# EDGAR Filing Document

**Accession Number:** 0000917469
**File Stem:** 0001193125-26-091083
**Filing Date:** 2026-3
**Character Count:** 390886
**Document Hash:** b8e684257e49b4e352897e56d61584a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-091083.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-091083

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08282
- **FILM NUMBER:** 26720576

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

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

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

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

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

## Series and Classes Contracts Data

### Loomis Sayles Income Fund (Series ID: S000006638)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018122 | Institutional Class | LSBDX           |
| C000018123 | Retail Class        | LSBRX           |
| C000018124 | Admin Class         | LBFAX           |
| C000125493 | Class N             | LSBNX           |

### Loomis Sayles Investment Grade Fixed Income Fund (Series ID: S000006646)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018133 | Institutional Class | LSIGX           |

?xml version='1.0' encoding='ASCII'? Loomis Sayles Funds I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-08282

Loomis Sayles Funds I

(Exact name of Registrant as specified in charter)

888 Boylston Street, Suite 800, Boston, Massachusetts 02199-8197

(Address of principal executive offices) (Zip code)

Susan McWhan Tobin, Esq.

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

------

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

# Institutional Class

# LSBDX

# Loomis Sayles Income Fund (Formerly Loomis Sayles Bond Fund)
![Image](g44480g40z81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Institutional Class | $67 | 0.64% |

---

---

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

---

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

• Allocation to non-U.S. dollar securities was a contributor to performance over the year, driven by strong results from South African local securities.

• Exposure to convertible bonds added to excess returns, with select positions in the communications sector continuing to deliver positive impacts.

• High-yield corporate credit selection was another source of strength, led by names in communications along with finance companies.

**Top Detractors from Performance**

• Holdings of defensive, reserve-like positions were slight laggards throughout the year, as they did not keep up with the riskier asset classes.

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

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g44480g91s01.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9748 | $10138 |
| **02/2016** | $9774 | $10210 |
| **03/2016** | $10281 | $10303 |
| **04/2016** | $10534 | $10343 |
| **05/2016** | $10465 | $10345 |
| **06/2016** | $10641 | $10531 |
| **07/2016** | $10857 | $10598 |
| **08/2016** | $10959 | $10586 |
| **09/2016** | $11009 | $10580 |
| **10/2016** | $10898 | $10499 |
| **11/2016** | $10770 | $10250 |
| **12/2016** | $10863 | $10265 |
| **01/2017** | $11094 | $10285 |
| **02/2017** | $11230 | $10354 |
| **03/2017** | $11236 | $10349 |
| **04/2017** | $11300 | $10428 |
| **05/2017** | $11381 | $10509 |
| **06/2017** | $11506 | $10498 |
| **07/2017** | $11662 | $10543 |
| **08/2017** | $11634 | $10638 |
| **09/2017** | $11669 | $10587 |
| **10/2017** | $11596 | $10593 |
| **11/2017** | $11626 | $10580 |
| **12/2017** | $11675 | $10628 |
| **01/2018** | $11796 | $10506 |
| **02/2018** | $11669 | $10406 |
| **03/2018** | $11697 | $10473 |
| **04/2018** | $11654 | $10395 |
| **05/2018** | $11611 | $10469 |
| **06/2018** | $11612 | $10456 |
| **07/2018** | $11713 | $10459 |
| **08/2018** | $11706 | $10526 |
| **09/2018** | $11781 | $10458 |
| **10/2018** | $11569 | $10376 |
| **11/2018** | $11499 | $10438 |
| **12/2018** | $11340 | $10630 |
| **01/2019** | $11728 | $10742 |
| **02/2019** | $11832 | $10736 |
| **03/2019** | $11929 | $10942 |
| **04/2019** | $12052 | $10945 |
| **05/2019** | $11961 | $11139 |
| **06/2019** | $12259 | $11279 |
| **07/2019** | $12241 | $11304 |
| **08/2019** | $12291 | $11597 |
| **09/2019** | $12357 | $11535 |
| **10/2019** | $12437 | $11570 |
| **11/2019** | $12360 | $11564 |
| **12/2019** | $12653 | $11556 |
| **01/2020** | $12671 | $11778 |
| **02/2020** | $12400 | $11990 |
| **03/2020** | $11166 | $11920 |
| **04/2020** | $11420 | $12132 |
| **05/2020** | $11750 | $12188 |
| **06/2020** | $11919 | $12265 |
| **07/2020** | $12330 | $12448 |
| **08/2020** | $12382 | $12348 |
| **09/2020** | $12267 | $12341 |
| **10/2020** | $12199 | $12286 |
| **11/2020** | $12767 | $12406 |
| **12/2020** | $12923 | $12424 |
| **01/2021** | $12834 | $12334 |
| **02/2021** | $12766 | $12156 |
| **03/2021** | $12762 | $12005 |
| **04/2021** | $12939 | $12099 |
| **05/2021** | $13037 | $12139 |
| **06/2021** | $13281 | $12224 |
| **07/2021** | $13361 | $12361 |
| **08/2021** | $13420 | $12337 |
| **09/2021** | $13304 | $12231 |
| **10/2021** | $13362 | $12227 |
| **11/2021** | $13189 | $12263 |
| **12/2021** | $13340 | $12232 |
| **01/2022** | $13017 | $11968 |
| **02/2022** | $12811 | $11835 |
| **03/2022** | $12656 | $11506 |
| **04/2022** | $12215 | $11069 |
| **05/2022** | $12198 | $11141 |
| **06/2022** | $11671 | $10966 |
| **07/2022** | $12005 | $11234 |
| **08/2022** | $11823 | $10917 |
| **09/2022** | $11357 | $10445 |
| **10/2022** | $11355 | $10310 |
| **11/2022** | $11719 | $10689 |
| **12/2022** | $11673 | $10641 |
| **01/2023** | $12187 | $10968 |
| **02/2023** | $11884 | $10684 |
| **03/2023** | $12025 | $10956 |
| **04/2023** | $12059 | $11022 |
| **05/2023** | $11871 | $10902 |
| **06/2023** | $11978 | $10863 |
| **07/2023** | $12080 | $10856 |
| **08/2023** | $12020 | $10786 |
| **09/2023** | $11750 | $10512 |
| **10/2023** | $11477 | $10346 |
| **11/2023** | $12033 | $10815 |
| **12/2023** | $12613 | $11229 |
| **01/2024** | $12645 | $11198 |
| **02/2024** | $12543 | $11040 |
| **03/2024** | $12721 | $11142 |
| **04/2024** | $12405 | $10860 |
| **05/2024** | $12652 | $11044 |
| **06/2024** | $12754 | $11149 |
| **07/2024** | $13041 | $11409 |
| **08/2024** | $13275 | $11573 |
| **09/2024** | $13612 | $11728 |
| **10/2024** | $13429 | $11437 |
| **11/2024** | $13591 | $11558 |
| **12/2024** | $13458 | $11369 |
| **01/2025** | $13601 | $11430 |
| **02/2025** | $13795 | $11681 |
| **03/2025** | $13774 | $11685 |
| **04/2025** | $13833 | $11731 |
| **05/2025** | $13898 | $11647 |
| **06/2025** | $14146 | $11826 |
| **07/2025** | $14149 | $11795 |
| **08/2025** | $14384 | $11936 |
| **09/2025** | $14468 | $12067 |
| **10/2025** | $14517 | $12142 |
| **11/2025** | $14629 | $12217 |
| **12/2025** | $14688 | $12199 |

---

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

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 12/30/96** |
| Institutional Class | 9.14% | 2.59% | 3.92% | 7.62% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4407846032 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 721 |
| Portfolio Turnover Rate | 104% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $21688671 |

---

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

### Industry Summary
![Group By Sector Chart](g44480g40q18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 46.0% |
| ABS Home Equity | 3.2% |
| Banking | 3.4% |
| Equity-Linked Notes | 3.4% |
| Life Insurance | 3.4% |
| Finance Companies | 3.8% |
| Sovereigns | 4.0% |
| Cable Satellite | 4.2% |
| Technology | 6.2% |
| ABS Other | 6.6% |
| Treasuries | 15.8% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g44480g02d20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 0.5 |
| U.S. Treasury | 12.6 |
| Not rated<sup>Footnote Reference^</sup> | 18.8 |
| CCC | 2.2 |
| B | 5.7 |
| BB | 15.1 |
| BBB | 35.9 |
| A | 6.9 |
| AA | 1.9 |
| AAA | 0.4 |

---

---

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

---

## Material Fund Changes
For the year ended December 31, 2025, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at (800) 225-5478 or through your financial intermediary.

**Name change:** Effective December 31, 2025, the Board of Trustees approved a change in the name of the Fund to Loomis Sayles Income Fund (formerly Loomis Sayles Bond Fund).

**Objective change:** Effective December 31, 2025, the Fund's investment objective was replaced as follows: The Fund seeks to provide income with a secondary objective of capital appreciation.

**Expenses:** Effective July 1, 2025, the expense limit as a percentage of average daily net assets was reduced to 0.64% from 0.65%.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g44480g82v61.jpg)

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.

![Image](g44480g89c70.jpg)

# Institutional Class

# LSBDX

# Loomis Sayles Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### M-LSTB99I-1225

# Retail Class

# LSBRX

# Loomis Sayles Income Fund (Formerly Loomis Sayles Bond Fund)
![Image](g44480g40z81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Retail Class | $94 | 0.90% |

---

---

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

---

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

• Allocation to non-U.S. dollar securities was a contributor to performance over the year, driven by strong results from South African local securities.

• Exposure to convertible bonds added to excess returns, with select positions in the communications sector continuing to deliver positive impacts.

• High-yield corporate credit selection was another source of strength, led by names in communications along with finance companies.

**Top Detractors from Performance**

• Holdings of defensive, reserve-like positions were slight laggards throughout the year, as they did not keep up with the riskier asset classes.

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

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g44480g13x46.jpg)

---

| | | |
|:---|:---|:---|
| | **Retail Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9737 | $10138 |
| **02/2016** | $9769 | $10210 |
| **03/2016** | $10268 | $10303 |
| **04/2016** | $10520 | $10343 |
| **05/2016** | $10449 | $10345 |
| **06/2016** | $10624 | $10531 |
| **07/2016** | $10838 | $10598 |
| **08/2016** | $10946 | $10586 |
| **09/2016** | $10986 | $10580 |
| **10/2016** | $10872 | $10499 |
| **11/2016** | $10741 | $10250 |
| **12/2016** | $10840 | $10265 |
| **01/2017** | $11061 | $10285 |
| **02/2017** | $11203 | $10354 |
| **03/2017** | $11199 | $10349 |
| **04/2017** | $11260 | $10428 |
| **05/2017** | $11339 | $10509 |
| **06/2017** | $11462 | $10498 |
| **07/2017** | $11607 | $10543 |
| **08/2017** | $11585 | $10638 |
| **09/2017** | $11617 | $10587 |
| **10/2017** | $11542 | $10593 |
| **11/2017** | $11570 | $10580 |
| **12/2017** | $11616 | $10628 |
| **01/2018** | $11734 | $10506 |
| **02/2018** | $11605 | $10406 |
| **03/2018** | $11631 | $10473 |
| **04/2018** | $11585 | $10395 |
| **05/2018** | $11539 | $10469 |
| **06/2018** | $11539 | $10456 |
| **07/2018** | $11627 | $10459 |
| **08/2018** | $11626 | $10526 |
| **09/2018** | $11691 | $10458 |
| **10/2018** | $11485 | $10376 |
| **11/2018** | $11412 | $10438 |
| **12/2018** | $11252 | $10630 |
| **01/2019** | $11637 | $10742 |
| **02/2019** | $11737 | $10736 |
| **03/2019** | $11823 | $10942 |
| **04/2019** | $11944 | $10945 |
| **05/2019** | $11859 | $11139 |
| **06/2019** | $12153 | $11279 |
| **07/2019** | $12133 | $11304 |
| **08/2019** | $12180 | $11597 |
| **09/2019** | $12243 | $11535 |
| **10/2019** | $12321 | $11570 |
| **11/2019** | $12241 | $11564 |
| **12/2019** | $12530 | $11556 |
| **01/2020** | $12536 | $11778 |
| **02/2020** | $12273 | $11990 |
| **03/2020** | $11053 | $11920 |
| **04/2020** | $11293 | $12132 |
| **05/2020** | $11619 | $12188 |
| **06/2020** | $11785 | $12265 |
| **07/2020** | $12191 | $12448 |
| **08/2020** | $12230 | $12348 |
| **09/2020** | $12123 | $12341 |
| **10/2020** | $12053 | $12286 |
| **11/2020** | $12605 | $12406 |
| **12/2020** | $12766 | $12424 |
| **01/2021** | $12666 | $12334 |
| **02/2021** | $12605 | $12156 |
| **03/2021** | $12599 | $12005 |
| **04/2021** | $12762 | $12099 |
| **05/2021** | $12856 | $12139 |
| **06/2021** | $13095 | $12224 |
| **07/2021** | $13172 | $12361 |
| **08/2021** | $13228 | $12337 |
| **09/2021** | $13110 | $12231 |
| **10/2021** | $13165 | $12227 |
| **11/2021** | $12991 | $12263 |
| **12/2021** | $13147 | $12232 |
| **01/2022** | $12824 | $11968 |
| **02/2022** | $12618 | $11835 |
| **03/2022** | $12462 | $11506 |
| **04/2022** | $12012 | $11069 |
| **05/2022** | $12003 | $11141 |
| **06/2022** | $11479 | $10966 |
| **07/2022** | $11807 | $11234 |
| **08/2022** | $11624 | $10917 |
| **09/2022** | $11161 | $10445 |
| **10/2022** | $11157 | $10310 |
| **11/2022** | $11514 | $10689 |
| **12/2022** | $11467 | $10641 |
| **01/2023** | $11972 | $10968 |
| **02/2023** | $11681 | $10684 |
| **03/2023** | $11807 | $10956 |
| **04/2023** | $11838 | $11022 |
| **05/2023** | $11650 | $10902 |
| **06/2023** | $11753 | $10863 |
| **07/2023** | $11851 | $10856 |
| **08/2023** | $11789 | $10786 |
| **09/2023** | $11521 | $10512 |
| **10/2023** | $11249 | $10346 |
| **11/2023** | $11795 | $10815 |
| **12/2023** | $12364 | $11229 |
| **01/2024** | $12393 | $11198 |
| **02/2024** | $12290 | $11040 |
| **03/2024** | $12464 | $11142 |
| **04/2024** | $12149 | $10860 |
| **05/2024** | $12379 | $11044 |
| **06/2024** | $12487 | $11149 |
| **07/2024** | $12757 | $11409 |
| **08/2024** | $12995 | $11573 |
| **09/2024** | $13314 | $11728 |
| **10/2024** | $13131 | $11437 |
| **11/2024** | $13287 | $11558 |
| **12/2024** | $13153 | $11369 |
| **01/2025** | $13291 | $11430 |
| **02/2025** | $13479 | $11681 |
| **03/2025** | $13457 | $11685 |
| **04/2025** | $13511 | $11731 |
| **05/2025** | $13572 | $11647 |
| **06/2025** | $13814 | $11826 |
| **07/2025** | $13814 | $11795 |
| **08/2025** | $14041 | $11936 |
| **09/2025** | $14122 | $12067 |
| **10/2025** | $14155 | $12142 |
| **11/2025** | $14261 | $12217 |
| **12/2025** | $14328 | $12199 |

---

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

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 12/30/96** |
| Retail Class | 8.93% | 2.34% | 3.66% | 7.34% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4407846032 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 721 |
| Portfolio Turnover Rate | 104% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $21688671 |

---

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

### Industry Summary
![Group By Sector Chart](g44480g40q18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 46.0% |
| ABS Home Equity | 3.2% |
| Banking | 3.4% |
| Equity-Linked Notes | 3.4% |
| Life Insurance | 3.4% |
| Finance Companies | 3.8% |
| Sovereigns | 4.0% |
| Cable Satellite | 4.2% |
| Technology | 6.2% |
| ABS Other | 6.6% |
| Treasuries | 15.8% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g44480g02d20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 0.5 |
| U.S. Treasury | 12.6 |
| Not rated<sup>Footnote Reference^</sup> | 18.8 |
| CCC | 2.2 |
| B | 5.7 |
| BB | 15.1 |
| BBB | 35.9 |
| A | 6.9 |
| AA | 1.9 |
| AAA | 0.4 |

---

---

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

---

## Material Fund Changes
For the year ended December 31, 2025, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at (800) 225-5478 or through your financial intermediary.

**Name change:** Effective December 31, 2025, the Board of Trustees approved a change in the name of the Fund to Loomis Sayles Income Fund (formerly Loomis Sayles Bond Fund).

**Objective change:** Effective December 31, 2025, the Fund's investment objective was replaced as follows: The Fund seeks to provide income with a secondary objective of capital appreciation.

**Expenses:** Effective July 1, 2025, the expense limit as a percentage of average daily net assets was reduced to 0.89% from 0.90%.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g44480g82v61.jpg)

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.

![Image](g44480g89c70.jpg)

# Retail Class

# LSBRX

# Loomis Sayles Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### M-LSTB99R-1225

# Admin Class

# LBFAX

# Loomis Sayles Income Fund (Formerly Loomis Sayles Bond Fund)
![Image](g44480g40z81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Admin Class | $118 | 1.13% |

---

---

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

---

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

• Allocation to non-U.S. dollar securities was a contributor to performance over the year, driven by strong results from South African local securities.

• Exposure to convertible bonds added to excess returns, with select positions in the communications sector continuing to deliver positive impacts.

• High-yield corporate credit selection was another source of strength, led by names in communications along with finance companies.

**Top Detractors from Performance**

• Holdings of defensive, reserve-like positions were slight laggards throughout the year, as they did not keep up with the riskier asset classes.

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

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g44480g77h88.jpg)

---

| | | |
|:---|:---|:---|
| | **Admin Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9742 | $10138 |
| **02/2016** | $9772 | $10210 |
| **03/2016** | $10271 | $10303 |
| **04/2016** | $10514 | $10343 |
| **05/2016** | $10440 | $10345 |
| **06/2016** | $10613 | $10531 |
| **07/2016** | $10825 | $10598 |
| **08/2016** | $10932 | $10586 |
| **09/2016** | $10971 | $10580 |
| **10/2016** | $10855 | $10499 |
| **11/2016** | $10721 | $10250 |
| **12/2016** | $10817 | $10265 |
| **01/2017** | $11037 | $10285 |
| **02/2017** | $11169 | $10354 |
| **03/2017** | $11162 | $10349 |
| **04/2017** | $11222 | $10428 |
| **05/2017** | $11306 | $10509 |
| **06/2017** | $11427 | $10498 |
| **07/2017** | $11570 | $10543 |
| **08/2017** | $11537 | $10638 |
| **09/2017** | $11575 | $10587 |
| **10/2017** | $11498 | $10593 |
| **11/2017** | $11523 | $10580 |
| **12/2017** | $11566 | $10628 |
| **01/2018** | $11681 | $10506 |
| **02/2018** | $11542 | $10406 |
| **03/2018** | $11565 | $10473 |
| **04/2018** | $11525 | $10395 |
| **05/2018** | $11477 | $10469 |
| **06/2018** | $11474 | $10456 |
| **07/2018** | $11561 | $10459 |
| **08/2018** | $11557 | $10526 |
| **09/2018** | $11620 | $10458 |
| **10/2018** | $11412 | $10376 |
| **11/2018** | $11337 | $10438 |
| **12/2018** | $11174 | $10630 |
| **01/2019** | $11555 | $10742 |
| **02/2019** | $11645 | $10736 |
| **03/2019** | $11736 | $10942 |
| **04/2019** | $11854 | $10945 |
| **05/2019** | $11767 | $11139 |
| **06/2019** | $12049 | $11279 |
| **07/2019** | $12035 | $11304 |
| **08/2019** | $12071 | $11597 |
| **09/2019** | $12131 | $11535 |
| **10/2019** | $12206 | $11570 |
| **11/2019** | $12124 | $11564 |
| **12/2019** | $12408 | $11556 |
| **01/2020** | $12412 | $11778 |
| **02/2020** | $12148 | $11990 |
| **03/2020** | $10941 | $11920 |
| **04/2020** | $11178 | $12132 |
| **05/2020** | $11499 | $12188 |
| **06/2020** | $11662 | $12265 |
| **07/2020** | $12053 | $12448 |
| **08/2020** | $12098 | $12348 |
| **09/2020** | $11980 | $12341 |
| **10/2020** | $11917 | $12286 |
| **11/2020** | $12463 | $12406 |
| **12/2020** | $12611 | $12424 |
| **01/2021** | $12518 | $12334 |
| **02/2021** | $12447 | $12156 |
| **03/2021** | $12437 | $12005 |
| **04/2021** | $12606 | $12099 |
| **05/2021** | $12697 | $12139 |
| **06/2021** | $12931 | $12224 |
| **07/2021** | $12995 | $12361 |
| **08/2021** | $13048 | $12337 |
| **09/2021** | $12938 | $12231 |
| **10/2021** | $12980 | $12227 |
| **11/2021** | $12814 | $12263 |
| **12/2021** | $12956 | $12232 |
| **01/2022** | $12635 | $11968 |
| **02/2022** | $12428 | $11835 |
| **03/2022** | $12280 | $11506 |
| **04/2022** | $11843 | $11069 |
| **05/2022** | $11822 | $11141 |
| **06/2022** | $11301 | $10966 |
| **07/2022** | $11623 | $11234 |
| **08/2022** | $11449 | $10917 |
| **09/2022** | $10989 | $10445 |
| **10/2022** | $10983 | $10310 |
| **11/2022** | $11334 | $10689 |
| **12/2022** | $11284 | $10641 |
| **01/2023** | $11770 | $10968 |
| **02/2023** | $11481 | $10684 |
| **03/2023** | $11614 | $10956 |
| **04/2023** | $11642 | $11022 |
| **05/2023** | $11454 | $10902 |
| **06/2023** | $11553 | $10863 |
| **07/2023** | $11648 | $10856 |
| **08/2023** | $11573 | $10786 |
| **09/2023** | $11317 | $10512 |
| **10/2023** | $11047 | $10346 |
| **11/2023** | $11583 | $10815 |
| **12/2023** | $12130 | $11229 |
| **01/2024** | $12156 | $11198 |
| **02/2024** | $12064 | $11040 |
| **03/2024** | $12232 | $11142 |
| **04/2024** | $11919 | $10860 |
| **05/2024** | $12143 | $11044 |
| **06/2024** | $12248 | $11149 |
| **07/2024** | $12510 | $11409 |
| **08/2024** | $12731 | $11573 |
| **09/2024** | $13053 | $11728 |
| **10/2024** | $12871 | $11437 |
| **11/2024** | $13011 | $11558 |
| **12/2024** | $12886 | $11369 |
| **01/2025** | $13009 | $11430 |
| **02/2025** | $13202 | $11681 |
| **03/2025** | $13166 | $11685 |
| **04/2025** | $13217 | $11731 |
| **05/2025** | $13285 | $11647 |
| **06/2025** | $13509 | $11826 |
| **07/2025** | $13506 | $11795 |
| **08/2025** | $13727 | $11936 |
| **09/2025** | $13803 | $12067 |
| **10/2025** | $13844 | $12142 |
| **11/2025** | $13945 | $12217 |
| **12/2025** | $13995 | $12199 |

---

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

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 12/31/97** |
| Admin Class | 8.60% | 2.11% | 3.42% | 6.97% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4407846032 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 721 |
| Portfolio Turnover Rate | 104% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $21688671 |

---

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

### Industry Summary
![Group By Sector Chart](g44480g40q18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 46.0% |
| ABS Home Equity | 3.2% |
| Banking | 3.4% |
| Equity-Linked Notes | 3.4% |
| Life Insurance | 3.4% |
| Finance Companies | 3.8% |
| Sovereigns | 4.0% |
| Cable Satellite | 4.2% |
| Technology | 6.2% |
| ABS Other | 6.6% |
| Treasuries | 15.8% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g44480g02d20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 0.5 |
| U.S. Treasury | 12.6 |
| Not rated<sup>Footnote Reference^</sup> | 18.8 |
| CCC | 2.2 |
| B | 5.7 |
| BB | 15.1 |
| BBB | 35.9 |
| A | 6.9 |
| AA | 1.9 |
| AAA | 0.4 |

---

---

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

---

## Material Fund Changes
For the year ended December 31, 2025, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at (800) 225-5478 or through your financial intermediary.

**Name change:** Effective December 31, 2025, the Board of Trustees approved a change in the name of the Fund to Loomis Sayles Income Fund (formerly Loomis Sayles Bond Fund).

**Objective change:** Effective December 31, 2025, the Fund's investment objective was replaced as follows: The Fund seeks to provide income with a secondary objective of capital appreciation.

**Expenses:** Effective July 1, 2025, the expense limit as a percentage of average daily net assets was reduced to 1.14% from 1.15%.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g44480g82v61.jpg)

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.

![Image](g44480g89c70.jpg)

# Admin Class

# LBFAX

# Loomis Sayles Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### M-LSTB99AD-1225

# Class N

# LSBNX

# Loomis Sayles Income Fund (Formerly Loomis Sayles Bond Fund)
![Image](g44480g40z81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request this information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $62 | 0.59% |

---

---

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

---

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

• Allocation to non-U.S. dollar securities was a contributor to performance over the year, driven by strong results from South African local securities.

• Exposure to convertible bonds added to excess returns, with select positions in the communications sector continuing to deliver positive impacts.

• High-yield corporate credit selection was another source of strength, led by names in communications along with finance companies.

**Top Detractors from Performance**

• Holdings of defensive, reserve-like positions were slight laggards throughout the year, as they did not keep up with the riskier asset classes.

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

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g44480g61j39.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9749 | $10138 |
| **02/2016** | $9783 | $10210 |
| **03/2016** | $10283 | $10303 |
| **04/2016** | $10537 | $10343 |
| **05/2016** | $10469 | $10345 |
| **06/2016** | $10646 | $10531 |
| **07/2016** | $10863 | $10598 |
| **08/2016** | $10974 | $10586 |
| **09/2016** | $11017 | $10580 |
| **10/2016** | $10906 | $10499 |
| **11/2016** | $10779 | $10250 |
| **12/2016** | $10880 | $10265 |
| **01/2017** | $11104 | $10285 |
| **02/2017** | $11250 | $10354 |
| **03/2017** | $11248 | $10349 |
| **04/2017** | $11313 | $10428 |
| **05/2017** | $11403 | $10509 |
| **06/2017** | $11529 | $10498 |
| **07/2017** | $11677 | $10543 |
| **08/2017** | $11650 | $10638 |
| **09/2017** | $11694 | $10587 |
| **10/2017** | $11622 | $10593 |
| **11/2017** | $11653 | $10580 |
| **12/2017** | $11703 | $10628 |
| **01/2018** | $11824 | $10506 |
| **02/2018** | $11689 | $10406 |
| **03/2018** | $11718 | $10473 |
| **04/2018** | $11684 | $10395 |
| **05/2018** | $11641 | $10469 |
| **06/2018** | $11635 | $10456 |
| **07/2018** | $11736 | $10459 |
| **08/2018** | $11739 | $10526 |
| **09/2018** | $11806 | $10458 |
| **10/2018** | $11594 | $10376 |
| **11/2018** | $11533 | $10438 |
| **12/2018** | $11366 | $10630 |
| **01/2019** | $11765 | $10742 |
| **02/2019** | $11861 | $10736 |
| **03/2019** | $11959 | $10942 |
| **04/2019** | $12084 | $10945 |
| **05/2019** | $12001 | $11139 |
| **06/2019** | $12292 | $11279 |
| **07/2019** | $12284 | $11304 |
| **08/2019** | $12326 | $11597 |
| **09/2019** | $12393 | $11535 |
| **10/2019** | $12475 | $11570 |
| **11/2019** | $12398 | $11564 |
| **12/2019** | $12702 | $11556 |
| **01/2020** | $12711 | $11778 |
| **02/2020** | $12449 | $11990 |
| **03/2020** | $11210 | $11920 |
| **04/2020** | $11456 | $12132 |
| **05/2020** | $11789 | $12188 |
| **06/2020** | $11969 | $12265 |
| **07/2020** | $12383 | $12448 |
| **08/2020** | $12426 | $12348 |
| **09/2020** | $12311 | $12341 |
| **10/2020** | $12253 | $12286 |
| **11/2020** | $12815 | $12406 |
| **12/2020** | $12982 | $12424 |
| **01/2021** | $12884 | $12334 |
| **02/2021** | $12826 | $12156 |
| **03/2021** | $12822 | $12005 |
| **04/2021** | $12991 | $12099 |
| **05/2021** | $13090 | $12139 |
| **06/2021** | $13336 | $12224 |
| **07/2021** | $13418 | $12361 |
| **08/2021** | $13478 | $12337 |
| **09/2021** | $13362 | $12231 |
| **10/2021** | $13421 | $12227 |
| **11/2021** | $13248 | $12263 |
| **12/2021** | $13400 | $12232 |
| **01/2022** | $13076 | $11968 |
| **02/2022** | $12879 | $11835 |
| **03/2022** | $12714 | $11506 |
| **04/2022** | $12271 | $11069 |
| **05/2022** | $12254 | $11141 |
| **06/2022** | $11725 | $10966 |
| **07/2022** | $12062 | $11234 |
| **08/2022** | $11879 | $10917 |
| **09/2022** | $11410 | $10445 |
| **10/2022** | $11409 | $10310 |
| **11/2022** | $11776 | $10689 |
| **12/2022** | $11730 | $10641 |
| **01/2023** | $12248 | $10968 |
| **02/2023** | $11954 | $10684 |
| **03/2023** | $12097 | $10956 |
| **04/2023** | $12120 | $11022 |
| **05/2023** | $11932 | $10902 |
| **06/2023** | $12040 | $10863 |
| **07/2023** | $12154 | $10856 |
| **08/2023** | $12083 | $10786 |
| **09/2023** | $11812 | $10512 |
| **10/2023** | $11538 | $10346 |
| **11/2023** | $12109 | $10815 |
| **12/2023** | $12682 | $11229 |
| **01/2024** | $12715 | $11198 |
| **02/2024** | $12624 | $11040 |
| **03/2024** | $12804 | $11142 |
| **04/2024** | $12485 | $10860 |
| **05/2024** | $12724 | $11044 |
| **06/2024** | $12838 | $11149 |
| **07/2024** | $13117 | $11409 |
| **08/2024** | $13364 | $11573 |
| **09/2024** | $13693 | $11728 |
| **10/2024** | $13510 | $11437 |
| **11/2024** | $13673 | $11558 |
| **12/2024** | $13540 | $11369 |
| **01/2025** | $13685 | $11430 |
| **02/2025** | $13880 | $11681 |
| **03/2025** | $13860 | $11685 |
| **04/2025** | $13919 | $11731 |
| **05/2025** | $13985 | $11647 |
| **06/2025** | $14237 | $11826 |
| **07/2025** | $14240 | $11795 |
| **08/2025** | $14477 | $11936 |
| **09/2025** | $14563 | $12067 |
| **10/2025** | $14613 | $12142 |
| **11/2025** | $14726 | $12217 |
| **12/2025** | $14787 | $12199 |

---

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

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 2/1/13** |
| Class N | 9.21% | 2.64% | 3.99% | 3.20% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4407846032 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 721 |
| Portfolio Turnover Rate | 104% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $21688671 |

---

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

### Industry Summary
![Group By Sector Chart](g44480g40q18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 46.0% |
| ABS Home Equity | 3.2% |
| Banking | 3.4% |
| Equity-Linked Notes | 3.4% |
| Life Insurance | 3.4% |
| Finance Companies | 3.8% |
| Sovereigns | 4.0% |
| Cable Satellite | 4.2% |
| Technology | 6.2% |
| ABS Other | 6.6% |
| Treasuries | 15.8% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g44480g02d20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 0.5 |
| U.S. Treasury | 12.6 |
| Not rated<sup>Footnote Reference^</sup> | 18.8 |
| CCC | 2.2 |
| B | 5.7 |
| BB | 15.1 |
| BBB | 35.9 |
| A | 6.9 |
| AA | 1.9 |
| AAA | 0.4 |

---

---

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

---

## Material Fund Changes
For the year ended December 31, 2025, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at (800) 225-5478 or through your financial intermediary.

**Name change:** Effective December 31, 2025, the Board of Trustees approved a change in the name of the Fund to Loomis Sayles Income Fund (formerly Loomis Sayles Bond Fund).

**Objective change:** Effective December 31, 2025, the Fund's investment objective was replaced as follows: The Fund seeks to provide income with a secondary objective of capital appreciation.

**Expenses:** Effective July 1, 2025, the expense limit as a percentage of average daily net assets was reduced to 0.59% from 0.60%.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g44480g82v61.jpg)

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.

![Image](g44480g89c70.jpg)

# Class N

# LSBNX

# Loomis Sayles Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### M-LSTB99N-1225

# Institutional Class

# LSIGX

# Loomis Sayles Investment Grade Fixed Income Fund
![Image](g44480g40z81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Investment Grade Fixed Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax 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 year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Institutional Class | $55 | 0.53% |

---

---

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

---

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

• Allocation to non-U.S. dollar securities was a contributor to performance over the year, driven by strong results from South African local securities.

• Our selection to investment grade corporate credits was a contributor, as select names in insurance and energy were beneficial.

• Exposure to convertible bonds added to excess returns, with select positions in the communications sector continuing to deliver positive impacts.

**Top Detractors from Performance**

• Our duration and yield curve positioning detracted from performance over the year.

• Holdings of defensive, reserve-like positions were slight laggards throughout the year, as they did not keep up with the riskier asset classes.

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

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g44480g16s42.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9955 | $10138 |
| **02/2016** | $10033 | $10210 |
| **03/2016** | $10399 | $10303 |
| **04/2016** | $10560 | $10343 |
| **05/2016** | $10490 | $10345 |
| **06/2016** | $10649 | $10531 |
| **07/2016** | $10800 | $10598 |
| **08/2016** | $10862 | $10586 |
| **09/2016** | $10850 | $10580 |
| **10/2016** | $10756 | $10499 |
| **11/2016** | $10603 | $10250 |
| **12/2016** | $10641 | $10265 |
| **01/2017** | $10872 | $10285 |
| **02/2017** | $10963 | $10354 |
| **03/2017** | $10985 | $10349 |
| **04/2017** | $11067 | $10428 |
| **05/2017** | $11161 | $10509 |
| **06/2017** | $11288 | $10498 |
| **07/2017** | $11427 | $10543 |
| **08/2017** | $11447 | $10638 |
| **09/2017** | $11472 | $10587 |
| **10/2017** | $11445 | $10593 |
| **11/2017** | $11479 | $10580 |
| **12/2017** | $11536 | $10628 |
| **01/2018** | $11601 | $10506 |
| **02/2018** | $11419 | $10406 |
| **03/2018** | $11432 | $10473 |
| **04/2018** | $11384 | $10395 |
| **05/2018** | $11336 | $10469 |
| **06/2018** | $11312 | $10456 |
| **07/2018** | $11524 | $10459 |
| **08/2018** | $11533 | $10526 |
| **09/2018** | $11617 | $10458 |
| **10/2018** | $11363 | $10376 |
| **11/2018** | $11346 | $10438 |
| **12/2018** | $11296 | $10630 |
| **01/2019** | $11626 | $10742 |
| **02/2019** | $11719 | $10736 |
| **03/2019** | $11790 | $10942 |
| **04/2019** | $11829 | $10945 |
| **05/2019** | $11779 | $11139 |
| **06/2019** | $12100 | $11279 |
| **07/2019** | $12081 | $11304 |
| **08/2019** | $12111 | $11597 |
| **09/2019** | $12136 | $11535 |
| **10/2019** | $12245 | $11570 |
| **11/2019** | $12204 | $11564 |
| **12/2019** | $12353 | $11556 |
| **01/2020** | $12359 | $11778 |
| **02/2020** | $12262 | $11990 |
| **03/2020** | $11487 | $11920 |
| **04/2020** | $11696 | $12132 |
| **05/2020** | $12012 | $12188 |
| **06/2020** | $12217 | $12265 |
| **07/2020** | $12712 | $12448 |
| **08/2020** | $12727 | $12348 |
| **09/2020** | $12686 | $12341 |
| **10/2020** | $12666 | $12286 |
| **11/2020** | $13135 | $12406 |
| **12/2020** | $13241 | $12424 |
| **01/2021** | $13098 | $12334 |
| **02/2021** | $12985 | $12156 |
| **03/2021** | $12919 | $12005 |
| **04/2021** | $13053 | $12099 |
| **05/2021** | $13142 | $12139 |
| **06/2021** | $13254 | $12224 |
| **07/2021** | $13348 | $12361 |
| **08/2021** | $13396 | $12337 |
| **09/2021** | $13282 | $12231 |
| **10/2021** | $13330 | $12227 |
| **11/2021** | $13249 | $12263 |
| **12/2021** | $13347 | $12232 |
| **01/2022** | $13079 | $11968 |
| **02/2022** | $12879 | $11835 |
| **03/2022** | $12647 | $11506 |
| **04/2022** | $12229 | $11069 |
| **05/2022** | $12256 | $11141 |
| **06/2022** | $11943 | $10966 |
| **07/2022** | $12226 | $11234 |
| **08/2022** | $11990 | $10917 |
| **09/2022** | $11520 | $10445 |
| **10/2022** | $11389 | $10310 |
| **11/2022** | $11784 | $10689 |
| **12/2022** | $11748 | $10641 |
| **01/2023** | $12215 | $10968 |
| **02/2023** | $11906 | $10684 |
| **03/2023** | $12170 | $10956 |
| **04/2023** | $12242 | $11022 |
| **05/2023** | $12083 | $10902 |
| **06/2023** | $12084 | $10863 |
| **07/2023** | $12126 | $10856 |
| **08/2023** | $12064 | $10786 |
| **09/2023** | $11793 | $10512 |
| **10/2023** | $11616 | $10346 |
| **11/2023** | $12181 | $10815 |
| **12/2023** | $12689 | $11229 |
| **01/2024** | $12735 | $11198 |
| **02/2024** | $12595 | $11040 |
| **03/2024** | $12732 | $11142 |
| **04/2024** | $12434 | $10860 |
| **05/2024** | $12660 | $11044 |
| **06/2024** | $12771 | $11149 |
| **07/2024** | $13057 | $11409 |
| **08/2024** | $13282 | $11573 |
| **09/2024** | $13483 | $11728 |
| **10/2024** | $13165 | $11437 |
| **11/2024** | $13318 | $11558 |
| **12/2024** | $13087 | $11369 |
| **01/2025** | $13186 | $11430 |
| **02/2025** | $13453 | $11681 |
| **03/2025** | $13416 | $11685 |
| **04/2025** | $13392 | $11731 |
| **05/2025** | $13372 | $11647 |
| **06/2025** | $13622 | $11826 |
| **07/2025** | $13613 | $11795 |
| **08/2025** | $13764 | $11936 |
| **09/2025** | $13945 | $12067 |
| **10/2025** | $13997 | $12142 |
| **11/2025** | $14088 | $12217 |
| **12/2025** | $14080 | $12199 |

---

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

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 2/28/06** |
| Institutional Class | 7.59% | 1.24% | 3.48% | 6.89% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $191202491 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 609 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $724965 |

---

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

### Industry Summary
![Group By Sector Chart](g44480g97y51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 44.1% |
| Finance Companies | 3.4% |
| ABS Home Equity | 3.8% |
| Banking | 4.6% |
| ABS Car Loan | 5.1% |
| Collateralized Loan Obligations | 6.4% |
| Technology | 6.4% |
| ABS Other | 7.9% |
| Treasuries | 18.3% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g44480g23d55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.7 |
| US Treasury | 16.4 |
| Not rated<sup>Footnote Reference^</sup> | 21.1 |
| CCC | 0.7 |
| B | 1.9 |
| BB | 6.4 |
| BBB | 39.6 |
| A | 7.9 |
| AA | 1.8 |
| AAA | 2.5 |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g44480g82v61.jpg)

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.

![Image](g44480g89c70.jpg)

# Institutional Class

# LSIGX

# Loomis Sayles Investment Grade Fixed Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### M-LSTIG99I-1225

------

(b) Not Applicable.

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Audit fees** | **Audit fees** | **Audit-related fees<sup>1</sup>** | **Audit-related fees<sup>1</sup>** | **Tax fees<sup>2</sup>** | **Tax fees<sup>2</sup>** | **All other fees** | **All other fees** |
|  | 1/1/24-<br> 12/31/24 | 1/1/25-<br> 12/31/25 | 1/1/24-<br> 12/31/24 | 1/1/25-<br> 12/31/25 | 1/1/24-<br> 12/31/24 | 1/1/25-<br> 12/31/25 | 1/1/24-<br> 12/31/24 | 1/1/25-<br> 12/31/25 |
| &nbsp;&nbsp;&nbsp; Loomis Sayles Income Fund and<br> Loomis Sayles Investment Grade Fixed Income Fund | $116151 | $119635 | $929 | $927 | $18226 | $18772 | $--- | $-- |

---

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

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

2. <u>Tax fees consist of</u>:

<u>2024 & 2025</u> – review of the Registrant's tax returns (2024 & 2025) and consulting services related to a portfolio investment (2025).

Aggregate fees billed to the Registrant for non-audit services during 2024 and 2025 were $19,155 and $19,699, respectively.

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

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

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

------

approval is subject to review by the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the Audit Committee.

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

(f) Not applicable.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Audit-related fees** | **Audit-related fees** | **Tax fees** | **Tax fees** | **All other fees** | **All other fees** |
|  | 1/1/24-<br> 12/31/24 | 1/1/25-<br> 12/31/25 | 1/1/24-<br> 12/31/24 | 1/1/25-<br> 12/31/25 | 1/1/24-<br> 12/31/24 | 1/1/25-<br> 12/31/25 |
| &nbsp;&nbsp;&nbsp;Control Affiliates | $-- | $-- | $-- | $-- | $-- | $245000 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Aggregate Non-Audit Fees** | **Aggregate Non-Audit Fees** |
|  | 1/1/24-<br> 12/31/24 | 1/1/25-<br> 12/31/25 |
| &nbsp;&nbsp;&nbsp;Control Affiliates | $55000 | $245000 |

---

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

(i) Not applicable.

(j) Not applicable.

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

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

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Registrant's Financial Statements and Other Important Information are attached herewith.

------

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

------

![](g44480imgde138ef51.gif)

![](g44480img564a68ba2.gif)

Loomis Sayles Income Fund <br> Loomis Sayles Investment Grade Fixed Income Fund

Annual Financial Statements and Other Important Information

December 31, 2025

**Table of Contents** 

---

| | |
|:---|:---|
| [Portfolio of Investments (Form](#xx_743d7e45-94b0-4e9a-b1e0-c492584f845d_SOI1-Continued-264_1)<br> [N-CSR Item 6)](#xx_743d7e45-94b0-4e9a-b1e0-c492584f845d_SOI1-Continued-264_1)<br>| 1 |
| [Financial Statements (Form N-CSR](#xx_743d7e45-94b0-4e9a-b1e0-c492584f845d_FS-Continued-264_1)<br> [Item 7)](#xx_743d7e45-94b0-4e9a-b1e0-c492584f845d_FS-Continued-264_1)<br>| 37 |
| [Notes to Financial Statements (Form](#xx_743d7e45-94b0-4e9a-b1e0-c492584f845d_NTF-Continued-264_1)<br> [N-CSR Item 7)](#xx_743d7e45-94b0-4e9a-b1e0-c492584f845d_NTF-Continued-264_1)<br>| 44 |
| [Trustees Fees and Expenses (Form](#xx_743d7e45-94b0-4e9a-b1e0-c492584f845d_NTF-Continued-264_14)<br> [N-CSR Item 10)](#xx_743d7e45-94b0-4e9a-b1e0-c492584f845d_NTF-Continued-264_14)<br>| 57 |

---

------

**Portfolio of Investments – as of December 31, 2025**

**Loomis Sayles Income Fund\***

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 87.3% of Net Assets** | **Bonds and Notes — 87.3% of Net Assets** | **Bonds and Notes — 87.3% of Net Assets** |
| **Non-Convertible Bonds — 86.3%** | **Non-Convertible Bonds — 86.3%** | **Non-Convertible Bonds — 86.3%** |
|  | **ABS Car Loan — 2.4%** | **ABS Car Loan — 2.4%** |
| $2030000 | American Credit Acceptance <br> Receivables Trust, Series 2024-4, <br> Class D, 5.340%, 8/12/2031(a)<br>| $2054246 |
| 2045000 | American Credit Acceptance <br> Receivables Trust, Series 2025-1, <br> Class D, 5.540%, 8/12/2031(a)<br>| 2076877 |
| 3470000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2021-2A, Class C, <br> 2.350%, 2/20/2028(a)<br>| 3395802 |
| 1095000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-2A, Class D, <br> 7.260%, 10/20/2027(a)<br>| 1104171 |
| 1155000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-3A, Class D, <br> 7.320%, 2/20/2028(a)<br>| 1170613 |
| 1465000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-5A, Class D, <br> 7.350%, 4/20/2028(a)<br>| 1485566 |
| 1320000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-8A, Class C, <br> 7.340%, 2/20/2030(a)<br>| 1397847 |
| 765000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-1A, Class C, <br> 6.480%, 6/20/2030(a)<br>| 796177 |
| 7005000 | Bridgecrest Lending Auto Securitization <br> Trust, Series 2024-2, Class D, <br> 6.300%, 2/15/2030<br>| 7195953 |
| 1255000 | CarMax Auto Owner Trust, <br> Series 2022-1, Class D, <br> 2.470%, 7/17/2028<br>| 1247798 |
| 175000 | CarMax Auto Owner Trust, <br> Series 2024-1, Class D, <br> 6.000%, 7/15/2030<br>| 178976 |
| 956142 | Carvana Auto Receivables Trust, <br> Series 2021-N4, Class D, <br> 2.300%, 9/11/2028<br>| 936481 |
| 3032000 | Carvana Auto Receivables Trust, <br> Series 2021-P4, Class C, <br> 2.330%, 2/10/2028<br>| 2952985 |
| 900000 | Carvana Auto Receivables Trust, <br> Series 2024-N1, Class D, <br> 6.300%, 5/10/2030(a)<br>| 917965 |
| 2420000 | Carvana Auto Receivables Trust, <br> Series 2024-N3, Class D, <br> 5.380%, 12/10/2030(a)<br>| 2430694 |
| 3391000 | Carvana Auto Receivables Trust, <br> Series 2024-N3, Class E, <br> 7.660%, 4/12/2032(a)<br>| 3404944 |
| 1650000 | Credit Acceptance Auto Loan Trust, <br> Series 2024-1A, Class C, <br> 6.710%, 7/17/2034(a)<br>| 1689216 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $2245000 | Credit Acceptance Auto Loan Trust, <br> Series 2024-2A, Class C, <br> 6.700%, 10/16/2034(a)<br>| $2324079 |
| 1930000 | Credit Acceptance Auto Loan Trust, <br> Series 2024-3A, Class C, <br> 5.390%, 1/16/2035(a)<br>| 1950641 |
| 2000000 | Credit Acceptance Auto Loan Trust, <br> Series 2025-2A, Class C, <br> 5.380%, 3/17/2036(a)<br>| 2030138 |
| 3820000 | Exeter Automobile Receivables Trust, <br> Series 2023-2A, Class D, <br> 6.320%, 8/15/2029<br>| 3896413 |
| 2875000 | Exeter Automobile Receivables Trust, <br> Series 2024-5A, Class D, <br> 5.060%, 2/18/2031<br>| 2888153 |
| 4987604 | FHF Issuer Trust, Series 2025-1A, <br> Class A2, 4.920%, 2/15/2031(a)<br>| 4974184 |
| 7765000 | FHF Issuer Trust, Series 2025-2A, <br> Class A2, 5.750%, 5/15/2030(a)<br>| 7772563 |
| 2820000 | First Investors Auto Owner Trust, <br> Series 2022-2A, Class D, <br> 8.710%, 10/16/2028(a)<br>| 2898713 |
| 2700000 | First Investors Auto Owner Trust, <br> Series 2025-1A, Class D, <br> 5.220%, 12/15/2033(a)<br>| 2719980 |
| 150000 | Flagship Credit Auto Trust, <br> Series 2023-3, Class C, <br> 6.010%, 7/16/2029(a)<br>| 150084 |
| 2155000 | Ford Credit Auto Lease Trust, <br> Series 2023-B, Class D, <br> 6.970%, 6/15/2028<br>| 2164894 |
| 2915000 | GLS Auto Receivables Issuer Trust, <br> Series 2023-2A, Class D, <br> 6.310%, 3/15/2029(a)<br>| 2982546 |
| 2225000 | GLS Auto Receivables Issuer Trust, <br> Series 2024-2A, Class D, <br> 6.190%, 2/15/2030(a)<br>| 2280856 |
| 215000 | GLS Auto Select Receivables Trust, <br> Series 2024-1A, Class D, <br> 6.430%, 1/15/2031(a)<br>| 222273 |
| 775000 | GLS Auto Select Receivables Trust, <br> Series 2024-2A, Class C, <br> 5.930%, 6/17/2030(a)<br>| 797234 |
| 375000 | GLS Auto Select Receivables Trust, <br> Series 2024-4A, Class D, <br> 5.280%, 10/15/2031(a)<br>| 378907 |
| 2020000 | Hertz Vehicle Financing III LLC, <br> Series 2023-1A, Class 1D, <br> 9.130%, 6/25/2027(a)<br>| 2035176 |
| 525000 | LAD Auto Receivables Trust, <br> Series 2024-1A, Class B, <br> 5.330%, 2/15/2029(a)<br>| 532393 |
| 130000 | LAD Auto Receivables Trust, <br> Series 2024-1A, Class C, <br> 5.640%, 6/15/2029(a)<br>| 132717 |

---

See accompanying notes to financial statements.

1 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $160000 | LAD Auto Receivables Trust, <br> Series 2024-1A, Class D, <br> 6.150%, 6/16/2031(a)<br>| $164894 |
| 450000 | LAD Auto Receivables Trust, <br> Series 2024-3A, Class C, <br> 4.930%, 3/15/2030(a)<br>| 455727 |
| 375000 | LAD Auto Receivables Trust, <br> Series 2024-3A, Class D, <br> 5.180%, 2/17/2032(a)<br>| 378809 |
| 8375000 | Prestige Auto Receivables Trust, <br> Series 2022-1A, Class D, <br> 8.080%, 8/15/2028(a)<br>| 8513924 |
| 3110000 | Red Oak Funding Master Trust, <br> Series 2025-1A, Class A, 30 day USD <br> SOFR Average + 2.000%, <br> 5.984%, 12/20/2030(a)(b)<br>| 3112388 |
| 7605000 | Santander Drive Auto Receivables <br> Trust, Series 2024-3, Class D, <br> 5.970%, 10/15/2031<br>| 7837675 |
| 505000 | SBNA Auto Receivables Trust, <br> Series 2024-A, Class C, <br> 5.590%, 1/15/2030(a)<br>| 513267 |
| 310000 | SBNA Auto Receivables Trust, <br> Series 2024-A, Class D, <br> 6.040%, 4/15/2030(a)<br>| 318682 |
| 430000 | VStrong Auto Receivables Trust, <br> Series 2024-A, Class D, <br> 7.290%, 7/15/2030(a)<br>| 445626 |
| 6320000 | Westlake Automobile Receivables Trust, <br> Series 2023-4A, Class D, <br> 7.190%, 7/16/2029(a)<br>| 6534048 |
| 1615000 | Westlake Automobile Receivables Trust, <br> Series 2024-2A, Class D, <br> 5.910%, 4/15/2030(a)<br>| 1649277 |
|  |  | 107492572 |
|  | **ABS Credit Card — 0.8%** | **ABS Credit Card — 0.8%** |
| 9695000 | Fortiva Retail Credit Master Note <br> Business Trust, Series 2024-ONE, <br> Class B, 9.700%, 11/15/2029(a)<br>| 9851623 |
| 6900000 | Mercury Financial Credit Card Master <br> Trust, Series 2024-2A, Class A, <br> 6.560%, 7/20/2029(a)<br>| 6932244 |
| 2605000 | Mercury Financial Credit Card Master <br> Trust, Series 2025-1A, Class B, <br> 6.160%, 12/22/2031(a)<br>| 2599678 |
| 4875000 | Mercury Financial Credit Card Master <br> Trust, Series 2025-1A, Class C, <br> 8.290%, 12/22/2031(a)<br>| 4864421 |
| 3940000 | Mission Lane Credit Card Master Trust, <br> Series 2024-A, Class B, <br> 6.590%, 8/15/2029(a)<br>| 3960278 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Credit Card — continued** | **ABS Credit Card — continued** |
| $4730000 | Mission Lane Credit Card Master Trust, <br> Series 2024-B, Class A, <br> 5.880%, 1/15/2030(a)<br>| $4762792 |
| 3905000 | Mission Lane Credit Card Master Trust, <br> Series 2025-A, Class A, <br> 5.800%, 5/15/2030(a)<br>| 3950333 |
|  |  | 36921369 |
|  | **ABS Home Equity — 3.2%** | **ABS Home Equity — 3.2%** |
| 2565807 | ATLX Trust, Series 2024-RPL2, <br> Class A1, 3.850%, 4/25/2063(a)(b)<br>| 2506379 |
| 5175000 | CAFL Issuer LLC, Series 2023-RTL1, <br> Class A1, 7.553%, 12/28/2030(a)(b)<br>| 5175000 |
| 3660000 | Cardinal Mortgage Trust, <br> Series 2025-RTL1, Class A1, <br> 5.593%, 11/25/2030(a)(b)<br>| 3668162 |
| 2280000 | CoreVest American Finance Ltd., <br> Series 2021-3, Class D, <br> 3.469%, 10/15/2054(a)<br>| 2086091 |
| 2715000 | CoreVest American Finance Trust, <br> Series 2021-1, Class C, <br> 2.800%, 4/15/2053(a)<br>| 2449207 |
| 3716673 | Credit Suisse Mortgage Trust, <br> Series 2021-RPL6, Class M2, <br> 3.125%, 10/25/2060(a)<br>| 2939784 |
| 7995000 | FirstKey Homes Trust, <br> Series 2021-SFR1, Class E1, <br> 2.389%, 8/17/2038(a)<br>| 7859119 |
| 5272000 | FirstKey Homes Trust, <br> Series 2021-SFR2, Class E1, <br> 2.258%, 9/17/2038(a)<br>| 5164998 |
| 3120000 | FirstKey Homes Trust, <br> Series 2021-SFR2, Class E2, <br> 2.358%, 9/17/2038(a)<br>| 3056808 |
| 1199518 | Home Partners of America Trust, <br> Series 2021-1, Class E, <br> 2.577%, 9/17/2041(a)<br>| 1086847 |
| 12521418 | Home Partners of America Trust, <br> Series 2021-2, Class E1, <br> 2.852%, 12/17/2026(a)<br>| 12222821 |
| 6265507 | Home Partners of America Trust, <br> Series 2021-2, Class E2, <br> 2.952%, 12/17/2026(a)<br>| 6113205 |
| 5456996 | Legacy Mortgage Asset Trust, <br> Series 2021-GS2, Class A1, <br> 5.750%, 4/25/2061(a)(b)<br>| 5458864 |
| 1805007 | Legacy Mortgage Asset Trust, <br> Series 2021-GS4, Class A1, <br> 5.650%, 11/25/2060(a)(b)<br>| 1806390 |
| 1720000 | Mill City Mortgage Loan Trust, <br> Series 2019-GS1, Class M2, <br> 3.250%, 7/25/2059(a)(b)<br>| 1578946 |
| 6000000 | New Residential Mortgage Loan Trust, <br> Series 2024-RTL1, Class A1, <br> 6.664%, 3/25/2039(a)(b)<br>| 6027799 |

---

See accompanying notes to financial statements.

\| 2

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $6090000 | NYMT Loan Trust, Series 2024-BPL2, <br> Class A1, 6.509%, 5/25/2039(a)(b)<br>| $6144739 |
| 3025000 | NYMT Loan Trust, Series 2024-BPL3, <br> Class A1, 5.268%, 9/25/2039(a)(b)<br>| 3032052 |
| 2688034 | NYMT Loan Trust, Series 2024-CP1, <br> Class A1, 3.750%, 2/25/2068(a)(b)<br>| 2508843 |
| 3535000 | Progress Residential Trust, <br> Series 2021-SFR5, Class E1, <br> 2.209%, 7/17/2038(a)<br>| 3490737 |
| 925000 | Progress Residential Trust, <br> Series 2021-SFR5, Class E2, <br> 2.359%, 7/17/2038(a)<br>| 912641 |
| 4495000 | Progress Residential Trust, <br> Series 2021-SFR6, Class E1, <br> 2.425%, 7/17/2038(a)<br>| 4439239 |
| 2300000 | Progress Residential Trust, <br> Series 2021-SFR6, Class E2, <br> 2.525%, 7/17/2038(a)<br>| 2269820 |
| 5280000 | Progress Residential Trust, <br> Series 2021-SFR7, Class E1, <br> 2.591%, 8/17/2040(a)<br>| 4959947 |
| 1445000 | Progress Residential Trust, <br> Series 2021-SFR7, Class E2, <br> 2.640%, 8/17/2040(a)<br>| 1357096 |
| 1705000 | Progress Residential Trust, <br> Series 2021-SFR9, Class E1, <br> 2.811%, 11/17/2040(a)<br>| 1599273 |
| 1175000 | Progress Residential Trust, <br> Series 2021-SFR9, Class E2, <br> 3.010%, 11/17/2040(a)<br>| 1106790 |
| 2345151 | PRPM LLC, Series 2024-7, Class A1, <br> 5.870%, 11/25/2029(a)(b)<br>| 2346360 |
| 965175 | PRPM LLC, Series 2025-2, Class A1, <br> 6.469%, 5/25/2030(a)(b)<br>| 966975 |
| 6500172 | PRPM LLC, Series 2025-8, Class A1, <br> 5.385%, 10/25/2030(a)(b)<br>| 6509713 |
| 5986271 | Redwood Funding Trust, Series 2025-1, <br> Class A, 7.584%, 5/27/2055(a)(b)<br>| 5992161 |
| 7175000 | Roc Mortgage Trust, <br> Series 2024-RTL1, Class A1, <br> 5.589%, 10/25/2039(a)(b)<br>| 7245082 |
| 1280000 | Toorak Mortgage Trust, <br> Series 2024-RRTL1, Class A1, <br> 6.597%, 2/25/2039(a)(b)<br>| 1284895 |
| 262553 | Towd Point Mortgage Trust, <br> Series 2017-3, Class A2, <br> 3.000%, 7/25/2057(a)(b)<br>| 259655 |
| 1195000 | Towd Point Mortgage Trust, <br> Series 2019-4, Class M1, <br> 3.500%, 10/25/2059(a)(b)<br>| 1055068 |
| 2015000 | Tricon Residential Trust, <br> Series 2021-SFR1, Class E1, <br> 2.794%, 7/17/2038(a)<br>| 1990485 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $5360000 | Tricon Residential Trust, <br> Series 2021-SFR1, Class E2, <br> 2.894%, 7/17/2038(a)<br>| $5293767 |
| 7725000 | TVC Mortgage Trust, <br> Series 2024-RRTL1, Class A1, <br> 5.545%, 7/25/2039(a)(b)<br>| 7739729 |
|  |  | 141705487 |
|  | **ABS Other — 6.6%** | **ABS Other — 6.6%** |
| 9344918 | AASET Ltd., Series 2024-2A, Class A, <br> 5.930%, 9/16/2049(a)<br>| 9471149 |
| 550000 | Affirm Asset Securitization Trust, <br> Series 2024-A, Class 1D, <br> 6.890%, 2/15/2029(a)<br>| 551167 |
| 3370000 | Affirm Asset Securitization Trust, <br> Series 2024-A, Class B, <br> 5.930%, 2/15/2029(a)<br>| 3374684 |
| 4577108 | ALTDE Trust, Series 2025-1A, Class A, <br> 5.900%, 8/15/2050(a)<br>| 4671543 |
| 15290000 | Applebee's Funding LLC/IHOP <br> Funding LLC, Series 2025-1A, <br> Class A2, 6.720%, 6/07/2055(a)<br>| 15409705 |
| 853449 | Aqua Finance Trust, Series 2019-A, <br> Class C, 4.010%, 7/16/2040(a)<br>| 838203 |
| 4089930 | BHG Securitization Trust, <br> Series 2022-A, Class B, <br> 2.700%, 2/20/2035(a)<br>| 4072609 |
| 1314756 | BHG Securitization Trust, <br> Series 2024-1CON, Class B, <br> 6.490%, 4/17/2035(a)<br>| 1352694 |
| 535000 | BHG Securitization Trust, <br> Series 2024-1CON, Class C, <br> 6.860%, 4/17/2035(a)<br>| 546138 |
| 1185439 | BHG Securitization Trust, <br> Series 2025-1CON, Class B, <br> 5.260%, 4/17/2036(a)<br>| 1193019 |
| 2554057 | Castlelake Aircraft Securitization Trust, <br> Series 2018-1, Class B, <br> 5.300%, 6/15/2043(a)<br>| 2441748 |
| 1581243 | Castlelake Aircraft Structured Trust, <br> Series 2019-1A, Class A, <br> 3.967%, 4/15/2039(a)<br>| 1570534 |
| 4013922 | CLI Funding VIII LLC, Series 2025-R, <br> Class A, 6.610%, 6/21/2050(a)<br>| 3986760 |
| 9455000 | CLIF Holdings LLC, Series 2025-1H, <br> Class A, 6.720%, 12/20/2050(a)<br>| 9437083 |
| 2459845 | Clsec Holdings 22t LLC, Series 2021-1, <br> Class B, 3.464%, 5/11/2037(a)<br>| 2323597 |
| 4915658 | Clsec Holdings 22t LLC, Series 2021-1, <br> Class C, 6.171%, 5/11/2037(a)<br>| 4881449 |
| 4250000 | Compass Datacenters Issuer II LLC, <br> Series 2025-1A, Class A1, <br> 5.316%, 5/25/2050(a)<br>| 4293184 |
| 4325000 | Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2, <br> 5.656%, 2/25/2050(a)<br>| 4380382 |

---

See accompanying notes to financial statements.

3 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $860000 | Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A3, <br> 5.852%, 2/25/2050(a)<br>| $868752 |
| 2265000 | CyrusOne Data Centers Issuer I LLC, <br> Series 2024-3A, Class A2, <br> 4.650%, 5/20/2049(a)<br>| 2173404 |
| 7625000 | DataBank Issuer II LLC, <br> Series 2025-1A, Class A2, <br> 5.180%, 9/27/2055(a)<br>| 7560416 |
| 252196 | Elara HGV Timeshare Issuer LLC, <br> Series 2021-A, Class C, <br> 2.090%, 8/27/2035(a)<br>| 241485 |
| 2762053 | EverBright Solar Trust, Series 2024-A, <br> Class A, 6.430%, 6/22/2054(a)<br>| 2637271 |
| 1032604 | Foundation Finance Trust, <br> Series 2023-2A, Class B, <br> 6.970%, 6/15/2049(a)<br>| 1081163 |
| 499739 | Foundation Finance Trust, <br> Series 2024-2A, Class D, <br> 6.590%, 3/15/2050(a)<br>| 509277 |
| 4445163 | Foundation Finance Trust, <br> Series 2025-1A, Class B, <br> 5.260%, 4/15/2050(a)<br>| 4492362 |
| 3158406 | Foundation Finance Trust, <br> Series 2025-1A, Class D, <br> 6.090%, 4/15/2050(a)<br>| 3172587 |
| 294310 | FREED ABS Trust, Series 2022-1FP, <br> Class D, 3.350%, 3/19/2029(a)<br>| 294056 |
| 4840000 | Frontier Issuer LLC, Series 2023-1, <br> Class C, 11.500%, 8/20/2053(a)<br>| 4984837 |
| 6970000 | Frontier Issuer LLC, Series 2024-1, <br> Class C, 11.160%, 6/20/2054(a)<br>| 7768964 |
| 7390000 | GGAM Master Trust International <br> Ltd., Series 2025-1A, Class A, <br> 5.923%, 9/30/2060(a)<br>| 7429632 |
| 7326902 | Global SC Finance X Ltd., <br> Series 2025-1H, Class A, <br> 6.169%, 9/20/2045(a)<br>| 7328060 |
| 1323825 | GoodLeap Home Improvement <br> Solutions Trust, Series 2024-1A, <br> Class A, 5.350%, 10/20/2046(a)<br>| 1340859 |
| 203343 | Hilton Grand Vacations Trust, <br> Series 2024-1B, Class C, <br> 6.620%, 9/15/2039(a)<br>| 208926 |
| 179738 | Hilton Grand Vacations Trust, <br> Series 2024-1B, Class D, <br> 8.850%, 9/15/2039(a)<br>| 185548 |
| 426825 | HINNT LLC, Series 2024-A, Class A, <br> 5.490%, 3/15/2043(a)<br>| 435121 |
| 1215000 | HPEFS Equipment Trust, <br> Series 2023-2A, Class D, <br> 6.970%, 7/21/2031(a)<br>| 1228313 |
| 665000 | Island Finance Trust, Series 2025-1A, <br> Class A, 6.540%, 3/19/2035(a)<br>| 673999 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $2705100 | Jack in the Box Funding LLC, <br> Series 2019-1A, Class A2II, <br> 4.476%, 8/25/2049(a)<br>| $2684175 |
| 5321780 | JOL Air Ltd., Series 2019-1, Class A, <br> 3.967%, 4/15/2044(a)<br>| 5296299 |
| 3665000 | Kapitus Asset Securitization IV LLC, <br> Series 2024-1A, Class A, <br> 5.490%, 9/10/2031(a)<br>| 3684227 |
| 175738 | Kestrel Aircraft Funding Ltd., <br> Series 2018-1A, Class A, <br> 4.250%, 12/15/2038(a)<br>| 175714 |
| 968227 | Labrador Aviation Finance Ltd., <br> Series 2016-1A, Class A1, <br> 4.300%, 1/15/2042(a)<br>| 971151 |
| 4962673 | MAPS Trust, Series 2021-1A, Class A, <br> 2.521%, 6/15/2046(a)<br>| 4754818 |
| 815000 | Mariner Finance Issuance Trust, <br> Series 2024-AA, Class D, <br> 6.770%, 9/22/2036(a)<br>| 834893 |
| 726415 | Marlette Funding Trust, <br> Series 2024-1A, Class B, <br> 6.070%, 7/17/2034(a)<br>| 729202 |
| 3750000 | Marlette Funding Trust, <br> Series 2024-1A, Class D, <br> 6.930%, 7/17/2034(a)<br>| 3848190 |
| 3285000 | MetroNet Infrastructure Issuer LLC, <br> Series 2025-2A, Class A2, <br> 5.400%, 8/20/2055(a)<br>| 3326168 |
| 468765 | Mosaic Solar Loan Trust, <br> Series 2022-3A, Class A, <br> 6.100%, 6/20/2053(a)<br>| 460960 |
| 3784260 | MVW LLC, Series 2021-2A, Class C, <br> 2.230%, 5/20/2039(a)<br>| 3608597 |
| 11097348 | Navigator Aircraft ABS Ltd., <br> Series 2021-1, Class A, <br> 2.771%, 11/15/2046(a)(b)<br>| 10599334 |
| 2280000 | Octane Receivables Trust, <br> Series 2025-1A, Class D, <br> 5.400%, 12/22/2031(a)<br>| 2283406 |
| 5485000 | OneMain Financial Issuance Trust, <br> Series 2021-1A, Class D, <br> 2.470%, 6/16/2036(a)<br>| 5073042 |
| 2986633 | OWN Equipment Fund II LLC, <br> Series 2025-1M, Class A, <br> 5.480%, 9/26/2033(a)<br>| 3004048 |
| 6735000 | OWN Equipment Fund III LLC, <br> Series 2025-2M, Class A, <br> 5.420%, 3/27/2034(a)<br>| 6774164 |
| 1424639 | PK ALIFT Loan Funding 3 LP, <br> Series 2024-1, Class A1, <br> 5.842%, 9/15/2039(a)<br>| 1455877 |
| 2985000 | Planet Fitness Master Issuer LLC, <br> Series 2025-1A, Class A2I, <br> 5.274%, 12/06/2055(a)<br>| 2996994 |

---

See accompanying notes to financial statements.

\| 4

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $2790000 | QTS Issuer ABS II LLC, <br> Series 2025-1A, Class B, <br> 5.778%, 10/05/2055(a)<br>| $2722105 |
| 1790000 | Regional Management Issuance Trust, <br> Series 2025-2, Class D, <br> 6.010%, 11/16/2037(a)<br>| 1782362 |
| 800000 | Republic Finance Issuance Trust, <br> Series 2021-A, Class C, <br> 3.530%, 12/22/2031(a)<br>| 793733 |
| 3270000 | Republic Finance Issuance Trust, <br> Series 2024-A, Class A, <br> 5.910%, 8/20/2032(a)<br>| 3303118 |
| 1115000 | Republic Finance Issuance Trust, <br> Series 2024-B, Class A, <br> 5.420%, 11/20/2037(a)<br>| 1135001 |
| 3290000 | Republic Finance Issuance Trust, <br> Series 2024-B, Class C, <br> 6.600%, 11/20/2037(a)<br>| 3368082 |
| 705000 | SCF Equipment Leasing LLC, <br> Series 2024-1A, Class C, <br> 5.820%, 9/20/2032(a)<br>| 724952 |
| 700000 | SCF Equipment Leasing LLC, <br> Series 2024-1A, Class D, <br> 6.580%, 6/21/2033(a)<br>| 728190 |
| 1755000 | SCF Equipment Leasing LLC, <br> Series 2025-2A, Class E, <br> 6.210%, 6/20/2036(a)<br>| 1751353 |
| 1396500 | SEB Funding LLC, Series 2021-1A, <br> Class A2, 4.969%, 1/30/2052(a)<br>| 1394717 |
| 5335000 | SEB Funding LLC, Series 2024-1A, <br> Class A2, 7.386%, 4/30/2054(a)<br>| 5457095 |
| 10950000 | SF ABS Issuer LLC, Series 2025-1A, <br> Class A2, 5.377%, 11/25/2055(a)<br>| 10711662 |
| 5665000 | Shentel Issuer LLC, Series 2025-1A, <br> Class A2, 5.640%, 12/20/2055(a)<br>| 5715696 |
| 765104 | Shenton Aircraft Investment I Ltd., <br> Series 2015-1A, Class A, <br> 4.750%, 10/15/2042(a)<br>| 752258 |
| 809858 | Sierra Timeshare Receivables <br> Funding LLC, Series 2025-3A, Class C, <br> 4.980%, 8/22/2044(a)<br>| 811535 |
| 626410 | Sierra Timeshare Receivables <br> Funding LLC, Series 2025-3A, Class D, <br> 6.540%, 8/22/2044(a)<br>| 627057 |
| 5233184 | Slam Ltd., Series 2024-1A, Class A, <br> 5.335%, 9/15/2049(a)<br>| 5257142 |
| 1558497 | Slam Ltd., Series 2025-1A, Class A, <br> 5.807%, 5/15/2050(a)<br>| 1597600 |
| 389372 | Stream Innovations Issuer Trust, <br> Series 2024-1A, Class A, <br> 6.270%, 7/15/2044(a)<br>| 404743 |
| 2155631 | Stream Innovations Issuer Trust, <br> Series 2024-2A, Class A, <br> 5.210%, 2/15/2045(a)<br>| 2180109 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $708396 | Sunnova Helios II Issuer LLC, <br> Series 2019-AA, Class A, <br> 3.750%, 6/20/2046(a)<br>| $661884 |
| 1900677 | Sunnova Helios V Issuer LLC, <br> Series 2021-A, Class B, <br> 3.150%, 2/20/2048(a)<br>| 921575 |
| 5437618 | Sunnova Helios XIII Issuer LLC, <br> Series 2024-A, Class A, <br> 5.300%, 2/20/2051(a)<br>| 4778745 |
| 1928618 | Sunrun Atlas Issuer LLC, <br> Series 2019-2, Class A, <br> 3.610%, 2/01/2055(a)<br>| 1859275 |
| 660333 | Sunrun Demeter Issuer LLC, <br> Series 2021-2A, Class A, <br> 2.270%, 1/30/2057(a)<br>| 602015 |
| 1663228 | Thrust Engine Leasing DAC, <br> Series 2021-1A, Class A, <br> 4.163%, 7/15/2040(a)<br>| 1641382 |
| 6754100 | TMCL VII Holdings Ltd., <br> Series 2025-1H, Class A, <br> 6.430%, 7/23/2050(a)<br>| 6783919 |
| 10240000 | Trafigura Securitisation Finance PLC, <br> Series 2024-1A, Class A1, 1 day USD <br> SOFR + 1.400%, <br> 5.126%, 11/15/2027(a)(b)<br>| 10228787 |
| 1675000 | Trafigura Securitisation Finance PLC, <br> Series 2024-1A, Class B, <br> 7.290%, 11/15/2027(a)<br>| 1681521 |
| 2678161 | Vivint Solar Financing V LLC, <br> Series 2018-1A, Class A, <br> 4.730%, 4/30/2048(a)<br>| 2580045 |
| 3326986 | Volofin Finance DAC, Series 2024-1A, <br> Class A, 5.935%, 6/15/2037(a)<br>| 3374180 |
| 10597496 | Willis Engine Structured Trust VI, <br> Series 2021-A, Class A, <br> 3.104%, 5/15/2046(a)<br>| 10012667 |
| 972029 | Willis Engine Structured Trust VII, <br> Series 2023-A, Class A, <br> 8.000%, 10/15/2048(a)<br>| 995453 |
|  |  | 289311897 |
|  | **ABS Residential Mortgage — 1.5%** | **ABS Residential Mortgage — 1.5%** |
| 6288317 | GITSIT Mortgage Loan Trust, <br> Series 2025-NPL1, Class A1, <br> 6.276%, 2/25/2055(a)(b)<br>| 6299224 |
| 7120000 | GITSIT Mortgage Loan Trust, <br> Series 2025-NPL2, Class A1, <br> 5.425%, 12/25/2055(a)(b)<br>| 7119730 |
| 4039847 | MFA Trust, Series 2024-NPL1, <br> Class A1, 6.330%, 9/25/2054(b)<br>| 4045500 |
| 495557 | NYMT Loan Trust, Series 2025-R1, <br> Class A, 6.381%, 2/25/2030(a)(b)<br>| 496880 |
| 3233102 | PRET LLC, Series 2025-NPL3, <br> Class A1, 6.708%, 4/25/2055(a)(b)<br>| 3252436 |
| 2870097 | PRET LLC, Series 2025-NPL6, <br> Class A1, 5.744%, 6/25/2055(a)(b)<br>| 2881227 |

---

See accompanying notes to financial statements.

5 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Residential Mortgage — continued** | **ABS Residential Mortgage — continued** |
| $7493919 | PRET LLC, Series 2025-NPL8, <br> Class A1, 5.732%, 8/25/2055(a)(b)<br>| $7511131 |
| 8598604 | RCO IX Mortgage LLC, Series 2025-2, <br> Class A1, 6.513%, 4/25/2030(a)(b)<br>| 8626130 |
| 8861859 | RCO IX Mortgage LLC, Series 2025-4, <br> Class A1, 5.310%, 10/25/2030(a)(b)<br>| 8865208 |
| 3897578 | RCO VIII Mortgage LLC, <br> Series 2025-3, Class A1, <br> 6.435%, 5/25/2030(a)(b)<br>| 3906120 |
| 7887204 | RCO X Mortgage LLC, Series 2025-1, <br> Class A1, 5.875%, 1/25/2030(a)(b)<br>| 7903827 |
| 6066150 | VCAT LLC, Series 2025-NPL3, <br> Class A1, 5.889%, 2/25/2055(a)(b)<br>| 6080232 |
|  |  | 66987645 |
|  | **ABS Student Loan — 0.7%** | **ABS Student Loan — 0.7%** |
| 1624704 | Ascent Education Funding Trust, <br> Series 2024-A, Class A, <br> 6.140%, 10/25/2050(a)<br>| 1663840 |
| 905000 | College Ave Student Loans LLC, <br> Series 2024-B, Class B, <br> 6.080%, 8/25/2054(a)<br>| 930189 |
| 1466642 | College Avenue Student Loans LLC, <br> Series 2021-C, Class D, <br> 4.110%, 7/26/2055(a)<br>| 1389586 |
| 459932 | ELFI Graduate Loan Program LLC, <br> Series 2021-A, Class B, <br> 2.090%, 12/26/2046(a)(b)<br>| 382319 |
| 2565000 | Navient Private Education Refi Loan <br> Trust, Series 2021-EA, Class B, <br> 2.030%, 12/16/2069(a)<br>| 1865190 |
| 5895000 | Navient Private Education Refi Loan <br> Trust, Series 2021-FA, Class B, <br> 2.120%, 2/18/2070(a)<br>| 4283040 |
| 3250000 | Nelnet Student Loan Trust, <br> Series 2021-A, Class B2, <br> 2.850%, 4/20/2062(a)<br>| 2918774 |
| 2345000 | Nelnet Student Loan Trust, <br> Series 2021-BA, Class B, <br> 2.680%, 4/20/2062(a)<br>| 2106629 |
| 2120000 | Nelnet Student Loan Trust, <br> Series 2021-DA, Class C, <br> 3.500%, 4/20/2062(a)<br>| 1850281 |
| 863000 | Nelnet Student Loan Trust, <br> Series 2021-DA, Class D, <br> 4.380%, 4/20/2062(a)<br>| 757489 |
| 5735000 | SMB Private Education Loan Trust, <br> Series 2021-B, Class B, <br> 2.650%, 7/17/2051(a)<br>| 5145260 |
| 7070000 | SMB Private Education Loan Trust, <br> Series 2021-E, Class B, <br> 2.490%, 2/15/2051(a)<br>| 6224857 |
|  |  | 29517454 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Whole Business — 0.5%** | **ABS Whole Business — 0.5%** |
| $9470000 | Applebee's Funding LLC/IHOP <br> Funding LLC, Series 2023-1A, <br> Class A2, 7.824%, 3/05/2053(a)<br>| $9610336 |
| 400475 | EWC Master Issuer LLC, <br> Series 2022-1A, Class A2, <br> 5.500%, 3/15/2052(a)<br>| 395828 |
| 2136400 | FOCUS Brands Funding, <br> Series 2023-2, Class A2, <br> 8.241%, 10/30/2053(a)<br>| 2265299 |
| 633712 | Hardee's Funding LLC, <br> Series 2024-1A, Class A2, <br> 7.253%, 3/20/2054(a)<br>| 655024 |
| 3402800 | Planet Fitness Master Issuer LLC, <br> Series 2019-1A, Class A2, <br> 3.858%, 12/05/2049(a)<br>| 3257889 |
| 770000 | Planet Fitness Master Issuer LLC, <br> Series 2022-1A, Class A2II, <br> 4.008%, 12/05/2051(a)<br>| 729869 |
| 3239000 | Planet Fitness Master Issuer LLC, <br> Series 2024-1A, Class A2I, <br> 5.765%, 6/05/2054(a)<br>| 3292152 |
| 3010000 | Wingstop Funding LLC, <br> Series 2024-1A, Class A2, <br> 5.858%, 12/05/2054(a)<br>| 3100655 |
|  |  | 23307052 |
|  | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| 1750000 | Axon Enterprise, Inc., <br> 6.125%, 3/15/2030(a)<br>| 1806602 |
| 935000 | Axon Enterprise, Inc., <br> 6.250%, 3/15/2033(a)<br>| 972706 |
| 21550000 | Boeing Co., 5.150%, 5/01/2030 | 22142844 |
| 24315000 | Boeing Co., 5.805%, 5/01/2050 | 23916097 |
| 555000 | Boeing Co., 5.930%, 5/01/2060 | 544209 |
| 2960000 | Boeing Co., 6.528%, 5/01/2034 | 3274822 |
| 12190000 | Boeing Co., 6.858%, 5/01/2054 | 13691060 |
| 3805000 | Boeing Co., 7.008%, 5/01/2064 | 4323433 |
| 97000 | TransDigm, Inc., <br> 6.000%, 1/15/2033(a)<br>| 99277 |
| 93000 | TransDigm, Inc., <br> 6.875%, 12/15/2030(a)<br>| 97325 |
|  |  | 70868375 |
|  | **Agency Commercial Mortgage-Backed** <br> **Securities — 0.0%** | **Agency Commercial Mortgage-Backed** <br> **Securities — 0.0%** |
| 2290000 | Arixa Mortgage Trust, <br> Series 2025-RTL1, Class A1, <br> 5.735%, 8/25/2030(a)<br>| 2303436 |
|  | **Apartment REITs — 0.1%** | **Apartment REITs — 0.1%** |
| 2725000 | Invitation Homes Operating <br> Partnership LP, 4.875%, 2/01/2035,<br>| 2689606 |
|  | **Automotive — 0.3%** | **Automotive — 0.3%** |
| 3345000 | ZF North America Capital, Inc., <br> 6.750%, 4/23/2030(a)<br>| 3305433 |

---

See accompanying notes to financial statements.

\| 6

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Automotive — continued** | **Automotive — continued** |
| $3455000 | ZF North America Capital, Inc., <br> 6.875%, 4/14/2028(a)<br>| $3511904 |
| 5090000 | ZF North America Capital, Inc., <br> 6.875%, 4/23/2032(a)<br>| 4977691 |
| 3490000 | ZF North America Capital, Inc., <br> 7.125%, 4/14/2030(a)<br>| 3522073 |
|  |  | 15317101 |
|  | **Banking — 3.4%** | **Banking — 3.4%** |
| 20675000 | Bank of America Corp., (fixed rate to <br> 2/12/2035, variable rate thereafter), <br> 5.744%, 2/12/2036<br>| 21543305 |
| 2930000 | CaixaBank SA, (fixed rate to <br> 7/03/2035, variable rate thereafter), <br> 5.581%, 7/03/2036(a)<br>| 3010428 |
| 4575000 | Capital One Financial Corp., (fixed rate <br> to 9/11/2035, variable rate thereafter), <br> 5.197%, 9/11/2036<br>| 4551923 |
| 16035000 | JPMorgan Chase & Co., Series OO, <br> (fixed rate to 4/01/2030, variable rate <br> thereafter), 6.500%(c)<br>| 16662147 |
| 551000 | Morgan Stanley, (fixed rate to <br> 1/18/2034, variable rate thereafter), <br> 5.466%, 1/18/2035<br>| 572751 |
| 17675000 | Morgan Stanley, (fixed rate to <br> 1/19/2033, variable rate thereafter), <br> 5.948%, 1/19/2038<br>| 18599728 |
| 2533000 | Morgan Stanley, (fixed rate to <br> 11/01/2033, variable rate thereafter), <br> 6.627%, 11/01/2034<br>| 2832319 |
| 4095000 | Morgan Stanley, Series I, (fixed rate to <br> 10/22/2035, variable rate thereafter), <br> 4.892%, 10/22/2036<br>| 4058749 |
| 10510000 | Societe Generale SA, (fixed rate to <br> 10/03/2035, variable rate thereafter), <br> 5.439%, 10/03/2036(a)<br>| 10532851 |
| 92000 | Synchrony Financial, <br> 7.250%, 2/02/2033<br>| 98827 |
| 2795000 | Synchrony Financial, (fixed rate to <br> 3/06/2030, variable rate thereafter), <br> 5.450%, 3/06/2031<br>| 2865714 |
| 6436000 | Synchrony Financial, (fixed rate to <br> 8/02/2029, variable rate thereafter), <br> 5.935%, 8/02/2030<br>| 6707446 |
| 8805000 | UBS Group AG, (fixed rate to <br> 2/08/2034, variable rate thereafter), <br> 5.699%, 2/08/2035(a)<br>| 9258150 |
| 510000 | UBS Group AG, (fixed rate to <br> 5/14/2031, variable rate thereafter), <br> 3.091%, 5/14/2032(a)<br>| 473164 |
| 7185000 | UBS Group AG, (fixed rate to <br> 8/05/2030, variable rate thereafter), <br> 6.600%(a)(c)<br>| 7296820 |
| 4690000 | UniCredit SpA, (fixed rate to <br> 6/03/2031, variable rate thereafter), <br> 3.127%, 6/03/2032(a)<br>| 4358769 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Banking — continued** | **Banking — continued** |
| $22400000 | UniCredit SpA, (fixed rate to <br> 6/30/2030, variable rate thereafter), <br> 5.459%, 6/30/2035(a)<br>| $22832639 |
| 12410000 | Wells Fargo & Co., (fixed rate to <br> 9/15/2035, variable rate thereafter), <br> 4.892%, 9/15/2036<br>| 12371244 |
|  |  | 148626974 |
|  | **Brokerage — 1.0%** | **Brokerage — 1.0%** |
| 5235000 | BGC Group, Inc., 6.150%, 4/02/2030 | 5420548 |
| 5915000 | Blue Owl Finance LLC, <br> 6.250%, 4/18/2034<br>| 6099518 |
| 2275000 | Citadel LP, 6.000%, 1/23/2030(a) | 2376513 |
| 1725000 | Citadel LP, 6.375%, 1/23/2032(a) | 1830838 |
| 6584000 | Jane Street Group/JSG Finance, Inc., <br> 6.750%, 5/01/2033(a)<br>| 6872355 |
| 95000 | Jane Street Group/JSG Finance, Inc., <br> 7.125%, 4/30/2031(a)<br>| 99823 |
| 11745000 | Jefferies Financial Group, Inc., <br> 6.200%, 4/14/2034<br>| 12395629 |
| 5731000 | Jefferies Financial Group, Inc., <br> 6.250%, 1/15/2036<br>| 6072289 |
| 2579000 | Osaic Holdings, Inc., <br> 6.750%, 8/01/2032(a)<br>| 2694075 |
|  |  | 43861588 |
|  | **Building Materials — 2.1%** | **Building Materials — 2.1%** |
| 3325000 | Amrize Finance U.S. LLC, <br> 5.400%, 4/07/2035<br>| 3428886 |
| 23309000 | Cemex SAB de CV, <br> 3.875%, 7/11/2031(a)<br>| 22319668 |
| 15360000 | Cemex SAB de CV, (fixed rate to <br> 6/08/2026, variable rate thereafter), <br> 5.125%(a)(c)<br>| 15313266 |
| 12380000 | CRH America Finance, Inc., <br> 5.000%, 2/09/2036<br>| 12422746 |
| 9349000 | Eagle Materials, Inc., <br> 5.000%, 3/15/2036<br>| 9157640 |
| 5495000 | JH North America Holdings, Inc., <br> 5.875%, 1/31/2031(a)<br>| 5608884 |
| 7820000 | JH North America Holdings, Inc., <br> 6.125%, 7/31/2032(a)<br>| 8027676 |
| 14080000 | Quikrete Holdings, Inc., <br> 6.375%, 3/01/2032(a)<br>| 14655590 |
|  |  | 90934356 |
|  | **Cable Satellite — 4.0%** | **Cable Satellite — 4.0%** |
| 264000 | CCO Holdings LLC/CCO Holdings <br> Capital Corp., 5.000%, 2/01/2028(a)<br>| 261911 |
| 18325000 | Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital, <br> 3.950%, 6/30/2062<br>| 11026652 |
| 2105000 | Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital, <br> 6.384%, 10/23/2035<br>| 2172477 |

---

See accompanying notes to financial statements.

7 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Cable Satellite — continued** | **Cable Satellite — continued** |
| $4875000 | Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital, <br> 6.550%, 6/01/2034<br>| $5127308 |
| 2430000 | Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital, <br> 6.650%, 2/01/2034<br>| 2559860 |
| 2275000 | CSC Holdings LLC, <br> 3.375%, 2/15/2031(a)<br>| 1377645 |
| 950000 | CSC Holdings LLC, <br> 4.125%, 12/01/2030(a)<br>| 582543 |
| 815000 | CSC Holdings LLC, <br> 4.500%, 11/15/2031(a)<br>| 497150 |
| 46092000 | CSC Holdings LLC, <br> 4.625%, 12/01/2030(a)<br>| 16463653 |
| 1665000 | CSC Holdings LLC, <br> 5.000%, 11/15/2031(a)<br>| 587786 |
| 19355000 | CSC Holdings LLC, <br> 5.375%, 2/01/2028(a)<br>| 14042552 |
| 1390000 | CSC Holdings LLC, <br> 5.750%, 1/15/2030(a)<br>| 513924 |
| 6213000 | Directv Financing LLC, <br> 8.875%, 2/01/2030(a)<br>| 6286276 |
| 100000 | Directv Financing LLC, <br> 8.875%, 2/01/2030(a)<br>| 101344 |
| 6437000 | Directv Financing LLC/Directv <br> Financing Co-Obligor, Inc., <br> 10.000%, 2/15/2031(a)<br>| 6578947 |
| 26600000 | DISH DBS Corp., <br> 5.250%, 12/01/2026(a)<br>| 25795281 |
| 10570000 | DISH DBS Corp., <br> 5.750%, 12/01/2028(a)<br>| 10377123 |
| 14719000 | DISH DBS Corp., 7.750%, 7/01/2026 | 14539844 |
| 41025000 | EchoStar Corp., 10.750%, 11/30/2029 | 45365494 |
| 12146821 | EchoStar Corp., 6.750% PIK and/or <br> 6.750% Cash, 11/30/2030(d)<br>| 12444037 |
| 970000 | Time Warner Cable LLC, <br> 6.550%, 5/01/2037<br>| 989845 |
|  |  | 177691652 |
|  | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| 147000 | Ashland, Inc., 3.375%, 9/01/2031(a) | 134461 |
| 1456000 | Chemours Co., <br> 5.750%, 11/15/2028(a)<br>| 1415975 |
| 4780000 | Solstice Advanced Materials, Inc., <br> 5.625%, 9/30/2033(a)<br>| 4822036 |
|  |  | 6372472 |
|  | **Construction Machinery — 0.6%** | **Construction Machinery — 0.6%** |
| 2300000 | Ashtead Capital, Inc., <br> 5.500%, 8/11/2032(a)<br>| 2374851 |
| 3425000 | Ashtead Capital, Inc., <br> 5.550%, 5/30/2033(a)<br>| 3533791 |
| 106000 | United Rentals North America, Inc., <br> 3.750%, 1/15/2032<br>| 99448 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Construction Machinery — continued** | **Construction Machinery — continued** |
| $104000 | United Rentals North America, Inc., <br> 3.875%, 2/15/2031<br>| $99185 |
| 8856000 | United Rentals North America, Inc., <br> 5.375%, 11/15/2033(a)<br>| 8849731 |
| 11225000 | United Rentals North America, Inc., <br> 6.125%, 3/15/2034(a)<br>| 11692780 |
|  |  | 26649786 |
|  | **Consumer Cyclical Services — 0.4%** | **Consumer Cyclical Services — 0.4%** |
| 10513000 | Expedia Group, Inc., <br> 5.400%, 2/15/2035<br>| 10783300 |
| 5725000 | TriNet Group, Inc., <br> 3.500%, 3/01/2029(a)<br>| 5409901 |
| 63000 | TriNet Group, Inc., <br> 7.125%, 8/15/2031(a)<br>| 64940 |
|  |  | 16258141 |
|  | **Consumer Products — 0.0%** | **Consumer Products — 0.0%** |
| 66000 | Acushnet Co., 5.625%, 12/01/2033(a) | 66742 |
|  | **Diversified Manufacturing — 0.0%** | **Diversified Manufacturing — 0.0%** |
| 96000 | Esab Corp., 6.250%, 4/15/2029(a) | 98709 |
|  | **Electric — 0.9%** | **Electric — 0.9%** |
| 26239492 | Alta Wind Holdings LLC, <br> 7.000%, 6/30/2035(a)<br>| 25041019 |
| 7160000 | Duke Energy Corp., <br> 5.450%, 6/15/2034<br>| 7455655 |
| 2250000 | Southern Power Co., Series B, <br> 4.900%, 10/01/2035<br>| 2225755 |
| 1480000 | Vistra Operations Co. LLC, <br> 5.250%, 10/15/2035(a)<br>| 1475250 |
| 1895000 | Vistra Operations Co. LLC, <br> 5.700%, 12/30/2034(a)<br>| 1955947 |
| 132000 | VoltaGrid LLC, <br> 7.375%, 11/01/2030(a)<br>| 130779 |
|  |  | 38284405 |
|  | **Environmental — 0.2%** | **Environmental — 0.2%** |
| 6670000 | Clean Harbors, Inc., <br> 5.750%, 10/15/2033(a)<br>| 6842113 |
| 44000 | Clean Harbors, Inc., <br> 6.375%, 2/01/2031(a)<br>| 45281 |
| 100000 | GFL Environmental, Inc., <br> 4.375%, 8/15/2029(a)<br>| 98333 |
| 93000 | GFL Environmental, Inc., <br> 6.750%, 1/15/2031(a)<br>| 97573 |
|  |  | 7083300 |
|  | **Finance Companies — 3.8%** | **Finance Companies — 3.8%** |
| 14055000 | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust, <br> 4.950%, 9/10/2034<br>| 14027490 |
| 24185000 | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust, <br> 5.375%, 12/15/2031<br>| 25048373 |

---

See accompanying notes to financial statements.

\| 8

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Finance Companies — continued** | **Finance Companies — continued** |
| $2060000 | AGFC Capital Trust I, 3 mo. USD <br> SOFR + 2.012%, <br> 5.916%, 1/15/2067(a)(b)<br>| $1346828 |
| 17166000 | Air Lease Corp., Series B, (fixed rate to <br> 6/15/2026, variable rate thereafter), <br> 4.650%(c)<br>| 16932038 |
| 4205000 | Aircastle Ltd., 5.950%, 2/15/2029(a) | 4376099 |
| 2825000 | Aircastle Ltd./Aircastle Ireland DAC, <br> 5.250%, 3/15/2030(a)<br>| 2883964 |
| 6235000 | Aircastle Ltd./Aircastle Ireland DAC, <br> 5.750%, 10/01/2031(a)<br>| 6498772 |
| 375000 | Aviation Capital Group LLC, <br> 4.800%, 10/24/2030(a)<br>| 375142 |
| 6740000 | Aviation Capital Group LLC, <br> 6.250%, 4/15/2028(a)<br>| 6995244 |
| 13520000 | Aviation Capital Group LLC, <br> 6.750%, 10/25/2028(a)<br>| 14342503 |
| 3484000 | Avolon Holdings Funding Ltd., <br> 4.700%, 1/30/2031(a)<br>| 3461574 |
| 3160000 | Avolon Holdings Funding Ltd., <br> 5.375%, 5/30/2030(a)<br>| 3244076 |
| 62000 | Azorra Finance Ltd., <br> 7.250%, 1/15/2031(a)<br>| 64966 |
| 63000 | Azorra Finance Ltd., <br> 7.750%, 4/15/2030(a)<br>| 66523 |
| 3880000 | Freedom Mortgage Holdings LLC, <br> 7.875%, 4/01/2033(a)<br>| 4017982 |
| 666000 | Freedom Mortgage Holdings LLC, <br> 8.375%, 4/01/2032(a)<br>| 701075 |
| 1221000 | Freedom Mortgage Holdings LLC, <br> 9.125%, 5/15/2031(a)<br>| 1311424 |
| 123000 | Freedom Mortgage Holdings LLC, <br> 9.250%, 2/01/2029(a)<br>| 129008 |
| 129000 | GGAM Finance Ltd., <br> 5.875%, 3/15/2030(a)<br>| 130908 |
| 1765000 | Macquarie Airfinance Holdings Ltd., <br> 5.150%, 3/17/2030(a)<br>| 1789215 |
| 5205000 | Macquarie Airfinance Holdings Ltd., <br> 5.200%, 3/27/2028(a)<br>| 5283587 |
| 650000 | Macquarie Airfinance Holdings Ltd., <br> 6.400%, 3/26/2029(a)<br>| 681133 |
| 1390000 | Macquarie Airfinance Holdings Ltd., <br> 6.500%, 3/26/2031(a)<br>| 1486569 |
| 9529000 | Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., <br> 3.625%, 3/01/2029(a)<br>| 9203807 |
| 28741000 | Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., <br> 3.875%, 3/01/2031(a)<br>| 27292304 |
| 8134000 | Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., <br> 4.000%, 10/15/2033(a)<br>| 7557268 |
| 6165000 | SMBC Aviation Capital Finance DAC, <br> 5.100%, 4/01/2030(a)<br>| 6305816 |
|  |  | 165553688 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Food & Beverage — 0.8%** | **Food & Beverage — 0.8%** |
| $1380000 | JBS USA Holding Lux SARL/JBS USA <br> Food Co./JBS Lux Co. SARL, <br> 6.750%, 3/15/2034<br>| $1524624 |
| 9610000 | JBS USA Holding Lux SARL/JBS USA <br> Foods Group Holdings, Inc./JBS USA <br> Food Co., 5.500%, 1/15/2036(a)<br>| 9765276 |
| 4060000 | JBS USA LUX SARL/JBS USA Food <br> Co./JBS USA Foods Group, <br> 5.950%, 4/20/2035(a)<br>| 4269044 |
| 68000 | Lamb Weston Holdings, Inc., <br> 4.125%, 1/31/2030(a)<br>| 65778 |
| 69000 | Lamb Weston Holdings, Inc., <br> 4.375%, 1/31/2032(a)<br>| 65735 |
| 67000 | Performance Food Group, Inc., <br> 4.250%, 8/01/2029(a)<br>| 65505 |
| 14000 | Pilgrim's Pride Corp., <br> 3.500%, 3/01/2032<br>| 12933 |
| 995000 | Pilgrim's Pride Corp., <br> 4.250%, 4/15/2031<br>| 971386 |
| 15455000 | Pilgrim's Pride Corp., <br> 6.250%, 7/01/2033<br>| 16521557 |
| 239000 | Pilgrim's Pride Corp., <br> 6.875%, 5/15/2034<br>| 265060 |
| 3135000 | Post Holdings, Inc., <br> 4.500%, 9/15/2031(a)<br>| 2972127 |
| 103000 | Post Holdings, Inc., <br> 4.625%, 4/15/2030(a)<br>| 100298 |
|  |  | 36599323 |
|  | **Gaming — 0.1%** | **Gaming — 0.1%** |
| 5055000 | GLP Capital LP/GLP Financing II, <br> Inc., 5.625%, 9/15/2034<br>| 5128542 |
| 415000 | Light & Wonder International, Inc., <br> 7.250%, 11/15/2029(a)<br>| 426232 |
|  |  | 5554774 |
|  | **Health Insurance — 0.6%** | **Health Insurance — 0.6%** |
| 14610000 | Centene Corp., 4.625%, 12/15/2029 | 14170878 |
| 73000 | Molina Healthcare, Inc., <br> 3.875%, 11/15/2030(a)<br>| 67736 |
| 6545000 | Molina Healthcare, Inc., <br> 3.875%, 5/15/2032(a)<br>| 5944020 |
| 66000 | Molina Healthcare, Inc., <br> 6.250%, 1/15/2033(a)<br>| 67285 |
| 8187000 | Molina Healthcare, Inc., <br> 6.500%, 2/15/2031(a)<br>| 8408294 |
|  |  | 28658213 |
|  | **Healthcare — 0.5%** | **Healthcare — 0.5%** |
| 139000 | Avantor Funding, Inc., <br> 3.875%, 11/01/2029(a)<br>| 132919 |
| 135000 | Bausch & Lomb Corp., <br> 8.375%, 10/01/2028(a)<br>| 140906 |
| 830000 | HCA, Inc., 4.900%, 11/15/2035 | 818651 |
| 2635000 | HCA, Inc., 5.450%, 9/15/2034 | 2711534 |
| 5836000 | HCA, Inc., 5.500%, 6/01/2033 | 6071657 |

---

See accompanying notes to financial statements.

9 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Healthcare — continued** | **Healthcare — continued** |
| $11355000 | HCA, Inc., 5.600%, 4/01/2034 | $11842354 |
| 93000 | Radiology Partners, Inc., <br> 8.500%, 7/15/2032(a)<br>| 97151 |
|  |  | 21815172 |
|  | **Home Construction — 0.6%** | **Home Construction — 0.6%** |
| 3265000 | DR Horton, Inc., 5.500%, 10/15/2035 | 3399989 |
| 15560000 | Meritage Homes Corp., <br> 5.650%, 3/15/2035<br>| 15897285 |
| 131000 | Taylor Morrison Communities, Inc., <br> 5.125%, 8/01/2030(a)<br>| 131790 |
| 6395000 | Taylor Morrison Communities, Inc., <br> 5.750%, 11/15/2032(a)<br>| 6579764 |
|  |  | 26008828 |
|  | **Independent Energy — 2.8%** | **Independent Energy — 2.8%** |
| 4170000 | Aker BP ASA, 5.125%, 10/01/2034(a) | 4079091 |
| 6770000 | Aker BP ASA, 6.000%, 6/13/2033(a) | 7084503 |
| 22355000 | Canadian Natural Resources Ltd., <br> 5.400%, 12/15/2034<br>| 22757248 |
| 5129000 | Chord Energy Corp., <br> 6.000%, 10/01/2030(a)<br>| 5191897 |
| 548000 | Chord Energy Corp., <br> 6.750%, 3/15/2033(a)<br>| 566696 |
| 2475000 | Civitas Resources, Inc., <br> 8.375%, 7/01/2028(a)<br>| 2550223 |
| 2020000 | Civitas Resources, Inc., <br> 8.625%, 11/01/2030(a)<br>| 2117081 |
| 93000 | Civitas Resources, Inc., <br> 8.750%, 7/01/2031(a)<br>| 96478 |
| 41847000 | Continental Resources, Inc., <br> 5.750%, 1/15/2031(a)<br>| 42909293 |
| 69000 | Crescent Energy Finance LLC, <br> 7.375%, 1/15/2033(a)<br>| 65478 |
| 2190000 | Energean Israel Finance Ltd., <br> 5.375%, 3/30/2028<br>| 2159898 |
| 12510000 | Energean Israel Finance Ltd., <br> 5.875%, 3/30/2031<br>| 12099719 |
| 353000 | Matador Resources Co., <br> 6.500%, 4/15/2032(a)<br>| 358000 |
| 2104000 | Matador Resources Co., <br> 6.875%, 4/15/2028(a)<br>| 2150048 |
| 27050000 | Sanchez Energy Corp., <br> 6.125%, 1/15/2023(e)<br>| 2705 |
| 12420000 | Sanchez Energy Corp., <br> 7.750%, 6/15/2021(e)<br>| 1242 |
| 4621000 | SM Energy Co., 6.750%, 8/01/2029(a) | 4654928 |
| 47000 | SM Energy Co., 7.000%, 8/01/2032(a) | 46204 |
| 14460000 | Viper Energy Partners LLC, <br> 5.700%, 8/01/2035<br>| 14756864 |
|  |  | 123647596 |
|  | **Industrial Other — 0.1%** | **Industrial Other — 0.1%** |
| 187000 | Arcosa, Inc., 6.875%, 8/15/2032(a) | 197122 |
| 3544000 | TopBuild Corp., 5.625%, 1/31/2034(a) | 3585063 |
|  |  | 3782185 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Integrated Energy — 0.0%** | **Integrated Energy — 0.0%** |
| $2250000 | Cenovus Energy, Inc., <br> 5.400%, 3/20/2036<br>| $2247048 |
|  | **Leisure — 1.8%** | **Leisure — 1.8%** |
| 10875000 | Carnival Corp., 5.750%, 3/15/2030(a) | 11183980 |
| 5430000 | Carnival Corp., 5.750%, 8/01/2032(a) | 5572706 |
| 9775000 | Carnival Corp., 6.125%, 2/15/2033(a) | 10093567 |
| 3919000 | Kingpin Intermediate Holdings LLC, <br> 7.250%, 10/15/2032(a)<br>| 3704829 |
| 2280000 | NCL Corp. Ltd., <br> 6.750%, 2/01/2032(a)<br>| 2334543 |
| 3695000 | NCL Finance Ltd., <br> 6.125%, 3/15/2028(a)<br>| 3800458 |
| 4510000 | Royal Caribbean Cruises Ltd., <br> 5.375%, 1/15/2036<br>| 4528887 |
| 9215000 | Royal Caribbean Cruises Ltd., <br> 5.625%, 9/30/2031(a)<br>| 9420649 |
| 11095000 | Royal Caribbean Cruises Ltd., <br> 6.000%, 2/01/2033(a)<br>| 11399516 |
| 4130000 | Royal Caribbean Cruises Ltd., <br> 6.250%, 3/15/2032(a)<br>| 4273527 |
| 14228000 | Viking Cruises Ltd., <br> 5.875%, 10/15/2033(a)<br>| 14448007 |
|  |  | 80760669 |
|  | **Life Insurance — 3.4%** | **Life Insurance — 3.4%** |
| 130000 | APH Somerset Investor 2 LLC/APH2 <br> Somerset Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC, <br> 7.875%, 11/01/2029(a)<br>| 131298 |
| 6099000 | Brighthouse Financial, Inc., <br> 4.700%, 6/22/2047<br>| 4487880 |
| 2030000 | MetLife, Inc., 9.250%, 4/08/2068(a) | 2436335 |
| 10175000 | MetLife, Inc., 10.750%, 8/01/2069 | 13572697 |
| 57985000 | Mutual of Omaha Insurance Co., <br> 6.800%, 6/15/2036(a)<br>| 64064868 |
| 38476000 | National Life Insurance Co., <br> 10.500%, 9/15/2039(a)<br>| 51482427 |
| 12950000 | NLV Financial Corp., <br> 7.500%, 8/15/2033(a)<br>| 14143990 |
|  |  | 150319495 |
|  | **Lodging — 1.1%** | **Lodging — 1.1%** |
| 2010000 | Choice Hotels International, Inc., <br> 5.850%, 8/01/2034<br>| 2049318 |
| 107000 | Hilton Domestic Operating Co., Inc., <br> 3.625%, 2/15/2032(a)<br>| 99326 |
| 2957000 | Hilton Domestic Operating Co., Inc., <br> 5.500%, 3/31/2034(a)<br>| 2977308 |
| 96000 | Hilton Domestic Operating Co., Inc., <br> 6.125%, 4/01/2032(a)<br>| 99409 |
| 2324000 | Hilton Grand Vacations <br> Borrower LLC/Hilton Grand Vacations <br> Borrower, Inc., 6.625%, 1/15/2032(a)<br>| 2382070 |
| 5240000 | Marriott International, Inc., <br> 5.300%, 5/15/2034<br>| 5404359 |

---

See accompanying notes to financial statements.

\| 10

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Lodging — continued** | **Lodging — continued** |
| $9975000 | Marriott International, Inc., <br> 5.500%, 4/15/2037<br>| $10211239 |
| 3489000 | Marriott Ownership Resorts, Inc., <br> 4.500%, 6/15/2029(a)<br>| 3333419 |
| 135000 | Marriott Ownership Resorts, Inc., <br> 4.750%, 1/15/2028<br>| 132979 |
| 10440000 | Travel & Leisure Co., <br> 4.500%, 12/01/2029(a)<br>| 10218340 |
| 10574000 | Travel & Leisure Co., <br> 4.625%, 3/01/2030(a)<br>| 10310260 |
|  |  | 47218027 |
|  | **Media Entertainment — 1.5%** | **Media Entertainment — 1.5%** |
| 4705000 | AppLovin Corp., 5.125%, 12/01/2029 | 4826037 |
| 2765000 | AppLovin Corp., 5.375%, 12/01/2031 | 2867222 |
| 13775000 | AppLovin Corp., 5.500%, 12/01/2034 | 14153147 |
| 17383000 | Beignet Investor LLC, <br> 6.581%, 5/30/2049(a)<br>| 18365055 |
| 587000 | Discovery Communications LLC, <br> 3.625%, 5/15/2030<br>| 540411 |
| 2220000 | Discovery Communications LLC, <br> 6.350%, 6/01/2040<br>| 1838730 |
| 5555000 | Meta Platforms, Inc., <br> 4.875%, 11/15/2035<br>| 5547556 |
| 7525000 | Meta Platforms, Inc., <br> 5.625%, 11/15/2055<br>| 7222276 |
| 11764000 | Warnermedia Holdings, Inc., <br> 4.279%, 3/15/2032<br>| 10326675 |
|  |  | 65687109 |
|  | **Metals & Mining — 2.1%** | **Metals & Mining — 2.1%** |
| 131000 | Carpenter Technology Corp., <br> 5.625%, 3/01/2034(a)<br>| 133060 |
| 2872000 | Commercial Metals Co., <br> 5.750%, 11/15/2033(a)<br>| 2936712 |
| 4019000 | Commercial Metals Co., <br> 6.000%, 12/15/2035(a)<br>| 4120101 |
| 137000 | Fortescue Treasury Pty. Ltd., <br> 4.375%, 4/01/2031(a)<br>| 132496 |
| 1670000 | Glencore Funding LLC, <br> 5.673%, 4/01/2035(a)<br>| 1743590 |
| 19611000 | Glencore Funding LLC, <br> 5.700%, 5/08/2033(a)<br>| 20650004 |
| 50525000 | Glencore Funding LLC, <br> 6.500%, 10/06/2033(a)<br>| 55801859 |
| 242000 | Mineral Resources Ltd., <br> 8.000%, 11/01/2027(a)<br>| 247154 |
| 728000 | Mineral Resources Ltd., <br> 9.250%, 10/01/2028(a)<br>| 764036 |
| 5290000 | Steel Dynamics, Inc., <br> 5.250%, 5/15/2035<br>| 5409928 |
| 2040000 | Steel Dynamics, Inc., <br> 5.375%, 8/15/2034<br>| 2113403 |
|  |  | 94052343 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Midstream — 2.6%** | **Midstream — 2.6%** |
| $7820000 | Cheniere Energy Partners LP, <br> 5.950%, 6/30/2033<br>| $8292116 |
| 250000 | CQP Holdco LP/BIP-V Chinook <br> Holdco LLC, 5.500%, 6/15/2031(a)<br>| 247330 |
| 250000 | CQP Holdco LP/BIP-V Chinook <br> Holdco LLC, 7.500%, 12/15/2033(a)<br>| 267867 |
| 9050000 | DCP Midstream Operating LP, <br> 6.450%, 11/03/2036(a)<br>| 9598153 |
| 17920000 | Energy Transfer LP, 5.600%, 9/01/2034 | 18441754 |
| 4785000 | Energy Transfer LP, 5.700%, 4/01/2035 | 4953082 |
| 124000 | Energy Transfer LP, (fixed rate to <br> 2/15/2029, variable rate thereafter), <br> 8.000%, 5/15/2054<br>| 132364 |
| 3745000 | Hess Midstream Operations LP, <br> 4.250%, 2/15/2030(a)<br>| 3662931 |
| 205000 | NGPL PipeCo LLC, <br> 7.768%, 12/15/2037(a)<br>| 237951 |
| 25580000 | Targa Resources Corp., <br> 5.550%, 8/15/2035<br>| 26181399 |
| 133000 | Venture Global LNG, Inc., (fixed rate <br> to 9/30/2029, variable rate thereafter), <br> 9.000%(a)(c)<br>| 105034 |
| 3212000 | Venture Global Plaquemines <br> LNG LLC, 6.500%, 1/15/2034(a)<br>| 3289859 |
| 11705000 | Venture Global Plaquemines <br> LNG LLC, 7.500%, 5/01/2033(a)<br>| 12647264 |
| 10357000 | Venture Global Plaquemines <br> LNG LLC, 7.750%, 5/01/2035(a)<br>| 11340433 |
| 3495000 | Western Midstream Operating LP, <br> 5.250%, 2/01/2050<br>| 2991895 |
| 6105000 | Western Midstream Operating LP, <br> 5.300%, 3/01/2048<br>| 5263943 |
| 1130000 | Western Midstream Operating LP, <br> 5.450%, 4/01/2044<br>| 1029495 |
| 1091000 | Western Midstream Operating LP, <br> 5.500%, 12/15/2035<br>| 1085198 |
| 840000 | Western Midstream Operating LP, <br> 5.500%, 8/15/2048<br>| 738954 |
| 1090000 | Western Midstream Operating LP, <br> 6.150%, 4/01/2033<br>| 1154163 |
| 2285000 | Whistler Pipeline LLC, <br> 5.700%, 9/30/2031(a)<br>| 2371384 |
| 2550000 | Whistler Pipeline LLC, <br> 5.950%, 9/30/2034(a)<br>| 2636891 |
|  |  | 116669460 |
|  | **Mortgage Related — 0.0%** | **Mortgage Related — 0.0%** |
| 2794 | Federal Home Loan Mortgage Corp., <br> 5.000%, 12/01/2031<br>| 2790 |
|  | **Natural Gas — 0.1%** | **Natural Gas — 0.1%** |
| 2620000 | Southern Co. Gas Capital Corp., <br> 5.750%, 9/15/2033<br>| 2776255 |

---

See accompanying notes to financial statements.

11 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — 2.3%** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — 2.3%** |
| $505000 | BBSG Mortgage Trust, <br> Series 2016-MRP, Class A, <br> 3.275%, 6/05/2036(a)<br>| $454500 |
| 1705000 | BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class B, 1 mo. USD <br> SOFR + 1.800%, <br> 5.550%, 11/15/2042(a)(b)<br>| 1710307 |
| 1485000 | BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class C, 1 mo. USD <br> SOFR + 2.150%, <br> 5.900%, 11/15/2042(a)(b)<br>| 1492375 |
| 1040000 | BPR Commercial Mortgage Trust, <br> Series 2025-STAR, Class A, <br> 4.947%, 11/05/2042(a)(b)<br>| 1046055 |
| 265000 | BPR Trust, Series 2021-NRD, Class E, <br> 1 mo. USD SOFR + 5.621%, <br> 9.372%, 12/15/2038(a)(b)<br>| 262413 |
| 11095000 | BPR Trust, Series 2021-NRD, Class F, <br> 1 mo. USD SOFR + 6.870%, <br> 10.621%, 12/15/2038(a)(b)<br>| 10829757 |
| 415000 | BX Commercial Mortgage Trust, <br> Series 2024-VLT5, Class B, <br> 5.802%, 11/13/2046(a)(b)<br>| 421628 |
| 3765000 | BX Trust, Series 2024-VLT4, Class A, <br> 1 mo. USD SOFR + 1.491%, <br> 5.242%, 6/15/2041(a)(b)<br>| 3763822 |
| 225000 | BX Trust, Series 2025-DELC, Class B, <br> 1 mo. USD SOFR + 1.800%, <br> 5.757%, 12/15/2042(a)(b)<br>| 225280 |
| 1615000 | BX Trust, Series 2025-DELC, Class C, <br> 1 mo. USD SOFR + 2.200%, <br> 6.157%, 12/15/2042(a)(b)<br>| 1619023 |
| 20150000 | BX Trust, Series 2025-VLT6, Class A, <br> 1 mo. USD SOFR + 1.443%, <br> 5.193%, 3/15/2042(a)(b)<br>| 20124812 |
| 6580000 | BX Trust, Series 2025-VLT7, Class A, <br> 1 mo. USD SOFR + 1.700%, <br> 5.450%, 7/15/2044(a)(b)<br>| 6590198 |
| 5875000 | BX Trust, Series 2025-VLT7, Class B, <br> 1 mo. USD SOFR + 2.000%, <br> 5.750%, 7/15/2044(a)(b)<br>| 5884103 |
| 104950 | Commercial Mortgage Pass-Through <br> Certificates, Series 2012-LTRT, <br> Class A2, 3.400%, 10/05/2030(a)<br>| 104247 |
| 6710000 | Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class B, <br> 4.185%, 9/15/2037(a)<br>| 5873427 |
| 630000 | Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class C, <br> 4.336%, 9/15/2037(a)<br>| 542359 |
| 2530000 | Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class D, <br> 4.373%, 9/15/2037(a)<br>| 2148835 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $5850000 | DC Commercial Mortgage Trust, <br> Series 2023-DC, Class C, <br> 7.141%, 9/12/2040(a)(b)<br>| $6049301 |
| 540000 | Extended Stay America Trust, <br> Series 2025-ESH, Class C, 1 mo. USD <br> SOFR + 1.850%, <br> 5.600%, 10/15/2042(a)(b)<br>| 540843 |
| 740000 | Extended Stay America Trust, <br> Series 2025-ESH, Class D, 1 mo. USD <br> SOFR + 2.600%, <br> 6.350%, 10/15/2042(a)(b)<br>| 744622 |
| 810000 | Extended Stay America Trust, <br> Series 2025-ESH, Class E, 1 mo. USD <br> SOFR + 3.350%, <br> 7.100%, 10/15/2042(a)(b)<br>| 815059 |
| 1454648 | GS Mortgage Securities Corp. Trust, <br> Series 2013-G1, Class B, <br> 3.721%, 4/10/2031(a)(b)<br>| 1442010 |
| 3760000 | GS Mortgage Securities Corp. Trust, <br> Series 2013-PEMB, Class B, <br> 3.550%, 3/05/2033(a)(b)(f)<br>| 1184400 |
| 1500000 | GS Mortgage Securities Trust, <br> Series 2014-GC22, Class B, <br> 4.391%, 6/10/2047(b)<br>| 1223381 |
| 435000 | JP Morgan Chase Commercial <br> Mortgage Securities Trust, <br> Series 2012-LC9, Class D, <br> 3.571%, 12/15/2047(a)(b)<br>| 412584 |
| 3300000 | JP Morgan Chase Commercial <br> Mortgage Securities Trust, <br> Series 2025-BMS, Class A, 1 mo. USD <br> SOFR + 1.600%, <br> 5.350%, 1/15/2042(a)(b)<br>| 3298965 |
| 2165000 | JP Morgan Chase Commercial <br> Mortgage Securities Trust, <br> Series 2025-BMS, Class B, 1 mo. USD <br> SOFR + 2.000%, <br> 5.750%, 1/15/2042(a)(b)<br>| 2156932 |
| 1405000 | LEX Mortgage Trust, Series 2024-BBG, <br> Class A, 4.874%, 10/13/2033(a)(b)<br>| 1413285 |
| 1705000 | Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2013-C11, <br> Class B, 4.075%, 8/15/2046(b)<br>| 1031014 |
| 1142778 | MSBAM Commercial Mortgage <br> Securities Trust, Series 2012-CKSV, <br> Class A2, 3.277%, 10/15/2030(a)<br>| 1097055 |
| 2005000 | New Economy Assets - Phase <br> 1 Sponsor LLC, Series 2021-1, <br> Class A1, 1.910%, 10/20/2061(a)<br>| 1673759 |
| 4970000 | Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C36, Class B, <br> 3.671%, 11/15/2059(b)<br>| 4743475 |
| 978918 | WFRBS Commercial Mortgage Trust, <br> Series 2012-C10, Class B, <br> 3.744%, 12/15/2045<br>| 933012 |

---

See accompanying notes to financial statements.

\| 12

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $6994098 | WFRBS Commercial Mortgage Trust, <br> Series 2013-C15, Class B, <br> 4.145%, 8/15/2046(b)<br>| $6738674 |
| 1867267 | WFRBS Commercial Mortgage Trust, <br> Series 2014-C20, Class B, <br> 4.378%, 5/15/2047<br>| 1616717 |
|  |  | 100208229 |
|  | **Oil Field Services — 0.3%** | **Oil Field Services — 0.3%** |
| 15016000 | Helmerich & Payne, Inc., <br> 5.500%, 12/01/2034<br>| 14783759 |
| 64000 | Oceaneering International, Inc., <br> 6.000%, 2/01/2028<br>| 64718 |
| 125476 | Transocean Titan Financing Ltd., <br> 8.375%, 2/01/2028(a)<br>| 128146 |
| 96000 | Weatherford International Ltd., <br> 6.750%, 10/15/2033(a)<br>| 98315 |
|  |  | 15074938 |
|  | **Other REITs — 0.4%** | **Other REITs — 0.4%** |
| 4125000 | EPR Properties, 3.600%, 11/15/2031 | 3822835 |
| 12575000 | Host Hotels & Resorts LP, <br> 5.500%, 4/15/2035<br>| 12728660 |
|  |  | 16551495 |
|  | **Packaging — 0.4%** | **Packaging — 0.4%** |
| 16439000 | Ball Corp., 5.500%, 9/15/2033 | 16757795 |
|  | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| 7285000 | Bausch Health Cos., Inc., <br> 4.875%, 6/01/2028(a)<br>| 6520075 |
| 9749000 | Teva Pharmaceutical Finance Co. LLC, <br> 6.150%, 2/01/2036<br>| 10235464 |
| 7475000 | Teva Pharmaceutical Finance <br> Netherlands II BV, <br> 7.375%, 9/15/2029, (EUR)<br>| 9883309 |
| 6270000 | Teva Pharmaceutical Finance <br> Netherlands II BV, <br> 7.875%, 9/15/2031, (EUR)<br>| 8814571 |
| 1975000 | Teva Pharmaceutical Finance <br> Netherlands III BV, <br> 3.150%, 10/01/2026<br>| 1952201 |
| 30104000 | Teva Pharmaceutical Finance <br> Netherlands III BV, <br> 4.100%, 10/01/2046<br>| 22764783 |
| 9412000 | Teva Pharmaceutical Finance <br> Netherlands III BV, <br> 4.750%, 5/09/2027<br>| 9436048 |
| 10545000 | Teva Pharmaceutical Finance <br> Netherlands III BV, <br> 5.125%, 5/09/2029<br>| 10664172 |
| 285000 | Teva Pharmaceutical Finance <br> Netherlands III BV, <br> 6.000%, 12/01/2032<br>| 299110 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| $5520000 | Teva Pharmaceutical Finance <br> Netherlands III BV, <br> 7.875%, 9/15/2029<br>| $6072154 |
| 3965000 | Teva Pharmaceutical Finance <br> Netherlands III BV, <br> 8.125%, 9/15/2031<br>| 4565460 |
| 635000 | Teva Pharmaceutical Finance <br> Netherlands IV BV, <br> 5.750%, 12/01/2030<br>| 658637 |
|  |  | 91865984 |
|  | **Property & Casualty Insurance — 1.3%** | **Property & Casualty Insurance — 1.3%** |
| 6682000 | Alliant Holdings <br> Intermediate LLC/Alliant Holdings <br> Co-Issuer, 7.000%, 1/15/2031(a)<br>| 6932411 |
| 96000 | AmWINS Group, Inc., <br> 6.375%, 2/15/2029(a)<br>| 98727 |
| 200000 | Ardonagh Finco Ltd., <br> 7.750%, 2/15/2031(a)<br>| 209671 |
| 975000 | Arthur J Gallagher & Co., <br> 5.000%, 2/15/2032<br>| 996739 |
| 2555000 | Arthur J Gallagher & Co., <br> 5.150%, 2/15/2035<br>| 2581739 |
| 2525000 | Arthur J Gallagher & Co., <br> 5.450%, 7/15/2034<br>| 2617337 |
| 161000 | Baldwin Insurance Group <br> Holdings LLC/Baldwin Insurance <br> Group Holdings Finance, <br> 7.125%, 5/15/2031(a)<br>| 166812 |
| 1780000 | Brown & Brown, Inc., <br> 5.550%, 6/23/2035<br>| 1825132 |
| 12510000 | Marsh & McLennan Cos., Inc., <br> 5.000%, 3/15/2035<br>| 12672241 |
| 12288000 | Panther Escrow Issuer LLC, <br> 7.125%, 6/01/2031(a)<br>| 12733416 |
| 12897000 | Ryan Specialty LLC, <br> 5.875%, 8/01/2032(a)<br>| 13177740 |
| 1218000 | Willis North America, Inc., <br> 5.150%, 3/15/2036<br>| 1218100 |
|  |  | 55230065 |
|  | **Restaurants — 0.4%** | **Restaurants — 0.4%** |
| 9626000 | 1011778 BC ULC/New Red Finance, <br> Inc., 4.000%, 10/15/2030(a)<br>| 9167842 |
| 6597000 | 1011778 BC ULC/New Red Finance, <br> Inc., 5.625%, 9/15/2029(a)<br>| 6716973 |
| 105000 | Yum! Brands, Inc., 3.625%, 3/15/2031 | 99324 |
| 101000 | Yum! Brands, Inc., 4.625%, 1/31/2032 | 98980 |
|  |  | 16083119 |
|  | **Retailers — 0.5%** | **Retailers — 0.5%** |
| 4680000 | Dillard's, Inc., 7.000%, 12/01/2028 | 4966884 |
| 7182000 | Dillard's, Inc., 7.750%, 7/15/2026 | 7290233 |
| 2250000 | Dillard's, Inc., 7.750%, 5/15/2027 | 2342947 |
| 215000 | Global Auto Holdings Ltd./AAG FH <br> U.K. Ltd., 8.375%, 1/15/2029(a)<br>| 210859 |

---

See accompanying notes to financial statements.

13 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Retailers — continued** | **Retailers — continued** |
| $8390000 | Global Auto Holdings Ltd./AAG FH <br> U.K. Ltd., 11.500%, 8/15/2029(a)<br>| $8785960 |
| 42000 | Murphy Oil USA, Inc., <br> 3.750%, 2/15/2031(a)<br>| 39420 |
|  |  | 23636303 |
|  | **Sovereigns — 4.0%** | **Sovereigns — 4.0%** |
| 7405000 | Chile Government International Bonds, <br> 3.100%, 1/22/2061<br>| 4579993 |
| 15945000 | Chile Government International Bonds, <br> 3.250%, 9/21/2071<br>| 9845240 |
| 2835000 | Chile Government International Bonds, <br> 4.340%, 3/07/2042<br>| 2518614 |
| 8047000 | Egypt Government International <br> Bonds, 5.800%, 9/30/2027<br>| 8131003 |
| 13932000 | Kuwait International Government <br> Bonds, 4.136%, 10/09/2030(a)<br>| 13926139 |
| 9336000 | Kuwait International Government <br> Bonds, 4.652%, 10/09/2035(a)<br>| 9323107 |
| 6210000 | Kyrgyz Republic International Bonds, <br> 7.750%, 6/03/2030(a)<br>| 6393195 |
| 4189000 | Nigeria Government International <br> Bonds, 6.500%, 11/28/2027<br>| 4245418 |
| 7359000 | Pakistan Government International <br> Bonds, 6.000%, 4/08/2026<br>| 7340313 |
| 5647000 | Pakistan Government International <br> Bonds, 6.875%, 12/05/2027<br>| 5686778 |
| 8090000 | Republic of Poland Government <br> International Bonds, <br> 5.375%, 2/12/2035<br>| 8386485 |
| 16746000 | Republic of Poland Government <br> International Bonds, <br> 5.500%, 3/18/2054<br>| 16014744 |
| 2785000 | Republic of Uzbekistan International <br> Bonds, 3.700%, 11/25/2030<br>| 2584618 |
| 3400000 | Republic of Uzbekistan International <br> Bonds, 3.900%, 10/19/2031<br>| 3143057 |
| 2695000 | Republic of Uzbekistan International <br> Bonds, 5.100%, 2/25/2029, (EUR)<br>| 3272940 |
| 770000 | Republic of Uzbekistan International <br> Bonds, 5.100%, 2/25/2029, (EUR)(a)<br>| 935126 |
| 7355000 | Republic of Uzbekistan International <br> Bonds, 5.375%, 5/29/2027, (EUR)(a)<br>| 8826667 |
| 205000 | Republic of Uzbekistan International <br> Bonds, 5.375%, 2/20/2029<br>| 205794 |
| 13400000 | Republic of Uzbekistan International <br> Bonds, 6.900%, 2/28/2032(a)<br>| 14385168 |
| 4680000 | Republic of Uzbekistan International <br> Bonds, 6.947%, 5/25/2032(a)<br>| 5042045 |
| 3840000 | Republic of Uzbekistan International <br> Bonds, 7.850%, 10/12/2028(a)<br>| 4109779 |
| 11240000 | Romania Government International <br> Bonds, 6.375%, 1/30/2034<br>| 11689939 |
| 14248000 | Romania Government International <br> Bonds, 6.625%, 5/16/2036<br>| 14850690 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Sovereigns — continued** | **Sovereigns — continued** |
| $2576000 | Romania Government International <br> Bonds, 7.125%, 1/17/2033<br>| $2796301 |
| 7785000 | Turkiye Government International <br> Bonds, 6.950%, 9/16/2035<br>| 8008663 |
|  |  | 176241816 |
|  | **Technology — 5.1%** | **Technology — 5.1%** |
| 4105000 | Block, Inc., 3.500%, 6/01/2031 | 3858351 |
| 128000 | Block, Inc., 6.500%, 5/15/2032 | 133102 |
| 21905000 | Broadcom, Inc., 5.200%, 7/15/2035 | 22443120 |
| 21164000 | CDW LLC/CDW Finance Corp., <br> 5.550%, 8/22/2034<br>| 21564307 |
| 1795000 | Cipher Compute LLC, <br> 7.125%, 11/15/2030(a)<br>| 1828177 |
| 8035000 | Dell International LLC/EMC Corp., <br> 5.100%, 2/15/2036<br>| 7935071 |
| 69000 | Entegris, Inc., 3.625%, 5/01/2029(a) | 66285 |
| 15050000 | Entegris, Inc., 4.750%, 4/15/2029(a) | 15082839 |
| 64000 | Entegris, Inc., 5.950%, 6/15/2030(a) | 65281 |
| 6970000 | Fair Isaac Corp., 6.000%, 5/15/2033(a) | 7159215 |
| 4616000 | Flash Compute LLC, <br> 7.250%, 12/31/2030(a)<br>| 4573361 |
| 138000 | Go Daddy Operating Co. LLC/GD <br> Finance Co., Inc., <br> 3.500%, 3/01/2029(a)<br>| 132326 |
| 270000 | Imola Merger Corp., <br> 4.750%, 5/15/2029(a)<br>| 266495 |
| 98000 | Iron Mountain, Inc., <br> 5.250%, 7/15/2030(a)<br>| 96815 |
| 95000 | Iron Mountain, Inc., <br> 7.000%, 2/15/2029(a)<br>| 97585 |
| 2515000 | Leidos, Inc., 5.400%, 3/15/2032 | 2615870 |
| 5090000 | Leidos, Inc., 5.500%, 3/15/2035 | 5289768 |
| 10470000 | Leidos, Inc., 5.750%, 3/15/2033 | 11093774 |
| 16810000 | Micron Technology, Inc., <br> 5.875%, 9/15/2033<br>| 17852183 |
| 17490000 | Motorola Solutions, Inc., <br> 5.550%, 8/15/2035<br>| 18175625 |
| 5855000 | MSCI, Inc., 5.250%, 9/01/2035 | 5893629 |
| 4415000 | NetApp, Inc., 5.500%, 3/17/2032 | 4592496 |
| 3535000 | NetApp, Inc., 5.700%, 3/17/2035 | 3699536 |
| 159000 | Open Text Corp., <br> 3.875%, 12/01/2029(a)<br>| 150896 |
| 159000 | Open Text Holdings, Inc., <br> 4.125%, 2/15/2030(a)<br>| 151976 |
| 322000 | Oracle Corp., 3.950%, 3/25/2051 | 211863 |
| 20471000 | Oracle Corp., 5.200%, 9/26/2035 | 19612871 |
| 7512000 | Oracle Corp., 5.950%, 9/26/2055 | 6655739 |
| 640000 | Oracle Corp., 6.000%, 8/03/2055 | 564345 |
| 3240000 | Paychex, Inc., 5.600%, 4/15/2035 | 3393236 |
| 67000 | Science Applications International <br> Corp., 4.875%, 4/01/2028(a)<br>| 66822 |
| 66000 | Science Applications International <br> Corp., 5.875%, 11/01/2033(a)<br>| 66907 |
| 51000 | Seagate Data Storage Technology Pte. <br> Ltd., 5.750%, 12/01/2034(a)<br>| 52150 |

---

See accompanying notes to financial statements.

\| 14

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $50000 | Seagate Data Storage Technology Pte. <br> Ltd., 5.875%, 7/15/2030(a)<br>| $51543 |
| 48000 | Seagate Data Storage Technology Pte. <br> Ltd., 8.250%, 12/15/2029(a)<br>| 50901 |
| 1035000 | Sensata Technologies BV, <br> 5.875%, 9/01/2030(a)<br>| 1050844 |
| 2967000 | Sensata Technologies, Inc., <br> 3.750%, 2/15/2031(a)<br>| 2784458 |
| 753000 | Sensata Technologies, Inc., <br> 4.375%, 2/15/2030(a)<br>| 735455 |
| 6610000 | Synopsys, Inc., 5.700%, 4/01/2055 | 6557049 |
| 7410000 | TD SYNNEX Corp., <br> 5.300%, 10/10/2035<br>| 7337547 |
| 6549000 | TD SYNNEX Corp., <br> 6.100%, 4/12/2034<br>| 6920072 |
| 6775000 | Western Digital Corp., <br> 2.850%, 2/01/2029<br>| 6484286 |
| 5859000 | WULF Compute LLC, <br> 7.750%, 10/15/2030(a)<br>| 6036226 |
| 125000 | Zebra Technologies Corp., <br> 6.500%, 6/01/2032(a)<br>| 129215 |
|  |  | 223579612 |
|  | **Treasuries — 15.8%** | **Treasuries — 15.8%** |
| 72,201(g)<br>| Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2031, (BRL)<br>| 11607291 |
| 3037820000 | Hungary Government Bonds, <br> 2.750%, 12/22/2026, (HUF)<br>| 9009899 |
| 2533220000 | Hungary Government Bonds, <br> 9.500%, 10/21/2026, (HUF)<br>| 7935701 |
| 4,612,000(h)<br>| Mexico Bonos, 8.500%, 11/18/2038, <br> (MXN)<br>| 24002377 |
| 704462393 | Republic of South Africa Government <br> Bonds, 9.000%, 1/31/2040, (ZAR)<br>| 42601978 |
| 771482000 | Turkiye Government Bonds, <br> 36.000%, 8/12/2026, (TRY)<br>| 18106817 |
| 465039259 | Turkiye Government Bonds, <br> 37.000%, 2/18/2026, (TRY)<br>| 10839401 |
| 234509000 | U.S. Treasury Notes, <br> 3.500%, 11/30/2030<br>| 232145590 |
| 304435400 | U.S. Treasury Notes, <br> 4.875%, 10/31/2030(i)<br>| 319799874 |
| 116176000 | Uruguay Government International <br> Bonds, 8.000%, 10/29/2035, (UYU)<br>| 3060228 |
| 278295000 | Uruguay Government International <br> Bonds, 8.500%, 3/15/2028, (UYU)<br>| 7262534 |
| 281405000 | Uruguay Government International <br> Bonds, 9.750%, 7/20/2033, (UYU)<br>| 8088944 |
|  |  | 694460634 |
|  | **Wireless — 1.1%** | **Wireless — 1.1%** |
| 10005000 | American Tower Corp., <br> 5.900%, 11/15/2033<br>| 10686222 |
| 3695000 | SoftBank Group Corp., <br> 4.625%, 7/06/2028<br>| 3605248 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Wireless — continued** | **Wireless — continued** |
| $9135000 | Sprint Capital Corp., <br> 8.750%, 3/15/2032<br>| $11047469 |
| 22875000 | T-Mobile USA, Inc., <br> 4.700%, 1/15/2035<br>| 22474369 |
|  |  | 47813308 |
|  | **Wirelines — 0.3%** | **Wirelines — 0.3%** |
| 12095000 | AT&T, Inc., 5.375%, 8/15/2035 | 12394345 |
|  | **Total Non-Convertible Bonds**<br>(Identified Cost $3,816,961,934)<br>| 3803600737 |
| **Convertible Bonds — 0.3%** | **Convertible Bonds — 0.3%** | **Convertible Bonds — 0.3%** |
|  | **Cable Satellite — 0.2%** | **Cable Satellite — 0.2%** |
| 3256232 | EchoStar Corp., 3.875% PIK and/or <br> 3.875% Cash, 11/30/2030(d)<br>| 10875814 |
|  | **Financial Other — 0.1%** | **Financial Other — 0.1%** |
| 3791089 | CIFI Holdings Group Co. Ltd., <br> Series IAI, Zero Coupon, 6/30/2029<br>| 280730 |
| 8714221 | Sunac China Holdings Ltd., Zero <br> Coupon, 6/23/2026(a)<br>| 1361684 |
| 6439383 | Sunac China Holdings Ltd., Zero <br> Coupon, 6/23/2028(a)<br>| 1375517 |
|  |  | 3017931 |
|  | **Total Convertible Bonds**<br>(Identified Cost $14,973,675)<br>| 13893745 |
| **Municipals — 0.7%** | **Municipals — 0.7%** | **Municipals — 0.7%** |
|  | **Virginia — 0.7%** | **Virginia — 0.7%** |
| 41590000 | Tobacco Settlement Financing Corp., <br> 6.706%, 6/01/2046 <br>(Identified Cost $40,979,854)<br>| 31480303 |
|  | **Total Bonds and Notes**<br>(Identified Cost $3,872,915,463)<br>| 3848974785 |
| **Senior Loans — 5.3%** | **Senior Loans — 5.3%** | **Senior Loans — 5.3%** |
|  | **Automotive — 0.1%** | **Automotive — 0.1%** |
| 6375000 | Allison Transmission, Inc., 2025 <br> Incremental Term Loan B, <br> 11/05/2032(j)<br>| 6401584 |
|  | **Brokerage — 0.1%** | **Brokerage — 0.1%** |
| 2143759 | Citadel Securities LP, 2024 First Lien <br> Term Loan, 3 mo. USD SOFR + <br> 2.000%, 5.672%, 10/31/2031(b)(k)<br>| 2154221 |
|  | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| 7865000 | Solstice Advanced Materials, Inc., Term <br> Loan B, 3 mo. USD SOFR + 1.750%, <br> 5.593%, 10/29/2032(b)(k)<br>| 7899449 |

---

See accompanying notes to financial statements.

15 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Construction Machinery — 0.1%** | **Construction Machinery — 0.1%** |
| $1840000 | Herc Holdings, Inc., Repriced Term <br> Loan B, 1 mo. USD SOFR + 1.750%, <br> 5.522%, 6/02/2032(b)(k)<br>| $1846513 |
| 1583057 | Terex Corp., 2025 Term Loan, 1 mo. <br> USD SOFR + 1.750%, <br> 5.466%, 10/08/2031(b)(k)<br>| 1589390 |
| 1701342 | United Rentals, Inc., 2025 Repriced <br> Term Loan B, 1 mo. USD SOFR + <br> 1.500%, 5.216%, 2/14/2031(b)(k)<br>| 1707722 |
|  |  | 5143625 |
|  | **Consumer Cyclical Services — 0.2%** | **Consumer Cyclical Services — 0.2%** |
| 1035000 | Aramark Services, Inc., 2025 Repriced <br> Term Loan, 1 mo. USD SOFR + <br> 1.750%, 5.471%, 4/06/2028(b)(k)<br>| 1035776 |
| 9209708 | Aramark Services, Inc., 2025 Term <br> Loan, 1 mo. USD SOFR + 1.750%, <br> 5.471%, 6/22/2030(b)(k)<br>| 9229049 |
|  |  | 10264825 |
|  | **Diversified Manufacturing — 0.3%** | **Diversified Manufacturing — 0.3%** |
| 2284247 | Resideo Funding, Inc., 2024 1st Lien <br> Term Loan B, 1 mo. USD SOFR + <br> 2.000%, 5.734%, 2/11/2028(b)(k)<br>| 2288541 |
| 10280982 | Resideo Funding, Inc., 2024 M&A 1st <br> lien Term Loan B, 6 mo. USD SOFR + <br> 2.000%, 5.839%, 6/13/2031(b)(k)<br>| 10277795 |
|  |  | 12566336 |
|  | **Electric — 0.5%** | **Electric — 0.5%** |
| 21571865 | NRG Energy, Inc., 2024 Term Loan, <br> 3 mo. USD SOFR + 1.750%, <br> 5.593%, 4/16/2031(b)(k)<br>| 21622128 |
|  | **Environmental — 0.2%** | **Environmental — 0.2%** |
| 6820000 | Clean Harbors, Inc., 2025 Term Loan, <br> 1 mo. USD SOFR + 1.500%, <br> 5.216%, 10/08/2032(b)(k)<br>| 6876810 |
|  | **Gaming — 0.6%** | **Gaming — 0.6%** |
| 5672138 | DK Crown Holdings, Inc., 2025 Term <br> Loan B, 1 mo. USD SOFR + 1.750%, <br> 5.534%, 3/04/2032(b)(k)<br>| 5671117 |
| 14285554 | Flutter Financing BV, 2024 Term Loan <br> B, 3 mo. USD SOFR + 1.750%, <br> 5.422%, 11/30/2030(b)(k)<br>| 14261697 |
| 5333200 | Flutter Financing BV, 2025 Term Loan <br> B, 3 mo. USD SOFR + 2.000%, <br> 5.672%, 6/04/2032(b)(k)<br>| 5333200 |
| 517141 | Light & Wonder International, Inc., <br> 2024 Term Loan B2, 1 mo. USD <br> SOFR + 2.250%, <br> 5.986%, 4/14/2029(b)(k)<br>| 518274 |
|  |  | 25784288 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Healthcare — 0.4%** | **Healthcare — 0.4%** |
| $10596561 | DaVita, Inc., 2025 Term Loan B, 1 mo. <br> USD SOFR + 1.750%, <br> 5.466%, 5/09/2031(b)(k)<br>| $10633437 |
| 4916628 | IQVIA, Inc., 2025 Incremental Term <br> Loan B5, 3 mo. USD SOFR + 1.750%, <br> 5.422%, 1/02/2031(b)(k)<br>| 4944308 |
|  |  | 15577745 |
|  | **Lodging — 0.6%** | **Lodging — 0.6%** |
| 7383321 | Hilton Domestic Operating Co., Inc., <br> 2023 Term Loan B4, 1 mo. USD <br> SOFR + 1.750%, <br> 5.477%, 11/08/2030(b)<br>| 7424963 |
| 20409200 | Wyndham Hotels & Resorts, Inc., 2024 <br> Term Loan, 1 mo. USD SOFR + <br> 1.750%, 5.466%, 5/24/2030(b)(k)<br>| 20444712 |
|  |  | 27869675 |
|  | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| 8001048 | Novelis Corp., 2025 Term Loan B, <br> 3 mo. USD SOFR + 1.750%, <br> 5.422%, 3/11/2032(b)(k)<br>| 8027691 |
|  | **Paper — 0.2%** | **Paper — 0.2%** |
| 10878120 | Asplundh Tree Expert LLC, 2024 <br> Incremental Term Loan B, 1 mo. USD <br> SOFR + 1.750%, <br> 5.466%, 5/23/2031(b)<br>| 10916955 |
|  | **Property & Casualty Insurance — 0.4%** | **Property & Casualty Insurance — 0.4%** |
| 8777918 | Ardonagh Midco 3 PLC, 2024 USD <br> Term Loan B, 2/15/2031(j)<br>| 8750531 |
| 6540653 | Ardonagh Midco 3 PLC, 2024 USD <br> Term Loan B, USD SOFR + 2.750%, <br> 6.924%, 2/15/2031(b)(k)<br>| 6520246 |
| 1493910 | Ryan Specialty Group LLC, 2024 USD <br> Term Loan B, 1 mo. USD SOFR + <br> 2.000%, 5.716%, 9/15/2031(b)(k)<br>| 1494851 |
| 2786874 | Truist Insurance Holdings LLC, 2024 <br> Term Loan B, 3 mo. USD SOFR + <br> 2.750%, 6.422%, 5/06/2031(b)(k)<br>| 2788045 |
|  |  | 19553673 |
|  | **Technology — 1.1%** | **Technology — 1.1%** |
| 2016811 | Ciena Corp., 2025 Repriced Term Loan <br> B, 1 mo. USD SOFR + 1.750%, <br> 5.484%, 10/24/2030(b)(k)<br>| 2020603 |
| 1775528 | Darktrace PLC, 1st Lien Term Loan, <br> 3 mo. USD SOFR + 3.250%, <br> 7.185%, 10/09/2031(b)<br>| 1780925 |
| 15399901 | Dayforce, Inc., 2025 Term Loan, <br> 8/20/2032(j)<br>| 15344923 |

---

See accompanying notes to financial statements.

\| 16

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $9765143 | Open Text Corp., 2023 Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.466%, 1/31/2030(b)(k)<br>| $9766412 |
| 20195098 | Trans Union LLC, 2024 Term Loan B8, <br> 1 mo. USD SOFR + 1.750%, <br> 5.466%, 6/24/2031(b)(k)<br>| 20228017 |
|  |  | 49140880 |
|  | **Wireless — 0.1%** | **Wireless — 0.1%** |
| 4697510 | SBA Senior Finance II LLC, 2024 Term <br> Loan B, 1 mo. USD SOFR + 1.750%, <br> 5.470%, 1/25/2031(b)(k)<br>| 4714609 |
|  | **Total Senior Loans**<br>(Identified Cost $234,203,853)<br>| 234514494 |
| **Equity-Linked Notes — 3.4%** | **Equity-Linked Notes — 3.4%** | **Equity-Linked Notes — 3.4%** |
| 4436145 | Barclays Bank PLC, (Yum! Brands, <br> Inc.), 9.570%, 8/21/2026(a)<br>| 4521782 |
| 6738830 | Barclays Bank PLC, (Hilton Worldwide <br> Holdings, Inc.), <br> 10.690%, 10/20/2026(a)<br>| 6957752 |
| 6791062 | Barclays Bank PLC, (Honeywell <br> International, Inc.), <br> 11.390%, 4/29/2026(a)<br>| 6687307 |
| 4461332 | Barclays Bank PLC, (Trane <br> Technologies PLC), <br> 12.120%, 5/13/2026(a)<br>| 4174672 |
| 4419749 | Barclays Bank PLC, (AutoZone, Inc.), <br> 12.310%, 12/18/2026(a)<br>| 4178850 |
| 6742503 | Barclays Bank PLC, (Walt Disney Co.), <br> 16.140%, 1/20/2026(a)<br>| 6700648 |
| 4493063 | Barclays Bank PLC, (Adobe, Inc.), <br> 17.110%, 6/09/2026(a)<br>| 4485353 |
| 3518694 | Barclays Bank PLC, (Reddit, Inc.), <br> 36.380%, 7/23/2026(a)<br>| 3498648 |
| 6707801 | BNP Paribas Issuance BV, (Kroger Co.), <br> 11.370%, 10/06/2026(a)<br>| 6444827 |
| 4453843 | BNP Paribas Issuance BV, <br> (Costco Wholesale Corp.), <br> 11.380%, 3/05/2026(a)<br>| 3948912 |
| 6709602 | BNP Paribas Issuance BV, (Visa, Inc.), <br> 12.010%, 4/01/2026(a)<br>| 6802470 |
| 6676807 | BNP Paribas Issuance BV, (Kinder <br> Morgan, Inc.), 12.270%, 6/25/2026(a)<br>| 6589902 |
| 4403065 | BNP Paribas Issuance BV, (Progressive <br> Corp.), 12.920%, 2/20/2026(a)<br>| 3939655 |
| 6734028 | BNP Paribas Issuance BV, (Cardinal <br> Health, Inc.), 15.070%, 2/03/2026(a)<br>| 7006124 |
| 4389967 | BNP Paribas Issuance BV, (McKesson <br> Corp.), 15.650%, 6/17/2026(a)<br>| 4446278 |
| 4547411 | BNP Paribas Issuance BV, (Crowdstrike <br> Holdings, Inc.), <br> 17.830%, 5/26/2026(a)<br>| 4571170 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $4492418 | Citigroup Global Markets Holdings, <br> Inc., (Honeywell International, Inc.), <br> 12.100%, 1/06/2026(a)<br>| $4382832 |
| 4447772 | Citigroup Global Markets Holdings, <br> Inc., (Eversource Energy), <br> 16.320%, 3/18/2026(a)<br>| 4212326 |
| 6534128 | Citigroup Global Markets Holdings, <br> Inc., (Carnival Corp.), <br> 18.240%, 8/04/2026(a)<br>| 6583328 |
| 4407040 | Citigroup Global Markets Holdings, <br> Inc., (Palo Alto Networks, Inc.), <br> 18.370%, 7/01/2026(a)<br>| 4299015 |
| 3561800 | Citigroup Global Markets Holdings, <br> Inc., (Coinbase Global, Inc.), <br> 25.010%, 1/07/2027(a)<br>| 3309636 |
| 6860496 | GS Finance Corp., MTN, (GE <br> Vernova, Inc.), <br> 18.830%, 11/04/2026(a)<br>| 6869258 |
| 6729930 | GS Finance Corp., MTN, (Chipotle <br> Mexican Grill, Inc.), <br> 19.980%, 4/15/2026(a)<br>| 6372791 |
| 6732042 | JPMorgan Chase Bank NA, (Netflix, <br> Inc.), 15.650%, 7/14/2026(a)<br>| 5743490 |
| 5289427 | JPMorgan Chase Bank NA, (NVIDIA <br> Corp.), 17.210%, 12/02/2026(a)<br>| 5275759 |
| 6686595 | JPMorgan Chase Bank NA, (EQT <br> Midstream Partners LP), <br> 17.970%, 4/28/2026(a)<br>| 6795381 |
| 6779574 | UBS AG, (ResMed, Inc.), <br> 12.250%, 11/18/2026(a)<br>| 6315090 |
| 4434068 | UBS AG, (Eli Lilly and Co.), <br> 13.900%, 9/03/2026(a)<br>| 4818004 |
|  | **Total Equity-Linked Notes**<br>(Identified Cost $153,179,192)<br>| 149931260 |
| **Collateralized Loan Obligations — 1.9%** | **Collateralized Loan Obligations — 1.9%** | **Collateralized Loan Obligations — 1.9%** |
| 9977000 | 522 Funding CLO Ltd., <br> Series 2018-3A, Class DR, 3 mo. USD <br> SOFR + 3.362%, <br> 7.246%, 10/20/2031(a)(b)<br>| 9983974 |
| 3955000 | ARES Loan Funding I Ltd., <br> Series 2021-ALFA, Class D, 3 mo. <br> USD SOFR + 3.262%, <br> 7.166%, 10/15/2034(a)(b)<br>| 3960707 |
| 7865000 | Birch Grove CLO 9 Ltd., <br> Series 2024-9A, Class A1, 3 mo. USD <br> SOFR + 1.400%, <br> 5.257%, 10/22/2037(a)(b)<br>| 7878960 |
| 4080000 | Elmwood CLO VIII Ltd., <br> Series 2021-1A, Class DR, 3 mo. USD <br> SOFR + 3.800%, <br> 7.684%, 4/20/2037(a)(b)<br>| 4096214 |
| 10050000 | Fort Greene Park CLO LLC, <br> Series 2025-2A, Class DR, 3 mo. USD <br> SOFR + 2.350%, <br> 6.207%, 4/22/2034(a)(b)<br>| 9941380 |

---

See accompanying notes to financial statements.

17 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $8760000 | LCM 30 Ltd., Series 30A, Class BR, <br> 3 mo. USD SOFR + 1.762%, <br> 5.646%, 4/20/2031(a)(b)<br>| $8762937 |
| 1260000 | Madison Park Funding XXXI Ltd., <br> Series 2018-31A, Class D1R, 3 mo. <br> USD SOFR + 3.300%, <br> 7.160%, 7/23/2037(a)(b)<br>| 1257479 |
| 9215000 | Neuberger Berman CLO XX Ltd., <br> Series 2015-20A, Class BR3, 3 mo. <br> USD SOFR + 1.500%, <br> 5.405%, 4/15/2039(a)(b)<br>| 9216631 |
| 12430000 | OHA Credit Funding 3 Ltd., <br> Series 2019-3A, Class B1R2, 3 mo. <br> USD SOFR + 1.600%, <br> 5.484%, 1/20/2038(a)(b)<br>| 12464369 |
| 8895000 | Palmer Square BDC CLO 1 Ltd., <br> Series 1A, Class A, 3 mo. USD SOFR + <br> 1.600%, 5.505%, 7/15/2037(a)(b)<br>| 8916295 |
| 6280000 | Palmer Square BDC CLO 1 Ltd., <br> Series 1A, Class B1, 3 mo. USD SOFR <br> + 2.150%, 6.055%, 7/15/2037(a)(b)<br>| 6306721 |
| 2135000 | Vibrant CLO XIV Ltd., <br> Series 2021-14A, Class C, 3 mo. USD <br> SOFR + 4.012%, <br> 7.896%, 10/20/2034(a)(b)<br>| 2135425 |
|  | **Total Collateralized Loan Obligations**<br>(Identified Cost $84,902,000)<br>| 84921092 |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Convertible Preferred Stock — 0.1%** | **Convertible Preferred Stock — 0.1%** | **Convertible Preferred Stock — 0.1%** |
|  | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| 60052 | Boeing Co., 6.000% <br>(Identified Cost $3,116,869)<br>| 4147191 |
| **Non-Convertible Preferred Stocks — 0.3%** | **Non-Convertible Preferred Stocks — 0.3%** | **Non-Convertible Preferred Stocks — 0.3%** |
|  | **Home Construction — 0.0%** | **Home Construction — 0.0%** |
| 52867 | Hovnanian Enterprises, Inc., 7.625% | 1091175 |
|  | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
| 2318 | Highwoods Properties, Inc., Series A, <br> 8.625%, (l)<br>| 2068666 |
|  | **Other REITs — 0.2%** | **Other REITs — 0.2%** |
| 168432 | Prologis, Inc., Series Q, 8.540%, | 9433877 |
|  | **Total Non-Convertible Preferred Stocks** <br>(Identified Cost $10,688,684)<br>| 12593718 |
|  | **Total Preferred Stocks**<br>(Identified Cost $13,805,553)<br>| 16740909 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks— 0.0%** | **Common Stocks— 0.0%** | **Common Stocks— 0.0%** |
|  | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| 23310 | Country Garden Holdings Co. Ltd.(f) | $1243 |
| 917000 | Times China Holdings Ltd.(f) | 12078 |
|  |  | 13321 |
|  | **Technology Hardware, Storage &** <br> **Peripherals — 0.0%** | **Technology Hardware, Storage &** <br> **Peripherals — 0.0%** |
| 17622 | IQOR US, Inc.(f) | 26433 |
|  | **Total Common Stocks**<br>(Identified Cost $2,937,532)<br>| 39754 |
|  | **Total Purchased Options — 0.1%** <br>(Identified Cost $6,586,521) (see <br> details below)<br>| 3705463 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>|  |  |
| **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** |
| $53192954 | Tri-Party Repurchase Agreement with <br> Fixed Income Clearing Corporation, <br> dated 12/31/2025 at 2.150% to be <br> repurchased at $53,199,307 on <br> 1/02/2026 collateralized by <br> $54,031,000 U.S. Treasury Note, <br> 3.750% due 6/30/2027 valued at <br> $54,256,853 including accrued interest <br> (Note 2 of Notes to Financial <br> Statements) <br>(Identified Cost $53,192,954)<br>| 53192954 |
|  | **Total Investments — 99.6%**<br>(Identified Cost $4,421,723,068)<br>| 4392020711 |
|  | Other assets less liabilities — 0.4% | 15825321 |
|  | **Net Assets — 100.0%** | $4407846032 |

---

See accompanying notes to financial statements.

\| 18

------

**Portfolio of Investments – as of December 31, 2025**

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

**Purchased Options — 0.1%** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration <br>Date<br>| Exercise <br>Price<br>| Shares | Notional <br>Amount<br>| Cost | Value (†) |
| **Options on Futures — 0.1%** | **Options on Futures — 0.1%** | **Options on Futures — 0.1%** | **Options on Futures — 0.1%** | **Options on Futures — 0.1%** | **Options on Futures — 0.1%** | **Options on Futures — 0.1%** |
| CBOT 10 Year U.S. Treasury Notes, Put | &nbsp;&nbsp; 2/20/2026 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp; $730843750 | &nbsp;&nbsp; $115148 | &nbsp;&nbsp; $6500 |
| CBOT 10 Year U.S. Treasury Notes, Put | &nbsp;&nbsp; 2/20/2026 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp; 730843750 | &nbsp;&nbsp; 3568272 | &nbsp;&nbsp; 1523438 |
| CBOT 5 Year U.S. Treasury Notes, Call | &nbsp;&nbsp; 1/23/2026 | 109.5 | &nbsp;&nbsp; 9900000 | &nbsp;&nbsp; 1082116411 | &nbsp;&nbsp; 2805066 | &nbsp;&nbsp; 2165625 |
| CBOT 5 Year U.S. Treasury Notes, Call | &nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 9900000 | &nbsp;&nbsp; 1082116411 | &nbsp;&nbsp; 98035 | &nbsp;&nbsp; 9900 |
| Total |  |  |  |  | &nbsp;&nbsp; $6586521 | &nbsp;&nbsp; $3705463 |

---

**Written Options — (0.1%)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration <br>Date<br>| Exercise <br>Price<br>| Shares | Notional <br>Amount<br>| Premiums <br>(Received)<br>| Value (†) |
| **Options on Futures — (0.1%)** | **Options on Futures — (0.1%)** | **Options on Futures — (0.1%)** | **Options on Futures — (0.1%)** | **Options on Futures — (0.1%)** | **Options on Futures — (0.1%)** | **Options on Futures — (0.1%)** |
| CBOT 10 Year U.S. Treasury Notes, Put | &nbsp;&nbsp; 2/20/2026 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; (13000000)<br>| &nbsp;&nbsp; $(1461687500)<br>| &nbsp;&nbsp; $(3832205)<br>| &nbsp;&nbsp; $(1218750)<br>|
| CBOT 5 Year U.S. Treasury Notes, Call | &nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; (19800000)<br>| &nbsp;&nbsp; (2164232822)<br>| &nbsp;&nbsp; (3052368)<br>| &nbsp;&nbsp; (1701572)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(6884573)<br>| &nbsp;&nbsp; $(2920322)<br>|

---

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

\* Effective December 31, 2025, the Board of Trustees approved a change in the name of the Fund to Loomis Sayles Income Fund (formerly Loomis Sayles Bond Fund).

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

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

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

---

| | |
|:---|:---|
| (‡) | Principal Amount stated in U.S. dollars unless otherwise noted. |
| (a) | &nbsp;&nbsp; All or a portion of these securities are exempt from registration <br> under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At December 31, <br> 2025, the value of Rule 144A holdings amounted to <br> $2,081,515,573 or 47.2% of net assets.<br>|
| (b) | &nbsp;&nbsp; Variable rate security. Rate as of December 31, 2025 is <br> disclosed. Issuers comprised of various lots with differing <br> coupon rates have been aggregated for the purpose of <br> presentation in the Portfolio of Investments and show a <br> weighted average rate. Certain variable rate securities are not <br> based on a published reference rate and spread, rather are <br> determined by the issuer or agent and are based on current <br> market conditions. These securities may not indicate a <br> reference rate and/or spread in their description.<br>|
| (c) | Perpetual bond with no specified maturity date. |
| (d) | &nbsp;&nbsp; Payment–in–kind security for which the issuer, at each interest <br> payment date, may make interest payments in cash and/or <br> additional principal.<br>|
| (e) | &nbsp;&nbsp; The issuer is in default with respect to interest and/or principal <br> payments. Income is not being accrued.<br>|
| (f) | Non-income producing security. |
| (g) | &nbsp;&nbsp; Amount shown represents units. One unit represents a <br> principal amount of 1,000.<br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Position is unsettled. Contract rate was not determined at December 31, 2025 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate which may range from 0.00% to 0.50%, to which the spread is added.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) 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 |
| MTN | Medium Term Note |
| PIK | Payment-in-Kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| EUR | Euro |
| HUF | Hungarian Forint |
| MXN | Mexican Peso |
| TRY | Turkish Lira |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

**At December 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. | 3/18/2026 | EUR | S | &nbsp;&nbsp; 12884000 | &nbsp;&nbsp; $15224379 | &nbsp;&nbsp; $15192333 | &nbsp;&nbsp; $32046 |

---

See accompanying notes to financial statements.

19 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

**At December 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; 3/20/2026 | &nbsp;&nbsp; 3909 | &nbsp;&nbsp; $443003370 | &nbsp;&nbsp; $439518188 | &nbsp;&nbsp; $(3485182)<br>|
| CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; 28510 | &nbsp;&nbsp; 3124182208 | &nbsp;&nbsp; 3116276655 | &nbsp;&nbsp; (7905553)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(11390735)<br>|

---

**At December 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 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; 598 | &nbsp;&nbsp; $124892150 | &nbsp;&nbsp; $124855859 | &nbsp;&nbsp; $36291 |
| CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 698 | &nbsp;&nbsp; 81793913 | &nbsp;&nbsp; 80684438 | &nbsp;&nbsp; 1109475 |
| CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 94007480 | &nbsp;&nbsp; 92040000 | &nbsp;&nbsp; 1967480 |
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 10844 | &nbsp;&nbsp; 1256961554 | &nbsp;&nbsp; 1247229438 | &nbsp;&nbsp; 9732116 |
| Total |  |  |  |  | &nbsp;&nbsp; $12845362 |

---

See accompanying notes to financial statements.

\| 20

------

**Portfolio of Investments – as of December 31, 2025**

**Loomis Sayles Investment Grade Fixed Income Fund**

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 86.2% of Net Assets** | **Bonds and Notes — 86.2% of Net Assets** | **Bonds and Notes — 86.2% of Net Assets** |
| **Non-Convertible Bonds — 85.7%** | **Non-Convertible Bonds — 85.7%** | **Non-Convertible Bonds — 85.7%** |
|  | **ABS Car Loan — 5.1%** | **ABS Car Loan — 5.1%** |
| $9792 | American Credit Acceptance Receivables <br> Trust, Series 2022-4, Class D, <br> 8.000%, 2/15/2029(a)<br>| $9874 |
| 105000 | American Credit Acceptance Receivables <br> Trust, Series 2023-3, Class D, <br> 6.820%, 10/12/2029(a)<br>| 106890 |
| 200000 | American Credit Acceptance Receivables <br> Trust, Series 2023-4, Class D, <br> 7.650%, 9/12/2030(a)<br>| 206380 |
| 100000 | American Credit Acceptance Receivables <br> Trust, Series 2024-3, Class D, <br> 6.040%, 7/12/2030(a)<br>| 101986 |
| 100000 | American Credit Acceptance Receivables <br> Trust, Series 2025-1, Class D, <br> 5.540%, 8/12/2031(a)<br>| 101559 |
| 190000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-4A, Class C, <br> 7.240%, 6/20/2029(a)<br>| 199082 |
| 100000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-8A, Class C, <br> 7.340%, 2/20/2030(a)<br>| 105898 |
| 330000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-1A, Class A, <br> 5.360%, 6/20/2030(a)<br>| 340900 |
| 130000 | Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-3A, Class A, <br> 5.230%, 12/20/2030(a)<br>| 134031 |
| 445000 | Bridgecrest Lending Auto Securitization <br> Trust, Series 2023-1, Class D, <br> 7.840%, 8/15/2029<br>| 465503 |
| 200000 | Bridgecrest Lending Auto Securitization <br> Trust, Series 2024-2, Class C, <br> 6.070%, 2/15/2030<br>| 203642 |
| 200000 | Bridgecrest Lending Auto Securitization <br> Trust, Series 2024-2, Class D, <br> 6.300%, 2/15/2030<br>| 205452 |
| 100000 | CarMax Auto Owner Trust, Series 2022-1, <br> Class D, 2.470%, 7/17/2028<br>| 99426 |
| 40000 | CarMax Auto Owner Trust, Series 2023-2, <br> Class D, 6.550%, 10/15/2029<br>| 40995 |
| 65000 | CarMax Auto Owner Trust, Series 2023-4, <br> Class D, 7.160%, 4/15/2030<br>| 67667 |
| 195000 | CarMax Auto Owner Trust, Series 2024-2, <br> Class B, 5.690%, 11/15/2029<br>| 200379 |
| 5000 | CarMax Auto Owner Trust, Series 2024-2, <br> Class D, 6.420%, 10/15/2030<br>| 5153 |
| 195000 | CarMax Select Receivables Trust, <br> Series 2025-A, Class C, 5.460%, 7/15/2031<br>| 198891 |
| 335000 | CarMax Select Receivables Trust, <br> Series 2025-A, Class D, 5.860%, 7/15/2031<br>| 343185 |
| 300000 | CarMax Select Receivables Trust, <br> Series 2025-B, Class D, 5.330%, 7/15/2031<br>| 302996 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $100000 | Carvana Auto Receivables Trust, <br> Series 2024-N1, Class D, <br> 6.300%, 5/10/2030(a)<br>| $101996 |
| 100000 | Carvana Auto Receivables Trust, <br> Series 2024-N2, Class D, <br> 6.440%, 9/10/2030(a)<br>| 102620 |
| 100000 | Carvana Auto Receivables Trust, <br> Series 2024-N3, Class D, <br> 5.380%, 12/10/2030(a)<br>| 100442 |
| 100000 | Carvana Auto Receivables Trust, <br> Series 2025-P1, Class C, <br> 5.340%, 8/11/2031<br>| 101187 |
| 100000 | Credit Acceptance Auto Loan Trust, <br> Series 2024-1A, Class C, <br> 6.710%, 7/17/2034(a)<br>| 102377 |
| 220000 | Credit Acceptance Auto Loan Trust, <br> Series 2024-2A, Class A, <br> 5.950%, 6/15/2034(a)<br>| 224098 |
| 105000 | Credit Acceptance Auto Loan Trust, <br> Series 2024-2A, Class C, <br> 6.700%, 10/16/2034(a)<br>| 108699 |
| 100000 | Credit Acceptance Auto Loan Trust, <br> Series 2024-3A, Class C, <br> 5.390%, 1/16/2035(a)<br>| 101069 |
| 100000 | Credit Acceptance Auto Loan Trust, <br> Series 2025-2A, Class C, <br> 5.380%, 3/17/2036(a)<br>| 101507 |
| 200000 | Drive Auto Receivables Trust, Series 2025-2, <br> Class D, 4.900%, 12/15/2032<br>| 199981 |
| 265000 | DT Auto Owner Trust, Series 2023-2A, <br> Class D, 6.620%, 2/15/2029(a)<br>| 270073 |
| 70000 | Exeter Automobile Receivables Trust, <br> Series 2023-3A, Class D, <br> 6.680%, 4/16/2029<br>| 71645 |
| 285000 | Exeter Automobile Receivables Trust, <br> Series 2023-5A, Class D, <br> 7.130%, 2/15/2030<br>| 294318 |
| 100000 | Exeter Automobile Receivables Trust, <br> Series 2024-5A, Class D, <br> 5.060%, 2/18/2031<br>| 100458 |
| 245000 | Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D, <br> 5.490%, 5/15/2031<br>| 248640 |
| 370000 | FHF Issuer Trust, Series 2025-2A, Class A2, <br> 5.750%, 5/15/2030(a)<br>| 370360 |
| 100000 | First Investors Auto Owner Trust, <br> Series 2025-1A, Class D, <br> 5.220%, 12/15/2033(a)<br>| 100740 |
| 60722 | Flagship Credit Auto Trust, Series 2021-1, <br> Class D, 1.270%, 3/15/2027(a)<br>| 60230 |
| 135217 | Flagship Credit Auto Trust, Series 2021-2, <br> Class D, 1.590%, 6/15/2027(a)<br>| 133345 |
| 210000 | Flagship Credit Auto Trust, Series 2021-3, <br> Class D, 1.650%, 9/15/2027(a)<br>| 205446 |
| 275000 | Flagship Credit Auto Trust, Series 2023-2, <br> Class D, 6.620%, 5/15/2029(a)<br>| 266574 |

---

See accompanying notes to financial statements.

21 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $40000 | Flagship Credit Auto Trust, Series 2023-3, <br> Class D, 6.580%, 8/15/2029(a)<br>| $37028 |
| 90000 | Ford Credit Auto Lease Trust, <br> Series 2023-B, Class D, 6.970%, 6/15/2028<br>| 90413 |
| 80000 | GLS Auto Receivables Issuer Trust, <br> Series 2023-3A, Class D, <br> 6.440%, 5/15/2029(a)<br>| 81979 |
| 100000 | GLS Auto Receivables Issuer Trust, <br> Series 2023-4A, Class D, <br> 7.180%, 8/15/2029(a)<br>| 103442 |
| 100000 | GLS Auto Receivables Issuer Trust, <br> Series 2024-1A, Class D, <br> 5.950%, 12/17/2029(a)<br>| 101757 |
| 25000 | GLS Auto Receivables Issuer Trust, <br> Series 2024-2A, Class D, <br> 6.190%, 2/15/2030(a)<br>| 25628 |
| 100000 | GLS Auto Select Receivables Trust, <br> Series 2024-3A, Class C, <br> 5.920%, 8/15/2030(a)<br>| 103176 |
| 100000 | GLS Auto Select Receivables Trust, <br> Series 2024-3A, Class D, <br> 6.340%, 8/15/2031(a)<br>| 103252 |
| 15000 | GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class B, <br> 5.040%, 2/15/2031(a)<br>| 15334 |
| 10000 | GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class C, <br> 5.260%, 3/15/2031(a)<br>| 10132 |
| 20000 | GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class D, <br> 5.740%, 4/15/2032(a)<br>| 20364 |
| 200000 | Hyundai Auto Receivables Trust, <br> Series 2025-A, Class C, 4.760%, 6/15/2032<br>| 201591 |
| 50000 | LAD Auto Receivables Trust, <br> Series 2023-4A, Class C, <br> 6.760%, 3/15/2029(a)<br>| 51430 |
| 140000 | Prestige Auto Receivables Trust, <br> Series 2023-1A, Class D, <br> 6.330%, 4/16/2029(a)<br>| 141276 |
| 140000 | Red Oak Funding Master Trust, <br> Series 2025-1A, Class A, 30 day USD SOFR <br> Average + 2.000%, <br> 5.984%, 12/20/2030(a)(b)<br>| 140108 |
| 350000 | Santander Drive Auto Receivables Trust, <br> Series 2024-3, Class D, <br> 5.970%, 10/15/2031<br>| 360708 |
| 62242 | Securitized Term Auto Receivables Trust, <br> Series 2025-A, Class B, <br> 5.038%, 7/25/2031(a)<br>| 62856 |
| 100000 | SFS Auto Receivables Securitization Trust, <br> Series 2025-1A, Class B, <br> 5.110%, 2/20/2031(a)<br>| 102443 |
| 100000 | SFS Auto Receivables Securitization Trust, <br> Series 2025-1A, Class C, <br> 5.200%, 10/20/2032(a)<br>| 102124 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $185000 | Westlake Automobile Receivables Trust, <br> Series 2023-3A, Class D, <br> 6.470%, 3/15/2029(a)<br>| $189136 |
| 270000 | Westlake Automobile Receivables Trust, <br> Series 2023-4A, Class D, <br> 7.190%, 7/16/2029(a)<br>| 279144 |
| 100000 | Westlake Automobile Receivables Trust, <br> Series 2024-2A, Class D, <br> 5.910%, 4/15/2030(a)<br>| 102122 |
| 240000 | Westlake Automobile Receivables Trust, <br> Series 2024-3A, Class D, <br> 5.210%, 4/15/2030(a)<br>| 242977 |
| 100000 | Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class D, <br> 5.540%, 11/15/2030(a)<br>| 101544 |
| 87307 | Wheels Fleet Lease Funding 1 LLC, <br> Series 2024-3A, Class A1, <br> 4.800%, 9/19/2039(a)<br>| 88252 |
|  |  | 9663910 |
|  | **ABS Credit Card — 0.4%** | **ABS Credit Card — 0.4%** |
| 200000 | Avant Credit Card Master Trust, <br> Series 2025-1A, Class A, <br> 4.890%, 4/15/2031(a)<br>| 199582 |
| 270000 | Mercury Financial Credit Card Master <br> Trust, Series 2024-2A, Class A, <br> 6.560%, 7/20/2029(a)<br>| 271262 |
| 110000 | Mission Lane Credit Card Master Trust, <br> Series 2024-A, Class A1, <br> 6.200%, 8/15/2029(a)<br>| 110691 |
| 225000 | Mission Lane Credit Card Master Trust, <br> Series 2024-B, Class A, <br> 5.880%, 1/15/2030(a)<br>| 226560 |
|  |  | 808095 |
|  | **ABS Home Equity — 3.8%** | **ABS Home Equity — 3.8%** |
| 88488 | ATLX Trust, Series 2024-RPL1, Class A1, <br> 3.850%, 4/25/2064(a)(b)<br>| 86516 |
| 112932 | ATLX Trust, Series 2024-RPL2, Class A1, <br> 3.850%, 4/25/2063(a)(b)<br>| 110316 |
| 300000 | BINOM Securitization Trust, <br> Series 2022-RPL1, Class M1, <br> 3.000%, 2/25/2061(a)(b)<br>| 248264 |
| 210000 | CAFL Issuer LLC, Series 2023-RTL1, <br> Class A1, 7.553%, 12/28/2030(a)(b)<br>| 210000 |
| 170000 | Cardinal Mortgage Trust, <br> Series 2025-RTL1, Class A1, <br> 5.593%, 11/25/2030(a)(b)<br>| 170379 |
| 345466 | COLT Mortgage Loan Trust, Series 2021-6, <br> Class A1, 1.907%, 12/25/2066(a)(b)<br>| 319421 |
| 100000 | CoreVest American Finance Ltd., <br> Series 2021-3, Class B, <br> 2.494%, 10/15/2054(a)<br>| 98069 |
| 100000 | CoreVest American Finance Ltd., <br> Series 2021-3, Class D, <br> 3.469%, 10/15/2054(a)<br>| 91495 |

---

See accompanying notes to financial statements.

\| 22

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $100000 | CoreVest American Finance Trust, <br> Series 2021-1, Class C, <br> 2.800%, 4/15/2053(a)<br>| $90210 |
| 384340 | Credit Suisse Mortgage Trust, <br> Series 2021-RPL4, Class A1, <br> 4.150%, 12/27/2060(a)(b)<br>| 382855 |
| 100000 | CSMC Trust, Series 2017-RPL1, Class M1, <br> 2.974%, 7/25/2057(a)(b)<br>| 86633 |
| 72160 | Federal Home Loan Mortgage Corp. <br> Structured Agency Credit Risk Debt Notes, <br> Series 2023-DNA2, Class M1A, REMICS, <br> 30 day USD SOFR Average + 2.100%, <br> 5.965%, 4/25/2043(a)(b)<br>| 73159 |
| 205000 | FirstKey Homes Trust, Series 2021-SFR2, <br> Class E1, 2.258%, 9/17/2038(a)<br>| 200839 |
| 105000 | FirstKey Homes Trust, Series 2021-SFR2, <br> Class E2, 2.358%, 9/17/2038(a)<br>| 102873 |
| 67527 | GCAT Trust, Series 2019-RPL1, Class A1, <br> 2.650%, 10/25/2068(a)(b)<br>| 66005 |
| 81600 | Home Partners of America Trust, <br> Series 2021-1, Class E, <br> 2.577%, 9/17/2041(a)<br>| 73935 |
| 398191 | Home Partners of America Trust, <br> Series 2021-2, Class E1, <br> 2.852%, 12/17/2026(a)<br>| 388695 |
| 206291 | Home Partners of America Trust, <br> Series 2021-2, Class E2, <br> 2.952%, 12/17/2026(a)<br>| 201277 |
| 485000 | Legacy Mortgage Asset Trust, <br> Series 2020-RPL1, Class A2, <br> 3.250%, 9/25/2059(a)(b)<br>| 442437 |
| 161689 | Legacy Mortgage Asset Trust, <br> Series 2021-GS2, Class A1, <br> 5.750%, 4/25/2061(a)(b)<br>| 161744 |
| 265000 | New Residential Mortgage Loan Trust, <br> Series 2024-RTL1, Class A1, <br> 6.664%, 3/25/2039(a)(b)<br>| 266228 |
| 208447 | NLT Trust, Series 2023-1, Class A1, <br> 3.200%, 10/25/2062(a)(b)<br>| 192053 |
| 225000 | NYMT Loan Trust, Series 2024-BPL2, <br> Class A1, 6.509%, 5/25/2039(a)(b)<br>| 227022 |
| 145000 | NYMT Loan Trust, Series 2024-BPL3, <br> Class A1, 5.268%, 9/25/2039(a)(b)<br>| 145338 |
| 101774 | OBX Trust, Series 2021-NQM3, Class A1, <br> 1.054%, 7/25/2061(a)(b)<br>| 83757 |
| 386152 | PRET Trust, Series 2025-RPL5, Class A1, <br> 4.150%, 1/25/2070(a)(b)<br>| 379807 |
| 100000 | Progress Residential Trust, <br> Series 2021-SFR3, Class E1, <br> 2.538%, 5/17/2026(a)<br>| 99324 |
| 100000 | Progress Residential Trust, <br> Series 2021-SFR3, Class E2, <br> 2.688%, 5/17/2026(a)<br>| 99123 |
| 120000 | Progress Residential Trust, <br> Series 2021-SFR5, Class E1, <br> 2.209%, 7/17/2038(a)<br>| 118498 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $150000 | Progress Residential Trust, <br> Series 2021-SFR6, Class E1, <br> 2.425%, 7/17/2038(a)<br>| $148139 |
| 100000 | Progress Residential Trust, <br> Series 2021-SFR6, Class E2, <br> 2.525%, 7/17/2038(a)<br>| 98688 |
| 165000 | Progress Residential Trust, <br> Series 2021-SFR7, Class E1, <br> 2.591%, 8/17/2040(a)<br>| 154998 |
| 100000 | Progress Residential Trust, <br> Series 2021-SFR7, Class E2, <br> 2.640%, 8/17/2040(a)<br>| 93917 |
| 100000 | Progress Residential Trust, <br> Series 2021-SFR9, Class E1, <br> 2.811%, 11/17/2040(a)<br>| 93799 |
| 113019 | PRPM LLC, Series 2024-7, Class A1, <br> 5.870%, 11/25/2029(a)(b)<br>| 113078 |
| 131343 | PRPM LLC, Series 2024-RCF2, Class A1, <br> 3.750%, 3/25/2054(a)(b)<br>| 129402 |
| 90203 | PRPM LLC, Series 2025-2, Class A1, <br> 6.469%, 5/25/2030(a)(b)<br>| 90372 |
| 279778 | PRPM LLC, Series 2025-8, Class A1, <br> 5.385%, 10/25/2030(a)(b)<br>| 280189 |
| 118295 | PRPM LLC, Series 2025-RCF1, Class A1, <br> 4.500%, 2/25/2055(a)(b)<br>| 117779 |
| 100509 | PRPM LLC, Series 2025-RCF5, Class A1, <br> 4.839%, 10/25/2055(a)(b)<br>| 100574 |
| 149292 | Towd Point Mortgage Trust, Series 2019-4, <br> Class A1, 2.900%, 10/25/2059(a)(b)<br>| 144018 |
| 375000 | TVC Mortgage Trust, Series 2024-RRTL1, <br> Class A1, 5.545%, 7/25/2039(a)(b)<br>| 375715 |
| 187776 | Verus Securitization Trust, Series 2021-3, <br> Class A1, 1.046%, 6/25/2066(a)(b)<br>| 165658 |
|  |  | 7322598 |
|  | **ABS Other — 7.9%** | **ABS Other — 7.9%** |
| 114820 | AASET Trust, Series 2021-1A, Class A, <br> 2.950%, 11/16/2041(a)<br>| 110541 |
| 285000 | Affirm Asset Securitization Trust, <br> Series 2024-A, Class 1A, <br> 5.610%, 2/15/2029(a)<br>| 285439 |
| 105000 | Affirm Asset Securitization Trust, <br> Series 2024-A, Class A, <br> 5.610%, 2/15/2029(a)<br>| 105159 |
| 5489 | Affirm Asset Securitization Trust, <br> Series 2024-X2, Class A, <br> 5.220%, 12/17/2029(a)<br>| 5495 |
| 230000 | Affirm Master Trust, Series 2025-1A, <br> Class A, 4.990%, 2/15/2033(a)<br>| 231928 |
| 100000 | Affirm Master Trust, Series 2025-3A, <br> Class B, 4.750%, 10/16/2034(a)<br>| 99852 |
| 705000 | Applebee's Funding LLC/IHOP <br> Funding LLC, Series 2025-1A, Class A2, <br> 6.720%, 6/07/2055(a)<br>| 710520 |
| 254383 | Aqua Finance Trust, Series 2024-A, Class A, <br> 4.810%, 4/18/2050(a)<br>| 256792 |

---

See accompanying notes to financial statements.

23 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $20166 | Auxilior Term Funding LLC, <br> Series 2023-1A, Class A2, <br> 6.180%, 12/15/2028(a)<br>| $20266 |
| 130224 | BHG Securitization Trust, Series 2022-A, <br> Class B, 2.700%, 2/20/2035(a)<br>| 129672 |
| 100000 | BHG Securitization Trust, Series 2022-A, <br> Class C, 3.080%, 2/20/2035(a)<br>| 98623 |
| 131459 | BHG Securitization Trust, Series 2023-B, <br> Class B, 7.450%, 12/17/2036(a)<br>| 137840 |
| 142828 | BHG Securitization Trust, <br> Series 2025-1CON, Class A, <br> 4.820%, 4/17/2036(a)<br>| 143850 |
| 89806 | BHG Securitization Trust, <br> Series 2025-1CON, Class B, <br> 5.260%, 4/17/2036(a)<br>| 90380 |
| 276970 | Business Jet Securities LLC, Series 2024-2A, <br> Class A, 5.364%, 9/15/2039(a)<br>| 279146 |
| 71744 | Castlelake Aircraft Structured Trust, <br> Series 2019-1A, Class A, <br> 3.967%, 4/15/2039(a)<br>| 71258 |
| 405000 | CLIF Holdings LLC, Series 2025-1H, <br> Class A, 6.720%, 12/20/2050(a)<br>| 404233 |
| 300000 | Compass Datacenters Issuer II LLC, <br> Series 2024-2A, Class A1, <br> 5.022%, 8/25/2049(a)<br>| 300583 |
| 200000 | Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2, <br> 5.656%, 2/25/2050(a)<br>| 202561 |
| 45000 | Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A3, <br> 5.852%, 2/25/2050(a)<br>| 45458 |
| 240000 | Compass Datacenters Issuer III LLC, <br> Series 2025-3A, Class A2, <br> 5.286%, 7/25/2050(a)<br>| 241442 |
| 181123 | Crockett Partners Equipment Co. IIA LLC, <br> Series 2024-1C, Class A, <br> 6.050%, 1/20/2031(a)<br>| 184309 |
| 120000 | CyrusOne Data Centers Issuer I LLC, <br> Series 2024-3A, Class A2, <br> 4.650%, 5/20/2049(a)<br>| 115147 |
| 365000 | DataBank Issuer II LLC, Series 2025-1A, <br> Class A2, 5.180%, 9/27/2055(a)<br>| 361909 |
| 270000 | EDI ABS Issuer 1 LLC, Series 2025-1A, <br> Class A2, 4.450%, 7/25/2055(a)<br>| 261552 |
| 116648 | EverBright Solar Trust, Series 2024-A, <br> Class A, 6.430%, 6/22/2054(a)<br>| 111378 |
| 85033 | Foundation Finance Trust, Series 2023-2A, <br> Class A, 6.530%, 6/15/2049(a)<br>| 88736 |
| 295000 | Frontier Issuer LLC, Series 2024-1, Class <br> A2, 6.190%, 6/20/2054(a)<br>| 304049 |
| 365000 | GGAM Master Trust International Ltd., <br> Series 2025-1A, Class A, <br> 5.923%, 9/30/2060(a)<br>| 366958 |
| 347717 | Global SC Finance X Ltd., Series 2025-1H, <br> Class A, 6.169%, 9/20/2045(a)<br>| 347772 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $55295 | GoodLeap Home Improvement Solutions <br> Trust, Series 2024-1A, Class A, <br> 5.350%, 10/20/2046(a)<br>| $56006 |
| 45302 | GreenSky Home Improvement Issuer Trust, <br> Series 2024-2, Class A4, <br> 5.150%, 10/27/2059(a)<br>| 46053 |
| 100000 | GreenSky Home Improvement Trust, <br> Series 2024-1, Class A3, <br> 5.550%, 6/25/2059(a)<br>| 102743 |
| 82703 | GreenSky Home Improvement Trust, <br> Series 2024-1, Class C, <br> 6.360%, 6/25/2059(a)<br>| 84928 |
| 46243 | HINNT LLC, Series 2024-A, Class A, <br> 5.490%, 3/15/2043(a)<br>| 47142 |
| 142875 | Jack in the Box Funding LLC, <br> Series 2019-1A, Class A2II, <br> 4.476%, 8/25/2049(a)<br>| 141770 |
| 310000 | Kapitus Asset Securitization IV LLC, <br> Series 2024-1A, Class 1A, <br> 5.490%, 9/10/2031(a)<br>| 311626 |
| 175000 | Kapitus Asset Securitization IV LLC, <br> Series 2024-1A, Class A, <br> 5.490%, 9/10/2031(a)<br>| 175918 |
| 239032 | Lunar Structured Aircraft Portfolio Notes, <br> Series 2021-1, Class A, <br> 2.636%, 10/15/2046(a)<br>| 228038 |
| 100000 | Mariner Finance Issuance Trust, <br> Series 2024-AA, Class B, <br> 5.680%, 9/22/2036(a)<br>| 101868 |
| 100000 | MetroNet Infrastructure Issuer LLC, <br> Series 2025-2A, Class A2, <br> 5.400%, 8/20/2055(a)<br>| 101253 |
| 72794 | Mosaic Solar Loan Trust, Series 2024-1A, <br> Class A, 5.500%, 9/20/2049(a)<br>| 70631 |
| 557080 | Mosaic Solar Loan Trust, Series 2024-2A, <br> Class A, 5.600%, 4/22/2052(a)<br>| 548366 |
| 16683 | MVW LLC, Series 2021-1WA, Class C, <br> 1.940%, 1/22/2041(a)<br>| 16121 |
| 120000 | Octane Receivables Trust, Series 2024-2A, <br> Class C, 5.900%, 7/20/2032(a)<br>| 121917 |
| 105000 | OnDeck Asset Securitization Trust IV LLC, <br> Series 2024-2A, Class A, <br> 4.980%, 10/17/2031(a)<br>| 105436 |
| 240000 | OneMain Financial Issuance Trust, <br> Series 2021-1A, Class D, <br> 2.470%, 6/16/2036(a)<br>| 221975 |
| 310000 | OneMain Financial Issuance Trust, <br> Series 2022-S1, Class D, <br> 5.200%, 5/14/2035(a)<br>| 311579 |
| 253884 | OWN Equipment Fund I LLC, <br> Series 2024-2M, Class A, <br> 5.700%, 12/20/2032(a)<br>| 257781 |
| 125606 | OWN Equipment Fund II LLC, <br> Series 2025-1M, Class A, <br> 5.480%, 9/26/2033(a)<br>| 126338 |

---

See accompanying notes to financial statements.

\| 24

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $280000 | OWN Equipment Fund III LLC, <br> Series 2025-2M, Class A, <br> 5.420%, 3/27/2034(a)<br>| $281628 |
| 130000 | Planet Fitness Master Issuer LLC, <br> Series 2025-1A, Class A2I, <br> 5.274%, 12/06/2055(a)<br>| 130522 |
| 100000 | Progress Residential Trust, <br> Series 2022-SFR5, Class C, <br> 5.192%, 6/17/2039(a)<br>| 99921 |
| 155000 | QTS Issuer ABS II LLC, Series 2025-1A, <br> Class B, 5.778%, 10/05/2055(a)<br>| 151228 |
| 115000 | Regional Management Issuance Trust, <br> Series 2024-2, Class A, <br> 5.110%, 12/15/2033(a)<br>| 115882 |
| 165000 | Republic Finance Issuance Trust, <br> Series 2024-A, Class A, <br> 5.910%, 8/20/2032(a)<br>| 166671 |
| 175000 | Republic Finance Issuance Trust, <br> Series 2024-B, Class A, <br> 5.420%, 11/20/2037(a)<br>| 178139 |
| 250000 | RFS Asset Securitization II LLC, <br> Series 2024-1, Class A, <br> 6.550%, 7/15/2031(a)<br>| 254501 |
| 99750 | SEB Funding LLC, Series 2021-1A, <br> Class A2, 4.969%, 1/30/2052(a)<br>| 99623 |
| 200000 | SEB Funding LLC, Series 2024-1A, <br> Class A2, 7.386%, 4/30/2054(a)<br>| 204577 |
| 510000 | SF ABS Issuer LLC, Series 2025-1A, <br> Class A2, 5.377%, 11/25/2055(a)<br>| 498899 |
| 270000 | Shentel Issuer LLC, Series 2025-1A, <br> Class A2, 5.640%, 12/20/2055(a)<br>| 272416 |
| 38512 | Shenton Aircraft Investment I Ltd., <br> Series 2015-1A, Class A, <br> 4.750%, 10/15/2042(a)<br>| 37865 |
| 8870 | Sierra Timeshare Receivables Funding LLC, <br> Series 2021-1A, Class C, <br> 1.790%, 11/20/2037(a)<br>| 8853 |
| 45373 | Sierra Timeshare Receivables Funding LLC, <br> Series 2023-3A, Class C, <br> 7.120%, 9/20/2040(a)<br>| 47034 |
| 390601 | Slam Ltd., Series 2021-1A, Class A, <br> 2.434%, 6/15/2046(a)<br>| 372823 |
| 257521 | Slam Ltd., Series 2024-1A, Class A, <br> 5.335%, 9/15/2049(a)<br>| 258699 |
| 95257 | Stream Innovations Issuer Trust, <br> Series 2024-2A, Class A, <br> 5.210%, 2/15/2045(a)<br>| 96339 |
| 48027 | Sunnova Helios II Issuer LLC, <br> Series 2019-AA, Class A, <br> 3.750%, 6/20/2046(a)<br>| 44874 |
| 170639 | Sunnova Helios X Issuer LLC, <br> Series 2022-C, Class A, <br> 5.300%, 11/22/2049(a)<br>| 158617 |
| 274364 | Sunrun Atlas Issuer LLC, Series 2019-2, <br> Class A, 3.610%, 2/01/2055(a)<br>| 264499 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $263199 | Textainer Marine Containers VII Ltd., <br> Series 2021-2A, Class A, <br> 2.230%, 4/20/2046(a)<br>| $249283 |
| 174604 | TIF Funding II LLC, Series 2021-1A, <br> Class A, 1.650%, 2/20/2046(a)<br>| 160025 |
| 320518 | TMCL VII Holdings Ltd., Series 2025-1H, <br> Class A, 6.430%, 7/23/2050(a)<br>| 321933 |
| 535000 | Trafigura Securitisation Finance PLC, <br> Series 2024-1A, Class A1, 1 day USD SOFR <br> + 1.400%, 5.126%, 11/15/2027(a)(b)<br>| 534414 |
| 151364 | Volofin Finance DAC, Series 2024-1A, <br> Class A, 5.935%, 6/15/2037(a)<br>| 153511 |
| 267102 | Willis Engine Structured Trust VII, <br> Series 2023-A, Class A, <br> 8.000%, 10/15/2048(a)<br>| 273538 |
| 400000 | Zayo Issuer LLC, Series 2025-3A, Class A2, <br> 5.570%, 10/20/2055(a)<br>| 399460 |
|  |  | 15126111 |
|  | **ABS Residential Mortgage — 1.7%** | **ABS Residential Mortgage — 1.7%** |
| 309198 | GITSIT Mortgage Loan Trust, <br> Series 2025-NPL1, Class A1, <br> 6.276%, 2/25/2055(a)(b)<br>| 309734 |
| 310000 | GITSIT Mortgage Loan Trust, <br> Series 2025-NPL2, Class A1, <br> 5.425%, 12/25/2055(a)(b)<br>| 309988 |
| 166372 | MFA Trust, Series 2024-NPL1, Class A1, <br> 6.330%, 9/25/2054(b)<br>| 166604 |
| 25994 | NYMT Loan Trust, Series 2025-R1, <br> Class A, 6.381%, 2/25/2030(a)(b)<br>| 26063 |
| 138024 | PRET LLC, Series 2024-NPL7, Class A1, <br> 5.925%, 10/25/2054(a)(b)<br>| 138109 |
| 152146 | PRET LLC, Series 2025-NPL3, Class A1, <br> 6.708%, 4/25/2055(a)(b)<br>| 153056 |
| 138652 | PRET LLC, Series 2025-NPL6, Class A1, <br> 5.744%, 6/25/2055(a)(b)<br>| 139190 |
| 370367 | PRET LLC, Series 2025-NPL8, Class A1, <br> 5.732%, 8/25/2055(a)(b)<br>| 371218 |
| 392047 | RCO IX Mortgage LLC, Series 2025-2, <br> Class A1, 6.513%, 4/25/2030(a)(b)<br>| 393302 |
| 399005 | RCO IX Mortgage LLC, Series 2025-4, <br> Class A1, 5.310%, 10/25/2030(a)(b)<br>| 399156 |
| 386249 | RCO X Mortgage LLC, Series 2025-1, <br> Class A1, 5.875%, 1/25/2030(a)(b)<br>| 387063 |
| 136548 | VCAT LLC, Series 2025-NPL1, Class A1, <br> 5.877%, 1/25/2055(a)(b)<br>| 137031 |
| 316914 | VCAT LLC, Series 2025-NPL3, Class A1, <br> 5.889%, 2/25/2055(a)(b)<br>| 317650 |
|  |  | 3248164 |
|  | **ABS Student Loan — 0.9%** | **ABS Student Loan — 0.9%** |
| 386639 | College Ave Student Loans LLC, <br> Series 2024-B, Class A1A, <br> 5.690%, 8/25/2054(a)<br>| 394976 |
| 43921 | College Avenue Student Loans LLC, <br> Series 2021-A, Class C, <br> 2.920%, 7/25/2051(a)<br>| 41734 |

---

See accompanying notes to financial statements.

25 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Student Loan — continued** | **ABS Student Loan — continued** |
| $14259 | Navient Private Education Refi Loan Trust, <br> Series 2020-HA, Class A, <br> 1.310%, 1/15/2069(a)<br>| $13496 |
| 95084 | Navient Private Education Refi Loan Trust, <br> Series 2021-A, Class A, <br> 0.840%, 5/15/2069(a)<br>| 87362 |
| 135000 | Navient Private Education Refi Loan Trust, <br> Series 2021-A, Class B, <br> 2.240%, 5/15/2069(a)<br>| 109738 |
| 100000 | Navient Private Education Refi Loan Trust, <br> Series 2021-EA, Class B, <br> 2.030%, 12/16/2069(a)<br>| 72717 |
| 195000 | Navient Private Education Refi Loan Trust, <br> Series 2021-FA, Class B, <br> 2.120%, 2/18/2070(a)<br>| 141678 |
| 120000 | Navient Student Loan Trust, <br> Series 2023-BA, Class B, <br> 7.230%, 3/15/2072(a)<br>| 129851 |
| 110000 | Nelnet Student Loan Trust, Series 2021-BA, <br> Class B, 2.680%, 4/20/2062(a)<br>| 98818 |
| 31074 | SMB Private Education Loan Trust, <br> Series 2018-C, Class A2A, <br> 3.630%, 11/15/2035(a)<br>| 30967 |
| 180265 | SMB Private Education Loan Trust, <br> Series 2020-A, Class A2A, <br> 2.230%, 9/15/2037(a)<br>| 175166 |
| 90243 | SMB Private Education Loan Trust, <br> Series 2021-A, Class A2A2, 1 mo. USD <br> SOFR + 0.844%, 4.595%, 1/15/2053(a)(b)<br>| 89367 |
| 210000 | SMB Private Education Loan Trust, <br> Series 2021-B, Class B, <br> 2.650%, 7/17/2051(a)<br>| 188405 |
| 100000 | SMB Private Education Loan Trust, <br> Series 2023-C, Class B, <br> 6.360%, 11/15/2052(a)<br>| 105204 |
| 98097 | SMB Private Education Loan Trust, <br> Series 2024-A, Class A1A, <br> 5.240%, 3/15/2056(a)<br>| 99671 |
|  |  | 1779150 |
|  | **ABS Whole Business — 0.5%** | **ABS Whole Business — 0.5%** |
| 355000 | Applebee's Funding LLC/IHOP <br> Funding LLC, Series 2023-1A, Class A2, <br> 7.824%, 3/05/2053(a)<br>| 360261 |
| 48250 | EWC Master Issuer LLC, Series 2022-1A, <br> Class A2, 5.500%, 3/15/2052(a)<br>| 47690 |
| 24563 | Hardee's Funding LLC, Series 2024-1A, <br> Class A2, 7.253%, 3/20/2054(a)<br>| 25389 |
| 100000 | Progress Residential Trust, <br> Series 2022-SFR5, Class B, <br> 4.896%, 6/17/2039(a)<br>| 100140 |
| 198000 | Subway Funding LLC, Series 2024-3A, <br> Class A2I, 5.246%, 7/30/2054(a)<br>| 196942 |
| 145000 | Wingstop Funding LLC, Series 2024-1A, <br> Class A2, 5.858%, 12/05/2054(a)<br>| 149367 |
|  |  | 879789 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| $415000 | BAE Systems PLC, 5.300%, 3/26/2034(a) | $429849 |
| 435000 | Boeing Co., 5.150%, 5/01/2030 | 446967 |
| 400000 | Boeing Co., 5.705%, 5/01/2040 | 408311 |
| 1090000 | Boeing Co., 5.805%, 5/01/2050 | 1072118 |
| 25000 | Boeing Co., 5.930%, 5/01/2060 | 24514 |
| 115000 | Boeing Co., 6.388%, 5/01/2031 | 124797 |
| 120000 | Boeing Co., 6.528%, 5/01/2034 | 132763 |
| 500000 | Boeing Co., 6.858%, 5/01/2054 | 561569 |
| 175000 | Boeing Co., 7.008%, 5/01/2064 | 198844 |
| 225000 | Textron, Inc., 4.950%, 3/15/2036 | 223345 |
|  |  | 3623077 |
|  | **Agency Commercial Mortgage-Backed** <br> **Securities — 0.1%** | **Agency Commercial Mortgage-Backed** <br> **Securities — 0.1%** |
| 115000 | Arixa Mortgage Trust, Series 2025-RTL1, <br> Class A1, 5.735%, 8/25/2030(a)<br>| 115675 |
|  | **Automotive — 0.2%** | **Automotive — 0.2%** |
| 155000 | ZF North America Capital, Inc., <br> 6.750%, 4/23/2030(a)<br>| 153167 |
| 230000 | ZF North America Capital, Inc., <br> 6.875%, 4/23/2032(a)<br>| 224925 |
|  |  | 378092 |
|  | **Banking — 4.6%** | **Banking — 4.6%** |
| 375000 | Bank of America Corp., (fixed rate to <br> 3/08/2032, variable rate thereafter), <br> 3.846%, 3/08/2037<br>| 353151 |
| 611000 | Bank of America Corp., (fixed rate to <br> 9/21/2031, variable rate thereafter), <br> 2.482%, 9/21/2036<br>| 536192 |
| 210000 | CaixaBank SA, (fixed rate to 7/03/2035, <br> variable rate thereafter), <br> 5.581%, 7/03/2036(a)<br>| 215764 |
| 315000 | Capital One Financial Corp., (fixed rate to <br> 9/11/2035, variable rate thereafter), <br> 5.197%, 9/11/2036<br>| 313411 |
| 370000 | JPMorgan Chase & Co., (fixed rate to <br> 4/22/2035, variable rate thereafter), <br> 5.572%, 4/22/2036<br>| 388189 |
| 890000 | JPMorgan Chase & Co., Series OO, (fixed <br> rate to 4/01/2030, variable rate thereafter), <br> 6.500%(c)<br>| 924809 |
| 150000 | Morgan Stanley, (fixed rate to 1/19/2033, <br> variable rate thereafter), 5.948%, 1/19/2038<br>| 157848 |
| 290000 | Morgan Stanley, (fixed rate to 10/18/2032, <br> variable rate thereafter), <br> 6.342%, 10/18/2033<br>| 317832 |
| 425000 | Morgan Stanley, (fixed rate to 2/07/2034, <br> variable rate thereafter), 5.942%, 2/07/2039<br>| 446662 |
| 230000 | Morgan Stanley, (fixed rate to 4/19/2034, <br> variable rate thereafter), 5.831%, 4/19/2035<br>| 244411 |
| 345000 | Morgan Stanley, (fixed rate to 4/20/2032, <br> variable rate thereafter), 5.297%, 4/20/2037<br>| 350934 |
| 637000 | Morgan Stanley, MTN, (fixed rate to <br> 2/13/2031, variable rate thereafter), <br> 1.794%, 2/13/2032<br>| 559446 |

---

See accompanying notes to financial statements.

\| 26

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Banking — continued** | **Banking — continued** |
| $120000 | Morgan Stanley, Series I, (fixed rate to <br> 10/22/2035, variable rate thereafter), <br> 4.892%, 10/22/2036<br>| $118938 |
| 620000 | Morgan Stanley Private Bank NA, (fixed rate <br> to 11/19/2030, variable rate thereafter), <br> 4.465%, 11/19/2031<br>| 621623 |
| 725000 | Societe Generale SA, (fixed rate to <br> 10/03/2035, variable rate thereafter), <br> 5.439%, 10/03/2036(a)<br>| 726576 |
| 120000 | Synchrony Financial, (fixed rate to <br> 3/06/2030, variable rate thereafter), <br> 5.450%, 3/06/2031<br>| 123036 |
| 195000 | Synchrony Financial, (fixed rate to <br> 8/02/2029, variable rate thereafter), <br> 5.935%, 8/02/2030<br>| 203224 |
| 335000 | UBS Group AG, (fixed rate to 2/08/2034, <br> variable rate thereafter), <br> 5.699%, 2/08/2035(a)<br>| 352241 |
| 235000 | UBS Group AG, (fixed rate to 5/09/2035, <br> variable rate thereafter), <br> 5.580%, 5/09/2036(a)<br>| 244364 |
| 540000 | UniCredit SpA, (fixed rate to 6/30/2030, <br> variable rate thereafter), <br> 5.459%, 6/30/2035(a)<br>| 550430 |
| 960000 | Wells Fargo & Co., (fixed rate to 4/23/2035, <br> variable rate thereafter), 5.605%, 4/23/2036<br>| 1006187 |
|  |  | 8755268 |
|  | **Brokerage — 1.0%** | **Brokerage — 1.0%** |
| 280000 | BGC Group, Inc., 6.150%, 4/02/2030 | 289924 |
| 555000 | Blue Owl Finance LLC, 6.250%, 4/18/2034 | 572313 |
| 140000 | Brookfield Asset Management Ltd., <br> 5.795%, 4/24/2035<br>| 146503 |
| 115000 | Citadel LP, 6.000%, 1/23/2030(a) | 120132 |
| 90000 | Citadel LP, 6.375%, 1/23/2032(a) | 95522 |
| 733000 | Jefferies Financial Group, Inc., <br> 6.250%, 1/15/2036<br>| 776651 |
|  |  | 2001045 |
|  | **Building Materials — 1.8%** | **Building Materials — 1.8%** |
| 655000 | Cemex SAB de CV, 3.875%, 7/11/2031(a) | 627199 |
| 430000 | Cemex SAB de CV, 3.875%, 7/11/2031 | 411749 |
| 310000 | Cemex SAB de CV, (fixed rate to <br> 6/08/2026, variable rate thereafter), <br> 5.125%(a)(c)<br>| 309057 |
| 550000 | CRH America Finance, Inc., <br> 5.000%, 2/09/2036<br>| 551899 |
| 617000 | Eagle Materials, Inc., 5.000%, 3/15/2036 | 604371 |
| 130000 | JH North America Holdings, Inc., <br> 5.875%, 1/31/2031(a)<br>| 132694 |
| 185000 | JH North America Holdings, Inc., <br> 6.125%, 7/31/2032(a)<br>| 189913 |
| 596000 | Owens Corning, 7.000%, 12/01/2036 | 675967 |
|  |  | 3502849 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Cable Satellite — 1.9%** | **Cable Satellite — 1.9%** |
| $620000 | Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 3.950%, 6/30/2062<br>| $373071 |
| 155000 | Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.384%, 10/23/2035<br>| 159969 |
| 350000 | Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.550%, 6/01/2034<br>| 368114 |
| 180000 | Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.650%, 2/01/2034<br>| 189619 |
| 200000 | CSC Holdings LLC, 3.375%, 2/15/2031(a) | 121112 |
| 200000 | CSC Holdings LLC, <br> 4.125%, 12/01/2030(a)<br>| 122641 |
| 800000 | CSC Holdings LLC, <br> 4.625%, 12/01/2030(a)<br>| 285753 |
| 200000 | CSC Holdings LLC, 5.375%, 2/01/2028(a) | 145105 |
| 84000 | Directv Financing LLC, <br> 8.875%, 2/01/2030(a)<br>| 84991 |
| 170000 | DISH DBS Corp., 5.250%, 12/01/2026(a) | 164857 |
| 265000 | DISH DBS Corp., 5.750%, 12/01/2028(a) | 260164 |
| 1223109 | EchoStar Corp., 10.750%, 11/30/2029 | 1352515 |
| 35000 | Time Warner Cable LLC, <br> 6.550%, 5/01/2037<br>| 35716 |
|  |  | 3663627 |
|  | **Collateralized Mortgage Obligations — 0.1%** | **Collateralized Mortgage Obligations — 0.1%** |
| 84292 | Federal Home Loan Mortgage Corp., <br> Series 2912, Class EH, REMICS, <br> 5.500%, 1/15/2035(d)<br>| 87386 |
| 98201 | Verus Securitization Trust, Series 2021-5, <br> Class A1, 1.013%, 9/25/2066(a)(b)<br>| 85681 |
|  |  | 173067 |
|  | **Construction Machinery — 0.6%** | **Construction Machinery — 0.6%** |
| 200000 | Ashtead Capital, Inc., <br> 5.500%, 8/11/2032(a)<br>| 206509 |
| 200000 | Ashtead Capital, Inc., <br> 5.800%, 4/15/2034(a)<br>| 209681 |
| 200000 | Ashtead Capital, Inc., <br> 5.950%, 10/15/2033(a)<br>| 211606 |
| 475000 | United Rentals North America, Inc., <br> 6.125%, 3/15/2034(a)<br>| 494795 |
|  |  | 1122591 |
|  | **Consumer Cyclical Services — 0.3%** | **Consumer Cyclical Services — 0.3%** |
| 447000 | Expedia Group, Inc., 5.400%, 2/15/2035 | 458493 |
| 155000 | Uber Technologies, Inc., <br> 4.800%, 9/15/2035<br>| 154181 |
|  |  | 612674 |
|  | **Diversified Manufacturing — 0.2%** | **Diversified Manufacturing — 0.2%** |
| 345000 | Amphenol Corp., 4.625%, 2/15/2036 | 338003 |

---

See accompanying notes to financial statements.

27 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Electric — 0.3%** | **Electric — 0.3%** |
| $140000 | Pacific Gas & Electric Co., <br> 3.250%, 6/01/2031<br>| $130268 |
| 200000 | Pacific Gas & Electric Co., <br> 4.300%, 3/15/2045<br>| 158646 |
| 45000 | Pacific Gas & Electric Co., <br> 4.550%, 7/01/2030<br>| 44807 |
| 100000 | Vistra Operations Co. LLC, <br> 5.250%, 10/15/2035(a)<br>| 99679 |
| 90000 | Vistra Operations Co. LLC, <br> 5.700%, 12/30/2034(a)<br>| 92895 |
|  |  | 526295 |
|  | **Environmental — 0.0%** | **Environmental — 0.0%** |
| 70000 | GFL Environmental, Inc., <br> 6.750%, 1/15/2031(a)<br>| 73442 |
|  | **Finance Companies — 3.4%** | **Finance Companies — 3.4%** |
| 314000 | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust, 3.300%, 1/30/2032<br>| 289922 |
| 600000 | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust, 3.400%, 10/29/2033<br>| 541695 |
| 1155000 | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust, 4.950%, 9/10/2034<br>| 1152739 |
| 125000 | Aircastle Ltd., 5.950%, 2/15/2029(a) | 130086 |
| 420000 | Aircastle Ltd., 6.500%, 7/18/2028(a) | 441540 |
| 150000 | Aircastle Ltd./Aircastle Ireland DAC, <br> 5.250%, 3/15/2030(a)<br>| 153131 |
| 150000 | Aircastle Ltd./Aircastle Ireland DAC, <br> 5.750%, 10/01/2031(a)<br>| 156346 |
| 265000 | Aviation Capital Group LLC, <br> 4.800%, 10/24/2030(a)<br>| 265100 |
| 10000 | Aviation Capital Group LLC, <br> 5.125%, 4/10/2030(a)<br>| 10154 |
| 550000 | Aviation Capital Group LLC, <br> 6.750%, 10/25/2028(a)<br>| 583460 |
| 225000 | Avolon Holdings Funding Ltd., <br> 4.700%, 1/30/2031(a)<br>| 223552 |
| 165000 | Avolon Holdings Funding Ltd., <br> 5.375%, 5/30/2030(a)<br>| 169390 |
| 95000 | Macquarie Airfinance Holdings Ltd., <br> 5.150%, 3/17/2030(a)<br>| 96304 |
| 230000 | Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.625%, 3/01/2029(a)<br>| 222151 |
| 925000 | Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.875%, 3/01/2031(a)<br>| 878375 |
| 865000 | Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 4.000%, 10/15/2033(a)<br>| 803668 |
| 295000 | SMBC Aviation Capital Finance DAC, <br> 5.100%, 4/01/2030(a)<br>| 301738 |
|  |  | 6419351 |
|  | **Financial Other — 0.0%** | **Financial Other — 0.0%** |
| 68655 | Country Garden Holdings Co. Ltd., <br> Series AI, 4.000% PIK and/or 1.000% <br> Cash, 12/31/2032(e)<br>| 4426 |
| 8000 | Shimao Group Holdings Ltd., 6.000% PIK <br> and/or 5.000% Cash, 7/21/2031(a)(e)<br>| 264 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Financial Other — continued** | **Financial Other — continued** |
| $62272 | Sino-Ocean Group Holding Ltd., <br> 3.000%, 3/27/2033(a)<br>| $6227 |
| 34042 | Times China Holdings Ltd., 3.000% PIK <br> and/or 1.000% Cash, 3/30/2029(a)(e)<br>| 534 |
| 126246 | Times China Holdings Ltd., 4.200% PIK, <br> 9/30/2032(a)(e)<br>| 1793 |
|  |  | 13244 |
|  | **Food & Beverage — 0.7%** | **Food & Beverage — 0.7%** |
| 205000 | JBS USA Holding Lux SARL/JBS USA <br> Food Co./JBS Lux Co. SARL, <br> 6.750%, 3/15/2034<br>| 226484 |
| 290000 | JBS USA Holding Lux SARL/JBS USA <br> Foods Group Holdings, Inc./JBS USA Food <br> Co., 5.500%, 1/15/2036(a)<br>| 294686 |
| 245000 | JBS USA LUX SARL/JBS USA Food <br> Co./JBS USA Foods Group, <br> 5.950%, 4/20/2035(a)<br>| 257615 |
| 311000 | Pilgrim's Pride Corp., 3.500%, 3/01/2032 | 287300 |
| 199000 | Pilgrim's Pride Corp., 6.875%, 5/15/2034 | 220699 |
|  |  | 1286784 |
|  | **Gaming — 0.0%** | **Gaming — 0.0%** |
| 50000 | GLP Capital LP/GLP Financing II, Inc., <br> 6.750%, 12/01/2033<br>| 54344 |
|  | **Government Owned - No Guarantee — 0.5%** | **Government Owned - No Guarantee — 0.5%** |
| 955000 | Antares Holdings LP, 3.750%, 7/15/2027(a) | 933756 |
|  | **Health Insurance — 0.3%** | **Health Insurance — 0.3%** |
| 81000 | Centene Corp., 2.500%, 3/01/2031 | 69949 |
| 260000 | Centene Corp., 3.000%, 10/15/2030 | 232580 |
| 220000 | Centene Corp., 3.375%, 2/15/2030 | 202452 |
|  |  | 504981 |
|  | **Healthcare — 0.6%** | **Healthcare — 0.6%** |
| 125000 | HCA, Inc., 4.900%, 11/15/2035 | 123291 |
| 205000 | HCA, Inc., 5.125%, 6/15/2039 | 197970 |
| 125000 | HCA, Inc., 5.450%, 9/15/2034 | 128631 |
| 535000 | HCA, Inc., 5.600%, 4/01/2034 | 557962 |
| 175000 | HCA, Inc., 5.750%, 3/01/2035 | 183682 |
|  |  | 1191536 |
|  | **Home Construction — 1.1%** | **Home Construction — 1.1%** |
| 295000 | DR Horton, Inc., 5.000%, 10/15/2034 | 298399 |
| 170000 | DR Horton, Inc., 5.500%, 10/15/2035 | 177028 |
| 285000 | Meritage Homes Corp., <br> 3.875%, 4/15/2029(a)<br>| 279923 |
| 525000 | Meritage Homes Corp., 5.650%, 3/15/2035 | 536380 |
| 460000 | PulteGroup, Inc., 6.000%, 2/15/2035 | 494507 |
| 325000 | Sekisui House U.S., Inc., <br> 6.000%, 1/15/2043<br>| 303261 |
| 96000 | Taylor Morrison Communities, Inc., <br> 5.750%, 11/15/2032(a)<br>| 98774 |
|  |  | 2188272 |

---

See accompanying notes to financial statements.

\| 28

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Hybrid ARMs — 0.0%** | **Hybrid ARMs — 0.0%** |
| $876 | Federal National Mortgage Association, <br> 6 mo. USD RFUCCT + 1.460%, <br> 6.085%, 2/01/2037(b)<br>| $893 |
| 4477 | Federal National Mortgage Association, 1 yr. <br> USD RFUCCT + 1.836%, <br> 6.544%, 9/01/2036(b)<br>| 4640 |
|  |  | 5533 |
|  | **Independent Energy — 2.6%** | **Independent Energy — 2.6%** |
| 520000 | Aker BP ASA, 5.125%, 10/01/2034(a) | 508664 |
| 623000 | Canadian Natural Resources Ltd., <br> 5.400%, 12/15/2034<br>| 634210 |
| 100000 | Civitas Resources, Inc., <br> 8.375%, 7/01/2028(a)<br>| 103039 |
| 1350000 | Continental Resources, Inc., <br> 2.875%, 4/01/2032(a)<br>| 1178120 |
| 1244000 | Continental Resources, Inc., <br> 5.750%, 1/15/2031(a)<br>| 1275579 |
| 125000 | Energean Israel Finance Ltd., <br> 5.375%, 3/30/2028<br>| 123282 |
| 265000 | Energean Israel Finance Ltd., <br> 5.875%, 3/30/2031<br>| 256309 |
| 896000 | Viper Energy Partners LLC, <br> 5.700%, 8/01/2035<br>| 914395 |
|  |  | 4993598 |
|  | **Leisure — 1.6%** | **Leisure — 1.6%** |
| 280000 | Carnival Corp., 4.000%, 8/01/2028(a) | 275875 |
| 565000 | Carnival Corp., 5.750%, 3/15/2030(a) | 581053 |
| 325000 | Carnival Corp., 5.750%, 8/01/2032(a) | 333541 |
| 328000 | Carnival Corp., 6.125%, 2/15/2033(a) | 338690 |
| 40000 | Royal Caribbean Cruises Ltd., <br> 5.375%, 1/15/2036<br>| 40168 |
| 700000 | Royal Caribbean Cruises Ltd., <br> 5.625%, 9/30/2031(a)<br>| 715622 |
| 606000 | Royal Caribbean Cruises Ltd., <br> 6.000%, 2/01/2033(a)<br>| 622632 |
| 185000 | Royal Caribbean Cruises Ltd., <br> 6.250%, 3/15/2032(a)<br>| 191429 |
|  |  | 3099010 |
|  | **Life Insurance — 2.0%** | **Life Insurance — 2.0%** |
| 159000 | Brighthouse Financial, Inc., <br> 4.700%, 6/22/2047<br>| 116998 |
| 1488000 | National Life Insurance Co., <br> 10.500%, 9/15/2039(a)<br>| 1991004 |
| 1560000 | NLV Financial Corp., <br> 7.500%, 8/15/2033(a)<br>| 1703832 |
|  |  | 3811834 |
|  | **Lodging — 0.3%** | **Lodging — 0.3%** |
| 95000 | Choice Hotels International, Inc., <br> 5.850%, 8/01/2034<br>| 96858 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Lodging — continued** | **Lodging — continued** |
| $51000 | Hilton Domestic Operating Co., Inc., <br> 5.500%, 3/31/2034(a)<br>| $51350 |
| 475000 | Marriott International, Inc., <br> 5.500%, 4/15/2037<br>| 486250 |
|  |  | 634458 |
|  | **Media Entertainment — 1.6%** | **Media Entertainment — 1.6%** |
| 230000 | AppLovin Corp., 5.125%, 12/01/2029 | 235917 |
| 65000 | AppLovin Corp., 5.375%, 12/01/2031 | 67403 |
| 1210000 | AppLovin Corp., 5.500%, 12/01/2034 | 1243216 |
| 798000 | Beignet Investor LLC, <br> 6.581%, 5/30/2049(a)<br>| 843083 |
| 255000 | Meta Platforms, Inc., 4.875%, 11/15/2035 | 254658 |
| 345000 | Meta Platforms, Inc., 5.625%, 11/15/2055 | 331121 |
| 180000 | Warnermedia Holdings, Inc., <br> 4.279%, 3/15/2032<br>| 158008 |
|  |  | 3133406 |
|  | **Metals & Mining — 2.1%** | **Metals & Mining — 2.1%** |
| 26000 | Commercial Metals Co., <br> 5.750%, 11/15/2033(a)<br>| 26586 |
| 36000 | Commercial Metals Co., <br> 6.000%, 12/15/2035(a)<br>| 36905 |
| 1035000 | Glencore Funding LLC, <br> 2.500%, 9/01/2030(a)<br>| 947853 |
| 239000 | Glencore Funding LLC, <br> 2.850%, 4/27/2031(a)<br>| 220459 |
| 270000 | Glencore Funding LLC, <br> 5.673%, 4/01/2035(a)<br>| 281898 |
| 250000 | Glencore Funding LLC, <br> 5.700%, 5/08/2033(a)<br>| 263245 |
| 223000 | Glencore Funding LLC, <br> 6.375%, 10/06/2030(a)<br>| 239990 |
| 1340000 | Glencore Funding LLC, <br> 6.500%, 10/06/2033(a)<br>| 1479950 |
| 210000 | Steel Dynamics, Inc., 5.250%, 5/15/2035 | 214761 |
| 330000 | Steel Dynamics, Inc., 5.375%, 8/15/2034 | 341874 |
|  |  | 4053521 |
|  | **Midstream — 2.8%** | **Midstream — 2.8%** |
| 205000 | Cheniere Energy Partners LP, <br> 3.250%, 1/31/2032<br>| 188812 |
| 285000 | Cheniere Energy Partners LP, <br> 4.000%, 3/01/2031<br>| 277521 |
| 85000 | Cheniere Energy Partners LP, <br> 5.950%, 6/30/2033<br>| 90132 |
| 240000 | DCP Midstream Operating LP, <br> 3.250%, 2/15/2032<br>| 220649 |
| 125000 | DCP Midstream Operating LP, <br> 6.450%, 11/03/2036(a)<br>| 132571 |
| 588000 | Energy Transfer LP, 5.000%, 5/15/2044 | 511995 |
| 420000 | Energy Transfer LP, 5.600%, 9/01/2034 | 432229 |
| 465000 | Energy Transfer LP, 5.700%, 4/01/2035 | 481334 |
| 43000 | ONEOK Partners LP, 6.200%, 9/15/2043 | 43606 |
| 5000 | Plains All American Pipeline LP/PAA <br> Finance Corp., 4.300%, 1/31/2043<br>| 4081 |
| 95000 | Targa Resources Corp., 5.500%, 2/15/2035 | 97313 |

---

See accompanying notes to financial statements.

29 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Midstream — continued** | **Midstream — continued** |
| $785000 | Targa Resources Corp., 5.550%, 8/15/2035 | $803456 |
| 225000 | Venture Global Calcasieu Pass LLC, <br> 3.875%, 11/01/2033(a)<br>| 192918 |
| 54000 | Venture Global Calcasieu Pass LLC, <br> 4.125%, 8/15/2031(a)<br>| 49138 |
| 108000 | Venture Global Plaquemines LNG LLC, <br> 6.125%, 12/15/2030(a)<br>| 109981 |
| 190000 | Venture Global Plaquemines LNG LLC, <br> 6.500%, 1/15/2034(a)<br>| 194606 |
| 7000 | Venture Global Plaquemines LNG LLC, <br> 6.500%, 6/15/2034(a)<br>| 7152 |
| 225000 | Venture Global Plaquemines LNG LLC, <br> 7.500%, 5/01/2033(a)<br>| 243113 |
| 180000 | Venture Global Plaquemines LNG LLC, <br> 7.750%, 5/01/2035(a)<br>| 197092 |
| 120000 | Western Midstream Operating LP, <br> 5.250%, 2/01/2050<br>| 102726 |
| 195000 | Western Midstream Operating LP, <br> 5.300%, 3/01/2048<br>| 168136 |
| 35000 | Western Midstream Operating LP, <br> 5.450%, 4/01/2044<br>| 31887 |
| 102000 | Western Midstream Operating LP, <br> 5.500%, 12/15/2035<br>| 101457 |
| 25000 | Western Midstream Operating LP, <br> 5.500%, 8/15/2048<br>| 21993 |
| 340000 | Western Midstream Operating LP, <br> 6.150%, 4/01/2033<br>| 360014 |
| 110000 | Whistler Pipeline LLC, <br> 5.700%, 9/30/2031(a)<br>| 114158 |
| 120000 | Whistler Pipeline LLC, <br> 5.950%, 9/30/2034(a)<br>| 124089 |
|  |  | 5302159 |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — 2.6%** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — 2.6%** |
| 110000 | BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class A, 1 mo. USD <br> SOFR + 1.500%, <br> 5.250%, 11/15/2042(a)(b)<br>| 110309 |
| 100000 | BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class B, 1 mo. USD <br> SOFR + 1.800%, <br> 5.550%, 11/15/2042(a)(b)<br>| 100311 |
| 95000 | BPR Trust, Series 2021-NRD, Class B, <br> 1 mo. USD SOFR + 2.124%, <br> 5.875%, 12/15/2038(a)(b)<br>| 94370 |
| 105000 | BPR Trust, Series 2021-NRD, Class C, <br> 1 mo. USD SOFR + 2.424%, <br> 6.175%, 12/15/2038(a)(b)<br>| 104128 |
| 65000 | BPR Trust, Series 2021-NRD, Class D, <br> 1 mo. USD SOFR + 3.723%, <br> 7.474%, 12/15/2038(a)(b)<br>| 64392 |
| 170000 | BX Commercial Mortgage Trust, <br> Series 2024-VLT5, Class A, <br> 5.410%, 11/13/2046(a)(b)<br>| 172128 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $200000 | BX Trust, Series 2024-VLT4, Class A, 1 mo. <br> USD SOFR + 1.491%, <br> 5.242%, 6/15/2041(a)(b)<br>| $199937 |
| 100000 | BX Trust, Series 2025-DELC, Class A, <br> 1 mo. USD SOFR + 1.550%, <br> 5.507%, 12/15/2042(a)(b)<br>| 100125 |
| 720000 | BX Trust, Series 2025-VLT7, Class A, 1 mo. <br> USD SOFR + 1.700%, <br> 5.450%, 7/15/2044(a)(b)<br>| 721116 |
| 110000 | BX Trust, Series 2025-VLT7, Class B, 1 mo. <br> USD SOFR + 2.000%, <br> 5.750%, 7/15/2044(a)(b)<br>| 110171 |
| 800000 | CHI Commercial Mortgage Trust, <br> Series 2025-SFT, Class A, <br> 5.482%, 4/15/2042(a)(b)<br>| 819895 |
| 100000 | Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class B, <br> 4.185%, 9/15/2037(a)<br>| 87533 |
| 205000 | DC Commercial Mortgage Trust, <br> Series 2023-DC, Class B, <br> 6.804%, 9/12/2040(a)<br>| 211250 |
| 100000 | Extended Stay America Trust, <br> Series 2025-ESH, Class A, 1 mo. USD <br> SOFR + 1.300%, <br> 5.050%, 10/15/2042(a)(b)<br>| 100156 |
| 99677 | GS Mortgage Securities Corp. Trust, <br> Series 2012-BWTR, Class A, <br> 2.954%, 11/05/2034(a)<br>| 87522 |
| 115000 | GS Mortgage Securities Corp. Trust, <br> Series 2013-PEMB, Class A, <br> 3.550%, 3/05/2033(a)(b)<br>| 82225 |
| 125000 | GS Mortgage Securities Corp. Trust, <br> Series 2013-PEMB, Class B, <br> 3.550%, 3/05/2033(a)(b)(f)<br>| 39375 |
| 140446 | JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2012-LC9, Class C, <br> 3.571%, 12/15/2047(a)(b)<br>| 136369 |
| 200000 | JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, Class A, <br> 1 mo. USD SOFR + 1.600%, <br> 5.350%, 1/15/2042(a)(b)<br>| 199937 |
| 100000 | JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, Class B, <br> 1 mo. USD SOFR + 2.000%, <br> 5.750%, 1/15/2042(a)(b)<br>| 99627 |
| 47768 | JPMBB Commercial Mortgage Securities <br> Trust, Series 2015-C32, Class A5, <br> 3.598%, 11/15/2048<br>| 46813 |
| 100000 | LEX Mortgage Trust, Series 2024-BBG, <br> Class A, 4.874%, 10/13/2033(a)(b)<br>| 100590 |
| 10671 | Morgan Stanley Bank of America Merrill <br> Lynch Trust, Series 2013-C12, Class C, <br> 4.699%, 10/15/2046(b)<br>| 10137 |

---

See accompanying notes to financial statements.

\| 30

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $495000 | Morgan Stanley Bank of America Merrill <br> Lynch Trust, Series 2016-C30, Class C, <br> 3.969%, 9/15/2049(b)<br>| $451650 |
| 80762 | MSBAM Commercial Mortgage Securities <br> Trust, Series 2012-CKSV, Class A2, <br> 3.277%, 10/15/2030(a)<br>| 77530 |
| 100000 | New Economy Assets - Phase <br> 1 Sponsor LLC, Series 2021-1, Class A1, <br> 1.910%, 10/20/2061(a)<br>| 83479 |
| 105000 | SCOTT Trust, Series 2023-SFS, Class A, <br> 5.910%, 3/10/2040(a)<br>| 107746 |
| 125000 | TCO Commercial Mortgage Trust, <br> Series 2024-DPM, Class A, 1 mo. USD <br> SOFR + 1.243%, <br> 4.993%, 12/15/2039(a)(b)<br>| 125271 |
| 23890 | WFRBS Commercial Mortgage Trust, <br> Series 2011-C3, Class D, <br> 5.855%, 3/15/2044(a)(b)<br>| 8601 |
| 130857 | WFRBS Commercial Mortgage Trust, <br> Series 2013-C15, Class B, <br> 4.145%, 8/15/2046(b)<br>| 126078 |
| 112100 | WFRBS Commercial Mortgage Trust, <br> Series 2014-C20, Class B, <br> 4.378%, 5/15/2047<br>| 97059 |
|  |  | 4875830 |
|  | **Oil Field Services — 0.4%** | **Oil Field Services — 0.4%** |
| 723000 | Helmerich & Payne, Inc., <br> 5.500%, 12/01/2034<br>| 711818 |
|  | **Other REITs — 0.5%** | **Other REITs — 0.5%** |
| 125000 | Extra Space Storage LP, 2.350%, 3/15/2032 | 109420 |
| 260000 | Extra Space Storage LP, 5.900%, 1/15/2031 | 275670 |
| 610000 | Host Hotels & Resorts LP, <br> 5.500%, 4/15/2035<br>| 617454 |
|  |  | 1002544 |
|  | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
| 75000 | Bausch Health Cos., Inc., <br> 4.875%, 6/01/2028(a)<br>| 67125 |
| 210000 | Teva Pharmaceutical Finance Co. LLC, <br> 6.150%, 2/01/2036<br>| 220479 |
| 1165000 | Teva Pharmaceutical Finance Netherlands <br> III BV, 4.100%, 10/01/2046<br>| 880978 |
|  |  | 1168582 |
|  | **Property & Casualty Insurance — 0.7%** | **Property & Casualty Insurance — 0.7%** |
| 130000 | Arthur J Gallagher & Co., <br> 5.150%, 2/15/2035<br>| 131360 |
| 110000 | Arthur J Gallagher & Co., <br> 5.450%, 7/15/2034<br>| 114023 |
| 85000 | Brown & Brown, Inc., 5.550%, 6/23/2035 | 87155 |
| 456000 | Marsh & McLennan Cos., Inc., <br> 5.000%, 3/15/2035<br>| 461914 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Property & Casualty Insurance — continued** | **Property & Casualty Insurance — continued** |
| $555000 | Stewart Information Services Corp., <br> 3.600%, 11/15/2031<br>| $490683 |
| 76000 | Willis North America, Inc., <br> 5.150%, 3/15/2036<br>| 76006 |
|  |  | 1361141 |
|  | **Restaurants — 0.2%** | **Restaurants — 0.2%** |
| 322000 | 1011778 BC ULC/New Red Finance, Inc., <br> 4.000%, 10/15/2030(a)<br>| 306674 |
|  | **Sovereigns — 2.6%** | **Sovereigns — 2.6%** |
| 200000 | Chile Government International Bonds, <br> 3.100%, 1/22/2061<br>| 123700 |
| 600000 | Chile Government International Bonds, <br> 3.250%, 9/21/2071<br>| 370470 |
| 200000 | Egypt Government International Bonds, <br> 5.800%, 9/30/2027<br>| 202088 |
| 200000 | Kuwait International Government Bonds, <br> 4.136%, 10/09/2030(a)<br>| 199916 |
| 405000 | Kuwait International Government Bonds, <br> 4.652%, 10/09/2035(a)<br>| 404441 |
| 225000 | Kyrgyz Republic International Bonds, <br> 7.750%, 6/03/2030(a)<br>| 231637 |
| 200000 | Pakistan Government International Bonds, <br> 6.000%, 4/08/2026<br>| 199492 |
| 200000 | Pakistan Government International Bonds, <br> 6.875%, 12/05/2027<br>| 201409 |
| 205000 | Republic of Poland Government <br> International Bonds, 5.375%, 2/12/2035<br>| 212513 |
| 472000 | Republic of Poland Government <br> International Bonds, 5.500%, 3/18/2054<br>| 451389 |
| 200000 | Republic of Uzbekistan International Bonds, <br> 3.700%, 11/25/2030<br>| 185610 |
| 200000 | Republic of Uzbekistan International Bonds, <br> 3.900%, 10/19/2031<br>| 184886 |
| 120000 | Republic of Uzbekistan International Bonds, <br> 5.100%, 2/25/2029, (EUR)<br>| 145734 |
| 195000 | Republic of Uzbekistan International Bonds, <br> 5.375%, 5/29/2027, (EUR)(a)<br>| 234017 |
| 420000 | Republic of Uzbekistan International Bonds, <br> 6.900%, 2/28/2032(a)<br>| 450878 |
| 390000 | Romania Government International Bonds, <br> 6.375%, 1/30/2034<br>| 405612 |
| 340000 | Romania Government International Bonds, <br> 6.625%, 5/16/2036<br>| 354382 |
| 60000 | Romania Government International Bonds, <br> 7.125%, 1/17/2033<br>| 65131 |
| 325000 | Turkiye Government International Bonds, <br> 6.950%, 9/16/2035<br>| 334337 |
|  |  | 4957642 |
|  | **Technology — 5.6%** | **Technology — 5.6%** |
| 700000 | Atlassian Corp., 5.500%, 5/15/2034 | 724373 |
| 145000 | Broadcom, Inc., 2.600%, 2/15/2033 | 127689 |
| 465000 | Broadcom, Inc., 3.137%, 11/15/2035(a) | 400451 |
| 240000 | Broadcom, Inc., 3.187%, 11/15/2036(a) | 203542 |
| 260000 | Broadcom, Inc., 3.419%, 4/15/2033 | 240673 |

---

See accompanying notes to financial statements.

31 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $400000 | Broadcom, Inc., 3.469%, 4/15/2034 | $364737 |
| 130000 | Broadcom, Inc., 4.150%, 4/15/2032(a) | 127120 |
| 85000 | Broadcom, Inc., 4.300%, 11/15/2032 | 83846 |
| 505000 | CDW LLC/CDW Finance Corp., <br> 3.569%, 12/01/2031<br>| 470403 |
| 705000 | CDW LLC/CDW Finance Corp., <br> 5.550%, 8/22/2034<br>| 718335 |
| 390000 | Dell International LLC/EMC Corp., <br> 5.100%, 2/15/2036<br>| 385150 |
| 490000 | Entegris, Inc., 4.750%, 4/15/2029(a) | 491069 |
| 95000 | Fair Isaac Corp., 6.000%, 5/15/2033(a) | 97579 |
| 55000 | Leidos, Inc., 4.375%, 5/15/2030 | 54932 |
| 325000 | Leidos, Inc., 5.500%, 3/15/2035 | 337755 |
| 795000 | Leidos, Inc., 5.750%, 3/15/2033 | 842364 |
| 377000 | Micron Technology, Inc., <br> 5.875%, 9/15/2033<br>| 400373 |
| 102000 | Motorola Solutions, Inc., <br> 5.400%, 4/15/2034<br>| 105329 |
| 785000 | Motorola Solutions, Inc., <br> 5.550%, 8/15/2035<br>| 815773 |
| 420000 | MSCI, Inc., 5.250%, 9/01/2035 | 422771 |
| 225000 | NetApp, Inc., 5.500%, 3/17/2032 | 234046 |
| 200000 | NetApp, Inc., 5.700%, 3/17/2035 | 209309 |
| 614000 | Oracle Corp., 3.950%, 3/25/2051 | 403987 |
| 595000 | Oracle Corp., 5.200%, 9/26/2035 | 570058 |
| 295000 | Oracle Corp., 5.950%, 9/26/2055 | 261374 |
| 28000 | Oracle Corp., 6.000%, 8/03/2055 | 24690 |
| 109000 | Sensata Technologies, Inc., <br> 3.750%, 2/15/2031(a)<br>| 102294 |
| 340000 | Synopsys, Inc., 5.700%, 4/01/2055 | 337276 |
| 340000 | TD SYNNEX Corp., 5.300%, 10/10/2035 | 336676 |
| 290000 | TD SYNNEX Corp., 6.100%, 4/12/2034 | 306432 |
| 450000 | Trimble, Inc., 6.100%, 3/15/2033 | 484535 |
|  |  | 10684941 |
|  | **Treasuries — 18.3%** | **Treasuries — 18.3%** |
| 1,963(g)<br>| Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2031, (BRL)<br>| 315579 |
| 87240000 | Hungary Government Bonds, <br> 2.750%, 12/22/2026, (HUF)<br>| 258746 |
| 72740000 | Hungary Government Bonds, <br> 9.500%, 10/21/2026, (HUF)<br>| 227869 |
| 125,188(h)<br>| Mexico Bonos, 8.500%, 11/18/2038, <br> (MXN)<br>| 651520 |
| 19368000 | Republic of South Africa Government <br> Bonds, 9.000%, 1/31/2040, (ZAR)<br>| 1171269 |
| 30220000 | Turkiye Government Bonds, <br> 36.000%, 8/12/2026, (TRY)<br>| 709269 |
| 3194000 | Turkiye Government Bonds, <br> 37.000%, 2/18/2026, (TRY)<br>| 74448 |
| 3025000 | U.S. Treasury Bonds, 3.250%, 5/15/2042(i) | 2522803 |
| 1454000 | U.S. Treasury Bonds, 4.625%, 11/15/2045 | 1420831 |
| 11095000 | U.S. Treasury Bonds, 4.750%, 2/15/2045 | 11038658 |
| 6080000 | U.S. Treasury Bonds, 5.000%, 5/15/2045 | 6241500 |
| 1020000 | U.S. Treasury Notes, 3.500%, 10/31/2027 | 1020239 |
| 8951000 | U.S. Treasury Notes, 3.500%, 11/30/2030 | 8860791 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Treasuries — continued** | **Treasuries — continued** |
| 5334000 | Uruguay Government International Bonds, <br> 8.000%, 10/29/2035, (UYU)<br>| $140504 |
| 3681000 | Uruguay Government International Bonds, <br> 8.500%, 3/15/2028, (UYU)<br>| 96061 |
| 9175000 | Uruguay Government International Bonds, <br> 9.750%, 7/20/2033, (UYU)<br>| 263734 |
|  |  | 35013821 |
|  | **Wireless — 1.0%** | **Wireless — 1.0%** |
| 225000 | American Tower Corp., 5.450%, 2/15/2034 | 233707 |
| 555000 | American Tower Corp., <br> 5.900%, 11/15/2033<br>| 592789 |
| 406000 | Sprint Capital Corp., 8.750%, 3/15/2032 | 490999 |
| 375000 | T-Mobile USA, Inc., 4.700%, 1/15/2035 | 368432 |
| 225000 | T-Mobile USA, Inc., 5.750%, 1/15/2034 | 238369 |
|  |  | 1924296 |
|  | **Wirelines — 0.3%** | **Wirelines — 0.3%** |
| 565000 | AT&T, Inc., 5.375%, 8/15/2035 | 578983 |
|  | **Total Non-Convertible Bonds**<br>(Identified Cost $162,848,965)<br>| 163925581 |
| **Convertible Bonds — 0.2%** | **Convertible Bonds — 0.2%** | **Convertible Bonds — 0.2%** |
|  | **Cable Satellite — 0.2%** | **Cable Satellite — 0.2%** |
| 94849 | EchoStar Corp., 3.875% PIK and/or <br> 3.875% Cash, 11/30/2030(e)<br>| 316796 |
|  | **Financial Other — 0.0%** | **Financial Other — 0.0%** |
| 200317 | CIFI Holdings Group Co. Ltd., Series IAI, <br> Zero Coupon, 6/30/2029<br>| 14833 |
| 139392 | Country Garden Holdings Co. Ltd., <br> Series AI, Zero Coupon, 12/31/2031<br>| 16843 |
| 824876 | Shimao Group Holdings Ltd., Zero <br> Coupon, 7/21/2026(a)<br>| 46086 |
| 153904 | Sino-Ocean Group Holding Ltd., Zero <br> Coupon, 3/27/2027(a)<br>| 1154 |
| 154300 | Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| 1244 |
| 30147 | Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| 259 |
|  |  | 80419 |
|  | **Total Convertible Bonds**<br>(Identified Cost $798,154)<br>| 397215 |
| **Municipals — 0.3%** | **Municipals — 0.3%** | **Municipals — 0.3%** |
|  | **Virginia — 0.3%** | **Virginia — 0.3%** |
| 780000 | Tobacco Settlement Financing Corp., <br> 6.706%, 6/01/2046 <br>(Identified Cost $772,422)<br>| 590398 |
|  | **Total Bonds and Notes**<br>(Identified Cost $164,419,541)<br>| 164913194 |

---

See accompanying notes to financial statements.

\| 32

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| **Collateralized Loan Obligations — 6.4%** | **Collateralized Loan Obligations — 6.4%** | **Collateralized Loan Obligations — 6.4%** |
| $250000 | AIMCO CLO 21 Ltd., Series 2024-21A, <br> Class B, 3 mo. USD SOFR + 1.920%, <br> 5.804%, 4/18/2037(a)(b)<br>| $250547 |
| 600000 | Alinea CLO Ltd., Series 2018-1A, Class BR, <br> 3 mo. USD SOFR + 1.150%, <br> 5.034%, 7/20/2031(a)(b)<br>| 600085 |
| 250000 | Anchorage Capital CLO 6 Ltd., <br> Series 2015-6A, Class AR4, 3 mo. USD <br> SOFR + 1.370%, 5.640%, 7/22/2038(a)(b)<br>| 250519 |
| 265000 | Bain Capital Credit CLO Ltd., <br> Series 2022-4A, Class A1R, 3 mo. USD <br> SOFR + 1.380%, <br> 5.274%, 10/16/2037(a)(b)<br>| 265637 |
| 250000 | Battalion CLO VIII Ltd., Series 2015-8A, <br> Class A2R3, 3 mo. USD SOFR + 1.000%, <br> 4.884%, 7/18/2030(a)(b)<br>| 249925 |
| 250000 | Birch Grove CLO 13 Ltd., Series 2025-13A, <br> Class A1, 3 mo. USD SOFR + 1.310%, <br> 5.467%, 10/23/2038(a)(b)<br>| 250573 |
| 250000 | Birch Grove CLO 7 Ltd., Series 2023-7A, <br> Class A1R, 3 mo. USD SOFR + 1.260%, <br> 5.144%, 10/20/2038(a)(b)<br>| 250141 |
| 465000 | Birch Grove CLO 9 Ltd., Series 2024-9A, <br> Class A1, 3 mo. USD SOFR + 1.400%, <br> 5.257%, 10/22/2037(a)(b)<br>| 465825 |
| 795000 | CIFC Funding Ltd., Series 2018-1A, <br> Class A1R, 3 mo. USD SOFR + 1.320%, <br> 5.204%, 1/18/2038(a)(b)<br>| 797394 |
| 250000 | CIFC Funding Ltd., Series 2019-4A, <br> Class A1R2, 3 mo. USD SOFR + 1.300%, <br> 5.205%, 7/15/2038(a)(b)<br>| 250800 |
| 250000 | CIFC Funding Ltd., Series 2019-7A, <br> Class A1R, 3 mo. USD SOFR + 1.280%, <br> 5.371%, 10/19/2038(a)(b)<br>| 250700 |
| 250000 | CIFC Funding Ltd., Series 2021-6A, <br> Class B, 3 mo. USD SOFR + 1.912%, <br> 5.816%, 10/15/2034(a)(b)<br>| 250361 |
| 255000 | Crown City CLO I, Series 2020-1A, <br> Class A1RR, 3 mo. USD SOFR + 1.370%, <br> 5.533%, 7/20/2038(a)(b)<br>| 255437 |
| 455000 | Dryden 53 CLO Ltd., Series 2017-53A, <br> Class BR, 3 mo. USD SOFR + 1.300%, <br> 5.205%, 1/15/2031(a)(b)<br>| 455094 |
| 275000 | Elmwood CLO VIII Ltd., Series 2021-1A, <br> Class DR, 3 mo. USD SOFR + 3.800%, <br> 7.684%, 4/20/2037(a)(b)<br>| 276093 |
| 330000 | Garnet CLO 2 Ltd., Series 2025-2A, <br> Class A, 3 mo. USD SOFR + 1.350%, <br> 5.431%, 10/20/2038(a)(b)<br>| 330656 |
| 300000 | Garnet CLO 3 Ltd., Series 2025-3A, <br> Class A1, 3 mo. USD SOFR + 1.270%, <br> 5.190%, 10/20/2038(a)(b)<br>| 299775 |
| 250000 | Golub Capital CLO 82 B Ltd., <br> Series 2025-82A, Class A1, 3 mo. USD <br> SOFR + 1.260%, <br> 5.226%, 10/15/2038(a)(b)<br>| 250572 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $255000 | Invesco CLO Ltd., Series 2021-1A, Class D, <br> 3 mo. USD SOFR + 3.312%, <br> 7.216%, 4/15/2034(a)(b)<br>| $251188 |
| 550000 | Invesco U.S. CLO Ltd., Series 2024-4A, <br> Class A1, 3 mo. USD SOFR + 1.330%, <br> 5.235%, 1/15/2038(a)(b)<br>| 551305 |
| 335000 | Magnetite XLVIII Ltd., Series 2025-48A, <br> Class A1, 3 mo. USD SOFR + 1.280%, <br> 5.572%, 10/15/2038(a)(b)<br>| 335923 |
| 305000 | MidOcean Credit CLO XXI, <br> Series 2025-21A, Class A1, 3 mo. USD <br> SOFR + 1.260%, <br> 5.122%, 10/20/2038(a)(b)<br>| 305529 |
| 250000 | Northwoods Capital 20 Ltd., <br> Series 2019-20A, Class AR2, 3 mo. USD <br> SOFR + 1.340%, <br> 5.198%, 10/25/2038(a)(b)<br>| 250653 |
| 250000 | OCP CLO Ltd., Series 2020-18A, <br> Class A1R2, 3 mo. USD SOFR + 1.370%, <br> 5.254%, 7/20/2037(a)(b)<br>| 250569 |
| 500000 | OCP CLO Ltd., Series 2024-38A, Class A, <br> 3 mo. USD SOFR + 1.330%, <br> 5.200%, 1/21/2038(a)(b)<br>| 501497 |
| 300000 | Octagon Investment Partners 18-R Ltd., <br> Series 2018-18A, Class A2, 3 mo. USD <br> SOFR + 1.732%, 5.625%, 4/16/2031(a)(b)<br>| 300130 |
| 375000 | OHA Credit Funding 10-R Ltd., <br> Series 2021-10RA, Class A1, 3 mo. USD <br> SOFR + 1.260%, 5.539%, 7/18/2037(a)(b)<br>| 375546 |
| 250000 | OHA Loan Funding Ltd., Series 2015-1A, <br> Class A1R4, 3 mo. USD SOFR + 1.250%, <br> 5.134%, 10/19/2038(a)(b)<br>| 250479 |
| 690000 | Palmer Square BDC CLO 1 Ltd., Series 1A, <br> Class A, 3 mo. USD SOFR + 1.600%, <br> 5.505%, 7/15/2037(a)(b)<br>| 691652 |
| 370000 | Rad CLO 26 Ltd., Series 2024-26A, <br> Class A, 3 mo. USD SOFR + 1.370%, <br> 5.254%, 10/20/2037(a)(b)<br>| 370603 |
| 285000 | Regatta 35 Funding Ltd., Series 2025-5A, <br> Class A1, 3 mo. USD SOFR + 1.290%, <br> 5.575%, 10/15/2038(a)(b)<br>| 285821 |
| 325000 | Silver Point CLO 12 Ltd., Series 2025-12A, <br> Class A1, 3 mo. USD SOFR + 1.310%, <br> 5.289%, 10/15/2038(a)(b)<br>| 325680 |
| 250000 | Sixth Street CLO XV Ltd., Series 2020-15A, <br> Class BR, 3 mo. USD SOFR + 1.750%, <br> 5.615%, 10/24/2037(a)(b)<br>| 250998 |
| 285000 | Sixth Street CLO XVIII Ltd., <br> Series 2021-18A, Class D1R, 3 mo. USD <br> SOFR + 2.700%, <br> 6.582%, 10/17/2038(a)(b)<br>| 286085 |

---

See accompanying notes to financial statements.

33 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $250000 | Symetra CLO Ltd., Series 2025-1A, Class B, <br> 3 mo. USD SOFR + 1.700%, <br> 5.584%, 4/20/2038(a)(b)<br>| $250405 |
| 335000 | TPG CLO Ltd., Series 2025-1A, Class A1, <br> 3 mo. USD SOFR + 1.370%, <br> 5.518%, 7/15/2037(a)(b)<br>| 335458 |
|  | **Total Collateralized Loan Obligations**<br>(Identified Cost $12,155,677)<br>| 12169655 |
| **Senior Loans — 4.8%** | **Senior Loans — 4.8%** | **Senior Loans — 4.8%** |
|  | **Automotive — 0.2%** | **Automotive — 0.2%** |
| 295000 | Allison Transmission, Inc., 2025 <br> Incremental Term Loan B, 11/05/2032(j)<br>| 296230 |
| 55000 | First Brands Group LLC, 2021 Term Loan, <br> 9.570%, 3/30/2027(k)<br>| 112 |
| 67341 | First Brands Group LLC, 2022 Incremental <br> Term Loan, 3/30/2027(k)<br>| 137 |
| 23056 | First Brands Group LLC, 2025 DIP Term <br> Loan, 8.450% PIK and/or 1 mo. USD <br> SOFR + 1.550% Cash, 6/29/2026(b)(e)(l)<br>| 4150 |
|  |  | 300629 |
|  | **Brokerage — 0.0%** | **Brokerage — 0.0%** |
| 101105 | Citadel Securities LP, 2024 First Lien Term <br> Loan, 3 mo. USD SOFR + 2.000%, <br> 5.672%, 10/31/2031(b)(l)<br>| 101598 |
|  | **Construction Machinery — 0.1%** | **Construction Machinery — 0.1%** |
| 85000 | Herc Holdings, Inc., Repriced Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.522%, 6/02/2032(b)(l)<br>| 85301 |
| 74865 | Terex Corp., 2025 Term Loan, 1 mo. USD <br> SOFR + 1.750%, <br> 5.466%, 10/08/2031(b)(l)<br>| 75165 |
| 79595 | United Rentals, Inc., 2025 Repriced Term <br> Loan B, 1 mo. USD SOFR + 1.500%, <br> 5.216%, 2/14/2031(b)(l)<br>| 79893 |
|  |  | 240359 |
|  | **Consumer Cyclical Services — 0.3%** | **Consumer Cyclical Services — 0.3%** |
| 55000 | Aramark Services, Inc., 2025 Repriced Term <br> Loan, 1 mo. USD SOFR + 1.750%, <br> 5.471%, 4/06/2028(b)(l)<br>| 55041 |
| 473642 | Aramark Services, Inc., 2025 Term Loan, <br> 1 mo. USD SOFR + 1.750%, <br> 5.471%, 6/22/2030(b)(l)<br>| 474637 |
|  |  | 529678 |
|  | **Diversified Manufacturing — 0.3%** | **Diversified Manufacturing — 0.3%** |
| 106621 | Resideo Funding, Inc., 2024 1st Lien Term <br> Loan B, 1 mo. USD SOFR + 2.000%, <br> 5.734%, 2/11/2028(b)(l)<br>| 106821 |
| 463107 | Resideo Funding, Inc., 2024 M&A 1st lien <br> Term Loan B, 6 mo. USD SOFR + 2.000%, <br> 5.839%, 6/13/2031(b)(l)<br>| 462964 |
|  |  | 569785 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Electric — 0.5%** | **Electric — 0.5%** |
| $1023885 | NRG Energy, Inc., 2024 Term Loan, 3 mo. <br> USD SOFR + 1.750%, <br> 5.593%, 4/16/2031(b)(l)<br>| $1026271 |
|  | **Environmental — 0.2%** | **Environmental — 0.2%** |
| 330000 | Clean Harbors, Inc., 2025 Term Loan, <br> 1 mo. USD SOFR + 1.500%, <br> 5.216%, 10/08/2032(b)(l)<br>| 332749 |
|  | **Gaming — 0.6%** | **Gaming — 0.6%** |
| 292788 | DK Crown Holdings, Inc., 2025 Term Loan <br> B, 1 mo. USD SOFR + 1.750%, <br> 5.534%, 3/04/2032(b)(l)<br>| 292735 |
| 739596 | Flutter Financing BV, 2024 Term Loan B, <br> 3 mo. USD SOFR + 1.750%, <br> 5.422%, 11/30/2030(b)(l)<br>| 738361 |
| 109450 | Flutter Financing BV, 2025 Term Loan B, <br> 3 mo. USD SOFR + 2.000%, <br> 5.672%, 6/04/2032(b)(l)<br>| 109450 |
|  |  | 1140546 |
|  | **Healthcare — 0.4%** | **Healthcare — 0.4%** |
| 504003 | DaVita, Inc., 2025 Term Loan B, 1 mo. <br> USD SOFR + 1.750%, <br> 5.466%, 5/09/2031(b)(l)<br>| 505756 |
| 252512 | IQVIA, Inc., 2025 Incremental Term Loan <br> B5, 3 mo. USD SOFR + 1.750%, <br> 5.422%, 1/02/2031(b)(l)<br>| 253934 |
|  |  | 759690 |
|  | **Lodging — 0.7%** | **Lodging — 0.7%** |
| 340169 | Hilton Domestic Operating Co., Inc., 2023 <br> Term Loan B4, 1 mo. USD SOFR + <br> 1.750%, 5.477%, 11/08/2030(b)<br>| 342087 |
| 925900 | Wyndham Hotels & Resorts, Inc., 2024 <br> Term Loan, 1 mo. USD SOFR + 1.750%, <br> 5.466%, 5/24/2030(b)(l)<br>| 927511 |
|  |  | 1269598 |
|  | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| 421812 | Novelis Corp., 2025 Term Loan B, 3 mo. <br> USD SOFR + 1.750%, <br> 5.422%, 3/11/2032(b)(l)<br>| 423217 |
|  | **Paper — 0.3%** | **Paper — 0.3%** |
| 496920 | Asplundh Tree Expert LLC, 2024 <br> Incremental Term Loan B, 1 mo. USD <br> SOFR + 1.750%, 5.466%, 5/23/2031(b)<br>| 498694 |
|  | **Property & Casualty Insurance — 0.1%** | **Property & Casualty Insurance — 0.1%** |
| 114713 | Ardonagh Midco 3 PLC, 2024 USD Term <br> Loan B, 2/15/2031(j)<br>| 114354 |
| 89774 | Ardonagh Midco 3 PLC, 2024 USD Term <br> Loan B, USD SOFR + 2.750%, <br> 6.924%, 2/15/2031(b)(l)<br>| 89495 |
|  |  | 203849 |

---

See accompanying notes to financial statements.

\| 34

------

**Portfolio of Investments – as of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Technology — 0.8%** | **Technology — 0.8%** |
| $102447 | Ciena Corp., 2025 Repriced Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.484%, 10/24/2030(b)(l)<br>| $102640 |
| 500126 | Open Text Corp., 2023 Term Loan B, 1 mo. <br> USD SOFR + 1.750%, <br> 5.466%, 1/31/2030(b)(l)<br>| 500191 |
| 928968 | Trans Union LLC, 2024 Term Loan B8, <br> 1 mo. USD SOFR + 1.750%, <br> 5.466%, 6/24/2031(b)(l)<br>| 930482 |
|  |  | 1533313 |
|  | **Wireless — 0.1%** | **Wireless — 0.1%** |
| 201918 | SBA Senior Finance II LLC, 2024 Term <br> Loan B, 1 mo. USD SOFR + 1.750%, <br> 5.470%, 1/25/2031(b)(l)<br>| 202654 |
|  | **Total Senior Loans**<br>(Identified Cost $9,183,832)<br>| 9132630 |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** |
| **Convertible Preferred Stock — 0.1%** | **Convertible Preferred Stock — 0.1%** | **Convertible Preferred Stock — 0.1%** |
|  | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| 2858 | Boeing Co., 6.000% <br>(Identified Cost $147,908)<br>| 197373 |
| **Common Stocks— 0.0%** | **Common Stocks— 0.0%** | **Common Stocks— 0.0%** |
|  | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| 600 | Country Garden Holdings Co. Ltd.(f) | 32 |
| 87226 | Times China Holdings Ltd.(f) | 1149 |
|  | **Total Common Stocks**<br>(Identified Cost $252,801)<br>| 1181 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| $3558463 | Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, <br> dated 12/31/2025 at 2.150% to be <br> repurchased at $3,558,888 on 1/02/2026 <br> collateralized by $3,614,600 U.S. Treasury <br> Note, 3.750% due 6/30/2027 valued at <br> $3,629,784 including accrued interest <br> (Note 2 of Notes to Financial Statements) <br>(Identified Cost $3,558,463)<br>| $3558463 |
|  | **Total Investments — 99.4%**<br>(Identified Cost $189,718,222)<br>| 189972496 |
|  | Other assets less liabilities — 0.6% | 1229995 |
|  | **Net Assets — 100.0%** | $191202491 |

---

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

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

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

---

| | |
|:---|:---|
| (‡) | Principal Amount stated in U.S. dollars unless otherwise noted. |
| (a) | &nbsp;&nbsp; All or a portion of these securities are exempt from registration <br> under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. At December 31, 2025, the value <br> of Rule 144A holdings amounted to $83,568,420 or 43.7% of net <br> assets.<br>|
| (b) | &nbsp;&nbsp; Variable rate security. Rate as of December 31, 2025 is disclosed. <br> Issuers comprised of various lots with differing coupon rates have <br> been aggregated for the purpose of presentation in the Portfolio of <br> Investments and show a weighted average rate. Certain variable <br> rate securities are not based on a published reference rate and <br> spread, rather are determined by the issuer or agent and are based <br> on current market conditions. These securities may not indicate a <br> reference rate and/or spread in their description.<br>|
| (c) | Perpetual bond with no specified maturity date. |
| (d) | &nbsp;&nbsp; Level 3 security. Value has been determined using significant <br> unobservable inputs. See Note 3 of Notes to Financial Statements.<br>|
| (e) | &nbsp;&nbsp; Payment–in–kind security for which the issuer, at each interest <br> payment date, may make interest payments in cash and/or <br> additional principal.<br>|
| (f) | Non-income producing security. |
| (g) | &nbsp;&nbsp; Amount shown represents units. One unit represents a principal <br> amount of 1,000.<br>|
| (h) | &nbsp;&nbsp; Amount shown represents units. One unit represents a principal <br> amount of 100.<br>|
| (i) | &nbsp;&nbsp; Security (or a portion thereof) has been pledged as collateral for <br> open derivative contracts.<br>|
| (j) | &nbsp;&nbsp; Position is unsettled. Contract rate was not determined at <br> December 31, 2025 and does not take effect until settlement date. <br> Maturity date is not finalized until settlement date.<br>|
| (k) | &nbsp;&nbsp; The issuer is in default with respect to interest and/or principal <br> payments. Income is not being accrued.<br>|
| (l) | &nbsp;&nbsp; Stated interest rate has been determined in accordance with the <br> provisions of the loan agreement and is subject to a minimum <br> benchmark floor rate which may range from 0.00% to 1.00%, to <br> which the spread is added.<br>|

---

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

---

| | |
|:---|:---|
| ABS | Asset-Backed Securities |
| ARMs | Adjustable Rate Mortgages |
| DIP | Debtor In Possession |
| MTN | Medium Term Note |
| PIK | Payment-in-Kind |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

35 \|

------

**Portfolio of Investments – as of December 31, 2025**

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

REMICS Real Estate Mortgage Investment Conduits <br> RFUCCT FTSE USD IBOR Consumer Cash Fallbacks Term <br> SOFR Secured Overnight Financing Rate

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

BRL Brazilian Real <br> EUR Euro

---

| | |
|:---|:---|
| HUF | Hungarian Forint |
| MXN | Mexican Peso |
| TRY | Turkish Lira |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

**At December 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; 3/31/2026 | &nbsp;&nbsp; 339 | &nbsp;&nbsp; $37156952 | &nbsp;&nbsp; $37054289 | &nbsp;&nbsp; $(102663)<br>|
| CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 4833831 | &nbsp;&nbsp; 4720000 | &nbsp;&nbsp; (113831)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(216494)<br>|

---

**At December 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>|
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; $6497379 | &nbsp;&nbsp; $6440875 | &nbsp;&nbsp; $56504 |

---

See accompanying notes to financial statements.

\| 36

------

**Statements of Assets and Liabilities**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Income Fund** | **Investment** <br>**Grade Fixed** <br>**Income Fund**<br>|
| **ASSETS** |  |  |
| Investments at cost | &nbsp;&nbsp;&nbsp; $4421723068 | &nbsp;&nbsp;&nbsp; $189718222 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (29702357)<br>| &nbsp;&nbsp;&nbsp; 254274 |
| Investments at value | &nbsp;&nbsp;&nbsp; 4392020711 | &nbsp;&nbsp;&nbsp; 189972496 |
| Cash | &nbsp;&nbsp;&nbsp; 2067564 | &nbsp;&nbsp;&nbsp; 44685 |
| Foreign currency at value (identified cost $28,886 and $302, respectively) | &nbsp;&nbsp;&nbsp; 28860 | &nbsp;&nbsp;&nbsp; 306 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 6632332 | &nbsp;&nbsp;&nbsp; — |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3064 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 50880716 | &nbsp;&nbsp;&nbsp; 2004423 |
| Unrealized appreciation on forward foreign currency contracts (Note 2)  | &nbsp;&nbsp;&nbsp; 32046 | &nbsp;&nbsp;&nbsp; — |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp; 15362 | &nbsp;&nbsp;&nbsp; 1101 |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 831 | &nbsp;&nbsp;&nbsp; 831 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 4451678422 | &nbsp;&nbsp;&nbsp; 192026906 |
| **LIABILITIES** |  |  |
| Options written, at value (premiums received $6,884,573 and $0, respectively) (Note 2)  | &nbsp;&nbsp;&nbsp; 2920322 | &nbsp;&nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; 30509354 | &nbsp;&nbsp;&nbsp; 409118 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; 3915828 | &nbsp;&nbsp;&nbsp; — |
| Payable for variation margin on futures contracts (Note 2)  | &nbsp;&nbsp;&nbsp; 1614653 | &nbsp;&nbsp;&nbsp; 44260 |
| Management fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 1810560 | &nbsp;&nbsp;&nbsp; 58850 |
| Deferred Trustees' fees (Note 6)  | &nbsp;&nbsp;&nbsp; 2612046 | &nbsp;&nbsp;&nbsp; 217573 |
| Administrative fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 157774 | &nbsp;&nbsp;&nbsp; 6833 |
| Payable to distributor (Note 6d)  | &nbsp;&nbsp;&nbsp; 39169 | &nbsp;&nbsp;&nbsp; — |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 68834 | &nbsp;&nbsp;&nbsp; 61119 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 183850 | &nbsp;&nbsp;&nbsp; 26662 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 43832390 | &nbsp;&nbsp;&nbsp; 824415 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $4407846032 | &nbsp;&nbsp;&nbsp; $191202491 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $5408711245 | &nbsp;&nbsp;&nbsp; $212304749 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (1000865213)<br>| &nbsp;&nbsp;&nbsp; (21102258)<br>|
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $4407846032 | &nbsp;&nbsp;&nbsp; $191202491 |

---

See accompanying notes to financial statements.

37 \|

------

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

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Income Fund** | **Investment**<br> **Grade Fixed**<br> **Income Fund**<br>|
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |
| **Institutional Class:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $3173539922 | &nbsp;&nbsp;&nbsp; $191202491 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 259199967 | &nbsp;&nbsp;&nbsp; 18274761 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $12.24 | &nbsp;&nbsp;&nbsp; $10.46 |
| **Retail Class:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $639591526 | &nbsp;&nbsp;&nbsp; $— |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 52598570 | &nbsp;&nbsp;&nbsp; — |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $— |
| **Admin Class shares:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $29263326 | &nbsp;&nbsp;&nbsp; $— |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 2415782 | &nbsp;&nbsp;&nbsp; — |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $12.11 | &nbsp;&nbsp;&nbsp; $— |
| **Class N shares:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $565451258 | &nbsp;&nbsp;&nbsp; $— |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 46257969 | &nbsp;&nbsp;&nbsp; — |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $12.22 | &nbsp;&nbsp;&nbsp; $— |

---

&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.

\| 38

------

**Statements of Operations**

**For the Year Ended December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Income Fund** | **Investment** <br>**Grade Fixed** <br>**Income Fund**<br>|
| **INVESTMENT INCOME**  |  |  |
| Interest | &nbsp;&nbsp;&nbsp; $265342486 | &nbsp;&nbsp;&nbsp; $11703269 |
| Dividends | &nbsp;&nbsp;&nbsp; 1486617 | &nbsp;&nbsp;&nbsp; 17286 |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; (15893)<br>| &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; 266813210 | &nbsp;&nbsp;&nbsp; 11720555 |
| Expenses |  |  |
| Management fees (Note 6)  | &nbsp;&nbsp;&nbsp; 24570911 | &nbsp;&nbsp;&nbsp; 840812 |
| Service and distribution fees (Note 6)  | &nbsp;&nbsp;&nbsp; 1776085 | &nbsp;&nbsp;&nbsp; — |
| Administrative fees (Note 6)  | &nbsp;&nbsp;&nbsp; 1886586 | &nbsp;&nbsp;&nbsp; 90116 |
| Trustees' fees and expenses (Note 6)  | &nbsp;&nbsp;&nbsp; 363195 | &nbsp;&nbsp;&nbsp; 41982 |
| Transfer agent fees and expenses (Notes 6, 7 and 8)  | &nbsp;&nbsp;&nbsp; 3294924 | &nbsp;&nbsp;&nbsp; 6080 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 73522 | &nbsp;&nbsp;&nbsp; 65810 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 218233 | &nbsp;&nbsp;&nbsp; 85907 |
| Legal fees | &nbsp;&nbsp;&nbsp; 187819 | &nbsp;&nbsp;&nbsp; 9399 |
| Registration fees | &nbsp;&nbsp;&nbsp; 101676 | &nbsp;&nbsp;&nbsp; 24024 |
| Shareholder reporting expenses | &nbsp;&nbsp;&nbsp; 185023 | &nbsp;&nbsp;&nbsp; 22114 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 135115 | &nbsp;&nbsp;&nbsp; 43760 |
| Total expenses | &nbsp;&nbsp;&nbsp; 32793089 | &nbsp;&nbsp;&nbsp; 1230004 |
| Less waiver and/or expense reimbursement (Note 6)  | &nbsp;&nbsp;&nbsp; (2882240)<br>| &nbsp;&nbsp;&nbsp; (115847)<br>|
| Less expense offset (Note 8)  | &nbsp;&nbsp;&nbsp; (14001)<br>| &nbsp;&nbsp;&nbsp; (81)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 29896848 | &nbsp;&nbsp;&nbsp; 1114076 |
| Net investment income | &nbsp;&nbsp;&nbsp; 236916362 | &nbsp;&nbsp;&nbsp; 10606479 |
| **Net realized and unrealized gain (loss) on Investments, Futures contracts, Options** <br> **written, Forward foreign currency contracts and Foreign currency transactions** <br>|  |  |
| Net realized gain (loss) on: |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (200981911)<br>| &nbsp;&nbsp;&nbsp; (2024693)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 13657512 | &nbsp;&nbsp;&nbsp; (1493097)<br>|
| Options written | &nbsp;&nbsp;&nbsp; 20620567 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency contracts (Note 2d)  | &nbsp;&nbsp;&nbsp; (1300704)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions (Note 2c)  | &nbsp;&nbsp;&nbsp; (730346)<br>| &nbsp;&nbsp;&nbsp; (27384)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 314010959 | &nbsp;&nbsp;&nbsp; 7545520 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (57102)<br>| &nbsp;&nbsp;&nbsp; 776467 |
| Options written | &nbsp;&nbsp;&nbsp; 3964251 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency contracts (Note 2d)  | &nbsp;&nbsp;&nbsp; (195337)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations (Note 2c)  | &nbsp;&nbsp;&nbsp; 117641 | &nbsp;&nbsp;&nbsp; 4178 |
| Net realized and unrealized gain on Investments, Futures contracts, Options written, Forward foreign <br> currency contracts and Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp; 149105530 | &nbsp;&nbsp;&nbsp; 4780991 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $386021892 | &nbsp;&nbsp;&nbsp; $15387470 |

---

See accompanying notes to financial statements.

39 \|

------

**Statements of Changes in Net Assets**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income Fund** | **Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** |
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>| **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $236916362 | $233369058 | $10606479 | $9546966 |
| Net realized loss on investments, futures contracts, written <br> options, forward foreign currency contracts and foreign <br> currency transactions<br>| (168734882)<br>| (170046889)<br>| (3545174)<br>| (4603542)<br>|
| Net change in unrealized appreciation on investments, futures <br> contracts, written options, forward foreign currency <br> contracts and foreign currency translations<br>| 317840412 | 218869337 | 8326165 | 1355362 |
| Net increase in net assets resulting from operations | 386021892 | 282191506 | 15387470 | 6298786 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Institutional Class | (148074888)<br>| (181684208)<br>| (10787694)<br>| (9639559)<br>|
| Retail Class | (29104860)<br>| (36842095)<br>|  |  |
| Admin Class | (1174165)<br>| (1496547)<br>|  |  |
| Class N | (25553513)<br>| (24429964)<br>|  |  |
| Total distributions | (203907426)<br>| (244452814)<br>| (10787694)<br>| (9639559)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| (151083025)<br>| (218525533)<br>| (36451931)<br>| 31020890 |
| Net increase (decrease) in net assets | 31031441 | (180786841)<br>| (31852155)<br>| 27680117 |
| **NET ASSETS** |  |  |  |  |
| Beginning of the year | 4376814591 | 4557601432 | 223054646 | 195374529 |
| End of the year | $4407846032 | $4376814591 | $191202491 | $223054646 |

---

See accompanying notes to financial statements.

\| 40

------

**Financial Highlights**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund – Institutional Class** | **Income Fund – Institutional Class** | **Income Fund – Institutional Class** | **Income Fund – Institutional Class** | **Income Fund – Institutional Class** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $11.75 | &nbsp;&nbsp;&nbsp; $11.64 | &nbsp;&nbsp;&nbsp; $11.35 | &nbsp;&nbsp;&nbsp; $13.62 | &nbsp;&nbsp;&nbsp; $13.58 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $12.24 | &nbsp;&nbsp;&nbsp; $11.75 | &nbsp;&nbsp;&nbsp; $11.64 | &nbsp;&nbsp;&nbsp; $11.35 | &nbsp;&nbsp;&nbsp; $13.62 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.05<br> %<br>| &nbsp;&nbsp;&nbsp; (12.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $3173540 | &nbsp;&nbsp;&nbsp; $3187651 | &nbsp;&nbsp;&nbsp; $3386079 | &nbsp;&nbsp;&nbsp; $3759888 | &nbsp;&nbsp;&nbsp; $5776109 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 87<br> %<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective July 1, 2025, the expense limit decreased from 0.65% to 0.64%. See Note 6 of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2024, the expense limit decreased from 0.66% to 0.65%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2023, the expense limit decreased from 0.67% to 0.66%.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund – Retail Class** | **Income Fund – Retail Class** | **Income Fund – Retail Class** | **Income Fund – Retail Class** | **Income Fund – Retail Class** |
|  | **Year Ended** <br>**December 31**, <br>**2025**<br>| **Year Ended** <br>**December 31**, <br>**2024**<br>| **Year Ended** <br>**December 31**, <br>**2023**<br>| **Year Ended** <br>**December 31**, <br>**2022**<br>| **Year Ended** <br>**December 31**, <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp; $11.57 | &nbsp;&nbsp;&nbsp; $11.28 | &nbsp;&nbsp;&nbsp; $13.55 | &nbsp;&nbsp;&nbsp; $13.51 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $12.16 | &nbsp;&nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp; $11.57 | &nbsp;&nbsp;&nbsp; $11.28 | &nbsp;&nbsp;&nbsp; $13.55 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.83<br> %<br>| &nbsp;&nbsp;&nbsp; (12.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $639592 | &nbsp;&nbsp;&nbsp; $670561 | &nbsp;&nbsp;&nbsp; $740592 | &nbsp;&nbsp;&nbsp; $861223 | &nbsp;&nbsp;&nbsp; $1248925 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 87<br> %<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective July 1, 2025, the expense limit decreased from 0.90% to 0.89%. See Note 6 of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2024, the expense limit decreased from 0.91% to 0.90%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2023, the expense limit decreased from 0.92% to 0.91%.

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

See accompanying notes to financial statements.

41 \|

------

**Financial Highlights (continued)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund– Admin Class** | **Income Fund– Admin Class** | **Income Fund– Admin Class** | **Income Fund– Admin Class** | **Income Fund– Admin Class** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the year | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $11.53 | &nbsp;&nbsp;&nbsp; $11.24 | &nbsp;&nbsp;&nbsp; $13.49 | &nbsp;&nbsp;&nbsp; $13.45 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $12.11 | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $11.53 | &nbsp;&nbsp;&nbsp; $11.24 | &nbsp;&nbsp;&nbsp; $13.49 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50<br> %<br>| &nbsp;&nbsp;&nbsp; (12.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $29263 | &nbsp;&nbsp;&nbsp; $28015 | &nbsp;&nbsp;&nbsp; $30522 | &nbsp;&nbsp;&nbsp; $30678 | &nbsp;&nbsp;&nbsp; $44562 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %(j)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.20 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16 %(j)<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 87<br> %<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective July 1, 2025, the expense limit decreased from 1.15% to 1.14%. See Note 6 of Notes to Financial Statements.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes refund of prior year service fee of 0.03%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2024, the expense limit decreased from 1.16% to 1.15%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes refund of prior year service fee of 0.04%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective July 1, 2023, the expense limit decreased from 1.17% to 1.16%.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Includes refund of prior year service fee of 0.02%.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund– Class N** | **Income Fund– Class N** | **Income Fund– Class N** | **Income Fund– Class N** | **Income Fund– Class N** |
|  | **Year Ended** <br>**December 31,** <br>2025<br>| **Year Ended** <br>**December 31,** <br>2024<br>| **Year Ended** <br>**December 31,** <br>2023<br>| **Year Ended** <br>**December 31,** <br>2022<br>| **Year Ended** <br>**December 31,** <br>2021<br>|
| Net asset value, beginning of the year | &nbsp;&nbsp;&nbsp; $11.73 | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $11.33 | &nbsp;&nbsp;&nbsp; $13.60 | &nbsp;&nbsp;&nbsp; $13.57 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $12.22 | &nbsp;&nbsp;&nbsp; $11.73 | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $11.33 | &nbsp;&nbsp;&nbsp; $13.60 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 9.21 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.76 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.12 %(b)<br>| &nbsp;&nbsp;&nbsp; (12.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $565451 | &nbsp;&nbsp;&nbsp; $490587 | &nbsp;&nbsp;&nbsp; $400409 | &nbsp;&nbsp;&nbsp; $439999 | &nbsp;&nbsp;&nbsp; $519821 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 87<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) Effective July 1, 2025, the expense limit decreased from 0.60% to 0.59%. See Note 6 of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective July 1, 2024, the expense limit decreased from 0.61% to 0.60%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2023, the expense limit decreased from 0.62% to 0.61%.

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

See accompanying notes to financial statements.

\| 42

------

**Financial Highlights (continued)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Fixed Income Fund – Institutional Class** | **Investment Grade Fixed Income Fund – Institutional Class** | **Investment Grade Fixed Income Fund – Institutional Class** | **Investment Grade Fixed Income Fund – Institutional Class** | **Investment Grade Fixed Income Fund – Institutional Class** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp; $10.40 | &nbsp;&nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp; $11.86 | &nbsp;&nbsp;&nbsp; $12.47 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $10.46 | &nbsp;&nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp; $10.40 | &nbsp;&nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp; $11.86 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 7.59 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00 %(b)<br>| &nbsp;&nbsp;&nbsp; (11.98)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $191202 | &nbsp;&nbsp;&nbsp; $223055 | &nbsp;&nbsp;&nbsp; $195375 | &nbsp;&nbsp;&nbsp; $193489 | &nbsp;&nbsp;&nbsp; $243490 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.53 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54 %(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 85<br> %<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective July 1, 2023, the expense limit decreased from 0.55% to 0.53%.

See accompanying notes to financial statements.

43 \|

------

**Notes to Financial Statements**

**December 31, 2025**

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

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

Loomis Sayles Income Fund (formerly Loomis Sayles Bond Fund) ("Income Fund")

Loomis Sayles Investment Grade Fixed Income Fund ("Investment Grade Fixed Income Fund")

Effective December 31, 2025, the Board of Trustees approved a change to the name of the Income Fund. The Fund's investment goal and principal investment strategies did change as a result of the name change. The Fund seeks to provide income with a secondary objective of capital appreciation.

Each Fund is a diversified investment company.

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

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

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

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

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

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

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

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

\| 44

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations ("CLOs") are fair valued at bid prices supplied by an independent pricing service, if available. Broker-dealer bid prices may be used to fair value debt, unlisted equities, senior loans and CLOs where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Forward foreign currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service.

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

**b. Investment Transactions and Related Investment Income.** Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, are recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Loan consent fees, upfront origination fees and/or amendment fees are recorded when received and included in interest income on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a *pro rata* basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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

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

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

**d. Forward Foreign Currency Contracts.** A Fund may enter into forward foreign currency contracts, including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the 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

45 \|

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Funds' or counterparty's net obligations under the contracts. Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

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

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

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

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

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

Exchange-traded options contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Funds are reduced. OTC options are subject to the risk that the counterparty is unable or unwilling to meet its obligations under the option. Option contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**g. 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.

\| 46

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

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

There were no when-issued or delayed delivery securities held by the Funds as of December 31, 2025.

**h. Federal and Foreign Income Taxes.** The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund's tax positions for the open tax years as of December 31, 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.

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

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

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

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended December 31, 2025 and 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 Distributions | 2025 Distributions | 2025 Distributions | 2024 Distributions | 2024 Distributions | 2024 Distributions |
| Fund | Ordinary <br>Income<br>| Long-Term <br>Capital <br>Gains<br>| Total | Ordinary <br>Income<br>| Long-Term <br>Capital <br>Gains<br>| Total |
| Income Fund | &nbsp;&nbsp; $203907426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $203907426 | &nbsp;&nbsp; $244452814 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $244452814 |
| Investment Grade Fixed Income Fund | &nbsp;&nbsp; 10787694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10787694 | &nbsp;&nbsp; 9639559 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9639559 |

---

47 \|

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

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

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Income Fund | Investment <br>Grade Fixed <br>Income Fund<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $905198 | &nbsp;&nbsp; $41643 |
| Capital loss carryforward: |  |  |
| Short-term: |  |  |
| No expiration date | &nbsp;&nbsp; (3197441)<br>| &nbsp;&nbsp; (3817130)<br>|
| Long-term: |  |  |
| No expiration date | &nbsp;&nbsp; (963148700)<br>| &nbsp;&nbsp; (16766062)<br>|
| Total capital loss carryforward | &nbsp;&nbsp; (966346141)<br>| &nbsp;&nbsp; (20583192)<br>|
| Unrealized depreciation | &nbsp;&nbsp; (32758098)<br>| &nbsp;&nbsp; (341261)<br>|
| Total accumulated losses | &nbsp;&nbsp; $(998199041)<br>| &nbsp;&nbsp; $(20882810)<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | Income Fund | Investment <br>Grade Fixed <br>Income Fund<br>|
| Federal tax cost | &nbsp;&nbsp; $4427651293 | &nbsp;&nbsp; $190313380 |
| Gross tax appreciation | &nbsp;&nbsp; $119632442 | &nbsp;&nbsp; $4361697 |
| Gross tax depreciation | &nbsp;&nbsp; (152381965)<br>| &nbsp;&nbsp; (4702581)<br>|
| Net tax depreciation | &nbsp;&nbsp; $(32749523)<br>| &nbsp;&nbsp; $(340884)<br>|

---

The difference between these amounts and those reported in the preceding table, if any, are primarily attributable to foreign currency mark-to-market.

**j. 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.

**k. 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.

**l. 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

\| 48

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**Notes to Financial Statements (continued)**

**December 31, 2025**

of the counterparty, including possible delays or restrictions upon a Fund's ability to dispose of the underlying securities. As of December 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.

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

**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.

49 \|

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

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 December 31, 2025, at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds and Notes(a) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3848974785 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3848974785 |
| Senior Loans(a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 234514494 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 234514494 |
| Equity-Linked Notes | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 149931260 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 149931260 |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 84921092 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 84921092 |
| Preferred Stocks |  |  |  |  |
| Convertible Preferred Stock(a) | &nbsp;&nbsp;&nbsp; 4147191 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4147191 |
| Non-Convertible Preferred Stocks |  |  |  |  |
| Home Construction | &nbsp;&nbsp;&nbsp; 1091175 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1091175 |
| Office REITs | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2068666 | &nbsp;&nbsp;&nbsp; 2068666 |
| Other REITs | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9433877 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9433877 |
| Total Non-Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp; 1091175 | &nbsp;&nbsp;&nbsp; 9433877 | &nbsp;&nbsp;&nbsp; 2068666 | &nbsp;&nbsp;&nbsp; 12593718 |
| Total Preferred Stocks | &nbsp;&nbsp;&nbsp; 5238366 | &nbsp;&nbsp;&nbsp; 9433877 | &nbsp;&nbsp;&nbsp; 2068666 | &nbsp;&nbsp;&nbsp; 16740909 |
| Common Stocks |  |  |  |  |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp; 1243 | &nbsp;&nbsp;&nbsp; 12078 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13321 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26433 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26433 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 1243 | &nbsp;&nbsp;&nbsp; 38511 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39754 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53192954 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53192954 |
| Purchased Options(a) | &nbsp;&nbsp;&nbsp; 3705463 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3705463 |
| Total Investments | &nbsp;&nbsp;&nbsp; 8945072 | &nbsp;&nbsp;&nbsp; 4381006973 | &nbsp;&nbsp;&nbsp; 2068666 | &nbsp;&nbsp;&nbsp; 4392020711 |
| Forward Foreign Currency Contracts (unrealized appreciation) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32046 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32046 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp;&nbsp; 12845362 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12845362 |
| Total | &nbsp;&nbsp;&nbsp; $21790434 | &nbsp;&nbsp;&nbsp; $4381039019 | &nbsp;&nbsp;&nbsp; $2068666 | &nbsp;&nbsp;&nbsp; $4404898119 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options(a) | &nbsp;&nbsp;&nbsp; $(2920322)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2920322)<br>|
| Futures Contracts (unrealized depreciation) | &nbsp;&nbsp;&nbsp; (11390735)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11390735)<br>|
| Total | &nbsp;&nbsp;&nbsp; $(14311057)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(14311057)<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.

\| 50

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds and Notes |  |  |  |  |
| Non-Convertible Bonds |  |  |  |  |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $85681 | &nbsp;&nbsp;&nbsp; $87386 | &nbsp;&nbsp;&nbsp; $173067 |
| All Other Non-Convertible Bonds(a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 163752514 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 163752514 |
| Total Non-Convertible Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 163838195 | &nbsp;&nbsp;&nbsp; 87386 | &nbsp;&nbsp;&nbsp; 163925581 |
| Convertible Bonds(a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 397215 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 397215 |
| Municipals(a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 590398 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 590398 |
| Total Bonds and Notes | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 164825808 | &nbsp;&nbsp;&nbsp; 87386 | &nbsp;&nbsp;&nbsp; 164913194 |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12169655 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12169655 |
| Senior Loans(a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9132630 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9132630 |
| Preferred Stocks(a) | &nbsp;&nbsp;&nbsp; 197373 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 197373 |
| Common Stocks |  |  |  |  |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 1149 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1181 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3558463 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3558463 |
| Total Investments | &nbsp;&nbsp;&nbsp; 197405 | &nbsp;&nbsp;&nbsp; 189687705 | &nbsp;&nbsp;&nbsp; 87386 | &nbsp;&nbsp;&nbsp; 189972496 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp;&nbsp; 56504 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 56504 |
| Total | &nbsp;&nbsp;&nbsp; $253909 | &nbsp;&nbsp;&nbsp; $189687705 | &nbsp;&nbsp;&nbsp; $87386 | &nbsp;&nbsp;&nbsp; $190029000 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures Contracts (unrealized depreciation) | &nbsp;&nbsp;&nbsp; $(216494)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(216494)<br>|

---

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

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in Securities | Balance as of <br>December 31, <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>December 31, <br>2025<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>from <br>Investments <br>Still Held at <br>December 31, <br>2025<br>|
| Preferred Stocks |  |  |  |  |  |  |  |  |  |  |
| Non-Convertible Preferred Stocks |  |  |  |  |  |  |  |  |  |  |
| Office REITs | $2361202 | $— | $— | $(292536)<br>| $— | $— | $— | $— | $2068666 | $(292536)<br>|

---

51 \|

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** | **Investment Grade Fixed Income Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in Securities | Balance as of <br>December 31, <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>December 31, <br>2025<br>| Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>from <br>Investments <br>Still Held at <br>December 31, <br>2025<br>|
| Bonds and Notes |  |  |  |  |  |  |  |  |  |  |
| Non-Convertible Bonds |  |  |  |  |  |  |  |  |  |  |
| ABS Home Equity | $3367 | $— | $80 | $469 | $— | $(3916)<br>| $— | $— | $— | $— |
| Collateralized Mortgage <br> Obligations<br>|  |  | 911 | (105)<br>|  | (15506)<br>| 102086 |  | 87386 | (105)<br>|
| Total | $3367 | $— | $991 | $364 | $— | $(19422)<br>| $102086 | $— | $87386 | $(105)<br>|

---

A debt security valued at $102,086 was transferred from Level 2 to Level 3 during the period ended December 31, 2025. At December 31, 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 December 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 the Funds used during the period include forward foreign currency contracts, futures contracts and option contracts.

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

The Funds are subject to the risk that changes in interest rates will affect the value of the Funds' investments in fixed-income securities. 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, purchased call options and written call options to hedge against changes in interest rates. The Funds may also use futures contracts to manage duration without having to buy or sell portfolio securities and gain investment exposure. During the year ended December 31, 2025, the Funds used futures contracts to manage duration. Income Fund also engaged in option contracts for duration management.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Investments <br>at value<sup>1</sup> <br>| Unrealized <br>appreciation <br>on forward <br>foreign <br>currency <br>contracts<br>| Unrealized <br>appreciation <br>on futures <br>contracts<sup>2</sup> <br>| Total |
| Over-the-counter asset derivatives |  |  |  |  |
| Foreign exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32046 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32046 |
| Exchange-traded asset derivatives |  |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; 3705463 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12845362 | &nbsp;&nbsp; 16550825 |
| Total asset derivatives | &nbsp;&nbsp; $3705463 | &nbsp;&nbsp; $32046 | &nbsp;&nbsp; $12845362 | &nbsp;&nbsp; $16582871 |

---

\| 52

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
| Liabilities | Options <br>written at <br>value<br>| Unrealized <br>depreciation <br>on futures <br>contracts<sup>2</sup> <br>| Total |
| Exchange-traded liability derivatives |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; $(2920322)<br>| &nbsp;&nbsp; $(11390735)<br>| &nbsp;&nbsp; $(14311057)<br>|

---

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

---

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

---

Transactions in derivative instruments for Income Fund during the year ended December 31, 2025, as reflected within the Statements of Operations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Net Realized Gain (Loss) on: | Investments<sup>1</sup> <br>| Forward <br>foreign <br>currency <br>contracts<br>| Futures <br>contracts<br>| Options <br>written<br>|
| Interest rate contracts | &nbsp;&nbsp; $(8921559)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $13657512 | &nbsp;&nbsp; $20620567 |
| Foreign exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (1300704)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $(8921559)<br>| &nbsp;&nbsp; $(1300704)<br>| &nbsp;&nbsp; $13657512 | &nbsp;&nbsp; $20620567 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Investments<sup>1</sup> <br>| Forward <br>foreign <br>currency <br>contracts<br>| Futures <br>contracts<br>| Options <br>written<br>|
| Interest rate contracts | &nbsp;&nbsp; $(2881058)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(57102)<br>| &nbsp;&nbsp; $3964251 |
| Foreign exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (195337)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $(2881058)<br>| &nbsp;&nbsp; $(195337)<br>| &nbsp;&nbsp; $(57102)<br>| &nbsp;&nbsp; $3964251 |

---

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

1 Represents realized loss and change in unrealized appreciation (depreciation), respectively, for purchased options during the period.

The following is a summary of derivative instruments for Investment Grade Fixed Income Fund as of December 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; $56504 |

---

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

---

| | |
|:---|:---|
| Liabilities | Unrealized <br>depreciation <br>on futures <br>contracts<sup>1</sup> <br>|
| Exchange-traded liability derivatives |  |
| Interest rate contracts | &nbsp;&nbsp; $(216494)<br>|

---

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

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

Transactions in derivative instruments for Investment Grade Fixed Income Fund during the year ended December 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; $(1493097)<br>|

---

53 \|

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

&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; $776467 |

---

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

The following is a summary of the Funds' derivative volume activity for the year ended December 31, 2025. Volume activity is based on average derivatives outstanding during the period, including amounts outstanding at the end of the prior period, if applicable. Amounts disclosed represent average notional value. All amounts are shown at absolute value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Futures <br>contracts<br>| Forward <br>foreign <br>currency <br>contracts<br>| Options <br>purchased<br>| Options <br>written<br>|
| Income Fund | &nbsp;&nbsp; $3777820438 | &nbsp;&nbsp; $14518816 | &nbsp;&nbsp; $667146155 | &nbsp;&nbsp; $1192303788 |
| Investment Grade Fixed Income Fund | &nbsp;&nbsp; 89892355 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. ("ISDA") agreements negotiated between the Funds and their counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds' ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of December 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
| Counterparty | Gross Amounts of <br>Assets<br>| Offset <br>Amount<br>| Net Asset <br>Balance<br>| Collateral <br>(Received)/ <br>Pledged<br>| Net <br>Amount<br>|
| Bank of America N.A. | &nbsp;&nbsp; $32046 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32046 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32046 |

---

The actual collateral received or pledged, if any, may exceed the amounts shown in the table due to overcollateralization. Timing differences may exist between when contracts under the ISDA agreements are marked-to-market and when collateral moves. The ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank and Trust Company ("State Street Bank").

Counterparty risk is managed based on policies and procedures established by each Fund's adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund's aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange's clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker's customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event

\| 54

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a *pro rata* basis across all of the broker's customers, potentially resulting in losses to the Fund.

**5. Purchases and Sales of Securities.** For the year ended December 31, 2025, purchases and sales of securities (excluding short-term investments and option contracts and including paydowns) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/ <br>Agency Securities | U.S. Government/ <br>Agency Securities | Other Securities | Other Securities |
| Fund | Purchases | Sales | Purchases | Sales |
| Income Fund | &nbsp;&nbsp; $1792995211 | &nbsp;&nbsp; $1935970124 | &nbsp;&nbsp; $2597414572 | &nbsp;&nbsp; $2627281404 |
| Investment Grade Fixed Income Fund | &nbsp;&nbsp; 51672808 | &nbsp;&nbsp; 62531463 | &nbsp;&nbsp; 100707007 | &nbsp;&nbsp; 125477386 |

---

**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 |
| Fund | First <br>$3 billion<br>| Next <br>$22 billion<br>| Over <br>$25 billion<br>|
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Investment Grade Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|

---

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds' operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. This undertaking is in effect until April 30, 2026 for Investment Grade Fixed Income Fund and April 30, 2027 for Income Fund, may be terminated before then only with the consent of the Funds' Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, are net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the year ended December 31, 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 |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>|
| Investment Grade Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>|

---

Prior to July 1, 2025, the expense limits as a percentage of average daily net assets under the expense limitation agreements for Income Fund 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 |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<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,

55 \|

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended December 31, 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 |
| Income Fund | &nbsp;&nbsp;&nbsp; $24570911 | &nbsp;&nbsp;&nbsp; $2882240 | &nbsp;&nbsp;&nbsp; $21688671 | &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Investment Grade Fixed Income Fund | &nbsp;&nbsp;&nbsp; 840812 | &nbsp;&nbsp;&nbsp; 115847 | &nbsp;&nbsp;&nbsp; 724965 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|

---

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

<sup>1</sup> Management fee waivers are subject to possible recovery until December 31, 2026.

No expenses were recovered for either Fund during the year ended December 31, 2025 under the terms of the expense limitation agreements.

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

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

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

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

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

For the year ended December 31, 2025, the service and distribution fees for Income Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Service Fees | Distribution Fees | Distribution Fees |
| Fund | Admin Class | Retail Class | Admin Class |
| Income Fund | &nbsp;&nbsp; $66532 | &nbsp;&nbsp; $1639617 | &nbsp;&nbsp; $69936 |

---

For the year ended December 31, 2025, Natixis Distribution refunded Income Fund $3,404 of prior year Admin Class service fees paid to Natixis Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statements of Operations have been reduced by these amounts.

**c. Administrative Fees.** Natixis Advisors, LLC ("Natixis Advisors") provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its *pro rata* portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $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.

\| 56

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

For the year ended December 31, 2025, the administrative fees for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Administrative <br>Fees<br>|
| Income Fund | &nbsp;&nbsp; $1886586 |
| Investment Grade Fixed Income Fund | &nbsp;&nbsp; 90116 |

---

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

For the year ended December 31, 2025, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for Income Fund were $3,058,668.

As of December 31, 2025, Income Fund owes Natixis Distribution $39,169 in reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor).

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

**e. Trustees Fees and Expenses.** The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $410,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $235,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the Chairperson of the Contract Review Committee and the Chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $30,000. The Chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants' deferral accounts are allocated *pro rata* among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts and are normally reflected as Trustees' fees and expenses in the Statements of Operations. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees' fees in the Statements of Assets and Liabilities.

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

**f. Affiliated Ownership.** As of December 31, 2025, Loomis Sayles Employees' Profit Sharing Retirement Plan held shares of Income Fund representing 0.63% of the Fund's net assets.

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

57 \|

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

For the year ended December 31, 2025, Income Fund incurred the following class-specific transfer agent fees and expenses (net of expense offsets and including sub-transfer agent fees, where applicable):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses |
| Fund | Institutional <br>Class<br>| Retail <br>Class<br>| Admin <br>Class<br>| Class N |
| Income Fund | &nbsp;&nbsp; $2689463 | &nbsp;&nbsp; $554887 | &nbsp;&nbsp; $23697 | &nbsp;&nbsp; $12876 |

---

**8. Expense Offset Arrangements.** The Funds have entered into an agreement with the transfer agent whereby certain transfer agent fees and expenses may be paid indirectly by credits earned on the Funds' cash balances. Transfer agent fees and expenses are presented in the Statements of Operations gross of such credits, and the credits are presented as offsets to expenses.

**9. Line of Credit.** Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund's investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the year ended December 31, 2025, neither Fund had borrowings under this agreement.

**10. 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.

**11. Concentration of Ownership.** From time to time, a Fund may have a concentration of one or more shareholder accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of a Fund's outstanding shares could have material impacts on a Fund. As of December 31, 2025, the number of such accounts and the aggregate percentage of net assets represented by such holdings were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Number of 5% <br>Account Holders<br>| Percentage <br>of Ownership<br>|
| Investment Grade Fixed Income Fund | &nbsp;&nbsp; 7 | 69.74<br> %<br>|

---

Omnibus shareholder accounts, maintained by a single intermediary on behalf of multiple underlying shareholders, are not included in the table above. As such, there could be other 5% shareholders in addition to those disclosed in the table above.

\| 58

------

**Notes to Financial Statements (continued)**

**December 31, 2025**

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

**12. Capital Shares**. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Income Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 37940481 | &nbsp;&nbsp; $456341058 | &nbsp;&nbsp; 43767575 | &nbsp;&nbsp; $510431037 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 11235736 | &nbsp;&nbsp; 134846383 | &nbsp;&nbsp; 14232760 | &nbsp;&nbsp; 165862951 |
| Redeemed | &nbsp;&nbsp; (61344059)<br>| &nbsp;&nbsp; (736843795)<br>| &nbsp;&nbsp; (77425419)<br>| &nbsp;&nbsp; (903992776)<br>|
| Net change | &nbsp;&nbsp; (12167842)<br>| &nbsp;&nbsp; $(145656354)<br>| &nbsp;&nbsp; (19425084)<br>| &nbsp;&nbsp; $(227698788)<br>|
| **Retail Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 5162957 | &nbsp;&nbsp; $61514838 | &nbsp;&nbsp; 5120231 | &nbsp;&nbsp; $59686804 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 2375717 | &nbsp;&nbsp; 28308066 | &nbsp;&nbsp; 3057802 | &nbsp;&nbsp; 35410998 |
| Redeemed | &nbsp;&nbsp; (12401144)<br>| &nbsp;&nbsp; (147815457)<br>| &nbsp;&nbsp; (14715440)<br>| &nbsp;&nbsp; (170293145)<br>|
| Net change | &nbsp;&nbsp; (4862470)<br>| &nbsp;&nbsp; $(57992553)<br>| &nbsp;&nbsp; (6537407)<br>| &nbsp;&nbsp; $(75195343)<br>|
| **Admin Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 747950 | &nbsp;&nbsp; $8877950 | &nbsp;&nbsp; 743477 | &nbsp;&nbsp; $8605977 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 98219 | &nbsp;&nbsp; 1166378 | &nbsp;&nbsp; 128494 | &nbsp;&nbsp; 1482677 |
| Redeemed | &nbsp;&nbsp; (840177)<br>| &nbsp;&nbsp; (9942746)<br>| &nbsp;&nbsp; (1109971)<br>| &nbsp;&nbsp; (12831680)<br>|
| Net change | &nbsp;&nbsp; 5992 | &nbsp;&nbsp; $101582 | &nbsp;&nbsp; (238000)<br>| &nbsp;&nbsp; $(2743026)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 10085481 | &nbsp;&nbsp; $120454912 | &nbsp;&nbsp; 10520788 | &nbsp;&nbsp; $123555855 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1825839 | &nbsp;&nbsp; 21885018 | &nbsp;&nbsp; 1923247 | &nbsp;&nbsp; 22399735 |
| Redeemed | &nbsp;&nbsp; (7482089)<br>| &nbsp;&nbsp; (89875630)<br>| &nbsp;&nbsp; (5053472)<br>| &nbsp;&nbsp; (58843966)<br>|
| Net change | &nbsp;&nbsp; 4429231 | &nbsp;&nbsp; $52464300 | &nbsp;&nbsp; 7390563 | &nbsp;&nbsp; $87111624 |
| Decrease from capital share transactions | &nbsp;&nbsp; (12595089)<br>| &nbsp;&nbsp; $(151083025)<br>| &nbsp;&nbsp; (18809928)<br>| &nbsp;&nbsp; $(218525533)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Investment Grade Fixed Income Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Institutional Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 2488167 | &nbsp;&nbsp; $25825202 | &nbsp;&nbsp; 2416535 | &nbsp;&nbsp; $25005395 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1025467 | &nbsp;&nbsp; 10660359 | &nbsp;&nbsp; 920936 | &nbsp;&nbsp; 9526372 |
| Redeemed | &nbsp;&nbsp; (7021390)<br>| &nbsp;&nbsp; (72937492)<br>| &nbsp;&nbsp; (333915)<br>| &nbsp;&nbsp; (3510877)<br>|
| Net change | &nbsp;&nbsp; (3507756)<br>| &nbsp;&nbsp; $(36451931)<br>| &nbsp;&nbsp; 3003556 | &nbsp;&nbsp; $31020890 |
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; (3507756)<br>| &nbsp;&nbsp; $(36451931)<br>| &nbsp;&nbsp; 3003556 | &nbsp;&nbsp; $31020890 |

---

59 \|

------

**Report of Independent Registered Public Accounting Firm**

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

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles Income Fund and Loomis Sayles Investment Grade Fixed Income Fund (two of the funds constituting Loomis Sayles Funds I, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, agent banks and brokers; when replies were not received from a broker and an agent bank, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 23, 2026

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

\| 60

------

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

**Corporate Dividends Received Deduction.** For the fiscal year ended December 31, 2025, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:

---

| | |
|:---|:---|
| Fund | Qualifying <br>Percentage<br>|
| Income Fund | &nbsp;&nbsp; 0.31% |
| Investment Grade Fixed Income Fund | &nbsp;&nbsp; 0.16% |

---

**Qualified Dividend Income.** For the fiscal year ended December 31, 2025, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual's tax bracket. If the Funds pay a distribution during calendar year 2025, complete information will be reported in conjunction with Form 1099-DIV.

---

| | |
|:---|:---|
| Fund | Qualifying <br>Percentage<br>|
| Income Fund | &nbsp;&nbsp; 0.31% |
| Investment Grade Fixed Income Fund | &nbsp;&nbsp; 0.14% |

---

**Section 163(j) Interest Dividends.** For the fiscal year ended December 31, 2025, the Funds below will designate up to the maximum amount allowable as Section 163(j) Interest Dividends. These percentages are noted below:

---

| | |
|:---|:---|
| Fund | Qualifying <br>Percentage<br>|
| Income Fund | &nbsp;&nbsp; 87.56% |
| Investment Grade Fixed Income Fund | &nbsp;&nbsp; 90.32% |

---

61 \|

------

This Page Intentionally Left Blank

------

![](g44480img564a68ba2.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.

![](g44480imgee46afd13.gif)Exp. 2/28/2027

M-LSIF2A-1225

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to Directors and Officers are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable for the current reporting period due to the timing of the Board's approval of these agreements.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Securities Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

#### Item 16. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

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

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a) (1) [Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit is filed herewith.](d44480dex99codeeth.htm)

(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.](d44480dex99cert.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.](d44480dex99906cert.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.

------

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

---

| | |
|:---|:---|
| Loomis Sayles Funds I | Loomis Sayles Funds I |
| By: | <u>/s/ Kevin P. Charleston</u> |
| Name: | Kevin Charleston |
| Title: | President and Chief Executive Officer |
| Date: | February 23, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Kevin P. Charleston</u> |
| Name: | Kevin Charleston |
| Title: | President and Chief Executive Officer |
| Date: | February 23, 2026 |
| By: | <u>/s/ Matthew J. Block</u> |
| Name: | Matthew J. Block |
| Title: | Treasurer and Principal Financial and |
|  | Accounting Officer |
| Date: | February 23, 2026 |

---

## Ex-99.Code

**Exhibit (a)(1)** 

**NATIXIS FUNDS TRUST I** 

**NATIXIS FUNDS TRUST II** 

**NATIXIS FUNDS TRUST IV** 

**LOOMIS SAYLES FUNDS I** 

**LOOMIS SAYLES FUNDS II** 

**GATEWAY TRUST** 

**NATIXIS ETF TRUST** 

**NATIXIS ETF TRUST II** 

**CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY** 

**ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

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

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

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

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

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

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

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

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

------

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

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

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

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

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

------

Each Covered Person must not:

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

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

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

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

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

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

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

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

------

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

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

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

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

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

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

Each Covered Person must:

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

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

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

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

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

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

------

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

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

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

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

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

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

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

**VI.** **Amendments** 

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

**VII.** **Confidentiality** 

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

------

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

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

------

**Exhibit A** 

<u>Registered Investment Companies</u>

Natixis Funds Trust I

Natixis Funds Trust II

Natixis Funds Trust IV

Natixis ETF Trust

Natixis ETF Trust II

Loomis Sayles Funds I

Loomis Sayles Funds II

Gateway Trust

------

**Exhibit B** 

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

---

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

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## Ex-99.Cert

**Exhibit (a)(3)** 

**Loomis Sayles Funds I** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, Kevin P. Charleston, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Loomis Sayles Funds I;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: February 23, 2026 |  |
|  | <u>/s/ Kevin P. Charleston</u> |
|  | Kevin P. Charleston |
|  | President and Chief Executive Officer |

---

------

Exhibit (a)(3)

**Loomis Sayles Funds I** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, Matthew J. Block, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Loomis Sayles Funds I;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 23, 2026 |  |
|  | <u>/s/ Matthew J. Block</u> |
|  | Matthew J. Block |
|  | Treasurer and Principal Financial and Accounting Officer |

---

## Exhibit 99.906

Exhibit (b)

**Loomis Sayles Funds I** 

**Section 906 Certification** 

In connection with the report on Form N-CSR for the period ended December 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;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;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 | Treasurer and Principal Financial |
| Chief Executive Officer | and Accounting Officer |
| Loomis Sayles Funds I | Loomis Sayles Funds I |
| --------------------------------------------- | --------------------------------------------- |
| <u>/s/ Kevin P. Charleston</u> | <u>/s/ Matthew J. Block</u> |
| Kevin P. Charleston | Matthew J. Block |
| Date: February 23, 2026 | Date: February 23, 2026 |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Loomis Sayles Funds I, and will be retained by the Loomis Sayles Funds I and furnished to the Securities and Exchange Commission or its staff upon request.