# EDGAR Filing Document

**Accession Number:** 0000052136
**File Stem:** 0001193125-26-037571
**Filing Date:** 2026-2
**Character Count:** 389842
**Document Hash:** aa17151deeb485774d72c3afbda14151
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-037571.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001193125-26-037571

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**EFFECTIVENESS DATE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Natixis Funds Trust II
- **CENTRAL INDEX KEY:** 0000052136

**ORGANIZATION NAME:**
- **EIN:** 041990692
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00242
- **FILM NUMBER:** 26598296

**BUSINESS ADDRESS:**
- **STREET 1:** 888 BOYLSTON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 800-283-1155

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IXIS Advisor Funds Trust II
- **DATE OF NAME CHANGE:** 20050502

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CDC NVEST FUNDS TRUST II
- **DATE OF NAME CHANGE:** 20010503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NVEST FUNDS TRUST II
- **DATE OF NAME CHANGE:** 20000202

## Series and Classes Contracts Data

### Loomis Sayles Senior Floating Rate and Fixed Income Fund (Series ID: S000034097)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105118 | Class A      | LSFAX           |
| C000105119 | Class C      | LSFCX           |
| C000105120 | Class Y      | LSFYX           |
| C000188118 | Class N      | LSFNX           |

### Vaughan Nelson Select Fund (Series ID: S000037523)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115831 | Class A      | VNSAX           |
| C000115832 | Class C      | VNSCX           |
| C000115833 | Class Y      | VNSYX           |
| C000188120 | Class N      | VNSNX           |

### Loomis Sayles Global Growth Fund (Series ID: S000053353)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000167848 | Class A      | LSAGX           |
| C000167849 | Class C      | LSCGX           |
| C000167850 | Class Y      | LSGGX           |
| C000188122 | Class N      | LSNGX           |

?xml version='1.0' encoding='ASCII'? Natixis Funds Trust II

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: 811-00242

Natixis Funds Trust II

(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: November 30

Date of reporting period: November 30, 2025

------

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

# Class A

# LSAGX

# Loomis Sayles Global Growth Fund
![Image](g882797g88e24.jpg)

## Annual Shareholder Report - November 30, 2025
This annual shareholder report contains important information about Loomis Sayles Global Growth Fund for the period of December 1, 2024 to November 30, 2025. 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 year?** (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 | $129 | 1.20% |

---

---

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

---

## How did the fund perform last year and what affected its performance?
**Explanation of Fund Performance**

We are a highly selective manager with a long-term, private equity approach to investing. Through our proprietary bottom-up research framework, we look to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to our estimate of intrinsic value. In a typical year we may analyze 30 companies and invest in only a select few. The nature of our process leads to lower portfolio turnover. As a result of this rigorous approach, ours is a selective, high-conviction portfolio of typically 30 to 45 holdings.

**Top Contributors to Performance**

• The Fund's positions in Alphabet, Alnylam Pharmaceuticals, and Shopify contributed the most to performance.

• Stock selection in the consumer discretionary, communication services, consumer staples, and healthcare sectors as well as our allocations in the communication services and consumer staples sectors contributed to relative performance.

**Top Detractors from Performance**

• The Fund's positions in Novo Nordisk, Salesforce, and Under Armour detracted the most from performance.

• Stock selection in the information technology, financials, and industrials sectors as well as our allocations in the consumer discretionary, information technology, and healthcare sectors detracted from relative performance.

**Investment Activity**

All aspects of our quality-growth-valuation investment thesis must be present simultaneously for us to make an investment. Often our research is completed well in advance of the opportunity to invest. We are patient investors and maintain coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the year we initiated a new position in LVMH. We added to our existing positions in Deere, Novo Nordisk, Roche, and Vertex as near-term price weaknesses created attractive reward-to-risk opportunities. We trimmed our positions in Alibaba, Doximity, Qualcomm, Tesla, and Trip.com to finance purchases and manage position size. We sold the small position in Pluxee we received via spinoff as a result of our ownership in Sodexo.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g882797g36m83.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **MSCI All Country World Index (Net)** |
| **03/2016** | $9425 | $10000 |
| **04/2016** | $9529 | $10148 |
| **05/2016** | $9708 | $10160 |
| **06/2016** | $9755 | $10099 |
| **07/2016** | $10292 | $10534 |
| **08/2016** | $10368 | $10570 |
| **09/2016** | $10547 | $10634 |
| **10/2016** | $10170 | $10454 |
| **11/2016** | $9925 | $10533 |
| **12/2016** | $9974 | $10761 |
| **01/2017** | $10302 | $11055 |
| **02/2017** | $10630 | $11365 |
| **03/2017** | $10842 | $11504 |
| **04/2017** | $11276 | $11683 |
| **05/2017** | $11739 | $11941 |
| **06/2017** | $11759 | $11996 |
| **07/2017** | $12202 | $12331 |
| **08/2017** | $12241 | $12378 |
| **09/2017** | $12463 | $12617 |
| **10/2017** | $12617 | $12879 |
| **11/2017** | $12964 | $13129 |
| **12/2017** | $13141 | $13340 |
| **01/2018** | $14117 | $14093 |
| **02/2018** | $13549 | $13501 |
| **03/2018** | $13161 | $13212 |
| **04/2018** | $13141 | $13338 |
| **05/2018** | $13340 | $13355 |
| **06/2018** | $13390 | $13283 |
| **07/2018** | $13858 | $13683 |
| **08/2018** | $13988 | $13791 |
| **09/2018** | $13988 | $13851 |
| **10/2018** | $12832 | $12813 |
| **11/2018** | $13231 | $13000 |
| **12/2018** | $12227 | $12084 |
| **01/2019** | $13383 | $13039 |
| **02/2019** | $13872 | $13387 |
| **03/2019** | $14402 | $13556 |
| **04/2019** | $15037 | $14013 |
| **05/2019** | $14121 | $13182 |
| **06/2019** | $15152 | $14045 |
| **07/2019** | $15214 | $14087 |
| **08/2019** | $14860 | $13752 |
| **09/2019** | $14808 | $14042 |
| **10/2019** | $14891 | $14426 |
| **11/2019** | $15381 | $14778 |
| **12/2019** | $15921 | $15299 |
| **01/2020** | $16031 | $15130 |
| **02/2020** | $14974 | $13908 |
| **03/2020** | $13609 | $12030 |
| **04/2020** | $15184 | $13319 |
| **05/2020** | $16164 | $13898 |
| **06/2020** | $17166 | $14342 |
| **07/2020** | $18179 | $15101 |
| **08/2020** | $19533 | $16025 |
| **09/2020** | $18993 | $15508 |
| **10/2020** | $18905 | $15131 |
| **11/2020** | $20667 | $16996 |
| **12/2020** | $21497 | $17785 |
| **01/2021** | $21427 | $17705 |
| **02/2021** | $21871 | $18115 |
| **03/2021** | $22093 | $18598 |
| **04/2021** | $23069 | $19412 |
| **05/2021** | $23058 | $19714 |
| **06/2021** | $23643 | $19973 |
| **07/2021** | $23432 | $20111 |
| **08/2021** | $24251 | $20614 |
| **09/2021** | $22648 | $19763 |
| **10/2021** | $23175 | $20772 |
| **11/2021** | $22309 | $20271 |
| **12/2021** | $22696 | $21082 |
| **01/2022** | $21338 | $20047 |
| **02/2022** | $20470 | $19529 |
| **03/2022** | $20546 | $19952 |
| **04/2022** | $17972 | $18355 |
| **05/2022** | $17457 | $18377 |
| **06/2022** | $16438 | $16828 |
| **07/2022** | $18023 | $18003 |
| **08/2022** | $17356 | $17340 |
| **09/2022** | $15696 | $15680 |
| **10/2022** | $15910 | $16626 |
| **11/2022** | $17608 | $17916 |
| **12/2022** | $16768 | $17211 |
| **01/2023** | $19030 | $18444 |
| **02/2023** | $18231 | $17916 |
| **03/2023** | $19653 | $18468 |
| **04/2023** | $19612 | $18734 |
| **05/2023** | $20127 | $18533 |
| **06/2023** | $21265 | $19609 |
| **07/2023** | $22226 | $20327 |
| **08/2023** | $21061 | $19759 |
| **09/2023** | $19680 | $18942 |
| **10/2023** | $18976 | $18372 |
| **11/2023** | $21820 | $20068 |
| **12/2023** | $22781 | $21032 |
| **01/2024** | $22781 | $21155 |
| **02/2024** | $24271 | $22063 |
| **03/2024** | $24271 | $22756 |
| **04/2024** | $22930 | $22005 |
| **05/2024** | $24041 | $22899 |
| **06/2024** | $25098 | $23409 |
| **07/2024** | $24854 | $23786 |
| **08/2024** | $25883 | $24390 |
| **09/2024** | $27102 | $24957 |
| **10/2024** | $26682 | $24397 |
| **11/2024** | $28226 | $25309 |
| **12/2024** | $27847 | $24710 |
| **01/2025** | $29879 | $25540 |
| **02/2025** | $28958 | $25386 |
| **03/2025** | $26885 | $24383 |
| **04/2025** | $27576 | $24610 |
| **05/2025** | $29784 | $26025 |
| **06/2025** | $31328 | $27193 |
| **07/2025** | $31477 | $27562 |
| **08/2025** | $32439 | $28243 |
| **09/2025** | $33685 | $29266 |
| **10/2025** | $33888 | $29921 |
| **11/2025** | $32533 | $29917 |

---

**Performance data shown represents past performance and is no guarantee of, and is not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 3/31/16** |
| Class A at NAV | 15.26% | 9.50% | 13.67% |
| Class A with 5.75% MSC<sup>Footnote Reference1</sup> | 8.64% | 8.20% | 12.98% |
| MSCI All Country World Index (Net) | 18.21% | 11.97% | 11.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Maximum sales charge |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $131777708 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 45 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $769701 |

---

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

### Industry Summary
![Group By Sector Chart](g882797g66f05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 11.8% |
| Aerospace & Defense | 3.1% |
| Semiconductors & Semiconductor Equipment | 3.5% |
| Hotels, Restaurants & Leisure | 3.8% |
| Entertainment | 4.9% |
| IT Services | 5.8% |
| Automobiles | 6.2% |
| Pharmaceuticals | 6.3% |
| Biotechnology | 6.5% |
| Financial Services | 7.0% |
| Software | 10.3% |
| Broadline Retail | 11.9% |
| Interactive Media & Services | 18.9% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 7.8% |
| Meta Platforms, Inc., Class A | 6.7% |
| Tesla, Inc. | 6.2% |
| Shopify, Inc., Class A | 5.8% |
| Amazon.com, Inc. | 5.6% |
| MercadoLibre, Inc. | 5.4% |
| Netflix, Inc. | 4.9% |
| Oracle Corp. | 4.4% |
| Microsoft Corp. | 3.7% |
| Alnylam Pharmaceuticals, Inc. | 3.5% |

---

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

### Country Weightings
![Group By Country Chart](g882797g21u25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 6.7% |
| Netherlands | 4.0% |
| Canada | 5.8% |
| Brazil | 6.9% |
| China | 8.5% |
| United States | 68.1% |

---

---

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

---

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](g882797g13d42.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.

![Image](g882797g83x74.jpg)

# Class A

# LSAGX

# Loomis Sayles Global Growth Fund

#### Annual Shareholder Report

#### November 30, 2025

#### TGG99A-1125

# Class C

# LSCGX

# Loomis Sayles Global Growth Fund
![Image](g882797g88e24.jpg)

## Annual Shareholder Report - November 30, 2025
This annual shareholder report contains important information about Loomis Sayles Global Growth Fund for the period of December 1, 2024 to November 30, 2025. 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 year?** (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 | $209 | 1.95% |

---

---

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

---

## How did the fund perform last year and what affected its performance?
**Explanation of Fund Performance**

We are a highly selective manager with a long-term, private equity approach to investing. Through our proprietary bottom-up research framework, we look to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to our estimate of intrinsic value. In a typical year we may analyze 30 companies and invest in only a select few. The nature of our process leads to lower portfolio turnover. As a result of this rigorous approach, ours is a selective, high-conviction portfolio of typically 30 to 45 holdings.

**Top Contributors to Performance**

• The Fund's positions in Alphabet, Alnylam Pharmaceuticals, and Shopify contributed the most to performance.

• Stock selection in the consumer discretionary, communication services, consumer staples, and healthcare sectors as well as our allocations in the communication services and consumer staples sectors contributed to relative performance.

**Top Detractors from Performance**

• The Fund's positions in Novo Nordisk, Salesforce, and Under Armour detracted the most from performance.

• Stock selection in the information technology, financials, and industrials sectors as well as our allocations in the consumer discretionary, information technology, and healthcare sectors detracted from relative performance.

**Investment Activity**

All aspects of our quality-growth-valuation investment thesis must be present simultaneously for us to make an investment. Often our research is completed well in advance of the opportunity to invest. We are patient investors and maintain coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the year we initiated a new position in LVMH. We added to our existing positions in Deere, Novo Nordisk, Roche, and Vertex as near-term price weaknesses created attractive reward-to-risk opportunities. We trimmed our positions in Alibaba, Doximity, Qualcomm, Tesla, and Trip.com to finance purchases and manage position size. We sold the small position in Pluxee we received via spinoff as a result of our ownership in Sodexo.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g882797g56x17.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World Index (Net)** |
| **03/2016** | $10000 | $10000 |
| **04/2016** | $10110 | $10148 |
| **05/2016** | $10290 | $10160 |
| **06/2016** | $10340 | $10099 |
| **07/2016** | $10890 | $10534 |
| **08/2016** | $10970 | $10570 |
| **09/2016** | $11150 | $10634 |
| **10/2016** | $10740 | $10454 |
| **11/2016** | $10470 | $10533 |
| **12/2016** | $10514 | $10761 |
| **01/2017** | $10851 | $11055 |
| **02/2017** | $11198 | $11365 |
| **03/2017** | $11412 | $11504 |
| **04/2017** | $11862 | $11683 |
| **05/2017** | $12341 | $11941 |
| **06/2017** | $12352 | $11996 |
| **07/2017** | $12811 | $12331 |
| **08/2017** | $12842 | $12378 |
| **09/2017** | $13066 | $12617 |
| **10/2017** | $13219 | $12879 |
| **11/2017** | $13577 | $13129 |
| **12/2017** | $13746 | $13340 |
| **01/2018** | $14767 | $14093 |
| **02/2018** | $14167 | $13501 |
| **03/2018** | $13746 | $13212 |
| **04/2018** | $13715 | $13338 |
| **05/2018** | $13925 | $13355 |
| **06/2018** | $13967 | $13283 |
| **07/2018** | $14441 | $13683 |
| **08/2018** | $14567 | $13791 |
| **09/2018** | $14557 | $13851 |
| **10/2018** | $13346 | $12813 |
| **11/2018** | $13746 | $13000 |
| **12/2018** | $12698 | $12084 |
| **01/2019** | $13903 | $13039 |
| **02/2019** | $14385 | $13387 |
| **03/2019** | $14932 | $13556 |
| **04/2019** | $15590 | $14013 |
| **05/2019** | $14615 | $13182 |
| **06/2019** | $15677 | $14045 |
| **07/2019** | $15732 | $14087 |
| **08/2019** | $15360 | $13752 |
| **09/2019** | $15294 | $14042 |
| **10/2019** | $15371 | $14426 |
| **11/2019** | $15864 | $14778 |
| **12/2019** | $16411 | $15299 |
| **01/2020** | $16515 | $15130 |
| **02/2020** | $15424 | $13908 |
| **03/2020** | $14008 | $12030 |
| **04/2020** | $15610 | $13319 |
| **05/2020** | $16620 | $13898 |
| **06/2020** | $17641 | $14342 |
| **07/2020** | $18662 | $15101 |
| **08/2020** | $20043 | $16025 |
| **09/2020** | $19475 | $15508 |
| **10/2020** | $19370 | $15131 |
| **11/2020** | $21169 | $16996 |
| **12/2020** | $21997 | $17785 |
| **01/2021** | $21910 | $17705 |
| **02/2021** | $22355 | $18115 |
| **03/2021** | $22565 | $18598 |
| **04/2021** | $23546 | $19412 |
| **05/2021** | $23522 | $19714 |
| **06/2021** | $24102 | $19973 |
| **07/2021** | $23880 | $20111 |
| **08/2021** | $24695 | $20614 |
| **09/2021** | $23040 | $19763 |
| **10/2021** | $23559 | $20772 |
| **11/2021** | $22682 | $20271 |
| **12/2021** | $23053 | $21082 |
| **01/2022** | $21668 | $20047 |
| **02/2022** | $20775 | $19529 |
| **03/2022** | $20829 | $19952 |
| **04/2022** | $18210 | $18355 |
| **05/2022** | $17677 | $18377 |
| **06/2022** | $16638 | $16828 |
| **07/2022** | $18236 | $18003 |
| **08/2022** | $17544 | $17340 |
| **09/2022** | $15852 | $15680 |
| **10/2022** | $16065 | $16626 |
| **11/2022** | $17757 | $17916 |
| **12/2022** | $16907 | $17211 |
| **01/2023** | $19168 | $18444 |
| **02/2023** | $18347 | $17916 |
| **03/2023** | $19787 | $18468 |
| **04/2023** | $19715 | $18734 |
| **05/2023** | $20234 | $18533 |
| **06/2023** | $21357 | $19609 |
| **07/2023** | $22307 | $20327 |
| **08/2023** | $21126 | $19759 |
| **09/2023** | $19730 | $18942 |
| **10/2023** | $19009 | $18372 |
| **11/2023** | $21846 | $20068 |
| **12/2023** | $22797 | $21032 |
| **01/2024** | $22783 | $21155 |
| **02/2024** | $24251 | $22063 |
| **03/2024** | $24237 | $22756 |
| **04/2024** | $22905 | $22005 |
| **05/2024** | $24015 | $22899 |
| **06/2024** | $25070 | $23409 |
| **07/2024** | $24827 | $23786 |
| **08/2024** | $25855 | $24390 |
| **09/2024** | $27073 | $24957 |
| **10/2024** | $26653 | $24397 |
| **11/2024** | $28196 | $25309 |
| **12/2024** | $27817 | $24710 |
| **01/2025** | $29846 | $25540 |
| **02/2025** | $28926 | $25386 |
| **03/2025** | $26856 | $24383 |
| **04/2025** | $27546 | $24610 |
| **05/2025** | $29751 | $26025 |
| **06/2025** | $31294 | $27193 |
| **07/2025** | $31443 | $27562 |
| **08/2025** | $32403 | $28243 |
| **09/2025** | $33648 | $29266 |
| **10/2025** | $33851 | $29921 |
| **11/2025** | $32498 | $29917 |

---

**Performance data shown represents past performance and is no guarantee of, and is not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 3/31/16** |
| Class C at NAV | 14.37% | 8.67% | 12.96% |
| Class C with 1.00% CDSC<sup>Footnote Reference1</sup> | 13.37% | 8.67% | 12.96% |
| MSCI All Country World Index (Net) | 18.21% | 11.97% | 11.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Contingent deferred sales charge |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $131777708 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 45 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $769701 |

---

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

### Industry Summary
![Group By Sector Chart](g882797g66f05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 11.8% |
| Aerospace & Defense | 3.1% |
| Semiconductors & Semiconductor Equipment | 3.5% |
| Hotels, Restaurants & Leisure | 3.8% |
| Entertainment | 4.9% |
| IT Services | 5.8% |
| Automobiles | 6.2% |
| Pharmaceuticals | 6.3% |
| Biotechnology | 6.5% |
| Financial Services | 7.0% |
| Software | 10.3% |
| Broadline Retail | 11.9% |
| Interactive Media & Services | 18.9% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 7.8% |
| Meta Platforms, Inc., Class A | 6.7% |
| Tesla, Inc. | 6.2% |
| Shopify, Inc., Class A | 5.8% |
| Amazon.com, Inc. | 5.6% |
| MercadoLibre, Inc. | 5.4% |
| Netflix, Inc. | 4.9% |
| Oracle Corp. | 4.4% |
| Microsoft Corp. | 3.7% |
| Alnylam Pharmaceuticals, Inc. | 3.5% |

---

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

### Country Weightings
![Group By Country Chart](g882797g21u25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 6.7% |
| Netherlands | 4.0% |
| Canada | 5.8% |
| Brazil | 6.9% |
| China | 8.5% |
| United States | 68.1% |

---

---

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

---

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](g882797g13d42.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.

![Image](g882797g83x74.jpg)

# Class C

# LSCGX

# Loomis Sayles Global Growth Fund

#### Annual Shareholder Report

#### November 30, 2025

#### TGG99C-1125

# Class N

# LSNGX

# Loomis Sayles Global Growth Fund
![Image](g882797g88e24.jpg)

## Annual Shareholder Report - November 30, 2025
This annual shareholder report contains important information about Loomis Sayles Global Growth Fund for the period of December 1, 2024 to November 30, 2025. 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 year?** (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 | $97 | 0.90% |

---

---

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

---

## How did the fund perform last year and what affected its performance?
**Explanation of Fund Performance**

We are a highly selective manager with a long-term, private equity approach to investing. Through our proprietary bottom-up research framework, we look to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to our estimate of intrinsic value. In a typical year we may analyze 30 companies and invest in only a select few. The nature of our process leads to lower portfolio turnover. As a result of this rigorous approach, ours is a selective, high-conviction portfolio of typically 30 to 45 holdings.

**Top Contributors to Performance**

• The Fund's positions in Alphabet, Alnylam Pharmaceuticals, and Shopify contributed the most to performance.

• Stock selection in the consumer discretionary, communication services, consumer staples, and healthcare sectors as well as our allocations in the communication services and consumer staples sectors contributed to relative performance.

**Top Detractors from Performance**

• The Fund's positions in Novo Nordisk, Salesforce, and Under Armour detracted the most from performance.

• Stock selection in the information technology, financials, and industrials sectors as well as our allocations in the consumer discretionary, information technology, and healthcare sectors detracted from relative performance.

**Investment Activity**

All aspects of our quality-growth-valuation investment thesis must be present simultaneously for us to make an investment. Often our research is completed well in advance of the opportunity to invest. We are patient investors and maintain coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the year we initiated a new position in LVMH. We added to our existing positions in Deere, Novo Nordisk, Roche, and Vertex as near-term price weaknesses created attractive reward-to-risk opportunities. We trimmed our positions in Alibaba, Doximity, Qualcomm, Tesla, and Trip.com to finance purchases and manage position size. We sold the small position in Pluxee we received via spinoff as a result of our ownership in Sodexo.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g882797g90b22.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **MSCI All Country World Index (Net)** |
| **03/2017** | $10000 | $10000 |
| **04/2017** | $10400 | $10156 |
| **05/2017** | $10835 | $10380 |
| **06/2017** | $10844 | $10427 |
| **07/2017** | $11261 | $10719 |
| **08/2017** | $11297 | $10760 |
| **09/2017** | $11510 | $10968 |
| **10/2017** | $11652 | $11195 |
| **11/2017** | $11980 | $11412 |
| **12/2017** | $12138 | $11596 |
| **01/2018** | $13047 | $12250 |
| **02/2018** | $12533 | $11736 |
| **03/2018** | $12165 | $11485 |
| **04/2018** | $12156 | $11594 |
| **05/2018** | $12340 | $11609 |
| **06/2018** | $12395 | $11546 |
| **07/2018** | $12827 | $11894 |
| **08/2018** | $12946 | $11988 |
| **09/2018** | $12955 | $12040 |
| **10/2018** | $11890 | $11137 |
| **11/2018** | $12257 | $11300 |
| **12/2018** | $11329 | $10504 |
| **01/2019** | $12407 | $11334 |
| **02/2019** | $12859 | $11637 |
| **03/2019** | $13360 | $11783 |
| **04/2019** | $13956 | $12181 |
| **05/2019** | $13100 | $11459 |
| **06/2019** | $14062 | $12209 |
| **07/2019** | $14120 | $12245 |
| **08/2019** | $13802 | $11954 |
| **09/2019** | $13745 | $12206 |
| **10/2019** | $13831 | $12540 |
| **11/2019** | $14293 | $12846 |
| **12/2019** | $14794 | $13298 |
| **01/2020** | $14906 | $13151 |
| **02/2020** | $13928 | $12089 |
| **03/2020** | $12655 | $10457 |
| **04/2020** | $14122 | $11577 |
| **05/2020** | $15048 | $12081 |
| **06/2020** | $15985 | $12467 |
| **07/2020** | $16921 | $13126 |
| **08/2020** | $18194 | $13930 |
| **09/2020** | $17695 | $13480 |
| **10/2020** | $17614 | $13153 |
| **11/2020** | $19273 | $14774 |
| **12/2020** | $20041 | $15460 |
| **01/2021** | $19976 | $15390 |
| **02/2021** | $20397 | $15746 |
| **03/2021** | $20614 | $16167 |
| **04/2021** | $21527 | $16874 |
| **05/2021** | $21516 | $17136 |
| **06/2021** | $22078 | $17362 |
| **07/2021** | $21883 | $17482 |
| **08/2021** | $22651 | $17919 |
| **09/2021** | $21159 | $17179 |
| **10/2021** | $21656 | $18056 |
| **11/2021** | $20856 | $17621 |
| **12/2021** | $21225 | $18326 |
| **01/2022** | $19959 | $17426 |
| **02/2022** | $19158 | $16976 |
| **03/2022** | $19228 | $17343 |
| **04/2022** | $16828 | $15955 |
| **05/2022** | $16352 | $15974 |
| **06/2022** | $15400 | $14627 |
| **07/2022** | $16886 | $15649 |
| **08/2022** | $16271 | $15073 |
| **09/2022** | $14703 | $13630 |
| **10/2022** | $14923 | $14452 |
| **11/2022** | $16503 | $15573 |
| **12/2022** | $15735 | $14960 |
| **01/2023** | $17851 | $16033 |
| **02/2023** | $17112 | $15573 |
| **03/2023** | $18452 | $16053 |
| **04/2023** | $18414 | $16284 |
| **05/2023** | $18902 | $16110 |
| **06/2023** | $19966 | $17045 |
| **07/2023** | $20880 | $17669 |
| **08/2023** | $19791 | $17175 |
| **09/2023** | $18502 | $16465 |
| **10/2023** | $17838 | $15970 |
| **11/2023** | $20530 | $17444 |
| **12/2023** | $21431 | $18282 |
| **01/2024** | $21444 | $18389 |
| **02/2024** | $22846 | $19178 |
| **03/2024** | $22858 | $19780 |
| **04/2024** | $21594 | $19128 |
| **05/2024** | $22645 | $19905 |
| **06/2024** | $23647 | $20348 |
| **07/2024** | $23421 | $20676 |
| **08/2024** | $24398 | $21201 |
| **09/2024** | $25550 | $21694 |
| **10/2024** | $25162 | $21207 |
| **11/2024** | $26626 | $22000 |
| **12/2024** | $26276 | $21479 |
| **01/2025** | $28191 | $22200 |
| **02/2025** | $27340 | $22066 |
| **03/2025** | $25387 | $21195 |
| **04/2025** | $26038 | $21392 |
| **05/2025** | $28141 | $22622 |
| **06/2025** | $29618 | $23638 |
| **07/2025** | $29756 | $23958 |
| **08/2025** | $30670 | $24550 |
| **09/2025** | $31859 | $25440 |
| **10/2025** | $32059 | $26009 |
| **11/2025** | $30782 | $26006 |

---

**Performance data shown represents past performance and is no guarantee of, and is not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 3/31/17** |
| Class N | 15.61% | 9.82% | 13.85% |
| MSCI All Country World Index (Net) | 18.21% | 11.97% | 11.62% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $131777708 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 45 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $769701 |

---

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

### Industry Summary
![Group By Sector Chart](g882797g66f05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 11.8% |
| Aerospace & Defense | 3.1% |
| Semiconductors & Semiconductor Equipment | 3.5% |
| Hotels, Restaurants & Leisure | 3.8% |
| Entertainment | 4.9% |
| IT Services | 5.8% |
| Automobiles | 6.2% |
| Pharmaceuticals | 6.3% |
| Biotechnology | 6.5% |
| Financial Services | 7.0% |
| Software | 10.3% |
| Broadline Retail | 11.9% |
| Interactive Media & Services | 18.9% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 7.8% |
| Meta Platforms, Inc., Class A | 6.7% |
| Tesla, Inc. | 6.2% |
| Shopify, Inc., Class A | 5.8% |
| Amazon.com, Inc. | 5.6% |
| MercadoLibre, Inc. | 5.4% |
| Netflix, Inc. | 4.9% |
| Oracle Corp. | 4.4% |
| Microsoft Corp. | 3.7% |
| Alnylam Pharmaceuticals, Inc. | 3.5% |

---

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

### Country Weightings
![Group By Country Chart](g882797g21u25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 6.7% |
| Netherlands | 4.0% |
| Canada | 5.8% |
| Brazil | 6.9% |
| China | 8.5% |
| United States | 68.1% |

---

---

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

---

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](g882797g13d42.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.

![Image](g882797g83x74.jpg)

# Class N

# LSNGX

# Loomis Sayles Global Growth Fund

#### Annual Shareholder Report

#### November 30, 2025

#### TGG99N-1125

# Class Y

# LSGGX

# Loomis Sayles Global Growth Fund
![Image](g882797g88e24.jpg)

## Annual Shareholder Report - November 30, 2025
This annual shareholder report contains important information about Loomis Sayles Global Growth Fund for the period of December 1, 2024 to November 30, 2025. 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 year?** (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 | $102 | 0.95% |

---

---

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

---

## How did the fund perform last year and what affected its performance?
**Explanation of Fund Performance**

We are a highly selective manager with a long-term, private equity approach to investing. Through our proprietary bottom-up research framework, we look to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to our estimate of intrinsic value. In a typical year we may analyze 30 companies and invest in only a select few. The nature of our process leads to lower portfolio turnover. As a result of this rigorous approach, ours is a selective, high-conviction portfolio of typically 30 to 45 holdings.

**Top Contributors to Performance**

• The Fund's positions in Alphabet, Alnylam Pharmaceuticals, and Shopify contributed the most to performance.

• Stock selection in the consumer discretionary, communication services, consumer staples, and healthcare sectors as well as our allocations in the communication services and consumer staples sectors contributed to relative performance.

**Top Detractors from Performance**

• The Fund's positions in Novo Nordisk, Salesforce, and Under Armour detracted the most from performance.

• Stock selection in the information technology, financials, and industrials sectors as well as our allocations in the consumer discretionary, information technology, and healthcare sectors detracted from relative performance.

**Investment Activity**

All aspects of our quality-growth-valuation investment thesis must be present simultaneously for us to make an investment. Often our research is completed well in advance of the opportunity to invest. We are patient investors and maintain coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the year we initiated a new position in LVMH. We added to our existing positions in Deere, Novo Nordisk, Roche, and Vertex as near-term price weaknesses created attractive reward-to-risk opportunities. We trimmed our positions in Alibaba, Doximity, Qualcomm, Tesla, and Trip.com to finance purchases and manage position size. We sold the small position in Pluxee we received via spinoff as a result of our ownership in Sodexo.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g882797g86m44.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **MSCI All Country World Index (Net)** |
| **03/2016** | $10000 | $10000 |
| **04/2016** | $10120 | $10148 |
| **05/2016** | $10310 | $10160 |
| **06/2016** | $10370 | $10099 |
| **07/2016** | $10930 | $10534 |
| **08/2016** | $11010 | $10570 |
| **09/2016** | $11200 | $10634 |
| **10/2016** | $10810 | $10454 |
| **11/2016** | $10550 | $10533 |
| **12/2016** | $10608 | $10761 |
| **01/2017** | $10957 | $11055 |
| **02/2017** | $11305 | $11365 |
| **03/2017** | $11541 | $11504 |
| **04/2017** | $12002 | $11683 |
| **05/2017** | $12504 | $11941 |
| **06/2017** | $12515 | $11996 |
| **07/2017** | $12996 | $12331 |
| **08/2017** | $13037 | $12378 |
| **09/2017** | $13273 | $12617 |
| **10/2017** | $13447 | $12879 |
| **11/2017** | $13816 | $13129 |
| **12/2017** | $14003 | $13340 |
| **01/2018** | $15053 | $14093 |
| **02/2018** | $14449 | $13501 |
| **03/2018** | $14035 | $13212 |
| **04/2018** | $14025 | $13338 |
| **05/2018** | $14237 | $13355 |
| **06/2018** | $14300 | $13283 |
| **07/2018** | $14798 | $13683 |
| **08/2018** | $14936 | $13791 |
| **09/2018** | $14936 | $13851 |
| **10/2018** | $13717 | $12813 |
| **11/2018** | $14131 | $13000 |
| **12/2018** | $13064 | $12084 |
| **01/2019** | $14307 | $13039 |
| **02/2019** | $14829 | $13387 |
| **03/2019** | $15395 | $13556 |
| **04/2019** | $16083 | $14013 |
| **05/2019** | $15107 | $13182 |
| **06/2019** | $16217 | $14045 |
| **07/2019** | $16283 | $14087 |
| **08/2019** | $15917 | $13752 |
| **09/2019** | $15850 | $14042 |
| **10/2019** | $15950 | $14426 |
| **11/2019** | $16483 | $14778 |
| **12/2019** | $17060 | $15299 |
| **01/2020** | $17189 | $15130 |
| **02/2020** | $16050 | $13908 |
| **03/2020** | $14594 | $12030 |
| **04/2020** | $16273 | $13319 |
| **05/2020** | $17342 | $13898 |
| **06/2020** | $18422 | $14342 |
| **07/2020** | $19502 | $15101 |
| **08/2020** | $20970 | $16025 |
| **09/2020** | $20394 | $15508 |
| **10/2020** | $20300 | $15131 |
| **11/2020** | $22202 | $16996 |
| **12/2020** | $23087 | $17785 |
| **01/2021** | $23012 | $17705 |
| **02/2021** | $23499 | $18115 |
| **03/2021** | $23748 | $18598 |
| **04/2021** | $24801 | $19412 |
| **05/2021** | $24788 | $19714 |
| **06/2021** | $25424 | $19973 |
| **07/2021** | $25200 | $20111 |
| **08/2021** | $26098 | $20614 |
| **09/2021** | $24365 | $19763 |
| **10/2021** | $24938 | $20772 |
| **11/2021** | $24028 | $20271 |
| **12/2021** | $24440 | $21082 |
| **01/2022** | $22981 | $20047 |
| **02/2022** | $22056 | $19529 |
| **03/2022** | $22137 | $19952 |
| **04/2022** | $19369 | $18355 |
| **05/2022** | $18820 | $18377 |
| **06/2022** | $17735 | $16828 |
| **07/2022** | $19436 | $18003 |
| **08/2022** | $18726 | $17340 |
| **09/2022** | $16931 | $15680 |
| **10/2022** | $17172 | $16626 |
| **11/2022** | $18994 | $17916 |
| **12/2022** | $18111 | $17211 |
| **01/2023** | $20550 | $18444 |
| **02/2023** | $19684 | $17916 |
| **03/2023** | $21243 | $18468 |
| **04/2023** | $21185 | $18734 |
| **05/2023** | $21748 | $18533 |
| **06/2023** | $22974 | $19609 |
| **07/2023** | $24028 | $20327 |
| **08/2023** | $22772 | $19759 |
| **09/2023** | $21286 | $18942 |
| **10/2023** | $20521 | $18372 |
| **11/2023** | $23624 | $20068 |
| **12/2023** | $24648 | $21032 |
| **01/2024** | $24663 | $21155 |
| **02/2024** | $26279 | $22063 |
| **03/2024** | $26279 | $22756 |
| **04/2024** | $24836 | $22005 |
| **05/2024** | $26048 | $22899 |
| **06/2024** | $27203 | $23409 |
| **07/2024** | $26928 | $23786 |
| **08/2024** | $28054 | $24390 |
| **09/2024** | $29382 | $24957 |
| **10/2024** | $28934 | $24397 |
| **11/2024** | $30623 | $25309 |
| **12/2024** | $30204 | $24710 |
| **01/2025** | $32412 | $25540 |
| **02/2025** | $31431 | $25386 |
| **03/2025** | $29194 | $24383 |
| **04/2025** | $29945 | $24610 |
| **05/2025** | $32355 | $26025 |
| **06/2025** | $34043 | $27193 |
| **07/2025** | $34202 | $27562 |
| **08/2025** | $35255 | $28243 |
| **09/2025** | $36626 | $29266 |
| **10/2025** | $36843 | $29921 |
| **11/2025** | $35371 | $29917 |

---

**Performance data shown represents past performance and is no guarantee of, and is not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 3/31/16** |
| Class Y | 15.50% | 9.76% | 13.96% |
| MSCI All Country World Index (Net) | 18.21% | 11.97% | 11.97% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $131777708 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 45 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $769701 |

---

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

### Industry Summary
![Group By Sector Chart](g882797g66f05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 11.8% |
| Aerospace & Defense | 3.1% |
| Semiconductors & Semiconductor Equipment | 3.5% |
| Hotels, Restaurants & Leisure | 3.8% |
| Entertainment | 4.9% |
| IT Services | 5.8% |
| Automobiles | 6.2% |
| Pharmaceuticals | 6.3% |
| Biotechnology | 6.5% |
| Financial Services | 7.0% |
| Software | 10.3% |
| Broadline Retail | 11.9% |
| Interactive Media & Services | 18.9% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 7.8% |
| Meta Platforms, Inc., Class A | 6.7% |
| Tesla, Inc. | 6.2% |
| Shopify, Inc., Class A | 5.8% |
| Amazon.com, Inc. | 5.6% |
| MercadoLibre, Inc. | 5.4% |
| Netflix, Inc. | 4.9% |
| Oracle Corp. | 4.4% |
| Microsoft Corp. | 3.7% |
| Alnylam Pharmaceuticals, Inc. | 3.5% |

---

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

### Country Weightings
![Group By Country Chart](g882797g21u25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 6.7% |
| Netherlands | 4.0% |
| Canada | 5.8% |
| Brazil | 6.9% |
| China | 8.5% |
| United States | 68.1% |

---

---

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

---

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](g882797g13d42.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.

![Image](g882797g83x74.jpg)

# Class Y

# LSGGX

# Loomis Sayles Global Growth Fund

#### Annual Shareholder Report

#### November 30, 2025

#### TGG99Y-1125

# Class A

# LSFAX

# Loomis Sayles Senior Floating Rate and Fixed Income Fund
![Image](g882797g88e24.jpg)

## Annual Shareholder Report - November 30, 2025
This annual shareholder report contains important information about Loomis Sayles Senior Floating Rate and Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. 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 year?** (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 | $100 | 0.98% |

---

---

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

---

## How did the fund perform last year and what affected its performance?
**Top Contributors to Performance**

• The Fund's modest allocation to high yield bonds was a strong contributor. Here, select names within media entertainment and cable were beneficial.

• The allocation to BB rated bonds was positive, led by media, technology and capital goods loans.

• Exposure to Collateralized Loan Obligations was positive during the year.

**Top Detractors from Performance**

• The Fund's allocation to specific B loans, including names in the automotive space, were detractors.

• The holdings in cash and Treasury bills modestly detracted from relative performance, as these categories could not keep pace with the strong returns of the loan market. We continue to maintain a modest liquidity allocation in the portfolio, as required, for regulatory reasons and to meet any redemption activities.

• Across the Fund's portfolio, only one issuer went into default during the period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g882797g85o18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA US Leveraged Loan Index** |
| **11/2015** | $9651 | $10000 | $10000 |
| **12/2015** | $9509 | $9968 | $9895 |
| **01/2016** | $9346 | $10105 | $9830 |
| **02/2016** | $9260 | $10177 | $9779 |
| **03/2016** | $9557 | $10270 | $10048 |
| **04/2016** | $9839 | $10309 | $10248 |
| **05/2016** | $9963 | $10312 | $10339 |
| **06/2016** | $10000 | $10497 | $10341 |
| **07/2016** | $10184 | $10564 | $10489 |
| **08/2016** | $10278 | $10552 | $10568 |
| **09/2016** | $10374 | $10545 | $10659 |
| **10/2016** | $10436 | $10465 | $10747 |
| **11/2016** | $10453 | $10217 | $10776 |
| **12/2016** | $10568 | $10232 | $10900 |
| **01/2017** | $10621 | $10252 | $10961 |
| **02/2017** | $10686 | $10321 | $11016 |
| **03/2017** | $10713 | $10315 | $11025 |
| **04/2017** | $10748 | $10395 | $11073 |
| **05/2017** | $10792 | $10475 | $11114 |
| **06/2017** | $10799 | $10464 | $11109 |
| **07/2017** | $10894 | $10509 | $11185 |
| **08/2017** | $10856 | $10604 | $11180 |
| **09/2017** | $10918 | $10553 | $11224 |
| **10/2017** | $11008 | $10559 | $11291 |
| **11/2017** | $11032 | $10546 | $11304 |
| **12/2017** | $11087 | $10594 | $11349 |
| **01/2018** | $11192 | $10472 | $11458 |
| **02/2018** | $11212 | $10373 | $11481 |
| **03/2018** | $11235 | $10439 | $11513 |
| **04/2018** | $11279 | $10362 | $11561 |
| **05/2018** | $11281 | $10436 | $11580 |
| **06/2018** | $11298 | $10423 | $11594 |
| **07/2018** | $11365 | $10425 | $11679 |
| **08/2018** | $11394 | $10492 | $11726 |
| **09/2018** | $11445 | $10425 | $11807 |
| **10/2018** | $11434 | $10342 | $11803 |
| **11/2018** | $11338 | $10404 | $11697 |
| **12/2018** | $11091 | $10595 | $11399 |
| **01/2019** | $11278 | $10708 | $11689 |
| **02/2019** | $11407 | $10701 | $11875 |
| **03/2019** | $11387 | $10907 | $11855 |
| **04/2019** | $11553 | $10910 | $12051 |
| **05/2019** | $11521 | $11103 | $12024 |
| **06/2019** | $11541 | $11243 | $12054 |
| **07/2019** | $11606 | $11268 | $12150 |
| **08/2019** | $11551 | $11560 | $12117 |
| **09/2019** | $11580 | $11498 | $12173 |
| **10/2019** | $11449 | $11533 | $12119 |
| **11/2019** | $11478 | $11527 | $12190 |
| **12/2019** | $11662 | $11519 | $12384 |
| **01/2020** | $11733 | $11740 | $12453 |
| **02/2020** | $11540 | $11952 | $12289 |
| **03/2020** | $9750 | $11881 | $10769 |
| **04/2020** | $10140 | $12093 | $11253 |
| **05/2020** | $10595 | $12149 | $11681 |
| **06/2020** | $10809 | $12225 | $11814 |
| **07/2020** | $11008 | $12408 | $12045 |
| **08/2020** | $11223 | $12308 | $12225 |
| **09/2020** | $11318 | $12301 | $12302 |
| **10/2020** | $11380 | $12246 | $12327 |
| **11/2020** | $11614 | $12366 | $12602 |
| **12/2020** | $11798 | $12383 | $12771 |
| **01/2021** | $11917 | $12295 | $12923 |
| **02/2021** | $11990 | $12117 | $12999 |
| **03/2021** | $11998 | $11966 | $12999 |
| **04/2021** | $12058 | $12060 | $13065 |
| **05/2021** | $12120 | $12100 | $13141 |
| **06/2021** | $12155 | $12185 | $13190 |
| **07/2021** | $12161 | $12321 | $13188 |
| **08/2021** | $12210 | $12297 | $13251 |
| **09/2021** | $12259 | $12191 | $13336 |
| **10/2021** | $12283 | $12188 | $13372 |
| **11/2021** | $12249 | $12224 | $13350 |
| **12/2021** | $12341 | $12192 | $13436 |
| **01/2022** | $12365 | $11930 | $13484 |
| **02/2022** | $12288 | $11797 | $13415 |
| **03/2022** | $12272 | $11469 | $13422 |
| **04/2022** | $12240 | $11034 | $13451 |
| **05/2022** | $11881 | $11105 | $13107 |
| **06/2022** | $11564 | $10931 | $12824 |
| **07/2022** | $11731 | $11198 | $13098 |
| **08/2022** | $11924 | $10881 | $13294 |
| **09/2022** | $11592 | $10411 | $12991 |
| **10/2022** | $11592 | $10276 | $13120 |
| **11/2022** | $11724 | $10654 | $13277 |
| **12/2022** | $11732 | $10606 | $13332 |
| **01/2023** | $12078 | $10932 | $13688 |
| **02/2023** | $12115 | $10650 | $13767 |
| **03/2023** | $12058 | $10920 | $13762 |
| **04/2023** | $12193 | $10987 | $13907 |
| **05/2023** | $12150 | $10867 | $13881 |
| **06/2023** | $12441 | $10828 | $14196 |
| **07/2023** | $12624 | $10821 | $14378 |
| **08/2023** | $12780 | $10751 | $14547 |
| **09/2023** | $12843 | $10478 | $14687 |
| **10/2023** | $12784 | $10313 | $14684 |
| **11/2023** | $12941 | $10780 | $14863 |
| **12/2023** | $13141 | $11193 | $15108 |
| **01/2024** | $13240 | $11162 | $15210 |
| **02/2024** | $13335 | $11004 | $15348 |
| **03/2024** | $13452 | $11106 | $15479 |
| **04/2024** | $13498 | $10825 | $15572 |
| **05/2024** | $13597 | $11009 | $15718 |
| **06/2024** | $13642 | $11113 | $15773 |
| **07/2024** | $13726 | $11373 | $15881 |
| **08/2024** | $13805 | $11536 | $15982 |
| **09/2024** | $13898 | $11690 | $16096 |
| **10/2024** | $14024 | $11401 | $16234 |
| **11/2024** | $14178 | $11521 | $16368 |
| **12/2024** | $14233 | $11333 | $16461 |
| **01/2025** | $14335 | $11393 | $16575 |
| **02/2025** | $14343 | $11643 | $16592 |
| **03/2025** | $14251 | $11648 | $16540 |
| **04/2025** | $14231 | $11693 | $16531 |
| **05/2025** | $14514 | $11610 | $16788 |
| **06/2025** | $14615 | $11788 | $16923 |
| **07/2025** | $14738 | $11757 | $17071 |
| **08/2025** | $14824 | $11898 | $17147 |
| **09/2025** | $14834 | $12028 | $17222 |
| **10/2025** | $14827 | $12103 | $17260 |
| **11/2025** | $14875 | $12178 | $17322 |

---

**Performance data shown represents past performance and is no guarantee of, and is not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 8/11/11** |
| Class A at NAV | 4.92% | 5.07% | 4.42% | 4.81% |
| Class A with 3.50% MSC<sup>Footnote Reference1</sup> | 1.24% | 4.33% | 4.05% | 4.55% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% | -% |
| Morningstar LSTA US Leveraged Loan Index | 5.83% | 6.57% | 5.65% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Maximum sales charge |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $563111049 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 209 |
| Portfolio Turnover Rate | 127% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $3669143 |

---

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

### Industry Summary
![Group By Sector Chart](g882797g21h04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 19.9% |
| Short-Term Investments | 4.7% |
| Building Materials | 3.1% |
| Chemicals | 3.2% |
| Industrial Other | 3.2% |
| Brokerage | 3.5% |
| Aerospace & Defense | 3.6% |
| Cable Satellite | 3.9% |
| Media Entertainment | 4.4% |
| Collateralized Loan Obligations | 4.8% |
| Retailers | 6.5% |
| Healthcare | 7.2% |
| Property & Casualty Insurance | 8.1% |
| Consumer Cyclical Services | 8.7% |
| Technology | 15.2% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g882797g40x88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.9 |
| Not rated<sup>Footnote Reference^</sup> | 4.9 |
| D | 0.3 |
| CCC | 6.8 |
| B | 65.4 |
| BB | 20.2 |
| BBB | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &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](g882797g13d42.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.

![Image](g882797g83x74.jpg)

# Class A

# LSFAX

# Loomis Sayles Senior Floating Rate and Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### TLSFR99A-1125

# Class C

# LSFCX

# Loomis Sayles Senior Floating Rate and Fixed Income Fund
![Image](g882797g88e24.jpg)

## Annual Shareholder Report - November 30, 2025
This annual shareholder report contains important information about Loomis Sayles Senior Floating Rate and Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. 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 year?** (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 | $177 | 1.73% |

---

---

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

---

## How did the fund perform last year and what affected its performance?
**Top Contributors to Performance**

• The Fund's modest allocation to high yield bonds was a strong contributor. Here, select names within media entertainment and cable were beneficial.

• The allocation to BB rated bonds was positive, led by media, technology and capital goods loans.

• Exposure to Collateralized Loan Obligations was positive during the year.

**Top Detractors from Performance**

• The Fund's allocation to specific B loans, including names in the automotive space, were detractors.

• The holdings in cash and Treasury bills modestly detracted from relative performance, as these categories could not keep pace with the strong returns of the loan market. We continue to maintain a modest liquidity allocation in the portfolio, as required, for regulatory reasons and to meet any redemption activities.

• Across the Fund's portfolio, only one issuer went into default during the period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g882797g77m73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA US Leveraged Loan Index** |
| **11/2015** | $10000 | $10000 | $10000 |
| **12/2015** | $9835 | $9968 | $9895 |
| **01/2016** | $9660 | $10105 | $9830 |
| **02/2016** | $9565 | $10177 | $9779 |
| **03/2016** | $9866 | $10270 | $10048 |
| **04/2016** | $10152 | $10309 | $10248 |
| **05/2016** | $10285 | $10312 | $10339 |
| **06/2016** | $10307 | $10497 | $10341 |
| **07/2016** | $10489 | $10564 | $10489 |
| **08/2016** | $10580 | $10552 | $10568 |
| **09/2016** | $10673 | $10545 | $10659 |
| **10/2016** | $10741 | $10465 | $10747 |
| **11/2016** | $10741 | $10217 | $10776 |
| **12/2016** | $10852 | $10232 | $10900 |
| **01/2017** | $10901 | $10252 | $10961 |
| **02/2017** | $10961 | $10321 | $11016 |
| **03/2017** | $10982 | $10315 | $11025 |
| **04/2017** | $11011 | $10395 | $11073 |
| **05/2017** | $11050 | $10475 | $11114 |
| **06/2017** | $11050 | $10464 | $11109 |
| **07/2017** | $11141 | $10509 | $11185 |
| **08/2017** | $11094 | $10604 | $11180 |
| **09/2017** | $11151 | $10553 | $11224 |
| **10/2017** | $11237 | $10559 | $11291 |
| **11/2017** | $11252 | $10546 | $11304 |
| **12/2017** | $11301 | $10594 | $11349 |
| **01/2018** | $11402 | $10472 | $11458 |
| **02/2018** | $11415 | $10373 | $11481 |
| **03/2018** | $11433 | $10439 | $11513 |
| **04/2018** | $11470 | $10362 | $11561 |
| **05/2018** | $11465 | $10436 | $11580 |
| **06/2018** | $11476 | $10423 | $11594 |
| **07/2018** | $11537 | $10425 | $11679 |
| **08/2018** | $11558 | $10492 | $11726 |
| **09/2018** | $11603 | $10425 | $11807 |
| **10/2018** | $11584 | $10342 | $11803 |
| **11/2018** | $11479 | $10404 | $11697 |
| **12/2018** | $11221 | $10595 | $11399 |
| **01/2019** | $11404 | $10708 | $11689 |
| **02/2019** | $11516 | $10701 | $11875 |
| **03/2019** | $11501 | $10907 | $11855 |
| **04/2019** | $11662 | $10910 | $12051 |
| **05/2019** | $11622 | $11103 | $12024 |
| **06/2019** | $11635 | $11243 | $12054 |
| **07/2019** | $11693 | $11268 | $12150 |
| **08/2019** | $11629 | $11560 | $12117 |
| **09/2019** | $11651 | $11498 | $12173 |
| **10/2019** | $11512 | $11533 | $12119 |
| **11/2019** | $11521 | $11527 | $12190 |
| **12/2019** | $11712 | $11519 | $12384 |
| **01/2020** | $11775 | $11740 | $12453 |
| **02/2020** | $11574 | $11952 | $12289 |
| **03/2020** | $9766 | $11881 | $10769 |
| **04/2020** | $10164 | $12093 | $11253 |
| **05/2020** | $10602 | $12149 | $11681 |
| **06/2020** | $10811 | $12225 | $11814 |
| **07/2020** | $11003 | $12408 | $12045 |
| **08/2020** | $11212 | $12308 | $12225 |
| **09/2020** | $11299 | $12301 | $12302 |
| **10/2020** | $11354 | $12246 | $12327 |
| **11/2020** | $11582 | $12366 | $12602 |
| **12/2020** | $11758 | $12383 | $12771 |
| **01/2021** | $11869 | $12295 | $12923 |
| **02/2021** | $11935 | $12117 | $12999 |
| **03/2021** | $11936 | $11966 | $12999 |
| **04/2021** | $11988 | $12060 | $13065 |
| **05/2021** | $12042 | $12100 | $13141 |
| **06/2021** | $12070 | $12185 | $13190 |
| **07/2021** | $12067 | $12321 | $13188 |
| **08/2021** | $12095 | $12297 | $13251 |
| **09/2021** | $12150 | $12191 | $13336 |
| **10/2021** | $12166 | $12188 | $13372 |
| **11/2021** | $12125 | $12224 | $13350 |
| **12/2021** | $12194 | $12192 | $13436 |
| **01/2022** | $12224 | $11930 | $13484 |
| **02/2022** | $12140 | $11797 | $13415 |
| **03/2022** | $12117 | $11469 | $13422 |
| **04/2022** | $12077 | $11034 | $13451 |
| **05/2022** | $11714 | $11105 | $13107 |
| **06/2022** | $11407 | $10931 | $12824 |
| **07/2022** | $11551 | $11198 | $13098 |
| **08/2022** | $11748 | $10881 | $13294 |
| **09/2022** | $11399 | $10411 | $12991 |
| **10/2022** | $11405 | $10276 | $13120 |
| **11/2022** | $11514 | $10654 | $13277 |
| **12/2022** | $11513 | $10606 | $13332 |
| **01/2023** | $11847 | $10932 | $13688 |
| **02/2023** | $11891 | $10650 | $13767 |
| **03/2023** | $11827 | $10920 | $13762 |
| **04/2023** | $11937 | $10987 | $13907 |
| **05/2023** | $11887 | $10867 | $13881 |
| **06/2023** | $12165 | $10828 | $14196 |
| **07/2023** | $12337 | $10821 | $14378 |
| **08/2023** | $12481 | $10751 | $14547 |
| **09/2023** | $12535 | $10478 | $14687 |
| **10/2023** | $12469 | $10313 | $14684 |
| **11/2023** | $12615 | $10780 | $14863 |
| **12/2023** | $12810 | $11193 | $15108 |
| **01/2024** | $12906 | $11162 | $15210 |
| **02/2024** | $12998 | $11004 | $15348 |
| **03/2024** | $13113 | $11106 | $15479 |
| **04/2024** | $13157 | $10825 | $15572 |
| **05/2024** | $13254 | $11009 | $15718 |
| **06/2024** | $13298 | $11113 | $15773 |
| **07/2024** | $13380 | $11373 | $15881 |
| **08/2024** | $13457 | $11536 | $15982 |
| **09/2024** | $13548 | $11690 | $16096 |
| **10/2024** | $13671 | $11401 | $16234 |
| **11/2024** | $13820 | $11521 | $16368 |
| **12/2024** | $13874 | $11333 | $16461 |
| **01/2025** | $13974 | $11393 | $16575 |
| **02/2025** | $13981 | $11643 | $16592 |
| **03/2025** | $13892 | $11648 | $16540 |
| **04/2025** | $13872 | $11693 | $16531 |
| **05/2025** | $14148 | $11610 | $16788 |
| **06/2025** | $14247 | $11788 | $16923 |
| **07/2025** | $14367 | $11757 | $17071 |
| **08/2025** | $14450 | $11898 | $17147 |
| **09/2025** | $14460 | $12028 | $17222 |
| **10/2025** | $14453 | $12103 | $17260 |
| **11/2025** | $14500 | $12178 | $17322 |

---

**Performance data shown represents past performance and is no guarantee of, and is not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 8/11/11** |
| Class C at NAV | 4.13% | 4.28% | 3.79% | 4.37% |
| Class C with 1.00% CDSC<sup>Footnote Reference1</sup> | 3.15% | 4.28% | 3.79% | 4.37% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% | -% |
| Morningstar LSTA US Leveraged Loan Index | 5.83% | 6.57% | 5.65% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Contingent deferred sales charge |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $563111049 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 209 |
| Portfolio Turnover Rate | 127% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $3669143 |

---

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

### Industry Summary
![Group By Sector Chart](g882797g21h04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 19.9% |
| Short-Term Investments | 4.7% |
| Building Materials | 3.1% |
| Chemicals | 3.2% |
| Industrial Other | 3.2% |
| Brokerage | 3.5% |
| Aerospace & Defense | 3.6% |
| Cable Satellite | 3.9% |
| Media Entertainment | 4.4% |
| Collateralized Loan Obligations | 4.8% |
| Retailers | 6.5% |
| Healthcare | 7.2% |
| Property & Casualty Insurance | 8.1% |
| Consumer Cyclical Services | 8.7% |
| Technology | 15.2% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g882797g40x88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.9 |
| Not rated<sup>Footnote Reference^</sup> | 4.9 |
| D | 0.3 |
| CCC | 6.8 |
| B | 65.4 |
| BB | 20.2 |
| BBB | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &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](g882797g13d42.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.

![Image](g882797g83x74.jpg)

# Class C

# LSFCX

# Loomis Sayles Senior Floating Rate and Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### TLSFR99C-1125

# Class N

# LSFNX

# Loomis Sayles Senior Floating Rate and Fixed Income Fund
![Image](g882797g88e24.jpg)

## Annual Shareholder Report - November 30, 2025
This annual shareholder report contains important information about Loomis Sayles Senior Floating Rate and Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. 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 year?** (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 | $70 | 0.68% |

---

---

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

---

## How did the fund perform last year and what affected its performance?
**Top Contributors to Performance**

• The Fund's modest allocation to high yield bonds was a strong contributor. Here, select names within media entertainment and cable were beneficial.

• The allocation to BB rated bonds was positive, led by media, technology and capital goods loans.

• Exposure to Collateralized Loan Obligations was positive during the year.

**Top Detractors from Performance**

• The Fund's allocation to specific B loans, including names in the automotive space, were detractors.

• The holdings in cash and Treasury bills modestly detracted from relative performance, as these categories could not keep pace with the strong returns of the loan market. We continue to maintain a modest liquidity allocation in the portfolio, as required, for regulatory reasons and to meet any redemption activities.

• Across the Fund's portfolio, only one issuer went into default during the period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g882797g77e02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class N** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA US Leveraged Loan Index** |
| **03/2017** | $10000 | $10000 | $10000 |
| **04/2017** | $10034 | $10077 | $10044 |
| **05/2017** | $10079 | $10155 | $10080 |
| **06/2017** | $10098 | $10145 | $10076 |
| **07/2017** | $10179 | $10188 | $10145 |
| **08/2017** | $10145 | $10280 | $10141 |
| **09/2017** | $10217 | $10231 | $10181 |
| **10/2017** | $10293 | $10237 | $10241 |
| **11/2017** | $10328 | $10223 | $10253 |
| **12/2017** | $10372 | $10270 | $10294 |
| **01/2018** | $10483 | $10152 | $10393 |
| **02/2018** | $10494 | $10056 | $10414 |
| **03/2018** | $10518 | $10120 | $10443 |
| **04/2018** | $10561 | $10045 | $10486 |
| **05/2018** | $10566 | $10117 | $10504 |
| **06/2018** | $10585 | $10104 | $10516 |
| **07/2018** | $10650 | $10107 | $10594 |
| **08/2018** | $10680 | $10172 | $10636 |
| **09/2018** | $10741 | $10106 | $10709 |
| **10/2018** | $10734 | $10026 | $10706 |
| **11/2018** | $10646 | $10086 | $10609 |
| **12/2018** | $10418 | $10271 | $10339 |
| **01/2019** | $10596 | $10381 | $10603 |
| **02/2019** | $10719 | $10375 | $10771 |
| **03/2019** | $10714 | $10574 | $10753 |
| **04/2019** | $10862 | $10576 | $10930 |
| **05/2019** | $10835 | $10764 | $10907 |
| **06/2019** | $10856 | $10899 | $10933 |
| **07/2019** | $10920 | $10923 | $11021 |
| **08/2019** | $10871 | $11206 | $10990 |
| **09/2019** | $10900 | $11147 | $11042 |
| **10/2019** | $10781 | $11180 | $10992 |
| **11/2019** | $10811 | $11175 | $11056 |
| **12/2019** | $10987 | $11167 | $11233 |
| **01/2020** | $11056 | $11382 | $11296 |
| **02/2020** | $10877 | $11587 | $11146 |
| **03/2020** | $9195 | $11518 | $9768 |
| **04/2020** | $9564 | $11723 | $10207 |
| **05/2020** | $9996 | $11778 | $10595 |
| **06/2020** | $10188 | $11852 | $10715 |
| **07/2020** | $10378 | $12029 | $10925 |
| **08/2020** | $10582 | $11932 | $11088 |
| **09/2020** | $10674 | $11925 | $11158 |
| **10/2020** | $10735 | $11872 | $11181 |
| **11/2020** | $10958 | $11989 | $11430 |
| **12/2020** | $11135 | $12005 | $11584 |
| **01/2021** | $11250 | $11919 | $11722 |
| **02/2021** | $11321 | $11747 | $11790 |
| **03/2021** | $11332 | $11600 | $11790 |
| **04/2021** | $11391 | $11692 | $11851 |
| **05/2021** | $11453 | $11730 | $11920 |
| **06/2021** | $11489 | $11812 | $11964 |
| **07/2021** | $11497 | $11945 | $11962 |
| **08/2021** | $11534 | $11922 | $12019 |
| **09/2021** | $11596 | $11819 | $12096 |
| **10/2021** | $11622 | $11815 | $12128 |
| **11/2021** | $11593 | $11850 | $12109 |
| **12/2021** | $11669 | $11820 | $12187 |
| **01/2022** | $11708 | $11565 | $12231 |
| **02/2022** | $11638 | $11436 | $12168 |
| **03/2022** | $11613 | $11119 | $12174 |
| **04/2022** | $11585 | $10697 | $12200 |
| **05/2022** | $11261 | $10766 | $11888 |
| **06/2022** | $10964 | $10597 | $11632 |
| **07/2022** | $11111 | $10856 | $11881 |
| **08/2022** | $11311 | $10549 | $12058 |
| **09/2022** | $10999 | $10093 | $11783 |
| **10/2022** | $11001 | $9962 | $11900 |
| **11/2022** | $11129 | $10329 | $12043 |
| **12/2022** | $11139 | $10282 | $12093 |
| **01/2023** | $11457 | $10598 | $12415 |
| **02/2023** | $11509 | $10324 | $12487 |
| **03/2023** | $11458 | $10587 | $12483 |
| **04/2023** | $11589 | $10651 | $12614 |
| **05/2023** | $11536 | $10535 | $12591 |
| **06/2023** | $11816 | $10497 | $12876 |
| **07/2023** | $12007 | $10490 | $13041 |
| **08/2023** | $12144 | $10423 | $13194 |
| **09/2023** | $12207 | $10158 | $13321 |
| **10/2023** | $12154 | $9998 | $13319 |
| **11/2023** | $12321 | $10451 | $13481 |
| **12/2023** | $12515 | $10851 | $13703 |
| **01/2024** | $12597 | $10821 | $13796 |
| **02/2024** | $12705 | $10668 | $13921 |
| **03/2024** | $12820 | $10766 | $14040 |
| **04/2024** | $12867 | $10495 | $14124 |
| **05/2024** | $12965 | $10672 | $14257 |
| **06/2024** | $12995 | $10773 | $14307 |
| **07/2024** | $13078 | $11025 | $14404 |
| **08/2024** | $13157 | $11184 | $14496 |
| **09/2024** | $13265 | $11333 | $14599 |
| **10/2024** | $13373 | $11052 | $14725 |
| **11/2024** | $13522 | $11169 | $14847 |
| **12/2024** | $13579 | $10986 | $14931 |
| **01/2025** | $13679 | $11045 | $15034 |
| **02/2025** | $13707 | $11288 | $15050 |
| **03/2025** | $13623 | $11292 | $15002 |
| **04/2025** | $13589 | $11336 | $14994 |
| **05/2025** | $13881 | $11255 | $15227 |
| **06/2025** | $13981 | $11428 | $15350 |
| **07/2025** | $14102 | $11398 | $15484 |
| **08/2025** | $14188 | $11534 | $15553 |
| **09/2025** | $14201 | $11660 | $15621 |
| **10/2025** | $14197 | $11733 | $15656 |
| **11/2025** | $14247 | $11806 | $15712 |

---

**Performance data shown represents past performance and is no guarantee of, and is not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 3/31/17** |
| Class N | 5.36% | 5.39% | 4.17% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.94% |
| Morningstar LSTA US Leveraged Loan Index | 5.83% | 6.57% | 5.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $563111049 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 209 |
| Portfolio Turnover Rate | 127% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $3669143 |

---

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

### Industry Summary
![Group By Sector Chart](g882797g21h04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 19.9% |
| Short-Term Investments | 4.7% |
| Building Materials | 3.1% |
| Chemicals | 3.2% |
| Industrial Other | 3.2% |
| Brokerage | 3.5% |
| Aerospace & Defense | 3.6% |
| Cable Satellite | 3.9% |
| Media Entertainment | 4.4% |
| Collateralized Loan Obligations | 4.8% |
| Retailers | 6.5% |
| Healthcare | 7.2% |
| Property & Casualty Insurance | 8.1% |
| Consumer Cyclical Services | 8.7% |
| Technology | 15.2% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g882797g40x88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.9 |
| Not rated<sup>Footnote Reference^</sup> | 4.9 |
| D | 0.3 |
| CCC | 6.8 |
| B | 65.4 |
| BB | 20.2 |
| BBB | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &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](g882797g13d42.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.

![Image](g882797g83x74.jpg)

# Class N

# LSFNX

# Loomis Sayles Senior Floating Rate and Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### TLSFR99N-1125

# Class Y

# LSFYX

# Loomis Sayles Senior Floating Rate and Fixed Income Fund
![Image](g882797g88e24.jpg)

## Annual Shareholder Report - November 30, 2025
This annual shareholder report contains important information about Loomis Sayles Senior Floating Rate and Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. 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 year?** (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 | $75 | 0.73% |

---

---

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

---

## How did the fund perform last year and what affected its performance?
**Top Contributors to Performance**

• The Fund's modest allocation to high yield bonds was a strong contributor. Here, select names within media entertainment and cable were beneficial.

• The allocation to BB rated bonds was positive, led by media, technology and capital goods loans.

• Exposure to Collateralized Loan Obligations was positive during the year.

**Top Detractors from Performance**

• The Fund's allocation to specific B loans, including names in the automotive space, were detractors.

• The holdings in cash and Treasury bills modestly detracted from relative performance, as these categories could not keep pace with the strong returns of the loan market. We continue to maintain a modest liquidity allocation in the portfolio, as required, for regulatory reasons and to meet any redemption activities.

• Across the Fund's portfolio, only one issuer went into default during the period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g882797g18d36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA US Leveraged Loan Index** |
| **11/2015** | $10000 | $10000 | $10000 |
| **12/2015** | $9845 | $9968 | $9895 |
| **01/2016** | $9679 | $10105 | $9830 |
| **02/2016** | $9592 | $10177 | $9779 |
| **03/2016** | $9901 | $10270 | $10048 |
| **04/2016** | $10195 | $10309 | $10248 |
| **05/2016** | $10337 | $10312 | $10339 |
| **06/2016** | $10377 | $10497 | $10341 |
| **07/2016** | $10569 | $10564 | $10489 |
| **08/2016** | $10658 | $10552 | $10568 |
| **09/2016** | $10761 | $10545 | $10659 |
| **10/2016** | $10838 | $10465 | $10747 |
| **11/2016** | $10858 | $10217 | $10776 |
| **12/2016** | $10979 | $10232 | $10900 |
| **01/2017** | $11036 | $10252 | $10961 |
| **02/2017** | $11106 | $10321 | $11016 |
| **03/2017** | $11125 | $10315 | $11025 |
| **04/2017** | $11174 | $10395 | $11073 |
| **05/2017** | $11223 | $10475 | $11114 |
| **06/2017** | $11233 | $10464 | $11109 |
| **07/2017** | $11334 | $10509 | $11185 |
| **08/2017** | $11285 | $10604 | $11180 |
| **09/2017** | $11364 | $10553 | $11224 |
| **10/2017** | $11460 | $10559 | $11291 |
| **11/2017** | $11486 | $10546 | $11304 |
| **12/2017** | $11535 | $10594 | $11349 |
| **01/2018** | $11658 | $10472 | $11458 |
| **02/2018** | $11681 | $10373 | $11481 |
| **03/2018** | $11696 | $10439 | $11513 |
| **04/2018** | $11755 | $10362 | $11561 |
| **05/2018** | $11760 | $10436 | $11580 |
| **06/2018** | $11769 | $10423 | $11594 |
| **07/2018** | $11853 | $10425 | $11679 |
| **08/2018** | $11873 | $10492 | $11726 |
| **09/2018** | $11941 | $10425 | $11807 |
| **10/2018** | $11932 | $10342 | $11803 |
| **11/2018** | $11835 | $10404 | $11697 |
| **12/2018** | $11580 | $10595 | $11399 |
| **01/2019** | $11777 | $10708 | $11689 |
| **02/2019** | $11914 | $10701 | $11875 |
| **03/2019** | $11895 | $10907 | $11855 |
| **04/2019** | $12072 | $10910 | $12051 |
| **05/2019** | $12041 | $11103 | $12024 |
| **06/2019** | $12064 | $11243 | $12054 |
| **07/2019** | $12135 | $11268 | $12150 |
| **08/2019** | $12080 | $11560 | $12117 |
| **09/2019** | $12113 | $11498 | $12173 |
| **10/2019** | $11979 | $11533 | $12119 |
| **11/2019** | $12011 | $11527 | $12190 |
| **12/2019** | $12207 | $11519 | $12384 |
| **01/2020** | $12283 | $11740 | $12453 |
| **02/2020** | $12084 | $11952 | $12289 |
| **03/2020** | $10214 | $11881 | $10769 |
| **04/2020** | $10624 | $12093 | $11253 |
| **05/2020** | $11103 | $12149 | $11681 |
| **06/2020** | $11330 | $12225 | $11814 |
| **07/2020** | $11540 | $12408 | $12045 |
| **08/2020** | $11768 | $12308 | $12225 |
| **09/2020** | $11869 | $12301 | $12302 |
| **10/2020** | $11937 | $12246 | $12327 |
| **11/2020** | $12185 | $12366 | $12602 |
| **12/2020** | $12380 | $12383 | $12771 |
| **01/2021** | $12508 | $12295 | $12923 |
| **02/2021** | $12587 | $12117 | $12999 |
| **03/2021** | $12598 | $11966 | $12999 |
| **04/2021** | $12663 | $12060 | $13065 |
| **05/2021** | $12732 | $12100 | $13141 |
| **06/2021** | $12771 | $12185 | $13190 |
| **07/2021** | $12780 | $12321 | $13188 |
| **08/2021** | $12834 | $12297 | $13251 |
| **09/2021** | $12888 | $12191 | $13336 |
| **10/2021** | $12917 | $12188 | $13372 |
| **11/2021** | $12884 | $12224 | $13350 |
| **12/2021** | $12982 | $12192 | $13436 |
| **01/2022** | $13011 | $11930 | $13484 |
| **02/2022** | $12933 | $11797 | $13415 |
| **03/2022** | $12918 | $11469 | $13422 |
| **04/2022** | $12887 | $11034 | $13451 |
| **05/2022** | $12512 | $11105 | $13107 |
| **06/2022** | $12182 | $10931 | $12824 |
| **07/2022** | $12360 | $11198 | $13098 |
| **08/2022** | $12566 | $10881 | $13294 |
| **09/2022** | $12219 | $10411 | $12991 |
| **10/2022** | $12222 | $10276 | $13120 |
| **11/2022** | $12364 | $10654 | $13277 |
| **12/2022** | $12374 | $10606 | $13332 |
| **01/2023** | $12742 | $10932 | $13688 |
| **02/2023** | $12783 | $10650 | $13767 |
| **03/2023** | $12726 | $10920 | $13762 |
| **04/2023** | $12871 | $10987 | $13907 |
| **05/2023** | $12828 | $10867 | $13881 |
| **06/2023** | $13138 | $10828 | $14196 |
| **07/2023** | $13334 | $10821 | $14378 |
| **08/2023** | $13501 | $10751 | $14547 |
| **09/2023** | $13554 | $10478 | $14687 |
| **10/2023** | $13512 | $10313 | $14684 |
| **11/2023** | $13680 | $10780 | $14863 |
| **12/2023** | $13895 | $11193 | $15108 |
| **01/2024** | $14002 | $11162 | $15210 |
| **02/2024** | $14105 | $11004 | $15348 |
| **03/2024** | $14232 | $11106 | $15479 |
| **04/2024** | $14283 | $10825 | $15572 |
| **05/2024** | $14391 | $11009 | $15718 |
| **06/2024** | $14442 | $11113 | $15773 |
| **07/2024** | $14534 | $11373 | $15881 |
| **08/2024** | $14621 | $11536 | $15982 |
| **09/2024** | $14723 | $11690 | $16096 |
| **10/2024** | $14859 | $11401 | $16234 |
| **11/2024** | $15025 | $11521 | $16368 |
| **12/2024** | $15087 | $11333 | $16461 |
| **01/2025** | $15198 | $11393 | $16575 |
| **02/2025** | $15209 | $11643 | $16592 |
| **03/2025** | $15134 | $11648 | $16540 |
| **04/2025** | $15097 | $11693 | $16531 |
| **05/2025** | $15419 | $11610 | $16788 |
| **06/2025** | $15510 | $11788 | $16923 |
| **07/2025** | $15664 | $11757 | $17071 |
| **08/2025** | $15739 | $11898 | $17147 |
| **09/2025** | $15753 | $12028 | $17222 |
| **10/2025** | $15748 | $12103 | $17260 |
| **11/2025** | $15803 | $12178 | $17322 |

---

**Performance data shown represents past performance and is no guarantee of, and is not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 8/11/11** |
| Class Y | 5.18% | 5.34% | 4.68% | 5.08% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% | -% |
| Morningstar LSTA US Leveraged Loan Index | 5.83% | 6.57% | 5.65% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $563111049 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 209 |
| Portfolio Turnover Rate | 127% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $3669143 |

---

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

### Industry Summary
![Group By Sector Chart](g882797g21h04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 19.9% |
| Short-Term Investments | 4.7% |
| Building Materials | 3.1% |
| Chemicals | 3.2% |
| Industrial Other | 3.2% |
| Brokerage | 3.5% |
| Aerospace & Defense | 3.6% |
| Cable Satellite | 3.9% |
| Media Entertainment | 4.4% |
| Collateralized Loan Obligations | 4.8% |
| Retailers | 6.5% |
| Healthcare | 7.2% |
| Property & Casualty Insurance | 8.1% |
| Consumer Cyclical Services | 8.7% |
| Technology | 15.2% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g882797g40x88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.9 |
| Not rated<sup>Footnote Reference^</sup> | 4.9 |
| D | 0.3 |
| CCC | 6.8 |
| B | 65.4 |
| BB | 20.2 |
| BBB | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &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](g882797g13d42.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.

![Image](g882797g83x74.jpg)

# Class Y

# LSFYX

# Loomis Sayles Senior Floating Rate and Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### TLSFR99Y-1125

# Class A

# VNSAX

# Vaughan Nelson Select Fund
![Image](g882797g88e24.jpg)

## Annual Shareholder Report - November 30, 2025
This annual shareholder report contains important information about Vaughan Nelson Select Fund for the period of December 1, 2024 to November 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the fund costs for the last year?** (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 | $116 | 1.10% |

---

---

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

---

## How did the fund perform last year and what affected its performance?
**Top Contributors to Performance**

• The largest contributor to performance over the past 12 months was the portfolio's selection within Consumer Discretionary led by O'Reilly Automotive, Inc.

• Selection within Financials also contributed to performance with JPMorgan Chase & Co. leading.

**Top Detractors from Performance**

• The largest detractor from performance over the past 12 months was security selection and an overweight position within Industrials, an underperforming sector. Saia, Inc. hindered the sector the most.

• The portfolio's selection and underweight position within Information Technology, an outperforming sector, also negatively impacted performance.

**Investment Activity**

As a result of buys and sells and market action, the portfolio is overweight Communication Services, Industrials, Materials, Energy, and Consumer Discretionary while underweight Information Technology, Health Care, Consumer Staples, Utilities, Real Estate, and Financials.

We continued to sell positions that we believe to be fully valued or that could face increased earnings pressure as we move into the late stages of this economic recovery and added to existing positions or established new positions that met our investment criteria.

We continue to position the portfolio into companies that have lower earnings variability, higher profitability, and stronger balance sheets than the broader investment universe, and where we can get these characteristics at similar valuation levels to the benchmark index. We still do not favor any single industry or sector and continue to look for the characteristics noted above across all industries.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g882797g97s64.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **S&P 500<sup>®</sup> Index** |
| **11/2015** | $9427 | $10000 |
| **12/2015** | $9368 | $9842 |
| **01/2016** | $8835 | $9354 |
| **02/2016** | $8738 | $9341 |
| **03/2016** | $9290 | $9975 |
| **04/2016** | $9342 | $10014 |
| **05/2016** | $9426 | $10193 |
| **06/2016** | $9465 | $10220 |
| **07/2016** | $9770 | $10597 |
| **08/2016** | $9874 | $10612 |
| **09/2016** | $9919 | $10614 |
| **10/2016** | $9725 | $10420 |
| **11/2016** | $9984 | $10806 |
| **12/2016** | $9997 | $11019 |
| **01/2017** | $10340 | $11228 |
| **02/2017** | $10716 | $11674 |
| **03/2017** | $10690 | $11688 |
| **04/2017** | $10848 | $11808 |
| **05/2017** | $11053 | $11974 |
| **06/2017** | $11158 | $12049 |
| **07/2017** | $11336 | $12297 |
| **08/2017** | $11455 | $12334 |
| **09/2017** | $11706 | $12589 |
| **10/2017** | $11943 | $12882 |
| **11/2017** | $12267 | $13277 |
| **12/2017** | $12348 | $13425 |
| **01/2018** | $13105 | $14194 |
| **02/2018** | $12577 | $13671 |
| **03/2018** | $12405 | $13323 |
| **04/2018** | $12471 | $13374 |
| **05/2018** | $12971 | $13696 |
| **06/2018** | $13185 | $13781 |
| **07/2018** | $13385 | $14294 |
| **08/2018** | $13714 | $14759 |
| **09/2018** | $13907 | $14843 |
| **10/2018** | $12528 | $13829 |
| **11/2018** | $12956 | $14111 |
| **12/2018** | $11755 | $12837 |
| **01/2019** | $12672 | $13865 |
| **02/2019** | $13004 | $14310 |
| **03/2019** | $13234 | $14588 |
| **04/2019** | $13795 | $15179 |
| **05/2019** | $13036 | $14215 |
| **06/2019** | $13834 | $15216 |
| **07/2019** | $13913 | $15435 |
| **08/2019** | $13866 | $15190 |
| **09/2019** | $14095 | $15475 |
| **10/2019** | $14277 | $15810 |
| **11/2019** | $14728 | $16384 |
| **12/2019** | $14984 | $16878 |
| **01/2020** | $14659 | $16872 |
| **02/2020** | $13478 | $15483 |
| **03/2020** | $11741 | $13570 |
| **04/2020** | $13581 | $15310 |
| **05/2020** | $14445 | $16039 |
| **06/2020** | $14762 | $16358 |
| **07/2020** | $15797 | $17281 |
| **08/2020** | $16567 | $18523 |
| **09/2020** | $15874 | $17819 |
| **10/2020** | $15506 | $17345 |
| **11/2020** | $17115 | $19244 |
| **12/2020** | $17726 | $19984 |
| **01/2021** | $17295 | $19782 |
| **02/2021** | $18367 | $20327 |
| **03/2021** | $19311 | $21218 |
| **04/2021** | $20099 | $22350 |
| **05/2021** | $20438 | $22506 |
| **06/2021** | $21088 | $23032 |
| **07/2021** | $22013 | $23579 |
| **08/2021** | $22847 | $24296 |
| **09/2021** | $21839 | $23166 |
| **10/2021** | $23763 | $24789 |
| **11/2021** | $24212 | $24617 |
| **12/2021** | $24674 | $25720 |
| **01/2022** | $22764 | $24389 |
| **02/2022** | $22412 | $23659 |
| **03/2022** | $24046 | $24537 |
| **04/2022** | $21947 | $22398 |
| **05/2022** | $21708 | $22439 |
| **06/2022** | $20288 | $20587 |
| **07/2022** | $21809 | $22485 |
| **08/2022** | $20941 | $21568 |
| **09/2022** | $19320 | $19581 |
| **10/2022** | $20237 | $21167 |
| **11/2022** | $21670 | $22350 |
| **12/2022** | $20513 | $21062 |
| **01/2023** | $21783 | $22385 |
| **02/2023** | $21224 | $21839 |
| **03/2023** | $22405 | $22641 |
| **04/2023** | $22887 | $22994 |
| **05/2023** | $23014 | $23094 |
| **06/2023** | $23776 | $24620 |
| **07/2023** | $24284 | $25411 |
| **08/2023** | $24030 | $25007 |
| **09/2023** | $22583 | $23814 |
| **10/2023** | $21770 | $23314 |
| **11/2023** | $23954 | $25443 |
| **12/2023** | $25020 | $26599 |
| **01/2024** | $25350 | $27046 |
| **02/2024** | $27254 | $28490 |
| **03/2024** | $27546 | $29406 |
| **04/2024** | $25426 | $28205 |
| **05/2024** | $26150 | $29604 |
| **06/2024** | $26721 | $30666 |
| **07/2024** | $26759 | $31039 |
| **08/2024** | $27165 | $31792 |
| **09/2024** | $27571 | $32471 |
| **10/2024** | $27038 | $32177 |
| **11/2024** | $28536 | $34066 |
| **12/2024** | $27482 | $33254 |
| **01/2025** | $28511 | $34180 |
| **02/2025** | $27356 | $33734 |
| **03/2025** | $26023 | $31833 |
| **04/2025** | $25655 | $31617 |
| **05/2025** | $27241 | $33607 |
| **06/2025** | $28993 | $35316 |
| **07/2025** | $29945 | $36109 |
| **08/2025** | $30326 | $36841 |
| **09/2025** | $31138 | $38185 |
| **10/2025** | $31532 | $39079 |
| **11/2025** | $31481 | $39175 |

---

**Performance data shown represents past performance and is no guarantee of, and is not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 6/13/12** |
| Class A at NAV | 10.32% | 12.96% | 12.81% | 13.97% |
| Class A with 5.75% MSC<sup>Footnote Reference1</sup> | 3.98% | 11.63% | 12.15% | 13.47% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Maximum sales charge |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $558485255 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 28 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $4126371 |

---

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

### Industry Summary
![Group By Sector Chart](g882797g77f00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 20.5% |
| Financial Services | 3.1% |
| Electrical Equipment | 3.1% |
| Specialty Retail | 3.2% |
| Trading Companies & Distributors | 3.8% |
| Banks | 4.0% |
| Oil, Gas & Consumable Fuels | 4.3% |
| Entertainment | 4.5% |
| Pharmaceuticals | 6.0% |
| Broadline Retail | 6.3% |
| Software | 7.7% |
| Interactive Media & Services | 11.8% |
| Semiconductors & Semiconductor Equipment | 21.7% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 7.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.7% |
| NVIDIA Corp. | 6.7% |
| Amazon.com, Inc. | 6.3% |
| Eli Lilly & Co. | 6.0% |
| Microsoft Corp. | 5.8% |
| Meta Platforms, Inc., Class A | 4.2% |
| Broadcom, Inc. | 4.2% |
| Monolithic Power Systems, Inc. | 4.1% |
| JPMorgan Chase & Co. | 4.0% |

---

## Material Fund Changes
Effective July 1, 2025, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at (800) 225-5478 or through your financial intermediary.

**Fees:** The advisory fee rate was reduced from 0.70% to 0.66% and the sub-advisory fee rate was reduced from 0.47% to 0.4425%.

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](g882797g13d42.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.

![Image](g882797g83x74.jpg)

# Class A

# VNSAX

# Vaughan Nelson Select Fund

#### Annual Shareholder Report

#### November 30, 2025

#### TVS99A-1125

# Class C

# VNSCX

# Vaughan Nelson Select Fund
![Image](g882797g88e24.jpg)

## Annual Shareholder Report - November 30, 2025
This annual shareholder report contains important information about Vaughan Nelson Select Fund for the period of December 1, 2024 to November 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the fund costs for the last year?** (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 | $194 | 1.85% |

---

---

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

---

## How did the fund perform last year and what affected its performance?
**Top Contributors to Performance**

• The largest contributor to performance over the past 12 months was the portfolio's selection within Consumer Discretionary led by O'Reilly Automotive, Inc.

• Selection within Financials also contributed to performance with JPMorgan Chase & Co. leading.

**Top Detractors from Performance**

• The largest detractor from performance over the past 12 months was security selection and an overweight position within Industrials, an underperforming sector. Saia, Inc. hindered the sector the most.

• The portfolio's selection and underweight position within Information Technology, an outperforming sector, also negatively impacted performance.

**Investment Activity**

As a result of buys and sells and market action, the portfolio is overweight Communication Services, Industrials, Materials, Energy, and Consumer Discretionary while underweight Information Technology, Health Care, Consumer Staples, Utilities, Real Estate, and Financials.

We continued to sell positions that we believe to be fully valued or that could face increased earnings pressure as we move into the late stages of this economic recovery and added to existing positions or established new positions that met our investment criteria.

We continue to position the portfolio into companies that have lower earnings variability, higher profitability, and stronger balance sheets than the broader investment universe, and where we can get these characteristics at similar valuation levels to the benchmark index. We still do not favor any single industry or sector and continue to look for the characteristics noted above across all industries.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g882797g83p97.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** |
| **11/2015** | $10000 | $10000 |
| **12/2015** | $9927 | $9842 |
| **01/2016** | $9361 | $9354 |
| **02/2016** | $9255 | $9341 |
| **03/2016** | $9828 | $9975 |
| **04/2016** | $9877 | $10014 |
| **05/2016** | $9962 | $10193 |
| **06/2016** | $9997 | $10220 |
| **07/2016** | $10309 | $10597 |
| **08/2016** | $10415 | $10612 |
| **09/2016** | $10457 | $10614 |
| **10/2016** | $10245 | $10420 |
| **11/2016** | $10514 | $10806 |
| **12/2016** | $10515 | $11019 |
| **01/2017** | $10868 | $11228 |
| **02/2017** | $11263 | $11674 |
| **03/2017** | $11227 | $11688 |
| **04/2017** | $11385 | $11808 |
| **05/2017** | $11593 | $11974 |
| **06/2017** | $11694 | $12049 |
| **07/2017** | $11874 | $12297 |
| **08/2017** | $11996 | $12334 |
| **09/2017** | $12248 | $12589 |
| **10/2017** | $12492 | $12882 |
| **11/2017** | $12823 | $13277 |
| **12/2017** | $12889 | $13425 |
| **01/2018** | $13673 | $14194 |
| **02/2018** | $13122 | $13671 |
| **03/2018** | $12928 | $13323 |
| **04/2018** | $12991 | $13374 |
| **05/2018** | $13503 | $13696 |
| **06/2018** | $13713 | $13781 |
| **07/2018** | $13915 | $14294 |
| **08/2018** | $14249 | $14759 |
| **09/2018** | $14435 | $14843 |
| **10/2018** | $12999 | $13829 |
| **11/2018** | $13434 | $14111 |
| **12/2018** | $12183 | $12837 |
| **01/2019** | $13124 | $13865 |
| **02/2019** | $13461 | $14310 |
| **03/2019** | $13685 | $14588 |
| **04/2019** | $14264 | $15179 |
| **05/2019** | $13469 | $14215 |
| **06/2019** | $14281 | $15216 |
| **07/2019** | $14358 | $15435 |
| **08/2019** | $14298 | $15190 |
| **09/2019** | $14531 | $15475 |
| **10/2019** | $14704 | $15810 |
| **11/2019** | $15161 | $16384 |
| **12/2019** | $15414 | $16878 |
| **01/2020** | $15069 | $16872 |
| **02/2020** | $13848 | $15483 |
| **03/2020** | $12059 | $13570 |
| **04/2020** | $13942 | $15310 |
| **05/2020** | $14808 | $16039 |
| **06/2020** | $15134 | $16358 |
| **07/2020** | $16178 | $17281 |
| **08/2020** | $16961 | $18523 |
| **09/2020** | $16234 | $17819 |
| **10/2020** | $15852 | $17345 |
| **11/2020** | $17483 | $19244 |
| **12/2020** | $18098 | $19984 |
| **01/2021** | $17639 | $19782 |
| **02/2021** | $18727 | $20327 |
| **03/2021** | $19675 | $21218 |
| **04/2021** | $20463 | $22350 |
| **05/2021** | $20802 | $22506 |
| **06/2021** | $21451 | $23032 |
| **07/2021** | $22368 | $23579 |
| **08/2021** | $23206 | $24296 |
| **09/2021** | $22169 | $23166 |
| **10/2021** | $24104 | $24789 |
| **11/2021** | $24553 | $24617 |
| **12/2021** | $25009 | $25720 |
| **01/2022** | $23052 | $24389 |
| **02/2022** | $22685 | $23659 |
| **03/2022** | $24319 | $24537 |
| **04/2022** | $22179 | $22398 |
| **05/2022** | $21925 | $22439 |
| **06/2022** | $20475 | $20587 |
| **07/2022** | $21996 | $22485 |
| **08/2022** | $21109 | $21568 |
| **09/2022** | $19475 | $19581 |
| **10/2022** | $20376 | $21167 |
| **11/2022** | $21813 | $22350 |
| **12/2022** | $20629 | $21062 |
| **01/2023** | $21882 | $22385 |
| **02/2023** | $21313 | $21839 |
| **03/2023** | $22480 | $22641 |
| **04/2023** | $22950 | $22994 |
| **05/2023** | $23064 | $23094 |
| **06/2023** | $23818 | $24620 |
| **07/2023** | $24302 | $25411 |
| **08/2023** | $24032 | $25007 |
| **09/2023** | $22580 | $23814 |
| **10/2023** | $21754 | $23314 |
| **11/2023** | $23918 | $25443 |
| **12/2023** | $24983 | $26599 |
| **01/2024** | $25312 | $27046 |
| **02/2024** | $27214 | $28490 |
| **03/2024** | $27505 | $29406 |
| **04/2024** | $25388 | $28205 |
| **05/2024** | $26111 | $29604 |
| **06/2024** | $26681 | $30666 |
| **07/2024** | $26719 | $31039 |
| **08/2024** | $27125 | $31792 |
| **09/2024** | $27531 | $32471 |
| **10/2024** | $26998 | $32177 |
| **11/2024** | $28494 | $34066 |
| **12/2024** | $27442 | $33254 |
| **01/2025** | $28468 | $34180 |
| **02/2025** | $27315 | $33734 |
| **03/2025** | $25984 | $31833 |
| **04/2025** | $25617 | $31617 |
| **05/2025** | $27201 | $33607 |
| **06/2025** | $28950 | $35316 |
| **07/2025** | $29901 | $36109 |
| **08/2025** | $30281 | $36841 |
| **09/2025** | $31092 | $38185 |
| **10/2025** | $31485 | $39079 |
| **11/2025** | $31434 | $39175 |

---

**Performance data shown represents past performance and is no guarantee of, and is not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 6/13/12** |
| Class C at NAV | 9.52% | 12.11% | 12.13% | 13.46% |
| Class C with 1.00% CDSC<sup>Footnote Reference1</sup> | 8.52% | 12.11% | 12.13% | 13.46% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Contingent deferred sales charge |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $558485255 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 28 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $4126371 |

---

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

### Industry Summary
![Group By Sector Chart](g882797g77f00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 20.5% |
| Financial Services | 3.1% |
| Electrical Equipment | 3.1% |
| Specialty Retail | 3.2% |
| Trading Companies & Distributors | 3.8% |
| Banks | 4.0% |
| Oil, Gas & Consumable Fuels | 4.3% |
| Entertainment | 4.5% |
| Pharmaceuticals | 6.0% |
| Broadline Retail | 6.3% |
| Software | 7.7% |
| Interactive Media & Services | 11.8% |
| Semiconductors & Semiconductor Equipment | 21.7% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 7.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.7% |
| NVIDIA Corp. | 6.7% |
| Amazon.com, Inc. | 6.3% |
| Eli Lilly & Co. | 6.0% |
| Microsoft Corp. | 5.8% |
| Meta Platforms, Inc., Class A | 4.2% |
| Broadcom, Inc. | 4.2% |
| Monolithic Power Systems, Inc. | 4.1% |
| JPMorgan Chase & Co. | 4.0% |

---

## Material Fund Changes
Effective July 1, 2025, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at (800) 225-5478 or through your financial intermediary.

**Fees:** The advisory fee rate was reduced from 0.70% to 0.66% and the sub-advisory fee rate was reduced from 0.47% to 0.4425%.

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](g882797g13d42.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.

![Image](g882797g83x74.jpg)

# Class C

# VNSCX

# Vaughan Nelson Select Fund

#### Annual Shareholder Report

#### November 30, 2025

#### TVS99C-1125

# Class N

# VNSNX

# Vaughan Nelson Select Fund
![Image](g882797g88e24.jpg)

## Annual Shareholder Report - November 30, 2025
This annual shareholder report contains important information about Vaughan Nelson Select Fund for the period of December 1, 2024 to November 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the fund costs for the last year?** (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 | $78 | 0.74% |

---

---

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

---

## How did the fund perform last year and what affected its performance?
**Top Contributors to Performance**

• The largest contributor to performance over the past 12 months was the portfolio's selection within Consumer Discretionary led by O'Reilly Automotive, Inc.

• Selection within Financials also contributed to performance with JPMorgan Chase & Co. leading.

**Top Detractors from Performance**

• The largest detractor from performance over the past 12 months was security selection and an overweight position within Industrials, an underperforming sector. Saia, Inc. hindered the sector the most.

• The portfolio's selection and underweight position within Information Technology, an outperforming sector, also negatively impacted performance.

**Investment Activity**

As a result of buys and sells and market action, the portfolio is overweight Communication Services, Industrials, Materials, Energy, and Consumer Discretionary while underweight Information Technology, Health Care, Consumer Staples, Utilities, Real Estate, and Financials.

We continued to sell positions that we believe to be fully valued or that could face increased earnings pressure as we move into the late stages of this economic recovery and added to existing positions or established new positions that met our investment criteria.

We continue to position the portfolio into companies that have lower earnings variability, higher profitability, and stronger balance sheets than the broader investment universe, and where we can get these characteristics at similar valuation levels to the benchmark index. We still do not favor any single industry or sector and continue to look for the characteristics noted above across all industries.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g882797g51g77.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **S&P 500<sup>®</sup> Index** |
| **03/2017** | $10000 | $10000 |
| **04/2017** | $10147 | $10103 |
| **05/2017** | $10338 | $10245 |
| **06/2017** | $10442 | $10309 |
| **07/2017** | $10614 | $10521 |
| **08/2017** | $10737 | $10553 |
| **09/2017** | $10971 | $10771 |
| **10/2017** | $11198 | $11022 |
| **11/2017** | $11505 | $11360 |
| **12/2017** | $11583 | $11486 |
| **01/2018** | $12296 | $12144 |
| **02/2018** | $11803 | $11696 |
| **03/2018** | $11643 | $11399 |
| **04/2018** | $11710 | $11443 |
| **05/2018** | $12184 | $11718 |
| **06/2018** | $12384 | $11791 |
| **07/2018** | $12577 | $12229 |
| **08/2018** | $12884 | $12628 |
| **09/2018** | $13071 | $12700 |
| **10/2018** | $11777 | $11832 |
| **11/2018** | $12184 | $12073 |
| **12/2018** | $11048 | $10983 |
| **01/2019** | $11921 | $11863 |
| **02/2019** | $12232 | $12244 |
| **03/2019** | $12454 | $12482 |
| **04/2019** | $12979 | $12987 |
| **05/2019** | $12269 | $12162 |
| **06/2019** | $13023 | $13019 |
| **07/2019** | $13105 | $13206 |
| **08/2019** | $13060 | $12997 |
| **09/2019** | $13282 | $13240 |
| **10/2019** | $13452 | $13527 |
| **11/2019** | $13882 | $14018 |
| **12/2019** | $14125 | $14441 |
| **01/2020** | $13820 | $14435 |
| **02/2020** | $12712 | $13247 |
| **03/2020** | $11073 | $11611 |
| **04/2020** | $12816 | $13099 |
| **05/2020** | $13627 | $13723 |
| **06/2020** | $13932 | $13996 |
| **07/2020** | $14912 | $14785 |
| **08/2020** | $15642 | $15848 |
| **09/2020** | $14992 | $15246 |
| **10/2020** | $14647 | $14840 |
| **11/2020** | $16172 | $16465 |
| **12/2020** | $16758 | $17098 |
| **01/2021** | $16353 | $16925 |
| **02/2021** | $17361 | $17392 |
| **03/2021** | $18266 | $18154 |
| **04/2021** | $19007 | $19122 |
| **05/2021** | $19334 | $19256 |
| **06/2021** | $19963 | $19706 |
| **07/2021** | $20842 | $20174 |
| **08/2021** | $21635 | $20787 |
| **09/2021** | $20687 | $19820 |
| **10/2021** | $22505 | $21209 |
| **11/2021** | $22945 | $21062 |
| **12/2021** | $23393 | $22006 |
| **01/2022** | $21586 | $20867 |
| **02/2022** | $21256 | $20242 |
| **03/2022** | $22803 | $20994 |
| **04/2022** | $20819 | $19163 |
| **05/2022** | $20595 | $19198 |
| **06/2022** | $19249 | $17614 |
| **07/2022** | $20701 | $19238 |
| **08/2022** | $19886 | $18453 |
| **09/2022** | $18351 | $16754 |
| **10/2022** | $19225 | $18110 |
| **11/2022** | $20583 | $19122 |
| **12/2022** | $19492 | $18020 |
| **01/2023** | $20699 | $19153 |
| **02/2023** | $20174 | $18685 |
| **03/2023** | $21297 | $19371 |
| **04/2023** | $21763 | $19674 |
| **05/2023** | $21895 | $19759 |
| **06/2023** | $22624 | $21065 |
| **07/2023** | $23102 | $21742 |
| **08/2023** | $22875 | $21395 |
| **09/2023** | $21500 | $20375 |
| **10/2023** | $20747 | $19947 |
| **11/2023** | $22827 | $21769 |
| **12/2023** | $23849 | $22757 |
| **01/2024** | $24173 | $23140 |
| **02/2024** | $25981 | $24375 |
| **03/2024** | $26268 | $25160 |
| **04/2024** | $24257 | $24132 |
| **05/2024** | $24951 | $25329 |
| **06/2024** | $25502 | $26238 |
| **07/2024** | $25550 | $26557 |
| **08/2024** | $25933 | $27201 |
| **09/2024** | $26340 | $27782 |
| **10/2024** | $25837 | $27530 |
| **11/2024** | $27274 | $29146 |
| **12/2024** | $26268 | $28451 |
| **01/2025** | $27262 | $29244 |
| **02/2025** | $26160 | $28862 |
| **03/2025** | $24891 | $27236 |
| **04/2025** | $24544 | $27051 |
| **05/2025** | $26064 | $28754 |
| **06/2025** | $27753 | $30216 |
| **07/2025** | $28674 | $30894 |
| **08/2025** | $29046 | $31521 |
| **09/2025** | $29836 | $32671 |
| **10/2025** | $30219 | $33436 |
| **11/2025** | $30183 | $33518 |

---

**Performance data shown represents past performance and is no guarantee of, and is not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 3/31/17** |
| Class N | 10.67% | 13.29% | 13.59% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.93% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $558485255 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 28 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $4126371 |

---

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

### Industry Summary
![Group By Sector Chart](g882797g77f00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 20.5% |
| Financial Services | 3.1% |
| Electrical Equipment | 3.1% |
| Specialty Retail | 3.2% |
| Trading Companies & Distributors | 3.8% |
| Banks | 4.0% |
| Oil, Gas & Consumable Fuels | 4.3% |
| Entertainment | 4.5% |
| Pharmaceuticals | 6.0% |
| Broadline Retail | 6.3% |
| Software | 7.7% |
| Interactive Media & Services | 11.8% |
| Semiconductors & Semiconductor Equipment | 21.7% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 7.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.7% |
| NVIDIA Corp. | 6.7% |
| Amazon.com, Inc. | 6.3% |
| Eli Lilly & Co. | 6.0% |
| Microsoft Corp. | 5.8% |
| Meta Platforms, Inc., Class A | 4.2% |
| Broadcom, Inc. | 4.2% |
| Monolithic Power Systems, Inc. | 4.1% |
| JPMorgan Chase & Co. | 4.0% |

---

## Material Fund Changes
Effective July 1, 2025, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at (800) 225-5478 or through your financial intermediary.

**Fees:** The advisory fee rate was reduced from 0.70% to 0.66% and the sub-advisory fee rate was reduced from 0.47% to 0.4425%.

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](g882797g13d42.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.

![Image](g882797g83x74.jpg)

# Class N

# VNSNX

# Vaughan Nelson Select Fund

#### Annual Shareholder Report

#### November 30, 2025

#### TVS99N-1125

# Class Y

# VNSYX

# Vaughan Nelson Select Fund
![Image](g882797g88e24.jpg)

## Annual Shareholder Report - November 30, 2025
This annual shareholder report contains important information about Vaughan Nelson Select Fund for the period of December 1, 2024 to November 30, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the fund costs for the last year?** (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 | $89 | 0.85% |

---

---

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

---

## How did the fund perform last year and what affected its performance?
**Top Contributors to Performance**

• The largest contributor to performance over the past 12 months was the portfolio's selection within Consumer Discretionary led by O'Reilly Automotive, Inc.

• Selection within Financials also contributed to performance with JPMorgan Chase & Co. leading.

**Top Detractors from Performance**

• The largest detractor from performance over the past 12 months was security selection and an overweight position within Industrials, an underperforming sector. Saia, Inc. hindered the sector the most.

• The portfolio's selection and underweight position within Information Technology, an outperforming sector, also negatively impacted performance.

**Investment Activity**

As a result of buys and sells and market action, the portfolio is overweight Communication Services, Industrials, Materials, Energy, and Consumer Discretionary while underweight Information Technology, Health Care, Consumer Staples, Utilities, Real Estate, and Financials.

We continued to sell positions that we believe to be fully valued or that could face increased earnings pressure as we move into the late stages of this economic recovery and added to existing positions or established new positions that met our investment criteria.

We continue to position the portfolio into companies that have lower earnings variability, higher profitability, and stronger balance sheets than the broader investment universe, and where we can get these characteristics at similar valuation levels to the benchmark index. We still do not favor any single industry or sector and continue to look for the characteristics noted above across all industries.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g882797g83z34.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **S&P 500<sup>®</sup> Index** |
| **11/2015** | $10000 | $10000 |
| **12/2015** | $9943 | $9842 |
| **01/2016** | $9373 | $9354 |
| **02/2016** | $9277 | $9341 |
| **03/2016** | $9860 | $9975 |
| **04/2016** | $9915 | $10014 |
| **05/2016** | $10011 | $10193 |
| **06/2016** | $10053 | $10220 |
| **07/2016** | $10382 | $10597 |
| **08/2016** | $10492 | $10612 |
| **09/2016** | $10547 | $10614 |
| **10/2016** | $10341 | $10420 |
| **11/2016** | $10622 | $10806 |
| **12/2016** | $10633 | $11019 |
| **01/2017** | $10996 | $11228 |
| **02/2017** | $11408 | $11674 |
| **03/2017** | $11380 | $11688 |
| **04/2017** | $11548 | $11808 |
| **05/2017** | $11765 | $11974 |
| **06/2017** | $11877 | $12049 |
| **07/2017** | $12073 | $12297 |
| **08/2017** | $12205 | $12334 |
| **09/2017** | $12478 | $12589 |
| **10/2017** | $12730 | $12882 |
| **11/2017** | $13079 | $13277 |
| **12/2017** | $13162 | $13425 |
| **01/2018** | $13974 | $14194 |
| **02/2018** | $13420 | $13671 |
| **03/2018** | $13238 | $13323 |
| **04/2018** | $13308 | $13374 |
| **05/2018** | $13846 | $13696 |
| **06/2018** | $14074 | $13781 |
| **07/2018** | $14294 | $14294 |
| **08/2018** | $14650 | $14759 |
| **09/2018** | $14855 | $14843 |
| **10/2018** | $13383 | $13829 |
| **11/2018** | $13846 | $14111 |
| **12/2018** | $12562 | $12837 |
| **01/2019** | $13546 | $13865 |
| **02/2019** | $13900 | $14310 |
| **03/2019** | $14152 | $14588 |
| **04/2019** | $14758 | $15179 |
| **05/2019** | $13950 | $14215 |
| **06/2019** | $14800 | $15216 |
| **07/2019** | $14901 | $15435 |
| **08/2019** | $14842 | $15190 |
| **09/2019** | $15094 | $15475 |
| **10/2019** | $15296 | $15810 |
| **11/2019** | $15776 | $16384 |
| **12/2019** | $16055 | $16878 |
| **01/2020** | $15708 | $16872 |
| **02/2020** | $14448 | $15483 |
| **03/2020** | $12596 | $13570 |
| **04/2020** | $14567 | $15310 |
| **05/2020** | $15489 | $16039 |
| **06/2020** | $15836 | $16358 |
| **07/2020** | $16958 | $17281 |
| **08/2020** | $17780 | $18523 |
| **09/2020** | $17041 | $17819 |
| **10/2020** | $16648 | $17345 |
| **11/2020** | $18382 | $19244 |
| **12/2020** | $19040 | $19984 |
| **01/2021** | $18580 | $19782 |
| **02/2021** | $19735 | $20327 |
| **03/2021** | $20753 | $21218 |
| **04/2021** | $21604 | $22350 |
| **05/2021** | $21976 | $22506 |
| **06/2021** | $22681 | $23032 |
| **07/2021** | $23680 | $23579 |
| **08/2021** | $24580 | $24296 |
| **09/2021** | $23503 | $23166 |
| **10/2021** | $25569 | $24789 |
| **11/2021** | $26068 | $24617 |
| **12/2021** | $26574 | $25720 |
| **01/2022** | $24521 | $24389 |
| **02/2022** | $24146 | $23659 |
| **03/2022** | $25903 | $24537 |
| **04/2022** | $23650 | $22398 |
| **05/2022** | $23395 | $22439 |
| **06/2022** | $21865 | $20587 |
| **07/2022** | $23515 | $22485 |
| **08/2022** | $22576 | $21568 |
| **09/2022** | $20846 | $19581 |
| **10/2022** | $21839 | $21167 |
| **11/2022** | $23381 | $22350 |
| **12/2022** | $22149 | $21062 |
| **01/2023** | $23506 | $22385 |
| **02/2023** | $22909 | $21839 |
| **03/2023** | $24198 | $22641 |
| **04/2023** | $24714 | $22994 |
| **05/2023** | $24863 | $23094 |
| **06/2023** | $25691 | $24620 |
| **07/2023** | $26234 | $25411 |
| **08/2023** | $25976 | $25007 |
| **09/2023** | $24415 | $23814 |
| **10/2023** | $23547 | $23314 |
| **11/2023** | $25908 | $25443 |
| **12/2023** | $27072 | $26599 |
| **01/2024** | $27439 | $27046 |
| **02/2024** | $29491 | $28490 |
| **03/2024** | $29817 | $29406 |
| **04/2024** | $27520 | $28205 |
| **05/2024** | $28322 | $29604 |
| **06/2024** | $28947 | $30666 |
| **07/2024** | $29002 | $31039 |
| **08/2024** | $29437 | $31792 |
| **09/2024** | $29885 | $32471 |
| **10/2024** | $29314 | $32177 |
| **11/2024** | $30945 | $34066 |
| **12/2024** | $29803 | $33254 |
| **01/2025** | $30931 | $34180 |
| **02/2025** | $29681 | $33734 |
| **03/2025** | $28241 | $31833 |
| **04/2025** | $27846 | $31617 |
| **05/2025** | $29572 | $33607 |
| **06/2025** | $31489 | $35316 |
| **07/2025** | $32522 | $36109 |
| **08/2025** | $32956 | $36841 |
| **09/2025** | $33826 | $38185 |
| **10/2025** | $34275 | $39079 |
| **11/2025** | $34220 | $39175 |

---

**Performance data shown represents past performance and is no guarantee of, and is not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 6/13/12** |
| Class Y | 10.58% | 13.23% | 13.09% | 14.25% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $558485255 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 28 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $4126371 |

---

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

### Industry Summary
![Group By Sector Chart](g882797g77f00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 20.5% |
| Financial Services | 3.1% |
| Electrical Equipment | 3.1% |
| Specialty Retail | 3.2% |
| Trading Companies & Distributors | 3.8% |
| Banks | 4.0% |
| Oil, Gas & Consumable Fuels | 4.3% |
| Entertainment | 4.5% |
| Pharmaceuticals | 6.0% |
| Broadline Retail | 6.3% |
| Software | 7.7% |
| Interactive Media & Services | 11.8% |
| Semiconductors & Semiconductor Equipment | 21.7% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 7.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.7% |
| NVIDIA Corp. | 6.7% |
| Amazon.com, Inc. | 6.3% |
| Eli Lilly & Co. | 6.0% |
| Microsoft Corp. | 5.8% |
| Meta Platforms, Inc., Class A | 4.2% |
| Broadcom, Inc. | 4.2% |
| Monolithic Power Systems, Inc. | 4.1% |
| JPMorgan Chase & Co. | 4.0% |

---

## Material Fund Changes
Effective July 1, 2025, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at (800) 225-5478 or through your financial intermediary.

**Fees:** The advisory fee rate was reduced from 0.70% to 0.66% and the sub-advisory fee rate was reduced from 0.47% to 0.4425%.

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](g882797g13d42.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.

![Image](g882797g83x74.jpg)

# Class Y

# VNSYX

# Vaughan Nelson Select Fund

#### Annual Shareholder Report

#### November 30, 2025

#### TVS99Y-1125

------

(b) Not Applicable

#### Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant's code of ethics during the period.

#### Item 3. Audit Committee Financial Expert.
The Board of Trustees of the Registrant has established an audit committee. Mr. Richard A. Goglia, Mr. James P. Palermo, Mr. Peter J. Smail and Ms. Cynthia L. Walker are members of the audit committee and have been designated as "audit committee financial experts" by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

#### Item 4. Principal Accountant Fees and Services.
*Fees billed by the Principal Accountant for services rendered to the Registrant*.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **Audit fees** | <br> **Audit fees** | <br> **Audit-related fees<sup>1</sup>** | <br> **Audit-related fees<sup>1</sup>** | <br> **Tax fees<sup>2</sup>** | <br> **Tax fees<sup>2</sup>** | <br> **All other fees** | <br> **All other fees** |
|  | 12/1/23-<br> 11/30/24 | 12/1/24-<br> 11/30/25 | 12/1/23-<br> 11/30/24 | 12/1/24-<br> 11/30/25 | 12/1/23-<br> 11/30/24 | 12/1/24-<br> 11/30/25 | 12/1/23-<br> 11/30/24 | 12/1/24-<br> 11/30/25 |
| &nbsp;&nbsp;&nbsp;Natixis Funds Trust II- Loomis Sayles Global Growth Fund, Loomis Sayles Senior Floating Rate and Fixed Income Fund and Vaughan Nelson Select Fund | $164628 | $169568 | $336 | $339 | $26954 | $27762 | $-- | $-- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Audit-related fees consist of:</u>

<u>2024 & 2025</u> – performance of agreed-upon procedures related to the Registrant's deferred compensation plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Tax fees consist of</u>:

<u>2024 & 2025</u> – review of Registrant's tax returns

Aggregate fees billed to the Registrant for non-audit services during 2024 and 2025 were $27,290 and $28,101, respectively.

*(e)(1) Audit Committee Pre-Approval Policies.* 

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

------

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

(e)(2) None of the services described in each of Items 4 (b) through (d) were approved pursuant to de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) *Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates*.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Audit-related fees** | **Audit-related fees** | **Tax fees** | **Tax fees** | **All other fees** | **All other fees** |
|  | 12/1/23-<br> 11/30/24 | 12/1/24-<br> 11/30/25 | 12/1/23-<br> 11/30/24 | 12/1/24-<br> 11/30/25 | 12/1/23-<br> 11/30/24 | 12/1/24-<br> 11/30/25 |
| &nbsp;&nbsp;&nbsp; Control Affiliates  | $-- | $-- | $-- | $-- | $-- | $245000 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Aggregate Non-Audit Fees** | **Aggregate Non-Audit Fees** |
|  | 12/1/23-11/30/24 | 12/1/24-11/30/25 |
| &nbsp;&nbsp;&nbsp; Control Affiliates | $55000 | $245000 |

---

(h) The audit committee has considered and determined that the provisions of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) 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.
(a) The Registrant's Financial Statements and Other Important Information are attached herewith.

(b) The Registrant's Financial Highlights are attached herewith.

------

![](g882797img01dce7ab1.gif)

![](g882797imga2fbefba2.gif)

Annual Financial Statements and Other Important Information

November 30, 2025

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

Loomis Sayles Global Growth Fund <br> Loomis Sayles Senior Floating Rate and Fixed Income Fund <br> Vaughan Nelson Select Fund

**Table of Contents** 

---

| | |
|:---|:---|
| [Portfolio of Investments (Form](#xx_09d57700-7552-413f-b351-5f62f424fbd8_SOI1-Continued-345_1)<br> [N-CSR Item 6)](#xx_09d57700-7552-413f-b351-5f62f424fbd8_SOI1-Continued-345_1)<br>| 1 |
| [Financial Statements (Form N-CSR](#xx_09d57700-7552-413f-b351-5f62f424fbd8_FS-Continued-345_1)<br> [Item 7)](#xx_09d57700-7552-413f-b351-5f62f424fbd8_FS-Continued-345_1)<br>| 9 |
| [Notes to Financial Statements](#xx_09d57700-7552-413f-b351-5f62f424fbd8_NTF-Continued-345_1)<br> [(Form N-CSR Item 7)](#xx_09d57700-7552-413f-b351-5f62f424fbd8_NTF-Continued-345_1)<br>| 26 |
| [Trustees Fees and Expenses (Form](#xx_09d57700-7552-413f-b351-5f62f424fbd8_NTF-Continued-345_14)<br> [N-CSR Item 10)](#xx_09d57700-7552-413f-b351-5f62f424fbd8_NTF-Continued-345_14)<br>| 39 |

---

------

**Portfolio of Investments – as of November 30, 2025**

Loomis Sayles Global Growth Fund

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 99.6% of Net Assets** | **Common Stocks — 99.6% of Net Assets** | **Common Stocks — 99.6% of Net Assets** |
|  | **Brazil — 6.9%** | **Brazil — 6.9%** |
| 773092 | Ambev SA, ADR | &nbsp;&nbsp; $1963654 |
| 3456 | MercadoLibre, Inc.(a) | &nbsp;&nbsp; 7160071 |
|  |  | &nbsp;&nbsp; 9123725 |
|  | **Canada — 5.8%** | **Canada — 5.8%** |
| 48245 | Shopify, Inc., Class A(a) | &nbsp;&nbsp; 7653587 |
|  | **China — 8.5%** | **China — 8.5%** |
| 7349 | Alibaba Group Holding Ltd., ADR(b) | &nbsp;&nbsp; 1155998 |
| 11978 | Baidu, Inc., ADR(a)(b) | &nbsp;&nbsp; 1400108 |
| 134332 | Budweiser Brewing Co. APAC Ltd. | &nbsp;&nbsp; 138628 |
| 56000 | Tencent Holdings Ltd. | &nbsp;&nbsp; 4424561 |
| 40361 | Trip.com Group Ltd., ADR(b) | &nbsp;&nbsp; 2822041 |
| 24385 | Yum China Holdings, Inc.(b) | &nbsp;&nbsp; 1173894 |
|  |  | &nbsp;&nbsp; 11115230 |
|  | **Denmark — 1.6%** | **Denmark — 1.6%** |
| 42390 | Novo Nordisk AS, Class B | &nbsp;&nbsp; 2098639 |
|  | **France — 1.6%** | **France — 1.6%** |
| 2292 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 1693560 |
| 7229 | Sodexo SA | &nbsp;&nbsp; 382230 |
|  |  | &nbsp;&nbsp; 2075790 |
|  | **Japan — 1.5%** | **Japan — 1.5%** |
| 61200 | FANUC Corp. | &nbsp;&nbsp; 1962396 |
|  | **Netherlands — 4.0%** | **Netherlands — 4.0%** |
| 2463 | Adyen NV(a) | &nbsp;&nbsp; 3848410 |
| 7410 | NXP Semiconductors NV | &nbsp;&nbsp; 1444505 |
|  |  | &nbsp;&nbsp; 5292915 |
|  | **Switzerland — 1.1%** | **Switzerland — 1.1%** |
| 27760 | CRISPR Therapeutics AG(a) | &nbsp;&nbsp; 1484327 |
|  | **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |
| 5373 | Reckitt Benckiser Group PLC | &nbsp;&nbsp; 416656 |
| 13445 | Unilever PLC | &nbsp;&nbsp; 812002 |
|  |  | &nbsp;&nbsp; 1228658 |
|  | **United States — 67.7%** | **United States — 67.7%** |
| 10221 | Alnylam Pharmaceuticals, Inc.(a) | &nbsp;&nbsp; 4612022 |
| 32214 | Alphabet, Inc., Class A | &nbsp;&nbsp; 10314278 |
| 31846 | Amazon.com, Inc.(a) | &nbsp;&nbsp; 7427124 |
| 15312 | ARM Holdings PLC, ADR(a) | &nbsp;&nbsp; 2075695 |
| 3597 | Autodesk, Inc.(a) | &nbsp;&nbsp; 1091114 |
| 14000 | Block, Inc.(a) | &nbsp;&nbsp; 935200 |
| 21921 | Boeing Co.(a) | &nbsp;&nbsp; 4143069 |
| 2842 | Deere & Co. | &nbsp;&nbsp; 1320081 |
| 29616 | Doximity, Inc., Class A(a) | &nbsp;&nbsp; 1523447 |
| 5272 | Expeditors International of Washington, Inc. | &nbsp;&nbsp; 774457 |
| 51347 | Experian PLC | &nbsp;&nbsp; 2257827 |
| 13589 | Meta Platforms, Inc., Class A | &nbsp;&nbsp; 8804992 |
| 9781 | Microsoft Corp. | &nbsp;&nbsp; 4812350 |
| 8022 | Nestle SA, (Registered) | &nbsp;&nbsp; 797672 |
| 59620 | Netflix, Inc.(a) | &nbsp;&nbsp; 6413920 |
| 32030 | Novartis AG, (Registered) | &nbsp;&nbsp; 4177594 |
| 28400 | Oracle Corp. | &nbsp;&nbsp; 5735380 |
| 6877 | QUALCOMM, Inc. | &nbsp;&nbsp; 1155955 |
| 5189 | Roche Holding AG | &nbsp;&nbsp; 1987428 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| 8268 | Salesforce, Inc. | &nbsp;&nbsp; $1906105 |
| 11233 | SEI Investments Co. | &nbsp;&nbsp; 908300 |
| 19064 | Tesla, Inc.(a) | &nbsp;&nbsp; 8200761 |
| 63236 | Under Armour, Inc., Class A(a) | &nbsp;&nbsp; 292150 |
| 5696 | Vertex Pharmaceuticals, Inc.(a) | &nbsp;&nbsp; 2469843 |
| 13126 | Visa, Inc., Class A | &nbsp;&nbsp; 4389859 |
| 4448 | Yum! Brands, Inc. | &nbsp;&nbsp; 681478 |
|  |  | &nbsp;&nbsp; 89208101 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $75,546,502)<br>| &nbsp;&nbsp; 131243368 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  |  |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| $504787 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed Income <br> Clearing Corporation, dated 11/28/2025 at 2.400% to <br> be repurchased at $504,888 on 12/01/2025 <br> collateralized by $507,200 U.S. Treasury Note, 3.875% <br> due 8/15/2033 valued at $514,893 including accrued <br> interest (Note 2 of Notes to Financial Statements) <br>(Identified Cost $504,787)<br>| &nbsp;&nbsp; 504787 |
|  | &nbsp;&nbsp; Total Investments — 100.0% <br>(Identified Cost $76,051,289)<br>| &nbsp;&nbsp; 131748155 |
|  | Other assets less liabilities — 0.0% | &nbsp;&nbsp; 29553 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $131777708 |

---

&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;(b) Security invests in variable interest entities based in China. See Note 10 of Notes to Financial Statements.

&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.

Currency Exposure Summary at November 30, 2025

---

| | |
|:---|:---|
| United States Dollar | 81.0<br> %<br>|
| Swiss Franc | 5.3 |
| Euro | 5.1 |
| Hong Kong Dollar | 3.5 |
| British Pound | 2.0 |
| Other, less than 2% each | 3.1 |
| Total Investments | 100.0 |
| Other assets less liabilities | 0.0 <br>\*<br>|
| Net Assets | 100.0<br> %<br>|

---

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

\* Less than 0.1%

See accompanying notes to financial statements.

1 \|

------

**Portfolio of Investments – as of November 30, 2025**

Loomis Sayles Senior Floating Rate and Fixed Income Fund

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Senior Loans — 87.6% of Net Assets** | **Senior Loans — 87.6% of Net Assets** | **Senior Loans — 87.6% of Net Assets** |
|  | **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** |
| $6533299 | &nbsp;&nbsp; Azorra Soar TLB Finance Ltd., 2025 Term Loan B, <br> 3 mo. USD SOFR + 2.750%, 6.788%, 10/18/2029(a)(b)<br>| &nbsp;&nbsp; $6565966 |
| 2885500 | &nbsp;&nbsp; Barnes Group, Inc., 2025 Term Loan B, 1 mo. USD <br> SOFR + 2.750%, 6.666%, 1/27/2032(a)(b)<br>| &nbsp;&nbsp; 2892252 |
| 735000 | &nbsp;&nbsp; Propulsion BC Finco SARL, 2025 Repriced Term <br> Loan B, 11/22/2032(c)<br>| &nbsp;&nbsp; 737756 |
| 6235753 | &nbsp;&nbsp; Spirit AeroSystems, Inc., 2022 Term Loan, 3 mo. <br> USD SOFR + 4.500%, 8.340%, 1/15/2027(b)<br>| &nbsp;&nbsp; 6227958 |
| 3878000 | &nbsp;&nbsp; TransDigm, Inc., 2025 Term Loan M, 3 mo. USD <br> SOFR + 2.500%, 6.502%, 8/19/2032(a)(b)<br>| &nbsp;&nbsp; 3885601 |
|  |  | &nbsp;&nbsp; 20309533 |
|  | **Airlines — 0.7%** | **Airlines — 0.7%** |
| 3781000 | &nbsp;&nbsp; American Airlines, Inc., 2025 Term Loan B, 3 mo. <br> USD SOFR + 3.250%, 7.134%, 5/28/2032(a)(b)<br>| &nbsp;&nbsp; 3791398 |
|  | **Automotive — 1.9%** | **Automotive — 1.9%** |
| 2939000 | &nbsp;&nbsp; American Axle & Manufacturing, Inc., 2025 <br> Incremental Term Loan C, 2/24/2032(c)<br>| &nbsp;&nbsp; 2939000 |
| 3677500 | &nbsp;&nbsp; Clarios Global LP, 2025 USD Term Loan B, 1 mo. <br> USD SOFR + 2.750%, 6.666%, 1/28/2032(a)(b)<br>| &nbsp;&nbsp; 3687834 |
| 4117137 | &nbsp;&nbsp; First Brands Group LLC, 2021 Term Loan, 3 mo. USD <br> SOFR + 5.000%, 9.570%, 3/30/2027(d)<br>| &nbsp;&nbsp; 361402 |
| 787822 | &nbsp;&nbsp; First Brands Group LLC, 2025 DIP Term Loan, <br> 8.450% PIK and/or 1 mo. USD SOFR + 1.550% Cash, <br> 6/29/2026(a)(b)(e)<br>| &nbsp;&nbsp; 828899 |
| 2856755 | &nbsp;&nbsp; IXS Holdings, Inc., 2025 Repriced Term Loan B, <br> 3 mo. USD SOFR + 5.500%, 9.502%, 9/05/2029(a)(b)<br>| &nbsp;&nbsp; 2865697 |
|  |  | &nbsp;&nbsp; 10682832 |
|  | **Brokerage — 3.5%** | **Brokerage — 3.5%** |
| 4710000 | &nbsp;&nbsp; Advisor Group, Inc., 2025 Term Loan, 1 mo. USD <br> SOFR + 3.000%, 6.916%, 7/30/2032(a)(b)<br>| &nbsp;&nbsp; 4717772 |
| 3500000 | &nbsp;&nbsp; Edelman Financial Center LLC, 2024 2nd Lien Term <br> Loan, 1 mo. USD SOFR + 5.250%, <br> 9.166%, 10/06/2028(b)<br>| &nbsp;&nbsp; 3499125 |
| 3324562 | &nbsp;&nbsp; GTCR Everest Borrower LLC, Add on Term Loan B, <br> 3 mo. USD SOFR + 2.750%, 6.752%, 9/05/2031(a)(b)<br>| &nbsp;&nbsp; 3332840 |
| 467429 | &nbsp;&nbsp; June Purchaser LLC, Delayed Draw Term Loan, <br> 2.750%, 11/28/2031(f)<br>| &nbsp;&nbsp; 469766 |
| 2790548 | &nbsp;&nbsp; June Purchaser LLC, Term Loan, 3 mo. USD SOFR + <br> 2.750%, 6.752%, 11/28/2031(a)(b)<br>| &nbsp;&nbsp; 2804501 |
| 4841580 | &nbsp;&nbsp; Russell Investments US Inst'l Holdco, Inc., 2024 PIK <br> Term Loan, 1.500% PIK and/or 3 mo. USD SOFR + <br> 5.000% Cash, 5/30/2027(a)(b)(e)<br>| &nbsp;&nbsp; 4751817 |
|  |  | &nbsp;&nbsp; 19575821 |
|  | **Building Materials — 3.1%** | **Building Materials — 3.1%** |
| 7715048 | &nbsp;&nbsp; Foley Products Co. LLC, 2024 Term Loan, 3 mo. USD <br> SOFR + 4.750%, 8.902%, 12/29/2028(a)(b)<br>| &nbsp;&nbsp; 7715048 |
| 4685837 | &nbsp;&nbsp; Kodiak Building Partners, Inc., 2024 Term Loan B, <br> 3 mo. USD SOFR + 3.750%, 7.752%, 12/04/2031(a)(b)<br>| &nbsp;&nbsp; 4520661 |
| 2556419 | &nbsp;&nbsp; Oscar AcquisitionCo LLC, Term Loan B, 3 mo. USD <br> SOFR + 4.250%, 8.252%, 4/29/2029(a)(b)<br>| &nbsp;&nbsp; 1882394 |
| 3322205 | &nbsp;&nbsp; White Cap Buyer LLC, 2024 Term Loan B, 1 mo. USD <br> SOFR + 3.250%, 7.215%, 10/19/2029(a)(b)<br>| &nbsp;&nbsp; 3330643 |
|  |  | &nbsp;&nbsp; 17448746 |
|  | **Cable Satellite — 1.1%** | **Cable Satellite — 1.1%** |
| 6308410 | &nbsp;&nbsp; DirecTV Financing LLC, 2024 Term Loan, 3 mo. USD <br> SOFR + 5.250%, 9.352%, 8/02/2029(a)(b)<br>| &nbsp;&nbsp; 6312068 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| 4578736 | &nbsp;&nbsp; Chemours Co., 2023 EUR Term Loan B3, 1 mo. <br> EURIBOR + 3.250%, 5.210%, 8/18/2028, (EUR)(a)(b)<br>| &nbsp;&nbsp; $5283130 |
| 4963060 | &nbsp;&nbsp; GEON Performance Solutions LLC, 2021 Term Loan, <br> 3 mo. USD SOFR + 4.250%, 8.513%, 8/18/2028(a)(b)<br>| &nbsp;&nbsp; 4307936 |
| 2078010 | &nbsp;&nbsp; Innophos, Inc., 2020 Term Loan B, 1 mo. USD SOFR <br> + 4.250%, 8.280%, 3/16/2029(a)(b)<br>| &nbsp;&nbsp; 1938618 |
| 6163000 | &nbsp;&nbsp; SCIL IV LLC, USD Term Loan B, 6 mo. USD SOFR + <br> 4.000%, 7.788%, 11/08/2032(a)(b)<br>| &nbsp;&nbsp; 6178407 |
|  |  | &nbsp;&nbsp; 17708091 |
|  | **Consumer Cyclical Services — 8.7%** | **Consumer Cyclical Services — 8.7%** |
| 3123036 | &nbsp;&nbsp; BIFM U.S. Finance LLC, 2025 Repriced Term Loan <br> B, 1 mo. USD SOFR + 3.250%, <br> 7.166%, 5/31/2028(a)(b)<br>| &nbsp;&nbsp; 3136309 |
| 2905000 | &nbsp;&nbsp; Catawba Nation Gaming Authority, Term Loan B, <br> 1 mo. USD SOFR + 4.750%, 8.666%, 3/29/2032(a)(b)<br>| &nbsp;&nbsp; 2963100 |
| 2530837 | &nbsp;&nbsp; Ensemble RCM LLC, 2024 Term Loan B, 3 mo. USD <br> SOFR + 3.000%, 6.840%, 8/01/2029(a)(b)<br>| &nbsp;&nbsp; 2542277 |
| 3822420 | &nbsp;&nbsp; Galaxy U.S. Opco, Inc., Term Loan, 3.750% PIK <br> and/or 3 mo. USD SOFR + 2.000% Cash, <br> 7/31/2030(b)(e)<br>| &nbsp;&nbsp; 3594986 |
| 2535000 | &nbsp;&nbsp; Grant Thornton Advisors LLC, 2025 Incremental <br> Term Loan, 1 mo. USD SOFR + 3.000%, <br> 6.916%, 6/02/2031(a)(b)<br>| &nbsp;&nbsp; 2538625 |
| 3791855 | &nbsp;&nbsp; Horizon U.S. Finco LP, Term Loan B, 6 mo. USD <br> SOFR + 4.500%, 8.198%, 10/31/2031(a)(b)<br>| &nbsp;&nbsp; 3621222 |
| 2256345 | &nbsp;&nbsp; Imagefirst Holdings LLC, 2025 Term Loan B, 3 mo. <br> USD SOFR + 3.000%, 7.058%, 3/12/2032(a)(b)<br>| &nbsp;&nbsp; 2256345 |
| 3482745 | &nbsp;&nbsp; Inmar, Inc., 2025 Repriced Term Loan B, USD SOFR <br> + 4.500%, 8.419%, 10/30/2031(a)(b)<br>| &nbsp;&nbsp; 3437051 |
| 1649444 | &nbsp;&nbsp; Latham Pool Products, Inc., 2022 Term Loan B, <br> 2/23/2029(c)<br>| &nbsp;&nbsp; 1643952 |
| 3083349 | &nbsp;&nbsp; Latham Pool Products, Inc., 2022 Term Loan B, <br> 3 mo. USD SOFR + 4.000%, 7.972%, 2/23/2029(b)<br>| &nbsp;&nbsp; 3073081 |
| 3349849 | PUG LLC, 2024 Extended Term Loan B, 3/15/2030(c) | &nbsp;&nbsp; 3264026 |
| 2976304 | &nbsp;&nbsp; PUG LLC, 2024 Extended Term Loan B, 1 mo. USD <br> SOFR + 4.750%, 8.666%, 3/15/2030(b)<br>| &nbsp;&nbsp; 2900051 |
| 257708 | &nbsp;&nbsp; Raven Acquisition Holdings LLC, Delayed Draw <br> Term Loan, 3.000%, 11/19/2031(f)<br>| &nbsp;&nbsp; 258352 |
| 3589874 | &nbsp;&nbsp; Raven Acquisition Holdings LLC, Term Loan B, <br> 1 mo. USD SOFR + 3.000%, 6.916%, 11/19/2031(a)(b)<br>| &nbsp;&nbsp; 3598849 |
| 2188005 | &nbsp;&nbsp; Sweetwater Borrower LLC, Term Loan B, 1 mo. <br> USD SOFR + 4.250%, 8.280%, 8/07/2028(a)(b)<br>| &nbsp;&nbsp; 2192118 |
| 2891793 | &nbsp;&nbsp; Vistage Worldwide, Inc., Term Loan, 3 mo. USD <br> SOFR + 3.750%, 7.752%, 7/13/2029(b)<br>| &nbsp;&nbsp; 2888178 |
| 4899217 | &nbsp;&nbsp; VT Topco, Inc., 2024 1st Lien Term Loan B, 1 mo. <br> USD SOFR + 3.000%, 6.965%, 8/09/2030(a)(b)<br>| &nbsp;&nbsp; 4826953 |
|  |  | &nbsp;&nbsp; 48735475 |
|  | **Consumer Products — 1.5%** | **Consumer Products — 1.5%** |
| 2430754 | &nbsp;&nbsp; Champ Acquisition Corp., 2024 Term Loan B, 6 mo. <br> USD SOFR + 4.000%, 8.166%, 11/25/2031(a)(b)<br>| &nbsp;&nbsp; 2438046 |
| 1932938 | &nbsp;&nbsp; Hunter Douglas, Inc., 2025 USD Term Loan B, 3 mo. <br> USD SOFR + 3.250%, 7.252%, 1/20/2032(a)(b)<br>| &nbsp;&nbsp; 1936804 |
| 2107847 | &nbsp;&nbsp; Lavender Dutch BorrowerCo BV, USD Term Loan, <br> 9/27/2032(c)<br>| &nbsp;&nbsp; 2111810 |
| 2093205 | &nbsp;&nbsp; Recess Holdings, Inc., 2025 Repriced Term Loan, <br> 3 mo. USD SOFR + 3.750%, 7.615%, 2/20/2030(a)(b)<br>| &nbsp;&nbsp; 2100406 |
|  |  | &nbsp;&nbsp; 8587066 |

---

See accompanying notes to financial statements.

\| 2

------

**Portfolio of Investments – as of November 30, 2025**

Loomis Sayles Senior Floating Rate and Fixed Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Diversified Manufacturing — 2.2%** | **Diversified Manufacturing — 2.2%** |
| $2864070 | &nbsp;&nbsp; Dynamo Newco II GmbH, 2025 USD Term Loan B, <br> 9/30/2031(c)<br>| &nbsp;&nbsp; $2880195 |
| 94263 | &nbsp;&nbsp; Engineered Machinery Holdings, Inc., 2025 USD <br> Delayed Draw Term Loan, 11/26/2032(c)<br>| &nbsp;&nbsp; 94617 |
| 643737 | &nbsp;&nbsp; Engineered Machinery Holdings, Inc., 2025 USD <br> Term Loan, 11/26/2032(c)<br>| &nbsp;&nbsp; 646151 |
| 1963221 | &nbsp;&nbsp; Infinite Bidco LLC, 2nd Lien Term Loan, 3 mo. USD <br> SOFR + 7.000%, 11.102%, 3/02/2029(b)<br>| &nbsp;&nbsp; 1855244 |
| 3179336 | &nbsp;&nbsp; LSF12 Crown U.S. Commercial Bidco LLC, 2025 <br> Term Loan B, 1 mo. USD SOFR + 3.500%, <br> 7.484%, 12/02/2031(a)(b)<br>| &nbsp;&nbsp; 3179336 |
| 1219247 | Spectris PLC, USD Term Loan, 9/30/2032(c) | &nbsp;&nbsp; 1223819 |
| 2629802 | &nbsp;&nbsp; TK Elevator Midco GmbH, 2025 USD Term Loan B, <br> 6 mo. USD SOFR + 2.750%, 6.947%, 4/30/2030(a)(b)<br>| &nbsp;&nbsp; 2644318 |
|  |  | &nbsp;&nbsp; 12523680 |
|  | **Electric — 1.7%** | **Electric — 1.7%** |
| 6329258 | &nbsp;&nbsp; Kohler Energy Co. LLC, USD Term Loan B, 3 mo. <br> USD SOFR + 3.750%, 7.752%, 5/01/2031(a)(b)<br>| &nbsp;&nbsp; 6352993 |
| 2147799 | &nbsp;&nbsp; Talen Energy Supply LLC, 2023 Term Loan B, 3 mo. <br> USD SOFR + 2.500%, 6.353%, 5/17/2030(b)<br>| &nbsp;&nbsp; 2151644 |
| 1078656 | &nbsp;&nbsp; Talen Energy Supply LLC, 2024-1 Incremental Term <br> Loan, 3 mo. USD SOFR + 2.500%, <br> 6.353%, 12/15/2031(a)(b)<br>| &nbsp;&nbsp; 1080198 |
|  |  | &nbsp;&nbsp; 9584835 |
|  | **Environmental — 1.0%** | **Environmental — 1.0%** |
| 2532915 | &nbsp;&nbsp; Action Environmental Group, Inc., 2023 Term Loan <br> B, 3 mo. USD SOFR + 3.250%, 7.252%, 10/24/2030(b)<br>| &nbsp;&nbsp; 2531345 |
| 2791663 | &nbsp;&nbsp; Northstar Group Services, Inc., 2024 Term Loan B, <br> 3 mo. USD SOFR + 4.750%, 8.590%, 5/31/2030(a)(b)<br>| &nbsp;&nbsp; 2810869 |
|  |  | &nbsp;&nbsp; 5342214 |
|  | **Financial Other — 1.1%** | **Financial Other — 1.1%** |
| 2164519 | &nbsp;&nbsp; Aragorn Parent Corp., 2025 Repriced Term Loan B, <br> 1 mo. USD SOFR + 3.500%, 7.416%, 12/15/2028(a)(b)<br>| &nbsp;&nbsp; 2178047 |
| 2729375 | &nbsp;&nbsp; Dragon Buyer, Inc., Term Loan B, 3 mo. USD SOFR <br> + 2.750%, 6.752%, 9/30/2031(a)(b)<br>| &nbsp;&nbsp; 2739037 |
| 2521320 | &nbsp;&nbsp; Luxembourg Investment Co. 428 SARL, Term Loan <br> B, 3 mo. USD SOFR + 5.000%, 10.391%, 1/03/2029(d)<br>| &nbsp;&nbsp; 50426 |
| 1468438 | &nbsp;&nbsp; Shermco Intermediate Holdings, Inc., 2025 Term <br> Loan, 3 mo. USD SOFR + 3.250%, <br> 7.108%, 10/27/2032(a)(b)<br>| &nbsp;&nbsp; 1472109 |
|  |  | &nbsp;&nbsp; 6439619 |
|  | **Food & Beverage — 1.1%** | **Food & Beverage — 1.1%** |
| 2646959 | &nbsp;&nbsp; Aspire Bakeries Holdings LLC, 2025 Term Loan B, <br> 1 mo. USD SOFR + 3.500%, 7.416%, 12/23/2030(a)(b)<br>| &nbsp;&nbsp; 2658129 |
| 1039969 | Northeast Grocery, Inc., Term Loan B, 12/13/2028(c) | &nbsp;&nbsp; 1042569 |
| 2218750 | &nbsp;&nbsp; Northeast Grocery, Inc., Term Loan B, 3 mo. USD <br> SOFR + 7.500%, 11.378%, 12/13/2028(a)(b)<br>| &nbsp;&nbsp; 2224297 |
|  |  | &nbsp;&nbsp; 5924995 |
|  | **Gaming — 0.6%** | **Gaming — 0.6%** |
| 3456381 | &nbsp;&nbsp; J&J Ventures Gaming LLC, 2025 Repriced Term <br> Loan B, 1 mo. USD SOFR + 3.500%, <br> 7.416%, 4/26/2030(a)(b)<br>| &nbsp;&nbsp; 3427209 |
|  | **Government Owned - No Guarantee — 0.4%** | **Government Owned - No Guarantee — 0.4%** |
| 2184340 | &nbsp;&nbsp; Element Materials Technology Group <br> U.S. Holdings, Inc., 2022 USD Term Loan, 3 mo. USD <br> SOFR + 3.675%, 7.677%, 7/06/2029(a)(b)<br>| &nbsp;&nbsp; 2197992 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Healthcare — 7.2%** | **Healthcare — 7.2%** |
| $735000 | Argent Finco LLC, Term Loan B, 11/12/2032(c) | &nbsp;&nbsp; $736837 |
| 3121000 | &nbsp;&nbsp; Aveanna Healthcare LLC, 2025 Term Loan B, 1 mo. <br> USD SOFR + 3.750%, 7.666%, 9/17/2032(a)(b)<br>| &nbsp;&nbsp; 3135201 |
| 2627400 | &nbsp;&nbsp; Bausch & Lomb Corp., 2023 Incremental Term <br> Loan, 1 mo. USD SOFR + 4.000%, <br> 7.916%, 9/29/2028(a)(b)<br>| &nbsp;&nbsp; 2632339 |
| 7838355 | &nbsp;&nbsp; Bausch & Lomb Corp., 2025 Term Loan B, 1 mo. <br> USD SOFR + 4.250%, 8.166%, 1/15/2031(a)(b)<br>| &nbsp;&nbsp; 7881466 |
| 4779726 | &nbsp;&nbsp; Dermatology Intermediate Holdings III, Inc., 2022 <br> Term Loan B, 3 mo. USD SOFR + 4.250%, <br> 8.090%, 3/30/2029(b)<br>| &nbsp;&nbsp; 4534765 |
| 317680 | &nbsp;&nbsp; Hanger, Inc., 2024 Delayed Draw Term Loan, <br> 3.500%, 10/23/2031(f)<br>| &nbsp;&nbsp; 318350 |
| 55781 | &nbsp;&nbsp; Hanger, Inc., 2024 Delayed Draw Term Loan, 1 mo. <br> USD SOFR + 3.500%, 7.663%, 10/23/2031(a)(b)<br>| &nbsp;&nbsp; 55899 |
| 2888207 | &nbsp;&nbsp; Hanger, Inc., 2024 Term Loan B, 1 mo. USD SOFR + <br> 3.500%, 7.416%, 10/23/2031(a)(b)<br>| &nbsp;&nbsp; 2894301 |
| 1417833 | &nbsp;&nbsp; Inception Holdco SARL, 2025 USD Repriced Term <br> Loan, 3 mo. USD SOFR + 3.250%, <br> 7.226%, 4/18/2031(a)(b)<br>| &nbsp;&nbsp; 1420669 |
| 2190749 | &nbsp;&nbsp; IVC Acquisition Ltd., 2025 USD Repriced Term Loan <br> B, 3 mo. USD SOFR + 3.750%, <br> 7.752%, 12/12/2028(a)(b)<br>| &nbsp;&nbsp; 2199511 |
| 3069058 | &nbsp;&nbsp; LifePoint Health, Inc., 2024 Incremental Term Loan <br> B1, 3 mo. USD SOFR + 3.500%, <br> 7.660%, 5/19/2031(a)(b)<br>| &nbsp;&nbsp; 3071452 |
| 797634 | &nbsp;&nbsp; Onex TSG Intermediate Corp., 2025 Term Loan B, <br> 8/06/2032(c)<br>| &nbsp;&nbsp; 800498 |
| 2313173 | &nbsp;&nbsp; Onex TSG Intermediate Corp., 2025 Term Loan B, <br> 3 mo. USD SOFR + 3.750%, 7.590%, 8/06/2032(a)(b)<br>| &nbsp;&nbsp; 2321477 |
| 4709291 | &nbsp;&nbsp; Radiology Partners, Inc., 2025 Term Loan, 3 mo. <br> USD SOFR + 4.500%, 8.502%, 6/30/2032(a)(b)<br>| &nbsp;&nbsp; 4687346 |
| 4864986 | &nbsp;&nbsp; TTF Holdings LLC, 2024 Term Loan, 6 mo. USD SOFR <br> + 3.750%, 7.794%, 7/18/2031(a)(b)<br>| &nbsp;&nbsp; 4074426 |
|  |  | &nbsp;&nbsp; 40764537 |
|  | **Independent Energy — 0.5%** | **Independent Energy — 0.5%** |
| 2805925 | &nbsp;&nbsp; Matador Bidco SARL, 2024 Term Loan B, 1 mo. USD <br> SOFR + 4.250%, 8.266%, 7/30/2029(b)<br>| &nbsp;&nbsp; 2804185 |
|  | **Industrial Other — 3.2%** | **Industrial Other — 3.2%** |
| 752392 | &nbsp;&nbsp; Archkey Solutions LLC, 2024 Delayed Draw Term <br> Loan B, 4.250%, 11/01/2031(f)<br>| &nbsp;&nbsp; 758035 |
| 3467604 | &nbsp;&nbsp; Archkey Solutions LLC, 2024 Term Loan B, 3 mo. <br> USD SOFR + 4.250%, 8.252%, 11/01/2031(a)(b)<br>| &nbsp;&nbsp; 3493611 |
| 2982000 | &nbsp;&nbsp; Gloves Buyer, Inc., 2025 Term Loan, 1 mo. USD <br> SOFR + 4.000%, 7.916%, 5/21/2032(a)(b)<br>| &nbsp;&nbsp; 2952717 |
| 2446208 | &nbsp;&nbsp; KUEHG Corp., 2025 Term Loan, 3 mo. USD SOFR + <br> 2.750%, 6.752%, 6/12/2030(a)(b)<br>| &nbsp;&nbsp; 2312131 |
| 3407839 | &nbsp;&nbsp; Mckissock Investment Holdings LLC, 2022 Term <br> Loan, 3 mo. USD SOFR + 5.000%, <br> 9.044%, 3/12/2029(a)(b)<br>| &nbsp;&nbsp; 3265391 |
| 2940054 | &nbsp;&nbsp; Michael Baker International LLC, 2025 Term Loan <br> B, 3 mo. USD SOFR + 4.000%, <br> 7.840%, 12/01/2028(a)(b)<br>| &nbsp;&nbsp; 2941290 |
| 2522471 | &nbsp;&nbsp; St. George's University Scholastic Services LLC, <br> 2022 Term Loan B, 1 mo. USD SOFR + 2.750%, <br> 6.666%, 2/10/2029(a)(b)<br>| &nbsp;&nbsp; 2467304 |
|  |  | &nbsp;&nbsp; 18190479 |

---

See accompanying notes to financial statements.

3 \|

------

**Portfolio of Investments – as of November 30, 2025**

Loomis Sayles Senior Floating Rate and Fixed Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Leisure — 2.1%** | **Leisure — 2.1%** |
| $3722670 | &nbsp;&nbsp; EOC Borrower LLC, Term Loan B, 1 mo. USD SOFR <br> + 3.000%, 6.916%, 3/24/2032(a)(b)<br>| &nbsp;&nbsp; $3736407 |
| 1018448 | &nbsp;&nbsp; Herschend Entertainment Co. LLC, 2025 Term Loan <br> B, 1 mo. USD SOFR + 3.250%, <br> 7.166%, 5/27/2032(a)(b)<br>| &nbsp;&nbsp; 1022165 |
| 4163097 | &nbsp;&nbsp; Kingpin Intermediate Holdings LLC, 2025 Term Loan <br> B, 1 mo. USD SOFR + 3.250%, <br> 7.166%, 9/22/2032(a)(b)<br>| &nbsp;&nbsp; 3994492 |
| 3166451 | &nbsp;&nbsp; LC AHAB U.S. Bidco LLC, Term Loan B, 1 mo. USD <br> SOFR + 3.000%, 6.916%, 5/01/2031(b)<br>| &nbsp;&nbsp; 3173702 |
|  |  | &nbsp;&nbsp; 11926766 |
|  | **Media Entertainment — 3.6%** | **Media Entertainment — 3.6%** |
| 2100939 | &nbsp;&nbsp; Advantage Sales & Marketing, Inc., 2024 Term <br> Loan, 3 mo. USD SOFR + 4.250%, <br> 8.446%, 10/28/2027(a)(b)<br>| &nbsp;&nbsp; 1804833 |
| 5493571 | &nbsp;&nbsp; Cengage Learning, Inc., 2024 1st Lien Term Loan B, <br> USD SOFR + 3.500%, 7.357%, 3/24/2031(a)(b)<br>| &nbsp;&nbsp; 5449238 |
| 2204000 | &nbsp;&nbsp; Dotdash Meredith, Inc., 2025 Term Loan B, 1 mo. <br> USD SOFR + 3.500%, 7.484%, 6/17/2032(a)(b)<br>| &nbsp;&nbsp; 1881665 |
| 2334738 | &nbsp;&nbsp; McGraw-Hill Global Education Holdings LLC, 2025 <br> 1st Lien Term Loan B, 1 mo. USD SOFR + 2.750%, <br> 6.666%, 8/06/2031(a)(b)<br>| &nbsp;&nbsp; 2343493 |
| 3283206 | &nbsp;&nbsp; MH Sub I LLC, 2023 Term Loan, 3 mo. USD SOFR + <br> 4.250%, 8.252%, 5/03/2028(a)(b)<br>| &nbsp;&nbsp; 2960106 |
| 2673581 | &nbsp;&nbsp; Nexstar Broadcasting, Inc., 2025 Term Loan B5, <br> 1 mo. USD SOFR + 2.500%, 6.416%, 6/28/2032(a)(b)<br>| &nbsp;&nbsp; 2678367 |
| 3177035 | &nbsp;&nbsp; Plano HoldCo, Inc., Term Loan B, 3 mo. USD SOFR + <br> 3.500%, 7.502%, 10/02/2031(a)(b)<br>| &nbsp;&nbsp; 3085695 |
|  |  | &nbsp;&nbsp; 20203397 |
|  | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| 311205 | &nbsp;&nbsp; GrafTech Finance, Inc., 2024 Delayed Draw Term <br> Loan, 12/21/2029(c)<br>| &nbsp;&nbsp; 315742 |
| 581818 | &nbsp;&nbsp; GrafTech Finance, Inc., 2024 Delayed Draw Term <br> Loan, 3.750%, 12/21/2029(f)<br>| &nbsp;&nbsp; 590301 |
| 544608 | &nbsp;&nbsp; GrafTech Finance, Inc., 2024 Term Loan, <br> 12/21/2029(c)<br>| &nbsp;&nbsp; 552548 |
| 1018182 | &nbsp;&nbsp; GrafTech Finance, Inc., 2024 Term Loan, 3 mo. USD <br> SOFR + 6.000%, 9.858%, 12/21/2029(a)(b)<br>| &nbsp;&nbsp; 1033027 |
|  |  | &nbsp;&nbsp; 2491618 |
|  | **Oil Field Services — 0.9%** | **Oil Field Services — 0.9%** |
| 2203673 | &nbsp;&nbsp; Deep Blue Operating I LLC, Term Loan, 1 mo. USD <br> SOFR + 2.750%, 6.734%, 10/01/2032(a)(b)<br>| &nbsp;&nbsp; 2207816 |
| 3157110 | &nbsp;&nbsp; Star Holding LLC, 2024 1st Lien Term Loan B, 1 mo. <br> USD SOFR + 4.500%, 8.416%, 7/31/2031(a)(b)<br>| &nbsp;&nbsp; 3031962 |
|  |  | &nbsp;&nbsp; 5239778 |
|  | **Paper — 0.8%** | **Paper — 0.8%** |
| 4423784 | &nbsp;&nbsp; Schweitzer-Mauduit International, Inc., 2021 Term <br> Loan B, 1 mo. USD SOFR + 3.750%, <br> 7.780%, 4/20/2028(a)(b)<br>| &nbsp;&nbsp; 4379546 |
|  | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| 1269311 | &nbsp;&nbsp; Amneal Pharmaceuticals LLC, 2025 Term Loan B, <br> 1 mo. USD SOFR + 3.500%, 7.416%, 8/01/2032(a)(b)<br>| &nbsp;&nbsp; 1278831 |
|  | **Property & Casualty Insurance — 8.1%** | **Property & Casualty Insurance — 8.1%** |
| 3267061 | &nbsp;&nbsp; Acrisure LLC, 2024 1st Lien Term Loan B6, 1 mo. <br> USD SOFR + 3.000%, 6.916%, 11/06/2030(a)(b)<br>| &nbsp;&nbsp; 3262161 |
| 2064103 | Alera Group, Inc., 2025 Term Loan, 5/31/2032(c) | &nbsp;&nbsp; 2071843 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Property & Casualty Insurance — continued** | **Property & Casualty Insurance — continued** |
| $4250897 | &nbsp;&nbsp; Alera Group, Inc., 2025 Term Loan, 1 mo. USD SOFR <br> + 3.250%, 7.166%, 5/31/2032(a)(b)<br>| &nbsp;&nbsp; $4266838 |
| 2554706 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC, 2025 Term Loan <br> B, 1 mo. USD SOFR + 2.500%, <br> 6.416%, 9/19/2031(a)(b)<br>| &nbsp;&nbsp; 2555038 |
| 7825305 | &nbsp;&nbsp; Ardonagh Midco 3 PLC, 2024 USD Term Loan B, <br> USD SOFR + 2.750%, 6.940%, 2/15/2031(a)(b)<br>| &nbsp;&nbsp; 7795960 |
| 400000 | Asurion LLC, 2023 Term Loan B11, 8/19/2028(c) | &nbsp;&nbsp; 399056 |
| 12066022 | &nbsp;&nbsp; Asurion LLC, 2023 Term Loan B11, 1 mo. USD SOFR <br> + 4.250%, 8.266%, 8/19/2028(a)(b)<br>| &nbsp;&nbsp; 12037546 |
| 3064357 | &nbsp;&nbsp; Howden Group Holdings Ltd., 2024 USD Term Loan <br> B, 1 mo. USD SOFR + 3.500%, <br> 7.416%, 4/18/2030(a)(b)<br>| &nbsp;&nbsp; 3072355 |
| 2234400 | &nbsp;&nbsp; Howden Group Holdings Ltd., 2025 USD Term Loan <br> B, 1 mo. USD SOFR + 2.750%, <br> 6.666%, 2/15/2031(a)(b)<br>| &nbsp;&nbsp; 2236970 |
| 3152060 | &nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., <br> 2025 Term Loan B, 3 mo. USD SOFR + 2.750%, <br> 6.590%, 3/15/2030(a)(b)<br>| &nbsp;&nbsp; 3152060 |
| 2456571 | &nbsp;&nbsp; Truist Insurance Holdings LLC, 2024 Term Loan B, <br> 5/06/2031(c)<br>| &nbsp;&nbsp; 2455956 |
| 2260526 | &nbsp;&nbsp; Truist Insurance Holdings LLC, 2nd Lien Term Loan, <br> 3 mo. USD SOFR + 4.750%, 8.752%, 5/06/2032(a)(b)<br>| &nbsp;&nbsp; 2285256 |
|  |  | &nbsp;&nbsp; 45591039 |
|  | **Refining — 0.4%** | **Refining — 0.4%** |
| 2025426 | &nbsp;&nbsp; Delek U.S. Holdings, Inc., 2022 Term Loan B, 1 mo. <br> USD SOFR + 3.500%, 7.516%, 11/19/2029(a)(b)<br>| &nbsp;&nbsp; 2026520 |
|  | **Restaurants — 0.2%** | **Restaurants — 0.2%** |
| 1254731 | &nbsp;&nbsp; Dave & Buster's, Inc., 2024 Term Loan B, 3 mo. USD <br> SOFR + 3.250%, 7.125%, 6/29/2029(a)(b)<br>| &nbsp;&nbsp; 1135092 |
|  | **Retailers — 6.5%** | **Retailers — 6.5%** |
| 4135001 | &nbsp;&nbsp; At Home Group, Inc., Term Loan B, 1 mo. USD SOFR <br> + 4.250%, 8.691%, 7/24/2028(a)(d)<br>| &nbsp;&nbsp; 12943 |
| 4677000 | &nbsp;&nbsp; Boots Group Bidco Ltd., USD Term Loan, 1 mo. USD <br> SOFR + 3.500%, 7.416%, 8/30/2032(a)(b)<br>| &nbsp;&nbsp; 4706231 |
| 509700 | &nbsp;&nbsp; Container Store, Inc., 2025 Roll-Up Exit Term Loan, <br> 4.000% PIK and/or 6 mo. USD SOFR + 1.000% Cash, <br> 7/30/2029(a)(b)(e)<br>| &nbsp;&nbsp; 254850 |
| 292807 | &nbsp;&nbsp; Container Store, Inc., First Out Term Loan, 5.500% <br> PIK and/or 1 mo. USD SOFR + 1.000% Cash, <br> 4/30/2029(a)(b)(e)<br>| &nbsp;&nbsp; 257670 |
| 2700000 | &nbsp;&nbsp; Evergreen Acqco 1 LP, 2025 Term Loan B, <br> 9/17/2032(c)<br>| &nbsp;&nbsp; 2706750 |
| 3956049 | &nbsp;&nbsp; Evergreen Acqco 1 LP, 2025 Term Loan B, 3 mo. <br> USD SOFR + 3.000%, 7.026%, 9/17/2032(a)(b)<br>| &nbsp;&nbsp; 3965939 |
| 3355413 | &nbsp;&nbsp; Harbor Freight Tools USA, Inc., 2024 Term Loan B, <br> 1 mo. USD SOFR + 2.250%, 6.166%, 6/11/2031(b)<br>| &nbsp;&nbsp; 3299780 |
| 657660 | &nbsp;&nbsp; International Textile Group, Inc., 2023 Last Out Term <br> Loan, 5.500% PIK and/or 3 mo. USD SOFR + 1.000% <br> Cash, 9/30/2027(a)(b)(e)<br>| &nbsp;&nbsp; 499821 |
| 2723028 | &nbsp;&nbsp; International Textile Group, Inc., 2023 Term Loan, <br> 3 mo. USD SOFR + 8.500%, 12.635%, 9/30/2027(b)<br>| &nbsp;&nbsp; 2726432 |
| 2416738 | &nbsp;&nbsp; Peer Holding III BV, 2025 USD Term Loan B5B, <br> 3 mo. USD SOFR + 2.500%, 6.502%, 7/01/2031(a)(b)<br>| &nbsp;&nbsp; 2423649 |
| 7297022 | &nbsp;&nbsp; PetSmart, Inc., 2025 USD Term Loan B, 1 mo. USD <br> SOFR + 4.000%, 7.960%, 8/18/2032(a)(b)<br>| &nbsp;&nbsp; 7230109 |

---

See accompanying notes to financial statements.

\| 4

------

**Portfolio of Investments – as of November 30, 2025**

Loomis Sayles Senior Floating Rate and Fixed Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Retailers — continued** | **Retailers — continued** |
| $1899027 | &nbsp;&nbsp; Restoration Hardware, Inc., 2022 Incremental Term <br> Loan, 1 mo. USD SOFR + 3.250%, <br> 7.266%, 10/20/2028(a)(b)<br>| &nbsp;&nbsp; $1855824 |
| 3217763 | &nbsp;&nbsp; S&S Holdings LLC, Term Loan, 1 mo. USD SOFR + <br> 5.000%, 9.016%, 3/11/2028(a)(b)<br>| &nbsp;&nbsp; 3202479 |
| 1311797 | &nbsp;&nbsp; Tory Burch LLC, Term Loan B, 1 mo. USD SOFR + <br> 3.250%, 7.280%, 4/17/2028(b)<br>| &nbsp;&nbsp; 1305028 |
| 2294250 | &nbsp;&nbsp; Varsity Brands, Inc., 2025 1st Lien Term Loan, 3 mo. <br> USD SOFR + 3.000%, 7.026%, 8/26/2031(a)(b)<br>| &nbsp;&nbsp; 2299986 |
|  |  | &nbsp;&nbsp; 36747491 |
|  | **Technology — 14.9%** | **Technology — 14.9%** |
| 4860000 | &nbsp;&nbsp; Altar Bidco, Inc., 2021 2nd Lien Term Loan, 1 yr. <br> USD SOFR + 5.600%, 9.283%, 2/01/2030(a)(b)<br>| &nbsp;&nbsp; 4574475 |
| 4761165 | &nbsp;&nbsp; Camelot U.S. Acquisition LLC, 2024 Term Loan B, <br> 1 mo. USD SOFR + 2.750%, 6.666%, 1/31/2031(b)<br>| &nbsp;&nbsp; 4682939 |
| 949000 | &nbsp;&nbsp; Camelot U.S. Acquisition LLC, 2025 Incremental <br> Term Loan B, 1 mo. USD SOFR + 3.250%, <br> 7.166%, 1/31/2031(a)(b)<br>| &nbsp;&nbsp; 945147 |
| 1926000 | CommScope, Inc., 2024 Term Loan, 12/17/2029(c) | &nbsp;&nbsp; 1935091 |
| 6074399 | &nbsp;&nbsp; Cotiviti Corp., 2024 Term Loan, 1 mo. USD SOFR + <br> 2.750%, 6.734%, 5/01/2031(b)<br>| &nbsp;&nbsp; 5831423 |
| 6695000 | &nbsp;&nbsp; Cyberswift U.S. Finco LLC, Term Loan B, 3 mo. USD <br> SOFR + 4.000%, 7.905%, 10/08/2032(a)(b)<br>| &nbsp;&nbsp; 6703369 |
| 462000 | Darktrace PLC, 1st Lien Term Loan, 10/09/2031(c) | &nbsp;&nbsp; 467341 |
| 1423622 | Darktrace PLC, 2nd Lien Term Loan, 10/09/2032(c) | &nbsp;&nbsp; 1408788 |
| 4235000 | Dayforce, Inc., 2025 Term Loan, 10/07/2032(c) | &nbsp;&nbsp; 4221999 |
| 4885505 | &nbsp;&nbsp; First Advantage Holdings LLC, 2025 Repriced Term <br> Loan B, 1 mo. USD SOFR + 2.750%, <br> 6.666%, 10/31/2031(a)(b)<br>| &nbsp;&nbsp; 4829615 |
| 3291925 | &nbsp;&nbsp; Fortress Intermediate 3, Inc., 2025 Term Loan B, <br> 1 mo. USD SOFR + 3.000%, 7.006%, 6/27/2031(a)(b)<br>| &nbsp;&nbsp; 3281654 |
| 3645611 | &nbsp;&nbsp; Genuine Financial Holdings LLC, 2025 Term Loan B, <br> 1 mo. USD SOFR + 3.250%, 7.166%, 9/27/2030(a)(b)<br>| &nbsp;&nbsp; 3158484 |
| 1704374 | &nbsp;&nbsp; Global Holdings International Co. LLC, Term Loan B, <br> 1 mo. USD SOFR + 5.500%, 9.551%, 3/16/2026(a)(b)<br>| &nbsp;&nbsp; 1636199 |
| 3148000 | &nbsp;&nbsp; Gryphon Acquire NewCo LLC, Term Loan B, 6 mo. <br> USD SOFR + 3.000%, 6.855%, 9/13/2032(a)(b)<br>| &nbsp;&nbsp; 3162953 |
| 989981 | &nbsp;&nbsp; Imprivata, Inc., 2025 Term Loan B, 3 mo. USD SOFR <br> + 3.000%, 7.002%, 12/01/2027(a)(b)<br>| &nbsp;&nbsp; 992664 |
| 3406880 | &nbsp;&nbsp; Kaseya, Inc., 2025 1st Lien Term Loan B, 1 mo. USD <br> SOFR + 3.000%, 6.916%, 3/20/2032(a)(b)<br>| &nbsp;&nbsp; 3410185 |
| 5354904 | &nbsp;&nbsp; Loyalty Ventures, Inc., Term Loan B, PRIME + <br> 5.500%, 13.750%, 11/03/2027(d)(g)<br>| &nbsp;&nbsp; 401618 |
| 2372943 | &nbsp;&nbsp; McAfee LLC, 2024 USD 1st Lien Term Loan B, 1 mo. <br> USD SOFR + 3.000%, 6.916%, 3/01/2029(a)(b)<br>| &nbsp;&nbsp; 2186928 |
| 6228941 | &nbsp;&nbsp; Mermaid Bidco, Inc., 2024 USD Term Loan B, 3 mo. <br> USD SOFR + 3.250%, 7.151%, 7/03/2031(a)(b)<br>| &nbsp;&nbsp; 6236727 |
| 1469849 | &nbsp;&nbsp; Neptune Bidco U.S., Inc., 2022 USD Term Loan A, <br> 3 mo. USD SOFR + 4.750%, 8.762%, 4/11/2029(a)(b)<br>| &nbsp;&nbsp; 1432265 |
| 793479 | &nbsp;&nbsp; Physician Partners LLC, 2025 Second Out Term <br> Loan B1, 2.500% PIK and/or 3 mo. USD SOFR + <br> 1.500% Cash, 12/31/2029(a)(b)(e)<br>| &nbsp;&nbsp; 372935 |
| 496448 | &nbsp;&nbsp; Physician Partners LLC, 2025 Third Out Term Loan <br> C, 4.000% PIK and/or 3 mo. USD SOFR + 1.500% <br> Cash, 12/31/2030(a)(b)(e)<br>| &nbsp;&nbsp; 100531 |
| 2719938 | &nbsp;&nbsp; Press Ganey Holdings, Inc., 2025 Repriced Term <br> Loan B, 1 mo. USD SOFR + 3.000%, <br> 6.916%, 4/30/2031(a)(b)<br>| &nbsp;&nbsp; 2723120 |
| 1613114 | &nbsp;&nbsp; Project Alpha Intermediate Holding, Inc., 2025 2nd <br> Lien Incremental Term Loan, 3 mo. USD SOFR + <br> 5.000%, 9.002%, 5/09/2033(a)(b)<br>| &nbsp;&nbsp; 1562704 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $2690742 | &nbsp;&nbsp; Redstone Holdco 2 LP, 2021 Term Loan, 3 mo. USD <br> SOFR + 4.750%, 8.852%, 4/27/2028(a)(b)<br>| &nbsp;&nbsp; $1085257 |
| 836856 | Sabre GLBL, Inc., 2021 Term Loan B1, 12/17/2027(c) | &nbsp;&nbsp; 812445 |
| 1606112 | &nbsp;&nbsp; Sabre GLBL, Inc., 2021 Term Loan B1, 1 mo. USD <br> SOFR + 3.500%, 7.530%, 12/17/2027(a)(b)<br>| &nbsp;&nbsp; 1559262 |
| 560433 | Sabre GLBL, Inc., 2021 Term Loan B2, 12/17/2027(c) | &nbsp;&nbsp; 544085 |
| 1075596 | &nbsp;&nbsp; Sabre GLBL, Inc., 2021 Term Loan B2, 1 mo. USD <br> SOFR + 3.500%, 7.530%, 12/17/2027(a)(b)<br>| &nbsp;&nbsp; 1044220 |
| 257638 | &nbsp;&nbsp; Sabre GLBL, Inc., 2022 1st Lien Term Loan B, 1 mo. <br> USD SOFR + 5.000%, 9.016%, 6/30/2028(b)<br>| &nbsp;&nbsp; 242986 |
| 2803700 | &nbsp;&nbsp; Sandisk Corp., Term Loan B, 3 mo. USD SOFR + <br> 3.000%, 6.857%, 2/20/2032(a)(b)<br>| &nbsp;&nbsp; 2819485 |
| 563143 | &nbsp;&nbsp; Trio Bidco, Inc., 2025 Delayed Draw Term Loan, <br> 0.500%, 10/29/2032(f)<br>| &nbsp;&nbsp; 561735 |
| 5349857 | &nbsp;&nbsp; Trio Bidco, Inc., 2025 Term Loan B, 3 mo. USD SOFR <br> + 4.000%, 7.840%, 10/29/2032(a)(b)<br>| &nbsp;&nbsp; 5336482 |
| 3560575 | &nbsp;&nbsp; Virtusa Corp., 2024 Term Loan B, 1 mo. USD SOFR + <br> 3.250%, 7.166%, 2/15/2029(b)<br>| &nbsp;&nbsp; 3553668 |
|  |  | &nbsp;&nbsp; 83818779 |
|  | **Transportation Services — 1.7%** | **Transportation Services — 1.7%** |
| 4284292 | &nbsp;&nbsp; AIT Worldwide Logistics, Inc., 2025 Repriced Term <br> Loan, 3 mo. USD SOFR + 4.000%, <br> 7.887%, 4/08/2030(a)(b)<br>| &nbsp;&nbsp; 4299116 |
| 875000 | Rand Parent LLC, 2025 Term Loan B, 3/18/2030(c) | &nbsp;&nbsp; 875367 |
| 2394967 | &nbsp;&nbsp; Rand Parent LLC, 2025 Term Loan B, 3 mo. USD <br> SOFR + 3.000%, 7.002%, 3/18/2030(a)(b)<br>| &nbsp;&nbsp; 2395973 |
| 1063412 | &nbsp;&nbsp; St. George Warehousing & Trucking Co. of <br> California, Inc., 2024 Second Out Term Loan, 6.500% <br> PIK and/or 3 mo. USD SOFR + 1.000% Cash, <br> 10/03/2029(a)(b)(e)<br>| &nbsp;&nbsp; 85073 |
| 793493 | &nbsp;&nbsp; St. George Warehousing & Trucking Co. of <br> California, Inc., 2024 Third Out Term Loan, 6.000% <br> PIK and/or 3 mo. USD SOFR + 1.000% Cash, <br> 10/03/2029(a)(b)(e)<br>| &nbsp;&nbsp; 7935 |
| 1965824 | &nbsp;&nbsp; Worldwide Express Operations LLC, 2024 Term <br> Loan B, 3 mo. USD SOFR + 4.000%, <br> 8.002%, 7/26/2028(a)(b)<br>| &nbsp;&nbsp; 1969146 |
|  |  | &nbsp;&nbsp; 9632610 |
|  | **Wireless — 1.5%** | **Wireless — 1.5%** |
| 5011819 | &nbsp;&nbsp; Crown Subsea Communications Holding, Inc., 2025 <br> Term Loan B, 1 mo. USD SOFR + 3.500%, <br> 7.416%, 1/30/2031(a)(b)<br>| &nbsp;&nbsp; 5043143 |
| 3556658 | &nbsp;&nbsp; Voyage Digital (NZ) Ltd., 2024 Term Loan, 3 mo. USD <br> SOFR + 3.250%, 7.128%, 5/11/2029(a)(b)<br>| &nbsp;&nbsp; 3561104 |
|  |  | &nbsp;&nbsp; 8604247 |
|  | &nbsp;&nbsp; Total Senior Loans <br>(Identified Cost $517,552,305)<br>| &nbsp;&nbsp; 493426489 |
| **Collateralized Loan Obligations — 4.8%** | **Collateralized Loan Obligations — 4.8%** | **Collateralized Loan Obligations — 4.8%** |
| 3280000 | &nbsp;&nbsp; 720 East CLO VI Ltd., Series 2024-3A, Class E, 3 mo. <br> USD SOFR + 5.500%, 9.384%, 1/20/2038(b)(h)<br>| &nbsp;&nbsp; 3199358 |
| 2345000 | &nbsp;&nbsp; AGL CLO 35 Ltd., Series 2024-35A, Class E, 3 mo. <br> USD SOFR + 5.150%, 9.020%, 1/21/2038(b)(h)<br>| &nbsp;&nbsp; 2298323 |
| 2510000 | &nbsp;&nbsp; AGL CLO 44 Ltd., Series 2025-44A, Class E, 3 mo. <br> USD SOFR + 4.750%, 8.703%, 10/22/2037(b)(h)<br>| &nbsp;&nbsp; 2468183 |
| 1800000 | &nbsp;&nbsp; AGL CLO 45 Ltd., Series 2025-45A, Class E, 3 mo. <br> USD SOFR + 4.650%, 8.532%, 1/22/2039(b)(h)<br>| &nbsp;&nbsp; 1771245 |
| 2490000 | &nbsp;&nbsp; Benefit Street Partners CLO XXVIII Ltd., <br> Series 2022-28A, Class ER, 3 mo. USD SOFR + <br> 5.400%, 9.284%, 10/20/2037(b)(h)<br>| &nbsp;&nbsp; 2490540 |

---

See accompanying notes to financial statements.

5 \|

------

**Portfolio of Investments – as of November 30, 2025**

Loomis Sayles Senior Floating Rate and Fixed Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $2000000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2025-1A, Class E, 3 mo. <br> USD SOFR + 4.500%, 8.360%, 4/23/2038(b)(h)<br>| &nbsp;&nbsp; $1982396 |
| 3500000 | &nbsp;&nbsp; Garnet CLO 3 Ltd., Series 2025-3A, Class E, 3 mo. <br> USD SOFR + 4.950%, 8.870%, 10/20/2038(b)(h)<br>| &nbsp;&nbsp; 3495625 |
| 2735000 | &nbsp;&nbsp; OHA Credit Funding 2 Ltd., Series 2019-2A, <br> Class ER2, 3 mo. USD SOFR + 4.800%, <br> 8.670%, 1/21/2038(b)(h)<br>| &nbsp;&nbsp; 2730230 |
| 3275000 | &nbsp;&nbsp; OHA Credit Partners XVII Ltd., Series 2024-17A, <br> Class E, 3 mo. USD SOFR + 5.000%, <br> 8.884%, 1/18/2038(b)(h)<br>| &nbsp;&nbsp; 3282916 |
| 3300000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2022-4A, Class ER, <br> 3 mo. USD SOFR + 5.500%, 9.384%, 10/20/2037(b)(h)<br>| &nbsp;&nbsp; 3316176 |
|  | &nbsp;&nbsp; Total Collateralized Loan Obligations <br>(Identified Cost $27,231,070)<br>| &nbsp;&nbsp; 27034992 |
| **Bonds and Notes — 4.3%** | **Bonds and Notes — 4.3%** | **Bonds and Notes — 4.3%** |
|  | **Cable Satellite — 2.8%** | **Cable Satellite — 2.8%** |
| 7190000 | CSC Holdings LLC, 5.375%, 2/01/2028(h) | &nbsp;&nbsp; 5211465 |
| 4200000 | &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.000%, 2/15/2031(h)<br>| &nbsp;&nbsp; 4171981 |
| 3600000 | DISH DBS Corp., 5.250%, 12/01/2026(h) | &nbsp;&nbsp; 3516957 |
| 3000000 | DISH DBS Corp., 7.750%, 7/01/2026 | &nbsp;&nbsp; 2937031 |
|  |  | &nbsp;&nbsp; 15837434 |
|  | **Media Entertainment — 0.8%** | **Media Entertainment — 0.8%** |
| 4650000 | Millennium Escrow Corp., 6.625%, 8/01/2026(h) | &nbsp;&nbsp; 4508731 |
|  | **Technology — 0.3%** | **Technology — 0.3%** |
| 1215000 | &nbsp;&nbsp; Sabre Financial Borrower LLC, <br> 11.125%, 6/15/2029(h)<br>| &nbsp;&nbsp; 1241049 |
|  | **Wirelines — 0.4%** | **Wirelines — 0.4%** |
| 2500000 | Level 3 Financing, Inc., 4.250%, 7/01/2028(h) | &nbsp;&nbsp; 2362500 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $24,314,953)<br>| &nbsp;&nbsp; 23949714 |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Exchange-Traded Funds — 1.6%** | **Exchange-Traded Funds — 1.6%** | **Exchange-Traded Funds — 1.6%** |
| 434485 | &nbsp;&nbsp; Invesco Senior Loan ETF <br>(Identified Cost$9,050,743)<br>| &nbsp;&nbsp; 9089426 |
| **Common Stocks— 0.0%** | **Common Stocks— 0.0%** | **Common Stocks— 0.0%** |
|  | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| 32299 | Resolute Topco, Inc.(i) | &nbsp;&nbsp; 72673 |
|  | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| 61854 | Ameriforge Group, Inc.(g)(i) | &nbsp;&nbsp; 5691 |
| 51 | Frontera Energy Corp. | &nbsp;&nbsp; 238 |
|  |  | &nbsp;&nbsp; 5929 |
|  | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| 15696 | Container Store, Inc.(i) | &nbsp;&nbsp; 2354 |
|  | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| 53230 | Elevate Textiles Holding Corp.(i) | &nbsp;&nbsp; 124186 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $10,598,600)<br>| &nbsp;&nbsp; 205142 |
| **Warrants — 0.0%** | **Warrants — 0.0%** | **Warrants — 0.0%** |
| 55256 | &nbsp;&nbsp; Elevate Textiles Holding Corp., Expiration on <br> 6/21/2028(i) <br>(Identified Cost $2,333)<br>| &nbsp;&nbsp; 553 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Short-Term Investments — 4.7%** | **Short-Term Investments — 4.7%** | **Short-Term Investments — 4.7%** |
| $26536077 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 11/28/2025 at <br> 2.400% to be repurchased at $26,541,384 <br> on 12/01/2025 collateralized by $27,335,100 <br> U.S. Treasury Note, 2.500% due 3/31/2027 valued at <br> $27,066,814 including accrued interest (Note 2 of <br> Notes to Financial Statements) <br>(Identified Cost $26,536,077)<br>| &nbsp;&nbsp; $26536077 |
|  | &nbsp;&nbsp; Total Investments — 103.0% <br>(Identified Cost $615,286,081)<br>| &nbsp;&nbsp; 580242393 |
|  | Other assets less liabilities — (3.0)% | &nbsp;&nbsp; (17131344)<br>|
|  | Net Assets — 100.0% | &nbsp;&nbsp; $563111049 |

---

&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; Stated interest rate has been determined in accordance with the <br> provisions of the loan agreement and is subject to a minimum <br> benchmark floor rate which may range from 0.00% to 2.00%, to <br> which the spread is added.<br>|
| (b) | &nbsp;&nbsp; Variable rate security. Rate as of November 30, 2025 is disclosed. <br> Issuers comprised of various lots with differing coupon rates have <br> been aggregated for the purpose of presentation in the Portfolio of <br> Investments and show a weighted average rate. Certain variable <br> rate securities are not based on a published reference rate and <br> spread, rather are determined by the issuer or agent and are <br> based on current market conditions. These securities may not <br> indicate a reference rate and/or spread in their description.<br>|
| (c) | &nbsp;&nbsp; Position is unsettled. Contract rate was not determined at <br> November 30, 2025 and does not take effect until settlement date. <br> Maturity date is not finalized until settlement date.<br>|
| (d) | &nbsp;&nbsp; The issuer is in default with respect to interest and/or principal <br> payments. Income is not being accrued.<br>|
| (e) | &nbsp;&nbsp; Payment–in–kind security for which the issuer, at each interest <br> payment date, may make interest payments in cash and/or <br> additional principal.<br>|
| (f) | &nbsp;&nbsp; Unfunded loan commitment. An unfunded loan commitment is a <br> contractual obligation for future funding at the option of the <br> borrower. The Fund receives a stated coupon rate until the <br> borrower draws on the loan commitment, at which time the rate <br> will become the stated rate in the loan agreement. See Note 2 of <br> Notes to Financial Statements.<br>|
| (g) | &nbsp;&nbsp; Level 3 security. Value has been determined using significant <br> unobservable inputs. See Note 3 of Notes to Financial Statements.<br>|
| (h) | &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 November 30, 2025, the value of <br> Rule 144A holdings amounted to $48,047,675 or 8.5% of net assets.<br>|
| (i) | Non-income producing security. |

---

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

---

| | |
|:---|:---|
| DIP | Debtor In Possession |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| PIK | Payment-in-Kind |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| EUR | Euro |

---

See accompanying notes to financial statements.

\| 6

------

**Portfolio of Investments – as of November 30, 2025**

Loomis Sayles Senior Floating Rate and Fixed Income Fund (continued)

At November 30, 2025, 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>|
| Goldman Sachs Bank USA | 12/03/2025 | EUR | B | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp; $5092274 | &nbsp;&nbsp; $5104279 | &nbsp;&nbsp; $12005 |
| Goldman Sachs Bank USA | 12/03/2025 | EUR | S | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp; 5092934 | &nbsp;&nbsp; 5104279 | &nbsp;&nbsp; (11345)<br>|
| Goldman Sachs Bank USA | 1/06/2026 | EUR | S | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp; 5102020 | &nbsp;&nbsp; 5113834 | &nbsp;&nbsp; (11814)<br>|
| Total |  |  |  |  |  |  | &nbsp;&nbsp; $(11154)<br>|

---

See accompanying notes to financial statements.

7 \|

------

**Portfolio of Investments – as of November 30, 2025**

Vaughan Nelson Select 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 — 2.3%** | **Aerospace & Defense — 2.3%** |
| 9525 | TransDigm Group, Inc. | &nbsp;&nbsp; $12955619 |
|  | **Banks — 4.0%** | **Banks — 4.0%** |
| 71785 | JPMorgan Chase & Co. | &nbsp;&nbsp; 22474448 |
|  | **Broadline Retail — 6.3%** | **Broadline Retail — 6.3%** |
| 151395 | Amazon.com, Inc.(a) | &nbsp;&nbsp; 35308342 |
|  | **Capital Markets — 2.5%** | **Capital Markets — 2.5%** |
| 89340 | Intercontinental Exchange, Inc. | &nbsp;&nbsp; 14053182 |
|  | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| 38130 | Sherwin-Williams Co. | &nbsp;&nbsp; 13104900 |
|  | **Construction Materials — 2.1%** | **Construction Materials — 2.1%** |
| 222660 | Amrize Ltd.(a) | &nbsp;&nbsp; 11469217 |
|  | **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** |
| 65500 | Capital One Financial Corp. | &nbsp;&nbsp; 14349085 |
|  | **Electrical Equipment — 3.1%** | **Electrical Equipment — 3.1%** |
| 49610 | Eaton Corp. PLC | &nbsp;&nbsp; 17159603 |
|  | **Entertainment — 4.5%** | **Entertainment — 4.5%** |
| 18680 | Spotify Technology SA(a) | &nbsp;&nbsp; 11186892 |
| 132150 | Walt Disney Co. | &nbsp;&nbsp; 13805710 |
|  |  | &nbsp;&nbsp; 24992602 |
|  | **Financial Services — 3.1%** | **Financial Services — 3.1%** |
| 33380 | Berkshire Hathaway, Inc., Class B(a) | &nbsp;&nbsp; 17150978 |
|  | **Food Products — 1.8%** | **Food Products — 1.8%** |
| 175275 | Mondelez International, Inc., Class A | &nbsp;&nbsp; 10090582 |
|  | **Household Durables — 2.1%** | **Household Durables — 2.1%** |
| 25420 | TopBuild Corp.(a) | &nbsp;&nbsp; 11502550 |
|  | **Interactive Media & Services — 11.8%** | **Interactive Media & Services — 11.8%** |
| 131700 | Alphabet, Inc., Class A | &nbsp;&nbsp; 42167706 |
| 36450 | Meta Platforms, Inc., Class A | &nbsp;&nbsp; 23617777 |
|  |  | &nbsp;&nbsp; 65785483 |
|  | **Machinery — 1.9%** | **Machinery — 1.9%** |
| 77050 | Xylem, Inc. | &nbsp;&nbsp; 10838624 |
|  | **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** |
| 109635 | Expand Energy Corp. | &nbsp;&nbsp; 13367795 |
| 92315 | Exxon Mobil Corp. | &nbsp;&nbsp; 10701155 |
|  |  | &nbsp;&nbsp; 24068950 |
|  | **Pharmaceuticals — 6.0%** | **Pharmaceuticals — 6.0%** |
| 31285 | Eli Lilly & Co. | &nbsp;&nbsp; 33646079 |
|  | **Semiconductors & Semiconductor Equipment — 21.7%** | **Semiconductors & Semiconductor Equipment — 21.7%** |
| 57830 | Broadcom, Inc. | &nbsp;&nbsp; 23303177 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| 24478 | Monolithic Power Systems, Inc. | &nbsp;&nbsp; $22719745 |
| 212145 | NVIDIA Corp. | &nbsp;&nbsp; 37549665 |
| 129185 | &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| &nbsp;&nbsp; 37658719 |
|  |  | &nbsp;&nbsp; 121231306 |
|  | **Software — 7.7%** | **Software — 7.7%** |
| 65500 | Microsoft Corp. | &nbsp;&nbsp; 32226655 |
| 13396 | ServiceNow, Inc.(a) | &nbsp;&nbsp; 10883044 |
|  |  | &nbsp;&nbsp; 43109699 |
|  | **Specialty Retail — 3.2%** | **Specialty Retail — 3.2%** |
| 175975 | O'Reilly Automotive, Inc.(a) | &nbsp;&nbsp; 17896657 |
|  | **Trading Companies & Distributors — 3.8%** | **Trading Companies & Distributors — 3.8%** |
| 26115 | United Rentals, Inc. | &nbsp;&nbsp; 21288426 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $354,600,199)<br>| &nbsp;&nbsp; 542476332 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  |  |
| **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** |
| $16270004 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 11/28/2025 at <br> 2.400% to be repurchased at $16,273,258 <br> on 12/01/2025 collateralized by $16,347,700 <br> U.S. Treasury Note, 3.875% due 8/15/2033 valued at <br> $16,595,591 including accrued interest (Note 2 of <br> Notes to Financial Statements) <br>(Identified Cost $16,270,004)<br>| &nbsp;&nbsp; 16270004 |
|  | &nbsp;&nbsp; Total Investments — 100.0% <br>(Identified Cost $370,870,203)<br>| &nbsp;&nbsp; 558746336 |
|  | Other assets less liabilities — (0.0)% | &nbsp;&nbsp; (261081)<br>|
|  | Net Assets — 100.0% | &nbsp;&nbsp; $558485255 |

---

&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.

See accompanying notes to financial statements.

\| 8

------

Statements of Assets and Liabilities

November 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Loomis Sayles** <br>**Global Growth** <br>**Fund**<br>| **Loomis Sayles** <br>**Senior Floating** <br>**Rate and Fixed** <br>**Income Fund**<br>| **Vaughan Nelson** <br>**Select Fund**<br>|
| **ASSETS** |  |  |  |
| Investments at cost | &nbsp;&nbsp;&nbsp; $76051289 | &nbsp;&nbsp;&nbsp; $615286081 | &nbsp;&nbsp;&nbsp; $370870203 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 55696866 | &nbsp;&nbsp;&nbsp; (35043688)<br>| &nbsp;&nbsp;&nbsp; 187876133 |
| Investments at value | &nbsp;&nbsp;&nbsp; 131748155 | &nbsp;&nbsp;&nbsp; 580242393 | &nbsp;&nbsp;&nbsp; 558746336 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6421700 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency at value (identified cost $0, $7,669 and $0, respectively) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7748 | &nbsp;&nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 56545 | &nbsp;&nbsp;&nbsp; 497541 | &nbsp;&nbsp;&nbsp; 344456 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31155554 | &nbsp;&nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 43499 | &nbsp;&nbsp;&nbsp; 4483321 | &nbsp;&nbsp;&nbsp; 392784 |
| Unrealized appreciation on forward foreign currency contracts (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12005 | &nbsp;&nbsp;&nbsp; — |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp; 162897 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 48 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 132011144 | &nbsp;&nbsp;&nbsp; 622820310 | &nbsp;&nbsp;&nbsp; 559483624 |
| **LIABILITIES** |  |  |  |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 54002889 | &nbsp;&nbsp;&nbsp; — |
| Unfunded loan commitments (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2940170 | &nbsp;&nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 988892 | &nbsp;&nbsp;&nbsp; 391413 |
| Unrealized depreciation on forward foreign currency contracts (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23159 | &nbsp;&nbsp;&nbsp; — |
| Distributions payable | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 781836 | &nbsp;&nbsp;&nbsp; — |
| Management fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 65162 | &nbsp;&nbsp;&nbsp; 236653 | &nbsp;&nbsp;&nbsp; 302425 |
| Deferred Trustees' fees (Note 6)  | &nbsp;&nbsp;&nbsp; 67497 | &nbsp;&nbsp;&nbsp; 501859 | &nbsp;&nbsp;&nbsp; 165328 |
| Administrative fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 4557 | &nbsp;&nbsp;&nbsp; 19792 | &nbsp;&nbsp;&nbsp; 19157 |
| Payable to distributor (Note 6d)  | &nbsp;&nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp; 23865 | &nbsp;&nbsp;&nbsp; 3445 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 49002 | &nbsp;&nbsp;&nbsp; 100056 | &nbsp;&nbsp;&nbsp; 48693 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 46756 | &nbsp;&nbsp;&nbsp; 90090 | &nbsp;&nbsp;&nbsp; 67908 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 233436 | &nbsp;&nbsp;&nbsp; 59709261 | &nbsp;&nbsp;&nbsp; 998369 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $131777708 | &nbsp;&nbsp;&nbsp; $563111049 | &nbsp;&nbsp;&nbsp; $558485255 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $79109483 | &nbsp;&nbsp;&nbsp; $1256516530 | &nbsp;&nbsp;&nbsp; $324742416 |
| Accumulated earnings (loss) | &nbsp;&nbsp;&nbsp; 52668225 | &nbsp;&nbsp;&nbsp; (693405481)<br>| &nbsp;&nbsp;&nbsp; 233742839 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $131777708 | &nbsp;&nbsp;&nbsp; $563111049 | &nbsp;&nbsp;&nbsp; $558485255 |

---

See accompanying notes to financial statements.

9 \|

------

Statements of Assets and Liabilities (continued)

November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Loomis Sayles**<br> **Global Growth**<br> **Fund**<br>| **Loomis Sayles**<br> **Senior Floating**<br> **Rate and Fixed**<br> **Income Fund**<br>| **Vaughan Nelson**<br> **Select Fund**<br>|
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |  |
| **Class A shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $9939822 | &nbsp;&nbsp;&nbsp; $144065226 | &nbsp;&nbsp;&nbsp; $20503694 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 413832 | &nbsp;&nbsp;&nbsp; 17938156 | &nbsp;&nbsp;&nbsp; 826725 |
| Net asset value and redemption price per share | &nbsp;&nbsp;&nbsp; $24.02 | &nbsp;&nbsp;&nbsp; $8.03 | &nbsp;&nbsp;&nbsp; $24.80 |
| Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1) | &nbsp;&nbsp;&nbsp; $25.49 | &nbsp;&nbsp;&nbsp; $8.32 | &nbsp;&nbsp;&nbsp; $26.31 |
| **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; $1060250 | &nbsp;&nbsp;&nbsp; $17419014 | &nbsp;&nbsp;&nbsp; $6591941 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 47586 | &nbsp;&nbsp;&nbsp; 2176258 | &nbsp;&nbsp;&nbsp; 303048 |
| Net asset value and offering price per share | &nbsp;&nbsp;&nbsp; $22.28 | &nbsp;&nbsp;&nbsp; $8.00 | &nbsp;&nbsp;&nbsp; $21.75 |
| **Class N shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $18135636 | &nbsp;&nbsp;&nbsp; $2612027 | &nbsp;&nbsp;&nbsp; $412502 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 737500 | &nbsp;&nbsp;&nbsp; 325390 | &nbsp;&nbsp;&nbsp; 16364 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $24.59 | &nbsp;&nbsp;&nbsp; $8.03 | &nbsp;&nbsp;&nbsp; $25.21 |
| **Class Y shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $102642000 | &nbsp;&nbsp;&nbsp; $399014782 | &nbsp;&nbsp;&nbsp; $530977118 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 4186935 | &nbsp;&nbsp;&nbsp; 49613685 | &nbsp;&nbsp;&nbsp; 21084368 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $24.51 | &nbsp;&nbsp;&nbsp; $8.04 | &nbsp;&nbsp;&nbsp; $25.18 |

---

&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.

\| 10

------

Statements of Operations

For the Year Ended November 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Loomis Sayles** <br>**Global Growth** <br>**Fund**<br>| **Loomis Sayles** <br>**Senior Floating** <br>**Rate and Fixed** <br>**Income Fund**<br>| **Vaughan Nelson** <br>**Select Fund**<br>|
| **INVESTMENT INCOME**  |  |  |  |
| Dividends | &nbsp;&nbsp;&nbsp; $946554 | &nbsp;&nbsp;&nbsp; $518111 | &nbsp;&nbsp;&nbsp; $6265589 |
| Interest | &nbsp;&nbsp;&nbsp; 18187 | &nbsp;&nbsp;&nbsp; 56698855 | &nbsp;&nbsp;&nbsp; 375666 |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; (49263)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (94411)<br>|
|  | &nbsp;&nbsp;&nbsp; 915478 | &nbsp;&nbsp;&nbsp; 57216966 | &nbsp;&nbsp;&nbsp; 6546844 |
| Expenses |  |  |  |
| Management fees (Note 6)  | &nbsp;&nbsp;&nbsp; 924983 | &nbsp;&nbsp;&nbsp; 4193552 | &nbsp;&nbsp;&nbsp; 4126371 |
| Service and distribution fees (Note 6)  | &nbsp;&nbsp;&nbsp; 33599 | &nbsp;&nbsp;&nbsp; 601250 | &nbsp;&nbsp;&nbsp; 126408 |
| Administrative fees (Note 6)  | &nbsp;&nbsp;&nbsp; 52880 | &nbsp;&nbsp;&nbsp; 300297 | &nbsp;&nbsp;&nbsp; 258810 |
| Trustees' fees and expenses (Note 6)  | &nbsp;&nbsp;&nbsp; 30653 | &nbsp;&nbsp;&nbsp; 103980 | &nbsp;&nbsp;&nbsp; 57801 |
| Transfer agent fees and expenses (Notes 6, 7 and 8)  | &nbsp;&nbsp;&nbsp; 89639 | &nbsp;&nbsp;&nbsp; 597510 | &nbsp;&nbsp;&nbsp; 467125 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 49003 | &nbsp;&nbsp;&nbsp; 99978 | &nbsp;&nbsp;&nbsp; 48687 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 15700 | &nbsp;&nbsp;&nbsp; 121989 | &nbsp;&nbsp;&nbsp; 19523 |
| Legal fees | &nbsp;&nbsp;&nbsp; 4801 | &nbsp;&nbsp;&nbsp; 31211 | &nbsp;&nbsp;&nbsp; 27440 |
| Registration fees | &nbsp;&nbsp;&nbsp; 87946 | &nbsp;&nbsp;&nbsp; 93453 | &nbsp;&nbsp;&nbsp; 106639 |
| Shareholder reporting expenses | &nbsp;&nbsp;&nbsp; 22703 | &nbsp;&nbsp;&nbsp; 32391 | &nbsp;&nbsp;&nbsp; 45336 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 42036 | &nbsp;&nbsp;&nbsp; 91072 | &nbsp;&nbsp;&nbsp; 47594 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1353943 | &nbsp;&nbsp;&nbsp; 6266683 | &nbsp;&nbsp;&nbsp; 5331734 |
| Less waiver and/or expense reimbursement (Note 6)  | &nbsp;&nbsp;&nbsp; (156539)<br>| &nbsp;&nbsp;&nbsp; (525442)<br>| &nbsp;&nbsp;&nbsp; (80428)<br>|
| Less expense offset (Note 8)  | &nbsp;&nbsp;&nbsp; (597)<br>| &nbsp;&nbsp;&nbsp; (10718)<br>| &nbsp;&nbsp;&nbsp; (5065)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 1196807 | &nbsp;&nbsp;&nbsp; 5730523 | &nbsp;&nbsp;&nbsp; 5246241 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (281329)<br>| &nbsp;&nbsp;&nbsp; 51486443 | &nbsp;&nbsp;&nbsp; 1300603 |
| **Net realized and unrealized gain (loss) on Investments, Futures contracts, Swap** <br> **agreements, Forward foreign currency contracts and Foreign currency** <br> **transactions** <br>|  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 2194378 | &nbsp;&nbsp;&nbsp; (14249407)<br>| &nbsp;&nbsp;&nbsp; 57194352 |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20385 | &nbsp;&nbsp;&nbsp; — |
| Swap agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1388943 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency contracts (Note 2d)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7235 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions (Note 2c)  | &nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 17195763 | &nbsp;&nbsp;&nbsp; (8007601)<br>| &nbsp;&nbsp;&nbsp; (10715456)<br>|
| Forward foreign currency contracts (Note 2d)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11154)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations (Note 2c)  | &nbsp;&nbsp;&nbsp; 5512 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; — |
| Net realized and unrealized gain (loss) on Investments, Futures contracts, Swap agreements, <br> Forward foreign currency contracts and Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp; 19396439 | &nbsp;&nbsp;&nbsp; (20850856)<br>| &nbsp;&nbsp;&nbsp; 46478896 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $19115110 | &nbsp;&nbsp;&nbsp; $30635587 | &nbsp;&nbsp;&nbsp; $47779499 |

---

See accompanying notes to financial statements.

11 \|

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Loomis Sayles Global** <br>**Growth Fund** | **Loomis Sayles Global** <br>**Growth Fund** | **Loomis Sayles Senior Floating** <br>**Rate and Fixed Income Fund** | **Loomis Sayles Senior Floating** <br>**Rate and Fixed Income Fund** |
|  | **Year Ended** <br>**November 30, 2025**<br>| **Year Ended** <br>**November 30, 2024**<br>| **Year Ended** <br>**November 30, 2025**<br>| **Year Ended** <br>**November 30, 2024**<br>|
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(281329)<br>| $(153958)<br>| $51486443 | $74046684 |
| Net realized gain (loss) on investments, futures contracts, swap agreements, <br> forward foreign currency contracts and foreign currency transactions<br>| 2195164 | 2181594 | (12832180)<br>| (13318213)<br>|
| Net change in unrealized appreciation (depreciation) on investments, forward <br> foreign currency contracts and foreign currency translations<br>| 17201275 | 23983346 | (8018676)<br>| 16362077 |
| Net increase in net assets resulting from operations | 19115110 | 26010982 | 30635587 | 77090548 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A |  |  | (11753451)<br>| (13341599)<br>|
| Class C |  |  | (1537008)<br>| (2756857)<br>|
| Class N |  |  | (201441)<br>| (207927)<br>|
| Class Y |  |  | (41875607)<br>| (55315807)<br>|
| Total distributions |  |  | (55367507)<br>| (71622190)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| 4454157 | (13299019)<br>| (234672439)<br>| (114484731)<br>|
| Net increase (decrease) in net assets | 23569267 | 12711963 | (259404359)<br>| (109016373)<br>|
| **NET ASSETS** |  |  |  |  |
| Beginning of the year | 108208441 | 95496478 | 822515408 | 931531781 |
| End of the year | $131777708 | $108208441 | $563111049 | $822515408 |

---

See accompanying notes to financial statements.

\| 12

------

Statements of Changes in Net Assets (continued)

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

---

| | | |
|:---|:---|:---|
|  | **Vaughan Nelson Select Fund** | **Vaughan Nelson Select Fund** |
|  | **Year Ended** <br>**November 30, 2025**<br>| **Year Ended** <br>**November 30, 2024**<br>|
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; $1300603 | &nbsp;&nbsp;&nbsp; $(1644878)<br>|
| Net realized gain on investments | &nbsp;&nbsp;&nbsp; 57194352 | &nbsp;&nbsp;&nbsp; 20816281 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (10715456)<br>| &nbsp;&nbsp;&nbsp; 107155087 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 47779499 | &nbsp;&nbsp;&nbsp; 126326490 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class N | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (558)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (843836)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (844394)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| &nbsp;&nbsp;&nbsp; (277918973)<br>| &nbsp;&nbsp;&nbsp; 36195060 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp; (230139474)<br>| &nbsp;&nbsp;&nbsp; 161677156 |
| **NET ASSETS** |  |  |
| Beginning of the year | &nbsp;&nbsp;&nbsp; 788624729 | &nbsp;&nbsp;&nbsp; 626947573 |
| End of the year | &nbsp;&nbsp;&nbsp; $558485255 | &nbsp;&nbsp;&nbsp; $788624729 |

---

See accompanying notes to financial statements.

13 \|

------

Financial Highlights

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Loomis Sayles Global Growth Fund—Class A** | **Loomis Sayles Global Growth Fund—Class A** | **Loomis Sayles Global Growth Fund—Class A** | **Loomis Sayles Global Growth Fund—Class A** | **Loomis Sayles Global Growth Fund—Class A** |
|  | **Year Ended** <br>**November 30,** <br>**2025**<br>| **Year Ended** <br>**November 30,** <br>**2024**<br>| **Year Ended** <br>**November 30,** <br>**2023**<br>| **Year Ended** <br>**November 30,** <br>**2022**<br>| **Year Ended** <br>**November 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $20.84 | &nbsp;&nbsp;&nbsp; $16.11 | &nbsp;&nbsp;&nbsp; $14.00 | &nbsp;&nbsp;&nbsp; $19.07 | &nbsp;&nbsp;&nbsp; $18.78 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss(a) | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $24.02 | &nbsp;&nbsp;&nbsp; $20.84 | &nbsp;&nbsp;&nbsp; $16.11 | &nbsp;&nbsp;&nbsp; $14.00 | &nbsp;&nbsp;&nbsp; $19.07 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.92<br> %<br>| &nbsp;&nbsp;&nbsp; (21.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $9940 | &nbsp;&nbsp;&nbsp; $8949 | &nbsp;&nbsp;&nbsp; $4021 | &nbsp;&nbsp;&nbsp; $3225 | &nbsp;&nbsp;&nbsp; $6173 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.45)%<br>| &nbsp;&nbsp;&nbsp; (0.45)%<br>| &nbsp;&nbsp;&nbsp; (0.45)%<br>| &nbsp;&nbsp;&nbsp; (0.25)%<br>| &nbsp;&nbsp;&nbsp; (0.43)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 18<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) 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) Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.37%.

See accompanying notes to financial statements.

\| 14

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Loomis Sayles Global Growth Fund—Class C** | **Loomis Sayles Global Growth Fund—Class C** | **Loomis Sayles Global Growth Fund—Class C** | **Loomis Sayles Global Growth Fund—Class C** | **Loomis Sayles Global Growth Fund—Class C** |
|  | **Year Ended** <br>**November 30,** <br>**2025**<br>| **Year Ended** <br>**November 30,** <br>**2024**<br>| **Year Ended** <br>**November 30,** <br>**2023**<br>| **Year Ended** <br>**November 30,** <br>**2022**<br>| **Year Ended** <br>**November 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $19.48 | &nbsp;&nbsp;&nbsp; $15.17 | &nbsp;&nbsp;&nbsp; $13.33 | &nbsp;&nbsp;&nbsp; $18.36 | &nbsp;&nbsp;&nbsp; $18.24 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $22.28 | &nbsp;&nbsp;&nbsp; $19.48 | &nbsp;&nbsp;&nbsp; $15.17 | &nbsp;&nbsp;&nbsp; $13.33 | &nbsp;&nbsp;&nbsp; $18.36 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.03<br> %<br>| &nbsp;&nbsp;&nbsp; (21.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.15<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $1060 | &nbsp;&nbsp;&nbsp; $999 | &nbsp;&nbsp;&nbsp; $842 | &nbsp;&nbsp;&nbsp; $833 | &nbsp;&nbsp;&nbsp; $1297 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (1.20)%<br>| &nbsp;&nbsp;&nbsp; (1.13)%<br>| &nbsp;&nbsp;&nbsp; (1.11)%<br>| &nbsp;&nbsp;&nbsp; (1.03)%<br>| &nbsp;&nbsp;&nbsp; (1.17)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 18<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) 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) Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross expenses would have been 2.13%.

See accompanying notes to financial statements.

15 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Loomis Sayles Global Growth Fund—Class N** | **Loomis Sayles Global Growth Fund—Class N** | **Loomis Sayles Global Growth Fund—Class N** | **Loomis Sayles Global Growth Fund—Class N** | **Loomis Sayles Global Growth Fund—Class N** |
|  | **Year Ended** <br>**November 30,** <br>**2025**<br>| **Year Ended** <br>**November 30,** <br>**2024**<br>| **Year Ended** <br>**November 30,** <br>**2023**<br>| **Year Ended** <br>**November 30,** <br>**2022**<br>| **Year Ended** <br>**November 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $21.27 | &nbsp;&nbsp;&nbsp; $16.40 | &nbsp;&nbsp;&nbsp; $14.21 | &nbsp;&nbsp;&nbsp; $19.29 | &nbsp;&nbsp;&nbsp; $18.93 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $24.59 | &nbsp;&nbsp;&nbsp; $21.27 | &nbsp;&nbsp;&nbsp; $16.40 | &nbsp;&nbsp;&nbsp; $14.21 | &nbsp;&nbsp;&nbsp; $19.29 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.40<br> %<br>| &nbsp;&nbsp;&nbsp; (20.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.21<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $18136 | &nbsp;&nbsp;&nbsp; $15690 | &nbsp;&nbsp;&nbsp; $12096 | &nbsp;&nbsp;&nbsp; $9725 | &nbsp;&nbsp;&nbsp; $12293 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.15)%<br>| &nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp;&nbsp; (0.01)%<br>| &nbsp;&nbsp;&nbsp; (0.14)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 18<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) 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) 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) Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.05%.

See accompanying notes to financial statements.

\| 16

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Loomis Sayles Global Growth Fund—Class Y** | **Loomis Sayles Global Growth Fund—Class Y** | **Loomis Sayles Global Growth Fund—Class Y** | **Loomis Sayles Global Growth Fund—Class Y** | **Loomis Sayles Global Growth Fund—Class Y** |
|  | **Year Ended** <br>**November 30,** <br>**2025**<br>| **Year Ended** <br>**November 30,** <br>**2024**<br>| **Year Ended** <br>**November 30,** <br>**2023**<br>| **Year Ended** <br>**November 30,** <br>**2022**<br>| **Year Ended** <br>**November 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $21.22 | &nbsp;&nbsp;&nbsp; $16.37 | &nbsp;&nbsp;&nbsp; $14.18 | &nbsp;&nbsp;&nbsp; $19.27 | &nbsp;&nbsp;&nbsp; $18.91 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $24.51 | &nbsp;&nbsp;&nbsp; $21.22 | &nbsp;&nbsp;&nbsp; $16.37 | &nbsp;&nbsp;&nbsp; $14.18 | &nbsp;&nbsp;&nbsp; $19.27 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.37<br> %<br>| &nbsp;&nbsp;&nbsp; (20.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.22<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $102642 | &nbsp;&nbsp;&nbsp; $82572 | &nbsp;&nbsp;&nbsp; $78539 | &nbsp;&nbsp;&nbsp; $80836 | &nbsp;&nbsp;&nbsp; $106028 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.21)%<br>| &nbsp;&nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp;&nbsp; (0.16)%<br>| &nbsp;&nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp;&nbsp; (0.19)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 18<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) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;(d) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.13%.

See accompanying notes to financial statements.

17 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class A** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class A** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class A** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class A** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class A** |
|  | **Year Ended** <br>**November 30,** <br>**2025**<br>| **Year Ended** <br>**November 30,** <br>**2024**<br>| **Year Ended** <br>**November 30,** <br>**2023**<br>| **Year Ended** <br>**November 30,** <br>**2022**<br>| **Year Ended** <br>**November 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $8.26 | &nbsp;&nbsp;&nbsp; $8.21 | &nbsp;&nbsp;&nbsp; $8.13 | &nbsp;&nbsp;&nbsp; $8.96 | &nbsp;&nbsp;&nbsp; $8.81 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $8.03 | &nbsp;&nbsp;&nbsp; $8.26 | &nbsp;&nbsp;&nbsp; $8.21 | &nbsp;&nbsp;&nbsp; $8.13 | &nbsp;&nbsp;&nbsp; $8.96 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.37<br> %<br>| &nbsp;&nbsp;&nbsp; (4.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.47<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $144065 | &nbsp;&nbsp;&nbsp; $154066 | &nbsp;&nbsp;&nbsp; $156290 | &nbsp;&nbsp;&nbsp; $188201 | &nbsp;&nbsp;&nbsp; $219989 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 127<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 79<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) 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) Effective July 1, 2024, the expense limit decreased from 1.00% to 0.98%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2023, the expense limit decreased from 1.05% to 1.00%.

See accompanying notes to financial statements.

\| 18

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class C** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class C** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class C** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class C** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class C** |
|  | **Year Ended** <br>**November 30,** <br>**2025**<br>| **Year Ended** <br>**November 30,** <br>**2024**<br>| **Year Ended** <br>**November 30,** <br>**2023**<br>| **Year Ended** <br>**November 30,** <br>**2022**<br>| **Year Ended** <br>**November 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $8.23 | &nbsp;&nbsp;&nbsp; $8.18 | &nbsp;&nbsp;&nbsp; $8.10 | &nbsp;&nbsp;&nbsp; $8.93 | &nbsp;&nbsp;&nbsp; $8.78 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $8.00 | &nbsp;&nbsp;&nbsp; $8.23 | &nbsp;&nbsp;&nbsp; $8.18 | &nbsp;&nbsp;&nbsp; $8.10 | &nbsp;&nbsp;&nbsp; $8.93 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.56<br> %<br>| &nbsp;&nbsp;&nbsp; (5.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.69<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $17419 | &nbsp;&nbsp;&nbsp; $28922 | &nbsp;&nbsp;&nbsp; $41284 | &nbsp;&nbsp;&nbsp; $62570 | &nbsp;&nbsp;&nbsp; $89618 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 127<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 79<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) 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) Effective July 1, 2024, the expense limit decreased from 1.75% to 1.73%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2023, the expense limit decreased from 1.80% to 1.75%.

See accompanying notes to financial statements.

19 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class N** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class N** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class N** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class N** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class N** |
|  | **Year Ended** <br>**November 30,** <br>**2025**<br>| **Year Ended** <br>**November 30,** <br>**2024**<br>| **Year Ended** <br>**November 30,** <br>**2023**<br>| **Year Ended** <br>**November 30,** <br>**2022**<br>| **Year Ended** <br>**November 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $8.25 | &nbsp;&nbsp;&nbsp; $8.21 | &nbsp;&nbsp;&nbsp; $8.13 | &nbsp;&nbsp;&nbsp; $8.96 | &nbsp;&nbsp;&nbsp; $8.81 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $8.03 | &nbsp;&nbsp;&nbsp; $8.25 | &nbsp;&nbsp;&nbsp; $8.21 | &nbsp;&nbsp;&nbsp; $8.13 | &nbsp;&nbsp;&nbsp; $8.96 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.71<br> %<br>| &nbsp;&nbsp;&nbsp; (4.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.79<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $2612 | &nbsp;&nbsp;&nbsp; $2491 | &nbsp;&nbsp;&nbsp; $2573 | &nbsp;&nbsp;&nbsp; $2278 | &nbsp;&nbsp;&nbsp; $2528 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.83<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 127<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 79<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) 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;(d) Effective July 1, 2024, the expense limit decreased from 0.70% to 0.68%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2023, the expense limit decreased from 0.75% to 0.70%.

See accompanying notes to financial statements.

\| 20

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class Y** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class Y** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class Y** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class Y** | **Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class Y** |
|  | **Year Ended** <br>**November 30,** <br>**2025**<br>| **Year Ended** <br>**November 30,** <br>**2024**<br>| **Year Ended** <br>**November 30,** <br>**2023**<br>| **Year Ended** <br>**November 30,** <br>**2022**<br>| **Year Ended** <br>**November 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $8.27 | &nbsp;&nbsp;&nbsp; $8.22 | &nbsp;&nbsp;&nbsp; $8.14 | &nbsp;&nbsp;&nbsp; $8.97 | &nbsp;&nbsp;&nbsp; $8.82 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $8.04 | &nbsp;&nbsp;&nbsp; $8.27 | &nbsp;&nbsp;&nbsp; $8.22 | &nbsp;&nbsp;&nbsp; $8.14 | &nbsp;&nbsp;&nbsp; $8.97 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.65<br> %<br>| &nbsp;&nbsp;&nbsp; (4.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.73<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $399015 | &nbsp;&nbsp;&nbsp; $637036 | &nbsp;&nbsp;&nbsp; $731385 | &nbsp;&nbsp;&nbsp; $771373 | &nbsp;&nbsp;&nbsp; $1227587 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.80<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 127<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 79<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) 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;(d) Effective July 1, 2024, the expense limit decreased from 0.75% to 0.73%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2023, the expense limit decreased from 0.80% to 0.75%.

See accompanying notes to financial statements.

21 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Select Fund—Class A** | **Vaughan Nelson Select Fund—Class A** | **Vaughan Nelson Select Fund—Class A** | **Vaughan Nelson Select Fund—Class A** | **Vaughan Nelson Select Fund—Class A** |
|  | **Year Ended** <br>**November 30,** <br>**2025**<br>| **Year Ended** <br>**November 30,** <br>**2024**<br>| **Year Ended** <br>**November 30,** <br>**2023**<br>| **Year Ended** <br>**November 30,** <br>**2022**<br>| **Year Ended** <br>**November 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $22.48 | &nbsp;&nbsp;&nbsp; $18.87 | &nbsp;&nbsp;&nbsp; $17.24 | &nbsp;&nbsp;&nbsp; $26.43 | &nbsp;&nbsp;&nbsp; $20.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 <br>(c)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.70 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.77 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (7.25)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (7.25)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $24.80 | &nbsp;&nbsp;&nbsp; $22.48 | &nbsp;&nbsp;&nbsp; $18.87 | &nbsp;&nbsp;&nbsp; $17.24 | &nbsp;&nbsp;&nbsp; $26.43 |
| Total return(d)(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.54<br> %<br>| &nbsp;&nbsp;&nbsp; (10.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.46 %(c)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $20504 | &nbsp;&nbsp;&nbsp; $28917 | &nbsp;&nbsp;&nbsp; $29980 | &nbsp;&nbsp;&nbsp; $23653 | &nbsp;&nbsp;&nbsp; $20382 |
| Net expenses(f) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %(h)(i)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.00)%(j)<br>| &nbsp;&nbsp;&nbsp; (0.45)%<br>| &nbsp;&nbsp;&nbsp; (0.06)%<br>| &nbsp;&nbsp;&nbsp; (0.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %(c)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 93<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) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.06), total return would have been 40.82% and the ratio of net investment loss to average net assets would have been (0.25)%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) A sales charge for Class A shares is not reflected in total return calculations.

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

&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) Includes additional voluntary waiver of advisory fee of 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective July 1, 2021, the expense limit decreased from 1.15% to 1.10%

&nbsp;&nbsp;&nbsp;&nbsp;(i) Includes additional voluntary waiver of advisory fee of 0.03%.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Amount rounds to less than 0.01%.

See accompanying notes to financial statements.

\| 22

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Select Fund—Class C** | **Vaughan Nelson Select Fund—Class C** | **Vaughan Nelson Select Fund—Class C** | **Vaughan Nelson Select Fund—Class C** | **Vaughan Nelson Select Fund—Class C** |
|  | **Year Ended** <br>**November 30,** <br>**2025**<br>| **Year Ended** <br>**November 30,** <br>**2024**<br>| **Year Ended** <br>**November 30,** <br>**2023**<br>| **Year Ended** <br>**November 30,** <br>**2022**<br>| **Year Ended** <br>**November 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $19.86 | &nbsp;&nbsp;&nbsp; $16.80 | &nbsp;&nbsp;&nbsp; $15.49 | &nbsp;&nbsp;&nbsp; $24.61 | &nbsp;&nbsp;&nbsp; $18.76 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.08 )(b)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.19 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.11 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (7.25)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $21.75 | &nbsp;&nbsp;&nbsp; $19.86 | &nbsp;&nbsp;&nbsp; $16.80 | &nbsp;&nbsp;&nbsp; $15.49 | &nbsp;&nbsp;&nbsp; $24.61 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.65<br> %<br>| &nbsp;&nbsp;&nbsp; (11.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.44 %(b)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $6592 | &nbsp;&nbsp;&nbsp; $8861 | &nbsp;&nbsp;&nbsp; $11102 | &nbsp;&nbsp;&nbsp; $5784 | &nbsp;&nbsp;&nbsp; $5357 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86 %(g)(h)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.76)%<br>| &nbsp;&nbsp;&nbsp; (1.19)%<br>| &nbsp;&nbsp;&nbsp; (0.81)%<br>| &nbsp;&nbsp;&nbsp; (0.76)%<br>| &nbsp;&nbsp;&nbsp; (0.39 )%(b)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 93<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 39.76% and the ratio of net investment loss to average net assets would have been (1.00)%.

&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) 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) Includes additional voluntary waiver of advisory fee of 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2021, the expense limit decreased from 1.90% to 1.85%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes additional voluntary waiver of advisory fee of 0.03%.

See accompanying notes to financial statements.

23 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Select Fund—Class N** | **Vaughan Nelson Select Fund—Class N** | **Vaughan Nelson Select Fund—Class N** | **Vaughan Nelson Select Fund—Class N** | **Vaughan Nelson Select Fund—Class N** |
|  | **Year Ended** <br>**November 30,** <br>**2025**<br>| **Year Ended** <br>**November 30,** <br>**2024**<br>| **Year Ended** <br>**November 30,** <br>**2023**<br>| **Year Ended** <br>**November 30,** <br>**2022**<br>| **Year Ended** <br>**November 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $22.78 | &nbsp;&nbsp;&nbsp; $19.10 | &nbsp;&nbsp;&nbsp; $17.43 | &nbsp;&nbsp;&nbsp; $26.63 | &nbsp;&nbsp;&nbsp; $20.14 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 <br>(b)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.76 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.89 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (7.25)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (7.28)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $25.21 | &nbsp;&nbsp;&nbsp; $22.78 | &nbsp;&nbsp;&nbsp; $19.10 | &nbsp;&nbsp;&nbsp; $17.43 | &nbsp;&nbsp;&nbsp; $26.63 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.90<br> %<br>| &nbsp;&nbsp;&nbsp; (10.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.87 %(b)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $413 | &nbsp;&nbsp;&nbsp; $52275 | &nbsp;&nbsp;&nbsp; $299 | &nbsp;&nbsp;&nbsp; $289 | &nbsp;&nbsp;&nbsp; $2 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %(e)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49.27<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp; (0.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56 %(b)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 93<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 $0.01, total return would have been 41.24% and the ratio of net investment income to average net assets would have been 0.02%.

&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) 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) Effective July 1, 2021, the expense limit decreased from 0.85% to 0.80%.

See accompanying notes to financial statements.

\| 24

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Select Fund—Class Y** | **Vaughan Nelson Select Fund—Class Y** | **Vaughan Nelson Select Fund—Class Y** | **Vaughan Nelson Select Fund—Class Y** | **Vaughan Nelson Select Fund—Class Y** |
|  | **Year Ended** <br>**November 30,** <br>**2025**<br>| **Year Ended** <br>**November 30,** <br>**2024**<br>| **Year Ended** <br>**November 30,** <br>**2023**<br>| **Year Ended** <br>**November 30,** <br>**2022**<br>| **Year Ended** <br>**November 30,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $22.77 | &nbsp;&nbsp;&nbsp; $19.09 | &nbsp;&nbsp;&nbsp; $17.43 | &nbsp;&nbsp;&nbsp; $26.63 | &nbsp;&nbsp;&nbsp; $20.14 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 <br>(b)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.75 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.88 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (7.25)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (7.28)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $25.18 | &nbsp;&nbsp;&nbsp; $22.77 | &nbsp;&nbsp;&nbsp; $19.09 | &nbsp;&nbsp;&nbsp; $17.43 | &nbsp;&nbsp;&nbsp; $26.63 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.81<br> %<br>| &nbsp;&nbsp;&nbsp; (10.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.81 %(b)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $530977 | &nbsp;&nbsp;&nbsp; $698572 | &nbsp;&nbsp;&nbsp; $585568 | &nbsp;&nbsp;&nbsp; $392076 | &nbsp;&nbsp;&nbsp; $226305 |
| Net expenses(d) <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 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(f)(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp; (0.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56 %(b)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 93<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 less than $(0.01), total return would have been 41.17% and the ratio of net investment loss to average net assets would have been less than (0.01)%.

&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) 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) Includes additional voluntary waiver of advisory fee of 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2021, the expense limit decreased from 0.90% to 0.85%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes additional voluntary waiver of advisory fee of 0.03%.

See accompanying notes to financial statements.

25 \|

------

Notes to Financial Statements

November 30, 2025

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

**1. Organization.** Natixis Funds Trust II (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 Global Growth Fund ("Global Growth Fund")

Loomis Sayles Senior Floating Rate and Fixed Income Fund ("Senior Floating Rate and Fixed Income Fund")

Vaughan Nelson Select Fund ("Select Fund")

Global Growth Fund and Senior Floating Rate and Fixed Income Fund are diversified investment companies. Select Fund is a non-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 5.75% for Global Growth Fund and Select Fund and 3.50% for Senior Floating Rate and Fixed Income 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 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"), 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 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 year-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds' financial statements.

**a. Valuation.** Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds' Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board's oversight.

Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Futures contracts are valued at the closing settlement price on the exchange on which the valuation designee believes that, overtime, 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

\| 26

------

Notes to Financial Statements (continued)

November 30, 2025

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. 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. 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. Dividends reinvested and stock dividends are reflected as non-cash dividends on the Statements of Operations. Loan consent fees, upfront origination fees and/or amendment fees are recorded when received and included in interest income on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For payment-in-kind securities, income received in-kind is reflected as an increase to the principal and cost basis of the securities. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a *pro rata* basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded in the Funds' books and records and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income, and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The Funds may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

27 \|

------

Notes to Financial Statements (continued)

November 30, 2025

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

**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. Swap Agreements.** A Fund may enter into credit default swaps. A credit default swap is an agreement between two parties (the "protection buyer" and "protection seller") to exchange the credit risk of an issuer ("reference obligation") for a specified time period. The reference obligation may be one or more debt securities or an index of such securities. The Funds may be either the protection buyer or the protection seller. As a protection buyer, the Funds have the ability to hedge the downside risk of an issuer or group of issuers. As a protection seller, the Funds have the ability to gain exposure to an issuer or group of issuers whose bonds are unavailable or in short supply in the cash bond market, as well as realize additional income in the form of fees paid by the protection buyer. The protection buyer is obligated to pay the protection seller a stream of payments ("fees") over the term of the contract, provided that no credit event, such as a default or a downgrade in credit rating, occurs on the reference obligation. The Funds may also pay or receive upfront premiums. If a credit event occurs, the protection seller must pay the protection buyer the difference between the agreed upon notional value and market value of the reference obligation. Market value in this case is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the value. The maximum potential amount of undiscounted future payments that a Fund as the protection seller could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

Implied credit spreads, represented in absolute terms, are disclosed in the Portfolio of Investments for those agreements for which the Fund is the protection seller. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The notional amounts of swap agreements are not recorded in the financial statements. Swap agreements are valued daily and fluctuations in the value are recorded in the Statements of Operations as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded in the Statements of Assets and Liabilities as part of unrealized appreciation (depreciation) on swap agreements. When received or paid, fees are recorded in the

\| 28

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Notes to Financial Statements (continued)

November 30, 2025

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.

**g. Federal and Foreign Income Taxes.** The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund's tax positions for the open tax years as of November 30, 2025 and has concluded that no provisions for income tax are required. The Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund's understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

**h. Dividends and Distributions to Shareholders.** Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. When the Fund identifies the character of distributions paid by REITs in the previous calendar year, certain distributions to Fund shareholders may be redesignated as capital gain distributions or, if in excess of taxable income, as a return of capital. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency gains and losses, premium amortization, corporate actions, defaulted and/or non-income producing securities, paydown gains and losses, capital gain distribution received and passive foreign investment company adjustments. Permanent book and tax basis differences relating to shareholder distributions, net investment income, and net realized gains will result in reclassifications to the 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, passive foreign investment company adjustments, premium amortization, corporate actions, dividends payable, capital gain distribution received, grantor trust adjustment, defaulted and/or non-income producing securities 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 Fund's 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 considered to be distributed from ordinary income for tax purposes.

29 \|

------

Notes to Financial Statements (continued)

November 30, 2025

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended November 30, 2025 and 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 Distributions | 2025 Distributions | 2025 Distributions | 2024 Distributions | 2024 Distributions | 2024 Distributions |
| Fund | Ordinary <br>Income<br>| Long-Term <br>Capital <br>Gains<br>| Total | Ordinary <br>Income<br>| Long-Term <br>Capital <br>Gains<br>| Total |
| Global Growth Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp; 55367507 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55367507 | &nbsp;&nbsp; 71622190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71622190 |
| Select Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 844394 | &nbsp;&nbsp; — | &nbsp;&nbsp; 844394 |

---

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 November 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Global Growth <br>Fund<br>| Senior <br>Floating Rate <br>and Fixed <br>Income Fund<br>| Select Fund |
| Undistributed ordinary income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $351530 | &nbsp;&nbsp; $439120 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 398849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46731008 |
| Total undistributed earnings | &nbsp;&nbsp; 398849 | &nbsp;&nbsp; 351530 | &nbsp;&nbsp; 47170128 |
| Capital loss carryforward: |  |  |  |
| Short-term: |  |  |  |
| No expiration date | &nbsp;&nbsp; — | &nbsp;&nbsp; (139154815)<br>| &nbsp;&nbsp; — |
| Long-term: |  |  |  |
| No expiration date | &nbsp;&nbsp; — | &nbsp;&nbsp; (516846216)<br>| &nbsp;&nbsp; — |
| Total capital loss carryforward | &nbsp;&nbsp; — | &nbsp;&nbsp; (656001031)<br>| &nbsp;&nbsp; — |
| Late-year ordinary and post-October <br>capital loss deferrals\* <br>| &nbsp;&nbsp; (385264)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation (depreciation) | &nbsp;&nbsp; 52722137 | &nbsp;&nbsp; (35734839)<br>| &nbsp;&nbsp; 186738039 |
| Total accumulated earnings (losses) | &nbsp;&nbsp; $52735722 | &nbsp;&nbsp; $(691384340)<br>| &nbsp;&nbsp; $233908167 |

---

&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. Global Growth Fund is deferring net operating losses. 

As of November 30, 2025, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Global Growth <br>Fund<br>| Senior <br>Floating Rate <br>and Fixed <br>Income Fund<br>| Select Fund |
| Federal tax cost | &nbsp;&nbsp; $79040873 | &nbsp;&nbsp; $615977311 | &nbsp;&nbsp; $372008297 |
| Gross tax appreciation | &nbsp;&nbsp; $55207647 | &nbsp;&nbsp; $1979834 | &nbsp;&nbsp; $187866061 |
| Gross tax depreciation | &nbsp;&nbsp; (2500365)<br>| &nbsp;&nbsp; (37714752)<br>| &nbsp;&nbsp; (1128022)<br>|
| Net tax appreciation (depreciation) | &nbsp;&nbsp; $52707282 | &nbsp;&nbsp; $(35734918)<br>| &nbsp;&nbsp; $186738039 |

---

The difference between these amounts and those reported in the components of distributable earnings, if any, is primarily attributable to foreign currency mark-to-market.

\| 30

------

Notes to Financial Statements (continued)

November 30, 2025

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

**i. Senior Loans.** Senior Floating Rate and Fixed Income Fund may invest in senior loans 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 are listed in the Fund's Portfolio of Investments.

**j. 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 November 30, 2025, 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.

**k. Unfunded Loan Commitments.** Senior Floating Rate and Fixed Income 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.

As of November 30, 2025, the Fund had unfunded loan commitments reflected on the Statements of Assets and Liabilities, which could be extended at the option of the borrower, pursuant to loan agreements with the following borrowers:

---

| | | |
|:---|:---|:---|
| Borrower | Type | Principal <br>Amount<br>|
| Hanger, Inc. | 2024 Delayed Draw Term Loan | &nbsp;&nbsp; $317680 |
| June Purchaser LLC | Delayed Draw Term Loan | &nbsp;&nbsp; 467429 |
| Archkey Solutions LLC | 2024 Delayed Draw Term Loan B | &nbsp;&nbsp; 752392 |
| Raven Acquisition Holdings LLC | Delayed Draw Term Loan | &nbsp;&nbsp; 257708 |
| GrafTech Finance, Inc. | 2024 Delayed Draw Term Loan | &nbsp;&nbsp; 581818 |
| Trio Bidco, Inc. | 2025 Delayed Draw Term Loan | &nbsp;&nbsp; 563143 |
|  |  | &nbsp;&nbsp; $2940170 |

---

Under the terms of the contract, the Fund has the option to assign (sell) all or a portion of the unfunded loan commitment. Upon the completion of such assignment, the Fund is released from its rights and obligations pertaining to the portion of the unfunded loan commitment assigned. When the Fund sells a portion of an unfunded loan commitment, the portion sold is removed from the Portfolio of Investments and the unsettled amount is reflected as unfunded loan commitments sold on the Statements of Assets and Liabilities until settlement date. Once settled, the portion of the unfunded loan commitment assigned is relieved from the Fund's unfunded loan commitments liability.

**l. 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.

**m. New Accounting Pronouncement.** In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance

31 \|

------

Notes to Financial Statements (continued)

November 30, 2025

income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while eliminating certain outdated disclosure requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact of ASU 2023-09 but does not expect it to have a material impact on the financial statements.

**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.

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 November 30, 2025, at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global 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 |  |  |  |  |
| China | &nbsp;&nbsp; $6552041 | &nbsp;&nbsp; $4563189 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11115230 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 2098639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2098639 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 2075790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2075790 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 1962396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1962396 |
| Netherlands | &nbsp;&nbsp; 1444505 | &nbsp;&nbsp; 3848410 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5292915 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 1228658 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1228658 |
| United States | &nbsp;&nbsp; 79987580 | &nbsp;&nbsp; 9220521 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89208101 |
| All Other Common Stocks(a) | &nbsp;&nbsp; 18261639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18261639 |
| Total Common Stocks | &nbsp;&nbsp; 106245765 | &nbsp;&nbsp; 24997603 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131243368 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 504787 | &nbsp;&nbsp; — | &nbsp;&nbsp; 504787 |
| Total Investments | &nbsp;&nbsp; $106245765 | &nbsp;&nbsp; $25502390 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $131748155 |

---

&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.

\| 32

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Notes to Financial Statements (continued)

November 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and 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 |
| Senior Loans |  |  |  |  |
| Technology | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83417161 | &nbsp;&nbsp; $401618 | &nbsp;&nbsp; $83818779 |
| All Other Senior Loans(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 409607710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 409607710 |
| Total Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 493024871 | &nbsp;&nbsp; 401618 | &nbsp;&nbsp; 493426489 |
| Collateralized Loan Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 27034992 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27034992 |
| Bonds and Notes(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 23949714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23949714 |
| Exchange-Traded Funds | &nbsp;&nbsp; 9089426 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9089426 |
| Common Stocks |  |  |  |  |
| Capital Markets | &nbsp;&nbsp; — | &nbsp;&nbsp; 72673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72673 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5691 | &nbsp;&nbsp; 5929 |
| Specialty Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 2354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2354 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; — | &nbsp;&nbsp; 124186 | &nbsp;&nbsp; — | &nbsp;&nbsp; 124186 |
| Total Common Stocks | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 199213 | &nbsp;&nbsp; 5691 | &nbsp;&nbsp; 205142 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 553 | &nbsp;&nbsp; — | &nbsp;&nbsp; 553 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 26536077 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26536077 |
| Total Investments | &nbsp;&nbsp; 9089664 | &nbsp;&nbsp; 570745420 | &nbsp;&nbsp; 407309 | &nbsp;&nbsp; 580242393 |
| Forward Foreign Currency Contracts (unrealized appreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; 12005 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12005 |
| Total | &nbsp;&nbsp; $9089664 | &nbsp;&nbsp; $570757425 | &nbsp;&nbsp; $407309 | &nbsp;&nbsp; $580254398 |

---

&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; $(23159)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(23159)<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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** | **Select 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; $542476332 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $542476332 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 16270004 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16270004 |
| Total Investments | &nbsp;&nbsp; $542476332 | &nbsp;&nbsp; $16270004 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $558746336 |

---

&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.

33 \|

------

Notes to Financial Statements (continued)

November 30, 2025

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of November 30, 2024 and/or November 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed 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>November 30, <br>2024<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>November 30, <br>2025<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>from <br>Investments <br>Still Held at <br>November 30, <br>2025<br>|
| Senior Loans |  |  |  |  |  |  |  |  |  |  |
| Technology | $401618 | $10723 | $— | $(10723)<br>| $— | $— | $— | $— | $401618 | $(10723)<br>|
| Common Stocks |  |  |  |  |  |  |  |  |  |  |
| Oil, Gas & Consumable <br> Fuels<br>| 5691 |  |  |  |  |  |  |  | 5691 |  |
| Total | $407309 | $10723 | $— | $(10723)<br>| $— | $— | $— | $— | $407309 | $(10723)<br>|

---

**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 Senior Floating Rate and Fixed Income Fund used during the period include forward foreign currency contracts, futures contracts and swap agreements.

The Fund is 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 Fund may enter into forward foreign currency exchange contracts for hedging purposes to protect the value of the Fund's holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Funds. During the year ended November 30, 2025, the Fund engaged in forward foreign currency contracts for hedging purposes and to gain exposure to foreign currencies.

The Fund is subject to the risk that companies in which the Fund invests will fail financially or otherwise be unwilling or unable to meet their obligations to the Fund. The Fund may use credit default swaps, as a protection buyer, to hedge its credit exposure to issuers of bonds it holds without having to sell the bonds. The Fund may also use credit default swaps, as a protection seller, to gain investment exposure. During the year ended November 30, 2025, Senior Floating Rate and Fixed Income Fund engaged in credit default swap agreements (as a protection seller) to gain investment exposure.

The Fund is subject to the risk that changes in interest rates will affect the value of the Fund's investments in fixed-income securities. The 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 Fund 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 year ended November 30, 2025, Senior Floating Rate and Fixed Income Fund used futures contracts to hedge against changes in interest rates and manage duration.

The following is a summary of derivative instruments for Senior Floating Rate and Fixed Income Fund as of November 30, 2025, as reflected within the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Assets | Unrealized <br>appreciation <br>on forward <br>foreign <br>currency <br>contracts<br>|
| Over-the-counter asset derivatives |  |
| Foreign exchange contracts | &nbsp;&nbsp; $12005 |

---

\| 34

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Notes to Financial Statements (continued)

November 30, 2025

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

---

| | |
|:---|:---|
| Liabilities | Unrealized <br>depreciation <br>on forward <br>foreign <br>currency <br>contracts<br>|
| Over-the-counter liability derivatives |  |
| Foreign exchange contracts | &nbsp;&nbsp; $(23159)<br>|

---

Transactions in derivative instruments for Senior Floating Rate and Fixed Income Fund during the year ended November 30, 2025, 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>| Swap <br>agreements<br>|
| Interest rate contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20385 | &nbsp;&nbsp; $— |
| Foreign exchange contracts | &nbsp;&nbsp; 7235 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Credit contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1388943 |
| Total | &nbsp;&nbsp; $7235 | &nbsp;&nbsp; $20385 | &nbsp;&nbsp; $1388943 |

---

&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>|
| Foreign exchange contracts | &nbsp;&nbsp; $(11154)<br>|

---

As the Fund values its derivatives at fair value and recognizes changes in fair value through the Statement of Operations, it does not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund's 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 year ended November 30, 2025. 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>| Swap <br>agreements<br>|
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp; $734293 | &nbsp;&nbsp; $2369396 | &nbsp;&nbsp; $3261538 |

---

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.

35 \|

------

Notes to Financial Statements (continued)

November 30, 2025

As of November 30, 2025, 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and Fixed Income Fund** | **Senior Floating Rate and 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>|
| Goldman Sachs Bank USA | &nbsp;&nbsp; $12005 | &nbsp;&nbsp; $(12005)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&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>|
| Goldman Sachs Bank USA | &nbsp;&nbsp; $(23159)<br>| &nbsp;&nbsp; $12005 | &nbsp;&nbsp; $(11154)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11154)<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 year ended November 30, 2025, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Global Growth Fund | &nbsp;&nbsp; $19407165 | &nbsp;&nbsp; $14129530 |
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp; 873455661 | &nbsp;&nbsp; 1113707795 |
| Select Fund | &nbsp;&nbsp; 379660537 | &nbsp;&nbsp; 662406984 |

---

**6. Management Fees and Other Transactions with Affiliates.** 

**a. Management Fees.** Loomis, Sayles & Company, L.P. ("Loomis Sayles") serves as investment adviser to Global Growth Fund and Senior Floating Rate and Fixed Income Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment Managers, LLC ("Natixis"), which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund's average daily net assets:

---

| | |
|:---|:---|
| Fund | Percentage of <br>Average Daily <br>Net Assets<br>|
| Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|

---

\| 36

------

Notes to Financial Statements (continued)

November 30, 2025

Natixis Advisors, LLC ("Natixis Advisors") serves as investment adviser to Select Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis. Under the terms of the management agreement, the Fund pays a management fee at the annual rate of 0.66%, calculated daily and payable monthly, based on the Fund's average daily net assets.

Prior to July 1, 2025, Select Fund paid a management fee at the annual rate of 0.70% of the Fund's average daily net assets, calculated daily and payable monthly.

Natixis Advisors has entered into a subadvisory agreement with Vaughan Nelson Investment Management, L.P. ("Vaughan Nelson"). Under the terms of the subadvisory agreement, the Fund pays a subadvisory fee at the annual rate of 0.4425%, calculated daily and payable monthly, based on the Fund's average daily net assets. Payments to Natixis Advisors are reduced by the amount of payments to Vaughan Nelson.

Prior to July 1, 2025, Select Fund paid a subadvisory fee at the annual rate of 0.47% of the Fund's average daily net assets, calculated daily and payable monthly.

Loomis Sayles and Natixis Advisors have 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 March 31, 2026, 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 year ended November 30, 2025, 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 |
| Global Growth 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>|
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>|
| Select Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|

---

Loomis Sayles and Natixis Advisors shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below both (1) a class' expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class' current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended November 30, 2025, 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>  | 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>  | Net <br>Management <br>Fees | Gross | Net |
| Global Growth Fund | &nbsp;&nbsp; $924983 | &nbsp;&nbsp; $155282 | &nbsp;&nbsp; $769701 | 0.75<br> %<br>| 0.62<br> %<br>|
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp; 4193552 | &nbsp;&nbsp; 524409 | &nbsp;&nbsp; 3669143 | 0.60<br> %<br>| 0.52<br> %<br>|
| Select Fund | &nbsp;&nbsp; 4126371 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4126371 | 0.68<br> %<br>| 0.68<br> %<br>|

---

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

<sup>1</sup> Contractual management fee waivers are subject to possible recovery until November 30, 2026.

For the year ended November 30, 2025, class-specific expenses have been reimbursed as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Reimbursement | Reimbursement | Reimbursement | Reimbursement | Reimbursement |
|  | Class A | Class C | Class N | Class Y | Total |
| Select Fund | &nbsp;&nbsp; $2725 | &nbsp;&nbsp; $862 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75653 | &nbsp;&nbsp; $79240 |

---

37 \|

------

Notes to Financial Statements (continued)

November 30, 2025

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

**b. Service and Distribution Fees.** Natixis Distribution, LLC ("Natixis Distribution"), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trust. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trust.

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has 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 year ended November 30, 2025, the service and distribution fees for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Service Fees | Service Fees | Distribution Fees |
| Fund | Class A | Class C | Class C |
| Global Growth Fund | &nbsp;&nbsp; $23031 | &nbsp;&nbsp; $2642 | &nbsp;&nbsp; $7926 |
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp; 383569 | &nbsp;&nbsp; 54420 | &nbsp;&nbsp; 163261 |
| Select Fund | &nbsp;&nbsp; 55142 | &nbsp;&nbsp; 17817 | &nbsp;&nbsp; 53449 |

---

**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 year ended November 30, 2025, the administrative fees for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Administrative <br>Fees<br>|
| Global Growth Fund | &nbsp;&nbsp; $52880 |
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp; 300297 |
| Select Fund | &nbsp;&nbsp; 258810 |

---

**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.

\| 38

------

Notes to Financial Statements (continued)

November 30, 2025

For the year ended November 30, 2025, 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 Growth Fund | &nbsp;&nbsp; $81451 |
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp; 551113 |
| Select Fund | &nbsp;&nbsp; 437414 |

---

As of November 30, 2025, 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 Growth Fund | &nbsp;&nbsp; $462 |
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp; 23865 |
| Select Fund | &nbsp;&nbsp; 3445 |

---

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

**e. Commissions.** Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended November 30, 2025 were as follows:

---

| | |
|:---|:---|
| Fund | Commissions |
| Global Growth Fund | &nbsp;&nbsp; $1079 |
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp; 5691 |
| Select Fund | &nbsp;&nbsp; 1081 |

---

**f. 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.

Prior to January 1, 2025, the Chairperson of the Board of Trustees received a retainer fee at the annual rate of $400,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $225,000. The Chairperson of the Contract Review Committee and the Chairperson of the Audit Committee each received an additional retainer fee at the annual rate of $25,000. All other Trustees fees remained unchanged.

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.

39 \|

------

Notes to Financial Statements (continued)

November 30, 2025

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

**g. Affiliated Ownership.** As of November 30, 2025, Natixis and affiliates ("Natixis") and Loomis Sayles Employees' Profit Sharing Retirement Plan ("Retirement Plan") held shares of the Funds representing the following percentages of the Funds' net assets:

---

| | | |
|:---|:---|:---|
|  | Natixis | Retirement <br>Plan<br>|
| Global Growth Fund | 13.76<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp; —<br> %<br>| 1.20<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 the Funds to reimburse any and all transfer agency expenses for the Fund's Class N shares. This undertaking is in effect through March 31, 2026 and is not subject to recovery under the expense limitation agreement described above.

For the year ended November 30, 2025, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

---

| | |
|:---|:---|
|  | Reimbursement of <br>Transfer Agency <br>Expenses<br>|
| Fund | Class N |
| Global Growth Fund | &nbsp;&nbsp; $1257 |
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp; 1033 |
| Select Fund | &nbsp;&nbsp; 1188 |

---

**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 year ended November 30, 2025 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 |
| Global Growth Fund | &nbsp;&nbsp; $7619 | &nbsp;&nbsp; $869 | &nbsp;&nbsp; $1257 | &nbsp;&nbsp; $79297 |
| Senior Floating Rate and Fixed Income Fund | &nbsp;&nbsp; 129223 | &nbsp;&nbsp; 18326 | &nbsp;&nbsp; 1033 | &nbsp;&nbsp; 438210 |
| Select Fund | &nbsp;&nbsp; 16946 | &nbsp;&nbsp; 5471 | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; 438455 |

---

**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 year ended November 30, 2025, Senior Floating Rate and Fixed Income Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $12,546,667 at a weighted average interest rate of 5.43%. Interest expense incurred on the line of credit was $28,387.

**10. Risk.** Global Growth 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.

\| 40

------

Notes to Financial Statements (continued)

November 30, 2025

Global Growth Fund may invest to a significant extent in variable interest entity ("VIE") structures. VIE structures can vary, but generally consist of a U.S.-listed company with contractual arrangements, through one or more wholly-owned special purpose vehicles, with a Chinese company that ultimately provides the U.S.-listed company with contractual rights to obtain economic benefits from the Chinese company. The VIE structure enables foreign investors, such as the Fund, to obtain investment exposure similar to that of an equity owner in a Chinese company in situations in which the Chinese government has restricted or prohibited the ownership of such company by foreign investors. The Fund's exposure to VIE structures may pose additional risks because the VIE structure is not formally recognized under Chinese law. The Chinese government may cease to tolerate VIE structures at any time or impose new restrictions. In addition, Chinese companies using the VIE structure, and listed on stock exchanges in the U.S., could also face delisting or other ramifications for failure to meet the expectations and/or requirements of the U.S. Securities and Exchange Commission, the Public Company Accounting Oversight Board, or other U.S. regulators. Any of these risks could reduce the liquidity and value of these investments or render them valueless.

Select Fund is non-diversified, which means that it is not limited under the 1940 Act to a percentage of assets that it may invest in any one issuer. Because the Fund may invest in the securities of a limited number of issuers, an investment in the Fund may involve a higher degree of risk than would be present in a diversified portfolio.

The senior loans in which Senior Floating Rate and Fixed Income Fund expects to invest will generally not be rated investment grade by the rating agencies. Economic downturns generally increase non-payment rates and a senior loan could lose a substantial part of its value prior to default. Senior loans are subject to credit risk, and secured loans may not be adequately collateralized. The interest rates of senior loans reset frequently, and thus senior loans are subject to interest rate risk. There may also be less public information available about senior loans as compared to other debt securities.

Senior loans are generally less liquid than many other debt securities. Transactions in senior loans may settle on a delayed basis, such that the Fund may not receive the proceeds from the sale of a loan for a substantial period of time (greater than seven days) after the sale. As a result, the proceeds related to the sale of senior loans may not be available to make additional investments or to meet the Fund's redemption obligations until substantial period (greater than seven days) after the sale of the loans.

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 November 30, 2025, 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 6g)<br>| Total <br>Percentage of <br>Ownership<br>|
| Global Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 13.76<br> %<br>| 13.76<br> %<br>|
| Select Fund | &nbsp;&nbsp; 2 | 13.12<br> %<br>| &nbsp;&nbsp; — | 13.12<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.

41 \|

------

Notes to Financial Statements (continued)

November 30, 2025

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

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**November 30, 2025** | **Year Ended** <br>**November 30, 2025** | **Year Ended** <br>**November 30, 2024** | **Year Ended** <br>**November 30, 2024** |
| **Global Growth Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 65723 | &nbsp;&nbsp; $1477819 | &nbsp;&nbsp; 209190 | &nbsp;&nbsp; $3770747 |
| Redeemed | &nbsp;&nbsp; (81238)<br>| &nbsp;&nbsp; (1656071)<br>| &nbsp;&nbsp; (29340)<br>| &nbsp;&nbsp; (518282)<br>|
| Net change | &nbsp;&nbsp; (15515)<br>| &nbsp;&nbsp; $(178252)<br>| &nbsp;&nbsp; 179850 | &nbsp;&nbsp; $3252465 |
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 12718 | &nbsp;&nbsp; $256400 | &nbsp;&nbsp; 10470 | &nbsp;&nbsp; $171904 |
| Redeemed | &nbsp;&nbsp; (16401)<br>| &nbsp;&nbsp; (340733)<br>| &nbsp;&nbsp; (14658)<br>| &nbsp;&nbsp; (245493)<br>|
| Net change | &nbsp;&nbsp; (3683)<br>| &nbsp;&nbsp; $(84333)<br>| &nbsp;&nbsp; (4188)<br>| &nbsp;&nbsp; $(73589)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 22 | &nbsp;&nbsp; $470 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; $517 |
| Redeemed | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; (489)<br>| &nbsp;&nbsp; (96)<br>| &nbsp;&nbsp; (1648)<br>|
| Net change | &nbsp;&nbsp; — | &nbsp;&nbsp; $(19)<br>| &nbsp;&nbsp; (65)<br>| &nbsp;&nbsp; $(1131)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1133432 | &nbsp;&nbsp; $24494697 | &nbsp;&nbsp; 544932 | &nbsp;&nbsp; $10032137 |
| Redeemed | &nbsp;&nbsp; (837987)<br>| &nbsp;&nbsp; (19777936)<br>| &nbsp;&nbsp; (1452511)<br>| &nbsp;&nbsp; (26508901)<br>|
| Net change | &nbsp;&nbsp; 295445 | &nbsp;&nbsp; $4716761 | &nbsp;&nbsp; (907579)<br>| &nbsp;&nbsp; $(16476764)<br>|
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; 276247 | &nbsp;&nbsp; $4454157 | &nbsp;&nbsp; (731982)<br>| &nbsp;&nbsp; $(13299019)<br>|

---

\| 42

------

Notes to Financial Statements (continued)

November 30, 2025

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

**12. Capital Shares (continued).**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**November 30, 2025** | **Year Ended** <br>**November 30, 2025** | **Year Ended** <br>**November 30, 2024** | **Year Ended** <br>**November 30, 2024** |
| **Senior Floating Rate and Fixed Income Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 4208865 | &nbsp;&nbsp; $34420108 | &nbsp;&nbsp; 3546429 | &nbsp;&nbsp; $29229317 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1128398 | &nbsp;&nbsp; 9157614 | &nbsp;&nbsp; 1246666 | &nbsp;&nbsp; 10275418 |
| Redeemed | &nbsp;&nbsp; (6060732)<br>| &nbsp;&nbsp; (49116410)<br>| &nbsp;&nbsp; (5164154)<br>| &nbsp;&nbsp; (42552158)<br>|
| Net change | &nbsp;&nbsp; (723469)<br>| &nbsp;&nbsp; $(5538688)<br>| &nbsp;&nbsp; (371059)<br>| &nbsp;&nbsp; $(3047423)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 139106 | &nbsp;&nbsp; $1128105 | &nbsp;&nbsp; 393094 | &nbsp;&nbsp; $3234373 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 158180 | &nbsp;&nbsp; 1280458 | &nbsp;&nbsp; 292552 | &nbsp;&nbsp; 2403524 |
| Redeemed | &nbsp;&nbsp; (1636199)<br>| &nbsp;&nbsp; (13256445)<br>| &nbsp;&nbsp; (2215130)<br>| &nbsp;&nbsp; (18195882)<br>|
| Net change | &nbsp;&nbsp; (1338913)<br>| &nbsp;&nbsp; $(10847882)<br>| &nbsp;&nbsp; (1529484)<br>| &nbsp;&nbsp; $(12557985)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 24345 | &nbsp;&nbsp; $200000 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 24836 | &nbsp;&nbsp; 201441 | &nbsp;&nbsp; 25241 | &nbsp;&nbsp; 207927 |
| Redeemed | &nbsp;&nbsp; (1365)<br>| &nbsp;&nbsp; (11089)<br>| &nbsp;&nbsp; (61171)<br>| &nbsp;&nbsp; (505860)<br>|
| Net change | &nbsp;&nbsp; 23471 | &nbsp;&nbsp; $190352 | &nbsp;&nbsp; (11585)<br>| &nbsp;&nbsp; $(97933)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 20312875 | &nbsp;&nbsp; $165919884 | &nbsp;&nbsp; 35670343 | &nbsp;&nbsp; $293948685 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 4039070 | &nbsp;&nbsp; 32846674 | &nbsp;&nbsp; 5209179 | &nbsp;&nbsp; 42992817 |
| Redeemed | &nbsp;&nbsp; (51801451)<br>| &nbsp;&nbsp; (417242779)<br>| &nbsp;&nbsp; (52775515)<br>| &nbsp;&nbsp; (435722892)<br>|
| Net change | &nbsp;&nbsp; (27449506)<br>| &nbsp;&nbsp; $(218476221)<br>| &nbsp;&nbsp; (11895993)<br>| &nbsp;&nbsp; $(98781390)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (29488417)<br>| &nbsp;&nbsp; $(234672439)<br>| &nbsp;&nbsp; (13808121)<br>| &nbsp;&nbsp; $(114484731)<br>|

---

43 \|

------

Notes to Financial Statements (continued)

November 30, 2025

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

**12. Capital Shares (continued).**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**November 30, 2025** | **Year Ended** <br>**November 30, 2025** | **Year Ended** <br>**November 30, 2024** | **Year Ended** <br>**November 30, 2024** |
| **Select Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 131847 | &nbsp;&nbsp; $2930391 | &nbsp;&nbsp; 438676 | &nbsp;&nbsp; $9100780 |
| Redeemed | &nbsp;&nbsp; (591667)<br>| &nbsp;&nbsp; (13138577)<br>| &nbsp;&nbsp; (740834)<br>| &nbsp;&nbsp; (15572218)<br>|
| Net change | &nbsp;&nbsp; (459820)<br>| &nbsp;&nbsp; $(10208186)<br>| &nbsp;&nbsp; (302158)<br>| &nbsp;&nbsp; $(6471438)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 3758 | &nbsp;&nbsp; $70778 | &nbsp;&nbsp; 76653 | &nbsp;&nbsp; $1398047 |
| Redeemed | &nbsp;&nbsp; (146821)<br>| &nbsp;&nbsp; (2926531)<br>| &nbsp;&nbsp; (291292)<br>| &nbsp;&nbsp; (5396867)<br>|
| Net change | &nbsp;&nbsp; (143063)<br>| &nbsp;&nbsp; $(2855753)<br>| &nbsp;&nbsp; (214639)<br>| &nbsp;&nbsp; $(3998820)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 3123 | &nbsp;&nbsp; $72608 | &nbsp;&nbsp; 2297072 | &nbsp;&nbsp; $50070259 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 558 |
| Redeemed | &nbsp;&nbsp; (2281919)<br>| &nbsp;&nbsp; (51399242)<br>| &nbsp;&nbsp; (17592)<br>| &nbsp;&nbsp; (388608)<br>|
| Net change | &nbsp;&nbsp; (2278796)<br>| &nbsp;&nbsp; $(51326634)<br>| &nbsp;&nbsp; 2279508 | &nbsp;&nbsp; $49682209 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 3567858 | &nbsp;&nbsp; $80563910 | &nbsp;&nbsp; 10693513 | &nbsp;&nbsp; $224786218 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30800 | &nbsp;&nbsp; 611381 |
| Redeemed | &nbsp;&nbsp; (13168478)<br>| &nbsp;&nbsp; (294092310)<br>| &nbsp;&nbsp; (10710092)<br>| &nbsp;&nbsp; (228414490)<br>|
| Net change | &nbsp;&nbsp; (9600620)<br>| &nbsp;&nbsp; $(213528400)<br>| &nbsp;&nbsp; 14221 | &nbsp;&nbsp; $(3016891)<br>|
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; (12482299)<br>| &nbsp;&nbsp; $(277918973)<br>| &nbsp;&nbsp; 1776932 | &nbsp;&nbsp; $36195060 |

---

\| 44

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Natixis Funds Trust II and Shareholders of Loomis Sayles Global Growth Fund, Loomis Sayles Senior Floating Rate and Fixed Income Fund and Vaughan Nelson Select Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles Global Growth Fund, Loomis Sayles Senior Floating Rate and Fixed Income Fund and Vaughan Nelson Select Fund (three of the funds constituting Natixis Funds Trust II, hereafter collectively referred to as the "Funds") as of November 30, 2025, the related statements of operations for the year ended November 30, 2025, the statements of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2025 and each of the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

January 21, 2026

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

45 \|

------

2025 U.S. Tax Distribution Information to Shareholders (Unaudited)

**Qualified Dividend Income.** For the fiscal year ended November 30, 2025, the Fund below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual's tax bracket. If the Fund pays a distribution during calendar year 2025, complete information will be reported in conjunction with Form 1099-DIV.

<u>Fund</u>

Select Fund

**Section 163(j) Interest Dividends.** For the fiscal year ended November 30, 2025, the Fund below will designate up to the maximum amount allowable as Section 163(j) Interest Dividends.

Fund <br> Senior Floating Rate and Fixed Income Fund

\| 46

------

![](g882797img01dce7ab1.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.

![](g882797imga90b295c3.gif)

Exp. 1/31/27

LSAR58A-1125

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 is 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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 is filed herewith.](d882797dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | (2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrants securities are listed. Not Applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](d882797dex99cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | (3)(2) | Changes in the registrant's independent public accountant. Not Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](d882797dex99906cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| Natixis Funds Trust II | Natixis Funds Trust II |
| By: <u>/s/ David L. Giunta</u> | By: <u>/s/ David L. Giunta</u> |
| Name: | David L. Giunta |
| Title: | President and Chief Executive Officer |
| Date: | January 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/ David L. Giunta</u> | By: <u>/s/ David L. Giunta</u> |
| Name: | David L. Giunta |
| Title: | President and Chief Executive Officer |
| Date: | January 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: | January 21, 2026 |

---

## Ex-99.Code

**Exhibit (a) (1)** 

**NATIXIS FUNDS TRUST I** 

**NATIXIS FUNDS TRUST II** 

**NATIXIS FUNDS TRUST IV** 

**LOOMIS SAYLES FUNDS I** 

**LOOMIS SAYLES FUNDS II** 

**GATEWAY TRUST** 

**NATIXIS ETF TRUST** 

**NATIXIS ETF TRUST II** 

**CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**I.** **Covered Persons/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the registered investment companies (each a "Fund" and, collectively, the "Funds") listed on Exhibit A and applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Persons," all covered persons are set forth in Exhibit B) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.

------

**II.** **Covered Persons Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Person's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Person's, or a member of the Covered Person's family or household, receives improper personal benefits as a result of the Covered Person's position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940 (including the regulations thereunder, the "Investment Advisers Act"). For example, Covered Persons may not engage in certain transactions with the Fund because of their status as "affiliated persons" of the Fund. The Funds and their investment advisers; subadvisers; distributors and administrators (each a "Service Provider" and, collectively, the "Service Providers") compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a Service Provider, or for each), be involved in establishing policies and implementing decisions that will have different effects on the Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Trustees ("Boards") that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of a Fund.

------

Each Covered Person must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his/her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Person would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Person
rather than the benefit the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Person or any employee of the Funds or their Service Providers for reports
of potential violations that are made in good faith.

There are some conflict of interest situations that should always be approved by the Chief Legal Officer ("CLO") of the Fund (or, with respect to activities of the CLO if he/she is a Covered Person, by the President). These conflict of interest situations are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service on the board of directors or governing board of a publicly traded entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acceptance of any investment opportunity, gift, gratuity or other thing of more than nominal value from any
person or entity that does business, or desires to do business, with the Fund. This restriction shall not apply to (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100 or
(ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting relationship with, any entities doing business with a Fund, other
than a Service Provider or an affiliate of a Service Provider. This restriction shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Person's ownership does not exceed more than 2% of the
outstanding securities of the relevant class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment with a Service Provider or its affiliate. This restriction shall not apply to or otherwise limit
(i) the ownership of publicly traded securities so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding or (ii) the receipt by the Service Provider of research or other
benefits in exchange for "soft dollars".

------

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Person should familiarize himself with the disclosure requirements generally applicable to a
Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Person should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to
others, whether within or outside the Fund, including to the Fund's Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Person should, to the extent appropriate within his/her area of responsibility, consult with
other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public
communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the responsibility of each Covered Person to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to
the Funds that he/she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Funds that he/she has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CLO of the Funds promptly if he/she knows of any violation of this Code (with respect to violations
by the CLO if he/she is a Covered Person, the Covered Person shall report to the President). Failure to do so is itself a violation of this Code.

The CLO of a Fund is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers other than those this Code states can be granted by the CLO, sought by the CLO or Covered Person will be considered by the relevant Fund's Audit Committee (the "Committee").

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CLO will take all appropriate action to investigate any potential violations reported, which may include
the use of internal or external counsel, accountants or other personnel;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the CLO believes that no violation has occurred, the CLO is not required to take
any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the CLO believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board,
which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss
the Covered Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Committee will be authorized to grant waivers, as it deems appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds' Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds and their Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code with respect to a Fund, other than administrative amendments to Exhibits A and B, must be approved or ratified by a majority vote of the Fund's Board, including a majority of independent trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board.

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**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

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**Exhibit A** 

<u>Registered Investment Companies</u> 

Natixis Funds Trust I

Natixis Funds Trust II

Natixis Funds Trust IV

Natixis ETF Trust

Natixis ETF Trust II

Loomis Sayles Funds I

Loomis Sayles Funds II

Gateway Trust

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**Exhibit B** 

<u>Persons Covered by this Code of Ethics</u> 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Trust** | **Principal Executive<br>Officer** | **Principal Financial<br>Officer** | **Principal Accounting<br>Officer** |
| &nbsp;&nbsp;&nbsp;Natixis Funds Trust I | David L. Giunta,<br>Trustee, President and<br>Chief Executive Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer |
| &nbsp;&nbsp;&nbsp;Natixis Funds Trust II | David L. Giunta,<br>Trustee, President and Chief Executive Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer |
| &nbsp;&nbsp;&nbsp;Natixis Funds Trust IV | David L. Giunta,<br>Trustee, President and Chief Executive Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer |
| &nbsp;&nbsp;&nbsp;Natixis ETF<br>Trust | David L. Giunta,<br>Trustee, President and Chief Executive Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer |
| &nbsp;&nbsp;&nbsp;Natixis ETF<br>Trust II | David L. Giunta,<br>Trustee, President and Chief Executive Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer |
| &nbsp;&nbsp;&nbsp;Loomis Sayles<br>Funds I | Kevin Charleston,<br>Trustee, President and Chief Executive Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer |
| &nbsp;&nbsp;&nbsp;Loomis Sayles<br>Funds II | David L. Giunta,<br>Trustee, President and Chief Executive Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer |
| &nbsp;&nbsp;&nbsp;Gateway Trust | David L. Giunta,<br>Trustee, President and Chief Executive Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer | Matthew J. Block,<br>Treasurer and Principal Financial and Accounting Officer |

---

## Ex-99.Cert

**Exhibit (a)(3)** 

**Natixis Funds Trust II** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, David L. Giunta, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Natixis Funds Trust II;

&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;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;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;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: January 21, 2026

---

| |
|:---|
|  <u>/s/ David L. Giunta</u> |
|  David L. Giunta |
|  President and Chief Executive Officer |

---

------

**Exhibit (a)(3)** 

**Natixis Funds Trust II** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, Matthew J. Block, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Natixis Funds Trust II;

&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;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;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;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: January 21, 2026

---

| |
|:---|
|  <u>/s/ Matthew J. Block</u> |
|  Matthew J. Block |
|  Treasurer and Principal Financial and Accounting Officer |

---

## Exhibit 99.906

**Exhibit (b)** 

**Natixis Funds Trust II** 

**Section 906 Certification** 

In connection with the report on Form N-CSR for the period ended November 30, 2025 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;1. the Report complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as applicable; and

&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 |
| Natixis Funds Trust II | Natixis Funds Trust II |
| ------------------------------------------- | ------------------------------------------- |
| <u>/s/ David L. Giunta</u> | <u>/s/ Matthew J. Block</u> |
| David L. Giunta | Matthew J. Block |
| Date: January 21, 2026 | Date: January 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 the Natixis Funds Trust II, and will be retained by the Natixis Funds Trust II and furnished to the Securities and Exchange Commission or its staff upon request.