11/18/2026(a)<br>| 351674 |
|  | **Total Equity-Linked Notes**<br>(Identified Cost $13,267,981)<br>| 12447813 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Common Stocks— 1.8%** | **Common Stocks— 1.8%** | **Common Stocks— 1.8%** |
|  | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| 275 | General Electric Co. | 78037 |
| 204 | Howmet Aerospace, Inc. | 47014 |
|  |  | 125051 |
|  | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| 402 | United Parcel Service, Inc., Class B | 39549 |
|  | **Banks — 0.1%** | **Banks — 0.1%** |
| 665 | Citigroup, Inc. | 75418 |
| 438 | PNC Financial Services Group, Inc. | 91143 |
| 1995 | U.S. Bancorp | 103760 |
|  |  | 270321 |
|  | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| 361 | AbbVie, Inc. | 78514 |
| 11000 | BioMarin Pharmaceutical, Inc.(g) | 621390 |
| 644 | Gilead Sciences, Inc. | 89754 |
|  |  | 789658 |
|  | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| 199 | CME Group, Inc. | 58775 |
| 202 | Moody's Corp. | 88122 |
| 809 | Morgan Stanley | 133137 |
|  |  | 280034 |
|  | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| 1367 | Corteva, Inc. | 114432 |
|  | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| 99 | Costco Wholesale Corp. | 98647 |
|  | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| 184 | Packaging Corp. of America | 39048 |
|  | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| 3472 | Comcast Corp., Class A | 99681 |
|  | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |
| 835 | Duke Energy Corp. | 109335 |
| 406 | NRG Energy, Inc. | 59333 |
|  |  | 168668 |
|  | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| 572 | Emerson Electric Co. | 74943 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Electronic Equipment, Instruments &** <br> **Components — 0.0%** | **Electronic Equipment, Instruments &** <br> **Components — 0.0%** |
| 615 | Amphenol Corp., Class A | $77705 |
|  | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| 233 | Mastercard, Inc., Class A | 116421 |
|  | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| 119 | Cencora, Inc. | 37383 |
| 64 | Elevance Health, Inc. | 18736 |
| 106 | UnitedHealth Group, Inc. | 28682 |
|  |  | 84801 |
|  | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
| 22 | Booking Holdings, Inc. | 92627 |
| 443 | Royal Caribbean Cruises Ltd. | 121905 |
|  |  | 214532 |
|  | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| 373 | Garmin Ltd. | 86540 |
|  | **Household Products — 0.1%** | **Household Products — 0.1%** |
| 787 | Colgate-Palmolive Co. | 67076 |
| 795 | Kimberly-Clark Corp. | 76694 |
| 549 | Procter & Gamble Co. | 79297 |
|  |  | 223067 |
|  | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| 518 | Alphabet, Inc., Class A | 148956 |
|  | **Media — 0.1%** | **Media — 0.1%** |
| 110256 | Optimum Communications, Inc., <br> Class A(g)<br>| 143333 |
|  | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| 2578 | Kinross Gold Corp. | 78681 |
|  | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| 825 | Exxon Mobil Corp. | 139969 |
| 869 | Williams Cos., Inc. | 63246 |
|  |  | 203215 |
|  | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| 2277 | Bristol-Myers Squibb Co. | 138100 |
| 1025 | Merck & Co., Inc. | 123297 |
|  |  | 261397 |
|  | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| 49312 | China Aoyuan Group Ltd.(g) | 377 |
| 92807 | Kaisa Group Holdings Ltd.(g) | 1053 |
| 37187 | Sunac China Holdings Ltd.(g) | 5052 |
| 131930 | Times China Holdings Ltd.(g) | 1247 |
| 100123 | Yuzhou Group Holdings Co. Ltd.(g) | 2030 |
|  |  | 9759 |
|  | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| 544 | Simon Property Group, Inc. | 101472 |
|  | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| 59 | ASML Holding NV | 77929 |
| 420 | Broadcom, Inc. | 129994 |

---

See accompanying notes to financial statements.

41 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Institutional High Income Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Semiconductors & Semiconductor** <br> **Equipment — continued** | **Semiconductors & Semiconductor** <br> **Equipment — continued** |
| 364 | Lam Research Corp. | $77772 |
| 239 | Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 80770 |
| 4231 | Wolfspeed, Inc.(g) | 69050 |
|  |  | 435515 |
|  | **Software — 0.1%** | **Software — 0.1%** |
| 348 | Microsoft Corp. | 128819 |
| 420 | Salesforce, Inc. | 78402 |
| 472 | SAP SE, ADR | 80811 |
|  |  | 288032 |
|  | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| 835 | TJX Cos., Inc. | 133350 |
|  | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| 511 | Apple, Inc. | 129687 |
|  | **Total Common Stocks**<br>(Identified Cost $6,898,048)<br>| 4836495 |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** |
|  | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| 2950 | Boeing Co., 6.000% | 191396 |
|  | **Brokerage — 0.0%** | **Brokerage — 0.0%** |
| 550 | Apollo Global Management, Inc., 6.750% | 32153 |
|  | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| 600 | Albemarle Corp., 7.250% | 43110 |
|  | **Electric — 0.0%** | **Electric — 0.0%** |
| 3138 | PG&E Corp., Series A, 6.000% | 134903 |
|  | **Technology — 0.1%** | **Technology — 0.1%** |
| 3900 | Oracle Corp., Series D, 6.500% | 175539 |
|  | **Total Convertible Preferred Stocks**<br>(Identified Cost $590,790)<br>| 577101 |
| **Non-Convertible Preferred Stocks — 0.2%** | **Non-Convertible Preferred Stocks — 0.2%** | **Non-Convertible Preferred Stocks — 0.2%** |
|  | **Home Construction — 0.2%** | **Home Construction — 0.2%** |
| 21265 | Hovnanian Enterprises, Inc., 7.625% <br>(Identified Cost $32,216)<br>| 435932 |
|  | **Total Preferred Stocks**<br>(Identified Cost $623,006)<br>| 1013033 |
| **Other Investments — 0.0%** | **Other Investments — 0.0%** | **Other Investments — 0.0%** |
|  | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| 1146248 | CFLD Cayman Trust Units(g)(k) <br>(Identified Cost $5,528)<br>| 5807 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>| **Description** | **Value (†)** |
| **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** |
| $8454707 | Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated <br> 3/31/2026 at 2.150% to be repurchased at <br> $8,455,212 on 4/01/2026 collateralized by <br> $9,037,300 U.S. Treasury Note, 0.500% <br> due 8/31/2027 valued at $8,623,874 <br> including accrued interest (Note 2 of Notes <br> to Financial Statements)<br>| $8454707 |
| 3296000 | U.S. Treasury Bills, <br> 3.511%–3.526%, 4/07/2026(l)(m)(n)<br>| 3294014 |
| 4617000 | U.S. Treasury Bills, <br> 3.613%–3.621%, 6/18/2026(m)(n)<br>| 4581018 |
|  | **Total Short-Term Investments**<br>(Identified Cost $16,329,574)<br>| 16329739 |
|  | **Total Investments — 100.8%**<br>(Identified Cost $275,643,198)<br>| 263123292 |
|  | Other assets less liabilities — (0.8)% | (1988105)<br>|
|  | **Net Assets — 100.0%** | $261135187 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the value of Rule 144A holdings amounted to $183,864,371 or 70.4% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Perpetual bond with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Rate as of March 31, 2026 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for the purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and/or spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Payment–in–kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Securities subject to restriction on resale. At March 31, 2026, the restricted securities held by the Fund are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | &nbsp;&nbsp; **% of** <br>**Net Assets**<br>|
| Add Hero <br> Holdings <br> Ltd.<br>| 9/28/2021-4/03/2024 | &nbsp;&nbsp; $175579 | &nbsp;&nbsp; $5479 | Less than 0.1% |
| Add Hero <br> Holdings <br> Ltd.<br>| 9/28/2021-4/03/2024 | &nbsp;&nbsp; 146161 | &nbsp;&nbsp; 1423 | Less than 0.1% |
| Add Hero <br> Holdings <br> Ltd.<br>| 9/28/2021-4/03/2024 | &nbsp;&nbsp; 182673 | &nbsp;&nbsp; 1358 | Less than 0.1% |
| China Aoyuan <br> Group Ltd.<br>| 9/28/2021-4/12/2024 | &nbsp;&nbsp; 2666 | &nbsp;&nbsp; 493 | Less than 0.1% |
| China Aoyuan <br> Group Ltd.<br>| 9/28/2021-4/19/2024 | &nbsp;&nbsp; 794 | &nbsp;&nbsp; 333 | Less than 0.1% |
| China Aoyuan <br> Group Ltd.<br>| 9/28/2021-9/30/2024 | &nbsp;&nbsp; 54744 | &nbsp;&nbsp; 202 | Less than 0.1% |

---

See accompanying notes to financial statements.

\| 42

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Institutional High Income Fund (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Acquisition**<br> **Date**<br>| **Acquisition**<br> **Cost**<br>| **Value** | &nbsp;&nbsp; **% of**<br> **Net Assets**<br>|
| Yuzhou Group <br> Holdings <br> Co. Ltd.<br>| 7/21/2021-1/16/2026 | &nbsp;&nbsp; $233323 | &nbsp;&nbsp; $8339 | Less than 0.1% |
| Yuzhou Group <br> Holdings <br> Co. Ltd.<br>| 7/21/2021-1/07/2026 | &nbsp;&nbsp; 225297 | &nbsp;&nbsp; 7444 | Less than 0.1% |
| Yuzhou Group <br> Holdings <br> Co. Ltd.<br>| 7/21/2021-1/07/2026 | &nbsp;&nbsp; 196317 | &nbsp;&nbsp; 5802 | Less than 0.1% |
| Yuzhou Group <br> Holdings <br> Co. Ltd.<br>| 7/21/2021-1/07/2026 | &nbsp;&nbsp; 21610 | &nbsp;&nbsp; 4896 | Less than 0.1% |
| Yuzhou Group <br> Holdings <br> Co. Ltd.<br>| 7/21/2021-1/09/2026 | &nbsp;&nbsp; 108684 | &nbsp;&nbsp; 2586 | Less than 0.1% |
| Yuzhou Group <br> Holdings <br> Co. Ltd.<br>| 7/21/2021-1/16/2026 | &nbsp;&nbsp; 38679 | &nbsp;&nbsp; 219 | Less than 0.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate which may range from 0.00% to 2.00%, to which the spread is added.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unfunded loan commitment. An unfunded loan commitment is a contractual obligation for future funding at the option of the borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement. See Note 2 of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Position is unsettled. Contract rate was not determined at March 31, 2026 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Fund's investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Interest rate represents discount rate at time of purchase; not a coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp; An American Depositary Receipt is a certificate issued by a <br> custodian bank representing the right to receive securities of the <br> foreign issuer described. The values of ADRs may be significantly <br> influenced by trading on exchanges not located in the <br> United States.<br>|
| DIP | Debtor In Possession |
| MTN | Medium Term Note |
| PIK | Payment-in-Kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

**At March 31, 2026, the Fund had the following open long futures contracts:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; $30298466 | &nbsp;&nbsp; $30079570 | &nbsp;&nbsp; $(218896)<br>|
| CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 4930652 | &nbsp;&nbsp; 4868086 | &nbsp;&nbsp; (62566)<br>|
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 2318678 | &nbsp;&nbsp; 2270313 | &nbsp;&nbsp; (48365)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(329827)<br>|

---

**At March 31, 2026, the Fund had the following open short futures contracts:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; $3763898 | &nbsp;&nbsp; $3644000 | &nbsp;&nbsp; $119898 |
| CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 361810 | &nbsp;&nbsp; 349688 | &nbsp;&nbsp; 12122 |
| Total |  |  |  |  | &nbsp;&nbsp; $132020 |

---

See accompanying notes to financial statements.

43 \|

------

**Statements of Assets and Liabilities**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Fixed Income** <br>**Fund**<br>| **Global Bond** <br>**Fund**<br>| **Inflation** <br>**Protected** <br>**Securities Fund**<br>|
| **ASSETS** |  |  |  |
| Investments at cost | &nbsp;&nbsp;&nbsp; $483136550 | &nbsp;&nbsp;&nbsp; $334545456 | &nbsp;&nbsp;&nbsp; $111267501 |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp; (12318196)<br>| &nbsp;&nbsp;&nbsp; (13871188)<br>| &nbsp;&nbsp;&nbsp; (5177890)<br>|
| Investments at value | &nbsp;&nbsp;&nbsp; 470818354 | &nbsp;&nbsp;&nbsp; 320674268 | &nbsp;&nbsp;&nbsp; 106089611 |
| Cash | &nbsp;&nbsp;&nbsp; 122590 | &nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 6206 |
| Due from brokers (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 75000 |
| Foreign currency at value (identified cost $6,450, $3,776,963 and $0, <br> respectively)<br>| &nbsp;&nbsp;&nbsp; 6440 | &nbsp;&nbsp;&nbsp; 3801524 | &nbsp;&nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 453001 | &nbsp;&nbsp;&nbsp; 285479 |
| Receivable from investment adviser (Note 6)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11384 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; 577154 | &nbsp;&nbsp;&nbsp; 2769155 | &nbsp;&nbsp;&nbsp; — |
| Collateral received for open forward foreign currency contracts (Notes 2 and 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 5287086 | &nbsp;&nbsp;&nbsp; 3329568 | &nbsp;&nbsp;&nbsp; 356557 |
| Unrealized appreciation on forward foreign currency contracts (Note 2)  | &nbsp;&nbsp;&nbsp; 4293 | &nbsp;&nbsp;&nbsp; 374919 | &nbsp;&nbsp;&nbsp; — |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp; — |
| Receivable for variation margin on futures contracts (Note 2)  | &nbsp;&nbsp;&nbsp; 283339 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp; 691 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 477099947 | &nbsp;&nbsp;&nbsp; 331833745 | &nbsp;&nbsp;&nbsp; 106824928 |
| **LIABILITIES** |  |  |  |
| Options written, at value (premiums received $110,996, $0 and $0, <br> respectively) (Note 2) <br>| &nbsp;&nbsp;&nbsp; 274805 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; 5364224 | &nbsp;&nbsp;&nbsp; 4455994 | &nbsp;&nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 318619 | &nbsp;&nbsp;&nbsp; 196257 |
| Payable for variation margin on futures contracts (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37796 | &nbsp;&nbsp;&nbsp; — |
| Unrealized depreciation on forward foreign currency contracts (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 231662 | &nbsp;&nbsp;&nbsp; — |
| Due to brokers (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; — |
| Management fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 199990 | &nbsp;&nbsp;&nbsp; 120251 | &nbsp;&nbsp;&nbsp; — |
| Deferred Trustees' fees (Note 6)  | &nbsp;&nbsp;&nbsp; 310032 | &nbsp;&nbsp;&nbsp; 431552 | &nbsp;&nbsp;&nbsp; 154233 |
| Administrative fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 17066 | &nbsp;&nbsp;&nbsp; 11950 | &nbsp;&nbsp;&nbsp; 3637 |
| Payable to distributor (Note 6d)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2608 | &nbsp;&nbsp;&nbsp; 1152 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 38110 | &nbsp;&nbsp;&nbsp; 36875 | &nbsp;&nbsp;&nbsp; 31568 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 53800 | &nbsp;&nbsp;&nbsp; 72357 | &nbsp;&nbsp;&nbsp; 43416 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 6258027 | &nbsp;&nbsp;&nbsp; 5849664 | &nbsp;&nbsp;&nbsp; 430263 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $470841920 | &nbsp;&nbsp;&nbsp; $325984081 | &nbsp;&nbsp;&nbsp; $106394665 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $499762803 | &nbsp;&nbsp;&nbsp; $408465185 | &nbsp;&nbsp;&nbsp; $161444651 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (28920883)<br>| &nbsp;&nbsp;&nbsp; (82481104)<br>| &nbsp;&nbsp;&nbsp; (55049986)<br>|
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $470841920 | &nbsp;&nbsp;&nbsp; $325984081 | &nbsp;&nbsp;&nbsp; $106394665 |

---

See accompanying notes to financial statements.

\| 44

------

**Statements of Assets and Liabilities (continued)**

**March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Fixed Income**<br> **Fund**<br>| **Global Bond**<br> **Fund**<br>| **Inflation**<br> **Protected**<br> **Securities Fund**<br>|
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |  |
| **Institutional Class shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $470841920 | &nbsp;&nbsp;&nbsp; $165929285 | &nbsp;&nbsp;&nbsp; $51982825 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 39638247 | &nbsp;&nbsp;&nbsp; 10861303 | &nbsp;&nbsp;&nbsp; 5398514 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $11.88 | &nbsp;&nbsp;&nbsp; $15.28 | &nbsp;&nbsp;&nbsp; $9.63 |
| **Retail Class shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $64615767 | &nbsp;&nbsp;&nbsp; $30472583 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4347884 | &nbsp;&nbsp;&nbsp; 3171671 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14.86 | &nbsp;&nbsp;&nbsp; $9.61 |
| **Class N shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $95439029 | &nbsp;&nbsp;&nbsp; $23939257 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6219834 | &nbsp;&nbsp;&nbsp; 2483105 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $15.34 | &nbsp;&nbsp;&nbsp; $9.64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) As disclosed in the Notes to Financial Statements, if applicable.

See accompanying notes to financial statements.

45 \|

------

**Statements of Assets and Liabilities (continued)**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Institutional** <br>**High Income** <br>**Fund**<br>|
| **ASSETS** |  |
| Investments at cost | &nbsp;&nbsp;&nbsp; $275643198 |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp; (12519906)<br>|
| Investments at value | &nbsp;&nbsp;&nbsp; 263123292 |
| Cash | &nbsp;&nbsp;&nbsp; 37188 |
| Foreign currency at value (identified cost $9,597) | &nbsp;&nbsp;&nbsp; 9489 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; 1644805 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 3954900 |
| Receivable for variation margin on futures contracts (Note 2)  | &nbsp;&nbsp;&nbsp; 10899 |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 691 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 268781264 |
| **LIABILITIES** |  |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; 6676780 |
| Unfunded loan commitments (Note 2)  | &nbsp;&nbsp;&nbsp; 523999 |
| Management fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 126960 |
| Deferred Trustees' fees (Note 6)  | &nbsp;&nbsp;&nbsp; 232163 |
| Administrative fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 9505 |
| Payable to distributor (Note 6d)  | &nbsp;&nbsp;&nbsp; 582 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 35601 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 40487 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 7646077 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $261135187 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $307137273 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (46002086)<br>|
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $261135187 |
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |
| **Institutional Class shares:** |  |
| Net assets | &nbsp;&nbsp;&nbsp; $261135187 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 45835397 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $5.70 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) As disclosed in the Notes to Financial Statements, if applicable.

See accompanying notes to financial statements.

\| 46

------

**Statements of Operations**

**For the Six Months Ended March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Fixed Income** <br>**Fund**<br>| **Global Bond** <br>**Fund**<br>| **Inflation** <br>**Protected** <br>**Securities Fund**<br>|
| **INVESTMENT INCOME**  |  |  |  |
| Interest | &nbsp;&nbsp;&nbsp; $14369659 | &nbsp;&nbsp;&nbsp; $6709890 | &nbsp;&nbsp;&nbsp; $1476253 |
| Dividends | &nbsp;&nbsp;&nbsp; 19285 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4241)<br>| &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; 14388944 | &nbsp;&nbsp;&nbsp; 6705649 | &nbsp;&nbsp;&nbsp; 1476253 |
| Expenses |  |  |  |
| Management fees (Note 6)  | &nbsp;&nbsp;&nbsp; 1165791 | &nbsp;&nbsp;&nbsp; 869025 | &nbsp;&nbsp;&nbsp; 124472 |
| Service and distribution fees (Note 6)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 82545 | &nbsp;&nbsp;&nbsp; 37939 |
| Administrative fees (Note 6)  | &nbsp;&nbsp;&nbsp; 98571 | &nbsp;&nbsp;&nbsp; 70650 | &nbsp;&nbsp;&nbsp; 21050 |
| Trustees' fees and expenses (Note 6)  | &nbsp;&nbsp;&nbsp; 28058 | &nbsp;&nbsp;&nbsp; 30071 | &nbsp;&nbsp;&nbsp; 16990 |
| Transfer agent fees and expenses (Notes 6, 7 and 8)  | &nbsp;&nbsp;&nbsp; 7893 | &nbsp;&nbsp;&nbsp; 134686 | &nbsp;&nbsp;&nbsp; 49058 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 33144 | &nbsp;&nbsp;&nbsp; 31882 | &nbsp;&nbsp;&nbsp; 26891 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 51358 | &nbsp;&nbsp;&nbsp; 30596 | &nbsp;&nbsp;&nbsp; 7911 |
| Legal fees | &nbsp;&nbsp;&nbsp; 7612 | &nbsp;&nbsp;&nbsp; 5456 | &nbsp;&nbsp;&nbsp; 1614 |
| Registration fees | &nbsp;&nbsp;&nbsp; 18377 | &nbsp;&nbsp;&nbsp; 41050 | &nbsp;&nbsp;&nbsp; 46919 |
| Shareholder reporting expenses | &nbsp;&nbsp;&nbsp; 7803 | &nbsp;&nbsp;&nbsp; 34203 | &nbsp;&nbsp;&nbsp; 22172 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 30421 | &nbsp;&nbsp;&nbsp; 31114 | &nbsp;&nbsp;&nbsp; 26054 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1449028 | &nbsp;&nbsp;&nbsp; 1361278 | &nbsp;&nbsp;&nbsp; 381070 |
| Less waiver and/or expense reimbursement (Note 6)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (178469)<br>| &nbsp;&nbsp;&nbsp; (145939)<br>|
| Less expense offset (Note 8)  | &nbsp;&nbsp;&nbsp; (176)<br>| &nbsp;&nbsp;&nbsp; (4586)<br>| &nbsp;&nbsp;&nbsp; (1154)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 1448852 | &nbsp;&nbsp;&nbsp; 1178223 | &nbsp;&nbsp;&nbsp; 233977 |
| Net investment income | &nbsp;&nbsp;&nbsp; 12940092 | &nbsp;&nbsp;&nbsp; 5527426 | &nbsp;&nbsp;&nbsp; 1242276 |
| **Net realized and unrealized gain (loss) on Investments, Futures** <br> **contracts, Options written, Forward foreign currency contracts** <br> **and Foreign currency transactions** <br>|  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (505355)<br>| &nbsp;&nbsp;&nbsp; 1046226 | &nbsp;&nbsp;&nbsp; (1503364)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (830232)<br>| &nbsp;&nbsp;&nbsp; (97655)<br>| &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; 1486926 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency contracts (Note 2d)  | &nbsp;&nbsp;&nbsp; 23907 | &nbsp;&nbsp;&nbsp; (1221036)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions (Note 2c)  | &nbsp;&nbsp;&nbsp; (34050)<br>| &nbsp;&nbsp;&nbsp; (62550)<br>| &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (8725497)<br>| &nbsp;&nbsp;&nbsp; (9954929)<br>| &nbsp;&nbsp;&nbsp; 474285 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (1123815)<br>| &nbsp;&nbsp;&nbsp; (168464)<br>| &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; (162730)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency contracts (Note 2d)  | &nbsp;&nbsp;&nbsp; 7534 | &nbsp;&nbsp;&nbsp; 493027 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations (Note 2c)  | &nbsp;&nbsp;&nbsp; (11216)<br>| &nbsp;&nbsp;&nbsp; 5402 | &nbsp;&nbsp;&nbsp; — |
| Net realized and unrealized loss on Investments, Futures contracts, Options <br> written, Forward foreign currency contracts and Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp; (9874528)<br>| &nbsp;&nbsp;&nbsp; (9959979)<br>| &nbsp;&nbsp;&nbsp; (1029079)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $3065564 | &nbsp;&nbsp;&nbsp; $(4432553)<br>| &nbsp;&nbsp;&nbsp; $213197 |

---

See accompanying notes to financial statements.

47 \|

------

**Statements of Operations (continued)**

**For the Six Months Ended March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Institutional** <br>**High Income** <br>**Fund**<br>|
| **INVESTMENT INCOME**  |  |
| Interest | &nbsp;&nbsp;&nbsp; $10494504 |
| Dividends | &nbsp;&nbsp;&nbsp; 97003 |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; (127)<br>|
|  | &nbsp;&nbsp;&nbsp; 10591380 |
| Expenses |  |
| Management fees (Note 6)  | &nbsp;&nbsp;&nbsp; 766170 |
| Administrative fees (Note 6)  | &nbsp;&nbsp;&nbsp; 55845 |
| Trustees' fees and expenses (Note 6)  | &nbsp;&nbsp;&nbsp; 22205 |
| Transfer agent fees and expenses (Notes 6, 7 and 8)  | &nbsp;&nbsp;&nbsp; 32348 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 30685 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 28115 |
| Legal fees | &nbsp;&nbsp;&nbsp; 4199 |
| Registration fees | &nbsp;&nbsp;&nbsp; 19998 |
| Shareholder reporting expenses | &nbsp;&nbsp;&nbsp; 10234 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 28519 |
| Total expenses | &nbsp;&nbsp;&nbsp; 998318 |
| Less waiver and/or expense reimbursement (Note 6)  | &nbsp;&nbsp;&nbsp; (33819)<br>|
| Less expense offset (Note 8)  | &nbsp;&nbsp;&nbsp; (181)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 964318 |
| Net investment income | &nbsp;&nbsp;&nbsp; 9627062 |
| **Net realized and unrealized gain (loss) on Investments, Futures contracts, Forward foreign currency** <br> **contracts and Foreign currency transactions** <br>|  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp;&nbsp; (6946855)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (127629)<br>|
| Forward foreign currency contracts (Note 2d)  | &nbsp;&nbsp;&nbsp; 6704 |
| Foreign currency transactions (Note 2c)  | &nbsp;&nbsp;&nbsp; 1204 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp;&nbsp; (667323)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (118950)<br>|
| Forward foreign currency contracts (Note 2d)  | &nbsp;&nbsp;&nbsp; 1360 |
| Foreign currency translations (Note 2c)  | &nbsp;&nbsp;&nbsp; 254 |
| Net realized and unrealized loss on Investments, Futures contracts, Forward foreign currency contracts and Foreign <br> currency transactions<br>| &nbsp;&nbsp;&nbsp; (7851235)<br>|
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $1775827 |

---

See accompanying notes to financial statements.

\| 48

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fixed Income Fund** | **Fixed Income Fund** | **Global Bond Fund** | **Global Bond Fund** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>| **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>|
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $12940092 | $23158761 | $5527426 | $10774519 |
| Net realized gain (loss) on investments, futures contracts, <br> written options, forward foreign currency contracts and <br> foreign currency transactions<br>| 141196 | (5112843)<br>| (335015)<br>| (7234772)<br>|
| Net change in unrealized appreciation (depreciation) on <br> investments, futures contracts, written options, forward <br> foreign currency contracts and foreign currency translations<br>| (10015724)<br>| 7806282 | (9624964)<br>| 2755513 |
| Net increase (decrease) in net assets resulting from operations | 3065564 | 25852200 | (4432553)<br>| 6295260 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Institutional Class | (21079966)<br>| (23597904)<br>| (186478)<br>|  |
| Class N |  |  | (150208)<br>|  |
| Total distributions | (21079966)<br>| (23597904)<br>| (336686)<br>|  |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| 30425100 | (3774730)<br>| (5979241)<br>| (40340973)<br>|
| Net increase (decrease) in net assets | 12410698 | (1520434)<br>| (10748480)<br>| (34045713)<br>|
| **NET ASSETS** |  |  |  |  |
| Beginning of the period | 458431222 | 459951656 | 336732561 | 370778274 |
| End of the period | $470841920 | $458431222 | $325984081 | $336732561 |

---

See accompanying notes to financial statements.

49 \|

------

**Statements of Changes in Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>| **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>|
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $1242276 | $3264858 | $9627062 | $18463522 |
| Net realized loss on investments, futures contracts, forward <br> foreign currency contracts and foreign currency transactions<br>| (1503364)<br>| (4003223)<br>| (7066576)<br>| (505693)<br>|
| Net change in unrealized appreciation (depreciation) on <br> investments, futures contracts, forward foreign currency <br> contracts and foreign currency translations<br>| 474285 | 3916915 | (784659)<br>| 4798049 |
| Net increase in net assets resulting from operations | 213197 | 3178550 | 1775827 | 22755878 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Institutional Class | (745153)<br>| (2440747)<br>| (14534242)<br>| (23359905)<br>|
| Retail Class | (368169)<br>| (1115968)<br>|  |  |
| Class N | (188222)<br>| (640732)<br>|  |  |
| Total distributions | (1301544)<br>| (4197447)<br>| (14534242)<br>| (23359905)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| 7867511 | (7457103)<br>| 2019352 | (61379049)<br>|
| Net increase (decrease) in net assets | 6779164 | (8476000)<br>| (10739063)<br>| (61983076)<br>|
| **NET ASSETS** |  |  |  |  |
| Beginning of the period | 99615501 | 108091501 | 271874250 | 333857326 |
| End of the period | $106394665 | $99615501 | $261135187 | $271874250 |

---

See accompanying notes to financial statements.

\| 50

------

**Financial Highlights**

**For a share outstanding throughout each period.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fixed Income Fund – Institutional Class** | **Fixed Income Fund – Institutional Class** | **Fixed Income Fund – Institutional Class** | **Fixed Income Fund – Institutional Class** | **Fixed Income Fund – Institutional Class** | **Fixed Income Fund – Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $12.35 | &nbsp;&nbsp;&nbsp; $12.31 | &nbsp;&nbsp;&nbsp; $11.18 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $13.52 | &nbsp;&nbsp;&nbsp; $13.17 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.88 | &nbsp;&nbsp;&nbsp; $12.35 | &nbsp;&nbsp;&nbsp; $12.31 | &nbsp;&nbsp;&nbsp; $11.18 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $13.52 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.26<br> %<br>| &nbsp;&nbsp;&nbsp; (13.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.08<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $470842 | &nbsp;&nbsp;&nbsp; $458431 | &nbsp;&nbsp;&nbsp; $459952 | &nbsp;&nbsp;&nbsp; $423522 | &nbsp;&nbsp;&nbsp; $399698 | &nbsp;&nbsp;&nbsp; $511058 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.55 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

51 \|

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Bond Fund – Institutional Class** | **Global Bond Fund – Institutional Class** | **Global Bond Fund – Institutional Class** | **Global Bond Fund – Institutional Class** | **Global Bond Fund – Institutional Class** | **Global Bond Fund – Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $15.50 | &nbsp;&nbsp;&nbsp; $15.12 | &nbsp;&nbsp;&nbsp; $13.47 | &nbsp;&nbsp;&nbsp; $13.22 | &nbsp;&nbsp;&nbsp; $17.62 | &nbsp;&nbsp;&nbsp; $18.33 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp; (0.08 )(b)<br>| &nbsp;&nbsp;&nbsp; (3.93)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $15.28 | &nbsp;&nbsp;&nbsp; $15.50 | &nbsp;&nbsp;&nbsp; $15.12 | &nbsp;&nbsp;&nbsp; $13.47 | &nbsp;&nbsp;&nbsp; $13.22 | &nbsp;&nbsp;&nbsp; $17.62 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp; (1.31 )%(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp; (21.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $165929 | &nbsp;&nbsp;&nbsp; $176433 | &nbsp;&nbsp;&nbsp; $192728 | &nbsp;&nbsp;&nbsp; $229010 | &nbsp;&nbsp;&nbsp; $258963 | &nbsp;&nbsp;&nbsp; $381340 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.34 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 103 %(i)<br>| &nbsp;&nbsp;&nbsp; 267<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2026, the expense limit decreased from 0.69% to 0.67%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.69% and the ratio of gross expenses would have been 0.75%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The variation in the Fund's turnover rate from 2021 to 2022 was primarily due to a change in trading strategy from a previously utilized auction strategy used in prior fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

\| 52

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Bond Fund – Retail Class** | **Global Bond Fund – Retail Class** | **Global Bond Fund – Retail Class** | **Global Bond Fund – Retail Class** | **Global Bond Fund – Retail Class** | **Global Bond Fund – Retail Class** |
|  | **Six Months** <br>**Ended** <br>**March 31**, <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**, <br>**2025**<br>| **Year Ended** <br>**September 30**, <br>**2024**<br>| **Year Ended** <br>**September 30**, <br>**2023**<br>| **Year Ended** <br>**September 30**, <br>**2022**<br>| **Year Ended** <br>**September 30**, <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $15.08 | &nbsp;&nbsp;&nbsp; $14.75 | &nbsp;&nbsp;&nbsp; $13.17 | &nbsp;&nbsp;&nbsp; $12.96 | &nbsp;&nbsp;&nbsp; $17.29 | &nbsp;&nbsp;&nbsp; $18.00 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp; (0.08 )(b)<br>| &nbsp;&nbsp;&nbsp; (3.87)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $14.86 | &nbsp;&nbsp;&nbsp; $15.08 | &nbsp;&nbsp;&nbsp; $14.75 | &nbsp;&nbsp;&nbsp; $13.17 | &nbsp;&nbsp;&nbsp; $12.96 | &nbsp;&nbsp;&nbsp; $17.29 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp; (1.46)%(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp; (21.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $64616 | &nbsp;&nbsp;&nbsp; $64352 | &nbsp;&nbsp;&nbsp; $73560 | &nbsp;&nbsp;&nbsp; $103003 | &nbsp;&nbsp;&nbsp; $117540 | &nbsp;&nbsp;&nbsp; $171318 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.05 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.10 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 103 %(i)<br>| &nbsp;&nbsp;&nbsp; 267<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2026, the expense limit decreased from 0.94% to 0.92%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.94% and the ratio of gross expenses would have been 1.00%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The variation in the Fund's turnover rate from 2021 to 2022 was primarily due to a change in trading strategy from a previously utilized auction strategy used in prior fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

53 \|

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Bond Fund– Class N** | **Global Bond Fund– Class N** | **Global Bond Fund– Class N** | **Global Bond Fund– Class N** | **Global Bond Fund– Class N** | **Global Bond Fund– Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $15.57 | &nbsp;&nbsp;&nbsp; $15.18 | &nbsp;&nbsp;&nbsp; $13.52 | &nbsp;&nbsp;&nbsp; $13.26 | &nbsp;&nbsp;&nbsp; $17.68 | &nbsp;&nbsp;&nbsp; $18.39 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp; (0.07 )(b)<br>| &nbsp;&nbsp;&nbsp; (3.95)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $15.34 | &nbsp;&nbsp;&nbsp; $15.57 | &nbsp;&nbsp;&nbsp; $15.18 | &nbsp;&nbsp;&nbsp; $13.52 | &nbsp;&nbsp;&nbsp; $13.26 | &nbsp;&nbsp;&nbsp; $17.68 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp; (1.32 )%(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp; (21.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $95439 | &nbsp;&nbsp;&nbsp; $95947 | &nbsp;&nbsp;&nbsp; $104490 | &nbsp;&nbsp;&nbsp; $94721 | &nbsp;&nbsp;&nbsp; $137544 | &nbsp;&nbsp;&nbsp; $195829 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.39 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 103 %(i)<br>| &nbsp;&nbsp;&nbsp; 267<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2026, the expense limit decreased from 0.64% to 0.62%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.64% and the ratio of gross expenses would have been 0.65%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The variation in the Fund's turnover rate from 2021 to 2022 was primarily due to a change in trading strategy from a previously utilized auction strategy used in prior fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

\| 54

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund – Institutional Class** | **Inflation Protected Securities Fund – Institutional Class** | **Inflation Protected Securities Fund – Institutional Class** | **Inflation Protected Securities Fund – Institutional Class** | **Inflation Protected Securities Fund – Institutional Class** | **Inflation Protected Securities Fund – Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $9.74 | &nbsp;&nbsp;&nbsp; $9.81 | &nbsp;&nbsp;&nbsp; $9.24 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $11.94 | &nbsp;&nbsp;&nbsp; $11.78 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.63 | &nbsp;&nbsp;&nbsp; $9.74 | &nbsp;&nbsp;&nbsp; $9.81 | &nbsp;&nbsp;&nbsp; $9.24 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $11.94 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp; (12.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.33<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $51983 | &nbsp;&nbsp;&nbsp; $58581 | &nbsp;&nbsp;&nbsp; $63518 | &nbsp;&nbsp;&nbsp; $93240 | &nbsp;&nbsp;&nbsp; $176873 | &nbsp;&nbsp;&nbsp; $217863 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.56 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 57<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

55 \|

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund – Retail Class** | **Inflation Protected Securities Fund – Retail Class** | **Inflation Protected Securities Fund – Retail Class** | **Inflation Protected Securities Fund – Retail Class** | **Inflation Protected Securities Fund – Retail Class** | **Inflation Protected Securities Fund – Retail Class** |
|  | **Six Months** <br>**Ended** <br>**March 31**, <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**, <br>**2025**<br>| **Year Ended** <br>**September 30**, <br>**2024**<br>| **Year Ended** <br>**September 30**, <br>**2023**<br>| **Year Ended** <br>**September 30**, <br>**2022**<br>| **Year Ended** <br>**September 30**, <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $9.72 | &nbsp;&nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $11.92 | &nbsp;&nbsp;&nbsp; $11.77 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $9.72 | &nbsp;&nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $11.92 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp; (12.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.04<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $30473 | &nbsp;&nbsp;&nbsp; $29486 | &nbsp;&nbsp;&nbsp; $28006 | &nbsp;&nbsp;&nbsp; $29500 | &nbsp;&nbsp;&nbsp; $31496 | &nbsp;&nbsp;&nbsp; $33949 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.76<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 57<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

\| 56

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund– Class N** | **Inflation Protected Securities Fund– Class N** | **Inflation Protected Securities Fund– Class N** | **Inflation Protected Securities Fund– Class N** | **Inflation Protected Securities Fund– Class N** | **Inflation Protected Securities Fund– Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp; $9.82 | &nbsp;&nbsp;&nbsp; $9.25 | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $11.95 | &nbsp;&nbsp;&nbsp; $11.79 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.64 | &nbsp;&nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp; $9.82 | &nbsp;&nbsp;&nbsp; $9.25 | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $11.95 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp; (12.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.37<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $23939 | &nbsp;&nbsp;&nbsp; $11549 | &nbsp;&nbsp;&nbsp; $16568 | &nbsp;&nbsp;&nbsp; $14070 | &nbsp;&nbsp;&nbsp; $12523 | &nbsp;&nbsp;&nbsp; $8401 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.70 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 57<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

57 \|

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**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional High Income Fund – Institutional Class** | **Institutional High Income Fund – Institutional Class** | **Institutional High Income Fund – Institutional Class** | **Institutional High Income Fund – Institutional Class** | **Institutional High Income Fund – Institutional Class** | **Institutional High Income Fund – Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $5.99 | &nbsp;&nbsp;&nbsp; $5.94 | &nbsp;&nbsp;&nbsp; $5.46 | &nbsp;&nbsp;&nbsp; $5.31 | &nbsp;&nbsp;&nbsp; $6.56 | &nbsp;&nbsp;&nbsp; $5.99 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $5.70 | &nbsp;&nbsp;&nbsp; $5.99 | &nbsp;&nbsp;&nbsp; $5.94 | &nbsp;&nbsp;&nbsp; $5.46 | &nbsp;&nbsp;&nbsp; $5.31 | &nbsp;&nbsp;&nbsp; $6.56 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.57 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.88<br> %<br>| &nbsp;&nbsp;&nbsp; (14.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.16<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $261135 | &nbsp;&nbsp;&nbsp; $271874 | &nbsp;&nbsp;&nbsp; $333857 | &nbsp;&nbsp;&nbsp; $312743 | &nbsp;&nbsp;&nbsp; $312065 | &nbsp;&nbsp;&nbsp; $364445 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.76 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7.29 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.07<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 110<br> %<br>| &nbsp;&nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 105<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

See accompanying notes to financial statements.

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**Notes to Financial Statements**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 Fixed Income Fund ("Fixed Income Fund")

Loomis Sayles Global Bond Fund ("Global Bond Fund")

Loomis Sayles Inflation Protected Securities Fund ("Inflation Protected Securities Fund")

Loomis Sayles Institutional High Income Fund ("Institutional High Income Fund")

Each Fund is a diversified investment company.

Each Fund offers Institutional Class shares. Global Bond Fund and Inflation Protected Securities Fund also offer Retail Class shares and Class N shares.

Each share class is sold without a sales charge. Retail Class shares pay a Rule 12b-1 fee. 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 Global Bond Fund and Inflation Protected Securities Fund and $3,000,000 for Fixed Income Fund and Institutional High 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 transfer agent fees are borne collectively for Institutional Class and Retail 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. Each Fund operates as a single segment entity, focusing on investments in a portfolio of securities. Each Fund's named president acts as chief operating decision maker ("CODM") regarding allocation of resources and performance assessment. Financial information including, but not limited to, portfolio composition, net asset changes and total returns, is used by the CODM to assess performance and to make resource allocation decisions and is consistent with that presented within the financial statements. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds' financial statements.

**a. Valuation.** Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily

available market quotations are not available are priced at fair value pursuant to the Funds' Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board's oversight.

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. Options on futures contracts are valued using the current settlement price on the exchange on which, over time, they are traded most extensively. Shares of open-end investment companies are valued at net asset value ("NAV") per share.

Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Equity-linked notes are fair valued at bid prices supplied by an independent pricing

59 \|

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**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

service. Senior loans and collateralized loan obligations ("CLOs") 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 CLOs where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Forward foreign currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service. Bilateral credit default swaps are fair valued based on mid prices (between the bid price and the ask price) supplied by an independent pricing service. Bilateral interest rate swaps are fair valued based on prices supplied by an independent pricing source. Centrally cleared swap agreements are fair valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers.

The Funds may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund's investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund's 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 payment-in-kind securities, income received in-kind is reflected as an increase to the principal and cost basis of the securities. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of the investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds' investments in real estate investment trusts ("REITs") are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. 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.

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**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

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 Funds' investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds' Statements of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency 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 Funds' or counterparty's net obligations under the contracts. Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**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.

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. Option Contracts.** A Fund may enter into option contracts. When a Fund purchases an option, it pays a premium and the option is subsequently marked-to-market to reflect current value. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the cost or deducted from the proceeds on the underlying instrument to determine the realized gain or loss. If the Fund enters into a closing sale transaction, the difference between the premium paid and the proceeds of the closing sale transaction is treated as a realized gain or loss. The risk associated with purchasing options is limited to the premium paid.

When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to the current value. Net premiums received for written options which expire are treated as realized gains. Net premiums received for written options which are exercised are deducted from the cost or added to the proceeds on the underlying instrument to determine the realized gain or loss. If the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid on effecting a closing purchase transaction, including commissions, is treated as a realized gain or, if the net premium received is less than the amount paid, as a realized loss. The Fund, as writer of a written option, bears the risk of an unfavorable change in the market value of the instrument or index underlying the written option.

Exchange-traded options 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. OTC options are subject to the risk that the counterparty is unable or unwilling to meet its obligations under the option. Option contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**g. Swap Agreements.** A Fund may enter into credit default and interest rate swaps. A credit default swap is an agreement between two parties (the "protection buyer" and "protection seller") to exchange the credit risk of an issuer ("reference obligation") for a specified time period. The reference obligation may be one or more debt securities or an index of such securities. The Funds may be either the protection buyer or the protection seller. As a protection buyer, the Funds have the ability to hedge the downside risk of an issuer or group of issuers. As a protection seller, the Funds have the ability to gain exposure to an issuer or group of issuers whose bonds are unavailable or in short supply in the cash bond market, as well as realize additional income in the form of fees paid by the protection buyer. The protection buyer is obligated to pay the

61 \|

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**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

protection seller a stream of payments ("fees") over the term of the contract, provided that no credit event, such as a default or a downgrade in credit rating, occurs on the reference obligation. The Funds may also pay or receive upfront premiums. If a credit event occurs, the protection seller must pay the protection buyer the difference between the agreed upon notional value and market value of the reference obligation. Market value in this case is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the value. The maximum potential amount of undiscounted future payments that a Fund as the protection seller could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

An interest rate swap is an agreement with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

The notional amounts of swap agreements are not recorded in the financial statements. Swap agreements are valued daily, and fluctuations in value are recorded in the Statements of Operations as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded in the Statements of Assets and Liabilities as part of unrealized appreciation (depreciation) on swap agreements. When received or paid, fees are recorded in the Statements of Operations as realized gain or loss. Upfront premiums paid or received by the Funds are recorded on the Statements of Assets and Liabilities as an asset or liability, respectively, and are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Funds as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared ("centrally cleared swaps"). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and the Funds face the CCP through a broker. Upon entering into a centrally cleared swap, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as "variation margin," are made or received by the Funds based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Funds' counterparty credit risk is reduced as the CCP stands between the Funds and the counterparty. Swap agreements outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**h. When-Issued and Delayed Delivery Transactions.** A Fund may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. No interest accrues to the Funds until the transaction settles.

Delayed delivery transactions include those designated as To Be Announced ("TBAs") in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is "to be announced" 48 hours prior to the established trade settlement date. Certain transactions require the Funds or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. TBA closeout transactions are accounted for as seperate purchase and sale commitments and are presented on a gross basis in the Statements of Assets and Liabilities.

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 March 31, 2026.

**i. 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 March 31, 2026 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.

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

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**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

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.

Funds may file tax reclaims for previously withheld taxes on dividends earned in certain European Union countries ("EU reclaims") and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as tax reclaims in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, and to the extent that EU reclaims recovered by a Fund were previously passed-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into closing agreements with the Internal Revenue Service ("IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Accordingly, estimated charges, if any, related to a Fund's closing agreement liability are presented as tax reclaim expenses in the Statements of Operations and its estimated closing agreement liability is presented as tax reclaim payable in the Statements of Assets and Liabilities. The actual closing agreement payment to the IRS may differ from the estimate and that difference may be material.

**j. Dividends and Distributions to Shareholders.** Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency gains and losses, paydown gains and losses, convertible bond adjustments, return of capital distributions received, capital gain distributions received, perpetual bond adjustments, treasury inflation protected bonds, defaulted and/or non-income producing securities and premium amortization. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees' fees, wash sales, premium amortization, convertible bond adjustments, capital gain distributions received, perpetual bond adjustments, return of capital distributions received, treasury inflation protected bonds, corporate actions, straddle loss deferral adjustments, futures contract mark-to-market and defaulted and/or non-income producing securities. 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 year ended September 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 Distributions | 2025 Distributions | 2025 Distributions |
| Fund | Ordinary <br>Income<br>| Long-Term <br>Capital <br>Gains<br>| Total |
| Fixed Income Fund | &nbsp;&nbsp; $23597904 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23597904 |
| Global Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Inflation Protected Securities Fund | &nbsp;&nbsp; 4197447 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4197447 |
| Institutional High Income Fund | &nbsp;&nbsp; 23359905 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23359905 |

---

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.

63 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

As of September 30, 2025, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fixed Income <br>Fund<br>| Global Bond <br>Fund<br>| Inflation <br>Protected <br>Securities Fund<br>| Institutional <br>High Income <br>Fund<br>|
| Capital loss carryforward: |  |  |  |  |
| Short-term: |  |  |  |  |
| No expiration date | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10199422)<br>| &nbsp;&nbsp; $(8990100)<br>| &nbsp;&nbsp; $— |
| Long-term: |  |  |  |  |
| No expiration date | &nbsp;&nbsp; (20803766)<br>| &nbsp;&nbsp; (59819328)<br>| &nbsp;&nbsp; (36219384)<br>| &nbsp;&nbsp; (31683602)<br>|
| Total capital loss carryforward | &nbsp;&nbsp; $(20803766)<br>| &nbsp;&nbsp; $(70018750)<br>| &nbsp;&nbsp; $(45209484)<br>| &nbsp;&nbsp; $(31683602)<br>|
| Late-year ordinary and post-October <br>capital loss deferrals\* <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1372979)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Under current tax law, net operating losses, capital losses, foreign currency losses, losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Global Bond Fund is deferring foreign currency losses. 

As of March 31, 2026, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fixed Income <br>Fund<br>| Global Bond <br>Fund<br>| Inflation <br>Protected <br>Securities Fund<br>| Institutional <br>High Income <br>Fund<br>|
| Federal tax cost | &nbsp;&nbsp; $483701244 | &nbsp;&nbsp; $335127363 | &nbsp;&nbsp; $111408926 | &nbsp;&nbsp; $275998874 |
| Gross tax appreciation | &nbsp;&nbsp; $11073915 | &nbsp;&nbsp; $4842813 | &nbsp;&nbsp; $335036 | &nbsp;&nbsp; $5061239 |
| Gross tax depreciation | &nbsp;&nbsp; (26187370)<br>| &nbsp;&nbsp; (19360670)<br>| &nbsp;&nbsp; (5654351)<br>| &nbsp;&nbsp; (18134628)<br>|
| Net tax depreciation | &nbsp;&nbsp; $(15113455)<br>| &nbsp;&nbsp; $(14517857)<br>| &nbsp;&nbsp; $(5319315)<br>| &nbsp;&nbsp; $(13073389)<br>|

---

Amounts in the table above exclude certain adjustments that will be made at the end of the Fund's fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales and derivatives mark-to-market.

**k. Senior Loans.** A Fund's investment in senior loans may be to corporate, governmental or other borrowers. Senior loans, which include both secured and unsecured loans made by banks and other financial institutions to corporate customers, typically hold the most senior position in a borrower's capital structure, may be secured by the borrower's assets and have interest rates that reset frequently. Senior Loans can include term loans, revolving credit facility loans and second lien loans. A senior loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the senior loan, as specified in the loan agreement. Large loans may be shared or syndicated among several lenders. A Fund may enter into the primary syndicate for a loan or it may also purchase all or a portion of loans from other lenders (sometimes referred to as loan assignments), in either case becoming a direct lender. The settlement period for senior loans is uncertain as there is no standardized settlement schedule applicable to such investments. Senior loans outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**l. Loan Participations.** A Fund's investment in senior loans may be in the form of participations in loans. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the party from whom the Fund has purchased the participation and only upon receipt by that party of payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement or to vote on matters arising under the loan agreement. Thus, a Fund may be subject to credit risk from both the party from whom it purchased the loan participation and the borrower. Additionally, a Fund may have minimal control over the terms of any loan modification. Loan participations outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**m. Collateralized Loan Obligations.** A Fund may invest in 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.

**n. Equity-Linked Notes.** A Fund may invest in equity-linked notes ("ELNs"). ELNs are hybrid instruments which combine both debt and equity characteristics into a single note form. ELN values are linked to the performance of an underlying index or a specific security. ELNs are

\| 64

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs have a coupon which is accrued and recorded as interest income on the Fund's Statement of Operations. The risk of investing in ELNs depends on the principal protection offered. Some ELNs may guarantee total principal or partial principal while others may not provide any guarantee of principal. The maturity value may also be impacted to the extent of any limit on the return value as part of the note structure. ELNs are subject to counterparty credit risk in that issuers and/or counterparties may fail to make payments when due or default completely, which could result in a loss of all or part of the Fund's investment. ELNs outstanding at the end of the period, if any, are listed in the Fund's Portfolio of Investments.

**o. Repurchase Agreements.** Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund's policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund's ability to dispose of the underlying securities. As of March 31, 2026, 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.

**p. Unfunded Loan Commitments.** A Fund may enter into unfunded loan commitments, which are contractual obligations for future funding at the option of the borrower. Unfunded loan commitments represent a future obligation, in full, even though a percentage of the committed amount may not be utilized by the borrower. Unfunded loan commitments, and the obligation for future funding, are recorded as a liability on the Statements of Assets and Liabilities at par value at the time the commitment is entered into. Purchases of unfunded loan commitments may have a similar effect on the Fund's NAV as if the Fund had created a degree of leverage in the portfolio. Market risk exists with these commitments to the same extent as if the securities were owned on a settled basis. Losses may arise due to changes in the value of the unfunded loan commitments. Unfunded loan commitments outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**q. Due to/from Brokers.** Transactions and positions in certain futures and forward foreign currency contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for Global Bond Fund represents cash pledged as initial margin for futures contracts. The due from brokers balance in the Statements of Assets and Liabilities for Inflation Protected Securities Fund represents cash pledged as initial margin for futures contracts. The due to brokers balance in the Statements of Assets and Liabilities for Global Bond Fund represents cash received as collateral for forward foreign currency contracts. In certain circumstances a Fund's use of cash and/or securities held at brokers is restricted by regulation or broker mandated limits.

**r. 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.

**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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

65 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

Under certain conditions and based upon specific facts and circumstances, the Fund's valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2026, at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Fund** | **Fixed Income Fund** | **Fixed Income Fund** | **Fixed Income Fund** | **Fixed Income Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds and Notes(a) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $419134426 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $419134426 |
| Senior Loans(a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26814073 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26814073 |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9003358 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9003358 |
| Common Stocks |  |  |  |  |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp; 3174 | &nbsp;&nbsp;&nbsp; 7639 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10813 |
| All Other Common Stocks(a) | &nbsp;&nbsp;&nbsp; 1233274 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1233274 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 1236448 | &nbsp;&nbsp;&nbsp; 7639 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1244087 |
| Preferred Stocks(a) | &nbsp;&nbsp;&nbsp; 444326 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 444326 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14173982 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14173982 |
| Purchased Options(a) | &nbsp;&nbsp;&nbsp; 4102 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4102 |
| Total Investments | &nbsp;&nbsp;&nbsp; 1684876 | &nbsp;&nbsp;&nbsp; 469133478 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 470818354 |
| Forward Foreign Currency Contracts (unrealized appreciation) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4293 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4293 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp;&nbsp; 3155144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3155144 |
| Total | &nbsp;&nbsp;&nbsp; $4840020 | &nbsp;&nbsp;&nbsp; $469137771 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $473977791 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options(a) | &nbsp;&nbsp;&nbsp; $(274805)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(274805)<br>|
| Futures Contracts (unrealized depreciation) | &nbsp;&nbsp;&nbsp; (5226193)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5226193)<br>|
| Total | &nbsp;&nbsp;&nbsp; $(5500998)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(5500998)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Bonds and Notes(a) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $316115314 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $316115314 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4558954 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4558954 |
| Total Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 320674268 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 320674268 |
| Forward Foreign Currency Contracts (unrealized appreciation) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 374919 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 374919 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp;&nbsp; 685272 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 685272 |
| Total | &nbsp;&nbsp;&nbsp; $685272 | &nbsp;&nbsp;&nbsp; $321049187 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $321734459 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Forward Foreign Currency Contracts (unrealized depreciation) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(231662)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(231662)<br>|
| Futures Contracts (unrealized depreciation) | &nbsp;&nbsp;&nbsp; (893291)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (893291)<br>|
| Total | &nbsp;&nbsp;&nbsp; $(893291)<br>| &nbsp;&nbsp;&nbsp; $(231662)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1124953)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

\| 66

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Bonds and Notes(a) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $105751690 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $105751690 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 337921 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 337921 |
| Total Investments | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $106089611 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $106089611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional High Income Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds and Notes(a) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $210559234 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $210559234 |
| Senior Loans(a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17931171 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17931171 |
| Equity-Linked Notes | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12447813 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12447813 |
| Common Stocks |  |  |  |  |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp; 3083 | &nbsp;&nbsp;&nbsp; 6676 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9759 |
| All Other Common Stocks(a) | &nbsp;&nbsp;&nbsp; 4826736 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4826736 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 4829819 | &nbsp;&nbsp;&nbsp; 6676 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4836495 |
| Preferred Stocks(a) | &nbsp;&nbsp;&nbsp; 1013033 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1013033 |
| Other Investments |  |  |  |  |
| Professional Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5807 | &nbsp;&nbsp;&nbsp; 5807 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16329739 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16329739 |
| Total Investments | &nbsp;&nbsp;&nbsp; 5842852 | &nbsp;&nbsp;&nbsp; 257274633 | &nbsp;&nbsp;&nbsp; 5807 | &nbsp;&nbsp;&nbsp; 263123292 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp;&nbsp; 132020 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 132020 |
| Total | &nbsp;&nbsp;&nbsp; $5974872 | &nbsp;&nbsp;&nbsp; $257274633 | &nbsp;&nbsp;&nbsp; $5807 | &nbsp;&nbsp;&nbsp; $263255312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures Contracts (unrealized depreciation) | &nbsp;&nbsp;&nbsp; $(329827)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(329827)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2025 and/or March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Institutional High Income Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** | **Institutional High Income Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in Securities | Balance as of <br>September 30, <br>2025<br>| Accrued <br>Discounts <br>(Premiums)<br>| Realized <br>Gain (Loss)<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Purchases | Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance as of <br>March 31, <br>2026<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>from <br>Investments <br>Still Held at <br>March 31, <br>2026<br>|
| Other Investments |  |  |  |  |  |  |  |  |  |  |
| Professional Services | $5636 | $— | $— | $171 | $— | $— | $— | $— | $5807 | $171 |

---

**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, futures contracts and option contracts.

67 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

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 six months ended March 31, 2026, the Funds engaged in forward foreign currency contracts for hedging purposes and to gain exposure to foreign currencies.

The Funds are subject to the risk that changes in interest rates will affect the value of the Funds' investments in fixed-income securities. A Fund will be subject to increased interest rate risk to the extent that it invests 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, purchased call options and written call options to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the six months ended March 31, 2026, the Funds used futures and option contracts to manage duration.

The following is a summary of derivative instruments for Fixed Income Fund as of March 31, 2026, as reflected within the Statements of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Investments <br>at value<sup>1</sup> <br>| Unrealized <br>appreciation <br>on forward <br>foreign <br>currency <br>contracts<br>| Unrealized <br>appreciation <br>on futures <br>contracts<sup>2</sup> <br>| Total |
| Over-the-counter asset derivatives |  |  |  |  |
| Foreign exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4293 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4293 |
| Exchange-traded asset derivatives |  |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; 4102 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3155144 | &nbsp;&nbsp; 3159246 |
| Total asset derivatives | &nbsp;&nbsp; $4102 | &nbsp;&nbsp; $4293 | &nbsp;&nbsp; $3155144 | &nbsp;&nbsp; $3163539 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Liabilities | Options <br>written at <br>value<br>| Unrealized <br>depreciation <br>on futures <br>contracts<sup>2</sup> <br>| Total |
| Exchange-traded liability derivatives |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; $(274805)<br>| &nbsp;&nbsp; $(5226193)<br>| &nbsp;&nbsp; $(5500998)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | Represents purchased options, at value. |
| 2 | Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day's variation margin on futures contracts is reported within the <br> Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.<br>|

---

Transactions in derivative instruments for Fixed Income Fund during the six months ended March 31, 2026, as reflected within the Statements of Operations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Net Realized Gain (Loss) on: | Investments<sup>1</sup> <br>| Forward <br>foreign <br>currency <br>contracts<br>| Futures <br>contracts<br>| Options <br>written<br>|
| Interest rate contracts | &nbsp;&nbsp; $(801095)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(830232)<br>| &nbsp;&nbsp; $1486926 |
| Foreign exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 23907 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $(801095)<br>| &nbsp;&nbsp; $23907 | &nbsp;&nbsp; $(830232)<br>| &nbsp;&nbsp; $1486926 |

---

\| 68

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Investments<sup>1</sup> <br>| Forward <br>foreign <br>currency <br>contracts<br>| Futures <br>contracts<br>| Options <br>written<br>|
| Interest rate contracts | &nbsp;&nbsp; $12265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1123815)<br>| &nbsp;&nbsp; $(162730)<br>|
| Foreign exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 7534 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $12265 | &nbsp;&nbsp; $7534 | &nbsp;&nbsp; $(1123815)<br>| &nbsp;&nbsp; $(162730)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 Represents realized loss and change in unrealized appreciation (depreciation), respectively, for purchased options during the period.

The following is a summary of derivative instruments for Global Bond Fund as of March 31, 2026, as reflected within the Statements of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Assets | Unrealized <br>appreciation <br>on forward <br>foreign <br>currency <br>contracts<br>| Unrealized <br>appreciation <br>on futures <br>contracts<sup>1</sup> <br>| Total |
| Over-the-counter asset derivatives |  |  |  |
| Foreign exchange contracts | &nbsp;&nbsp; $374919 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $374919 |
| Exchange-traded asset derivatives |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 685272 | &nbsp;&nbsp; 685272 |
| Total asset derivatives | &nbsp;&nbsp; $374919 | &nbsp;&nbsp; $685272 | &nbsp;&nbsp; $1060191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Liabilities | Unrealized <br>depreciation <br>on forward <br>foreign <br>currency <br>contracts<br>| Unrealized <br>depreciation <br>on futures <br>contracts<sup>1</sup> <br>| Total |
| Over-the-counter liability derivatives |  |  |  |
| Foreign exchange contracts | &nbsp;&nbsp; $(231662)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(231662)<br>|
| Exchange-traded liability derivatives |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (893291)<br>| &nbsp;&nbsp; (893291)<br>|
| Total liability derivatives | &nbsp;&nbsp; $(231662)<br>| &nbsp;&nbsp; $(893291)<br>| &nbsp;&nbsp; $(1124953)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day's variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Global Bond Fund during the six months ended March 31, 2026, as reflected within the Statements of Operations were as follows:

---

| | | |
|:---|:---|:---|
| Net Realized Gain (Loss) on: | Forward <br>foreign <br>currency <br>contracts<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(97655)<br>|
| Foreign exchange contracts | &nbsp;&nbsp; (1221036)<br>| &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $(1221036)<br>| &nbsp;&nbsp; $(97655)<br>|

---

69 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Forward <br>foreign <br>currency <br>contracts<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(168464)<br>|
| Foreign exchange contracts | &nbsp;&nbsp; 493027 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $493027 | &nbsp;&nbsp; $(168464)<br>|

---

The following is a summary of derivative instruments for Institutional High Income Fund as of March 31, 2026, as reflected within the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Assets | Unrealized <br>appreciation <br>on futures <br>contracts<sup>1</sup> <br>|
| Exchange-traded asset derivatives |  |
| Interest rate contracts | &nbsp;&nbsp; $132020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Liabilities | Unrealized <br>depreciation <br>on futures <br>contracts<sup>1</sup> <br>|
| Exchange-traded liability derivatives |  |
| Interest rate contracts | &nbsp;&nbsp; $(329827)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 Institutional High Income Fund during the six months ended March 31, 2026, as reflected within the Statements of Operations were as follows:

---

| | | |
|:---|:---|:---|
| Net Realized Gain (Loss) on: | Forward <br>foreign <br>currency <br>contracts<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(127629)<br>|
| Foreign exchange contracts | &nbsp;&nbsp; 6704 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $6704 | &nbsp;&nbsp; $(127629)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Forward <br>foreign <br>currency <br>contracts<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(118950)<br>|
| Foreign exchange contracts | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $1360 | &nbsp;&nbsp; $(118950)<br>|

---

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.

\| 70

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

The following is a summary of the Funds' derivative volume activity for the six months ended March 31, 2026. Volume activity is based on average derivatives outstanding during the period, including amounts outstanding at the end of the prior period, if applicable. Amounts disclosed represent average notional value. All amounts are shown at absolute value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Futures <br>contracts<br>| Forward <br>foreign <br>currency <br>contracts<br>| Options <br>purchased<br>| Options <br>written<br>|
| Fixed Income Fund | &nbsp;&nbsp; $462381823 | &nbsp;&nbsp; $1245967 | &nbsp;&nbsp; $162934816 | &nbsp;&nbsp; $236796043 |
| Global Bond Fund | &nbsp;&nbsp; 75372168 | &nbsp;&nbsp; 57955235 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional High Income Fund | &nbsp;&nbsp; 36258503 | &nbsp;&nbsp; 296691 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. ("ISDA") agreements negotiated between the Funds and their counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds' ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of March 31, 2026, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statements of Assets and Liabilities and the related net amounts after taking into account master netting arrangements, by counterparty, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fixed Income Fund** | **Fixed Income Fund** | **Fixed Income Fund** | **Fixed Income Fund** | **Fixed Income Fund** | **Fixed Income Fund** |
| Counterparty | Gross Amounts of <br>Assets<br>| Offset <br>Amount<br>| Net Asset <br>Balance<br>| Collateral <br>(Received)/ <br>Pledged<br>| Net <br>Amount<br>|
| Bank of America N.A. | &nbsp;&nbsp; $4293 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4293 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4293 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** |
| Counterparty | Gross Amounts of <br>Assets<br>| Offset <br>Amount<br>| Net Asset <br>Balance<br>| Collateral <br>(Received)/ <br>Pledged<br>| Net <br>Amount<br>|
| Bank of America N.A. | &nbsp;&nbsp; $19854 | &nbsp;&nbsp; $(19854)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Deutsche Bank AG | &nbsp;&nbsp; 88975 | &nbsp;&nbsp; (82534)<br>| &nbsp;&nbsp; 6441 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6441 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 18787 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18787 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18787 |
| Royal Bank of Canada | &nbsp;&nbsp; 23955 | &nbsp;&nbsp; (8235)<br>| &nbsp;&nbsp; 15720 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15720 |
| UBS AG | &nbsp;&nbsp; 223348 | &nbsp;&nbsp; (61868)<br>| &nbsp;&nbsp; 161480 | &nbsp;&nbsp; (130000)<br>| &nbsp;&nbsp; 31480 |
|  | &nbsp;&nbsp; $374919 | &nbsp;&nbsp; $(172491)<br>| &nbsp;&nbsp; $202428 | &nbsp;&nbsp; $(130000)<br>| &nbsp;&nbsp; $72428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Amounts of <br>Liabilities<br>| Offset <br>Amount<br>| Net Liability <br>Balance<br>| Collateral <br>(Received)/ <br>Pledged<br>| Net <br>Amount<br>|
| Bank of America N.A. | &nbsp;&nbsp; $(70473)<br>| &nbsp;&nbsp; $19854 | &nbsp;&nbsp; $(50619)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50619)<br>|
| Barclays Bank PLC | &nbsp;&nbsp; (497)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (497)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (497)<br>|
| BNP Paribas SA | &nbsp;&nbsp; (2915)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2915)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2915)<br>|
| Deutsche Bank AG | &nbsp;&nbsp; (82534)<br>| &nbsp;&nbsp; 82534 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank USA N.A. | &nbsp;&nbsp; (5140)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5140)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5140)<br>|

---

71 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Amounts of<br> Liabilities<br>| Offset<br> Amount<br>| Net Liability<br> Balance<br>| Collateral<br> (Received)/<br> Pledged<br>| Net<br> Amount<br>|
| Royal Bank of Canada | &nbsp;&nbsp; $(8235)<br>| &nbsp;&nbsp; $8235 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| UBS AG | &nbsp;&nbsp; (61868)<br>| &nbsp;&nbsp; 61868 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $(231662)<br>| &nbsp;&nbsp; $172491 | &nbsp;&nbsp; $(59171)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(59171)<br>|

---

The actual collateral received or pledged, if any, may exceed the amounts shown in the table due to overcollateralization. Timing differences may exist between when contracts under the ISDA agreements are marked-to-market and when collateral moves. The ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank and Trust Company ("State Street Bank").

Counterparty risk is managed based on policies and procedures established by each Fund's adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund's aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange's clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker's customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a *pro rata* basis across all of the broker's customers, potentially resulting in losses to the Fund.

**5. Purchases and Sales of Securities.** For the six months ended March 31, 2026, purchases and sales of securities (excluding short-term investments and option contracts and including paydowns) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/ <br>Agency Securities | U.S. Government/ <br>Agency Securities | Other Securities | Other Securities |
| Fund | Purchases | Sales | Purchases | Sales |
| Fixed Income Fund | &nbsp;&nbsp; $44915414 | &nbsp;&nbsp; $40468351 | &nbsp;&nbsp; $123188958 | &nbsp;&nbsp; $93535179 |
| Global Bond Fund | &nbsp;&nbsp; 21933689 | &nbsp;&nbsp; 32539513 | &nbsp;&nbsp; 117518535 | &nbsp;&nbsp; 107208422 |
| Inflation Protected Securities Fund | &nbsp;&nbsp; 46872677 | &nbsp;&nbsp; 33717260 | &nbsp;&nbsp; 13451097 | &nbsp;&nbsp; 18831776 |
| Institutional High Income Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 111879014 | &nbsp;&nbsp; 123517904 |

---

**6. Management Fees and Other Transactions with Affiliates.** 

**a. Management Fees.** Loomis, Sayles & Company, L.P. ("Loomis Sayles") serves as investment adviser to each Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on the Fund's average daily net assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets |
| Fund | First <br>$1 billion<br>| Next <br>$1 billion<br>| Next <br>$3 billion<br>| Next <br>$5 billion<br>| Over <br>$10 billion<br>|
| Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Inflation Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Institutional High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>|

---

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

\| 72

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

expenses such as litigation and indemnification expenses. These undertaking are in effect until January 31, 2027, 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 six months ended March 31, 2026 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 <br>Average Daily Net Assets | Expense Limit as a Percentage of <br>Average Daily Net Assets | Expense Limit as a Percentage of <br>Average Daily Net Assets |
| Fund | Institutional <br>Class<br>| Retail <br>Class<br>| Class N |
| Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>|
| Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Inflation Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Institutional High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>|

---

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 six months ended March 31, 2026, the management fees and waivers of management fees for each Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Gross <br>Management <br>Fees | &nbsp;&nbsp; Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | &nbsp;&nbsp; Net <br>Management <br>Fees | &nbsp;&nbsp; Percentage of <br>Average <br>Daily Net Assets | &nbsp;&nbsp; Percentage of <br>Average <br>Daily Net Assets |
| Fund | &nbsp;&nbsp; Gross <br>Management <br>Fees | &nbsp;&nbsp; Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | &nbsp;&nbsp; Net <br>Management <br>Fees | Gross | Net |
| Fixed Income Fund | &nbsp;&nbsp;&nbsp; $1165791 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1165791 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Global Bond Fund | &nbsp;&nbsp;&nbsp; 869025 | &nbsp;&nbsp;&nbsp; 178469 | &nbsp;&nbsp;&nbsp; 690556 | &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Inflation Protected Securities Fund | &nbsp;&nbsp;&nbsp; 124472 | &nbsp;&nbsp;&nbsp; 124472 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>|
| Institutional High Income Fund | &nbsp;&nbsp;&nbsp; 766170 | &nbsp;&nbsp;&nbsp; 33819 | &nbsp;&nbsp;&nbsp; 732351 | &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Management fee waivers are subject to possible recovery until September 30, 2027.

In addition, Loomis reimbursed non-class-specific expenses of Inflation Protected Securities Fund in the amount of $20,407, for the six months ended March 31, 2026, which is subject to possible recovery until September 30, 2027.

No expenses were recovered for any of the Funds during the six months ended March 31, 2026 under the terms of the expense limitation agreements.

**b. 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, Global Bond Fund and Inflation Protected Securities Fund have adopted a Distribution Plan relating to each Fund's Retail Class shares (the "Retail Class Plans").

Under the Retail Class Plans, each 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.

73 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

For the six months ended March 31, 2026, the distribution fees for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Retail Class |
| Global Bond Fund | &nbsp;&nbsp; $82545 |
| Inflation Protected Securities Fund | &nbsp;&nbsp; 37939 |

---

**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 $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2026, the administrative fees for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Administrative <br>Fees<br>|
| Fixed Income Fund | &nbsp;&nbsp; $98571 |
| Global Bond Fund | &nbsp;&nbsp; 70650 |
| Inflation Protected Securities Fund | &nbsp;&nbsp; 21050 |
| Institutional High Income Fund | &nbsp;&nbsp; 55845 |

---

**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 sub-transfer agent 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 six months ended March 31, 2026, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Sub-Transfer <br>Agent Fees<br>|
| Global Bond Fund | &nbsp;&nbsp; $116524 |
| Inflation Protected Securities Fund | &nbsp;&nbsp; 41581 |
| Institutional High Income Fund | &nbsp;&nbsp; 25915 |

---

As of March 31, 2026, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

---

| | |
|:---|:---|
| Fund | Reimbursements <br>of Sub-Transfer <br>Agent Fees<br>|
| Global Bond Fund | &nbsp;&nbsp; $2608 |
| Inflation Protected Securities Fund | &nbsp;&nbsp; 1152 |
| Institutional High Income Fund | &nbsp;&nbsp; 582 |

---

Sub-transfer agent fees attributable to Institutional Class and Retail 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 $410,000. 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

\| 74

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

retainer fee at the annual rate of $235,000. 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 and the Chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $30,000. The Chairperson of the Governance Committee receives 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. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends. 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.

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.

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

**f. Affiliated Ownership.** As of March 31, 2026, the percentage of each Fund's net assets owned by affiliates is as follows:

---

| | |
|:---|:---|
|  | Percentage of <br>Net Assets<br>|
| <u>Inflation Protected Securities Fund</u> |  |
| Loomis Sayles Employees' Profit Sharing Retirement Plan | &nbsp;&nbsp; 5.43% |
| <u>Institutional High Income Fund</u> |  |
| Loomis Sayles Employees' Profit Sharing Retirement Plan | &nbsp;&nbsp; 8.75% |
| Loomis Sayles Non-Qualified Retirement Plans | &nbsp;&nbsp; 11.14% |
| Loomis Sayles Employees | &nbsp;&nbsp; 22.96% |
|  | &nbsp;&nbsp; 42.85% |

---

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

**g. Reimbursement of Transfer Agent Fees and Expenses.** Natixis Advisors has given a binding contractual undertaking to Inflation Protected Securities Fund to reimburse any and all transfer agency expenses for the Fund's Class N shares. This undertaking is in effect through January 31, 2027 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2026, Natixis Advisors reimbursed the Fund $1,060 for transfer agency expenses related to Class N shares.

**7. Class-Specific Transfer Agent Fees and Expenses.** Transfer agent fees and expenses for Global Bond Fund and Inflation Protected Securities Fund attributable to Institutional Class and Retail 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. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the six months ended March 31, 2026, Global Bond Fund and Inflation Protected Securities Fund incurred the following class-specific transfer agent fees and expenses (net of expense offsets and including sub-transfer agent fees, where applicable):

---

| | | | |
|:---|:---|:---|:---|
|  | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses |
| Fund | Institutional <br>Class<br>| Retail <br>Class<br>| Class N |
| Global Bond Fund | &nbsp;&nbsp; $92676 | &nbsp;&nbsp; $35517 | &nbsp;&nbsp; $1907 |
| Inflation Protected Securities Fund | &nbsp;&nbsp; 30509 | &nbsp;&nbsp; 16335 | &nbsp;&nbsp; 1060 |

---

**8. Expense Offset Arrangements.** The Funds have entered into an agreement with the transfer agent whereby certain transfer agent fees and expenses may be paid indirectly by credits earned on the Funds' cash balances. Transfer agent fees and expenses are presented in the Statements of Operations gross of such credits, and the credits are presented as offsets to expenses.

75 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. 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 syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund's investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2026, none of the Funds had borrowings under this agreement.

**10. Risk.** Certain Funds' investments in foreign securities, as applicable, may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Funds' investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other 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 issuers in the country or countries involved.

**11. Concentration of Ownership.** From time to time, a Fund may have a concentration of one or more shareholder accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of a Fund's outstanding shares could have material impacts on a Fund. As of March 31, 2026, the number of such accounts and the aggregate percentage of net assets represented by such holdings were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Number of 5% <br>Non-Affiliated <br>Account Holders<br>| Percentage of <br>Non-Affiliated <br>Ownership<br>| Percentage of <br>Affiliated <br>Ownership <br>(Note 6f)<br>| Total <br>Percentage of <br>Ownership<br>|
| Fixed Income Fund | &nbsp;&nbsp; 6 | 63.40<br> %<br>| &nbsp;&nbsp; — | 63.40<br> %<br>|
| Global Bond Fund | &nbsp;&nbsp; 2 | 18.86<br> %<br>| &nbsp;&nbsp; — | 18.86<br> %<br>|
| Inflation Protected Securities Fund | &nbsp;&nbsp; 2 | 23.07<br> %<br>| 5.43<br> %<br>| 28.50<br> %<br>|
| Institutional High Income Fund | &nbsp;&nbsp; 3 | 17.42<br> %<br>| 42.85<br> %<br>| 60.27<br> %<br>|

---

Omnibus shareholder accounts, maintained by a single intermediary on behalf of multiple underlying shareholders, are not included in the table above. As such, there could be other 5% shareholders in addition to those disclosed in the table above.

**12. Capital Shares**. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Fixed Income Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 993617 | &nbsp;&nbsp; $12080000 | &nbsp;&nbsp; 2058200 | &nbsp;&nbsp; $25196146 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1743483 | &nbsp;&nbsp; 20817183 | &nbsp;&nbsp; 2030491 | &nbsp;&nbsp; 23310032 |
| Redeemed | &nbsp;&nbsp; (204872)<br>| &nbsp;&nbsp; (2472083)<br>| &nbsp;&nbsp; (4352398)<br>| &nbsp;&nbsp; (52280908)<br>|
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; 2532228 | &nbsp;&nbsp; $30425100 | &nbsp;&nbsp; (263707)<br>| &nbsp;&nbsp; $(3774730)<br>|

---

\| 76

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. Capital Shares (continued).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Global Bond Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 909628 | &nbsp;&nbsp; $14108342 | &nbsp;&nbsp; 2646736 | &nbsp;&nbsp; $39494063 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 11786 | &nbsp;&nbsp; 182209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp; (1441935)<br>| &nbsp;&nbsp; (22384103)<br>| &nbsp;&nbsp; (4012488)<br>| &nbsp;&nbsp; (58896322)<br>|
| Net change | &nbsp;&nbsp; (520521)<br>| &nbsp;&nbsp; $(8093552)<br>| &nbsp;&nbsp; (1365752)<br>| &nbsp;&nbsp; $(19402259)<br>|
| **Retail Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 532135 | &nbsp;&nbsp; $8024731 | &nbsp;&nbsp; 932906 | &nbsp;&nbsp; $13415650 |
| Redeemed | &nbsp;&nbsp; (451047)<br>| &nbsp;&nbsp; (6822737)<br>| &nbsp;&nbsp; (1654404)<br>| &nbsp;&nbsp; (23933879)<br>|
| Net change | &nbsp;&nbsp; 81088 | &nbsp;&nbsp; $1201994 | &nbsp;&nbsp; (721498)<br>| &nbsp;&nbsp; $(10518229)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 613995 | &nbsp;&nbsp; $9556801 | &nbsp;&nbsp; 1259331 | &nbsp;&nbsp; $18847887 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 8499 | &nbsp;&nbsp; 131906 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp; (563695)<br>| &nbsp;&nbsp; (8776390)<br>| &nbsp;&nbsp; (1980883)<br>| &nbsp;&nbsp; (29268372)<br>|
| Net change | &nbsp;&nbsp; 58799 | &nbsp;&nbsp; $912317 | &nbsp;&nbsp; (721552)<br>| &nbsp;&nbsp; $(10420485)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (380634)<br>| &nbsp;&nbsp; $(5979241)<br>| &nbsp;&nbsp; (2808802)<br>| &nbsp;&nbsp; $(40340973)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Inflation Protected Securities Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1055261 | &nbsp;&nbsp; $10249150 | &nbsp;&nbsp; 1869916 | &nbsp;&nbsp; $18110920 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 76256 | &nbsp;&nbsp; 734236 | &nbsp;&nbsp; 250154 | &nbsp;&nbsp; 2409992 |
| Redeemed | &nbsp;&nbsp; (1748743)<br>| &nbsp;&nbsp; (16973797)<br>| &nbsp;&nbsp; (2577884)<br>| &nbsp;&nbsp; (24821676)<br>|
| Net change | &nbsp;&nbsp; (617226)<br>| &nbsp;&nbsp; $(5990411)<br>| &nbsp;&nbsp; (457814)<br>| &nbsp;&nbsp; $(4300764)<br>|
| **Retail Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 307108 | &nbsp;&nbsp; $2980387 | &nbsp;&nbsp; 471997 | &nbsp;&nbsp; $4558951 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 38320 | &nbsp;&nbsp; 368169 | &nbsp;&nbsp; 116052 | &nbsp;&nbsp; 1115968 |
| Redeemed | &nbsp;&nbsp; (208257)<br>| &nbsp;&nbsp; (2023150)<br>| &nbsp;&nbsp; (413808)<br>| &nbsp;&nbsp; (3986010)<br>|
| Net change | &nbsp;&nbsp; 137171 | &nbsp;&nbsp; $1325406 | &nbsp;&nbsp; 174241 | &nbsp;&nbsp; $1688909 |
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1491730 | &nbsp;&nbsp; $14404814 | &nbsp;&nbsp; 633205 | &nbsp;&nbsp; $6114467 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 19530 | &nbsp;&nbsp; 188222 | &nbsp;&nbsp; 66492 | &nbsp;&nbsp; 640732 |
| Redeemed | &nbsp;&nbsp; (212751)<br>| &nbsp;&nbsp; (2060520)<br>| &nbsp;&nbsp; (1201907)<br>| &nbsp;&nbsp; (11600447)<br>|
| Net change | &nbsp;&nbsp; 1298509 | &nbsp;&nbsp; $12532516 | &nbsp;&nbsp; (502210)<br>| &nbsp;&nbsp; $(4845248)<br>|
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; 818454 | &nbsp;&nbsp; $7867511 | &nbsp;&nbsp; (785783)<br>| &nbsp;&nbsp; $(7457103)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Institutional High Income Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 399175 | &nbsp;&nbsp; $2332824 | &nbsp;&nbsp; 1339543 | &nbsp;&nbsp; $7722084 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1765754 | &nbsp;&nbsp; 10029483 | &nbsp;&nbsp; 2455189 | &nbsp;&nbsp; 13699955 |
| Redeemed | &nbsp;&nbsp; (1734908)<br>| &nbsp;&nbsp; (10342955)<br>| &nbsp;&nbsp; (14617343)<br>| &nbsp;&nbsp; (82801088)<br>|
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; 430021 | &nbsp;&nbsp; $2019352 | &nbsp;&nbsp; (10822611)<br>| &nbsp;&nbsp; $(61379049)<br>|

---

77 \|

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![](g121806img94db15b32.gif)

**LOOMIS SAYLES FUNDS**

Loomis Sayles Funds, a Boston-based family of mutual funds advised by Loomis, Sayles & Company, L.P., offers a range of fixed income and equity investments to fit the goals of the most demanding investor. Investment minimums and a pricing structure that includes multiple share classes make the funds suitable investments for individual investors, retirement plan participants, high net worth individuals and small institutions, including endowments and foundations.

**PHONE 800-633-3330 FOR THE FOLLOWING FUND INFORMATION:**

• Net asset values, yields, distribution information, fund information and fund literature

• Speak to a customer service representative regarding new or existing accounts

**Before investing, consider the fund's investment objectives, risks, charges, and expenses. Please visit www.loomissayles.com or call 800-633-3330 for a prospectus and a summary prospectus, if available, containing this and other information. Effective after the close of business on June 5, 2026, the telephone number will be 800-225-5478 and the website address will be www.im.natixis.com.**

**If you wish to communicate with the funds' Board of Trustees, you may do so by writing to:**

Natixis Advisors, LLC

888 Boylston Street, Suite 800

Boston, MA 02199-8197

The correspondence must be in writing, signed by the shareholder, including the shareholder's name and address, and should identify the fund(s), account number, class of shares, and number of shares held in the fund(s) as of a recent date.

**or by email at:**

secretaryofthefunds@natixis.com

Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.

Please note: Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, social security number, PIN, or any other non-public, personal information in an e-mail communication because this information may be viewed by others.

![](g121806img694c8e813.gif)Exp. 5/31/27

M-LSFISA-0326

------

![](g121806img7755efb81.gif)

![](g121806img5b550f592.gif)

Loomis Sayles High Income Opportunities Fund <br> Loomis Sayles Securitized Asset Fund

Semi-annual Financial Statements and Other Important Information

March 31, 2026

**Table of Contents** 

---

| | |
|:---|:---|
| [Portfolio of Investments (Form](#xx_303ec01e-10df-4d83-bf12-636892e71168_SOI1-Continued-293_1)<br> [N-CSR Item 6)](#xx_303ec01e-10df-4d83-bf12-636892e71168_SOI1-Continued-293_1)<br>| 1 |
| [Financial Statements (Form N-CSR](#xx_303ec01e-10df-4d83-bf12-636892e71168_FS-Continued-293_1)<br> [Item 7)](#xx_303ec01e-10df-4d83-bf12-636892e71168_FS-Continued-293_1)<br>| 31 |
| [Notes to Financial Statements (Form](#xx_303ec01e-10df-4d83-bf12-636892e71168_NTF-Continued-293_1)<br> [N-CSR Item 7)](#xx_303ec01e-10df-4d83-bf12-636892e71168_NTF-Continued-293_1)<br>| 36 |
| [Trustees Fees and Expenses (Form](#xx_303ec01e-10df-4d83-bf12-636892e71168_NTF-Continued-293_12)<br> [N-CSR Item 10)](#xx_303ec01e-10df-4d83-bf12-636892e71168_NTF-Continued-293_12)<br>| 47 |

---

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles High Income Opportunities Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>| **Description** | **Value (†)** |
| **Bonds and Notes — 84.0% of Net Assets** | **Bonds and Notes — 84.0% of Net Assets** | **Bonds and Notes — 84.0% of Net Assets** |
| **Non-Convertible Bonds — 81.9%** | **Non-Convertible Bonds — 81.9%** | **Non-Convertible Bonds — 81.9%** |
|  | **ABS Car Loan — 0.0%** | **ABS Car Loan — 0.0%** |
| $135000 | Hertz Vehicle Financing III LLC, <br> Series 2023-1A, Class 1D, <br> 9.130%, 6/25/2027(a)<br>| $135623 |
|  | **ABS Home Equity — 0.0%** | **ABS Home Equity — 0.0%** |
| 82632 | DSLA Mortgage Loan Trust, <br> Series 2005-AR5, Class 2A1A, 1 mo. USD <br> SOFR + 0.774%, 4.451%, 9/19/2045(b)(c)<br>| 42771 |
|  | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| 545000 | Axon Enterprise, Inc., <br> 6.125%, 3/15/2030(a)<br>| 554018 |
| 255000 | Axon Enterprise, Inc., <br> 6.250%, 3/15/2033(a)<br>| 260290 |
| 630000 | TransDigm, Inc., 4.625%, 1/15/2029 | 618990 |
| 800000 | TransDigm, Inc., 6.250%, 1/31/2034(a) | 808825 |
| 1300000 | TransDigm, Inc., 6.375%, 3/01/2029(a) | 1324262 |
| 190000 | TransDigm, Inc., 6.375%, 5/31/2033(a) | 188987 |
| 260000 | TransDigm, Inc., 6.750%, 8/15/2028(a) | 262969 |
| 90000 | TransDigm, Inc., 6.875%, 12/15/2030(a) | 92218 |
|  |  | 4110559 |
|  | **Automotive — 2.7%** | **Automotive — 2.7%** |
| 210000 | American Axle & Manufacturing, Inc., <br> 5.000%, 10/01/2029<br>| 200328 |
| 1081000 | American Axle & Manufacturing, Inc., <br> 6.375%, 10/15/2032(a)<br>| 1069912 |
| 1145000 | General Motors Financial Co., Inc., <br> Series A, (fixed rate to 9/30/2027, variable <br> rate thereafter), 5.750%(d)<br>| 1114795 |
| 765000 | Nissan Motor Acceptance Co. LLC, <br> 5.625%, 9/29/2028(a)<br>| 750732 |
| 756000 | Nissan Motor Co. Ltd., <br> 4.345%, 9/17/2027(a)<br>| 735069 |
| 1481000 | Nissan Motor Co. Ltd., <br> 4.810%, 9/17/2030(a)<br>| 1344545 |
| 2172000 | ZF North America Capital, Inc., <br> 6.750%, 4/23/2030(a)<br>| 2101154 |
| 235000 | ZF North America Capital, Inc., <br> 6.875%, 4/23/2032(a)<br>| 223274 |
| 155000 | ZF North America Capital, Inc., <br> 7.125%, 4/14/2030(a)<br>| 152999 |
| 416000 | ZF North America Capital, Inc., <br> 7.500%, 3/24/2031(a)<br>| 408643 |
|  |  | 8101451 |
|  | **Banking — 0.7%** | **Banking — 0.7%** |
| 400000 | Intesa Sanpaolo SpA, (fixed rate to <br> 6/01/2041, variable rate thereafter), <br> 4.950%, 6/01/2042(a)<br>| 335292 |
| 1810000 | Synchrony Financial, 7.250%, 2/02/2033 | 1848700 |
|  |  | 2183992 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Brokerage — 1.4%** | **Brokerage — 1.4%** |
| $770000 | Jane Street Group/JSG Finance, Inc., <br> 6.750%, 5/01/2033(a)<br>| $781217 |
| 180000 | Jane Street Group/JSG Finance, Inc., <br> 7.125%, 4/30/2031(a)<br>| 185032 |
| 1540000 | Osaic Holdings, Inc., 6.750%, 8/01/2032(a) | 1540192 |
| 1674000 | Osaic Holdings, Inc., 8.000%, 8/01/2033(a) | 1652577 |
|  |  | 4159018 |
|  | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| 1255000 | Quikrete Holdings, Inc., <br> 6.375%, 3/01/2032(a)<br>| 1272574 |
|  | **Cable Satellite — 8.8%** | **Cable Satellite — 8.8%** |
| 3290000 | CCO Holdings LLC/CCO Holdings <br> Capital Corp., 4.750%, 3/01/2030(a)<br>| 3121796 |
| 1135000 | CCO Holdings LLC/CCO Holdings <br> Capital Corp., 5.000%, 2/01/2028(a)<br>| 1125682 |
| 600000 | CCO Holdings LLC/CCO Holdings <br> Capital Corp., 5.375%, 6/01/2029(a)<br>| 591752 |
| 1235000 | CSC Holdings LLC, <br> 4.625%, 12/01/2030(a)<br>| 435791 |
| 1430000 | CSC Holdings LLC, 5.375%, 2/01/2028(a) | 1057558 |
| 2375000 | CSC Holdings LLC, 5.750%, 1/15/2030(a) | 901505 |
| 1090000 | CSC Holdings LLC, 7.500%, 4/01/2028(a) | 599886 |
| 2950000 | CSC Holdings LLC, <br> 11.250%, 5/15/2028(a)<br>| 2410575 |
| 1765000 | Directv Financing LLC, <br> 8.875%, 2/01/2030(a)<br>| 1756775 |
| 175000 | Directv Financing LLC, <br> 8.875%, 2/01/2030(a)<br>| 174611 |
| 2675000 | Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.000%, 2/15/2031(a)<br>| 2730718 |
| 3005000 | DISH DBS Corp., 5.250%, 12/01/2026(a) | 2979227 |
| 430000 | DISH DBS Corp., 5.750%, 12/01/2028(a) | 415893 |
| 1975000 | DISH DBS Corp., 7.750%, 7/01/2026 | 1965465 |
| 205000 | DISH Network Corp., <br> 11.750%, 11/15/2027(a)<br>| 211200 |
| 5180457 | EchoStar Corp., 10.750%, 11/30/2029 | 5596193 |
|  |  | 26074627 |
|  | **Chemicals — 2.8%** | **Chemicals — 2.8%** |
| 2038000 | ARC Falcon I, Inc./Arclin USA LLC/New <br> Arclin U.S. Holding Corp., <br> 9.750%, 3/01/2033(a)<br>| 1960332 |
| 1745000 | Ashland, Inc., 3.375%, 9/01/2031(a) | 1566903 |
| 1808000 | Chemours Co., 5.750%, 11/15/2028(a) | 1790145 |
| 805000 | Hercules LLC, 6.500%, 6/30/2029 | 805402 |
| 777000 | Perimeter Holdings LLC, <br> 6.250%, 1/15/2034(a)<br>| 762043 |
| 1445000 | SK Invictus Intermediate II SARL, <br> 5.000%, 10/30/2029(a)<br>| 1409408 |
|  |  | 8294233 |
|  | **Construction Machinery — 0.7%** | **Construction Machinery — 0.7%** |
| 155000 | United Rentals North America, Inc., <br> 3.750%, 1/15/2032<br>| 142055 |

---

See accompanying notes to financial statements.

1 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles High Income Opportunities Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Construction Machinery — continued** | **Construction Machinery — continued** |
| $1440000 | United Rentals North America, Inc., <br> 3.875%, 2/15/2031<br>| $1353700 |
| 630000 | United Rentals North America, Inc., <br> 4.000%, 7/15/2030<br>| 598418 |
| 35000 | United Rentals North America, Inc., <br> 6.125%, 3/15/2034(a)<br>| 35441 |
|  |  | 2129614 |
|  | **Consumer Cyclical Services — 0.9%** | **Consumer Cyclical Services — 0.9%** |
| 2850000 | TriNet Group, Inc., 3.500%, 3/01/2029(a) | 2583476 |
| 45000 | TriNet Group, Inc., 7.125%, 8/15/2031(a) | 43668 |
|  |  | 2627144 |
|  | **Diversified Manufacturing — 1.0%** | **Diversified Manufacturing — 1.0%** |
| 770000 | Esab Corp., 6.250%, 4/15/2029(a) | 781472 |
| 2340000 | Resideo Funding, Inc., <br> 4.000%, 9/01/2029(a)<br>| 2211386 |
|  |  | 2992858 |
|  | **Electric — 0.9%** | **Electric — 0.9%** |
| 135000 | NRG Energy, Inc., 5.250%, 6/15/2029(a) | 133658 |
| 1435000 | Talen Energy Supply LLC, <br> 6.250%, 2/01/2034(a)<br>| 1419012 |
| 967000 | VoltaGrid LLC, 7.375%, 11/01/2030(a) | 998726 |
|  |  | 2551396 |
|  | **Environmental — 0.5%** | **Environmental — 0.5%** |
| 446000 | Clean Harbors, Inc., 5.125%, 7/15/2029(a) | 440524 |
| 500000 | GFL Environmental, Inc., <br> 4.000%, 8/01/2028(a)<br>| 486061 |
| 305000 | GFL Environmental, Inc., <br> 4.375%, 8/15/2029(a)<br>| 296741 |
| 230000 | GFL Environmental, Inc., <br> 6.750%, 1/15/2031(a)<br>| 238010 |
|  |  | 1461336 |
|  | **Finance Companies — 2.1%** | **Finance Companies — 2.1%** |
| 1740000 | Azorra Finance Ltd., 7.250%, 1/15/2031(a) | 1756861 |
| 975000 | Azorra Finance Ltd., 7.750%, 4/15/2030(a) | 1004222 |
| 330000 | Freedom Mortgage Holdings LLC, <br> 7.875%, 4/01/2033(a)<br>| 309399 |
| 295000 | Freedom Mortgage Holdings LLC, <br> 8.375%, 4/01/2032(a)<br>| 290190 |
| 1035000 | Freedom Mortgage Holdings LLC, <br> 9.125%, 5/15/2031(a)<br>| 1052077 |
| 1324000 | Freedom Mortgage Holdings LLC, <br> 9.250%, 2/01/2029(a)<br>| 1341993 |
| 457000 | GGAM Finance Ltd., <br> 5.875%, 3/15/2030(a)<br>| 455330 |
|  |  | 6210072 |
|  | **Financial Other — 0.9%** | **Financial Other — 0.9%** |
| 304000 | Burford Capital Global Finance LLC, <br> 6.875%, 4/15/2030(a)<br>| 268332 |
| 1312000 | Burford Capital Global Finance LLC, <br> 7.500%, 7/15/2033(a)<br>| 1092240 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Financial Other — continued** | **Financial Other — continued** |
| $1015000 | Burford Capital Global Finance LLC, <br> 8.500%, 1/15/2034(a)<br>| $871601 |
| 207000 | Burford Capital Global Finance LLC, <br> 9.250%, 7/01/2031(a)<br>| 186818 |
| 200000 | Central China Real Estate Ltd., <br> 7.250%, 8/13/2024(e)<br>| 2000 |
| 205000 | Central China Real Estate Ltd., <br> 7.650%, 8/27/2025(e)<br>| 2050 |
| 429065 | CFLD Cayman Investment Ltd., <br> 2.500%, 1/31/2031(a)(f)<br>| 14395 |
| 226880 | CFLD Cayman Investment Ltd., <br> 2.500%, 1/31/2031(a)(f)<br>| 5833 |
| 49972 | CFLD Cayman Investment Ltd., Zero <br> Coupon, 1/31/2031(a)<br>| 1058 |
| 200000 | China Evergrande Group, <br> 8.750%, 6/28/2025(e)<br>| 2000 |
| 200000 | China Evergrande Group, <br> 9.500%, 4/11/2022(e)<br>| 2000 |
| 195000 | Icahn Enterprises LP/Icahn Enterprises <br> Finance Corp., 5.250%, 5/15/2027<br>| 191082 |
| 103666 | Kaisa Group Holdings Ltd., 6.250% PIK <br> and/or 5.250% Cash, 12/28/2028(a)(g)<br>| 2073 |
| 173546 | Kaisa Group Holdings Ltd., 6.500% PIK <br> and/or 5.500% Cash, 12/28/2029(a)(g)<br>| 3037 |
| 209178 | Kaisa Group Holdings Ltd., 6.750% PIK <br> and/or 5.750% Cash, 12/28/2030(a)(g)<br>| 3138 |
| 315150 | Kaisa Group Holdings Ltd., 7.000% PIK <br> and/or 6.000% Cash, 12/28/2031(a)(g)<br>| 5515 |
| 296584 | Kaisa Group Holdings Ltd., 7.250% PIK <br> and/or 6.250% Cash, 12/28/2032(a)(g)<br>| 3707 |
| 70912 | Kaisa Group Holdings Ltd., 7.721% PIK <br> and/or 6.721% Cash, 12/28/2028(a)(g)<br>| 1418 |
| 6229 | Shimao Group Holdings Ltd., 6.000% PIK <br> and/or 5.000% Cash, 7/21/2031(a)(g)<br>| 203 |
| 72130 | Times China Holdings Ltd., 3.000% PIK <br> and/or 1.000% Cash, 3/30/2029(a)(g)<br>| 2113 |
| 269074 | Times China Holdings Ltd., 4.200% PIK, <br> 9/30/2032(a)(g)<br>| 7400 |
| 63207 | Yuzhou Group Holdings Co. Ltd., 1.000% <br> PIK, 6/30/2034(g)(h)<br>| 158 |
| 68178 | Yuzhou Group Holdings Co. Ltd., 4.000% <br> PIK, 6/30/2028(g)(h)<br>| 1952 |
| 119014 | Yuzhou Group Holdings Co. Ltd., 4.500% <br> PIK, 6/30/2029(g)(h)<br>| 3695 |
| 159244 | Yuzhou Group Holdings Co. Ltd., 5.000% <br> PIK, 6/30/2030(g)(h)<br>| 4379 |
| 223931 | Yuzhou Group Holdings Co. Ltd., 5.500% <br> PIK, 6/30/2031(g)(h)<br>| 5618 |
| 81204 | Yuzhou Group Holdings Co. Ltd., 7.000% <br> PIK and/or 6.000% Cash, 6/30/2027(g)(h)<br>| 6293 |
|  |  | 2690108 |
|  | **Food & Beverage — 1.8%** | **Food & Beverage — 1.8%** |
| 275000 | HLF Financing SARL LLC/Herbalife <br> International, Inc., 4.875%, 6/01/2029(a)<br>| 257330 |

---

See accompanying notes to financial statements.

\| 2

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles High Income Opportunities Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Food & Beverage — continued** | **Food & Beverage — continued** |
| $150000 | Lamb Weston Holdings, Inc., <br> 4.125%, 1/31/2030(a)<br>| $142807 |
| 1305000 | Lamb Weston Holdings, Inc., <br> 4.375%, 1/31/2032(a)<br>| 1212283 |
| 390000 | Lamb Weston Holdings, Inc., <br> 4.875%, 5/15/2028(a)<br>| 385423 |
| 2025000 | Performance Food Group, Inc., <br> 4.250%, 8/01/2029(a)<br>| 1945143 |
| 1270000 | Viking Baked Goods Acquisition Corp., <br> 8.625%, 11/01/2031(a)<br>| 1256683 |
|  |  | 5199669 |
|  | **Gaming — 0.8%** | **Gaming — 0.8%** |
| 1625000 | Genting New York LLC/GENNY Capital, <br> Inc., 7.250%, 10/01/2029(a)<br>| 1631540 |
| 885000 | Penn Entertainment, Inc., <br> 6.750%, 4/01/2031(a)<br>| 859529 |
|  |  | 2491069 |
|  | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| 605000 | MPT Operating Partnership LP/MPT <br> Finance Corp., 8.500%, 2/15/2032, (a)<br>| 613356 |
|  | **Health Insurance — 1.6%** | **Health Insurance — 1.6%** |
| 1365000 | Molina Healthcare, Inc., <br> 3.875%, 11/15/2030(a)<br>| 1220351 |
| 1681000 | Molina Healthcare, Inc., <br> 3.875%, 5/15/2032(a)<br>| 1460152 |
| 535000 | Molina Healthcare, Inc., <br> 6.250%, 1/15/2033(a)<br>| 518731 |
| 1525000 | Molina Healthcare, Inc., <br> 6.500%, 2/15/2031(a)<br>| 1499236 |
|  |  | 4698470 |
|  | **Healthcare — 2.1%** | **Healthcare — 2.1%** |
| 290000 | Accendra Health, Inc., <br> 6.625%, 4/01/2030(a)<br>| 137910 |
| 1080000 | Avantor Funding, Inc., <br> 3.875%, 11/01/2029(a)<br>| 1013249 |
| 745000 | DaVita, Inc., 3.750%, 2/15/2031(a) | 683125 |
| 180000 | DaVita, Inc., 4.625%, 6/01/2030(a) | 173073 |
| 604000 | HAH Group Holding Co. LLC, <br> 9.750%, 10/01/2031(a)<br>| 529143 |
| 910000 | Hologic, Inc., 3.250%, 2/15/2029(a) | 908419 |
| 85000 | Hologic, Inc., 4.625%, 2/01/2028(a) | 84872 |
| 890000 | LifePoint Health, Inc., <br> 5.375%, 1/15/2029(a)<br>| 858274 |
| 727000 | Radiology Partners, Inc., <br> 8.500%, 7/15/2032(a)<br>| 737083 |
| 1113000 | TEAM Services Holding, Inc., <br> 9.000%, 2/15/2033(a)<br>| 1091346 |
|  |  | 6216494 |
|  | **Home Construction — 2.0%** | **Home Construction — 2.0%** |
| 200000 | Corp. GEO SAB de CV, <br> 8.875%, 3/27/2022(a)(b)(e)<br>|  |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Home Construction — continued** | **Home Construction — continued** |
| $980000 | Mattamy Group Corp., <br> 6.000%, 12/15/2033(a)<br>| $920275 |
| 1295000 | Taylor Morrison Communities, Inc., <br> 5.125%, 8/01/2030(a)<br>| 1280187 |
| 345000 | Taylor Morrison Communities, Inc., <br> 5.750%, 1/15/2028(a)<br>| 345891 |
| 3345000 | Taylor Morrison Communities, Inc., <br> 5.750%, 11/15/2032(a)<br>| 3347927 |
|  |  | 5894280 |
|  | **Independent Energy — 4.3%** | **Independent Energy — 4.3%** |
| 575000 | Chord Energy Corp., <br> 6.000%, 10/01/2030(a)<br>| 582630 |
| 2785000 | Chord Energy Corp., 6.750%, 3/15/2033(a) | 2875352 |
| 150000 | Crescent Energy Finance LLC, <br> 7.375%, 1/15/2033(a)<br>| 149962 |
| 1167000 | Crescent Energy Finance LLC, <br> 7.625%, 4/01/2032(a)<br>| 1184305 |
| 952000 | Crescent Energy Finance LLC, <br> 7.875%, 4/15/2032(a)<br>| 972618 |
| 150000 | Energean Israel Finance Ltd., <br> 5.375%, 3/30/2028<br>| 144010 |
| 35000 | Leviathan Bond Ltd., 6.500%, 6/30/2027 | 34980 |
| 1038000 | Matador Resources Co., <br> 6.250%, 4/15/2033(a)<br>| 1038976 |
| 420000 | Matador Resources Co., <br> 6.500%, 4/15/2032(a)<br>| 424574 |
| 1677000 | Northern Oil & Gas, Inc., <br> 8.750%, 6/15/2031(a)<br>| 1743820 |
| 597000 | Saturn Oil & Gas, Inc., <br> 9.625%, 6/15/2029(a)<br>| 624944 |
| 710000 | SM Energy Co., 6.750%, 8/01/2029(a) | 720754 |
| 1915000 | SM Energy Co., 8.625%, 11/01/2030(a) | 2020490 |
| 168000 | SM Energy Co., 8.750%, 7/01/2031(a) | 175609 |
|  |  | 12693024 |
|  | **Industrial Other — 1.1%** | **Industrial Other — 1.1%** |
| 495000 | Arcosa, Inc., 4.375%, 4/15/2029(a) | 477546 |
| 360000 | Arcosa, Inc., 6.875%, 8/15/2032(a) | 368872 |
| 717000 | Brundage-Bone Concrete Pumping <br> Holdings, Inc., 7.500%, 2/01/2032(a)<br>| 724498 |
| 1879000 | TopBuild Corp., 5.625%, 1/31/2034(a) | 1839112 |
|  |  | 3410028 |
|  | **Leisure — 1.0%** | **Leisure — 1.0%** |
| 1695000 | Kingpin Intermediate Holdings LLC, <br> 7.250%, 10/15/2032(a)<br>| 1497660 |
| 1550000 | Lindblad Expeditions LLC, <br> 7.000%, 9/15/2030(a)<br>| 1582536 |
|  |  | 3080196 |
|  | **Life Insurance — 0.7%** | **Life Insurance — 0.7%** |
| 2175000 | APH Somerset Investor 2 LLC/APH2 <br> Somerset Investor 2 LLC/APH3 Somerset <br> Investor 2 LLC, 7.875%, 11/01/2029(a)<br>| 1966787 |

---

See accompanying notes to financial statements.

3 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles High Income Opportunities Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Lodging — 3.3%** | **Lodging — 3.3%** |
| $1945000 | Hilton Domestic Operating Co., Inc., <br> 3.625%, 2/15/2032(a)<br>| $1767363 |
| 205000 | Hilton Domestic Operating Co., Inc., <br> 4.000%, 5/01/2031(a)<br>| 192273 |
| 395000 | Hilton Domestic Operating Co., Inc., <br> 5.500%, 3/31/2034(a)<br>| 385906 |
| 2692000 | Hilton Grand Vacations <br> Borrower LLC/Hilton Grand Vacations <br> Borrower, Inc., 6.625%, 1/15/2032(a)<br>| 2658920 |
| 1835000 | Marriott Ownership Resorts, Inc., <br> 4.500%, 6/15/2029(a)<br>| 1739832 |
| 880000 | Travel & Leisure Co., <br> 4.500%, 12/01/2029(a)<br>| 841490 |
| 695000 | Travel & Leisure Co., <br> 4.625%, 3/01/2030(a)<br>| 663092 |
| 2000 | Travel & Leisure Co., 6.000%, 4/01/2027 | 2010 |
| 624000 | Travel & Leisure Co., <br> 6.125%, 9/01/2033(a)<br>| 615888 |
| 1100000 | Wyndham Hotels & Resorts, Inc., <br> 5.625%, 3/01/2033(a)<br>| 1082375 |
|  |  | 9949149 |
|  | **Media Entertainment — 3.5%** | **Media Entertainment — 3.5%** |
| 1220000 | Discovery Communications LLC, <br> 3.625%, 5/15/2030<br>| 1134265 |
| 530000 | Discovery Communications LLC, <br> 6.350%, 6/01/2040<br>| 388395 |
| 1621000 | Discovery Global Holdings, Inc., <br> 4.279%, 3/15/2032<br>| 1434585 |
| 635000 | Discovery Global Holdings, Inc., <br> 5.050%, 3/15/2042<br>| 423634 |
| 1572000 | Dotdash Meredith, Inc., <br> 7.625%, 6/15/2032(a)<br>| 1449510 |
| 264000 | iHeartCommunications, Inc., <br> 7.000%, 1/15/2031(a)<br>| 201762 |
| 382750 | iHeartCommunications, Inc., <br> 7.750%, 8/15/2030(a)<br>| 307191 |
| 304000 | iHeartCommunications, Inc., <br> 9.125%, 5/01/2029(a)<br>| 275941 |
| 845000 | OAK-Eagle Acquireco, Inc., <br> 7.250%, 7/01/2033(a)<br>| 875500 |
| 1100000 | OAK-Eagle Acquireco, Inc., <br> 8.750%, 7/01/2034(a)<br>| 1151581 |
| 301000 | Paramount Global, 4.200%, 5/19/2032 | 258039 |
| 573000 | Paramount Global, 4.950%, 1/15/2031 | 530777 |
| 511000 | Paramount Global, 7.875%, 7/30/2030 | 533446 |
| 1920000 | Paramount Global, (fixed rate to 3/30/2027, <br> variable rate thereafter), 6.375%, 3/30/2062<br>| 1401600 |
|  |  | 10366226 |
|  | **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** |
| 441000 | Carpenter Technology Corp., <br> 5.625%, 3/01/2034(a)<br>| 436938 |
| 370000 | Commercial Metals Co., <br> 3.875%, 2/15/2031<br>| 340734 |
| 925000 | Commercial Metals Co., <br> 4.125%, 1/15/2030<br>| 881255 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Metals & Mining — continued** | **Metals & Mining — continued** |
| $880000 | Commercial Metals Co., <br> 4.375%, 3/15/2032<br>| $813702 |
| 299000 | Commercial Metals Co., <br> 5.750%, 11/15/2033(a)<br>| 295856 |
| 424000 | Commercial Metals Co., <br> 6.000%, 12/15/2035(a)<br>| 417998 |
| 744000 | Fortescue Treasury Pty. Ltd., <br> 4.375%, 4/01/2031(a)<br>| 702964 |
| 615000 | GrafTech Finance, Inc., <br> 4.625%, 12/23/2029(a)<br>| 339843 |
| 175000 | Mineral Resources Ltd., <br> 8.000%, 11/01/2027(a)<br>| 177235 |
| 2210000 | Mineral Resources Ltd., <br> 9.250%, 10/01/2028(a)<br>| 2289831 |
|  |  | 6696356 |
|  | **Midstream — 5.8%** | **Midstream — 5.8%** |
| 1899000 | Antero Midstream Partners LP/Antero <br> Midstream Finance Corp., <br> 5.750%, 7/01/2034(a)<br>| 1871335 |
| 1620000 | CQP Holdco LP/BIP-V Chinook <br> Holdco LLC, 5.500%, 6/15/2031(a)<br>| 1579893 |
| 500000 | CQP Holdco LP/BIP-V Chinook <br> Holdco LLC, 7.500%, 12/15/2033(a)<br>| 524731 |
| 1350000 | Energy Transfer LP, (fixed rate to 2/15/2029, <br> variable rate thereafter), 8.000%, 5/15/2054<br>| 1413982 |
| 1485000 | Sunoco LP, 5.375%, 7/15/2031(a) | 1473070 |
| 884000 | Sunoco LP, 5.625%, 3/15/2031(a) | 879945 |
| 504000 | Sunoco LP, 7.250%, 5/01/2032(a) | 521473 |
| 2596000 | Venture Global LNG, Inc., (fixed rate to <br> 9/30/2029, variable rate thereafter), <br> 9.000%(a)(d)<br>| 2585736 |
| 128000 | Venture Global Plaquemines LNG LLC, <br> 6.125%, 12/15/2030(a)<br>| 131638 |
| 2122000 | Venture Global Plaquemines LNG LLC, <br> 6.500%, 1/15/2034(a)<br>| 2212067 |
| 65000 | Venture Global Plaquemines LNG LLC, <br> 6.500%, 6/15/2034(a)<br>| 67662 |
| 1080000 | Venture Global Plaquemines LNG LLC, <br> 6.750%, 1/15/2036(a)<br>| 1143884 |
| 2140000 | Venture Global Plaquemines LNG LLC, <br> 7.500%, 5/01/2033(a)<br>| 2352297 |
| 565000 | Venture Global Plaquemines LNG LLC, <br> 7.750%, 5/01/2035(a)<br>| 633240 |
|  |  | 17390953 |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — 0.3%** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — 0.3%** |
| 91504 | CG-CCRE Commercial Mortgage Trust, <br> Series 2014-FL2, Class COL1, 1 mo. USD <br> SOFR + 3.614%, <br> 7.287%, 11/15/2031(a)(c)(f)<br>| 14086 |
| 320265 | CG-CCRE Commercial Mortgage Trust, <br> Series 2014-FL2, Class COL2, 1 mo. USD <br> SOFR + 4.614%, <br> 8.287%, 11/15/2031(a)(c)(f)<br>| 16446 |

---

See accompanying notes to financial statements.

\| 4

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles High Income Opportunities Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $795000 | Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class E, <br> 4.373%, 9/15/2037(a)<br>| $627925 |
| 170000 | GS Mortgage Securities Trust, <br> Series 2014-GC22, Class D, <br> 4.371%, 6/10/2047(a)(c)(f)<br>| 22090 |
| 295000 | MSBAM Commercial Mortgage Securities <br> Trust, Series 2012-CKSV, Class C, <br> 4.280%, 10/15/2030(a)(c)(f)<br>| 22862 |
| 91798 | Starwood Retail Property Trust, <br> Series 2014-STAR, Class A, Prime + <br> 0.000%, 6.750%, 11/15/2027(a)(c)<br>| 55077 |
| 320000 | Starwood Retail Property Trust, <br> Series 2014-STAR, Class D, Prime + <br> 0.000%, 6.750%, 11/15/2027(a)(b)(c)(f)<br>| 3200 |
| 350000 | Starwood Retail Property Trust, <br> Series 2014-STAR, Class E, Prime + <br> 0.000%, 6.750%, 11/15/2027(a)(b)(c)(f)<br>| 1750 |
| 158612 | WFRBS Commercial Mortgage Trust, <br> Series 2011-C3, Class D, <br> 5.464%, 3/15/2044(a)(c)(f)<br>| 57098 |
|  |  | 820534 |
|  | **Oil Field Services — 1.8%** | **Oil Field Services — 1.8%** |
| 512000 | Oceaneering International, Inc., <br> 6.000%, 2/01/2028<br>| 514082 |
| 380000 | Oceaneering International, Inc., <br> 6.000%, 2/01/2028<br>| 381546 |
| 206154 | Transocean Aquila Ltd., <br> 8.000%, 9/30/2028(a)<br>| 210990 |
| 394100 | Transocean International Ltd., <br> 8.750%, 2/15/2030(a)<br>| 409940 |
| 2132000 | WBI Operating LLC, <br> 6.250%, 10/15/2030(a)<br>| 2144707 |
| 1729000 | Weatherford International Ltd., <br> 6.750%, 10/15/2033(a)<br>| 1766639 |
|  |  | 5427904 |
|  | **Packaging — 1.7%** | **Packaging — 1.7%** |
| 1205000 | Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC, 3.250%, 9/01/2028(a)<br>| 1146045 |
| 3824000 | Ball Corp., 5.500%, 9/15/2033 | 3826195 |
|  |  | 4972240 |
|  | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** |
| 2080000 | Bausch Health Cos., Inc., <br> 4.875%, 6/01/2028(a)<br>| 1904677 |
| 679000 | Bausch Health Cos., Inc., <br> 11.000%, 9/30/2028(a)<br>| 692606 |
| 390000 | Teva Pharmaceutical Finance Co. LLC, <br> 6.150%, 2/01/2036<br>| 401822 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| $3275000 | Teva Pharmaceutical Finance Netherlands <br> III BV, 4.100%, 10/01/2046<br>| $2427696 |
| 300000 | Teva Pharmaceutical Finance Netherlands <br> III BV, 6.000%, 12/01/2032<br>| 307902 |
|  |  | 5734703 |
|  | **Property & Casualty Insurance — 4.8%** | **Property & Casualty Insurance — 4.8%** |
| 1093000 | Acrisure LLC/Acrisure Finance, Inc., <br> 4.250%, 2/15/2029(a)<br>| 1031617 |
| 2400000 | Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 6.500%, 10/01/2031(a)<br>| 2356674 |
| 1180000 | Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.000%, 1/15/2031(a)<br>| 1190044 |
| 3621000 | Ardonagh Finco Ltd., <br> 7.750%, 2/15/2031(a)<br>| 3663427 |
| 2230000 | Baldwin Insurance Group <br> Holdings LLC/Baldwin Insurance Group <br> Holdings Finance, 7.125%, 5/15/2031(a)<br>| 2241305 |
| 677000 | Howden U.K. Refinance PLC/Howden <br> U.K. Refinance 2 PLC/Howden <br> U.S. Refinance LLC, 8.125%, 2/15/2032(a)<br>| 634315 |
| 1030000 | Liberty Mutual Group, Inc., <br> 4.300%, 2/01/2061(a)<br>| 647129 |
| 1473000 | Panther Escrow Issuer LLC, <br> 7.125%, 6/01/2031(a)<br>| 1477948 |
| 980000 | Ryan Specialty LLC, 5.875%, 8/01/2032(a) | 968597 |
|  |  | 14211056 |
|  | **Refining — 0.8%** | **Refining — 0.8%** |
| 1190000 | CVR Energy, Inc., 7.875%, 2/15/2034(a) | 1194170 |
| 1179000 | PBF Holding Co. LLC/PBF Finance Corp., <br> 9.875%, 3/15/2030(a)<br>| 1263840 |
|  |  | 2458010 |
|  | **Restaurants — 2.6%** | **Restaurants — 2.6%** |
| 1540000 | 1011778 BC ULC/New Red Finance, Inc., <br> 3.875%, 1/15/2028(a)<br>| 1505318 |
| 1490000 | 1011778 BC ULC/New Red Finance, Inc., <br> 4.000%, 10/15/2030(a)<br>| 1400488 |
| 460000 | 1011778 BC ULC/New Red Finance, Inc., <br> 4.375%, 1/15/2028(a)<br>| 453556 |
| 30000 | 1011778 BC ULC/New Red Finance, Inc., <br> 5.625%, 9/15/2029(a)<br>| 30065 |
| 1115000 | 1011778 BC ULC/New Red Finance, Inc., <br> 6.125%, 6/15/2029(a)<br>| 1133024 |
| 1110000 | Yum! Brands, Inc., 3.625%, 3/15/2031 | 1025389 |
| 290000 | Yum! Brands, Inc., 4.625%, 1/31/2032 | 276929 |
| 1980000 | Yum! Brands, Inc., 4.750%, 1/15/2030(a) | 1946968 |
|  |  | 7771737 |
|  | **Retailers — 2.3%** | **Retailers — 2.3%** |
| 2515000 | Global Auto Holdings Ltd./AAG FH U.K. <br> Ltd., 8.375%, 1/15/2029(a)<br>| 2308870 |
| 360000 | Global Auto Holdings Ltd./AAG FH U.K. <br> Ltd., 11.500%, 8/15/2029(a)<br>| 358169 |
| 220000 | Michaels Cos., Inc., 8.500%, 3/15/2033(a) | 214169 |

---

See accompanying notes to financial statements.

5 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles High Income Opportunities Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Retailers — continued** | **Retailers — continued** |
| $1025000 | Murphy Oil USA, Inc., <br> 3.750%, 2/15/2031(a)<br>| $952471 |
| 2310000 | PetSmart LLC/PetSmart Finance Corp., <br> 7.500%, 9/15/2032(a)<br>| 2321250 |
| 677000 | Wayfair LLC, 7.750%, 9/15/2030(a) | 704850 |
|  |  | 6859779 |
|  | **Technology — 9.4%** | **Technology — 9.4%** |
| 920000 | CACI International, Inc., <br> 6.375%, 6/15/2033(a)<br>| 936492 |
| 40000 | Entegris, Inc., 3.625%, 5/01/2029(a) | 38019 |
| 315000 | Entegris, Inc., 4.375%, 4/15/2028(a) | 309817 |
| 1664000 | Fair Isaac Corp., 6.000%, 5/15/2033(a) | 1632753 |
| 1028000 | Fair Isaac Corp., 6.250%, 9/15/2034(a) | 1011072 |
| 999000 | Flash Compute LLC, <br> 7.250%, 12/31/2030(a)<br>| 1005784 |
| 640955 | GoTo Group, Inc., 5.500%, 5/01/2028(a) | 501368 |
| 2988000 | Imola Merger Corp., 4.750%, 5/15/2029(a) | 2904138 |
| 382000 | Iron Mountain, Inc., 4.500%, 2/15/2031(a) | 358714 |
| 740000 | Iron Mountain, Inc., 4.875%, 9/15/2029(a) | 719975 |
| 345000 | Iron Mountain, Inc., 5.250%, 7/15/2030(a) | 335187 |
| 205000 | Iron Mountain, Inc., 7.000%, 2/15/2029(a) | 208938 |
| 2119000 | Neptune Bidco U.S., Inc., <br> 9.290%, 4/15/2029(a)<br>| 2124887 |
| 779000 | Open Text Corp., 3.875%, 2/15/2028(a) | 750071 |
| 550000 | Open Text Corp., 3.875%, 12/01/2029(a) | 491510 |
| 2515000 | Open Text Holdings, Inc., <br> 4.125%, 2/15/2030(a)<br>| 2247223 |
| 975000 | Open Text Holdings, Inc., <br> 4.125%, 12/01/2031(a)<br>| 832056 |
| 1243000 | Oracle Corp., 6.700%, 2/04/2056 | 1153633 |
| 1047000 | Sabre Financial Borrower LLC, <br> 11.125%, 6/15/2029(a)<br>| 1071419 |
| 1321000 | Science Applications International Corp., <br> 5.875%, 11/01/2033(a)<br>| 1289129 |
| 780000 | Seagate Data Storage Technology Pte. Ltd., <br> 4.091%, 6/01/2029(a)<br>| 754918 |
| 959000 | Seagate Data Storage Technology Pte. Ltd., <br> 4.125%, 1/15/2031(a)<br>| 896375 |
| 145000 | Seagate Data Storage Technology Pte. Ltd., <br> 5.750%, 12/01/2034(a)<br>| 144852 |
| 900000 | Seagate Data Storage Technology Pte. Ltd., <br> 5.875%, 7/15/2030(a)<br>| 914796 |
| 140000 | Seagate Data Storage Technology Pte. Ltd., <br> 8.250%, 12/15/2029(a)<br>| 147026 |
| 800000 | Sensata Technologies BV, <br> 4.000%, 4/15/2029(a)<br>| 771968 |
| 975000 | Sensata Technologies, Inc., <br> 3.750%, 2/15/2031(a)<br>| 904332 |
| 540000 | Sensata Technologies, Inc., <br> 4.375%, 2/15/2030(a)<br>| 516420 |
| 758000 | UKG, Inc., 6.875%, 2/01/2031(a) | 740805 |
| 406000 | WULF Compute LLC, <br> 7.750%, 10/15/2030(a)<br>| 429012 |
| 2087000 | Ziff Davis, Inc., 4.625%, 10/15/2030(a) | 1967763 |
|  |  | 28110452 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Wirelines — 0.6%** | **Wirelines — 0.6%** |
| $665000 | Altice Financing SA, 5.000%, 1/15/2028(a) | $466931 |
| 1355000 | Level 3 Financing, Inc., <br> 4.250%, 7/01/2028(a)<br>| 1307418 |
|  |  | 1774349 |
|  | **Total Non-Convertible Bonds**<br>(Identified Cost $251,395,403)<br>| 243844197 |
| **Convertible Bonds — 2.1%** | **Convertible Bonds — 2.1%** | **Convertible Bonds — 2.1%** |
|  | **Cable Satellite — 0.5%** |  |
| 398146 | EchoStar Corp., 3.875% PIK and/or <br> 3.875% Cash, 11/30/2030(g)<br>| 1422217 |
|  | **Consumer Cyclical Services — 0.2%** |  |
| 118000 | Compass, Inc., 0.250%, 4/15/2031(a) | 98766 |
| 140000 | DoorDash, Inc., Zero Coupon, <br> 5/15/2030(a)<br>| 127540 |
| 108000 | Lyft, Inc., Zero Coupon, 9/15/2030(a) | 101566 |
| 110000 | Uber Technologies, Inc., Series 2028, <br> 0.875%, 12/01/2028<br>| 132275 |
|  |  | 460147 |
|  | **Diversified Manufacturing — 0.1%** |  |
| 78000 | Advanced Energy Industries, Inc., <br> 2.500%, 9/15/2028<br>| 187497 |
| 94000 | Bloom Energy Corp., Zero Coupon, <br> 11/15/2030(a)<br>| 100091 |
| 65000 | Itron, Inc., 1.375%, 7/15/2030 | 65325 |
|  |  | 352913 |
|  | **Electric — 0.1%** |  |
| 68000 | Evergy, Inc., 4.500%, 12/15/2027 | 91732 |
| 127000 | FirstEnergy Corp., 3.875%, 1/15/2031(a) | 146431 |
| 98000 | Pinnacle West Capital Corp., <br> 4.750%, 6/15/2027<br>| 112210 |
|  |  | 350373 |
|  | **Environmental — 0.0%** |  |
| 73000 | Tetra Tech, Inc., 2.250%, 8/15/2028 | 76314 |
|  | **Financial Other — 0.2%** |  |
| 545000 | IREN Ltd., Series 33, <br> 1.000%, 6/01/2033(a)<br>| 478782 |
| 61642 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2026(a)<br>| 154 |
| 77056 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2027(a)<br>| 77 |
| 123285 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2028(a)<br>| 62 |
| 123285 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2029(a)<br>| 25 |
| 154107 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2030(a)<br>| 46 |
| 154107 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2031(a)<br>| 15 |
| 290733 | Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2032(a)<br>| 29 |

---

See accompanying notes to financial statements.

\| 6

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles High Income Opportunities Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Financial Other — continued** |  |
| $516600 | Shimao Group Holdings Ltd., Zero <br> Coupon, 7/21/2026(a)<br>| $10074 |
| 442344 | Sunac China Holdings Ltd., Zero Coupon, <br> 6/23/2026(a)<br>| 69771 |
| 326845 | Sunac China Holdings Ltd., Zero Coupon, <br> 6/23/2028(a)<br>| 82724 |
| 322104 | Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| 1891 |
| 63170 | Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| 246 |
|  |  | 643896 |
|  | **Food & Beverage — 0.0%** |  |
| 84000 | Post Holdings, Inc., 2.500%, 8/15/2027 | 90930 |
|  | **Industrial Other — 0.1%** |  |
| 72000 | Fluor Corp., 1.125%, 8/15/2029 | 88668 |
| 47000 | Granite Construction, Inc., <br> 3.750%, 5/15/2028<br>| 123257 |
|  |  | 211925 |
|  | **Leisure — 0.0%** |  |
| 105000 | NCL Corp. Ltd., 0.875%, 4/15/2030(a) | 108967 |
|  | **Metals & Mining — 0.1%** |  |
| 74000 | B2Gold Corp., 2.750%, 2/01/2030(a) | 119399 |
|  | **Midstream — 0.0%** |  |
| 76000 | UGI Corp., 5.000%, 6/01/2028 | 106514 |
|  | **Pharmaceuticals — 0.1%** |  |
| 106000 | Arrowhead Pharmaceuticals, Inc., Zero <br> Coupon, 1/15/2032<br>| 109668 |
| 82000 | Halozyme Therapeutics, Inc., <br> 0.875%, 11/15/2032(a)<br>| 80893 |
| 73000 | Ligand Pharmaceuticals, Inc., <br> 0.750%, 10/01/2030(a)<br>| 88293 |
| 60000 | Zoetis, Inc., 0.250%, 6/15/2029(a) | 59550 |
|  |  | 338404 |
|  | **Retailers — 0.1%** |  |
| 111000 | Burlington Stores, Inc., <br> 1.250%, 12/15/2027<br>| 183150 |
| 36000 | Freshpet, Inc., 3.000%, 4/01/2028 | 41342 |
|  |  | 224492 |
|  | **Technology — 0.6%** |  |
| 42000 | Cloudflare, Inc., Zero Coupon, <br> 6/15/2030(a)<br>| 47618 |
| 100000 | CyberArk Software Ltd., Zero Coupon, <br> 6/15/2030(a)<br>| 102680 |
| 85000 | Guidewire Software, Inc., <br> 1.250%, 11/01/2029<br>| 84628 |
| 34000 | InterDigital, Inc., 3.500%, 6/01/2027 | 132685 |
| 47000 | Lumentum Holdings, Inc., <br> 0.375%, 3/15/2032(a)<br>| 180928 |
| 66000 | Microchip Technology, Inc., Zero Coupon, <br> 2/15/2030(a)<br>| 64383 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Technology — continued** |  |
| $51000 | MKS, Inc., 1.250%, 6/01/2030 | $84252 |
| 116000 | Nova Ltd., Zero Coupon, 9/15/2030(a) | 178516 |
| 102000 | Nutanix, Inc., 0.500%, 12/15/2029 | 91954 |
| 153000 | Rubrik, Inc., Zero Coupon, 6/15/2030(a) | 131657 |
| 36000 | Seagate HDD Cayman, 3.500%, 6/01/2028 | 170899 |
| 114000 | Snowflake, Inc., Zero Coupon, 10/01/2029 | 139490 |
| 84000 | Wolfspeed, Inc., 2.500%, 6/15/2031 | 119805 |
| 57000 | Wolfspeed, Inc., 2.500%, 6/15/2031(a) | 81296 |
|  |  | 1610791 |
|  | **Total Convertible Bonds**<br>(Identified Cost $6,272,103)<br>| 6117282 |
|  | **Total Bonds and Notes**<br>(Identified Cost $257,667,506)<br>| 249961479 |
| **Senior Loans — 6.9%** | **Senior Loans — 6.9%** | **Senior Loans — 6.9%** |
|  | **Automotive — 0.0%** | **Automotive — 0.0%** |
| 101713 | First Brands Group LLC, 2021 Term Loan, <br> 10.759% PIK, 3/30/2027(e)(g)(i)<br>| 132 |
| 142857 | First Brands Group LLC, 2022 Incremental <br> Term Loan, 3 mo. USD SOFR + 5.000%, <br> 10.786%, 3/30/2027(e)(i)<br>| 186 |
| 98142 | First Brands Group LLC, 2025 DIP Term <br> Loan, 13.671% PIK, 6/29/2026(c)(g)(i)<br>| 22573 |
| 280467 | First Brands Group LLC, 2025 PIK DIP <br> Roll-Up Term Loan B, 10.671% PIK, <br> 6/29/2026(c)(g)(i)<br>| 188 |
|  |  | 23079 |
|  | **Consumer Cyclical Services — 1.1%** | **Consumer Cyclical Services — 1.1%** |
| 1781399 | Horizon U.S. Finco LP, Term Loan B, 6 mo. <br> USD SOFR + 4.500%, <br> 8.448%, 10/31/2031(c)(i)<br>| 1656701 |
| 1535861 | PUG LLC, 2024 Extended Term Loan B, <br> 1 mo. USD SOFR + 4.750%, <br> 8.418%, 3/15/2030(c)<br>| 1508031 |
|  |  | 3164732 |
|  | **Healthcare — 1.4%** | **Healthcare — 1.4%** |
| 1806590 | Bausch & Lomb Corp., 2025 Repriced Term <br> Loan, 1 mo. USD SOFR + 3.750%, <br> 7.418%, 1/15/2031(c)(i)<br>| 1808848 |
| 17003 | Hanger, Inc., 2024 Delayed Draw Term <br> Loan, 3.500%, 10/23/2031(j)<br>| 17033 |
| 28212 | Hanger, Inc., 2024 Delayed Draw Term <br> Loan, 1 mo. USD SOFR + 3.500%, <br> 5.788%, 10/23/2031(c)(i)<br>| 28261 |
| 350071 | Hanger, Inc., 2024 Term Loan B, 1 mo. <br> USD SOFR + 3.500%, <br> 7.168%, 10/23/2031(c)(i)<br>| 350684 |
| 428 | Inception Holdco SARL, 2025 USD <br> Repriced Term Loan, 3 mo. USD SOFR + <br> 3.250%, 6.950%, 4/09/2031(c)(i)<br>| 429 |

---

See accompanying notes to financial statements.

7 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles High Income Opportunities Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Healthcare — continued** | **Healthcare — continued** |
| $564773 | IVC Acquisition Ltd., 2025 USD Repriced <br> Term Loan B, 3 mo. USD SOFR + 3.750%, <br> 7.450%, 12/12/2028(c)(i)<br>| $561244 |
| 192105 | U.S. Fertility Enterprises LLC, 2025 <br> Delayed Draw Term Loan, <br> 1.750%, 12/30/2032(j)<br>| 191385 |
| 1267895 | U.S. Fertility Enterprises LLC, 2025 Term <br> Loan, 3 mo. USD SOFR + 3.500%, <br> 7.167%, 12/30/2032(c)(i)<br>| 1263140 |
|  |  | 4221024 |
|  | **Industrial Other — 0.2%** | **Industrial Other — 0.2%** |
| 440000 | Fluid Flow Products, Inc., 2026 Term Loan <br> B, 3/04/2033(k)<br>| 439450 |
|  | **Media Entertainment — 0.2%** | **Media Entertainment — 0.2%** |
| 735000 | Electronic Arts, Inc., USD Term Loan B, <br> 3/24/2033(k)<br>| 730406 |
|  | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| 312667 | GrafTech Finance, Inc., 2024 Delayed Draw <br> Term Loan, 3.750%, 12/21/2029(j)<br>| 295276 |
| 547168 | GrafTech Finance, Inc., 2024 Term Loan, <br> 3 mo. USD SOFR + 6.000%, <br> 9.670%, 12/21/2029(c)(i)<br>| 516734 |
|  |  | 812010 |
|  | **Paper — 0.7%** | **Paper — 0.7%** |
| 2290000 | Mativ Holdings, Inc., 2026 Term Loan B, <br> 4/04/2033(k)<br>| 2198400 |
|  | **Property & Casualty Insurance — 0.8%** | **Property & Casualty Insurance — 0.8%** |
| 975713 | Acrisure LLC, 2024 1st Lien Term Loan B6, <br> 1 mo. USD SOFR + 3.000%, <br> 6.668%, 11/06/2030(c)(i)<br>| 943758 |
| 712649 | Ardonagh Midco 3 PLC, 2024 USD Term <br> Loan B, USD SOFR + 2.750%, <br> 6.374%, 2/15/2031(c)(i)<br>| 695282 |
| 67822 | Asurion LLC, 2023 Term Loan B11, 1 mo. <br> USD SOFR + 4.250%, <br> 8.018%, 8/19/2028(c)(i)<br>| 67725 |
| 557379 | Truist Insurance Holdings LLC, 2nd Lien <br> Term Loan, 3 mo. USD SOFR + 4.750%, <br> 8.450%, 5/06/2032(c)(i)<br>| 550936 |
|  |  | 2257701 |
|  | **Supermarkets — 0.3%** | **Supermarkets — 0.3%** |
| 1011432 | Northeast Grocery, Inc., Term Loan B, <br> 3 mo. USD SOFR + 7.500%, <br> 11.152%, 12/13/2028(c)(i)<br>| 1012696 |
|  | **Technology — 1.9%** | **Technology — 1.9%** |
| 771000 | Cyberswift U.S. Finco LLC, Term Loan B, <br> 10/08/2032(k)<br>| 757508 |
| 233819 | Darktrace PLC, 1st Lien Term Loan, 3 mo. <br> USD SOFR + 3.250%, <br> 6.898%, 10/09/2031(c)<br>| 223328 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $925000 | Darktrace PLC, 2nd Lien Term Loan, 3 mo. <br> USD SOFR + 5.250%, <br> 8.898%, 10/09/2032(c)(i)<br>| $850426 |
| 2175000 | Dayforce, Inc., 2026 Term Loan, 3 mo. <br> USD SOFR + 3.000%, <br> 6.661%, 2/04/2033(c)(i)<br>| 2054766 |
| 220056 | GoTo Group, Inc., 2024 First Out Term <br> Loan, 3 mo. USD SOFR + 4.750%, <br> 8.571%, 4/28/2028(c)(i)<br>| 179895 |
| 338699 | Project Alpha Intermediate Holding, Inc., <br> 2024 1st Lien Term Loan B, 3 mo. USD <br> SOFR + 3.250%, 6.950%, 10/26/2030(c)(i)<br>| 255180 |
| 1320000 | Vantor Holdings, Inc., 1st Lien Term Loan, <br> 3 mo. USD SOFR + 4.500%, <br> 8.170%, 3/03/2033(c)(i)<br>| 1291950 |
|  |  | 5613053 |
|  | **Total Senior Loans**<br>(Identified Cost $21,404,915)<br>| 20472551 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Common Stocks— 1.7%** | **Common Stocks— 1.7%** | **Common Stocks— 1.7%** |
|  | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| 281 | General Electric Co. | 79740 |
| 209 | Howmet Aerospace, Inc. | 48166 |
|  |  | 127906 |
|  | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| 411 | United Parcel Service, Inc., Class B | 40434 |
|  | **Banks — 0.1%** | **Banks — 0.1%** |
| 679 | Citigroup, Inc. | 77005 |
| 448 | PNC Financial Services Group, Inc. | 93224 |
| 2041 | U.S. Bancorp | 106153 |
|  |  | 276382 |
|  | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| 369 | AbbVie, Inc. | 80254 |
| 11746 | BioMarin Pharmaceutical, Inc.(f) | 663531 |
| 659 | Gilead Sciences, Inc. | 91845 |
|  |  | 835630 |
|  | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| 203 | CME Group, Inc. | 59956 |
| 207 | Moody's Corp. | 90304 |
| 827 | Morgan Stanley | 136099 |
|  |  | 286359 |
|  | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| 1397 | Corteva, Inc. | 116943 |
|  | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| 101 | Costco Wholesale Corp. | 100639 |
|  | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| 188 | Packaging Corp. of America | 39897 |

---

See accompanying notes to financial statements.

\| 8

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles High Income Opportunities Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| 3550 | Comcast Corp., Class A | $101921 |
|  | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |
| 853 | Duke Energy Corp. | 111692 |
| 414 | NRG Energy, Inc. | 60502 |
|  |  | 172194 |
|  | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| 585 | Emerson Electric Co. | 76647 |
|  | **Electronic Equipment, Instruments &** <br> **Components — 0.0%** | **Electronic Equipment, Instruments &** <br> **Components — 0.0%** |
| 628 | Amphenol Corp., Class A | 79348 |
|  | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| 90 | McDermott International Ltd.(f) | 2340 |
|  | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| 239 | Mastercard, Inc., Class A | 119419 |
|  | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| 122 | Cencora, Inc. | 38325 |
| 66 | Elevance Health, Inc. | 19321 |
| 108 | UnitedHealth Group, Inc. | 29224 |
|  |  | 86870 |
|  | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
| 22 | Booking Holdings, Inc. | 92627 |
| 452 | Royal Caribbean Cruises Ltd. | 124381 |
|  |  | 217008 |
|  | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| 381 | Garmin Ltd. | 88396 |
|  | **Household Products — 0.1%** | **Household Products — 0.1%** |
| 804 | Colgate-Palmolive Co. | 68525 |
| 813 | Kimberly-Clark Corp. | 78430 |
| 561 | Procter & Gamble Co. | 81031 |
|  |  | 227986 |
|  | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| 530 | Alphabet, Inc., Class A | 152407 |
|  | **Media — 0.0%** | **Media — 0.0%** |
| 57592 | Optimum Communications, Inc., <br> Class A(f)<br>| 74870 |
|  | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| 2634 | Kinross Gold Corp. | 80390 |
|  | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| 843 | Exxon Mobil Corp. | 143023 |
| 888 | Williams Cos., Inc. | 64629 |
|  |  | 207652 |
|  | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| 2329 | Bristol-Myers Squibb Co. | 141254 |
| 1047 | Merck & Co., Inc. | 125943 |
|  |  | 267197 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| 76409 | Kaisa Group Holdings Ltd.(f) | $867 |
| 182087 | Times China Holdings Ltd.(f) | 1722 |
| 75564 | Yuzhou Group Holdings Co. Ltd.(f) | 1532 |
|  |  | 4121 |
|  | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| 557 | Simon Property Group, Inc. | 103897 |
|  | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| 60 | ASML Holding NV | 79250 |
| 430 | Broadcom, Inc. | 133089 |
| 372 | Lam Research Corp. | 79482 |
| 244 | Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 82460 |
| 5954 | Wolfspeed, Inc.(f) | 97169 |
|  |  | 471450 |
|  | **Software — 0.1%** | **Software — 0.1%** |
| 356 | Microsoft Corp. | 131781 |
| 429 | Salesforce, Inc. | 80081 |
| 482 | SAP SE, ADR | 82523 |
|  |  | 294385 |
|  | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| 854 | TJX Cos., Inc. | 136384 |
|  | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| 522 | Apple, Inc. | 132478 |
|  | **Total Common Stocks**<br>(Identified Cost $6,691,247)<br>| 4921550 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>|  |  |
| **Equity-Linked Notes — 0.4%** | **Equity-Linked Notes — 0.4%** | **Equity-Linked Notes — 0.4%** |
| $467595 | Barclays Bank PLC, (Yum! Brands, Inc.), <br> 9.570%, 8/21/2026(a)<br>| 474208 |
| 355621 | Barclays Bank PLC, (Freeport-McMoRan, <br> Inc.), 20.380%, 4/29/2026(a)<br>| 370355 |
| 441640 | JPMorgan Chase Bank NA, (Bank of <br> America Corp.), 16.220%, 4/23/2026(a)<br>| 457469 |
|  | **Total Equity-Linked Notes**<br>(Identified Cost $1,264,855)<br>| 1302032 |

---

See accompanying notes to financial statements.

9 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles High Income Opportunities Fund (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** |
| **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** |
|  | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| 3300 | Boeing Co., 6.000% | $214104 |
|  | **Brokerage — 0.0%** | **Brokerage — 0.0%** |
| 550 | Apollo Global Management, Inc., 6.750% | 32153 |
|  | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| 600 | Albemarle Corp., 7.250% | 43110 |
|  | **Electric — 0.0%** | **Electric — 0.0%** |
| 3206 | PG&E Corp., Series A, 6.000% | 137826 |
|  | **Technology — 0.1%** | **Technology — 0.1%** |
| 4400 | Oracle Corp., Series D, 6.500% | 198044 |
|  | **Total Convertible Preferred Stocks**<br>(Identified Cost $640,471)<br>| 625237 |
|  | **Total Preferred Stocks**<br>(Identified Cost $640,471)<br>| 625237 |
| **Other Investments — 0.0%** | **Other Investments — 0.0%** | **Other Investments — 0.0%** |
|  | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| 918139 | CFLD Cayman Trust Units(b)(f) <br>(Identified Cost $4,428)<br>| 4651 |
| **Warrants — 0.0%** | **Warrants — 0.0%** | **Warrants — 0.0%** |
| 22710 | McDermott International Ltd., Tranche A, <br> Expiration on 6/30/2027(b)(f)<br>|  |
| 25233 | McDermott International Ltd., Tranche B, <br> Expiration on 6/30/2027(b)(f)<br>|  |
|  | **Total Warrants**<br>(Identified Cost $35,226)<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>|  |  |
| **Short-Term Investments — 5.8%** | **Short-Term Investments — 5.8%** | **Short-Term Investments — 5.8%** |
| $8355092 | Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated <br> 3/31/2026 at 2.150% to be repurchased at <br> $8,355,591 on 4/01/2026 collateralized by <br> $8,135,500 U.S. Treasury Note, 4.625% <br> due 4/30/2031 valued at $8,522,237 <br> including accrued interest (Note 2 of Notes <br> to Financial Statements)<br>| 8355092 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
| $3978000 | U.S. Treasury Bills, <br> 3.510%–3.527%, 4/07/2026(l)(m)(n)<br>| $3975603 |
| 5038000 | U.S. Treasury Bills, <br> 3.613%–3.621%, 6/18/2026(m)(n)<br>| 4998737 |
|  | **Total Short-Term Investments**<br>(Identified Cost $17,329,270)<br>| 17329432 |
|  | **Total Investments — 99.0%**<br>(Identified Cost $305,037,918)<br>| 294616932 |
|  | Other assets less liabilities — 1.0% | 2937110 |
|  | **Net Assets — 100.0%** | $297554042 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the value of Rule 144A holdings amounted to $213,050,047 or 71.6% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Rate as of March 31, 2026 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for the purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and/or spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Perpetual bond with no specified maturity date.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Payment–in–kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Securities subject to restriction on resale. At March 31, 2026, the restricted securities held by the Fund are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | &nbsp;&nbsp; **% of** <br>**Net Assets**<br>|
| Yuzhou Group <br> Holdings <br> Co. Ltd.<br>| 7/29/2021-12/31/2025 | &nbsp;&nbsp; $190116 | &nbsp;&nbsp; $6293 | Less than 0.1% |
| Yuzhou Group <br> Holdings <br> Co. Ltd.<br>| 7/29/2021-1/07/2026 | &nbsp;&nbsp; 182303 | &nbsp;&nbsp; 5618 | Less than 0.1% |
| Yuzhou Group <br> Holdings <br> Co. Ltd.<br>| 7/29/2021-1/07/2026 | &nbsp;&nbsp; 158217 | &nbsp;&nbsp; 4379 | Less than 0.1% |
| Yuzhou Group <br> Holdings <br> Co. Ltd.<br>| 7/29/2021-1/07/2026 | &nbsp;&nbsp; 17096 | &nbsp;&nbsp; 3695 | Less than 0.1% |
| Yuzhou Group <br> Holdings <br> Co. Ltd.<br>| 7/29/2021-1/09/2026 | &nbsp;&nbsp; 85039 | &nbsp;&nbsp; 1952 | Less than 0.1% |

---

See accompanying notes to financial statements.

\| 10

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles High Income Opportunities Fund (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Acquisition**<br> **Date**<br>| **Acquisition**<br> **Cost**<br>| **Value** | &nbsp;&nbsp; **% of**<br> **Net Assets**<br>|
| Yuzhou Group <br> Holdings <br> Co. Ltd.<br>| 7/29/2021-1/07/2026 | &nbsp;&nbsp; $30522 | &nbsp;&nbsp; $158 | Less than 0.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate which may range from 0.00% to 2.00%, to which the spread is added.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Unfunded loan commitment. An unfunded loan commitment is a contractual obligation for future funding at the option of the borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement. See Note 2 of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Position is unsettled. Contract rate was not determined at March 31, 2026 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Fund's investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Interest rate represents discount rate at time of purchase; not a coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ABS | Asset-Backed Securities |
| ADR | &nbsp;&nbsp; An American Depositary Receipt is a certificate issued by a <br> custodian bank representing the right to receive securities of the <br> foreign issuer described. The values of ADRs may be significantly <br> influenced by trading on exchanges not located in the <br> United States.<br>|
| DIP | Debtor In Possession |
| PIK | Payment-in-Kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

**At March 31, 2026, the Fund had the following open long futures contracts:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; $18388034 | &nbsp;&nbsp; $18255187 | &nbsp;&nbsp; $(132847)<br>|
| CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 9313455 | &nbsp;&nbsp; 9195274 | &nbsp;&nbsp; (118181)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(251028)<br>|

---

**At March 31, 2026, the Fund had the following open short futures contracts:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; $8669117 | &nbsp;&nbsp; $8546195 | &nbsp;&nbsp; $122922 |
| CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1411462 | &nbsp;&nbsp; 1366500 | &nbsp;&nbsp; 44962 |
| CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 241206 | &nbsp;&nbsp; 233125 | &nbsp;&nbsp; 8081 |
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 116061 | &nbsp;&nbsp; 113516 | &nbsp;&nbsp; 2545 |
| Total |  |  |  |  | &nbsp;&nbsp; $178510 |

---

See accompanying notes to financial statements.

11 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 115.8% of Net Assets** | **Bonds and Notes — 115.8% of Net Assets** | **Bonds and Notes — 115.8% of Net Assets** |
|  | **ABS Car Loan — 7.6%** | **ABS Car Loan — 7.6%** |
| $939517 | American Credit Acceptance Receivables <br> Trust, Series 2022-4, Class D, <br> 8.000%, 2/15/2029(a)<br>| $946517 |
| 3100000 | AmeriCredit Automobile Receivables <br> Trust, Series 2023-2, Class B, <br> 5.840%, 7/18/2029<br>| 3139519 |
| 717632 | AmeriCredit Automobile Receivables <br> Trust, Series 2024-1, Class A3, <br> 5.430%, 1/18/2029<br>| 721748 |
| 2410000 | AmeriCredit Automobile Receivables <br> Trust, Series 2026-1, Class A3, <br> 4.150%, 11/18/2032(a)<br>| 2399235 |
| 1040000 | AutoNation Finance Trust, <br> Series 2025-1A, Class A4, <br> 4.760%, 6/10/2030(a)<br>| 1048234 |
| 3215000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-1A, Class A, <br> 5.360%, 6/20/2030(a)<br>| 3285627 |
| 495000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2025-1A, Class A, <br> 4.800%, 8/20/2029(a)<br>| 498429 |
| 3030000 | CarMax Auto Owner Trust, <br> Series 2022-3, Class D, <br> 6.200%, 1/16/2029<br>| 3045219 |
| 800000 | CarMax Auto Owner Trust, <br> Series 2023-3, Class C, <br> 5.610%, 2/15/2029<br>| 811154 |
| 2325000 | CarMax Auto Owner Trust, <br> Series 2024-2, Class B, <br> 5.690%, 11/15/2029<br>| 2371170 |
| 1680000 | CarMax Select Receivables Trust, <br> Series 2025-A, Class A3, <br> 4.770%, 9/17/2029<br>| 1691051 |
| 1720000 | CarMax Select Receivables Trust, <br> Series 2025-B, Class C, <br> 4.830%, 6/16/2031<br>| 1722583 |
| 240026 | Carvana Auto Receivables Trust, <br> Series 2021-N1, Class C, <br> 1.300%, 1/10/2028<br>| 237901 |
| 5410000 | Carvana Auto Receivables Trust, <br> Series 2021-P2, Class C, <br> 1.600%, 6/10/2027<br>| 5370226 |
| 1600000 | Carvana Auto Receivables Trust, <br> Series 2022-P3, Class A4, <br> 4.850%, 6/12/2028<br>| 1604658 |
| 1605000 | Carvana Auto Receivables Trust, <br> Series 2023-P4, Class A4, <br> 6.160%, 9/10/2029(a)<br>| 1647575 |
| 442000 | Carvana Auto Receivables Trust, <br> Series 2024-P1, Class A4, <br> 5.080%, 3/11/2030(a)<br>| 447596 |
| 4965000 | Carvana Auto Receivables Trust, <br> Series 2025-P1, Class A3, <br> 4.550%, 5/10/2030<br>| 4973436 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $1125000 | Carvana Auto Receivables Trust, <br> Series 2025-P2, Class A4, <br> 4.750%, 6/10/2031<br>| $1137078 |
| 1250000 | Chase Auto Owner Trust, Series 2024-1A, <br> Class B, 5.160%, 11/26/2029(a)<br>| 1266374 |
| 2800000 | Chase Auto Owner Trust, Series 2024-2A, <br> Class A4, 5.480%, 11/26/2029(a)<br>| 2855421 |
| 2200000 | Chase Auto Owner Trust, Series 2024-4A, <br> Class C, 5.460%, 7/25/2030(a)<br>| 2241051 |
| 970000 | Chase Auto Owner Trust, Series 2025-1A, <br> Class A4, 4.380%, 10/25/2030(a)<br>| 973878 |
| 3025000 | Citizens Auto Receivables Trust, <br> Series 2023-1, Class A4, <br> 5.780%, 10/15/2030(a)<br>| 3058080 |
| 112177 | Credit Acceptance Auto Loan Trust, <br> Series 2023-3A, Class A, <br> 6.390%, 8/15/2033(a)<br>| 112404 |
| 820000 | Credit Acceptance Auto Loan Trust, <br> Series 2025-2A, Class B, <br> 4.870%, 1/15/2036(a)<br>| 821492 |
| 635000 | Drive Auto Receivables Trust, <br> Series 2025-1, Class A3, <br> 4.730%, 9/15/2032<br>| 636833 |
| 3524343 | DT Auto Owner Trust, Series 2023-3A, <br> Class C, 6.400%, 5/15/2029(a)<br>| 3550502 |
| 595000 | Enterprise Fleet Financing LLC, <br> Series 2025-1, Class A4, <br> 4.970%, 9/22/2031(a)<br>| 604023 |
| 2125000 | FHF Issuer Trust, Series 2025-2A, <br> Class A2, 5.750%, 5/15/2030(a)<br>| 2124692 |
| 935000 | First Investors Auto Owner Trust, <br> Series 2025-1A, Class C, <br> 4.750%, 12/15/2031(a)<br>| 935886 |
| 878748 | Flagship Credit Auto Trust, Series 2022-1, <br> Class C, 3.060%, 3/15/2028(a)<br>| 876902 |
| 3594265 | Flagship Credit Auto Trust, Series 2023-2, <br> Class B, 5.210%, 5/15/2028(a)<br>| 3596475 |
| 1235000 | Flagship Credit Auto Trust, Series 2024-1, <br> Class A3, 5.480%, 10/16/2028(a)<br>| 1237997 |
| 791293 | Flagship Credit Auto Trust, Series 2024-3, <br> Class A, 4.880%, 11/15/2028(a)<br>| 791836 |
| 920000 | Ford Credit Auto Owner Trust, <br> Series 2023-2, Class C, <br> 6.160%, 2/15/2036(a)<br>| 949781 |
| 330000 | Ford Credit Floorplan Master Owner <br> Trust A, Series 2023-1, Class C, <br> 5.750%, 5/15/2028(a)<br>| 330428 |
| 1520000 | Foursight Capital Automobile Receivables <br> Trust, Series 2023-1, Class D, <br> 7.410%, 2/15/2030(a)<br>| 1546880 |
| 1750000 | Foursight Capital Automobile Receivables <br> Trust, Series 2023-2, Class B, <br> 6.110%, 11/15/2028(a)<br>| 1762508 |
| 130000 | Foursight Capital Automobile Receivables <br> Trust, Series 2024-1, Class C, <br> 5.770%, 11/15/2029(a)<br>| 131621 |

---

See accompanying notes to financial statements.

\| 12

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $2440000 | GECU Auto Receivables Trust, <br> Series 2023-1A, Class A4, <br> 5.790%, 10/15/2029(a)<br>| $2472850 |
| 651000 | GLS Auto Receivables Issuer Trust, <br> Series 2024-3A, Class C, <br> 5.210%, 2/18/2031(a)<br>| 654894 |
| 4070000 | GLS Auto Receivables Issuer Trust, <br> Series 2025-1A, Class B, <br> 4.980%, 7/16/2029(a)<br>| 4097495 |
| 425000 | GLS Auto Receivables Issuer Trust, <br> Series 2025-4A, Class A3, <br> 4.290%, 7/16/2029(a)<br>| 425323 |
| 1110000 | GLS Auto Select Receivables Issuer Trust, <br> Series 2025-4A, Class C, <br> 5.140%, 12/15/2031(a)<br>| 1110003 |
| 1780000 | GLS Auto Select Receivables Trust, <br> Series 2024-3A, Class B, <br> 5.640%, 8/15/2030(a)<br>| 1811882 |
| 180000 | GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class B, <br> 5.040%, 2/15/2031(a)<br>| 181528 |
| 782180 | GM Financial Consumer Automobile <br> Receivables Trust, Series 2024-2, <br> Class A3, 5.100%, 3/16/2029<br>| 785472 |
| 490000 | GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-1, Class B, <br> 5.000%, 8/16/2030<br>| 495566 |
| 184915 | Huntington Bank Auto Credit-Linked <br> Notes, Series 2024-1, Class B1, <br> 6.153%, 5/20/2032(a)<br>| 187536 |
| 835000 | Hyundai Auto Receivables Trust, <br> Series 2025-A, Class C, <br> 4.760%, 6/15/2032<br>| 835559 |
| 1035000 | LAD Auto Receivables Trust, <br> Series 2024-2A, Class C, <br> 5.660%, 10/15/2029(a)<br>| 1055672 |
| 340000 | LAD Auto Receivables Trust, <br> Series 2024-3A, Class C, <br> 4.930%, 3/15/2030(a)<br>| 342213 |
| 1910000 | LAD Auto Receivables Trust, <br> Series 2025-2A, Class B, <br> 4.530%, 5/17/2032(a)<br>| 1898233 |
| 3030000 | LAD Auto Receivables Trust, <br> Series 2026-1A, Class A4, <br> 4.050%, 12/15/2031(a)<br>| 2978887 |
| 2774206 | Lendbuzz Securitization Trust, <br> Series 2023-2A, Class A2, <br> 7.090%, 10/16/2028(a)<br>| 2803810 |
| 1560000 | M&T Bank Auto Receivables Trust, <br> Series 2025-1A, Class A4, <br> 4.890%, 7/15/2032(a)<br>| 1578438 |
| 581389 | Merchants Fleet Funding LLC, <br> Series 2023-1A, Class A, <br> 7.210%, 5/20/2036(a)<br>| 582805 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $800000 | NextGear Floorplan Master Owner Trust, <br> Series 2026-1A, Class B, <br> 4.530%, 2/18/2031(a)<br>| $792887 |
| 3265000 | OneMain Direct Auto Receivables Trust, <br> Series 2026-1A, Class A, <br> 4.490%, 12/14/2033(a)<br>| 3236862 |
| 895000 | PenFed Auto Receivables Owner Trust, <br> Series 2025-A, Class A4, <br> 4.190%, 5/15/2031(a)<br>| 891914 |
| 340456 | Prestige Auto Receivables Trust, <br> Series 2023-2A, Class B, <br> 6.640%, 12/15/2027(a)<br>| 340675 |
| 250000 | Red Oak Funding Master Trust, <br> Series 2025-1A, Class A, 30 day USD <br> SOFR Average + 2.000%, <br> 5.673%, 12/20/2030(a)(b)<br>| 250289 |
| 3075000 | Santander Drive Auto Receivables Trust, <br> Series 2023-2, Class C, <br> 5.470%, 12/16/2030<br>| 3108324 |
| 500000 | Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class C, <br> 5.840%, 6/17/2030<br>| 508924 |
| 744163 | Santander Drive Auto Receivables Trust, <br> Series 2025-1, Class A3, <br> 4.740%, 1/16/2029<br>| 745465 |
| 200000 | SBNA Auto Receivables Trust, <br> Series 2024-A, Class C, <br> 5.590%, 1/15/2030(a)<br>| 202707 |
| 316821 | Securitized Term Auto Receivables Trust, <br> Series 2025-A, Class B, <br> 5.038%, 7/25/2031(a)<br>| 318532 |
| 125000 | SFS Auto Receivables Securitization Trust, <br> Series 2023-1A, Class C, <br> 5.970%, 2/20/2031(a)<br>| 127521 |
| 300000 | SFS Auto Receivables Securitization Trust, <br> Series 2025-1A, Class B, <br> 5.110%, 2/20/2031(a)<br>| 303616 |
| 1510000 | SFS Auto Receivables Securitization Trust, <br> Series 2025-3A, Class B, <br> 4.440%, 11/20/2031(a)<br>| 1503167 |
| 1475000 | Stellantis Financial Underwritten <br> Enhanced Lease Trust, Series 2025-BA, <br> Class C, 4.710%, 1/22/2030(a)<br>| 1470939 |
| 1630000 | Tesla Electric Vehicle Trust, Series 2023-1, <br> Class B, 5.820%, 5/20/2031(a)<br>| 1654929 |
| 625000 | USB Auto Owner Trust, Series 2025-1A, <br> Class B, 4.810%, 1/15/2031(a)<br>| 628902 |
| 275560 | Veros Auto Receivables Trust, <br> Series 2025-1, Class A, <br> 5.310%, 9/15/2028(a)<br>| 276452 |
| 3605000 | VStrong Auto Receivables Trust, <br> Series 2023-A, Class C, <br> 8.040%, 2/15/2030(a)<br>| 3777759 |
| 3155000 | VStrong Auto Receivables Trust, <br> Series 2024-A, Class B, <br> 5.770%, 7/15/2030(a)<br>| 3191497 |

---

See accompanying notes to financial statements.

13 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $1131056 | Westlake Automobile Receivables Trust, <br> Series 2024-1A, Class B, <br> 5.550%, 11/15/2027(a)<br>| $1133309 |
| 1230000 | Westlake Automobile Receivables Trust, <br> Series 2024-2A, Class B, <br> 5.620%, 3/15/2030(a)<br>| 1237772 |
| 1520000 | Westlake Automobile Receivables Trust, <br> Series 2024-3A, Class A3, <br> 4.710%, 4/17/2028(a)<br>| 1522845 |
| 1000000 | Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class B, <br> 4.980%, 9/16/2030(a)<br>| 1006246 |
| 1335000 | Wheels Fleet Lease Funding 1 LLC, <br> Series 2023-1A, Class B, <br> 5.800%, 4/18/2038(a)<br>| 1343176 |
| 870000 | Wheels Fleet Lease Funding 1 LLC, <br> Series 2025-3A, Class A1, <br> 4.080%, 9/18/2040(a)<br>| 865286 |
| 1045000 | World Omni Automobile <br> Lease Securitization Trust, Series 2025-A, <br> Class A4, 4.490%, 5/15/2030<br>| 1049547 |
|  |  | 123291728 |
|  | **ABS Credit Card — 0.8%** | **ABS Credit Card — 0.8%** |
| 905000 | Avant Credit Card Master Trust, <br> Series 2025-1A, Class A, <br> 4.890%, 4/15/2031(a)<br>| 898127 |
| 1230000 | Continental Finance Credit Card ABS <br> Master Trust, Series 2025-A, Class A, <br> 5.400%, 12/17/2035(a)<br>| 1222229 |
| 1645000 | Imprint Payments Credit Card Master <br> Trust, Series 2025-A, Class A, <br> 4.840%, 9/15/2029(a)<br>| 1644886 |
| 1370000 | Mercury Financial Credit Card Master <br> Trust, Series 2024-2A, Class A, <br> 6.560%, 7/20/2029(a)<br>| 1370993 |
| 3344000 | Mission Lane Credit Card Master Trust, <br> Series 2024-A, Class A1, <br> 6.200%, 8/15/2029(a)<br>| 3352490 |
| 1920000 | Mission Lane Credit Card Master Trust, <br> Series 2024-B, Class A, <br> 5.880%, 1/15/2030(a)<br>| 1923117 |
| 1395000 | Synchrony Card Funding LLC, <br> Series 2024-A1, Class A, <br> 5.040%, 3/15/2030<br>| 1407205 |
| 1040000 | World Financial Network Credit Card <br> Master Trust, Series 2024-A, Class A, <br> 5.470%, 2/15/2031<br>| 1053086 |
|  |  | 12872133 |
|  | **ABS Home Equity — 4.0%** | **ABS Home Equity — 4.0%** |
| 1448850 | Citigroup Mortgage Loan Trust, Inc., <br> Series 2019-RP1, Class M2, <br> 4.000%, 1/25/2066(a)(b)<br>| 1345002 |
| 118957 | CoreVest American Finance Trust, <br> Series 2019-3, Class A, <br> 2.705%, 10/15/2052(a)<br>| 118736 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $3730000 | FirstKey Homes Trust, Series 2021-SFR1, <br> Class B, 1.788%, 8/17/2038(a)<br>| $3687992 |
| 2495000 | FirstKey Homes Trust, Series 2021-SFR1, <br> Class C, 1.888%, 8/17/2038(a)<br>| 2465892 |
| 5430000 | FirstKey Homes Trust, Series 2021-SFR2, <br> Class C, 1.707%, 9/17/2038(a)<br>| 5357045 |
| 510791 | HarborView Mortgage Loan Trust, <br> Series 2004-3, Class 1A, <br> 5.320%, 5/19/2034(b)(c)<br>| 481054 |
| 1349575 | Home Partners of America Trust, <br> Series 2021-1, Class C, <br> 2.078%, 9/17/2041(a)<br>| 1225337 |
| 7685081 | JP Morgan Mortgage Trust, Series 2017-4, <br> Class AX1, <br> 0.371%, 11/25/2048(a)(b)(c)(d)<br>| 90306 |
| 4515000 | Legacy Mortgage Asset Trust, <br> Series 2020-RPL1, Class A2, <br> 3.250%, 9/25/2059(a)(b)<br>| 4068221 |
| 568767 | Mill City Mortgage Loan Trust, <br> Series 2018-2, Class M1, <br> 3.750%, 5/25/2058(a)(b)<br>| 560456 |
| 221717 | Mill City Mortgage Loan Trust, <br> Series 2018-3, Class A1, <br> 3.500%, 8/25/2058(a)(b)<br>| 219413 |
| 1646967 | Mill City Mortgage Loan Trust, <br> Series 2019-1, Class M1, <br> 3.500%, 10/25/2069(a)(b)<br>| 1570582 |
| 394077 | Mill City Mortgage Loan Trust, <br> Series 2021-NMR1, Class A1, <br> 1.125%, 11/25/2060(a)(b)<br>| 380660 |
| 4006000 | Mill City Mortgage Trust, Series 2015-2, <br> Class B1, 3.680%, 9/25/2057(a)(b)<br>| 3887908 |
| 1054200 | NLT Trust, Series 2023-1, Class A1, <br> 3.200%, 10/25/2062(a)(b)<br>| 971708 |
| 1333737 | NYMT Loan Trust, Series 2024-BPL3, <br> Class A1, 5.268%, 9/25/2039(a)(b)<br>| 1333473 |
| 600519 | NYMT Loan Trust, Series 2024-CP1, <br> Class A1, 3.750%, 2/25/2068(a)(b)<br>| 555509 |
| 76997 | OBX Trust, Series 2018-EXP1, Class 1A3, <br> 4.000%, 4/25/2048(a)(b)<br>| 73440 |
| 1892000 | Progress Residential Trust, <br> Series 2021-SFR3, Class B, <br> 1.888%, 5/17/2026(a)<br>| 1884499 |
| 830000 | Progress Residential Trust, <br> Series 2021-SFR5, Class C, <br> 1.808%, 7/17/2038(a)<br>| 823116 |
| 1715000 | Progress Residential Trust, <br> Series 2021-SFR6, Class C, <br> 1.855%, 7/17/2038(a)<br>| 1700827 |
| 5450000 | Progress Residential Trust, <br> Series 2021-SFR9, Class C, <br> 2.362%, 11/17/2040(a)<br>| 5122265 |
| 189045 | PRPM LLC, Series 2023-RCF2, Class A1, <br> 4.000%, 11/25/2053(a)(b)<br>| 186367 |
| 305756 | PRPM LLC, Series 2024-RCF1, Class A1, <br> 4.000%, 1/25/2054(a)(b)<br>| 301743 |

---

See accompanying notes to financial statements.

\| 14

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $864569 | PRPM LLC, Series 2024-RCF2, Class A1, <br> 3.750%, 3/25/2054(a)(b)<br>| $846879 |
| 476 | Residential Accredit Loans, Inc. Trust, <br> Series 2006-QS13, Class 2A1, <br> 5.750%, 11/25/2061(c)<br>| 202 |
| 6805 | Residential Accredit Loans, Inc. Trust, <br> Series 2006-QS18, Class 3A3, <br> 5.750%, 6/25/2056(c)<br>| 2903 |
| 112 | Residential Accredit Loans, Inc. Trust, <br> Series 2006-QS6, Class 2A1, <br> 6.000%, 4/25/2062(c)<br>|  |
| 2592190 | Towd Point Mortgage Trust, <br> Series 2017-3, Class A2, <br> 3.000%, 7/25/2057(a)(b)<br>| 2565595 |
| 4036054 | Towd Point Mortgage Trust, <br> Series 2017-4, Class A2, <br> 3.000%, 6/25/2057(a)(b)<br>| 3850949 |
| 365639 | Towd Point Mortgage Trust, <br> Series 2018-3, Class A1, <br> 3.750%, 5/25/2058(a)(b)<br>| 358643 |
| 2325000 | Towd Point Mortgage Trust, <br> Series 2018-4, Class A2, <br> 3.000%, 6/25/2058(a)(b)<br>| 1971380 |
| 5530000 | Towd Point Mortgage Trust, <br> Series 2019-2, Class A2, <br> 3.750%, 12/25/2058(a)(b)<br>| 5001352 |
| 5555000 | Towd Point Mortgage Trust, <br> Series 2020-2, Class A2B, <br> 3.000%, 4/25/2060(a)(b)<br>| 4611903 |
| 5000000 | Towd Point Mortgage Trust, <br> Series 2020-4, Class A2, <br> 2.500%, 10/25/2060(a)<br>| 4113400 |
| 1275000 | Tricon American Homes Trust, <br> Series 2020-SFR1, Class C, <br> 2.249%, 7/17/2038(a)<br>| 1263542 |
| 1305000 | Tricon American Homes Trust, <br> Series 2020-SFR2, Class B, <br> 1.832%, 11/17/2039(a)<br>| 1242593 |
| 325097 | WaMu Mortgage Pass-Through <br> Certificates Trust, Series 2007-HY2, <br> Class 2A2, 4.257%, 11/25/2036(b)(c)<br>| 305292 |
|  |  | 64546184 |
|  | **ABS Other — 10.3%** | **ABS Other — 10.3%** |
| 2945071 | AASET Ltd., Series 2024-2A, Class A, <br> 5.930%, 9/16/2049(a)<br>| 2966764 |
| 381050 | Accelerated Assets LLC, Series 2018-1, <br> Class A, 3.870%, 12/02/2033(a)<br>| 377503 |
| 147175 | ACHV ABS Trust, Series 2024-1PL, <br> Class B, 6.340%, 4/25/2031(a)<br>| 148386 |
| 317000 | Affirm Asset Securitization Trust, <br> Series 2025-X2, Class C, <br> 4.930%, 10/15/2030(a)<br>| 317000 |
| 320000 | Affirm Master Trust, Series 2025-3A, <br> Class B, 4.750%, 10/16/2034(a)<br>| 318015 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $8545000 | Affirm Master Trust, Series 2026-2A, <br> Class A, 4.670%, 4/16/2035(a)<br>| $8450056 |
| 1198757 | ALTDE Trust, Series 2025-1A, Class A, <br> 5.900%, 8/15/2050(a)<br>| 1205904 |
| 3725000 | American Tower Trust, <br> 5.490%, 3/15/2053(a)<br>| 3766317 |
| 3996000 | Applebee's Funding LLC/IHOP <br> Funding LLC, Series 2025-1A, Class A2, <br> 6.720%, 6/07/2055(a)<br>| 3996888 |
| 2840074 | Aqua Finance Trust, Series 2021-A, <br> Class A, 1.540%, 7/17/2046(a)<br>| 2606629 |
| 1289154 | Aqua Finance Trust, Series 2024-A, <br> Class A, 4.810%, 4/18/2050(a)<br>| 1291943 |
| 54485 | Auxilior Term Funding LLC, <br> Series 2023-1A, Class A2, <br> 6.180%, 12/15/2028(a)<br>| 54602 |
| 1000000 | Avant Loans Funding Trust, <br> Series 2026-REV1, Class A, <br> 4.520%, 5/15/2036(a)<br>| 991803 |
| 1495000 | BasePoint MCA Securitization II LLC, <br> Series 2025-1A, Class A, <br> 5.926%, 8/15/2031(a)<br>| 1492608 |
| 495000 | BHG Securitization Trust, Series 2022-A, <br> Class C, 3.080%, 2/20/2035(a)<br>| 490163 |
| 1631435 | BHG Securitization Trust, Series 2023-A, <br> Class B, 6.350%, 4/17/2036(a)<br>| 1642113 |
| 156141 | BHG Securitization Trust, <br> Series 2024-1CON, Class A, <br> 5.810%, 4/17/2035(a)<br>| 158043 |
| 878864 | BHG Securitization Trust, <br> Series 2025-1CON, Class A, <br> 4.820%, 4/17/2036(a)<br>| 879894 |
| 283248 | BHG Securitization Trust, <br> Series 2025-1CON, Class B, <br> 5.260%, 4/17/2036(a)<br>| 284721 |
| 914719 | BHG Securitization Trust, <br> Series 2025-2CON, Class A, <br> 4.840%, 9/17/2036(a)<br>| 916281 |
| 2620000 | Bluepeak ABS Issuer LLC, <br> Series 2025-1A, Class A2, <br> 5.858%, 12/20/2055(a)<br>| 2651383 |
| 1895669 | Business Jet Securities LLC, <br> Series 2024-2A, Class A, <br> 5.364%, 9/15/2039(a)<br>| 1890639 |
| 591695 | Castlelake Aircraft Structured Trust, <br> Series 2019-1A, Class A, <br> 3.967%, 4/15/2039(a)<br>| 585799 |
| 1765000 | Compass Datacenters Issuer II LLC, <br> Series 2024-2A, Class A1, <br> 5.022%, 8/25/2049(a)<br>| 1750292 |
| 1375000 | Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2, <br> 5.656%, 2/25/2050(a)<br>| 1381775 |
| 1789000 | Compass Datacenters Issuer III LLC, <br> Series 2025-3A, Class A2, <br> 5.286%, 7/25/2050(a)<br>| 1771421 |

---

See accompanying notes to financial statements.

15 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $1405000 | Compass Datacenters Issuer III LLC, <br> Series 2026-1A, Class A21, <br> 4.897%, 2/25/2056(a)<br>| $1389774 |
| 965000 | Credibly Asset Securitization II LLC, <br> Series 2026-1A, Class A, <br> 5.400%, 4/15/2029(a)<br>| 959257 |
| 1247576 | Crockett Partners Equipment Co. <br> IIA LLC, Series 2024-1C, Class A, <br> 6.050%, 1/20/2031(a)<br>| 1262181 |
| 3020000 | CyrusOne Data Centers Issuer I LLC, <br> Series 2024-2A, Class A2, <br> 4.500%, 5/20/2049(a)<br>| 2935629 |
| 1525000 | CyrusOne Data Centers Issuer I LLC, <br> Series 2024-3A, Class A2, <br> 4.650%, 5/20/2049(a)<br>| 1448385 |
| 980000 | CyrusOne Data Centers Issuer I LLC, <br> Series 2025-1A, Class A2, <br> 5.910%, 2/20/2050(a)<br>| 983904 |
| 2905000 | DataBank Issuer II LLC, Series 2025-1A, <br> Class A2, 5.180%, 9/27/2055(a)<br>| 2817886 |
| 1565000 | EDI ABS Issuer 1 LLC, Series 2025-1A, <br> Class A2, 4.450%, 7/25/2055(a)<br>| 1498214 |
| 817663 | Elara HGV Timeshare Issuer LLC, <br> Series 2023-A, Class A, <br> 6.160%, 2/25/2038(a)<br>| 837650 |
| 685484 | EverBright Solar Trust, Series 2024-A, <br> Class A, 6.430%, 6/22/2054(a)<br>| 578548 |
| 2356022 | Foundation Finance Trust, <br> Series 2023-2A, Class B, <br> 6.970%, 6/15/2049(a)<br>| 2444814 |
| 479083 | Foundation Finance Trust, <br> Series 2024-1A, Class B, <br> 5.950%, 12/15/2049(a)<br>| 489746 |
| 1832612 | GGAM Master Trust International Ltd., <br> Series 2025-1A, Class A, <br> 5.923%, 9/30/2060(a)<br>| 1826010 |
| 2358826 | Global SC Finance X Ltd., <br> Series 2025-1H, Class A, <br> 6.169%, 9/20/2045(a)<br>| 2346836 |
| 147284 | GreenSky Home Improvement Issuer <br> Trust, Series 2024-2, Class A4, <br> 5.150%, 10/27/2059(a)<br>| 147954 |
| 298254 | GreenSky Home Improvement Issuer <br> Trust, Series 2025-1A, Class A4, <br> 5.220%, 3/25/2060(a)<br>| 299982 |
| 926065 | Hilton Grand Vacations Trust, <br> Series 2020-AA, Class A, <br> 2.740%, 2/25/2039(a)<br>| 912943 |
| 1297612 | Hilton Grand Vacations Trust, <br> Series 2023-1A, Class A, <br> 5.720%, 1/25/2038(a)<br>| 1315244 |
| 173743 | Hilton Grand Vacations Trust, <br> Series 2024-1B, Class A, <br> 5.750%, 9/15/2039(a)<br>| 176501 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $1768921 | Hilton Grand Vacations Trust, <br> Series 2024-2A, Class A, <br> 5.500%, 3/25/2038(a)<br>| $1794260 |
| 170284 | Horizon Aircraft Finance II Ltd., <br> Series 2019-1, Class A, <br> 3.721%, 7/15/2039(a)<br>| 167120 |
| 3180000 | Island Finance Trust, Series 2025-1A, <br> Class A, 6.540%, 3/19/2035(a)<br>| 3201287 |
| 4055000 | KCG Securitization II LLC, <br> Series 2026-1A, Class A, <br> 6.000%, 3/15/2032(a)<br>| 3995513 |
| 2330000 | Lendmark Funding Trust, Series 2025-3A, <br> Class A, 4.510%, 5/21/2035(a)<br>| 2313839 |
| 4060000 | Lightpath Fiber Issuer LLC, <br> Series 2026-1A, Class A2, <br> 5.597%, 3/25/2056(a)<br>| 4048746 |
| 497384 | MACH 1 Cayman Ltd., Series 2019-1, <br> Class A, 3.474%, 10/15/2039(a)<br>| 493230 |
| 507929 | MAPS Trust, Series 2021-1A, Class A, <br> 2.521%, 6/15/2046(a)<br>| 488317 |
| 1345000 | Mariner Finance Issuance Trust, <br> Series 2024-AA, Class B, <br> 5.680%, 9/22/2036(a)<br>| 1359163 |
| 1410000 | Mariner Finance Issuance Trust, <br> Series 2025-BA, Class A, <br> 4.590%, 11/22/2038(a)<br>| 1403068 |
| 82118 | Marlette Funding Trust, Series 2024-1A, <br> Class B, 6.070%, 7/17/2034(a)<br>| 82324 |
| 1381726 | MAST Ltd., Series 2026-1A, Class A, <br> 5.134%, 2/15/2051(a)<br>| 1358201 |
| 1630000 | MetroNet Infrastructure Issuer LLC, <br> Series 2025-2A, Class B, <br> 5.590%, 8/20/2055(a)<br>| 1633294 |
| 3255000 | MetroNet Infrastructure Issuer LLC, <br> Series 2026-1A, Class A2, <br> 5.273%, 4/20/2056(a)<br>| 3265527 |
| 305000 | MMAF Equipment Finance LLC, <br> Series 2020-A, Class A5, <br> 1.560%, 10/09/2042(a)<br>| 295652 |
| 350451 | Mosaic Solar Loan Trust, Series 2024-1A, <br> Class A, 5.500%, 9/20/2049(a)<br>| 329280 |
| 2561993 | Mosaic Solar Loan Trust, Series 2024-2A, <br> Class A, 5.600%, 4/22/2052(a)<br>| 2430021 |
| 367932 | MVW LLC, Series 2021-1WA, Class B, <br> 1.440%, 1/22/2041(a)<br>| 355686 |
| 903606 | MVW LLC, Series 2024-2A, Class A, <br> 4.430%, 3/20/2042(a)<br>| 898833 |
| 510000 | NFAS3 LLC, Series 2025-1, Class A, <br> 6.351%, 5/15/2031(a)<br>| 512175 |
| 580000 | Octane Receivables Trust, Series 2024-2A, <br> Class C, 5.900%, 7/20/2032(a)<br>| 585058 |
| 740000 | Octane Receivables Trust, Series 2025-1A, <br> Class B, 4.610%, 6/20/2031(a)<br>| 734860 |
| 2030996 | OWN Equipment Fund I LLC, <br> Series 2024-2M, Class A, <br> 5.700%, 12/20/2032(a)<br>| 2043200 |

---

See accompanying notes to financial statements.

\| 16

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $608422 | OWN Equipment Fund II LLC, <br> Series 2025-1M, Class A, <br> 5.480%, 9/26/2033(a)<br>| $607534 |
| 1302715 | OWN Equipment Fund III LLC, <br> Series 2025-2M, Class A, <br> 5.420%, 3/27/2034(a)<br>| 1297670 |
| 795000 | PK ALIFT Loan Funding 8 LP, <br> Series 2026-1, Class A, <br> 4.614%, 9/15/2043(a)<br>| 784880 |
| 1956000 | Purchasing Power Funding LLC, <br> Series 2026-A, Class A, <br> 4.370%, 8/15/2030(a)<br>| 1935982 |
| 3510000 | Purchasing Power Funding LLC, <br> Series 2026-A, Class B, <br> 4.810%, 8/15/2030(a)<br>| 3470874 |
| 178539 | Reach ABS Trust, Series 2025-1A, <br> Class A, 4.960%, 8/16/2032(a)<br>| 178826 |
| 690000 | Regional Management Issuance Trust, <br> Series 2024-1, Class A, <br> 5.830%, 7/15/2036(a)<br>| 699556 |
| 400000 | Regional Management Issuance Trust, <br> Series 2024-2, Class C, <br> 5.740%, 12/15/2033(a)<br>| 402295 |
| 1515000 | Regional Management Issuance Trust, <br> Series 2025-2, Class B, <br> 5.000%, 11/16/2037(a)<br>| 1496014 |
| 1055000 | Republic Finance Issuance Trust, <br> Series 2024-A, Class A, <br> 5.910%, 8/20/2032(a)<br>| 1058945 |
| 3820000 | SCF Equipment Leasing LLC, <br> Series 2025-1A, Class A3, <br> 5.110%, 11/21/2033(a)<br>| 3883371 |
| 1220000 | SCF Equipment Leasing LLC, <br> Series 2025-2A, Class C, <br> 4.820%, 6/20/2036(a)<br>| 1217287 |
| 2385000 | SEB Funding LLC, Series 2024-1A, <br> Class A2, 7.386%, 4/30/2054(a)<br>| 2427379 |
| 3195000 | SF ABS Issuer LLC, Series 2025-1A, <br> Class A2, 5.377%, 11/25/2055(a)<br>| 3126544 |
| 4675000 | Shentel Issuer LLC, Series 2025-1A, <br> Class A2, 5.640%, 12/20/2055(a)<br>| 4710369 |
| 255883 | Sierra Timeshare Receivables <br> Funding LLC, Series 2023-1A, Class A, <br> 5.200%, 1/20/2040(a)<br>| 258046 |
| 531692 | Sierra Timeshare Receivables <br> Funding LLC, Series 2024-3A, Class A, <br> 4.830%, 8/20/2041(a)<br>| 532216 |
| 3227000 | Slam Ltd., Series 2021-1A, Class A, <br> 2.434%, 6/15/2046(a)<br>| 3059150 |
| 1661111 | Slam Ltd., Series 2024-1A, Class A, <br> 5.335%, 9/15/2049(a)<br>| 1654744 |
| 954261 | SpringCastle America Funding LLC, <br> Series 2020-AA, Class A, <br> 1.970%, 9/25/2037(a)<br>| 899064 |
| 1485000 | Sprite Ltd., Series 2026-1, Class A, <br> 5.227%, 3/15/2041(a)<br>| 1461259 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $44367 | Start Ltd., Series 2018-1, Class A, <br> 4.089%, 5/15/2043(a)<br>| $45476 |
| 212322 | Stellar Jay Ireland DAC, Series 2021-1, <br> Class A, 3.967%, 10/15/2041(a)<br>| 210408 |
| 490353 | Stellar Jay Ireland DAC, Series 2021-1, <br> Class B, 5.926%, 10/15/2041(a)<br>| 487034 |
| 3260000 | Stream Innovations Issuer Trust, <br> Series 2026-1A, Class A, <br> 4.780%, 8/15/2046(a)<br>| 3226520 |
| 99728 | Sunnova Helios II Issuer LLC, <br> Series 2018-1A, Class A, <br> 4.870%, 7/20/2048(a)<br>| 96244 |
| 320981 | Sunnova Helios II Issuer LLC, <br> Series 2019-AA, Class A, <br> 3.750%, 6/20/2046(a)<br>| 294088 |
| 805872 | Sunnova Helios XIII Issuer LLC, <br> Series 2024-A, Class A, <br> 5.300%, 2/20/2051(a)<br>| 691147 |
| 283023 | Sunnova Sol III Issuer LLC, <br> Series 2021-1, Class A, <br> 2.580%, 4/28/2056(a)<br>| 241488 |
| 1417210 | Sunrun Atlas Issuer LLC, Series 2019-2, <br> Class A, 3.610%, 2/01/2055(a)<br>| 1367185 |
| 299188 | Sunrun Demeter Issuer LLC, <br> Series 2021-2A, Class A, <br> 2.270%, 1/30/2057(a)<br>| 271557 |
| 764567 | Thrust Engine Leasing DAC, <br> Series 2021-1A, Class A, <br> 4.163%, 7/15/2040(a)<br>| 756180 |
| 316930 | TIC Home Improvement Trust, <br> Series 2024-A, Class A, <br> 6.670%, 10/15/2046(a)<br>| 321808 |
| 1605000 | Trafigura Securitisation Finance PLC, <br> Series 2024-1A, Class A2, <br> 5.980%, 11/15/2027(a)<br>| 1607351 |
| 3544983 | Triumph Rail Holdings LLC, <br> Series 2021-2, Class A, <br> 2.150%, 6/19/2051(a)<br>| 3431699 |
| 880000 | Uniti Fiber ABS Issuer LLC, <br> Series 2025-1A, Class A2, <br> 5.877%, 4/20/2055(a)<br>| 893478 |
| 585000 | Verizon Master Trust, Series 2024-6, <br> Class B, 4.420%, 8/20/2030<br>| 585109 |
| 1042398 | Vivint Solar Financing V LLC, <br> Series 2018-1A, Class A, <br> 4.730%, 4/30/2048(a)<br>| 1013079 |
| 815549 | Volofin Finance DAC, Series 2024-1A, <br> Class A, 5.935%, 6/15/2037(a)<br>| 821479 |
| 2638538 | Willis Engine Structured Trust VI, <br> Series 2021-A, Class A, <br> 3.104%, 5/15/2046(a)<br>| 2485082 |
| 375244 | Willis Engine Structured Trust VII, <br> Series 2023-A, Class A, <br> 8.000%, 10/15/2048(a)<br>| 382588 |
| 4765000 | Zayo Issuer LLC, Series 2025-1A, <br> Class A2, 5.648%, 3/20/2055(a)<br>| 4808603 |

---

See accompanying notes to financial statements.

17 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $3645000 | Zayo Issuer LLC, Series 2025-2A, <br> Class A2, 5.953%, 6/20/2055(a)<br>| $3708482 |
| 3195000 | Zayo Issuer LLC, Series 2025-3A, <br> Class A2, 5.570%, 10/20/2055(a)<br>| 3198440 |
|  |  | 166953584 |
|  | **ABS Residential Mortgage — 0.0%** | **ABS Residential Mortgage — 0.0%** |
| 7194 | Countrywide Asset-Backed Certificates, <br> Series 2004-S1, Class A3, <br> 5.115%, 2/25/2035(b)(c)<br>| 6812 |
|  | **ABS Student Loan — 1.2%** | **ABS Student Loan — 1.2%** |
| 1068936 | College Avenue Student Loans LLC, <br> Series 2021-A, Class A2, <br> 1.600%, 7/25/2051(a)<br>| 985213 |
| 412853 | Commonbond Student Loan Trust, <br> Series 2020-AGS, Class A, <br> 1.980%, 8/25/2050(a)<br>| 370825 |
| 648351 | Education Funding Trust, Series 2020-A, <br> Class A, 2.790%, 7/25/2041(a)<br>| 621416 |
| 803459 | Massachusetts Educational Financing <br> Authority, Series 2018-A, Class A, <br> 3.850%, 5/25/2033<br>| 797217 |
| 296731 | Navient Private Education Refi Loan <br> Trust, Series 2019-CA, Class A2, <br> 3.130%, 2/15/2068(a)<br>| 293899 |
| 948499 | Navient Private Education Refi Loan <br> Trust, Series 2019-GA, Class A, <br> 2.400%, 10/15/2068(a)<br>| 925453 |
| 356626 | Navient Private Education Refi Loan <br> Trust, Series 2020-BA, Class A2, <br> 2.120%, 1/15/2069(a)<br>| 341482 |
| 594988 | Navient Private Education Refi Loan <br> Trust, Series 2020-DA, Class A, <br> 1.690%, 5/15/2069(a)<br>| 565247 |
| 1565000 | Navient Private Education Refi Loan <br> Trust, Series 2020-DA, Class B, <br> 3.330%, 5/15/2069(a)<br>| 1387326 |
| 612206 | Navient Private Education Refi Loan <br> Trust, Series 2020-GA, Class A, <br> 1.170%, 9/16/2069(a)<br>| 574097 |
| 945000 | Navient Private Education Refi Loan <br> Trust, Series 2020-HA, Class B, <br> 2.780%, 1/15/2069(a)<br>| 820773 |
| 768621 | Navient Private Education Refi Loan <br> Trust, Series 2021-A, Class A, <br> 0.840%, 5/15/2069(a)<br>| 703674 |
| 658104 | Navient Private Education Refi Loan <br> Trust, Series 2021-BA, Class A, <br> 0.940%, 7/15/2069(a)<br>| 600339 |
| 1039435 | Navient Private Education Refi Loan <br> Trust, Series 2021-GA, Class A, <br> 1.580%, 4/15/2070(a)<br>| 938511 |
| 1630000 | Nelnet Student Loan Trust, <br> Series 2021-A, Class B1, <br> 2.850%, 4/20/2062(a)<br>| 1474886 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Student Loan — continued** | **ABS Student Loan — continued** |
| $215000 | SLM Private Credit Student Loan Trust, <br> Series 2003-A, Class A3, 28 day Auction <br> Rate Security, 6.330%, 6/15/2032(b)<br>| $214971 |
| 50000 | SLM Private Credit Student Loan Trust, <br> Series 2003-A, Class A4, 28 day Auction <br> Rate Security, 6.340%, 6/15/2032(b)<br>| 49993 |
| 85000 | SLM Private Credit Student Loan Trust, <br> Series 2003-B, Class A3, 28 day Auction <br> Rate Security, 6.350%, 3/15/2033(b)<br>| 84993 |
| 1298000 | SLM Private Credit Student Loan Trust, <br> Series 2003-B, Class A4, 28 day Auction <br> Rate Security, 6.370%, 3/15/2033(b)<br>| 1297896 |
| 110000 | SLM Private Credit Student Loan Trust, <br> Series 2003-C, Class A3, 28 day Auction <br> Rate Security, 6.470%, 9/15/2032(b)<br>| 110000 |
| 129000 | SLM Private Credit Student Loan Trust, <br> Series 2003-C, Class A4, 28 day Auction <br> Rate Security, 6.510%, 9/15/2032(b)<br>| 129000 |
| 465666 | SMB Private Education Loan Trust, <br> Series 2018-A, Class A2B, 1 mo. USD <br> SOFR + 0.914%, <br> 4.587%, 2/15/2036(a)(b)<br>| 465504 |
| 115000 | SMB Private Education Loan Trust, <br> Series 2018-A, Class B, <br> 3.960%, 7/15/2042(a)<br>| 113136 |
| 251539 | SMB Private Education Loan Trust, <br> Series 2018-B, Class A2A, <br> 3.600%, 1/15/2037(a)<br>| 250199 |
| 792904 | SMB Private Education Loan Trust, <br> Series 2018-C, Class A2A, <br> 3.630%, 11/15/2035(a)<br>| 789705 |
| 1294522 | SMB Private Education Loan Trust, <br> Series 2021-A, Class APT2, <br> 1.070%, 1/15/2053(a)<br>| 1184991 |
| 490803 | SMB Private Education Loan Trust, <br> Series 2021-D, Class A1A, <br> 1.340%, 3/17/2053(a)<br>| 464737 |
| 2088612 | SoFi Professional Loan Program LLC, <br> Series 2020-A, Class A2FX, <br> 2.540%, 5/15/2046(a)<br>| 2018200 |
| 1090776 | SoFi Professional Loan Program LLC, <br> Series 2021-B, Class AFX, <br> 1.140%, 2/15/2047(a)<br>| 978311 |
|  |  | 19551994 |
|  | **ABS Whole Business — 0.6%** | **ABS Whole Business — 0.6%** |
| 4740313 | EWC Master Issuer LLC, Series 2022-1A, <br> Class A2, 5.500%, 3/15/2052(a)<br>| 4703731 |
| 2870000 | SEB Funding LLC, Series 2026-1A, <br> Class A2, 6.665%, 1/30/2056(a)<br>| 2847063 |
| 2275000 | Taco Bell Funding LLC, Series 2025-1A, <br> Class A2I, 4.821%, 8/25/2055(a)<br>| 2240048 |
|  |  | 9790842 |

---

See accompanying notes to financial statements.

\| 18

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed** <br> **Securities — 6.2%** | **Agency Commercial Mortgage-Backed** <br> **Securities — 6.2%** |
| $700000 | Arixa Mortgage Trust, Series 2025-RTL1, <br> Class A1, 5.735%, 8/25/2030(a)(b)<br>| $701798 |
| 4311769 | Federal Home Loan Mortgage Corp., <br> 3.450%, 5/01/2037<br>| 3887263 |
| 20445963 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K057, Class X1, <br> 1.158%, 7/25/2026(b)(c)(d)<br>| 25925 |
| 7638423 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K058, Class X1, <br> 0.892%, 8/25/2026(b)(c)(d)<br>| 8175 |
| 18683600 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K059, Class X1, <br> 0.244%, 9/25/2026(b)(c)(d)<br>| 11158 |
| 83414853 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K060, Class X1, <br> 0.047%, 10/25/2026(b)(c)(d)<br>| 17299 |
| 17737228 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K103, Class X1, <br> 0.633%, 11/25/2029(b)(d)<br>| 352102 |
| 17045698 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K105, Class X1, <br> 1.514%, 1/25/2030(b)(d)<br>| 817171 |
| 11240827 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K107, Class X1, <br> 1.584%, 1/25/2030(b)(d)<br>| 559029 |
| 13513632 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K108, Class X1, <br> 1.690%, 3/25/2030(b)(d)<br>| 732750 |
| 14098403 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K117, Class X1, <br> 1.214%, 8/25/2030(b)(d)<br>| 618030 |
| 253514032 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K138, Class X1, <br> 0.146%, 1/25/2055(b)(d)<br>| 2059041 |
| 32602117 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K141, Class X1, <br> 0.305%, 2/25/2032(b)(d)<br>| 534055 |
| 78956800 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K142, Class X1, <br> 0.297%, 3/25/2032(b)(d)<br>| 1242464 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $35721374 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K143, Class X1, <br> 0.343%, 4/25/2055(b)(d)<br>| $673737 |
| 45810524 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K144, Class X1, <br> 0.327%, 4/25/2032(b)(d)<br>| 867679 |
| 19702628 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K145, Class X1, <br> 0.316%, 5/25/2032(b)(d)<br>| 360156 |
| 66224644 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K146, Class X1, <br> 0.231%, 6/25/2032(b)(d)<br>| 950390 |
| 50636955 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K147, Class X1, <br> 0.371%, 6/25/2032(b)(d)<br>| 1099632 |
| 81927688 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K149, Class X1, <br> 0.265%, 8/25/2032(b)(d)<br>| 1391788 |
| 102841969 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K-150, Class X1, <br> 0.310%, 9/25/2032(b)(d)<br>| 2029412 |
| 100000000 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K-151, Class XAM, <br> 0.180%, 11/25/2032(b)(d)<br>| 1320140 |
| 3317330 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K-1513, Class X1, <br> 0.850%, 8/25/2034(b)(c)(d)<br>| 158538 |
| 20510471 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K-1514, Class X1, <br> 0.576%, 10/25/2034(b)(d)<br>| 743135 |
| 51382600 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K-1516, Class X1, <br> 1.503%, 5/25/2035(b)(d)<br>| 5306476 |
| 53572169 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K-1517, Class X1, <br> 1.322%, 7/25/2035(b)(d)<br>| 4673636 |
| 13402676 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K152, Class X1, <br> 0.956%, 1/25/2031(b)(d)<br>| 465195 |

---

See accompanying notes to financial statements.

19 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $94943510 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K-1521, Class X1, <br> 0.978%, 8/25/2036(b)(d)<br>| $6925037 |
| 120829454 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series K157, Class X1, <br> 0.009%, 8/25/2033(b)(d)<br>| 411545 |
| 21687 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series KF57, Class A, 30 day <br> USD SOFR Average + 0.654%, <br> 4.323%, 12/25/2028(b)<br>| 21660 |
| 9064 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series KF66, Class A, 30 day <br> USD SOFR Average + 0.634%, <br> 4.303%, 7/25/2029(b)<br>| 9063 |
| 5246771 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series KS03, Class X, <br> 0.438%, 8/25/2025(b)(c)(d)<br>| 51 |
| 20592668 | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates, Series KW02, Class X1, <br> 0.096%, 12/25/2026(b)(c)(d)<br>| 6797 |
| 22282789 | Federal National Mortgage Association, <br> Series 2019-M17, Class X, <br> 0.320%, 8/25/2034(b)(c)(d)<br>| 232894 |
| 8448991 | Federal National Mortgage Association, <br> Series 2020-M33, Class X, <br> 1.960%, 6/25/2028(b)(c)(d)<br>| 88098 |
| 14694257 | Federal National Mortgage Association, <br> Series 2020-M37, Class X, <br> 0.983%, 4/25/2032(b)(d)<br>| 469158 |
| 14546523 | Federal National Mortgage Association, <br> Series 2020-M43, Class X1, <br> 1.862%, 8/25/2034(b)(d)<br>| 734906 |
| 13145509 | FRESB Mortgage Trust, <br> Series 2021-SB90, Class X1, <br> 0.561%, 6/25/2041(b)(c)(d)<br>| 314539 |
| 21442244 | FRESB Mortgage Trust, <br> Series 2021-SB91, Class X1, <br> 0.555%, 8/25/2041(b)(d)<br>| 547798 |
| 79444068 | FRESB Mortgage Trust, <br> Series 2022-SB95, Class X1, <br> 11/25/2041(b)(d)<br>| 1205890 |
| 2435721 | Government National Mortgage <br> Association, Series 2006-46, <br> 0.481%, 4/16/2046(b)(c)(d)<br>| 22997 |
| 1188108 | Government National Mortgage <br> Association, Series 2006-51, <br> 0.944%, 8/16/2046(b)(c)(d)<br>| 20953 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $3516622 | Government National Mortgage <br> Association, Series 2009-114, <br> 10/16/2049(b)(c)(d)<br>| $406 |
| 1504930 | Government National Mortgage <br> Association, Series 2010-124, <br> 1.010%, 12/16/2052(b)(c)(d)<br>| 20302 |
| 206700 | Government National Mortgage <br> Association, Series 2010-49, Class IA, <br> 1.450%, 10/16/2052(b)(c)(d)<br>| 7880 |
| 1351119 | Government National Mortgage <br> Association, Series 2011-119, <br> 0.106%, 8/16/2051(b)(c)(d)<br>| 1055 |
| 470598 | Government National Mortgage <br> Association, Series 2011-38, <br> 0.530%, 4/16/2053(b)(c)(d)<br>| 3057 |
| 15551422 | Government National Mortgage <br> Association, Series 2012-142, <br> 0.149%, 4/16/2054(b)(c)(d)<br>| 40348 |
| 3293859 | Government National Mortgage <br> Association, Series 2012-23, <br> 0.236%, 6/16/2053(b)(c)(d)<br>| 21833 |
| 3312294 | Government National Mortgage <br> Association, Series 2012-55, <br> 4/16/2052(b)(c)(d)<br>| 32 |
| 2543278 | Government National Mortgage <br> Association, Series 2012-79, <br> 0.421%, 3/16/2053(b)(c)(d)<br>| 21620 |
| 6823371 | Government National Mortgage <br> Association, Series 2012-85, <br> 0.577%, 9/16/2052(b)(c)(d)<br>| 61037 |
| 708904 | Government National Mortgage <br> Association, Series 2013-175, <br> 0.126%, 5/16/2055(b)(c)(d)<br>| 847 |
| 1939685 | Government National Mortgage <br> Association, Series 2014-101, <br> 0.513%, 4/16/2056(b)(c)(d)<br>| 24129 |
| 8806049 | Government National Mortgage <br> Association, Series 2014-130, Class IB, <br> 0.173%, 8/16/2054(b)(c)(d)<br>| 27627 |
| 1995470 | Government National Mortgage <br> Association, Series 2014-24, Class IX, <br> 1/16/2054(b)(c)(d)<br>| 19 |
| 4191813 | Government National Mortgage <br> Association, Series 2014-70, <br> 0.481%, 3/16/2049(b)(c)(d)<br>| 56498 |
| 2956165 | Government National Mortgage <br> Association, Series 2014-86, <br> 0.390%, 4/16/2056(b)(c)(d)<br>| 27995 |
| 11362709 | Government National Mortgage <br> Association, Series 2015-120, <br> 0.525%, 3/16/2057(b)(c)(d)<br>| 175571 |
| 8204340 | Government National Mortgage <br> Association, Series 2015-146, Class IB, <br> 0.115%, 7/16/2055(b)(c)(d)<br>| 25297 |

---

See accompanying notes to financial statements.

\| 20

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $4660260 | Government National Mortgage <br> Association, Series 2015-171, <br> 0.799%, 11/16/2055(b)(c)(d)<br>| $142438 |
| 4859492 | Government National Mortgage <br> Association, Series 2015-189, Class IG, <br> 0.593%, 1/16/2057(b)(c)(d)<br>| 126224 |
| 3088537 | Government National Mortgage <br> Association, Series 2015-21, <br> 0.661%, 7/16/2056(b)(c)(d)<br>| 81390 |
| 9094589 | Government National Mortgage <br> Association, Series 2015-32, <br> 0.556%, 9/16/2049(b)(c)(d)<br>| 177071 |
| 6065126 | Government National Mortgage <br> Association, Series 2015-6, <br> 0.455%, 2/16/2051(b)(c)(d)<br>| 79986 |
| 7458213 | Government National Mortgage <br> Association, Series 2015-68, <br> 0.317%, 7/16/2057(b)(c)(d)<br>| 85333 |
| 9778389 | Government National Mortgage <br> Association, Series 2015-70, <br> 0.552%, 12/16/2049(b)(c)(d)<br>| 177791 |
| 2811959 | Government National Mortgage <br> Association, Series 2015-73, <br> 0.411%, 11/16/2055(b)(c)(d)<br>| 22573 |
| 15200823 | Government National Mortgage <br> Association, Series 2016-132, <br> 0.598%, 7/16/2056(b)(c)(d)<br>| 306913 |
| 6090345 | Government National Mortgage <br> Association, Series 2016-143, <br> 0.947%, 10/16/2056(c)(d)<br>| 290477 |
| 3263436 | Government National Mortgage <br> Association, Series 2017-128, <br> 0.837%, 12/16/2056(b)(c)(d)<br>| 152083 |
| 20091592 | Government National Mortgage <br> Association, Series 2017-168, <br> 0.553%, 12/16/2059(b)(d)<br>| 689395 |
| 18720434 | Government National Mortgage <br> Association, Series 2017-90, <br> 0.665%, 1/16/2059(b)(d)<br>| 696513 |
| 7007479 | Government National Mortgage <br> Association, Series 2018-110, <br> 0.599%, 1/16/2060(b)(c)(d)<br>| 254474 |
| 11309713 | Government National Mortgage <br> Association, Series 2018-129, <br> 0.621%, 7/16/2060(b)(d)<br>| 418740 |
| 4119796 | Government National Mortgage <br> Association, Series 2018-133, <br> 1.101%, 6/16/2058(b)(d)<br>| 265500 |
| 11153963 | Government National Mortgage <br> Association, Series 2018-143, <br> 0.506%, 10/16/2060(b)(d)<br>| 569165 |
| 10195960 | Government National Mortgage <br> Association, Series 2018-2, <br> 0.702%, 12/16/2059(b)(d)<br>| 423398 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $26778722 | Government National Mortgage <br> Association, Series 2018-82, <br> 0.443%, 5/16/2058(b)(d)<br>| $726860 |
| 18126987 | Government National Mortgage <br> Association, Series 2018-96, <br> 0.462%, 8/16/2060(b)(d)<br>| 563622 |
| 16529634 | Government National Mortgage <br> Association, Series 2019-116, <br> 0.619%, 12/16/2061(b)(d)<br>| 722428 |
| 9164698 | Government National Mortgage <br> Association, Series 2019-75, <br> 0.852%, 12/16/2060(b)(d)<br>| 529224 |
| 6790108 | Government National Mortgage <br> Association, Series 2019-94, <br> 0.954%, 8/16/2061(b)(c)(d)<br>| 405726 |
| 43353193 | Government National Mortgage <br> Association, Series 2020-108, <br> 0.847%, 6/16/2062(b)(d)<br>| 2432504 |
| 18205679 | Government National Mortgage <br> Association, Series 2020-128, <br> 0.916%, 10/16/2062(b)(d)<br>| 1185878 |
| 28143412 | Government National Mortgage <br> Association, Series 2020-130, <br> 1.007%, 8/16/2060(b)(d)<br>| 1919986 |
| 38365564 | Government National Mortgage <br> Association, Series 2020-136, <br> 1.016%, 8/16/2062(b)(d)<br>| 2735365 |
| 33208231 | Government National Mortgage <br> Association, Series 2020-172, <br> 1.125%, 9/16/2062(b)(d)<br>| 2518844 |
| 15241550 | Government National Mortgage <br> Association, Series 2020-174, <br> 0.848%, 1/16/2063(b)(d)<br>| 942812 |
| 34926991 | Government National Mortgage <br> Association, Series 2020-179, <br> 1.012%, 9/16/2062(b)(d)<br>| 2307976 |
| 38632897 | Government National Mortgage <br> Association, Series 2020-197, <br> 0.949%, 10/16/2062(b)(d)<br>| 2562709 |
| 31267174 | Government National Mortgage <br> Association, Series 2020-26, <br> 0.718%, 10/15/2061(b)(d)<br>| 1403180 |
| 8719769 | Government National Mortgage <br> Association, Series 2021-10, <br> 0.987%, 5/16/2063(b)(d)<br>| 598752 |
| 38550136 | Government National Mortgage <br> Association, Series 2021-106, <br> 0.852%, 4/16/2063(b)(d)<br>| 2470832 |
| 38581091 | Government National Mortgage <br> Association, Series 2021-12, <br> 0.956%, 3/16/2063(b)(d)<br>| 2416797 |
| 40621191 | Government National Mortgage <br> Association, Series 2021-128, <br> 0.992%, 6/16/2061(b)(d)<br>| 2542424 |

---

See accompanying notes to financial statements.

21 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $50601977 | Government National Mortgage <br> Association, Series 2021-132, Class BI, <br> 0.907%, 4/16/2063(b)(d)<br>| $3330410 |
| 50048193 | Government National Mortgage <br> Association, Series 2021-133, <br> 0.883%, 7/16/2063(b)(d)<br>| 2986676 |
| 10608875 | Government National Mortgage <br> Association, Series 2021-145, <br> 0.770%, 7/16/2061(b)(d)<br>| 593715 |
| 44386784 | Government National Mortgage <br> Association, Series 2021-151, <br> 0.907%, 4/16/2063(b)(d)<br>| 2805467 |
| 46956418 | Government National Mortgage <br> Association, Series 2021-163, <br> 0.803%, 3/16/2064(b)(d)<br>| 2631344 |
| 19420965 | Government National Mortgage <br> Association, Series 2021-180, <br> 0.916%, 11/16/2063(b)(d)<br>| 1345135 |
| 33321969 | Government National Mortgage <br> Association, Series 2021-20, <br> 1.145%, 8/16/2062(b)(d)<br>| 2588451 |
| 32681208 | Government National Mortgage <br> Association, Series 2021-33, <br> 0.844%, 10/16/2062(b)(d)<br>| 2037722 |
| 28421638 | Government National Mortgage <br> Association, Series 2021-40, <br> 0.823%, 2/16/2063(b)(d)<br>| 1684039 |
| 43604268 | Government National Mortgage <br> Association, Series 2021-52, <br> 0.722%, 4/16/2063(b)(d)<br>| 2308366 |
| 26748985 | Government National Mortgage <br> Association, Series 2022-17, <br> 0.802%, 6/16/2064(b)(d)<br>| 1458638 |
|  |  | 100848459 |
|  | **Collateralized Mortgage Obligations — 13.8%** | **Collateralized Mortgage Obligations — 13.8%** |
| 1043587 | Ajax Mortgage Loan Trust, Series 2019-D, <br> Class A1, 2.956%, 9/25/2065(a)(b)<br>| 1006209 |
| 103005 | Federal Home Loan Mortgage Corp., <br> Series 224, 6.000%, 3/01/2033(c)(d)<br>| 11934 |
| 32537 | Federal Home Loan Mortgage Corp., <br> Series 2649, Class IM, REMICS, <br> 7.000%, 7/15/2033(c)(d)<br>| 3856 |
| 1641797 | Federal Home Loan Mortgage Corp., <br> Series 3149, Class LS, REMICS, <br> 3.413%, 5/15/2036(b)(c)(d)<br>| 179776 |
| 497667 | Federal Home Loan Mortgage Corp., <br> Series 3229, Class BI, REMICS, <br> 2.833%, 10/15/2036(b)(c)(d)<br>| 42383 |
| 564835 | Federal Home Loan Mortgage Corp., <br> Series 3416, Class BI, REMICS, <br> 2.463%, 2/15/2038(b)(c)(d)<br>| 49373 |
| 150758 | Federal Home Loan Mortgage Corp., <br> Series 3417, Class VS, REMICS, <br> 7.039%, 2/15/2038(b)(c)<br>| 164353 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $141433 | Federal Home Loan Mortgage Corp., <br> Series 3417, Class WS, REMICS, <br> 7.321%, 2/15/2038(b)(c)<br>| $144232 |
| 618999 | Federal Home Loan Mortgage Corp., <br> Series 3561, Class W, REMICS, <br> 2.533%, 6/15/2048(b)<br>| 580606 |
| 135623 | Federal Home Loan Mortgage Corp., <br> Series 3620, Class AT, REMICS, <br> 4.774%, 12/15/2036(b)(c)<br>| 138866 |
| 734852 | Federal Home Loan Mortgage Corp., <br> Series 3747, Class CS, REMICS, <br> 2.713%, 10/15/2040(b)(c)(d)<br>| 63607 |
| 183907 | Federal Home Loan Mortgage Corp., <br> Series 3808, Class SH, REMICS, <br> 1.634%, 2/15/2041(b)(c)<br>| 127729 |
| 661190 | Federal Home Loan Mortgage Corp., <br> Series 3922, Class SH, REMICS, <br> 2.113%, 9/15/2041(b)(c)(d)<br>| 56420 |
| 920966 | Federal Home Loan Mortgage Corp., <br> Series 4041, Class ES, REMICS, <br> 5.067%, 8/15/2040(b)<br>| 961027 |
| 474277 | Federal Home Loan Mortgage Corp., <br> Series 4097, Class US, REMICS, <br> 2.363%, 8/15/2032(b)(c)(d)<br>| 18453 |
| 3568429 | Federal Home Loan Mortgage Corp., <br> Series 4136, Class SG, REMICS, <br> 2.363%, 11/15/2042(b)(c)(d)<br>| 441439 |
| 1649253 | Federal Home Loan Mortgage Corp., <br> Series 4321, Class BS, REMICS, <br> 2.156%, 6/15/2039(b)(c)(d)<br>| 156129 |
| 870337 | Federal Home Loan Mortgage Corp., <br> Series 4512, Class IE, REMICS, <br> 4.500%, 3/15/2044(c)(d)<br>| 159035 |
| 2761939 | Federal Home Loan Mortgage Corp., <br> Series 4672, Class SP, REMICS, <br> 2.313%, 4/15/2047(b)(c)(d)<br>| 270435 |
| 1122607 | Federal Home Loan Mortgage Corp., <br> Series 4749, REMICS, <br> 4.000%, 12/15/2047(c)(d)<br>| 194016 |
| 8548970 | Federal Home Loan Mortgage Corp., <br> Series 4892, Class SI, REMICS, <br> 2.224%, 2/25/2047(b)(d)<br>| 896020 |
| 2182485 | Federal Home Loan Mortgage Corp., <br> Series 5048, Class HI, REMICS, <br> 4.500%, 1/15/2042(d)<br>| 408240 |
| 109202 | Federal Home Loan Mortgage Corp., <br> Series 5065, Class EI, REMICS, <br> 5.323%, 11/25/2044(b)(d)<br>| 19549 |
| 5623781 | Federal Home Loan Mortgage Corp., <br> Series 5065, Class HI, REMICS, <br> 4.694%, 4/15/2042(b)(d)<br>| 842766 |
| 1166239 | Federal Home Loan Mortgage Corp., <br> Series 5078, Class MI, REMICS, <br> 4.000%, 9/25/2043(c)(d)<br>| 253209 |

---

See accompanying notes to financial statements.

\| 22

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $13705235 | Federal Home Loan Mortgage Corp., <br> Series 5094, REMICS, <br> 1.383%, 12/15/2048(b)(d)<br>| $866034 |
| 245879 | Federal Home Loan Mortgage Corp., <br> Series 5214, Class BI, REMICS, <br> 0.885%, 4/25/2052(b)(d)<br>| 9019 |
| 10844075 | Federal Home Loan Mortgage Corp., <br> Series 5407, Class LA, REMICS, <br> 6.000%, 8/25/2050<br>| 10950548 |
| 9871719 | Federal Home Loan Mortgage Corp., <br> Series 5425, Class KB, REMICS, <br> 6.000%, 6/25/2054<br>| 10083867 |
| 33968362 | Federal Home Loan Mortgage Corp., <br> Series 5457, Class GA, REMICS, <br> 4.500%, 11/25/2050<br>| 33837143 |
| 26889232 | Federal Home Loan Mortgage Corp., <br> Series 5471, Class DA, REMICS, <br> 5.000%, 8/25/2051<br>| 26828204 |
| 9672010 | Federal Home Loan Mortgage Corp., <br> Series 5531, Class SG, REMICS, <br> 2.363%, 10/15/2048(b)(d)<br>| 993956 |
| 9888504 | Federal Home Loan Mortgage Corp., <br> Series 5617, Class AP, REMICS, <br> 4.500%, 1/25/2046<br>| 9732919 |
| 1890456 | Federal Home Loan Mortgage Corp. <br> Structured Pass-Through Certificates, <br> Series T-61, Class 1A1, 1 yr. USD MTA + <br> 1.400%, 5.259%, 7/25/2044(b)<br>| 1845066 |
| 17306 | Federal Home Loan Mortgage Corp. <br> Structured Pass-Through Certificates, <br> Series T-63, Class 1A1, 1 yr. USD MTA + <br> 1.200%, 5.059%, 2/25/2045(b)(c)<br>| 16395 |
| 435775 | Federal National Mortgage Association, <br> Series 2005-22, Class DG, REMICS, <br> 6.810%, 4/25/2035(b)(c)<br>| 415960 |
| 496220 | Federal National Mortgage Association, <br> Series 2005-45, Class DA, REMICS, <br> 10.573%, 6/25/2035(b)(c)<br>| 583297 |
| 450409 | Federal National Mortgage Association, <br> Series 2006-46, Class SK, REMICS, <br> 10.353%, 6/25/2036(b)(c)<br>| 540927 |
| 23931 | Federal National Mortgage Association, <br> Series 2006-69, Class KI, REMICS, <br> 3.524%, 8/25/2036(b)(c)(d)<br>| 2192 |
| 136817 | Federal National Mortgage Association, <br> Series 2008-15, Class AS, REMICS, <br> 14.118%, 8/25/2036(b)(c)<br>| 180495 |
| 408023 | Federal National Mortgage Association, <br> Series 2008-86, Class LA, REMICS, <br> 3.489%, 8/25/2038(b)<br>| 397613 |
| 109762 | Federal National Mortgage Association, <br> Series 2008-87, Class LD, REMICS, <br> 3.803%, 11/25/2038(b)(c)<br>| 106465 |
| 401058 | Federal National Mortgage Association, <br> Series 2009-11, Class VP, REMICS, <br> 2.632%, 3/25/2039(b)(c)<br>| 372426 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $43598 | Federal National Mortgage Association, <br> Series 2010-75, Class MT, REMICS, <br> 1.914%, 12/25/2039(b)(c)<br>| $40075 |
| 282244 | Federal National Mortgage Association, <br> Series 2011-100, Class SH, REMICS, <br> 3.917%, 11/25/2040(b)<br>| 255136 |
| 1797029 | Federal National Mortgage Association, <br> Series 2011-51, Class SM, REMICS, <br> 2.074%, 6/25/2041(b)(c)(d)<br>| 139094 |
| 877828 | Federal National Mortgage Association, <br> Series 2012-14, Class MS, REMICS, <br> 2.724%, 3/25/2042(b)(c)(d)<br>| 108158 |
| 506714 | Federal National Mortgage Association, <br> Series 2012-21, Class SB, REMICS, <br> 2.174%, 3/25/2042(b)(c)(d)<br>| 46560 |
| 2169774 | Federal National Mortgage Association, <br> Series 2012-97, Class SB, REMICS, <br> 2.224%, 9/25/2042(b)(c)(d)<br>| 219841 |
| 396352 | Federal National Mortgage Association, <br> Series 2013-109, Class US, REMICS, <br> 2.972%, 7/25/2043(b)(c)<br>| 330855 |
| 1019890 | Federal National Mortgage Association, <br> Series 2013-117, Class S, REMICS, <br> 2.824%, 11/25/2043(b)(c)(d)<br>| 117224 |
| 914925 | Federal National Mortgage Association, <br> Series 2013-34, Class PS, REMICS, <br> 2.374%, 8/25/2042(b)(c)(d)<br>| 42797 |
| 2257121 | Federal National Mortgage Association, <br> Series 2013-66, Class LI, REMICS, <br> 7.000%, 7/25/2043(c)(d)<br>| 261755 |
| 7958158 | Federal National Mortgage Association, <br> Series 2014-15, Class SA, REMICS, <br> 2.274%, 4/25/2044(b)(c)(d)<br>| 751553 |
| 557000 | Federal National Mortgage Association, <br> Series 2014-28, Class SD, REMICS, <br> 2.274%, 5/25/2044(b)(c)(d)<br>| 33866 |
| 5640778 | Federal National Mortgage Association, <br> Series 2014-90, Class SA, REMICS, <br> 2.374%, 1/25/2045(b)(d)<br>| 599912 |
| 261719 | Federal National Mortgage Association, <br> Series 2015-55, Class KT, REMICS, <br> 3.085%, 5/25/2041(b)(c)<br>| 218813 |
| 4370072 | Federal National Mortgage Association, <br> Series 2016-22, Class ST, REMICS, <br> 2.324%, 4/25/2046(b)(c)(d)<br>| 333519 |
| 4567458 | Federal National Mortgage Association, <br> Series 2016-32, Class SA, REMICS, <br> 2.324%, 10/25/2034(b)(d)<br>| 243208 |
| 5763310 | Federal National Mortgage Association, <br> Series 2016-60, Class ES, REMICS, <br> 2.324%, 9/25/2046(b)(d)<br>| 356224 |
| 3616617 | Federal National Mortgage Association, <br> Series 2016-60, Class QS, REMICS, <br> 2.324%, 9/25/2046(b)(c)(d)<br>| 210180 |

---

See accompanying notes to financial statements.

23 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $2302111 | Federal National Mortgage Association, <br> Series 2016-82, Class SC, REMICS, <br> 2.324%, 11/25/2046(b)(c)(d)<br>| $203350 |
| 2394359 | Federal National Mortgage Association, <br> Series 2016-82, Class SG, REMICS, <br> 2.324%, 11/25/2046(b)(c)(d)<br>| 157669 |
| 2462500 | Federal National Mortgage Association, <br> Series 2016-93, Class SL, REMICS, <br> 2.874%, 12/25/2046(b)(c)(d)<br>| 198269 |
| 3754397 | Federal National Mortgage Association, <br> Series 2017-26, Class SA, REMICS, <br> 2.374%, 4/25/2047(b)(c)(d)<br>| 243956 |
| 29322182 | Federal National Mortgage Association, <br> Series 2017-57, Class SD, REMICS, <br> 0.174%, 8/25/2047(b)(d)<br>| 730943 |
| 7934877 | Federal National Mortgage Association, <br> Series 2020-37, Class QI, REMICS, <br> 4.500%, 6/25/2050(d)<br>| 1425647 |
| 2143526 | Federal National Mortgage Association, <br> Series 2020-72, Class LI, REMICS, <br> 5.000%, 12/25/2040(d)<br>| 407427 |
| 12746266 | Federal National Mortgage Association, <br> Series 2021-24, REMICS, <br> 1.058%, 3/25/2059(b)(d)<br>| 682543 |
| 4600000 | Federal National Mortgage Association, <br> Series 2024-34, Class B, REMICS, <br> 6.000%, 6/25/2054<br>| 4696253 |
| 13650897 | Federal National Mortgage Association, <br> Series 2024-86, Class CA, REMICS, <br> 5.000%, 9/25/2051<br>| 13620526 |
| 32204729 | Federal National Mortgage Association, <br> Series 2025-114, Class AE, REMICS, <br> 4.500%, 1/25/2056<br>| 31807078 |
| 18000000 | Federal National Mortgage Association, <br> Series 2026-24, Class CY, REMICS, <br> 4.500%, 5/25/2055<br>| 17465400 |
| 138643 | Federal National Mortgage Association, <br> Series 334, Class 11, <br> 6.000%, 3/25/2033(c)(d)<br>| 14923 |
| 35406 | Federal National Mortgage Association, <br> Series 334, Class 19, <br> 7.000%, 2/25/2033(b)(c)(d)<br>| 4608 |
| 150506 | Federal National Mortgage Association, <br> Series 339, Class 13, <br> 6.000%, 6/25/2033(c)(d)<br>| 17723 |
| 93586 | Federal National Mortgage Association, <br> Series 339, Class 7, <br> 5.500%, 11/25/2033(c)(d)<br>| 10944 |
| 376281 | Federal National Mortgage Association, <br> Series 356, Class 13, <br> 5.500%, 6/25/2035(c)(d)<br>| 56981 |
| 154579 | Federal National Mortgage Association, <br> Series 359, Class 17, <br> 6.000%, 7/25/2035(c)(d)<br>| 23731 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $87905 | Federal National Mortgage Association, <br> Series 374, Class 18, <br> 6.500%, 8/25/2036(c)(d)<br>| $14014 |
| 198463 | Federal National Mortgage Association, <br> Series 374, Class 20, <br> 6.500%, 9/25/2036(c)(d)<br>| 32492 |
| 87095 | Federal National Mortgage Association, <br> Series 374, Class 22, <br> 7.000%, 10/25/2036(c)(d)<br>| 15965 |
| 94677 | Federal National Mortgage Association, <br> Series 374, Class 23, <br> 7.000%, 10/25/2036(c)(d)<br>| 14378 |
| 134369 | Federal National Mortgage Association, <br> Series 374, Class 24, <br> 7.000%, 6/25/2037(c)(d)<br>| 23926 |
| 112691 | Federal National Mortgage Association, <br> Series 381, Class 12, <br> 6.000%, 11/25/2035(c)(d)<br>| 15728 |
| 58260 | Federal National Mortgage Association, <br> Series 381, Class 13, <br> 6.000%, 11/25/2035(b)(c)(d)<br>| 8326 |
| 74892 | Federal National Mortgage Association, <br> Series 381, Class 18, <br> 7.000%, 3/25/2037(c)(d)<br>| 11669 |
| 45118 | Federal National Mortgage Association, <br> Series 381, Class 19, <br> 7.000%, 3/25/2037(b)(c)(d)<br>| 7471 |
| 13968 | Federal National Mortgage Association, <br> Series 383, Class 32, <br> 6.000%, 1/25/2038(c)(d)<br>| 2352 |
| 390319 | Federal National Mortgage Association, <br> Series 384, Class 20, <br> 5.500%, 5/25/2036(b)(c)(d)<br>| 57224 |
| 145238 | Federal National Mortgage Association, <br> Series 384, Class 31, <br> 6.500%, 7/25/2037(c)(d)<br>| 24828 |
| 55383 | Federal National Mortgage Association, <br> Series 384, Class 36, <br> 7.000%, 7/25/2037(b)(c)(d)<br>| 5656 |
| 95928 | Federal National Mortgage Association, <br> Series 384, Class 4, <br> 4.500%, 9/25/2036(b)(c)(d)<br>| 5656 |
| 69828 | Federal National Mortgage Association, <br> Series 385, Class 23, <br> 7.000%, 7/25/2037(c)(d)<br>| 10989 |
| 10849 | Federal National Mortgage Association, <br> Series 386, Class 25, <br> 7.000%, 3/25/2038(b)(c)(d)<br>| 2199 |
| 22979 | Government National Mortgage <br> Association, Series 2010-H02, Class FA, <br> 1 mo. USD SOFR + 0.794%, <br> 4.468%, 2/20/2060(b)(c)<br>| 22806 |
| 13671 | Government National Mortgage <br> Association, Series 2010-H22, Class FE, <br> 1 mo. USD SOFR + 0.464%, <br> 4.133%, 5/20/2059(b)(c)<br>| 13089 |

---

See accompanying notes to financial statements.

\| 24

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $20141 | Government National Mortgage <br> Association, Series 2010-H24, Class FA, <br> 1 mo. USD SOFR + 0.464%, <br> 4.133%, 10/20/2060(b)(c)<br>| $19879 |
| 25308 | Government National Mortgage <br> Association, Series 2011-H05, Class FB, <br> 1 mo. USD SOFR + 0.614%, <br> 4.283%, 12/20/2060(b)(c)<br>| 25051 |
| 7208 | Government National Mortgage <br> Association, Series 2011-H11, Class FA, <br> 1 mo. USD SOFR + 0.614%, <br> 4.283%, 3/20/2061(b)(c)<br>| 7135 |
| 8620 | Government National Mortgage <br> Association, Series 2011-H21, Class FA, <br> 1 mo. USD SOFR + 0.714%, <br> 4.383%, 10/20/2061(b)(c)<br>| 8374 |
| 19808 | Government National Mortgage <br> Association, Series 2011-H21, Class FT, <br> 1 yr. CMT + 0.700%, <br> 4.200%, 10/20/2061(b)(c)<br>| 19276 |
| 4232 | Government National Mortgage <br> Association, Series 2012-H11, Class BA, <br> 2.000%, 5/20/2062(c)<br>| 3807 |
| 30010 | Government National Mortgage <br> Association, Series 2012-H22, Class HD, <br> 5.311%, 1/20/2061(b)(c)<br>| 29245 |
| 653355 | Government National Mortgage <br> Association, Series 2013-71, Class DF, <br> 1 mo. USD SOFR + 1.114%, <br> 4.790%, 5/20/2043(b)(c)<br>| 604622 |
| 70183 | Government National Mortgage <br> Association, Series 2013-H01, Class JA, <br> 1 mo. USD SOFR + 0.434%, <br> 4.103%, 1/20/2063(b)(c)<br>| 67893 |
| 16642 | Government National Mortgage <br> Association, Series 2013-H11, Class JA, <br> 3.500%, 4/20/2063(c)<br>| 15518 |
| 542391 | Government National Mortgage <br> Association, Series 2013-H13, Class SI, <br> 1.324%, 6/20/2063(b)(c)(d)<br>| 19940 |
| 1067657 | Government National Mortgage <br> Association, Series 2013-H16, Class AI, <br> 1.479%, 7/20/2063(b)(c)(d)<br>| 24396 |
| 153791 | Government National Mortgage <br> Association, Series 2013-H18, Class EI, <br> 1.963%, 7/20/2063(b)(c)(d)<br>| 14236 |
| 114045 | Government National Mortgage <br> Association, Series 2013-H18, Class JI, <br> 1.373%, 8/20/2063(b)(c)(d)<br>| 1897 |
| 22140 | Government National Mortgage <br> Association, Series 2013-H20, Class FA, <br> 1 mo. USD SOFR + 0.714%, <br> 4.383%, 8/20/2063(b)(c)<br>| 21504 |
| 261134 | Government National Mortgage <br> Association, Series 2014-H24, Class HI, <br> 0.936%, 9/20/2064(b)(c)(d)<br>| 10480 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $825383 | Government National Mortgage <br> Association, Series 2015-H01, Class XZ, <br> 4.546%, 10/20/2064(b)<br>| $813968 |
| 52920 | Government National Mortgage <br> Association, Series 2015-H04, Class HA, <br> 3.500%, 11/20/2064(b)(c)<br>| 51475 |
| 146360 | Government National Mortgage <br> Association, Series 2015-H10, Class JA, <br> 2.250%, 4/20/2065<br>| 141314 |
| 3656 | Government National Mortgage <br> Association, Series 2015-H13, Class FL, <br> 1 mo. USD SOFR + 0.394%, <br> 4.063%, 5/20/2063(b)(c)<br>| 3474 |
| 4473 | Government National Mortgage <br> Association, Series 2015-H19, Class FA, <br> 1 mo. USD SOFR + 0.314%, <br> 3.983%, 4/20/2063(b)(c)<br>| 4308 |
| 4430 | Government National Mortgage <br> Association, Series 2015-H28, Class JZ, <br> 4.702%, 3/20/2065(b)(c)<br>| 4269 |
| 234 | Government National Mortgage <br> Association, Series 2015-H29, Class FA, <br> 1 mo. USD SOFR + 0.814%, <br> 4.483%, 10/20/2065(b)(c)<br>| 228 |
| 160389 | Government National Mortgage <br> Association, Series 2015-H29, Class HZ, <br> 4.496%, 9/20/2065(b)(c)<br>| 156449 |
| 2433 | Government National Mortgage <br> Association, Series 2015-H30, Class FA, <br> 1 mo. USD SOFR + 0.794%, <br> 4.463%, 8/20/2061(b)(c)<br>| 2367 |
| 273505 | Government National Mortgage <br> Association, Series 2016-23, Class PA, <br> 5.501%, 7/20/2037(b)(c)<br>| 272317 |
| 3053853 | Government National Mortgage <br> Association, Series 2016-H01, Class AI, <br> 2.017%, 1/20/2066(b)(c)(d)<br>| 103431 |
| 4012799 | Government National Mortgage <br> Association, Series 2016-H09, Class JI, <br> 2.622%, 4/20/2066(b)(c)(d)<br>| 156305 |
| 93497 | Government National Mortgage <br> Association, Series 2016-H14, Class JZ, <br> 4.403%, 8/20/2063(b)(c)<br>| 89968 |
| 693034 | Government National Mortgage <br> Association, Series 2016-H17, Class HA, <br> 2.250%, 3/20/2066(c)<br>| 665612 |
| 22633 | Government National Mortgage <br> Association, Series 2016-H19, Class CZ, <br> 4.462%, 8/20/2066(b)(c)<br>| 21604 |
| 13057 | Government National Mortgage <br> Association, Series 2016-H19, Class EZ, <br> 4.903%, 6/20/2061(b)(c)<br>| 12609 |
| 2305794 | Government National Mortgage <br> Association, Series 2017-26, Class IM, <br> 6.500%, 2/20/2047(c)(d)<br>| 195238 |

---

See accompanying notes to financial statements.

25 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $623746 | Government National Mortgage <br> Association, Series 2017-H05, Class AI, <br> 2.415%, 1/20/2067(b)(c)(d)<br>| $27046 |
| 141847 | Government National Mortgage <br> Association, Series 2018-H12, Class HZ, <br> 4.669%, 8/20/2068(b)(c)<br>| 135931 |
| 280000 | Government National Mortgage <br> Association, Series 2019-111, Class LP, <br> 3.500%, 9/20/2049(c)<br>| 211086 |
| 324000 | Government National Mortgage <br> Association, Series 2019-132, Class LP, <br> 3.500%, 10/20/2049(c)<br>| 242884 |
| 8447001 | Government National Mortgage <br> Association, Series 2019-152, Class LI, <br> 1.761%, 2/20/2044(b)(c)(d)<br>| 868807 |
| 1741018 | Government National Mortgage <br> Association, Series 2019-44, Class BS, <br> 2.261%, 4/20/2049(b)(c)(d)<br>| 146127 |
| 6735284 | Government National Mortgage <br> Association, Series 2019-45, Class FL, <br> 1 mo. USD SOFR + 0.814%, <br> 4.490%, 4/20/2049(b)<br>| 6516935 |
| 7031488 | Government National Mortgage <br> Association, Series 2019-70, Class SK, <br> 2.211%, 8/20/2043(b)(d)<br>| 718520 |
| 2118612 | Government National Mortgage <br> Association, Series 2019-H02, Class JA, <br> 3.500%, 12/20/2068<br>| 2033888 |
| 540694 | Government National Mortgage <br> Association, Series 2019-H06, Class HA, <br> 2.800%, 4/20/2069(b)(c)<br>| 529834 |
| 1786451 | Government National Mortgage <br> Association, Series 2020-138, Class IL, <br> 3.500%, 9/20/2050(c)(d)<br>| 336328 |
| 9563379 | Government National Mortgage <br> Association, Series 2020-148, Class EI, <br> 3.000%, 11/20/2049(d)<br>| 1888295 |
| 4075853 | Government National Mortgage <br> Association, Series 2020-148, Class IJ, <br> 3.000%, 6/20/2049(c)(d)<br>| 837498 |
| 10916006 | Government National Mortgage <br> Association, Series 2020-47, Class IQ, <br> 3.500%, 3/20/2050(d)<br>| 2297354 |
| 583542 | Government National Mortgage <br> Association, Series 2020-H11, Class GA, <br> 1.250%, 7/20/2067(c)<br>| 572892 |
| 19093238 | Government National Mortgage <br> Association, Series 2021-H03, <br> 0.466%, 4/20/2070(b)(c)(d)<br>| 100768 |
| 3151336 | Government National Mortgage <br> Association, Series 2021-H08, Class IA, <br> 0.558%, 1/20/2068(b)(c)(d)<br>| 21599 |
| 1124282 | Government National Mortgage <br> Association, Series 2021-H12, Class GA, <br> 4.517%, 7/20/2071(b)<br>| 1118996 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $535460 | Government National Mortgage <br> Association, Series 2021-H17, <br> 0.553%, 3/20/2070(b)(c)(d)<br>| $18449 |
| 554923 | Government National Mortgage <br> Association, Series 2021-H17, Class BA, <br> 2.884%, 10/20/2071(b)(c)<br>| 538985 |
| 44197441 | Government National Mortgage <br> Association, Series 2025-H03, Class IA, <br> 0.844%, 1/20/2075(b)(d)<br>| 3563861 |
| 17096319 | Government National Mortgage <br> Association, Series 2025-H03, Class IC, <br> 0.883%, 1/20/2075(b)(d)<br>| 1316023 |
| 11909170 | Government National Mortgage <br> Association, Series 2025-H04, Class GI, <br> 0.898%, 1/20/2075(b)(d)<br>| 996369 |
| 14663385 | Government National Mortgage <br> Association, Series 2025-H04, Class HI, <br> 0.794%, 2/20/2075(b)(d)<br>| 1127292 |
| 32400717 | Government National Mortgage <br> Association, Series 2025-H07, Class LI, <br> 0.884%, 2/20/2075(b)(d)<br>| 2606735 |
| 25650111 | Government National Mortgage <br> Association, Series 2025-H13, Class EI, <br> 0.648%, 5/20/2075(b)(d)<br>| 1740514 |
| 13697049 | Government National Mortgage <br> Association, Series 2025-H13, Class IC, <br> 0.751%, 5/20/2075(b)(d)<br>| 967509 |
| 48131473 | Government National Mortgage <br> Association, Series 2025-H14, Class AI, <br> 0.633%, 7/20/2075(b)(d)<br>| 3447730 |
| 21834571 | Government National Mortgage <br> Association, Series 2025-H22, Class AI, <br> 0.698%, 10/20/2075(b)(d)<br>| 1630911 |
| 33298474 | Government National Mortgage <br> Association, Series 2025-H23, Class ID, <br> 0.756%, 10/20/2075(b)(d)<br>| 2397943 |
|  |  | 223862995 |
|  | **Mortgage Related — 61.9%** |  |
| 6737663 | Federal Home Loan Mortgage Corp., <br> 2.500%, 9/01/2050<br>| 5620641 |
| 1411437 | Federal Home Loan Mortgage Corp., <br> 2.500%, 10/01/2050<br>| 1177419 |
| 5969847 | Federal Home Loan Mortgage Corp., <br> 2.500%, 2/01/2052<br>| 5027029 |
| 7020536 | Federal Home Loan Mortgage Corp., <br> 2.500%, 4/01/2052<br>| 5931300 |
| 6491218 | Federal Home Loan Mortgage Corp., <br> 3.500%, 6/01/2052<br>| 5964596 |
| 15337661 | Federal Home Loan Mortgage Corp., <br> 4.000%, 9/01/2052<br>| 14536676 |
| 23353965 | Federal Home Loan Mortgage Corp., <br> 4.500%, 12/01/2054<br>| 22549225 |
| 7733911 | Federal Home Loan Mortgage Corp., <br> 5.500%, 6/01/2055<br>| 7885620 |

---

See accompanying notes to financial statements.

\| 26

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** |  |
| $16472369 | Federal Home Loan Mortgage Corp., <br> 6.000%, 6/01/2055<br>| $16825304 |
| 15687924 | Federal Home Loan Mortgage Corp., <br> 6.500%, 5/01/2055<br>| 16218756 |
| 933613 | Federal National Mortgage Association, <br> 2.000%, 10/01/2050<br>| 736213 |
| 286942 | Federal National Mortgage Association, <br> 2.000%, 12/01/2050<br>| 226272 |
| 3562465 | Federal National Mortgage Association, <br> 2.500%, 10/01/2050<br>| 3020999 |
| 5383479 | Federal National Mortgage Association, <br> 2.500%, 11/01/2051<br>| 4544005 |
| 11725807 | Federal National Mortgage Association, <br> 2.500%, 1/01/2052<br>| 9868758 |
| 8191290 | Federal National Mortgage Association, <br> 2.500%, 1/01/2052<br>| 6916615 |
| 73311378 | Federal National Mortgage Association, <br> 2.500%, 2/01/2052<br>| 61733312 |
| 4916831 | Federal National Mortgage Association, <br> 2.500%, 2/01/2052<br>| 4152608 |
| 1816047 | Federal National Mortgage Association, <br> 2.500%, 7/01/2053<br>| 1532870 |
| 8280592 | Federal National Mortgage Association, <br> 2.500%, 12/01/2061<br>| 6808991 |
| 93184365 | Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| 76691478 |
| 37530074 | Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| 30860397 |
| 18784937 | Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| 15446504 |
| 72438724 | Federal National Mortgage Association, <br> 2.500%, 5/01/2062<br>| 59617650 |
| 57321015 | Federal National Mortgage Association, <br> 2.500%, 5/01/2062<br>| 47133625 |
| 11324065 | Federal National Mortgage Association, <br> 2.500%, 12/01/2063<br>| 9311439 |
| 1438997 | Federal National Mortgage Association, <br> 3.000%, 10/01/2047<br>| 1292628 |
| 1696694 | Federal National Mortgage Association, <br> 3.000%, 7/01/2049<br>| 1508268 |
| 29945592 | Federal National Mortgage Association, <br> 3.000%, 2/01/2052<br>| 26544471 |
| 28703667 | Federal National Mortgage Association, <br> 3.000%, 2/01/2052<br>| 25400980 |
| 24987333 | Federal National Mortgage Association, <br> 3.000%, 6/01/2052<br>| 22000736 |
| 2840083 | Federal National Mortgage Association, <br> 3.000%, 6/01/2063<br>| 2446889 |
| 12962387 | Federal National Mortgage Association, <br> 3.000%, 12/01/2063<br>| 11167757 |
| 16035567 | Federal National Mortgage Association, <br> 3.000%, 6/01/2064<br>| 13815408 |
| 31660287 | Federal National Mortgage Association, <br> 3.500%, 9/01/2062<br>| 28526202 |
| 14318095 | Federal National Mortgage Association, <br> 3.500%, 12/01/2063<br>| 12940702 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** |  |
| $22996698 | Federal National Mortgage Association, <br> 3.500%, 6/01/2064<br>| $20791574 |
| 440363 | Federal National Mortgage Association, <br> 4.000%, 1/01/2052<br>| 417919 |
| 61130000 | Federal National Mortgage Association, <br> TBA, 4.500%, 5/01/2056(e)<br>| 58935875 |
| 7968353 | Federal National Mortgage Association, <br> 5.500%, 10/01/2054<br>| 8009766 |
| 28196437 | Federal National Mortgage Association, <br> 5.500%, 7/01/2055<br>| 28413392 |
| 8602563 | Federal National Mortgage Association, <br> 6.500%, 10/01/2055<br>| 8893648 |
| 32596000 | Government National Mortgage <br> Association, TBA, 5.000%, 4/01/2056(e)<br>| 32279895 |
| 39191000 | Government National Mortgage <br> Association, TBA, 5.000%, 5/20/2056(e)<br>| 38732863 |
| 8 | Government National Mortgage <br> Association, 5.470%, 11/20/2059(b)<br>| 8 |
| 636000 | Uniform Mortgage-Backed Security, TBA, <br> 2.500%, 5/01/2056(e)<br>| 534414 |
| 48870000 | Uniform Mortgage-Backed Security, TBA, <br> 4.500%, 4/01/2056(e)<br>| 47159827 |
| 60000000 | Uniform Mortgage-Backed Security, TBA, <br> 5.000%, 4/01/2056(e)<br>| 59167598 |
| 110000000 | Uniform Mortgage-Backed Security, TBA, <br> 5.500%, 5/01/2056(e)<br>| 110356259 |
|  |  | 999675381 |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — 9.4%** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — 9.4%** |
| 3720000 | Bank, Series 2019-BN20, Class A3, <br> 3.011%, 9/15/2062<br>| 3514061 |
| 3525000 | Bank, Series 2019-BN22, Class A4, <br> 2.978%, 11/15/2062<br>| 3330212 |
| 1770000 | Bank, Series 2020-BN25, Class A5, <br> 2.649%, 1/15/2063<br>| 1637119 |
| 3649000 | Bank, Series 2020-BN26, Class A4, <br> 2.403%, 3/15/2063<br>| 3336395 |
| 785000 | Bank, Series 2020-BN28, Class AS, <br> 2.140%, 3/15/2063<br>| 693329 |
| 3615000 | Bank, Series 2021-BN34, Class A5, <br> 2.438%, 6/15/2063<br>| 3181942 |
| 5300000 | Bank, Series 2022-BNK39, Class A4, <br> 2.928%, 2/15/2055(b)<br>| 4788191 |
| 1830000 | Bank, Series 2022-BNK42, Class A5, <br> 4.493%, 6/15/2055(b)<br>| 1780621 |
| 412592 | Bank of America Merrill Lynch <br> Commercial Mortgage Trust, <br> Series 2016-UB10, Class A4, <br> 3.170%, 7/15/2049<br>| 411763 |
| 2140000 | Bank5 Trust, Series 2024-5YR6, Class AS, <br> 6.790%, 5/15/2057(b)<br>| 2241292 |
| 3330000 | Benchmark Mortgage Trust, <br> Series 2019-B10, Class A4, <br> 3.717%, 3/15/2062<br>| 3239586 |

---

See accompanying notes to financial statements.

27 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $5185000 | Benchmark Mortgage Trust, <br> Series 2019-B13, Class A4, <br> 2.952%, 8/15/2057<br>| $4892394 |
| 3210000 | BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class A, 1 mo. USD <br> SOFR + 1.500%, <br> 5.173%, 11/15/2042(a)(b)<br>| 3205996 |
| 4970000 | BMO Mortgage Trust, Series 2022-C1, <br> Class A5, 3.374%, 2/15/2055(b)<br>| 4588587 |
| 2725447 | BX Commercial Mortgage Trust, <br> Series 2022-AHP, Class B, 1 mo. USD <br> SOFR + 1.840%, <br> 5.513%, 1/17/2039(a)(b)<br>| 2724596 |
| 1485000 | BX Commercial Mortgage Trust, <br> Series 2024-VLT5, Class A, <br> 5.050%, 11/13/2046(a)(b)<br>| 1483910 |
| 720000 | BX Trust, Series 2024-VLT4, Class A, <br> 1 mo. USD SOFR + 1.491%, <br> 5.164%, 6/15/2041(a)(b)<br>| 715500 |
| 1895000 | BX Trust, Series 2025-DELC, Class A, <br> 1 mo. USD SOFR + 1.550%, <br> 5.223%, 12/15/2042(a)(b)<br>| 1896594 |
| 4470000 | BX Trust, Series 2025-VLT6, Class A, <br> 1 mo. USD SOFR + 1.443%, <br> 5.116%, 3/15/2042(a)(b)<br>| 4439269 |
| 510000 | CALI Mortgage Trust, Series 2019-101C, <br> Class A, 3.957%, 3/10/2039(a)<br>| 490693 |
| 3305000 | CHI Commercial Mortgage Trust, <br> Series 2025-SFT, Class A, <br> 5.117%, 4/15/2042(a)(b)<br>| 3349425 |
| 1298200 | Commercial Mortgage Pass-Through <br> Certificates, Series 2012-LTRT, Class A2, <br> 3.400%, 10/05/2030(a)<br>| 1289346 |
| 6160000 | Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class A2, <br> 3.953%, 9/15/2037(a)<br>| 5640353 |
| 2110000 | Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class B, <br> 4.185%, 9/15/2037(a)<br>| 1794730 |
| 3600000 | Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class C, <br> 4.336%, 9/15/2037(a)<br>| 3028531 |
| 2405000 | CSAIL Commercial Mortgage Trust, <br> Series 2019-C18, Class A4, <br> 2.968%, 12/15/2052<br>| 2266061 |
| 2520000 | DC Commercial Mortgage Trust, <br> Series 2023-DC, Class A, <br> 6.314%, 9/12/2040(a)<br>| 2568485 |
| 5365000 | DROP Mortgage Trust, Series 2021-FILE, <br> Class A, 1 mo. USD SOFR + 1.264%, <br> 4.938%, 10/15/2043(a)(b)<br>| 5338175 |
| 395000 | Extended Stay America Trust, <br> Series 2025-ESH, Class A, 1 mo. USD <br> SOFR + 1.300%, <br> 4.973%, 10/15/2042(a)(b)<br>| 395000 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $210000 | Extended Stay America Trust, <br> Series 2025-ESH, Class B, 1 mo. USD <br> SOFR + 1.600%, <br> 5.273%, 10/15/2042(a)(b)<br>| $210263 |
| 1169001 | Extended Stay America Trust, <br> Series 2026-ESH2, Class A, 1 mo. USD <br> SOFR + 1.200%, <br> 4.873%, 2/15/2043(a)(b)<br>| 1169001 |
| 3481794 | GS Mortgage Securities Corp. Trust, <br> Series 2012-BWTR, Class A, <br> 2.954%, 11/05/2034(a)<br>| 3044139 |
| 5775000 | GS Mortgage Securities Corp. Trust, <br> Series 2013-PEMB, Class A, <br> 3.550%, 3/05/2033(a)(b)<br>| 4476202 |
| 2000000 | GS Mortgage Securities Trust, <br> Series 2014-GC22, Class AS, <br> 4.113%, 6/10/2047<br>| 1895425 |
| 2373000 | GS Mortgage Securities Trust, <br> Series 2014-GC22, Class C, <br> 4.371%, 6/10/2047(b)<br>| 1344090 |
| 5000000 | GS Mortgage Securities Trust, <br> Series 2019-GSA1, Class A4, <br> 3.048%, 11/10/2052<br>| 4739880 |
| 2555000 | GS Mortgage Securities Trust, <br> Series 2020-GC45, Class A5, <br> 2.911%, 2/13/2053<br>| 2411220 |
| 5885000 | Hudsons Bay Simon JV Trust, <br> Series 2015-HB10, Class A10, <br> 4.155%, 8/05/2034(a)<br>| 5638559 |
| 492667 | JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2012-LC9, <br> Class C, 3.500%, 12/15/2047(a)(b)<br>| 482804 |
| 2969000 | JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2015-JP1, <br> Class AS, 4.119%, 1/15/2049(b)<br>| 2935614 |
| 3350000 | JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, <br> Class A, 1 mo. USD SOFR + 1.600%, <br> 5.273%, 1/15/2042(a)(b)<br>| 3341625 |
| 730000 | JPMBB Commercial Mortgage Securities <br> Trust, Series 2014-C25, Class AS, <br> 4.065%, 11/15/2047<br>| 708100 |
| 600000 | LEX Mortgage Trust, Series 2024-BBG, <br> Class A, 4.874%, 10/13/2033(a)(b)<br>| 597463 |
| 257997 | Morgan Stanley Capital I Trust, <br> Series 2011-C2, Class D, <br> 5.213%, 6/15/2044(a)(b)<br>| 255466 |
| 2686752 | Morgan Stanley Capital I Trust, <br> Series 2013-ALTM, Class A2, <br> 3.706%, 2/05/2035(a)(b)<br>| 2579147 |
| 3399917 | Morgan Stanley Capital I Trust, <br> Series 2017-H1, Class A5, <br> 3.530%, 6/15/2050<br>| 3362024 |

---

See accompanying notes to financial statements.

\| 28

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $5780000 | Morgan Stanley Capital I Trust, <br> Series 2019-L3, Class A4, <br> 3.127%, 11/15/2052<br>| $5478424 |
| 2085000 | Morgan Stanley Capital I Trust, <br> Series 2021-L5, Class A4, <br> 2.728%, 5/15/2054<br>| 1888574 |
| 1042426 | MSBAM Commercial Mortgage Securities <br> Trust, Series 2012-CKSV, Class A2, <br> 3.277%, 10/15/2030(a)<br>| 995517 |
| 3180000 | NY Commercial Mortgage Trust, <br> Series 2025-299P, Class A, <br> 5.664%, 2/10/2047(a)(b)<br>| 3295517 |
| 3115000 | RFR Trust, Series 2025-SGRM, Class A, <br> 5.379%, 3/11/2041(a)(b)<br>| 3151742 |
| 2160000 | SCOTT Trust, Series 2023-SFS, Class A, <br> 5.910%, 3/10/2040(a)<br>| 2198812 |
| 1606458 | Starwood Retail Property Trust, <br> Series 2014-STAR, Class A, Prime + <br> 0.000%, 6.750%, 11/15/2027(a)(b)<br>| 963843 |
| 6500000 | Starwood Retail Property Trust, <br> Series 2014-STAR, Class B, Prime + <br> 0.000%, 6.750%, 11/15/2027(a)(b)(c)(f)<br>| 1300000 |
| 540000 | TCO Commercial Mortgage Trust, <br> Series 2024-DPM, Class A, 1 mo. USD <br> SOFR + 1.243%, <br> 4.915%, 12/15/2039(a)(b)<br>| 539156 |
| 2870000 | TYSN Mortgage Trust, <br> Series 2023-CRNR, Class A, <br> 6.580%, 12/10/2033(a)(b)<br>| 2982564 |
| 1350000 | UBS Commercial Mortgage Trust, <br> Series 2019-C16, Class A4, <br> 3.605%, 4/15/2052<br>| 1304835 |
| 5000000 | Wells Fargo Commercial Mortgage Trust, <br> Series 2018-C48, Class A5, <br> 4.302%, 1/15/2052<br>| 4973065 |
| 5012000 | Wells Fargo Commercial Mortgage Trust, <br> Series 2019-C54, Class A4, <br> 3.146%, 12/15/2052<br>| 4759186 |
|  |  | 151284413 |
|  | **Total Bonds and Notes**<br>(Identified Cost $1,936,365,900)<br>| 1872684525 |
| **Collateralized Loan Obligations — 3.8%** | **Collateralized Loan Obligations — 3.8%** | **Collateralized Loan Obligations — 3.8%** |
| 2544755 | Alinea CLO Ltd., Series 2018-1A, <br> Class BR, 3 mo. USD SOFR + 1.150%, <br> 4.818%, 7/20/2031(a)(b)<br>| 2544333 |
| 3245000 | BCC Middle Market CLO LLC, <br> Series 2019-1A, Class A1RR, 3 mo. USD <br> SOFR + 1.450%, <br> 5.122%, 7/15/2036(a)(b)<br>| 3228382 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
| $3300000 | Cerberus Loan Funding XLVII LLC, <br> Series 2024-3A, Class A, 3 mo. USD <br> SOFR + 1.750%, <br> 5.422%, 7/15/2036(a)(b)<br>| $3300792 |
| 3125000 | Diameter Capital CLO 12 Ltd., <br> Series 2025-12A, Class A, 3 mo. USD <br> SOFR + 1.240%, <br> 5.156%, 10/20/2038(a)(b)<br>| 3123333 |
| 3835000 | Dryden 53 CLO Ltd., Series 2017-53A, <br> Class BR, 3 mo. USD SOFR + 1.300%, <br> 4.972%, 1/15/2031(a)(b)<br>| 3831510 |
| 3020000 | Eldridge CLO Ltd., Series 2025-1A, <br> Class A1, 3 mo. USD SOFR + 1.330%, <br> 5.250%, 10/20/2038(a)(b)<br>| 3022030 |
| 1530000 | Empower CLO Ltd., Series 2025-1A, <br> Class A, 3 mo. USD SOFR + 1.310%, <br> 4.978%, 7/20/2038(a)(b)<br>| 1530613 |
| 3290000 | Garnet CLO 2 Ltd., Series 2025-2A, <br> Class A, 3 mo. USD SOFR + 1.350%, <br> 5.431%, 10/20/2038(a)(b)<br>| 3287256 |
| 3185000 | Golub Capital Partners CLO 85M Ltd., <br> Series 2026-85A, Class A1, 3 mo. USD <br> SOFR + 1.370%, <br> 5.024%, 2/09/2040(a)(b)<br>| 3174155 |
| 3005000 | LCM 30 Ltd., Series 30A, Class BR, <br> 3 mo. USD SOFR + 1.762%, <br> 5.429%, 4/20/2031(a)(b)<br>| 2991961 |
| 2040000 | Octagon Investment Partners 18-R Ltd., <br> Series 2018-18A, Class A2, 3 mo. USD <br> SOFR + 1.732%, <br> 5.403%, 4/16/2031(a)(b)<br>| 2036480 |
| 4205000 | OHA Credit Funding 3 Ltd., <br> Series 2019-3A, Class B1R2, 3 mo. USD <br> SOFR + 1.600%, <br> 5.268%, 1/20/2038(a)(b)<br>| 4206619 |
| 2455000 | Palmer Square BDC CLO 1 Ltd., <br> Series 1A, Class B1, 3 mo. USD SOFR + <br> 2.150%, 5.822%, 7/15/2037(a)(b)<br>| 2460882 |
| 1900000 | Polen Capital CLO Ltd., Series 2025-1A, <br> Class A1, 3 mo. USD SOFR + 1.320%, <br> 4.988%, 3/06/2038(a)(b)<br>| 1905953 |
| 2940000 | Polen Capital CLO Ltd., Series 2025-2A, <br> Class A1, 3 mo. USD SOFR + 1.330%, <br> 5.040%, 1/20/2039(a)(b)<br>| 2939706 |
| 7650000 | Rockland Park CLO Ltd., Series 2021-1A, <br> Class A1R, 3 mo. USD SOFR + 1.300%, <br> 4.968%, 7/20/2038(a)(b)<br>| 7651002 |
| 5130000 | Symetra CLO Ltd., Series 2025-1A, <br> Class A1, 3 mo. USD SOFR + 1.290%, <br> 4.958%, 4/20/2038(a)(b)<br>| 5130518 |

---

See accompanying notes to financial statements.

29 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Securitized Asset Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
| $1315000 | Voya CLO Ltd., Series 2013-3A, <br> Class A2RR, 3 mo. USD SOFR + <br> 1.961%, 5.631%, 10/18/2031(a)(b)<br>| $1314823 |
| 3290000 | Wise CLO Ltd., Series 2024-2A, Class A, <br> 3 mo. USD SOFR + 1.460%, <br> 5.132%, 7/15/2037(a)(b)<br>| 3288414 |
|  | **Total Collateralized Loan Obligations**<br>(Identified Cost $60,886,731)<br>| 60968762 |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| 11183829 | Tri-Party Repurchase Agreement with <br> Fixed Income Clearing Corporation, <br> dated 3/31/2026 at 2.150% to be <br> repurchased at $11,184,497 on <br> 4/01/2026 collateralized by $11,954,500 <br> U.S. Treasury Note, 0.500% due <br> 8/31/2027 valued at $11,407,641 <br> including accrued interest (Note 2 of <br> Notes to Financial Statements)<br>| 11183829 |
| 5000000 | U.S. Treasury Bills, <br> 3.534%, 4/14/2026(g)(h)<br>| 4993446 |
|  | **Total Short-Term Investments**<br>(Identified Cost $16,177,448)<br>| 16177275 |
|  | **Total Investments — 120.6%**<br>(Identified Cost $2,013,430,079)<br>| 1949830562 |
|  | Other assets less liabilities — (20.6)% | (333669302)<br>|
|  | **Net Assets — 100.0%** | $1616161260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the value of Rule 144A holdings amounted to $493,755,303 or 30.6% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Rate as of March 31, 2026 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for the purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and/or spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest only security. Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) When–issued/delayed delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Interest rate represents discount rate at time of purchase; not a coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ABS | Asset-Backed Securities |
| CMT | Constant Maturity Treasury |
| MTA | Monthly Treasury Average Interest |
| REMICS | Real Estate Mortgage Investment Conduits |
| SLM | Sallie Mae |
| SOFR | Secured Overnight Financing Rate |
| TBA | To Be Announced |

---

See accompanying notes to financial statements.

\| 30

------

**Statements of Assets and Liabilities**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **High Income** <br>**Opportunities** <br>**Fund**<br>| **Securitized** <br>**Asset Fund**<br>|
| **ASSETS** |  |  |
| Investments at cost | &nbsp;&nbsp;&nbsp; $305037918 | &nbsp;&nbsp;&nbsp; $2013430079 |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp; (10420986)<br>| &nbsp;&nbsp;&nbsp; (63599517)<br>|
| Investments at value | &nbsp;&nbsp;&nbsp; 294616932 | &nbsp;&nbsp;&nbsp; 1949830562 |
| Cash | &nbsp;&nbsp;&nbsp; 31695 | &nbsp;&nbsp;&nbsp; 1594 |
| Due from brokers (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5487574 |
| Foreign currency at value (identified cost $5,234 and $0, respectively) | &nbsp;&nbsp;&nbsp; 5216 | &nbsp;&nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 4801969 | &nbsp;&nbsp;&nbsp; 9014809 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; 1406683 | &nbsp;&nbsp;&nbsp; 38000 |
| Receivable for when-issued/delayed delivery securities sold (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 401637586 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 4395298 | &nbsp;&nbsp;&nbsp; 7449439 |
| Receivable for variation margin on futures contracts (Note 2)  | &nbsp;&nbsp;&nbsp; 2443 | &nbsp;&nbsp;&nbsp; — |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 305260236 | &nbsp;&nbsp;&nbsp; 2373459564 |
| **LIABILITIES** |  |  |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; 6999729 | &nbsp;&nbsp;&nbsp; 2800702 |
| Payable for when-issued/delayed delivery securities purchased (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 753509936 |
| Unfunded loan commitments (Note 2)  | &nbsp;&nbsp;&nbsp; 521775 | &nbsp;&nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; 184690 | &nbsp;&nbsp;&nbsp; 987666 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 7706194 | &nbsp;&nbsp;&nbsp; 757298304 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $297554042 | &nbsp;&nbsp;&nbsp; $1616161260 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $324533785 | &nbsp;&nbsp;&nbsp; $2008071847 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (26979743)<br>| &nbsp;&nbsp;&nbsp; (391910587)<br>|
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $297554042 | &nbsp;&nbsp;&nbsp; $1616161260 |
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |
| **Institutional Class:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $297554042 | &nbsp;&nbsp;&nbsp; $1616161260 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 33234095 | &nbsp;&nbsp;&nbsp; 204583685 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $8.95 | &nbsp;&nbsp;&nbsp; $7.90 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) As disclosed in the Notes to Financial Statements, if applicable.

See accompanying notes to financial statements.

31 \|

------

**Statements of Operations**

**For the Six Months Ended March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **High Income** <br>**Opportunities** <br>**Fund**<br>| **Securitized** <br>**Asset Fund**<br>|
| **INVESTMENT INCOME**  |  |  |
| Interest | &nbsp;&nbsp;&nbsp; $10686983 | &nbsp;&nbsp;&nbsp; $36210281 |
| Dividends | &nbsp;&nbsp;&nbsp; 95055 | &nbsp;&nbsp;&nbsp; — |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp; — |
| Investment income | &nbsp;&nbsp;&nbsp; 10781908 | &nbsp;&nbsp;&nbsp; 36210281 |
| **Net realized and unrealized gain (loss) on Investments, Futures contracts and foreign** <br> **currency transactions**<br>|  |  |
| Net realized gain (loss) on: |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (1603618)<br>| &nbsp;&nbsp;&nbsp; (2473286)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (43856)<br>| &nbsp;&nbsp;&nbsp; 1789584 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (6095118)<br>| &nbsp;&nbsp;&nbsp; (617236)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (44296)<br>| &nbsp;&nbsp;&nbsp; (1681353)<br>|
| Foreign currency translations (Note 2c)  | &nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized and unrealized loss on Investments, Futures contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp; (7786912)<br>| &nbsp;&nbsp;&nbsp; (2982291)<br>|
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $2994996 | &nbsp;&nbsp;&nbsp; $33227990 |

---

See accompanying notes to financial statements.

\| 32

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>| **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>|
| **FROM OPERATIONS:** |  |  |  |  |
| Investment income | $10781908 | $20506532 | $36210281 | $70684146 |
| Net realized gain (loss) on investments and futures contracts | (1647474)<br>| 590416 | (683702)<br>| (7647254)<br>|
| Net change in unrealized appreciation (depreciation) on <br> investments, futures contracts and foreign currency <br> translations<br>| (6139438)<br>| 6404439 | (2298589)<br>| 18923420 |
| Net increase in net assets resulting from operations | 2994996 | 27501387 | 33227990 | 81960312 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Institutional Class | (10764229)<br>| (20979225)<br>| (41034680)<br>| (69741688)<br>|
| **NET INCREASE IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 10)**<br>| 13303133 | 24242232 | 37509318 | 81988219 |
| Net increase in net assets | 5533900 | 30764394 | 29702628 | 94206843 |
| **NET ASSETS** |  |  |  |  |
| Beginning of the period | 292020142 | 261255748 | 1586458632 | 1492251789 |
| End of the period | $297554042 | $292020142 | $1616161260 | $1586458632 |

---

See accompanying notes to financial statements.

33 \|

------

**Financial Highlights**

**For a share outstanding throughout each period.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **High Income Opportunities Fund – Institutional Class** | **High Income Opportunities Fund – Institutional Class** | **High Income Opportunities Fund – Institutional Class** | **High Income Opportunities Fund – Institutional Class** | **High Income Opportunities Fund – Institutional Class** | **High Income Opportunities Fund – Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $9.19 | &nbsp;&nbsp;&nbsp; $9.00 | &nbsp;&nbsp;&nbsp; $8.43 | &nbsp;&nbsp;&nbsp; $8.32 | &nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp; $10.29 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Investment income | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $8.95 | &nbsp;&nbsp;&nbsp; $9.19 | &nbsp;&nbsp;&nbsp; $9.00 | &nbsp;&nbsp;&nbsp; $8.43 | &nbsp;&nbsp;&nbsp; $8.32 | &nbsp;&nbsp;&nbsp; $10.94 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.02 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.98<br> %<br>| &nbsp;&nbsp;&nbsp; (16.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.55<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $297554 | &nbsp;&nbsp;&nbsp; $292020 | &nbsp;&nbsp;&nbsp; $261256 | &nbsp;&nbsp;&nbsp; $213322 | &nbsp;&nbsp;&nbsp; $193409 | &nbsp;&nbsp;&nbsp; $267703 |
| Gross expenses(c) <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7.34 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.49<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp;&nbsp; 88<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Loomis Sayles has agreed to pay, without reimbursement from the Fund, all expenses associated with the operations of the Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

\| 34

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Securitized Asset Fund – Institutional Class** | **Securitized Asset Fund – Institutional Class** | **Securitized Asset Fund – Institutional Class** | **Securitized Asset Fund – Institutional Class** | **Securitized Asset Fund – Institutional Class** | **Securitized Asset Fund – Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $7.94 | &nbsp;&nbsp;&nbsp; $7.91 | &nbsp;&nbsp;&nbsp; $7.31 | &nbsp;&nbsp;&nbsp; $7.68 | &nbsp;&nbsp;&nbsp; $9.39 | &nbsp;&nbsp;&nbsp; $9.77 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Investment income | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>|
| Net asset value, end of the <br> period<br>| &nbsp;&nbsp;&nbsp; $7.90 | &nbsp;&nbsp;&nbsp; $7.94 | &nbsp;&nbsp;&nbsp; $7.91 | &nbsp;&nbsp;&nbsp; $7.31 | &nbsp;&nbsp;&nbsp; $7.68 | &nbsp;&nbsp;&nbsp; $9.39 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 2.08 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp; (13.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>|
| **RATIOS TO AVERAGE NET** <br> **ASSETS:**<br>|  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $1616161 | &nbsp;&nbsp;&nbsp; $1586459 | &nbsp;&nbsp;&nbsp; $1492252 | &nbsp;&nbsp;&nbsp; $1217783 | &nbsp;&nbsp;&nbsp; $1275943 | &nbsp;&nbsp;&nbsp; $1564877 |
| Gross expenses(c) <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.52 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 140<br> %<br>| &nbsp;&nbsp;&nbsp; 98<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Loomis Sayles has agreed to pay, without reimbursement from the Fund, all expenses associated with the operations of the Fund.

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

See accompanying notes to financial statements.

35 \|

------

**Notes to Financial Statements**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 High Income Opportunities Fund ("High Income Opportunities Fund")

Loomis Sayles Securitized Asset Fund ("Securitized Asset Fund")

Each Fund is a diversified investment company.

Each Fund offers Institutional Class shares. The Funds' shares are offered exclusively to investors in "wrap fee" programs approved by Natixis Advisors, LLC ("Natixis Advisors") and/or Loomis, Sayles & Company, L.P. ("Loomis Sayles") and to institutional advisory clients of Natixis Advisors or Loomis Sayles that, in each case, meet the Funds' policies as established by Loomis Sayles.

**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. Each Fund operates as a single segment entity, focusing on investments in a portfolio of securities. Each Fund's named president acts as chief operating decision maker ("CODM") regarding allocation of resources and performance assessment. Financial information including, but not limited to, portfolio composition, net asset changes and total returns, is used by the CODM to assess performance and to make resource allocation decisions and is consistent with that presented within the financial statements. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds' financial statements.

**a. Valuation.** Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds' Valuation Procedures. The Board of Trustees has approved a valuation designee who is, subject to the Board's oversight.

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 ("NAV") per share.

Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Equity-linked notes are fair valued at bid prices supplied by an independent pricing service. Senior loans and collateralized loan obligations ("CLOs") 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 CLOs where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Forward foreign currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service. Bilateral credit default swaps are fair valued based on mid prices (between the bid price and the ask price) supplied by an independent pricing service. Bilateral interest rate swaps are fair valued based on prices supplied by an independent pricing source. Centrally cleared swap agreements are fair valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers.

The Funds may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund's investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund's NAV is calculated. Fair valuation by the Fund(s) valuation designee may require subjective determinations about

\| 36

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

the value of the investment, and fair values used to determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.

**b. Investment Transactions and Related Investment Income.** Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Loan consent fees, upfront origination fees and/or amendment fees are recorded when received and included in interest income on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. For payment-in-kind securities, income received in-kind is reflected as an increase to the principal and cost basis of the securities. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis.

**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 Funds' investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds' Statements of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency 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 Funds' or counterparty's net obligations under the contracts. Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**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.

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

37 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

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. Swap Agreements.** A Fund may enter into credit default and interest rate swaps. A credit default swap is an agreement between two parties (the "protection buyer" and "protection seller") to exchange the credit risk of an issuer ("reference obligation") for a specified time period. The reference obligation may be one or more debt securities or an index of such securities. The Funds may be either the protection buyer or the protection seller. As a protection buyer, the Funds have the ability to hedge the downside risk of an issuer or group of issuers. As a protection seller, the Funds have the ability to gain exposure to an issuer or group of issuers whose bonds are unavailable or in short supply in the cash bond market, as well as realize additional income in the form of fees paid by the protection buyer. The protection buyer is obligated to pay the protection seller a stream of payments ("fees") over the term of the contract, provided that no credit event, such as a default or a downgrade in credit rating, occurs on the reference obligation. The Funds may also pay or receive upfront premiums. If a credit event occurs, the protection seller must pay the protection buyer the difference between the agreed upon notional value and market value of the reference obligation. Market value in this case is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the value. The maximum potential amount of undiscounted future payments that a Fund as the protection seller could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

Implied credit spreads, represented in absolute terms, are disclosed in the Portfolio of Investments for those agreements for which the Fund is the protection seller. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

An interest rate swap is an agreement with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

The notional amounts of swap agreements are not recorded in the financial statements. Swap agreements are valued daily, and fluctuations in value are recorded in the Statements of Operations as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded in the Statements of Assets and Liabilities as part of unrealized appreciation (depreciation) on swap agreements. When received or paid, fees are recorded in the Statements of Operations as realized gain or loss. Upfront premiums paid or received by the Funds are recorded on the Statements of Asset and Liabilities, as an asset or liability, respectively, and are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Funds as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared ("centrally cleared swaps"). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and the Funds face the CCP through a broker. Upon entering into a centrally cleared swap, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as "variation margin," are made or received by the Funds based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Funds' counterparty credit risk is reduced as the CCP stands between the Funds and the counterparty. Swap agreements outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**g. 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.

\| 38

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

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. TBA closeout transactions are accounted for as seperate purchase and sale commitments and are presented on a gross basis in the Statements of Assets and Liabilities.

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.

**h. Stripped Securities.** A Fund may invest in stripped securities, which are usually structured with two or more classes that receive different proportions of the interest and principal distribution on a pool of U.S. or foreign government securities or mortgage assets. In some cases, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Stripped securities commonly have greater market volatility than other types of fixed-income securities. In the case of stripped mortgage securities, if the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to recoup fully its investments in IOs. Stripped securities outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**i. 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 March 31, 2026 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.

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.

Funds may file tax reclaims for previously withheld taxes on dividends earned in certain European Union countries ("EU reclaims") and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as tax reclaims in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, and to the extent that EU reclaims recovered by a Fund were previously passed-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into closing agreements with the Internal Revenue Service ("IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Accordingly, estimated charges, if any, related to a Fund's closing agreement liability are presented as tax reclaim expenses in the Statements of Operations and its estimated closing agreement liability is presented as tax reclaim payable in the Statements of Assets and Liabilities. The actual closing agreement payment to the IRS may differ from the estimate and that difference may be material.

**j. Dividends and Distributions to Shareholders.** Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as premium amortization, convertible bond adjustments, return of capital distributions received, defaulted and/or non-income producing securities, REMIC resecuritization adjustments and pay-down gains and losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to wash sales, convertible bond adjustments, corporate actions, defaulted and/or non-income producing securities, interest only security adjustments, return of capital distributions received, REMIC resecuritization adjustments, premium amortization and futures contracts 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.

39 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 Distributions | 2025 Distributions | 2025 Distributions |
| Fund | Ordinary <br>Income<br>| Long-Term <br>Capital <br>Gains<br>| Total |
| High Income Opportunities Fund | &nbsp;&nbsp; $20979225 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20979225 |
| Securitized Asset Fund | &nbsp;&nbsp; 69741688 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69741688 |

---

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

As of September 30, 2025, capital loss carryforwards were as follows:

---

| | | |
|:---|:---|:---|
|  | High Income <br>Opportunities <br>Fund<br>| Securitized <br>Asset Fund<br>|
| Capital loss carryforward: |  |  |
| Short-term: |  |  |
| No expiration date | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(43857456)<br>|
| Long-term: |  |  |
| No expiration date | &nbsp;&nbsp; (14609077)<br>| &nbsp;&nbsp; (258182405)<br>|
| Total capital loss carryforward | &nbsp;&nbsp; $(14609077)<br>| &nbsp;&nbsp; $(302039861)<br>|

---

As of March 31, 2026, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | High Income <br>Opportunities <br>Fund<br>| Securitized <br>Asset Fund<br>|
| Federal tax cost | &nbsp;&nbsp; $305345834 | &nbsp;&nbsp; $2013449179 |
| Gross tax appreciation | &nbsp;&nbsp; $4624351 | &nbsp;&nbsp; $15296865 |
| Gross tax depreciation | &nbsp;&nbsp; (15425771)<br>| &nbsp;&nbsp; (78915482)<br>|
| Net tax depreciation | &nbsp;&nbsp; $(10801420)<br>| &nbsp;&nbsp; $(63618617)<br>|

---

Amounts in the table above exclude certain adjustments that will be made at the end of the Fund's fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales and derivatives mark-to-market.

**k. Senior Loans.** A Fund's investment in senior loans may be to corporate, governmental or other borrowers. Senior loans, which include both secured and unsecured loans made by banks and other financial institutions to corporate customers, typically hold the most senior position in a borrower's capital structure, may be secured by the borrower's assets and have interest rates that reset frequently. Senior Loans can include term loans, revolving credit facility loans and second lien loans. A senior loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the senior loan, as specified in the loan agreement. Large loans may be shared or syndicated among several lenders. A Fund may enter into the primary syndicate for a loan or it may also purchase all or a portion of loans from other lenders (sometimes referred to as loan assignments), in either case becoming a direct lender. The settlement period for senior loans is uncertain as there is no standardized settlement schedule applicable to such investments. Senior loans outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**l. Loan Participations.** A Fund's investment in senior loans may be in the form of participations in loans. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the party from whom the Fund has purchased the participation and only upon receipt by that party of payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement or to vote on matters arising under the loan agreement. Thus, a Fund may be subject to credit risk from both the party from whom it purchased the loan participation and the borrower.

\| 40

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

Additionally, a Fund may have minimal control over the terms of any loan modification. Loan participations outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**m. Collateralized Loan Obligations.** A Fund may invest in 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.

**n. Equity-Linked Notes.** A Fund may invest in equity-linked notes ("ELNs"). ELNs are hybrid instruments which combine both debt and equity characteristics into a single note form. ELN values are linked to the performance of an underlying index or a specific security. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs have a coupon which is accrued and recorded as interest income on the Fund's Statement of Operations. The risk of investing in ELNs depends on the principal protection offered. Some ELNs may guarantee total principal or partial principal while others may not provide any guarantee of principal. The maturity value may also be impacted to the extent of any limit on the return value as part of the note structure. ELNs are subject to counterparty credit risk in that issuers and/or counterparties may fail to make payments when due or default completely, which could result in a loss of all or part of the Fund's investment. ELNs outstanding at the end of the period, if any, are listed in the Fund's Portfolio of Investments.

**o. Repurchase Agreements.** Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund's policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund's ability to dispose of the underlying securities. As of March 31, 2026, 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.

**p. Due from Brokers.** Transactions and positions in certain delayed delivery commitments are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Funds and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for Securitized Asset Fund represents cash pledged as collateral for delayed delivery securities. In certain circumstances the Fund's use of cash held at brokers is restricted by regulation or broker mandated limits.

**q. Unfunded Loan Commitments.** A Fund may enter into unfunded loan commitments, which are contractual obligations for future funding at the option of the borrower. Unfunded loan commitments represent a future obligation, in full, even though a percentage of the committed amount may not be utilized by the borrower. Unfunded loan commitments, and the obligation for future funding, are recorded as a liability on the Statements of Assets and Liabilities at par value at the time the commitment is entered into. Purchases of unfunded loan commitments may have a similar effect on the Fund's NAV as if the Fund had created a degree of leverage in the portfolio. Market risk exists with these commitments to the same extent as if the securities were owned on a settled basis. Losses may arise due to changes in the value of the unfunded loan commitments. Unfunded loan commitments outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**r. 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.

**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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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).

41 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

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

The Funds' pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Funds have knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.

Under certain conditions and based upon specific facts and circumstances, the Fund's valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2026, at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds and Notes |  |  |  |  |
| Non-Convertible Bonds |  |  |  |  |
| ABS Home Equity | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $42771 | &nbsp;&nbsp;&nbsp; $42771 |
| Home Construction | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5894280 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5894280 |
| Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 815584 | &nbsp;&nbsp;&nbsp; 4950 | &nbsp;&nbsp;&nbsp; 820534 |
| All Other Non-Convertible Bonds(a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 237086612 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 237086612 |
| Total Non-Convertible Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 243796476 | &nbsp;&nbsp;&nbsp; 47721 | &nbsp;&nbsp;&nbsp; 243844197 |
| Convertible Bonds(a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6117282 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6117282 |
| Total Bonds and Notes | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 249913758 | &nbsp;&nbsp;&nbsp; 47721 | &nbsp;&nbsp;&nbsp; 249961479 |
| Senior Loans(a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20472551 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20472551 |
| Common Stocks |  |  |  |  |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp; 2399 | &nbsp;&nbsp;&nbsp; 1722 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4121 |
| All Other Common Stocks(a) | &nbsp;&nbsp;&nbsp; 4917429 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4917429 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 4919828 | &nbsp;&nbsp;&nbsp; 1722 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4921550 |
| Equity-Linked Notes | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1302032 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1302032 |
| Preferred Stocks(a) | &nbsp;&nbsp;&nbsp; 625237 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 625237 |
| Other Investments |  |  |  |  |
| Professional Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4651 | &nbsp;&nbsp;&nbsp; 4651 |
| Warrants | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17329432 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17329432 |
| Total Investments | &nbsp;&nbsp;&nbsp; 5545065 | &nbsp;&nbsp;&nbsp; 289019495 | &nbsp;&nbsp;&nbsp; 52372 | &nbsp;&nbsp;&nbsp; 294616932 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp;&nbsp; 178510 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 178510 |
| Total | &nbsp;&nbsp;&nbsp; $5723575 | &nbsp;&nbsp;&nbsp; $289019495 | &nbsp;&nbsp;&nbsp; $52372 | &nbsp;&nbsp;&nbsp; $294795442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures Contracts (unrealized depreciation) | &nbsp;&nbsp;&nbsp; $(251028)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(251028)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

\| 42

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Securitized Asset Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Bonds and Notes |  |  |  |  |
| ABS Home Equity | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $63666427 | &nbsp;&nbsp;&nbsp; $879757 | &nbsp;&nbsp;&nbsp; $64546184 |
| ABS Residential Mortgage | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6812 | &nbsp;&nbsp;&nbsp; 6812 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 97123003 | &nbsp;&nbsp;&nbsp; 3725456 | &nbsp;&nbsp;&nbsp; 100848459 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 207873240 | &nbsp;&nbsp;&nbsp; 15989755 | &nbsp;&nbsp;&nbsp; 223862995 |
| Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 149984413 | &nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 151284413 |
| All Other Bonds and Notes(a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1332135662 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1332135662 |
| Total Bonds and Notes | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1850782745 | &nbsp;&nbsp;&nbsp; 21901780 | &nbsp;&nbsp;&nbsp; 1872684525 |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 60968762 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 60968762 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16177275 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16177275 |
| Total Investments | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1927928782 | &nbsp;&nbsp;&nbsp; $21901780 | &nbsp;&nbsp;&nbsp; $1949830562 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2025 and/or March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in Securities | Balance as of <br>September 30, <br>2025<br>| Accrued <br>Discounts <br>(Premiums)<br>| Realized <br>Gain (Loss)<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Purchases | Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance as of <br>March 31, <br>2026<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>from <br>Investments <br>Still Held at <br>March 31, <br>2026<br>|
| Bonds and Notes |  |  |  |  |  |  |  |  |  |  |
| Non-Convertible Bonds |  |  |  |  |  |  |  |  |  |  |
| ABS Home Equity | $— | $— | $102 | $(220)<br>| $— | $(357)<br>| $43246 | $— | $42771 | $(220)<br>|
| Home Construction |  |  |  |  |  |  |  |  |  |  |
| Non-Agency Commercial Mortgage-<br> Backed Securities<br>| 4950 |  |  |  |  |  |  |  | 4950 |  |
| Other Investments |  |  |  |  |  |  |  |  |  |  |
| Professional Services | 4514 |  |  | 137 |  |  |  |  | 4651 | 137 |
| Warrants |  |  |  |  |  |  |  |  |  |  |
| Total | $9464 | $— | $102 | $(83)<br>| $— | $(357)<br>| $43246 | $— | $52372 | $(83)<br>|

---

A debt security valued at $43,246 was transferred from Level 2 to Level 3 during the period ended March 31, 2026. At September 30, 2025, this security was fair valued based on evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund's

43 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

valuation policies. At March 31, 2026, this security was fair valued as determined by the Fund's valuation designee as an independent pricing service did not provide a reliable price for the security.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Securitized Asset Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** | **Securitized Asset Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in Securities | Balance as of <br>September 30, <br>2025<br>| Accrued <br>Discounts <br>(Premiums)<br>| Realized <br>Gain (Loss)<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Purchases | Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance as of <br>March 31, <br>2026<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>from <br>Investments <br>Still Held at <br>March 31, <br>2026<br>|
| Bonds and Notes |  |  |  |  |  |  |  |  |  |  |
| ABS Home Equity | $1012556 | $(14607)<br>| $(1871)<br>| $48165 | $— | $(164486)<br>| $— | $— | $879757 | $28722 |
| ABS Residential Mortgage | 7622 |  | 74 | (19)<br>|  | (865)<br>|  |  | 6812 | 8 |
| Agency Commercial <br> Mortgage-Backed <br> Securities<br>| 4194490 | (734103)<br>| (4064)<br>| (133485)<br>| 58020 | (1516)<br>| 346114 |  | 3725456 | (83844)<br>|
| Collateralized Mortgage <br> Obligations<br>| 16621031 | (938118)<br>| (61093)<br>| (407831)<br>| 27686 | (3271728)<br>| 4019808 |  | 15989755 | (501646)<br>|
| Non-Agency Commercial <br> Mortgage-Backed <br> Securities<br>| 1300000 |  |  |  |  |  |  |  | 1300000 |  |
| Total | $23135699 | $(1686828)<br>| $(66954)<br>| $(493170)<br>| $85706 | $(3438595)<br>| $4365922 | $— | $21901780 | $(556760)<br>|

---

Debt securities valued at $4,365,922 were transferred from Level 2 to Level 3 during the period ended March 31, 2026. At September 30, 2025, these securities were fair valued based on evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund's valuation policies. At March 31, 2026, these securities were fair valued as determined by the Fund's valuation designee as an independent pricing service did not provide a reliable price for the securities.

\| 44

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

The significant unobservable inputs used for those securities fair valued by the valuation designee and categorized in Level 3 for Securitized Asset Fund as of March 31, 2026, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>Description |  | &nbsp;&nbsp; Valuation <br>Technique(s)<br>| Unobservable Input | &nbsp;&nbsp; Unobservable <br>Input Value(s)<br>| Value |
| Bonds and Notes | Bonds and Notes | Bonds and Notes | Bonds and Notes | Bonds and Notes | Bonds and Notes |
|  | ABS Home Equity<sup>1</sup> <br>|  |  | 1.00% | &nbsp;&nbsp; $876652 |
|  |  | Market Discount | Discount Rate | 5.00% | &nbsp;&nbsp; 3105 |
|  | ABS Residential Mortgage<sup>1</sup> <br>| Market Discount | Discount Rate | 5.00% | &nbsp;&nbsp; 6812 |
|  | Agency Commercial Mortgage-Backed Securities<sup>1</sup> <br>|  |  | 1.00% | &nbsp;&nbsp; 3459553 |
|  |  | Market Discount | Discount Rate | 3.00% | &nbsp;&nbsp; 265903 |
|  | Collateralized Mortgage Obligations<sup>1</sup> <br>|  |  | 1.00% | &nbsp;&nbsp; 14751531 |
|  |  | Market Discount | Discount Rate | 3.00% | &nbsp;&nbsp; 1238224 |
|  | Non-Agency Commercial Mortgage-Backed <br> Securities<sup>2</sup> <br>| Discounted Cash Flows | Constant Default Rate | 100% |  |
|  |  |  | Loss Severity | 40% |  |
|  |  |  | Lag Time | 24 months |  |
|  |  |  | Loss Adjusted Spread | 11% | &nbsp;&nbsp; 1300000 |
|  | Total |  |  |  | &nbsp;&nbsp; $21901780 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> "Odd lot" securities (those with current principal below the normal trading size) are valued using a discount to the "round lot" price for the same security. The significant unobservable input used in the fair value measurement is the discount rate. Discount rates are set at a specific fixed rate depending on the size of the odd lot. A significant change in the discount rate could have a material effect on the fair value measurement. There is an inverse relationship between the discount rate and the fair value measurement, meaning a significant increase in the discount rate would have resulted in a lower fair value measurement, and vice versa. 

<sup>2</sup> Security is valued using a discounted cash flow model. The significant unobservable inputs used in the fair value measurement are the constant default rate, loss severity, lag time, and loss adjusted spread. Significant changes in input values could have a material effect on the fair value measurement. There is an inverse relationship between the loss severity, lag time, and loss adjusted spread and the fair value measurement, meaning a significant increase in any of those input values in isolation would have resulted in a lower fair value measurement, and vice versa. The constant default rate of 100% is based on the fact that the underlying loan is in default. 

**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 futures contracts.

The Funds are subject to the risk that changes in interest rates will affect the value of the Funds' investments in fixed-income securities. A Fund will be subject to increased interest rate risk to the extent that it invests 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. During the six months ended March 31, 2026, Securitized Asset Fund used futures contracts to hedge against changes in interest rates and manage duration and High Income Opportunities Fund used futures contracts to manage duration.

The following is a summary of derivative instruments for High Income Opportunities Fund as of March 31, 2026, as reflected within the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Assets | Unrealized <br>appreciation <br>on futures <br>contracts<sup>1</sup> <br>|
| Exchange-traded asset derivatives |  |
| Interest rate contracts | &nbsp;&nbsp; $178510 |

---

45 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Liabilities | Unrealized <br>depreciation <br>on futures <br>contracts<sup>1</sup> <br>|
| Exchange-traded liability derivatives |  |
| Interest rate contracts | &nbsp;&nbsp; $(251028)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 High Income Opportunities Fund during the six months ended March 31, 2026, as reflected within the Statements of Operations were as follows:

---

| | |
|:---|:---|
| Net Realized Gain (Loss) on: | Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $(43856)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $(44296)<br>|

---

Transactions in derivative instruments for Securitized Asset Fund during the six months ended March 31, 2026, as reflected within the Statements of Operations were as follows:

---

| | |
|:---|:---|
| Net Realized Gain (Loss) on: | Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $1789584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $(1681353)<br>|

---

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 following is a summary of the Funds' derivative volume activity for the six months ended March 31, 2026. Volume activity is based on average derivatives outstanding during the period, including amounts outstanding at the end of the prior period, if applicable. Amounts disclosed represent average notional value. All amounts are shown at absolute value.

---

| | |
|:---|:---|
|  | Futures <br>contracts<br>|
| High Income Opportunities Fund | &nbsp;&nbsp; $34182530 |
| Securitized Asset Fund | &nbsp;&nbsp; 116608339 |

---

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.

Counterparty risk is managed based on policies and procedures established by the 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. 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.

\| 46

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Purchases and Sales of Securities.** For the six months ended March 31, 2026, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/ <br>Agency Securities | U.S. Government/ <br>Agency Securities | Other Securities | Other Securities |
| Fund | Purchases | Sales | Purchases | Sales |
| High Income Opportunities Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $125147182 | &nbsp;&nbsp; $117745704 |
| Securitized Asset Fund | &nbsp;&nbsp; 2077287301 | &nbsp;&nbsp; 1727767317 | &nbsp;&nbsp; 141024978 | &nbsp;&nbsp; 108148466 |

---

**6. Management Fees and Other Transactions with Affiliates.** 

**a. Management Fees.** Loomis Sayles has agreed to pay, without reimbursement from the Funds or the Trust, the following expenses of the Funds: compensation to Trustees of the Trust who are not "interested persons" (as defined in the 1940 Act) of the Trust; registration, filing and other fees in connection with requirements of regulatory authorities; the charges and expenses of any entity appointed by the Funds for custodial, paying agent, shareholder servicing and plan agent services; charges and expenses of the independent registered public accounting firm retained by the Funds; charges and expenses of any transfer agents and registrars appointed by the Funds; any cost of certificates representing shares of the Funds; legal fees and expenses in connection with the day-to-day affairs of the Funds, including registering and qualifying its shares with Federal and State regulatory authorities; expenses of meetings of shareholders and Trustees of the Trust; the costs of services, including services of counsel, required in connection with the preparation of the Funds' registration statements and prospectuses, including amendments and revisions thereto, annual, semi-annual and other periodic reports of the Funds, and notices and proxy solicitation material furnished to shareholders of the Funds or regulatory authorities, and any costs of printing or mailing these items; and the Funds' expenses of bookkeeping, accounting and financial reporting, including related clerical expenses and all other expenses incurred; and other operating expenses of the Funds, as applicable.

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 each management agreement, Loomis Sayles does not charge the Funds an investment advisory fee, also known as a management fee, or any other fee for those services or for bearing those expenses. Although the Funds do not compensate Loomis Sayles directly for services under the advisory agreement, Loomis Sayles will typically receive an advisory fee from the sponsors of "wrap programs," who in turn charge the programs' participants.

**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. Natixis Distribution currently is not paid a fee for serving as distributor for the Funds. Loomis Sayles has agreed to reimburse Natixis Distribution to the extent that Natixis Distribution incurs expenses in connection with any redemption of Fund shares.

**c. Administrative Fees.** Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank and Trust Company ("State Street Bank") to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Loomis Sayles has agreed to pay, without reimbursement from the Trust or Funds, fees to Natixis Advisors for services to the Funds.

**d. 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 $410,000. 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 $235,000. 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 and the Chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $30,000. The Chairperson of the Governance Committee receives 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. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends. 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.

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

47 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

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.

Loomis Sayles has agreed to pay, without reimbursement from the Trust or Funds, Trustees fees and expenses allocable to the Funds.

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

**7. 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 syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund's investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. Loomis Sayles has agreed to pay, without reimbursement from the Trust or Funds, commitment fees and interest expense allocable to the Funds for the line of credit.

For the six months ended March 31, 2026, neither Fund had borrowings under this agreement.

**8. Risk.** Securitized Asset Fund's investments in mortgage-related and asset-backed securities are subject to certain risks not associated with investments in other securities. Mortgage-related and asset-backed securities are subject to the risk that unexpected changes in interest rates will have a direct effect on expected maturity. A shortened maturity may result in the reinvestment of prepaid amounts in securities with lower yields than the original obligations. An extended maturity may result in a reduction of a security's value.

Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other 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 issuers in the country or countries involved.

**9. Concentration of Ownership.** From time to time, a Fund may have a concentration of one or more shareholder accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of a Fund's outstanding shares could have material impacts on a Fund. As of March 31, 2026, the number of such accounts and the aggregate percentage of net assets represented by such holdings were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Number of 5% <br>Account Holders<br>| Percentage <br>of Ownership<br>|
| High Income Opportunities Fund | &nbsp;&nbsp; 2 | 18.00<br> %<br>|
| Securitized Asset Fund | &nbsp;&nbsp; 1 | 8.10<br> %<br>|

---

Omnibus shareholder accounts, maintained by a single intermediary on behalf of multiple underlying shareholders, are not included in the table above. As such, there could be other 5% shareholders in addition to those disclosed in the table above.

**10. Capital Shares**. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **High Income Opportunities Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 3943054 | &nbsp;&nbsp; $35818499 | &nbsp;&nbsp; 9901313 | &nbsp;&nbsp; $88718963 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 550127 | &nbsp;&nbsp; 4995761 | &nbsp;&nbsp; 965272 | &nbsp;&nbsp; 8626421 |
| Redeemed | &nbsp;&nbsp; (3030913)<br>| &nbsp;&nbsp; (27511127)<br>| &nbsp;&nbsp; (8108333)<br>| &nbsp;&nbsp; (73103152)<br>|
| Increase from capital share transactions | &nbsp;&nbsp; 1462268 | &nbsp;&nbsp; $13303133 | &nbsp;&nbsp; 2758252 | &nbsp;&nbsp; $24242232 |

---

\| 48

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Capital Shares (continued).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Securitized Asset Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 20093352 | &nbsp;&nbsp; $159674014 | &nbsp;&nbsp; 54554460 | &nbsp;&nbsp; $421381647 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1530590 | &nbsp;&nbsp; 12134727 | &nbsp;&nbsp; 2384717 | &nbsp;&nbsp; 18510226 |
| Redeemed | &nbsp;&nbsp; (16911194)<br>| &nbsp;&nbsp; (134299423)<br>| &nbsp;&nbsp; (45808386)<br>| &nbsp;&nbsp; (357903654)<br>|
| Increase from capital share transactions | &nbsp;&nbsp; 4712748 | &nbsp;&nbsp; $37509318 | &nbsp;&nbsp; 11130791 | &nbsp;&nbsp; $81988219 |

---

49 \|

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This Page Intentionally Left Blank

------

![](g121806img5b550f592.gif)

**LOOMIS SAYLES FUNDS**

Loomis Sayles Funds, a Boston-based family of mutual funds advised by Loomis, Sayles & Company, L.P., offers a range of fixed income and equity investments to fit the goals of the most demanding investor. Investment minimums and a pricing structure that includes multiple share classes make the funds suitable investments for individual investors, retirement plan participants, high net worth individuals and small institutions, including endowments and foundations.

**PHONE 800-633-3330 FOR THE FOLLOWING FUND INFORMATION:**

• Net asset values, yields, distribution information, fund information and fund literature

• Speak to a customer service representative regarding new or existing accounts

**Before investing, consider the fund's investment objectives, risks, charges, and expenses. Please visit www.loomissayles.com or call 800-633-3330 for a prospectus and a summary prospectus, if available, containing this and other information. Effective after the close of business on June 5, 2026, the telephone number will be 800-225-5478 and the website address will be www.im.natixis.com.**

**If you wish to communicate with the funds' Board of Trustees, you may do so by writing to:**

Natixis Advisors, LLC

888 Boylston Street, Suite 800

Boston, MA 02199-8197

The correspondence must be in writing, signed by the shareholder, including the shareholder's name and address, and should identify the fund(s), account number, class of shares, and number of shares held in the fund(s) as of a recent date.

**or by email at:**

secretaryofthefunds@natixis.com

Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.

Please note: Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, social security number, PIN, or any other non-public, personal information in an e-mail communication because this information may be viewed by others.

![](g121806img1652bf513.gif)Exp. 5/31/27

M-LSHISA-0326

------

![](g121806img5618a95d1.gif)

![](g121806imgd60284d92.gif)

Loomis Sayles Small Cap Growth Fund <br> Loomis Sayles Small Cap Value Fund <br> Loomis Sayles Small/Mid Cap Growth Fund

Semi-annual Financial Statements and Other Important Information

March 31, 2026

**Table of Contents** 

---

| | |
|:---|:---|
| [Portfolio of Investments (Form](#xx_6269e76a-47c5-4861-b153-ca2b685c0053_SOI1-Continued-288_1)<br> [N-CSR Item 6)](#xx_6269e76a-47c5-4861-b153-ca2b685c0053_SOI1-Continued-288_1)<br>| 1 |
| [Financial Statements (Form N-CSR](#xx_6269e76a-47c5-4861-b153-ca2b685c0053_FS-Continued-288_1)<br> [Item 7)](#xx_6269e76a-47c5-4861-b153-ca2b685c0053_FS-Continued-288_1)<br>| 7 |
| [Notes to Financial Statements (Form](#xx_6269e76a-47c5-4861-b153-ca2b685c0053_NTF-Continued-288_1)<br> [N-CSR Item 7)](#xx_6269e76a-47c5-4861-b153-ca2b685c0053_NTF-Continued-288_1)<br>| 20 |
| [Trustees Fees and Expenses (Form](#xx_6269e76a-47c5-4861-b153-ca2b685c0053_NTF-Continued-288_8)<br> [N-CSR Item 10)](#xx_6269e76a-47c5-4861-b153-ca2b685c0053_NTF-Continued-288_8)<br>| 27 |

---

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Small Cap Growth Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks— 98.7% of Net Assets** | **Common Stocks— 98.7% of Net Assets** | **Common Stocks— 98.7% of Net Assets** |
|  | **Aerospace & Defense — 8.5%** | **Aerospace & Defense — 8.5%** |
| 294632 | AAR Corp.(a) | $32250419 |
| 260286 | ATI, Inc.(a) | 37861202 |
| 344202 | Cadre Holdings, Inc. | 10560117 |
| 141282 | Ducommun, Inc.(a) | 17236404 |
| 304936 | Hexcel Corp. | 24678471 |
| 213687 | Kratos Defense & Security Solutions, <br> Inc.(a)<br>| 15067070 |
| 361375 | Mercury Systems, Inc.(a) | 26347851 |
|  |  | 164001534 |
|  | **Automobile Components — 2.2%** | **Automobile Components — 2.2%** |
| 135341 | Dorman Products, Inc.(a) | 14124187 |
| 251839 | Patrick Industries, Inc. | 27971758 |
|  |  | 42095945 |
|  | **Banks — 2.3%** | **Banks — 2.3%** |
| 170523 | Coastal Financial Corp.(a) | 12976801 |
| 346430 | FB Financial Corp. | 17993574 |
| 402775 | Live Oak Bancshares, Inc. | 13319769 |
|  |  | 44290144 |
|  | **Beverages — 1.5%** | **Beverages — 1.5%** |
| 600125 | Vita Coco Co., Inc.(a) | 28751989 |
|  | **Biotechnology — 9.7%** | **Biotechnology — 9.7%** |
| 680513 | Alkermes PLC(a) | 24062940 |
| 203012 | Apogee Therapeutics, Inc.(a) | 17087520 |
| 177485 | Disc Medicine, Inc.(a) | 11348391 |
| 265856 | Mirum Pharmaceuticals, Inc.(a) | 24559777 |
| 154521 | PTC Therapeutics, Inc.(a) | 10527516 |
| 260101 | Rhythm Pharmaceuticals, Inc.(a) | 22620984 |
| 357197 | Scholar Rock Holding Corp.(a) | 17559804 |
| 276438 | Twist Bioscience Corp.(a) | 13136334 |
| 545636 | Vericel Corp.(a) | 17553110 |
| 518716 | Viridian Therapeutics, Inc.(a) | 10146085 |
| 315982 | Xenon Pharmaceuticals, Inc.(a) | 18374353 |
|  |  | 186976814 |
|  | **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** |
| 1102504 | Pattern Group, Inc., Class A(a) | 13704125 |
|  | **Building Products — 1.7%** | **Building Products — 1.7%** |
| 57738 | CSW Industrials, Inc. | 15045368 |
| 84287 | Modine Manufacturing Co.(a) | 18265836 |
|  |  | 33311204 |
|  | **Capital Markets — 4.4%** | **Capital Markets — 4.4%** |
| 575526 | Marex Group PLC | 25656949 |
| 300016 | Piper Sandler Cos. | 22966225 |
| 165325 | PJT Partners, Inc., Class A | 23099209 |
| 930718 | WisdomTree, Inc. | 13551254 |
|  |  | 85273637 |
|  | **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** |
| 261029 | Casella Waste Systems, Inc., Class A(a) | 20710041 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Communications Equipment — 3.5%** | **Communications Equipment — 3.5%** |
| 470353 | Calix, Inc.(a) | $23042593 |
| 1520410 | Extreme Networks, Inc.(a) | 22927783 |
| 658420 | Viavi Solutions, Inc.(a) | 21912218 |
|  |  | 67882594 |
|  | **Construction & Engineering — 8.5%** | **Construction & Engineering — 8.5%** |
| 233552 | Arcosa, Inc. | 24789209 |
| 303079 | Construction Partners, Inc., Class A(a) | 33678139 |
| 240886 | Everus Construction Group, Inc.(a) | 28439001 |
| 235594 | Legence Corp., Class A(a) | 13301637 |
| 95147 | MYR Group, Inc.(a) | 26861901 |
| 90413 | Sterling Infrastructure, Inc.(a) | 36822503 |
|  |  | 163892390 |
|  | **Diversified Consumer Services — 2.4%** | **Diversified Consumer Services — 2.4%** |
| 127822 | Grand Canyon Education, Inc.(a) | 21733575 |
| 1082175 | OneSpaWorld Holdings Ltd. | 24835916 |
|  |  | 46569491 |
|  | **Electronic Equipment, Instruments &** <br> **Components — 5.3%** | **Electronic Equipment, Instruments &** <br> **Components — 5.3%** |
| 125038 | Advanced Energy Industries, Inc. | 40351013 |
| 160938 | Itron, Inc.(a) | 14424873 |
| 1040495 | Mirion Technologies, Inc.(a) | 19342802 |
| 107122 | OSI Systems, Inc.(a) | 28441962 |
|  |  | 102560650 |
|  | **Energy Equipment & Services — 2.7%** | **Energy Equipment & Services — 2.7%** |
| 471931 | Cactus, Inc., Class A | 22355372 |
| 821424 | Oceaneering International, Inc.(a) | 29135909 |
|  |  | 51491281 |
|  | **Financial Services — 1.6%** | **Financial Services — 1.6%** |
| 572927 | EVERTEC, Inc. | 16168000 |
| 561881 | Paymentus Holdings, Inc., Class A(a) | 14271777 |
|  |  | 30439777 |
|  | **Health Care Equipment & Supplies — 4.3%** | **Health Care Equipment & Supplies — 4.3%** |
| 548606 | Artivion, Inc.(a) | 20089951 |
| 510733 | Establishment Labs Holdings, Inc.(a) | 28999420 |
| 152236 | Glaukos Corp.(a) | 16389728 |
| 142860 | IRhythm Holdings, Inc.(a) | 16860337 |
|  |  | 82339436 |
|  | **Health Care Providers & Services — 6.8%** | **Health Care Providers & Services — 6.8%** |
| 786057 | Alignment Healthcare, Inc.(a) | 13850324 |
| 115291 | Ensign Group, Inc. | 23231137 |
| 521828 | Guardian Pharmacy Services, Inc., <br> Class A(a)<br>| 19652043 |
| 271890 | HealthEquity, Inc.(a) | 22721847 |
| 1088394 | NeoGenomics, Inc.(a) | 8075883 |
| 958251 | Omada Health, Inc.(a) | 12045215 |
| 553062 | Progyny, Inc.(a) | 9390993 |
| 383839 | RadNet, Inc.(a) | 21452762 |
|  |  | 130420204 |

---

See accompanying notes to financial statements.

1 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Small Cap Growth Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** |
| 174417 | First Watch Restaurant Group, Inc.(a) | $1827890 |
| 931053 | Life Time Group Holdings, Inc.(a) | 25082568 |
| 1044858 | Super Group SGHC Ltd. | 11284466 |
| 88950 | Texas Roadhouse, Inc. | 14689203 |
|  |  | 52884127 |
|  | **Household Durables — 0.8%** | **Household Durables — 0.8%** |
| 53840 | Installed Building Products, Inc. | 14275676 |
|  | **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** |
| 407881 | Cargurus, Inc.(a) | 13888348 |
|  | **Leisure Products — 1.0%** | **Leisure Products — 1.0%** |
| 536539 | YETI Holdings, Inc.(a) | 19631962 |
|  | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| 1019795 | Fortrea Holdings, Inc.(a) | 9606469 |
|  | **Machinery — 4.7%** | **Machinery — 4.7%** |
| 168202 | ESCO Technologies, Inc. | 47326997 |
| 79738 | RBC Bearings, Inc.(a) | 43307302 |
|  |  | 90634299 |
|  | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** |
| 794876 | Magnolia Oil & Gas Corp., Class A | 25094235 |
|  | **Pharmaceuticals — 5.4%** | **Pharmaceuticals — 5.4%** |
| 143510 | Axsome Therapeutics, Inc.(a) | 24256060 |
| 197535 | Ligand Pharmaceuticals, Inc.(a) | 39437863 |
| 476016 | Supernus Pharmaceuticals, Inc.(a) | 24605267 |
| 228168 | Tarsus Pharmaceuticals, Inc.(a) | 16005985 |
|  |  | 104305175 |
|  | **Professional Services — 1.0%** | **Professional Services — 1.0%** |
| 145552 | Huron Consulting Group, Inc.(a) | 18556425 |
|  | **Semiconductors & Semiconductor Equipment — 5.8%** | **Semiconductors & Semiconductor Equipment — 5.8%** |
| 484742 | Allegro MicroSystems, Inc.(a) | 15283915 |
| 180548 | MACOM Technology Solutions Holdings, <br> Inc.(a)<br>| 40094295 |
| 45442 | Onto Innovation, Inc.(a) | 9318791 |
| 232810 | Rambus, Inc.(a) | 20028644 |
| 73704 | Silicon Laboratories, Inc.(a) | 15341488 |
| 105915 | Silicon Motion Technology Corp., ADR | 11893195 |
|  |  | 111960328 |
|  | **Software — 4.3%** | **Software — 4.3%** |
| 746699 | Adeia, Inc. | 17943177 |
| 201620 | Agilysys, Inc.(a) | 14343247 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Software — continued** | **Software — continued** |
| 382532 | Intapp, Inc.(a) | $9827247 |
| 232436 | JFrog Ltd.(a) | 10908221 |
| 295282 | Procore Technologies, Inc.(a) | 16831074 |
| 200320 | Workiva, Inc.(a) | 11945082 |
|  |  | 81798048 |
|  | **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** |
| 129029 | Boot Barn Holdings, Inc.(a) | 18884684 |
|  | **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** |
| 67754 | Applied Industrial Technologies, Inc. | 17976491 |
| 141097 | McGrath RentCorp | 15560177 |
| 70991 | SiteOne Landscape Supply, Inc.(a) | 9449612 |
|  |  | 42986280 |
|  | **Total Common Stocks**<br>(Identified Cost $1,441,522,303)<br>| 1899217312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>|  |  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| $29937149 | Tri-Party Repurchase Agreement with <br> Fixed Income Clearing Corporation, dated <br> 3/31/2026 at 2.150% to be repurchased at <br> $29,938,937 on 4/01/2026 collateralized <br> by $30,704,400 U.S. Treasury Note, <br> 3.375% due 9/15/2027 valued at <br> $30,536,036 including accrued interest <br> (Note 2 of Notes to Financial Statements) <br>(Identified Cost $29,937,149)<br>| 29937149 |
|  | **Total Investments — 100.2%**<br>(Identified Cost $1,471,459,452)<br>| 1929154461 |
|  | Other assets less liabilities — (0.2)% | (4664310)<br>|
|  | **Net Assets — 100.0%** | $1924490151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

See accompanying notes to financial statements.

\| 2

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Small Cap Value Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks— 97.0% of Net Assets** | **Common Stocks— 97.0% of Net Assets** | **Common Stocks— 97.0% of Net Assets** |
|  | **Aerospace & Defense — 4.7%** | **Aerospace & Defense — 4.7%** |
| 22945 | Moog, Inc., Class A | $6714625 |
| 55332 | V2X, Inc.(a) | 3790242 |
| 25655 | VSE Corp. | 4730782 |
|  |  | 15235649 |
|  | **Automobile Components — 2.7%** | **Automobile Components — 2.7%** |
| 115811 | Dana, Inc. | 3897040 |
| 276860 | Garrett Motion, Inc. | 5030546 |
|  |  | 8927586 |
|  | **Banks — 12.9%** | **Banks — 12.9%** |
| 68687 | Ameris Bancorp | 5356899 |
| 30455 | Bancorp, Inc.(a) | 1636347 |
| 64898 | FB Financial Corp. | 3370802 |
| 95041 | First Busey Corp. | 2401686 |
| 98911 | First Financial Bancorp | 2757639 |
| 42588 | Hanmi Financial Corp. | 1122620 |
| 140939 | Home BancShares, Inc. | 3795487 |
| 43739 | Popular, Inc. | 5868462 |
| 55716 | Prosperity Bancshares, Inc. | 3743001 |
| 29171 | ServisFirst Bancshares, Inc. | 2124524 |
| 47733 | Southstate Bank Corp. | 4416257 |
| 28643 | Western Alliance Bancorp | 2029356 |
| 23107 | Wintrust Financial Corp. | 3210487 |
|  |  | 41833567 |
|  | **Building Products — 2.9%** | **Building Products — 2.9%** |
| 56718 | Griffon Corp. | 4122264 |
| 89832 | Resideo Technologies, Inc.(a) | 3028237 |
| 60402 | Trex Co., Inc.(a) | 2199841 |
|  |  | 9350342 |
|  | **Capital Markets — 5.2%** | **Capital Markets — 5.2%** |
| 8225 | Affiliated Managers Group, Inc. | 2275857 |
| 65199 | Donnelley Financial Solutions, Inc.(a) | 3073481 |
| 86021 | Marex Group PLC | 3834816 |
| 12064 | Morningstar, Inc. | 2039419 |
| 103874 | Perella Weinberg Partners | 1886352 |
| 51676 | Stifel Financial Corp. | 3819890 |
|  |  | 16929815 |
|  | **Chemicals — 2.6%** | **Chemicals — 2.6%** |
| 271854 | Ecovyst, Inc.(a) | 3496042 |
| 10982 | Hawkins, Inc. | 1686835 |
| 41167 | Solstice Advanced Materials, Inc. | 3135279 |
|  |  | 8318156 |
|  | **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** |
| 19319 | Boyd Group, Inc. | 2470127 |
|  | **Construction & Engineering — 1.3%** | **Construction & Engineering — 1.3%** |
| 40688 | Arcosa, Inc. | 4318624 |
|  | **Construction Materials — 1.2%** | **Construction Materials — 1.2%** |
| 47246 | Knife River Corp.(a) | 3857636 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** |
| 94862 | TriMas Corp. | $3409340 |
|  | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
| 7683 | Powell Industries, Inc. | 4157118 |
|  | **Electronic Equipment, Instruments &** <br> **Components — 7.2%** | **Electronic Equipment, Instruments &** <br> **Components — 7.2%** |
| 31049 | Bel Fuse, Inc., Class B | 6147081 |
| 63564 | Crane NXT Co. | 2580063 |
| 28836 | TD SYNNEX Corp. | 4864922 |
| 62359 | TTM Technologies, Inc.(a) | 6075014 |
| 110267 | Vontier Corp. | 3911170 |
|  |  | 23578250 |
|  | **Energy Equipment & Services — 4.2%** | **Energy Equipment & Services — 4.2%** |
| 98160 | Kodiak Gas Services, Inc. | 5724691 |
| 52864 | Oceaneering International, Inc.(a) | 1875086 |
| 132439 | WaterBridge Infrastructure LLC, Class A | 3548041 |
| 26083 | Weatherford International PLC | 2466930 |
|  |  | 13614748 |
|  | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| 66320 | Atlanta Braves Holdings, Inc., Class C(a) | 2831864 |
|  | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| 21694 | Federal Agricultural Mortgage Corp., <br> Class C<br>| 3218305 |
| 20021 | WEX, Inc.(a) | 3064014 |
|  |  | 6282319 |
|  | **Food Products — 0.9%** | **Food Products — 0.9%** |
| 28011 | Post Holdings, Inc.(a) | 2769167 |
|  | **Gas Utilities — 2.2%** | **Gas Utilities — 2.2%** |
| 148717 | MDU Resources Group, Inc. | 3081416 |
| 115175 | UGI Corp. | 4194674 |
|  |  | 7276090 |
|  | **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** |
| 32353 | Lantheus Holdings, Inc.(a) | 2453975 |
|  | **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** |
| 5057 | Chemed Corp. | 1910231 |
| 180793 | Concentra Group Holdings Parent, Inc. | 3878010 |
| 110402 | Option Care Health, Inc.(a) | 2972022 |
| 78689 | Pennant Group, Inc.(a) | 2398441 |
|  |  | 11158704 |
|  | **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** |
| 100770 | Waystar Holding Corp.(a) | 2429565 |
|  | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
| 38718 | Churchill Downs, Inc. | 3478038 |
| 45129 | Pursuit Attractions & Hospitality, Inc.(a) | 1653075 |
|  |  | 5131113 |
|  | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| 50324 | La-Z-Boy, Inc. | 1617413 |

---

See accompanying notes to financial statements.

3 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Small Cap Value Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Independent Power & Renewable Electricity** <br> **Producers — 0.7%** | **Independent Power & Renewable Electricity** <br> **Producers — 0.7%** |
| 7065 | Talen Energy Corp.(a) | $2255360 |
|  | **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** |
| 70422 | STAG Industrial, Inc. | 2539417 |
|  | **Insurance — 1.7%** | **Insurance — 1.7%** |
| 133439 | Fidelis Insurance Holdings Ltd. | 2550019 |
| 69169 | Skyward Specialty Insurance Group, Inc.(a) | 3021302 |
|  |  | 5571321 |
|  | **Leisure Products — 0.9%** | **Leisure Products — 0.9%** |
| 79251 | YETI Holdings, Inc.(a) | 2899794 |
|  | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| 256358 | Avantor, Inc.(a) | 2009847 |
|  | **Machinery — 5.2%** | **Machinery — 5.2%** |
| 199169 | Aebi Schmidt Holding AG | 1933931 |
| 63017 | Atmus Filtration Technologies, Inc. | 3577475 |
| 63732 | Blue Bird Corp.(a) | 3619340 |
| 48440 | CECO Environmental Corp.(a) | 2886055 |
| 58644 | Enerpac Tool Group Corp. | 2138747 |
| 9041 | Kadant, Inc. | 2643137 |
|  |  | 16798685 |
|  | **Marine Transportation — 0.9%** | **Marine Transportation — 0.9%** |
| 18447 | Matson, Inc. | 3024201 |
|  | **Media — 0.6%** | **Media — 0.6%** |
| 53582 | John Wiley & Sons, Inc., Class A | 2041474 |
|  | **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** |
| 64025 | Avista Corp. | 2569964 |
|  | **Oil, Gas & Consumable Fuels — 3.5%** | **Oil, Gas & Consumable Fuels — 3.5%** |
| 62687 | California Resources Corp. | 4339194 |
| 24116 | International Seaways, Inc. | 1757574 |
| 112996 | Viper Energy, Inc., Class A | 5309682 |
|  |  | 11406450 |
|  | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| 36608 | ANI Pharmaceuticals, Inc.(a) | 2815155 |
| 78552 | Collegium Pharmaceutical, Inc.(a) | 2597715 |
| 67474 | Supernus Pharmaceuticals, Inc.(a) | 3487731 |
|  |  | 8900601 |
|  | **Professional Services — 2.4%** | **Professional Services — 2.4%** |
| 126183 | Amentum Holdings, Inc.(a) | 3290853 |
| 74978 | CBIZ, Inc.(a) | 2013159 |
| 40805 | Korn Ferry | 2568675 |
|  |  | 7872687 |
|  | **Real Estate Management & Development — 2.1%** | **Real Estate Management & Development — 2.1%** |
| 39247 | Colliers International Group, Inc. | 4195112 |
| 18261 | FirstService Corp. | 2537183 |
|  |  | 6732295 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Retail REITs — 1.5%** | **Retail REITs — 1.5%** |
| 37192 | Agree Realty Corp. | $2803533 |
| 85273 | Curbline Properties Corp. | 2199191 |
|  |  | 5002724 |
|  | **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** |
| 57006 | PDF Solutions, Inc.(a) | 1864666 |
| 47789 | Ultra Clean Holdings, Inc.(a) | 2971520 |
|  |  | 4836186 |
|  | **Software — 0.8%** | **Software — 0.8%** |
| 71107 | Bill Holdings, Inc.(a) | 2723398 |
|  | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |
| 13531 | Boot Barn Holdings, Inc.(a) | 1980397 |
|  | **Textiles, Apparel & Luxury Goods — 2.4%** | **Textiles, Apparel & Luxury Goods — 2.4%** |
| 26857 | Crocs, Inc.(a) | 2229668 |
| 38076 | Kontoor Brands, Inc. | 2676362 |
| 158186 | Levi Strauss & Co., Class A | 2924859 |
|  |  | 7830889 |
|  | **Trading Companies & Distributors — 4.8%** | **Trading Companies & Distributors — 4.8%** |
| 23161 | GATX Corp. | 3954509 |
| 24551 | Herc Holdings, Inc. | 2444052 |
| 30804 | McGrath RentCorp | 3397065 |
| 250543 | NPK International, Inc.(a) | 3630368 |
| 34838 | Rush Enterprises, Inc., Class A | 2303141 |
|  |  | 15729135 |
|  | **Wireless Telecommunication Services — 1.6%** | **Wireless Telecommunication Services — 1.6%** |
| 110049 | Array Digital Infrastructure, Inc. | 5077661 |
|  | **Total Common Stocks**<br>(Identified Cost $228,371,200)<br>| 315753654 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>|  |  |
| **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** |
| $9802817 | Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated <br> 3/31/2026 at 2.150% to be repurchased at <br> $9,803,402 on 4/01/2026 collateralized by <br> $10,478,300 U.S. Treasury Note, 0.500% <br> due 8/31/2027 valued at $9,998,948 <br> including accrued interest (Note 2 of Notes <br> to Financial Statements) <br>(Identified Cost $9,802,817)<br>| 9802817 |
|  | **Total Investments — 100.0%**<br>(Identified Cost $238,174,017)<br>| 325556471 |
|  | Other assets less liabilities — 0.0% | 42494 |
|  | **Net Assets — 100.0%** | $325598965 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

\| 4

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Small/Mid Cap Growth Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks— 97.1% of Net Assets** | **Common Stocks— 97.1% of Net Assets** | **Common Stocks— 97.1% of Net Assets** |
|  | **Aerospace & Defense — 10.4%** | **Aerospace & Defense — 10.4%** |
| 26794 | ATI, Inc.(a) | $3897455 |
| 26567 | BWX Technologies, Inc. | 5432686 |
| 37083 | Hexcel Corp. | 3001127 |
| 39692 | Karman Holdings, Inc.(a) | 3177345 |
| 65656 | Leonardo DRS, Inc. | 2923005 |
| 31706 | Loar Holdings, Inc.(a) | 1816437 |
| 17494 | VSE Corp. | 3225893 |
|  |  | 23473948 |
|  | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| 31130 | GXO Logistics, Inc.(a) | 1614090 |
|  | **Automobile Components — 0.8%** | **Automobile Components — 0.8%** |
| 13907 | LCI Industries | 1710283 |
|  | **Banks — 1.6%** | **Banks — 1.6%** |
| 42519 | Axos Financial, Inc.(a) | 3617942 |
|  | **Biotechnology — 8.9%** | **Biotechnology — 8.9%** |
| 80867 | Alkermes PLC(a) | 2859457 |
| 11287 | Ascendis Pharma AS, ADR(a) | 2581676 |
| 27773 | Insmed, Inc.(a) | 4541441 |
| 19807 | Natera, Inc.(a) | 3961202 |
| 23147 | Neurocrine Biosciences, Inc.(a) | 3049386 |
| 26502 | PTC Therapeutics, Inc.(a) | 1805581 |
| 42934 | Travere Therapeutics, Inc.(a) | 1275569 |
|  |  | 20074312 |
|  | **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** |
| 18427 | Ollie's Bargain Outlet Holdings, Inc.(a) | 1696021 |
|  | **Building Products — 0.6%** | **Building Products — 0.6%** |
| 10479 | Advanced Drainage Systems, Inc. | 1436985 |
|  | **Capital Markets — 3.2%** | **Capital Markets — 3.2%** |
| 48567 | Jefferies Financial Group, Inc. | 2004360 |
| 37129 | Stifel Financial Corp. | 2744576 |
| 31014 | StoneX Group, Inc.(a) | 2501279 |
|  |  | 7250215 |
|  | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| 50665 | Element Solutions, Inc. | 1729703 |
|  | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| 20222 | Casella Waste Systems, Inc., Class A(a) | 1604413 |
|  | **Communications Equipment — 2.2%** | **Communications Equipment — 2.2%** |
| 12807 | Ciena Corp.(a) | 4972062 |
|  | **Construction & Engineering — 1.7%** | **Construction & Engineering — 1.7%** |
| 68295 | Legence Corp., Class A(a) | 3855936 |
|  | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| 74058 | James Hardie Industries PLC(a) | 1402659 |
|  | **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** |
| 24551 | Enova International, Inc.(a) | 3334762 |
|  | **Consumer Staples Distribution & Retail — 4.5%** | **Consumer Staples Distribution & Retail — 4.5%** |
| 23523 | BJ's Wholesale Club Holdings, Inc.(a) | 2315134 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| 7274 | Casey's General Stores, Inc. | $5294454 |
| 28702 | Performance Food Group Co.(a) | 2458613 |
|  |  | 10068201 |
|  | **Diversified Consumer Services — 3.2%** | **Diversified Consumer Services — 3.2%** |
| 119630 | Laureate Education, Inc.(a) | 4167909 |
| 84800 | Universal Technical Institute, Inc.(a) | 3061280 |
|  |  | 7229189 |
|  | **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** |
| 18877 | Generac Holdings, Inc.(a) | 3687244 |
|  | **Electronic Equipment, Instruments &** <br> **Components — 3.2%** | **Electronic Equipment, Instruments &** <br> **Components — 3.2%** |
| 16074 | Advanced Energy Industries, Inc. | 5187241 |
| 115419 | Mirion Technologies, Inc.(a) | 2145639 |
|  |  | 7332880 |
|  | **Energy Equipment & Services — 2.3%** | **Energy Equipment & Services — 2.3%** |
| 134618 | Flowco Holdings, Inc., Class A | 2773131 |
| 95548 | Innovex International, Inc.(a) | 2330416 |
|  |  | 5103547 |
|  | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| 21230 | Glaukos Corp.(a) | 2285622 |
| 16031 | IRhythm Holdings, Inc.(a) | 1891978 |
|  |  | 4177600 |
|  | **Health Care Providers & Services — 6.2%** | **Health Care Providers & Services — 6.2%** |
| 99843 | Alignment Healthcare, Inc.(a) | 1759234 |
| 61515 | BrightSpring Health Services, Inc.(a) | 2621154 |
| 35600 | HealthEquity, Inc.(a) | 2975092 |
| 52936 | Hinge Health, Inc., Class A(a) | 2041212 |
| 239615 | LifeStance Health Group, Inc.(a) | 1526348 |
| 148430 | Privia Health Group, Inc.(a) | 3053205 |
|  |  | 13976245 |
|  | **Hotels, Restaurants & Leisure — 4.0%** | **Hotels, Restaurants & Leisure — 4.0%** |
| 130759 | Life Time Group Holdings, Inc.(a) | 3522647 |
| 30757 | Planet Fitness, Inc., Class A(a) | 2287706 |
| 19075 | Texas Roadhouse, Inc. | 3150046 |
|  |  | 8960399 |
|  | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| 3795 | TopBuild Corp.(a) | 1333184 |
|  | **Insurance — 0.9%** | **Insurance — 0.9%** |
| 9844 | Reinsurance Group of America, Inc. | 2009751 |
|  | **Leisure Products — 0.7%** | **Leisure Products — 0.7%** |
| 23179 | Brunswick Corp. | 1686504 |
|  | **Life Sciences Tools & Services — 2.8%** | **Life Sciences Tools & Services — 2.8%** |
| 32662 | Bio-Techne Corp. | 1706916 |
| 11317 | Charles River Laboratories International, <br> Inc.(a)<br>| 1952182 |

---

See accompanying notes to financial statements.

5 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

**Loomis Sayles Small/Mid Cap Growth Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Life Sciences Tools & Services — continued** | **Life Sciences Tools & Services — continued** |
| 21230 | Repligen Corp.(a) | $2501319 |
| 8247 | Stevanato Group SpA | 113396 |
|  |  | 6273813 |
|  | **Machinery — 9.1%** | **Machinery — 9.1%** |
| 17007 | Crane Co. | 2908197 |
| 22811 | Esab Corp. | 2204911 |
| 26883 | Federal Signal Corp. | 2907128 |
| 48014 | Flowserve Corp. | 3529509 |
| 22060 | ITT, Inc. | 4203092 |
| 8758 | RBC Bearings, Inc.(a) | 4756645 |
|  |  | 20509482 |
|  | **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** |
| 108046 | Magnolia Oil & Gas Corp., Class A | 3411012 |
|  | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| 15266 | Jazz Pharmaceuticals PLC(a) | 2886037 |
|  | **Professional Services — 2.0%** | **Professional Services — 2.0%** |
| 5015 | CACI International, Inc., Class A(a) | 2727508 |
| 16642 | Paylocity Holding Corp.(a) | 1798002 |
|  |  | 4525510 |
|  | **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |
| 21289 | Colliers International Group, Inc. | 2275581 |
|  | **Semiconductors & Semiconductor Equipment — 8.5%** | **Semiconductors & Semiconductor Equipment — 8.5%** |
| 115123 | Allegro MicroSystems, Inc.(a) | 3629828 |
| 18113 | MKS, Inc. | 4162549 |
| 9508 | Nova Ltd.(a) | 4129134 |
| 33268 | Power Integrations, Inc. | 1703322 |
| 34711 | Rambus, Inc.(a) | 2986187 |
| 12946 | Silicon Laboratories, Inc.(a) | 2694710 |
|  |  | 19305730 |
|  | **Software — 5.8%** | **Software — 5.8%** |
| 8875 | Appfolio, Inc., Class A(a) | 1400653 |
| 11758 | Guidewire Software, Inc.(a) | 1758527 |
| 7344 | HubSpot, Inc.(a) | 1792670 |
| 9113 | InterDigital, Inc. | 2752126 |
| 68018 | nCino, Inc.(a) | 1018910 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Software — continued** | **Software — continued** |
| 47718 | Trimble, Inc.(a) | $3112645 |
| 22396 | Workiva, Inc.(a) | 1335473 |
|  |  | 13171004 |
|  | **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** |
| 83148 | National Vision Holdings, Inc.(a) | 2153533 |
|  | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |
| 12265 | SiteOne Landscape Supply, Inc.(a) | 1632594 |
|  | **Total Common Stocks**<br>(Identified Cost $186,281,225)<br>| 219482371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>|  |  |
| **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** |
| $6734873 | Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated <br> 3/31/2026 at 2.150% to be repurchased at <br> $6,735,275 on 4/01/2026 collateralized by <br> $6,748,100 U.S. Treasury Note, 3.875% <br> due 10/15/2027 valued at $6,869,730 <br> including accrued interest (Note 2 of Notes <br> to Financial Statements) <br>(Identified Cost $6,734,873)<br>| 6734873 |
|  | **Total Investments — 100.1%**<br>(Identified Cost $193,016,098)<br>| 226217244 |
|  | Other assets less liabilities — (0.1)% | (235784)<br>|
|  | **Net Assets — 100.0%** | $225981460 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

See accompanying notes to financial statements.

\| 6

------

**Statements of Assets and Liabilities**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap** <br>**Growth Fund**<br>| **Small Cap** <br>**Value Fund**<br>| **Small/Mid Cap** <br>**Growth Fund**<br>|
| **ASSETS** |  |  |  |
| Investments at cost | &nbsp;&nbsp;&nbsp; $1471459452 | &nbsp;&nbsp;&nbsp; $238174017 | &nbsp;&nbsp;&nbsp; $193016098 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 457695009 | &nbsp;&nbsp;&nbsp; 87382454 | &nbsp;&nbsp;&nbsp; 33201146 |
| Investments at value | &nbsp;&nbsp;&nbsp; 1929154461 | &nbsp;&nbsp;&nbsp; 325556471 | &nbsp;&nbsp;&nbsp; 226217244 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4810 | &nbsp;&nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 1599729 | &nbsp;&nbsp;&nbsp; 247160 | &nbsp;&nbsp;&nbsp; 16610 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; 2407751 | &nbsp;&nbsp;&nbsp; 1285893 | &nbsp;&nbsp;&nbsp; 223664 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 9282 | &nbsp;&nbsp;&nbsp; 221834 | &nbsp;&nbsp;&nbsp; 19480 |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp; 691 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 1933171914 | &nbsp;&nbsp;&nbsp; 327316859 | &nbsp;&nbsp;&nbsp; 226477689 |
| **LIABILITIES** |  |  |  |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; 4952496 | &nbsp;&nbsp;&nbsp; 1085390 | &nbsp;&nbsp;&nbsp; 166667 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; 1856397 | &nbsp;&nbsp;&nbsp; 24980 | &nbsp;&nbsp;&nbsp; 74760 |
| Management fees payable (Note 5)  | &nbsp;&nbsp;&nbsp; 1268973 | &nbsp;&nbsp;&nbsp; 193821 | &nbsp;&nbsp;&nbsp; 136433 |
| Deferred Trustees' fees (Note 5)  | &nbsp;&nbsp;&nbsp; 379552 | &nbsp;&nbsp;&nbsp; 332849 | &nbsp;&nbsp;&nbsp; 56884 |
| Administrative fees payable (Note 5)  | &nbsp;&nbsp;&nbsp; 72183 | &nbsp;&nbsp;&nbsp; 11914 | &nbsp;&nbsp;&nbsp; 8260 |
| Payable to distributor (Note 5d)  | &nbsp;&nbsp;&nbsp; 10054 | &nbsp;&nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp; 329 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 27202 | &nbsp;&nbsp;&nbsp; 28183 | &nbsp;&nbsp;&nbsp; 27505 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 114906 | &nbsp;&nbsp;&nbsp; 39253 | &nbsp;&nbsp;&nbsp; 25391 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 8681763 | &nbsp;&nbsp;&nbsp; 1717894 | &nbsp;&nbsp;&nbsp; 496229 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $1924490151 | &nbsp;&nbsp;&nbsp; $325598965 | &nbsp;&nbsp;&nbsp; $225981460 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $1346147660 | &nbsp;&nbsp;&nbsp; $227270007 | &nbsp;&nbsp;&nbsp; $194459077 |
| Accumulated earnings | &nbsp;&nbsp;&nbsp; 578342491 | &nbsp;&nbsp;&nbsp; 98328958 | &nbsp;&nbsp;&nbsp; 31522383 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $1924490151 | &nbsp;&nbsp;&nbsp; $325598965 | &nbsp;&nbsp;&nbsp; $225981460 |
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |  |
| **Institutional Class:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $898564841 | &nbsp;&nbsp;&nbsp; $168464633 | &nbsp;&nbsp;&nbsp; $121867228 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 31871234 | &nbsp;&nbsp;&nbsp; 8115616 | &nbsp;&nbsp;&nbsp; 8364588 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $28.19 | &nbsp;&nbsp;&nbsp; $20.76 | &nbsp;&nbsp;&nbsp; $14.57 |
| **Retail Class:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $39258762 | &nbsp;&nbsp;&nbsp; $64641193 | &nbsp;&nbsp;&nbsp; $— |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 1652578 | &nbsp;&nbsp;&nbsp; 3264261 | &nbsp;&nbsp;&nbsp; — |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $23.76 | &nbsp;&nbsp;&nbsp; $19.80 | &nbsp;&nbsp;&nbsp; $— |
| **Admin Class shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5061278 | &nbsp;&nbsp;&nbsp; $— |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 296198 | &nbsp;&nbsp;&nbsp; — |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17.09 | &nbsp;&nbsp;&nbsp; $— |
| **Class N shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $986666548 | &nbsp;&nbsp;&nbsp; $87431861 | &nbsp;&nbsp;&nbsp; $104114232 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 34214684 | &nbsp;&nbsp;&nbsp; 4210638 | &nbsp;&nbsp;&nbsp; 7139104 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $28.84 | &nbsp;&nbsp;&nbsp; $20.76 | &nbsp;&nbsp;&nbsp; $14.58 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) As disclosed in the Notes to Financial Statements, if applicable.

See accompanying notes to financial statements.

7 \|

------

**Statements of Operations**

**For the Six Months Ended March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap** <br>**Growth Fund**<br>| **Small Cap** <br>**Value Fund**<br>| **Small/Mid Cap** <br>**Growth Fund**<br>|
| **INVESTMENT INCOME**  |  |  |  |
| Dividends | &nbsp;&nbsp;&nbsp; $3043852 | &nbsp;&nbsp;&nbsp; $3274011 | &nbsp;&nbsp;&nbsp; $346615 |
| Interest | &nbsp;&nbsp;&nbsp; 806480 | &nbsp;&nbsp;&nbsp; 74428 | &nbsp;&nbsp;&nbsp; 68135 |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9334)<br>| &nbsp;&nbsp;&nbsp; (486)<br>|
|  | &nbsp;&nbsp;&nbsp; 3850332 | &nbsp;&nbsp;&nbsp; 3339105 | &nbsp;&nbsp;&nbsp; 414264 |
| Expenses |  |  |  |
| Management fees (Note 5)  | &nbsp;&nbsp;&nbsp; 7999028 | &nbsp;&nbsp;&nbsp; 1241033 | &nbsp;&nbsp;&nbsp; 893853 |
| Service and distribution fees (Note 5)  | &nbsp;&nbsp;&nbsp; 53943 | &nbsp;&nbsp;&nbsp; 96949 | &nbsp;&nbsp;&nbsp; — |
| Administrative fees (Note 5)  | &nbsp;&nbsp;&nbsp; 450823 | &nbsp;&nbsp;&nbsp; 69952 | &nbsp;&nbsp;&nbsp; 50380 |
| Trustees' fees and expenses (Note 5)  | &nbsp;&nbsp;&nbsp; 55626 | &nbsp;&nbsp;&nbsp; 26758 | &nbsp;&nbsp;&nbsp; 15658 |
| Transfer agent fees and expenses (Notes 5, 6 and 7)  | &nbsp;&nbsp;&nbsp; 643077 | &nbsp;&nbsp;&nbsp; 111657 | &nbsp;&nbsp;&nbsp; 23573 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 23650 | &nbsp;&nbsp;&nbsp; 23980 | &nbsp;&nbsp;&nbsp; 23660 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 26686 | &nbsp;&nbsp;&nbsp; 5390 | &nbsp;&nbsp;&nbsp; 4354 |
| Legal fees | &nbsp;&nbsp;&nbsp; 35161 | &nbsp;&nbsp;&nbsp; 5254 | &nbsp;&nbsp;&nbsp; 4798 |
| Registration fees | &nbsp;&nbsp;&nbsp; 43638 | &nbsp;&nbsp;&nbsp; 48778 | &nbsp;&nbsp;&nbsp; 9368 |
| Shareholder reporting expenses | &nbsp;&nbsp;&nbsp; 60015 | &nbsp;&nbsp;&nbsp; 16156 | &nbsp;&nbsp;&nbsp; 8804 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 50059 | &nbsp;&nbsp;&nbsp; 26656 | &nbsp;&nbsp;&nbsp; 26389 |
| Total expenses | &nbsp;&nbsp;&nbsp; 9441706 | &nbsp;&nbsp;&nbsp; 1672563 | &nbsp;&nbsp;&nbsp; 1060837 |
| Less waiver and/or expense reimbursement (Note 5)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (107075)<br>| &nbsp;&nbsp;&nbsp; (56694)<br>|
| Less expense offset (Note 7)  | &nbsp;&nbsp;&nbsp; (2526)<br>| &nbsp;&nbsp;&nbsp; (1030)<br>| &nbsp;&nbsp;&nbsp; (141)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 9439180 | &nbsp;&nbsp;&nbsp; 1564458 | &nbsp;&nbsp;&nbsp; 1004002 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (5588848)<br>| &nbsp;&nbsp;&nbsp; 1774647 | &nbsp;&nbsp;&nbsp; (589738)<br>|
| **Net realized and unrealized gain (loss) on Investments and Foreign** <br> **currency transactions** <br>|  |  |  |
| Net realized gain on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 153913788 | &nbsp;&nbsp;&nbsp; 13769179 | &nbsp;&nbsp;&nbsp; 9780697 |
| Foreign currency transactions (Note 2c)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (119226168)<br>| &nbsp;&nbsp;&nbsp; (3346356)<br>| &nbsp;&nbsp;&nbsp; (6391510)<br>|
| Foreign currency translations (Note 2c)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — |
| Net realized and unrealized gain on Investments and Foreign currency <br> transactions<br>| &nbsp;&nbsp;&nbsp; 34687620 | &nbsp;&nbsp;&nbsp; 10422844 | &nbsp;&nbsp;&nbsp; 3389187 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $29098772 | &nbsp;&nbsp;&nbsp; $12197491 | &nbsp;&nbsp;&nbsp; $2799449 |

---

See accompanying notes to financial statements.

\| 8

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>| **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>|
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(5588848)<br>| $(11428123)<br>| $1774647 | $3447660 |
| Net realized gain on investments and foreign currency <br> transactions<br>| 153913788 | 149520315 | 13769197 | 47977087 |
| Net change in unrealized depreciation on investments and <br> foreign currency translations<br>| (119226168)<br>| (44325139)<br>| (3346353)<br>| (36262763)<br>|
| Net increase in net assets resulting from operations | 29098772 | 93767053 | 12197491 | 15161984 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Institutional Class | (71138379)<br>| (35787267)<br>| (24991048)<br>| (21096727)<br>|
| Retail Class | (3414865)<br>| (2109388)<br>| (10779170)<br>| (7289985)<br>|
| Admin Class |  |  | (867321)<br>| (573188)<br>|
| Class N | (75348617)<br>| (44089699)<br>| (12670422)<br>| (8798229)<br>|
| Total distributions | (149901861)<br>| (81986354)<br>| (49307961)<br>| (37758129)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 11)**<br>| (162418472)<br>| (162382274)<br>| 24123021 | (31778545)<br>|
| Net decrease in net assets | (283221561)<br>| (150601575)<br>| (12987449)<br>| (54374690)<br>|
| **NET ASSETS** |  |  |  |  |
| Beginning of the period | 2207711712 | 2358313287 | 338586414 | 392961104 |
| End of the period | $1924490151 | $2207711712 | $325598965 | $338586414 |

---

See accompanying notes to financial statements.

9 \|

------

**Statements of Changes in Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>|
| **FROM OPERATIONS:** |  |  |
| Net investment loss | &nbsp;&nbsp;&nbsp; $(589738)<br>| &nbsp;&nbsp;&nbsp; $(992774)<br>|
| Net realized gain on investments | &nbsp;&nbsp;&nbsp; 9780697 | &nbsp;&nbsp;&nbsp; 9236136 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (6391510)<br>| &nbsp;&nbsp;&nbsp; 7639335 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 2799449 | &nbsp;&nbsp;&nbsp; 15882697 |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 11)**<br>| &nbsp;&nbsp;&nbsp; (27424471)<br>| &nbsp;&nbsp;&nbsp; 27533823 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp; (24625022)<br>| &nbsp;&nbsp;&nbsp; 43416520 |
| **NET ASSETS** |  |  |
| Beginning of the period | &nbsp;&nbsp;&nbsp; 250606482 | &nbsp;&nbsp;&nbsp; 207189962 |
| End of the period | &nbsp;&nbsp;&nbsp; $225981460 | &nbsp;&nbsp;&nbsp; $250606482 |

---

See accompanying notes to financial statements.

\| 10

------

**Financial Highlights**

**For a share outstanding throughout each period.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund – Institutional Class** | **Small Cap Growth Fund – Institutional Class** | **Small Cap Growth Fund – Institutional Class** | **Small Cap Growth Fund – Institutional Class** | **Small Cap Growth Fund – Institutional Class** | **Small Cap Growth Fund – Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $29.98 | &nbsp;&nbsp;&nbsp; $29.66 | &nbsp;&nbsp;&nbsp; $24.79 | &nbsp;&nbsp;&nbsp; $22.88 | &nbsp;&nbsp;&nbsp; $36.57 | &nbsp;&nbsp;&nbsp; $28.51 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.15 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp; (7.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.94 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp; (7.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.68 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (6.48)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $28.19 | &nbsp;&nbsp;&nbsp; $29.98 | &nbsp;&nbsp;&nbsp; $29.66 | &nbsp;&nbsp;&nbsp; $24.79 | &nbsp;&nbsp;&nbsp; $22.88 | &nbsp;&nbsp;&nbsp; $36.57 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.64<br> %<br>| &nbsp;&nbsp;&nbsp; (24.77 )%(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.53<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $898565 | &nbsp;&nbsp;&nbsp; $1032812 | &nbsp;&nbsp;&nbsp; $1022187 | &nbsp;&nbsp;&nbsp; $974539 | &nbsp;&nbsp;&nbsp; $883458 | &nbsp;&nbsp;&nbsp; $1299777 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.58 )%(d)<br>| &nbsp;&nbsp;&nbsp; (0.57)%<br>| &nbsp;&nbsp;&nbsp; (0.49)%<br>| &nbsp;&nbsp;&nbsp; (0.50)%<br>| &nbsp;&nbsp;&nbsp; (0.51 )%(b)<br>| &nbsp;&nbsp;&nbsp; (0.72)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.16), total return would have been (24.83%) and the ratio of net investment loss to average net assets would have been (0.56%).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

11 \|

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund – Retail Class** | **Small Cap Growth Fund – Retail Class** | **Small Cap Growth Fund – Retail Class** | **Small Cap Growth Fund – Retail Class** | **Small Cap Growth Fund – Retail Class** | **Small Cap Growth Fund – Retail Class** |
|  | **Six Months** <br>**Ended** <br>**March 31**, <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**, <br>**2025**<br>| **Year Ended** <br>**September 30**, <br>**2024**<br>| **Year Ended** <br>**September 30**, <br>**2023**<br>| **Year Ended** <br>**September 30**, <br>**2022**<br>| **Year Ended** <br>**September 30**, <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $25.63 | &nbsp;&nbsp;&nbsp; $25.56 | &nbsp;&nbsp;&nbsp; $21.49 | &nbsp;&nbsp;&nbsp; $19.98 | &nbsp;&nbsp;&nbsp; $32.79 | &nbsp;&nbsp;&nbsp; $25.67 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.19 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp; (6.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.04 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp; (6.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.74 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (6.48)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $23.76 | &nbsp;&nbsp;&nbsp; $25.63 | &nbsp;&nbsp;&nbsp; $25.56 | &nbsp;&nbsp;&nbsp; $21.49 | &nbsp;&nbsp;&nbsp; $19.98 | &nbsp;&nbsp;&nbsp; $32.79 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.32<br> %<br>| &nbsp;&nbsp;&nbsp; (24.94)%(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.20<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $39259 | &nbsp;&nbsp;&nbsp; $46566 | &nbsp;&nbsp;&nbsp; $56136 | &nbsp;&nbsp;&nbsp; $62965 | &nbsp;&nbsp;&nbsp; $62909 | &nbsp;&nbsp;&nbsp; $105027 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.19 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.19 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.83 )%(d)<br>| &nbsp;&nbsp;&nbsp; (0.82)%<br>| &nbsp;&nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp;&nbsp; (0.76 )%(b)<br>| &nbsp;&nbsp;&nbsp; (0.92)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.21), total return would have been (25.01%) and the ratio of net investment loss to average net assets would have been (0.81%).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

\| 12

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund– Class N** | **Small Cap Growth Fund– Class N** | **Small Cap Growth Fund– Class N** | **Small Cap Growth Fund– Class N** | **Small Cap Growth Fund– Class N** | **Small Cap Growth Fund– Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $30.60 | &nbsp;&nbsp;&nbsp; $30.22 | &nbsp;&nbsp;&nbsp; $25.21 | &nbsp;&nbsp;&nbsp; $23.23 | &nbsp;&nbsp;&nbsp; $37.01 | &nbsp;&nbsp;&nbsp; $28.81 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.11 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp; (7.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.04 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp; (7.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.82 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (6.48)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $28.84 | &nbsp;&nbsp;&nbsp; $30.60 | &nbsp;&nbsp;&nbsp; $30.22 | &nbsp;&nbsp;&nbsp; $25.21 | &nbsp;&nbsp;&nbsp; $23.23 | &nbsp;&nbsp;&nbsp; $37.01 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.23 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.77<br> %<br>| &nbsp;&nbsp;&nbsp; (24.69 )%(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.66<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $986667 | &nbsp;&nbsp;&nbsp; $1128334 | &nbsp;&nbsp;&nbsp; $1279991 | &nbsp;&nbsp;&nbsp; $1154817 | &nbsp;&nbsp;&nbsp; $1030728 | &nbsp;&nbsp;&nbsp; $1475139 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.46 )%(d)<br>| &nbsp;&nbsp;&nbsp; (0.46)%<br>| &nbsp;&nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp;&nbsp; (0.39 )%(b)<br>| &nbsp;&nbsp;&nbsp; (0.62)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.13), total return would have been (24.71%) and the ratio of net investment loss to average net assets would have been (0.44%).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

13 \|

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund – Institutional Class** | **Small Cap Value Fund – Institutional Class** | **Small Cap Value Fund – Institutional Class** | **Small Cap Value Fund – Institutional Class** | **Small Cap Value Fund – Institutional Class** | **Small Cap Value Fund – Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $23.43 | &nbsp;&nbsp;&nbsp; $24.69 | &nbsp;&nbsp;&nbsp; $24.17 | &nbsp;&nbsp;&nbsp; $22.57 | &nbsp;&nbsp;&nbsp; $32.05 | &nbsp;&nbsp;&nbsp; $22.34 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp; 0.23 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.79 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.83 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp;&nbsp; (2.85)<br>| &nbsp;&nbsp;&nbsp; (5.43)<br>| &nbsp;&nbsp;&nbsp; (2.12)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $20.76 | &nbsp;&nbsp;&nbsp; $23.43 | &nbsp;&nbsp;&nbsp; $24.69 | &nbsp;&nbsp;&nbsp; $24.17 | &nbsp;&nbsp;&nbsp; $22.57 | &nbsp;&nbsp;&nbsp; $32.05 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.95 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.10 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.73<br> %<br>| &nbsp;&nbsp;&nbsp; (16.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55.05<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $168465 | &nbsp;&nbsp;&nbsp; $178918 | &nbsp;&nbsp;&nbsp; $217845 | &nbsp;&nbsp;&nbsp; $201632 | &nbsp;&nbsp;&nbsp; $276020 | &nbsp;&nbsp;&nbsp; $378856 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.09, total return would have been 4.42% and the ratio of net investment income to average net assets would have been 0.38%.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

\| 14

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund – Retail Class** | **Small Cap Value Fund – Retail Class** | **Small Cap Value Fund – Retail Class** | **Small Cap Value Fund – Retail Class** | **Small Cap Value Fund – Retail Class** | **Small Cap Value Fund – Retail Class** |
|  | **Six Months** <br>**Ended** <br>**March 31**, <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**, <br>**2025**<br>| **Year Ended** <br>**September 30**, <br>**2024**<br>| **Year Ended** <br>**September 30**, <br>**2023**<br>| **Year Ended** <br>**September 30**, <br>**2022**<br>| **Year Ended** <br>**September 30**, <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $22.49 | &nbsp;&nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp; $23.44 | &nbsp;&nbsp;&nbsp; $21.95 | &nbsp;&nbsp;&nbsp; $31.33 | &nbsp;&nbsp;&nbsp; $21.87 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; 0.17 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp; (4.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.55 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp; (4.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.51 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (2.05)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $19.80 | &nbsp;&nbsp;&nbsp; $22.49 | &nbsp;&nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp; $23.44 | &nbsp;&nbsp;&nbsp; $21.95 | &nbsp;&nbsp;&nbsp; $31.33 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.77<br> %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.88<br> %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.47<br> %<br>| &nbsp;&nbsp;&nbsp; (16.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.69<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $64641 | &nbsp;&nbsp;&nbsp; $68709 | &nbsp;&nbsp;&nbsp; $77031 | &nbsp;&nbsp;&nbsp; $68979 | &nbsp;&nbsp;&nbsp; $63738 | &nbsp;&nbsp;&nbsp; $92036 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.22 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp; (0.12)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.03, total return would have been 4.18% and the ratio of net investment income to average net assets would have been 0.13%.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

15 \|

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund– Admin Class** | **Small Cap Value Fund– Admin Class** | **Small Cap Value Fund– Admin Class** | **Small Cap Value Fund– Admin Class** | **Small Cap Value Fund– Admin Class** | **Small Cap Value Fund– Admin Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $19.85 | &nbsp;&nbsp;&nbsp; $21.31 | &nbsp;&nbsp;&nbsp; $21.47 | &nbsp;&nbsp;&nbsp; $20.31 | &nbsp;&nbsp;&nbsp; $29.44 | &nbsp;&nbsp;&nbsp; $20.65 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp; 0.11 <br>(b)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.88 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.78 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $17.09 | &nbsp;&nbsp;&nbsp; $19.85 | &nbsp;&nbsp;&nbsp; $21.31 | &nbsp;&nbsp;&nbsp; $21.47 | &nbsp;&nbsp;&nbsp; $20.31 | &nbsp;&nbsp;&nbsp; $29.44 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.70 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.18<br> %<br>| &nbsp;&nbsp;&nbsp; (16.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.29<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $5061 | &nbsp;&nbsp;&nbsp; $5137 | &nbsp;&nbsp;&nbsp; $5374 | &nbsp;&nbsp;&nbsp; $5812 | &nbsp;&nbsp;&nbsp; $6776 | &nbsp;&nbsp;&nbsp; $9440 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.63 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %(b)<br>| &nbsp;&nbsp;&nbsp; (0.18)%<br>| &nbsp;&nbsp;&nbsp; (0.16)%<br>| &nbsp;&nbsp;&nbsp; (0.02)%<br>| &nbsp;&nbsp;&nbsp; (0.38)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.02), total return would have been 3.91% and the ratio of net investment loss to average net assets would have been (0.12)%.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

\| 16

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund– Class N** | **Small Cap Value Fund– Class N** | **Small Cap Value Fund– Class N** | **Small Cap Value Fund– Class N** | **Small Cap Value Fund– Class N** | **Small Cap Value Fund– Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $23.45 | &nbsp;&nbsp;&nbsp; $24.70 | &nbsp;&nbsp;&nbsp; $24.18 | &nbsp;&nbsp;&nbsp; $22.58 | &nbsp;&nbsp;&nbsp; $32.07 | &nbsp;&nbsp;&nbsp; $22.35 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.80 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.85 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp;&nbsp; (2.13)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $20.76 | &nbsp;&nbsp;&nbsp; $23.45 | &nbsp;&nbsp;&nbsp; $24.70 | &nbsp;&nbsp;&nbsp; $24.18 | &nbsp;&nbsp;&nbsp; $22.58 | &nbsp;&nbsp;&nbsp; $32.07 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 3.96 %(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.20 %(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.74 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.80 %(c)<br>| &nbsp;&nbsp;&nbsp; (16.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55.15<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $87432 | &nbsp;&nbsp;&nbsp; $85822 | &nbsp;&nbsp;&nbsp; $92711 | &nbsp;&nbsp;&nbsp; $65720 | &nbsp;&nbsp;&nbsp; $75168 | &nbsp;&nbsp;&nbsp; $112310 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(e)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.10, total return would have been 4.48% and the ratio of net investment income to average net assets would have been 0.43%.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

17 \|

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund – Institutional Class** | **Small/Mid Cap Growth Fund – Institutional Class** | **Small/Mid Cap Growth Fund – Institutional Class** | **Small/Mid Cap Growth Fund – Institutional Class** | **Small/Mid Cap Growth Fund – Institutional Class** | **Small/Mid Cap Growth Fund – Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $14.43 | &nbsp;&nbsp;&nbsp; $13.54 | &nbsp;&nbsp;&nbsp; $10.76 | &nbsp;&nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp; $15.25 | &nbsp;&nbsp;&nbsp; $11.81 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.02 )(b)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.56 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.54 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $14.57 | &nbsp;&nbsp;&nbsp; $14.43 | &nbsp;&nbsp;&nbsp; $13.54 | &nbsp;&nbsp;&nbsp; $10.76 | &nbsp;&nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp; $15.25 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>| &nbsp;&nbsp;&nbsp; (25.43)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.00 %(b)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $121867 | &nbsp;&nbsp;&nbsp; $120807 | &nbsp;&nbsp;&nbsp; $102457 | &nbsp;&nbsp;&nbsp; $118499 | &nbsp;&nbsp;&nbsp; $106566 | &nbsp;&nbsp;&nbsp; $70526 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.91 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.50 )%(f)<br>| &nbsp;&nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp;&nbsp; (0.37)%<br>| &nbsp;&nbsp;&nbsp; (0.45)%<br>| &nbsp;&nbsp;&nbsp; (0.14 )%(b)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.08), total return would have been 29.49% and the ratio of net investment loss to average net assets would have been (0.52%).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes additional voluntary waiver of advisory fee of 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to financial statements.

\| 18

------

**Financial Highlights (continued)**

**For a share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund– Class N** | **Small/Mid Cap Growth Fund– Class N** | **Small/Mid Cap Growth Fund– Class N** | **Small/Mid Cap Growth Fund– Class N** | **Small/Mid Cap Growth Fund– Class N** | **Small/Mid Cap Growth Fund– Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $14.44 | &nbsp;&nbsp;&nbsp; $13.55 | &nbsp;&nbsp;&nbsp; $10.77 | &nbsp;&nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $15.26 | &nbsp;&nbsp;&nbsp; $11.81 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.01 )(b)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.56 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.55 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $14.58 | &nbsp;&nbsp;&nbsp; $14.44 | &nbsp;&nbsp;&nbsp; $13.55 | &nbsp;&nbsp;&nbsp; $10.77 | &nbsp;&nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $15.26 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>| &nbsp;&nbsp;&nbsp; (25.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.08 %(b)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $104114 | &nbsp;&nbsp;&nbsp; $129800 | &nbsp;&nbsp;&nbsp; $104733 | &nbsp;&nbsp;&nbsp; $25035 | &nbsp;&nbsp;&nbsp; $46814 | &nbsp;&nbsp;&nbsp; $9260 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.48 )%(f)<br>| &nbsp;&nbsp;&nbsp; (0.42)%<br>| &nbsp;&nbsp;&nbsp; (0.32)%<br>| &nbsp;&nbsp;&nbsp; (0.37)%<br>| &nbsp;&nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp;&nbsp; (0.08 )%(b)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.07), total return would have been 29.66% and the ratio of net investment loss to average net assets would have been (0.50%).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

See accompanying notes to financial statements.

19 \|

------

**Notes to Financial Statements**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Loomis Sayles Funds I:** 

Loomis Sayles Small Cap Value Fund ("Small Cap Value Fund")

**Loomis Sayles Funds II:** 

Loomis Sayles Small Cap Growth Fund ("Small Cap Growth Fund")

Loomis Sayles Small/Mid Cap Growth Fund ("Small/Mid Cap Growth Fund")

Each Fund is a diversified investment company.

Small Cap Growth Fund offers Institutional Class, Retail Class and Class N shares. Small Cap Value Fund offers Institutional Class, Retail Class, Admin Class and Class N shares. Small/Mid Cap Growth Fund offers Institutional 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. 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. Certain categories of investors are exempted from the minimum investment amount for Class N and Institutional Class as outlined in the relevant Fund's prospectus. Admin Class shares are offered exclusively through intermediaries.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust ("Natixis Funds Trusts"), Loomis Sayles Funds I and Loomis Sayles Funds II ("Loomis Sayles Funds Trusts"), and Natixis ETF Trust and Natixis ETF Trust II ("Natixis ETF Trusts"). Expenses of a Fund are borne *pro rata* by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to 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. Each Fund operates as a single segment entity, focusing on investments in a portfolio of securities. Each Fund's named president acts as chief operating decision maker ("CODM") regarding allocation of resources and performance assessment. Financial information including, but not limited to, portfolio composition, net asset changes and total returns, is used by the CODM to assess performance and to make resource allocation decisions and is consistent with that presented within the financial statements. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds' financial statements.

**a. Valuation.** Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily

available market quotations are not available are priced at fair value pursuant to the Funds' Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board's oversight.

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. Shares of open-end investment companies are valued at net asset value ("NAV") 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.

\| 20

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to fair value debt and unlisted equities 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.

The Funds may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund's investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund's NAV is calculated. Fair valuation by the Fund(s) valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.

**b. Investment Transactions and Related Investment Income.** Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. 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. The calendar year-end amounts of ordinary income, capital gains and return of capital included in distributions received from the Funds' investments in real estate investment trusts ("REITs") are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. 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.

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.

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. Federal and Foreign Income Taxes.** The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund's tax positions for the open tax years as of March 31, 2026 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.

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

21 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

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.

Funds may file tax reclaims for previously withheld taxes on dividends earned in certain European Union countries ("EU reclaims") and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as tax reclaims in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, and to the extent that EU reclaims recovered by a Fund were previously passed-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into closing agreements with the Internal Revenue Service ("IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Accordingly, estimated charges, if any, related to a Fund's closing agreement liability are presented as tax reclaim expenses in the Statements of Operations and its estimated closing agreement liability is presented as tax reclaim payable in the Statements of Assets and Liabilities. The actual closing agreement payment to the IRS may differ from the estimate and that difference may be material.

**e. 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 return of capital distributions received, capital gain distributions received, passive foreign investment company adjustments and net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees' fees, return of capital distributions received, passive foreign investment company adjustments, capital gain distributions received and wash sales. 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 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 year ended September 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 Distributions | 2025 Distributions | 2025 Distributions |
| Fund | Ordinary <br>Income<br>| Long-Term <br>Capital <br>Gains<br>| Total |
| Small Cap Growth Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $81986354 | &nbsp;&nbsp; $81986354 |
| Small Cap Value Fund | &nbsp;&nbsp; 906017 | &nbsp;&nbsp; 36852112 | &nbsp;&nbsp; 37758129 |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

As of September 30, 2025, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap <br>Growth Fund<br>| Small Cap <br>Value Fund<br>| Small/Mid Cap <br>Growth Fund<br>|
| Capital loss carryforward: |  |  |  |
| Short-term: |  |  |  |
| No expiration date | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9195941)<br>|
| Late-year ordinary and post-October <br>capital loss deferrals\* <br>| &nbsp;&nbsp; $(12024473)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(755735)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Under current tax law, net operating losses, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Small Cap Growth Fund is deferring foreign currency losses and net operating losses and Small/Mid Cap Growth Fund is deferring net operating losses. 

\| 22

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

As of March 31, 2026, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap <br>Growth Fund<br>| Small Cap <br>Value Fund<br>| Small/Mid Cap <br>Growth Fund<br>|
| Federal tax cost | &nbsp;&nbsp; $1471459452 | &nbsp;&nbsp; $238174017 | &nbsp;&nbsp; $193016098 |
| Gross tax appreciation | &nbsp;&nbsp; $553014454 | &nbsp;&nbsp; $94655027 | &nbsp;&nbsp; $49236961 |
| Gross tax depreciation | &nbsp;&nbsp; (95319445)<br>| &nbsp;&nbsp; (7272573)<br>| &nbsp;&nbsp; (16035815)<br>|
| Net tax appreciation | &nbsp;&nbsp; $457695009 | &nbsp;&nbsp; $87382454 | &nbsp;&nbsp; $33201146 |

---

Amounts in the table above exclude certain adjustments that will be made at the end of the Fund's fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales.

**f. Repurchase Agreements.** Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund's policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund's ability to dispose of the underlying securities. As of March 31, 2026, 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.

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

**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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

23 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

Under certain conditions and based upon specific facts and circumstances, the Fund's valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2026, at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp;&nbsp; $1899217312 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1899217312 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29937149 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29937149 |
| Total Investments | &nbsp;&nbsp;&nbsp; $1899217312 | &nbsp;&nbsp;&nbsp; $29937149 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1929154461 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp;&nbsp; $315753654 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $315753654 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9802817 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9802817 |
| Total Investments | &nbsp;&nbsp;&nbsp; $315753654 | &nbsp;&nbsp;&nbsp; $9802817 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $325556471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp;&nbsp; $219482371 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $219482371 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6734873 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6734873 |
| Total Investments | &nbsp;&nbsp;&nbsp; $219482371 | &nbsp;&nbsp;&nbsp; $6734873 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $226217244 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

**4. Purchases and Sales of Securities.** For the six months ended March 31, 2026, purchases and sales of securities (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Small Cap Growth Fund | &nbsp;&nbsp; $401141794 | &nbsp;&nbsp; $686168213 |
| Small Cap Value Fund | &nbsp;&nbsp; 69940442 | &nbsp;&nbsp; 98066243 |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 63076284 | &nbsp;&nbsp; 90643863 |

---

**5. 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.

\| 24

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

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:

---

| | |
|:---|:---|
| Fund | Percentage of <br>Average Daily <br>Net Assets<br>|
| Small Cap Growth Fund | &nbsp;&nbsp; 0.75% |
| Small Cap Value Fund | &nbsp;&nbsp; 0.75% |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 0.75% |

---

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds' operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2027, may be terminated before then only with the consent of the Funds' Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2026 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 <br>Average Daily Net Assets | Expense Limit as a Percentage of <br>Average Daily Net Assets | Expense Limit as a Percentage of <br>Average Daily Net Assets | Expense Limit as a Percentage of <br>Average Daily Net Assets |
| Fund | Institutional <br>Class<br>| Retail <br>Class<br>| Admin <br>Class<br>| Class N |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Small/Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>|

---

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 six months ended March 31, 2026, the management fees for each Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Gross <br>Management <br>Fees | &nbsp;&nbsp; Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | &nbsp;&nbsp; Net <br>Management <br>Fees | &nbsp;&nbsp; Percentage of <br>Average <br>Daily Net Assets | &nbsp;&nbsp; Percentage of <br>Average <br>Daily Net Assets |
| Fund | &nbsp;&nbsp; Gross <br>Management <br>Fees | &nbsp;&nbsp; Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | &nbsp;&nbsp; Net <br>Management <br>Fees | Gross | Net |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp; $7999028 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7999028 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp; 1241033 | &nbsp;&nbsp;&nbsp; 107075 | &nbsp;&nbsp;&nbsp; 1133958 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Small/Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp; 893853 | &nbsp;&nbsp;&nbsp; 54854 | &nbsp;&nbsp;&nbsp; 838999 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Waiver/expense reimbursements are subject to possible recovery until September 30, 2027.

**b. Service and Distribution Fees.** Natixis Distribution, LLC ("Natixis Distribution"), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, Small Cap Growth Fund and Small Cap Value Fund have adopted a Distribution Plan relating to each Fund's Retail Class shares (the "Retail Class Plans") and Small Cap Value Fund has adopted a Distribution Plan relating to its Admin Class shares (the "Admin Class Plan").

Under the Retail Class Plans, each 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

25 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

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, Small Cap Value 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 sale 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 Small Cap Value 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 six months ended March 31, 2026, the service and distribution fees for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Service Fees | Distribution Fees | Distribution Fees |
| Fund | Admin Class | Retail Class | Admin Class |
| Small Cap Growth Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53943 | &nbsp;&nbsp; $— |
| Small Cap Value Fund | &nbsp;&nbsp; 6453 | &nbsp;&nbsp; 84043 | &nbsp;&nbsp; 6453 |

---

**c. Administrative Fees.** Natixis Advisors, LLC ("Natixis Advisors") provides certain administrative services for the Funds and contracts with State Street Bank and Trust Company ("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 $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2026, the administrative fees for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Administrative <br>Fees<br>|
| Small Cap Growth Fund | &nbsp;&nbsp; $450823 |
| Small Cap Value Fund | &nbsp;&nbsp; 69952 |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 50380 |

---

**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 sub-transfer agent 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 six months ended March 31, 2026, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Sub-Transfer <br>Agent Fees<br>|
| Small Cap Growth Fund | &nbsp;&nbsp; $612505 |
| Small Cap Value Fund | &nbsp;&nbsp; 96682 |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 19537 |

---

\| 26

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

As of March 31, 2026, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

---

| | |
|:---|:---|
| Fund | Reimbursements <br>of Sub-Transfer <br>Agent Fees<br>|
| Small Cap Growth Fund | &nbsp;&nbsp; $10054 |
| Small Cap Value Fund | &nbsp;&nbsp; 1504 |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 329 |

---

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 Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $410,000. 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 $235,000. 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 and the Chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $30,000. The Chairperson of the Governance Committee receives 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. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends. 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.

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.

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

**f. Affiliated Ownership.** As of March 31, 2026, Loomis Sayles Funded Pension Plan and Trust ("Pension Plan") and Loomis Sayles Employees' Profit Sharing Retirement Plan ("Retirement Plan") held shares of the Funds representing the following percentages of the Funds' net assets:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Pension Plan | Retirement Plan | Total Affiliated <br>Ownership<br>|
| Small Cap Value Fund | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 9.09% | &nbsp;&nbsp; 9.75% |

---

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

**g. Reimbursement of Transfer Agent Fees and Expenses.** Natixis Advisors has given a binding contractual undertaking to Small/Mid Cap Growth Fund to reimburse any and all transfer agency expenses for the Fund's Class N shares. This undertaking is in effect through January 31, 2027 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2026, Natixis Advisors reimbursed Small/Mid Cap Growth Fund $1,840 for transfer agency expenses related to Class N shares.

**6. Class-Specific Transfer Agent Fees and Expenses.** Transfer agent fees and expenses 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. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

27 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

For the six months ended March 31, 2026 the Funds incurred the following class-specific transfer agent fees and expenses (net of expense offsets and including sub-transfer agent fees, where applicable):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses |
| Fund | Institutional <br>Class<br>| Retail <br>Class<br>| Admin <br>Class<br>| Class N |
| Small Cap Growth Fund | &nbsp;&nbsp; $602882 | &nbsp;&nbsp; $26282 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11387 |
| Small Cap Value Fund | &nbsp;&nbsp; 76491 | &nbsp;&nbsp; 29976 | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 1860 |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 21592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1840 |

---

**7. Expense Offset Arrangements.** The Funds have entered into an agreement with the transfer agent whereby certain transfer agent fees and expenses may be paid indirectly by credits earned on the Funds' cash balances. Transfer agent fees and expenses are presented in the Statements of Operations gross of such credits, and the credits are presented as offsets to expenses.

**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 syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund's investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2026, none of the Funds had borrowings under this agreement.

**9. Risk.** Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other 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 issuers in the country or countries involved.

**10. Concentration of Ownership.** From time to time, a Fund may have a concentration of one or more shareholder accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of a Fund's outstanding shares could have material impacts on a Fund. As of March 31, 2026, the number of such accounts and the aggregate percentage of net assets represented by such holdings were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Number of 5% <br>Non-Affiliated <br>Account Holders<br>| Percentage of <br>Non-Affiliated <br>Ownership<br>| Percentage of <br>Affiliated <br>Ownership <br>(Note 5f)<br>| Total <br>Percentage of <br>Ownership<br>|
| Small Cap Growth Fund | &nbsp;&nbsp; 1 | 22.40<br> %<br>| &nbsp;&nbsp; — | 22.40<br> %<br>|
| Small Cap Value Fund | &nbsp;&nbsp; 4 | 28.40<br> %<br>| 9.75<br> %<br>| 38.15<br> %<br>|
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 3 | 35.58<br> %<br>| &nbsp;&nbsp; — | 35.58<br> %<br>|

---

Omnibus shareholder accounts, maintained by a single intermediary on behalf of multiple underlying shareholders, are not included in the table above. As such, there could be other 5% shareholders in addition to those disclosed in the table above.

\| 28

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. Capital Shares**. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Small Cap Growth Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 2753654 | &nbsp;&nbsp; $80922766 | &nbsp;&nbsp; 7267499 | &nbsp;&nbsp; $207858386 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 2339038 | &nbsp;&nbsp; 65960871 | &nbsp;&nbsp; 1139434 | &nbsp;&nbsp; 33191733 |
| Redeemed | &nbsp;&nbsp; (7665807)<br>| &nbsp;&nbsp; (224335325)<br>| &nbsp;&nbsp; (8424450)<br>| &nbsp;&nbsp; (240000458)<br>|
| Net change | &nbsp;&nbsp; (2573115)<br>| &nbsp;&nbsp; $(77451688)<br>| &nbsp;&nbsp; (17517)<br>| &nbsp;&nbsp; $1049661 |
| **Retail Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 63442 | &nbsp;&nbsp; $1591170 | &nbsp;&nbsp; 168644 | &nbsp;&nbsp; $4227229 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 141148 | &nbsp;&nbsp; 3356503 | &nbsp;&nbsp; 83744 | &nbsp;&nbsp; 2088572 |
| Redeemed | &nbsp;&nbsp; (369043)<br>| &nbsp;&nbsp; (9476118)<br>| &nbsp;&nbsp; (631211)<br>| &nbsp;&nbsp; (15318849)<br>|
| Net change | &nbsp;&nbsp; (164453)<br>| &nbsp;&nbsp; $(4528445)<br>| &nbsp;&nbsp; (378823)<br>| &nbsp;&nbsp; $(9003048)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1921678 | &nbsp;&nbsp; $57810483 | &nbsp;&nbsp; 3883956 | &nbsp;&nbsp; $113931959 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 2592495 | &nbsp;&nbsp; 74767571 | &nbsp;&nbsp; 1462258 | &nbsp;&nbsp; 43429061 |
| Redeemed | &nbsp;&nbsp; (7169164)<br>| &nbsp;&nbsp; (213016393)<br>| &nbsp;&nbsp; (10834943)<br>| &nbsp;&nbsp; (311789907)<br>|
| Net change | &nbsp;&nbsp; (2654991)<br>| &nbsp;&nbsp; $(80438339)<br>| &nbsp;&nbsp; (5488729)<br>| &nbsp;&nbsp; $(154428887)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (5392559)<br>| &nbsp;&nbsp; $(162418472)<br>| &nbsp;&nbsp; (5885069)<br>| &nbsp;&nbsp; $(162382274)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Small Cap Value Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 505954 | &nbsp;&nbsp; $11376878 | &nbsp;&nbsp; 1455248 | &nbsp;&nbsp; $34225199 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1197222 | &nbsp;&nbsp; 24279650 | &nbsp;&nbsp; 935859 | &nbsp;&nbsp; 20813491 |
| Redeemed | &nbsp;&nbsp; (1223143)<br>| &nbsp;&nbsp; (27390677)<br>| &nbsp;&nbsp; (3579155)<br>| &nbsp;&nbsp; (80322622)<br>|
| Net change | &nbsp;&nbsp; 480033 | &nbsp;&nbsp; $8265851 | &nbsp;&nbsp; (1188048)<br>| &nbsp;&nbsp; $(25283932)<br>|
| **Retail Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 430906 | &nbsp;&nbsp; $9228392 | &nbsp;&nbsp; 110288 | &nbsp;&nbsp; $2473959 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 555320 | &nbsp;&nbsp; 10750990 | &nbsp;&nbsp; 340525 | &nbsp;&nbsp; 7280424 |
| Redeemed | &nbsp;&nbsp; (777483)<br>| &nbsp;&nbsp; (15845378)<br>| &nbsp;&nbsp; (634117)<br>| &nbsp;&nbsp; (13968541)<br>|
| Net change | &nbsp;&nbsp; 208743 | &nbsp;&nbsp; $4134004 | &nbsp;&nbsp; (183304)<br>| &nbsp;&nbsp; $(4214158)<br>|
| **Admin Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 8254 | &nbsp;&nbsp; $154200 | &nbsp;&nbsp; 20928 | &nbsp;&nbsp; $389330 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 51904 | &nbsp;&nbsp; 867321 | &nbsp;&nbsp; 30311 | &nbsp;&nbsp; 573188 |
| Redeemed | &nbsp;&nbsp; (22742)<br>| &nbsp;&nbsp; (411955)<br>| &nbsp;&nbsp; (44608)<br>| &nbsp;&nbsp; (863390)<br>|
| Net change | &nbsp;&nbsp; 37416 | &nbsp;&nbsp; $609566 | &nbsp;&nbsp; 6631 | &nbsp;&nbsp; $99128 |
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 259409 | &nbsp;&nbsp; $5730415 | &nbsp;&nbsp; 363420 | &nbsp;&nbsp; $8163079 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 624774 | &nbsp;&nbsp; 12670422 | &nbsp;&nbsp; 395604 | &nbsp;&nbsp; 8798229 |
| Redeemed | &nbsp;&nbsp; (333938)<br>| &nbsp;&nbsp; (7287237)<br>| &nbsp;&nbsp; (851585)<br>| &nbsp;&nbsp; (19340891)<br>|
| Net change | &nbsp;&nbsp; 550245 | &nbsp;&nbsp; $11113600 | &nbsp;&nbsp; (92561)<br>| &nbsp;&nbsp; $(2379583)<br>|
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; 1276437 | &nbsp;&nbsp; $24123021 | &nbsp;&nbsp; (1457282)<br>| &nbsp;&nbsp; $(31778545)<br>|

---

29 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. Capital Shares (continued).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Small/Mid Cap Growth Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 170018 | &nbsp;&nbsp; $2503180 | &nbsp;&nbsp; 1039600 | &nbsp;&nbsp; $14116099 |
| Redeemed | &nbsp;&nbsp; (178950)<br>| &nbsp;&nbsp; (2663056)<br>| &nbsp;&nbsp; (232450)<br>| &nbsp;&nbsp; (3128468)<br>|
| Net change | &nbsp;&nbsp; (8932)<br>| &nbsp;&nbsp; $(159876)<br>| &nbsp;&nbsp; 807150 | &nbsp;&nbsp; $10987631 |
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 51258 | &nbsp;&nbsp; $756947 | &nbsp;&nbsp; 3323297 | &nbsp;&nbsp; $45375712 |
| Redeemed | &nbsp;&nbsp; (1900658)<br>| &nbsp;&nbsp; (28021542)<br>| &nbsp;&nbsp; (2063705)<br>| &nbsp;&nbsp; (28829520)<br>|
| Net change | &nbsp;&nbsp; (1849400)<br>| &nbsp;&nbsp; $(27264595)<br>| &nbsp;&nbsp; 1259592 | &nbsp;&nbsp; $16546192 |
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; (1858332)<br>| &nbsp;&nbsp; $(27424471)<br>| &nbsp;&nbsp; 2066742 | &nbsp;&nbsp; $27533823 |

---

\| 30

------

![](g121806imgd60284d92.gif)

**LOOMIS SAYLES FUNDS**

Loomis Sayles Funds, a Boston-based family of mutual funds advised by Loomis, Sayles & Company, L.P., offers a range of fixed income and equity investments to fit the goals of the most demanding investor. Investment minimums and a pricing structure that includes multiple share classes make the funds suitable investments for individual investors, retirement plan participants, high net worth individuals and small institutions, including endowments and foundations.

**PHONE 800-633-3330 FOR THE FOLLOWING FUND INFORMATION:**

• Net asset values, yields, distribution information, fund information and fund literature

• Speak to a customer service representative regarding new or existing accounts

**Before investing, consider the fund's investment objectives, risks, charges, and expenses. Please visit www.loomissayles.com or call 800-633-3330 for a prospectus and a summary prospectus, if available, containing this and other information. Effective after the close of business on June 5, 2026, the telephone number will be 800-225-5478 and the website address will be www.im.natixis.com.**

**If you wish to communicate with the funds' Board of Trustees, you may do so by writing to:**

Natixis Advisors, LLC

888 Boylston Street, Suite 800

Boston, MA 02199-8197

The correspondence must be in writing, signed by the shareholder, including the shareholder's name and address, and should identify the fund(s), account number, class of shares, and number of shares held in the fund(s) as of a recent date.

**or by email at:**

secretaryofthefunds@natixis.com

Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.

Please note: Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, social security number, PIN, or any other non-public, personal information in an e-mail communication because this information may be viewed by others.

![](g121806imgacad35993.gif)Exp. 5/31/27

M-LSEFSA-0326

------

![](g121806img977ed2171.gif)

![](g121806img45c9b4812.gif)

Semi-annual Financial Statements and Other Important Information

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Loomis Sayles Core Plus Bond Fund |
| Loomis Sayles Global Allocation Fund |
| Loomis Sayles Growth Fund |
| Loomis Sayles Intermediate Duration Bond Fund |
| Loomis Sayles Limited Term Government and Agency Fund |

---

**Table of Contents** 

---

| | |
|:---|:---|
| [Portfolio of Investments (Form](#xx_7b5e904b-c777-4775-b427-947869e60850_SOI1-Continued-305_1)<br> [N-CSR Item 6)](#xx_7b5e904b-c777-4775-b427-947869e60850_SOI1-Continued-305_1)<br>| 1 |
| [Financial Statements (Form N-CSR](#xx_7b5e904b-c777-4775-b427-947869e60850_FS-Continued-305_1)<br> [Item 7)](#xx_7b5e904b-c777-4775-b427-947869e60850_FS-Continued-305_1)<br>| 43 |
| [Notes to Financial Statements](#xx_7b5e904b-c777-4775-b427-947869e60850_NTF-Continued-305_1)<br> [(Form N-CSR Item 7)](#xx_7b5e904b-c777-4775-b427-947869e60850_NTF-Continued-305_1)<br>| 71 |
| [Trustees Fees and Expenses (Form](#xx_7b5e904b-c777-4775-b427-947869e60850_NTF-Continued-305_20)<br> [N-CSR Item 10)](#xx_7b5e904b-c777-4775-b427-947869e60850_NTF-Continued-305_20)<br>| 90 |

---

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 92.3% of Net Assets** | **Bonds and Notes — 92.3% of Net Assets** | **Bonds and Notes — 92.3% of Net Assets** |
| **Non-Convertible Bonds — 92.2%** | **Non-Convertible Bonds — 92.2%** | **Non-Convertible Bonds — 92.2%** |
|  | **ABS Car Loan — 0.6%** | **ABS Car Loan — 0.6%** |
| $7210000 | &nbsp;&nbsp; American Credit Acceptance Receivables <br> Trust, Series 2025-1, Class B, <br> 4.900%, 3/12/2029(a)<br>| &nbsp;&nbsp; $7220599 |
| 4420000 | &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, <br> Series 2023-1, Class C, 5.800%, 12/18/2028<br>| &nbsp;&nbsp; 4482182 |
| 8160000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2022-1A, Class A, 3.830%, 8/21/2028(a)<br>| &nbsp;&nbsp; 8115092 |
| 1840000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-2A, Class A, 5.200%, 10/20/2027(a)<br>| &nbsp;&nbsp; 1845846 |
| 3245000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-8A, Class A, 6.020%, 2/20/2030(a)<br>| &nbsp;&nbsp; 3364835 |
| 283817 | &nbsp;&nbsp; DT Auto Owner Trust, Series 2023-1A, Class C, <br> 5.550%, 10/16/2028(a)<br>| &nbsp;&nbsp; 284068 |
| 2024111 | &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2023-B, <br> Class C, 6.430%, 4/15/2027<br>| &nbsp;&nbsp; 2025293 |
| 12845000 | &nbsp;&nbsp; Hertz Vehicle Financing III LLC, <br> Series 2023-2A, Class A, 5.570%, 9/25/2029(a)<br>| &nbsp;&nbsp; 13123201 |
| 1262412 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-2A, Class C, 6.290%, 3/15/2028(a)<br>| &nbsp;&nbsp; 1263778 |
| 3535397 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, <br> Series 2023-1A, Class A, 5.800%, 4/18/2038(a)<br>| &nbsp;&nbsp; 3548839 |
|  |  | &nbsp;&nbsp; 45273733 |
|  | **ABS Home Equity — 0.2%** | **ABS Home Equity — 0.2%** |
| 216176 | &nbsp;&nbsp; CoreVest American Finance Trust, <br> Series 2019-3, Class A, 2.705%, 10/15/2052(a)<br>| &nbsp;&nbsp; 215774 |
| 395828 | &nbsp;&nbsp; OBX Trust, Series 2018-EXP1, Class 1A3, <br> 4.000%, 4/25/2048(a)(b)<br>| &nbsp;&nbsp; 377545 |
| 2906652 | &nbsp;&nbsp; Progress Residential Trust, Series 2023-SFR1, <br> Class A, 4.300%, 3/17/2040(a)<br>| &nbsp;&nbsp; 2882375 |
| 26606 | &nbsp;&nbsp; Sequoia Mortgage Trust, Series 2017-CH1, <br> Class A1, 4.000%, 8/25/2047(a)(b)<br>| &nbsp;&nbsp; 25201 |
| 239870 | &nbsp;&nbsp; Sequoia Mortgage Trust, Series 2018-CH1, <br> Class A1, 4.000%, 3/25/2048(a)(b)<br>| &nbsp;&nbsp; 224258 |
| 27887 | &nbsp;&nbsp; Sequoia Mortgage Trust, Series 2018-CH3, <br> Class A2, 4.000%, 8/25/2048(a)(b)<br>| &nbsp;&nbsp; 27762 |
| 2871869 | &nbsp;&nbsp; Toorak Mortgage Trust, Series 2024-RRTL1, <br> Class A1, 6.597%, 2/25/2039(a)(b)<br>| &nbsp;&nbsp; 2873754 |
| 182626 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2015-1, <br> Class A5, 4.534%, 10/25/2053(a)(b)<br>| &nbsp;&nbsp; 181995 |
| 5101352 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2016-2, <br> Class M2, 3.000%, 8/25/2055(a)(b)<br>| &nbsp;&nbsp; 4919831 |
| 2181204 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2018-3, <br> Class A1, 3.750%, 5/25/2058(a)(b)<br>| &nbsp;&nbsp; 2139467 |
| 1770000 | &nbsp;&nbsp; TVC Mortgage Trust, Series 2026-RRTL1, <br> Class A1, 4.964%, 2/25/2041(a)(b)<br>| &nbsp;&nbsp; 1761162 |
|  |  | &nbsp;&nbsp; 15629124 |
|  | **ABS Other — 1.8%** | **ABS Other — 1.8%** |
| 9316983 | &nbsp;&nbsp; ALTDE Trust, Series 2025-1A, Class A, <br> 5.900%, 8/15/2050(a)<br>| &nbsp;&nbsp; 9372526 |
| 7120974 | &nbsp;&nbsp; APL Finance DAC, Series 2025-1A, Class A, <br> 4.810%, 3/20/2036(a)<br>| &nbsp;&nbsp; 7057305 |
| 12560000 | &nbsp;&nbsp; Bluepeak ABS Issuer LLC, Series 2025-1A, <br> Class A2, 5.858%, 12/20/2055(a)<br>| &nbsp;&nbsp; 12710447 |
| 3969491 | &nbsp;&nbsp; CLI Funding VIII LLC, Series 2021-1A, Class A, <br> 1.640%, 2/18/2046(a)<br>| &nbsp;&nbsp; 3679935 |
| 7550000 | &nbsp;&nbsp; Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2, 5.656%, 2/25/2050(a)<br>| &nbsp;&nbsp; 7587199 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $6189091 | &nbsp;&nbsp; Crockett Partners Equipment Co. IIA LLC, <br> Series 2024-1C, Class A, 6.050%, 1/20/2031(a)<br>| &nbsp;&nbsp; $6261546 |
| 1377106 | &nbsp;&nbsp; Foundation Finance Trust, Series 2025-1A, <br> Class A, 4.950%, 4/15/2050(a)<br>| &nbsp;&nbsp; 1378214 |
| 1742832 | &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, <br> Series 2024-1, Class A4, 5.670%, 6/25/2059(a)<br>| &nbsp;&nbsp; 1767767 |
| 1209988 | &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, <br> Series 2025-1A, Class A4, 5.220%, 3/25/2060(a)<br>| &nbsp;&nbsp; 1217000 |
| 25886125 | &nbsp;&nbsp; Horizon Aircraft Finance IV Ltd., Series 2024-1, <br> Class A, 5.375%, 9/15/2049(a)<br>| &nbsp;&nbsp; 25645472 |
| 4319400 | &nbsp;&nbsp; Jack in the Box Funding LLC, Series 2022-1A, <br> Class A2I, 3.445%, 2/26/2052(a)<br>| &nbsp;&nbsp; 4193894 |
| 4713554 | &nbsp;&nbsp; Lunar Structured Aircraft Portfolio Notes, <br> Series 2021-1, Class A, 2.636%, 10/15/2046(a)<br>| &nbsp;&nbsp; 4476457 |
| 8010000 | &nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, <br> Series 2025-2A, Class A2, 5.400%, 8/20/2055(a)<br>| &nbsp;&nbsp; 8078733 |
| 3910432 | &nbsp;&nbsp; MVW LLC, Series 2024-2A, Class A, <br> 4.430%, 3/20/2042(a)<br>| &nbsp;&nbsp; 3889776 |
| 6317417 | &nbsp;&nbsp; Navigator Aircraft ABS Ltd., Series 2021-1, <br> Class A, 2.771%, 11/15/2046(a)(b)<br>| &nbsp;&nbsp; 5992060 |
| 4866654 | &nbsp;&nbsp; OWN Equipment Fund I LLC, Series 2024-2M, <br> Class A, 5.700%, 12/20/2032(a)<br>| &nbsp;&nbsp; 4895897 |
| 2105000 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2024-1A, <br> Class A3, 5.520%, 1/20/2032(a)<br>| &nbsp;&nbsp; 2139119 |
| 1941977 | &nbsp;&nbsp; Textainer Marine Containers VII Ltd., <br> Series 2020-2A, Class A, 2.100%, 9/20/2045(a)<br>| &nbsp;&nbsp; 1829146 |
| 4205103 | &nbsp;&nbsp; Volofin Finance DAC, Series 2024-1A, Class A, <br> 5.935%, 6/15/2037(a)<br>| &nbsp;&nbsp; 4235679 |
| 5050286 | &nbsp;&nbsp; Willis Engine Structured Trust VII, <br> Series 2023-A, Class A, 8.000%, 10/15/2048(a)<br>| &nbsp;&nbsp; 5149135 |
| 16950000 | &nbsp;&nbsp; Zayo Issuer LLC, Series 2025-2A, Class A2, <br> 5.953%, 6/20/2055(a)<br>| &nbsp;&nbsp; 17245205 |
|  |  | &nbsp;&nbsp; 138802512 |
|  | **ABS Residential Mortgage — 0.1%** | **ABS Residential Mortgage — 0.1%** |
| 6478 | &nbsp;&nbsp; Countrywide Asset-Backed Certificates, <br> Series 2004-S1, Class A3, <br> 5.115%, 2/25/2035(b)(c)<br>| &nbsp;&nbsp; 6134 |
| 5423262 | &nbsp;&nbsp; Pretium Mortgage Credit Partners LLC, <br> Series 2026-NPL2, Class A1, <br> 5.151%, 2/25/2056(a)(b)<br>| &nbsp;&nbsp; 5380579 |
| 2919154 | &nbsp;&nbsp; VCAT LLC, Series 2026-NPL1, Class A1, <br> 5.101%, 1/25/2056(a)(b)<br>| &nbsp;&nbsp; 2902825 |
|  |  | &nbsp;&nbsp; 8289538 |
|  | **ABS Student Loan — 0.3%** | **ABS Student Loan — 0.3%** |
| 1336276 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2020-HA, Class A, 1.310%, 1/15/2069(a)<br>| &nbsp;&nbsp; 1269715 |
| 4873643 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2021-CA, Class A, 1.060%, 10/15/2069(a)<br>| &nbsp;&nbsp; 4426724 |
| 5462662 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2023-A, Class A, 5.510%, 10/15/2071(a)<br>| &nbsp;&nbsp; 5515409 |
| 1867784 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2021-A, Class APT2, <br> 1.070%, 1/15/2053(a)<br>| &nbsp;&nbsp; 1709749 |
| 4516746 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2021-C, Class A2, 1 mo. USD SOFR + <br> 0.914%, 4.587%, 1/15/2053(a)(b)<br>| &nbsp;&nbsp; 4484368 |

---

See accompanying notes to financial statements.

1 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Student Loan — continued** | **ABS Student Loan — continued** |
| $5266609 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2023-A, Class A1A, 5.380%, 1/15/2053(a)<br>| &nbsp;&nbsp; $5320745 |
| 1004928 | &nbsp;&nbsp; SoFi Professional Loan Program LLC, <br> Series 2020-A, Class A2FX, <br> 2.540%, 5/15/2046(a)<br>| &nbsp;&nbsp; 971050 |
|  |  | &nbsp;&nbsp; 23697760 |
|  | **ABS Whole Business — 0.1%** | **ABS Whole Business — 0.1%** |
| 11625600 | &nbsp;&nbsp; Planet Fitness Master Issuer LLC, <br> Series 2022-1A, Class A2II, <br> 4.008%, 12/05/2051(a)<br>| &nbsp;&nbsp; 10847309 |
|  | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| 14314000 | Boeing Co., 5.705%, 5/01/2040 | &nbsp;&nbsp; 14336504 |
| 5305000 | Boeing Co., 6.298%, 5/01/2029 | &nbsp;&nbsp; 5569378 |
| 3928000 | Boeing Co., 6.858%, 5/01/2054 | &nbsp;&nbsp; 4323058 |
| 7955000 | &nbsp;&nbsp; Embraer Netherlands Finance BV, <br> 5.980%, 2/11/2035<br>| &nbsp;&nbsp; 8211549 |
| 18563000 | &nbsp;&nbsp; Honeywell Aerospace, Inc., <br> 5.852%, 3/16/2066(a)<br>| &nbsp;&nbsp; 18413144 |
|  |  | &nbsp;&nbsp; 50853633 |
|  | **Agency Commercial Mortgage-Backed Securities — 0.1%** | **Agency Commercial Mortgage-Backed Securities — 0.1%** |
| 4010000 | &nbsp;&nbsp; Arixa Mortgage Trust, Series 2025-RTL1, <br> Class A1, 5.735%, 8/25/2030(a)(b)<br>| &nbsp;&nbsp; 4020300 |
|  | **Airlines — 0.7%** | **Airlines — 0.7%** |
| 8630467 | &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP <br> Ltd., 5.750%, 4/20/2029(a)<br>| &nbsp;&nbsp; 8583261 |
| 13522147 | &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., <br> 4.750%, 10/20/2028(a)<br>| &nbsp;&nbsp; 13502617 |
| 6570000 | Latam Airlines Group SA, 7.875%, 4/15/2030(a) | &nbsp;&nbsp; 6635700 |
| 5571000 | &nbsp;&nbsp; United Airlines Holdings, Inc., <br> 5.375%, 3/01/2031<br>| &nbsp;&nbsp; 5455773 |
| 13149469 | &nbsp;&nbsp; United Airlines Pass-Through Trust, <br> Series 2023-1, Class A, 5.800%, 7/15/2037<br>| &nbsp;&nbsp; 13540402 |
| 5243000 | United Airlines, Inc., 4.625%, 4/15/2029(a) | &nbsp;&nbsp; 5144033 |
|  |  | &nbsp;&nbsp; 52861786 |
|  | **Apartment REITs — 0.0%** | **Apartment REITs — 0.0%** |
| 1715000 | American Homes 4 Rent LP, 3.375%, 7/15/2051, | &nbsp;&nbsp; 1124651 |
|  | **Automotive — 1.7%** | **Automotive — 1.7%** |
| 8919000 | &nbsp;&nbsp; Cyprium Corp./Cyprium Holdings Luxembourg <br> SARL, 6.375%, 4/15/2034(a)<br>| &nbsp;&nbsp; 8657156 |
| 3200000 | Ford Motor Credit Co. LLC, 4.271%, 1/09/2027 | &nbsp;&nbsp; 3185376 |
| 9980000 | Ford Motor Credit Co. LLC, 6.800%, 5/12/2028 | &nbsp;&nbsp; 10280403 |
| 5450000 | Ford Motor Credit Co. LLC, 7.122%, 11/07/2033 | &nbsp;&nbsp; 5724924 |
| 2800000 | &nbsp;&nbsp; General Motors Financial Co., Inc., <br> 2.350%, 1/08/2031<br>| &nbsp;&nbsp; 2494366 |
| 6206000 | &nbsp;&nbsp; Hyundai Capital America, <br> 2.375%, 10/15/2027(a)<br>| &nbsp;&nbsp; 6005912 |
| 7453000 | Hyundai Capital America, 3.000%, 2/10/2027(a) | &nbsp;&nbsp; 7356140 |
| 11635000 | Hyundai Capital America, 4.800%, 1/10/2033(a) | &nbsp;&nbsp; 11312073 |
| 6740000 | Hyundai Capital America, 5.400%, 6/24/2031(a) | &nbsp;&nbsp; 6856989 |
| 14005000 | Hyundai Capital America, 6.100%, 9/21/2028(a) | &nbsp;&nbsp; 14463338 |
| 1725000 | Lear Corp., 3.550%, 1/15/2052 | &nbsp;&nbsp; 1142785 |
| 10531000 | Lear Corp., 5.250%, 5/15/2049 | &nbsp;&nbsp; 9372749 |
| 6000000 | &nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, <br> 7.050%, 9/15/2028(a)<br>| &nbsp;&nbsp; 6093538 |
| 4525000 | Phinia, Inc., 6.750%, 4/15/2029(a) | &nbsp;&nbsp; 4606690 |
| 31285000 | &nbsp;&nbsp; Volkswagen Group of America Finance LLC, <br> 6.450%, 11/16/2030(a)<br>| &nbsp;&nbsp; 33080084 |
|  |  | &nbsp;&nbsp; 130632523 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Banking — 6.1%** | **Banking — 6.1%** |
| $5525000 | &nbsp;&nbsp; AIB Group PLC, (fixed rate to 3/28/2034, <br> variable rate thereafter), 5.871%, 3/28/2035(a)<br>| &nbsp;&nbsp; $5709320 |
| 5210000 | &nbsp;&nbsp; American Express Co., (fixed rate to <br> 11/08/2035, variable rate thereafter), <br> 5.412%, 2/08/2041<br>| &nbsp;&nbsp; 5169709 |
| 5400000 | &nbsp;&nbsp; Banco Santander Mexico SA Institucion de <br> Banca Multiple Grupo Financiero Santand, <br> 5.621%, 12/10/2029(a)<br>| &nbsp;&nbsp; 5519880 |
| 18675000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to <br> 10/25/2034, variable rate thereafter), <br> 5.518%, 10/25/2035<br>| &nbsp;&nbsp; 18674572 |
| 6910000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to <br> 11/10/2027, variable rate thereafter), <br> 6.204%, 11/10/2028<br>| &nbsp;&nbsp; 7098597 |
| 5475000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to 4/24/2027, <br> variable rate thereafter), 3.705%, 4/24/2028<br>| &nbsp;&nbsp; 5433305 |
| 17545000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to 4/25/2033, <br> variable rate thereafter), 5.288%, 4/25/2034<br>| &nbsp;&nbsp; 17758257 |
| 24210000 | &nbsp;&nbsp; Bank of America Corp., MTN, (fixed rate to <br> 4/23/2026, variable rate thereafter), <br> 3.559%, 4/23/2027<br>| &nbsp;&nbsp; 24197311 |
| 1900000 | &nbsp;&nbsp; Barclays PLC, (fixed rate to 5/09/2033, variable <br> rate thereafter), 6.224%, 5/09/2034<br>| &nbsp;&nbsp; 1992535 |
| 7355000 | &nbsp;&nbsp; BBVA Mexico SA Institucion De Banca <br> Multiple Grupo Financiero BBVA Mexico, <br> 5.250%, 9/10/2029(a)<br>| &nbsp;&nbsp; 7396335 |
| 10379000 | &nbsp;&nbsp; BNP Paribas SA, (fixed rate to 1/15/2033, <br> variable rate thereafter), 4.916%, 1/15/2034(a)<br>| &nbsp;&nbsp; 10148803 |
| 23295000 | &nbsp;&nbsp; Capital One Financial Corp., (fixed rate to <br> 6/08/2033, variable rate thereafter), <br> 6.377%, 6/08/2034<br>| &nbsp;&nbsp; 24549718 |
| 10435000 | &nbsp;&nbsp; Credit Agricole SA, (fixed rate to 1/10/2034, <br> variable rate thereafter), 6.251%, 1/10/2035(a)<br>| &nbsp;&nbsp; 10820322 |
| 6930000 | &nbsp;&nbsp; Danske Bank AS, (fixed rate to 10/02/2029, <br> variable rate thereafter), 4.613%, 10/02/2030(a)<br>| &nbsp;&nbsp; 6909532 |
| 8585000 | &nbsp;&nbsp; Deutsche Bank AG, (fixed rate to 10/07/2031, <br> variable rate thereafter), 3.742%, 1/07/2033<br>| &nbsp;&nbsp; 7824533 |
| 6737000 | &nbsp;&nbsp; Deutsche Bank AG, (fixed rate to 10/14/2030, <br> variable rate thereafter), 3.729%, 1/14/2032<br>| &nbsp;&nbsp; 6260935 |
| 800000 | &nbsp;&nbsp; Deutsche Bank AG, (fixed rate to 11/10/2032, <br> variable rate thereafter), 7.079%, 2/10/2034<br>| &nbsp;&nbsp; 857266 |
| 11236000 | Goldman Sachs Group, Inc., 6.750%, 10/01/2037 | &nbsp;&nbsp; 12119998 |
| 8070000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., (fixed rate to <br> 1/21/2036, variable rate thereafter), <br> 5.065%, 1/21/2037<br>| &nbsp;&nbsp; 7889814 |
| 24030000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., (fixed rate to <br> 2/02/2036, variable rate thereafter), <br> 5.387%, 2/02/2041<br>| &nbsp;&nbsp; 23216604 |
| 7270000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., (fixed rate to <br> 6/05/2027, variable rate thereafter), <br> 3.691%, 6/05/2028<br>| &nbsp;&nbsp; 7205713 |
| 1826000 | HSBC Holdings PLC, 4.950%, 3/31/2030 | &nbsp;&nbsp; 1847355 |
| 7693000 | &nbsp;&nbsp; Huntington Bancshares, Inc., (fixed rate to <br> 10/28/2035, variable rate thereafter), <br> 5.605%, 1/28/2041<br>| &nbsp;&nbsp; 7507618 |
| 3790000 | &nbsp;&nbsp; Intesa Sanpaolo SpA, (fixed rate to 6/01/2031, <br> variable rate thereafter), 4.198%, 6/01/2032(a)<br>| &nbsp;&nbsp; 3548084 |
| 9525000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to <br> 1/22/2031, variable rate thereafter), <br> 4.347%, 1/22/2032<br>| &nbsp;&nbsp; 9390577 |

---

See accompanying notes to financial statements.

\| 2

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Banking — continued** | **Banking — continued** |
| $4885000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to <br> 1/22/2036, variable rate thereafter), <br> 4.898%, 1/22/2037<br>| &nbsp;&nbsp; $4780020 |
| 23640000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to <br> 10/15/2029, variable rate thereafter), <br> 2.739%, 10/15/2030<br>| &nbsp;&nbsp; 22264422 |
| 8575000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to <br> 4/22/2035, variable rate thereafter), <br> 5.572%, 4/22/2036<br>| &nbsp;&nbsp; 8836399 |
| 14426000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to <br> 5/13/2030, variable rate thereafter), <br> 2.956%, 5/13/2031<br>| &nbsp;&nbsp; 13441766 |
| 9140000 | &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., (fixed <br> rate to 7/20/2031, variable rate thereafter), <br> 2.309%, 7/20/2032<br>| &nbsp;&nbsp; 8050781 |
| 13321000 | Morgan Stanley, 3.591%, 7/22/2028(b) | &nbsp;&nbsp; 13164410 |
| 8315000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 1/16/2031, <br> variable rate thereafter), 4.493%, 1/16/2032<br>| &nbsp;&nbsp; 8175211 |
| 1500000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 2/01/2028, <br> variable rate thereafter), 5.123%, 2/01/2029<br>| &nbsp;&nbsp; 1516405 |
| 11935000 | &nbsp;&nbsp; Morgan Stanley, MTN, (fixed rate to 4/20/2028, <br> variable rate thereafter), 5.164%, 4/20/2029<br>| &nbsp;&nbsp; 12072470 |
| 9240000 | Norinchukin Bank, 4.683%, 3/10/2031(a) | &nbsp;&nbsp; 9134472 |
| 3575000 | Norinchukin Bank, 5.094%, 10/16/2029(a) | &nbsp;&nbsp; 3611729 |
| 6255000 | Norinchukin Bank, 5.359%, 9/09/2035(a) | &nbsp;&nbsp; 6223236 |
| 6960000 | &nbsp;&nbsp; PNC Financial Services Group, Inc., (fixed rate <br> to 1/24/2033, variable rate thereafter), <br> 5.068%, 1/24/2034<br>| &nbsp;&nbsp; 6958533 |
| 9657000 | &nbsp;&nbsp; PNC Financial Services Group, Inc., (fixed rate <br> to 1/25/2036, variable rate thereafter), <br> 5.423%, 1/25/2041<br>| &nbsp;&nbsp; 9460466 |
| 12940000 | &nbsp;&nbsp; Santander Holdings USA, Inc., (fixed rate to <br> 1/06/2027, variable rate thereafter), <br> 2.490%, 1/06/2028<br>| &nbsp;&nbsp; 12720814 |
| 16635000 | &nbsp;&nbsp; Santander U.K. Group Holdings PLC, (fixed rate <br> to 4/15/2030, variable rate thereafter), <br> 5.694%, 4/15/2031<br>| &nbsp;&nbsp; 17108854 |
| 13520000 | &nbsp;&nbsp; Societe Generale SA, (fixed rate to 1/19/2054, <br> variable rate thereafter), 7.132%, 1/19/2055(a)<br>| &nbsp;&nbsp; 13746102 |
| 10315000 | &nbsp;&nbsp; Societe Generale SA, (fixed rate to 10/03/2035, <br> variable rate thereafter), 5.439%, 10/03/2036(a)<br>| &nbsp;&nbsp; 10092098 |
| 18840000 | &nbsp;&nbsp; Standard Chartered PLC, (fixed rate to <br> 1/12/2032, variable rate thereafter), <br> 3.603%, 1/12/2033(a)<br>| &nbsp;&nbsp; 17091648 |
| 660000 | &nbsp;&nbsp; Standard Chartered PLC, (fixed rate to <br> 3/15/2028, variable rate thereafter), <br> 4.866%, 3/15/2033(a)<br>| &nbsp;&nbsp; 657497 |
| 1415000 | &nbsp;&nbsp; Standard Chartered PLC, (fixed rate to <br> 7/06/2033, variable rate thereafter), <br> 6.296%, 7/06/2034(a)<br>| &nbsp;&nbsp; 1493396 |
| 11838000 | &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., <br> 3.040%, 7/16/2029<br>| &nbsp;&nbsp; 11260219 |
| 3344000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 2/25/2031, <br> variable rate thereafter), 4.947%, 2/25/2032<br>| &nbsp;&nbsp; 3245360 |
| 5615000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 3/06/2030, <br> variable rate thereafter), 5.450%, 3/06/2031<br>| &nbsp;&nbsp; 5610351 |
| 16095000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/03/2026, variable <br> rate thereafter), 1.982%, 6/03/2027(a)<br>| &nbsp;&nbsp; 16020654 |
| 7470000 | &nbsp;&nbsp; Wells Fargo & Co., (fixed rate to 1/23/2036, <br> variable rate thereafter), 4.960%, 1/23/2037<br>| &nbsp;&nbsp; 7276841 |
|  |  | &nbsp;&nbsp; 483060847 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Brokerage — 0.2%** | **Brokerage — 0.2%** |
| $4055000 | BGC Group, Inc., 6.150%, 4/02/2030 | &nbsp;&nbsp; $4124315 |
| 1970000 | Citadel LP, 6.000%, 1/23/2030(a) | &nbsp;&nbsp; 2028012 |
| 2300000 | Citadel LP, 6.375%, 1/23/2032(a) | &nbsp;&nbsp; 2383813 |
| 6600000 | &nbsp;&nbsp; Jefferies Financial Group, Inc., <br> 5.500%, 2/15/2036<br>| &nbsp;&nbsp; 6334641 |
|  |  | &nbsp;&nbsp; 14870781 |
|  | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
| 929000 | Mohawk Industries, Inc., 3.625%, 5/15/2030 | &nbsp;&nbsp; 890000 |
| 950000 | Mohawk Industries, Inc., 5.850%, 9/18/2028 | &nbsp;&nbsp; 977373 |
|  |  | &nbsp;&nbsp; 1867373 |
|  | **Cable Satellite — 0.2%** | **Cable Satellite — 0.2%** |
| 3092000 | &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., <br> 4.250%, 1/15/2034(a)<br>| &nbsp;&nbsp; 2645186 |
| 6340000 | Time Warner Cable LLC, 4.500%, 9/15/2042 | &nbsp;&nbsp; 4761011 |
| 783000 | Time Warner Cable LLC, 5.500%, 9/01/2041 | &nbsp;&nbsp; 674830 |
| 2245000 | Time Warner Cable LLC, 5.875%, 11/15/2040 | &nbsp;&nbsp; 2034500 |
| 7162000 | Time Warner Cable LLC, 6.550%, 5/01/2037 | &nbsp;&nbsp; 7220699 |
| 1707000 | Time Warner Cable LLC, 6.750%, 6/15/2039 | &nbsp;&nbsp; 1693806 |
|  |  | &nbsp;&nbsp; 19030032 |
|  | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| 21013000 | &nbsp;&nbsp; Braskem America Finance Co., <br> 7.125%, 7/22/2041(a)<br>| &nbsp;&nbsp; 9307298 |
| 8885000 | Eastman Chemical Co., 5.000%, 8/01/2029 | &nbsp;&nbsp; 8966508 |
| 12690000 | &nbsp;&nbsp; Methanex U.S. Operations, Inc., <br> 6.250%, 3/15/2032(a)<br>| &nbsp;&nbsp; 12982708 |
| 7119000 | &nbsp;&nbsp; Orbia Advance Corp. SAB de CV, <br> 5.875%, 9/17/2044(a)<br>| &nbsp;&nbsp; 5082966 |
| 9466000 | &nbsp;&nbsp; Orbia Advance Corp. SAB de CV, <br> 6.750%, 9/19/2042(a)<br>| &nbsp;&nbsp; 7560084 |
| 7660000 | &nbsp;&nbsp; Orbia Advance Corp. SAB de CV, <br> 6.800%, 5/13/2030(a)<br>| &nbsp;&nbsp; 7528248 |
| 3830000 | &nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, <br> 3.500%, 9/10/2051(a)<br>| &nbsp;&nbsp; 2456294 |
| 7654000 | &nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, <br> 4.250%, 1/22/2050(a)<br>| &nbsp;&nbsp; 5730703 |
| 13835000 | &nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, <br> 6.500%, 11/07/2033(a)<br>| &nbsp;&nbsp; 14612665 |
|  |  | &nbsp;&nbsp; 74227474 |
|  | **Collateralized Mortgage Obligations — 1.2%** | **Collateralized Mortgage Obligations — 1.2%** |
| 18807548 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> Series 406, Class F15, 30 day USD SOFR <br> Average + 1.450%, 5.112%, 10/25/2053(b)<br>| &nbsp;&nbsp; 19085690 |
| 21412311 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> Series 5365, Class LY, REMICS, <br> 6.500%, 12/25/2053<br>| &nbsp;&nbsp; 22285719 |
| 16038000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. STRIPS, <br> Series 431, Class LB, 4.000%, 4/25/2027<br>| &nbsp;&nbsp; 16003165 |
| 31701000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. STRIPS, <br> Series 432, Class GA, 4.000%, 4/25/2027<br>| &nbsp;&nbsp; 31636457 |
| 7850000 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2023-51, Class L, REMICS, <br> 6.500%, 11/25/2053<br>| &nbsp;&nbsp; 8191632 |
| 36505 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2010-H24, Class FA, 1 mo. USD SOFR + <br> 0.464%, 4.133%, 10/20/2060(b)(c)<br>| &nbsp;&nbsp; 36031 |
| 24800 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2012-H18, Class NA, 1 mo. USD SOFR + <br> 0.634%, 4.303%, 8/20/2062(b)(c)<br>| &nbsp;&nbsp; 24553 |
| 25 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H01, Class FA, 1.650%, 1/20/2063(c)<br>| &nbsp;&nbsp; 22 |

---

See accompanying notes to financial statements.

3 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $8327 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H03, Class HA, <br> 1.750%, 12/20/2062(c)<br>| &nbsp;&nbsp; $7319 |
| 7341 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H04, Class BA, <br> 1.650%, 2/20/2063(c)<br>| &nbsp;&nbsp; 6847 |
| 91265 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H10, Class PA, <br> 2.500%, 4/20/2063(c)<br>| &nbsp;&nbsp; 85343 |
| 474886 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H10, Class JA, 2.250%, 4/20/2065<br>| &nbsp;&nbsp; 458513 |
| 2687 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H13, Class FL, 1 mo. USD SOFR + <br> 0.394%, 4.063%, 5/20/2063(b)(c)<br>| &nbsp;&nbsp; 2553 |
|  |  | &nbsp;&nbsp; 97823844 |
|  | **Construction Machinery — 0.2%** | **Construction Machinery — 0.2%** |
| 5405000 | Herc Holdings, Inc., 7.000%, 6/15/2030(a) | &nbsp;&nbsp; 5546665 |
| 10439000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 5.375%, 11/15/2033(a)<br>| &nbsp;&nbsp; 10150671 |
|  |  | &nbsp;&nbsp; 15697336 |
|  | **Consumer Products — 0.1%** | **Consumer Products — 0.1%** |
| 2157000 | &nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, <br> 2.431%, 7/01/2031(a)<br>| &nbsp;&nbsp; 1964984 |
| 2738000 | &nbsp;&nbsp; Natura &Co. Luxembourg Holdings SARL, <br> 4.125%, 5/03/2028(a)<br>| &nbsp;&nbsp; 2585857 |
| 1925000 | &nbsp;&nbsp; Natura &Co. Luxembourg Holdings SARL, <br> 6.000%, 4/19/2029(a)<br>| &nbsp;&nbsp; 1868212 |
|  |  | &nbsp;&nbsp; 6419053 |
|  | **Electric — 0.8%** | **Electric — 0.8%** |
| 1609000 | AES Corp., 3.950%, 7/15/2030(a) | &nbsp;&nbsp; 1538284 |
| 14279000 | &nbsp;&nbsp; Clearway Energy Operating LLC, <br> 3.750%, 2/15/2031(a)<br>| &nbsp;&nbsp; 13221983 |
| 14159775 | Cometa Energia SA de CV, 6.375%, 4/24/2035(a) | &nbsp;&nbsp; 14378954 |
| 2415000 | DPL LLC, 4.350%, 4/15/2029 | &nbsp;&nbsp; 2317888 |
| 2811000 | Enel Americas SA, 4.000%, 10/25/2026 | &nbsp;&nbsp; 2804212 |
| 4816000 | Entergy Corp., 2.800%, 6/15/2030 | &nbsp;&nbsp; 4478002 |
| 750000 | IPALCO Enterprises, Inc., 4.250%, 5/01/2030 | &nbsp;&nbsp; 722090 |
| 11532000 | NRG Energy, Inc., 5.750%, 1/15/2034(a) | &nbsp;&nbsp; 11375446 |
| 3945000 | &nbsp;&nbsp; Southern California Edison Co., <br> 6.200%, 9/15/2055<br>| &nbsp;&nbsp; 3912305 |
| 6037000 | &nbsp;&nbsp; WEC Energy Group, Inc., (fixed rate to <br> 2/15/2031, variable rate thereafter), <br> 5.625%, 5/15/2056<br>| &nbsp;&nbsp; 5915233 |
| 5255000 | &nbsp;&nbsp; Xcel Energy, Inc., (fixed rate to 9/03/2031, <br> variable rate thereafter), 5.750%, 12/03/2056<br>| &nbsp;&nbsp; 5129815 |
|  |  | &nbsp;&nbsp; 65794212 |
|  | **Finance Companies — 3.4%** | **Finance Companies — 3.4%** |
| 6365000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.000%, 10/29/2028<br>| &nbsp;&nbsp; 6126850 |
| 8095000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 5.100%, 1/19/2029<br>| &nbsp;&nbsp; 8200753 |
| 19660000 | Air Lease Corp., GMTN, 3.750%, 6/01/2026 | &nbsp;&nbsp; 19628885 |
| 20287000 | Aircastle Ltd., 2.850%, 1/26/2028(a) | &nbsp;&nbsp; 19653073 |
| 24047000 | ARES Capital Corp., 2.150%, 7/15/2026 | &nbsp;&nbsp; 23848032 |
| 15722000 | ARES Capital Corp., 5.800%, 3/08/2032 | &nbsp;&nbsp; 15511944 |
| 15925000 | &nbsp;&nbsp; Avolon Holdings Funding Ltd., <br> 2.750%, 2/21/2028(a)<br>| &nbsp;&nbsp; 15357556 |
| 3220000 | &nbsp;&nbsp; Avolon Holdings Funding Ltd., <br> 5.375%, 5/30/2030(a)<br>| &nbsp;&nbsp; 3255109 |
| 4262000 | Blue Owl Capital Corp., 2.625%, 1/15/2027 | &nbsp;&nbsp; 4156771 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Finance Companies — continued** | **Finance Companies — continued** |
| $13397000 | Blue Owl Capital Corp., 3.400%, 7/15/2026 | &nbsp;&nbsp; $13291780 |
| 9070000 | Blue Owl Capital Corp., 5.950%, 3/15/2029 | &nbsp;&nbsp; 8960939 |
| 5479000 | &nbsp;&nbsp; Blue Owl Technology Finance Corp., <br> 3.750%, 6/17/2026(a)<br>| &nbsp;&nbsp; 5451612 |
| 12803000 | &nbsp;&nbsp; Blue Owl Technology Finance Corp., <br> 6.100%, 3/15/2028<br>| &nbsp;&nbsp; 12653452 |
| 4160000 | GATX Corp., 6.050%, 3/15/2034 | &nbsp;&nbsp; 4368567 |
| 3670000 | GATX Corp., 6.050%, 6/05/2054 | &nbsp;&nbsp; 3644191 |
| 3505000 | &nbsp;&nbsp; Golub Capital Private Credit Fund, <br> 5.450%, 8/15/2028(a)<br>| &nbsp;&nbsp; 3456622 |
| 11600000 | Hercules Capital, Inc., 6.000%, 6/16/2030 | &nbsp;&nbsp; 11380704 |
| 16100000 | &nbsp;&nbsp; HPS Corporate Lending Fund, <br> 5.650%, 4/02/2031(a)<br>| &nbsp;&nbsp; 15444654 |
| 2600000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 6.400%, 3/26/2029(a)<br>| &nbsp;&nbsp; 2693916 |
| 4480000 | Main Street Capital Corp., 6.950%, 3/01/2029 | &nbsp;&nbsp; 4609541 |
| 5663000 | MSD Investment Corp., 6.125%, 2/05/2031(a) | &nbsp;&nbsp; 5491595 |
| 7545000 | MSD Investment Corp., 6.250%, 5/31/2030 | &nbsp;&nbsp; 7376420 |
| 3100000 | Navient Corp., 4.875%, 3/15/2028 | &nbsp;&nbsp; 2925951 |
| 8950000 | Navient Corp., 5.000%, 3/15/2027 | &nbsp;&nbsp; 8748311 |
| 16425000 | OneMain Finance Corp., 6.625%, 5/15/2029 | &nbsp;&nbsp; 16440949 |
| 5410000 | &nbsp;&nbsp; Sixth Street Lending Partners, <br> 6.125%, 7/15/2030<br>| &nbsp;&nbsp; 5378304 |
| 2930000 | &nbsp;&nbsp; Sixth Street Specialty Lending, Inc., <br> 5.625%, 8/15/2030<br>| &nbsp;&nbsp; 2888104 |
| 8658000 | Takeoff Merger Sub, Inc., 4.850%, 3/24/2031(a) | &nbsp;&nbsp; 8549729 |
| 4805000 | Takeoff Merger Sub, Inc., 5.500%, 3/24/2036(a) | &nbsp;&nbsp; 4733448 |
|  |  | &nbsp;&nbsp; 264227762 |
|  | **Financial Other — 0.0%** | **Financial Other — 0.0%** |
| 2310000 | &nbsp;&nbsp; Atlas Warehouse Lending Co. LP, <br> 5.250%, 1/15/2033(a)<br>| &nbsp;&nbsp; 2237168 |
|  | **Food & Beverage — 0.6%** | **Food & Beverage — 0.6%** |
| 13933000 | BRF SA, 5.750%, 9/21/2050(a) | &nbsp;&nbsp; 10829703 |
| 22485000 | &nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co. Holdings, <br> 7.250%, 11/15/2053<br>| &nbsp;&nbsp; 24737637 |
| 11030000 | Minerva Luxembourg SA, 4.375%, 3/18/2031(a) | &nbsp;&nbsp; 9986378 |
| 1599000 | Smithfield Foods, Inc., 3.000%, 10/15/2030(a) | &nbsp;&nbsp; 1461685 |
|  |  | &nbsp;&nbsp; 47015403 |
|  | **Gaming — 0.2%** | **Gaming — 0.2%** |
| 11765000 | MGM Resorts International, 6.500%, 4/15/2032 | &nbsp;&nbsp; 11862120 |
|  | **Government Owned - No Guarantee — 1.3%** | **Government Owned - No Guarantee — 1.3%** |
| 7292000 | Antares Holdings LP, 3.950%, 7/15/2026(a) | &nbsp;&nbsp; 7263780 |
| 16900000 | Antares Holdings LP, 6.350%, 10/23/2029(a) | &nbsp;&nbsp; 16728922 |
| 2585000 | Ascot Group Ltd., 4.250%, 12/15/2030(a) | &nbsp;&nbsp; 2404400 |
| 10220000 | Ecopetrol SA, 7.750%, 2/01/2032 | &nbsp;&nbsp; 10320815 |
| 9135000 | Ecopetrol SA, 8.375%, 1/19/2036 | &nbsp;&nbsp; 9261717 |
| 2903000 | &nbsp;&nbsp; Empresa de los Ferrocarriles del Estado, <br> 3.068%, 8/18/2050(a)<br>| &nbsp;&nbsp; 1795697 |
| 8730000 | Freeport Indonesia PT, 5.315%, 4/14/2032(a) | &nbsp;&nbsp; 8688794 |
| 7685000 | OCP SA, 3.750%, 6/23/2031(a) | &nbsp;&nbsp; 6981407 |
| 11020000 | OCP SA, 6.750%, 5/02/2034(a) | &nbsp;&nbsp; 11457384 |
| 11038000 | Saudi Arabian Oil Co., 3.500%, 11/24/2070(a) | &nbsp;&nbsp; 6571151 |
| 12985000 | Saudi Arabian Oil Co., 5.000%, 2/02/2036(a) | &nbsp;&nbsp; 12470819 |
| 7454000 | Saudi Arabian Oil Co., 6.000%, 2/02/2056(a) | &nbsp;&nbsp; 7020774 |
| 2246000 | Tennessee Valley Authority, 4.625%, 9/15/2060 | &nbsp;&nbsp; 1977976 |
|  |  | &nbsp;&nbsp; 102943636 |
|  | **Health Insurance — 0.1%** | **Health Insurance — 0.1%** |
| 8739000 | Centene Corp., 3.375%, 2/15/2030 | &nbsp;&nbsp; 7894270 |

---

See accompanying notes to financial statements.

\| 4

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Healthcare — 0.3%** | **Healthcare — 0.3%** |
| $12055000 | HCA, Inc., 4.625%, 3/15/2052 | &nbsp;&nbsp; $9623422 |
| 4230000 | HCA, Inc., 5.600%, 4/01/2034 | &nbsp;&nbsp; 4319857 |
| 10445000 | HCA, Inc., 5.750%, 3/01/2035 | &nbsp;&nbsp; 10739059 |
|  |  | &nbsp;&nbsp; 24682338 |
|  | **Home Construction — 0.0%** | **Home Construction — 0.0%** |
| 1398000 | &nbsp;&nbsp; Taylor Morrison Communities, Inc., <br> 5.750%, 11/15/2032(a)<br>| &nbsp;&nbsp; 1399223 |
|  | **Independent Energy — 1.1%** | **Independent Energy — 1.1%** |
| 19455000 | Aker BP ASA, 5.250%, 10/30/2035(a) | &nbsp;&nbsp; 18919150 |
| 16297000 | &nbsp;&nbsp; Crescent Energy Finance LLC, <br> 7.625%, 4/01/2032(a)<br>| &nbsp;&nbsp; 16538668 |
| 7952000 | Devon Energy Corp., 4.500%, 1/15/2030 | &nbsp;&nbsp; 7926626 |
| 1765000 | EQT Corp., 3.125%, 5/15/2026(a) | &nbsp;&nbsp; 1761449 |
| 1358000 | EQT Corp., 3.900%, 10/01/2027 | &nbsp;&nbsp; 1341447 |
| 1901000 | EQT Corp., 5.000%, 1/15/2029 | &nbsp;&nbsp; 1912308 |
| 10855000 | Harbour Energy PLC, 6.327%, 4/01/2035(a) | &nbsp;&nbsp; 11124055 |
| 2592000 | &nbsp;&nbsp; Pan American Energy LLC, <br> 9.125%, 4/30/2027(a)<br>| &nbsp;&nbsp; 2634379 |
| 12268000 | SM Energy Co., 6.750%, 8/01/2029(a) | &nbsp;&nbsp; 12453823 |
| 6185000 | SM Energy Co., 7.000%, 8/01/2032(a) | &nbsp;&nbsp; 6315466 |
| 618000 | SM Energy Co., 8.625%, 11/01/2030(a) | &nbsp;&nbsp; 652043 |
| 2275000 | Viper Energy Partners LLC, 5.700%, 8/01/2035 | &nbsp;&nbsp; 2292768 |
|  |  | &nbsp;&nbsp; 83872182 |
|  | **Industrial Other — 0.0%** | **Industrial Other — 0.0%** |
| 3408000 | &nbsp;&nbsp; Georgetown University, Series A, <br> 5.215%, 10/01/2118<br>| &nbsp;&nbsp; 2974673 |
|  | **Life Insurance — 0.4%** | **Life Insurance — 0.4%** |
| 13471000 | Brighthouse Financial, Inc., 5.625%, 5/15/2030 | &nbsp;&nbsp; 13404083 |
| 4515000 | &nbsp;&nbsp; Fortitude Group Holdings LLC, <br> 6.250%, 4/01/2030(a)<br>| &nbsp;&nbsp; 4597905 |
| 2327000 | &nbsp;&nbsp; OneAmerica Financial Partners, Inc., <br> 4.250%, 10/15/2050(a)<br>| &nbsp;&nbsp; 1713254 |
| 10540000 | RLGH Finance Bermuda Ltd., 6.750%, 7/02/2035 | &nbsp;&nbsp; 10842534 |
|  |  | &nbsp;&nbsp; 30557776 |
|  | **Media Entertainment — 0.7%** | **Media Entertainment — 0.7%** |
| 14589000 | Beignet Investor LLC, 6.581%, 5/30/2049(a) | &nbsp;&nbsp; 14999770 |
| 54020000 | &nbsp;&nbsp; Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, <br> (MXN)<br>| &nbsp;&nbsp; 1818650 |
| 2955000 | Meta Platforms, Inc., 4.875%, 11/15/2035 | &nbsp;&nbsp; 2898978 |
| 3985000 | Meta Platforms, Inc., 5.625%, 11/15/2055 | &nbsp;&nbsp; 3735501 |
| 11690000 | Meta Platforms, Inc., 5.750%, 11/15/2065 | &nbsp;&nbsp; 10857715 |
| 3840000 | &nbsp;&nbsp; OAK-Eagle Acquireco, Inc., <br> 7.250%, 7/01/2033(a)<br>| &nbsp;&nbsp; 3978603 |
| 12803000 | Prosus NV, 3.680%, 1/21/2030(a) | &nbsp;&nbsp; 12125223 |
| 12750000 | Prosus NV, 3.832%, 2/08/2051(a) | &nbsp;&nbsp; 8201965 |
|  |  | &nbsp;&nbsp; 58616405 |
|  | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
| 11925000 | Alumina Pty. Ltd., 6.125%, 3/15/2030(a) | &nbsp;&nbsp; 12168210 |
| 3620000 | &nbsp;&nbsp; Anglo American Capital PLC, <br> 3.875%, 3/16/2029(a)<br>| &nbsp;&nbsp; 3546926 |
| 3322000 | &nbsp;&nbsp; Anglo American Capital PLC, <br> 3.950%, 9/10/2050(a)<br>| &nbsp;&nbsp; 2422448 |
| 8646000 | &nbsp;&nbsp; Anglo American Capital PLC, <br> 5.625%, 4/01/2030(a)<br>| &nbsp;&nbsp; 8915544 |
| 5864000 | &nbsp;&nbsp; Fortescue Treasury Pty. Ltd., <br> 4.375%, 4/01/2031(a)<br>| &nbsp;&nbsp; 5540568 |
| 14428000 | Fresnillo PLC, 4.250%, 10/02/2050(a) | &nbsp;&nbsp; 10834707 |
| 7995000 | Gerdau Trade, Inc., 5.750%, 6/09/2035 | &nbsp;&nbsp; 8094938 |
| 21682000 | Glencore Funding LLC, 2.500%, 9/01/2030(a) | &nbsp;&nbsp; 19702433 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Metals & Mining — continued** | **Metals & Mining — continued** |
| $6635000 | Glencore Funding LLC, 5.673%, 4/01/2035(a) | &nbsp;&nbsp; $6778281 |
| 700000 | Glencore Funding LLC, 6.375%, 10/06/2030(a) | &nbsp;&nbsp; 742583 |
|  |  | &nbsp;&nbsp; 78746638 |
|  | **Midstream — 0.8%** | **Midstream — 0.8%** |
| 568000 | Energy Transfer LP, 5.150%, 2/01/2043 | &nbsp;&nbsp; 502739 |
| 2480000 | Energy Transfer LP, 5.300%, 4/15/2047 | &nbsp;&nbsp; 2188303 |
| 125000 | Energy Transfer LP, 5.400%, 10/01/2047 | &nbsp;&nbsp; 111075 |
| 4900000 | Energy Transfer LP, 5.950%, 10/01/2043 | &nbsp;&nbsp; 4763755 |
| 8548000 | Energy Transfer LP, 6.500%, 2/01/2042 | &nbsp;&nbsp; 8909483 |
| 1338000 | Energy Transfer LP, 6.625%, 10/15/2036 | &nbsp;&nbsp; 1445907 |
| 982000 | Gray Oak Pipeline LLC, 3.450%, 10/15/2027(a) | &nbsp;&nbsp; 963280 |
| 2442000 | &nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance <br> Corp., 4.700%, 1/15/2031<br>| &nbsp;&nbsp; 2434568 |
| 4070000 | &nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance <br> Corp., 5.600%, 1/15/2036<br>| &nbsp;&nbsp; 4083189 |
| 12415000 | &nbsp;&nbsp; Sempra Infrastructure Partners LP, <br> 3.250%, 1/15/2032(a)<br>| &nbsp;&nbsp; 10970482 |
| 4648000 | Targa Resources Corp., 4.350%, 4/15/2031 | &nbsp;&nbsp; 4550198 |
| 3510000 | Targa Resources Corp., 5.500%, 2/15/2035 | &nbsp;&nbsp; 3541217 |
| 4535000 | Targa Resources Corp., 6.050%, 5/15/2056 | &nbsp;&nbsp; 4384399 |
| 4955000 | &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, <br> 5.100%, 3/15/2036(a)<br>| &nbsp;&nbsp; 4911260 |
| 4021000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 7.500%, 5/01/2033(a)<br>| &nbsp;&nbsp; 4419899 |
| 4030000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 7.750%, 5/01/2035(a)<br>| &nbsp;&nbsp; 4516735 |
|  |  | &nbsp;&nbsp; 62696489 |
|  | **Mortgage Related — 21.5%** | **Mortgage Related — 21.5%** |
| 6152426 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 11/01/2050<br>| &nbsp;&nbsp; 4962310 |
| 6243080 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 12/01/2050<br>| &nbsp;&nbsp; 5035424 |
| 20587273 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 1/01/2051<br>| &nbsp;&nbsp; 16593728 |
| 30425690 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 3/01/2052<br>| &nbsp;&nbsp; 24646052 |
| 4268087 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 3/01/2052<br>| &nbsp;&nbsp; 3444106 |
| 38717544 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 3.000%, 10/01/2053<br>| &nbsp;&nbsp; 34036666 |
| 6540766 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 3.500%, 4/01/2048<br>| &nbsp;&nbsp; 6045686 |
| 655046 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 12/01/2044<br>| &nbsp;&nbsp; 632718 |
| 339966 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 7/01/2045<br>| &nbsp;&nbsp; 327129 |
| 2179 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 9/01/2045<br>| &nbsp;&nbsp; 2100 |
| 224262 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 6/01/2047<br>| &nbsp;&nbsp; 214959 |
| 9239714 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 7/01/2052<br>| &nbsp;&nbsp; 8762963 |
| 943981 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 9/01/2052<br>| &nbsp;&nbsp; 894525 |
| 8635093 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 10/01/2052<br>| &nbsp;&nbsp; 8178638 |
| 4779293 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 10/01/2052<br>| &nbsp;&nbsp; 4540957 |
| 3866171 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 10/01/2052<br>| &nbsp;&nbsp; 3659694 |

---

See accompanying notes to financial statements.

5 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $4163034 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 10/01/2053<br>| &nbsp;&nbsp; $3930027 |
| 426785 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 7/01/2041<br>| &nbsp;&nbsp; 422899 |
| 67930 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 1/01/2044<br>| &nbsp;&nbsp; 66168 |
| 168456 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 4/01/2044<br>| &nbsp;&nbsp; 165266 |
| 16805 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 3/01/2046<br>| &nbsp;&nbsp; 16565 |
| 619102 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 7/01/2046<br>| &nbsp;&nbsp; 611550 |
| 354212 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 3/01/2048<br>| &nbsp;&nbsp; 346460 |
| 3328371 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 8/01/2052<br>| &nbsp;&nbsp; 3232983 |
| 2213968 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 8/01/2052<br>| &nbsp;&nbsp; 2145093 |
| 1035774 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 7/01/2048<br>| &nbsp;&nbsp; 1040220 |
| 916016 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 8/01/2048<br>| &nbsp;&nbsp; 921850 |
| 642686 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 9/01/2048<br>| &nbsp;&nbsp; 645445 |
| 1898568 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 10/01/2048<br>| &nbsp;&nbsp; 1902813 |
| 4920327 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 12/01/2048<br>| &nbsp;&nbsp; 4945544 |
| 8483574 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 12/01/2053<br>| &nbsp;&nbsp; 8434952 |
| 23562040 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 1/01/2055<br>| &nbsp;&nbsp; 23486336 |
| 9059870 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 1/01/2055<br>| &nbsp;&nbsp; 9018210 |
| 8137529 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 2/01/2055<br>| &nbsp;&nbsp; 8111383 |
| 7004049 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 3/01/2055<br>| &nbsp;&nbsp; 6945970 |
| 1078917 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 5/01/2053<br>| &nbsp;&nbsp; 1092854 |
| 1040802 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 5/01/2053<br>| &nbsp;&nbsp; 1058939 |
| 875525 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 5/01/2053<br>| &nbsp;&nbsp; 892341 |
| 2155029 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 6/01/2053<br>| &nbsp;&nbsp; 2192367 |
| 1150180 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 6/01/2053<br>| &nbsp;&nbsp; 1165749 |
| 14481855 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 14591603 |
| 860501 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 875690 |
| 530028 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 539588 |
| 455682 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 464957 |
| 13051081 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 2/01/2055<br>| &nbsp;&nbsp; 13386888 |
| 2311 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 6/01/2035<br>| &nbsp;&nbsp; 2392 |
| 2688230 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 2770948 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $2304104 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; $2375005 |
| 1940459 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 1998503 |
| 1112197 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 1138993 |
| 1039110 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 1071084 |
| 724955 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 744703 |
| 669524 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 686569 |
| 635838 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 649331 |
| 4772362 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 4882539 |
| 676371 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 694712 |
| 445219 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 461711 |
| 3048298 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 8/01/2053<br>| &nbsp;&nbsp; 3144016 |
| 981159 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 3/01/2054<br>| &nbsp;&nbsp; 1021833 |
| 4493541 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 4/01/2054<br>| &nbsp;&nbsp; 4692122 |
| 1075496 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 4/01/2054<br>| &nbsp;&nbsp; 1097510 |
| 4552864 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 9/01/2053<br>| &nbsp;&nbsp; 4830417 |
| 5371603 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 1/01/2054<br>| &nbsp;&nbsp; 5598719 |
| 6439085 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 2/01/2054<br>| &nbsp;&nbsp; 6711313 |
| 13300862 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 5/01/2054<br>| &nbsp;&nbsp; 14153852 |
| 5448404 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 5/01/2054<br>| &nbsp;&nbsp; 5797804 |
| 4316297 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 5/01/2054<br>| &nbsp;&nbsp; 4593096 |
| 6502672 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 6/01/2054<br>| &nbsp;&nbsp; 6919689 |
| 330910 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 9/01/2053<br>| &nbsp;&nbsp; 349679 |
| 5097165 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 12/01/2053<br>| &nbsp;&nbsp; 5393393 |
| 4926898 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 12/01/2053<br>| &nbsp;&nbsp; 5300846 |
| 4750174 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 1/01/2054<br>| &nbsp;&nbsp; 5086809 |
| 1299434 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 2/01/2054<br>| &nbsp;&nbsp; 1398066 |
| 196025 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 2/01/2054<br>| &nbsp;&nbsp; 207500 |
| 159410 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 2/01/2054<br>| &nbsp;&nbsp; 168304 |
| 2486794 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 4/01/2054<br>| &nbsp;&nbsp; 2644257 |
| 1715352 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 6/01/2054<br>| &nbsp;&nbsp; 1823969 |
| 4280185 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 10/01/2054<br>| &nbsp;&nbsp; 4605081 |

---

See accompanying notes to financial statements.

\| 6

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $3241191 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.500%, 1/01/2054<br>| &nbsp;&nbsp; $3498256 |
| 102927 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 8.000%, 2/01/2054<br>| &nbsp;&nbsp; 108802 |
| 7873854 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 1.500%, 12/01/2050<br>| &nbsp;&nbsp; 6104725 |
| 32231943 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 1.500%, 3/01/2051<br>| &nbsp;&nbsp; 24902092 |
| 2691685 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 1.500%, 3/01/2051<br>| &nbsp;&nbsp; 2085213 |
| 4166616 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 1.500%, 9/01/2051<br>| &nbsp;&nbsp; 3225505 |
| 6474578 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 1.500%, 10/01/2051<br>| &nbsp;&nbsp; 5002073 |
| 41989420 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 5/01/2037<br>| &nbsp;&nbsp; 38630525 |
| 11086216 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 12/01/2050<br>| &nbsp;&nbsp; 8941900 |
| 6980937 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 12/01/2050<br>| &nbsp;&nbsp; 5630624 |
| 5235212 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 12/01/2050<br>| &nbsp;&nbsp; 4233175 |
| 27357629 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 1/01/2051<br>| &nbsp;&nbsp; 22065755 |
| 1719715 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 2/01/2051<br>| &nbsp;&nbsp; 1386122 |
| 1334891 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 11/01/2051<br>| &nbsp;&nbsp; 1081482 |
| 18407204 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 12/01/2051<br>| &nbsp;&nbsp; 14908051 |
| 1395031 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 1/01/2052<br>| &nbsp;&nbsp; 1129473 |
| 23160136 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 2/01/2052<br>| &nbsp;&nbsp; 18739005 |
| 23023221 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 2/01/2052<br>| &nbsp;&nbsp; 18581959 |
| 6529708 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 2/01/2052<br>| &nbsp;&nbsp; 5278224 |
| 14701809 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 3/01/2052<br>| &nbsp;&nbsp; 11863562 |
| 13619813 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 3/01/2052<br>| &nbsp;&nbsp; 11020013 |
| 69939392 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 6/01/2052<br>| &nbsp;&nbsp; 56431618 |
| 16540050 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 1/01/2052<br>| &nbsp;&nbsp; 13920555 |
| 6432435 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 9/01/2061<br>| &nbsp;&nbsp; 5289285 |
| 32924177 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 12/01/2061<br>| &nbsp;&nbsp; 27072995 |
| 127946472 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| &nbsp;&nbsp; 105208398 |
| 71340393 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| &nbsp;&nbsp; 58713714 |
| 44183965 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| &nbsp;&nbsp; 36331653 |
| 27213124 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| &nbsp;&nbsp; 22396619 |
| 26072310 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| &nbsp;&nbsp; 21438665 |
| 58036191 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 4/01/2062<br>| &nbsp;&nbsp; 47764249 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $26820427 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 5/01/2062<br>| &nbsp;&nbsp; $22073426 |
| 72439111 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 6/01/2062<br>| &nbsp;&nbsp; 59564643 |
| 37000786 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 12/01/2062<br>| &nbsp;&nbsp; 30424467 |
| 25367640 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 9/01/2063<br>| &nbsp;&nbsp; 20858627 |
| 9868034 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 9/01/2063<br>| &nbsp;&nbsp; 8114008 |
| 27098127 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 6/01/2052<br>| &nbsp;&nbsp; 23822014 |
| 42010645 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 9/01/2062<br>| &nbsp;&nbsp; 36194640 |
| 5804790 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 3/01/2063<br>| &nbsp;&nbsp; 5001144 |
| 23456222 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 6/01/2063<br>| &nbsp;&nbsp; 20208839 |
| 18925640 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 6/01/2063<br>| &nbsp;&nbsp; 16305566 |
| 7043456 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 6/01/2064<br>| &nbsp;&nbsp; 6068274 |
| 6527007 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 8/01/2049<br>| &nbsp;&nbsp; 6032965 |
| 4721148 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 5/01/2052<br>| &nbsp;&nbsp; 4295084 |
| 22613047 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 6/01/2062<br>| &nbsp;&nbsp; 20459370 |
| 9905449 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 9/01/2062<br>| &nbsp;&nbsp; 8924898 |
| 32301746 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 12/01/2062<br>| &nbsp;&nbsp; 29103910 |
| 26278508 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 12/01/2062<br>| &nbsp;&nbsp; 23676945 |
| 17382121 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 6/01/2063<br>| &nbsp;&nbsp; 15710332 |
| 4357408 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 12/01/2063<br>| &nbsp;&nbsp; 3938188 |
| 23650950 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 6/01/2064<br>| &nbsp;&nbsp; 21383091 |
| 2262759 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 9/01/2041<br>| &nbsp;&nbsp; 2185393 |
| 1124058 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 8/01/2042<br>| &nbsp;&nbsp; 1085157 |
| 251774 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 11/01/2044<br>| &nbsp;&nbsp; 242542 |
| 600590 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 2/01/2045<br>| &nbsp;&nbsp; 577683 |
| 372094 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 4/01/2047<br>| &nbsp;&nbsp; 356442 |
| 268544 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 4/01/2047<br>| &nbsp;&nbsp; 257540 |
| 774412 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 11/01/2047<br>| &nbsp;&nbsp; 738807 |
| 272136 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 12/01/2047<br>| &nbsp;&nbsp; 259794 |
| 400908 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 3/01/2048<br>| &nbsp;&nbsp; 380735 |
| 765851 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 6/01/2048<br>| &nbsp;&nbsp; 727315 |
| 93934 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 2/01/2050<br>| &nbsp;&nbsp; 89453 |

---

See accompanying notes to financial statements.

7 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $6780137 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 6/01/2052<br>| &nbsp;&nbsp; $6426062 |
| 4195290 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 7/01/2052<br>| &nbsp;&nbsp; 3975202 |
| 4058818 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 8/01/2052<br>| &nbsp;&nbsp; 3842869 |
| 1349267 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 11/01/2052<br>| &nbsp;&nbsp; 1275257 |
| 28077 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 8/01/2043<br>| &nbsp;&nbsp; 27340 |
| 84506 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 3/01/2044<br>| &nbsp;&nbsp; 83318 |
| 74689 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 5/01/2044<br>| &nbsp;&nbsp; 73638 |
| 1097839 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 1/01/2045<br>| &nbsp;&nbsp; 1083093 |
| 112341 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 1/01/2045<br>| &nbsp;&nbsp; 109290 |
| 418623 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 7/01/2045<br>| &nbsp;&nbsp; 406764 |
| 221072 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 8/01/2045<br>| &nbsp;&nbsp; 217036 |
| 119372 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 8/01/2045<br>| &nbsp;&nbsp; 117768 |
| 268791 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 10/01/2045<br>| &nbsp;&nbsp; 263914 |
| 499433 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 11/01/2045<br>| &nbsp;&nbsp; 492720 |
| 353010 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 3/01/2046<br>| &nbsp;&nbsp; 348469 |
| 12748 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 7/01/2046<br>| &nbsp;&nbsp; 12576 |
| 309097 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 9/01/2046<br>| &nbsp;&nbsp; 304294 |
| 223214 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 2/01/2047<br>| &nbsp;&nbsp; 219087 |
| 528609 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 5/01/2047<br>| &nbsp;&nbsp; 516148 |
| 301917 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 7/01/2048<br>| &nbsp;&nbsp; 296552 |
| 1140097 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 8/01/2048<br>| &nbsp;&nbsp; 1121369 |
| 258716 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 10/01/2049<br>| &nbsp;&nbsp; 252896 |
| 7956760 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 3/01/2053<br>| &nbsp;&nbsp; 7676721 |
| 9408484 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 4/01/2053<br>| &nbsp;&nbsp; 9113409 |
| 21417000 | &nbsp;&nbsp; Federal National Mortgage Association, TBA, <br> 4.500%, 5/01/2056(d)<br>| &nbsp;&nbsp; 20648285 |
| 1119011 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 7/01/2048<br>| &nbsp;&nbsp; 1125195 |
| 508365 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 8/01/2048<br>| &nbsp;&nbsp; 510965 |
| 289470 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 9/01/2048<br>| &nbsp;&nbsp; 290059 |
| 2011274 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 1/01/2049<br>| &nbsp;&nbsp; 2017916 |
| 752701 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 3/01/2049<br>| &nbsp;&nbsp; 755154 |
| 3123974 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 5/01/2053<br>| &nbsp;&nbsp; 3129221 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $1861324 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.500%, 4/01/2050<br>| &nbsp;&nbsp; $1900911 |
| 857618 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 865578 |
| 624208 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 632024 |
| 10732 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 8/01/2034<br>| &nbsp;&nbsp; 11103 |
| 45598 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 1/01/2037<br>| &nbsp;&nbsp; 47521 |
| 1153320 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 5/01/2049<br>| &nbsp;&nbsp; 1202342 |
| 1925402 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 1984395 |
| 1360186 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 1403066 |
| 967316 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 996955 |
| 860716 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 889410 |
| 870705 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 6/01/2053<br>| &nbsp;&nbsp; 894314 |
| 783149 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 6/01/2053<br>| &nbsp;&nbsp; 807267 |
| 7973027 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 8150595 |
| 2489773 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 2566051 |
| 1034145 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 1063698 |
| 627593 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 650224 |
| 425221 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 436751 |
| 1289681 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 8/01/2053<br>| &nbsp;&nbsp; 1328492 |
| 1234487 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 8/01/2053<br>| &nbsp;&nbsp; 1267962 |
| 876053 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 8/01/2053<br>| &nbsp;&nbsp; 904022 |
| 2846837 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 1/01/2056<br>| &nbsp;&nbsp; 2906589 |
| 717 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 1/01/2029<br>| &nbsp;&nbsp; 741 |
| 3436104 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 8/01/2053<br>| &nbsp;&nbsp; 3602031 |
| 2387875 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 8/01/2053<br>| &nbsp;&nbsp; 2534141 |
| 16521242 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 7/01/2054<br>| &nbsp;&nbsp; 17479100 |
| 7806873 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 9/01/2055<br>| &nbsp;&nbsp; 8074069 |
| 4353 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 10/01/2030<br>| &nbsp;&nbsp; 4571 |
| 2909 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 10/01/2030<br>| &nbsp;&nbsp; 3054 |
| 665208 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 10/01/2053<br>| &nbsp;&nbsp; 703238 |
| 284863 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 10/01/2053<br>| &nbsp;&nbsp; 300745 |
| 1111214 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 11/01/2053<br>| &nbsp;&nbsp; 1172584 |

---

See accompanying notes to financial statements.

\| 8

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $1466671 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 3/01/2054<br>| &nbsp;&nbsp; $1543654 |
| 6575085 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 6/01/2055<br>| &nbsp;&nbsp; 6919494 |
| 4527749 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 6/01/2055<br>| &nbsp;&nbsp; 4872271 |
| 2702 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.500%, 7/01/2030<br>| &nbsp;&nbsp; 2766 |
| 1552 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.500%, 2/01/2032<br>| &nbsp;&nbsp; 1573 |
| 196527 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 8.000%, 1/01/2054<br>| &nbsp;&nbsp; 210739 |
| 12122000 | &nbsp;&nbsp; Government National Mortgage Association, <br> TBA, 5.000%, 4/01/2056(d)<br>| &nbsp;&nbsp; 12004445 |
| 9784000 | &nbsp;&nbsp; Government National Mortgage Association, <br> TBA, 5.000%, 5/20/2056(d)<br>| &nbsp;&nbsp; 9669627 |
| 57872 | &nbsp;&nbsp; Government National Mortgage Association, <br> 5.500%, 4/15/2038<br>| &nbsp;&nbsp; 60279 |
| 3035 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.000%, 1/15/2029<br>| &nbsp;&nbsp; 3076 |
| 3095 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.000%, 4/15/2038<br>| &nbsp;&nbsp; 3252 |
| 23851000 | &nbsp;&nbsp; Government National Mortgage Association, <br> TBA, 6.000%, 4/01/2056(d)<br>| &nbsp;&nbsp; 24251845 |
| 1103 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.500%, 1/15/2029<br>| &nbsp;&nbsp; 1113 |
| 1649 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.500%, 2/15/2031<br>| &nbsp;&nbsp; 1693 |
| 1247 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.500%, 9/15/2032<br>| &nbsp;&nbsp; 1274 |
| 1111 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.500%, 9/15/2032<br>| &nbsp;&nbsp; 1145 |
| 159 | &nbsp;&nbsp; Government National Mortgage Association, <br> 7.500%, 7/15/2030<br>| &nbsp;&nbsp; 162 |
| 8455000 | &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA, <br> 1.500%, 4/01/2056(d)<br>| &nbsp;&nbsp; 6522900 |
| 69218000 | &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA, <br> 3.000%, 4/01/2056(d)<br>| &nbsp;&nbsp; 60785825 |
| 17122000 | &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA, <br> 4.500%, 4/01/2056(d)<br>| &nbsp;&nbsp; 16522827 |
| 21893000 | &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA, <br> 5.000%, 5/01/2041(d)<br>| &nbsp;&nbsp; 22032338 |
| 31246000 | &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA, <br> 5.000%, 4/01/2056(d)<br>| &nbsp;&nbsp; 30812513 |
| 42375000 | &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA, <br> 5.500%, 5/01/2056(d)<br>| &nbsp;&nbsp; 42512241 |
|  |  | &nbsp;&nbsp; 1699941892 |
|  | **Natural Gas — 0.1%** | **Natural Gas — 0.1%** |
| 2701000 | Boston Gas Co., 3.001%, 8/01/2029(a) | &nbsp;&nbsp; 2564253 |
| 3369000 | Sempra, 5.250%, 3/15/2036 | &nbsp;&nbsp; 3321514 |
|  |  | &nbsp;&nbsp; 5885767 |
|  | **Non-Agency Commercial Mortgage-Backed Securities — 1.4%** | **Non-Agency Commercial Mortgage-Backed Securities — 1.4%** |
| 1531640 | &nbsp;&nbsp; Bank, Series 2019-BN16, Class A4, <br> 4.005%, 2/15/2052<br>| &nbsp;&nbsp; 1505674 |
| 3409380 | &nbsp;&nbsp; Bank, Series 2019-BN20, Class A3, <br> 3.011%, 9/15/2062<br>| &nbsp;&nbsp; 3220637 |
| 12696152 | &nbsp;&nbsp; Bank, Series 2019-BN22, Class A4, <br> 2.978%, 11/15/2062<br>| &nbsp;&nbsp; 11994575 |
| 6138240 | &nbsp;&nbsp; Bank, Series 2019-BN24, Class A3, <br> 2.960%, 11/15/2062<br>| &nbsp;&nbsp; 5786128 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $7135000 | &nbsp;&nbsp; BPR Trust, Series 2021-NRD, Class A, 1 mo. <br> USD SOFR + 1.525%, 5.198%, 12/15/2038(a)(b)<br>| &nbsp;&nbsp; $7093399 |
| 14179842 | &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2019-C7, Class A4, 3.102%, 12/15/2072<br>| &nbsp;&nbsp; 13420581 |
| 7070071 | &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2019-GC43, Class A4, 3.038%, 11/10/2052<br>| &nbsp;&nbsp; 6651901 |
| 8877514 | &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2020-GC46, Class A5, 2.717%, 2/15/2053<br>| &nbsp;&nbsp; 8194936 |
| 531409 | &nbsp;&nbsp; Commercial Mortgage Trust, Series 2010-C1, <br> Class D, 5.795%, 7/10/2046(a)(b)<br>| &nbsp;&nbsp; 527234 |
| 2112208 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class A1, <br> 3.304%, 9/15/2037(a)<br>| &nbsp;&nbsp; 1934041 |
| 11367000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class A2, <br> 3.953%, 9/15/2037(a)<br>| &nbsp;&nbsp; 10408100 |
| 8025000 | &nbsp;&nbsp; DC Commercial Mortgage Trust, <br> Series 2023-DC, Class A, 6.314%, 9/12/2040(a)<br>| &nbsp;&nbsp; 8179402 |
| 1985000 | &nbsp;&nbsp; Extended Stay America Trust, <br> Series 2025-ESH, Class A, 1 mo. USD SOFR + <br> 1.300%, 4.973%, 10/15/2042(a)(b)<br>| &nbsp;&nbsp; 1985000 |
| 5800426 | &nbsp;&nbsp; Extended Stay America Trust, <br> Series 2026-ESH2, Class A, 1 mo. USD SOFR + <br> 1.200%, 4.873%, 2/15/2043(a)(b)<br>| &nbsp;&nbsp; 5800427 |
| 4286917 | &nbsp;&nbsp; GS Mortgage Securities Trust, <br> Series 2011-GC5, Class C, <br> 5.558%, 8/10/2044(a)(b)<br>| &nbsp;&nbsp; 4180184 |
| 6596065 | &nbsp;&nbsp; GS Mortgage Securities Trust, <br> Series 2020-GC45, Class A5, 2.911%, 2/13/2053<br>| &nbsp;&nbsp; 6224877 |
| 7180000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, Class A, <br> 1 mo. USD SOFR + 1.600%, <br> 5.273%, 1/15/2042(a)(b)<br>| &nbsp;&nbsp; 7162050 |
| 2980057 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2011-C4, Class D, <br> 4.960%, 6/15/2044(a)(b)<br>| &nbsp;&nbsp; 2929694 |
|  |  | &nbsp;&nbsp; 107198840 |
|  | **Oil Field Services — 0.0%** | **Oil Field Services — 0.0%** |
| 3583000 | &nbsp;&nbsp; Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor, Inc., 4.650%, 6/15/2033<br>| &nbsp;&nbsp; 3526479 |
|  | **Other REITs — 0.4%** | **Other REITs — 0.4%** |
| 4740000 | EPR Properties, 3.600%, 11/15/2031 | &nbsp;&nbsp; 4302157 |
| 6226000 | &nbsp;&nbsp; Starwood Property Trust, Inc., <br> 5.250%, 10/15/2028(a)<br>| &nbsp;&nbsp; 6155022 |
| 11436000 | &nbsp;&nbsp; Starwood Property Trust, Inc., <br> 5.750%, 1/15/2031(a)<br>| &nbsp;&nbsp; 11293060 |
| 6970000 | &nbsp;&nbsp; Starwood Property Trust, Inc., <br> 6.500%, 7/01/2030(a)<br>| &nbsp;&nbsp; 7118245 |
|  |  | &nbsp;&nbsp; 28868484 |
|  | **Paper — 0.2%** | **Paper — 0.2%** |
| 6585000 | &nbsp;&nbsp; Celulosa Arauco y Constitucion SA, <br> 6.180%, 5/05/2032(a)<br>| &nbsp;&nbsp; 6529876 |
| 10968000 | Klabin Austria GmbH, 7.000%, 4/03/2049(a) | &nbsp;&nbsp; 10909979 |
|  |  | &nbsp;&nbsp; 17439855 |
|  | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| 11526000 | Amgen, Inc., 5.750%, 3/02/2063 | &nbsp;&nbsp; 11086918 |
| 4783000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 3.150%, 10/01/2026<br>| &nbsp;&nbsp; 4735451 |

---

See accompanying notes to financial statements.

9 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| $2215000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 6.000%, 12/01/2032<br>| &nbsp;&nbsp; $2273343 |
| 1903000 | Viatris, Inc., 4.000%, 6/22/2050 | &nbsp;&nbsp; 1247240 |
|  |  | &nbsp;&nbsp; 19342952 |
|  | **Property & Casualty Insurance — 0.3%** | **Property & Casualty Insurance — 0.3%** |
| 18045000 | Ardonagh Finco Ltd., 7.750%, 2/15/2031(a) | &nbsp;&nbsp; 18256433 |
| 6815000 | &nbsp;&nbsp; Liberty Mutual Group, Inc., <br> 3.950%, 5/15/2060(a)<br>| &nbsp;&nbsp; 4663917 |
|  |  | &nbsp;&nbsp; 22920350 |
|  | **Refining — 0.0%** | **Refining — 0.0%** |
| 1275000 | &nbsp;&nbsp; Thaioil Treasury Center Co. Ltd., <br> 3.750%, 6/18/2050(a)<br>| &nbsp;&nbsp; 893366 |
|  | **Retailers — 0.7%** | **Retailers — 0.7%** |
| 13655000 | Dick's Sporting Goods, Inc., 4.100%, 1/15/2052 | &nbsp;&nbsp; 9671691 |
| 5110000 | &nbsp;&nbsp; El Puerto de Liverpool SAB de CV, <br> 6.255%, 1/22/2032(a)<br>| &nbsp;&nbsp; 5290460 |
| 9715000 | &nbsp;&nbsp; El Puerto de Liverpool SAB de CV, <br> 6.658%, 1/22/2037(a)<br>| &nbsp;&nbsp; 9957875 |
| 9285000 | Falabella SA, 3.375%, 1/15/2032(a) | &nbsp;&nbsp; 8111338 |
| 8382000 | Lithia Motors, Inc., 4.375%, 1/15/2031(a) | &nbsp;&nbsp; 7877583 |
| 13950000 | MercadoLibre, Inc., 4.900%, 1/15/2033 | &nbsp;&nbsp; 13534290 |
|  |  | &nbsp;&nbsp; 54443237 |
|  | **Sovereigns — 1.1%** | **Sovereigns — 1.1%** |
| 21360000 | &nbsp;&nbsp; Chile Government International Bonds, <br> 5.650%, 1/13/2037<br>| &nbsp;&nbsp; 22137504 |
| 2931000 | &nbsp;&nbsp; Colombia Government International Bonds, <br> 8.000%, 11/14/2035<br>| &nbsp;&nbsp; 3067409 |
| 19865000 | &nbsp;&nbsp; Dominican Republic International Bonds, <br> 5.750%, 3/17/2034(a)<br>| &nbsp;&nbsp; 18911480 |
| 12845000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 5.375%, 3/22/2033<br>| &nbsp;&nbsp; 12543142 |
| 7280000 | &nbsp;&nbsp; Republic of South Africa Government <br> International Bonds, 7.100%, 11/19/2036(a)<br>| &nbsp;&nbsp; 7435901 |
| 14320000 | &nbsp;&nbsp; Republic of South Africa Government <br> International Bonds, 7.300%, 4/20/2052<br>| &nbsp;&nbsp; 13226238 |
| 8520000 | &nbsp;&nbsp; Saudi Government International Bonds, <br> 5.625%, 1/13/2035(a)<br>| &nbsp;&nbsp; 8812149 |
|  |  | &nbsp;&nbsp; 86133823 |
|  | **Supermarkets — 0.1%** | **Supermarkets — 0.1%** |
| 7245000 | Kroger Co., 5.500%, 9/15/2054 | &nbsp;&nbsp; 6728275 |
|  | **Technology — 2.3%** | **Technology — 2.3%** |
| 4486000 | Black Pearl Compute LLC, 6.125%, 2/15/2031(a) | &nbsp;&nbsp; 4565837 |
| 7535000 | Broadcom, Inc., 3.137%, 11/15/2035(a) | &nbsp;&nbsp; 6401629 |
| 16085000 | Broadcom, Inc., 4.600%, 1/15/2033 | &nbsp;&nbsp; 15840040 |
| 5640000 | Broadcom, Inc., 5.700%, 1/15/2056 | &nbsp;&nbsp; 5610749 |
| 12854000 | Corning, Inc., 5.450%, 11/15/2079 | &nbsp;&nbsp; 11552288 |
| 3374000 | Equifax, Inc., 7.000%, 7/01/2037 | &nbsp;&nbsp; 3726412 |
| 2315000 | Flex Ltd., 5.250%, 1/15/2032 | &nbsp;&nbsp; 2324167 |
| 15011000 | &nbsp;&nbsp; Hewlett Packard Enterprise Co., <br> 6.200%, 10/15/2035<br>| &nbsp;&nbsp; 15915704 |
| 9801000 | Iron Mountain, Inc., 4.500%, 2/15/2031(a) | &nbsp;&nbsp; 9203560 |
| 5460000 | Jabil, Inc., 3.000%, 1/15/2031 | &nbsp;&nbsp; 5030946 |
| 3200000 | Jabil, Inc., 5.450%, 2/01/2029 | &nbsp;&nbsp; 3263463 |
| 3170000 | Micron Technology, Inc., 5.650%, 11/01/2032 | &nbsp;&nbsp; 3346348 |
| 12565000 | Micron Technology, Inc., 5.800%, 1/15/2035 | &nbsp;&nbsp; 13378425 |
| 2265000 | Micron Technology, Inc., 6.050%, 11/01/2035 | &nbsp;&nbsp; 2444031 |
| 15026000 | Oracle Corp., 4.100%, 3/25/2061 | &nbsp;&nbsp; 9239556 |
| 19100000 | Oracle Corp., 4.800%, 9/26/2032 | &nbsp;&nbsp; 18189845 |
| 17629000 | Oracle Corp., 6.550%, 2/04/2046 | &nbsp;&nbsp; 16447082 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $7074000 | Oracle Corp., 6.850%, 2/04/2066 | &nbsp;&nbsp; $6503284 |
| 39000 | &nbsp;&nbsp; Science Applications International Corp., <br> 4.875%, 4/01/2028(a)<br>| &nbsp;&nbsp; 38381 |
| 7579000 | &nbsp;&nbsp; Sensata Technologies, Inc., <br> 3.750%, 2/15/2031(a)<br>| &nbsp;&nbsp; 7029676 |
| 13135000 | TD SYNNEX Corp., 5.300%, 10/10/2035 | &nbsp;&nbsp; 12725504 |
| 3750000 | TD SYNNEX Corp., 6.100%, 4/12/2034 | &nbsp;&nbsp; 3867903 |
| 6815000 | Ziff Davis, Inc., 4.625%, 10/15/2030(a) | &nbsp;&nbsp; 6425639 |
|  |  | &nbsp;&nbsp; 183070469 |
|  | **Treasuries — 37.4%** | **Treasuries — 37.4%** |
| 492,280(e)<br>| &nbsp;&nbsp; Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2033, (BRL)<br>| &nbsp;&nbsp; 79795732 |
| 3,145,824(f)<br>| Mexico Bonos, 8.500%, 5/31/2029, (MXN) | &nbsp;&nbsp; 17546793 |
| 154795000 | U.S. Treasury Bonds, 1.750%, 8/15/2041 | &nbsp;&nbsp; 103488923 |
| 233410000 | U.S. Treasury Bonds, 2.000%, 11/15/2041 | &nbsp;&nbsp; 161417603 |
| 71990000 | U.S. Treasury Bonds, 2.375%, 2/15/2042 | &nbsp;&nbsp; 52459901 |
| 66935000 | U.S. Treasury Bonds, 3.000%, 11/15/2044 | &nbsp;&nbsp; 51252338 |
| 46925000 | U.S. Treasury Bonds, 3.250%, 5/15/2042 | &nbsp;&nbsp; 38665467 |
| 14770000 | U.S. Treasury Bonds, 3.375%, 8/15/2042 | &nbsp;&nbsp; 12336989 |
| 33895000 | U.S. Treasury Bonds, 3.625%, 2/15/2053 | &nbsp;&nbsp; 27203385 |
| 15860000 | U.S. Treasury Bonds, 3.875%, 2/15/2043 | &nbsp;&nbsp; 14092477 |
| 72190000 | U.S. Treasury Bonds, 3.875%, 5/15/2043 | &nbsp;&nbsp; 63981207 |
| 5900000 | U.S. Treasury Bonds, 4.125%, 8/15/2044 | &nbsp;&nbsp; 5352867 |
| 98135000 | U.S. Treasury Bonds, 4.125%, 8/15/2053 | &nbsp;&nbsp; 86059795 |
| 24415000 | U.S. Treasury Bonds, 4.250%, 2/15/2054 | &nbsp;&nbsp; 21870499 |
| 30790000 | U.S. Treasury Bonds, 4.500%, 2/15/2044 | &nbsp;&nbsp; 29444140 |
| 52649000 | U.S. Treasury Bonds, 4.500%, 11/15/2054 | &nbsp;&nbsp; 49185683 |
| 2640000 | U.S. Treasury Bonds, 4.625%, 5/15/2044 | &nbsp;&nbsp; 2560284 |
| 6140000 | U.S. Treasury Bonds, 4.625%, 11/15/2044 | &nbsp;&nbsp; 5941170 |
| 37140000 | U.S. Treasury Bonds, 4.625%, 11/15/2045 | &nbsp;&nbsp; 35822691 |
| 49360000 | U.S. Treasury Bonds, 4.625%, 2/15/2046 | &nbsp;&nbsp; 47586125 |
| 4615000 | U.S. Treasury Bonds, 4.625%, 5/15/2054 | &nbsp;&nbsp; 4400294 |
| 12405000 | U.S. Treasury Bonds, 4.750%, 11/15/2043 | &nbsp;&nbsp; 12255752 |
| 34686000 | U.S. Treasury Bonds, 4.750%, 2/15/2056 | &nbsp;&nbsp; 33829689 |
| 225132184 | &nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes, <br> 1.125%, 10/15/2030<br>| &nbsp;&nbsp; 223111533 |
| 26550000 | U.S. Treasury Notes, 2.750%, 8/15/2032 | &nbsp;&nbsp; 24555639 |
| 1135000 | U.S. Treasury Notes, 2.875%, 5/15/2032 | &nbsp;&nbsp; 1061491 |
| 18801400 | U.S. Treasury Notes, 3.125%, 8/31/2029 | &nbsp;&nbsp; 18358539 |
| 8044000 | U.S. Treasury Notes, 3.375%, 2/29/2028 | &nbsp;&nbsp; 7980528 |
| 147004900 | U.S. Treasury Notes, 3.375%, 5/15/2033 | &nbsp;&nbsp; 140039395 |
| 2119000 | U.S. Treasury Notes, 3.500%, 1/31/2028 | &nbsp;&nbsp; 2106915 |
| 4410000 | U.S. Treasury Notes, 3.500%, 2/15/2029 | &nbsp;&nbsp; 4371757 |
| 18872000 | U.S. Treasury Notes, 3.500%, 2/28/2031 | &nbsp;&nbsp; 18506355 |
| 127735000 | U.S. Treasury Notes, 3.500%, 2/15/2033 | &nbsp;&nbsp; 122905020 |
| 321398000 | U.S. Treasury Notes, 3.625%, 8/31/2027 | &nbsp;&nbsp; 320443850 |
| 31760000 | U.S. Treasury Notes, 3.625%, 3/31/2028 | &nbsp;&nbsp; 31644622 |
| 3190000 | U.S. Treasury Notes, 3.750%, 4/15/2026 | &nbsp;&nbsp; 3189976 |
| 104596000 | U.S. Treasury Notes, 3.750%, 10/31/2032 | &nbsp;&nbsp; 102418279 |
| 132200000 | U.S. Treasury Notes, 3.750%, 2/28/2033 | &nbsp;&nbsp; 129184188 |
| 22455000 | U.S. Treasury Notes, 3.875%, 12/31/2027 | &nbsp;&nbsp; 22470789 |
| 56150000 | U.S. Treasury Notes, 3.875%, 3/15/2028 | &nbsp;&nbsp; 56213607 |
| 105155000 | U.S. Treasury Notes, 3.875%, 3/31/2031 | &nbsp;&nbsp; 104818176 |
| 39128100 | U.S. Treasury Notes, 3.875%, 8/31/2032 | &nbsp;&nbsp; 38637470 |
| 12737000 | U.S. Treasury Notes, 3.875%, 9/30/2032 | &nbsp;&nbsp; 12570822 |
| 67331000 | U.S. Treasury Notes, 3.875%, 12/31/2032 | &nbsp;&nbsp; 66355226 |
| 22321000 | U.S. Treasury Notes, 3.875%, 8/15/2033 | &nbsp;&nbsp; 21912072 |
| 102125000 | U.S. Treasury Notes, 4.000%, 4/30/2032 | &nbsp;&nbsp; 101746020 |
| 168940000 | U.S. Treasury Notes, 4.000%, 6/30/2032 | &nbsp;&nbsp; 168167892 |
| 8544000 | U.S. Treasury Notes, 4.000%, 7/31/2032 | &nbsp;&nbsp; 8500946 |
| 1415000 | U.S. Treasury Notes, 4.000%, 11/15/2035 | &nbsp;&nbsp; 1380288 |

---

See accompanying notes to financial statements.

\| 10

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Treasuries — continued** | **Treasuries — continued** |
| $13580000 | U.S. Treasury Notes, 4.125%, 3/31/2032 | &nbsp;&nbsp; $13627742 |
| 6835000 | U.S. Treasury Notes, 4.125%, 5/31/2032 | &nbsp;&nbsp; 6852889 |
| 72573000 | U.S. Treasury Notes, 4.125%, 11/15/2032 | &nbsp;&nbsp; 72598514 |
| 68129000 | U.S. Treasury Notes, 4.125%, 2/15/2036 | &nbsp;&nbsp; 67064484 |
| 5795000 | U.S. Treasury Notes, 4.250%, 6/30/2029 | &nbsp;&nbsp; 5865174 |
| 2421000 | U.S. Treasury Notes, 4.250%, 3/31/2033 | &nbsp;&nbsp; 2437644 |
| 1395936591 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 8.250%, 5/21/2031, (UYU)<br>| &nbsp;&nbsp; 35570024 |
| 176060000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 8.500%, 3/15/2028, (UYU)(a)<br>| &nbsp;&nbsp; 4449820 |
| 93095000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 8.500%, 3/15/2028, (UYU)<br>| &nbsp;&nbsp; 2352925 |
| 1006075000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 9.750%, 7/20/2033, (UYU)<br>| &nbsp;&nbsp; 27410439 |
|  |  | &nbsp;&nbsp; 2947430854 |
|  | **Wireless — 0.4%** | **Wireless — 0.4%** |
| 983000 | Crown Castle, Inc., 4.150%, 7/01/2050 | &nbsp;&nbsp; 736562 |
| 3360000 | &nbsp;&nbsp; Empresa Nacional de Telecomunicaciones SA, <br> 3.050%, 9/14/2032(a)<br>| &nbsp;&nbsp; 2907489 |
| 5452000 | &nbsp;&nbsp; Millicom International Cellular SA, <br> 4.500%, 4/27/2031(a)<br>| &nbsp;&nbsp; 4969224 |
| 15325000 | &nbsp;&nbsp; Sitios Latinoamerica SAB de CV, <br> 5.375%, 4/04/2032(a)<br>| &nbsp;&nbsp; 14914596 |
| 4605000 | &nbsp;&nbsp; Sitios Latinoamerica SAB de CV, <br> 6.000%, 11/25/2029(a)<br>| &nbsp;&nbsp; 4637235 |
|  |  | &nbsp;&nbsp; 28165106 |
|  | **Wirelines — 0.3%** | **Wirelines — 0.3%** |
| 7956000 | AT&T, Inc., 3.500%, 9/15/2053 | &nbsp;&nbsp; 5217039 |
| 2205000 | AT&T, Inc., 3.550%, 9/15/2055 | &nbsp;&nbsp; 1434049 |
| 12326000 | AT&T, Inc., 3.650%, 9/15/2059 | &nbsp;&nbsp; 7986996 |
| 7539000 | AT&T, Inc., 3.800%, 12/01/2057 | &nbsp;&nbsp; 5090866 |
|  |  | &nbsp;&nbsp; 19728950 |
|  | &nbsp;&nbsp; Total Non-Convertible Bonds <br>(Identified Cost $7,599,309,396)<br>| &nbsp;&nbsp; 7272268603 |
| **Municipals — 0.1%** | **Municipals — 0.1%** | **Municipals — 0.1%** |
|  | **Virginia — 0.1%** | **Virginia — 0.1%** |
| 12785000 | &nbsp;&nbsp; University of Virginia, 3.227%, 9/01/2119 <br>(Identified Cost $12,785,000)<br>| &nbsp;&nbsp; 7160378 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $7,612,094,396)<br>| &nbsp;&nbsp; 7279428981 |
| **Collateralized Loan Obligations — 5.1%** | **Collateralized Loan Obligations — 5.1%** | **Collateralized Loan Obligations — 5.1%** |
| 3395000 | &nbsp;&nbsp; 37 Capital CLO 1 Ltd., Series 2021-1A, Class D, <br> 3 mo. USD SOFR + 3.782%, <br> 7.454%, 10/15/2034(a)(b)<br>| &nbsp;&nbsp; 3320398 |
| 3470000 | &nbsp;&nbsp; 37 Capital CLO 3 Ltd., Series 2023-1A, <br> Class A1R, 3 mo. USD SOFR + 1.500%, <br> 5.172%, 7/15/2038(a)(b)<br>| &nbsp;&nbsp; 3474369 |
| 4230000 | &nbsp;&nbsp; 37 Capital CLO 4 Ltd., Series 2023-2A, <br> Class D1R, 3 mo. USD SOFR + 2.750%, <br> 6.422%, 4/15/2035(a)(b)<br>| &nbsp;&nbsp; 4073782 |
| 2365000 | &nbsp;&nbsp; 37 Capital CLO II Ltd., Series 2022-1A, <br> Class CR, 3 mo. USD SOFR + 2.200%, <br> 5.872%, 7/15/2034(a)(b)<br>| &nbsp;&nbsp; 2353873 |
| 2905000 | &nbsp;&nbsp; 37 Capital CLO II Ltd., Series 2022-1A, <br> Class DR, 3 mo. USD SOFR + 3.400%, <br> 7.072%, 7/15/2034(a)(b)<br>| &nbsp;&nbsp; 2885185 |
| 1815000 | &nbsp;&nbsp; 720 East CLO IV Ltd., Series 2024-1A, Class C, <br> 3 mo. USD SOFR + 2.400%, <br> 6.072%, 4/15/2037(a)(b)<br>| &nbsp;&nbsp; 1816394 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $3500000 | &nbsp;&nbsp; 720 East CLO Ltd., Series 2022-1A, Class CR, <br> 3 mo. USD SOFR + 1.900%, <br> 5.568%, 1/20/2038(a)(b)<br>| &nbsp;&nbsp; $3504339 |
| 2740000 | &nbsp;&nbsp; 720 East CLO VII Ltd., Series 2025-7A, Class D1, <br> 3 mo. USD SOFR + 2.550%, <br> 6.218%, 4/20/2037(a)(b)<br>| &nbsp;&nbsp; 2693620 |
| 3060000 | &nbsp;&nbsp; Abry Liquid Credit CLO Ltd., Series 2026-3A, <br> Class A1, 3 mo. USD SOFR + 1.230%, <br> 4.902%, 4/20/2039(a)(b)<br>| &nbsp;&nbsp; 3048525 |
| 6520000 | &nbsp;&nbsp; AGL CLO 30 Ltd., Series 2024-30RA, Class B, <br> 3 mo. USD SOFR + 2.050%, <br> 5.720%, 4/21/2037(a)(b)<br>| &nbsp;&nbsp; 6525372 |
| 400000 | &nbsp;&nbsp; AGL CLO 33 Ltd., Series 2024-33A, Class D1, <br> 3 mo. USD SOFR + 2.800%, <br> 6.470%, 7/21/2037(a)(b)<br>| &nbsp;&nbsp; 394187 |
| 1395000 | &nbsp;&nbsp; AGL CLO 34 Ltd., Series 2024-34A, Class D1, <br> 3 mo. USD SOFR + 2.900%, <br> 6.569%, 1/22/2038(a)(b)<br>| &nbsp;&nbsp; 1382257 |
| 5685000 | &nbsp;&nbsp; AGL CLO 44 Ltd., Series 2025-44A, Class D1, <br> 3 mo. USD SOFR + 2.500%, <br> 6.331%, 10/22/2037(a)(b)<br>| &nbsp;&nbsp; 5605336 |
| 1550000 | &nbsp;&nbsp; AGL CLO 7 Ltd., Series 2020-7A, Class D1R2, <br> 3 mo. USD SOFR + 2.800%, <br> 6.472%, 10/15/2038(a)(b)<br>| &nbsp;&nbsp; 1504551 |
| 1150000 | &nbsp;&nbsp; AIMCO CLO, Series 2018-BA, Class ARR, 3 mo. <br> USD SOFR + 1.500%, 5.171%, 4/16/2037(a)(b)<br>| &nbsp;&nbsp; 1150000 |
| 900000 | &nbsp;&nbsp; Allegro CLO XIV Ltd., Series 2021-2A, <br> Class D1R, 3 mo. USD SOFR + 2.950%, <br> 6.622%, 10/15/2038(a)(b)<br>| &nbsp;&nbsp; 895558 |
| 3140000 | &nbsp;&nbsp; Anchorage Capital CLO 15 Ltd., <br> Series 2020-15A, Class A1R2, 3 mo. USD SOFR <br> + 1.410%, 5.078%, 7/20/2038(a)(b)<br>| &nbsp;&nbsp; 3142612 |
| 1735000 | &nbsp;&nbsp; Anchorage Capital CLO 15 Ltd., <br> Series 2020-15A, Class DR2, 3 mo. USD SOFR + <br> 3.420%, 7.088%, 7/20/2038(a)(b)<br>| &nbsp;&nbsp; 1735555 |
| 4125000 | &nbsp;&nbsp; Anchorage Capital CLO 29 Ltd., <br> Series 2024-29A, Class B1, 3 mo. USD SOFR + <br> 2.150%, 5.818%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 4130074 |
| 2935000 | &nbsp;&nbsp; Anchorage Capital CLO 30 Ltd., <br> Series 2024-30A, Class B, 3 mo. USD SOFR + <br> 1.750%, 5.418%, 1/20/2037(a)(b)<br>| &nbsp;&nbsp; 2933477 |
| 1650000 | &nbsp;&nbsp; Atrium XV, Series 15A, Class B1R, 3 mo. USD <br> SOFR + 1.800%, 5.471%, 7/16/2037(a)(b)<br>| &nbsp;&nbsp; 1650492 |
| 2000000 | &nbsp;&nbsp; Atrium XV, Series 15A, Class D1R, 3 mo. USD <br> SOFR + 3.300%, 6.971%, 7/16/2037(a)(b)<br>| &nbsp;&nbsp; 1917360 |
| 1400000 | &nbsp;&nbsp; Ballyrock CLO Ltd., Series 2019-1A, Class A2R, <br> 3 mo. USD SOFR + 1.812%, <br> 5.484%, 7/15/2032(a)(b)<br>| &nbsp;&nbsp; 1400622 |
| 3810000 | &nbsp;&nbsp; Barings CLO Ltd., Series 2018-2A, Class B2R, <br> 3 mo. USD SOFR + 1.750%, <br> 5.422%, 7/15/2036(a)(b)<br>| &nbsp;&nbsp; 3810518 |
| 3590000 | &nbsp;&nbsp; Battalion CLO 31 Ltd., Series 2026-31A, <br> Class D1, 3 mo. USD SOFR + 3.050%, <br> 0.000%, 4/20/2039(a)(b)(g)<br>| &nbsp;&nbsp; 3575909 |
| 400000 | &nbsp;&nbsp; Battalion CLO XIX Ltd., Series 2021-19A, <br> Class D, 3 mo. USD SOFR + 3.512%, <br> 7.184%, 4/15/2034(a)(b)<br>| &nbsp;&nbsp; 381501 |
| 5930000 | &nbsp;&nbsp; Battalion CLO XVI Ltd., Series 2019-16A, <br> Class CR2, 3 mo. USD SOFR + 2.000%, <br> 5.668%, 1/20/2038(a)(b)<br>| &nbsp;&nbsp; 5910502 |
| 4245000 | &nbsp;&nbsp; BCC Middle Market CLO LLC, Series 2019-1A, <br> Class A1RR, 3 mo. USD SOFR + 1.450%, <br> 5.122%, 7/15/2036(a)(b)<br>| &nbsp;&nbsp; 4223261 |

---

See accompanying notes to financial statements.

11 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $4215000 | &nbsp;&nbsp; BCC Middle Market CLO LLC, Series 2025-1A, <br> Class A1, 3 mo. USD SOFR + 1.620%, <br> 5.290%, 7/17/2037(a)(b)<br>| &nbsp;&nbsp; $4196007 |
| 2205000 | &nbsp;&nbsp; BCC Middle Market CLO LLC, Series 2026-1A, <br> Class A1, 3 mo. USD SOFR + 1.420%, <br> 5.097%, 4/21/2038(a)(b)<br>| &nbsp;&nbsp; 2204982 |
| 1185000 | &nbsp;&nbsp; Benefit Street Partners CLO XXXVI Ltd., <br> Series 2024-36A, Class D1, 3 mo. USD SOFR + <br> 2.950%, 6.618%, 1/25/2038(a)(b)<br>| &nbsp;&nbsp; 1170333 |
| 2560000 | &nbsp;&nbsp; Benefit Street Partners CLO XXXVII Ltd., <br> Series 2024-37A, Class C, 3 mo. USD SOFR + <br> 1.850%, 5.518%, 1/25/2038(a)(b)<br>| &nbsp;&nbsp; 2562783 |
| 6890000 | &nbsp;&nbsp; Benefit Street Partners CLO XXXVIII Ltd., <br> Series 2024-38A, Class B, 3 mo. USD SOFR + <br> 1.650%, 5.318%, 1/25/2038(a)(b)<br>| &nbsp;&nbsp; 6873168 |
| 12085000 | &nbsp;&nbsp; Birch Grove CLO 11 Ltd., Series 2024-11A, <br> Class A1, 3 mo. USD SOFR + 1.360%, <br> 5.029%, 1/22/2038(a)(b)<br>| &nbsp;&nbsp; 12102269 |
| 2770000 | &nbsp;&nbsp; Birch Grove CLO 13 Ltd., Series 2025-13A, <br> Class D1, 3 mo. USD SOFR + 2.800%, <br> 6.957%, 10/23/2038(a)(b)<br>| &nbsp;&nbsp; 2756629 |
| 8450000 | &nbsp;&nbsp; Birch Grove CLO 6 Ltd., Series 2023-6A, <br> Class A1R, 3 mo. USD SOFR + 1.380%, <br> 5.048%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 8459346 |
| 4000000 | &nbsp;&nbsp; Birch Grove CLO 9 Ltd., Series 2024-9A, <br> Class C, 3 mo. USD SOFR + 2.000%, <br> 5.669%, 10/22/2037(a)(b)<br>| &nbsp;&nbsp; 4001704 |
| 1865000 | &nbsp;&nbsp; BlueMountain CLO XXIX Ltd., Series 2020-29A, <br> Class BR, 3 mo. USD SOFR + 2.012%, <br> 5.680%, 7/25/2034(a)(b)<br>| &nbsp;&nbsp; 1856316 |
| 3185000 | &nbsp;&nbsp; Bridge Street CLO III Ltd., Series 2022-1A, <br> Class CR, 3 mo. USD SOFR + 2.300%, <br> 5.968%, 10/20/2037(a)(b)<br>| &nbsp;&nbsp; 3185637 |
| 2430000 | &nbsp;&nbsp; Bridge Street CLO V Ltd., Series 2025-1A, <br> Class C1, 3 mo. USD SOFR + 1.950%, <br> 5.618%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 2431149 |
| 6805000 | &nbsp;&nbsp; Bryant Park Funding Ltd., Series 2024-22A, <br> Class A1, 3 mo. USD SOFR + 1.620%, <br> 5.292%, 4/15/2037(a)(b)<br>| &nbsp;&nbsp; 6805823 |
| 500000 | &nbsp;&nbsp; Canyon CLO Ltd., Series 2018-1A, Class B, <br> 3 mo. USD SOFR + 1.962%, <br> 5.634%, 7/15/2031(a)(b)<br>| &nbsp;&nbsp; 500425 |
| 3799500 | &nbsp;&nbsp; CarVal CLO II Ltd., Series 2019-1A, Class DR2, <br> 3 mo. USD SOFR + 2.700%, <br> 6.368%, 4/20/2032(a)(b)<br>| &nbsp;&nbsp; 3703004 |
| 6485000 | &nbsp;&nbsp; CarVal CLO X-C Ltd., Series 2024-2A, Class A, <br> 3 mo. USD SOFR + 1.460%, <br> 5.128%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 6492354 |
| 8815000 | &nbsp;&nbsp; Cerberus Loan Funding XLVII LLC, <br> Series 2024-3A, Class A, 3 mo. USD SOFR + <br> 1.750%, 5.422%, 7/15/2036(a)(b)<br>| &nbsp;&nbsp; 8817116 |
| 1695000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2014-4RA, Class CRR, <br> 3 mo. USD SOFR + 2.600%, <br> 6.268%, 1/17/2035(a)(b)<br>| &nbsp;&nbsp; 1641691 |
| 3235000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2019-7A, Class D1R, <br> 3 mo. USD SOFR + 2.700%, <br> 6.368%, 10/19/2038(a)(b)<br>| &nbsp;&nbsp; 3197403 |
| 2935000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2020-1A, Class BR, <br> 3 mo. USD SOFR + 1.912%, <br> 5.584%, 7/15/2036(a)(b)<br>| &nbsp;&nbsp; 2936814 |
| 7190000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2021-7A, Class DR, <br> 3 mo. USD SOFR + 2.700%, <br> 6.371%, 1/23/2035(a)(b)<br>| &nbsp;&nbsp; 6994367 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $7105000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2024-3A, Class B, <br> 3 mo. USD SOFR + 1.850%, <br> 5.520%, 7/21/2037(a)(b)<br>| &nbsp;&nbsp; $7110073 |
| 4210000 | &nbsp;&nbsp; Clover CLO LLC, Series 2018-1A, Class A1RR, <br> 3 mo. USD SOFR + 1.530%, <br> 5.198%, 4/20/2037(a)(b)<br>| &nbsp;&nbsp; 4210261 |
| 7655000 | &nbsp;&nbsp; Crown City CLO III, Series 2021-1A, Class A1A, <br> 3 mo. USD SOFR + 1.432%, <br> 5.099%, 7/20/2034(a)(b)<br>| &nbsp;&nbsp; 7654824 |
| 2000000 | &nbsp;&nbsp; Diameter Capital CLO 11 Ltd., Series 2025-11A, <br> Class A, 3 mo. USD SOFR + 1.320%, <br> 4.988%, 7/20/2038(a)(b)<br>| &nbsp;&nbsp; 2000248 |
| 7555000 | &nbsp;&nbsp; Diameter Capital CLO 3 Ltd., Series 2022-3A, <br> Class A2R, 3 mo. USD SOFR + 1.700%, <br> 5.372%, 1/15/2038(a)(b)<br>| &nbsp;&nbsp; 7519288 |
| 2510000 | &nbsp;&nbsp; Diameter Capital CLO 4 Ltd., Series 2022-4A, <br> Class D1RR, 3 mo. USD SOFR + 2.500%, <br> 6.168%, 1/15/2039(a)(b)<br>| &nbsp;&nbsp; 2467583 |
| 3575000 | &nbsp;&nbsp; Franklin Park Place CLO VI LLC, <br> Series 2025-1A, Class D1, 3 mo. USD SOFR + <br> 3.100%, 6.772%, 7/15/2038(a)(b)<br>| &nbsp;&nbsp; 3567800 |
| 1855000 | &nbsp;&nbsp; Garnet CLO 2 Ltd., Series 2025-2A, Class D1, <br> 3 mo. USD SOFR + 3.100%, <br> 7.181%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 1835139 |
| 2350000 | &nbsp;&nbsp; Garnet CLO 5 Ltd., Series 2026-5A, Class D, <br> 3 mo. USD SOFR + 2.300%, <br> 6.009%, 4/20/2039(a)(b)<br>| &nbsp;&nbsp; 2340722 |
| 3155000 | &nbsp;&nbsp; Garnet CLO Ltd., Series 2025-1A, Class A, 3 mo. <br> USD SOFR + 1.500%, 5.168%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 3152208 |
| 5525000 | &nbsp;&nbsp; Garnet CLO Ltd., Series 2025-1A, Class D, 3 mo. <br> USD SOFR + 3.400%, 7.068%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 5498082 |
| 8720000 | &nbsp;&nbsp; GCRED BSL CLO 1, Series 2025-BSL1A, <br> Class B, 3 mo. USD SOFR + 1.450%, <br> 5.114%, 1/20/2034(a)(b)<br>| &nbsp;&nbsp; 8665509 |
| 6105000 | &nbsp;&nbsp; Golub Capital BDC 4 CLO 1 LLC, <br> Series 2025-1A, Class A1, 3 mo. USD SOFR + <br> 1.630%, 5.298%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 6076410 |
| 900000 | &nbsp;&nbsp; Golub Capital CLO 87B Ltd., Series 2026-87A, <br> Class D1, 3 mo. USD SOFR + 2.400%, <br> 6.051%, 4/20/2039(a)(b)<br>| &nbsp;&nbsp; 871133 |
| 5155000 | &nbsp;&nbsp; Golub Capital Partners CLO 64B-R Ltd., <br> Series 2022-64A, Class BR, 3 mo. USD SOFR + <br> 1.750%, 5.418%, 10/25/2037(a)(b)<br>| &nbsp;&nbsp; 5139473 |
| 6030000 | &nbsp;&nbsp; Golub Capital Partners CLO 72 B Ltd., <br> Series 2024-72A, Class B, 3 mo. USD SOFR + <br> 2.100%, 5.768%, 4/25/2037(a)(b)<br>| &nbsp;&nbsp; 6033509 |
| 3895000 | &nbsp;&nbsp; Golub Capital Partners CLO 79B Ltd., <br> Series 2025-79A, Class C, 3 mo. USD SOFR + <br> 1.720%, 5.388%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 3857997 |
| 4415000 | &nbsp;&nbsp; Golub Capital Partners CLO 85M Ltd., <br> Series 2026-85A, Class A1, 3 mo. USD SOFR + <br> 1.370%, 5.024%, 2/09/2040(a)(b)<br>| &nbsp;&nbsp; 4399967 |
| 628401 | &nbsp;&nbsp; Greywolf CLO VI Ltd., Series 2018-1A, Class A2, <br> 3 mo. USD SOFR + 1.892%, <br> 5.560%, 4/26/2031(a)(b)<br>| &nbsp;&nbsp; 627962 |
| 6505000 | &nbsp;&nbsp; Invesco U.S. CLO Ltd., Series 2024-4A, Class B, <br> 3 mo. USD SOFR + 1.700%, <br> 5.372%, 1/15/2038(a)(b)<br>| &nbsp;&nbsp; 6497012 |
| 7000000 | &nbsp;&nbsp; Kennedy Lewis CLO 7 Ltd., Series 7A, <br> Class A1R, 3 mo. USD SOFR + 1.620%, <br> 5.289%, 4/22/2037(a)(b)<br>| &nbsp;&nbsp; 7001078 |
| 1610000 | &nbsp;&nbsp; KKR CLO 22 Ltd., Series 22A, Class B, 3 mo. <br> USD SOFR + 1.862%, 5.529%, 7/20/2031(a)(b)<br>| &nbsp;&nbsp; 1610765 |

---

See accompanying notes to financial statements.

\| 12

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $1630000 | &nbsp;&nbsp; Madison Park Funding XXVII Ltd., <br> Series 2018-27A, Class CR, 3 mo. USD SOFR + <br> 1.900%, 5.568%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; $1621324 |
| 3160000 | &nbsp;&nbsp; Madison Park Funding XXXVII Ltd., <br> Series 2019-37A, Class AR2, 3 mo. USD SOFR + <br> 1.530%, 5.202%, 4/15/2037(a)(b)<br>| &nbsp;&nbsp; 3157311 |
| 4950000 | &nbsp;&nbsp; Magnetite XVII Ltd., Series 2016-17A, <br> Class AR2, 3 mo. USD SOFR + 1.500%, <br> 5.168%, 4/20/2037(a)(b)<br>| &nbsp;&nbsp; 4951064 |
| 720000 | &nbsp;&nbsp; MidOcean Credit CLO XVIII LLC, <br> Series 2025-18A, Class A2, 3 mo. USD SOFR + <br> 1.470%, 5.140%, 10/18/2035(a)(b)<br>| &nbsp;&nbsp; 718086 |
| 5000000 | &nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 27 Ltd., <br> Series 2018-27A, Class D1R, 3 mo. USD SOFR + <br> 3.100%, 6.772%, 7/15/2038(a)(b)<br>| &nbsp;&nbsp; 4951635 |
| 3590000 | &nbsp;&nbsp; NGC CLO 3 Ltd., Series 2026-3A, Class D1, <br> 3 mo. USD SOFR + 3.800%, <br> 7.465%, 3/30/2038(a)(b)<br>| &nbsp;&nbsp; 3590000 |
| 3205000 | &nbsp;&nbsp; Octagon 62 Ltd., Series 2022-1A, Class BR, <br> 3 mo. USD SOFR + 1.700%, <br> 5.371%, 1/23/2038(a)(b)<br>| &nbsp;&nbsp; 3200994 |
| 5685000 | &nbsp;&nbsp; OHA Credit Funding 25 Ltd., Series 2026-25A, <br> Class D1, 3 mo. USD SOFR + 2.350%, <br> 0.000%, 4/20/2039(a)(b)(g)<br>| &nbsp;&nbsp; 5662743 |
| 3335000 | &nbsp;&nbsp; OHA Credit Partners XVII Ltd., <br> Series 2024-17A, Class B1, 3 mo. USD SOFR + <br> 1.650%, 5.318%, 1/18/2038(a)(b)<br>| &nbsp;&nbsp; 3335814 |
| 590000 | &nbsp;&nbsp; Orion CLO Ltd., Series 2025-6A, Class D1, 3 mo. <br> USD SOFR + 2.950%, 6.846%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 582951 |
| 2925000 | &nbsp;&nbsp; OZLM XVIII Ltd., Series 2018-18A, Class C, <br> 3 mo. USD SOFR + 2.112%, <br> 5.784%, 4/15/2031(a)(b)<br>| &nbsp;&nbsp; 2925863 |
| 2600000 | &nbsp;&nbsp; Palmer Square BDC CLO 1 Ltd., Series 1A, <br> Class A, 3 mo. USD SOFR + 1.600%, <br> 5.272%, 7/15/2037(a)(b)<br>| &nbsp;&nbsp; 2601058 |
| 2485000 | &nbsp;&nbsp; Palmer Square BDC CLO 1 Ltd., Series 1A, <br> Class B1, 3 mo. USD SOFR + 2.150%, <br> 5.822%, 7/15/2037(a)(b)<br>| &nbsp;&nbsp; 2490954 |
| 4695000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2022-1A, <br> Class D1R, 3 mo. USD SOFR + 2.750%, <br> 6.418%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 4638773 |
| 875000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2023-2A, <br> Class DR, 3 mo. USD SOFR + 3.400%, <br> 7.068%, 7/20/2038(a)(b)<br>| &nbsp;&nbsp; 868199 |
| 2365000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2024-2A, <br> Class D1, 3 mo. USD SOFR + 2.950%, <br> 6.618%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 2365375 |
| 2470000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2024-4A, <br> Class B, 3 mo. USD SOFR + 1.650%, <br> 5.322%, 1/15/2038(a)(b)<br>| &nbsp;&nbsp; 2470697 |
| 2520000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2025-1A, <br> Class D2, 3 mo. USD SOFR + 3.550%, <br> 7.218%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 2395950 |
| 3450000 | &nbsp;&nbsp; Polen Capital CLO Ltd., Series 2025-1A, <br> Class B, 3 mo. USD SOFR + 1.700%, <br> 5.368%, 3/06/2038(a)(b)<br>| &nbsp;&nbsp; 3435500 |
| 3845000 | &nbsp;&nbsp; Polen Capital CLO Ltd., Series 2025-1A, <br> Class D1, 3 mo. USD SOFR + 3.150%, <br> 6.818%, 3/06/2038(a)(b)<br>| &nbsp;&nbsp; 3795196 |
| 6040000 | &nbsp;&nbsp; Polen Capital CLO Ltd., Series 2025-2A, <br> Class A1, 3 mo. USD SOFR + 1.330%, <br> 5.040%, 1/20/2039(a)(b)<br>| &nbsp;&nbsp; 6039396 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $1530000 | &nbsp;&nbsp; Post CLO Ltd., Series 2022-1A, Class BR, 3 mo. <br> USD SOFR + 1.450%, 5.112%, 4/20/2035(a)(b)<br>| &nbsp;&nbsp; $1525242 |
| 5385000 | &nbsp;&nbsp; Post CLO Ltd., Series 2024-1A, Class B, 3 mo. <br> USD SOFR + 2.100%, 5.768%, 4/20/2037(a)(b)<br>| &nbsp;&nbsp; 5390218 |
| 2320000 | &nbsp;&nbsp; Post CLO VI Ltd., Series 2024-2A, Class A1, <br> 3 mo. USD SOFR + 1.420%, <br> 5.088%, 1/20/2038(a)(b)<br>| &nbsp;&nbsp; 2323227 |
| 8550000 | &nbsp;&nbsp; Rad CLO 27 Ltd., Series 2024-27A, Class A1, <br> 3 mo. USD SOFR + 1.320%, <br> 4.992%, 1/15/2038(a)(b)<br>| &nbsp;&nbsp; 8549812 |
| 1190000 | &nbsp;&nbsp; Regatta 34 Funding Ltd., Series 2025-3A, <br> Class A1, 3 mo. USD SOFR + 1.400%, <br> 5.068%, 7/20/2038(a)(b)<br>| &nbsp;&nbsp; 1191403 |
| 1495000 | &nbsp;&nbsp; Rockford Tower CLO Ltd., Series 2017-1A, <br> Class BR2A, 3 mo. USD SOFR + 1.912%, <br> 5.579%, 4/20/2034(a)(b)<br>| &nbsp;&nbsp; 1496738 |
| 1085000 | &nbsp;&nbsp; Rowe CLO Ltd., Series 2026-1A, Class B, 3 mo. <br> USD SOFR + 1.550%, 0.000%, 4/20/2039(a)(b)(g)<br>| &nbsp;&nbsp; 1084819 |
| 895000 | &nbsp;&nbsp; Rowe CLO Ltd., Series 2026-1A, Class C, 3 mo. <br> USD SOFR + 1.900%, 0.000%, 4/20/2039(a)(b)(g)<br>| &nbsp;&nbsp; 894629 |
| 3265000 | &nbsp;&nbsp; Rowe CLO Ltd., Series 2026-1A, Class D1, 3 mo. <br> USD SOFR + 2.900%, 0.000%, 4/20/2039(a)(b)(g)<br>| &nbsp;&nbsp; 3259283 |
| 7000000 | &nbsp;&nbsp; Silver Point CLO 4 Ltd., Series 2024-4A, <br> Class A1, 3 mo. USD SOFR + 1.630%, <br> 5.302%, 4/15/2037(a)(b)<br>| &nbsp;&nbsp; 7004109 |
| 5025000 | &nbsp;&nbsp; Sixth Street CLO 27 Ltd., Series 2024-27A, <br> Class C, 3 mo. USD SOFR + 1.850%, <br> 5.518%, 1/17/2038(a)(b)<br>| &nbsp;&nbsp; 5030522 |
| 5410000 | &nbsp;&nbsp; Sixth Street CLO XXIV Ltd., Series 2024-24A, <br> Class A, 3 mo. USD SOFR + 1.520%, <br> 5.191%, 4/23/2037(a)(b)<br>| &nbsp;&nbsp; 5414571 |
| 2165000 | &nbsp;&nbsp; Symetra CLO Ltd., Series 2025-1A, Class B, <br> 3 mo. USD SOFR + 1.700%, <br> 5.368%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 2159644 |
| 2525000 | &nbsp;&nbsp; Symetra CLO Ltd., Series 2025-1A, Class C, <br> 3 mo. USD SOFR + 2.000%, <br> 5.668%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 2528752 |
| 1660000 | &nbsp;&nbsp; Symetra CLO Ltd., Series 2025-1A, Class D, <br> 3 mo. USD SOFR + 3.250%, <br> 6.918%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 1653451 |
| 6885000 | &nbsp;&nbsp; Symphony CLO 40 Ltd., Series 2023-40A, <br> Class AR, 3 mo. USD SOFR + 1.310%, <br> 4.977%, 1/05/2038(a)(b)<br>| &nbsp;&nbsp; 6878507 |
| 2490000 | &nbsp;&nbsp; TPG CLO Ltd., Series 2026-3A, Class D1, 3 mo. <br> USD SOFR + 3.450%, 7.158%, 4/21/2039(a)(b)<br>| &nbsp;&nbsp; 2485635 |
| 4105000 | &nbsp;&nbsp; Wellfleet CLO Ltd., Series 2024-1A, Class B, <br> 3 mo. USD SOFR + 2.050%, <br> 5.718%, 7/18/2037(a)(b)<br>| &nbsp;&nbsp; 4109770 |
| 7170000 | &nbsp;&nbsp; Wellfleet CLO Ltd., Series 2024-2A, Class A, <br> 3 mo. USD SOFR + 1.330%, <br> 4.999%, 2/25/2038(a)(b)<br>| &nbsp;&nbsp; 7171355 |
|  | &nbsp;&nbsp; Total Collateralized Loan Obligations <br>(Identified Cost $407,608,684)<br>| &nbsp;&nbsp; 406416562 |
| **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** |
| 100467014 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 3/31/2026 <br> at 2.150% to be repurchased at $100,473,014 on <br> 4/01/2026 collateralized by $91,286,700 <br> U.S. Treasury Inflation Indexed Note, 1.625% <br> due 10/15/2027 valued at $102,476,395 <br> including accrued interest (Note 2 of Notes to <br> Financial Statements)<br>| &nbsp;&nbsp; 100467014 |

---

See accompanying notes to financial statements.

13 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $14608000 | &nbsp;&nbsp; Federal Home Loan Bank Discount Notes, <br> 3.590%, 4/02/2026(h)<br>| &nbsp;&nbsp; $14605086 |
| 95406000 | &nbsp;&nbsp; Federal Home Loan Bank Discount Notes, <br> 3.590%, 4/07/2026(h)<br>| &nbsp;&nbsp; 95339401 |
| 66175000 | &nbsp;&nbsp; Federal Home Loan Bank Discount Notes, <br> 3.590%, 4/08/2026(h)<br>| &nbsp;&nbsp; 66122207 |
| 61347000 | &nbsp;&nbsp; Federal Home Loan Bank Discount Notes, <br> 3.590%, 4/14/2026(h)<br>| &nbsp;&nbsp; 61261353 |
| 19992000 | &nbsp;&nbsp; U.S. Treasury Bills, <br> 3.505%–3.520%, 4/21/2026(h)(i)<br>| &nbsp;&nbsp; 19951705 |
| 17228000 | U.S. Treasury Bills, 3.585%, 6/23/2026(h) | &nbsp;&nbsp; 17085981 |
| 31039000 | &nbsp;&nbsp; U.S. Treasury Bills, <br> 3.590%–3.605%, 5/14/2026(h)(i)(j)<br>| &nbsp;&nbsp; 30904032 |
| 17200000 | U.S. Treasury Bills, 3.595%, 6/16/2026(h) | &nbsp;&nbsp; 17069167 |
|  | &nbsp;&nbsp; Total Short-Term Investments <br>(Identified Cost $422,832,530)<br>| &nbsp;&nbsp; 422805946 |
|  | &nbsp;&nbsp; Total Investments — 102.8% <br>(Identified Cost $8,442,535,610)<br>| &nbsp;&nbsp; 8108651489 |
|  | Other assets less liabilities — (2.8)% | &nbsp;&nbsp; (217802753)<br>|
|  | Net Assets — 100.0% | &nbsp;&nbsp; $7890848736 |
| **Bonds and Notes Sold Short — (1.0)%** | **Bonds and Notes Sold Short — (1.0)%** | **Bonds and Notes Sold Short — (1.0)%** |
|  | **Mortgage Related — (1.0)%** | **Mortgage Related — (1.0)%** |
| $(99499000)<br>| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA, <br> 2.000%, 5/01/2056(d) <br>(Proceeds $79,972,426)<br>| &nbsp;&nbsp; $(80092808)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (‡) | Principal Amount stated in U.S. dollars unless otherwise noted. |
| (a) | &nbsp;&nbsp; All or a portion of these securities are exempt from registration <br> under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At March 31, 2026, the <br> value of Rule 144A holdings amounted to $1,714,603,307 or <br> 21.7% of net assets.<br>|
| (b) | &nbsp;&nbsp; Variable rate security. Rate as of March 31, 2026 is disclosed. <br> Issuers comprised of various lots with differing coupon rates <br> have been aggregated for the purpose of presentation in the <br> Portfolio of Investments and show a weighted average rate. <br> Certain variable rate securities are not based on a published <br> reference rate and spread, rather are determined by the issuer <br> or agent and are based on current market conditions. These <br> securities may not indicate a reference rate and/or spread in <br> their description.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) When–issued/delayed delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount shown represents units. One unit represents a principal amount of 1,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount shown represents units. One unit represents a principal amount of 100.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) New issue unsettled as of March 31, 2026. Coupon rate does not take effect until settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Interest rate represents discount rate at time of purchase; not a coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund's investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ABS | Asset-Backed Securities |
| EMTN | Euro Medium Term Note |
| GMTN | Global Medium Term Note |
| MTN | Medium Term Note |
| REIT | Real Estate Investment Trust |
| REMICS | Real Estate Mortgage Investment Conduits |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | &nbsp;&nbsp; Separate Trading of Registered Interest and Principal of <br> Securities<br>|
| TBA | To Be Announced |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BRL Brazilian Real <br> MXN Mexican Peso <br> UYU Uruguayan Peso

At March 31, 2026, the Fund had the following open long futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 602 | &nbsp;&nbsp; $67962015 | &nbsp;&nbsp; $66850219 | &nbsp;&nbsp; $(1111796)<br>|
| CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 9502 | &nbsp;&nbsp; 1974042294 | &nbsp;&nbsp; 1971145354 | &nbsp;&nbsp; (2896940)<br>|
| CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 1373 | &nbsp;&nbsp; 150706117 | &nbsp;&nbsp; 148530712 | &nbsp;&nbsp; (2175405)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(6184141)<br>|

---

See accompanying notes to financial statements.

\| 14

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

At March 31, 2026, the Fund had the following open short futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 865 | &nbsp;&nbsp; $98269558 | &nbsp;&nbsp; $98191016 | &nbsp;&nbsp; $78542 |

---

See accompanying notes to financial statements.

15 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Global Allocation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 66.6% of Net Assets** | **Common Stocks — 66.6% of Net Assets** | **Common Stocks — 66.6% of Net Assets** |
|  | **Canada — 1.2%** | **Canada — 1.2%** |
| 242200 | CGI, Inc. | &nbsp;&nbsp; $17706664 |
| 8443 | Constellation Software, Inc.(a) | &nbsp;&nbsp; 14821164 |
|  |  | &nbsp;&nbsp; 32527828 |
|  | **France — 0.4%** | **France — 0.4%** |
| 18234 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 9967604 |
|  | **Japan — 1.4%** | **Japan — 1.4%** |
| 1405661 | Nomura Research Institute Ltd. | &nbsp;&nbsp; 38469614 |
|  | **Netherlands — 3.0%** | **Netherlands — 3.0%** |
| 59092 | ASML Holding NV | &nbsp;&nbsp; 78577941 |
|  | **Sweden — 1.5%** | **Sweden — 1.5%** |
| 2255133 | Atlas Copco AB, Class A | &nbsp;&nbsp; 39795934 |
|  | **Taiwan — 3.4%** | **Taiwan — 3.4%** |
| 1576000 | &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| &nbsp;&nbsp; 91147211 |
|  | **United Kingdom — 2.4%** | **United Kingdom — 2.4%** |
| 610727 | Halma PLC | &nbsp;&nbsp; 31165878 |
| 266567 | London Stock Exchange Group PLC | &nbsp;&nbsp; 31478290 |
|  |  | &nbsp;&nbsp; 62644168 |
|  | **United States — 53.3%** | **United States — 53.3%** |
| 269608 | Airbnb, Inc., Class A(b) | &nbsp;&nbsp; 34046098 |
| 273776 | Alphabet, Inc., Class A | &nbsp;&nbsp; 78727027 |
| 426397 | Amazon.com, Inc.(b) | &nbsp;&nbsp; 88805703 |
| 51602 | BlackRock, Inc. | &nbsp;&nbsp; 49626159 |
| 29725 | Booking Holdings, Inc. | &nbsp;&nbsp; 125151763 |
| 45873 | Costco Wholesale Corp. | &nbsp;&nbsp; 45709233 |
| 81930 | Cummins, Inc. | &nbsp;&nbsp; 44079979 |
| 136159 | Danaher Corp. | &nbsp;&nbsp; 25815746 |
| 77896 | Expedia Group, Inc. | &nbsp;&nbsp; 17985408 |
| 53028 | Goldman Sachs Group, Inc. | &nbsp;&nbsp; 44861158 |
| 177412 | Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 53947441 |
| 112048 | Home Depot, Inc. | &nbsp;&nbsp; 36851467 |
| 157183 | JPMorgan Chase & Co. | &nbsp;&nbsp; 46236951 |
| 30761 | KLA Corp. | &nbsp;&nbsp; 45292804 |
| 75788 | Linde PLC | &nbsp;&nbsp; 37572659 |
| 147865 | Mastercard, Inc., Class A | &nbsp;&nbsp; 73882226 |
| 26434 | Mettler-Toledo International, Inc.(b) | &nbsp;&nbsp; 33338561 |
| 890591 | NVIDIA Corp. | &nbsp;&nbsp; 155319070 |
| 517114 | O'Reilly Automotive, Inc.(b) | &nbsp;&nbsp; 47734793 |
| 59966 | Parker-Hannifin Corp. | &nbsp;&nbsp; 53683962 |
| 184991 | Progressive Corp. | &nbsp;&nbsp; 36672616 |
| 105813 | Roper Technologies, Inc. | &nbsp;&nbsp; 37442988 |
| 170608 | S&P Global, Inc. | &nbsp;&nbsp; 72566407 |
| 54866 | Salesforce, Inc. | &nbsp;&nbsp; 10241836 |
| 143667 | Schneider Electric SE | &nbsp;&nbsp; 39132252 |
| 124635 | Trane Technologies PLC | &nbsp;&nbsp; 51940390 |
| 46745 | Tyler Technologies, Inc.(b) | &nbsp;&nbsp; 16004553 |
| 39449 | UnitedHealth Group, Inc. | &nbsp;&nbsp; 10674505 |
|  |  | &nbsp;&nbsp; 1413343755 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $1,305,268,076)<br>| &nbsp;&nbsp; 1766474055 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 29.9%** | **Bonds and Notes — 29.9%** | **Bonds and Notes — 29.9%** |
| **Non-Convertible Bonds — 29.7%** | **Non-Convertible Bonds — 29.7%** | **Non-Convertible Bonds — 29.7%** |
|  | **Argentina — 0.3%** | **Argentina — 0.3%** |
| $1973000 | &nbsp;&nbsp; Argentina Republic Government International <br> Bonds, (Step to 4.750% on 7/09/2027), <br> 4.125%, 7/09/2035(c)<br>| &nbsp;&nbsp; $1420560 |
| 1341000 | &nbsp;&nbsp; Pan American Energy LLC, <br> 7.750%, 1/15/2037(d)<br>| &nbsp;&nbsp; 1337648 |
| 1690000 | Telecom Argentina SA, 9.250%, 5/28/2033(d) | &nbsp;&nbsp; 1748334 |
| 2530000 | YPF SA, 8.250%, 1/17/2034(d) | &nbsp;&nbsp; 2577160 |
|  |  | &nbsp;&nbsp; 7083702 |
|  | **Australia — 2.0%** | **Australia — 2.0%** |
| 2990000 | &nbsp;&nbsp; AngloGold Ashanti Holdings PLC, <br> 3.375%, 11/01/2028<br>| &nbsp;&nbsp; 2874068 |
| 4430000 | &nbsp;&nbsp; Australia Government Bonds, <br> 3.000%, 11/21/2033, (AUD)<br>| &nbsp;&nbsp; 2695081 |
| 4378000 | &nbsp;&nbsp; Australia Government Bonds, <br> 4.250%, 12/21/2035, (AUD)<br>| &nbsp;&nbsp; 2853563 |
| 21277000 | &nbsp;&nbsp; Australia Government Bonds, <br> 4.250%, 3/21/2036, (AUD)<br>| &nbsp;&nbsp; 13843012 |
| 14450000 | Glencore Funding LLC, 5.634%, 4/04/2034(d) | &nbsp;&nbsp; 14789176 |
| 5630000 | Glencore Funding LLC, 6.500%, 10/06/2033(d) | &nbsp;&nbsp; 6092135 |
| 5000000 | &nbsp;&nbsp; Macquarie Group Ltd., (fixed rate to <br> 1/14/2032, variable rate thereafter), <br> 2.871%, 1/14/2033(d)<br>| &nbsp;&nbsp; 4473600 |
| 125000 | Mineral Resources Ltd., 9.250%, 10/01/2028(d) | &nbsp;&nbsp; 129515 |
| 10135000 | &nbsp;&nbsp; New South Wales Treasury Corp., <br> 2.000%, 3/08/2033, (AUD)<br>| &nbsp;&nbsp; 5668798 |
|  |  | &nbsp;&nbsp; 53418948 |
|  | **Belgium — 0.1%** | **Belgium — 0.1%** |
| 2365000 | &nbsp;&nbsp; Anheuser-Busch InBev SA, EMTN, <br> 3.700%, 4/02/2040, (EUR)<br>| &nbsp;&nbsp; 2570715 |
|  | **Brazil — 0.9%** | **Brazil — 0.9%** |
| 650000 | Axia Energia, 4.625%, 2/04/2030(d) | &nbsp;&nbsp; 621012 |
| 4475000 | &nbsp;&nbsp; Brazil Government International Bonds, <br> 6.000%, 10/20/2033<br>| &nbsp;&nbsp; 4487530 |
| 2190000 | &nbsp;&nbsp; Brazil Government International Bonds, <br> 6.125%, 3/15/2034<br>| &nbsp;&nbsp; 2184963 |
| 43401 <br><sup>(e)</sup><br>| &nbsp;&nbsp; Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2031, (BRL)<br>| &nbsp;&nbsp; 7327936 |
| 25149 <br><sup>(e)</sup><br>| &nbsp;&nbsp; Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2035, (BRL)<br>| &nbsp;&nbsp; 3960411 |
| 550000 | Suzano Austria GmbH, 3.750%, 1/15/2031 | &nbsp;&nbsp; 510890 |
| 1185000 | &nbsp;&nbsp; Suzano Austria GmbH, Series DM3N, <br> 3.125%, 1/15/2032<br>| &nbsp;&nbsp; 1042115 |
| 2470000 | Suzano Netherlands BV, 5.500%, 1/15/2036 | &nbsp;&nbsp; 2389725 |
|  |  | &nbsp;&nbsp; 22524582 |
|  | **Canada — 1.6%** | **Canada — 1.6%** |
| 75000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 3.500%, 2/15/2029(d)<br>| &nbsp;&nbsp; 71601 |
| 20000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 3.875%, 1/15/2028(d)<br>| &nbsp;&nbsp; 19550 |
| 4825000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 4.000%, 10/15/2030(d)<br>| &nbsp;&nbsp; 4535139 |
| 650000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 5.625%, 9/15/2029(d)<br>| &nbsp;&nbsp; 651416 |
| 268238 | &nbsp;&nbsp; Air Canada Pass-Through Trust, <br> Series 2015-2, Class A, 4.125%, 6/15/2029(d)<br>| &nbsp;&nbsp; 263351 |
| 551320 | &nbsp;&nbsp; Air Canada Pass-Through Trust, <br> Series 2017-1, Class AA, 3.300%, 7/15/2031(d)<br>| &nbsp;&nbsp; 524504 |
| 755000 | Antares Holdings LP, 3.750%, 7/15/2027(d) | &nbsp;&nbsp; 733741 |

---

See accompanying notes to financial statements.

\| 16

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Canada — continued** | **Canada — continued** |
| $1210000 | Antares Holdings LP, 3.950%, 7/15/2026(d) | &nbsp;&nbsp; $1205317 |
| 305000 | Antares Holdings LP, 7.950%, 8/11/2028(d) | &nbsp;&nbsp; 316249 |
| 1385000 | Bausch Health Cos., Inc., 4.875%, 6/01/2028(d) | &nbsp;&nbsp; 1268258 |
| 2835000 | &nbsp;&nbsp; Bell Telephone Co. of Canada or Bell Canada, <br> MTN, 3.600%, 9/29/2027, (CAD)<br>| &nbsp;&nbsp; 2043112 |
| 1735000 | &nbsp;&nbsp; Brookfield Finance I U.K. PLC/Brookfield <br> Finance, Inc., 2.340%, 1/30/2032<br>| &nbsp;&nbsp; 1491776 |
| 1015000 | Brookfield Finance, Inc., 3.900%, 1/25/2028 | &nbsp;&nbsp; 1003857 |
| 2715000 | &nbsp;&nbsp; Brookfield Renewable Partners ULC, MTN, <br> 4.250%, 1/15/2029, (CAD)<br>| &nbsp;&nbsp; 1981983 |
| 1461000 | &nbsp;&nbsp; Canada Government Bonds, <br> 2.500%, 11/01/2027, (CAD)<br>| &nbsp;&nbsp; 1045532 |
| 17277000 | &nbsp;&nbsp; Canada Government Bonds, <br> 2.750%, 3/01/2031, (CAD)<br>| &nbsp;&nbsp; 12228902 |
| 4695000 | &nbsp;&nbsp; Enbridge Gas, Inc., MTN, 2.900%, 4/01/2030, <br> (CAD)<br>| &nbsp;&nbsp; 3300641 |
| 4770000 | &nbsp;&nbsp; Enbridge, Inc., MTN, 2.990%, 10/03/2029, <br> (CAD)<br>| &nbsp;&nbsp; 3364134 |
| 4670000 | &nbsp;&nbsp; Ontario Power Generation, Inc., MTN, <br> 2.977%, 9/13/2029, (CAD)<br>| &nbsp;&nbsp; 3297971 |
| 655000 | Open Text Corp., 3.875%, 12/01/2029(d) | &nbsp;&nbsp; 585344 |
| 3170000 | Open Text Holdings, Inc., 4.125%, 2/15/2030(d) | &nbsp;&nbsp; 2832484 |
|  |  | &nbsp;&nbsp; 42764862 |
|  | **Chile — 0.8%** | **Chile — 0.8%** |
| 575000 | Antofagasta PLC, 2.375%, 10/14/2030 | &nbsp;&nbsp; 515487 |
| 975000 | Antofagasta PLC, 5.625%, 5/13/2032 | &nbsp;&nbsp; 988566 |
| 510000 | Antofagasta PLC, 6.250%, 5/02/2034(d) | &nbsp;&nbsp; 532543 |
| 2265000000 | &nbsp;&nbsp; Bonos de la Tesoreria de la Republica en <br> pesos, 4.700%, 9/01/2030, (CLP)<br>| &nbsp;&nbsp; 2384764 |
| 2485000000 | &nbsp;&nbsp; Bonos de la Tesoreria de la Republica en <br> pesos, 5.000%, 3/01/2035, (CLP)<br>| &nbsp;&nbsp; 2579786 |
| 805000 | &nbsp;&nbsp; Chile Government International Bonds, <br> 2.550%, 1/27/2032<br>| &nbsp;&nbsp; 711990 |
| 2580000 | Colbun SA, 3.150%, 3/06/2030 | &nbsp;&nbsp; 2392873 |
| 2550000 | Colbun SA, 5.375%, 9/11/2035(d) | &nbsp;&nbsp; 2490970 |
| 1960000 | &nbsp;&nbsp; Corp. Nacional del Cobre de Chile, <br> 3.000%, 9/30/2029(d)<br>| &nbsp;&nbsp; 1839446 |
| 595000 | &nbsp;&nbsp; Empresa Nacional de Telecomunicaciones <br> SA, 3.050%, 9/14/2032(d)<br>| &nbsp;&nbsp; 514868 |
| 253000 | &nbsp;&nbsp; Empresa Nacional del Petroleo, <br> 3.450%, 9/16/2031(d)<br>| &nbsp;&nbsp; 227680 |
| 525000 | Enel Chile SA, 4.875%, 6/12/2028 | &nbsp;&nbsp; 527886 |
| 2690000 | Engie Energia Chile SA, 3.400%, 1/28/2030 | &nbsp;&nbsp; 2501686 |
| 1075000 | Engie Energia Chile SA, 6.375%, 4/17/2034(d) | &nbsp;&nbsp; 1116527 |
| 990000 | &nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, <br> 5.500%, 9/10/2034(d)<br>| &nbsp;&nbsp; 980496 |
| 870000 | &nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, <br> 6.500%, 11/07/2033(d)<br>| &nbsp;&nbsp; 918903 |
|  |  | &nbsp;&nbsp; 21224471 |
|  | **Colombia — 0.5%** | **Colombia — 0.5%** |
| 3920000 | &nbsp;&nbsp; Colombia Government International Bonds, <br> 3.125%, 4/15/2031<br>| &nbsp;&nbsp; 3340075 |
| 1080000 | &nbsp;&nbsp; Colombia Government International Bonds, <br> 7.500%, 2/02/2034<br>| &nbsp;&nbsp; 1103361 |
| 355000 | &nbsp;&nbsp; Colombia Government International Bonds, <br> 7.750%, 11/07/2036<br>| &nbsp;&nbsp; 362792 |
| 29559900000 | Colombia TES, 7.500%, 8/26/2026, (COP) | &nbsp;&nbsp; 7890890 |
| 1300000 | &nbsp;&nbsp; Empresas Publicas de Medellin ESP, <br> 4.250%, 7/18/2029(d)<br>| &nbsp;&nbsp; 1206582 |
|  |  | &nbsp;&nbsp; 13903700 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Congo — 0.0%** | **Congo — 0.0%** |
| $1210000 | Ivanhoe Mines Ltd., 7.875%, 1/23/2030(d) | &nbsp;&nbsp; $1222960 |
|  | **Denmark — 0.1%** | **Denmark — 0.1%** |
| 2055000 | Orsted AS, EMTN, 2.125%, 5/17/2027, (GBP) | &nbsp;&nbsp; 2625099 |
|  | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |
| 490000 | &nbsp;&nbsp; Dominican Republic International Bonds, <br> 5.950%, 1/25/2027(d)<br>| &nbsp;&nbsp; 492435 |
| 845000 | &nbsp;&nbsp; Dominican Republic International Bonds, <br> 6.000%, 7/19/2028(d)<br>| &nbsp;&nbsp; 851008 |
| 216667 | &nbsp;&nbsp; Dominican Republic International Bonds, <br> 8.625%, 4/20/2027(d)<br>| &nbsp;&nbsp; 219657 |
|  |  | &nbsp;&nbsp; 1563100 |
|  | **France — 0.1%** | **France — 0.1%** |
| 990000 | &nbsp;&nbsp; Credit Agricole SA, (fixed rate to 1/09/2035, <br> variable rate thereafter), 5.862%, 1/09/2036(d)<br>| &nbsp;&nbsp; 1019796 |
| 1410000 | Electricite de France SA, 4.875%, 9/21/2038(d) | &nbsp;&nbsp; 1306882 |
| 1400000 | Engie SA, 1.250%, 10/24/2041, (EUR) | &nbsp;&nbsp; 1028172 |
|  |  | &nbsp;&nbsp; 3354850 |
|  | **Germany — 0.1%** | **Germany — 0.1%** |
| 1833000 | Bundesobligation, 2.400%, 4/18/2030, (EUR) | &nbsp;&nbsp; 2095211 |
| 340000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.750%, 4/23/2030(d)<br>| &nbsp;&nbsp; 328910 |
| 400000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.875%, 4/14/2028(d)<br>| &nbsp;&nbsp; 404084 |
| 690000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.875%, 4/23/2032(d)<br>| &nbsp;&nbsp; 655571 |
| 265000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 7.125%, 4/14/2030(d)<br>| &nbsp;&nbsp; 261579 |
|  |  | &nbsp;&nbsp; 3745355 |
|  | **Guatemala — 0.0%** | **Guatemala — 0.0%** |
| 1050000 | CT Trust, 5.125%, 2/03/2032(d) | &nbsp;&nbsp; 979367 |
|  | **India — 0.2%** | **India — 0.2%** |
| 2940000 | Bharti Airtel Ltd., 3.250%, 6/03/2031 | &nbsp;&nbsp; 2761602 |
| 2790000 | &nbsp;&nbsp; Export-Import Bank of India, <br> 2.250%, 1/13/2031(d)<br>| &nbsp;&nbsp; 2486476 |
| 1250000 | &nbsp;&nbsp; Power Finance Corp. Ltd., <br> 3.950%, 4/23/2030(d)<br>| &nbsp;&nbsp; 1208312 |
|  |  | &nbsp;&nbsp; 6456390 |
|  | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| 38112000000 | &nbsp;&nbsp; Indonesia Treasury Bonds, 7.000%, 9/15/2030, <br> (IDR)<br>| &nbsp;&nbsp; 2262407 |
|  | **Ireland — 0.2%** | **Ireland — 0.2%** |
| 3245000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.300%, 1/30/2032<br>| &nbsp;&nbsp; 2947193 |
| 3245000 | &nbsp;&nbsp; Ireland Government Bonds, Zero Coupon, <br> 10/18/2031, (EUR)<br>| &nbsp;&nbsp; 3204402 |
|  |  | &nbsp;&nbsp; 6151595 |
|  | **Israel — 1.0%** | **Israel — 1.0%** |
| 1405000 | &nbsp;&nbsp; Israel Electric Corp. Ltd., GMTN, <br> 3.750%, 2/22/2032<br>| &nbsp;&nbsp; 1294167 |
| 2755000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC, <br> 6.150%, 2/01/2036<br>| &nbsp;&nbsp; 2838515 |
| 10005000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 4.100%, 10/01/2046<br>| &nbsp;&nbsp; 7416518 |
| 510000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 5.125%, 5/09/2029<br>| &nbsp;&nbsp; 508355 |
| 1430000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 6.000%, 12/01/2032<br>| &nbsp;&nbsp; 1467666 |

---

See accompanying notes to financial statements.

17 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Israel — continued** | **Israel — continued** |
| $4415000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 7.875%, 9/15/2029<br>| &nbsp;&nbsp; $4727754 |
| 3170000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 8.125%, 9/15/2031<br>| &nbsp;&nbsp; 3543806 |
| 5445000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands IV <br> BV, 5.750%, 12/01/2030<br>| &nbsp;&nbsp; 5514103 |
|  |  | &nbsp;&nbsp; 27310884 |
|  | **Italy — 0.6%** | **Italy — 0.6%** |
| 2225000 | Intesa Sanpaolo SpA, 6.625%, 6/20/2033(d) | &nbsp;&nbsp; 2410342 |
| 7315000 | &nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro, <br> 2.950%, 7/01/2030, (EUR)<br>| &nbsp;&nbsp; 8378949 |
| 990000 | &nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro, <br> 3.650%, 8/01/2035, (EUR)<br>| &nbsp;&nbsp; 1128514 |
| 830000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 4/02/2029, <br> variable rate thereafter), 7.296%, 4/02/2034(d)<br>| &nbsp;&nbsp; 873434 |
| 2055000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/03/2031, <br> variable rate thereafter), 3.127%, 6/03/2032(d)<br>| &nbsp;&nbsp; 1888146 |
| 1460000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/19/2027, <br> variable rate thereafter), 5.861%, 6/19/2032(d)<br>| &nbsp;&nbsp; 1469928 |
| 825000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/30/2030, <br> variable rate thereafter), 5.459%, 6/30/2035(d)<br>| &nbsp;&nbsp; 823514 |
|  |  | &nbsp;&nbsp; 16972827 |
|  | **Japan — 1.0%** | **Japan — 1.0%** |
| 1114720600 | &nbsp;&nbsp; Japan Government CPI-Linked Bonds, <br> 0.100%, 3/10/2028, (JPY)<br>| &nbsp;&nbsp; 7041683 |
| 1637400000 | &nbsp;&nbsp; Japan Government Ten Year Bonds, <br> 1.700%, 9/20/2035, (JPY)<br>| &nbsp;&nbsp; 9786948 |
| 899000000 | &nbsp;&nbsp; Japan Government Thirty Year Bonds, <br> 1.600%, 12/20/2053, (JPY)<br>| &nbsp;&nbsp; 3633103 |
| 774000000 | &nbsp;&nbsp; Japan Government Thirty Year Bonds, <br> 2.800%, 6/20/2055, (JPY)<br>| &nbsp;&nbsp; 4117141 |
| 2020000 | &nbsp;&nbsp; Mizuho Financial Group, Inc., <br> 2.564%, 9/13/2031<br>| &nbsp;&nbsp; 1779300 |
| 1200000 | &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., <br> 5.766%, 1/13/2033<br>| &nbsp;&nbsp; 1248857 |
|  |  | &nbsp;&nbsp; 27607032 |
|  | **Korea — 0.6%** | **Korea — 0.6%** |
| 11413150000 | &nbsp;&nbsp; Korea Treasury Bonds, 1.500%, 12/10/2030, <br> (KRW)<br>| &nbsp;&nbsp; 6719041 |
| 7628470000 | &nbsp;&nbsp; Korea Treasury Bonds, 2.500%, 9/10/2030, <br> (KRW)<br>| &nbsp;&nbsp; 4722821 |
| 3129530000 | &nbsp;&nbsp; Korea Treasury Bonds, 3.000%, 12/10/2034, <br> (KRW)<br>| &nbsp;&nbsp; 1912426 |
| 3868290000 | &nbsp;&nbsp; Korea Treasury Bonds, 3.500%, 9/10/2028, <br> (KRW)<br>| &nbsp;&nbsp; 2522505 |
| 200000 | SK Hynix, Inc., 6.375%, 1/17/2028(d) | &nbsp;&nbsp; 206474 |
| 140000 | SK Telecom Co. Ltd., 6.625%, 7/20/2027(d) | &nbsp;&nbsp; 143744 |
|  |  | &nbsp;&nbsp; 16227011 |
|  | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| 1905000 | &nbsp;&nbsp; Blackstone Property Partners Europe <br> Holdings SARL, EMTN, 1.625%, 4/20/2030, <br> (EUR)<br>| &nbsp;&nbsp; 2000113 |
| 280000 | &nbsp;&nbsp; Logicor Financing SARL, EMTN, <br> 0.875%, 1/14/2031, (EUR)<br>| &nbsp;&nbsp; 275679 |
| 955000 | &nbsp;&nbsp; Logicor Financing SARL, EMTN, <br> 2.000%, 1/17/2034, (EUR)<br>| &nbsp;&nbsp; 909192 |
| 1403000 | &nbsp;&nbsp; Logicor Financing SARL, EMTN, <br> 3.750%, 7/14/2032, (EUR)<br>| &nbsp;&nbsp; 1560303 |
|  |  | &nbsp;&nbsp; 4745287 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Malaysia — 0.2%** | **Malaysia — 0.2%** |
| 9404000 | &nbsp;&nbsp; Malaysia Government Bonds, <br> 3.582%, 7/15/2032, (MYR)<br>| &nbsp;&nbsp; $2325963 |
| 9770000 | &nbsp;&nbsp; Malaysia Government Bonds, <br> 3.828%, 7/05/2034, (MYR)<br>| &nbsp;&nbsp; 2437215 |
|  |  | &nbsp;&nbsp; 4763178 |
|  | **Mexico — 1.4%** | **Mexico — 1.4%** |
| 770000 | &nbsp;&nbsp; America Movil SAB de CV, 2.125%, 3/10/2028, <br> (EUR)<br>| &nbsp;&nbsp; 869589 |
| 860000 | America Movil SAB de CV, 2.875%, 5/07/2030 | &nbsp;&nbsp; 801144 |
| 855000 | Cemex SAB de CV, 5.450%, 11/19/2029 | &nbsp;&nbsp; 855200 |
| 810000 | &nbsp;&nbsp; Cemex SAB de CV, (fixed rate to 6/08/2026, <br> variable rate thereafter), 5.125%(d)(f)<br>| &nbsp;&nbsp; 806631 |
| 1775000 | &nbsp;&nbsp; Coca-Cola Femsa SAB de CV, <br> 2.750%, 1/22/2030<br>| &nbsp;&nbsp; 1664581 |
| 2580000 | &nbsp;&nbsp; Comision Federal de Electricidad, <br> 6.045%, 1/28/2034(d)<br>| &nbsp;&nbsp; 2500278 |
| 1085000 | &nbsp;&nbsp; El Puerto de Liverpool SAB de CV, <br> 6.658%, 1/22/2037(d)<br>| &nbsp;&nbsp; 1112125 |
| 10000000 | &nbsp;&nbsp; Grupo Televisa SAB, EMTN, <br> 7.250%, 5/14/2043, (MXN)<br>| &nbsp;&nbsp; 336662 |
| 1515000 | &nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, <br> 2.431%, 7/01/2031<br>| &nbsp;&nbsp; 1380135 |
| 840000 | &nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, <br> 2.431%, 7/01/2031(d)<br>| &nbsp;&nbsp; 765223 |
| 629822 <br><sup>(g)</sup><br>| Mexico Bonos, 7.500%, 6/03/2027, (MXN) | &nbsp;&nbsp; 3514922 |
| 1510000 <br><sup>(g)</sup><br>| Mexico Bonos, 8.000%, 4/15/2032, (MXN) | &nbsp;&nbsp; 7994096 |
| 987250 <br><sup>(g)</sup><br>| Mexico Bonos, 8.000%, 2/21/2036, (MXN) | &nbsp;&nbsp; 5045259 |
| 554445 <br><sup>(g)</sup><br>| Mexico Bonos, 8.500%, 11/18/2038, (MXN) | &nbsp;&nbsp; 2842540 |
| 2335000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 3.250%, 4/16/2030<br>| &nbsp;&nbsp; 2177387 |
| 1645000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 3.500%, 2/12/2034<br>| &nbsp;&nbsp; 1400718 |
| 196000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 4.000%, 3/15/2115, (EUR)<br>| &nbsp;&nbsp; 147547 |
| 610000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 4.875%, 5/19/2033<br>| &nbsp;&nbsp; 577213 |
| 1430000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 5.850%, 7/02/2032<br>| &nbsp;&nbsp; 1435148 |
| 550000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 6.000%, 5/07/2036<br>| &nbsp;&nbsp; 546233 |
| 1070000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 6.125%, 2/09/2038<br>| &nbsp;&nbsp; 1042715 |
|  |  | &nbsp;&nbsp; 37815346 |
|  | **Morocco — 0.1%** | **Morocco — 0.1%** |
| 3310000 | OCP SA, 6.750%, 5/02/2034(d) | &nbsp;&nbsp; 3441374 |
|  | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| 1600000 | &nbsp;&nbsp; Netherlands Government Bonds, Zero <br> Coupon, 1/15/2029, (EUR)<br>| &nbsp;&nbsp; 1717656 |
|  | **New Zealand — 1.1%** | **New Zealand — 1.1%** |
| 4200000 | &nbsp;&nbsp; Fonterra Co-Operative Group Ltd., MTN, <br> 3.750%, 6/16/2026, (AUD)<br>| &nbsp;&nbsp; 2891727 |
| 700000 | &nbsp;&nbsp; Fonterra Co-Operative Group Ltd., MTN, <br> 4.000%, 11/02/2027, (AUD)<br>| &nbsp;&nbsp; 472929 |
| 5520000 | &nbsp;&nbsp; New Zealand Government Bonds, <br> 1.500%, 5/15/2031, (NZD)<br>| &nbsp;&nbsp; 2773053 |
| 13140000 | &nbsp;&nbsp; New Zealand Government Bonds, <br> 3.000%, 4/20/2029, (NZD)<br>| &nbsp;&nbsp; 7368243 |

---

See accompanying notes to financial statements.

\| 18

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **New Zealand — continued** | **New Zealand — continued** |
| 4593000 | &nbsp;&nbsp; New Zealand Government Bonds, <br> 3.500%, 4/14/2033, (NZD)<br>| &nbsp;&nbsp; $2486152 |
| 22614000 | &nbsp;&nbsp; New Zealand Government Bonds, <br> 4.250%, 5/15/2036, (NZD)<br>| &nbsp;&nbsp; 12486633 |
|  |  | &nbsp;&nbsp; 28478737 |
|  | **Nigeria — 0.1%** | **Nigeria — 0.1%** |
| 2345000 | IHS Holding Ltd., 7.875%, 5/29/2030(d) | &nbsp;&nbsp; 2375857 |
|  | **Norway — 0.4%** | **Norway — 0.4%** |
| 2790000 | Equinor ASA, 3.625%, 4/06/2040 | &nbsp;&nbsp; 2330456 |
| 19765000 | &nbsp;&nbsp; Norway Government Bonds, <br> 1.375%, 8/19/2030, (NOK)<br>| &nbsp;&nbsp; 1798934 |
| 50550000 | &nbsp;&nbsp; Norway Government Bonds, <br> 1.750%, 2/17/2027, (NOK)<br>| &nbsp;&nbsp; 5104643 |
|  |  | &nbsp;&nbsp; 9234033 |
|  | **Paraguay — 0.0%** | **Paraguay — 0.0%** |
| 635000 | &nbsp;&nbsp; Paraguay Government International Bonds, <br> 4.950%, 4/28/2031(d)<br>| &nbsp;&nbsp; 632142 |
| 183000 | &nbsp;&nbsp; Paraguay Government International Bonds, <br> 5.000%, 4/15/2026(d)<br>| &nbsp;&nbsp; 182995 |
|  |  | &nbsp;&nbsp; 815137 |
|  | **Peru — 0.0%** | **Peru — 0.0%** |
| 1213000 | &nbsp;&nbsp; Banco de Credito del Peru SA, (fixed rate to <br> 10/15/2031, variable rate thereafter), <br> 5.650%, 1/15/2037(d)<br>| &nbsp;&nbsp; 1182978 |
|  | **Poland — 0.2%** | **Poland — 0.2%** |
| 5914000 | &nbsp;&nbsp; Republic of Poland Government Bonds, <br> 1.250%, 10/25/2030, (PLN)<br>| &nbsp;&nbsp; 1341678 |
| 11720000 | &nbsp;&nbsp; Republic of Poland Government Bonds, <br> 4.500%, 7/25/2030, (PLN)<br>| &nbsp;&nbsp; 3074953 |
|  |  | &nbsp;&nbsp; 4416631 |
|  | **Romania — 0.1%** | **Romania — 0.1%** |
| 1460000 | &nbsp;&nbsp; Romania Government International Bonds, <br> 6.125%, 10/07/2037, (EUR)(d)<br>| &nbsp;&nbsp; 1636701 |
|  | **Singapore — 0.3%** | **Singapore — 0.3%** |
| 8755000 | &nbsp;&nbsp; Singapore Government Bonds, <br> 2.125%, 6/01/2026, (SGD)<br>| &nbsp;&nbsp; 6816330 |
|  | **South Africa — 1.3%** | **South Africa — 1.3%** |
| 1400000 | &nbsp;&nbsp; Anglo American Capital PLC, <br> 2.625%, 9/10/2030(d)<br>| &nbsp;&nbsp; 1277273 |
| 1400000 | &nbsp;&nbsp; Anglo American Capital PLC, <br> 5.625%, 4/01/2030(d)<br>| &nbsp;&nbsp; 1443646 |
| 101590000 | &nbsp;&nbsp; Republic of South Africa Government Bonds, <br> 8.875%, 2/28/2035, (ZAR)<br>| &nbsp;&nbsp; 5897817 |
| 37055000 | &nbsp;&nbsp; Republic of South Africa Government Bonds, <br> 9.000%, 1/31/2040, (ZAR)<br>| &nbsp;&nbsp; 2056488 |
| 6640000 | &nbsp;&nbsp; Republic of South Africa Government <br> International Bonds, 5.750%, 9/30/2049<br>| &nbsp;&nbsp; 5133980 |
| 17435000 | &nbsp;&nbsp; Republic of South Africa Government <br> International Bonds, 7.100%, 11/19/2036(d)<br>| &nbsp;&nbsp; 17808369 |
|  |  | &nbsp;&nbsp; 33617573 |
|  | **Spain — 0.3%** | **Spain — 0.3%** |
| 800000 | Banco Santander SA, 6.938%, 11/07/2033 | &nbsp;&nbsp; 897194 |
| 3700000 | &nbsp;&nbsp; Cellnex Telecom SA, EMTN, <br> 1.750%, 10/23/2030, (EUR)<br>| &nbsp;&nbsp; 3917433 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Spain — continued** | **Spain — continued** |
| 700000 | &nbsp;&nbsp; Naturgy Finance Iberia SA, EMTN, <br> 1.500%, 1/29/2028, (EUR)<br>| &nbsp;&nbsp; $786316 |
| 2100000 | &nbsp;&nbsp; Spain Government Bonds, 1.250%, 10/31/2030, <br> (EUR)<br>| &nbsp;&nbsp; 2255021 |
|  |  | &nbsp;&nbsp; 7855964 |
|  | **Supranationals — 0.3%** | **Supranationals — 0.3%** |
| 10030000 | &nbsp;&nbsp; International Bank for Reconstruction & <br> Development, 1.200%, 7/22/2026, (CAD)<br>| &nbsp;&nbsp; 7184309 |
|  | **Sweden — 0.1%** | **Sweden — 0.1%** |
| 40955000 | &nbsp;&nbsp; Sweden Government Bonds, <br> 0.125%, 5/12/2031, (SEK)<br>| &nbsp;&nbsp; 3820719 |
|  | **Switzerland — 0.1%** | **Switzerland — 0.1%** |
| 2960000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 5/14/2031, <br> variable rate thereafter), 3.091%, 5/14/2032(d)<br>| &nbsp;&nbsp; 2714545 |
| 690000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 8/05/2030, <br> variable rate thereafter), 6.600%(d)(f)<br>| &nbsp;&nbsp; 673464 |
|  |  | &nbsp;&nbsp; 3388009 |
|  | **Turkey — 0.1%** | **Turkey — 0.1%** |
| 1050000 | &nbsp;&nbsp; Turk Telekomunikasyon AS, <br> 6.950%, 10/07/2032(d)<br>| &nbsp;&nbsp; 1022497 |
| 1415000 | &nbsp;&nbsp; Turkcell Iletisim Hizmetleri AS, <br> 5.800%, 4/11/2028<br>| &nbsp;&nbsp; 1405221 |
|  |  | &nbsp;&nbsp; 2427718 |
|  | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| 201000 | DP World Crescent Ltd., 5.500%, 5/08/2035 | &nbsp;&nbsp; 197252 |
|  | **United Kingdom — 1.3%** | **United Kingdom — 1.3%** |
| 1350000 | &nbsp;&nbsp; CK Hutchison International 19 Ltd., <br> 3.625%, 4/11/2029(d)<br>| &nbsp;&nbsp; 1320645 |
| 1420000 | Diageo Capital PLC, 2.125%, 4/29/2032 | &nbsp;&nbsp; 1224950 |
| 1180000 | &nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH U.K. Ltd., <br> 8.375%, 1/15/2029(d)<br>| &nbsp;&nbsp; 1083287 |
| 855000 | &nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH U.K. Ltd., <br> 11.500%, 8/15/2029(d)<br>| &nbsp;&nbsp; 850651 |
| 65000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 6.400%, 3/26/2029(d)<br>| &nbsp;&nbsp; 67348 |
| 135000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 6.500%, 3/26/2031(d)<br>| &nbsp;&nbsp; 141364 |
| 955000 | &nbsp;&nbsp; Santander U.K. Group Holdings PLC, (fixed <br> rate to 1/11/2027, variable rate thereafter), <br> 2.469%, 1/11/2028<br>| &nbsp;&nbsp; 939289 |
| 1455000 | &nbsp;&nbsp; Standard Chartered PLC, (fixed rate to <br> 11/18/2030, variable rate thereafter), <br> 3.265%, 2/18/2036(d)<br>| &nbsp;&nbsp; 1323179 |
| 235000 | U.K. Gilts, 4.125%, 1/29/2027, (GBP) | &nbsp;&nbsp; 310463 |
| 7975000 | U.K. Gilts, 4.125%, 7/22/2029, (GBP) | &nbsp;&nbsp; 10465970 |
| 12340000 | U.K. Gilts, 4.250%, 7/31/2034, (GBP) | &nbsp;&nbsp; 15715788 |
|  |  | &nbsp;&nbsp; 33442934 |
|  | **United States — 11.6%** | **United States — 11.6%** |
| 1775000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.000%, 1/15/2031(d)<br>| &nbsp;&nbsp; 1790109 |
| 1155000 | &nbsp;&nbsp; Allison Transmission, Inc., <br> 3.750%, 1/30/2031(d)<br>| &nbsp;&nbsp; 1075109 |
| 965000 | &nbsp;&nbsp; American Honda Finance Corp., <br> 5.150%, 7/09/2032<br>| &nbsp;&nbsp; 966853 |
| 570000 | &nbsp;&nbsp; Amynta Agency Borrower, Inc. & Amynta <br> Warranty Borrower, Inc., 7.500%, 7/15/2033(d)<br>| &nbsp;&nbsp; 540552 |
| 260000 | &nbsp;&nbsp; Aptiv Swiss Holdings Ltd., 1.600%, 9/15/2028, <br> (EUR)<br>| &nbsp;&nbsp; 288305 |
| 425000 | Ashland, Inc., 3.375%, 9/01/2031(d) | &nbsp;&nbsp; 381624 |

---

See accompanying notes to financial statements.

19 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $420000 | Avantor Funding, Inc., 4.625%, 7/15/2028(d) | &nbsp;&nbsp; $409926 |
| 355000 | Axon Enterprise, Inc., 6.125%, 3/15/2030(d) | &nbsp;&nbsp; 360874 |
| 1675000 | Axon Enterprise, Inc., 6.250%, 3/15/2033(d) | &nbsp;&nbsp; 1709750 |
| 4174000 | Ball Corp., 5.500%, 9/15/2033 | &nbsp;&nbsp; 4176396 |
| 1030000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to <br> 3/08/2032, variable rate thereafter), <br> 3.846%, 3/08/2037<br>| &nbsp;&nbsp; 954084 |
| 1370000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to <br> 9/21/2031, variable rate thereafter), <br> 2.482%, 9/21/2036<br>| &nbsp;&nbsp; 1185190 |
| 5000 | Bausch & Lomb Corp., 8.375%, 10/01/2028(d) | &nbsp;&nbsp; 5162 |
| 373000 | &nbsp;&nbsp; Black Pearl Compute LLC, <br> 6.125%, 2/15/2031(d)<br>| &nbsp;&nbsp; 379638 |
| 1059000 | Block, Inc., 3.500%, 6/01/2031 | &nbsp;&nbsp; 962997 |
| 1168000 | Blue Owl Finance LLC, 6.250%, 4/18/2034 | &nbsp;&nbsp; 1122894 |
| 1261000 | Boeing Co., 3.625%, 2/01/2031 | &nbsp;&nbsp; 1199239 |
| 365000 | Boeing Co., 5.150%, 5/01/2030 | &nbsp;&nbsp; 371110 |
| 899000 | Boeing Co., 5.705%, 5/01/2040 | &nbsp;&nbsp; 900413 |
| 3350000 | Boeing Co., 5.805%, 5/01/2050 | &nbsp;&nbsp; 3238533 |
| 5145000 | Boeing Co., 6.528%, 5/01/2034 | &nbsp;&nbsp; 5604668 |
| 5085000 | Boeing Co., 6.858%, 5/01/2054 | &nbsp;&nbsp; 5596423 |
| 115000 | &nbsp;&nbsp; BPR Trust, Series 2021-NRD, Class E, 1 mo. <br> USD SOFR + 5.621%, 9.294%, 12/15/2038(c)(d)<br>| &nbsp;&nbsp; 114040 |
| 875000 | &nbsp;&nbsp; BPR Trust, Series 2021-NRD, Class F, 1 mo. <br> USD SOFR + 6.870%, <br> 10.543%, 12/15/2038(c)(d)<br>| &nbsp;&nbsp; 859086 |
| 2845000 | Broadcom, Inc., 2.600%, 2/15/2033 | &nbsp;&nbsp; 2487574 |
| 5095000 | Broadcom, Inc., 3.419%, 4/15/2033 | &nbsp;&nbsp; 4658988 |
| 6870000 | Broadcom, Inc., 3.469%, 4/15/2034 | &nbsp;&nbsp; 6186010 |
| 2485000 | Broadcom, Inc., 4.150%, 4/15/2032(d) | &nbsp;&nbsp; 2404242 |
| 989000 | Carnival Corp., 5.750%, 3/15/2030(d) | &nbsp;&nbsp; 996845 |
| 3849000 | &nbsp;&nbsp; CDW LLC/CDW Finance Corp., <br> 5.550%, 8/22/2034<br>| &nbsp;&nbsp; 3782488 |
| 420000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 3.950%, 6/30/2062<br>| &nbsp;&nbsp; 246775 |
| 430000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.384%, 10/23/2035<br>| &nbsp;&nbsp; 436658 |
| 990000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.550%, 6/01/2034<br>| &nbsp;&nbsp; 1027772 |
| 490000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.650%, 2/01/2034<br>| &nbsp;&nbsp; 511136 |
| 188000 | Chemours Co., 5.750%, 11/15/2028(d) | &nbsp;&nbsp; 186143 |
| 150000 | Chord Energy Corp., 6.000%, 10/01/2030(d) | &nbsp;&nbsp; 151990 |
| 2635000 | Chord Energy Corp., 6.750%, 3/15/2033(d) | &nbsp;&nbsp; 2720485 |
| 312000 | Cipher Compute LLC, 7.125%, 11/15/2030(d) | &nbsp;&nbsp; 323241 |
| 516000 | Commercial Metals Co., 5.750%, 11/15/2033(d) | &nbsp;&nbsp; 510575 |
| 729000 | Commercial Metals Co., 6.000%, 12/15/2035(d) | &nbsp;&nbsp; 718681 |
| 3473000 | &nbsp;&nbsp; Continental Resources, Inc., <br> 2.875%, 4/01/2032(d)<br>| &nbsp;&nbsp; 3041978 |
| 4662000 | &nbsp;&nbsp; Continental Resources, Inc., <br> 5.750%, 1/15/2031(d)<br>| &nbsp;&nbsp; 4751327 |
| 2191000 | CSC Holdings LLC, 3.375%, 2/15/2031(d) | &nbsp;&nbsp; 1287098 |
| 1995000 | CSC Holdings LLC, 4.125%, 12/01/2030(d) | &nbsp;&nbsp; 1197177 |
| 2395000 | CSC Holdings LLC, 4.500%, 11/15/2031(d) | &nbsp;&nbsp; 1420016 |
| 7110000 | CSC Holdings LLC, 4.625%, 12/01/2030(d) | &nbsp;&nbsp; 2508887 |
| 1850000 | CSC Holdings LLC, 5.000%, 11/15/2031(d) | &nbsp;&nbsp; 666987 |
| 6802000 | CSC Holdings LLC, 5.375%, 2/01/2028(d) | &nbsp;&nbsp; 5030427 |
| 495000 | CSC Holdings LLC, 5.750%, 1/15/2030(d) | &nbsp;&nbsp; 187893 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $805000 | CSC Holdings LLC, 7.500%, 4/01/2028(d) | &nbsp;&nbsp; $443035 |
| 1573000 | CSC Holdings LLC, 11.250%, 5/15/2028(d) | &nbsp;&nbsp; 1285367 |
| 940000 | &nbsp;&nbsp; DH Europe Finance II SARL, <br> 0.750%, 9/18/2031, (EUR)<br>| &nbsp;&nbsp; 938391 |
| 50000 | Dillard's, Inc., 7.000%, 12/01/2028 | &nbsp;&nbsp; 51833 |
| 8000 | Dillard's, Inc., 7.750%, 7/15/2026 | &nbsp;&nbsp; 8041 |
| 2959000 | Directv Financing LLC, 8.875%, 2/01/2030(d) | &nbsp;&nbsp; 2952417 |
| 1075000 | Directv Financing LLC, 8.875%, 2/01/2030(d) | &nbsp;&nbsp; 1069990 |
| 1630000 | &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.000%, 2/15/2031(d)<br>| &nbsp;&nbsp; 1663952 |
| 6065000 | &nbsp;&nbsp; Discovery Communications LLC, <br> 3.625%, 5/15/2030<br>| &nbsp;&nbsp; 5638784 |
| 443000 | &nbsp;&nbsp; Discovery Communications LLC, <br> 6.350%, 6/01/2040<br>| &nbsp;&nbsp; 324639 |
| 6939000 | &nbsp;&nbsp; Discovery Global Holdings, Inc., <br> 4.279%, 3/15/2032<br>| &nbsp;&nbsp; 6141015 |
| 6385000 | DISH DBS Corp., 5.250%, 12/01/2026(d) | &nbsp;&nbsp; 6330238 |
| 795000 | DISH DBS Corp., 5.750%, 12/01/2028(d) | &nbsp;&nbsp; 768918 |
| 2395000 | DISH DBS Corp., 7.750%, 7/01/2026 | &nbsp;&nbsp; 2383437 |
| 22054106 | EchoStar Corp., 10.750%, 11/30/2029 | &nbsp;&nbsp; 23823965 |
| 1707260 | &nbsp;&nbsp; EchoStar Corp., 6.750% PIK and/or 6.750% <br> Cash, 11/30/2030(h)<br>| &nbsp;&nbsp; 1723919 |
| 835000 | &nbsp;&nbsp; Equinix Europe 2 Financing Corp. LLC, <br> 3.250%, 3/15/2031, (EUR)<br>| &nbsp;&nbsp; 934116 |
| 514000 | Esab Corp., 5.625%, 4/01/2031(d) | &nbsp;&nbsp; 517603 |
| 5555000 | Fair Isaac Corp., 6.000%, 5/15/2033(d) | &nbsp;&nbsp; 5450685 |
| 345000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 8.375%, 4/01/2032(d)<br>| &nbsp;&nbsp; 339375 |
| 235000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 9.125%, 5/15/2031(d)<br>| &nbsp;&nbsp; 238877 |
| 2710000 | Freeport-McMoRan, Inc., 4.375%, 8/01/2028 | &nbsp;&nbsp; 2690022 |
| 4795000 | Freeport-McMoRan, Inc., 5.400%, 11/14/2034 | &nbsp;&nbsp; 4865350 |
| 306000 | &nbsp;&nbsp; GFL Environmental Holdings U.S., Inc., <br> 5.500%, 2/01/2034(d)<br>| &nbsp;&nbsp; 300124 |
| 480000 | GFL Environmental, Inc., 4.375%, 8/15/2029(d) | &nbsp;&nbsp; 467003 |
| 175000 | GFL Environmental, Inc., 6.750%, 1/15/2031(d) | &nbsp;&nbsp; 181095 |
| 580000 | &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., <br> Inc., 5.250%, 12/01/2027(d)<br>| &nbsp;&nbsp; 577636 |
| 2330000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., (fixed rate to <br> 1/21/2036, variable rate thereafter), <br> 5.065%, 1/21/2037<br>| &nbsp;&nbsp; 2277976 |
| 2440000 | HCA, Inc., 5.125%, 6/15/2039 | &nbsp;&nbsp; 2299510 |
| 1035000 | &nbsp;&nbsp; Hess Midstream Operations LP, <br> 4.250%, 2/15/2030(d)<br>| &nbsp;&nbsp; 994570 |
| 4695000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 3.625%, 2/15/2032(d)<br>| &nbsp;&nbsp; 4266206 |
| 274000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 5.500%, 3/31/2034(d)<br>| &nbsp;&nbsp; 267692 |
| 475000 | &nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton <br> Grand Vacations Borrower, Inc., <br> 4.875%, 7/01/2031(d)<br>| &nbsp;&nbsp; 428619 |
| 510000 | &nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton <br> Grand Vacations Borrower, Inc., <br> 6.625%, 1/15/2032(d)<br>| &nbsp;&nbsp; 503733 |
| 1235000 | Hologic, Inc., 3.250%, 2/15/2029(d) | &nbsp;&nbsp; 1232854 |
| 1580000 | Iron Mountain, Inc., 4.875%, 9/15/2029(d) | &nbsp;&nbsp; 1537243 |
| 895000 | Iron Mountain, Inc., 5.250%, 7/15/2030(d) | &nbsp;&nbsp; 869544 |
| 795000 | &nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co. Holdings, <br> 3.750%, 12/01/2031<br>| &nbsp;&nbsp; 742427 |

---

See accompanying notes to financial statements.

\| 20

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $765000 | &nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co. Holdings, <br> 6.750%, 3/15/2034<br>| &nbsp;&nbsp; $841384 |
| 1740000 | &nbsp;&nbsp; Jefferies Financial Group, Inc., <br> 6.200%, 4/14/2034<br>| &nbsp;&nbsp; 1774473 |
| 530000 | &nbsp;&nbsp; JH North America Holdings, Inc., <br> 5.875%, 1/31/2031(d)<br>| &nbsp;&nbsp; 525596 |
| 755000 | &nbsp;&nbsp; JH North America Holdings, Inc., <br> 6.125%, 7/31/2032(d)<br>| &nbsp;&nbsp; 751991 |
| 5680000 | &nbsp;&nbsp; JPMorgan Chase & Co., Series OO, (fixed <br> rate to 4/01/2030, variable rate thereafter), <br> 6.500%(f)<br>| &nbsp;&nbsp; 5828447 |
| 545000 | &nbsp;&nbsp; Kingpin Intermediate Holdings LLC, <br> 7.250%, 10/15/2032(d)<br>| &nbsp;&nbsp; 481548 |
| 225000 | &nbsp;&nbsp; Lamb Weston Holdings, Inc., <br> 4.875%, 5/15/2028(d)<br>| &nbsp;&nbsp; 222360 |
| 612000 | &nbsp;&nbsp; Marriott Ownership Resorts, Inc., <br> 4.500%, 6/15/2029(d)<br>| &nbsp;&nbsp; 580260 |
| 447000 | Matador Resources Co., 6.500%, 4/15/2032(d) | &nbsp;&nbsp; 451868 |
| 615000 | &nbsp;&nbsp; Medtronic Global Holdings SCA, <br> 1.125%, 3/07/2027, (EUR)<br>| &nbsp;&nbsp; 699766 |
| 230000 | &nbsp;&nbsp; Molina Healthcare, Inc., <br> 3.875%, 11/15/2030(d)<br>| &nbsp;&nbsp; 205627 |
| 795000 | Molina Healthcare, Inc., 3.875%, 5/15/2032(d) | &nbsp;&nbsp; 690554 |
| 435000 | Molina Healthcare, Inc., 4.375%, 6/15/2028(d) | &nbsp;&nbsp; 420629 |
| 868000 | Molina Healthcare, Inc., 6.500%, 2/15/2031(d) | &nbsp;&nbsp; 853335 |
| 1684000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 1/18/2036, <br> variable rate thereafter), 5.314%, 1/18/2041<br>| &nbsp;&nbsp; 1625603 |
| 897000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 1/19/2033, <br> variable rate thereafter), 5.948%, 1/19/2038<br>| &nbsp;&nbsp; 918897 |
| 3655000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 9/16/2031, <br> variable rate thereafter), 2.484%, 9/16/2036<br>| &nbsp;&nbsp; 3144717 |
| 1035000 | NCL Corp. Ltd., 6.750%, 2/01/2032(d) | &nbsp;&nbsp; 1027147 |
| 20000 | NGPL PipeCo LLC, 7.768%, 12/15/2037(d) | &nbsp;&nbsp; 23159 |
| 274000 | &nbsp;&nbsp; OAK-Eagle Acquireco, Inc., <br> 7.250%, 7/01/2033(d)<br>| &nbsp;&nbsp; 283890 |
| 575000 | ONEOK, Inc., 5.450%, 6/01/2047 | &nbsp;&nbsp; 518485 |
| 3281000 | Oracle Corp., 6.700%, 2/04/2056 | &nbsp;&nbsp; 3045108 |
| 1425000 | Oracle Corp., 6.850%, 2/04/2066 | &nbsp;&nbsp; 1310034 |
| 710000 | Osaic Holdings, Inc., 6.750%, 8/01/2032(d) | &nbsp;&nbsp; 710089 |
| 278000 | Paramount Global, 4.200%, 5/19/2032 | &nbsp;&nbsp; 238322 |
| 529000 | Paramount Global, 4.950%, 1/15/2031 | &nbsp;&nbsp; 490020 |
| 471000 | Paramount Global, 7.875%, 7/30/2030 | &nbsp;&nbsp; 491689 |
| 1285000 | &nbsp;&nbsp; PetSmart LLC/PetSmart Finance Corp., <br> 7.500%, 9/15/2032(d)<br>| &nbsp;&nbsp; 1291258 |
| 3210000 | Pilgrim's Pride Corp., 3.500%, 3/01/2032 | &nbsp;&nbsp; 2913859 |
| 315000 | Pilgrim's Pride Corp., 4.250%, 4/15/2031 | &nbsp;&nbsp; 300893 |
| 1575000 | Post Holdings, Inc., 4.500%, 9/15/2031(d) | &nbsp;&nbsp; 1464453 |
| 2165000 | &nbsp;&nbsp; Prologis Euro Finance LLC, 0.250%, 9/10/2027, <br> (EUR)<br>| &nbsp;&nbsp; 2391183 |
| 1450000 | &nbsp;&nbsp; Prologis Euro Finance LLC, 1.875%, 1/05/2029, <br> (EUR)<br>| &nbsp;&nbsp; 1602982 |
| 365000 | Prologis LP, 2.250%, 6/30/2029, (GBP) | &nbsp;&nbsp; 445223 |
| 2264000 | Quikrete Holdings, Inc., 6.375%, 3/01/2032(d) | &nbsp;&nbsp; 2295703 |
| 430000 | Realty Income Corp., 5.125%, 7/06/2034, (EUR) | &nbsp;&nbsp; 525306 |
| 1100000 | &nbsp;&nbsp; Realty Income Corp., EMTN, <br> 1.625%, 12/15/2030, (GBP)<br>| &nbsp;&nbsp; 1233199 |
| 2193000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.875%, 3/01/2031(d)<br>| &nbsp;&nbsp; 2023652 |
| 2156000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 4.750%, 5/15/2033<br>| &nbsp;&nbsp; 2081748 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $1614000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 5.250%, 2/27/2038<br>| &nbsp;&nbsp; $1535423 |
| 472000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 5.375%, 1/15/2036<br>| &nbsp;&nbsp; 463715 |
| 3280000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 5.500%, 4/01/2028(d)<br>| &nbsp;&nbsp; 3317078 |
| 3370000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 5.625%, 9/30/2031(d)<br>| &nbsp;&nbsp; 3403220 |
| 400000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 6.250%, 3/15/2032(d)<br>| &nbsp;&nbsp; 408953 |
| 1690000 | Ryan Specialty LLC, 5.875%, 8/01/2032(d) | &nbsp;&nbsp; 1670336 |
| 1115000 | &nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., <br> 4.091%, 6/01/2029(d)<br>| &nbsp;&nbsp; 1079146 |
| 269000 | &nbsp;&nbsp; Sensata Technologies BV, <br> 4.000%, 4/15/2029(d)<br>| &nbsp;&nbsp; 259574 |
| 830000 | &nbsp;&nbsp; Sensata Technologies, Inc., <br> 3.750%, 2/15/2031(d)<br>| &nbsp;&nbsp; 769842 |
| 220000 | &nbsp;&nbsp; Sensata Technologies, Inc., <br> 4.375%, 2/15/2030(d)<br>| &nbsp;&nbsp; 210393 |
| 910000 | &nbsp;&nbsp; Sensata Technologies, Inc., <br> 6.625%, 7/15/2032(d)<br>| &nbsp;&nbsp; 928185 |
| 1015000 | SM Energy Co., 6.750%, 8/01/2029(d) | &nbsp;&nbsp; 1030374 |
| 280000 | SM Energy Co., 7.000%, 8/01/2032(d) | &nbsp;&nbsp; 285906 |
| 240000 | SM Energy Co., 8.375%, 7/01/2028(d) | &nbsp;&nbsp; 246606 |
| 1185000 | SM Energy Co., 8.625%, 11/01/2030(d) | &nbsp;&nbsp; 1250277 |
| 245000 | SM Energy Co., 8.750%, 7/01/2031(d) | &nbsp;&nbsp; 256097 |
| 686000 | &nbsp;&nbsp; Solstice Advanced Materials, Inc., <br> 5.625%, 9/30/2033(d)<br>| &nbsp;&nbsp; 676425 |
| 28000 | Sunoco LP, 5.375%, 7/15/2031(d) | &nbsp;&nbsp; 27775 |
| 105000 | Sunoco LP, 5.625%, 3/15/2031(d) | &nbsp;&nbsp; 104518 |
| 2860000 | Synopsys, Inc., 5.700%, 4/01/2055 | &nbsp;&nbsp; 2734397 |
| 1414000 | Talen Energy Supply LLC, 6.250%, 2/01/2034(d) | &nbsp;&nbsp; 1398246 |
| 875000 | Targa Resources Corp., 6.125%, 3/15/2033 | &nbsp;&nbsp; 925383 |
| 588000 | &nbsp;&nbsp; Taylor Morrison Communities, Inc., <br> 5.750%, 11/15/2032(d)<br>| &nbsp;&nbsp; 588514 |
| 245000 | &nbsp;&nbsp; Thermo Fisher Scientific Finance I BV, <br> 2.000%, 10/18/2051, (EUR)<br>| &nbsp;&nbsp; 176984 |
| 100000 | &nbsp;&nbsp; Thermo Fisher Scientific, Inc., EMTN, <br> 1.500%, 10/01/2039, (EUR)<br>| &nbsp;&nbsp; 84211 |
| 2805000 | T-Mobile USA, Inc., 3.875%, 4/15/2030 | &nbsp;&nbsp; 2731708 |
| 400000 | TopBuild Corp., 4.125%, 2/15/2032(d) | &nbsp;&nbsp; 368632 |
| 1006000 | TopBuild Corp., 5.625%, 1/31/2034(d) | &nbsp;&nbsp; 984644 |
| 405000 | TransDigm, Inc., 6.750%, 8/15/2028(d) | &nbsp;&nbsp; 409625 |
| 875000 | Travel & Leisure Co., 4.500%, 12/01/2029(d) | &nbsp;&nbsp; 836709 |
| 920000 | Travel & Leisure Co., 4.625%, 3/01/2030(d) | &nbsp;&nbsp; 877762 |
| 615000 | Travel & Leisure Co., 6.125%, 9/01/2033(d) | &nbsp;&nbsp; 607005 |
| 2980000 | TriNet Group, Inc., 3.500%, 3/01/2029(d) | &nbsp;&nbsp; 2701319 |
| 6840000 | U.S. Treasury Bonds, 3.000%, 5/15/2045 | &nbsp;&nbsp; 5205347 |
| 1198000 | U.S. Treasury Notes, 2.750%, 8/15/2032 | &nbsp;&nbsp; 1108010 |
| 14117000 | U.S. Treasury Notes, 4.000%, 3/31/2030(i) | &nbsp;&nbsp; 14167733 |
| 15605000 | U.S. Treasury Notes, 4.000%, 11/15/2035 | &nbsp;&nbsp; 15222190 |
| 1525000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 3.750%, 1/15/2032<br>| &nbsp;&nbsp; 1397637 |
| 1090000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 6.125%, 3/15/2034(d)<br>| &nbsp;&nbsp; 1103720 |
| 1665000 | &nbsp;&nbsp; Venture Global LNG, Inc., (fixed rate to <br> 9/30/2029, variable rate thereafter), <br> 9.000%(d)(f)<br>| &nbsp;&nbsp; 1658417 |
| 1061000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.125%, 12/15/2030(d)<br>| &nbsp;&nbsp; 1091160 |
| 4380000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.500%, 1/15/2034(d)<br>| &nbsp;&nbsp; 4565906 |

---

See accompanying notes to financial statements.

21 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $540000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.500%, 6/15/2034(d)<br>| &nbsp;&nbsp; $562114 |
| 1045000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.750%, 1/15/2036(d)<br>| &nbsp;&nbsp; 1106814 |
| 1778000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 7.500%, 5/01/2033(d)<br>| &nbsp;&nbsp; 1954385 |
| 440000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 7.750%, 5/01/2035(d)<br>| &nbsp;&nbsp; 493142 |
| 3095000 | &nbsp;&nbsp; Verizon Communications, Inc., Series MPLE, <br> 2.500%, 5/16/2030, (CAD)<br>| &nbsp;&nbsp; 2118866 |
| 2149000 | &nbsp;&nbsp; Wells Fargo & Co., (fixed rate to 1/23/2036, <br> variable rate thereafter), 4.960%, 1/23/2037<br>| &nbsp;&nbsp; 2093431 |
| 475000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.250%, 2/01/2050<br>| &nbsp;&nbsp; 400624 |
| 470000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.300%, 3/01/2048<br>| &nbsp;&nbsp; 397263 |
| 150000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.450%, 4/01/2044<br>| &nbsp;&nbsp; 133439 |
| 115000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.500%, 8/15/2048<br>| &nbsp;&nbsp; 99369 |
| 840000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 6.150%, 4/01/2033<br>| &nbsp;&nbsp; 876691 |
| 495000 | Yum! Brands, Inc., 3.625%, 3/15/2031 | &nbsp;&nbsp; 457268 |
| 1695000 | Yum! Brands, Inc., 4.625%, 1/31/2032 | &nbsp;&nbsp; 1618602 |
|  |  | &nbsp;&nbsp; 307070136 |
|  | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| 75685000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 8.250%, 5/21/2031, (UYU)<br>| &nbsp;&nbsp; 1928538 |
|  | &nbsp;&nbsp; Total Non-Convertible Bonds <br>(Identified Cost $816,421,151)<br>| &nbsp;&nbsp; 788342254 |
| **Convertible Bonds — 0.2%** | **Convertible Bonds — 0.2%** | **Convertible Bonds — 0.2%** |
|  | **United States — 0.2%** | **United States — 0.2%** |
| 1162657 | &nbsp;&nbsp; EchoStar Corp., 3.875% PIK and/or 3.875% <br> Cash, 11/30/2030(h)<br>| &nbsp;&nbsp; 4153127 |
|  | &nbsp;&nbsp; Total Convertible Bonds <br>(Identified Cost $1,223,147)<br>| &nbsp;&nbsp; 4153127 |
| **Municipals — 0.0%** | **Municipals — 0.0%** | **Municipals — 0.0%** |
|  | **United States — 0.0%** | **United States — 0.0%** |
| 115000 | &nbsp;&nbsp; Tobacco Settlement Financing Corp., <br> Series A-1, 6.706%-, 6/01/2046 <br>(Identified cost $114,991)<br>| &nbsp;&nbsp; 87445 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $817,759,289)<br>| &nbsp;&nbsp; 792582826 |
| **Senior Loans — 1.2%** | **Senior Loans — 1.2%** | **Senior Loans — 1.2%** |
|  | **Ireland — 0.1%** | **Ireland — 0.1%** |
| 1409999 | &nbsp;&nbsp; Flutter Financing BV, 2024 Term Loan B, 3 mo. <br> USD SOFR + 1.750%, 5.450%, 11/30/2030(c)(j)<br>| &nbsp;&nbsp; 1392374 |
| 476400 | &nbsp;&nbsp; Flutter Financing BV, 2025 Term Loan B, 3 mo. <br> USD SOFR + 2.000%, 5.700%, 6/04/2032(c)(j)<br>| &nbsp;&nbsp; 470445 |
|  |  | &nbsp;&nbsp; 1862819 |
|  | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |
| 6084187 | &nbsp;&nbsp; Ardonagh Midco 3 PLC, 2024 USD Term Loan <br> B, USD SOFR + 2.750%, 6.374%, 2/15/2031(c)(j)<br>| &nbsp;&nbsp; 5935916 |
|  | **United States — 0.9%** | **United States — 0.9%** |
| 625000 | &nbsp;&nbsp; Advanced Drainage Systems, Inc., 2026 Term <br> Loan B, 1 mo. USD SOFR + 1.625%, <br> 5.298%, 2/28/2033(c)(j)<br>| &nbsp;&nbsp; 626956 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $600000 | &nbsp;&nbsp; Allison Transmission, Inc., 2025 Incremental <br> Term Loan B, 1 mo. USD SOFR + 1.750%, <br> 5.422%, 1/02/2033(c)(j)<br>| &nbsp;&nbsp; $601500 |
| 100000 | &nbsp;&nbsp; Aramark Services, Inc., 2025 Repriced Term <br> Loan, 1 mo. USD SOFR + 1.750%, <br> 5.418%, 4/06/2028(c)(j)<br>| &nbsp;&nbsp; 100000 |
| 899365 | &nbsp;&nbsp; Aramark Services, Inc., 2025 Term Loan, <br> 1 mo. USD SOFR + 1.750%, <br> 5.418%, 6/22/2030(c)(j)<br>| &nbsp;&nbsp; 899366 |
| 1089465 | &nbsp;&nbsp; Asplundh Tree Expert LLC, 2024 Incremental <br> Term Loan B, 1 mo. USD SOFR + 1.750%, <br> 5.418%, 5/23/2031(c)<br>| &nbsp;&nbsp; 1091372 |
| 40574 | &nbsp;&nbsp; Baldwin Insurance Group Holdings LLC, 2025 <br> Term Loan B2, 1 mo. USD SOFR + 2.500%, <br> 6.178%, 5/26/2031(c)(j)<br>| &nbsp;&nbsp; 39831 |
| 496388 | &nbsp;&nbsp; Bausch & Lomb Corp., 2025 Repriced Term <br> Loan, 1 mo. USD SOFR + 3.750%, <br> 7.418%, 1/15/2031(c)(j)<br>| &nbsp;&nbsp; 497008 |
| 2650000 | &nbsp;&nbsp; BioMarin Pharmaceutical, Inc., Term Loan B, <br> 1/28/2033(k)<br>| &nbsp;&nbsp; 2641732 |
| 400000 | &nbsp;&nbsp; CACI International, Inc., 2026 Incremental <br> Term Loan B2, 3/09/2033(k)<br>| &nbsp;&nbsp; 399500 |
| 203474 | &nbsp;&nbsp; Ciena Corp., 2025 Repriced Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.425%, 10/24/2030(c)(j)<br>| &nbsp;&nbsp; 203388 |
| 202945 | &nbsp;&nbsp; Citadel Securities LP, 2024 First Lien Term <br> Loan, 3 mo. USD SOFR + 2.000%, <br> 5.700%, 10/31/2031(c)(j)<br>| &nbsp;&nbsp; 203059 |
| 648375 | &nbsp;&nbsp; Clean Harbors, Inc., 2025 Term Loan, 1 mo. <br> USD SOFR + 1.500%, 5.168%, 10/08/2032(c)(j)<br>| &nbsp;&nbsp; 652265 |
| 188101 | &nbsp;&nbsp; DaVita, Inc., 2025 Term Loan B, 1 mo. USD <br> SOFR + 1.750%, 5.418%, 5/09/2031(c)(j)<br>| &nbsp;&nbsp; 188336 |
| 613800 | &nbsp;&nbsp; DK Crown Holdings, Inc., 2025 Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.419%, 3/04/2032(c)(j)<br>| &nbsp;&nbsp; 612652 |
| 1050000 | &nbsp;&nbsp; Electronic Arts, Inc., USD Term Loan B, <br> 3/24/2033(k)<br>| &nbsp;&nbsp; 1043438 |
| 1475000 | &nbsp;&nbsp; Gryphon Acquire Newco LLC, Term Loan B, <br> 3 mo. USD SOFR + 3.000%, <br> 6.675%, 9/13/2032(c)(j)<br>| &nbsp;&nbsp; 1475369 |
| 24163 | &nbsp;&nbsp; Hanger, Inc., 2024 Delayed Draw Term Loan, <br> 3.500%, 10/23/2031(l)<br>| &nbsp;&nbsp; 24206 |
| 40091 | &nbsp;&nbsp; Hanger, Inc., 2024 Delayed Draw Term Loan, <br> 1 mo. USD SOFR + 3.500%, <br> 5.788%, 10/23/2031(c)(j)<br>| &nbsp;&nbsp; 40161 |
| 495884 | &nbsp;&nbsp; Hanger, Inc., 2024 Term Loan B, 1 mo. USD <br> SOFR + 3.500%, 7.168%, 10/23/2031(c)(j)<br>| &nbsp;&nbsp; 496752 |
| 746411 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 2023 <br> Term Loan B4, 1 mo. USD SOFR + 1.750%, <br> 5.429%, 11/08/2030(c)<br>| &nbsp;&nbsp; 747345 |
| 808993 | &nbsp;&nbsp; Kaseya, Inc., 2025 1st Lien Term Loan B, 1 mo. <br> USD SOFR + 3.250%, 6.918%, 3/22/2032(c)(j)<br>| &nbsp;&nbsp; 753374 |
| 98503 | &nbsp;&nbsp; Light & Wonder International, Inc., 2026 Term <br> Loan B, 1 mo. USD SOFR + 2.000%, <br> 5.675%, 4/16/2029(c)(j)<br>| &nbsp;&nbsp; 98421 |
| 797805 | &nbsp;&nbsp; Novelis Corp., 2025 Term Loan B, 3 mo. USD <br> SOFR + 1.750%, 5.450%, 3/11/2032(c)(j)<br>| &nbsp;&nbsp; 797470 |
| 2072256 | &nbsp;&nbsp; NRG Energy, Inc., 2024 Term Loan, 3 mo. USD <br> SOFR + 1.750%, 5.521%, 4/16/2031(c)(j)<br>| &nbsp;&nbsp; 2074515 |
| 36051 | &nbsp;&nbsp; PetSmart, Inc., 2025 USD Term Loan B, <br> 8/18/2032(k)<br>| &nbsp;&nbsp; 35771 |

---

See accompanying notes to financial statements.

\| 22

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $229465 | &nbsp;&nbsp; Resideo Funding, Inc., 2024 1st Lien Term <br> Loan B, 1 mo. USD SOFR + 2.000%, <br> 5.673%, 2/11/2028(c)(j)<br>| &nbsp;&nbsp; $229465 |
| 204807 | &nbsp;&nbsp; Resideo Funding, Inc., 2024 M&A 1st lien <br> Term Loan B, 6 mo. USD SOFR + 2.000%, <br> 5.641%, 6/13/2031(c)(j)<br>| &nbsp;&nbsp; 203656 |
| 152075 | &nbsp;&nbsp; Ryan Specialty Group LLC, 2024 USD Term <br> Loan B, 1 mo. USD SOFR + 2.000%, <br> 5.668%, 9/15/2031(c)(j)<br>| &nbsp;&nbsp; 151695 |
| 755000 | &nbsp;&nbsp; Solstice Advanced Materials, Inc., Term Loan <br> B, 3 mo. USD SOFR + 1.750%, <br> 5.417%, 10/29/2032(c)(j)<br>| &nbsp;&nbsp; 758148 |
| 148503 | &nbsp;&nbsp; Terex Corp., 2025 Term Loan, 1 mo. USD SOFR <br> + 1.750%, 5.418%, 10/08/2031(c)(j)<br>| &nbsp;&nbsp; 148596 |
| 2033405 | &nbsp;&nbsp; Trans Union LLC, 2024 Term Loan B8, 3 mo. <br> USD SOFR + 1.750%, 5.450%, 6/24/2031(c)(j)<br>| &nbsp;&nbsp; 2021062 |
| 310000 | &nbsp;&nbsp; TransDigm, Inc., 2026 Term Loan N, 1 mo. <br> USD SOFR + 2.500%, 6.168%, 2/13/2033(c)(j)<br>| &nbsp;&nbsp; 310059 |
| 270504 | &nbsp;&nbsp; Truist Insurance Holdings LLC, 2024 Term <br> Loan B, 3 mo. USD SOFR + 2.750%, <br> 6.450%, 5/06/2031(c)(j)<br>| &nbsp;&nbsp; 266363 |
| 163747 | &nbsp;&nbsp; United Rentals, Inc., 2025 Repriced Term Loan <br> B, 1 mo. USD SOFR + 1.500%, <br> 5.168%, 2/14/2031(c)(j)<br>| &nbsp;&nbsp; 164197 |
| 2043600 | &nbsp;&nbsp; Wyndham Hotels & Resorts, Inc., 2024 Term <br> Loan, 1 mo. USD SOFR + 1.750%, <br> 5.418%, 5/24/2030(c)(j)<br>| &nbsp;&nbsp; 2048995 |
|  |  | &nbsp;&nbsp; 22646023 |
|  | &nbsp;&nbsp; Total Senior Loans <br>(Identified Cost $30,666,912)<br>| &nbsp;&nbsp; 30444758 |
| **Collateralized Loan Obligations — 0.3%** | **Collateralized Loan Obligations — 0.3%** | **Collateralized Loan Obligations — 0.3%** |
| 450000 | &nbsp;&nbsp; Anchorage Capital CLO 6 Ltd., <br> Series 2015-6A, Class AR4, 3 mo. USD SOFR + <br> 1.370%, 5.039%, 7/22/2038(c)(d)<br>| &nbsp;&nbsp; 450396 |
| 1695000 | &nbsp;&nbsp; Benefit Street Partners CLO XXXVIII Ltd., <br> Series 2024-38A, Class A, 3 mo. USD SOFR + <br> 1.310%, 4.978%, 1/25/2038(c)(d)<br>| &nbsp;&nbsp; 1696595 |
| 455000 | &nbsp;&nbsp; Birch Grove CLO 13 Ltd., Series 2025-13A, <br> Class A1, 3 mo. USD SOFR + 1.310%, <br> 5.467%, 10/23/2038(c)(d)<br>| &nbsp;&nbsp; 455063 |
| 315000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2019-7A, Class A1R, <br> 3 mo. USD SOFR + 1.280%, <br> 4.948%, 10/19/2038(c)(d)<br>| &nbsp;&nbsp; 315000 |
| 510000 | &nbsp;&nbsp; Crown City CLO I, Series 2020-1A, <br> Class A1RR, 3 mo. USD SOFR + 1.370%, <br> 5.038%, 7/20/2038(c)(d)<br>| &nbsp;&nbsp; 510140 |
| 250000 | &nbsp;&nbsp; Diameter Capital CLO 10 Ltd., <br> Series 2025-10A, Class A, 3 mo. USD SOFR + <br> 1.310%, 4.978%, 4/20/2038(c)(d)<br>| &nbsp;&nbsp; 250372 |
| 665000 | &nbsp;&nbsp; Garnet CLO 2 Ltd., Series 2025-2A, Class A, <br> 3 mo. USD SOFR + 1.350%, <br> 5.431%, 10/20/2038(c)(d)<br>| &nbsp;&nbsp; 664445 |
| 380000 | &nbsp;&nbsp; GCP CLO Warehouse JP Ltd., <br> Series 2025-82A, Class A1, 3 mo. USD SOFR + <br> 1.260%, 5.226%, 10/15/2038(c)(d)<br>| &nbsp;&nbsp; 379618 |
| 305000 | &nbsp;&nbsp; Northwoods Capital 20 Ltd., Series 2019-20A, <br> Class AR2, 3 mo. USD SOFR + 1.340%, <br> 5.008%, 10/25/2038(c)(d)<br>| &nbsp;&nbsp; 305090 |
| 530000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2020-18A, Class A1R2, <br> 3 mo. USD SOFR + 1.370%, <br> 5.038%, 7/20/2037(c)(d)<br>| &nbsp;&nbsp; 530103 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $760000 | &nbsp;&nbsp; OHA Credit Funding 10-R Ltd., <br> Series 2021-10RA, Class A1, 3 mo. USD SOFR <br> + 1.260%, 4.928%, 7/18/2037(c)(d)<br>| &nbsp;&nbsp; $760114 |
| 475000 | &nbsp;&nbsp; OHA Loan Funding Ltd., Series 2015-1A, <br> Class A1R4, 3 mo. USD SOFR + 1.250%, <br> 4.918%, 10/19/2038(c)(d)<br>| &nbsp;&nbsp; 475000 |
| 565000 | &nbsp;&nbsp; Regatta 35 Funding Ltd., Series 2025-5A, <br> Class A1, 3 mo. USD SOFR + 1.290%, <br> 4.962%, 10/15/2038(c)(d)<br>| &nbsp;&nbsp; 565065 |
| 650000 | &nbsp;&nbsp; Silver Point CLO 12 Ltd., Series 2025-12A, <br> Class A1, 3 mo. USD SOFR + 1.310%, <br> 5.289%, 10/15/2038(c)(d)<br>| &nbsp;&nbsp; 649505 |
| 675000 | &nbsp;&nbsp; TPG CLO Ltd., Series 2025-1A, Class A1, 3 mo. <br> USD SOFR + 1.370%, 5.333%, 7/15/2037(c)(d)<br>| &nbsp;&nbsp; 674482 |
|  | &nbsp;&nbsp; Total Collateralized Loan Obligations <br>(Identified Cost $8,686,328)<br>| &nbsp;&nbsp; 8680988 |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| 41642736 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 3/31/2026 <br> at 2.150% to be repurchased at $41,645,223 <br> on 4/01/2026 collateralized by $44,512,100 <br> U.S. Treasury Note, 0.500% due 8/31/2027 <br> valued at $42,475,692 including accrued <br> interest (Note 2 of Notes to Financial <br> Statements) <br>(Identified Cost $41,642,736)<br>| &nbsp;&nbsp; 41642736 |
|  | &nbsp;&nbsp; Total Investments — 99.6% <br>(Identified Cost $2,204,023,341)<br>| &nbsp;&nbsp; 2639825363 |
|  | Other assets less liabilities — 0.4% | &nbsp;&nbsp; 11372679 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $2651198042 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (‡) | &nbsp;&nbsp; Principal Amount stated in U.S. dollars unless otherwise <br> noted.<br>|
| (a) | &nbsp;&nbsp; Securities subject to restriction on resale. At March 31, 2026, <br> the restricted securities held by the Fund are as follows:<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **% of** <br>**Net Assets**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation <br> Software, <br> Inc.<br>| 2/20/2026 | $15991610 | $14821164 | 0.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Rate as of March 31, 2026 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for the purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and/or spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the value of Rule 144A holdings amounted to $246,852,304 or 9.3% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount shown represents units. One unit represents a principal amount of 1,000.

See accompanying notes to financial statements.

23 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Perpetual bond with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Amount shown represents units. One unit represents a principal amount of 100.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Payment–in–kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 which may range from 0.00% to 0.50%, to which the spread is added.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Position is unsettled. Contract rate was not determined at March 31, 2026 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Unfunded loan commitment. An unfunded loan commitment is a contractual obligation for future funding at the option of the borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement. See Note 2 of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CPI Consumer Price Index <br> EMTN Euro Medium Term Note <br> GMTN Global Medium Term Note

MTN Medium Term Note <br> PIK Payment-in-Kind <br> SOFR Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CLP | Chilean Peso |
| CNH | Chinese Yuan Renminbi Offshore |
| COP | Colombian Peso |
| EUR | Euro |
| GBP | British Pound |
| IDR | Indonesian Rupiah |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

At March 31, 2026, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | &nbsp;&nbsp; Delivery <br>Date<br>| &nbsp;&nbsp; Currency <br>Bought/ <br>Sold (B/S) | &nbsp;&nbsp; Currency <br>Bought/ <br>Sold (B/S) | Units <br>of <br>Currency<br>| In Exchange <br>for<br>| Notional <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Bank of America N.A. | 6/17/2026 | JPY | B | &nbsp;&nbsp; 3569733000 | &nbsp;&nbsp; $22731506 | &nbsp;&nbsp; $22636428 | &nbsp;&nbsp; $(95078)<br>|
| Bank of America N.A. | 6/17/2026 | JPY | S | &nbsp;&nbsp; 621990000 | &nbsp;&nbsp; 3966014 | &nbsp;&nbsp; 3944169 | &nbsp;&nbsp; 21845 |
| Bank of America N.A. | 6/17/2026 | KRW | S | &nbsp;&nbsp; 24799803000 | &nbsp;&nbsp; 16897628 | &nbsp;&nbsp; 16228645 | &nbsp;&nbsp; 668983 |
| Bank of America N.A. | 6/17/2026 | MXN | S | &nbsp;&nbsp; 273885000 | &nbsp;&nbsp; 15235039 | &nbsp;&nbsp; 15187323 | &nbsp;&nbsp; 47716 |
| Bank of America N.A. | 6/17/2026 | ZAR | S | &nbsp;&nbsp; 143995000 | &nbsp;&nbsp; 8585698 | &nbsp;&nbsp; 8460911 | &nbsp;&nbsp; 124787 |
| Deutsche Bank AG | 6/02/2026 | BRL | S | &nbsp;&nbsp; 44541000 | &nbsp;&nbsp; 8427336 | &nbsp;&nbsp; 8486263 | &nbsp;&nbsp; (58927)<br>|
| Deutsche Bank AG | 6/17/2026 | IDR | S | &nbsp;&nbsp; 37000000000 | &nbsp;&nbsp; 2177239 | &nbsp;&nbsp; 2173530 | &nbsp;&nbsp; 3709 |
| HSBC Bank USA N.A. | 6/17/2026 | AUD | S | &nbsp;&nbsp; 23085000 | &nbsp;&nbsp; 16421653 | &nbsp;&nbsp; 15909816 | &nbsp;&nbsp; 511837 |
| HSBC Bank USA N.A. | 6/17/2026 | CAD | S | &nbsp;&nbsp; 38487000 | &nbsp;&nbsp; 28209244 | &nbsp;&nbsp; 27758717 | &nbsp;&nbsp; 450527 |
| HSBC Bank USA N.A. | 6/17/2026 | CNH | B | &nbsp;&nbsp; 394447000 | &nbsp;&nbsp; 57596536 | &nbsp;&nbsp; 57571396 | &nbsp;&nbsp; (25140)<br>|
| Morgan Stanley & Co. International PLC | 6/17/2026 | EUR | B | &nbsp;&nbsp; 72626000 | &nbsp;&nbsp; 84475368 | &nbsp;&nbsp; 84236483 | &nbsp;&nbsp; (238885)<br>|
| Morgan Stanley & Co. International PLC | 6/17/2026 | EUR | S | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp; 6591480 | &nbsp;&nbsp; 6611240 | &nbsp;&nbsp; (19760)<br>|
| Morgan Stanley & Co. International PLC | 6/17/2026 | NZD | S | &nbsp;&nbsp; 42544000 | &nbsp;&nbsp; 25012979 | &nbsp;&nbsp; 24513247 | &nbsp;&nbsp; 499732 |
| Royal Bank of Canada | 6/17/2026 | GBP | S | &nbsp;&nbsp; 8142000 | &nbsp;&nbsp; 10867339 | &nbsp;&nbsp; 10774328 | &nbsp;&nbsp; 93011 |
| UBS AG | 6/17/2026 | COP | S | &nbsp;&nbsp; 25969789000 | &nbsp;&nbsp; 6853272 | &nbsp;&nbsp; 6954162 | &nbsp;&nbsp; (100890)<br>|
| Total |  |  |  |  |  |  | &nbsp;&nbsp; $1883467 |

---

At March 31, 2026, the Fund had the following open forward cross currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement <br>Date<br>| &nbsp;&nbsp; Deliver/Units <br>of Currency | &nbsp;&nbsp; Deliver/Units <br>of Currency | &nbsp;&nbsp; Receive/Units <br>of Currency | &nbsp;&nbsp; Receive/Units <br>of Currency | Notional <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| HSBC Bank USA N.A. | &nbsp;&nbsp; 6/17/2026 | NOK | &nbsp;&nbsp; 30959000 | EUR | &nbsp;&nbsp; 2757328 | &nbsp;&nbsp; $3198133 | &nbsp;&nbsp; $2638 |

---

At March 31, 2026, the Fund had the following open long futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 511 | &nbsp;&nbsp; $57852319 | &nbsp;&nbsp; $56744953 | &nbsp;&nbsp; $(1107366)<br>|
| CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 26537277 | &nbsp;&nbsp; 26345555 | &nbsp;&nbsp; (191722)<br>|

---

See accompanying notes to financial statements.

\| 24

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration<br> Date<br>| Contracts | Notional<br> Amount<br>| Value | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 2121 | &nbsp;&nbsp; $232763079 | &nbsp;&nbsp; $229449118 | &nbsp;&nbsp; $(3313961)<br>|
| Eurex 10 Year Euro BUND Futures | &nbsp;&nbsp; 6/08/2026 | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 30115862 | &nbsp;&nbsp; 29566140 | &nbsp;&nbsp; (549722)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(5162771)<br>|

---

At March 31, 2026, the Fund had the following open short futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; $13644131 | &nbsp;&nbsp; $13209500 | &nbsp;&nbsp; $434631 |
| CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 12526896 | &nbsp;&nbsp; 12122500 | &nbsp;&nbsp; 404396 |
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 737 | &nbsp;&nbsp; 85536507 | &nbsp;&nbsp; 83661016 | &nbsp;&nbsp; 1875491 |
| Total |  |  |  |  | &nbsp;&nbsp; $2714518 |

---

Currency Exposure Summary at March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| United States Dollar | 73.9<br> %<br>|
| Euro | 6.4 |
| British Pound | 3.6 |
| New Taiwan Dollar | 3.4 |
| Canadian Dollar | 2.6 |
| Japanese Yen | 2.3 |
| Other, less than 2% each | 7.4 |
| Total Investments | 99.6 |
| Other assets less liabilities (including forward foreign <br> currency and futures contracts)<br>| 0.4 |
| Net Assets | 100.0<br> %<br>|

---

See accompanying notes to financial statements.

25 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 98.1% of Net Assets** | **Common Stocks — 98.1% of Net Assets** | **Common Stocks — 98.1% of Net Assets** |
|  | **Aerospace & Defense — 4.8%** | **Aerospace & Defense — 4.8%** |
| 3836295 | Boeing Co.(a) | &nbsp;&nbsp; $763537794 |
|  | **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** |
| 1499834 | Expeditors International of Washington, Inc. | &nbsp;&nbsp; 214821224 |
|  | **Automobiles — 7.8%** | **Automobiles — 7.8%** |
| 3375435 | Tesla, Inc.(a) | &nbsp;&nbsp; 1254817961 |
|  | **Beverages — 3.1%** | **Beverages — 3.1%** |
| 6774850 | Monster Beverage Corp.(a) | &nbsp;&nbsp; 490905631 |
|  | **Biotechnology — 5.5%** | **Biotechnology — 5.5%** |
| 511945 | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 395549185 |
| 1084687 | Vertex Pharmaceuticals, Inc.(a) | &nbsp;&nbsp; 484356133 |
|  |  | &nbsp;&nbsp; 879905318 |
|  | **Broadline Retail — 5.4%** | **Broadline Retail — 5.4%** |
| 89861 | Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp; 11273961 |
| 4127048 | Amazon.com, Inc.(a) | &nbsp;&nbsp; 859540287 |
|  |  | &nbsp;&nbsp; 870814248 |
|  | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| 395176 | FactSet Research Systems, Inc. | &nbsp;&nbsp; 85749240 |
| 2243897 | SEI Investments Co. | &nbsp;&nbsp; 176078598 |
|  |  | &nbsp;&nbsp; 261827838 |
|  | **Entertainment — 8.3%** | **Entertainment — 8.3%** |
| 9987520 | Netflix, Inc.(a) | &nbsp;&nbsp; 960300048 |
| 3804270 | Walt Disney Co. | &nbsp;&nbsp; 366655543 |
|  |  | &nbsp;&nbsp; 1326955591 |
|  | **Financial Services — 5.8%** | **Financial Services — 5.8%** |
| 1906695 | Block, Inc.(a) | &nbsp;&nbsp; 114744905 |
| 1729189 | PayPal Holdings, Inc. | &nbsp;&nbsp; 78211218 |
| 2440645 | Visa, Inc., Class A | &nbsp;&nbsp; 737660545 |
|  |  | &nbsp;&nbsp; 930616668 |
|  | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |
| 457881 | Intuitive Surgical, Inc.(a) | &nbsp;&nbsp; 211078562 |
|  | **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** |
| 2528472 | Starbucks Corp. | &nbsp;&nbsp; 226525807 |
| 948917 | Yum China Holdings, Inc. | &nbsp;&nbsp; 46288171 |
| 1037981 | Yum! Brands, Inc. | &nbsp;&nbsp; 161385286 |
|  |  | &nbsp;&nbsp; 434199264 |
|  | **Interactive Media & Services — 15.8%** | **Interactive Media & Services — 15.8%** |
| 3698473 | Alphabet, Inc., Class A | &nbsp;&nbsp; 1063532896 |
| 1319227 | Alphabet, Inc., Class C | &nbsp;&nbsp; 378433457 |
| 1916673 | Meta Platforms, Inc., Class A | &nbsp;&nbsp; 1096586124 |
|  |  | &nbsp;&nbsp; 2538552477 |
|  | **IT Services — 2.7%** | **IT Services — 2.7%** |
| 3656867 | Shopify, Inc., Class A(a) | &nbsp;&nbsp; 433777563 |
|  | **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** |
| 784638 | Illumina, Inc.(a) | &nbsp;&nbsp; 96714480 |
| 395293 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 194298368 |
|  |  | &nbsp;&nbsp; 291012848 |
|  | **Machinery — 1.2%** | **Machinery — 1.2%** |
| 353490 | Deere & Co. | &nbsp;&nbsp; 199120917 |
|  | **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** |
| 1496178 | Novartis AG, ADR | &nbsp;&nbsp; 228541189 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| 4725772 | Novo Nordisk AS, ADR | &nbsp;&nbsp; $173672121 |
| 3407229 | Roche Holding AG, ADR | &nbsp;&nbsp; 169373354 |
|  |  | &nbsp;&nbsp; 571586664 |
|  | **Semiconductors & Semiconductor Equipment — 12.5%** | **Semiconductors & Semiconductor Equipment — 12.5%** |
| 10634084 | NVIDIA Corp. | &nbsp;&nbsp; 1854584250 |
| 1092417 | QUALCOMM, Inc. | &nbsp;&nbsp; 140681461 |
|  |  | &nbsp;&nbsp; 1995265711 |
|  | **Software — 12.2%** | **Software — 12.2%** |
| 1509077 | Autodesk, Inc.(a) | &nbsp;&nbsp; 361273034 |
| 1599117 | Microsoft Corp. | &nbsp;&nbsp; 591945140 |
| 4384257 | Oracle Corp. | &nbsp;&nbsp; 644968047 |
| 1518539 | Salesforce, Inc. | &nbsp;&nbsp; 283465675 |
| 527011 | Workday, Inc., Class A(a) | &nbsp;&nbsp; 68469269 |
|  |  | &nbsp;&nbsp; 1950121165 |
|  | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| 2135567 | NIKE, Inc., Class B | &nbsp;&nbsp; 112800649 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $6,461,345,245)<br>| &nbsp;&nbsp; 15731718093 |
| **Affiliated Exchange-Traded Funds — 1.1%** | **Affiliated Exchange-Traded Funds — 1.1%** | **Affiliated Exchange-Traded Funds — 1.1%** |
| 4284398 | &nbsp;&nbsp; Natixis Loomis Sayles Focused Growth ETF <br>(Identified Cost $133,847,928)<br>| &nbsp;&nbsp; 168762437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  |  |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| $96981797 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 3/31/2026 at <br> 2.150% to be repurchased at $96,987,589 on <br> 4/01/2026 collateralized by $66,168,800 <br> U.S. Treasury Note, 3.375% due 9/15/2027 valued <br> at $65,805,872; $31,613,000 U.S. Treasury Note, <br> 4.625% due 4/30/2031 valued at $33,115,731 <br> including accrued interest (Note 2 of Notes to <br> Financial Statements) <br>(Identified Cost $96,981,797)<br>| &nbsp;&nbsp; 96981797 |
|  | &nbsp;&nbsp; Total Investments — 99.8% <br>(Identified Cost $6,692,174,970)<br>| &nbsp;&nbsp; 15997462327 |
|  | Other assets less liabilities — 0.2% | &nbsp;&nbsp; 31506228 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $16028968555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

See accompanying notes to financial statements.

\| 26

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 98.7% of Net Assets** | **Bonds and Notes — 98.7% of Net Assets** | **Bonds and Notes — 98.7% of Net Assets** |
|  | **ABS Car Loan — 14.5%** | **ABS Car Loan — 14.5%** |
| $140000 | &nbsp;&nbsp; Ally Auto Receivables Trust, Series 2025-1, <br> Class A3, 3.960%, 3/15/2030<br>| &nbsp;&nbsp; $139851 |
| 95000 | &nbsp;&nbsp; Ally Auto Receivables Trust, Series 2026-1, <br> Class A3, 3.920%, 10/15/2030<br>| &nbsp;&nbsp; 94475 |
| 80017 | &nbsp;&nbsp; American Credit Acceptance Receivables Trust, <br> Series 2023-3, Class C, 6.440%, 10/12/2029(a)<br>| &nbsp;&nbsp; 80200 |
| 205000 | &nbsp;&nbsp; American Credit Acceptance Receivables Trust, <br> Series 2025-2, Class C, 5.110%, 4/14/2031(a)<br>| &nbsp;&nbsp; 206350 |
| 350000 | &nbsp;&nbsp; American Credit Acceptance Receivables Trust, <br> Series 2026-1, Class C, 4.550%, 1/12/2033(a)<br>| &nbsp;&nbsp; 348880 |
| 120673 | &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, <br> Series 2021-3, Class C, 1.410%, 8/18/2027<br>| &nbsp;&nbsp; 120239 |
| 870000 | &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, <br> Series 2023-1, Class B, 5.570%, 3/20/2028<br>| &nbsp;&nbsp; 874333 |
| 260240 | &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, <br> Series 2024-1, Class A3, 5.430%, 1/18/2029<br>| &nbsp;&nbsp; 261733 |
| 145000 | &nbsp;&nbsp; AutoNation Finance Trust, Series 2025-1A, <br> Class A3, 4.620%, 11/13/2029(a)<br>| &nbsp;&nbsp; 145643 |
| 90000 | &nbsp;&nbsp; AutoNation Finance Trust, Series 2026-1A, <br> Class A3, 4.030%, 8/12/2030(a)<br>| &nbsp;&nbsp; 89689 |
| 1110000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-3A, Class A, 5.440%, 2/22/2028(a)<br>| &nbsp;&nbsp; 1117929 |
| 255000 | &nbsp;&nbsp; BMW Vehicle Lease Trust, Series 2024-2, Class A3, <br> 4.180%, 10/25/2027<br>| &nbsp;&nbsp; 255155 |
| 110000 | &nbsp;&nbsp; BMW Vehicle Lease Trust, Series 2025-1, Class A3, <br> 4.430%, 6/26/2028<br>| &nbsp;&nbsp; 110253 |
| 100000 | &nbsp;&nbsp; BofA Auto Trust, Series 2025-1A, Class A3, <br> 4.350%, 11/20/2029(a)<br>| &nbsp;&nbsp; 100285 |
| 115000 | &nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, <br> Series 2024-3, Class B, 5.370%, 10/16/2028<br>| &nbsp;&nbsp; 115264 |
| 255000 | &nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, <br> Series 2025-2, Class A3, 4.780%, 12/15/2028<br>| &nbsp;&nbsp; 255699 |
| 185000 | &nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, <br> Series 2025-3, Class A3, 4.660%, 1/15/2029<br>| &nbsp;&nbsp; 185169 |
| 95000 | &nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, <br> Series 2026-1, Class A3, 4.040%, 12/17/2029<br>| &nbsp;&nbsp; 94692 |
| 348937 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2023-2, Class A3, <br> 5.050%, 1/18/2028<br>| &nbsp;&nbsp; 349814 |
| 290000 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2024-4, Class A3, <br> 4.600%, 10/15/2029<br>| &nbsp;&nbsp; 291368 |
| 195000 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2025-2, Class A3, <br> 4.480%, 3/15/2030<br>| &nbsp;&nbsp; 195924 |
| 180000 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2025-4, Class A3, <br> 3.970%, 12/16/2030<br>| &nbsp;&nbsp; 178828 |
| 600000 | &nbsp;&nbsp; CarMax Select Receivables Trust, Series 2025-A, <br> Class A3, 4.770%, 9/17/2029<br>| &nbsp;&nbsp; 603947 |
| 128398 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2024-P2, <br> Class A3, 5.330%, 7/10/2029<br>| &nbsp;&nbsp; 129236 |
| 474739 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2024-P3, <br> Class A3, 4.260%, 10/10/2029<br>| &nbsp;&nbsp; 474652 |
| 94902 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2024-P4, <br> Class A3, 4.640%, 1/10/2030<br>| &nbsp;&nbsp; 95040 |
| 345000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2025-P2, <br> Class A3, 4.550%, 8/12/2030<br>| &nbsp;&nbsp; 346280 |
| 185000 | &nbsp;&nbsp; Chase Auto Owner Trust, Series 2024-5A, Class A3, <br> 4.180%, 8/27/2029(a)<br>| &nbsp;&nbsp; 185052 |
| 84930 | &nbsp;&nbsp; Chesapeake Funding II LLC, Series 2023-1A, <br> Class A1, 5.650%, 5/15/2035(a)<br>| &nbsp;&nbsp; 85052 |
| 89819 | &nbsp;&nbsp; Chesapeake Funding II LLC, Series 2024-1A, <br> Class A1, 5.520%, 5/15/2036(a)<br>| &nbsp;&nbsp; 90674 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $87240 | &nbsp;&nbsp; Citizens Auto Receivables Trust, Series 2024-1, <br> Class A3, 5.110%, 4/17/2028(a)<br>| &nbsp;&nbsp; $87532 |
| 432805 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2023-2A, Class B, 6.610%, 7/15/2033(a)<br>| &nbsp;&nbsp; 434143 |
| 130000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2023-3A, Class C, 7.620%, 12/15/2033(a)<br>| &nbsp;&nbsp; 133141 |
| 200000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2025-1A, Class A, 5.020%, 3/15/2035(a)<br>| &nbsp;&nbsp; 201476 |
| 240000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2025-2A, Class B, 4.870%, 1/15/2036(a)<br>| &nbsp;&nbsp; 240437 |
| 355000 | &nbsp;&nbsp; Drive Auto Receivables Trust, Series 2024-2, <br> Class B, 4.520%, 7/16/2029<br>| &nbsp;&nbsp; 355687 |
| 73349 | &nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2023-2, <br> Class A2, 5.560%, 4/22/2030(a)<br>| &nbsp;&nbsp; 73586 |
| 150000 | &nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2024-1, <br> Class A3, 5.160%, 9/20/2030(a)<br>| &nbsp;&nbsp; 151741 |
| 210000 | &nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2024-3, <br> Class A4, 5.060%, 3/20/2031(a)<br>| &nbsp;&nbsp; 212747 |
| 140000 | &nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2025-1, <br> Class A3, 4.820%, 2/20/2029(a)<br>| &nbsp;&nbsp; 141023 |
| 255000 | &nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2025-3, <br> Class A2, 4.500%, 4/20/2028(a)<br>| &nbsp;&nbsp; 255359 |
| 240000 | &nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2025-4, <br> Class A2, 4.050%, 8/20/2028(a)<br>| &nbsp;&nbsp; 239498 |
| 432072 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class A3, 4.740%, 1/16/2029<br>| &nbsp;&nbsp; 432543 |
| 95000 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-4A, Class A3, 4.390%, 9/17/2029<br>| &nbsp;&nbsp; 95124 |
| 175000 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2026-2A, Class A3, 4.450%, 5/15/2030<br>| &nbsp;&nbsp; 175031 |
| 85000 | &nbsp;&nbsp; Exeter Select Automobile Receivables Trust, <br> Series 2025-1, Class A3, 4.690%, 4/15/2030<br>| &nbsp;&nbsp; 85259 |
| 285000 | &nbsp;&nbsp; First Investors Auto Owner Trust, Series 2025-1A, <br> Class C, 4.750%, 12/15/2031(a)<br>| &nbsp;&nbsp; 285270 |
| 270000 | &nbsp;&nbsp; First Investors Auto Owner Trust, Series 2026-1A, <br> Class A3, 4.500%, 5/15/2031(a)<br>| &nbsp;&nbsp; 269986 |
| 450000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2023-2, Class C, <br> 5.810%, 5/15/2029(a)<br>| &nbsp;&nbsp; 452207 |
| 170000 | &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2025-A, <br> Class A3, 4.720%, 6/15/2028<br>| &nbsp;&nbsp; 170720 |
| 260000 | &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2026-A, <br> Class A3, 4.000%, 7/15/2029<br>| &nbsp;&nbsp; 259243 |
| 570000 | &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2021-1, <br> Class A, 1.370%, 10/17/2033(a)<br>| &nbsp;&nbsp; 569353 |
| 1360000 | &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2025-1, <br> Class A, 4.860%, 8/15/2037(a)(b)<br>| &nbsp;&nbsp; 1383778 |
| 143585 | &nbsp;&nbsp; GECU Auto Receivables Trust, Series 2023-1A, <br> Class A3, 5.630%, 8/15/2028(a)<br>| &nbsp;&nbsp; 144025 |
| 308294 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Series 2024-2A, <br> Class B, 5.770%, 11/15/2028(a)<br>| &nbsp;&nbsp; 309604 |
| 170000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Series 2024-3A, <br> Class B, 5.080%, 1/16/2029(a)<br>| &nbsp;&nbsp; 170640 |
| 67896 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Series 2024-4A, <br> Class A3, 4.750%, 7/17/2028(a)<br>| &nbsp;&nbsp; 67963 |
| 120000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Series 2025-2A, <br> Class C, 5.110%, 1/15/2031(a)<br>| &nbsp;&nbsp; 120922 |
| 116295 | &nbsp;&nbsp; GLS Auto Select Receivables Issuer Trust, <br> Series 2025-4A, Class A2, 4.170%, 2/18/2031(a)<br>| &nbsp;&nbsp; 116010 |
| 40602 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, Series 2024-2A, <br> Class A2, 5.580%, 6/17/2030(a)<br>| &nbsp;&nbsp; 40939 |
| 129617 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, Series 2024-3A, <br> Class A2, 5.590%, 10/15/2029(a)<br>| &nbsp;&nbsp; 130469 |

---

See accompanying notes to financial statements.

27 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $97848 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, Series 2024-4A, <br> Class A2, 4.430%, 12/17/2029(a)<br>| &nbsp;&nbsp; $97928 |
| 121108 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, Series 2025-1A, <br> Class A2, 4.710%, 4/15/2030(a)<br>| &nbsp;&nbsp; 121450 |
| 249836 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, Series 2025-3A, <br> Class A2, 4.460%, 10/15/2030(a)<br>| &nbsp;&nbsp; 250064 |
| 160376 | &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2024-3, Class A3, 4.210%, 10/20/2027<br>| &nbsp;&nbsp; 160381 |
| 230000 | &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-1, Class A3, 4.660%, 2/21/2028<br>| &nbsp;&nbsp; 230773 |
| 260000 | &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-3, Class A3, 4.170%, 8/21/2028<br>| &nbsp;&nbsp; 259795 |
| 128446 | &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, Series 2023-B, <br> Class A3, 5.690%, 8/15/2028<br>| &nbsp;&nbsp; 129259 |
| 215000 | &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, Series 2023-B, <br> Class A4, 5.780%, 4/15/2031<br>| &nbsp;&nbsp; 218095 |
| 715000 | &nbsp;&nbsp; Hertz Vehicle Financing III LLC, Series 2023-3A, <br> Class A, 5.940%, 2/25/2028(a)<br>| &nbsp;&nbsp; 722430 |
| 245000 | &nbsp;&nbsp; Hertz Vehicle Financing III LLC, Series 2024-1A, <br> Class A, 5.440%, 1/25/2029(a)<br>| &nbsp;&nbsp; 248398 |
| 245000 | &nbsp;&nbsp; Hertz Vehicle Financing LLC, Series 2022-2A, <br> Class A, 2.330%, 6/26/2028(a)<br>| &nbsp;&nbsp; 239505 |
| 185430 | &nbsp;&nbsp; Huntington Auto Trust, Series 2024-1A, Class A3, <br> 5.230%, 1/16/2029(a)<br>| &nbsp;&nbsp; 186521 |
| 325000 | &nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, <br> Series 2026-A, Class A3, 3.970%, 12/15/2028(a)<br>| &nbsp;&nbsp; 323836 |
| 140000 | &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series 2025-B, <br> Class A3, 4.360%, 12/17/2029<br>| &nbsp;&nbsp; 140351 |
| 225000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2023-4A, <br> Class B, 6.390%, 10/16/2028(a)<br>| &nbsp;&nbsp; 227516 |
| 115000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-1A, <br> Class A4, 5.170%, 9/15/2028(a)<br>| &nbsp;&nbsp; 115352 |
| 85454 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-2A, <br> Class A3, 5.610%, 8/15/2028(a)<br>| &nbsp;&nbsp; 85693 |
| 159841 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-3A, <br> Class A3, 4.520%, 3/15/2029(a)<br>| &nbsp;&nbsp; 160037 |
| 375000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2025-1A, <br> Class A3, 4.690%, 7/16/2029(a)<br>| &nbsp;&nbsp; 376092 |
| 125000 | &nbsp;&nbsp; M&T Bank Auto Receivables Trust, Series 2025-1A, <br> Class A3, 4.730%, 6/17/2030(a)<br>| &nbsp;&nbsp; 125889 |
| 171594 | &nbsp;&nbsp; Merchants Fleet Funding LLC, Series 2023-1A, <br> Class A, 7.210%, 5/20/2036(a)<br>| &nbsp;&nbsp; 172012 |
| 395000 | &nbsp;&nbsp; NextGear Floorplan Master Owner Trust, <br> Series 2025-2A, Class A2, 4.230%, 10/15/2030(a)<br>| &nbsp;&nbsp; 393168 |
| 325000 | &nbsp;&nbsp; NextGear Floorplan Master Owner Trust, <br> Series 2026-1A, Class A2, 4.070%, 2/18/2031(a)<br>| &nbsp;&nbsp; 321848 |
| 140058 | &nbsp;&nbsp; PenFed Auto Receivables Owner Trust, <br> Series 2024-A, Class A3, 4.700%, 6/15/2029(a)<br>| &nbsp;&nbsp; 140350 |
| 100933 | &nbsp;&nbsp; Prestige Auto Receivables Trust, Series 2023-1A, <br> Class C, 5.650%, 2/15/2028(a)<br>| &nbsp;&nbsp; 100982 |
| 85824 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-1, Class C, 5.090%, 5/15/2030<br>| &nbsp;&nbsp; 86245 |
| 170000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-3, Class C, 5.770%, 11/15/2030<br>| &nbsp;&nbsp; 172454 |
| 506688 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-4, Class B, 5.770%, 12/15/2028<br>| &nbsp;&nbsp; 510034 |
| 590000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-5, Class B, 6.160%, 12/17/2029<br>| &nbsp;&nbsp; 595443 |
| 106770 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-3, Class A3, 5.630%, 1/16/2029<br>| &nbsp;&nbsp; 107053 |
| 95000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class A3, 4.670%, 8/15/2029<br>| &nbsp;&nbsp; 95271 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $235000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-4, Class A3, 4.170%, 4/15/2030<br>| &nbsp;&nbsp; $234547 |
| 148228 | &nbsp;&nbsp; SBNA Auto Lease Trust, Series 2024-B, Class A3, <br> 5.560%, 11/22/2027(a)<br>| &nbsp;&nbsp; 148692 |
| 60649 | &nbsp;&nbsp; SBNA Auto Lease Trust, Series 2024-C, Class A3, <br> 4.560%, 2/22/2028(a)<br>| &nbsp;&nbsp; 60701 |
| 159442 | &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, <br> Series 2023-1A, Class A3, 5.470%, 10/20/2028(a)<br>| &nbsp;&nbsp; 160146 |
| 135000 | &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, <br> Series 2024-3A, Class A3, 4.550%, 6/20/2030(a)<br>| &nbsp;&nbsp; 135470 |
| 230000 | &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, <br> Series 2025-1A, Class A3, 4.750%, 7/22/2030(a)<br>| &nbsp;&nbsp; 230946 |
| 400000 | &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, <br> Series 2025-2A, Class A3, 4.440%, 12/20/2030(a)<br>| &nbsp;&nbsp; 400648 |
| 365000 | &nbsp;&nbsp; Stellantis Financial Underwritten Enhanced <br> Lease Trust, Series 2025-BA, Class A3, <br> 4.270%, 1/22/2029(a)<br>| &nbsp;&nbsp; 365369 |
| 625000 | &nbsp;&nbsp; Stellantis Financial Underwritten Enhanced <br> Lease Trust, Series 2025-CA, Class A3, <br> 4.110%, 4/20/2029(a)<br>| &nbsp;&nbsp; 622331 |
| 175613 | &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2023-C, Class A3, 5.160%, 4/17/2028<br>| &nbsp;&nbsp; 176307 |
| 659261 | &nbsp;&nbsp; Toyota Lease Owner Trust, Series 2024-B, Class A3, <br> 4.210%, 9/20/2027(a)<br>| &nbsp;&nbsp; 659302 |
| 260000 | &nbsp;&nbsp; Toyota Lease Owner Trust, Series 2025-B, Class A3, <br> 3.960%, 11/20/2028(a)<br>| &nbsp;&nbsp; 258753 |
| 60000 | &nbsp;&nbsp; USB Auto Owner Trust, Series 2025-1A, Class A3, <br> 4.490%, 6/17/2030(a)<br>| &nbsp;&nbsp; 60121 |
| 59326 | &nbsp;&nbsp; Veros Auto Receivables Trust, Series 2026-1, <br> Class A, 4.530%, 8/15/2028(a)<br>| &nbsp;&nbsp; 59293 |
| 90000 | &nbsp;&nbsp; VStrong Auto Receivables Trust, Series 2024-A, <br> Class B, 5.770%, 7/15/2030(a)<br>| &nbsp;&nbsp; 91041 |
| 695000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-3A, Class C, 6.020%, 9/15/2028(a)<br>| &nbsp;&nbsp; 698903 |
| 137345 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2024-2A, Class A3, 5.560%, 2/15/2028(a)<br>| &nbsp;&nbsp; 137612 |
| 225000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2024-3A, Class A3, 4.710%, 4/17/2028(a)<br>| &nbsp;&nbsp; 225421 |
| 310000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class A3, 4.750%, 8/15/2028(a)<br>| &nbsp;&nbsp; 311061 |
| 115000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-2A, Class A3, 4.510%, 5/15/2029(a)<br>| &nbsp;&nbsp; 115331 |
| 170000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-3A, Class A3, 4.220%, 6/15/2029(a)<br>| &nbsp;&nbsp; 169627 |
| 196905 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2023-1A, <br> Class A, 5.800%, 4/18/2038(a)<br>| &nbsp;&nbsp; 197654 |
| 139252 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2024-1A, <br> Class A1, 5.490%, 2/18/2039(a)<br>| &nbsp;&nbsp; 140467 |
| 151996 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2024-2A, <br> Class A1, 4.870%, 6/21/2039(a)<br>| &nbsp;&nbsp; 153032 |
| 82662 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, <br> Class A1, 4.800%, 9/19/2039(a)<br>| &nbsp;&nbsp; 83247 |
| 235000 | &nbsp;&nbsp; World Omni Auto Receivables Trust, Series 2024-C, <br> Class A3, 4.430%, 12/17/2029<br>| &nbsp;&nbsp; 235606 |
| 400000 | &nbsp;&nbsp; World Omni Auto Receivables Trust, Series 2025-C, <br> Class A3, 4.080%, 11/15/2030<br>| &nbsp;&nbsp; 399390 |
|  |  | &nbsp;&nbsp; 29072405 |
|  | **ABS Credit Card — 0.6%** | **ABS Credit Card — 0.6%** |
| 620000 | &nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2025-A2, Class A, 4.490%, 6/21/2032<br>| &nbsp;&nbsp; 626278 |

---

See accompanying notes to financial statements.

\| 28

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Credit Card — continued** | **ABS Credit Card — continued** |
| $330000 | &nbsp;&nbsp; Mercury Financial Credit Card Master Trust, <br> Series 2024-2A, Class A, 6.560%, 7/20/2029(a)<br>| &nbsp;&nbsp; $330239 |
| 245000 | &nbsp;&nbsp; Mission Lane Credit Card Master Trust, <br> Series 2024-B, Class A, 5.880%, 1/15/2030(a)<br>| &nbsp;&nbsp; 245398 |
|  |  | &nbsp;&nbsp; 1201915 |
|  | **ABS Other — 3.6%** | **ABS Other — 3.6%** |
| 590000 | &nbsp;&nbsp; Applebee's Funding LLC/IHOP Funding LLC, <br> Series 2025-1A, Class A2, 6.720%, 6/07/2055(a)<br>| &nbsp;&nbsp; 590131 |
| 105743 | &nbsp;&nbsp; Aqua Finance Trust, Series 2021-A, Class A, <br> 1.540%, 7/17/2046(a)<br>| &nbsp;&nbsp; 97051 |
| 14541 | &nbsp;&nbsp; Auxilior Term Funding LLC, Series 2023-1A, <br> Class A2, 6.180%, 12/15/2028(a)<br>| &nbsp;&nbsp; 14572 |
| 43217 | &nbsp;&nbsp; BHG Securitization Trust, Series 2024-1CON, <br> Class A, 5.810%, 4/17/2035(a)<br>| &nbsp;&nbsp; 43744 |
| 165596 | &nbsp;&nbsp; BHG Securitization Trust, Series 2025-2CON, <br> Class A, 4.840%, 9/17/2036(a)<br>| &nbsp;&nbsp; 165878 |
| 545000 | &nbsp;&nbsp; Bluepeak ABS Issuer LLC, Series 2025-1A, <br> Class A2, 5.858%, 12/20/2055(a)<br>| &nbsp;&nbsp; 551528 |
| 240000 | &nbsp;&nbsp; Compass Datacenters Issuer II LLC, <br> Series 2024-2A, Class A1, 5.022%, 8/25/2049(a)<br>| &nbsp;&nbsp; 238000 |
| 60000 | &nbsp;&nbsp; Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2, 5.656%, 2/25/2050(a)<br>| &nbsp;&nbsp; 60296 |
| 212576 | &nbsp;&nbsp; Crockett Partners Equipment Co. IIA LLC, <br> Series 2024-1C, Class A, 6.050%, 1/20/2031(a)<br>| &nbsp;&nbsp; 215064 |
| 265000 | &nbsp;&nbsp; CyrusOne Data Centers Issuer I LLC, <br> Series 2025-1A, Class A2, 5.910%, 2/20/2050(a)<br>| &nbsp;&nbsp; 266056 |
| 169178 | &nbsp;&nbsp; Dell Equipment Finance Trust, Series 2023-3, <br> Class A3, 5.930%, 4/23/2029(a)<br>| &nbsp;&nbsp; 169516 |
| 146261 | &nbsp;&nbsp; DLLMT LLC, Series 2023-1A, Class A3, <br> 5.340%, 3/22/2027(a)<br>| &nbsp;&nbsp; 146629 |
| 180000 | &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, <br> Series 2024-1, Class A3, 5.550%, 6/25/2059(a)<br>| &nbsp;&nbsp; 183072 |
| 42369 | &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, <br> Series 2024-2, Class A4, 5.150%, 10/27/2059(a)<br>| &nbsp;&nbsp; 42562 |
| 31401 | &nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2022-2A, <br> Class C, 5.570%, 1/25/2037(a)<br>| &nbsp;&nbsp; 31490 |
| 60000 | &nbsp;&nbsp; Kinetic ABS Issuer LLC, Series 2026-1A, Class A2, <br> 5.219%, 2/25/2056(a)<br>| &nbsp;&nbsp; 59829 |
| 149167 | &nbsp;&nbsp; M&T Equipment Notes, Series 2023-1A, Class A3, <br> 5.740%, 7/15/2030(a)<br>| &nbsp;&nbsp; 149735 |
| 20290 | &nbsp;&nbsp; MVW LLC, Series 2020-1A, Class A, <br> 1.740%, 10/20/2037(a)<br>| &nbsp;&nbsp; 20088 |
| 72082 | &nbsp;&nbsp; MVW LLC, Series 2024-1A, Class A, <br> 5.320%, 2/20/2043(a)<br>| &nbsp;&nbsp; 72778 |
| 133794 | &nbsp;&nbsp; Octane Receivables Trust, Series 2024-2A, <br> Class A2, 5.800%, 7/20/2032(a)<br>| &nbsp;&nbsp; 134692 |
| 370000 | &nbsp;&nbsp; Octane Receivables Trust, Series 2025-1A, <br> Class A2, 4.250%, 2/20/2031(a)<br>| &nbsp;&nbsp; 369482 |
| 280094 | &nbsp;&nbsp; OneMain Financial Issuance Trust, Series 2022-S1, <br> Class A, 4.130%, 5/14/2035(a)<br>| &nbsp;&nbsp; 280081 |
| 282405 | &nbsp;&nbsp; OWN Equipment Fund I LLC, Series 2024-2M, <br> Class A, 5.700%, 12/20/2032(a)<br>| &nbsp;&nbsp; 284102 |
| 15663 | &nbsp;&nbsp; Post Road Equipment Finance LLC, Series 2024-1A, <br> Class A2, 5.590%, 11/15/2029(a)<br>| &nbsp;&nbsp; 15691 |
| 124198 | &nbsp;&nbsp; Reach ABS Trust, Series 2026-1A, Class A, <br> 4.320%, 2/15/2033(a)<br>| &nbsp;&nbsp; 124087 |
| 135000 | &nbsp;&nbsp; Regional Management Issuance Trust, <br> Series 2024-1, Class A, 5.830%, 7/15/2036(a)<br>| &nbsp;&nbsp; 136870 |
| 205000 | &nbsp;&nbsp; Republic Finance Issuance Trust, Series 2024-A, <br> Class A, 5.910%, 8/20/2032(a)<br>| &nbsp;&nbsp; 205767 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $175000 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2024-1A, <br> Class A3, 5.520%, 1/20/2032(a)<br>| &nbsp;&nbsp; $177836 |
| 255000 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2025-1A, <br> Class A3, 5.110%, 11/21/2033(a)<br>| &nbsp;&nbsp; 259230 |
| 360000 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2025-2A, <br> Class A3, 4.330%, 6/20/2036(a)<br>| &nbsp;&nbsp; 357605 |
| 315000 | &nbsp;&nbsp; SEB Funding LLC, Series 2024-1A, Class A2, <br> 7.386%, 4/30/2054(a)<br>| &nbsp;&nbsp; 320597 |
| 440000 | &nbsp;&nbsp; Shentel Issuer LLC, Series 2025-1A, Class A2, <br> 5.640%, 12/20/2055(a)<br>| &nbsp;&nbsp; 443329 |
| 133692 | &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br> Series 2024-2A, Class A, 5.140%, 6/20/2041(a)<br>| &nbsp;&nbsp; 134658 |
| 71353 | &nbsp;&nbsp; SoFi Consumer Loan Program Trust, Series 2025-2, <br> Class A, 4.820%, 6/25/2034(a)<br>| &nbsp;&nbsp; 71489 |
| 75882 | &nbsp;&nbsp; Stream Innovations Issuer Trust, Series 2024-1A, <br> Class A, 6.270%, 7/15/2044(a)<br>| &nbsp;&nbsp; 78111 |
| 149703 | &nbsp;&nbsp; Volofin Finance DAC, Series 2024-1A, Class A, <br> 5.935%, 6/15/2037(a)<br>| &nbsp;&nbsp; 150792 |
| 520000 | &nbsp;&nbsp; Zayo Issuer LLC, Series 2025-2A, Class A2, <br> 5.953%, 6/20/2055(a)<br>| &nbsp;&nbsp; 529056 |
|  |  | &nbsp;&nbsp; 7191494 |
|  | **ABS Residential Mortgage — 0.0%** | **ABS Residential Mortgage — 0.0%** |
| 976 | &nbsp;&nbsp; Countrywide Asset-Backed Certificates, <br> Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)(c)<br>| &nbsp;&nbsp; 924 |
|  | **ABS Student Loan — 0.0%** | **ABS Student Loan — 0.0%** |
| 45755 | &nbsp;&nbsp; Massachusetts Educational Financing Authority, <br> Series 2018-A, Class A, 3.850%, 5/25/2033<br>| &nbsp;&nbsp; 45400 |
| 24140 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2020-GA, Class A, 1.170%, 9/16/2069(a)<br>| &nbsp;&nbsp; 22637 |
|  |  | &nbsp;&nbsp; 68037 |
|  | **ABS Whole Business — 0.1%** | **ABS Whole Business — 0.1%** |
| 155000 | &nbsp;&nbsp; SEB Funding LLC, Series 2026-1A, Class A2, <br> 6.665%, 1/30/2056(a)<br>| &nbsp;&nbsp; 153761 |
|  | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| 275000 | BAE Systems PLC, 5.125%, 3/26/2029(a) | &nbsp;&nbsp; 280659 |
| 300000 | Honeywell Aerospace, Inc., 4.950%, 3/16/2036(a) | &nbsp;&nbsp; 297661 |
|  |  | &nbsp;&nbsp; 578320 |
|  | **Agency Commercial Mortgage-Backed Securities — 1.0%** | **Agency Commercial Mortgage-Backed Securities — 1.0%** |
| 1700000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K540, <br> Class A2, 4.513%, 2/25/2030(b)<br>| &nbsp;&nbsp; 1713561 |
| 336516 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KJ26, <br> Class A2, 2.606%, 7/25/2027<br>| &nbsp;&nbsp; 333114 |
|  |  | &nbsp;&nbsp; 2046675 |
|  | **Airlines — 0.1%** | **Airlines — 0.1%** |
| 190000 | Southwest Airlines Co., 4.375%, 11/15/2028 | &nbsp;&nbsp; 187537 |
|  | **Apartment REITs — 0.3%** | **Apartment REITs — 0.3%** |
| 200000 | Camden Property Trust, 4.900%, 2/28/2036 | &nbsp;&nbsp; 193980 |
| 439000 | Mid-America Apartments LP, 4.650%, 1/15/2033 | &nbsp;&nbsp; 431150 |
|  |  | &nbsp;&nbsp; 625130 |
|  | **Automotive — 3.0%** | **Automotive — 3.0%** |
| 132000 | American Honda Finance Corp., 4.450%, 1/08/2031 | &nbsp;&nbsp; 129382 |
| 570000 | BMW U.S. Capital LLC, 5.000%, 3/19/2033(a) | &nbsp;&nbsp; 563468 |
| 424000 | &nbsp;&nbsp; Daimler Truck Finance North America LLC, <br> 5.375%, 1/13/2032(a)<br>| &nbsp;&nbsp; 430089 |
| 465000 | Denso Corp., 1.239%, 9/16/2026(a) | &nbsp;&nbsp; 458385 |
| 285000 | General Motors Co., 5.625%, 4/15/2030 | &nbsp;&nbsp; 293024 |

---

See accompanying notes to financial statements.

29 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Automotive — continued** | **Automotive — continued** |
| $225000 | &nbsp;&nbsp; General Motors Financial Co., Inc., <br> 5.050%, 4/04/2028<br>| &nbsp;&nbsp; $226953 |
| 155000 | Hyundai Capital America, 4.250%, 9/18/2028(a) | &nbsp;&nbsp; 153594 |
| 177000 | Hyundai Capital America, 5.000%, 4/07/2031(a) | &nbsp;&nbsp; 177112 |
| 375000 | Hyundai Capital America, 5.150%, 3/27/2030(a) | &nbsp;&nbsp; 379002 |
| 345000 | LKQ Corp., 5.750%, 6/15/2028 | &nbsp;&nbsp; 351126 |
| 659000 | &nbsp;&nbsp; Mercedes-Benz Finance North America LLC, <br> 4.250%, 3/10/2029(a)<br>| &nbsp;&nbsp; 654242 |
| 521000 | &nbsp;&nbsp; Mercedes-Benz Finance North America LLC, <br> 4.650%, 4/01/2027(a)<br>| &nbsp;&nbsp; 523458 |
| 290000 | &nbsp;&nbsp; Stellantis Financial Services U.S. Corp., <br> 4.950%, 9/15/2028(a)<br>| &nbsp;&nbsp; 288405 |
| 353000 | Toyota Motor Credit Corp., 4.650%, 9/03/2032 | &nbsp;&nbsp; 350381 |
| 350000 | Toyota Motor Credit Corp., 5.050%, 5/16/2029 | &nbsp;&nbsp; 357468 |
| 240000 | &nbsp;&nbsp; Toyota Motor Credit Corp., Series B, <br> 4.600%, 3/11/2033<br>| &nbsp;&nbsp; 236293 |
| 440000 | &nbsp;&nbsp; Volkswagen Group of America Finance LLC, <br> 5.250%, 3/22/2029(a)<br>| &nbsp;&nbsp; 445262 |
|  |  | &nbsp;&nbsp; 6017644 |
|  | **Banking — 15.3%** | **Banking — 15.3%** |
| 400000 | &nbsp;&nbsp; ABN AMRO Bank NV, (fixed rate to 9/18/2026, <br> variable rate thereafter), 6.339%, 9/18/2027(a)<br>| &nbsp;&nbsp; 403401 |
| 500000 | &nbsp;&nbsp; Ally Financial, Inc., (fixed rate to 7/31/2032, variable <br> rate thereafter), 5.548%, 7/31/2033<br>| &nbsp;&nbsp; 491139 |
| 565000 | &nbsp;&nbsp; American Express Co., (fixed rate to 2/10/2031, <br> variable rate thereafter), 4.456%, 2/10/2032<br>| &nbsp;&nbsp; 559149 |
| 320000 | &nbsp;&nbsp; ANZ New Zealand International Ltd., <br> 4.000%, 1/22/2029(a)<br>| &nbsp;&nbsp; 317321 |
| 325000 | &nbsp;&nbsp; ANZ New Zealand International Ltd., <br> 5.355%, 8/14/2028(a)<br>| &nbsp;&nbsp; 332777 |
| 600000 | &nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, <br> 4.150%, 3/03/2029<br>| &nbsp;&nbsp; 593012 |
| 705000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to 2/06/2031, <br> variable rate thereafter), 4.456%, 2/06/2032<br>| &nbsp;&nbsp; 696177 |
| 235000 | &nbsp;&nbsp; Bank of Montreal, (fixed rate to 1/27/2028, variable <br> rate thereafter), 5.004%, 1/27/2029<br>| &nbsp;&nbsp; 237107 |
| 520000 | &nbsp;&nbsp; Bank of New York Mellon Corp., (fixed rate to <br> 1/22/2029, variable rate thereafter), <br> 4.026%, 1/22/2030<br>| &nbsp;&nbsp; 514795 |
| 87000 | &nbsp;&nbsp; Bank of New York Mellon Corp., (fixed rate to <br> 2/11/2030, variable rate thereafter), <br> 4.942%, 2/11/2031<br>| &nbsp;&nbsp; 88148 |
| 250000 | Bank of New Zealand, 2.285%, 1/27/2027(a) | &nbsp;&nbsp; 246475 |
| 390000 | &nbsp;&nbsp; Bank of Nova Scotia, (fixed rate to 9/15/2030, <br> variable rate thereafter), 4.338%, 9/15/2031<br>| &nbsp;&nbsp; 384777 |
| 350000 | &nbsp;&nbsp; Banque Federative du Credit Mutuel SA, <br> 5.538%, 1/22/2030(a)<br>| &nbsp;&nbsp; 359779 |
| 826000 | &nbsp;&nbsp; Barclays PLC, (fixed rate to 11/11/2028, variable <br> rate thereafter), 4.476%, 11/11/2029<br>| &nbsp;&nbsp; 821469 |
| 340000 | &nbsp;&nbsp; Barclays PLC, (fixed rate to 2/24/2036, variable rate <br> thereafter), 5.207%, 2/24/2037<br>| &nbsp;&nbsp; 329047 |
| 440000 | &nbsp;&nbsp; BNP Paribas SA, (fixed rate to 1/15/2033, variable <br> rate thereafter), 4.916%, 1/15/2034(a)<br>| &nbsp;&nbsp; 430241 |
| 144000 | &nbsp;&nbsp; Canadian Imperial Bank of Commerce, (fixed rate <br> to 1/29/2029, variable rate thereafter), <br> 4.283%, 1/29/2030<br>| &nbsp;&nbsp; 143029 |
| 416000 | &nbsp;&nbsp; Canadian Imperial Bank of Commerce, (fixed rate <br> to 3/31/2028, variable rate thereafter), <br> 4.857%, 3/30/2029<br>| &nbsp;&nbsp; 419328 |
| 330000 | &nbsp;&nbsp; Canadian Imperial Bank of Commerce, <br> 5.237%, 6/28/2027<br>| &nbsp;&nbsp; 333621 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Banking — continued** | **Banking — continued** |
| $290000 | &nbsp;&nbsp; Capital One Financial Corp., (fixed rate to 1/30/2031, <br> variable rate thereafter), 4.722%, 1/30/2032<br>| &nbsp;&nbsp; $285602 |
| 405000 | &nbsp;&nbsp; Capital One Financial Corp., (fixed rate to <br> 10/29/2026, variable rate thereafter), <br> 7.149%, 10/29/2027<br>| &nbsp;&nbsp; 410539 |
| 330000 | &nbsp;&nbsp; Citibank NA, (fixed rate to 11/19/2026, variable rate <br> thereafter), 4.876%, 11/19/2027<br>| &nbsp;&nbsp; 331070 |
| 584000 | &nbsp;&nbsp; Citigroup, Inc., (fixed rate to 5/07/2027, variable rate <br> thereafter), 4.643%, 5/07/2028<br>| &nbsp;&nbsp; 584966 |
| 310000 | &nbsp;&nbsp; Cooperatieve Rabobank UA, (fixed rate to <br> 5/27/2030, variable rate thereafter), <br> 4.990%, 5/27/2031(a)<br>| &nbsp;&nbsp; 312986 |
| 495000 | &nbsp;&nbsp; Credit Agricole SA, (fixed rate to 1/12/2031, variable <br> rate thereafter), 4.656%, 1/12/2032(a)<br>| &nbsp;&nbsp; 488194 |
| 520000 | &nbsp;&nbsp; Danske Bank AS, (fixed rate to 3/27/2031, variable <br> rate thereafter), 4.999%, 3/27/2032(a)<br>| &nbsp;&nbsp; 521293 |
| 260000 | &nbsp;&nbsp; Deutsche Bank AG, (fixed rate to 8/04/2030, <br> variable rate thereafter), 4.950%, 8/04/2031<br>| &nbsp;&nbsp; 259021 |
| 345000 | &nbsp;&nbsp; Deutsche Bank AG, (fixed rate to 5/09/2030, <br> variable rate thereafter), 5.297%, 5/09/2031<br>| &nbsp;&nbsp; 348561 |
| 635000 | &nbsp;&nbsp; DNB Bank ASA, (fixed rate to 3/30/2031, variable <br> rate thereafter), 4.832%, 3/30/2032(a)<br>| &nbsp;&nbsp; 633487 |
| 235000 | &nbsp;&nbsp; DNB Bank ASA, (fixed rate to 11/05/2029, variable <br> rate thereafter), 4.853%, 11/05/2030(a)<br>| &nbsp;&nbsp; 237225 |
| 305000 | &nbsp;&nbsp; Federation des Caisses Desjardins du Quebec, <br> 4.565%, 8/26/2030(a)<br>| &nbsp;&nbsp; 303416 |
| 305000 | &nbsp;&nbsp; Federation des Caisses Desjardins du Quebec, <br> 5.700%, 3/14/2028(a)<br>| &nbsp;&nbsp; 312787 |
| 250000 | &nbsp;&nbsp; Fifth Third Bank NA, (fixed rate to 1/28/2027, <br> variable rate thereafter), 4.967%, 1/28/2028<br>| &nbsp;&nbsp; 250912 |
| 413000 | &nbsp;&nbsp; Goldman Sachs Bank USA, (fixed rate to 5/21/2026, <br> variable rate thereafter), 5.414%, 5/21/2027<br>| &nbsp;&nbsp; 413511 |
| 894000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., (fixed rate to 1/21/2028, <br> variable rate thereafter), 4.148%, 1/21/2029<br>| &nbsp;&nbsp; 888484 |
| 451000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., (fixed rate to <br> 10/21/2035, variable rate thereafter), <br> 4.939%, 10/21/2036<br>| &nbsp;&nbsp; 436756 |
| 512000 | &nbsp;&nbsp; HSBC Holdings PLC, (fixed rate to 3/10/2031, <br> variable rate thereafter), 4.675%, 3/10/2032<br>| &nbsp;&nbsp; 505215 |
| 385000 | &nbsp;&nbsp; HSBC Holdings PLC, (fixed rate to 11/19/2027, <br> variable rate thereafter), 5.130%, 11/19/2028<br>| &nbsp;&nbsp; 387807 |
| 235000 | &nbsp;&nbsp; Huntington Bancshares, Inc., (fixed rate to <br> 1/15/2030, variable rate thereafter), <br> 5.272%, 1/15/2031<br>| &nbsp;&nbsp; 238562 |
| 210000 | &nbsp;&nbsp; Huntington Bancshares, Inc., (fixed rate to <br> 8/21/2028, variable rate thereafter), <br> 6.208%, 8/21/2029<br>| &nbsp;&nbsp; 217858 |
| 450000 | &nbsp;&nbsp; ING Groep NV, (fixed rate to 3/23/2036, variable rate <br> thereafter), 5.420%, 3/23/2037<br>| &nbsp;&nbsp; 448686 |
| 385000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to 6/01/2028, <br> variable rate thereafter), 2.069%, 6/01/2029<br>| &nbsp;&nbsp; 366326 |
| 230000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to 4/22/2029, <br> variable rate thereafter), 5.581%, 4/22/2030<br>| &nbsp;&nbsp; 237053 |
| 469000 | &nbsp;&nbsp; KBC Group NV, (fixed rate to 9/23/2030, variable <br> rate thereafter), 4.454%, 9/23/2031(a)<br>| &nbsp;&nbsp; 461665 |
| 390000 | &nbsp;&nbsp; Lloyds Banking Group PLC, (fixed rate to 2/10/2029, <br> variable rate thereafter), 4.241%, 2/10/2030<br>| &nbsp;&nbsp; 385799 |
| 240000 | &nbsp;&nbsp; M&T Bank Corp., (fixed rate to 7/08/2030, variable <br> rate thereafter), 5.179%, 7/08/2031<br>| &nbsp;&nbsp; 242515 |
| 375000 | &nbsp;&nbsp; Mizuho Financial Group, Inc., (fixed rate to <br> 7/08/2030, variable rate thereafter), <br> 4.711%, 7/08/2031<br>| &nbsp;&nbsp; 374380 |

---

See accompanying notes to financial statements.

\| 30

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Banking — continued** | **Banking — continued** |
| $300000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 1/16/2031, variable <br> rate thereafter), 4.493%, 1/16/2032<br>| &nbsp;&nbsp; $294956 |
| 458000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 10/18/2029, variable <br> rate thereafter), 4.654%, 10/18/2030<br>| &nbsp;&nbsp; 457811 |
| 350000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 1/15/2030, variable <br> rate thereafter), 5.230%, 1/15/2031<br>| &nbsp;&nbsp; 355383 |
| 415000 | &nbsp;&nbsp; Morgan Stanley Bank NA, (fixed rate to 5/26/2027, <br> variable rate thereafter), 5.504%, 5/26/2028<br>| &nbsp;&nbsp; 419720 |
| 324000 | &nbsp;&nbsp; Morgan Stanley Private Bank NA, (fixed rate to <br> 11/19/2030, variable rate thereafter), <br> 4.465%, 11/19/2031<br>| &nbsp;&nbsp; 318972 |
| 465000 | &nbsp;&nbsp; Morgan Stanley Private Bank NA, (fixed rate to <br> 7/18/2030, variable rate thereafter), <br> 4.734%, 7/18/2031<br>| &nbsp;&nbsp; 463560 |
| 355000 | National Bank of Canada, 4.500%, 10/10/2029 | &nbsp;&nbsp; 355200 |
| 276000 | Nationwide Building Society, 5.127%, 7/29/2029(a) | &nbsp;&nbsp; 280421 |
| 430000 | NatWest Markets PLC, 4.789%, 3/21/2028(a) | &nbsp;&nbsp; 432887 |
| 705000 | NatWest Markets PLC, 4.893%, 3/27/2031(a) | &nbsp;&nbsp; 706459 |
| 710000 | &nbsp;&nbsp; PNC Bank NA, (fixed rate to 7/21/2027, variable rate <br> thereafter), 4.429%, 7/21/2028<br>| &nbsp;&nbsp; 709729 |
| 700000 | &nbsp;&nbsp; Royal Bank of Canada, (fixed rate to 8/06/2028, <br> variable rate thereafter), 4.498%, 8/06/2029<br>| &nbsp;&nbsp; 699999 |
| 230000 | &nbsp;&nbsp; Santander U.K. Group Holdings PLC, (fixed rate to <br> 9/22/2035, variable rate thereafter), <br> 5.136%, 9/22/2036<br>| &nbsp;&nbsp; 222103 |
| 280000 | &nbsp;&nbsp; Societe Generale SA, (fixed rate to 5/22/2030, <br> variable rate thereafter), 5.512%, 5/22/2031(a)<br>| &nbsp;&nbsp; 285842 |
| 365000 | &nbsp;&nbsp; Standard Chartered PLC, (fixed rate to 1/13/2029, <br> variable rate thereafter), 4.299%, 1/13/2030(a)<br>| &nbsp;&nbsp; 361146 |
| 340000 | &nbsp;&nbsp; Standard Chartered PLC, (fixed rate to 6/05/2031, <br> variable rate thereafter), 4.529%, 6/05/2032(a)<br>| &nbsp;&nbsp; 331976 |
| 260000 | &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., (fixed rate <br> to 1/15/2036, variable rate thereafter), <br> 5.046%, 1/15/2037<br>| &nbsp;&nbsp; 255697 |
| 400000 | &nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., <br> 5.200%, 3/07/2027(a)<br>| &nbsp;&nbsp; 403561 |
| 425000 | Svenska Handelsbanken AB, 4.375%, 5/23/2028(a) | &nbsp;&nbsp; 426230 |
| 380000 | Swedbank AB, 5.407%, 3/14/2029(a) | &nbsp;&nbsp; 389885 |
| 325000 | Swedbank AB, 6.136%, 9/12/2026(a) | &nbsp;&nbsp; 327567 |
| 70000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 2/25/2031, <br> variable rate thereafter), 4.947%, 2/25/2032<br>| &nbsp;&nbsp; 67935 |
| 145000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 3/06/2030, <br> variable rate thereafter), 5.450%, 3/06/2031<br>| &nbsp;&nbsp; 144880 |
| 240000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 8/02/2029, <br> variable rate thereafter), 5.935%, 8/02/2030<br>| &nbsp;&nbsp; 243851 |
| 285000 | Toronto-Dominion Bank, 4.411%, 1/13/2031 | &nbsp;&nbsp; 282258 |
| 104000 | Toronto-Dominion Bank, MTN, 4.574%, 6/02/2028 | &nbsp;&nbsp; 104321 |
| 485000 | &nbsp;&nbsp; Truist Bank, (fixed rate to 7/24/2027, variable rate <br> thereafter), 4.420%, 7/24/2028<br>| &nbsp;&nbsp; 484975 |
| 521000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 11/06/2032, variable <br> rate thereafter), 4.844%, 11/06/2033(a)<br>| &nbsp;&nbsp; 512451 |
| 585000 | &nbsp;&nbsp; Wells Fargo & Co., (fixed rate to 1/23/2029, variable <br> rate thereafter), 4.182%, 1/23/2030<br>| &nbsp;&nbsp; 579817 |
| 450000 | &nbsp;&nbsp; Wells Fargo & Co., MTN, (fixed rate to 4/22/2027, <br> variable rate thereafter), 5.707%, 4/22/2028<br>| &nbsp;&nbsp; 455805 |
| 330000 | Westpac Banking Corp., 5.050%, 4/16/2029 | &nbsp;&nbsp; 337466 |
| 390000 | Westpac New Zealand Ltd., 4.938%, 2/27/2030(a) | &nbsp;&nbsp; 395838 |
|  |  | &nbsp;&nbsp; 30694169 |
|  | **Brokerage — 1.3%** | **Brokerage — 1.3%** |
| 158000 | Apollo Global Management, Inc., 5.150%, 8/12/2035 | &nbsp;&nbsp; 153024 |
| 125000 | BGC Group, Inc., 6.150%, 4/02/2030 | &nbsp;&nbsp; 127137 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Brokerage — continued** | **Brokerage — continued** |
| $149000 | &nbsp;&nbsp; Brookfield Asset Management Ltd., <br> 4.653%, 11/15/2030<br>| &nbsp;&nbsp; $147678 |
| 310000 | Cantor Fitzgerald LP, 7.200%, 12/12/2028(a) | &nbsp;&nbsp; 322053 |
| 145000 | Jefferies Financial Group, Inc., 5.500%, 2/15/2036 | &nbsp;&nbsp; 139170 |
| 285000 | Jefferies Financial Group, Inc., 5.875%, 7/21/2028 | &nbsp;&nbsp; 291005 |
| 230000 | LPL Holdings, Inc., 5.150%, 6/15/2030 | &nbsp;&nbsp; 231001 |
| 320000 | Lseg U.S. Fin Corp., 5.250%, 3/23/2036(a) | &nbsp;&nbsp; 316857 |
| 275000 | Marex Group PLC, 5.829%, 5/08/2028 | &nbsp;&nbsp; 277968 |
| 113000 | Marex Group PLC, 6.404%, 11/04/2029 | &nbsp;&nbsp; 116375 |
| 420000 | TPG Operating Group II LP, 5.375%, 1/15/2036 | &nbsp;&nbsp; 406184 |
|  |  | &nbsp;&nbsp; 2528452 |
|  | **Cable Satellite — 0.1%** | **Cable Satellite — 0.1%** |
| 260000 | &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital, <br> 6.100%, 6/01/2029<br>| &nbsp;&nbsp; 269321 |
|  | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| 240000 | Cabot Corp., 4.000%, 7/01/2029 | &nbsp;&nbsp; 237126 |
| 470000 | Eastman Chemical Co., 4.500%, 2/20/2031 | &nbsp;&nbsp; 459552 |
| 125000 | LYB International Finance III LLC, 5.125%, 1/15/2031 | &nbsp;&nbsp; 125152 |
| 148000 | Mosaic Co., 4.350%, 1/15/2029 | &nbsp;&nbsp; 147217 |
| 200000 | &nbsp;&nbsp; Orbia Advance Corp. SAB de CV, <br> 6.800%, 5/13/2030(a)<br>| &nbsp;&nbsp; 196560 |
|  |  | &nbsp;&nbsp; 1165607 |
|  | **Collateralized Mortgage Obligations — 0.5%** | **Collateralized Mortgage Obligations — 0.5%** |
| 23910 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2014-H14, Class FA, 1 mo. USD SOFR + <br> 0.614%, 4.297%, 7/20/2064(b)<br>| &nbsp;&nbsp; 23906 |
| 25301 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2014-H15, Class FA, 1 mo. USD SOFR + <br> 0.614%, 4.283%, 7/20/2064(b)<br>| &nbsp;&nbsp; 25297 |
| 113 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H09, Class HA, 1.750%, 3/20/2065(c)<br>| &nbsp;&nbsp; 102 |
| 14041 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H10, Class JA, 2.250%, 4/20/2065<br>| &nbsp;&nbsp; 13557 |
| 69464 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2016-H06, Class FC, 1 mo. USD SOFR + <br> 1.034%, 4.703%, 2/20/2066(b)<br>| &nbsp;&nbsp; 69786 |
| 636975 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2018-H17, Class JA, 3.750%, 9/20/2068(b)<br>| &nbsp;&nbsp; 617050 |
| 46282 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2019-H01, Class FL, 1 mo. USD SOFR + <br> 0.564%, 4.233%, 12/20/2068(b)<br>| &nbsp;&nbsp; 46241 |
| 35901 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2019-H01, Class FT, 1 mo. USD SOFR + <br> 0.514%, 4.183%, 10/20/2068(b)<br>| &nbsp;&nbsp; 35894 |
| 142431 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2019-H10, Class FM, 1 mo. USD SOFR + <br> 0.514%, 4.183%, 5/20/2069(b)<br>| &nbsp;&nbsp; 142209 |
|  |  | &nbsp;&nbsp; 974042 |
|  | **Construction Machinery — 0.4%** | **Construction Machinery — 0.4%** |
| 423000 | &nbsp;&nbsp; Caterpillar Financial Services Corp., <br> 3.950%, 11/14/2028<br>| &nbsp;&nbsp; 420975 |
| 152000 | CNH Industrial Capital LLC, 4.500%, 10/16/2030 | &nbsp;&nbsp; 150054 |
| 285000 | CNH Industrial Capital LLC, 4.750%, 3/21/2028 | &nbsp;&nbsp; 286193 |
|  |  | &nbsp;&nbsp; 857222 |
|  | **Consumer Cyclical Services — 0.4%** | **Consumer Cyclical Services — 0.4%** |
| 139000 | Airbnb, Inc., 4.650%, 3/16/2031 | &nbsp;&nbsp; 138687 |

---

See accompanying notes to financial statements.

31 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Consumer Cyclical Services — continued** | **Consumer Cyclical Services — continued** |
| $325000 | Block Financial LLC, 5.375%, 9/15/2032 | &nbsp;&nbsp; $315412 |
| 285000 | eBay, Inc., 4.250%, 3/06/2029 | &nbsp;&nbsp; 283501 |
|  |  | &nbsp;&nbsp; 737600 |
|  | **Consumer Products — 0.1%** | **Consumer Products — 0.1%** |
| 135000 | Hasbro, Inc., 4.650%, 3/12/2031 | &nbsp;&nbsp; 133315 |
| 165000 | Polaris, Inc., 5.600%, 3/01/2031 | &nbsp;&nbsp; 163522 |
|  |  | &nbsp;&nbsp; 296837 |
|  | **Diversified Manufacturing — 0.8%** | **Diversified Manufacturing — 0.8%** |
| 445000 | Amphenol Corp., 4.375%, 6/12/2028 | &nbsp;&nbsp; 446301 |
| 310000 | &nbsp;&nbsp; Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA, 5.500%, 4/19/2029<br>| &nbsp;&nbsp; 320253 |
| 320000 | Tyco Electronics Group SA, 4.625%, 2/01/2030 | &nbsp;&nbsp; 323057 |
| 305000 | Vertiv Holdings Co., 4.850%, 3/15/2036 | &nbsp;&nbsp; 296572 |
| 270000 | Weir Group, Inc., 5.350%, 5/06/2030(a) | &nbsp;&nbsp; 273578 |
|  |  | &nbsp;&nbsp; 1659761 |
|  | **Electric — 3.0%** | **Electric — 3.0%** |
| 285000 | Alliant Energy Finance LLC, 5.400%, 6/06/2027(a) | &nbsp;&nbsp; 287390 |
| 425000 | Ameren Corp., 5.000%, 1/15/2029 | &nbsp;&nbsp; 431704 |
| 150000 | &nbsp;&nbsp; Capital Power U.S. Holdings, Inc., <br> 5.257%, 6/01/2028(a)<br>| &nbsp;&nbsp; 150893 |
| 120000 | &nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., <br> Series B, 2.900%, 12/01/2026<br>| &nbsp;&nbsp; 119033 |
| 335000 | Dominion Energy, Inc., 4.600%, 5/15/2028 | &nbsp;&nbsp; 336054 |
| 265000 | DTE Energy Co., 4.950%, 7/01/2027 | &nbsp;&nbsp; 266714 |
| 304000 | &nbsp;&nbsp; ENEL Finance International NV, <br> 4.375%, 9/30/2030(a)<br>| &nbsp;&nbsp; 298574 |
| 220000 | Evergy, Inc., 4.250%, 3/15/2029 | &nbsp;&nbsp; 218320 |
| 365000 | Exelon Corp., 4.950%, 3/15/2036 | &nbsp;&nbsp; 354005 |
| 125000 | ITC Holdings Corp., 5.500%, 4/15/2036(a) | &nbsp;&nbsp; 125370 |
| 280000 | Liberty Utilities Co., 5.577%, 1/31/2029(a) | &nbsp;&nbsp; 285440 |
| 365000 | &nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp., <br> MTN, 5.600%, 11/13/2026<br>| &nbsp;&nbsp; 367894 |
| 340000 | &nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp., <br> Series D, 4.050%, 2/09/2029<br>| &nbsp;&nbsp; 337750 |
| 280000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> 4.685%, 9/01/2027<br>| &nbsp;&nbsp; 281351 |
| 300000 | NSTAR Electric Co., 4.850%, 3/01/2030 | &nbsp;&nbsp; 303874 |
| 125000 | Pacific Gas & Electric Co., 5.000%, 6/04/2028 | &nbsp;&nbsp; 126059 |
| 190000 | Pacific Gas & Electric Co., 6.100%, 1/15/2029 | &nbsp;&nbsp; 196608 |
| 260000 | PacifiCorp, 4.250%, 3/15/2029 | &nbsp;&nbsp; 257054 |
| 99000 | PacifiCorp, 5.100%, 4/15/2031 | &nbsp;&nbsp; 99251 |
| 130000 | Public Service Co. of Colorado, 4.150%, 3/13/2029 | &nbsp;&nbsp; 129628 |
| 235000 | &nbsp;&nbsp; Public Service Co. of New Hampshire, <br> 4.400%, 7/01/2028<br>| &nbsp;&nbsp; 235308 |
| 247000 | Southern California Edison Co., 5.150%, 6/01/2029 | &nbsp;&nbsp; 250470 |
| 303000 | Virginia Electric & Power Co., 4.950%, 3/15/2036 | &nbsp;&nbsp; 295362 |
| 135000 | Wisconsin Public Service Corp., 4.550%, 12/01/2029 | &nbsp;&nbsp; 135515 |
| 100000 | Xcel Energy, Inc., 4.750%, 3/21/2028 | &nbsp;&nbsp; 100513 |
| 110000 | &nbsp;&nbsp; Xcel Energy, Inc., (fixed rate to 9/03/2031, variable <br> rate thereafter), 5.750%, 12/03/2056<br>| &nbsp;&nbsp; 107380 |
|  |  | &nbsp;&nbsp; 6097514 |
|  | **Finance Companies — 3.8%** | **Finance Companies — 3.8%** |
| 330000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 4.125%, 2/28/2029<br>| &nbsp;&nbsp; 325536 |
| 275000 | Aircastle Ltd., 2.850%, 1/26/2028(a) | &nbsp;&nbsp; 266407 |
| 190000 | Aircastle Ltd., 6.500%, 7/18/2028(a) | &nbsp;&nbsp; 196984 |
| 90000 | Apollo Debt Solutions BDC, 5.700%, 1/23/2031(a) | &nbsp;&nbsp; 87797 |
| 108000 | Apollo Debt Solutions BDC, 5.875%, 8/30/2030 | &nbsp;&nbsp; 106301 |
| 120000 | ARES Capital Corp., 5.250%, 4/12/2031 | &nbsp;&nbsp; 116003 |
| 230000 | ARES Strategic Income Fund, 5.700%, 3/15/2028 | &nbsp;&nbsp; 229643 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Finance Companies — continued** | **Finance Companies — continued** |
| $82000 | Aviation Capital Group LLC, 4.250%, 4/30/2029(a) | &nbsp;&nbsp; $80805 |
| 230000 | Aviation Capital Group LLC, 5.125%, 4/10/2030(a) | &nbsp;&nbsp; 231198 |
| 73000 | Avolon Holdings Funding Ltd., 4.200%, 4/15/2029(a) | &nbsp;&nbsp; 71632 |
| 292000 | Avolon Holdings Funding Ltd., 4.950%, 1/15/2028(a) | &nbsp;&nbsp; 292961 |
| 294000 | Avolon Holdings Funding Ltd., 4.950%, 10/15/2032(a) | &nbsp;&nbsp; 286349 |
| 170000 | &nbsp;&nbsp; Bain Capital Specialty Finance, Inc., <br> 2.550%, 10/13/2026<br>| &nbsp;&nbsp; 167314 |
| 75000 | &nbsp;&nbsp; Bain Capital Specialty Finance, Inc., <br> 5.950%, 3/15/2030<br>| &nbsp;&nbsp; 72611 |
| 115000 | &nbsp;&nbsp; Bain Capital Specialty Finance, Inc., <br> 5.950%, 3/01/2031<br>| &nbsp;&nbsp; 109713 |
| 315000 | Barings BDC, Inc., 5.200%, 9/15/2028 | &nbsp;&nbsp; 307779 |
| 265000 | Blue Owl Capital Corp., 8.450%, 11/15/2026 | &nbsp;&nbsp; 268466 |
| 215000 | Blue Owl Credit Income Corp., 7.950%, 6/13/2028 | &nbsp;&nbsp; 220251 |
| 285000 | &nbsp;&nbsp; Blue Owl Technology Finance Corp., <br> 6.750%, 4/04/2029<br>| &nbsp;&nbsp; 280467 |
| 200000 | Carlyle Secured Lending, Inc., 5.750%, 2/15/2031 | &nbsp;&nbsp; 188871 |
| 95000 | FS KKR Capital Corp., 6.125%, 1/15/2030 | &nbsp;&nbsp; 90436 |
| 104000 | FS KKR Capital Corp., 7.875%, 1/15/2029 | &nbsp;&nbsp; 105177 |
| 190000 | GATX Corp., 5.400%, 3/15/2027 | &nbsp;&nbsp; 191392 |
| 161000 | GATX Corp., 5.500%, 6/15/2035 | &nbsp;&nbsp; 162328 |
| 72000 | Golub Capital BDC, Inc., 2.500%, 8/24/2026 | &nbsp;&nbsp; 71070 |
| 25000 | Golub Capital BDC, Inc., 6.000%, 7/15/2029 | &nbsp;&nbsp; 24919 |
| 195000 | Golub Capital BDC, Inc., 7.050%, 12/05/2028 | &nbsp;&nbsp; 199437 |
| 75000 | &nbsp;&nbsp; Golub Capital Private Credit Fund, <br> 5.450%, 8/15/2028(a)<br>| &nbsp;&nbsp; 73965 |
| 325000 | Hercules Capital, Inc., 3.375%, 1/20/2027 | &nbsp;&nbsp; 318432 |
| 52000 | Hercules Capital, Inc., 5.350%, 2/10/2029 | &nbsp;&nbsp; 50970 |
| 185000 | HPS Corporate Lending Fund, 5.450%, 11/15/2030(a) | &nbsp;&nbsp; 176904 |
| 185000 | HPS Corporate Lending Fund, 5.650%, 4/02/2031(a) | &nbsp;&nbsp; 177470 |
| 240000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 5.200%, 3/27/2028(a)<br>| &nbsp;&nbsp; 240865 |
| 215000 | Main Street Capital Corp., 3.000%, 7/14/2026 | &nbsp;&nbsp; 213414 |
| 40000 | Main Street Capital Corp., 6.500%, 6/04/2027 | &nbsp;&nbsp; 40342 |
| 255000 | &nbsp;&nbsp; Mitsubishi HC Finance America LLC, <br> 5.150%, 10/24/2029(a)<br>| &nbsp;&nbsp; 258784 |
| 75000 | MSD Investment Corp., 6.125%, 2/05/2031(a) | &nbsp;&nbsp; 72730 |
| 105000 | MSD Investment Corp., 6.250%, 5/31/2030 | &nbsp;&nbsp; 102654 |
| 110000 | New Mountain Finance Corp., 6.200%, 10/15/2027 | &nbsp;&nbsp; 109469 |
| 135000 | &nbsp;&nbsp; North Haven Private Income Fund LLC, <br> 5.125%, 9/25/2028(a)<br>| &nbsp;&nbsp; 131470 |
| 230000 | Sixth Street Lending Partners, 6.500%, 3/11/2029 | &nbsp;&nbsp; 233170 |
| 643000 | Takeoff Merger Sub, Inc., 4.500%, 3/24/2029(a) | &nbsp;&nbsp; 638862 |
|  |  | &nbsp;&nbsp; 7591348 |
|  | **Financial Other — 0.1%** | **Financial Other — 0.1%** |
| 250000 | &nbsp;&nbsp; Atlas Warehouse Lending Co. LP, <br> 4.950%, 11/15/2030(a)<br>| &nbsp;&nbsp; 245230 |
|  | **Food & Beverage — 1.6%** | **Food & Beverage — 1.6%** |
| 445000 | Bacardi-Martini BV, 5.550%, 2/01/2030(a) | &nbsp;&nbsp; 454221 |
| 371000 | Campbell's Co., 4.550%, 3/21/2031 | &nbsp;&nbsp; 359676 |
| 275000 | Cargill, Inc., 4.125%, 10/23/2030(a) | &nbsp;&nbsp; 271016 |
| 556000 | Conagra Brands, Inc., 5.300%, 10/01/2026 | &nbsp;&nbsp; 558530 |
| 310000 | Constellation Brands, Inc., 4.800%, 1/15/2029 | &nbsp;&nbsp; 311826 |
| 113000 | Maple Parent Holdings Corp., 5.050%, 3/26/2031(a) | &nbsp;&nbsp; 112522 |
| 125000 | McCormick & Co., Inc., 4.150%, 2/15/2029 | &nbsp;&nbsp; 123787 |
| 448000 | &nbsp;&nbsp; Pernod Ricard International Finance LLC, <br> 1.250%, 4/01/2028(a)<br>| &nbsp;&nbsp; 420779 |
| 435000 | Suntory Holdings Ltd., 5.124%, 6/11/2029(a) | &nbsp;&nbsp; 441844 |
| 214000 | Sysco Corp., 4.400%, 7/25/2031 | &nbsp;&nbsp; 207549 |
|  |  | &nbsp;&nbsp; 3261750 |

---

See accompanying notes to financial statements.

\| 32

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Gaming — 0.4%** | **Gaming — 0.4%** |
| $180000 | &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., <br> 5.625%, 3/01/2036<br>| &nbsp;&nbsp; $175068 |
| 435000 | Las Vegas Sands Corp., 5.625%, 6/15/2028 | &nbsp;&nbsp; 440664 |
| 180000 | VICI Properties LP, 4.750%, 4/01/2028 | &nbsp;&nbsp; 180183 |
|  |  | &nbsp;&nbsp; 795915 |
|  | **Government Owned - No Guarantee — 0.2%** | **Government Owned - No Guarantee — 0.2%** |
| 445000 | Antares Holdings LP, 3.750%, 7/15/2027(a) | &nbsp;&nbsp; 432470 |
|  | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| 355000 | &nbsp;&nbsp; Omega Healthcare Investors, Inc., <br> 5.200%, 7/01/2030<br>| &nbsp;&nbsp; 356442 |
|  | **Health Insurance — 0.2%** | **Health Insurance — 0.2%** |
| 371000 | Elevance Health, Inc., 4.000%, 9/15/2028 | &nbsp;&nbsp; 367778 |
|  | **Healthcare — 1.2%** | **Healthcare — 1.2%** |
| 352000 | Abbott Laboratories, 4.650%, 3/15/2036 | &nbsp;&nbsp; 344206 |
| 441000 | Cardinal Health, Inc., 5.000%, 11/15/2029 | &nbsp;&nbsp; 447631 |
| 375000 | Cencora, Inc., 4.900%, 2/13/2036 | &nbsp;&nbsp; 367404 |
| 124000 | &nbsp;&nbsp; GE HealthCare Technologies, Inc., <br> 4.150%, 12/15/2028<br>| &nbsp;&nbsp; 123190 |
| 275000 | Illumina, Inc., 4.650%, 9/09/2026 | &nbsp;&nbsp; 275034 |
| 330000 | Illumina, Inc., 4.750%, 12/12/2030 | &nbsp;&nbsp; 328299 |
| 320000 | IQVIA, Inc., 5.700%, 5/15/2028 | &nbsp;&nbsp; 326195 |
| 195000 | Universal Health Services, Inc., 4.625%, 10/15/2029 | &nbsp;&nbsp; 192728 |
|  |  | &nbsp;&nbsp; 2404687 |
|  | **Hybrid ARMs — 0.0%** | **Hybrid ARMs — 0.0%** |
| 8468 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.225%, 6.234%, 1/01/2035(b)<br>| &nbsp;&nbsp; 8704 |
| 14488 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.500%, 6.523%, 5/01/2036(b)<br>| &nbsp;&nbsp; 14961 |
|  |  | &nbsp;&nbsp; 23665 |
|  | **Industrial Other — 0.3%** | **Industrial Other — 0.3%** |
| 271000 | Jacobs Solutions, Inc., 4.750%, 3/03/2031 | &nbsp;&nbsp; 267207 |
| 436000 | WSP Global, Inc., 5.714%, 9/18/2036(a) | &nbsp;&nbsp; 432077 |
|  |  | &nbsp;&nbsp; 699284 |
|  | **Integrated Energy — 0.2%** | **Integrated Energy — 0.2%** |
| 340000 | Chevron USA, Inc., 4.687%, 4/15/2030 | &nbsp;&nbsp; 345285 |
|  | **Life Insurance — 5.2%** | **Life Insurance — 5.2%** |
| 62000 | &nbsp;&nbsp; American National Global Funding, <br> 4.625%, 12/15/2028(a)<br>| &nbsp;&nbsp; 61524 |
| 205000 | &nbsp;&nbsp; American National Global Funding, <br> 5.250%, 6/03/2030(a)<br>| &nbsp;&nbsp; 204165 |
| 181000 | American National Group, Inc., 6.000%, 7/15/2035 | &nbsp;&nbsp; 176454 |
| 77000 | Athene Global Funding, 4.830%, 5/09/2028(a) | &nbsp;&nbsp; 76725 |
| 359000 | Athene Global Funding, 5.380%, 1/07/2030(a) | &nbsp;&nbsp; 359569 |
| 400000 | &nbsp;&nbsp; Brighthouse Financial Global Funding, <br> 5.550%, 4/09/2027(a)<br>| &nbsp;&nbsp; 402574 |
| 409000 | CNO Global Funding, 2.650%, 1/06/2029(a) | &nbsp;&nbsp; 387442 |
| 53000 | CNO Global Funding, 4.375%, 9/08/2028(a) | &nbsp;&nbsp; 52548 |
| 260000 | Corebridge Global Funding, 5.200%, 6/24/2029(a) | &nbsp;&nbsp; 263409 |
| 367000 | F&G Global Funding, 4.500%, 1/09/2029(a) | &nbsp;&nbsp; 359487 |
| 82000 | F&G Global Funding, 4.650%, 9/08/2028(a) | &nbsp;&nbsp; 80970 |
| 250000 | Fortitude Global Funding, 4.625%, 10/06/2028(a) | &nbsp;&nbsp; 247462 |
| 220000 | GA Global Funding Trust, 5.500%, 4/01/2032(a) | &nbsp;&nbsp; 216921 |
| 355000 | &nbsp;&nbsp; Jackson National Life Global Funding, <br> 4.550%, 9/09/2030(a)<br>| &nbsp;&nbsp; 347778 |
| 315000 | &nbsp;&nbsp; Jackson National Life Global Funding, <br> 4.700%, 6/05/2028(a)<br>| &nbsp;&nbsp; 314844 |
| 210000 | &nbsp;&nbsp; Lincoln Financial Global Funding, <br> 4.200%, 1/12/2029(a)<br>| &nbsp;&nbsp; 207651 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Life Insurance — continued** | **Life Insurance — continued** |
| $292000 | &nbsp;&nbsp; Lincoln Financial Global Funding, <br> 4.625%, 5/28/2028(a)<br>| &nbsp;&nbsp; $292042 |
| 316000 | MassMutual Global Funding II, 4.000%, 1/22/2029(a) | &nbsp;&nbsp; 312663 |
| 388000 | MassMutual Global Funding II, 4.950%, 1/10/2030(a) | &nbsp;&nbsp; 392156 |
| 148000 | &nbsp;&nbsp; MetLife, Inc., (fixed rate to 3/15/2036, variable rate <br> thereafter), 5.850%, 3/15/2056<br>| &nbsp;&nbsp; 145261 |
| 9000 | &nbsp;&nbsp; Mutual of Omaha Cos Global Funding, <br> 4.546%, 1/13/2031(a)<br>| &nbsp;&nbsp; 8889 |
| 399000 | &nbsp;&nbsp; Mutual of Omaha Cos Global Funding, <br> 5.000%, 4/01/2030(a)<br>| &nbsp;&nbsp; 401515 |
| 111000 | New York Life Global Funding, 4.050%, 2/02/2029(a) | &nbsp;&nbsp; 110146 |
| 125000 | New York Life Global Funding, 4.150%, 7/25/2028(a) | &nbsp;&nbsp; 124589 |
| 450000 | New York Life Global Funding, 5.000%, 6/06/2029(a) | &nbsp;&nbsp; 457380 |
| 201000 | Nippon Life Insurance Co., 4.748%, 4/02/2031(a) | &nbsp;&nbsp; 201503 |
| 332000 | NLG Global Funding, 4.350%, 9/15/2030(a) | &nbsp;&nbsp; 326082 |
| 130000 | NLG Global Funding, 5.400%, 1/23/2030(a) | &nbsp;&nbsp; 132932 |
| 325000 | &nbsp;&nbsp; Northwestern Mutual Global Funding, <br> 4.900%, 6/12/2028(a)<br>| &nbsp;&nbsp; 328403 |
| 332000 | Pacific Life Global Funding II, 4.850%, 2/10/2030(a) | &nbsp;&nbsp; 334932 |
| 395000 | Pricoa Global Funding I, 4.750%, 8/26/2032(a) | &nbsp;&nbsp; 390170 |
| 336000 | &nbsp;&nbsp; Principal Life Global Funding II, <br> 5.100%, 1/25/2029(a)<br>| &nbsp;&nbsp; 341128 |
| 243000 | Protective Life Corp., 4.700%, 1/15/2031(a) | &nbsp;&nbsp; 240659 |
| 380000 | Protective Life Global Funding, 5.215%, 6/12/2029(a) | &nbsp;&nbsp; 386973 |
| 393000 | RGA Global Funding, 4.600%, 11/25/2030(a) | &nbsp;&nbsp; 388398 |
| 406000 | &nbsp;&nbsp; Sammons Financial Group Global Funding, <br> 4.950%, 6/12/2030(a)<br>| &nbsp;&nbsp; 406128 |
| 173000 | SBL Holdings, Inc., 5.900%, 9/26/2028(a) | &nbsp;&nbsp; 163271 |
| 345000 | SBL Holdings, Inc., 7.200%, 10/30/2034(a) | &nbsp;&nbsp; 301879 |
| 336000 | &nbsp;&nbsp; Western-Southern Global Funding, <br> 4.500%, 7/16/2028(a)<br>| &nbsp;&nbsp; 335891 |
| 105000 | &nbsp;&nbsp; Western-Southern Global Funding, <br> 4.700%, 12/10/2032(a)<br>| &nbsp;&nbsp; 102256 |
|  |  | &nbsp;&nbsp; 10384769 |
|  | **Lodging — 0.3%** | **Lodging — 0.3%** |
| 295000 | Hyatt Hotels Corp., 5.250%, 6/30/2029 | &nbsp;&nbsp; 299605 |
| 360000 | Marriott International, Inc., 5.550%, 10/15/2028 | &nbsp;&nbsp; 369333 |
|  |  | &nbsp;&nbsp; 668938 |
|  | **Media Entertainment — 0.3%** | **Media Entertainment — 0.3%** |
| 196000 | Omnicom Group, Inc., 5.000%, 6/02/2033 | &nbsp;&nbsp; 191439 |
| 385000 | &nbsp;&nbsp; Take-Two Interactive Software, Inc., <br> 4.950%, 3/28/2028<br>| &nbsp;&nbsp; 388520 |
| 120000 | &nbsp;&nbsp; Take-Two Interactive Software, Inc., <br> 5.400%, 6/12/2029<br>| &nbsp;&nbsp; 122629 |
|  |  | &nbsp;&nbsp; 702588 |
|  | **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** |
| 205000 | Glencore Funding LLC, 5.186%, 4/01/2030(a) | &nbsp;&nbsp; 207843 |
| 500000 | Glencore Funding LLC, 5.508%, 4/01/2036(a) | &nbsp;&nbsp; 501082 |
| 413000 | Rio Tinto Finance USA PLC, 4.875%, 3/14/2030 | &nbsp;&nbsp; 419466 |
|  |  | &nbsp;&nbsp; 1128391 |
|  | **Midstream — 0.7%** | **Midstream — 0.7%** |
| 508000 | Energy Transfer LP, 4.550%, 1/15/2031 | &nbsp;&nbsp; 503388 |
| 322000 | Kinder Morgan, Inc., 5.100%, 8/01/2029 | &nbsp;&nbsp; 328554 |
| 205000 | &nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance Corp., <br> 5.600%, 1/15/2036<br>| &nbsp;&nbsp; 205664 |
| 338000 | Targa Resources Corp., 4.350%, 1/15/2029 | &nbsp;&nbsp; 336584 |
|  |  | &nbsp;&nbsp; 1374190 |

---

See accompanying notes to financial statements.

33 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — 0.4%** | **Mortgage Related — 0.4%** |
| $51 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 3.000%, 10/01/2026<br>| &nbsp;&nbsp; $51 |
| 4707 | &nbsp;&nbsp; Government National Mortgage Association, <br> 3.890%, 5/20/2062(b)<br>| &nbsp;&nbsp; 4595 |
| 2545 | &nbsp;&nbsp; Government National Mortgage Association, <br> 3.890%, 10/20/2062(b)<br>| &nbsp;&nbsp; 2527 |
| 13402 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.015%, 4/20/2063(b)<br>| &nbsp;&nbsp; 13238 |
| 26462 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.162%, 9/20/2066(b)<br>| &nbsp;&nbsp; 26272 |
| 37870 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.172%, 10/20/2066(b)<br>| &nbsp;&nbsp; 37631 |
| 45958 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.340%, 10/20/2066(b)<br>| &nbsp;&nbsp; 45798 |
| 38565 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.349%, 11/20/2066(b)<br>| &nbsp;&nbsp; 38419 |
| 626 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.394%, 11/20/2064(b)<br>| &nbsp;&nbsp; 616 |
| 210564 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.559%, 7/20/2067(b)<br>| &nbsp;&nbsp; 209961 |
| 27339 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.599%, 9/20/2066(b)<br>| &nbsp;&nbsp; 27287 |
| 274786 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.691%, 4/20/2067(b)<br>| &nbsp;&nbsp; 274249 |
| 17278 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 8/20/2066(b)<br>| &nbsp;&nbsp; 17241 |
| 8350 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 10/20/2066(b)<br>| &nbsp;&nbsp; 8334 |
| 7396 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 11/20/2066(b)<br>| &nbsp;&nbsp; 7380 |
| 15874 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 1/20/2067(b)<br>| &nbsp;&nbsp; 15803 |
|  |  | &nbsp;&nbsp; 729402 |
|  | **Natural Gas — 0.3%** | **Natural Gas — 0.3%** |
| 380000 | NiSource, Inc., 5.200%, 7/01/2029 | &nbsp;&nbsp; 387517 |
| 155000 | Sempra, 5.400%, 8/01/2026 | &nbsp;&nbsp; 155247 |
|  |  | &nbsp;&nbsp; 542764 |
|  | **Non-Agency Commercial Mortgage-Backed Securities — 7.4%** | **Non-Agency Commercial Mortgage-Backed Securities — 7.4%** |
| 105000 | &nbsp;&nbsp; ALA Trust, Series 2025-OANA, Class A, 1 mo. USD <br> SOFR + 1.743%, 5.416%, 6/15/2040(a)(b)<br>| &nbsp;&nbsp; 105263 |
| 270000 | &nbsp;&nbsp; Bank, Series 2020-BN25, Class A5, <br> 2.649%, 1/15/2063<br>| &nbsp;&nbsp; 249730 |
| 870000 | &nbsp;&nbsp; Bank, Series 2021-BN37, Class A5, <br> 2.618%, 11/15/2064(b)<br>| &nbsp;&nbsp; 774142 |
| 635000 | &nbsp;&nbsp; Bank5, Series 2023-5YR3, Class A3, <br> 6.724%, 9/15/2056(b)<br>| &nbsp;&nbsp; 663872 |
| 333261 | &nbsp;&nbsp; Bank5, Series 2023-5YR4, Class A3, <br> 6.500%, 12/15/2056<br>| &nbsp;&nbsp; 346097 |
| 985000 | &nbsp;&nbsp; Bank5 Trust, Series 2024-5YR6, Class A3, <br> 6.225%, 5/15/2057<br>| &nbsp;&nbsp; 1024608 |
| 865000 | &nbsp;&nbsp; BBCMS Mortgage Trust, Series 2021-C12, Class A5, <br> 2.689%, 11/15/2054<br>| &nbsp;&nbsp; 768200 |
| 285000 | &nbsp;&nbsp; Benchmark Mortgage Trust, Series 2020-B16, <br> Class A5, 2.732%, 2/15/2053<br>| &nbsp;&nbsp; 265157 |
| 520000 | &nbsp;&nbsp; Benchmark Mortgage Trust, Series 2023-V2, <br> Class A3, 5.812%, 5/15/2055(b)<br>| &nbsp;&nbsp; 531147 |
| 285000 | &nbsp;&nbsp; BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class A, 1 mo. USD SOFR + <br> 1.500%, 5.173%, 11/15/2042(a)(b)<br>| &nbsp;&nbsp; 284644 |
| 520000 | &nbsp;&nbsp; BPR Trust, Series 2021-NRD, Class A, 1 mo. USD <br> SOFR + 1.525%, 5.198%, 12/15/2038(a)(b)<br>| &nbsp;&nbsp; 516968 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $395000 | &nbsp;&nbsp; BX Trust, Series 2024-VLT4, Class A, 1 mo. USD <br> SOFR + 1.491%, 5.164%, 6/15/2041(a)(b)<br>| &nbsp;&nbsp; $392531 |
| 145000 | &nbsp;&nbsp; BX Trust, Series 2025-DELC, Class A, 1 mo. USD <br> SOFR + 1.550%, 5.223%, 12/15/2042(a)(b)<br>| &nbsp;&nbsp; 145122 |
| 475000 | &nbsp;&nbsp; BX Trust, Series 2025-VLT7, Class A, 1 mo. USD <br> SOFR + 1.700%, 5.373%, 7/15/2044(a)(b)<br>| &nbsp;&nbsp; 472922 |
| 595000 | &nbsp;&nbsp; CHI Commercial Mortgage Trust, Series 2025-SFT, <br> Class A, 5.117%, 4/15/2042(a)(b)<br>| &nbsp;&nbsp; 602998 |
| 540000 | &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2019-C7, Class A4, 3.102%, 12/15/2072<br>| &nbsp;&nbsp; 511086 |
| 286525 | &nbsp;&nbsp; Commercial Mortgage Pass-Through Certificates, <br> Series 2012-LTRT, Class A2, 3.400%, 10/05/2030(a)<br>| &nbsp;&nbsp; 284571 |
| 100000 | &nbsp;&nbsp; Commercial Mortgage Trust, Series 2024-CBM, <br> Class A2, 5.867%, 12/10/2041(a)(b)<br>| &nbsp;&nbsp; 100279 |
| 795000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, Series 2014-USA, <br> Class A2, 3.953%, 9/15/2037(a)<br>| &nbsp;&nbsp; 727935 |
| 470000 | &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2019-C18, Class A4, 2.968%, 12/15/2052<br>| &nbsp;&nbsp; 442848 |
| 335000 | &nbsp;&nbsp; DC Commercial Mortgage Trust, Series 2023-DC, <br> Class A, 6.314%, 9/12/2040(a)<br>| &nbsp;&nbsp; 341445 |
| 100000 | &nbsp;&nbsp; Extended Stay America Trust, Series 2025-ESH, <br> Class A, 1 mo. USD SOFR + 1.300%, <br> 4.973%, 10/15/2042(a)(b)<br>| &nbsp;&nbsp; 100000 |
| 257577 | &nbsp;&nbsp; Extended Stay America Trust, Series 2026-ESH2, <br> Class A, 1 mo. USD SOFR + 1.200%, <br> 4.873%, 2/15/2043(a)(b)<br>| &nbsp;&nbsp; 257577 |
| 570863 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2012-BWTR, Class A, 2.954%, 11/05/2034(a)<br>| &nbsp;&nbsp; 499107 |
| 440000 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2013-PEMB, Class A, 3.550%, 3/05/2033(a)(b)<br>| &nbsp;&nbsp; 341044 |
| 245000 | &nbsp;&nbsp; GS Mortgage Securities Trust, Series 2020-GC45, <br> Class A5, 2.911%, 2/13/2053<br>| &nbsp;&nbsp; 231213 |
| 180000 | &nbsp;&nbsp; Hudsons Bay Simon JV Trust, Series 2015-HB10, <br> Class A10, 4.155%, 8/05/2034(a)<br>| &nbsp;&nbsp; 172462 |
| 255000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, Class A, 1 mo. <br> USD SOFR + 1.600%, 5.273%, 1/15/2042(a)(b)<br>| &nbsp;&nbsp; 254362 |
| 575000 | &nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, <br> Series 2019-COR5, Class A4, 3.386%, 6/13/2052<br>| &nbsp;&nbsp; 542798 |
| 18505 | &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch <br> Trust, Series 2015-C22, Class A4, 3.306%, 4/15/2048<br>| &nbsp;&nbsp; 18209 |
| 550000 | &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2020-L4, <br> Class A3, 2.698%, 2/15/2053<br>| &nbsp;&nbsp; 509003 |
| 475000 | &nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC, <br> Series 2021-1, Class A1, 1.910%, 10/20/2061(a)<br>| &nbsp;&nbsp; 398706 |
| 465000 | &nbsp;&nbsp; SCOTT Trust, Series 2023-SFS, Class A, <br> 5.910%, 3/10/2040(a)<br>| &nbsp;&nbsp; 473355 |
| 210000 | &nbsp;&nbsp; TCO Commercial Mortgage Trust, <br> Series 2024-DPM, Class A, 1 mo. USD SOFR + <br> 1.243%, 4.915%, 12/15/2039(a)(b)<br>| &nbsp;&nbsp; 209672 |
| 490000 | &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, <br> Series 2020-C58, Class A4, 2.092%, 7/15/2053<br>| &nbsp;&nbsp; 437257 |
| 825000 | &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, <br> Series 2022-C62, Class A4, 4.000%, 4/15/2055(b)<br>| &nbsp;&nbsp; 785113 |
|  |  | &nbsp;&nbsp; 14781443 |
|  | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
| 120000 | Cousins Properties LP, 4.875%, 3/01/2033 | &nbsp;&nbsp; 115532 |
|  | **Oil Field Services — 0.1%** | **Oil Field Services — 0.1%** |
| 240000 | Helmerich & Payne, Inc., 5.500%, 12/01/2034 | &nbsp;&nbsp; 235935 |

---

See accompanying notes to financial statements.

\| 34

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Other REITs — 0.6%** | **Other REITs — 0.6%** |
| $299000 | EPR Properties, 4.750%, 11/15/2030 | &nbsp;&nbsp; $291821 |
| 195000 | Extra Space Storage LP, 5.700%, 4/01/2028 | &nbsp;&nbsp; 199105 |
| 200000 | Host Hotels & Resorts LP, 4.250%, 12/15/2028 | &nbsp;&nbsp; 197630 |
| 430000 | &nbsp;&nbsp; Prologis Targeted U.S. Logistics Fund LP, <br> 4.625%, 3/15/2033(a)<br>| &nbsp;&nbsp; 418162 |
|  |  | &nbsp;&nbsp; 1106718 |
|  | **Packaging — 0.3%** | **Packaging — 0.3%** |
| 148000 | &nbsp;&nbsp; Amcor Flexibles North America, Inc., <br> 4.800%, 3/17/2028<br>| &nbsp;&nbsp; 148894 |
| 180000 | &nbsp;&nbsp; Amcor Flexibles North America, Inc., <br> 5.125%, 3/12/2036<br>| &nbsp;&nbsp; 174999 |
| 335000 | Amcor Group Finance PLC, 5.450%, 5/23/2029 | &nbsp;&nbsp; 343245 |
|  |  | &nbsp;&nbsp; 667138 |
|  | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| 131000 | AbbVie, Inc., 4.125%, 3/15/2031 | &nbsp;&nbsp; 129099 |
| 455000 | GlaxoSmithKline Capital, Inc., 4.500%, 4/15/2030 | &nbsp;&nbsp; 457828 |
| 275000 | Merck & Co., Inc., 4.750%, 12/04/2035 | &nbsp;&nbsp; 269840 |
| 500000 | Novartis Capital Corp., 4.100%, 11/05/2030 | &nbsp;&nbsp; 494430 |
| 340000 | Novartis Capital Corp., 4.900%, 3/18/2036 | &nbsp;&nbsp; 339187 |
|  |  | &nbsp;&nbsp; 1690384 |
|  | **Property & Casualty Insurance — 1.1%** | **Property & Casualty Insurance — 1.1%** |
| 270000 | Brown & Brown, Inc., 4.700%, 6/23/2028 | &nbsp;&nbsp; 270781 |
| 435000 | Chubb INA Holdings LLC, 4.650%, 8/15/2029 | &nbsp;&nbsp; 439891 |
| 382000 | Enact Holdings, Inc., 6.250%, 5/28/2029 | &nbsp;&nbsp; 393151 |
| 370000 | Essent Group Ltd., 6.250%, 7/01/2029 | &nbsp;&nbsp; 382737 |
| 280000 | Progressive Corp., 5.150%, 3/26/2036 | &nbsp;&nbsp; 280395 |
| 193000 | SiriusPoint Ltd., 7.000%, 4/05/2029 | &nbsp;&nbsp; 201411 |
| 240000 | Trustage Financial Group, Inc., 4.625%, 4/15/2032(a) | &nbsp;&nbsp; 229412 |
|  |  | &nbsp;&nbsp; 2197778 |
|  | **Railroads — 0.1%** | **Railroads — 0.1%** |
| 220000 | Canadian Pacific Railway Co., 4.000%, 3/15/2029 | &nbsp;&nbsp; 217594 |
|  | **Restaurants — 0.2%** | **Restaurants — 0.2%** |
| 330000 | Darden Restaurants, Inc., 4.550%, 10/15/2029 | &nbsp;&nbsp; 329410 |
|  | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** |
| 230000 | Realty Income Corp., 4.750%, 4/15/2033 | &nbsp;&nbsp; 226875 |
| 75000 | Regency Centers LP, 4.500%, 3/15/2033 | &nbsp;&nbsp; 73135 |
| 454000 | Simon Property Group LP, 4.300%, 1/15/2031 | &nbsp;&nbsp; 447432 |
|  |  | &nbsp;&nbsp; 747442 |
|  | **Retailers — 1.2%** | **Retailers — 1.2%** |
| 381000 | &nbsp;&nbsp; Alimentation Couche-Tard, Inc., <br> 4.148%, 9/29/2028(a)<br>| &nbsp;&nbsp; 378335 |
| 462000 | Amazon.com, Inc., 4.650%, 11/20/2035 | &nbsp;&nbsp; 453013 |
| 285000 | Amazon.com, Inc., 4.875%, 3/13/2036 | &nbsp;&nbsp; 282403 |
| 199000 | AutoNation, Inc., 4.450%, 1/15/2029 | &nbsp;&nbsp; 197346 |
| 367000 | AutoZone, Inc., 5.050%, 7/15/2026 | &nbsp;&nbsp; 367605 |
| 300000 | Genuine Parts Co., 4.950%, 8/15/2029 | &nbsp;&nbsp; 298954 |
| 353000 | PVH Corp., 5.500%, 6/13/2030 | &nbsp;&nbsp; 355622 |
|  |  | &nbsp;&nbsp; 2333278 |
|  | **Sovereigns — 0.2%** | **Sovereigns — 0.2%** |
| 355000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 5.375%, 3/22/2033<br>| &nbsp;&nbsp; 346658 |
|  | **Technology — 3.8%** | **Technology — 3.8%** |
| 347000 | Alphabet, Inc., 4.100%, 2/15/2031 | &nbsp;&nbsp; 344589 |
| 322000 | Analog Devices, Inc., 4.250%, 6/15/2028 | &nbsp;&nbsp; 322509 |
| 340000 | Arrow Electronics, Inc., 5.150%, 8/21/2029 | &nbsp;&nbsp; 343488 |
| 305000 | Avnet, Inc., 6.250%, 3/15/2028 | &nbsp;&nbsp; 314141 |
| 395000 | Broadcom, Inc., 5.050%, 7/12/2029 | &nbsp;&nbsp; 403167 |
| 400000 | CDW LLC/CDW Finance Corp., 3.276%, 12/01/2028 | &nbsp;&nbsp; 384072 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $399000 | CGI, Inc., 4.950%, 3/14/2030 | &nbsp;&nbsp; $401067 |
| 315000 | Equifax, Inc., 4.800%, 9/15/2029 | &nbsp;&nbsp; 316851 |
| 250000 | Equifax, Inc., 5.100%, 6/01/2028 | &nbsp;&nbsp; 253185 |
| 209000 | &nbsp;&nbsp; Equinix Europe 2 Financing Corp. LLC, <br> 4.600%, 11/15/2030<br>| &nbsp;&nbsp; 207051 |
| 336000 | &nbsp;&nbsp; Fidelity National Information Services, Inc., <br> 4.800%, 3/10/2031<br>| &nbsp;&nbsp; 333363 |
| 250000 | Flex Ltd., 6.000%, 1/15/2028 | &nbsp;&nbsp; 255108 |
| 422000 | Gartner, Inc., 5.600%, 11/20/2035 | &nbsp;&nbsp; 400282 |
| 417000 | Global Payments, Inc., 4.875%, 11/15/2030 | &nbsp;&nbsp; 409511 |
| 455000 | Hewlett Packard Enterprise Co., 4.400%, 10/15/2030 | &nbsp;&nbsp; 446729 |
| 375000 | Hewlett Packard Enterprise Co., 5.250%, 4/01/2033 | &nbsp;&nbsp; 372775 |
| 156000 | Jabil, Inc., 4.200%, 2/01/2029 | &nbsp;&nbsp; 154107 |
| 250000 | Microchip Technology, Inc., 5.050%, 2/15/2030 | &nbsp;&nbsp; 252164 |
| 245000 | &nbsp;&nbsp; NXP BV/NXP Funding LLC/NXP USA, Inc., <br> 4.300%, 8/19/2028<br>| &nbsp;&nbsp; 243816 |
| 482000 | Oracle Corp., 4.950%, 2/04/2031 | &nbsp;&nbsp; 471608 |
| 155000 | Oracle Corp., 5.700%, 2/04/2036 | &nbsp;&nbsp; 149031 |
| 130000 | Roper Technologies, Inc., 4.250%, 9/15/2028 | &nbsp;&nbsp; 129152 |
| 352000 | Salesforce, Inc., 5.550%, 3/15/2036 | &nbsp;&nbsp; 350905 |
| 250000 | TD SYNNEX Corp., 4.300%, 1/17/2029 | &nbsp;&nbsp; 247222 |
| 202000 | Western Union Co., 4.750%, 6/15/2029 | &nbsp;&nbsp; 200201 |
|  |  | &nbsp;&nbsp; 7706094 |
|  | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| 400000 | Imperial Brands Finance PLC, 4.500%, 6/30/2028(a) | &nbsp;&nbsp; 400295 |
|  | **Transportation Services — 0.7%** | **Transportation Services — 0.7%** |
| 164000 | &nbsp;&nbsp; Element Fleet Management Corp., <br> 4.641%, 11/24/2030(a)<br>| &nbsp;&nbsp; 161688 |
| 402000 | &nbsp;&nbsp; Element Fleet Management Corp., <br> 5.037%, 3/25/2030(a)<br>| &nbsp;&nbsp; 405699 |
| 297000 | Fedex Freight Holding Co., Inc., 4.650%, 3/15/2031(a) | &nbsp;&nbsp; 291911 |
| 350000 | Ryder System, Inc., GMTN, 4.950%, 9/01/2029 | &nbsp;&nbsp; 354403 |
| 191000 | &nbsp;&nbsp; Sydney Airport Finance Co. Pty. Ltd., <br> 5.248%, 3/26/2036(a)<br>| &nbsp;&nbsp; 189418 |
|  |  | &nbsp;&nbsp; 1403119 |
|  | **Treasuries — 18.5%** | **Treasuries — 18.5%** |
| 1000000 | U.S. Treasury Notes, 3.375%, 12/31/2027 | &nbsp;&nbsp; 992305 |
| 3212000 | U.S. Treasury Notes, 3.500%, 11/30/2030 | &nbsp;&nbsp; 3152904 |
| 5226000 | U.S. Treasury Notes, 3.500%, 2/28/2031 | &nbsp;&nbsp; 5124746 |
| 2593000 | U.S. Treasury Notes, 3.625%, 9/30/2030 | &nbsp;&nbsp; 2560689 |
| 2188000 | U.S. Treasury Notes, 3.625%, 10/31/2030 | &nbsp;&nbsp; 2159710 |
| 11880000 | U.S. Treasury Notes, 3.625%, 12/31/2030 | &nbsp;&nbsp; 11718506 |
| 1348000 | U.S. Treasury Notes, 3.750%, 1/31/2031 | &nbsp;&nbsp; 1336521 |
| 5970000 | U.S. Treasury Notes, 4.000%, 11/15/2035 | &nbsp;&nbsp; 5823548 |
| 3277000 | U.S. Treasury Notes, 4.250%, 5/15/2035 | &nbsp;&nbsp; 3268296 |
| 819000 | U.S. Treasury Notes, 4.250%, 8/15/2035 | &nbsp;&nbsp; 815929 |
|  |  | &nbsp;&nbsp; 36953154 |
|  | **Utility Other — 0.5%** | **Utility Other — 0.5%** |
| 700000 | American Water Capital Corp., 5.200%, 4/01/2036 | &nbsp;&nbsp; 701435 |
| 260000 | Essential Utilities, Inc., 4.800%, 8/15/2027 | &nbsp;&nbsp; 260989 |
|  |  | &nbsp;&nbsp; 962424 |
|  | **Wireless — 0.3%** | **Wireless — 0.3%** |
| 265000 | &nbsp;&nbsp; Sitios Latinoamerica SAB de CV, <br> 6.000%, 11/25/2029(a)<br>| &nbsp;&nbsp; 266855 |
| 340000 | Softbank Corp., 4.699%, 7/09/2030(a) | &nbsp;&nbsp; 337826 |
|  |  | &nbsp;&nbsp; 604681 |

---

See accompanying notes to financial statements.

35 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Wirelines — 0.2%** | **Wirelines — 0.2%** |
| $435000 | NTT Finance Corp., 5.110%, 7/02/2029(a) | &nbsp;&nbsp; $441336 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $199,046,289)<br>| &nbsp;&nbsp; 197719676 |
| **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** |
| 2312185 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 3/31/2026 at <br> 2.150% to be repurchased at $2,312,323 on <br> 4/01/2026 collateralized by $2,251,500 U.S. Treasury <br> Note, 4.625% due 4/30/2031 valued at $2,358,619 <br> including accrued interest (Note 2 of Notes to <br> Financial Statements) <br>(Identified Cost $2,312,185)<br>| &nbsp;&nbsp; 2312185 |
|  | &nbsp;&nbsp; Total Investments — 99.9% <br>(Identified Cost $201,358,474)<br>| &nbsp;&nbsp; 200031861 |
|  | Other assets less liabilities — 0.1% | &nbsp;&nbsp; 225738 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $200257599 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the value of Rule 144A holdings amounted to $70,711,954 or 35.3% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Rate as of March 31, 2026 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for the purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and/or spread in their description.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ABS | Asset-Backed Securities |
| ARMs | Adjustable Rate Mortgages |
| CMT | Constant Maturity Treasury |
| GMTN | Global Medium Term Note |
| MTN | Medium Term Note |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

At March 31, 2026, the Fund had the following open long futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; $4390565 | &nbsp;&nbsp; $4327188 | &nbsp;&nbsp; $(63377)<br>|
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 8937530 | &nbsp;&nbsp; 8740703 | &nbsp;&nbsp; (196827)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(260204)<br>|

---

See accompanying notes to financial statements.

\| 36

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Limited Term Government and Agency Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 93.7% of Net Assets** | **Bonds and Notes — 93.7% of Net Assets** | **Bonds and Notes — 93.7% of Net Assets** |
|  | **ABS Car Loan — 2.8%** | **ABS Car Loan — 2.8%** |
| $3220000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2022-1A, Class A, 3.830%, 8/21/2028(a)<br>| &nbsp;&nbsp; $3202279 |
| 264337 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2021-N2, <br> Class A2, 0.970%, 3/10/2028<br>| &nbsp;&nbsp; 261794 |
| 3915000 | &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2025-1, <br> Class A, 4.860%, 8/15/2037(a)(b)<br>| &nbsp;&nbsp; 3983450 |
| 655000 | &nbsp;&nbsp; GM Financial Revolving Receivables Trust, <br> Series 2021-1, Class A, 1.170%, 6/12/2034(a)<br>| &nbsp;&nbsp; 646250 |
| 1555000 | &nbsp;&nbsp; Hertz Vehicle Financing III LLC, Series 2023-3A, <br> Class A, 5.940%, 2/25/2028(a)<br>| &nbsp;&nbsp; 1571160 |
| 1260000 | &nbsp;&nbsp; NextGear Floorplan Master Owner Trust, <br> Series 2024-1A, Class A2, 5.120%, 3/15/2029(a)<br>| &nbsp;&nbsp; 1270897 |
| 2735000 | &nbsp;&nbsp; NextGear Floorplan Master Owner Trust, <br> Series 2024-2A, Class A2, 4.420%, 9/15/2029(a)<br>| &nbsp;&nbsp; 2736608 |
| 4365000 | &nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, <br> Series 2022-1A, Class A, 3.820%, 4/25/2035(a)<br>| &nbsp;&nbsp; 4347758 |
| 246966 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2023-1A, <br> Class A, 5.800%, 4/18/2038(a)<br>| &nbsp;&nbsp; 247905 |
|  |  | &nbsp;&nbsp; 18268101 |
|  | **ABS Home Equity — 0.0%** | **ABS Home Equity — 0.0%** |
| 3428 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Structured <br> Pass-Through Certificates, Series T-60, Class 2A1, <br> 4.315%, 3/25/2044(b)(c)<br>| &nbsp;&nbsp; 3007 |
| 3686 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2002-W10, Class A7, REMICS, <br> 4.855%, 8/25/2042(b)(c)<br>| &nbsp;&nbsp; 3490 |
|  |  | &nbsp;&nbsp; 6497 |
|  | **ABS Other — 0.1%** | **ABS Other — 0.1%** |
| 225846 | &nbsp;&nbsp; BHG Securitization Trust, Series 2024-1CON, <br> Class A, 5.810%, 4/17/2035(a)<br>| &nbsp;&nbsp; 228597 |
| 115364 | &nbsp;&nbsp; MVW LLC, Series 2020-1A, Class A, <br> 1.740%, 10/20/2037(a)<br>| &nbsp;&nbsp; 114216 |
| 372425 | &nbsp;&nbsp; MVW LLC, Series 2024-1A, Class A, <br> 5.320%, 2/20/2043(a)<br>| &nbsp;&nbsp; 376021 |
|  |  | &nbsp;&nbsp; 718834 |
|  | **ABS Student Loan — 0.6%** | **ABS Student Loan — 0.6%** |
| 653408 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2019-FA, Class A2, 2.600%, 8/15/2068(a)<br>| &nbsp;&nbsp; 631907 |
| 206700 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2020-DA, Class A, 1.690%, 5/15/2069(a)<br>| &nbsp;&nbsp; 196368 |
| 867161 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2021-CA, Class A, 1.060%, 10/15/2069(a)<br>| &nbsp;&nbsp; 787641 |
| 2147392 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2021-EA, Class A, 0.970%, 12/16/2069(a)<br>| &nbsp;&nbsp; 1921622 |
| 396471 | &nbsp;&nbsp; SMB Private Education Loan Trust, Series 2021-D, <br> Class A1A, 1.340%, 3/17/2053(a)<br>| &nbsp;&nbsp; 375415 |
|  |  | &nbsp;&nbsp; 3912953 |
|  | **Agency Commercial Mortgage-Backed Securities — 25.9%** | **Agency Commercial Mortgage-Backed Securities — 25.9%** |
| 2580000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K064, <br> Class A2, 3.224%, 3/25/2027<br>| &nbsp;&nbsp; 2560951 |
| 17526436 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K139, <br> Class A1, 2.209%, 10/25/2031<br>| &nbsp;&nbsp; 16544516 |
| 9147635 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K531, <br> Class AS, 30 day USD SOFR Average + 0.530%, <br> 4.199%, 9/25/2029(b)<br>| &nbsp;&nbsp; 9133685 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed Securities — continued** | **Agency Commercial Mortgage-Backed Securities — continued** |
| $10350000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K540, <br> Class A2, 4.513%, 2/25/2030(b)<br>| &nbsp;&nbsp; $10432562 |
| 8345000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K546, <br> Class A2, 4.361%, 5/25/2030<br>| &nbsp;&nbsp; 8372313 |
| 11380000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K747, <br> Class A2, 2.050%, 11/25/2028(b)<br>| &nbsp;&nbsp; 10804331 |
| 5200000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K758, <br> Class A2, 4.680%, 10/25/2031(b)<br>| &nbsp;&nbsp; 5266134 |
| 6518047 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KC06, <br> Class A2, 2.541%, 8/25/2026<br>| &nbsp;&nbsp; 6478898 |
| 1080738 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, <br> Series K-F100, Class AS, 30 day USD SOFR Average <br> + 0.180%, 3.849%, 1/25/2028(b)<br>| &nbsp;&nbsp; 1076831 |
| 3366915 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, <br> Series K-F121, Class AS, 30 day USD SOFR Average <br> + 0.180%, 3.849%, 8/25/2028(b)<br>| &nbsp;&nbsp; 3347233 |
| 6221178 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, <br> Series KF123, Class AS, 30 day USD SOFR Average <br> + 0.200%, 3.869%, 9/25/2028(b)<br>| &nbsp;&nbsp; 6172373 |
| 229287 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF74, <br> Class AS, 1 mo. USD SOFR HCDC + 0.530%, <br> 4.199%, 1/25/2027(b)<br>| &nbsp;&nbsp; 229111 |
| 4900667 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF77, <br> Class AL, 30 day USD SOFR Average + 0.814%, <br> 4.483%, 2/25/2027(b)<br>| &nbsp;&nbsp; 4903991 |
| 6445633 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF77, <br> Class AS, 30 day USD SOFR Average + 0.900%, <br> 4.569%, 2/25/2027(b)<br>| &nbsp;&nbsp; 6475676 |
| 14091629 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF78, <br> Class AL, 30 day USD SOFR Average + 0.914%, <br> 4.583%, 3/25/2030(b)<br>| &nbsp;&nbsp; 14134946 |
| 14091629 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF78, <br> Class AS, 30 day USD SOFR Average + 1.000%, <br> 4.669%, 3/25/2030(b)<br>| &nbsp;&nbsp; 14181237 |
| 1610242 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF79, <br> Class AL, 30 day USD SOFR Average + 0.584%, <br> 4.253%, 5/25/2030(b)<br>| &nbsp;&nbsp; 1607890 |
| 1485867 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF79, <br> Class AS, 30 day USD SOFR Average + 0.580%, <br> 4.249%, 5/25/2030(b)<br>| &nbsp;&nbsp; 1487476 |
| 1892389 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF80, <br> Class AL, 30 day USD SOFR Average + 0.554%, <br> 4.223%, 6/25/2030(b)<br>| &nbsp;&nbsp; 1888181 |

---

See accompanying notes to financial statements.

37 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Limited Term Government and Agency Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed Securities — continued** | **Agency Commercial Mortgage-Backed Securities — continued** |
| $1063261 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF80, <br> Class AS, 30 day USD SOFR Average + 0.510%, <br> 4.179%, 6/25/2030(b)<br>| &nbsp;&nbsp; $1059939 |
| 367084 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF81, <br> Class AL, 30 day USD SOFR Average + 0.474%, <br> 4.143%, 6/25/2027(b)<br>| &nbsp;&nbsp; 366963 |
| 275313 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF81, <br> Class AS, 30 day USD SOFR Average + 0.400%, <br> 4.069%, 6/25/2027(b)<br>| &nbsp;&nbsp; 274941 |
| 271805 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF84, <br> Class AL, 30 day USD SOFR Average + 0.414%, <br> 4.083%, 7/25/2030(b)<br>| &nbsp;&nbsp; 271333 |
| 228662 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF84, <br> Class AS, 30 day USD SOFR Average + 0.320%, <br> 3.989%, 7/25/2030(b)<br>| &nbsp;&nbsp; 226833 |
| 24544 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF85, <br> Class AL, 30 day USD SOFR Average + 0.414%, <br> 4.083%, 8/25/2030(b)<br>| &nbsp;&nbsp; 24434 |
| 65429 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF85, <br> Class AS, 30 day USD SOFR Average + 0.330%, <br> 3.999%, 8/25/2030(b)<br>| &nbsp;&nbsp; 64940 |
| 487206 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF86, <br> Class AL, 30 day USD SOFR Average + 0.404%, <br> 4.073%, 8/25/2027(b)<br>| &nbsp;&nbsp; 486466 |
| 435061 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF86, <br> Class AS, 30 day USD SOFR Average + 0.320%, <br> 3.989%, 8/25/2027(b)<br>| &nbsp;&nbsp; 433956 |
| 156787 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF93, <br> Class AL, 30 day USD SOFR Average + 0.394%, <br> 4.063%, 10/25/2027(b)<br>| &nbsp;&nbsp; 156508 |
| 188246 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF93, <br> Class AS, 30 day USD SOFR Average + 0.310%, <br> 3.979%, 10/25/2027(b)<br>| &nbsp;&nbsp; 187482 |
| 1022471 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF97, <br> Class AS, 30 day USD SOFR Average + 0.250%, <br> 3.919%, 12/25/2030(b)<br>| &nbsp;&nbsp; 1012465 |
| 302438 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KJ21, <br> Class A2, 3.700%, 9/25/2026<br>| &nbsp;&nbsp; 301297 |
| 2210979 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KJ26, <br> Class A2, 2.606%, 7/25/2027<br>| &nbsp;&nbsp; 2188629 |
| 7165000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KJ37, <br> Class A2, 2.333%, 11/25/2030<br>| &nbsp;&nbsp; 6716652 |
| 16300000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KJ42, <br> Class A2, 4.118%, 11/25/2032<br>| &nbsp;&nbsp; 16163683 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed Securities — continued** | **Agency Commercial Mortgage-Backed Securities — continued** |
| $8367073 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KS12, <br> Class A, 30 day USD SOFR Average + 0.764%, <br> 4.433%, 8/25/2029(b)<br>| &nbsp;&nbsp; $8374737 |
| 1603187 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KS14, <br> Class AL, 30 day USD SOFR Average + 0.454%, <br> 4.123%, 4/25/2030(b)<br>| &nbsp;&nbsp; 1598722 |
| 1763225 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KS14, <br> Class AS, 30 day USD SOFR Average + 0.370%, <br> 4.039%, 4/25/2030(b)<br>| &nbsp;&nbsp; 1752824 |
| 3653528 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series Q016, <br> Class APT1, 2.196%, 5/25/2051(b)<br>| &nbsp;&nbsp; 3644892 |
| 228516 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2020-M5, Class FA, 30 day USD SOFR <br> Average + 0.574%, 4.243%, 1/25/2027(b)<br>| &nbsp;&nbsp; 227890 |
| 36290 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2003-72, Class Z, 5.491%, 11/16/2045(b)<br>| &nbsp;&nbsp; 36373 |
|  |  | &nbsp;&nbsp; 170670294 |
|  | **Collateralized Mortgage Obligations — 6.2%** | **Collateralized Mortgage Obligations — 6.2%** |
| 16044 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 2131, <br> Class ZB, REMICS, 6.000%, 3/15/2029(c)<br>| &nbsp;&nbsp; 15666 |
| 254285 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 2978, <br> Class JG, REMICS, 5.500%, 5/15/2035(c)<br>| &nbsp;&nbsp; 257940 |
| 372696 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 3036, <br> Class NE, REMICS, 5.000%, 9/15/2035(c)<br>| &nbsp;&nbsp; 372972 |
| 154336 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 3412, <br> Class AY, REMICS, 5.500%, 2/15/2038(c)<br>| &nbsp;&nbsp; 157159 |
| 370843 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 3561, <br> Class W, REMICS, 2.533%, 6/15/2048(b)<br>| &nbsp;&nbsp; 347842 |
| 154675 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 3620, <br> Class AT, REMICS, 4.774%, 12/15/2036(b)(c)<br>| &nbsp;&nbsp; 158374 |
| 98978 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 4212, <br> Class FW, REMICS, 5.887%, 6/15/2043(b)(c)<br>| &nbsp;&nbsp; 91568 |
| 167565 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Structured <br> Pass-Through Certificates, Series T-62, Class 1A1, <br> 1 yr. USD MTA + 1.200%, 5.059%, 10/25/2044(b)(c)<br>| &nbsp;&nbsp; 153265 |
| 286960 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2003-48, Class GH, REMICS, <br> 5.500%, 6/25/2033(c)<br>| &nbsp;&nbsp; 291112 |
| 170741 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2007-73, Class A1, REMICS, 30 day USD <br> SOFR Average + 0.174%, 3.842%, 7/25/2037(b)(c)<br>| &nbsp;&nbsp; 165911 |
| 354238 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2008-86, Class LA, REMICS, <br> 3.489%, 8/25/2038(b)<br>| &nbsp;&nbsp; 345200 |
| 771490 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2012-56, Class FK, REMICS, 30 day USD <br> SOFR Average + 0.564%, 4.226%, 6/25/2042(b)(c)<br>| &nbsp;&nbsp; 753950 |
| 840786 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2012-58, Class KF, REMICS, 30 day USD <br> SOFR Average + 0.664%, 4.326%, 6/25/2042(b)(c)<br>| &nbsp;&nbsp; 826957 |
| 2156373 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2012-83, Class LF, REMICS, 30 day USD <br> SOFR Average + 0.624%, 4.286%, 8/25/2042(b)<br>| &nbsp;&nbsp; 2134633 |
| 1840298 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2013-67, Class NF, REMICS, 30 day USD <br> SOFR Average + 1.114%, 4.776%, 7/25/2043(b)<br>| &nbsp;&nbsp; 1787559 |

---

See accompanying notes to financial statements.

\| 38

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Limited Term Government and Agency Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $2314279 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2015-4, Class BF, REMICS, 30 day USD SOFR <br> Average + 0.514%, 4.176%, 2/25/2045(b)<br>| &nbsp;&nbsp; $2276457 |
| 2502416 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2020-35, Class FA, REMICS, 30 day USD <br> SOFR Average + 0.614%, 4.296%, 6/25/2050(b)<br>| &nbsp;&nbsp; 2352119 |
| 559971 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2005-18, Class F, 1 mo. USD SOFR + 0.314%, <br> 3.990%, 2/20/2035(b)(c)<br>| &nbsp;&nbsp; 554012 |
| 466477 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2007-59, Class FM, 1 mo. USD SOFR + <br> 0.634%, 4.310%, 10/20/2037(b)(c)<br>| &nbsp;&nbsp; 459923 |
| 43521 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2009-H01, Class FA, 1 mo. USD SOFR + <br> 1.264%, 4.940%, 11/20/2059(b)(c)<br>| &nbsp;&nbsp; 42595 |
| 94841 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2010-H20, Class AF, 1 mo. USD SOFR + <br> 0.444%, 4.113%, 10/20/2060(b)<br>| &nbsp;&nbsp; 94597 |
| 87109 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2010-H24, Class FA, 1 mo. USD SOFR + <br> 0.464%, 4.133%, 10/20/2060(b)(c)<br>| &nbsp;&nbsp; 85977 |
| 67081 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2010-H27, Class FA, 1 mo. USD SOFR + <br> 0.494%, 4.163%, 12/20/2060(b)(c)<br>| &nbsp;&nbsp; 65932 |
| 3065 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2011-H08, Class FA, 1 mo. USD SOFR + <br> 0.714%, 4.383%, 2/20/2061(b)(c)<br>| &nbsp;&nbsp; 3037 |
| 1258558 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2012-18, Class FM, 1 mo. USD SOFR + <br> 0.364%, 4.040%, 9/20/2038(b)<br>| &nbsp;&nbsp; 1258175 |
| 77 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2012-H15, Class FA, 1 mo. USD SOFR + <br> 0.564%, 4.233%, 5/20/2062(b)(c)<br>| &nbsp;&nbsp; 75 |
| 49831 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2012-H18, Class NA, 1 mo. USD SOFR + <br> 0.634%, 4.303%, 8/20/2062(b)(c)<br>| &nbsp;&nbsp; 49336 |
| 3728 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2012-H29, Class HF, 1 mo. USD SOFR + <br> 0.614%, 4.283%, 10/20/2062(b)(c)<br>| &nbsp;&nbsp; 3616 |
| 2256 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H02, Class GF, 1 mo. USD SOFR + <br> 0.614%, 4.283%, 12/20/2062(b)(c)<br>| &nbsp;&nbsp; 2190 |
| 133492 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H08, Class FA, 1 mo. USD SOFR + <br> 0.464%, 4.133%, 3/20/2063(b)(c)<br>| &nbsp;&nbsp; 131841 |
| 151514 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H10, Class FA, 1 mo. USD SOFR + <br> 0.514%, 4.183%, 3/20/2063(b)(c)<br>| &nbsp;&nbsp; 149758 |
| 23444 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H14, Class FG, 1 mo. USD SOFR + <br> 0.584%, 4.253%, 5/20/2063(b)(c)<br>| &nbsp;&nbsp; 23197 |
| 719793 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2014-H14, Class FA, 1 mo. USD SOFR + <br> 0.614%, 4.297%, 7/20/2064(b)<br>| &nbsp;&nbsp; 719679 |
| 751882 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2014-H15, Class FA, 1 mo. USD SOFR + <br> 0.614%, 4.283%, 7/20/2064(b)<br>| &nbsp;&nbsp; 751773 |
| 306907 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H04, Class FL, 1 mo. USD SOFR + <br> 0.584%, 4.267%, 2/20/2065(b)(c)<br>| &nbsp;&nbsp; 303675 |
| 3019 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H09, Class HA, 1.750%, 3/20/2065(c)<br>| &nbsp;&nbsp; 2709 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $35906 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H10, Class FC, 1 mo. USD SOFR + <br> 0.594%, 4.263%, 4/20/2065(b)(c)<br>| &nbsp;&nbsp; $35532 |
| 237316 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H10, Class JA, 2.250%, 4/20/2065<br>| &nbsp;&nbsp; 229134 |
| 645 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H11, Class FA, 1 mo. USD SOFR + <br> 0.364%, 4.033%, 4/20/2065(b)(c)<br>| &nbsp;&nbsp; 623 |
| 255306 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H12, Class FL, 1 mo. USD SOFR + <br> 0.344%, 4.013%, 5/20/2065(b)(c)<br>| &nbsp;&nbsp; 251737 |
| 10092 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H19, Class FH, 1 mo. USD SOFR + <br> 0.414%, 4.083%, 7/20/2065(b)(c)<br>| &nbsp;&nbsp; 9739 |
| 244 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H29, Class FA, 1 mo. USD SOFR + <br> 0.814%, 4.483%, 10/20/2065(b)(c)<br>| &nbsp;&nbsp; 237 |
| 2177 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H30, Class FA, 1 mo. USD SOFR + <br> 0.794%, 4.463%, 8/20/2061(b)(c)<br>| &nbsp;&nbsp; 2118 |
| 761041 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2016-H06, Class FC, 1 mo. USD SOFR + <br> 1.034%, 4.703%, 2/20/2066(b)<br>| &nbsp;&nbsp; 764568 |
| 195319 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2016-H20, Class FB, 1 mo. USD SOFR + <br> 0.664%, 4.333%, 9/20/2066(b)(c)<br>| &nbsp;&nbsp; 193484 |
| 814701 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2017-H05, Class FC, 1 mo. USD SOFR + <br> 0.864%, 4.533%, 2/20/2067(b)(c)<br>| &nbsp;&nbsp; 808666 |
| 1801427 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2018-H11, Class FJ, 1 yr. USD SOFR + <br> 0.795%, 4.861%, 6/20/2068(b)<br>| &nbsp;&nbsp; 1811423 |
| 20294 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2018-H14, Class FG, 1 mo. USD SOFR + <br> 0.464%, 4.133%, 9/20/2068(b)<br>| &nbsp;&nbsp; 20251 |
| 4851270 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2018-H16, Class FA, 1 mo. USD SOFR + <br> 0.534%, 4.203%, 9/20/2068(b)<br>| &nbsp;&nbsp; 4839542 |
| 5334229 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2019-H04, Class NA, 3.500%, 9/20/2068<br>| &nbsp;&nbsp; 5067798 |
| 128142 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2019-H13, Class FT, 1 yr. CMT + 0.450%, <br> 3.950%, 8/20/2069(b)(c)<br>| &nbsp;&nbsp; 126884 |
| 1076187 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-30, Class F, 1 mo. USD SOFR + 0.514%, <br> 4.182%, 4/20/2048(b)<br>| &nbsp;&nbsp; 1074900 |
| 2130080 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-53, Class NF, 1 mo. USD SOFR + <br> 0.564%, 4.232%, 5/20/2046(b)<br>| &nbsp;&nbsp; 1987171 |
| 300155 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-H01, Class FT, 1 yr. CMT + 0.500%, <br> 4.000%, 1/20/2070(b)(c)<br>| &nbsp;&nbsp; 297433 |
| 1668858 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-H02, Class FG, 1 mo. USD SOFR + <br> 0.714%, 4.383%, 1/20/2070(b)<br>| &nbsp;&nbsp; 1669088 |
| 1711118 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-H04, Class FP, 1 mo. USD SOFR + <br> 0.614%, 4.283%, 6/20/2069(b)<br>| &nbsp;&nbsp; 1712213 |

---

See accompanying notes to financial statements.

39 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Limited Term Government and Agency Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $2206037 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-H07, Class FL, 1 mo. USD SOFR + <br> 0.764%, 4.433%, 4/20/2070(b)<br>| &nbsp;&nbsp; $2209529 |
| 619926 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-H10, Class FD, 1 mo. USD SOFR + <br> 0.514%, 4.183%, 5/20/2070(b)(c)<br>| &nbsp;&nbsp; 612949 |
|  |  | &nbsp;&nbsp; 40915800 |
|  | **Hybrid ARMs — 1.6%** | **Hybrid ARMs — 1.6%** |
| 41657 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.250%, 5.875%, 2/01/2035(b)<br>| &nbsp;&nbsp; 42886 |
| 275413 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.286%, 5.976%, 2/01/2036(b)<br>| &nbsp;&nbsp; 283193 |
| 55220 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.206%, 6.074%, 9/01/2038(b)<br>| &nbsp;&nbsp; 56743 |
| 200457 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.245%, 6.102%, 3/01/2036(b)<br>| &nbsp;&nbsp; 208928 |
| 378670 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.290%, 6.104%, 2/01/2036(b)<br>| &nbsp;&nbsp; 389145 |
| 185612 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 6 mo. USD <br> RFUCCT + 1.770%, 6.124%, 6/01/2037(b)<br>| &nbsp;&nbsp; 191567 |
| 619931 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.246%, 6.163%, 3/01/2037(b)<br>| &nbsp;&nbsp; 644056 |
| 120702 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.902%, 6.177%, 4/01/2037(b)<br>| &nbsp;&nbsp; 124115 |
| 113471 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.220%, 6.220%, 7/01/2033(b)<br>| &nbsp;&nbsp; 115955 |
| 94910 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.747%, 6.277%, 4/01/2037(b)<br>| &nbsp;&nbsp; 97346 |
| 46807 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.165%, 6.290%, 4/01/2036(b)<br>| &nbsp;&nbsp; 47814 |
| 131497 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.248%, 6.307%, 9/01/2038(b)<br>| &nbsp;&nbsp; 135482 |
| 62578 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.714%, 6.418%, 11/01/2038(b)<br>| &nbsp;&nbsp; 63961 |
| 79689 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.911%, 6.493%, 12/01/2034(b)<br>| &nbsp;&nbsp; 81487 |
| 605600 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.840%, 6.498%, 1/01/2046(b)<br>| &nbsp;&nbsp; 632151 |
| 306650 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.750%, 6.500%, 9/01/2035(b)<br>| &nbsp;&nbsp; 314980 |
| 15167 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.775%, 6.514%, 12/01/2037(b)<br>| &nbsp;&nbsp; 15576 |
| 47342 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.676%, 6.547%, 3/01/2038(b)<br>| &nbsp;&nbsp; 48311 |
| 51291 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.828%, 6.664%, 11/01/2038(b)<br>| &nbsp;&nbsp; 52696 |
| 165754 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.889%, 6.879%, 9/01/2041(b)<br>| &nbsp;&nbsp; 171925 |
| 10560 | &nbsp;&nbsp; Federal National Mortgage Association, 6 mo. USD <br> RFUCCT + 1.460%, 5.460%, 2/01/2037(b)<br>| &nbsp;&nbsp; 10740 |
| 216432 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.185%, 5.810%, 1/01/2036(b)<br>| &nbsp;&nbsp; 223077 |
| 126293 | &nbsp;&nbsp; Federal National Mortgage Association, 6 mo. USD <br> RFUCCT + 1.546%, 5.842%, 7/01/2035(b)<br>| &nbsp;&nbsp; 131011 |
| 67950 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.160%, 5.877%, 9/01/2034(b)<br>| &nbsp;&nbsp; 69592 |
| 149686 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.734%, 5.905%, 2/01/2037(b)<br>| &nbsp;&nbsp; 153969 |
| 27403 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.716%, 5.994%, 1/01/2037(b)<br>| &nbsp;&nbsp; 28190 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Hybrid ARMs — continued** | **Hybrid ARMs — continued** |
| $418408 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.225%, 6.003%, 4/01/2034(b)<br>| &nbsp;&nbsp; $429163 |
| 63343 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.800%, 6.050%, 12/01/2041(b)<br>| &nbsp;&nbsp; 65528 |
| 60805 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.196%, 6.065%, 4/01/2034(b)<br>| &nbsp;&nbsp; 62213 |
| 340973 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.163%, 6.098%, 12/01/2040(b)<br>| &nbsp;&nbsp; 352730 |
| 83452 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.442%, 6.131%, 5/01/2035(b)<br>| &nbsp;&nbsp; 86384 |
| 380218 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.560%, 6.177%, 4/01/2037(b)<br>| &nbsp;&nbsp; 391425 |
| 56119 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.655%, 6.184%, 10/01/2033(b)<br>| &nbsp;&nbsp; 57392 |
| 549900 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.214%, 6.218%, 10/01/2034(b)<br>| &nbsp;&nbsp; 566383 |
| 500115 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.185%, 6.228%, 11/01/2033(b)<br>| &nbsp;&nbsp; 514609 |
| 251802 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.552%, 6.265%, 7/01/2035(b)<br>| &nbsp;&nbsp; 258178 |
| 69511 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.668%, 6.268%, 11/01/2036(b)<br>| &nbsp;&nbsp; 71395 |
| 6691 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.145%, 6.270%, 9/01/2036(b)<br>| &nbsp;&nbsp; 6879 |
| 229855 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.270%, 6.270%, 6/01/2037(b)<br>| &nbsp;&nbsp; 238073 |
| 51022 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.655%, 6.280%, 7/01/2038(b)<br>| &nbsp;&nbsp; 52473 |
| 134260 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.616%, 6.281%, 8/01/2038(b)<br>| &nbsp;&nbsp; 137310 |
| 93511 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.287%, 6.287%, 6/01/2033(b)<br>| &nbsp;&nbsp; 95991 |
| 172143 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.131%, 6.298%, 6/01/2036(b)<br>| &nbsp;&nbsp; 176856 |
| 181961 | &nbsp;&nbsp; Federal National Mortgage Association, 6 mo. USD <br> RFUCCT + 1.982%, 6.308%, 7/01/2037(b)<br>| &nbsp;&nbsp; 185345 |
| 292995 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.579%, 6.319%, 9/01/2037(b)<br>| &nbsp;&nbsp; 300369 |
| 80029 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.223%, 6.348%, 8/01/2035(b)<br>| &nbsp;&nbsp; 82406 |
| 43705 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.287%, 6.349%, 10/01/2033(b)<br>| &nbsp;&nbsp; 44911 |
| 85268 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.500%, 6.351%, 8/01/2036(b)<br>| &nbsp;&nbsp; 88910 |
| 610594 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.800%, 6.366%, 10/01/2041(b)<br>| &nbsp;&nbsp; 637164 |
| 146477 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.673%, 6.368%, 3/01/2037(b)<br>| &nbsp;&nbsp; 150326 |
| 25874 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.685%, 6.435%, 8/01/2035(b)<br>| &nbsp;&nbsp; 26450 |
| 39104 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.441%, 6.441%, 8/01/2033(b)<br>| &nbsp;&nbsp; 40286 |
| 297704 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.694%, 6.456%, 9/01/2037(b)<br>| &nbsp;&nbsp; 307340 |
| 5962 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.205%, 6.463%, 4/01/2033(b)<br>| &nbsp;&nbsp; 6093 |
| 73858 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.713%, 6.463%, 8/01/2034(b)<br>| &nbsp;&nbsp; 75345 |
| 50909 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.740%, 6.477%, 11/01/2035(b)<br>| &nbsp;&nbsp; 52556 |
| 24326 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.565%, 6.565%, 4/01/2037(b)<br>| &nbsp;&nbsp; 24872 |

---

See accompanying notes to financial statements.

\| 40

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Limited Term Government and Agency Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Hybrid ARMs — continued** | **Hybrid ARMs — continued** |
| $48663 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.800%, 6.751%, 3/01/2034(b)<br>| &nbsp;&nbsp; $50349 |
| 11126 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.810%, 6.777%, 7/01/2041(b)<br>| &nbsp;&nbsp; 11510 |
| 50025 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 2.473%, 7.223%, 6/01/2035(b)<br>| &nbsp;&nbsp; 52065 |
| 164824 | &nbsp;&nbsp; Government National Mortgage Association, 1 mo. <br> USD RFUCCT + 1.834%, 5.704%, 2/20/2061(b)<br>| &nbsp;&nbsp; 168332 |
| 179639 | &nbsp;&nbsp; Government National Mortgage Association, 1 mo. <br> USD RFUCCT + 1.890%, 5.726%, 2/20/2063(b)<br>| &nbsp;&nbsp; 182711 |
| 81208 | &nbsp;&nbsp; Government National Mortgage Association, 1 mo. <br> USD RFUCCT + 2.205%, 6.039%, 5/20/2065(b)<br>| &nbsp;&nbsp; 83694 |
| 233314 | &nbsp;&nbsp; Government National Mortgage Association, 1 mo. <br> USD RFUCCT + 2.231%, 6.067%, 3/20/2063(b)<br>| &nbsp;&nbsp; 236376 |
| 114875 | &nbsp;&nbsp; Government National Mortgage Association, 1 mo. <br> USD RFUCCT + 2.223%, 6.084%, 6/20/2065(b)<br>| &nbsp;&nbsp; 118251 |
| 71168 | &nbsp;&nbsp; Government National Mortgage Association, 1 mo. <br> USD RFUCCT + 2.378%, 6.213%, 2/20/2063(b)<br>| &nbsp;&nbsp; 72850 |
|  |  | &nbsp;&nbsp; 10896389 |
|  | **Mortgage Related — 0.2%** | **Mortgage Related — 0.2%** |
| 1039 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 3.000%, 10/01/2026<br>| &nbsp;&nbsp; 1036 |
| 71483 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 1/01/2042<br>| &nbsp;&nbsp; 69118 |
| 8174 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 5/01/2034<br>| &nbsp;&nbsp; 8111 |
| 65925 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 12/01/2034<br>| &nbsp;&nbsp; 68028 |
| 53192 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 3/01/2042<br>| &nbsp;&nbsp; 48542 |
| 147447 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 7/01/2037<br>| &nbsp;&nbsp; 148305 |
| 171045 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 2/01/2038<br>| &nbsp;&nbsp; 172131 |
| 81530 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.500%, 3/01/2033<br>| &nbsp;&nbsp; 81941 |
| 380 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 1/01/2033<br>| &nbsp;&nbsp; 394 |
| 1585 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 10/01/2033<br>| &nbsp;&nbsp; 1639 |
| 1479 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 10/01/2033<br>| &nbsp;&nbsp; 1490 |
| 1278 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 10/01/2033<br>| &nbsp;&nbsp; 1291 |
| 966 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 12/01/2034<br>| &nbsp;&nbsp; 978 |
| 663 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 2/01/2036<br>| &nbsp;&nbsp; 695 |
| 6783 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 11/01/2037<br>| &nbsp;&nbsp; 7174 |
| 4652 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.500%, 7/01/2031<br>| &nbsp;&nbsp; 4754 |
| 3364 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.500%, 9/01/2032<br>| &nbsp;&nbsp; 3380 |
| 86468 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.140%, 7/20/2063(b)<br>| &nbsp;&nbsp; 85955 |
| 238943 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.140%, 10/20/2065(b)<br>| &nbsp;&nbsp; 237826 |
| 93071 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.477%, 2/20/2066(b)<br>| &nbsp;&nbsp; 92503 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $1243 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.544%, 8/20/2062(b)<br>| &nbsp;&nbsp; $1223 |
| 3416 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.630%, 8/20/2061(b)<br>| &nbsp;&nbsp; 3409 |
| 3235 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.630%, 2/20/2062(b)<br>| &nbsp;&nbsp; 3178 |
| 1347 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 6/20/2061(b)<br>| &nbsp;&nbsp; 1325 |
| 5915 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 2/20/2062(b)<br>| &nbsp;&nbsp; 5825 |
| 7264 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 6/20/2062(b)<br>| &nbsp;&nbsp; 7053 |
| 1586 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 1/20/2064(b)<br>| &nbsp;&nbsp; 1555 |
| 744 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.859%, 4/20/2061(b)<br>| &nbsp;&nbsp; 743 |
| 2516 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.000%, 12/15/2031<br>| &nbsp;&nbsp; 2633 |
| 10147 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.500%, 5/15/2031<br>| &nbsp;&nbsp; 10511 |
| 5970 | &nbsp;&nbsp; Government National Mortgage Association, <br> 7.000%, 10/15/2028<br>| &nbsp;&nbsp; 6033 |
|  |  | &nbsp;&nbsp; 1078779 |
|  | **Non-Agency Commercial Mortgage-Backed Securities — 2.6%** | **Non-Agency Commercial Mortgage-Backed Securities — 2.6%** |
| 1595000 | &nbsp;&nbsp; Bank, Series 2020-BN25, Class A5, <br> 2.649%, 1/15/2063<br>| &nbsp;&nbsp; 1475257 |
| 740100 | &nbsp;&nbsp; Bank5, Series 2023-5YR4, Class A3, <br> 6.500%, 12/15/2056<br>| &nbsp;&nbsp; 768606 |
| 1825000 | &nbsp;&nbsp; BPR Trust, Series 2021-NRD, Class A, 1 mo. USD <br> SOFR + 1.525%, 5.198%, 12/15/2038(a)(b)<br>| &nbsp;&nbsp; 1814359 |
| 4650000 | &nbsp;&nbsp; BPR Trust, Series 2022-SSP, Class A, 1 mo. USD <br> SOFR + 3.000%, 6.673%, 5/15/2039(a)(b)<br>| &nbsp;&nbsp; 4650000 |
| 1745000 | &nbsp;&nbsp; CFCRE Commercial Mortgage Trust, <br> Series 2016-C7, Class A3, 3.839%, 12/10/2054<br>| &nbsp;&nbsp; 1734514 |
| 701585 | &nbsp;&nbsp; Commercial Mortgage Pass-Through Certificates, <br> Series 2012-LTRT, Class A2, 3.400%, 10/05/2030(a)<br>| &nbsp;&nbsp; 696800 |
| 2570000 | &nbsp;&nbsp; DROP Mortgage Trust, Series 2021-FILE, Class A, <br> 1 mo. USD SOFR + 1.264%, 4.938%, 10/15/2043(a)(b)<br>| &nbsp;&nbsp; 2557150 |
| 837124 | &nbsp;&nbsp; Extended Stay America Trust, Series 2026-ESH2, <br> Class A, 1 mo. USD SOFR + 1.200%, <br> 4.873%, 2/15/2043(a)(b)<br>| &nbsp;&nbsp; 837124 |
| 2830425 | &nbsp;&nbsp; Starwood Retail Property Trust, Series 2014-STAR, <br> Class A, Prime + 0.000%, 6.750%, 11/15/2027(a)(b)<br>| &nbsp;&nbsp; 1698199 |
| 645000 | &nbsp;&nbsp; TCO Commercial Mortgage Trust, <br> Series 2024-DPM, Class A, 1 mo. USD SOFR + <br> 1.243%, 4.915%, 12/15/2039(a)(b)<br>| &nbsp;&nbsp; 643992 |
|  |  | &nbsp;&nbsp; 16876001 |
|  | **Treasuries — 53.7%** | **Treasuries — 53.7%** |
| 3307000 | U.S. Treasury Notes, 3.375%, 2/29/2028 | &nbsp;&nbsp; 3280906 |
| 11845000 | U.S. Treasury Notes, 3.500%, 9/30/2029 | &nbsp;&nbsp; 11702490 |
| 13829000 | U.S. Treasury Notes, 3.500%, 11/30/2030 | &nbsp;&nbsp; 13574568 |
| 7472000 | U.S. Treasury Notes, 3.500%, 2/28/2031 | &nbsp;&nbsp; 7327230 |
| 3265000 | U.S. Treasury Notes, 3.625%, 8/31/2029 | &nbsp;&nbsp; 3240002 |
| 7660000 | U.S. Treasury Notes, 3.625%, 8/31/2030 | &nbsp;&nbsp; 7566045 |
| 9311000 | U.S. Treasury Notes, 3.625%, 9/30/2030 | &nbsp;&nbsp; 9194976 |
| 4055000 | U.S. Treasury Notes, 3.625%, 10/31/2030 | &nbsp;&nbsp; 4002570 |
| 5845000 | U.S. Treasury Notes, 3.625%, 12/31/2030 | &nbsp;&nbsp; 5765545 |
| 13575000 | U.S. Treasury Notes, 3.750%, 12/31/2028 | &nbsp;&nbsp; 13547956 |
| 8971000 | U.S. Treasury Notes, 3.750%, 1/31/2031 | &nbsp;&nbsp; 8894606 |
| 49382000 | U.S. Treasury Notes, 3.875%, 3/31/2028 | &nbsp;&nbsp; 49455302 |
| 41285000 | U.S. Treasury Notes, 3.875%, 7/15/2028 | &nbsp;&nbsp; 41333381 |

---

See accompanying notes to financial statements.

41 \|

------

**Portfolio of Investments – as of March 31, 2026 (Unaudited)**

Loomis Sayles Limited Term Government and Agency Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Treasuries — continued** | **Treasuries — continued** |
| $4760000 | U.S. Treasury Notes, 3.875%, 4/30/2030 | &nbsp;&nbsp; $4754794 |
| 8370000 | U.S. Treasury Notes, 3.875%, 7/31/2030 | &nbsp;&nbsp; 8355941 |
| 5744000 | U.S. Treasury Notes, 3.875%, 3/31/2031 | &nbsp;&nbsp; 5725601 |
| 634000 | U.S. Treasury Notes, 4.000%, 2/29/2028 | &nbsp;&nbsp; 636080 |
| 34485000 | U.S. Treasury Notes, 4.000%, 6/30/2028 | &nbsp;&nbsp; 34629137 |
| 9755000 | U.S. Treasury Notes, 4.000%, 1/31/2029 | &nbsp;&nbsp; 9799202 |
| 8870000 | U.S. Treasury Notes, 4.000%, 7/31/2029 | &nbsp;&nbsp; 8909499 |
| 7900000 | U.S. Treasury Notes, 4.000%, 2/28/2030 | &nbsp;&nbsp; 7929934 |
| 25060000 | U.S. Treasury Notes, 4.000%, 3/31/2030 | &nbsp;&nbsp; 25150059 |
| 9885000 | U.S. Treasury Notes, 4.000%, 5/31/2030 | &nbsp;&nbsp; 9918594 |
| 2085000 | U.S. Treasury Notes, 4.125%, 10/31/2029 | &nbsp;&nbsp; 2102104 |
| 15030000 | U.S. Treasury Notes, 4.250%, 6/30/2029 | &nbsp;&nbsp; 15212004 |
| 4270000 | U.S. Treasury Notes, 4.250%, 1/31/2030 | &nbsp;&nbsp; 4324042 |
| 13620000 | U.S. Treasury Notes, 4.375%, 8/31/2028 | &nbsp;&nbsp; 13790250 |
| 4420000 | U.S. Treasury Notes, 4.625%, 4/30/2029 | &nbsp;&nbsp; 4520141 |
| 18230000 | U.S. Treasury Notes, 4.875%, 10/31/2028 | &nbsp;&nbsp; 18695007 |
|  |  | &nbsp;&nbsp; 353337966 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $621,947,878)<br>| &nbsp;&nbsp; 616681614 |
| **Short-Term Investments — 6.2%** | **Short-Term Investments — 6.2%** | **Short-Term Investments — 6.2%** |
| 5115258 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 3/31/2026 at <br> 2.150% to be repurchased at $5,115,563 on <br> 4/01/2026 collateralized by $5,197,900 U.S. Treasury <br> Note, 4.125% due 9/30/2027 valued at $5,217,627 <br> including accrued interest (Note 2 of Notes to <br> Financial Statements)<br>| &nbsp;&nbsp; 5115258 |
| 35420000 | &nbsp;&nbsp; Federal Home Loan Bank Discount Notes, <br> 3.590%–3.600%, 4/08/2026(d)(e)<br>| &nbsp;&nbsp; 35391743 |
|  | &nbsp;&nbsp; Total Short-Term Investments <br>(Identified Cost $40,510,507)<br>| &nbsp;&nbsp; 40507001 |
|  | &nbsp;&nbsp; Total Investments — 99.9% <br>(Identified Cost $662,458,385)<br>| &nbsp;&nbsp; 657188615 |
|  | Other assets less liabilities — 0.1% | &nbsp;&nbsp; 789189 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $657977804 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the value of Rule 144A holdings amounted to $35,535,718 or 5.4% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Rate as of March 31, 2026 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for the purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and/or spread in their description.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Interest rate represents discount rate at time of purchase; not a coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ABS | Asset-Backed Securities |
| ARMs | Adjustable Rate Mortgages |
| CMT | Constant Maturity Treasury |
| HCDC | Historical Calendar Day Compounded |
| MTA | Monthly Treasury Average Interest |
| REMICS | Real Estate Mortgage Investment Conduits |
| RFUCCT | FTSE USD IBOR Consumer Cash Fallbacks Term |
| SOFR | Secured Overnight Financing Rate |

---

See accompanying notes to financial statements.

\| 42

------

Statements of Assets and Liabilities

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Plus Bond** <br>**Fund**<br>| **Global** <br>**Allocation** <br>**Fund**<br>| **Growth** <br>**Fund**<br>|
| **ASSETS** |  |  |  |
| Unaffiliated investments at cost | &nbsp;&nbsp;&nbsp; $8442535610 | &nbsp;&nbsp;&nbsp; $2204023341 | &nbsp;&nbsp;&nbsp; $6558327042 |
| Affiliated investments at cost | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 133847928 |
| Net unrealized appreciation (depreciation) on unaffiliated investments | &nbsp;&nbsp;&nbsp; (333884121)<br>| &nbsp;&nbsp;&nbsp; 435802022 | &nbsp;&nbsp;&nbsp; 9270372848 |
| Net unrealized appreciation on affiliated investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34914509 |
| Investments at value | &nbsp;&nbsp;&nbsp; 8108651489 | &nbsp;&nbsp;&nbsp; 2639825363 | &nbsp;&nbsp;&nbsp; 15997462327 |
| Cash | &nbsp;&nbsp;&nbsp; 767993 | &nbsp;&nbsp;&nbsp; 333825 | &nbsp;&nbsp;&nbsp; 136 |
| Due from brokers (Note 2)  | &nbsp;&nbsp;&nbsp; 2566051 | &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency at value (identified cost $0, $4,178,433 and $0, respectively) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4140317 | &nbsp;&nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 21703569 | &nbsp;&nbsp;&nbsp; 1638239 | &nbsp;&nbsp;&nbsp; 30312177 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; 256793990 | &nbsp;&nbsp;&nbsp; 9655354 | &nbsp;&nbsp;&nbsp; — |
| Receivable for when-issued/delayed delivery securities sold (Note 2)  | &nbsp;&nbsp;&nbsp; 430924195 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Collateral received for delayed delivery securities and forward foreign currency <br> contracts (Notes 2 and 4)<br>| &nbsp;&nbsp;&nbsp; 1630000 | &nbsp;&nbsp;&nbsp; 1516331 | &nbsp;&nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 67517136 | &nbsp;&nbsp;&nbsp; 11888335 | &nbsp;&nbsp;&nbsp; 9474851 |
| Unrealized appreciation on forward foreign currency contracts (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2424785 | &nbsp;&nbsp;&nbsp; — |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp; 3866 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12151902 |
| Receivable for variation margin on futures contracts (Note 2)  | &nbsp;&nbsp;&nbsp; 819771 | &nbsp;&nbsp;&nbsp; 459589 | &nbsp;&nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp; 691 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 8891378751 | &nbsp;&nbsp;&nbsp; 2671922829 | &nbsp;&nbsp;&nbsp; 16049402084 |
| **LIABILITIES** |  |  |  |
| Securities sold short, at value (proceeds $79,972,426, $0 and $0, respectively) (Note 2) | &nbsp;&nbsp;&nbsp; 80092808 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; 303035841 | &nbsp;&nbsp;&nbsp; 12989109 | &nbsp;&nbsp;&nbsp; — |
| Payable for when-issued/delayed delivery securities purchased (Note 2)  | &nbsp;&nbsp;&nbsp; 597659049 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Unfunded loan commitments (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24163 | &nbsp;&nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; 13958307 | &nbsp;&nbsp;&nbsp; 3063849 | &nbsp;&nbsp;&nbsp; 10790479 |
| Unrealized depreciation on forward foreign currency contracts (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 538680 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes payable (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23076 | &nbsp;&nbsp;&nbsp; — |
| Due to brokers (Note 2)  | &nbsp;&nbsp;&nbsp; 1630000 | &nbsp;&nbsp;&nbsp; 1516331 | &nbsp;&nbsp;&nbsp; — |
| Management fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 2199211 | &nbsp;&nbsp;&nbsp; 1703900 | &nbsp;&nbsp;&nbsp; 6916913 |
| Deferred Trustees' fees (Note 6)  | &nbsp;&nbsp;&nbsp; 1132469 | &nbsp;&nbsp;&nbsp; 485999 | &nbsp;&nbsp;&nbsp; 1167503 |
| Administrative fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 287541 | &nbsp;&nbsp;&nbsp; 97602 | &nbsp;&nbsp;&nbsp; 596532 |
| Payable to distributor (Note 6d)  | &nbsp;&nbsp;&nbsp; 57088 | &nbsp;&nbsp;&nbsp; 40432 | &nbsp;&nbsp;&nbsp; 134594 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 35811 | &nbsp;&nbsp;&nbsp; 35909 | &nbsp;&nbsp;&nbsp; 29245 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 441890 | &nbsp;&nbsp;&nbsp; 205737 | &nbsp;&nbsp;&nbsp; 798263 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 1000530015 | &nbsp;&nbsp;&nbsp; 20724787 | &nbsp;&nbsp;&nbsp; 20433529 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $7890848736 | &nbsp;&nbsp;&nbsp; $2651198042 | &nbsp;&nbsp;&nbsp; $16028968555 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $9013738384 | &nbsp;&nbsp;&nbsp; $2049723375 | &nbsp;&nbsp;&nbsp; $6833463311 |
| Accumulated earnings (loss) | &nbsp;&nbsp;&nbsp; (1122889648)<br>| &nbsp;&nbsp;&nbsp; 601474667 | &nbsp;&nbsp;&nbsp; 9195505244 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $7890848736 | &nbsp;&nbsp;&nbsp; $2651198042 | &nbsp;&nbsp;&nbsp; $16028968555 |

---

See accompanying notes to financial statements.

43 \|

------

Statements of Assets and Liabilities (continued)

March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Plus Bond**<br> **Fund**<br>| **Global**<br> **Allocation**<br> **Fund**<br>| **Growth**<br> **Fund**<br>|
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |  |
| **Class A shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $274288478 | &nbsp;&nbsp;&nbsp; $531008212 | &nbsp;&nbsp;&nbsp; $1109225809 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 23933218 | &nbsp;&nbsp;&nbsp; 21325371 | &nbsp;&nbsp;&nbsp; 42617834 |
| Net asset value and redemption price per share | &nbsp;&nbsp;&nbsp; $11.46 | &nbsp;&nbsp;&nbsp; $24.90 | &nbsp;&nbsp;&nbsp; $26.03 |
| Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1) | &nbsp;&nbsp;&nbsp; $11.97 | &nbsp;&nbsp;&nbsp; $26.42 | &nbsp;&nbsp;&nbsp; $27.62 |
| **Class C shares: (redemption price per share is equal to net asset value less any applicable** <br> **contingent deferred sales charge) (Note 1)**<br>|  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $17053087 | &nbsp;&nbsp;&nbsp; $164319935 | &nbsp;&nbsp;&nbsp; $109510499 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 1485941 | &nbsp;&nbsp;&nbsp; 6936668 | &nbsp;&nbsp;&nbsp; 5218970 |
| Net asset value and offering price per share | &nbsp;&nbsp;&nbsp; $11.48 | &nbsp;&nbsp;&nbsp; $23.69 | &nbsp;&nbsp;&nbsp; $20.98 |
| **Class N shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $2424742406 | &nbsp;&nbsp;&nbsp; $288269222 | &nbsp;&nbsp;&nbsp; $996024484 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 209255700 | &nbsp;&nbsp;&nbsp; 11389634 | &nbsp;&nbsp;&nbsp; 33762316 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $11.59 | &nbsp;&nbsp;&nbsp; $25.31 | &nbsp;&nbsp;&nbsp; $29.50 |
| **Class Y shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $5174764765 | &nbsp;&nbsp;&nbsp; $1667600673 | &nbsp;&nbsp;&nbsp; $13814207763 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 446927029 | &nbsp;&nbsp;&nbsp; 65943284 | &nbsp;&nbsp;&nbsp; 470475835 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $11.58 | &nbsp;&nbsp;&nbsp; $25.29 | &nbsp;&nbsp;&nbsp; $29.36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) As disclosed in the Notes to Financial Statements, if applicable.

See accompanying notes to financial statements.

\| 44

------

Statements of Assets and Liabilities (continued)

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Intermediate** <br>**Duration Bond** <br>**Fund**<br>| **Limited Term** <br>**Government** <br>**and Agency** <br>**Fund**<br>|
| **ASSETS** |  |  |
| Unaffiliated investments at cost | &nbsp;&nbsp;&nbsp; $201358474 | &nbsp;&nbsp;&nbsp; $662458385 |
| Net unrealized depreciation on unaffiliated investments | &nbsp;&nbsp;&nbsp; (1326613)<br>| &nbsp;&nbsp;&nbsp; (5269770)<br>|
| Investments at value | &nbsp;&nbsp;&nbsp; 200031861 | &nbsp;&nbsp;&nbsp; 657188615 |
| Cash | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; — |
| Due from brokers (Note 2)  | &nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 25161 | &nbsp;&nbsp;&nbsp; 1400113 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; 458794 | &nbsp;&nbsp;&nbsp; 22057888 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 1624105 | &nbsp;&nbsp;&nbsp; 3109045 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; — |
| Receivable for variation margin on futures contracts (Note 2)  | &nbsp;&nbsp;&nbsp; 28503 | &nbsp;&nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp; 691 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 202759226 | &nbsp;&nbsp;&nbsp; 683756352 |
| **LIABILITIES** |  |  |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; 2197993 | &nbsp;&nbsp;&nbsp; 23622384 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; 14004 | &nbsp;&nbsp;&nbsp; 865494 |
| Distributions payable | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 468439 |
| Management fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 17391 | &nbsp;&nbsp;&nbsp; 170428 |
| Deferred Trustees' fees (Note 6)  | &nbsp;&nbsp;&nbsp; 173470 | &nbsp;&nbsp;&nbsp; 487867 |
| Administrative fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 7286 | &nbsp;&nbsp;&nbsp; 23636 |
| Payable to distributor (Note 6d)  | &nbsp;&nbsp;&nbsp; 5322 | &nbsp;&nbsp;&nbsp; 12201 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 35103 | &nbsp;&nbsp;&nbsp; 37528 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 51058 | &nbsp;&nbsp;&nbsp; 90571 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 2501627 | &nbsp;&nbsp;&nbsp; 25778548 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $200257599 | &nbsp;&nbsp;&nbsp; $657977804 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $233824723 | &nbsp;&nbsp;&nbsp; $733094129 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (33567124)<br>| &nbsp;&nbsp;&nbsp; (75116325)<br>|
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $200257599 | &nbsp;&nbsp;&nbsp; $657977804 |
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |
| **Class A shares:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $3304524 | &nbsp;&nbsp;&nbsp; $149456407 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 346111 | &nbsp;&nbsp;&nbsp; 13744760 |
| Net asset value and redemption price per share | &nbsp;&nbsp;&nbsp; $9.55 | &nbsp;&nbsp;&nbsp; $10.87 |
| Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1) | &nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp; $11.12 |
| **Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales** <br> **charge) (Note 1)**<br>|  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $335689 | &nbsp;&nbsp;&nbsp; $4389082 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 35004 | &nbsp;&nbsp;&nbsp; 404668 |
| Net asset value and offering price per share | &nbsp;&nbsp;&nbsp; $9.59 | &nbsp;&nbsp;&nbsp; $10.85 |
| **Class N shares:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $42477593 | &nbsp;&nbsp;&nbsp; $30974388 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 4457834 | &nbsp;&nbsp;&nbsp; 2840332 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $10.91 |
| **Class Y shares:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $154139793 | &nbsp;&nbsp;&nbsp; $473157927 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 16157132 | &nbsp;&nbsp;&nbsp; 43374202 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $10.91 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) As disclosed in the Notes to Financial Statements, if applicable.

See accompanying notes to financial statements.

45 \|

------

Statements of Operations

For the Six Months Ended March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Plus Bond** <br>**Fund**<br>| **Global** <br>**Allocation** <br>**Fund**<br>| **Growth** <br>**Fund**<br>|
| **INVESTMENT INCOME**  |  |  |  |
| Interest | &nbsp;&nbsp;&nbsp; $180728529 | &nbsp;&nbsp;&nbsp; $23213053 | &nbsp;&nbsp;&nbsp; $445133 |
| Dividends | &nbsp;&nbsp;&nbsp; 23742 | &nbsp;&nbsp;&nbsp; 9881124 | &nbsp;&nbsp;&nbsp; 52023099 |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (338442)<br>| &nbsp;&nbsp;&nbsp; (2741172)<br>|
|  | &nbsp;&nbsp;&nbsp; 180752271 | &nbsp;&nbsp;&nbsp; 32755735 | &nbsp;&nbsp;&nbsp; 49727060 |
| Expenses |  |  |  |
| Management fees (Note 6)  | &nbsp;&nbsp;&nbsp; 12538970 | &nbsp;&nbsp;&nbsp; 10419129 | &nbsp;&nbsp;&nbsp; 44275429 |
| Service and distribution fees (Note 6)  | &nbsp;&nbsp;&nbsp; 441880 | &nbsp;&nbsp;&nbsp; 1602723 | &nbsp;&nbsp;&nbsp; 2167453 |
| Administrative fees (Note 6)  | &nbsp;&nbsp;&nbsp; 1659881 | &nbsp;&nbsp;&nbsp; 591788 | &nbsp;&nbsp;&nbsp; 3742953 |
| Trustees' fees and expenses (Note 6)  | &nbsp;&nbsp;&nbsp; 168945 | &nbsp;&nbsp;&nbsp; 69249 | &nbsp;&nbsp;&nbsp; 320301 |
| Transfer agent fees and expenses (Notes 6, 7 and 8)  | &nbsp;&nbsp;&nbsp; 2799544 | &nbsp;&nbsp;&nbsp; 1061131 | &nbsp;&nbsp;&nbsp; 8089303 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 31244 | &nbsp;&nbsp;&nbsp; 32696 | &nbsp;&nbsp;&nbsp; 24970 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 138344 | &nbsp;&nbsp;&nbsp; 108556 | &nbsp;&nbsp;&nbsp; 202117 |
| Legal fees | &nbsp;&nbsp;&nbsp; 151295 | &nbsp;&nbsp;&nbsp; 46330 | &nbsp;&nbsp;&nbsp; 310560 |
| Registration fees | &nbsp;&nbsp;&nbsp; 186972 | &nbsp;&nbsp;&nbsp; 65343 | &nbsp;&nbsp;&nbsp; 170269 |
| Shareholder reporting expenses (Note 6) | &nbsp;&nbsp;&nbsp; 225163 | &nbsp;&nbsp;&nbsp; 86254 | &nbsp;&nbsp;&nbsp; 447819 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 124983 | &nbsp;&nbsp;&nbsp; 67069 | &nbsp;&nbsp;&nbsp; 293192 |
| Total expenses | &nbsp;&nbsp;&nbsp; 18467221 | &nbsp;&nbsp;&nbsp; 14150268 | &nbsp;&nbsp;&nbsp; 60044366 |
| Less waiver and/or expense reimbursement (Note 6)  | &nbsp;&nbsp;&nbsp; (176536)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (464117)<br>|
| Less expense offset (Note 8)  | &nbsp;&nbsp;&nbsp; (60883)<br>| &nbsp;&nbsp;&nbsp; (8904)<br>| &nbsp;&nbsp;&nbsp; (288468)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 18229802 | &nbsp;&nbsp;&nbsp; 14141364 | &nbsp;&nbsp;&nbsp; 59291781 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 162522469 | &nbsp;&nbsp;&nbsp; 18614371 | &nbsp;&nbsp;&nbsp; (9564721)<br>|
| **Net realized and unrealized gain (loss) on Investments, Short sales, Futures** <br> **contracts, Forward foreign currency contracts and Foreign currency** <br> **transactions** <br>|  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp; (26839210)<br>| &nbsp;&nbsp;&nbsp; 203573738 | &nbsp;&nbsp;&nbsp; (4337582)<br>|
| Short sales | &nbsp;&nbsp;&nbsp; (1986382)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; (766674)<br>| &nbsp;&nbsp;&nbsp; (1231418)<br>| &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency contracts (Note 2e)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5937104)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions (Note 2d)  | &nbsp;&nbsp;&nbsp; 50723 | &nbsp;&nbsp;&nbsp; (212952)<br>| &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp; (54972174)<br>| &nbsp;&nbsp;&nbsp; (181568301)<br>| &nbsp;&nbsp;&nbsp; (2031192966)<br>|
| Affiliated investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21516675)<br>|
| Short sales | &nbsp;&nbsp;&nbsp; 1481993 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; (4901743)<br>| &nbsp;&nbsp;&nbsp; (1354653)<br>| &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency contracts (Note 2e)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2120918 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations (Note 2d)  | &nbsp;&nbsp;&nbsp; (121016)<br>| &nbsp;&nbsp;&nbsp; 209040 | &nbsp;&nbsp;&nbsp; — |
| Net realized and unrealized gain (loss) on Investments, Short sales, Futures contracts, Forward foreign <br> currency contracts and Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp; (88054483)<br>| &nbsp;&nbsp;&nbsp; 15599268 | &nbsp;&nbsp;&nbsp; (2057047223)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $74467986 | &nbsp;&nbsp;&nbsp; $34213639 | &nbsp;&nbsp;&nbsp; $(2066611944)<br>|

---

See accompanying notes to financial statements.

\| 46

------

Statements of Operations (continued)

For the Six Months Ended March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Intermediate** <br>**Duration Bond** <br>**Fund**<br>| **Limited Term** <br>**Government** <br>**and Agency** <br>**Fund**<br>|
| **INVESTMENT INCOME**  |  |  |
| Interest | &nbsp;&nbsp;&nbsp; $5006505 | &nbsp;&nbsp;&nbsp; $12668591 |
| Expenses |  |  |
| Management fees (Note 6)  | &nbsp;&nbsp;&nbsp; 279683 | &nbsp;&nbsp;&nbsp; 1056787 |
| Service and distribution fees (Note 6)  | &nbsp;&nbsp;&nbsp; 6765 | &nbsp;&nbsp;&nbsp; 200697 |
| Administrative fees (Note 6)  | &nbsp;&nbsp;&nbsp; 47287 | &nbsp;&nbsp;&nbsp; 140109 |
| Trustees' fees and expenses (Note 6)  | &nbsp;&nbsp;&nbsp; 19563 | &nbsp;&nbsp;&nbsp; 36017 |
| Transfer agent fees and expenses (Notes 6, 7 and 8)  | &nbsp;&nbsp;&nbsp; 78516 | &nbsp;&nbsp;&nbsp; 311353 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 30420 | &nbsp;&nbsp;&nbsp; 32839 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 33078 | &nbsp;&nbsp;&nbsp; 25120 |
| Legal fees | &nbsp;&nbsp;&nbsp; 3945 | &nbsp;&nbsp;&nbsp; 13133 |
| Registration fees | &nbsp;&nbsp;&nbsp; 49960 | &nbsp;&nbsp;&nbsp; 58918 |
| Shareholder reporting expenses (Note 6) | &nbsp;&nbsp;&nbsp; 12190 | &nbsp;&nbsp;&nbsp; 35459 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 28706 | &nbsp;&nbsp;&nbsp; 31115 |
| Total expenses | &nbsp;&nbsp;&nbsp; 590113 | &nbsp;&nbsp;&nbsp; 1941547 |
| Less waiver and/or expense reimbursement (Note 6)  | &nbsp;&nbsp;&nbsp; (145702)<br>| &nbsp;&nbsp;&nbsp; (230521)<br>|
| Less expense offset (Note 8)  | &nbsp;&nbsp;&nbsp; (703)<br>| &nbsp;&nbsp;&nbsp; (28218)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 443708 | &nbsp;&nbsp;&nbsp; 1682808 |
| Net investment income | &nbsp;&nbsp;&nbsp; 4562797 | &nbsp;&nbsp;&nbsp; 10985783 |
| **Net realized and unrealized gain (loss) on Investments and Futures contracts** |  |  |
| Net realized gain (loss) on: |  |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp; 718704 | &nbsp;&nbsp;&nbsp; (504874)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 227103 | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp; (2637181)<br>| &nbsp;&nbsp;&nbsp; (1081449)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (374540)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized and unrealized loss on Investments and Futures contracts | &nbsp;&nbsp;&nbsp; (2065914)<br>| &nbsp;&nbsp;&nbsp; (1586323)<br>|
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $2496883 | &nbsp;&nbsp;&nbsp; $9399460 |

---

See accompanying notes to financial statements.

47 \|

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Global Allocation Fund** | **Global Allocation Fund** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>| **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>|
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $162522469 | $331830751 | $18614371 | $37090316 |
| Net realized gain (loss) on investments, futures contracts, short sales, <br> forward foreign currency contracts and foreign currency transactions<br>| (29541543)<br>| (98769323)<br>| 196192264 | 156607053 |
| Net change in unrealized appreciation (depreciation) on investments, futures <br> contracts, short sales, forward foreign currency contracts and foreign <br> currency translations<br>| (58512940)<br>| 9268990 | (180592996)<br>| 10637783 |
| Net increase in net assets resulting from operations | 74467986 | 242330418 | 34213639 | 204335152 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | (6083711)<br>| (12925806)<br>| (39547775)<br>| (39320325)<br>|
| Class C | (311440)<br>| (679561)<br>| (12515617)<br>| (14544883)<br>|
| Class N | (53894570)<br>| (94867324)<br>| (21866417)<br>| (20241713)<br>|
| Class Y | (117494566)<br>| (221312778)<br>| (129580931)<br>| (131474474)<br>|
| Total distributions | (177784287)<br>| (329785469)<br>| (203510740)<br>| (205581395)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| 331033402 | (203460649)<br>| (78716764)<br>| (188348858)<br>|
| Net increase (decrease) in net assets | 227717101 | (290915700)<br>| (248013865)<br>| (189595101)<br>|
| **NET ASSETS** |  |  |  |  |
| Beginning of the period | 7663131635 | 7954047335 | 2899211907 | 3088807008 |
| End of the period | $7890848736 | $7663131635 | $2651198042 | $2899211907 |

---

See accompanying notes to financial statements.

\| 48

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Fund** | **Growth Fund** | **Intermediate Duration Bond** <br>**Fund** | **Intermediate Duration Bond** <br>**Fund** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>| **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>|
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(9564721)<br>| $(28199986)<br>| $4562797 | $10071447 |
| Net realized gain (loss) on investments, including distributions of capital gains <br> received from investments, futures contracts and foreign currency <br> transactions<br>| (4337582)<br>| 465261277 | 945807 | 377403 |
| Net change in unrealized appreciation (depreciation) on investments, futures <br> contracts and foreign currency translations<br>| (2052709641)<br>| 3340696668 | (3011721)<br>| (920796)<br>|
| Net increase (decrease) in net assets resulting from operations | (2066611944)<br>| 3777757959 | 2496883 | 9528054 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | (32243243)<br>| (74783360)<br>| (69009)<br>| (118649)<br>|
| Class C | (3738913)<br>| (7577978)<br>| (8615)<br>| (22235)<br>|
| Class N | (24259251)<br>| (47511605)<br>| (952219)<br>| (1463560)<br>|
| Class Y | (341155704)<br>| (728793454)<br>| (3930463)<br>| (8519448)<br>|
| Total distributions | (401397111)<br>| (858666397)<br>| (4960306)<br>| (10123892)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| 73337953 | 621511345 | (41688438)<br>| (20340005)<br>|
| Net increase (decrease) in net assets | (2394671102)<br>| 3540602907 | (44151861)<br>| (20935843)<br>|
| **NET ASSETS** |  |  |  |  |
| Beginning of the period | 18423639657 | 14883036750 | 244409460 | 265345303 |
| End of the period | $16028968555 | $18423639657 | $200257599 | $244409460 |

---

See accompanying notes to financial statements.

49 \|

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Limited Term Government and** <br>**Agency Fund** | **Limited Term Government and** <br>**Agency Fund** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30, 2025**<br>|
| **FROM OPERATIONS:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; $10985783 | &nbsp;&nbsp;&nbsp; $25256156 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (504874)<br>| &nbsp;&nbsp;&nbsp; 536191 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (1081449)<br>| &nbsp;&nbsp;&nbsp; 1489927 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 9399460 | &nbsp;&nbsp;&nbsp; 27282274 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2755102)<br>| &nbsp;&nbsp;&nbsp; (6009807)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (65166)<br>| &nbsp;&nbsp;&nbsp; (155955)<br>|
| Class N | &nbsp;&nbsp;&nbsp; (744521)<br>| &nbsp;&nbsp;&nbsp; (2060409)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (8786738)<br>| &nbsp;&nbsp;&nbsp; (18084026)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (12351527)<br>| &nbsp;&nbsp;&nbsp; (26310197)<br>|
| **NET DECREASE IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| &nbsp;&nbsp;&nbsp; (21459388)<br>| &nbsp;&nbsp;&nbsp; (60782290)<br>|
| Net decrease in net assets | &nbsp;&nbsp;&nbsp; (24411455)<br>| &nbsp;&nbsp;&nbsp; (59810213)<br>|
| **NET ASSETS** |  |  |
| Beginning of the period | &nbsp;&nbsp;&nbsp; 682389259 | &nbsp;&nbsp;&nbsp; 742199472 |
| End of the period | &nbsp;&nbsp;&nbsp; $657977804 | &nbsp;&nbsp;&nbsp; $682389259 |

---

See accompanying notes to financial statements.

\| 50

------

Financial Highlights

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund—Class A** | **Core Plus Bond Fund—Class A** | **Core Plus Bond Fund—Class A** | **Core Plus Bond Fund—Class A** | **Core Plus Bond Fund—Class A** | **Core Plus Bond Fund—Class A** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $11.61 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $11.20 | &nbsp;&nbsp;&nbsp; $13.59 | &nbsp;&nbsp;&nbsp; $14.08 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.46 | &nbsp;&nbsp;&nbsp; $11.61 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $11.20 | &nbsp;&nbsp;&nbsp; $13.59 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.77 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04 %(c)<br>| &nbsp;&nbsp;&nbsp; (15.24 )%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $274288 | &nbsp;&nbsp;&nbsp; $288607 | &nbsp;&nbsp;&nbsp; $393898 | &nbsp;&nbsp;&nbsp; $376624 | &nbsp;&nbsp;&nbsp; $428825 | &nbsp;&nbsp;&nbsp; $747497 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %(e)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %(e)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.87<br> %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp;&nbsp; 164<br> %<br>| &nbsp;&nbsp;&nbsp; 170<br> %<br>| &nbsp;&nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 280<br> %<br>| &nbsp;&nbsp;&nbsp; 266<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes refund of prior year service fee of less than 0.01%. See Note 6b of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective July 1, 2025, the expense limit decreased from 0.74% to 0.73%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective July 1, 2022, the expense limit decreased from 0.75% to 0.74%.

See accompanying notes to financial statements.

51 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund—Class C** | **Core Plus Bond Fund—Class C** | **Core Plus Bond Fund—Class C** | **Core Plus Bond Fund—Class C** | **Core Plus Bond Fund—Class C** | **Core Plus Bond Fund—Class C** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $11.75 | &nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp; $11.21 | &nbsp;&nbsp;&nbsp; $13.60 | &nbsp;&nbsp;&nbsp; $14.09 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.48 | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $11.75 | &nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp; $11.21 | &nbsp;&nbsp;&nbsp; $13.60 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.91 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26 %(c)<br>| &nbsp;&nbsp;&nbsp; (15.88 )%(c)<br>| &nbsp;&nbsp;&nbsp; (0.24)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $17053 | &nbsp;&nbsp;&nbsp; $18685 | &nbsp;&nbsp;&nbsp; $23846 | &nbsp;&nbsp;&nbsp; $30402 | &nbsp;&nbsp;&nbsp; $48679 | &nbsp;&nbsp;&nbsp; $95755 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %(e)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %(e)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.49 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.12 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp;&nbsp; 164<br> %<br>| &nbsp;&nbsp;&nbsp; 170<br> %<br>| &nbsp;&nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 280<br> %<br>| &nbsp;&nbsp;&nbsp; 266<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2025, the expense limit decreased from 1.49% to 1.48%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective July 1, 2022, the expense limit decreased from 1.50% to 1.49%.

See accompanying notes to financial statements.

\| 52

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund—Class N** | **Core Plus Bond Fund—Class N** | **Core Plus Bond Fund—Class N** | **Core Plus Bond Fund—Class N** | **Core Plus Bond Fund—Class N** | **Core Plus Bond Fund—Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $11.86 | &nbsp;&nbsp;&nbsp; $11.04 | &nbsp;&nbsp;&nbsp; $11.31 | &nbsp;&nbsp;&nbsp; $13.72 | &nbsp;&nbsp;&nbsp; $14.21 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.59 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $11.86 | &nbsp;&nbsp;&nbsp; $11.04 | &nbsp;&nbsp;&nbsp; $11.31 | &nbsp;&nbsp;&nbsp; $13.72 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp; (14.94)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $2424742 | &nbsp;&nbsp;&nbsp; $2291912 | &nbsp;&nbsp;&nbsp; $2144253 | &nbsp;&nbsp;&nbsp; $2015457 | &nbsp;&nbsp;&nbsp; $1890793 | &nbsp;&nbsp;&nbsp; $2563736 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.21<br> %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp;&nbsp; 164<br> %<br>| &nbsp;&nbsp;&nbsp; 170<br> %<br>| &nbsp;&nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 280<br> %<br>| &nbsp;&nbsp;&nbsp; 266<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

See accompanying notes to financial statements.

53 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund—Class Y** | **Core Plus Bond Fund—Class Y** | **Core Plus Bond Fund—Class Y** | **Core Plus Bond Fund—Class Y** | **Core Plus Bond Fund—Class Y** | **Core Plus Bond Fund—Class Y** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $11.73 | &nbsp;&nbsp;&nbsp; $11.85 | &nbsp;&nbsp;&nbsp; $11.03 | &nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp; $13.71 | &nbsp;&nbsp;&nbsp; $14.20 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.58 | &nbsp;&nbsp;&nbsp; $11.73 | &nbsp;&nbsp;&nbsp; $11.85 | &nbsp;&nbsp;&nbsp; $11.03 | &nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp; $13.71 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.04 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28 %(b)<br>| &nbsp;&nbsp;&nbsp; (15.03 )%(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $5174765 | &nbsp;&nbsp;&nbsp; $5063927 | &nbsp;&nbsp;&nbsp; $5392050 | &nbsp;&nbsp;&nbsp; $4290526 | &nbsp;&nbsp;&nbsp; $3543096 | &nbsp;&nbsp;&nbsp; $5442563 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %(d)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.12 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp;&nbsp; 164<br> %<br>| &nbsp;&nbsp;&nbsp; 170<br> %<br>| &nbsp;&nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 280<br> %<br>| &nbsp;&nbsp;&nbsp; 266<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2025, the expense limit decreased from 0.49% to 0.48%.

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

See accompanying notes to financial statements.

\| 54

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Allocation Fund—Class A** | **Global Allocation Fund—Class A** | **Global Allocation Fund—Class A** | **Global Allocation Fund—Class A** | **Global Allocation Fund—Class A** | **Global Allocation Fund—Class A** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $26.57 | &nbsp;&nbsp;&nbsp; $26.56 | &nbsp;&nbsp;&nbsp; $21.45 | &nbsp;&nbsp;&nbsp; $19.94 | &nbsp;&nbsp;&nbsp; $28.86 | &nbsp;&nbsp;&nbsp; $26.23 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp; (6.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp; (6.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.24 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.61)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $24.90 | &nbsp;&nbsp;&nbsp; $26.57 | &nbsp;&nbsp;&nbsp; $26.56 | &nbsp;&nbsp;&nbsp; $21.45 | &nbsp;&nbsp;&nbsp; $19.94 | &nbsp;&nbsp;&nbsp; $28.86 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.67<br> %<br>| &nbsp;&nbsp;&nbsp; (25.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.73<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $531008 | &nbsp;&nbsp;&nbsp; $548684 | &nbsp;&nbsp;&nbsp; $593001 | &nbsp;&nbsp;&nbsp; $474968 | &nbsp;&nbsp;&nbsp; $482031 | &nbsp;&nbsp;&nbsp; $737469 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

See accompanying notes to financial statements.

55 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Allocation Fund—Class C** | **Global Allocation Fund—Class C** | **Global Allocation Fund—Class C** | **Global Allocation Fund—Class C** | **Global Allocation Fund—Class C** | **Global Allocation Fund—Class C** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $25.25 | &nbsp;&nbsp;&nbsp; $25.30 | &nbsp;&nbsp;&nbsp; $20.59 | &nbsp;&nbsp;&nbsp; $19.34 | &nbsp;&nbsp;&nbsp; $28.26 | &nbsp;&nbsp;&nbsp; $25.78 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.10 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp; (6.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.96 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $23.69 | &nbsp;&nbsp;&nbsp; $25.25 | &nbsp;&nbsp;&nbsp; $25.30 | &nbsp;&nbsp;&nbsp; $20.59 | &nbsp;&nbsp;&nbsp; $19.34 | &nbsp;&nbsp;&nbsp; $28.26 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.84<br> %<br>| &nbsp;&nbsp;&nbsp; (26.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.85<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $164320 | &nbsp;&nbsp;&nbsp; $194948 | &nbsp;&nbsp;&nbsp; $244927 | &nbsp;&nbsp;&nbsp; $256487 | &nbsp;&nbsp;&nbsp; $302501 | &nbsp;&nbsp;&nbsp; $503073 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.90 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.90 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.43 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp; (0.23)%<br>| &nbsp;&nbsp;&nbsp; (0.52)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

See accompanying notes to financial statements.

\| 56

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Allocation Fund—Class N** | **Global Allocation Fund—Class N** | **Global Allocation Fund—Class N** | **Global Allocation Fund—Class N** | **Global Allocation Fund—Class N** | **Global Allocation Fund—Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $27.02 | &nbsp;&nbsp;&nbsp; $26.98 | &nbsp;&nbsp;&nbsp; $21.78 | &nbsp;&nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp; $26.42 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp; (6.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.21 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp; (6.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.36 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $25.31 | &nbsp;&nbsp;&nbsp; $27.02 | &nbsp;&nbsp;&nbsp; $26.98 | &nbsp;&nbsp;&nbsp; $21.78 | &nbsp;&nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $29.09 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.20 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.16<br> %<br>| &nbsp;&nbsp;&nbsp; (25.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.10<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $288269 | &nbsp;&nbsp;&nbsp; $298087 | &nbsp;&nbsp;&nbsp; $298559 | &nbsp;&nbsp;&nbsp; $266298 | &nbsp;&nbsp;&nbsp; $243862 | &nbsp;&nbsp;&nbsp; $350222 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

See accompanying notes to financial statements.

57 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Allocation Fund—Class Y** | **Global Allocation Fund—Class Y** | **Global Allocation Fund—Class Y** | **Global Allocation Fund—Class Y** | **Global Allocation Fund—Class Y** | **Global Allocation Fund—Class Y** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $26.98 | &nbsp;&nbsp;&nbsp; $26.95 | &nbsp;&nbsp;&nbsp; $21.75 | &nbsp;&nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp; $26.42 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp; (6.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.21 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp; (6.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.34 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $25.29 | &nbsp;&nbsp;&nbsp; $26.98 | &nbsp;&nbsp;&nbsp; $26.95 | &nbsp;&nbsp;&nbsp; $21.75 | &nbsp;&nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $29.09 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.00<br> %<br>| &nbsp;&nbsp;&nbsp; (25.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.02<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $1667601 | &nbsp;&nbsp;&nbsp; $1857493 | &nbsp;&nbsp;&nbsp; $1952319 | &nbsp;&nbsp;&nbsp; $1698560 | &nbsp;&nbsp;&nbsp; $1932913 | &nbsp;&nbsp;&nbsp; $3286680 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.43 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

See accompanying notes to financial statements.

\| 58

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Fund—Class A** | **Growth Fund—Class A** | **Growth Fund—Class A** | **Growth Fund—Class A** | **Growth Fund—Class A** | **Growth Fund—Class A** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $30.16 | &nbsp;&nbsp;&nbsp; $25.63 | &nbsp;&nbsp;&nbsp; $19.58 | &nbsp;&nbsp;&nbsp; $16.45 | &nbsp;&nbsp;&nbsp; $23.85 | &nbsp;&nbsp;&nbsp; $20.72 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;&nbsp;7.53 | &nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.17 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp; (6.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.12 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $26.03 | &nbsp;&nbsp;&nbsp; $30.16 | &nbsp;&nbsp;&nbsp; $25.63 | &nbsp;&nbsp;&nbsp; $19.58 | &nbsp;&nbsp;&nbsp; $16.45 | &nbsp;&nbsp;&nbsp; $23.85 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp; (11.51 )%(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.07 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.67<br> %<br>| &nbsp;&nbsp;&nbsp; (27.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.43<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $1109226 | &nbsp;&nbsp;&nbsp; $1306955 | &nbsp;&nbsp;&nbsp; $1158398 | &nbsp;&nbsp;&nbsp; $798843 | &nbsp;&nbsp;&nbsp; $1164116 | &nbsp;&nbsp;&nbsp; $1740523 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %(e)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.91 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.34)%(f)<br>| &nbsp;&nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp;&nbsp; (0.43)%<br>| &nbsp;&nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp;&nbsp; (0.22)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes additional voluntary waiver of advisory fee of less than 0.01% from the underlying fund in which the Fund invests.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 0.91%.

See accompanying notes to financial statements.

59 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Fund—Class C** | **Growth Fund—Class C** | **Growth Fund—Class C** | **Growth Fund—Class C** | **Growth Fund—Class C** | **Growth Fund—Class C** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $24.55 | &nbsp;&nbsp;&nbsp; $21.29 | &nbsp;&nbsp;&nbsp; $16.60 | &nbsp;&nbsp;&nbsp; $14.42 | &nbsp;&nbsp;&nbsp; $21.21 | &nbsp;&nbsp;&nbsp; $18.66 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp; (5.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.74 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp; (5.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.54 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $20.98 | &nbsp;&nbsp;&nbsp; $24.55 | &nbsp;&nbsp;&nbsp; $21.29 | &nbsp;&nbsp;&nbsp; $16.60 | &nbsp;&nbsp;&nbsp; $14.42 | &nbsp;&nbsp;&nbsp; $21.21 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp; (11.87 )%(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.16 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.68<br> %<br>| &nbsp;&nbsp;&nbsp; (28.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.55<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $109510 | &nbsp;&nbsp;&nbsp; $123424 | &nbsp;&nbsp;&nbsp; $103945 | &nbsp;&nbsp;&nbsp; $78116 | &nbsp;&nbsp;&nbsp; $65977 | &nbsp;&nbsp;&nbsp; $127003 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.65 %(e)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.66 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (1.09 )%(f)<br>| &nbsp;&nbsp;&nbsp; (1.16)%<br>| &nbsp;&nbsp;&nbsp; (1.10)%<br>| &nbsp;&nbsp;&nbsp; (1.18)%<br>| &nbsp;&nbsp;&nbsp; (1.05)%<br>| &nbsp;&nbsp;&nbsp; (0.97)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes additional voluntary waiver of advisory fee of less than 0.01% from the underlying fund in which the Fund invests.

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

See accompanying notes to financial statements.

\| 60

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Fund—Class N** | **Growth Fund—Class N** | **Growth Fund—Class N** | **Growth Fund—Class N** | **Growth Fund—Class N** | **Growth Fund—Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $34.03 | &nbsp;&nbsp;&nbsp; $28.63 | &nbsp;&nbsp;&nbsp; $21.66 | &nbsp;&nbsp;&nbsp; $17.87 | &nbsp;&nbsp;&nbsp; $25.73 | &nbsp;&nbsp;&nbsp; $22.26 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (3.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp; (6.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.49 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (3.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp; (6.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.51 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $29.50 | &nbsp;&nbsp;&nbsp; $34.03 | &nbsp;&nbsp;&nbsp; $28.63 | &nbsp;&nbsp;&nbsp; $21.66 | &nbsp;&nbsp;&nbsp; $17.87 | &nbsp;&nbsp;&nbsp; $25.73 |
| Total return | &nbsp;&nbsp;&nbsp; (11.37 )%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.19<br> %<br>| &nbsp;&nbsp;&nbsp; (27.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.80<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $996024 | &nbsp;&nbsp;&nbsp; $1156002 | &nbsp;&nbsp;&nbsp; $843243 | &nbsp;&nbsp;&nbsp; $718311 | &nbsp;&nbsp;&nbsp; $663001 | &nbsp;&nbsp;&nbsp; $806186 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.56 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.56 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %(e)(f)<br>| &nbsp;&nbsp;&nbsp; (0.07)%<br>| &nbsp;&nbsp;&nbsp; (0.01)%<br>| &nbsp;&nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes additional voluntary waiver of advisory fee of less than 0.01% from the underlying fund in which the Fund invests.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount rounds to less than 0.01%.

See accompanying notes to financial statements.

61 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Fund—Class Y** | **Growth Fund—Class Y** | **Growth Fund—Class Y** | **Growth Fund—Class Y** | **Growth Fund—Class Y** | **Growth Fund—Class Y** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $33.89 | &nbsp;&nbsp;&nbsp; $28.54 | &nbsp;&nbsp;&nbsp; $21.61 | &nbsp;&nbsp;&nbsp; $17.86 | &nbsp;&nbsp;&nbsp; $25.73 | &nbsp;&nbsp;&nbsp; $22.26 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp; (6.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.48 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (3.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp; (6.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.49 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $29.36 | &nbsp;&nbsp;&nbsp; $33.89 | &nbsp;&nbsp;&nbsp; $28.54 | &nbsp;&nbsp;&nbsp; $21.61 | &nbsp;&nbsp;&nbsp; $17.86 | &nbsp;&nbsp;&nbsp; $25.73 |
| Total return | &nbsp;&nbsp;&nbsp; (11.42 )%(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.40 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.97<br> %<br>| &nbsp;&nbsp;&nbsp; (27.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.72<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $13814208 | &nbsp;&nbsp;&nbsp; $15837259 | &nbsp;&nbsp;&nbsp; $12777451 | &nbsp;&nbsp;&nbsp; $9204871 | &nbsp;&nbsp;&nbsp; $7594603 | &nbsp;&nbsp;&nbsp; $11094922 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.66 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.09 )%(e)<br>| &nbsp;&nbsp;&nbsp; (0.16)%<br>| &nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp; (0.17)%<br>| &nbsp;&nbsp;&nbsp; (0.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes additional voluntary waiver of advisory fee of less than 0.01% from the underlying fund in which the Fund invests.

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

See accompanying notes to financial statements.

\| 62

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Intermediate Duration Bond Fund—Class A** | **Intermediate Duration Bond Fund—Class A** | **Intermediate Duration Bond Fund—Class A** | **Intermediate Duration Bond Fund—Class A** | **Intermediate Duration Bond Fund—Class A** | **Intermediate Duration Bond Fund—Class A** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp; $10.99 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.55 | &nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $10.58 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp; (10.98)%<br>| &nbsp;&nbsp;&nbsp; (0.06)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $3305 | &nbsp;&nbsp;&nbsp; $3330 | &nbsp;&nbsp;&nbsp; $3089 | &nbsp;&nbsp;&nbsp; $7150 | &nbsp;&nbsp;&nbsp; $18077 | &nbsp;&nbsp;&nbsp; $20942 |
| Net expenses(f) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.79 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.83<br> %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

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

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

See accompanying notes to financial statements.

63 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Intermediate Duration Bond Fund—Class C** | **Intermediate Duration Bond Fund—Class C** | **Intermediate Duration Bond Fund—Class C** | **Intermediate Duration Bond Fund—Class C** | **Intermediate Duration Bond Fund—Class C** | **Intermediate Duration Bond Fund—Class C** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $9.19 | &nbsp;&nbsp;&nbsp; $9.27 | &nbsp;&nbsp;&nbsp; $10.62 | &nbsp;&nbsp;&nbsp; $11.02 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.59 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $9.19 | &nbsp;&nbsp;&nbsp; $9.27 | &nbsp;&nbsp;&nbsp; $10.62 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp; (11.65)%<br>| &nbsp;&nbsp;&nbsp; (0.76)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $336 | &nbsp;&nbsp;&nbsp; $665 | &nbsp;&nbsp;&nbsp; $740 | &nbsp;&nbsp;&nbsp; $698 | &nbsp;&nbsp;&nbsp; $174 | &nbsp;&nbsp;&nbsp; $315 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.53 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.06 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

See accompanying notes to financial statements.

\| 64

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Intermediate Duration Bond Fund—Class N** | **Intermediate Duration Bond Fund—Class N** | **Intermediate Duration Bond Fund—Class N** | **Intermediate Duration Bond Fund—Class N** | **Intermediate Duration Bond Fund—Class N** | **Intermediate Duration Bond Fund—Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp; $10.57 | &nbsp;&nbsp;&nbsp; $10.98 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp; $10.57 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> %<br>| &nbsp;&nbsp;&nbsp; (10.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $42478 | &nbsp;&nbsp;&nbsp; $41708 | &nbsp;&nbsp;&nbsp; $57190 | &nbsp;&nbsp;&nbsp; $55983 | &nbsp;&nbsp;&nbsp; $19294 | &nbsp;&nbsp;&nbsp; $20094 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.46 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.14<br> %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

See accompanying notes to financial statements.

65 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Intermediate Duration Bond Fund—Class Y** | **Intermediate Duration Bond Fund—Class Y** | **Intermediate Duration Bond Fund—Class Y** | **Intermediate Duration Bond Fund—Class Y** | **Intermediate Duration Bond Fund—Class Y** | **Intermediate Duration Bond Fund—Class Y** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp; $10.99 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $10.58 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>| &nbsp;&nbsp;&nbsp; (10.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $154140 | &nbsp;&nbsp;&nbsp; $198706 | &nbsp;&nbsp;&nbsp; $204326 | &nbsp;&nbsp;&nbsp; $281284 | &nbsp;&nbsp;&nbsp; $255418 | &nbsp;&nbsp;&nbsp; $340326 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.54 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.07 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

See accompanying notes to financial statements.

\| 66

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Limited Term Government and Agency Fund—Class A** | **Limited Term Government and Agency Fund—Class A** | **Limited Term Government and Agency Fund—Class A** | **Limited Term Government and Agency Fund—Class A** | **Limited Term Government and Agency Fund—Class A** | **Limited Term Government and Agency Fund—Class A** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $10.92 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.57 | &nbsp;&nbsp;&nbsp; $10.65 | &nbsp;&nbsp;&nbsp; $11.40 | &nbsp;&nbsp;&nbsp; $11.54 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $10.87 | &nbsp;&nbsp;&nbsp; $10.92 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.57 | &nbsp;&nbsp;&nbsp; $10.65 | &nbsp;&nbsp;&nbsp; $11.40 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp; (5.75)%<br>| &nbsp;&nbsp;&nbsp; (0.58)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $149456 | &nbsp;&nbsp;&nbsp; $158547 | &nbsp;&nbsp;&nbsp; $190025 | &nbsp;&nbsp;&nbsp; $209032 | &nbsp;&nbsp;&nbsp; $246532 | &nbsp;&nbsp;&nbsp; $287244 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68 %(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %(g)(i)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.76 %(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78 %(g)(j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %(g)(h)<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 141<br> %<br>| &nbsp;&nbsp;&nbsp; 269<br> %<br>| &nbsp;&nbsp;&nbsp; 217<br> %<br>| &nbsp;&nbsp;&nbsp; 267<br> %<br>| &nbsp;&nbsp;&nbsp; 203<br> %<br>| &nbsp;&nbsp;&nbsp; 247<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes refund of prior year service fee of 0.02%. See Note 6b of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes refund of prior year service fee of 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective July 1, 2021, the expense limit decreased from 0.75% to 0.70%.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 0.76%.

See accompanying notes to financial statements.

67 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Limited Term Government and Agency Fund—Class C** | **Limited Term Government and Agency Fund—Class C** | **Limited Term Government and Agency Fund—Class C** | **Limited Term Government and Agency Fund—Class C** | **Limited Term Government and Agency Fund—Class C** | **Limited Term Government and Agency Fund—Class C** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.87 | &nbsp;&nbsp;&nbsp; $10.54 | &nbsp;&nbsp;&nbsp; $10.62 | &nbsp;&nbsp;&nbsp; $11.38 | &nbsp;&nbsp;&nbsp; $11.54 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $10.85 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.87 | &nbsp;&nbsp;&nbsp; $10.54 | &nbsp;&nbsp;&nbsp; $10.62 | &nbsp;&nbsp;&nbsp; $11.38 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp; (6.43)%<br>| &nbsp;&nbsp;&nbsp; (1.35)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $4389 | &nbsp;&nbsp;&nbsp; $5113 | &nbsp;&nbsp;&nbsp; $5900 | &nbsp;&nbsp;&nbsp; $8510 | &nbsp;&nbsp;&nbsp; $14145 | &nbsp;&nbsp;&nbsp; $24922 |
| Net expenses(f) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %(h)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.53 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 2.37 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp; (0.16)%<br>| &nbsp;&nbsp;&nbsp; (0.40)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 141<br> %<br>| &nbsp;&nbsp;&nbsp; 269<br> %<br>| &nbsp;&nbsp;&nbsp; 217<br> %<br>| &nbsp;&nbsp;&nbsp; 267<br> %<br>| &nbsp;&nbsp;&nbsp; 203<br> %<br>| &nbsp;&nbsp;&nbsp; 247<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective July 1, 2021, the expense limit decreased from 1.50% to 1.45%.

See accompanying notes to financial statements.

\| 68

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Limited Term Government and Agency Fund—Class N** | **Limited Term Government and Agency Fund—Class N** | **Limited Term Government and Agency Fund—Class N** | **Limited Term Government and Agency Fund—Class N** | **Limited Term Government and Agency Fund—Class N** | **Limited Term Government and Agency Fund—Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $10.96 | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $10.60 | &nbsp;&nbsp;&nbsp; $10.68 | &nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp; $11.57 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $10.91 | &nbsp;&nbsp;&nbsp; $10.96 | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $10.60 | &nbsp;&nbsp;&nbsp; $10.68 | &nbsp;&nbsp;&nbsp; $11.43 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br> %<br>| &nbsp;&nbsp;&nbsp; (5.45)%<br>| &nbsp;&nbsp;&nbsp; (0.25)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $30974 | &nbsp;&nbsp;&nbsp; $48434 | &nbsp;&nbsp;&nbsp; $56787 | &nbsp;&nbsp;&nbsp; $45716 | &nbsp;&nbsp;&nbsp; $19656 | &nbsp;&nbsp;&nbsp; $12972 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %(f)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.44 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.42<br> %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 141<br> %<br>| &nbsp;&nbsp;&nbsp; 269<br> %<br>| &nbsp;&nbsp;&nbsp; 217<br> %<br>| &nbsp;&nbsp;&nbsp; 267<br> %<br>| &nbsp;&nbsp;&nbsp; 203<br> %<br>| &nbsp;&nbsp;&nbsp; 247<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2021, the expense limit decreased from 0.45% to 0.40%

See accompanying notes to financial statements.

69 \|

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Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Limited Term Government and Agency Fund—Class Y** | **Limited Term Government and Agency Fund—Class Y** | **Limited Term Government and Agency Fund—Class Y** | **Limited Term Government and Agency Fund—Class Y** | **Limited Term Government and Agency Fund—Class Y** | **Limited Term Government and Agency Fund—Class Y** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $10.96 | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $10.60 | &nbsp;&nbsp;&nbsp; $10.69 | &nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp; $11.57 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $10.91 | &nbsp;&nbsp;&nbsp; $10.96 | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $10.60 | &nbsp;&nbsp;&nbsp; $10.69 | &nbsp;&nbsp;&nbsp; $11.43 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> %<br>| &nbsp;&nbsp;&nbsp; (5.42)%<br>| &nbsp;&nbsp;&nbsp; (0.33)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $473158 | &nbsp;&nbsp;&nbsp; $470295 | &nbsp;&nbsp;&nbsp; $489488 | &nbsp;&nbsp;&nbsp; $486496 | &nbsp;&nbsp;&nbsp; $491162 | &nbsp;&nbsp;&nbsp; $707904 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %(f)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.53 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.37 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 141<br> %<br>| &nbsp;&nbsp;&nbsp; 269<br> %<br>| &nbsp;&nbsp;&nbsp; 217<br> %<br>| &nbsp;&nbsp;&nbsp; 267<br> %<br>| &nbsp;&nbsp;&nbsp; 203<br> %<br>| &nbsp;&nbsp;&nbsp; 247<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2021, the expense limit decreased from 0.50% to 0.45%.

See accompanying notes to financial statements.

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Notes to Financial Statements

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<u>Natixis Funds Trust I:</u>

Loomis Sayles Core Plus Bond Fund ("Core Plus Bond Fund")

<u>Loomis Sayles Funds I:</u>

Loomis Sayles Intermediate Duration Bond Fund ("Intermediate Duration Bond Fund")

<u>Loomis Sayles Funds II:</u>

Loomis Sayles Global Allocation Fund ("Global Allocation Fund")

Loomis Sayles Growth Fund ("Growth Fund")

Loomis Sayles Limited Term Government and Agency Fund ("Limited Term Government and Agency Fund")

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C, Class N and Class Y shares.

Class A shares are sold with a maximum front-end sales charge of 4.25% for Core Plus Bond Fund and Intermediate Duration Bond Fund, 5.75% for Global Allocation Fund and Growth Fund, and 2.25% for Limited Term Government and Agency Fund. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge ("CDSC") of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds' prospectus.

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

**2. Significant Accounting Policies.** The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds' financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund operates as a single segment entity, focusing on investments in a portfolio of securities. Each Fund's named president acts as chief operating decision maker ("CODM") regarding allocation of resources and performance assessment. Financial information including, but not limited to, portfolio composition, net asset changes and total returns, is used by the CODM to assess performance and to make resource allocation decisions and is consistent with that presented within the financial statements. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds' financial statements.

**a. Valuation.** Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds' Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board's oversight.

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

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Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

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 ("NAV") per share.

Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Short sales of debt investments are fair valued based on an evaluated ask price furnished to the Funds by an independent pricing service. Senior loans and collateralized loan obligations ("CLOs") 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 CLOs where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Forward foreign currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service. Bilateral credit default swaps are fair valued based on mid prices (between the bid price and the ask price) supplied by an independent pricing service. Bilateral interest rate swaps are fair valued based on prices supplied by an independent pricing source. Centrally cleared swap agreements are fair valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers.

The Funds may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund's investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund's NAV is calculated. Fair valuation by the Fund(s) valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.

**b. Investment Transactions and Related Investment Income.** Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Loan consent fees, upfront origination fees and/or amendment fees are recorded when received and included in interest income on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a *pro rata* basis to each class based on the relative net assets of each class to the total net assets of the Fund.

**c. Short Sales.** A short sale is a transaction in which a Fund sells a security it does not own, usually in anticipation of a decline in the fair market value of the security. When closing out a short position, a Fund will have to purchase the security it originally sold short. The value of short sales is reflected as a liability in the Statements of Assets and Liabilities and is marked-to-market daily. A Fund will realize a profit from closing out a short position if the price of the security sold short has declined since the short position was opened; a Fund will realize a loss from closing out a short position if the value of the shorted security has risen since the short position was opened. Because there is no upper limit on the price to which a security can rise, short selling exposes a Fund to potentially unlimited losses. Dividends or interest on securities sold short are reflected as short sale dividend or interest expense on the Statements of Operations. The Funds intend to cover their short sale transactions by segregating or earmarking liquid assets, such that the segregated/earmarked amount, equals the current market value of the securities underlying the short sale.

**d. Foreign Currency Translation.** The books and records of the Funds are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars

\| 72

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Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded in the Funds' books and records and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The Funds may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

**e. Forward Foreign Currency Contracts.** A Fund may enter into forward foreign currency contracts, including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the Funds' investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds' Statements of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency 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 Funds' or counterparty's net obligations under the contracts. Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**f. Futures Contracts.** A Fund may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as "initial margin." As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as "variation margin," are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. The aggregate principal amounts of the contracts are not recorded in the financial statements. Daily fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as a receivable (payable) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund's ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates. Futures contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Funds are reduced; however, in the event that a counterparty enters into bankruptcy, a Fund's claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

**g. Swap Agreements.** A Fund may enter into credit default. A credit default swap is an agreement between two parties (the "protection buyer" and "protection seller") to exchange the credit risk of an issuer ("reference obligation") for a specified time period. The reference obligation may be one or more debt securities or an index of such securities. The Funds may be either the protection buyer or the protection seller. As a protection buyer, the Funds have the ability to hedge the downside risk of an issuer or group of

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Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

issuers. As a protection seller, the Funds have the ability to gain exposure to an issuer or group of issuers whose bonds are unavailable or in short supply in the cash bond market, as well as realize additional income in the form of fees paid by the protection buyer. The protection buyer is obligated to pay the protection seller a stream of payments ("fees") over the term of the contract, provided that no credit event, such as a default or a downgrade in credit rating, occurs on the reference obligation. The Funds may also pay or receive upfront premiums. If a credit event occurs, the protection seller must pay the protection buyer the difference between the agreed upon notional value and market value of the reference obligation. Market value in this case is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the value. The maximum potential amount of undiscounted future payments that a Fund as the protection seller could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

Implied credit spreads, represented in absolute terms, are disclosed in the Portfolio of Investments for those agreements for which the Fund is the protection seller. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The notional amounts of swap agreements are not recorded in the financial statements. Swap agreements are valued daily and fluctuations in the value are recorded in the Statements of Operations as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded in the Statements of Assets and Liabilities as part of unrealized appreciation (depreciation) on swap agreements. When received or paid, fees are recorded in the Statements of Operations as realized gain or loss. Upfront premiums paid or received by the Funds are recorded on the Statements of Assets and Liabilities as an asset or liability, respectively, and are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Funds as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared ("centrally cleared swaps"). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and the Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as "variation margin," are made or received by the Fund based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Fund's counterparty credit risk is reduced as the CCP stands between the Fund and the counterparty. Swap agreements outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**h. When-Issued and Delayed Delivery Transactions.** A Fund may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. No interest accrues to the Funds until the transaction settles.

Delayed delivery transactions include those designated as To Be Announced ("TBAs") in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is "to be announced" 48 hours prior to the established trade settlement date. Certain transactions require the Funds or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. TBA closeout transactions are accounted for as seperate purchase and sale commitments and are presented on a gross basis in the Statements of Assets and Liabilities.

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.

**i. Federal and Foreign Income Taxes.** The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund's tax positions for the open tax years as of March 31, 2026 and has concluded

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Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

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.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund's understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

Certain Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries ("EU reclaims") and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as tax reclaims in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, and to the extent that EU reclaims recovered by a Fund were previously passed-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into closing agreements with the Internal Revenue Service ("IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Accordingly, estimated charges, if any, related to a Fund's closing agreement liability are presented as tax reclaim expenses in the Statements of Operations and its estimated closing agreement liability is presented as tax reclaim payable in the Statements of Assets and Liabilities. The actual closing agreement payment to the IRS may differ from the estimate and that difference may be material.

**j. Dividends and Distributions to Shareholders.** Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency gains and losses, net operating losses, premium amortization, capital gains taxes, convertible bond adjustments, deferred Trustees' fees and paydown gains and losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees' fees, forward foreign currency contract mark-to-market, wash sales, premium amortization, futures contract mark-to-market, convertible bond adjustments, dividends payable, straddle loss deferral adjustments and paydown gains and losses. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds' fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and net realized short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 Distributions | 2025 Distributions | 2025 Distributions |
| Fund | Ordinary <br>Income<br>| Long-Term <br>Capital <br>Gains<br>| Total |
| Core Plus Bond Fund | &nbsp;&nbsp; $329785469 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $329785469 |
| Global Allocation Fund | &nbsp;&nbsp; 35206356 | &nbsp;&nbsp; 170375039 | &nbsp;&nbsp; 205581395 |
| Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 858666397 | &nbsp;&nbsp; 858666397 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 10123892 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10123892 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 26310197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26310197 |

---

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

75 \|

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

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

As of September 30, 2025, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Core Plus Bond <br>Fund<br>| Global <br>Allocation <br>Fund<br>| Growth <br>Fund<br>| Intermediate <br>Duration Bond <br>Fund<br>| Limited Term <br>Government <br>and Agency <br>Fund<br>|
| Capital loss carryforward: |  |  |  |  |  |
| Short-term: |  |  |  |  |  |
| No expiration date | &nbsp;&nbsp; $(236344737)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(17352765)<br>| &nbsp;&nbsp; $(7391946)<br>|
| Long-term: |  |  |  |  |  |
| No expiration date | &nbsp;&nbsp; (501639118)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (15171390)<br>| &nbsp;&nbsp; (59706361)<br>|
| Total capital loss carryforward | &nbsp;&nbsp; $(737983855)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(32524155)<br>| &nbsp;&nbsp; $(67098307)<br>|
| Late-year ordinary and post-October <br>capital loss deferrals\* <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18937586)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Under current tax law, net operating losses, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Growth Fund is deferring foreign currency losses and net operating losses. 

As of March 31, 2026, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Core Plus Bond <br>Fund<br>| Global <br>Allocation <br>Fund<br>| Growth <br>Fund<br>| Intermediate <br>Duration Bond <br>Fund<br>| Limited Term <br>Government <br>and Agency <br>Fund<br>|
| Federal tax cost | &nbsp;&nbsp; $8457477747 | &nbsp;&nbsp; $2206767012 | &nbsp;&nbsp; $6692174970 | &nbsp;&nbsp; $201368169 | &nbsp;&nbsp; $662919809 |
| Gross tax appreciation | &nbsp;&nbsp; $53854395 | &nbsp;&nbsp; $529293408 | &nbsp;&nbsp; $9670773664 | &nbsp;&nbsp; $903992 | &nbsp;&nbsp; $1883245 |
| Gross tax depreciation | &nbsp;&nbsp; (408906634)<br>| &nbsp;&nbsp; (96797205)<br>| &nbsp;&nbsp; (365486307)<br>| &nbsp;&nbsp; (2500504)<br>| &nbsp;&nbsp; (7614439)<br>|
| Net tax appreciation (depreciation) | &nbsp;&nbsp; $(355052239)<br>| &nbsp;&nbsp; $432496203 | &nbsp;&nbsp; $9305287357 | &nbsp;&nbsp; $(1596512)<br>| &nbsp;&nbsp; $(5731194)<br>|

---

Amounts in the table above exclude certain adjustments that will be made at the end of the Fund's fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales and derivatives mark-to-market.

**k. Senior Loans.** A Fund's investment in senior loans may be to corporate, governmental or other borrowers. Senior loans, which include both secured and unsecured loans made by banks and other financial institutions to corporate customers, typically hold the most senior position in a borrower's capital structure, may be secured by the borrower's assets and have interest rates that reset frequently. Senior Loans can include term loans, revolving credit facility loans and second lien loans. A senior loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the senior loan, as specified in the loan agreement. Large loans may be shared or syndicated among several lenders. The Fund may enter into the primary syndicate for a loan or it may also purchase all or a portion of loans from other lenders (sometimes referred to as loan assignments), in either case becoming a direct lender. The settlement period for senior loans is uncertain as there is no standardized settlement schedule applicable to such investments. Senior loans outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**l. Collateralized Loan Obligations.** A Fund may invest in 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.

**m. Repurchase Agreements.** Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed

\| 76

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

upon price. It is each Fund's policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund's ability to dispose of the underlying securities. As of March 31, 2026, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

**n. Unfunded Loan Commitments.** A Fund may enter into unfunded loan commitments, which are contractual obligations for future funding at the option of the borrower. Unfunded loan commitments represent a future obligation, in full, even though a percentage of the committed amount may not be utilized by the borrower. Unfunded loan commitments, and the obligation for future funding, are recorded as a liability on the Statements of Assets and Liabilities at par value at the time the commitment is entered into. Purchases of unfunded loan commitments may have a similar effect on the Fund's NAV as if the Fund had created a degree of leverage in the portfolio. Market risk exists with these commitments to the same extent as if the securities were owned on a settled basis. Losses may arise due to changes in the value of the unfunded loan commitments. Unfunded loan commitments outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**o. Due to/from Brokers.** Transactions and positions in certain futures, forward foreign currency contracts and delayed delivery commitments are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Funds and the various broker/ dealers. The due from brokers balance in the Statements of Assets and Liabilities for Core Plus Bond Fund represents cash pledged as collateral for delayed delivery securities. The due from brokers balance in the Statements of Assets and Liabilities for Global Allocation Fund represents cash pledged as collateral for forward foreign currency contracts. The due from brokers balance in the Statements of Assets and Liabilities for Intermediate Duration Bond Fund represents cash pledged as initial margin for futures contracts. The due to brokers balance in the Statements of Assets and Liabilities for Core Plus Bond Fund represents cash received as collateral for delayed delivery securities. The due to brokers balance in the Statements of Assets and Liabilities for Global Allocation Fund represents cash and securities received as collateral for forward foreign currency contracts. In certain circumstances a Fund's use of cash held at brokers is restricted by regulation or broker mandated limits.

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

**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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

77 \|

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

Under certain conditions and based upon specific facts and circumstances, the Fund's valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2026, at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds and Notes |  |  |  |  |
| Non-Convertible Bonds |  |  |  |  |
| ABS Residential Mortgage | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8283404 | &nbsp;&nbsp; $6134 | &nbsp;&nbsp; $8289538 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 97661176 | &nbsp;&nbsp; 162668 | &nbsp;&nbsp; 97823844 |
| All Other Non-Convertible Bonds(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7166155221 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7166155221 |
| Total Non-Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 7272099801 | &nbsp;&nbsp; 168802 | &nbsp;&nbsp; 7272268603 |
| Municipals(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7160378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7160378 |
| Total Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 7279260179 | &nbsp;&nbsp; 168802 | &nbsp;&nbsp; 7279428981 |
| Collateralized Loan Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 406416562 | &nbsp;&nbsp; — | &nbsp;&nbsp; 406416562 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 422805946 | &nbsp;&nbsp; — | &nbsp;&nbsp; 422805946 |
| Total Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 8108482687 | &nbsp;&nbsp; 168802 | &nbsp;&nbsp; 8108651489 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp; 78542 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78542 |
| Total | &nbsp;&nbsp; $78542 | &nbsp;&nbsp; $8108482687 | &nbsp;&nbsp; $168802 | &nbsp;&nbsp; $8108730031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds and Notes Sold Short (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(80092808)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(80092808)<br>|
| Futures Contracts (unrealized depreciation) | &nbsp;&nbsp; (6184141)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6184141)<br>|
| Total | &nbsp;&nbsp; $(6184141)<br>| &nbsp;&nbsp; $(80092808)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(86276949)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

\| 78

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks |  |  |  |  |
| Canada | &nbsp;&nbsp; $32527828 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32527828 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 9967604 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9967604 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 38469614 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38469614 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 78577941 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78577941 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 39795934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39795934 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 91147211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 91147211 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 62644168 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62644168 |
| United States | &nbsp;&nbsp; 1374211503 | &nbsp;&nbsp; 39132252 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1413343755 |
| Total Common Stocks | &nbsp;&nbsp; 1406739331 | &nbsp;&nbsp; 359734724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1766474055 |
| Bonds and Notes(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 792582826 | &nbsp;&nbsp; — | &nbsp;&nbsp; 792582826 |
| Collateralized Loan Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 8680988 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8680988 |
| Senior Loans(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 30444758 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30444758 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 41642736 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41642736 |
| Total Investments | &nbsp;&nbsp; 1406739331 | &nbsp;&nbsp; 1233086032 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2639825363 |
| Forward Foreign Currency Contracts (unrealized appreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2424785 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2424785 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp; 2714518 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2714518 |
| Total | &nbsp;&nbsp; $1409453849 | &nbsp;&nbsp; $1235510817 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2644964666 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Forward Foreign Currency Contracts (unrealized depreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(538680)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(538680)<br>|
| Futures Contracts (unrealized depreciation) | &nbsp;&nbsp; (5162771)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5162771)<br>|
| Total | &nbsp;&nbsp; $(5162771)<br>| &nbsp;&nbsp; $(538680)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5701451)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp; $15731718093 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15731718093 |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp; 168762437 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 168762437 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 96981797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96981797 |
| Total Investments | &nbsp;&nbsp; $15900480530 | &nbsp;&nbsp; $96981797 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15997462327 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

79 \|

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Bonds and Notes |  |  |  |  |
| ABS Residential Mortgage | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $924 | &nbsp;&nbsp; $924 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 973940 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 974042 |
| All Other Bonds and Notes(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 196744710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 196744710 |
| Total Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 197718650 | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 197719676 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2312185 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2312185 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $200030835 | &nbsp;&nbsp; $1026 | &nbsp;&nbsp; $200031861 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts (unrealized depreciation) | &nbsp;&nbsp; $(260204)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(260204)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Bonds and Notes |  |  |  |  |
| ABS Home Equity | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6497 | &nbsp;&nbsp; $6497 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 33453651 | &nbsp;&nbsp; 7462149 | &nbsp;&nbsp; 40915800 |
| All Other Bonds and Notes(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 575759317 | &nbsp;&nbsp; — | &nbsp;&nbsp; 575759317 |
| Total Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 609212968 | &nbsp;&nbsp; 7468646 | &nbsp;&nbsp; 616681614 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 40507001 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40507001 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $649719969 | &nbsp;&nbsp; $7468646 | &nbsp;&nbsp; $657188615 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

\| 80

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2025 and/or March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in <br> Securities<br>| Balance as of <br>September 30, <br>2025<br>| Accrued <br>Discounts <br>(Premiums)<br>| Realized <br>Gain (Loss)<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Purchases | Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance as of <br>March 31, <br>2026<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>from <br>Investments <br>Still Held at <br>March 31, <br>2026<br>|
| Bonds and Notes |  |  |  |  |  |  |  |  |  |  |
| Non-Convertible <br> Bonds<br>|  |  |  |  |  |  |  |  |  |  |
| ABS Residential <br> Mortgage<br>| $6864 | $— | $— | $49 | $— | $(779)<br>| $— | $— | $6134 | $7 |
| Collateralized <br> Mortgage <br> Obligations<br>| 178664 |  | 13 | 334 | 1604 | (17947)<br>|  |  | 162668 | 53 |
| Total | $185528 | $— | $13 | $383 | $1604 | $(18726)<br>| $— | $— | $168802 | $60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in <br> Securities<br>| Balance as of <br>September 30, <br>2025<br>| Accrued <br>Discounts <br>(Premiums)<br>| Realized <br>Gain (Loss)<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Purchases | Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance as of <br>March 31, <br>2026<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>from <br>Investments <br>Still Held at <br>March 31, <br>2026<br>|
| Bonds and Notes |  |  |  |  |  |  |  |  |  |  |
| ABS Residential <br> Mortgage<br>| $1034 | $— | $— | $7 | $— | $(117)<br>| $— | $— | $924 | $1 |
| Collateralized <br> Mortgage <br> Obligations<br>| 119 |  |  | 1 |  | (18)<br>|  |  | 102 |  |
| Total | $1153 | $— | $— | $8 | $— | $(135)<br>| $— | $— | $1026 | $1 |

---

81 \|

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in <br> Securities<br>| Balance as of <br>September 30, <br>2025<br>| Accrued <br>Discounts <br>(Premiums)<br>| Realized <br>Gain (Loss)<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Purchases | Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance as of <br>March 31, <br>2026<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>from <br>Investments <br>Still Held at <br>March 31, <br>2026<br>|
| Bonds and Notes |  |  |  |  |  |  |  |  |  |  |
| ABS Home <br> Equity<br>| $7106 | $— | $6 | $(107)<br>| $— | $(508)<br>| $— | $— | $6497 | $(134)<br>|
| Collateralized <br> Mortgage <br> Obligations<br>| 6538325 |  | (381)<br>| (21873)<br>| 4571 | (1540697)<br>| 2482204 |  | 7462149 | (30837)<br>|
| Total | $6545431 | $— | $(375)<br>| $(21980)<br>| $4571 | $(1541205)<br>| $2482204 | $— | $7468646 | $(30971)<br>|

---

Debt securities valued at $2,482,204 were transferred from Level 2 to Level 3 during the period ended March 31, 2026. At September 30, 2025, these securities were fair valued based on evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund's valuation policies. At March 31, 2026, these securities were fair valued as determined by the Fund's valuation designee as an independent pricing service did not provide a reliable price for the securities.

The significant unobservable inputs used for those securities fair valued by the valuation designee and categorized in Level 3 for Limited Term Government and Agency Fund as of March 31, 2026, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>Description |  | &nbsp;&nbsp; Valuation <br>Technique(s)<br>| Unobservable Input | &nbsp;&nbsp; Unobservable <br>Input Value(s)<br>| Value |
| Bonds and Notes | Bonds and Notes | Bonds and Notes | Bonds and Notes | Bonds and Notes | Bonds and Notes |
|  | ABS Home Equity<sup>1</sup> <br>| Market Discount | Discount Rate | 3.00% | &nbsp;&nbsp; $6497 |
|  | Collateralized Mortgage Obligations<sup>1</sup> <br>|  |  | 1.00% | &nbsp;&nbsp; 7382581 |
|  |  | Market Discount | Discount Rate | 3.00% | &nbsp;&nbsp; 79568 |
|  | Total |  |  |  | &nbsp;&nbsp; $7468646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> "Odd lot" securities (those with current principal below the normal trading size) are valued using a discount to the "round lot" price for the same security. The significant unobservable input used in the fair value measurement is the discount rate. Discount rates are set at a specific fixed rate depending on the size of the odd lot. A significant change in the discount rate could have a material effect on the fair value measurement. There is an inverse relationship between the discount rate and the fair value measurement, meaning a significant increase in the discount rate would have resulted in a lower fair value measurement, and vice versa. 

**4. Derivatives.** Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that Core Plus Bond Fund, Global Allocation Fund and Intermediate Duration Bond Fund used during the period include forward foreign currency contracts and futures contracts.

The Funds are subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Funds may enter into forward foreign currency contracts for hedging purposes to protect the value of the Funds' holdings of foreign securities. The Funds may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Funds. During the six months ended March 31, 2026, Global Allocation Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

The Funds are subject to the risk that changes in interest rates will affect the value of the Funds' investments in fixed income securities. The Funds will be subject to increased interest rate risk to the extent that they invest in fixed income securities with longer maturities or durations, as compared to investing in fixed income securities with shorter maturities or durations. The Funds may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. The Funds may also use futures contracts to gain investment exposure. During the six months ended March 31, 2026, Core Plus Bond Fund, Global Allocation Fund and Intermediate Duration Bond Fund each used futures contracts to manage duration.

\| 82

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

The following is a summary of derivative instruments for Core Plus Bond Fund as of March 31, 2026, as reflected within the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Assets | Unrealized <br>appreciation <br>on futures <br>contracts<sup>1</sup> <br>|
| Exchange-traded asset derivatives |  |
| Interest rate contracts | &nbsp;&nbsp; $78542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Liabilities | Unrealized <br>depreciation <br>on futures <br>contracts<sup>1</sup> <br>|
| Exchange-traded liability derivatives |  |
| Interest rate contracts | &nbsp;&nbsp; $(6184141)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day's variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Core Plus Bond Fund during the six months ended March 31, 2026, as reflected within the Statements of Operations were as follows:

---

| | |
|:---|:---|
| Net Realized Gain (Loss) on: | Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $(766674)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $(4901743)<br>|

---

The following is a summary of derivative instruments for Global Allocation Fund as of March 31, 2026, as reflected within the Statements of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Assets | Unrealized <br>appreciation <br>on forward <br>foreign <br>currency <br>contracts<br>| Unrealized <br>appreciation <br>on futures <br>contracts<sup>1</sup> <br>| Total |
| Over-the-counter asset derivatives |  |  |  |
| Foreign exchange contracts | &nbsp;&nbsp; $2424785 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2424785 |
| Exchange-traded asset derivatives |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 2714518 | &nbsp;&nbsp; 2714518 |
| Total asset derivatives | &nbsp;&nbsp; $2424785 | &nbsp;&nbsp; $2714518 | &nbsp;&nbsp; $5139303 |

---

83 \|

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Liabilities | Unrealized <br>depreciation <br>on forward <br>foreign <br>currency <br>contracts<br>| Unrealized <br>depreciation <br>on futures <br>contracts<sup>1</sup> <br>| Total |
| Over-the-counter liability derivatives |  |  |  |
| Foreign exchange contracts | &nbsp;&nbsp; $(538680)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(538680)<br>|
| Exchange-traded liability derivatives |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (5162771)<br>| &nbsp;&nbsp; (5162771)<br>|
| Total liability derivatives | &nbsp;&nbsp; $(538680)<br>| &nbsp;&nbsp; $(5162771)<br>| &nbsp;&nbsp; $(5701451)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day's variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Global Allocation Fund during the six months ended March 31, 2026, as reflected within the Statements of Operations were as follows:

---

| | | |
|:---|:---|:---|
| Net Realized Gain (Loss) on: | Forward <br>foreign <br>currency <br>contracts<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1231418)<br>|
| Foreign exchange contracts | &nbsp;&nbsp; (5937104)<br>| &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $(5937104)<br>| &nbsp;&nbsp; $(1231418)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Forward <br>foreign <br>currency <br>contracts<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1354653)<br>|
| Foreign exchange contracts | &nbsp;&nbsp; 2120918 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $2120918 | &nbsp;&nbsp; $(1354653)<br>|

---

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of March 31, 2026, as reflected within the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Liabilities | Unrealized <br>depreciation <br>on futures <br>contracts<sup>1</sup> <br>|
| Exchange-traded liability derivatives |  |
| Interest rate contracts | &nbsp;&nbsp; $(260204)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day's variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Intermediate Duration Bond Fund during the six months ended March 31, 2026, as reflected within the Statements of Operations were as follows:

---

| | |
|:---|:---|
| Net Realized Gain (Loss) on: | Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $227103 |

---

\| 84

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $(374540)<br>|

---

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 following is a summary of the Funds' derivative volume activity for the six months ended March 31, 2026. Volume activity is based on average derivatives outstanding during the period, including amounts outstanding at the end of the prior period, if applicable. Amounts disclosed represent average notional value. All amounts are shown at absolute value.

---

| | | |
|:---|:---|:---|
|  | Futures <br>contracts<br>| Forward <br>foreign <br>currency <br>contracts<br>|
| Core Plus Bond Fund | &nbsp;&nbsp; $1221359324 | &nbsp;&nbsp; $— |
| Global Allocation Fund | &nbsp;&nbsp; 406632464 | &nbsp;&nbsp; 312046029 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 14315409 | &nbsp;&nbsp; — |

---

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

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. ("ISDA") agreements negotiated between the Funds and their counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds' ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of March 31, 2026, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statements of Assets and Liabilities and the related net amounts after taking into account master netting arrangements, by counterparty, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** |
| Counterparty | Gross Amounts of <br>Assets<br>| Offset <br>Amount<br>| Net Asset <br>Balance<br>| Collateral <br>(Received)/ <br>Pledged<br>| Net <br>Amount<br>|
| Bank of America N.A. | &nbsp;&nbsp; $863331 | &nbsp;&nbsp; $(95078)<br>| &nbsp;&nbsp; $768253 | &nbsp;&nbsp; $(768253)<br>| &nbsp;&nbsp; $— |
| Deutsche Bank AG | &nbsp;&nbsp; 3709 | &nbsp;&nbsp; (3709)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank USA N.A. | &nbsp;&nbsp; 965002 | &nbsp;&nbsp; (25140)<br>| &nbsp;&nbsp; 939862 | &nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp; 239862 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 499732 | &nbsp;&nbsp; (258645)<br>| &nbsp;&nbsp; 241087 | &nbsp;&nbsp; — | &nbsp;&nbsp; 241087 |
| Royal Bank of Canada | &nbsp;&nbsp; 93011 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93011 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93011 |
|  | &nbsp;&nbsp; $2424785 | &nbsp;&nbsp; $(382572)<br>| &nbsp;&nbsp; $2042213 | &nbsp;&nbsp; $(1468253)<br>| &nbsp;&nbsp; $573960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Amounts of <br>Liabilities<br>| Offset <br>Amount<br>| Net Liability <br>Balance<br>| Collateral <br>(Received)/ <br>Pledged<br>| Net <br>Amount<br>|
| Bank of America N.A. | &nbsp;&nbsp; $(95078)<br>| &nbsp;&nbsp; $95078 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Deutsche Bank AG | &nbsp;&nbsp; (58927)<br>| &nbsp;&nbsp; 3709 | &nbsp;&nbsp; (55218)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (55218)<br>|
| HSBC Bank USA N.A. | &nbsp;&nbsp; (25140)<br>| &nbsp;&nbsp; 25140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

85 \|

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Amounts of<br> Liabilities<br>| Offset<br> Amount<br>| Net Liability<br> Balance<br>| Collateral<br> (Received)/<br> Pledged<br>| Net<br> Amount<br>|
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; $(258645)<br>| &nbsp;&nbsp; $258645 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| UBS AG | &nbsp;&nbsp; (100890)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (100890)<br>| &nbsp;&nbsp; 40000 | &nbsp;&nbsp; (60890)<br>|
|  | &nbsp;&nbsp; $(538680)<br>| &nbsp;&nbsp; $382572 | &nbsp;&nbsp; $(156108)<br>| &nbsp;&nbsp; $40000 | &nbsp;&nbsp; $(116108)<br>|

---

The actual collateral received or pledged, if any, may exceed the amounts shown in the table due to overcollateralization. Timing differences may exist between when contracts under the ISDA agreements are marked-to-market and when collateral moves. The ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank and Trust Company ("State Street Bank").

Counterparty risk is managed based on policies and procedures established by each Fund's adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund's aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange's clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker's customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a *pro rata* basis across all of the broker's customers, potentially resulting in losses to the Fund.

**5. Purchases and Sales of Securities.** For the six months ended March 31, 2026, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/ <br>Agency Securities | U.S. Government/ <br>Agency Securities | Other Securities | Other Securities |
| Fund | Purchases | Sales | Purchases | Sales |
| Core Plus Bond Fund | &nbsp;&nbsp; $7302168734 | &nbsp;&nbsp; $6813247766 | &nbsp;&nbsp; $561011085 | &nbsp;&nbsp; $527926072 |
| Global Allocation Fund | &nbsp;&nbsp; 34738091 | &nbsp;&nbsp; 29454003 | &nbsp;&nbsp; 502918102 | &nbsp;&nbsp; 790233003 |
| Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 126755067 | &nbsp;&nbsp; 464767640 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 36843130 | &nbsp;&nbsp; 61177029 | &nbsp;&nbsp; 76979615 | &nbsp;&nbsp; 93160888 |
| Limited Term Government and Agency <br> Fund<br>| &nbsp;&nbsp; 883173091 | &nbsp;&nbsp; 908683216 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 8953544 |

---

**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.

\| 86

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on the Fund's average daily net assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets |
| Fund | First <br>$100 million<br>| Next <br>$400 million<br>| Next <br>$500 million<br>| Next <br>$1 billion<br>| Next <br>$2 billion<br>| Over <br>$4 billion<br>|
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.2000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1875<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1875<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1875<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1500<br> %<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.7500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.7500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.7500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.7500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.7300<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.7000<br> %<br>|
| Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.5000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5000<br> %<br>|
| Intermediate Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>|
| Limited Term Government and Agency Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.3250<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.3250<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.3000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>|

---

Natixis Advisors, LLC ("Natixis Advisors") serves as the advisory administrator to Core Plus Bond Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Under the terms of the advisory administration agreement, the Fund pays an advisory administration fee at the following annual rates, calculated daily and payable monthly, based on its average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets |
| Fund | First <br>$100 million<br>| Next <br>$1.9 billion<br>| Over <br>$2 billion<br>|
| Core Plus Bond Fund | 0.2000<br> %<br>| 0.1875<br> %<br>| 0.1500<br> %<br>|

---

Management and advisory administration fees are presented in the Statements of Operations as management fees.

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds' operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2027, may be terminated before then only with the consent of the Funds' Board of Trustees and are reevaluated on an annual basis. In addition, Loomis Sayles will voluntarily waive its management fee on any portion of the Growth Fund's assets that are invested in the Natixis Loomis Sayles Focused Growth ETF. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2026 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 <br>Average Daily Net Assets | Expense Limit as a Percentage of <br>Average Daily Net Assets | Expense Limit as a Percentage of <br>Average Daily Net Assets | Expense Limit as a Percentage of <br>Average Daily Net Assets |
| Fund | Class A | Class C | Class N | Class Y |
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Intermediate Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Limited Term Government and Agency <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|

---

Loomis Sayles and Natixis Advisors have agreed to equally bear the waivers and/or expense reimbursements for Core Plus Bond Fund.

Loomis Sayles (and Natixis Advisors for Core Plus Bond Fund) shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below both (1) a class' expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class' current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

87 \|

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

For the six months ended March 31, 2026, the management fees and waivers of management fees for each Fund were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Gross <br>Management <br>Fees | Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | Voluntary <br>Waivers of <br>Management <br>Fees<sup>2</sup>  | Net <br>Management <br>Fees | Percentage of <br>Average <br>Daily Net Assets | Percentage of <br>Average <br>Daily Net Assets |
| Fund | Gross <br>Management <br>Fees | Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | Voluntary <br>Waivers of <br>Management <br>Fees<sup>2</sup>  | Net <br>Management <br>Fees | Gross | Net |
| Core Plus Bond Fund | &nbsp;&nbsp; $6269485 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6269485 | 0.16<br> %<br>| 0.16<br> %<br>|
| Global Allocation Fund | &nbsp;&nbsp; 10419129 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10419129 | 0.74<br> %<br>| 0.74<br> %<br>|
| Growth Fund | &nbsp;&nbsp; 44275429 | &nbsp;&nbsp; — | &nbsp;&nbsp; 464117 | &nbsp;&nbsp; 43811312 | 0.50<br> %<br>| 0.49<br> %<br>|
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 279683 | &nbsp;&nbsp; 144542 | &nbsp;&nbsp; — | &nbsp;&nbsp; 135141 | 0.25<br> %<br>| 0.12<br> %<br>|
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 1056787 | &nbsp;&nbsp; 229306 | &nbsp;&nbsp; — | &nbsp;&nbsp; 827481 | 0.32<br> %<br>| 0.25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Waiver/expense reimbursements are subject to possible recovery until September 30, 2027. <br> <sup>2</sup> Voluntary management fee waivers are not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2026, class-specific expenses have been reimbursed as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Reimbursement<sup>1</sup>  | Reimbursement<sup>1</sup>  | Reimbursement<sup>1</sup>  | Reimbursement<sup>1</sup>  |  |
|  | Class A | Class C | Class N | Class Y | Total |
| Core Plus Bond Fund | &nbsp;&nbsp; $8732 | &nbsp;&nbsp; $528 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $167276 | &nbsp;&nbsp; $176536 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Waiver/expense reimbursements are subject to possible recovery until September 30, 2027.

For the six months ended March 31, 2026, the advisory administration fees for Core Plus Bond Fund were $6,269,485 (effective rate of 0.16% of average daily net assets).

**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 Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to the Fund's Class A shares (the "Class A Plans") and a Distribution and Service Plan relating to the Fund's Class C shares (the "Class C Plans").

Under the Class A Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund's Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class C Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund's Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at the annual rate of 0.75% of the average daily net assets attributable to the Fund's Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

For the six months ended March 31, 2026, the service and distribution fees for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Service Fees | Service Fees | Distribution Fees |
| Fund | Class A | Class C | Class C |
| Core Plus Bond Fund | &nbsp;&nbsp; $353454 | &nbsp;&nbsp; $22106 | &nbsp;&nbsp; $66320 |
| Global Allocation Fund | &nbsp;&nbsp; 685817 | &nbsp;&nbsp; 229227 | &nbsp;&nbsp; 687679 |
| Growth Fund | &nbsp;&nbsp; 1563629 | &nbsp;&nbsp; 150956 | &nbsp;&nbsp; 452868 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 4124 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 1981 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 177232 | &nbsp;&nbsp; 5866 | &nbsp;&nbsp; 17599 |

---

For the six months ended March 31, 2026, Natixis Distribution refunded Core Plus Bond Fund $1,005 and Limited Term Government and Agency Fund $16,494 of prior year Class A service fees paid to Natixis Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statements of Operations have been reduced by these amounts.

\| 88

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Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**c. Administrative Fees.** Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its *pro rata* portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2026, the administrative fees for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Administrative <br>Fees<br>|
| Core Plus Bond Fund | &nbsp;&nbsp; $1659881 |
| Global Allocation Fund | &nbsp;&nbsp; 591788 |
| Growth Fund | &nbsp;&nbsp; 3742953 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 47287 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 140109 |

---

**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 sub-transfer agent 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 six months ended March 31, 2026, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Sub-Transfer <br>Agent Fees<br>|
| Core Plus Bond Fund | &nbsp;&nbsp; $2643795 |
| Global Allocation Fund | &nbsp;&nbsp; 1016966 |
| Growth Fund | &nbsp;&nbsp; 7604042 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 72537 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 212721 |

---

As of March 31, 2026, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

---

| | |
|:---|:---|
| Fund | Reimbursements <br>of Sub-Transfer <br>Agent Fees<br>|
| Core Plus Bond Fund | &nbsp;&nbsp; $57088 |
| Global Allocation Fund | &nbsp;&nbsp; 40432 |
| Growth Fund | &nbsp;&nbsp; 134594 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 5322 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 12201 |

---

89 \|

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**e. Commissions.** Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended March 31, 2026 were as follows:

---

| | |
|:---|:---|
| Fund | Commissions |
| Core Plus Bond Fund | &nbsp;&nbsp; $6200 |
| Global Allocation Fund | &nbsp;&nbsp; 6530 |
| Growth Fund | &nbsp;&nbsp; 42213 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 2727 |

---

**f. Trustees Fees and Expenses.** The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $410,000. 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 $235,000. 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 and the Chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $30,000. The Chairperson of the Governance Committee receives 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. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends. 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.

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.

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

**g. Affiliated Ownership.** As of March 31, 2026, Loomis Sayles Funded Pension Plan and Trust ("Pension Plan") and Loomis Sayles Employees' Profit Sharing Retirement Plan ("Retirement Plan") held shares of the Funds representing the following percentages of the Funds' net assets:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Pension Plan | Retirement Plan | Total Affiliated <br>Ownership<br>|
| Core Plus Bond Fund | &nbsp;&nbsp; —<br> %<br>| 0.18<br> %<br>| 0.18<br> %<br>|
| Global Allocation Fund | &nbsp;&nbsp; —<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>|
| Growth Fund | 0.06<br> %<br>| 0.81<br> %<br>| 0.87<br> %<br>|
| Limited Term Government and Agency Fund | &nbsp;&nbsp; —<br> %<br>| 0.18<br> %<br>| 0.18<br> %<br>|

---

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

**h. Reimbursement of Transfer Agent Fees and Expenses.** Natixis Advisors has given a binding contractual undertaking to Intermediate Duration Bond Fund and Limited Term Government and Agency Fund to reimburse any and all transfer agency expenses for the Funds' Class N shares. This undertaking is in effect through January 31, 2027 and is not subject to recovery under the expense limitation agreement described above.

\| 90

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Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

For the six months ended March 31, 2026, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

---

| | |
|:---|:---|
|  | Reimbursement of <br>Transfer Agency <br>Expenses<br>|
| Fund | Class N |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; $1160 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 1215 |

---

**i. Affiliated Fund Transactions.** A summary of affiliated fund transactions for each underlying fund held by the Funds for the six months ended March 31, 2026, is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| Fund | Beginning <br>Value<br>| Purchase <br>Cost<sup>(1)</sup> <br>| Sales <br>Proceeds<br>| Realized <br>Gain <br>(Loss)<br>| Change in <br>Unrealized <br>Gain <br>(Loss)<br>| Ending <br>Value<br>| Shares <br>as of <br>March 31, <br>2026<br>| Distribution <br>Received<sup>(2)</sup> <br>|
| Natixis Loomis Sayles <br> Focused Growth ETF<br>| &nbsp;&nbsp; $190279112 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(21516675)<br>| &nbsp;&nbsp; $168762437 | &nbsp;&nbsp; 4284398 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Purchase cost includes dividend reinvested, if any. <br> <sup>(2)</sup> Distributions received includes distributions from net investment income and from capital gains, if any.

**7. Class-Specific Transfer Agent Fees and Expenses.** Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a *pro rata* basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the six months ended March 31, 2026 the Funds incurred the following class-specific transfer agent fees and expenses (net of expense offsets and including sub-transfer agent fees, where applicable):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses |
| Fund | Class A | Class C | Class N | Class Y |
| Core Plus Bond Fund | &nbsp;&nbsp; $139905 | &nbsp;&nbsp; $8726 | &nbsp;&nbsp; $20047 | &nbsp;&nbsp; $2569983 |
| Global Allocation Fund | &nbsp;&nbsp; 230096 | &nbsp;&nbsp; 76850 | &nbsp;&nbsp; 3350 | &nbsp;&nbsp; 741931 |
| Growth Fund | &nbsp;&nbsp; 587035 | &nbsp;&nbsp; 56712 | &nbsp;&nbsp; 10171 | &nbsp;&nbsp; 7146917 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 1366 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 75061 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 70088 | &nbsp;&nbsp; 2125 | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 209707 |

---

**8. Expense Offset Arrangements.** The Funds have entered into an agreement with the transfer agent whereby certain transfer agent fees and expenses may be paid indirectly by credits earned on the Funds' cash balances. Transfer agent fees and expenses are presented in the Statements of Operations gross of such credits, and the credits are presented as offsets to expenses.

**9. 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 syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund's investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2026, none of the Funds had borrowings under this agreement.

**10. Risk.** Global Allocation Fund's investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund's investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Core Plus Bond Fund and Limited Term Government and Agency Fund's investments in mortgage-related and asset-backed securities are subject to certain risks not associated with investments in other securities. Mortgage-related and asset-backed securities are

91 \|

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

subject to the risk that unexpected changes in interest rates will have a direct effect on expected maturity. A shortened maturity may result in the reinvestment of prepaid amounts in securities with lower yields than the original obligations. An extended maturity may result in a reduction of a security's value.

Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other 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 issuers in the country or countries involved.

**11. Concentration of Ownership.** From time to time, a Fund may have a concentration of one or more shareholder accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of a Fund's outstanding shares could have material impacts on a Fund. As of March 31, 2026, the number of such accounts and the aggregate percentage of net assets represented by such holdings were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Number of 5% <br>Account Holders<br>| Percentage <br>of Ownership<br>|
| Core Plus Bond Fund | &nbsp;&nbsp; 2 | 13.05<br> %<br>|
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 2 | 27.19<br> %<br>|
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 1 | 11.41<br> %<br>|

---

Omnibus shareholder accounts, maintained by a single intermediary on behalf of multiple underlying shareholders, are not included in the table above. As such, there could be other 5% shareholders in addition to those disclosed in the table above.

**12. Capital Shares**. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Core Plus Bond Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 3020165 | &nbsp;&nbsp; $35095582 | &nbsp;&nbsp; 7356692 | &nbsp;&nbsp; $83767167 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 379524 | &nbsp;&nbsp; 4401303 | &nbsp;&nbsp; 808771 | &nbsp;&nbsp; 9213668 |
| Redeemed | &nbsp;&nbsp; (4320203)<br>| &nbsp;&nbsp; (50178886)<br>| &nbsp;&nbsp; (16866156)<br>| &nbsp;&nbsp; (191089308)<br>|
| Net change | &nbsp;&nbsp; (920514)<br>| &nbsp;&nbsp; $(10682001)<br>| &nbsp;&nbsp; (8700693)<br>| &nbsp;&nbsp; $(98108473)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 97460 | &nbsp;&nbsp; $1130539 | &nbsp;&nbsp; 276584 | &nbsp;&nbsp; $3160545 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 24268 | &nbsp;&nbsp; 281795 | &nbsp;&nbsp; 53042 | &nbsp;&nbsp; 605134 |
| Redeemed | &nbsp;&nbsp; (242776)<br>| &nbsp;&nbsp; (2824306)<br>| &nbsp;&nbsp; (751569)<br>| &nbsp;&nbsp; (8564579)<br>|
| Net change | &nbsp;&nbsp; (121048)<br>| &nbsp;&nbsp; $(1411972)<br>| &nbsp;&nbsp; (421943)<br>| &nbsp;&nbsp; $(4798900)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 37311981 | &nbsp;&nbsp; $438156262 | &nbsp;&nbsp; 56032902 | &nbsp;&nbsp; $643974218 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 4236734 | &nbsp;&nbsp; 49662819 | &nbsp;&nbsp; 7584514 | &nbsp;&nbsp; 87349114 |
| Redeemed | &nbsp;&nbsp; (27546517)<br>| &nbsp;&nbsp; (323452954)<br>| &nbsp;&nbsp; (49140834)<br>| &nbsp;&nbsp; (564953991)<br>|
| Net change | &nbsp;&nbsp; 14002198 | &nbsp;&nbsp; $164366127 | &nbsp;&nbsp; 14476582 | &nbsp;&nbsp; $166369341 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 64157709 | &nbsp;&nbsp; $753291576 | &nbsp;&nbsp; 130634316 | &nbsp;&nbsp; $1503683844 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 8230177 | &nbsp;&nbsp; 96423794 | &nbsp;&nbsp; 15747234 | &nbsp;&nbsp; 181203586 |
| Redeemed | &nbsp;&nbsp; (57189652)<br>| &nbsp;&nbsp; (670954122)<br>| &nbsp;&nbsp; (169568613)<br>| &nbsp;&nbsp; (1951810047)<br>|
| Net change | &nbsp;&nbsp; 15198234 | &nbsp;&nbsp; $178761248 | &nbsp;&nbsp; (23187063)<br>| &nbsp;&nbsp; $(266922617)<br>|
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; 28158870 | &nbsp;&nbsp; $331033402 | &nbsp;&nbsp; (17833117)<br>| &nbsp;&nbsp; $(203460649)<br>|

---

\| 92

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. Capital Shares (continued).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Global Allocation Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1482893 | &nbsp;&nbsp; $38426003 | &nbsp;&nbsp; 3007528 | &nbsp;&nbsp; $75339110 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1129470 | &nbsp;&nbsp; 28259348 | &nbsp;&nbsp; 1078018 | &nbsp;&nbsp; 26120387 |
| Redeemed | &nbsp;&nbsp; (1940181)<br>| &nbsp;&nbsp; (50623158)<br>| &nbsp;&nbsp; (5760243)<br>| &nbsp;&nbsp; (144115238)<br>|
| Net change | &nbsp;&nbsp; 672182 | &nbsp;&nbsp; $16062193 | &nbsp;&nbsp; (1674697)<br>| &nbsp;&nbsp; $(42655741)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 160450 | &nbsp;&nbsp; $3964194 | &nbsp;&nbsp; 433367 | &nbsp;&nbsp; $10361431 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 485211 | &nbsp;&nbsp; 11572291 | &nbsp;&nbsp; 563926 | &nbsp;&nbsp; 13066172 |
| Redeemed | &nbsp;&nbsp; (1430317)<br>| &nbsp;&nbsp; (35588786)<br>| &nbsp;&nbsp; (2957128)<br>| &nbsp;&nbsp; (70794498)<br>|
| Net change | &nbsp;&nbsp; (784656)<br>| &nbsp;&nbsp; $(20052301)<br>| &nbsp;&nbsp; (1959835)<br>| &nbsp;&nbsp; $(47366895)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 700697 | &nbsp;&nbsp; $18487285 | &nbsp;&nbsp; 1491882 | &nbsp;&nbsp; $37947321 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 703169 | &nbsp;&nbsp; 17867525 | &nbsp;&nbsp; 669722 | &nbsp;&nbsp; 16461753 |
| Redeemed | &nbsp;&nbsp; (1048203)<br>| &nbsp;&nbsp; (27970329)<br>| &nbsp;&nbsp; (2193686)<br>| &nbsp;&nbsp; (56267253)<br>|
| Net change | &nbsp;&nbsp; 355663 | &nbsp;&nbsp; $8384481 | &nbsp;&nbsp; (32082)<br>| &nbsp;&nbsp; $(1858179)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 3375851 | &nbsp;&nbsp; $88934209 | &nbsp;&nbsp; 8206710 | &nbsp;&nbsp; $208137946 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 4193579 | &nbsp;&nbsp; 106474959 | &nbsp;&nbsp; 4424867 | &nbsp;&nbsp; 108718992 |
| Redeemed | &nbsp;&nbsp; (10466894)<br>| &nbsp;&nbsp; (278520305)<br>| &nbsp;&nbsp; (16244076)<br>| &nbsp;&nbsp; (413324981)<br>|
| Net change | &nbsp;&nbsp; (2897464)<br>| &nbsp;&nbsp; $(83111137)<br>| &nbsp;&nbsp; (3612499)<br>| &nbsp;&nbsp; $(96468043)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (2654275)<br>| &nbsp;&nbsp; $(78716764)<br>| &nbsp;&nbsp; (7279113)<br>| &nbsp;&nbsp; $(188348858)<br>|

---

93 \|

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. Capital Shares (continued).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Growth Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 4214504 | &nbsp;&nbsp; $122932498 | &nbsp;&nbsp; 7941165 | &nbsp;&nbsp; $213105190 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 758718 | &nbsp;&nbsp; 22101456 | &nbsp;&nbsp; 1790121 | &nbsp;&nbsp; 47706737 |
| Redeemed | &nbsp;&nbsp; (5689693)<br>| &nbsp;&nbsp; (165956444)<br>| &nbsp;&nbsp; (11596690)<br>| &nbsp;&nbsp; (306466531)<br>|
| Net change | &nbsp;&nbsp; (716471)<br>| &nbsp;&nbsp; $(20922490)<br>| &nbsp;&nbsp; (1865404)<br>| &nbsp;&nbsp; $(45654604)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 513672 | &nbsp;&nbsp; $12091695 | &nbsp;&nbsp; 1481805 | &nbsp;&nbsp; $32834644 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 121291 | &nbsp;&nbsp; 2853969 | &nbsp;&nbsp; 255314 | &nbsp;&nbsp; 5570943 |
| Redeemed | &nbsp;&nbsp; (443558)<br>| &nbsp;&nbsp; (10368267)<br>| &nbsp;&nbsp; (1591128)<br>| &nbsp;&nbsp; (34846921)<br>|
| Net change | &nbsp;&nbsp; 191405 | &nbsp;&nbsp; $4577397 | &nbsp;&nbsp; 145991 | &nbsp;&nbsp; $3558666 |
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 6229662 | &nbsp;&nbsp; $204008665 | &nbsp;&nbsp; 11683340 | &nbsp;&nbsp; $358999219 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 455818 | &nbsp;&nbsp; 15032874 | &nbsp;&nbsp; 968471 | &nbsp;&nbsp; 29044455 |
| Redeemed | &nbsp;&nbsp; (6894399)<br>| &nbsp;&nbsp; (226175279)<br>| &nbsp;&nbsp; (8135498)<br>| &nbsp;&nbsp; (246438243)<br>|
| Net change | &nbsp;&nbsp; (208919)<br>| &nbsp;&nbsp; $(7133740)<br>| &nbsp;&nbsp; 4516313 | &nbsp;&nbsp; $141605431 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 56910656 | &nbsp;&nbsp; $1844878069 | &nbsp;&nbsp; 125611704 | &nbsp;&nbsp; $3708430922 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 8398572 | &nbsp;&nbsp; 275725136 | &nbsp;&nbsp; 19632459 | &nbsp;&nbsp; 586814190 |
| Redeemed | &nbsp;&nbsp; (62180639)<br>| &nbsp;&nbsp; (2023786419)<br>| &nbsp;&nbsp; (125596410)<br>| &nbsp;&nbsp; (3773243260)<br>|
| Net change | &nbsp;&nbsp; 3128589 | &nbsp;&nbsp; $96816786 | &nbsp;&nbsp; 19647753 | &nbsp;&nbsp; $522001852 |
| Increase from capital share transactions | &nbsp;&nbsp; 2394604 | &nbsp;&nbsp; $73337953 | &nbsp;&nbsp; 22444653 | &nbsp;&nbsp; $621511345 |

---

\| 94

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. Capital Shares (continued).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Intermediate Duration Bond Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 33442 | &nbsp;&nbsp; $323050 | &nbsp;&nbsp; 112102 | &nbsp;&nbsp; $1077897 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 4727 | &nbsp;&nbsp; 45626 | &nbsp;&nbsp; 7375 | &nbsp;&nbsp; 70457 |
| Redeemed | &nbsp;&nbsp; (36630)<br>| &nbsp;&nbsp; (354353)<br>| &nbsp;&nbsp; (94195)<br>| &nbsp;&nbsp; (900913)<br>|
| Net change | &nbsp;&nbsp; 1539 | &nbsp;&nbsp; $14323 | &nbsp;&nbsp; 25282 | &nbsp;&nbsp; $247441 |
| **Class C** |  |  |  |  |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 888 | &nbsp;&nbsp; $8615 | &nbsp;&nbsp; 2320 | &nbsp;&nbsp; $22235 |
| Redeemed | &nbsp;&nbsp; (34489)<br>| &nbsp;&nbsp; (334181)<br>| &nbsp;&nbsp; (9971)<br>| &nbsp;&nbsp; (95676)<br>|
| Net change | &nbsp;&nbsp; (33601)<br>| &nbsp;&nbsp; $(325566)<br>| &nbsp;&nbsp; (7651)<br>| &nbsp;&nbsp; $(73441)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 113992 | &nbsp;&nbsp; $1098466 | &nbsp;&nbsp; 4378706 | &nbsp;&nbsp; $42058826 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 98855 | &nbsp;&nbsp; 952219 | &nbsp;&nbsp; 152856 | &nbsp;&nbsp; 1457606 |
| Redeemed | &nbsp;&nbsp; (78687)<br>| &nbsp;&nbsp; (756819)<br>| &nbsp;&nbsp; (6123176)<br>| &nbsp;&nbsp; (58761331)<br>|
| Net change | &nbsp;&nbsp; 134160 | &nbsp;&nbsp; $1293866 | &nbsp;&nbsp; (1591614)<br>| &nbsp;&nbsp; $(15244899)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 936014 | &nbsp;&nbsp; $9041538 | &nbsp;&nbsp; 2691378 | &nbsp;&nbsp; $25763171 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 405998 | &nbsp;&nbsp; 3917784 | &nbsp;&nbsp; 890933 | &nbsp;&nbsp; 8499441 |
| Redeemed | &nbsp;&nbsp; (5757561)<br>| &nbsp;&nbsp; (55630383)<br>| &nbsp;&nbsp; (4138535)<br>| &nbsp;&nbsp; (39531718)<br>|
| Net change | &nbsp;&nbsp; (4415549)<br>| &nbsp;&nbsp; $(42671061)<br>| &nbsp;&nbsp; (556224)<br>| &nbsp;&nbsp; $(5269106)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (4313451)<br>| &nbsp;&nbsp; $(41688438)<br>| &nbsp;&nbsp; (2130207)<br>| &nbsp;&nbsp; $(20340005)<br>|

---

95 \|

------

Notes to Financial Statements (continued)

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. Capital Shares (continued).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
| **Limited Term Government and Agency Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 859864 | &nbsp;&nbsp; $9400528 | &nbsp;&nbsp; 2076264 | &nbsp;&nbsp; $22463852 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 230717 | &nbsp;&nbsp; 2521247 | &nbsp;&nbsp; 511136 | &nbsp;&nbsp; 5539922 |
| Redeemed | &nbsp;&nbsp; (1860308)<br>| &nbsp;&nbsp; (20336879)<br>| &nbsp;&nbsp; (5516098)<br>| &nbsp;&nbsp; (59630098)<br>|
| Net change | &nbsp;&nbsp; (769727)<br>| &nbsp;&nbsp; $(8415104)<br>| &nbsp;&nbsp; (2928698)<br>| &nbsp;&nbsp; $(31626324)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 17119 | &nbsp;&nbsp; $186687 | &nbsp;&nbsp; 89767 | &nbsp;&nbsp; $967682 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 5617 | &nbsp;&nbsp; 61231 | &nbsp;&nbsp; 13206 | &nbsp;&nbsp; 142788 |
| Redeemed | &nbsp;&nbsp; (87362)<br>| &nbsp;&nbsp; (953169)<br>| &nbsp;&nbsp; (176600)<br>| &nbsp;&nbsp; (1904676)<br>|
| Net change | &nbsp;&nbsp; (64626)<br>| &nbsp;&nbsp; $(705251)<br>| &nbsp;&nbsp; (73627)<br>| &nbsp;&nbsp; $(794206)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 287594 | &nbsp;&nbsp; $3145615 | &nbsp;&nbsp; 3496122 | &nbsp;&nbsp; $37960490 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 62742 | &nbsp;&nbsp; 687841 | &nbsp;&nbsp; 187979 | &nbsp;&nbsp; 2043194 |
| Redeemed | &nbsp;&nbsp; (1931057)<br>| &nbsp;&nbsp; (21163869)<br>| &nbsp;&nbsp; (4460762)<br>| &nbsp;&nbsp; (48441436)<br>|
| Net change | &nbsp;&nbsp; (1580721)<br>| &nbsp;&nbsp; $(17330413)<br>| &nbsp;&nbsp; (776661)<br>| &nbsp;&nbsp; $(8437752)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 7107506 | &nbsp;&nbsp; $77889411 | &nbsp;&nbsp; 20460910 | &nbsp;&nbsp; $222595382 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 558071 | &nbsp;&nbsp; 6117864 | &nbsp;&nbsp; 1156455 | &nbsp;&nbsp; 12578766 |
| Redeemed | &nbsp;&nbsp; (7206619)<br>| &nbsp;&nbsp; (79015895)<br>| &nbsp;&nbsp; (23492623)<br>| &nbsp;&nbsp; (255098156)<br>|
| Net change | &nbsp;&nbsp; 458958 | &nbsp;&nbsp; $4991380 | &nbsp;&nbsp; (1875258)<br>| &nbsp;&nbsp; $(19924008)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (1956116)<br>| &nbsp;&nbsp; $(21459388)<br>| &nbsp;&nbsp; (5654244)<br>| &nbsp;&nbsp; $(60782290)<br>|

---

\| 96

------

![](g121806img977ed2171.gif)

˃To learn more about Natixis Funds products and services:

Visit: im.natixis.com Call: 800-225-5478

**Before investing, consider the fund's investment objectives, risks, charges, and expenses. Visit im.natixis.com or call 800-225-5478 for a prospectus or summary prospectus containing this and other information.**

Contact us by mail:

If you wish to communicate with the funds' Board of Trustees, you may do so by writing to:

Secretary of the Funds

Natixis Advisors, LLC

888 Boylston Street, Suite 800

Boston, MA 02199-8197

The correspondence must (a) be signed by the shareholder; (b) include the shareholder's name and address; and (c) identify the fund(s), account number, share class, and number of shares held in that fund, as of a recent date.

Or by e-mail:

secretaryofthefunds@natixis.com (Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.)

**Please note:** Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, Social Security number, PIN, or any other non-public personal information in an e-mail communication because this information may be viewed by others.

![](g121806imgbe086ae63.gif)

Exp. 5/31/27

LSIF58SA-0326

This page is not part of the financial statements and other important information

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to Directors and Officers are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable for the current reporting period due to the timing of the Board's approval of these agreements.

------

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.

#### Item 15. 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 16. Controls and Procedures.
(a) 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.

(b) 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 are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a) (1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not Applicable.

(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrants securities are listed. Not Applicable.

(a) (3) [A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is filed herewith.](d121806dex99cert.htm)

(a) (3)(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable

(a) (3)(2) Changes in the registrant's independent public accountant. Not Applicable

------

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is filed herewith.](d121806dex99906cert.htm)

(101) Inline Interactive Data File-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### 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 | Loomis Sayles Funds I |
| By: <u>/s/ Kevin P. Charleston</u> | By: <u>/s/ Kevin P. Charleston</u> |
| Name: | Kevin P. Charleston |
|  Title: | President and Chief Executive Officer |
|  Date: | May 21, 2026 |

---

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: <u>/s/ Kevin P. Charleston</u> | By: <u>/s/ Kevin P. Charleston</u> |
| Name: | Kevin P. Charleston |
|  Title: | President and Chief Executive Officer |
|  Date: | May 21, 2026 |
| By: <u>/s/ Matthew J. Block</u> | By: <u>/s/ Matthew J. Block</u> |
| Name: | Matthew J. Block |
|  Title: | Treasurer and Principal Financial and |
|  | Accounting Officer |
|  Date: | May 21, 2026 |

---

## Ex-99.Cert

**Exhibit (a)(3)** 

**Loomis Sayles Funds I** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, Kevin P. Charleston, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Loomis Sayles Funds I;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: May 21, 2026 | <u>/s/ Kevin P. Charleston</u> |
|  | Kevin P. Charleston |
|  | President and Chief Executive Officer |

---

------

**Exhibit (a)(3)** 

**Loomis Sayles Funds I** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, Matthew J. Block, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Loomis Sayles Funds I;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

------

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| | |
|:---|:---|
| Date: May 21, 2026 |  |
|  | <u>/s/ Matthew J. Block</u> |
|  | Matthew J. Block |
|  | Treasurer and Principal Financial and Accounting Officer |

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## Exhibit 99.906

Exhibit (b)

**Loomis Sayles Funds I** 

**Section 906 Certification** 

In connection with the report on Form N-CSR for the period ended March 31, 2026 for the Registrant (the "Report"), the undersigned each hereby certifies to the best of his knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Report complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | By: |
| President and Chief Executive Officer | Treasurer and Principal Financial and |
|  | Accounting Officer |
| Loomis Sayles Funds I | Loomis Sayles Funds I |
| - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  | - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  |
| <u>/s/ Kevin P. Charleston</u> | <u>/s/ Matthew J. Block</u> |
| Kevin P. Charleston | Matthew J. Block |
| Date: May 21, 2026 | Date: May 21, 2026 |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Loomis Sayles Funds I, and will be retained by Loomis Sayles Funds I and furnished to the Securities and Exchange Commission or its staff upon request.