# EDGAR Filing Document

**Accession Number:** 0000872649
**File Stem:** 0001193125-25-133417
**Filing Date:** 2025-6
**Character Count:** 780935
**Document Hash:** 11bc56d9d29caf20946a2f3b66ba7075
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-133417.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001193125-25-133417

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**EFFECTIVENESS DATE**: 20250602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LOOMIS SAYLES FUNDS II
- **CENTRAL INDEX KEY:** 0000872649

**ORGANIZATION NAME:**
- **EIN:** 043113285
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06241
- **FILM NUMBER:** 251015935

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

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

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

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

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

## Series and Classes Contracts Data

### Loomis Sayles Global Allocation Fund (Series ID: S000006698)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018226 | Class Y      | LSWWX           |
| C000027670 | Class A      | LGMAX           |
| C000027671 | Class C      | LGMCX           |
| C000182249 | Class N      | LGMNX           |

### Loomis Sayles Growth Fund (Series ID: S000006699)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018227 | Class A      | LGRRX           |
| C000018229 | Class C      | LGRCX           |
| C000018230 | Class Y      | LSGRX           |
| C000125484 | Class N      | LGRNX           |

### Loomis Sayles Limited Term Government and Agency Fund (Series ID: S000006702)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018239 | Class A      | NEFLX           |
| C000018241 | Class C      | NECLX           |
| C000018242 | Class Y      | NELYX           |
| C000182250 | Class N      | LGANX           |

### Loomis Sayles Small Cap Growth Fund (Series ID: S000006705)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018249 | Institutional Class | LSSIX           |
| C000018250 | Retail Class        | LCGRX           |
| C000125486 | Class N             | LSSNX           |

### Loomis Sayles Small/Mid Cap Growth Fund (Series ID: S000049859)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000157445 | Institutional Class | LSMIX           |
| C000216341 | Class N             | LSMNX           |

?xml version='1.0' encoding='ASCII'? Loomis Sayles Funds 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: 811-06241

Loomis Sayles Funds 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: September 30

Date of reporting period: March 31, 2025

------

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

Class A

LGMAX

#### Loomis Sayles Global Allocation Fund
![Image](g913838ie4a417b738f572d6ce86.jpg)

#### Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Global Allocation Fund for the period of October 1, 2024 to March 31, 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 six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class A | $57 | 1.17% |

---

---

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

---

# Key Fund Statistics
* Total Net Assets$2,735,763,074

* # of Portfolio Holdings (including overnight repurchase agreements and derivatives)469

* Portfolio Turnover Rate15%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$11,015,395

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

# Industry Summary
![Group By Sector Chart](g913838i045c104eb59b0c46001e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 44.7% |
| Financial Services | 3.2% |
| Broadline Retail | 3.2% |
| Life Sciences Tools & Services | 3.4% |
| IT Services | 3.5% |
| Software | 4.7% |
| Specialty Retail | 4.8% |
| Semiconductors & Semiconductor Equipment | 6.8% |
| Capital Markets | 8.1% |
| Machinery | 8.3% |
| Treasuries | 9.5% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| S&P Global, Inc. | 3.4% |
| Amazon.com, Inc. | 3.2% |
| Mastercard, Inc., Class A | 3.2% |
| NVIDIA Corp. | 3.0% |
| Alphabet, Inc., Class A | 2.7% |
| O'Reilly Automotive, Inc. | 2.7% |
| Roper Technologies, Inc. | 2.6% |
| Linde PLC | 2.4% |
| UnitedHealth Group, Inc. | 2.3% |
| Parker-Hannifin Corp. | 2.3% |

---

# Country Weightings
![Group By Country Chart](g913838i9a2b9b71254e623056e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 26.7% |
| Canada | 3.6% |
| United Kingdom | 4.1% |
| United States | 65.6% |

---

---

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

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g913838ie75de6ea30ea8943fbf2.jpg)

![Image](g913838i0ed8489d227f87974041.jpg)

Class A

LGMAX

#### Loomis Sayles Global Allocation Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### M-LSTGM88A-0325
Class C

LGMCX

#### Loomis Sayles Global Allocation Fund
![Image](g913838ie4a417b738f572d6ce86.jpg)

#### Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Global Allocation Fund for the period of October 1, 2024 to March 31, 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 six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class C | $94 | 1.92% |

---

---

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

---

# Key Fund Statistics
* Total Net Assets$2,735,763,074

* # of Portfolio Holdings (including overnight repurchase agreements and derivatives)469

* Portfolio Turnover Rate15%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$11,015,395

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

# Industry Summary
![Group By Sector Chart](g913838idd7acfdc54f3f5fb8ee4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 44.7% |
| Financial Services | 3.2% |
| Broadline Retail | 3.2% |
| Life Sciences Tools & Services | 3.4% |
| IT Services | 3.5% |
| Software | 4.7% |
| Specialty Retail | 4.8% |
| Semiconductors & Semiconductor Equipment | 6.8% |
| Capital Markets | 8.1% |
| Machinery | 8.3% |
| Treasuries | 9.5% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| S&P Global, Inc. | 3.4% |
| Amazon.com, Inc. | 3.2% |
| Mastercard, Inc., Class A | 3.2% |
| NVIDIA Corp. | 3.0% |
| Alphabet, Inc., Class A | 2.7% |
| O'Reilly Automotive, Inc. | 2.7% |
| Roper Technologies, Inc. | 2.6% |
| Linde PLC | 2.4% |
| UnitedHealth Group, Inc. | 2.3% |
| Parker-Hannifin Corp. | 2.3% |

---

# Country Weightings
![Group By Country Chart](g913838ia34f4d93c1a913aec1c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 26.7% |
| Canada | 3.6% |
| United Kingdom | 4.1% |
| United States | 65.6% |

---

---

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

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g913838ie75de6ea30ea8943fbf2.jpg)

![Image](g913838i0ed8489d227f87974041.jpg)

Class C

LGMCX

#### Loomis Sayles Global Allocation Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### M-LSTGM88C-0325
Class N

LGMNX

#### Loomis Sayles Global Allocation Fund
![Image](g913838ie4a417b738f572d6ce86.jpg)

#### Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Global Allocation Fund for the period of October 1, 2024 to March 31, 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 six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $41 | 0.83% |

---

---

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

---

# Key Fund Statistics
* Total Net Assets$2,735,763,074

* # of Portfolio Holdings (including overnight repurchase agreements and derivatives)469

* Portfolio Turnover Rate15%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$11,015,395

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

# Industry Summary
![Group By Sector Chart](g913838i9e90b7015bca71e2c666.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 44.7% |
| Financial Services | 3.2% |
| Broadline Retail | 3.2% |
| Life Sciences Tools & Services | 3.4% |
| IT Services | 3.5% |
| Software | 4.7% |
| Specialty Retail | 4.8% |
| Semiconductors & Semiconductor Equipment | 6.8% |
| Capital Markets | 8.1% |
| Machinery | 8.3% |
| Treasuries | 9.5% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| S&P Global, Inc. | 3.4% |
| Amazon.com, Inc. | 3.2% |
| Mastercard, Inc., Class A | 3.2% |
| NVIDIA Corp. | 3.0% |
| Alphabet, Inc., Class A | 2.7% |
| O'Reilly Automotive, Inc. | 2.7% |
| Roper Technologies, Inc. | 2.6% |
| Linde PLC | 2.4% |
| UnitedHealth Group, Inc. | 2.3% |
| Parker-Hannifin Corp. | 2.3% |

---

# Country Weightings
![Group By Country Chart](g913838i554cf7289880d79c1fd1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 26.7% |
| Canada | 3.6% |
| United Kingdom | 4.1% |
| United States | 65.6% |

---

---

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

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g913838ie75de6ea30ea8943fbf2.jpg)

![Image](g913838i0ed8489d227f87974041.jpg)

Class N

LGMNX

#### Loomis Sayles Global Allocation Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### M-LSTGM88N-0325
Class Y

LSWWX

#### Loomis Sayles Global Allocation Fund
![Image](g913838ie4a417b738f572d6ce86.jpg)

#### Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Global Allocation Fund for the period of October 1, 2024 to March 31, 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 six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class Y | $45 | 0.92% |

---

---

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

---

# Key Fund Statistics
* Total Net Assets$2,735,763,074

* # of Portfolio Holdings (including overnight repurchase agreements and derivatives)469

* Portfolio Turnover Rate15%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$11,015,395

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

# Industry Summary
![Group By Sector Chart](g913838i7a4bd1b0476fb2067870.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 44.7% |
| Financial Services | 3.2% |
| Broadline Retail | 3.2% |
| Life Sciences Tools & Services | 3.4% |
| IT Services | 3.5% |
| Software | 4.7% |
| Specialty Retail | 4.8% |
| Semiconductors & Semiconductor Equipment | 6.8% |
| Capital Markets | 8.1% |
| Machinery | 8.3% |
| Treasuries | 9.5% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| S&P Global, Inc. | 3.4% |
| Amazon.com, Inc. | 3.2% |
| Mastercard, Inc., Class A | 3.2% |
| NVIDIA Corp. | 3.0% |
| Alphabet, Inc., Class A | 2.7% |
| O'Reilly Automotive, Inc. | 2.7% |
| Roper Technologies, Inc. | 2.6% |
| Linde PLC | 2.4% |
| UnitedHealth Group, Inc. | 2.3% |
| Parker-Hannifin Corp. | 2.3% |

---

# Country Weightings
![Group By Country Chart](g913838ief830de33a1c966ab1e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 26.7% |
| Canada | 3.6% |
| United Kingdom | 4.1% |
| United States | 65.6% |

---

---

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

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g913838ie75de6ea30ea8943fbf2.jpg)

![Image](g913838i0ed8489d227f87974041.jpg)

Class Y

LSWWX

#### Loomis Sayles Global Allocation Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### M-LSTGM88Y-0325

# Class A

# LGRRX

# Loomis Sayles Growth Fund
![Image](g913838ie4a417b738f572d6ce86.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Growth Fund for the period of October 1, 2024 to March 31, 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 six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class A | $45 | 0.90% |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$14,111,227,114

* # of Portfolio Holdings (including overnight repurchase agreements)39

* Portfolio Turnover Rate3%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$38,107,091

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

### Industry Summary
![Group By Sector Chart](g913838i79320b6fbe22130f8f4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 15.8% |
| Hotels, Restaurants & Leisure | 3.3% |
| Pharmaceuticals | 3.7% |
| Aerospace & Defense | 4.6% |
| Biotechnology | 5.3% |
| Automobiles | 6.2% |
| Broadline Retail | 6.8% |
| Financial Services | 7.4% |
| Entertainment | 9.2% |
| Semiconductors & Semiconductor Equipment | 9.5% |
| Interactive Media & Services | 13.3% |
| Software | 14.8% |

---

---

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

---

#### Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Meta Platforms, Inc., Class A | 7.8% |
| Netflix, Inc. | 6.6% |
| Tesla, Inc. | 6.2% |
| Visa, Inc., Class A | 6.0% |
| Amazon.com, Inc. | 5.9% |
| Boeing Co. | 4.6% |
| Oracle Corp. | 4.3% |
| Microsoft Corp. | 4.2% |
| Alphabet, Inc., Class A | 4.1% |

---

## 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](g913838ie75de6ea30ea8943fbf2.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](g913838id3fe319f26b883b19cf2.jpg)

# Class A

# LGRRX

# Loomis Sayles Growth Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### TG88A-0325

# Class C

# LGRCX

# Loomis Sayles Growth Fund
![Image](g913838ie4a417b738f572d6ce86.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Growth Fund for the period of October 1, 2024 to March 31, 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 six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class C | $82 | 1.65% |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$14,111,227,114

* # of Portfolio Holdings (including overnight repurchase agreements)39

* Portfolio Turnover Rate3%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$38,107,091

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

### Industry Summary
![Group By Sector Chart](g913838i4b5c78193b2bfbdbc0b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 15.8% |
| Hotels, Restaurants & Leisure | 3.3% |
| Pharmaceuticals | 3.7% |
| Aerospace & Defense | 4.6% |
| Biotechnology | 5.3% |
| Automobiles | 6.2% |
| Broadline Retail | 6.8% |
| Financial Services | 7.4% |
| Entertainment | 9.2% |
| Semiconductors & Semiconductor Equipment | 9.5% |
| Interactive Media & Services | 13.3% |
| Software | 14.8% |

---

---

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

---

#### Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Meta Platforms, Inc., Class A | 7.8% |
| Netflix, Inc. | 6.6% |
| Tesla, Inc. | 6.2% |
| Visa, Inc., Class A | 6.0% |
| Amazon.com, Inc. | 5.9% |
| Boeing Co. | 4.6% |
| Oracle Corp. | 4.3% |
| Microsoft Corp. | 4.2% |
| Alphabet, Inc., Class A | 4.1% |

---

## 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](g913838ie75de6ea30ea8943fbf2.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](g913838id3fe319f26b883b19cf2.jpg)

# Class C

# LGRCX

# Loomis Sayles Growth Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### TG88C-0325

# Class N

# LGRNX

# Loomis Sayles Growth Fund
![Image](g913838ie4a417b738f572d6ce86.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Growth Fund for the period of October 1, 2024 to March 31, 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 six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $28 | 0.56% |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$14,111,227,114

* # of Portfolio Holdings (including overnight repurchase agreements)39

* Portfolio Turnover Rate3%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$38,107,091

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

### Industry Summary
![Group By Sector Chart](g913838i5b12bf15b8e1e577a0bf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 15.8% |
| Hotels, Restaurants & Leisure | 3.3% |
| Pharmaceuticals | 3.7% |
| Aerospace & Defense | 4.6% |
| Biotechnology | 5.3% |
| Automobiles | 6.2% |
| Broadline Retail | 6.8% |
| Financial Services | 7.4% |
| Entertainment | 9.2% |
| Semiconductors & Semiconductor Equipment | 9.5% |
| Interactive Media & Services | 13.3% |
| Software | 14.8% |

---

---

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

---

#### Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Meta Platforms, Inc., Class A | 7.8% |
| Netflix, Inc. | 6.6% |
| Tesla, Inc. | 6.2% |
| Visa, Inc., Class A | 6.0% |
| Amazon.com, Inc. | 5.9% |
| Boeing Co. | 4.6% |
| Oracle Corp. | 4.3% |
| Microsoft Corp. | 4.2% |
| Alphabet, Inc., Class A | 4.1% |

---

## 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](g913838ie75de6ea30ea8943fbf2.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](g913838id3fe319f26b883b19cf2.jpg)

# Class N

# LGRNX

# Loomis Sayles Growth Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### TG88N-0325

# Class Y

# LSGRX

# Loomis Sayles Growth Fund
![Image](g913838ie4a417b738f572d6ce86.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Growth Fund for the period of October 1, 2024 to March 31, 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 six months?** (based on a hypothetical $10,000 investment)

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$14,111,227,114

* # of Portfolio Holdings (including overnight repurchase agreements)39

* Portfolio Turnover Rate3%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$38,107,091

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

### Industry Summary
![Group By Sector Chart](g913838i815b7d1481f0e22b9990.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 15.8% |
| Hotels, Restaurants & Leisure | 3.3% |
| Pharmaceuticals | 3.7% |
| Aerospace & Defense | 4.6% |
| Biotechnology | 5.3% |
| Automobiles | 6.2% |
| Broadline Retail | 6.8% |
| Financial Services | 7.4% |
| Entertainment | 9.2% |
| Semiconductors & Semiconductor Equipment | 9.5% |
| Interactive Media & Services | 13.3% |
| Software | 14.8% |

---

---

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

---

#### Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Meta Platforms, Inc., Class A | 7.8% |
| Netflix, Inc. | 6.6% |
| Tesla, Inc. | 6.2% |
| Visa, Inc., Class A | 6.0% |
| Amazon.com, Inc. | 5.9% |
| Boeing Co. | 4.6% |
| Oracle Corp. | 4.3% |
| Microsoft Corp. | 4.2% |
| Alphabet, Inc., Class A | 4.1% |

---

## 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](g913838ie75de6ea30ea8943fbf2.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](g913838id3fe319f26b883b19cf2.jpg)

# Class Y

# LSGRX

# Loomis Sayles Growth Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### TG88Y-0325

# Class A

# NEFLX

# Loomis Sayles Limited Term Government and Agency Fund
![Image](g913838ie4a417b738f572d6ce86.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Limited Term Government and Agency Fund for the period of October 1, 2024 to March 31, 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 six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class A | $35 | 0.69% |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$685,867,306

* # of Portfolio Holdings (including overnight repurchase agreements)268

* Portfolio Turnover Rate124%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$889,904

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

### Industry Summary
![Group By Sector Chart](g913838i31338e0e44f84aa86787.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 3.7% |
| Short-Term Investments | 5.6% |
| ABS Car Loan | 3.0% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.6% |
| Collateralized Mortgage Obligations | 8.1% |
| Agency Commercial Mortgage-Backed Securities | 26.4% |
| Treasuries | 49.7% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g913838if92d3c954843c33b4163.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 5.6 |
| US Treasury | 49.9 |
| Not rated<sup>Footnote Reference^</sup> | 3.8 |
| A | 0.1 |
| AA | 35.9 |
| AAA | 4.7 |

---

---

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

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g913838ie75de6ea30ea8943fbf2.jpg)

![Image](g913838id3fe319f26b883b19cf2.jpg)

# Class A

# NEFLX

# Loomis Sayles Limited Term Government and Agency Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### TLT88A-0325

# Class C

# NECLX

# Loomis Sayles Limited Term Government and Agency Fund
![Image](g913838ie4a417b738f572d6ce86.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Limited Term Government and Agency Fund for the period of October 1, 2024 to March 31, 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 six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class C | $73 | 1.45% |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$685,867,306

* # of Portfolio Holdings (including overnight repurchase agreements)268

* Portfolio Turnover Rate124%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$889,904

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

### Industry Summary
![Group By Sector Chart](g913838i461fbcd7a829235485e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 3.7% |
| Short-Term Investments | 5.6% |
| ABS Car Loan | 3.0% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.6% |
| Collateralized Mortgage Obligations | 8.1% |
| Agency Commercial Mortgage-Backed Securities | 26.4% |
| Treasuries | 49.7% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g913838i3010504734c4d4450d41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 5.6 |
| US Treasury | 49.9 |
| Not rated<sup>Footnote Reference^</sup> | 3.8 |
| A | 0.1 |
| AA | 35.9 |
| AAA | 4.7 |

---

---

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

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g913838ie75de6ea30ea8943fbf2.jpg)

![Image](g913838id3fe319f26b883b19cf2.jpg)

# Class C

# NECLX

# Loomis Sayles Limited Term Government and Agency Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### TLT88C-0325

# Class N

# LGANX

# Loomis Sayles Limited Term Government and Agency Fund
![Image](g913838ie4a417b738f572d6ce86.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Limited Term Government and Agency Fund for the period of October 1, 2024 to March 31, 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 six months?** (based on a hypothetical $10,000 investment)

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$685,867,306

* # of Portfolio Holdings (including overnight repurchase agreements)268

* Portfolio Turnover Rate124%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$889,904

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

### Industry Summary
![Group By Sector Chart](g913838ia6caa8e5958a1e6a8e62.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 3.7% |
| Short-Term Investments | 5.6% |
| ABS Car Loan | 3.0% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.6% |
| Collateralized Mortgage Obligations | 8.1% |
| Agency Commercial Mortgage-Backed Securities | 26.4% |
| Treasuries | 49.7% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g913838iae76ce1589221d3da675.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 5.6 |
| US Treasury | 49.9 |
| Not rated<sup>Footnote Reference^</sup> | 3.8 |
| A | 0.1 |
| AA | 35.9 |
| AAA | 4.7 |

---

---

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

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g913838ie75de6ea30ea8943fbf2.jpg)

![Image](g913838id3fe319f26b883b19cf2.jpg)

# Class N

# LGANX

# Loomis Sayles Limited Term Government and Agency Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### TLT88N-0325

# Class Y

# NELYX

# Loomis Sayles Limited Term Government and Agency Fund
![Image](g913838ie4a417b738f572d6ce86.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Limited Term Government and Agency Fund for the period of October 1, 2024 to March 31, 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 six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class Y | $23 | 0.45% |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$685,867,306

* # of Portfolio Holdings (including overnight repurchase agreements)268

* Portfolio Turnover Rate124%

* Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$889,904

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

### Industry Summary
![Group By Sector Chart](g913838iecae44fc5e132fc41ae8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 3.7% |
| Short-Term Investments | 5.6% |
| ABS Car Loan | 3.0% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.6% |
| Collateralized Mortgage Obligations | 8.1% |
| Agency Commercial Mortgage-Backed Securities | 26.4% |
| Treasuries | 49.7% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g913838id4a1ac8c71eefebdfb06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 5.6 |
| US Treasury | 49.9 |
| Not rated<sup>Footnote Reference^</sup> | 3.8 |
| A | 0.1 |
| AA | 35.9 |
| AAA | 4.7 |

---

---

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

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g913838ie75de6ea30ea8943fbf2.jpg)

![Image](g913838id3fe319f26b883b19cf2.jpg)

# Class Y

# NELYX

# Loomis Sayles Limited Term Government and Agency Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### TLT88Y-0325

# Institutional Class

# LSSIX

# Loomis Sayles Small Cap Growth Fund
![Image](g913838id6a854e080d80c934b7a.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Small Cap Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Institutional Class | $45 | 0.94% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2044848031 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 95 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $8778069 |

---

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

### Industry Summary
![Group By Sector Chart](g913838i4537dee3051cd830fe23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 28.3% |
| Commercial Services & Supplies | 3.1% |
| Diversified Consumer Services | 3.3% |
| Energy Equipment & Services | 3.6% |
| Construction & Engineering | 3.7% |
| Semiconductors & Semiconductor Equipment | 3.8% |
| Health Care Providers & Services | 4.0% |
| Machinery | 4.1% |
| Electronic Equipment, Instruments & Components | 4.6% |
| Aerospace & Defense | 5.0% |
| Pharmaceuticals | 5.2% |
| Health Care Equipment & Supplies | 6.0% |
| Capital Markets | 6.0% |
| Biotechnology | 9.0% |
| Software | 10.4% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Kratos Defense & Security Solutions, Inc. | 2.1% |
| Casella Waste Systems, Inc., Class A | 2.1% |
| Intapp, Inc. | 2.0% |
| Merit Medical Systems, Inc. | 2.0% |
| ESCO Technologies, Inc. | 1.9% |
| Life Time Group Holdings, Inc. | 1.8% |
| PJT Partners, Inc., Class A | 1.6% |
| RBC Bearings, Inc. | 1.6% |
| Hamilton Lane, Inc., Class A | 1.5% |
| MACOM Technology Solutions Holdings, Inc. | 1.5% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g913838ie75de6ea30ea8943fbf2.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.

Institutional Class

LSSIX

![Image](g913838i1c846a47a9ba142ed093.jpg)

#### Loomis Sayles Small Cap Growth Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### M-LSTSCG88I-0325

# Retail Class

# LCGRX

# Loomis Sayles Small Cap Growth Fund
![Image](g913838id6a854e080d80c934b7a.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Small Cap Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Retail Class | $57 | 1.19% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2044848031 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 95 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $8778069 |

---

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

### Industry Summary
![Group By Sector Chart](g913838ia68fcd7d6fa10569c5a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 28.3% |
| Commercial Services & Supplies | 3.1% |
| Diversified Consumer Services | 3.3% |
| Energy Equipment & Services | 3.6% |
| Construction & Engineering | 3.7% |
| Semiconductors & Semiconductor Equipment | 3.8% |
| Health Care Providers & Services | 4.0% |
| Machinery | 4.1% |
| Electronic Equipment, Instruments & Components | 4.6% |
| Aerospace & Defense | 5.0% |
| Pharmaceuticals | 5.2% |
| Health Care Equipment & Supplies | 6.0% |
| Capital Markets | 6.0% |
| Biotechnology | 9.0% |
| Software | 10.4% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Kratos Defense & Security Solutions, Inc. | 2.1% |
| Casella Waste Systems, Inc., Class A | 2.1% |
| Intapp, Inc. | 2.0% |
| Merit Medical Systems, Inc. | 2.0% |
| ESCO Technologies, Inc. | 1.9% |
| Life Time Group Holdings, Inc. | 1.8% |
| PJT Partners, Inc., Class A | 1.6% |
| RBC Bearings, Inc. | 1.6% |
| Hamilton Lane, Inc., Class A | 1.5% |
| MACOM Technology Solutions Holdings, Inc. | 1.5% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g913838ie75de6ea30ea8943fbf2.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.

Retail Class

LCGRX

![Image](g913838i1c846a47a9ba142ed093.jpg)

#### Loomis Sayles Small Cap Growth Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### M-LSTSCG88R-0325

# Class N

# LSSNX

# Loomis Sayles Small Cap Growth Fund
![Image](g913838id6a854e080d80c934b7a.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Small Cap Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $39 | 0.82% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2044848031 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 95 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $8778069 |

---

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

### Industry Summary
![Group By Sector Chart](g913838iddee2e6c73aca30d7004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 28.3% |
| Commercial Services & Supplies | 3.1% |
| Diversified Consumer Services | 3.3% |
| Energy Equipment & Services | 3.6% |
| Construction & Engineering | 3.7% |
| Semiconductors & Semiconductor Equipment | 3.8% |
| Health Care Providers & Services | 4.0% |
| Machinery | 4.1% |
| Electronic Equipment, Instruments & Components | 4.6% |
| Aerospace & Defense | 5.0% |
| Pharmaceuticals | 5.2% |
| Health Care Equipment & Supplies | 6.0% |
| Capital Markets | 6.0% |
| Biotechnology | 9.0% |
| Software | 10.4% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Kratos Defense & Security Solutions, Inc. | 2.1% |
| Casella Waste Systems, Inc., Class A | 2.1% |
| Intapp, Inc. | 2.0% |
| Merit Medical Systems, Inc. | 2.0% |
| ESCO Technologies, Inc. | 1.9% |
| Life Time Group Holdings, Inc. | 1.8% |
| PJT Partners, Inc., Class A | 1.6% |
| RBC Bearings, Inc. | 1.6% |
| Hamilton Lane, Inc., Class A | 1.5% |
| MACOM Technology Solutions Holdings, Inc. | 1.5% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g913838ie75de6ea30ea8943fbf2.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.

Class N

LSSNX

![Image](g913838i1c846a47a9ba142ed093.jpg)

#### Loomis Sayles Small Cap Growth Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### M-LSTSCG88N-0325

# Institutional Class

# LSMIX

# Loomis Sayles Small/Mid Cap Growth Fund
![Image](g913838id6a854e080d80c934b7a.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Small/Mid Cap Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Institutional Class | $41 | 0.85% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $219465942 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 83 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $795605 |

---

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

### Industry Summary
![Group By Sector Chart](g913838i5c68facfe031e8d4e158.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 32.0% |
| Diversified Consumer Services | 3.4% |
| Health Care Providers & Services | 3.9% |
| Capital Markets | 4.6% |
| Consumer Staples Distribution & Retail | 4.7% |
| Semiconductors & Semiconductor Equipment | 5.0% |
| Aerospace & Defense | 5.2% |
| Machinery | 6.0% |
| Hotels, Restaurants & Leisure | 6.5% |
| Health Care Equipment & Supplies | 8.3% |
| Biotechnology | 9.1% |
| Software | 11.4% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Merit Medical Systems, Inc. | 2.0% |
| BJ's Wholesale Club Holdings, Inc. | 1.9% |
| Casey's General Stores, Inc. | 1.9% |
| Life Time Group Holdings, Inc. | 1.8% |
| Hamilton Lane, Inc., Class A | 1.8% |
| Knife River Corp. | 1.8% |
| Natera, Inc. | 1.8% |
| Laureate Education, Inc. | 1.8% |
| Clearwater Analytics Holdings, Inc., Class A | 1.7% |
| StepStone Group, Inc., Class A | 1.7% |

---

## 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](g913838ie75de6ea30ea8943fbf2.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.

Institutional Class

LSMIX

![Image](g913838i1c846a47a9ba142ed093.jpg)

#### Loomis Sayles Small/Mid Cap Growth Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### M-LSTSMG88I-0325

# Class N

# LSMNX

# Loomis Sayles Small/Mid Cap Growth Fund
![Image](g913838id6a854e080d80c934b7a.jpg)

## Semi-annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about Loomis Sayles Small/Mid Cap Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 633-3330 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $40 | 0.83% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $219465942 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 83 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $795605 |

---

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

### Industry Summary
![Group By Sector Chart](g913838i6681a6c286e54a4ee06a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 32.0% |
| Diversified Consumer Services | 3.4% |
| Health Care Providers & Services | 3.9% |
| Capital Markets | 4.6% |
| Consumer Staples Distribution & Retail | 4.7% |
| Semiconductors & Semiconductor Equipment | 5.0% |
| Aerospace & Defense | 5.2% |
| Machinery | 6.0% |
| Hotels, Restaurants & Leisure | 6.5% |
| Health Care Equipment & Supplies | 8.3% |
| Biotechnology | 9.1% |
| Software | 11.4% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Merit Medical Systems, Inc. | 2.0% |
| BJ's Wholesale Club Holdings, Inc. | 1.9% |
| Casey's General Stores, Inc. | 1.9% |
| Life Time Group Holdings, Inc. | 1.8% |
| Hamilton Lane, Inc., Class A | 1.8% |
| Knife River Corp. | 1.8% |
| Natera, Inc. | 1.8% |
| Laureate Education, Inc. | 1.8% |
| Clearwater Analytics Holdings, Inc., Class A | 1.7% |
| StepStone Group, Inc., Class A | 1.7% |

---

## 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](g913838ie75de6ea30ea8943fbf2.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.

Class N

LSMNX

![Image](g913838i1c846a47a9ba142ed093.jpg)

#### Loomis Sayles Small/Mid Cap Growth Fund

#### Semi-annual Shareholder Report

#### March 31, 2025

#### M-LSTSMG88N-0325

------

(b) Not applicable.

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

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

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

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

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

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

------

![](g913838img9ba5b0e21.gif)

![](g913838img4a7464052.gif)

Semi-annual Financial Statements and Other Important Information

March 31, 2025

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

---

| |
|:---|
| Loomis Sayles Core Plus Bond Fund |
| Loomis Sayles Global Allocation Fund |
| Loomis Sayles Growth Fund |
| Loomis Sayles Intermediate Duration Bond Fund |
| Loomis Sayles Limited Term Government and Agency Fund |

---

**Table of Contents** 

---

| | |
|:---|:---|
| [Portfolio of Investments (Form](#xx_bc53860d-9f0a-4fe9-9a6e-74d66f8bddc3_SOI1-Continued-305_1)<br> [N-CSR Item 6)](#xx_bc53860d-9f0a-4fe9-9a6e-74d66f8bddc3_SOI1-Continued-305_1)<br>| 1 |
| [Financial Statements (Form N-CSR](#xx_bc53860d-9f0a-4fe9-9a6e-74d66f8bddc3_FS-Continued-305_1)<br> [Item 7)](#xx_bc53860d-9f0a-4fe9-9a6e-74d66f8bddc3_FS-Continued-305_1)<br>| 43 |
| [Notes to Financial Statements](#xx_bc53860d-9f0a-4fe9-9a6e-74d66f8bddc3_NTF-Continued-305_1)<br> [(Form N-CSR Item 7)](#xx_bc53860d-9f0a-4fe9-9a6e-74d66f8bddc3_NTF-Continued-305_1)<br>| 71 |
| [Trustees Fees and Expenses (Form](#xx_bc53860d-9f0a-4fe9-9a6e-74d66f8bddc3_NTF-Continued-305_18)<br> [N-CSR Item 10)](#xx_bc53860d-9f0a-4fe9-9a6e-74d66f8bddc3_NTF-Continued-305_18)<br>| 88 |

---

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 88.4% of Net Assets** | **Bonds and Notes — 88.4% of Net Assets** | **Bonds and Notes — 88.4% of Net Assets** |
| **Non-Convertible Bonds — 88.3%** | **Non-Convertible Bonds — 88.3%** | **Non-Convertible Bonds — 88.3%** |
|  | **ABS Car Loan — 1.0%** | **ABS Car Loan — 1.0%** |
| $7210000 | &nbsp;&nbsp; American Credit Acceptance Receivables <br> Trust, Series 2025-1, Class B, <br> 4.900%, 3/12/2029(a)<br>| &nbsp;&nbsp; $7206972 |
| 4420000 | &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, <br> Series 2023-1, Class C, 5.800%, 12/18/2028<br>| &nbsp;&nbsp; 4512175 |
| 7064000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2020-2A, Class A, 2.020%, 2/20/2027(a)<br>| &nbsp;&nbsp; 6935143 |
| 8160000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2022-1A, Class A, 3.830%, 8/21/2028(a)<br>| &nbsp;&nbsp; 8026451 |
| 1840000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-2A, Class A, 5.200%, 10/20/2027(a)<br>| &nbsp;&nbsp; 1853118 |
| 3245000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-8A, Class A, 6.020%, 2/20/2030(a)<br>| &nbsp;&nbsp; 3375348 |
| 2020000 | &nbsp;&nbsp; DT Auto Owner Trust, Series 2023-1A, Class C, <br> 5.550%, 10/16/2028(a)<br>| &nbsp;&nbsp; 2028014 |
| 3485276 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2023-1A, Class C, 5.820%, 2/15/2028<br>| &nbsp;&nbsp; 3497200 |
| 4805000 | &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2023-B, <br> Class C, 6.430%, 4/15/2027<br>| &nbsp;&nbsp; 4882015 |
| 12845000 | &nbsp;&nbsp; Hertz Vehicle Financing III LLC, <br> Series 2023-2A, Class A, 5.570%, 9/25/2029(a)<br>| &nbsp;&nbsp; 13050130 |
| 218610 | &nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, <br> Series 2022-C, Class B, 6.451%, 12/15/2032(a)<br>| &nbsp;&nbsp; 219062 |
| 138682 | &nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, <br> Series 2022-C, Class C, 6.986%, 12/15/2032(a)<br>| &nbsp;&nbsp; 139119 |
| 5233331 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2022-2A, Class C, 4.850%, 9/15/2027(a)<br>| &nbsp;&nbsp; 5228485 |
| 1295000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-1A, Class B, 5.410%, 1/18/2028(a)<br>| &nbsp;&nbsp; 1298020 |
| 4910000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-2A, Class C, 6.290%, 3/15/2028(a)<br>| &nbsp;&nbsp; 4957111 |
| 9760830 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, <br> Series 2023-1A, Class A, 5.800%, 4/18/2038(a)<br>| &nbsp;&nbsp; 9840136 |
|  |  | &nbsp;&nbsp; 77048499 |
|  | **ABS Home Equity — 0.4%** | **ABS Home Equity — 0.4%** |
| 525931 | &nbsp;&nbsp; CoreVest American Finance Ltd., <br> Series 2019-3, Class A, 2.705%, 10/15/2052(a)<br>| &nbsp;&nbsp; 520423 |
| 560175 | &nbsp;&nbsp; OBX Trust, Series 2018-EXP1, Class 1A3, <br> 4.000%, 4/25/2048(a)(b)<br>| &nbsp;&nbsp; 530342 |
| 11071908 | &nbsp;&nbsp; PRET LLC, Series 2024-NPL8, Class A1, <br> 5.963%, 11/25/2054(a)(b)<br>| &nbsp;&nbsp; 11166229 |
| 2963430 | &nbsp;&nbsp; Progress Residential Trust, Series 2023-SFR1, <br> Class A, 4.300%, 3/17/2040(a)<br>| &nbsp;&nbsp; 2913980 |
| 5528516 | &nbsp;&nbsp; PRPM LLC, Series 2024-1, Class A1, <br> 6.959%, 2/25/2029(a)(b)<br>| &nbsp;&nbsp; 5539821 |
| 49836 | &nbsp;&nbsp; Sequoia Mortgage Trust, Series 2017-CH1, <br> Class A1, 4.000%, 8/25/2047(a)(b)<br>| &nbsp;&nbsp; 47194 |
| 264368 | &nbsp;&nbsp; Sequoia Mortgage Trust, Series 2018-CH1, <br> Class A1, 4.000%, 3/25/2048(a)(b)<br>| &nbsp;&nbsp; 247596 |
| 116135 | &nbsp;&nbsp; Sequoia Mortgage Trust, Series 2018-CH3, <br> Class A2, 4.000%, 8/25/2048(a)(b)<br>| &nbsp;&nbsp; 114040 |
| 3660000 | &nbsp;&nbsp; Toorak Mortgage Trust, Series 2024-RRTL1, <br> Class A1, 6.597%, 2/25/2039(a)(b)<br>| &nbsp;&nbsp; 3698679 |
| 633783 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2015-1, <br> Class A5, 4.738%, 10/25/2053(a)(b)<br>| &nbsp;&nbsp; 629507 |
| 270271 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2015-4, <br> Class M2, 3.750%, 4/25/2055(a)(b)<br>| &nbsp;&nbsp; 269105 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $5101352 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2016-2, <br> Class M2, 3.000%, 8/25/2055(a)(b)<br>| &nbsp;&nbsp; $4838478 |
| 2891894 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2018-3, <br> Class A1, 3.750%, 5/25/2058(a)(b)<br>| &nbsp;&nbsp; 2822457 |
|  |  | &nbsp;&nbsp; 33337851 |
|  | **ABS Other — 2.1%** | **ABS Other — 2.1%** |
| 10013297 | &nbsp;&nbsp; ALTDE Trust, Series 2025-1A, Class A, <br> 5.900%, 8/15/2050(a)<br>| &nbsp;&nbsp; 10104108 |
| 4985860 | &nbsp;&nbsp; CLI Funding VIII LLC, Series 2021-1A, Class A, <br> 1.640%, 2/18/2046(a)<br>| &nbsp;&nbsp; 4559416 |
| 7550000 | &nbsp;&nbsp; Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2, 5.656%, 2/25/2050(a)<br>| &nbsp;&nbsp; 7676493 |
| 7803636 | &nbsp;&nbsp; Crockett Partners Equipment Co. IIA LLC, <br> Series 2024-1C, Class A, 6.050%, 1/20/2031(a)<br>| &nbsp;&nbsp; 7942159 |
| 2040000 | &nbsp;&nbsp; Foundation Finance Trust, Series 2025-1A, <br> 4.950%, 4/15/2050(a)<br>| &nbsp;&nbsp; 2032285 |
| 15660000 | &nbsp;&nbsp; Frontier Issuer LLC, Series 2024-1, Class A2, <br> 6.190%, 6/20/2054(a)<br>| &nbsp;&nbsp; 16140637 |
| 2495000 | &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, <br> Series 2025-1A, 5.220%, 3/25/2060(a)<br>| &nbsp;&nbsp; 2491704 |
| 3230993 | &nbsp;&nbsp; GreenSky Home Improvement Trust, <br> Series 2024-1, Class A4, 5.670%, 6/25/2059(a)<br>| &nbsp;&nbsp; 3271402 |
| 27285375 | &nbsp;&nbsp; Horizon Aircraft Finance IV Ltd., Series 2024-1, <br> Class A, 5.375%, 9/15/2049(a)<br>| &nbsp;&nbsp; 26910446 |
| 7745600 | &nbsp;&nbsp; Jack in the Box Funding LLC, Series 2022-1A, <br> Class A2I, 3.445%, 2/26/2052(a)<br>| &nbsp;&nbsp; 7444194 |
| 13033100 | &nbsp;&nbsp; Jack in the Box Funding LLC, Series 2022-1A, <br> Class A2II, 4.136%, 2/26/2052(a)<br>| &nbsp;&nbsp; 11667101 |
| 5362915 | &nbsp;&nbsp; Lunar Structured Aircraft Portfolio Notes, <br> Series 2021-1, Class A, 2.636%, 10/15/2046(a)<br>| &nbsp;&nbsp; 4948579 |
| 5612885 | &nbsp;&nbsp; MVW LLC, Series 2024-2A, Class A, <br> 4.430%, 3/20/2042(a)<br>| &nbsp;&nbsp; 5556560 |
| 7737271 | &nbsp;&nbsp; Navigator Aircraft ABS Ltd., Series 2021-1, <br> Class A, 2.771%, 11/15/2046(a)(b)<br>| &nbsp;&nbsp; 7195266 |
| 6006067 | &nbsp;&nbsp; OWN Equipment Fund I LLC, Series 2024-2M, <br> Class A, 5.700%, 12/20/2032(a)<br>| &nbsp;&nbsp; 6067191 |
| 431191 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2023-1A, <br> Class A2, 6.560%, 1/22/2030(a)<br>| &nbsp;&nbsp; 431747 |
| 2105000 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2024-1A, <br> Class A3, 5.520%, 1/20/2032(a)<br>| &nbsp;&nbsp; 2138093 |
| 2381340 | &nbsp;&nbsp; Textainer Marine Containers VII Ltd., <br> Series 2020-2A, Class A, 2.100%, 9/20/2045(a)<br>| &nbsp;&nbsp; 2224533 |
| 8620449 | &nbsp;&nbsp; Volofin Finance DAC, Series 2024-1A, Class A, <br> 5.935%, 6/15/2037(a)<br>| &nbsp;&nbsp; 8704335 |
| 13674593 | &nbsp;&nbsp; Willis Engine Structured Trust VII, <br> Series 2023-A, Class A, 8.000%, 10/15/2048(a)<br>| &nbsp;&nbsp; 14172959 |
| 14115000 | &nbsp;&nbsp; Ziply Fiber Issuer LLC, Series 2024-1A, <br> Class A2, 6.640%, 4/20/2054(a)<br>| &nbsp;&nbsp; 14515104 |
|  |  | &nbsp;&nbsp; 166194312 |
|  | **ABS Residential Mortgage — 0.1%** | **ABS Residential Mortgage — 0.1%** |
| 7654 | &nbsp;&nbsp; Countrywide Asset-Backed Certificates, <br> Series 2004-S1, Class A3, <br> 5.115%, 2/25/2035(b)(c)<br>| &nbsp;&nbsp; 7535 |
| 4231677 | &nbsp;&nbsp; VCAT LLC, Series 2025-NPL1, Class A1, <br> 5.877%, 1/25/2055(a)(b)<br>| &nbsp;&nbsp; 4269148 |
|  |  | &nbsp;&nbsp; 4276683 |
|  | **ABS Student Loan — 0.4%** | **ABS Student Loan — 0.4%** |
| 1896030 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2020-HA, Class A, 1.310%, 1/15/2069(a)<br>| &nbsp;&nbsp; 1781535 |

---

See accompanying notes to financial statements.

1 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Student Loan — continued** | **ABS Student Loan — continued** |
| $6168980 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2021-CA, Class A, 1.060%, 10/15/2069(a)<br>| &nbsp;&nbsp; $5546710 |
| 6720430 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2023-A, Class A, 5.510%, 10/15/2071(a)<br>| &nbsp;&nbsp; 6771761 |
| 2296629 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2021-A, Class APT2, <br> 1.070%, 1/15/2053(a)<br>| &nbsp;&nbsp; 2052559 |
| 5529114 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2021-C, Class A2, 1 mo. USD SOFR + <br> 0.914%, 5.234%, 1/15/2053(a)(b)<br>| &nbsp;&nbsp; 5522220 |
| 6374685 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2023-A, Class A1A, 5.380%, 1/15/2053(a)<br>| &nbsp;&nbsp; 6451303 |
| 1369263 | &nbsp;&nbsp; SoFi Professional Loan Program LLC, <br> Series 2020-A, Class A2FX, <br> 2.540%, 5/15/2046(a)<br>| &nbsp;&nbsp; 1313984 |
|  |  | &nbsp;&nbsp; 29440072 |
|  | **ABS Whole Business — 0.3%** | **ABS Whole Business — 0.3%** |
| 7125200 | &nbsp;&nbsp; Domino's Pizza Master Issuer LLC, <br> Series 2018-1A, Class A2I, 4.116%, 7/25/2048(a)<br>| &nbsp;&nbsp; 7090039 |
| 4641450 | &nbsp;&nbsp; Planet Fitness Master Issuer LLC, <br> Series 2022-1A, Class A2I, <br> 3.251%, 12/05/2051(a)<br>| &nbsp;&nbsp; 4485190 |
| 11746700 | &nbsp;&nbsp; Planet Fitness Master Issuer LLC, <br> Series 2022-1A, Class A2II, <br> 4.008%, 12/05/2051(a)<br>| &nbsp;&nbsp; 10615223 |
|  |  | &nbsp;&nbsp; 22190452 |
|  | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| 3055000 | Axon Enterprise, Inc., 6.250%, 3/15/2033(a) | &nbsp;&nbsp; 3086427 |
| 16064000 | Boeing Co., 5.705%, 5/01/2040 | &nbsp;&nbsp; 15615913 |
| 6255000 | Boeing Co., 6.298%, 5/01/2029 | &nbsp;&nbsp; 6559565 |
| 4290000 | Boeing Co., 6.858%, 5/01/2054 | &nbsp;&nbsp; 4659780 |
| 8260000 | Bombardier, Inc., 7.000%, 6/01/2032(a) | &nbsp;&nbsp; 8224270 |
| 7955000 | &nbsp;&nbsp; Embraer Netherlands Finance BV, <br> 5.980%, 2/11/2035<br>| &nbsp;&nbsp; 8095008 |
|  |  | &nbsp;&nbsp; 46240963 |
|  | **Airlines — 0.7%** | **Airlines — 0.7%** |
| 2447547 | &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP <br> Ltd., 5.500%, 4/20/2026(a)<br>| &nbsp;&nbsp; 2440853 |
| 6670467 | &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP <br> Ltd., 5.750%, 4/20/2029(a)<br>| &nbsp;&nbsp; 6526929 |
| 15701433 | &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., <br> 4.750%, 10/20/2028(a)<br>| &nbsp;&nbsp; 15636178 |
| 6570000 | Latam Airlines Group SA, 7.875%, 4/15/2030(a) | &nbsp;&nbsp; 6513334 |
| 1887744 | &nbsp;&nbsp; United Airlines Pass-Through Trust, <br> Series 2020-1, Class B, 4.875%, 7/15/2027<br>| &nbsp;&nbsp; 1878702 |
| 13794734 | &nbsp;&nbsp; United Airlines Pass-Through Trust, <br> Series 2023-1, Class A, 5.800%, 7/15/2037<br>| &nbsp;&nbsp; 13988688 |
| 2266000 | United Airlines, Inc., 4.375%, 4/15/2026(a) | &nbsp;&nbsp; 2229968 |
| 5243000 | United Airlines, Inc., 4.625%, 4/15/2029(a) | &nbsp;&nbsp; 4961347 |
|  |  | &nbsp;&nbsp; 54175999 |
|  | **Apartment REITs — 0.0%** | **Apartment REITs — 0.0%** |
| 1715000 | American Homes 4 Rent LP, 3.375%, 7/15/2051 | &nbsp;&nbsp; 1136285 |
|  | **Automotive — 1.5%** | **Automotive — 1.5%** |
| 3200000 | Ford Motor Credit Co. LLC, 4.271%, 1/09/2027 | &nbsp;&nbsp; 3133420 |
| 10730000 | Ford Motor Credit Co. LLC, 6.800%, 5/12/2028 | &nbsp;&nbsp; 11020249 |
| 5315000 | Ford Motor Credit Co. LLC, 6.950%, 3/06/2026 | &nbsp;&nbsp; 5372891 |
| 5450000 | Ford Motor Credit Co. LLC, 7.122%, 11/07/2033 | &nbsp;&nbsp; 5569463 |
| 2800000 | &nbsp;&nbsp; General Motors Financial Co., Inc., <br> 2.350%, 1/08/2031<br>| &nbsp;&nbsp; 2369762 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Automotive — continued** | **Automotive — continued** |
| $6206000 | &nbsp;&nbsp; Hyundai Capital America, <br> 2.375%, 10/15/2027(a)<br>| &nbsp;&nbsp; $5853415 |
| 7453000 | Hyundai Capital America, 3.000%, 2/10/2027(a) | &nbsp;&nbsp; 7222790 |
| 6740000 | Hyundai Capital America, 5.400%, 6/24/2031(a) | &nbsp;&nbsp; 6785414 |
| 14005000 | Hyundai Capital America, 6.100%, 9/21/2028(a) | &nbsp;&nbsp; 14515575 |
| 1725000 | Lear Corp., 3.550%, 1/15/2052 | &nbsp;&nbsp; 1119427 |
| 11881000 | Lear Corp., 5.250%, 5/15/2049 | &nbsp;&nbsp; 10240695 |
| 6000000 | &nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, <br> 7.050%, 9/15/2028(a)<br>| &nbsp;&nbsp; 6237319 |
| 4525000 | Phinia, Inc., 6.750%, 4/15/2029(a) | &nbsp;&nbsp; 4581852 |
| 34585000 | &nbsp;&nbsp; Volkswagen Group of America Finance LLC, <br> 6.450%, 11/16/2030(a)<br>| &nbsp;&nbsp; 36258112 |
|  |  | &nbsp;&nbsp; 120280384 |
|  | **Banking — 5.9%** | **Banking — 5.9%** |
| 5525000 | &nbsp;&nbsp; AIB Group PLC, (fixed rate to 3/28/2034, <br> variable rate thereafter), 5.871%, 3/28/2035(a)<br>| &nbsp;&nbsp; 5623995 |
| 5400000 | &nbsp;&nbsp; Banco Santander Mexico SA Institucion de <br> Banca Multiple Grupo Financiero Santand, <br> 5.621%, 12/10/2029(a)<br>| &nbsp;&nbsp; 5457132 |
| 4800000 | Banco Santander SA, 2.958%, 3/25/2031 | &nbsp;&nbsp; 4308750 |
| 19475000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to <br> 10/25/2034, variable rate thereafter), <br> 5.518%, 10/25/2035<br>| &nbsp;&nbsp; 19107871 |
| 6910000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to <br> 11/10/2027, variable rate thereafter), <br> 6.204%, 11/10/2028<br>| &nbsp;&nbsp; 7181699 |
| 5475000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to 4/24/2027, <br> variable rate thereafter), 3.705%, 4/24/2028<br>| &nbsp;&nbsp; 5382128 |
| 17545000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to 4/25/2033, <br> variable rate thereafter), 5.288%, 4/25/2034<br>| &nbsp;&nbsp; 17624253 |
| 24210000 | &nbsp;&nbsp; Bank of America Corp., MTN, (fixed rate to <br> 4/23/2026, variable rate thereafter), <br> 3.559%, 4/23/2027<br>| &nbsp;&nbsp; 23947575 |
| 18664000 | &nbsp;&nbsp; Barclays PLC, (fixed rate to 3/10/2041, variable <br> rate thereafter), 3.811%, 3/10/2042<br>| &nbsp;&nbsp; 14583828 |
| 1900000 | &nbsp;&nbsp; Barclays PLC, (fixed rate to 5/09/2033, variable <br> rate thereafter), 6.224%, 5/09/2034<br>| &nbsp;&nbsp; 1979286 |
| 7864000 | &nbsp;&nbsp; BBVA Mexico SA Institucion De Banca <br> Multiple Grupo Financiero BBVA Mexico, <br> 1.875%, 9/18/2025(a)<br>| &nbsp;&nbsp; 7746638 |
| 7355000 | &nbsp;&nbsp; BBVA Mexico SA Institucion De Banca <br> Multiple Grupo Financiero BBVA Mexico, <br> 5.250%, 9/10/2029(a)<br>| &nbsp;&nbsp; 7374785 |
| 15013000 | &nbsp;&nbsp; BNP Paribas SA, (fixed rate to 1/13/2026, <br> variable rate thereafter), 1.323%, 1/13/2027(a)<br>| &nbsp;&nbsp; 14617430 |
| 24370000 | &nbsp;&nbsp; Capital One Financial Corp., (fixed rate to <br> 6/08/2033, variable rate thereafter), <br> 6.377%, 6/08/2034<br>| &nbsp;&nbsp; 25471076 |
| 11385000 | &nbsp;&nbsp; Credit Agricole SA, (fixed rate to 1/10/2034, <br> variable rate thereafter), 6.251%, 1/10/2035(a)<br>| &nbsp;&nbsp; 11638318 |
| 6930000 | &nbsp;&nbsp; Danske Bank AS, (fixed rate to 10/02/2029, <br> variable rate thereafter), 4.613%, 10/02/2030(a)<br>| &nbsp;&nbsp; 6835152 |
| 9038000 | Deutsche Bank AG, 1.686%, 3/19/2026 | &nbsp;&nbsp; 8809971 |
| 8585000 | &nbsp;&nbsp; Deutsche Bank AG, (fixed rate to 10/07/2031, <br> variable rate thereafter), 3.742%, 1/07/2033<br>| &nbsp;&nbsp; 7543896 |
| 6737000 | &nbsp;&nbsp; Deutsche Bank AG, (fixed rate to 10/14/2030, <br> variable rate thereafter), 3.729%, 1/14/2032<br>| &nbsp;&nbsp; 6057868 |
| 2700000 | &nbsp;&nbsp; Deutsche Bank AG, (fixed rate to 11/10/2032, <br> variable rate thereafter), 7.079%, 2/10/2034<br>| &nbsp;&nbsp; 2844346 |
| 11630000 | &nbsp;&nbsp; Deutsche Bank AG, (fixed rate to 11/24/2025, <br> variable rate thereafter), 2.129%, 11/24/2026<br>| &nbsp;&nbsp; 11421117 |

---

See accompanying notes to financial statements.

\| 2

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Banking — continued** | **Banking — continued** |
| $12986000 | Goldman Sachs Group, Inc., 6.750%, 10/01/2037 | &nbsp;&nbsp; $14042744 |
| 7270000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., (fixed rate to <br> 6/05/2027, variable rate thereafter), <br> 3.691%, 6/05/2028<br>| &nbsp;&nbsp; 7131102 |
| 1826000 | HSBC Holdings PLC, 4.950%, 3/31/2030 | &nbsp;&nbsp; 1832012 |
| 10560000 | Intesa Sanpaolo SpA, 7.200%, 11/28/2033(a) | &nbsp;&nbsp; 11705654 |
| 4740000 | &nbsp;&nbsp; Intesa Sanpaolo SpA, (fixed rate to 6/01/2031, <br> variable rate thereafter), 4.198%, 6/01/2032(a)<br>| &nbsp;&nbsp; 4254908 |
| 24590000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to <br> 10/15/2029, variable rate thereafter), <br> 2.739%, 10/15/2030<br>| &nbsp;&nbsp; 22563779 |
| 15376000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to <br> 5/13/2030, variable rate thereafter), <br> 2.956%, 5/13/2031<br>| &nbsp;&nbsp; 13981357 |
| 11090000 | &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., (fixed <br> rate to 7/20/2031, variable rate thereafter), <br> 2.309%, 7/20/2032<br>| &nbsp;&nbsp; 9495641 |
| 13321000 | Morgan Stanley, 3.591%, 7/22/2028(b) | &nbsp;&nbsp; 12989205 |
| 1500000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 2/01/2028, <br> variable rate thereafter), 5.123%, 2/01/2029<br>| &nbsp;&nbsp; 1520552 |
| 11935000 | &nbsp;&nbsp; Morgan Stanley, MTN, (fixed rate to 4/20/2028, <br> variable rate thereafter), 5.164%, 4/20/2029<br>| &nbsp;&nbsp; 12096784 |
| 3575000 | Norinchukin Bank, 5.094%, 10/16/2029(a) | &nbsp;&nbsp; 3604475 |
| 6960000 | &nbsp;&nbsp; PNC Financial Services Group, Inc., (fixed rate <br> to 1/24/2033, variable rate thereafter), <br> 5.068%, 1/24/2034<br>| &nbsp;&nbsp; 6890167 |
| 12940000 | &nbsp;&nbsp; Santander Holdings USA, Inc., (fixed rate to <br> 1/06/2027, variable rate thereafter), <br> 2.490%, 1/06/2028<br>| &nbsp;&nbsp; 12402282 |
| 17170000 | &nbsp;&nbsp; Santander U.K. Group Holdings PLC, (fixed rate <br> to 4/15/2030, variable rate thereafter), <br> 5.694%, 4/15/2031<br>| &nbsp;&nbsp; 17526755 |
| 14370000 | &nbsp;&nbsp; Societe Generale SA, (fixed rate to 1/19/2054, <br> variable rate thereafter), 7.132%, 1/19/2055(a)<br>| &nbsp;&nbsp; 14291204 |
| 18840000 | &nbsp;&nbsp; Standard Chartered PLC, (fixed rate to <br> 1/12/2032, variable rate thereafter), <br> 3.603%, 1/12/2033(a)<br>| &nbsp;&nbsp; 16574490 |
| 660000 | &nbsp;&nbsp; Standard Chartered PLC, (fixed rate to <br> 3/15/2028, variable rate thereafter), <br> 4.866%, 3/15/2033(a)<br>| &nbsp;&nbsp; 652661 |
| 2400000 | &nbsp;&nbsp; Standard Chartered PLC, (fixed rate to <br> 7/06/2033, variable rate thereafter), <br> 6.296%, 7/06/2034(a)<br>| &nbsp;&nbsp; 2526881 |
| 5660000 | &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., <br> 1.474%, 7/08/2025<br>| &nbsp;&nbsp; 5615006 |
| 11838000 | &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., <br> 3.040%, 7/16/2029<br>| &nbsp;&nbsp; 11071277 |
| 4815000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 3/06/2030, <br> variable rate thereafter), 5.450%, 3/06/2031<br>| &nbsp;&nbsp; 4780494 |
| 7155000 | &nbsp;&nbsp; Truist Financial Corp., MTN, (fixed rate to <br> 6/08/2033, variable rate thereafter), <br> 5.867%, 6/08/2034<br>| &nbsp;&nbsp; 7361038 |
| 5540000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 11/15/2032, <br> variable rate thereafter), 9.016%, 11/15/2033(a)<br>| &nbsp;&nbsp; 6769847 |
| 690000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 7/15/2025, <br> variable rate thereafter), 6.373%, 7/15/2026(a)<br>| &nbsp;&nbsp; 692748 |
| 8695000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 8/11/2027, <br> variable rate thereafter), 6.442%, 8/11/2028(a)<br>| &nbsp;&nbsp; 9019932 |
| 16795000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/03/2026, variable <br> rate thereafter), 1.982%, 6/03/2027(a)<br>| &nbsp;&nbsp; 16229390 |
|  |  | &nbsp;&nbsp; 463179499 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Brokerage — 0.1%** | **Brokerage — 0.1%** |
| $4055000 | BGC Group, Inc., 6.150%, 4/02/2030(a) | &nbsp;&nbsp; $4037654 |
| 1970000 | Citadel LP, 6.000%, 1/23/2030(a) | &nbsp;&nbsp; 2002244 |
| 2300000 | Citadel LP, 6.375%, 1/23/2032(a) | &nbsp;&nbsp; 2359919 |
|  |  | &nbsp;&nbsp; 8399817 |
|  | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| 3265000 | &nbsp;&nbsp; American Builders & Contractors Supply Co., <br> Inc., 3.875%, 11/15/2029(a)<br>| &nbsp;&nbsp; 2994430 |
| 929000 | Mohawk Industries, Inc., 3.625%, 5/15/2030 | &nbsp;&nbsp; 871690 |
| 950000 | Mohawk Industries, Inc., 5.850%, 9/18/2028 | &nbsp;&nbsp; 984404 |
| 9920000 | Quikrete Holdings, Inc., 6.375%, 3/01/2032(a) | &nbsp;&nbsp; 9982992 |
|  |  | &nbsp;&nbsp; 14833516 |
|  | **Cable Satellite — 0.4%** | **Cable Satellite — 0.4%** |
| 18325000 | &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., <br> 4.250%, 1/15/2034(a)<br>| &nbsp;&nbsp; 15072313 |
| 6340000 | Time Warner Cable LLC, 4.500%, 9/15/2042 | &nbsp;&nbsp; 4829518 |
| 783000 | Time Warner Cable LLC, 5.500%, 9/01/2041 | &nbsp;&nbsp; 679132 |
| 2245000 | Time Warner Cable LLC, 5.875%, 11/15/2040 | &nbsp;&nbsp; 2058357 |
| 7162000 | Time Warner Cable LLC, 6.550%, 5/01/2037 | &nbsp;&nbsp; 7104141 |
| 1707000 | Time Warner Cable LLC, 6.750%, 6/15/2039 | &nbsp;&nbsp; 1706021 |
|  |  | &nbsp;&nbsp; 31449482 |
|  | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| 1610000 | Alpek SAB de CV, 3.250%, 2/25/2031(a) | &nbsp;&nbsp; 1391980 |
| 23013000 | &nbsp;&nbsp; Braskem America Finance Co., <br> 7.125%, 7/22/2041(a)<br>| &nbsp;&nbsp; 19046150 |
| 8885000 | Eastman Chemical Co., 5.000%, 8/01/2029 | &nbsp;&nbsp; 8931324 |
| 8915000 | &nbsp;&nbsp; Methanex U.S. Operations, Inc., <br> 6.250%, 3/15/2032(a)<br>| &nbsp;&nbsp; 8683534 |
| 4410000 | Nutrien Ltd., 5.800%, 3/27/2053 | &nbsp;&nbsp; 4351927 |
| 8771000 | &nbsp;&nbsp; Orbia Advance Corp. SAB de CV, <br> 5.875%, 9/17/2044(a)<br>| &nbsp;&nbsp; 7545644 |
| 9466000 | &nbsp;&nbsp; Orbia Advance Corp. SAB de CV, <br> 6.750%, 9/19/2042(a)<br>| &nbsp;&nbsp; 9121011 |
| 3830000 | &nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, <br> 3.500%, 9/10/2051(a)<br>| &nbsp;&nbsp; 2558861 |
| 9154000 | &nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, <br> 4.250%, 1/22/2050(a)<br>| &nbsp;&nbsp; 7239716 |
| 14835000 | &nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, <br> 6.500%, 11/07/2033(a)<br>| &nbsp;&nbsp; 15566365 |
|  |  | &nbsp;&nbsp; 84436512 |
|  | **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** |
| 25966480 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> Series 406, Class F15, 30 day USD SOFR <br> Average + 1.450%, 5.790%, 10/25/2053(b)<br>| &nbsp;&nbsp; 26093491 |
| 30435000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> Series 5365, Class LY, REMICS, <br> 6.500%, 12/25/2053<br>| &nbsp;&nbsp; 31510086 |
| 7850000 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2023-51, Class L, REMICS, <br> 6.500%, 11/25/2053<br>| &nbsp;&nbsp; 8202371 |
| 62713 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2010-H24, Class FA, 1 mo. USD SOFR + <br> 0.464%, 4.773%, 10/20/2060(b)(c)<br>| &nbsp;&nbsp; 61882 |
| 46530 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2012-H18, Class NA, 1 mo. USD SOFR + <br> 0.634%, 4.943%, 8/20/2062(b)(c)<br>| &nbsp;&nbsp; 46009 |
| 25 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H01, Class FA, 1.650%, 1/20/2063(c)<br>| &nbsp;&nbsp; 23 |
| 8461 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H03, Class HA, <br> 1.750%, 12/20/2062(c)<br>| &nbsp;&nbsp; 7524 |

---

See accompanying notes to financial statements.

3 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $7221 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H04, Class BA, <br> 1.650%, 2/20/2063(c)<br>| &nbsp;&nbsp; $6514 |
| 89014 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H10, Class PA, <br> 2.500%, 4/20/2063(c)<br>| &nbsp;&nbsp; 78991 |
| 1156320 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H10, Class JA, 2.250%, 4/20/2065<br>| &nbsp;&nbsp; 1122111 |
| 5530 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H13, Class FL, 1 mo. USD SOFR + <br> 0.394%, 4.703%, 5/20/2063(b)(c)<br>| &nbsp;&nbsp; 5269 |
|  |  | &nbsp;&nbsp; 67134271 |
|  | **Consumer Products — 0.1%** | **Consumer Products — 0.1%** |
| 2157000 | &nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, <br> 2.431%, 7/01/2031(a)<br>| &nbsp;&nbsp; 1896720 |
| 2738000 | &nbsp;&nbsp; Natura &Co. Luxembourg Holdings SARL, <br> 4.125%, 5/03/2028(a)<br>| &nbsp;&nbsp; 2500011 |
| 1925000 | &nbsp;&nbsp; Natura &Co. Luxembourg Holdings SARL, <br> 6.000%, 4/19/2029(a)<br>| &nbsp;&nbsp; 1838972 |
|  |  | &nbsp;&nbsp; 6235703 |
|  | **Electric — 0.8%** | **Electric — 0.8%** |
| 1609000 | AES Corp., 3.950%, 7/15/2030(a) | &nbsp;&nbsp; 1508961 |
| 14779000 | &nbsp;&nbsp; Clearway Energy Operating LLC, <br> 3.750%, 2/15/2031(a)<br>| &nbsp;&nbsp; 12983634 |
| 14796930 | Cometa Energia SA de CV, 6.375%, 4/24/2035(a) | &nbsp;&nbsp; 14781575 |
| 2415000 | DPL, Inc., 4.350%, 4/15/2029 | &nbsp;&nbsp; 2305771 |
| 852000 | Edison International, 4.950%, 4/15/2025 | &nbsp;&nbsp; 851675 |
| 2811000 | Enel Americas SA, 4.000%, 10/25/2026 | &nbsp;&nbsp; 2781416 |
| 4816000 | Entergy Corp., 2.800%, 6/15/2030 | &nbsp;&nbsp; 4359491 |
| 750000 | IPALCO Enterprises, Inc., 4.250%, 5/01/2030 | &nbsp;&nbsp; 714021 |
| 8555000 | Lightning Power LLC, 7.250%, 8/15/2032(a) | &nbsp;&nbsp; 8808057 |
| 10966000 | &nbsp;&nbsp; National Rural Utilities Cooperative Finance <br> Corp., 3 mo. USD SOFR + 3.172%, <br> 7.459%, 4/30/2043(b)<br>| &nbsp;&nbsp; 10976760 |
| 3945000 | &nbsp;&nbsp; Southern California Edison Co., <br> 6.200%, 9/15/2055<br>| &nbsp;&nbsp; 3932913 |
|  |  | &nbsp;&nbsp; 64004274 |
|  | **Finance Companies — 3.2%** | **Finance Companies — 3.2%** |
| 6365000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.000%, 10/29/2028<br>| &nbsp;&nbsp; 5981256 |
| 8095000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 5.100%, 1/19/2029<br>| &nbsp;&nbsp; 8166186 |
| 19660000 | Air Lease Corp., GMTN, 3.750%, 6/01/2026 | &nbsp;&nbsp; 19448827 |
| 21237000 | Aircastle Ltd., 2.850%, 1/26/2028(a) | &nbsp;&nbsp; 20046322 |
| 17575000 | Ares Capital Corp., 5.800%, 3/08/2032 | &nbsp;&nbsp; 17469444 |
| 24047000 | ARES Capital Corp., 2.150%, 7/15/2026 | &nbsp;&nbsp; 23192807 |
| 16875000 | &nbsp;&nbsp; Avolon Holdings Funding Ltd., <br> 2.750%, 2/21/2028(a)<br>| &nbsp;&nbsp; 15864550 |
| 3220000 | &nbsp;&nbsp; Avolon Holdings Funding Ltd., <br> 5.375%, 5/30/2030(a)<br>| &nbsp;&nbsp; 3224376 |
| 4262000 | Blue Owl Capital Corp., 2.625%, 1/15/2027 | &nbsp;&nbsp; 4058327 |
| 13397000 | Blue Owl Capital Corp., 3.400%, 7/15/2026 | &nbsp;&nbsp; 13085723 |
| 9070000 | Blue Owl Capital Corp., 5.950%, 3/15/2029 | &nbsp;&nbsp; 9093526 |
| 10958000 | &nbsp;&nbsp; Blue Owl Technology Finance Corp., <br> 3.750%, 6/17/2026(a)<br>| &nbsp;&nbsp; 10697191 |
| 13285000 | &nbsp;&nbsp; Blue Owl Technology Finance Corp., <br> 6.100%, 3/15/2028(a)<br>| &nbsp;&nbsp; 13250252 |
| 19629000 | FS KKR Capital Corp., 3.400%, 1/15/2026 | &nbsp;&nbsp; 19371960 |
| 5110000 | GATX Corp., 6.050%, 3/15/2034 | &nbsp;&nbsp; 5366762 |
| 3670000 | GATX Corp., 6.050%, 6/05/2054 | &nbsp;&nbsp; 3693311 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Finance Companies — continued** | **Finance Companies — continued** |
| $2600000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 6.400%, 3/26/2029(a)<br>| &nbsp;&nbsp; $2687420 |
| 4480000 | Main Street Capital Corp., 6.950%, 3/01/2029 | &nbsp;&nbsp; 4608427 |
| 8345000 | MSD Investment Corp., 6.250%, 5/31/2030(a) | &nbsp;&nbsp; 8257901 |
| 2300000 | Navient Corp., 4.875%, 3/15/2028 | &nbsp;&nbsp; 2194114 |
| 8950000 | Navient Corp., 5.000%, 3/15/2027 | &nbsp;&nbsp; 8757403 |
| 17375000 | OneMain Finance Corp., 6.625%, 5/15/2029 | &nbsp;&nbsp; 17407474 |
| 6493000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.875%, 3/01/2031(a)<br>| &nbsp;&nbsp; 5816429 |
| 5410000 | &nbsp;&nbsp; Sixth Street Lending Partners, <br> 6.125%, 7/15/2030(a)<br>| &nbsp;&nbsp; 5445051 |
| 2930000 | &nbsp;&nbsp; Sixth Street Specialty Lending, Inc., <br> 5.625%, 8/15/2030<br>| &nbsp;&nbsp; 2905015 |
|  |  | &nbsp;&nbsp; 250090054 |
|  | **Food & Beverage — 0.9%** | **Food & Beverage — 0.9%** |
| 15433000 | BRF SA, 5.750%, 9/21/2050(a) | &nbsp;&nbsp; 12504588 |
| 24585000 | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL, 7.250%, 11/15/2053<br>| &nbsp;&nbsp; 27720349 |
| 4170000 | Mars, Inc., 5.200%, 3/01/2035(a) | &nbsp;&nbsp; 4190879 |
| 15465000 | Mars, Inc., 5.700%, 5/01/2055(a) | &nbsp;&nbsp; 15451927 |
| 12030000 | Minerva Luxembourg SA, 4.375%, 3/18/2031(a) | &nbsp;&nbsp; 10513627 |
| 1599000 | Smithfield Foods, Inc., 3.000%, 10/15/2030(a) | &nbsp;&nbsp; 1425004 |
|  |  | &nbsp;&nbsp; 71806374 |
|  | **Gaming — 0.2%** | **Gaming — 0.2%** |
| 4840000 | &nbsp;&nbsp; Caesars Entertainment, Inc., <br> 6.500%, 2/15/2032(a)<br>| &nbsp;&nbsp; 4824306 |
| 12715000 | MGM Resorts International, 6.500%, 4/15/2032 | &nbsp;&nbsp; 12468199 |
|  |  | &nbsp;&nbsp; 17292505 |
|  | **Government Owned - No Guarantee — 1.1%** | **Government Owned - No Guarantee — 1.1%** |
| 7292000 | Antares Holdings LP, 3.950%, 7/15/2026(a) | &nbsp;&nbsp; 7150316 |
| 16900000 | Antares Holdings LP, 6.350%, 10/23/2029(a) | &nbsp;&nbsp; 16913138 |
| 2585000 | Ascot Group Ltd., 4.250%, 12/15/2030(a) | &nbsp;&nbsp; 2218389 |
| 10220000 | Ecopetrol SA, 7.750%, 2/01/2032 | &nbsp;&nbsp; 10032711 |
| 9135000 | Ecopetrol SA, 8.375%, 1/19/2036 | &nbsp;&nbsp; 8900521 |
| 3903000 | &nbsp;&nbsp; Empresa de los Ferrocarriles del Estado, <br> 3.068%, 8/18/2050(a)<br>| &nbsp;&nbsp; 2356436 |
| 8730000 | Freeport Indonesia PT, 5.315%, 4/14/2032(a) | &nbsp;&nbsp; 8574431 |
| 8485000 | OCP SA, 3.750%, 6/23/2031(a) | &nbsp;&nbsp; 7519916 |
| 12020000 | OCP SA, 6.750%, 5/02/2034(a) | &nbsp;&nbsp; 12343939 |
| 12038000 | Saudi Arabian Oil Co., 3.500%, 11/24/2070(a) | &nbsp;&nbsp; 7439484 |
| 7669000 | Tennessee Valley Authority, 4.625%, 9/15/2060 | &nbsp;&nbsp; 6842884 |
|  |  | &nbsp;&nbsp; 90292165 |
|  | **Health Insurance — 0.1%** | **Health Insurance — 0.1%** |
| 8739000 | Centene Corp., 3.375%, 2/15/2030 | &nbsp;&nbsp; 7903525 |
|  | **Healthcare — 0.2%** | **Healthcare — 0.2%** |
| 14205000 | HCA, Inc., 4.625%, 3/15/2052 | &nbsp;&nbsp; 11308805 |
| 7165000 | HCA, Inc., 5.750%, 3/01/2035 | &nbsp;&nbsp; 7229490 |
|  |  | &nbsp;&nbsp; 18538295 |
|  | **Home Construction — 0.2%** | **Home Construction — 0.2%** |
| 5751000 | Forestar Group, Inc., 3.850%, 5/15/2026(a) | &nbsp;&nbsp; 5645614 |
| 9855000 | NVR, Inc., 3.000%, 5/15/2030 | &nbsp;&nbsp; 9031726 |
|  |  | &nbsp;&nbsp; 14677340 |
|  | **Independent Energy — 1.2%** | **Independent Energy — 1.2%** |
| 13195000 | Baytex Energy Corp., 7.375%, 3/15/2032(a) | &nbsp;&nbsp; 12691513 |
| 4650000 | Civitas Resources, Inc., 8.625%, 11/01/2030(a) | &nbsp;&nbsp; 4797273 |
| 17210000 | &nbsp;&nbsp; Crescent Energy Finance LLC, <br> 7.625%, 4/01/2032(a)<br>| &nbsp;&nbsp; 17021845 |
| 9852000 | Devon Energy Corp., 4.500%, 1/15/2030 | &nbsp;&nbsp; 9676805 |

---

See accompanying notes to financial statements.

\| 4

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Independent Energy — continued** | **Independent Energy — continued** |
| $1765000 | EQT Corp., 3.125%, 5/15/2026(a) | &nbsp;&nbsp; $1733742 |
| 3504000 | EQT Corp., 3.900%, 10/01/2027 | &nbsp;&nbsp; 3441305 |
| 1901000 | EQT Corp., 5.000%, 1/15/2029 | &nbsp;&nbsp; 1913465 |
| 11805000 | Harbour Energy PLC, 6.327%, 4/01/2035(a) | &nbsp;&nbsp; 11752605 |
| 10078204 | Leviathan Bond Ltd., 6.125%, 6/30/2025 | &nbsp;&nbsp; 10058552 |
| 4320000 | &nbsp;&nbsp; Pan American Energy LLC, <br> 9.125%, 4/30/2027(a)<br>| &nbsp;&nbsp; 4509259 |
| 2250000 | &nbsp;&nbsp; Permian Resources Operating LLC, <br> 6.250%, 2/01/2033(a)<br>| &nbsp;&nbsp; 2241099 |
| 6580000 | SM Energy Co., 6.750%, 8/01/2029(a) | &nbsp;&nbsp; 6481994 |
| 6695000 | SM Energy Co., 7.000%, 8/01/2032(a) | &nbsp;&nbsp; 6570588 |
|  |  | &nbsp;&nbsp; 92890045 |
|  | **Industrial Other — 0.0%** | **Industrial Other — 0.0%** |
| 3408000 | &nbsp;&nbsp; Georgetown University, Series A, <br> 5.215%, 10/01/2118<br>| &nbsp;&nbsp; 3092556 |
|  | **Life Insurance — 0.3%** | **Life Insurance — 0.3%** |
| 15121000 | Brighthouse Financial, Inc., 5.625%, 5/15/2030 | &nbsp;&nbsp; 15656771 |
| 4515000 | &nbsp;&nbsp; Fortitude Group Holdings LLC, <br> 6.250%, 4/01/2030(a)<br>| &nbsp;&nbsp; 4564428 |
| 2327000 | &nbsp;&nbsp; OneAmerica Financial Partners, Inc., <br> 4.250%, 10/15/2050(a)<br>| &nbsp;&nbsp; 1781691 |
|  |  | &nbsp;&nbsp; 22002890 |
|  | **Media Entertainment — 0.5%** | **Media Entertainment — 0.5%** |
| 54020000 | &nbsp;&nbsp; Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, <br> (MXN)<br>| &nbsp;&nbsp; 1619742 |
| 12803000 | Prosus NV, 3.680%, 1/21/2030(a) | &nbsp;&nbsp; 11828133 |
| 14750000 | Prosus NV, 3.832%, 2/08/2051(a) | &nbsp;&nbsp; 9479748 |
| 22220000 | Warnermedia Holdings, Inc., 5.391%, 3/15/2062 | &nbsp;&nbsp; 16084912 |
|  |  | &nbsp;&nbsp; 39012535 |
|  | **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** |
| 12875000 | Alumina Pty. Ltd., 6.125%, 3/15/2030(a) | &nbsp;&nbsp; 12842278 |
| 3620000 | &nbsp;&nbsp; Anglo American Capital PLC, <br> 3.875%, 3/16/2029(a)<br>| &nbsp;&nbsp; 3495603 |
| 3322000 | &nbsp;&nbsp; Anglo American Capital PLC, <br> 3.950%, 9/10/2050(a)<br>| &nbsp;&nbsp; 2465936 |
| 8646000 | &nbsp;&nbsp; Anglo American Capital PLC, <br> 5.625%, 4/01/2030(a)<br>| &nbsp;&nbsp; 8889562 |
| 8035000 | &nbsp;&nbsp; BHP Billiton Finance USA Ltd., <br> 5.300%, 2/21/2035<br>| &nbsp;&nbsp; 8104083 |
| 10477000 | &nbsp;&nbsp; FMG Resources August 2006 Pty. Ltd., <br> 4.375%, 4/01/2031(a)<br>| &nbsp;&nbsp; 9460864 |
| 15428000 | Fresnillo PLC, 4.250%, 10/02/2050(a) | &nbsp;&nbsp; 11228190 |
| 25162000 | Glencore Funding LLC, 2.500%, 9/01/2030(a) | &nbsp;&nbsp; 22145579 |
| 6635000 | Glencore Funding LLC, 5.673%, 4/01/2035(a) | &nbsp;&nbsp; 6657574 |
| 1400000 | Glencore Funding LLC, 6.375%, 10/06/2030(a) | &nbsp;&nbsp; 1484249 |
| 5290000 | POSCO, 5.625%, 1/17/2026(a) | &nbsp;&nbsp; 5332494 |
| 3210000 | Rio Tinto Finance USA PLC, 5.750%, 3/14/2055 | &nbsp;&nbsp; 3215322 |
| 3880000 | Rio Tinto Finance USA PLC, 5.875%, 3/14/2065 | &nbsp;&nbsp; 3924171 |
| 4505000 | SunCoke Energy, Inc., 4.875%, 6/30/2029(a) | &nbsp;&nbsp; 4134409 |
|  |  | &nbsp;&nbsp; 103380314 |
|  | **Midstream — 0.6%** | **Midstream — 0.6%** |
| 568000 | Energy Transfer LP, 5.150%, 2/01/2043 | &nbsp;&nbsp; 504904 |
| 3180000 | Energy Transfer LP, 5.300%, 4/15/2047 | &nbsp;&nbsp; 2812052 |
| 125000 | Energy Transfer LP, 5.400%, 10/01/2047 | &nbsp;&nbsp; 111938 |
| 4900000 | Energy Transfer LP, 5.950%, 10/01/2043 | &nbsp;&nbsp; 4767946 |
| 8548000 | Energy Transfer LP, 6.500%, 2/01/2042 | &nbsp;&nbsp; 8832711 |
| 1338000 | Energy Transfer LP, 6.625%, 10/15/2036 | &nbsp;&nbsp; 1438312 |
| 8995000 | &nbsp;&nbsp; EQM Midstream Partners LP, <br> 6.375%, 4/01/2029(a)<br>| &nbsp;&nbsp; 9202957 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Midstream — continued** | **Midstream — continued** |
| $2014000 | Gray Oak Pipeline LLC, 2.600%, 10/15/2025(a) | &nbsp;&nbsp; $1984773 |
| 982000 | Gray Oak Pipeline LLC, 3.450%, 10/15/2027(a) | &nbsp;&nbsp; 946682 |
| 14215000 | &nbsp;&nbsp; Sempra Infrastructure Partners LP, <br> 3.250%, 1/15/2032(a)<br>| &nbsp;&nbsp; 12010898 |
| 2710000 | Targa Resources Corp., 5.500%, 2/15/2035 | &nbsp;&nbsp; 2693968 |
| 930000 | &nbsp;&nbsp; Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., 6.500%, 7/15/2027<br>| &nbsp;&nbsp; 933981 |
|  |  | &nbsp;&nbsp; 46241122 |
|  | **Mortgage Related — 23.3%** | **Mortgage Related — 23.3%** |
| 8939162 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 1.500%, 12/01/2050<br>| &nbsp;&nbsp; 6645138 |
| 34372673 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 1.500%, 4/01/2051<br>| &nbsp;&nbsp; 25296001 |
| 7973465 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 11/01/2050<br>| &nbsp;&nbsp; 6344821 |
| 6544908 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 11/01/2050<br>| &nbsp;&nbsp; 5211021 |
| 16314029 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 12/01/2050<br>| &nbsp;&nbsp; 12979033 |
| 6612199 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 12/01/2050<br>| &nbsp;&nbsp; 5264564 |
| 5723618 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 12/01/2050<br>| &nbsp;&nbsp; 4554490 |
| 22008898 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 1/01/2051<br>| &nbsp;&nbsp; 17502440 |
| 4569226 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 2/01/2051<br>| &nbsp;&nbsp; 3635958 |
| 32551127 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 3/01/2052<br>| &nbsp;&nbsp; 25902731 |
| 4603694 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.000%, 3/01/2052<br>| &nbsp;&nbsp; 3661059 |
| 9258225 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.500%, 10/01/2051<br>| &nbsp;&nbsp; 7691919 |
| 4905279 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 2.500%, 4/01/2052<br>| &nbsp;&nbsp; 4084602 |
| 903602 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 3.000%, 11/01/2042<br>| &nbsp;&nbsp; 816277 |
| 5259958 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 3.000%, 9/01/2048<br>| &nbsp;&nbsp; 4668168 |
| 3017761 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 3.000%, 10/01/2049<br>| &nbsp;&nbsp; 2640305 |
| 1323156 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 3.000%, 5/01/2050<br>| &nbsp;&nbsp; 1152696 |
| 1101106 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 3.000%, 5/01/2050<br>| &nbsp;&nbsp; 963725 |
| 751573 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 12/01/2044<br>| &nbsp;&nbsp; 718837 |
| 351793 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 7/01/2045<br>| &nbsp;&nbsp; 333560 |
| 2402 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 9/01/2045<br>| &nbsp;&nbsp; 2278 |
| 230712 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 6/01/2047<br>| &nbsp;&nbsp; 218085 |
| 10673813 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 7/01/2052<br>| &nbsp;&nbsp; 9962831 |
| 2827749 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 8/01/2052<br>| &nbsp;&nbsp; 2638706 |
| 11421444 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 9/01/2052<br>| &nbsp;&nbsp; 10657890 |
| 973993 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 9/01/2052<br>| &nbsp;&nbsp; 908879 |

---

See accompanying notes to financial statements.

5 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $9362977 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 10/01/2052<br>| &nbsp;&nbsp; $8738339 |
| 5252660 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 10/01/2052<br>| &nbsp;&nbsp; 4911550 |
| 3941841 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 10/01/2052<br>| &nbsp;&nbsp; 3678318 |
| 465265 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 7/01/2041<br>| &nbsp;&nbsp; 459631 |
| 71810 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 1/01/2044<br>| &nbsp;&nbsp; 70168 |
| 178475 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 4/01/2044<br>| &nbsp;&nbsp; 174175 |
| 17280 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 3/01/2046<br>| &nbsp;&nbsp; 16873 |
| 646389 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 7/01/2046<br>| &nbsp;&nbsp; 633693 |
| 364968 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 3/01/2048<br>| &nbsp;&nbsp; 353598 |
| 14499310 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 8/01/2052<br>| &nbsp;&nbsp; 13891559 |
| 3501155 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 8/01/2052<br>| &nbsp;&nbsp; 3366975 |
| 2474168 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 8/01/2052<br>| &nbsp;&nbsp; 2367075 |
| 1130483 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 7/01/2048<br>| &nbsp;&nbsp; 1128773 |
| 1013535 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 8/01/2048<br>| &nbsp;&nbsp; 1014132 |
| 677354 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 9/01/2048<br>| &nbsp;&nbsp; 676330 |
| 2122273 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 10/01/2048<br>| &nbsp;&nbsp; 2114689 |
| 5589631 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 12/01/2048<br>| &nbsp;&nbsp; 5588143 |
| 9648700 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 12/01/2053<br>| &nbsp;&nbsp; 9475280 |
| 24199946 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 1/01/2055<br>| &nbsp;&nbsp; 23815234 |
| 9216081 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 1/01/2055<br>| &nbsp;&nbsp; 9056747 |
| 8355110 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 2/01/2055<br>| &nbsp;&nbsp; 8222285 |
| 8179686 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.000%, 3/01/2055<br>| &nbsp;&nbsp; 8049648 |
| 1196127 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 5/01/2053<br>| &nbsp;&nbsp; 1208033 |
| 1165656 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 5/01/2053<br>| &nbsp;&nbsp; 1172263 |
| 1002534 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 5/01/2053<br>| &nbsp;&nbsp; 1014815 |
| 2951967 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 6/01/2053<br>| &nbsp;&nbsp; 2980382 |
| 1498052 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 6/01/2053<br>| &nbsp;&nbsp; 1510776 |
| 15975574 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 15988177 |
| 1065103 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 1075705 |
| 651463 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 659804 |
| 490168 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 497524 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $13838520 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 5.500%, 2/01/2055<br>| &nbsp;&nbsp; $13911584 |
| 2860 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 6/01/2035<br>| &nbsp;&nbsp; 2970 |
| 3233029 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 3312284 |
| 2653420 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 2714801 |
| 2634550 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 2699133 |
| 1453600 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 1489232 |
| 1396541 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 1420929 |
| 945878 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 966824 |
| 916380 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 937908 |
| 713687 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 725291 |
| 4842972 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 4941000 |
| 964079 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 987045 |
| 825680 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 840807 |
| 789681 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 808196 |
| 4243355 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 8/01/2053<br>| &nbsp;&nbsp; 4350090 |
| 1016769 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 3/01/2054<br>| &nbsp;&nbsp; 1047658 |
| 5260191 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 4/01/2054<br>| &nbsp;&nbsp; 5420048 |
| 1360107 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.000%, 4/01/2054<br>| &nbsp;&nbsp; 1382270 |
| 995270 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 4/01/2053<br>| &nbsp;&nbsp; 1031886 |
| 695293 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 7/01/2053<br>| &nbsp;&nbsp; 719347 |
| 317559 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 7/01/2053<br>| &nbsp;&nbsp; 329240 |
| 238769 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 7/01/2053<br>| &nbsp;&nbsp; 248172 |
| 12614291 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 8/01/2053<br>| &nbsp;&nbsp; 13052397 |
| 4696209 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 8/01/2053<br>| &nbsp;&nbsp; 4886507 |
| 3032943 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 8/01/2053<br>| &nbsp;&nbsp; 3151716 |
| 4807155 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 9/01/2053<br>| &nbsp;&nbsp; 5046479 |
| 1486456 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 12/01/2053<br>| &nbsp;&nbsp; 1538728 |
| 7410500 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 1/01/2054<br>| &nbsp;&nbsp; 7781660 |
| 976235 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 1/01/2054<br>| &nbsp;&nbsp; 1012370 |
| 7795873 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 2/01/2054<br>| &nbsp;&nbsp; 8186321 |
| 1019839 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 2/01/2054<br>| &nbsp;&nbsp; 1058984 |

---

See accompanying notes to financial statements.

\| 6

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $1803597 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 4/01/2054<br>| &nbsp;&nbsp; $1867751 |
| 14629334 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 5/01/2054<br>| &nbsp;&nbsp; 15313002 |
| 5515692 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 5/01/2054<br>| &nbsp;&nbsp; 5773451 |
| 5088065 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 5/01/2054<br>| &nbsp;&nbsp; 5325838 |
| 8678941 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 6/01/2054<br>| &nbsp;&nbsp; 9084532 |
| 515470 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 9/01/2053<br>| &nbsp;&nbsp; 538409 |
| 7267879 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 12/01/2053<br>| &nbsp;&nbsp; 7732281 |
| 8493868 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 1/01/2054<br>| &nbsp;&nbsp; 9036612 |
| 1313609 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 2/01/2054<br>| &nbsp;&nbsp; 1397549 |
| 330567 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 2/01/2054<br>| &nbsp;&nbsp; 348573 |
| 323132 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 2/01/2054<br>| &nbsp;&nbsp; 339381 |
| 2735561 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 4/01/2054<br>| &nbsp;&nbsp; 2883844 |
| 1734563 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 6/01/2054<br>| &nbsp;&nbsp; 1828589 |
| 5133798 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.000%, 10/01/2054<br>| &nbsp;&nbsp; 5461854 |
| 5828843 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.500%, 1/01/2054<br>| &nbsp;&nbsp; 6304766 |
| 152527 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 8.000%, 2/01/2054<br>| &nbsp;&nbsp; 159206 |
| 8382141 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 1.500%, 12/01/2050<br>| &nbsp;&nbsp; 6347509 |
| 2870566 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 1.500%, 3/01/2051<br>| &nbsp;&nbsp; 2170608 |
| 4423207 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 1.500%, 9/01/2051<br>| &nbsp;&nbsp; 3344047 |
| 6883084 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 1.500%, 10/01/2051<br>| &nbsp;&nbsp; 5200463 |
| 48093629 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 5/01/2037<br>| &nbsp;&nbsp; 43495716 |
| 10981658 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 11/01/2050<br>| &nbsp;&nbsp; 8743557 |
| 2633464 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 11/01/2050<br>| &nbsp;&nbsp; 2096769 |
| 11925499 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 12/01/2050<br>| &nbsp;&nbsp; 9495159 |
| 11902603 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 12/01/2050<br>| &nbsp;&nbsp; 9471450 |
| 7358759 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 12/01/2050<br>| &nbsp;&nbsp; 5859045 |
| 6479193 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 12/01/2050<br>| &nbsp;&nbsp; 5192970 |
| 5625257 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 12/01/2050<br>| &nbsp;&nbsp; 4476291 |
| 29658268 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 1/01/2051<br>| &nbsp;&nbsp; 23599830 |
| 1839290 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 2/01/2051<br>| &nbsp;&nbsp; 1462684 |
| 12444993 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 3/01/2051<br>| &nbsp;&nbsp; 9896803 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $5407980 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 4/01/2051<br>| &nbsp;&nbsp; $4300663 |
| 4726880 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 4/01/2051<br>| &nbsp;&nbsp; 3759022 |
| 15272768 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 11/01/2051<br>| &nbsp;&nbsp; 12145574 |
| 1425933 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 11/01/2051<br>| &nbsp;&nbsp; 1138136 |
| 19682028 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 12/01/2051<br>| &nbsp;&nbsp; 15692800 |
| 1489403 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 1/01/2052<br>| &nbsp;&nbsp; 1187686 |
| 35182654 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 2/01/2052<br>| &nbsp;&nbsp; 28011807 |
| 24825139 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 2/01/2052<br>| &nbsp;&nbsp; 19764366 |
| 6911666 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 2/01/2052<br>| &nbsp;&nbsp; 5511539 |
| 15458733 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 3/01/2052<br>| &nbsp;&nbsp; 12293462 |
| 14538392 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.000%, 3/01/2052<br>| &nbsp;&nbsp; 11570468 |
| 1140901 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 9/01/2051<br>| &nbsp;&nbsp; 947884 |
| 15903011 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 5/01/2052<br>| &nbsp;&nbsp; 13252297 |
| 7083607 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 9/01/2061<br>| &nbsp;&nbsp; 5728774 |
| 35043616 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 12/01/2061<br>| &nbsp;&nbsp; 28341055 |
| 138090268 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| &nbsp;&nbsp; 111678862 |
| 124734005 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| &nbsp;&nbsp; 100876760 |
| 77175067 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| &nbsp;&nbsp; 62414229 |
| 46694612 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| &nbsp;&nbsp; 37763365 |
| 29678974 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 3/01/2062<br>| &nbsp;&nbsp; 23707516 |
| 62041190 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 4/01/2062<br>| &nbsp;&nbsp; 50174112 |
| 29572136 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 5/01/2062<br>| &nbsp;&nbsp; 23916028 |
| 78596508 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 6/01/2062<br>| &nbsp;&nbsp; 63562964 |
| 42003726 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 12/01/2062<br>| &nbsp;&nbsp; 33551771 |
| 28573059 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 9/01/2063<br>| &nbsp;&nbsp; 22823221 |
| 11361816 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 2.500%, 9/01/2063<br>| &nbsp;&nbsp; 9075401 |
| 2668269 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 3/01/2045<br>| &nbsp;&nbsp; 2383706 |
| 1856154 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 3/01/2045<br>| &nbsp;&nbsp; 1652435 |
| 858545 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 6/01/2046<br>| &nbsp;&nbsp; 760520 |
| 175425 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 6/01/2046<br>| &nbsp;&nbsp; 155671 |
| 903674 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 7/01/2046<br>| &nbsp;&nbsp; 796284 |

---

See accompanying notes to financial statements.

7 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $888535 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 8/01/2046<br>| &nbsp;&nbsp; $788011 |
| 374097 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 8/01/2046<br>| &nbsp;&nbsp; 330951 |
| 2069769 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 9/01/2046<br>| &nbsp;&nbsp; 1835068 |
| 1567113 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 11/01/2046<br>| &nbsp;&nbsp; 1377187 |
| 1433044 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 11/01/2046<br>| &nbsp;&nbsp; 1264965 |
| 534137 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 11/01/2046<br>| &nbsp;&nbsp; 471910 |
| 330324 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 11/01/2046<br>| &nbsp;&nbsp; 292355 |
| 176860 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 11/01/2046<br>| &nbsp;&nbsp; 156920 |
| 693181 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 1/01/2047<br>| &nbsp;&nbsp; 611615 |
| 398375 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 1/01/2047<br>| &nbsp;&nbsp; 353413 |
| 371584 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 3/01/2047<br>| &nbsp;&nbsp; 330288 |
| 205212 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 11/01/2047<br>| &nbsp;&nbsp; 181462 |
| 350422 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 4/01/2048<br>| &nbsp;&nbsp; 304284 |
| 1532626 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 6/01/2048<br>| &nbsp;&nbsp; 1349355 |
| 840173 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 7/01/2050<br>| &nbsp;&nbsp; 748516 |
| 295360 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 11/01/2051<br>| &nbsp;&nbsp; 256739 |
| 8251025 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 10/01/2052<br>| &nbsp;&nbsp; 7030749 |
| 46708661 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 9/01/2062<br>| &nbsp;&nbsp; 39717049 |
| 22632921 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 9/01/2062<br>| &nbsp;&nbsp; 18942845 |
| 6790369 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 3/01/2063<br>| &nbsp;&nbsp; 5683237 |
| 25704120 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 6/01/2063<br>| &nbsp;&nbsp; 21856503 |
| 21625917 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 6/01/2063<br>| &nbsp;&nbsp; 18100051 |
| 7431702 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 6/01/2064<br>| &nbsp;&nbsp; 6201481 |
| 4825392 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 5/01/2052<br>| &nbsp;&nbsp; 4257274 |
| 23833626 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 6/01/2062<br>| &nbsp;&nbsp; 21201998 |
| 10959990 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 9/01/2062<br>| &nbsp;&nbsp; 9708627 |
| 35613765 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 12/01/2062<br>| &nbsp;&nbsp; 31547211 |
| 29509924 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 12/01/2062<br>| &nbsp;&nbsp; 26140328 |
| 18670396 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 6/01/2063<br>| &nbsp;&nbsp; 16515941 |
| 14458263 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 9/01/2063<br>| &nbsp;&nbsp; 12663027 |
| 4822968 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 12/01/2063<br>| &nbsp;&nbsp; 4224087 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $25362191 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.500%, 6/01/2064<br>| &nbsp;&nbsp; $22182077 |
| 2531171 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 9/01/2041<br>| &nbsp;&nbsp; 2434620 |
| 1214088 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 8/01/2042<br>| &nbsp;&nbsp; 1166771 |
| 299849 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 11/01/2044<br>| &nbsp;&nbsp; 286032 |
| 620174 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 2/01/2045<br>| &nbsp;&nbsp; 587279 |
| 384779 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 4/01/2047<br>| &nbsp;&nbsp; 363413 |
| 288333 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 4/01/2047<br>| &nbsp;&nbsp; 273699 |
| 885539 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 11/01/2047<br>| &nbsp;&nbsp; 834655 |
| 279878 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 12/01/2047<br>| &nbsp;&nbsp; 263971 |
| 411030 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 3/01/2048<br>| &nbsp;&nbsp; 382313 |
| 785308 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 6/01/2048<br>| &nbsp;&nbsp; 730441 |
| 141095 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 2/01/2050<br>| &nbsp;&nbsp; 132518 |
| 7240707 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 6/01/2052<br>| &nbsp;&nbsp; 6770165 |
| 5115654 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 7/01/2052<br>| &nbsp;&nbsp; 4773659 |
| 4274690 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 8/01/2052<br>| &nbsp;&nbsp; 3994232 |
| 1375174 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 11/01/2052<br>| &nbsp;&nbsp; 1283240 |
| 16856638 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.000%, 12/01/2063<br>| &nbsp;&nbsp; 15384155 |
| 30100 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 8/01/2043<br>| &nbsp;&nbsp; 29495 |
| 87534 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 3/01/2044<br>| &nbsp;&nbsp; 85668 |
| 77311 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 5/01/2044<br>| &nbsp;&nbsp; 74931 |
| 1262502 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 1/01/2045<br>| &nbsp;&nbsp; 1236124 |
| 175864 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 1/01/2045<br>| &nbsp;&nbsp; 173714 |
| 431414 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 7/01/2045<br>| &nbsp;&nbsp; 419622 |
| 232174 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 8/01/2045<br>| &nbsp;&nbsp; 225983 |
| 127164 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 8/01/2045<br>| &nbsp;&nbsp; 124191 |
| 277028 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 10/01/2045<br>| &nbsp;&nbsp; 270553 |
| 563634 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 11/01/2045<br>| &nbsp;&nbsp; 550460 |
| 376661 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 3/01/2046<br>| &nbsp;&nbsp; 368713 |
| 13767 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 7/01/2046<br>| &nbsp;&nbsp; 13440 |
| 363345 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 9/01/2046<br>| &nbsp;&nbsp; 354998 |
| 229399 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 2/01/2047<br>| &nbsp;&nbsp; 223070 |

---

See accompanying notes to financial statements.

\| 8

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $544213 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 5/01/2047<br>| &nbsp;&nbsp; $528255 |
| 308734 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 7/01/2048<br>| &nbsp;&nbsp; 300544 |
| 1296910 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 8/01/2048<br>| &nbsp;&nbsp; 1263383 |
| 286858 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 10/01/2049<br>| &nbsp;&nbsp; 277664 |
| 8742823 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 3/01/2053<br>| &nbsp;&nbsp; 8356565 |
| 10325005 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 4.500%, 4/01/2053<br>| &nbsp;&nbsp; 9892398 |
| 1304596 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 7/01/2048<br>| &nbsp;&nbsp; 1304236 |
| 609115 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 8/01/2048<br>| &nbsp;&nbsp; 608695 |
| 338153 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 9/01/2048<br>| &nbsp;&nbsp; 337990 |
| 2135722 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 1/01/2049<br>| &nbsp;&nbsp; 2130379 |
| 769251 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 3/01/2049<br>| &nbsp;&nbsp; 767452 |
| 4344812 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 5/01/2053<br>| &nbsp;&nbsp; 4325781 |
| 2250601 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.500%, 4/01/2050<br>| &nbsp;&nbsp; 2283066 |
| 2127453 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 2148626 |
| 1051781 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 1053706 |
| 787275 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.500%, 7/01/2053<br>| &nbsp;&nbsp; 790877 |
| 13162 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 8/01/2034<br>| &nbsp;&nbsp; 13644 |
| 49271 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 1/01/2037<br>| &nbsp;&nbsp; 50981 |
| 1287552 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 5/01/2049<br>| &nbsp;&nbsp; 1336366 |
| 7811263 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 8002743 |
| 2433333 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 2492654 |
| 1723689 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 1763020 |
| 1178263 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 1206987 |
| 1066409 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 5/01/2053<br>| &nbsp;&nbsp; 1090742 |
| 1063919 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 6/01/2053<br>| &nbsp;&nbsp; 1090395 |
| 1006881 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 6/01/2053<br>| &nbsp;&nbsp; 1024718 |
| 12453588 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 12701824 |
| 3662588 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 3751870 |
| 1255680 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 1277568 |
| 1096740 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 1122591 |
| 656650 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 7/01/2053<br>| &nbsp;&nbsp; 668123 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $1860482 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 8/01/2053<br>| &nbsp;&nbsp; $1904802 |
| 1680370 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 8/01/2053<br>| &nbsp;&nbsp; 1711156 |
| 1335133 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 8/01/2053<br>| &nbsp;&nbsp; 1365597 |
| 1070 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 1/01/2029<br>| &nbsp;&nbsp; 1103 |
| 607 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 5/01/2031<br>| &nbsp;&nbsp; 626 |
| 1336977 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 6/01/2053<br>| &nbsp;&nbsp; 1379752 |
| 644626 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 6/01/2053<br>| &nbsp;&nbsp; 670064 |
| 5431220 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 7/01/2053<br>| &nbsp;&nbsp; 5629353 |
| 659718 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 7/01/2053<br>| &nbsp;&nbsp; 682887 |
| 606401 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 7/01/2053<br>| &nbsp;&nbsp; 630238 |
| 3755312 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 8/01/2053<br>| &nbsp;&nbsp; 3943387 |
| 2414738 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 8/01/2053<br>| &nbsp;&nbsp; 2535776 |
| 1018407 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 8/01/2053<br>| &nbsp;&nbsp; 1054882 |
| 1302023 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 9/01/2053<br>| &nbsp;&nbsp; 1348304 |
| 909322 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 1/01/2054<br>| &nbsp;&nbsp; 945464 |
| 20988649 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 7/01/2054<br>| &nbsp;&nbsp; 22095066 |
| 5367 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 10/01/2030<br>| &nbsp;&nbsp; 5603 |
| 5214 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 10/01/2030<br>| &nbsp;&nbsp; 5444 |
| 850003 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 10/01/2053<br>| &nbsp;&nbsp; 897491 |
| 376654 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 10/01/2053<br>| &nbsp;&nbsp; 395251 |
| 1540627 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 11/01/2053<br>| &nbsp;&nbsp; 1615880 |
| 2049317 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.000%, 3/01/2054<br>| &nbsp;&nbsp; 2145915 |
| 3374 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.500%, 7/01/2030<br>| &nbsp;&nbsp; 3462 |
| 2345 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.500%, 2/01/2032<br>| &nbsp;&nbsp; 2356 |
| 249986 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 8.000%, 1/01/2054<br>| &nbsp;&nbsp; 261607 |
| 63041 | &nbsp;&nbsp; Government National Mortgage Association, <br> 5.500%, 4/15/2038<br>| &nbsp;&nbsp; 65170 |
| 4502 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.000%, 1/15/2029<br>| &nbsp;&nbsp; 4578 |
| 3673 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.000%, 4/15/2038<br>| &nbsp;&nbsp; 3847 |
| 1692 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.500%, 1/15/2029<br>| &nbsp;&nbsp; 1747 |
| 1962 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.500%, 2/15/2031<br>| &nbsp;&nbsp; 1985 |
| 5488 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.500%, 9/15/2032<br>| &nbsp;&nbsp; 5705 |

---

See accompanying notes to financial statements.

9 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $1258 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.500%, 9/15/2032<br>| &nbsp;&nbsp; $1296 |
| 1304 | &nbsp;&nbsp; Government National Mortgage Association, <br> 7.000%, 9/15/2025<br>| &nbsp;&nbsp; 1303 |
| 205 | &nbsp;&nbsp; Government National Mortgage Association, <br> 7.500%, 7/15/2030<br>| &nbsp;&nbsp; 209 |
| 75598000 | &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA, <br> 6.500%, 5/01/2055(d)<br>| &nbsp;&nbsp; 77879699 |
|  |  | &nbsp;&nbsp; 1841153999 |
|  | **Natural Gas — 0.0%** | **Natural Gas — 0.0%** |
| 2701000 | Boston Gas Co., 3.001%, 8/01/2029(a) | &nbsp;&nbsp; 2503709 |
|  | **Non-Agency Commercial Mortgage-Backed Securities — 1.6%** | **Non-Agency Commercial Mortgage-Backed Securities — 1.6%** |
| 22085000 | &nbsp;&nbsp; AOA Mortgage Trust, Series 2021-1177, <br> Class A, 1 mo. USD SOFR + 0.989%, <br> 5.309%, 10/15/2038(a)(b)<br>| &nbsp;&nbsp; 21317873 |
| 1531640 | &nbsp;&nbsp; Bank, Series 2019-BN16, Class A4, <br> 4.005%, 2/15/2052<br>| &nbsp;&nbsp; 1481258 |
| 3409380 | &nbsp;&nbsp; Bank, Series 2019-BN20, Class A3, <br> 3.011%, 9/15/2062<br>| &nbsp;&nbsp; 3126132 |
| 12696152 | &nbsp;&nbsp; Bank, Series 2019-BN22, Class A4, <br> 2.978%, 11/15/2062<br>| &nbsp;&nbsp; 11671900 |
| 6138240 | &nbsp;&nbsp; Bank, Series 2019-BN24, Class A3, <br> 2.960%, 11/15/2062<br>| &nbsp;&nbsp; 5655688 |
| 7135000 | &nbsp;&nbsp; BPR Trust, Series 2021-NRD, Class A, 1 mo. <br> USD SOFR + 1.525%, 5.845%, 12/15/2038(a)(b)<br>| &nbsp;&nbsp; 7031885 |
| 14179842 | &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2019-C7, Class A4, 3.102%, 12/15/2072<br>| &nbsp;&nbsp; 13240711 |
| 7070071 | &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2019-GC43, Class A4, 3.038%, 11/10/2052<br>| &nbsp;&nbsp; 6401578 |
| 8877514 | &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2020-GC46, Class A5, 2.717%, 2/15/2053<br>| &nbsp;&nbsp; 7931991 |
| 622545 | &nbsp;&nbsp; Commercial Mortgage Trust, Series 2010-C1, <br> Class D, 5.794%, 7/10/2046(a)(b)<br>| &nbsp;&nbsp; 614938 |
| 2112208 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class A1, <br> 3.304%, 9/15/2037(a)<br>| &nbsp;&nbsp; 1982555 |
| 11367000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class A2, <br> 3.953%, 9/15/2037(a)<br>| &nbsp;&nbsp; 10372388 |
| 8025000 | &nbsp;&nbsp; DC Commercial Mortgage Trust, <br> Series 2023-DC, Class A, 6.314%, 9/12/2040(a)<br>| &nbsp;&nbsp; 8219693 |
| 7011487 | &nbsp;&nbsp; Extended Stay America Trust, <br> Series 2021-ESH, Class A, 1 mo. USD SOFR + <br> 1.194%, 5.514%, 7/15/2038(a)(b)<br>| &nbsp;&nbsp; 7004914 |
| 1286233 | &nbsp;&nbsp; Extended Stay America Trust, <br> Series 2021-ESH, Class D, 1 mo. USD SOFR + <br> 2.364%, 6.684%, 7/15/2038(a)(b)<br>| &nbsp;&nbsp; 1284626 |
| 5627003 | &nbsp;&nbsp; GS Mortgage Securities Trust, <br> Series 2011-GC5, Class C, <br> 5.198%, 8/10/2044(a)(b)<br>| &nbsp;&nbsp; 4863424 |
| 6596065 | &nbsp;&nbsp; GS Mortgage Securities Trust, <br> Series 2020-GC45, Class A5, 2.911%, 2/13/2053<br>| &nbsp;&nbsp; 6083466 |
| 7180000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, Class A, <br> 1 mo. USD SOFR + 1.600%, <br> 5.919%, 1/15/2042(a)(b)<br>| &nbsp;&nbsp; 7109291 |
| 3582169 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2011-C4, Class D, <br> 4.960%, 6/15/2044(a)(b)<br>| &nbsp;&nbsp; 3367274 |
|  |  | &nbsp;&nbsp; 128761585 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Other REITs — 0.1%** | **Other REITs — 0.1%** |
| $4740000 | EPR Properties, 3.600%, 11/15/2031 | &nbsp;&nbsp; $4229707 |
| 6970000 | &nbsp;&nbsp; Starwood Property Trust, Inc., <br> 6.500%, 7/01/2030(a)<br>| &nbsp;&nbsp; 6973545 |
|  |  | &nbsp;&nbsp; 11203252 |
|  | **Paper — 0.2%** | **Paper — 0.2%** |
| 12175000 | Klabin Austria GmbH, 7.000%, 4/03/2049(a) | &nbsp;&nbsp; 12322318 |
|  | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| 12695000 | Amgen, Inc., 5.750%, 3/02/2063 | &nbsp;&nbsp; 12371380 |
| 12184000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 3.150%, 10/01/2026<br>| &nbsp;&nbsp; 11815669 |
| 1903000 | Viatris, Inc., 4.000%, 6/22/2050 | &nbsp;&nbsp; 1248074 |
|  |  | &nbsp;&nbsp; 25435123 |
|  | **Property & Casualty Insurance — 0.3%** | **Property & Casualty Insurance — 0.3%** |
| 18645000 | Ardonagh Finco Ltd., 7.750%, 2/15/2031(a) | &nbsp;&nbsp; 18992822 |
| 7315000 | &nbsp;&nbsp; Liberty Mutual Group, Inc., <br> 3.950%, 5/15/2060(a)<br>| &nbsp;&nbsp; 4983321 |
|  |  | &nbsp;&nbsp; 23976143 |
|  | **Refining — 0.3%** | **Refining — 0.3%** |
| 7720000 | Raizen Fuels Finance SA, 6.450%, 3/05/2034(a) | &nbsp;&nbsp; 7803762 |
| 4475000 | Raizen Fuels Finance SA, 6.950%, 3/05/2054(a) | &nbsp;&nbsp; 4379906 |
| 2000000 | &nbsp;&nbsp; Thaioil Treasury Center Co. Ltd., <br> 3.750%, 6/18/2050(a)<br>| &nbsp;&nbsp; 1306889 |
| 16697000 | &nbsp;&nbsp; Thaioil Treasury Center Co. Ltd., <br> 4.875%, 1/23/2043(a)<br>| &nbsp;&nbsp; 13767345 |
|  |  | &nbsp;&nbsp; 27257902 |
|  | **Retailers — 0.6%** | **Retailers — 0.6%** |
| 4081000 | Alibaba Group Holding Ltd., 3.250%, 2/09/2061 | &nbsp;&nbsp; 2588166 |
| 13655000 | Dick's Sporting Goods, Inc., 4.100%, 1/15/2052 | &nbsp;&nbsp; 9803789 |
| 5110000 | &nbsp;&nbsp; El Puerto de Liverpool SAB de CV, <br> 6.255%, 1/22/2032(a)<br>| &nbsp;&nbsp; 5186164 |
| 9715000 | &nbsp;&nbsp; El Puerto de Liverpool SAB de CV, <br> 6.658%, 1/22/2037(a)<br>| &nbsp;&nbsp; 9844756 |
| 10285000 | Falabella SA, 3.375%, 1/15/2032(a) | &nbsp;&nbsp; 8814341 |
| 8382000 | Lithia Motors, Inc., 4.375%, 1/15/2031(a) | &nbsp;&nbsp; 7594284 |
| 5082000 | MercadoLibre, Inc., 3.125%, 1/14/2031 | &nbsp;&nbsp; 4503432 |
|  |  | &nbsp;&nbsp; 48334932 |
|  | **Sovereigns — 0.8%** | **Sovereigns — 0.8%** |
| 22860000 | &nbsp;&nbsp; Chile Government International Bonds, <br> 5.650%, 1/13/2037<br>| &nbsp;&nbsp; 23184612 |
| 3760000 | &nbsp;&nbsp; Colombia Government International Bonds, <br> 8.000%, 11/14/2035<br>| &nbsp;&nbsp; 3776920 |
| 2090000 | &nbsp;&nbsp; Dominican Republic International Bonds, <br> 6.600%, 6/01/2036(a)<br>| &nbsp;&nbsp; 2078087 |
| 5745000 | &nbsp;&nbsp; Dominican Republic International Bonds, <br> 7.050%, 2/03/2031(a)<br>| &nbsp;&nbsp; 5941766 |
| 7280000 | &nbsp;&nbsp; Republic of South Africa Government <br> International Bonds, 7.100%, 11/19/2036(a)<br>| &nbsp;&nbsp; 7055768 |
| 15320000 | &nbsp;&nbsp; Republic of South Africa Government <br> International Bonds, 7.300%, 4/20/2052<br>| &nbsp;&nbsp; 13555136 |
| 9520000 | &nbsp;&nbsp; Saudi Government International Bonds, <br> 5.625%, 1/13/2035(a)<br>| &nbsp;&nbsp; 9788464 |
|  |  | &nbsp;&nbsp; 65380753 |
|  | **Supermarkets — 0.1%** | **Supermarkets — 0.1%** |
| 7745000 | Kroger Co., 5.500%, 9/15/2054 | &nbsp;&nbsp; 7305639 |
|  | **Technology — 1.7%** | **Technology — 1.7%** |
| 4515000 | Baidu, Inc., 3.075%, 4/07/2025 | &nbsp;&nbsp; 4513871 |
| 7535000 | Broadcom, Inc., 3.137%, 11/15/2035(a) | &nbsp;&nbsp; 6245417 |
| 12854000 | Corning, Inc., 5.450%, 11/15/2079 | &nbsp;&nbsp; 11709035 |

---

See accompanying notes to financial statements.

\| 10

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $2133000 | Equifax, Inc., 2.600%, 12/15/2025 | &nbsp;&nbsp; $2102880 |
| 4324000 | Equifax, Inc., 7.000%, 7/01/2037 | &nbsp;&nbsp; 4842030 |
| 15961000 | &nbsp;&nbsp; Hewlett Packard Enterprise Co., <br> 6.200%, 10/15/2035<br>| &nbsp;&nbsp; 16890135 |
| 10751000 | Iron Mountain, Inc., 4.500%, 2/15/2031(a) | &nbsp;&nbsp; 9855306 |
| 4675000 | Iron Mountain, Inc., 6.250%, 1/15/2033(a) | &nbsp;&nbsp; 4629942 |
| 5460000 | Jabil, Inc., 3.000%, 1/15/2031 | &nbsp;&nbsp; 4894420 |
| 3200000 | Jabil, Inc., 5.450%, 2/01/2029 | &nbsp;&nbsp; 3260601 |
| 13185000 | Micron Technology, Inc., 5.800%, 1/15/2035 | &nbsp;&nbsp; 13501416 |
| 15646000 | Oracle Corp., 4.100%, 3/25/2061 | &nbsp;&nbsp; 11181550 |
| 2429000 | Sabre GLBL, Inc., 8.625%, 6/01/2027(a) | &nbsp;&nbsp; 2403697 |
| 1097000 | Sabre GLBL, Inc., 10.750%, 11/15/2029(a) | &nbsp;&nbsp; 1104983 |
| 39000 | &nbsp;&nbsp; Science Applications International Corp., <br> 4.875%, 4/01/2028(a)<br>| &nbsp;&nbsp; 37360 |
| 7579000 | &nbsp;&nbsp; Sensata Technologies, Inc., <br> 3.750%, 2/15/2031(a)<br>| &nbsp;&nbsp; 6617537 |
| 3750000 | TD SYNNEX Corp., 6.100%, 4/12/2034 | &nbsp;&nbsp; 3856951 |
| 14563000 | Tencent Holdings Ltd., 3.290%, 6/03/2060(a) | &nbsp;&nbsp; 9583998 |
| 14257000 | Ziff Davis, Inc., 4.625%, 10/15/2030(a) | &nbsp;&nbsp; 12915366 |
|  |  | &nbsp;&nbsp; 130146495 |
|  | **Treasuries — 31.6%** | **Treasuries — 31.6%** |
| 633,589(e)<br>| &nbsp;&nbsp; Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2033, (BRL)<br>| &nbsp;&nbsp; 87393424 |
| 8,189,369(f)<br>| Mexico Bonos, 8.500%, 5/31/2029, (MXN) | &nbsp;&nbsp; 39559240 |
| 154795000 | U.S. Treasury Bonds, 1.750%, 8/15/2041 | &nbsp;&nbsp; 104903846 |
| 233410000 | U.S. Treasury Bonds, 2.000%, 11/15/2041 | &nbsp;&nbsp; 163943172 |
| 71990000 | U.S. Treasury Bonds, 2.375%, 2/15/2042 | &nbsp;&nbsp; 53430078 |
| 66935000 | U.S. Treasury Bonds, 3.000%, 11/15/2044 | &nbsp;&nbsp; 52737459 |
| 46925000 | U.S. Treasury Bonds, 3.250%, 5/15/2042 | &nbsp;&nbsp; 39649792 |
| 14770000 | U.S. Treasury Bonds, 3.375%, 8/15/2042 | &nbsp;&nbsp; 12662390 |
| 33895000 | U.S. Treasury Bonds, 3.625%, 2/15/2053 | &nbsp;&nbsp; 28547269 |
| 15860000 | U.S. Treasury Bonds, 3.875%, 2/15/2043 | &nbsp;&nbsp; 14515617 |
| 72190000 | U.S. Treasury Bonds, 3.875%, 5/15/2043 | &nbsp;&nbsp; 65895934 |
| 5900000 | U.S. Treasury Bonds, 4.125%, 8/15/2044 | &nbsp;&nbsp; 5527563 |
| 98135000 | U.S. Treasury Bonds, 4.125%, 8/15/2053 | &nbsp;&nbsp; 90429870 |
| 24415000 | U.S. Treasury Bonds, 4.250%, 2/15/2054 | &nbsp;&nbsp; 23003508 |
| 30790000 | U.S. Treasury Bonds, 4.500%, 2/15/2044 | &nbsp;&nbsp; 30423166 |
| 82645000 | U.S. Treasury Bonds, 4.500%, 11/15/2054 | &nbsp;&nbsp; 81431152 |
| 2640000 | U.S. Treasury Bonds, 4.625%, 5/15/2044 | &nbsp;&nbsp; 2648559 |
| 6140000 | U.S. Treasury Bonds, 4.625%, 11/15/2044 | &nbsp;&nbsp; 6147675 |
| 4615000 | U.S. Treasury Bonds, 4.625%, 5/15/2054 | &nbsp;&nbsp; 4629963 |
| 52025000 | U.S. Treasury Bonds, 4.625%, 2/15/2055 | &nbsp;&nbsp; 52374543 |
| 12405000 | U.S. Treasury Bonds, 4.750%, 11/15/2043 | &nbsp;&nbsp; 12672967 |
| 44555000 | U.S. Treasury Notes, 2.750%, 8/15/2032 | &nbsp;&nbsp; 40736497 |
| 1135000 | U.S. Treasury Notes, 2.875%, 5/15/2032 | &nbsp;&nbsp; 1050052 |
| 50930000 | U.S. Treasury Notes, 3.125%, 8/31/2029 | &nbsp;&nbsp; 49268807 |
| 160115000 | U.S. Treasury Notes, 3.375%, 5/15/2033 | &nbsp;&nbsp; 151665181 |
| 3970000 | U.S. Treasury Notes, 3.500%, 9/30/2026(g) | &nbsp;&nbsp; 3943637 |
| 41465000 | U.S. Treasury Notes, 3.500%, 1/31/2028 | &nbsp;&nbsp; 41030913 |
| 25800000 | U.S. Treasury Notes, 3.500%, 4/30/2028 | &nbsp;&nbsp; 25502695 |
| 21635000 | U.S. Treasury Notes, 3.500%, 1/31/2030 | &nbsp;&nbsp; 21207371 |
| 127735000 | U.S. Treasury Notes, 3.500%, 2/15/2033 | &nbsp;&nbsp; 122356158 |
| 31760000 | U.S. Treasury Notes, 3.625%, 3/31/2028 | &nbsp;&nbsp; 31529244 |
| 111835000 | U.S. Treasury Notes, 3.625%, 8/31/2029 | &nbsp;&nbsp; 110432694 |
| 179360000 | U.S. Treasury Notes, 3.625%, 9/30/2031 | &nbsp;&nbsp; 174897019 |
| 9895000 | U.S. Treasury Notes, 3.750%, 12/31/2028 | &nbsp;&nbsp; 9836635 |
| 3655000 | U.S. Treasury Notes, 3.750%, 6/30/2030 | &nbsp;&nbsp; 3614452 |
| 17605000 | U.S. Treasury Notes, 3.750%, 8/31/2031 | &nbsp;&nbsp; 17296225 |
| 22455000 | U.S. Treasury Notes, 3.875%, 12/31/2027 | &nbsp;&nbsp; 22449737 |
| 30770000 | U.S. Treasury Notes, 3.875%, 11/30/2029 | &nbsp;&nbsp; 30676248 |
| 32370000 | U.S. Treasury Notes, 3.875%, 8/15/2033 | &nbsp;&nbsp; 31725129 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Treasuries — continued** | **Treasuries — continued** |
| $34370000 | U.S. Treasury Notes, 3.875%, 8/15/2034 | &nbsp;&nbsp; $33500009 |
| 4940000 | U.S. Treasury Notes, 4.000%, 2/28/2030 | &nbsp;&nbsp; 4951192 |
| 105885000 | U.S. Treasury Notes, 4.000%, 3/31/2030 | &nbsp;&nbsp; 106100079 |
| 108560000 | U.S. Treasury Notes, 4.000%, 2/15/2034 | &nbsp;&nbsp; 107084262 |
| 28635000 | U.S. Treasury Notes, 4.125%, 10/31/2029 | &nbsp;&nbsp; 28845288 |
| 31610000 | U.S. Treasury Notes, 4.125%, 3/31/2031 | &nbsp;&nbsp; 31766815 |
| 820000 | U.S. Treasury Notes, 4.125%, 3/31/2032 | &nbsp;&nbsp; 822306 |
| 101645000 | U.S. Treasury Notes, 4.125%, 11/15/2032 | &nbsp;&nbsp; 101795880 |
| 5795000 | U.S. Treasury Notes, 4.250%, 6/30/2029 | &nbsp;&nbsp; 5865627 |
| 11025000 | U.S. Treasury Notes, 4.375%, 12/31/2029 | &nbsp;&nbsp; 11225259 |
| 19365000 | U.S. Treasury Notes, 4.500%, 12/31/2031 | &nbsp;&nbsp; 19851394 |
| 44835000 | U.S. Treasury Notes, 4.500%, 11/15/2033 | &nbsp;&nbsp; 45906837 |
| 37695000 | U.S. Treasury Notes, 4.625%, 2/15/2035 | &nbsp;&nbsp; 38943647 |
| 2914457000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 8.250%, 5/21/2031, (UYU)<br>| &nbsp;&nbsp; 65092421 |
| 176060000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 8.500%, 3/15/2028, (UYU)(a)<br>| &nbsp;&nbsp; 4093808 |
| 93095000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 8.500%, 3/15/2028, (UYU)<br>| &nbsp;&nbsp; 2164677 |
| 1006075000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 9.750%, 7/20/2033, (UYU)<br>| &nbsp;&nbsp; 24153200 |
|  |  | &nbsp;&nbsp; 2493908582 |
|  | **Wireless — 0.7%** | **Wireless — 0.7%** |
| 17567000 | Bharti Airtel Ltd., 4.375%, 6/10/2025(a) | &nbsp;&nbsp; 17551571 |
| 983000 | Crown Castle, Inc., 4.150%, 7/01/2050 | &nbsp;&nbsp; 745851 |
| 3360000 | &nbsp;&nbsp; Empresa Nacional de Telecomunicaciones SA, <br> 3.050%, 9/14/2032(a)<br>| &nbsp;&nbsp; 2820638 |
| 5452000 | &nbsp;&nbsp; Millicom International Cellular SA, <br> 4.500%, 4/27/2031(a)<br>| &nbsp;&nbsp; 4830754 |
| 7105000 | SBA Communications Corp., 3.125%, 2/01/2029 | &nbsp;&nbsp; 6484434 |
| 18330000 | &nbsp;&nbsp; Sitios Latinoamerica SAB de CV, <br> 5.375%, 4/04/2032(a)<br>| &nbsp;&nbsp; 17585802 |
| 4605000 | &nbsp;&nbsp; Sitios Latinoamerica SAB de CV, <br> 6.000%, 11/25/2029(a)<br>| &nbsp;&nbsp; 4642162 |
|  |  | &nbsp;&nbsp; 54661212 |
|  | **Wirelines — 0.3%** | **Wirelines — 0.3%** |
| 7956000 | AT&T, Inc., 3.500%, 9/15/2053 | &nbsp;&nbsp; 5425118 |
| 2905000 | AT&T, Inc., 3.550%, 9/15/2055 | &nbsp;&nbsp; 1968733 |
| 1863000 | AT&T, Inc., 3.650%, 6/01/2051 | &nbsp;&nbsp; 1319440 |
| 13026000 | AT&T, Inc., 3.650%, 9/15/2059 | &nbsp;&nbsp; 8785150 |
| 7539000 | AT&T, Inc., 3.800%, 12/01/2057 | &nbsp;&nbsp; 5292524 |
|  |  | &nbsp;&nbsp; 22790965 |
|  | &nbsp;&nbsp; Total Non-Convertible Bonds <br>(Identified Cost $7,389,594,875)<br>| &nbsp;&nbsp; 6966356903 |
| **Municipals — 0.1%** | **Municipals — 0.1%** | **Municipals — 0.1%** |
|  | **Virginia — 0.1%** | **Virginia — 0.1%** |
| 12785000 | &nbsp;&nbsp; University of Virginia, 3.227%, 9/01/2119 <br>(Identified Cost $12,785,000)<br>| &nbsp;&nbsp; 7484714 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $7,402,379,875)<br>| &nbsp;&nbsp; 6973841617 |
| **Collateralized Loan Obligations — 5.3%** | **Collateralized Loan Obligations — 5.3%** | **Collateralized Loan Obligations — 5.3%** |
| 3395000 | &nbsp;&nbsp; 37 Capital CLO 1 Ltd., Series 2021-1A, Class D, <br> 3 mo. USD SOFR + 3.782%, <br> 8.084%, 10/15/2034(a)(b)<br>| &nbsp;&nbsp; 3406438 |
| 4230000 | &nbsp;&nbsp; 37 Capital CLO 4 Ltd., Series 2023-2A, <br> Class D1R, 3 mo. USD SOFR + 2.750%, <br> 7.046%, 4/15/2035(a)(b)<br>| &nbsp;&nbsp; 4184024 |

---

See accompanying notes to financial statements.

11 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $2365000 | &nbsp;&nbsp; 37 Capital CLO II Ltd., Series 2022-1A, <br> Class CR, 3 mo. USD SOFR + 2.200%, <br> 6.502%, 7/15/2034(a)(b)<br>| &nbsp;&nbsp; $2365052 |
| 2905000 | &nbsp;&nbsp; 37 Capital CLO II Ltd., Series 2022-1A, <br> Class DR, 3 mo. USD SOFR + 3.400%, <br> 7.702%, 7/15/2034(a)(b)<br>| &nbsp;&nbsp; 2922087 |
| 1815000 | &nbsp;&nbsp; 720 East CLO IV Ltd., Series 2024-1A, Class C, <br> 3 mo. USD SOFR + 2.400%, <br> 6.702%, 4/15/2037(a)(b)<br>| &nbsp;&nbsp; 1816741 |
| 3500000 | &nbsp;&nbsp; 720 East CLO Ltd., Series 2022-1A, Class CR, <br> 3 mo. USD SOFR + 1.900%, <br> 6.193%, 1/20/2038(a)(b)<br>| &nbsp;&nbsp; 3460369 |
| 5290000 | &nbsp;&nbsp; AGL CLO 21 Ltd., Series 2022-21A, Class BR, <br> 3 mo. USD SOFR + 1.650%, <br> 5.943%, 10/21/2037(a)(b)<br>| &nbsp;&nbsp; 5282710 |
| 6520000 | &nbsp;&nbsp; AGL CLO 30 Ltd., Series 2024-30RA, Class B, <br> 3 mo. USD SOFR + 2.050%, <br> 6.343%, 4/21/2037(a)(b)<br>| &nbsp;&nbsp; 6520482 |
| 4230000 | &nbsp;&nbsp; AGL CLO 35 Ltd., Series 2024-35A, Class C, <br> 3 mo. USD SOFR + 1.900%, <br> 6.412%, 1/21/2038(a)(b)<br>| &nbsp;&nbsp; 4229146 |
| 750000 | &nbsp;&nbsp; Anchorage Capital CLO 19 Ltd., <br> Series 2021-19A, Class B1, 3 mo. USD SOFR + <br> 2.112%, 6.414%, 10/15/2034(a)(b)<br>| &nbsp;&nbsp; 748745 |
| 940000 | &nbsp;&nbsp; Anchorage Capital CLO 28 Ltd., <br> Series 2024-28A, Class B, 3 mo. USD SOFR + <br> 2.250%, 6.543%, 4/20/2037(a)(b)<br>| &nbsp;&nbsp; 941885 |
| 4125000 | &nbsp;&nbsp; Anchorage Capital CLO 29 Ltd., <br> Series 2024-29A, Class B1, 3 mo. USD SOFR + <br> 2.150%, 6.443%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 4135746 |
| 2935000 | &nbsp;&nbsp; Anchorage Capital CLO 30 Ltd., <br> Series 2024-30A, Class B, 3 mo. USD SOFR + <br> 1.750%, 6.065%, 1/20/2037(a)(b)<br>| &nbsp;&nbsp; 2911781 |
| 2983064 | &nbsp;&nbsp; Atlas Senior Loan Fund Ltd., Series 2017-8A, <br> Class B, 3 mo. USD SOFR + 1.932%, <br> 6.239%, 1/16/2030(a)(b)<br>| &nbsp;&nbsp; 2985817 |
| 1650000 | &nbsp;&nbsp; Atrium XV, Series 15A, Class B1R, 3 mo. USD <br> SOFR + 1.800%, 6.108%, 7/16/2037(a)(b)<br>| &nbsp;&nbsp; 1643578 |
| 2000000 | &nbsp;&nbsp; Atrium XV, Series 15A, Class D1R, 3 mo. USD <br> SOFR + 3.300%, 7.608%, 7/16/2037(a)(b)<br>| &nbsp;&nbsp; 2002542 |
| 5775000 | &nbsp;&nbsp; Bain Capital CLO Ltd., Series 2024-1A, Class B, <br> 3 mo. USD SOFR + 2.000%, <br> 6.308%, 4/16/2037(a)(b)<br>| &nbsp;&nbsp; 5784812 |
| 5575000 | &nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2024-4A, <br> Class B, 3 mo. USD SOFR + 1.650%, <br> 6.520%, 10/23/2037(a)(b)<br>| &nbsp;&nbsp; 5580547 |
| 6880000 | &nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2024-6A, <br> Class C, 3 mo. USD SOFR + 1.850%, <br> 6.165%, 1/21/2038(a)(b)<br>| &nbsp;&nbsp; 6857310 |
| 6000000 | &nbsp;&nbsp; Balboa Bay Loan Funding Ltd., Series 2023-1A, <br> Class BR, 3 mo. USD SOFR + 2.050%, <br> 6.343%, 4/20/2036(a)(b)<br>| &nbsp;&nbsp; 6000096 |
| 6715000 | &nbsp;&nbsp; Balboa Bay Loan Funding Ltd., Series 2024-2A, <br> Class A1, 3 mo. USD SOFR + 1.330%, <br> 5.646%, 1/20/2038(a)(b)<br>| &nbsp;&nbsp; 6704968 |
| 1400000 | &nbsp;&nbsp; Ballyrock CLO Ltd., Series 2019-1A, Class A2R, <br> 3 mo. USD SOFR + 1.812%, <br> 6.114%, 7/15/2032(a)(b)<br>| &nbsp;&nbsp; 1400897 |
| 3810000 | &nbsp;&nbsp; Barings CLO Ltd., Series 2018-2A, Class B2R, <br> 3 mo. USD SOFR + 1.750%, <br> 6.052%, 7/15/2036(a)(b)<br>| &nbsp;&nbsp; 3813280 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $1065000 | &nbsp;&nbsp; Battalion CLO VIII Ltd., Series 2015-8A, <br> Class BR2, 3 mo. USD SOFR + 2.262%, <br> 6.555%, 7/18/2030(a)(b)<br>| &nbsp;&nbsp; $1066807 |
| 5000000 | &nbsp;&nbsp; Battalion CLO X Ltd., Series 2016-10A, <br> Class A1R2, 3 mo. USD SOFR + 1.432%, <br> 5.728%, 1/25/2035(a)(b)<br>| &nbsp;&nbsp; 5000770 |
| 400000 | &nbsp;&nbsp; Battalion CLO XIX Ltd., Series 2021-19A, <br> Class D, 3 mo. USD SOFR + 3.512%, <br> 7.814%, 4/15/2034(a)(b)<br>| &nbsp;&nbsp; 397818 |
| 5930000 | &nbsp;&nbsp; Battalion CLO XVI Ltd., Series 2019-16A, <br> Class CR2, 3 mo. USD SOFR + 2.000%, <br> 6.440%, 1/20/2038(a)(b)<br>| &nbsp;&nbsp; 5904127 |
| 3440000 | &nbsp;&nbsp; Benefit Street Partners CLO XXVIII Ltd., <br> Series 2022-28A, Class CR, 3 mo. USD SOFR + <br> 1.900%, 6.193%, 10/20/2037(a)(b)<br>| &nbsp;&nbsp; 3441097 |
| 2560000 | &nbsp;&nbsp; Benefit Street Partners CLO XXXVII Ltd., <br> Series 2024-37A, Class C, 3 mo. USD SOFR + <br> 1.850%, 6.198%, 1/25/2038(a)(b)<br>| &nbsp;&nbsp; 2551117 |
| 6890000 | &nbsp;&nbsp; Benefit Street Partners CLO XXXVIII Ltd., <br> Series 2024-38A, Class B, 3 mo. USD SOFR + <br> 1.650%, 5.963%, 1/25/2038(a)(b)<br>| &nbsp;&nbsp; 6898612 |
| 1675000 | &nbsp;&nbsp; Betony CLO 2 Ltd., Series 2018-1A, Class A2, <br> 3 mo. USD SOFR + 1.862%, <br> 6.149%, 4/30/2031(a)(b)<br>| &nbsp;&nbsp; 1676643 |
| 6625000 | &nbsp;&nbsp; Birch Grove CLO 11 Ltd., Series 2024-11A, <br> Class A1, 3 mo. USD SOFR + 1.360%, <br> 5.709%, 1/22/2038(a)(b)<br>| &nbsp;&nbsp; 6611730 |
| 4000000 | &nbsp;&nbsp; Birch Grove CLO 9 Ltd., Series 2024-9A, <br> Class C, 3 mo. USD SOFR + 2.000%, <br> 6.835%, 10/22/2037(a)(b)<br>| &nbsp;&nbsp; 3952960 |
| 1865000 | &nbsp;&nbsp; BlueMountain CLO XXIX Ltd., Series 2020-29A, <br> Class BR, 3 mo. USD SOFR + 2.012%, <br> 6.312%, 7/25/2034(a)(b)<br>| &nbsp;&nbsp; 1864979 |
| 3185000 | &nbsp;&nbsp; Bridge Street CLO III Ltd., Series 2022-1A, <br> Class CR, 3 mo. USD SOFR + 2.300%, <br> 6.593%, 10/20/2037(a)(b)<br>| &nbsp;&nbsp; 3189778 |
| 2160000 | &nbsp;&nbsp; Bridge Street CLO Ltd., Series 2025-1A, <br> Class A1, 3 mo. USD SOFR + 1.220%, <br> 0.000%, 4/20/2038(a)(b)(h)<br>| &nbsp;&nbsp; 2155252 |
| 2430000 | &nbsp;&nbsp; Bridge Street CLO Ltd., Series 2025-1A, <br> Class C1, 3 mo. USD SOFR + 1.950%, <br> 0.000%, 4/20/2038(a)(b)(h)<br>| &nbsp;&nbsp; 2427696 |
| 6805000 | &nbsp;&nbsp; Bryant Park Funding Ltd., Series 2024-22A, <br> Class A1, 3 mo. USD SOFR + 1.620%, <br> 5.922%, 4/15/2037(a)(b)<br>| &nbsp;&nbsp; 6819318 |
| 500000 | &nbsp;&nbsp; Canyon CLO Ltd., Series 2018-1A, Class B, <br> 3 mo. USD SOFR + 1.962%, <br> 6.264%, 7/15/2031(a)(b)<br>| &nbsp;&nbsp; 500552 |
| 1990000 | &nbsp;&nbsp; Canyon CLO Ltd., Series 2021-4A, Class B, <br> 3 mo. USD SOFR + 1.962%, <br> 6.264%, 10/15/2034(a)(b)<br>| &nbsp;&nbsp; 1984719 |
| 545000 | &nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd., <br> Series 2015-5A, Class A2R3, 3 mo. USD SOFR + <br> 1.650%, 5.943%, 1/20/2032(a)(b)<br>| &nbsp;&nbsp; 545447 |
| 3799500 | &nbsp;&nbsp; CarVal CLO II Ltd., Series 2019-1A, Class DR2, <br> 3 mo. USD SOFR + 2.700%, <br> 6.993%, 4/20/2032(a)(b)<br>| &nbsp;&nbsp; 3799967 |
| 4965000 | &nbsp;&nbsp; Carval CLO X-C Ltd., Series 2024-2A, Class A, <br> 3 mo. USD SOFR + 1.460%, <br> 5.753%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 4967056 |
| 525000 | &nbsp;&nbsp; Cayuga Park CLO Ltd., Series 2020-1A, <br> Class B1R, 3 mo. USD SOFR + 1.912%, <br> 6.215%, 7/17/2034(a)(b)<br>| &nbsp;&nbsp; 523715 |

---

See accompanying notes to financial statements.

\| 12

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $1440000 | &nbsp;&nbsp; Cedar Funding VIII CLO Ltd., Series 2017-8A, <br> Class ARR, 3 mo. USD SOFR + 1.220%, <br> 5.542%, 1/17/2038(a)(b)<br>| &nbsp;&nbsp; $1433736 |
| 3600000 | &nbsp;&nbsp; Cerberus Loan Funding XLVII LLC, <br> Series 2024-3A, Class A, 3 mo. USD SOFR + <br> 1.750%, 6.052%, 7/15/2036(a)(b)<br>| &nbsp;&nbsp; 3606570 |
| 2160000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2018-1A, Class CR, <br> 3 mo. USD SOFR + 1.800%, <br> 6.149%, 1/18/2038(a)(b)<br>| &nbsp;&nbsp; 2158132 |
| 2935000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2020-1A, Class BR, <br> 3 mo. USD SOFR + 1.912%, <br> 6.214%, 7/15/2036(a)(b)<br>| &nbsp;&nbsp; 2935854 |
| 4500000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2020-3A, Class DR, <br> 3 mo. USD SOFR + 3.362%, <br> 7.655%, 10/20/2034(a)(b)<br>| &nbsp;&nbsp; 4502047 |
| 7190000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2021-7A, Class D, <br> 3 mo. USD SOFR + 3.262%, <br> 7.552%, 1/23/2035(a)(b)<br>| &nbsp;&nbsp; 7195148 |
| 7105000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2024-3A, Class B, <br> 3 mo. USD SOFR + 1.850%, <br> 6.143%, 7/21/2037(a)(b)<br>| &nbsp;&nbsp; 7110748 |
| 4210000 | &nbsp;&nbsp; Clover CLO LLC, Series 2018-1A, Class A1RR, <br> 3 mo. USD SOFR + 1.530%, <br> 5.823%, 4/20/2037(a)(b)<br>| &nbsp;&nbsp; 4209840 |
| 7655000 | &nbsp;&nbsp; Crown City CLO III, Series 2021-1A, Class A1A, <br> 3 mo. USD SOFR + 1.432%, <br> 5.725%, 7/20/2034(a)(b)<br>| &nbsp;&nbsp; 7653040 |
| 7555000 | &nbsp;&nbsp; Diameter Capital CLO 3 Ltd., Series 2022-3A, <br> Class A2R, 3 mo. USD SOFR + 1.700%, <br> 5.987%, 1/15/2038(a)(b)<br>| &nbsp;&nbsp; 7551162 |
| 2945000 | &nbsp;&nbsp; Generate CLO 13 Ltd., Series 2023-13A, <br> Class A1, 3 mo. USD SOFR + 1.800%, <br> 6.090%, 1/20/2037(a)(b)<br>| &nbsp;&nbsp; 2956712 |
| 7000000 | &nbsp;&nbsp; Generate CLO 7 Ltd., Series 7A, Class A1R, <br> 3 mo. USD SOFR + 1.620%, <br> 5.910%, 4/22/2037(a)(b)<br>| &nbsp;&nbsp; 7015771 |
| 5155000 | &nbsp;&nbsp; Golub Capital Partners CLO 64B-R Ltd., <br> Series 2022-64A, Class BR, 3 mo. USD SOFR + <br> 1.750%, 6.050%, 10/25/2037(a)(b)<br>| &nbsp;&nbsp; 5155670 |
| 6030000 | &nbsp;&nbsp; Golub Capital Partners CLO 72 B Ltd., <br> Series 2024-72A, Class B, 3 mo. USD SOFR + <br> 2.100%, 6.400%, 4/25/2037(a)(b)<br>| &nbsp;&nbsp; 6051437 |
| 3895000 | &nbsp;&nbsp; Golub Capital Partners CLO 79B Ltd., <br> Series 2025-79A, Class C, 3 mo. USD SOFR + <br> 1.720%, 5.972%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 3788709 |
| 1518000 | &nbsp;&nbsp; Greywolf CLO VI Ltd., Series 2018-1A, Class A2, <br> 3 mo. USD SOFR + 1.892%, <br> 6.192%, 4/26/2031(a)(b)<br>| &nbsp;&nbsp; 1517913 |
| 6505000 | &nbsp;&nbsp; Invesco U.S. CLO Ltd., Series 2024-4A, Class B, <br> 3 mo. USD SOFR + 1.700%, <br> 6.018%, 1/15/2038(a)(b)<br>| &nbsp;&nbsp; 6521445 |
| 1610000 | &nbsp;&nbsp; KKR CLO 22 Ltd., Series 22A, Class B, 3 mo. <br> USD SOFR + 1.862%, 6.155%, 7/20/2031(a)(b)<br>| &nbsp;&nbsp; 1610821 |
| 4320000 | &nbsp;&nbsp; KKR CLO 54 Ltd., Series 2024-54A, Class B, <br> 3 mo. USD SOFR + 1.700%, <br> 6.021%, 1/15/2038(a)(b)<br>| &nbsp;&nbsp; 4328662 |
| 1190000 | &nbsp;&nbsp; Long Point Park CLO Ltd., Series 2017-1A, <br> Class A2, 3 mo. USD SOFR + 1.637%, <br> 5.940%, 1/17/2030(a)(b)<br>| &nbsp;&nbsp; 1190441 |
| 745000 | &nbsp;&nbsp; Madison Park Funding XL Ltd., Series 9A, <br> Class BR2, 3 mo. USD SOFR + 1.762%, <br> 6.075%, 5/28/2030(a)(b)<br>| &nbsp;&nbsp; 745059 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $1405000 | &nbsp;&nbsp; Madison Park Funding XLII Ltd., Series 13A, <br> Class B, 3 mo. USD SOFR + 1.762%, <br> 6.052%, 11/21/2030(a)(b)<br>| &nbsp;&nbsp; $1405000 |
| 1630000 | &nbsp;&nbsp; Madison Park Funding XXVII Ltd., <br> Series 2018-27A, Class CR, 3 mo. USD SOFR + <br> 1.900%, 6.217%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 1631817 |
| 475000 | &nbsp;&nbsp; Madison Park Funding XXXV Ltd., <br> Series 2019-35A, Class CR, 3 mo. USD SOFR + <br> 2.162%, 6.455%, 4/20/2032(a)(b)<br>| &nbsp;&nbsp; 475240 |
| 835000 | &nbsp;&nbsp; Madison Park Funding XXXVIII Ltd., <br> Series 2021-38A, Class B, 3 mo. USD SOFR + <br> 1.912%, 6.215%, 7/17/2034(a)(b)<br>| &nbsp;&nbsp; 833243 |
| 3595000 | &nbsp;&nbsp; Milos CLO Ltd., Series 2017-1A, Class BR, 3 mo. <br> USD SOFR + 1.812%, 6.105%, 10/20/2030(a)(b)<br>| &nbsp;&nbsp; 3595413 |
| 3990000 | &nbsp;&nbsp; Nassau Ltd., Series 2022-1A, Class CR, 3 mo. <br> USD SOFR + 2.700%, 7.002%, 1/15/2031(a)(b)<br>| &nbsp;&nbsp; 3990638 |
| 1345000 | &nbsp;&nbsp; Neuberger Berman CLO XIV Ltd., <br> Series 2013-14A, Class BR2, 3 mo. USD SOFR + <br> 1.762%, 6.062%, 1/28/2030(a)(b)<br>| &nbsp;&nbsp; 1345062 |
| 650000 | &nbsp;&nbsp; Neuberger Berman CLO XIV Ltd., <br> Series 2013-14A, Class CR2, 3 mo. USD SOFR + <br> 2.162%, 6.462%, 1/28/2030(a)(b)<br>| &nbsp;&nbsp; 650291 |
| 5000000 | &nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 27 Ltd., <br> Series 2018-27A, Class D1R, 3 mo. USD SOFR + <br> 3.100%, 7.402%, 7/15/2038(a)(b)<br>| &nbsp;&nbsp; 5012275 |
| 2745000 | &nbsp;&nbsp; NYACK Park CLO Ltd., Series 2021-1A, Class D, <br> 3 mo. USD SOFR + 3.062%, <br> 7.355%, 10/20/2034(a)(b)<br>| &nbsp;&nbsp; 2744931 |
| 6235000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2020-8RA, Class BR, <br> 3 mo. USD SOFR + 1.650%, <br> 5.953%, 10/17/2036(a)(b)<br>| &nbsp;&nbsp; 6231552 |
| 3205000 | &nbsp;&nbsp; Octagon 62 Ltd., Series 2022-1A, Class BR, <br> 3 mo. USD SOFR + 1.700%, <br> 5.990%, 1/23/2038(a)(b)<br>| &nbsp;&nbsp; 3205494 |
| 7000000 | &nbsp;&nbsp; Octagon Investment Partners 49 Ltd., <br> Series 2020-5A, Class CR, 3 mo. USD SOFR + <br> 2.400%, 6.702%, 4/15/2037(a)(b)<br>| &nbsp;&nbsp; 7019166 |
| 4355000 | &nbsp;&nbsp; OHA Credit Funding 17 Ltd., Series 2024-17A, <br> Class B1, 3 mo. USD SOFR + 1.900%, <br> 6.193%, 4/20/2037(a)(b)<br>| &nbsp;&nbsp; 4358737 |
| 2025000 | &nbsp;&nbsp; OHA Credit Funding 3 Ltd., Series 2019-3A, <br> Class B1R2, 3 mo. USD SOFR + 1.600%, <br> 5.893%, 1/20/2038(a)(b)<br>| &nbsp;&nbsp; 2018176 |
| 8880000 | &nbsp;&nbsp; OHA Credit Funding 8 Ltd., Series 2021-8A, <br> Class B1R, 3 mo. USD SOFR + 1.550%, <br> 5.830%, 1/20/2038(a)(b)<br>| &nbsp;&nbsp; 8819616 |
| 2700000 | &nbsp;&nbsp; OHA Credit Partners XI Ltd., Series 2015-11A, <br> Class B1R2, 3 mo. USD SOFR + 1.800%, <br> 6.093%, 4/20/2037(a)(b)<br>| &nbsp;&nbsp; 2702789 |
| 3335000 | &nbsp;&nbsp; OHA Credit Partners XVII Ltd., <br> Series 2024-17A, Class B1, 3 mo. USD SOFR + <br> 1.650%, 6.052%, 1/18/2038(a)(b)<br>| &nbsp;&nbsp; 3319749 |
| 2925000 | &nbsp;&nbsp; OZLM XVIII Ltd., Series 2018-18A, Class C, <br> 3 mo. USD SOFR + 2.112%, <br> 6.414%, 4/15/2031(a)(b)<br>| &nbsp;&nbsp; 2925079 |
| 2600000 | &nbsp;&nbsp; Palmer Square BDC CLO 1 Ltd., Series 1A, <br> Class A, 3 mo. USD SOFR + 1.600%, <br> 5.902%, 7/15/2037(a)(b)<br>| &nbsp;&nbsp; 2602634 |
| 2485000 | &nbsp;&nbsp; Palmer Square BDC CLO 1 Ltd., Series 1A, <br> Class B1, 3 mo. USD SOFR + 2.150%, <br> 6.452%, 7/15/2037(a)(b)<br>| &nbsp;&nbsp; 2490442 |

---

See accompanying notes to financial statements.

13 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $250000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2019-1A, <br> Class A2R, 3 mo. USD SOFR + 1.962%, <br> 6.280%, 11/14/2034(a)(b)<br>| &nbsp;&nbsp; $250005 |
| 2365000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2024-2A, <br> Class D1, 3 mo. USD SOFR + 2.950%, <br> 7.243%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 2345960 |
| 2470000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2024-4A, <br> Class B, 3 mo. USD SOFR + 1.650%, <br> 5.981%, 1/15/2038(a)(b)<br>| &nbsp;&nbsp; 2468844 |
| 2520000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2025-1A, <br> Class D2, 3 mo. USD SOFR + 3.550%, <br> 7.862%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 2494120 |
| 1500000 | &nbsp;&nbsp; Palmer Square Loan Funding Ltd., <br> Series 2021-4A, Class A2, 3 mo. USD SOFR + <br> 1.662%, 5.964%, 10/15/2029(a)(b)<br>| &nbsp;&nbsp; 1498774 |
| 1000000 | &nbsp;&nbsp; Palmer Square Loan Funding Ltd., <br> Series 2022-2A, Class A2, 3 mo. USD SOFR + <br> 1.900%, 6.202%, 10/15/2030(a)(b)<br>| &nbsp;&nbsp; 1000716 |
| 2320000 | &nbsp;&nbsp; Point Au Roche Park CLO Ltd., Series 2021-1A, <br> Class B1, 3 mo. USD SOFR + 1.862%, <br> 6.155%, 7/20/2034(a)(b)<br>| &nbsp;&nbsp; 2320689 |
| 3450000 | &nbsp;&nbsp; Polen Capital CLO Ltd., Series 2025-1A, <br> Class B, 3 mo. USD SOFR + 1.700%, <br> 5.961%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 3446967 |
| 3845000 | &nbsp;&nbsp; Polen Capital CLO Ltd., Series 2025-1A, <br> Class D1, 3 mo. USD SOFR + 3.150%, <br> 7.411%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 3839732 |
| 1535000 | &nbsp;&nbsp; Post CLO Ltd., Series 2022-1A, Class B, 3 mo. <br> USD SOFR + 1.900%, 6.193%, 4/20/2035(a)(b)<br>| &nbsp;&nbsp; 1535028 |
| 5385000 | &nbsp;&nbsp; Post CLO Ltd., Series 2024-1A, Class B, 3 mo. <br> USD SOFR + 2.100%, 6.393%, 4/20/2037(a)(b)<br>| &nbsp;&nbsp; 5395102 |
| 2320000 | &nbsp;&nbsp; Post CLO VI Ltd., Series 2024-2A, Class A1, <br> 3 mo. USD SOFR + 1.420%, <br> 5.876%, 1/20/2038(a)(b)<br>| &nbsp;&nbsp; 2320905 |
| 3730000 | &nbsp;&nbsp; PPM CLO 5 Ltd., Series 2021-5A, Class B, 3 mo. <br> USD SOFR + 1.962%, 6.255%, 10/18/2034(a)(b)<br>| &nbsp;&nbsp; 3727072 |
| 8550000 | &nbsp;&nbsp; RAD CLO 27 Ltd., Series 2024-27A, Class A1, <br> 3 mo. USD SOFR + 1.320%, <br> 5.611%, 1/15/2038(a)(b)<br>| &nbsp;&nbsp; 8547957 |
| 1495000 | &nbsp;&nbsp; Rockford Tower CLO Ltd., Series 2017-1A, <br> Class BR2A, 3 mo. USD SOFR + 1.912%, <br> 6.205%, 4/20/2034(a)(b)<br>| &nbsp;&nbsp; 1491241 |
| 2765000 | &nbsp;&nbsp; Rockford Tower CLO Ltd., Series 2021-2A, <br> Class B, 3 mo. USD SOFR + 2.012%, <br> 6.305%, 7/20/2034(a)(b)<br>| &nbsp;&nbsp; 2757438 |
| 2605000 | &nbsp;&nbsp; Rockland Park CLO Ltd., Series 2021-1A, <br> Class B, 3 mo. USD SOFR + 1.912%, <br> 6.205%, 4/20/2034(a)(b)<br>| &nbsp;&nbsp; 2599978 |
| 7045000 | &nbsp;&nbsp; RR 28 Ltd., Series 2024-28RA, Class A2R, 3 mo. <br> USD SOFR + 2.050%, 6.352%, 4/15/2037(a)(b)<br>| &nbsp;&nbsp; 7045571 |
| 7000000 | &nbsp;&nbsp; Silver Point CLO 4 Ltd., Series 2024-4A, <br> Class A1, 3 mo. USD SOFR + 1.630%, <br> 5.932%, 4/15/2037(a)(b)<br>| &nbsp;&nbsp; 7014728 |
| 5025000 | &nbsp;&nbsp; Sixth Street CLO 27 Ltd., Series 2024-27A, <br> Class C, 3 mo. USD SOFR + 1.850%, <br> 6.207%, 1/17/2038(a)(b)<br>| &nbsp;&nbsp; 5022558 |
| 5410000 | &nbsp;&nbsp; Sixth Street CLO XXIV Ltd., Series 2024-24A, <br> Class A, 3 mo. USD SOFR + 1.520%, <br> 5.810%, 4/23/2037(a)(b)<br>| &nbsp;&nbsp; 5415118 |
| 2060000 | &nbsp;&nbsp; Sycamore Tree CLO Ltd., Series 2023-2A, <br> Class CR, 3 mo. USD SOFR + 2.750%, <br> 7.043%, 1/20/2037(a)(b)<br>| &nbsp;&nbsp; 2065156 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $2525000 | &nbsp;&nbsp; Symetra CLO Ltd., Series 2025-1A, 3 mo. USD <br> SOFR + 2.000%, 0.000%, 4/20/2038(a)(b)(h)<br>| &nbsp;&nbsp; $2525000 |
| 2165000 | &nbsp;&nbsp; Symetra CLO Ltd., Series 2025-1A, 3 mo. USD <br> SOFR + 1.700%, 0.000%, 4/20/2038(a)(b)(h)<br>| &nbsp;&nbsp; 2165000 |
| 1660000 | &nbsp;&nbsp; Symetra CLO Ltd., Series 2025-1A, 3 mo. USD <br> SOFR + 3.250%, 0.000%, 4/20/2038(a)(b)(h)<br>| &nbsp;&nbsp; 1660000 |
| 6885000 | &nbsp;&nbsp; Symphony CLO 40 Ltd., Series 2023-40A, <br> Class AR, 3 mo. USD SOFR + 1.310%, <br> 5.730%, 1/05/2038(a)(b)<br>| &nbsp;&nbsp; 6888573 |
| 1880000 | &nbsp;&nbsp; TICP CLO XII Ltd., Series 2018-12A, Class BR, <br> 3 mo. USD SOFR + 1.912%, <br> 6.214%, 7/15/2034(a)(b)<br>| &nbsp;&nbsp; 1866319 |
| 5000000 | &nbsp;&nbsp; Trestles CLO IV Ltd., Series 2021-4A, Class A, <br> 3 mo. USD SOFR + 1.432%, <br> 5.725%, 7/21/2034(a)(b)<br>| &nbsp;&nbsp; 5000150 |
| 4105000 | &nbsp;&nbsp; Wellfleet CLO Ltd., Series 2024-1A, Class B, <br> 3 mo. USD SOFR + 2.050%, <br> 6.343%, 7/18/2037(a)(b)<br>| &nbsp;&nbsp; 4114052 |
| 7170000 | &nbsp;&nbsp; Wellfleet CLO Ltd., Series 2024-2A, Class A, <br> 3 mo. USD SOFR + 1.330%, <br> 5.623%, 2/25/2038(a)(b)<br>| &nbsp;&nbsp; 7143034 |
| 3250000 | &nbsp;&nbsp; Wellfleet CLO X Ltd., Series 2019-XA, <br> Class BR2, 3 mo. USD SOFR + 2.100%, <br> 6.393%, 7/20/2032(a)(b)<br>| &nbsp;&nbsp; 3239272 |
| 2280000 | &nbsp;&nbsp; Wellington Management CLO 1 Ltd., <br> Series 2023-1A, Class C, 3 mo. USD SOFR + <br> 3.100%, 7.393%, 10/20/2036(a)(b)<br>| &nbsp;&nbsp; 2297182 |
|  | &nbsp;&nbsp; Total Collateralized Loan Obligations <br>(Identified Cost $419,161,584)<br>| &nbsp;&nbsp; 420097715 |
| **Short-Term Investments — 7.2%** | **Short-Term Investments — 7.2%** | **Short-Term Investments — 7.2%** |
| 168759510 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 3/31/2025 <br> at 2.500% to be repurchased at $168,771,230 on <br> 4/01/2025 collateralized by $122,636,400 <br> U.S. Treasury Note, 1.125% due 2/15/2031 <br> valued at $104,298,464; $67,450,900 <br> U.S. Treasury Note, 4.000% due 2/29/2028 <br> valued at $67,836,277 including accrued <br> interest (Note 2 of Notes to Financial <br> Statements)<br>| &nbsp;&nbsp; 168759510 |
| 91210000 | &nbsp;&nbsp; Federal Home Loan Bank Discount Notes, <br> 4.050%–4.150%, 4/07/2025(i)(j)<br>| &nbsp;&nbsp; 91135157 |
| 72375000 | &nbsp;&nbsp; U.S. Treasury Bills, <br> 4.168%–4.170%, 5/27/2025(i)(j)<br>| &nbsp;&nbsp; 71897928 |
| 51090000 | U.S. Treasury Bills, 4.185%, 6/20/2025(j) | &nbsp;&nbsp; 50613081 |
| 22845000 | &nbsp;&nbsp; U.S. Treasury Bills, <br> 4.188%–4.207%, 5/22/2025(g)(i)(j)<br>| &nbsp;&nbsp; 22708263 |
| 15200000 | U.S. Treasury Bills, 4.221%, 4/03/2025(j) | &nbsp;&nbsp; 15196416 |
| 69475000 | U.S. Treasury Bills, 4.230%, 4/08/2025(j) | &nbsp;&nbsp; 69417641 |
| 75085000 | U.S. Treasury Bills, 4.245%, 4/15/2025(j) | &nbsp;&nbsp; 74961115 |
|  | &nbsp;&nbsp; Total Short-Term Investments <br>(Identified Cost $564,711,959)<br>| &nbsp;&nbsp; 564689111 |
|  | &nbsp;&nbsp; Total Investments — 100.9% <br>(Identified Cost $8,386,253,418)<br>| &nbsp;&nbsp; 7958628443 |
|  | Other assets less liabilities — (0.9)% | &nbsp;&nbsp; (69740377)<br>|
|  | Net Assets — 100.0% | &nbsp;&nbsp; $7888888066 |

---

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

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

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

See accompanying notes to financial statements.

\| 14

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Core Plus Bond Fund (continued)

---

| | |
|:---|:---|
| (‡) | Principal Amount stated in U.S. dollars unless otherwise noted. |
| (a) | &nbsp;&nbsp; All or a portion of these securities are exempt from registration <br> under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At March 31, 2025, the <br> value of Rule 144A holdings amounted to $1,887,818,726 or <br> 23.9% of net assets.<br>|
| (b) | &nbsp;&nbsp; Variable rate security. Rate as of March 31, 2025 is disclosed. <br> Issuers comprised of various lots with differing coupon rates <br> have been aggregated for the purpose of presentation in the <br> Portfolio of Investments and show a weighted average rate. <br> Certain variable rate securities are not based on a published <br> reference rate and spread, rather are determined by the issuer <br> or agent and are based on current market conditions. These <br> securities may not indicate a reference rate and/or spread in <br> their description.<br>|
| (c) | &nbsp;&nbsp; Level 3 security. Value has been determined using significant <br> unobservable inputs. See Note 3 of Notes to Financial <br> Statements.<br>|
| (d) | When–issued/delayed delivery. |
| (e) | &nbsp;&nbsp; Amount shown represents units. One unit represents a principal <br> amount of 1,000.<br>|
| (f) | &nbsp;&nbsp; Amount shown represents units. One unit represents a principal <br> amount of 100.<br>|
| (g) | &nbsp;&nbsp; Security (or a portion thereof) has been pledged as collateral <br> for open derivative contracts.<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) New issue unsettled as of March 31, 2025. Coupon rate does not take effect until settlement date.

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

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

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

---

| | |
|:---|:---|
| ABS | Asset-Backed Securities |
| EMTN | Euro Medium Term Note |
| GMTN | Global Medium Term Note |
| MTN | Medium Term Note |
| REITs | Real Estate Investment Trusts |
| REMICS | Real Estate Mortgage Investment Conduits |
| SOFR | Secured Overnight Financing Rate |
| TBA | To Be Announced |

---

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

BRL Brazilian Real <br> MXN Mexican Peso <br> UYU Uruguayan Peso

At March 31, 2025, the Fund had the following open long futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; $399789413 | &nbsp;&nbsp; $400877580 | &nbsp;&nbsp; $1088167 |
| CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; 2874 | &nbsp;&nbsp; 308875943 | &nbsp;&nbsp; 310841063 | &nbsp;&nbsp; 1965120 |
| Total |  |  |  |  | &nbsp;&nbsp; $3053287 |

---

Industry Summary at March 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| Treasuries | 31.6<br> %<br>|
| Mortgage Related | 23.3 |
| Banking | 5.9 |
| Finance Companies | 3.2 |
| ABS Other | 2.1 |
| Other Investments, less than 2% each | 22.3 |
| Collateralized Loan Obligations | 5.3 |
| Short-Term Investments | 7.2 |
| Total Investments | 100.9 |
| Other assets less liabilities (including futures contracts) | &nbsp;&nbsp; (0.9)<br>|
| Net Assets | 100.0<br> %<br>|

---

See accompanying notes to financial statements.

15 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Global Allocation Fund

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 65.4% of Net Assets** | **Common Stocks — 65.4% of Net Assets** | **Common Stocks — 65.4% of Net Assets** |
|  | **Canada — 1.5%** | **Canada — 1.5%** |
| 420700 | CGI, Inc. | &nbsp;&nbsp; $41998376 |
|  | **France — 0.9%** | **France — 0.9%** |
| 37829 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 23426673 |
|  | **Japan — 1.9%** | **Japan — 1.9%** |
| 1615061 | Nomura Research Institute Ltd. | &nbsp;&nbsp; 52574033 |
|  | **Netherlands — 1.7%** | **Netherlands — 1.7%** |
| 68647 | ASML Holding NV | &nbsp;&nbsp; 45428738 |
|  | **Sweden — 2.1%** | **Sweden — 2.1%** |
| 3637259 | Atlas Copco AB, Class A | &nbsp;&nbsp; 58099496 |
|  | **Taiwan — 2.1%** | **Taiwan — 2.1%** |
| 2021000 | &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| &nbsp;&nbsp; 56917387 |
|  | **United Kingdom — 2.8%** | **United Kingdom — 2.8%** |
| 1212021 | Halma PLC | &nbsp;&nbsp; 40665194 |
| 243842 | London Stock Exchange Group PLC | &nbsp;&nbsp; 36217153 |
|  |  | &nbsp;&nbsp; 76882347 |
|  | **United States — 52.4%** | **United States — 52.4%** |
| 74758 | Adobe, Inc.(a) | &nbsp;&nbsp; 28671936 |
| 438686 | Airbnb, Inc., Class A(a) | &nbsp;&nbsp; 52405430 |
| 624753 | Allison Transmission Holdings, Inc. | &nbsp;&nbsp; 59770119 |
| 484518 | Alphabet, Inc., Class A | &nbsp;&nbsp; 74925864 |
| 456157 | Amazon.com, Inc.(a) | &nbsp;&nbsp; 86788431 |
| 57144 | BlackRock, Inc. | &nbsp;&nbsp; 54085653 |
| 142676 | Builders FirstSource, Inc.(a) | &nbsp;&nbsp; 17825939 |
| 61504 | Costco Wholesale Corp. | &nbsp;&nbsp; 58169253 |
| 147617 | Cummins, Inc. | &nbsp;&nbsp; 46269072 |
| 200627 | Danaher Corp. | &nbsp;&nbsp; 41128535 |
| 101285 | Diamondback Energy, Inc. | &nbsp;&nbsp; 16193446 |
| 72429 | Goldman Sachs Group, Inc. | &nbsp;&nbsp; 39567238 |
| 119756 | Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 27250478 |
| 151969 | Home Depot, Inc. | &nbsp;&nbsp; 55695119 |
| 176637 | JPMorgan Chase & Co. | &nbsp;&nbsp; 43329056 |
| 138293 | Linde PLC | &nbsp;&nbsp; 64394753 |
| 157519 | Mastercard, Inc., Class A | &nbsp;&nbsp; 86339314 |
| 43697 | Mettler-Toledo International, Inc.(a) | &nbsp;&nbsp; 51602224 |
| 767384 | NVIDIA Corp. | &nbsp;&nbsp; 83169078 |
| 52237 | O'Reilly Automotive, Inc.(a) | &nbsp;&nbsp; 74833681 |
| 101376 | Parker-Hannifin Corp. | &nbsp;&nbsp; 61621402 |
| 119577 | Roper Technologies, Inc. | &nbsp;&nbsp; 70500208 |
| 182410 | S&P Global, Inc. | &nbsp;&nbsp; 92682521 |
| 107347 | Salesforce, Inc. | &nbsp;&nbsp; 28807641 |
| 118177 | Schneider Electric SE | &nbsp;&nbsp; 27280600 |
| 80960 | Trane Technologies PLC | &nbsp;&nbsp; 27277043 |
| 122323 | UnitedHealth Group, Inc. | &nbsp;&nbsp; 64066671 |
|  |  | &nbsp;&nbsp; 1434650705 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $1,358,080,897)<br>| &nbsp;&nbsp; 1789977755 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>|  |  |
| **Bonds and Notes — 32.2%** | **Bonds and Notes — 32.2%** | **Bonds and Notes — 32.2%** |
| **Non-Convertible Bonds — 31.6%** | **Non-Convertible Bonds — 31.6%** | **Non-Convertible Bonds — 31.6%** |
|  | **Argentina — 0.2%** | **Argentina — 0.2%** |
| $9030000 | &nbsp;&nbsp; Argentina Republic Government <br> International Bonds, (Step to 4.750% on <br> 7/09/2027), 4.125%, 7/09/2035(b)<br>| &nbsp;&nbsp; 5642179 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Australia — 1.8%** | **Australia — 1.8%** |
| $2990000 | &nbsp;&nbsp; AngloGold Ashanti Holdings PLC, <br> 3.375%, 11/01/2028<br>| &nbsp;&nbsp; $2821474 |
| 5325000 | &nbsp;&nbsp; Australia Government Bonds, <br> 0.500%, 9/21/2026, (AUD)<br>| &nbsp;&nbsp; 3175833 |
| 5540000 | &nbsp;&nbsp; Australia Government Bonds, <br> 3.000%, 11/21/2033, (AUD)<br>| &nbsp;&nbsp; 3137207 |
| 670000 | &nbsp;&nbsp; GAIF Bond Issuer Pty. Ltd., <br> 3.400%, 9/30/2026(c)<br>| &nbsp;&nbsp; 657763 |
| 11515000 | Glencore Funding LLC, 5.634%, 4/04/2034(c) | &nbsp;&nbsp; 11563264 |
| 17585000 | Glencore Funding LLC, 6.500%, 10/06/2033(c) | &nbsp;&nbsp; 18831609 |
| 5000000 | &nbsp;&nbsp; Macquarie Group Ltd., (fixed rate to <br> 1/14/2032, variable rate thereafter), <br> 2.871%, 1/14/2033(c)<br>| &nbsp;&nbsp; 4302061 |
| 11610000 | &nbsp;&nbsp; New South Wales Treasury Corp., <br> 2.000%, 3/08/2033, (AUD)<br>| &nbsp;&nbsp; 5918809 |
| 95000 | &nbsp;&nbsp; Sydney Airport Finance Co. Pty. Ltd., <br> 3.375%, 4/30/2025(c)<br>| &nbsp;&nbsp; 94894 |
|  |  | &nbsp;&nbsp; 50502914 |
|  | **Belgium — 0.1%** | **Belgium — 0.1%** |
| 2365000 | &nbsp;&nbsp; Anheuser-Busch InBev SA, EMTN, <br> 3.700%, 4/02/2040, (EUR)<br>| &nbsp;&nbsp; 2450341 |
|  | **Brazil — 1.2%** | **Brazil — 1.2%** |
| 10000000 | &nbsp;&nbsp; Brazil Government International Bonds, <br> 4.500%, 5/30/2029<br>| &nbsp;&nbsp; 9663632 |
| 5110000 | &nbsp;&nbsp; Brazil Government International Bonds, <br> 6.000%, 10/20/2033<br>| &nbsp;&nbsp; 4971906 |
| 2500000 | &nbsp;&nbsp; Brazil Government International Bonds, <br> 6.125%, 3/15/2034<br>| &nbsp;&nbsp; 2430302 |
| 53329 <br><sup>(d)</sup><br>| &nbsp;&nbsp; Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2031, (BRL)<br>| &nbsp;&nbsp; 7686557 |
| 25149 <br><sup>(d)</sup><br>| &nbsp;&nbsp; Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2035, (BRL)<br>| &nbsp;&nbsp; 3348291 |
| 650000 | &nbsp;&nbsp; Centrais Eletricas Brasileiras SA, <br> 4.625%, 2/04/2030(c)<br>| &nbsp;&nbsp; 613467 |
| 2515000 | Suzano Austria GmbH, 2.500%, 9/15/2028 | &nbsp;&nbsp; 2288295 |
| 550000 | Suzano Austria GmbH, 3.750%, 1/15/2031 | &nbsp;&nbsp; 496410 |
| 1185000 | &nbsp;&nbsp; Suzano Austria GmbH, Series DM3N, <br> 3.125%, 1/15/2032<br>| &nbsp;&nbsp; 1009206 |
|  |  | &nbsp;&nbsp; 32508066 |
|  | **Canada — 2.0%** | **Canada — 2.0%** |
| 2870000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 4.000%, 10/15/2030(c)<br>| &nbsp;&nbsp; 2597393 |
| 650000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 5.625%, 9/15/2029(c)<br>| &nbsp;&nbsp; 643456 |
| 292108 | &nbsp;&nbsp; Air Canada Pass-Through Trust, <br> Series 2015-2, Class A, 4.125%, 6/15/2029(c)<br>| &nbsp;&nbsp; 280485 |
| 597144 | &nbsp;&nbsp; Air Canada Pass-Through Trust, <br> Series 2017-1, Class AA, <br> 3.300%, 7/15/2031(c)<br>| &nbsp;&nbsp; 558574 |
| 505000 | Antares Holdings LP, 3.750%, 7/15/2027(c) | &nbsp;&nbsp; 482716 |
| 1210000 | Antares Holdings LP, 3.950%, 7/15/2026(c) | &nbsp;&nbsp; 1186490 |
| 305000 | Antares Holdings LP, 7.950%, 8/11/2028(c) | &nbsp;&nbsp; 321868 |
| 2835000 | &nbsp;&nbsp; Bell Telephone Co. of Canada or Bell <br> Canada, MTN, 3.600%, 9/29/2027, (CAD)<br>| &nbsp;&nbsp; 1984726 |
| 1735000 | &nbsp;&nbsp; Brookfield Finance I U.K. PLC/Brookfield <br> Finance, Inc., 2.340%, 1/30/2032<br>| &nbsp;&nbsp; 1460144 |
| 1015000 | Brookfield Finance, Inc., 3.900%, 1/25/2028 | &nbsp;&nbsp; 996949 |
| 2715000 | &nbsp;&nbsp; Brookfield Renewable Partners ULC, MTN, <br> 4.250%, 1/15/2029, (CAD)<br>| &nbsp;&nbsp; 1933979 |
| 24285000 | &nbsp;&nbsp; Canada Government Bonds, <br> 2.750%, 3/01/2030, (CAD)<br>| &nbsp;&nbsp; 16978490 |

---

See accompanying notes to financial statements.

\| 16

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Canada — continued** | **Canada — continued** |
| 12590000 | &nbsp;&nbsp; Canada Government Bonds, <br> 4.000%, 8/01/2026, (CAD)<br>| &nbsp;&nbsp; $8921967 |
| 4695000 | &nbsp;&nbsp; Enbridge Gas, Inc., MTN, 2.900%, 4/01/2030, <br> (CAD)<br>| &nbsp;&nbsp; 3198786 |
| 4770000 | &nbsp;&nbsp; Enbridge, Inc., MTN, 2.990%, 10/03/2029, <br> (CAD)<br>| &nbsp;&nbsp; 3239974 |
| 2965000 | &nbsp;&nbsp; Federation des Caisses Desjardins du <br> Quebec, (fixed rate to 5/26/2025, variable <br> rate thereafter), 2.856%, 5/26/2030, (CAD)<br>| &nbsp;&nbsp; 2059583 |
| 4670000 | &nbsp;&nbsp; Ontario Power Generation, Inc., MTN, <br> 2.977%, 9/13/2029, (CAD)<br>| &nbsp;&nbsp; 3190969 |
| 2350000 | Province of Quebec, 4.500%, 9/08/2033 | &nbsp;&nbsp; 2335824 |
| 2960000 | &nbsp;&nbsp; Rogers Communications, Inc., <br> 3.300%, 12/10/2029, (CAD)<br>| &nbsp;&nbsp; 2018243 |
| 1580000 | Videotron Ltd., 5.125%, 4/15/2027(c) | &nbsp;&nbsp; 1576806 |
|  |  | &nbsp;&nbsp; 55967422 |
|  | **Chile — 0.6%** | **Chile — 0.6%** |
| 575000 | Antofagasta PLC, 2.375%, 10/14/2030 | &nbsp;&nbsp; 495235 |
| 975000 | Antofagasta PLC, 5.625%, 5/13/2032 | &nbsp;&nbsp; 984986 |
| 510000 | Antofagasta PLC, 6.250%, 5/02/2034(c) | &nbsp;&nbsp; 527036 |
| 2525000 | &nbsp;&nbsp; Banco Santander Chile, <br> 3.177%, 10/26/2031(c)<br>| &nbsp;&nbsp; 2259117 |
| 1005000 | &nbsp;&nbsp; Chile Government International Bonds, <br> 2.550%, 1/27/2032<br>| &nbsp;&nbsp; 866400 |
| 2580000 | Colbun SA, 3.150%, 3/06/2030 | &nbsp;&nbsp; 2359350 |
| 1960000 | &nbsp;&nbsp; Corp. Nacional del Cobre de Chile, <br> 3.000%, 9/30/2029(c)<br>| &nbsp;&nbsp; 1791606 |
| 595000 | &nbsp;&nbsp; Empresa Nacional de Telecomunicaciones <br> SA, 3.050%, 9/14/2032(c)<br>| &nbsp;&nbsp; 499488 |
| 647000 | &nbsp;&nbsp; Empresa Nacional del Petroleo, <br> 3.450%, 9/16/2031(c)<br>| &nbsp;&nbsp; 566280 |
| 525000 | Enel Chile SA, 4.875%, 6/12/2028 | &nbsp;&nbsp; 522926 |
| 2690000 | Engie Energia Chile SA, 3.400%, 1/28/2030 | &nbsp;&nbsp; 2448613 |
| 1075000 | Engie Energia Chile SA, 6.375%, 4/17/2034(c) | &nbsp;&nbsp; 1109981 |
| 990000 | &nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, <br> 5.500%, 9/10/2034(c)<br>| &nbsp;&nbsp; 959543 |
| 870000 | &nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, <br> 6.500%, 11/07/2033(c)<br>| &nbsp;&nbsp; 912891 |
|  |  | &nbsp;&nbsp; 16303452 |
|  | **Colombia — 0.6%** | **Colombia — 0.6%** |
| 4480000 | &nbsp;&nbsp; Colombia Government International Bonds, <br> 3.125%, 4/15/2031<br>| &nbsp;&nbsp; 3618048 |
| 1280000 | &nbsp;&nbsp; Colombia Government International Bonds, <br> 7.500%, 2/02/2034<br>| &nbsp;&nbsp; 1265536 |
| 555000 | &nbsp;&nbsp; Colombia Government International Bonds, <br> 7.750%, 11/07/2036<br>| &nbsp;&nbsp; 538805 |
| 7073300000 | Colombia TES, 6.250%, 11/26/2025, (COP) | &nbsp;&nbsp; 1655931 |
| 29559900000 | Colombia TES, 7.500%, 8/26/2026, (COP) | &nbsp;&nbsp; 6889088 |
| 1300000 | &nbsp;&nbsp; Empresas Publicas de Medellin ESP, <br> 4.250%, 7/18/2029(c)<br>| &nbsp;&nbsp; 1184302 |
|  |  | &nbsp;&nbsp; 15151710 |
|  | **Denmark — 0.1%** | **Denmark — 0.1%** |
| 2055000 | Orsted AS, EMTN, 2.125%, 5/17/2027, (GBP) | &nbsp;&nbsp; 2500698 |
|  | **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** |
| 2160000 | &nbsp;&nbsp; Dominican Republic International Bonds, <br> 4.500%, 1/30/2030(c)<br>| &nbsp;&nbsp; 2017440 |
| 1155000 | &nbsp;&nbsp; Dominican Republic International Bonds, <br> 4.875%, 9/23/2032(c)<br>| &nbsp;&nbsp; 1047816 |
| 590000 | &nbsp;&nbsp; Dominican Republic International Bonds, <br> 5.950%, 1/25/2027(c)<br>| &nbsp;&nbsp; 592212 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Dominican Republic — continued** | **Dominican Republic — continued** |
| $995000 | &nbsp;&nbsp; Dominican Republic International Bonds, <br> 6.000%, 7/19/2028(c)<br>| &nbsp;&nbsp; $1000552 |
| 425000 | &nbsp;&nbsp; Dominican Republic International Bonds, <br> 8.625%, 4/20/2027(c)<br>| &nbsp;&nbsp; 435349 |
|  |  | &nbsp;&nbsp; 5093369 |
|  | **France — 0.3%** | **France — 0.3%** |
| 205000 | BNP Paribas SA, 4.375%, 5/12/2026(c) | &nbsp;&nbsp; 203883 |
| 1190000 | &nbsp;&nbsp; BNP Paribas SA, (fixed rate to 1/09/2029, <br> variable rate thereafter), <br> 5.176%, 1/09/2030(c)<br>| &nbsp;&nbsp; 1204688 |
| 990000 | &nbsp;&nbsp; Credit Agricole SA, (fixed rate to 1/09/2035, <br> variable rate thereafter), <br> 5.862%, 1/09/2036(c)<br>| &nbsp;&nbsp; 1012817 |
| 1410000 | &nbsp;&nbsp; Electricite de France SA, <br> 4.875%, 9/21/2038(c)<br>| &nbsp;&nbsp; 1286152 |
| 1400000 | Engie SA, 1.250%, 10/24/2041, (EUR) | &nbsp;&nbsp; 968784 |
| 1015000 | Societe Generale SA, 4.750%, 11/24/2025(c) | &nbsp;&nbsp; 1011192 |
| 1485000 | &nbsp;&nbsp; Societe Generale SA, (fixed rate to <br> 1/19/2034, variable rate thereafter), <br> 6.066%, 1/19/2035(c)<br>| &nbsp;&nbsp; 1507971 |
|  |  | &nbsp;&nbsp; 7195487 |
|  | **Germany — 0.4%** | **Germany — 0.4%** |
| 4760000 | Bundesobligation, 2.100%, 4/12/2029, (EUR) | &nbsp;&nbsp; 5122662 |
| 1635000 | &nbsp;&nbsp; Deutsche Bank AG, (fixed rate to 1/07/2027, <br> variable rate thereafter), 2.552%, 1/07/2028<br>| &nbsp;&nbsp; 1572543 |
| 2265000 | &nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC, 4.800%, 8/01/2029(c)<br>| &nbsp;&nbsp; 2257370 |
| 1450000 | &nbsp;&nbsp; Siemens Financieringsmaatschappij NV, <br> 2.350%, 10/15/2026(c)<br>| &nbsp;&nbsp; 1411849 |
| 340000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.750%, 4/23/2030(c)<br>| &nbsp;&nbsp; 323078 |
| 250000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.875%, 4/14/2028(c)<br>| &nbsp;&nbsp; 245688 |
| 690000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.875%, 4/23/2032(c)<br>| &nbsp;&nbsp; 640133 |
| 265000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 7.125%, 4/14/2030(c)<br>| &nbsp;&nbsp; 255420 |
|  |  | &nbsp;&nbsp; 11828743 |
|  | **Guatemala — 0.0%** | **Guatemala — 0.0%** |
| 1050000 | CT Trust, 5.125%, 2/03/2032(c) | &nbsp;&nbsp; 957222 |
|  | **India — 0.3%** | **India — 0.3%** |
| 2940000 | Bharti Airtel Ltd., 3.250%, 6/03/2031 | &nbsp;&nbsp; 2667741 |
| 2790000 | &nbsp;&nbsp; Export-Import Bank of India, <br> 2.250%, 1/13/2031(c)<br>| &nbsp;&nbsp; 2399253 |
| 1250000 | &nbsp;&nbsp; Power Finance Corp. Ltd., <br> 3.950%, 4/23/2030(c)<br>| &nbsp;&nbsp; 1185025 |
| 2400000 | Shriram Finance Ltd., 4.150%, 7/18/2025(c) | &nbsp;&nbsp; 2380493 |
|  |  | &nbsp;&nbsp; 8632512 |
|  | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| 43840000000 | &nbsp;&nbsp; Indonesia Treasury Bonds, <br> 7.000%, 9/15/2030, (IDR)<br>| &nbsp;&nbsp; 2653141 |
| 50092000000 | &nbsp;&nbsp; Indonesia Treasury Bonds, <br> 7.500%, 5/15/2038, (IDR)<br>| &nbsp;&nbsp; 3088869 |
|  |  | &nbsp;&nbsp; 5742010 |
|  | **Ireland — 0.3%** | **Ireland — 0.3%** |
| 3245000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.300%, 1/30/2032<br>| &nbsp;&nbsp; 2874920 |

---

See accompanying notes to financial statements.

17 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Ireland — continued** | **Ireland — continued** |
| $2325000 | &nbsp;&nbsp; AIB Group PLC, (fixed rate to 9/13/2028, <br> variable rate thereafter), <br> 6.608%, 9/13/2029(c)<br>| &nbsp;&nbsp; $2454279 |
| 3710000 | &nbsp;&nbsp; Ireland Government Bonds, Zero Coupon, <br> 0.029%, 10/18/2031, (EUR)(e)<br>| &nbsp;&nbsp; 3361635 |
|  |  | &nbsp;&nbsp; 8690834 |
|  | **Israel — 1.1%** | **Israel — 1.1%** |
| 1405000 | &nbsp;&nbsp; Israel Electric Corp. Ltd., GMTN, <br> 3.750%, 2/22/2032<br>| &nbsp;&nbsp; 1251855 |
| 2750000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC, <br> 6.150%, 2/01/2036<br>| &nbsp;&nbsp; 2740789 |
| 4570000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands <br> III BV, 3.150%, 10/01/2026<br>| &nbsp;&nbsp; 4431846 |
| 13731000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands <br> III BV, 4.100%, 10/01/2046<br>| &nbsp;&nbsp; 9921031 |
| 2700000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands <br> III BV, 4.750%, 5/09/2027<br>| &nbsp;&nbsp; 2657962 |
| 510000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands <br> III BV, 5.125%, 5/09/2029<br>| &nbsp;&nbsp; 498302 |
| 4415000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands <br> III BV, 7.875%, 9/15/2029<br>| &nbsp;&nbsp; 4748836 |
| 3170000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands <br> III BV, 8.125%, 9/15/2031<br>| &nbsp;&nbsp; 3533060 |
|  |  | &nbsp;&nbsp; 29783681 |
|  | **Italy — 0.7%** | **Italy — 0.7%** |
| 200000 | Intesa Sanpaolo SpA, 5.710%, 1/15/2026(c) | &nbsp;&nbsp; 200558 |
| 2225000 | Intesa Sanpaolo SpA, 6.625%, 6/20/2033(c) | &nbsp;&nbsp; 2382060 |
| 8325000 | &nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro, <br> 3.350%, 7/01/2029, (EUR)<br>| &nbsp;&nbsp; 9203191 |
| 1145000 | &nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro, <br> 3.850%, 7/01/2034, (EUR)<br>| &nbsp;&nbsp; 1255117 |
| 830000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 4/02/2029, <br> variable rate thereafter), <br> 7.296%, 4/02/2034(c)<br>| &nbsp;&nbsp; 875881 |
| 2055000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/03/2031, <br> variable rate thereafter), <br> 3.127%, 6/03/2032(c)<br>| &nbsp;&nbsp; 1829115 |
| 1460000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/19/2027, <br> variable rate thereafter), <br> 5.861%, 6/19/2032(c)<br>| &nbsp;&nbsp; 1465402 |
| 825000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/30/2030, <br> variable rate thereafter), <br> 5.459%, 6/30/2035(c)<br>| &nbsp;&nbsp; 810625 |
| 545000 | &nbsp;&nbsp; UniCredit SpA, EMTN, (fixed rate to <br> 7/22/2026, variable rate thereafter), <br> 2.200%, 7/22/2027, (EUR)<br>| &nbsp;&nbsp; 584815 |
|  |  | &nbsp;&nbsp; 18606764 |
|  | **Japan — 0.9%** | **Japan — 0.9%** |
| 1091543600 <br><sup>(f)</sup><br>| &nbsp;&nbsp; Japan Government CPI-Linked Bonds, <br> 0.100%, 3/10/2028, (JPY)(g)<br>| &nbsp;&nbsp; 7551988 |
| 1446450000 | &nbsp;&nbsp; Japan Government Ten Year Bonds, <br> 1.100%, 6/20/2034, (JPY)<br>| &nbsp;&nbsp; 9376803 |
| 2020000 | &nbsp;&nbsp; Mizuho Financial Group, Inc., <br> 2.564%, 9/13/2031<br>| &nbsp;&nbsp; 1733258 |
| 2000000 | Nomura Holdings, Inc., 1.851%, 7/16/2025 | &nbsp;&nbsp; 1984146 |
| 2385000 | Nomura Holdings, Inc., 2.710%, 1/22/2029 | &nbsp;&nbsp; 2208811 |
| 1200000 | &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., <br> 5.766%, 1/13/2033<br>| &nbsp;&nbsp; 1249211 |
|  |  | &nbsp;&nbsp; 24104217 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Korea — 0.7%** | **Korea — 0.7%** |
| $1515000 | &nbsp;&nbsp; Korea East-West Power Co. Ltd., <br> 1.750%, 5/06/2025(c)<br>| &nbsp;&nbsp; $1510776 |
| 4500000000 | &nbsp;&nbsp; Korea Treasury Bonds, 1.125%, 9/10/2025, <br> (KRW)<br>| &nbsp;&nbsp; 3037822 |
| 13130550000 | &nbsp;&nbsp; Korea Treasury Bonds, 1.500%, 12/10/2030, <br> (KRW)<br>| &nbsp;&nbsp; 8330773 |
| 3600000000 | &nbsp;&nbsp; Korea Treasury Bonds, 3.000%, 12/10/2034, <br> (KRW)<br>| &nbsp;&nbsp; 2492708 |
| 4450000000 | &nbsp;&nbsp; Korea Treasury Bonds, 3.500%, 9/10/2028, <br> (KRW)<br>| &nbsp;&nbsp; 3104593 |
| 770000 | Shinhan Bank Co. Ltd., 3.875%, 3/24/2026(c) | &nbsp;&nbsp; 762534 |
| 200000 | SK Hynix, Inc., 6.375%, 1/17/2028(c) | &nbsp;&nbsp; 208094 |
| 140000 | SK Telecom Co. Ltd., 6.625%, 7/20/2027(c) | &nbsp;&nbsp; 146580 |
|  |  | &nbsp;&nbsp; 19593880 |
|  | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| 920000 | ArcelorMittal SA, 6.750%, 3/01/2041 | &nbsp;&nbsp; 958184 |
| 1905000 | &nbsp;&nbsp; Blackstone Property Partners Europe <br> Holdings SARL, EMTN, 1.625%, 4/20/2030, <br> (EUR)<br>| &nbsp;&nbsp; 1829375 |
| 280000 | &nbsp;&nbsp; Logicor Financing SARL, EMTN, <br> 0.875%, 1/14/2031, (EUR)<br>| &nbsp;&nbsp; 255812 |
| 1490000 | &nbsp;&nbsp; Logicor Financing SARL, EMTN, <br> 1.625%, 1/17/2030, (EUR)<br>| &nbsp;&nbsp; 1456983 |
| 955000 | &nbsp;&nbsp; Logicor Financing SARL, EMTN, <br> 2.000%, 1/17/2034, (EUR)<br>| &nbsp;&nbsp; 866887 |
|  |  | &nbsp;&nbsp; 5367241 |
|  | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| 11200000 | &nbsp;&nbsp; Malaysia Government Bonds, <br> 3.828%, 7/05/2034, (MYR)<br>| &nbsp;&nbsp; 2531263 |
|  | **Mexico — 1.9%** | **Mexico — 1.9%** |
| 770000 | &nbsp;&nbsp; America Movil SAB de CV, <br> 2.125%, 3/10/2028, (EUR)<br>| &nbsp;&nbsp; 815806 |
| 860000 | America Movil SAB de CV, 2.875%, 5/07/2030 | &nbsp;&nbsp; 785789 |
| 1950000 | Cemex SAB de CV, 3.875%, 7/11/2031(c) | &nbsp;&nbsp; 1746307 |
| 1990000 | Cemex SAB de CV, 5.200%, 9/17/2030(c) | &nbsp;&nbsp; 1944131 |
| 855000 | Cemex SAB de CV, 5.450%, 11/19/2029 | &nbsp;&nbsp; 849713 |
| 810000 | &nbsp;&nbsp; Cemex SAB de CV, (fixed rate to 6/08/2026, <br> variable rate thereafter), 5.125%(c)(h)<br>| &nbsp;&nbsp; 793190 |
| 1775000 | &nbsp;&nbsp; Coca-Cola Femsa SAB de CV, <br> 2.750%, 1/22/2030<br>| &nbsp;&nbsp; 1629654 |
| 1085000 | &nbsp;&nbsp; El Puerto de Liverpool SAB de CV, <br> 6.658%, 1/22/2037(c)<br>| &nbsp;&nbsp; 1099492 |
| 10000000 | &nbsp;&nbsp; Grupo Televisa SAB, EMTN, <br> 7.250%, 5/14/2043, (MXN)<br>| &nbsp;&nbsp; 299841 |
| 1515000 | &nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, <br> 2.431%, 7/01/2031<br>| &nbsp;&nbsp; 1332189 |
| 840000 | &nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, <br> 2.431%, 7/01/2031(c)<br>| &nbsp;&nbsp; 738639 |
| 1707184 <br><sup>(i)</sup><br>| Mexico Bonos, 5.750%, 3/05/2026, (MXN) | &nbsp;&nbsp; 8130449 |
| 724558 <br><sup>(i)</sup><br>| Mexico Bonos, 7.500%, 6/03/2027, (MXN) | &nbsp;&nbsp; 3463730 |
| 1064466 <br><sup>(i)</sup><br>| Mexico Bonos, 8.500%, 5/31/2029, (MXN) | &nbsp;&nbsp; 5141967 |
| 637836 <br><sup>(i)</sup><br>| Mexico Bonos, 8.500%, 11/18/2038, (MXN) | &nbsp;&nbsp; 2849496 |
| 2665000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 3.250%, 4/16/2030<br>| &nbsp;&nbsp; 2402305 |
| 1880000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 3.500%, 2/12/2034<br>| &nbsp;&nbsp; 1541055 |
| 196000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 4.000%, 3/15/2115, (EUR)<br>| &nbsp;&nbsp; 138022 |
| 810000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 4.875%, 5/19/2033<br>| &nbsp;&nbsp; 742940 |

---

See accompanying notes to financial statements.

\| 18

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Mexico — continued** | **Mexico — continued** |
| $10000000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 5.000%, 5/07/2029<br>| &nbsp;&nbsp; $9884514 |
| 750000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 6.000%, 5/07/2036<br>| &nbsp;&nbsp; 724462 |
| 350000 | &nbsp;&nbsp; Mexico Government International Bonds, <br> 6.338%, 5/04/2053<br>| &nbsp;&nbsp; 317698 |
| 1850000 | &nbsp;&nbsp; Orbia Advance Corp. SAB de CV, <br> 1.875%, 5/11/2026(c)<br>| &nbsp;&nbsp; 1789098 |
| 1240000 | &nbsp;&nbsp; Orbia Advance Corp. SAB de CV, <br> 4.000%, 10/04/2027<br>| &nbsp;&nbsp; 1199599 |
| 2090000 | &nbsp;&nbsp; Sigma Finance Netherlands BV, <br> 4.875%, 3/27/2028<br>| &nbsp;&nbsp; 2077714 |
|  |  | &nbsp;&nbsp; 52437800 |
|  | **Morocco — 0.1%** | **Morocco — 0.1%** |
| 3310000 | OCP SA, 6.750%, 5/02/2034(c) | &nbsp;&nbsp; 3399204 |
|  | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| 870000 | &nbsp;&nbsp; Cooperatieve Rabobank UA, <br> 4.375%, 8/04/2025<br>| &nbsp;&nbsp; 867921 |
| 1800000 | &nbsp;&nbsp; Netherlands Government Bonds, Zero <br> Coupon, 2.523%, 1/15/2029, (EUR)(e)<br>| &nbsp;&nbsp; 1785640 |
|  |  | &nbsp;&nbsp; 2653561 |
|  | **New Zealand — 0.5%** | **New Zealand — 0.5%** |
| 4200000 | &nbsp;&nbsp; Fonterra Co-Operative Group Ltd., MTN, <br> 3.750%, 6/16/2026, (AUD)<br>| &nbsp;&nbsp; 2601879 |
| 700000 | &nbsp;&nbsp; Fonterra Co-Operative Group Ltd., MTN, <br> 4.000%, 11/02/2027, (AUD)<br>| &nbsp;&nbsp; 430559 |
| 6310000 | &nbsp;&nbsp; New Zealand Government Bonds, <br> 1.500%, 5/15/2031, (NZD)<br>| &nbsp;&nbsp; 3065905 |
| 15075000 | &nbsp;&nbsp; New Zealand Government Bonds, <br> 3.000%, 4/20/2029, (NZD)<br>| &nbsp;&nbsp; 8280068 |
|  |  | &nbsp;&nbsp; 14378411 |
|  | **Norway — 0.3%** | **Norway — 0.3%** |
| 2790000 | Equinor ASA, 3.625%, 4/06/2040 | &nbsp;&nbsp; 2336015 |
| 19765000 | &nbsp;&nbsp; Norway Government Bonds, <br> 1.375%, 8/19/2030, (NOK)<br>| &nbsp;&nbsp; 1644782 |
| 16500000 | &nbsp;&nbsp; Norway Government Bonds, <br> 1.500%, 2/19/2026, (NOK)<br>| &nbsp;&nbsp; 1532246 |
| 33750000 | &nbsp;&nbsp; Norway Government Bonds, <br> 1.750%, 2/17/2027, (NOK)<br>| &nbsp;&nbsp; 3087980 |
| 455000 | Var Energi ASA, 8.000%, 11/15/2032(c) | &nbsp;&nbsp; 511195 |
|  |  | &nbsp;&nbsp; 9112218 |
|  | **Paraguay — 0.1%** | **Paraguay — 0.1%** |
| 1420000 | &nbsp;&nbsp; Paraguay Government International Bonds, <br> 4.950%, 4/28/2031(c)<br>| &nbsp;&nbsp; 1374517 |
| 183000 | &nbsp;&nbsp; Paraguay Government International Bonds, <br> 5.000%, 4/15/2026(c)<br>| &nbsp;&nbsp; 182909 |
|  |  | &nbsp;&nbsp; 1557426 |
|  | **Peru — 0.1%** | **Peru — 0.1%** |
| 3220000 | &nbsp;&nbsp; Corp. Financiera de Desarrollo SA, <br> 2.400%, 9/28/2027(c)<br>| &nbsp;&nbsp; 2995309 |
| 840000 | &nbsp;&nbsp; Transportadora de Gas del Peru SA, <br> 4.250%, 4/30/2028(c)<br>| &nbsp;&nbsp; 829795 |
|  |  | &nbsp;&nbsp; 3825104 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Poland — 0.4%** | **Poland — 0.4%** |
| 39045000 | &nbsp;&nbsp; Republic of Poland Government Bonds, <br> 1.250%, 10/25/2030, (PLN)<br>| &nbsp;&nbsp; $8126066 |
| 12970000 | &nbsp;&nbsp; Republic of Poland Government Bonds, <br> 3.250%, 7/25/2025, (PLN)<br>| &nbsp;&nbsp; 3331397 |
|  |  | &nbsp;&nbsp; 11457463 |
|  | **Portugal — 0.1%** | **Portugal — 0.1%** |
| 3590000 | EDP Finance BV, 1.710%, 1/24/2028(c) | &nbsp;&nbsp; 3313355 |
|  | **Qatar — 0.1%** | **Qatar — 0.1%** |
| 1600000 | QatarEnergy, 2.250%, 7/12/2031(c) | &nbsp;&nbsp; 1382400 |
|  | **Romania — 0.0%** | **Romania — 0.0%** |
| 1100000 | &nbsp;&nbsp; Romania Government International Bonds, <br> 2.000%, 4/14/2033, (EUR)(c)<br>| &nbsp;&nbsp; 884903 |
|  | **Singapore — 0.3%** | **Singapore — 0.3%** |
| 10055000 | &nbsp;&nbsp; Singapore Government Bonds, <br> 2.125%, 6/01/2026, (SGD)<br>| &nbsp;&nbsp; 7447237 |
|  | **South Africa — 1.3%** | **South Africa — 1.3%** |
| 1400000 | &nbsp;&nbsp; Anglo American Capital PLC, <br> 2.625%, 9/10/2030(c)<br>| &nbsp;&nbsp; 1243327 |
| 1400000 | &nbsp;&nbsp; Anglo American Capital PLC, <br> 5.625%, 4/01/2030(c)<br>| &nbsp;&nbsp; 1439439 |
| 39185000 | &nbsp;&nbsp; Republic of South Africa Government <br> Bonds, 7.000%, 2/28/2031, (ZAR)<br>| &nbsp;&nbsp; 1896445 |
| 116835000 | &nbsp;&nbsp; Republic of South Africa Government <br> Bonds, 8.875%, 2/28/2035, (ZAR)<br>| &nbsp;&nbsp; 5702516 |
| 7585000 | &nbsp;&nbsp; Republic of South Africa Government <br> International Bonds, 5.750%, 9/30/2049<br>| &nbsp;&nbsp; 5587566 |
| 19900000 | &nbsp;&nbsp; Republic of South Africa Government <br> International Bonds, 7.100%, 11/19/2036(c)<br>| &nbsp;&nbsp; 19287058 |
|  |  | &nbsp;&nbsp; 35156351 |
|  | **Spain — 0.5%** | **Spain — 0.5%** |
| 800000 | Banco Santander SA, 6.938%, 11/07/2033 | &nbsp;&nbsp; 890416 |
| 2000000 | &nbsp;&nbsp; Banco Santander SA, (fixed rate to <br> 9/14/2026, variable rate thereafter), <br> 1.722%, 9/14/2027<br>| &nbsp;&nbsp; 1914598 |
| 1260000 | &nbsp;&nbsp; CaixaBank SA, (fixed rate to 1/18/2028, <br> variable rate thereafter), <br> 6.208%, 1/18/2029(c)<br>| &nbsp;&nbsp; 1306732 |
| 1000000 | &nbsp;&nbsp; CaixaBank SA, EMTN, (fixed rate to <br> 11/23/2027, variable rate thereafter), <br> 6.250%, 2/23/2033, (EUR)<br>| &nbsp;&nbsp; 1155986 |
| 3700000 | &nbsp;&nbsp; Cellnex Telecom SA, EMTN, <br> 1.750%, 10/23/2030, (EUR)<br>| &nbsp;&nbsp; 3644337 |
| 700000 | &nbsp;&nbsp; Naturgy Finance Iberia SA, EMTN, <br> 1.500%, 1/29/2028, (EUR)<br>| &nbsp;&nbsp; 731980 |
| 2355000 | &nbsp;&nbsp; Spain Government Bonds, <br> 3.500%, 5/31/2029, (EUR)<br>| &nbsp;&nbsp; 2641605 |
|  |  | &nbsp;&nbsp; 12285654 |
|  | **Supranationals — 0.3%** | **Supranationals — 0.3%** |
| 10030000 | &nbsp;&nbsp; International Bank for Reconstruction & <br> Development, 1.200%, 7/22/2026, (CAD)<br>| &nbsp;&nbsp; 6848391 |
|  | **Sweden — 0.1%** | **Sweden — 0.1%** |
| 38000000 | &nbsp;&nbsp; Sweden Government Bonds, <br> 0.125%, 5/12/2031, (SEK)<br>| &nbsp;&nbsp; 3288215 |
| 2560000 | &nbsp;&nbsp; Sweden Government Bonds, <br> 2.500%, 5/12/2025, (SEK)<br>| &nbsp;&nbsp; 254752 |
|  |  | &nbsp;&nbsp; 3542967 |

---

See accompanying notes to financial statements.

19 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Switzerland — 0.2%** | **Switzerland — 0.2%** |
| $325000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 11/15/2032, <br> variable rate thereafter), <br> 9.016%, 11/15/2033(c)<br>| &nbsp;&nbsp; $397148 |
| 2960000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 5/14/2031, <br> variable rate thereafter), <br> 3.091%, 5/14/2032(c)<br>| &nbsp;&nbsp; 2635028 |
| 750000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 8/12/2032, <br> variable rate thereafter), <br> 6.537%, 8/12/2033(c)<br>| &nbsp;&nbsp; 802770 |
| 340000 | &nbsp;&nbsp; Willow No. 2 Ireland PLC for Zurich <br> Insurance Co. Ltd., EMTN, (fixed rate to <br> 10/01/2025, variable rate thereafter), <br> 4.250%, 10/01/2045<br>| &nbsp;&nbsp; 336957 |
|  |  | &nbsp;&nbsp; 4171903 |
|  | **Trinidad And Tobago — 0.0%** | **Trinidad And Tobago — 0.0%** |
| 415000 | &nbsp;&nbsp; Trinidad Generation UnLtd, <br> 5.250%, 11/04/2027(c)<br>| &nbsp;&nbsp; 402550 |
|  | **Turkey — 0.1%** | **Turkey — 0.1%** |
| 1120000 | TC Ziraat Bankasi AS, 5.375%, 3/02/2026(c) | &nbsp;&nbsp; 1111600 |
| 1415000 | &nbsp;&nbsp; Turkcell Iletisim Hizmetleri AS, <br> 5.800%, 4/11/2028<br>| &nbsp;&nbsp; 1370427 |
|  |  | &nbsp;&nbsp; 2482027 |
|  | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| 1295000 | &nbsp;&nbsp; Abu Dhabi Government International Bonds, <br> 3.125%, 4/16/2030(c)<br>| &nbsp;&nbsp; 1225800 |
|  | **United Kingdom — 1.2%** | **United Kingdom — 1.2%** |
| 1350000 | &nbsp;&nbsp; CK Hutchison International 19 Ltd., <br> 3.625%, 4/11/2029(c)<br>| &nbsp;&nbsp; 1296298 |
| 1420000 | Diageo Capital PLC, 2.125%, 4/29/2032 | &nbsp;&nbsp; 1188852 |
| 1180000 | &nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH U.K. Ltd., <br> 8.375%, 1/15/2029(c)<br>| &nbsp;&nbsp; 1065469 |
| 440000 | &nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH U.K. Ltd., <br> 11.500%, 8/15/2029(c)<br>| &nbsp;&nbsp; 429968 |
| 65000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 6.400%, 3/26/2029(c)<br>| &nbsp;&nbsp; 67185 |
| 135000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 6.500%, 3/26/2031(c)<br>| &nbsp;&nbsp; 140577 |
| 1395000 | &nbsp;&nbsp; Nationwide Building Society, (fixed rate to <br> 7/18/2029, variable rate thereafter), <br> 3.960%, 7/18/2030(c)<br>| &nbsp;&nbsp; 1341591 |
| 955000 | &nbsp;&nbsp; Santander U.K. Group Holdings PLC, (fixed <br> rate to 1/11/2027, variable rate thereafter), <br> 2.469%, 1/11/2028<br>| &nbsp;&nbsp; 917757 |
| 1455000 | &nbsp;&nbsp; Standard Chartered PLC, (fixed rate to <br> 11/18/2030, variable rate thereafter), <br> 3.265%, 2/18/2036(c)<br>| &nbsp;&nbsp; 1286584 |
| 235000 | U.K. Gilts, 4.125%, 1/29/2027, (GBP) | &nbsp;&nbsp; 303179 |
| 9590000 | U.K. Gilts, 4.125%, 7/22/2029, (GBP) | &nbsp;&nbsp; 12343131 |
| 9845000 | U.K. Gilts, 4.250%, 7/31/2034, (GBP) | &nbsp;&nbsp; 12360299 |
|  |  | &nbsp;&nbsp; 32740890 |
|  | **United States — 11.8%** | **United States — 11.8%** |
| 1475000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.000%, 1/15/2031(c)<br>| &nbsp;&nbsp; 1479511 |
| 667302 | &nbsp;&nbsp; American Airlines Pass-Through Trust, <br> Series 2016-3, Class B, 3.750%, 4/15/2027<br>| &nbsp;&nbsp; 655257 |
| 260000 | &nbsp;&nbsp; Aptiv Swiss Holdings Ltd., 1.600%, 9/15/2028, <br> (EUR)<br>| &nbsp;&nbsp; 270615 |
| 425000 | Ashland, Inc., 3.375%, 9/01/2031(c) | &nbsp;&nbsp; 365200 |
| 355000 | Axon Enterprise, Inc., 6.125%, 3/15/2030(c) | &nbsp;&nbsp; 358275 |
| 180000 | Axon Enterprise, Inc., 6.250%, 3/15/2033(c) | &nbsp;&nbsp; 181852 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $800000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to <br> 3/08/2032, variable rate thereafter), <br> 3.846%, 3/08/2037<br>| &nbsp;&nbsp; $718037 |
| 1370000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to <br> 9/21/2031, variable rate thereafter), <br> 2.482%, 9/21/2036<br>| &nbsp;&nbsp; 1142545 |
| 5000 | Bausch & Lomb Corp., 8.375%, 10/01/2028(c) | &nbsp;&nbsp; 5187 |
| 2390000 | &nbsp;&nbsp; Bausch Health Cos., Inc., <br> 4.875%, 6/01/2028(c)<br>| &nbsp;&nbsp; 1929925 |
| 1745000 | Block, Inc., 3.500%, 6/01/2031 | &nbsp;&nbsp; 1534215 |
| 1220000 | Blue Owl Finance LLC, 6.250%, 4/18/2034 | &nbsp;&nbsp; 1249466 |
| 1261000 | Boeing Co., 3.625%, 2/01/2031 | &nbsp;&nbsp; 1169152 |
| 1000000 | Boeing Co., 5.150%, 5/01/2030 | &nbsp;&nbsp; 1006202 |
| 899000 | Boeing Co., 5.705%, 5/01/2040 | &nbsp;&nbsp; 873923 |
| 4965000 | Boeing Co., 5.805%, 5/01/2050 | &nbsp;&nbsp; 4726588 |
| 60000 | Boeing Co., 5.930%, 5/01/2060 | &nbsp;&nbsp; 56439 |
| 5840000 | Boeing Co., 6.528%, 5/01/2034 | &nbsp;&nbsp; 6257480 |
| 9335000 | Boeing Co., 6.858%, 5/01/2054 | &nbsp;&nbsp; 10139637 |
| 1105000 | Boeing Co., 7.008%, 5/01/2064 | &nbsp;&nbsp; 1197368 |
| 115000 | &nbsp;&nbsp; BPR Trust, Series 2021-NRD, Class E, 1 mo. <br> USD SOFR + 5.621%, <br> 9.941%, 12/15/2038(b)(c)<br>| &nbsp;&nbsp; 113283 |
| 875000 | &nbsp;&nbsp; BPR Trust, Series 2021-NRD, Class F, 1 mo. <br> USD SOFR + 6.870%, <br> 11.190%, 12/15/2038(b)(c)<br>| &nbsp;&nbsp; 853098 |
| 3120000 | Broadcom, Inc., 2.450%, 2/15/2031(c) | &nbsp;&nbsp; 2745060 |
| 2845000 | Broadcom, Inc., 2.600%, 2/15/2033(c) | &nbsp;&nbsp; 2397715 |
| 5095000 | Broadcom, Inc., 3.419%, 4/15/2033(c) | &nbsp;&nbsp; 4536379 |
| 6870000 | Broadcom, Inc., 3.469%, 4/15/2034(c) | &nbsp;&nbsp; 6047351 |
| 2485000 | Broadcom, Inc., 4.150%, 4/15/2032(c) | &nbsp;&nbsp; 2357075 |
| 695000 | Carnival Corp., 5.750%, 3/01/2027(c) | &nbsp;&nbsp; 695437 |
| 1090000 | Carnival Corp., 5.750%, 3/15/2030(c) | &nbsp;&nbsp; 1085613 |
| 6070000 | Carnival Corp., 6.125%, 2/15/2033(c) | &nbsp;&nbsp; 5981558 |
| 2385000 | Centene Corp., 2.500%, 3/01/2031 | &nbsp;&nbsp; 2010756 |
| 1480000 | Centene Corp., 3.000%, 10/15/2030 | &nbsp;&nbsp; 1294451 |
| 1075000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 3.950%, 6/30/2062<br>| &nbsp;&nbsp; 660467 |
| 4945000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 4.400%, 12/01/2061<br>| &nbsp;&nbsp; 3283596 |
| 1185000 | &nbsp;&nbsp; Civitas Resources, Inc., <br> 8.625%, 11/01/2030(c)<br>| &nbsp;&nbsp; 1222531 |
| 245000 | Civitas Resources, Inc., 8.750%, 7/01/2031(c) | &nbsp;&nbsp; 251601 |
| 2663000 | &nbsp;&nbsp; Continental Resources, Inc., <br> 2.875%, 4/01/2032(c)<br>| &nbsp;&nbsp; 2229557 |
| 4662000 | &nbsp;&nbsp; Continental Resources, Inc., <br> 5.750%, 1/15/2031(c)<br>| &nbsp;&nbsp; 4697934 |
| 13550000 | CSC Holdings LLC, 3.375%, 2/15/2031(c) | &nbsp;&nbsp; 9693322 |
| 1995000 | CSC Holdings LLC, 4.125%, 12/01/2030(c) | &nbsp;&nbsp; 1444654 |
| 2395000 | CSC Holdings LLC, 4.500%, 11/15/2031(c) | &nbsp;&nbsp; 1736684 |
| 11460000 | CSC Holdings LLC, 4.625%, 12/01/2030(c) | &nbsp;&nbsp; 5576866 |
| 1850000 | CSC Holdings LLC, 5.000%, 11/15/2031(c) | &nbsp;&nbsp; 874125 |
| 595000 | CSC Holdings LLC, 5.375%, 2/01/2028(c) | &nbsp;&nbsp; 507434 |
| 495000 | CSC Holdings LLC, 5.750%, 1/15/2030(c) | &nbsp;&nbsp; 262350 |
| 2090000 | CSC Holdings LLC, 7.500%, 4/01/2028(c) | &nbsp;&nbsp; 1477892 |
| 940000 | &nbsp;&nbsp; DH Europe Finance II SARL, <br> 0.750%, 9/18/2031, (EUR)<br>| &nbsp;&nbsp; 867998 |
| 50000 | Dillard's, Inc., 7.000%, 12/01/2028 | &nbsp;&nbsp; 52524 |
| 8000 | Dillard's, Inc., 7.750%, 7/15/2026 | &nbsp;&nbsp; 8243 |
| 1075000 | Directv Financing LLC, 8.875%, 2/01/2030(c) | &nbsp;&nbsp; 1025792 |

---

See accompanying notes to financial statements.

\| 20

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $1380000 | &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.000%, 2/15/2031(c)<br>| &nbsp;&nbsp; $1325076 |
| 2340000 | DISH DBS Corp., 5.250%, 12/01/2026(c) | &nbsp;&nbsp; 2147993 |
| 795000 | DISH DBS Corp., 5.750%, 12/01/2028(c) | &nbsp;&nbsp; 670461 |
| 1960000 | DISH DBS Corp., 7.750%, 7/01/2026 | &nbsp;&nbsp; 1693238 |
| 19499106 | EchoStar Corp., 10.750%, 11/30/2029 | &nbsp;&nbsp; 20488936 |
| 1646147 | &nbsp;&nbsp; EchoStar Corp., 6.750% PIK or 6.750% Cash, <br> 11/30/2030(j)<br>| &nbsp;&nbsp; 1493613 |
| 1230000 | EQT Corp., 3.625%, 5/15/2031(c) | &nbsp;&nbsp; 1123511 |
| 2710000 | Freeport-McMoRan, Inc., 4.375%, 8/01/2028 | &nbsp;&nbsp; 2676353 |
| 4795000 | Freeport-McMoRan, Inc., 5.400%, 11/14/2034 | &nbsp;&nbsp; 4795806 |
| 960000 | &nbsp;&nbsp; Hess Midstream Operations LP, <br> 4.250%, 2/15/2030(c)<br>| &nbsp;&nbsp; 903154 |
| 475000 | &nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton <br> Grand Vacations Borrower, Inc., <br> 4.875%, 7/01/2031(c)<br>| &nbsp;&nbsp; 417023 |
| 1235000 | Hologic, Inc., 3.250%, 2/15/2029(c) | &nbsp;&nbsp; 1139243 |
| 1637600 | &nbsp;&nbsp; iHeartCommunications, Inc., <br> 7.750%, 8/15/2030(c)<br>| &nbsp;&nbsp; 1212332 |
| 1055000 | Ingersoll Rand, Inc., 5.700%, 8/14/2033 | &nbsp;&nbsp; 1088856 |
| 1580000 | Iron Mountain, Inc., 4.875%, 9/15/2029(c) | &nbsp;&nbsp; 1508133 |
| 685000 | Iron Mountain, Inc., 5.250%, 7/15/2030(c) | &nbsp;&nbsp; 656800 |
| 795000 | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL, 3.750%, 12/01/2031<br>| &nbsp;&nbsp; 725621 |
| 1620000 | &nbsp;&nbsp; Jefferies Financial Group, Inc., <br> 6.200%, 4/14/2034<br>| &nbsp;&nbsp; 1651307 |
| 6430000 | &nbsp;&nbsp; JPMorgan Chase & Co., Series OO, (fixed <br> rate to 4/01/2030, variable rate thereafter), <br> 6.500%(h)<br>| &nbsp;&nbsp; 6580738 |
| 225000 | &nbsp;&nbsp; Lamb Weston Holdings, Inc., <br> 4.875%, 5/15/2028, 144A(c)<br>| &nbsp;&nbsp; 219672 |
| 1440000 | &nbsp;&nbsp; Light & Wonder International, Inc., <br> 7.000%, 5/15/2028(c)<br>| &nbsp;&nbsp; 1439401 |
| 525000 | &nbsp;&nbsp; Light & Wonder International, Inc., <br> 7.250%, 11/15/2029(c)<br>| &nbsp;&nbsp; 532188 |
| 210000 | &nbsp;&nbsp; Light & Wonder International, Inc., <br> 7.500%, 9/01/2031(c)<br>| &nbsp;&nbsp; 215119 |
| 995000 | &nbsp;&nbsp; Marriott Ownership Resorts, Inc., <br> 4.500%, 6/15/2029(c)<br>| &nbsp;&nbsp; 912738 |
| 155000 | &nbsp;&nbsp; Matador Resources Co., <br> 6.875%, 4/15/2028(c)<br>| &nbsp;&nbsp; 156959 |
| 615000 | &nbsp;&nbsp; Medtronic Global Holdings SCA, <br> 1.125%, 3/07/2027, (EUR)<br>| &nbsp;&nbsp; 646778 |
| 6240000 | Micron Technology, Inc., 5.875%, 2/09/2033 | &nbsp;&nbsp; 6462687 |
| 230000 | &nbsp;&nbsp; Molina Healthcare, Inc., <br> 3.875%, 11/15/2030(c)<br>| &nbsp;&nbsp; 205883 |
| 655000 | &nbsp;&nbsp; Molina Healthcare, Inc., <br> 3.875%, 5/15/2032(c)<br>| &nbsp;&nbsp; 574651 |
| 435000 | &nbsp;&nbsp; Molina Healthcare, Inc., <br> 4.375%, 6/15/2028(c)<br>| &nbsp;&nbsp; 414322 |
| 1415000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 9/16/2031, <br> variable rate thereafter), 2.484%, 9/16/2036<br>| &nbsp;&nbsp; 1173161 |
| 727000 | NCL Corp. Ltd., 5.875%, 3/15/2026(c) | &nbsp;&nbsp; 725476 |
| 3000000 | NCL Corp. Ltd., 6.750%, 2/01/2032(c) | &nbsp;&nbsp; 2963408 |
| 725000 | NCL Finance Ltd., 6.125%, 3/15/2028(c) | &nbsp;&nbsp; 722681 |
| 2020000 | Netflix, Inc., 4.875%, 6/15/2030(c) | &nbsp;&nbsp; 2041348 |
| 20000 | NGPL PipeCo LLC, 7.768%, 12/15/2037(c) | &nbsp;&nbsp; 22526 |
| 575000 | ONEOK, Inc., 5.450%, 6/01/2047 | &nbsp;&nbsp; 520970 |
| 180000 | Ovintiv, Inc., 6.500%, 8/15/2034 | &nbsp;&nbsp; 187640 |
| 4175000 | &nbsp;&nbsp; Permian Resources Operating LLC, <br> 6.250%, 2/01/2033(c)<br>| &nbsp;&nbsp; 4158483 |
| 1265000 | Pilgrim's Pride Corp., 3.500%, 3/01/2032 | &nbsp;&nbsp; 1112342 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $315000 | Pilgrim's Pride Corp., 4.250%, 4/15/2031 | &nbsp;&nbsp; $295835 |
| 480000 | &nbsp;&nbsp; Plains All American Pipeline LP/PAA <br> Finance Corp., 3.550%, 12/15/2029<br>| &nbsp;&nbsp; 452295 |
| 690000 | &nbsp;&nbsp; Plains All American Pipeline LP/PAA <br> Finance Corp., 3.800%, 9/15/2030<br>| &nbsp;&nbsp; 650273 |
| 870000 | Post Holdings, Inc., 4.500%, 9/15/2031(c) | &nbsp;&nbsp; 787951 |
| 2165000 | &nbsp;&nbsp; Prologis Euro Finance LLC, <br> 0.250%, 9/10/2027, (EUR)<br>| &nbsp;&nbsp; 2206335 |
| 1450000 | &nbsp;&nbsp; Prologis Euro Finance LLC, <br> 1.875%, 1/05/2029, (EUR)<br>| &nbsp;&nbsp; 1507254 |
| 365000 | Prologis LP, 2.250%, 6/30/2029, (GBP) | &nbsp;&nbsp; 424943 |
| 2085000 | Quikrete Holdings, Inc., 6.375%, 3/01/2032(c) | &nbsp;&nbsp; 2098240 |
| 590000 | Quikrete Holdings, Inc., 6.750%, 3/01/2033(c) | &nbsp;&nbsp; 587315 |
| 430000 | &nbsp;&nbsp; Realty Income Corp., 5.125%, 7/06/2034, <br> (EUR)<br>| &nbsp;&nbsp; 499817 |
| 1100000 | &nbsp;&nbsp; Realty Income Corp., EMTN, <br> 1.625%, 12/15/2030, (GBP)<br>| &nbsp;&nbsp; 1159773 |
| 4749000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.625%, 3/01/2029<br>| &nbsp;&nbsp; 4379740 |
| 2540000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.625%, 3/01/2029(c)<br>| &nbsp;&nbsp; 2342502 |
| 7011000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.875%, 3/01/2031(c)<br>| &nbsp;&nbsp; 6280453 |
| 4510000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 4.000%, 10/15/2033(c)<br>| &nbsp;&nbsp; 3868669 |
| 1370000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 4.250%, 7/01/2026(c)<br>| &nbsp;&nbsp; 1348891 |
| 3280000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 5.500%, 4/01/2028(c)<br>| &nbsp;&nbsp; 3266460 |
| 2930000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 5.625%, 9/30/2031(c)<br>| &nbsp;&nbsp; 2877034 |
| 7055000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 6.000%, 2/01/2033(c)<br>| &nbsp;&nbsp; 7050603 |
| 400000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 6.250%, 3/15/2032(c)<br>| &nbsp;&nbsp; 403612 |
| 585000 | Ryan Specialty LLC, 5.875%, 8/01/2032(c) | &nbsp;&nbsp; 577795 |
| 435000 | &nbsp;&nbsp; Sensata Technologies BV, <br> 4.000%, 4/15/2029(c)<br>| &nbsp;&nbsp; 399810 |
| 270000 | &nbsp;&nbsp; Sensata Technologies, Inc., <br> 3.750%, 2/15/2031(c)<br>| &nbsp;&nbsp; 235748 |
| 60000 | &nbsp;&nbsp; Sensata Technologies, Inc., <br> 4.375%, 2/15/2030(c)<br>| &nbsp;&nbsp; 55426 |
| 910000 | &nbsp;&nbsp; Sensata Technologies, Inc., <br> 6.625%, 7/15/2032(c)<br>| &nbsp;&nbsp; 900812 |
| 555000 | SM Energy Co., 6.750%, 8/01/2029(c) | &nbsp;&nbsp; 546734 |
| 280000 | SM Energy Co., 7.000%, 8/01/2032(c) | &nbsp;&nbsp; 274797 |
| 2250000 | Synopsys, Inc., 5.150%, 4/01/2035 | &nbsp;&nbsp; 2261848 |
| 2635000 | Synopsys, Inc., 5.700%, 4/01/2055 | &nbsp;&nbsp; 2616325 |
| 875000 | Targa Resources Corp., 6.125%, 3/15/2033 | &nbsp;&nbsp; 913338 |
| 265000 | &nbsp;&nbsp; Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp., <br> 4.000%, 1/15/2032<br>| &nbsp;&nbsp; 244555 |
| 165000 | &nbsp;&nbsp; Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp., <br> 4.875%, 2/01/2031<br>| &nbsp;&nbsp; 161523 |
| 665000 | TD SYNNEX Corp., 6.100%, 4/12/2034 | &nbsp;&nbsp; 683966 |
| 245000 | &nbsp;&nbsp; Thermo Fisher Scientific Finance I BV, <br> 2.000%, 10/18/2051, (EUR)<br>| &nbsp;&nbsp; 170766 |
| 100000 | &nbsp;&nbsp; Thermo Fisher Scientific, Inc., EMTN, <br> 1.500%, 10/01/2039, (EUR)<br>| &nbsp;&nbsp; 78790 |
| 90000 | Time Warner Cable LLC, 4.500%, 9/15/2042 | &nbsp;&nbsp; 68558 |
| 85000 | Time Warner Cable LLC, 5.500%, 9/01/2041 | &nbsp;&nbsp; 73724 |

---

See accompanying notes to financial statements.

21 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $2805000 | T-Mobile USA, Inc., 3.875%, 4/15/2030 | &nbsp;&nbsp; $2688991 |
| 400000 | TopBuild Corp., 4.125%, 2/15/2032(c) | &nbsp;&nbsp; 355832 |
| 405000 | TransDigm, Inc., 6.750%, 8/15/2028(c) | &nbsp;&nbsp; 411144 |
| 4075000 | Travel & Leisure Co., 4.500%, 12/01/2029(c) | &nbsp;&nbsp; 3797247 |
| 530000 | Travel & Leisure Co., 4.625%, 3/01/2030(c) | &nbsp;&nbsp; 495139 |
| 240000 | TriNet Group, Inc., 3.500%, 3/01/2029(c) | &nbsp;&nbsp; 217635 |
| 2075000 | U.S. Treasury Notes, 2.750%, 8/15/2032 | &nbsp;&nbsp; 1897166 |
| 8610000 | U.S. Treasury Notes, 3.500%, 9/30/2026 | &nbsp;&nbsp; 8552824 |
| 17340000 | U.S. Treasury Notes, 4.125%, 10/31/2026 | &nbsp;&nbsp; 17383350 |
| 2150000 | U.S. Treasury Notes, 4.250%, 11/30/2026 | &nbsp;&nbsp; 2160330 |
| 19390000 | U.S. Treasury Notes, 4.500%, 3/31/2026(k) | &nbsp;&nbsp; 19469681 |
| 13115000 | &nbsp;&nbsp; Uber Technologies, Inc., <br> 4.500%, 8/15/2029(c)<br>| &nbsp;&nbsp; 12883436 |
| 1610000 | Uber Technologies, Inc., 4.800%, 9/15/2034 | &nbsp;&nbsp; 1563648 |
| 6950000 | &nbsp;&nbsp; Uber Technologies, Inc., <br> 6.250%, 1/15/2028(c)<br>| &nbsp;&nbsp; 6991790 |
| 847000 | &nbsp;&nbsp; Uber Technologies, Inc., <br> 7.500%, 9/15/2027(c)<br>| &nbsp;&nbsp; 857344 |
| 204236 | &nbsp;&nbsp; United Airlines Pass-Through Trust, <br> Series 2016-2, Class B, 3.650%, 4/07/2027<br>| &nbsp;&nbsp; 201279 |
| 1090000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 6.125%, 3/15/2034(c)<br>| &nbsp;&nbsp; 1090682 |
| 895000 | &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br> 3.875%, 11/01/2033(c)<br>| &nbsp;&nbsp; 770282 |
| 1130000 | &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br> 4.125%, 8/15/2031(c)<br>| &nbsp;&nbsp; 1026718 |
| 175000 | &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br> 6.250%, 1/15/2030(c)<br>| &nbsp;&nbsp; 177617 |
| 1490000 | &nbsp;&nbsp; Venture Global LNG, Inc., (fixed rate to <br> 9/30/2029, variable rate thereafter), <br> 9.000%(c)(h)<br>| &nbsp;&nbsp; 1413993 |
| 3095000 | &nbsp;&nbsp; Verizon Communications, Inc., Series MPLE, <br> 2.500%, 5/16/2030, (CAD)<br>| &nbsp;&nbsp; 2044199 |
| 895000 | &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., <br> 4.250%, 12/01/2026(c)<br>| &nbsp;&nbsp; 885220 |
| 285000 | Viper Energy, Inc., 7.375%, 11/01/2031(c) | &nbsp;&nbsp; 297875 |
| 360000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 4.050%, 2/01/2030<br>| &nbsp;&nbsp; 343574 |
| 475000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.250%, 2/01/2050<br>| &nbsp;&nbsp; 404890 |
| 470000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.300%, 3/01/2048<br>| &nbsp;&nbsp; 403519 |
| 150000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.450%, 4/01/2044<br>| &nbsp;&nbsp; 133942 |
| 115000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.500%, 8/15/2048<br>| &nbsp;&nbsp; 100532 |
| 640000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 6.150%, 4/01/2033<br>| &nbsp;&nbsp; 660795 |
| 1695000 | Yum! Brands, Inc., 4.625%, 1/31/2032 | &nbsp;&nbsp; 1581087 |
|  |  | &nbsp;&nbsp; 323029118 |
|  | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| 86955000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 8.250%, 5/21/2031, (UYU)<br>| &nbsp;&nbsp; 1942081 |
|  | &nbsp;&nbsp; Total Non-Convertible Bonds <br>(Identified Cost $914,939,568)<br>| &nbsp;&nbsp; 864830819 |
| **Convertible Bonds — 0.6%** | **Convertible Bonds — 0.6%** | **Convertible Bonds — 0.6%** |
|  | **United States — 0.6%** | **United States — 0.6%** |
| 6650000 | &nbsp;&nbsp; BioMarin Pharmaceutical, Inc., <br> 1.250%, 5/15/2027<br>| &nbsp;&nbsp; 6254325 |
| 1086000 | Carnival Corp., 5.750%, 12/01/2027 | &nbsp;&nbsp; 1811991 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $6101905 | &nbsp;&nbsp; EchoStar Corp., 3.875% PIK or 3.875% Cash, <br> 11/30/2030(j)<br>| &nbsp;&nbsp; $6810872 |
| 1440000 | &nbsp;&nbsp; Uber Technologies, Inc., Series 2028, <br> 0.875%, 12/01/2028<br>| &nbsp;&nbsp; 1752480 |
|  | &nbsp;&nbsp; Total Convertible Bonds <br>(Identified Cost $16,312,480)<br>| &nbsp;&nbsp; 16629668 |
| **Municipals — 0.0%** | **Municipals — 0.0%** | **Municipals — 0.0%** |
|  | **United States — 0.0%** | **United States — 0.0%** |
| 115000 | &nbsp;&nbsp; Tobacco Settlement Financing Corp., <br> Series A-1, 6.706%-, 6/01/2046 <br>(Identified cost $114,991)<br>| &nbsp;&nbsp; 94758 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $931,367,039)<br>| &nbsp;&nbsp; 881555245 |
| **Senior Loans — 0.9%** | **Senior Loans — 0.9%** | **Senior Loans — 0.9%** |
|  | **Ireland — 0.1%** | **Ireland — 0.1%** |
| 719595 | &nbsp;&nbsp; Flutter Financing BV, 2024 Term Loan B, <br> 11/30/2030(l)<br>| &nbsp;&nbsp; 714839 |
| 704829 | &nbsp;&nbsp; Flutter Financing BV, 2024 Term Loan B, <br> 3 mo. USD SOFR + 1.750%, <br> 6.049%, 11/30/2030(b)(m)<br>| &nbsp;&nbsp; 700169 |
|  |  | &nbsp;&nbsp; 1415008 |
|  | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| 2085000 | &nbsp;&nbsp; Ardonagh Midco 3 PLC, 2024 USD Term <br> Loan B, 2/15/2031(l)<br>| &nbsp;&nbsp; 2056331 |
| 135000 | &nbsp;&nbsp; Ardonagh Midco 3 PLC, 2024 USD Term <br> Loan B, USD SOFR + 2.750%, <br> 7.981%, 2/15/2031(b)(m)<br>| &nbsp;&nbsp; 133144 |
|  |  | &nbsp;&nbsp; 2189475 |
|  | **United States — 0.7%** | **United States — 0.7%** |
| 1756760 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC, 2024 Term <br> Loan B6, 1 mo. USD SOFR + 2.750%, <br> 7.069%, 9/19/2031(b)(m)<br>| &nbsp;&nbsp; 1744796 |
| 100000 | &nbsp;&nbsp; Aramark Services, Inc., 2024 Term Loan B7, <br> 4/06/2028(l)<br>| &nbsp;&nbsp; 99896 |
| 232063 | &nbsp;&nbsp; Aramark Services, Inc., 2024 Term Loan B8, <br> 6/22/2030(l)<br>| &nbsp;&nbsp; 231724 |
| 706062 | &nbsp;&nbsp; Aramark Services, Inc., 2024 Term Loan B8, <br> 1 mo. USD SOFR + 2.000%, <br> 6.325%, 6/22/2030(b)(m)<br>| &nbsp;&nbsp; 705032 |
| 1100565 | &nbsp;&nbsp; Asplundh Tree Expert LLC, 2024 Incremental <br> Term Loan B, 1 mo. USD SOFR + 1.750%, <br> 6.075%, 5/23/2031(b)<br>| &nbsp;&nbsp; 1097263 |
| 930921 | &nbsp;&nbsp; Carnival Corp., 2025 Term Loan (2027), 1 mo. <br> USD SOFR + 2.000%, 6.325%, 8/08/2027(b)(m)<br>| &nbsp;&nbsp; 928361 |
| 1925335 | &nbsp;&nbsp; Carnival Corp., 2025 Term Loan (2028), 1 mo. <br> USD SOFR + 2.000%, <br> 6.325%, 10/18/2028(b)(m)<br>| &nbsp;&nbsp; 1921119 |
| 205534 | &nbsp;&nbsp; Ciena Corp., 2025 Repriced Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 6.069%, 10/24/2030(b)(m)<br>| &nbsp;&nbsp; 205190 |
| 227010 | &nbsp;&nbsp; CSC Holdings LLC, 2022 Term Loan B6, 1 mo. <br> USD SOFR + 4.500%, 8.819%, 1/18/2028(b)(m)<br>| &nbsp;&nbsp; 219160 |
| 570000 | &nbsp;&nbsp; DK Crown Holdings, Inc., 2025 Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 6.064%, 3/04/2032(b)(m)<br>| &nbsp;&nbsp; 566084 |
| 54819 | &nbsp;&nbsp; Hanger, Inc., 2024 Delayed Draw Term Loan, <br> 3.500%, 10/23/2031(n)<br>| &nbsp;&nbsp; 54739 |

---

See accompanying notes to financial statements.

\| 22

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| $9674 | &nbsp;&nbsp; Hanger, Inc., 2024 Delayed Draw Term Loan, <br> 1 mo. USD SOFR + 3.500%, <br> 7.825%, 10/23/2031(b)(m)<br>| &nbsp;&nbsp; $9660 |
| 500893 | &nbsp;&nbsp; Hanger, Inc., 2024 Term Loan B, 1 mo. USD <br> SOFR + 3.500%, 7.825%, 10/23/2031(b)(m)<br>| &nbsp;&nbsp; 500162 |
| 746411 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 2023 <br> Term Loan B4, 1 mo. USD SOFR + 1.750%, <br> 6.070%, 11/08/2030(b)<br>| &nbsp;&nbsp; 745352 |
| 20225 | &nbsp;&nbsp; Hilton Grand Vacations Borrower LLC, 2021 <br> Term Loan B, 8/02/2028(l)<br>| &nbsp;&nbsp; 20105 |
| 1916813 | &nbsp;&nbsp; Hilton Grand Vacations Borrower LLC, 2024 <br> Incremental Term Loan B, 1/17/2031(l)<br>| &nbsp;&nbsp; 1900942 |
| 266639 | &nbsp;&nbsp; HUB International Ltd., 2025 Term Loan B, <br> 3 mo. USD SOFR + 2.500%, <br> 6.787%, 6/20/2030(b)(m)<br>| &nbsp;&nbsp; 265317 |
| 438900 | &nbsp;&nbsp; IQVIA, Inc., 2025 Repriced Term Loan B, <br> 1/02/2031(l)<br>| &nbsp;&nbsp; 438764 |
| 817164 | &nbsp;&nbsp; Kaseya, Inc., 2025 1st Lien Term Loan B, <br> 1 mo. USD SOFR + 3.250%, <br> 7.575%, 3/22/2032(b)(m)<br>| &nbsp;&nbsp; 813593 |
| 99251 | &nbsp;&nbsp; Light & Wonder International, Inc., 2024 <br> Term Loan B2, 1 mo. USD SOFR + 2.250%, <br> 6.566%, 4/14/2029(b)(m)<br>| &nbsp;&nbsp; 98863 |
| 805864 | &nbsp;&nbsp; Novelis Corp., 2025 Term Loan B, 3 mo. USD <br> SOFR + 2.000%, 6.292%, 3/11/2032(b)(m)<br>| &nbsp;&nbsp; 804857 |
| 248744 | &nbsp;&nbsp; NRG Energy, Inc., 2024 Term Loan, 3 mo. <br> USD SOFR + 1.750%, 6.044%, 4/16/2031(b)(m)<br>| &nbsp;&nbsp; 248082 |
| 229465 | &nbsp;&nbsp; Resideo Funding, Inc., 2024 1st Lien Term <br> Loan B, 1 mo. USD SOFR + 1.750%, <br> 6.069%, 2/11/2028(b)(m)<br>| &nbsp;&nbsp; 229610 |
| 1036418 | &nbsp;&nbsp; Resideo Funding, Inc., 2024 M&A 1st lien <br> Term Loan B, 3 mo. USD SOFR + 1.750%, <br> 6.049%, 6/13/2031(b)(m)<br>| &nbsp;&nbsp; 1030914 |
| 153615 | &nbsp;&nbsp; Ryan Specialty Group LLC, 2024 USD Term <br> Loan B, 1 mo. USD SOFR + 2.250%, <br> 6.575%, 9/15/2031(b)(m)<br>| &nbsp;&nbsp; 152962 |
| 243163 | &nbsp;&nbsp; Six Flags Entertainment Corp., 2024 Term <br> Loan B, 1 mo. USD SOFR + 2.000%, <br> 6.325%, 5/01/2031(b)(m)<br>| &nbsp;&nbsp; 242190 |
| 2054101 | &nbsp;&nbsp; Trans Union LLC, 2024 Term Loan B8, 1 mo. <br> USD SOFR + 1.750%, 6.075%, 6/24/2031(b)(m)<br>| &nbsp;&nbsp; 2046912 |
| 94052 | &nbsp;&nbsp; TransDigm, Inc., 2023 Term Loan J, 3 mo. <br> USD SOFR + 2.500%, 6.799%, 2/28/2031(b)(m)<br>| &nbsp;&nbsp; 93468 |
| 161975 | &nbsp;&nbsp; TransDigm, Inc., 2024 Term Loan I, 3 mo. <br> USD SOFR + 2.750%, 7.049%, 8/24/2028(b)(m)<br>| &nbsp;&nbsp; 161857 |
| 270504 | &nbsp;&nbsp; Truist Insurance Holdings LLC, 2024 Term <br> Loan B, 3 mo. USD SOFR + 2.750%, <br> 7.049%, 5/06/2031(b)(m)<br>| &nbsp;&nbsp; 268475 |
| 2064400 | &nbsp;&nbsp; Wyndham Hotels & Resorts, Inc., 2024 Term <br> Loan, 1 mo. USD SOFR + 1.750%, <br> 6.075%, 5/24/2030(b)(m)<br>| &nbsp;&nbsp; 2062934 |
|  |  | &nbsp;&nbsp; 19908383 |
|  | &nbsp;&nbsp; Total Senior Loans <br>(Identified Cost $23,620,454)<br>| &nbsp;&nbsp; 23512866 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| $28222559 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated <br> 3/31/2025 at 2.500% to be repurchased at <br> $28,224,519 on 4/01/2025 collateralized by <br> $28,551,300 U.S. Treasury Note, 4.125% due <br> 2/15/2027 valued at $28,787,029 including <br> accrued interest (Note 2 of Notes to <br> Financial Statements) <br>(Identified Cost$28,222,559)<br>| &nbsp;&nbsp; $28222559 |
|  | &nbsp;&nbsp; Total Investments — 99.5% <br>(Identified Cost $2,341,290,949)<br>| &nbsp;&nbsp; 2723268425 |
|  | Other assets less liabilities — 0.5% | &nbsp;&nbsp; 12494649 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $2735763074 |

---

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

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

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

---

| | |
|:---|:---|
| (‡) | &nbsp;&nbsp; Principal Amount stated in U.S. dollars unless otherwise <br> noted.<br>|
| (a) | Non-income producing security. |
| (b) | &nbsp;&nbsp; Variable rate security. Rate as of March 31, 2025 is disclosed. <br> Issuers comprised of various lots with differing coupon rates <br> have been aggregated for the purpose of presentation in the <br> Portfolio of Investments and show a weighted average rate. <br> Certain variable rate securities are not based on a published <br> reference rate and spread, rather are determined by the <br> issuer or agent and are based on current market conditions. <br> These securities may not indicate a reference rate and/or <br> spread in their description.<br>|
| (c) | &nbsp;&nbsp; All or a portion of these securities are exempt from <br> registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from <br> registration, normally to qualified institutional buyers. At <br> March 31, 2025, the value of Rule 144A holdings amounted to <br> $302,122,813 or 11.0% of net assets.<br>|
| (d) | &nbsp;&nbsp; Amount shown represents units. One unit represents a <br> principal amount of 1,000.<br>|
| (e) | &nbsp;&nbsp; Interest rate represents annualized yield at time of purchase; <br> not a coupon rate.<br>|
| (f) | &nbsp;&nbsp; Amount shown represents principal amount including <br> inflation adjustments.<br>|
| (g) | Treasury Inflation Protected Security (TIPS). |
| (h) | Perpetual bond with no specified maturity date. |
| (i) | &nbsp;&nbsp; Amount shown represents units. One unit represents a <br> principal amount of 100.<br>|
| (j) | &nbsp;&nbsp; Payment–in–kind security for which the issuer, at each <br> interest payment date, may make interest payments in cash <br> and/or additional principal.<br>|
| (k) | &nbsp;&nbsp; Security (or a portion thereof) has been pledged as collateral <br> for open derivative contracts.<br>|
| (l) | &nbsp;&nbsp; Position is unsettled. Contract rate was not determined at <br> March 31, 2025 and does not take effect until settlement date. <br> Maturity date is not finalized until settlement date.<br>|
| (m) | &nbsp;&nbsp; Stated interest rate has been determined in accordance with <br> the provisions of the loan agreement and is subject to a <br> minimum benchmark floor rate which may range from 0.00% <br> to 0.75%, to which the spread is added.<br>|

---

See accompanying notes to financial statements.

23 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

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

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

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

---

| | |
|:---|:---|
| CPI | Consumer Price Index |
| EMTN | Euro Medium Term Note |
| GMTN | Global Medium Term Note |
| MTN | Medium Term Note |
| PIK | Payment-in-Kind |
| SOFR | Secured Overnight Financing Rate |

---

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

AUD Australian Dollar <br> BRL Brazilian Real <br> CAD Canadian Dollar

---

| | |
|:---|:---|
| COP | Colombian Peso |
| EUR | Euro |
| GBP | British Pound |
| IDR | Indonesian Rupiah |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

At March 31, 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>|
| Bank of America N.A. | 6/03/2025 | BRL | S | &nbsp;&nbsp; 55000000 | &nbsp;&nbsp; $9342143 | &nbsp;&nbsp; $9515911 | &nbsp;&nbsp; $(173768)<br>|
| Bank of America N.A. | 6/03/2025 | BRL | S | &nbsp;&nbsp; 9600000 | &nbsp;&nbsp; 1664355 | &nbsp;&nbsp; 1660959 | &nbsp;&nbsp; 3396 |
| Bank of America N.A. | 6/18/2025 | JPY | B | &nbsp;&nbsp; 6764006000 | &nbsp;&nbsp; 45944261 | &nbsp;&nbsp; 45485382 | &nbsp;&nbsp; (458879)<br>|
| Bank of America N.A. | 6/18/2025 | JPY | S | &nbsp;&nbsp; 768037000 | &nbsp;&nbsp; 5215092 | &nbsp;&nbsp; 5164759 | &nbsp;&nbsp; 50333 |
| Bank of America N.A. | 6/18/2025 | KRW | S | &nbsp;&nbsp; 19047379000 | &nbsp;&nbsp; 13143194 | &nbsp;&nbsp; 12989300 | &nbsp;&nbsp; 153894 |
| Bank of America N.A. | 6/18/2025 | MXN | S | &nbsp;&nbsp; 323885000 | &nbsp;&nbsp; 15708793 | &nbsp;&nbsp; 15665573 | &nbsp;&nbsp; 43220 |
| Bank of America N.A. | 6/18/2025 | ZAR | S | &nbsp;&nbsp; 52995000 | &nbsp;&nbsp; 2882246 | &nbsp;&nbsp; 2872548 | &nbsp;&nbsp; 9698 |
| Deutsche Bank AG | 6/18/2025 | IDR | S | &nbsp;&nbsp; 97000000000 | &nbsp;&nbsp; 5877897 | &nbsp;&nbsp; 5836341 | &nbsp;&nbsp; 41556 |
| HSBC Bank USA N.A. | 6/18/2025 | AUD | S | &nbsp;&nbsp; 9103000 | &nbsp;&nbsp; 5732205 | &nbsp;&nbsp; 5691613 | &nbsp;&nbsp; 40592 |
| HSBC Bank USA N.A. | 6/18/2025 | CAD | S | &nbsp;&nbsp; 63097000 | &nbsp;&nbsp; 44054974 | &nbsp;&nbsp; 44014000 | &nbsp;&nbsp; 40974 |
| HSBC Bank USA N.A. | 6/18/2025 | CNH | B | &nbsp;&nbsp; 219000000 | &nbsp;&nbsp; 30428458 | &nbsp;&nbsp; 30299161 | &nbsp;&nbsp; (129297)<br>|
| Morgan Stanley Capital Services LLC | 6/18/2025 | EUR | B | &nbsp;&nbsp; 78264000 | &nbsp;&nbsp; 85683662 | &nbsp;&nbsp; 84992496 | &nbsp;&nbsp; (691166)<br>|
| Morgan Stanley Capital Services LLC | 6/18/2025 | NZD | S | &nbsp;&nbsp; 6003000 | &nbsp;&nbsp; 3433680 | &nbsp;&nbsp; 3414627 | &nbsp;&nbsp; 19053 |
| Royal Bank of Canada | 6/18/2025 | GBP | S | &nbsp;&nbsp; 4123000 | &nbsp;&nbsp; 5338093 | &nbsp;&nbsp; 5325497 | &nbsp;&nbsp; 12596 |
| UBS AG | 6/18/2025 | COP | S | &nbsp;&nbsp; 30469789000 | &nbsp;&nbsp; 7319542 | &nbsp;&nbsp; 7211139 | &nbsp;&nbsp; 108403 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; $(929395)<br>|

---

At March 31, 2025, the Fund had the following open forward cross currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement <br>Date<br>| &nbsp;&nbsp; Deliver/Units <br>of Currency | &nbsp;&nbsp; Deliver/Units <br>of Currency | &nbsp;&nbsp; Receive/Units <br>of Currency | &nbsp;&nbsp; Receive/Units <br>of Currency | Notional <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| HSBC Bank USA N.A. | &nbsp;&nbsp; 6/18/2025 | NOK | &nbsp;&nbsp; 30959000 | EUR | &nbsp;&nbsp; 2614167 | &nbsp;&nbsp; $2838911 | &nbsp;&nbsp; $(103703)<br>|

---

At March 31, 2025, the Fund had the following open long futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; $39562395 | &nbsp;&nbsp; $39816313 | &nbsp;&nbsp; $253918 |
| CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 44666652 | &nbsp;&nbsp; 44749125 | &nbsp;&nbsp; 82473 |
| CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 108547317 | &nbsp;&nbsp; 109237812 | &nbsp;&nbsp; 690495 |
| Eurex 10 Year Euro BUND Futures | &nbsp;&nbsp; 6/06/2025 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 30981762 | &nbsp;&nbsp; 31204060 | &nbsp;&nbsp; 222298 |
| Total |  |  |  |  | &nbsp;&nbsp; $1249184 |

---

See accompanying notes to financial statements.

\| 24

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Global Allocation Fund (continued)

At March 31, 2025, the Fund had the following open short futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; 222 | &nbsp;&nbsp; $26104626 | &nbsp;&nbsp; $26036438 | &nbsp;&nbsp; $68188 |
| CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 9484803 | &nbsp;&nbsp; 9413250 | &nbsp;&nbsp; 71553 |
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 6253760 | &nbsp;&nbsp; 6276875 | &nbsp;&nbsp; (23115)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $116626 |

---

Industry Summary at March 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| Treasuries | 9.6<br> %<br>|
| Machinery | 8.3 |
| Capital Markets | 8.1 |
| Semiconductors & Semiconductor Equipment | 6.8 |
| Specialty Retail | 4.7 |
| Software | 4.7 |
| IT Services | 3.4 |
| Life Sciences Tools & Services | 3.4 |
| Broadline Retail | 3.2 |
| Financial Services | 3.2 |
| Hotels, Restaurants & Leisure | 2.9 |
| Sovereigns | 2.9 |
| Interactive Media & Services | 2.7 |
| Chemicals | 2.5 |
| Cable Satellite | 2.5 |
| Health Care Providers & Services | 2.3 |
| Banking | 2.2 |
| Consumer Staples Distribution & Retail | 2.1 |
| Other Investments, less than 2% each | 23.0 |
| Short-Term Investments | 1.0 |
| Total Investments | 99.5 |
| Other assets less liabilities (including forward foreign <br> currency and futures contracts)<br>| 0.5 |
| Net Assets | 100.0<br> %<br>|

---

Currency Exposure Summary at March 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| United States Dollar | 75.4<br> %<br>|
| Euro | 5.2 |
| British Pound | 4.0 |
| Canadian Dollar | 3.5 |
| Japanese Yen | 2.5 |
| Swedish Krona | 2.2 |
| New Taiwan Dollar | 2.1 |
| Other, less than 2% each | 4.6 |
| Total Investments | 99.5 |
| Other assets less liabilities (including forward foreign <br> currency and futures contracts)<br>| 0.5 |
| Net Assets | 100.0<br> %<br>|

---

See accompanying notes to financial statements.

25 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Growth Fund

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 98.1% of Net Assets** | **Common Stocks — 98.1% of Net Assets** | **Common Stocks — 98.1% of Net Assets** |
|  | **Aerospace & Defense — 4.6%** | **Aerospace & Defense — 4.6%** |
| 3781684 | Boeing Co.(a) | &nbsp;&nbsp; $644966206 |
|  | **Air Freight & Logistics — 1.2%** | **Air Freight & Logistics — 1.2%** |
| 1454568 | Expeditors International of Washington, Inc. | &nbsp;&nbsp; 174911802 |
|  | **Automobiles — 6.2%** | **Automobiles — 6.2%** |
| 3375435 | Tesla, Inc.(a) | &nbsp;&nbsp; 874777735 |
|  | **Beverages — 2.7%** | **Beverages — 2.7%** |
| 6585430 | Monster Beverage Corp.(a) | &nbsp;&nbsp; 385379364 |
|  | **Biotechnology — 5.3%** | **Biotechnology — 5.3%** |
| 421082 | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 267062837 |
| 988724 | Vertex Pharmaceuticals, Inc.(a) | &nbsp;&nbsp; 479353169 |
|  |  | &nbsp;&nbsp; 746416006 |
|  | **Broadline Retail — 6.8%** | **Broadline Retail — 6.8%** |
| 974471 | Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp; 128854300 |
| 4352171 | Amazon.com, Inc.(a) | &nbsp;&nbsp; 828044055 |
|  |  | &nbsp;&nbsp; 956898355 |
|  | **Capital Markets — 2.4%** | **Capital Markets — 2.4%** |
| 383250 | FactSet Research Systems, Inc. | &nbsp;&nbsp; 174240780 |
| 2183220 | SEI Investments Co. | &nbsp;&nbsp; 169483369 |
|  |  | &nbsp;&nbsp; 343724149 |
|  | **Entertainment — 9.2%** | **Entertainment — 9.2%** |
| 998752 | Netflix, Inc.(a) | &nbsp;&nbsp; 931366202 |
| 3696704 | Walt Disney Co. | &nbsp;&nbsp; 364864685 |
|  |  | &nbsp;&nbsp; 1296230887 |
|  | **Financial Services — 7.5%** | **Financial Services — 7.5%** |
| 1849122 | Block, Inc.(a) | &nbsp;&nbsp; 100462798 |
| 1676969 | PayPal Holdings, Inc.(a) | &nbsp;&nbsp; 109422227 |
| 2399579 | Visa, Inc., Class A | &nbsp;&nbsp; 840956457 |
|  |  | &nbsp;&nbsp; 1050841482 |
|  | **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** |
| 444068 | Intuitive Surgical, Inc.(a) | &nbsp;&nbsp; 219933558 |
|  | **Hotels, Restaurants & Leisure — 3.3%** | **Hotels, Restaurants & Leisure — 3.3%** |
| 2452113 | Starbucks Corp. | &nbsp;&nbsp; 240527764 |
| 1186665 | Yum China Holdings, Inc. | &nbsp;&nbsp; 61777780 |
| 1006641 | Yum! Brands, Inc. | &nbsp;&nbsp; 158405028 |
|  |  | &nbsp;&nbsp; 460710572 |
|  | **Interactive Media & Services — 13.3%** | **Interactive Media & Services — 13.3%** |
| 3698473 | Alphabet, Inc., Class A | &nbsp;&nbsp; 571931865 |
| 1319227 | Alphabet, Inc., Class C | &nbsp;&nbsp; 206102834 |
| 1916673 | Meta Platforms, Inc., Class A | &nbsp;&nbsp; 1104693650 |
|  |  | &nbsp;&nbsp; 1882728349 |
|  | **IT Services — 2.4%** | **IT Services — 2.4%** |
| 3563372 | Shopify, Inc., Class A(a) | &nbsp;&nbsp; 339892238 |
|  | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
| 1080850 | Illumina, Inc.(a) | &nbsp;&nbsp; 85754639 |
| 371733 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 184974341 |
|  |  | &nbsp;&nbsp; 270728980 |
|  | **Machinery — 0.9%** | **Machinery — 0.9%** |
| 273611 | Deere & Co. | &nbsp;&nbsp; 128419323 |
|  | **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** |
| 1454643 | Novartis AG, ADR | &nbsp;&nbsp; 162163602 |
| 3288965 | Novo Nordisk AS, ADR | &nbsp;&nbsp; 228385729 |
| 3304373 | Roche Holding AG, ADR | &nbsp;&nbsp; 135974949 |
|  |  | &nbsp;&nbsp; 526524280 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Semiconductors & Semiconductor Equipment — 9.5%** | **Semiconductors & Semiconductor Equipment — 9.5%** |
| 10634084 | NVIDIA Corp. | &nbsp;&nbsp; $1152522024 |
| 1231180 | QUALCOMM, Inc. | &nbsp;&nbsp; 189121560 |
|  |  | &nbsp;&nbsp; 1341643584 |
|  | **Software — 14.8%** | **Software — 14.8%** |
| 1466918 | Autodesk, Inc.(a) | &nbsp;&nbsp; 384039132 |
| 1560266 | Microsoft Corp. | &nbsp;&nbsp; 585708254 |
| 4352860 | Oracle Corp. | &nbsp;&nbsp; 608573357 |
| 1472725 | Salesforce, Inc. | &nbsp;&nbsp; 395220481 |
| 511095 | Workday, Inc., Class A(a) | &nbsp;&nbsp; 119356015 |
|  |  | &nbsp;&nbsp; 2092897239 |
|  | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| 1774815 | NIKE, Inc., Class B | &nbsp;&nbsp; 112665256 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $6,337,595,478)<br>| &nbsp;&nbsp; 13850289365 |
| **Affiliated Exchange-Traded Funds — 1.1%** | **Affiliated Exchange-Traded Funds — 1.1%** | **Affiliated Exchange-Traded Funds — 1.1%** |
| 4284398 | &nbsp;&nbsp; Natixis Loomis Sayles Focused Growth ETF <br>(Identified Cost $133,847,928)<br>| &nbsp;&nbsp; 148715311 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  |  |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| $70500008 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 3/31/2025 at <br> 2.500% to be repurchased at $70,504,904 on <br> 4/01/2025 collateralized by $32,777,300 <br> U.S. Treasury Note, 4.125% due 2/15/2027 valued <br> at $33,047,939; $21,666,600 U.S. Treasury Note, <br> 4.375% due 1/31/2032 valued at $22,152,884; <br> $16,000,000 U.S. Treasury Note, 4.625% due <br> 4/30/2029 valued at $16,709,314 including <br> accrued interest (Note 2 of Notes to Financial <br> Statements) <br>(Identified Cost $70,500,008)<br>| &nbsp;&nbsp; 70500008 |
|  | &nbsp;&nbsp; Total Investments — 99.7% <br>(Identified Cost $6,541,943,414)<br>| &nbsp;&nbsp; 14069504684 |
|  | Other assets less liabilities — 0.3% | &nbsp;&nbsp; 41722430 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $14111227114 |

---

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

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

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

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

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

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

See accompanying notes to financial statements.

\| 26

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Growth Fund (continued)

Industry Summary at March 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| Software | 14.8<br> %<br>|
| Interactive Media & Services | 13.3 |
| Semiconductors & Semiconductor Equipment | 9.5 |
| Entertainment | 9.2 |
| Financial Services | 7.5 |
| Broadline Retail | 6.8 |
| Automobiles | 6.2 |
| Biotechnology | 5.3 |
| Aerospace & Defense | 4.6 |
| Pharmaceuticals | 3.7 |
| Hotels, Restaurants & Leisure | 3.3 |
| Beverages | 2.7 |
| Capital Markets | 2.4 |
| IT Services | 2.4 |
| Other Investments, less than 2% each | 6.4 |
| Affiliated Exchange-Traded Funds | 1.1 |
| Short-Term Investments | 0.5 |
| Total Investments | 99.7 |
| Other assets less liabilities | 0.3 |
| Net Assets | 100.0<br> %<br>|

---

See accompanying notes to financial statements.

27 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 98.5% of Net Assets** | **Bonds and Notes — 98.5% of Net Assets** | **Bonds and Notes — 98.5% of Net Assets** |
|  | **ABS Car Loan — 12.7%** | **ABS Car Loan — 12.7%** |
| $114010 | &nbsp;&nbsp; Ally Auto Receivables Trust, Series 2022-3, <br> Class A3, 5.070%, 4/15/2027<br>| &nbsp;&nbsp; $114191 |
| 9932 | &nbsp;&nbsp; American Credit Acceptance Receivables Trust, <br> Series 2022-4, Class C, 7.860%, 2/15/2029(a)<br>| &nbsp;&nbsp; 9953 |
| 420000 | &nbsp;&nbsp; American Credit Acceptance Receivables Trust, <br> Series 2023-3, Class C, 6.440%, 10/12/2029(a)<br>| &nbsp;&nbsp; 423252 |
| 250000 | &nbsp;&nbsp; American Credit Acceptance Receivables Trust, <br> Series 2023-4, Class B, 6.630%, 2/14/2028(a)<br>| &nbsp;&nbsp; 250752 |
| 520000 | &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, <br> Series 2021-3, Class C, 1.410%, 8/18/2027<br>| &nbsp;&nbsp; 505844 |
| 99835 | &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, <br> Series 2022-2, Class A3, 4.380%, 4/18/2028<br>| &nbsp;&nbsp; 99758 |
| 870000 | &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, <br> Series 2023-1, Class B, 5.570%, 3/20/2028<br>| &nbsp;&nbsp; 878852 |
| 330000 | &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, <br> Series 2024-1, Class A3, 5.430%, 1/18/2029<br>| &nbsp;&nbsp; 333407 |
| 1110000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-3A, Class A, 5.440%, 2/22/2028(a)<br>| &nbsp;&nbsp; 1124133 |
| 255000 | &nbsp;&nbsp; BMW Vehicle Lease Trust, Series 2024-2, Class A3, <br> 4.180%, 10/25/2027<br>| &nbsp;&nbsp; 254067 |
| 696639 | &nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, <br> Series 2023-1, Class A3, 6.510%, 11/15/2027<br>| &nbsp;&nbsp; 699648 |
| 115000 | &nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, <br> Series 2024-3, Class B, 5.370%, 10/16/2028<br>| &nbsp;&nbsp; 115748 |
| 1003566 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2023-2, Class A3, <br> 5.050%, 1/18/2028<br>| &nbsp;&nbsp; 1006979 |
| 290000 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2024-4, Class A3, <br> 4.600%, 10/15/2029<br>| &nbsp;&nbsp; 291197 |
| 600000 | &nbsp;&nbsp; CarMax Select Receivables Trust, Series 2025-A, <br> 4.770%, 9/17/2029<br>| &nbsp;&nbsp; 599125 |
| 60805 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2021-P4, <br> Class A3, 1.310%, 1/11/2027<br>| &nbsp;&nbsp; 60505 |
| 39989 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2023-N1, <br> Class A, 6.360%, 4/12/2027(a)<br>| &nbsp;&nbsp; 40011 |
| 402633 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2023-P1, <br> Class A3, 5.980%, 12/10/2027(a)<br>| &nbsp;&nbsp; 404937 |
| 175000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2024-P2, <br> Class A3, 5.330%, 7/10/2029<br>| &nbsp;&nbsp; 176687 |
| 580000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2024-P3, <br> Class A3, 4.260%, 10/10/2029<br>| &nbsp;&nbsp; 576461 |
| 95000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2024-P4, <br> Class A3, 4.640%, 1/10/2030<br>| &nbsp;&nbsp; 95182 |
| 185000 | &nbsp;&nbsp; Chase Auto Owner Trust, Series 2024-5A, Class A3, <br> 4.180%, 8/27/2029(a)<br>| &nbsp;&nbsp; 183521 |
| 219727 | &nbsp;&nbsp; Chesapeake Funding II LLC, Series 2023-1A, <br> Class A1, 5.650%, 5/15/2035(a)<br>| &nbsp;&nbsp; 221157 |
| 149434 | &nbsp;&nbsp; Chesapeake Funding II LLC, Series 2024-1A, <br> Class A1, 5.520%, 5/15/2036(a)<br>| &nbsp;&nbsp; 150901 |
| 160000 | &nbsp;&nbsp; Citizens Auto Receivables Trust, Series 2024-1, <br> Class A3, 5.110%, 4/17/2028(a)<br>| &nbsp;&nbsp; 161031 |
| 276765 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2022-3A, Class A, 6.570%, 10/15/2032(a)<br>| &nbsp;&nbsp; 277207 |
| 310000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2023-1A, Class A, 6.480%, 3/15/2033(a)<br>| &nbsp;&nbsp; 311955 |
| 465000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2023-2A, Class B, 6.610%, 7/15/2033(a)<br>| &nbsp;&nbsp; 472457 |
| 130000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2023-3A, Class C, 7.620%, 12/15/2033(a)<br>| &nbsp;&nbsp; 135527 |
| 200000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2025-1A, 5.020%, 3/15/2035(a)<br>| &nbsp;&nbsp; 200316 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $355000 | &nbsp;&nbsp; Drive Auto Receivables Trust, Series 2024-2, <br> Class B, 4.520%, 7/16/2029<br>| &nbsp;&nbsp; $354346 |
| 52065 | &nbsp;&nbsp; DT Auto Owner Trust, Series 2021-4A, Class C, <br> 1.500%, 9/15/2027(a)<br>| &nbsp;&nbsp; 51945 |
| 17874 | &nbsp;&nbsp; DT Auto Owner Trust, Series 2022-3A, Class B, <br> 6.740%, 7/17/2028(a)<br>| &nbsp;&nbsp; 17887 |
| 298888 | &nbsp;&nbsp; DT Auto Owner Trust, Series 2023-2A, Class B, <br> 5.410%, 2/15/2029(a)<br>| &nbsp;&nbsp; 299345 |
| 54103 | &nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2022-3, <br> Class A2, 4.380%, 7/20/2029(a)<br>| &nbsp;&nbsp; 54001 |
| 247739 | &nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2023-2, <br> Class A2, 5.560%, 4/22/2030(a)<br>| &nbsp;&nbsp; 249446 |
| 150000 | &nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2024-1, <br> Class A3, 5.160%, 9/20/2030(a)<br>| &nbsp;&nbsp; 152216 |
| 210000 | &nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2024-3, <br> Class A4, 5.060%, 3/20/2031(a)<br>| &nbsp;&nbsp; 212493 |
| 140000 | &nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2025-1, <br> Class A3, 4.820%, 2/20/2029(a)<br>| &nbsp;&nbsp; 140740 |
| 152683 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2023-2A, Class B, 5.610%, 9/15/2027<br>| &nbsp;&nbsp; 152832 |
| 72844 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2023-5A, Class A3, 6.320%, 3/15/2027<br>| &nbsp;&nbsp; 72888 |
| 500000 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, 4.740%, 1/16/2029<br>| &nbsp;&nbsp; 500320 |
| 261917 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2022-4, Class A3, <br> 6.320%, 6/15/2027(a)<br>| &nbsp;&nbsp; 262514 |
| 362915 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2023-1, Class A3, <br> 5.010%, 8/16/2027(a)<br>| &nbsp;&nbsp; 363074 |
| 450000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2023-2, Class C, <br> 5.810%, 5/15/2029(a)<br>| &nbsp;&nbsp; 453710 |
| 170000 | &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2025-A, <br> Class A3, 4.720%, 6/15/2028<br>| &nbsp;&nbsp; 170721 |
| 570000 | &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2021-1, <br> Class A, 1.370%, 10/17/2033(a)<br>| &nbsp;&nbsp; 551935 |
| 1360000 | &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2025-1, <br> Class A, 4.860%, 8/15/2037(a)(b)<br>| &nbsp;&nbsp; 1375688 |
| 380000 | &nbsp;&nbsp; GECU Auto Receivables Trust, Series 2023-1A, <br> Class A3, 5.630%, 8/15/2028(a)<br>| &nbsp;&nbsp; 383249 |
| 160000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Series 2024-1A, <br> Class A3, 5.400%, 9/15/2027(a)<br>| &nbsp;&nbsp; 160250 |
| 370000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Series 2024-2A, <br> Class B, 5.770%, 11/15/2028(a)<br>| &nbsp;&nbsp; 374552 |
| 170000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Series 2024-3A, <br> Class B, 5.080%, 1/16/2029(a)<br>| &nbsp;&nbsp; 170924 |
| 85000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Series 2024-4A, <br> Class A3, 4.750%, 7/17/2028(a)<br>| &nbsp;&nbsp; 85134 |
| 82882 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, Series 2024-2A, <br> Class A2, 5.580%, 6/17/2030(a)<br>| &nbsp;&nbsp; 83867 |
| 245566 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, Series 2024-3A, <br> Class A2, 5.590%, 10/15/2029(a)<br>| &nbsp;&nbsp; 247945 |
| 178424 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, Series 2024-4A, <br> Class A2, 4.430%, 12/17/2029(a)<br>| &nbsp;&nbsp; 178068 |
| 185000 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, Series 2025-1A, <br> Class A2, 4.710%, 4/15/2030(a)<br>| &nbsp;&nbsp; 185498 |
| 165000 | &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2024-3, Class A3, 4.210%, 10/20/2027<br>| &nbsp;&nbsp; 164638 |
| 230000 | &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-1, Class A3, 4.660%, 2/21/2028<br>| &nbsp;&nbsp; 230897 |
| 265000 | &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, Series 2023-B, <br> Class A3, 5.690%, 8/15/2028<br>| &nbsp;&nbsp; 268184 |
| 215000 | &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, Series 2023-B, <br> Class A4, 5.780%, 4/15/2031<br>| &nbsp;&nbsp; 220230 |

---

See accompanying notes to financial statements.

\| 28

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $715000 | &nbsp;&nbsp; Hertz Vehicle Financing III LLC, Series 2023-3A, <br> Class A, 5.940%, 2/25/2028(a)<br>| &nbsp;&nbsp; $726592 |
| 245000 | &nbsp;&nbsp; Hertz Vehicle Financing III LLC, Series 2024-1A, <br> Class A, 5.440%, 1/25/2029(a)<br>| &nbsp;&nbsp; 247706 |
| 245000 | &nbsp;&nbsp; Hertz Vehicle Financing LLC, Series 2022-2A, <br> Class A, 2.330%, 6/26/2028(a)<br>| &nbsp;&nbsp; 233656 |
| 260000 | &nbsp;&nbsp; Huntington Auto Trust, Series 2024-1A, Class A3, <br> 5.230%, 1/16/2029(a)<br>| &nbsp;&nbsp; 261930 |
| 225000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2023-4A, <br> Class B, 6.390%, 10/16/2028(a)<br>| &nbsp;&nbsp; 229454 |
| 115000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-1A, <br> Class A4, 5.170%, 9/15/2028(a)<br>| &nbsp;&nbsp; 115737 |
| 215000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-2A, Class <br> A3, 5.610%, 8/15/2028(a)<br>| &nbsp;&nbsp; 216341 |
| 165000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-3A, <br> Class A3, 4.520%, 3/15/2029(a)<br>| &nbsp;&nbsp; 164970 |
| 375000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2025-1A, <br> Class A3, 4.690%, 7/16/2029(a)<br>| &nbsp;&nbsp; 374919 |
| 125000 | &nbsp;&nbsp; M&T Bank Auto Receivables Trust, Series 2025-1A, <br> Class A3, 4.730%, 6/17/2030(a)<br>| &nbsp;&nbsp; 125829 |
| 453544 | &nbsp;&nbsp; Merchants Fleet Funding LLC, Series 2023-1A, <br> Class A, 7.210%, 5/20/2036(a)<br>| &nbsp;&nbsp; 458095 |
| 160000 | &nbsp;&nbsp; PenFed Auto Receivables Owner Trust, <br> Series 2024-A, Class A3, 4.700%, 6/15/2029(a)<br>| &nbsp;&nbsp; 160256 |
| 196817 | &nbsp;&nbsp; Prestige Auto Receivables Trust, Series 2021-1A, <br> Class C, 1.530%, 2/15/2028(a)<br>| &nbsp;&nbsp; 195055 |
| 340000 | &nbsp;&nbsp; Prestige Auto Receivables Trust, Series 2023-1A, <br> Class C, 5.650%, 2/15/2028(a)<br>| &nbsp;&nbsp; 341459 |
| 332096 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2022-4, Class B, 4.420%, 11/15/2027<br>| &nbsp;&nbsp; 331872 |
| 115000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-1, Class C, 5.090%, 5/15/2030<br>| &nbsp;&nbsp; 115567 |
| 170000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-3, Class C, 5.770%, 11/15/2030<br>| &nbsp;&nbsp; 173587 |
| 540000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-4, Class B, 5.770%, 12/15/2028<br>| &nbsp;&nbsp; 547424 |
| 590000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-5, Class B, 6.160%, 12/17/2029<br>| &nbsp;&nbsp; 602054 |
| 330000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-3, Class A3, 5.630%, 1/16/2029<br>| &nbsp;&nbsp; 332494 |
| 95000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, 4.670%, 8/15/2029<br>| &nbsp;&nbsp; 95222 |
| 215000 | &nbsp;&nbsp; SBNA Auto Lease Trust, Series 2024-A, Class A3, <br> 5.390%, 11/20/2026(a)<br>| &nbsp;&nbsp; 215605 |
| 250000 | &nbsp;&nbsp; SBNA Auto Lease Trust, Series 2024-B, Class A3, <br> 5.560%, 11/22/2027(a)<br>| &nbsp;&nbsp; 252492 |
| 90000 | &nbsp;&nbsp; SBNA Auto Lease Trust, Series 2024-C, Class A3, <br> 4.560%, 2/22/2028(a)<br>| &nbsp;&nbsp; 90017 |
| 420000 | &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, <br> Series 2023-1A, Class A3, 5.470%, 10/20/2028(a)<br>| &nbsp;&nbsp; 423213 |
| 135000 | &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, <br> Series 2024-3A, Class A3, 4.550%, 6/20/2030(a)<br>| &nbsp;&nbsp; 134741 |
| 230000 | &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, <br> Series 2025-1A, Class A3, 4.750%, 7/22/2030(a)<br>| &nbsp;&nbsp; 231085 |
| 440000 | &nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, <br> Series 2020-1A, Class A, 1.350%, 5/25/2033(a)<br>| &nbsp;&nbsp; 437750 |
| 370000 | &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2023-C, Class A3, 5.160%, 4/17/2028<br>| &nbsp;&nbsp; 372369 |
| 800000 | &nbsp;&nbsp; Toyota Lease Owner Trust, Series 2024-B, Class A3, <br> 4.210%, 9/20/2027(a)<br>| &nbsp;&nbsp; 797828 |
| 90000 | &nbsp;&nbsp; VStrong Auto Receivables Trust, Series 2024-A, <br> Class B, 5.770%, 7/15/2030(a)<br>| &nbsp;&nbsp; 91347 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $695000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-3A, Class C, 6.020%, 9/15/2028(a)<br>| &nbsp;&nbsp; $704932 |
| 185000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2024-2A, Class A3, 5.560%, 2/15/2028(a)<br>| &nbsp;&nbsp; 186941 |
| 225000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2024-3A, Class A3, 4.710%, 4/17/2028(a)<br>| &nbsp;&nbsp; 225505 |
| 310000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class A3, 4.750%, 8/15/2028(a)<br>| &nbsp;&nbsp; 310993 |
| 543633 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2023-1A, <br> Class A, 5.800%, 4/18/2038(a)<br>| &nbsp;&nbsp; 548050 |
| 247232 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2024-1A, <br> Class A1, 5.490%, 2/18/2039(a)<br>| &nbsp;&nbsp; 249270 |
| 225000 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2024-2A, <br> Class A1, 4.870%, 6/21/2039(a)<br>| &nbsp;&nbsp; 225948 |
| 105000 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, <br> Class A1, 4.800%, 9/19/2039(a)<br>| &nbsp;&nbsp; 105373 |
| 235000 | &nbsp;&nbsp; World Omni Auto Receivables Trust, Series 2024-C, <br> Class A3, 4.430%, 12/17/2029<br>| &nbsp;&nbsp; 235293 |
| 61520 | &nbsp;&nbsp; World Omni Select Auto Trust, Series 2021-A, <br> Class B, 0.850%, 8/16/2027<br>| &nbsp;&nbsp; 61406 |
|  |  | &nbsp;&nbsp; 30314675 |
|  | **ABS Credit Card — 0.5%** | **ABS Credit Card — 0.5%** |
| 720000 | &nbsp;&nbsp; Brex Commercial Charge Card Master Trust, <br> Series 2024-1, Class A1, 6.050%, 7/15/2027(a)<br>| &nbsp;&nbsp; 727661 |
| 330000 | &nbsp;&nbsp; Mercury Financial Credit Card Master Trust, <br> Series 2024-2A, Class A, 6.560%, 7/20/2029(a)<br>| &nbsp;&nbsp; 334092 |
| 245000 | &nbsp;&nbsp; Mission Lane Credit Card Master Trust, <br> Series 2024-B, Class A, 5.880%, 1/15/2030(a)<br>| &nbsp;&nbsp; 246746 |
|  |  | &nbsp;&nbsp; 1308499 |
|  | **ABS Other — 4.4%** | **ABS Other — 4.4%** |
| 258388 | &nbsp;&nbsp; AASET Trust, Series 2025-1A, Class A, <br> 5.943%, 2/16/2050(a)<br>| &nbsp;&nbsp; 260224 |
| 320000 | &nbsp;&nbsp; Affirm Asset Securitization Trust, Series 2023-B, <br> Class A, 6.820%, 9/15/2028(a)<br>| &nbsp;&nbsp; 322379 |
| 860000 | &nbsp;&nbsp; Affirm Asset Securitization Trust, Series 2024-A, <br> Class 1A, 5.610%, 2/15/2029(a)<br>| &nbsp;&nbsp; 864819 |
| 150000 | &nbsp;&nbsp; Affirm Asset Securitization Trust, Series 2024-A, <br> Class A, 5.610%, 2/15/2029(a)<br>| &nbsp;&nbsp; 150702 |
| 171746 | &nbsp;&nbsp; Aqua Finance Trust, Series 2021-A, Class A, <br> 1.540%, 7/17/2046(a)<br>| &nbsp;&nbsp; 156872 |
| 104836 | &nbsp;&nbsp; Auxilior Term Funding LLC, Series 2023-1A, <br> Class A2, 6.180%, 12/15/2028(a)<br>| &nbsp;&nbsp; 105780 |
| 83007 | &nbsp;&nbsp; BHG Securitization Trust, Series 2024-1CON, <br> Class A, 5.810%, 4/17/2035(a)<br>| &nbsp;&nbsp; 84223 |
| 240000 | &nbsp;&nbsp; Compass Datacenters Issuer II LLC, <br> Series 2024-2A, Class A1, 5.022%, 8/25/2049(a)<br>| &nbsp;&nbsp; 238511 |
| 60000 | &nbsp;&nbsp; Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2, 5.656%, 2/25/2050(a)<br>| &nbsp;&nbsp; 61005 |
| 268030 | &nbsp;&nbsp; Crockett Partners Equipment Co. IIA LLC, <br> Series 2024-1C, Class A, 6.050%, 1/20/2031(a)<br>| &nbsp;&nbsp; 272788 |
| 265000 | &nbsp;&nbsp; CyrusOne Data Centers Issuer I LLC, <br> Series 2025-1A, Class A2, 5.910%, 2/20/2050(a)<br>| &nbsp;&nbsp; 269817 |
| 735000 | &nbsp;&nbsp; Dell Equipment Finance Trust, Series 2023-3, <br> Class A3, 5.930%, 4/23/2029(a)<br>| &nbsp;&nbsp; 741662 |
| 637759 | &nbsp;&nbsp; DLLMT LLC, Series 2023-1A, Class A3, <br> 5.340%, 3/22/2027(a)<br>| &nbsp;&nbsp; 640575 |
| 630000 | &nbsp;&nbsp; Frontier Issuer LLC, Series 2023-1, Class A2, <br> 6.600%, 8/20/2053(a)<br>| &nbsp;&nbsp; 640939 |
| 110000 | &nbsp;&nbsp; Frontier Issuer LLC, Series 2024-1, Class A2, <br> 6.190%, 6/20/2054(a)<br>| &nbsp;&nbsp; 113376 |

---

See accompanying notes to financial statements.

29 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $89963 | &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, <br> Series 2024-2, Class A4, 5.150%, 10/27/2059(a)<br>| &nbsp;&nbsp; $90525 |
| 180000 | &nbsp;&nbsp; GreenSky Home Improvement Trust, Series 2024-1, <br> Class A3, 5.550%, 6/25/2059(a)<br>| &nbsp;&nbsp; 183562 |
| 47555 | &nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2022-2A, <br> Class C, 5.570%, 1/25/2037(a)<br>| &nbsp;&nbsp; 47789 |
| 455000 | &nbsp;&nbsp; M&T Equipment Notes, Series 2023-1A, Class A3, <br> 5.740%, 7/15/2030(a)<br>| &nbsp;&nbsp; 459247 |
| 30032 | &nbsp;&nbsp; MVW LLC, Series 2020-1A, Class A, <br> 1.740%, 10/20/2037(a)<br>| &nbsp;&nbsp; 29033 |
| 112497 | &nbsp;&nbsp; MVW LLC, Series 2024-1A, Class A, <br> 5.320%, 2/20/2043(a)<br>| &nbsp;&nbsp; 114011 |
| 325429 | &nbsp;&nbsp; Octane Receivables Trust, Series 2024-2A, Class <br> A2, 5.800%, 7/20/2032(a)<br>| &nbsp;&nbsp; 328992 |
| 925000 | &nbsp;&nbsp; OneMain Financial Issuance Trust, Series 2022-S1, <br> Class A, 4.130%, 5/14/2035(a)<br>| &nbsp;&nbsp; 920265 |
| 348524 | &nbsp;&nbsp; OWN Equipment Fund I LLC, Series 2024-2M, <br> Class A, 5.700%, 12/20/2032(a)<br>| &nbsp;&nbsp; 352071 |
| 77301 | &nbsp;&nbsp; Post Road Equipment Finance LLC, Series 2024-1A, <br> Class A2, 5.590%, 11/15/2029(a)<br>| &nbsp;&nbsp; 77733 |
| 135000 | &nbsp;&nbsp; Regional Management Issuance Trust, <br> Series 2024-1, Class A, 5.830%, 7/15/2036(a)<br>| &nbsp;&nbsp; 137304 |
| 205000 | &nbsp;&nbsp; Republic Finance Issuance Trust, Series 2024-A, <br> Class A, 5.910%, 8/20/2032(a)<br>| &nbsp;&nbsp; 206783 |
| 110137 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2022-1A, <br> Class A3, 2.920%, 7/20/2029(a)<br>| &nbsp;&nbsp; 109668 |
| 166062 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2023-1A, <br> Class A2, 6.560%, 1/22/2030(a)<br>| &nbsp;&nbsp; 166276 |
| 175000 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2024-1A, Class <br> A3, 5.520%, 1/20/2032(a)<br>| &nbsp;&nbsp; 177751 |
| 255000 | &nbsp;&nbsp; SCF Equipment Trust LLC, Series 2025-1A, Class A3, <br> 5.110%, 11/21/2033(a)<br>| &nbsp;&nbsp; 256774 |
| 315000 | &nbsp;&nbsp; SEB Funding LLC, Series 2024-1A, Class A2, <br> 7.386%, 4/30/2054(a)<br>| &nbsp;&nbsp; 326714 |
| 31429 | &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br> Series 2020-2A, Class A, 1.330%, 7/20/2037(a)<br>| &nbsp;&nbsp; 31182 |
| 232596 | &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br> Series 2024-2A, Class A, 5.140%, 6/20/2041(a)<br>| &nbsp;&nbsp; 233801 |
| 94363 | &nbsp;&nbsp; Stream Innovations Issuer Trust, Series 2024-1A, <br> Class A, 6.270%, 7/15/2044(a)<br>| &nbsp;&nbsp; 97332 |
| 306892 | &nbsp;&nbsp; Volofin Finance DAC, Series 2024-1A, Class A, <br> 5.935%, 6/15/2037(a)<br>| &nbsp;&nbsp; 309878 |
| 795000 | &nbsp;&nbsp; Ziply Fiber Issuer LLC, Series 2024-1A, Class A2, <br> 6.640%, 4/20/2054(a)<br>| &nbsp;&nbsp; 817535 |
|  |  | &nbsp;&nbsp; 10397898 |
|  | **ABS Residential Mortgage — 0.0%** | **ABS Residential Mortgage — 0.0%** |
| 1153 | &nbsp;&nbsp; Countrywide Asset-Backed Certificates, <br> Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)(c)<br>| &nbsp;&nbsp; 1135 |
|  | **ABS Student Loan — 0.0%** | **ABS Student Loan — 0.0%** |
| 61048 | &nbsp;&nbsp; Massachusetts Educational Financing Authority, <br> Series 2018-A, Class A, 3.850%, 5/25/2033<br>| &nbsp;&nbsp; 59756 |
| 33004 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2020-GA, Class A, 1.170%, 9/16/2069(a)<br>| &nbsp;&nbsp; 30527 |
|  |  | &nbsp;&nbsp; 90283 |
|  | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| 475000 | BAE Systems PLC, 5.125%, 3/26/2029(a) | &nbsp;&nbsp; 481683 |
|  | **Agency Commercial Mortgage-Backed Securities — 0.3%** | **Agency Commercial Mortgage-Backed Securities — 0.3%** |
| 848531 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KJ26, <br> Class A2, 2.606%, 7/25/2027<br>| &nbsp;&nbsp; 831995 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Automotive — 4.3%** | **Automotive — 4.3%** |
| $555000 | American Honda Finance Corp., 4.800%, 3/05/2030 | &nbsp;&nbsp; $553777 |
| 830000 | BMW U.S. Capital LLC, 5.050%, 3/21/2030(a) | &nbsp;&nbsp; 834363 |
| 820000 | &nbsp;&nbsp; Daimler Truck Finance North America LLC, <br> 5.375%, 1/13/2032(a)<br>| &nbsp;&nbsp; 820835 |
| 665000 | Denso Corp., 1.239%, 9/16/2026(a) | &nbsp;&nbsp; 634565 |
| 730000 | Ford Motor Credit Co. LLC, 6.532%, 3/19/2032 | &nbsp;&nbsp; 729609 |
| 515000 | &nbsp;&nbsp; General Motors Financial Co., Inc., <br> 5.050%, 4/04/2028<br>| &nbsp;&nbsp; 515532 |
| 435000 | &nbsp;&nbsp; General Motors Financial Co., Inc., <br> 5.350%, 1/07/2030<br>| &nbsp;&nbsp; 434244 |
| 270000 | &nbsp;&nbsp; General Motors Financial Co., Inc., <br> 6.050%, 10/10/2025<br>| &nbsp;&nbsp; 271659 |
| 180000 | &nbsp;&nbsp; Harley-Davidson Financial Services, Inc., <br> 3.350%, 6/08/2025(a)<br>| &nbsp;&nbsp; 179259 |
| 415000 | Hyundai Capital America, 4.875%, 11/01/2027(a) | &nbsp;&nbsp; 415933 |
| 775000 | Hyundai Capital America, 5.150%, 3/27/2030(a) | &nbsp;&nbsp; 772274 |
| 345000 | LKQ Corp., 5.750%, 6/15/2028 | &nbsp;&nbsp; 352696 |
| 745000 | &nbsp;&nbsp; Mercedes-Benz Finance North America LLC, <br> 4.650%, 4/01/2027(a)<br>| &nbsp;&nbsp; 745773 |
| 435000 | &nbsp;&nbsp; Mercedes-Benz Finance North America LLC, <br> 4.900%, 11/15/2027(a)<br>| &nbsp;&nbsp; 437146 |
| 310000 | &nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, <br> 5.550%, 9/13/2029(a)<br>| &nbsp;&nbsp; 306308 |
| 280000 | Stellantis Finance U.S., Inc., 6.450%, 3/18/2035(a) | &nbsp;&nbsp; 277898 |
| 350000 | Toyota Motor Credit Corp., 5.050%, 5/16/2029 | &nbsp;&nbsp; 356295 |
| 410000 | Toyota Motor Credit Corp., 5.350%, 1/09/2035 | &nbsp;&nbsp; 416715 |
| 640000 | &nbsp;&nbsp; Volkswagen Group of America Finance LLC, <br> 5.250%, 3/22/2029(a)<br>| &nbsp;&nbsp; 638969 |
| 460000 | &nbsp;&nbsp; Volkswagen Group of America Finance LLC, <br> 5.650%, 3/25/2032(a)<br>| &nbsp;&nbsp; 458059 |
|  |  | &nbsp;&nbsp; 10151909 |
|  | **Banking — 13.7%** | **Banking — 13.7%** |
| 400000 | &nbsp;&nbsp; ABN AMRO Bank NV, (fixed rate to 9/18/2026, <br> variable rate thereafter), 6.339%, 9/18/2027(a)<br>| &nbsp;&nbsp; 409042 |
| 490000 | &nbsp;&nbsp; AIB Group PLC, (fixed rate to 10/14/2025, variable <br> rate thereafter), 7.583%, 10/14/2026(a)<br>| &nbsp;&nbsp; 497189 |
| 325000 | &nbsp;&nbsp; ANZ New Zealand International Ltd., <br> 5.355%, 8/14/2028(a)<br>| &nbsp;&nbsp; 333839 |
| 840000 | &nbsp;&nbsp; Bank of America Corp., MTN, (fixed rate to <br> 4/02/2025, variable rate thereafter), <br> 3.384%, 4/02/2026<br>| &nbsp;&nbsp; 839958 |
| 270000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to 10/25/2034, <br> variable rate thereafter), 5.518%, 10/25/2035<br>| &nbsp;&nbsp; 264910 |
| 315000 | &nbsp;&nbsp; Bank of Ireland Group PLC, (fixed rate to 9/16/2025, <br> variable rate thereafter), 6.253%, 9/16/2026(a)<br>| &nbsp;&nbsp; 317176 |
| 235000 | &nbsp;&nbsp; Bank of Montreal, (fixed rate to 1/27/2028, variable <br> rate thereafter), 5.004%, 1/27/2029<br>| &nbsp;&nbsp; 237434 |
| 825000 | &nbsp;&nbsp; Bank of New York Mellon Corp., (fixed rate to <br> 2/11/2030, variable rate thereafter), <br> 4.942%, 2/11/2031<br>| &nbsp;&nbsp; 832328 |
| 250000 | Bank of New Zealand, 2.285%, 1/27/2027(a) | &nbsp;&nbsp; 240838 |
| 330000 | Bank of Nova Scotia, GMTN, 5.450%, 8/01/2029 | &nbsp;&nbsp; 339044 |
| 550000 | &nbsp;&nbsp; Banque Federative du Credit Mutuel SA, <br> 5.538%, 1/22/2030(a)<br>| &nbsp;&nbsp; 566543 |
| 295000 | &nbsp;&nbsp; Barclays PLC, (fixed rate to 2/25/2030, variable rate <br> thereafter), 5.367%, 2/25/2031<br>| &nbsp;&nbsp; 298266 |
| 445000 | &nbsp;&nbsp; BNP Paribas SA, (fixed rate to 11/19/2029, variable <br> rate thereafter), 5.283%, 11/19/2030(a)<br>| &nbsp;&nbsp; 449671 |
| 595000 | &nbsp;&nbsp; Canadian Imperial Bank of Commerce, (fixed rate <br> to 3/30/2028, variable rate thereafter), <br> 4.857%, 3/30/2029<br>| &nbsp;&nbsp; 597126 |

---

See accompanying notes to financial statements.

\| 30

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Banking — continued** | **Banking — continued** |
| $330000 | &nbsp;&nbsp; Canadian Imperial Bank of Commerce, <br> 5.237%, 6/28/2027<br>| &nbsp;&nbsp; $334913 |
| 270000 | &nbsp;&nbsp; Capital One Financial Corp., (fixed rate to 1/30/2035, <br> variable rate thereafter), 6.183%, 1/30/2036<br>| &nbsp;&nbsp; 269378 |
| 405000 | &nbsp;&nbsp; Capital One Financial Corp., (fixed rate to <br> 10/29/2026, variable rate thereafter), <br> 7.149%, 10/29/2027<br>| &nbsp;&nbsp; 419750 |
| 580000 | &nbsp;&nbsp; Citibank NA, (fixed rate to 11/19/2026, variable rate <br> thereafter), 4.876%, 11/19/2027<br>| &nbsp;&nbsp; 582762 |
| 830000 | &nbsp;&nbsp; Citigroup, Inc., (fixed rate to 3/04/2028, variable rate <br> thereafter), 4.786%, 3/04/2029<br>| &nbsp;&nbsp; 831806 |
| 240000 | &nbsp;&nbsp; Citizens Financial Group, Inc., (fixed rate to <br> 3/05/2030, variable rate thereafter), <br> 5.253%, 3/05/2031<br>| &nbsp;&nbsp; 241289 |
| 185000 | &nbsp;&nbsp; Comerica, Inc., (fixed rate to 1/30/2029, variable <br> rate thereafter), 5.982%, 1/30/2030<br>| &nbsp;&nbsp; 187990 |
| 475000 | &nbsp;&nbsp; Commonwealth Bank of Australia, <br> 4.423%, 3/14/2028<br>| &nbsp;&nbsp; 477103 |
| 540000 | &nbsp;&nbsp; Credit Agricole SA, (fixed rate to 1/09/2028, variable <br> rate thereafter), 5.230%, 1/09/2029(a)<br>| &nbsp;&nbsp; 545847 |
| 805000 | &nbsp;&nbsp; Danske Bank AS, (fixed rate to 3/04/2030, variable <br> rate thereafter), 5.019%, 3/04/2031(a)<br>| &nbsp;&nbsp; 806804 |
| 590000 | &nbsp;&nbsp; DNB Bank ASA, (fixed rate to 9/16/2025, variable <br> rate thereafter), 1.127%, 9/16/2026(a)<br>| &nbsp;&nbsp; 580590 |
| 235000 | &nbsp;&nbsp; DNB Bank ASA, (fixed rate to 11/05/2029, variable <br> rate thereafter), 4.853%, 11/05/2030(a)<br>| &nbsp;&nbsp; 236713 |
| 505000 | &nbsp;&nbsp; Federation des Caisses Desjardins du Quebec, <br> 5.700%, 3/14/2028(a)<br>| &nbsp;&nbsp; 520913 |
| 250000 | &nbsp;&nbsp; Fifth Third Bank NA, (fixed rate to 1/28/2027, <br> variable rate thereafter), 4.967%, 1/28/2028<br>| &nbsp;&nbsp; 251421 |
| 590000 | &nbsp;&nbsp; Goldman Sachs Bank USA, (fixed rate to 5/21/2026, <br> variable rate thereafter), 5.414%, 5/21/2027<br>| &nbsp;&nbsp; 595588 |
| 280000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., (fixed rate to 7/23/2029, <br> variable rate thereafter), 5.049%, 7/23/2030<br>| &nbsp;&nbsp; 282321 |
| 20000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., (fixed rate to 4/25/2029, <br> variable rate thereafter), 5.727%, 4/25/2030<br>| &nbsp;&nbsp; 20632 |
| 460000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., (fixed rate to 8/10/2025, <br> variable rate thereafter), 5.798%, 8/10/2026<br>| &nbsp;&nbsp; 461865 |
| 585000 | &nbsp;&nbsp; HSBC Holdings PLC, (fixed rate to 11/19/2027, <br> variable rate thereafter), 5.130%, 11/19/2028<br>| &nbsp;&nbsp; 589723 |
| 235000 | &nbsp;&nbsp; Huntington Bancshares, Inc., (fixed rate to <br> 1/15/2030, variable rate thereafter), <br> 5.272%, 1/15/2031<br>| &nbsp;&nbsp; 237501 |
| 210000 | &nbsp;&nbsp; Huntington Bancshares, Inc., (fixed rate to <br> 8/21/2028, variable rate thereafter), <br> 6.208%, 8/21/2029<br>| &nbsp;&nbsp; 218604 |
| 305000 | &nbsp;&nbsp; ING Groep NV, (fixed rate to 3/25/2028, variable rate <br> thereafter), 4.858%, 3/25/2029<br>| &nbsp;&nbsp; 306107 |
| 550000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to 6/01/2028, <br> variable rate thereafter), 2.069%, 6/01/2029<br>| &nbsp;&nbsp; 509231 |
| 515000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to 1/24/2030, <br> variable rate thereafter), 5.140%, 1/24/2031<br>| &nbsp;&nbsp; 523032 |
| 230000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to 4/22/2029, <br> variable rate thereafter), 5.581%, 4/22/2030<br>| &nbsp;&nbsp; 237235 |
| 435000 | &nbsp;&nbsp; KBC Group NV, (fixed rate to 10/16/2029, variable <br> rate thereafter), 4.932%, 10/16/2030(a)<br>| &nbsp;&nbsp; 435168 |
| 365000 | &nbsp;&nbsp; M&T Bank Corp., MTN, (fixed rate to 1/16/2035, <br> variable rate thereafter), 5.385%, 1/16/2036<br>| &nbsp;&nbsp; 357968 |
| 385000 | &nbsp;&nbsp; Mizuho Financial Group, Inc., (fixed rate to <br> 5/13/2030, variable rate thereafter), <br> 5.098%, 5/13/2031<br>| &nbsp;&nbsp; 388692 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Banking — continued** | **Banking — continued** |
| $920000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 10/18/2029, variable <br> rate thereafter), 4.654%, 10/18/2030<br>| &nbsp;&nbsp; $912586 |
| 700000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 1/15/2030, variable <br> rate thereafter), 5.230%, 1/15/2031<br>| &nbsp;&nbsp; 711389 |
| 665000 | &nbsp;&nbsp; Morgan Stanley Bank NA, (fixed rate to 5/26/2027, <br> variable rate thereafter), 5.504%, 5/26/2028<br>| &nbsp;&nbsp; 677274 |
| 355000 | National Bank of Canada, 4.500%, 10/10/2029 | &nbsp;&nbsp; 351174 |
| 485000 | Nationwide Building Society, 5.127%, 7/29/2029(a) | &nbsp;&nbsp; 490992 |
| 270000 | &nbsp;&nbsp; NatWest Group PLC, (fixed rate to 8/15/2029, <br> variable rate thereafter), 4.964%, 8/15/2030<br>| &nbsp;&nbsp; 270239 |
| 340000 | NatWest Markets PLC, 1.600%, 9/29/2026(a) | &nbsp;&nbsp; 325801 |
| 430000 | NatWest Markets PLC, 4.789%, 3/21/2028(a) | &nbsp;&nbsp; 432284 |
| 445000 | Nordea Bank Abp, 4.375%, 9/10/2029(a) | &nbsp;&nbsp; 441598 |
| 300000 | &nbsp;&nbsp; Royal Bank of Canada, GMTN, (fixed rate to <br> 5/02/2030, variable rate thereafter), <br> 4.970%, 5/02/2031<br>| &nbsp;&nbsp; 301454 |
| 825000 | &nbsp;&nbsp; Royal Bank of Canada, GMTN,(fixed rate to <br> 2/04/2030, variable rate thereafter), <br> 5.153%, 2/04/2031<br>| &nbsp;&nbsp; 834991 |
| 430000 | &nbsp;&nbsp; Santander Holdings USA, Inc., (fixed rate to <br> 3/20/2030, variable rate thereafter), <br> 5.741%, 3/20/2031<br>| &nbsp;&nbsp; 433156 |
| 360000 | &nbsp;&nbsp; Santander U.K. Group Holdings PLC, (fixed rate to <br> 4/15/2030, variable rate thereafter), <br> 5.694%, 4/15/2031<br>| &nbsp;&nbsp; 367480 |
| 480000 | Societe Generale SA, 5.250%, 2/19/2027(a) | &nbsp;&nbsp; 483432 |
| 305000 | &nbsp;&nbsp; Standard Chartered PLC, (fixed rate to 1/21/2035, <br> variable rate thereafter), 6.228%, 1/21/2036(a)<br>| &nbsp;&nbsp; 317081 |
| 385000 | State Street Bank & Trust Co., 4.782%, 11/23/2029 | &nbsp;&nbsp; 388647 |
| 195000 | State Street Corp., 4.729%, 2/28/2030 | &nbsp;&nbsp; 196049 |
| 570000 | &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., <br> 5.454%, 1/15/2032<br>| &nbsp;&nbsp; 583030 |
| 400000 | &nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., <br> 5.200%, 3/07/2027(a)<br>| &nbsp;&nbsp; 405518 |
| 380000 | Swedbank AB, 5.407%, 3/14/2029(a) | &nbsp;&nbsp; 389429 |
| 325000 | Swedbank AB, 6.136%, 9/12/2026(a) | &nbsp;&nbsp; 332542 |
| 560000 | Synchrony Bank, 5.400%, 8/22/2025 | &nbsp;&nbsp; 560448 |
| 200000 | Synchrony Financial, 4.875%, 6/13/2025 | &nbsp;&nbsp; 199901 |
| 145000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 3/06/2030, <br> variable rate thereafter), 5.450%, 3/06/2031<br>| &nbsp;&nbsp; 143961 |
| 240000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 8/02/2029, <br> variable rate thereafter), 5.935%, 8/02/2030<br>| &nbsp;&nbsp; 243377 |
| 270000 | Toronto-Dominion Bank, 4.783%, 12/17/2029 | &nbsp;&nbsp; 270285 |
| 370000 | Toronto-Dominion Bank, 5.298%, 1/30/2032 | &nbsp;&nbsp; 376289 |
| 525000 | &nbsp;&nbsp; Truist Financial Corp., MTN, (fixed rate to <br> 10/30/2028, variable rate thereafter), <br> 7.161%, 10/30/2029<br>| &nbsp;&nbsp; 565312 |
| 335000 | UBS AG, 5.000%, 7/09/2027 | &nbsp;&nbsp; 338857 |
| 585000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 9/22/2025, variable rate <br> thereafter), 2.569%, 9/22/2026(a)<br>| &nbsp;&nbsp; 578552 |
| 655000 | &nbsp;&nbsp; Wells Fargo & Co., MTN, (fixed rate to 4/25/2025, <br> variable rate thereafter), 3.908%, 4/25/2026<br>| &nbsp;&nbsp; 654562 |
| 450000 | &nbsp;&nbsp; Wells Fargo & Co., MTN, (fixed rate to 4/22/2027, <br> variable rate thereafter), 5.707%, 4/22/2028<br>| &nbsp;&nbsp; 459838 |
| 330000 | Westpac Banking Corp., 5.050%, 4/16/2029 | &nbsp;&nbsp; 337968 |
| 590000 | Westpac New Zealand Ltd., 4.938%, 2/27/2030(a) | &nbsp;&nbsp; 596019 |
|  |  | &nbsp;&nbsp; 32645825 |
|  | **Brokerage — 0.9%** | **Brokerage — 0.9%** |
| 235000 | Ameriprise Financial, Inc., 5.200%, 4/15/2035 | &nbsp;&nbsp; 234452 |
| 125000 | BGC Group, Inc., 6.150%, 4/02/2030(a) | &nbsp;&nbsp; 124465 |
| 310000 | Cantor Fitzgerald LP, 7.200%, 12/12/2028(a) | &nbsp;&nbsp; 327108 |

---

See accompanying notes to financial statements.

31 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Brokerage — continued** | **Brokerage — continued** |
| $840000 | CME Group, Inc., 4.400%, 3/15/2030 | &nbsp;&nbsp; $838656 |
| 285000 | Jefferies Financial Group, Inc., 5.875%, 7/21/2028 | &nbsp;&nbsp; 292634 |
| 260000 | Marex Group PLC, 6.404%, 11/04/2029 | &nbsp;&nbsp; 264274 |
|  |  | &nbsp;&nbsp; 2081589 |
|  | **Cable Satellite — 0.1%** | **Cable Satellite — 0.1%** |
| 260000 | &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital, <br> 6.100%, 6/01/2029<br>| &nbsp;&nbsp; 268463 |
|  | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| 240000 | Cabot Corp., 4.000%, 7/01/2029 | &nbsp;&nbsp; 230188 |
| 155000 | &nbsp;&nbsp; Chevron Phillips Chemical Co. LLC/Chevron Phillips <br> Chemical Co. LP, 4.750%, 5/15/2030(a)<br>| &nbsp;&nbsp; 154755 |
| 270000 | Eastman Chemical Co., 5.000%, 8/01/2029 | &nbsp;&nbsp; 271408 |
| 345000 | Nutrien Ltd., 5.250%, 3/12/2032 | &nbsp;&nbsp; 345365 |
|  |  | &nbsp;&nbsp; 1001716 |
|  | **Collateralized Mortgage Obligations — 0.6%** | **Collateralized Mortgage Obligations — 0.6%** |
| 55827 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2014-H14, Class FA, 1 mo. USD SOFR + <br> 0.614%, 4.940%, 7/20/2064(b)<br>| &nbsp;&nbsp; 55777 |
| 55072 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2014-H15, Class FA, 1 mo. USD SOFR + <br> 0.614%, 4.923%, 7/20/2064(b)<br>| &nbsp;&nbsp; 55149 |
| 146 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H09, Class HA, 1.750%, 3/20/2065(c)<br>| &nbsp;&nbsp; 133 |
| 34190 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H10, Class JA, 2.250%, 4/20/2065<br>| &nbsp;&nbsp; 33178 |
| 148472 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2016-H06, Class FC, 1 mo. USD SOFR + <br> 1.034%, 5.343%, 2/20/2066(b)<br>| &nbsp;&nbsp; 148661 |
| 666765 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2018-H17, Class JA, 3.750%, 9/20/2068(b)<br>| &nbsp;&nbsp; 642004 |
| 84512 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2019-H01, Class FL, 1 mo. USD SOFR + <br> 0.564%, 4.873%, 12/20/2068(b)<br>| &nbsp;&nbsp; 84593 |
| 53617 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2019-H01, Class FT, 1 mo. USD SOFR + <br> 0.514%, 4.823%, 10/20/2068(b)<br>| &nbsp;&nbsp; 53462 |
| 243333 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2019-H10, Class FM, 1 mo. USD SOFR + <br> 0.514%, 4.823%, 5/20/2069(b)<br>| &nbsp;&nbsp; 242709 |
|  |  | &nbsp;&nbsp; 1315666 |
|  | **Construction Machinery — 0.5%** | **Construction Machinery — 0.5%** |
| 285000 | CNH Industrial Capital LLC, 4.750%, 3/21/2028 | &nbsp;&nbsp; 285458 |
| 820000 | Deere & Co., 5.450%, 1/16/2035 | &nbsp;&nbsp; 849110 |
|  |  | &nbsp;&nbsp; 1134568 |
|  | **Consumer Cyclical Services — 0.0%** | **Consumer Cyclical Services — 0.0%** |
| 75000 | Rollins, Inc., 5.250%, 2/24/2035(a) | &nbsp;&nbsp; 74621 |
|  | **Diversified Manufacturing — 0.7%** | **Diversified Manufacturing — 0.7%** |
| 625000 | 3M Co., 4.800%, 3/15/2030 | &nbsp;&nbsp; 626940 |
| 450000 | Honeywell International, Inc., 4.700%, 2/01/2030 | &nbsp;&nbsp; 452429 |
| 310000 | &nbsp;&nbsp; Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA, 5.500%, 4/19/2029<br>| &nbsp;&nbsp; 319440 |
| 240000 | Nordson Corp., 4.500%, 12/15/2029 | &nbsp;&nbsp; 236310 |
|  |  | &nbsp;&nbsp; 1635119 |
|  | **Electric — 3.4%** | **Electric — 3.4%** |
| 285000 | Alliant Energy Finance LLC, 5.400%, 6/06/2027(a) | &nbsp;&nbsp; 288248 |
| 425000 | Ameren Corp., 5.000%, 1/15/2029 | &nbsp;&nbsp; 428976 |
| 305000 | Ameren Corp., 5.375%, 3/15/2035 | &nbsp;&nbsp; 304336 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Electric — continued** | **Electric — continued** |
| $565000 | &nbsp;&nbsp; American Electric Power Co., Inc., <br> 5.699%, 8/15/2025<br>| &nbsp;&nbsp; $566996 |
| 260000 | &nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, <br> 4.800%, 3/15/2030<br>| &nbsp;&nbsp; 261637 |
| 350000 | &nbsp;&nbsp; CenterPoint Energy, Inc., (fixed rate to 2/15/2030, <br> variable rate thereafter), 6.700%, 5/15/2055<br>| &nbsp;&nbsp; 345100 |
| 120000 | &nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., <br> Series B, 2.900%, 12/01/2026<br>| &nbsp;&nbsp; 116960 |
| 670000 | Dominion Energy, Inc., 5.450%, 3/15/2035 | &nbsp;&nbsp; 669807 |
| 265000 | DTE Energy Co., 4.950%, 7/01/2027 | &nbsp;&nbsp; 267000 |
| 360000 | Duke Energy Progress LLC, 5.050%, 3/15/2035 | &nbsp;&nbsp; 358271 |
| 200000 | Edison International, 4.700%, 8/15/2025 | &nbsp;&nbsp; 200003 |
| 310000 | Entergy Corp., 0.900%, 9/15/2025 | &nbsp;&nbsp; 304982 |
| 280000 | Liberty Utilities Co., 5.577%, 1/31/2029(a) | &nbsp;&nbsp; 286579 |
| 365000 | &nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp., <br> MTN, 5.600%, 11/13/2026<br>| &nbsp;&nbsp; 371753 |
| 141000 | &nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp., <br> 3 mo. USD SOFR + 3.172%, 7.459%, 4/30/2043(b)<br>| &nbsp;&nbsp; 141138 |
| 825000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> 5.450%, 3/15/2035<br>| &nbsp;&nbsp; 832150 |
| 300000 | NSTAR Electric Co., 4.850%, 3/01/2030 | &nbsp;&nbsp; 302661 |
| 580000 | Public Service Co. of Colorado, 5.350%, 5/15/2034 | &nbsp;&nbsp; 583021 |
| 75000 | Southern California Edison Co., 5.250%, 3/15/2030 | &nbsp;&nbsp; 75434 |
| 510000 | Vistra Operations Co. LLC, 5.125%, 5/13/2025(a) | &nbsp;&nbsp; 509347 |
| 580000 | WEC Energy Group, Inc., 4.750%, 1/09/2026 | &nbsp;&nbsp; 580178 |
| 135000 | Wisconsin Public Service Corp., 4.550%, 12/01/2029 | &nbsp;&nbsp; 135176 |
| 100000 | Xcel Energy, Inc., 4.750%, 3/21/2028 | &nbsp;&nbsp; 100375 |
|  |  | &nbsp;&nbsp; 8030128 |
|  | **Finance Companies — 3.5%** | **Finance Companies — 3.5%** |
| 285000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 5.375%, 12/15/2031<br>| &nbsp;&nbsp; 287153 |
| 275000 | Aircastle Ltd., 2.850%, 1/26/2028(a) | &nbsp;&nbsp; 259582 |
| 190000 | Aircastle Ltd., 6.500%, 7/18/2028(a) | &nbsp;&nbsp; 197957 |
| 210000 | Apollo Debt Solutions BDC, 6.550%, 3/15/2032(a) | &nbsp;&nbsp; 212780 |
| 235000 | Ares Capital Corp., 5.800%, 3/08/2032 | &nbsp;&nbsp; 233589 |
| 230000 | Ares Strategic Income Fund, 5.700%, 3/15/2028(a) | &nbsp;&nbsp; 230005 |
| 500000 | Aviation Capital Group LLC, 5.125%, 4/10/2030(a) | &nbsp;&nbsp; 497256 |
| 410000 | Avolon Holdings Funding Ltd., 4.950%, 1/15/2028(a) | &nbsp;&nbsp; 408280 |
| 170000 | Avolon Holdings Funding Ltd., 5.375%, 5/30/2030(a) | &nbsp;&nbsp; 170231 |
| 295000 | &nbsp;&nbsp; Bain Capital Specialty Finance, Inc., <br> 2.550%, 10/13/2026<br>| &nbsp;&nbsp; 282579 |
| 75000 | &nbsp;&nbsp; Bain Capital Specialty Finance, Inc., <br> 5.950%, 3/15/2030<br>| &nbsp;&nbsp; 73711 |
| 315000 | Blackstone Private Credit Fund, 6.000%, 1/29/2032 | &nbsp;&nbsp; 312301 |
| 185000 | &nbsp;&nbsp; Blackstone Secured Lending Fund, <br> 5.300%, 6/30/2030<br>| &nbsp;&nbsp; 181726 |
| 10000 | &nbsp;&nbsp; Blackstone Secured Lending Fund, <br> 5.350%, 4/13/2028<br>| &nbsp;&nbsp; 9997 |
| 260000 | Blue Owl Capital Corp., 3.750%, 7/22/2025 | &nbsp;&nbsp; 258840 |
| 265000 | Blue Owl Capital Corp., 8.450%, 11/15/2026 | &nbsp;&nbsp; 277782 |
| 215000 | Blue Owl Credit Income Corp., 7.950%, 6/13/2028 | &nbsp;&nbsp; 227704 |
| 105000 | &nbsp;&nbsp; Blue Owl Technology Finance Corp., <br> 4.750%, 12/15/2025(a)<br>| &nbsp;&nbsp; 104463 |
| 285000 | &nbsp;&nbsp; Blue Owl Technology Finance Corp., <br> 6.750%, 4/04/2029<br>| &nbsp;&nbsp; 288875 |
| 230000 | FS KKR Capital Corp., 6.125%, 1/15/2030 | &nbsp;&nbsp; 228785 |
| 240000 | FS KKR Capital Corp., 7.875%, 1/15/2029 | &nbsp;&nbsp; 254341 |
| 190000 | GATX Corp., 5.400%, 3/15/2027 | &nbsp;&nbsp; 192414 |
| 175000 | GATX Corp., 5.500%, 6/15/2035 | &nbsp;&nbsp; 174977 |
| 335000 | Golub Capital BDC, Inc., 2.500%, 8/24/2026 | &nbsp;&nbsp; 322706 |
| 25000 | Golub Capital BDC, Inc., 6.000%, 7/15/2029 | &nbsp;&nbsp; 25101 |

---

See accompanying notes to financial statements.

\| 32

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Finance Companies — continued** | **Finance Companies — continued** |
| $325000 | Hercules Capital, Inc., 3.375%, 1/20/2027 | &nbsp;&nbsp; $313318 |
| 200000 | HPS Corporate Lending Fund, 5.450%, 1/14/2028(a) | &nbsp;&nbsp; 199140 |
| 130000 | HPS Corporate Lending Fund, 6.250%, 9/30/2029 | &nbsp;&nbsp; 131830 |
| 240000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 5.200%, 3/27/2028(a)<br>| &nbsp;&nbsp; 240161 |
| 370000 | Main Street Capital Corp., 3.000%, 7/14/2026 | &nbsp;&nbsp; 358708 |
| 40000 | Main Street Capital Corp., 6.500%, 6/04/2027 | &nbsp;&nbsp; 40818 |
| 455000 | &nbsp;&nbsp; Mitsubishi HC Finance America LLC, <br> 5.150%, 10/24/2029(a)<br>| &nbsp;&nbsp; 461449 |
| 105000 | MSD Investment Corp., 6.250%, 5/31/2030(a) | &nbsp;&nbsp; 103904 |
| 110000 | New Mountain Finance Corp., 6.200%, 10/15/2027 | &nbsp;&nbsp; 110957 |
| 150000 | New Mountain Finance Corp., 6.875%, 2/01/2029 | &nbsp;&nbsp; 152061 |
| 230000 | Sixth Street Lending Partners, 6.500%, 3/11/2029 | &nbsp;&nbsp; 235066 |
| 365000 | USAA Capital Corp., 3.375%, 5/01/2025(a) | &nbsp;&nbsp; 364619 |
|  |  | &nbsp;&nbsp; 8425166 |
|  | **Financial Other — 0.1%** | **Financial Other — 0.1%** |
| 250000 | &nbsp;&nbsp; Atlas Warehouse Lending Co. LP, <br> 6.250%, 1/15/2030(a)<br>| &nbsp;&nbsp; 251339 |
|  | **Food & Beverage — 1.7%** | **Food & Beverage — 1.7%** |
| 665000 | Bacardi-Martini BV, 5.550%, 2/01/2030(a) | &nbsp;&nbsp; 675732 |
| 315000 | Cargill, Inc., 5.125%, 2/11/2035(a) | &nbsp;&nbsp; 314012 |
| 795000 | Conagra Brands, Inc., 5.300%, 10/01/2026 | &nbsp;&nbsp; 802755 |
| 310000 | Constellation Brands, Inc., 4.800%, 1/15/2029 | &nbsp;&nbsp; 310740 |
| 215000 | General Mills, Inc., 4.875%, 1/30/2030 | &nbsp;&nbsp; 215809 |
| 385000 | Kraft Heinz Foods Co., 5.400%, 3/15/2035 | &nbsp;&nbsp; 388062 |
| 640000 | &nbsp;&nbsp; Pernod Ricard International Finance LLC, <br> 1.250%, 4/01/2028(a)<br>| &nbsp;&nbsp; 582404 |
| 435000 | Suntory Holdings Ltd., 5.124%, 6/11/2029(a) | &nbsp;&nbsp; 442788 |
| 315000 | Sysco Corp., 5.100%, 9/23/2030 | &nbsp;&nbsp; 319750 |
|  |  | &nbsp;&nbsp; 4052052 |
|  | **Gaming — 0.1%** | **Gaming — 0.1%** |
| 180000 | VICI Properties LP, 4.750%, 4/01/2028 | &nbsp;&nbsp; 180358 |
|  | **Government Owned - No Guarantee — 0.4%** | **Government Owned - No Guarantee — 0.4%** |
| 445000 | Antares Holdings LP, 3.750%, 7/15/2027(a) | &nbsp;&nbsp; 425364 |
| 470000 | Electricite de France SA, 5.750%, 1/13/2035(a) | &nbsp;&nbsp; 476478 |
|  |  | &nbsp;&nbsp; 901842 |
|  | **Health Insurance — 0.2%** | **Health Insurance — 0.2%** |
| 545000 | Humana, Inc., 5.375%, 4/15/2031 | &nbsp;&nbsp; 549240 |
|  | **Healthcare — 0.8%** | **Healthcare — 0.8%** |
| 630000 | Cardinal Health, Inc., 5.000%, 11/15/2029 | &nbsp;&nbsp; 635148 |
| 275000 | Illumina, Inc., 4.650%, 9/09/2026 | &nbsp;&nbsp; 274756 |
| 320000 | IQVIA, Inc., 5.700%, 5/15/2028 | &nbsp;&nbsp; 325706 |
| 195000 | Universal Health Services, Inc., 4.625%, 10/15/2029 | &nbsp;&nbsp; 189906 |
| 540000 | Zimmer Biomet Holdings, Inc., 5.050%, 2/19/2030 | &nbsp;&nbsp; 545675 |
|  |  | &nbsp;&nbsp; 1971191 |
|  | **Hybrid ARMs — 0.0%** | **Hybrid ARMs — 0.0%** |
| 9401 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.225%, 7.180%, 1/01/2035(b)<br>| &nbsp;&nbsp; 9703 |
| 17384 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.500%, 7.268%, 5/01/2036(b)<br>| &nbsp;&nbsp; 17990 |
|  |  | &nbsp;&nbsp; 27693 |
|  | **Independent Energy — 0.5%** | **Independent Energy — 0.5%** |
| 330000 | APA Corp., 6.100%, 2/15/2035(a) | &nbsp;&nbsp; 328581 |
| 240000 | ConocoPhillips Co., 5.000%, 1/15/2035 | &nbsp;&nbsp; 237594 |
| 335000 | Diamondback Energy, Inc., 5.550%, 4/01/2035 | &nbsp;&nbsp; 336315 |
| 200000 | Harbour Energy PLC, 6.327%, 4/01/2035(a) | &nbsp;&nbsp; 199112 |
|  |  | &nbsp;&nbsp; 1101602 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Integrated Energy — 0.2%** | **Integrated Energy — 0.2%** |
| $590000 | Chevron USA, Inc., 4.687%, 4/15/2030 | &nbsp;&nbsp; $595011 |
|  | **Life Insurance — 4.4%** | **Life Insurance — 4.4%** |
| 360000 | &nbsp;&nbsp; American National Global Funding, <br> 5.550%, 1/28/2030(a)<br>| &nbsp;&nbsp; 366630 |
| 820000 | Athene Global Funding, 5.380%, 1/07/2030(a) | &nbsp;&nbsp; 831819 |
| 400000 | &nbsp;&nbsp; Brighthouse Financial Global Funding, <br> 5.550%, 4/09/2027(a)<br>| &nbsp;&nbsp; 405250 |
| 585000 | CNO Global Funding, 2.650%, 1/06/2029(a) | &nbsp;&nbsp; 541017 |
| 260000 | Corebridge Global Funding, 5.200%, 6/24/2029(a) | &nbsp;&nbsp; 264209 |
| 460000 | F&G Global Funding, 5.150%, 7/07/2025(a) | &nbsp;&nbsp; 460033 |
| 135000 | Fortitude Group Holdings LLC, 6.250%, 4/01/2030(a) | &nbsp;&nbsp; 136478 |
| 695000 | GA Global Funding Trust, 2.250%, 1/06/2027(a) | &nbsp;&nbsp; 666330 |
| 370000 | GA Global Funding Trust, 5.500%, 4/01/2032(a) | &nbsp;&nbsp; 372765 |
| 155000 | &nbsp;&nbsp; Jackson National Life Global Funding, <br> 3.875%, 6/11/2025(a)<br>| &nbsp;&nbsp; 154699 |
| 820000 | MassMutual Global Funding II, 4.950%, 1/10/2030(a) | &nbsp;&nbsp; 826523 |
| 625000 | &nbsp;&nbsp; Mutual of Omaha Cos Global Funding, <br> 5.000%, 4/01/2030(a)<br>| &nbsp;&nbsp; 627413 |
| 130000 | New York Life Global Funding, 4.600%, 12/05/2029(a) | &nbsp;&nbsp; 130504 |
| 450000 | New York Life Global Funding, 5.000%, 6/06/2029(a) | &nbsp;&nbsp; 459333 |
| 465000 | NLG Global Funding, 5.400%, 1/23/2030(a) | &nbsp;&nbsp; 473516 |
| 465000 | &nbsp;&nbsp; Northwestern Mutual Global Funding, <br> 4.900%, 6/12/2028(a)<br>| &nbsp;&nbsp; 471380 |
| 590000 | Pacific Life Global Funding II, 4.850%, 2/10/2030(a) | &nbsp;&nbsp; 593936 |
| 480000 | &nbsp;&nbsp; Principal Life Global Funding II, <br> 5.100%, 1/25/2029(a)<br>| &nbsp;&nbsp; 487676 |
| 150000 | &nbsp;&nbsp; Protective Life Global Funding, <br> 4.772%, 12/09/2029(a)<br>| &nbsp;&nbsp; 150399 |
| 380000 | Protective Life Global Funding, 5.215%, 6/12/2029(a) | &nbsp;&nbsp; 387566 |
| 655000 | &nbsp;&nbsp; Reliance Standard Life Global Funding II, <br> 2.750%, 5/07/2025(a)<br>| &nbsp;&nbsp; 653593 |
| 290000 | &nbsp;&nbsp; Reliance Standard Life Global Funding II, <br> 5.243%, 2/02/2026(a)<br>| &nbsp;&nbsp; 290606 |
| 365000 | RGA Global Funding, 5.250%, 1/09/2030(a) | &nbsp;&nbsp; 371620 |
| 345000 | SBL Holdings, Inc., 7.200%, 10/30/2034(a) | &nbsp;&nbsp; 325220 |
|  |  | &nbsp;&nbsp; 10448515 |
|  | **Lodging — 0.4%** | **Lodging — 0.4%** |
| 295000 | Hyatt Hotels Corp., 5.250%, 6/30/2029 | &nbsp;&nbsp; 297866 |
| 130000 | Hyatt Hotels Corp., 5.375%, 12/15/2031 | &nbsp;&nbsp; 129487 |
| 160000 | Hyatt Hotels Corp., 5.750%, 3/30/2032 | &nbsp;&nbsp; 160860 |
| 360000 | Marriott International, Inc., 5.550%, 10/15/2028 | &nbsp;&nbsp; 370275 |
|  |  | &nbsp;&nbsp; 958488 |
|  | **Media Entertainment — 0.2%** | **Media Entertainment — 0.2%** |
| 385000 | &nbsp;&nbsp; Take-Two Interactive Software, Inc., <br> 4.950%, 3/28/2028<br>| &nbsp;&nbsp; 388717 |
| 120000 | &nbsp;&nbsp; Take-Two Interactive Software, Inc., <br> 5.400%, 6/12/2029<br>| &nbsp;&nbsp; 122991 |
|  |  | &nbsp;&nbsp; 511708 |
|  | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** |
| 205000 | Glencore Funding LLC, 5.186%, 4/01/2030(a) | &nbsp;&nbsp; 206321 |
| 835000 | Nucor Corp., 4.650%, 6/01/2030 | &nbsp;&nbsp; 832493 |
| 590000 | Rio Tinto Finance USA PLC, 4.875%, 3/14/2030 | &nbsp;&nbsp; 596065 |
| 355000 | Vale Overseas Ltd., 6.400%, 6/28/2054 | &nbsp;&nbsp; 350335 |
|  |  | &nbsp;&nbsp; 1985214 |
|  | **Midstream — 0.8%** | **Midstream — 0.8%** |
| 270000 | Energy Transfer LP, 5.700%, 4/01/2035 | &nbsp;&nbsp; 271997 |
| 460000 | Kinder Morgan, Inc., 5.100%, 8/01/2029 | &nbsp;&nbsp; 464814 |

---

See accompanying notes to financial statements.

33 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Midstream — continued** | **Midstream — continued** |
| $480000 | Targa Resources Corp., 5.550%, 8/15/2035 | &nbsp;&nbsp; $479332 |
| 600000 | Williams Cos., Inc., 5.400%, 3/02/2026 | &nbsp;&nbsp; 604214 |
|  |  | &nbsp;&nbsp; 1820357 |
|  | **Mortgage Related — 0.7%** | **Mortgage Related — 0.7%** |
| 197 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 3.000%, 10/01/2026<br>| &nbsp;&nbsp; 195 |
| 1 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 8.000%, 7/01/2025<br>| &nbsp;&nbsp; 1 |
| 4851 | &nbsp;&nbsp; Government National Mortgage Association, <br> 3.890%, 5/20/2062(b)<br>| &nbsp;&nbsp; 4712 |
| 2474 | &nbsp;&nbsp; Government National Mortgage Association, <br> 3.890%, 10/20/2062(b)<br>| &nbsp;&nbsp; 2422 |
| 13870 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.015%, 4/20/2063(b)<br>| &nbsp;&nbsp; 13647 |
| 25385 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.160%, 9/20/2066(b)<br>| &nbsp;&nbsp; 24968 |
| 88648 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.357%, 10/20/2066(b)<br>| &nbsp;&nbsp; 87794 |
| 17495 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.366%, 11/20/2066(b)<br>| &nbsp;&nbsp; 17340 |
| 788 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.375%, 11/20/2064(b)<br>| &nbsp;&nbsp; 778 |
| 6022 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.390%, 6/20/2066(b)<br>| &nbsp;&nbsp; 5981 |
| 52197 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.395%, 10/20/2066(b)<br>| &nbsp;&nbsp; 51672 |
| 48857 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.424%, 11/20/2066(b)<br>| &nbsp;&nbsp; 48344 |
| 33965 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.486%, 8/20/2066(b)<br>| &nbsp;&nbsp; 33726 |
| 64572 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.501%, 9/20/2066(b)<br>| &nbsp;&nbsp; 64107 |
| 33229 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.525%, 10/20/2066(b)<br>| &nbsp;&nbsp; 32986 |
| 232127 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.569%, 7/20/2067(b)<br>| &nbsp;&nbsp; 229947 |
| 661316 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.639%, 4/20/2067(b)<br>| &nbsp;&nbsp; 657146 |
| 371546 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 1/20/2067(b)<br>| &nbsp;&nbsp; 369433 |
|  |  | &nbsp;&nbsp; 1645199 |
|  | **Natural Gas — 0.2%** | **Natural Gas — 0.2%** |
| 380000 | NiSource, Inc., 5.200%, 7/01/2029 | &nbsp;&nbsp; 387020 |
| 155000 | Sempra, 5.400%, 8/01/2026 | &nbsp;&nbsp; 156236 |
|  |  | &nbsp;&nbsp; 543256 |
|  | **Non-Agency Commercial Mortgage-Backed Securities — 8.0%** | **Non-Agency Commercial Mortgage-Backed Securities — 8.0%** |
| 270000 | &nbsp;&nbsp; Bank, Series 2020-BN25, Class A5, <br> 2.649%, 1/15/2063<br>| &nbsp;&nbsp; 242411 |
| 870000 | &nbsp;&nbsp; Bank, Series 2021-BN37, Class A5, <br> 2.618%, 11/15/2064(b)<br>| &nbsp;&nbsp; 752850 |
| 635000 | &nbsp;&nbsp; Bank5, Series 2023-5YR3, Class A3, <br> 6.724%, 9/15/2056(b)<br>| &nbsp;&nbsp; 671337 |
| 333261 | &nbsp;&nbsp; Bank5, Series 2023-5YR4, Class A3, <br> 6.500%, 12/15/2056<br>| &nbsp;&nbsp; 350255 |
| 985000 | &nbsp;&nbsp; Bank5 Trust, Series 2024-5YR6, Class A3, <br> 6.225%, 5/15/2057<br>| &nbsp;&nbsp; 1031519 |
| 660000 | &nbsp;&nbsp; BBCMS Mortgage Trust, Series 2020-BID, Class A, <br> 1 mo. USD SOFR + 2.254%, 6.575%, 10/15/2037(a)(b)<br>| &nbsp;&nbsp; 659588 |
| 865000 | &nbsp;&nbsp; BBCMS Mortgage Trust, Series 2021-C12, Class A5, <br> 2.689%, 11/15/2054<br>| &nbsp;&nbsp; 754808 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $131359 | &nbsp;&nbsp; BB-UBS Trust, Series 2012-TFT, Class A, <br> 2.892%, 6/05/2030(a)<br>| &nbsp;&nbsp; $126369 |
| 285000 | &nbsp;&nbsp; Benchmark Mortgage Trust, Series 2020-B16, <br> Class A5, 2.732%, 2/15/2053<br>| &nbsp;&nbsp; 259184 |
| 520000 | &nbsp;&nbsp; Benchmark Mortgage Trust, Series 2023-V2, <br> Class A3, 5.812%, 5/15/2055(b)<br>| &nbsp;&nbsp; 533020 |
| 520000 | &nbsp;&nbsp; BPR Trust, Series 2021-NRD, Class A, 1 mo. USD <br> SOFR + 1.525%, 5.845%, 12/15/2038(a)(b)<br>| &nbsp;&nbsp; 512485 |
| 360000 | &nbsp;&nbsp; BPR Trust, Series 2022-OANA, Class A, 1 mo. USD <br> SOFR + 1.898%, 6.217%, 4/15/2037(a)(b)<br>| &nbsp;&nbsp; 360079 |
| 395000 | &nbsp;&nbsp; BX Trust, Series 2024-VLT4, Class A, 1 mo. USD <br> SOFR + 1.491%, 5.811%, 7/15/2029(a)(b)<br>| &nbsp;&nbsp; 395299 |
| 491600 | &nbsp;&nbsp; CFCRE Commercial Mortgage Trust, <br> Series 2016-C3, Class A3, 3.865%, 1/10/2048<br>| &nbsp;&nbsp; 487511 |
| 361996 | &nbsp;&nbsp; CFCRE Commercial Mortgage Trust, <br> Series 2016-C4, Class A4, 3.283%, 5/10/2058<br>| &nbsp;&nbsp; 356481 |
| 595000 | &nbsp;&nbsp; CHI Commercial Mortgage Trust, Series 2025-SFT, <br> 5.665%, 4/15/2042(a)(b)<br>| &nbsp;&nbsp; 597953 |
| 992138 | &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2016-GC37, Class A4, 3.314%, 4/10/2049<br>| &nbsp;&nbsp; 977288 |
| 540000 | &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2019-C7, Class A4, 3.102%, 12/15/2072<br>| &nbsp;&nbsp; 504236 |
| 355784 | &nbsp;&nbsp; Commercial Mortgage Pass-Through Certificates, <br> Series 2012-LTRT, Class A2, 3.400%, 10/05/2030(a)<br>| &nbsp;&nbsp; 334226 |
| 520299 | &nbsp;&nbsp; Commercial Mortgage Trust, Series 2016-DC2, <br> Class A5, 3.765%, 2/10/2049<br>| &nbsp;&nbsp; 515190 |
| 100000 | &nbsp;&nbsp; Commercial Mortgage Trust, Series 2024-CBM, <br> Class A2, 5.867%, 12/10/2041(a)(b)<br>| &nbsp;&nbsp; 102835 |
| 795000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, Series 2014-USA, <br> Class A2, 3.953%, 9/15/2037(a)<br>| &nbsp;&nbsp; 725437 |
| 4902 | &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, Series 2015-C4, <br> Class ASB, 3.617%, 11/15/2048<br>| &nbsp;&nbsp; 4886 |
| 470000 | &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2019-C18, Class A4, 2.968%, 12/15/2052<br>| &nbsp;&nbsp; 430009 |
| 335000 | &nbsp;&nbsp; DC Commercial Mortgage Trust, Series 2023-DC, <br> Class A, 6.314%, 9/12/2040(a)<br>| &nbsp;&nbsp; 343127 |
| 588746 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2012-BWTR, Class A, 2.954%, 11/05/2034(a)<br>| &nbsp;&nbsp; 503008 |
| 440000 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2013-PEMB, Class A, 3.550%, 3/05/2033(a)(b)<br>| &nbsp;&nbsp; 383405 |
| 365000 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2023-SHIP, Class A, 4.322%, 9/10/2038(a)(b)<br>| &nbsp;&nbsp; 362503 |
| 245000 | &nbsp;&nbsp; GS Mortgage Securities Trust, Series 2020-GC45, <br> Class A5, 2.911%, 2/13/2053<br>| &nbsp;&nbsp; 225960 |
| 180000 | &nbsp;&nbsp; Hudsons Bay Simon JV Trust, Series 2015-HB10, <br> Class A10, 4.155%, 8/05/2034(a)<br>| &nbsp;&nbsp; 177326 |
| 124682 | &nbsp;&nbsp; Hudsons Bay Simon JV Trust, Series 2015-HB7, <br> Class A7, 3.914%, 8/05/2034(a)<br>| &nbsp;&nbsp; 123269 |
| 255000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, Class A, 1 mo. <br> USD SOFR + 1.600%, 5.919%, 1/15/2042(a)(b)<br>| &nbsp;&nbsp; 252489 |
| 575000 | &nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, <br> Series 2019-COR5, Class A4, 3.386%, 6/13/2052<br>| &nbsp;&nbsp; 531956 |
| 76069 | &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch <br> Trust, Series 2015-C22, Class A4, 3.306%, 4/15/2048<br>| &nbsp;&nbsp; 75883 |
| 550000 | &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2020-L4, <br> Class A3, 2.698%, 2/15/2053<br>| &nbsp;&nbsp; 502361 |
| 845000 | &nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC, <br> Series 2021-1, Class A1, 1.910%, 10/20/2061(a)<br>| &nbsp;&nbsp; 788544 |
| 465000 | &nbsp;&nbsp; SCOTT Trust, Series 2023-SFS, Class A, <br> 5.910%, 3/10/2040(a)<br>| &nbsp;&nbsp; 475185 |

---

See accompanying notes to financial statements.

\| 34

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $980000 | &nbsp;&nbsp; SPGN Mortgage Trust, Series 2022-TFLM, Class A, <br> 1 mo. USD SOFR + 1.550%, 5.869%, 2/15/2039(a)(b)<br>| &nbsp;&nbsp; $966603 |
| 210000 | &nbsp;&nbsp; TCO Commercial Mortgage Trust, <br> Series 2024-DPM, Class A, 1 mo. USD SOFR + <br> 1.243%, 5.562%, 12/15/2039(a)(b)<br>| &nbsp;&nbsp; 210288 |
| 201109 | &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, <br> Series 2016-C33, Class A4, 3.426%, 3/15/2059<br>| &nbsp;&nbsp; 198228 |
| 490000 | &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, <br> Series 2020-C58, Class A4, 2.092%, 7/15/2053<br>| &nbsp;&nbsp; 421435 |
| 825000 | &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, <br> Series 2022-C62, Class A4, 4.000%, 4/15/2055(b)<br>| &nbsp;&nbsp; 773654 |
|  |  | &nbsp;&nbsp; 19000480 |
|  | **Oil Field Services — 0.2%** | **Oil Field Services — 0.2%** |
| 395000 | Helmerich & Payne, Inc., 5.500%, 12/01/2034(a) | &nbsp;&nbsp; 373830 |
|  | **Other REITs — 0.1%** | **Other REITs — 0.1%** |
| 195000 | Extra Space Storage LP, 5.700%, 4/01/2028 | &nbsp;&nbsp; 200300 |
|  | **Packaging — 0.3%** | **Packaging — 0.3%** |
| 60000 | &nbsp;&nbsp; Amcor Flexibles North America, Inc., <br> 4.000%, 5/17/2025<br>| &nbsp;&nbsp; 59917 |
| 375000 | &nbsp;&nbsp; Amcor Flexibles North America, Inc., <br> 4.800%, 3/17/2028(a)<br>| &nbsp;&nbsp; 377035 |
| 335000 | Amcor Group Finance PLC, 5.450%, 5/23/2029 | &nbsp;&nbsp; 342598 |
|  |  | &nbsp;&nbsp; 779550 |
|  | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
| 230000 | Eli Lilly & Co., 4.750%, 2/12/2030 | &nbsp;&nbsp; 233523 |
| 455000 | GlaxoSmithKline Capital, Inc., 4.500%, 4/15/2030 | &nbsp;&nbsp; 454981 |
| 640000 | Johnson & Johnson, 4.850%, 3/01/2032 | &nbsp;&nbsp; 650261 |
|  |  | &nbsp;&nbsp; 1338765 |
|  | **Property & Casualty Insurance — 0.9%** | **Property & Casualty Insurance — 0.9%** |
| 275000 | Allstate Corp., 5.050%, 6/24/2029 | &nbsp;&nbsp; 279297 |
| 435000 | Chubb INA Holdings LLC, 4.650%, 8/15/2029 | &nbsp;&nbsp; 438666 |
| 400000 | Enact Holdings, Inc., 6.250%, 5/28/2029 | &nbsp;&nbsp; 410404 |
| 370000 | Essent Group Ltd., 6.250%, 7/01/2029 | &nbsp;&nbsp; 381118 |
| 150000 | Selective Insurance Group, Inc., 5.900%, 4/15/2035 | &nbsp;&nbsp; 151258 |
| 275000 | SiriusPoint Ltd., 7.000%, 4/05/2029 | &nbsp;&nbsp; 287114 |
| 240000 | Trustage Financial Group, Inc., 4.625%, 4/15/2032(a) | &nbsp;&nbsp; 224798 |
|  |  | &nbsp;&nbsp; 2172655 |
|  | **Railroads — 0.1%** | **Railroads — 0.1%** |
| 340000 | Union Pacific Corp., 5.100%, 2/20/2035 | &nbsp;&nbsp; 342930 |
|  | **Refining — 0.3%** | **Refining — 0.3%** |
| 355000 | Marathon Petroleum Corp., 5.150%, 3/01/2030 | &nbsp;&nbsp; 357137 |
| 280000 | Phillips 66 Co., 5.250%, 6/15/2031 | &nbsp;&nbsp; 284628 |
|  |  | &nbsp;&nbsp; 641765 |
|  | **Restaurants — 0.1%** | **Restaurants — 0.1%** |
| 330000 | Darden Restaurants, Inc., 4.550%, 10/15/2029 | &nbsp;&nbsp; 325988 |
|  | **Retailers — 0.7%** | **Retailers — 0.7%** |
| 290000 | AutoNation, Inc., 4.500%, 10/01/2025 | &nbsp;&nbsp; 289506 |
| 525000 | AutoZone, Inc., 5.050%, 7/15/2026 | &nbsp;&nbsp; 528758 |
| 370000 | Genuine Parts Co., 4.950%, 8/15/2029 | &nbsp;&nbsp; 371173 |
| 490000 | Target Corp., 5.000%, 4/15/2035 | &nbsp;&nbsp; 487860 |
|  |  | &nbsp;&nbsp; 1677297 |
|  | **Technology — 2.8%** | **Technology — 2.8%** |
| 340000 | Arrow Electronics, Inc., 5.150%, 8/21/2029 | &nbsp;&nbsp; 341669 |
| 305000 | Avnet, Inc., 6.250%, 3/15/2028 | &nbsp;&nbsp; 315536 |
| 565000 | Broadcom, Inc., 5.050%, 7/12/2029 | &nbsp;&nbsp; 572848 |
| 400000 | CDW LLC/CDW Finance Corp., 3.276%, 12/01/2028 | &nbsp;&nbsp; 377516 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $715000 | CGI, Inc., 4.950%, 3/14/2030(a) | &nbsp;&nbsp; $715028 |
| 245000 | Dell International LLC/EMC Corp., 4.850%, 2/01/2035 | &nbsp;&nbsp; 233710 |
| 170000 | Dell International LLC/EMC Corp., 5.000%, 4/01/2030 | &nbsp;&nbsp; 170792 |
| 315000 | Equifax, Inc., 4.800%, 9/15/2029 | &nbsp;&nbsp; 315375 |
| 250000 | Equifax, Inc., 5.100%, 6/01/2028 | &nbsp;&nbsp; 253265 |
| 250000 | Flex Ltd., 6.000%, 1/15/2028 | &nbsp;&nbsp; 256947 |
| 660000 | &nbsp;&nbsp; International Business Machines Corp., <br> 4.800%, 2/10/2030<br>| &nbsp;&nbsp; 664812 |
| 250000 | Microchip Technology, Inc., 5.050%, 2/15/2030 | &nbsp;&nbsp; 249618 |
| 395000 | Micron Technology, Inc., 5.800%, 1/15/2035 | &nbsp;&nbsp; 404479 |
| 350000 | Micron Technology, Inc., 6.750%, 11/01/2029 | &nbsp;&nbsp; 375501 |
| 205000 | NetApp, Inc., 5.500%, 3/17/2032 | &nbsp;&nbsp; 206583 |
| 380000 | Oracle Corp., 5.250%, 2/03/2032 | &nbsp;&nbsp; 384901 |
| 440000 | PayPal Holdings, Inc., 5.100%, 4/01/2035 | &nbsp;&nbsp; 437599 |
| 320000 | Tyco Electronics Group SA, 4.625%, 2/01/2030 | &nbsp;&nbsp; 319562 |
|  |  | &nbsp;&nbsp; 6595741 |
|  | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| 625000 | BAT Capital Corp., 5.625%, 8/15/2035 | &nbsp;&nbsp; 627459 |
| 470000 | Imperial Brands Finance PLC, 5.500%, 2/01/2030(a) | &nbsp;&nbsp; 480579 |
|  |  | &nbsp;&nbsp; 1108038 |
|  | **Transportation Services — 1.1%** | **Transportation Services — 1.1%** |
| 275000 | &nbsp;&nbsp; Element Fleet Management Corp., <br> 3.850%, 6/15/2025(a)<br>| &nbsp;&nbsp; 274365 |
| 575000 | &nbsp;&nbsp; Element Fleet Management Corp., <br> 5.037%, 3/25/2030(a)<br>| &nbsp;&nbsp; 575128 |
| 650000 | &nbsp;&nbsp; J.B. Hunt Transport Services, Inc., <br> 4.900%, 3/15/2030<br>| &nbsp;&nbsp; 654011 |
| 175000 | &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., <br> 4.000%, 7/15/2025(a)<br>| &nbsp;&nbsp; 174585 |
| 350000 | &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., <br> 5.250%, 2/01/2030(a)<br>| &nbsp;&nbsp; 354263 |
| 350000 | Ryder System, Inc., GMTN, 4.950%, 9/01/2029 | &nbsp;&nbsp; 352182 |
| 240000 | Ryder System, Inc., 5.000%, 3/15/2030 | &nbsp;&nbsp; 241415 |
|  |  | &nbsp;&nbsp; 2625949 |
|  | **Treasuries — 24.3%** | **Treasuries — 24.3%** |
| 16110000 | U.S. Treasury Notes, 3.500%, 9/30/2029 | &nbsp;&nbsp; 15817377 |
| 5565000 | U.S. Treasury Notes, 3.625%, 8/31/2029 | &nbsp;&nbsp; 5495220 |
| 1950000 | U.S. Treasury Notes, 4.000%, 7/31/2029 | &nbsp;&nbsp; 1955104 |
| 590000 | U.S. Treasury Notes, 4.125%, 1/31/2027 | &nbsp;&nbsp; 592005 |
| 4165000 | U.S. Treasury Notes, 4.125%, 10/31/2029 | &nbsp;&nbsp; 4195587 |
| 8000000 | U.S. Treasury Notes, 4.125%, 11/30/2029 | &nbsp;&nbsp; 8061875 |
| 1170000 | U.S. Treasury Notes, 4.250%, 11/30/2026 | &nbsp;&nbsp; 1175621 |
| 1525000 | U.S. Treasury Notes, 4.250%, 12/31/2026 | &nbsp;&nbsp; 1532863 |
| 2585000 | U.S. Treasury Notes, 4.250%, 6/30/2029 | &nbsp;&nbsp; 2616505 |
| 4695000 | U.S. Treasury Notes, 4.250%, 11/15/2034 | &nbsp;&nbsp; 4708938 |
| 1075000 | U.S. Treasury Notes, 4.375%, 12/31/2029 | &nbsp;&nbsp; 1094526 |
| 6965000 | U.S. Treasury Notes, 4.625%, 4/30/2029 | &nbsp;&nbsp; 7146471 |
| 3510000 | U.S. Treasury Notes, 4.625%, 2/15/2035 | &nbsp;&nbsp; 3626269 |
|  |  | &nbsp;&nbsp; 58018361 |
|  | **Utility Other — 0.1%** | **Utility Other — 0.1%** |
| 260000 | Essential Utilities, Inc., 4.800%, 8/15/2027 | &nbsp;&nbsp; 260992 |
|  | **Wireless — 0.2%** | **Wireless — 0.2%** |
| 265000 | &nbsp;&nbsp; Sitios Latinoamerica SAB de CV, <br> 6.000%, 11/25/2029(a)<br>| &nbsp;&nbsp; 267138 |
| 255000 | T-Mobile USA, Inc., 5.125%, 5/15/2032 | &nbsp;&nbsp; 256604 |
|  |  | &nbsp;&nbsp; 523742 |

---

See accompanying notes to financial statements.

35 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Intermediate Duration Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Wirelines — 0.5%** | **Wirelines — 0.5%** |
| $635000 | NTT Finance Corp., 5.110%, 7/02/2029(a) | &nbsp;&nbsp; $646974 |
| 625000 | Verizon Communications, Inc., 5.250%, 4/02/2035 | &nbsp;&nbsp; 626577 |
|  |  | &nbsp;&nbsp; 1273551 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $235,135,596)<br>| &nbsp;&nbsp; 234993937 |
| **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** |
| 5271017 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 3/31/2025 at <br> 2.500% to be repurchased at $5,271,383 on <br> 4/01/2025 collateralized by $5,332,500 U.S. Treasury <br> Note, 4.125% due 2/15/2027 valued at $5,376,613 <br> including accrued interest (Note 2 of Notes to <br> Financial Statements) <br>(Identified Cost $5,271,017)<br>| &nbsp;&nbsp; 5271017 |
|  | &nbsp;&nbsp; Total Investments — 100.7% <br>(Identified Cost $240,406,613)<br>| &nbsp;&nbsp; 240264954 |
|  | Other assets less liabilities — (0.7)% | &nbsp;&nbsp; (1565233)<br>|
|  | Net Assets — 100.0% | &nbsp;&nbsp; $238699721 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, the value of Rule 144A holdings amounted to $81,407,587 or 34.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Rate as of March 31, 2025 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for the purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and/or spread in their description.

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

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

---

| | |
|:---|:---|
| ABS | Asset-Backed Securities |
| ARMs | Adjustable Rate Mortgages |
| CMT | Constant Maturity Treasury |
| GMTN | Global Medium Term Note |
| MTN | Medium Term Note |
| REITs | Real Estate Investment Trusts |
| SOFR | Secured Overnight Financing Rate |

---

At March 31, 2025, the Fund had the following open long futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/30/2025 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; $4943735 | &nbsp;&nbsp; $4975188 | &nbsp;&nbsp; $31453 |
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 6/18/2025 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 9213689 | &nbsp;&nbsp; 9244125 | &nbsp;&nbsp; 30436 |
| Total |  |  |  |  | &nbsp;&nbsp; $61889 |

---

Industry Summary at March 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| Treasuries | 24.3<br> %<br>|
| Banking | 13.7 |
| ABS Car Loan | 12.7 |
| Non-Agency Commercial Mortgage-Backed Securities | 8.0 |
| ABS Other | 4.4 |
| Life Insurance | 4.4 |
| Automotive | 4.3 |
| Finance Companies | 3.5 |
| Electric | 3.4 |
| Technology | 2.8 |
| Other Investments, less than 2% each | 17.0 |
| Short-Term Investments | 2.2 |
| Total Investments | 100.7 |
| Other assets less liabilities (including futures contracts) | &nbsp;&nbsp; (0.7)<br>|
| Net Assets | 100.0<br> %<br>|

---

See accompanying notes to financial statements.

\| 36

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Limited Term Government and Agency Fund

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 94.1% of Net Assets** | **Bonds and Notes — 94.1% of Net Assets** | **Bonds and Notes — 94.1% of Net Assets** |
|  | **ABS Car Loan — 3.0%** | **ABS Car Loan — 3.0%** |
| $3220000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2022-1A, Class A, 3.830%, 8/21/2028(a)<br>| &nbsp;&nbsp; $3167301 |
| 775532 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2021-N2, <br> Class A2, 0.970%, 3/10/2028<br>| &nbsp;&nbsp; 755602 |
| 202886 | &nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2022-3, <br> Class A2, 4.380%, 7/20/2029(a)<br>| &nbsp;&nbsp; 202504 |
| 3915000 | &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2025-1, <br> Class A, 4.860%, 8/15/2037(a)(b)<br>| &nbsp;&nbsp; 3960160 |
| 655000 | &nbsp;&nbsp; GM Financial Revolving Receivables Trust, <br> Series 2021-1, Class A, 1.170%, 6/12/2034(a)<br>| &nbsp;&nbsp; 623899 |
| 1555000 | &nbsp;&nbsp; Hertz Vehicle Financing III LLC, Series 2023-3A, <br> Class A, 5.940%, 2/25/2028(a)<br>| &nbsp;&nbsp; 1580211 |
| 1260000 | &nbsp;&nbsp; NextGear Floorplan Master Owner Trust, <br> Series 2024-1A, Class A2, 5.120%, 3/15/2029(a)<br>| &nbsp;&nbsp; 1276769 |
| 2735000 | &nbsp;&nbsp; NextGear Floorplan Master Owner Trust, <br> Series 2024-2A, Class A2, 4.420%, 9/15/2029(a)<br>| &nbsp;&nbsp; 2740046 |
| 536320 | &nbsp;&nbsp; PenFed Auto Receivables Owner Trust, <br> Series 2022-A, Class A4, 4.180%, 12/15/2028(a)<br>| &nbsp;&nbsp; 535329 |
| 765000 | &nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, <br> Series 2020-1A, Class A, 1.350%, 5/25/2033(a)<br>| &nbsp;&nbsp; 761088 |
| 4365000 | &nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, <br> Series 2022-1A, Class A, 3.820%, 4/25/2035(a)<br>| &nbsp;&nbsp; 4316777 |
| 681845 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2023-1A, <br> Class A, 5.800%, 4/18/2038(a)<br>| &nbsp;&nbsp; 687385 |
|  |  | &nbsp;&nbsp; 20607071 |
|  | **ABS Home Equity — 0.0%** | **ABS Home Equity — 0.0%** |
| 3911 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Structured <br> Pass-Through Certificates, Series T-60, Class 2A1, <br> 4.304%, 3/25/2044(b)(c)<br>| &nbsp;&nbsp; 3612 |
| 4176 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2002-W10, Class A7, REMICS, <br> 4.800%, 8/25/2042(b)(c)<br>| &nbsp;&nbsp; 3914 |
|  |  | &nbsp;&nbsp; 7526 |
|  | **ABS Other — 0.2%** | **ABS Other — 0.2%** |
| 433777 | &nbsp;&nbsp; BHG Securitization Trust, Series 2024-1CON, <br> Class A, 5.810%, 4/17/2035(a)<br>| &nbsp;&nbsp; 440135 |
| 170754 | &nbsp;&nbsp; MVW LLC, Series 2020-1A, Class A, <br> 1.740%, 10/20/2037(a)<br>| &nbsp;&nbsp; 165073 |
| 581236 | &nbsp;&nbsp; MVW LLC, Series 2024-1A, Class A, <br> 5.320%, 2/20/2043(a)<br>| &nbsp;&nbsp; 589055 |
| 217247 | &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br> Series 2020-2A, Class A, 1.330%, 7/20/2037(a)<br>| &nbsp;&nbsp; 215542 |
| 310608 | &nbsp;&nbsp; Welk Resorts LLC, Series 2019-AA, Class A, <br> 2.800%, 6/15/2038(a)<br>| &nbsp;&nbsp; 310118 |
|  |  | &nbsp;&nbsp; 1719923 |
|  | **ABS Student Loan — 0.7%** | **ABS Student Loan — 0.7%** |
| 921546 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2019-FA, Class A2, 2.600%, 8/15/2068(a)<br>| &nbsp;&nbsp; 885458 |
| 286657 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2020-DA, Class A, 1.690%, 5/15/2069(a)<br>| &nbsp;&nbsp; 268217 |
| 1097638 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2021-CA, Class A, 1.060%, 10/15/2069(a)<br>| &nbsp;&nbsp; 986919 |
| 2663529 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2021-EA, Class A, 0.970%, 12/16/2069(a)<br>| &nbsp;&nbsp; 2347067 |
| 553223 | &nbsp;&nbsp; SMB Private Education Loan Trust, Series 2021-D, <br> Class A1A, 1.340%, 3/17/2053(a)<br>| &nbsp;&nbsp; 516639 |
|  |  | &nbsp;&nbsp; 5004300 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed Securities — 26.4%** | **Agency Commercial Mortgage-Backed Securities — 26.4%** |
| $2580000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K064, <br> Class A2, 3.224%, 3/25/2027<br>| &nbsp;&nbsp; $2531406 |
| 18255907 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K139, <br> Class A1, 2.209%, 10/25/2031<br>| &nbsp;&nbsp; 16883563 |
| 9158489 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K531, <br> Class AS, 30 day USD SOFR Average + 0.530%, <br> 4.883%, 9/25/2029(b)<br>| &nbsp;&nbsp; 9172583 |
| 11380000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K747, <br> Class A2, 2.050%, 11/25/2028(b)<br>| &nbsp;&nbsp; 10534375 |
| 5200000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series K758, <br> Class A2, 4.680%, 10/25/2031(b)<br>| &nbsp;&nbsp; 5256248 |
| 7703751 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KC06, <br> Class A2, 2.541%, 8/25/2026<br>| &nbsp;&nbsp; 7522346 |
| 1345211 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, <br> Series K-F100, Class AS, 30 day USD SOFR Average <br> + 0.180%, 4.533%, 1/25/2028(b)<br>| &nbsp;&nbsp; 1337842 |
| 3482666 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, <br> Series K-F121, Class AS, 30 day USD SOFR Average <br> + 0.180%, 4.533%, 8/25/2028(b)<br>| &nbsp;&nbsp; 3459693 |
| 8400592 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, <br> Series KF123, Class AS, 30 day USD SOFR Average <br> + 0.200%, 4.553%, 9/25/2028(b)<br>| &nbsp;&nbsp; 8311621 |
| 831401 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF53, <br> Class A, 30 day USD SOFR Average + 0.504%, <br> 4.857%, 10/25/2025(b)<br>| &nbsp;&nbsp; 831018 |
| 915257 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF72, <br> Class A, 30 day USD SOFR Average + 0.614%, <br> 4.967%, 10/25/2026(b)<br>| &nbsp;&nbsp; 914727 |
| 234768 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF74, <br> Class AS, 1 mo. USD SOFR Historical Calendar Day <br> Compounded + 0.530%, 4.883%, 1/25/2027(b)<br>| &nbsp;&nbsp; 234605 |
| 4945658 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF77, <br> Class AL, 30 day USD SOFR Average + 0.814%, <br> 5.167%, 2/25/2027(b)<br>| &nbsp;&nbsp; 4957604 |
| 6504808 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF77, <br> Class AS, 30 day USD SOFR Average + 0.900%, <br> 5.253%, 2/25/2027(b)<br>| &nbsp;&nbsp; 6547297 |
| 16919866 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF78, <br> Class AL, 30 day USD SOFR Average + 0.914%, <br> 5.267%, 3/25/2030(b)<br>| &nbsp;&nbsp; 17022275 |
| 16919866 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF78, <br> Class AS, 30 day USD SOFR Average + 1.000%, <br> 5.353%, 3/25/2030(b)<br>| &nbsp;&nbsp; 17082048 |

---

See accompanying notes to financial statements.

37 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Limited Term Government and Agency Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed Securities — continued** | **Agency Commercial Mortgage-Backed Securities — continued** |
| $2537352 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF79, <br> Class AL, 30 day USD SOFR Average + 0.584%, <br> 4.937%, 5/25/2030(b)<br>| &nbsp;&nbsp; $2538943 |
| 2341367 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF79, <br> Class AS, 30 day USD SOFR Average + 0.580%, <br> 4.933%, 5/25/2030(b)<br>| &nbsp;&nbsp; 2346460 |
| 1911202 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF80, <br> Class AL, 30 day USD SOFR Average + 0.554%, <br> 4.907%, 6/25/2030(b)<br>| &nbsp;&nbsp; 1910732 |
| 1073831 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF80, <br> Class AS, 30 day USD SOFR Average + 0.510%, <br> 4.863%, 6/25/2030(b)<br>| &nbsp;&nbsp; 1072408 |
| 411737 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF81, <br> Class AL, 30 day USD SOFR Average + 0.474%, <br> 4.827%, 6/25/2027(b)<br>| &nbsp;&nbsp; 411443 |
| 308803 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF81, <br> Class AS, 30 day USD SOFR Average + 0.400%, <br> 4.753%, 6/25/2027(b)<br>| &nbsp;&nbsp; 308369 |
| 443059 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF84, <br> Class AL, 30 day USD SOFR Average + 0.414%, <br> 4.767%, 7/25/2030(b)<br>| &nbsp;&nbsp; 442151 |
| 372732 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF84, <br> Class AS, 30 day USD SOFR Average + 0.320%, <br> 4.673%, 7/25/2030(b)<br>| &nbsp;&nbsp; 369218 |
| 117565 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF85, <br> Class AL, 30 day USD SOFR Average + 0.414%, <br> 4.767%, 8/25/2030(b)<br>| &nbsp;&nbsp; 117286 |
| 313400 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF85, <br> Class AS, 30 day USD SOFR Average + 0.330%, <br> 4.683%, 8/25/2030(b)<br>| &nbsp;&nbsp; 311136 |
| 493347 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF86, <br> Class AL, 30 day USD SOFR Average + 0.404%, <br> 4.757%, 8/25/2027(b)<br>| &nbsp;&nbsp; 492037 |
| 440545 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF86, <br> Class AS, 30 day USD SOFR Average + 0.320%, <br> 4.673%, 8/25/2027(b)<br>| &nbsp;&nbsp; 438588 |
| 328573 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF93, <br> Class AL, 30 day USD SOFR Average + 0.394%, <br> 4.747%, 10/25/2027(b)<br>| &nbsp;&nbsp; 328063 |
| 394500 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF93, <br> Class AS, 30 day USD SOFR Average + 0.310%, <br> 4.663%, 10/25/2027(b)<br>| &nbsp;&nbsp; 392447 |
| 1025813 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KF97, <br> Class AS, 30 day USD SOFR Average + 0.250%, <br> 4.603%, 12/25/2030(b)<br>| &nbsp;&nbsp; 1016715 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Agency Commercial Mortgage-Backed Securities — continued** | **Agency Commercial Mortgage-Backed Securities — continued** |
| $624815 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KJ20, <br> Class A2, 3.799%, 12/25/2025<br>| &nbsp;&nbsp; $622408 |
| 5969702 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KJ21, <br> Class A2, 3.700%, 9/25/2026<br>| &nbsp;&nbsp; 5922607 |
| 5575025 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KJ26, <br> Class A2, 2.606%, 7/25/2027<br>| &nbsp;&nbsp; 5466382 |
| 7165000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KJ37, <br> Class A2, 2.333%, 11/25/2030<br>| &nbsp;&nbsp; 6576700 |
| 16300000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KJ42, <br> Class A2, 4.118%, 11/25/2032<br>| &nbsp;&nbsp; 16038255 |
| 8466503 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KS12, <br> Class A, 30 day USD SOFR Average + 0.764%, <br> 5.117%, 8/25/2029(b)<br>| &nbsp;&nbsp; 8493249 |
| 1619282 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KS14, <br> Class AL, 30 day USD SOFR Average + 0.454%, <br> 4.807%, 4/25/2030(b)<br>| &nbsp;&nbsp; 1613870 |
| 1780926 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series KS14, <br> Class AS, 30 day USD SOFR Average + 0.370%, <br> 4.723%, 4/25/2030(b)<br>| &nbsp;&nbsp; 1768321 |
| 3820051 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, Series Q016, <br> Class APT1, 1.235%, 5/25/2051(b)<br>| &nbsp;&nbsp; 3699127 |
| 5200000 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.580%, 1/01/2026<br>| &nbsp;&nbsp; 5155267 |
| 608002 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2020-M5, Class FA, 30 day USD SOFR <br> Average + 0.574%, 4.927%, 1/25/2027(b)<br>| &nbsp;&nbsp; 606258 |
| 61601 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2003-72, Class Z, 5.429%, 11/16/2045(b)<br>| &nbsp;&nbsp; 61782 |
|  |  | &nbsp;&nbsp; 181119473 |
|  | **Collateralized Mortgage Obligations — 8.1%** | **Collateralized Mortgage Obligations — 8.1%** |
| 25677 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 2131, <br> Class ZB, REMICS, 6.000%, 3/15/2029(c)<br>| &nbsp;&nbsp; 24987 |
| 292747 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 2978, <br> Class JG, REMICS, 5.500%, 5/15/2035(c)<br>| &nbsp;&nbsp; 300387 |
| 442328 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 3036, <br> Class NE, REMICS, 5.000%, 9/15/2035(c)<br>| &nbsp;&nbsp; 446880 |
| 170671 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 3412, <br> Class AY, REMICS, 5.500%, 2/15/2038(c)<br>| &nbsp;&nbsp; 176424 |
| 433968 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 3561, <br> Class W, REMICS, 2.534%, 6/15/2048(b)<br>| &nbsp;&nbsp; 398973 |
| 247567 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 3620, <br> Class AT, REMICS, 4.289%, 12/15/2036(b)(c)<br>| &nbsp;&nbsp; 248067 |
| 98978 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 4212, <br> Class FW, REMICS, 6.563%, 6/15/2043(b)(c)<br>| &nbsp;&nbsp; 94766 |
| 196109 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Structured <br> Pass-Through Certificates, Series T-62, Class 1A1, <br> 1 yr. MTA + 1.200%, 5.835%, 10/25/2044(b)(c)<br>| &nbsp;&nbsp; 177201 |
| 376538 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2003-48, Class GH, REMICS, <br> 5.500%, 6/25/2033(c)<br>| &nbsp;&nbsp; 382225 |

---

See accompanying notes to financial statements.

\| 38

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Limited Term Government and Agency Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $210522 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2007-73, Class A1, REMICS, 30 day USD <br> SOFR Average + 0.174%, 4.527%, 7/25/2037(b)(c)<br>| &nbsp;&nbsp; $204343 |
| 411744 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2008-86, Class LA, REMICS, <br> 3.496%, 8/25/2038(b)<br>| &nbsp;&nbsp; 399353 |
| 864512 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2012-56, Class FK, REMICS, 30 day USD <br> SOFR Average + 0.564%, 4.904%, 6/25/2042(b)(c)<br>| &nbsp;&nbsp; 842151 |
| 1042283 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2012-58, Class KF, REMICS, 30 day USD <br> SOFR Average + 0.664%, 5.004%, 6/25/2042(b)<br>| &nbsp;&nbsp; 1032080 |
| 2412878 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2012-83, Class LF, REMICS, 30 day USD <br> SOFR Average + 0.624%, 4.964%, 8/25/2042(b)<br>| &nbsp;&nbsp; 2381660 |
| 1840298 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2013-67, Class NF, REMICS, 30 day USD <br> SOFR Average + 1.114%, 5.000%, 7/25/2043(b)<br>| &nbsp;&nbsp; 1742455 |
| 2623206 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2015-4, Class BF, REMICS, 30 day USD SOFR <br> Average + 0.514%, 4.854%, 2/25/2045(b)<br>| &nbsp;&nbsp; 2573902 |
| 3017358 | &nbsp;&nbsp; Federal National Mortgage Association, <br> Series 2020-35, Class FA, REMICS, 30 day USD <br> SOFR Average + 0.614%, 4.943%, 6/25/2050(b)<br>| &nbsp;&nbsp; 2918555 |
| 676240 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2005-18, Class F, 1 mo. USD SOFR + 0.314%, <br> 4.634%, 2/20/2035(b)(c)<br>| &nbsp;&nbsp; 667177 |
| 547213 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2007-59, Class FM, 1 mo. USD SOFR + <br> 0.634%, 4.954%, 10/20/2037(b)(c)<br>| &nbsp;&nbsp; 541461 |
| 58495 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2009-H01, Class FA, 1 mo. USD SOFR + <br> 1.264%, 5.584%, 11/20/2059(b)(c)<br>| &nbsp;&nbsp; 57101 |
| 173334 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2010-H20, Class AF, 1 mo. USD SOFR + <br> 0.444%, 4.753%, 10/20/2060(b)<br>| &nbsp;&nbsp; 172740 |
| 149646 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2010-H24, Class FA, 1 mo. USD SOFR + <br> 0.464%, 4.773%, 10/20/2060(b)(c)<br>| &nbsp;&nbsp; 147664 |
| 97464 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2010-H27, Class FA, 1 mo. USD SOFR + <br> 0.494%, 4.803%, 12/20/2060(b)(c)<br>| &nbsp;&nbsp; 96186 |
| 5662 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2011-H08, Class FA, 1 mo. USD SOFR + <br> 0.714%, 5.023%, 2/20/2061(b)(c)<br>| &nbsp;&nbsp; 5606 |
| 1508483 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2012-18, Class FM, 1 mo. USD SOFR + <br> 0.364%, 4.684%, 9/20/2038(b)<br>| &nbsp;&nbsp; 1506629 |
| 87 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2012-H15, Class FA, 1 mo. USD SOFR + <br> 0.564%, 4.873%, 5/20/2062(b)(c)<br>| &nbsp;&nbsp; 83 |
| 93493 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2012-H18, Class NA, 1 mo. USD SOFR + <br> 0.634%, 4.943%, 8/20/2062(b)(c)<br>| &nbsp;&nbsp; 92447 |
| 8265 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2012-H29, Class HF, 1 mo. USD SOFR + <br> 0.614%, 4.923%, 10/20/2062(b)(c)<br>| &nbsp;&nbsp; 7995 |
| 2384 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H02, Class GF, 1 mo. USD SOFR + <br> 0.614%, 4.923%, 12/20/2062(b)(c)<br>| &nbsp;&nbsp; 2305 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $196538 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H08, Class FA, 1 mo. USD SOFR + <br> 0.464%, 4.773%, 3/20/2063(b)(c)<br>| &nbsp;&nbsp; $193862 |
| 280428 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H10, Class FA, 1 mo. USD SOFR + <br> 0.514%, 4.823%, 3/20/2063(b)(c)<br>| &nbsp;&nbsp; 276973 |
| 37698 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2013-H14, Class FG, 1 mo. USD SOFR + <br> 0.584%, 4.893%, 5/20/2063(b)(c)<br>| &nbsp;&nbsp; 37263 |
| 1680631 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2014-H14, Class FA, 1 mo. USD SOFR + <br> 0.614%, 4.940%, 7/20/2064(b)<br>| &nbsp;&nbsp; 1679124 |
| 1636646 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2014-H15, Class FA, 1 mo. USD SOFR + <br> 0.614%, 4.923%, 7/20/2064(b)<br>| &nbsp;&nbsp; 1638924 |
| 734818 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H04, Class FL, 1 mo. USD SOFR + <br> 0.584%, 4.910%, 2/20/2065(b)<br>| &nbsp;&nbsp; 733910 |
| 3901 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H09, Class HA, 1.750%, 3/20/2065(c)<br>| &nbsp;&nbsp; 3543 |
| 127360 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H10, Class FC, 1 mo. USD SOFR + <br> 0.594%, 4.903%, 4/20/2065(b)(c)<br>| &nbsp;&nbsp; 125958 |
| 577851 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H10, Class JA, 2.250%, 4/20/2065<br>| &nbsp;&nbsp; 560755 |
| 1336 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H11, Class FA, 1 mo. USD SOFR + <br> 0.364%, 4.673%, 4/20/2065(b)(c)<br>| &nbsp;&nbsp; 1289 |
| 476970 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H12, Class FL, 1 mo. USD SOFR + <br> 0.344%, 4.653%, 5/20/2065(b)<br>| &nbsp;&nbsp; 474824 |
| 13374 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H19, Class FH, 1 mo. USD SOFR + <br> 0.414%, 4.723%, 7/20/2065(b)(c)<br>| &nbsp;&nbsp; 12849 |
| 564 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H29, Class FA, 1 mo. USD SOFR + <br> 0.814%, 5.123%, 10/20/2065(b)(c)<br>| &nbsp;&nbsp; 547 |
| 2290 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2015-H30, Class FA, 1 mo. USD SOFR + <br> 0.794%, 5.103%, 8/20/2061(b)(c)<br>| &nbsp;&nbsp; 2219 |
| 1626641 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2016-H06, Class FC, 1 mo. USD SOFR + <br> 1.034%, 5.343%, 2/20/2066(b)<br>| &nbsp;&nbsp; 1628714 |
| 395541 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2016-H20, Class FB, 1 mo. USD SOFR + <br> 0.664%, 4.973%, 9/20/2066(b)(c)<br>| &nbsp;&nbsp; 392457 |
| 1424506 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2017-H05, Class FC, 1 mo. USD SOFR + <br> 0.864%, 5.173%, 2/20/2067(b)<br>| &nbsp;&nbsp; 1423141 |
| 2942978 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2018-H11, Class FJ, 1yr. USD SOFR + 0.795%, <br> 5.997%, 6/20/2068(b)<br>| &nbsp;&nbsp; 2945660 |
| 39391 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2018-H14, Class FG, 1 mo. USD SOFR + <br> 0.464%, 4.773%, 9/20/2068(b)<br>| &nbsp;&nbsp; 39278 |
| 5734243 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2018-H16, Class FA, 1 mo. USD SOFR + <br> 0.534%, 4.843%, 9/20/2068(b)<br>| &nbsp;&nbsp; 5725385 |
| 5585234 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2019-H04, Class NA, 3.500%, 9/20/2068<br>| &nbsp;&nbsp; 5251893 |

---

See accompanying notes to financial statements.

39 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Limited Term Government and Agency Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| $168188 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2019-H13, Class FT, 1 yr. CMT + 0.450%, <br> 4.640%, 8/20/2069(b)<br>| &nbsp;&nbsp; $167781 |
| 1277299 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-30, Class F, 1 mo. USD SOFR + 0.514%, <br> 4.837%, 4/20/2048(b)<br>| &nbsp;&nbsp; 1243737 |
| 2511147 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-53, Class NF, 1 mo. USD SOFR + <br> 0.564%, 4.887%, 5/20/2046(b)<br>| &nbsp;&nbsp; 2359491 |
| 473537 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-H01, Class FT, 1 yr. CMT + 0.500%, <br> 4.690%, 1/20/2070(b)<br>| &nbsp;&nbsp; 470682 |
| 2461887 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-H02, Class FG, 1 mo. USD SOFR + <br> 0.714%, 5.023%, 1/20/2070(b)<br>| &nbsp;&nbsp; 2462752 |
| 2756711 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-H04, Class FP, 1 mo. USD SOFR + <br> 0.614%, 4.923%, 6/20/2069(b)<br>| &nbsp;&nbsp; 2750197 |
| 3868618 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-H07, Class FL, 1 mo. USD SOFR + <br> 0.764%, 5.073%, 4/20/2070(b)<br>| &nbsp;&nbsp; 3876317 |
| 1112625 | &nbsp;&nbsp; Government National Mortgage Association, <br> Series 2020-H10, Class FD, 1 mo. USD SOFR + <br> 0.514%, 4.823%, 5/20/2070(b)<br>| &nbsp;&nbsp; 1108906 |
|  |  | &nbsp;&nbsp; 55230234 |
|  | **Hybrid ARMs — 2.1%** | **Hybrid ARMs — 2.1%** |
| 101214 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.748%, 6.485%, 4/01/2037(b)<br>| &nbsp;&nbsp; 103143 |
| 50227 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.250%, 6.500%, 2/01/2035(b)<br>| &nbsp;&nbsp; 52151 |
| 306086 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.285%, 6.512%, 2/01/2036(b)<br>| &nbsp;&nbsp; 315091 |
| 221422 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.245%, 6.540%, 3/01/2036(b)<br>| &nbsp;&nbsp; 229140 |
| 498061 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.264%, 6.730%, 2/01/2036(b)<br>| &nbsp;&nbsp; 514076 |
| 127188 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.902%, 6.755%, 4/01/2037(b)<br>| &nbsp;&nbsp; 130266 |
| 60472 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.207%, 6.773%, 9/01/2038(b)<br>| &nbsp;&nbsp; 62155 |
| 196460 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 6 mo. USD <br> RFUCCT + 1.771%, 6.853%, 6/01/2037(b)<br>| &nbsp;&nbsp; 196670 |
| 49974 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.677%, 6.940%, 3/01/2038(b)<br>| &nbsp;&nbsp; 50512 |
| 740895 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.246%, 6.963%, 3/01/2037(b)<br>| &nbsp;&nbsp; 765847 |
| 60766 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.776%, 7.060%, 11/01/2038(b)<br>| &nbsp;&nbsp; 62002 |
| 797659 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.840%, 7.090%, 1/01/2046(b)<br>| &nbsp;&nbsp; 827410 |
| 32923 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.750%, 7.091%, 12/01/2037(b)<br>| &nbsp;&nbsp; 33613 |
| 51251 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.165%, 7.165%, 4/01/2036(b)<br>| &nbsp;&nbsp; 52219 |
| 305524 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.894%, 7.268%, 9/01/2041(b)<br>| &nbsp;&nbsp; 313990 |
| 90487 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.918%, 7.297%, 12/01/2034(b)<br>| &nbsp;&nbsp; 91484 |
| 165249 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.248%, 7.336%, 9/01/2038(b)<br>| &nbsp;&nbsp; 169590 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Hybrid ARMs — continued** | **Hybrid ARMs — continued** |
| $144116 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. CMT + <br> 2.220%, 7.345%, 7/01/2033(b)<br>| &nbsp;&nbsp; $146928 |
| 65827 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.713%, 7.409%, 11/01/2038(b)<br>| &nbsp;&nbsp; 66745 |
| 378934 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., 1 yr. USD <br> RFUCCT + 1.765%, 7.481%, 9/01/2035(b)<br>| &nbsp;&nbsp; 388572 |
| 11239 | &nbsp;&nbsp; Federal National Mortgage Association, 6 mo. USD <br> RFUCCT + 1.460%, 6.210%, 2/01/2037(b)<br>| &nbsp;&nbsp; 11418 |
| 26093 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.565%, 6.315%, 4/01/2037(b)<br>| &nbsp;&nbsp; 26594 |
| 247897 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.185%, 6.435%, 1/01/2036(b)<br>| &nbsp;&nbsp; 255761 |
| 155143 | &nbsp;&nbsp; Federal National Mortgage Association, 6 mo. USD <br> RFUCCT + 1.545%, 6.438%, 7/01/2035(b)<br>| &nbsp;&nbsp; 159104 |
| 154956 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.673%, 6.467%, 3/01/2037(b)<br>| &nbsp;&nbsp; 158207 |
| 61662 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.800%, 6.564%, 3/01/2034(b)<br>| &nbsp;&nbsp; 63959 |
| 80033 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.146%, 6.564%, 9/01/2034(b)<br>| &nbsp;&nbsp; 82390 |
| 31222 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.726%, 6.637%, 1/01/2037(b)<br>| &nbsp;&nbsp; 31998 |
| 66888 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.195%, 6.641%, 4/01/2034(b)<br>| &nbsp;&nbsp; 68482 |
| 158519 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.734%, 6.655%, 2/01/2037(b)<br>| &nbsp;&nbsp; 162105 |
| 102305 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.800%, 6.675%, 12/01/2041(b)<br>| &nbsp;&nbsp; 105306 |
| 498089 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.225%, 6.697%, 4/01/2034(b)<br>| &nbsp;&nbsp; 511931 |
| 190499 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.131%, 6.717%, 6/01/2036(b)<br>| &nbsp;&nbsp; 195580 |
| 118627 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.486%, 6.755%, 5/01/2035(b)<br>| &nbsp;&nbsp; 122274 |
| 445483 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.820%, 6.820%, 2/01/2047(b)<br>| &nbsp;&nbsp; 462752 |
| 91884 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.670%, 6.877%, 10/01/2033(b)<br>| &nbsp;&nbsp; 93467 |
| 452033 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.547%, 6.910%, 4/01/2037(b)<br>| &nbsp;&nbsp; 464104 |
| 407513 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.706%, 6.913%, 9/01/2037(b)<br>| &nbsp;&nbsp; 419484 |
| 637778 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.800%, 6.933%, 10/01/2041(b)<br>| &nbsp;&nbsp; 660358 |
| 495215 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.167%, 6.961%, 12/01/2040(b)<br>| &nbsp;&nbsp; 510737 |
| 11662 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.810%, 6.967%, 7/01/2041(b)<br>| &nbsp;&nbsp; 12004 |
| 666817 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.215%, 6.981%, 10/01/2034(b)<br>| &nbsp;&nbsp; 691602 |
| 226091 | &nbsp;&nbsp; Federal National Mortgage Association, 6 mo. USD <br> RFUCCT + 2.059%, 6.999%, 7/01/2037(b)<br>| &nbsp;&nbsp; 231207 |
| 84924 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.677%, 7.047%, 11/01/2036(b)<br>| &nbsp;&nbsp; 86988 |
| 295121 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.553%, 7.065%, 7/01/2035(b)<br>| &nbsp;&nbsp; 301847 |
| 31254 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.212%, 7.087%, 4/01/2033(b)<br>| &nbsp;&nbsp; 31856 |
| 59724 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.736%, 7.109%, 11/01/2035(b)<br>| &nbsp;&nbsp; 61441 |
| 620737 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.182%, 7.213%, 11/01/2033(b)<br>| &nbsp;&nbsp; 639728 |

---

See accompanying notes to financial statements.

\| 40

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Limited Term Government and Agency Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Hybrid ARMs — continued** | **Hybrid ARMs — continued** |
| $61596 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.287%, 7.239%, 10/01/2033(b)<br>| &nbsp;&nbsp; $63082 |
| 90903 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.500%, 7.241%, 8/01/2036(b)<br>| &nbsp;&nbsp; 94658 |
| 54437 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.493%, 7.242%, 8/01/2035(b)<br>| &nbsp;&nbsp; 55261 |
| 7177 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.145%, 7.270%, 9/01/2036(b)<br>| &nbsp;&nbsp; 7352 |
| 310731 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.582%, 7.310%, 9/01/2037(b)<br>| &nbsp;&nbsp; 317068 |
| 85741 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.223%, 7.348%, 8/01/2035(b)<br>| &nbsp;&nbsp; 88019 |
| 246415 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.270%, 7.395%, 6/01/2037(b)<br>| &nbsp;&nbsp; 254079 |
| 104204 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.287%, 7.412%, 6/01/2033(b)<br>| &nbsp;&nbsp; 107288 |
| 141151 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.616%, 7.452%, 8/01/2038(b)<br>| &nbsp;&nbsp; 143176 |
| 80066 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.713%, 7.463%, 8/01/2034(b)<br>| &nbsp;&nbsp; 81188 |
| 85762 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 1.655%, 7.530%, 7/01/2038(b)<br>| &nbsp;&nbsp; 87851 |
| 43789 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. CMT <br> + 2.441%, 7.566%, 8/01/2033(b)<br>| &nbsp;&nbsp; 45164 |
| 53628 | &nbsp;&nbsp; Federal National Mortgage Association, 1 yr. USD <br> RFUCCT + 2.473%, 8.223%, 6/01/2035(b)<br>| &nbsp;&nbsp; 55569 |
| 300305 | &nbsp;&nbsp; Government National Mortgage Association, 1 mo. <br> USD RFUCCT + 1.793%, 6.284%, 2/20/2061(b)<br>| &nbsp;&nbsp; 305443 |
| 396237 | &nbsp;&nbsp; Government National Mortgage Association, 1 mo. <br> USD RFUCCT + 1.890%, 6.361%, 2/20/2063(b)<br>| &nbsp;&nbsp; 400899 |
| 200518 | &nbsp;&nbsp; Government National Mortgage Association, 1 mo. <br> USD RFUCCT + 2.029%, 6.502%, 5/20/2065(b)<br>| &nbsp;&nbsp; 203721 |
| 309137 | &nbsp;&nbsp; Government National Mortgage Association, 1 mo. <br> USD RFUCCT + 2.171%, 6.642%, 3/20/2063(b)<br>| &nbsp;&nbsp; 315696 |
| 242825 | &nbsp;&nbsp; Government National Mortgage Association, 1 mo. <br> USD RFUCCT + 2.205%, 6.674%, 6/20/2065(b)<br>| &nbsp;&nbsp; 249037 |
| 176037 | &nbsp;&nbsp; Government National Mortgage Association, 1 mo. <br> USD RFUCCT + 2.288%, 6.763%, 2/20/2063(b)<br>| &nbsp;&nbsp; 178354 |
|  |  | &nbsp;&nbsp; 14247193 |
|  | **Mortgage Related — 0.3%** | **Mortgage Related — 0.3%** |
| 4019 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 3.000%, 10/01/2026<br>| &nbsp;&nbsp; 3975 |
| 77178 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.000%, 1/01/2042<br>| &nbsp;&nbsp; 74320 |
| 9037 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 4.500%, 5/01/2034<br>| &nbsp;&nbsp; 8820 |
| 80341 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 6.500%, 12/01/2034<br>| &nbsp;&nbsp; 83384 |
| 7 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> 7.500%, 6/01/2026<br>| &nbsp;&nbsp; 7 |
| 56203 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 3.000%, 3/01/2042<br>| &nbsp;&nbsp; 50968 |
| 179199 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 7/01/2037<br>| &nbsp;&nbsp; 179970 |
| 210664 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.000%, 2/01/2038<br>| &nbsp;&nbsp; 212048 |
| 122253 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 5.500%, 3/01/2033<br>| &nbsp;&nbsp; 122727 |
| 508 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 1/01/2033<br>| &nbsp;&nbsp; 529 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | **Mortgage Related — continued** | **Mortgage Related — continued** |
| $1784 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 10/01/2033<br>| &nbsp;&nbsp; $1839 |
| 1625 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 10/01/2033<br>| &nbsp;&nbsp; 1644 |
| 1423 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 10/01/2033<br>| &nbsp;&nbsp; 1443 |
| 1109 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 12/01/2034<br>| &nbsp;&nbsp; 1128 |
| 713 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 2/01/2036<br>| &nbsp;&nbsp; 744 |
| 9316 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.500%, 11/01/2037<br>| &nbsp;&nbsp; 9809 |
| 5617 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.500%, 7/01/2031<br>| &nbsp;&nbsp; 5749 |
| 7228 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 7.500%, 9/01/2032<br>| &nbsp;&nbsp; 7229 |
| 27945 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.140%, 12/20/2061(b)<br>| &nbsp;&nbsp; 27491 |
| 83310 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.140%, 7/20/2063(b)<br>| &nbsp;&nbsp; 82077 |
| 14602 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.390%, 12/20/2062(b)<br>| &nbsp;&nbsp; 14524 |
| 1028742 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.430%, 10/20/2065(b)<br>| &nbsp;&nbsp; 1020351 |
| 204889 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.497%, 2/20/2066(b)<br>| &nbsp;&nbsp; 203081 |
| 1415 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.528%, 8/20/2062(b)<br>| &nbsp;&nbsp; 1400 |
| 3298 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.630%, 8/20/2061(b)<br>| &nbsp;&nbsp; 3271 |
| 3288 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.630%, 2/20/2062(b)<br>| &nbsp;&nbsp; 3254 |
| 1325 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 6/20/2061(b)<br>| &nbsp;&nbsp; 1313 |
| 5644 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 2/20/2062(b)<br>| &nbsp;&nbsp; 5596 |
| 7458 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 6/20/2062(b)<br>| &nbsp;&nbsp; 7284 |
| 4435 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 6/20/2063(b)<br>| &nbsp;&nbsp; 4311 |
| 43773 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 11/20/2063(b)<br>| &nbsp;&nbsp; 43512 |
| 1590 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.700%, 1/20/2064(b)<br>| &nbsp;&nbsp; 1575 |
| 1035 | &nbsp;&nbsp; Government National Mortgage Association, <br> 4.782%, 4/20/2061(b)<br>| &nbsp;&nbsp; 1029 |
| 3371 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.000%, 12/15/2031<br>| &nbsp;&nbsp; 3541 |
| 13632 | &nbsp;&nbsp; Government National Mortgage Association, <br> 6.500%, 5/15/2031<br>| &nbsp;&nbsp; 14169 |
| 9551 | &nbsp;&nbsp; Government National Mortgage Association, <br> 7.000%, 10/15/2028<br>| &nbsp;&nbsp; 9695 |
|  |  | &nbsp;&nbsp; 2213807 |
|  | **Non-Agency Commercial Mortgage-Backed Securities — 3.6%** | **Non-Agency Commercial Mortgage-Backed Securities — 3.6%** |
| 1595000 | &nbsp;&nbsp; Bank, Series 2020-BN25, Class A5, <br> 2.649%, 1/15/2063<br>| &nbsp;&nbsp; 1432022 |
| 740099 | &nbsp;&nbsp; Bank5, Series 2023-5YR4, Class A3, <br> 6.500%, 12/15/2056<br>| &nbsp;&nbsp; 777838 |
| 3895000 | &nbsp;&nbsp; BBCMS Mortgage Trust, Series 2020-BID, Class A, <br> 1 mo. USD SOFR + 2.254%, 6.575%, 10/15/2037(a)(b)<br>| &nbsp;&nbsp; 3892566 |

---

See accompanying notes to financial statements.

41 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

Loomis Sayles Limited Term Government and Agency Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
|  | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $1825000 | &nbsp;&nbsp; BPR Trust, Series 2021-NRD, Class A, 1 mo. USD <br> SOFR + 1.525%, 5.845%, 12/15/2038(a)(b)<br>| &nbsp;&nbsp; $1798625 |
| 4650000 | &nbsp;&nbsp; BPR Trust, Series 2022-SSP, Class A, 1 mo. USD <br> SOFR + 3.000%, 7.319%, 5/15/2039(a)(b)<br>| &nbsp;&nbsp; 4655796 |
| 1745000 | &nbsp;&nbsp; CFCRE Commercial Mortgage Trust, <br> Series 2016-C7, Class A3, 3.839%, 12/10/2054<br>| &nbsp;&nbsp; 1706213 |
| 871171 | &nbsp;&nbsp; Commercial Mortgage Pass-Through Certificates, <br> Series 2012-LTRT, Class A2, 3.400%, 10/05/2030(a)<br>| &nbsp;&nbsp; 818386 |
| 471213 | &nbsp;&nbsp; Commercial Mortgage Trust, Series 2016-DC2, <br> Class ASB, 3.550%, 2/10/2049<br>| &nbsp;&nbsp; 469671 |
| 2570000 | &nbsp;&nbsp; DROP Mortgage Trust, Series 2021-FILE, Class A, <br> 1 mo. USD SOFR + 1.264%, 5.584%, 10/15/2043(a)(b)<br>| &nbsp;&nbsp; 2442716 |
| 913163 | &nbsp;&nbsp; Hudsons Bay Simon JV Trust, Series 2015-HB7, <br> Class A7, 3.914%, 8/05/2034(a)<br>| &nbsp;&nbsp; 902811 |
| 3295000 | &nbsp;&nbsp; SPGN Mortgage Trust, Series 2022-TFLM, Class A, <br> 1 mo. USD SOFR + 1.550%, 5.869%, 2/15/2039(a)(b)<br>| &nbsp;&nbsp; 3249957 |
| 2995449 | &nbsp;&nbsp; Starwood Retail Property Trust, Series 2014-STAR, <br> Class A, Prime + 0.000%, 7.500%, 11/15/2027(a)(b)<br>| &nbsp;&nbsp; 1911869 |
| 645000 | &nbsp;&nbsp; TCO Commercial Mortgage Trust, <br> Series 2024-DPM, Class A, 1 mo. USD SOFR + <br> 1.243%, 5.562%, 12/15/2039(a)(b)<br>| &nbsp;&nbsp; 645885 |
|  |  | &nbsp;&nbsp; 24704355 |
|  | **Treasuries — 49.7%** | **Treasuries — 49.7%** |
| 69360000 | U.S. Treasury Notes, 2.750%, 2/15/2028 | &nbsp;&nbsp; 67235850 |
| 1695000 | U.S. Treasury Notes, 3.500%, 9/30/2026 | &nbsp;&nbsp; 1683744 |
| 11845000 | U.S. Treasury Notes, 3.500%, 9/30/2029 | &nbsp;&nbsp; 11629847 |
| 3265000 | U.S. Treasury Notes, 3.625%, 8/31/2029 | &nbsp;&nbsp; 3224060 |
| 13575000 | U.S. Treasury Notes, 3.750%, 12/31/2028 | &nbsp;&nbsp; 13494929 |
| 46790000 | U.S. Treasury Notes, 3.875%, 3/31/2027 | &nbsp;&nbsp; 46773550 |
| 26990000 | U.S. Treasury Notes, 3.875%, 11/30/2027 | &nbsp;&nbsp; 26978403 |
| 14465000 | U.S. Treasury Notes, 3.875%, 12/31/2027 | &nbsp;&nbsp; 14461610 |
| 4390000 | U.S. Treasury Notes, 4.000%, 2/29/2028 | &nbsp;&nbsp; 4402861 |
| 34485000 | U.S. Treasury Notes, 4.000%, 6/30/2028 | &nbsp;&nbsp; 34600848 |
| 9755000 | U.S. Treasury Notes, 4.000%, 1/31/2029 | &nbsp;&nbsp; 9781674 |
| 8870000 | U.S. Treasury Notes, 4.000%, 7/31/2029 | &nbsp;&nbsp; 8893214 |
| 7900000 | U.S. Treasury Notes, 4.000%, 2/28/2030 | &nbsp;&nbsp; 7917898 |
| 5110000 | U.S. Treasury Notes, 4.000%, 3/31/2030 | &nbsp;&nbsp; 5120380 |
| 2385000 | U.S. Treasury Notes, 4.125%, 2/28/2027 | &nbsp;&nbsp; 2394037 |
| 7645000 | U.S. Treasury Notes, 4.125%, 7/31/2028 | &nbsp;&nbsp; 7699052 |
| 5480000 | U.S. Treasury Notes, 4.125%, 10/31/2029 | &nbsp;&nbsp; 5520244 |
| 2180000 | U.S. Treasury Notes, 4.125%, 11/30/2029 | &nbsp;&nbsp; 2196861 |
| 15030000 | U.S. Treasury Notes, 4.250%, 6/30/2029 | &nbsp;&nbsp; 15213178 |
| 4270000 | U.S. Treasury Notes, 4.250%, 1/31/2030 | &nbsp;&nbsp; 4324709 |
| 13620000 | U.S. Treasury Notes, 4.375%, 8/31/2028 | &nbsp;&nbsp; 13819512 |
| 9855000 | U.S. Treasury Notes, 4.375%, 12/31/2029 | &nbsp;&nbsp; 10034007 |
| 4420000 | U.S. Treasury Notes, 4.625%, 4/30/2029 | &nbsp;&nbsp; 4535162 |
| 18230000 | U.S. Treasury Notes, 4.875%, 10/31/2028 | &nbsp;&nbsp; 18810369 |
|  |  | &nbsp;&nbsp; 340745999 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $653,998,830)<br>| &nbsp;&nbsp; 645599881 |
| **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** |
| 3959545 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 3/31/2025 at <br> 2.500% to be repurchased at $3,959,820 on <br> 4/01/2025 collateralized by $4,015,800 U.S. Treasury <br> Note, 4.000% due 2/29/2028 valued at $4,038,751 <br> including accrued interest (Note 2 of Notes to <br> Financial Statements)<br>| &nbsp;&nbsp; 3959545 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Description** | **Value (†)** |
| 12810000 | &nbsp;&nbsp; Federal Home Loan Bank Discount Notes, <br> 4.120%, 4/09/2025(d)<br>| &nbsp;&nbsp; $12796485 |
| 21495000 | U.S. Treasury Bills, 4.230%, 4/08/2025(d) | &nbsp;&nbsp; 21477254 |
|  | &nbsp;&nbsp; Total Short-Term Investments <br>(Identified Cost $38,235,137)<br>| &nbsp;&nbsp; 38233284 |
|  | &nbsp;&nbsp; Total Investments — 99.7% <br>(Identified Cost $692,233,967)<br>| &nbsp;&nbsp; 683833165 |
|  | Other assets less liabilities — 0.3% | &nbsp;&nbsp; 2034141 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $685867306 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, the value of Rule 144A holdings amounted to $46,894,303 or 6.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Rate as of March 31, 2025 is disclosed. Issuers comprised of various lots with differing coupon rates have been aggregated for the purpose of presentation in the Portfolio of Investments and show a weighted average rate. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and/or spread in their description.

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

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

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

---

| | |
|:---|:---|
| ABS | Asset-Backed Securities |
| ARMs | Adjustable Rate Mortgages |
| CMT | Constant Maturity Treasury |
| MTA | Monthly Treasury Average Interest |
| REMICS | Real Estate Mortgage Investment Conduits |
| RFUCCT | FTSE USD IBOR Consumer Cash Fallbacks Term |
| SOFR | Secured Overnight Financing Rate |

---

Industry Summary at March 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| Treasuries | 49.7<br> %<br>|
| Agency Commercial Mortgage-Backed Securities | 26.4 |
| Collateralized Mortgage Obligations | 8.1 |
| Non-Agency Commercial Mortgage-Backed Securities | 3.6 |
| ABS Car Loan | 3.0 |
| Hybrid ARMs | 2.1 |
| Other Investments, less than 2% each | 1.2 |
| Short-Term Investments | 5.6 |
| Total Investments | 99.7 |
| Other assets less liabilities | 0.3 |
| Net Assets | 100.0<br> %<br>|

---

See accompanying notes to financial statements.

\| 42

------

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Plus Bond** <br>**Fund**<br>| **Global** <br>**Allocation** <br>**Fund**<br>| **Growth** <br>**Fund**<br>|
| **ASSETS** |  |  |  |
| Unaffiliated investments at cost | &nbsp;&nbsp;&nbsp; $8386253418 | &nbsp;&nbsp;&nbsp; $2341290949 | &nbsp;&nbsp;&nbsp; $6408095486 |
| Affiliated investments at cost | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 133847928 |
| Net unrealized appreciation (depreciation) on unaffiliated investments | &nbsp;&nbsp;&nbsp; (427624975)<br>| &nbsp;&nbsp;&nbsp; 381977476 | &nbsp;&nbsp;&nbsp; 7512693887 |
| Net unrealized appreciation on affiliated investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14867383 |
| Investments at value | &nbsp;&nbsp;&nbsp; 7958628443 | &nbsp;&nbsp;&nbsp; 2723268425 | &nbsp;&nbsp;&nbsp; 14069504684 |
| Cash | &nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp; 2967957 | &nbsp;&nbsp;&nbsp; — |
| Due from brokers (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1401974 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency at value (identified cost $0, $7,732,659 and $0, respectively) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7627963 | &nbsp;&nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 10617614 | &nbsp;&nbsp;&nbsp; 1428577 | &nbsp;&nbsp;&nbsp; 52728416 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; 282003399 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6947900 |
| Receivable for when-issued/delayed delivery securities sold (Note 2)  | &nbsp;&nbsp;&nbsp; 77996137 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Collateral received for delayed delivery securities and forward foreign currency <br> contracts (Notes 2 and 4)<br>| &nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 64760122 | &nbsp;&nbsp;&nbsp; 12396478 | &nbsp;&nbsp;&nbsp; 10582443 |
| Unrealized appreciation on forward foreign currency contracts (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 523715 | &nbsp;&nbsp;&nbsp; — |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 135714 | &nbsp;&nbsp;&nbsp; 11915152 |
| Receivable for variation margin on futures contracts (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 194087 | &nbsp;&nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 451 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 8394087636 | &nbsp;&nbsp;&nbsp; 2750075341 | &nbsp;&nbsp;&nbsp; 14151679046 |
| **LIABILITIES** |  |  |  |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; 322282377 | &nbsp;&nbsp;&nbsp; 5517398 | &nbsp;&nbsp;&nbsp; 17704196 |
| Payable for when-issued/delayed delivery securities purchased (Note 2)  | &nbsp;&nbsp;&nbsp; 155869361 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Unfunded loan commitments (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 54819 | &nbsp;&nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; 22935183 | &nbsp;&nbsp;&nbsp; 4381687 | &nbsp;&nbsp;&nbsp; 14169039 |
| Payable for variation margin on futures contracts (Note 2)  | &nbsp;&nbsp;&nbsp; 35391 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Unrealized depreciation on forward foreign currency contracts (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1556813 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes payable (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 51088 | &nbsp;&nbsp;&nbsp; — |
| Due to brokers (Note 2)  | &nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; — |
| Management fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 2174462 | &nbsp;&nbsp;&nbsp; 1775015 | &nbsp;&nbsp;&nbsp; 6099478 |
| Deferred Trustees' fees (Note 6)  | &nbsp;&nbsp;&nbsp; 981204 | &nbsp;&nbsp;&nbsp; 432529 | &nbsp;&nbsp;&nbsp; 996700 |
| Administrative fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 290740 | &nbsp;&nbsp;&nbsp; 103571 | &nbsp;&nbsp;&nbsp; 535401 |
| Payable to distributor (Note 6d)  | &nbsp;&nbsp;&nbsp; 71183 | &nbsp;&nbsp;&nbsp; 43597 | &nbsp;&nbsp;&nbsp; 126426 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 34644 | &nbsp;&nbsp;&nbsp; 35743 | &nbsp;&nbsp;&nbsp; 25819 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 445025 | &nbsp;&nbsp;&nbsp; 230007 | &nbsp;&nbsp;&nbsp; 794873 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 505199570 | &nbsp;&nbsp;&nbsp; 14312267 | &nbsp;&nbsp;&nbsp; 40451932 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $7888888066 | &nbsp;&nbsp;&nbsp; $2735763074 | &nbsp;&nbsp;&nbsp; $14111227114 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $9028348999 | &nbsp;&nbsp;&nbsp; $2283090526 | &nbsp;&nbsp;&nbsp; $6309051828 |
| Accumulated earnings (loss) | &nbsp;&nbsp;&nbsp; (1139460933)<br>| &nbsp;&nbsp;&nbsp; 452672548 | &nbsp;&nbsp;&nbsp; 7802175286 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $7888888066 | &nbsp;&nbsp;&nbsp; $2735763074 | &nbsp;&nbsp;&nbsp; $14111227114 |

---

See accompanying notes to financial statements.

43 \|

------

Statements of Assets and Liabilities (continued)

March 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Plus Bond**<br> **Fund**<br>| **Global**<br> **Allocation**<br> **Fund**<br>| **Growth**<br> **Fund**<br>|
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |  |
| **Class A shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $315659268 | &nbsp;&nbsp;&nbsp; $513799173 | &nbsp;&nbsp;&nbsp; $1096318506 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 27612882 | &nbsp;&nbsp;&nbsp; 21633591 | &nbsp;&nbsp;&nbsp; 45911836 |
| Net asset value and redemption price per share | &nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp; $23.75 | &nbsp;&nbsp;&nbsp; $23.88 |
| Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1) | &nbsp;&nbsp;&nbsp; $11.94 | &nbsp;&nbsp;&nbsp; $25.20 | &nbsp;&nbsp;&nbsp; $25.34 |
| **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; $20667775 | &nbsp;&nbsp;&nbsp; $202055234 | &nbsp;&nbsp;&nbsp; $93859987 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 1805657 | &nbsp;&nbsp;&nbsp; 8918239 | &nbsp;&nbsp;&nbsp; 4810891 |
| Net asset value and offering price per share | &nbsp;&nbsp;&nbsp; $11.45 | &nbsp;&nbsp;&nbsp; $22.66 | &nbsp;&nbsp;&nbsp; $19.51 |
| **Class N shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $2230702901 | &nbsp;&nbsp;&nbsp; $273653993 | &nbsp;&nbsp;&nbsp; $804006368 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 193087778 | &nbsp;&nbsp;&nbsp; 11349282 | &nbsp;&nbsp;&nbsp; 29892627 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $11.55 | &nbsp;&nbsp;&nbsp; $24.11 | &nbsp;&nbsp;&nbsp; $26.90 |
| **Class Y shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $5321858122 | &nbsp;&nbsp;&nbsp; $1746254674 | &nbsp;&nbsp;&nbsp; $12117042253 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 460983354 | &nbsp;&nbsp;&nbsp; 72483595 | &nbsp;&nbsp;&nbsp; 452184090 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $11.54 | &nbsp;&nbsp;&nbsp; $24.09 | &nbsp;&nbsp;&nbsp; $26.80 |

---

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

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

See accompanying notes to financial statements.

\| 44

------

Statements of Assets and Liabilities (continued)

March 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Intermediate** <br>**Duration Bond** <br>**Fund**<br>| **Limited Term** <br>**Government** <br>**and Agency** <br>**Fund**<br>|
| **ASSETS** |  |  |
| Unaffiliated investments at cost | &nbsp;&nbsp;&nbsp; $240406613 | &nbsp;&nbsp;&nbsp; $692233967 |
| Net unrealized depreciation on unaffiliated investments | &nbsp;&nbsp;&nbsp; (141659)<br>| &nbsp;&nbsp;&nbsp; (8400802)<br>|
| Investments at value | &nbsp;&nbsp;&nbsp; 240264954 | &nbsp;&nbsp;&nbsp; 683833165 |
| Cash | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; — |
| Due from brokers (Note 2)  | &nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 340053 | &nbsp;&nbsp;&nbsp; 347981 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22125899 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 1803306 | &nbsp;&nbsp;&nbsp; 3108625 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; — |
| Receivable for variation margin on futures contracts (Note 2)  | &nbsp;&nbsp;&nbsp; 3655 | &nbsp;&nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 451 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 243002555 | &nbsp;&nbsp;&nbsp; 709416121 |
| **LIABILITIES** |  |  |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; 3929232 | &nbsp;&nbsp;&nbsp; 21477320 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; 103347 | &nbsp;&nbsp;&nbsp; 408752 |
| Distributions payable | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 489269 |
| Management fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 29774 | &nbsp;&nbsp;&nbsp; 157340 |
| Deferred Trustees' fees (Note 6)  | &nbsp;&nbsp;&nbsp; 155393 | &nbsp;&nbsp;&nbsp; 443728 |
| Administrative fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 8790 | &nbsp;&nbsp;&nbsp; 25229 |
| Payable to distributor (Note 6d)  | &nbsp;&nbsp;&nbsp; 5929 | &nbsp;&nbsp;&nbsp; 12328 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 34088 | &nbsp;&nbsp;&nbsp; 36434 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 36281 | &nbsp;&nbsp;&nbsp; 498415 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 4302834 | &nbsp;&nbsp;&nbsp; 23548815 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $238699721 | &nbsp;&nbsp;&nbsp; $685867306 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $272394266 | &nbsp;&nbsp;&nbsp; $762857175 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (33694545)<br>| &nbsp;&nbsp;&nbsp; (76989869)<br>|
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $238699721 | &nbsp;&nbsp;&nbsp; $685867306 |
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |
| **Class A shares:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $2864293 | &nbsp;&nbsp;&nbsp; $169445416 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 299715 | &nbsp;&nbsp;&nbsp; 15620400 |
| Net asset value and redemption price per share | &nbsp;&nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp; $10.85 |
| Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1) | &nbsp;&nbsp;&nbsp; $9.98 | &nbsp;&nbsp;&nbsp; $11.10 |
| **Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales** <br> **charge) (Note 1)**<br>|  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $646955 | &nbsp;&nbsp;&nbsp; $5465033 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 67454 | &nbsp;&nbsp;&nbsp; 505066 |
| Net asset value and offering price per share | &nbsp;&nbsp;&nbsp; $9.59 | &nbsp;&nbsp;&nbsp; $10.82 |
| **Class N shares:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $32651171 | &nbsp;&nbsp;&nbsp; $54138144 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 3422772 | &nbsp;&nbsp;&nbsp; 4976265 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $10.88 |
| **Class Y shares:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $202537302 | &nbsp;&nbsp;&nbsp; $456818713 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 21204849 | &nbsp;&nbsp;&nbsp; 41978263 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $9.55 | &nbsp;&nbsp;&nbsp; $10.88 |

---

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

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

See accompanying notes to financial statements.

45 \|

------

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Plus Bond** <br>**Fund**<br>| **Global** <br>**Allocation** <br>**Fund**<br>| **Growth** <br>**Fund**<br>|
| **INVESTMENT INCOME**  |  |  |  |
| Interest | &nbsp;&nbsp;&nbsp; $182104824 | &nbsp;&nbsp;&nbsp; $23972939 | &nbsp;&nbsp;&nbsp; $472357 |
| Dividends | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8486280 | &nbsp;&nbsp;&nbsp; 42494572 |
| Tax reclaims (Note 2i) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 883013 | &nbsp;&nbsp;&nbsp; — |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; (1964)<br>| &nbsp;&nbsp;&nbsp; (315644)<br>| &nbsp;&nbsp;&nbsp; (2053472)<br>|
|  | &nbsp;&nbsp;&nbsp; 182102860 | &nbsp;&nbsp;&nbsp; 33026588 | &nbsp;&nbsp;&nbsp; 40913457 |
| Expenses |  |  |  |
| Management fees (Note 6)  | &nbsp;&nbsp;&nbsp; 12369800 | &nbsp;&nbsp;&nbsp; 11015395 | &nbsp;&nbsp;&nbsp; 38514142 |
| Service and distribution fees (Note 6)  | &nbsp;&nbsp;&nbsp; 549310 | &nbsp;&nbsp;&nbsp; 1844855 | &nbsp;&nbsp;&nbsp; 2039630 |
| Administrative fees (Note 6)  | &nbsp;&nbsp;&nbsp; 1669386 | &nbsp;&nbsp;&nbsp; 639107 | &nbsp;&nbsp;&nbsp; 3322383 |
| Trustees' fees and expenses (Note 6)  | &nbsp;&nbsp;&nbsp; 188726 | &nbsp;&nbsp;&nbsp; 79408 | &nbsp;&nbsp;&nbsp; 308330 |
| Transfer agent fees and expenses (Notes 6, 7 and 8)  | &nbsp;&nbsp;&nbsp; 3048485 | &nbsp;&nbsp;&nbsp; 1287492 | &nbsp;&nbsp;&nbsp; 6993730 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 30210 | &nbsp;&nbsp;&nbsp; 32803 | &nbsp;&nbsp;&nbsp; 31745 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 140910 | &nbsp;&nbsp;&nbsp; 104815 | &nbsp;&nbsp;&nbsp; 179395 |
| Legal fees | &nbsp;&nbsp;&nbsp; 100495 | &nbsp;&nbsp;&nbsp; 35518 | &nbsp;&nbsp;&nbsp; 208267 |
| Registration fees | &nbsp;&nbsp;&nbsp; 146134 | &nbsp;&nbsp;&nbsp; 66712 | &nbsp;&nbsp;&nbsp; 160932 |
| Shareholder reporting expenses (Note 6) | &nbsp;&nbsp;&nbsp; 197323 | &nbsp;&nbsp;&nbsp; 60561 | &nbsp;&nbsp;&nbsp; 356662 |
| Tax reclaim professional fees (Note 2i)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43161 | &nbsp;&nbsp;&nbsp; — |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 130335 | &nbsp;&nbsp;&nbsp; 163908 | &nbsp;&nbsp;&nbsp; 260326 |
| Total expenses | &nbsp;&nbsp;&nbsp; 18571114 | &nbsp;&nbsp;&nbsp; 15373735 | &nbsp;&nbsp;&nbsp; 52375542 |
| Less waiver and/or expense reimbursement (Note 6)  | &nbsp;&nbsp;&nbsp; (103581)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (407051)<br>|
| Less expense offset (Note 8)  | &nbsp;&nbsp;&nbsp; (39693)<br>| &nbsp;&nbsp;&nbsp; (5853)<br>| &nbsp;&nbsp;&nbsp; (168055)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 18427840 | &nbsp;&nbsp;&nbsp; 15367882 | &nbsp;&nbsp;&nbsp; 51800436 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 163675020 | &nbsp;&nbsp;&nbsp; 17658706 | &nbsp;&nbsp;&nbsp; (10886979)<br>|
| **Net realized and unrealized gain (loss) on Investments, Futures contracts, Forward** <br> **foreign currency contracts and Foreign currency transactions** <br>|  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp; (66126455)<br>| &nbsp;&nbsp;&nbsp; 94015956 | &nbsp;&nbsp;&nbsp; 436707221 |
| Distributions of capital gains received from affiliated investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 127247 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (13322578)<br>| &nbsp;&nbsp;&nbsp; (1764254)<br>| &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency contracts (Note 2e)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (195446)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions (Note 2d)  | &nbsp;&nbsp;&nbsp; (272559)<br>| &nbsp;&nbsp;&nbsp; (528485)<br>| &nbsp;&nbsp;&nbsp; (61173)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp; (137257022)<br>| &nbsp;&nbsp;&nbsp; (223888314)<br>| &nbsp;&nbsp;&nbsp; (486930210)<br>|
| Affiliated investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2890254)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 3407935 | &nbsp;&nbsp;&nbsp; 1044953 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency contracts (Note 2e)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31045 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations (Note 2d)  | &nbsp;&nbsp;&nbsp; 263794 | &nbsp;&nbsp;&nbsp; (138229)<br>| &nbsp;&nbsp;&nbsp; (23880)<br>|
| Net realized and unrealized loss on Investments, Futures contracts, Forward foreign currency contracts <br> and Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp; (213306885)<br>| &nbsp;&nbsp;&nbsp; (131422774)<br>| &nbsp;&nbsp;&nbsp; (53071049)<br>|
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $(49631865)<br>| &nbsp;&nbsp;&nbsp; $(113764068)<br>| &nbsp;&nbsp;&nbsp; $(63958028)<br>|

---

See accompanying notes to financial statements.

\| 46

------

Statements of Operations (continued)

For the Six Months Ended March 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Intermediate** <br>**Duration Bond** <br>**Fund**<br>| **Limited Term** <br>**Government** <br>**and Agency** <br>**Fund**<br>|
| **INVESTMENT INCOME**  |  |  |
| Interest | &nbsp;&nbsp;&nbsp; $5527034 | &nbsp;&nbsp;&nbsp; $14693493 |
| Expenses |  |  |
| Management fees (Note 6)  | &nbsp;&nbsp;&nbsp; 299967 | &nbsp;&nbsp;&nbsp; 1126100 |
| Service and distribution fees (Note 6)  | &nbsp;&nbsp;&nbsp; 7206 | &nbsp;&nbsp;&nbsp; 240748 |
| Administrative fees (Note 6)  | &nbsp;&nbsp;&nbsp; 51762 | &nbsp;&nbsp;&nbsp; 152957 |
| Trustees' fees and expenses (Note 6)  | &nbsp;&nbsp;&nbsp; 20201 | &nbsp;&nbsp;&nbsp; 43408 |
| Transfer agent fees and expenses (Notes 6, 7 and 8)  | &nbsp;&nbsp;&nbsp; 83724 | &nbsp;&nbsp;&nbsp; 333460 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 29540 | &nbsp;&nbsp;&nbsp; 31881 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 15151 | &nbsp;&nbsp;&nbsp; 19275 |
| Legal fees | &nbsp;&nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp; 8413 |
| Registration fees | &nbsp;&nbsp;&nbsp; 40471 | &nbsp;&nbsp;&nbsp; 59621 |
| Shareholder reporting expenses (Note 6) | &nbsp;&nbsp;&nbsp; 15458 | &nbsp;&nbsp;&nbsp; 34448 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 24046 | &nbsp;&nbsp;&nbsp; 28652 |
| Total expenses | &nbsp;&nbsp;&nbsp; 589598 | &nbsp;&nbsp;&nbsp; 2078963 |
| Less waiver and/or expense reimbursement (Note 6)  | &nbsp;&nbsp;&nbsp; (110984)<br>| &nbsp;&nbsp;&nbsp; (237599)<br>|
| Less expense offset (Note 8)  | &nbsp;&nbsp;&nbsp; (547)<br>| &nbsp;&nbsp;&nbsp; (18697)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 478067 | &nbsp;&nbsp;&nbsp; 1822667 |
| Net investment income | &nbsp;&nbsp;&nbsp; 5048967 | &nbsp;&nbsp;&nbsp; 12870826 |
| **Net realized and unrealized gain (loss) on Investments and Futures contracts** |  |  |
| Net realized loss on: |  |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp; (318312)<br>| &nbsp;&nbsp;&nbsp; (517449)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (572931)<br>| &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp; (2491183)<br>| &nbsp;&nbsp;&nbsp; (2722554)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 65713 | &nbsp;&nbsp;&nbsp; — |
| Net realized and unrealized loss on Investments and Futures contracts | &nbsp;&nbsp;&nbsp; (3316713)<br>| &nbsp;&nbsp;&nbsp; (3240003)<br>|
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $1732254 | &nbsp;&nbsp;&nbsp; $9630823 |

---

See accompanying notes to financial statements.

47 \|

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Global Allocation Fund** | **Global Allocation Fund** |
|  | **Six Months Ended** <br>**March 31**,**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**,**2024**<br>| **Six Months Ended** <br>**March 31**,**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**,**2024**<br>|
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $163675020 | $305700821 | $17658706 | $37180447 |
| Net realized gain (loss) on investments, futures contracts, forward foreign <br> currency contracts and foreign currency transactions<br>| (79721592)<br>| (40938125)<br>| 91527771 | 160789270 |
| Net change in unrealized appreciation (depreciation) on investments, futures <br> contracts, forward foreign currency contracts and foreign currency <br> translations<br>| (133585293)<br>| 563819917 | (222950545)<br>| 535992133 |
| Net increase (decrease) in net assets resulting from operations | (49631865)<br>| 828582613 | (113764068)<br>| 733961850 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | (6615888)<br>| (15488385)<br>| (39320325)<br>| (19252001)<br>|
| Class C | (339898)<br>| (866867)<br>| (14544883)<br>| (9934162)<br>|
| Class N | (44742230)<br>| (89495469)<br>| (20241713)<br>| (11641729)<br>|
| Class Y | (106027105)<br>| (203503847)<br>| (131474474)<br>| (71141366)<br>|
| Total distributions | (157725121)<br>| (309354568)<br>| (205581395)<br>| (111969258)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| 142197717 | 721810136 | (33698471)<br>| (229498168)<br>|
| Net increase (decrease) in net assets | (65159269)<br>| 1241038181 | (353043934)<br>| 392494424 |
| **NET ASSETS** |  |  |  |  |
| Beginning of the period | 7954047335 | 6713009154 | 3088807008 | 2696312584 |
| End of the period | $7888888066 | $7954047335 | $2735763074 | $3088807008 |

---

See accompanying notes to financial statements.

\| 48

------

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Fund** | **Growth Fund** | **Intermediate Duration Bond** <br>**Fund** | **Intermediate Duration Bond** <br>**Fund** |
|  | **Six Months Ended** <br>**March 31**,**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**,**2024**<br>| **Six Months Ended** <br>**March 31**,**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**,**2024**<br>|
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(10886979)<br>| $(15768370)<br>| $5048967 | $12303640 |
| Net realized gain (loss) on investments, including distributions of capital gains <br> received from investments, futures contracts and foreign currency <br> transactions<br>| 436773295 | 832628749 | (891243)<br>| (882717)<br>|
| Net change in unrealized appreciation (depreciation) on investments, futures <br> contracts and foreign currency translations<br>| (489844344)<br>| 3521340928 | (2425470)<br>| 17319773 |
| Net increase (decrease) in net assets resulting from operations | (63958028)<br>| 4338201307 | 1732254 | 28740696 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | (74783360)<br>| (61797811)<br>| (56549)<br>| (166192)<br>|
| Class C | (7577978)<br>| (6693261)<br>| (11155)<br>| (24316)<br>|
| Class N | (47511605)<br>| (42231293)<br>| (651115)<br>| (2419149)<br>|
| Class Y | (728793454)<br>| (605668194)<br>| (4200117)<br>| (9767575)<br>|
| Total distributions | (858666397)<br>| (716390559)<br>| (4918936)<br>| (12377232)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| 150814789 | 461085826 | (23458900)<br>| (96132973)<br>|
| Net increase (decrease) in net assets | (771809636)<br>| 4082896574 | (26645582)<br>| (79769509)<br>|
| **NET ASSETS** |  |  |  |  |
| Beginning of the period | 14883036750 | 10800140176 | 265345303 | 345114812 |
| End of the period | $14111227114 | $14883036750 | $238699721 | $265345303 |

---

See accompanying notes to financial statements.

49 \|

------

Statements of Changes in Net Assets (continued)

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

---

| | | |
|:---|:---|:---|
|  | **Limited Term Government and** <br>**Agency Fund** | **Limited Term Government and** <br>**Agency Fund** |
|  | **Six Months Ended** <br>**March 31**,**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**,**2024**<br>|
| **FROM OPERATIONS:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; $12870826 | &nbsp;&nbsp;&nbsp; $28647981 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (517449)<br>| &nbsp;&nbsp;&nbsp; 1598722 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (2722554)<br>| &nbsp;&nbsp;&nbsp; 22651361 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 9630823 | &nbsp;&nbsp;&nbsp; 52898064 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3166943)<br>| &nbsp;&nbsp;&nbsp; (7913298)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (82716)<br>| &nbsp;&nbsp;&nbsp; (223666)<br>|
| Class N | &nbsp;&nbsp;&nbsp; (1079086)<br>| &nbsp;&nbsp;&nbsp; (2090215)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (9155612)<br>| &nbsp;&nbsp;&nbsp; (20081802)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (13484357)<br>| &nbsp;&nbsp;&nbsp; (30308981)<br>|
| **NET DECREASE IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| &nbsp;&nbsp;&nbsp; (52478632)<br>| &nbsp;&nbsp;&nbsp; (30142985)<br>|
| Net decrease in net assets | &nbsp;&nbsp;&nbsp; (56332166)<br>| &nbsp;&nbsp;&nbsp; (7553902)<br>|
| **NET ASSETS** |  |  |
| Beginning of the period | &nbsp;&nbsp;&nbsp; 742199472 | &nbsp;&nbsp;&nbsp; 749753374 |
| End of the period | &nbsp;&nbsp;&nbsp; $685867306 | &nbsp;&nbsp;&nbsp; $742199472 |

---

See accompanying notes to financial statements.

\| 50

------

Financial Highlights

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund—Class A** | **Core Plus Bond Fund—Class A** | **Core Plus Bond Fund—Class A** | **Core Plus Bond Fund—Class A** | **Core Plus Bond Fund—Class A** | **Core Plus Bond Fund—Class A** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $11.20 | &nbsp;&nbsp;&nbsp; $13.59 | &nbsp;&nbsp;&nbsp; $14.08 | &nbsp;&nbsp;&nbsp; $13.25 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $11.20 | &nbsp;&nbsp;&nbsp; $13.59 | &nbsp;&nbsp;&nbsp; $14.08 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp; (0.76 )%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.77 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04 %(d)<br>| &nbsp;&nbsp;&nbsp; (15.24 )%(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.60<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $315659 | &nbsp;&nbsp;&nbsp; $393898 | &nbsp;&nbsp;&nbsp; $376624 | &nbsp;&nbsp;&nbsp; $428825 | &nbsp;&nbsp;&nbsp; $747497 | &nbsp;&nbsp;&nbsp; $617609 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %(h)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.96 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 170<br> %<br>| &nbsp;&nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 280<br> %<br>| &nbsp;&nbsp;&nbsp; 266<br> %<br>| &nbsp;&nbsp;&nbsp; 359<br> %<br>|

---

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

51 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund—Class C** | **Core Plus Bond Fund—Class C** | **Core Plus Bond Fund—Class C** | **Core Plus Bond Fund—Class C** | **Core Plus Bond Fund—Class C** | **Core Plus Bond Fund—Class C** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $11.75 | &nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp; $11.21 | &nbsp;&nbsp;&nbsp; $13.60 | &nbsp;&nbsp;&nbsp; $14.09 | &nbsp;&nbsp;&nbsp; $13.25 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.45 | &nbsp;&nbsp;&nbsp; $11.75 | &nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp; $11.21 | &nbsp;&nbsp;&nbsp; $13.60 | &nbsp;&nbsp;&nbsp; $14.09 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp; (1.05 )%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.91 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26 %(d)<br>| &nbsp;&nbsp;&nbsp; (15.88 )%(d)<br>| &nbsp;&nbsp;&nbsp; (0.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.83<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $20668 | &nbsp;&nbsp;&nbsp; $23846 | &nbsp;&nbsp;&nbsp; $30402 | &nbsp;&nbsp;&nbsp; $48679 | &nbsp;&nbsp;&nbsp; $95755 | &nbsp;&nbsp;&nbsp; $132590 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.49 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %(h)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.49 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.21 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 170<br> %<br>| &nbsp;&nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 280<br> %<br>| &nbsp;&nbsp;&nbsp; 266<br> %<br>| &nbsp;&nbsp;&nbsp; 359<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) Periods less than one year are not annualized.

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

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

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

See accompanying notes to financial statements.

\| 52

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund—Class N** | **Core Plus Bond Fund—Class N** | **Core Plus Bond Fund—Class N** | **Core Plus Bond Fund—Class N** | **Core Plus Bond Fund—Class N** | **Core Plus Bond Fund—Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $11.86 | &nbsp;&nbsp;&nbsp; $11.04 | &nbsp;&nbsp;&nbsp; $11.31 | &nbsp;&nbsp;&nbsp; $13.72 | &nbsp;&nbsp;&nbsp; $14.21 | &nbsp;&nbsp;&nbsp; $13.37 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.55 | &nbsp;&nbsp;&nbsp; $11.86 | &nbsp;&nbsp;&nbsp; $11.04 | &nbsp;&nbsp;&nbsp; $11.31 | &nbsp;&nbsp;&nbsp; $13.72 | &nbsp;&nbsp;&nbsp; $14.21 |
| Total return | &nbsp;&nbsp;&nbsp; (0.58 )%(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp; (14.94)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.95<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $2230703 | &nbsp;&nbsp;&nbsp; $2144253 | &nbsp;&nbsp;&nbsp; $2015457 | &nbsp;&nbsp;&nbsp; $1890793 | &nbsp;&nbsp;&nbsp; $2563736 | &nbsp;&nbsp;&nbsp; $2682487 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %(e)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.32 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 170<br> %<br>| &nbsp;&nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 280<br> %<br>| &nbsp;&nbsp;&nbsp; 266<br> %<br>| &nbsp;&nbsp;&nbsp; 359<br> %<br>|

---

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

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

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

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

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

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

See accompanying notes to financial statements.

53 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Plus Bond Fund—Class Y** | **Core Plus Bond Fund—Class Y** | **Core Plus Bond Fund—Class Y** | **Core Plus Bond Fund—Class Y** | **Core Plus Bond Fund—Class Y** | **Core Plus Bond Fund—Class Y** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $11.85 | &nbsp;&nbsp;&nbsp; $11.03 | &nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp; $13.71 | &nbsp;&nbsp;&nbsp; $14.20 | &nbsp;&nbsp;&nbsp; $13.36 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.54 | &nbsp;&nbsp;&nbsp; $11.85 | &nbsp;&nbsp;&nbsp; $11.03 | &nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp; $13.71 | &nbsp;&nbsp;&nbsp; $14.20 |
| Total return | &nbsp;&nbsp;&nbsp; (0.63 )%(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.04 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28 %(b)<br>| &nbsp;&nbsp;&nbsp; (15.03 )%(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.87<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $5321858 | &nbsp;&nbsp;&nbsp; $5392050 | &nbsp;&nbsp;&nbsp; $4290526 | &nbsp;&nbsp;&nbsp; $3543096 | &nbsp;&nbsp;&nbsp; $5442563 | &nbsp;&nbsp;&nbsp; $5846057 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %(d)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.22 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 170<br> %<br>| &nbsp;&nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 280<br> %<br>| &nbsp;&nbsp;&nbsp; 266<br> %<br>| &nbsp;&nbsp;&nbsp; 359<br> %<br>|

---

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2022, the expense limit decreased from 0.50% to 0.49%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2020, the expense limit decreased from 0.55% to 0.50%.

See accompanying notes to financial statements.

\| 54

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Allocation Fund—Class A** | **Global Allocation Fund—Class A** | **Global Allocation Fund—Class A** | **Global Allocation Fund—Class A** | **Global Allocation Fund—Class A** | **Global Allocation Fund—Class A** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $26.56 | &nbsp;&nbsp;&nbsp; $21.45 | &nbsp;&nbsp;&nbsp; $19.94 | &nbsp;&nbsp;&nbsp; $28.86 | &nbsp;&nbsp;&nbsp; $26.23 | &nbsp;&nbsp;&nbsp; $23.76 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp; (6.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp; (6.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $23.75 | &nbsp;&nbsp;&nbsp; $26.56 | &nbsp;&nbsp;&nbsp; $21.45 | &nbsp;&nbsp;&nbsp; $19.94 | &nbsp;&nbsp;&nbsp; $28.86 | &nbsp;&nbsp;&nbsp; $26.23 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp; (3.98 )%(b)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.67<br> %<br>| &nbsp;&nbsp;&nbsp; (25.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.41<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $513799 | &nbsp;&nbsp;&nbsp; $593001 | &nbsp;&nbsp;&nbsp; $474968 | &nbsp;&nbsp;&nbsp; $482031 | &nbsp;&nbsp;&nbsp; $737469 | &nbsp;&nbsp;&nbsp; $632479 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %(b)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes tax reclaims. Without these, net investment income per share would have been $0.13, total return would have been (4.02)% and the ratio of net investment income to average net assets would have been 1.00%.

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

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

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

See accompanying notes to financial statements.

55 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Allocation Fund—Class C** | **Global Allocation Fund—Class C** | **Global Allocation Fund—Class C** | **Global Allocation Fund—Class C** | **Global Allocation Fund—Class C** | **Global Allocation Fund—Class C** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $25.30 | &nbsp;&nbsp;&nbsp; $20.59 | &nbsp;&nbsp;&nbsp; $19.34 | &nbsp;&nbsp;&nbsp; $28.26 | &nbsp;&nbsp;&nbsp; $25.78 | &nbsp;&nbsp;&nbsp; $23.43 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp; (6.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $22.66 | &nbsp;&nbsp;&nbsp; $25.30 | &nbsp;&nbsp;&nbsp; $20.59 | &nbsp;&nbsp;&nbsp; $19.34 | &nbsp;&nbsp;&nbsp; $28.26 | &nbsp;&nbsp;&nbsp; $25.78 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp; (4.32 )%(b)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.84<br> %<br>| &nbsp;&nbsp;&nbsp; (26.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.55<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $202055 | &nbsp;&nbsp;&nbsp; $244927 | &nbsp;&nbsp;&nbsp; $256487 | &nbsp;&nbsp;&nbsp; $302501 | &nbsp;&nbsp;&nbsp; $503073 | &nbsp;&nbsp;&nbsp; $483814 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.92 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.92 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %(b)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp; (0.23)%<br>| &nbsp;&nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp;&nbsp; (0.33)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 37<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 tax reclaims. Without these, net investment income per share would have been $0.03, total return would have been (4.36)% and the ratio of net investment income to average net assets would have been 0.24%.

&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) Periods less than one year are not annualized.

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

See accompanying notes to financial statements.

\| 56

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Allocation Fund—Class N** | **Global Allocation Fund—Class N** | **Global Allocation Fund—Class N** | **Global Allocation Fund—Class N** | **Global Allocation Fund—Class N** | **Global Allocation Fund—Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $26.98 | &nbsp;&nbsp;&nbsp; $21.78 | &nbsp;&nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp; $26.42 | &nbsp;&nbsp;&nbsp; $23.92 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp; (6.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp; (6.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $24.11 | &nbsp;&nbsp;&nbsp; $26.98 | &nbsp;&nbsp;&nbsp; $21.78 | &nbsp;&nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp; $26.42 |
| Total return | &nbsp;&nbsp;&nbsp; (3.82 )%(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.16<br> %<br>| &nbsp;&nbsp;&nbsp; (25.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.78<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $273654 | &nbsp;&nbsp;&nbsp; $298559 | &nbsp;&nbsp;&nbsp; $266298 | &nbsp;&nbsp;&nbsp; $243862 | &nbsp;&nbsp;&nbsp; $350222 | &nbsp;&nbsp;&nbsp; $264338 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %(b)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes tax reclaims. Without these, net investment income per share would have been $0.17, total return would have been (3.86)% and the ratio of net investment income to average net assets would have been 1.34%.

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

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

See accompanying notes to financial statements.

57 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Allocation Fund—Class Y** | **Global Allocation Fund—Class Y** | **Global Allocation Fund—Class Y** | **Global Allocation Fund—Class Y** | **Global Allocation Fund—Class Y** | **Global Allocation Fund—Class Y** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $26.95 | &nbsp;&nbsp;&nbsp; $21.75 | &nbsp;&nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp; $26.42 | &nbsp;&nbsp;&nbsp; $23.92 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp; (6.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp; (6.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $24.09 | &nbsp;&nbsp;&nbsp; $26.95 | &nbsp;&nbsp;&nbsp; $21.75 | &nbsp;&nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp; $26.42 |
| Total return | &nbsp;&nbsp;&nbsp; (3.88 )%(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.00<br> %<br>| &nbsp;&nbsp;&nbsp; (25.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.70<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $1746255 | &nbsp;&nbsp;&nbsp; $1952319 | &nbsp;&nbsp;&nbsp; $1698560 | &nbsp;&nbsp;&nbsp; $1932913 | &nbsp;&nbsp;&nbsp; $3286680 | &nbsp;&nbsp;&nbsp; $2660927 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %(b)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes tax reclaims. Without these, net investment income per share would have been $0.16, total return would have been (3.92)% and the ratio of net investment income to average net assets would have been 1.25%.

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

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

See accompanying notes to financial statements.

\| 58

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Fund—Class A** | **Growth Fund—Class A** | **Growth Fund—Class A** | **Growth Fund—Class A** | **Growth Fund—Class A** | **Growth Fund—Class A** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $25.63 | &nbsp;&nbsp;&nbsp; $19.58 | &nbsp;&nbsp;&nbsp; $16.45 | &nbsp;&nbsp;&nbsp; $23.85 | &nbsp;&nbsp;&nbsp; $20.72 | &nbsp;&nbsp;&nbsp; $16.02 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.53 | &nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp; (6.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;5.15 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp; $25.63 | &nbsp;&nbsp;&nbsp; $19.58 | &nbsp;&nbsp;&nbsp; $16.45 | &nbsp;&nbsp;&nbsp; $23.85 | &nbsp;&nbsp;&nbsp; $20.72 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp; (0.97 )%(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.67<br> %<br>| &nbsp;&nbsp;&nbsp; (27.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.80<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $1096319 | &nbsp;&nbsp;&nbsp; $1158398 | &nbsp;&nbsp;&nbsp; $798843 | &nbsp;&nbsp;&nbsp; $1164116 | &nbsp;&nbsp;&nbsp; $1740523 | &nbsp;&nbsp;&nbsp; $1477915 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %(e)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.91 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.37 )%(e)<br>| &nbsp;&nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp;&nbsp; (0.43)%<br>| &nbsp;&nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp;&nbsp; (0.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>|

---

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes additional voluntary waiver of advisory fee of 0.01% from the underlying fund in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 0.91%.

See accompanying notes to financial statements.

59 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Fund—Class C** | **Growth Fund—Class C** | **Growth Fund—Class C** | **Growth Fund—Class C** | **Growth Fund—Class C** | **Growth Fund—Class C** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $21.29 | &nbsp;&nbsp;&nbsp; $16.60 | &nbsp;&nbsp;&nbsp; $14.42 | &nbsp;&nbsp;&nbsp; $21.21 | &nbsp;&nbsp;&nbsp; $18.66 | &nbsp;&nbsp;&nbsp; $14.53 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp; (5.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp; (5.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.53 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $19.51 | &nbsp;&nbsp;&nbsp; $21.29 | &nbsp;&nbsp;&nbsp; $16.60 | &nbsp;&nbsp;&nbsp; $14.42 | &nbsp;&nbsp;&nbsp; $21.21 | &nbsp;&nbsp;&nbsp; $18.66 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp; (1.33 )%(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.68<br> %<br>| &nbsp;&nbsp;&nbsp; (28.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.76<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $93860 | &nbsp;&nbsp;&nbsp; $103945 | &nbsp;&nbsp;&nbsp; $78116 | &nbsp;&nbsp;&nbsp; $65977 | &nbsp;&nbsp;&nbsp; $127003 | &nbsp;&nbsp;&nbsp; $128764 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.65 %(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.66 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (1.12 )%(f)<br>| &nbsp;&nbsp;&nbsp; (1.10)%<br>| &nbsp;&nbsp;&nbsp; (1.18)%<br>| &nbsp;&nbsp;&nbsp; (1.05)%<br>| &nbsp;&nbsp;&nbsp; (0.97)%<br>| &nbsp;&nbsp;&nbsp; (0.71)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 19<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) The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes additional voluntary waiver of advisory fee of 0.01% from the underlying fund in which the Fund invests.

See accompanying notes to financial statements.

\| 60

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Fund—Class N** | **Growth Fund—Class N** | **Growth Fund—Class N** | **Growth Fund—Class N** | **Growth Fund—Class N** | **Growth Fund—Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $28.63 | &nbsp;&nbsp;&nbsp; $21.66 | &nbsp;&nbsp;&nbsp; $17.87 | &nbsp;&nbsp;&nbsp; $25.73 | &nbsp;&nbsp;&nbsp; $22.26 | &nbsp;&nbsp;&nbsp; $17.17 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp; (6.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp; (6.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.60 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $26.90 | &nbsp;&nbsp;&nbsp; $28.63 | &nbsp;&nbsp;&nbsp; $21.66 | &nbsp;&nbsp;&nbsp; $17.87 | &nbsp;&nbsp;&nbsp; $25.73 | &nbsp;&nbsp;&nbsp; $22.26 |
| Total return | &nbsp;&nbsp;&nbsp; (0.80 )%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.19<br> %<br>| &nbsp;&nbsp;&nbsp; (27.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.26<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $804006 | &nbsp;&nbsp;&nbsp; $843243 | &nbsp;&nbsp;&nbsp; $718311 | &nbsp;&nbsp;&nbsp; $663001 | &nbsp;&nbsp;&nbsp; $806186 | &nbsp;&nbsp;&nbsp; $579571 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.56 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.56 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.03 )%(e)<br>| &nbsp;&nbsp;&nbsp; (0.01)%<br>| &nbsp;&nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes additional voluntary waiver of advisory fee of less than 0.01% from the underlying fund in which the Fund invests.

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

See accompanying notes to financial statements.

61 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Fund—Class Y** | **Growth Fund—Class Y** | **Growth Fund—Class Y** | **Growth Fund—Class Y** | **Growth Fund—Class Y** | **Growth Fund—Class Y** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $28.54 | &nbsp;&nbsp;&nbsp; $21.61 | &nbsp;&nbsp;&nbsp; $17.86 | &nbsp;&nbsp;&nbsp; $25.73 | &nbsp;&nbsp;&nbsp; $22.26 | &nbsp;&nbsp;&nbsp; $17.17 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp; (6.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp; (6.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;5.58 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $26.80 | &nbsp;&nbsp;&nbsp; $28.54 | &nbsp;&nbsp;&nbsp; $21.61 | &nbsp;&nbsp;&nbsp; $17.86 | &nbsp;&nbsp;&nbsp; $25.73 | &nbsp;&nbsp;&nbsp; $22.26 |
| Total return | &nbsp;&nbsp;&nbsp; (0.84 )%(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.97<br> %<br>| &nbsp;&nbsp;&nbsp; (27.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.15<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $12117042 | &nbsp;&nbsp;&nbsp; $12777451 | &nbsp;&nbsp;&nbsp; $9204871 | &nbsp;&nbsp;&nbsp; $7594603 | &nbsp;&nbsp;&nbsp; $11094922 | &nbsp;&nbsp;&nbsp; $9313775 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.66 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.12 )%(d)<br>| &nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp; (0.17)%<br>| &nbsp;&nbsp;&nbsp; (0.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>|

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes additional voluntary waiver of advisory fee of 0.01% from the underlying fund in which the Fund invests.

See accompanying notes to financial statements.

\| 62

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Intermediate Duration Bond Fund—Class A** | **Intermediate Duration Bond Fund—Class A** | **Intermediate Duration Bond Fund—Class A** | **Intermediate Duration Bond Fund—Class A** | **Intermediate Duration Bond Fund—Class A** | **Intermediate Duration Bond Fund—Class A** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $10.51 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp; $10.99 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp; (10.98)%<br>| &nbsp;&nbsp;&nbsp; (0.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.06<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $2864 | &nbsp;&nbsp;&nbsp; $3089 | &nbsp;&nbsp;&nbsp; $7150 | &nbsp;&nbsp;&nbsp; $18077 | &nbsp;&nbsp;&nbsp; $20942 | &nbsp;&nbsp;&nbsp; $19962 |
| Net expenses(f) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.97 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp;&nbsp; 123<br> %<br>|

---

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

63 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Intermediate Duration Bond Fund—Class C** | **Intermediate Duration Bond Fund—Class C** | **Intermediate Duration Bond Fund—Class C** | **Intermediate Duration Bond Fund—Class C** | **Intermediate Duration Bond Fund—Class C** | **Intermediate Duration Bond Fund—Class C** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $9.19 | &nbsp;&nbsp;&nbsp; $9.27 | &nbsp;&nbsp;&nbsp; $10.62 | &nbsp;&nbsp;&nbsp; $11.02 | &nbsp;&nbsp;&nbsp; $10.54 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.59 | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $9.19 | &nbsp;&nbsp;&nbsp; $9.27 | &nbsp;&nbsp;&nbsp; $10.62 | &nbsp;&nbsp;&nbsp; $11.02 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp; (11.65)%<br>| &nbsp;&nbsp;&nbsp; (0.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.27<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $647 | &nbsp;&nbsp;&nbsp; $740 | &nbsp;&nbsp;&nbsp; $698 | &nbsp;&nbsp;&nbsp; $174 | &nbsp;&nbsp;&nbsp; $315 | &nbsp;&nbsp;&nbsp; $668 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.50 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.21 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp;&nbsp; 123<br> %<br>|

---

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

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

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

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

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

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

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

See accompanying notes to financial statements.

\| 64

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Intermediate Duration Bond Fund—Class N** | **Intermediate Duration Bond Fund—Class N** | **Intermediate Duration Bond Fund—Class N** | **Intermediate Duration Bond Fund—Class N** | **Intermediate Duration Bond Fund—Class N** | **Intermediate Duration Bond Fund—Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp; $10.57 | &nbsp;&nbsp;&nbsp; $10.98 | &nbsp;&nbsp;&nbsp; $10.50 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp; $10.57 | &nbsp;&nbsp;&nbsp; $10.98 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> %<br>| &nbsp;&nbsp;&nbsp; (10.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.39<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $32651 | &nbsp;&nbsp;&nbsp; $57190 | &nbsp;&nbsp;&nbsp; $55983 | &nbsp;&nbsp;&nbsp; $19294 | &nbsp;&nbsp;&nbsp; $20094 | &nbsp;&nbsp;&nbsp; $3307 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.42 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.17 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp;&nbsp; 123<br> %<br>|

---

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

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

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

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

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

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

See accompanying notes to financial statements.

65 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Intermediate Duration Bond Fund—Class Y** | **Intermediate Duration Bond Fund—Class Y** | **Intermediate Duration Bond Fund—Class Y** | **Intermediate Duration Bond Fund—Class Y** | **Intermediate Duration Bond Fund—Class Y** | **Intermediate Duration Bond Fund—Class Y** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $10.51 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.55 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp; $10.99 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>| &nbsp;&nbsp;&nbsp; (10.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.33<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $202537 | &nbsp;&nbsp;&nbsp; $204326 | &nbsp;&nbsp;&nbsp; $281284 | &nbsp;&nbsp;&nbsp; $255418 | &nbsp;&nbsp;&nbsp; $340326 | &nbsp;&nbsp;&nbsp; $293577 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.22 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp;&nbsp; 123<br> %<br>|

---

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

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

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

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

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

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

See accompanying notes to financial statements.

\| 66

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Limited Term Government and Agency Fund—Class A** | **Limited Term Government and Agency Fund—Class A** | **Limited Term Government and Agency Fund—Class A** | **Limited Term Government and Agency Fund—Class A** | **Limited Term Government and Agency Fund—Class A** | **Limited Term Government and Agency Fund—Class A** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.57 | &nbsp;&nbsp;&nbsp; $10.65 | &nbsp;&nbsp;&nbsp; $11.40 | &nbsp;&nbsp;&nbsp; $11.54 | &nbsp;&nbsp;&nbsp; $11.34 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $10.85 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.57 | &nbsp;&nbsp;&nbsp; $10.65 | &nbsp;&nbsp;&nbsp; $11.40 | &nbsp;&nbsp;&nbsp; $11.54 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64 %(c)<br>| &nbsp;&nbsp;&nbsp; (5.75 )%(c)<br>| &nbsp;&nbsp;&nbsp; (0.58 )%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $169445 | &nbsp;&nbsp;&nbsp; $190025 | &nbsp;&nbsp;&nbsp; $209032 | &nbsp;&nbsp;&nbsp; $246532 | &nbsp;&nbsp;&nbsp; $287244 | &nbsp;&nbsp;&nbsp; $296217 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %(e)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %(e)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %(e)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %(e)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %(e)(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78 %(j)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.77 %(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78 %(h)(k)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.45 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 217<br> %<br>| &nbsp;&nbsp;&nbsp; 267<br> %<br>| &nbsp;&nbsp;&nbsp; 203<br> %<br>| &nbsp;&nbsp;&nbsp; 247<br> %<br>| &nbsp;&nbsp;&nbsp; 319<br> %<br>|

---

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes refund of prior year service fee of 0.01%. See Note 6b of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes refund of prior year service fee of 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective July 1, 2021, the expense limit decreased from 0.75% to 0.70%.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Effective July 1, 2020, the expense limit decreased from 0.80% to 0.75%.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Includes transfer agent fees and expenses before expense offset.Without these expenses the ratio of gross expenses would have been 0.76%.

See accompanying notes to financial statements.

67 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Limited Term Government and Agency Fund—Class C** | **Limited Term Government and Agency Fund—Class C** | **Limited Term Government and Agency Fund—Class C** | **Limited Term Government and Agency Fund—Class C** | **Limited Term Government and Agency Fund—Class C** | **Limited Term Government and Agency Fund—Class C** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $10.87 | &nbsp;&nbsp;&nbsp; $10.54 | &nbsp;&nbsp;&nbsp; $10.62 | &nbsp;&nbsp;&nbsp; $11.38 | &nbsp;&nbsp;&nbsp; $11.54 | &nbsp;&nbsp;&nbsp; $11.35 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $10.82 | &nbsp;&nbsp;&nbsp; $10.87 | &nbsp;&nbsp;&nbsp; $10.54 | &nbsp;&nbsp;&nbsp; $10.62 | &nbsp;&nbsp;&nbsp; $11.38 | &nbsp;&nbsp;&nbsp; $11.54 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.40 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86 %(d)<br>| &nbsp;&nbsp;&nbsp; (6.43 )%(d)<br>| &nbsp;&nbsp;&nbsp; (1.35 )%(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $5465 | &nbsp;&nbsp;&nbsp; $5900 | &nbsp;&nbsp;&nbsp; $8510 | &nbsp;&nbsp;&nbsp; $14145 | &nbsp;&nbsp;&nbsp; $24922 | &nbsp;&nbsp;&nbsp; $19628 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %(f)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53 %(i)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.53 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 2.70 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp; (0.16)%<br>| &nbsp;&nbsp;&nbsp; (0.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 217<br> %<br>| &nbsp;&nbsp;&nbsp; 267<br> %<br>| &nbsp;&nbsp;&nbsp; 203<br> %<br>| &nbsp;&nbsp;&nbsp; 247<br> %<br>| &nbsp;&nbsp;&nbsp; 319<br> %<br>|

---

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective July 1, 2021, the expense limit decreased from 1.50% to 1.45%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective July 1, 2020, the expense limit decreased from 1.55% to 1.50%.

See accompanying notes to financial statements.

\| 68

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Limited Term Government and Agency Fund—Class N** | **Limited Term Government and Agency Fund—Class N** | **Limited Term Government and Agency Fund—Class N** | **Limited Term Government and Agency Fund—Class N** | **Limited Term Government and Agency Fund—Class N** | **Limited Term Government and Agency Fund—Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $10.60 | &nbsp;&nbsp;&nbsp; $10.68 | &nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp; $11.57 | &nbsp;&nbsp;&nbsp; $11.37 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $10.88 | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $10.60 | &nbsp;&nbsp;&nbsp; $10.68 | &nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp; $11.57 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br> %<br>| &nbsp;&nbsp;&nbsp; (5.45)%<br>| &nbsp;&nbsp;&nbsp; (0.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $54138 | &nbsp;&nbsp;&nbsp; $56787 | &nbsp;&nbsp;&nbsp; $45716 | &nbsp;&nbsp;&nbsp; $19656 | &nbsp;&nbsp;&nbsp; $12972 | &nbsp;&nbsp;&nbsp; $11035 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.43 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.75 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 217<br> %<br>| &nbsp;&nbsp;&nbsp; 267<br> %<br>| &nbsp;&nbsp;&nbsp; 203<br> %<br>| &nbsp;&nbsp;&nbsp; 247<br> %<br>| &nbsp;&nbsp;&nbsp; 319<br> %<br>|

---

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2021, the expense limit decreased from 0.45% to 0.40%

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2020, the expense limit decreased from 0.50% to 0.45%.

See accompanying notes to financial statements.

69 \|

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Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Limited Term Government and Agency Fund—Class Y** | **Limited Term Government and Agency Fund—Class Y** | **Limited Term Government and Agency Fund—Class Y** | **Limited Term Government and Agency Fund—Class Y** | **Limited Term Government and Agency Fund—Class Y** | **Limited Term Government and Agency Fund—Class Y** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $10.60 | &nbsp;&nbsp;&nbsp; $10.69 | &nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp; $11.57 | &nbsp;&nbsp;&nbsp; $11.38 |
| **INCOME (LOSS) FROM INVESTMENT** <br> **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $10.88 | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $10.60 | &nbsp;&nbsp;&nbsp; $10.69 | &nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp; $11.57 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.45 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79 %(b)<br>| &nbsp;&nbsp;&nbsp; (5.42 )%(b)<br>| &nbsp;&nbsp;&nbsp; (0.33 )%(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $456819 | &nbsp;&nbsp;&nbsp; $489488 | &nbsp;&nbsp;&nbsp; $486496 | &nbsp;&nbsp;&nbsp; $491162 | &nbsp;&nbsp;&nbsp; $707904 | &nbsp;&nbsp;&nbsp; $691616 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %(d)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.53 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.69 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 217<br> %<br>| &nbsp;&nbsp;&nbsp; 267<br> %<br>| &nbsp;&nbsp;&nbsp; 203<br> %<br>| &nbsp;&nbsp;&nbsp; 247<br> %<br>| &nbsp;&nbsp;&nbsp; 319<br> %<br>|

---

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2021, the expense limit decreased from 0.50% to 0.45%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2020, the expense limit decreased from 0.55% to 0.50%.

See accompanying notes to financial statements.

\| 70

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Notes to Financial Statements

March 31, 2025 (Unaudited)

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

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

<u>Natixis Funds Trust I:</u>

Loomis Sayles Core Plus Bond Fund ("Core Plus Bond Fund")

<u>Loomis Sayles Funds I:</u>

Loomis Sayles Intermediate Duration Bond Fund ("Intermediate Duration Bond Fund")

<u>Loomis Sayles Funds II:</u>

Loomis Sayles Global Allocation Fund ("Global Allocation Fund")

Loomis Sayles Growth Fund ("Growth Fund")

Loomis Sayles Limited Term Government and Agency Fund ("Limited Term Government and Agency Fund")

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C, Class N and Class Y shares.

Effective February 1, 2024, Growth Fund's principal investment strategies disclosure was amended to permit the Fund to invest in affiliated and unaffiliated mutual funds and exchange-traded funds, to the extent permitted by the Investment Company Act of 1940.

Class A shares are sold with a maximum front-end sales charge of 4.25% for Core Plus Bond Fund and Intermediate Duration Bond Fund, 5.75% for Global Allocation Fund and Growth Fund, and 2.25% for Limited Term Government and Agency Fund. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge ("CDSC") of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds' prospectus.

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

**2. Significant Accounting Policies.** The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds' financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund operates as a single segment entity, focusing on investments in a portfolio of securities. Each Fund's named investment adviser acts as chief operating decision maker ("CODM") regarding allocation of resources and performance assessment. Financial information including, but not limited to, portfolio composition, net asset changes and total returns, is used by the CODM to assess performance and to make resource allocation decisions and is consistent with that presented within the financial statements. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds' financial statements.

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

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Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Futures contracts are valued at the closing settlement price on the exchange on which the valuation designee believes that, over time, they are traded most extensively. Shares of open-end investment companies are valued at net asset value ("NAV") per share.

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

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Short sales of debt investments are fair valued based on an evaluated ask price furnished to the Funds by an independent pricing service. Senior loans and collateralized loan obligations ("CLOs") are fair valued at bid prices supplied by an independent pricing service, if available. Broker-dealer bid prices may be used to fair value debt, unlisted equities, senior loans and CLOs where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Forward foreign currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service. Bilateral credit default swaps are fair valued based on mid prices (between the bid price and the ask price) supplied by an independent pricing service. Bilateral interest rate swaps are fair valued based on prices supplied by an independent pricing source. Centrally cleared swap agreements are fair valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers.

The Funds may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund's investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund's NAV is calculated. Fair valuation by the Fund(s) valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.

**b. Investment Transactions and Related Investment Income.** Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Loan consent fees, upfront origination fees and/or amendment fees are recorded when received and included in interest income on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a *pro rata* basis to each class based on the relative net assets of each class to the total net assets of the Fund.

**c. Short Sales.** A short sale is a transaction in which a Fund sells a security it does not own, usually in anticipation of a decline in the fair market value of the security. When closing out a short position, a Fund will have to purchase the security it originally sold short. The value of short sales is reflected as a liability in the Statements of Assets and Liabilities and is marked-to-market daily. A Fund will realize a profit from closing out a short position if the price of the security sold short has declined since the short position was opened; a Fund will realize a loss from closing out a short position if the value of the shorted security has risen since the short position was opened. Because there is no upper limit on the price to which a security can rise, short selling exposes a Fund to potentially unlimited losses. The Funds intend to cover their short sale transactions by segregating or earmarking liquid assets, such that the segregated/earmarked amount, equals the current market value of the securities underlying the short sale.

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Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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

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

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

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

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

**e. Forward Foreign Currency Contracts.** A Fund may enter into forward foreign currency contracts, including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the Funds' investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds' Statements of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency a Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Funds' or counterparty's net obligations under the contracts. Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**f. Futures Contracts.** A Fund may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as "initial margin." As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as "variation margin," are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. The aggregate principal amounts of the contracts are not recorded in the financial statements. Daily fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as a receivable (payable) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund's ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates. Futures contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Funds are reduced; however, in the event that a counterparty enters into bankruptcy, a Fund's claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

**g. Swap Agreements.** A Fund may enter into credit default 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.

73 \|

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Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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 Statements of Operations as realized gain or loss. Upfront premiums paid or received by the Funds are recorded on the Statements of Assets and Liabilities as an asset or liability, respectively, and are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Funds as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

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

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

Delayed delivery transactions include those designated as To Be Announced ("TBAs") in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is "to be announced" 48 hours prior to the established trade settlement date. Certain transactions require the Funds or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party.

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

**i. Federal and Foreign Income Taxes.** The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually.

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Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

Management has performed an analysis of each Fund's tax positions for the open tax years as of March 31, 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 six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

Certain Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries ("EU reclaims") and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as a reduction of foreign taxes withheld in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, EU reclaims may be subject to closing agreements with the Internal Revenue Service ("IRS"), which may materially reduce the reclaim amounts realized by the Funds. Fees and expenses associated with closing agreements will be reflected in the Statements of Operations when it is determined that a closing agreement with the IRS is required.

**j. Dividends and Distributions to Shareholders.** Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency gains and losses, net operating losses, premium amortization, capital gains taxes, convertible bond adjustments, defaulted and/or non-income producing securities, return of capital distributions received, deferred Trustees' fees, trust preferred securities and paydown gains and losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees' fees, forward foreign currency contract mark-to-market, wash sales, premium amortization, futures contract mark-to-market, convertible bond adjustments, defaulted and/or non-income producing securities, dividends payable, return of capital distributions received, straddle loss deferral adjustments, trust preferred securities and paydown gains and losses. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds' fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and net realized short-term capital gains are considered to be distributed from ordinary income for tax purposes.

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

---

| | | | |
|:---|:---|:---|:---|
|  | 2024 Distributions | 2024 Distributions | 2024 Distributions |
| Fund | Ordinary <br>Income<br>| Long-Term <br>Capital <br>Gains<br>| Total |
| Core Plus Bond Fund | &nbsp;&nbsp; $309354568 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $309354568 |
| Global Allocation Fund | &nbsp;&nbsp; 8998448 | &nbsp;&nbsp; 102970810 | &nbsp;&nbsp; 111969258 |
| Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 716390559 | &nbsp;&nbsp; 716390559 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 12377232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12377232 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 30308981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30308981 |

---

75 \|

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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

As of September 30, 2024, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Core Plus Bond <br>Fund<br>| Global <br>Allocation <br>Fund<br>| Growth <br>Fund<br>| Intermediate <br>Duration Bond <br>Fund<br>| Limited Term <br>Government <br>and Agency <br>Fund<br>|
| Capital loss carryforward: |  |  |  |  |  |
| Short-term: |  |  |  |  |  |
| No expiration date | &nbsp;&nbsp; $(235455528)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(17851111)<br>| &nbsp;&nbsp; $(8502664)<br>|
| Long-term: |  |  |  |  |  |
| No expiration date | &nbsp;&nbsp; (391365148)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (15017980)<br>| &nbsp;&nbsp; (57677795)<br>|
| Total capital loss carryforward | &nbsp;&nbsp; $(626820676)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(32869091)<br>| &nbsp;&nbsp; $(66180459)<br>|
| Late-year ordinary and post-October <br>capital loss deferrals\* <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10469076)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

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

As of March 31, 2025, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Core Plus Bond <br>Fund<br>| Global <br>Allocation <br>Fund<br>| Growth <br>Fund<br>| Intermediate <br>Duration Bond <br>Fund<br>| Limited Term <br>Government <br>and Agency <br>Fund<br>|
| Federal tax cost | &nbsp;&nbsp; $8400020942 | &nbsp;&nbsp; $2345685010 | &nbsp;&nbsp; $6541943414 | &nbsp;&nbsp; $240445609 | &nbsp;&nbsp; $692600710 |
| Gross tax appreciation | &nbsp;&nbsp; $46122106 | &nbsp;&nbsp; $481951002 | &nbsp;&nbsp; $7913189654 | &nbsp;&nbsp; $2172184 | &nbsp;&nbsp; $2303438 |
| Gross tax depreciation | &nbsp;&nbsp; (484461318)<br>| &nbsp;&nbsp; (104034875)<br>| &nbsp;&nbsp; (385628384)<br>| &nbsp;&nbsp; (2290950)<br>| &nbsp;&nbsp; (11070983)<br>|
| Net tax appreciation (depreciation) | &nbsp;&nbsp; $(438339212)<br>| &nbsp;&nbsp; $377916127 | &nbsp;&nbsp; $7527561270 | &nbsp;&nbsp; $(118766)<br>| &nbsp;&nbsp; $(8767545)<br>|

---

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

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

**l. Collateralized Loan Obligations.** A Fund may invest in CLOs. A CLO is a type of asset-backed security designed to redirect the cash flows from a pool of leveraged loans to investors based on their risk preferences. Cash flows from a CLO are split into two or more portions, called tranches, varying in risk and yield. The risk of an investment in a CLO depends largely on the type of the collateralized securities and the class of the instrument in which the Fund invests. CLOs outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

\| 76

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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

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

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

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

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

**q. 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 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.

77 \|

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

The Funds' pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Funds have knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.

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

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2025, at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds and Notes |  |  |  |  |
| Non-Convertible Bonds |  |  |  |  |
| ABS Residential Mortgage | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4269148 | &nbsp;&nbsp; $7535 | &nbsp;&nbsp; $4276683 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 66928059 | &nbsp;&nbsp; 206212 | &nbsp;&nbsp; 67134271 |
| All Other Non-Convertible Bonds(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6894945949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6894945949 |
| Total Non-Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 6966143156 | &nbsp;&nbsp; 213747 | &nbsp;&nbsp; 6966356903 |
| Municipals(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7484714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7484714 |
| Total Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 6973627870 | &nbsp;&nbsp; 213747 | &nbsp;&nbsp; 6973841617 |
| Collateralized Loan Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 420097715 | &nbsp;&nbsp; — | &nbsp;&nbsp; 420097715 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 564689111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 564689111 |
| Total Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 7958414696 | &nbsp;&nbsp; 213747 | &nbsp;&nbsp; 7958628443 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp; 3053287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3053287 |
| Total | &nbsp;&nbsp; $3053287 | &nbsp;&nbsp; $7958414696 | &nbsp;&nbsp; $213747 | &nbsp;&nbsp; $7961681730 |

---

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

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

\| 78

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks |  |  |  |  |
| Canada | &nbsp;&nbsp; $41998376 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $41998376 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 23426673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23426673 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 52574033 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52574033 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 45428738 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45428738 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 58099496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58099496 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 56917387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56917387 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 76882347 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76882347 |
| United States | &nbsp;&nbsp; 1407370105 | &nbsp;&nbsp; 27280600 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1434650705 |
| Total Common Stocks | &nbsp;&nbsp; 1449368481 | &nbsp;&nbsp; 340609274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1789977755 |
| Bonds and Notes(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 881555245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 881555245 |
| Senior Loans(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 23512866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23512866 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 28222559 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28222559 |
| Total Investments | &nbsp;&nbsp; 1449368481 | &nbsp;&nbsp; 1273899944 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2723268425 |
| Forward Foreign Currency Contracts (unrealized appreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; 523715 | &nbsp;&nbsp; — | &nbsp;&nbsp; 523715 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp; 1388925 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1388925 |
| Total | &nbsp;&nbsp; $1450757406 | &nbsp;&nbsp; $1274423659 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2725181065 |

---

&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; $(1556813)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1556813)<br>|
| Futures Contracts (unrealized depreciation) | &nbsp;&nbsp; (23115)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (23115)<br>|
| Total | &nbsp;&nbsp; $(23115)<br>| &nbsp;&nbsp; $(1556813)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1579928)<br>|

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp; $13850289365 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13850289365 |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp; 148715311 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 148715311 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 70500008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70500008 |
| Total Investments | &nbsp;&nbsp; $13999004676 | &nbsp;&nbsp; $70500008 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14069504684 |

---

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

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

79 \|

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Bonds and Notes |  |  |  |  |
| ABS Residential Mortgage | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1135 | &nbsp;&nbsp; $1135 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1315533 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 1315666 |
| All Other Bonds and Notes(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 233677136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 233677136 |
| Total Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 234992669 | &nbsp;&nbsp; 1268 | &nbsp;&nbsp; 234993937 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 5271017 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5271017 |
| Total Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 240263686 | &nbsp;&nbsp; 1268 | &nbsp;&nbsp; 240264954 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp; 61889 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61889 |
| Total | &nbsp;&nbsp; $61889 | &nbsp;&nbsp; $240263686 | &nbsp;&nbsp; $1268 | &nbsp;&nbsp; $240326843 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Bonds and Notes |  |  |  |  |
| ABS Home Equity | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7526 | &nbsp;&nbsp; $7526 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 49667818 | &nbsp;&nbsp; 5562416 | &nbsp;&nbsp; 55230234 |
| All Other Bonds and Notes(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 590362121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 590362121 |
| Total Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 640029939 | &nbsp;&nbsp; 5569942 | &nbsp;&nbsp; 645599881 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 38233284 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38233284 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $678263223 | &nbsp;&nbsp; $5569942 | &nbsp;&nbsp; $683833165 |

---

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

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2024 and/or March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in <br> Securities<br>| Balance as of <br>September 30, <br>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>March 31, <br>2025<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>from <br>Investments <br>Still Held at <br>March 31, <br>2025<br>|
| Bonds and Notes |  |  |  |  |  |  |  |  |  |  |
| Non-Convertible <br> Bonds<br>|  |  |  |  |  |  |  |  |  |  |
| ABS Residential <br> Mortgage<br>| $8495 | $— | $— | $38 | $— | $(998)<br>| $— | $— | $7535 | $20 |
| Collateralized <br> Mortgage <br> Obligations<br>| 243532 |  | 160 | 641 | 1519 | (39640)<br>|  |  | 206212 | 278 |
| Total | $252027 | $— | $160 | $679 | $1519 | $(40638)<br>| $— | $— | $213747 | $298 |

---

\| 80

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** | **Intermediate Duration Bond Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in <br> Securities<br>| Balance as of <br>September 30, <br>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>March 31, <br>2025<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>from <br>Investments <br>Still Held at <br>March 31, <br>2025<br>|
| Bonds and Notes |  |  |  |  |  |  |  |  |  |  |
| ABS Residential <br> Mortgage<br>| $1280 | $— | $— | $5 | $— | $(150)<br>| $— | $— | $1135 | $3 |
| Collateralized <br> Mortgage <br> Obligations<br>| 136 |  |  |  |  | (3)<br>|  |  | 133 | 1 |
| Total | $1416 | $— | $— | $5 | $— | $(153)<br>| $— | $— | $1268 | $4 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** | **Limited Term Government and Agency Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in <br> Securities<br>| Balance as of <br>September 30, <br>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>March 31, <br>2025<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>from <br>Investments <br>Still Held at <br>March 31, <br>2025<br>|
| Bonds and Notes |  |  |  |  |  |  |  |  |  |  |
| ABS Home Equity | $7981 | $— | $8 | $28 | $— | $(491)<br>| $— | $— | $7526 | $1 |
| Collateralized <br> Mortgage <br> Obligations<br>| 6299729 |  | 4502 | (14142)<br>| 4038 | (898833)<br>| 167122 |  | 5562416 | (18834)<br>|
| Total | $6307710 | $— | $4510 | $(14114)<br>| $4038 | $(899324)<br>| $167122 | $— | $5569942 | $(18833)<br>|

---

A debt security valued at $167,122 was transferred from Level 2 to Level 3 during the period ended March 31, 2025. At September 30, 2024, this security was fair valued based on evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund's valuation policies. At March 31, 2025, this security was fair valued as determined by the Fund's valuation designee as an independent pricing service did not provide a reliable price for the security.

**4. Derivatives.** Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that Core Plus Bond Fund, Global Allocation Fund and Intermediate Duration Bond Fund used during the period include forward foreign currency contracts and futures contracts.

The Funds are subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Funds may enter into forward foreign currency contracts for hedging purposes to protect the value of the Funds' holdings of foreign securities. The Funds may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Funds. During the six months ended March 31, 2025, Global Allocation Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

The Funds are subject to the risk that changes in interest rates will affect the value of the Funds' investments in fixed income securities. The Funds will be subject to increased interest rate risk to the extent that they invest in fixed income securities with longer maturities or durations, as compared to investing in fixed income securities with shorter maturities or durations. The Funds may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities.

81 \|

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

The Funds may also use futures contracts to gain investment exposure. During the six months ended March 31, 2025, Core Plus Bond Fund, Global Allocation Fund and Intermediate Duration Bond Fund each used futures contracts to manage duration.

The following is a summary of derivative instruments for Core Plus Bond Fund as of March 31, 2025, as reflected within the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Assets | Unrealized <br>appreciation <br>on futures <br>contracts<sup>1</sup> <br>|
| Exchange-traded asset derivatives |  |
| Interest rate contracts | &nbsp;&nbsp; $3053287 |

---

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

1 Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day's variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Core Plus Bond Fund during the six months ended March 31, 2025, as reflected within the Statements of Operations were as follows:

---

| | |
|:---|:---|
| Net Realized Gain (Loss) on: | Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $(13322578)<br>|

---

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

---

| | |
|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $3407935 |

---

The following is a summary of derivative instruments for Global Allocation Fund as of March 31, 2025, as reflected within the Statements of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Assets | Unrealized <br>appreciation <br>on forward <br>foreign <br>currency <br>contracts<br>| Unrealized <br>appreciation <br>on futures <br>contracts<sup>1</sup> <br>| Total |
| Over-the-counter asset derivatives |  |  |  |
| Foreign exchange contracts | &nbsp;&nbsp; $523715 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $523715 |
| Exchange-traded asset derivatives |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1388925 | &nbsp;&nbsp; 1388925 |
| Total asset derivatives | &nbsp;&nbsp; $523715 | &nbsp;&nbsp; $1388925 | &nbsp;&nbsp; $1912640 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Liabilities | Unrealized <br>depreciation <br>on forward <br>foreign <br>currency <br>contracts<br>| Unrealized <br>depreciation <br>on futures <br>contracts<sup>1</sup> <br>| Total |
| Over-the-counter liability derivatives |  |  |  |
| Foreign exchange contracts | &nbsp;&nbsp; $(1556813)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1556813)<br>|
| Exchange-traded liability derivatives |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (23115)<br>| &nbsp;&nbsp; (23115)<br>|
| Total liability derivatives | &nbsp;&nbsp; $(1556813)<br>| &nbsp;&nbsp; $(23115)<br>| &nbsp;&nbsp; $(1579928)<br>|

---

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

1 Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day's variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

\| 82

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

Transactions in derivative instruments for Global Allocation Fund during the six months ended March 31, 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>|
| Interest rate contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1764254)<br>|
| Foreign exchange contracts | &nbsp;&nbsp; (195446)<br>| &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $(195446)<br>| &nbsp;&nbsp; $(1764254)<br>|

---

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

---

| | | |
|:---|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Forward <br>foreign <br>currency <br>contracts<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1044953 |
| Foreign exchange contracts | &nbsp;&nbsp; 31045 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $31045 | &nbsp;&nbsp; $1044953 |

---

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of March 31, 2025, as reflected within the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Assets | Unrealized <br>appreciation <br>on futures <br>contracts<sup>1</sup> <br>|
| Exchange-traded asset derivatives |  |
| Interest rate contracts | &nbsp;&nbsp; $61889 |

---

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

1 Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day's variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Intermediate Duration Bond Fund during the six months ended March 31, 2025, as reflected within the Statements of Operations were as follows:

---

| | |
|:---|:---|
| Net Realized Gain (Loss) on: | Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $(572931)<br>|

---

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

---

| | |
|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $65713 |

---

As the Funds value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Funds' investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

The volume of forward foreign currency contract and futures contract activity, as a percentage of net assets for Core Plus Bond Fund, Global Allocation Fund and Intermediate Duration Bond Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2025:

---

| | |
|:---|:---|
| Core Plus Bond Fund | Futures |
| Average Notional Amount Outstanding | 9.80<br> %<br>|
| Highest Notional Amount Outstanding | 13.15<br> %<br>|
| Lowest Notional Amount Outstanding | 9.02<br> %<br>|
| Notional Amount Outstanding as of March 31, 2025 | 9.02<br> %<br>|

---

83 \|

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| Global Allocation Fund | Forwards | Futures |
| Average Notional Amount Outstanding | 10.65<br> %<br>| 8.92<br> %<br>|
| Highest Notional Amount Outstanding | 12.58<br> %<br>| 9.75<br> %<br>|
| Lowest Notional Amount Outstanding | 10.08<br> %<br>| 8.27<br> %<br>|
| Notional Amount Outstanding as of March 31, 2025 | 10.45<br> %<br>| 9.75<br> %<br>|

---

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

---

| | |
|:---|:---|
| Intermediate Duration Bond Fund | Futures |
| Average Notional Amount Outstanding | 5.75<br> %<br>|
| Highest Notional Amount Outstanding | 5.96<br> %<br>|
| Lowest Notional Amount Outstanding | 5.43<br> %<br>|
| Notional Amount Outstanding as of March 31, 2025 | 5.96<br> %<br>|

---

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

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

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. ("ISDA") agreements negotiated between the Funds and their counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds' ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of March 31, 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** |
| Counterparty | Gross Amounts of <br>Assets<br>| Offset <br>Amount<br>| Net Asset <br>Balance<br>| Collateral <br>(Received)/ <br>Pledged<br>| Net <br>Amount<br>|
| Bank of America N.A. | &nbsp;&nbsp; $260541 | &nbsp;&nbsp; $(260541)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Deutsche Bank AG | &nbsp;&nbsp; 41556 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41556 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41556 |
| HSBC Bank USA N.A. | &nbsp;&nbsp; 81566 | &nbsp;&nbsp; (81566)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 19053 | &nbsp;&nbsp; (19053)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Royal Bank of Canada | &nbsp;&nbsp; 12596 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12596 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12596 |
| UBS AG | &nbsp;&nbsp; 108403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 108403 | &nbsp;&nbsp; (108403)<br>| &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $523715 | &nbsp;&nbsp; $(361160)<br>| &nbsp;&nbsp; $162555 | &nbsp;&nbsp; $(108403)<br>| &nbsp;&nbsp; $54152 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Amounts of <br>Liabilities<br>| Offset <br>Amount<br>| Net Liability <br>Balance<br>| Collateral <br>(Received)/ <br>Pledged<br>| Net <br>Amount<br>|
| Bank of America N.A. | &nbsp;&nbsp; $(632647)<br>| &nbsp;&nbsp; $260541 | &nbsp;&nbsp; $(372106)<br>| &nbsp;&nbsp; $368277 | &nbsp;&nbsp; $(3829)<br>|
| HSBC Bank USA N.A. | &nbsp;&nbsp; (233000)<br>| &nbsp;&nbsp; 81566 | &nbsp;&nbsp; (151434)<br>| &nbsp;&nbsp; 151434 | &nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; (691166)<br>| &nbsp;&nbsp; 19053 | &nbsp;&nbsp; (672113)<br>| &nbsp;&nbsp; 672113 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $(1556813)<br>| &nbsp;&nbsp; $361160 | &nbsp;&nbsp; $(1195653)<br>| &nbsp;&nbsp; $1191824 | &nbsp;&nbsp; $(3829)<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

\| 84

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank and Trust Company ("State Street Bank").

Counterparty risk is managed based on policies and procedures established by each Fund's adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund's aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange's clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker's customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a *pro rata* basis across all of the broker's customers, potentially resulting in losses to the Fund.

**5. Purchases and Sales of Securities.** For the six months ended March 31, 2025, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/ <br>Agency Securities | U.S. Government/ <br>Agency Securities | Other Securities | Other Securities |
| Fund | Purchases | Sales | Purchases | Sales |
| Core Plus Bond Fund | &nbsp;&nbsp; $4949753456 | &nbsp;&nbsp; $5237575743 | &nbsp;&nbsp; $675968415 | &nbsp;&nbsp; $353718638 |
| Global Allocation Fund | &nbsp;&nbsp; 62346299 | &nbsp;&nbsp; 86748778 | &nbsp;&nbsp; 382439391 | &nbsp;&nbsp; 585498291 |
| Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 456983771 | &nbsp;&nbsp; 1267028818 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 57670077 | &nbsp;&nbsp; 77913762 | &nbsp;&nbsp; 112310439 | &nbsp;&nbsp; 114234006 |
| Limited Term Government and Agency <br> Fund<br>| &nbsp;&nbsp; 828081454 | &nbsp;&nbsp; 885879565 | &nbsp;&nbsp; 7291768 | &nbsp;&nbsp; 2895318 |

---

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets |
| Fund | First <br>$100 million<br>| Next <br>$400 million<br>| Next <br>$500 million<br>| Next <br>$1 billion<br>| Next <br>$2 billion<br>| Over <br>$4 billion<br>|
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.2000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1875<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1875<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1875<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1500<br> %<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.7500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.7500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.7500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.7500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.7300<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.7000<br> %<br>|
| Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.5000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5000<br> %<br>|
| Intermediate Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>|
| Limited Term Government and Agency Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.3250<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.3250<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.3000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2500<br> %<br>|

---

Natixis Advisors, LLC ("Natixis Advisors") serves as the advisory administrator to Core Plus Bond Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Under the terms of the advisory administration agreement, the Fund pays an advisory administration fee at the following annual rates, calculated daily and payable monthly, based on its average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets |
| Fund | First <br>$100 million<br>| Next <br>$1.9 billion<br>| Over <br>$2 billion<br>|
| Core Plus Bond Fund | 0.2000<br> %<br>| 0.1875<br> %<br>| 0.1500<br> %<br>|

---

85 \|

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

Management and advisory administration fees are presented in the Statements of Operations as management fees.

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds' operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2026, may be terminated before then only with the consent of the Funds' Board of Trustees and are reevaluated on an annual basis. In addition, Loomis Sayles will voluntarily waive its management fee on any portion of the Growth Fund's assets that are invested in the Natixis Loomis Sayles Focused Growth ETF. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 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 |
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Intermediate Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Limited Term Government and Agency <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|

---

Loomis Sayles and Natixis Advisors have agreed to equally bear the waivers and/or expense reimbursements for Core Plus Bond Fund.

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

For the six months ended March 31, 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>  | Voluntary <br>Waivers of <br>Management <br>Fees<sup>2</sup>  | Net <br>Management <br>Fees | Percentage of <br>Average <br>Daily Net Assets | Percentage of <br>Average <br>Daily Net Assets |
| Fund | Gross <br>Management <br>Fees | Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | Voluntary <br>Waivers of <br>Management <br>Fees<sup>2</sup>  | Net <br>Management <br>Fees | Gross | Net |
| Core Plus Bond Fund | &nbsp;&nbsp; $6184900 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6184900 | 0.16<br> %<br>| 0.16<br> %<br>|
| Global Allocation Fund | &nbsp;&nbsp; 11015395 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11015395 | 0.74<br> %<br>| 0.74<br> %<br>|
| Growth Fund | &nbsp;&nbsp; 38514142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 407051 | &nbsp;&nbsp; 38107091 | 0.50<br> %<br>| 0.49<br> %<br>|
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 299967 | &nbsp;&nbsp; 109879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 190088 | 0.25<br> %<br>| 0.16<br> %<br>|
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 1126100 | &nbsp;&nbsp; 236196 | &nbsp;&nbsp; — | &nbsp;&nbsp; 889904 | 0.32<br> %<br>| 0.25<br> %<br>|

---

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

<sup>1</sup> Waiver/expense reimbursements are subject to possible recovery until September 30, 2026. <br> <sup>2</sup> Voluntary management fee waivers are not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2025, class-specific expenses have been reimbursed as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Reimbursement | Reimbursement | Reimbursement | Reimbursement | Reimbursement |
|  | Class A | Class C | Class N | Class Y | Total |
| Core Plus Bond Fund | &nbsp;&nbsp; $5343 | &nbsp;&nbsp; $392 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $97846 | &nbsp;&nbsp; $103581 |

---

For the six months ended March 31, 2025, the advisory administration fees for Core Plus Bond Fund were $6,184,900 (effective rate of 0.16% of average daily net assets).

No expenses were recovered for any of the Funds during the six months ended March 31, 2025 under the terms of the expense limitation agreements.

\| 86

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Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

&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 Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to the Fund's Class A shares (the "Class A Plans") and a Distribution and Service Plan relating to the Fund's Class C shares (the "Class C Plans").

Under the Class A Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund's Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class C Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund's Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at the annual rate of 0.75% of the average daily net assets attributable to the Fund's Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

For the six months ended March 31, 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 |
| Core Plus Bond Fund | &nbsp;&nbsp; $437498 | &nbsp;&nbsp; $27953 | &nbsp;&nbsp; $83859 |
| Global Allocation Fund | &nbsp;&nbsp; 704859 | &nbsp;&nbsp; 284999 | &nbsp;&nbsp; 854997 |
| Growth Fund | &nbsp;&nbsp; 1514543 | &nbsp;&nbsp; 131272 | &nbsp;&nbsp; 393815 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 3581 | &nbsp;&nbsp; 906 | &nbsp;&nbsp; 2719 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 211934 | &nbsp;&nbsp; 7204 | &nbsp;&nbsp; 21610 |

---

For the six months ended March 31, 2025, Natixis Distribution refunded Limited Term Government and Agency Fund $6,527 of prior year Class A service fees paid to Natixis Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statements of Operations have been reduced by these amounts.

**c. Administrative Fees.** Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its *pro rata* portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2025, the administrative fees for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Administrative <br>Fees<br>|
| Core Plus Bond Fund | &nbsp;&nbsp; $1669386 |
| Global Allocation Fund | &nbsp;&nbsp; 639107 |
| Growth Fund | &nbsp;&nbsp; 3322383 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 51762 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 152957 |

---

**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

87 \|

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

Natixis Distribution are subject to a current equivalent fee limit approved by the Funds' Board of Trustees, which is based on fees for similar services paid to the Funds' transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 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>|
| Core Plus Bond Fund | &nbsp;&nbsp; $2878222 |
| Global Allocation Fund | &nbsp;&nbsp; 1238624 |
| Growth Fund | &nbsp;&nbsp; 6512497 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 77090 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 229626 |

---

As of March 31, 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>|
| Core Plus Bond Fund | &nbsp;&nbsp; $71183 |
| Global Allocation Fund | &nbsp;&nbsp; 43597 |
| Growth Fund | &nbsp;&nbsp; 126426 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 5929 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 12328 |

---

**e. Commissions.** Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended March 31, 2025 were as follows:

---

| | |
|:---|:---|
| Fund | Commissions |
| Core Plus Bond Fund | &nbsp;&nbsp; $7950 |
| Global Allocation Fund | &nbsp;&nbsp; 7009 |
| Growth Fund | &nbsp;&nbsp; 52074 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 33 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 2867 |

---

**f. Trustees Fees and Expenses.** The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $410,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $235,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the Chairperson of the Contract Review Committee and the Chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $30,000. The Chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

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.

\| 88

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Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants' deferral accounts are allocated *pro rata* among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts and are normally reflected as Trustees' fees and expenses in the Statements of Operations. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees' fees in the Statements of Assets and Liabilities.

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

**g. Affiliated Ownership.** As of March 31, 2025, the percentage of each Fund's net assets owned by affiliates is as follows:

---

| | |
|:---|:---|
|  | Percentage of <br>Net Assets<br>|
| Core Plus Bond Fund |  |
| Loomis Sayles Employees' Profit Sharing Retirement Plan | 0.17<br> %<br>|
| Global Allocation Fund |  |
| Loomis Sayles Employees' Profit Sharing Retirement Plan | 0.77<br> %<br>|
| Growth Fund |  |
| Loomis Sayles Employees' Profit Sharing Retirement Plan | 0.82<br> %<br>|
| Loomis Sayles Funded Pension Plan and Trust | 0.09<br> %<br>|
|  | 0.91<br> %<br>|
| Limited Term Government and Agency Fund |  |
| Loomis Sayles Employees' Profit Sharing Retirement Plan | 0.51<br> %<br>|
| Loomis Sayles Distribution and Trust | 1.34<br> %<br>|
| Natixis Target Retirement 2015 Fund | 0.07<br> %<br>|
| Natixis Target Retirement 2020 Fund | 0.07<br> %<br>|
| Natixis Target Retirement 2025 Fund | 0.12<br> %<br>|
| Natixis Target Retirement 2030 Fund | 0.17<br> %<br>|
| Natixis Target Retirement 2035 Fund | 0.15<br> %<br>|
| Natixis Target Retirement 2040 Fund | 0.13<br> %<br>|
| Natixis Target Retirement 2045 Fund | 0.08<br> %<br>|
|  | 2.64<br> %<br>|

---

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

**h. Reimbursement of Transfer Agent Fees and Expenses.** Natixis Advisors has given a binding contractual undertaking to Intermediate Duration Bond Fund and Limited Term Government and Agency Fund to reimburse any and all transfer agency expenses for the Funds' Class N shares. This undertaking is in effect through January 31, 2026 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2025, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

---

| | |
|:---|:---|
|  | Reimbursement of <br>Transfer Agency <br>Expenses<br>|
| Fund | Class N |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; $1105 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 1403 |

---

**i. Payment by Affiliates.** For the six months ended March 31, 2025, Natixis reimbursed Core Plus Bond Fund $188, Global Allocation Fund $7,860, Growth Fund $188 and Limited Term Government and Agency Fund $188 for losses incurred in connection with an operating error. These amounts are net of reimbursements in shareholder reporting expenses on the Statements of Operations.

89 \|

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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

**j. Affiliated Fund Transactions.** A summary of affiliated fund transactions for each underlying fund held by the Funds for the six months ended March 31, 2025, is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| Fund | Beginning <br>Value<br>| Purchase <br>Cost<sup>(1)</sup> <br>| Sales <br>Proceeds<br>| Realized <br>Gain <br>(Loss)<br>| Change in <br>Unrealized <br>Gain <br>(Loss)<br>| Ending <br>Value<br>| Shares <br>as of <br>March 31, <br>2025<br>| Distribution <br>Received<sup>(2)</sup> <br>|
| Natixis Loomis Sayles <br> Focused Growth ETF<br>| &nbsp;&nbsp; $151605565 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2890254)<br>| &nbsp;&nbsp; $148715311 | &nbsp;&nbsp; 4284398 | &nbsp;&nbsp; $127247 |

---

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

<sup>(1)</sup> Purchase cost includes dividend reinvested, if any. <br> <sup>(2)</sup> Distributions received includes distributions from net investment income and from capital gains, if any.

**7. Class-Specific Transfer Agent Fees and Expenses.** Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a *pro rata* basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the six months ended March 31, 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 |
| Core Plus Bond Fund | &nbsp;&nbsp; $187391 | &nbsp;&nbsp; $11967 | &nbsp;&nbsp; $19866 | &nbsp;&nbsp; $2789568 |
| Global Allocation Fund | &nbsp;&nbsp; 269580 | &nbsp;&nbsp; 108975 | &nbsp;&nbsp; 3625 | &nbsp;&nbsp; 899459 |
| Growth Fund | &nbsp;&nbsp; 568691 | &nbsp;&nbsp; 49305 | &nbsp;&nbsp; 8562 | &nbsp;&nbsp; 6199117 |
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 80625 |
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 83735 | &nbsp;&nbsp; 2759 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; 226866 |

---

**8. Expense Offset Arrangements.** The Funds have entered into an agreement with the transfer agent whereby certain transfer agent fees and expenses may be paid indirectly by credits earned on the Funds' cash balances. Transfer agent fees and expenses are presented in the Statements of Operations gross of such credits, and the credits are presented as offsets to expenses.

**9. Line of Credit.** Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund's investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2025, Global Allocation Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $16,950,000 at a weighted average interest rate of 5.43%. Interest expense incurred on the line of credit was $10,227.

For the six months ended March 31, 2025, Growth Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $54,500,000 at a weighted average interest rate of 5.68%. Interest expense incurred on the line of credit was $8,599.

**10. Risk.** Global Allocation Fund's investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund's investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Core Plus Bond Fund and Limited Term Government and Agency Fund's investments in mortgage-related and asset-backed securities are subject to certain risks not associated with investments in other securities. Mortgage-related and asset-backed securities are subject to the risk that unexpected changes in interest rates will have a direct effect on expected maturity. A shortened maturity may result in the reinvestment of prepaid amounts in securities with lower yields than the original obligations. An extended maturity may result in a reduction of a security's value.

\| 90

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Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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 accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2025, based on management's evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds' total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Number of 5% <br>Account Holders<br>| Percentage <br>of Ownership<br>|
| Core Plus Bond Fund | &nbsp;&nbsp; 2 | 10.58<br> %<br>|
| Intermediate Duration Bond Fund | &nbsp;&nbsp; 3 | 29.08<br> %<br>|
| Limited Term Government and Agency Fund | &nbsp;&nbsp; 1 | 9.49<br> %<br>|

---

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

**12. Capital Shares**. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** | **Six Months Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
| **Core Plus Bond Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 4042287 | &nbsp;&nbsp; $45942495 | &nbsp;&nbsp; 8896197 | &nbsp;&nbsp; $100999451 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 404807 | &nbsp;&nbsp; 4599964 | &nbsp;&nbsp; 935231 | &nbsp;&nbsp; 10603418 |
| Redeemed | &nbsp;&nbsp; (10388637)<br>| &nbsp;&nbsp; (117319188)<br>| &nbsp;&nbsp; (10739004)<br>| &nbsp;&nbsp; (121688504)<br>|
| Net change | &nbsp;&nbsp; (5941543)<br>| &nbsp;&nbsp; $(66776729)<br>| &nbsp;&nbsp; (907576)<br>| &nbsp;&nbsp; $(10085635)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 177194 | &nbsp;&nbsp; $2029872 | &nbsp;&nbsp; 386000 | &nbsp;&nbsp; $4374416 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 26543 | &nbsp;&nbsp; 302010 | &nbsp;&nbsp; 67150 | &nbsp;&nbsp; 761463 |
| Redeemed | &nbsp;&nbsp; (427012)<br>| &nbsp;&nbsp; (4860370)<br>| &nbsp;&nbsp; (1203189)<br>| &nbsp;&nbsp; (13621891)<br>|
| Net change | &nbsp;&nbsp; (223275)<br>| &nbsp;&nbsp; $(2528488)<br>| &nbsp;&nbsp; (750039)<br>| &nbsp;&nbsp; $(8486012)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 33975593 | &nbsp;&nbsp; $389157823 | &nbsp;&nbsp; 61252701 | &nbsp;&nbsp; $705632232 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 3599392 | &nbsp;&nbsp; 41322897 | &nbsp;&nbsp; 7320952 | &nbsp;&nbsp; 83867294 |
| Redeemed | &nbsp;&nbsp; (25264127)<br>| &nbsp;&nbsp; (289961089)<br>| &nbsp;&nbsp; (70396497)<br>| &nbsp;&nbsp; (806515643)<br>|
| Net change | &nbsp;&nbsp; 12310858 | &nbsp;&nbsp; $140519631 | &nbsp;&nbsp; (1822844)<br>| &nbsp;&nbsp; $(17016117)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 77445202 | &nbsp;&nbsp; $889502039 | &nbsp;&nbsp; 168527582 | &nbsp;&nbsp; $1928461770 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 7579472 | &nbsp;&nbsp; 86967654 | &nbsp;&nbsp; 14644789 | &nbsp;&nbsp; 167721063 |
| Redeemed | &nbsp;&nbsp; (78957178)<br>| &nbsp;&nbsp; (905486390)<br>| &nbsp;&nbsp; (117231012)<br>| &nbsp;&nbsp; (1338784933)<br>|
| Net change | &nbsp;&nbsp; 6067496 | &nbsp;&nbsp; $70983303 | &nbsp;&nbsp; 65941359 | &nbsp;&nbsp; $757397900 |
| Increase from capital share transactions | &nbsp;&nbsp; 12213536 | &nbsp;&nbsp; $142197717 | &nbsp;&nbsp; 62460900 | &nbsp;&nbsp; $721810136 |

---

91 \|

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** | **Six Months Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
| **Global Allocation Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1894609 | &nbsp;&nbsp; $47570243 | &nbsp;&nbsp; 3769034 | &nbsp;&nbsp; $90310697 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1078018 | &nbsp;&nbsp; 26120387 | &nbsp;&nbsp; 568298 | &nbsp;&nbsp; 13014029 |
| Redeemed | &nbsp;&nbsp; (3666922)<br>| &nbsp;&nbsp; (91754665)<br>| &nbsp;&nbsp; (4150610)<br>| &nbsp;&nbsp; (98953766)<br>|
| Net change | &nbsp;&nbsp; (694295)<br>| &nbsp;&nbsp; $(18064035)<br>| &nbsp;&nbsp; 186722 | &nbsp;&nbsp; $4370960 |
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 256671 | &nbsp;&nbsp; $6179373 | &nbsp;&nbsp; 625294 | &nbsp;&nbsp; $14500478 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 563926 | &nbsp;&nbsp; 13066172 | &nbsp;&nbsp; 385461 | &nbsp;&nbsp; 8457002 |
| Redeemed | &nbsp;&nbsp; (1583517)<br>| &nbsp;&nbsp; (38166322)<br>| &nbsp;&nbsp; (3786277)<br>| &nbsp;&nbsp; (86658652)<br>|
| Net change | &nbsp;&nbsp; (762920)<br>| &nbsp;&nbsp; $(18920777)<br>| &nbsp;&nbsp; (2775522)<br>| &nbsp;&nbsp; $(63701172)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 897992 | &nbsp;&nbsp; $22819548 | &nbsp;&nbsp; 1550741 | &nbsp;&nbsp; $37188325 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 669722 | &nbsp;&nbsp; 16461753 | &nbsp;&nbsp; 412093 | &nbsp;&nbsp; 9560563 |
| Redeemed | &nbsp;&nbsp; (1284485)<br>| &nbsp;&nbsp; (32914971)<br>| &nbsp;&nbsp; (3125624)<br>| &nbsp;&nbsp; (76645189)<br>|
| Net change | &nbsp;&nbsp; 283229 | &nbsp;&nbsp; $6366330 | &nbsp;&nbsp; (1162790)<br>| &nbsp;&nbsp; $(29896301)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 4665119 | &nbsp;&nbsp; $118841667 | &nbsp;&nbsp; 9672545 | &nbsp;&nbsp; $232890606 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 4424867 | &nbsp;&nbsp; 108718992 | &nbsp;&nbsp; 2491406 | &nbsp;&nbsp; 57775714 |
| Redeemed | &nbsp;&nbsp; (9059638)<br>| &nbsp;&nbsp; (230640648)<br>| &nbsp;&nbsp; (17804379)<br>| &nbsp;&nbsp; (430937975)<br>|
| Net change | &nbsp;&nbsp; 30348 | &nbsp;&nbsp; $(3079989)<br>| &nbsp;&nbsp; (5640428)<br>| &nbsp;&nbsp; $(140271655)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (1143638)<br>| &nbsp;&nbsp; $(33698471)<br>| &nbsp;&nbsp; (9392018)<br>| &nbsp;&nbsp; $(229498168)<br>|

---

\| 92

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** | **Six Months Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
| **Growth Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 4024160 | &nbsp;&nbsp; $107151125 | &nbsp;&nbsp; 13398629 | &nbsp;&nbsp; $286482973 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1790121 | &nbsp;&nbsp; 47706737 | &nbsp;&nbsp; 1793483 | &nbsp;&nbsp; 36891954 |
| Redeemed | &nbsp;&nbsp; (5102154)<br>| &nbsp;&nbsp; (133965627)<br>| &nbsp;&nbsp; (10791043)<br>| &nbsp;&nbsp; (241033217)<br>|
| Net change | &nbsp;&nbsp; 712127 | &nbsp;&nbsp; $20892235 | &nbsp;&nbsp; 4401069 | &nbsp;&nbsp; $82341710 |
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 692891 | &nbsp;&nbsp; $15164235 | &nbsp;&nbsp; 1789111 | &nbsp;&nbsp; $32977890 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 255314 | &nbsp;&nbsp; 5570943 | &nbsp;&nbsp; 283961 | &nbsp;&nbsp; 4881292 |
| Redeemed | &nbsp;&nbsp; (1018888)<br>| &nbsp;&nbsp; (22294729)<br>| &nbsp;&nbsp; (1898440)<br>| &nbsp;&nbsp; (35659087)<br>|
| Net change | &nbsp;&nbsp; (70683)<br>| &nbsp;&nbsp; $(1559551)<br>| &nbsp;&nbsp; 174632 | &nbsp;&nbsp; $2200095 |
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 4619432 | &nbsp;&nbsp; $137884899 | &nbsp;&nbsp; 8709843 | &nbsp;&nbsp; $217640640 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 968471 | &nbsp;&nbsp; 29044455 | &nbsp;&nbsp; 1035470 | &nbsp;&nbsp; 23732974 |
| Redeemed | &nbsp;&nbsp; (5150198)<br>| &nbsp;&nbsp; (154863198)<br>| &nbsp;&nbsp; (13460136)<br>| &nbsp;&nbsp; (326380825)<br>|
| Net change | &nbsp;&nbsp; 437705 | &nbsp;&nbsp; $12066156 | &nbsp;&nbsp; (3714823)<br>| &nbsp;&nbsp; $(85007211)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 57162054 | &nbsp;&nbsp; $1691623149 | &nbsp;&nbsp; 119507577 | &nbsp;&nbsp; $2958476463 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 19632459 | &nbsp;&nbsp; 586814190 | &nbsp;&nbsp; 21411762 | &nbsp;&nbsp; 489686993 |
| Redeemed | &nbsp;&nbsp; (72309916)<br>| &nbsp;&nbsp; (2159021390)<br>| &nbsp;&nbsp; (119148322)<br>| &nbsp;&nbsp; (2986612224)<br>|
| Net change | &nbsp;&nbsp; 4484597 | &nbsp;&nbsp; $119415949 | &nbsp;&nbsp; 21771017 | &nbsp;&nbsp; $461551232 |
| Increase from capital share transactions | &nbsp;&nbsp; 5563746 | &nbsp;&nbsp; $150814789 | &nbsp;&nbsp; 22631895 | &nbsp;&nbsp; $461085826 |

---

93 \|

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** | **Six Months Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
| **Intermediate Duration Bond Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 22985 | &nbsp;&nbsp; $219437 | &nbsp;&nbsp; 37428 | &nbsp;&nbsp; $350424 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 3471 | &nbsp;&nbsp; 32995 | &nbsp;&nbsp; 11025 | &nbsp;&nbsp; 103176 |
| Redeemed | &nbsp;&nbsp; (46031)<br>| &nbsp;&nbsp; (435992)<br>| &nbsp;&nbsp; (509476)<br>| &nbsp;&nbsp; (4797131)<br>|
| Net change | &nbsp;&nbsp; (19575)<br>| &nbsp;&nbsp; $(183560)<br>| &nbsp;&nbsp; (461023)<br>| &nbsp;&nbsp; $(4343531)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 38295 | &nbsp;&nbsp; $366440 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1169 | &nbsp;&nbsp; 11155 | &nbsp;&nbsp; 2574 | &nbsp;&nbsp; 24316 |
| Redeemed | &nbsp;&nbsp; (9971)<br>| &nbsp;&nbsp; (95676)<br>| &nbsp;&nbsp; (40583)<br>| &nbsp;&nbsp; (389907)<br>|
| Net change | &nbsp;&nbsp; (8802)<br>| &nbsp;&nbsp; $(84521)<br>| &nbsp;&nbsp; 286 | &nbsp;&nbsp; $849 |
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 3438009 | &nbsp;&nbsp; $33025725 | &nbsp;&nbsp; 429618 | &nbsp;&nbsp; $4038837 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 68618 | &nbsp;&nbsp; 651115 | &nbsp;&nbsp; 257436 | &nbsp;&nbsp; 2419149 |
| Redeemed | &nbsp;&nbsp; (5999143)<br>| &nbsp;&nbsp; (57581081)<br>| &nbsp;&nbsp; (886737)<br>| &nbsp;&nbsp; (8304185)<br>|
| Net change | &nbsp;&nbsp; (2492516)<br>| &nbsp;&nbsp; $(23904241)<br>| &nbsp;&nbsp; (199683)<br>| &nbsp;&nbsp; $(1846199)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1326078 | &nbsp;&nbsp; $12585487 | &nbsp;&nbsp; 2743485 | &nbsp;&nbsp; $25828178 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 441099 | &nbsp;&nbsp; 4190024 | &nbsp;&nbsp; 1037979 | &nbsp;&nbsp; 9746189 |
| Redeemed | &nbsp;&nbsp; (1691233)<br>| &nbsp;&nbsp; (16062089)<br>| &nbsp;&nbsp; (13366582)<br>| &nbsp;&nbsp; (125518459)<br>|
| Net change | &nbsp;&nbsp; 75944 | &nbsp;&nbsp; $713422 | &nbsp;&nbsp; (9585118)<br>| &nbsp;&nbsp; $(89944092)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (2444949)<br>| &nbsp;&nbsp; $(23458900)<br>| &nbsp;&nbsp; (10245538)<br>| &nbsp;&nbsp; $(96132973)<br>|

---

\| 94

------

Notes to Financial Statements (continued)

March 31, 2025 (Unaudited)

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** | **Six Months Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
| **Limited Term Government and Agency Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1113119 | &nbsp;&nbsp; $11986936 | &nbsp;&nbsp; 2761835 | &nbsp;&nbsp; $29525169 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 270675 | &nbsp;&nbsp; 2919966 | &nbsp;&nbsp; 637292 | &nbsp;&nbsp; 6830733 |
| Redeemed | &nbsp;&nbsp; (3206579)<br>| &nbsp;&nbsp; (34510187)<br>| &nbsp;&nbsp; (5734764)<br>| &nbsp;&nbsp; (61428874)<br>|
| Net change | &nbsp;&nbsp; (1822785)<br>| &nbsp;&nbsp; $(19603285)<br>| &nbsp;&nbsp; (2335637)<br>| &nbsp;&nbsp; $(25072972)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 55084 | &nbsp;&nbsp; $591091 | &nbsp;&nbsp; 189942 | &nbsp;&nbsp; $2029979 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 6883 | &nbsp;&nbsp; 74077 | &nbsp;&nbsp; 17623 | &nbsp;&nbsp; 188304 |
| Redeemed | &nbsp;&nbsp; (99822)<br>| &nbsp;&nbsp; (1071918)<br>| &nbsp;&nbsp; (471874)<br>| &nbsp;&nbsp; (5029451)<br>|
| Net change | &nbsp;&nbsp; (37855)<br>| &nbsp;&nbsp; $(406750)<br>| &nbsp;&nbsp; (264309)<br>| &nbsp;&nbsp; $(2811168)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1456851 | &nbsp;&nbsp; $15716054 | &nbsp;&nbsp; 1631653 | &nbsp;&nbsp; $17552150 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 99714 | &nbsp;&nbsp; 1078696 | &nbsp;&nbsp; 194303 | &nbsp;&nbsp; 2090085 |
| Redeemed | &nbsp;&nbsp; (1778014)<br>| &nbsp;&nbsp; (19155775)<br>| &nbsp;&nbsp; (941379)<br>| &nbsp;&nbsp; (10116770)<br>|
| Net change | &nbsp;&nbsp; (221449)<br>| &nbsp;&nbsp; $(2361025)<br>| &nbsp;&nbsp; 884577 | &nbsp;&nbsp; $9525465 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 7586363 | &nbsp;&nbsp; $82126838 | &nbsp;&nbsp; 19625748 | &nbsp;&nbsp; $210811941 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 574844 | &nbsp;&nbsp; 6221245 | &nbsp;&nbsp; 1262732 | &nbsp;&nbsp; 13578395 |
| Redeemed | &nbsp;&nbsp; (10973446)<br>| &nbsp;&nbsp; (118455655)<br>| &nbsp;&nbsp; (21985119)<br>| &nbsp;&nbsp; (236174646)<br>|
| Net change | &nbsp;&nbsp; (2812239)<br>| &nbsp;&nbsp; $(30107572)<br>| &nbsp;&nbsp; (1096639)<br>| &nbsp;&nbsp; $(11784310)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (4894328)<br>| &nbsp;&nbsp; $(52478632)<br>| &nbsp;&nbsp; (2812008)<br>| &nbsp;&nbsp; $(30142985)<br>|

---

95 \|

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![](g913838img9ba5b0e21.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.

![](g913838img358ba2463.gif)

Exp. 5/31/26

LSIF58SA-0325

This page is not part of the financial statements and other important information

------

![](g913838img5e0f039d1.gif)

![](g913838imge36998992.gif)

Loomis Sayles Small Cap Growth Fund <br> Loomis Sayles Small Cap Value Fund <br> Loomis Sayles Small/Mid Cap Growth Fund

Semi-annual Financial Statements and Other Important Information

March 31, 2025

**Table of Contents** 

---

| | |
|:---|:---|
| [Portfolio of Investments (Form](#xx_29daf1e1-02bb-4ba2-b579-4cd5eec6ec28_SOI1-Continued-288_1)<br> [N-CSR Item 6)](#xx_29daf1e1-02bb-4ba2-b579-4cd5eec6ec28_SOI1-Continued-288_1)<br>| 1 |
| [Financial Statements (Form N-CSR](#xx_29daf1e1-02bb-4ba2-b579-4cd5eec6ec28_FS-Continued-288_1)<br> [Item 7)](#xx_29daf1e1-02bb-4ba2-b579-4cd5eec6ec28_FS-Continued-288_1)<br>| 9 |
| [Notes to Financial Statements (Form](#xx_29daf1e1-02bb-4ba2-b579-4cd5eec6ec28_NTF-Continued-288_1)<br> [N-CSR Item 7)](#xx_29daf1e1-02bb-4ba2-b579-4cd5eec6ec28_NTF-Continued-288_1)<br>| 22 |
| [Trustees Fees and Expenses (Form](#xx_29daf1e1-02bb-4ba2-b579-4cd5eec6ec28_NTF-Continued-288_8)<br> [N-CSR Item 10)](#xx_29daf1e1-02bb-4ba2-b579-4cd5eec6ec28_NTF-Continued-288_8)<br>| 29 |

---

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

**Loomis Sayles Small Cap Growth Fund**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks— 98.5% of Net Assets** | **Common Stocks— 98.5% of Net Assets** | **Common Stocks— 98.5% of Net Assets** |
|  | **Aerospace & Defense — 5.0%** | **Aerospace & Defense — 5.0%** |
| 374390 | AAR Corp.(a) | $20962096 |
| 595993 | Cadre Holdings, Inc. | 17647353 |
| 377597 | Hexcel Corp. | 20677212 |
| 1417280 | Kratos Defense & Security Solutions, <br> Inc.(a)<br>| 42079043 |
|  |  | 101365704 |
|  | **Automobile Components — 2.9%** | **Automobile Components — 2.9%** |
| 167591 | Dorman Products, Inc.(a) | 20201419 |
| 180823 | Modine Manufacturing Co.(a) | 13878165 |
| 287824 | Patrick Industries, Inc. | 24338398 |
|  |  | 58417982 |
|  | **Banks — 1.0%** | **Banks — 1.0%** |
| 407712 | Bancorp, Inc.(a) | 21543502 |
|  | **Beverages — 1.2%** | **Beverages — 1.2%** |
| 809562 | Vita Coco Co., Inc.(a) | 24813075 |
|  | **Biotechnology — 9.0%** | **Biotechnology — 9.0%** |
| 284192 | Akero Therapeutics, Inc.(a) | 11504092 |
| 842259 | Alkermes PLC(a) | 27811392 |
| 363458 | Insmed, Inc.(a) | 27728211 |
| 329204 | Mirum Pharmaceuticals, Inc.(a) | 14830640 |
| 352079 | Rhythm Pharmaceuticals, Inc.(a) | 18649625 |
| 442311 | Scholar Rock Holding Corp.(a) | 14220299 |
| 326789 | Ultragenyx Pharmaceutical, Inc.(a) | 11833030 |
| 614290 | Vericel Corp.(a) | 27409620 |
| 796803 | Viridian Therapeutics, Inc.(a) | 10740904 |
| 621971 | Xencor, Inc.(a) | 6617771 |
| 391275 | Xenon Pharmaceuticals, Inc.(a) | 13127276 |
|  |  | 184472860 |
|  | **Building Products — 1.6%** | **Building Products — 1.6%** |
| 253702 | AZEK Co., Inc.(a) | 12403491 |
| 71452 | CSW Industrials, Inc. | 20829687 |
|  |  | 33233178 |
|  | **Capital Markets — 6.0%** | **Capital Markets — 6.0%** |
| 211615 | Hamilton Lane, Inc., Class A | 31460802 |
| 451507 | Marex Group PLC | 15947227 |
| 1215206 | P10, Inc., Class A | 14278671 |
| 107359 | Piper Sandler Cos. | 26588530 |
| 243915 | PJT Partners, Inc., Class A | 33631000 |
|  |  | 121906230 |
|  | **Commercial Services & Supplies — 3.1%** | **Commercial Services & Supplies — 3.1%** |
| 1512800 | ACV Auctions, Inc., Class A(a) | 21315352 |
| 377022 | Casella Waste Systems, Inc., Class A(a) | 42041723 |
|  |  | 63357075 |
|  | **Construction & Engineering — 3.7%** | **Construction & Engineering — 3.7%** |
| 289203 | Arcosa, Inc. | 22303335 |
| 413460 | Construction Partners, Inc., Class A(a) | 29715370 |
| 210121 | Sterling Infrastructure, Inc.(a) | 23787799 |
|  |  | 75806504 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Diversified Consumer Services — 3.3%** | **Diversified Consumer Services — 3.3%** |
| 158280 | Grand Canyon Education, Inc.(a) | $27385606 |
| 1042557 | OneSpaWorld Holdings Ltd. | 17504532 |
| 175292 | Stride, Inc.(a) | 22174438 |
|  |  | 67064576 |
|  | **Electronic Equipment, Instruments &** <br> **Components — 4.6%** | **Electronic Equipment, Instruments &** <br> **Components — 4.6%** |
| 215293 | Advanced Energy Industries, Inc. | 20519576 |
| 268168 | Itron, Inc.(a) | 28093280 |
| 126186 | Novanta, Inc.(a) | 16135404 |
| 55899 | OSI Systems, Inc.(a) | 10863411 |
| 303744 | PAR Technology Corp.(a) | 18631657 |
|  |  | 94243328 |
|  | **Energy Equipment & Services — 3.6%** | **Energy Equipment & Services — 3.6%** |
| 538061 | Cactus, Inc., Class A | 24659335 |
| 403114 | Noble Corp. PLC | 9553802 |
| 1017154 | Oceaneering International, Inc.(a) | 22184129 |
| 330814 | Weatherford International PLC | 17715090 |
|  |  | 74112356 |
|  | **Financial Services — 1.7%** | **Financial Services — 1.7%** |
| 709445 | EVERTEC, Inc. | 26086293 |
| 101842 | Walker & Dunlop, Inc. | 8693233 |
|  |  | 34779526 |
|  | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| 778642 | RXO, Inc.(a) | 14872062 |
|  | **Health Care Equipment & Supplies — 6.0%** | **Health Care Equipment & Supplies — 6.0%** |
| 321634 | Establishment Labs Holdings, Inc.(a) | 13124275 |
| 228742 | Glaukos Corp.(a) | 22512788 |
| 175867 | Integer Holdings Corp.(a) | 20754065 |
| 387942 | Merit Medical Systems, Inc.(a) | 41009349 |
| 418632 | PROCEPT BioRobotics Corp.(a) | 24389500 |
|  |  | 121789977 |
|  | **Health Care Providers & Services — 4.0%** | **Health Care Providers & Services — 4.0%** |
| 161154 | Ensign Group, Inc. | 20853327 |
| 322308 | HealthEquity, Inc.(a) | 28482358 |
| 1019108 | NeoGenomics, Inc.(a) | 9671335 |
| 475300 | RadNet, Inc.(a) | 23631916 |
|  |  | 82638936 |
|  | **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** |
| 1238884 | Life Time Group Holdings, Inc.(a) | 37414297 |
| 120923 | Texas Roadhouse, Inc. | 20149399 |
|  |  | 57563696 |
|  | **Household Durables — 0.8%** | **Household Durables — 0.8%** |
| 31413 | Cavco Industries, Inc.(a) | 16323137 |
|  | **Insurance — 1.4%** | **Insurance — 1.4%** |
| 649903 | Baldwin Insurance Group, Inc.(a) | 29044165 |
|  | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** |
| 611396 | Cargurus, Inc.(a) | 17809965 |

---

See accompanying notes to financial statements.

1 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

**Loomis Sayles Small Cap Growth Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **IT Services — 1.2%** | **IT Services — 1.2%** |
| 1519516 | Grid Dynamics Holdings, Inc.(a) | $23780425 |
|  | **Machinery — 4.1%** | **Machinery — 4.1%** |
| 242535 | ESCO Technologies, Inc. | 38592169 |
| 704617 | Kornit Digital Ltd.(a) | 13444093 |
| 98738 | RBC Bearings, Inc.(a) | 31770926 |
|  |  | 83807188 |
|  | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
| 408287 | ATI, Inc.(a) | 21243173 |
|  | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| 984280 | Magnolia Oil & Gas Corp., Class A | 24862913 |
|  | **Personal Care Products — 2.2%** | **Personal Care Products — 2.2%** |
| 326791 | BellRing Brands, Inc.(a) | 24332858 |
| 175982 | Interparfums, Inc. | 20039070 |
|  |  | 44371928 |
|  | **Pharmaceuticals — 5.2%** | **Pharmaceuticals — 5.2%** |
| 165177 | Axsome Therapeutics, Inc.(a) | 19264594 |
| 244604 | Ligand Pharmaceuticals, Inc.(a) | 25717665 |
| 634155 | Supernus Pharmaceuticals, Inc.(a) | 20768576 |
| 462927 | Verona Pharma PLC, ADR(a) | 29391235 |
| 1417050 | WaVe Life Sciences Ltd.(a) | 11449764 |
|  |  | 106591834 |
|  | **Professional Services — 1.7%** | **Professional Services — 1.7%** |
| 180235 | Huron Consulting Group, Inc.(a) | 25854711 |
| 194373 | KBR, Inc. | 9681719 |
|  |  | 35536430 |
|  | **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** |
| 309664 | MACOM Technology Solutions Holdings, <br> Inc.(a)<br>| 31084072 |
| 126785 | Onto Innovation, Inc.(a) | 15384092 |
| 194959 | Silicon Laboratories, Inc.(a) | 21946535 |
| 415414 | Veeco Instruments, Inc.(a) | 8341513 |
|  |  | 76756212 |
|  | **Software — 10.4%** | **Software — 10.4%** |
| 225470 | Agilysys, Inc.(a) | 16355594 |
| 1083938 | Clearwater Analytics Holdings, Inc., <br> Class A(a)<br>| 29049538 |
| 84728 | Commvault Systems, Inc.(a) | 13366689 |
| 716571 | Intapp, Inc.(a) | 41833415 |
| 365666 | Procore Technologies, Inc.(a) | 24141269 |
| 267249 | Tenable Holdings, Inc.(a) | 9348370 |
| 695766 | Varonis Systems, Inc.(a) | 28143735 |
| 866346 | Vertex, Inc., Class A(a) | 30330774 |
| 269433 | Workiva, Inc.(a) | 20452659 |
|  |  | 213022043 |
|  | **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** |
| 94026 | Boot Barn Holdings, Inc.(a) | 10101213 |
| 985889 | Warby Parker, Inc., Class A(a) | 17972757 |
|  |  | 28073970 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| 179890 | Columbia Sportswear Co. | $13615874 |
|  | **Trading Companies & Distributors — 2.3%** | **Trading Companies & Distributors — 2.3%** |
| 134831 | Applied Industrial Technologies, Inc. | 30382817 |
| 140349 | SiteOne Landscape Supply, Inc.(a) | 17043983 |
|  |  | 47426800 |
|  | **Total Common Stocks**<br>(Identified Cost $1,662,737,976)<br>| 2014246624 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>|  |  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| $31512330 | Tri-Party Repurchase Agreement with <br> Fixed Income Clearing Corporation, dated <br> 3/31/2025 at 2.500% to be repurchased at <br> $31,514,519 on 4/01/2025 collateralized <br> by $31,879,400 U.S. Treasury Note, <br> 4.125% due 2/15/2027 valued at <br> $32,142,616 including accrued interest <br> (Note 2 of Notes to Financial Statements) <br>(Identified Cost $31,512,330)<br>| 31512330 |
|  | **Total Investments — 100.0%**<br>(Identified Cost $1,694,250,306)<br>| 2045758954 |
|  | Other assets less liabilities — (0.0)% | (910923)<br>|
|  | **Net Assets — 100.0%** | $2044848031 |

---

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

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

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

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

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

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

See accompanying notes to financial statements.

\| 2

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

**Loomis Sayles Small Cap Growth Fund (continued)**

**Industry Summary at March 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| Software | 10.4<br> %<br>|
| Biotechnology | 9.0 |
| Capital Markets | 6.0 |
| Health Care Equipment & Supplies | 6.0 |
| Pharmaceuticals | 5.2 |
| Aerospace & Defense | 5.0 |
| Electronic Equipment, Instruments & <br> Components<br>| 4.6 |
| Machinery | 4.1 |
| Health Care Providers & Services | 4.0 |
| Semiconductors & Semiconductor Equipment | 3.8 |
| Construction & Engineering | 3.7 |
| Energy Equipment & Services | 3.6 |
| Diversified Consumer Services | 3.3 |
| Commercial Services & Supplies | 3.1 |
| Automobile Components | 2.9 |
| Hotels, Restaurants & Leisure | 2.8 |
| Trading Companies & Distributors | 2.3 |
| Personal Care Products | 2.2 |
| Other Investments, less than 2% each | 16.5 |
| Short-Term Investments | 1.5 |
| Total Investments | 100.0 |
| Other assets less liabilities | &nbsp;&nbsp; (0.0 )\*<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.

3 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

**Loomis Sayles Small Cap Value Fund**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks— 98.1% of Net Assets** | **Common Stocks— 98.1% of Net Assets** | **Common Stocks— 98.1% of Net Assets** |
|  | **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** |
| 57586 | Mercury Systems, Inc.(a) | $2481381 |
| 35932 | Moog, Inc., Class A | 6228812 |
| 60373 | V2X, Inc.(a) | 2961296 |
|  |  | 11671489 |
|  | **Automobile Components — 1.0%** | **Automobile Components — 1.0%** |
| 391718 | Garrett Motion, Inc. | 3278680 |
|  | **Banks — 12.4%** | **Banks — 12.4%** |
| 67527 | Ameris Bancorp | 3887529 |
| 103363 | Cadence Bank | 3138101 |
| 42588 | Hanmi Financial Corp. | 965044 |
| 170162 | Home BancShares, Inc. | 4810480 |
| 194687 | Hope Bancorp, Inc. | 2038373 |
| 44285 | Pinnacle Financial Partners, Inc. | 4695981 |
| 49553 | Popular, Inc. | 4577211 |
| 57850 | Prosperity Bancshares, Inc. | 4128754 |
| 45772 | SouthState Corp. | 4248557 |
| 47992 | Western Alliance Bancorp | 3687225 |
| 45084 | Wintrust Financial Corp. | 5070147 |
|  |  | 41247402 |
|  | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| 58960 | Alkermes PLC(a) | 1946859 |
|  | **Building Products — 2.8%** | **Building Products — 2.8%** |
| 53563 | Griffon Corp. | 3829754 |
| 97475 | Quanex Building Products Corp. | 1812060 |
| 34838 | UFP Industries, Inc. | 3729060 |
|  |  | 9370874 |
|  | **Capital Markets — 3.1%** | **Capital Markets — 3.1%** |
| 34171 | Donnelley Financial Solutions, Inc.(a) | 1493614 |
| 101356 | Marex Group PLC | 3579894 |
| 77188 | Perella Weinberg Partners | 1420259 |
| 40030 | Stifel Financial Corp. | 3773228 |
|  |  | 10266995 |
|  | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| 40116 | Cabot Corp. | 3335245 |
| 264816 | Ecovyst, Inc.(a) | 1641859 |
| 19974 | Hawkins, Inc. | 2115646 |
|  |  | 7092750 |
|  | **Commercial Services & Supplies — 3.2%** | **Commercial Services & Supplies — 3.2%** |
| 114628 | CECO Environmental Corp.(a) | 2613519 |
| 11583 | Clean Harbors, Inc.(a) | 2283009 |
| 43965 | Pursuit Attractions & Hospitality, Inc.(a) | 1555921 |
| 34887 | VSE Corp. | 4186091 |
|  |  | 10638540 |
|  | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** |
| 46782 | Arcosa, Inc. | 3607828 |
| 35554 | Limbach Holdings, Inc.(a) | 2647706 |
|  |  | 6255534 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Construction Materials — 1.6%** | **Construction Materials — 1.6%** |
| 57580 | Knife River Corp.(a) | $5194292 |
|  | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| 64468 | TriMas Corp. | 1510485 |
|  | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| 29310 | Cogent Communications Holdings, Inc. | 1796996 |
|  | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| 61836 | TXNM Energy, Inc. | 3306989 |
|  | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| 11865 | Powell Industries, Inc. | 2020965 |
|  | **Electronic Equipment, Instruments &** <br> **Components — 6.3%** | **Electronic Equipment, Instruments &** <br> **Components — 6.3%** |
| 48697 | Bel Fuse, Inc., Class B | 3645457 |
| 47657 | Crane NXT Co. | 2449570 |
| 10208 | Littelfuse, Inc. | 2008322 |
| 33076 | TD SYNNEX Corp. | 3438581 |
| 153176 | TTM Technologies, Inc.(a) | 3141640 |
| 76152 | Vishay Intertechnology, Inc. | 1210817 |
| 151905 | Vontier Corp. | 4990079 |
|  |  | 20884466 |
|  | **Energy Equipment & Services — 3.0%** | **Energy Equipment & Services — 3.0%** |
| 94914 | Noble Corp. PLC | 2249462 |
| 308632 | NPK International, Inc.(a) | 1793152 |
| 81352 | Oceaneering International, Inc.(a) | 1774287 |
| 54752 | Tidewater, Inc.(a) | 2314367 |
| 37177 | Weatherford International PLC | 1990828 |
|  |  | 10122096 |
|  | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| 71030 | Atlanta Braves Holdings, Inc., Class C(a) | 2841910 |
|  | **Financial Services — 2.4%** | **Financial Services — 2.4%** |
| 27902 | Federal Agricultural Mortgage Corp., <br> Class C<br>| 5231904 |
| 17844 | WEX, Inc.(a) | 2801865 |
|  |  | 8033769 |
|  | **Food Products — 2.7%** | **Food Products — 2.7%** |
| 11953 | J&J Snack Foods Corp. | 1574449 |
| 200406 | Nomad Foods Ltd. | 3937978 |
| 29230 | Post Holdings, Inc.(a) | 3401203 |
|  |  | 8913630 |
|  | **Gas Utilities — 2.0%** | **Gas Utilities — 2.0%** |
| 170451 | MDU Resources Group, Inc. | 2882326 |
| 111183 | UGI Corp. | 3676822 |
|  |  | 6559148 |
|  | **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** |
| 95797 | Embecta Corp. | 1221412 |
| 47205 | Haemonetics Corp.(a) | 2999878 |
| 29611 | Lantheus Holdings, Inc.(a) | 2890033 |
| 5266 | UFP Technologies, Inc.(a) | 1062205 |
|  |  | 8173528 |

---

See accompanying notes to financial statements.

\| 4

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

**Loomis Sayles Small Cap Value Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Health Care Providers & Services — 3.5%** | **Health Care Providers & Services — 3.5%** |
| 19133 | Addus HomeCare Corp.(a) | $1892062 |
| 190465 | Concentra Group Holdings Parent, Inc. | 4133091 |
| 96322 | Option Care Health, Inc.(a) | 3366454 |
| 124234 | Select Medical Holdings Corp. | 2074708 |
|  |  | 11466315 |
|  | **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** |
| 27921 | Churchill Downs, Inc. | 3101186 |
| 55375 | Six Flags Entertainment Corp. | 1975226 |
|  |  | 5076412 |
|  | **Household Durables — 1.3%** | **Household Durables — 1.3%** |
| 20061 | Champion Homes, Inc.(a) | 1900981 |
| 44335 | KB Home | 2576750 |
|  |  | 4477731 |
|  | **Independent Power & Renewable Electricity** <br> **Producers — 1.5%** | **Independent Power & Renewable Electricity** <br> **Producers — 1.5%** |
| 24414 | Talen Energy Corp.(a) | 4874743 |
|  | **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** |
| 88651 | STAG Industrial, Inc. | 3202074 |
|  | **Insurance — 3.8%** | **Insurance — 3.8%** |
| 57347 | Employers Holdings, Inc. | 2904052 |
| 117492 | Fidelis Insurance Holdings Ltd. | 1903370 |
| 44909 | Kemper Corp. | 3002167 |
| 90309 | Skyward Specialty Insurance Group, Inc.(a) | 4779152 |
|  |  | 12588741 |
|  | **IT Services — 0.9%** | **IT Services — 0.9%** |
| 92022 | Kyndryl Holdings, Inc.(a) | 2889491 |
|  | **Leisure Products — 1.2%** | **Leisure Products — 1.2%** |
| 31880 | Brunswick Corp. | 1716738 |
| 70766 | YETI Holdings, Inc.(a) | 2342355 |
|  |  | 4059093 |
|  | **Machinery — 3.7%** | **Machinery — 3.7%** |
| 34794 | Allison Transmission Holdings, Inc. | 3328742 |
| 92897 | Atmus Filtration Technologies, Inc. | 3412107 |
| 73858 | Blue Bird Corp.(a) | 2390783 |
| 9333 | Kadant, Inc. | 3144381 |
|  |  | 12276013 |
|  | **Media — 0.8%** | **Media — 0.8%** |
| 61120 | John Wiley & Sons, Inc., Class A | 2723507 |
|  | **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** |
| 124472 | Antero Resources Corp.(a) | 5033648 |
| 62527 | California Resources Corp. | 2749312 |
| 29888 | International Seaways, Inc. | 992282 |
| 69854 | Northern Oil & Gas, Inc. | 2111686 |
|  |  | 10886928 |
|  | **Paper & Forest Products — 0.8%** | **Paper & Forest Products — 0.8%** |
| 153285 | Magnera Corp.(a) | 2783656 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| 26480 | BellRing Brands, Inc.(a) | $1971701 |
|  | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
| 49676 | ANI Pharmaceuticals, Inc.(a) | 3325808 |
| 46321 | Collegium Pharmaceutical, Inc.(a) | 1382682 |
| 88080 | Supernus Pharmaceuticals, Inc.(a) | 2884620 |
|  |  | 7593110 |
|  | **Professional Services — 2.9%** | **Professional Services — 2.9%** |
| 456600 | Alight, Inc., Class A | 2707638 |
| 69687 | Concentrix Corp. | 3877385 |
| 46628 | Korn Ferry | 3162777 |
|  |  | 9747800 |
|  | **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |
| 27747 | Colliers International Group, Inc. | 3365711 |
|  | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| 42281 | Agree Realty Corp. | 3263670 |
|  | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** |
| 29225 | MKS Instruments, Inc. | 2342384 |
|  | **Software — 1.2%** | **Software — 1.2%** |
| 52410 | Five9, Inc.(a) | 1422932 |
| 132182 | PagerDuty, Inc.(a) | 2414965 |
|  |  | 3837897 |
|  | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| 58036 | PotlatchDeltic Corp. | 2618584 |
|  | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
| 54859 | Academy Sports & Outdoors, Inc. | 2502119 |
| 76789 | Bath & Body Works, Inc. | 2328243 |
| 20970 | Boot Barn Holdings, Inc.(a) | 2252807 |
|  |  | 7083169 |
|  | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| 45222 | Sandisk Corp.(a) | 2153019 |
|  | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| 29463 | Crocs, Inc.(a) | 3128971 |
|  | **Trading Companies & Distributors — 3.9%** | **Trading Companies & Distributors — 3.9%** |
| 67355 | Air Lease Corp. | 3253920 |
| 20510 | Beacon Roofing Supply, Inc.(a) | 2537087 |
| 17614 | Herc Holdings, Inc. | 2365032 |
| 21408 | McGrath RentCorp | 2384851 |
| 207627 | MRC Global, Inc.(a) | 2383558 |
|  |  | 12924448 |
|  | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
| 121260 | Pure Cycle Corp.(a) | 1269592 |
|  | **Wireless Telecommunication Services — 1.8%** | **Wireless Telecommunication Services — 1.8%** |
| 87418 | U.S. Cellular Corp.(a) | 6044955 |
|  | **Total Common Stocks**<br>(Identified Cost $252,627,673)<br>| 325777112 |

---

See accompanying notes to financial statements.

5 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

**Loomis Sayles Small Cap Value Fund (continued)**

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>| **Description** | **Value (†)** |
| **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** |
| $7200517 | Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated <br> 3/31/2025 at 2.500% to be repurchased at <br> $7,201,017 on 4/01/2025 collateralized by <br> $7,183,400 U.S. Treasury Note, 4.375% <br> due 1/31/2032 valued at $7,344,707 <br> including accrued interest (Note 2 of Notes <br> to Financial Statements) <br>(Identified Cost $7,200,517)<br>| $7200517 |
|  | **Total Investments — 100.3%**<br>(Identified Cost $259,828,190)<br>| 332977629 |
|  | Other assets less liabilities — (0.3)% | (879549)<br>|
|  | **Net Assets — 100.0%** | $332098080 |

---

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

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

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

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

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

REITs Real Estate Investment Trusts

**Industry Summary at March 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| Banks | 12.4<br> %<br>|
| Electronic Equipment, Instruments & <br> Components<br>| 6.3 |
| Trading Companies & Distributors | 3.9 |
| Insurance | 3.8 |
| Machinery | 3.7 |
| Aerospace & Defense | 3.5 |
| Health Care Providers & Services | 3.5 |
| Oil, Gas & Consumable Fuels | 3.3 |
| Commercial Services & Supplies | 3.2 |
| Capital Markets | 3.1 |
| Energy Equipment & Services | 3.0 |
| Professional Services | 2.9 |
| Building Products | 2.8 |
| Food Products | 2.7 |
| Health Care Equipment & Supplies | 2.5 |
| Financial Services | 2.4 |
| Pharmaceuticals | 2.3 |
| Chemicals | 2.1 |
| Specialty Retail | 2.1 |
| Gas Utilities | 2.0 |
| Other Investments, less than 2% each | 26.6 |
| Short-Term Investments | 2.2 |
| Total Investments | 100.3 |
| Other assets less liabilities | &nbsp;&nbsp; (0.3)<br>|
| Net Assets | 100.0<br> %<br>|

---

See accompanying notes to financial statements.

\| 6

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

**Loomis Sayles Small/Mid Cap Growth Fund**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks— 98.5% of Net Assets** | **Common Stocks— 98.5% of Net Assets** | **Common Stocks— 98.5% of Net Assets** |
|  | **Aerospace & Defense — 5.2%** | **Aerospace & Defense — 5.2%** |
| 31979 | BWX Technologies, Inc. | $3154728 |
| 41007 | Hexcel Corp. | 2245543 |
| 58918 | Karman Holdings, Inc.(a) | 1969040 |
| 28525 | Loar Holdings, Inc.(a) | 2015291 |
| 78410 | Standardaero, Inc.(a) | 2088843 |
|  |  | 11473445 |
|  | **Banks — 1.4%** | **Banks — 1.4%** |
| 47018 | Axos Financial, Inc.(a) | 3033601 |
|  | **Biotechnology — 9.1%** | **Biotechnology — 9.1%** |
| 82363 | Alkermes PLC(a) | 2719626 |
| 19061 | Ascendis Pharma AS, ADR(a) | 2970847 |
| 42012 | Insmed, Inc.(a) | 3205096 |
| 27629 | Natera, Inc.(a) | 3907017 |
| 255221 | Roivant Sciences Ltd.(a) | 2575180 |
| 81905 | Travere Therapeutics, Inc.(a) | 1467738 |
| 4907 | United Therapeutics Corp.(a) | 1512681 |
| 52780 | Veracyte, Inc.(a) | 1564927 |
|  |  | 19923112 |
|  | **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** |
| 28547 | Ollie's Bargain Outlet Holdings, Inc.(a) | 3321729 |
|  | **Building Products — 0.6%** | **Building Products — 0.6%** |
| 27015 | AZEK Co., Inc.(a) | 1320763 |
|  | **Capital Markets — 4.6%** | **Capital Markets — 4.6%** |
| 26820 | Hamilton Lane, Inc., Class A | 3987329 |
| 47717 | Jefferies Financial Group, Inc. | 2556200 |
| 69926 | StepStone Group, Inc., Class A | 3652235 |
|  |  | 10195764 |
|  | **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** |
| 22361 | Casella Waste Systems, Inc., Class A(a) | 2493475 |
|  | **Communications Equipment — 1.3%** | **Communications Equipment — 1.3%** |
| 45947 | Ciena Corp.(a) | 2776577 |
|  | **Construction Materials — 1.8%** | **Construction Materials — 1.8%** |
| 44023 | Knife River Corp.(a) | 3971315 |
|  | **Consumer Staples Distribution & Retail — 4.7%** | **Consumer Staples Distribution & Retail — 4.7%** |
| 37094 | BJ's Wholesale Club Holdings, Inc.(a) | 4232425 |
| 9399 | Casey's General Stores, Inc. | 4079542 |
| 25596 | Performance Food Group Co.(a) | 2012614 |
|  |  | 10324581 |
|  | **Diversified Consumer Services — 3.4%** | **Diversified Consumer Services — 3.4%** |
| 28329 | Bright Horizons Family Solutions, Inc.(a) | 3598916 |
| 190213 | Laureate Education, Inc.(a) | 3889856 |
|  |  | 7488772 |
|  | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| 20875 | Generac Holdings, Inc.(a) | 2643819 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Electronic Equipment, Instruments &** <br> **Components — 2.8%** | **Electronic Equipment, Instruments &** <br> **Components — 2.8%** |
| 28766 | Advanced Energy Industries, Inc. | $2741688 |
| 52754 | Trimble, Inc.(a) | 3463300 |
|  |  | 6204988 |
|  | **Energy Equipment & Services — 2.7%** | **Energy Equipment & Services — 2.7%** |
| 68854 | ChampionX Corp. | 2051849 |
| 69485 | Flowco Holdings, Inc., Class A(a) | 1782291 |
| 137578 | NOV, Inc. | 2093937 |
|  |  | 5928077 |
|  | **Financial Services — 0.7%** | **Financial Services — 0.7%** |
| 15410 | Euronet Worldwide, Inc.(a) | 1646559 |
|  | **Food Products — 0.9%** | **Food Products — 0.9%** |
| 24066 | Freshpet, Inc.(a) | 2001569 |
|  | **Health Care Equipment & Supplies — 8.3%** | **Health Care Equipment & Supplies — 8.3%** |
| 26973 | Glaukos Corp.(a) | 2654683 |
| 21974 | Globus Medical, Inc., Class A(a) | 1608497 |
| 26689 | Integer Holdings Corp.(a) | 3149569 |
| 41029 | Merit Medical Systems, Inc.(a) | 4337175 |
| 13071 | Penumbra, Inc.(a) | 3495316 |
| 50428 | PROCEPT BioRobotics Corp.(a) | 2937935 |
|  |  | 18183175 |
|  | **Health Care Providers & Services — 3.9%** | **Health Care Providers & Services — 3.9%** |
| 39367 | HealthEquity, Inc.(a) | 3478862 |
| 244904 | LifeStance Health Group, Inc.(a) | 1631060 |
| 151611 | Privia Health Group, Inc.(a) | 3403667 |
|  |  | 8513589 |
|  | **Health Care Technology — 1.0%** | **Health Care Technology — 1.0%** |
| 39071 | Doximity, Inc., Class A(a) | 2267290 |
|  | **Hotels, Restaurants & Leisure — 6.5%** | **Hotels, Restaurants & Leisure — 6.5%** |
| 234332 | Genius Sports Ltd.(a) | 2345663 |
| 133556 | Life Time Group Holdings, Inc.(a) | 4033391 |
| 20481 | Light & Wonder, Inc.(a) | 1773860 |
| 25893 | Planet Fitness, Inc., Class A(a) | 2501523 |
| 21094 | Texas Roadhouse, Inc. | 3514893 |
|  |  | 14169330 |
|  | **Household Durables — 0.9%** | **Household Durables — 0.9%** |
| 21774 | Champion Homes, Inc.(a) | 2063304 |
|  | **Insurance — 1.0%** | **Insurance — 1.0%** |
| 10886 | Reinsurance Group of America, Inc. | 2143453 |
|  | **IT Services — 1.4%** | **IT Services — 1.4%** |
| 19520 | Wix.com Ltd.(a) | 3189178 |
|  | **Machinery — 6.0%** | **Machinery — 6.0%** |
| 23279 | Esab Corp. | 2712004 |
| 18846 | Federal Signal Corp. | 1386123 |
| 53094 | Flowserve Corp. | 2593111 |
| 22580 | ITT, Inc. | 2916433 |
| 10886 | RBC Bearings, Inc.(a) | 3502788 |
|  |  | 13110459 |

---

See accompanying notes to financial statements.

7 \|

------

**Portfolio of Investments – as of March 31, 2025 (Unaudited)**

**Loomis Sayles Small/Mid Cap Growth Fund (continued)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
| 57947 | ATI, Inc.(a) | $3014983 |
|  | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| 119479 | Magnolia Oil & Gas Corp., Class A | 3018040 |
| 47149 | Matador Resources Co. | 2408842 |
|  |  | 5426882 |
|  | **Professional Services — 2.2%** | **Professional Services — 2.2%** |
| 67643 | ExlService Holdings, Inc.(a) | 3193426 |
| 8818 | Paylocity Holding Corp.(a) | 1651964 |
|  |  | 4845390 |
|  | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| 15651 | Colliers International Group, Inc. | 1898466 |
|  | **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** |
| 113665 | Allegro MicroSystems, Inc.(a) | 2856401 |
| 18602 | MKS Instruments, Inc. | 1490950 |
| 13399 | Nova Ltd.(a) | 2469838 |
| 36788 | Power Integrations, Inc. | 1857794 |
| 19722 | Silicon Laboratories, Inc.(a) | 2220106 |
|  |  | 10895089 |
|  | **Software — 11.4%** | **Software — 11.4%** |
| 92724 | Alkami Technology, Inc.(a) | 2434005 |
| 94363 | Cellebrite DI Ltd.(a) | 1833473 |
| 138408 | Clearwater Analytics Holdings, Inc., <br> Class A(a)<br>| 3709334 |
| 10618 | Commvault Systems, Inc.(a) | 1675096 |
| 10634 | CyberArk Software Ltd.(a) | 3594292 |
| 15782 | Guidewire Software, Inc.(a) | 2956915 |
| 58209 | nCino, Inc.(a) | 1599001 |
| 10361 | SPS Commerce, Inc.(a) | 1375216 |
| 5180 | Tyler Technologies, Inc.(a) | 3011600 |
| 36504 | Workiva, Inc.(a) | 2771019 |
|  |  | 24959951 |
|  | **Textiles, Apparel & Luxury Goods — 2.1%** | **Textiles, Apparel & Luxury Goods — 2.1%** |
| 20897 | Columbia Sportswear Co. | 1581694 |
| 52439 | Skechers USA, Inc., Class A(a) | 2977486 |
|  |  | 4559180 |
|  | **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** |
| 17487 | SiteOne Landscape Supply, Inc.(a) | 2123621 |
|  | **Total Common Stocks**<br>(Identified Cost $205,068,808)<br>| 216111486 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>| **Description** | **Value (†)** |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| $3558221 | Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated <br> 3/31/2025 at 2.500% to be repurchased at <br> $3,558,468 on 4/01/2025 collateralized by <br> $4,267,600 U.S. Treasury Note, 1.125% <br> due 2/15/2031 valued at $3,629,537 <br> including accrued interest (Note 2 of Notes <br> to Financial Statements) <br>(Identified Cost $3,558,221)<br>| $3558221 |
|  | **Total Investments — 100.1%**<br>(Identified Cost $208,627,029)<br>| 219669707 |
|  | Other assets less liabilities — (0.1)% | (203765)<br>|
|  | **Net Assets — 100.0%** | $219465942 |

---

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

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

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

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

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

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

**Industry Summary at March 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| Software | 11.4<br> %<br>|
| Biotechnology | 9.1 |
| Health Care Equipment & Supplies | 8.3 |
| Hotels, Restaurants & Leisure | 6.5 |
| Machinery | 6.0 |
| Aerospace & Defense | 5.2 |
| Semiconductors & Semiconductor Equipment | 5.0 |
| Consumer Staples Distribution & Retail | 4.7 |
| Capital Markets | 4.6 |
| Health Care Providers & Services | 3.9 |
| Diversified Consumer Services | 3.4 |
| Electronic Equipment, Instruments & <br> Components<br>| 2.8 |
| Energy Equipment & Services | 2.7 |
| Oil, Gas & Consumable Fuels | 2.5 |
| Professional Services | 2.2 |
| Textiles, Apparel & Luxury Goods | 2.1 |
| Other Investments, less than 2% each | 18.1 |
| Short-Term Investments | 1.6 |
| Total Investments | 100.1 |
| Other assets less liabilities | &nbsp;&nbsp; (0.1)<br>|
| Net Assets | 100.0<br> %<br>|

---

See accompanying notes to financial statements.

\| 8

------

**Statements of Assets and Liabilities**

**March 31, 2025 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap** <br>**Growth Fund**<br>| **Small Cap** <br>**Value Fund**<br>| **Small/Mid Cap** <br>**Growth Fund**<br>|
| **ASSETS** |  |  |  |
| Investments at cost | &nbsp;&nbsp;&nbsp; $1694250306 | &nbsp;&nbsp;&nbsp; $259828190 | &nbsp;&nbsp;&nbsp; $208627029 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 351508648 | &nbsp;&nbsp;&nbsp; 73149439 | &nbsp;&nbsp;&nbsp; 11042678 |
| Investments at value | &nbsp;&nbsp;&nbsp; 2045758954 | &nbsp;&nbsp;&nbsp; 332977629 | &nbsp;&nbsp;&nbsp; 219669707 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 1637629 | &nbsp;&nbsp;&nbsp; 87498 | &nbsp;&nbsp;&nbsp; 4179 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 407690 | &nbsp;&nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 230254 | &nbsp;&nbsp;&nbsp; 289752 | &nbsp;&nbsp;&nbsp; 38882 |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 451 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 2047627288 | &nbsp;&nbsp;&nbsp; 333763020 | &nbsp;&nbsp;&nbsp; 219713219 |
| **LIABILITIES** |  |  |  |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 362845 | &nbsp;&nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; 846416 | &nbsp;&nbsp;&nbsp; 717086 | &nbsp;&nbsp;&nbsp; 10288 |
| Management fees payable (Note 5)  | &nbsp;&nbsp;&nbsp; 1349521 | &nbsp;&nbsp;&nbsp; 206642 | &nbsp;&nbsp;&nbsp; 136444 |
| Deferred Trustees' fees (Note 5)  | &nbsp;&nbsp;&nbsp; 337497 | &nbsp;&nbsp;&nbsp; 301084 | &nbsp;&nbsp;&nbsp; 48707 |
| Administrative fees payable (Note 5)  | &nbsp;&nbsp;&nbsp; 78133 | &nbsp;&nbsp;&nbsp; 12684 | &nbsp;&nbsp;&nbsp; 8283 |
| Payable to distributor (Note 5d)  | &nbsp;&nbsp;&nbsp; 12183 | &nbsp;&nbsp;&nbsp; 1927 | &nbsp;&nbsp;&nbsp; 342 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 26368 | &nbsp;&nbsp;&nbsp; 27368 | &nbsp;&nbsp;&nbsp; 26710 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 129139 | &nbsp;&nbsp;&nbsp; 35304 | &nbsp;&nbsp;&nbsp; 16503 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 2779257 | &nbsp;&nbsp;&nbsp; 1664940 | &nbsp;&nbsp;&nbsp; 247277 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $2044848031 | &nbsp;&nbsp;&nbsp; $332098080 | &nbsp;&nbsp;&nbsp; $219465942 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $1656721138 | &nbsp;&nbsp;&nbsp; $234407203 | &nbsp;&nbsp;&nbsp; $221191285 |
| Accumulated earnings (loss) | &nbsp;&nbsp;&nbsp; 388126893 | &nbsp;&nbsp;&nbsp; 97690877 | &nbsp;&nbsp;&nbsp; (1725343)<br>|
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $2044848031 | &nbsp;&nbsp;&nbsp; $332098080 | &nbsp;&nbsp;&nbsp; $219465942 |
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |  |
| **Institutional Class:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $882878507 | &nbsp;&nbsp;&nbsp; $181047673 | &nbsp;&nbsp;&nbsp; $102236205 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 34036735 | &nbsp;&nbsp;&nbsp; 8651936 | &nbsp;&nbsp;&nbsp; 8038027 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $25.94 | &nbsp;&nbsp;&nbsp; $20.93 | &nbsp;&nbsp;&nbsp; $12.72 |
| **Retail Class:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $45050975 | &nbsp;&nbsp;&nbsp; $66449065 | &nbsp;&nbsp;&nbsp; $— |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 2029542 | &nbsp;&nbsp;&nbsp; 3304819 | &nbsp;&nbsp;&nbsp; — |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $22.20 | &nbsp;&nbsp;&nbsp; $20.11 | &nbsp;&nbsp;&nbsp; $— |
| **Admin Class shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4727113 | &nbsp;&nbsp;&nbsp; $— |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 265971 | &nbsp;&nbsp;&nbsp; — |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17.77 | &nbsp;&nbsp;&nbsp; $— |
| **Class N shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $1116918549 | &nbsp;&nbsp;&nbsp; $79874229 | &nbsp;&nbsp;&nbsp; $117229737 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 42212845 | &nbsp;&nbsp;&nbsp; 3815753 | &nbsp;&nbsp;&nbsp; 9209211 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $26.46 | &nbsp;&nbsp;&nbsp; $20.93 | &nbsp;&nbsp;&nbsp; $12.73 |

---

&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.

9 \|

------

**Statements of Operations**

**For the Six Months Ended March 31, 2025 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap** <br>**Growth Fund**<br>| **Small Cap** <br>**Value Fund**<br>| **Small/Mid Cap** <br>**Growth Fund**<br>|
| **INVESTMENT INCOME**  |  |  |  |
| Dividends | &nbsp;&nbsp;&nbsp; $3653872 | &nbsp;&nbsp;&nbsp; $2406290 | &nbsp;&nbsp;&nbsp; $372082 |
| Interest | &nbsp;&nbsp;&nbsp; 832954 | &nbsp;&nbsp;&nbsp; 128254 | &nbsp;&nbsp;&nbsp; 73361 |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8051)<br>| &nbsp;&nbsp;&nbsp; (360)<br>|
|  | &nbsp;&nbsp;&nbsp; 4486826 | &nbsp;&nbsp;&nbsp; 2526493 | &nbsp;&nbsp;&nbsp; 445083 |
| Expenses |  |  |  |
| Management fees (Note 5)  | &nbsp;&nbsp;&nbsp; 8778069 | &nbsp;&nbsp;&nbsp; 1444347 | &nbsp;&nbsp;&nbsp; 847831 |
| Service and distribution fees (Note 5)  | &nbsp;&nbsp;&nbsp; 65466 | &nbsp;&nbsp;&nbsp; 106598 | &nbsp;&nbsp;&nbsp; — |
| Administrative fees (Note 5)  | &nbsp;&nbsp;&nbsp; 504808 | &nbsp;&nbsp;&nbsp; 83059 | &nbsp;&nbsp;&nbsp; 48765 |
| Trustees' fees and expenses (Note 5)  | &nbsp;&nbsp;&nbsp; 64300 | &nbsp;&nbsp;&nbsp; 30118 | &nbsp;&nbsp;&nbsp; 14596 |
| Transfer agent fees and expenses (Notes 5, 6 and 7)  | &nbsp;&nbsp;&nbsp; 657029 | &nbsp;&nbsp;&nbsp; 136522 | &nbsp;&nbsp;&nbsp; 18982 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 22921 | &nbsp;&nbsp;&nbsp; 23286 | &nbsp;&nbsp;&nbsp; 22978 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 31400 | &nbsp;&nbsp;&nbsp; 6490 | &nbsp;&nbsp;&nbsp; 5925 |
| Legal fees | &nbsp;&nbsp;&nbsp; 26172 | &nbsp;&nbsp;&nbsp; 4697 | &nbsp;&nbsp;&nbsp; 2546 |
| Registration fees | &nbsp;&nbsp;&nbsp; 47454 | &nbsp;&nbsp;&nbsp; 45708 | &nbsp;&nbsp;&nbsp; 8787 |
| Shareholder reporting expenses | &nbsp;&nbsp;&nbsp; 33058 | &nbsp;&nbsp;&nbsp; 13855 | &nbsp;&nbsp;&nbsp; 13787 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 49775 | &nbsp;&nbsp;&nbsp; 23623 | &nbsp;&nbsp;&nbsp; 19113 |
| Total expenses | &nbsp;&nbsp;&nbsp; 10280452 | &nbsp;&nbsp;&nbsp; 1918303 | &nbsp;&nbsp;&nbsp; 1003310 |
| Less waiver and/or expense reimbursement (Note 5)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (100371)<br>| &nbsp;&nbsp;&nbsp; (54356)<br>|
| Less expense offset (Note 7)  | &nbsp;&nbsp;&nbsp; (1478)<br>| &nbsp;&nbsp;&nbsp; (632)<br>| &nbsp;&nbsp;&nbsp; (68)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 10278974 | &nbsp;&nbsp;&nbsp; 1817300 | &nbsp;&nbsp;&nbsp; 948886 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (5792148)<br>| &nbsp;&nbsp;&nbsp; 709193 | &nbsp;&nbsp;&nbsp; (503803)<br>|
| **Net realized and unrealized gain (loss) on Investments** |  |  |  |
| Net realized gain on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 64857311 | &nbsp;&nbsp;&nbsp; 30546374 | &nbsp;&nbsp;&nbsp; 7496335 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (269737668)<br>| &nbsp;&nbsp;&nbsp; (53842134)<br>| &nbsp;&nbsp;&nbsp; (20910643)<br>|
| Net realized and unrealized loss on Investments | &nbsp;&nbsp;&nbsp; (204880357)<br>| &nbsp;&nbsp;&nbsp; (23295760)<br>| &nbsp;&nbsp;&nbsp; (13414308)<br>|
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $(210672505)<br>| &nbsp;&nbsp;&nbsp; $(22586567)<br>| &nbsp;&nbsp;&nbsp; $(13918111)<br>|

---

See accompanying notes to financial statements.

\| 10

------

**Statements of Changes in Net Assets**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Six Months Ended** <br>**March 31**,**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**,**2024**<br>| **Six Months Ended** <br>**March 31**,**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**,**2024**<br>|
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(5792148)<br>| $(9796889)<br>| $709193 | $1072758 |
| Net realized gain on investments | 64857311 | 75970487 | 30546374 | 31181303 |
| Net change in unrealized appreciation (depreciation) on <br> investments<br>| (269737668)<br>| 385883274 | (53842134)<br>| 44035983 |
| Net increase (decrease) in net assets resulting from operations | (210672505)<br>| 452056872 | (22586567)<br>| 76290044 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Institutional Class | (35787267)<br>| (22893991)<br>| (21096727)<br>| (35182366)<br>|
| Retail Class | (2109388)<br>| (1695109)<br>| (7289985)<br>| (13625525)<br>|
| Admin Class |  |  | (573188)<br>| (971716)<br>|
| Class N | (44089699)<br>| (27043660)<br>| (8798229)<br>| (15330776)<br>|
| Total distributions | (81986354)<br>| (51632760)<br>| (37758129)<br>| (65110383)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 11)**<br>| (20806397)<br>| (234432147)<br>| (518328)<br>| 39638328 |
| Net increase (decrease) in net assets | (313465256)<br>| 165991965 | (60863024)<br>| 50817989 |
| **NET ASSETS** |  |  |  |  |
| Beginning of the period | 2358313287 | 2192321322 | 392961104 | 342143115 |
| End of the period | $2044848031 | $2358313287 | $332098080 | $392961104 |

---

See accompanying notes to financial statements.

11 \|

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Six Months Ended** <br>**March 31**,**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**,**2024**<br>|
| **FROM OPERATIONS:** |  |  |
| Net investment loss | &nbsp;&nbsp;&nbsp; $(503803)<br>| &nbsp;&nbsp;&nbsp; $(477072)<br>|
| Net realized gain on investments | &nbsp;&nbsp;&nbsp; 7496335 | &nbsp;&nbsp;&nbsp; 4925931 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (20910643)<br>| &nbsp;&nbsp;&nbsp; 31785480 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (13918111)<br>| &nbsp;&nbsp;&nbsp; 36234339 |
| **NET INCREASE IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 11)**<br>| &nbsp;&nbsp;&nbsp; 26194091 | &nbsp;&nbsp;&nbsp; 27422023 |
| Net increase in net assets | &nbsp;&nbsp;&nbsp; 12275980 | &nbsp;&nbsp;&nbsp; 63656362 |
| **NET ASSETS** |  |  |
| Beginning of the period | &nbsp;&nbsp;&nbsp; 207189962 | &nbsp;&nbsp;&nbsp; 143533600 |
| End of the period | &nbsp;&nbsp;&nbsp; $219465942 | &nbsp;&nbsp;&nbsp; $207189962 |

---

See accompanying notes to financial statements.

\| 12

------

**Financial Highlights**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund – Institutional Class** | **Small Cap Growth Fund – Institutional Class** | **Small Cap Growth Fund – Institutional Class** | **Small Cap Growth Fund – Institutional Class** | **Small Cap Growth Fund – Institutional Class** | **Small Cap Growth Fund – Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $29.66 | &nbsp;&nbsp;&nbsp; $24.79 | &nbsp;&nbsp;&nbsp; $22.88 | &nbsp;&nbsp;&nbsp; $36.57 | &nbsp;&nbsp;&nbsp; $28.51 | &nbsp;&nbsp;&nbsp; $26.30 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.15 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp; (7.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp; (7.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (6.48)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (2.35)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $25.94 | &nbsp;&nbsp;&nbsp; $29.66 | &nbsp;&nbsp;&nbsp; $24.79 | &nbsp;&nbsp;&nbsp; $22.88 | &nbsp;&nbsp;&nbsp; $36.57 | &nbsp;&nbsp;&nbsp; $28.51 |
| Total return | &nbsp;&nbsp;&nbsp; (9.37 )%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.64<br> %<br>| &nbsp;&nbsp;&nbsp; (24.77 )%(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.98<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $882879 | &nbsp;&nbsp;&nbsp; $1022187 | &nbsp;&nbsp;&nbsp; $974539 | &nbsp;&nbsp;&nbsp; $883458 | &nbsp;&nbsp;&nbsp; $1299777 | &nbsp;&nbsp;&nbsp; $1037625 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.55 )%(d)<br>| &nbsp;&nbsp;&nbsp; (0.49)%<br>| &nbsp;&nbsp;&nbsp; (0.50)%<br>| &nbsp;&nbsp;&nbsp; (0.51 )%(b)<br>| &nbsp;&nbsp;&nbsp; (0.72)%<br>| &nbsp;&nbsp;&nbsp; (0.66)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.16), total return would have been (24.83%) and the ratio of net investment loss to average net assets would have been (0.56%).

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

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

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

See accompanying notes to financial statements.

13 \|

------

**Financial Highlights (continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund – Retail Class** | **Small Cap Growth Fund – Retail Class** | **Small Cap Growth Fund – Retail Class** | **Small Cap Growth Fund – Retail Class** | **Small Cap Growth Fund – Retail Class** | **Small Cap Growth Fund – Retail Class** |
|  | **Six Months** <br>**Ended** <br>**March 31**, <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**, <br>**2024**<br>| **Year Ended** <br>**September 30**, <br>**2023**<br>| **Year Ended** <br>**September 30**, <br>**2022**<br>| **Year Ended** <br>**September 30**, <br>**2021**<br>| **Year Ended** <br>**September 30**, <br>**2020**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $25.56 | &nbsp;&nbsp;&nbsp; $21.49 | &nbsp;&nbsp;&nbsp; $19.98 | &nbsp;&nbsp;&nbsp; $32.79 | &nbsp;&nbsp;&nbsp; $25.67 | &nbsp;&nbsp;&nbsp; $23.95 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.19 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp; (6.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp; (6.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (6.48)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (2.35)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $22.20 | &nbsp;&nbsp;&nbsp; $25.56 | &nbsp;&nbsp;&nbsp; $21.49 | &nbsp;&nbsp;&nbsp; $19.98 | &nbsp;&nbsp;&nbsp; $32.79 | &nbsp;&nbsp;&nbsp; $25.67 |
| Total return | &nbsp;&nbsp;&nbsp; (9.46)%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.32<br> %<br>| &nbsp;&nbsp;&nbsp; (24.94)%(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.67<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $45051 | &nbsp;&nbsp;&nbsp; $56136 | &nbsp;&nbsp;&nbsp; $62965 | &nbsp;&nbsp;&nbsp; $62909 | &nbsp;&nbsp;&nbsp; $105027 | &nbsp;&nbsp;&nbsp; $98205 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.19 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.19 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.81 )%(d)<br>| &nbsp;&nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp;&nbsp; (0.76 )%(b)<br>| &nbsp;&nbsp;&nbsp; (0.92)%<br>| &nbsp;&nbsp;&nbsp; (0.91)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.21), total return would have been (25.01%) and the ratio of net investment loss to average net assets would have been (0.81%).

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

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

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

See accompanying notes to financial statements.

\| 14

------

**Financial Highlights (continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund– Class N** | **Small Cap Growth Fund– Class N** | **Small Cap Growth Fund– Class N** | **Small Cap Growth Fund– Class N** | **Small Cap Growth Fund– Class N** | **Small Cap Growth Fund– Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $30.22 | &nbsp;&nbsp;&nbsp; $25.21 | &nbsp;&nbsp;&nbsp; $23.23 | &nbsp;&nbsp;&nbsp; $37.01 | &nbsp;&nbsp;&nbsp; $28.81 | &nbsp;&nbsp;&nbsp; $26.53 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.11 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp; (7.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp; (7.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (6.48)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (2.35)<br>|
| Net asset value, end of the <br> period<br>| &nbsp;&nbsp;&nbsp; $26.46 | &nbsp;&nbsp;&nbsp; $30.22 | &nbsp;&nbsp;&nbsp; $25.21 | &nbsp;&nbsp;&nbsp; $23.23 | &nbsp;&nbsp;&nbsp; $37.01 | &nbsp;&nbsp;&nbsp; $28.81 |
| Total return | &nbsp;&nbsp;&nbsp; (9.33 )%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.77<br> %<br>| &nbsp;&nbsp;&nbsp; (24.69 )%(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.09<br> %<br>|
| **RATIOS TO AVERAGE NET** <br> **ASSETS:**<br>|  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $1116919 | &nbsp;&nbsp;&nbsp; $1279991 | &nbsp;&nbsp;&nbsp; $1154817 | &nbsp;&nbsp;&nbsp; $1030728 | &nbsp;&nbsp;&nbsp; $1475139 | &nbsp;&nbsp;&nbsp; $1066067 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.44 )%(d)<br>| &nbsp;&nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp;&nbsp; (0.39 )%(b)<br>| &nbsp;&nbsp;&nbsp; (0.62)%<br>| &nbsp;&nbsp;&nbsp; (0.54)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.13), total return would have been (24.71%) and the ratio of net investment loss to average net assets would have been (0.44%).

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

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

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

See accompanying notes to financial statements.

15 \|

------

**Financial Highlights (continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund – Institutional Class** | **Small Cap Value Fund – Institutional Class** | **Small Cap Value Fund – Institutional Class** | **Small Cap Value Fund – Institutional Class** | **Small Cap Value Fund – Institutional Class** | **Small Cap Value Fund – Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $24.69 | &nbsp;&nbsp;&nbsp; $24.17 | &nbsp;&nbsp;&nbsp; $22.57 | &nbsp;&nbsp;&nbsp; $32.05 | &nbsp;&nbsp;&nbsp; $22.34 | &nbsp;&nbsp;&nbsp; $28.66 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.79 | &nbsp;&nbsp;&nbsp; (4.03)<br>|
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.83 | &nbsp;&nbsp;&nbsp; (3.91)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (2.29)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp;&nbsp; (2.85)<br>| &nbsp;&nbsp;&nbsp; (5.43)<br>| &nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp; (2.41)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $20.93 | &nbsp;&nbsp;&nbsp; $24.69 | &nbsp;&nbsp;&nbsp; $24.17 | &nbsp;&nbsp;&nbsp; $22.57 | &nbsp;&nbsp;&nbsp; $32.05 | &nbsp;&nbsp;&nbsp; $22.34 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp; (6.12 )%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.73<br> %<br>| &nbsp;&nbsp;&nbsp; (16.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55.05<br> %<br>| &nbsp;&nbsp;&nbsp; (15.31)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $181048 | &nbsp;&nbsp;&nbsp; $217845 | &nbsp;&nbsp;&nbsp; $201632 | &nbsp;&nbsp;&nbsp; $276020 | &nbsp;&nbsp;&nbsp; $378856 | &nbsp;&nbsp;&nbsp; $295006 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.41 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

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

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

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

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

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

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

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

See accompanying notes to financial statements.

\| 16

------

**Financial Highlights (continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund – Retail Class** | **Small Cap Value Fund – Retail Class** | **Small Cap Value Fund – Retail Class** | **Small Cap Value Fund – Retail Class** | **Small Cap Value Fund – Retail Class** | **Small Cap Value Fund – Retail Class** |
|  | **Six Months** <br>**Ended** <br>**March 31**, <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30**, <br>**2024**<br>| **Year Ended** <br>**September 30**, <br>**2023**<br>| **Year Ended** <br>**September 30**, <br>**2022**<br>| **Year Ended** <br>**September 30**, <br>**2021**<br>| **Year Ended** <br>**September 30**, <br>**2020**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp; $23.44 | &nbsp;&nbsp;&nbsp; $21.95 | &nbsp;&nbsp;&nbsp; $31.33 | &nbsp;&nbsp;&nbsp; $21.87 | &nbsp;&nbsp;&nbsp; $28.11 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp; (4.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.55 | &nbsp;&nbsp;&nbsp; (3.96)<br>|
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp; (4.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.51 | &nbsp;&nbsp;&nbsp; (3.91)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (2.29)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp; (2.33)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $20.11 | &nbsp;&nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp; $23.44 | &nbsp;&nbsp;&nbsp; $21.95 | &nbsp;&nbsp;&nbsp; $31.33 | &nbsp;&nbsp;&nbsp; $21.87 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp; (6.22)%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.47<br> %<br>| &nbsp;&nbsp;&nbsp; (16.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.69<br> %<br>| &nbsp;&nbsp;&nbsp; (15.56)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $66449 | &nbsp;&nbsp;&nbsp; $77031 | &nbsp;&nbsp;&nbsp; $68979 | &nbsp;&nbsp;&nbsp; $63738 | &nbsp;&nbsp;&nbsp; $92036 | &nbsp;&nbsp;&nbsp; $83163 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.21 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.16 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp; (0.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

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

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

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

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

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

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

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

See accompanying notes to financial statements.

17 \|

------

**Financial Highlights (continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund– Admin Class** | **Small Cap Value Fund– Admin Class** | **Small Cap Value Fund– Admin Class** | **Small Cap Value Fund– Admin Class** | **Small Cap Value Fund– Admin Class** | **Small Cap Value Fund– Admin Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $21.31 | &nbsp;&nbsp;&nbsp; $21.47 | &nbsp;&nbsp;&nbsp; $20.31 | &nbsp;&nbsp;&nbsp; $29.44 | &nbsp;&nbsp;&nbsp; $20.65 | &nbsp;&nbsp;&nbsp; $26.68 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp;&nbsp; (3.73)<br>|
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.78 | &nbsp;&nbsp;&nbsp; (3.74)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (2.29)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (2.29)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $17.77 | &nbsp;&nbsp;&nbsp; $21.31 | &nbsp;&nbsp;&nbsp; $21.47 | &nbsp;&nbsp;&nbsp; $20.31 | &nbsp;&nbsp;&nbsp; $29.44 | &nbsp;&nbsp;&nbsp; $20.65 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp; (6.37 )%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.18<br> %<br>| &nbsp;&nbsp;&nbsp; (16.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.29<br> %<br>| &nbsp;&nbsp;&nbsp; (15.74)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $4727 | &nbsp;&nbsp;&nbsp; $5374 | &nbsp;&nbsp;&nbsp; $5812 | &nbsp;&nbsp;&nbsp; $6776 | &nbsp;&nbsp;&nbsp; $9440 | &nbsp;&nbsp;&nbsp; $7662 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.46 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.08 )%(e)<br>| &nbsp;&nbsp;&nbsp; (0.18)%<br>| &nbsp;&nbsp;&nbsp; (0.16)%<br>| &nbsp;&nbsp;&nbsp; (0.02)%<br>| &nbsp;&nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp;&nbsp; (0.03)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 23<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) Periods less than one year are not annualized.

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

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

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

See accompanying notes to financial statements.

\| 18

------

**Financial Highlights (continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund– Class N** | **Small Cap Value Fund– Class N** | **Small Cap Value Fund– Class N** | **Small Cap Value Fund– Class N** | **Small Cap Value Fund– Class N** | **Small Cap Value Fund– Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $24.70 | &nbsp;&nbsp;&nbsp; $24.18 | &nbsp;&nbsp;&nbsp; $22.58 | &nbsp;&nbsp;&nbsp; $32.07 | &nbsp;&nbsp;&nbsp; $22.35 | &nbsp;&nbsp;&nbsp; $28.68 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.80 | &nbsp;&nbsp;&nbsp; (4.03)<br>|
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.85 | &nbsp;&nbsp;&nbsp; (3.90)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (2.29)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp; (2.43)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $20.93 | &nbsp;&nbsp;&nbsp; $24.70 | &nbsp;&nbsp;&nbsp; $24.18 | &nbsp;&nbsp;&nbsp; $22.58 | &nbsp;&nbsp;&nbsp; $32.07 | &nbsp;&nbsp;&nbsp; $22.35 |
| Total return | &nbsp;&nbsp;&nbsp; (6.11 )%(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.74 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.80 %(b)<br>| &nbsp;&nbsp;&nbsp; (16.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55.15<br> %<br>| &nbsp;&nbsp;&nbsp; (15.28)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $79874 | &nbsp;&nbsp;&nbsp; $92711 | &nbsp;&nbsp;&nbsp; $65720 | &nbsp;&nbsp;&nbsp; $75168 | &nbsp;&nbsp;&nbsp; $112310 | &nbsp;&nbsp;&nbsp; $92818 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.46 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

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

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

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

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

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

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

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

See accompanying notes to financial statements.

19 \|

------

**Financial Highlights (continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund – Institutional Class** | **Small/Mid Cap Growth Fund – Institutional Class** | **Small/Mid Cap Growth Fund – Institutional Class** | **Small/Mid Cap Growth Fund – Institutional Class** | **Small/Mid Cap Growth Fund – Institutional Class** | **Small/Mid Cap Growth Fund – Institutional Class** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Year Ended** <br>**September 30,** <br>**2020**<br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $13.54 | &nbsp;&nbsp;&nbsp; $10.76 | &nbsp;&nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp; $15.25 | &nbsp;&nbsp;&nbsp; $11.81 | &nbsp;&nbsp;&nbsp; $10.03 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.02 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $12.72 | &nbsp;&nbsp;&nbsp; $13.54 | &nbsp;&nbsp;&nbsp; $10.76 | &nbsp;&nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp; $15.25 | &nbsp;&nbsp;&nbsp; $11.81 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp; (6.06 )%(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>| &nbsp;&nbsp;&nbsp; (25.43)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.00 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.38<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $102236 | &nbsp;&nbsp;&nbsp; $102457 | &nbsp;&nbsp;&nbsp; $118499 | &nbsp;&nbsp;&nbsp; $106566 | &nbsp;&nbsp;&nbsp; $70526 | &nbsp;&nbsp;&nbsp; $52170 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.45 )%(f)<br>| &nbsp;&nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp;&nbsp; (0.37)%<br>| &nbsp;&nbsp;&nbsp; (0.45)%<br>| &nbsp;&nbsp;&nbsp; (0.14 )%(b)<br>| &nbsp;&nbsp;&nbsp; (0.34)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 60<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.08), total return would have been 29.49% and the ratio of net investment loss to average net assets would have been (0.52%).

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes additional voluntary waiver of advisory fee of 0.01%.

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

See accompanying notes to financial statements.

\| 20

------

**Financial Highlights (continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund– Class N** | **Small/Mid Cap Growth Fund– Class N** | **Small/Mid Cap Growth Fund– Class N** | **Small/Mid Cap Growth Fund– Class N** | **Small/Mid Cap Growth Fund– Class N** | **Small/Mid Cap Growth Fund– Class N** |
|  | **Six Months** <br>**Ended** <br>**March 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2023**<br>| **Year Ended** <br>**September 30,** <br>**2022**<br>| **Year Ended** <br>**September 30,** <br>**2021**<br>| **Period Ended** <br>**September 30,** <br>**2020\*** <br>|
| Net asset value, beginning of the <br> period<br>| &nbsp;&nbsp;&nbsp; $13.55 | &nbsp;&nbsp;&nbsp; $10.77 | &nbsp;&nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $15.26 | &nbsp;&nbsp;&nbsp; $11.81 | &nbsp;&nbsp;&nbsp; $9.89 |
| **INCOME (LOSS) FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.01 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| Total from Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp; $13.55 | &nbsp;&nbsp;&nbsp; $10.77 | &nbsp;&nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $15.26 | &nbsp;&nbsp;&nbsp; $11.81 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp; (6.05 )%(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>| &nbsp;&nbsp;&nbsp; (25.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.08 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.08 %(d)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Net assets, end of the period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $117230 | &nbsp;&nbsp;&nbsp; $104733 | &nbsp;&nbsp;&nbsp; $25035 | &nbsp;&nbsp;&nbsp; $46814 | &nbsp;&nbsp;&nbsp; $9260 | &nbsp;&nbsp;&nbsp; $1 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %(f)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 107.49 %(f)<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.44 )%(f)<br>| &nbsp;&nbsp;&nbsp; (0.32)%<br>| &nbsp;&nbsp;&nbsp; (0.37)%<br>| &nbsp;&nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp;&nbsp; (0.08 )%(b)<br>| &nbsp;&nbsp;&nbsp; (0.34 )%(f)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 60 %(g)<br>|

---

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

\* Class operations commenced on October 1, 2019.

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

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.07), total return would have been 29.66% and the ratio of net investment loss to average net assets would have been (0.50%). 

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

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

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

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

(g) Represents the Fund's portfolio turnover rate for the year ended September 30, 2020.

See accompanying notes to financial statements.

21 \|

------

**Notes to Financial Statements**

**March 31, 2025 (Unaudited)**

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

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

**Loomis Sayles Funds I:** 

Loomis Sayles Small Cap Value Fund ("Small Cap Value Fund")

**Loomis Sayles Funds II:** 

Loomis Sayles Small Cap Growth Fund ("Small Cap Growth Fund")

Loomis Sayles Small/Mid Cap Growth Fund ("Small/Mid Cap Growth Fund")

Each Fund is a diversified investment company.

Small Cap Growth Fund offers Institutional Class, Retail Class and Class N shares. Small Cap Value Fund offers Institutional Class, Retail Class, Admin Class and Class N shares. Small/Mid Cap Growth Fund offers Institutional Class and Class N shares.

Each share class is sold without a sales charge. Retail Class and Admin Class shares pay a Rule 12b-1 fee. Class N shares are offered with an initial minimum investment of $1,000,000. Institutional Class shares are intended for institutional investors with a minimum initial investment of $100,000. Certain categories of investors are exempted from the minimum investment amount for Class N and Institutional Class as outlined in the relevant Fund's prospectus. Admin Class shares are offered exclusively through intermediaries.

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

**2. Significant Accounting Policies.** The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds' financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund operates as a single segment entity, focusing on investments in a portfolio of securities. Each Fund's named investment adviser acts as chief operating decision maker ("CODM") regarding allocation of resources and performance assessment. Financial information including, but not limited to, portfolio composition, net asset changes and total returns, is used by the CODM to assess performance and to make resource allocation decisions and is consistent with that presented within the financial statements. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds' financial statements.

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

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

Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Shares of open-end investment companies are valued at net asset value ("NAV") per share.

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

\| 22

------

**Notes to Financial Statements (continued)**

**March 31, 2025 (Unaudited)**

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment.

The Funds may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund's investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund's NAV is calculated. Fair valuation by the Fund(s) valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.

**b. Investment Transactions and Related Investment Income.** Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains and return of capital included in distributions received from the Funds' investments in real estate investment trusts ("REITs") are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a *pro rata* basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded in the Funds' books and records and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities.

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

**d. Federal and Foreign Income Taxes.** The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund's tax positions for the open tax years as of March 31, 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 six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

23 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2025 (Unaudited)**

amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

**e. Dividends and Distributions to Shareholders.** Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as return of capital distributions received, distribution re-designations, capital gain distributions received, deferred Trustees' fees, passive foreign investment company adjustments and net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees' fees, return of capital distributions received, passive foreign investment company adjustments, capital gain distributions received and wash sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds' fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are reported as distributed from ordinary income for tax purposes.

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

---

| | | | |
|:---|:---|:---|:---|
|  | 2024 Distributions | 2024 Distributions | 2024 Distributions |
| Fund | Ordinary <br>Income<br>| Long-Term <br>Capital <br>Gains<br>| Total |
| Small Cap Growth Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51632760 | &nbsp;&nbsp; $51632760 |
| Small Cap Value Fund | &nbsp;&nbsp; 4484318 | &nbsp;&nbsp; 60626065 | &nbsp;&nbsp; 65110383 |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

As of September 30, 2024, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap <br>Growth Fund<br>| Small Cap <br>Value Fund<br>| Small/Mid Cap <br>Growth Fund<br>|
| Capital loss carryforward: |  |  |  |
| Short-term: |  |  |  |
| No expiration date | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18521920)<br>|
| Late-year ordinary and post-October <br>capital loss deferrals\* <br>| &nbsp;&nbsp; $(7394192)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(419408)<br>|

---

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

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

\| 24

------

**Notes to Financial Statements (continued)**

**March 31, 2025 (Unaudited)**

As of March 31, 2025, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap <br>Growth Fund<br>| Small Cap <br>Value Fund<br>| Small/Mid Cap <br>Growth Fund<br>|
| Federal tax cost | &nbsp;&nbsp; $1694250306 | &nbsp;&nbsp; $259828190 | &nbsp;&nbsp; $208627029 |
| Gross tax appreciation | &nbsp;&nbsp; $467464216 | &nbsp;&nbsp; $89687929 | &nbsp;&nbsp; $23105202 |
| Gross tax depreciation | &nbsp;&nbsp; (115955568)<br>| &nbsp;&nbsp; (16538490)<br>| &nbsp;&nbsp; (12062524)<br>|
| Net tax appreciation | &nbsp;&nbsp; $351508648 | &nbsp;&nbsp; $73149439 | &nbsp;&nbsp; $11042678 |

---

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

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

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

**h. 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 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.

25 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2025 (Unaudited)**

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

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2025, at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp;&nbsp; $2014246624 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2014246624 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31512330 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31512330 |
| Total Investments | &nbsp;&nbsp;&nbsp; $2014246624 | &nbsp;&nbsp;&nbsp; $31512330 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2045758954 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp;&nbsp; $325777112 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $325777112 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7200517 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7200517 |
| Total Investments | &nbsp;&nbsp;&nbsp; $325777112 | &nbsp;&nbsp;&nbsp; $7200517 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $332977629 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp;&nbsp; $216111486 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $216111486 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3558221 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3558221 |
| Total Investments | &nbsp;&nbsp;&nbsp; $216111486 | &nbsp;&nbsp;&nbsp; $3558221 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $219669707 |

---

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

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

**4. Purchases and Sales of Securities.** For the six months ended March 31, 2025, purchases and sales of securities (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Small Cap Growth Fund | &nbsp;&nbsp; $354876221 | &nbsp;&nbsp; $412000266 |
| Small Cap Value Fund | &nbsp;&nbsp; 66789164 | &nbsp;&nbsp; 107225087 |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 91099555 | &nbsp;&nbsp; 61590200 |

---

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

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

\| 26

------

**Notes to Financial Statements (continued)**

**March 31, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| Fund | Percentage of <br>Average Daily <br>Net Assets<br>|
| Small Cap Growth Fund | &nbsp;&nbsp; 0.75% |
| Small Cap Value Fund | &nbsp;&nbsp; 0.75% |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 0.75% |

---

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds' operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 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 six months ended March 31, 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 | Institutional <br>Class<br>| Retail <br>Class<br>| Admin <br>Class<br>| Class N |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Small/Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>|

---

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

For the six months ended March 31, 2025, the management fees for each Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Gross <br>Management <br>Fees | &nbsp;&nbsp; Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | &nbsp;&nbsp; Net <br>Management <br>Fees | &nbsp;&nbsp; Percentage of <br>Average <br>Daily Net Assets | &nbsp;&nbsp; Percentage of <br>Average <br>Daily Net Assets |
| Fund | &nbsp;&nbsp; Gross <br>Management <br>Fees | &nbsp;&nbsp; Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | &nbsp;&nbsp; Net <br>Management <br>Fees | Gross | Net |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp; $8778069 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8778069 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp; 1444347 | &nbsp;&nbsp;&nbsp; 100371 | &nbsp;&nbsp;&nbsp; 1343976 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Small/Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp; 847831 | &nbsp;&nbsp;&nbsp; 52226 | &nbsp;&nbsp;&nbsp; 795605 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|

---

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

<sup>1</sup> Waiver/expense reimbursements are subject to possible recovery until September 30, 2026.

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

Pursuant to Rule 12b-1 under the 1940 Act, Small Cap Growth Fund and Small Cap Value Fund have adopted a Distribution Plan relating to each Fund's Retail Class shares (the "Retail Class Plans") and Small Cap Value Fund has adopted a Distribution Plan relating to its Admin Class shares (the "Admin Class Plan").

Under the Retail Class Plans, each Fund pays Natixis Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund's Retail Class shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Retail Class shares or for payments made by Natixis Distribution to securities dealers or other

27 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2025 (Unaudited)**

financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Retail Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

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

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

For the six months ended March 31, 2025, the service and distribution fees for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Service Fees | Distribution Fees | Distribution Fees |
| Fund | Admin Class | Retail Class | Admin Class |
| Small Cap Growth Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $65466 | &nbsp;&nbsp; $— |
| Small Cap Value Fund | &nbsp;&nbsp; 6572 | &nbsp;&nbsp; 93454 | &nbsp;&nbsp; 6572 |

---

**c. Administrative Fees.** Natixis Advisors, LLC ("Natixis Advisors") provides certain administrative services for the Funds and contracts with State Street Bank and Trust Company ("State Street Bank") to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of

Natixis Investment Managers, LLC. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its *pro rata* portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2025, the administrative fees for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Administrative <br>Fees<br>|
| Small Cap Growth Fund | &nbsp;&nbsp; $504808 |
| Small Cap Value Fund | &nbsp;&nbsp; 83059 |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 48765 |

---

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

For the six months ended March 31, 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>|
| Small Cap Growth Fund | &nbsp;&nbsp; $620283 |
| Small Cap Value Fund | &nbsp;&nbsp; 120847 |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 14477 |

---

\| 28

------

**Notes to Financial Statements (continued)**

**March 31, 2025 (Unaudited)**

As of March 31, 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>|
| Small Cap Growth Fund | &nbsp;&nbsp; $12183 |
| Small Cap Value Fund | &nbsp;&nbsp; 1927 |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 342 |

---

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

**e. Trustees Fees and Expenses.** The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $410,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $235,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the Chairperson of the Contract Review Committee and the Chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $30,000. The Chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

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.

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

**f. Affiliated Ownership.** As of March 31, 2025, Loomis Sayles Funded Pension Plan and Trust ("Pension Plan"), Loomis Sayles Employees' Profit Sharing Retirement Plan ("Retirement Plan") and Loomis Sayles non-qualified retirement plans held shares of the Funds representing the following percentages of the Funds' net assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Pension Plan | Retirement Plan | Non-Qualified <br>Retirement Plans<br>| Total Affiliated <br>Ownership<br>|
| Small Cap Growth Fund | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; —% | &nbsp;&nbsp; 1.40% |
| Small Cap Value Fund | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 8.25% | &nbsp;&nbsp; 9.46% | &nbsp;&nbsp; 18.41% |

---

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

**g. Reimbursement of Transfer Agent Fees and Expenses.** Natixis Advisors has given a binding contractual undertaking to Small/Mid Cap Growth Fund to reimburse any and all transfer agency expenses for the Fund's Class N shares. This undertaking is in effect through January 31, 2026 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2025, Natixis Advisors reimbursed Small/Mid Cap Growth Fund $2,130 for transfer agency expenses related to Class N shares.

29 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2025 (Unaudited)**

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

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

For the six months ended March 31, 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 | Institutional <br>Class<br>| Retail <br>Class<br>| Admin <br>Class<br>| Class N |
| Small Cap Growth Fund | &nbsp;&nbsp; $608775 | &nbsp;&nbsp; $31469 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15307 |
| Small Cap Value Fund | &nbsp;&nbsp; 97696 | &nbsp;&nbsp; 33947 | &nbsp;&nbsp; 2388 | &nbsp;&nbsp; 1859 |
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 16784 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2130 |

---

**7. Expense Offset Arrangements.** The Funds have entered into an agreement with the transfer agent whereby certain transfer agent fees and expenses may be paid indirectly by credits earned on the Funds' cash balances. Transfer agent fees and expenses are presented in the Statements of Operations gross of such credits, and the credits are presented as offsets to expenses.

**8. Line of Credit.** Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund's investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2025, none of the Funds had borrowings under this agreement.

**9. Risk.** Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other related events, could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to issuers in the country or countries involved.

**10. Concentration of Ownership.** From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2025, based on management's evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds' total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Number of 5% <br>Non-Affiliated <br>Account Holders<br>| Percentage of <br>Non-Affiliated <br>Ownership<br>| Percentage of <br>Affiliated <br>Ownership <br>(Note 5f)<br>| Total <br>Percentage of <br>Ownership<br>|
| Small Cap Growth Fund | &nbsp;&nbsp; 1 | 23.76<br> %<br>| &nbsp;&nbsp; — | 23.76<br> %<br>|
| Small Cap Value Fund | &nbsp;&nbsp; 4 | 25.53<br> %<br>| 18.41<br> %<br>| 43.94<br> %<br>|
| Small/Mid Cap Growth Fund | &nbsp;&nbsp; 4 | 39.77<br> %<br>| &nbsp;&nbsp; — | 39.77<br> %<br>|

---

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

\| 30

------

**Notes to Financial Statements (continued)**

**March 31, 2025 (Unaudited)**

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

**11. Capital Shares**. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** | **Six Months Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
| **Small Cap Growth Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 2795363 | &nbsp;&nbsp; $82341355 | &nbsp;&nbsp; 5922586 | &nbsp;&nbsp; $159041961 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1139434 | &nbsp;&nbsp; 33191733 | &nbsp;&nbsp; 792963 | &nbsp;&nbsp; 21005595 |
| Redeemed | &nbsp;&nbsp; (4359928)<br>| &nbsp;&nbsp; (128519610)<br>| &nbsp;&nbsp; (11570160)<br>| &nbsp;&nbsp; (305458768)<br>|
| Net change | &nbsp;&nbsp; (425131)<br>| &nbsp;&nbsp; $(12986522)<br>| &nbsp;&nbsp; (4854611)<br>| &nbsp;&nbsp; $(125411212)<br>|
| **Retail Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 106423 | &nbsp;&nbsp; $2757945 | &nbsp;&nbsp; 175185 | &nbsp;&nbsp; $4060224 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 83744 | &nbsp;&nbsp; 2088572 | &nbsp;&nbsp; 73575 | &nbsp;&nbsp; 1682653 |
| Redeemed | &nbsp;&nbsp; (356479)<br>| &nbsp;&nbsp; (8918026)<br>| &nbsp;&nbsp; (982440)<br>| &nbsp;&nbsp; (22707435)<br>|
| Net change | &nbsp;&nbsp; (166312)<br>| &nbsp;&nbsp; $(4071509)<br>| &nbsp;&nbsp; (733680)<br>| &nbsp;&nbsp; $(16964558)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 2372868 | &nbsp;&nbsp; $71814482 | &nbsp;&nbsp; 7235719 | &nbsp;&nbsp; $196565565 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1462258 | &nbsp;&nbsp; 43429061 | &nbsp;&nbsp; 987983 | &nbsp;&nbsp; 26636020 |
| Redeemed | &nbsp;&nbsp; (3980685)<br>| &nbsp;&nbsp; (118991909)<br>| &nbsp;&nbsp; (11666857)<br>| &nbsp;&nbsp; (315257962)<br>|
| Net change | &nbsp;&nbsp; (145559)<br>| &nbsp;&nbsp; $(3748366)<br>| &nbsp;&nbsp; (3443155)<br>| &nbsp;&nbsp; $(92056377)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (737002)<br>| &nbsp;&nbsp; $(20806397)<br>| &nbsp;&nbsp; (9031446)<br>| &nbsp;&nbsp; $(234432147)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** | **Six Months Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
| **Small Cap Value Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1130765 | &nbsp;&nbsp; $27214485 | &nbsp;&nbsp; 2707872 | &nbsp;&nbsp; $63890883 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 935858 | &nbsp;&nbsp; 20813491 | &nbsp;&nbsp; 1537741 | &nbsp;&nbsp; 34614545 |
| Redeemed | &nbsp;&nbsp; (2238318)<br>| &nbsp;&nbsp; (50864751)<br>| &nbsp;&nbsp; (3764416)<br>| &nbsp;&nbsp; (88825823)<br>|
| Net change | &nbsp;&nbsp; (171695)<br>| &nbsp;&nbsp; $(2836775)<br>| &nbsp;&nbsp; 481197 | &nbsp;&nbsp; $9679605 |
| **Retail Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 65934 | &nbsp;&nbsp; $1547869 | &nbsp;&nbsp; 579511 | &nbsp;&nbsp; $13339094 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 340525 | &nbsp;&nbsp; 7280424 | &nbsp;&nbsp; 626606 | &nbsp;&nbsp; 13609887 |
| Redeemed | &nbsp;&nbsp; (340462)<br>| &nbsp;&nbsp; (7763386)<br>| &nbsp;&nbsp; (910394)<br>| &nbsp;&nbsp; (20072030)<br>|
| Net change | &nbsp;&nbsp; 65997 | &nbsp;&nbsp; $1064907 | &nbsp;&nbsp; 295723 | &nbsp;&nbsp; $6876951 |
| **Admin Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 6705 | &nbsp;&nbsp; $134572 | &nbsp;&nbsp; 11943 | &nbsp;&nbsp; $249189 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 30311 | &nbsp;&nbsp; 573188 | &nbsp;&nbsp; 49832 | &nbsp;&nbsp; 971716 |
| Redeemed | &nbsp;&nbsp; (23196)<br>| &nbsp;&nbsp; (462960)<br>| &nbsp;&nbsp; (80384)<br>| &nbsp;&nbsp; (1704141)<br>|
| Net change | &nbsp;&nbsp; 13820 | &nbsp;&nbsp; $244800 | &nbsp;&nbsp; (18609)<br>| &nbsp;&nbsp; $(483236)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 202377 | &nbsp;&nbsp; $4671202 | &nbsp;&nbsp; 1108967 | &nbsp;&nbsp; $26145795 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 395604 | &nbsp;&nbsp; 8798229 | &nbsp;&nbsp; 681065 | &nbsp;&nbsp; 15330776 |
| Redeemed | &nbsp;&nbsp; (535182)<br>| &nbsp;&nbsp; (12460691)<br>| &nbsp;&nbsp; (754532)<br>| &nbsp;&nbsp; (17911563)<br>|
| Net change | &nbsp;&nbsp; 62799 | &nbsp;&nbsp; $1008740 | &nbsp;&nbsp; 1035500 | &nbsp;&nbsp; $23565008 |
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; (29079)<br>| &nbsp;&nbsp; $(518328)<br>| &nbsp;&nbsp; 1793811 | &nbsp;&nbsp; $39638328 |

---

31 \|

------

**Notes to Financial Statements (continued)**

**March 31, 2025 (Unaudited)**

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

**11. Capital Shares (continued).**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** | **Six Months Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
| **Small/Mid Cap Growth Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 673587 | &nbsp;&nbsp; $9237580 | &nbsp;&nbsp; 1443072 | &nbsp;&nbsp; $16821287 |
| Redeemed | &nbsp;&nbsp; (201930)<br>| &nbsp;&nbsp; (2722496)<br>| &nbsp;&nbsp; (4892134)<br>| &nbsp;&nbsp; (58957698)<br>|
| Net change | &nbsp;&nbsp; 471657 | &nbsp;&nbsp; $6515084 | &nbsp;&nbsp; (3449062)<br>| &nbsp;&nbsp; $(42136411)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 2895918 | &nbsp;&nbsp; $39727730 | &nbsp;&nbsp; 6980418 | &nbsp;&nbsp; $88119080 |
| Redeemed | &nbsp;&nbsp; (1415619)<br>| &nbsp;&nbsp; (20048723)<br>| &nbsp;&nbsp; (1577085)<br>| &nbsp;&nbsp; (18560646)<br>|
| Net change | &nbsp;&nbsp; 1480299 | &nbsp;&nbsp; $19679007 | &nbsp;&nbsp; 5403333 | &nbsp;&nbsp; $69558434 |
| Increase from capital share transactions | &nbsp;&nbsp; 1951956 | &nbsp;&nbsp; $26194091 | &nbsp;&nbsp; 1954271 | &nbsp;&nbsp; $27422023 |

---

\| 32

------

![](g913838imge36998992.gif)

**LOOMIS SAYLES FUNDS**

Loomis Sayles Funds, a Boston-based family of mutual funds advised by Loomis, Sayles & Company, L.P., offers a range of fixed income and equity investments to fit the goals of the most demanding investor. Investment minimums and a pricing structure that includes multiple share classes make the funds suitable investments for individual investors, retirement plan participants, high net worth individuals and small institutions, including endowments and foundations.

**PHONE 800-633-3330 FOR THE FOLLOWING FUND INFORMATION:**

• Net asset values, yields, distribution information, fund information and fund literature

• Speak to a customer service representative regarding new or existing accounts

**Before investing, consider the fund's investment objectives, risks, charges, and expenses. Please visit www.loomissayles.com or call 800-633-3330 for a prospectus and a summary prospectus, if available, containing this and other information.**

**If you wish to communicate with the funds' Board of Trustees, you may do so by writing to:**

Natixis Advisors, LLC

888 Boylston Street, Suite 800

Boston, MA 02199-8197

The correspondence must be in writing, signed by the shareholder, including the shareholder's name and address, and should identify the fund(s), account number, class of shares, and number of shares held in the fund(s) as of a recent date.

**or by email at:**

secretaryofthefunds@natixis.com

Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.

Please note: Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, social security number, PIN, or any other non-public, personal information in an e-mail communication because this information may be viewed by others.

![](g913838img9d3dcf5d3.gif)Exp. 5/31/26

M-LSEFSA-0325

------

#### 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.
The statements regarding basis for approval of investment advisory contracts 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 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Securities Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

#### Item 16. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

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

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a) (1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not Applicable.

(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrants securities are listed. Not Applicable.

(a) (3) [A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is filed herewith.](d913838dex99cert.htm)

(a) (3)(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable

(a) (3)(2) Changes in the registrant's independent public accountant. Not Applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is filed herewith.](d913838dex99906cert.htm)

(101) Inline Interactive Data File-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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

---

| | |
|:---|:---|
| Loomis Sayles Funds II | Loomis Sayles Funds 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: | May 21, 2025 |

---

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: | May 21, 2025 |
| By: <u>/s/ Matthew J. Block</u> | By: <u>/s/ Matthew J. Block</u> |
| Name: | Matthew J. Block |
| Title: | Treasurer and Principal Financial and |
|  | Accounting Officer |
| Date: | May 21, 2025 |

---

## Ex-99.Cert

**Exhibit (a)(3)** 

**Loomis Sayles Funds II** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, David L. Giunta, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c)) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

------

Date: May 21, 2025

---

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

---

------

**Exhibit (a)(3)** 

**Loomis Sayles Funds II** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, Matthew J. Block, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c)) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: May 21, 2025 | <u>/s/ Matthew J. Block</u> |
|  | Matthew J. Block |
|  | Treasurer and Principal Financial and |
|  | Accounting Officer |

---

## Exhibit 99.906

**Exhibit (b)** 

**Loomis Sayles Funds II** 

**Section 906 Certification** 

In connection with the report on Form N-CSR for the period ended March 31, 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;&nbsp;&nbsp;&nbsp;&nbsp;1. the Report complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | By: |
| President and Chief Executive Officer | Treasurer and Principal Financial and |
|  | Accounting Officer |
| Loomis Sayles Funds II | Loomis Sayles Funds II |
| - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  | - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  |
| <u>/s/ David L. Giunta</u> | <u>/s/ Matthew J. Block</u> |
| David L. Giunta | Matthew J. Block |
| Date: May 21, 2025 | Date: May 21, 2025 |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Loomis Sayles Funds II, and will be retained by Loomis Sayles Funds II and furnished to the Securities and Exchange Commission or its staff upon request.