# EDGAR Filing Document

**Accession Number:** 0000872649
**File Stem:** 0001193125-26-091080
**Filing Date:** 2026-3
**Character Count:** 1184093
**Document Hash:** a486a094adaa7fb00a28682f681eb6e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-091080.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-091080

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 52

**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 II
- **CENTRAL INDEX KEY:** 0000872649

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06241
- **FILM NUMBER:** 26720577

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

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

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

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

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

## Series and Classes Contracts Data

### Loomis Sayles High Income Fund (Series ID: S000006700)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018231 | Class A      | NEFHX           |
| C000018233 | Class C      | NEHCX           |
| C000069253 | Class Y      | NEHYX           |
| C000175112 | Class N      | LSHNX           |

### Loomis Sayles Investment Grade Bond Fund (Series ID: S000006701)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018234 | Class A      | LIGRX           |
| C000018236 | Class C      | LGBCX           |
| C000018238 | Class Y      | LSIIX           |
| C000082998 | Admin Class  | LIGAX           |
| C000125485 | Class N      | LGBNX           |

### Loomis Sayles Strategic Income Fund (Series ID: S000006706)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018251 | Class A      | NEFZX           |
| C000018253 | Class C      | NECZX           |
| C000018254 | Class Y      | NEZYX           |
| C000082999 | Admin Class  | NEZAX           |
| C000125487 | Class N      | NEZNX           |

### Loomis Sayles International Growth Fund (Series ID: S000070337)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000223746 | Class Y      | LIGYX           |
| C000223747 | Class A      | LIGGX           |
| C000223748 | Class C      | LIGCX           |
| C000223749 | Class N      | LIGNX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-06241

Loomis Sayles Funds II

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Susan McWhan Tobin, Esq.

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

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

Date of fiscal year end: 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:

# Class A

# NEFHX

# Loomis Sayles High Income Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles High 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class A | $99 | 0.95% |

---

---

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

---

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

• 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 sector.

• Securitized credit was a contributor to relative return. Outperformance in this space was driven by select holdings in non-agency collateralized mortgage-backed securities.

**Top Detractors from Performance**

• Our minor allocation to investment grade corporate credit was a detractor throughout the year.

• Exposure to bank loans was a detractor, specifically names within the automotive industry.

• 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](g333524ia267bbe95a50e4878f8d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High-Yield Bond Index** |
| **12/2015** | $9572 | $10000 | $10000 |
| **01/2016** | $9301 | $10138 | $9839 |
| **02/2016** | $9309 | $10210 | $9896 |
| **03/2016** | $9776 | $10303 | $10335 |
| **04/2016** | $10170 | $10343 | $10740 |
| **05/2016** | $10216 | $10345 | $10806 |
| **06/2016** | $10338 | $10531 | $10906 |
| **07/2016** | $10589 | $10598 | $11201 |
| **08/2016** | $10812 | $10586 | $11435 |
| **09/2016** | $10884 | $10580 | $11511 |
| **10/2016** | $10881 | $10499 | $11556 |
| **11/2016** | $10831 | $10250 | $11501 |
| **12/2016** | $10979 | $10265 | $11713 |
| **01/2017** | $11159 | $10285 | $11883 |
| **02/2017** | $11330 | $10354 | $12056 |
| **03/2017** | $11351 | $10349 | $12029 |
| **04/2017** | $11414 | $10428 | $12168 |
| **05/2017** | $11496 | $10509 | $12274 |
| **06/2017** | $11532 | $10498 | $12290 |
| **07/2017** | $11673 | $10543 | $12427 |
| **08/2017** | $11686 | $10638 | $12422 |
| **09/2017** | $11773 | $10587 | $12533 |
| **10/2017** | $11768 | $10593 | $12586 |
| **11/2017** | $11791 | $10580 | $12554 |
| **12/2017** | $11803 | $10628 | $12592 |
| **01/2018** | $11928 | $10506 | $12667 |
| **02/2018** | $11777 | $10406 | $12560 |
| **03/2018** | $11740 | $10473 | $12484 |
| **04/2018** | $11811 | $10395 | $12565 |
| **05/2018** | $11723 | $10469 | $12562 |
| **06/2018** | $11740 | $10456 | $12612 |
| **07/2018** | $11878 | $10459 | $12750 |
| **08/2018** | $11876 | $10526 | $12844 |
| **09/2018** | $11939 | $10458 | $12915 |
| **10/2018** | $11744 | $10376 | $12709 |
| **11/2018** | $11682 | $10438 | $12600 |
| **12/2018** | $11396 | $10630 | $12330 |
| **01/2019** | $11906 | $10742 | $12887 |
| **02/2019** | $12070 | $10736 | $13101 |
| **03/2019** | $12179 | $10942 | $13225 |
| **04/2019** | $12352 | $10945 | $13413 |
| **05/2019** | $12169 | $11139 | $13253 |
| **06/2019** | $12480 | $11279 | $13555 |
| **07/2019** | $12479 | $11304 | $13632 |
| **08/2019** | $12443 | $11597 | $13686 |
| **09/2019** | $12454 | $11535 | $13736 |
| **10/2019** | $12474 | $11570 | $13774 |
| **11/2019** | $12493 | $11564 | $13819 |
| **12/2019** | $12757 | $11556 | $14095 |
| **01/2020** | $12772 | $11778 | $14099 |
| **02/2020** | $12550 | $11990 | $13900 |
| **03/2020** | $10943 | $11920 | $12307 |
| **04/2020** | $11421 | $12132 | $12862 |
| **05/2020** | $12008 | $12188 | $13428 |
| **06/2020** | $12212 | $12265 | $13560 |
| **07/2020** | $12790 | $12448 | $14196 |
| **08/2020** | $12941 | $12348 | $14331 |
| **09/2020** | $12780 | $12341 | $14183 |
| **10/2020** | $12834 | $12286 | $14255 |
| **11/2020** | $13510 | $12406 | $14819 |
| **12/2020** | $13798 | $12424 | $15098 |
| **01/2021** | $13769 | $12334 | $15148 |
| **02/2021** | $13841 | $12156 | $15204 |
| **03/2021** | $13860 | $12005 | $15226 |
| **04/2021** | $14028 | $12099 | $15392 |
| **05/2021** | $14051 | $12139 | $15437 |
| **06/2021** | $14231 | $12224 | $15644 |
| **07/2021** | $14247 | $12361 | $15704 |
| **08/2021** | $14329 | $12337 | $15784 |
| **09/2021** | $14281 | $12231 | $15783 |
| **10/2021** | $14167 | $12227 | $15756 |
| **11/2021** | $13955 | $12263 | $15602 |
| **12/2021** | $14194 | $12232 | $15895 |
| **01/2022** | $13777 | $11968 | $15460 |
| **02/2022** | $13589 | $11835 | $15301 |
| **03/2022** | $13447 | $11506 | $15126 |
| **04/2022** | $12863 | $11069 | $14588 |
| **05/2022** | $12819 | $11141 | $14624 |
| **06/2022** | $11833 | $10966 | $13639 |
| **07/2022** | $12568 | $11234 | $14444 |
| **08/2022** | $12288 | $10917 | $14112 |
| **09/2022** | $11764 | $10445 | $13551 |
| **10/2022** | $12063 | $10310 | $13903 |
| **11/2022** | $12334 | $10689 | $14205 |
| **12/2022** | $12255 | $10641 | $14116 |
| **01/2023** | $12764 | $10968 | $14654 |
| **02/2023** | $12512 | $10684 | $14465 |
| **03/2023** | $12503 | $10956 | $14620 |
| **04/2023** | $12566 | $11022 | $14766 |
| **05/2023** | $12357 | $10902 | $14631 |
| **06/2023** | $12612 | $10863 | $14876 |
| **07/2023** | $12828 | $10856 | $15081 |
| **08/2023** | $12830 | $10786 | $15123 |
| **09/2023** | $12680 | $10512 | $14944 |
| **10/2023** | $12315 | $10346 | $14770 |
| **11/2023** | $12840 | $10815 | $15439 |
| **12/2023** | $13422 | $11229 | $16014 |
| **01/2024** | $13380 | $11198 | $16014 |
| **02/2024** | $13455 | $11040 | $16060 |
| **03/2024** | $13539 | $11142 | $16250 |
| **04/2024** | $13352 | $10860 | $16098 |
| **05/2024** | $13544 | $11044 | $16275 |
| **06/2024** | $13620 | $11149 | $16428 |
| **07/2024** | $13895 | $11409 | $16748 |
| **08/2024** | $14084 | $11573 | $17021 |
| **09/2024** | $14475 | $11728 | $17296 |
| **10/2024** | $14473 | $11437 | $17203 |
| **11/2024** | $14712 | $11558 | $17401 |
| **12/2024** | $14640 | $11369 | $17326 |
| **01/2025** | $14792 | $11430 | $17563 |
| **02/2025** | $14903 | $11681 | $17681 |
| **03/2025** | $14745 | $11685 | $17500 |
| **04/2025** | $14699 | $11731 | $17497 |
| **05/2025** | $14980 | $11647 | $17791 |
| **06/2025** | $15267 | $11826 | $18118 |
| **07/2025** | $15392 | $11795 | $18200 |
| **08/2025** | $15632 | $11936 | $18427 |
| **09/2025** | $15788 | $12067 | $18577 |
| **10/2025** | $15821 | $12142 | $18607 |
| **11/2025** | $15857 | $12217 | $18714 |
| **12/2025** | $15940 | $12199 | $18820 |

---

**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 9/15/05** |
| Class A at NAV | 8.88% | 2.93% | 5.23% | 5.77% |
| Class A with 4.25% MSC<sup>Footnote Reference1</sup> | 4.25% | 2.05% | 4.77% | 5.66% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 8.62% | 4.51% | 6.53% | -% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $78650399 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 363 |
| Portfolio Turnover Rate | 107% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $132006 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ia4638969818249fb1aac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 44.7% |
| Short-Term Investments | 5.2% |
| Media Entertainment | 3.1% |
| Lodging | 3.2% |
| Independent Energy | 4.5% |
| Healthcare | 4.7% |
| Midstream | 5.6% |
| Property & Casualty Insurance | 6.1% |
| Cable Satellite | 10.0% |
| Technology | 12.9% |

---

---

| | |
|:---|:---|
| 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](g333524i206d6529976786d534ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 3.2 |
| Not rated<sup>Footnote Reference^</sup> | 5.5 |
| CCC | 7.2 |
| B | 29.3 |
| BB | 54.0 |
| BBB | 0.8 |

---

---

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

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class A

# NEFHX

# Loomis Sayles High Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### THI99A-1225

# Class C

# NEHCX

# Loomis Sayles High Income Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles High 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class C | $177 | 1.70% |

---

---

| | |
|:---|:---|
| 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**

• 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 sector.

• Securitized credit was a contributor to relative return. Outperformance in this space was driven by select holdings in non-agency collateralized mortgage-backed securities.

**Top Detractors from Performance**

• Our minor allocation to investment grade corporate credit was a detractor throughout the year.

• Exposure to bank loans was a detractor, specifically names within the automotive industry.

• 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](g333524ie799fa1290bdb6c50fc5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High-Yield Bond Index** |
| **12/2015** | $10000 | $10000 | $10000 |
| **01/2016** | $9712 | $10138 | $9839 |
| **02/2016** | $9714 | $10210 | $9896 |
| **03/2016** | $10195 | $10303 | $10335 |
| **04/2016** | $10599 | $10343 | $10740 |
| **05/2016** | $10640 | $10345 | $10806 |
| **06/2016** | $10761 | $10531 | $10906 |
| **07/2016** | $11013 | $10598 | $11201 |
| **08/2016** | $11238 | $10586 | $11435 |
| **09/2016** | $11305 | $10580 | $11511 |
| **10/2016** | $11295 | $10499 | $11556 |
| **11/2016** | $11235 | $10250 | $11501 |
| **12/2016** | $11408 | $10265 | $11713 |
| **01/2017** | $11560 | $10285 | $11883 |
| **02/2017** | $11729 | $10354 | $12056 |
| **03/2017** | $11744 | $10349 | $12029 |
| **04/2017** | $11802 | $10428 | $12168 |
| **05/2017** | $11905 | $10509 | $12274 |
| **06/2017** | $11909 | $10498 | $12290 |
| **07/2017** | $12047 | $10543 | $12427 |
| **08/2017** | $12052 | $10638 | $12422 |
| **09/2017** | $12134 | $10587 | $12533 |
| **10/2017** | $12121 | $10593 | $12586 |
| **11/2017** | $12136 | $10580 | $12554 |
| **12/2017** | $12169 | $10628 | $12592 |
| **01/2018** | $12261 | $10506 | $12667 |
| **02/2018** | $12100 | $10406 | $12560 |
| **03/2018** | $12054 | $10473 | $12484 |
| **04/2018** | $12118 | $10395 | $12565 |
| **05/2018** | $12021 | $10469 | $12562 |
| **06/2018** | $12029 | $10456 | $12612 |
| **07/2018** | $12162 | $10459 | $12750 |
| **08/2018** | $12181 | $10526 | $12844 |
| **09/2018** | $12239 | $10458 | $12915 |
| **10/2018** | $12031 | $10376 | $12709 |
| **11/2018** | $11932 | $10438 | $12600 |
| **12/2018** | $11632 | $10630 | $12330 |
| **01/2019** | $12144 | $10742 | $12887 |
| **02/2019** | $12304 | $10736 | $13101 |
| **03/2019** | $12437 | $10942 | $13225 |
| **04/2019** | $12604 | $10945 | $13413 |
| **05/2019** | $12411 | $11139 | $13253 |
| **06/2019** | $12689 | $11279 | $13555 |
| **07/2019** | $12709 | $11304 | $13632 |
| **08/2019** | $12635 | $11597 | $13686 |
| **09/2019** | $12639 | $11535 | $13736 |
| **10/2019** | $12650 | $11570 | $13774 |
| **11/2019** | $12691 | $11564 | $13819 |
| **12/2019** | $12949 | $11556 | $14095 |
| **01/2020** | $12957 | $11778 | $14099 |
| **02/2020** | $12695 | $11990 | $13900 |
| **03/2020** | $11096 | $11920 | $12307 |
| **04/2020** | $11571 | $12132 | $12862 |
| **05/2020** | $12123 | $12188 | $13428 |
| **06/2020** | $12322 | $12265 | $13560 |
| **07/2020** | $12926 | $12448 | $14196 |
| **08/2020** | $13070 | $12348 | $14331 |
| **09/2020** | $12900 | $12341 | $14183 |
| **10/2020** | $12916 | $12286 | $14255 |
| **11/2020** | $13618 | $12406 | $14819 |
| **12/2020** | $13895 | $12424 | $15098 |
| **01/2021** | $13858 | $12334 | $15148 |
| **02/2021** | $13923 | $12156 | $15204 |
| **03/2021** | $13901 | $12005 | $15226 |
| **04/2021** | $14094 | $12099 | $15392 |
| **05/2021** | $14106 | $12139 | $15437 |
| **06/2021** | $14277 | $12224 | $15644 |
| **07/2021** | $14284 | $12361 | $15704 |
| **08/2021** | $14323 | $12337 | $15784 |
| **09/2021** | $14299 | $12231 | $15783 |
| **10/2021** | $14176 | $12227 | $15756 |
| **11/2021** | $13923 | $12263 | $15602 |
| **12/2021** | $14183 | $12232 | $15895 |
| **01/2022** | $13760 | $11968 | $15460 |
| **02/2022** | $13565 | $11835 | $15301 |
| **03/2022** | $13383 | $11506 | $15126 |
| **04/2022** | $12828 | $11069 | $14588 |
| **05/2022** | $12776 | $11141 | $14624 |
| **06/2022** | $11756 | $10966 | $13639 |
| **07/2022** | $12510 | $11234 | $14444 |
| **08/2022** | $12225 | $10917 | $14112 |
| **09/2022** | $11698 | $10445 | $13551 |
| **10/2022** | $11953 | $10310 | $13903 |
| **11/2022** | $12247 | $10689 | $14205 |
| **12/2022** | $12126 | $10641 | $14116 |
| **01/2023** | $12656 | $10968 | $14654 |
| **02/2023** | $12366 | $10684 | $14465 |
| **03/2023** | $12385 | $10956 | $14620 |
| **04/2023** | $12403 | $11022 | $14766 |
| **05/2023** | $12189 | $10902 | $14631 |
| **06/2023** | $12431 | $10863 | $14876 |
| **07/2023** | $12671 | $10856 | $15081 |
| **08/2023** | $12665 | $10786 | $15123 |
| **09/2023** | $12509 | $10512 | $14944 |
| **10/2023** | $12144 | $10346 | $14770 |
| **11/2023** | $12650 | $10815 | $15439 |
| **12/2023** | $13210 | $11229 | $16014 |
| **01/2024** | $13170 | $11198 | $16014 |
| **02/2024** | $13244 | $11040 | $16060 |
| **03/2024** | $13326 | $11142 | $16250 |
| **04/2024** | $13142 | $10860 | $16098 |
| **05/2024** | $13330 | $11044 | $16275 |
| **06/2024** | $13406 | $11149 | $16428 |
| **07/2024** | $13676 | $11409 | $16748 |
| **08/2024** | $13863 | $11573 | $17021 |
| **09/2024** | $14247 | $11728 | $17296 |
| **10/2024** | $14245 | $11437 | $17203 |
| **11/2024** | $14481 | $11558 | $17401 |
| **12/2024** | $14410 | $11369 | $17326 |
| **01/2025** | $14559 | $11430 | $17563 |
| **02/2025** | $14669 | $11681 | $17681 |
| **03/2025** | $14513 | $11685 | $17500 |
| **04/2025** | $14468 | $11731 | $17497 |
| **05/2025** | $14744 | $11647 | $17791 |
| **06/2025** | $15027 | $11826 | $18118 |
| **07/2025** | $15150 | $11795 | $18200 |
| **08/2025** | $15386 | $11936 | $18427 |
| **09/2025** | $15539 | $12067 | $18577 |
| **10/2025** | $15572 | $12142 | $18607 |
| **11/2025** | $15607 | $12217 | $18714 |
| **12/2025** | $15689 | $12199 | $18820 |

---

**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 9/15/05** |
| Class C at NAV | 7.99% | 2.12% | 4.61% | 3.79% |
| Class C with 1.00% CDSC<sup>Footnote Reference1</sup> | 6.99% | 2.12% | 4.61% | 3.79% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 8.62% | 4.51% | 6.53% | -% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $78650399 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 363 |
| Portfolio Turnover Rate | 107% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $132006 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ia4638969818249fb1aac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 44.7% |
| Short-Term Investments | 5.2% |
| Media Entertainment | 3.1% |
| Lodging | 3.2% |
| Independent Energy | 4.5% |
| Healthcare | 4.7% |
| Midstream | 5.6% |
| Property & Casualty Insurance | 6.1% |
| Cable Satellite | 10.0% |
| Technology | 12.9% |

---

---

| | |
|:---|:---|
| 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](g333524i206d6529976786d534ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 3.2 |
| Not rated<sup>Footnote Reference^</sup> | 5.5 |
| CCC | 7.2 |
| B | 29.3 |
| BB | 54.0 |
| BBB | 0.8 |

---

---

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

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class C

# NEHCX

# Loomis Sayles High Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### THI99C-1225

# Class N

# LSHNX

# Loomis Sayles High Income Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles High 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $68 | 0.65% |

---

---

| | |
|:---|:---|
| 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**

• 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 sector.

• Securitized credit was a contributor to relative return. Outperformance in this space was driven by select holdings in non-agency collateralized mortgage-backed securities.

**Top Detractors from Performance**

• Our minor allocation to investment grade corporate credit was a detractor throughout the year.

• Exposure to bank loans was a detractor, specifically names within the automotive industry.

• 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](g333524ia0df1df5e20737d8a378.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class N** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High-Yield Bond Index** |
| **11/2016** | $10000 | $10000 | $10000 |
| **11/2016** | $10000 | $10000 | $10000 |
| **12/2016** | $10164 | $10014 | $10185 |
| **01/2017** | $10309 | $10034 | $10332 |
| **02/2017** | $10470 | $10101 | $10483 |
| **03/2017** | $10492 | $10096 | $10459 |
| **04/2017** | $10553 | $10174 | $10580 |
| **05/2017** | $10656 | $10252 | $10672 |
| **06/2017** | $10668 | $10242 | $10687 |
| **07/2017** | $10801 | $10286 | $10805 |
| **08/2017** | $10815 | $10378 | $10801 |
| **09/2017** | $10899 | $10329 | $10898 |
| **10/2017** | $10897 | $10335 | $10944 |
| **11/2017** | $10921 | $10321 | $10916 |
| **12/2017** | $10961 | $10369 | $10949 |
| **01/2018** | $11054 | $10249 | $11015 |
| **02/2018** | $10917 | $10152 | $10921 |
| **03/2018** | $10910 | $10217 | $10855 |
| **04/2018** | $10953 | $10141 | $10926 |
| **05/2018** | $10875 | $10214 | $10923 |
| **06/2018** | $10893 | $10201 | $10966 |
| **07/2018** | $11025 | $10204 | $11086 |
| **08/2018** | $11026 | $10269 | $11168 |
| **09/2018** | $11113 | $10203 | $11230 |
| **10/2018** | $10934 | $10122 | $11050 |
| **11/2018** | $10853 | $10183 | $10955 |
| **12/2018** | $10616 | $10370 | $10721 |
| **01/2019** | $11094 | $10480 | $11205 |
| **02/2019** | $11250 | $10474 | $11392 |
| **03/2019** | $11381 | $10675 | $11499 |
| **04/2019** | $11518 | $10678 | $11662 |
| **05/2019** | $11377 | $10867 | $11524 |
| **06/2019** | $11643 | $11004 | $11786 |
| **07/2019** | $11646 | $11028 | $11853 |
| **08/2019** | $11615 | $11314 | $11900 |
| **09/2019** | $11628 | $11254 | $11944 |
| **10/2019** | $11649 | $11287 | $11977 |
| **11/2019** | $11697 | $11282 | $12016 |
| **12/2019** | $11920 | $11274 | $12256 |
| **01/2020** | $11936 | $11491 | $12259 |
| **02/2020** | $11732 | $11698 | $12086 |
| **03/2020** | $10233 | $11629 | $10701 |
| **04/2020** | $10682 | $11836 | $11183 |
| **05/2020** | $11233 | $11891 | $11676 |
| **06/2020** | $11428 | $11966 | $11790 |
| **07/2020** | $11971 | $12144 | $12343 |
| **08/2020** | $12116 | $12046 | $12461 |
| **09/2020** | $11968 | $12040 | $12332 |
| **10/2020** | $12022 | $11986 | $12395 |
| **11/2020** | $12658 | $12103 | $12885 |
| **12/2020** | $12931 | $12120 | $13128 |
| **01/2021** | $12907 | $12033 | $13171 |
| **02/2021** | $13008 | $11860 | $13220 |
| **03/2021** | $12999 | $11711 | $13239 |
| **04/2021** | $13160 | $11804 | $13383 |
| **05/2021** | $13215 | $11843 | $13423 |
| **06/2021** | $13357 | $11926 | $13603 |
| **07/2021** | $13376 | $12059 | $13654 |
| **08/2021** | $13456 | $12036 | $13725 |
| **09/2021** | $13414 | $11932 | $13723 |
| **10/2021** | $13311 | $11929 | $13700 |
| **11/2021** | $13115 | $11964 | $13566 |
| **12/2021** | $13343 | $11933 | $13821 |
| **01/2022** | $12954 | $11676 | $13443 |
| **02/2022** | $12780 | $11546 | $13305 |
| **03/2022** | $12650 | $11225 | $13152 |
| **04/2022** | $12104 | $10799 | $12685 |
| **05/2022** | $12065 | $10869 | $12716 |
| **06/2022** | $11140 | $10698 | $11860 |
| **07/2022** | $11835 | $10960 | $12560 |
| **08/2022** | $11574 | $10650 | $12270 |
| **09/2022** | $11083 | $10190 | $11783 |
| **10/2022** | $11367 | $10058 | $12089 |
| **11/2022** | $11626 | $10428 | $12351 |
| **12/2022** | $11554 | $10381 | $12274 |
| **01/2023** | $12037 | $10700 | $12742 |
| **02/2023** | $11802 | $10423 | $12578 |
| **03/2023** | $11797 | $10688 | $12712 |
| **04/2023** | $11859 | $10753 | $12839 |
| **05/2023** | $11665 | $10636 | $12722 |
| **06/2023** | $11909 | $10598 | $12934 |
| **07/2023** | $12116 | $10591 | $13113 |
| **08/2023** | $12156 | $10523 | $13149 |
| **09/2023** | $11982 | $10256 | $12994 |
| **10/2023** | $11640 | $10094 | $12842 |
| **11/2023** | $12139 | $10551 | $13424 |
| **12/2023** | $12692 | $10955 | $13925 |
| **01/2024** | $12656 | $10925 | $13924 |
| **02/2024** | $12729 | $10770 | $13965 |
| **03/2024** | $12848 | $10870 | $14130 |
| **04/2024** | $12674 | $10595 | $13997 |
| **05/2024** | $12822 | $10775 | $14151 |
| **06/2024** | $12898 | $10877 | $14285 |
| **07/2024** | $13162 | $11131 | $14562 |
| **08/2024** | $13381 | $11291 | $14800 |
| **09/2024** | $13717 | $11442 | $15039 |
| **10/2024** | $13719 | $11158 | $14958 |
| **11/2024** | $13949 | $11276 | $15130 |
| **12/2024** | $13885 | $11092 | $15066 |
| **01/2025** | $14071 | $11150 | $15271 |
| **02/2025** | $14180 | $11396 | $15374 |
| **03/2025** | $13993 | $11400 | $15217 |
| **04/2025** | $13993 | $11445 | $15214 |
| **05/2025** | $14223 | $11363 | $15469 |
| **06/2025** | $14500 | $11538 | $15754 |
| **07/2025** | $14662 | $11507 | $15825 |
| **08/2025** | $14853 | $11645 | $16023 |
| **09/2025** | $15005 | $11772 | $16153 |
| **10/2025** | $15040 | $11845 | $16179 |
| **11/2025** | $15078 | $11919 | $16272 |
| **12/2025** | $15161 | $11901 | $16365 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 11/30/16** |
| Class N | 9.19% | 3.23% | 4.69% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 1.93% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 8.62% | 4.51% | 5.55% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $78650399 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 363 |
| Portfolio Turnover Rate | 107% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $132006 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ia4638969818249fb1aac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 44.7% |
| Short-Term Investments | 5.2% |
| Media Entertainment | 3.1% |
| Lodging | 3.2% |
| Independent Energy | 4.5% |
| Healthcare | 4.7% |
| Midstream | 5.6% |
| Property & Casualty Insurance | 6.1% |
| Cable Satellite | 10.0% |
| Technology | 12.9% |

---

---

| | |
|:---|:---|
| 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](g333524i206d6529976786d534ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 3.2 |
| Not rated<sup>Footnote Reference^</sup> | 5.5 |
| CCC | 7.2 |
| B | 29.3 |
| BB | 54.0 |
| BBB | 0.8 |

---

---

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

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class N

# LSHNX

# Loomis Sayles High Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### THI99N-1225

# Class Y

# NEHYX

# Loomis Sayles High Income Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles High 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class Y | $73 | 0.70% |

---

---

| | |
|:---|:---|
| 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**

• 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 sector.

• Securitized credit was a contributor to relative return. Outperformance in this space was driven by select holdings in non-agency collateralized mortgage-backed securities.

**Top Detractors from Performance**

• Our minor allocation to investment grade corporate credit was a detractor throughout the year.

• Exposure to bank loans was a detractor, specifically names within the automotive industry.

• 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](g333524i51a1c4835152083a435e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High-Yield Bond Index** |
| **12/2015** | $10000 | $10000 | $10000 |
| **01/2016** | $9718 | $10138 | $9839 |
| **02/2016** | $9728 | $10210 | $9896 |
| **03/2016** | $10221 | $10303 | $10335 |
| **04/2016** | $10636 | $10343 | $10740 |
| **05/2016** | $10686 | $10345 | $10806 |
| **06/2016** | $10816 | $10531 | $10906 |
| **07/2016** | $11082 | $10598 | $11201 |
| **08/2016** | $11317 | $10586 | $11435 |
| **09/2016** | $11395 | $10580 | $11511 |
| **10/2016** | $11395 | $10499 | $11556 |
| **11/2016** | $11345 | $10250 | $11501 |
| **12/2016** | $11504 | $10265 | $11713 |
| **01/2017** | $11695 | $10285 | $11883 |
| **02/2017** | $11877 | $10354 | $12056 |
| **03/2017** | $11902 | $10349 | $12029 |
| **04/2017** | $11971 | $10428 | $12168 |
| **05/2017** | $12059 | $10509 | $12274 |
| **06/2017** | $12100 | $10498 | $12290 |
| **07/2017** | $12223 | $10543 | $12427 |
| **08/2017** | $12267 | $10638 | $12422 |
| **09/2017** | $12361 | $10587 | $12533 |
| **10/2017** | $12358 | $10593 | $12586 |
| **11/2017** | $12385 | $10580 | $12554 |
| **12/2017** | $12401 | $10628 | $12592 |
| **01/2018** | $12535 | $10506 | $12667 |
| **02/2018** | $12350 | $10406 | $12560 |
| **03/2018** | $12342 | $10473 | $12484 |
| **04/2018** | $12390 | $10395 | $12565 |
| **05/2018** | $12330 | $10469 | $12562 |
| **06/2018** | $12351 | $10456 | $12612 |
| **07/2018** | $12499 | $10459 | $12750 |
| **08/2018** | $12499 | $10526 | $12844 |
| **09/2018** | $12568 | $10458 | $12915 |
| **10/2018** | $12365 | $10376 | $12709 |
| **11/2018** | $12302 | $10438 | $12600 |
| **12/2018** | $12004 | $10630 | $12330 |
| **01/2019** | $12545 | $10742 | $12887 |
| **02/2019** | $12721 | $10736 | $13101 |
| **03/2019** | $12869 | $10942 | $13225 |
| **04/2019** | $13054 | $10945 | $13413 |
| **05/2019** | $12863 | $11139 | $13253 |
| **06/2019** | $13164 | $11279 | $13555 |
| **07/2019** | $13198 | $11304 | $13632 |
| **08/2019** | $13131 | $11597 | $13686 |
| **09/2019** | $13145 | $11535 | $13736 |
| **10/2019** | $13200 | $11570 | $13774 |
| **11/2019** | $13223 | $11564 | $13819 |
| **12/2019** | $13507 | $11556 | $14095 |
| **01/2020** | $13524 | $11778 | $14099 |
| **02/2020** | $13261 | $11990 | $13900 |
| **03/2020** | $11594 | $11920 | $12307 |
| **04/2020** | $12102 | $12132 | $12862 |
| **05/2020** | $12694 | $12188 | $13428 |
| **06/2020** | $12914 | $12265 | $13560 |
| **07/2020** | $13562 | $12448 | $14196 |
| **08/2020** | $13692 | $12348 | $14331 |
| **09/2020** | $13525 | $12341 | $14183 |
| **10/2020** | $13585 | $12286 | $14255 |
| **11/2020** | $14305 | $12406 | $14819 |
| **12/2020** | $14613 | $12424 | $15098 |
| **01/2021** | $14586 | $12334 | $15148 |
| **02/2021** | $14666 | $12156 | $15204 |
| **03/2021** | $14689 | $12005 | $15226 |
| **04/2021** | $14871 | $12099 | $15392 |
| **05/2021** | $14899 | $12139 | $15437 |
| **06/2021** | $15093 | $12224 | $15644 |
| **07/2021** | $15114 | $12361 | $15704 |
| **08/2021** | $15204 | $12337 | $15784 |
| **09/2021** | $15156 | $12231 | $15783 |
| **10/2021** | $15039 | $12227 | $15756 |
| **11/2021** | $14816 | $12263 | $15602 |
| **12/2021** | $15074 | $12232 | $15895 |
| **01/2022** | $14632 | $11968 | $15460 |
| **02/2022** | $14435 | $11835 | $15301 |
| **03/2022** | $14287 | $11506 | $15126 |
| **04/2022** | $13668 | $11069 | $14588 |
| **05/2022** | $13660 | $11141 | $14624 |
| **06/2022** | $12576 | $10966 | $13639 |
| **07/2022** | $13363 | $11234 | $14444 |
| **08/2022** | $13067 | $10917 | $14112 |
| **09/2022** | $12510 | $10445 | $13551 |
| **10/2022** | $12832 | $10310 | $13903 |
| **11/2022** | $13124 | $10689 | $14205 |
| **12/2022** | $13043 | $10641 | $14116 |
| **01/2023** | $13588 | $10968 | $14654 |
| **02/2023** | $13322 | $10684 | $14465 |
| **03/2023** | $13354 | $10956 | $14620 |
| **04/2023** | $13386 | $11022 | $14766 |
| **05/2023** | $13165 | $10902 | $14631 |
| **06/2023** | $13441 | $10863 | $14876 |
| **07/2023** | $13713 | $10856 | $15081 |
| **08/2023** | $13719 | $10786 | $15123 |
| **09/2023** | $13521 | $10512 | $14944 |
| **10/2023** | $13173 | $10346 | $14770 |
| **11/2023** | $13737 | $10815 | $15439 |
| **12/2023** | $14363 | $11229 | $16014 |
| **01/2024** | $14281 | $11198 | $16014 |
| **02/2024** | $14364 | $11040 | $16060 |
| **03/2024** | $14497 | $11142 | $16250 |
| **04/2024** | $14300 | $10860 | $16098 |
| **05/2024** | $14467 | $11044 | $16275 |
| **06/2024** | $14594 | $11149 | $16428 |
| **07/2024** | $14849 | $11409 | $16748 |
| **08/2024** | $15097 | $11573 | $17021 |
| **09/2024** | $15476 | $11728 | $17296 |
| **10/2024** | $15477 | $11437 | $17203 |
| **11/2024** | $15737 | $11558 | $17401 |
| **12/2024** | $15663 | $11369 | $17326 |
| **01/2025** | $15873 | $11430 | $17563 |
| **02/2025** | $15995 | $11681 | $17681 |
| **03/2025** | $15784 | $11685 | $17500 |
| **04/2025** | $15783 | $11731 | $17497 |
| **05/2025** | $16043 | $11647 | $17791 |
| **06/2025** | $16354 | $11826 | $18118 |
| **07/2025** | $16492 | $11795 | $18200 |
| **08/2025** | $16752 | $11936 | $18427 |
| **09/2025** | $16923 | $12067 | $18577 |
| **10/2025** | $16963 | $12142 | $18607 |
| **11/2025** | $17005 | $12217 | $18714 |
| **12/2025** | $17098 | $12199 | $18820 |

---

**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** |
| Class Y | 9.16% | 3.19% | 5.51% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 8.62% | 4.51% | 6.53% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $78650399 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 363 |
| Portfolio Turnover Rate | 107% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $132006 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ia4638969818249fb1aac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 44.7% |
| Short-Term Investments | 5.2% |
| Media Entertainment | 3.1% |
| Lodging | 3.2% |
| Independent Energy | 4.5% |
| Healthcare | 4.7% |
| Midstream | 5.6% |
| Property & Casualty Insurance | 6.1% |
| Cable Satellite | 10.0% |
| Technology | 12.9% |

---

---

| | |
|:---|:---|
| 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](g333524i206d6529976786d534ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 3.2 |
| Not rated<sup>Footnote Reference^</sup> | 5.5 |
| CCC | 7.2 |
| B | 29.3 |
| BB | 54.0 |
| BBB | 0.8 |

---

---

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

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class Y

# NEHYX

# Loomis Sayles High Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### THI99Y-1225

# Class A

# LIGGX

# Loomis Sayles International Growth Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles International Growth 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class A | $126 | 1.20% |

---

---

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

---

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

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

**Top Contributors to Performance**

• Shopify, Tencent, MercadoLibre, Roche and Novartis were among the top contributors to performance during the year.

• Stock selection in the communication services and consumer staples sectors as well as our allocation to the information technology sector contributed to relative performance.

**Top Detractors from Performance**

• Novo Nordisk, WiseTech, Sodexo, Block and Doximity were among the top detractors to performance during the year.

• Stock selection in the information technology, financials, healthcare, consumer discretionary and industrials sectors as well as our allocation to the consumer discretionary, financials, healthcare, consumer staples, communication services and industrials sectors detracted from relative performance.

**Investment Activity**

All aspects of our quality-growth-valuation investment thesis must be present simultaneously for us to make an investment. Often our research is completed well in advance of the opportunity to invest. We are patient investors and maintain coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the year we initiated a new position in Ferrari. We added to our existing positions in LVMH, Novo Nordisk, and WiseTech as near-term price weaknesses created attractive reward-to-risk opportunities. We trimmed our positions in Alibaba and Fanuc to finance purchases based on reward-to-risk. We sold the small position in Magnum Ice Cream we recently received via spin-off as a result of our ownership in Unilever.

## 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](g333524ifdfaaeb5825a147cda69.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **MSCI All Country World ex USA Index (Net)** |
| **12/2020** | $10000 | $10000 |
| **12/2020** | $9554 | $10239 |
| **01/2021** | $9667 | $10262 |
| **02/2021** | $9752 | $10465 |
| **03/2021** | $9526 | $10597 |
| **04/2021** | $9801 | $10909 |
| **05/2021** | $9933 | $11250 |
| **06/2021** | $10047 | $11177 |
| **07/2021** | $9386 | $10993 |
| **08/2021** | $9745 | $11202 |
| **09/2021** | $9216 | $10843 |
| **10/2021** | $9396 | $11102 |
| **11/2021** | $8839 | $10602 |
| **12/2021** | $9165 | $11040 |
| **01/2022** | $8638 | $10634 |
| **02/2022** | $8389 | $10423 |
| **03/2022** | $8303 | $10440 |
| **04/2022** | $7652 | $9784 |
| **05/2022** | $7518 | $9854 |
| **06/2022** | $7231 | $9007 |
| **07/2022** | $7681 | $9315 |
| **08/2022** | $7441 | $9015 |
| **09/2022** | $6809 | $8115 |
| **10/2022** | $6733 | $8357 |
| **11/2022** | $7748 | $9344 |
| **12/2022** | $7542 | $9274 |
| **01/2023** | $8427 | $10026 |
| **02/2023** | $8100 | $9674 |
| **03/2023** | $8600 | $9910 |
| **04/2023** | $8571 | $10083 |
| **05/2023** | $8379 | $9716 |
| **06/2023** | $8850 | $10152 |
| **07/2023** | $9245 | $10565 |
| **08/2023** | $8543 | $10087 |
| **09/2023** | $8062 | $9769 |
| **10/2023** | $7629 | $9366 |
| **11/2023** | $8706 | $10209 |
| **12/2023** | $9092 | $10722 |
| **01/2024** | $8870 | $10615 |
| **02/2024** | $9604 | $10884 |
| **03/2024** | $9537 | $11224 |
| **04/2024** | $9094 | $11023 |
| **05/2024** | $9519 | $11343 |
| **06/2024** | $9558 | $11332 |
| **07/2024** | $9567 | $11594 |
| **08/2024** | $10185 | $11925 |
| **09/2024** | $10803 | $12246 |
| **10/2024** | $10301 | $11645 |
| **11/2024** | $10639 | $11539 |
| **12/2024** | $10283 | $11315 |
| **01/2025** | $10894 | $11771 |
| **02/2025** | $10787 | $11934 |
| **03/2025** | $10137 | $11907 |
| **04/2025** | $10385 | $12337 |
| **05/2025** | $10996 | $12902 |
| **06/2025** | $11192 | $13340 |
| **07/2025** | $10877 | $13302 |
| **08/2025** | $11419 | $13764 |
| **09/2025** | $11763 | $14259 |
| **10/2025** | $11704 | $14548 |
| **11/2025** | $11281 | $14544 |
| **12/2025** | $11300 | $14980 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 12/15/20** |
| Class A at NAV | 9.89% | 3.41% | 3.66% |
| Class A with 5.75% MSC<sup>Footnote Reference1</sup> | 3.54% | 2.19% | 2.45% |
| MSCI All Country World ex USA Index (Net) | 32.39% | 7.91% | 8.31% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $31914718 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 37 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $18622 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ib8c9b725dfb192d5e22b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 21.9% |
| Semiconductors & Semiconductor Equipment | 5.7% |
| IT Services | 6.0% |
| Beverages | 6.6% |
| Financial Services | 7.0% |
| Interactive Media & Services | 7.6% |
| Software | 7.6% |
| Automobiles | 7.6% |
| Hotels, Restaurants & Leisure | 8.9% |
| Broadline Retail | 10.2% |
| Pharmaceuticals | 10.9% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Tesla, Inc. | 7.2% |
| MercadoLibre, Inc. | 6.7% |
| Shopify, Inc., Class A | 6.0% |
| Tencent Holdings Ltd. | 5.8% |
| Adyen NV | 5.5% |
| Trip.com Group Ltd., ADR | 5.5% |
| SAP SE | 4.2% |
| Roche Holding AG | 4.2% |
| Novo Nordisk AS, Class B | 3.5% |
| Novartis AG | 3.3% |

---

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

### Country Weightings
![Group By Country Chart](g333524if1bf79c745aa6accf162.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 4.3% |
| Japan | 3.0% |
| Australia | 3.3% |
| Denmark | 3.5% |
| Germany | 4.2% |
| United Kingdom | 4.6% |
| Canada | 6.0% |
| France | 6.4% |
| Netherlands | 8.0% |
| Brazil | 9.1% |
| China | 20.5% |
| United States | 27.1% |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class A

# LIGGX

# Loomis Sayles International Growth Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TLSING99A-1225

# Class C

# LIGCX

# Loomis Sayles International Growth Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles International Growth 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class C | $204 | 1.95% |

---

---

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

---

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

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

**Top Contributors to Performance**

• Shopify, Tencent, MercadoLibre, Roche and Novartis were among the top contributors to performance during the year.

• Stock selection in the communication services and consumer staples sectors as well as our allocation to the information technology sector contributed to relative performance.

**Top Detractors from Performance**

• Novo Nordisk, WiseTech, Sodexo, Block and Doximity were among the top detractors to performance during the year.

• Stock selection in the information technology, financials, healthcare, consumer discretionary and industrials sectors as well as our allocation to the consumer discretionary, financials, healthcare, consumer staples, communication services and industrials sectors detracted from relative performance.

**Investment Activity**

All aspects of our quality-growth-valuation investment thesis must be present simultaneously for us to make an investment. Often our research is completed well in advance of the opportunity to invest. We are patient investors and maintain coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the year we initiated a new position in Ferrari. We added to our existing positions in LVMH, Novo Nordisk, and WiseTech as near-term price weaknesses created attractive reward-to-risk opportunities. We trimmed our positions in Alibaba and Fanuc to finance purchases based on reward-to-risk. We sold the small position in Magnum Ice Cream we recently received via spin-off as a result of our ownership in Unilever.

## 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](g333524ic2f4f545e4f2d241c2c6.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI All Country World ex USA Index (Net)** |
| **12/2020** | $10000 | $10000 |
| **12/2020** | $10133 | $10239 |
| **01/2021** | $10243 | $10262 |
| **02/2021** | $10333 | $10465 |
| **03/2021** | $10083 | $10597 |
| **04/2021** | $10366 | $10909 |
| **05/2021** | $10496 | $11250 |
| **06/2021** | $10606 | $11177 |
| **07/2021** | $9905 | $10993 |
| **08/2021** | $10276 | $11202 |
| **09/2021** | $9715 | $10843 |
| **10/2021** | $9905 | $11102 |
| **11/2021** | $9305 | $10602 |
| **12/2021** | $9648 | $11040 |
| **01/2022** | $9090 | $10634 |
| **02/2022** | $8827 | $10423 |
| **03/2022** | $8725 | $10440 |
| **04/2022** | $8035 | $9784 |
| **05/2022** | $7893 | $9854 |
| **06/2022** | $7579 | $9007 |
| **07/2022** | $8045 | $9315 |
| **08/2022** | $7802 | $9015 |
| **09/2022** | $7132 | $8115 |
| **10/2022** | $7051 | $8357 |
| **11/2022** | $8096 | $9344 |
| **12/2022** | $7883 | $9274 |
| **01/2023** | $8796 | $10026 |
| **02/2023** | $8451 | $9674 |
| **03/2023** | $8969 | $9910 |
| **04/2023** | $8928 | $10083 |
| **05/2023** | $8725 | $9716 |
| **06/2023** | $9212 | $10152 |
| **07/2023** | $9618 | $10565 |
| **08/2023** | $8877 | $10087 |
| **09/2023** | $8370 | $9769 |
| **10/2023** | $7914 | $9366 |
| **11/2023** | $9030 | $10209 |
| **12/2023** | $9425 | $10722 |
| **01/2024** | $9192 | $10615 |
| **02/2024** | $9943 | $10884 |
| **03/2024** | $9861 | $11224 |
| **04/2024** | $9397 | $11023 |
| **05/2024** | $9843 | $11343 |
| **06/2024** | $9864 | $11332 |
| **07/2024** | $9874 | $11594 |
| **08/2024** | $10503 | $11925 |
| **09/2024** | $11122 | $12246 |
| **10/2024** | $10614 | $11645 |
| **11/2024** | $10939 | $11539 |
| **12/2024** | $10574 | $11315 |
| **01/2025** | $11193 | $11771 |
| **02/2025** | $11071 | $11934 |
| **03/2025** | $10401 | $11907 |
| **04/2025** | $10651 | $12337 |
| **05/2025** | $11279 | $12902 |
| **06/2025** | $11465 | $13340 |
| **07/2025** | $11135 | $13302 |
| **08/2025** | $11681 | $13764 |
| **09/2025** | $12021 | $14259 |
| **10/2025** | $11959 | $14548 |
| **11/2025** | $11516 | $14544 |
| **12/2025** | $11526 | $14980 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 12/15/20** |
| Class C at NAV | 9.01% | 2.61% | 2.86% |
| Class C with 1.00% CDSC<sup>Footnote Reference1</sup> | 8.01% | 2.61% | 2.86% |
| MSCI All Country World ex USA Index (Net) | 32.39% | 7.91% | 8.31% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $31914718 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 37 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $18622 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ib8c9b725dfb192d5e22b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 21.9% |
| Semiconductors & Semiconductor Equipment | 5.7% |
| IT Services | 6.0% |
| Beverages | 6.6% |
| Financial Services | 7.0% |
| Interactive Media & Services | 7.6% |
| Software | 7.6% |
| Automobiles | 7.6% |
| Hotels, Restaurants & Leisure | 8.9% |
| Broadline Retail | 10.2% |
| Pharmaceuticals | 10.9% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Tesla, Inc. | 7.2% |
| MercadoLibre, Inc. | 6.7% |
| Shopify, Inc., Class A | 6.0% |
| Tencent Holdings Ltd. | 5.8% |
| Adyen NV | 5.5% |
| Trip.com Group Ltd., ADR | 5.5% |
| SAP SE | 4.2% |
| Roche Holding AG | 4.2% |
| Novo Nordisk AS, Class B | 3.5% |
| Novartis AG | 3.3% |

---

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

### Country Weightings
![Group By Country Chart](g333524if1bf79c745aa6accf162.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 4.3% |
| Japan | 3.0% |
| Australia | 3.3% |
| Denmark | 3.5% |
| Germany | 4.2% |
| United Kingdom | 4.6% |
| Canada | 6.0% |
| France | 6.4% |
| Netherlands | 8.0% |
| Brazil | 9.1% |
| China | 20.5% |
| United States | 27.1% |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class C

# LIGCX

# Loomis Sayles International Growth Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TLSING99C-1225

# Class N

# LIGNX

# Loomis Sayles International Growth Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles International Growth 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $95 | 0.90% |

---

---

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

---

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

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

**Top Contributors to Performance**

• Shopify, Tencent, MercadoLibre, Roche and Novartis were among the top contributors to performance during the year.

• Stock selection in the communication services and consumer staples sectors as well as our allocation to the information technology sector contributed to relative performance.

**Top Detractors from Performance**

• Novo Nordisk, WiseTech, Sodexo, Block and Doximity were among the top detractors to performance during the year.

• Stock selection in the information technology, financials, healthcare, consumer discretionary and industrials sectors as well as our allocation to the consumer discretionary, financials, healthcare, consumer staples, communication services and industrials sectors detracted from relative performance.

**Investment Activity**

All aspects of our quality-growth-valuation investment thesis must be present simultaneously for us to make an investment. Often our research is completed well in advance of the opportunity to invest. We are patient investors and maintain coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the year we initiated a new position in Ferrari. We added to our existing positions in LVMH, Novo Nordisk, and WiseTech as near-term price weaknesses created attractive reward-to-risk opportunities. We trimmed our positions in Alibaba and Fanuc to finance purchases based on reward-to-risk. We sold the small position in Magnum Ice Cream we recently received via spin-off as a result of our ownership in Unilever.

## 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](g333524i87e1d26369414f7b7bab.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **MSCI All Country World ex USA Index (Net)** |
| **12/2020** | $10000 | $10000 |
| **12/2020** | $10138 | $10239 |
| **01/2021** | $10258 | $10262 |
| **02/2021** | $10348 | $10465 |
| **03/2021** | $10108 | $10597 |
| **04/2021** | $10411 | $10909 |
| **05/2021** | $10551 | $11250 |
| **06/2021** | $10671 | $11177 |
| **07/2021** | $9970 | $10993 |
| **08/2021** | $10361 | $11202 |
| **09/2021** | $9800 | $10843 |
| **10/2021** | $10000 | $11102 |
| **11/2021** | $9400 | $10602 |
| **12/2021** | $9756 | $11040 |
| **01/2022** | $9196 | $10634 |
| **02/2022** | $8941 | $10423 |
| **03/2022** | $8849 | $10440 |
| **04/2022** | $8157 | $9784 |
| **05/2022** | $8014 | $9854 |
| **06/2022** | $7699 | $9007 |
| **07/2022** | $8188 | $9315 |
| **08/2022** | $7943 | $9015 |
| **09/2022** | $7261 | $8115 |
| **10/2022** | $7190 | $8357 |
| **11/2022** | $8269 | $9344 |
| **12/2022** | $8052 | $9274 |
| **01/2023** | $8996 | $10026 |
| **02/2023** | $8647 | $9674 |
| **03/2023** | $9190 | $9910 |
| **04/2023** | $9149 | $10083 |
| **05/2023** | $8955 | $9716 |
| **06/2023** | $9457 | $10152 |
| **07/2023** | $9888 | $10565 |
| **08/2023** | $9139 | $10087 |
| **09/2023** | $8616 | $9769 |
| **10/2023** | $8165 | $9366 |
| **11/2023** | $9324 | $10209 |
| **12/2023** | $9742 | $10722 |
| **01/2024** | $9494 | $10615 |
| **02/2024** | $10289 | $10884 |
| **03/2024** | $10206 | $11224 |
| **04/2024** | $9744 | $11023 |
| **05/2024** | $10209 | $11343 |
| **06/2024** | $10240 | $11332 |
| **07/2024** | $10260 | $11594 |
| **08/2024** | $10921 | $11925 |
| **09/2024** | $11581 | $12246 |
| **10/2024** | $11055 | $11645 |
| **11/2024** | $11416 | $11539 |
| **12/2024** | $11044 | $11315 |
| **01/2025** | $11709 | $11771 |
| **02/2025** | $11584 | $11934 |
| **03/2025** | $10888 | $11907 |
| **04/2025** | $11164 | $12337 |
| **05/2025** | $11828 | $12902 |
| **06/2025** | $12039 | $13340 |
| **07/2025** | $11702 | $13302 |
| **08/2025** | $12292 | $13764 |
| **09/2025** | $12661 | $14259 |
| **10/2025** | $12598 | $14548 |
| **11/2025** | $12145 | $14544 |
| **12/2025** | $12164 | $14980 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 12/15/20** |
| Class N | 10.15% | 3.71% | 3.96% |
| MSCI All Country World ex USA Index (Net) | 32.39% | 7.91% | 8.31% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $31914718 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 37 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $18622 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ib8c9b725dfb192d5e22b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 21.9% |
| Semiconductors & Semiconductor Equipment | 5.7% |
| IT Services | 6.0% |
| Beverages | 6.6% |
| Financial Services | 7.0% |
| Interactive Media & Services | 7.6% |
| Software | 7.6% |
| Automobiles | 7.6% |
| Hotels, Restaurants & Leisure | 8.9% |
| Broadline Retail | 10.2% |
| Pharmaceuticals | 10.9% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Tesla, Inc. | 7.2% |
| MercadoLibre, Inc. | 6.7% |
| Shopify, Inc., Class A | 6.0% |
| Tencent Holdings Ltd. | 5.8% |
| Adyen NV | 5.5% |
| Trip.com Group Ltd., ADR | 5.5% |
| SAP SE | 4.2% |
| Roche Holding AG | 4.2% |
| Novo Nordisk AS, Class B | 3.5% |
| Novartis AG | 3.3% |

---

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

### Country Weightings
![Group By Country Chart](g333524if1bf79c745aa6accf162.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 4.3% |
| Japan | 3.0% |
| Australia | 3.3% |
| Denmark | 3.5% |
| Germany | 4.2% |
| United Kingdom | 4.6% |
| Canada | 6.0% |
| France | 6.4% |
| Netherlands | 8.0% |
| Brazil | 9.1% |
| China | 20.5% |
| United States | 27.1% |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class N

# LIGNX

# Loomis Sayles International Growth Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TLSING99N-1225

# Class Y

# LIGYX

# Loomis Sayles International Growth Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles International Growth 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class Y | $100 | 0.95% |

---

---

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

---

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

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

**Top Contributors to Performance**

• Shopify, Tencent, MercadoLibre, Roche and Novartis were among the top contributors to performance during the year.

• Stock selection in the communication services and consumer staples sectors as well as our allocation to the information technology sector contributed to relative performance.

**Top Detractors from Performance**

• Novo Nordisk, WiseTech, Sodexo, Block and Doximity were among the top detractors to performance during the year.

• Stock selection in the information technology, financials, healthcare, consumer discretionary and industrials sectors as well as our allocation to the consumer discretionary, financials, healthcare, consumer staples, communication services and industrials sectors detracted from relative performance.

**Investment Activity**

All aspects of our quality-growth-valuation investment thesis must be present simultaneously for us to make an investment. Often our research is completed well in advance of the opportunity to invest. We are patient investors and maintain coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the year we initiated a new position in Ferrari. We added to our existing positions in LVMH, Novo Nordisk, and WiseTech as near-term price weaknesses created attractive reward-to-risk opportunities. We trimmed our positions in Alibaba and Fanuc to finance purchases based on reward-to-risk. We sold the small position in Magnum Ice Cream we recently received via spin-off as a result of our ownership in Unilever.

## 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](g333524i32fd701a82b01de573ca.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **MSCI All Country World ex USA Index (Net)** |
| **12/2020** | $10000 | $10000 |
| **12/2020** | $10138 | $10239 |
| **01/2021** | $10258 | $10262 |
| **02/2021** | $10358 | $10465 |
| **03/2021** | $10108 | $10597 |
| **04/2021** | $10410 | $10909 |
| **05/2021** | $10551 | $11250 |
| **06/2021** | $10671 | $11177 |
| **07/2021** | $9970 | $10993 |
| **08/2021** | $10350 | $11202 |
| **09/2021** | $9790 | $10843 |
| **10/2021** | $10000 | $11102 |
| **11/2021** | $9399 | $10602 |
| **12/2021** | $9752 | $11040 |
| **01/2022** | $9192 | $10634 |
| **02/2022** | $8937 | $10423 |
| **03/2022** | $8846 | $10440 |
| **04/2022** | $8154 | $9784 |
| **05/2022** | $8011 | $9854 |
| **06/2022** | $7695 | $9007 |
| **07/2022** | $8184 | $9315 |
| **08/2022** | $7930 | $9015 |
| **09/2022** | $7258 | $8115 |
| **10/2022** | $7176 | $8357 |
| **11/2022** | $8255 | $9344 |
| **12/2022** | $8045 | $9274 |
| **01/2023** | $8988 | $10026 |
| **02/2023** | $8640 | $9674 |
| **03/2023** | $9173 | $9910 |
| **04/2023** | $9142 | $10083 |
| **05/2023** | $8947 | $9716 |
| **06/2023** | $9449 | $10152 |
| **07/2023** | $9880 | $10565 |
| **08/2023** | $9121 | $10087 |
| **09/2023** | $8609 | $9769 |
| **10/2023** | $8148 | $9366 |
| **11/2023** | $9306 | $10209 |
| **12/2023** | $9719 | $10722 |
| **01/2024** | $9482 | $10615 |
| **02/2024** | $10276 | $10884 |
| **03/2024** | $10194 | $11224 |
| **04/2024** | $9732 | $11023 |
| **05/2024** | $10196 | $11343 |
| **06/2024** | $10227 | $11332 |
| **07/2024** | $10237 | $11594 |
| **08/2024** | $10907 | $11925 |
| **09/2024** | $11567 | $12246 |
| **10/2024** | $11041 | $11645 |
| **11/2024** | $11391 | $11539 |
| **12/2024** | $11026 | $11315 |
| **01/2025** | $11680 | $11771 |
| **02/2025** | $11555 | $11934 |
| **03/2025** | $10871 | $11907 |
| **04/2025** | $11136 | $12337 |
| **05/2025** | $11799 | $12902 |
| **06/2025** | $12010 | $13340 |
| **07/2025** | $11673 | $13302 |
| **08/2025** | $12262 | $13764 |
| **09/2025** | $12631 | $14259 |
| **10/2025** | $12568 | $14548 |
| **11/2025** | $12115 | $14544 |
| **12/2025** | $12139 | $14980 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 12/15/20** |
| Class Y | 10.09% | 3.67% | 3.92% |
| MSCI All Country World ex USA Index (Net) | 32.39% | 7.91% | 8.31% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $31914718 |
| # of Portfolio Holdings (including overnight repurchase agreements) | 37 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $18622 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ib8c9b725dfb192d5e22b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 21.9% |
| Semiconductors & Semiconductor Equipment | 5.7% |
| IT Services | 6.0% |
| Beverages | 6.6% |
| Financial Services | 7.0% |
| Interactive Media & Services | 7.6% |
| Software | 7.6% |
| Automobiles | 7.6% |
| Hotels, Restaurants & Leisure | 8.9% |
| Broadline Retail | 10.2% |
| Pharmaceuticals | 10.9% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Tesla, Inc. | 7.2% |
| MercadoLibre, Inc. | 6.7% |
| Shopify, Inc., Class A | 6.0% |
| Tencent Holdings Ltd. | 5.8% |
| Adyen NV | 5.5% |
| Trip.com Group Ltd., ADR | 5.5% |
| SAP SE | 4.2% |
| Roche Holding AG | 4.2% |
| Novo Nordisk AS, Class B | 3.5% |
| Novartis AG | 3.3% |

---

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

### Country Weightings
![Group By Country Chart](g333524if1bf79c745aa6accf162.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 4.3% |
| Japan | 3.0% |
| Australia | 3.3% |
| Denmark | 3.5% |
| Germany | 4.2% |
| United Kingdom | 4.6% |
| Canada | 6.0% |
| France | 6.4% |
| Netherlands | 8.0% |
| Brazil | 9.1% |
| China | 20.5% |
| United States | 27.1% |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class Y

# LIGYX

# Loomis Sayles International Growth Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TLSING99Y-1225

# Class A

# LIGRX

# Loomis Sayles Investment Grade Bond Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Investment Grade Bond 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class A | $77 | 0.74% |

---

---

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

---

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

• Our overweight exposure along with selection to investment grade corporate credits was a contributor, as select names in energy were beneficial.

• An allocation 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.

**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](g333524i5318d64d60328af2c9ff.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $9576 | $10000 |
| **01/2016** | $9492 | $10138 |
| **02/2016** | $9557 | $10210 |
| **03/2016** | $9920 | $10303 |
| **04/2016** | $10086 | $10343 |
| **05/2016** | $9968 | $10345 |
| **06/2016** | $10146 | $10531 |
| **07/2016** | $10299 | $10598 |
| **08/2016** | $10365 | $10586 |
| **09/2016** | $10376 | $10580 |
| **10/2016** | $10292 | $10499 |
| **11/2016** | $10118 | $10250 |
| **12/2016** | $10149 | $10265 |
| **01/2017** | $10310 | $10285 |
| **02/2017** | $10373 | $10354 |
| **03/2017** | $10390 | $10349 |
| **04/2017** | $10423 | $10428 |
| **05/2017** | $10506 | $10509 |
| **06/2017** | $10615 | $10498 |
| **07/2017** | $10757 | $10543 |
| **08/2017** | $10765 | $10638 |
| **09/2017** | $10779 | $10587 |
| **10/2017** | $10745 | $10593 |
| **11/2017** | $10748 | $10580 |
| **12/2017** | $10798 | $10628 |
| **01/2018** | $10859 | $10506 |
| **02/2018** | $10760 | $10406 |
| **03/2018** | $10799 | $10473 |
| **04/2018** | $10771 | $10395 |
| **05/2018** | $10735 | $10469 |
| **06/2018** | $10702 | $10456 |
| **07/2018** | $10770 | $10459 |
| **08/2018** | $10770 | $10526 |
| **09/2018** | $10800 | $10458 |
| **10/2018** | $10675 | $10376 |
| **11/2018** | $10670 | $10438 |
| **12/2018** | $10729 | $10630 |
| **01/2019** | $10886 | $10742 |
| **02/2019** | $10922 | $10736 |
| **03/2019** | $11082 | $10942 |
| **04/2019** | $11123 | $10945 |
| **05/2019** | $11233 | $11139 |
| **06/2019** | $11393 | $11279 |
| **07/2019** | $11426 | $11304 |
| **08/2019** | $11678 | $11597 |
| **09/2019** | $11624 | $11535 |
| **10/2019** | $11645 | $11570 |
| **11/2019** | $11643 | $11564 |
| **12/2019** | $11671 | $11556 |
| **01/2020** | $11902 | $11778 |
| **02/2020** | $12052 | $11990 |
| **03/2020** | $11340 | $11920 |
| **04/2020** | $11829 | $12132 |
| **05/2020** | $12082 | $12188 |
| **06/2020** | $12309 | $12265 |
| **07/2020** | $12603 | $12448 |
| **08/2020** | $12556 | $12348 |
| **09/2020** | $12550 | $12341 |
| **10/2020** | $12557 | $12286 |
| **11/2020** | $12859 | $12406 |
| **12/2020** | $13002 | $12424 |
| **01/2021** | $12946 | $12334 |
| **02/2021** | $12879 | $12156 |
| **03/2021** | $12791 | $12005 |
| **04/2021** | $12871 | $12099 |
| **05/2021** | $12920 | $12139 |
| **06/2021** | $13012 | $12224 |
| **07/2021** | $13083 | $12361 |
| **08/2021** | $13095 | $12337 |
| **09/2021** | $13051 | $12231 |
| **10/2021** | $13040 | $12227 |
| **11/2021** | $12971 | $12263 |
| **12/2021** | $13011 | $12232 |
| **01/2022** | $12754 | $11968 |
| **02/2022** | $12590 | $11835 |
| **03/2022** | $12343 | $11506 |
| **04/2022** | $11948 | $11069 |
| **05/2022** | $11961 | $11141 |
| **06/2022** | $11685 | $10966 |
| **07/2022** | $11935 | $11234 |
| **08/2022** | $11728 | $10917 |
| **09/2022** | $11283 | $10445 |
| **10/2022** | $11170 | $10310 |
| **11/2022** | $11534 | $10689 |
| **12/2022** | $11499 | $10641 |
| **01/2023** | $11872 | $10968 |
| **02/2023** | $11580 | $10684 |
| **03/2023** | $11873 | $10956 |
| **04/2023** | $11944 | $11022 |
| **05/2023** | $11802 | $10902 |
| **06/2023** | $11783 | $10863 |
| **07/2023** | $11824 | $10856 |
| **08/2023** | $11772 | $10786 |
| **09/2023** | $11506 | $10512 |
| **10/2023** | $11316 | $10346 |
| **11/2023** | $11856 | $10815 |
| **12/2023** | $12343 | $11229 |
| **01/2024** | $12373 | $11198 |
| **02/2024** | $12214 | $11040 |
| **03/2024** | $12349 | $11142 |
| **04/2024** | $12079 | $10860 |
| **05/2024** | $12275 | $11044 |
| **06/2024** | $12398 | $11149 |
| **07/2024** | $12664 | $11409 |
| **08/2024** | $12862 | $11573 |
| **09/2024** | $13038 | $11728 |
| **10/2024** | $12715 | $11437 |
| **11/2024** | $12854 | $11558 |
| **12/2024** | $12644 | $11369 |
| **01/2025** | $12716 | $11430 |
| **02/2025** | $12969 | $11681 |
| **03/2025** | $12928 | $11685 |
| **04/2025** | $12926 | $11731 |
| **05/2025** | $12896 | $11647 |
| **06/2025** | $13117 | $11826 |
| **07/2025** | $13116 | $11795 |
| **08/2025** | $13246 | $11936 |
| **09/2025** | $13390 | $12067 |
| **10/2025** | $13445 | $12142 |
| **11/2025** | $13524 | $12217 |
| **12/2025** | $13504 | $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 1/30/02** |
| Class A at NAV | 6.80% | 0.76% | 3.50% | 5.82% |
| Class A with 4.25% MSC<sup>Footnote Reference1</sup> | 2.28% | (0.12%) | 3.05% | 5.66% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $17081499025 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 1082 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $54768110 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ia56ca11b004c11301b67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 42.3% |
| Aerospace & Defense | 3.4% |
| Finance Companies | 3.4% |
| Midstream | 3.8% |
| ABS Car Loan | 4.7% |
| Banking | 4.9% |
| Collateralized Loan Obligations | 5.0% |
| ABS Other | 7.6% |
| Technology | 7.9% |
| Treasuries | 17.0% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g333524ib8a4bf2b1b0d6f85f0cf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.6 |
| US Treasury | 17.3 |
| Not rated<sup>Footnote Reference^</sup> | 19.7 |
| CCC | 0.3 |
| B | 1.5 |
| BB | 6.0 |
| BBB | 40.2 |
| A | 9.3 |
| AA | 1.7 |
| AAA | 2.4 |

---

---

| | |
|:---|:---|
| 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.

**Fees:** Effective January 1, 2026, the advisory fee rate as a percentage of average daily net assets will be 0.38% on the first $15 billion of assets, and 0.35% thereafter.

**Fees:** Prior to January 1, 2026 (effective July 1, 2025), the advisory fee rate as a percentage of average daily net assets was 0.40% on the first $15 billion of assets, and 0.35% thereafter.

**Expenses:** Effective July 1, 2025, the expense limit as a percentage of average daily net assets was reduced to 0.73% from 0.74%.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class A

# LIGRX

# Loomis Sayles Investment Grade Bond Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TIG99A-1225

# Class C

# LGBCX

# Loomis Sayles Investment Grade Bond Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Investment Grade Bond 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class C | $152 | 1.48% |

---

---

| | |
|:---|:---|
| 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**

• Our overweight exposure along with selection to investment grade corporate credits was a contributor, as select names in energy were beneficial.

• An allocation 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.

**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](g333524i8de85e0b7a0104bb92e4.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9915 | $10138 |
| **02/2016** | $9978 | $10210 |
| **03/2016** | $10335 | $10303 |
| **04/2016** | $10503 | $10343 |
| **05/2016** | $10383 | $10345 |
| **06/2016** | $10563 | $10531 |
| **07/2016** | $10707 | $10598 |
| **08/2016** | $10770 | $10586 |
| **09/2016** | $10775 | $10580 |
| **10/2016** | $10680 | $10499 |
| **11/2016** | $10490 | $10250 |
| **12/2016** | $10515 | $10265 |
| **01/2017** | $10686 | $10285 |
| **02/2017** | $10747 | $10354 |
| **03/2017** | $10748 | $10349 |
| **04/2017** | $10776 | $10428 |
| **05/2017** | $10855 | $10509 |
| **06/2017** | $10962 | $10498 |
| **07/2017** | $11103 | $10543 |
| **08/2017** | $11104 | $10638 |
| **09/2017** | $11112 | $10587 |
| **10/2017** | $11070 | $10593 |
| **11/2017** | $11065 | $10580 |
| **12/2017** | $11109 | $10628 |
| **01/2018** | $11166 | $10506 |
| **02/2018** | $11056 | $10406 |
| **03/2018** | $11090 | $10473 |
| **04/2018** | $11054 | $10395 |
| **05/2018** | $11010 | $10469 |
| **06/2018** | $10979 | $10456 |
| **07/2018** | $11042 | $10459 |
| **08/2018** | $11022 | $10526 |
| **09/2018** | $11052 | $10458 |
| **10/2018** | $10915 | $10376 |
| **11/2018** | $10903 | $10438 |
| **12/2018** | $10957 | $10630 |
| **01/2019** | $11102 | $10742 |
| **02/2019** | $11133 | $10736 |
| **03/2019** | $11301 | $10942 |
| **04/2019** | $11325 | $10945 |
| **05/2019** | $11431 | $11139 |
| **06/2019** | $11588 | $11279 |
| **07/2019** | $11615 | $11304 |
| **08/2019** | $11867 | $11597 |
| **09/2019** | $11804 | $11535 |
| **10/2019** | $11817 | $11570 |
| **11/2019** | $11808 | $11564 |
| **12/2019** | $11828 | $11556 |
| **01/2020** | $12048 | $11778 |
| **02/2020** | $12205 | $11990 |
| **03/2020** | $11468 | $11920 |
| **04/2020** | $11951 | $12132 |
| **05/2020** | $12201 | $12188 |
| **06/2020** | $12426 | $12265 |
| **07/2020** | $12718 | $12448 |
| **08/2020** | $12661 | $12348 |
| **09/2020** | $12647 | $12341 |
| **10/2020** | $12647 | $12286 |
| **11/2020** | $12946 | $12406 |
| **12/2020** | $13082 | $12424 |
| **01/2021** | $13018 | $12334 |
| **02/2021** | $12943 | $12156 |
| **03/2021** | $12845 | $12005 |
| **04/2021** | $12918 | $12099 |
| **05/2021** | $12958 | $12139 |
| **06/2021** | $13043 | $12224 |
| **07/2021** | $13095 | $12361 |
| **08/2021** | $13110 | $12337 |
| **09/2021** | $13057 | $12231 |
| **10/2021** | $13026 | $12227 |
| **11/2021** | $12960 | $12263 |
| **12/2021** | $12991 | $12232 |
| **01/2022** | $12724 | $11968 |
| **02/2022** | $12550 | $11835 |
| **03/2022** | $12294 | $11506 |
| **04/2022** | $11899 | $11069 |
| **05/2022** | $11905 | $11141 |
| **06/2022** | $11619 | $10966 |
| **07/2022** | $11863 | $11234 |
| **08/2022** | $11647 | $10917 |
| **09/2022** | $11204 | $10445 |
| **10/2022** | $11071 | $10310 |
| **11/2022** | $11430 | $10689 |
| **12/2022** | $11399 | $10641 |
| **01/2023** | $11756 | $10968 |
| **02/2023** | $11468 | $10684 |
| **03/2023** | $11742 | $10956 |
| **04/2023** | $11806 | $11022 |
| **05/2023** | $11657 | $10902 |
| **06/2023** | $11643 | $10863 |
| **07/2023** | $11664 | $10856 |
| **08/2023** | $11605 | $10786 |
| **09/2023** | $11332 | $10512 |
| **10/2023** | $11147 | $10346 |
| **11/2023** | $11667 | $10815 |
| **12/2023** | $12132 | $11229 |
| **01/2024** | $12160 | $11198 |
| **02/2024** | $12004 | $11040 |
| **03/2024** | $12137 | $11142 |
| **04/2024** | $11872 | $10860 |
| **05/2024** | $12065 | $11044 |
| **06/2024** | $12185 | $11149 |
| **07/2024** | $12447 | $11409 |
| **08/2024** | $12642 | $11573 |
| **09/2024** | $12815 | $11728 |
| **10/2024** | $12496 | $11437 |
| **11/2024** | $12634 | $11558 |
| **12/2024** | $12427 | $11369 |
| **01/2025** | $12497 | $11430 |
| **02/2025** | $12747 | $11681 |
| **03/2025** | $12707 | $11685 |
| **04/2025** | $12704 | $11731 |
| **05/2025** | $12675 | $11647 |
| **06/2025** | $12892 | $11826 |
| **07/2025** | $12891 | $11795 |
| **08/2025** | $13019 | $11936 |
| **09/2025** | $13160 | $12067 |
| **10/2025** | $13214 | $12142 |
| **11/2025** | $13292 | $12217 |
| **12/2025** | $13272 | $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 9/15/03** |
| Class C at NAV | 6.01% | 0.00% | 2.87% | 5.56% |
| Class C with 1.00% CDSC<sup>Footnote Reference1</sup> | 5.01% | 0.00% | 2.87% | 5.56% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $17081499025 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 1082 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $54768110 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ia56ca11b004c11301b67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 42.3% |
| Aerospace & Defense | 3.4% |
| Finance Companies | 3.4% |
| Midstream | 3.8% |
| ABS Car Loan | 4.7% |
| Banking | 4.9% |
| Collateralized Loan Obligations | 5.0% |
| ABS Other | 7.6% |
| Technology | 7.9% |
| Treasuries | 17.0% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g333524ib8a4bf2b1b0d6f85f0cf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.6 |
| US Treasury | 17.3 |
| Not rated<sup>Footnote Reference^</sup> | 19.7 |
| CCC | 0.3 |
| B | 1.5 |
| BB | 6.0 |
| BBB | 40.2 |
| A | 9.3 |
| AA | 1.7 |
| AAA | 2.4 |

---

---

| | |
|:---|:---|
| 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.

**Fees:** Effective January 1, 2026, the advisory fee rate as a percentage of average daily net assets will be 0.38% on the first $15 billion of assets, and 0.35% thereafter.

**Fees:** Prior to January 1, 2026 (effective July 1, 2025), the advisory fee rate as a percentage of average daily net assets was 0.40% on the first $15 billion of assets, and 0.35% thereafter.

**Expenses:** Effective July 1, 2025, the expense limit as a percentage of average daily net assets was reduced to 1.48% from 1.49%.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class C

# LGBCX

# Loomis Sayles Investment Grade Bond Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TIG99C-1225

# Class N

# LGBNX

# Loomis Sayles Investment Grade Bond Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Investment Grade Bond 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $45 | 0.43% |

---

---

| | |
|:---|:---|
| 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**

• Our overweight exposure along with selection to investment grade corporate credits was a contributor, as select names in energy were beneficial.

• An allocation 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.

**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](g333524ie4ae0eb433cbbced69af.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9915 | $10138 |
| **02/2016** | $9987 | $10210 |
| **03/2016** | $10360 | $10303 |
| **04/2016** | $10546 | $10343 |
| **05/2016** | $10426 | $10345 |
| **06/2016** | $10615 | $10531 |
| **07/2016** | $10778 | $10598 |
| **08/2016** | $10851 | $10586 |
| **09/2016** | $10856 | $10580 |
| **10/2016** | $10782 | $10499 |
| **11/2016** | $10593 | $10250 |
| **12/2016** | $10630 | $10265 |
| **01/2017** | $10811 | $10285 |
| **02/2017** | $10880 | $10354 |
| **03/2017** | $10901 | $10349 |
| **04/2017** | $10939 | $10428 |
| **05/2017** | $11029 | $10509 |
| **06/2017** | $11147 | $10498 |
| **07/2017** | $11299 | $10543 |
| **08/2017** | $11311 | $10638 |
| **09/2017** | $11328 | $10587 |
| **10/2017** | $11296 | $10593 |
| **11/2017** | $11302 | $10580 |
| **12/2017** | $11358 | $10628 |
| **01/2018** | $11426 | $10506 |
| **02/2018** | $11324 | $10406 |
| **03/2018** | $11368 | $10473 |
| **04/2018** | $11342 | $10395 |
| **05/2018** | $11297 | $10469 |
| **06/2018** | $11276 | $10456 |
| **07/2018** | $11350 | $10459 |
| **08/2018** | $11354 | $10526 |
| **09/2018** | $11385 | $10458 |
| **10/2018** | $11256 | $10376 |
| **11/2018** | $11253 | $10438 |
| **12/2018** | $11319 | $10630 |
| **01/2019** | $11488 | $10742 |
| **02/2019** | $11528 | $10736 |
| **03/2019** | $11700 | $10942 |
| **04/2019** | $11746 | $10945 |
| **05/2019** | $11865 | $11139 |
| **06/2019** | $12037 | $11279 |
| **07/2019** | $12075 | $11304 |
| **08/2019** | $12344 | $11597 |
| **09/2019** | $12291 | $11535 |
| **10/2019** | $12327 | $11570 |
| **11/2019** | $12317 | $11564 |
| **12/2019** | $12349 | $11556 |
| **01/2020** | $12597 | $11778 |
| **02/2020** | $12759 | $11990 |
| **03/2020** | $12008 | $11920 |
| **04/2020** | $12529 | $12132 |
| **05/2020** | $12800 | $12188 |
| **06/2020** | $13044 | $12265 |
| **07/2020** | $13359 | $12448 |
| **08/2020** | $13312 | $12348 |
| **09/2020** | $13309 | $12341 |
| **10/2020** | $13320 | $12286 |
| **11/2020** | $13643 | $12406 |
| **12/2020** | $13800 | $12424 |
| **01/2021** | $13743 | $12334 |
| **02/2021** | $13687 | $12156 |
| **03/2021** | $13584 | $12005 |
| **04/2021** | $13673 | $12099 |
| **05/2021** | $13728 | $12139 |
| **06/2021** | $13830 | $12224 |
| **07/2021** | $13909 | $12361 |
| **08/2021** | $13938 | $12337 |
| **09/2021** | $13882 | $12231 |
| **10/2021** | $13874 | $12227 |
| **11/2021** | $13817 | $12263 |
| **12/2021** | $13851 | $12232 |
| **01/2022** | $13580 | $11968 |
| **02/2022** | $13408 | $11835 |
| **03/2022** | $13149 | $11506 |
| **04/2022** | $12731 | $11069 |
| **05/2022** | $12749 | $11141 |
| **06/2022** | $12458 | $10966 |
| **07/2022** | $12727 | $11234 |
| **08/2022** | $12510 | $10917 |
| **09/2022** | $12039 | $10445 |
| **10/2022** | $11921 | $10310 |
| **11/2022** | $12313 | $10689 |
| **12/2022** | $12291 | $10641 |
| **01/2023** | $12692 | $10968 |
| **02/2023** | $12371 | $10684 |
| **03/2023** | $12687 | $10956 |
| **04/2023** | $12766 | $11022 |
| **05/2023** | $12617 | $10902 |
| **06/2023** | $12600 | $10863 |
| **07/2023** | $12647 | $10856 |
| **08/2023** | $12595 | $10786 |
| **09/2023** | $12314 | $10512 |
| **10/2023** | $12113 | $10346 |
| **11/2023** | $12694 | $10815 |
| **12/2023** | $13219 | $11229 |
| **01/2024** | $13254 | $11198 |
| **02/2024** | $13087 | $11040 |
| **03/2024** | $13235 | $11142 |
| **04/2024** | $12949 | $10860 |
| **05/2024** | $13162 | $11044 |
| **06/2024** | $13297 | $11149 |
| **07/2024** | $13586 | $11409 |
| **08/2024** | $13802 | $11573 |
| **09/2024** | $13995 | $11728 |
| **10/2024** | $13664 | $11437 |
| **11/2024** | $13804 | $11558 |
| **12/2024** | $13582 | $11369 |
| **01/2025** | $13663 | $11430 |
| **02/2025** | $13939 | $11681 |
| **03/2025** | $13898 | $11685 |
| **04/2025** | $13898 | $11731 |
| **05/2025** | $13870 | $11647 |
| **06/2025** | $14111 | $11826 |
| **07/2025** | $14114 | $11795 |
| **08/2025** | $14257 | $11936 |
| **09/2025** | $14416 | $12067 |
| **10/2025** | $14478 | $12142 |
| **11/2025** | $14567 | $12217 |
| **12/2025** | $14550 | $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 | 7.12% | 1.06% | 3.82% | 3.00% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $17081499025 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 1082 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $54768110 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ia56ca11b004c11301b67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 42.3% |
| Aerospace & Defense | 3.4% |
| Finance Companies | 3.4% |
| Midstream | 3.8% |
| ABS Car Loan | 4.7% |
| Banking | 4.9% |
| Collateralized Loan Obligations | 5.0% |
| ABS Other | 7.6% |
| Technology | 7.9% |
| Treasuries | 17.0% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g333524ib8a4bf2b1b0d6f85f0cf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.6 |
| US Treasury | 17.3 |
| Not rated<sup>Footnote Reference^</sup> | 19.7 |
| CCC | 0.3 |
| B | 1.5 |
| BB | 6.0 |
| BBB | 40.2 |
| A | 9.3 |
| AA | 1.7 |
| AAA | 2.4 |

---

---

| | |
|:---|:---|
| 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.

**Fees:** Effective January 1, 2026, the advisory fee rate as a percentage of average daily net assets will be 0.38% on the first $15 billion of assets, and 0.35% thereafter.

**Fees:** Prior to January 1, 2026 (effective July 1, 2025), the advisory fee rate as a percentage of average daily net assets was 0.40% on the first $15 billion of assets, and 0.35% thereafter.

**Expenses:** Effective July 1, 2025, the expense limit as a percentage of average daily net assets was reduced to 0.43% from 0.44%.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class N

# LGBNX

# Loomis Sayles Investment Grade Bond Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TIG99N-1225

# Class Y

# LSIIX

# Loomis Sayles Investment Grade Bond Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Investment Grade Bond 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class Y | $50 | 0.48% |

---

---

| | |
|:---|:---|
| 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**

• Our overweight exposure along with selection to investment grade corporate credits was a contributor, as select names in energy were beneficial.

• An allocation 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.

**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](g333524iabac747559c8ef729d51.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9914 | $10138 |
| **02/2016** | $9984 | $10210 |
| **03/2016** | $10356 | $10303 |
| **04/2016** | $10531 | $10343 |
| **05/2016** | $10420 | $10345 |
| **06/2016** | $10607 | $10531 |
| **07/2016** | $10760 | $10598 |
| **08/2016** | $10831 | $10586 |
| **09/2016** | $10846 | $10580 |
| **10/2016** | $10770 | $10499 |
| **11/2016** | $10581 | $10250 |
| **12/2016** | $10616 | $10265 |
| **01/2017** | $10795 | $10285 |
| **02/2017** | $10864 | $10354 |
| **03/2017** | $10883 | $10349 |
| **04/2017** | $10911 | $10428 |
| **05/2017** | $11000 | $10509 |
| **06/2017** | $11117 | $10498 |
| **07/2017** | $11277 | $10543 |
| **08/2017** | $11288 | $10638 |
| **09/2017** | $11305 | $10587 |
| **10/2017** | $11262 | $10593 |
| **11/2017** | $11278 | $10580 |
| **12/2017** | $11322 | $10628 |
| **01/2018** | $11399 | $10506 |
| **02/2018** | $11287 | $10406 |
| **03/2018** | $11330 | $10473 |
| **04/2018** | $11314 | $10395 |
| **05/2018** | $11268 | $10469 |
| **06/2018** | $11246 | $10456 |
| **07/2018** | $11320 | $10459 |
| **08/2018** | $11323 | $10526 |
| **09/2018** | $11354 | $10458 |
| **10/2018** | $11225 | $10376 |
| **11/2018** | $11222 | $10438 |
| **12/2018** | $11287 | $10630 |
| **01/2019** | $11444 | $10742 |
| **02/2019** | $11484 | $10736 |
| **03/2019** | $11665 | $10942 |
| **04/2019** | $11710 | $10945 |
| **05/2019** | $11828 | $11139 |
| **06/2019** | $11999 | $11279 |
| **07/2019** | $12037 | $11304 |
| **08/2019** | $12304 | $11597 |
| **09/2019** | $12250 | $11535 |
| **10/2019** | $12275 | $11570 |
| **11/2019** | $12264 | $11564 |
| **12/2019** | $12307 | $11556 |
| **01/2020** | $12543 | $11778 |
| **02/2020** | $12714 | $11990 |
| **03/2020** | $11966 | $11920 |
| **04/2020** | $12473 | $12132 |
| **05/2020** | $12753 | $12188 |
| **06/2020** | $12996 | $12265 |
| **07/2020** | $13309 | $12448 |
| **08/2020** | $13262 | $12348 |
| **09/2020** | $13258 | $12341 |
| **10/2020** | $13269 | $12286 |
| **11/2020** | $13590 | $12406 |
| **12/2020** | $13745 | $12424 |
| **01/2021** | $13688 | $12334 |
| **02/2021** | $13620 | $12156 |
| **03/2021** | $13529 | $12005 |
| **04/2021** | $13617 | $12099 |
| **05/2021** | $13672 | $12139 |
| **06/2021** | $13772 | $12224 |
| **07/2021** | $13851 | $12361 |
| **08/2021** | $13866 | $12337 |
| **09/2021** | $13823 | $12231 |
| **10/2021** | $13802 | $12227 |
| **11/2021** | $13744 | $12263 |
| **12/2021** | $13777 | $12232 |
| **01/2022** | $13519 | $11968 |
| **02/2022** | $13348 | $11835 |
| **03/2022** | $13090 | $11506 |
| **04/2022** | $12674 | $11069 |
| **05/2022** | $12679 | $11141 |
| **06/2022** | $12389 | $10966 |
| **07/2022** | $12668 | $11234 |
| **08/2022** | $12440 | $10917 |
| **09/2022** | $11983 | $10445 |
| **10/2022** | $11853 | $10310 |
| **11/2022** | $12254 | $10689 |
| **12/2022** | $12219 | $10641 |
| **01/2023** | $12618 | $10968 |
| **02/2023** | $12311 | $10684 |
| **03/2023** | $12624 | $10956 |
| **04/2023** | $12702 | $11022 |
| **05/2023** | $12541 | $10902 |
| **06/2023** | $12537 | $10863 |
| **07/2023** | $12583 | $10856 |
| **08/2023** | $12518 | $10786 |
| **09/2023** | $12237 | $10512 |
| **10/2023** | $12051 | $10346 |
| **11/2023** | $12628 | $10815 |
| **12/2023** | $13136 | $11229 |
| **01/2024** | $13170 | $11198 |
| **02/2024** | $13017 | $11040 |
| **03/2024** | $13163 | $11142 |
| **04/2024** | $12878 | $10860 |
| **05/2024** | $13090 | $11044 |
| **06/2024** | $13223 | $11149 |
| **07/2024** | $13497 | $11409 |
| **08/2024** | $13711 | $11573 |
| **09/2024** | $13901 | $11728 |
| **10/2024** | $13573 | $11437 |
| **11/2024** | $13725 | $11558 |
| **12/2024** | $13503 | $11369 |
| **01/2025** | $13583 | $11430 |
| **02/2025** | $13857 | $11681 |
| **03/2025** | $13816 | $11685 |
| **04/2025** | $13801 | $11731 |
| **05/2025** | $13786 | $11647 |
| **06/2025** | $14026 | $11826 |
| **07/2025** | $14013 | $11795 |
| **08/2025** | $14155 | $11936 |
| **09/2025** | $14326 | $12067 |
| **10/2025** | $14388 | $12142 |
| **11/2025** | $14476 | $12217 |
| **12/2025** | $14443 | $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 12/20/96** |
| Class Y | 6.96% | 1.00% | 3.74% | 6.09% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $17081499025 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 1082 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $54768110 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ia56ca11b004c11301b67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 42.3% |
| Aerospace & Defense | 3.4% |
| Finance Companies | 3.4% |
| Midstream | 3.8% |
| ABS Car Loan | 4.7% |
| Banking | 4.9% |
| Collateralized Loan Obligations | 5.0% |
| ABS Other | 7.6% |
| Technology | 7.9% |
| Treasuries | 17.0% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g333524ib8a4bf2b1b0d6f85f0cf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.6 |
| US Treasury | 17.3 |
| Not rated<sup>Footnote Reference^</sup> | 19.7 |
| CCC | 0.3 |
| B | 1.5 |
| BB | 6.0 |
| BBB | 40.2 |
| A | 9.3 |
| AA | 1.7 |
| AAA | 2.4 |

---

---

| | |
|:---|:---|
| 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.

**Fees:** Effective January 1, 2026, the advisory fee rate as a percentage of average daily net assets will be 0.38% on the first $15 billion of assets, and 0.35% thereafter.

**Fees:** Prior to January 1, 2026 (effective July 1, 2025), the advisory fee rate as a percentage of average daily net assets was 0.40% on the first $15 billion of assets, and 0.35% thereafter.

**Expenses:** Effective July 1, 2025, the expense limit as a percentage of average daily net assets was reduced to 0.48% from 0.49%.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class Y

# LSIIX

# Loomis Sayles Investment Grade Bond Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TIG99Y-1225

# Admin Class

# LIGAX

# Loomis Sayles Investment Grade Bond Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Investment Grade Bond 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Admin Class | $102 | 0.99% |

---

---

| | |
|:---|:---|
| 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**

• Our overweight exposure along with selection to investment grade corporate credits was a contributor, as select names in energy were beneficial.

• An allocation 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.

**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](g333524i2ef509f7f6a8e8124bcd.jpg)

---

| | | |
|:---|:---|:---|
| | **Admin Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9910 | $10138 |
| **02/2016** | $9980 | $10210 |
| **03/2016** | $10348 | $10303 |
| **04/2016** | $10519 | $10343 |
| **05/2016** | $10404 | $10345 |
| **06/2016** | $10587 | $10531 |
| **07/2016** | $10745 | $10598 |
| **08/2016** | $10802 | $10586 |
| **09/2016** | $10812 | $10580 |
| **10/2016** | $10731 | $10499 |
| **11/2016** | $10546 | $10250 |
| **12/2016** | $10572 | $10265 |
| **01/2017** | $10747 | $10285 |
| **02/2017** | $10811 | $10354 |
| **03/2017** | $10826 | $10349 |
| **04/2017** | $10849 | $10428 |
| **05/2017** | $10933 | $10509 |
| **06/2017** | $11045 | $10498 |
| **07/2017** | $11201 | $10543 |
| **08/2017** | $11206 | $10638 |
| **09/2017** | $11218 | $10587 |
| **10/2017** | $11171 | $10593 |
| **11/2017** | $11181 | $10580 |
| **12/2017** | $11221 | $10628 |
| **01/2018** | $11293 | $10506 |
| **02/2018** | $11187 | $10406 |
| **03/2018** | $11215 | $10473 |
| **04/2018** | $11194 | $10395 |
| **05/2018** | $11154 | $10469 |
| **06/2018** | $11128 | $10456 |
| **07/2018** | $11190 | $10459 |
| **08/2018** | $11180 | $10526 |
| **09/2018** | $11210 | $10458 |
| **10/2018** | $11077 | $10376 |
| **11/2018** | $11070 | $10438 |
| **12/2018** | $11140 | $10630 |
| **01/2019** | $11291 | $10742 |
| **02/2019** | $11326 | $10736 |
| **03/2019** | $11490 | $10942 |
| **04/2019** | $11530 | $10945 |
| **05/2019** | $11642 | $11139 |
| **06/2019** | $11805 | $11279 |
| **07/2019** | $11838 | $11304 |
| **08/2019** | $12097 | $11597 |
| **09/2019** | $12039 | $11535 |
| **10/2019** | $12057 | $11570 |
| **11/2019** | $12053 | $11564 |
| **12/2019** | $12079 | $11556 |
| **01/2020** | $12306 | $11778 |
| **02/2020** | $12470 | $11990 |
| **03/2020** | $11729 | $11920 |
| **04/2020** | $12234 | $12132 |
| **05/2020** | $12493 | $12188 |
| **06/2020** | $12726 | $12265 |
| **07/2020** | $13028 | $12448 |
| **08/2020** | $12976 | $12348 |
| **09/2020** | $12968 | $12341 |
| **10/2020** | $12962 | $12286 |
| **11/2020** | $13282 | $12406 |
| **12/2020** | $13428 | $12424 |
| **01/2021** | $13367 | $12334 |
| **02/2021** | $13296 | $12156 |
| **03/2021** | $13201 | $12005 |
| **04/2021** | $13282 | $12099 |
| **05/2021** | $13329 | $12139 |
| **06/2021** | $13422 | $12224 |
| **07/2021** | $13481 | $12361 |
| **08/2021** | $13502 | $12337 |
| **09/2021** | $13454 | $12231 |
| **10/2021** | $13428 | $12227 |
| **11/2021** | $13366 | $12263 |
| **12/2021** | $13392 | $12232 |
| **01/2022** | $13136 | $11968 |
| **02/2022** | $12952 | $11835 |
| **03/2022** | $12707 | $11506 |
| **04/2022** | $12296 | $11069 |
| **05/2022** | $12296 | $11141 |
| **06/2022** | $12020 | $10966 |
| **07/2022** | $12275 | $11234 |
| **08/2022** | $12047 | $10917 |
| **09/2022** | $11598 | $10445 |
| **10/2022** | $11479 | $10310 |
| **11/2022** | $11852 | $10689 |
| **12/2022** | $11812 | $10641 |
| **01/2023** | $12195 | $10968 |
| **02/2023** | $11892 | $10684 |
| **03/2023** | $12191 | $10956 |
| **04/2023** | $12262 | $11022 |
| **05/2023** | $12113 | $10902 |
| **06/2023** | $12091 | $10863 |
| **07/2023** | $12131 | $10856 |
| **08/2023** | $12062 | $10786 |
| **09/2023** | $11799 | $10512 |
| **10/2023** | $11601 | $10346 |
| **11/2023** | $12153 | $10815 |
| **12/2023** | $12638 | $11229 |
| **01/2024** | $12678 | $11198 |
| **02/2024** | $12513 | $11040 |
| **03/2024** | $12649 | $11142 |
| **04/2024** | $12369 | $10860 |
| **05/2024** | $12568 | $11044 |
| **06/2024** | $12691 | $11149 |
| **07/2024** | $12949 | $11409 |
| **08/2024** | $13150 | $11573 |
| **09/2024** | $13328 | $11728 |
| **10/2024** | $13006 | $11437 |
| **11/2024** | $13146 | $11558 |
| **12/2024** | $12927 | $11369 |
| **01/2025** | $12998 | $11430 |
| **02/2025** | $13256 | $11681 |
| **03/2025** | $13211 | $11685 |
| **04/2025** | $13192 | $11731 |
| **05/2025** | $13172 | $11647 |
| **06/2025** | $13396 | $11826 |
| **07/2025** | $13379 | $11795 |
| **08/2025** | $13509 | $11936 |
| **09/2025** | $13668 | $12067 |
| **10/2025** | $13720 | $12142 |
| **11/2025** | $13784 | $12217 |
| **12/2025** | $13760 | $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 2/1/10** |
| Admin Class | 6.44% | 0.49% | 3.24% | 5.40% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $17081499025 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 1082 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $54768110 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ia56ca11b004c11301b67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 42.3% |
| Aerospace & Defense | 3.4% |
| Finance Companies | 3.4% |
| Midstream | 3.8% |
| ABS Car Loan | 4.7% |
| Banking | 4.9% |
| Collateralized Loan Obligations | 5.0% |
| ABS Other | 7.6% |
| Technology | 7.9% |
| Treasuries | 17.0% |

---

---

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

---

### Credit Quality<sup>**Footnote Reference †**</sup>
![Group By Country Chart](g333524ib8a4bf2b1b0d6f85f0cf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.6 |
| US Treasury | 17.3 |
| Not rated<sup>Footnote Reference^</sup> | 19.7 |
| CCC | 0.3 |
| B | 1.5 |
| BB | 6.0 |
| BBB | 40.2 |
| A | 9.3 |
| AA | 1.7 |
| AAA | 2.4 |

---

---

| | |
|:---|:---|
| 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.

**Fees:** Effective January 1, 2026, the advisory fee rate as a percentage of average daily net assets will be 0.38% on the first $15 billion of assets, and 0.35% thereafter.

**Fees:** Prior to January 1, 2026 (effective July 1, 2025), the advisory fee rate as a percentage of average daily net assets was 0.40% on the first $15 billion of assets, and 0.35% thereafter.

**Expenses:** Effective July 1, 2025, the expense limit as a percentage of average daily net assets was reduced to 0.98% from 0.99%.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Admin Class

# LIGAX

# Loomis Sayles Investment Grade Bond Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TIG99AD-1225

# Class A

# NEFZX

# Loomis Sayles Strategic Income Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Strategic 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class A | $97 | 0.92% |

---

---

| | |
|:---|:---|
| 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.

• Our exposure to equities was a meaningful contributor to performance.

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

**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](g333524i3937cebc914218bafe31.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $9573 | $10000 |
| **01/2016** | $9293 | $10138 |
| **02/2016** | $9253 | $10210 |
| **03/2016** | $9725 | $10303 |
| **04/2016** | $9975 | $10343 |
| **05/2016** | $9958 | $10345 |
| **06/2016** | $10117 | $10531 |
| **07/2016** | $10342 | $10598 |
| **08/2016** | $10373 | $10586 |
| **09/2016** | $10410 | $10580 |
| **10/2016** | $10326 | $10499 |
| **11/2016** | $10232 | $10250 |
| **12/2016** | $10365 | $10265 |
| **01/2017** | $10513 | $10285 |
| **02/2017** | $10703 | $10354 |
| **03/2017** | $10699 | $10349 |
| **04/2017** | $10776 | $10428 |
| **05/2017** | $10849 | $10509 |
| **06/2017** | $10967 | $10498 |
| **07/2017** | $11113 | $10543 |
| **08/2017** | $11098 | $10638 |
| **09/2017** | $11140 | $10587 |
| **10/2017** | $11054 | $10593 |
| **11/2017** | $11077 | $10580 |
| **12/2017** | $11113 | $10628 |
| **01/2018** | $11278 | $10506 |
| **02/2018** | $11192 | $10406 |
| **03/2018** | $11174 | $10473 |
| **04/2018** | $11062 | $10395 |
| **05/2018** | $11015 | $10469 |
| **06/2018** | $11047 | $10456 |
| **07/2018** | $11183 | $10459 |
| **08/2018** | $11198 | $10526 |
| **09/2018** | $11289 | $10458 |
| **10/2018** | $10993 | $10376 |
| **11/2018** | $10951 | $10438 |
| **12/2018** | $10779 | $10630 |
| **01/2019** | $11113 | $10742 |
| **02/2019** | $11229 | $10736 |
| **03/2019** | $11291 | $10942 |
| **04/2019** | $11361 | $10945 |
| **05/2019** | $11284 | $11139 |
| **06/2019** | $11524 | $11279 |
| **07/2019** | $11514 | $11304 |
| **08/2019** | $11557 | $11597 |
| **09/2019** | $11631 | $11535 |
| **10/2019** | $11733 | $11570 |
| **11/2019** | $11636 | $11564 |
| **12/2019** | $11948 | $11556 |
| **01/2020** | $11938 | $11778 |
| **02/2020** | $11696 | $11990 |
| **03/2020** | $10475 | $11920 |
| **04/2020** | $10694 | $12132 |
| **05/2020** | $11014 | $12188 |
| **06/2020** | $11139 | $12265 |
| **07/2020** | $11511 | $12448 |
| **08/2020** | $11590 | $12348 |
| **09/2020** | $11469 | $12341 |
| **10/2020** | $11375 | $12286 |
| **11/2020** | $11928 | $12406 |
| **12/2020** | $12085 | $12424 |
| **01/2021** | $12028 | $12334 |
| **02/2021** | $11996 | $12156 |
| **03/2021** | $12058 | $12005 |
| **04/2021** | $12225 | $12099 |
| **05/2021** | $12302 | $12139 |
| **06/2021** | $12494 | $12224 |
| **07/2021** | $12571 | $12361 |
| **08/2021** | $12631 | $12337 |
| **09/2021** | $12508 | $12231 |
| **10/2021** | $12551 | $12227 |
| **11/2021** | $12351 | $12263 |
| **12/2021** | $12551 | $12232 |
| **01/2022** | $12205 | $11968 |
| **02/2022** | $12011 | $11835 |
| **03/2022** | $11906 | $11506 |
| **04/2022** | $11438 | $11069 |
| **05/2022** | $11423 | $11141 |
| **06/2022** | $10840 | $10966 |
| **07/2022** | $11242 | $11234 |
| **08/2022** | $11071 | $10917 |
| **09/2022** | $10607 | $10445 |
| **10/2022** | $10634 | $10310 |
| **11/2022** | $10973 | $10689 |
| **12/2022** | $10944 | $10641 |
| **01/2023** | $11414 | $10968 |
| **02/2023** | $11130 | $10684 |
| **03/2023** | $11244 | $10956 |
| **04/2023** | $11259 | $11022 |
| **05/2023** | $11052 | $10902 |
| **06/2023** | $11190 | $10863 |
| **07/2023** | $11313 | $10856 |
| **08/2023** | $11249 | $10786 |
| **09/2023** | $10985 | $10512 |
| **10/2023** | $10687 | $10346 |
| **11/2023** | $11236 | $10815 |
| **12/2023** | $11821 | $11229 |
| **01/2024** | $11830 | $11198 |
| **02/2024** | $11769 | $11040 |
| **03/2024** | $11942 | $11142 |
| **04/2024** | $11624 | $10860 |
| **05/2024** | $11852 | $11044 |
| **06/2024** | $11955 | $11149 |
| **07/2024** | $12240 | $11409 |
| **08/2024** | $12505 | $11573 |
| **09/2024** | $12843 | $11728 |
| **10/2024** | $12634 | $11437 |
| **11/2024** | $12833 | $11558 |
| **12/2024** | $12643 | $11369 |
| **01/2025** | $12817 | $11430 |
| **02/2025** | $12987 | $11681 |
| **03/2025** | $12908 | $11685 |
| **04/2025** | $12947 | $11731 |
| **05/2025** | $13044 | $11647 |
| **06/2025** | $13324 | $11826 |
| **07/2025** | $13325 | $11795 |
| **08/2025** | $13615 | $11936 |
| **09/2025** | $13709 | $12067 |
| **10/2025** | $13744 | $12142 |
| **11/2025** | $13850 | $12217 |
| **12/2025** | $13941 | $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 9/15/05** |
| Class A at NAV | 10.27% | 2.90% | 3.83% | 6.78% |
| Class A with 4.25% MSC<sup>Footnote Reference1</sup> | 5.62% | 2.01% | 3.38% | 6.63% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2696734193 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 623 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $13354031 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ie3ddbd4f5f947e576007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 52.9% |
| ABS Other | 3.9% |
| Equity-Linked Notes | 5.2% |
| Cable Satellite | 6.6% |
| Sovereigns | 7.1% |
| Technology | 8.5% |
| 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](g333524i9393ebbc2c48fbf40f23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.4 |
| U.S. Treasury | 10.0 |
| Not rated<sup>Footnote Reference^</sup> | 20.5 |
| CCC | 3.6 |
| B | 13.5 |
| BB | 19.7 |
| BBB | 26.1 |
| A | 3.9 |
| AA | 1.3 |

---

---

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

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class A

# NEFZX

# Loomis Sayles Strategic Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TST99A-1225

# Class C

# NECZX

# Loomis Sayles Strategic Income Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Strategic 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class C | $175 | 1.67% |

---

---

| | |
|:---|:---|
| 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.

• Our exposure to equities was a meaningful contributor to performance.

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

**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](g333524ide31a7ca228f275c90c0.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9705 | $10138 |
| **02/2016** | $9656 | $10210 |
| **03/2016** | $10146 | $10303 |
| **04/2016** | $10399 | $10343 |
| **05/2016** | $10376 | $10345 |
| **06/2016** | $10534 | $10531 |
| **07/2016** | $10759 | $10598 |
| **08/2016** | $10785 | $10586 |
| **09/2016** | $10816 | $10580 |
| **10/2016** | $10722 | $10499 |
| **11/2016** | $10617 | $10250 |
| **12/2016** | $10747 | $10265 |
| **01/2017** | $10892 | $10285 |
| **02/2017** | $11089 | $10354 |
| **03/2017** | $11078 | $10349 |
| **04/2017** | $11143 | $10428 |
| **05/2017** | $11216 | $10509 |
| **06/2017** | $11330 | $10498 |
| **07/2017** | $11473 | $10543 |
| **08/2017** | $11450 | $10638 |
| **09/2017** | $11486 | $10587 |
| **10/2017** | $11390 | $10593 |
| **11/2017** | $11414 | $10580 |
| **12/2017** | $11435 | $10628 |
| **01/2018** | $11603 | $10506 |
| **02/2018** | $11502 | $10406 |
| **03/2018** | $11476 | $10473 |
| **04/2018** | $11355 | $10395 |
| **05/2018** | $11299 | $10469 |
| **06/2018** | $11322 | $10456 |
| **07/2018** | $11461 | $10459 |
| **08/2018** | $11469 | $10526 |
| **09/2018** | $11555 | $10458 |
| **10/2018** | $11238 | $10376 |
| **11/2018** | $11196 | $10438 |
| **12/2018** | $11015 | $10630 |
| **01/2019** | $11345 | $10742 |
| **02/2019** | $11456 | $10736 |
| **03/2019** | $11512 | $10942 |
| **04/2019** | $11574 | $10945 |
| **05/2019** | $11490 | $11139 |
| **06/2019** | $11724 | $11279 |
| **07/2019** | $11706 | $11304 |
| **08/2019** | $11742 | $11597 |
| **09/2019** | $11817 | $11535 |
| **10/2019** | $11912 | $11570 |
| **11/2019** | $11799 | $11564 |
| **12/2019** | $12111 | $11556 |
| **01/2020** | $12094 | $11778 |
| **02/2020** | $11844 | $11990 |
| **03/2020** | $10595 | $11920 |
| **04/2020** | $10809 | $12132 |
| **05/2020** | $11130 | $12188 |
| **06/2020** | $11247 | $12265 |
| **07/2020** | $11616 | $12448 |
| **08/2020** | $11687 | $12348 |
| **09/2020** | $11559 | $12341 |
| **10/2020** | $11458 | $12286 |
| **11/2020** | $12002 | $12406 |
| **12/2020** | $12157 | $12424 |
| **01/2021** | $12093 | $12334 |
| **02/2021** | $12054 | $12156 |
| **03/2021** | $12108 | $12005 |
| **04/2021** | $12275 | $12099 |
| **05/2021** | $12341 | $12139 |
| **06/2021** | $12531 | $12224 |
| **07/2021** | $12591 | $12361 |
| **08/2021** | $12642 | $12337 |
| **09/2021** | $12512 | $12231 |
| **10/2021** | $12547 | $12227 |
| **11/2021** | $12341 | $12263 |
| **12/2021** | $12538 | $12232 |
| **01/2022** | $12181 | $11968 |
| **02/2022** | $11982 | $11835 |
| **03/2022** | $11871 | $11506 |
| **04/2022** | $11393 | $11069 |
| **05/2022** | $11371 | $11141 |
| **06/2022** | $10790 | $10966 |
| **07/2022** | $11169 | $11234 |
| **08/2022** | $11002 | $10917 |
| **09/2022** | $10531 | $10445 |
| **10/2022** | $10551 | $10310 |
| **11/2022** | $10885 | $10689 |
| **12/2022** | $10848 | $10641 |
| **01/2023** | $11310 | $10968 |
| **02/2023** | $11017 | $10684 |
| **03/2023** | $11121 | $10956 |
| **04/2023** | $11128 | $11022 |
| **05/2023** | $10919 | $10902 |
| **06/2023** | $11047 | $10863 |
| **07/2023** | $11169 | $10856 |
| **08/2023** | $11089 | $10786 |
| **09/2023** | $10825 | $10512 |
| **10/2023** | $10529 | $10346 |
| **11/2023** | $11065 | $10815 |
| **12/2023** | $11635 | $11229 |
| **01/2024** | $11634 | $11198 |
| **02/2024** | $11574 | $11040 |
| **03/2024** | $11744 | $11142 |
| **04/2024** | $11432 | $10860 |
| **05/2024** | $11656 | $11044 |
| **06/2024** | $11757 | $11149 |
| **07/2024** | $12037 | $11409 |
| **08/2024** | $12298 | $11573 |
| **09/2024** | $12631 | $11728 |
| **10/2024** | $12425 | $11437 |
| **11/2024** | $12620 | $11558 |
| **12/2024** | $12434 | $11369 |
| **01/2025** | $12605 | $11430 |
| **02/2025** | $12772 | $11681 |
| **03/2025** | $12695 | $11685 |
| **04/2025** | $12732 | $11731 |
| **05/2025** | $12828 | $11647 |
| **06/2025** | $13103 | $11826 |
| **07/2025** | $13104 | $11795 |
| **08/2025** | $13390 | $11936 |
| **09/2025** | $13482 | $12067 |
| **10/2025** | $13516 | $12142 |
| **11/2025** | $13621 | $12217 |
| **12/2025** | $13710 | $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 9/15/05** |
| Class C at NAV | 9.36% | 2.12% | 3.21% | 6.59% |
| Class C with 1.00% CDSC<sup>Footnote Reference1</sup> | 8.36% | 2.12% | 3.21% | 6.59% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2696734193 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 623 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $13354031 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ie3ddbd4f5f947e576007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 52.9% |
| ABS Other | 3.9% |
| Equity-Linked Notes | 5.2% |
| Cable Satellite | 6.6% |
| Sovereigns | 7.1% |
| Technology | 8.5% |
| 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](g333524i9393ebbc2c48fbf40f23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.4 |
| U.S. Treasury | 10.0 |
| Not rated<sup>Footnote Reference^</sup> | 20.5 |
| CCC | 3.6 |
| B | 13.5 |
| BB | 19.7 |
| BBB | 26.1 |
| A | 3.9 |
| AA | 1.3 |

---

---

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

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class C

# NECZX

# Loomis Sayles Strategic Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TST99C-1225

# Class N

# NEZNX

# Loomis Sayles Strategic Income Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Strategic 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $65 | 0.62% |

---

---

| | |
|:---|:---|
| 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.

• Our exposure to equities was a meaningful contributor to performance.

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

**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](g333524i9c95177d2780ae51f7b4.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9718 | $10138 |
| **02/2016** | $9678 | $10210 |
| **03/2016** | $10175 | $10303 |
| **04/2016** | $10439 | $10343 |
| **05/2016** | $10424 | $10345 |
| **06/2016** | $10594 | $10531 |
| **07/2016** | $10832 | $10598 |
| **08/2016** | $10868 | $10586 |
| **09/2016** | $10910 | $10580 |
| **10/2016** | $10817 | $10499 |
| **11/2016** | $10722 | $10250 |
| **12/2016** | $10864 | $10265 |
| **01/2017** | $11023 | $10285 |
| **02/2017** | $11226 | $10354 |
| **03/2017** | $11224 | $10349 |
| **04/2017** | $11308 | $10428 |
| **05/2017** | $11388 | $10509 |
| **06/2017** | $11515 | $10498 |
| **07/2017** | $11672 | $10543 |
| **08/2017** | $11660 | $10638 |
| **09/2017** | $11715 | $10587 |
| **10/2017** | $11619 | $10593 |
| **11/2017** | $11655 | $10580 |
| **12/2017** | $11688 | $10628 |
| **01/2018** | $11873 | $10506 |
| **02/2018** | $11778 | $10406 |
| **03/2018** | $11762 | $10473 |
| **04/2018** | $11647 | $10395 |
| **05/2018** | $11601 | $10469 |
| **06/2018** | $11637 | $10456 |
| **07/2018** | $11793 | $10459 |
| **08/2018** | $11812 | $10526 |
| **09/2018** | $11911 | $10458 |
| **10/2018** | $11593 | $10376 |
| **11/2018** | $11561 | $10438 |
| **12/2018** | $11383 | $10630 |
| **01/2019** | $11739 | $10742 |
| **02/2019** | $11856 | $10736 |
| **03/2019** | $11924 | $10942 |
| **04/2019** | $12001 | $10945 |
| **05/2019** | $11924 | $11139 |
| **06/2019** | $12181 | $11279 |
| **07/2019** | $12174 | $11304 |
| **08/2019** | $12223 | $11597 |
| **09/2019** | $12313 | $11535 |
| **10/2019** | $12424 | $11570 |
| **11/2019** | $12317 | $11564 |
| **12/2019** | $12651 | $11556 |
| **01/2020** | $12644 | $11778 |
| **02/2020** | $12399 | $11990 |
| **03/2020** | $11098 | $11920 |
| **04/2020** | $11334 | $12132 |
| **05/2020** | $11677 | $12188 |
| **06/2020** | $11821 | $12265 |
| **07/2020** | $12211 | $12448 |
| **08/2020** | $12298 | $12348 |
| **09/2020** | $12183 | $12341 |
| **10/2020** | $12077 | $12286 |
| **11/2020** | $12668 | $12406 |
| **12/2020** | $12839 | $12424 |
| **01/2021** | $12781 | $12334 |
| **02/2021** | $12760 | $12156 |
| **03/2021** | $12820 | $12005 |
| **04/2021** | $13010 | $12099 |
| **05/2021** | $13097 | $12139 |
| **06/2021** | $13305 | $12224 |
| **07/2021** | $13381 | $12361 |
| **08/2021** | $13449 | $12337 |
| **09/2021** | $13320 | $12231 |
| **10/2021** | $13370 | $12227 |
| **11/2021** | $13160 | $12263 |
| **12/2021** | $13377 | $12232 |
| **01/2022** | $13021 | $11968 |
| **02/2022** | $12807 | $11835 |
| **03/2022** | $12708 | $11506 |
| **04/2022** | $12201 | $11069 |
| **05/2022** | $12198 | $11141 |
| **06/2022** | $11579 | $10966 |
| **07/2022** | $12002 | $11234 |
| **08/2022** | $11822 | $10917 |
| **09/2022** | $11338 | $10445 |
| **10/2022** | $11370 | $10310 |
| **11/2022** | $11736 | $10689 |
| **12/2022** | $11698 | $10641 |
| **01/2023** | $12214 | $10968 |
| **02/2023** | $11913 | $10684 |
| **03/2023** | $12028 | $10956 |
| **04/2023** | $12046 | $11022 |
| **05/2023** | $11838 | $10902 |
| **06/2023** | $11979 | $10863 |
| **07/2023** | $12124 | $10856 |
| **08/2023** | $12048 | $10786 |
| **09/2023** | $11768 | $10512 |
| **10/2023** | $11462 | $10346 |
| **11/2023** | $12054 | $10815 |
| **12/2023** | $12686 | $11229 |
| **01/2024** | $12688 | $11198 |
| **02/2024** | $12625 | $11040 |
| **03/2024** | $12825 | $11142 |
| **04/2024** | $12475 | $10860 |
| **05/2024** | $12723 | $11044 |
| **06/2024** | $12838 | $11149 |
| **07/2024** | $13147 | $11409 |
| **08/2024** | $13436 | $11573 |
| **09/2024** | $13815 | $11728 |
| **10/2024** | $13593 | $11437 |
| **11/2024** | $13799 | $11558 |
| **12/2024** | $13599 | $11369 |
| **01/2025** | $13790 | $11430 |
| **02/2025** | $13976 | $11681 |
| **03/2025** | $13895 | $11685 |
| **04/2025** | $13951 | $11731 |
| **05/2025** | $14048 | $11647 |
| **06/2025** | $14353 | $11826 |
| **07/2025** | $14358 | $11795 |
| **08/2025** | $14686 | $11936 |
| **09/2025** | $14791 | $12067 |
| **10/2025** | $14821 | $12142 |
| **11/2025** | $14952 | $12217 |
| **12/2025** | $15042 | $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 | 10.62% | 3.22% | 4.17% | 3.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2696734193 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 623 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $13354031 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ie3ddbd4f5f947e576007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 52.9% |
| ABS Other | 3.9% |
| Equity-Linked Notes | 5.2% |
| Cable Satellite | 6.6% |
| Sovereigns | 7.1% |
| Technology | 8.5% |
| 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](g333524i9393ebbc2c48fbf40f23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.4 |
| U.S. Treasury | 10.0 |
| Not rated<sup>Footnote Reference^</sup> | 20.5 |
| CCC | 3.6 |
| B | 13.5 |
| BB | 19.7 |
| BBB | 26.1 |
| A | 3.9 |
| AA | 1.3 |

---

---

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

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class N

# NEZNX

# Loomis Sayles Strategic Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TST99N-1225

# Class Y

# NEZYX

# Loomis Sayles Strategic Income Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Strategic 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class Y | $71 | 0.67% |

---

---

| | |
|:---|:---|
| 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.

• Our exposure to equities was a meaningful contributor to performance.

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

**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](g333524i83574fba51fce46bca30.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9717 | $10138 |
| **02/2016** | $9676 | $10210 |
| **03/2016** | $10172 | $10303 |
| **04/2016** | $10436 | $10343 |
| **05/2016** | $10421 | $10345 |
| **06/2016** | $10590 | $10531 |
| **07/2016** | $10827 | $10598 |
| **08/2016** | $10862 | $10586 |
| **09/2016** | $10903 | $10580 |
| **10/2016** | $10810 | $10499 |
| **11/2016** | $10714 | $10250 |
| **12/2016** | $10856 | $10265 |
| **01/2017** | $11014 | $10285 |
| **02/2017** | $11215 | $10354 |
| **03/2017** | $11213 | $10349 |
| **04/2017** | $11296 | $10428 |
| **05/2017** | $11375 | $10509 |
| **06/2017** | $11502 | $10498 |
| **07/2017** | $11658 | $10543 |
| **08/2017** | $11644 | $10638 |
| **09/2017** | $11691 | $10587 |
| **10/2017** | $11602 | $10593 |
| **11/2017** | $11638 | $10580 |
| **12/2017** | $11670 | $10628 |
| **01/2018** | $11853 | $10506 |
| **02/2018** | $11758 | $10406 |
| **03/2018** | $11741 | $10473 |
| **04/2018** | $11626 | $10395 |
| **05/2018** | $11579 | $10469 |
| **06/2018** | $11614 | $10456 |
| **07/2018** | $11769 | $10459 |
| **08/2018** | $11779 | $10526 |
| **09/2018** | $11885 | $10458 |
| **10/2018** | $11568 | $10376 |
| **11/2018** | $11534 | $10438 |
| **12/2018** | $11356 | $10630 |
| **01/2019** | $11710 | $10742 |
| **02/2019** | $11827 | $10736 |
| **03/2019** | $11894 | $10942 |
| **04/2019** | $11970 | $10945 |
| **05/2019** | $11892 | $11139 |
| **06/2019** | $12147 | $11279 |
| **07/2019** | $12140 | $11304 |
| **08/2019** | $12188 | $11597 |
| **09/2019** | $12268 | $11535 |
| **10/2019** | $12387 | $11570 |
| **11/2019** | $12279 | $11564 |
| **12/2019** | $12611 | $11556 |
| **01/2020** | $12603 | $11778 |
| **02/2020** | $12359 | $11990 |
| **03/2020** | $11061 | $11920 |
| **04/2020** | $11296 | $12132 |
| **05/2020** | $11636 | $12188 |
| **06/2020** | $11770 | $12265 |
| **07/2020** | $12166 | $12448 |
| **08/2020** | $12253 | $12348 |
| **09/2020** | $12128 | $12341 |
| **10/2020** | $12031 | $12286 |
| **11/2020** | $12619 | $12406 |
| **12/2020** | $12788 | $12424 |
| **01/2021** | $12730 | $12334 |
| **02/2021** | $12698 | $12156 |
| **03/2021** | $12767 | $12005 |
| **04/2021** | $12956 | $12099 |
| **05/2021** | $13032 | $12139 |
| **06/2021** | $13247 | $12224 |
| **07/2021** | $13323 | $12361 |
| **08/2021** | $13389 | $12337 |
| **09/2021** | $13261 | $12231 |
| **10/2021** | $13309 | $12227 |
| **11/2021** | $13100 | $12263 |
| **12/2021** | $13315 | $12232 |
| **01/2022** | $12960 | $11968 |
| **02/2022** | $12747 | $11835 |
| **03/2022** | $12638 | $11506 |
| **04/2022** | $12142 | $11069 |
| **05/2022** | $12129 | $11141 |
| **06/2022** | $11522 | $10966 |
| **07/2022** | $11942 | $11234 |
| **08/2022** | $11762 | $10917 |
| **09/2022** | $11271 | $10445 |
| **10/2022** | $11302 | $10310 |
| **11/2022** | $11676 | $10689 |
| **12/2022** | $11637 | $10641 |
| **01/2023** | $12140 | $10968 |
| **02/2023** | $11840 | $10684 |
| **03/2023** | $11964 | $10956 |
| **04/2023** | $11982 | $11022 |
| **05/2023** | $11764 | $10902 |
| **06/2023** | $11914 | $10863 |
| **07/2023** | $12058 | $10856 |
| **08/2023** | $11982 | $10786 |
| **09/2023** | $11702 | $10512 |
| **10/2023** | $11387 | $10346 |
| **11/2023** | $11986 | $10815 |
| **12/2023** | $12603 | $11229 |
| **01/2024** | $12615 | $11198 |
| **02/2024** | $12552 | $11040 |
| **03/2024** | $12740 | $11142 |
| **04/2024** | $12403 | $10860 |
| **05/2024** | $12649 | $11044 |
| **06/2024** | $12762 | $11149 |
| **07/2024** | $13069 | $11409 |
| **08/2024** | $13355 | $11573 |
| **09/2024** | $13720 | $11728 |
| **10/2024** | $13510 | $11437 |
| **11/2024** | $13715 | $11558 |
| **12/2024** | $13515 | $11369 |
| **01/2025** | $13704 | $11430 |
| **02/2025** | $13889 | $11681 |
| **03/2025** | $13807 | $11685 |
| **04/2025** | $13851 | $11731 |
| **05/2025** | $13959 | $11647 |
| **06/2025** | $14261 | $11826 |
| **07/2025** | $14265 | $11795 |
| **08/2025** | $14580 | $11936 |
| **09/2025** | $14683 | $12067 |
| **10/2025** | $14713 | $12142 |
| **11/2025** | $14842 | $12217 |
| **12/2025** | $14943 | $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 9/15/05** |
| Class Y | 10.56% | 3.16% | 4.10% | 6.71% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2696734193 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 623 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $13354031 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ie3ddbd4f5f947e576007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 52.9% |
| ABS Other | 3.9% |
| Equity-Linked Notes | 5.2% |
| Cable Satellite | 6.6% |
| Sovereigns | 7.1% |
| Technology | 8.5% |
| 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](g333524i9393ebbc2c48fbf40f23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.4 |
| U.S. Treasury | 10.0 |
| Not rated<sup>Footnote Reference^</sup> | 20.5 |
| CCC | 3.6 |
| B | 13.5 |
| BB | 19.7 |
| BBB | 26.1 |
| A | 3.9 |
| AA | 1.3 |

---

---

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

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Class Y

# NEZYX

# Loomis Sayles Strategic Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TST99Y-1225

# Admin Class

# NEZAX

# Loomis Sayles Strategic Income Fund
![Image](g333524i39e2ceb6672dc22ae10d.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Loomis Sayles Strategic 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 the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Admin Class | $123 | 1.17% |

---

---

| | |
|:---|:---|
| 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.

• Our exposure to equities was a meaningful contributor to performance.

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

**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](g333524i94b690217af28c8ebdc3.jpg)

---

| | | |
|:---|:---|:---|
| | **Admin Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 |
| **01/2016** | $9713 | $10138 |
| **02/2016** | $9669 | $10210 |
| **03/2016** | $10162 | $10303 |
| **04/2016** | $10422 | $10343 |
| **05/2016** | $10402 | $10345 |
| **06/2016** | $10559 | $10531 |
| **07/2016** | $10799 | $10598 |
| **08/2016** | $10823 | $10586 |
| **09/2016** | $10859 | $10580 |
| **10/2016** | $10769 | $10499 |
| **11/2016** | $10668 | $10250 |
| **12/2016** | $10806 | $10265 |
| **01/2017** | $10959 | $10285 |
| **02/2017** | $11156 | $10354 |
| **03/2017** | $11149 | $10349 |
| **04/2017** | $11228 | $10428 |
| **05/2017** | $11301 | $10509 |
| **06/2017** | $11415 | $10498 |
| **07/2017** | $11566 | $10543 |
| **08/2017** | $11555 | $10638 |
| **09/2017** | $11597 | $10587 |
| **10/2017** | $11496 | $10593 |
| **11/2017** | $11526 | $10580 |
| **12/2017** | $11553 | $10628 |
| **01/2018** | $11730 | $10506 |
| **02/2018** | $11639 | $10406 |
| **03/2018** | $11617 | $10473 |
| **04/2018** | $11498 | $10395 |
| **05/2018** | $11447 | $10469 |
| **06/2018** | $11477 | $10456 |
| **07/2018** | $11617 | $10459 |
| **08/2018** | $11630 | $10526 |
| **09/2018** | $11723 | $10458 |
| **10/2018** | $11411 | $10376 |
| **11/2018** | $11365 | $10438 |
| **12/2018** | $11192 | $10630 |
| **01/2019** | $11529 | $10742 |
| **02/2019** | $11648 | $10736 |
| **03/2019** | $11710 | $10942 |
| **04/2019** | $11780 | $10945 |
| **05/2019** | $11698 | $11139 |
| **06/2019** | $11945 | $11279 |
| **07/2019** | $11932 | $11304 |
| **08/2019** | $11975 | $11597 |
| **09/2019** | $12049 | $11535 |
| **10/2019** | $12152 | $11570 |
| **11/2019** | $12050 | $11564 |
| **12/2019** | $12370 | $11556 |
| **01/2020** | $12358 | $11778 |
| **02/2020** | $12104 | $11990 |
| **03/2020** | $10833 | $11920 |
| **04/2020** | $11059 | $12132 |
| **05/2020** | $11388 | $12188 |
| **06/2020** | $11515 | $12265 |
| **07/2020** | $11898 | $12448 |
| **08/2020** | $11978 | $12348 |
| **09/2020** | $11851 | $12341 |
| **10/2020** | $11751 | $12286 |
| **11/2020** | $12313 | $12406 |
| **12/2020** | $12472 | $12424 |
| **01/2021** | $12410 | $12334 |
| **02/2021** | $12384 | $12156 |
| **03/2021** | $12445 | $12005 |
| **04/2021** | $12616 | $12099 |
| **05/2021** | $12693 | $12139 |
| **06/2021** | $12889 | $12224 |
| **07/2021** | $12957 | $12361 |
| **08/2021** | $13016 | $12337 |
| **09/2021** | $12886 | $12231 |
| **10/2021** | $12928 | $12227 |
| **11/2021** | $12727 | $12263 |
| **12/2021** | $12931 | $12232 |
| **01/2022** | $12572 | $11968 |
| **02/2022** | $12369 | $11835 |
| **03/2022** | $12258 | $11506 |
| **04/2022** | $11771 | $11069 |
| **05/2022** | $11753 | $11141 |
| **06/2022** | $11158 | $10966 |
| **07/2022** | $11561 | $11234 |
| **08/2022** | $11382 | $10917 |
| **09/2022** | $10910 | $10445 |
| **10/2022** | $10936 | $10310 |
| **11/2022** | $11283 | $10689 |
| **12/2022** | $11241 | $10641 |
| **01/2023** | $11724 | $10968 |
| **02/2023** | $11429 | $10684 |
| **03/2023** | $11544 | $10956 |
| **04/2023** | $11556 | $11022 |
| **05/2023** | $11341 | $10902 |
| **06/2023** | $11481 | $10863 |
| **07/2023** | $11615 | $10856 |
| **08/2023** | $11536 | $10786 |
| **09/2023** | $11262 | $10512 |
| **10/2023** | $10963 | $10346 |
| **11/2023** | $11526 | $10815 |
| **12/2023** | $12116 | $11229 |
| **01/2024** | $12122 | $11198 |
| **02/2024** | $12057 | $11040 |
| **03/2024** | $12233 | $11142 |
| **04/2024** | $11903 | $10860 |
| **05/2024** | $12135 | $11044 |
| **06/2024** | $12228 | $11149 |
| **07/2024** | $12518 | $11409 |
| **08/2024** | $12798 | $11573 |
| **09/2024** | $13144 | $11728 |
| **10/2024** | $12926 | $11437 |
| **11/2024** | $13127 | $11558 |
| **12/2024** | $12930 | $11369 |
| **01/2025** | $13095 | $11430 |
| **02/2025** | $13267 | $11681 |
| **03/2025** | $13195 | $11685 |
| **04/2025** | $13231 | $11731 |
| **05/2025** | $13317 | $11647 |
| **06/2025** | $13601 | $11826 |
| **07/2025** | $13600 | $11795 |
| **08/2025** | $13895 | $11936 |
| **09/2025** | $13999 | $12067 |
| **10/2025** | $14021 | $12142 |
| **11/2025** | $14127 | $12217 |
| **12/2025** | $14216 | $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 2/1/10** |
| Admin Class | 9.95% | 2.65% | 3.58% | 6.43% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2696734193 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 623 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $13354031 |

---

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

### Industry Summary
![Group By Sector Chart](g333524ie3ddbd4f5f947e576007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 52.9% |
| ABS Other | 3.9% |
| Equity-Linked Notes | 5.2% |
| Cable Satellite | 6.6% |
| Sovereigns | 7.1% |
| Technology | 8.5% |
| 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](g333524i9393ebbc2c48fbf40f23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & equivalents | 1.4 |
| U.S. Treasury | 10.0 |
| Not rated<sup>Footnote Reference^</sup> | 20.5 |
| CCC | 3.6 |
| B | 13.5 |
| BB | 19.7 |
| BBB | 26.1 |
| A | 3.9 |
| AA | 1.3 |

---

---

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

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g333524i11123154e3a8c6f10c15.jpg)

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

![Image](g333524i8fc645380f583c028c78.jpg)

# Admin Class

# NEZAX

# Loomis Sayles Strategic Income Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TST99AD-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** |
|  | 1/1/24-12/31/24 | 1/1/25-<br> 12/31/25 | 1/1/24-12/31/24 | 1/1/25-<br> 12/31/25 | 1/1/24-12/31/24 | 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 High Income Fund, Loomis Sayles<br> International Growth Fund, Loomis Sayles Investment<br> Grade Bond<br> Fund and Loomis Sayles Strategic<br> Income Fund | $211807 | $217420 | $3487 | $3579 | $36476 | $37569 | $-- | $-- |

---

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 $39,963 and $41,148, 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** |
|  | 1/1/24-12/31/24 | 1/1/25- 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.

------

![](g333524img170508bc1.gif)

![](g333524img409e27472.gif)

Annual Financial Statements and Other Important Information

December 31, 2025

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

---

| |
|:---|
| Loomis Sayles High Income Fund |
| Loomis Sayles Investment Grade Bond Fund |
| Loomis Sayles Strategic Alpha Fund |
| Loomis Sayles Strategic Income Fund |

---

**Table of Contents** 

---

| | |
|:---|:---|
| [Portfolio of Investments (Form](#xx_10cfa1ce-c046-40cb-a8ab-9069a4f97c63_SOI1-Continued-302_1)<br> [N-CSR Item 6)](#xx_10cfa1ce-c046-40cb-a8ab-9069a4f97c63_SOI1-Continued-302_1)<br>| 1 |
| [Financial Statements (Form N-CSR](#xx_10cfa1ce-c046-40cb-a8ab-9069a4f97c63_FS-Continued-302_1)<br> [Item 7)](#xx_10cfa1ce-c046-40cb-a8ab-9069a4f97c63_FS-Continued-302_1)<br>| 59 |
| [Notes to Financial Statements](#xx_10cfa1ce-c046-40cb-a8ab-9069a4f97c63_NTF-Continued-310_1)<br> [(Form N-CSR Item 7)](#xx_10cfa1ce-c046-40cb-a8ab-9069a4f97c63_NTF-Continued-310_1)<br>| 82 |
| [Trustees Fees and](#xx_10cfa1ce-c046-40cb-a8ab-9069a4f97c63_NTF-Continued-310_24)<br> [Expenses (Form N-CSR Item 10)](#xx_10cfa1ce-c046-40cb-a8ab-9069a4f97c63_NTF-Continued-310_24)<br>| 105 |

---

------

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

Loomis Sayles High Income Fund

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>| **Description** | **Value (†)** |
| **Bonds and Notes — 89.2% of Net Assets** | **Bonds and Notes — 89.2% of Net Assets** | **Bonds and Notes — 89.2% of Net Assets** |
| **Non-Convertible Bonds — 85.8%** | **Non-Convertible Bonds — 85.8%** | **Non-Convertible Bonds — 85.8%** |
|  | **ABS Home Equity — 0.1%** | **ABS Home Equity — 0.1%** |
| $96544 | &nbsp;&nbsp; DSLA Mortgage Loan Trust, Series 2005-AR5, <br> Class 2A1A, 1 mo. USD SOFR + 0.774%, <br> 4.506%, 9/19/2045(a)(b)<br>| &nbsp;&nbsp; $50113 |
|  | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| 180000 | Axon Enterprise, Inc., 6.125%, 3/15/2030(c) | &nbsp;&nbsp; 185822 |
| 55000 | Axon Enterprise, Inc., 6.250%, 3/15/2033(c) | &nbsp;&nbsp; 57218 |
| 245000 | TransDigm, Inc., 4.625%, 1/15/2029 | &nbsp;&nbsp; 243376 |
| 205000 | TransDigm, Inc., 6.250%, 1/31/2034(c) | &nbsp;&nbsp; 212725 |
| 390000 | TransDigm, Inc., 6.375%, 3/01/2029(c) | &nbsp;&nbsp; 402195 |
| 75000 | TransDigm, Inc., 6.375%, 5/31/2033(c) | &nbsp;&nbsp; 76959 |
| 10000 | TransDigm, Inc., 6.750%, 8/15/2028(c) | &nbsp;&nbsp; 10192 |
| 157000 | TransDigm, Inc., 6.875%, 12/15/2030(c) | &nbsp;&nbsp; 164302 |
|  |  | &nbsp;&nbsp; 1352789 |
|  | **Automotive — 1.9%** | **Automotive — 1.9%** |
| 30000 | &nbsp;&nbsp; American Axle & Manufacturing, Inc., <br> 5.000%, 10/01/2029<br>| &nbsp;&nbsp; 28898 |
| 379000 | &nbsp;&nbsp; General Motors Financial Co., Inc., Series A, (fixed <br> rate to 9/30/2027, variable rate thereafter), 5.750%(d)<br>| &nbsp;&nbsp; 374283 |
| 225000 | &nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, <br> 5.625%, 9/29/2028(c)<br>| &nbsp;&nbsp; 225634 |
| 201000 | Nissan Motor Co. Ltd., 4.345%, 9/17/2027(c) | &nbsp;&nbsp; 198241 |
| 150000 | ZF North America Capital, Inc., 6.750%, 4/23/2030(c) | &nbsp;&nbsp; 148226 |
| 150000 | ZF North America Capital, Inc., 6.875%, 4/14/2028(c) | &nbsp;&nbsp; 152470 |
| 170000 | ZF North America Capital, Inc., 6.875%, 4/23/2032(c) | &nbsp;&nbsp; 166249 |
| 205000 | ZF North America Capital, Inc., 7.125%, 4/14/2030(c) | &nbsp;&nbsp; 206884 |
|  |  | &nbsp;&nbsp; 1500885 |
|  | **Banking — 1.1%** | **Banking — 1.1%** |
| 400000 | &nbsp;&nbsp; Intesa Sanpaolo SpA, (fixed rate to 6/01/2041, <br> variable rate thereafter), 4.950%, 6/01/2042(c)<br>| &nbsp;&nbsp; 341240 |
| 466000 | Synchrony Financial, 7.250%, 2/02/2033 | &nbsp;&nbsp; 500582 |
|  |  | &nbsp;&nbsp; 841822 |
|  | **Brokerage — 1.6%** | **Brokerage — 1.6%** |
| 250000 | &nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., <br> 6.750%, 5/01/2033(c)<br>| &nbsp;&nbsp; 260949 |
| 66000 | &nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., <br> 7.125%, 4/30/2031(c)<br>| &nbsp;&nbsp; 69350 |
| 414000 | Osaic Holdings, Inc., 6.750%, 8/01/2032(c) | &nbsp;&nbsp; 432473 |
| 455000 | Osaic Holdings, Inc., 8.000%, 8/01/2033(c) | &nbsp;&nbsp; 473062 |
|  |  | &nbsp;&nbsp; 1235834 |
|  | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| 185000 | Quikrete Holdings, Inc., 6.375%, 3/01/2032(c) | &nbsp;&nbsp; 192563 |
|  | **Cable Satellite — 9.4%** | **Cable Satellite — 9.4%** |
| 861000 | &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., <br> 4.750%, 3/01/2030(c)<br>| &nbsp;&nbsp; 822297 |
| 295000 | &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., <br> 5.000%, 2/01/2028(c)<br>| &nbsp;&nbsp; 292666 |
| 440000 | &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., <br> 5.375%, 6/01/2029(c)<br>| &nbsp;&nbsp; 435037 |
| 565000 | CSC Holdings LLC, 4.625%, 12/01/2030(c) | &nbsp;&nbsp; 201813 |
| 405000 | CSC Holdings LLC, 5.750%, 1/15/2030(c) | &nbsp;&nbsp; 149740 |
| 415000 | CSC Holdings LLC, 7.500%, 4/01/2028(c) | &nbsp;&nbsp; 241737 |
| 1150000 | CSC Holdings LLC, 11.250%, 5/15/2028(c) | &nbsp;&nbsp; 915015 |
| 550000 | Directv Financing LLC, 8.875%, 2/01/2030(c) | &nbsp;&nbsp; 557392 |
| 784000 | &nbsp;&nbsp; Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc., 10.000%, 2/15/2031(c)<br>| &nbsp;&nbsp; 801289 |
| 575000 | DISH DBS Corp., 5.250%, 12/01/2026(c) | &nbsp;&nbsp; 557605 |
| 150000 | DISH DBS Corp., 5.750%, 12/01/2028(c) | &nbsp;&nbsp; 147263 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Cable Satellite — continued** | **Cable Satellite — continued** |
| $660000 | DISH DBS Corp., 7.750%, 7/01/2026 | &nbsp;&nbsp; $651967 |
| 40000 | DISH Network Corp., 11.750%, 11/15/2027(c) | &nbsp;&nbsp; 41631 |
| 928321 | EchoStar Corp., 10.750%, 11/30/2029 | &nbsp;&nbsp; 1026538 |
| 569079 | &nbsp;&nbsp; EchoStar Corp., 6.750% PIK and/or 6.750% Cash, <br> 11/30/2030(e)<br>| &nbsp;&nbsp; 583004 |
|  |  | &nbsp;&nbsp; 7424994 |
|  | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| 152000 | Ashland, Inc., 3.375%, 9/01/2031(c) | &nbsp;&nbsp; 139035 |
| 72000 | Chemours Co., 4.625%, 11/15/2029(c) | &nbsp;&nbsp; 65105 |
| 725000 | Chemours Co., 5.750%, 11/15/2028(c) | &nbsp;&nbsp; 705070 |
| 170000 | Hercules LLC, 6.500%, 6/30/2029 | &nbsp;&nbsp; 170277 |
| 402000 | Perimeter Holdings LLC, 6.250%, 1/15/2034(c) | &nbsp;&nbsp; 399358 |
| 388000 | &nbsp;&nbsp; SK Invictus Intermediate II SARL, <br> 5.000%, 10/30/2029(c)<br>| &nbsp;&nbsp; 384196 |
|  |  | &nbsp;&nbsp; 1863041 |
|  | **Construction Machinery — 0.6%** | **Construction Machinery — 0.6%** |
| 65000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 3.750%, 1/15/2032<br>| &nbsp;&nbsp; 60982 |
| 420000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 3.875%, 2/15/2031<br>| &nbsp;&nbsp; 400556 |
| 20000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 4.000%, 7/15/2030<br>| &nbsp;&nbsp; 19388 |
|  |  | &nbsp;&nbsp; 480926 |
|  | **Consumer Cyclical Services — 0.9%** | **Consumer Cyclical Services — 0.9%** |
| 760000 | TriNet Group, Inc., 3.500%, 3/01/2029(c) | &nbsp;&nbsp; 718170 |
|  | **Consumer Products — 0.2%** | **Consumer Products — 0.2%** |
| 95000 | Acushnet Co., 5.625%, 12/01/2033(c) | &nbsp;&nbsp; 96067 |
| 100000 | Whirlpool Corp., 6.500%, 6/15/2033 | &nbsp;&nbsp; 96971 |
|  |  | &nbsp;&nbsp; 193038 |
|  | **Diversified Manufacturing — 1.2%** | **Diversified Manufacturing — 1.2%** |
| 185000 | Esab Corp., 6.250%, 4/15/2029(c) | &nbsp;&nbsp; 190220 |
| 505000 | Resideo Funding, Inc., 4.000%, 9/01/2029(c) | &nbsp;&nbsp; 486719 |
| 264000 | Resideo Funding, Inc., 6.500%, 7/15/2032(c) | &nbsp;&nbsp; 270213 |
|  |  | &nbsp;&nbsp; 947152 |
|  | **Electric — 1.7%** | **Electric — 1.7%** |
| 248000 | NRG Energy, Inc., 3.625%, 2/15/2031(c) | &nbsp;&nbsp; 231752 |
| 69000 | NRG Energy, Inc., 3.875%, 2/15/2032(c) | &nbsp;&nbsp; 64429 |
| 120000 | NRG Energy, Inc., 5.750%, 1/15/2034(c) | &nbsp;&nbsp; 121220 |
| 95000 | NRG Energy, Inc., 6.000%, 2/01/2033(c) | &nbsp;&nbsp; 96881 |
| 387000 | Talen Energy Supply LLC, 6.250%, 2/01/2034(c) | &nbsp;&nbsp; 394707 |
| 435000 | VoltaGrid LLC, 7.375%, 11/01/2030(c) | &nbsp;&nbsp; 430974 |
|  |  | &nbsp;&nbsp; 1339963 |
|  | **Environmental — 0.6%** | **Environmental — 0.6%** |
| 122000 | Clean Harbors, Inc., 5.125%, 7/15/2029(c) | &nbsp;&nbsp; 122119 |
| 45000 | Clean Harbors, Inc., 6.375%, 2/01/2031(c) | &nbsp;&nbsp; 46311 |
| 190000 | GFL Environmental, Inc., 4.000%, 8/01/2028(c) | &nbsp;&nbsp; 187416 |
| 73000 | GFL Environmental, Inc., 4.375%, 8/15/2029(c) | &nbsp;&nbsp; 71783 |
| 75000 | GFL Environmental, Inc., 6.750%, 1/15/2031(c) | &nbsp;&nbsp; 78688 |
|  |  | &nbsp;&nbsp; 506317 |
|  | **Finance Companies — 2.3%** | **Finance Companies — 2.3%** |
| 460000 | Azorra Finance Ltd., 7.250%, 1/15/2031(c) | &nbsp;&nbsp; 482003 |
| 288000 | Azorra Finance Ltd., 7.750%, 4/15/2030(c) | &nbsp;&nbsp; 304104 |
| 85000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 7.875%, 4/01/2033(c)<br>| &nbsp;&nbsp; 88023 |
| 92000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 8.375%, 4/01/2032(c)<br>| &nbsp;&nbsp; 96845 |
| 260000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 9.125%, 5/15/2031(c)<br>| &nbsp;&nbsp; 279255 |

---

See accompanying notes to financial statements.

1 \|

------

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

Loomis Sayles High Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Finance Companies — continued** | **Finance Companies — continued** |
| $308000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 9.250%, 2/01/2029(c)<br>| &nbsp;&nbsp; $323045 |
| 229000 | GGAM Finance Ltd., 5.875%, 3/15/2030(c) | &nbsp;&nbsp; 232387 |
|  |  | &nbsp;&nbsp; 1805662 |
|  | **Financial Other — 0.6%** | **Financial Other — 0.6%** |
| 34512 | &nbsp;&nbsp; Add Hero Holdings Ltd., Series IAI, 8.500% PIK <br> and/or 7.500% Cash, 9/30/2029(e)<br>| &nbsp;&nbsp; 2013 |
| 28108 | &nbsp;&nbsp; Add Hero Holdings Ltd., Series IAI, 9.000% PIK <br> and/or 8.000% Cash, 9/30/2030(e)<br>| &nbsp;&nbsp; 422 |
| 37103 | &nbsp;&nbsp; Add Hero Holdings Ltd., Series IAI, 9.800% PIK <br> and/or 8.800% Cash, 9/30/2031(e)<br>| &nbsp;&nbsp; 556 |
| 400000 | &nbsp;&nbsp; Burford Capital Global Finance LLC, <br> 7.500%, 7/15/2033(c)<br>| &nbsp;&nbsp; 381704 |
| 213200 | CFLD Cayman Investment Ltd., 2.500%, 1/31/2031(c)(f) | &nbsp;&nbsp; 7557 |
| 112735 | CFLD Cayman Investment Ltd., 2.500%, 1/31/2031(c)(f) | &nbsp;&nbsp; 3996 |
| 24752 | &nbsp;&nbsp; CFLD Cayman Investment Ltd., Zero Coupon, <br> 1/31/2031(c)<br>| &nbsp;&nbsp; 586 |
| 19907 | &nbsp;&nbsp; China Aoyuan Group Ltd., Series IAI, 5.500% PIK, <br> 9/30/2031(e)<br>| &nbsp;&nbsp; 249 |
| 48702 | &nbsp;&nbsp; China Aoyuan Group Ltd., Series IAI, Zero <br> Coupon(b)(d)<br>| &nbsp;&nbsp; 122 |
| 200000 | China Evergrande Group, 8.750%, 6/28/2025(g) | &nbsp;&nbsp; 1250 |
| 95000 | &nbsp;&nbsp; Icahn Enterprises LP/Icahn Enterprises Finance <br> Corp., 5.250%, 5/15/2027<br>| &nbsp;&nbsp; 93694 |
| 46039 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 6.250% PIK and/or 5.250% <br> Cash, 12/28/2028(c)(e)<br>| &nbsp;&nbsp; 965 |
| 77072 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 6.500% PIK and/or 5.500% <br> Cash, 12/28/2029(c)(e)<br>| &nbsp;&nbsp; 1453 |
| 92898 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 6.750% PIK and/or 5.750% <br> Cash, 12/28/2030(c)(e)<br>| &nbsp;&nbsp; 1393 |
| 139962 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 7.000% PIK and/or 6.000% <br> Cash, 12/28/2031(c)(e)<br>| &nbsp;&nbsp; 2150 |
| 131715 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 7.250% PIK and/or 6.250% <br> Cash, 12/28/2032(c)(e)<br>| &nbsp;&nbsp; 1888 |
| 31491 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 7.721% PIK and/or 6.721% <br> Cash, 12/28/2028(c)(e)<br>| &nbsp;&nbsp; 709 |
| 2000 | &nbsp;&nbsp; Shimao Group Holdings Ltd., 6.000% PIK and/or <br> 5.000% Cash, 7/21/2031(c)(e)<br>| &nbsp;&nbsp; 66 |
| 17021 | &nbsp;&nbsp; Times China Holdings Ltd., 3.000% PIK and/or 1.000% <br> Cash, 3/30/2029(c)(e)<br>| &nbsp;&nbsp; 267 |
| 63123 | &nbsp;&nbsp; Times China Holdings Ltd., 4.200% PIK, <br> 9/30/2032(c)(e)<br>| &nbsp;&nbsp; 896 |
| 23258 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 1.000% PIK, <br> 6/30/2034(e)<br>| &nbsp;&nbsp; 23 |
| 26736 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 4.000% PIK, <br> 6/30/2028(e)<br>| &nbsp;&nbsp; 635 |
| 46557 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 4.500% PIK, <br> 6/30/2029(e)<br>| &nbsp;&nbsp; 931 |
| 62143 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 5.000% PIK, <br> 6/30/2030(e)<br>| &nbsp;&nbsp; 1243 |
| 87176 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 5.500% PIK, <br> 6/30/2031(e)<br>| &nbsp;&nbsp; 1089 |
| 32481 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 7.000% PIK and/or <br> 6.000% Cash, 6/30/2027(e)<br>| &nbsp;&nbsp; 3248 |
|  |  | &nbsp;&nbsp; 509105 |
|  | **Food & Beverage — 1.9%** | **Food & Beverage — 1.9%** |
| 90000 | &nbsp;&nbsp; HLF Financing SARL LLC/Herbalife International, Inc., <br> 4.875%, 6/01/2029(c)<br>| &nbsp;&nbsp; 84521 |
| 60000 | Lamb Weston Holdings, Inc., 4.125%, 1/31/2030(c) | &nbsp;&nbsp; 58039 |
| 358000 | Lamb Weston Holdings, Inc., 4.375%, 1/31/2032(c) | &nbsp;&nbsp; 341058 |
| 90000 | Lamb Weston Holdings, Inc., 4.875%, 5/15/2028(c) | &nbsp;&nbsp; 89771 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Food & Beverage — continued** | **Food & Beverage — continued** |
| $495000 | Performance Food Group, Inc., 4.250%, 8/01/2029(c) | &nbsp;&nbsp; $483953 |
| 395000 | Post Holdings, Inc., 4.500%, 9/15/2031(c) | &nbsp;&nbsp; 374479 |
| 45000 | Post Holdings, Inc., 4.625%, 4/15/2030(c) | &nbsp;&nbsp; 43819 |
|  |  | &nbsp;&nbsp; 1475640 |
|  | **Gaming — 0.6%** | **Gaming — 0.6%** |
| 440000 | &nbsp;&nbsp; Genting New York LLC/GENNY Capital, Inc., <br> 7.250%, 10/01/2029(c)<br>| &nbsp;&nbsp; 451247 |
|  | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| 185000 | &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., <br> 8.500%, 2/15/2032, (c)<br>| &nbsp;&nbsp; 197568 |
|  | **Health Insurance — 1.8%** | **Health Insurance — 1.8%** |
| 620000 | Molina Healthcare, Inc., 3.875%, 11/15/2030(c) | &nbsp;&nbsp; 575292 |
| 680000 | Molina Healthcare, Inc., 3.875%, 5/15/2032(c) | &nbsp;&nbsp; 617561 |
| 38000 | Molina Healthcare, Inc., 4.375%, 6/15/2028 | &nbsp;&nbsp; 37371 |
| 90000 | Molina Healthcare, Inc., 6.250%, 1/15/2033(c) | &nbsp;&nbsp; 91752 |
| 70000 | Molina Healthcare, Inc., 6.500%, 2/15/2031(c) | &nbsp;&nbsp; 71892 |
|  |  | &nbsp;&nbsp; 1393868 |
|  | **Healthcare — 2.4%** | **Healthcare — 2.4%** |
| 369000 | Avantor Funding, Inc., 3.875%, 11/01/2029(c) | &nbsp;&nbsp; 352858 |
| 220000 | DaVita, Inc., 3.750%, 2/15/2031(c) | &nbsp;&nbsp; 203252 |
| 40000 | DaVita, Inc., 4.625%, 6/01/2030(c) | &nbsp;&nbsp; 38896 |
| 270000 | HAH Group Holding Co. LLC, 9.750%, 10/01/2031(c) | &nbsp;&nbsp; 253895 |
| 200000 | Hologic, Inc., 3.250%, 2/15/2029(c) | &nbsp;&nbsp; 197114 |
| 265000 | LifePoint Health, Inc., 5.375%, 1/15/2029(c) | &nbsp;&nbsp; 259820 |
| 75000 | Owens & Minor, Inc., 6.625%, 4/01/2030(c) | &nbsp;&nbsp; 47545 |
| 544000 | Radiology Partners, Inc., 8.500%, 7/15/2032(c) | &nbsp;&nbsp; 568283 |
|  |  | &nbsp;&nbsp; 1921663 |
|  | **Home Construction — 2.1%** | **Home Construction — 2.1%** |
| 1200000 | Corp. GEO SAB de CV, 8.875%, 3/27/2022(a)(c)(g) | &nbsp;&nbsp; — |
| 265000 | Mattamy Group Corp., 6.000%, 12/15/2033(c) | &nbsp;&nbsp; 262646 |
| 290000 | &nbsp;&nbsp; Taylor Morrison Communities, Inc., <br> 5.125%, 8/01/2030(c)<br>| &nbsp;&nbsp; 291748 |
| 101000 | &nbsp;&nbsp; Taylor Morrison Communities, Inc., <br> 5.750%, 1/15/2028(c)<br>| &nbsp;&nbsp; 102815 |
| 940000 | &nbsp;&nbsp; Taylor Morrison Communities, Inc., <br> 5.750%, 11/15/2032(c)<br>| &nbsp;&nbsp; 967159 |
|  |  | &nbsp;&nbsp; 1624368 |
|  | **Independent Energy — 4.5%** | **Independent Energy — 4.5%** |
| 125000 | Chord Energy Corp., 6.000%, 10/01/2030(c) | &nbsp;&nbsp; 126533 |
| 774000 | Chord Energy Corp., 6.750%, 3/15/2033(c) | &nbsp;&nbsp; 800407 |
| 115000 | Civitas Resources, Inc., 8.375%, 7/01/2028(c) | &nbsp;&nbsp; 118495 |
| 880000 | Civitas Resources, Inc., 8.625%, 11/01/2030(c) | &nbsp;&nbsp; 922293 |
| 155000 | Civitas Resources, Inc., 8.750%, 7/01/2031(c) | &nbsp;&nbsp; 160797 |
| 60000 | Crescent Energy Finance LLC, 7.375%, 1/15/2033(c) | &nbsp;&nbsp; 56937 |
| 183000 | Crescent Energy Finance LLC, 7.625%, 4/01/2032(c) | &nbsp;&nbsp; 177423 |
| 286000 | Matador Resources Co., 6.250%, 4/15/2033(c) | &nbsp;&nbsp; 286380 |
| 100000 | Matador Resources Co., 6.500%, 4/15/2032(c) | &nbsp;&nbsp; 101416 |
| 300000 | Northern Oil & Gas, Inc., 8.750%, 6/15/2031(c) | &nbsp;&nbsp; 302879 |
| 181000 | Saturn Oil & Gas, Inc., 9.625%, 6/15/2029(c) | &nbsp;&nbsp; 178449 |
| 274000 | SM Energy Co., 6.750%, 8/01/2029(c) | &nbsp;&nbsp; 276012 |
|  |  | &nbsp;&nbsp; 3508021 |
|  | **Industrial Other — 1.2%** | **Industrial Other — 1.2%** |
| 135000 | Arcosa, Inc., 4.375%, 4/15/2029(c) | &nbsp;&nbsp; 132702 |
| 65000 | Arcosa, Inc., 6.875%, 8/15/2032(c) | &nbsp;&nbsp; 68518 |
| 115000 | &nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings, Inc., <br> 7.500%, 2/01/2032(c)<br>| &nbsp;&nbsp; 117360 |
| 597000 | TopBuild Corp., 5.625%, 1/31/2034(c) | &nbsp;&nbsp; 603917 |
|  |  | &nbsp;&nbsp; 922497 |

---

See accompanying notes to financial statements.

\| 2

------

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

Loomis Sayles High Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Leisure — 1.1%** | **Leisure — 1.1%** |
| $430000 | &nbsp;&nbsp; Kingpin Intermediate Holdings LLC, <br> 7.250%, 10/15/2032(c)<br>| &nbsp;&nbsp; $406501 |
| 419000 | Lindblad Expeditions LLC, 7.000%, 9/15/2030(c) | &nbsp;&nbsp; 437092 |
|  |  | &nbsp;&nbsp; 843593 |
|  | **Life Insurance — 0.8%** | **Life Insurance — 0.8%** |
| 587000 | &nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset <br> Investor 2 LLC/APH3 Somerset Investor 2 LLC, <br> 7.875%, 11/01/2029(c)<br>| &nbsp;&nbsp; 592861 |
|  | **Lodging — 3.2%** | **Lodging — 3.2%** |
| 510000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 3.625%, 2/15/2032(c)<br>| &nbsp;&nbsp; 473423 |
| 85000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 4.000%, 5/01/2031(c)<br>| &nbsp;&nbsp; 81352 |
| 105000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 5.500%, 3/31/2034(c)<br>| &nbsp;&nbsp; 105721 |
| 121000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 5.875%, 3/15/2033(c)<br>| &nbsp;&nbsp; 124483 |
| 835000 | &nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc., 6.625%, 1/15/2032(c)<br>| &nbsp;&nbsp; 855864 |
| 289000 | &nbsp;&nbsp; Marriott Ownership Resorts, Inc., <br> 4.500%, 6/15/2029(c)<br>| &nbsp;&nbsp; 276113 |
| 254000 | Travel & Leisure Co., 4.500%, 12/01/2029(c) | &nbsp;&nbsp; 248607 |
| 190000 | Travel & Leisure Co., 4.625%, 3/01/2030(c) | &nbsp;&nbsp; 185261 |
| 155000 | Travel & Leisure Co., 6.125%, 9/01/2033(c) | &nbsp;&nbsp; 157333 |
|  |  | &nbsp;&nbsp; 2508157 |
|  | **Media Entertainment — 3.1%** | **Media Entertainment — 3.1%** |
| 305000 | Discovery Communications LLC, 3.625%, 5/15/2030 | &nbsp;&nbsp; 280793 |
| 260000 | Discovery Communications LLC, 6.350%, 6/01/2040 | &nbsp;&nbsp; 215347 |
| 402000 | Dotdash Meredith, Inc., 7.625%, 6/15/2032(c) | &nbsp;&nbsp; 362147 |
| 56000 | iHeartCommunications, Inc., 7.000%, 1/15/2031(c) | &nbsp;&nbsp; 45903 |
| 188000 | iHeartCommunications, Inc., 9.125%, 5/01/2029(c) | &nbsp;&nbsp; 181097 |
| 645000 | &nbsp;&nbsp; Paramount Global, (fixed rate to 3/30/2027, variable <br> rate thereafter), 6.375%, 3/30/2062<br>| &nbsp;&nbsp; 598808 |
| 738000 | Warnermedia Holdings, Inc., 4.279%, 3/15/2032 | &nbsp;&nbsp; 647831 |
| 160000 | Warnermedia Holdings, Inc., 5.050%, 3/15/2042 | &nbsp;&nbsp; 113009 |
|  |  | &nbsp;&nbsp; 2444935 |
|  | **Metals & Mining — 2.6%** | **Metals & Mining — 2.6%** |
| 215000 | Carpenter Technology Corp., 5.625%, 3/01/2034(c) | &nbsp;&nbsp; 218381 |
| 115000 | Cleveland-Cliffs, Inc., 6.875%, 11/01/2029(c) | &nbsp;&nbsp; 119107 |
| 140000 | Commercial Metals Co., 3.875%, 2/15/2031 | &nbsp;&nbsp; 132937 |
| 324000 | Commercial Metals Co., 4.125%, 1/15/2030 | &nbsp;&nbsp; 314599 |
| 205000 | Commercial Metals Co., 4.375%, 3/15/2032 | &nbsp;&nbsp; 196974 |
| 72000 | Commercial Metals Co., 5.750%, 11/15/2033(c) | &nbsp;&nbsp; 73622 |
| 102000 | Commercial Metals Co., 6.000%, 12/15/2035(c) | &nbsp;&nbsp; 104566 |
| 149000 | Fortescue Treasury Pty. Ltd., 4.375%, 4/01/2031(c) | &nbsp;&nbsp; 144101 |
| 65000 | GrafTech Finance, Inc., 4.625%, 12/23/2029(c) | &nbsp;&nbsp; 48290 |
| 85000 | &nbsp;&nbsp; GrafTech Global Enterprises, Inc., <br> 9.875%, 12/23/2029(c)<br>| &nbsp;&nbsp; 74206 |
| 20000 | Mineral Resources Ltd., 8.000%, 11/01/2027(c) | &nbsp;&nbsp; 20426 |
| 607000 | Mineral Resources Ltd., 9.250%, 10/01/2028(c) | &nbsp;&nbsp; 637047 |
|  |  | &nbsp;&nbsp; 2084256 |
|  | **Midstream — 5.5%** | **Midstream — 5.5%** |
| 665000 | &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 5.750%, 7/01/2034(c)<br>| &nbsp;&nbsp; 670028 |
| 500000 | &nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> 5.500%, 6/15/2031(c)<br>| &nbsp;&nbsp; 494659 |
| 377000 | &nbsp;&nbsp; Energy Transfer LP, (fixed rate to 2/15/2029, variable <br> rate thereafter), 8.000%, 5/15/2054<br>| &nbsp;&nbsp; 402431 |
| 240000 | Sunoco LP, 5.625%, 3/15/2031(c) | &nbsp;&nbsp; 241758 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Midstream — continued** | **Midstream — continued** |
| $137000 | Sunoco LP, 7.250%, 5/01/2032(c) | &nbsp;&nbsp; $144855 |
| 66000 | &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br> 3.875%, 11/01/2033(c)<br>| &nbsp;&nbsp; 56589 |
| 111000 | &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br> 4.125%, 8/15/2031(c)<br>| &nbsp;&nbsp; 101007 |
| 924000 | &nbsp;&nbsp; Venture Global LNG, Inc., (fixed rate to 9/30/2029, <br> variable rate thereafter), 9.000%(c)(d)<br>| &nbsp;&nbsp; 729711 |
| 59000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.125%, 12/15/2030(c)<br>| &nbsp;&nbsp; 60082 |
| 398000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.500%, 1/15/2034(c)<br>| &nbsp;&nbsp; 407648 |
| 4000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.500%, 6/15/2034(c)<br>| &nbsp;&nbsp; 4087 |
| 385000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.750%, 1/15/2036(c)<br>| &nbsp;&nbsp; 394352 |
| 337000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 7.500%, 5/01/2033(c)<br>| &nbsp;&nbsp; 364129 |
| 225000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 7.750%, 5/01/2035(c)<br>| &nbsp;&nbsp; 246365 |
|  |  | &nbsp;&nbsp; 4317701 |
|  | **Non-Agency Commercial Mortgage-Backed Securities — 1.2%** | **Non-Agency Commercial Mortgage-Backed Securities — 1.2%** |
| 91505 | &nbsp;&nbsp; CG-CCRE Commercial Mortgage Trust, <br> Series 2014-FL2, Class COL1, 1 mo. USD SOFR + <br> 3.614%, 7.365%, 11/15/2031(b)(c)(f)<br>| &nbsp;&nbsp; 14088 |
| 205885 | &nbsp;&nbsp; CG-CCRE Commercial Mortgage Trust, <br> Series 2014-FL2, Class COL2, 1 mo. USD SOFR + <br> 4.614%, 8.365%, 11/15/2031(b)(c)(f)<br>| &nbsp;&nbsp; 10577 |
| 1020000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, Series 2014-USA, <br> Class E, 4.373%, 9/15/2037(c)<br>| &nbsp;&nbsp; 806840 |
| 380000 | &nbsp;&nbsp; Starwood Retail Property Trust, Series 2014-STAR, <br> Class D, Prime + 0.000%, <br> 6.750%, 11/15/2027(a)(b)(c)(f)<br>| &nbsp;&nbsp; 3800 |
| 420000 | &nbsp;&nbsp; Starwood Retail Property Trust, Series 2014-STAR, <br> Class E, Prime + 0.000%, <br> 6.750%, 11/15/2027(a)(b)(c)(f)<br>| &nbsp;&nbsp; 2100 |
| 60000 | &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, <br> Series 2016-C36, Class C, 4.099%, 11/15/2059(b)<br>| &nbsp;&nbsp; 53275 |
| 32729 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, Series 2011-C3, <br> Class D, 5.855%, 3/15/2044(b)(c)<br>| &nbsp;&nbsp; 11783 |
| 80000 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2012-C10, Class C, 4.310%, 12/15/2045(b)<br>| &nbsp;&nbsp; 70398 |
|  |  | &nbsp;&nbsp; 972861 |
|  | **Oil Field Services — 2.0%** | **Oil Field Services — 2.0%** |
| 193000 | Oceaneering International, Inc., 6.000%, 2/01/2028 | &nbsp;&nbsp; 195167 |
| 90000 | Oceaneering International, Inc., 6.000%, 2/01/2028 | &nbsp;&nbsp; 91010 |
| 43385 | Transocean Aquila Ltd., 8.000%, 9/30/2028(c) | &nbsp;&nbsp; 44438 |
| 113250 | Transocean International Ltd., 8.750%, 2/15/2030(c) | &nbsp;&nbsp; 118336 |
| 598000 | WBI Operating LLC, 6.250%, 10/15/2030(c) | &nbsp;&nbsp; 601606 |
| 488000 | Weatherford International Ltd., 6.750%, 10/15/2033(c) | &nbsp;&nbsp; 499767 |
|  |  | &nbsp;&nbsp; 1550324 |
|  | **Packaging — 1.6%** | **Packaging — 1.6%** |
| 200000 | &nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 3.250%, 9/01/2028(c)<br>| &nbsp;&nbsp; 192296 |
| 1054000 | Ball Corp., 5.500%, 9/15/2033 | &nbsp;&nbsp; 1074440 |
|  |  | &nbsp;&nbsp; 1266736 |
|  | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| 525000 | Bausch Health Cos., Inc., 4.875%, 6/01/2028(c) | &nbsp;&nbsp; 469875 |
| 214000 | Bausch Health Cos., Inc., 11.000%, 9/30/2028(c) | &nbsp;&nbsp; 221670 |
| 295000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC, <br> 6.150%, 2/01/2036<br>| &nbsp;&nbsp; 309720 |

---

See accompanying notes to financial statements.

3 \|

------

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

Loomis Sayles High Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| $782000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, <br> 4.100%, 10/01/2046<br>| &nbsp;&nbsp; $591352 |
| 465000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands IV BV, <br> 5.750%, 12/01/2030<br>| &nbsp;&nbsp; 482309 |
|  |  | &nbsp;&nbsp; 2074926 |
|  | **Property & Casualty Insurance — 4.9%** | **Property & Casualty Insurance — 4.9%** |
| 715000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer, 6.500%, 10/01/2031(c)<br>| &nbsp;&nbsp; 736941 |
| 330000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer, 7.000%, 1/15/2031(c)<br>| &nbsp;&nbsp; 342367 |
| 1000000 | Ardonagh Finco Ltd., 7.750%, 2/15/2031(c) | &nbsp;&nbsp; 1048355 |
| 673000 | &nbsp;&nbsp; Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, <br> 7.125%, 5/15/2031(c)<br>| &nbsp;&nbsp; 697293 |
| 199000 | &nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., <br> 6.875%, 10/01/2033(c)<br>| &nbsp;&nbsp; 192153 |
| 315000 | Liberty Mutual Group, Inc., 4.300%, 2/01/2061(c) | &nbsp;&nbsp; 211012 |
| 398000 | Panther Escrow Issuer LLC, 7.125%, 6/01/2031(c) | &nbsp;&nbsp; 412427 |
| 189000 | Ryan Specialty LLC, 5.875%, 8/01/2032(c) | &nbsp;&nbsp; 193114 |
|  |  | &nbsp;&nbsp; 3833662 |
|  | **Restaurants — 2.7%** | **Restaurants — 2.7%** |
| 390000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 3.875%, 1/15/2028(c)<br>| &nbsp;&nbsp; 384443 |
| 750000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 4.000%, 10/15/2030(c)<br>| &nbsp;&nbsp; 714303 |
| 225000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 4.375%, 1/15/2028(c)<br>| &nbsp;&nbsp; 223582 |
| 5000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 5.625%, 9/15/2029(c)<br>| &nbsp;&nbsp; 5091 |
| 136000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 6.125%, 6/15/2029(c)<br>| &nbsp;&nbsp; 139615 |
| 683000 | Yum! Brands, Inc., 3.625%, 3/15/2031 | &nbsp;&nbsp; 646078 |
| 35000 | Yum! Brands, Inc., 4.625%, 1/31/2032 | &nbsp;&nbsp; 34300 |
|  |  | &nbsp;&nbsp; 2147412 |
|  | **Retailers — 2.2%** | **Retailers — 2.2%** |
| 835000 | &nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH U.K. Ltd., <br> 8.375%, 1/15/2029(c)<br>| &nbsp;&nbsp; 818918 |
| 213000 | Murphy Oil USA, Inc., 3.750%, 2/15/2031(c) | &nbsp;&nbsp; 199914 |
| 665000 | &nbsp;&nbsp; PetSmart LLC/PetSmart Finance Corp., <br> 7.500%, 9/15/2032(c)<br>| &nbsp;&nbsp; 676760 |
| 40000 | Wayfair LLC, 7.750%, 9/15/2030(c) | &nbsp;&nbsp; 42619 |
|  |  | &nbsp;&nbsp; 1738211 |
|  | **Technology — 10.4%** | **Technology — 10.4%** |
| 190000 | Block, Inc., 6.500%, 5/15/2032 | &nbsp;&nbsp; 197573 |
| 253000 | Cipher Compute LLC, 7.125%, 11/15/2030(c) | &nbsp;&nbsp; 257676 |
| 210000 | CommScope LLC, 9.500%, 12/15/2031(c) | &nbsp;&nbsp; 212109 |
| 25000 | Entegris, Inc., 3.625%, 5/01/2029(c) | &nbsp;&nbsp; 24016 |
| 95000 | Entegris, Inc., 4.375%, 4/15/2028(c) | &nbsp;&nbsp; 94304 |
| 70000 | Entegris, Inc., 5.950%, 6/15/2030(c) | &nbsp;&nbsp; 71401 |
| 855000 | Fair Isaac Corp., 6.000%, 5/15/2033(c) | &nbsp;&nbsp; 878211 |
| 418000 | Flash Compute LLC, 7.250%, 12/31/2030(c) | &nbsp;&nbsp; 414139 |
| 120000 | &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., <br> 3.500%, 3/01/2029(c)<br>| &nbsp;&nbsp; 115066 |
| 156744 | GoTo Group, Inc., 5.500%, 5/01/2028(c) | &nbsp;&nbsp; 131665 |
| 304000 | Imola Merger Corp., 4.750%, 5/15/2029(c) | &nbsp;&nbsp; 300054 |
| 470000 | Iron Mountain, Inc., 4.500%, 2/15/2031(c) | &nbsp;&nbsp; 448031 |
| 110000 | Iron Mountain, Inc., 4.875%, 9/15/2029(c) | &nbsp;&nbsp; 108520 |
| 263000 | Iron Mountain, Inc., 5.250%, 7/15/2030(c) | &nbsp;&nbsp; 259819 |
| 50000 | Iron Mountain, Inc., 7.000%, 2/15/2029(c) | &nbsp;&nbsp; 51361 |
| 193000 | Neptune Bidco U.S., Inc., 9.290%, 4/15/2029(c) | &nbsp;&nbsp; 193330 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $80000 | Open Text Corp., 3.875%, 12/01/2029(c) | &nbsp;&nbsp; $75922 |
| 763000 | Open Text Holdings, Inc., 4.125%, 2/15/2030(c) | &nbsp;&nbsp; 729292 |
| 170000 | Open Text Holdings, Inc., 4.125%, 12/01/2031(c) | &nbsp;&nbsp; 158594 |
| 398000 | Sabre Financial Borrower LLC, 11.125%, 6/15/2029(c) | &nbsp;&nbsp; 403308 |
| 326000 | &nbsp;&nbsp; Science Applications International Corp., <br> 5.875%, 11/01/2033(c)<br>| &nbsp;&nbsp; 330479 |
| 30000 | &nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., <br> 4.091%, 6/01/2029(c)<br>| &nbsp;&nbsp; 29398 |
| 215000 | &nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., <br> 4.125%, 1/15/2031(c)<br>| &nbsp;&nbsp; 204250 |
| 60000 | &nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., <br> 5.750%, 12/01/2034(c)<br>| &nbsp;&nbsp; 61353 |
| 260000 | &nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., <br> 5.875%, 7/15/2030(c)<br>| &nbsp;&nbsp; 268025 |
| 90000 | &nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., <br> 8.250%, 12/15/2029(c)<br>| &nbsp;&nbsp; 95439 |
| 565000 | Sensata Technologies, Inc., 3.750%, 2/15/2031(c) | &nbsp;&nbsp; 530239 |
| 125000 | Sensata Technologies, Inc., 4.375%, 2/15/2030(c) | &nbsp;&nbsp; 122088 |
| 200000 | Sensata Technologies, Inc., 6.625%, 7/15/2032(c) | &nbsp;&nbsp; 209414 |
| 391000 | WULF Compute LLC, 7.750%, 10/15/2030(c) | &nbsp;&nbsp; 402827 |
| 381000 | Zebra Technologies Corp., 6.500%, 6/01/2032(c) | &nbsp;&nbsp; 393849 |
| 428000 | Ziff Davis, Inc., 4.625%, 10/15/2030(c) | &nbsp;&nbsp; 406495 |
|  |  | &nbsp;&nbsp; 8178247 |
|  | **Wirelines — 0.6%** | **Wirelines — 0.6%** |
| 210000 | Altice Financing SA, 5.000%, 1/15/2028(c) | &nbsp;&nbsp; 146993 |
| 319000 | Level 3 Financing, Inc., 4.250%, 7/01/2028(c) | &nbsp;&nbsp; 304645 |
|  |  | &nbsp;&nbsp; 451638 |
|  | &nbsp;&nbsp; Total Non-Convertible Bonds <br>(Identified Cost $70,432,213)<br>| &nbsp;&nbsp; 67462766 |
| **Convertible Bonds — 3.4%** | **Convertible Bonds — 3.4%** | **Convertible Bonds — 3.4%** |
|  | **Cable Satellite — 0.6%** | **Cable Satellite — 0.6%** |
| 152903 | &nbsp;&nbsp; EchoStar Corp., 3.875% PIK and/or 3.875% Cash, <br> 11/30/2030(e)<br>| &nbsp;&nbsp; 510696 |
|  | **Consumer Cyclical Services — 0.4%** | **Consumer Cyclical Services — 0.4%** |
| 71000 | DoorDash, Inc., Zero Coupon, 5/15/2030(c) | &nbsp;&nbsp; 74159 |
| 55000 | Lyft, Inc., Zero Coupon, 9/15/2030(c) | &nbsp;&nbsp; 62040 |
| 53000 | MakeMyTrip Ltd., Zero Coupon, 7/01/2030(c) | &nbsp;&nbsp; 51887 |
| 69000 | &nbsp;&nbsp; Uber Technologies, Inc., Series 2028, <br> 0.875%, 12/01/2028<br>| &nbsp;&nbsp; 89492 |
|  |  | &nbsp;&nbsp; 277578 |
|  | **Diversified Manufacturing — 0.2%** | **Diversified Manufacturing — 0.2%** |
| 39000 | Advanced Energy Industries, Inc., 2.500%, 9/15/2028 | &nbsp;&nbsp; 63940 |
| 62000 | Itron, Inc., 1.375%, 7/15/2030 | &nbsp;&nbsp; 62659 |
|  |  | &nbsp;&nbsp; 126599 |
|  | **Electric — 0.2%** | **Electric — 0.2%** |
| 34000 | Evergy, Inc., 4.500%, 12/15/2027 | &nbsp;&nbsp; 41378 |
| 64000 | FirstEnergy Corp., 3.875%, 1/15/2031(c) | &nbsp;&nbsp; 68864 |
| 55000 | Pinnacle West Capital Corp., 4.750%, 6/15/2027 | &nbsp;&nbsp; 58712 |
|  |  | &nbsp;&nbsp; 168954 |
|  | **Financial Other — 0.2%** | **Financial Other — 0.2%** |
| 4352 | &nbsp;&nbsp; China Aoyuan Group Ltd., Series IAI, Zero Coupon, <br> 9/30/2028<br>| &nbsp;&nbsp; 68 |
| 58000 | IREN Ltd., Zero Coupon, 7/01/2031(c) | &nbsp;&nbsp; 42949 |
| 27375 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2026(c)<br>| &nbsp;&nbsp; 274 |
| 34221 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2027(c)<br>| &nbsp;&nbsp; 171 |

---

See accompanying notes to financial statements.

\| 4

------

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

Loomis Sayles High Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Financial Other — continued** | **Financial Other — continued** |
| $54752 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2028(c)<br>| &nbsp;&nbsp; $205 |
| 54752 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2029(c)<br>| &nbsp;&nbsp; 205 |
| 68440 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2030(c)<br>| &nbsp;&nbsp; 86 |
| 68440 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2031(c)<br>| &nbsp;&nbsp; 85 |
| 129118 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2032(c)<br>| &nbsp;&nbsp; 323 |
| 207886 | &nbsp;&nbsp; Shimao Group Holdings Ltd., Zero Coupon, <br> 7/21/2026(c)<br>| &nbsp;&nbsp; 11615 |
| 219857 | Sunac China Holdings Ltd., Zero Coupon, 6/23/2026(c) | &nbsp;&nbsp; 34355 |
| 162450 | Sunac China Holdings Ltd., Zero Coupon, 6/23/2028(c) | &nbsp;&nbsp; 34701 |
| 77150 | Times China Holdings Ltd., Zero Coupon, 3/30/2027(c) | &nbsp;&nbsp; 622 |
| 15184 | Times China Holdings Ltd., Zero Coupon, 3/30/2027(c) | &nbsp;&nbsp; 131 |
|  |  | &nbsp;&nbsp; 125790 |
|  | **Food & Beverage — 0.1%** | **Food & Beverage — 0.1%** |
| 68000 | Post Holdings, Inc., 2.500%, 8/15/2027 | &nbsp;&nbsp; 73168 |
|  | **Independent Energy — 0.0%** | **Independent Energy — 0.0%** |
| 21000 | Northern Oil & Gas, Inc., 3.625%, 4/15/2029 | &nbsp;&nbsp; 20234 |
|  | **Industrial Other — 0.1%** | **Industrial Other — 0.1%** |
| 53000 | Fluor Corp., 1.125%, 8/15/2029 | &nbsp;&nbsp; 60378 |
| 18000 | Granite Construction, Inc., 3.750%, 5/15/2028 | &nbsp;&nbsp; 45666 |
|  |  | &nbsp;&nbsp; 106044 |
|  | **Leisure — 0.1%** | **Leisure — 0.1%** |
| 57000 | NCL Corp. Ltd., 0.875%, 4/15/2030(c) | &nbsp;&nbsp; 63448 |
|  | **Media Entertainment — 0.0%** | **Media Entertainment — 0.0%** |
| 20000 | Spotify USA, Inc., Zero Coupon, 3/15/2026 | &nbsp;&nbsp; 22700 |
|  | **Midstream — 0.1%** | **Midstream — 0.1%** |
| 37000 | UGI Corp., 5.000%, 6/01/2028 | &nbsp;&nbsp; 52429 |
|  | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| 30000 | Zoetis, Inc., 0.250%, 6/15/2029(c) | &nbsp;&nbsp; 30825 |
|  | **Retailers — 0.1%** | **Retailers — 0.1%** |
| 55000 | Burlington Stores, Inc., 1.250%, 12/15/2027 | &nbsp;&nbsp; 81455 |
| 18000 | Freshpet, Inc., 3.000%, 4/01/2028 | &nbsp;&nbsp; 21042 |
|  |  | &nbsp;&nbsp; 102497 |
|  | **Technology — 1.3%** | **Technology — 1.3%** |
| 37000 | Cloudflare, Inc., Zero Coupon, 6/15/2030(c) | &nbsp;&nbsp; 40219 |
| 24000 | Commvault Systems, Inc., Zero Coupon, 9/15/2030(c) | &nbsp;&nbsp; 21276 |
| 100000 | CyberArk Software Ltd., Zero Coupon, 6/15/2030(c) | &nbsp;&nbsp; 106850 |
| 65000 | Euronet Worldwide, Inc., 0.625%, 10/01/2030(c) | &nbsp;&nbsp; 59272 |
| 84000 | Guidewire Software, Inc., 1.250%, 11/01/2029 | &nbsp;&nbsp; 92358 |
| 14000 | InterDigital, Inc., 3.500%, 6/01/2027 | &nbsp;&nbsp; 57687 |
| 47000 | Nova Ltd., Zero Coupon, 9/15/2030(c) | &nbsp;&nbsp; 58444 |
| 98000 | Nutanix, Inc., 0.500%, 12/15/2029 | &nbsp;&nbsp; 94521 |
| 92000 | Rubrik, Inc., Zero Coupon, 6/15/2030(c) | &nbsp;&nbsp; 90390 |
| 18000 | Seagate HDD Cayman, 3.500%, 6/01/2028 | &nbsp;&nbsp; 60453 |
| 52000 | Snowflake, Inc., Zero Coupon, 10/01/2029 | &nbsp;&nbsp; 80288 |
| 35000 | Tyler Technologies, Inc., 0.250%, 3/15/2026 | &nbsp;&nbsp; 35385 |
| 68000 | Wix.com Ltd., Zero Coupon, 9/15/2030(c) | &nbsp;&nbsp; 60078 |
| 24000 | Wolfspeed, Inc., 2.500%, 6/15/2031 | &nbsp;&nbsp; 35550 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $16000 | Wolfspeed, Inc., 2.500%, 6/15/2031(c) | &nbsp;&nbsp; $23700 |
| 90000 | Zscaler, Inc., Zero Coupon, 7/15/2028(c) | &nbsp;&nbsp; 84195 |
|  |  | &nbsp;&nbsp; 1000666 |
|  | &nbsp;&nbsp; Total Convertible Bonds <br>(Identified Cost $2,597,260)<br>| &nbsp;&nbsp; 2681628 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $73,029,473)<br>| &nbsp;&nbsp; 70144394 |
| **Senior Loans — 7.0%** | **Senior Loans — 7.0%** | **Senior Loans — 7.0%** |
|  | **Automotive — 0.0%** | **Automotive — 0.0%** |
| 60000 | &nbsp;&nbsp; First Brands Group LLC, 2021 Term Loan, <br> 9.570%, 3/30/2027(g)<br>| &nbsp;&nbsp; 122 |
| 81844 | &nbsp;&nbsp; First Brands Group LLC, 2022 Incremental Term Loan, <br> 3/30/2027(g)<br>| &nbsp;&nbsp; 166 |
| 26707 | &nbsp;&nbsp; First Brands Group LLC, 2025 DIP Term Loan, 8.450% <br> PIK and/or 1 mo. USD SOFR + 1.550% Cash, <br> 6/29/2026(b)(e)(h)<br>| &nbsp;&nbsp; 4807 |
|  |  | &nbsp;&nbsp; 5095 |
|  | **Brokerage — 0.2%** | **Brokerage — 0.2%** |
| 148413 | &nbsp;&nbsp; Advisor Group, Inc., 2025 Term Loan, 6 mo. USD SOFR <br> + 3.000%, 6.595%, 7/30/2032(b)(h)<br>| &nbsp;&nbsp; 148941 |
|  | **Consumer Cyclical Services — 1.2%** | **Consumer Cyclical Services — 1.2%** |
| 219232 | &nbsp;&nbsp; Horizon U.S. Finco LP, Term Loan B, 6 mo. USD SOFR <br> + 4.500%, 8.198%, 10/31/2031(b)(h)<br>| &nbsp;&nbsp; 213477 |
| 712288 | &nbsp;&nbsp; PUG LLC, 2024 Extended Term Loan B, 1 mo. USD <br> SOFR + 4.750%, 8.466%, 3/15/2030(b)<br>| &nbsp;&nbsp; 704866 |
|  |  | &nbsp;&nbsp; 918343 |
|  | **Healthcare — 2.3%** | **Healthcare — 2.3%** |
| 469291 | &nbsp;&nbsp; Bausch & Lomb Corp., 2025 Repriced Term Loan, <br> 1/15/2031(i)<br>| &nbsp;&nbsp; 473515 |
| 469178 | &nbsp;&nbsp; Bausch & Lomb Corp., 2025 Term Loan B, 1 mo. USD <br> SOFR + 4.250%, 7.966%, 1/15/2031(b)(h)<br>| &nbsp;&nbsp; 473400 |
| 5752 | &nbsp;&nbsp; Hanger, Inc., 2024 Delayed Draw Term Loan, <br> 3.500%, 10/23/2031(j)<br>| &nbsp;&nbsp; 5766 |
| 8247 | &nbsp;&nbsp; Hanger, Inc., 2024 Delayed Draw Term Loan, 1 mo. <br> USD SOFR + 3.500%, 7.216%, 10/23/2031(b)(h)<br>| &nbsp;&nbsp; 8267 |
| 107260 | &nbsp;&nbsp; Hanger, Inc., 2024 Term Loan B, 1 mo. USD SOFR + <br> 3.500%, 7.216%, 10/23/2031(b)(h)<br>| &nbsp;&nbsp; 107525 |
| 180244 | &nbsp;&nbsp; Inception Holdco SARL, 2025 USD Repriced Term <br> Loan, 3 mo. USD SOFR + 3.250%, <br> 6.947%, 4/18/2031(b)(h)<br>| &nbsp;&nbsp; 181540 |
| 168502 | &nbsp;&nbsp; IVC Acquisition Ltd., 2025 USD Repriced Term Loan <br> B, 3 mo. USD SOFR + 3.750%, <br> 7.422%, 12/12/2028(b)(h)<br>| &nbsp;&nbsp; 169303 |
| 51974 | &nbsp;&nbsp; U.S. Fertility Enterprises LLC, 2025 Delayed Draw <br> Term Loan, 12/10/2032(i)<br>| &nbsp;&nbsp; 52104 |
| 343026 | &nbsp;&nbsp; U.S. Fertility Enterprises LLC, 2025 Term Loan, <br> 12/10/2032(i)<br>| &nbsp;&nbsp; 343884 |
|  |  | &nbsp;&nbsp; 1815304 |
|  | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| 51920 | &nbsp;&nbsp; GrafTech Finance, Inc., 2024 Delayed Draw Term <br> Loan, 3.750%, 12/21/2029(j)<br>| &nbsp;&nbsp; 52677 |
| 90859 | &nbsp;&nbsp; GrafTech Finance, Inc., 2024 Term Loan, 3 mo. USD <br> SOFR + 6.000%, 9.858%, 12/21/2029(b)(h)<br>| &nbsp;&nbsp; 92184 |
|  |  | &nbsp;&nbsp; 144861 |

---

See accompanying notes to financial statements.

5 \|

------

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

Loomis Sayles High Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| $192360 | &nbsp;&nbsp; Dechra Pharmaceuticals Holdings Ltd., USD Term <br> Loan B, 6 mo. USD SOFR + 3.250%, <br> 7.447%, 1/27/2032(b)(h)<br>| &nbsp;&nbsp; $193503 |
|  | **Property & Casualty Insurance — 1.2%** | **Property & Casualty Insurance — 1.2%** |
| 389107 | &nbsp;&nbsp; Acrisure LLC, 2024 1st Lien Term Loan B6, 1 mo. USD <br> SOFR + 3.000%, 6.716%, 11/06/2030(b)(h)<br>| &nbsp;&nbsp; 388379 |
| 233074 | &nbsp;&nbsp; Ardonagh Midco 3 PLC, 2024 USD Term Loan B, USD <br> SOFR + 2.750%, 6.924%, 2/15/2031(b)(h)<br>| &nbsp;&nbsp; 232347 |
| 215993 | &nbsp;&nbsp; Asurion LLC, 2023 Term Loan B11, 1 mo. USD SOFR + <br> 4.250%, 8.066%, 8/19/2028(b)(h)<br>| &nbsp;&nbsp; 216263 |
| 139926 | &nbsp;&nbsp; Truist Insurance Holdings LLC, 2nd Lien Term Loan, <br> 3 mo. USD SOFR + 4.750%, 8.422%, 5/06/2032(b)(h)<br>| &nbsp;&nbsp; 141441 |
|  |  | &nbsp;&nbsp; 978430 |
|  | **Retailers — 0.3%** | **Retailers — 0.3%** |
| 199533 | &nbsp;&nbsp; Evergreen Acqco 1 LP, 2025 Term Loan B, 3 mo. USD <br> SOFR + 3.000%, 6.701%, 9/17/2032(b)(h)<br>| &nbsp;&nbsp; 200332 |
|  | **Technology — 1.2%** | **Technology — 1.2%** |
| 79988 | &nbsp;&nbsp; CommScope, Inc., 2024 Term Loan, 1 mo. USD SOFR <br> + 4.750%, 8.466%, 12/17/2029(b)(h)<br>| &nbsp;&nbsp; 80025 |
| 64837 | &nbsp;&nbsp; Darktrace PLC, 1st Lien Term Loan, 3 mo. USD SOFR <br> + 3.250%, 7.185%, 10/09/2031(b)<br>| &nbsp;&nbsp; 65034 |
| 588000 | Dayforce, Inc., 2025 Term Loan, 8/20/2032(i) | &nbsp;&nbsp; 585901 |
| 52334 | &nbsp;&nbsp; GoTo Group, Inc., 2024 First Out Term Loan, 3 mo. <br> USD SOFR + 4.750%, 8.794%, 4/28/2028(b)(h)<br>| &nbsp;&nbsp; 46316 |
| 74622 | &nbsp;&nbsp; Mermaid Bidco, Inc., 2024 USD Term Loan B, 3 mo. <br> USD SOFR + 3.250%, 7.151%, 7/03/2031(b)(h)<br>| &nbsp;&nbsp; 74808 |
| 114904 | &nbsp;&nbsp; Project Alpha Intermediate Holding, Inc., 2024 1st <br> Lien Term Loan B, 3 mo. USD SOFR + 3.250%, <br> 6.922%, 10/26/2030(b)(h)<br>| &nbsp;&nbsp; 114650 |
|  |  | &nbsp;&nbsp; 966734 |
|  | **Wireless — 0.2%** | **Wireless — 0.2%** |
| 114710 | &nbsp;&nbsp; Crown Subsea Communications Holding, Inc., 2025 <br> Term Loan B, 1 mo. USD SOFR + 3.500%, <br> 7.216%, 1/30/2031(b)(h)<br>| &nbsp;&nbsp; 115456 |
|  | &nbsp;&nbsp; Total Senior Loans <br>(Identified Cost $5,548,186)<br>| &nbsp;&nbsp; 5486999 |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** |
| **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** |
|  | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| 1036 | Boeing Co., 6.000% | &nbsp;&nbsp; 71546 |
|  | **Brokerage — 0.0%** | **Brokerage — 0.0%** |
| 263 | Apollo Global Management, Inc., 6.750% | &nbsp;&nbsp; 19862 |
|  | **Electric — 0.1%** | **Electric — 0.1%** |
| 1583 | PG&E Corp., Series A, 6.000% | &nbsp;&nbsp; 64903 |
|  | &nbsp;&nbsp; Total Convertible Preferred Stocks <br>(Identified Cost $156,724)<br>| &nbsp;&nbsp; 156311 |
|  | &nbsp;&nbsp; Total Preferred Stocks <br>(Identified Cost $156,724)<br>| &nbsp;&nbsp; 156311 |
| **Common Stocks— 0.0%** | **Common Stocks— 0.0%** | **Common Stocks— 0.0%** |
|  | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| 81 | McDermott International Ltd.(f) | &nbsp;&nbsp; 1689 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| 3650 | Battalion Oil Corp.(f) | &nbsp;&nbsp; $4124 |
|  | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| 12176 | China Aoyuan Group Ltd.(f) | &nbsp;&nbsp; 104 |
| 33933 | Kaisa Group Holdings Ltd.(f) | &nbsp;&nbsp; 420 |
| 43613 | Times China Holdings Ltd.(f) | &nbsp;&nbsp; 574 |
| 30226 | Yuzhou Group Holdings Co. Ltd.(f) | &nbsp;&nbsp; 408 |
|  |  | &nbsp;&nbsp; 1506 |
|  | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |
| 1509 | Wolfspeed, Inc.(f) | &nbsp;&nbsp; 26272 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $905,535)<br>| &nbsp;&nbsp; 33591 |
| **Other Investments — 0.0%** | **Other Investments — 0.0%** | **Other Investments — 0.0%** |
|  | **Aircraft ABS — 0.0%** | **Aircraft ABS — 0.0%** |
| 100 | ECAF I Blocker, Ltd.(a)(f)(k) | &nbsp;&nbsp; — |
|  | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| 456218 | CFLD Cayman Trust Units(a)(f) | &nbsp;&nbsp; 2289 |
|  | &nbsp;&nbsp; Total Other Investments <br>(Identified Cost $1,002,201)<br>| &nbsp;&nbsp; 2289 |
| **Warrants — 0.0%** | **Warrants — 0.0%** | **Warrants — 0.0%** |
| 20319 | &nbsp;&nbsp; McDermott International Ltd., Tranche A, Expiration <br> on 6/30/2027(a)(f)<br>| &nbsp;&nbsp; — |
| 22577 | &nbsp;&nbsp; McDermott International Ltd., Tranche B, Expiration <br> on 6/30/2027(a)(f)<br>| &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; Total Warrants <br>(Identified Cost $31,517)<br>| &nbsp;&nbsp; — |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>|  |  |
| **Short-Term Investments — 5.2%** | **Short-Term Investments — 5.2%** | **Short-Term Investments — 5.2%** |
| $2699174 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed Income <br> Clearing Corporation, dated 12/31/2025 at 2.150% to <br> be repurchased at $2,699,496 on 1/02/2026 <br> collateralized by $2,741,700 U.S. Treasury Note, <br> 3.750% due 6/30/2027 valued at $2,753,162 including <br> accrued interest (Note 2 of Notes to Financial <br> Statements)<br>| &nbsp;&nbsp; 2699174 |
| 1190000 | U.S. Treasury Bills, 3.511%–3.527%, 4/07/2026(l)(m) | &nbsp;&nbsp; 1178933 |
| 195000 | U.S. Treasury Bills, 3.745%, 1/15/2026(m)(n) | &nbsp;&nbsp; 194751 |
|  | &nbsp;&nbsp; Total Short-Term Investments <br>(Identified Cost $4,072,743)<br>| &nbsp;&nbsp; 4072858 |
|  | &nbsp;&nbsp; Total Investments — 101.6% <br>(Identified Cost $84,746,379)<br>| &nbsp;&nbsp; 79896442 |
|  | Other assets less liabilities — (1.6)% | &nbsp;&nbsp; (1246043)<br>|
|  | Net Assets — 100.0% | &nbsp;&nbsp; $78650399 |

---

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

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

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

See accompanying notes to financial statements.

\| 6

------

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

Loomis Sayles High Income Fund (continued)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2025, the value of Rule 144A holdings amounted to $57,486,003 or 73.1% of net assets.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Securities subject to restriction on resale. At December 31, 2025, the restricted securities held by the Fund are as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **% of** <br>**Net Assets**<br>|
| ECAF I Blocker, Ltd. | 6/18/2015 | $1000000 | $— | 0.0% |

---

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

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

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

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

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

---

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

---

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 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; $7101511 | &nbsp;&nbsp; $7098828 | &nbsp;&nbsp; $(2683)<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 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; $5807238 | &nbsp;&nbsp; $5793148 | &nbsp;&nbsp; $14090 |
| CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 469247 | &nbsp;&nbsp; 462375 | &nbsp;&nbsp; 6872 |
| CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 120854 | &nbsp;&nbsp; 118000 | &nbsp;&nbsp; 2854 |
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1044222 | &nbsp;&nbsp; 1035141 | &nbsp;&nbsp; 9081 |
| Total |  |  |  |  | &nbsp;&nbsp; $32897 |

---

See accompanying notes to financial statements.

7 \|

------

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

Loomis Sayles Investment Grade Bond Fund

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>| **Description** | **Value (†)** |
| **Bonds and Notes — 87.6% of Net Assets** | **Bonds and Notes — 87.6% of Net Assets** | **Bonds and Notes — 87.6% of Net Assets** |
| **Non-Convertible Bonds — 87.4%** | **Non-Convertible Bonds — 87.4%** | **Non-Convertible Bonds — 87.4%** |
|  | **ABS Car Loan — 4.7%** | **ABS Car Loan — 4.7%** |
| $692811 | &nbsp;&nbsp; American Credit Acceptance Receivables <br> Trust, Series 2022-4, Class D, <br> 8.000%, 2/15/2029(a)<br>| &nbsp;&nbsp; $698564 |
| 1033250 | &nbsp;&nbsp; American Credit Acceptance Receivables <br> Trust, Series 2023-2, Class C, <br> 5.960%, 8/13/2029(a)<br>| &nbsp;&nbsp; 1033735 |
| 4795000 | &nbsp;&nbsp; American Credit Acceptance Receivables <br> Trust, Series 2023-3, Class D, <br> 6.820%, 10/12/2029(a)<br>| &nbsp;&nbsp; 4881309 |
| 11365000 | &nbsp;&nbsp; American Credit Acceptance Receivables <br> Trust, Series 2023-4, Class D, <br> 7.650%, 9/12/2030(a)<br>| &nbsp;&nbsp; 11727562 |
| 5340000 | &nbsp;&nbsp; American Credit Acceptance Receivables <br> Trust, Series 2024-3, Class D, <br> 6.040%, 7/12/2030(a)<br>| &nbsp;&nbsp; 5446069 |
| 6500000 | &nbsp;&nbsp; American Credit Acceptance Receivables <br> Trust, Series 2025-1, Class D, <br> 5.540%, 8/12/2031(a)<br>| &nbsp;&nbsp; 6601321 |
| 1875000 | &nbsp;&nbsp; AutoNation Finance Trust, Series 2025-1A, <br> Class C, 5.190%, 12/10/2030(a)<br>| &nbsp;&nbsp; 1909846 |
| 3580000 | &nbsp;&nbsp; AutoNation Finance Trust, Series 2025-1A, <br> Class D, 5.630%, 9/10/2032(a)<br>| &nbsp;&nbsp; 3645959 |
| 2970000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2020-2A, Class A, 2.020%, 2/20/2027(a)<br>| &nbsp;&nbsp; 2963968 |
| 846667 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2020-2A, Class C, 4.250%, 2/20/2027(a)<br>| &nbsp;&nbsp; 846455 |
| 11605000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2021-2A, Class D, 4.080%, 2/20/2028(a)<br>| &nbsp;&nbsp; 11384760 |
| 3780000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-2A, Class D, 7.260%, 10/20/2027(a)<br>| &nbsp;&nbsp; 3811658 |
| 3960000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-3A, Class D, 7.320%, 2/20/2028(a)<br>| &nbsp;&nbsp; 4013531 |
| 7985000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-4A, Class C, 7.240%, 6/20/2029(a)<br>| &nbsp;&nbsp; 8366665 |
| 5280000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-5A, Class D, 7.350%, 4/20/2028(a)<br>| &nbsp;&nbsp; 5354121 |
| 8910000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-8A, Class C, 7.340%, 2/20/2030(a)<br>| &nbsp;&nbsp; 9435470 |
| 22410000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2024-1A, Class A, 5.360%, 6/20/2030(a)<br>| &nbsp;&nbsp; 23150202 |
| 8845000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2024-1A, Class C, 6.480%, 6/20/2030(a)<br>| &nbsp;&nbsp; 9205476 |
| 17240000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2024-2A, Class A, 5.130%, 10/20/2028(a)<br>| &nbsp;&nbsp; 17512737 |
| 8638000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2024-3A, Class A, 5.230%, 12/20/2030(a)<br>| &nbsp;&nbsp; 8905813 |
| 6595000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2024-3A, Class C, 6.110%, 12/20/2030(a)<br>| &nbsp;&nbsp; 6796443 |
| 21010000 | &nbsp;&nbsp; Bridgecrest Lending Auto Securitization <br> Trust, Series 2023-1, Class D, <br> 7.840%, 8/15/2029<br>| &nbsp;&nbsp; 21978027 |
| 8930000 | &nbsp;&nbsp; Bridgecrest Lending Auto Securitization <br> Trust, Series 2024-2, Class C, <br> 6.070%, 2/15/2030<br>| &nbsp;&nbsp; 9092620 |
| 9890000 | &nbsp;&nbsp; Bridgecrest Lending Auto Securitization <br> Trust, Series 2024-2, Class D, <br> 6.300%, 2/15/2030<br>| &nbsp;&nbsp; 10159597 |
| 1100000 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2022-1, <br> Class D, 2.470%, 7/17/2028<br>| &nbsp;&nbsp; 1093687 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $11965000 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2023-1, <br> Class D, 6.270%, 11/15/2029<br>| &nbsp;&nbsp; $12198520 |
| 1540000 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2023-2, <br> Class D, 6.550%, 10/15/2029<br>| &nbsp;&nbsp; 1578309 |
| 3035000 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2023-4, <br> Class D, 7.160%, 4/15/2030<br>| &nbsp;&nbsp; 3159537 |
| 4250000 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2024-1, <br> Class D, 6.000%, 7/15/2030<br>| &nbsp;&nbsp; 4346573 |
| 11525000 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2024-2, <br> Class B, 5.690%, 11/15/2029<br>| &nbsp;&nbsp; 11842906 |
| 390000 | &nbsp;&nbsp; CarMax Auto Owner Trust, Series 2024-2, <br> Class D, 6.420%, 10/15/2030<br>| &nbsp;&nbsp; 401948 |
| 13025000 | &nbsp;&nbsp; CarMax Select Receivables Trust, <br> Series 2025-A, Class C, 5.460%, 7/15/2031<br>| &nbsp;&nbsp; 13284888 |
| 21175000 | &nbsp;&nbsp; CarMax Select Receivables Trust, <br> Series 2025-A, Class D, 5.860%, 7/15/2031<br>| &nbsp;&nbsp; 21692333 |
| 3810000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2023-N1, Class D, 6.690%, 7/10/2029(a)<br>| &nbsp;&nbsp; 3898138 |
| 1860000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2023-N4, Class D, 7.220%, 2/11/2030(a)<br>| &nbsp;&nbsp; 1934917 |
| 2535000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2024-N1, Class D, 6.300%, 5/10/2030(a)<br>| &nbsp;&nbsp; 2585602 |
| 7375000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2024-N1, Class C, 5.800%, 5/10/2030(a)<br>| &nbsp;&nbsp; 7509564 |
| 3432000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2024-N2, Class D, 6.440%, 9/10/2030(a)<br>| &nbsp;&nbsp; 3521929 |
| 7669000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2024-N3, Class D, <br> 5.380%, 12/10/2030(a)<br>| &nbsp;&nbsp; 7702889 |
| 12997000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2024-P1, Class A4, 5.080%, 3/11/2030(a)<br>| &nbsp;&nbsp; 13199982 |
| 1810000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2024-P4, Class C, 5.100%, 5/12/2031<br>| &nbsp;&nbsp; 1835248 |
| 8895000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2025-P1, Class C, 5.340%, 8/11/2031<br>| &nbsp;&nbsp; 9000619 |
| 880000 | &nbsp;&nbsp; Chesapeake Funding II LLC, Series 2023-1A, <br> Class D, 6.690%, 5/15/2035(a)<br>| &nbsp;&nbsp; 892785 |
| 2970000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2023-1A, Class C, 7.710%, 7/15/2033(a)<br>| &nbsp;&nbsp; 3025785 |
| 2035000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2023-3A, Class C, 7.620%, 12/15/2033(a)<br>| &nbsp;&nbsp; 2099953 |
| 3460000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2024-1A, Class C, 6.710%, 7/17/2034(a)<br>| &nbsp;&nbsp; 3542234 |
| 13290000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2024-2A, Class A, 5.950%, 6/15/2034(a)<br>| &nbsp;&nbsp; 13537579 |
| 6260000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2024-2A, Class C, 6.700%, 10/16/2034(a)<br>| &nbsp;&nbsp; 6480505 |
| 6255000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2024-3A, Class C, 5.390%, 1/16/2035(a)<br>| &nbsp;&nbsp; 6321895 |
| 7200000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2025-2A, Class C, 5.380%, 3/17/2036(a)<br>| &nbsp;&nbsp; 7308497 |
| 21060000 | &nbsp;&nbsp; Drive Auto Receivables Trust, Series 2024-1, <br> Class C, 5.430%, 11/17/2031<br>| &nbsp;&nbsp; 21379880 |
| 9695000 | &nbsp;&nbsp; DT Auto Owner Trust, Series 2023-1A, <br> Class D, 6.440%, 11/15/2028(a)<br>| &nbsp;&nbsp; 9827570 |
| 10700000 | &nbsp;&nbsp; DT Auto Owner Trust, Series 2023-2A, <br> Class D, 6.620%, 2/15/2029(a)<br>| &nbsp;&nbsp; 10904845 |
| 7695000 | &nbsp;&nbsp; DT Auto Owner Trust, Series 2023-3A, <br> Class D, 7.120%, 5/15/2029(a)<br>| &nbsp;&nbsp; 7922049 |
| 3595129 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2022-3A, Class D, 6.760%, 9/15/2028<br>| &nbsp;&nbsp; 3633439 |

---

See accompanying notes to financial statements.

\| 8

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $2675000 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2023-1A, Class D, 6.690%, 6/15/2029<br>| &nbsp;&nbsp; $2715112 |
| 6035000 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2023-2A, Class D, 6.320%, 8/15/2029<br>| &nbsp;&nbsp; 6155720 |
| 3100000 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2023-3A, Class D, 6.680%, 4/16/2029<br>| &nbsp;&nbsp; 3172857 |
| 14145000 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2023-5A, Class D, 7.130%, 2/15/2030<br>| &nbsp;&nbsp; 14607448 |
| 2690000 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-3A, Class D, 5.980%, 9/16/2030<br>| &nbsp;&nbsp; 2749340 |
| 9087000 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-5A, Class D, 5.060%, 2/18/2031<br>| &nbsp;&nbsp; 9128573 |
| 16265000 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D, 5.490%, 5/15/2031<br>| &nbsp;&nbsp; 16506682 |
| 30330000 | &nbsp;&nbsp; FHF Issuer Trust, Series 2025-2A, Class A2, <br> 5.750%, 5/15/2030(a)<br>| &nbsp;&nbsp; 30359541 |
| 2660000 | &nbsp;&nbsp; First Investors Auto Owner Trust, <br> Series 2022-1A, Class D, 3.790%, 6/15/2028(a)<br>| &nbsp;&nbsp; 2641694 |
| 1910000 | &nbsp;&nbsp; First Investors Auto Owner Trust, <br> Series 2022-2A, Class D, 8.710%, 10/16/2028(a)<br>| &nbsp;&nbsp; 1963313 |
| 4445000 | &nbsp;&nbsp; First Investors Auto Owner Trust, <br> Series 2025-1A, Class D, 5.220%, 12/15/2033(a)<br>| &nbsp;&nbsp; 4477893 |
| 11331000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2023-2, <br> Class D, 6.620%, 5/15/2029(a)<br>| &nbsp;&nbsp; 10983811 |
| 1800000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2023-3, <br> Class D, 6.580%, 8/15/2029(a)<br>| &nbsp;&nbsp; 1666272 |
| 4225000 | &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2023-B, <br> Class D, 6.970%, 6/15/2028<br>| &nbsp;&nbsp; 4244397 |
| 4580000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, <br> Series 2023-2A, Class D, 6.310%, 3/15/2029(a)<br>| &nbsp;&nbsp; 4686128 |
| 3550000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, <br> Series 2023-3A, Class D, 6.440%, 5/15/2029(a)<br>| &nbsp;&nbsp; 3637826 |
| 6440000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, <br> Series 2023-4A, Class D, 7.180%, 8/15/2029(a)<br>| &nbsp;&nbsp; 6661658 |
| 4140000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, <br> Series 2024-1A, Class D, 5.950%, 12/17/2029(a)<br>| &nbsp;&nbsp; 4212749 |
| 1441000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, <br> Series 2024-2A, Class D, 6.190%, 2/15/2030(a)<br>| &nbsp;&nbsp; 1477174 |
| 2025000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, <br> Series 2025-2A, Class D, 5.590%, 1/15/2031(a)<br>| &nbsp;&nbsp; 2050203 |
| 3900000 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, <br> Series 2024-3A, Class C, 5.920%, 8/15/2030(a)<br>| &nbsp;&nbsp; 4023865 |
| 6345000 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, <br> Series 2024-3A, Class D, 6.340%, 8/15/2031(a)<br>| &nbsp;&nbsp; 6551361 |
| 1100000 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, <br> Series 2024-4A, Class D, 5.280%, 10/15/2031(a)<br>| &nbsp;&nbsp; 1111461 |
| 870000 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class B, 5.040%, 2/15/2031(a)<br>| &nbsp;&nbsp; 889354 |
| 685000 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class C, 5.260%, 3/15/2031(a)<br>| &nbsp;&nbsp; 694039 |
| 1350000 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class D, 5.740%, 4/15/2032(a)<br>| &nbsp;&nbsp; 1374590 |
| 1644000 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, <br> Series 2025-3A, Class C, 4.940%, 9/15/2031(a)<br>| &nbsp;&nbsp; 1653920 |
| 3850000 | &nbsp;&nbsp; Hertz Vehicle Financing III LLC, <br> Series 2023-1A, Class 1D, 9.130%, 6/25/2027(a)<br>| &nbsp;&nbsp; 3878924 |
| 2433637 | &nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, <br> Series 2024-1, Class B2, 30 day USD SOFR <br> Average + 1.400%, 5.318%, 5/20/2032(a)(b)<br>| &nbsp;&nbsp; 2440322 |
| 16952986 | &nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, <br> Series 2025-2, Class B1, 4.835%, 9/20/2033(a)<br>| &nbsp;&nbsp; 16984654 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $11060000 | &nbsp;&nbsp; Hyundai Auto Receivables Trust, <br> Series 2025-A, Class C, 4.760%, 6/15/2032<br>| &nbsp;&nbsp; $11147960 |
| 2715000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2023-4A, <br> Class C, 6.760%, 3/15/2029(a)<br>| &nbsp;&nbsp; 2792661 |
| 1460000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2023-4A, <br> Class D, 7.370%, 4/15/2031(a)<br>| &nbsp;&nbsp; 1521627 |
| 790000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-1A, <br> Class B, 5.330%, 2/15/2029(a)<br>| &nbsp;&nbsp; 801125 |
| 295000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-1A, <br> Class C, 5.640%, 6/15/2029(a)<br>| &nbsp;&nbsp; 301165 |
| 1660000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-3A, <br> Class C, 4.930%, 3/15/2030(a)<br>| &nbsp;&nbsp; 1681128 |
| 6230735 | &nbsp;&nbsp; Merchants Fleet Funding LLC, Series 2023-1A, <br> Class A, 7.210%, 5/20/2036(a)<br>| &nbsp;&nbsp; 6262169 |
| 5260000 | &nbsp;&nbsp; Merchants Fleet Funding LLC, Series 2023-1A, <br> Class D, 8.200%, 5/20/2036(a)<br>| &nbsp;&nbsp; 5329521 |
| 1555000 | &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, <br> Series 2023-1A, Class D, 7.070%, 2/14/2033(a)<br>| &nbsp;&nbsp; 1585193 |
| 4970000 | &nbsp;&nbsp; Prestige Auto Receivables Trust, <br> Series 2023-1A, Class D, 6.330%, 4/16/2029(a)<br>| &nbsp;&nbsp; 5015302 |
| 4500000 | &nbsp;&nbsp; Prestige Auto Receivables Trust, <br> Series 2023-2A, Class C, 7.120%, 8/15/2029(a)<br>| &nbsp;&nbsp; 4506037 |
| 2725000 | &nbsp;&nbsp; Prestige Auto Receivables Trust, <br> Series 2023-2A, Class D, 7.710%, 8/15/2029(a)<br>| &nbsp;&nbsp; 2735290 |
| 12250000 | &nbsp;&nbsp; Red Oak Funding Master Trust, <br> Series 2025-1A, Class A, 30 day USD SOFR <br> Average + 2.000%, 5.984%, 12/20/2030(a)(b)<br>| &nbsp;&nbsp; 12259408 |
| 915000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class D, 6.280%, 8/15/2031<br>| &nbsp;&nbsp; 944237 |
| 31760000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-3, Class D, 5.970%, 10/15/2031<br>| &nbsp;&nbsp; 32731697 |
| 475000 | &nbsp;&nbsp; SBNA Auto Receivables Trust, Series 2024-A, <br> Class C, 5.590%, 1/15/2030(a)<br>| &nbsp;&nbsp; 482776 |
| 716000 | &nbsp;&nbsp; SBNA Auto Receivables Trust, Series 2024-A, <br> Class D, 6.040%, 4/15/2030(a)<br>| &nbsp;&nbsp; 736052 |
| 2738638 | &nbsp;&nbsp; Securitized Term Auto Receivables Trust, <br> Series 2025-A, Class B, 5.038%, 7/25/2031(a)<br>| &nbsp;&nbsp; 2765663 |
| 2730000 | &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, <br> Series 2023-1A, Class C, 5.970%, 2/20/2031(a)<br>| &nbsp;&nbsp; 2807856 |
| 2300000 | &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, <br> Series 2025-1A, Class B, 5.110%, 2/20/2031(a)<br>| &nbsp;&nbsp; 2356189 |
| 6820000 | &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, <br> Series 2025-1A, Class C, 5.200%, 10/20/2032(a)<br>| &nbsp;&nbsp; 6964823 |
| 8665000 | &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, <br> Series 2025-2A, Class C, 5.050%, 4/20/2033(a)<br>| &nbsp;&nbsp; 8801266 |
| 1285000 | &nbsp;&nbsp; USB Auto Owner Trust, Series 2025-1A, <br> Class D, 5.400%, 12/15/2032(a)<br>| &nbsp;&nbsp; 1302763 |
| 565000 | &nbsp;&nbsp; VStrong Auto Receivables Trust, <br> Series 2024-A, Class D, 7.290%, 7/15/2030(a)<br>| &nbsp;&nbsp; 585532 |
| 4155000 | &nbsp;&nbsp; Western Funding Auto Loan Trust, <br> Series 2025-1, Class C, 5.340%, 11/15/2035(a)<br>| &nbsp;&nbsp; 4177828 |
| 3055000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-1A, Class D, 6.790%, 11/15/2028(a)<br>| &nbsp;&nbsp; 3124649 |
| 7350000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-2A, Class D, 7.010%, 11/15/2028(a)<br>| &nbsp;&nbsp; 7524303 |
| 8400000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-3A, Class D, 6.470%, 3/15/2029(a)<br>| &nbsp;&nbsp; 8587774 |
| 13315000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-4A, Class D, 7.190%, 7/16/2029(a)<br>| &nbsp;&nbsp; 13765956 |
| 19730000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2024-1A, Class C, 5.650%, 2/15/2029(a)<br>| &nbsp;&nbsp; 19938487 |

---

See accompanying notes to financial statements.

9 \|

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $14870000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2024-1A, Class D, 6.020%, 10/15/2029(a)<br>| &nbsp;&nbsp; $15245401 |
| 4310000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2024-2A, Class D, 5.910%, 4/15/2030(a)<br>| &nbsp;&nbsp; 4401475 |
| 13330000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2024-3A, Class D, 5.210%, 4/15/2030(a)<br>| &nbsp;&nbsp; 13495337 |
| 7220000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class D, 5.540%, 11/15/2030(a)<br>| &nbsp;&nbsp; 7331472 |
| 4990000 | &nbsp;&nbsp; Westlake Flooring Master Trust, <br> Series 2024-1A, Class A, 5.430%, 2/15/2028(a)<br>| &nbsp;&nbsp; 4997523 |
| 5386847 | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, <br> Series 2024-3A, Class A1, 4.800%, 9/19/2039(a)<br>| &nbsp;&nbsp; 5445159 |
|  |  | &nbsp;&nbsp; 804740198 |
|  | **ABS Credit Card — 0.5%** | **ABS Credit Card — 0.5%** |
| 14790000 | &nbsp;&nbsp; Avant Credit Card Master Trust, <br> Series 2025-1A, Class A, 4.890%, 4/15/2031(a)<br>| &nbsp;&nbsp; 14759118 |
| 16315000 | &nbsp;&nbsp; Mercury Financial Credit Card Master Trust, <br> Series 2024-2A, Class A, 6.560%, 7/20/2029(a)<br>| &nbsp;&nbsp; 16391240 |
| 6575000 | &nbsp;&nbsp; Mission Lane Credit Card Master Trust, <br> Series 2024-A, Class A1, 6.200%, 8/15/2029(a)<br>| &nbsp;&nbsp; 6616305 |
| 15130000 | &nbsp;&nbsp; Mission Lane Credit Card Master Trust, <br> Series 2024-B, Class A, 5.880%, 1/15/2030(a)<br>| &nbsp;&nbsp; 15234893 |
| 9395000 | &nbsp;&nbsp; Mission Lane Credit Card Master Trust, <br> Series 2025-A, Class A, 5.800%, 5/15/2030(a)<br>| &nbsp;&nbsp; 9504067 |
| 19300000 | &nbsp;&nbsp; World Financial Network Credit Card Master <br> Trust, Series 2024-A, Class A, <br> 5.470%, 2/15/2031<br>| &nbsp;&nbsp; 19688142 |
|  |  | &nbsp;&nbsp; 82193765 |
|  | **ABS Home Equity — 2.8%** | **ABS Home Equity — 2.8%** |
| 6649898 | &nbsp;&nbsp; ATLX Trust, Series 2024-RPL1, Class A1, <br> 3.850%, 4/25/2064(a)(b)<br>| &nbsp;&nbsp; 6501681 |
| 9639847 | &nbsp;&nbsp; ATLX Trust, Series 2024-RPL2, Class A1, <br> 3.850%, 4/25/2063(a)(b)<br>| &nbsp;&nbsp; 9416573 |
| 2264930 | &nbsp;&nbsp; CAFL Issuer LLC, Series 2021-RTL1, Class A1, <br> 4.239%, 3/28/2029(a)(b)<br>| &nbsp;&nbsp; 2255171 |
| 10565000 | &nbsp;&nbsp; CAFL Issuer LLC, Series 2023-RTL1, Class A1, <br> 7.553%, 12/28/2030(a)(b)<br>| &nbsp;&nbsp; 10565000 |
| 14015000 | &nbsp;&nbsp; Cardinal Mortgage Trust, Series 2025-RTL1, <br> Class A1, 5.593%, 11/25/2030(a)(b)<br>| &nbsp;&nbsp; 14046255 |
| 1658331 | &nbsp;&nbsp; Citigroup Mortgage Loan Trust, Inc., <br> Series 2019-RP1, Class A1, <br> 3.500%, 1/25/2066(a)(b)<br>| &nbsp;&nbsp; 1632281 |
| 14144785 | &nbsp;&nbsp; COLT Mortgage Loan Trust, Series 2021-6, <br> Class A1, 1.907%, 12/25/2066(a)(b)<br>| &nbsp;&nbsp; 13078388 |
| 6575000 | &nbsp;&nbsp; CoreVest American Finance Ltd., <br> Series 2021-3, Class B, 2.494%, 10/15/2054(a)<br>| &nbsp;&nbsp; 6448064 |
| 1870000 | &nbsp;&nbsp; CoreVest American Finance Ltd., <br> Series 2021-3, Class D, 3.469%, 10/15/2054(a)<br>| &nbsp;&nbsp; 1710960 |
| 955784 | &nbsp;&nbsp; CoreVest American Finance Trust, <br> Series 2019-1, Class D, 4.818%, 3/15/2052(a)<br>| &nbsp;&nbsp; 958922 |
| 367122 | &nbsp;&nbsp; CoreVest American Finance Trust, <br> Series 2019-3, Class A, 2.705%, 10/15/2052(a)<br>| &nbsp;&nbsp; 366394 |
| 2929000 | &nbsp;&nbsp; CoreVest American Finance Trust, <br> Series 2019-3, Class B, 3.163%, 10/15/2052(a)<br>| &nbsp;&nbsp; 2815146 |
| 1259000 | &nbsp;&nbsp; CoreVest American Finance Trust, <br> Series 2020-2, Class C, 4.548%, 5/15/2052(a)(b)<br>| &nbsp;&nbsp; 1251990 |
| 3433435 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, <br> Series 2021-RPL4, Class A1, <br> 4.150%, 12/27/2060(a)(b)<br>| &nbsp;&nbsp; 3420175 |
| 6086850 | &nbsp;&nbsp; CSMC Trust, Series 2017-RPL1, Class M1, <br> 2.974%, 7/25/2057(a)(b)<br>| &nbsp;&nbsp; 5273200 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $4136029 | &nbsp;&nbsp; Deephaven Residential Mortgage Trust, <br> Series 2021-2, Class A1, <br> 0.899%, 4/25/2066(a)(b)<br>| &nbsp;&nbsp; $3709013 |
| 2995975 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Structured Agency Credit Risk Debt Notes, <br> Series 2023-DNA2, Class M1A, REMICS, 30 <br> day USD SOFR Average + 2.100%, <br> 5.965%, 4/25/2043(a)(b)<br>| &nbsp;&nbsp; 3037443 |
| 941926 | &nbsp;&nbsp; Federal National Mortgage Association <br> Connecticut Avenue Securities Trust, <br> Series 2023-R08, Class 1M1, 30 day USD <br> SOFR Average + 1.500%, <br> 5.374%, 10/25/2043(a)(b)<br>| &nbsp;&nbsp; 943513 |
| 3858271 | &nbsp;&nbsp; Federal National Mortgage Association <br> Connecticut Avenue Securities Trust, <br> Series 2024-R02, Class 1M1, 30 day USD <br> SOFR Average + 1.100%, <br> 4.974%, 2/25/2044(a)(b)<br>| &nbsp;&nbsp; 3855879 |
| 6000000 | &nbsp;&nbsp; FirstKey Homes Trust, Series 2021-SFR2, <br> Class B, 1.607%, 9/17/2038(a)<br>| &nbsp;&nbsp; 5875121 |
| 10000000 | &nbsp;&nbsp; FirstKey Homes Trust, Series 2021-SFR3, <br> Class B, 2.435%, 12/17/2038(a)<br>| &nbsp;&nbsp; 9789850 |
| 1748316 | &nbsp;&nbsp; GCAT Trust, Series 2019-RPL1, Class A1, <br> 2.650%, 10/25/2068(a)(b)<br>| &nbsp;&nbsp; 1708900 |
| 2230904 | &nbsp;&nbsp; Home Partners of America Trust, <br> Series 2019-1, Class D, 3.406%, 9/17/2039(a)<br>| &nbsp;&nbsp; 2188736 |
| 2409604 | &nbsp;&nbsp; Home Partners of America Trust, <br> Series 2019-2, Class D, 3.121%, 10/19/2039(a)<br>| &nbsp;&nbsp; 2339502 |
| 934319 | &nbsp;&nbsp; Home Partners of America Trust, <br> Series 2021-1, Class E, 2.577%, 9/17/2041(a)<br>| &nbsp;&nbsp; 846558 |
| 10314578 | &nbsp;&nbsp; Home Partners of America Trust, <br> Series 2021-2, Class E1, 2.852%, 12/17/2026(a)<br>| &nbsp;&nbsp; 10068607 |
| 5147694 | &nbsp;&nbsp; Home Partners of America Trust, <br> Series 2021-2, Class E2, 2.952%, 12/17/2026(a)<br>| &nbsp;&nbsp; 5022564 |
| 1454112 | &nbsp;&nbsp; Legacy Mortgage Asset Trust, <br> Series 2021-GS4, Class A1, <br> 5.650%, 11/25/2060(a)(b)<br>| &nbsp;&nbsp; 1455226 |
| 1214606 | &nbsp;&nbsp; Mill City Mortgage Loan Trust, Series 2018-2, <br> Class M1, 3.750%, 5/25/2058(a)(b)<br>| &nbsp;&nbsp; 1199867 |
| 1176263 | &nbsp;&nbsp; Mill City Mortgage Loan Trust, Series 2019-1, <br> Class A1, 3.250%, 10/25/2069(a)(b)<br>| &nbsp;&nbsp; 1152744 |
| 2744944 | &nbsp;&nbsp; Mill City Mortgage Loan Trust, Series 2019-1, <br> Class M1, 3.500%, 10/25/2069(a)(b)<br>| &nbsp;&nbsp; 2624373 |
| 1889655 | &nbsp;&nbsp; Mill City Mortgage Loan Trust, <br> Series 2019-GS1, Class A1, <br> 2.750%, 7/25/2059(a)(b)<br>| &nbsp;&nbsp; 1857847 |
| 540000 | &nbsp;&nbsp; Mill City Mortgage Loan Trust, <br> Series 2021-NMR1, Class M1, <br> 1.850%, 11/25/2060(a)(b)<br>| &nbsp;&nbsp; 493559 |
| 1750000 | &nbsp;&nbsp; Mill City Mortgage Loan Trust, <br> Series 2021-NMR1, Class M2, <br> 2.500%, 11/25/2060(a)(b)<br>| &nbsp;&nbsp; 1551590 |
| 23754135 | &nbsp;&nbsp; New Residential Mortgage Loan Trust, <br> Series 2024-RPL1, Class A, <br> 3.800%, 1/25/2064(a)(b)<br>| &nbsp;&nbsp; 22658203 |
| 15130000 | &nbsp;&nbsp; New Residential Mortgage Loan Trust, <br> Series 2024-RTL1, Class A1, <br> 6.664%, 3/25/2039(a)(b)<br>| &nbsp;&nbsp; 15200100 |
| 10709472 | &nbsp;&nbsp; NLT Trust, Series 2023-1, Class A1, <br> 3.200%, 10/25/2062(a)(b)<br>| &nbsp;&nbsp; 9867194 |
| 15095000 | &nbsp;&nbsp; NYMT Loan Trust, Series 2024-BPL2, <br> Class A1, 6.509%, 5/25/2039(a)(b)<br>| &nbsp;&nbsp; 15230678 |

---

See accompanying notes to financial statements.

\| 10

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $9390000 | &nbsp;&nbsp; NYMT Loan Trust, Series 2024-BPL3, <br> Class A1, 5.268%, 9/25/2039(a)(b)<br>| &nbsp;&nbsp; $9411890 |
| 17488614 | &nbsp;&nbsp; NYMT Loan Trust, Series 2024-CP1, Class A1, <br> 3.750%, 2/25/2068(a)(b)<br>| &nbsp;&nbsp; 16322776 |
| 4284943 | &nbsp;&nbsp; OBX Trust, Series 2021-NQM3, Class A1, <br> 1.054%, 7/25/2061(a)(b)<br>| &nbsp;&nbsp; 3526399 |
| 31976355 | &nbsp;&nbsp; PRET Trust, Series 2025-RPL5, Class A1, <br> 4.150%, 1/25/2070(a)(b)<br>| &nbsp;&nbsp; 31450974 |
| 8750000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR3, <br> Class C, 2.088%, 5/17/2026(a)<br>| &nbsp;&nbsp; 8680142 |
| 2420000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR3, <br> Class E1, 2.538%, 5/17/2026(a)<br>| &nbsp;&nbsp; 2403645 |
| 2015000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR3, <br> Class E2, 2.688%, 5/17/2026(a)<br>| &nbsp;&nbsp; 1997328 |
| 3575000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR6, <br> Class E1, 2.425%, 7/17/2038(a)<br>| &nbsp;&nbsp; 3530651 |
| 1795000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR6, <br> Class E2, 2.525%, 7/17/2038(a)<br>| &nbsp;&nbsp; 1771446 |
| 1400000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR9, <br> Class E1, 2.811%, 11/17/2040(a)<br>| &nbsp;&nbsp; 1313186 |
| 960000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR9, <br> Class E2, 3.010%, 11/17/2040(a)<br>| &nbsp;&nbsp; 904271 |
| 1260000 | &nbsp;&nbsp; Progress Residential Trust, Series 2023-SFR1, <br> Class C, 4.650%, 3/17/2040(a)<br>| &nbsp;&nbsp; 1252166 |
| 1935000 | &nbsp;&nbsp; Progress Residential Trust, Series 2023-SFR1, <br> Class D, 4.650%, 3/17/2040(a)<br>| &nbsp;&nbsp; 1919010 |
| 901773 | &nbsp;&nbsp; PRPM LLC, Series 2023-RCF2, Class A1, <br> 4.000%, 11/25/2053(a)(b)<br>| &nbsp;&nbsp; 894021 |
| 7447166 | &nbsp;&nbsp; PRPM LLC, Series 2024-7, Class A1, <br> 5.870%, 11/25/2029(a)(b)<br>| &nbsp;&nbsp; 7451006 |
| 2065912 | &nbsp;&nbsp; PRPM LLC, Series 2024-RCF1, Class A1, <br> 4.000%, 1/25/2054(a)(b)<br>| &nbsp;&nbsp; 2042510 |
| 7426497 | &nbsp;&nbsp; PRPM LLC, Series 2024-RCF2, Class A1, <br> 3.750%, 3/25/2054(a)(b)<br>| &nbsp;&nbsp; 7316741 |
| 16704197 | &nbsp;&nbsp; PRPM LLC, Series 2024-RPL1, Class A1, <br> 4.200%, 12/25/2064(a)(b)<br>| &nbsp;&nbsp; 16527348 |
| 5254338 | &nbsp;&nbsp; PRPM LLC, Series 2025-2, Class A1, <br> 6.469%, 5/25/2030(a)(b)<br>| &nbsp;&nbsp; 5264142 |
| 23552631 | &nbsp;&nbsp; PRPM LLC, Series 2025-8, Class A1, <br> 5.385%, 10/25/2030(a)(b)<br>| &nbsp;&nbsp; 23587204 |
| 7748298 | &nbsp;&nbsp; PRPM LLC, Series 2025-RCF1, Class A1, <br> 4.500%, 2/25/2055(a)(b)<br>| &nbsp;&nbsp; 7714539 |
| 8193904 | &nbsp;&nbsp; PRPM LLC, Series 2025-RCF5, Class A1, <br> 4.839%, 10/25/2055(a)(b)<br>| &nbsp;&nbsp; 8199148 |
| 23045000 | &nbsp;&nbsp; Roc Mortgage Trust, Series 2024-RTL1, <br> Class A1, 5.589%, 10/25/2039(a)(b)<br>| &nbsp;&nbsp; 23270092 |
| 182474 | &nbsp;&nbsp; Sequoia Mortgage Trust, Series 2017-CH2, <br> Class A1, 4.000%, 12/25/2047(a)(b)<br>| &nbsp;&nbsp; 171547 |
| 5790000 | &nbsp;&nbsp; Toorak Mortgage Trust, Series 2024-RRTL1, <br> Class A1, 6.597%, 2/25/2039(a)(b)<br>| &nbsp;&nbsp; 5812142 |
| 4930000 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2017-4, <br> Class M2, 3.250%, 6/25/2057(a)(b)<br>| &nbsp;&nbsp; 4381471 |
| 1943340 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2018-5, <br> Class M1, 3.250%, 7/25/2058(a)(b)<br>| &nbsp;&nbsp; 1661588 |
| 4495000 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-2, <br> Class A2, 3.750%, 12/25/2058(a)(b)<br>| &nbsp;&nbsp; 4126709 |
| 17610000 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-2, <br> Class M1, 3.750%, 12/25/2058(a)(b)<br>| &nbsp;&nbsp; 15428389 |
| 2968664 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-4, <br> Class A1, 2.900%, 10/25/2059(a)(b)<br>| &nbsp;&nbsp; 2863794 |
| 1505000 | &nbsp;&nbsp; Tricon American Homes, Series 2020-SFR1, <br> Class B, 2.049%, 7/17/2038(a)<br>| &nbsp;&nbsp; 1483149 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $3950000 | &nbsp;&nbsp; Tricon American Homes, Series 2020-SFR1, <br> Class D, 2.548%, 7/17/2038(a)<br>| &nbsp;&nbsp; $3895093 |
| 2575000 | &nbsp;&nbsp; Tricon American Homes Trust, <br> Series 2019-SFR1, Class D, <br> 3.198%, 3/17/2038(a)<br>| &nbsp;&nbsp; 2561404 |
| 23100000 | &nbsp;&nbsp; TVC Mortgage Trust, Series 2024-RRTL1, <br> Class A1, 5.545%, 7/25/2039(a)(b)<br>| &nbsp;&nbsp; 23144045 |
| 9200619 | &nbsp;&nbsp; Verus Securitization Trust, Series 2021-3, <br> Class A1, 1.046%, 6/25/2066(a)(b)<br>| &nbsp;&nbsp; 8116890 |
| 10447860 | &nbsp;&nbsp; Verus Securitization Trust, Series 2021-7, <br> Class A1, 2.829%, 10/25/2066(a)(b)<br>| &nbsp;&nbsp; 9597542 |
|  |  | &nbsp;&nbsp; 472411665 |
|  | **ABS Other — 7.4%** | **ABS Other — 7.4%** |
| 1570737 | &nbsp;&nbsp; AASET LLC, Series 2022-1A, Class A, <br> 6.000%, 5/16/2047(a)<br>| &nbsp;&nbsp; 1602202 |
| 30131661 | &nbsp;&nbsp; AASET Ltd., Series 2024-2A, Class A, <br> 5.930%, 9/16/2049(a)<br>| &nbsp;&nbsp; 30538680 |
| 2868440 | &nbsp;&nbsp; AASET Trust, Series 2021-1A, Class A, <br> 2.950%, 11/16/2041(a)<br>| &nbsp;&nbsp; 2761562 |
| 16955000 | &nbsp;&nbsp; Affirm Asset Securitization Trust, <br> Series 2024-A, Class 1A, 5.610%, 2/15/2029(a)<br>| &nbsp;&nbsp; 16981094 |
| 975000 | &nbsp;&nbsp; Affirm Asset Securitization Trust, <br> Series 2024-A, Class 1D, 6.890%, 2/15/2029(a)<br>| &nbsp;&nbsp; 977068 |
| 5520000 | &nbsp;&nbsp; Affirm Asset Securitization Trust, <br> Series 2024-A, Class A, 5.610%, 2/15/2029(a)<br>| &nbsp;&nbsp; 5528363 |
| 204362 | &nbsp;&nbsp; Affirm Asset Securitization Trust, <br> Series 2024-X2, Class A, 5.220%, 12/17/2029(a)<br>| &nbsp;&nbsp; 204573 |
| 2260000 | &nbsp;&nbsp; Affirm Asset Securitization Trust, <br> Series 2024-X2, Class D, 6.080%, 12/17/2029(a)<br>| &nbsp;&nbsp; 2271962 |
| 16530000 | &nbsp;&nbsp; Affirm Master Trust, Series 2025-1A, Class A, <br> 4.990%, 2/15/2033(a)<br>| &nbsp;&nbsp; 16668554 |
| 20932704 | &nbsp;&nbsp; ALTDE Trust, Series 2025-1A, Class A, <br> 5.900%, 8/15/2050(a)<br>| &nbsp;&nbsp; 21364587 |
| 54130000 | &nbsp;&nbsp; Applebee's Funding LLC/IHOP Funding LLC, <br> Series 2025-1A, Class A2, 6.720%, 6/07/2055(a)<br>| &nbsp;&nbsp; 54553784 |
| 12507756 | &nbsp;&nbsp; Aqua Finance Issuer Trust, Series 2025-A, <br> Class A, 5.250%, 12/19/2050(a)<br>| &nbsp;&nbsp; 12772170 |
| 16720548 | &nbsp;&nbsp; Aqua Finance Trust, Series 2024-A, Class A, <br> 4.810%, 4/18/2050(a)<br>| &nbsp;&nbsp; 16878845 |
| 752197 | &nbsp;&nbsp; Auxilior Term Funding LLC, Series 2023-1A, <br> Class A2, 6.180%, 12/15/2028(a)<br>| &nbsp;&nbsp; 755927 |
| 18265000 | &nbsp;&nbsp; BasePoint MCA Securitization II LLC, <br> Series 2025-1A, Class A, 5.926%, 8/15/2031(a)<br>| &nbsp;&nbsp; 18288964 |
| 3413070 | &nbsp;&nbsp; BHG Securitization Trust, Series 2022-A, <br> Class B, 2.700%, 2/20/2035(a)<br>| &nbsp;&nbsp; 3398615 |
| 3724000 | &nbsp;&nbsp; BHG Securitization Trust, Series 2022-A, <br> Class C, 3.080%, 2/20/2035(a)<br>| &nbsp;&nbsp; 3672704 |
| 6572941 | &nbsp;&nbsp; BHG Securitization Trust, Series 2023-B, <br> Class B, 7.450%, 12/17/2036(a)<br>| &nbsp;&nbsp; 6891991 |
| 2883272 | &nbsp;&nbsp; BHG Securitization Trust, Series 2024-1CON, <br> Class A, 5.810%, 4/17/2035(a)<br>| &nbsp;&nbsp; 2950599 |
| 6365834 | &nbsp;&nbsp; BHG Securitization Trust, Series 2024-1CON, <br> Class B, 6.490%, 4/17/2035(a)<br>| &nbsp;&nbsp; 6549524 |
| 9698994 | &nbsp;&nbsp; BHG Securitization Trust, Series 2025-1CON, <br> Class A, 4.820%, 4/17/2036(a)<br>| &nbsp;&nbsp; 9768429 |
| 1791629 | &nbsp;&nbsp; BHG Securitization Trust, Series 2025-1CON, <br> Class B, 5.260%, 4/17/2036(a)<br>| &nbsp;&nbsp; 1803085 |
| 17746439 | &nbsp;&nbsp; Business Jet Securities LLC, Series 2024-2A, <br> Class A, 5.364%, 9/15/2039(a)<br>| &nbsp;&nbsp; 17885853 |
| 4817969 | &nbsp;&nbsp; CAL Funding IV Ltd., Series 2020-1A, Class A, <br> 2.220%, 9/25/2045(a)<br>| &nbsp;&nbsp; 4623111 |

---

See accompanying notes to financial statements.

11 \|

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $4892958 | &nbsp;&nbsp; Castlelake Aircraft Structured Trust, <br> Series 2019-1A, Class A, 3.967%, 4/15/2039(a)<br>| &nbsp;&nbsp; $4859818 |
| 3779114 | &nbsp;&nbsp; CLI Funding VI LLC, Series 2020-3A, Class A, <br> 2.070%, 10/18/2045(a)<br>| &nbsp;&nbsp; 3572547 |
| 36195000 | &nbsp;&nbsp; CLIF Holdings LLC, Series 2025-1H, Class A, <br> 6.720%, 12/20/2050(a)<br>| &nbsp;&nbsp; 36126411 |
| 6636414 | &nbsp;&nbsp; Clsec Holdings 22t LLC, Series 2021-1, <br> Class B, 3.464%, 5/11/2037(a)<br>| &nbsp;&nbsp; 6268832 |
| 19830000 | &nbsp;&nbsp; Compass Datacenters Issuer II LLC, <br> Series 2024-2A, Class A1, 5.022%, 8/25/2049(a)<br>| &nbsp;&nbsp; 19868516 |
| 15075000 | &nbsp;&nbsp; Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2, 5.656%, 2/25/2050(a)<br>| &nbsp;&nbsp; 15268035 |
| 3025000 | &nbsp;&nbsp; Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A3, 5.852%, 2/25/2050(a)<br>| &nbsp;&nbsp; 3055785 |
| 18140000 | &nbsp;&nbsp; Compass Datacenters Issuer III LLC, <br> Series 2025-3A, Class A2, 5.286%, 7/25/2050(a)<br>| &nbsp;&nbsp; 18248992 |
| 11030026 | &nbsp;&nbsp; Crockett Partners Equipment Co. IIA LLC, <br> Series 2024-1C, Class A, 6.050%, 1/20/2031(a)<br>| &nbsp;&nbsp; 11224051 |
| 9972000 | &nbsp;&nbsp; CyrusOne Data Centers Issuer I LLC, <br> Series 2024-2A, Class A2, 4.500%, 5/20/2049(a)<br>| &nbsp;&nbsp; 9731975 |
| 7930000 | &nbsp;&nbsp; CyrusOne Data Centers Issuer I LLC, <br> Series 2024-3A, Class A2, 4.650%, 5/20/2049(a)<br>| &nbsp;&nbsp; 7609312 |
| 27915000 | &nbsp;&nbsp; DataBank Issuer II LLC, Series 2025-1A, <br> Class A2, 5.180%, 9/27/2055(a)<br>| &nbsp;&nbsp; 27678560 |
| 23695000 | &nbsp;&nbsp; EDI ABS Issuer 1 LLC, Series 2025-1A, <br> Class A2, 4.450%, 7/25/2055(a)<br>| &nbsp;&nbsp; 22953607 |
| 6643926 | &nbsp;&nbsp; EverBright Solar Trust, Series 2024-A, <br> Class A, 6.430%, 6/22/2054(a)<br>| &nbsp;&nbsp; 6343770 |
| 3883157 | &nbsp;&nbsp; Foundation Finance Trust, Series 2023-2A, <br> Class A, 6.530%, 6/15/2049(a)<br>| &nbsp;&nbsp; 4052254 |
| 2026806 | &nbsp;&nbsp; Foundation Finance Trust, Series 2023-2A, <br> Class B, 6.970%, 6/15/2049(a)<br>| &nbsp;&nbsp; 2122117 |
| 51030000 | &nbsp;&nbsp; Frontier Issuer LLC, Series 2023-1, Class A2, <br> 6.600%, 8/20/2053(a)<br>| &nbsp;&nbsp; 51537646 |
| 17740000 | &nbsp;&nbsp; Frontier Issuer LLC, Series 2024-1, Class A2, <br> 6.190%, 6/20/2054(a)<br>| &nbsp;&nbsp; 18284157 |
| 27690000 | &nbsp;&nbsp; GGAM Master Trust International Ltd., <br> Series 2025-1A, Class A, 5.923%, 9/30/2060(a)<br>| &nbsp;&nbsp; 27838499 |
| 26426522 | &nbsp;&nbsp; Global SC Finance X Ltd., Series 2025-1H, <br> Class A, 6.169%, 9/20/2045(a)<br>| &nbsp;&nbsp; 26430697 |
| 4605741 | &nbsp;&nbsp; GoodLeap Home Improvement Solutions <br> Trust, Series 2024-1A, Class A, <br> 5.350%, 10/20/2046(a)<br>| &nbsp;&nbsp; 4665003 |
| 1615026 | &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, <br> Series 2024-2, Class A4, 5.150%, 10/27/2059(a)<br>| &nbsp;&nbsp; 1641790 |
| 5880000 | &nbsp;&nbsp; GreenSky Home Improvement Trust, <br> Series 2024-1, Class A3, 5.550%, 6/25/2059(a)<br>| &nbsp;&nbsp; 6041312 |
| 4408089 | &nbsp;&nbsp; GreenSky Home Improvement Trust, <br> Series 2024-1, Class C, 6.360%, 6/25/2059(a)<br>| &nbsp;&nbsp; 4526640 |
| 172513 | &nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2022-1D, <br> Class C, 4.690%, 6/20/2034(a)<br>| &nbsp;&nbsp; 172290 |
| 342013 | &nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2023-1A, <br> Class C, 6.940%, 1/25/2038(a)<br>| &nbsp;&nbsp; 353561 |
| 1823080 | &nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2024-2A, <br> Class C, 5.990%, 3/25/2038(a)<br>| &nbsp;&nbsp; 1851357 |
| 1134108 | &nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2025-1A, <br> Class C, 5.520%, 5/27/2042(a)<br>| &nbsp;&nbsp; 1151340 |
| 2656671 | &nbsp;&nbsp; HINNT LLC, Series 2024-A, Class A, <br> 5.490%, 3/15/2043(a)<br>| &nbsp;&nbsp; 2708311 |
| 1563890 | &nbsp;&nbsp; Horizon Aircraft Finance I Ltd., Series 2018-1, <br> Class A, 4.458%, 12/15/2038(a)<br>| &nbsp;&nbsp; 1548765 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $808639 | &nbsp;&nbsp; Horizon Aircraft Finance II Ltd., Series 2019-1, <br> Class A, 3.721%, 7/15/2039(a)<br>| &nbsp;&nbsp; $797113 |
| 1419659 | &nbsp;&nbsp; Horizon Aircraft Finance III Ltd., <br> Series 2019-2, Class A, 3.425%, 11/15/2039(a)<br>| &nbsp;&nbsp; 1381168 |
| 2395000 | &nbsp;&nbsp; HPEFS Equipment Trust, Series 2023-2A, <br> Class D, 6.970%, 7/21/2031(a)<br>| &nbsp;&nbsp; 2421242 |
| 2180000 | &nbsp;&nbsp; Island Finance Trust, Series 2025-1A, Class A, <br> 6.540%, 3/19/2035(a)<br>| &nbsp;&nbsp; 2209502 |
| 7053262 | &nbsp;&nbsp; Jack in the Box Funding LLC, Series 2019-1A, <br> Class A2II, 4.476%, 8/25/2049(a)<br>| &nbsp;&nbsp; 6998703 |
| 402375 | &nbsp;&nbsp; Jack in the Box Funding LLC, Series 2022-1A, <br> Class A2I, 3.445%, 2/26/2052(a)<br>| &nbsp;&nbsp; 389497 |
| 20825000 | &nbsp;&nbsp; Kapitus Asset Securitization IV LLC, <br> Series 2024-1A, Class 1A, 5.490%, 9/10/2031(a)<br>| &nbsp;&nbsp; 20934250 |
| 12704000 | &nbsp;&nbsp; Kapitus Asset Securitization IV LLC, <br> Series 2024-1A, Class A, 5.490%, 9/10/2031(a)<br>| &nbsp;&nbsp; 12770646 |
| 25165000 | &nbsp;&nbsp; Kapitus Asset Securitization V LLC, <br> Series 2025-1A, Class A, 5.460%, 4/10/2032(a)<br>| &nbsp;&nbsp; 25265157 |
| 1258336 | &nbsp;&nbsp; KDAC Aviation Finance Ltd., Series 2017-1A, <br> Class A, 4.212%, 12/15/2042(a)<br>| &nbsp;&nbsp; 1256462 |
| 1493442 | &nbsp;&nbsp; Kestrel Aircraft Funding Ltd., Series 2018-1A, <br> Class A, 4.250%, 12/15/2038(a)<br>| &nbsp;&nbsp; 1493245 |
| 2020508 | &nbsp;&nbsp; Labrador Aviation Finance Ltd., <br> Series 2016-1A, Class A1, 4.300%, 1/15/2042(a)<br>| &nbsp;&nbsp; 2026608 |
| 11329449 | &nbsp;&nbsp; Lunar Structured Aircraft Portfolio Notes, <br> Series 2021-1, Class A, 2.636%, 10/15/2046(a)<br>| &nbsp;&nbsp; 10808387 |
| 2287005 | &nbsp;&nbsp; MAPS Trust, Series 2021-1A, Class A, <br> 2.521%, 6/15/2046(a)<br>| &nbsp;&nbsp; 2191217 |
| 5330000 | &nbsp;&nbsp; Mariner Finance Issuance Trust, <br> Series 2024-AA, Class B, 5.680%, 9/22/2036(a)<br>| &nbsp;&nbsp; 5429571 |
| 691000 | &nbsp;&nbsp; Marlette Funding Trust, Series 2024-1A, <br> Class D, 6.930%, 7/17/2034(a)<br>| &nbsp;&nbsp; 709093 |
| 11940000 | &nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, <br> Series 2025-2A, Class A2, 5.400%, 8/20/2055(a)<br>| &nbsp;&nbsp; 12089632 |
| 2838976 | &nbsp;&nbsp; Mosaic Solar Loan Trust, Series 2024-1A, <br> Class A, 5.500%, 9/20/2049(a)<br>| &nbsp;&nbsp; 2754616 |
| 33546397 | &nbsp;&nbsp; Mosaic Solar Loan Trust, Series 2024-2A, <br> Class A, 5.600%, 4/22/2052(a)<br>| &nbsp;&nbsp; 33021664 |
| 144284 | &nbsp;&nbsp; MVW LLC, Series 2020-1A, Class C, <br> 4.210%, 10/20/2037(a)<br>| &nbsp;&nbsp; 143447 |
| 2101940 | &nbsp;&nbsp; MVW LLC, Series 2024-1A, Class C, <br> 6.200%, 2/20/2043(a)<br>| &nbsp;&nbsp; 2152327 |
| 9160247 | &nbsp;&nbsp; Navigator Aircraft ABS Ltd., Series 2021-1, <br> Class A, 2.771%, 11/15/2046(a)(b)<br>| &nbsp;&nbsp; 8749164 |
| 10875000 | &nbsp;&nbsp; NFAS3 LLC, Series 2025-1, Class A, <br> 6.351%, 5/15/2031(a)<br>| &nbsp;&nbsp; 10992189 |
| 6218416 | &nbsp;&nbsp; Octane Receivables Trust, Series 2024-1A, <br> Class A2, 5.680%, 5/20/2030(a)<br>| &nbsp;&nbsp; 6269140 |
| 7119000 | &nbsp;&nbsp; Octane Receivables Trust, Series 2024-2A, <br> Class C, 5.900%, 7/20/2032(a)<br>| &nbsp;&nbsp; 7232712 |
| 6695000 | &nbsp;&nbsp; OnDeck Asset Securitization Trust IV LLC, <br> Series 2024-2A, Class A, 4.980%, 10/17/2031(a)<br>| &nbsp;&nbsp; 6722784 |
| 3120000 | &nbsp;&nbsp; Onemain Financial Issuance Trust, <br> Series 2025-1A, Class D, 5.790%, 7/14/2038(a)<br>| &nbsp;&nbsp; 3178113 |
| 1675000 | &nbsp;&nbsp; OneMain Financial Issuance Trust, <br> Series 2019-2A, Class D, 4.050%, 10/14/2036(a)<br>| &nbsp;&nbsp; 1609668 |
| 8040000 | &nbsp;&nbsp; OneMain Financial Issuance Trust, <br> Series 2022-S1, Class D, 5.200%, 5/14/2035(a)<br>| &nbsp;&nbsp; 8080938 |
| 16981582 | &nbsp;&nbsp; OWN Equipment Fund I LLC, Series 2024-2M, <br> Class A, 5.700%, 12/20/2032(a)<br>| &nbsp;&nbsp; 17242215 |
| 9573971 | &nbsp;&nbsp; OWN Equipment Fund II LLC, Series 2025-1M, <br> Class A, 5.480%, 9/26/2033(a)<br>| &nbsp;&nbsp; 9629797 |

---

See accompanying notes to financial statements.

\| 12

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $24590000 | &nbsp;&nbsp; OWN Equipment Fund III LLC, <br> Series 2025-2M, Class A, 5.420%, 3/27/2034(a)<br>| &nbsp;&nbsp; $24732991 |
| 3979776 | &nbsp;&nbsp; PK ALIFT Loan Funding 3 LP, Series 2024-1, <br> Class A1, 5.842%, 9/15/2039(a)<br>| &nbsp;&nbsp; 4067040 |
| 4932767 | &nbsp;&nbsp; PK Alift Loan Funding 7 LP, Series 2025-2, <br> Class A, 4.750%, 3/15/2043(a)<br>| &nbsp;&nbsp; 4939614 |
| 11405000 | &nbsp;&nbsp; Planet Fitness Master Issuer LLC, <br> Series 2025-1A, Class A2I, <br> 5.274%, 12/06/2055(a)<br>| &nbsp;&nbsp; 11450825 |
| 6380000 | &nbsp;&nbsp; Progress Residential Trust, Series 2022-SFR5, <br> Class C, 5.192%, 6/17/2039(a)<br>| &nbsp;&nbsp; 6374954 |
| 10190000 | &nbsp;&nbsp; QTS Issuer ABS II LLC, Series 2025-1A, <br> Class B, 5.778%, 10/05/2055(a)<br>| &nbsp;&nbsp; 9942026 |
| 1165000 | &nbsp;&nbsp; Reach ABS Trust, Series 2025-1A, Class C, <br> 5.990%, 8/16/2032(a)<br>| &nbsp;&nbsp; 1185075 |
| 8020000 | &nbsp;&nbsp; Reach ABS Trust, Series 2025-2A, Class B, <br> 5.120%, 8/18/2032(a)<br>| &nbsp;&nbsp; 8112118 |
| 7550000 | &nbsp;&nbsp; Regional Management Issuance Trust, <br> Series 2024-2, Class A, 5.110%, 12/15/2033(a)<br>| &nbsp;&nbsp; 7607909 |
| 1825000 | &nbsp;&nbsp; Regional Management Issuance Trust, <br> Series 2024-2, Class C, 5.740%, 12/15/2033(a)<br>| &nbsp;&nbsp; 1843994 |
| 5250000 | &nbsp;&nbsp; Regional Management Issuance Trust, <br> Series 2025-1, Class D, 6.580%, 4/17/2034(a)<br>| &nbsp;&nbsp; 5326844 |
| 9940000 | &nbsp;&nbsp; Republic Finance Issuance Trust, <br> Series 2024-A, Class A, 5.910%, 8/20/2032(a)<br>| &nbsp;&nbsp; 10040670 |
| 12420000 | &nbsp;&nbsp; Republic Finance Issuance Trust, <br> Series 2024-B, Class A, 5.420%, 11/20/2037(a)<br>| &nbsp;&nbsp; 12642790 |
| 14675000 | &nbsp;&nbsp; RFS Asset Securitization II LLC, Series 2024-1, <br> Class A, 6.550%, 7/15/2031(a)<br>| &nbsp;&nbsp; 14939232 |
| 26230260 | &nbsp;&nbsp; SEB Funding LLC, Series 2021-1A, Class A2, <br> 4.969%, 1/30/2052(a)<br>| &nbsp;&nbsp; 26196761 |
| 14820000 | &nbsp;&nbsp; SEB Funding LLC, Series 2024-1A, Class A2, <br> 7.386%, 4/30/2054(a)<br>| &nbsp;&nbsp; 15159165 |
| 43000000 | &nbsp;&nbsp; SF ABS Issuer LLC, Series 2025-1A, Class A2, <br> 5.377%, 11/25/2055(a)<br>| &nbsp;&nbsp; 42064062 |
| 22002000 | &nbsp;&nbsp; Shentel Issuer LLC, Series 2025-1A, Class A2, <br> 5.640%, 12/20/2055(a)<br>| &nbsp;&nbsp; 22198896 |
| 1604665 | &nbsp;&nbsp; Shenton Aircraft Investment I Ltd., <br> Series 2015-1A, Class A, 4.750%, 10/15/2042(a)<br>| &nbsp;&nbsp; 1577723 |
| 176519 | &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br> Series 2021-1A, Class C, 1.790%, 11/20/2037(a)<br>| &nbsp;&nbsp; 176184 |
| 515636 | &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br> Series 2023-1A, Class C, 7.000%, 1/20/2040(a)<br>| &nbsp;&nbsp; 530201 |
| 625086 | &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br> Series 2023-2A, Class C, 7.300%, 4/20/2040(a)<br>| &nbsp;&nbsp; 648391 |
| 2084346 | &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br> Series 2023-3A, Class C, 7.120%, 9/20/2040(a)<br>| &nbsp;&nbsp; 2160662 |
| 16637664 | &nbsp;&nbsp; Slam Ltd., Series 2024-1A, Class A, <br> 5.335%, 9/15/2049(a)<br>| &nbsp;&nbsp; 16713831 |
| 5442678 | &nbsp;&nbsp; Slam Ltd., Series 2025-1A, Class A, <br> 5.807%, 5/15/2050(a)<br>| &nbsp;&nbsp; 5579235 |
| 10600000 | &nbsp;&nbsp; Slam Super B Master Ltd., <br> 6.472%, 12/15/2050(a)<br>| &nbsp;&nbsp; 10608183 |
| 1101093 | &nbsp;&nbsp; Stream Innovations Issuer Trust, <br> Series 2024-1A, Class A, 6.270%, 7/15/2044(a)<br>| &nbsp;&nbsp; 1144561 |
| 6346940 | &nbsp;&nbsp; Stream Innovations Issuer Trust, <br> Series 2024-2A, Class A, 5.210%, 2/15/2045(a)<br>| &nbsp;&nbsp; 6419012 |
| 2456575 | &nbsp;&nbsp; Sunnova Helios II Issuer LLC, Series 2019-AA, <br> Class A, 3.750%, 6/20/2046(a)<br>| &nbsp;&nbsp; 2295278 |
| 5302595 | &nbsp;&nbsp; Sunnova Helios X Issuer LLC, Series 2022-C, <br> Class A, 5.300%, 11/22/2049(a)<br>| &nbsp;&nbsp; 4929035 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $22563358 | &nbsp;&nbsp; Sunnova Helios XIII Issuer LLC, <br> Series 2024-A, Class A, 5.300%, 2/20/2051(a)<br>| &nbsp;&nbsp; $19829372 |
| 1997807 | &nbsp;&nbsp; Sunnova Sol III Issuer LLC, Series 2021-1, <br> Class A, 2.580%, 4/28/2056(a)<br>| &nbsp;&nbsp; 1704742 |
| 17974882 | &nbsp;&nbsp; Sunrun Atlas Issuer LLC, Series 2019-2, <br> Class A, 3.610%, 2/01/2055(a)<br>| &nbsp;&nbsp; 17328601 |
| 2265692 | &nbsp;&nbsp; Sunrun Demeter Issuer LLC, Series 2021-2A, <br> Class A, 2.270%, 1/30/2057(a)<br>| &nbsp;&nbsp; 2065595 |
| 8591259 | &nbsp;&nbsp; Thrust Engine Leasing DAC, Series 2021-1A, <br> Class A, 4.163%, 7/15/2040(a)<br>| &nbsp;&nbsp; 8478418 |
| 5027410 | &nbsp;&nbsp; TIC Home Improvement Trust, Series 2024-A, <br> Class A, 6.670%, 10/15/2046(a)<br>| &nbsp;&nbsp; 5069812 |
| 5043094 | &nbsp;&nbsp; TIF Funding III LLC, Series 2024-1A, Class A, <br> 5.480%, 4/20/2049(a)<br>| &nbsp;&nbsp; 5062057 |
| 3322969 | &nbsp;&nbsp; TIF Funding III LLC, Series 2024-1A, Class C, <br> 6.310%, 4/20/2049(a)<br>| &nbsp;&nbsp; 3396543 |
| 24368644 | &nbsp;&nbsp; TMCL VII Holdings Ltd., Series 2025-1H, <br> Class A, 6.430%, 7/23/2050(a)<br>| &nbsp;&nbsp; 24476231 |
| 31890000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 31855080 |
| 193930 | &nbsp;&nbsp; Triumph Rail Holdings LLC, Series 2021-2, <br> Class A, 2.150%, 6/19/2051(a)<br>| &nbsp;&nbsp; 187342 |
| 3200000 | &nbsp;&nbsp; Uniti Fiber ABS Issuer LLC, Series 2025-1A, <br> Class A2, 5.877%, 4/20/2055(a)<br>| &nbsp;&nbsp; 3255245 |
| 11055645 | &nbsp;&nbsp; Volofin Finance DAC, Series 2024-1A, Class A, <br> 5.935%, 6/15/2037(a)<br>| &nbsp;&nbsp; 11212470 |
| 676998 | &nbsp;&nbsp; Wave LLC, Series 2019-1, Class A, <br> 3.597%, 9/15/2044(a)<br>| &nbsp;&nbsp; 665887 |
| 2783566 | &nbsp;&nbsp; Willis Engine Structured Trust VI, <br> Series 2021-A, Class A, 3.104%, 5/15/2046(a)<br>| &nbsp;&nbsp; 2629953 |
| 2183873 | &nbsp;&nbsp; Willis Engine Structured Trust VI, <br> Series 2021-A, Class B, 5.438%, 5/15/2046(a)<br>| &nbsp;&nbsp; 2113776 |
| 11741454 | &nbsp;&nbsp; Willis Engine Structured Trust VII, <br> Series 2023-A, Class A, 8.000%, 10/15/2048(a)<br>| &nbsp;&nbsp; 12024400 |
|  |  | &nbsp;&nbsp; 1267341249 |
|  | **ABS Residential Mortgage — 1.5%** | **ABS Residential Mortgage — 1.5%** |
| 21821659 | &nbsp;&nbsp; GITSIT Mortgage Loan Trust, <br> Series 2025-NPL1, Class A1, <br> 6.276%, 2/25/2055(a)(b)<br>| &nbsp;&nbsp; 21859509 |
| 27490000 | &nbsp;&nbsp; GITSIT Mortgage Loan Trust, <br> Series 2025-NPL2, Class A1, <br> 5.425%, 12/25/2055(a)(b)<br>| &nbsp;&nbsp; 27488956 |
| 13220154 | &nbsp;&nbsp; MFA Trust, Series 2024-NPL1, Class A1, <br> 6.330%, 9/25/2054(b)<br>| &nbsp;&nbsp; 13238654 |
| 1711391 | &nbsp;&nbsp; NYMT Loan Trust, Series 2025-R1, Class A, <br> 6.381%, 2/25/2030(a)(b)<br>| &nbsp;&nbsp; 1715958 |
| 9350748 | &nbsp;&nbsp; PRET LLC, Series 2024-NPL7, Class A1, <br> 5.925%, 10/25/2054(a)(b)<br>| &nbsp;&nbsp; 9356495 |
| 11496530 | &nbsp;&nbsp; PRET LLC, Series 2025-NPL3, Class A1, <br> 6.708%, 4/25/2055(a)(b)<br>| &nbsp;&nbsp; 11565278 |
| 10422009 | &nbsp;&nbsp; PRET LLC, Series 2025-NPL6, Class A1, <br> 5.744%, 6/25/2055(a)(b)<br>| &nbsp;&nbsp; 10462428 |
| 28559624 | &nbsp;&nbsp; PRET LLC, Series 2025-NPL8, Class A1, <br> 5.732%, 8/25/2055(a)(b)<br>| &nbsp;&nbsp; 28625220 |
| 32260622 | &nbsp;&nbsp; RCO IX Mortgage LLC, Series 2025-2, <br> Class A1, 6.513%, 4/25/2030(a)(b)<br>| &nbsp;&nbsp; 32363898 |
| 33053404 | &nbsp;&nbsp; RCO IX Mortgage LLC, Series 2025-4, <br> Class A1, 5.310%, 10/25/2030(a)(b)<br>| &nbsp;&nbsp; 33065895 |
| 2833540 | &nbsp;&nbsp; RCO VIII Mortgage LLC, Series 2025-3, <br> Class A1, 6.435%, 5/25/2030(a)(b)<br>| &nbsp;&nbsp; 2839749 |

---

See accompanying notes to financial statements.

13 \|

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Residential Mortgage — continued** | **ABS Residential Mortgage — continued** |
| $27524876 | &nbsp;&nbsp; RCO X Mortgage LLC, Series 2025-1, Class A1, <br> 5.875%, 1/25/2030(a)(b)<br>| &nbsp;&nbsp; $27582884 |
| 9145050 | &nbsp;&nbsp; VCAT LLC, Series 2025-NPL1, Class A1, <br> 5.877%, 1/25/2055(a)(b)<br>| &nbsp;&nbsp; 9177358 |
| 21188465 | &nbsp;&nbsp; VCAT LLC, Series 2025-NPL3, Class A1, <br> 5.889%, 2/25/2055(a)(b)<br>| &nbsp;&nbsp; 21237652 |
|  |  | &nbsp;&nbsp; 250579934 |
|  | **ABS Student Loan — 0.6%** | **ABS Student Loan — 0.6%** |
| 618935 | &nbsp;&nbsp; Ascent Education Funding Trust, <br> Series 2024-A, Class A, 6.140%, 10/25/2050(a)<br>| &nbsp;&nbsp; 633844 |
| 23177552 | &nbsp;&nbsp; College Ave Student Loans LLC, <br> Series 2024-B, Class A1A, <br> 5.690%, 8/25/2054(a)<br>| &nbsp;&nbsp; 23677330 |
| 2150000 | &nbsp;&nbsp; College Ave Student Loans LLC, <br> Series 2024-B, Class B, 6.080%, 8/25/2054(a)<br>| &nbsp;&nbsp; 2209841 |
| 327209 | &nbsp;&nbsp; College Avenue Student Loans LLC, <br> Series 2021-A, Class C, 2.920%, 7/25/2051(a)<br>| &nbsp;&nbsp; 310915 |
| 1279841 | &nbsp;&nbsp; Commonbond Student Loan Trust, <br> Series 2020-1, Class A, 1.690%, 10/25/2051(a)<br>| &nbsp;&nbsp; 1167615 |
| 1866917 | &nbsp;&nbsp; ELFI Graduate Loan Program LLC, <br> Series 2019-A, Class A, 2.540%, 3/25/2044(a)<br>| &nbsp;&nbsp; 1765748 |
| 2043554 | &nbsp;&nbsp; Laurel Road Prime Student Loan Trust, <br> Series 2020-A, Class A2FX, <br> 1.400%, 11/25/2050(a)<br>| &nbsp;&nbsp; 1915108 |
| 325955 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2020-HA, Class A, 1.310%, 1/15/2069(a)<br>| &nbsp;&nbsp; 308513 |
| 1634752 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2021-A, Class A, 0.840%, 5/15/2069(a)<br>| &nbsp;&nbsp; 1501992 |
| 690000 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2021-A, Class B, 2.240%, 5/15/2069(a)<br>| &nbsp;&nbsp; 560884 |
| 2105000 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2021-EA, Class B, <br> 2.030%, 12/16/2069(a)<br>| &nbsp;&nbsp; 1530692 |
| 4790000 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2021-FA, Class B, 2.120%, 2/18/2070(a)<br>| &nbsp;&nbsp; 3480198 |
| 5525000 | &nbsp;&nbsp; Navient Student Loan Trust, Series 2023-BA, <br> Class B, 7.230%, 3/15/2072(a)<br>| &nbsp;&nbsp; 5978533 |
| 6710000 | &nbsp;&nbsp; Nelnet Student Loan Trust, Series 2021-BA, <br> Class B, 2.680%, 4/20/2062(a)<br>| &nbsp;&nbsp; 6027923 |
| 165000 | &nbsp;&nbsp; SLM Private Credit Student Loan Trust, <br> Series 2003-A, Class A3, 28 day Auction Rate <br> Security, 6.940%, 6/15/2032(b)<br>| &nbsp;&nbsp; 156535 |
| 147000 | &nbsp;&nbsp; SLM Private Credit Student Loan Trust, <br> Series 2003-A, Class A4, 28 day Auction Rate <br> Security, 6.940%, 6/15/2032(b)<br>| &nbsp;&nbsp; 142750 |
| 318000 | &nbsp;&nbsp; SLM Private Credit Student Loan Trust, <br> Series 2003-B, Class A3, 28 day Auction Rate <br> Security, 7.040%, 3/15/2033(b)<br>| &nbsp;&nbsp; 302073 |
| 204000 | &nbsp;&nbsp; SLM Private Credit Student Loan Trust, <br> Series 2003-B, Class A4, 28 day Auction Rate <br> Security, 7.040%, 3/15/2033(b)<br>| &nbsp;&nbsp; 193782 |
| 140000 | &nbsp;&nbsp; SLM Private Credit Student Loan Trust, <br> Series 2003-C, Class A3, 28 day Auction Rate <br> Security, 7.100%, 9/15/2032(b)<br>| &nbsp;&nbsp; 133231 |
| 357000 | &nbsp;&nbsp; SLM Private Credit Student Loan Trust, <br> Series 2003-C, Class A4, 28 day Auction Rate <br> Security, 7.110%, 9/15/2032(b)<br>| &nbsp;&nbsp; 339739 |
| 150003 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2015-C, Class B, 3.500%, 9/15/2043(a)<br>| &nbsp;&nbsp; 149855 |
| 215000 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2018-A, Class B, 3.960%, 7/15/2042(a)<br>| &nbsp;&nbsp; 212133 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **ABS Student Loan — continued** | **ABS Student Loan — continued** |
| $1605000 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2018-B, Class B, 4.000%, 7/15/2042(a)<br>| &nbsp;&nbsp; $1578273 |
| 1525000 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2018-C, Class B, 4.000%, 11/17/2042(a)<br>| &nbsp;&nbsp; 1500319 |
| 1501336 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2019-A, Class A2A, <br> 3.440%, 7/15/2036(a)<br>| &nbsp;&nbsp; 1490631 |
| 3232821 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2019-B, Class A2A, <br> 2.840%, 6/15/2037(a)<br>| &nbsp;&nbsp; 3186423 |
| 368663 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2020-A, Class A2A, <br> 2.230%, 9/15/2037(a)<br>| &nbsp;&nbsp; 358234 |
| 2328299 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2021-B, Class A, 1.310%, 7/17/2051(a)<br>| &nbsp;&nbsp; 2205365 |
| 1239812 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2021-D, Class A1A, <br> 1.340%, 3/17/2053(a)<br>| &nbsp;&nbsp; 1173978 |
| 5705000 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2023-C, Class B, 6.360%, 11/15/2052(a)<br>| &nbsp;&nbsp; 6001880 |
| 21604935 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2024-A, Class A1A, <br> 5.240%, 3/15/2056(a)<br>| &nbsp;&nbsp; 21951435 |
| 6915623 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2024-C, Class A1A, <br> 5.500%, 6/17/2052(a)<br>| &nbsp;&nbsp; 7095543 |
|  |  | &nbsp;&nbsp; 99241315 |
|  | **ABS Whole Business — 0.9%** | **ABS Whole Business — 0.9%** |
| 30940000 | &nbsp;&nbsp; Applebee's Funding LLC/IHOP Funding LLC, <br> Series 2023-1A, Class A2, 7.824%, 3/05/2053(a)<br>| &nbsp;&nbsp; 31398500 |
| 14064875 | &nbsp;&nbsp; EWC Master Issuer LLC, Series 2022-1A, <br> Class A2, 5.500%, 3/15/2052(a)<br>| &nbsp;&nbsp; 13901663 |
| 18825000 | &nbsp;&nbsp; FF Asset Securitization LLC, Series 2025-1A, <br> Class A, 5.807%, 12/17/2031(a)<br>| &nbsp;&nbsp; 18810580 |
| 4787300 | &nbsp;&nbsp; FOCUS Brands Funding, Series 2023-2, <br> Class A2, 8.241%, 10/30/2053(a)<br>| &nbsp;&nbsp; 5076141 |
| 1586738 | &nbsp;&nbsp; Hardee's Funding LLC, Series 2024-1A, <br> Class A2, 7.253%, 3/20/2054(a)<br>| &nbsp;&nbsp; 1640099 |
| 6640160 | &nbsp;&nbsp; Planet Fitness Master Issuer LLC, <br> Series 2019-1A, Class A2, <br> 3.858%, 12/05/2049(a)<br>| &nbsp;&nbsp; 6357383 |
| 2165625 | &nbsp;&nbsp; Planet Fitness Master Issuer LLC, <br> Series 2022-1A, Class A2II, <br> 4.008%, 12/05/2051(a)<br>| &nbsp;&nbsp; 2052757 |
| 9470125 | &nbsp;&nbsp; Planet Fitness Master Issuer LLC, <br> Series 2024-1A, Class A2I, <br> 5.765%, 6/05/2054(a)<br>| &nbsp;&nbsp; 9625529 |
| 3525000 | &nbsp;&nbsp; Progress Residential Trust, Series 2022-SFR5, <br> Class B, 4.896%, 6/17/2039(a)<br>| &nbsp;&nbsp; 3529947 |
| 35560800 | &nbsp;&nbsp; Subway Funding LLC, Series 2024-1A, <br> Class A2I, 6.028%, 7/30/2054(a)<br>| &nbsp;&nbsp; 36097092 |
| 10063350 | &nbsp;&nbsp; Subway Funding LLC, Series 2024-3A, <br> Class A2I, 5.246%, 7/30/2054(a)<br>| &nbsp;&nbsp; 10009592 |
| 1191044 | &nbsp;&nbsp; Wendy's Funding LLC, Series 2018-1A, <br> Class A2II, 3.884%, 3/15/2048(a)<br>| &nbsp;&nbsp; 1170678 |
| 9815000 | &nbsp;&nbsp; Wingstop Funding LLC, Series 2024-1A, <br> Class A2, 5.858%, 12/05/2054(a)<br>| &nbsp;&nbsp; 10110608 |
|  |  | &nbsp;&nbsp; 149780569 |
|  | **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** |
| 595000 | Axon Enterprise, Inc., 6.125%, 3/15/2030(a) | &nbsp;&nbsp; 614245 |
| 593000 | Axon Enterprise, Inc., 6.250%, 3/15/2033(a) | &nbsp;&nbsp; 616914 |

---

See accompanying notes to financial statements.

\| 14

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| $2685000 | BAE Systems PLC, 5.250%, 3/26/2031(a) | &nbsp;&nbsp; $2790145 |
| 69430000 | BAE Systems PLC, 5.300%, 3/26/2034(a) | &nbsp;&nbsp; 71914205 |
| 32338000 | Boeing Co., 3.625%, 2/01/2031 | &nbsp;&nbsp; 31063635 |
| 26030000 | Boeing Co., 5.150%, 5/01/2030 | &nbsp;&nbsp; 26746089 |
| 23082000 | Boeing Co., 5.705%, 5/01/2040 | &nbsp;&nbsp; 23561600 |
| 64670000 | Boeing Co., 5.805%, 5/01/2050 | &nbsp;&nbsp; 63609049 |
| 1525000 | Boeing Co., 5.930%, 5/01/2060 | &nbsp;&nbsp; 1495348 |
| 6685000 | Boeing Co., 6.388%, 5/01/2031 | &nbsp;&nbsp; 7254519 |
| 15415000 | Boeing Co., 6.528%, 5/01/2034 | &nbsp;&nbsp; 17054523 |
| 46385000 | Boeing Co., 6.858%, 5/01/2054 | &nbsp;&nbsp; 52096784 |
| 10340000 | Boeing Co., 7.008%, 5/01/2064 | &nbsp;&nbsp; 11748829 |
| 41032000 | L3Harris Technologies, Inc., 5.350%, 6/01/2034 | &nbsp;&nbsp; 42475022 |
| 29248000 | L3Harris Technologies, Inc., 5.400%, 7/31/2033 | &nbsp;&nbsp; 30463106 |
| 3335000 | RTX Corp., 2.375%, 3/15/2032 | &nbsp;&nbsp; 2971617 |
| 26330000 | RTX Corp., 5.150%, 2/27/2033 | &nbsp;&nbsp; 27193647 |
| 59165000 | RTX Corp., 6.100%, 3/15/2034 | &nbsp;&nbsp; 64732107 |
| 5005000 | Textron, Inc., 2.450%, 3/15/2031 | &nbsp;&nbsp; 4535996 |
| 29075000 | Textron, Inc., 3.000%, 6/01/2030 | &nbsp;&nbsp; 27502567 |
| 2040000 | Textron, Inc., 4.950%, 3/15/2036 | &nbsp;&nbsp; 2024992 |
| 38470000 | Textron, Inc., 6.100%, 11/15/2033 | &nbsp;&nbsp; 41413076 |
| 604000 | TransDigm, Inc., 6.000%, 1/15/2033(a) | &nbsp;&nbsp; 618176 |
| 580000 | TransDigm, Inc., 6.875%, 12/15/2030(a) | &nbsp;&nbsp; 606974 |
|  |  | &nbsp;&nbsp; 555103165 |
|  | **Agency Commercial Mortgage-Backed Securities — 0.1%** | **Agency Commercial Mortgage-Backed Securities — 0.1%** |
| 8495000 | &nbsp;&nbsp; Arixa Mortgage Trust, Series 2025-RTL1, <br> Class A1, 5.735%, 8/25/2030(a)<br>| &nbsp;&nbsp; 8544841 |
|  | **Airlines — 0.3%** | **Airlines — 0.3%** |
| 8878250 | &nbsp;&nbsp; American Airlines Pass-Through Trust, <br> Series 2016-3, Class A, 3.250%, 4/15/2030<br>| &nbsp;&nbsp; 8515614 |
| 3769443 | &nbsp;&nbsp; American Airlines Pass-Through Trust, <br> Series 2017-2, Class A, 3.600%, 4/15/2031<br>| &nbsp;&nbsp; 3592448 |
| 9951763 | &nbsp;&nbsp; American Airlines Pass-Through Trust, <br> Series 2019-1, Class B, 3.850%, 8/15/2029<br>| &nbsp;&nbsp; 9693415 |
| 2686102 | &nbsp;&nbsp; British Airways Pass-Through Trust, <br> Series 2019-1, Class A, 3.350%, 12/15/2030(a)<br>| &nbsp;&nbsp; 2608904 |
| 1850946 | &nbsp;&nbsp; United Airlines Pass-Through Trust, <br> Series 2018-1, Class A, 3.700%, 9/01/2031<br>| &nbsp;&nbsp; 1766816 |
| 2251186 | &nbsp;&nbsp; United Airlines Pass-Through Trust, <br> Series 2020-1, Class A, 5.875%, 4/15/2029<br>| &nbsp;&nbsp; 2303121 |
| 19279846 | &nbsp;&nbsp; United Airlines Pass-Through Trust, <br> Series 2023-1, Class A, 5.800%, 7/15/2037<br>| &nbsp;&nbsp; 20127388 |
|  |  | &nbsp;&nbsp; 48607706 |
|  | **Apartment REITs — 0.1%** | **Apartment REITs — 0.1%** |
| 2185000 | American Homes 4 Rent LP, 2.375%, 7/15/2031 | &nbsp;&nbsp; 1953179 |
| 8745000 | &nbsp;&nbsp; Invitation Homes Operating Partnership LP, <br> 4.875%, 2/01/2035<br>| &nbsp;&nbsp; 8631414 |
|  |  | &nbsp;&nbsp; 10584593 |
|  | **Automotive — 0.4%** | **Automotive — 0.4%** |
| 4895000 | Aptiv Swiss Holdings Ltd., 3.250%, 3/01/2032 | &nbsp;&nbsp; 4574040 |
| 360000 | &nbsp;&nbsp; General Motors Financial Co., Inc., <br> 5.850%, 4/06/2030<br>| &nbsp;&nbsp; 378182 |
| 42485000 | &nbsp;&nbsp; General Motors Financial Co., Inc., <br> 6.000%, 1/09/2028<br>| &nbsp;&nbsp; 43896378 |
| 8820000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.750%, 4/23/2030(a)<br>| &nbsp;&nbsp; 8715673 |
| 811000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.875%, 4/14/2028(a)<br>| &nbsp;&nbsp; 824357 |
| 17195000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.875%, 4/23/2032(a)<br>| &nbsp;&nbsp; 16815598 |
|  |  | &nbsp;&nbsp; 75204228 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Banking — 4.8%** | **Banking — 4.8%** |
| $5135000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to <br> 10/25/2034, variable rate thereafter), <br> 5.518%, 10/25/2035<br>| &nbsp;&nbsp; $5259378 |
| 17700000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to <br> 3/08/2032, variable rate thereafter), <br> 3.846%, 3/08/2037<br>| &nbsp;&nbsp; 16668712 |
| 21297000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to <br> 9/21/2031, variable rate thereafter), <br> 2.482%, 9/21/2036<br>| &nbsp;&nbsp; 18689491 |
| 15870000 | &nbsp;&nbsp; CaixaBank SA, (fixed rate to 7/03/2035, <br> variable rate thereafter), 5.581%, 7/03/2036(a)<br>| &nbsp;&nbsp; 16305629 |
| 23965000 | &nbsp;&nbsp; Capital One Financial Corp., (fixed rate to <br> 9/11/2035, variable rate thereafter), <br> 5.197%, 9/11/2036<br>| &nbsp;&nbsp; 23844119 |
| 4980000 | &nbsp;&nbsp; Goldman Sachs Group, Inc., (fixed rate to <br> 2/24/2032, variable rate thereafter), <br> 3.102%, 2/24/2033<br>| &nbsp;&nbsp; 4587703 |
| 6325000 | &nbsp;&nbsp; ING Groep NV, (fixed rate to 9/11/2033, <br> variable rate thereafter), 6.114%, 9/11/2034<br>| &nbsp;&nbsp; 6833767 |
| 2745000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to <br> 1/24/2035, variable rate thereafter), <br> 5.502%, 1/24/2036<br>| &nbsp;&nbsp; 2868851 |
| 13075000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to <br> 10/22/2034, variable rate thereafter), <br> 4.946%, 10/22/2035<br>| &nbsp;&nbsp; 13203895 |
| 25570000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to <br> 4/22/2035, variable rate thereafter), <br> 5.572%, 4/22/2036<br>| &nbsp;&nbsp; 26826994 |
| 4230000 | &nbsp;&nbsp; JPMorgan Chase & Co., (fixed rate to <br> 7/25/2032, variable rate thereafter), <br> 4.912%, 7/25/2033<br>| &nbsp;&nbsp; 4309138 |
| 60105000 | &nbsp;&nbsp; JPMorgan Chase & Co., Series OO, (fixed <br> rate to 4/01/2030, variable rate thereafter), <br> 6.500%(c)<br>| &nbsp;&nbsp; 62455776 |
| 8843000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 1/18/2034, <br> variable rate thereafter), 5.466%, 1/18/2035<br>| &nbsp;&nbsp; 9192080 |
| 21470000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 1/19/2033, <br> variable rate thereafter), 5.948%, 1/19/2038<br>| &nbsp;&nbsp; 22593276 |
| 21570000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 10/18/2032, <br> variable rate thereafter), 6.342%, 10/18/2033<br>| &nbsp;&nbsp; 23640115 |
| 40679000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 11/01/2033, <br> variable rate thereafter), 6.627%, 11/01/2034<br>| &nbsp;&nbsp; 45485953 |
| 19260000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 2/07/2034, <br> variable rate thereafter), 5.942%, 2/07/2039<br>| &nbsp;&nbsp; 20241672 |
| 76435000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 4/19/2034, <br> variable rate thereafter), 5.831%, 4/19/2035<br>| &nbsp;&nbsp; 81224159 |
| 24855000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 4/20/2032, <br> variable rate thereafter), 5.297%, 4/20/2037<br>| &nbsp;&nbsp; 25282506 |
| 41690000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 9/16/2031, <br> variable rate thereafter), 2.484%, 9/16/2036<br>| &nbsp;&nbsp; 36658575 |
| 6640000 | &nbsp;&nbsp; Morgan Stanley, MTN, (fixed rate to <br> 7/21/2033, variable rate thereafter), <br> 5.424%, 7/21/2034<br>| &nbsp;&nbsp; 6907700 |
| 51465000 | &nbsp;&nbsp; Morgan Stanley Private Bank NA, (fixed rate <br> to 11/19/2030, variable rate thereafter), <br> 4.465%, 11/19/2031<br>| &nbsp;&nbsp; 51599734 |
| 55585000 | &nbsp;&nbsp; Societe Generale SA, (fixed rate to <br> 10/03/2035, variable rate thereafter), <br> 5.439%, 10/03/2036(a)<br>| &nbsp;&nbsp; 55705851 |
| 572000 | Synchrony Financial, 7.250%, 2/02/2033 | &nbsp;&nbsp; 614449 |
| 9810000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 3/06/2030, <br> variable rate thereafter), 5.450%, 3/06/2031<br>| &nbsp;&nbsp; 10058196 |

---

See accompanying notes to financial statements.

15 \|

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Banking — continued** | **Banking — continued** |
| $17760000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 8/02/2029, <br> variable rate thereafter), 5.935%, 8/02/2030<br>| &nbsp;&nbsp; $18509049 |
| 12568000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 11/06/2032, <br> variable rate thereafter), <br> 4.844%, 11/06/2033(a)<br>| &nbsp;&nbsp; 12580058 |
| 20095000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 2/08/2034, <br> variable rate thereafter), 5.699%, 2/08/2035(a)<br>| &nbsp;&nbsp; 21129190 |
| 42885000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 5/09/2035, <br> variable rate thereafter), 5.580%, 5/09/2036(a)<br>| &nbsp;&nbsp; 44593851 |
| 29050000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 9/13/2029, <br> variable rate thereafter), 5.617%, 9/13/2030(a)<br>| &nbsp;&nbsp; 30329151 |
| 14149000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/03/2031, <br> variable rate thereafter), 3.127%, 6/03/2032(a)<br>| &nbsp;&nbsp; 13149728 |
| 7993000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/30/2030, <br> variable rate thereafter), 5.459%, 6/30/2035(a)<br>| &nbsp;&nbsp; 8147379 |
| 39465000 | &nbsp;&nbsp; Wells Fargo & Co., (fixed rate to 4/23/2035, <br> variable rate thereafter), 5.605%, 4/23/2036<br>| &nbsp;&nbsp; 41363731 |
| 44565000 | &nbsp;&nbsp; Wells Fargo & Co., (fixed rate to 9/15/2035, <br> variable rate thereafter), 4.892%, 9/15/2036<br>| &nbsp;&nbsp; 44425823 |
|  |  | &nbsp;&nbsp; 825285679 |
|  | **Brokerage — 1.0%** | **Brokerage — 1.0%** |
| 18635000 | BGC Group, Inc., 6.150%, 4/02/2030 | &nbsp;&nbsp; 19295496 |
| 32990000 | Blue Owl Finance LLC, 6.250%, 4/18/2034 | &nbsp;&nbsp; 34019123 |
| 10620000 | &nbsp;&nbsp; Brookfield Asset Management Ltd., <br> 5.795%, 4/24/2035<br>| &nbsp;&nbsp; 11113314 |
| 7775000 | Citadel LP, 6.000%, 1/23/2030(a) | &nbsp;&nbsp; 8121928 |
| 5880000 | Citadel LP, 6.375%, 1/23/2032(a) | &nbsp;&nbsp; 6240770 |
| 24666000 | &nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., <br> 6.750%, 5/01/2033(a)<br>| &nbsp;&nbsp; 25746281 |
| 590000 | &nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., <br> 7.125%, 4/30/2031(a)<br>| &nbsp;&nbsp; 619952 |
| 6810000 | &nbsp;&nbsp; Jefferies Financial Group, Inc., <br> 5.875%, 7/21/2028<br>| &nbsp;&nbsp; 7075176 |
| 26635000 | &nbsp;&nbsp; Jefferies Financial Group, Inc., <br> 6.200%, 4/14/2034<br>| &nbsp;&nbsp; 28110478 |
| 19498000 | &nbsp;&nbsp; Jefferies Financial Group, Inc., <br> 6.250%, 1/15/2036<br>| &nbsp;&nbsp; 20659134 |
| 393000 | Osaic Holdings, Inc., 6.750%, 8/01/2032(a) | &nbsp;&nbsp; 410536 |
|  |  | &nbsp;&nbsp; 161412188 |
|  | **Building Materials — 1.8%** | **Building Materials — 1.8%** |
| 2995000 | &nbsp;&nbsp; American Builders & Contractors Supply Co., <br> Inc., 4.000%, 1/15/2028(a)<br>| &nbsp;&nbsp; 2974682 |
| 18540000 | Amrize Finance U.S. LLC, 5.400%, 4/07/2035 | &nbsp;&nbsp; 19119262 |
| 64810000 | Cemex SAB de CV, 3.875%, 7/11/2031(a) | &nbsp;&nbsp; 62059191 |
| 12250000 | Cemex SAB de CV, 3.875%, 7/11/2031 | &nbsp;&nbsp; 11730058 |
| 11320000 | &nbsp;&nbsp; Cemex SAB de CV, (fixed rate to 6/08/2026, <br> variable rate thereafter), 5.125%(a)(c)<br>| &nbsp;&nbsp; 11285558 |
| 46030000 | CRH America Finance, Inc., 5.000%, 2/09/2036 | &nbsp;&nbsp; 46188935 |
| 51195000 | Eagle Materials, Inc., 5.000%, 3/15/2036 | &nbsp;&nbsp; 50147114 |
| 3285000 | Ferguson Finance PLC, 3.250%, 6/02/2030(a) | &nbsp;&nbsp; 3135036 |
| 9825000 | &nbsp;&nbsp; JH North America Holdings, Inc., <br> 5.875%, 1/31/2031(a)<br>| &nbsp;&nbsp; 10028623 |
| 14005000 | &nbsp;&nbsp; JH North America Holdings, Inc., <br> 6.125%, 7/31/2032(a)<br>| &nbsp;&nbsp; 14376931 |
| 37990000 | Owens Corning, 5.700%, 6/15/2034 | &nbsp;&nbsp; 39933848 |
| 23975000 | Owens Corning, 7.000%, 12/01/2036 | &nbsp;&nbsp; 27191795 |
| 1184000 | Quikrete Holdings, Inc., 6.375%, 3/01/2032(a) | &nbsp;&nbsp; 1232402 |
|  |  | &nbsp;&nbsp; 299403435 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Cable Satellite — 1.4%** | **Cable Satellite — 1.4%** |
| $1643000 | &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp., 5.000%, 2/01/2028(a)<br>| &nbsp;&nbsp; $1630000 |
| 40415000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 3.950%, 6/30/2062<br>| &nbsp;&nbsp; 24318808 |
| 11447000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.384%, 10/23/2035<br>| &nbsp;&nbsp; 11813941 |
| 26483000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.550%, 6/01/2034<br>| &nbsp;&nbsp; 27853641 |
| 13218000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.650%, 2/01/2034<br>| &nbsp;&nbsp; 13924375 |
| 5723000 | CSC Holdings LLC, 3.375%, 2/15/2031(a) | &nbsp;&nbsp; 3465610 |
| 4204000 | CSC Holdings LLC, 4.125%, 12/01/2030(a) | &nbsp;&nbsp; 2577907 |
| 2275000 | CSC Holdings LLC, 4.500%, 11/15/2031(a) | &nbsp;&nbsp; 1387750 |
| 38005000 | CSC Holdings LLC, 4.625%, 12/01/2030(a) | &nbsp;&nbsp; 13575048 |
| 910000 | CSC Holdings LLC, 5.000%, 11/15/2031(a) | &nbsp;&nbsp; 321252 |
| 14338000 | CSC Holdings LLC, 5.375%, 2/01/2028(a) | &nbsp;&nbsp; 10402589 |
| 1035000 | CSC Holdings LLC, 5.750%, 1/15/2030(a) | &nbsp;&nbsp; 382670 |
| 1534000 | CSC Holdings LLC, 6.500%, 2/01/2029(a) | &nbsp;&nbsp; 1016613 |
| 6119000 | CSC Holdings LLC, 11.250%, 5/15/2028(a) | &nbsp;&nbsp; 4868676 |
| 5614000 | Directv Financing LLC, 8.875%, 2/01/2030(a) | &nbsp;&nbsp; 5680212 |
| 3743000 | Directv Financing LLC, 8.875%, 2/01/2030(a) | &nbsp;&nbsp; 3793309 |
| 950000 | &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.000%, 2/15/2031(a)<br>| &nbsp;&nbsp; 970949 |
| 9616000 | DISH DBS Corp., 5.250%, 12/01/2026(a) | &nbsp;&nbsp; 9325091 |
| 6160000 | DISH DBS Corp., 5.750%, 12/01/2028(a) | &nbsp;&nbsp; 6047595 |
| 85995227 | EchoStar Corp., 10.750%, 11/30/2029 | &nbsp;&nbsp; 95093624 |
| 4610000 | Time Warner Cable LLC, 6.550%, 5/01/2037 | &nbsp;&nbsp; 4704315 |
|  |  | &nbsp;&nbsp; 243153975 |
|  | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| 915000 | Ashland, Inc., 3.375%, 9/01/2031(a) | &nbsp;&nbsp; 836952 |
| 878000 | Chemours Co., 5.750%, 11/15/2028(a) | &nbsp;&nbsp; 853864 |
|  |  | &nbsp;&nbsp; 1690816 |
|  | **Collateralized Mortgage Obligations — 0.2%** | **Collateralized Mortgage Obligations — 0.2%** |
| 27322854 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp., <br> Series 406, Class F4, 30 day USD SOFR <br> Average + 0.900%, 4.774%, 10/25/2053(b)<br>| &nbsp;&nbsp; 27185065 |
| 5829115 | &nbsp;&nbsp; Verus Securitization Trust, Series 2021-5, <br> Class A1, 1.013%, 9/25/2066(a)(b)<br>| &nbsp;&nbsp; 5085937 |
|  |  | &nbsp;&nbsp; 32271002 |
|  | **Construction Machinery — 0.7%** | **Construction Machinery — 0.7%** |
| 2470000 | Ashtead Capital, Inc., 5.500%, 8/11/2032(a) | &nbsp;&nbsp; 2550384 |
| 5305000 | Ashtead Capital, Inc., 5.550%, 5/30/2033(a) | &nbsp;&nbsp; 5473507 |
| 10740000 | Ashtead Capital, Inc., 5.800%, 4/15/2034(a) | &nbsp;&nbsp; 11259892 |
| 5270000 | Ashtead Capital, Inc., 5.950%, 10/15/2033(a) | &nbsp;&nbsp; 5575828 |
| 3743000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 3.750%, 1/15/2032<br>| &nbsp;&nbsp; 3511642 |
| 646000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 3.875%, 2/15/2031<br>| &nbsp;&nbsp; 616094 |
| 60936000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 5.375%, 11/15/2033(a)<br>| &nbsp;&nbsp; 60892861 |
| 27620000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 6.125%, 3/15/2034(a)<br>| &nbsp;&nbsp; 28771009 |
|  |  | &nbsp;&nbsp; 118651217 |
|  | **Consumer Cyclical Services — 0.9%** | **Consumer Cyclical Services — 0.9%** |
| 56355000 | Expedia Group, Inc., 2.950%, 3/15/2031 | &nbsp;&nbsp; 52394901 |
| 65520000 | Expedia Group, Inc., 5.400%, 2/15/2035 | &nbsp;&nbsp; 67204585 |

---

See accompanying notes to financial statements.

\| 16

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Consumer Cyclical Services — continued** | **Consumer Cyclical Services — continued** |
| $438000 | TriNet Group, Inc., 3.500%, 3/01/2029(a) | &nbsp;&nbsp; $413893 |
| 393000 | TriNet Group, Inc., 7.125%, 8/15/2031(a) | &nbsp;&nbsp; 405101 |
| 29390000 | Uber Technologies, Inc., 4.800%, 9/15/2034 | &nbsp;&nbsp; 29381491 |
| 10540000 | Uber Technologies, Inc., 4.800%, 9/15/2035 | &nbsp;&nbsp; 10484339 |
|  |  | &nbsp;&nbsp; 160284310 |
|  | **Consumer Products — 0.0%** | **Consumer Products — 0.0%** |
| 411000 | Acushnet Co., 5.625%, 12/01/2033(a) | &nbsp;&nbsp; 415618 |
| 5650000 | Hasbro, Inc., 6.600%, 7/15/2028 | &nbsp;&nbsp; 5960150 |
|  |  | &nbsp;&nbsp; 6375768 |
|  | **Diversified Manufacturing — 1.0%** | **Diversified Manufacturing — 1.0%** |
| 26895000 | Amphenol Corp., 4.625%, 2/15/2036 | &nbsp;&nbsp; 26349504 |
| 22305000 | Amphenol Corp., 5.000%, 1/15/2035 | &nbsp;&nbsp; 22719911 |
| 7110000 | Amphenol Corp., 5.250%, 4/05/2034 | &nbsp;&nbsp; 7394073 |
| 598000 | Esab Corp., 6.250%, 4/15/2029(a) | &nbsp;&nbsp; 614874 |
| 38736000 | Ingersoll Rand, Inc., 5.700%, 8/14/2033 | &nbsp;&nbsp; 41040682 |
| 20385000 | Nordson Corp., 5.800%, 9/15/2033 | &nbsp;&nbsp; 21561842 |
| 8655000 | Otis Worldwide Corp., 5.125%, 11/19/2031 | &nbsp;&nbsp; 8978811 |
| 5830000 | Otis Worldwide Corp., 5.131%, 9/04/2035 | &nbsp;&nbsp; 5941061 |
| 38470000 | Veralto Corp., 5.450%, 9/18/2033 | &nbsp;&nbsp; 40149950 |
|  |  | &nbsp;&nbsp; 174750708 |
|  | **Electric — 1.3%** | **Electric — 1.3%** |
| 13229030 | Alta Wind Holdings LLC, 7.000%, 6/30/2035(a) | &nbsp;&nbsp; 12624802 |
| 31435000 | Duke Energy Corp., 5.450%, 6/15/2034 | &nbsp;&nbsp; 32733033 |
| 30821000 | NRG Energy, Inc., 4.450%, 6/15/2029(a) | &nbsp;&nbsp; 30684934 |
| 19745000 | Pacific Gas & Electric Co., 3.250%, 6/01/2031 | &nbsp;&nbsp; 18372490 |
| 7265000 | Pacific Gas & Electric Co., 4.300%, 3/15/2045 | &nbsp;&nbsp; 5762831 |
| 4540000 | Pacific Gas & Electric Co., 4.550%, 7/01/2030 | &nbsp;&nbsp; 4520496 |
| 2050000 | Pacific Gas & Electric Co., 5.450%, 6/15/2027 | &nbsp;&nbsp; 2084099 |
| 61170000 | Pacific Gas & Electric Co., 5.800%, 5/15/2034 | &nbsp;&nbsp; 63529168 |
| 31395000 | Southern Co., 5.700%, 3/15/2034 | &nbsp;&nbsp; 33051687 |
| 7640000 | &nbsp;&nbsp; Southern Power Co., Series B, <br> 4.900%, 10/01/2035<br>| &nbsp;&nbsp; 7557673 |
| 8545000 | &nbsp;&nbsp; Vistra Operations Co. LLC, <br> 5.250%, 10/15/2035(a)<br>| &nbsp;&nbsp; 8517577 |
| 6270000 | &nbsp;&nbsp; Vistra Operations Co. LLC, <br> 5.700%, 12/30/2034(a)<br>| &nbsp;&nbsp; 6471656 |
| 823000 | VoltaGrid LLC, 7.375%, 11/01/2030(a) | &nbsp;&nbsp; 815384 |
|  |  | &nbsp;&nbsp; 226725830 |
|  | **Environmental — 0.3%** | **Environmental — 0.3%** |
| 24788000 | Clean Harbors, Inc., 5.750%, 10/15/2033(a) | &nbsp;&nbsp; 25427630 |
| 277000 | Clean Harbors, Inc., 6.375%, 2/01/2031(a) | &nbsp;&nbsp; 285067 |
| 5956000 | GFL Environmental, Inc., 4.375%, 8/15/2029(a) | &nbsp;&nbsp; 5856696 |
| 19562000 | GFL Environmental, Inc., 6.750%, 1/15/2031(a) | &nbsp;&nbsp; 20523903 |
|  |  | &nbsp;&nbsp; 52093296 |
|  | **Finance Companies — 3.1%** | **Finance Companies — 3.1%** |
| 26609000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.000%, 10/29/2028<br>| &nbsp;&nbsp; 25797123 |
| 63343000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.300%, 1/30/2032<br>| &nbsp;&nbsp; 58485825 |
| 15387000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.400%, 10/29/2033<br>| &nbsp;&nbsp; 13891766 |
| 860000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.650%, 7/21/2027<br>| &nbsp;&nbsp; 854472 |
| 32622000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 4.950%, 9/10/2034<br>| &nbsp;&nbsp; 32558149 |
| 8070000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 5.375%, 12/15/2031<br>| &nbsp;&nbsp; 8358089 |
| 6084000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 5.750%, 6/06/2028<br>| &nbsp;&nbsp; 6299229 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Finance Companies — continued** | **Finance Companies — continued** |
| $13515000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 6.150%, 9/30/2030<br>| &nbsp;&nbsp; $14448947 |
| 4660000 | Aircastle Ltd., 5.950%, 2/15/2029(a) | &nbsp;&nbsp; 4849613 |
| 18295000 | Aircastle Ltd., 6.500%, 7/18/2028(a) | &nbsp;&nbsp; 19233288 |
| 7015000 | &nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC, <br> 5.250%, 3/15/2030(a)<br>| &nbsp;&nbsp; 7161420 |
| 32139000 | &nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC, <br> 5.750%, 10/01/2031(a)<br>| &nbsp;&nbsp; 33498644 |
| 15805000 | &nbsp;&nbsp; Aviation Capital Group LLC, <br> 4.800%, 10/24/2030(a)<br>| &nbsp;&nbsp; 15810977 |
| 5685000 | &nbsp;&nbsp; Aviation Capital Group LLC, <br> 5.125%, 4/10/2030(a)<br>| &nbsp;&nbsp; 5772203 |
| 3670000 | &nbsp;&nbsp; Aviation Capital Group LLC, <br> 5.375%, 7/15/2029(a)<br>| &nbsp;&nbsp; 3756889 |
| 6475000 | &nbsp;&nbsp; Aviation Capital Group LLC, <br> 6.250%, 4/15/2028(a)<br>| &nbsp;&nbsp; 6720208 |
| 25115000 | &nbsp;&nbsp; Aviation Capital Group LLC, <br> 6.375%, 7/15/2030(a)<br>| &nbsp;&nbsp; 26830395 |
| 18470000 | &nbsp;&nbsp; Aviation Capital Group LLC, <br> 6.750%, 10/25/2028(a)<br>| &nbsp;&nbsp; 19593642 |
| 21050000 | &nbsp;&nbsp; Avolon Holdings Funding Ltd., <br> 4.700%, 1/30/2031(a)<br>| &nbsp;&nbsp; 20914503 |
| 11275000 | &nbsp;&nbsp; Avolon Holdings Funding Ltd., <br> 5.375%, 5/30/2030(a)<br>| &nbsp;&nbsp; 11574987 |
| 388000 | Azorra Finance Ltd., 7.250%, 1/15/2031(a) | &nbsp;&nbsp; 406559 |
| 390000 | Azorra Finance Ltd., 7.750%, 4/15/2030(a) | &nbsp;&nbsp; 411808 |
| 196000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 8.375%, 4/01/2032(a)<br>| &nbsp;&nbsp; 206322 |
| 195000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 9.125%, 5/15/2031(a)<br>| &nbsp;&nbsp; 209441 |
| 764000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 9.250%, 2/01/2029(a)<br>| &nbsp;&nbsp; 801320 |
| 804000 | GGAM Finance Ltd., 5.875%, 3/15/2030(a) | &nbsp;&nbsp; 815891 |
| 6245000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 5.150%, 3/17/2030(a)<br>| &nbsp;&nbsp; 6330680 |
| 20875000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 5.200%, 3/27/2028(a)<br>| &nbsp;&nbsp; 21190180 |
| 29600000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 2.875%, 10/15/2026(a)<br>| &nbsp;&nbsp; 29168240 |
| 28350000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.625%, 3/01/2029(a)<br>| &nbsp;&nbsp; 27382508 |
| 7445000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.625%, 3/01/2029<br>| &nbsp;&nbsp; 7190927 |
| 29285000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.875%, 3/01/2031(a)<br>| &nbsp;&nbsp; 27808884 |
| 25002000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 4.000%, 10/15/2033(a)<br>| &nbsp;&nbsp; 23229261 |
| 21775000 | &nbsp;&nbsp; SMBC Aviation Capital Finance DAC, <br> 5.100%, 4/01/2030(a)<br>| &nbsp;&nbsp; 22272367 |
| 18841000 | &nbsp;&nbsp; SMBC Aviation Capital Finance DAC, <br> 5.300%, 4/03/2029(a)<br>| &nbsp;&nbsp; 19355596 |
| 12180000 | &nbsp;&nbsp; SMBC Aviation Capital Finance DAC, <br> 5.450%, 5/03/2028(a)<br>| &nbsp;&nbsp; 12503337 |
|  |  | &nbsp;&nbsp; 535693690 |
|  | **Financial Other — 0.0%** | **Financial Other — 0.0%** |
| 2135200 | &nbsp;&nbsp; Country Garden Holdings Co. Ltd., Series AI, <br> 4.000% PIK and/or 1.000% Cash, 12/31/2032(d)<br>| &nbsp;&nbsp; 137654 |
| 193500 | &nbsp;&nbsp; Shimao Group Holdings Ltd., 6.000% PIK <br> and/or 5.000% Cash, 7/21/2031(a)(d)<br>| &nbsp;&nbsp; 6386 |
| 2004370 | &nbsp;&nbsp; Sino-Ocean Group Holding Ltd., <br> 3.000%, 3/27/2033(a)<br>| &nbsp;&nbsp; 200437 |

---

See accompanying notes to financial statements.

17 \|

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Financial Other — continued** | **Financial Other — continued** |
| $712359 | &nbsp;&nbsp; Times China Holdings Ltd., 3.000% PIK and/or <br> 1.000% Cash, 3/30/2029(a)(d)<br>| &nbsp;&nbsp; $11184 |
| 2641718 | &nbsp;&nbsp; Times China Holdings Ltd., 4.200% PIK, <br> 9/30/2032(a)(d)<br>| &nbsp;&nbsp; 37512 |
|  |  | &nbsp;&nbsp; 393173 |
|  | **Food & Beverage — 1.0%** | **Food & Beverage — 1.0%** |
| 4895000 | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL, 3.000%, 2/02/2029<br>| &nbsp;&nbsp; 4713135 |
| 10465000 | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL, 3.000%, 5/15/2032<br>| &nbsp;&nbsp; 9393937 |
| 22730000 | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL, 3.750%, 12/01/2031<br>| &nbsp;&nbsp; 21584696 |
| 6173000 | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL, 5.750%, 4/01/2033<br>| &nbsp;&nbsp; 6449013 |
| 18560000 | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL, 6.750%, 3/15/2034<br>| &nbsp;&nbsp; 20505092 |
| 17110000 | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Foods <br> Group Holdings, Inc./JBS USA Food Co., <br> 5.500%, 1/15/2036(a)<br>| &nbsp;&nbsp; 17386458 |
| 11855000 | &nbsp;&nbsp; JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 5.950%, 4/20/2035(a)<br>| &nbsp;&nbsp; 12465397 |
| 424000 | &nbsp;&nbsp; Lamb Weston Holdings, Inc., <br> 4.125%, 1/31/2030(a)<br>| &nbsp;&nbsp; 410142 |
| 429000 | &nbsp;&nbsp; Lamb Weston Holdings, Inc., <br> 4.375%, 1/31/2032(a)<br>| &nbsp;&nbsp; 408698 |
| 417000 | &nbsp;&nbsp; Performance Food Group, Inc., <br> 4.250%, 8/01/2029(a)<br>| &nbsp;&nbsp; 407694 |
| 46487000 | Pilgrim's Pride Corp., 3.500%, 3/01/2032 | &nbsp;&nbsp; 42944470 |
| 20030000 | Pilgrim's Pride Corp., 4.250%, 4/15/2031 | &nbsp;&nbsp; 19554644 |
| 4016000 | Pilgrim's Pride Corp., 6.875%, 5/15/2034 | &nbsp;&nbsp; 4453903 |
| 639000 | Post Holdings, Inc., 4.625%, 4/15/2030(a) | &nbsp;&nbsp; 622235 |
| 3000000 | Smithfield Foods, Inc., 2.625%, 9/13/2031(a) | &nbsp;&nbsp; 2655063 |
| 1920000 | Smithfield Foods, Inc., 3.000%, 10/15/2030(a) | &nbsp;&nbsp; 1766558 |
|  |  | &nbsp;&nbsp; 165721135 |
|  | **Gaming — 0.1%** | **Gaming — 0.1%** |
| 4880000 | &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., <br> 3.250%, 1/15/2032<br>| &nbsp;&nbsp; 4415223 |
| 3365000 | &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., <br> 6.750%, 12/01/2033<br>| &nbsp;&nbsp; 3657331 |
|  |  | &nbsp;&nbsp; 8072554 |
|  | **Government Owned - No Guarantee — 0.3%** | **Government Owned - No Guarantee — 0.3%** |
| 23729000 | Antares Holdings LP, 2.750%, 1/15/2027(a) | &nbsp;&nbsp; 23190547 |
| 12655000 | Antares Holdings LP, 3.750%, 7/15/2027(a) | &nbsp;&nbsp; 12373492 |
| 21876000 | Antares Holdings LP, 7.950%, 8/11/2028(a) | &nbsp;&nbsp; 23146739 |
|  |  | &nbsp;&nbsp; 58710778 |
|  | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** |
| 5972000 | Welltower OP LLC, 6.500%, 3/15/2041, | &nbsp;&nbsp; 6653050 |
|  | **Health Insurance — 0.7%** | **Health Insurance — 0.7%** |
| 2425000 | Centene Corp., 2.500%, 3/01/2031 | &nbsp;&nbsp; 2094160 |
| 27795000 | Centene Corp., 3.000%, 10/15/2030 | &nbsp;&nbsp; 24863682 |
| 16405000 | Centene Corp., 3.375%, 2/15/2030 | &nbsp;&nbsp; 15096445 |
| 4380000 | Elevance Health, Inc., 4.100%, 5/15/2032 | &nbsp;&nbsp; 4261953 |
| 66060000 | Elevance Health, Inc., 5.200%, 2/15/2035 | &nbsp;&nbsp; 67476435 |
| 453000 | Molina Healthcare, Inc., 3.875%, 11/15/2030(a) | &nbsp;&nbsp; 420335 |
| 4905000 | Molina Healthcare, Inc., 3.875%, 5/15/2032(a) | &nbsp;&nbsp; 4454610 |
| 409000 | Molina Healthcare, Inc., 6.250%, 1/15/2033(a) | &nbsp;&nbsp; 416961 |
|  |  | &nbsp;&nbsp; 119084581 |
|  | **Healthcare — 0.9%** | **Healthcare — 0.9%** |
| 6325000 | Alcon Finance Corp., 5.375%, 12/06/2032(a) | &nbsp;&nbsp; 6607318 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Healthcare — continued** | **Healthcare — continued** |
| $868000 | Avantor Funding, Inc., 3.875%, 11/01/2029(a) | &nbsp;&nbsp; $830030 |
| 247705 | CVS Pass-Through Trust, 5.773%, 1/10/2033(a) | &nbsp;&nbsp; 252293 |
| 164713 | CVS Pass-Through Trust, 6.036%, 12/10/2028 | &nbsp;&nbsp; 167134 |
| 8279974 | &nbsp;&nbsp; CVS Pass-Through Trust, Series 2013, <br> 4.704%, 1/10/2036(a)<br>| &nbsp;&nbsp; 7792284 |
| 874284 | &nbsp;&nbsp; CVS Pass-Through Trust, Series 2014, <br> 4.163%, 8/11/2036(a)<br>| &nbsp;&nbsp; 816291 |
| 5280000 | HCA, Inc., 2.375%, 7/15/2031 | &nbsp;&nbsp; 4734002 |
| 2671000 | HCA, Inc., 3.500%, 9/01/2030 | &nbsp;&nbsp; 2568589 |
| 10120000 | HCA, Inc., 4.125%, 6/15/2029 | &nbsp;&nbsp; 10085685 |
| 6029000 | HCA, Inc., 4.900%, 11/15/2035 | &nbsp;&nbsp; 5946560 |
| 10235000 | HCA, Inc., 5.125%, 6/15/2039 | &nbsp;&nbsp; 9884042 |
| 6560000 | HCA, Inc., 5.450%, 9/15/2034 | &nbsp;&nbsp; 6750535 |
| 31710000 | HCA, Inc., 5.500%, 6/01/2033 | &nbsp;&nbsp; 32990446 |
| 55845000 | HCA, Inc., 5.600%, 4/01/2034 | &nbsp;&nbsp; 58241852 |
| 3915000 | HCA, Inc., 5.750%, 3/01/2035 | &nbsp;&nbsp; 4109219 |
| 3750000 | Icon Investments Six DAC, 6.000%, 5/08/2034 | &nbsp;&nbsp; 3965587 |
| 2910000 | Quest Diagnostics, Inc., 6.400%, 11/30/2033 | &nbsp;&nbsp; 3221835 |
| 581000 | Radiology Partners, Inc., 8.500%, 7/15/2032(a) | &nbsp;&nbsp; 606934 |
|  |  | &nbsp;&nbsp; 159570636 |
|  | **Home Construction — 0.6%** | **Home Construction — 0.6%** |
| 18455000 | DR Horton, Inc., 5.000%, 10/15/2034 | &nbsp;&nbsp; 18667668 |
| 11360000 | DR Horton, Inc., 5.500%, 10/15/2035 | &nbsp;&nbsp; 11829669 |
| 12374000 | Meritage Homes Corp., 3.875%, 4/15/2029(a) | &nbsp;&nbsp; 12153569 |
| 42520000 | Meritage Homes Corp., 5.650%, 3/15/2035 | &nbsp;&nbsp; 43441681 |
| 7794000 | Sekisui House U.S., Inc., 6.000%, 1/15/2043 | &nbsp;&nbsp; 7272661 |
| 815000 | &nbsp;&nbsp; Taylor Morrison Communities, Inc., <br> 5.125%, 8/01/2030(a)<br>| &nbsp;&nbsp; 819914 |
| 8751000 | &nbsp;&nbsp; Taylor Morrison Communities, Inc., <br> 5.750%, 11/15/2032(a)<br>| &nbsp;&nbsp; 9003834 |
|  |  | &nbsp;&nbsp; 103188996 |
|  | **Independent Energy — 2.7%** | **Independent Energy — 2.7%** |
| 7360000 | Aker BP ASA, 3.100%, 7/15/2031(a) | &nbsp;&nbsp; 6753408 |
| 19261000 | Aker BP ASA, 4.000%, 1/15/2031(a) | &nbsp;&nbsp; 18592438 |
| 3180000 | Aker BP ASA, 5.125%, 10/01/2034(a) | &nbsp;&nbsp; 3110673 |
| 11000000 | Aker BP ASA, 6.000%, 6/13/2033(a) | &nbsp;&nbsp; 11511010 |
| 77325000 | &nbsp;&nbsp; Canadian Natural Resources Ltd., <br> 5.400%, 12/15/2034<br>| &nbsp;&nbsp; 78716357 |
| 614000 | Chord Energy Corp., 6.000%, 10/01/2030(a) | &nbsp;&nbsp; 621530 |
| 600000 | Chord Energy Corp., 6.750%, 3/15/2033(a) | &nbsp;&nbsp; 620470 |
| 7675000 | Civitas Resources, Inc., 8.375%, 7/01/2028(a) | &nbsp;&nbsp; 7908266 |
| 591000 | Civitas Resources, Inc., 8.625%, 11/01/2030(a) | &nbsp;&nbsp; 619404 |
| 580000 | Civitas Resources, Inc., 8.750%, 7/01/2031(a) | &nbsp;&nbsp; 601693 |
| 82984000 | &nbsp;&nbsp; Continental Resources, Inc., <br> 2.875%, 4/01/2032(a)<br>| &nbsp;&nbsp; 72418592 |
| 140594000 | &nbsp;&nbsp; Continental Resources, Inc., <br> 5.750%, 1/15/2031(a)<br>| &nbsp;&nbsp; 144163003 |
| 429000 | &nbsp;&nbsp; Crescent Energy Finance LLC, <br> 7.375%, 1/15/2033(a)<br>| &nbsp;&nbsp; 407100 |
| 12935000 | &nbsp;&nbsp; Energean Israel Finance Ltd., <br> 5.375%, 3/30/2028<br>| &nbsp;&nbsp; 12757208 |
| 15340000 | &nbsp;&nbsp; Energean Israel Finance Ltd., <br> 5.875%, 3/30/2031<br>| &nbsp;&nbsp; 14836905 |
| 1278000 | Matador Resources Co., 6.500%, 4/15/2032(a) | &nbsp;&nbsp; 1296103 |
| 402000 | Matador Resources Co., 6.875%, 4/15/2028(a) | &nbsp;&nbsp; 410798 |
| 285000 | SM Energy Co., 6.750%, 8/01/2029(a) | &nbsp;&nbsp; 287093 |
| 291000 | SM Energy Co., 7.000%, 8/01/2032(a) | &nbsp;&nbsp; 286073 |
| 3345000 | Var Energi ASA, 8.000%, 11/15/2032(a) | &nbsp;&nbsp; 3828336 |
| 86795000 | Viper Energy Partners LLC, 5.700%, 8/01/2035 | &nbsp;&nbsp; 88576901 |
|  |  | &nbsp;&nbsp; 468323361 |

---

See accompanying notes to financial statements.

\| 18

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Industrial Other — 0.1%** | **Industrial Other — 0.1%** |
| $1165000 | Arcosa, Inc., 6.875%, 8/15/2032(a) | &nbsp;&nbsp; $1228061 |
| 8580000 | &nbsp;&nbsp; Jacobs Engineering Group, Inc., <br> 6.350%, 8/18/2028<br>| &nbsp;&nbsp; 9025849 |
| 13483000 | TopBuild Corp., 5.625%, 1/31/2034(a) | &nbsp;&nbsp; 13639221 |
|  |  | &nbsp;&nbsp; 23893131 |
|  | **Integrated Energy — 0.1%** | **Integrated Energy — 0.1%** |
| 12351000 | Cenovus Energy, Inc., 5.400%, 3/20/2036 | &nbsp;&nbsp; 12334796 |
|  | **Leisure — 1.9%** | **Leisure — 1.9%** |
| 8000000 | Carnival Corp., 4.000%, 8/01/2028(a) | &nbsp;&nbsp; 7882157 |
| 37895000 | Carnival Corp., 5.750%, 3/15/2030(a) | &nbsp;&nbsp; 38971673 |
| 40295000 | Carnival Corp., 5.750%, 8/01/2032(a) | &nbsp;&nbsp; 41353992 |
| 33196000 | Carnival Corp., 6.125%, 2/15/2033(a) | &nbsp;&nbsp; 34277855 |
| 3075000 | Carnival Corp., 7.000%, 8/15/2029(a) | &nbsp;&nbsp; 3227628 |
| 667000 | &nbsp;&nbsp; Kingpin Intermediate Holdings LLC, <br> 7.250%, 10/15/2032(a)<br>| &nbsp;&nbsp; 630549 |
| 7390000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 5.375%, 1/15/2036<br>| &nbsp;&nbsp; 7420947 |
| 11000000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 5.500%, 4/01/2028(a)<br>| &nbsp;&nbsp; 11197047 |
| 50665000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 5.625%, 9/30/2031(a)<br>| &nbsp;&nbsp; 51795680 |
| 68020000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 6.000%, 2/01/2033(a)<br>| &nbsp;&nbsp; 69886895 |
| 10265000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 6.250%, 3/15/2032(a)<br>| &nbsp;&nbsp; 10621732 |
| 53085000 | Viking Cruises Ltd., 5.875%, 10/15/2033(a) | &nbsp;&nbsp; 53905853 |
|  |  | &nbsp;&nbsp; 331172008 |
|  | **Life Insurance — 0.6%** | **Life Insurance — 0.6%** |
| 813000 | &nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset <br> Investor 2 LLC/APH3 Somerset Investor 2 LLC, <br> 7.875%, 11/01/2029(a)<br>| &nbsp;&nbsp; 821117 |
| 21550000 | Athene Global Funding, 2.550%, 11/19/2030(a) | &nbsp;&nbsp; 19443699 |
| 7385000 | Athene Holding Ltd., 3.500%, 1/15/2031 | &nbsp;&nbsp; 6977351 |
| 8255000 | CNO Financial Group, Inc., 5.250%, 5/30/2029 | &nbsp;&nbsp; 8382127 |
| 9063000 | &nbsp;&nbsp; Mutual of Omaha Insurance Co., <br> 6.800%, 6/15/2036(a)<br>| &nbsp;&nbsp; 10013278 |
| 26914000 | &nbsp;&nbsp; National Life Insurance Co., <br> 10.500%, 9/15/2039(a)<br>| &nbsp;&nbsp; 36012009 |
| 6440000 | NLV Financial Corp., 7.500%, 8/15/2033(a) | &nbsp;&nbsp; 7033768 |
| 2872000 | &nbsp;&nbsp; Penn Mutual Life Insurance Co., <br> 6.650%, 6/15/2034(a)<br>| &nbsp;&nbsp; 3097626 |
| 14489000 | &nbsp;&nbsp; Penn Mutual Life Insurance Co., <br> 7.625%, 6/15/2040(a)<br>| &nbsp;&nbsp; 16823363 |
|  |  | &nbsp;&nbsp; 108604338 |
|  | **Lodging — 0.6%** | **Lodging — 0.6%** |
| 5810000 | &nbsp;&nbsp; Choice Hotels International, Inc., <br> 5.850%, 8/01/2034<br>| &nbsp;&nbsp; 5923651 |
| 665000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 3.625%, 2/15/2032(a)<br>| &nbsp;&nbsp; 617306 |
| 4559000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 5.500%, 3/31/2034(a)<br>| &nbsp;&nbsp; 4590311 |
| 597000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 6.125%, 4/01/2032(a)<br>| &nbsp;&nbsp; 618198 |
| 804000 | &nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton <br> Grand Vacations Borrower, Inc., <br> 6.625%, 1/15/2032(a)<br>| &nbsp;&nbsp; 824090 |
| 11480000 | Marriott International, Inc., 5.300%, 5/15/2034 | &nbsp;&nbsp; 11840085 |
| 36045000 | Marriott International, Inc., 5.500%, 4/15/2037 | &nbsp;&nbsp; 36898657 |
| 5595000 | &nbsp;&nbsp; Marriott International, Inc., Series HH, <br> 2.850%, 4/15/2031<br>| &nbsp;&nbsp; 5187036 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Lodging — continued** | **Lodging — continued** |
| $10685000 | &nbsp;&nbsp; Marriott Ownership Resorts, Inc., <br> 4.500%, 6/15/2029(a)<br>| &nbsp;&nbsp; $10208535 |
| 844000 | &nbsp;&nbsp; Marriott Ownership Resorts, Inc., <br> 4.750%, 1/15/2028<br>| &nbsp;&nbsp; 831364 |
| 4062000 | Travel & Leisure Co., 4.500%, 12/01/2029(a) | &nbsp;&nbsp; 3975756 |
| 14787000 | Travel & Leisure Co., 4.625%, 3/01/2030(a) | &nbsp;&nbsp; 14418178 |
| 235000 | Travel & Leisure Co., 6.625%, 7/31/2026(a) | &nbsp;&nbsp; 236645 |
|  |  | &nbsp;&nbsp; 96169812 |
|  | **Media Entertainment — 1.7%** | **Media Entertainment — 1.7%** |
| 15590000 | AppLovin Corp., 5.125%, 12/01/2029 | &nbsp;&nbsp; 15991055 |
| 15730000 | AppLovin Corp., 5.375%, 12/01/2031 | &nbsp;&nbsp; 16311537 |
| 81580000 | AppLovin Corp., 5.500%, 12/01/2034 | &nbsp;&nbsp; 83819510 |
| 66086000 | Beignet Investor LLC, 6.581%, 5/30/2049(a) | &nbsp;&nbsp; 69819536 |
| 1335000 | &nbsp;&nbsp; Discovery Communications LLC, <br> 3.625%, 5/15/2030<br>| &nbsp;&nbsp; 1229044 |
| 21340000 | Meta Platforms, Inc., 4.875%, 11/15/2035 | &nbsp;&nbsp; 21311405 |
| 28800000 | Meta Platforms, Inc., 5.625%, 11/15/2055 | &nbsp;&nbsp; 27641404 |
| 43170000 | Netflix, Inc., 4.900%, 8/15/2034 | &nbsp;&nbsp; 44207494 |
| 13837000 | &nbsp;&nbsp; Warnermedia Holdings, Inc., <br> 4.279%, 3/15/2032<br>| &nbsp;&nbsp; 12146395 |
|  |  | &nbsp;&nbsp; 292477380 |
|  | **Metals & Mining — 1.8%** | **Metals & Mining — 1.8%** |
| 11405000 | ArcelorMittal SA, 6.750%, 3/01/2041 | &nbsp;&nbsp; 12466713 |
| 819000 | &nbsp;&nbsp; Carpenter Technology Corp., <br> 5.625%, 3/01/2034(a)<br>| &nbsp;&nbsp; 831879 |
| 2740000 | Commercial Metals Co., 5.750%, 11/15/2033(a) | &nbsp;&nbsp; 2801738 |
| 3618000 | Commercial Metals Co., 6.000%, 12/15/2035(a) | &nbsp;&nbsp; 3709014 |
| 12646000 | &nbsp;&nbsp; First Quantum Minerals Ltd., <br> 9.375%, 3/01/2029(a)<br>| &nbsp;&nbsp; 13316407 |
| 853000 | &nbsp;&nbsp; Fortescue Treasury Pty. Ltd., <br> 4.375%, 4/01/2031(a)<br>| &nbsp;&nbsp; 824957 |
| 5155000 | Glencore Funding LLC, 2.500%, 9/01/2030(a) | &nbsp;&nbsp; 4720949 |
| 7820000 | Glencore Funding LLC, 2.625%, 9/23/2031(a) | &nbsp;&nbsp; 7049628 |
| 6704000 | Glencore Funding LLC, 2.850%, 4/27/2031(a) | &nbsp;&nbsp; 6183917 |
| 10575000 | Glencore Funding LLC, 5.634%, 4/04/2034(a) | &nbsp;&nbsp; 11048673 |
| 21835000 | Glencore Funding LLC, 5.673%, 4/01/2035(a) | &nbsp;&nbsp; 22797174 |
| 20925000 | Glencore Funding LLC, 5.700%, 5/08/2033(a) | &nbsp;&nbsp; 22033620 |
| 25345000 | Glencore Funding LLC, 6.125%, 10/06/2028(a) | &nbsp;&nbsp; 26588260 |
| 30235000 | Glencore Funding LLC, 6.375%, 10/06/2030(a) | &nbsp;&nbsp; 32538561 |
| 89221000 | Glencore Funding LLC, 6.500%, 10/06/2033(a) | &nbsp;&nbsp; 98539290 |
| 201000 | Mineral Resources Ltd., 8.000%, 11/01/2027(a) | &nbsp;&nbsp; 205281 |
| 583000 | Mineral Resources Ltd., 9.250%, 10/01/2028(a) | &nbsp;&nbsp; 611859 |
| 1855000 | Reliance, Inc., 2.150%, 8/15/2030 | &nbsp;&nbsp; 1678958 |
| 15175000 | Steel Dynamics, Inc., 5.250%, 5/15/2035 | &nbsp;&nbsp; 15519028 |
| 19952000 | Steel Dynamics, Inc., 5.375%, 8/15/2034 | &nbsp;&nbsp; 20669907 |
|  |  | &nbsp;&nbsp; 304135813 |
|  | **Midstream — 3.8%** | **Midstream — 3.8%** |
| 2995000 | &nbsp;&nbsp; Antero Midstream Partners LP/Antero <br> Midstream Finance Corp., <br> 6.625%, 2/01/2032(a)<br>| &nbsp;&nbsp; 3100077 |
| 8432000 | &nbsp;&nbsp; Cheniere Energy Partners LP, <br> 3.250%, 1/31/2032<br>| &nbsp;&nbsp; 7766161 |
| 33645000 | &nbsp;&nbsp; Cheniere Energy Partners LP, <br> 4.000%, 3/01/2031<br>| &nbsp;&nbsp; 32762122 |
| 52740000 | &nbsp;&nbsp; Cheniere Energy Partners LP, <br> 5.950%, 6/30/2033<br>| &nbsp;&nbsp; 55924064 |
| 817000 | &nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> 5.500%, 6/15/2031(a)<br>| &nbsp;&nbsp; 808273 |
| 372000 | &nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> 7.500%, 12/15/2033(a)<br>| &nbsp;&nbsp; 398586 |

---

See accompanying notes to financial statements.

19 \|

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Midstream — continued** | **Midstream — continued** |
| $13555000 | &nbsp;&nbsp; DCP Midstream Operating LP, <br> 3.250%, 2/15/2032<br>| &nbsp;&nbsp; $12462055 |
| 3045000 | &nbsp;&nbsp; DCP Midstream Operating LP, <br> 5.125%, 5/15/2029<br>| &nbsp;&nbsp; 3114699 |
| 650000 | &nbsp;&nbsp; DCP Midstream Operating LP, <br> 6.450%, 11/03/2036(a)<br>| &nbsp;&nbsp; 689370 |
| 5160000 | Energy Transfer LP, 5.550%, 5/15/2034 | &nbsp;&nbsp; 5302708 |
| 125000 | Energy Transfer LP, 5.600%, 9/01/2034 | &nbsp;&nbsp; 128639 |
| 34865000 | Energy Transfer LP, 5.700%, 4/01/2035 | &nbsp;&nbsp; 36089695 |
| 47640000 | Energy Transfer LP, 5.750%, 2/15/2033 | &nbsp;&nbsp; 49995031 |
| 51565000 | Energy Transfer LP, 6.550%, 12/01/2033 | &nbsp;&nbsp; 56516588 |
| 773000 | &nbsp;&nbsp; Energy Transfer LP, (fixed rate to 2/15/2029, <br> variable rate thereafter), 8.000%, 5/15/2054<br>| &nbsp;&nbsp; 825143 |
| 4355000 | MPLX LP, 5.000%, 3/01/2033 | &nbsp;&nbsp; 4375465 |
| 85000 | NGPL PipeCo LLC, 7.768%, 12/15/2037(a) | &nbsp;&nbsp; 98663 |
| 12955000 | ONEOK, Inc., 6.500%, 9/01/2030(a) | &nbsp;&nbsp; 13889180 |
| 5314000 | &nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance <br> Corp., 3.550%, 12/15/2029<br>| &nbsp;&nbsp; 5162456 |
| 18993000 | &nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance <br> Corp., 3.800%, 9/15/2030<br>| &nbsp;&nbsp; 18436097 |
| 1385000 | &nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance <br> Corp., 4.300%, 1/31/2043<br>| &nbsp;&nbsp; 1130362 |
| 1595000 | Targa Resources Corp., 5.500%, 2/15/2035 | &nbsp;&nbsp; 1633841 |
| 43560000 | Targa Resources Corp., 6.125%, 3/15/2033 | &nbsp;&nbsp; 46595140 |
| 50110000 | Targa Resources Corp., 6.500%, 3/30/2034 | &nbsp;&nbsp; 54689432 |
| 10710000 | &nbsp;&nbsp; Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp., <br> 4.000%, 1/15/2032<br>| &nbsp;&nbsp; 10230406 |
| 1955000 | &nbsp;&nbsp; Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp., <br> 4.875%, 2/01/2031<br>| &nbsp;&nbsp; 1966952 |
| 11758000 | &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br> 3.875%, 11/01/2033(a)<br>| &nbsp;&nbsp; 10081448 |
| 13771000 | &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br> 4.125%, 8/15/2031(a)<br>| &nbsp;&nbsp; 12531237 |
| 831000 | &nbsp;&nbsp; Venture Global LNG, Inc., (fixed rate to <br> 9/30/2029, variable rate thereafter), <br> 9.000%(a)(c)<br>| &nbsp;&nbsp; 656266 |
| 9319000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.125%, 12/15/2030(a)<br>| &nbsp;&nbsp; 9489952 |
| 16945000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.500%, 1/15/2034(a)<br>| &nbsp;&nbsp; 17355747 |
| 600000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.500%, 6/15/2034(a)<br>| &nbsp;&nbsp; 613070 |
| 21904000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 7.500%, 5/01/2033(a)<br>| &nbsp;&nbsp; 23667294 |
| 12616000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 7.750%, 5/01/2035(a)<br>| &nbsp;&nbsp; 13813933 |
| 2170000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 4.050%, 2/01/2030<br>| &nbsp;&nbsp; 2125906 |
| 2870000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.250%, 2/01/2050<br>| &nbsp;&nbsp; 2456864 |
| 5070000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.300%, 3/01/2048<br>| &nbsp;&nbsp; 4371530 |
| 5140000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.450%, 4/01/2044<br>| &nbsp;&nbsp; 4682838 |
| 10650000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.500%, 12/15/2035<br>| &nbsp;&nbsp; 10593365 |
| 710000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.500%, 8/15/2048<br>| &nbsp;&nbsp; 624592 |
| 26935000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 6.150%, 4/01/2033<br>| &nbsp;&nbsp; 28520523 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Midstream — continued** | **Midstream — continued** |
| $11620000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 6.350%, 1/15/2029<br>| &nbsp;&nbsp; $12228179 |
| 6750000 | Whistler Pipeline LLC, 5.700%, 9/30/2031(a) | &nbsp;&nbsp; 7005182 |
| 7530000 | Whistler Pipeline LLC, 5.950%, 9/30/2034(a) | &nbsp;&nbsp; 7786583 |
| 47080000 | Williams Cos., Inc., 5.150%, 3/15/2034 | &nbsp;&nbsp; 47868998 |
|  |  | &nbsp;&nbsp; 640564712 |
|  | **Mortgage Related — 0.0%** | **Mortgage Related — 0.0%** |
| 202 | &nbsp;&nbsp; Federal National Mortgage Association, <br> 6.000%, 7/01/2029<br>| &nbsp;&nbsp; 208 |
|  | **Natural Gas — 0.0%** | **Natural Gas — 0.0%** |
| 5225000 | &nbsp;&nbsp; Southern Co. Gas Capital Corp., <br> 5.750%, 9/15/2033<br>| &nbsp;&nbsp; 5536615 |
|  | **Non-Agency Commercial Mortgage-Backed Securities — 2.4%** | **Non-Agency Commercial Mortgage-Backed Securities — 2.4%** |
| 4955000 | &nbsp;&nbsp; ALA Trust, Series 2025-OANA, Class A, 1 mo. <br> USD SOFR + 1.743%, 5.494%, 6/15/2040(a)(b)<br>| &nbsp;&nbsp; 4973572 |
| 8625000 | &nbsp;&nbsp; Bank, Series 2021-BN35, Class AS, <br> 2.457%, 6/15/2064<br>| &nbsp;&nbsp; 7485805 |
| 410000 | &nbsp;&nbsp; BBSG Mortgage Trust, Series 2016-MRP, <br> Class A, 3.275%, 6/05/2036(a)<br>| &nbsp;&nbsp; 369000 |
| 11205000 | &nbsp;&nbsp; BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class A, 1 mo. USD SOFR + <br> 1.500%, 5.250%, 11/15/2042(a)(b)<br>| &nbsp;&nbsp; 11236504 |
| 5035000 | &nbsp;&nbsp; BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class B, 1 mo. USD SOFR + <br> 1.800%, 5.550%, 11/15/2042(a)(b)<br>| &nbsp;&nbsp; 5050673 |
| 3560000 | &nbsp;&nbsp; BPR Commercial Mortgage Trust, <br> Series 2025-STAR, Class A, <br> 4.947%, 11/05/2042(a)(b)<br>| &nbsp;&nbsp; 3580728 |
| 4400000 | &nbsp;&nbsp; BPR Trust, Series 2022-SSP, Class A, 1 mo. <br> USD SOFR + 3.000%, 6.750%, 5/15/2039(a)(b)<br>| &nbsp;&nbsp; 4399997 |
| 2985000 | &nbsp;&nbsp; BX Commercial Mortgage Trust, <br> Series 2022-AHP, Class B, 1 mo. USD SOFR + <br> 1.840%, 5.590%, 1/17/2039(a)(b)<br>| &nbsp;&nbsp; 2982279 |
| 11290000 | &nbsp;&nbsp; BX Commercial Mortgage Trust, <br> Series 2024-VLT5, Class A, <br> 5.410%, 11/13/2046(a)(b)<br>| &nbsp;&nbsp; 11431337 |
| 1455000 | &nbsp;&nbsp; BX Commercial Mortgage Trust, <br> Series 2024-VLT5, Class B, <br> 5.802%, 11/13/2046(a)(b)<br>| &nbsp;&nbsp; 1478238 |
| 7770000 | &nbsp;&nbsp; BX Trust, Series 2024-VLT4, Class A, 1 mo. <br> USD SOFR + 1.491%, 5.242%, 6/15/2041(a)(b)<br>| &nbsp;&nbsp; 7767568 |
| 7325000 | &nbsp;&nbsp; BX Trust, Series 2025-DELC, Class A, 1 mo. <br> USD SOFR + 1.550%, 5.507%, 12/15/2042(a)(b)<br>| &nbsp;&nbsp; 7334138 |
| 1050000 | &nbsp;&nbsp; BX Trust, Series 2025-DELC, Class B, 1 mo. <br> USD SOFR + 1.800%, 5.757%, 12/15/2042(a)(b)<br>| &nbsp;&nbsp; 1051307 |
| 69795000 | &nbsp;&nbsp; BX Trust, Series 2025-VLT6, Class A, 1 mo. <br> USD SOFR + 1.443%, 5.193%, 3/15/2042(a)(b)<br>| &nbsp;&nbsp; 69707756 |
| 54890000 | &nbsp;&nbsp; BX Trust, Series 2025-VLT7, Class A, 1 mo. <br> USD SOFR + 1.700%, 5.450%, 7/15/2044(a)(b)<br>| &nbsp;&nbsp; 54975069 |
| 8440000 | &nbsp;&nbsp; BX Trust, Series 2025-VLT7, Class B, 1 mo. <br> USD SOFR + 2.000%, 5.750%, 7/15/2044(a)(b)<br>| &nbsp;&nbsp; 8453078 |
| 54410000 | &nbsp;&nbsp; CHI Commercial Mortgage Trust, <br> Series 2025-SFT, Class A, <br> 5.482%, 4/15/2042(a)(b)<br>| &nbsp;&nbsp; 55763133 |
| 433610 | &nbsp;&nbsp; Commercial Mortgage Pass-Through <br> Certificates, Series 2012-LTRT, Class A2, <br> 3.400%, 10/05/2030(a)<br>| &nbsp;&nbsp; 430704 |
| 2635000 | &nbsp;&nbsp; Commercial Mortgage Trust, <br> Series 2024-CBM, Class A2, <br> 5.867%, 12/10/2041(a)(b)<br>| &nbsp;&nbsp; 2682205 |

---

See accompanying notes to financial statements.

\| 20

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $2470000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class A2, <br> 3.953%, 9/15/2037(a)<br>| &nbsp;&nbsp; $2268926 |
| 370000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class B, <br> 4.185%, 9/15/2037(a)<br>| &nbsp;&nbsp; 323870 |
| 510000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class C, <br> 4.336%, 9/15/2037(a)<br>| &nbsp;&nbsp; 439052 |
| 12790000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class D, <br> 4.373%, 9/15/2037(a)<br>| &nbsp;&nbsp; 10863080 |
| 9295000 | &nbsp;&nbsp; DC Commercial Mortgage Trust, <br> Series 2023-DC, Class B, 6.804%, 9/12/2040(a)<br>| &nbsp;&nbsp; 9578393 |
| 3920000 | &nbsp;&nbsp; Extended Stay America Trust, <br> Series 2025-ESH, Class A, 1 mo. USD SOFR + <br> 1.300%, 5.050%, 10/15/2042(a)(b)<br>| &nbsp;&nbsp; 3926120 |
| 3320000 | &nbsp;&nbsp; Extended Stay America Trust, <br> Series 2025-ESH, Class B, 1 mo. USD SOFR + <br> 1.600%, 5.350%, 10/15/2042(a)(b)<br>| &nbsp;&nbsp; 3325184 |
| 2225000 | &nbsp;&nbsp; Extended Stay America Trust, <br> Series 2025-ESH, Class C, 1 mo. USD SOFR + <br> 1.850%, 5.600%, 10/15/2042(a)(b)<br>| &nbsp;&nbsp; 2228474 |
| 30590000 | &nbsp;&nbsp; GFH Mortgage Trust, Series 2025-IND, <br> Class A, 5.148%, 6/15/2033(a)<br>| &nbsp;&nbsp; 30890559 |
| 7798581 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2012-BWTR, Class A, <br> 2.954%, 11/05/2034(a)<br>| &nbsp;&nbsp; 6847545 |
| 4375000 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2013-PEMB, Class A, <br> 3.550%, 3/05/2033(a)(b)<br>| &nbsp;&nbsp; 3128125 |
| 9406000 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2013-PEMB, Class D, <br> 3.550%, 3/05/2033(a)(b)(e)<br>| &nbsp;&nbsp; 329210 |
| 2166209 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2012-LC9, Class C, <br> 3.571%, 12/15/2047(a)(b)<br>| &nbsp;&nbsp; 2103324 |
| 340000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2012-LC9, Class D, <br> 3.571%, 12/15/2047(a)(b)<br>| &nbsp;&nbsp; 322480 |
| 11510000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 11506391 |
| 7235000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 7208038 |
| 1378898 | &nbsp;&nbsp; JPMBB Commercial Mortgage Securities <br> Trust, Series 2015-C32, Class A5, <br> 3.598%, 11/15/2048<br>| &nbsp;&nbsp; 1351321 |
| 6140000 | &nbsp;&nbsp; LEX Mortgage Trust, Series 2024-BBG, <br> Class A, 4.874%, 10/13/2033(a)(b)<br>| &nbsp;&nbsp; 6176208 |
| 272591 | &nbsp;&nbsp; Morgan Stanley Bank of America Merrill <br> Lynch Trust, Series 2013-C12, Class C, <br> 4.699%, 10/15/2046(b)<br>| &nbsp;&nbsp; 258961 |
| 1687919 | &nbsp;&nbsp; MSBAM Commercial Mortgage Securities <br> Trust, Series 2012-CKSV, Class A2, <br> 3.277%, 10/15/2030(a)<br>| &nbsp;&nbsp; 1620386 |
| 5755000 | &nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC, <br> Series 2021-1, Class A1, 1.910%, 10/20/2061(a)<br>| &nbsp;&nbsp; 4804231 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $15285000 | &nbsp;&nbsp; SCOTT Trust, Series 2023-SFS, Class A, <br> 5.910%, 3/10/2040(a)<br>| &nbsp;&nbsp; $15684799 |
| 8230000 | &nbsp;&nbsp; TCO Commercial Mortgage Trust, <br> Series 2024-DPM, Class A, 1 mo. USD SOFR + <br> 1.243%, 4.993%, 12/15/2039(a)(b)<br>| &nbsp;&nbsp; 8247841 |
| 4030000 | &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, <br> Series 2016-C36, Class AS, 3.419%, 11/15/2059<br>| &nbsp;&nbsp; 3962962 |
| 535000 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2011-C3, Class D, <br> 5.855%, 3/15/2044(a)(b)<br>| &nbsp;&nbsp; 192611 |
| 783635 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2012-C10, Class B, 3.744%, 12/15/2045<br>| &nbsp;&nbsp; 746887 |
| 2956239 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2014-C20, Class B, 4.378%, 5/15/2047<br>| &nbsp;&nbsp; 2559571 |
|  |  | &nbsp;&nbsp; 402047640 |
|  | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| 2085000 | &nbsp;&nbsp; COPT Defense Properties LP, <br> 2.750%, 4/15/2031,<br>| &nbsp;&nbsp; 1901807 |
|  | **Oil Field Services — 0.3%** | **Oil Field Services — 0.3%** |
| 57807000 | Helmerich & Payne, Inc., 5.500%, 12/01/2034 | &nbsp;&nbsp; 56912942 |
| 201000 | &nbsp;&nbsp; Oceaneering International, Inc., <br> 6.000%, 2/01/2028<br>| &nbsp;&nbsp; 203257 |
| 201000 | &nbsp;&nbsp; Oceaneering International, Inc., <br> 6.000%, 2/01/2028<br>| &nbsp;&nbsp; 203256 |
| 782000 | &nbsp;&nbsp; Transocean Titan Financing Ltd., <br> 8.375%, 2/01/2028(a)<br>| &nbsp;&nbsp; 798643 |
| 601000 | &nbsp;&nbsp; Weatherford International Ltd., <br> 6.750%, 10/15/2033(a)<br>| &nbsp;&nbsp; 615491 |
|  |  | &nbsp;&nbsp; 58733589 |
|  | **Other REITs — 0.3%** | **Other REITs — 0.3%** |
| 6150000 | Extra Space Storage LP, 2.350%, 3/15/2032 | &nbsp;&nbsp; 5383452 |
| 12900000 | Extra Space Storage LP, 5.900%, 1/15/2031 | &nbsp;&nbsp; 13677475 |
| 38265000 | Host Hotels & Resorts LP, 5.500%, 4/15/2035 | &nbsp;&nbsp; 38732578 |
|  |  | &nbsp;&nbsp; 57793505 |
|  | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| 4130000 | Amgen, Inc., 5.250%, 3/02/2033 | &nbsp;&nbsp; 4275216 |
| 2190000 | Bausch Health Cos., Inc., 4.875%, 6/01/2028(a) | &nbsp;&nbsp; 1960050 |
| 49530000 | &nbsp;&nbsp; Pfizer Investment Enterprises Pte. Ltd., <br> 4.750%, 5/19/2033<br>| &nbsp;&nbsp; 50055195 |
| 44165000 | Roche Holdings, Inc., 4.985%, 3/08/2034(a) | &nbsp;&nbsp; 45475239 |
| 43974000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC, <br> 6.150%, 2/01/2036<br>| &nbsp;&nbsp; 46168252 |
| 9089000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 3.150%, 10/01/2026<br>| &nbsp;&nbsp; 8984078 |
| 55336000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 4.100%, 10/01/2046<br>| &nbsp;&nbsp; 41845337 |
| 4139000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 4.750%, 5/09/2027<br>| &nbsp;&nbsp; 4149575 |
| 3140000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 5.125%, 5/09/2029<br>| &nbsp;&nbsp; 3175486 |
| 5947000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 6.000%, 12/01/2032<br>| &nbsp;&nbsp; 6241425 |
| 4495000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 6.750%, 3/01/2028<br>| &nbsp;&nbsp; 4665012 |
| 13080000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 7.875%, 9/15/2029<br>| &nbsp;&nbsp; 14388366 |

---

See accompanying notes to financial statements.

21 \|

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| $4885000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 8.125%, 9/15/2031<br>| &nbsp;&nbsp; $5624785 |
| 10760000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands IV <br> BV, 5.750%, 12/01/2030<br>| &nbsp;&nbsp; 11160535 |
|  |  | &nbsp;&nbsp; 248168551 |
|  | **Property & Casualty Insurance — 0.8%** | **Property & Casualty Insurance — 0.8%** |
| 1370000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.000%, 1/15/2031(a)<br>| &nbsp;&nbsp; 1421341 |
| 600000 | AmWINS Group, Inc., 6.375%, 2/15/2029(a) | &nbsp;&nbsp; 617047 |
| 766000 | Ardonagh Finco Ltd., 7.750%, 2/15/2031(a) | &nbsp;&nbsp; 803040 |
| 3275000 | Arthur J Gallagher & Co., 5.000%, 2/15/2032 | &nbsp;&nbsp; 3348023 |
| 8590000 | Arthur J Gallagher & Co., 5.150%, 2/15/2035 | &nbsp;&nbsp; 8679897 |
| 6095000 | Arthur J Gallagher & Co., 5.450%, 7/15/2034 | &nbsp;&nbsp; 6317890 |
| 1001000 | &nbsp;&nbsp; Baldwin Insurance Group <br> Holdings LLC/Baldwin Insurance Group <br> Holdings Finance, 7.125%, 5/15/2031(a)<br>| &nbsp;&nbsp; 1037133 |
| 6505000 | Brown & Brown, Inc., 5.550%, 6/23/2035 | &nbsp;&nbsp; 6669935 |
| 4720000 | CNA Financial Corp., 5.125%, 2/15/2034 | &nbsp;&nbsp; 4747508 |
| 26635000 | &nbsp;&nbsp; Fidelity National Financial, Inc., <br> 3.400%, 6/15/2030<br>| &nbsp;&nbsp; 25415996 |
| 40985000 | &nbsp;&nbsp; Marsh & McLennan Cos., Inc., <br> 5.000%, 3/15/2035<br>| &nbsp;&nbsp; 41516530 |
| 780000 | &nbsp;&nbsp; Panther Escrow Issuer LLC, <br> 7.125%, 6/01/2031(a)<br>| &nbsp;&nbsp; 808274 |
| 1602000 | Ryan Specialty LLC, 5.875%, 8/01/2032(a) | &nbsp;&nbsp; 1636872 |
| 32940000 | &nbsp;&nbsp; Stewart Information Services Corp., <br> 3.600%, 11/15/2031<br>| &nbsp;&nbsp; 29122674 |
| 6750000 | Willis North America, Inc., 5.150%, 3/15/2036 | &nbsp;&nbsp; 6750553 |
|  |  | &nbsp;&nbsp; 138892713 |
|  | **Restaurants — 0.3%** | **Restaurants — 0.3%** |
| 2595000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 3.500%, 2/15/2029(a)<br>| &nbsp;&nbsp; 2507297 |
| 665000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 3.875%, 1/15/2028(a)<br>| &nbsp;&nbsp; 655525 |
| 34312000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 4.000%, 10/15/2030(a)<br>| &nbsp;&nbsp; 32678891 |
| 1009000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 5.625%, 9/15/2029(a)<br>| &nbsp;&nbsp; 1027350 |
| 5175000 | Yum! Brands, Inc., 3.625%, 3/15/2031 | &nbsp;&nbsp; 4895248 |
| 632000 | Yum! Brands, Inc., 4.625%, 1/31/2032 | &nbsp;&nbsp; 619356 |
| 7056000 | Yum! Brands, Inc., 4.750%, 1/15/2030(a) | &nbsp;&nbsp; 7061610 |
|  |  | &nbsp;&nbsp; 49445277 |
|  | **Retailers — 0.1%** | **Retailers — 0.1%** |
| 370000 | &nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH U.K. Ltd., <br> 8.375%, 1/15/2029(a)<br>| &nbsp;&nbsp; 362874 |
| 8001000 | &nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH U.K. Ltd., <br> 11.500%, 8/15/2029(a)<br>| &nbsp;&nbsp; 8378601 |
| 9550000 | Home Depot, Inc., 4.950%, 6/25/2034 | &nbsp;&nbsp; 9767577 |
| 265000 | Murphy Oil USA, Inc., 3.750%, 2/15/2031(a) | &nbsp;&nbsp; 248720 |
|  |  | &nbsp;&nbsp; 18757772 |
|  | **Technology — 7.1%** | **Technology — 7.1%** |
| 5095000 | Arrow Electronics, Inc., 2.950%, 2/15/2032 | &nbsp;&nbsp; 4555298 |
| 15000000 | Arrow Electronics, Inc., 5.875%, 4/10/2034 | &nbsp;&nbsp; 15647494 |
| 21490000 | Atlassian Corp., 5.250%, 5/15/2029 | &nbsp;&nbsp; 22086884 |
| 56495000 | Atlassian Corp., 5.500%, 5/15/2034 | &nbsp;&nbsp; 58462109 |
| 797000 | Block, Inc., 6.500%, 5/15/2032 | &nbsp;&nbsp; 828768 |
| 4210000 | Broadcom, Inc., 2.600%, 2/15/2033 | &nbsp;&nbsp; 3707396 |
| 19501000 | Broadcom, Inc., 3.137%, 11/15/2035(a) | &nbsp;&nbsp; 16793987 |
| 49825000 | Broadcom, Inc., 3.187%, 11/15/2036(a) | &nbsp;&nbsp; 42256208 |
| 15060000 | Broadcom, Inc., 3.419%, 4/15/2033 | &nbsp;&nbsp; 13940511 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $70750000 | Broadcom, Inc., 3.469%, 4/15/2034 | &nbsp;&nbsp; $64512899 |
| 6584000 | Broadcom, Inc., 4.300%, 11/15/2032 | &nbsp;&nbsp; 6494583 |
| 14650000 | Broadcom, Inc., 4.800%, 10/15/2034 | &nbsp;&nbsp; 14678172 |
| 8890000 | &nbsp;&nbsp; CDW LLC/CDW Finance Corp., <br> 3.250%, 2/15/2029<br>| &nbsp;&nbsp; 8558787 |
| 20942000 | &nbsp;&nbsp; CDW LLC/CDW Finance Corp., <br> 3.276%, 12/01/2028<br>| &nbsp;&nbsp; 20352483 |
| 55470000 | &nbsp;&nbsp; CDW LLC/CDW Finance Corp., <br> 3.569%, 12/01/2031<br>| &nbsp;&nbsp; 51669854 |
| 45870000 | &nbsp;&nbsp; CDW LLC/CDW Finance Corp., <br> 5.550%, 8/22/2034<br>| &nbsp;&nbsp; 46737610 |
| 821000 | Cipher Compute LLC, 7.125%, 11/15/2030(a) | &nbsp;&nbsp; 836174 |
| 29765000 | &nbsp;&nbsp; Dell International LLC/EMC Corp., <br> 5.100%, 2/15/2036<br>| &nbsp;&nbsp; 29394823 |
| 11523000 | Entegris, Inc., 3.625%, 5/01/2029(a) | &nbsp;&nbsp; 11069618 |
| 58775000 | Entegris, Inc., 4.750%, 4/15/2029(a) | &nbsp;&nbsp; 58903248 |
| 397000 | Entegris, Inc., 5.950%, 6/15/2030(a) | &nbsp;&nbsp; 404944 |
| 11869000 | Equinix, Inc., 2.500%, 5/15/2031 | &nbsp;&nbsp; 10741228 |
| 8189000 | Fair Isaac Corp., 6.000%, 5/15/2033(a) | &nbsp;&nbsp; 8411307 |
| 859000 | &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., <br> Inc., 3.500%, 3/01/2029(a)<br>| &nbsp;&nbsp; 823679 |
| 1683000 | Imola Merger Corp., 4.750%, 5/15/2029(a) | &nbsp;&nbsp; 1661154 |
| 613000 | Iron Mountain, Inc., 5.250%, 7/15/2030(a) | &nbsp;&nbsp; 605586 |
| 590000 | Iron Mountain, Inc., 7.000%, 2/15/2029(a) | &nbsp;&nbsp; 606055 |
| 14147000 | Leidos, Inc., 2.300%, 2/15/2031 | &nbsp;&nbsp; 12728654 |
| 2555000 | Leidos, Inc., 4.375%, 5/15/2030 | &nbsp;&nbsp; 2551837 |
| 10455000 | Leidos, Inc., 5.400%, 3/15/2032 | &nbsp;&nbsp; 10874324 |
| 21165000 | Leidos, Inc., 5.500%, 3/15/2035 | &nbsp;&nbsp; 21995668 |
| 51163000 | Leidos, Inc., 5.750%, 3/15/2033 | &nbsp;&nbsp; 54211152 |
| 53976000 | Micron Technology, Inc., 5.875%, 9/15/2033 | &nbsp;&nbsp; 57322394 |
| 49180000 | Motorola Solutions, Inc., 5.400%, 4/15/2034 | &nbsp;&nbsp; 50785234 |
| 34155000 | Motorola Solutions, Inc., 5.550%, 8/15/2035 | &nbsp;&nbsp; 35493909 |
| 32220000 | MSCI, Inc., 5.250%, 9/01/2035 | &nbsp;&nbsp; 32432577 |
| 15560000 | NetApp, Inc., 5.500%, 3/17/2032 | &nbsp;&nbsp; 16185557 |
| 13765000 | NetApp, Inc., 5.700%, 3/17/2035 | &nbsp;&nbsp; 14405691 |
| 990000 | Open Text Corp., 3.875%, 12/01/2029(a) | &nbsp;&nbsp; 939540 |
| 16645000 | Open Text Corp., 6.900%, 12/01/2027(a) | &nbsp;&nbsp; 17316049 |
| 991000 | Open Text Holdings, Inc., 4.125%, 2/15/2030(a) | &nbsp;&nbsp; 947219 |
| 1246000 | Oracle Corp., 3.950%, 3/25/2051 | &nbsp;&nbsp; 819818 |
| 76028000 | Oracle Corp., 5.200%, 9/26/2035 | &nbsp;&nbsp; 72840963 |
| 28706000 | Oracle Corp., 5.950%, 9/26/2055 | &nbsp;&nbsp; 25433924 |
| 2472000 | Oracle Corp., 6.000%, 8/03/2055 | &nbsp;&nbsp; 2179781 |
| 11575000 | Paychex, Inc., 5.600%, 4/15/2035 | &nbsp;&nbsp; 12122439 |
| 414000 | &nbsp;&nbsp; Science Applications International Corp., <br> 4.875%, 4/01/2028(a)<br>| &nbsp;&nbsp; 412902 |
| 412000 | &nbsp;&nbsp; Science Applications International Corp., <br> 5.875%, 11/01/2033(a)<br>| &nbsp;&nbsp; 417661 |
| 315000 | &nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., <br> 5.750%, 12/01/2034(a)<br>| &nbsp;&nbsp; 322103 |
| 314000 | &nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., <br> 5.875%, 7/15/2030(a)<br>| &nbsp;&nbsp; 323692 |
| 300000 | &nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., <br> 8.250%, 12/15/2029(a)<br>| &nbsp;&nbsp; 318131 |
| 19846000 | &nbsp;&nbsp; Sensata Technologies BV, <br> 4.000%, 4/15/2029(a)<br>| &nbsp;&nbsp; 19363603 |
| 2460000 | &nbsp;&nbsp; Sensata Technologies BV, <br> 5.875%, 9/01/2030(a)<br>| &nbsp;&nbsp; 2497657 |
| 12147000 | &nbsp;&nbsp; Sensata Technologies, Inc., <br> 3.750%, 2/15/2031(a)<br>| &nbsp;&nbsp; 11399668 |
| 9066000 | &nbsp;&nbsp; Sensata Technologies, Inc., <br> 4.375%, 2/15/2030(a)<br>| &nbsp;&nbsp; 8854761 |
| 19820000 | Synopsys, Inc., 5.150%, 4/01/2035 | &nbsp;&nbsp; 20143968 |

---

See accompanying notes to financial statements.

\| 22

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $23235000 | Synopsys, Inc., 5.700%, 4/01/2055 | &nbsp;&nbsp; $23048870 |
| 13665000 | TD SYNNEX Corp., 1.750%, 8/09/2026 | &nbsp;&nbsp; 13461045 |
| 11132000 | TD SYNNEX Corp., 2.650%, 8/09/2031 | &nbsp;&nbsp; 10010192 |
| 67882000 | TD SYNNEX Corp., 6.100%, 4/12/2034 | &nbsp;&nbsp; 71728251 |
| 35170000 | Trimble, Inc., 6.100%, 3/15/2033 | &nbsp;&nbsp; 37869063 |
| 17175000 | Verisk Analytics, Inc., 5.250%, 3/15/2035 | &nbsp;&nbsp; 17478069 |
| 9945000 | Verisk Analytics, Inc., 5.750%, 4/01/2033 | &nbsp;&nbsp; 10519530 |
| 5450000 | Western Digital Corp., 2.850%, 2/01/2029 | &nbsp;&nbsp; 5216142 |
| 1811000 | Western Digital Corp., 4.750%, 2/15/2026 | &nbsp;&nbsp; 1812385 |
| 808000 | WULF Compute LLC, 7.750%, 10/15/2030(a) | &nbsp;&nbsp; 832441 |
| 779000 | &nbsp;&nbsp; Zebra Technologies Corp., <br> 6.500%, 6/01/2032(a)<br>| &nbsp;&nbsp; 805271 |
|  |  | &nbsp;&nbsp; 1213162994 |
|  | **Treasuries — 17.0%** | **Treasuries — 17.0%** |
| 100890000 | U.S. Treasury Bonds, 2.250%, 2/15/2052 | &nbsp;&nbsp; 61211855 |
| 148890000 | U.S. Treasury Bonds, 4.250%, 2/15/2054 | &nbsp;&nbsp; 134605866 |
| 344556000 | U.S. Treasury Bonds, 4.250%, 8/15/2054 | &nbsp;&nbsp; 311527075 |
| 154991000 | U.S. Treasury Bonds, 4.625%, 11/15/2045 | &nbsp;&nbsp; 151455268 |
| 1033885000 | U.S. Treasury Bonds, 4.750%, 2/15/2045(f) | &nbsp;&nbsp; 1028634808 |
| 87335000 | U.S. Treasury Bonds, 4.875%, 8/15/2045 | &nbsp;&nbsp; 88181058 |
| 729695000 | U.S. Treasury Bonds, 5.000%, 5/15/2045 | &nbsp;&nbsp; 749077523 |
| 376730000 | U.S. Treasury Notes, 3.875%, 4/30/2030 | &nbsp;&nbsp; 379673203 |
|  |  | &nbsp;&nbsp; 2904366656 |
|  | **Wireless — 1.3%** | **Wireless — 1.3%** |
| 9655000 | American Tower Corp., 5.450%, 2/15/2034 | &nbsp;&nbsp; 10028643 |
| 34780000 | American Tower Corp., 5.900%, 11/15/2033 | &nbsp;&nbsp; 37148105 |
| 610000 | Sprint Capital Corp., 6.875%, 11/15/2028 | &nbsp;&nbsp; 654609 |
| 43355000 | Sprint Capital Corp., 8.750%, 3/15/2032 | &nbsp;&nbsp; 52431637 |
| 8560000 | T-Mobile USA, Inc., 2.700%, 3/15/2032 | &nbsp;&nbsp; 7695644 |
| 7565000 | T-Mobile USA, Inc., 3.500%, 4/15/2031 | &nbsp;&nbsp; 7232595 |
| 53355000 | T-Mobile USA, Inc., 5.150%, 4/15/2034 | &nbsp;&nbsp; 54540817 |
| 55305000 | T-Mobile USA, Inc., 5.750%, 1/15/2034 | &nbsp;&nbsp; 58591016 |
|  |  | &nbsp;&nbsp; 228323066 |
|  | **Wirelines — 0.3%** | **Wirelines — 0.3%** |
| 43160000 | AT&T, Inc., 5.375%, 8/15/2035 | &nbsp;&nbsp; 44228189 |
|  | &nbsp;&nbsp; Total Non-Convertible Bonds <br>(Identified Cost $14,651,816,698)<br>| &nbsp;&nbsp; 14932553978 |
| **Convertible Bonds — 0.2%** | **Convertible Bonds — 0.2%** | **Convertible Bonds — 0.2%** |
|  | **Cable Satellite — 0.2%** | **Cable Satellite — 0.2%** |
| 7330223 | &nbsp;&nbsp; EchoStar Corp., 3.875% PIK and/or 3.875% <br> Cash, 11/30/2030(d)<br>| &nbsp;&nbsp; 24482945 |
|  | **Financial Other — 0.0%** | **Financial Other — 0.0%** |
| 3018438 | &nbsp;&nbsp; CIFI Holdings Group Co. Ltd., Series IAI, Zero <br> Coupon, 6/30/2029<br>| &nbsp;&nbsp; 223515 |
| 4335103 | &nbsp;&nbsp; Country Garden Holdings Co. Ltd., Series AI, <br> Zero Coupon, 12/31/2031<br>| &nbsp;&nbsp; 523806 |
| 19714354 | &nbsp;&nbsp; Shimao Group Holdings Ltd., Zero Coupon, <br> 7/21/2026(a)<br>| &nbsp;&nbsp; 1101441 |
| 4953708 | &nbsp;&nbsp; Sino-Ocean Group Holding Ltd., Zero Coupon, <br> 3/27/2027(a)<br>| &nbsp;&nbsp; 37153 |
| 3228768 | &nbsp;&nbsp; Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| &nbsp;&nbsp; 26024 |
| 647306 | &nbsp;&nbsp; Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| &nbsp;&nbsp; 5573 |
|  |  | &nbsp;&nbsp; 1917512 |
|  | &nbsp;&nbsp; Total Convertible Bonds <br>(Identified Cost $23,991,805)<br>| &nbsp;&nbsp; 26400457 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
| **Municipals — 0.0%** | **Municipals — 0.0%** | **Municipals — 0.0%** |
|  | **Virginia — 0.0%** | **Virginia — 0.0%** |
| $6730000 | &nbsp;&nbsp; Tobacco Settlement Financing Corp., <br> 6.706%, 6/01/2046 <br>(Identified Cost $6,489,827)<br>| &nbsp;&nbsp; $5094072 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $14,682,298,330)<br>| &nbsp;&nbsp; 14964048507 |
| **Collateralized Loan Obligations — 5.0%** | **Collateralized Loan Obligations — 5.0%** | **Collateralized Loan Obligations — 5.0%** |
| 13405000 | &nbsp;&nbsp; AGL CLO 42 Ltd., Series 2025-42A, Class A1, <br> 3 mo. USD SOFR + 1.300%, <br> 5.569%, 7/22/2038(a)(b)<br>| &nbsp;&nbsp; 13448405 |
| 9975000 | &nbsp;&nbsp; AIMCO CLO 21 Ltd., Series 2024-21A, Class B, <br> 3 mo. USD SOFR + 1.920%, <br> 5.804%, 4/18/2037(a)(b)<br>| &nbsp;&nbsp; 9996815 |
| 14785000 | &nbsp;&nbsp; Alinea CLO Ltd., Series 2018-1A, Class BR, <br> 3 mo. USD SOFR + 1.150%, <br> 5.034%, 7/20/2031(a)(b)<br>| &nbsp;&nbsp; 14787100 |
| 16505000 | &nbsp;&nbsp; Anchorage Capital CLO 6 Ltd., Series 2015-6A, <br> Class AR4, 3 mo. USD SOFR + 1.370%, <br> 5.640%, 7/22/2038(a)(b)<br>| &nbsp;&nbsp; 16539248 |
| 7905000 | &nbsp;&nbsp; Anchorage Capital CLO 9 Ltd., Series 2016-9A, <br> Class AR3, 3 mo. USD SOFR + 1.450%, <br> 5.355%, 7/15/2037(a)(b)<br>| &nbsp;&nbsp; 7927237 |
| 3520000 | &nbsp;&nbsp; ARES Loan Funding I Ltd., Series 2021-ALFA, <br> Class D, 3 mo. USD SOFR + 3.262%, <br> 7.166%, 10/15/2034(a)(b)<br>| &nbsp;&nbsp; 3525079 |
| 1665000 | &nbsp;&nbsp; Atrium XV, Series 15A, Class D1R, 3 mo. USD <br> SOFR + 3.300%, 7.194%, 7/16/2037(a)(b)<br>| &nbsp;&nbsp; 1664920 |
| 20050000 | &nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2022-4A, <br> Class A1R, 3 mo. USD SOFR + 1.380%, <br> 5.274%, 10/16/2037(a)(b)<br>| &nbsp;&nbsp; 20098220 |
| 5320000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 5318409 |
| 4005000 | &nbsp;&nbsp; Benefit Street Partners CLO 43 Ltd., <br> Series 2025-43A, Class A, 3 mo. USD SOFR + <br> 1.270%, 5.188%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 4011524 |
| 4395000 | &nbsp;&nbsp; Benefit Street Partners CLO Ltd., <br> Series 2015-6BR, Class A1R, 3 mo. USD SOFR <br> + 1.180%, 5.064%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 4392662 |
| 6200000 | &nbsp;&nbsp; Benefit Street Partners CLO XXVIII Ltd., <br> Series 2022-28A, Class BR, 3 mo. USD SOFR + <br> 1.700%, 5.584%, 10/20/2037(a)(b)<br>| &nbsp;&nbsp; 6210224 |
| 3579000 | &nbsp;&nbsp; Benefit Street Partners CLO XXXI Ltd., <br> Series 2023-31A, Class BR, 3 mo. USD SOFR + <br> 1.750%, 5.608%, 4/25/2038(a)(b)<br>| &nbsp;&nbsp; 3589172 |
| 2695000 | &nbsp;&nbsp; Benefit Street Partners CLO XXXVII Ltd., <br> Series 2024-37A, Class B, 3 mo. USD SOFR + <br> 1.650%, 5.508%, 1/25/2038(a)(b)<br>| &nbsp;&nbsp; 2704721 |
| 17040000 | &nbsp;&nbsp; Birch Grove CLO 13 Ltd., Series 2025-13A, <br> Class A1, 3 mo. USD SOFR + 1.310%, <br> 5.467%, 10/23/2038(a)(b)<br>| &nbsp;&nbsp; 17079076 |
| 10015000 | &nbsp;&nbsp; Birch Grove CLO 6 Ltd., Series 2023-6A, <br> Class A1R, 3 mo. USD SOFR + 1.380%, <br> 5.751%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 10044024 |
| 13735000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 13742747 |
| 20215000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 20250882 |

---

See accompanying notes to financial statements.

23 \|

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
| $2525000 | &nbsp;&nbsp; Canyon CLO Ltd., Series 2018-1A, Class B, <br> 3 mo. USD SOFR + 1.962%, <br> 5.866%, 7/15/2031(a)(b)<br>| &nbsp;&nbsp; $2527555 |
| 6500000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2014-5A, Class BR3, <br> 3 mo. USD SOFR + 1.750%, <br> 5.632%, 7/17/2037(a)(b)<br>| &nbsp;&nbsp; 6511973 |
| 54300000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2018-1A, Class A1R, <br> 3 mo. USD SOFR + 1.320%, <br> 5.204%, 1/18/2038(a)(b)<br>| &nbsp;&nbsp; 54463497 |
| 11410000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2019-4A, <br> Class A1R2, 3 mo. USD SOFR + 1.300%, <br> 5.205%, 7/15/2038(a)(b)<br>| &nbsp;&nbsp; 11446512 |
| 11715000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2019-7A, Class A1R, <br> 3 mo. USD SOFR + 1.280%, <br> 5.371%, 10/19/2038(a)(b)<br>| &nbsp;&nbsp; 11747802 |
| 3970000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2021-4A, Class AR, <br> 3 mo. USD SOFR + 1.360%, <br> 5.220%, 7/23/2037(a)(b)<br>| &nbsp;&nbsp; 3981064 |
| 4415000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2021-6A, Class B, <br> 3 mo. USD SOFR + 1.912%, <br> 5.816%, 10/15/2034(a)(b)<br>| &nbsp;&nbsp; 4421384 |
| 8720000 | &nbsp;&nbsp; Clover CLO LLC, Series 2018-1A, Class A1RR, <br> 3 mo. USD SOFR + 1.530%, <br> 5.414%, 4/20/2037(a)(b)<br>| &nbsp;&nbsp; 8741251 |
| 19410000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 19443249 |
| 7115000 | &nbsp;&nbsp; Diameter Capital CLO 10 Ltd., <br> Series 2025-10A, Class A, 3 mo. USD SOFR + <br> 1.310%, 5.194%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 7128504 |
| 3335000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 3335690 |
| 24520000 | &nbsp;&nbsp; Garnet CLO 2 Ltd., Series 2025-2A, Class A, <br> 3 mo. USD SOFR + 1.350%, <br> 5.431%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 24568770 |
| 28260000 | &nbsp;&nbsp; Garnet CLO 3 Ltd., Series 2025-3A, Class A1, <br> 3 mo. USD SOFR + 1.270%, <br> 5.190%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 28238805 |
| 14870000 | &nbsp;&nbsp; Golub Capital CLO 82 B Ltd., Series 2025-82A, <br> Class A1, 3 mo. USD SOFR + 1.260%, <br> 5.226%, 10/15/2038(a)(b)<br>| &nbsp;&nbsp; 14904030 |
| 3620000 | &nbsp;&nbsp; Greenacre Park CLO LLC, Series 2021-2A, <br> Class AR, 3 mo. USD SOFR + 1.370%, <br> 5.254%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 3633159 |
| 3545000 | &nbsp;&nbsp; Invesco CLO Ltd., Series 2021-1A, Class D, <br> 3 mo. USD SOFR + 3.312%, <br> 7.216%, 4/15/2034(a)(b)<br>| &nbsp;&nbsp; 3492009 |
| 37555000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 37644081 |
| 2420000 | &nbsp;&nbsp; Madison Park Funding XXXVII Ltd., <br> Series 2019-37A, Class AR2, 3 mo. USD SOFR <br> + 1.530%, 5.435%, 4/15/2037(a)(b)<br>| &nbsp;&nbsp; 2424467 |
| 25360000 | &nbsp;&nbsp; Magnetite XLVIII Ltd., Series 2025-48A, <br> Class A1, 3 mo. USD SOFR + 1.280%, <br> 5.572%, 10/15/2038(a)(b)<br>| &nbsp;&nbsp; 25429841 |
| 3980000 | &nbsp;&nbsp; MidOcean Credit CLO XVIII LLC, <br> Series 2025-18A, Class A1, 3 mo. USD SOFR + <br> 1.170%, 5.488%, 10/18/2035(a)(b)<br>| &nbsp;&nbsp; 3982786 |
| 22900000 | &nbsp;&nbsp; MidOcean Credit CLO XXI, Series 2025-21A, <br> Class A1, 3 mo. USD SOFR + 1.260%, <br> 5.122%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 22939704 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
| $11735000 | &nbsp;&nbsp; Northwoods Capital 20 Ltd., Series 2019-20A, <br> Class AR2, 3 mo. USD SOFR + 1.340%, <br> 5.198%, 10/25/2038(a)(b)<br>| &nbsp;&nbsp; $11765630 |
| 18665000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2020-18A, Class A1R2, <br> 3 mo. USD SOFR + 1.370%, <br> 5.254%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 18707463 |
| 33920000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2024-38A, Class A, 3 mo. <br> USD SOFR + 1.330%, 5.200%, 1/21/2038(a)(b)<br>| &nbsp;&nbsp; 34021590 |
| 7170000 | &nbsp;&nbsp; Octagon Investment Partners 18-R Ltd., <br> Series 2018-18A, Class A2, 3 mo. USD SOFR + <br> 1.732%, 5.625%, 4/16/2031(a)(b)<br>| &nbsp;&nbsp; 7173101 |
| 2000000 | &nbsp;&nbsp; Octagon Investment Partners 26 Ltd., <br> Series 2016-1A, Class BR, 3 mo. USD SOFR + <br> 1.862%, 5.766%, 7/15/2030(a)(b)<br>| &nbsp;&nbsp; 2003644 |
| 28405000 | &nbsp;&nbsp; OHA Credit Funding 10-R Ltd., <br> Series 2021-10RA, Class A1, 3 mo. USD SOFR <br> + 1.260%, 5.539%, 7/18/2037(a)(b)<br>| &nbsp;&nbsp; 28446329 |
| 18490000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 18525445 |
| 40470000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 40566885 |
| 14358000 | &nbsp;&nbsp; Palmer Square Loan Funding Ltd., <br> Series 2024-2A, Class A2, 3 mo. USD SOFR + <br> 1.450%, 5.355%, 1/15/2033(a)(b)<br>| &nbsp;&nbsp; 14324718 |
| 12875000 | &nbsp;&nbsp; Post CLO Ltd., Series 2022-1A, Class B, 3 mo. <br> USD SOFR + 1.900%, 5.784%, 4/20/2035(a)(b)<br>| &nbsp;&nbsp; 12898076 |
| 19620000 | &nbsp;&nbsp; Post CLO Ltd., Series 2023-1A, Class A1R, <br> 3 mo. USD SOFR + 1.300%, <br> 5.160%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 19658318 |
| 28735000 | &nbsp;&nbsp; Rad CLO 26 Ltd., Series 2024-26A, Class A, <br> 3 mo. USD SOFR + 1.370%, <br> 5.254%, 10/20/2037(a)(b)<br>| &nbsp;&nbsp; 28781838 |
| 21695000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 21757501 |
| 6680000 | &nbsp;&nbsp; Rockford Tower CLO Ltd., Series 2017-1A, <br> Class DR2A, 3 mo. USD SOFR + 3.512%, <br> 7.396%, 4/20/2034(a)(b)<br>| &nbsp;&nbsp; 6683774 |
| 25405000 | &nbsp;&nbsp; Silver Point CLO 12 Ltd., Series 2025-12A, <br> Class A1, 3 mo. USD SOFR + 1.310%, <br> 5.289%, 10/15/2038(a)(b)<br>| &nbsp;&nbsp; 25458173 |
| 11710000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 11756735 |
| 21870000 | &nbsp;&nbsp; Symetra CLO Ltd., Series 2025-1A, Class A1, <br> 3 mo. USD SOFR + 1.290%, <br> 5.174%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 21883909 |
| 4275000 | &nbsp;&nbsp; Symetra CLO Ltd., Series 2025-1A, Class B, <br> 3 mo. USD SOFR + 1.700%, <br> 5.584%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 4281926 |
| 12070000 | &nbsp;&nbsp; Symphony CLO 48 Ltd., Series 2025-48A, <br> Class B, 3 mo. USD SOFR + 1.750%, <br> 5.634%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 12118642 |
| 25310000 | &nbsp;&nbsp; TPG CLO Ltd., Series 2025-1A, Class A1, 3 mo. <br> USD SOFR + 1.370%, 5.518%, 7/15/2037(a)(b)<br>| &nbsp;&nbsp; 25344574 |

---

See accompanying notes to financial statements.

\| 24

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
| $1830000 | &nbsp;&nbsp; Vibrant CLO XIV Ltd., Series 2021-14A, <br> Class C, 3 mo. USD SOFR + 4.012%, <br> 7.896%, 10/20/2034(a)(b)<br>| &nbsp;&nbsp; $1830365 |
| 3335000 | &nbsp;&nbsp; Voya CLO Ltd., Series 2013-3A, Class A2RR, <br> 3 mo. USD SOFR + 1.961%, <br> 5.846%, 10/18/2031(a)(b)<br>| &nbsp;&nbsp; 3336768 |
|  | &nbsp;&nbsp; Total Collateralized Loan Obligations <br>(Identified Cost $845,955,267)<br>| &nbsp;&nbsp; 847662002 |
| **Senior Loans — 3.7%** | **Senior Loans — 3.7%** | **Senior Loans — 3.7%** |
|  | **Automotive — 0.1%** | **Automotive — 0.1%** |
| 24390000 | &nbsp;&nbsp; Allison Transmission, Inc., 2025 Incremental <br> Term Loan B, 11/05/2032(g)<br>| &nbsp;&nbsp; 24491707 |
| 4070000 | &nbsp;&nbsp; First Brands Group LLC, 2021 Term Loan, <br> 9.570%, 3/30/2027(h)<br>| &nbsp;&nbsp; 8262 |
| 5439035 | &nbsp;&nbsp; First Brands Group LLC, 2022 Incremental <br> Term Loan, 3/30/2027(h)<br>| &nbsp;&nbsp; 11041 |
| 1790706 | &nbsp;&nbsp; First Brands Group LLC, 2025 DIP Term Loan, <br> 8.450% PIK and/or 1 mo. USD SOFR + 1.550% <br> Cash, 6/29/2026(b)(d)(i)<br>| &nbsp;&nbsp; 322327 |
|  |  | &nbsp;&nbsp; 24833337 |
|  | **Brokerage — 0.0%** | **Brokerage — 0.0%** |
| 7751016 | &nbsp;&nbsp; Citadel Securities LP, 2024 First Lien Term <br> Loan, 3 mo. USD SOFR + 2.000%, <br> 5.672%, 10/31/2031(b)(i)<br>| &nbsp;&nbsp; 7788841 |
|  | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| 2389768 | &nbsp;&nbsp; Solstice Advanced Materials, Inc., Term Loan <br> B, 3 mo. USD SOFR + 1.750%, <br> 5.593%, 10/29/2032(b)(i)<br>| &nbsp;&nbsp; 2400236 |
|  | **Construction Machinery — 0.1%** | **Construction Machinery — 0.1%** |
| 6585000 | &nbsp;&nbsp; Herc Holdings, Inc., Repriced Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.522%, 6/02/2032(b)(i)<br>| &nbsp;&nbsp; 6608311 |
| 5701665 | &nbsp;&nbsp; Terex Corp., 2025 Term Loan, 1 mo. USD SOFR <br> + 1.750%, 5.466%, 10/08/2031(b)(i)<br>| &nbsp;&nbsp; 5724471 |
| 6168608 | &nbsp;&nbsp; United Rentals, Inc., 2025 Repriced Term Loan <br> B, 1 mo. USD SOFR + 1.500%, <br> 5.216%, 2/14/2031(b)(i)<br>| &nbsp;&nbsp; 6191740 |
|  |  | &nbsp;&nbsp; 18524522 |
|  | **Consumer Cyclical Services — 0.2%** | **Consumer Cyclical Services — 0.2%** |
| 3640000 | &nbsp;&nbsp; Aramark Services, Inc., 2025 Repriced Term <br> Loan, 1 mo. USD SOFR + 1.750%, <br> 5.471%, 4/06/2028(b)(i)<br>| &nbsp;&nbsp; 3642730 |
| 32375114 | &nbsp;&nbsp; Aramark Services, Inc., 2025 Term Loan, 1 mo. <br> USD SOFR + 1.750%, 5.471%, 6/22/2030(b)(i)<br>| &nbsp;&nbsp; 32443102 |
|  |  | &nbsp;&nbsp; 36085832 |
|  | **Diversified Manufacturing — 0.2%** | **Diversified Manufacturing — 0.2%** |
| 6321156 | &nbsp;&nbsp; Resideo Funding, Inc., 2024 1st Lien Term <br> Loan B, 1 mo. USD SOFR + 2.000%, <br> 5.734%, 2/11/2028(b)(i)<br>| &nbsp;&nbsp; 6333039 |
| 27454957 | &nbsp;&nbsp; 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)(i)<br>| &nbsp;&nbsp; 27446446 |
|  |  | &nbsp;&nbsp; 33779485 |
|  | **Electric — 0.5%** | **Electric — 0.5%** |
| 77918031 | &nbsp;&nbsp; NRG Energy, Inc., 2024 Term Loan, 3 mo. USD <br> SOFR + 1.750%, 5.593%, 4/16/2031(b)(i)<br>| &nbsp;&nbsp; 78099580 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Environmental — 0.2%** | **Environmental — 0.2%** |
| $25060000 | &nbsp;&nbsp; Clean Harbors, Inc., 2025 Term Loan, 1 mo. <br> USD SOFR + 1.500%, 5.216%, 10/08/2032(b)(i)<br>| &nbsp;&nbsp; $25268750 |
|  | **Gaming — 0.5%** | **Gaming — 0.5%** |
| 19770600 | &nbsp;&nbsp; DK Crown Holdings, Inc., 2025 Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.534%, 3/04/2032(b)(i)<br>| &nbsp;&nbsp; 19767041 |
| 50245873 | &nbsp;&nbsp; Flutter Financing BV, 2024 Term Loan B, 3 mo. <br> USD SOFR + 1.750%, 5.422%, 11/30/2030(b)(i)<br>| &nbsp;&nbsp; 50161963 |
| 10352975 | &nbsp;&nbsp; Flutter Financing BV, 2025 Term Loan B, 3 mo. <br> USD SOFR + 2.000%, 5.672%, 6/04/2032(b)(i)<br>| &nbsp;&nbsp; 10352975 |
|  |  | &nbsp;&nbsp; 80281979 |
|  | **Healthcare — 0.3%** | **Healthcare — 0.3%** |
| 38308004 | &nbsp;&nbsp; DaVita, Inc., 2025 Term Loan B, 1 mo. USD <br> SOFR + 1.750%, 5.466%, 5/09/2031(b)(i)<br>| &nbsp;&nbsp; 38441315 |
| 17299791 | &nbsp;&nbsp; IQVIA, Inc., 2025 Incremental Term Loan B5, <br> 3 mo. USD SOFR + 1.750%, <br> 5.422%, 1/02/2031(b)(i)<br>| &nbsp;&nbsp; 17397189 |
|  |  | &nbsp;&nbsp; 55838504 |
|  | **Lodging — 0.4%** | **Lodging — 0.4%** |
| 20599845 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 2023 <br> Term Loan B4, 1 mo. USD SOFR + 1.750%, <br> 5.477%, 11/08/2030(b)<br>| &nbsp;&nbsp; 20716028 |
| 55095975 | &nbsp;&nbsp; Wyndham Hotels & Resorts, Inc., 2024 Term <br> Loan, 1 mo. USD SOFR + 1.750%, <br> 5.466%, 5/24/2030(b)(i)<br>| &nbsp;&nbsp; 55191842 |
|  |  | &nbsp;&nbsp; 75907870 |
|  | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| 28410312 | &nbsp;&nbsp; Novelis Corp., 2025 Term Loan B, 3 mo. USD <br> SOFR + 1.750%, 5.422%, 3/11/2032(b)(i)<br>| &nbsp;&nbsp; 28504919 |
|  | **Paper — 0.2%** | **Paper — 0.2%** |
| 29662680 | &nbsp;&nbsp; Asplundh Tree Expert LLC, 2024 Incremental <br> Term Loan B, 1 mo. USD SOFR + 1.750%, <br> 5.466%, 5/23/2031(b)<br>| &nbsp;&nbsp; 29768576 |
|  | **Property & Casualty Insurance — 0.1%** | **Property & Casualty Insurance — 0.1%** |
| 9610913 | &nbsp;&nbsp; Ardonagh Midco 3 PLC, 2024 USD Term Loan <br> B, 2/15/2031(g)<br>| &nbsp;&nbsp; 9580926 |
| 7196962 | &nbsp;&nbsp; Ardonagh Midco 3 PLC, 2024 USD Term Loan <br> B, USD SOFR + 2.750%, 6.924%, 2/15/2031(b)(i)<br>| &nbsp;&nbsp; 7174508 |
|  |  | &nbsp;&nbsp; 16755434 |
|  | **Technology — 0.6%** | **Technology — 0.6%** |
| 6867641 | &nbsp;&nbsp; Ciena Corp., 2025 Repriced Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.484%, 10/24/2030(b)(i)<br>| &nbsp;&nbsp; 6880552 |
| 6807852 | &nbsp;&nbsp; Darktrace PLC, 1st Lien Term Loan, 3 mo. USD <br> SOFR + 3.250%, 7.185%, 10/09/2031(b)<br>| &nbsp;&nbsp; 6828547 |
| 33719490 | &nbsp;&nbsp; Open Text Corp., 2023 Term Loan B, 1 mo. <br> USD SOFR + 1.750%, 5.466%, 1/31/2030(b)(i)<br>| &nbsp;&nbsp; 33723874 |
| 56283258 | &nbsp;&nbsp; Trans Union LLC, 2024 Term Loan B8, 1 mo. <br> USD SOFR + 1.750%, 5.466%, 6/24/2031(b)(i)<br>| &nbsp;&nbsp; 56375000 |
|  |  | &nbsp;&nbsp; 103807973 |

---

See accompanying notes to financial statements.

25 \|

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** <br>| **Description** | **Value (†)** |
|  | **Wireless — 0.1%** | **Wireless — 0.1%** |
| $10760782 | &nbsp;&nbsp; SBA Senior Finance II LLC, 2024 Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.470%, 1/25/2031(b)(i)<br>| &nbsp;&nbsp; $10799951 |
|  | &nbsp;&nbsp; Total Senior Loans <br>(Identified Cost $632,515,382)<br>| &nbsp;&nbsp; 628445789 |
| **Private Credit — 0.9%** | **Private Credit — 0.9%** | **Private Credit — 0.9%** |
|  | **ABS Other — 0.2%** | **ABS Other — 0.2%** |
| 23089470 | &nbsp;&nbsp; Coventry PACE SBC4 LLC, <br> 7.250%, 1/31/2056(j)(k)<br>| &nbsp;&nbsp; 23734758 |
| 3540547 | &nbsp;&nbsp; PureWest ABS Issuer LLC, <br> 5.685%, 4/05/2040(j)(k)<br>| &nbsp;&nbsp; 3554526 |
|  |  | &nbsp;&nbsp; 27289284 |
|  | **Apartment REITs — 0.0%** | **Apartment REITs — 0.0%** |
| 6221748 | &nbsp;&nbsp; BFW Issuer 2025-1 LLC, 7.250%, 9/30/2050, <br> (j)(k)<br>| &nbsp;&nbsp; 6353824 |
|  | **Banking — 0.1%** | **Banking — 0.1%** |
| 20000000 | &nbsp;&nbsp; Royal Bank of Scotland International Ltd., <br> 4.660%, 12/16/2028(j)(k)<br>| &nbsp;&nbsp; 19940118 |
|  | **Finance Companies — 0.2%** | **Finance Companies — 0.2%** |
| 33745000 | &nbsp;&nbsp; Lakeview Loan Servicing LLC, Series C, <br> 5.650%, 12/02/2032(j)(k)<br>| &nbsp;&nbsp; 33628603 |
| 10000000 | MSD Investment Corp., 7.110%, 5/20/2030(j)(k) | &nbsp;&nbsp; 10199315 |
|  |  | &nbsp;&nbsp; 43827918 |
|  | **Financial Other — 0.2%** | **Financial Other — 0.2%** |
| 8700000 | &nbsp;&nbsp; Industrial DPR Funding Ltd., <br> 5.730%, 7/15/2032(j)(k)<br>| &nbsp;&nbsp; 8785375 |
| 21750000 | &nbsp;&nbsp; Industrial DPR Funding Ltd., <br> 5.930%, 7/15/2035(j)(k)<br>| &nbsp;&nbsp; 22019187 |
|  |  | &nbsp;&nbsp; 30804562 |
|  | **Technology — 0.2%** | **Technology — 0.2%** |
| 17227170 | AP Grange Holdings, 6.500%, 3/20/2045(j)(k) | &nbsp;&nbsp; 18136787 |
| 15000000 | &nbsp;&nbsp; AP Grange Holdings LLC, <br> 5.000%, 3/20/2045(j)(k)<br>| &nbsp;&nbsp; 16518113 |
|  |  | &nbsp;&nbsp; 34654900 |
|  | &nbsp;&nbsp; Total Private Credit <br>(Identified Cost $159,822,804)<br>| &nbsp;&nbsp; 162870606 |

---

&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%** |
| 217078 | &nbsp;&nbsp; Boeing Co., 6.000% <br>(Identified Cost $11,267,976)<br>| &nbsp;&nbsp; 14991407 |
| **Common Stocks— 0.0%** | **Common Stocks— 0.0%** | **Common Stocks— 0.0%** |
|  | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| 18660 | Country Garden Holdings Co. Ltd.(e) | &nbsp;&nbsp; 995 |
| 1825231 | Times China Holdings Ltd.(e) | &nbsp;&nbsp; 24041 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $4,581,416)<br>| &nbsp;&nbsp; 25036 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>| **Description** | **Value (†)** |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| $309071399 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, <br> dated 12/31/2025 at 2.150% to be repurchased <br> at $309,108,316 on 1/02/2026 collateralized by <br> $313,940,700 U.S. Treasury Note, 3.750% due <br> 6/30/2027 valued at $315,252,922 including <br> accrued interest (Note 2 of Notes to Financial <br> Statements) <br>(Identified Cost $309,071,399)<br>| &nbsp;&nbsp; $309071399 |
|  | &nbsp;&nbsp; Total Investments — 99.1% <br>(Identified Cost $16,645,512,574)<br>| &nbsp;&nbsp; 16927114746 |
|  | Other assets less liabilities — 0.9% | &nbsp;&nbsp; 154384279 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $17081499025 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2025, the value of Rule 144A holdings amounted to $6,847,153,910 or 40.1% of net assets.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Securities subject to restriction on resale. At December 31, 2025, the restricted securities held by the Fund are as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **% of** <br>**Net Assets**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Grange <br> Holdings<br>| 6/25/2025 | $17506789 | $18136787 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Grange <br> Holdings LLC<br>| 6/26/2025 | 15269250 | 16518113 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BFW Issuer <br> 2025-1 LLC<br>| 6/03/2025 | 6221748 | 6353824 | Less than <br>0.1%<br>|

---

See accompanying notes to financial statements.

\| 26

------

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

Loomis Sayles Investment Grade Bond Fund (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition**<br> **Date**<br>| **Acquisition**<br> **Cost**<br>| **Value** | **% of**<br> **Net Assets**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coventry <br> PACE <br> SBC4 LLC<br>| 5/07/2025 | $23089470 | $23734758 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial DPR <br> Funding Ltd.<br>| 8/07/2025 | 21750000 | 22019187 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial DPR <br> Funding Ltd.<br>| 8/07/2025 | 8700000 | 8785375 | Less than <br>0.1%<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeview <br> Loan <br> Servicing LLC<br>| 11/13/2025 | 33745000 | 33628603 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSD <br> Investment <br> Corp.<br>| 11/20/2024 | 10000000 | 10199315 | Less than <br>0.1%<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PureWest <br> ABS <br> Issuer LLC<br>| 3/06/2025 | 3540547 | 3554526 | Less than <br>0.1%<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition**<br> **Date**<br>| **Acquisition**<br> **Cost**<br>| **Value** | **% of**<br> **Net Assets**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of <br> Scotland <br> International <br> Ltd.<br>| 11/18/2025 | $20000000 | $19940118 | 0.1% |

---

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

---

| | |
|:---|:---|
| ABS | Asset-Backed Securities |
| DIP | Debtor In Possession |
| MTN | Medium Term Note |
| PIK | Payment-in-Kind |
| REIT | Real Estate Investment Trust |
| REMICS | Real Estate Mortgage Investment Conduits |
| SLM | Sallie Mae |
| SOFR | Secured Overnight Financing Rate |

---

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; 26396 | &nbsp;&nbsp; $2889613618 | &nbsp;&nbsp; $2885206544 | &nbsp;&nbsp; $(4407074)<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; 5173 | &nbsp;&nbsp; $600195359 | &nbsp;&nbsp; $594975828 | &nbsp;&nbsp; $5219531 |

---

See accompanying notes to financial statements.

27 \|

------

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

Loomis Sayles Strategic Alpha Fund

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 80.8% of Net Assets** | **Bonds and Notes — 80.8% of Net Assets** | **Bonds and Notes — 80.8% of Net Assets** |
| **Non-Convertible Bonds — 80.5%** | **Non-Convertible Bonds — 80.5%** | **Non-Convertible Bonds — 80.5%** |
|  | **ABS Car Loan — 3.1%** | **ABS Car Loan — 3.1%** |
| $405000 | &nbsp;&nbsp; American Credit Acceptance Receivables Trust, <br> Series 2023-3, Class D, 6.820%, 10/12/2029(a)<br>| &nbsp;&nbsp; $412290 |
| 730000 | &nbsp;&nbsp; American Credit Acceptance Receivables Trust, <br> Series 2023-4, Class D, 7.650%, 9/12/2030(a)<br>| &nbsp;&nbsp; 753288 |
| 300000 | &nbsp;&nbsp; American Credit Acceptance Receivables Trust, <br> Series 2025-1, Class D, 5.540%, 8/12/2031(a)<br>| &nbsp;&nbsp; 304676 |
| 600000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2020-2A, Class C, 4.250%, 2/20/2027(a)<br>| &nbsp;&nbsp; 599850 |
| 940000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2024-3A, Class B, 5.580%, 12/20/2030(a)<br>| &nbsp;&nbsp; 968635 |
| 205000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2024-3A, Class C, 6.110%, 12/20/2030(a)<br>| &nbsp;&nbsp; 211262 |
| 945000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2025-2A, Class C, 6.240%, 8/20/2031(a)<br>| &nbsp;&nbsp; 985670 |
| 875000 | &nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, <br> Series 2024-2, Class D, 6.300%, 2/15/2030<br>| &nbsp;&nbsp; 898852 |
| 1720000 | &nbsp;&nbsp; CarMax Select Receivables Trust, <br> Series 2025-B, Class D, 5.330%, 7/15/2031<br>| &nbsp;&nbsp; 1737178 |
| 265000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2023-N1, Class D, 6.690%, 7/10/2029(a)<br>| &nbsp;&nbsp; 271130 |
| 125000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2023-N4, Class D, 7.220%, 2/11/2030(a)<br>| &nbsp;&nbsp; 130035 |
| 100000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2024-N1, Class C, 5.800%, 5/10/2030(a)<br>| &nbsp;&nbsp; 101825 |
| 320000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2024-N3, Class D, 5.380%, 12/10/2030(a)<br>| &nbsp;&nbsp; 321414 |
| 209000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2024-P1, <br> Class D, 6.250%, 3/10/2031(a)<br>| &nbsp;&nbsp; 215814 |
| 100000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2024-1A, Class C, 6.710%, 7/17/2034(a)<br>| &nbsp;&nbsp; 102377 |
| 290000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2024-2A, Class C, 6.700%, 10/16/2034(a)<br>| &nbsp;&nbsp; 300215 |
| 260000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2024-3A, Class C, 5.390%, 1/16/2035(a)<br>| &nbsp;&nbsp; 262781 |
| 190000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2025-2A, Class C, 5.380%, 3/17/2036(a)<br>| &nbsp;&nbsp; 192863 |
| 255000 | &nbsp;&nbsp; Drive Auto Receivables Trust, Series 2024-1, <br> Class C, 5.430%, 11/17/2031<br>| &nbsp;&nbsp; 258873 |
| 680000 | &nbsp;&nbsp; Drive Auto Receivables Trust, Series 2025-2, <br> Class D, 4.900%, 12/15/2032<br>| &nbsp;&nbsp; 679936 |
| 1760170 | &nbsp;&nbsp; DT Auto Owner Trust, Series 2022-2A, Class D, <br> 5.460%, 3/15/2028(a)<br>| &nbsp;&nbsp; 1767016 |
| 1830000 | &nbsp;&nbsp; DT Auto Owner Trust, Series 2023-3A, Class D, <br> 7.120%, 5/15/2029(a)<br>| &nbsp;&nbsp; 1883996 |
| 960000 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2023-5A, Class D, 7.130%, 2/15/2030<br>| &nbsp;&nbsp; 991386 |
| 365000 | &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-5A, Class D, 5.060%, 2/18/2031<br>| &nbsp;&nbsp; 366670 |
| 934186 | &nbsp;&nbsp; FHF Issuer Trust, Series 2025-1A, Class A2, <br> 4.920%, 2/15/2031(a)<br>| &nbsp;&nbsp; 931673 |
| 1785000 | &nbsp;&nbsp; FHF Issuer Trust, Series 2025-2A, Class A2, <br> 5.750%, 5/15/2030(a)<br>| &nbsp;&nbsp; 1786739 |
| 325000 | &nbsp;&nbsp; First Investors Auto Owner Trust, <br> Series 2025-1A, Class D, 5.220%, 12/15/2033(a)<br>| &nbsp;&nbsp; 327405 |
| 225000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2022-3, <br> Class C, 4.990%, 7/17/2028(a)<br>| &nbsp;&nbsp; 224053 |
| 950000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2022-3, <br> Class D, 6.000%, 7/17/2028(a)<br>| &nbsp;&nbsp; 888118 |
| 160000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2022-4, <br> Class C, 7.710%, 10/16/2028(a)<br>| &nbsp;&nbsp; 161593 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Car Loan — continued** | **ABS Car Loan — continued** |
| $275000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2023-1, <br> Class C, 5.430%, 5/15/2029(a)<br>| &nbsp;&nbsp; $274200 |
| 320000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2023-3, <br> Class C, 6.010%, 7/16/2029(a)<br>| &nbsp;&nbsp; 320179 |
| 735000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2023-3, <br> Class D, 6.580%, 8/15/2029(a)<br>| &nbsp;&nbsp; 680394 |
| 180000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2024-1, <br> Class C, 5.790%, 2/15/2030(a)<br>| &nbsp;&nbsp; 180072 |
| 285000 | &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2023-B, <br> Class D, 6.970%, 6/15/2028<br>| &nbsp;&nbsp; 286308 |
| 460000 | &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2023-2, <br> Class D, 6.600%, 2/15/2036(a)<br>| &nbsp;&nbsp; 476779 |
| 240000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, <br> Series 2023-3A, Class D, 6.440%, 5/15/2029(a)<br>| &nbsp;&nbsp; 245937 |
| 200000 | &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, <br> Series 2024-1A, Class D, 5.950%, 12/17/2029(a)<br>| &nbsp;&nbsp; 203514 |
| 105000 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, <br> Series 2024-2A, Class C, 5.930%, 6/17/2030(a)<br>| &nbsp;&nbsp; 108012 |
| 100000 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, <br> Series 2024-2A, Class D, 6.370%, 8/15/2031(a)<br>| &nbsp;&nbsp; 103330 |
| 100000 | &nbsp;&nbsp; GLS Auto Select Receivables Trust, <br> Series 2024-4A, Class D, 5.280%, 10/15/2031(a)<br>| &nbsp;&nbsp; 101042 |
| 1530000 | &nbsp;&nbsp; Hertz Vehicle Financing III LLC, Series 2025-3A, <br> Class C, 6.130%, 12/26/2029(a)<br>| &nbsp;&nbsp; 1547428 |
| 348773 | &nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, <br> Series 2025-2, Class C, 30 day USD SOFR <br> Average + 2.350%, 6.268%, 9/20/2033(a)(b)<br>| &nbsp;&nbsp; 350530 |
| 100000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-3A, <br> Class D, 5.180%, 2/17/2032(a)<br>| &nbsp;&nbsp; 101016 |
| 210000 | &nbsp;&nbsp; Prestige Auto Receivables Trust, Series 2023-2A, <br> Class D, 7.710%, 8/15/2029(a)<br>| &nbsp;&nbsp; 210793 |
| 745000 | &nbsp;&nbsp; Red Oak Funding Master Trust, Series 2025-1A, <br> Class A, 30 day USD SOFR Average + 2.000%, <br> 5.984%, 12/20/2030(a)(b)<br>| &nbsp;&nbsp; 745572 |
| 1760000 | &nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, <br> Series 2025-A, Class G, 11.049%, 1/16/2034(a)<br>| &nbsp;&nbsp; 1760977 |
| 955000 | &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-3, Class D, 5.970%, 10/15/2031<br>| &nbsp;&nbsp; 984218 |
| 100000 | &nbsp;&nbsp; SBNA Auto Receivables Trust, Series 2024-A, <br> Class D, 6.040%, 4/15/2030(a)<br>| &nbsp;&nbsp; 102800 |
| 625000 | &nbsp;&nbsp; USB Auto Owner Trust, Series 2025-1A, Class D, <br> 5.400%, 12/15/2032(a)<br>| &nbsp;&nbsp; 633640 |
| 930000 | &nbsp;&nbsp; Western Funding Auto Loan Trust, Series 2025-1, <br> Class C, 5.340%, 11/15/2035(a)<br>| &nbsp;&nbsp; 935109 |
| 635000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-3A, Class D, 6.470%, 3/15/2029(a)<br>| &nbsp;&nbsp; 649195 |
| 815000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-4A, Class D, 7.190%, 7/16/2029(a)<br>| &nbsp;&nbsp; 842603 |
| 290000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2024-1A, Class C, 5.650%, 2/15/2029(a)<br>| &nbsp;&nbsp; 293064 |
| 720000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2024-1A, Class D, 6.020%, 10/15/2029(a)<br>| &nbsp;&nbsp; 738177 |
| 195000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2024-2A, Class D, 5.910%, 4/15/2030(a)<br>| &nbsp;&nbsp; 199139 |
| 260000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class D, 5.540%, 11/15/2030(a)<br>| &nbsp;&nbsp; 264014 |
|  |  | &nbsp;&nbsp; 32375655 |
|  | **ABS Credit Card — 0.3%** | **ABS Credit Card — 0.3%** |
| 1100000 | &nbsp;&nbsp; Fortiva Retail Credit Master Note Business <br> Trust, Series 2024-ONE, Class B, <br> 9.700%, 11/15/2029(a)<br>| &nbsp;&nbsp; 1117770 |

---

See accompanying notes to financial statements.

\| 28

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Credit Card — continued** | **ABS Credit Card — continued** |
| $585000 | &nbsp;&nbsp; Mercury Financial Credit Card Master Trust, <br> Series 2025-1A, Class B, 6.160%, 12/22/2031(a)<br>| &nbsp;&nbsp; $583805 |
| 1420000 | &nbsp;&nbsp; Mercury Financial Credit Card Master Trust, <br> Series 2025-1A, Class C, 8.290%, 12/22/2031(a)<br>| &nbsp;&nbsp; 1416919 |
|  |  | &nbsp;&nbsp; 3118494 |
|  | **ABS Home Equity — 2.5%** | **ABS Home Equity — 2.5%** |
| 132717 | &nbsp;&nbsp; Banc of America Alternative Loan Trust, <br> Series 2003-8, Class 1CB1, 5.500%, 10/25/2033(c)<br>| &nbsp;&nbsp; 132812 |
| 118613 | &nbsp;&nbsp; Banc of America Funding Trust, Series 2005-7, <br> Class 3A1, 5.750%, 11/25/2035(c)<br>| &nbsp;&nbsp; 119671 |
| 67475 | &nbsp;&nbsp; Banc of America Funding Trust, Series 2007-4, <br> Class 5A1, 5.500%, 11/25/2034(c)<br>| &nbsp;&nbsp; 58787 |
| 2315000 | &nbsp;&nbsp; BINOM Securitization Trust, Series 2022-RPL1, <br> Class M1, 3.000%, 2/25/2061(a)(b)<br>| &nbsp;&nbsp; 1915767 |
| 730000 | &nbsp;&nbsp; CAFL Issuer LLC, Series 2023-RTL1, Class A1, <br> 7.553%, 12/28/2030(a)(b)<br>| &nbsp;&nbsp; 730000 |
| 235000 | &nbsp;&nbsp; Cardinal Mortgage Trust, Series 2025-RTL1, <br> Class A1, 5.593%, 11/25/2030(a)(b)<br>| &nbsp;&nbsp; 235524 |
| 335000 | &nbsp;&nbsp; Cardinal Mortgage Trust, Series 2025-RTL1, <br> Class A2, 6.763%, 11/25/2030(a)(b)<br>| &nbsp;&nbsp; 335692 |
| 18571 | &nbsp;&nbsp; CHL Mortgage Pass-Through Trust, <br> Series 2004-HYB4, Class 2A1, <br> 5.209%, 9/20/2034(b)(c)<br>| &nbsp;&nbsp; 17092 |
| 1131815 | &nbsp;&nbsp; CoreVest American Finance Trust, Series 2019-2, <br> Class B, 3.424%, 6/15/2052(a)<br>| &nbsp;&nbsp; 1102901 |
| 245000 | &nbsp;&nbsp; CoreVest American Finance Trust, Series 2020-2, <br> Class C, 4.548%, 5/15/2052(a)(b)<br>| &nbsp;&nbsp; 243636 |
| 1340000 | &nbsp;&nbsp; CoreVest American Finance Trust, Series 2020-4, <br> Class C, 2.250%, 12/15/2052(a)<br>| &nbsp;&nbsp; 1254552 |
| 156602 | &nbsp;&nbsp; Countrywide Alternative Loan Trust, <br> Series 2003-22CB, Class 1A1, 5.750%, 12/25/2033<br>| &nbsp;&nbsp; 159479 |
| 81108 | &nbsp;&nbsp; Countrywide Alternative Loan Trust, <br> Series 2004-16CB, Class 1A1, <br> 5.500%, 7/25/2034(c)<br>| &nbsp;&nbsp; 79702 |
| 69684 | &nbsp;&nbsp; Countrywide Alternative Loan Trust, <br> Series 2004-16CB, Class 3A1, <br> 5.500%, 8/25/2034(c)<br>| &nbsp;&nbsp; 68485 |
| 70937 | &nbsp;&nbsp; Countrywide Alternative Loan Trust, <br> Series 2004-J10, Class 2CB1, <br> 6.000%, 9/25/2034(c)<br>| &nbsp;&nbsp; 71408 |
| 1500348 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, Series 2021-RPL4, <br> Class A1, 4.150%, 12/27/2060(a)(b)<br>| &nbsp;&nbsp; 1494554 |
| 83981 | &nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through <br> Certificates, Series 2003-27, Class 4A4, <br> 5.750%, 11/25/2033<br>| &nbsp;&nbsp; 86467 |
| 312148 | &nbsp;&nbsp; DSLA Mortgage Loan Trust, Series 2005-AR5, <br> Class 2A1A, 1 mo. USD SOFR + 0.774%, <br> 4.506%, 9/19/2045(b)(c)<br>| &nbsp;&nbsp; 162027 |
| 255000 | &nbsp;&nbsp; Federal National Mortgage Association <br> Connecticut Avenue Securities Trust, <br> Series 2023-R06, Class 1M2, 30 day USD SOFR <br> Average + 2.700%, 6.574%, 7/25/2043(a)(b)<br>| &nbsp;&nbsp; 262063 |
| 45000 | &nbsp;&nbsp; Federal National Mortgage Association <br> Connecticut Avenue Securities Trust, <br> Series 2023-R08, Class 1M2, 30 day USD SOFR <br> Average + 2.500%, 6.374%, 10/25/2043(a)(b)<br>| &nbsp;&nbsp; 45745 |
| 93429 | &nbsp;&nbsp; GCAT Trust, Series 2019-RPL1, Class A1, <br> 2.650%, 10/25/2068(a)(b)<br>| &nbsp;&nbsp; 91322 |
| 220320 | &nbsp;&nbsp; Home Partners of America Trust, Series 2021-1, <br> Class E, 2.577%, 9/17/2041(a)<br>| &nbsp;&nbsp; 199625 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $284713 | &nbsp;&nbsp; IndyMac INDX Mortgage Loan Trust, <br> Series 2004-AR7, Class A5, 1 mo. USD SOFR + <br> 1.334%, 5.066%, 9/25/2034(b)(c)<br>| &nbsp;&nbsp; $227403 |
| 450829 | &nbsp;&nbsp; JP Morgan Mortgage Trust, Series 2004-S1, <br> Class 2A1, 6.000%, 9/25/2034<br>| &nbsp;&nbsp; 465631 |
| 208695 | &nbsp;&nbsp; Lehman XS Trust, Series 2006-2N, Class 1A1, <br> 1 mo. USD SOFR + 0.634%, <br> 4.366%, 2/25/2046(b)(c)<br>| &nbsp;&nbsp; 188029 |
| 181107 | &nbsp;&nbsp; MASTR Adjustable Rate Mortgages Trust, <br> Series 2004-4, Class 5A1, 7.250%, 5/25/2034(b)(c)<br>| &nbsp;&nbsp; 177628 |
| 85933 | &nbsp;&nbsp; MASTR Alternative Loan Trust, Series 2003-9, <br> Class 4A1, 5.250%, 11/25/2033(c)<br>| &nbsp;&nbsp; 85730 |
| 60737 | &nbsp;&nbsp; MASTR Alternative Loan Trust, Series 2004-5, <br> Class 1A1, 5.500%, 6/25/2034(c)<br>| &nbsp;&nbsp; 60781 |
| 68212 | &nbsp;&nbsp; MASTR Alternative Loan Trust, Series 2004-5, <br> Class 2A1, 6.000%, 6/25/2034(c)<br>| &nbsp;&nbsp; 69344 |
| 261043 | &nbsp;&nbsp; MASTR Alternative Loan Trust, Series 2004-8, <br> Class 2A1, 6.000%, 9/25/2034(c)<br>| &nbsp;&nbsp; 260461 |
| 4224 | &nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, <br> Series 2006-2, Class 2A, 5.841%, 5/25/2036(b)(c)<br>| &nbsp;&nbsp; 3948 |
| 245000 | &nbsp;&nbsp; Mill City Mortgage Loan Trust, <br> Series 2021-NMR1, Class M2, <br> 2.500%, 11/25/2060(a)(b)<br>| &nbsp;&nbsp; 217223 |
| 220336 | &nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust, <br> Series 2005-7, Class 4A2, 5.500%, 11/25/2035(c)<br>| &nbsp;&nbsp; 128577 |
| 384757 | &nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust, <br> Series 2005-7, Class 7A5, 5.500%, 11/25/2035(c)<br>| &nbsp;&nbsp; 333260 |
| 785000 | &nbsp;&nbsp; New Residential Mortgage Loan Trust, <br> Series 2024-RTL1, Class A1, <br> 6.664%, 3/25/2039(a)(b)<br>| &nbsp;&nbsp; 788637 |
| 680404 | &nbsp;&nbsp; NLT Trust, Series 2023-1, Class A1, <br> 3.200%, 10/25/2062(a)(b)<br>| &nbsp;&nbsp; 626891 |
| 820000 | &nbsp;&nbsp; NYMT Loan Trust, Series 2024-BPL2, Class A1, <br> 6.509%, 5/25/2039(a)(b)<br>| &nbsp;&nbsp; 827370 |
| 445000 | &nbsp;&nbsp; NYMT Loan Trust, Series 2024-BPL3, Class A2, <br> 5.637%, 9/25/2039(a)(b)<br>| &nbsp;&nbsp; 445887 |
| 356492 | &nbsp;&nbsp; NYMT Loan Trust, Series 2024-CP1, Class A1, <br> 3.750%, 2/25/2068(a)(b)<br>| &nbsp;&nbsp; 332728 |
| 570000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR3, <br> Class E1, 2.538%, 5/17/2026(a)<br>| &nbsp;&nbsp; 566148 |
| 470000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR3, <br> Class E2, 2.688%, 5/17/2026(a)<br>| &nbsp;&nbsp; 465878 |
| 930000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR5, <br> Class E1, 2.209%, 7/17/2038(a)<br>| &nbsp;&nbsp; 918355 |
| 400000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR5, <br> Class E2, 2.359%, 7/17/2038(a)<br>| &nbsp;&nbsp; 394656 |
| 585000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR6, <br> Class E2, 2.525%, 7/17/2038(a)<br>| &nbsp;&nbsp; 577324 |
| 415000 | &nbsp;&nbsp; Progress Residential Trust, Series 2021-SFR7, <br> Class E2, 2.640%, 8/17/2040(a)<br>| &nbsp;&nbsp; 389754 |
| 235000 | &nbsp;&nbsp; Progress Residential Trust, Series 2023-SFR2, <br> Class D, 4.500%, 10/17/2040(a)<br>| &nbsp;&nbsp; 231283 |
| 66064 | &nbsp;&nbsp; PRPM LLC, Series 2023-RCF2, Class A1, <br> 4.000%, 11/25/2053(a)(b)<br>| &nbsp;&nbsp; 65496 |
| 310803 | &nbsp;&nbsp; PRPM LLC, Series 2024-7, Class A1, <br> 5.870%, 11/25/2029(a)(b)<br>| &nbsp;&nbsp; 310963 |
| 76515 | &nbsp;&nbsp; PRPM LLC, Series 2024-RCF1, Class A1, <br> 4.000%, 1/25/2054(a)(b)<br>| &nbsp;&nbsp; 75649 |
| 94713 | &nbsp;&nbsp; PRPM LLC, Series 2025-2, Class A1, <br> 6.469%, 5/25/2030(a)(b)<br>| &nbsp;&nbsp; 94890 |
| 1155000 | &nbsp;&nbsp; PRPM LLC, Series 2025-2, Class A2, <br> 9.560%, 5/25/2030(a)(b)<br>| &nbsp;&nbsp; 1156451 |

---

See accompanying notes to financial statements.

29 \|

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $1310293 | &nbsp;&nbsp; PRPM LLC, Series 2025-8, Class A1, <br> 5.385%, 10/25/2030(a)(b)<br>| &nbsp;&nbsp; $1312216 |
| 901659 | &nbsp;&nbsp; Redwood Funding Trust, Series 2025-1, Class A, <br> 7.584%, 5/27/2055(a)(b)<br>| &nbsp;&nbsp; 902546 |
| 930000 | &nbsp;&nbsp; Roc Mortgage Trust, Series 2024-RTL1, Class A1, <br> 5.589%, 10/25/2039(a)(b)<br>| &nbsp;&nbsp; 939084 |
| 1474902 | &nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan <br> Trust, Series 2005-14, Class A1, 1 mo. USD SOFR <br> + 0.424%, 4.156%, 7/25/2035(b)<br>| &nbsp;&nbsp; 857320 |
| 1040000 | &nbsp;&nbsp; Tricon American Homes, Series 2020-SFR1, <br> Class E, 3.544%, 7/17/2038(a)<br>| &nbsp;&nbsp; 1030362 |
| 1170000 | &nbsp;&nbsp; Tricon American Homes Trust, Series 2020-SFR2, <br> Class E1, 2.730%, 11/17/2039(a)<br>| &nbsp;&nbsp; 1112426 |
| 525000 | &nbsp;&nbsp; TVC Mortgage Trust, Series 2024-RRTL1, <br> Class A2, 5.956%, 7/25/2039(a)(b)<br>| &nbsp;&nbsp; 527179 |
|  |  | &nbsp;&nbsp; 26034819 |
|  | **ABS Other — 6.9%** | **ABS Other — 6.9%** |
| 1139624 | &nbsp;&nbsp; AASET Ltd., Series 2024-2A, Class A, <br> 5.930%, 9/16/2049(a)<br>| &nbsp;&nbsp; 1155018 |
| 875500 | &nbsp;&nbsp; AASET Trust, Series 2021-1A, Class A, <br> 2.950%, 11/16/2041(a)<br>| &nbsp;&nbsp; 842879 |
| 103360 | &nbsp;&nbsp; Accelerated Assets LLC, Series 2018-1, Class B, <br> 4.510%, 12/02/2033(a)<br>| &nbsp;&nbsp; 102479 |
| 100000 | &nbsp;&nbsp; Affirm Asset Securitization Trust, Series 2024-A, <br> Class 1D, 6.890%, 2/15/2029(a)<br>| &nbsp;&nbsp; 100212 |
| 240000 | &nbsp;&nbsp; Affirm Asset Securitization Trust, Series 2024-A, <br> Class A, 5.610%, 2/15/2029(a)<br>| &nbsp;&nbsp; 240364 |
| 225000 | &nbsp;&nbsp; Affirm Asset Securitization Trust, Series 2024-A, <br> Class B, 5.930%, 2/15/2029(a)<br>| &nbsp;&nbsp; 225313 |
| 130000 | &nbsp;&nbsp; Affirm Asset Securitization Trust, <br> Series 2024-X2, Class D, 6.080%, 12/17/2029(a)<br>| &nbsp;&nbsp; 130688 |
| 2218114 | &nbsp;&nbsp; AIM Aviation Finance Ltd., Series 2015-1A, <br> Class B1, 5.072%, 2/15/2040(a)(b)<br>| &nbsp;&nbsp; 1818854 |
| 676164 | &nbsp;&nbsp; ALTDE Trust, Series 2025-1A, Class A, <br> 5.900%, 8/15/2050(a)<br>| &nbsp;&nbsp; 690114 |
| 2825000 | &nbsp;&nbsp; Applebee's Funding LLC/IHOP Funding LLC, <br> Series 2025-1A, Class A2, 6.720%, 6/07/2055(a)<br>| &nbsp;&nbsp; 2847117 |
| 130173 | &nbsp;&nbsp; Aqua Finance Trust, Series 2019-A, Class C, <br> 4.010%, 7/16/2040(a)<br>| &nbsp;&nbsp; 127848 |
| 250000 | &nbsp;&nbsp; Aqua Finance Trust, Series 2024-A, Class D, <br> 6.530%, 4/18/2050(a)<br>| &nbsp;&nbsp; 255406 |
| 1070000 | &nbsp;&nbsp; BasePoint MCA Securitization II LLC, <br> Series 2025-1A, Class C, 11.789%, 8/15/2031(a)<br>| &nbsp;&nbsp; 1062536 |
| 708659 | &nbsp;&nbsp; BHG Securitization Trust, Series 2022-A, Class B, <br> 2.700%, 2/20/2035(a)<br>| &nbsp;&nbsp; 705657 |
| 413156 | &nbsp;&nbsp; BHG Securitization Trust, Series 2023-B, Class B, <br> 7.450%, 12/17/2036(a)<br>| &nbsp;&nbsp; 433211 |
| 130805 | &nbsp;&nbsp; BHG Securitization Trust, Series 2024-1CON, <br> Class B, 6.490%, 4/17/2035(a)<br>| &nbsp;&nbsp; 134579 |
| 68891 | &nbsp;&nbsp; Business Jet Securities LLC, Series 2024-1A, <br> Class B, 6.924%, 5/15/2039(a)<br>| &nbsp;&nbsp; 71040 |
| 335067 | &nbsp;&nbsp; Castlelake Aircraft Securitization Trust, <br> Series 2018-1, Class B, 5.300%, 6/15/2043(a)<br>| &nbsp;&nbsp; 320333 |
| 229582 | &nbsp;&nbsp; Castlelake Aircraft Structured Trust, <br> Series 2019-1A, Class A, 3.967%, 4/15/2039(a)<br>| &nbsp;&nbsp; 228027 |
| 1882083 | &nbsp;&nbsp; CLI Funding VIII LLC, Series 2025-R, Class A, <br> 6.610%, 6/21/2050(a)<br>| &nbsp;&nbsp; 1869347 |
| 2205000 | &nbsp;&nbsp; CLIF Holdings LLC, Series 2025-1H, Class A, <br> 6.720%, 12/20/2050(a)<br>| &nbsp;&nbsp; 2200822 |
| 464602 | &nbsp;&nbsp; Clsec Holdings 22t LLC, Series 2021-1, Class C, <br> 6.171%, 5/11/2037(a)<br>| &nbsp;&nbsp; 461369 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $635000 | &nbsp;&nbsp; Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2, 5.656%, 2/25/2050(a)<br>| &nbsp;&nbsp; $643131 |
| 115000 | &nbsp;&nbsp; Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A3, 5.852%, 2/25/2050(a)<br>| &nbsp;&nbsp; 116170 |
| 845000 | &nbsp;&nbsp; Compass Datacenters Issuer III LLC, <br> Series 2025-3A, Class A2, 5.286%, 7/25/2050(a)<br>| &nbsp;&nbsp; 850077 |
| 354853 | &nbsp;&nbsp; Crockett Partners Equipment Co. IIA LLC, <br> Series 2024-1C, Class C, 10.160%, 1/20/2031(a)<br>| &nbsp;&nbsp; 362198 |
| 1215000 | &nbsp;&nbsp; DataBank Issuer II LLC, Series 2025-1A, <br> Class A2, 5.180%, 9/27/2055(a)<br>| &nbsp;&nbsp; 1204709 |
| 2675000 | &nbsp;&nbsp; EDI ABS Issuer 1 LLC, Series 2025-1A, Class A2, <br> 4.450%, 7/25/2055(a)<br>| &nbsp;&nbsp; 2591302 |
| 371607 | &nbsp;&nbsp; EverBright Solar Trust, Series 2024-A, Class A, <br> 6.430%, 6/22/2054(a)<br>| &nbsp;&nbsp; 354818 |
| 119475 | &nbsp;&nbsp; Foundation Finance Trust, Series 2023-2A, <br> Class D, 9.100%, 6/15/2049(a)<br>| &nbsp;&nbsp; 127725 |
| 241399 | &nbsp;&nbsp; Foundation Finance Trust, Series 2024-2A, <br> Class D, 6.590%, 3/15/2050(a)<br>| &nbsp;&nbsp; 246006 |
| 750609 | &nbsp;&nbsp; Foundation Finance Trust, Series 2025-1A, <br> Class B, 5.260%, 4/15/2050(a)<br>| &nbsp;&nbsp; 758579 |
| 526401 | &nbsp;&nbsp; Foundation Finance Trust, Series 2025-1A, <br> Class D, 6.090%, 4/15/2050(a)<br>| &nbsp;&nbsp; 528764 |
| 780000 | &nbsp;&nbsp; Foundation Finance Trust, Series 2025-2A, <br> Class D, 5.680%, 4/15/2052(a)<br>| &nbsp;&nbsp; 782985 |
| 2800000 | &nbsp;&nbsp; Frontier Issuer LLC, Series 2023-1, Class A2, <br> 6.600%, 8/20/2053(a)<br>| &nbsp;&nbsp; 2827854 |
| 630859 | &nbsp;&nbsp; Global SC Finance X Ltd., Series 2025-1H, <br> Class A, 6.169%, 9/20/2045(a)<br>| &nbsp;&nbsp; 630958 |
| 1409350 | &nbsp;&nbsp; Global SC Finance X Ltd., Series 2025-1H, <br> Class B, 7.848%, 9/20/2045(a)<br>| &nbsp;&nbsp; 1409726 |
| 147201 | &nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust, <br> Series 2024-1A, Class B, 6.380%, 10/20/2046(a)<br>| &nbsp;&nbsp; 150212 |
| 28913 | &nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2022-1D, <br> Class C, 4.690%, 6/20/2034(a)<br>| &nbsp;&nbsp; 28875 |
| 263480 | &nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2025-1A, <br> Class C, 5.520%, 5/27/2042(a)<br>| &nbsp;&nbsp; 267483 |
| 785000 | &nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2025-3EXT, <br> Class C, 5.390%, 10/25/2044(a)<br>| &nbsp;&nbsp; 787566 |
| 160034 | &nbsp;&nbsp; Horizon Aircraft Finance III Ltd., Series 2019-2, <br> Class A, 3.425%, 11/15/2039(a)<br>| &nbsp;&nbsp; 155695 |
| 150000 | &nbsp;&nbsp; HPEFS Equipment Trust, Series 2023-2A, Class D, <br> 6.970%, 7/21/2031(a)<br>| &nbsp;&nbsp; 151644 |
| 180000 | &nbsp;&nbsp; Kapitus Asset Securitization IV LLC, <br> Series 2024-1A, Class 1C, 7.150%, 9/10/2031(a)<br>| &nbsp;&nbsp; 179063 |
| 500000 | &nbsp;&nbsp; Kapitus Asset Securitization IV LLC, <br> Series 2024-1A, Class A, 5.490%, 9/10/2031(a)<br>| &nbsp;&nbsp; 502623 |
| 351475 | &nbsp;&nbsp; Kestrel Aircraft Funding Ltd., Series 2018-1A, <br> Class A, 4.250%, 12/15/2038(a)<br>| &nbsp;&nbsp; 351429 |
| 1495176 | &nbsp;&nbsp; Labrador Aviation Finance Ltd., Series 2016-1A, <br> Class A1, 4.300%, 1/15/2042(a)<br>| &nbsp;&nbsp; 1499690 |
| 175000 | &nbsp;&nbsp; Lendmark Funding Trust, Series 2025-1A, <br> Class D, 6.480%, 9/20/2034(a)<br>| &nbsp;&nbsp; 178645 |
| 625412 | &nbsp;&nbsp; Lunar Structured Aircraft Portfolio Notes, <br> Series 2021-1, Class A, 2.636%, 10/15/2046(a)<br>| &nbsp;&nbsp; 596648 |
| 110000 | &nbsp;&nbsp; Mariner Finance Issuance Trust, <br> Series 2024-AA, Class D, 6.770%, 9/22/2036(a)<br>| &nbsp;&nbsp; 112685 |
| 910000 | &nbsp;&nbsp; Marlette Funding Trust, Series 2023-4A, Class B, <br> 8.150%, 12/15/2033(a)<br>| &nbsp;&nbsp; 938680 |
| 405000 | &nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, <br> Series 2025-2A, Class C, 7.830%, 8/20/2055(a)<br>| &nbsp;&nbsp; 415927 |
| 99659 | &nbsp;&nbsp; Mosaic Solar Loan Trust, Series 2022-3A, <br> Class A, 6.100%, 6/20/2053(a)<br>| &nbsp;&nbsp; 97999 |

---

See accompanying notes to financial statements.

\| 30

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $66396 | &nbsp;&nbsp; MVW LLC, Series 2020-1A, Class C, <br> 4.210%, 10/20/2037(a)<br>| &nbsp;&nbsp; $66011 |
| 62817 | &nbsp;&nbsp; MVW LLC, Series 2024-1A, Class C, <br> 6.200%, 2/20/2043(a)<br>| &nbsp;&nbsp; 64322 |
| 710000 | &nbsp;&nbsp; NFAS3 LLC, Series 2025-1, Class A, <br> 6.351%, 5/15/2031(a)<br>| &nbsp;&nbsp; 717651 |
| 485000 | &nbsp;&nbsp; Octane Receivables Trust, Series 2025-1A, <br> Class D, 5.400%, 12/22/2031(a)<br>| &nbsp;&nbsp; 485725 |
| 375000 | &nbsp;&nbsp; OnDeck Asset Securitization Trust IV LLC, <br> Series 2024-1A, Class C, 8.990%, 6/17/2031(a)<br>| &nbsp;&nbsp; 383544 |
| 165000 | &nbsp;&nbsp; OnDeck Asset Securitization Trust IV LLC, <br> Series 2024-2A, Class C, 7.030%, 10/17/2031(a)<br>| &nbsp;&nbsp; 166925 |
| 1020000 | &nbsp;&nbsp; OneMain Financial Issuance Trust, <br> Series 2020-2A, Class C, 2.760%, 9/14/2035(a)<br>| &nbsp;&nbsp; 983608 |
| 810000 | &nbsp;&nbsp; OneMain Financial Issuance Trust, <br> Series 2021-1A, Class D, 2.470%, 6/16/2036(a)<br>| &nbsp;&nbsp; 749164 |
| 671565 | &nbsp;&nbsp; OWN Equipment Fund I LLC, Series 2024-2M, <br> Class A, 5.700%, 12/20/2032(a)<br>| &nbsp;&nbsp; 681872 |
| 976936 | &nbsp;&nbsp; OWN Equipment Fund II LLC, Series 2025-1M, <br> Class A, 5.480%, 9/26/2033(a)<br>| &nbsp;&nbsp; 982632 |
| 860000 | &nbsp;&nbsp; OWN Equipment Fund III LLC, Series 2025-2M, <br> Class B, 6.490%, 3/27/2034(a)<br>| &nbsp;&nbsp; 860003 |
| 202001 | &nbsp;&nbsp; PK ALIFT Loan Funding 3 LP, Series 2024-1, Class <br> A1, 5.842%, 9/15/2039(a)<br>| &nbsp;&nbsp; 206430 |
| 680000 | &nbsp;&nbsp; Planet Fitness Master Issuer LLC, <br> Series 2025-1A, Class A2I, 5.274%, 12/06/2055(a)<br>| &nbsp;&nbsp; 682732 |
| 555000 | &nbsp;&nbsp; QTS Issuer ABS II LLC, Series 2025-1A, Class B, <br> 5.778%, 10/05/2055(a)<br>| &nbsp;&nbsp; 541494 |
| 1945000 | &nbsp;&nbsp; Regional Management Issuance Trust, <br> Series 2025-2, Class C, 5.360%, 11/16/2037(a)<br>| &nbsp;&nbsp; 1938865 |
| 405000 | &nbsp;&nbsp; Regional Management Issuance Trust, <br> Series 2025-2, Class D, 6.010%, 11/16/2037(a)<br>| &nbsp;&nbsp; 403272 |
| 435000 | &nbsp;&nbsp; Republic Finance Issuance Trust, Series 2024-A, <br> Class A, 5.910%, 8/20/2032(a)<br>| &nbsp;&nbsp; 439406 |
| 120000 | &nbsp;&nbsp; Republic Finance Issuance Trust, Series 2024-B, <br> Class A, 5.420%, 11/20/2037(a)<br>| &nbsp;&nbsp; 122153 |
| 430000 | &nbsp;&nbsp; Republic Finance Issuance Trust, Series 2024-B, <br> Class C, 6.600%, 11/20/2037(a)<br>| &nbsp;&nbsp; 440205 |
| 645000 | &nbsp;&nbsp; RFS Asset Securitization II LLC, Series 2024-1, <br> Class A, 6.550%, 7/15/2031(a)<br>| &nbsp;&nbsp; 656614 |
| 105000 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2024-1A, <br> Class C, 5.820%, 9/20/2032(a)<br>| &nbsp;&nbsp; 107972 |
| 100000 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2024-1A, <br> Class D, 6.580%, 6/21/2033(a)<br>| &nbsp;&nbsp; 104027 |
| 535000 | &nbsp;&nbsp; SEB Funding LLC, Series 2024-1A, Class A2, <br> 7.386%, 4/30/2054(a)<br>| &nbsp;&nbsp; 547244 |
| 2490000 | &nbsp;&nbsp; SF ABS Issuer LLC, Series 2025-1A, Class B, <br> 5.866%, 11/25/2055(a)<br>| &nbsp;&nbsp; 2422205 |
| 1265000 | &nbsp;&nbsp; Shentel Issuer LLC, Series 2025-1A, Class A2, <br> 5.640%, 12/20/2055(a)<br>| &nbsp;&nbsp; 1276320 |
| 64778 | &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br> Series 2023-1A, Class C, 7.000%, 1/20/2040(a)<br>| &nbsp;&nbsp; 66608 |
| 56287 | &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br> Series 2023-2A, Class C, 7.300%, 4/20/2040(a)<br>| &nbsp;&nbsp; 58386 |
| 170025 | &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br> Series 2025-3A, Class C, 4.980%, 8/22/2044(a)<br>| &nbsp;&nbsp; 170378 |
| 774036 | &nbsp;&nbsp; Slam Ltd., Series 2021-1A, Class B, <br> 3.422%, 6/15/2046(a)<br>| &nbsp;&nbsp; 740995 |
| 680590 | &nbsp;&nbsp; Slam Ltd., Series 2024-1A, Class A, <br> 5.335%, 9/15/2049(a)<br>| &nbsp;&nbsp; 683706 |
| 303979 | &nbsp;&nbsp; Slam Ltd., Series 2025-1A, Class A, <br> 5.807%, 5/15/2050(a)<br>| &nbsp;&nbsp; 311606 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $723243 | &nbsp;&nbsp; SpringCastle America Funding LLC, <br> Series 2020-AA, Class A, 1.970%, 9/25/2037(a)<br>| &nbsp;&nbsp; $683271 |
| 860915 | &nbsp;&nbsp; Stream Innovations Issuer Trust, Series 2025-1A, <br> Class C, 6.120%, 9/15/2045(a)<br>| &nbsp;&nbsp; 875655 |
| 105659 | &nbsp;&nbsp; Sunnova Helios II Issuer LLC, Series 2019-AA, <br> Class A, 3.750%, 6/20/2046(a)<br>| &nbsp;&nbsp; 98722 |
| 347017 | &nbsp;&nbsp; Sunnova Helios V Issuer LLC, Series 2021-A, <br> Class B, 3.150%, 2/20/2048(a)<br>| &nbsp;&nbsp; 168257 |
| 394153 | &nbsp;&nbsp; Sunnova Helios XIII Issuer LLC, Series 2024-A, <br> Class A, 5.300%, 2/20/2051(a)<br>| &nbsp;&nbsp; 346394 |
| 648165 | &nbsp;&nbsp; Sunrun Athena Issuer LLC, Series 2018-1, <br> Class A, 5.310%, 4/30/2049(a)<br>| &nbsp;&nbsp; 630685 |
| 1057109 | &nbsp;&nbsp; Sunrun Atlas Issuer LLC, Series 2019-2, Class A, <br> 3.610%, 2/01/2055(a)<br>| &nbsp;&nbsp; 1019101 |
| 909440 | &nbsp;&nbsp; Sunrun Demeter Issuer LLC, Series 2021-2A, <br> Class A, 2.270%, 1/30/2057(a)<br>| &nbsp;&nbsp; 829122 |
| 1711828 | &nbsp;&nbsp; Sunrun Vulcan Issuer LLC, Series 2021-1A, <br> Class A, 2.460%, 1/30/2052(a)<br>| &nbsp;&nbsp; 1573621 |
| 1667396 | &nbsp;&nbsp; Thrust Engine Leasing DAC, Series 2021-1A, <br> Class A, 4.163%, 7/15/2040(a)<br>| &nbsp;&nbsp; 1645496 |
| 143344 | &nbsp;&nbsp; TIF Funding III LLC, Series 2024-1A, Class A, <br> 5.480%, 4/20/2049(a)<br>| &nbsp;&nbsp; 143883 |
| 2740659 | &nbsp;&nbsp; TMCL VII Holdings Ltd., Series 2025-1H, Class A, <br> 6.430%, 7/23/2050(a)<br>| &nbsp;&nbsp; 2752759 |
| 950000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 948960 |
| 335000 | &nbsp;&nbsp; Trafigura Securitisation Finance PLC, <br> Series 2024-1A, Class B, 7.290%, 11/15/2027(a)<br>| &nbsp;&nbsp; 336304 |
| 135000 | &nbsp;&nbsp; Uniti Fiber ABS Issuer LLC, Series 2025-1A, <br> Class A2, 5.877%, 4/20/2055(a)<br>| &nbsp;&nbsp; 137331 |
| 187692 | &nbsp;&nbsp; Volofin Finance DAC, Series 2024-1A, Class A, <br> 5.935%, 6/15/2037(a)<br>| &nbsp;&nbsp; 190354 |
| 245210 | &nbsp;&nbsp; Volofin Finance DAC, Series 2024-1A, Class B, <br> 6.211%, 6/15/2037(a)<br>| &nbsp;&nbsp; 252010 |
| 1644772 | &nbsp;&nbsp; Wave LLC, Series 2019-1, Class A, <br> 3.597%, 9/15/2044(a)<br>| &nbsp;&nbsp; 1617778 |
| 1943180 | &nbsp;&nbsp; Wave LLC, Series 2019-1, Class C, <br> 6.413%, 9/15/2044(a)<br>| &nbsp;&nbsp; 1695762 |
| 595137 | &nbsp;&nbsp; Willis Engine Structured Trust V, Series 2020-A, <br> Class A, 3.228%, 3/15/2045(a)<br>| &nbsp;&nbsp; 575445 |
| 184450 | &nbsp;&nbsp; Willis Engine Structured Trust V, Series 2020-A, <br> Class B, 4.212%, 3/15/2045(a)<br>| &nbsp;&nbsp; 178740 |
| 202706 | &nbsp;&nbsp; Willis Engine Structured Trust VI, Series 2021-A, <br> Class A, 3.104%, 5/15/2046(a)<br>| &nbsp;&nbsp; 191520 |
| 212029 | &nbsp;&nbsp; Willis Engine Structured Trust VII, Series 2023-A, <br> Class A, 8.000%, 10/15/2048(a)<br>| &nbsp;&nbsp; 217139 |
|  |  | &nbsp;&nbsp; 71043463 |
|  | **ABS Residential Mortgage — 1.3%** | **ABS Residential Mortgage — 1.3%** |
| 921797 | &nbsp;&nbsp; GITSIT Mortgage Loan Trust, Series 2025-NPL1, <br> Class A1, 6.276%, 2/25/2055(a)(b)<br>| &nbsp;&nbsp; 923396 |
| 935000 | &nbsp;&nbsp; GITSIT Mortgage Loan Trust, Series 2025-NPL1, <br> Class A2, 8.837%, 2/25/2055(a)(b)<br>| &nbsp;&nbsp; 937645 |
| 1665000 | &nbsp;&nbsp; GITSIT Mortgage Loan Trust, Series 2025-NPL2, <br> Class A1, 5.425%, 12/25/2055(a)(b)<br>| &nbsp;&nbsp; 1664937 |
| 520445 | &nbsp;&nbsp; MFA Trust, Series 2024-NPL1, Class A1, <br> 6.330%, 9/25/2054(b)<br>| &nbsp;&nbsp; 521173 |
| 81335 | &nbsp;&nbsp; NYMT Loan Trust, Series 2025-R1, Class A, <br> 6.381%, 2/25/2030(a)(b)<br>| &nbsp;&nbsp; 81552 |
| 561038 | &nbsp;&nbsp; PRET LLC, Series 2025-NPL3, Class A1, <br> 6.708%, 4/25/2055(a)(b)<br>| &nbsp;&nbsp; 564393 |

---

See accompanying notes to financial statements.

31 \|

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Residential Mortgage — continued** | **ABS Residential Mortgage — continued** |
| $702504 | &nbsp;&nbsp; PRET LLC, Series 2025-NPL6, Class A1, <br> 5.744%, 6/25/2055(a)(b)<br>| &nbsp;&nbsp; $705228 |
| 1495898 | &nbsp;&nbsp; PRET LLC, Series 2025-NPL8, Class A1, <br> 5.732%, 8/25/2055(a)(b)<br>| &nbsp;&nbsp; 1499334 |
| 1475683 | &nbsp;&nbsp; RCO IX Mortgage LLC, Series 2025-2, Class A1, <br> 6.513%, 4/25/2030(a)(b)<br>| &nbsp;&nbsp; 1480407 |
| 1862025 | &nbsp;&nbsp; RCO IX Mortgage LLC, Series 2025-4, Class A1, <br> 5.310%, 10/25/2030(a)(b)<br>| &nbsp;&nbsp; 1862728 |
| 1641558 | &nbsp;&nbsp; RCO X Mortgage LLC, Series 2025-1, Class A1, <br> 5.875%, 1/25/2030(a)(b)<br>| &nbsp;&nbsp; 1645018 |
| 372740 | &nbsp;&nbsp; VCAT LLC, Series 2025-NPL1, Class A1, <br> 5.877%, 1/25/2055(a)(b)<br>| &nbsp;&nbsp; 374057 |
| 912850 | &nbsp;&nbsp; VCAT LLC, Series 2025-NPL3, Class A1, <br> 5.889%, 2/25/2055(a)(b)<br>| &nbsp;&nbsp; 914969 |
|  |  | &nbsp;&nbsp; 13174837 |
|  | **ABS Student Loan — 1.1%** | **ABS Student Loan — 1.1%** |
| 114368 | &nbsp;&nbsp; Ascent Education Funding Trust, Series 2024-A, <br> Class A, 6.140%, 10/25/2050(a)<br>| &nbsp;&nbsp; 117123 |
| 105000 | &nbsp;&nbsp; Ascent Education Funding Trust, Series 2024-A, <br> Class C, 8.010%, 10/25/2050(a)<br>| &nbsp;&nbsp; 106846 |
| 277831 | &nbsp;&nbsp; College Avenue Student Loans LLC, <br> Series 2021-A, Class D, 4.120%, 7/25/2051(a)<br>| &nbsp;&nbsp; 265618 |
| 504852 | &nbsp;&nbsp; Education Funding Trust, Series 2020-A, Class A, <br> 2.790%, 7/25/2041(a)<br>| &nbsp;&nbsp; 485926 |
| 402498 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2018-A, Class B, 3.680%, 2/18/2042(a)<br>| &nbsp;&nbsp; 398627 |
| 1198813 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2018-CA, Class B, 4.220%, 6/16/2042(a)<br>| &nbsp;&nbsp; 1189091 |
| 3410000 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2019-FA, Class B, 3.120%, 8/15/2068(a)<br>| &nbsp;&nbsp; 3049466 |
| 695000 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2019-GA, Class B, 3.080%, 10/15/2068(a)<br>| &nbsp;&nbsp; 629586 |
| 320000 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2020-DA, Class B, 3.330%, 5/15/2069(a)<br>| &nbsp;&nbsp; 284990 |
| 1290000 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2020-FA, Class B, 2.690%, 7/15/2069(a)<br>| &nbsp;&nbsp; 1117584 |
| 730000 | &nbsp;&nbsp; Navient Private Education Refi Loan Trust, <br> Series 2020-HA, Class B, 2.780%, 1/15/2069(a)<br>| &nbsp;&nbsp; 636137 |
| 810000 | &nbsp;&nbsp; Nelnet Student Loan Trust, Series 2021-DA, <br> Class B, 2.900%, 4/20/2062(a)<br>| &nbsp;&nbsp; 731292 |
| 172000 | &nbsp;&nbsp; SLM Private Credit Student Loan Trust, <br> Series 2003-A, Class A3, 28 day Auction Rate <br> Security, 6.940%, 6/15/2032(b)<br>| &nbsp;&nbsp; 163176 |
| 638000 | &nbsp;&nbsp; SLM Private Credit Student Loan Trust, <br> Series 2003-B, Class A3, 28 day Auction Rate <br> Security, 7.040%, 3/15/2033(b)<br>| &nbsp;&nbsp; 606045 |
| 61000 | &nbsp;&nbsp; SLM Private Credit Student Loan Trust, <br> Series 2003-B, Class A4, 28 day Auction Rate <br> Security, 7.040%, 3/15/2033(b)<br>| &nbsp;&nbsp; 57945 |
| 48001 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2015-C, Class B, 3.500%, 9/15/2043(a)<br>| &nbsp;&nbsp; 47954 |
| 34966 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2017-B, Class A2B, 1 mo. USD SOFR + <br> 0.864%, 4.615%, 10/15/2035(a)(b)<br>| &nbsp;&nbsp; 34964 |
| 190000 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2018-B, Class B, 4.000%, 7/15/2042(a)<br>| &nbsp;&nbsp; 186836 |
| 510000 | &nbsp;&nbsp; SMB Private Education Loan Trust, <br> Series 2018-C, Class B, 4.000%, 11/17/2042(a)<br>| &nbsp;&nbsp; 501746 |
| 1350000 | &nbsp;&nbsp; SoFi Professional Loan Program LLC, <br> Series 2020-A, Class BFX, 3.120%, 5/15/2046(a)<br>| &nbsp;&nbsp; 1212419 |
|  |  | &nbsp;&nbsp; 11823371 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Whole Business — 0.7%** | **ABS Whole Business — 0.7%** |
| $1510000 | &nbsp;&nbsp; Applebee's Funding LLC/IHOP Funding LLC, <br> Series 2023-1A, Class A2, 7.824%, 3/05/2053(a)<br>| &nbsp;&nbsp; $1532377 |
| 193000 | &nbsp;&nbsp; EWC Master Issuer LLC, Series 2022-1A, <br> Class A2, 5.500%, 3/15/2052(a)<br>| &nbsp;&nbsp; 190760 |
| 245000 | &nbsp;&nbsp; FOCUS Brands Funding, Series 2023-2, Class A2, <br> 8.241%, 10/30/2053(a)<br>| &nbsp;&nbsp; 259782 |
| 44213 | &nbsp;&nbsp; Hardee's Funding LLC, Series 2024-1A, Class A2, <br> 7.253%, 3/20/2054(a)<br>| &nbsp;&nbsp; 45699 |
| 2890500 | &nbsp;&nbsp; Planet Fitness Master Issuer LLC, <br> Series 2019-1A, Class A2, 3.858%, 12/05/2049(a)<br>| &nbsp;&nbsp; 2767406 |
| 350562 | &nbsp;&nbsp; Planet Fitness Master Issuer LLC, <br> Series 2024-1A, Class A2I, 5.765%, 6/05/2054(a)<br>| &nbsp;&nbsp; 356315 |
| 1579050 | &nbsp;&nbsp; Subway Funding LLC, Series 2024-1A, Class A2I, <br> 6.028%, 7/30/2054(a)<br>| &nbsp;&nbsp; 1602864 |
| 440000 | &nbsp;&nbsp; Wingstop Funding LLC, Series 2024-1A, Class A2, <br> 5.858%, 12/05/2054(a)<br>| &nbsp;&nbsp; 453252 |
|  |  | &nbsp;&nbsp; 7208455 |
|  | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| 289000 | Axon Enterprise, Inc., 6.125%, 3/15/2030(a) | &nbsp;&nbsp; 298347 |
| 159000 | Axon Enterprise, Inc., 6.250%, 3/15/2033(a) | &nbsp;&nbsp; 165412 |
| 1630000 | Boeing Co., 3.625%, 2/01/2031 | &nbsp;&nbsp; 1565766 |
| 1265000 | Boeing Co., 5.150%, 5/01/2030 | &nbsp;&nbsp; 1299800 |
| 1170000 | Boeing Co., 5.705%, 5/01/2040 | &nbsp;&nbsp; 1194310 |
| 2980000 | Boeing Co., 5.805%, 5/01/2050 | &nbsp;&nbsp; 2931111 |
| 70000 | Boeing Co., 5.930%, 5/01/2060 | &nbsp;&nbsp; 68639 |
| 330000 | Boeing Co., 6.388%, 5/01/2031 | &nbsp;&nbsp; 358114 |
| 2240000 | Boeing Co., 6.528%, 5/01/2034 | &nbsp;&nbsp; 2478244 |
| 2715000 | Boeing Co., 6.858%, 5/01/2054 | &nbsp;&nbsp; 3049321 |
| 485000 | Boeing Co., 7.008%, 5/01/2064 | &nbsp;&nbsp; 551082 |
| 2830000 | &nbsp;&nbsp; Textron Financial Corp., 3 mo. USD SOFR + <br> 1.997%, 5.848%, 2/15/2067(a)(b)<br>| &nbsp;&nbsp; 2545755 |
| 29000 | TransDigm, Inc., 6.000%, 1/15/2033(a) | &nbsp;&nbsp; 29681 |
| 28000 | TransDigm, Inc., 6.875%, 12/15/2030(a) | &nbsp;&nbsp; 29302 |
|  |  | &nbsp;&nbsp; 16564884 |
|  | **Agency Commercial Mortgage-Backed Securities — 0.0%** | **Agency Commercial Mortgage-Backed Securities — 0.0%** |
| 460000 | &nbsp;&nbsp; Arixa Mortgage Trust, Series 2025-RTL1, <br> Class A1, 5.735%, 8/25/2030(a)<br>| &nbsp;&nbsp; 462699 |
|  | **Airlines — 0.1%** | **Airlines — 0.1%** |
| 1164615 | &nbsp;&nbsp; United Airlines Pass-Through Trust, <br> Series 2019-2, Class B, 3.500%, 11/01/2029<br>| &nbsp;&nbsp; 1133950 |
|  | **Automotive — 0.4%** | **Automotive — 0.4%** |
| 1006000 | Allison Transmission, Inc., 3.750%, 1/30/2031(a) | &nbsp;&nbsp; 947261 |
| 360000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.750%, 4/23/2030(a)<br>| &nbsp;&nbsp; 355742 |
| 465000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.875%, 4/14/2028(a)<br>| &nbsp;&nbsp; 472659 |
| 535000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.875%, 4/23/2032(a)<br>| &nbsp;&nbsp; 523195 |
| 1564000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 7.125%, 4/14/2030(a)<br>| &nbsp;&nbsp; 1578373 |
|  |  | &nbsp;&nbsp; 3877230 |
|  | **Banking — 2.4%** | **Banking — 2.4%** |
| 3160000 | &nbsp;&nbsp; Bank of America Corp., (fixed rate to 3/08/2032, <br> variable rate thereafter), 3.846%, 3/08/2037<br>| &nbsp;&nbsp; 2975883 |
| 580000 | &nbsp;&nbsp; CaixaBank SA, (fixed rate to 7/03/2035, variable <br> rate thereafter), 5.581%, 7/03/2036(a)<br>| &nbsp;&nbsp; 595921 |
| 905000 | &nbsp;&nbsp; Capital One Financial Corp., (fixed rate to <br> 9/11/2035, variable rate thereafter), <br> 5.197%, 9/11/2036<br>| &nbsp;&nbsp; 900435 |

---

See accompanying notes to financial statements.

\| 32

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Banking — continued** | **Banking — continued** |
| $8020000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 2/07/2034, <br> variable rate thereafter), 5.942%, 2/07/2039<br>| &nbsp;&nbsp; $8428775 |
| 2185000 | &nbsp;&nbsp; Societe Generale SA, (fixed rate to 10/03/2035, <br> variable rate thereafter), 5.439%, 10/03/2036(a)<br>| &nbsp;&nbsp; 2189751 |
| 28000 | Synchrony Financial, 7.250%, 2/02/2033 | &nbsp;&nbsp; 30078 |
| 440000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 3/06/2030, <br> variable rate thereafter), 5.450%, 3/06/2031<br>| &nbsp;&nbsp; 451132 |
| 905000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 7/29/2028, <br> variable rate thereafter), 5.019%, 7/29/2029<br>| &nbsp;&nbsp; 916388 |
| 805000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 8/02/2029, <br> variable rate thereafter), 5.935%, 8/02/2030<br>| &nbsp;&nbsp; 838952 |
| 865000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 2/08/2034, variable <br> rate thereafter), 5.699%, 2/08/2035(a)<br>| &nbsp;&nbsp; 909517 |
| 1375000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 5/09/2035, variable <br> rate thereafter), 5.580%, 5/09/2036(a)<br>| &nbsp;&nbsp; 1429790 |
| 375000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 5/14/2031, variable <br> rate thereafter), 3.091%, 5/14/2032(a)<br>| &nbsp;&nbsp; 347915 |
| 1445000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 8/05/2030, variable <br> rate thereafter), 6.600%(a)(d)<br>| &nbsp;&nbsp; 1467488 |
| 1000000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/03/2031, variable <br> rate thereafter), 3.127%, 6/03/2032(a)<br>| &nbsp;&nbsp; 929375 |
| 200000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/30/2030, variable <br> rate thereafter), 5.459%, 6/30/2035(a)<br>| &nbsp;&nbsp; 203863 |
| 2440000 | &nbsp;&nbsp; Wells Fargo & Co., (fixed rate to 9/15/2035, <br> variable rate thereafter), 4.892%, 9/15/2036<br>| &nbsp;&nbsp; 2432380 |
|  |  | &nbsp;&nbsp; 25047643 |
|  | **Brokerage — 0.6%** | **Brokerage — 0.6%** |
| 500000 | BGC Group, Inc., 6.150%, 4/02/2030 | &nbsp;&nbsp; 517722 |
| 1525000 | Blue Owl Finance LLC, 6.250%, 4/18/2034 | &nbsp;&nbsp; 1572572 |
| 465000 | &nbsp;&nbsp; Brookfield Asset Management Ltd., <br> 5.795%, 4/24/2035<br>| &nbsp;&nbsp; 486600 |
| 315000 | Citadel LP, 6.000%, 1/23/2030(a) | &nbsp;&nbsp; 329056 |
| 240000 | Citadel LP, 6.375%, 1/23/2032(a) | &nbsp;&nbsp; 254725 |
| 29000 | &nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., <br> 6.750%, 5/01/2033(a)<br>| &nbsp;&nbsp; 30270 |
| 29000 | &nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., <br> 7.125%, 4/30/2031(a)<br>| &nbsp;&nbsp; 30472 |
| 2015000 | Jefferies Financial Group, Inc., 6.200%, 4/14/2034 | &nbsp;&nbsp; 2126624 |
| 589000 | Osaic Holdings, Inc., 6.750%, 8/01/2032(a) | &nbsp;&nbsp; 615281 |
|  |  | &nbsp;&nbsp; 5963322 |
|  | **Building Materials — 1.3%** | **Building Materials — 1.3%** |
| 785000 | Amrize Finance U.S. LLC, 5.400%, 4/07/2035 | &nbsp;&nbsp; 809527 |
| 2745000 | Cemex SAB de CV, 3.875%, 7/11/2031(a) | &nbsp;&nbsp; 2628491 |
| 2330000 | &nbsp;&nbsp; Cemex SAB de CV, (fixed rate to 6/08/2026, <br> variable rate thereafter), 5.125%(a)(d)<br>| &nbsp;&nbsp; 2322911 |
| 295000 | &nbsp;&nbsp; Cemex SAB de CV, (fixed rate to 6/10/2030, <br> variable rate thereafter), 7.200%(a)(d)<br>| &nbsp;&nbsp; 307656 |
| 2580000 | CRH America Finance, Inc., 5.000%, 2/09/2036 | &nbsp;&nbsp; 2588908 |
| 1035000 | &nbsp;&nbsp; JH North America Holdings, Inc., <br> 5.875%, 1/31/2031(a)<br>| &nbsp;&nbsp; 1056450 |
| 1478000 | &nbsp;&nbsp; JH North America Holdings, Inc., <br> 6.125%, 7/31/2032(a)<br>| &nbsp;&nbsp; 1517251 |
| 2072000 | Quikrete Holdings, Inc., 6.375%, 3/01/2032(a) | &nbsp;&nbsp; 2156703 |
|  |  | &nbsp;&nbsp; 13387897 |
|  | **Cable Satellite — 3.4%** | **Cable Satellite — 3.4%** |
| 79000 | &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., <br> 5.000%, 2/01/2028(a)<br>| &nbsp;&nbsp; 78375 |
| 3920000 | &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., <br> 5.125%, 5/01/2027(a)<br>| &nbsp;&nbsp; 3914611 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Cable Satellite — continued** | **Cable Satellite — continued** |
| $405000 | &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital, <br> 6.384%, 10/23/2035<br>| &nbsp;&nbsp; $417983 |
| 940000 | &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital, <br> 6.550%, 6/01/2034<br>| &nbsp;&nbsp; 988650 |
| 465000 | &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital, <br> 6.650%, 2/01/2034<br>| &nbsp;&nbsp; 489850 |
| 2200000 | CSC Holdings LLC, 3.375%, 2/15/2031(a) | &nbsp;&nbsp; 1332228 |
| 400000 | CSC Holdings LLC, 4.500%, 11/15/2031(a) | &nbsp;&nbsp; 244000 |
| 4965000 | CSC Holdings LLC, 4.625%, 12/01/2030(a) | &nbsp;&nbsp; 1773454 |
| 755000 | CSC Holdings LLC, 5.375%, 2/01/2028(a) | &nbsp;&nbsp; 547772 |
| 2292000 | CSC Holdings LLC, 11.250%, 5/15/2028(a) | &nbsp;&nbsp; 1823665 |
| 1387000 | Directv Financing LLC, 8.875%, 2/01/2030(a) | &nbsp;&nbsp; 1403358 |
| 405000 | Directv Financing LLC, 8.875%, 2/01/2030(a) | &nbsp;&nbsp; 410443 |
| 1211000 | &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.000%, 2/15/2031(a)<br>| &nbsp;&nbsp; 1237705 |
| 4420000 | DISH DBS Corp., 5.250%, 12/01/2026(a) | &nbsp;&nbsp; 4286283 |
| 975000 | DISH DBS Corp., 5.750%, 12/01/2028(a) | &nbsp;&nbsp; 957209 |
| 13530358 | EchoStar Corp., 10.750%, 11/30/2029 | &nbsp;&nbsp; 14961886 |
| 205000 | Time Warner Cable LLC, 6.550%, 5/01/2037 | &nbsp;&nbsp; 209194 |
|  |  | &nbsp;&nbsp; 35076666 |
|  | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| 44000 | Ashland, Inc., 3.375%, 9/01/2031(a) | &nbsp;&nbsp; 40247 |
| 349000 | Chemours Co., 5.750%, 11/15/2028(a) | &nbsp;&nbsp; 339406 |
| 1074000 | &nbsp;&nbsp; Solstice Advanced Materials, Inc., <br> 5.625%, 9/30/2033(a)<br>| &nbsp;&nbsp; 1083445 |
|  |  | &nbsp;&nbsp; 1463098 |
|  | **Construction Machinery — 0.7%** | **Construction Machinery — 0.7%** |
| 3340000 | &nbsp;&nbsp; John Deere Capital Corp., 1 day USD SOFR + <br> 0.500%, 4.251%, 3/06/2028(b)<br>| &nbsp;&nbsp; 3347673 |
| 32000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 3.750%, 1/15/2032<br>| &nbsp;&nbsp; 30022 |
| 31000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 3.875%, 2/15/2031<br>| &nbsp;&nbsp; 29565 |
| 2391000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 5.375%, 11/15/2033(a)<br>| &nbsp;&nbsp; 2389307 |
| 1785000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 6.125%, 3/15/2034(a)<br>| &nbsp;&nbsp; 1859386 |
|  |  | &nbsp;&nbsp; 7655953 |
|  | **Consumer Cyclical Services — 0.2%** | **Consumer Cyclical Services — 0.2%** |
| 1016000 | TriNet Group, Inc., 3.500%, 3/01/2029(a) | &nbsp;&nbsp; 960080 |
| 19000 | TriNet Group, Inc., 7.125%, 8/15/2031(a) | &nbsp;&nbsp; 19585 |
| 625000 | Uber Technologies, Inc., 4.800%, 9/15/2035 | &nbsp;&nbsp; 621700 |
|  |  | &nbsp;&nbsp; 1601365 |
|  | **Consumer Products — 0.0%** | **Consumer Products — 0.0%** |
| 20000 | Acushnet Co., 5.625%, 12/01/2033(a) | &nbsp;&nbsp; 20225 |
|  | **Diversified Manufacturing — 0.0%** | **Diversified Manufacturing — 0.0%** |
| 29000 | Esab Corp., 6.250%, 4/15/2029(a) | &nbsp;&nbsp; 29818 |
|  | **Electric — 0.1%** | **Electric — 0.1%** |
| 830000 | Pacific Gas & Electric Co., 6.400%, 6/15/2033 | &nbsp;&nbsp; 895069 |
| 385000 | Vistra Operations Co. LLC, 5.250%, 10/15/2035(a) | &nbsp;&nbsp; 383764 |
| 40000 | VoltaGrid LLC, 7.375%, 11/01/2030(a) | &nbsp;&nbsp; 39630 |
|  |  | &nbsp;&nbsp; 1318463 |
|  | **Environmental — 0.1%** | **Environmental — 0.1%** |
| 14000 | Clean Harbors, Inc., 5.750%, 10/15/2033(a) | &nbsp;&nbsp; 14361 |
| 13000 | Clean Harbors, Inc., 6.375%, 2/01/2031(a) | &nbsp;&nbsp; 13379 |

---

See accompanying notes to financial statements.

33 \|

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Environmental — continued** | **Environmental — continued** |
| $545000 | GFL Environmental, Inc., 4.375%, 8/15/2029(a) | &nbsp;&nbsp; $535913 |
| 28000 | GFL Environmental, Inc., 6.750%, 1/15/2031(a) | &nbsp;&nbsp; 29377 |
|  |  | &nbsp;&nbsp; 593030 |
|  | **Finance Companies — 1.6%** | **Finance Companies — 1.6%** |
| 2770000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.300%, 1/30/2032<br>| &nbsp;&nbsp; 2557595 |
| 1015000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.400%, 10/29/2033<br>| &nbsp;&nbsp; 916367 |
| 730000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 5.375%, 12/15/2031<br>| &nbsp;&nbsp; 756060 |
| 405000 | Aircastle Ltd., 5.950%, 2/15/2029(a) | &nbsp;&nbsp; 421479 |
| 1190000 | Aircastle Ltd., 6.500%, 7/18/2028(a) | &nbsp;&nbsp; 1251031 |
| 460000 | &nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC, <br> 5.750%, 10/01/2031(a)<br>| &nbsp;&nbsp; 479460 |
| 4240000 | &nbsp;&nbsp; Aviation Capital Group LLC, <br> 4.800%, 10/24/2030(a)<br>| &nbsp;&nbsp; 4241603 |
| 864000 | &nbsp;&nbsp; Avolon Holdings Funding Ltd., <br> 4.700%, 1/30/2031(a)<br>| &nbsp;&nbsp; 858439 |
| 495000 | &nbsp;&nbsp; Avolon Holdings Funding Ltd., <br> 5.375%, 5/30/2030(a)<br>| &nbsp;&nbsp; 508170 |
| 19000 | Azorra Finance Ltd., 7.250%, 1/15/2031(a) | &nbsp;&nbsp; 19909 |
| 19000 | Azorra Finance Ltd., 7.750%, 4/15/2030(a) | &nbsp;&nbsp; 20062 |
| 780000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 7.875%, 4/01/2033(a)<br>| &nbsp;&nbsp; 807739 |
| 109000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 8.375%, 4/01/2032(a)<br>| &nbsp;&nbsp; 114741 |
| 199000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 9.125%, 5/15/2031(a)<br>| &nbsp;&nbsp; 213737 |
| 37000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 9.250%, 2/01/2029(a)<br>| &nbsp;&nbsp; 38807 |
| 39000 | GGAM Finance Ltd., 5.875%, 3/15/2030(a) | &nbsp;&nbsp; 39577 |
| 255000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 5.150%, 3/17/2030(a)<br>| &nbsp;&nbsp; 258499 |
| 920000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 5.200%, 3/27/2028(a)<br>| &nbsp;&nbsp; 933891 |
| 1640000 | &nbsp;&nbsp; SMBC Aviation Capital Finance DAC, <br> 5.100%, 4/01/2030(a)<br>| &nbsp;&nbsp; 1677460 |
|  |  | &nbsp;&nbsp; 16114626 |
|  | **Financial Other — 0.1%** | **Financial Other — 0.1%** |
| 239295 | &nbsp;&nbsp; Add Hero Holdings Ltd., Series IAI, 8.500% PIK <br> and/or 7.500% Cash, 9/30/2029(e)<br>| &nbsp;&nbsp; 13958 |
| 194886 | &nbsp;&nbsp; Add Hero Holdings Ltd., Series IAI, 9.000% PIK <br> and/or 8.000% Cash, 9/30/2030(e)<br>| &nbsp;&nbsp; 2923 |
| 257255 | &nbsp;&nbsp; Add Hero Holdings Ltd., Series IAI, 9.800% PIK <br> and/or 8.800% Cash, 9/30/2031(e)<br>| &nbsp;&nbsp; 3859 |
| 485000 | &nbsp;&nbsp; Central China Real Estate Ltd., <br> 7.250%, 7/16/2024(f)<br>| &nbsp;&nbsp; 8487 |
| 410000 | &nbsp;&nbsp; Central China Real Estate Ltd., <br> 7.250%, 8/13/2024(f)<br>| &nbsp;&nbsp; 7175 |
| 1000000 | &nbsp;&nbsp; Central China Real Estate Ltd., <br> 7.650%, 8/27/2025(f)<br>| &nbsp;&nbsp; 17500 |
| 625000 | &nbsp;&nbsp; Central China Real Estate Ltd., <br> 7.750%, 5/24/2024(f)<br>| &nbsp;&nbsp; 10937 |
| 2379845 | &nbsp;&nbsp; CFLD Cayman Investment Ltd., <br> 2.500%, 1/31/2031(a)(g)<br>| &nbsp;&nbsp; 84354 |
| 1258407 | &nbsp;&nbsp; CFLD Cayman Investment Ltd., <br> 2.500%, 1/31/2031(a)(g)<br>| &nbsp;&nbsp; 44604 |
| 272752 | &nbsp;&nbsp; CFLD Cayman Investment Ltd., Zero Coupon, <br> 1/31/2031(a)<br>| &nbsp;&nbsp; 6459 |
| 138037 | &nbsp;&nbsp; China Aoyuan Group Ltd., Series IAI, 5.500% PIK, <br> 9/30/2031(e)<br>| &nbsp;&nbsp; 1725 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Financial Other — continued** | **Financial Other — continued** |
| $337685 | &nbsp;&nbsp; China Aoyuan Group Ltd., Series IAI, Zero <br> Coupon(b)(d)<br>| &nbsp;&nbsp; $844 |
| 630000 | China Evergrande Group, 8.250%, 3/23/2022(f) | &nbsp;&nbsp; 7088 |
| 1020000 | China Evergrande Group, 8.750%, 6/28/2025(f) | &nbsp;&nbsp; 6375 |
| 270000 | China Evergrande Group, 9.500%, 4/11/2022(f) | &nbsp;&nbsp; 2063 |
| 220000 | China Evergrande Group, 9.500%, 3/29/2024(f) | &nbsp;&nbsp; 1866 |
| 663120 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 6.250% PIK and/or <br> 5.250% Cash, 12/28/2028(a)(e)<br>| &nbsp;&nbsp; 13899 |
| 1110115 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 6.500% PIK and/or <br> 5.500% Cash, 12/28/2029(a)(e)<br>| &nbsp;&nbsp; 20926 |
| 1338038 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 6.750% PIK and/or <br> 5.750% Cash, 12/28/2030(a)(e)<br>| &nbsp;&nbsp; 20071 |
| 2015903 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 7.000% PIK and/or <br> 6.000% Cash, 12/28/2031(a)(e)<br>| &nbsp;&nbsp; 30964 |
| 1897142 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 7.250% PIK and/or <br> 6.250% Cash, 12/28/2032(a)(e)<br>| &nbsp;&nbsp; 27192 |
| 453605 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 7.721% PIK and/or <br> 6.721% Cash, 12/28/2028(a)(e)<br>| &nbsp;&nbsp; 10206 |
| 400000 | Logan Group Co. Ltd., 4.250%, 7/12/2025(f) | &nbsp;&nbsp; 39116 |
| 230000 | Logan Group Co. Ltd., 4.850%, 12/14/2026(f) | &nbsp;&nbsp; 22979 |
| 21600 | &nbsp;&nbsp; Shimao Group Holdings Ltd., 6.000% PIK and/or <br> 5.000% Cash, 7/21/2031(a)(e)<br>| &nbsp;&nbsp; 713 |
| 110215 | &nbsp;&nbsp; Times China Holdings Ltd., 3.000% PIK and/or <br> 1.000% Cash, 3/30/2029(a)(e)<br>| &nbsp;&nbsp; 1730 |
| 408724 | &nbsp;&nbsp; Times China Holdings Ltd., 4.200% PIK, <br> 9/30/2032(a)(e)<br>| &nbsp;&nbsp; 5804 |
| 358474 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 1.000% PIK, <br> 6/30/2034(e)<br>| &nbsp;&nbsp; 358 |
| 380679 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 4.000% PIK, <br> 6/30/2028(e)<br>| &nbsp;&nbsp; 9041 |
| 662884 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 4.500% PIK, <br> 6/30/2029(e)<br>| &nbsp;&nbsp; 13258 |
| 884785 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 5.000% PIK, <br> 6/30/2030(e)<br>| &nbsp;&nbsp; 17696 |
| 1241147 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 5.500% PIK, <br> 6/30/2031(e)<br>| &nbsp;&nbsp; 15502 |
| 462464 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 7.000% PIK <br> and/or 6.000% Cash, 6/30/2027(e)<br>| &nbsp;&nbsp; 46242 |
|  |  | &nbsp;&nbsp; 515914 |
|  | **Food & Beverage — 1.5%** | **Food & Beverage — 1.5%** |
| 3230000 | &nbsp;&nbsp; Cargill, Inc., 1 day USD SOFR + 0.610%, <br> 4.431%, 2/11/2028(a)(b)<br>| &nbsp;&nbsp; 3236610 |
| 1540000 | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Foods <br> Group Holdings, Inc./JBS USA Food Co., <br> 5.500%, 1/15/2036(a)<br>| &nbsp;&nbsp; 1564883 |
| 1555000 | &nbsp;&nbsp; JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 5.950%, 4/20/2035(a)<br>| &nbsp;&nbsp; 1635065 |
| 20000 | &nbsp;&nbsp; Lamb Weston Holdings, Inc., <br> 4.125%, 1/31/2030(a)<br>| &nbsp;&nbsp; 19346 |
| 21000 | &nbsp;&nbsp; Lamb Weston Holdings, Inc., <br> 4.375%, 1/31/2032(a)<br>| &nbsp;&nbsp; 20006 |
| 6450000 | PepsiCo, Inc., 4.400%, 2/07/2027 | &nbsp;&nbsp; 6498989 |
| 20000 | &nbsp;&nbsp; Performance Food Group, Inc., <br> 4.250%, 8/01/2029(a)<br>| &nbsp;&nbsp; 19554 |
| 2300000 | Pilgrim's Pride Corp., 3.500%, 3/01/2032 | &nbsp;&nbsp; 2124729 |
| 31000 | Post Holdings, Inc., 4.625%, 4/15/2030(a) | &nbsp;&nbsp; 30187 |
|  |  | &nbsp;&nbsp; 15149369 |
|  | **Government Owned - No Guarantee — 0.3%** | **Government Owned - No Guarantee — 0.3%** |
| 465000 | Antares Holdings LP, 2.750%, 1/15/2027(a) | &nbsp;&nbsp; 454448 |
| 2790000 | Antares Holdings LP, 3.750%, 7/15/2027(a) | &nbsp;&nbsp; 2727937 |
|  |  | &nbsp;&nbsp; 3182385 |

---

See accompanying notes to financial statements.

\| 34

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** |
| $455000 | &nbsp;&nbsp; National Health Investors, Inc., <br> 3.000%, 2/01/2031,<br>| &nbsp;&nbsp; $413011 |
|  | **Health Insurance — 0.6%** | **Health Insurance — 0.6%** |
| 1040000 | Centene Corp., 3.375%, 2/15/2030 | &nbsp;&nbsp; 957044 |
| 2150000 | Centene Corp., 4.625%, 12/15/2029 | &nbsp;&nbsp; 2085379 |
| 22000 | Molina Healthcare, Inc., 3.875%, 11/15/2030(a) | &nbsp;&nbsp; 20414 |
| 1429000 | Molina Healthcare, Inc., 3.875%, 5/15/2032(a) | &nbsp;&nbsp; 1297785 |
| 585000 | Molina Healthcare, Inc., 4.375%, 6/15/2028(a) | &nbsp;&nbsp; 575316 |
| 20000 | Molina Healthcare, Inc., 6.250%, 1/15/2033(a) | &nbsp;&nbsp; 20389 |
| 1542000 | Molina Healthcare, Inc., 6.500%, 2/15/2031(a) | &nbsp;&nbsp; 1583680 |
|  |  | &nbsp;&nbsp; 6540007 |
|  | **Healthcare — 0.5%** | **Healthcare — 0.5%** |
| 42000 | Avantor Funding, Inc., 3.875%, 11/01/2029(a) | &nbsp;&nbsp; 40163 |
| 430000 | Avantor Funding, Inc., 4.625%, 7/15/2028(a) | &nbsp;&nbsp; 427664 |
| 105000 | HCA, Inc., 4.900%, 11/15/2035 | &nbsp;&nbsp; 103564 |
| 3660000 | HCA, Inc., 5.600%, 4/01/2034 | &nbsp;&nbsp; 3817086 |
| 1200000 | Hologic, Inc., 3.250%, 2/15/2029(a) | &nbsp;&nbsp; 1182685 |
| 28000 | Radiology Partners, Inc., 8.500%, 7/15/2032(a) | &nbsp;&nbsp; 29250 |
|  |  | &nbsp;&nbsp; 5600412 |
|  | **Home Construction — 0.4%** | **Home Construction — 0.4%** |
| 2330000 | Meritage Homes Corp., 5.650%, 3/15/2035 | &nbsp;&nbsp; 2380506 |
| 39000 | &nbsp;&nbsp; Taylor Morrison Communities, Inc., <br> 5.125%, 8/01/2030(a)<br>| &nbsp;&nbsp; 39235 |
| 1458000 | &nbsp;&nbsp; Taylor Morrison Communities, Inc., <br> 5.750%, 11/15/2032(a)<br>| &nbsp;&nbsp; 1500125 |
|  |  | &nbsp;&nbsp; 3919866 |
|  | **Independent Energy — 1.4%** | **Independent Energy — 1.4%** |
| 1995000 | &nbsp;&nbsp; Canadian Natural Resources Ltd., <br> 5.400%, 12/15/2034<br>| &nbsp;&nbsp; 2030897 |
| 1170000 | Chord Energy Corp., 6.000%, 10/01/2030(a) | &nbsp;&nbsp; 1184348 |
| 131000 | Chord Energy Corp., 6.750%, 3/15/2033(a) | &nbsp;&nbsp; 135469 |
| 1060000 | Civitas Resources, Inc., 8.375%, 7/01/2028(a) | &nbsp;&nbsp; 1092216 |
| 29000 | Civitas Resources, Inc., 8.625%, 11/01/2030(a) | &nbsp;&nbsp; 30394 |
| 28000 | Civitas Resources, Inc., 8.750%, 7/01/2031(a) | &nbsp;&nbsp; 29047 |
| 2800000 | Continental Resources, Inc., 2.875%, 4/01/2032(a) | &nbsp;&nbsp; 2443508 |
| 4195000 | Continental Resources, Inc., 5.750%, 1/15/2031(a) | &nbsp;&nbsp; 4301491 |
| 21000 | &nbsp;&nbsp; Crescent Energy Finance LLC, <br> 7.375%, 1/15/2033(a)<br>| &nbsp;&nbsp; 19928 |
| 1340000 | Energean Israel Finance Ltd., 5.375%, 3/30/2028 | &nbsp;&nbsp; 1321582 |
| 115000 | Leviathan Bond Ltd., 6.500%, 6/30/2027 | &nbsp;&nbsp; 115608 |
| 10000 | Matador Resources Co., 6.500%, 4/15/2032(a) | &nbsp;&nbsp; 10142 |
| 19000 | Matador Resources Co., 6.875%, 4/15/2028(a) | &nbsp;&nbsp; 19416 |
| 14000 | SM Energy Co., 6.750%, 8/01/2029(a) | &nbsp;&nbsp; 14103 |
| 14000 | SM Energy Co., 7.000%, 8/01/2032(a) | &nbsp;&nbsp; 13763 |
| 1920000 | Viper Energy Partners LLC, 5.700%, 8/01/2035 | &nbsp;&nbsp; 1959417 |
|  |  | &nbsp;&nbsp; 14721329 |
|  | **Industrial Other — 0.0%** | **Industrial Other — 0.0%** |
| 56000 | Arcosa, Inc., 6.875%, 8/15/2032(a) | &nbsp;&nbsp; 59031 |
| 40000 | TopBuild Corp., 5.625%, 1/31/2034(a) | &nbsp;&nbsp; 40464 |
|  |  | &nbsp;&nbsp; 99495 |
|  | **Integrated Energy — 0.3%** | **Integrated Energy — 0.3%** |
| 3265000 | &nbsp;&nbsp; Chevron USA, Inc., 1 day USD SOFR Index + <br> 0.360%, 4.138%, 2/26/2027(b)<br>| &nbsp;&nbsp; 3272400 |
|  | **Leisure — 0.2%** | **Leisure — 0.2%** |
| 823000 | &nbsp;&nbsp; Kingpin Intermediate Holdings LLC, <br> 7.250%, 10/15/2032(a)<br>| &nbsp;&nbsp; 778023 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Leisure — continued** | **Leisure — continued** |
| $700000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 5.625%, 9/30/2031(a)<br>| &nbsp;&nbsp; $715622 |
| 39000 | Viking Cruises Ltd., 5.875%, 10/15/2033(a) | &nbsp;&nbsp; 39603 |
|  |  | &nbsp;&nbsp; 1533248 |
|  | **Life Insurance — 0.1%** | **Life Insurance — 0.1%** |
| 39000 | &nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset <br> Investor 2 LLC/APH3 Somerset Investor 2 LLC, <br> 7.875%, 11/01/2029(a)<br>| &nbsp;&nbsp; 39389 |
| 780000 | Global Atlantic Fin Co., 3.125%, 6/15/2031(a) | &nbsp;&nbsp; 705053 |
| 425000 | Global Atlantic Fin Co., 4.400%, 10/15/2029(a) | &nbsp;&nbsp; 418101 |
|  |  | &nbsp;&nbsp; 1162543 |
|  | **Lodging — 0.4%** | **Lodging — 0.4%** |
| 255000 | &nbsp;&nbsp; Choice Hotels International, Inc., <br> 5.850%, 8/01/2034<br>| &nbsp;&nbsp; 259988 |
| 32000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 3.625%, 2/15/2032(a)<br>| &nbsp;&nbsp; 29705 |
| 674000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 5.500%, 3/31/2034(a)<br>| &nbsp;&nbsp; 678629 |
| 29000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 6.125%, 4/01/2032(a)<br>| &nbsp;&nbsp; 30030 |
| 804000 | &nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton <br> Grand Vacations Borrower, Inc., <br> 6.625%, 1/15/2032(a)<br>| &nbsp;&nbsp; 824089 |
| 690000 | Marriott International, Inc., 5.300%, 5/15/2034 | &nbsp;&nbsp; 711643 |
| 1535000 | Marriott International, Inc., 5.500%, 4/15/2037 | &nbsp;&nbsp; 1571354 |
| 41000 | &nbsp;&nbsp; Marriott Ownership Resorts, Inc., <br> 4.750%, 1/15/2028<br>| &nbsp;&nbsp; 40386 |
|  |  | &nbsp;&nbsp; 4145824 |
|  | **Media Entertainment — 1.3%** | **Media Entertainment — 1.3%** |
| 615000 | AppLovin Corp., 5.125%, 12/01/2029 | &nbsp;&nbsp; 630821 |
| 3620000 | AppLovin Corp., 5.500%, 12/01/2034 | &nbsp;&nbsp; 3719375 |
| 3709000 | Beignet Investor LLC, 6.581%, 5/30/2049(a) | &nbsp;&nbsp; 3918541 |
| 135000 | &nbsp;&nbsp; Discovery Communications LLC, <br> 3.625%, 5/15/2030<br>| &nbsp;&nbsp; 124285 |
| 425000 | &nbsp;&nbsp; Discovery Communications LLC, <br> 6.350%, 6/01/2040<br>| &nbsp;&nbsp; 352009 |
| 1195000 | Meta Platforms, Inc., 4.875%, 11/15/2035 | &nbsp;&nbsp; 1193399 |
| 1615000 | Meta Platforms, Inc., 5.625%, 11/15/2055 | &nbsp;&nbsp; 1550030 |
| 2535000 | Warnermedia Holdings, Inc., 4.279%, 3/15/2032 | &nbsp;&nbsp; 2225274 |
|  |  | &nbsp;&nbsp; 13713734 |
|  | **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** |
| 40000 | &nbsp;&nbsp; Carpenter Technology Corp., <br> 5.625%, 3/01/2034(a)<br>| &nbsp;&nbsp; 40629 |
| 634000 | Commercial Metals Co., 5.750%, 11/15/2033(a) | &nbsp;&nbsp; 648285 |
| 884000 | Commercial Metals Co., 6.000%, 12/15/2035(a) | &nbsp;&nbsp; 906238 |
| 2195000 | First Quantum Minerals Ltd., 9.375%, 3/01/2029(a) | &nbsp;&nbsp; 2311365 |
| 41000 | &nbsp;&nbsp; Fortescue Treasury Pty. Ltd., <br> 4.375%, 4/01/2031(a)<br>| &nbsp;&nbsp; 39652 |
| 4413000 | Glencore Funding LLC, 5.673%, 4/01/2035(a) | &nbsp;&nbsp; 4607462 |
| 1930000 | Glencore Funding LLC, 6.500%, 10/06/2033(a) | &nbsp;&nbsp; 2131570 |
| 10000 | Mineral Resources Ltd., 8.000%, 11/01/2027(a) | &nbsp;&nbsp; 10213 |
| 28000 | Mineral Resources Ltd., 9.250%, 10/01/2028(a) | &nbsp;&nbsp; 29386 |
| 880000 | Steel Dynamics, Inc., 5.250%, 5/15/2035 | &nbsp;&nbsp; 899950 |
|  |  | &nbsp;&nbsp; 11624750 |
|  | **Midstream — 1.8%** | **Midstream — 1.8%** |
| 250000 | &nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> 5.500%, 6/15/2031(a)<br>| &nbsp;&nbsp; 247330 |
| 3374000 | Energy Transfer LP, 5.700%, 4/01/2035 | &nbsp;&nbsp; 3492518 |

---

See accompanying notes to financial statements.

35 \|

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Midstream — continued** | **Midstream — continued** |
| $37000 | &nbsp;&nbsp; Energy Transfer LP, (fixed rate to 2/15/2029, <br> variable rate thereafter), 8.000%, 5/15/2054<br>| &nbsp;&nbsp; $39496 |
| 1775000 | Targa Resources Corp., 5.550%, 8/15/2035 | &nbsp;&nbsp; 1816731 |
| 25000 | Targa Resources Corp., 6.125%, 3/15/2033 | &nbsp;&nbsp; 26742 |
| 2830000 | Targa Resources Corp., 6.500%, 3/30/2034 | &nbsp;&nbsp; 3088627 |
| 1210000 | &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br> 3.875%, 11/01/2033(a)<br>| &nbsp;&nbsp; 1037468 |
| 547000 | &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br> 4.125%, 8/15/2031(a)<br>| &nbsp;&nbsp; 497755 |
| 40000 | &nbsp;&nbsp; Venture Global LNG, Inc., (fixed rate to <br> 9/30/2029, variable rate thereafter), 9.000%(a)(d)<br>| &nbsp;&nbsp; 31589 |
| 564000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.125%, 12/15/2030(a)<br>| &nbsp;&nbsp; 574346 |
| 1409000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.500%, 1/15/2034(a)<br>| &nbsp;&nbsp; 1443154 |
| 37000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.500%, 6/15/2034(a)<br>| &nbsp;&nbsp; 37806 |
| 2514000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 7.500%, 5/01/2033(a)<br>| &nbsp;&nbsp; 2716380 |
| 1400000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 7.750%, 5/01/2035(a)<br>| &nbsp;&nbsp; 1532935 |
| 465000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.500%, 12/15/2035<br>| &nbsp;&nbsp; 462527 |
| 1665000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 6.150%, 4/01/2033<br>| &nbsp;&nbsp; 1763010 |
|  |  | &nbsp;&nbsp; 18808414 |
|  | **Non-Agency Commercial Mortgage-Backed Securities — 3.5%** | **Non-Agency Commercial Mortgage-Backed Securities — 3.5%** |
| 385000 | &nbsp;&nbsp; BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class B, 1 mo. USD SOFR + <br> 1.800%, 5.550%, 11/15/2042(a)(b)<br>| &nbsp;&nbsp; 386198 |
| 315000 | &nbsp;&nbsp; BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class C, 1 mo. USD SOFR + <br> 2.150%, 5.900%, 11/15/2042(a)(b)<br>| &nbsp;&nbsp; 316565 |
| 220000 | &nbsp;&nbsp; BPR Commercial Mortgage Trust, <br> Series 2025-STAR, Class A, <br> 4.947%, 11/05/2042(a)(b)<br>| &nbsp;&nbsp; 221281 |
| 2155000 | &nbsp;&nbsp; BPR Trust, Series 2021-NRD, Class F, 1 mo. USD <br> SOFR + 6.870%, 10.621%, 12/15/2038(a)(b)<br>| &nbsp;&nbsp; 2103482 |
| 1925000 | &nbsp;&nbsp; BPR Trust, Series 2022-SSP, Class A, 1 mo. USD <br> SOFR + 3.000%, 6.750%, 5/15/2039(a)(b)<br>| &nbsp;&nbsp; 1924999 |
| 100000 | &nbsp;&nbsp; BX Commercial Mortgage Trust, <br> Series 2024-VLT5, Class B, <br> 5.802%, 11/13/2046(a)(b)<br>| &nbsp;&nbsp; 101597 |
| 530000 | &nbsp;&nbsp; BX Trust, Series 2024-VLT4, Class A, 1 mo. USD <br> SOFR + 1.491%, 5.242%, 6/15/2041(a)(b)<br>| &nbsp;&nbsp; 529834 |
| 275000 | &nbsp;&nbsp; BX Trust, Series 2025-DELC, Class C, 1 mo. USD <br> SOFR + 2.200%, 6.157%, 12/15/2042(a)(b)<br>| &nbsp;&nbsp; 275685 |
| 125000 | &nbsp;&nbsp; BX Trust, Series 2025-DELC, Class D, 1 mo. USD <br> SOFR + 2.600%, 6.557%, 12/15/2042(a)(b)<br>| &nbsp;&nbsp; 125311 |
| 2955000 | &nbsp;&nbsp; BX Trust, Series 2025-VLT6, Class A, 1 mo. USD <br> SOFR + 1.443%, 5.193%, 3/15/2042(a)(b)<br>| &nbsp;&nbsp; 2951306 |
| 1260000 | &nbsp;&nbsp; BX Trust, Series 2025-VLT7, Class A, 1 mo. USD <br> SOFR + 1.700%, 5.450%, 7/15/2044(a)(b)<br>| &nbsp;&nbsp; 1261953 |
| 1110000 | &nbsp;&nbsp; BX Trust, Series 2025-VLT7, Class B, 1 mo. USD <br> SOFR + 2.000%, 5.750%, 7/15/2044(a)(b)<br>| &nbsp;&nbsp; 1111720 |
| 2040000 | &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2014-GC21, Class D, <br> 4.709%, 5/10/2047(a)(b)<br>| &nbsp;&nbsp; 1885427 |
| 2444601 | &nbsp;&nbsp; Commercial Mortgage Trust, Series 2012-CR3, <br> Class B, 3.922%, 10/15/2045(a)<br>| &nbsp;&nbsp; 2346793 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $130000 | &nbsp;&nbsp; Commercial Mortgage Trust, Series 2024-CBM, <br> Class A2, 5.867%, 12/10/2041(a)(b)<br>| &nbsp;&nbsp; $132329 |
| 1890000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, Series 2014-USA, <br> Class D, 4.373%, 9/15/2037(a)<br>| &nbsp;&nbsp; 1605256 |
| 5680000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, Series 2014-USA, <br> Class E, 4.373%, 9/15/2037(a)<br>| &nbsp;&nbsp; 4492989 |
| 920000 | &nbsp;&nbsp; DC Commercial Mortgage Trust, Series 2023-DC, <br> Class C, 7.141%, 9/12/2040(a)(b)<br>| &nbsp;&nbsp; 951343 |
| 165000 | &nbsp;&nbsp; Extended Stay America Trust, Series 2025-ESH, <br> Class D, 1 mo. USD SOFR + 2.600%, <br> 6.350%, 10/15/2042(a)(b)<br>| &nbsp;&nbsp; 166031 |
| 170000 | &nbsp;&nbsp; Extended Stay America Trust, Series 2025-ESH, <br> Class E, 1 mo. USD SOFR + 3.350%, <br> 7.100%, 10/15/2042(a)(b)<br>| &nbsp;&nbsp; 171062 |
| 200000 | &nbsp;&nbsp; Extended Stay America Trust, Series 2025-ESH, <br> Class F, 1 mo. USD SOFR + 4.100%, <br> 7.850%, 10/15/2042(a)(b)<br>| &nbsp;&nbsp; 201749 |
| 450922 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2012-BWTR, Class A, <br> 2.954%, 11/05/2034(a)<br>| &nbsp;&nbsp; 395932 |
| 541442 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2013-G1, Class B, 3.721%, 4/10/2031(a)(b)<br>| &nbsp;&nbsp; 536738 |
| 3195000 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2013-PEMB, Class D, <br> 3.550%, 3/05/2033(a)(b)(g)<br>| &nbsp;&nbsp; 111825 |
| 540000 | &nbsp;&nbsp; GS Mortgage Securities Trust, Series 2011-GC5, <br> Class C, 5.166%, 8/10/2044(a)(b)<br>| &nbsp;&nbsp; 486237 |
| 1945000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2011-C3, Class C, <br> 5.360%, 2/15/2046(a)(b)<br>| &nbsp;&nbsp; 1845385 |
| 814251 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2012-LC9, Class C, <br> 3.571%, 12/15/2047(a)(b)<br>| &nbsp;&nbsp; 790613 |
| 295000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 294908 |
| 640000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, Class C, <br> 1 mo. USD SOFR + 2.400%, <br> 6.150%, 1/15/2042(a)(b)<br>| &nbsp;&nbsp; 636026 |
| 420000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, Class D, <br> 1 mo. USD SOFR + 3.150%, <br> 6.900%, 1/15/2042(a)(b)<br>| &nbsp;&nbsp; 416389 |
| 180000 | &nbsp;&nbsp; LEX Mortgage Trust, Series 2024-BBG, Class A, <br> 4.874%, 10/13/2033(a)(b)<br>| &nbsp;&nbsp; 181061 |
| 456025 | &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2011-C2, <br> Class D, 5.211%, 6/15/2044(a)(b)<br>| &nbsp;&nbsp; 451598 |
| 80762 | &nbsp;&nbsp; MSBAM Commercial Mortgage Securities Trust, <br> Series 2012-CKSV, Class A2, <br> 3.277%, 10/15/2030(a)<br>| &nbsp;&nbsp; 77530 |
| 390000 | &nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC, <br> Series 2021-1, Class A1, 1.910%, 10/20/2061(a)<br>| &nbsp;&nbsp; 325569 |
| 1060000 | &nbsp;&nbsp; Starwood Retail Property Trust, <br> Series 2014-STAR, Class C, Prime + 0.000%, <br> 6.750%, 11/15/2027(a)(b)(c)(g)<br>| &nbsp;&nbsp; 21200 |
| 4243654 | &nbsp;&nbsp; Starwood Retail Property Trust, <br> Series 2014-STAR, Class D, Prime + 0.000%, <br> 6.750%, 11/15/2027(a)(b)(c)(g)<br>| &nbsp;&nbsp; 42437 |

---

See accompanying notes to financial statements.

\| 36

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $3575000 | &nbsp;&nbsp; Starwood Retail Property Trust, <br> Series 2014-STAR, Class E, Prime + 0.000%, <br> 6.750%, 11/15/2027(a)(b)(c)(g)<br>| &nbsp;&nbsp; $17875 |
| 1690000 | &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, <br> Series 2016-C36, Class B, 3.671%, 11/15/2059(b)<br>| &nbsp;&nbsp; 1612972 |
| 440000 | &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, <br> Series 2016-C36, Class C, 4.099%, 11/15/2059(b)<br>| &nbsp;&nbsp; 390685 |
| 941396 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2011-C3, Class D, 5.855%, 3/15/2044(a)(b)<br>| &nbsp;&nbsp; 338922 |
| 1699593 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2011-C4, Class E, 4.984%, 6/15/2044(a)(b)<br>| &nbsp;&nbsp; 1606115 |
| 2245000 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2012-C10, Class C, 4.310%, 12/15/2045(b)<br>| &nbsp;&nbsp; 1975555 |
| 1005698 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2014-C20, Class B, 4.378%, 5/15/2047<br>| &nbsp;&nbsp; 870753 |
|  |  | &nbsp;&nbsp; 36689235 |
|  | **Oil Field Services — 0.2%** | **Oil Field Services — 0.2%** |
| 2175000 | Helmerich & Payne, Inc., 5.500%, 12/01/2034 | &nbsp;&nbsp; 2141361 |
| 10000 | &nbsp;&nbsp; Oceaneering International, Inc., <br> 6.000%, 2/01/2028<br>| &nbsp;&nbsp; 10112 |
| 10000 | &nbsp;&nbsp; Oceaneering International, Inc., <br> 6.000%, 2/01/2028<br>| &nbsp;&nbsp; 10112 |
| 38047 | &nbsp;&nbsp; Transocean Titan Financing Ltd., <br> 8.375%, 2/01/2028(a)<br>| &nbsp;&nbsp; 38858 |
| 29000 | &nbsp;&nbsp; Weatherford International Ltd., <br> 6.750%, 10/15/2033(a)<br>| &nbsp;&nbsp; 29699 |
|  |  | &nbsp;&nbsp; 2230142 |
|  | **Packaging — 0.4%** | **Packaging — 0.4%** |
| 3547000 | Ball Corp., 5.500%, 9/15/2033 | &nbsp;&nbsp; 3615785 |
|  | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| 6510000 | AbbVie, Inc., 4.650%, 3/15/2028 | &nbsp;&nbsp; 6619161 |
| 1495000 | Bausch Health Cos., Inc., 4.875%, 6/01/2028(a) | &nbsp;&nbsp; 1338025 |
| 6475000 | Eli Lilly & Co., 4.550%, 2/12/2028 | &nbsp;&nbsp; 6585473 |
| 2895000 | Johnson & Johnson, 4.500%, 3/01/2027 | &nbsp;&nbsp; 2924661 |
| 1937000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC, <br> 6.150%, 2/01/2036<br>| &nbsp;&nbsp; 2033654 |
| 930000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II BV, <br> 4.375%, 5/09/2030, (EUR)<br>| &nbsp;&nbsp; 1121460 |
| 685000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II BV, <br> 7.375%, 9/15/2029, (EUR)<br>| &nbsp;&nbsp; 905695 |
| 570000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II BV, <br> 7.875%, 9/15/2031, (EUR)<br>| &nbsp;&nbsp; 801325 |
| 9165000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 4.100%, 10/01/2046<br>| &nbsp;&nbsp; 6930615 |
| 340000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 6.000%, 12/01/2032<br>| &nbsp;&nbsp; 356833 |
| 435000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 7.875%, 9/15/2029<br>| &nbsp;&nbsp; 478512 |
| 305000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 8.125%, 9/15/2031<br>| &nbsp;&nbsp; 351189 |
| 720000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands IV <br> BV, 5.750%, 12/01/2030<br>| &nbsp;&nbsp; 746802 |
|  |  | &nbsp;&nbsp; 31193405 |
|  | **Property & Casualty Insurance — 0.3%** | **Property & Casualty Insurance — 0.3%** |
| 1006000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 6.500%, 10/01/2031(a)<br>| &nbsp;&nbsp; 1036871 |
| 239000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 6.750%, 4/15/2028(a)<br>| &nbsp;&nbsp; 243344 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Property & Casualty Insurance — continued** | **Property & Casualty Insurance — continued** |
| $278000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.000%, 1/15/2031(a)<br>| &nbsp;&nbsp; $288418 |
| 29000 | AmWINS Group, Inc., 6.375%, 2/15/2029(a) | &nbsp;&nbsp; 29824 |
| 200000 | Ardonagh Finco Ltd., 7.750%, 2/15/2031(a) | &nbsp;&nbsp; 209671 |
| 48000 | &nbsp;&nbsp; Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, <br> 7.125%, 5/15/2031(a)<br>| &nbsp;&nbsp; 49733 |
| 345000 | Brown & Brown, Inc., 5.550%, 6/23/2035 | &nbsp;&nbsp; 353748 |
| 38000 | Panther Escrow Issuer LLC, 7.125%, 6/01/2031(a) | &nbsp;&nbsp; 39377 |
| 77000 | Ryan Specialty LLC, 5.875%, 8/01/2032(a) | &nbsp;&nbsp; 78676 |
| 282000 | Willis North America, Inc., 5.150%, 3/15/2036 | &nbsp;&nbsp; 282023 |
|  |  | &nbsp;&nbsp; 2611685 |
|  | **Restaurants — 0.3%** | **Restaurants — 0.3%** |
| 300000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 3.500%, 2/15/2029(a)<br>| &nbsp;&nbsp; 289861 |
| 75000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 3.875%, 1/15/2028(a)<br>| &nbsp;&nbsp; 73931 |
| 2665000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 4.000%, 10/15/2030(a)<br>| &nbsp;&nbsp; 2538157 |
| 469000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 4.375%, 1/15/2028(a)<br>| &nbsp;&nbsp; 466043 |
| 49000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 5.625%, 9/15/2029(a)<br>| &nbsp;&nbsp; 49891 |
| 32000 | Yum! Brands, Inc., 3.625%, 3/15/2031 | &nbsp;&nbsp; 30270 |
| 31000 | Yum! Brands, Inc., 4.625%, 1/31/2032 | &nbsp;&nbsp; 30380 |
|  |  | &nbsp;&nbsp; 3478533 |
|  | **Retailers — 0.2%** | **Retailers — 0.2%** |
| 1890000 | &nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH U.K. Ltd., <br> 11.500%, 8/15/2029(a)<br>| &nbsp;&nbsp; 1979197 |
| 13000 | Murphy Oil USA, Inc., 3.750%, 2/15/2031(a) | &nbsp;&nbsp; 12201 |
|  |  | &nbsp;&nbsp; 1991398 |
|  | **Sovereigns — 3.5%** | **Sovereigns — 3.5%** |
| 1610000 | &nbsp;&nbsp; Chile Government International Bonds, <br> 3.100%, 1/22/2061<br>| &nbsp;&nbsp; 995785 |
| 2080000 | &nbsp;&nbsp; Chile Government International Bonds, <br> 3.250%, 9/21/2071<br>| &nbsp;&nbsp; 1284296 |
| 840000 | &nbsp;&nbsp; Chile Government International Bonds, <br> 4.340%, 3/07/2042<br>| &nbsp;&nbsp; 746256 |
| 1637000 | &nbsp;&nbsp; Egypt Government International Bonds, <br> 5.800%, 9/30/2027<br>| &nbsp;&nbsp; 1654089 |
| 2470000 | &nbsp;&nbsp; Kuwait International Government Bonds, <br> 4.136%, 10/09/2030(a)<br>| &nbsp;&nbsp; 2468961 |
| 2137000 | &nbsp;&nbsp; Kuwait International Government Bonds, <br> 4.652%, 10/09/2035(a)<br>| &nbsp;&nbsp; 2134049 |
| 1130000 | &nbsp;&nbsp; Kyrgyz Republic International Bonds, <br> 7.750%, 6/03/2030(a)<br>| &nbsp;&nbsp; 1163335 |
| 861000 | &nbsp;&nbsp; Nigeria Government International Bonds, <br> 6.500%, 11/28/2027<br>| &nbsp;&nbsp; 872596 |
| 1501000 | &nbsp;&nbsp; Pakistan Government International Bonds, <br> 6.000%, 4/08/2026<br>| &nbsp;&nbsp; 1497188 |
| 1335000 | &nbsp;&nbsp; Pakistan Government International Bonds, <br> 6.875%, 12/05/2027<br>| &nbsp;&nbsp; 1344404 |
| 1942000 | &nbsp;&nbsp; Republic of Poland Government International <br> Bonds, 5.375%, 2/12/2035<br>| &nbsp;&nbsp; 2013171 |
| 3459000 | &nbsp;&nbsp; Republic of Poland Government International <br> Bonds, 5.500%, 3/18/2054<br>| &nbsp;&nbsp; 3307954 |
| 480000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 3.700%, 11/25/2030<br>| &nbsp;&nbsp; 445464 |
| 1670000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 3.900%, 10/19/2031<br>| &nbsp;&nbsp; 1543796 |

---

See accompanying notes to financial statements.

37 \|

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Sovereigns — continued** | **Sovereigns — continued** |
| 915000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 5.100%, 2/25/2029, (EUR)(a)<br>| &nbsp;&nbsp; $1111221 |
| 815000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 5.100%, 2/25/2029, (EUR)<br>| &nbsp;&nbsp; 989776 |
| 470000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 5.375%, 5/29/2027, (EUR)(a)<br>| &nbsp;&nbsp; 564043 |
| 2160000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 6.900%, 2/28/2032(a)<br>| &nbsp;&nbsp; 2318803 |
| 1320000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 6.947%, 5/25/2032(a)<br>| &nbsp;&nbsp; 1422115 |
| 220000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 7.850%, 10/12/2028(a)<br>| &nbsp;&nbsp; 235456 |
| 2380000 | &nbsp;&nbsp; Romania Government International Bonds, <br> 6.375%, 1/30/2034<br>| &nbsp;&nbsp; 2475272 |
| 2978000 | &nbsp;&nbsp; Romania Government International Bonds, <br> 6.625%, 5/16/2036<br>| &nbsp;&nbsp; 3103969 |
| 630000 | &nbsp;&nbsp; Romania Government International Bonds, <br> 7.125%, 1/17/2033<br>| &nbsp;&nbsp; 683878 |
| 1570000 | &nbsp;&nbsp; Turkiye Government International Bonds, <br> 6.950%, 9/16/2035<br>| &nbsp;&nbsp; 1615106 |
|  |  | &nbsp;&nbsp; 35990983 |
|  | **Technology — 5.1%** | **Technology — 5.1%** |
| 1925000 | Atlassian Corp., 5.500%, 5/15/2034 | &nbsp;&nbsp; 1992027 |
| 39000 | Block, Inc., 6.500%, 5/15/2032 | &nbsp;&nbsp; 40555 |
| 7500000 | Broadcom, Inc., 3.137%, 11/15/2035(a) | &nbsp;&nbsp; 6458894 |
| 2410000 | CDW LLC/CDW Finance Corp., 3.250%, 2/15/2029 | &nbsp;&nbsp; 2320211 |
| 2537000 | CDW LLC/CDW Finance Corp., 5.550%, 8/22/2034 | &nbsp;&nbsp; 2584986 |
| 406000 | Cipher Compute LLC, 7.125%, 11/15/2030(a) | &nbsp;&nbsp; 413504 |
| 3255000 | Cisco Systems, Inc., 4.550%, 2/24/2028 | &nbsp;&nbsp; 3307877 |
| 21000 | Entegris, Inc., 3.625%, 5/01/2029(a) | &nbsp;&nbsp; 20174 |
| 1115000 | Entegris, Inc., 4.750%, 4/15/2029(a) | &nbsp;&nbsp; 1117433 |
| 19000 | Entegris, Inc., 5.950%, 6/15/2030(a) | &nbsp;&nbsp; 19380 |
| 1838000 | Fair Isaac Corp., 6.000%, 5/15/2033(a) | &nbsp;&nbsp; 1887896 |
| 1200000 | Flash Compute LLC, 7.250%, 12/31/2030(a) | &nbsp;&nbsp; 1188915 |
| 1307000 | &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., <br> Inc., 3.500%, 3/01/2029(a)<br>| &nbsp;&nbsp; 1253258 |
| 680000 | &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., <br> Inc., 5.250%, 12/01/2027(a)<br>| &nbsp;&nbsp; 681853 |
| 81000 | Imola Merger Corp., 4.750%, 5/15/2029(a) | &nbsp;&nbsp; 79949 |
| 6450000 | &nbsp;&nbsp; International Business Machines Corp., <br> 4.650%, 2/10/2028<br>| &nbsp;&nbsp; 6544648 |
| 645000 | Iron Mountain, Inc., 4.500%, 2/15/2031(a) | &nbsp;&nbsp; 614851 |
| 350000 | Iron Mountain, Inc., 5.250%, 7/15/2030(a) | &nbsp;&nbsp; 345767 |
| 29000 | Iron Mountain, Inc., 7.000%, 2/15/2029(a) | &nbsp;&nbsp; 29789 |
| 1820000 | &nbsp;&nbsp; Mastercard, Inc., 1 day USD SOFR Index + <br> 0.440%, 4.163%, 3/15/2028(b)<br>| &nbsp;&nbsp; 1827009 |
| 2453000 | Micron Technology, Inc., 5.875%, 9/15/2033 | &nbsp;&nbsp; 2605081 |
| 1135000 | MSCI, Inc., 5.250%, 9/01/2035 | &nbsp;&nbsp; 1142488 |
| 670000 | NetApp, Inc., 5.500%, 3/17/2032 | &nbsp;&nbsp; 696936 |
| 595000 | NetApp, Inc., 5.700%, 3/17/2035 | &nbsp;&nbsp; 622694 |
| 48000 | Open Text Corp., 3.875%, 12/01/2029(a) | &nbsp;&nbsp; 45553 |
| 48000 | Open Text Holdings, Inc., 4.125%, 2/15/2030(a) | &nbsp;&nbsp; 45879 |
| 74000 | Oracle Corp., 3.950%, 3/25/2051 | &nbsp;&nbsp; 48689 |
| 4243000 | Oracle Corp., 5.200%, 9/26/2035 | &nbsp;&nbsp; 4065137 |
| 1679000 | Oracle Corp., 5.950%, 9/26/2055 | &nbsp;&nbsp; 1487618 |
| 147000 | Oracle Corp., 6.000%, 8/03/2055 | &nbsp;&nbsp; 129623 |
| 20000 | &nbsp;&nbsp; Science Applications International Corp., <br> 4.875%, 4/01/2028(a)<br>| &nbsp;&nbsp; 19947 |
| 20000 | &nbsp;&nbsp; Science Applications International Corp., <br> 5.875%, 11/01/2033(a)<br>| &nbsp;&nbsp; 20275 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $15000 | &nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., <br> 5.750%, 12/01/2034(a)<br>| &nbsp;&nbsp; $15338 |
| 15000 | &nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., <br> 5.875%, 7/15/2030(a)<br>| &nbsp;&nbsp; 15463 |
| 15000 | &nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., <br> 8.250%, 12/15/2029(a)<br>| &nbsp;&nbsp; 15907 |
| 2563000 | Sensata Technologies, Inc., 3.750%, 2/15/2031(a) | &nbsp;&nbsp; 2405314 |
| 20000 | Sensata Technologies, Inc., 4.375%, 2/15/2030(a) | &nbsp;&nbsp; 19534 |
| 845000 | Synopsys, Inc., 5.150%, 4/01/2035 | &nbsp;&nbsp; 858812 |
| 995000 | Synopsys, Inc., 5.700%, 4/01/2055 | &nbsp;&nbsp; 987029 |
| 1255000 | TD SYNNEX Corp., 5.300%, 10/10/2035 | &nbsp;&nbsp; 1242729 |
| 1970000 | TD SYNNEX Corp., 6.100%, 4/12/2034 | &nbsp;&nbsp; 2081622 |
| 1337000 | WULF Compute LLC, 7.750%, 10/15/2030(a) | &nbsp;&nbsp; 1377442 |
| 38000 | Zebra Technologies Corp., 6.500%, 6/01/2032(a) | &nbsp;&nbsp; 39282 |
|  |  | &nbsp;&nbsp; 52717368 |
|  | **Treasuries — 25.4%** | **Treasuries — 25.4%** |
| 15,717(h)<br>| &nbsp;&nbsp; Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2031, (BRL)<br>| &nbsp;&nbsp; 2526721 |
| 634460000 | &nbsp;&nbsp; Hungary Government Bonds, 2.750%, 12/22/2026, <br> (HUF)<br>| &nbsp;&nbsp; 1881751 |
| 529060000 | &nbsp;&nbsp; Hungary Government Bonds, 9.500%, 10/21/2026, <br> (HUF)<br>| &nbsp;&nbsp; 1657362 |
| 895,000(i)<br>| Mexico Bonos, 8.500%, 11/18/2038, (MXN) | &nbsp;&nbsp; 4657877 |
| 242300000 | &nbsp;&nbsp; Republic of South Africa Government Bonds, <br> 8.500%, 1/31/2037, (ZAR)<br>| &nbsp;&nbsp; 14490674 |
| 149701000 | &nbsp;&nbsp; Republic of South Africa Government Bonds, <br> 9.000%, 1/31/2040, (ZAR)<br>| &nbsp;&nbsp; 9053086 |
| 157803000 | &nbsp;&nbsp; Turkiye Government Bonds, 36.000%, 8/12/2026, <br> (TRY)<br>| &nbsp;&nbsp; 3703664 |
| 104900000 | &nbsp;&nbsp; Turkiye Government Bonds, 37.000%, 2/18/2026, <br> (TRY)<br>| &nbsp;&nbsp; 2445069 |
| 49610000 | U.S. Treasury Notes, 0.625%, 5/15/2030 | &nbsp;&nbsp; 43534713 |
| 47243000 | U.S. Treasury Notes, 2.500%, 2/28/2026 | &nbsp;&nbsp; 47150860 |
| 29558000 | U.S. Treasury Notes, 3.750%, 4/15/2026(j) | &nbsp;&nbsp; 29571941 |
| 46693000 | U.S. Treasury Notes, 4.250%, 1/31/2026 | &nbsp;&nbsp; 46711659 |
| 825000 | U.S. Treasury Notes, 4.375%, 7/31/2026 | &nbsp;&nbsp; 828848 |
| 32106000 | U.S. Treasury Notes, 4.500%, 3/31/2026 | &nbsp;&nbsp; 32173673 |
| 19833000 | U.S. Treasury Notes, 4.875%, 5/31/2026 | &nbsp;&nbsp; 19935849 |
| 59500000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 8.000%, 10/29/2035, (UYU)<br>| &nbsp;&nbsp; 1567308 |
| 36185000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 8.500%, 3/15/2028, (UYU)<br>| &nbsp;&nbsp; 944303 |
| 35915000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 9.750%, 7/20/2033, (UYU)<br>| &nbsp;&nbsp; 1032371 |
|  |  | &nbsp;&nbsp; 263867729 |
|  | **Wireless — 0.1%** | **Wireless — 0.1%** |
| 985000 | Sprint Capital Corp., 8.750%, 3/15/2032 | &nbsp;&nbsp; 1191216 |
|  | &nbsp;&nbsp; Total Non-Convertible Bonds <br>(Identified Cost $855,307,286)<br>| &nbsp;&nbsp; 835070143 |
| **Convertible Bonds — 0.3%** | **Convertible Bonds — 0.3%** | **Convertible Bonds — 0.3%** |
|  | **Cable Satellite — 0.2%** | **Cable Satellite — 0.2%** |
| 634600 | &nbsp;&nbsp; EchoStar Corp., 3.875% PIK and/or 3.875% Cash, <br> 11/30/2030(e)<br>| &nbsp;&nbsp; 2119564 |
|  | **Financial Other — 0.1%** | **Financial Other — 0.1%** |
| 30180 | &nbsp;&nbsp; China Aoyuan Group Ltd., Series IAI, Zero <br> Coupon, 9/30/2028<br>| &nbsp;&nbsp; 473 |
| 1076797 | &nbsp;&nbsp; CIFI Holdings Group Co. Ltd., Series IAI, Zero <br> Coupon, 6/30/2029<br>| &nbsp;&nbsp; 79737 |
| 394309 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2026(a)<br>| &nbsp;&nbsp; 3943 |

---

See accompanying notes to financial statements.

\| 38

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Financial Other — continued** | **Financial Other — continued** |
| $492908 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2027(a)<br>| &nbsp;&nbsp; $2465 |
| 788618 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2028(a)<br>| &nbsp;&nbsp; 2957 |
| 788618 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2029(a)<br>| &nbsp;&nbsp; 2957 |
| 985772 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2030(a)<br>| &nbsp;&nbsp; 1232 |
| 985772 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2031(a)<br>| &nbsp;&nbsp; 1232 |
| 1859714 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2032(a)<br>| &nbsp;&nbsp; 4649 |
| 2201209 | &nbsp;&nbsp; Shimao Group Holdings Ltd., Zero Coupon, <br> 7/21/2026(a)<br>| &nbsp;&nbsp; 122982 |
| 2168236 | &nbsp;&nbsp; Sunac China Holdings Ltd., Zero Coupon, <br> 6/23/2026(a)<br>| &nbsp;&nbsp; 338809 |
| 1602221 | &nbsp;&nbsp; Sunac China Holdings Ltd., Zero Coupon, <br> 6/23/2028(a)<br>| &nbsp;&nbsp; 342250 |
| 499552 | &nbsp;&nbsp; Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| &nbsp;&nbsp; 4026 |
| 98089 | &nbsp;&nbsp; Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| &nbsp;&nbsp; 845 |
|  |  | &nbsp;&nbsp; 908557 |
|  | &nbsp;&nbsp; Total Convertible Bonds <br>(Identified Cost $6,027,156)<br>| &nbsp;&nbsp; 3028121 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $861,334,442)<br>| &nbsp;&nbsp; 838098264 |
| **Collateralized Loan Obligations — 6.8%** | **Collateralized Loan Obligations — 6.8%** | **Collateralized Loan Obligations — 6.8%** |
| 975000 | &nbsp;&nbsp; 720 East CLO V Ltd., Series 2024-2A, Class C, <br> 3 mo. USD SOFR + 2.200%, <br> 6.084%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 977276 |
| 875000 | &nbsp;&nbsp; AGL CLO 42 Ltd., Series 2025-42A, Class A1, <br> 3 mo. USD SOFR + 1.300%, <br> 5.569%, 7/22/2038(a)(b)<br>| &nbsp;&nbsp; 877833 |
| 420000 | &nbsp;&nbsp; AGL Core CLO 36 Ltd., Series 2024-36A, Class B, <br> 3 mo. USD SOFR + 1.600%, <br> 5.460%, 1/23/2038(a)(b)<br>| &nbsp;&nbsp; 420629 |
| 2335000 | &nbsp;&nbsp; AIMCO CLO 10 Ltd., Series 2019-10A, Class BRR, <br> 3 mo. USD SOFR + 1.750%, <br> 5.607%, 7/22/2037(a)(b)<br>| &nbsp;&nbsp; 2340947 |
| 700000 | &nbsp;&nbsp; AIMCO CLO 16 Ltd., Series 2021-16A, Class BR, <br> 3 mo. USD SOFR + 1.650%, <br> 5.532%, 7/17/2037(a)(b)<br>| &nbsp;&nbsp; 700778 |
| 890000 | &nbsp;&nbsp; Anchorage Capital CLO 6 Ltd., Series 2015-6A, <br> Class AR4, 3 mo. USD SOFR + 1.370%, <br> 5.640%, 7/22/2038(a)(b)<br>| &nbsp;&nbsp; 891847 |
| 2835000 | &nbsp;&nbsp; ARES Loan Funding VIII Ltd., Series 2024-ALF8, <br> Class B, 3 mo. USD SOFR + 1.700%, <br> 5.565%, 1/24/2038(a)(b)<br>| &nbsp;&nbsp; 2845421 |
| 1660000 | &nbsp;&nbsp; ARES XXXIX CLO Ltd., Series 2016-39A, Class <br> BR3, 3 mo. USD SOFR + 1.750%, <br> 5.634%, 7/18/2037(a)(b)<br>| &nbsp;&nbsp; 1663011 |
| 1045000 | &nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2020-1A, <br> Class C1RR, 3 mo. USD SOFR + 1.800%, <br> 5.684%, 4/18/2033(a)(b)<br>| &nbsp;&nbsp; 1045302 |
| 1080000 | &nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2022-4A, <br> Class A1R, 3 mo. USD SOFR + 1.380%, <br> 5.274%, 10/16/2037(a)(b)<br>| &nbsp;&nbsp; 1082597 |
| 250000 | &nbsp;&nbsp; Benefit Street Partners CLO 43 Ltd., <br> Series 2025-43A, Class A, 3 mo. USD SOFR + <br> 1.270%, 5.188%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 250407 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $575000 | &nbsp;&nbsp; Benefit Street Partners CLO Ltd., <br> Series 2015-6BR, Class A1R, 3 mo. USD SOFR + <br> 1.180%, 5.064%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; $574694 |
| 2005000 | &nbsp;&nbsp; Benefit Street Partners CLO XVI Ltd., <br> Series 2018-16A, Class BR2, 3 mo. USD SOFR + <br> 1.700%, 5.582%, 1/17/2038(a)(b)<br>| &nbsp;&nbsp; 2013706 |
| 1590000 | &nbsp;&nbsp; Birch Grove CLO 12 Ltd., Series 2025-12A, <br> Class C, 3 mo. USD SOFR + 1.800%, <br> 5.657%, 4/22/2038(a)(b)<br>| &nbsp;&nbsp; 1591803 |
| 1660000 | &nbsp;&nbsp; Birch Grove CLO 13 Ltd., Series 2025-13A, <br> Class A1, 3 mo. USD SOFR + 1.310%, <br> 5.467%, 10/23/2038(a)(b)<br>| &nbsp;&nbsp; 1663807 |
| 530000 | &nbsp;&nbsp; Birch Grove CLO 6 Ltd., Series 2023-6A, <br> Class A1R, 3 mo. USD SOFR + 1.380%, <br> 5.751%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 531536 |
| 465000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 465262 |
| 1335000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 1337370 |
| 1925000 | &nbsp;&nbsp; CarVal CLO X-C Ltd., Series 2024-2A, Class B, <br> 3 mo. USD SOFR + 1.800%, <br> 5.684%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 1928596 |
| 1750000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2017-5A, Class BR, <br> 3 mo. USD SOFR + 1.700%, <br> 5.582%, 7/17/2037(a)(b)<br>| &nbsp;&nbsp; 1753248 |
| 1140000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2019-7A, Class A1R, <br> 3 mo. USD SOFR + 1.280%, <br> 5.371%, 10/19/2038(a)(b)<br>| &nbsp;&nbsp; 1143192 |
| 290000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2021-4A, Class AR, <br> 3 mo. USD SOFR + 1.360%, <br> 5.220%, 7/23/2037(a)(b)<br>| &nbsp;&nbsp; 290808 |
| 1030000 | &nbsp;&nbsp; Crown City CLO I, Series 2020-1A, Class A1RR, <br> 3 mo. USD SOFR + 1.370%, <br> 5.533%, 7/20/2038(a)(b)<br>| &nbsp;&nbsp; 1031764 |
| 300000 | &nbsp;&nbsp; Diameter Capital CLO 10 Ltd., Series 2025-10A, <br> Class A, 3 mo. USD SOFR + 1.310%, <br> 5.194%, 4/20/2038(a)(b)<br>| &nbsp;&nbsp; 300569 |
| 250000 | &nbsp;&nbsp; Dryden 64 CLO Ltd., Series 2018-64A, Class C, <br> 3 mo. USD SOFR + 2.012%, <br> 5.896%, 4/18/2031(a)(b)<br>| &nbsp;&nbsp; 250530 |
| 300000 | &nbsp;&nbsp; Dryden XXVI Senior Loan Fund, Series 2013-26A, <br> Class CR, 3 mo. USD SOFR + 2.112%, <br> 6.016%, 4/15/2029(a)(b)<br>| &nbsp;&nbsp; 300703 |
| 1320000 | &nbsp;&nbsp; Garnet CLO 2 Ltd., Series 2025-2A, Class A, 3 mo. <br> USD SOFR + 1.350%, 5.431%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 1322625 |
| 3060000 | &nbsp;&nbsp; Garnet CLO 2 Ltd., Series 2025-2A, Class C, 3 mo. <br> USD SOFR + 2.000%, 6.081%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 3074428 |
| 950000 | &nbsp;&nbsp; Garnet CLO 3 Ltd., Series 2025-3A, Class A1, <br> 3 mo. USD SOFR + 1.270%, <br> 5.190%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 949287 |
| 1765000 | &nbsp;&nbsp; Garnet CLO Ltd., Series 2025-1A, Class C, 3 mo. <br> USD SOFR + 2.250%, 6.520%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 1775181 |
| 770000 | &nbsp;&nbsp; Golub Capital CLO 82 B Ltd., Series 2025-82A, <br> Class A1, 3 mo. USD SOFR + 1.260%, <br> 5.226%, 10/15/2038(a)(b)<br>| &nbsp;&nbsp; 771762 |
| 815000 | &nbsp;&nbsp; Golub Capital Partners CLO 74 B Ltd., <br> Series 2024-74A, Class B, 3 mo. USD SOFR + <br> 1.850%, 5.708%, 7/25/2037(a)(b)<br>| &nbsp;&nbsp; 816893 |
| 470000 | &nbsp;&nbsp; Golub Capital Partners CLO 74 B Ltd., <br> Series 2024-74A, Class C, 3 mo. USD SOFR + <br> 2.200%, 6.058%, 7/25/2037(a)(b)<br>| &nbsp;&nbsp; 470916 |

---

See accompanying notes to financial statements.

39 \|

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $395000 | &nbsp;&nbsp; Greenacre Park CLO LLC, Series 2021-2A, <br> Class AR, 3 mo. USD SOFR + 1.370%, <br> 5.254%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; $396436 |
| 1900000 | &nbsp;&nbsp; Madison Park Funding LIX Ltd., Series 2021-59A, <br> Class CR, 3 mo. USD SOFR + 2.250%, <br> 6.134%, 4/18/2037(a)(b)<br>| &nbsp;&nbsp; 1903650 |
| 2210000 | &nbsp;&nbsp; Magnetite XXXVI Ltd., Series 2023-36A, <br> Class CR, 3 mo. USD SOFR + 1.850%, <br> 5.708%, 7/25/2038(a)(b)<br>| &nbsp;&nbsp; 2211717 |
| 600000 | &nbsp;&nbsp; MidOcean Credit CLO XV Ltd., Series 2024-15A, <br> Class B, 3 mo. USD SOFR + 1.950%, <br> 5.820%, 7/21/2037(a)(b)<br>| &nbsp;&nbsp; 601456 |
| 435000 | &nbsp;&nbsp; MidOcean Credit CLO XVIII LLC, <br> Series 2025-18A, Class A1, 3 mo. USD SOFR + <br> 1.170%, 5.488%, 10/18/2035(a)(b)<br>| &nbsp;&nbsp; 435305 |
| 775000 | &nbsp;&nbsp; MidOcean Credit CLO XXI, Series 2025-21A, <br> Class A1, 3 mo. USD SOFR + 1.260%, <br> 5.122%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 776344 |
| 625000 | &nbsp;&nbsp; Northwoods Capital 20 Ltd., Series 2019-20A, <br> Class AR2, 3 mo. USD SOFR + 1.340%, <br> 5.198%, 10/25/2038(a)(b)<br>| &nbsp;&nbsp; 626631 |
| 795000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2016-12A, Class BAR3, <br> 3 mo. USD SOFR + 1.680%, <br> 5.564%, 10/18/2037(a)(b)<br>| &nbsp;&nbsp; 796441 |
| 1000000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2020-18A, Class A1R2, <br> 3 mo. USD SOFR + 1.370%, <br> 5.254%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 1002275 |
| 920000 | &nbsp;&nbsp; Octagon Investment Partners XXII Ltd., <br> Series 2014-1A, Class CRR, 3 mo. USD SOFR + <br> 2.162%, 6.019%, 1/22/2030(a)(b)<br>| &nbsp;&nbsp; 921945 |
| 485000 | &nbsp;&nbsp; OHA Credit Partners XI Ltd., Series 2015-11A, <br> Class B1R2, 3 mo. USD SOFR + 1.800%, <br> 5.684%, 4/20/2037(a)(b)<br>| &nbsp;&nbsp; 486085 |
| 1090000 | &nbsp;&nbsp; OHA Credit Partners XI Ltd., Series 2015-11A, <br> Class CR2, 3 mo. USD SOFR + 2.200%, <br> 6.084%, 4/20/2037(a)(b)<br>| &nbsp;&nbsp; 1093945 |
| 885000 | &nbsp;&nbsp; OHA Loan Funding Ltd., Series 2013-1A, <br> Class CR3, 3 mo. USD SOFR + 2.350%, <br> 6.210%, 4/23/2037(a)(b)<br>| &nbsp;&nbsp; 889636 |
| 960000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 961840 |
| 1535000 | &nbsp;&nbsp; OHA Loan Funding Ltd., Series 2016-1A, <br> Class CR2, 3 mo. USD SOFR + 2.100%, <br> 5.984%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 1537502 |
| 1945000 | &nbsp;&nbsp; Palmer Square BDC CLO 1 Ltd., Series 1A, <br> Class B1, 3 mo. USD SOFR + 2.150%, <br> 6.055%, 7/15/2037(a)(b)<br>| &nbsp;&nbsp; 1953276 |
| 1650000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2024-2A, <br> Class B, 3 mo. USD SOFR + 1.650%, <br> 5.534%, 7/20/2037(a)(b)<br>| &nbsp;&nbsp; 1652475 |
| 2110000 | &nbsp;&nbsp; Post CLO Ltd., Series 2023-1A, Class A1R, 3 mo. <br> USD SOFR + 1.300%, 5.160%, 10/20/2038(a)(b)<br>| &nbsp;&nbsp; 2114121 |
| 1445000 | &nbsp;&nbsp; Post CLO VI Ltd., Series 2024-2A, Class C, 3 mo. <br> USD SOFR + 2.100%, 5.984%, 1/20/2038(a)(b)<br>| &nbsp;&nbsp; 1448665 |
| 1150000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 1153313 |
| 344275 | &nbsp;&nbsp; Rockford Tower CLO Ltd., Series 2018-1A, <br> Class A, 3 mo. USD SOFR + 1.362%, <br> 5.251%, 5/20/2031(a)(b)<br>| &nbsp;&nbsp; 344270 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $1315000 | &nbsp;&nbsp; Silver Point CLO 12 Ltd., Series 2025-12A, <br> Class A1, 3 mo. USD SOFR + 1.310%, <br> 5.289%, 10/15/2038(a)(b)<br>| &nbsp;&nbsp; $1317752 |
| 430000 | &nbsp;&nbsp; Sixth Street CLO XV Ltd., Series 2020-15A, <br> Class CR, 3 mo. USD SOFR + 2.000%, <br> 5.865%, 10/24/2037(a)(b)<br>| &nbsp;&nbsp; 430758 |
| 1030000 | &nbsp;&nbsp; TICP CLO VII Ltd., Series 2017-7A, Class CR, <br> 3 mo. USD SOFR + 2.412%, <br> 6.316%, 4/15/2033(a)(b)<br>| &nbsp;&nbsp; 1031126 |
| 1350000 | &nbsp;&nbsp; TPG CLO Ltd., Series 2025-1A, Class A1, 3 mo. <br> USD SOFR + 1.370%, 5.518%, 7/15/2037(a)(b)<br>| &nbsp;&nbsp; 1351844 |
| 1660000 | &nbsp;&nbsp; Wellfleet CLO Ltd., Series 2022-1A, Class CR, <br> 3 mo. USD SOFR + 2.200%, <br> 6.105%, 7/15/2037(a)(b)<br>| &nbsp;&nbsp; 1662140 |
| 1055000 | &nbsp;&nbsp; Wellfleet CLO Ltd., Series 2024-1A, Class B, <br> 3 mo. USD SOFR + 2.050%, <br> 5.934%, 7/18/2037(a)(b)<br>| &nbsp;&nbsp; 1061264 |
| 565000 | &nbsp;&nbsp; Wellfleet CLO Ltd., Series 2024-1A, Class C, <br> 3 mo. USD SOFR + 2.450%, <br> 6.334%, 7/18/2037(a)(b)<br>| &nbsp;&nbsp; 568567 |
| 2580000 | &nbsp;&nbsp; Wise CLO Ltd., Series 2025-1A, Class B1, 3 mo. <br> USD SOFR + 1.550%, 5.434%, 1/20/2038(a)(b)<br>| &nbsp;&nbsp; 2572141 |
|  | &nbsp;&nbsp; Total Collateralized Loan Obligations <br>(Identified Cost $70,497,326)<br>| &nbsp;&nbsp; 70757648 |
| **Senior Loans — 4.5%** | **Senior Loans — 4.5%** | **Senior Loans — 4.5%** |
|  | **Automotive — 0.1%** | **Automotive — 0.1%** |
| 1360000 | &nbsp;&nbsp; Allison Transmission, Inc., 2025 Incremental <br> Term Loan B, 11/05/2032(k)<br>| &nbsp;&nbsp; 1365671 |
| 454000 | &nbsp;&nbsp; First Brands Group LLC, 2021 Term Loan, <br> 9.570%, 3/30/2027(f)<br>| &nbsp;&nbsp; 922 |
| 603992 | &nbsp;&nbsp; First Brands Group LLC, 2022 Incremental Term <br> Loan, 3/30/2027(f)<br>| &nbsp;&nbsp; 1226 |
| 199245 | &nbsp;&nbsp; First Brands Group LLC, 2025 DIP Term Loan, <br> 8.450% PIK and/or 1 mo. USD SOFR + 1.550% <br> Cash, 6/29/2026(b)(e)(l)<br>| &nbsp;&nbsp; 35864 |
|  |  | &nbsp;&nbsp; 1403683 |
|  | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| 1580000 | &nbsp;&nbsp; Solstice Advanced Materials, Inc., Term Loan B, <br> 3 mo. USD SOFR + 1.750%, <br> 5.593%, 10/29/2032(b)(l)<br>| &nbsp;&nbsp; 1586920 |
|  | **Construction Machinery — 0.3%** | **Construction Machinery — 0.3%** |
| 3206886 | &nbsp;&nbsp; Terex Corp., 2025 Term Loan, 1 mo. USD SOFR + <br> 1.750%, 5.466%, 10/08/2031(b)(l)<br>| &nbsp;&nbsp; 3219714 |
| 333304 | &nbsp;&nbsp; United Rentals, Inc., 2025 Repriced Term Loan B, <br> 1 mo. USD SOFR + 1.500%, <br> 5.216%, 2/14/2031(b)(l)<br>| &nbsp;&nbsp; 334554 |
|  |  | &nbsp;&nbsp; 3554268 |
|  | **Consumer Cyclical Services — 0.2%** | **Consumer Cyclical Services — 0.2%** |
| 155000 | &nbsp;&nbsp; Aramark Services, Inc., 2025 Repriced Term <br> Loan, 1 mo. USD SOFR + 1.750%, <br> 5.471%, 4/06/2028(b)(l)<br>| &nbsp;&nbsp; 155116 |
| 1397005 | &nbsp;&nbsp; Aramark Services, Inc., 2025 Term Loan, 1 mo. <br> USD SOFR + 1.750%, 5.471%, 6/22/2030(b)(l)<br>| &nbsp;&nbsp; 1399939 |
|  |  | &nbsp;&nbsp; 1555055 |
|  | **Electric — 0.4%** | **Electric — 0.4%** |
| 4168785 | &nbsp;&nbsp; NRG Energy, Inc., 2024 Term Loan, 3 mo. USD <br> SOFR + 1.750%, 5.593%, 4/16/2031(b)(l)<br>| &nbsp;&nbsp; 4178498 |

---

See accompanying notes to financial statements.

\| 40

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Environmental — 0.1%** | **Environmental — 0.1%** |
| $1380000 | &nbsp;&nbsp; Clean Harbors, Inc., 2025 Term Loan, 1 mo. USD <br> SOFR + 1.500%, 5.216%, 10/08/2032(b)(l)<br>| &nbsp;&nbsp; $1391495 |
|  | **Gaming — 0.4%** | **Gaming — 0.4%** |
| 833700 | &nbsp;&nbsp; DK Crown Holdings, Inc., 2025 Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.534%, 3/04/2032(b)(l)<br>| &nbsp;&nbsp; 833550 |
| 1440303 | &nbsp;&nbsp; Flutter Financing BV, 2024 Term Loan B, 3 mo. <br> USD SOFR + 1.750%, 5.422%, 11/30/2030(b)(l)<br>| &nbsp;&nbsp; 1437898 |
| 1492500 | &nbsp;&nbsp; Flutter Financing BV, 2025 Term Loan B, 3 mo. <br> USD SOFR + 2.000%, 5.672%, 6/04/2032(b)(l)<br>| &nbsp;&nbsp; 1492500 |
| 117627 | &nbsp;&nbsp; Light & Wonder International, Inc., 2024 Term <br> Loan B2, 1 mo. USD SOFR + 2.250%, <br> 5.986%, 4/14/2029(b)(l)<br>| &nbsp;&nbsp; 117885 |
|  |  | &nbsp;&nbsp; 3881833 |
|  | **Healthcare — 0.6%** | **Healthcare — 0.6%** |
| 900597 | &nbsp;&nbsp; Bausch & Lomb Corp., 2023 Incremental Term <br> Loan, 1 mo. USD SOFR + 4.000%, <br> 7.716%, 9/29/2028(b)(l)<br>| &nbsp;&nbsp; 900597 |
| 901079 | &nbsp;&nbsp; Bausch & Lomb Corp., 2025 Repriced Term Loan, <br> 1/15/2031(k)<br>| &nbsp;&nbsp; 909189 |
| 3200636 | &nbsp;&nbsp; DaVita, Inc., 2025 Term Loan B, 1 mo. USD SOFR <br> + 1.750%, 5.466%, 5/09/2031(b)(l)<br>| &nbsp;&nbsp; 3211775 |
| 737749 | &nbsp;&nbsp; IQVIA, Inc., 2025 Incremental Term Loan B5, <br> 3 mo. USD SOFR + 1.750%, <br> 5.422%, 1/02/2031(b)(l)<br>| &nbsp;&nbsp; 741902 |
|  |  | &nbsp;&nbsp; 5763463 |
|  | **Media Entertainment — 0.0%** | **Media Entertainment — 0.0%** |
| 317076 | &nbsp;&nbsp; MH Sub I LLC, 2023 Term Loan, 1 mo. USD SOFR <br> + 4.250%, 7.966%, 5/03/2028(b)(l)<br>| &nbsp;&nbsp; 294087 |
|  | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| 3202920 | &nbsp;&nbsp; Novelis Corp., 2025 Term Loan B, 3 mo. USD <br> SOFR + 1.750%, 5.422%, 3/11/2032(b)(l)<br>| &nbsp;&nbsp; 3213585 |
|  | **Paper — 0.3%** | **Paper — 0.3%** |
| 2358232 | &nbsp;&nbsp; Asplundh Tree Expert LLC, 2024 Incremental <br> Term Loan B, 5/23/2031(k)<br>| &nbsp;&nbsp; 2366651 |
| 842225 | &nbsp;&nbsp; Asplundh Tree Expert LLC, 2024 Incremental <br> Term Loan B, 1 mo. USD SOFR + 1.750%, <br> 5.466%, 5/23/2031(b)<br>| &nbsp;&nbsp; 845232 |
|  |  | &nbsp;&nbsp; 3211883 |
|  | **Property & Casualty Insurance — 0.4%** | **Property & Casualty Insurance — 0.4%** |
| 1987020 | &nbsp;&nbsp; Ardonagh Midco 3 PLC, 2024 USD Term Loan B, <br> 2/15/2031(k)<br>| &nbsp;&nbsp; 1980820 |
| 1484280 | &nbsp;&nbsp; Ardonagh Midco 3 PLC, 2024 USD Term Loan B, <br> USD SOFR + 2.750%, 6.924%, 2/15/2031(b)(l)<br>| &nbsp;&nbsp; 1479649 |
| 207124 | &nbsp;&nbsp; Ryan Specialty Group LLC, 2024 USD Term Loan <br> B, 1 mo. USD SOFR + 2.000%, <br> 5.716%, 9/15/2031(b)(l)<br>| &nbsp;&nbsp; 207255 |
| 357169 | &nbsp;&nbsp; Truist Insurance Holdings LLC, 2024 Term Loan <br> B, 3 mo. USD SOFR + 2.750%, <br> 6.422%, 5/06/2031(b)(l)<br>| &nbsp;&nbsp; 357319 |
|  |  | &nbsp;&nbsp; 4025043 |
|  | **Technology — 1.0%** | **Technology — 1.0%** |
| 386028 | &nbsp;&nbsp; Darktrace PLC, 1st Lien Term Loan, 3 mo. USD <br> SOFR + 3.250%, 7.185%, 10/09/2031(b)<br>| &nbsp;&nbsp; 387201 |
| 3547779 | Dayforce, Inc., 2025 Term Loan, 8/20/2032(k) | &nbsp;&nbsp; 3535114 |
| 1454055 | Open Text Corp., 2023 Term Loan B, 1/31/2030(k) | &nbsp;&nbsp; 1454244 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $1743179 | &nbsp;&nbsp; Open Text Corp., 2023 Term Loan B, 1 mo. USD <br> SOFR + 1.750%, 5.466%, 1/31/2030(b)(l)<br>| &nbsp;&nbsp; $1743406 |
| 3200474 | Trans Union LLC, 2024 Term Loan B8, 6/24/2031(k) | &nbsp;&nbsp; 3205690 |
|  |  | &nbsp;&nbsp; 10325655 |
|  | **Wireless — 0.2%** | **Wireless — 0.2%** |
| 2347537 | &nbsp;&nbsp; SBA Senior Finance II LLC, 2024 Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.470%, 1/25/2031(b)(l)<br>| &nbsp;&nbsp; 2356082 |
|  | &nbsp;&nbsp; Total Senior Loans <br>(Identified Cost $47,298,103)<br>| &nbsp;&nbsp; 46741550 |
| **Equity-Linked Notes — 3.0%** | **Equity-Linked Notes — 3.0%** | **Equity-Linked Notes — 3.0%** |
| 858600 | &nbsp;&nbsp; Barclays Bank PLC, (Yum! Brands, Inc.), <br> 9.570%, 8/21/2026(a)<br>| &nbsp;&nbsp; 875174 |
| 935203 | &nbsp;&nbsp; Barclays Bank PLC, (Hilton Worldwide Holdings, <br> Inc.), 10.690%, 10/20/2026(a)<br>| &nbsp;&nbsp; 965584 |
| 985561 | &nbsp;&nbsp; Barclays Bank PLC, (Parker-Hannifin Corp.), <br> 10.770%, 3/23/2026(a)<br>| &nbsp;&nbsp; 1041687 |
| 869900 | &nbsp;&nbsp; Barclays Bank PLC, (Trane Technologies PLC), <br> 12.120%, 5/13/2026(a)<br>| &nbsp;&nbsp; 814005 |
| 999248 | &nbsp;&nbsp; Barclays Bank PLC, (AutoZone, Inc.), <br> 12.310%, 12/18/2026(a)<br>| &nbsp;&nbsp; 944784 |
| 1084208 | &nbsp;&nbsp; Barclays Bank PLC, (FedEx Corp.), <br> 12.760%, 1/29/2026(a)<br>| &nbsp;&nbsp; 1113370 |
| 778548 | &nbsp;&nbsp; Barclays Bank PLC, (ServiceNow, Inc.), <br> 13.610%, 3/09/2026(a)<br>| &nbsp;&nbsp; 637039 |
| 1207657 | &nbsp;&nbsp; Barclays Bank PLC, (Cheniere Energy, Inc.), <br> 14.470%, 1/16/2026(a)<br>| &nbsp;&nbsp; 1005835 |
| 669192 | &nbsp;&nbsp; Barclays Bank PLC, (Meta Platforms, Inc.), <br> 14.920%, 4/07/2026(a)<br>| &nbsp;&nbsp; 689127 |
| 909419 | &nbsp;&nbsp; Barclays Bank PLC, (Walt Disney Co.), <br> 16.140%, 1/20/2026(a)<br>| &nbsp;&nbsp; 903773 |
| 880660 | &nbsp;&nbsp; Barclays Bank PLC, (Adobe, Inc.), <br> 17.110%, 6/09/2026(a)<br>| &nbsp;&nbsp; 879149 |
| 895379 | &nbsp;&nbsp; Barclays Bank PLC, (Freeport-McMoRan, Inc.), <br> 20.380%, 4/29/2026(a)<br>| &nbsp;&nbsp; 967903 |
| 917869 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Visa, Inc.), <br> 12.010%, 4/01/2026(a)<br>| &nbsp;&nbsp; 930574 |
| 457774 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Kinder Morgan, <br> Inc.), 12.270%, 6/25/2026(a)<br>| &nbsp;&nbsp; 451816 |
| 810845 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Caterpillar, Inc.), <br> 12.410%, 3/19/2026(a)<br>| &nbsp;&nbsp; 861984 |
| 996715 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Amazon.com, Inc.), <br> 12.420%, 3/12/2026(a)<br>| &nbsp;&nbsp; 1019269 |
| 998550 | &nbsp;&nbsp; BNP Paribas Issuance BV, (American Express <br> Co.), 12.710%, 3/26/2026(a)<br>| &nbsp;&nbsp; 1059707 |
| 854029 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Progressive Corp.), <br> 12.920%, 2/20/2026(a)<br>| &nbsp;&nbsp; 764145 |
| 1005701 | &nbsp;&nbsp; BNP Paribas Issuance BV, (McKesson Corp.), <br> 15.650%, 6/17/2026(a)<br>| &nbsp;&nbsp; 1018602 |
| 1240937 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Eaton Corp. PLC), <br> 16.040%, 1/06/2026(a)<br>| &nbsp;&nbsp; 1205134 |
| 886140 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Crowdstrike <br> Holdings, Inc.), 17.830%, 5/26/2026(a)<br>| &nbsp;&nbsp; 890769 |
| 1544743 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Carnival Corp.), <br> 21.100%, 8/04/2026(a)<br>| &nbsp;&nbsp; 1599608 |
| 955917 | &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., (EOG <br> Resources, Inc.), 11.830%, 2/11/2026(a)<br>| &nbsp;&nbsp; 777108 |
| 1011606 | &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., (Palo <br> Alto Networks, Inc.), 18.370%, 7/01/2026(a)<br>| &nbsp;&nbsp; 986809 |
| 987218 | &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., (Vistra <br> Corp.), 21.690%, 11/17/2026(a)<br>| &nbsp;&nbsp; 955004 |

---

See accompanying notes to financial statements.

41 \|

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $813831 | &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., <br> (Coinbase Global, Inc.), 25.010%, 1/07/2027(a)<br>| &nbsp;&nbsp; $756215 |
| 1000389 | &nbsp;&nbsp; GS Finance Corp., MTN, (Pfizer, Inc.), <br> 12.800%, 3/30/2026(a)<br>| &nbsp;&nbsp; 970637 |
| 961367 | &nbsp;&nbsp; GS Finance Corp., MTN, (GE Vernova, Inc.), <br> 18.830%, 11/04/2026(a)<br>| &nbsp;&nbsp; 962595 |
| 1025459 | &nbsp;&nbsp; JPMorgan Chase Bank NA, (Dominion Energy, <br> Inc.), 12.280%, 4/06/2026(a)<br>| &nbsp;&nbsp; 1043510 |
| 938276 | &nbsp;&nbsp; JPMorgan Chase Bank NA, (Netflix, Inc.), <br> 15.650%, 7/14/2026(a)<br>| &nbsp;&nbsp; 800497 |
| 1020540 | &nbsp;&nbsp; JPMorgan Chase Bank NA, (Bank of America <br> Corp.), 16.220%, 4/23/2026(a)<br>| &nbsp;&nbsp; 1091346 |
| 963022 | &nbsp;&nbsp; Nomura America Finance LLC, (Wholesale <br> Corp.), 13.800%, 3/05/2026(a)<br>| &nbsp;&nbsp; 900714 |
| 949271 | UBS AG, (ResMed, Inc.), 12.250%, 11/18/2026(a) | &nbsp;&nbsp; 884234 |
|  | &nbsp;&nbsp; Total Equity-Linked Notes <br>(Identified Cost $31,413,774)<br>| &nbsp;&nbsp; 30767707 |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Common Stocks— 0.6%** | **Common Stocks— 0.6%** | **Common Stocks— 0.6%** |
|  | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| 213 | General Electric Co. | &nbsp;&nbsp; 65611 |
| 211 | Howmet Aerospace, Inc. | &nbsp;&nbsp; 43259 |
|  |  | &nbsp;&nbsp; 108870 |
|  | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| 1049 | United Parcel Service, Inc., Class B | &nbsp;&nbsp; 104050 |
|  | **Banks — 0.0%** | **Banks — 0.0%** |
| 403 | Citigroup, Inc. | &nbsp;&nbsp; 47026 |
| 297 | PNC Financial Services Group, Inc. | &nbsp;&nbsp; 61993 |
| 2035 | U.S. Bancorp | &nbsp;&nbsp; 108588 |
|  |  | &nbsp;&nbsp; 217607 |
|  | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| 370 | AbbVie, Inc. | &nbsp;&nbsp; 84541 |
| 35406 | BioMarin Pharmaceutical, Inc.(g) | &nbsp;&nbsp; 2104179 |
| 659 | Gilead Sciences, Inc. | &nbsp;&nbsp; 80886 |
|  |  | &nbsp;&nbsp; 2269606 |
|  | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| 238 | Blackstone, Inc. | &nbsp;&nbsp; 36685 |
| 323 | CME Group, Inc. | &nbsp;&nbsp; 88205 |
| 168 | Moody's Corp. | &nbsp;&nbsp; 85823 |
| 720 | Morgan Stanley | &nbsp;&nbsp; 127822 |
|  |  | &nbsp;&nbsp; 338535 |
|  | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| 1389 | Corteva, Inc. | &nbsp;&nbsp; 93105 |
|  | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| 94 | Costco Wholesale Corp. | &nbsp;&nbsp; 81060 |
|  | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| 544 | Packaging Corp. of America | &nbsp;&nbsp; 112189 |
|  | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| 1060 | Duke Energy Corp. | &nbsp;&nbsp; 124243 |
|  | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| 686 | Emerson Electric Co. | &nbsp;&nbsp; 91046 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
| 353 | Amphenol Corp., Class A | &nbsp;&nbsp; $47704 |
|  | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| 254 | Mastercard, Inc., Class A | &nbsp;&nbsp; 145004 |
|  | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| 122 | Elevance Health, Inc. | &nbsp;&nbsp; 42767 |
| 109 | UnitedHealth Group, Inc. | &nbsp;&nbsp; 35982 |
|  |  | &nbsp;&nbsp; 78749 |
|  | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |
| 19 | Booking Holdings, Inc. | &nbsp;&nbsp; 101751 |
| 227 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 63315 |
|  |  | &nbsp;&nbsp; 165066 |
|  | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| 289 | Garmin Ltd. | &nbsp;&nbsp; 58624 |
|  | **Household Products — 0.0%** | **Household Products — 0.0%** |
| 924 | Colgate-Palmolive Co. | &nbsp;&nbsp; 73014 |
| 1354 | Kimberly-Clark Corp. | &nbsp;&nbsp; 136605 |
| 821 | Procter & Gamble Co. | &nbsp;&nbsp; 117658 |
|  |  | &nbsp;&nbsp; 327277 |
|  | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |
| 403 | Alphabet, Inc., Class A | &nbsp;&nbsp; 126139 |
|  | **Media — 0.1%** | **Media — 0.1%** |
| 3576 | Comcast Corp., Class A | &nbsp;&nbsp; 106886 |
| 184712 | Optimum Communications, Inc., Class A(g) | &nbsp;&nbsp; 304775 |
|  |  | &nbsp;&nbsp; 411661 |
|  | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| 709 | Kinross Gold Corp. | &nbsp;&nbsp; 19965 |
|  | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| 1044 | Exxon Mobil Corp. | &nbsp;&nbsp; 125635 |
| 1655 | Williams Cos., Inc. | &nbsp;&nbsp; 99482 |
|  |  | &nbsp;&nbsp; 225117 |
|  | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| 2689 | Bristol-Myers Squibb Co. | &nbsp;&nbsp; 145045 |
| 1735 | Merck & Co., Inc. | &nbsp;&nbsp; 182626 |
|  |  | &nbsp;&nbsp; 327671 |
|  | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| 84422 | China Aoyuan Group Ltd.(g) | &nbsp;&nbsp; 718 |
| 488770 | Kaisa Group Holdings Ltd.(g) | &nbsp;&nbsp; 6057 |
| 185246 | Sunac China Holdings Ltd.(g) | &nbsp;&nbsp; 31244 |
| 282398 | Times China Holdings Ltd.(g) | &nbsp;&nbsp; 3720 |
| 430338 | Yuzhou Group Holdings Co. Ltd.(g) | &nbsp;&nbsp; 5806 |
|  |  | &nbsp;&nbsp; 47545 |
|  | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| 631 | Simon Property Group, Inc. | &nbsp;&nbsp; 116804 |
|  | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |
| 54 | ASML Holding NV | &nbsp;&nbsp; 57772 |
| 203 | Broadcom, Inc. | &nbsp;&nbsp; 70258 |
| 123 | Lam Research Corp. | &nbsp;&nbsp; 21055 |
| 195 | &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| &nbsp;&nbsp; 59259 |
|  |  | &nbsp;&nbsp; 208344 |

---

See accompanying notes to financial statements.

\| 42

------

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

Loomis Sayles Strategic Alpha Fund (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Software — 0.1%** | **Software — 0.1%** |
| 303 | Microsoft Corp. | &nbsp;&nbsp; $146537 |
| 671 | Salesforce, Inc. | &nbsp;&nbsp; 177754 |
| 525 | SAP SE, ADR | &nbsp;&nbsp; 127528 |
|  |  | &nbsp;&nbsp; 451819 |
|  | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| 856 | TJX Cos., Inc. | &nbsp;&nbsp; 131490 |
|  | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| 359 | Apple, Inc. | &nbsp;&nbsp; 97598 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $10,770,346)<br>| &nbsp;&nbsp; 6526888 |
| **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%** |
| 11577 | &nbsp;&nbsp; Boeing Co., 6.000% <br>(Identified Cost $602,612)<br>| &nbsp;&nbsp; 799508 |
| **Other Investments — 0.0%** | **Other Investments — 0.0%** | **Other Investments — 0.0%** |
|  | **Aircraft ABS — 0.0%** | **Aircraft ABS — 0.0%** |
| 900 | ECAF I Blocker, Ltd.(c)(g)(m) | &nbsp;&nbsp; — |
|  | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| 5092534 | CFLD Cayman Trust Units(c)(g) | &nbsp;&nbsp; 25551 |
|  | &nbsp;&nbsp; Total Other Investments <br>(Identified Cost $9,024,560)<br>| &nbsp;&nbsp; 25551 |
|  | &nbsp;&nbsp; Total Purchased Options — 0.1% <br>(Identified Cost $1,511,480) (see details below)<br>| &nbsp;&nbsp; 850640 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** |
| $27719939 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 12/31/2025 <br> at 2.150% to be repurchased at $27,723,250 on <br> 1/02/2026 collateralized by $28,156,700 <br> U.S. Treasury Note, 3.750% due 6/30/2027 valued <br> at $28,274,435 including accrued interest <br> (Note 2 of Notes to Financial Statements) <br>(Identified Cost $27,719,939)<br>| &nbsp;&nbsp; $27719939 |
|  | &nbsp;&nbsp; Total Investments — 98.6% <br>(Identified Cost $1,060,172,582)<br>| &nbsp;&nbsp; 1022287695 |
|  | Other assets less liabilities — 1.4% | &nbsp;&nbsp; 14874297 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $1037161992 |

---

**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; 1490000 | &nbsp;&nbsp; $167531875 | &nbsp;&nbsp; $26395 | &nbsp;&nbsp; $1490 |
| CBOT 10 Year U.S. Treasury Notes, Put | &nbsp;&nbsp; 2/20/2026 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp; 167531875 | &nbsp;&nbsp; 817958 | &nbsp;&nbsp; 349219 |
| CBOT 5 Year U.S. Treasury Notes, Call | &nbsp;&nbsp; 1/23/2026 | 109.5 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 248668165 | &nbsp;&nbsp; 644599 | &nbsp;&nbsp; 497656 |
| CBOT 5 Year U.S. Treasury Notes, Call | &nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 248668165 | &nbsp;&nbsp; 22528 | &nbsp;&nbsp; 2275 |
| Total |  |  |  |  | &nbsp;&nbsp; $1511480 | &nbsp;&nbsp; $850640 |

---

**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; (2980000)<br>| &nbsp;&nbsp; $(335063750)<br>| &nbsp;&nbsp; $(878459)<br>| &nbsp;&nbsp; $(279375)<br>|
| CBOT 5 Year U.S. Treasury Notes, Call | &nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; (4550000)<br>| &nbsp;&nbsp; (497336330)<br>| &nbsp;&nbsp; (701428)<br>| &nbsp;&nbsp; (391018)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(1579887)<br>| &nbsp;&nbsp; $(670393)<br>|

---

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

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

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

---

| | |
|:---|:---|
| (‡) | Principal Amount stated in U.S. dollars unless otherwise noted. |
| (a) | &nbsp;&nbsp; All or a portion of these securities are exempt from registration <br> under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. At December 31, 2025, the value <br> of Rule 144A holdings amounted to $443,435,895 or 42.8% of net <br> assets.<br>|

---

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

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

See accompanying notes to financial statements.

43 \|

------

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

Loomis Sayles Strategic Alpha Fund (continued)

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Securities subject to restriction on resale. At December 31, 2025, the restricted securities held by the Fund are as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **% of** <br>**Net Assets**<br>|
| ECAF I Blocker, Ltd. | 6/18/2015 | $9000000 | $— | 0.0% |

---

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

---

| | |
|:---|:---|
| ABS | Asset-Backed Securities |
| ADR | &nbsp;&nbsp; An American Depositary Receipt is a certificate issued by a <br> custodian bank representing the right to receive securities of the <br> foreign issuer described. The values of ADRs may be significantly <br> influenced by trading on exchanges not located in the <br> United States.<br>|
| DIP | Debtor In Possession |
| JIBAR | Johannesburg Interbank Agreed Rate |
| MTN | Medium Term Note |
| PIK | Payment-in-Kind |
| REIT | Real Estate Investment Trust |
| SAFEX | South African Futures Exchange |
| SLM | Sallie Mae |
| 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 centrally cleared interest rate swap agreements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>Value<br>| Currency | Expiration Date | Fund Pays<sup>1</sup> <br>| Fund Receives<sup>1</sup> <br>| Market Value | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<sup>2</sup> <br>|
| 210000000 | ZAR | 5/07/2030 | 7.58% | 3 mo. SAFEX - JIBAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(512264)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(513203)<br>|

---

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

1 Payments are made annually. <br> 2 Differences between unrealized appreciation (depreciation) and market value, if any, are due to interest booked as part of the initial trades.

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. | 3/05/2026 | EUR | S | &nbsp;&nbsp; 2255000 | &nbsp;&nbsp; $2643785 | &nbsp;&nbsp; $2657450 | &nbsp;&nbsp; $(13665)<br>|
| BNP Paribas SA | 2/19/2026 | ZAR | S | &nbsp;&nbsp; 206108000 | &nbsp;&nbsp; 11965697 | &nbsp;&nbsp; 12406697 | &nbsp;&nbsp; (441000)<br>|
| Total |  |  |  |  |  |  | &nbsp;&nbsp; $(454665)<br>|

---

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; 3729 | &nbsp;&nbsp; $408906091 | &nbsp;&nbsp; $407597182 | &nbsp;&nbsp; $(1308909)<br>|

---

See accompanying notes to financial statements.

\| 44

------

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

Loomis Sayles Strategic Alpha Fund (continued)

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; 1421 | &nbsp;&nbsp; $296775495 | &nbsp;&nbsp; $296689257 | &nbsp;&nbsp; $86238 |
| CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 13713504 | &nbsp;&nbsp; 13524469 | &nbsp;&nbsp; 189035 |
| CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 14439144 | &nbsp;&nbsp; 14160000 | &nbsp;&nbsp; 279144 |
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 881 | &nbsp;&nbsp; 102112433 | &nbsp;&nbsp; 101328766 | &nbsp;&nbsp; 783667 |
| Total |  |  |  |  | &nbsp;&nbsp; $1338084 |

---

See accompanying notes to financial statements.

45 \|

------

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

Loomis Sayles Strategic Income Fund

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Bonds and Notes — 78.0% of Net Assets** | **Bonds and Notes — 78.0% of Net Assets** | **Bonds and Notes — 78.0% of Net Assets** |
| **Non-Convertible Bonds — 75.0%** | **Non-Convertible Bonds — 75.0%** | **Non-Convertible Bonds — 75.0%** |
|  | **ABS Car Loan — 0.8%** | **ABS Car Loan — 0.8%** |
| $670000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-2A, Class D, 7.260%, 10/20/2027(a)<br>| &nbsp;&nbsp; $675611 |
| 710000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-3A, Class D, 7.320%, 2/20/2028(a)<br>| &nbsp;&nbsp; 719598 |
| 900000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2023-5A, Class D, 7.350%, 4/20/2028(a)<br>| &nbsp;&nbsp; 912634 |
| 715000 | &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, <br> Series 2024-1A, Class C, 6.480%, 6/20/2030(a)<br>| &nbsp;&nbsp; 744140 |
| 3020000 | &nbsp;&nbsp; Carvana Auto Receivables Trust, <br> Series 2024-N3, Class E, 7.660%, 4/12/2032(a)<br>| &nbsp;&nbsp; 3032418 |
| 1030000 | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, <br> Series 2024-1A, Class C, 6.710%, 7/17/2034(a)<br>| &nbsp;&nbsp; 1054480 |
| 940000 | &nbsp;&nbsp; First Investors Auto Owner Trust, <br> Series 2022-2A, Class D, 8.710%, 10/16/2028(a)<br>| &nbsp;&nbsp; 966238 |
| 2650000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2022-3, <br> Class D, 6.000%, 7/17/2028(a)<br>| &nbsp;&nbsp; 2477382 |
| 90000 | &nbsp;&nbsp; Flagship Credit Auto Trust, Series 2023-3, <br> Class C, 6.010%, 7/16/2029(a)<br>| &nbsp;&nbsp; 90050 |
| 1295000 | &nbsp;&nbsp; Hertz Vehicle Financing III LLC, <br> Series 2023-1A, Class 1D, 9.130%, 6/25/2027(a)<br>| &nbsp;&nbsp; 1304729 |
| 200000 | &nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-3A, <br> Class D, 5.180%, 2/17/2032(a)<br>| &nbsp;&nbsp; 202031 |
| 2810000 | &nbsp;&nbsp; Prestige Auto Receivables Trust, <br> Series 2022-1A, Class D, 8.080%, 8/15/2028(a)<br>| &nbsp;&nbsp; 2856612 |
| 3211000 | &nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, <br> Series 2025-A, Class G, 11.049%, 1/16/2034(a)<br>| &nbsp;&nbsp; 3212782 |
| 175000 | &nbsp;&nbsp; SBNA Auto Receivables Trust, Series 2024-A, <br> Class C, 5.590%, 1/15/2030(a)<br>| &nbsp;&nbsp; 177865 |
| 240000 | &nbsp;&nbsp; SBNA Auto Receivables Trust, Series 2024-A, <br> Class D, 6.040%, 4/15/2030(a)<br>| &nbsp;&nbsp; 246721 |
| 200000 | &nbsp;&nbsp; VStrong Auto Receivables Trust, <br> Series 2024-A, Class D, 7.290%, 7/15/2030(a)<br>| &nbsp;&nbsp; 207268 |
| 1540000 | &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-1A, Class D, 6.790%, 11/15/2028(a)<br>| &nbsp;&nbsp; 1575110 |
|  |  | &nbsp;&nbsp; 20455669 |
|  | **ABS Credit Card — 0.7%** | **ABS Credit Card — 0.7%** |
| 6145000 | &nbsp;&nbsp; Fortiva Retail Credit Master Note Business <br> Trust, Series 2024-ONE, Class B, <br> 9.700%, 11/15/2029(a)<br>| &nbsp;&nbsp; 6244272 |
| 4285000 | &nbsp;&nbsp; Mercury Financial Credit Card Master Trust, <br> Series 2024-2A, Class A, 6.560%, 7/20/2029(a)<br>| &nbsp;&nbsp; 4305024 |
| 8985000 | &nbsp;&nbsp; Mercury Financial Credit Card Master Trust, <br> Series 2025-1A, Class C, 8.290%, 12/22/2031(a)<br>| &nbsp;&nbsp; 8965503 |
|  |  | &nbsp;&nbsp; 19514799 |
|  | **ABS Home Equity — 1.3%** | **ABS Home Equity — 1.3%** |
| 3245000 | &nbsp;&nbsp; CAFL Issuer LLC, Series 2023-RTL1, Class A1, <br> 7.553%, 12/28/2030(a)(b)<br>| &nbsp;&nbsp; 3245000 |
| 1510000 | &nbsp;&nbsp; CoreVest American Finance Ltd., <br> Series 2021-3, Class D, 3.469%, 10/15/2054(a)<br>| &nbsp;&nbsp; 1381578 |
| 5350000 | &nbsp;&nbsp; CoreVest American Finance Trust, <br> Series 2021-1, Class D, 3.247%, 4/15/2053(a)<br>| &nbsp;&nbsp; 4765252 |
| 2510000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, <br> Series 2021-RPL6, Class M2, <br> 3.125%, 10/25/2060(a)<br>| &nbsp;&nbsp; 1985339 |
| 8290042 | &nbsp;&nbsp; Home Partners of America Trust, <br> Series 2021-2, Class E1, 2.852%, 12/17/2026(a)<br>| &nbsp;&nbsp; 8092351 |
| 4145021 | &nbsp;&nbsp; Home Partners of America Trust, <br> Series 2021-2, Class E2, 2.952%, 12/17/2026(a)<br>| &nbsp;&nbsp; 4044264 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Home Equity — continued** | **ABS Home Equity — continued** |
| $324732 | &nbsp;&nbsp; PRPM LLC, Series 2025-2, Class A1, <br> 6.469%, 5/25/2030(a)(b)<br>| &nbsp;&nbsp; $325338 |
| 3825000 | &nbsp;&nbsp; PRPM LLC, Series 2025-2, Class A2, <br> 9.560%, 5/25/2030(a)(b)<br>| &nbsp;&nbsp; 3829805 |
| 3764658 | &nbsp;&nbsp; Redwood Funding Trust, Series 2025-1, <br> Class A, 7.584%, 5/27/2055(a)(b)<br>| &nbsp;&nbsp; 3768362 |
| 800000 | &nbsp;&nbsp; Toorak Mortgage Trust, Series 2024-RRTL1, <br> Class A1, 6.597%, 2/25/2039(a)(b)<br>| &nbsp;&nbsp; 803059 |
| 1120000 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2017-4, <br> Class M2, 3.250%, 6/25/2057(a)(b)<br>| &nbsp;&nbsp; 995385 |
| 795000 | &nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-4, <br> Class M1, 3.500%, 10/25/2059(a)(b)<br>| &nbsp;&nbsp; 701907 |
|  |  | &nbsp;&nbsp; 33937640 |
|  | **ABS Other — 3.9%** | **ABS Other — 3.9%** |
| 6250000 | &nbsp;&nbsp; APL Finance DAC, Series 2025-1A, Class D, <br> 8.150%, 3/20/2036(a)<br>| &nbsp;&nbsp; 6181916 |
| 1160000 | &nbsp;&nbsp; Aqua Finance Trust, Series 2024-A, Class D, <br> 6.530%, 4/18/2050(a)<br>| &nbsp;&nbsp; 1185085 |
| 815015 | &nbsp;&nbsp; BHG Securitization Trust, Series 2024-1CON, <br> Class B, 6.490%, 4/17/2035(a)<br>| &nbsp;&nbsp; 838532 |
| 330000 | &nbsp;&nbsp; BHG Securitization Trust, Series 2024-1CON, <br> Class C, 6.860%, 4/17/2035(a)<br>| &nbsp;&nbsp; 336870 |
| 1590326 | &nbsp;&nbsp; Business Jet Securities LLC, Series 2024-2A, <br> Class C, 7.974%, 9/15/2039(a)<br>| &nbsp;&nbsp; 1601485 |
| 2028037 | &nbsp;&nbsp; Castlelake Aircraft Securitization Trust, <br> Series 2018-1, Class B, 5.300%, 6/15/2043(a)<br>| &nbsp;&nbsp; 1938858 |
| 367331 | &nbsp;&nbsp; Castlelake Aircraft Structured Trust, <br> Series 2019-1A, Class A, 3.967%, 4/15/2039(a)<br>| &nbsp;&nbsp; 364843 |
| 2408353 | &nbsp;&nbsp; CLI Funding VIII LLC, Series 2025-R, Class A, <br> 6.610%, 6/21/2050(a)<br>| &nbsp;&nbsp; 2392056 |
| 5810000 | &nbsp;&nbsp; CLIF Holdings LLC, Series 2025-1H, Class A, <br> 6.720%, 12/20/2050(a)<br>| &nbsp;&nbsp; 5798990 |
| 4227051 | &nbsp;&nbsp; Clsec Holdings 22t LLC, Series 2021-1, Class C, <br> 6.171%, 5/11/2037(a)<br>| &nbsp;&nbsp; 4197635 |
| 168131 | &nbsp;&nbsp; Elara HGV Timeshare Issuer LLC, <br> Series 2021-A, Class C, 2.090%, 8/27/2035(a)<br>| &nbsp;&nbsp; 160990 |
| 469366 | &nbsp;&nbsp; Foundation Finance Trust, Series 2023-2A, <br> Class D, 9.100%, 6/15/2049(a)<br>| &nbsp;&nbsp; 501777 |
| 3675000 | &nbsp;&nbsp; Frontier Issuer LLC, Series 2023-1, Class C, <br> 11.500%, 8/20/2053(a)<br>| &nbsp;&nbsp; 3784974 |
| 6080000 | &nbsp;&nbsp; Frontier Issuer LLC, Series 2024-1, Class C, <br> 11.160%, 6/20/2054(a)<br>| &nbsp;&nbsp; 6776944 |
| 2483696 | &nbsp;&nbsp; Global SC Finance X Ltd., Series 2025-1H, <br> Class A, 6.169%, 9/20/2045(a)<br>| &nbsp;&nbsp; 2484088 |
| 2515988 | &nbsp;&nbsp; Global SC Finance X Ltd., Series 2025-1H, <br> Class B, 7.848%, 9/20/2045(a)<br>| &nbsp;&nbsp; 2516659 |
| 782267 | &nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust, <br> Series 2024-1A, Class B, 6.380%, 10/20/2046(a)<br>| &nbsp;&nbsp; 798270 |
| 281409 | &nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2024-1B, <br> Class D, 8.850%, 9/15/2039(a)<br>| &nbsp;&nbsp; 290504 |
| 1065000 | &nbsp;&nbsp; Hilton Grand Vacations Trust, <br> Series 2025-3EXT, Class D, <br> 7.380%, 10/25/2044(a)<br>| &nbsp;&nbsp; 1068615 |
| 415000 | &nbsp;&nbsp; Island Finance Trust, Series 2025-1A, Class A, <br> 6.540%, 3/19/2035(a)<br>| &nbsp;&nbsp; 420616 |
| 2705000 | &nbsp;&nbsp; Kapitus Asset Securitization V LLC, <br> Series 2025-1A, Class C, 7.400%, 4/10/2032(a)<br>| &nbsp;&nbsp; 2720235 |
| 318096 | &nbsp;&nbsp; KDAC Aviation Finance Ltd., Series 2017-1A, <br> Class A, 4.212%, 12/15/2042(a)<br>| &nbsp;&nbsp; 317622 |
| 114981 | &nbsp;&nbsp; Kestrel Aircraft Funding Ltd., Series 2018-1A, <br> Class A, 4.250%, 12/15/2038(a)<br>| &nbsp;&nbsp; 114966 |

---

See accompanying notes to financial statements.

\| 46

------

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

Loomis Sayles Strategic Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Other — continued** | **ABS Other — continued** |
| $609385 | &nbsp;&nbsp; Labrador Aviation Finance Ltd., <br> Series 2016-1A, Class A1, 4.300%, 1/15/2042(a)<br>| &nbsp;&nbsp; $611225 |
| 3346994 | &nbsp;&nbsp; MAPS Trust, Series 2021-1A, Class A, <br> 2.521%, 6/15/2046(a)<br>| &nbsp;&nbsp; 3206810 |
| 505000 | &nbsp;&nbsp; Mariner Finance Issuance Trust, <br> Series 2024-AA, Class D, 6.770%, 9/22/2036(a)<br>| &nbsp;&nbsp; 517326 |
| 2400000 | &nbsp;&nbsp; Marlette Funding Trust, Series 2023-4A, <br> Class B, 8.150%, 12/15/2033(a)<br>| &nbsp;&nbsp; 2475638 |
| 455660 | &nbsp;&nbsp; Marlette Funding Trust, Series 2024-1A, <br> Class B, 6.070%, 7/17/2034(a)<br>| &nbsp;&nbsp; 457409 |
| 1200000 | &nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, <br> Series 2025-2A, Class C, 7.830%, 8/20/2055(a)<br>| &nbsp;&nbsp; 1232377 |
| 435000 | &nbsp;&nbsp; Onemain Financial Issuance Trust, <br> Series 2025-1A, Class D, 5.790%, 7/14/2038(a)<br>| &nbsp;&nbsp; 443102 |
| 1630000 | &nbsp;&nbsp; QTS Issuer ABS II LLC, Series 2025-1A, <br> Class B, 5.778%, 10/05/2055(a)<br>| &nbsp;&nbsp; 1590334 |
| 695000 | &nbsp;&nbsp; Reach ABS Trust, Series 2025-1A, Class C, <br> 5.990%, 8/16/2032(a)<br>| &nbsp;&nbsp; 706976 |
| 440000 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2024-1A, <br> Class C, 5.820%, 9/20/2032(a)<br>| &nbsp;&nbsp; 452452 |
| 435000 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2024-1A, <br> Class D, 6.580%, 6/21/2033(a)<br>| &nbsp;&nbsp; 452518 |
| 1075000 | &nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2025-2A, <br> Class E, 6.210%, 6/20/2036(a)<br>| &nbsp;&nbsp; 1072766 |
| 897750 | &nbsp;&nbsp; SEB Funding LLC, Series 2021-1A, Class A2, <br> 4.969%, 1/30/2052(a)<br>| &nbsp;&nbsp; 896604 |
| 3195000 | &nbsp;&nbsp; SEB Funding LLC, Series 2024-1A, Class A2, <br> 7.386%, 4/30/2054(a)<br>| &nbsp;&nbsp; 3268120 |
| 566126 | &nbsp;&nbsp; Shenton Aircraft Investment I Ltd., <br> Series 2015-1A, Class A, 4.750%, 10/15/2042(a)<br>| &nbsp;&nbsp; 556621 |
| 1328883 | &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, <br> Series 2025-3A, Class D, 6.540%, 8/22/2044(a)<br>| &nbsp;&nbsp; 1330257 |
| 7955370 | &nbsp;&nbsp; Slam Ltd., Series 2021-1A, Class A, <br> 2.434%, 6/15/2046(a)<br>| &nbsp;&nbsp; 7593265 |
| 239368 | &nbsp;&nbsp; Stream Innovations Issuer Trust, <br> Series 2024-1A, Class A, 6.270%, 7/15/2044(a)<br>| &nbsp;&nbsp; 248818 |
| 1193250 | &nbsp;&nbsp; Sunnova Helios V Issuer LLC, Series 2021-A, <br> Class B, 3.150%, 2/20/2048(a)<br>| &nbsp;&nbsp; 578568 |
| 1129734 | &nbsp;&nbsp; Sunrun Atlas Issuer LLC, Series 2019-2, <br> Class A, 3.610%, 2/01/2055(a)<br>| &nbsp;&nbsp; 1089115 |
| 423087 | &nbsp;&nbsp; Sunrun Demeter Issuer LLC, Series 2021-2A, <br> Class A, 2.270%, 1/30/2057(a)<br>| &nbsp;&nbsp; 385722 |
| 228127 | &nbsp;&nbsp; Thunderbolt III Aircraft Lease Ltd., <br> Series 2019-1, Class A, 3.671%, 11/15/2039(a)<br>| &nbsp;&nbsp; 226121 |
| 7449914 | &nbsp;&nbsp; TMCL VII Holdings Ltd., Series 2025-1H, <br> Class B, 8.060%, 7/23/2050(a)<br>| &nbsp;&nbsp; 7474380 |
| 2605000 | &nbsp;&nbsp; Trafigura Securitisation Finance PLC, <br> Series 2024-1A, Class B, 7.290%, 11/15/2027(a)<br>| &nbsp;&nbsp; 2615141 |
| 610000 | &nbsp;&nbsp; Uniti Fiber ABS Issuer LLC, Series 2025-1A, <br> Class A2, 5.877%, 4/20/2055(a)<br>| &nbsp;&nbsp; 620531 |
| 1647790 | &nbsp;&nbsp; Vivint Solar Financing V LLC, Series 2018-1A, <br> Class A, 4.730%, 4/30/2048(a)<br>| &nbsp;&nbsp; 1587423 |
| 935431 | &nbsp;&nbsp; Volofin Finance DAC, Series 2024-1A, Class A, <br> 5.935%, 6/15/2037(a)<br>| &nbsp;&nbsp; 948700 |
| 1307787 | &nbsp;&nbsp; Volofin Finance DAC, Series 2024-1A, Class B, <br> 6.211%, 6/15/2037(a)<br>| &nbsp;&nbsp; 1344054 |
| 9445072 | &nbsp;&nbsp; Wave LLC, Series 2019-1, Class C, <br> 6.413%, 9/15/2044(a)<br>| &nbsp;&nbsp; 8242469 |
| 7573115 | &nbsp;&nbsp; Willis Engine Structured Trust VI, <br> Series 2021-A, Class A, 3.104%, 5/15/2046(a)<br>| &nbsp;&nbsp; 7155188 |
|  |  | &nbsp;&nbsp; 106172560 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **ABS Residential Mortgage — 0.3%** | **ABS Residential Mortgage — 0.3%** |
| $2635000 | &nbsp;&nbsp; GITSIT Mortgage Loan Trust, <br> Series 2025-NPL1, Class A2, <br> 8.837%, 2/25/2055(a)(b)<br>| &nbsp;&nbsp; $2642453 |
| 4385000 | &nbsp;&nbsp; GITSIT Mortgage Loan Trust, <br> Series 2025-NPL2, Class A1, <br> 5.425%, 12/25/2055(a)(b)<br>| &nbsp;&nbsp; 4384833 |
| 314440 | &nbsp;&nbsp; NYMT Loan Trust, Series 2025-R1, Class A, <br> 6.381%, 2/25/2030(a)(b)<br>| &nbsp;&nbsp; 315279 |
| 205000 | &nbsp;&nbsp; RCO VIII Mortgage LLC, Series 2025-3, <br> Class A2, 8.836%, 5/25/2030(a)(b)<br>| &nbsp;&nbsp; 205989 |
|  |  | &nbsp;&nbsp; 7548554 |
|  | **ABS Student Loan — 0.1%** | **ABS Student Loan — 0.1%** |
| 575206 | &nbsp;&nbsp; Ascent Education Funding Trust, <br> Series 2024-A, Class A, 6.140%, 10/25/2050(a)<br>| &nbsp;&nbsp; 589061 |
| 495000 | &nbsp;&nbsp; Ascent Education Funding Trust, <br> Series 2024-A, Class C, 8.010%, 10/25/2050(a)<br>| &nbsp;&nbsp; 503705 |
| 1040000 | &nbsp;&nbsp; College Ave Student Loans LLC, Series 2024-B, <br> Class B, 6.080%, 8/25/2054(a)<br>| &nbsp;&nbsp; 1068946 |
|  |  | &nbsp;&nbsp; 2161712 |
|  | **ABS Whole Business — 0.5%** | **ABS Whole Business — 0.5%** |
| 5925000 | &nbsp;&nbsp; Applebee's Funding LLC/IHOP Funding LLC, <br> Series 2023-1A, Class A2, 7.824%, 3/05/2053(a)<br>| &nbsp;&nbsp; 6012803 |
| 1470000 | &nbsp;&nbsp; FOCUS Brands Funding, Series 2023-2, <br> Class A2, 8.241%, 10/30/2053(a)<br>| &nbsp;&nbsp; 1558692 |
| 397913 | &nbsp;&nbsp; Hardee's Funding LLC, Series 2024-1A, <br> Class A2, 7.253%, 3/20/2054(a)<br>| &nbsp;&nbsp; 411294 |
| 737900 | &nbsp;&nbsp; Planet Fitness Master Issuer LLC, <br> Series 2019-1A, Class A2, 3.858%, 12/05/2049(a)<br>| &nbsp;&nbsp; 706476 |
| 1945375 | &nbsp;&nbsp; Planet Fitness Master Issuer LLC, <br> Series 2024-1A, Class A2I, 5.765%, 6/05/2054(a)<br>| &nbsp;&nbsp; 1977298 |
| 1990000 | &nbsp;&nbsp; Wingstop Funding LLC, Series 2024-1A, <br> Class A2, 5.858%, 12/05/2054(a)<br>| &nbsp;&nbsp; 2049935 |
|  |  | &nbsp;&nbsp; 12716498 |
|  | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| 2230000 | Axon Enterprise, Inc., 6.125%, 3/15/2030(a) | &nbsp;&nbsp; 2302127 |
| 1130000 | Axon Enterprise, Inc., 6.250%, 3/15/2033(a) | &nbsp;&nbsp; 1175570 |
| 7895000 | Boeing Co., 3.625%, 2/01/2031 | &nbsp;&nbsp; 7583876 |
| 15485000 | Boeing Co., 5.805%, 5/01/2050 | &nbsp;&nbsp; 15230959 |
| 345000 | Boeing Co., 5.930%, 5/01/2060 | &nbsp;&nbsp; 338292 |
| 2100000 | Boeing Co., 6.528%, 5/01/2034 | &nbsp;&nbsp; 2323354 |
| 9835000 | Boeing Co., 6.858%, 5/01/2054 | &nbsp;&nbsp; 11046068 |
| 2360000 | Boeing Co., 7.008%, 5/01/2064 | &nbsp;&nbsp; 2681551 |
|  |  | &nbsp;&nbsp; 42681797 |
|  | **Agency Commercial Mortgage-Backed Securities — 0.0%** | **Agency Commercial Mortgage-Backed Securities — 0.0%** |
| 1350000 | &nbsp;&nbsp; Arixa Mortgage Trust, Series 2025-RTL1, <br> Class A1, 5.735%, 8/25/2030(a)<br>| &nbsp;&nbsp; 1357921 |
|  | **Apartment REITs — 0.1%** | **Apartment REITs — 0.1%** |
| 1740000 | &nbsp;&nbsp; Invitation Homes Operating Partnership LP, <br> 4.875%, 2/01/2035,<br>| &nbsp;&nbsp; 1717400 |
|  | **Automotive — 0.3%** | **Automotive — 0.3%** |
| 2080000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.750%, 4/23/2030(a)<br>| &nbsp;&nbsp; 2055397 |
| 2055000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.875%, 4/14/2028(a)<br>| &nbsp;&nbsp; 2088846 |
| 3165000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 6.875%, 4/23/2032(a)<br>| &nbsp;&nbsp; 3095165 |
| 2170000 | &nbsp;&nbsp; ZF North America Capital, Inc., <br> 7.125%, 4/14/2030(a)<br>| &nbsp;&nbsp; 2189942 |
|  |  | &nbsp;&nbsp; 9429350 |

---

See accompanying notes to financial statements.

47 \|

------

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

Loomis Sayles Strategic Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Banking — 2.5%** | **Banking — 2.5%** |
| $1715000 | &nbsp;&nbsp; CaixaBank SA, (fixed rate to 7/03/2035, <br> variable rate thereafter), 5.581%, 7/03/2036(a)<br>| &nbsp;&nbsp; $1762076 |
| 2705000 | &nbsp;&nbsp; Capital One Financial Corp., (fixed rate to <br> 9/11/2035, variable rate thereafter), <br> 5.197%, 9/11/2036<br>| &nbsp;&nbsp; 2691356 |
| 10180000 | &nbsp;&nbsp; JPMorgan Chase & Co., Series OO, (fixed rate <br> to 4/01/2030, variable rate thereafter), <br> 6.500%(c)<br>| &nbsp;&nbsp; 10578152 |
| 6375000 | &nbsp;&nbsp; Morgan Stanley, (fixed rate to 1/19/2033, <br> variable rate thereafter), 5.948%, 1/19/2038<br>| &nbsp;&nbsp; 6708530 |
| 2630000 | &nbsp;&nbsp; Morgan Stanley, Series I, (fixed rate to <br> 10/22/2035, variable rate thereafter), <br> 4.892%, 10/22/2036<br>| &nbsp;&nbsp; 2606718 |
| 6260000 | &nbsp;&nbsp; Societe Generale SA, (fixed rate to 10/03/2035, <br> variable rate thereafter), 5.439%, 10/03/2036(a)<br>| &nbsp;&nbsp; 6273610 |
| 1770000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 3/06/2030, <br> variable rate thereafter), 5.450%, 3/06/2031<br>| &nbsp;&nbsp; 1814781 |
| 3980000 | &nbsp;&nbsp; Synchrony Financial, (fixed rate to 8/02/2029, <br> variable rate thereafter), 5.935%, 8/02/2030<br>| &nbsp;&nbsp; 4147861 |
| 3180000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 11/06/2032, <br> variable rate thereafter), 4.844%, 11/06/2033(a)<br>| &nbsp;&nbsp; 3183051 |
| 4195000 | &nbsp;&nbsp; UBS Group AG, (fixed rate to 8/05/2030, <br> variable rate thereafter), 6.600%(a)(c)<br>| &nbsp;&nbsp; 4260287 |
| 14800000 | &nbsp;&nbsp; UniCredit SpA, (fixed rate to 6/30/2030, variable <br> rate thereafter), 5.459%, 6/30/2035(a)<br>| &nbsp;&nbsp; 15085851 |
| 7345000 | &nbsp;&nbsp; Wells Fargo & Co., (fixed rate to 9/15/2035, <br> variable rate thereafter), 4.892%, 9/15/2036<br>| &nbsp;&nbsp; 7322062 |
|  |  | &nbsp;&nbsp; 66434335 |
|  | **Brokerage — 0.6%** | **Brokerage — 0.6%** |
| 1435000 | Citadel LP, 6.000%, 1/23/2030(a) | &nbsp;&nbsp; 1499031 |
| 1085000 | Citadel LP, 6.375%, 1/23/2032(a) | &nbsp;&nbsp; 1151571 |
| 6075000 | &nbsp;&nbsp; Jefferies Financial Group, Inc., <br> 6.200%, 4/14/2034<br>| &nbsp;&nbsp; 6411532 |
| 3893000 | &nbsp;&nbsp; Jefferies Financial Group, Inc., <br> 6.250%, 1/15/2036<br>| &nbsp;&nbsp; 4124834 |
| 2577000 | Osaic Holdings, Inc., 6.750%, 8/01/2032(a) | &nbsp;&nbsp; 2691985 |
|  |  | &nbsp;&nbsp; 15878953 |
|  | **Building Materials — 1.9%** | **Building Materials — 1.9%** |
| 9770000 | Cemex SAB de CV, 3.875%, 7/11/2031(a) | &nbsp;&nbsp; 9355320 |
| 10470000 | &nbsp;&nbsp; Cemex SAB de CV, (fixed rate to 6/08/2026, <br> variable rate thereafter), 5.125%(a)(c)<br>| &nbsp;&nbsp; 10438144 |
| 1160000 | &nbsp;&nbsp; Cemex SAB de CV, (fixed rate to 6/10/2030, <br> variable rate thereafter), 7.200%(a)(c)<br>| &nbsp;&nbsp; 1209764 |
| 7430000 | CRH America Finance, Inc., 5.000%, 2/09/2036 | &nbsp;&nbsp; 7455655 |
| 3210000 | &nbsp;&nbsp; JH North America Holdings, Inc., <br> 5.875%, 1/31/2031(a)<br>| &nbsp;&nbsp; 3276527 |
| 4570000 | &nbsp;&nbsp; JH North America Holdings, Inc., <br> 6.125%, 7/31/2032(a)<br>| &nbsp;&nbsp; 4691366 |
| 13230000 | Quikrete Holdings, Inc., 6.375%, 3/01/2032(a) | &nbsp;&nbsp; 13770842 |
|  |  | &nbsp;&nbsp; 50197618 |
|  | **Cable Satellite — 6.0%** | **Cable Satellite — 6.0%** |
| 12245000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 3.950%, 6/30/2062<br>| &nbsp;&nbsp; 7368150 |
| 1220000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.384%, 10/23/2035<br>| &nbsp;&nbsp; 1259108 |
| 2830000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.550%, 6/01/2034<br>| &nbsp;&nbsp; 2976468 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Cable Satellite — continued** | **Cable Satellite — continued** |
| $1415000 | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 6.650%, 2/01/2034<br>| &nbsp;&nbsp; $1490618 |
| 6425000 | CSC Holdings LLC, 3.375%, 2/15/2031(a) | &nbsp;&nbsp; 3890712 |
| 1075000 | CSC Holdings LLC, 4.125%, 12/01/2030(a) | &nbsp;&nbsp; 659194 |
| 415000 | CSC Holdings LLC, 4.500%, 11/15/2031(a) | &nbsp;&nbsp; 253150 |
| 48110000 | CSC Holdings LLC, 4.625%, 12/01/2030(a) | &nbsp;&nbsp; 17184464 |
| 5540000 | CSC Holdings LLC, 5.000%, 11/15/2031(a) | &nbsp;&nbsp; 1955757 |
| 14005000 | CSC Holdings LLC, 5.375%, 2/01/2028(a) | &nbsp;&nbsp; 10160989 |
| 1360000 | CSC Holdings LLC, 5.750%, 1/15/2030(a) | &nbsp;&nbsp; 502832 |
| 4883000 | CSC Holdings LLC, 7.500%, 4/01/2028(a) | &nbsp;&nbsp; 2844347 |
| 6790000 | Directv Financing LLC, 8.875%, 2/01/2030(a) | &nbsp;&nbsp; 6881263 |
| 3143000 | Directv Financing LLC, 8.875%, 2/01/2030(a) | &nbsp;&nbsp; 3180069 |
| 8670000 | &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.000%, 2/15/2031(a)<br>| &nbsp;&nbsp; 8861189 |
| 22190000 | DISH DBS Corp., 5.250%, 12/01/2026(a) | &nbsp;&nbsp; 21518695 |
| 18540000 | DISH DBS Corp., 7.750%, 7/01/2026 | &nbsp;&nbsp; 18314335 |
| 25930000 | EchoStar Corp., 10.750%, 11/30/2029 | &nbsp;&nbsp; 28673425 |
| 23075671 | &nbsp;&nbsp; EchoStar Corp., 6.750% PIK and/or 6.750% <br> Cash, 11/30/2030(d)<br>| &nbsp;&nbsp; 23640300 |
| 720000 | Time Warner Cable LLC, 6.550%, 5/01/2037 | &nbsp;&nbsp; 734730 |
|  |  | &nbsp;&nbsp; 162349795 |
|  | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| 10887000 | Ashland, Inc., 3.375%, 9/01/2031(a) | &nbsp;&nbsp; 9958357 |
| 1602000 | Chemours Co., 5.750%, 11/15/2028(a) | &nbsp;&nbsp; 1557961 |
| 2826000 | &nbsp;&nbsp; Solstice Advanced Materials, Inc., <br> 5.625%, 9/30/2033(a)<br>| &nbsp;&nbsp; 2850852 |
|  |  | &nbsp;&nbsp; 14367170 |
|  | **Construction Machinery — 0.5%** | **Construction Machinery — 0.5%** |
| 1530000 | Ashtead Capital, Inc., 5.500%, 8/11/2032(a) | &nbsp;&nbsp; 1579792 |
| 2140000 | Ashtead Capital, Inc., 5.550%, 5/30/2033(a) | &nbsp;&nbsp; 2207975 |
| 2870000 | Ashtead Capital, Inc., 5.800%, 4/15/2034(a) | &nbsp;&nbsp; 3008928 |
| 6985000 | &nbsp;&nbsp; United Rentals North America, Inc., <br> 6.125%, 3/15/2034(a)<br>| &nbsp;&nbsp; 7276086 |
|  |  | &nbsp;&nbsp; 14072781 |
|  | **Consumer Cyclical Services — 0.4%** | **Consumer Cyclical Services — 0.4%** |
| 6335000 | Expedia Group, Inc., 5.400%, 2/15/2035 | &nbsp;&nbsp; 6497879 |
| 2145000 | TriNet Group, Inc., 3.500%, 3/01/2029(a) | &nbsp;&nbsp; 2026941 |
| 1700000 | Uber Technologies, Inc., 4.800%, 9/15/2035 | &nbsp;&nbsp; 1691023 |
|  |  | &nbsp;&nbsp; 10215843 |
|  | **Electric — 1.1%** | **Electric — 1.1%** |
| 18103871 | Alta Wind Holdings LLC, 7.000%, 6/30/2035(a) | &nbsp;&nbsp; 17276988 |
| 1630000 | &nbsp;&nbsp; Southern Power Co., Series B, <br> 4.900%, 10/01/2035<br>| &nbsp;&nbsp; 1612435 |
| 9224000 | Talen Energy Supply LLC, 6.250%, 2/01/2034(a) | &nbsp;&nbsp; 9407686 |
| 1070000 | &nbsp;&nbsp; Vistra Operations Co. LLC, <br> 5.250%, 10/15/2035(a)<br>| &nbsp;&nbsp; 1066566 |
|  |  | &nbsp;&nbsp; 29363675 |
|  | **Finance Companies — 2.2%** | **Finance Companies — 2.2%** |
| 4030000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.300%, 1/30/2032<br>| &nbsp;&nbsp; 3720977 |
| 4530000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.400%, 10/29/2033<br>| &nbsp;&nbsp; 4089797 |
| 15030000 | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 4.950%, 9/10/2034<br>| &nbsp;&nbsp; 15000582 |
| 7035000 | &nbsp;&nbsp; Air Lease Corp., Series B, (fixed rate to <br> 6/15/2026, variable rate thereafter), 4.650%(c)<br>| &nbsp;&nbsp; 6939117 |
| 2570000 | Aircastle Ltd., 5.950%, 2/15/2029(a) | &nbsp;&nbsp; 2674572 |

---

See accompanying notes to financial statements.

\| 48

------

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

Loomis Sayles Strategic Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Finance Companies — continued** | **Finance Companies — continued** |
| $3695000 | &nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC, <br> 5.750%, 10/01/2031(a)<br>| &nbsp;&nbsp; $3851317 |
| 2721000 | &nbsp;&nbsp; Avolon Holdings Funding Ltd., <br> 4.700%, 1/30/2031(a)<br>| &nbsp;&nbsp; 2703485 |
| 3927000 | &nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 7.875%, 4/01/2033(a)<br>| &nbsp;&nbsp; 4066654 |
| 1110000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 5.150%, 3/17/2030(a)<br>| &nbsp;&nbsp; 1125229 |
| 400000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 6.400%, 3/26/2029(a)<br>| &nbsp;&nbsp; 419159 |
| 860000 | &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., <br> 6.500%, 3/26/2031(a)<br>| &nbsp;&nbsp; 919747 |
| 5270000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 3.875%, 3/01/2031(a)<br>| &nbsp;&nbsp; 5004365 |
| 9630000 | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 4.000%, 10/15/2033(a)<br>| &nbsp;&nbsp; 8947195 |
|  |  | &nbsp;&nbsp; 59462196 |
|  | **Financial Other — 0.1%** | **Financial Other — 0.1%** |
| 819021 | &nbsp;&nbsp; Add Hero Holdings Ltd., Series IAI, 8.500% PIK <br> and/or 7.500% Cash, 9/30/2029(d)<br>| &nbsp;&nbsp; 47774 |
| 667027 | &nbsp;&nbsp; Add Hero Holdings Ltd., Series IAI, 9.000% PIK <br> and/or 8.000% Cash, 9/30/2030(d)<br>| &nbsp;&nbsp; 10005 |
| 880490 | &nbsp;&nbsp; Add Hero Holdings Ltd., Series IAI, 9.800% PIK <br> and/or 8.800% Cash, 9/30/2031(d)<br>| &nbsp;&nbsp; 13207 |
| 4720000 | &nbsp;&nbsp; Central China Real Estate Ltd., <br> 7.250%, 7/16/2024(e)<br>| &nbsp;&nbsp; 82600 |
| 1260000 | &nbsp;&nbsp; Central China Real Estate Ltd., <br> 7.250%, 8/13/2024(e)<br>| &nbsp;&nbsp; 22050 |
| 1957000 | &nbsp;&nbsp; Central China Real Estate Ltd., <br> 7.250%, 4/28/2025(e)<br>| &nbsp;&nbsp; 34247 |
| 3260000 | &nbsp;&nbsp; Central China Real Estate Ltd., <br> 7.500%, 7/14/2025(e)<br>| &nbsp;&nbsp; 57050 |
| 4415000 | &nbsp;&nbsp; Central China Real Estate Ltd., <br> 7.650%, 8/27/2025(e)<br>| &nbsp;&nbsp; 77262 |
| 1305000 | &nbsp;&nbsp; Central China Real Estate Ltd., <br> 7.750%, 5/24/2024(e)<br>| &nbsp;&nbsp; 22838 |
| 8274825 | &nbsp;&nbsp; CFLD Cayman Investment Ltd., <br> 2.500%, 1/31/2031(a)(f)<br>| &nbsp;&nbsp; 293301 |
| 4375535 | &nbsp;&nbsp; CFLD Cayman Investment Ltd., <br> 2.500%, 1/31/2031(a)(f)<br>| &nbsp;&nbsp; 155091 |
| 948132 | &nbsp;&nbsp; CFLD Cayman Investment Ltd., Zero Coupon, <br> 1/31/2031(a)<br>| &nbsp;&nbsp; 22452 |
| 472453 | &nbsp;&nbsp; China Aoyuan Group Ltd., Series IAI, 5.500% <br> PIK, 9/30/2031(d)<br>| &nbsp;&nbsp; 5906 |
| 1155773 | &nbsp;&nbsp; China Aoyuan Group Ltd., Series IAI, Zero <br> Coupon(b)(c)<br>| &nbsp;&nbsp; 2889 |
| 1800000 | China Evergrande Group, 8.250%, 3/23/2022(e) | &nbsp;&nbsp; 20250 |
| 4045000 | China Evergrande Group, 8.750%, 6/28/2025(e) | &nbsp;&nbsp; 25281 |
| 1405000 | China Evergrande Group, 9.500%, 4/11/2022(e) | &nbsp;&nbsp; 10734 |
| 335000 | China Evergrande Group, 9.500%, 3/29/2024(e) | &nbsp;&nbsp; 2841 |
| 1704923 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 6.250% PIK and/or <br> 5.250% Cash, 12/28/2028(a)(d)<br>| &nbsp;&nbsp; 35735 |
| 2854173 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 6.500% PIK and/or <br> 5.500% Cash, 12/28/2029(a)(d)<br>| &nbsp;&nbsp; 53801 |
| 3440176 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 6.750% PIK and/or <br> 5.750% Cash, 12/28/2030(a)(d)<br>| &nbsp;&nbsp; 51603 |
| 5183011 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 7.000% PIK and/or <br> 6.000% Cash, 12/28/2031(a)(d)<br>| &nbsp;&nbsp; 79611 |
| 4877665 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 7.250% PIK and/or <br> 6.250% Cash, 12/28/2032(a)(d)<br>| &nbsp;&nbsp; 69913 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Financial Other — continued** | **Financial Other — continued** |
| $1166245 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., 7.721% PIK and/or <br> 6.721% Cash, 12/28/2028(a)(d)<br>| &nbsp;&nbsp; $26241 |
| 3345000 | Logan Group Co. Ltd., 4.250%, 7/12/2025(e) | &nbsp;&nbsp; 327108 |
| 1320000 | Logan Group Co. Ltd., 4.850%, 12/14/2026(e) | &nbsp;&nbsp; 131881 |
| 73600 | &nbsp;&nbsp; Shimao Group Holdings Ltd., 6.000% PIK <br> and/or 5.000% Cash, 7/21/2031(a)(d)<br>| &nbsp;&nbsp; 2429 |
| 404266 | &nbsp;&nbsp; Times China Holdings Ltd., 3.000% PIK and/or <br> 1.000% Cash, 3/30/2029(a)(d)<br>| &nbsp;&nbsp; 6347 |
| 1499183 | &nbsp;&nbsp; Times China Holdings Ltd., 4.200% PIK, <br> 9/30/2032(a)(d)<br>| &nbsp;&nbsp; 21288 |
| 2909237 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 1.000% PIK, <br> 6/30/2034(d)<br>| &nbsp;&nbsp; 2909 |
| 2835915 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 4.000% PIK, <br> 6/30/2028(d)<br>| &nbsp;&nbsp; 67353 |
| 4938207 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 4.500% PIK, <br> 6/30/2029(d)<br>| &nbsp;&nbsp; 98764 |
| 6591260 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 5.000% PIK, <br> 6/30/2030(d)<br>| &nbsp;&nbsp; 131825 |
| 9245947 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 5.500% PIK, <br> 6/30/2031(d)<br>| &nbsp;&nbsp; 115482 |
| 3445181 | &nbsp;&nbsp; Yuzhou Group Holdings Co. Ltd., 7.000% PIK <br> and/or 6.000% Cash, 6/30/2027(d)<br>| &nbsp;&nbsp; 344483 |
|  |  | &nbsp;&nbsp; 2472551 |
|  | **Food & Beverage — 1.0%** | **Food & Beverage — 1.0%** |
| 835000 | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL, 6.750%, 3/15/2034<br>| &nbsp;&nbsp; 922508 |
| 5520000 | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Foods <br> Group Holdings, Inc./JBS USA Food Co., <br> 5.500%, 1/15/2036(a)<br>| &nbsp;&nbsp; 5609191 |
| 2555000 | &nbsp;&nbsp; JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 5.950%, 4/20/2035(a)<br>| &nbsp;&nbsp; 2686553 |
| 7774000 | Pilgrim's Pride Corp., 3.500%, 3/01/2032 | &nbsp;&nbsp; 7181584 |
| 3691000 | Pilgrim's Pride Corp., 6.875%, 5/15/2034 | &nbsp;&nbsp; 4093465 |
| 7340000 | Post Holdings, Inc., 4.500%, 9/15/2031(a) | &nbsp;&nbsp; 6958664 |
|  |  | &nbsp;&nbsp; 27451965 |
|  | **Government Owned - No Guarantee — 0.0%** | **Government Owned - No Guarantee — 0.0%** |
| 495000 | Antares Holdings LP, 2.750%, 1/15/2027(a) | &nbsp;&nbsp; 483767 |
| 585000 | Antares Holdings LP, 3.750%, 7/15/2027(a) | &nbsp;&nbsp; 571987 |
|  |  | &nbsp;&nbsp; 1055754 |
|  | **Health Insurance — 0.5%** | **Health Insurance — 0.5%** |
| 3000000 | Molina Healthcare, Inc., 3.875%, 11/15/2030(a) | &nbsp;&nbsp; 2783673 |
| 4280000 | Molina Healthcare, Inc., 3.875%, 5/15/2032(a) | &nbsp;&nbsp; 3886999 |
| 6924000 | Molina Healthcare, Inc., 6.500%, 2/15/2031(a) | &nbsp;&nbsp; 7111156 |
|  |  | &nbsp;&nbsp; 13781828 |
|  | **Healthcare — 0.2%** | **Healthcare — 0.2%** |
| 1675000 | Bausch & Lomb Corp., 8.375%, 10/01/2028(a) | &nbsp;&nbsp; 1748281 |
| 2505000 | HCA, Inc., 4.900%, 11/15/2035 | &nbsp;&nbsp; 2470747 |
|  |  | &nbsp;&nbsp; 4219028 |
|  | **Home Construction — 0.6%** | **Home Construction — 0.6%** |
| 2065000 | DR Horton, Inc., 5.500%, 10/15/2035 | &nbsp;&nbsp; 2150376 |
| 9610000 | Meritage Homes Corp., 5.650%, 3/15/2035 | &nbsp;&nbsp; 9818310 |
| 3887000 | &nbsp;&nbsp; Taylor Morrison Communities, Inc., <br> 5.750%, 11/15/2032(a)<br>| &nbsp;&nbsp; 3999303 |
|  |  | &nbsp;&nbsp; 15967989 |
|  | **Independent Energy — 2.6%** | **Independent Energy — 2.6%** |
| 6510000 | &nbsp;&nbsp; Canadian Natural Resources Ltd., <br> 5.400%, 12/15/2034<br>| &nbsp;&nbsp; 6627139 |
| 6519000 | Chord Energy Corp., 6.000%, 10/01/2030(a) | &nbsp;&nbsp; 6598942 |

---

See accompanying notes to financial statements.

49 \|

------

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

Loomis Sayles Strategic Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Independent Energy — continued** | **Independent Energy — continued** |
| $53000 | Chord Energy Corp., 6.750%, 3/15/2033(a) | &nbsp;&nbsp; $54808 |
| 1835000 | Civitas Resources, Inc., 8.625%, 11/01/2030(a) | &nbsp;&nbsp; 1923190 |
| 3010000 | Civitas Resources, Inc., 8.750%, 7/01/2031(a) | &nbsp;&nbsp; 3122578 |
| 11400000 | &nbsp;&nbsp; Continental Resources, Inc., <br> 2.875%, 4/01/2032(a)<br>| &nbsp;&nbsp; 9948568 |
| 9276000 | &nbsp;&nbsp; Continental Resources, Inc., <br> 5.750%, 1/15/2031(a)<br>| &nbsp;&nbsp; 9511473 |
| 6945000 | &nbsp;&nbsp; Energean Israel Finance Ltd., <br> 5.375%, 3/30/2028<br>| &nbsp;&nbsp; 6849541 |
| 8120000 | &nbsp;&nbsp; Energean Israel Finance Ltd., <br> 5.875%, 3/30/2031<br>| &nbsp;&nbsp; 7853694 |
| 805000 | Leviathan Bond Ltd., 6.500%, 6/30/2027 | &nbsp;&nbsp; 809258 |
| 4042000 | Matador Resources Co., 6.250%, 4/15/2033(a) | &nbsp;&nbsp; 4047376 |
| 17908000 | Sanchez Energy Corp., 6.125%, 1/15/2023(e) | &nbsp;&nbsp; 1791 |
| 9520000 | Sanchez Energy Corp., 7.750%, 6/15/2021(e) | &nbsp;&nbsp; 952 |
| 2050000 | SM Energy Co., 6.750%, 8/01/2029(a) | &nbsp;&nbsp; 2065052 |
| 3445000 | SM Energy Co., 7.000%, 8/01/2032(a) | &nbsp;&nbsp; 3386671 |
| 236000 | Var Energi ASA, 8.000%, 11/15/2032(a) | &nbsp;&nbsp; 270101 |
| 7100000 | Viper Energy Partners LLC, 5.700%, 8/01/2035 | &nbsp;&nbsp; 7245763 |
|  |  | &nbsp;&nbsp; 70316897 |
|  | **Industrial Other — 0.3%** | **Industrial Other — 0.3%** |
| 7705000 | TopBuild Corp., 5.625%, 1/31/2034(a) | &nbsp;&nbsp; 7794274 |
|  | **Leisure — 0.9%** | **Leisure — 0.9%** |
| 6880000 | Carnival Corp., 5.750%, 3/15/2030(a) | &nbsp;&nbsp; 7075475 |
| 4230000 | Carnival Corp., 6.125%, 2/15/2033(a) | &nbsp;&nbsp; 4367855 |
| 3409000 | &nbsp;&nbsp; Kingpin Intermediate Holdings LLC, <br> 7.250%, 10/15/2032(a)<br>| &nbsp;&nbsp; 3222700 |
| 4060000 | NCL Corp. Ltd., 6.750%, 2/01/2032(a) | &nbsp;&nbsp; 4157125 |
| 6195000 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> 5.375%, 1/15/2036<br>| &nbsp;&nbsp; 6220943 |
|  |  | &nbsp;&nbsp; 25044098 |
|  | **Life Insurance — 1.4%** | **Life Insurance — 1.4%** |
| 20000000 | &nbsp;&nbsp; National Life Insurance Co., <br> 10.500%, 9/15/2039(a)<br>| &nbsp;&nbsp; 26760800 |
| 8920000 | NLV Financial Corp., 7.500%, 8/15/2033(a) | &nbsp;&nbsp; 9742424 |
|  |  | &nbsp;&nbsp; 36503224 |
|  | **Lodging — 0.9%** | **Lodging — 0.9%** |
| 1245000 | &nbsp;&nbsp; Choice Hotels International, Inc., <br> 5.850%, 8/01/2034<br>| &nbsp;&nbsp; 1269354 |
| 1816000 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 5.500%, 3/31/2034(a)<br>| &nbsp;&nbsp; 1828472 |
| 1745000 | &nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton <br> Grand Vacations Borrower, Inc., <br> 4.875%, 7/01/2031(a)<br>| &nbsp;&nbsp; 1628993 |
| 2355000 | &nbsp;&nbsp; Marriott Ownership Resorts, Inc., <br> 4.500%, 6/15/2029(a)<br>| &nbsp;&nbsp; 2249986 |
| 12700000 | Travel & Leisure Co., 4.500%, 12/01/2029(a) | &nbsp;&nbsp; 12430356 |
| 3790000 | Travel & Leisure Co., 6.125%, 9/01/2033(a) | &nbsp;&nbsp; 3847040 |
|  |  | &nbsp;&nbsp; 23254201 |
|  | **Media Entertainment — 1.9%** | **Media Entertainment — 1.9%** |
| 3090000 | AppLovin Corp., 5.125%, 12/01/2029 | &nbsp;&nbsp; 3169491 |
| 1530000 | AppLovin Corp., 5.375%, 12/01/2031 | &nbsp;&nbsp; 1586564 |
| 8850000 | AppLovin Corp., 5.500%, 12/01/2034 | &nbsp;&nbsp; 9092947 |
| 10591000 | Beignet Investor LLC, 6.581%, 5/30/2049(a) | &nbsp;&nbsp; 11189340 |
| 9580000 | &nbsp;&nbsp; Discovery Communications LLC, <br> 3.625%, 5/15/2030<br>| &nbsp;&nbsp; 8819660 |
| 1955000 | &nbsp;&nbsp; Discovery Communications LLC, <br> 6.350%, 6/01/2040<br>| &nbsp;&nbsp; 1619242 |
| 3410000 | Meta Platforms, Inc., 4.875%, 11/15/2035 | &nbsp;&nbsp; 3405431 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Media Entertainment — continued** | **Media Entertainment — continued** |
| $4620000 | Meta Platforms, Inc., 5.625%, 11/15/2055 | &nbsp;&nbsp; $4434142 |
| 10453000 | Warnermedia Holdings, Inc., 4.279%, 3/15/2032 | &nbsp;&nbsp; 9175852 |
|  |  | &nbsp;&nbsp; 52492669 |
|  | **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** |
| 3411000 | Commercial Metals Co., 5.750%, 11/15/2033(a) | &nbsp;&nbsp; 3487857 |
| 4816000 | Commercial Metals Co., 6.000%, 12/15/2035(a) | &nbsp;&nbsp; 4937151 |
| 17930000 | Glencore Funding LLC, 5.700%, 5/08/2033(a) | &nbsp;&nbsp; 18879943 |
| 15260000 | Glencore Funding LLC, 6.500%, 10/06/2033(a) | &nbsp;&nbsp; 16853763 |
|  |  | &nbsp;&nbsp; 44158714 |
|  | **Midstream — 1.8%** | **Midstream — 1.8%** |
| 2300000 | Cheniere Energy Partners LP, 3.250%, 1/31/2032 | &nbsp;&nbsp; 2118379 |
| 3185000 | Cheniere Energy Partners LP, 5.950%, 6/30/2033 | &nbsp;&nbsp; 3377287 |
| 2530000 | &nbsp;&nbsp; Hess Midstream Operations LP, <br> 4.250%, 2/15/2030(a)<br>| &nbsp;&nbsp; 2474557 |
| 4436000 | &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br> 3.875%, 11/01/2033(a)<br>| &nbsp;&nbsp; 3803479 |
| 2156000 | &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br> 4.125%, 8/15/2031(a)<br>| &nbsp;&nbsp; 1961902 |
| 14300000 | &nbsp;&nbsp; Venture Global LNG, Inc., (fixed rate to <br> 9/30/2029, variable rate thereafter), <br> 9.000%(a)(c)<br>| &nbsp;&nbsp; 11293149 |
| 2122000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.125%, 12/15/2030(a)<br>| &nbsp;&nbsp; 2160927 |
| 5152000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.500%, 1/15/2034(a)<br>| &nbsp;&nbsp; 5276885 |
| 140000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.500%, 6/15/2034(a)<br>| &nbsp;&nbsp; 143050 |
| 4775000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 6.750%, 1/15/2036(a)<br>| &nbsp;&nbsp; 4890986 |
| 4692000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 7.500%, 5/01/2033(a)<br>| &nbsp;&nbsp; 5069711 |
| 4100000 | &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, <br> 7.750%, 5/01/2035(a)<br>| &nbsp;&nbsp; 4489309 |
| 1251000 | &nbsp;&nbsp; Western Midstream Operating LP, <br> 5.500%, 12/15/2035<br>| &nbsp;&nbsp; 1244347 |
| 1580000 | Whistler Pipeline LLC, 5.950%, 9/30/2034(a) | &nbsp;&nbsp; 1633838 |
|  |  | &nbsp;&nbsp; 49937806 |
|  | **Non-Agency Commercial Mortgage-Backed Securities — 1.8%** | **Non-Agency Commercial Mortgage-Backed Securities — 1.8%** |
| 335000 | &nbsp;&nbsp; BBSG Mortgage Trust, Series 2016-MRP, <br> Class A, 3.275%, 6/05/2036(a)<br>| &nbsp;&nbsp; 301500 |
| 2095000 | &nbsp;&nbsp; BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class D, 1 mo. USD SOFR + <br> 2.750%, 6.500%, 11/15/2042(a)(b)<br>| &nbsp;&nbsp; 2105472 |
| 7375000 | &nbsp;&nbsp; BPR Trust, Series 2021-NRD, Class F, 1 mo. <br> USD SOFR + 6.870%, 10.621%, 12/15/2038(a)(b)<br>| &nbsp;&nbsp; 7198690 |
| 650000 | &nbsp;&nbsp; BX Trust, Series 2025-DELC, Class D, 1 mo. <br> USD SOFR + 2.600%, 6.557%, 12/15/2042(a)(b)<br>| &nbsp;&nbsp; 651619 |
| 8597541 | &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2012-GC8, Class C, <br> 5.124%, 9/10/2045(a)(b)<br>| &nbsp;&nbsp; 8509330 |
| 69046 | &nbsp;&nbsp; Commercial Mortgage Pass-Through <br> Certificates, Series 2012-LTRT, Class A2, <br> 3.400%, 10/05/2030(a)<br>| &nbsp;&nbsp; 68584 |
| 2925000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class B, 4.185%, 9/15/2037(a)<br>| &nbsp;&nbsp; 2560324 |
| 1690000 | &nbsp;&nbsp; Credit Suisse Mortgage Trust, <br> Series 2014-USA, Class D, 4.373%, 9/15/2037(a)<br>| &nbsp;&nbsp; 1435387 |
| 3755000 | &nbsp;&nbsp; DC Commercial Mortgage Trust, <br> Series 2023-DC, Class C, <br> 7.141%, 9/12/2040(a)(b)<br>| &nbsp;&nbsp; 3882928 |

---

See accompanying notes to financial statements.

\| 50

------

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

Loomis Sayles Strategic Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** | &nbsp;&nbsp; **Non-Agency Commercial Mortgage-Backed** <br> **Securities — continued** |
| $445000 | &nbsp;&nbsp; Extended Stay America Trust, <br> Series 2025-ESH, Class D, 1 mo. USD SOFR + <br> 2.600%, 6.350%, 10/15/2042(a)(b)<br>| &nbsp;&nbsp; $447779 |
| 485000 | &nbsp;&nbsp; Extended Stay America Trust, <br> Series 2025-ESH, Class E, 1 mo. USD SOFR + <br> 3.350%, 7.100%, 10/15/2042(a)(b)<br>| &nbsp;&nbsp; 488029 |
| 600000 | &nbsp;&nbsp; Extended Stay America Trust, <br> Series 2025-ESH, Class F, 1 mo. USD SOFR + <br> 4.100%, 7.850%, 10/15/2042(a)(b)<br>| &nbsp;&nbsp; 605246 |
| 966588 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2013-G1, Class B, <br> 3.721%, 4/10/2031(a)(b)<br>| &nbsp;&nbsp; 958190 |
| 7680000 | &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, <br> Series 2013-PEMB, Class C, <br> 3.550%, 3/05/2033(a)(b)(f)<br>| &nbsp;&nbsp; 844800 |
| 900000 | &nbsp;&nbsp; GS Mortgage Securities Trust, <br> Series 2014-GC22, Class B, <br> 4.391%, 6/10/2047(b)<br>| &nbsp;&nbsp; 734029 |
| 5785000 | &nbsp;&nbsp; GS Mortgage Securities Trust, <br> Series 2014-GC22, Class D, <br> 4.572%, 6/10/2047(a)(b)(f)<br>| &nbsp;&nbsp; 751934 |
| 290000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2012-LC9, Class D, <br> 3.571%, 12/15/2047(a)(b)<br>| &nbsp;&nbsp; 275056 |
| 3110000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2013-LC11, Class C, <br> 3.958%, 4/15/2046(b)<br>| &nbsp;&nbsp; 1555031 |
| 2595000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, Class C, <br> 1 mo. USD SOFR + 2.400%, <br> 6.150%, 1/15/2042(a)(b)<br>| &nbsp;&nbsp; 2578887 |
| 1795000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2025-BMS, Class D, <br> 1 mo. USD SOFR + 3.150%, <br> 6.900%, 1/15/2042(a)(b)<br>| &nbsp;&nbsp; 1779568 |
| 1135000 | &nbsp;&nbsp; Morgan Stanley Bank of America Merrill <br> Lynch Trust, Series 2013-C11, Class B, <br> 4.075%, 8/15/2046(b)<br>| &nbsp;&nbsp; 686335 |
| 1180000 | &nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC, <br> Series 2021-1, Class A1, 1.910%, 10/20/2061(a)<br>| &nbsp;&nbsp; 985055 |
| 658454 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2012-C10, Class B, 3.744%, 12/15/2045<br>| &nbsp;&nbsp; 627576 |
| 5009579 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2013-C15, Class B, 4.145%, 8/15/2046(b)<br>| &nbsp;&nbsp; 4826629 |
| 2612000 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2013-C15, Class C, 4.145%, 8/15/2046(b)<br>| &nbsp;&nbsp; 2350852 |
| 602137 | &nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2014-C20, Class B, 4.378%, 5/15/2047<br>| &nbsp;&nbsp; 521343 |
|  |  | &nbsp;&nbsp; 47730173 |
|  | **Oil Field Services — 0.3%** | **Oil Field Services — 0.3%** |
| 9381000 | Helmerich & Payne, Inc., 5.500%, 12/01/2034 | &nbsp;&nbsp; 9235911 |
|  | **Other REITs — 0.4%** | **Other REITs — 0.4%** |
| 2735000 | EPR Properties, 3.600%, 11/15/2031 | &nbsp;&nbsp; 2534656 |
| 7250000 | Host Hotels & Resorts LP, 5.500%, 4/15/2035 | &nbsp;&nbsp; 7338591 |
|  |  | &nbsp;&nbsp; 9873247 |
|  | **Packaging — 0.8%** | **Packaging — 0.8%** |
| 20223000 | Ball Corp., 5.500%, 9/15/2033 | &nbsp;&nbsp; 20615176 |
|  | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| 8690000 | Bausch Health Cos., Inc., 4.875%, 6/01/2028(a) | &nbsp;&nbsp; 7777550 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| $7960000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC, <br> 6.150%, 2/01/2036<br>| &nbsp;&nbsp; $8357195 |
| 4695000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II <br> BV, 7.375%, 9/15/2029, (EUR)<br>| &nbsp;&nbsp; 6207643 |
| 3990000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II <br> BV, 7.875%, 9/15/2031, (EUR)<br>| &nbsp;&nbsp; 5609272 |
| 25290000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 4.100%, 10/01/2046<br>| &nbsp;&nbsp; 19124414 |
| 8725000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 5.125%, 5/09/2029<br>| &nbsp;&nbsp; 8823604 |
| 685000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 6.000%, 12/01/2032<br>| &nbsp;&nbsp; 718913 |
| 1245000 | &nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands IV <br> BV, 5.750%, 12/01/2030<br>| &nbsp;&nbsp; 1291345 |
|  |  | &nbsp;&nbsp; 57909936 |
|  | **Property & Casualty Insurance — 0.9%** | **Property & Casualty Insurance — 0.9%** |
| 3508000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 6.750%, 4/15/2028(a)<br>| &nbsp;&nbsp; 3571760 |
| 3110000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.000%, 1/15/2031(a)<br>| &nbsp;&nbsp; 3226549 |
| 6435000 | &nbsp;&nbsp; Amynta Agency Borrower, Inc. & Amynta <br> Warranty Borrower, Inc., 7.500%, 7/15/2033(a)<br>| &nbsp;&nbsp; 6510270 |
| 6780000 | Ardonagh Finco Ltd., 7.750%, 2/15/2031(a) | &nbsp;&nbsp; 7107846 |
| 3635000 | Ryan Specialty LLC, 5.875%, 8/01/2032(a) | &nbsp;&nbsp; 3714126 |
| 750000 | Willis North America, Inc., 5.150%, 3/15/2036 | &nbsp;&nbsp; 750061 |
|  |  | &nbsp;&nbsp; 24880612 |
|  | **Restaurants — 0.8%** | **Restaurants — 0.8%** |
| 13685000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 4.000%, 10/15/2030(a)<br>| &nbsp;&nbsp; 13033651 |
| 8105000 | &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc., <br> 5.625%, 9/15/2029(a)<br>| &nbsp;&nbsp; 8252397 |
|  |  | &nbsp;&nbsp; 21286048 |
|  | **Retailers — 0.9%** | **Retailers — 0.9%** |
| 3325000 | Dillard's, Inc., 7.000%, 12/01/2028 | &nbsp;&nbsp; 3528822 |
| 1500000 | Dillard's, Inc., 7.750%, 7/15/2026 | &nbsp;&nbsp; 1522605 |
| 7520000 | &nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH U.K. Ltd., <br> 8.375%, 1/15/2029(a)<br>| &nbsp;&nbsp; 7375164 |
| 3680000 | &nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH U.K. Ltd., <br> 11.500%, 8/15/2029(a)<br>| &nbsp;&nbsp; 3853675 |
| 7840000 | &nbsp;&nbsp; PetSmart LLC/PetSmart Finance Corp., <br> 7.500%, 9/15/2032(a)<br>| &nbsp;&nbsp; 7978646 |
|  |  | &nbsp;&nbsp; 24258912 |
|  | **Sovereigns — 7.1%** | **Sovereigns — 7.1%** |
| 8175000 | &nbsp;&nbsp; Chile Government International Bonds, <br> 3.100%, 1/22/2061<br>| &nbsp;&nbsp; 5056238 |
| 16140000 | &nbsp;&nbsp; Chile Government International Bonds, <br> 3.250%, 9/21/2071<br>| &nbsp;&nbsp; 9965643 |
| 3835000 | &nbsp;&nbsp; Chile Government International Bonds, <br> 4.340%, 3/07/2042<br>| &nbsp;&nbsp; 3407014 |
| 9071000 | &nbsp;&nbsp; Egypt Government International Bonds, <br> 5.800%, 9/30/2027<br>| &nbsp;&nbsp; 9165693 |
| 12896000 | &nbsp;&nbsp; Kuwait International Government Bonds, <br> 4.136%, 10/09/2030(a)<br>| &nbsp;&nbsp; 12890575 |
| 11346000 | &nbsp;&nbsp; Kuwait International Government Bonds, <br> 4.652%, 10/09/2035(a)<br>| &nbsp;&nbsp; 11330331 |
| 6925000 | &nbsp;&nbsp; Kyrgyz Republic International Bonds, <br> 7.750%, 6/03/2030(a)<br>| &nbsp;&nbsp; 7129287 |
| 4479000 | &nbsp;&nbsp; Nigeria Government International Bonds, <br> 6.500%, 11/28/2027<br>| &nbsp;&nbsp; 4539324 |

---

See accompanying notes to financial statements.

51 \|

------

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

Loomis Sayles Strategic Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Sovereigns — continued** | **Sovereigns — continued** |
| $8326000 | &nbsp;&nbsp; Pakistan Government International Bonds, <br> 6.000%, 4/08/2026<br>| &nbsp;&nbsp; $8304858 |
| 5823000 | &nbsp;&nbsp; Pakistan Government International Bonds, <br> 6.875%, 12/05/2027<br>| &nbsp;&nbsp; 5864017 |
| 8472000 | &nbsp;&nbsp; Republic of Poland Government International <br> Bonds, 5.375%, 2/12/2035<br>| &nbsp;&nbsp; 8782485 |
| 18574000 | &nbsp;&nbsp; Republic of Poland Government International <br> Bonds, 5.500%, 3/18/2054<br>| &nbsp;&nbsp; 17762920 |
| 3500000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 3.700%, 11/25/2030<br>| &nbsp;&nbsp; 3248173 |
| 7040000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 3.900%, 10/19/2031<br>| &nbsp;&nbsp; 6507977 |
| 4915000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 5.100%, 2/25/2029, (EUR)(a)<br>| &nbsp;&nbsp; 5969017 |
| 2580000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 5.100%, 2/25/2029, (EUR)<br>| &nbsp;&nbsp; 3133279 |
| 4575000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 5.375%, 5/29/2027, (EUR)(a)<br>| &nbsp;&nbsp; 5490415 |
| 200000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 5.375%, 2/20/2029<br>| &nbsp;&nbsp; 200774 |
| 10895000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 6.900%, 2/28/2032(a)<br>| &nbsp;&nbsp; 11696000 |
| 7475000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 6.947%, 5/25/2032(a)<br>| &nbsp;&nbsp; 8053266 |
| 2210000 | &nbsp;&nbsp; Republic of Uzbekistan International Bonds, <br> 7.850%, 10/12/2028(a)<br>| &nbsp;&nbsp; 2365264 |
| 12408000 | &nbsp;&nbsp; Romania Government International Bonds, <br> 6.375%, 1/30/2034<br>| &nbsp;&nbsp; 12904694 |
| 14674000 | &nbsp;&nbsp; Romania Government International Bonds, <br> 6.625%, 5/16/2036<br>| &nbsp;&nbsp; 15294710 |
| 3074000 | &nbsp;&nbsp; Romania Government International Bonds, <br> 7.125%, 1/17/2033<br>| &nbsp;&nbsp; 3336890 |
| 8665000 | &nbsp;&nbsp; Turkiye Government International Bonds, <br> 6.950%, 9/16/2035<br>| &nbsp;&nbsp; 8913945 |
|  |  | &nbsp;&nbsp; 191312789 |
|  | **Technology — 4.7%** | **Technology — 4.7%** |
| 10821000 | Block, Inc., 3.500%, 6/01/2031 | &nbsp;&nbsp; 10170821 |
| 6895000 | Broadcom, Inc., 3.137%, 11/15/2035(a) | &nbsp;&nbsp; 5937877 |
| 1255000 | Broadcom, Inc., 3.419%, 4/15/2033 | &nbsp;&nbsp; 1161709 |
| 10845000 | &nbsp;&nbsp; CDW LLC/CDW Finance Corp., <br> 5.550%, 8/22/2034<br>| &nbsp;&nbsp; 11050128 |
| 2039000 | Cipher Compute LLC, 7.125%, 11/15/2030(a) | &nbsp;&nbsp; 2076687 |
| 4790000 | &nbsp;&nbsp; Dell International LLC/EMC Corp., <br> 5.100%, 2/15/2036<br>| &nbsp;&nbsp; 4730428 |
| 5995000 | Fair Isaac Corp., 6.000%, 5/15/2033(a) | &nbsp;&nbsp; 6157746 |
| 2846000 | Flash Compute LLC, 7.250%, 12/31/2030(a) | &nbsp;&nbsp; 2819711 |
| 9980000 | Iron Mountain, Inc., 4.875%, 9/15/2029(a) | &nbsp;&nbsp; 9845750 |
| 3150000 | Leidos, Inc., 5.400%, 3/15/2032 | &nbsp;&nbsp; 3276339 |
| 6380000 | Leidos, Inc., 5.500%, 3/15/2035 | &nbsp;&nbsp; 6630397 |
| 10767000 | Micron Technology, Inc., 5.875%, 9/15/2033 | &nbsp;&nbsp; 11434531 |
| 3430000 | MSCI, Inc., 5.250%, 9/01/2035 | &nbsp;&nbsp; 3452630 |
| 2710000 | NetApp, Inc., 5.500%, 3/17/2032 | &nbsp;&nbsp; 2818950 |
| 2170000 | NetApp, Inc., 5.700%, 3/17/2035 | &nbsp;&nbsp; 2271002 |
| 199000 | Oracle Corp., 3.950%, 3/25/2051 | &nbsp;&nbsp; 130934 |
| 12243000 | Oracle Corp., 5.200%, 9/26/2035 | &nbsp;&nbsp; 11729783 |
| 4586000 | Oracle Corp., 5.950%, 9/26/2055 | &nbsp;&nbsp; 4063261 |
| 394000 | Oracle Corp., 6.000%, 8/03/2055 | &nbsp;&nbsp; 347425 |
| 1925000 | Paychex, Inc., 5.600%, 4/15/2035 | &nbsp;&nbsp; 2016043 |
| 3212000 | Sensata Technologies BV, 4.000%, 4/15/2029(a) | &nbsp;&nbsp; 3133926 |
| 655000 | Sensata Technologies BV, 5.875%, 9/01/2030(a) | &nbsp;&nbsp; 665027 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $600000 | &nbsp;&nbsp; Sensata Technologies, Inc., <br> 3.750%, 2/15/2031(a)<br>| &nbsp;&nbsp; $563086 |
| 3650000 | &nbsp;&nbsp; Sensata Technologies, Inc., <br> 6.625%, 7/15/2032(a)<br>| &nbsp;&nbsp; 3821813 |
| 4165000 | Synopsys, Inc., 5.700%, 4/01/2055 | &nbsp;&nbsp; 4131635 |
| 6550000 | TD SYNNEX Corp., 5.300%, 10/10/2035 | &nbsp;&nbsp; 6485956 |
| 5866000 | WULF Compute LLC, 7.750%, 10/15/2030(a) | &nbsp;&nbsp; 6043437 |
|  |  | &nbsp;&nbsp; 126967032 |
|  | **Treasuries — 15.8%** | **Treasuries — 15.8%** |
| 78,448(g)<br>| &nbsp;&nbsp; Brazil Notas do Tesouro Nacional, <br> 10.000%, 1/01/2031, (BRL)<br>| &nbsp;&nbsp; 12611581 |
| 3281740000 | &nbsp;&nbsp; Hungary Government Bonds, <br> 2.750%, 12/22/2026, (HUF)<br>| &nbsp;&nbsp; 9733343 |
| 2736610000 | &nbsp;&nbsp; Hungary Government Bonds, <br> 9.500%, 10/21/2026, (HUF)<br>| &nbsp;&nbsp; 8572851 |
| 5,055,000(h)<br>| Mexico Bonos, 8.500%, 11/18/2038, (MXN) | &nbsp;&nbsp; 26307896 |
| 809770000 | &nbsp;&nbsp; Republic of South Africa Government Bonds, <br> 9.000%, 1/31/2040, (ZAR)<br>| &nbsp;&nbsp; 48970398 |
| 613433000 | &nbsp;&nbsp; Turkiye Government Bonds, <br> 36.000%, 8/12/2026, (TRY)<br>| &nbsp;&nbsp; 14397380 |
| 779595000 | &nbsp;&nbsp; Turkiye Government Bonds, <br> 37.000%, 2/18/2026, (TRY)<br>| &nbsp;&nbsp; 18171245 |
| 78396000 | U.S. Treasury Notes, 3.500%, 11/30/2030 | &nbsp;&nbsp; 77605916 |
| 188340000 | U.S. Treasury Notes, 4.000%, 3/31/2030(i) | &nbsp;&nbsp; 190738393 |
| 161290000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 8.000%, 10/29/2035, (UYU)<br>| &nbsp;&nbsp; 4248591 |
| 293070000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 8.500%, 3/15/2028, (UYU)<br>| &nbsp;&nbsp; 7648110 |
| 283105000 | &nbsp;&nbsp; Uruguay Government International Bonds, <br> 9.750%, 7/20/2033, (UYU)<br>| &nbsp;&nbsp; 8137810 |
|  |  | &nbsp;&nbsp; 427143514 |
|  | **Wirelines — 0.3%** | **Wirelines — 0.3%** |
| 7065000 | AT&T, Inc., 5.375%, 8/15/2035 | &nbsp;&nbsp; 7239855 |
|  | &nbsp;&nbsp; Total Non-Convertible Bonds <br>(Identified Cost $2,131,600,401)<br>| &nbsp;&nbsp; 2022940469 |
| **Convertible Bonds — 2.2%** | **Convertible Bonds — 2.2%** | **Convertible Bonds — 2.2%** |
|  | **Cable Satellite — 0.6%** | **Cable Satellite — 0.6%** |
| 5176509 | &nbsp;&nbsp; EchoStar Corp., 3.875% PIK and/or 3.875% <br> Cash, 11/30/2030(d)<br>| &nbsp;&nbsp; 17289540 |
|  | **Consumer Cyclical Services — 0.2%** | **Consumer Cyclical Services — 0.2%** |
| 1264000 | DoorDash, Inc., Zero Coupon, 5/15/2030(a) | &nbsp;&nbsp; 1320248 |
| 960000 | Lyft, Inc., Zero Coupon, 9/15/2030(a) | &nbsp;&nbsp; 1082880 |
| 866000 | MakeMyTrip Ltd., Zero Coupon, 7/01/2030(a) | &nbsp;&nbsp; 847814 |
| 1247000 | &nbsp;&nbsp; Uber Technologies, Inc., Series 2028, <br> 0.875%, 12/01/2028<br>| &nbsp;&nbsp; 1617359 |
|  |  | &nbsp;&nbsp; 4868301 |
|  | **Diversified Manufacturing — 0.1%** | **Diversified Manufacturing — 0.1%** |
| 732000 | &nbsp;&nbsp; Advanced Energy Industries, Inc., <br> 2.500%, 9/15/2028<br>| &nbsp;&nbsp; 1200114 |
| 1185000 | Itron, Inc., 1.375%, 7/15/2030 | &nbsp;&nbsp; 1197591 |
|  |  | &nbsp;&nbsp; 2397705 |
|  | **Electric — 0.1%** | **Electric — 0.1%** |
| 624000 | Evergy, Inc., 4.500%, 12/15/2027 | &nbsp;&nbsp; 759408 |
| 1162000 | FirstEnergy Corp., 3.875%, 1/15/2031(a) | &nbsp;&nbsp; 1250312 |
| 1007000 | Pinnacle West Capital Corp., 4.750%, 6/15/2027 | &nbsp;&nbsp; 1074973 |
|  |  | &nbsp;&nbsp; 3084693 |

---

See accompanying notes to financial statements.

\| 52

------

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

Loomis Sayles Strategic Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Financial Other — 0.2%** | **Financial Other — 0.2%** |
| $103296 | &nbsp;&nbsp; China Aoyuan Group Ltd., Series IAI, Zero <br> Coupon, 9/30/2028<br>| &nbsp;&nbsp; $1620 |
| 3938555 | &nbsp;&nbsp; CIFI Holdings Group Co. Ltd., Series IAI, Zero <br> Coupon, 6/30/2029<br>| &nbsp;&nbsp; 291650 |
| 1051000 | IREN Ltd., Zero Coupon, 7/01/2031(a) | &nbsp;&nbsp; 778266 |
| 1013791 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2026(a)<br>| &nbsp;&nbsp; 10138 |
| 1267298 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2027(a)<br>| &nbsp;&nbsp; 6336 |
| 2027583 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2028(a)<br>| &nbsp;&nbsp; 7603 |
| 2027583 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2029(a)<br>| &nbsp;&nbsp; 7603 |
| 2534479 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2030(a)<br>| &nbsp;&nbsp; 3168 |
| 2534479 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2031(a)<br>| &nbsp;&nbsp; 3168 |
| 4781437 | &nbsp;&nbsp; Kaisa Group Holdings Ltd., Zero Coupon, <br> 12/31/2032(a)<br>| &nbsp;&nbsp; 11954 |
| 7494803 | &nbsp;&nbsp; Shimao Group Holdings Ltd., Zero Coupon, <br> 7/21/2026(a)<br>| &nbsp;&nbsp; 418735 |
| 8471975 | &nbsp;&nbsp; Sunac China Holdings Ltd., Zero Coupon, <br> 6/23/2026(a)<br>| &nbsp;&nbsp; 1323831 |
| 6260374 | &nbsp;&nbsp; Sunac China Holdings Ltd., Zero Coupon, <br> 6/23/2028(a)<br>| &nbsp;&nbsp; 1337278 |
| 1832335 | &nbsp;&nbsp; Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| &nbsp;&nbsp; 14769 |
| 359850 | &nbsp;&nbsp; Times China Holdings Ltd., Zero Coupon, <br> 3/30/2027(a)<br>| &nbsp;&nbsp; 3098 |
|  |  | &nbsp;&nbsp; 4219217 |
|  | **Food & Beverage — 0.1%** | **Food & Beverage — 0.1%** |
| 1237000 | Post Holdings, Inc., 2.500%, 8/15/2027 | &nbsp;&nbsp; 1331012 |
|  | **Independent Energy — 0.0%** | **Independent Energy — 0.0%** |
| 400000 | Northern Oil & Gas, Inc., 3.625%, 4/15/2029 | &nbsp;&nbsp; 385400 |
|  | **Industrial Other — 0.1%** | **Industrial Other — 0.1%** |
| 1016000 | Fluor Corp., 1.125%, 8/15/2029 | &nbsp;&nbsp; 1157427 |
| 328000 | Granite Construction, Inc., 3.750%, 5/15/2028 | &nbsp;&nbsp; 832136 |
|  |  | &nbsp;&nbsp; 1989563 |
|  | **Leisure — 0.0%** | **Leisure — 0.0%** |
| 1091000 | NCL Corp. Ltd., 0.875%, 4/15/2030(a) | &nbsp;&nbsp; 1214419 |
|  | **Media Entertainment — 0.0%** | **Media Entertainment — 0.0%** |
| 381000 | Spotify USA, Inc., Zero Coupon, 3/15/2026 | &nbsp;&nbsp; 432435 |
|  | **Midstream — 0.0%** | **Midstream — 0.0%** |
| 669000 | UGI Corp., 5.000%, 6/01/2028 | &nbsp;&nbsp; 947973 |
|  | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| 548000 | Zoetis, Inc., 0.250%, 6/15/2029(a) | &nbsp;&nbsp; 563070 |
|  | **Retailers — 0.1%** | **Retailers — 0.1%** |
| 1040000 | Burlington Stores, Inc., 1.250%, 12/15/2027 | &nbsp;&nbsp; 1540240 |
| 334000 | Freshpet, Inc., 3.000%, 4/01/2028 | &nbsp;&nbsp; 390446 |
|  |  | &nbsp;&nbsp; 1930686 |
|  | **Technology — 0.7%** | **Technology — 0.7%** |
| 711000 | Cloudflare, Inc., Zero Coupon, 6/15/2030(a) | &nbsp;&nbsp; 772857 |
| 451000 | &nbsp;&nbsp; Commvault Systems, Inc., Zero Coupon, <br> 9/15/2030(a)<br>| &nbsp;&nbsp; 399807 |
| 1400000 | &nbsp;&nbsp; CyberArk Software Ltd., Zero Coupon, <br> 6/15/2030(a)<br>| &nbsp;&nbsp; 1495900 |
| 1230000 | Euronet Worldwide, Inc., 0.625%, 10/01/2030(a) | &nbsp;&nbsp; 1121606 |
| 1522000 | Guidewire Software, Inc., 1.250%, 11/01/2029 | &nbsp;&nbsp; 1673439 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Technology — continued** | **Technology — continued** |
| $266000 | InterDigital, Inc., 3.500%, 6/01/2027 | &nbsp;&nbsp; $1096053 |
| 902000 | Nova Ltd., Zero Coupon, 9/15/2030(a) | &nbsp;&nbsp; 1121637 |
| 1855000 | Nutanix, Inc., 0.500%, 12/15/2029 | &nbsp;&nbsp; 1789147 |
| 1671000 | Rubrik, Inc., Zero Coupon, 6/15/2030(a) | &nbsp;&nbsp; 1641758 |
| 350000 | Seagate HDD Cayman, 3.500%, 6/01/2028 | &nbsp;&nbsp; 1175475 |
| 938000 | Snowflake, Inc., Zero Coupon, 10/01/2029 | &nbsp;&nbsp; 1448272 |
| 662000 | Tyler Technologies, Inc., 0.250%, 3/15/2026 | &nbsp;&nbsp; 669282 |
| 1298000 | Wix.com Ltd., Zero Coupon, 9/15/2030(a) | &nbsp;&nbsp; 1146783 |
| 208000 | Wolfspeed, Inc., 2.500%, 6/15/2031 | &nbsp;&nbsp; 308100 |
| 1704000 | Zscaler, Inc., Zero Coupon, 7/15/2028(a) | &nbsp;&nbsp; 1594092 |
|  |  | &nbsp;&nbsp; 17454208 |
|  | &nbsp;&nbsp; Total Convertible Bonds <br>(Identified Cost $62,051,041)<br>| &nbsp;&nbsp; 58108222 |
| **Municipals — 0.8%** | **Municipals — 0.8%** | **Municipals — 0.8%** |
|  | **Virginia — 0.8%** | **Virginia — 0.8%** |
| 28335000 | &nbsp;&nbsp; Tobacco Settlement Financing Corp., <br> 6.706%, 6/01/2046 <br>(Identified Cost $28,332,731)<br>| &nbsp;&nbsp; 21447328 |
|  | &nbsp;&nbsp; Total Bonds and Notes <br>(Identified Cost $2,221,984,173)<br>| &nbsp;&nbsp; 2102496019 |
| **Senior Loans — 8.3%** | **Senior Loans — 8.3%** | **Senior Loans — 8.3%** |
|  | **Automotive — 0.2%** | **Automotive — 0.2%** |
| 3920000 | &nbsp;&nbsp; Allison Transmission, Inc., 2025 Incremental <br> Term Loan B, 11/05/2032(j)<br>| &nbsp;&nbsp; 3936346 |
| 1975000 | &nbsp;&nbsp; First Brands Group LLC, 2021 Term Loan, <br> 9.570%, 3/30/2027(e)<br>| &nbsp;&nbsp; 4009 |
| 2621097 | &nbsp;&nbsp; First Brands Group LLC, 2022 Incremental Term <br> Loan, 3/30/2027(e)<br>| &nbsp;&nbsp; 5321 |
| 868536 | &nbsp;&nbsp; First Brands Group LLC, 2025 DIP Term Loan, <br> 8.450% PIK and/or 1 mo. USD SOFR + 1.550% <br> Cash, 6/29/2026(b)(d)(k)<br>| &nbsp;&nbsp; 156337 |
|  |  | &nbsp;&nbsp; 4102013 |
|  | **Brokerage — 0.4%** | **Brokerage — 0.4%** |
| 1260451 | &nbsp;&nbsp; Citadel Securities LP, 2024 First Lien Term <br> Loan, 3 mo. USD SOFR + 2.000%, <br> 5.672%, 10/31/2031(b)(k)<br>| &nbsp;&nbsp; 1266602 |
| 9346924 | &nbsp;&nbsp; Edelman Financial Center LLC, 2024 Term Loan, <br> 1 mo. USD SOFR + 3.000%, <br> 6.716%, 4/07/2028(b)(k)<br>| &nbsp;&nbsp; 9387023 |
|  |  | &nbsp;&nbsp; 10653625 |
|  | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| 2643493 | &nbsp;&nbsp; Standard Industries, Inc., 2021 Term Loan B, <br> 9/22/2028(j)<br>| &nbsp;&nbsp; 2652217 |
|  | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| 4655000 | &nbsp;&nbsp; Solstice Advanced Materials, Inc., Term Loan <br> B, 3 mo. USD SOFR + 1.750%, <br> 5.593%, 10/29/2032(b)(k)<br>| &nbsp;&nbsp; 4675389 |
|  | **Construction Machinery — 0.1%** | **Construction Machinery — 0.1%** |
| 1075000 | &nbsp;&nbsp; Herc Holdings, Inc., Repriced Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.522%, 6/02/2032(b)(k)<br>| &nbsp;&nbsp; 1078805 |

---

See accompanying notes to financial statements.

53 \|

------

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

Loomis Sayles Strategic Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Construction Machinery — continued** | **Construction Machinery — continued** |
| $923037 | &nbsp;&nbsp; Terex Corp., 2025 Term Loan, 1 mo. USD SOFR <br> + 1.750%, 5.466%, 10/08/2031(b)(k)<br>| &nbsp;&nbsp; $926729 |
| 999911 | &nbsp;&nbsp; United Rentals, Inc., 2025 Repriced Term Loan <br> B, 1 mo. USD SOFR + 1.500%, <br> 5.216%, 2/14/2031(b)(k)<br>| &nbsp;&nbsp; 1003661 |
|  |  | &nbsp;&nbsp; 3009195 |
|  | **Diversified Manufacturing — 0.2%** | **Diversified Manufacturing — 0.2%** |
| 6389478 | &nbsp;&nbsp; Resideo Funding, Inc., 2024 M&A 1st lien Term <br> Loan B, 6 mo. USD SOFR + 2.000%, <br> 5.839%, 6/13/2031(b)(k)<br>| &nbsp;&nbsp; 6387498 |
|  | **Electric — 0.5%** | **Electric — 0.5%** |
| 12768150 | &nbsp;&nbsp; NRG Energy, Inc., 2024 Term Loan, 3 mo. USD <br> SOFR + 1.750%, 5.593%, 4/16/2031(b)(k)<br>| &nbsp;&nbsp; 12797900 |
|  | **Environmental — 0.1%** | **Environmental — 0.1%** |
| 4065000 | &nbsp;&nbsp; Clean Harbors, Inc., 2025 Term Loan, 1 mo. <br> USD SOFR + 1.500%, 5.216%, 10/08/2032(b)(k)<br>| &nbsp;&nbsp; 4098862 |
|  | **Gaming — 0.3%** | **Gaming — 0.3%** |
| 3090579 | &nbsp;&nbsp; Flutter Financing BV, 2024 Term Loan B, 3 mo. <br> USD SOFR + 1.750%, 5.422%, 11/30/2030(b)(k)<br>| &nbsp;&nbsp; 3085418 |
| 5079475 | &nbsp;&nbsp; Flutter Financing BV, 2025 Term Loan B, 3 mo. <br> USD SOFR + 2.000%, 5.672%, 6/04/2032(b)(k)<br>| &nbsp;&nbsp; 5079475 |
| 645196 | &nbsp;&nbsp; Light & Wonder International, Inc., 2024 Term <br> Loan B2, 1 mo. USD SOFR + 2.250%, <br> 5.986%, 4/14/2029(b)(k)<br>| &nbsp;&nbsp; 646609 |
|  |  | &nbsp;&nbsp; 8811502 |
|  | **Healthcare — 1.3%** | **Healthcare — 1.3%** |
| 1644950 | &nbsp;&nbsp; Bausch & Lomb Corp., 2023 Incremental Term <br> Loan, 1 mo. USD SOFR + 4.000%, <br> 7.716%, 9/29/2028(b)(k)<br>| &nbsp;&nbsp; 1644950 |
| 15137664 | &nbsp;&nbsp; Bausch & Lomb Corp., 2025 Repriced Term <br> Loan, 1/15/2031(j)<br>| &nbsp;&nbsp; 15273903 |
| 13487833 | &nbsp;&nbsp; Bausch & Lomb Corp., 2025 Term Loan B, 1 mo. <br> USD SOFR + 4.250%, 7.966%, 1/15/2031(b)(k)<br>| &nbsp;&nbsp; 13609223 |
| 1166187 | &nbsp;&nbsp; DaVita, Inc., 2025 Term Loan B, 1 mo. USD <br> SOFR + 1.750%, 5.466%, 5/09/2031(b)(k)<br>| &nbsp;&nbsp; 1170246 |
| 168252 | &nbsp;&nbsp; Hanger, Inc., 2024 Delayed Draw Term Loan, <br> 3.500%, 10/23/2031(l)<br>| &nbsp;&nbsp; 168668 |
| 241207 | &nbsp;&nbsp; Hanger, Inc., 2024 Delayed Draw Term Loan, <br> 1 mo. USD SOFR + 3.500%, <br> 7.216%, 10/23/2031(b)(k)<br>| &nbsp;&nbsp; 241802 |
| 3163318 | &nbsp;&nbsp; Hanger, Inc., 2024 Term Loan B, 1 mo. USD <br> SOFR + 3.500%, 7.216%, 10/23/2031(b)(k)<br>| &nbsp;&nbsp; 3171131 |
|  |  | &nbsp;&nbsp; 35279923 |
|  | **Lodging — 0.2%** | **Lodging — 0.2%** |
| 4583402 | &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 2023 Term <br> Loan B4, 1 mo. USD SOFR + 1.750%, <br> 5.477%, 11/08/2030(b)<br>| &nbsp;&nbsp; 4609252 |
|  | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| 1959971 | Novelis Corp., 2025 Term Loan B, 3/11/2032(j) | &nbsp;&nbsp; 1966498 |
| 1959972 | &nbsp;&nbsp; Novelis Corp., 2025 Term Loan B, 3 mo. USD <br> SOFR + 1.750%, 5.422%, 3/11/2032(b)(k)<br>| &nbsp;&nbsp; 1966498 |
|  |  | &nbsp;&nbsp; 3932996 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
|  | **Paper — 0.3%** | **Paper — 0.3%** |
| $6774840 | &nbsp;&nbsp; Asplundh Tree Expert LLC, 2024 Incremental <br> Term Loan B, 1 mo. USD SOFR + 1.750%, <br> 5.466%, 5/23/2031(b)<br>| &nbsp;&nbsp; $6799026 |
|  | **Property & Casualty Insurance — 1.1%** | **Property & Casualty Insurance — 1.1%** |
| 13315920 | &nbsp;&nbsp; Amynta Agency Borrower, Inc., 2025 Term <br> Loan B, 1 mo. USD SOFR + 2.750%, <br> 6.466%, 12/29/2031(b)(k)<br>| &nbsp;&nbsp; 13336693 |
| 13805935 | &nbsp;&nbsp; Ardonagh Midco 3 PLC, 2024 USD Term Loan <br> B, USD SOFR + 2.750%, 6.924%, 2/15/2031(b)(k)<br>| &nbsp;&nbsp; 13762861 |
| 938520 | &nbsp;&nbsp; Ryan Specialty Group LLC, 2024 USD Term <br> Loan B, 1 mo. USD SOFR + 2.000%, <br> 5.716%, 9/15/2031(b)(k)<br>| &nbsp;&nbsp; 939111 |
| 1734409 | &nbsp;&nbsp; Truist Insurance Holdings LLC, 2024 Term Loan <br> B, 3 mo. USD SOFR + 2.750%, <br> 6.422%, 5/06/2031(b)(k)<br>| &nbsp;&nbsp; 1735137 |
|  |  | &nbsp;&nbsp; 29773802 |
|  | **Technology — 3.1%** | **Technology — 3.1%** |
| 1264545 | &nbsp;&nbsp; Ciena Corp., 2025 Repriced Term Loan B, 1 mo. <br> USD SOFR + 1.750%, 5.484%, 10/24/2030(b)(k)<br>| &nbsp;&nbsp; 1266922 |
| 1087261 | &nbsp;&nbsp; Darktrace PLC, 1st Lien Term Loan, 3 mo. USD <br> SOFR + 3.250%, 7.185%, 10/09/2031(b)<br>| &nbsp;&nbsp; 1090567 |
| 13366334 | Dayforce, Inc., 2025 Term Loan, 8/20/2032(j) | &nbsp;&nbsp; 13318616 |
| 18040510 | &nbsp;&nbsp; First Advantage Holdings LLC, 2025 Repriced <br> Term Loan B, 1 mo. USD SOFR + 2.750%, <br> 6.466%, 10/31/2031(b)(k)<br>| &nbsp;&nbsp; 17832683 |
| 13468395 | &nbsp;&nbsp; Fortress Intermediate 3, Inc., 2025 Term Loan <br> B, 1 mo. USD SOFR + 3.000%, <br> 6.784%, 6/27/2031(b)(k)<br>| &nbsp;&nbsp; 13455869 |
| 9005000 | &nbsp;&nbsp; Gryphon Acquire NewCo LLC, Term Loan B, <br> 6 mo. USD SOFR + 3.000%, <br> 6.855%, 9/13/2032(b)(k)<br>| &nbsp;&nbsp; 9062272 |
| 5145280 | &nbsp;&nbsp; Kaseya, Inc., 2025 1st Lien Term Loan B, 1 mo. <br> USD SOFR + 3.000%, 6.716%, 3/20/2032(b)(k)<br>| &nbsp;&nbsp; 5146000 |
| 9484780 | &nbsp;&nbsp; Open Text Corp., 2023 Term Loan B, 1 mo. USD <br> SOFR + 1.750%, 5.466%, 1/31/2030(b)(k)<br>| &nbsp;&nbsp; 9486013 |
| 12547149 | &nbsp;&nbsp; Trans Union LLC, 2024 Term Loan B8, 1 mo. <br> USD SOFR + 1.750%, 5.466%, 6/24/2031(b)(k)<br>| &nbsp;&nbsp; 12567601 |
|  |  | &nbsp;&nbsp; 83226543 |
|  | **Wireless — 0.1%** | **Wireless — 0.1%** |
| 2932195 | &nbsp;&nbsp; SBA Senior Finance II LLC, 2024 Term Loan B, <br> 1 mo. USD SOFR + 1.750%, <br> 5.470%, 1/25/2031(b)(k)<br>| &nbsp;&nbsp; 2942868 |
|  | &nbsp;&nbsp; Total Senior Loans <br>(Identified Cost $225,901,914)<br>| &nbsp;&nbsp; 223752611 |
| **Equity-Linked Notes — 5.2%** | **Equity-Linked Notes — 5.2%** | **Equity-Linked Notes — 5.2%** |
| 3915700 | &nbsp;&nbsp; Barclays Bank PLC, (Yum! Brands, Inc.), <br> 9.570%, 8/21/2026(a)<br>| &nbsp;&nbsp; 3991290 |
| 2679419 | &nbsp;&nbsp; Barclays Bank PLC, (Hilton Worldwide <br> Holdings, Inc.), 10.690%, 10/20/2026(a)<br>| &nbsp;&nbsp; 2766465 |
| 4129249 | &nbsp;&nbsp; Barclays Bank PLC, (Parker-Hannifin Corp.), <br> 10.770%, 3/23/2026(a)<br>| &nbsp;&nbsp; 4364402 |
| 4047366 | &nbsp;&nbsp; Barclays Bank PLC, (Honeywell International, <br> Inc.), 11.390%, 4/29/2026(a)<br>| &nbsp;&nbsp; 3985530 |
| 3951258 | &nbsp;&nbsp; Barclays Bank PLC, (Trane Technologies PLC), <br> 12.120%, 5/13/2026(a)<br>| &nbsp;&nbsp; 3697373 |
| 2713342 | &nbsp;&nbsp; Barclays Bank PLC, (AutoZone, Inc.), <br> 12.310%, 12/18/2026(a)<br>| &nbsp;&nbsp; 2565451 |
| 4182887 | &nbsp;&nbsp; Barclays Bank PLC, (FedEx Corp.), <br> 13.420%, 1/29/2026(a)<br>| &nbsp;&nbsp; 4359642 |

---

See accompanying notes to financial statements.

\| 54

------

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

Loomis Sayles Strategic Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $3320393 | &nbsp;&nbsp; Barclays Bank PLC, (ServiceNow, Inc.), <br> 13.610%, 3/09/2026(a)<br>| &nbsp;&nbsp; $2716878 |
| 1283356 | &nbsp;&nbsp; Barclays Bank PLC, (Cheniere Energy, Inc.), <br> 14.470%, 1/16/2026(a)<br>| &nbsp;&nbsp; 1068884 |
| 2673784 | &nbsp;&nbsp; Barclays Bank PLC, (Meta Platforms, Inc.), <br> 14.920%, 4/07/2026(a)<br>| &nbsp;&nbsp; 2753432 |
| 4011253 | &nbsp;&nbsp; Barclays Bank PLC, (Walt Disney Co.), <br> 16.140%, 1/20/2026(a)<br>| &nbsp;&nbsp; 3986353 |
| 3983244 | &nbsp;&nbsp; Barclays Bank PLC, (Adobe, Inc.), <br> 17.110%, 6/09/2026(a)<br>| &nbsp;&nbsp; 3976409 |
| 3042842 | &nbsp;&nbsp; Barclays Bank PLC, (Freeport-McMoRan, <br> Inc.), 20.380%, 4/29/2026(a)<br>| &nbsp;&nbsp; 3289308 |
| 3239207 | &nbsp;&nbsp; Barclays Bank PLC, (Reddit, Inc.), <br> 36.380%, 7/23/2026(a)<br>| &nbsp;&nbsp; 3220753 |
| 2664777 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Kroger Co.), <br> 11.370%, 10/06/2026(a)<br>| &nbsp;&nbsp; 2560307 |
| 4001938 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Visa, Inc.), <br> 12.010%, 4/01/2026(a)<br>| &nbsp;&nbsp; 4057329 |
| 2655494 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Kinder Morgan, <br> Inc.), 12.270%, 6/25/2026(a)<br>| &nbsp;&nbsp; 2620929 |
| 3404634 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Caterpillar, Inc.), <br> 12.410%, 3/19/2026(a)<br>| &nbsp;&nbsp; 3619360 |
| 4254050 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Amazon.com, Inc.), <br> 12.420%, 3/12/2026(a)<br>| &nbsp;&nbsp; 4350311 |
| 4072817 | &nbsp;&nbsp; BNP Paribas Issuance BV, (American Express <br> Co.), 12.710%, 3/26/2026(a)<br>| &nbsp;&nbsp; 4322263 |
| 3900252 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Progressive Corp.), <br> 12.920%, 2/20/2026(a)<br>| &nbsp;&nbsp; 3489762 |
| 4012753 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Cardinal Health, <br> Inc.), 15.070%, 2/03/2026(a)<br>| &nbsp;&nbsp; 4174893 |
| 2701825 | &nbsp;&nbsp; BNP Paribas Issuance BV, (McKesson Corp.), <br> 15.650%, 6/17/2026(a)<br>| &nbsp;&nbsp; 2736482 |
| 4030349 | &nbsp;&nbsp; BNP Paribas Issuance BV, (Crowdstrike <br> Holdings, Inc.), 17.830%, 5/26/2026(a)<br>| &nbsp;&nbsp; 4051407 |
| 4181323 | &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., (EOG <br> Resources, Inc.), 11.830%, 2/11/2026(a)<br>| &nbsp;&nbsp; 3399188 |
| 2657085 | &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., <br> (Honeywell International, Inc.), <br> 12.100%, 1/06/2026(a)<br>| &nbsp;&nbsp; 2592270 |
| 2681803 | &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., <br> (Eversource Energy), 16.320%, 3/18/2026(a)<br>| &nbsp;&nbsp; 2539840 |
| 2595107 | &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., <br> (Carnival Corp.), 18.240%, 8/04/2026(a)<br>| &nbsp;&nbsp; 2614647 |
| 2709610 | &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., (Palo <br> Alto Networks, Inc.), 18.370%, 7/01/2026(a)<br>| &nbsp;&nbsp; 2643192 |
| 2751324 | &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., (Vistra <br> Corp.), 21.690%, 11/17/2026(a)<br>| &nbsp;&nbsp; 2661545 |
| 2198821 | &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., <br> (Coinbase Global, Inc.), 25.010%, 1/07/2027(a)<br>| &nbsp;&nbsp; 2043151 |
| 4050947 | &nbsp;&nbsp; GS Finance Corp., MTN, (Pfizer, Inc.), <br> 12.800%, 3/30/2026(a)<br>| &nbsp;&nbsp; 3930467 |
| 4121659 | &nbsp;&nbsp; GS Finance Corp., MTN, (GE Vernova, Inc.), <br> 18.830%, 11/04/2026(a)<br>| &nbsp;&nbsp; 4126923 |
| 4014789 | &nbsp;&nbsp; GS Finance Corp., MTN, (Chipotle Mexican <br> Grill, Inc.), 19.980%, 4/15/2026(a)<br>| &nbsp;&nbsp; 3801735 |
| 4090127 | &nbsp;&nbsp; JPMorgan Chase Bank NA, (Dominion Energy, <br> Inc.), 12.280%, 4/06/2026(a)<br>| &nbsp;&nbsp; 4162128 |
| 4040890 | &nbsp;&nbsp; JPMorgan Chase Bank NA, (Netflix, Inc.), <br> 15.650%, 7/14/2026(a)<br>| &nbsp;&nbsp; 3447514 |
| 3877046 | &nbsp;&nbsp; JPMorgan Chase Bank NA, (Bank of America <br> Corp.), 16.220%, 4/23/2026(a)<br>| &nbsp;&nbsp; 4146037 |
| 2686658 | &nbsp;&nbsp; JPMorgan Chase Bank NA, (NVIDIA Corp.), <br> 17.210%, 12/02/2026(a)<br>| &nbsp;&nbsp; 2679716 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount (‡)**<br>| **Description** | **Value (†)** |
| $3976892 | &nbsp;&nbsp; JPMorgan Chase Bank NA, (EQT Midstream <br> Partners LP), 17.970%, 4/28/2026(a)<br>| &nbsp;&nbsp; $4041593 |
| 4064840 | &nbsp;&nbsp; Nomura America Finance LLC, (Wholesale <br> Corp.), 13.800%, 3/05/2026(a)<br>| &nbsp;&nbsp; 3801839 |
| 4068885 | &nbsp;&nbsp; UBS AG, (ResMed, Inc.), <br> 12.250%, 11/18/2026(a)<br>| &nbsp;&nbsp; 3790116 |
|  | &nbsp;&nbsp; Total Equity-Linked Notes <br>(Identified Cost $141,639,995)<br>| &nbsp;&nbsp; 139147114 |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Common Stocks— 5.1%** | **Common Stocks— 5.1%** | **Common Stocks— 5.1%** |
|  | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| 6809 | General Electric Co. | &nbsp;&nbsp; 2097376 |
| 6604 | Howmet Aerospace, Inc. | &nbsp;&nbsp; 1353952 |
|  |  | &nbsp;&nbsp; 3451328 |
|  | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| 33542 | United Parcel Service, Inc., Class B | &nbsp;&nbsp; 3327031 |
|  | **Banks — 0.2%** | **Banks — 0.2%** |
| 12893 | Citigroup, Inc. | &nbsp;&nbsp; 1504484 |
| 9477 | PNC Financial Services Group, Inc. | &nbsp;&nbsp; 1978134 |
| 54133 | U.S. Bancorp | &nbsp;&nbsp; 2888537 |
|  |  | &nbsp;&nbsp; 6371155 |
|  | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| 11804 | AbbVie, Inc. | &nbsp;&nbsp; 2697096 |
| 110189 | BioMarin Pharmaceutical, Inc.(f) | &nbsp;&nbsp; 6548532 |
| 21056 | Gilead Sciences, Inc. | &nbsp;&nbsp; 2584414 |
|  |  | &nbsp;&nbsp; 11830042 |
|  | **Capital Markets — 0.4%** | **Capital Markets — 0.4%** |
| 7581 | Blackstone, Inc. | &nbsp;&nbsp; 1168535 |
| 10320 | CME Group, Inc. | &nbsp;&nbsp; 2818186 |
| 5358 | Moody's Corp. | &nbsp;&nbsp; 2737134 |
| 23006 | Morgan Stanley | &nbsp;&nbsp; 4084255 |
|  |  | &nbsp;&nbsp; 10808110 |
|  | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| 44416 | Corteva, Inc. | &nbsp;&nbsp; 2977205 |
|  | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| 3010 | Costco Wholesale Corp. | &nbsp;&nbsp; 2595643 |
|  | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| 17386 | Packaging Corp. of America | &nbsp;&nbsp; 3585515 |
|  | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |
| 33870 | Duke Energy Corp. | &nbsp;&nbsp; 3969903 |
|  | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| 21944 | Emerson Electric Co. | &nbsp;&nbsp; 2912408 |
|  | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| 11258 | Amphenol Corp., Class A | &nbsp;&nbsp; 1521406 |
|  | **Financial Services — 0.2%** | **Financial Services — 0.2%** |
| 8119 | Mastercard, Inc., Class A | &nbsp;&nbsp; 4634975 |

---

See accompanying notes to financial statements.

55 \|

------

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

Loomis Sayles Strategic Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| 3916 | Elevance Health, Inc. | &nbsp;&nbsp; $1372754 |
| 3474 | UnitedHealth Group, Inc. | &nbsp;&nbsp; 1146802 |
|  |  | &nbsp;&nbsp; 2519556 |
|  | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| 605 | Booking Holdings, Inc. | &nbsp;&nbsp; 3239975 |
| 7269 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 2027469 |
|  |  | &nbsp;&nbsp; 5267444 |
|  | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| 9233 | Garmin Ltd. | &nbsp;&nbsp; 1872914 |
|  | **Household Products — 0.4%** | **Household Products — 0.4%** |
| 29537 | Colgate-Palmolive Co. | &nbsp;&nbsp; 2334014 |
| 43257 | Kimberly-Clark Corp. | &nbsp;&nbsp; 4364199 |
| 26257 | Procter & Gamble Co. | &nbsp;&nbsp; 3762890 |
|  |  | &nbsp;&nbsp; 10461103 |
|  | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| 12849 | Alphabet, Inc., Class A | &nbsp;&nbsp; 4021737 |
|  | **Media — 0.2%** | **Media — 0.2%** |
| 114156 | Comcast Corp., Class A | &nbsp;&nbsp; 3412123 |
| 1317588 | Optimum Communications, Inc., Class A(f) | &nbsp;&nbsp; 2174020 |
|  |  | &nbsp;&nbsp; 5586143 |
|  | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| 22574 | Kinross Gold Corp. | &nbsp;&nbsp; 635684 |
|  | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** |
| 9229 | Battalion Oil Corp.(f) | &nbsp;&nbsp; 10429 |
| 33354 | Exxon Mobil Corp. | &nbsp;&nbsp; 4013820 |
| 52893 | Williams Cos., Inc. | &nbsp;&nbsp; 3179398 |
|  |  | &nbsp;&nbsp; 7203647 |
|  | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| 85921 | Bristol-Myers Squibb Co. | &nbsp;&nbsp; 4634579 |
| 55473 | Merck & Co., Inc. | &nbsp;&nbsp; 5839088 |
|  |  | &nbsp;&nbsp; 10473667 |
|  | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| 288943 | China Aoyuan Group Ltd.(f) | &nbsp;&nbsp; 2458 |
| 1256662 | Kaisa Group Holdings Ltd.(f) | &nbsp;&nbsp; 15574 |
| 723818 | Sunac China Holdings Ltd.(f) | &nbsp;&nbsp; 122081 |
| 1035825 | Times China Holdings Ltd.(f) | &nbsp;&nbsp; 13644 |
| 3205816 | Yuzhou Group Holdings Co. Ltd.(f) | &nbsp;&nbsp; 43251 |
|  |  | &nbsp;&nbsp; 197008 |
|  | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| 20143 | Simon Property Group, Inc. | &nbsp;&nbsp; 3728671 |
|  | **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** |
| 1728 | ASML Holding NV | &nbsp;&nbsp; 1848718 |
| 6470 | Broadcom, Inc. | &nbsp;&nbsp; 2239267 |
| 3838 | Lam Research Corp. | &nbsp;&nbsp; 656989 |
| 6231 | &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| &nbsp;&nbsp; 1893539 |
| 28457 | Wolfspeed, Inc.(f) | &nbsp;&nbsp; 495436 |
|  |  | &nbsp;&nbsp; 7133949 |
|  | **Software — 0.5%** | **Software — 0.5%** |
| 9685 | Microsoft Corp. | &nbsp;&nbsp; 4683860 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Software — continued** | **Software — continued** |
| 21434 | Salesforce, Inc. | &nbsp;&nbsp; $5678081 |
| 16788 | SAP SE, ADR | &nbsp;&nbsp; 4077973 |
|  |  | &nbsp;&nbsp; 14439914 |
|  | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| 27381 | TJX Cos., Inc. | &nbsp;&nbsp; 4205995 |
|  | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| 11478 | Apple, Inc. | &nbsp;&nbsp; 3120409 |
| 23768 | IQOR US, Inc.(f) | &nbsp;&nbsp; 35652 |
|  |  | &nbsp;&nbsp; 3156061 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $171,862,723)<br>| &nbsp;&nbsp; 138888214 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>|  |  |
| **Collateralized Loan Obligations — 0.8%** | **Collateralized Loan Obligations — 0.8%** | **Collateralized Loan Obligations — 0.8%** |
| $6730000 | &nbsp;&nbsp; 522 Funding CLO Ltd., Series 2018-3A, Class DR, <br> 3 mo. USD SOFR + 3.362%, <br> 7.246%, 10/20/2031(a)(b)<br>| &nbsp;&nbsp; 6734704 |
| 2675000 | &nbsp;&nbsp; ARES Loan Funding I Ltd., Series 2021-ALFA, <br> Class D, 3 mo. USD SOFR + 3.262%, <br> 7.166%, 10/15/2034(a)(b)<br>| &nbsp;&nbsp; 2678860 |
| 3095000 | &nbsp;&nbsp; CIFC Funding Ltd., Series 2021-5A, Class D1R, <br> 3 mo. USD SOFR + 2.750%, <br> 6.655%, 1/15/2038(a)(b)<br>| &nbsp;&nbsp; 3100967 |
| 2885000 | &nbsp;&nbsp; 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>| &nbsp;&nbsp; 2896465 |
| 4390000 | &nbsp;&nbsp; Fort Greene Park CLO LLC, Series 2025-2A, <br> Class DR, 3 mo. USD SOFR + 2.350%, <br> 6.207%, 4/22/2034(a)(b)<br>| &nbsp;&nbsp; 4342553 |
| 990000 | &nbsp;&nbsp; Madison Park Funding XXXI Ltd., <br> Series 2018-31A, Class D1R, 3 mo. USD SOFR + <br> 3.300%, 7.160%, 7/23/2037(a)(b)<br>| &nbsp;&nbsp; 988019 |
| 1540000 | &nbsp;&nbsp; Vibrant CLO XIV Ltd., Series 2021-14A, Class C, <br> 3 mo. USD SOFR + 4.012%, <br> 7.896%, 10/20/2034(a)(b)<br>| &nbsp;&nbsp; 1540307 |
|  | &nbsp;&nbsp; Total Collateralized Loan Obligations <br>(Identified Cost $22,305,000)<br>| &nbsp;&nbsp; 22281875 |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** |
| **Convertible Preferred Stocks — 0.1%** | **Convertible Preferred Stocks — 0.1%** | **Convertible Preferred Stocks — 0.1%** |
|  | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| 35699 | Boeing Co., 6.000% | &nbsp;&nbsp; 2465373 |
|  | **Brokerage — 0.0%** | **Brokerage — 0.0%** |
| 5050 | Apollo Global Management, Inc., 6.750% | &nbsp;&nbsp; 381376 |
|  | **Electric — 0.0%** | **Electric — 0.0%** |
| 30190 | PG&E Corp., Series A, 6.000% | &nbsp;&nbsp; 1237790 |
|  | &nbsp;&nbsp; Total Convertible Preferred Stocks <br>(Identified Cost $3,589,612)<br>| &nbsp;&nbsp; 4084539 |
| **Non-Convertible Preferred Stocks — 0.5%** | **Non-Convertible Preferred Stocks — 0.5%** | **Non-Convertible Preferred Stocks — 0.5%** |
|  | **Home Construction — 0.2%** | **Home Construction — 0.2%** |
| 208246 | Hovnanian Enterprises, Inc., 7.625% | &nbsp;&nbsp; 4298197 |

---

See accompanying notes to financial statements.

\| 56

------

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

Loomis Sayles Strategic Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
| 1596 | &nbsp;&nbsp; Highwoods Properties, Inc., Series A, 8.625%, <br> (m)<br>| &nbsp;&nbsp; $1424328 |
|  | **Other REITs — 0.2%** | **Other REITs — 0.2%** |
| 115797 | Prologis, Inc., Series Q, 8.540%, | &nbsp;&nbsp; 6485790 |
|  | &nbsp;&nbsp; Total Non-Convertible Preferred Stocks <br>(Identified Cost $8,314,041)<br>| &nbsp;&nbsp; 12208315 |
|  | &nbsp;&nbsp; Total Preferred Stocks <br>(Identified Cost $11,903,653)<br>| &nbsp;&nbsp; 16292854 |
| **Other Investments — 0.0%** | **Other Investments — 0.0%** | **Other Investments — 0.0%** |
|  | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| 17706962 | &nbsp;&nbsp; CFLD Cayman Trust Units(f)(m) <br>(Identified Cost $85,398)<br>| &nbsp;&nbsp; 88842 |
|  | &nbsp;&nbsp; Total Purchased Options — 0.1% <br>(Identified Cost $4,055,499) (see details below)<br>| &nbsp;&nbsp; 2281975 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount (‡)**<br>| **Description** | **Value (†)** |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| $43637915 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 12/31/2025 <br> at 2.150% to be repurchased at $43,643,128 on <br> 1/02/2026 collateralized by $44,325,500 <br> U.S. Treasury Note, 3.750% due 6/30/2027 <br> valued at $44,510,860 including accrued <br> interest (Note 2 of Notes to Financial <br> Statements) <br>(Identified Cost $43,637,915)<br>| &nbsp;&nbsp; $43637915 |
|  | &nbsp;&nbsp; Total Investments — 99.7% <br>(Identified Cost $2,843,376,270)<br>| &nbsp;&nbsp; 2688867419 |
|  | Other assets less liabilities — 0.3% | &nbsp;&nbsp; 7866774 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $2696734193 |

---

**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; 4000000 | &nbsp;&nbsp; $449750000 | &nbsp;&nbsp; $70860 | &nbsp;&nbsp; $4000 |
| CBOT 10 Year U.S. Treasury Notes, Put | &nbsp;&nbsp; 2/20/2026 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 449750000 | &nbsp;&nbsp; 2195860 | &nbsp;&nbsp; 937500 |
| CBOT 5 Year U.S. Treasury Notes, Call | &nbsp;&nbsp; 1/23/2026 | 109.5 | &nbsp;&nbsp; 6100000 | &nbsp;&nbsp; 666758597 | &nbsp;&nbsp; 1728374 | &nbsp;&nbsp; 1334375 |
| CBOT 5 Year U.S. Treasury Notes, Call | &nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 6100000 | &nbsp;&nbsp; 666758597 | &nbsp;&nbsp; 60405 | &nbsp;&nbsp; 6100 |
| Total |  |  |  |  | &nbsp;&nbsp; $4055499 | &nbsp;&nbsp; $2281975 |

---

**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; (8000000)<br>| &nbsp;&nbsp; $(899500000)<br>| &nbsp;&nbsp; $(2358280)<br>| &nbsp;&nbsp; $(750000)<br>|
| CBOT 5 Year U.S. Treasury Notes, Call | &nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; (12200000)<br>| &nbsp;&nbsp; (1333517194)<br>| &nbsp;&nbsp; (1880752)<br>| &nbsp;&nbsp; (1048444)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(4239032)<br>| &nbsp;&nbsp; $(1798444)<br>|

---

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

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

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

---

| | |
|:---|:---|
| (‡) | Principal Amount stated in U.S. dollars unless otherwise noted. |
| (a) | &nbsp;&nbsp; All or a portion of these securities are exempt from registration <br> under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At December 31, 2025, <br> the value of Rule 144A holdings amounted to $1,118,229,179 or <br> 41.5% 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>|

---

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

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

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

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

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

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

See accompanying notes to financial statements.

57 \|

------

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

Loomis Sayles Strategic Income Fund (continued)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) 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 <br> ADR An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

---

| | |
|:---|:---|
| DIP | Debtor In Possession |
| 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; 8149000 | &nbsp;&nbsp; $9629266 | &nbsp;&nbsp; $9608997 | &nbsp;&nbsp; $20269 |

---

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; 21455 | &nbsp;&nbsp; $2351478724 | &nbsp;&nbsp; $2345132081 | &nbsp;&nbsp; $(6346643)<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; 724 | &nbsp;&nbsp; $151207219 | &nbsp;&nbsp; $151163281 | &nbsp;&nbsp; $43938 |
| CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 41880257 | &nbsp;&nbsp; 41266968 | &nbsp;&nbsp; 613289 |
| CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 626 | &nbsp;&nbsp; 75488099 | &nbsp;&nbsp; 73868000 | &nbsp;&nbsp; 1620099 |
| Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 4787 | &nbsp;&nbsp; 554520502 | &nbsp;&nbsp; 550579797 | &nbsp;&nbsp; 3940705 |
| Total |  |  |  |  | &nbsp;&nbsp; $6218031 |

---

See accompanying notes to financial statements.

\| 58

------

Statements of Assets and Liabilities

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High** <br>**Income** <br>**Fund**<br>| **Investment** <br>**Grade Bond** <br>**Fund**<br>| **Strategic** <br>**Alpha** <br>**Fund**<br>| **Strategic** <br>**Income** <br>**Fund**<br>|
| **ASSETS** |  |  |  |  |
| Investments at cost | &nbsp;&nbsp;&nbsp; $84746379 | &nbsp;&nbsp;&nbsp; $16645512574 | &nbsp;&nbsp;&nbsp; $1060172582 | &nbsp;&nbsp;&nbsp; $2843376270 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (4849937)<br>| &nbsp;&nbsp;&nbsp; 281602172 | &nbsp;&nbsp;&nbsp; (37884887)<br>| &nbsp;&nbsp;&nbsp; (154508851)<br>|
| Investments at value | &nbsp;&nbsp;&nbsp; 79896442 | &nbsp;&nbsp;&nbsp; 16927114746 | &nbsp;&nbsp;&nbsp; 1022287695 | &nbsp;&nbsp;&nbsp; 2688867419 |
| Cash | &nbsp;&nbsp;&nbsp; 27520 | &nbsp;&nbsp;&nbsp; 3614002 | &nbsp;&nbsp;&nbsp; 185190 | &nbsp;&nbsp;&nbsp; 7159327 |
| Due from brokers (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11675000 | &nbsp;&nbsp;&nbsp; 10100000 |
| Foreign currency at value (identified cost $286, $1,778, $7,397,474 and $22,381, <br> respectively)<br>| &nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; 1968 | &nbsp;&nbsp;&nbsp; 7541349 | &nbsp;&nbsp;&nbsp; 22368 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 16048 | &nbsp;&nbsp;&nbsp; 34129696 | &nbsp;&nbsp;&nbsp; 1638650 | &nbsp;&nbsp;&nbsp; 2970307 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; 93036 | &nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp; 40750 | &nbsp;&nbsp;&nbsp; 3422159 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 1191932 | &nbsp;&nbsp;&nbsp; 173232754 | &nbsp;&nbsp;&nbsp; 12028261 | &nbsp;&nbsp;&nbsp; 38051781 |
| Unrealized appreciation on forward foreign currency contracts (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20269 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 83207 | &nbsp;&nbsp;&nbsp; 3041 | &nbsp;&nbsp;&nbsp; 50435 |
| Receivable for variation margin on centrally cleared swap agreements (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1564 | &nbsp;&nbsp;&nbsp; — |
| Receivable for variation margin on futures contracts (Note 2)  | &nbsp;&nbsp;&nbsp; 6732 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 832 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 81232851 | &nbsp;&nbsp;&nbsp; 17138241205 | &nbsp;&nbsp;&nbsp; 1055402332 | &nbsp;&nbsp;&nbsp; 2750664897 |
| **LIABILITIES** |  |  |  |  |
| Options written, at value (premiums received $0, $0, $1,579,887 and $4,239,032, <br> respectively) (Note 2) <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 670393 | &nbsp;&nbsp;&nbsp; 1798444 |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; 2167151 | &nbsp;&nbsp;&nbsp; 33951951 | &nbsp;&nbsp;&nbsp; 15565209 | &nbsp;&nbsp;&nbsp; 44804374 |
| Unfunded loan commitments (Note 2)  | &nbsp;&nbsp;&nbsp; 57672 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 168252 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; 1681 | &nbsp;&nbsp;&nbsp; 12508748 | &nbsp;&nbsp;&nbsp; 358604 | &nbsp;&nbsp;&nbsp; 2215749 |
| Payable for variation margin on futures contracts (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2123376 | &nbsp;&nbsp;&nbsp; 102865 | &nbsp;&nbsp;&nbsp; 1253040 |
| Unrealized depreciation on forward foreign currency contracts (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 454665 | &nbsp;&nbsp;&nbsp; — |
| Management fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 9983 | &nbsp;&nbsp;&nbsp; 4907338 | &nbsp;&nbsp;&nbsp; 502008 | &nbsp;&nbsp;&nbsp; 1198721 |
| Deferred Trustees' fees (Note 6)  | &nbsp;&nbsp;&nbsp; 238561 | &nbsp;&nbsp;&nbsp; 1535910 | &nbsp;&nbsp;&nbsp; 386649 | &nbsp;&nbsp;&nbsp; 2158602 |
| Administrative fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 2819 | &nbsp;&nbsp;&nbsp; 609111 | &nbsp;&nbsp;&nbsp; 36570 | &nbsp;&nbsp;&nbsp; 96787 |
| Payable to distributor (Note 6d)  | &nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp; 122886 | &nbsp;&nbsp;&nbsp; 8414 | &nbsp;&nbsp;&nbsp; 25614 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 56279 | &nbsp;&nbsp;&nbsp; 70748 | &nbsp;&nbsp;&nbsp; 93673 | &nbsp;&nbsp;&nbsp; 68491 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 48062 | &nbsp;&nbsp;&nbsp; 912112 | &nbsp;&nbsp;&nbsp; 61290 | &nbsp;&nbsp;&nbsp; 142630 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 2582452 | &nbsp;&nbsp;&nbsp; 56742180 | &nbsp;&nbsp;&nbsp; 18240340 | &nbsp;&nbsp;&nbsp; 53930704 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $78650399 | &nbsp;&nbsp;&nbsp; $17081499025 | &nbsp;&nbsp;&nbsp; $1037161992 | &nbsp;&nbsp;&nbsp; $2696734193 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $111187067 | &nbsp;&nbsp;&nbsp; $17499733280 | &nbsp;&nbsp;&nbsp; $1167276000 | &nbsp;&nbsp;&nbsp; $3472404162 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (32536668)<br>| &nbsp;&nbsp;&nbsp; (418234255)<br>| &nbsp;&nbsp;&nbsp; (130114008)<br>| &nbsp;&nbsp;&nbsp; (775669969)<br>|
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $78650399 | &nbsp;&nbsp;&nbsp; $17081499025 | &nbsp;&nbsp;&nbsp; $1037161992 | &nbsp;&nbsp;&nbsp; $2696734193 |

---

See accompanying notes to financial statements.

59 \|

------

Statements of Assets and Liabilities (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High**<br> **Income**<br> **Fund**<br>| **Investment**<br> **Grade Bond**<br> **Fund**<br>| **Strategic**<br> **Alpha**<br> **Fund**<br>| **Strategic**<br> **Income**<br> **Fund**<br>|
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |  |  |
| **Class A shares:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $14924717 | &nbsp;&nbsp;&nbsp; $759812764 | &nbsp;&nbsp;&nbsp; $16222403 | &nbsp;&nbsp;&nbsp; $803617293 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 4048923 | &nbsp;&nbsp;&nbsp; 76774036 | &nbsp;&nbsp;&nbsp; 1638111 | &nbsp;&nbsp;&nbsp; 63711497 |
| Net asset value and redemption price per share | &nbsp;&nbsp;&nbsp; $3.69 | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $12.61 |
| Offering price per share (100/95.75 of net asset value) (Note 1) | &nbsp;&nbsp;&nbsp; $3.85 | &nbsp;&nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp; $13.17 |
| **Class C shares: (redemption price per share is equal to net asset value less any** <br> **applicable contingent deferred sales charge) (Note 1)**<br>|  |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $418541 | &nbsp;&nbsp;&nbsp; $78600022 | &nbsp;&nbsp;&nbsp; $2320058 | &nbsp;&nbsp;&nbsp; $23597907 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 112809 | &nbsp;&nbsp;&nbsp; 8062618 | &nbsp;&nbsp;&nbsp; 234743 | &nbsp;&nbsp;&nbsp; 1842448 |
| Net asset value and offering price per share | &nbsp;&nbsp;&nbsp; $3.71 | &nbsp;&nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp; $9.88 | &nbsp;&nbsp;&nbsp; $12.81 |
| **Class N shares:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $33706243 | &nbsp;&nbsp;&nbsp; $3613568188 | &nbsp;&nbsp;&nbsp; $127922634 | &nbsp;&nbsp;&nbsp; $67618363 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 9127937 | &nbsp;&nbsp;&nbsp; 365131473 | &nbsp;&nbsp;&nbsp; 12959753 | &nbsp;&nbsp;&nbsp; 5368034 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $3.69 | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.87 | &nbsp;&nbsp;&nbsp; $12.60 |
| **Class Y shares:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $29600898 | &nbsp;&nbsp;&nbsp; $12548305225 | &nbsp;&nbsp;&nbsp; $890696897 | &nbsp;&nbsp;&nbsp; $1742858812 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 8041549 | &nbsp;&nbsp;&nbsp; 1266961931 | &nbsp;&nbsp;&nbsp; 90293288 | &nbsp;&nbsp;&nbsp; 138421640 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $3.68 | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.86 | &nbsp;&nbsp;&nbsp; $12.59 |
| **Admin Class shares:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $81212826 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $59041818 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8233592 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4702854 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9.86 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12.55 |

---

&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.

\| 60

------

Statements of Operations

For the Year Ended December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High** <br>**Income** <br>**Fund**<br>| **Investment** <br>**Grade Bond** <br>**Fund**<br>| **Strategic** <br>**Alpha** <br>**Fund**<br>| **Strategic** <br>**Income** <br>**Fund**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |
| Interest | &nbsp;&nbsp;&nbsp; $5310580 | &nbsp;&nbsp;&nbsp; $854586661 | &nbsp;&nbsp;&nbsp; $50750263 | &nbsp;&nbsp;&nbsp; $174902279 |
| Dividends | &nbsp;&nbsp;&nbsp; 15296 | &nbsp;&nbsp;&nbsp; 1249812 | &nbsp;&nbsp;&nbsp; 203636 | &nbsp;&nbsp;&nbsp; 4766083 |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (751)<br>| &nbsp;&nbsp;&nbsp; (6814)<br>|
|  | &nbsp;&nbsp;&nbsp; 5325876 | &nbsp;&nbsp;&nbsp; 855836473 | &nbsp;&nbsp;&nbsp; 50953148 | &nbsp;&nbsp;&nbsp; 179661548 |
| Expenses |  |  |  |  |
| Management fees (Note 6)  | &nbsp;&nbsp;&nbsp; 407455 | &nbsp;&nbsp;&nbsp; 63560765 | &nbsp;&nbsp;&nbsp; 4947160 | &nbsp;&nbsp;&nbsp; 15459372 |
| Service and distribution fees (Note 6)  | &nbsp;&nbsp;&nbsp; 45016 | &nbsp;&nbsp;&nbsp; 3122849 | &nbsp;&nbsp;&nbsp; 64878 | &nbsp;&nbsp;&nbsp; 2605433 |
| Administrative fees (Note 6)  | &nbsp;&nbsp;&nbsp; 31722 | &nbsp;&nbsp;&nbsp; 6854033 | &nbsp;&nbsp;&nbsp; 352840 | &nbsp;&nbsp;&nbsp; 1139538 |
| Trustees' fees and expenses (Note 6)  | &nbsp;&nbsp;&nbsp; 39607 | &nbsp;&nbsp;&nbsp; 664516 | &nbsp;&nbsp;&nbsp; 76402 | &nbsp;&nbsp;&nbsp; 275137 |
| Transfer agent fees and expenses (Notes 6, 7 and 8)  | &nbsp;&nbsp;&nbsp; 33823 | &nbsp;&nbsp;&nbsp; 10559257 | &nbsp;&nbsp;&nbsp; 564806 | &nbsp;&nbsp;&nbsp; 2320562 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 60953 | &nbsp;&nbsp;&nbsp; 75531 | &nbsp;&nbsp;&nbsp; 101187 | &nbsp;&nbsp;&nbsp; 73177 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 54477 | &nbsp;&nbsp;&nbsp; 536367 | &nbsp;&nbsp;&nbsp; 113597 | &nbsp;&nbsp;&nbsp; 171412 |
| Legal fees | &nbsp;&nbsp;&nbsp; 2880 | &nbsp;&nbsp;&nbsp; 682737 | &nbsp;&nbsp;&nbsp; 30493 | &nbsp;&nbsp;&nbsp; 115301 |
| Registration fees | &nbsp;&nbsp;&nbsp; 85835 | &nbsp;&nbsp;&nbsp; 598789 | &nbsp;&nbsp;&nbsp; 86217 | &nbsp;&nbsp;&nbsp; 121005 |
| Shareholder reporting expenses | &nbsp;&nbsp;&nbsp; 22800 | &nbsp;&nbsp;&nbsp; 944190 | &nbsp;&nbsp;&nbsp; 42028 | &nbsp;&nbsp;&nbsp; 124828 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 43045 | &nbsp;&nbsp;&nbsp; 442516 | &nbsp;&nbsp;&nbsp; 55930 | &nbsp;&nbsp;&nbsp; 102691 |
| Total expenses | &nbsp;&nbsp;&nbsp; 827613 | &nbsp;&nbsp;&nbsp; 88041550 | &nbsp;&nbsp;&nbsp; 6435538 | &nbsp;&nbsp;&nbsp; 22508456 |
| Less waiver and/or expense reimbursement (Note 6)  | &nbsp;&nbsp;&nbsp; (276870)<br>| &nbsp;&nbsp;&nbsp; (8792655)<br>| &nbsp;&nbsp;&nbsp; (400677)<br>| &nbsp;&nbsp;&nbsp; (2105341)<br>|
| Less expense offset (Note 8)  | &nbsp;&nbsp;&nbsp; (1649)<br>| &nbsp;&nbsp;&nbsp; (163176)<br>| &nbsp;&nbsp;&nbsp; (13833)<br>| &nbsp;&nbsp;&nbsp; (26866)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 549094 | &nbsp;&nbsp;&nbsp; 79085719 | &nbsp;&nbsp;&nbsp; 6021028 | &nbsp;&nbsp;&nbsp; 20376249 |
| Net investment income | &nbsp;&nbsp;&nbsp; 4776782 | &nbsp;&nbsp;&nbsp; 776750754 | &nbsp;&nbsp;&nbsp; 44932120 | &nbsp;&nbsp;&nbsp; 159285299 |
| **Net realized and unrealized gain (loss) on Investments, Futures contracts,** <br> **Options written, Swap agreements, Forward foreign currency contracts** <br> **and Foreign currency transactions** <br>|  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (1318895)<br>| &nbsp;&nbsp;&nbsp; 11892232 | &nbsp;&nbsp;&nbsp; (18223937)<br>| &nbsp;&nbsp;&nbsp; (54872313)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (53821)<br>| &nbsp;&nbsp;&nbsp; (176599336)<br>| &nbsp;&nbsp;&nbsp; 3669155 | &nbsp;&nbsp;&nbsp; 15190840 |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5166559 | &nbsp;&nbsp;&nbsp; 12244453 |
| Swap agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1022580 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency contracts (Note 2d)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1317074)<br>| &nbsp;&nbsp;&nbsp; (822682)<br>|
| Foreign currency transactions (Note 2c)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp; 115092 | &nbsp;&nbsp;&nbsp; (825068)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 3245412 | &nbsp;&nbsp;&nbsp; 388235159 | &nbsp;&nbsp;&nbsp; 34605631 | &nbsp;&nbsp;&nbsp; 127368306 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 15765 | &nbsp;&nbsp;&nbsp; 81596210 | &nbsp;&nbsp;&nbsp; (1096455)<br>| &nbsp;&nbsp;&nbsp; 272770 |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 904471 | &nbsp;&nbsp;&nbsp; 2440588 |
| Swap agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (434875)<br>| &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency contracts (Note 2d)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1000719)<br>| &nbsp;&nbsp;&nbsp; (123548)<br>|
| Foreign currency translations (Note 2c)  | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 406957 | &nbsp;&nbsp;&nbsp; 83394 |
| Net realized and unrealized gain on Investments, Futures contracts, Options written, Swap <br> agreements, Forward foreign currency contracts and Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp; 1888498 | &nbsp;&nbsp;&nbsp; 305124455 | &nbsp;&nbsp;&nbsp; 23817385 | &nbsp;&nbsp;&nbsp; 100956740 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $6665280 | &nbsp;&nbsp;&nbsp; $1081875209 | &nbsp;&nbsp;&nbsp; $68749505 | &nbsp;&nbsp;&nbsp; $260242039 |

---

See accompanying notes to financial statements.

61 \|

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Income Fund** | **High Income Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond 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 | $4776782 | $2979519 | $776750754 | $611654981 |
| Net realized loss on investments, futures contracts, swap agreements and <br> foreign currency transactions<br>| (1372716)<br>| (2375177)<br>| (164707144)<br>| (217038678)<br>|
| Net change in unrealized appreciation (depreciation) on investments, futures <br> contracts, swap agreements and foreign currency translations<br>| 3261214 | 3037411 | 469831599 | (72968568)<br>|
| Net increase in net assets resulting from operations | 6665280 | 3641753 | 1081875209 | 321647735 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | (1008279)<br>| (1151151)<br>| (35101592)<br>| (34358506)<br>|
| Class C | (26155)<br>| (39685)<br>| (3102782)<br>| (2856483)<br>|
| Class N | (1947393)<br>| (195255)<br>| (160322706)<br>| (104156907)<br>|
| Class Y | (1870173)<br>| (1924932)<br>| (584514263)<br>| (474308923)<br>|
| Admin Class |  |  | (3968814)<br>| (4261399)<br>|
| Total distributions | (4852000)<br>| (3311023)<br>| (787010157)<br>| (619942218)<br>|
| **NET INCREASE IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| 12642214 | 18757191 | 1856369191 | 4859680339 |
| Net increase in net assets | 14455494 | 19087921 | 2151234243 | 4561385856 |
| **NET ASSETS** |  |  |  |  |
| Beginning of the year | 64194905 | 45106984 | 14930264782 | 10368878926 |
| End of the year | $78650399 | $64194905 | $17081499025 | $14930264782 |

---

See accompanying notes to financial statements.

\| 62

------

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Income Fund** | **Strategic 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 | $44932120 | $32695584 | $159285299 | $149921619 |
| Net realized loss on investments, futures contracts, swap agreements, written <br> options, forward foreign currency contracts and foreign currency <br> transactions<br>| (9567625)<br>| (23343709)<br>| (29084770)<br>| (100130528)<br>|
| Net change in unrealized appreciation on investments, futures contracts, <br> swap agreements, written options, forward foreign currency contracts and <br> foreign currency translations<br>| 33385010 | 35330916 | 130041510 | 136484510 |
| Net increase in net assets resulting from operations | 68749505 | 44682791 | 260242039 | 186275601 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | (780085)<br>| (892598)<br>| (41736815)<br>| (49985545)<br>|
| Class C | (86015)<br>| (111306)<br>| (1020646)<br>| (1397075)<br>|
| Class N | (6072108)<br>| (6128393)<br>| (4766383)<br>| (12752470)<br>|
| Class Y | (34292648)<br>| (25225531)<br>| (88489972)<br>| (95307874)<br>|
| Admin Class |  |  | (2911978)<br>| (3431765)<br>|
| Total distributions | (41230856)<br>| (32357828)<br>| (138925794)<br>| (162874729)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| 412206649 | (17315473)<br>| (186735158)<br>| (114672193)<br>|
| Net increase (decrease) in net assets | 439725298 | (4990510)<br>| (65418913)<br>| (91271321)<br>|
| **NET ASSETS** |  |  |  |  |
| Beginning of the year | 597436694 | 602427204 | 2762153106 | 2853424427 |
| End of the year | $1037161992 | $597436694 | $2696734193 | $2762153106 |

---

See accompanying notes to financial statements.

63 \|

------

Financial Highlights

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Income Fund—Class A** | **High Income Fund—Class A** | **High Income Fund—Class A** | **High Income Fund—Class A** | **High Income Fund—Class A** |
|  | **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; $3.61 | &nbsp;&nbsp;&nbsp; $3.55 | &nbsp;&nbsp;&nbsp; $3.50 | &nbsp;&nbsp;&nbsp; $4.29 | &nbsp;&nbsp;&nbsp; $4.35 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $3.69 | &nbsp;&nbsp;&nbsp; $3.61 | &nbsp;&nbsp;&nbsp; $3.55 | &nbsp;&nbsp;&nbsp; $3.50 | &nbsp;&nbsp;&nbsp; $4.29 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.53<br> %<br>| &nbsp;&nbsp;&nbsp; (13.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $14925 | &nbsp;&nbsp;&nbsp; $16770 | &nbsp;&nbsp;&nbsp; $16031 | &nbsp;&nbsp;&nbsp; $19108 | &nbsp;&nbsp;&nbsp; $20470 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.83<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>|

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2023, the expense limit decreased from 1.00% to 0.95%.

See accompanying notes to financial statements.

\| 64

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Income Fund—Class C** | **High Income Fund—Class C** | **High Income Fund—Class C** | **High Income Fund—Class C** | **High Income Fund—Class C** |
|  | **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; $3.63 | &nbsp;&nbsp;&nbsp; $3.57 | &nbsp;&nbsp;&nbsp; $3.51 | &nbsp;&nbsp;&nbsp; $4.31 | &nbsp;&nbsp;&nbsp; $4.37 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $3.71 | &nbsp;&nbsp;&nbsp; $3.63 | &nbsp;&nbsp;&nbsp; $3.57 | &nbsp;&nbsp;&nbsp; $3.51 | &nbsp;&nbsp;&nbsp; $4.31 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.94<br> %<br>| &nbsp;&nbsp;&nbsp; (14.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $419 | &nbsp;&nbsp;&nbsp; $558 | &nbsp;&nbsp;&nbsp; $754 | &nbsp;&nbsp;&nbsp; $1182 | &nbsp;&nbsp;&nbsp; $1795 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>|

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2023, the expense limit decreased from 1.75% to 1.70%.

See accompanying notes to financial statements.

65 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Income Fund—Class N** | **High Income Fund—Class N** | **High Income Fund—Class N** | **High Income Fund—Class N** | **High 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 period | &nbsp;&nbsp;&nbsp; $3.61 | &nbsp;&nbsp;&nbsp; $3.55 | &nbsp;&nbsp;&nbsp; $3.50 | &nbsp;&nbsp;&nbsp; $4.29 | &nbsp;&nbsp;&nbsp; $4.36 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $3.69 | &nbsp;&nbsp;&nbsp; $3.61 | &nbsp;&nbsp;&nbsp; $3.55 | &nbsp;&nbsp;&nbsp; $3.50 | &nbsp;&nbsp;&nbsp; $4.29 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.85<br> %<br>| &nbsp;&nbsp;&nbsp; (13.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $33706 | &nbsp;&nbsp;&nbsp; $19912 | &nbsp;&nbsp;&nbsp; $173 | &nbsp;&nbsp;&nbsp; $132 | &nbsp;&nbsp;&nbsp; $105 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.10<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 67<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 0.70% to 0.65%.

See accompanying notes to financial statements.

\| 66

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Income Fund—Class Y** | **High Income Fund—Class Y** | **High Income Fund—Class Y** | **High Income Fund—Class Y** | **High Income Fund—Class Y** |
|  | **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; $3.60 | &nbsp;&nbsp;&nbsp; $3.55 | &nbsp;&nbsp;&nbsp; $3.49 | &nbsp;&nbsp;&nbsp; $4.28 | &nbsp;&nbsp;&nbsp; $4.34 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $3.68 | &nbsp;&nbsp;&nbsp; $3.60 | &nbsp;&nbsp;&nbsp; $3.55 | &nbsp;&nbsp;&nbsp; $3.49 | &nbsp;&nbsp;&nbsp; $4.28 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.13<br> %<br>| &nbsp;&nbsp;&nbsp; (13.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $29601 | &nbsp;&nbsp;&nbsp; $26955 | &nbsp;&nbsp;&nbsp; $28150 | &nbsp;&nbsp;&nbsp; $97059 | &nbsp;&nbsp;&nbsp; $104957 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 67<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 0.75% to 0.70%.

See accompanying notes to financial statements.

67 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Bond Fund—Class A** | **Investment Grade Bond Fund—Class A** | **Investment Grade Bond Fund—Class A** | **Investment Grade Bond Fund—Class A** | **Investment Grade Bond Fund—Class A** |
|  | **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; $9.71 | &nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp; $9.63 | &nbsp;&nbsp;&nbsp; $11.22 | &nbsp;&nbsp;&nbsp; $11.65 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp; $9.63 | &nbsp;&nbsp;&nbsp; $11.22 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.34<br> %<br>| &nbsp;&nbsp;&nbsp; (11.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $759813 | &nbsp;&nbsp;&nbsp; $776083 | &nbsp;&nbsp;&nbsp; $717999 | &nbsp;&nbsp;&nbsp; $641311 | &nbsp;&nbsp;&nbsp; $793271 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2025, the expense limit decreased from 0.74% to 0.73%. See Note 6 of Notes to Financial Statements.

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

See accompanying notes to financial statements.

\| 68

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Bond Fund—Class C** | **Investment Grade Bond Fund—Class C** | **Investment Grade Bond Fund—Class C** | **Investment Grade Bond Fund—Class C** | **Investment Grade Bond Fund—Class C** |
|  | **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; $9.57 | &nbsp;&nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $11.07 | &nbsp;&nbsp;&nbsp; $11.51 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp; $9.57 | &nbsp;&nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $11.07 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.43<br> %<br>| &nbsp;&nbsp;&nbsp; (12.26)%<br>| &nbsp;&nbsp;&nbsp; (0.70)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $78600 | &nbsp;&nbsp;&nbsp; $78152 | &nbsp;&nbsp;&nbsp; $68821 | &nbsp;&nbsp;&nbsp; $56520 | &nbsp;&nbsp;&nbsp; $80099 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2025, the expense limit decreased from 1.49% to 1.48%. See Note 6 of Notes to Financial Statements.

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

See accompanying notes to financial statements.

69 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Bond Fund—Class N** | **Investment Grade Bond Fund—Class N** | **Investment Grade Bond Fund—Class N** | **Investment Grade Bond Fund—Class N** | **Investment Grade Bond 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 period | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp; $9.64 | &nbsp;&nbsp;&nbsp; $11.22 | &nbsp;&nbsp;&nbsp; $11.65 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.43)<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; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp; $9.64 | &nbsp;&nbsp;&nbsp; $11.22 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.55<br> %<br>| &nbsp;&nbsp;&nbsp; (11.26)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $3613568 | &nbsp;&nbsp;&nbsp; $2763066 | &nbsp;&nbsp;&nbsp; $1496893 | &nbsp;&nbsp;&nbsp; $1348621 | &nbsp;&nbsp;&nbsp; $1473020 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 27<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 0.44% to 0.43%. See Note 6 of Notes to Financial Statements.

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

See accompanying notes to financial statements.

\| 70

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Bond Fund—Class Y** | **Investment Grade Bond Fund—Class Y** | **Investment Grade Bond Fund—Class Y** | **Investment Grade Bond Fund—Class Y** | **Investment Grade Bond Fund—Class Y** |
|  | **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; $9.72 | &nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp; $9.64 | &nbsp;&nbsp;&nbsp; $11.22 | &nbsp;&nbsp;&nbsp; $11.66 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.72 | &nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp; $9.64 | &nbsp;&nbsp;&nbsp; $11.22 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50<br> %<br>| &nbsp;&nbsp;&nbsp; (11.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $12548305 | &nbsp;&nbsp;&nbsp; $11221966 | &nbsp;&nbsp;&nbsp; $7942477 | &nbsp;&nbsp;&nbsp; $4833608 | &nbsp;&nbsp;&nbsp; $3920635 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 27<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 0.49% to 0.48%. See Note 6 of Notes to Financial Statements.

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

See accompanying notes to financial statements.

71 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Bond Fund—Admin Class** | **Investment Grade Bond Fund—Admin Class** | **Investment Grade Bond Fund—Admin Class** | **Investment Grade Bond Fund—Admin Class** | **Investment Grade Bond 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 period | &nbsp;&nbsp;&nbsp; $9.68 | &nbsp;&nbsp;&nbsp; $9.88 | &nbsp;&nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp; $11.18 | &nbsp;&nbsp;&nbsp; $11.62 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.86 | &nbsp;&nbsp;&nbsp; $9.68 | &nbsp;&nbsp;&nbsp; $9.88 | &nbsp;&nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp; $11.18 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.99<br> %<br>| &nbsp;&nbsp;&nbsp; (11.80)%<br>| &nbsp;&nbsp;&nbsp; (0.26)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $81213 | &nbsp;&nbsp;&nbsp; $90999 | &nbsp;&nbsp;&nbsp; $142689 | &nbsp;&nbsp;&nbsp; $122710 | &nbsp;&nbsp;&nbsp; $139169 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 27<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 0.99% to 0.98%. See Note 6 of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2022, the expense limit decreased from 1.00% to 0.99%.

See accompanying notes to financial statements.

\| 72

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Alpha Fund—Class A** | **Strategic Alpha Fund—Class A** | **Strategic Alpha Fund—Class A** | **Strategic Alpha Fund—Class A** | **Strategic Alpha Fund—Class A** |
|  | **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; $9.57 | &nbsp;&nbsp;&nbsp; $9.34 | &nbsp;&nbsp;&nbsp; $9.14 | &nbsp;&nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp; $10.43 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.57 | &nbsp;&nbsp;&nbsp; $9.34 | &nbsp;&nbsp;&nbsp; $9.14 | &nbsp;&nbsp;&nbsp; $10.34 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.18 %(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.10 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.70 %(c)<br>| &nbsp;&nbsp;&nbsp; (8.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $16222 | &nbsp;&nbsp;&nbsp; $15930 | &nbsp;&nbsp;&nbsp; $17891 | &nbsp;&nbsp;&nbsp; $29797 | &nbsp;&nbsp;&nbsp; $41765 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.98 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 %(e)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %(g)<br>| &nbsp;&nbsp;&nbsp; 218<br> %<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial statement purposes only, and as such, the total return based on the adjusted net asset value per share may differ from the live total return reported on the Fund's website or any corresponding Shareholder Report. Without these adjustments, total return would have been 8.29%.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2024, the expense limit decreased from 1.00% to 0.98%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The variation in the Fund's turnover rate from 2021 to 2022 was primarily due to a decrease in trading volume and shareholder flows.

See accompanying notes to financial statements.

73 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Alpha Fund—Class C** | **Strategic Alpha Fund—Class C** | **Strategic Alpha Fund—Class C** | **Strategic Alpha Fund—Class C** | **Strategic Alpha Fund—Class C** |
|  | **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; $9.55 | &nbsp;&nbsp;&nbsp; $9.33 | &nbsp;&nbsp;&nbsp; $9.13 | &nbsp;&nbsp;&nbsp; $10.32 | &nbsp;&nbsp;&nbsp; $10.40 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.88 | &nbsp;&nbsp;&nbsp; $9.55 | &nbsp;&nbsp;&nbsp; $9.33 | &nbsp;&nbsp;&nbsp; $9.13 | &nbsp;&nbsp;&nbsp; $10.32 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.37 %(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.31 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.77 %(c)<br>| &nbsp;&nbsp;&nbsp; (8.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $2320 | &nbsp;&nbsp;&nbsp; $2134 | &nbsp;&nbsp;&nbsp; $2531 | &nbsp;&nbsp;&nbsp; $3309 | &nbsp;&nbsp;&nbsp; $4266 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.73 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74 %(e)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 46 %(g)<br>| &nbsp;&nbsp;&nbsp; 218<br> %<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial statement purposes only, and as such, the total return based on the adjusted net asset value per share may differ from the live total return reported on the Fund's website or any corresponding Shareholder Report. Without these adjustments, total return would have been 7.48%.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2024, the expense limit decreased from 1.75% to 1.73%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The variation in the Fund's turnover rate from 2021 to 2022 was primarily due to a decrease in trading volume and shareholder flows.

See accompanying notes to financial statements.

\| 74

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Alpha Fund—Class N** | **Strategic Alpha Fund—Class N** | **Strategic Alpha Fund—Class N** | **Strategic Alpha Fund—Class N** | **Strategic Alpha 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 period | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $9.32 | &nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp; $10.32 | &nbsp;&nbsp;&nbsp; $10.41 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.87 | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $9.32 | &nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp; $10.32 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 8.51 %(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.45 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.94 %(b)<br>| &nbsp;&nbsp;&nbsp; (8.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $127923 | &nbsp;&nbsp;&nbsp; $119054 | &nbsp;&nbsp;&nbsp; $105702 | &nbsp;&nbsp;&nbsp; $164264 | &nbsp;&nbsp;&nbsp; $484005 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.68 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %(f)<br>| &nbsp;&nbsp;&nbsp; 218<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) Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial statement purposes only, and as such, the total return based on the adjusted net asset value per share may differ from the live total return reported on the Fund's website or any corresponding Shareholder Report. Without these adjustments, total return would have been 8.62%.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2024, the expense limit decreased from 0.70% to 0.68%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The variation in the Fund's turnover rate from 2021 to 2022 was primarily due to a decrease in trading volume and shareholder flows.

See accompanying notes to financial statements.

75 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Alpha Fund—Class Y** | **Strategic Alpha Fund—Class Y** | **Strategic Alpha Fund—Class Y** | **Strategic Alpha Fund—Class Y** | **Strategic Alpha Fund—Class Y** |
|  | **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; $9.53 | &nbsp;&nbsp;&nbsp; $9.31 | &nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp; $10.31 | &nbsp;&nbsp;&nbsp; $10.41 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $9.86 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $9.31 | &nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp; $10.31 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 8.47 %(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.29 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.90 %(b)<br>| &nbsp;&nbsp;&nbsp; (7.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $890697 | &nbsp;&nbsp;&nbsp; $460318 | &nbsp;&nbsp;&nbsp; $476304 | &nbsp;&nbsp;&nbsp; $650242 | &nbsp;&nbsp;&nbsp; $930815 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %(f)<br>| &nbsp;&nbsp;&nbsp; 218<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) Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial statement purposes only, and as such, the total return based on the adjusted net asset value per share may differ from the live total return reported on the Fund's website or any corresponding Shareholder Report. Without these adjustments, total return would have been 8.58%.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2024, the expense limit decreased from 0.75% to 0.73%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The variation in the Fund's turnover rate from 2021 to 2022 was primarily due to a decrease in trading volume and shareholder flows.

See accompanying notes to financial statements.

\| 76

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Income Fund—Class A** | **Strategic Income Fund—Class A** | **Strategic Income Fund—Class A** | **Strategic Income Fund—Class A** | **Strategic Income Fund—Class A** |
|  | **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; $12.04 | &nbsp;&nbsp;&nbsp; $11.92 | &nbsp;&nbsp;&nbsp; $11.65 | &nbsp;&nbsp;&nbsp; $14.19 | &nbsp;&nbsp;&nbsp; $14.03 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $12.61 | &nbsp;&nbsp;&nbsp; $12.04 | &nbsp;&nbsp;&nbsp; $11.92 | &nbsp;&nbsp;&nbsp; $11.65 | &nbsp;&nbsp;&nbsp; $14.19 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.02<br> %<br>| &nbsp;&nbsp;&nbsp; (12.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $803617 | &nbsp;&nbsp;&nbsp; $840790 | &nbsp;&nbsp;&nbsp; $946579 | &nbsp;&nbsp;&nbsp; $1067151 | &nbsp;&nbsp;&nbsp; $1512939 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %(h)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 99<br> %<br>|

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2024, the expense limit decreased from 0.93% to 0.92%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2023, the expense limit decreased from 0.94% to 0.93%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2022, the expense limit decreased from 0.95% to 0.94%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective July 1, 2021, the expense limit decreased from 1.00% to 0.95%.

See accompanying notes to financial statements.

77 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Income Fund—Class C** | **Strategic Income Fund—Class C** | **Strategic Income Fund—Class C** | **Strategic Income Fund—Class C** | **Strategic Income Fund—Class C** |
|  | **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; $12.22 | &nbsp;&nbsp;&nbsp; $12.08 | &nbsp;&nbsp;&nbsp; $11.80 | &nbsp;&nbsp;&nbsp; $14.36 | &nbsp;&nbsp;&nbsp; $14.18 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $12.81 | &nbsp;&nbsp;&nbsp; $12.22 | &nbsp;&nbsp;&nbsp; $12.08 | &nbsp;&nbsp;&nbsp; $11.80 | &nbsp;&nbsp;&nbsp; $14.36 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.26<br> %<br>| &nbsp;&nbsp;&nbsp; (13.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.13<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $23598 | &nbsp;&nbsp;&nbsp; $27013 | &nbsp;&nbsp;&nbsp; $34212 | &nbsp;&nbsp;&nbsp; $52977 | &nbsp;&nbsp;&nbsp; $120091 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71 %(h)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 99<br> %<br>|

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2024, the expense limit decreased from 1.68% to 1.67%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2023, the expense limit decreased from 1.69% to 1.68%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2022, the expense limit decreased from 1.70% to 1.69%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective July 1, 2021, the expense limit decreased from 1.75% to 1.70%.

See accompanying notes to financial statements.

\| 78

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Income Fund—Class N** | **Strategic Income Fund—Class N** | **Strategic Income Fund—Class N** | **Strategic Income Fund—Class N** | **Strategic 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; $12.02 | &nbsp;&nbsp;&nbsp; $11.90 | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $14.17 | &nbsp;&nbsp;&nbsp; $14.01 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp; $12.02 | &nbsp;&nbsp;&nbsp; $11.90 | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $14.17 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 10.62 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.20 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.45 %(b)<br>| &nbsp;&nbsp;&nbsp; (12.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $67618 | &nbsp;&nbsp;&nbsp; $204205 | &nbsp;&nbsp;&nbsp; $220360 | &nbsp;&nbsp;&nbsp; $220229 | &nbsp;&nbsp;&nbsp; $280661 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64 %(c)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 99<br> %<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective July 1, 2024, the expense limit decreased from 0.63% to 0.62%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2023, the expense limit decreased from 0.64% to 0.63%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2022, the expense limit decreased from 0.65% to 0.64%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2021, the expense limit decreased from 0.70% to 0.65%.

See accompanying notes to financial statements.

79 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Income Fund—Class Y** | **Strategic Income Fund—Class Y** | **Strategic Income Fund—Class Y** | **Strategic Income Fund—Class Y** | **Strategic Income Fund—Class Y** |
|  | **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; $12.02 | &nbsp;&nbsp;&nbsp; $11.90 | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $14.17 | &nbsp;&nbsp;&nbsp; $14.01 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $12.59 | &nbsp;&nbsp;&nbsp; $12.02 | &nbsp;&nbsp;&nbsp; $11.90 | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $14.17 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.30<br> %<br>| &nbsp;&nbsp;&nbsp; (12.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.12<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $1742859 | &nbsp;&nbsp;&nbsp; $1629062 | &nbsp;&nbsp;&nbsp; $1586092 | &nbsp;&nbsp;&nbsp; $1816763 | &nbsp;&nbsp;&nbsp; $3058635 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 99<br> %<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective July 1, 2024, the expense limit decreased from 0.68% to 0.67%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2023, the expense limit decreased from 0.69% to 0.68%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2022, the expense limit decreased from 0.70% to 0.69%.

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

See accompanying notes to financial statements.

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Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Income Fund—Admin Class** | **Strategic Income Fund—Admin Class** | **Strategic Income Fund—Admin Class** | **Strategic Income Fund—Admin Class** | **Strategic 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; $11.99 | &nbsp;&nbsp;&nbsp; $11.87 | &nbsp;&nbsp;&nbsp; $11.60 | &nbsp;&nbsp;&nbsp; $14.14 | &nbsp;&nbsp;&nbsp; $13.97 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $12.55 | &nbsp;&nbsp;&nbsp; $11.99 | &nbsp;&nbsp;&nbsp; $11.87 | &nbsp;&nbsp;&nbsp; $11.60 | &nbsp;&nbsp;&nbsp; $14.14 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.78<br> %<br>| &nbsp;&nbsp;&nbsp; (13.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.68<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $59042 | &nbsp;&nbsp;&nbsp; $61083 | &nbsp;&nbsp;&nbsp; $66181 | &nbsp;&nbsp;&nbsp; $68788 | &nbsp;&nbsp;&nbsp; $95250 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 99<br> %<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective July 1, 2024, the expense limit decreased from 1.18% to 1.17%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2023, the expense limit decreased from 1.19% to 1.18%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2022, the expense limit decreased from 1.20% to 1.19%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2021, the expense limit decreased from 1.25% to 1.20%.

See accompanying notes to financial statements.

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Notes to Financial Statements

December 31, 2025

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

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

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

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

Loomis Sayles Investment Grade Bond Fund ("Investment Grade Bond Fund")

Loomis Sayles Strategic Income Fund ("Strategic Income Fund")

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

Loomis Sayles Strategic Alpha Fund ("Strategic Alpha Fund")

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C, Class N and Class Y shares. In addition, Investment Grade Bond Fund and Strategic Income Fund also offer Admin Class shares.

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

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust ("Natixis Funds Trusts"), Loomis Sayles Funds I and Loomis Sayles Funds II ("Loomis Sayles Funds Trusts"), and Natixis ETF Trust and Natixis ETF Trust II ("Natixis ETF Trusts"). Expenses of a Fund are borne *pro rata* by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fee applicable to Class A, Class C and Admin Class) and transfer agent fees are borne collectively for Class A, Class C, Class Y 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

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Notes to Financial Statements (continued)

December 31, 2025

believes that, over time, they are traded most extensively. Domestic, exchange-traded index and single name equity option contracts (including options on exchange-traded funds) are valued at the mean of the National Best Bid and Offer quotations as determined by the Options Price Reporting Authority. Options on futures contracts are valued using the current settlement price on the exchange on which, over time, they are traded most extensively. Option contracts on foreign indices are priced at the most recent settlement price. Other exchange-traded options are valued at the average of the closing bid and ask quotations on the exchange on which, over time, they are traded most extensively. Shares of open-end investment companies are valued at net asset value ("NAV") per share.

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

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

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

**b. Investment Transactions and Related Investment Income.** Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, are recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Loan consent fees, upfront origination fees and/or amendment fees are recorded when received and included in interest income on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. For payment-in-kind securities, income received in-kind is reflected as an increase to the principal and cost basis of the securities. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of the investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds' investments in real estate investment trusts ("REITs") are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a *pro rata* basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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Notes to Financial Statements (continued)

December 31, 2025

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

**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 or eliminate the amount of income available to be distributed by the Funds.

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

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

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

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

\| 84

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Notes to Financial Statements (continued)

December 31, 2025

losses. Premiums paid for purchasing options which are exercised are added to the cost or deducted from the proceeds on the underlying instrument to determine the realized gain or loss. If the Fund enters into a closing sale transaction, the difference between the premium paid and the proceeds of the closing sale transaction is treated as a realized gain or loss. The risk associated with purchasing options is limited to the premium paid.

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

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

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

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

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

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

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared ("centrally cleared swaps"). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and the Fund faces the CCP through a

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Notes to Financial Statements (continued)

December 31, 2025

broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as "variation margin," are made or received by the Fund based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Fund's counterparty credit risk is reduced as the CCP stands between the Fund and the counterparty. Swap agreements outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**h. Swaptions.** A Fund may enter into interest rate swaptions. An interest rate swaption gives the holder the right, but not the obligation, to enter into or cancel an interest rate swap agreement at a future date. Interest rate swaptions may be either purchased or written. The buyer of an interest rate swaption may purchase either the right to receive a fixed rate in the underlying swap (known as a "receiver swaption") or to pay a fixed rate (known as a "payer swaption"), based on the notional amount of the swap agreement, in exchange for a floating rate. The notional amounts of swaptions are not recorded in the financial statements.

When a Fund purchases an interest rate swaption, it pays a premium and the swaption is subsequently marked-to-market to reflect current value. Premiums paid for purchasing interest rate swaptions which expire are treated as realized losses. Premiums paid for purchasing interest rate swaptions which are exercised are added to the cost or deducted from the proceeds on the underlying swap to determine the realized gain or loss. If a 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 interest rate swaptions is limited to the premium paid.

When a Fund writes an interest rate swaption, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current value. Premiums received for written interest rate swaptions which expire are treated as realized gains. Premiums received for written interest rate swaptions which are exercised are deducted from the cost or added to the proceeds on the underlying swap to determine the realized gain or loss. If a Fund enters into a closing purchase transaction, the difference between the premium received and any amount paid on effecting a closing purchase transaction, including commission, is treated as a realized gain or, if the premium received is less than the amount paid, as a realized loss. A Fund, as writer of a written interest rate swaption, bears the risk of an unfavorable change in the market value of the swap underlying the written interest rate swaption.

OTC interest rate swaptions are subject to the risk that the counterparty is unable or unwilling to meet its obligations under the swaption. Swaptions outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**i. Due from Brokers.** Transactions and positions in certain options, forward foreign currency contracts and swap agreements are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Funds and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for Strategic Income Fund represents initial margin for closed centrally cleared swap agreements. The due from brokers balance in the Statements of Assets and Liabilities for Strategic Alpha Fund represents cash pledged as collateral for options and forward foreign currency contracts and as initial margin for centrally cleared swap agreements. In certain circumstances the Funds' use of cash, securities and/ or foreign currency held at brokers is restricted by regulation or broker mandated limits.

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

\| 86

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Notes to Financial Statements (continued)

December 31, 2025

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.

**k. Dividends and Distributions to Shareholders.** Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as premium amortization, paydown gains and losses, defaulted and/or non-income producing securities, convertible bond adjustments, corporate actions, distributions in excess of income and/or capital gain, foreign currency gains and losses, perpetual bond adjustments, capital gains taxes, return of capital distributions received, capital gain distributions received and swap contracts adjustments. 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, premium amortization, defaulted and/or non-income producing securities, swap contracts adjustments, wash sales, futures contract mark-to-market, return of capital distributions received, capital gain distributions received, corporate actions, convertible bond adjustments, forward foreign currency contract mark-to-market, straddle loss deferral adjustments, capital gains taxes, options contract mark-to-market and foreign currency gains and losses. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds' fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and net realized short-term capital gains are 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 |
| High Income Fund | &nbsp;&nbsp; $4852000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4852000 | &nbsp;&nbsp; $3311023 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3311023 |
| Investment Grade Bond Fund | &nbsp;&nbsp; 787010157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 787010157 | &nbsp;&nbsp; 619942218 | &nbsp;&nbsp; — | &nbsp;&nbsp; 619942218 |
| Strategic Alpha Fund | &nbsp;&nbsp; 41230856 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41230856 | &nbsp;&nbsp; 32357828 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32357828 |
| Strategic Income Fund | &nbsp;&nbsp; 138925794 | &nbsp;&nbsp; — | &nbsp;&nbsp; 138925794 | &nbsp;&nbsp; 162874729 | &nbsp;&nbsp; — | &nbsp;&nbsp; 162874729 |

---

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.

87 \|

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Notes to Financial Statements (continued)

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | High <br>Income <br>Fund<br>| Investment <br>Grade Bond <br>Fund<br>| Strategic <br>Alpha <br>Fund<br>| Strategic <br>Income <br>Fund<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2633909 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Capital loss carryforward: |  |  |  |  |
| Short-term: |  |  |  |  |
| No expiration date | &nbsp;&nbsp; (1577330)<br>| &nbsp;&nbsp; (150414183)<br>| &nbsp;&nbsp; (2871734)<br>| &nbsp;&nbsp; — |
| Long-term: |  |  |  |  |
| No expiration date | &nbsp;&nbsp; (25080778)<br>| &nbsp;&nbsp; (508790597)<br>| &nbsp;&nbsp; (79356057)<br>| &nbsp;&nbsp; (590328651)<br>|
| Total capital loss carryforward | &nbsp;&nbsp; (26658108)<br>| &nbsp;&nbsp; (659204780)<br>| &nbsp;&nbsp; (82227791)<br>| &nbsp;&nbsp; (590328651)<br>|
| Late-year ordinary and post-October <br>capital loss deferrals\* <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (486329)<br>| &nbsp;&nbsp; — |
| Unrealized appreciation (depreciation) | &nbsp;&nbsp; (5203449)<br>| &nbsp;&nbsp; 240013809 | &nbsp;&nbsp; (42431745)<br>| &nbsp;&nbsp; (176436710)<br>|
| Total accumulated losses | &nbsp;&nbsp; $(31861557)<br>| &nbsp;&nbsp; $(416557062)<br>| &nbsp;&nbsp; $(125145865)<br>| &nbsp;&nbsp; $(766765361)<br>|

---

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

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

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | High <br>Income <br>Fund<br>| Investment <br>Grade Bond <br>Fund<br>| Strategic <br>Alpha <br>Fund<br>| Strategic <br>Income <br>Fund<br>|
| Federal tax cost | &nbsp;&nbsp; $85099915 | &nbsp;&nbsp; $16687101127 | &nbsp;&nbsp; $1065048811 | &nbsp;&nbsp; $2867070824 |
| Gross tax appreciation | &nbsp;&nbsp; $1909635 | &nbsp;&nbsp; $382284879 | &nbsp;&nbsp; $21253686 | &nbsp;&nbsp; $94062596 |
| Gross tax depreciation | &nbsp;&nbsp; (7113108)<br>| &nbsp;&nbsp; (142271260)<br>| &nbsp;&nbsp; (63866227)<br>| &nbsp;&nbsp; (270492477)<br>|
| Net tax appreciation (depreciation) | &nbsp;&nbsp; $(5203473)<br>| &nbsp;&nbsp; $240013619 | &nbsp;&nbsp; $(42612541)<br>| &nbsp;&nbsp; $(176429881)<br>|

---

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

**l. 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.

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

\| 88

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Notes to Financial Statements (continued)

December 31, 2025

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

**n. 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.

**o. Equity-Linked Notes.** A Fund may invest in equity-linked notes ("ELNs"). ELNs are hybrid instruments which combine both debt and equity characteristics into a single note form. ELN values are linked to the performance of an underlying index or a specific security. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs have a coupon which is accrued and recorded as interest income on the Fund's Statement of Operations. The risk of investing in ELNs depends on the principal protection offered. Some ELNs may guarantee total principal or partial principal while others may not provide any guarantee of principal. The maturity value may also be impacted to the extent of any limit on the return value as part of the note structure. ELNs are subject to counterparty credit risk in that issuers and/or counterparties may fail to make payments when due or default completely, which could result in a loss of all or part of the Fund's investment. ELNs outstanding at the end of the period, if any, are listed in the Fund's Portfolio of Investments.

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

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

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

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

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

**r. Stripped Securities.** A Fund may invest in stripped securities, which are usually structured with two or more classes that receive different proportions of the interest and principal distribution on a pool of U.S. or foreign government securities or mortgage assets. In some cases, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Stripped securities commonly have greater market volatility than other types of fixed-income securities. In the case of stripped mortgage securities, if the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to recoup fully its investments in IOs. Stripped securities outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

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

89 \|

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Notes to Financial Statements (continued)

December 31, 2025

arise due to changes in the value of the unfunded loan commitments. Unfunded loan commitments outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

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

**3. Fair Value Measurements.** In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund's assets or liabilities. These inputs are summarized in the three broad levels listed below:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund's own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

\| 90

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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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds and Notes |  |  |  |  |
| Non-Convertible Bonds |  |  |  |  |
| ABS Home Equity | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50113 | &nbsp;&nbsp; $50113 |
| Home Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 1624368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1624368 |
| Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 966961 | &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 972861 |
| All Other Non-Convertible Bonds(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 64815424 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64815424 |
| Total Non-Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 67406753 | &nbsp;&nbsp; 56013 | &nbsp;&nbsp; 67462766 |
| Convertible Bonds(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2681628 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2681628 |
| Total Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 70088381 | &nbsp;&nbsp; 56013 | &nbsp;&nbsp; 70144394 |
| Senior Loans(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5486999 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5486999 |
| Preferred Stocks(a) | &nbsp;&nbsp; 156311 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 156311 |
| Common Stocks |  |  |  |  |
| Real Estate Management & Development | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 1098 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1506 |
| All Other Common Stocks(a) | &nbsp;&nbsp; 32085 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32085 |
| Total Common Stocks | &nbsp;&nbsp; 32493 | &nbsp;&nbsp; 1098 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33591 |
| Other Investments |  |  |  |  |
| Aircraft ABS | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Professional Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2289 | &nbsp;&nbsp; 2289 |
| Total Other Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2289 | &nbsp;&nbsp; 2289 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 4072858 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4072858 |
| Total Investments | &nbsp;&nbsp; 188804 | &nbsp;&nbsp; 79649336 | &nbsp;&nbsp; 58302 | &nbsp;&nbsp; 79896442 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp; 32897 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32897 |
| Total | &nbsp;&nbsp; $221701 | &nbsp;&nbsp; $79649336 | &nbsp;&nbsp; $58302 | &nbsp;&nbsp; $79929339 |

---

&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; $(2683)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2683)<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.

91 \|

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Notes to Financial Statements (continued)

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Grade Bond Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds and Notes(a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14964048507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14964048507 |
| Collateralized Loan Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 847662002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 847662002 |
| Senior Loans(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 628445789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 628445789 |
| Private Credit |  |  |  |  |
| ABS Other | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27289284 | &nbsp;&nbsp; 27289284 |
| Apartment REITs | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6353824 | &nbsp;&nbsp; 6353824 |
| Banking | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19940118 | &nbsp;&nbsp; 19940118 |
| Finance Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43827918 | &nbsp;&nbsp; 43827918 |
| Financial Other | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30804562 | &nbsp;&nbsp; 30804562 |
| Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34654900 | &nbsp;&nbsp; 34654900 |
| Total Private Credit | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 162870606 | &nbsp;&nbsp; 162870606 |
| Preferred Stocks(a) | &nbsp;&nbsp; 14991407 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14991407 |
| Common Stocks |  |  |  |  |
| Real Estate Management & Development | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 24041 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25036 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 309071399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 309071399 |
| Total Investments | &nbsp;&nbsp; 14992402 | &nbsp;&nbsp; 16749251738 | &nbsp;&nbsp; 162870606 | &nbsp;&nbsp; 16927114746 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp; 5219531 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5219531 |
| Total | &nbsp;&nbsp; $20211933 | &nbsp;&nbsp; $16749251738 | &nbsp;&nbsp; $162870606 | &nbsp;&nbsp; $16932334277 |

---

&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; $(4407074)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4407074)<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.

\| 92

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Notes to Financial Statements (continued)

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds and Notes |  |  |  |  |
| Non-Convertible Bonds |  |  |  |  |
| ABS Home Equity | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23789674 | &nbsp;&nbsp; $2245145 | &nbsp;&nbsp; $26034819 |
| Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 36607723 | &nbsp;&nbsp; 81512 | &nbsp;&nbsp; 36689235 |
| All Other Non-Convertible Bonds(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 772346089 | &nbsp;&nbsp; — | &nbsp;&nbsp; 772346089 |
| Total Non-Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 832743486 | &nbsp;&nbsp; 2326657 | &nbsp;&nbsp; 835070143 |
| Convertible Bonds(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 3028121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3028121 |
| Total Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 835771607 | &nbsp;&nbsp; 2326657 | &nbsp;&nbsp; 838098264 |
| Collateralized Loan Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 70757648 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70757648 |
| Senior Loans(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 46741550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46741550 |
| Equity-Linked Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 30767707 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30767707 |
| Common Stocks |  |  |  |  |
| Real Estate Management & Development | &nbsp;&nbsp; 5806 | &nbsp;&nbsp; 41739 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47545 |
| All Other Common Stocks(a) | &nbsp;&nbsp; 6479343 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6479343 |
| Total Common Stocks | &nbsp;&nbsp; 6485149 | &nbsp;&nbsp; 41739 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6526888 |
| Preferred Stocks(a) | &nbsp;&nbsp; 799508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 799508 |
| Other Investments |  |  |  |  |
| Aircraft ABS | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Professional Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25551 | &nbsp;&nbsp; 25551 |
| Total Other Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25551 | &nbsp;&nbsp; 25551 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 27719939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27719939 |
| Purchased Options(a) | &nbsp;&nbsp; 850640 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 850640 |
| Total Investments | &nbsp;&nbsp; 8135297 | &nbsp;&nbsp; 1011800190 | &nbsp;&nbsp; 2352208 | &nbsp;&nbsp; 1022287695 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp; 1338084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1338084 |
| Total | &nbsp;&nbsp; $9473381 | &nbsp;&nbsp; $1011800190 | &nbsp;&nbsp; $2352208 | &nbsp;&nbsp; $1023625779 |

---

&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; $(670393)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(670393)<br>|
| Centrally Cleared Interest Rate Swap Agreements (unrealized <br> depreciation)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (513203)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (513203)<br>|
| Forward Foreign Currency Contracts (unrealized depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (454665)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (454665)<br>|
| Futures Contracts (unrealized depreciation) | &nbsp;&nbsp; (1308909)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1308909)<br>|
| Total | &nbsp;&nbsp; $(1979302)<br>| &nbsp;&nbsp; $(967868)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2947170)<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.

93 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic 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; $2102496019 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2102496019 |
| Senior Loans(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 223752611 | &nbsp;&nbsp; — | &nbsp;&nbsp; 223752611 |
| Equity-Linked Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 139147114 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139147114 |
| Common Stocks |  |  |  |  |
| Real Estate Management & Development | &nbsp;&nbsp; 43251 | &nbsp;&nbsp; 153757 | &nbsp;&nbsp; — | &nbsp;&nbsp; 197008 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 3120409 | &nbsp;&nbsp; 35652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3156061 |
| All Other Common Stocks(a) | &nbsp;&nbsp; 135535145 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 135535145 |
| Total Common Stocks | &nbsp;&nbsp; 138698805 | &nbsp;&nbsp; 189409 | &nbsp;&nbsp; — | &nbsp;&nbsp; 138888214 |
| Collateralized Loan Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 22281875 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22281875 |
| Preferred Stocks |  |  |  |  |
| Convertible Preferred Stocks(a) | &nbsp;&nbsp; 4084539 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4084539 |
| Non-Convertible Preferred Stocks |  |  |  |  |
| Home Construction | &nbsp;&nbsp; 4298197 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4298197 |
| Office REITs | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1424328 | &nbsp;&nbsp; 1424328 |
| Other REITs | &nbsp;&nbsp; — | &nbsp;&nbsp; 6485790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6485790 |
| Total Non-Convertible Preferred Stocks | &nbsp;&nbsp; 4298197 | &nbsp;&nbsp; 6485790 | &nbsp;&nbsp; 1424328 | &nbsp;&nbsp; 12208315 |
| Total Preferred Stocks | &nbsp;&nbsp; 8382736 | &nbsp;&nbsp; 6485790 | &nbsp;&nbsp; 1424328 | &nbsp;&nbsp; 16292854 |
| Other Investments |  |  |  |  |
| Professional Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 88842 | &nbsp;&nbsp; 88842 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 43637915 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43637915 |
| Purchased Options(a) | &nbsp;&nbsp; 2281975 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2281975 |
| Total Investments | &nbsp;&nbsp; 149363516 | &nbsp;&nbsp; 2537990733 | &nbsp;&nbsp; 1513170 | &nbsp;&nbsp; 2688867419 |
| Forward Foreign Currency Contracts (unrealized appreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; 20269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20269 |
| Futures Contracts (unrealized appreciation) | &nbsp;&nbsp; 6218031 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6218031 |
| Total | &nbsp;&nbsp; $155581547 | &nbsp;&nbsp; $2538011002 | &nbsp;&nbsp; $1513170 | &nbsp;&nbsp; $2695105719 |

---

&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; $(1798444)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1798444)<br>|
| Futures Contracts (unrealized depreciation) | &nbsp;&nbsp; (6346643)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6346643)<br>|
| Total | &nbsp;&nbsp; $(8145087)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8145087)<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.

\| 94

------

Notes to Financial Statements (continued)

December 31, 2025

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:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in <br> Securities<br>| 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 <br> Bonds<br>|  |  |  |  |  |  |  |  |  |  |
| ABS Home Equity | $— | $— | $889 | $530 | $— | $(3117)<br>| $51811 | $— | $50113 | $530 |
| Home <br> Construction<br>|  |  |  |  |  |  |  |  |  |  |
| Non-Agency <br> Commercial <br> Mortgage-<br> Backed <br> Securities<br>| 46706 |  |  | (40806)<br>|  |  |  |  | 5900 | (40806)<br>|
| Other Investments |  |  |  |  |  |  |  |  |  |  |
| Aircraft ABS |  |  |  |  |  |  |  |  |  |  |
| Professional <br> Services<br>|  |  |  | 89 | 2200 |  |  |  | 2289 | 89 |
| Warrants |  |  |  |  |  |  |  |  |  |  |
| Total | $46706 | $— | $889 | $(40187)<br>| $2200 | $(3117)<br>| $51811 | $— | $58302 | $(40187)<br>|

---

A debt security valued at $51,811 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.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Grade Bond Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond Fund** | **Investment Grade Bond Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in <br> Securities<br>| Balance as of <br>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>|
| Private Credit |  |  |  |  |  |  |  |  |  |  |
| ABS Other | $— | $— | $— | $659268 | $27205716 | $(575700)<br>| $— | $— | $27289284 | $659268 |
| Apartment REITs |  |  |  | 132076 | 6250000 | (28252)<br>|  |  | 6353824 | 132076 |
| Banking |  |  |  | (59882)<br>| 20000000 |  |  |  | 19940118 | (59882)<br>|
| Finance <br> Companies<br>| 9889870 |  |  | 193048 | 33745000 |  |  |  | 43827918 | 193048 |
| Financial Other |  |  |  | 354562 | 30450000 |  |  |  | 30804562 | 354562 |
| Technology |  |  | (1179)<br>| 1878861 | 32851589 | (74371)<br>|  |  | 34654900 | 1878861 |
| Total | $9889870 | $— | $(1179)<br>| $3157933 | $150502305 | $(678323)<br>| $— | $— | $162870606 | $3157933 |

---

95 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Investments in <br> Securities<br>| Balance as of <br>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 <br> Bonds<br>|  |  |  |  |  |  |  |  |  |  |
| ABS Home <br> Equity<br>| $1983855 | $— | $6826 | $34202 | $— | $(348707)<br>| $568969 | $— | $2245145 | $23773 |
| Non-Agency <br> Commercial <br> Mortgage-<br> Backed <br> Securities<br>| 819674 |  |  | (738162)<br>|  |  |  |  | 81512 | (738162)<br>|
| Other Investments |  |  |  |  |  |  |  |  |  |  |
| Aircraft ABS |  |  |  |  |  |  |  |  |  |  |
| Professional <br> Services<br>|  |  |  | 991 | 24560 |  |  |  | 25551 | 991 |
| Total | $2803529 | $— | $6826 | $(702969)<br>| $24560 | $(348707)<br>| $568969 | $— | $2352208 | $(713398)<br>|

---

Debt securities valued at $568,969 were transferred from Level 2 to Level 3 during the period ended December 31, 2025. At December 31, 2024, these securities were fair valued based on evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund's valuation policies. At December 31, 2025, these securities were fair valued as determined by the Fund's valuation designee as an independent pricing service did not provide a reliable price for the securities.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic 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 <br> Preferred Stocks<br>|  |  |  |  |  |  |  |  |  |  |
| Office REITs | $1625746 | $— | $— | $(201418)<br>| $— | $— | $— | $— | $1424328 | $(201418)<br>|
| Other Investments |  |  |  |  |  |  |  |  |  |  |
| Professional Services |  |  |  | 3444 | 85398 |  |  |  | 88842 | 3444 |
| Total | $1625746 | $— | $— | $(197974)<br>| $85398 | $— | $— | $— | $1513170 | $(197974)<br>|

---

**4. Derivatives.** Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Funds used during the period include forward foreign currency contracts, futures contracts, option contracts and swap agreements.

The Funds are subject to the risk that companies in which the Fund invests will fail financially or otherwise be unwilling or unable to meet their obligations to the Fund. The Funds may use credit default swaps, as a protection buyer, to hedge its credit exposure to

\| 96

------

Notes to Financial Statements (continued)

December 31, 2025

issuers of bonds it holds without having to sell the bonds. The Funds may also use credit default swaps, as a protection seller, to gain investment exposure. During the year ended December 31, 2025, High Income Fund, Strategic Alpha Fund and Strategic Income Fund engaged in credit default swap agreements (as a protection seller) to gain investment exposure. Strategic Alpha Fund also engaged in credit default swap agreements (as a protection buyer) to hedge its credit exposure.

Strategic Alpha Fund and Strategic Income Fund 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, the Funds engaged in forward foreign currency contracts for hedging purposes and Strategic Alpha Fund also engaged in forward foreign currency contracts to gain exposure to foreign currencies.

High Income Fund, Investment Grade Bond Fund, Strategic Alpha Fund and Strategic Income Fund 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 put options, purchased call options, written call options and interest rate swap agreements to hedge against changes in interest rates. The Funds may write put options to offset the cost of options used for hedging purposes. The Funds may use futures to manage duration without having to buy or sell portfolio securities. The Funds may also use futures contracts and interest rate swap agreements to gain investment exposure. During the year ended December 31, 2025, Strategic Alpha Fund engaged in futures contracts (including options on futures) and interest rate swap agreements for hedging purposes, yield curve management and to manage duration and interest rate swap agreements to gain investment exposure. During the year ended December 31, 2025, High Income Fund, Investment Grade Bond Fund and Strategic Income Fund used futures contracts to manage duration. During the year ended December 31, 2025, Strategic Income Fund used options on futures for hedging purposes.

Strategic Alpha Fund is subject to the risk of unpredictable declines in the value of individual equity securities and periods of below average performance in individual securities or in the equity market as a whole. The Fund may use futures contracts, purchased put options and written call options to hedge against a decline in value of an equity security that it owns. The Fund may also write put options to offset the cost of options used for hedging purposes and use futures and option contracts to gain investment exposure. During the year ended December 31, 2025, the Fund engaged in option contracts for hedging purposes and to gain investment exposure.

The following is a summary of derivative instruments for High 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; $32897 |

---

&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; $(2683)<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.

97 \|

------

Notes to Financial Statements (continued)

December 31, 2025

Transactions in derivative instruments for High 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; $(53821)<br>|

---

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

---

| | |
|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $15765 |

---

The following is a summary of derivative instruments for Investment Grade Bond 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; $5219531 |

---

&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; $(4407074)<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 Bond 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; $(176599336)<br>|

---

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

---

| | |
|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Futures <br>contracts<br>|
| Interest rate contracts | &nbsp;&nbsp; $81596210 |

---

The following is a summary of derivative instruments for Strategic Alpha 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 futures <br>contracts<sup>2</sup> <br>| Total |
| Exchange-traded asset derivatives |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; $850640 | &nbsp;&nbsp; $1338084 | &nbsp;&nbsp; $2188724 |

---

\| 98

------

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 forward <br>foreign <br>currency <br>contracts<br>| Unrealized <br>depreciation <br>on futures <br>contracts<sup>2</sup> <br>| Swap <br>agreements <br>at value<sup>3</sup> <br>| Total |
| Over-the-counter liability derivatives |  |  |  |  |  |
| Foreign exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(454665)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(454665)<br>|
| Exchange-traded/cleared liability derivatives |  |  |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; (670393)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1308909)<br>| &nbsp;&nbsp; (512264)<br>| &nbsp;&nbsp; (2491566)<br>|
| Total liability derivatives | &nbsp;&nbsp; $(670393)<br>| &nbsp;&nbsp; $(454665)<br>| &nbsp;&nbsp; $(1308909)<br>| &nbsp;&nbsp; $(512264)<br>| &nbsp;&nbsp; $(2946231)<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>|
| 3 | Represents swap agreements, at value. Market value of swap agreements is reported in the Portfolio of Investments along with the unamortized upfront premium paid <br> (received), if any, and unrealized appreciation (depreciation) on each individual contract. Unrealized appreciation (depreciation) and upfront premiums paid (received) <br> for bilateral swap agreements, if any, are reported within the Statements of Assets and Liabilities. Only the current day's variation margin on centrally cleared swap <br> agreements is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.<br>|

---

Transactions in derivative instruments for Strategic Alpha 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>| Swap <br>agreements<br>|
| Interest rate contracts | &nbsp;&nbsp; $(2638590)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $3669155 | &nbsp;&nbsp; $4958751 | &nbsp;&nbsp; $80990 |
| Foreign exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (1317074)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Credit contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 941590 |
| Equity contracts | &nbsp;&nbsp; (537419)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 207808 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $(3176009)<br>| &nbsp;&nbsp; $(1317074)<br>| &nbsp;&nbsp; $3669155 | &nbsp;&nbsp; $5166559 | &nbsp;&nbsp; $1022580 |

---

&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>| Swap <br>agreements<br>|
| Interest rate contracts | &nbsp;&nbsp; $(660840)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1096455)<br>| &nbsp;&nbsp; $909494 | &nbsp;&nbsp; $(709692)<br>|
| Foreign exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (1000719)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Credit contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 274817 |
| Equity contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5023)<br>| &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $(660840)<br>| &nbsp;&nbsp; $(1000719)<br>| &nbsp;&nbsp; $(1096455)<br>| &nbsp;&nbsp; $904471 | &nbsp;&nbsp; $(434875)<br>|

---

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

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

99 \|

------

Notes to Financial Statements (continued)

December 31, 2025

The following is a summary of derivative instruments for Strategic 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; $20269 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20269 |
| Exchange-traded asset derivatives |  |  |  |  |
| Interest rate contracts | &nbsp;&nbsp; 2281975 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6218031 | &nbsp;&nbsp; 8500006 |
| Total asset derivatives | &nbsp;&nbsp; $2281975 | &nbsp;&nbsp; $20269 | &nbsp;&nbsp; $6218031 | &nbsp;&nbsp; $8520275 |

---

&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; $(1798444)<br>| &nbsp;&nbsp; $(6346643)<br>| &nbsp;&nbsp; $(8145087)<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 Strategic 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; $(5247361)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $15190840 | &nbsp;&nbsp; $12244453 |
| Foreign exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (822682)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $(5247361)<br>| &nbsp;&nbsp; $(822682)<br>| &nbsp;&nbsp; $15190840 | &nbsp;&nbsp; $12244453 |

---

&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; $(1773524)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $272770 | &nbsp;&nbsp; $2440588 |
| Foreign exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (123548)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $(1773524)<br>| &nbsp;&nbsp; $(123548)<br>| &nbsp;&nbsp; $272770 | &nbsp;&nbsp; $2440588 |

---

&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.

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.

\| 100

------

Notes to Financial Statements (continued)

December 31, 2025

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>| Swap <br>agreements<br>| Options <br>purchased<br>| Options <br>written<br>|
| High Income Fund | &nbsp;&nbsp; $9217953 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Investment Grade Bond Fund | &nbsp;&nbsp; 7226078945 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Strategic Alpha Fund | &nbsp;&nbsp; 589815375 | &nbsp;&nbsp; 16987792 | &nbsp;&nbsp; 24578402 | &nbsp;&nbsp; 185626057 | &nbsp;&nbsp; 288194066 |
| Strategic Income Fund | &nbsp;&nbsp; 2190973108 | &nbsp;&nbsp; 9183004 | &nbsp;&nbsp; — | &nbsp;&nbsp; 401309135 | &nbsp;&nbsp; 717377720 |

---

Unrealized gain and/or loss on open forwards, futures and swaps is recorded in the Statements of Assets and Liabilities. The aggregate notional values of forward, futures and swap 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 and swap agreements, 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** | **Strategic Alpha Fund** |
| Counterparty | Gross Amounts of <br>Liabilities<br>| Offset <br>Amount<br>| Net Liability <br>Balance<br>| Collateral <br>(Received)/ <br>Pledged<br>| Net <br>Amount<br>|
| Bank of America N.A. | &nbsp;&nbsp; $(13665)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13665)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13665)<br>|
| BNP Paribas SA | &nbsp;&nbsp; (441000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (441000)<br>| &nbsp;&nbsp; 260000 | &nbsp;&nbsp; (181000)<br>|
|  | &nbsp;&nbsp; $(454665)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(454665)<br>| &nbsp;&nbsp; $260000 | &nbsp;&nbsp; $(194665)<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic Income Fund** | **Strategic 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; $20269 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20269 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20269 |

---

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

101 \|

------

Notes to Financial Statements (continued)

December 31, 2025

exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange's clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker's customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a *pro rata* basis across all of the broker's customers, potentially resulting in losses to the Fund.

**5. Purchases and Sales of Securities.** For the year ended December 31, 2025, purchases and sales of securities (excluding short-term investments and option/swaption 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 |
| High Income Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $87805874 | &nbsp;&nbsp; $74914123 |
| Investment Grade Bond Fund | &nbsp;&nbsp; 3626110890 | &nbsp;&nbsp; 2949206578 | &nbsp;&nbsp; 5980152334 | &nbsp;&nbsp; 4941934767 |
| Strategic Alpha Fund | &nbsp;&nbsp; 41893320 | &nbsp;&nbsp; 1433176 | &nbsp;&nbsp; 680413011 | &nbsp;&nbsp; 385960075 |
| Strategic Income Fund | &nbsp;&nbsp; 421300474 | &nbsp;&nbsp; 486760589 | &nbsp;&nbsp; 2102819375 | &nbsp;&nbsp; 2248718210 |

---

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets |
| Fund | First <br>$200 million<br>| Next <br>$1.05 billion<br>| Next <br>$750 million<br>| Next <br>$13 billion<br>| Next <br>$10 billion<br>| Over <br>$25 billion<br>|
| High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Investment Grade Bond 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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Strategic Alpha Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|

---

Prior to July 1, 2025, Investment Grade Bond Fund paid a management fee at the following annual rates, calculated daily and payable monthly, based on the Fund's average daily net assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets |
| Fund | First <br>$200 million<br>| Next <br>$1.05 billion<br>| Next <br>$750 million<br>| Next <br>$13 billion<br>| Next <br>$10 billion<br>| Over <br>$25 billion<br>|
| Investment Grade Bond Fund | 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|

---

Effective January 1, 2026, Investment Grade Bond Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on the Fund's average daily net assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets |
| Fund | First <br>$200 million<br>| Next <br>$1.05 billion<br>| Next <br>$750 million<br>| Next <br>$13 billion<br>| Next <br>$10 billion<br>| Over <br>$25 billion<br>|
| Investment Grade Bond Fund | 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|

---

Loomis Sayles have given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds' operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2026, except for Investment Grade Bond Fund which is in effect until April 30, 2027, may be terminated before then only with the consent of the Funds' Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of

\| 102

------

Notes to Financial Statements (continued)

December 31, 2025

Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the year ended December 31, 2025, the expense limits as a percentage of average daily net assets under the expense limitation agreement 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 | Expense Limit as a Percentage of <br>Average Daily Net Assets |
| Fund | Class A | Class C | Class N | Class Y | Admin <br>Class<br>|
| High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>|
| Investment Grade Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|
| Strategic Alpha Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>|
| Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>|

---

Prior to July 1, 2025, the expense limits as a percentage of average daily net assets under the expense limitation agreements for Investment Grade Bond 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 | Expense Limit as a Percentage of <br>Average Daily Net Assets |
| Fund | Class A | Class C | Class N | Class Y | Admin <br>Class<br>|
| Investment Grade Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|

---

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

For the year ended December 31, 2025, the management fees and waivers of management fees for each Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Gross <br>Management <br>Fees | Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | Net <br>Management <br>Fees | Percentage of <br>Average <br>Daily Net Assets | Percentage of <br>Average <br>Daily Net Assets |
| Fund | Gross <br>Management <br>Fees | Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | Net <br>Management <br>Fees | Gross | Net |
| High Income Fund | &nbsp;&nbsp; $407455 | &nbsp;&nbsp; $275449 | &nbsp;&nbsp; $132006 | 0.55<br> %<br>| 0.18<br> %<br>|
| Investment Grade Bond Fund | &nbsp;&nbsp; 63560765 | &nbsp;&nbsp; 8792655 | &nbsp;&nbsp; 54768110 | 0.40<br> %<br>| 0.34<br> %<br>|
| Strategic Alpha Fund | &nbsp;&nbsp; 4947160 | &nbsp;&nbsp; 400677 | &nbsp;&nbsp; 4546483 | 0.60<br> %<br>| 0.55<br> %<br>|
| Strategic Income Fund | &nbsp;&nbsp; 15459372 | &nbsp;&nbsp; 2105341 | &nbsp;&nbsp; 13354031 | 0.58<br> %<br>| 0.50<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 any of the Funds 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 Trusts. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund's Class A shares (the "Class A Plans"), a Distribution and Service Plan relating to each Fund's Class C shares (the "Class C Plans"), and Investment Grade Bond Fund and Strategic Income Fund have adopted a Distribution Plan relating to their Admin Class shares (the "Admin Class Plans").

Under the Class A Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund's Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

103 \|

------

Notes to Financial Statements (continued)

December 31, 2025

Under the Class C Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund's Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to the Fund's Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

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

In addition, the Admin Class shares of Investment Grade Bond Fund and Strategic 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 each Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Service Fees | Service Fees | Service Fees | Distribution Fees | Distribution Fees |
| Fund | Class A | Class C | Admin Class | Class C | Admin Class |
| High Income Fund | &nbsp;&nbsp; $40201 | &nbsp;&nbsp; $1204 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3611 | &nbsp;&nbsp; $— |
| Investment Grade Bond Fund | &nbsp;&nbsp; 1887246 | &nbsp;&nbsp; 195188 | &nbsp;&nbsp; 227425 | &nbsp;&nbsp; 585565 | &nbsp;&nbsp; 227425 |
| Strategic Alpha Fund | &nbsp;&nbsp; 41503 | &nbsp;&nbsp; 5844 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17531 | &nbsp;&nbsp; — |
| Strategic Income Fund | &nbsp;&nbsp; 2061790 | &nbsp;&nbsp; 60599 | &nbsp;&nbsp; 150623 | &nbsp;&nbsp; 181798 | &nbsp;&nbsp; 150623 |

---

**c. Administrative Fees.** Natixis Advisors, LLC ("Natixis Advisors") provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its *pro rata* portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

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

---

| | |
|:---|:---|
| Fund | Administrative <br>Fees<br>|
| High Income Fund | &nbsp;&nbsp; $31722 |
| Investment Grade Bond Fund | &nbsp;&nbsp; 6854033 |
| Strategic Alpha Fund | &nbsp;&nbsp; 352840 |
| Strategic Income Fund | &nbsp;&nbsp; 1139538 |

---

**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.

\| 104

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Notes to Financial Statements (continued)

December 31, 2025

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 each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Sub-Transfer <br>Agent Fees<br>|
| High Income Fund | &nbsp;&nbsp; $17602 |
| Investment Grade Bond Fund | &nbsp;&nbsp; 9839804 |
| Strategic Alpha Fund | &nbsp;&nbsp; 510903 |
| Strategic Income Fund | &nbsp;&nbsp; 2163244 |

---

As of December 31, 2025, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

---

| | |
|:---|:---|
| Fund | Reimbursements <br>of Sub-Transfer <br>Agent Fees<br>|
| High Income Fund | &nbsp;&nbsp; $244 |
| Investment Grade Bond Fund | &nbsp;&nbsp; 122886 |
| Strategic Alpha Fund | &nbsp;&nbsp; 8414 |
| Strategic Income Fund | &nbsp;&nbsp; 25614 |

---

Sub-transfer agent fees attributable to Class A, Class C, Class Y, 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. Commissions.** Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| Fund | Commissions |
| High Income Fund | &nbsp;&nbsp; $315 |
| Investment Grade Bond Fund | &nbsp;&nbsp; 68858 |
| Strategic Alpha Fund | &nbsp;&nbsp; 1245 |
| Strategic Income Fund | &nbsp;&nbsp; 11447 |

---

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

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

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

105 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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

**g. Reimbursement of Transfer Agent Fees and Expenses.** Natixis Advisors has given a binding contractual undertaking to High Income Fund to reimburse any and all transfer agency expenses for the Fund's Class N shares. This undertaking is in effect through April 30, 2026 and is not subject to recovery under the expense limitation agreement described above.

For the year ended December 31, 2025, Natixis Advisors reimbursed High Income Fund $1,421 for transfer agency expenses related to Class N shares.

**h. Affiliated Ownership.** As of December 31, 2025, Loomis Sayles Employees' Profit Sharing Retirement Plan held shares of Investment Grade Bond Fund representing 0.05% of the Funds' net assets.

**i. Payment by Affiliates.** For the year ended December 31, 2025, Loomis Sayles reimbursed Strategic Income Fund $775,213 for losses in connection with a trading error.

For the year ended December 31, 2025, Natixis reimbursed High Income Fund $188, Investment Grade Bond Fund $707 and Strategic Income Fund $188 for losses incurred in connection with an operating error. These amounts are net of reimbursements in shareholder reporting expenses on the Statements of Operations.

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

For the year ended December 31, 2025 the Funds incurred the following class-specific transfer agent fees and expenses (net of expenses 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 | Transfer Agent Fees and Expenses |
| Fund | Class A | Class C | Class N | Class Y | Admin <br>Class<br>|
| High Income Fund | &nbsp;&nbsp; $10962 | &nbsp;&nbsp; $325 | &nbsp;&nbsp; $1421 | &nbsp;&nbsp; $19466 | &nbsp;&nbsp; $— |
| Investment Grade Bond Fund | &nbsp;&nbsp; 611045 | &nbsp;&nbsp; 63155 | &nbsp;&nbsp; 51464 | &nbsp;&nbsp; 9596761 | &nbsp;&nbsp; 73656 |
| Strategic Alpha Fund | &nbsp;&nbsp; 12863 | &nbsp;&nbsp; 1822 | &nbsp;&nbsp; 2976 | &nbsp;&nbsp; 533312 | &nbsp;&nbsp; — |
| Strategic Income Fund | &nbsp;&nbsp; 735925 | &nbsp;&nbsp; 21656 | &nbsp;&nbsp; 2982 | &nbsp;&nbsp; 1479365 | &nbsp;&nbsp; 53768 |

---

**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, none of the Funds had borrowings under this agreement.

**10. Risk.** The Funds' investments in foreign securities, as applicable, may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Funds' investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other related events, could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to issuers in the country or countries involved.

**11. Concentration of Ownership.** From time to time, a Fund may have a concentration of one or more shareholder accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant

\| 106

------

Notes to Financial Statements (continued)

December 31, 2025

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>|
| High Income Fund | &nbsp;&nbsp; 1 | 42.55<br> %<br>|

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **High Income Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 863004 | &nbsp;&nbsp; $3192611 | &nbsp;&nbsp; 407784 | &nbsp;&nbsp; $1447079 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 251236 | &nbsp;&nbsp; 916881 | &nbsp;&nbsp; 291253 | &nbsp;&nbsp; 1032950 |
| Redeemed | &nbsp;&nbsp; (1716952)<br>| &nbsp;&nbsp; (6316485)<br>| &nbsp;&nbsp; (561291)<br>| &nbsp;&nbsp; (1999446)<br>|
| Net change | &nbsp;&nbsp; (602712)<br>| &nbsp;&nbsp; $(2206993)<br>| &nbsp;&nbsp; 137746 | &nbsp;&nbsp; $480583 |
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 10153 | &nbsp;&nbsp; $37328 | &nbsp;&nbsp; 27474 | &nbsp;&nbsp; $97483 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 6046 | &nbsp;&nbsp; 22192 | &nbsp;&nbsp; 8420 | &nbsp;&nbsp; 29991 |
| Redeemed | &nbsp;&nbsp; (57221)<br>| &nbsp;&nbsp; (209187)<br>| &nbsp;&nbsp; (93260)<br>| &nbsp;&nbsp; (328358)<br>|
| Net change | &nbsp;&nbsp; (41022)<br>| &nbsp;&nbsp; $(149667)<br>| &nbsp;&nbsp; (57366)<br>| &nbsp;&nbsp; $(200884)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 3620495 | &nbsp;&nbsp; $13005648 | &nbsp;&nbsp; 5461393 | &nbsp;&nbsp; $20042792 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 4230 | &nbsp;&nbsp; 15456 | &nbsp;&nbsp; 3882 | &nbsp;&nbsp; 13784 |
| Redeemed | &nbsp;&nbsp; (10036)<br>| &nbsp;&nbsp; (37419)<br>| &nbsp;&nbsp; (604)<br>| &nbsp;&nbsp; (2150)<br>|
| Net change | &nbsp;&nbsp; 3614689 | &nbsp;&nbsp; $12983685 | &nbsp;&nbsp; 5464671 | &nbsp;&nbsp; $20054426 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1477886 | &nbsp;&nbsp; $5363293 | &nbsp;&nbsp; 556117 | &nbsp;&nbsp; $1990803 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 477224 | &nbsp;&nbsp; 1739213 | &nbsp;&nbsp; 520426 | &nbsp;&nbsp; 1842463 |
| Redeemed | &nbsp;&nbsp; (1400788)<br>| &nbsp;&nbsp; (5087317)<br>| &nbsp;&nbsp; (1526051)<br>| &nbsp;&nbsp; (5410200)<br>|
| Net change | &nbsp;&nbsp; 554322 | &nbsp;&nbsp; $2015189 | &nbsp;&nbsp; (449508)<br>| &nbsp;&nbsp; $(1576934)<br>|
| Increase from capital share transactions | &nbsp;&nbsp; 3525277 | &nbsp;&nbsp; $12642214 | &nbsp;&nbsp; 5095543 | &nbsp;&nbsp; $18757191 |

---

107 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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

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

&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 Bond Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 19618452 | &nbsp;&nbsp; $193061746 | &nbsp;&nbsp; 26764024 | &nbsp;&nbsp; $265006606 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 2745559 | &nbsp;&nbsp; 27033498 | &nbsp;&nbsp; 2725267 | &nbsp;&nbsp; 26791333 |
| Redeemed | &nbsp;&nbsp; (25518629)<br>| &nbsp;&nbsp; (251209225)<br>| &nbsp;&nbsp; (21961568)<br>| &nbsp;&nbsp; (216736020)<br>|
| Net change | &nbsp;&nbsp; (3154618)<br>| &nbsp;&nbsp; $(31113981)<br>| &nbsp;&nbsp; 7527723 | &nbsp;&nbsp; $75061919 |
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1634754 | &nbsp;&nbsp; $15846948 | &nbsp;&nbsp; 3135088 | &nbsp;&nbsp; $30570416 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 291183 | &nbsp;&nbsp; 2825238 | &nbsp;&nbsp; 273634 | &nbsp;&nbsp; 2652555 |
| Redeemed | &nbsp;&nbsp; (2028338)<br>| &nbsp;&nbsp; (19630761)<br>| &nbsp;&nbsp; (2278515)<br>| &nbsp;&nbsp; (22109680)<br>|
| Net change | &nbsp;&nbsp; (102401)<br>| &nbsp;&nbsp; $(958575)<br>| &nbsp;&nbsp; 1130207 | &nbsp;&nbsp; $11113291 |
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 137938975 | &nbsp;&nbsp; $1356726809 | &nbsp;&nbsp; 162576050 | &nbsp;&nbsp; $1601821643 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 15199825 | &nbsp;&nbsp; 149743243 | &nbsp;&nbsp; 9681246 | &nbsp;&nbsp; 95245458 |
| Redeemed | &nbsp;&nbsp; (72588046)<br>| &nbsp;&nbsp; (713754012)<br>| &nbsp;&nbsp; (38624809)<br>| &nbsp;&nbsp; (380529693)<br>|
| Net change | &nbsp;&nbsp; 80550754 | &nbsp;&nbsp; $792716040 | &nbsp;&nbsp; 133632487 | &nbsp;&nbsp; $1316537408 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 401633874 | &nbsp;&nbsp; $3948884707 | &nbsp;&nbsp; 572433695 | &nbsp;&nbsp; $5656002799 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 51795640 | &nbsp;&nbsp; 510606140 | &nbsp;&nbsp; 41931290 | &nbsp;&nbsp; 412717735 |
| Redeemed | &nbsp;&nbsp; (341410204)<br>| &nbsp;&nbsp; (3352133335)<br>| &nbsp;&nbsp; (259765886)<br>| &nbsp;&nbsp; (2561733329)<br>|
| Net change | &nbsp;&nbsp; 112019310 | &nbsp;&nbsp; $1107357512 | &nbsp;&nbsp; 354599099 | &nbsp;&nbsp; $3506987205 |
| **Admin Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1219085 | &nbsp;&nbsp; $11939521 | &nbsp;&nbsp; 1871601 | &nbsp;&nbsp; $18416037 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 399248 | &nbsp;&nbsp; 3917941 | &nbsp;&nbsp; 430330 | &nbsp;&nbsp; 4214052 |
| Redeemed | &nbsp;&nbsp; (2786982)<br>| &nbsp;&nbsp; (27489267)<br>| &nbsp;&nbsp; (7335705)<br>| &nbsp;&nbsp; (72649573)<br>|
| Net change | &nbsp;&nbsp; (1168649)<br>| &nbsp;&nbsp; $(11631805)<br>| &nbsp;&nbsp; (5033774)<br>| &nbsp;&nbsp; $(50019484)<br>|
| Increase from capital share transactions | &nbsp;&nbsp; 188144396 | &nbsp;&nbsp; $1856369191 | &nbsp;&nbsp; 491855742 | &nbsp;&nbsp; $4859680339 |

---

\| 108

------

Notes to Financial Statements (continued)

December 31, 2025

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

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

&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** |
| **Strategic Alpha Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 835040 | &nbsp;&nbsp; $8255430 | &nbsp;&nbsp; 350664 | &nbsp;&nbsp; $3354758 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 59615 | &nbsp;&nbsp; 583438 | &nbsp;&nbsp; 69162 | &nbsp;&nbsp; 654580 |
| Redeemed | &nbsp;&nbsp; (921796)<br>| &nbsp;&nbsp; (9077524)<br>| &nbsp;&nbsp; (669080)<br>| &nbsp;&nbsp; (6366924)<br>|
| Net change | &nbsp;&nbsp; (27141)<br>| &nbsp;&nbsp; $(238656)<br>| &nbsp;&nbsp; (249254)<br>| &nbsp;&nbsp; $(2357586)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 90673 | &nbsp;&nbsp; $881961 | &nbsp;&nbsp; 35982 | &nbsp;&nbsp; $337864 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 7973 | &nbsp;&nbsp; 77809 | &nbsp;&nbsp; 10839 | &nbsp;&nbsp; 102345 |
| Redeemed | &nbsp;&nbsp; (87447)<br>| &nbsp;&nbsp; (856704)<br>| &nbsp;&nbsp; (94620)<br>| &nbsp;&nbsp; (897819)<br>|
| Net change | &nbsp;&nbsp; 11199 | &nbsp;&nbsp; $103066 | &nbsp;&nbsp; (47799)<br>| &nbsp;&nbsp; $(457610)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 4665589 | &nbsp;&nbsp; $45443034 | &nbsp;&nbsp; 3947742 | &nbsp;&nbsp; $37604636 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 411835 | &nbsp;&nbsp; 4018290 | &nbsp;&nbsp; 354227 | &nbsp;&nbsp; 3348959 |
| Redeemed | &nbsp;&nbsp; (4603145)<br>| &nbsp;&nbsp; (44988824)<br>| &nbsp;&nbsp; (3162406)<br>| &nbsp;&nbsp; (29856563)<br>|
| Net change | &nbsp;&nbsp; 474279 | &nbsp;&nbsp; $4472500 | &nbsp;&nbsp; 1139563 | &nbsp;&nbsp; $11097032 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 55525961 | &nbsp;&nbsp; $539859550 | &nbsp;&nbsp; 12427633 | &nbsp;&nbsp; $118005832 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 2916645 | &nbsp;&nbsp; 28459407 | &nbsp;&nbsp; 2350883 | &nbsp;&nbsp; 22166703 |
| Redeemed | &nbsp;&nbsp; (16449996)<br>| &nbsp;&nbsp; (160449218)<br>| &nbsp;&nbsp; (17629260)<br>| &nbsp;&nbsp; (165769844)<br>|
| Net change | &nbsp;&nbsp; 41992610 | &nbsp;&nbsp; $407869739 | &nbsp;&nbsp; (2850744)<br>| &nbsp;&nbsp; $(25597309)<br>|
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; 42450947 | &nbsp;&nbsp; $412206649 | &nbsp;&nbsp; (2008234)<br>| &nbsp;&nbsp; $(17315473)<br>|

---

109 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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

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

&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** |
| **Strategic Income Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 4490876 | &nbsp;&nbsp; $55350070 | &nbsp;&nbsp; 4253966 | &nbsp;&nbsp; $50847208 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 2461265 | &nbsp;&nbsp; 30336279 | &nbsp;&nbsp; 3022907 | &nbsp;&nbsp; 36108475 |
| Redeemed | &nbsp;&nbsp; (13071105)<br>| &nbsp;&nbsp; (161256366)<br>| &nbsp;&nbsp; (16871761)<br>| &nbsp;&nbsp; (201830838)<br>|
| Net change | &nbsp;&nbsp; (6118964)<br>| &nbsp;&nbsp; $(75570017)<br>| &nbsp;&nbsp; (9594888)<br>| &nbsp;&nbsp; $(114875155)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 438955 | &nbsp;&nbsp; $5531544 | &nbsp;&nbsp; 379126 | &nbsp;&nbsp; $4661012 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 69108 | &nbsp;&nbsp; 864000 | &nbsp;&nbsp; 97309 | &nbsp;&nbsp; 1178054 |
| Redeemed | &nbsp;&nbsp; (876878)<br>| &nbsp;&nbsp; (10925964)<br>| &nbsp;&nbsp; (1097186)<br>| &nbsp;&nbsp; (13282338)<br>|
| Net change | &nbsp;&nbsp; (368815)<br>| &nbsp;&nbsp; $(4530420)<br>| &nbsp;&nbsp; (620751)<br>| &nbsp;&nbsp; $(7443272)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 2405007 | &nbsp;&nbsp; $29771432 | &nbsp;&nbsp; 2835597 | &nbsp;&nbsp; $33873687 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 309620 | &nbsp;&nbsp; 3793766 | &nbsp;&nbsp; 1000834 | &nbsp;&nbsp; 11938846 |
| Redeemed | &nbsp;&nbsp; (14331938)<br>| &nbsp;&nbsp; (174766268)<br>| &nbsp;&nbsp; (5366365)<br>| &nbsp;&nbsp; (64345137)<br>|
| Net change | &nbsp;&nbsp; (11617311)<br>| &nbsp;&nbsp; $(141201070)<br>| &nbsp;&nbsp; (1529934)<br>| &nbsp;&nbsp; $(18532604)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 31764738 | &nbsp;&nbsp; $392527264 | &nbsp;&nbsp; 39573130 | &nbsp;&nbsp; $478304339 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 5098856 | &nbsp;&nbsp; 62778791 | &nbsp;&nbsp; 5689333 | &nbsp;&nbsp; 67917317 |
| Redeemed | &nbsp;&nbsp; (33967011)<br>| &nbsp;&nbsp; (415901675)<br>| &nbsp;&nbsp; (43031282)<br>| &nbsp;&nbsp; (514294020)<br>|
| Net change | &nbsp;&nbsp; 2896583 | &nbsp;&nbsp; $39404380 | &nbsp;&nbsp; 2231181 | &nbsp;&nbsp; $31927636 |
| **Admin Class** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 220090 | &nbsp;&nbsp; $2694119 | &nbsp;&nbsp; 242359 | &nbsp;&nbsp; $2862778 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 233821 | &nbsp;&nbsp; 2868356 | &nbsp;&nbsp; 284226 | &nbsp;&nbsp; 3380731 |
| Redeemed | &nbsp;&nbsp; (846689)<br>| &nbsp;&nbsp; (10400506)<br>| &nbsp;&nbsp; (1007245)<br>| &nbsp;&nbsp; (11992307)<br>|
| Net change | &nbsp;&nbsp; (392778)<br>| &nbsp;&nbsp; $(4838031)<br>| &nbsp;&nbsp; (480660)<br>| &nbsp;&nbsp; $(5748798)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (15601285)<br>| &nbsp;&nbsp; $(186735158)<br>| &nbsp;&nbsp; (9995052)<br>| &nbsp;&nbsp; $(114672193)<br>|

---

\| 110

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Report of Independent Registered Public Accounting Firm

To the Boards of Trustees of Loomis Sayles Funds II and Natixis Funds Trust II and Shareholders of Loomis Sayles High Income Fund, Loomis Sayles Investment Grade Bond Fund, Loomis Sayles Strategic Income Fund, and Loomis Sayles Strategic Alpha Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles High Income Fund, Loomis Sayles Investment Grade Bond Fund, Loomis Sayles Strategic Income Fund (three of the funds constituting Loomis Sayles Funds II) and Loomis Sayles Strategic Alpha Fund (one of the funds constituting Natixis Funds Trust II) (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, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended 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 brokers, 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.

111 \|

------

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>|
| High Income Fund | 0.31<br> %<br>|
| Investment Grade Bond Fund | 0.16<br> %<br>|
| Strategic Alpha Fund | 0.47<br> %<br>|
| Strategic Income Fund | 2.84<br> %<br>|

---

**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>|
| High Income Fund | 0.36<br> %<br>|
| Investment Grade Bond Fund | 0.14<br> %<br>|
| Strategic Alpha Fund | 0.46<br> %<br>|
| Strategic Income Fund | 2.78<br> %<br>|

---

**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>|
| High Income Fund | 89.47<br> %<br>|
| Investment Grade Bond Fund | 90.65<br> %<br>|
| Strategic Alpha Fund | 83.56<br> %<br>|
| Strategic Income Fund | 82.04<br> %<br>|

---

\| 112

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![](g333524img170508bc1.gif)

˃To learn more about Natixis Funds products and services:

Visit: im.natixis.com Call: 800-225-5478

**Before investing, consider the fund's investment objectives, risks, charges, and expenses. Visit im.natixis.com or call 800-225-5478 for a prospectus or summary prospectus containing this and other information.**

Contact us by mail:

If you wish to communicate with the funds' Board of Trustees, you may do so by writing to:

Secretary of the Funds

Natixis Advisors, LLC

888 Boylston Street, Suite 800

Boston, MA 02199-8197

The correspondence must (a) be signed by the shareholder; (b) include the shareholder's name and address; and (c) identify the fund(s), account number, share class, and number of shares held in that fund, as of a recent date.

Or by e-mail:

secretaryofthefunds@natixis.com (Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.)

**Please note:** Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, Social Security number, PIN, or any other non-public personal information in an e-mail communication because this information may be viewed by others.

![](g333524imge295be7d3.gif)

Exp. 2/28/2027

IF58A-1225

This page is not part of the financial statements and other important information

------

![](g333524imge6aea8f61.gif)

![](g333524img71fab5152.gif)

Annual Financial Statements and Other Important Information

December 31, 2025

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

---

| |
|:---|
| Loomis Sayles International Growth Fund |
| Natixis Oakmark Fund |
| Natixis Oakmark International Fund |
| Natixis U.S. Equity Opportunities Fund |
| Vaughan Nelson Mid Cap Fund |
| Vaughan Nelson Small Cap Fund |

---

**Table of Contents** 

---

| | |
|:---|:---|
| [Portfolio of Investments (Form](#xx_293745b8-3156-4f9a-a537-2b7200c0f7a3_SOI1-Continued-296_1)<br> [N-CSR Item 6)](#xx_293745b8-3156-4f9a-a537-2b7200c0f7a3_SOI1-Continued-296_1)<br>| 1 |
| [Financial Statements (Form N-CSR](#xx_293745b8-3156-4f9a-a537-2b7200c0f7a3_FS-Continued-296_1)<br> [Item 7)](#xx_293745b8-3156-4f9a-a537-2b7200c0f7a3_FS-Continued-296_1)<br>| 12 |
| [Notes to Financial Statements](#xx_293745b8-3156-4f9a-a537-2b7200c0f7a3_NTF-Continued-296_1)<br> [(Form N-CSR Item 7)](#xx_293745b8-3156-4f9a-a537-2b7200c0f7a3_NTF-Continued-296_1)<br>| 44 |
| [Trustees Fees and Expenses (Form](#xx_293745b8-3156-4f9a-a537-2b7200c0f7a3_NTF-Continued-296_12)<br> [N-CSR Item 10)](#xx_293745b8-3156-4f9a-a537-2b7200c0f7a3_NTF-Continued-296_12)<br>| 55 |

---

------

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

Loomis Sayles International Growth Fund

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 98.3% of Net Assets** | **Common Stocks — 98.3% of Net Assets** | **Common Stocks — 98.3% of Net Assets** |
|  | **Australia — 3.3%** | **Australia — 3.3%** |
| 23342 | WiseTech Global Ltd. | &nbsp;&nbsp; $1061233 |
|  | **Belgium — 1.6%** | **Belgium — 1.6%** |
| 8081 | Anheuser-Busch InBev SA | &nbsp;&nbsp; 518646 |
|  | **Brazil — 9.1%** | **Brazil — 9.1%** |
| 313211 | Ambev SA, ADR | &nbsp;&nbsp; 773631 |
| 1064 | MercadoLibre, Inc.(a) | &nbsp;&nbsp; 2143173 |
|  |  | &nbsp;&nbsp; 2916804 |
|  | **Canada — 6.0%** | **Canada — 6.0%** |
| 11886 | Shopify, Inc., Class A(a) | &nbsp;&nbsp; 1913289 |
|  | **China — 20.5%** | **China — 20.5%** |
| 2634 | Alibaba Group Holding Ltd., ADR(b) | &nbsp;&nbsp; 386091 |
| 4187 | Baidu, Inc., ADR(a)(b) | &nbsp;&nbsp; 547073 |
| 58300 | Budweiser Brewing Co. APAC Ltd. | &nbsp;&nbsp; 56880 |
| 3200 | Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 632106 |
| 24300 | Tencent Holdings Ltd. | &nbsp;&nbsp; 1864868 |
| 24290 | Trip.com Group Ltd., ADR(b) | &nbsp;&nbsp; 1746694 |
| 40691 | Vipshop Holdings Ltd., ADR(b) | &nbsp;&nbsp; 719824 |
| 12281 | Yum China Holdings, Inc.(b) | &nbsp;&nbsp; 586295 |
|  |  | &nbsp;&nbsp; 6539831 |
|  | **Denmark — 3.5%** | **Denmark — 3.5%** |
| 21726 | Novo Nordisk AS, Class B | &nbsp;&nbsp; 1101909 |
|  | **France — 6.4%** | **France — 6.4%** |
| 2492 | EssilorLuxottica SA | &nbsp;&nbsp; 787965 |
| 1227 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 924834 |
| 6344 | Sodexo SA | &nbsp;&nbsp; 325041 |
|  |  | &nbsp;&nbsp; 2037840 |
|  | **Germany — 4.2%** | **Germany — 4.2%** |
| 5575 | SAP SE | &nbsp;&nbsp; 1354550 |
|  | **Italy — 0.5%** | **Italy — 0.5%** |
| 391 | Ferrari NV | &nbsp;&nbsp; 144498 |
|  | **Japan — 3.0%** | **Japan — 3.0%** |
| 22400 | FANUC Corp. | &nbsp;&nbsp; 871712 |
| 15500 | Unicharm Corp. | &nbsp;&nbsp; 88563 |
|  |  | &nbsp;&nbsp; 960275 |
|  | **Macau — 0.6%** | **Macau — 0.6%** |
| 37000 | Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 182440 |
|  | **Netherlands — 8.0%** | **Netherlands — 8.0%** |
| 1086 | Adyen NV(a) | &nbsp;&nbsp; 1751256 |
| 3627 | NXP Semiconductors NV | &nbsp;&nbsp; 787276 |
|  |  | &nbsp;&nbsp; 2538532 |
|  | **Switzerland — 1.1%** | **Switzerland — 1.1%** |
| 6554 | CRISPR Therapeutics AG(a) | &nbsp;&nbsp; 343692 |
|  | **United Kingdom — 4.6%** | **United Kingdom — 4.6%** |
| 6482 | Diageo PLC | &nbsp;&nbsp; 139674 |
| 9532 | Reckitt Benckiser Group PLC | &nbsp;&nbsp; 771323 |
| 8646 | Unilever PLC | &nbsp;&nbsp; 565705 |
|  |  | &nbsp;&nbsp; 1476702 |
|  | **United States — 25.9%** | **United States — 25.9%** |
| 9347 | ARM Holdings PLC, ADR(a) | &nbsp;&nbsp; 1021721 |
| 7369 | Block, Inc.(a) | &nbsp;&nbsp; 479648 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| 13913 | Doximity, Inc., Class A(a) | &nbsp;&nbsp; $616068 |
| 17905 | Experian PLC | &nbsp;&nbsp; 807275 |
| 6846 | Nestle SA, (Registered) | &nbsp;&nbsp; 679528 |
| 7714 | Novartis AG, (Registered) | &nbsp;&nbsp; 1062957 |
| 3210 | Roche Holding AG | &nbsp;&nbsp; 1325634 |
| 5065 | Tesla, Inc.(a) | &nbsp;&nbsp; 2277832 |
|  |  | &nbsp;&nbsp; 8270663 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $24,542,421)<br>| &nbsp;&nbsp; 31360904 |

---

&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%** |
| $379489 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed Income <br> Clearing Corporation, dated 12/31/2025 at 2.150% to be <br> repurchased at $379,534 on 1/02/2026 collateralized by <br> $385,500 U.S. Treasury Note, 3.750% due 6/30/2027 <br> valued at $387,144 including accrued interest <br> (Note 2 of Notes to Financial Statements) <br>(Identified Cost $379,489)<br>| &nbsp;&nbsp; 379489 |
|  | &nbsp;&nbsp; Total Investments — 99.5% <br>(Identified Cost $24,921,910)<br>| &nbsp;&nbsp; 31740393 |
|  | Other assets less liabilities — 0.5% | &nbsp;&nbsp; 174325 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $31914718 |

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security invests in variable interest entities based in China. See Note 9 of Notes to Financial Statements.

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

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

Currency Exposure Summary at December 31, 2025

---

| | |
|:---|:---|
| United States Dollar | 46.7<br> %<br>|
| Euro | 19.5 |
| Swiss Franc | 9.6 |
| Hong Kong Dollar | 6.6 |
| British Pound | 5.3 |
| Danish Krone | 3.5 |
| Australian Dollar | 3.3 |
| Japanese Yen | 3.0 |
| Yuan Renminbi | 2.0 |
| Total Investments | 99.5 |
| Other assets less liabilities | 0.5 |
| Net Assets | 100.0<br> %<br>|

---

See accompanying notes to financial statements.

1 \|

------

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

Natixis Oakmark Fund

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 97.7% of Net Assets** | **Common Stocks — 97.7% of Net Assets** | **Common Stocks — 97.7% of Net Assets** |
|  | **Automobiles — 2.2%** | **Automobiles — 2.2%** |
| 325672 | General Motors Co. | &nbsp;&nbsp; $26483647 |
|  | **Banks — 8.1%** | **Banks — 8.1%** |
| 345569 | Bank of America Corp. | &nbsp;&nbsp; 19006295 |
| 273088 | Citigroup, Inc. | &nbsp;&nbsp; 31866639 |
| 13616 | First Citizens BancShares, Inc., Class A | &nbsp;&nbsp; 29222387 |
| 191045 | Wells Fargo & Co. | &nbsp;&nbsp; 17805394 |
|  |  | &nbsp;&nbsp; 97900715 |
|  | **Beverages — 3.4%** | **Beverages — 3.4%** |
| 74800 | Constellation Brands, Inc., Class A | &nbsp;&nbsp; 10319408 |
| 1087896 | Keurig Dr. Pepper, Inc. | &nbsp;&nbsp; 30471967 |
|  |  | &nbsp;&nbsp; 40791375 |
|  | **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** |
| 55543 | Amazon.com, Inc.(a) | &nbsp;&nbsp; 12820435 |
|  | **Building Products — 2.2%** | **Building Products — 2.2%** |
| 254328 | Fortune Brands Innovations, Inc. | &nbsp;&nbsp; 12721486 |
| 218993 | Masco Corp. | &nbsp;&nbsp; 13897296 |
|  |  | &nbsp;&nbsp; 26618782 |
|  | **Capital Markets — 9.5%** | **Capital Markets — 9.5%** |
| 326284 | Carlyle Group, Inc. | &nbsp;&nbsp; 19286647 |
| 275030 | Charles Schwab Corp. | &nbsp;&nbsp; 27478247 |
| 198633 | Intercontinental Exchange, Inc. | &nbsp;&nbsp; 32170601 |
| 181580 | Nasdaq, Inc. | &nbsp;&nbsp; 17636865 |
| 135666 | State Street Corp. | &nbsp;&nbsp; 17502271 |
|  |  | &nbsp;&nbsp; 114074631 |
|  | **Chemicals — 2.6%** | **Chemicals — 2.6%** |
| 125102 | Celanese Corp. | &nbsp;&nbsp; 5289313 |
| 382636 | Corteva, Inc. | &nbsp;&nbsp; 25648091 |
|  |  | &nbsp;&nbsp; 30937404 |
|  | **Construction Materials — 1.5%** | **Construction Materials — 1.5%** |
| 330900 | Amrize Ltd.(a) | &nbsp;&nbsp; 17895072 |
|  | **Consumer Finance — 5.0%** | **Consumer Finance — 5.0%** |
| 659983 | Ally Financial, Inc. | &nbsp;&nbsp; 29890630 |
| 123311 | Capital One Financial Corp. | &nbsp;&nbsp; 29885654 |
|  |  | &nbsp;&nbsp; 59776284 |
|  | **Distributors — 0.8%** | **Distributors — 0.8%** |
| 81900 | Genuine Parts Co. | &nbsp;&nbsp; 10070424 |
|  | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
| 89500 | CDW Corp. | &nbsp;&nbsp; 12189900 |
| 44999 | TE Connectivity PLC | &nbsp;&nbsp; 10237723 |
|  |  | &nbsp;&nbsp; 22427623 |
|  | **Entertainment — 2.2%** | **Entertainment — 2.2%** |
| 936801 | Warner Bros. Discovery, Inc.(a) | &nbsp;&nbsp; 26998605 |
|  | **Financial Services — 5.1%** | **Financial Services — 5.1%** |
| 354000 | Corebridge Financial, Inc. | &nbsp;&nbsp; 10680180 |
| 447964 | Fiserv, Inc.(a) | &nbsp;&nbsp; 30089742 |
| 261196 | Global Payments, Inc. | &nbsp;&nbsp; 20216570 |
|  |  | &nbsp;&nbsp; 60986492 |
|  | **Ground Transportation — 1.7%** | **Ground Transportation — 1.7%** |
| 86600 | Union Pacific Corp. | &nbsp;&nbsp; 20032312 |
|  | **Health Care Equipment & Supplies — 4.6%** | **Health Care Equipment & Supplies — 4.6%** |
| 298000 | Baxter International, Inc. | &nbsp;&nbsp; 5694780 |
| 300432 | GE HealthCare Technologies, Inc. | &nbsp;&nbsp; 24641433 |
| 275811 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 24800925 |
|  |  | &nbsp;&nbsp; 55137138 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** |
| 85958 | Elevance Health, Inc. | &nbsp;&nbsp; $30132577 |
|  | **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** |
| 248609 | Airbnb, Inc., Class A(a) | &nbsp;&nbsp; 33741213 |
|  | **Insurance — 6.6%** | **Insurance — 6.6%** |
| 338141 | American International Group, Inc. | &nbsp;&nbsp; 28927963 |
| 90925 | Reinsurance Group of America, Inc. | &nbsp;&nbsp; 18499600 |
| 97805 | Willis Towers Watson PLC | &nbsp;&nbsp; 32138723 |
|  |  | &nbsp;&nbsp; 79566286 |
|  | **Interactive Media & Services — 2.4%** | **Interactive Media & Services — 2.4%** |
| 91656 | Alphabet, Inc., Class A | &nbsp;&nbsp; 28688328 |
|  | **Life Sciences Tools & Services — 2.5%** | **Life Sciences Tools & Services — 2.5%** |
| 132318 | IQVIA Holdings, Inc.(a) | &nbsp;&nbsp; 29825800 |
|  | **Machinery — 1.4%** | **Machinery — 1.4%** |
| 36970 | Deere & Co. | &nbsp;&nbsp; 17212123 |
|  | **Media — 2.9%** | **Media — 2.9%** |
| 60768 | Charter Communications, Inc., Class A(a) | &nbsp;&nbsp; 12685320 |
| 581410 | Comcast Corp., Class A | &nbsp;&nbsp; 17378345 |
| 89764 | Liberty Broadband Corp., Class C(a) | &nbsp;&nbsp; 4362530 |
|  |  | &nbsp;&nbsp; 34426195 |
|  | **Oil, Gas & Consumable Fuels — 10.6%** | **Oil, Gas & Consumable Fuels — 10.6%** |
| 273372 | APA Corp. | &nbsp;&nbsp; 6686679 |
| 365569 | ConocoPhillips | &nbsp;&nbsp; 34220914 |
| 141267 | EOG Resources, Inc. | &nbsp;&nbsp; 14834448 |
| 79913 | Marathon Petroleum Corp. | &nbsp;&nbsp; 12996251 |
| 205339 | Phillips 66 | &nbsp;&nbsp; 26496945 |
| 173200 | Targa Resources Corp. | &nbsp;&nbsp; 31955400 |
|  |  | &nbsp;&nbsp; 127190637 |
|  | **Passenger Airlines — 2.5%** | **Passenger Airlines — 2.5%** |
| 428710 | Delta Air Lines, Inc. | &nbsp;&nbsp; 29752474 |
|  | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| 309417 | Merck & Co., Inc. | &nbsp;&nbsp; 32569233 |
|  | **Professional Services — 2.0%** | **Professional Services — 2.0%** |
| 110311 | Equifax, Inc. | &nbsp;&nbsp; 23935281 |
|  | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| 70144 | CBRE Group, Inc., Class A(a) | &nbsp;&nbsp; 11278454 |
|  | **Software — 2.7%** | **Software — 2.7%** |
| 120792 | Salesforce, Inc. | &nbsp;&nbsp; 31999009 |
|  | **Textiles, Apparel & Luxury Goods — 1.7%** | **Textiles, Apparel & Luxury Goods — 1.7%** |
| 326255 | NIKE, Inc., Class B | &nbsp;&nbsp; 20785706 |
|  | **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** |
| 137700 | AerCap Holdings NV | &nbsp;&nbsp; 19795752 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $994,318,665)<br>| &nbsp;&nbsp; 1173850007 |

---

See accompanying notes to financial statements.

\| 2

------

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

Natixis Oakmark Fund (continued)

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Description** | **Value (†)** |
| **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** |
| $26276217 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 12/31/2025 at <br> 2.150% to be repurchased at $26,279,356 on <br> 1/02/2026 collateralized by $26,690,200 <br> U.S. Treasury Note, 3.750% due 6/30/2027 valued <br> at $26,801,772 including accrued interest <br> (Note 2 of Notes to Financial Statements) <br>(Identified Cost $26,276,217)<br>| &nbsp;&nbsp; $26276217 |
|  | &nbsp;&nbsp; Total Investments — 99.9% <br>(Identified Cost $1,020,594,882)<br>| &nbsp;&nbsp; 1200126224 |
|  | Other assets less liabilities — 0.1% | &nbsp;&nbsp; 1246313 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $1201372537 |

---

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

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

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

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

See accompanying notes to financial statements.

3 \|

------

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

Natixis Oakmark International Fund

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 94.8% of Net Assets** | **Common Stocks — 94.8% of Net Assets** | **Common Stocks — 94.8% of Net Assets** |
|  | **China — 1.7%** | **China — 1.7%** |
| 283100 | Alibaba Group Holding Ltd. | &nbsp;&nbsp; $5197987 |
|  | **Denmark — 2.2%** | **Denmark — 2.2%** |
| 26900 | DSV AS | &nbsp;&nbsp; 6774934 |
|  | **France — 24.3%** | **France — 24.3%** |
| 123875 | Accor SA | &nbsp;&nbsp; 6983628 |
| 25500 | Airbus SE | &nbsp;&nbsp; 5921706 |
| 91091 | BNP Paribas SA | &nbsp;&nbsp; 8617844 |
| 36853 | Capgemini SE | &nbsp;&nbsp; 6119372 |
| 51300 | Danone SA | &nbsp;&nbsp; 4627209 |
| 246700 | Dassault Systemes SE | &nbsp;&nbsp; 6892363 |
| 160096 | Edenred SE | &nbsp;&nbsp; 3539076 |
| 65405 | Eurofins Scientific SE | &nbsp;&nbsp; 4782963 |
| 16665 | Kering SA | &nbsp;&nbsp; 5823379 |
| 7995 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 6026117 |
| 69800 | Pernod Ricard SA | &nbsp;&nbsp; 5976715 |
| 48592 | Publicis Groupe SA | &nbsp;&nbsp; 5046164 |
| 39300 | Sanofi SA | &nbsp;&nbsp; 3802478 |
|  |  | &nbsp;&nbsp; 74159014 |
|  | **Germany — 19.9%** | **Germany — 19.9%** |
| 44500 | adidas AG | &nbsp;&nbsp; 8805927 |
| 8496 | Allianz SE | &nbsp;&nbsp; 3928357 |
| 35836 | Aumovio SE(a) | &nbsp;&nbsp; 1799400 |
| 159130 | Bayer AG | &nbsp;&nbsp; 6902385 |
| 62600 | Bayerische Motoren Werke AG | &nbsp;&nbsp; 6788053 |
| 101926 | Brenntag SE | &nbsp;&nbsp; 5916200 |
| 62773 | Continental AG | &nbsp;&nbsp; 4981850 |
| 110681 | Daimler Truck Holding AG | &nbsp;&nbsp; 4793872 |
| 15322 | Fresenius Medical Care AG | &nbsp;&nbsp; 731864 |
| 84200 | Fresenius SE & Co. KGaA | &nbsp;&nbsp; 4823969 |
| 81500 | Siemens Healthineers AG | &nbsp;&nbsp; 4272034 |
| 48500 | Symrise AG | &nbsp;&nbsp; 3929543 |
| 269474 | thyssenkrupp AG | &nbsp;&nbsp; 2897005 |
| 3377 | Tkms AG& Co. KGaA(a) | &nbsp;&nbsp; 262328 |
|  |  | &nbsp;&nbsp; 60832787 |
|  | **India — 1.2%** | **India — 1.2%** |
| 262575 | Axis Bank Ltd. | &nbsp;&nbsp; 3712939 |
|  | **Indonesia — 1.7%** | **Indonesia — 1.7%** |
| 16931600 | Bank Mandiri Persero Tbk. PT | &nbsp;&nbsp; 5163007 |
|  | **Ireland — 2.1%** | **Ireland — 2.1%** |
| 17082 | Flutter Entertainment PLC(a) | &nbsp;&nbsp; 3673313 |
| 23765 | Ryanair Holdings PLC, ADR | &nbsp;&nbsp; 1715596 |
| 25500 | Ryanair Holdings PLC | &nbsp;&nbsp; 879178 |
|  |  | &nbsp;&nbsp; 6268087 |
|  | **Italy — 1.0%** | **Italy — 1.0%** |
| 436735 | Intesa Sanpaolo SpA | &nbsp;&nbsp; 3017883 |
|  | **Japan — 5.4%** | **Japan — 5.4%** |
| 451200 | Asahi Group Holdings Ltd. | &nbsp;&nbsp; 4729388 |
| 148200 | Fujitsu Ltd. | &nbsp;&nbsp; 4072966 |
| 68200 | Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 1656927 |
| 17400 | SMC Corp. | &nbsp;&nbsp; 6020413 |
|  |  | &nbsp;&nbsp; 16479694 |
|  | **Korea — 1.9%** | **Korea — 1.9%** |
| 69000 | KB Financial Group, Inc. | &nbsp;&nbsp; 5939843 |
|  | **Mexico — 1.5%** | **Mexico — 1.5%** |
| 44700 | Fomento Economico Mexicano SAB de CV, ADR | &nbsp;&nbsp; 4517829 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Netherlands — 8.1%** | **Netherlands — 8.1%** |
| 89241 | Akzo Nobel NV | &nbsp;&nbsp; $6209430 |
| 3535 | ASML Holding NV | &nbsp;&nbsp; 3781955 |
| 66200 | ASR Nederland NV | &nbsp;&nbsp; 4710182 |
| 34700 | IMCD NV | &nbsp;&nbsp; 3149454 |
| 52500 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 2152862 |
| 73696 | Prosus NV | &nbsp;&nbsp; 4563179 |
|  |  | &nbsp;&nbsp; 24567062 |
|  | **Sweden — 3.0%** | **Sweden — 3.0%** |
| 446000 | Hexagon AB, Class B | &nbsp;&nbsp; 5253300 |
| 120200 | Volvo AB, Class B | &nbsp;&nbsp; 3825319 |
|  |  | &nbsp;&nbsp; 9078619 |
|  | **Switzerland — 5.2%** | **Switzerland — 5.2%** |
| 23783 | Cie Financiere Richemont SA, Class A | &nbsp;&nbsp; 5128825 |
| 1402780 | Glencore PLC(a) | &nbsp;&nbsp; 7668522 |
| 7280 | Roche Holding AG | &nbsp;&nbsp; 3006423 |
|  |  | &nbsp;&nbsp; 15803770 |
|  | **United Kingdom — 13.4%** | **United Kingdom — 13.4%** |
| 114370 | Ashtead Group PLC | &nbsp;&nbsp; 7797657 |
| 43600 | AstraZeneca PLC, ADR | &nbsp;&nbsp; 4008148 |
| 134300 | Bunzl PLC | &nbsp;&nbsp; 3750192 |
| 132900 | Diageo PLC | &nbsp;&nbsp; 2863719 |
| 42267 | Intertek Group PLC | &nbsp;&nbsp; 2621256 |
| 333257 | Prudential PLC | &nbsp;&nbsp; 5126518 |
| 92861 | Reckitt Benckiser Group PLC | &nbsp;&nbsp; 7514253 |
| 508555 | Rentokil Initial PLC | &nbsp;&nbsp; 3034289 |
| 63400 | Unilever PLC | &nbsp;&nbsp; 4142379 |
|  |  | &nbsp;&nbsp; 40858411 |
|  | **United States — 2.2%** | **United States — 2.2%** |
| 720492 | CNH Industrial NV | &nbsp;&nbsp; 6642936 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $236,562,286)<br>| &nbsp;&nbsp; 289014802 |
| **Preferred Stocks — 1.8%** | **Preferred Stocks — 1.8%** | **Preferred Stocks — 1.8%** |
|  | **Korea — 1.8%** |  |
| 88550 | &nbsp;&nbsp; Samsung Electronics Co. Ltd., 1.644%, (KRW) <br>(Identified Cost $4,106,258)<br>| &nbsp;&nbsp; 5496366 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  |  |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| $5770943 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 12/31/2025 at <br> 2.150% to be repurchased at $5,771,633 on <br> 1/02/2026 collateralized by $5,861,900 U.S. Treasury <br> Note, 3.750% due 6/30/2027 valued at $5,886,440 <br> including accrued interest (Note 2 of Notes to <br> Financial Statements) <br>(Identified Cost $5,770,943)<br>| &nbsp;&nbsp; 5770943 |
|  | &nbsp;&nbsp; Total Investments — 98.5% <br>(Identified Cost $246,439,487)<br>| &nbsp;&nbsp; 300282111 |
|  | Other assets less liabilities — 1.5% | &nbsp;&nbsp; 4566312 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $304848423 |

---

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

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

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

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

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

See accompanying notes to financial statements.

\| 4

------

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

Natixis Oakmark International Fund (continued)

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

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

KRW South Korean Won

Currency Exposure Summary at December 31, 2025

---

| | |
|:---|:---|
| Euro | 52.3<br> %<br>|
| British Pound | 14.6 |
| United States Dollar | 10.0 |
| Japanese Yen | 5.4 |
| South Korean Won | 3.7 |
| Swedish Krona | 3.0 |
| Swiss Franc | 2.7 |
| Danish Krone | 2.2 |
| Other, less than 2% each | 4.6 |
| Total Investments | 98.5 |
| Other assets less liabilities | 1.5 |
| Net Assets | 100.0<br> %<br>|

---

See accompanying notes to financial statements.

5 \|

------

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

Natixis U.S. Equity Opportunities Fund

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 98.6% of Net Assets** | **Common Stocks — 98.6% of Net Assets** | **Common Stocks — 98.6% of Net Assets** |
|  | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| 116694 | Boeing Co.(a) | &nbsp;&nbsp; $25336601 |
|  | **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** |
| 41582 | Expeditors International of Washington, Inc. | &nbsp;&nbsp; 6196134 |
|  | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| 254679 | Mobileye Global, Inc., Class A(a) | &nbsp;&nbsp; 2658849 |
|  | **Automobiles — 5.3%** | **Automobiles — 5.3%** |
| 276700 | General Motors Co. | &nbsp;&nbsp; 22501244 |
| 106586 | Tesla, Inc.(a) | &nbsp;&nbsp; 47933856 |
|  |  | &nbsp;&nbsp; 70435100 |
|  | **Banks — 6.5%** | **Banks — 6.5%** |
| 401000 | Bank of America Corp. | &nbsp;&nbsp; 22055000 |
| 239100 | Citigroup, Inc. | &nbsp;&nbsp; 27900579 |
| 9115 | First Citizens BancShares, Inc., Class A | &nbsp;&nbsp; 19562431 |
| 180100 | Wells Fargo & Co. | &nbsp;&nbsp; 16785320 |
|  |  | &nbsp;&nbsp; 86303330 |
|  | **Beverages — 4.2%** | **Beverages — 4.2%** |
| 11407 | Boston Beer Co., Inc., Class A(a) | &nbsp;&nbsp; 2225848 |
| 59900 | Constellation Brands, Inc., Class A | &nbsp;&nbsp; 8263804 |
| 806600 | Keurig Dr. Pepper, Inc. | &nbsp;&nbsp; 22592866 |
| 287046 | Monster Beverage Corp.(a) | &nbsp;&nbsp; 22007817 |
|  |  | &nbsp;&nbsp; 55090335 |
|  | **Biotechnology — 2.7%** | **Biotechnology — 2.7%** |
| 47492 | Alnylam Pharmaceuticals, Inc.(a) | &nbsp;&nbsp; 18885194 |
| 53742 | CRISPR Therapeutics AG(a) | &nbsp;&nbsp; 2818231 |
| 18451 | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 14241773 |
|  |  | &nbsp;&nbsp; 35945198 |
|  | **Broadline Retail — 2.9%** | **Broadline Retail — 2.9%** |
| 10540 | Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp; 1544953 |
| 157126 | Amazon.com, Inc.(a) | &nbsp;&nbsp; 36267823 |
|  |  | &nbsp;&nbsp; 37812776 |
|  | **Capital Markets — 6.3%** | **Capital Markets — 6.3%** |
| 219645 | Charles Schwab Corp. | &nbsp;&nbsp; 21944732 |
| 13129 | FactSet Research Systems, Inc. | &nbsp;&nbsp; 3809905 |
| 134100 | Intercontinental Exchange, Inc. | &nbsp;&nbsp; 21718836 |
| 10862 | MSCI, Inc. | &nbsp;&nbsp; 6231855 |
| 81575 | SEI Investments Co. | &nbsp;&nbsp; 6690781 |
| 179600 | State Street Corp. | &nbsp;&nbsp; 23170196 |
|  |  | &nbsp;&nbsp; 83566305 |
|  | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| 241300 | Corteva, Inc. | &nbsp;&nbsp; 16174339 |
|  | **Consumer Finance — 1.8%** | **Consumer Finance — 1.8%** |
| 96185 | Capital One Financial Corp. | &nbsp;&nbsp; 23311397 |
|  | **Distributors — 0.9%** | **Distributors — 0.9%** |
| 96500 | Genuine Parts Co. | &nbsp;&nbsp; 11865640 |
|  | **Electronic Equipment, Instruments & Components — 1.7%** | **Electronic Equipment, Instruments & Components — 1.7%** |
| 64800 | CDW Corp. | &nbsp;&nbsp; 8825760 |
| 60000 | TE Connectivity PLC | &nbsp;&nbsp; 13650600 |
|  |  | &nbsp;&nbsp; 22476360 |
|  | **Entertainment — 5.2%** | **Entertainment — 5.2%** |
| 366977 | Netflix, Inc.(a) | &nbsp;&nbsp; 34407763 |
| 112688 | Walt Disney Co. | &nbsp;&nbsp; 12820514 |
| 741200 | Warner Bros. Discovery, Inc.(a) | &nbsp;&nbsp; 21361384 |
|  |  | &nbsp;&nbsp; 68589661 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Financial Services — 3.9%** | **Financial Services — 3.9%** |
| 63186 | Block, Inc.(a) | &nbsp;&nbsp; $4112777 |
| 323800 | Fiserv, Inc.(a) | &nbsp;&nbsp; 21749646 |
| 59004 | PayPal Holdings, Inc. | &nbsp;&nbsp; 3444654 |
| 64202 | Visa, Inc., Class A | &nbsp;&nbsp; 22516283 |
|  |  | &nbsp;&nbsp; 51823360 |
|  | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| 177800 | GE HealthCare Technologies, Inc. | &nbsp;&nbsp; 14583156 |
| 12357 | Intuitive Surgical, Inc.(a) | &nbsp;&nbsp; 6998510 |
| 153800 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 13829696 |
|  |  | &nbsp;&nbsp; 35411362 |
|  | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| 47500 | Elevance Health, Inc. | &nbsp;&nbsp; 16651125 |
|  | **Health Care Technology — 1.4%** | **Health Care Technology — 1.4%** |
| 200234 | Doximity, Inc., Class A(a) | &nbsp;&nbsp; 8866361 |
| 40855 | Veeva Systems, Inc., Class A(a) | &nbsp;&nbsp; 9120062 |
|  |  | &nbsp;&nbsp; 17986423 |
|  | **Hotels, Restaurants & Leisure — 2.9%** | **Hotels, Restaurants & Leisure — 2.9%** |
| 168900 | Airbnb, Inc., Class A(a) | &nbsp;&nbsp; 22923108 |
| 84145 | Starbucks Corp. | &nbsp;&nbsp; 7085851 |
| 78706 | Yum China Holdings, Inc. | &nbsp;&nbsp; 3757424 |
| 27926 | Yum! Brands, Inc. | &nbsp;&nbsp; 4224645 |
|  |  | &nbsp;&nbsp; 37991028 |
|  | **Insurance — 3.4%** | **Insurance — 3.4%** |
| 260400 | American International Group, Inc. | &nbsp;&nbsp; 22277220 |
| 69000 | Willis Towers Watson PLC | &nbsp;&nbsp; 22673400 |
|  |  | &nbsp;&nbsp; 44950620 |
|  | **Interactive Media & Services — 8.6%** | **Interactive Media & Services — 8.6%** |
| 201005 | Alphabet, Inc., Class A | &nbsp;&nbsp; 62914565 |
| 20201 | Alphabet, Inc., Class C | &nbsp;&nbsp; 6339074 |
| 67876 | Meta Platforms, Inc., Class A | &nbsp;&nbsp; 44804269 |
|  |  | &nbsp;&nbsp; 114057908 |
|  | **IT Services — 1.3%** | **IT Services — 1.3%** |
| 104291 | Shopify, Inc., Class A(a) | &nbsp;&nbsp; 16787722 |
|  | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** |
| 35555 | Illumina, Inc.(a) | &nbsp;&nbsp; 4663394 |
| 78300 | IQVIA Holdings, Inc.(a) | &nbsp;&nbsp; 17649603 |
|  |  | &nbsp;&nbsp; 22312997 |
|  | **Machinery — 1.6%** | **Machinery — 1.6%** |
| 45838 | Deere & Co. | &nbsp;&nbsp; 21340798 |
|  | **Media — 0.8%** | **Media — 0.8%** |
| 50200 | Charter Communications, Inc., Class A(a) | &nbsp;&nbsp; 10479250 |
|  | **Oil, Gas & Consumable Fuels — 5.9%** | **Oil, Gas & Consumable Fuels — 5.9%** |
| 261600 | ConocoPhillips | &nbsp;&nbsp; 24488376 |
| 137238 | EOG Resources, Inc. | &nbsp;&nbsp; 14411362 |
| 163100 | Phillips 66 | &nbsp;&nbsp; 21046424 |
| 98300 | Targa Resources Corp. | &nbsp;&nbsp; 18136350 |
|  |  | &nbsp;&nbsp; 78082512 |
|  | **Passenger Airlines — 1.7%** | **Passenger Airlines — 1.7%** |
| 323400 | Delta Air Lines, Inc. | &nbsp;&nbsp; 22443960 |
|  | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| 171000 | Merck & Co., Inc. | &nbsp;&nbsp; 17999460 |
| 33134 | Novartis AG, ADR | &nbsp;&nbsp; 4568184 |
| 152811 | Novo Nordisk AS, ADR | &nbsp;&nbsp; 7775024 |
| 100507 | Roche Holding AG, ADR | &nbsp;&nbsp; 5183146 |
|  |  | &nbsp;&nbsp; 35525814 |

---

See accompanying notes to financial statements.

\| 6

------

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

Natixis U.S. Equity Opportunities Fund (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Professional Services — 1.1%** | **Professional Services — 1.1%** |
| 66600 | Equifax, Inc. | &nbsp;&nbsp; $14450868 |
|  | **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |
| 82000 | CBRE Group, Inc., Class A(a) | &nbsp;&nbsp; 13184780 |
|  | **Semiconductors & Semiconductor Equipment — 6.5%** | **Semiconductors & Semiconductor Equipment — 6.5%** |
| 85303 | ARM Holdings PLC, ADR(a) | &nbsp;&nbsp; 9324471 |
| 374306 | NVIDIA Corp. | &nbsp;&nbsp; 69808069 |
| 38152 | QUALCOMM, Inc. | &nbsp;&nbsp; 6525899 |
|  |  | &nbsp;&nbsp; 85658439 |
|  | **Software — 7.5%** | **Software — 7.5%** |
| 51528 | Autodesk, Inc.(a) | &nbsp;&nbsp; 15252803 |
| 34330 | Microsoft Corp. | &nbsp;&nbsp; 16602675 |
| 145595 | Oracle Corp. | &nbsp;&nbsp; 28377921 |
| 119726 | Salesforce, Inc. | &nbsp;&nbsp; 31716615 |
| 33152 | Workday, Inc., Class A(a) | &nbsp;&nbsp; 7120387 |
|  |  | &nbsp;&nbsp; 99070401 |
|  | **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** |
| 260521 | NIKE, Inc., Class B | &nbsp;&nbsp; 16597793 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $772,655,254)<br>| &nbsp;&nbsp; 1300569185 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  |  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| $19269546 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 12/31/2025 at <br> 2.150% to be repurchased at $19,271,848 on <br> 1/02/2026 collateralized by $19,573,200 <br> U.S. Treasury Note, 3.750% due 6/30/2027 valued <br> at $19,655,083 including accrued interest <br> (Note 2 of Notes to Financial Statements) <br>(Identified Cost $19,269,546)<br>| &nbsp;&nbsp; 19269546 |
|  | &nbsp;&nbsp; Total Investments — 100.1% <br>(Identified Cost $791,924,800)<br>| &nbsp;&nbsp; 1319838731 |
|  | Other assets less liabilities — (0.1)% | &nbsp;&nbsp; (676991)<br>|
|  | Net Assets — 100.0% | &nbsp;&nbsp; $1319161740 |

---

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

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

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

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

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

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

See accompanying notes to financial statements.

7 \|

------

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

Vaughan Nelson Mid Cap Fund

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 99.3% of Net Assets** | **Common Stocks — 99.3% of Net Assets** | **Common Stocks — 99.3% of Net Assets** |
|  | **Aerospace & Defense — 5.4%** | **Aerospace & Defense — 5.4%** |
| 2690 | Axon Enterprise, Inc.(a) | &nbsp;&nbsp; $1527731 |
| 6825 | Curtiss-Wright Corp. | &nbsp;&nbsp; 3762418 |
| 41330 | Hexcel Corp. | &nbsp;&nbsp; 3054287 |
|  |  | &nbsp;&nbsp; 8344436 |
|  | **Banks — 6.6%** | **Banks — 6.6%** |
| 58630 | Cadence Bank | &nbsp;&nbsp; 2511709 |
| 29785 | Western Alliance Bancorp | &nbsp;&nbsp; 2504025 |
| 88230 | Zions Bancorp NA | &nbsp;&nbsp; 5164984 |
|  |  | &nbsp;&nbsp; 10180718 |
|  | **Building Products — 2.8%** | **Building Products — 2.8%** |
| 9055 | Allegion PLC | &nbsp;&nbsp; 1441737 |
| 45640 | Masco Corp. | &nbsp;&nbsp; 2896315 |
|  |  | &nbsp;&nbsp; 4338052 |
|  | **Capital Markets — 6.1%** | **Capital Markets — 6.1%** |
| 8245 | ARES Management Corp., Class A | &nbsp;&nbsp; 1332639 |
| 98225 | Blue Owl Capital, Inc. | &nbsp;&nbsp; 1467482 |
| 43490 | Nasdaq, Inc. | &nbsp;&nbsp; 4224184 |
| 21195 | Robinhood Markets, Inc., Class A(a) | &nbsp;&nbsp; 2397154 |
|  |  | &nbsp;&nbsp; 9421459 |
|  | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
| 4665 | Ciena Corp.(a) | &nbsp;&nbsp; 1091004 |
|  | **Construction & Engineering — 5.2%** | **Construction & Engineering — 5.2%** |
| 31350 | Arcosa, Inc. | &nbsp;&nbsp; 3333132 |
| 28990 | Construction Partners, Inc., Class A(a) | &nbsp;&nbsp; 3146865 |
| 4160 | Valmont Industries, Inc. | &nbsp;&nbsp; 1673651 |
|  |  | &nbsp;&nbsp; 8153648 |
|  | **Construction Materials — 2.0%** | **Construction Materials — 2.0%** |
| 10845 | Vulcan Materials Co. | &nbsp;&nbsp; 3093211 |
|  | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| 20865 | Synchrony Financial | &nbsp;&nbsp; 1740767 |
|  | **Consumer Staples Distribution & Retail — 3.3%** | **Consumer Staples Distribution & Retail — 3.3%** |
| 24085 | BJ's Wholesale Club Holdings, Inc.(a) | &nbsp;&nbsp; 2168373 |
| 32410 | Performance Food Group Co.(a) | &nbsp;&nbsp; 2914307 |
|  |  | &nbsp;&nbsp; 5082680 |
|  | **Electric Utilities — 5.5%** | **Electric Utilities — 5.5%** |
| 65735 | Alliant Energy Corp. | &nbsp;&nbsp; 4273432 |
| 58045 | Evergy, Inc. | &nbsp;&nbsp; 4207682 |
|  |  | &nbsp;&nbsp; 8481114 |
|  | **Electrical Equipment — 8.7%** | **Electrical Equipment — 8.7%** |
| 9940 | AMETEK, Inc. | &nbsp;&nbsp; 2040781 |
| 143210 | Eos Energy Enterprises, Inc.(a) | &nbsp;&nbsp; 1641187 |
| 1870 | GE Vernova, Inc. | &nbsp;&nbsp; 1222176 |
| 13360 | Hubbell, Inc. | &nbsp;&nbsp; 5933309 |
| 5155 | Rockwell Automation, Inc. | &nbsp;&nbsp; 2005656 |
| 4480 | Vertiv Holdings Co., Class A | &nbsp;&nbsp; 725805 |
|  |  | &nbsp;&nbsp; 13568914 |
|  | **Electronic Equipment, Instruments & Components — 3.5%** | **Electronic Equipment, Instruments & Components — 3.5%** |
| 13415 | Coherent Corp.(a) | &nbsp;&nbsp; 2476007 |
| 1430 | Fabrinet(a) | &nbsp;&nbsp; 651050 |
| 98155 | Mirion Technologies, Inc.(a) | &nbsp;&nbsp; 2298790 |
|  |  | &nbsp;&nbsp; 5425847 |
|  | **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** |
| 72960 | TechnipFMC PLC | &nbsp;&nbsp; 3251098 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
| 141900 | Rocket Cos., Inc., Class A | &nbsp;&nbsp; $2747184 |
|  | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| 11795 | XPO, Inc.(a) | &nbsp;&nbsp; 1603058 |
|  | **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** |
| 33085 | Carnival Corp.(a) | &nbsp;&nbsp; 1010416 |
| 13585 | DoorDash, Inc., Class A(a) | &nbsp;&nbsp; 3076731 |
| 3035 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 846522 |
|  |  | &nbsp;&nbsp; 4933669 |
|  | **Household Durables — 4.4%** | **Household Durables — 4.4%** |
| 11795 | DR Horton, Inc. | &nbsp;&nbsp; 1698834 |
| 23065 | SharkNinja, Inc.(a) | &nbsp;&nbsp; 2580973 |
| 19245 | Toll Brothers, Inc. | &nbsp;&nbsp; 2602309 |
|  |  | &nbsp;&nbsp; 6882116 |
|  | **Independent Power & Renewable Electricity Producers — 0.8%** | **Independent Power & Renewable Electricity Producers — 0.8%** |
| 3420 | Talen Energy Corp.(a) | &nbsp;&nbsp; 1281953 |
|  | **Life Sciences Tools & Services — 3.4%** | **Life Sciences Tools & Services — 3.4%** |
| 14940 | Agilent Technologies, Inc. | &nbsp;&nbsp; 2032886 |
| 14420 | IQVIA Holdings, Inc.(a) | &nbsp;&nbsp; 3250412 |
|  |  | &nbsp;&nbsp; 5283298 |
|  | **Machinery — 9.2%** | **Machinery — 9.2%** |
| 11265 | Crane Co. | &nbsp;&nbsp; 2077604 |
| 47745 | Flowserve Corp. | &nbsp;&nbsp; 3312548 |
| 55485 | Helios Technologies, Inc. | &nbsp;&nbsp; 2967893 |
| 13680 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp; 3278275 |
| 3075 | Parker-Hannifin Corp. | &nbsp;&nbsp; 2702802 |
|  |  | &nbsp;&nbsp; 14339122 |
|  | **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** |
| 18200 | Nucor Corp. | &nbsp;&nbsp; 2968602 |
|  | **Multi-Utilities — 5.4%** | **Multi-Utilities — 5.4%** |
| 60125 | CMS Energy Corp. | &nbsp;&nbsp; 4204541 |
| 40005 | WEC Energy Group, Inc. | &nbsp;&nbsp; 4218928 |
|  |  | &nbsp;&nbsp; 8423469 |
|  | **Real Estate Management & Development — 2.0%** | **Real Estate Management & Development — 2.0%** |
| 189025 | Cushman & Wakefield Ltd.(a) | &nbsp;&nbsp; 3060315 |
|  | **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** |
| 33855 | Marvell Technology, Inc. | &nbsp;&nbsp; 2876998 |
| 4803 | Monolithic Power Systems, Inc. | &nbsp;&nbsp; 4353247 |
|  |  | &nbsp;&nbsp; 7230245 |
|  | **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** |
| 15855 | Burlington Stores, Inc.(a) | &nbsp;&nbsp; 4579717 |
| 19950 | Floor & Decor Holdings, Inc., Class A(a) | &nbsp;&nbsp; 1214755 |
|  |  | &nbsp;&nbsp; 5794472 |
|  | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** |
| 4995 | Sandisk Corp.(a) | &nbsp;&nbsp; 1185713 |
|  | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| 27320 | PVH Corp. | &nbsp;&nbsp; 1830986 |
|  | **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** |
| 23290 | Herc Holdings, Inc. | &nbsp;&nbsp; 3455770 |
| 3590 | WESCO International, Inc. | &nbsp;&nbsp; 878258 |
|  |  | &nbsp;&nbsp; 4334028 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $123,010,317)<br>| &nbsp;&nbsp; 154071178 |

---

See accompanying notes to financial statements.

\| 8

------

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

Vaughan Nelson Mid Cap Fund (continued)

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Description** | **Value (†)** |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| $1720851 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed Income <br> Clearing Corporation, dated 12/31/2025 at 2.150% to <br> be repurchased at $1,721,057 on 1/02/2026 <br> collateralized by $1,748,000 U.S. Treasury Note, <br> 3.750% due 6/30/2027 valued at $1,755,344 including <br> accrued interest (Note 2 of Notes to Financial <br> Statements) <br>(Identified Cost $1,720,851)<br>| &nbsp;&nbsp; $1720851 |
|  | &nbsp;&nbsp; Total Investments — 100.4% <br>(Identified Cost $124,731,168)<br>| &nbsp;&nbsp; 155792029 |
|  | Other assets less liabilities — (0.4)% | &nbsp;&nbsp; (675459)<br>|
|  | Net Assets — 100.0% | &nbsp;&nbsp; $155116570 |

---

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

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

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

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

See accompanying notes to financial statements.

9 \|

------

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

Vaughan Nelson Small Cap Fund

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 91.8% of Net Assets** | **Common Stocks — 91.8% of Net Assets** | **Common Stocks — 91.8% of Net Assets** |
|  | **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** |
| 123005 | ATI, Inc.(a) | &nbsp;&nbsp; $14116054 |
| 181205 | Hexcel Corp. | &nbsp;&nbsp; 13391049 |
| 72925 | Huntington Ingalls Industries, Inc. | &nbsp;&nbsp; 24799605 |
|  |  | &nbsp;&nbsp; 52306708 |
|  | **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** |
| 196325 | GXO Logistics, Inc.(a) | &nbsp;&nbsp; 10334548 |
|  | **Banks — 7.1%** | **Banks — 7.1%** |
| 240892 | Cullen/Frost Bankers, Inc. | &nbsp;&nbsp; 30504154 |
| 433854 | Prosperity Bancshares, Inc. | &nbsp;&nbsp; 29983650 |
| 543200 | Zions Bancorp NA | &nbsp;&nbsp; 31798928 |
|  |  | &nbsp;&nbsp; 92286732 |
|  | **Beverages — 2.2%** | **Beverages — 2.2%** |
| 187085 | Coca-Cola Consolidated, Inc. | &nbsp;&nbsp; 28680130 |
|  | **Building Products — 3.2%** | **Building Products — 3.2%** |
| 73540 | Carlisle Cos., Inc. | &nbsp;&nbsp; 23522504 |
| 59320 | CSW Industrials, Inc. | &nbsp;&nbsp; 17412200 |
|  |  | &nbsp;&nbsp; 40934704 |
|  | **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |
| 747955 | &nbsp;&nbsp; Artisan Partners Asset Management, Inc., <br> Class A<br>| &nbsp;&nbsp; 30471687 |
| 99130 | Hamilton Lane, Inc., Class A | &nbsp;&nbsp; 13314150 |
|  |  | &nbsp;&nbsp; 43785837 |
|  | **Chemicals — 4.7%** | **Chemicals — 4.7%** |
| 1286936 | Element Solutions, Inc. | &nbsp;&nbsp; 32160531 |
| 116457 | Hawkins, Inc. | &nbsp;&nbsp; 16543881 |
| 184455 | International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 12430423 |
|  |  | &nbsp;&nbsp; 61134835 |
|  | **Commercial Services & Supplies — 2.0%** | **Commercial Services & Supplies — 2.0%** |
| 113155 | Clean Harbors, Inc.(a) | &nbsp;&nbsp; 26532584 |
|  | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** |
| 60860 | Valmont Industries, Inc. | &nbsp;&nbsp; 24485195 |
|  | **Construction Materials — 1.6%** | **Construction Materials — 1.6%** |
| 102265 | Eagle Materials, Inc. | &nbsp;&nbsp; 21136130 |
|  | **Consumer Finance — 1.8%** | **Consumer Finance — 1.8%** |
| 143107 | FirstCash Holdings, Inc. | &nbsp;&nbsp; 22808394 |
|  | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| 1553515 | Lumen Technologies, Inc.(a) | &nbsp;&nbsp; 12070812 |
|  | **Electronic Equipment, Instruments & Components — 3.7%** | **Electronic Equipment, Instruments & Components — 3.7%** |
| 127710 | Coherent Corp.(a) | &nbsp;&nbsp; 23571435 |
| 157690 | Sanmina Corp.(a) | &nbsp;&nbsp; 23664538 |
|  |  | &nbsp;&nbsp; 47235973 |
|  | **Energy Equipment & Services — 2.9%** | **Energy Equipment & Services — 2.9%** |
| 765615 | Archrock, Inc. | &nbsp;&nbsp; 19921302 |
| 346455 | Noble Corp. PLC | &nbsp;&nbsp; 9783889 |
| 882045 | TETRA Technologies, Inc.(a) | &nbsp;&nbsp; 8264762 |
|  |  | &nbsp;&nbsp; 37969953 |
|  | **Gas Utilities — 3.5%** | **Gas Utilities — 3.5%** |
| 453815 | Northwest Natural Holding Co. | &nbsp;&nbsp; 21211313 |
| 287195 | Spire, Inc. | &nbsp;&nbsp; 23751027 |
|  |  | &nbsp;&nbsp; 44962340 |
|  | **Ground Transportation — 1.9%** | **Ground Transportation — 1.9%** |
| 289320 | RXO, Inc.(a) | &nbsp;&nbsp; 3657005 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Ground Transportation — continued** | **Ground Transportation — continued** |
| 361910 | Schneider National, Inc., Class B | &nbsp;&nbsp; $9601472 |
| 371315 | Werner Enterprises, Inc. | &nbsp;&nbsp; 11143163 |
|  |  | &nbsp;&nbsp; 24401640 |
|  | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
| 132580 | Churchill Downs, Inc. | &nbsp;&nbsp; 15084953 |
| 195598 | Red Rock Resorts, Inc., Class A | &nbsp;&nbsp; 12117296 |
|  |  | &nbsp;&nbsp; 27202249 |
|  | **Household Durables — 2.7%** | **Household Durables — 2.7%** |
| 38750 | Installed Building Products, Inc. | &nbsp;&nbsp; 10051362 |
| 189380 | Meritage Homes Corp. | &nbsp;&nbsp; 12461204 |
| 211525 | Taylor Morrison Home Corp.(a) | &nbsp;&nbsp; 12452477 |
|  |  | &nbsp;&nbsp; 34965043 |
|  | **Industrial REITs — 1.5%** | **Industrial REITs — 1.5%** |
| 523782 | STAG Industrial, Inc. | &nbsp;&nbsp; 19254226 |
|  | **Insurance — 4.2%** | **Insurance — 4.2%** |
| 142575 | Hanover Insurance Group, Inc. | &nbsp;&nbsp; 26058433 |
| 332366 | Selective Insurance Group, Inc. | &nbsp;&nbsp; 27809063 |
|  |  | &nbsp;&nbsp; 53867496 |
|  | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
| 518955 | Bruker Corp. | &nbsp;&nbsp; 24447970 |
|  | **Machinery — 6.8%** | **Machinery — 6.8%** |
| 76115 | Alamo Group, Inc. | &nbsp;&nbsp; 12777425 |
| 147445 | JBT Marel Corp. | &nbsp;&nbsp; 22215538 |
| 90504 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp; 21688379 |
| 192850 | Mueller Industries, Inc. | &nbsp;&nbsp; 22139180 |
| 33005 | Watts Water Technologies, Inc., Class A | &nbsp;&nbsp; 9110040 |
|  |  | &nbsp;&nbsp; 87930562 |
|  | **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** |
| 318545 | Commercial Metals Co. | &nbsp;&nbsp; 22049685 |
|  | **Oil, Gas & Consumable Fuels — 5.6%** | **Oil, Gas & Consumable Fuels — 5.6%** |
| 571700 | Antero Resources Corp.(a) | &nbsp;&nbsp; 19700782 |
| 357235 | Matador Resources Co. | &nbsp;&nbsp; 15161053 |
| 657612 | Murphy Oil Corp. | &nbsp;&nbsp; 20550375 |
| 1246615 | Permian Resources Corp. | &nbsp;&nbsp; 17490009 |
|  |  | &nbsp;&nbsp; 72902219 |
|  | **Professional Services — 2.2%** | **Professional Services — 2.2%** |
| 165475 | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp; 13959471 |
| 83005 | FTI Consulting, Inc.(a) | &nbsp;&nbsp; 14179744 |
|  |  | &nbsp;&nbsp; 28139215 |
|  | **Real Estate Management & Development — 2.5%** | **Real Estate Management & Development — 2.5%** |
| 2017320 | Cushman & Wakefield Ltd.(a) | &nbsp;&nbsp; 32660411 |
|  | **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** |
| 126480 | Cirrus Logic, Inc.(a) | &nbsp;&nbsp; 14987880 |
|  | **Software — 1.2%** | **Software — 1.2%** |
| 1890145 | CCC Intelligent Solutions Holdings, Inc.(a) | &nbsp;&nbsp; 15026653 |
|  | **Specialty Retail — 4.2%** | **Specialty Retail — 4.2%** |
| 694735 | Bath & Body Works, Inc. | &nbsp;&nbsp; 13950279 |
| 879803 | Valvoline, Inc.(a) | &nbsp;&nbsp; 25567075 |
| 699490 | Warby Parker, Inc., Class A(a) | &nbsp;&nbsp; 15241887 |
|  |  | &nbsp;&nbsp; 54759241 |
|  | **Textiles, Apparel & Luxury Goods — 2.4%** | **Textiles, Apparel & Luxury Goods — 2.4%** |
| 279410 | Gildan Activewear, Inc. | &nbsp;&nbsp; 17451948 |
| 195930 | PVH Corp. | &nbsp;&nbsp; 13131229 |
|  |  | &nbsp;&nbsp; 30583177 |

---

See accompanying notes to financial statements.

\| 10

------

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

Vaughan Nelson Small Cap Fund (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Trading Companies & Distributors — 6.0%** | **Trading Companies & Distributors — 6.0%** |
| 157864 | GATX Corp. | &nbsp;&nbsp; $26773734 |
| 90560 | Herc Holdings, Inc. | &nbsp;&nbsp; 13437293 |
| 247950 | Rush Enterprises, Inc., Class A | &nbsp;&nbsp; 13374423 |
| 97030 | WESCO International, Inc. | &nbsp;&nbsp; 23737419 |
|  |  | &nbsp;&nbsp; 77322869 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $1,014,573,230)<br>| &nbsp;&nbsp; 1187165411 |
| **Exchange-Traded Funds — 4.9%** | **Exchange-Traded Funds — 4.9%** | **Exchange-Traded Funds — 4.9%** |
| 345505 | &nbsp;&nbsp; iShares Russell 2000 Value ETF <br>(Identified Cost $56,724,589)<br>| &nbsp;&nbsp; 62608961 |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  |  |
| **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** |
| $45356868 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 12/31/2025 at <br> 2.150% to be repurchased at $45,362,285 on <br> 1/02/2026 collateralized by $46,071,500 <br> U.S. Treasury Note, 3.750% due 6/30/2027 valued <br> at $46,264,124 including accrued interest <br> (Note 2 of Notes to Financial Statements) <br>(Identified Cost $45,356,868)<br>| &nbsp;&nbsp; 45356868 |
|  | &nbsp;&nbsp; Total Investments — 100.2% <br>(Identified Cost $1,116,654,687)<br>| &nbsp;&nbsp; 1295131240 |
|  | Other assets less liabilities — (0.2)% | &nbsp;&nbsp; (2526825)<br>|
|  | Net Assets — 100.0% | &nbsp;&nbsp; $1292604415 |

---

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

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

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

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

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

ETF Exchange-Traded Fund <br> REIT Real Estate Investment Trust

See accompanying notes to financial statements.

11 \|

------

Statements of Assets and Liabilities

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Loomis** <br>**Sayles** <br>**International** <br>**Growth Fund**<br>| **Natixis** <br>**Oakmark** <br>**Fund**<br>| **Natixis** <br>**Oakmark** <br>**International** <br>**Fund**<br>| **Natixis** <br>**U.S.** <br>**Equity** <br>**Opportunities** <br>**Fund**<br>|
| **ASSETS** |  |  |  |  |
| Investments at cost | &nbsp;&nbsp;&nbsp; $24921910 | &nbsp;&nbsp;&nbsp; $1020594882 | &nbsp;&nbsp;&nbsp; $246439487 | &nbsp;&nbsp;&nbsp; $791924800 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 6818483 | &nbsp;&nbsp;&nbsp; 179531342 | &nbsp;&nbsp;&nbsp; 53842624 | &nbsp;&nbsp;&nbsp; 527913931 |
| Investments at value | &nbsp;&nbsp;&nbsp; 31740393 | &nbsp;&nbsp;&nbsp; 1200126224 | &nbsp;&nbsp;&nbsp; 300282111 | &nbsp;&nbsp;&nbsp; 1319838731 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 14382 |
| Foreign currency at value (identified cost $54,258, $0, $812 and $0, respectively) | &nbsp;&nbsp;&nbsp; 54324 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 809 | &nbsp;&nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 93124 | &nbsp;&nbsp;&nbsp; 2860842 | &nbsp;&nbsp;&nbsp; 1366765 | &nbsp;&nbsp;&nbsp; 580054 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 667130 | &nbsp;&nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 45386 | &nbsp;&nbsp;&nbsp; 746024 | &nbsp;&nbsp;&nbsp; 104026 | &nbsp;&nbsp;&nbsp; 655533 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp; 91030 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4087537 | &nbsp;&nbsp;&nbsp; 202457 |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 832 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 32025085 | &nbsp;&nbsp;&nbsp; 1203733922 | &nbsp;&nbsp;&nbsp; 306509383 | &nbsp;&nbsp;&nbsp; 1321291989 |
| **LIABILITIES** |  |  |  |  |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 639896 | &nbsp;&nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 475234 | &nbsp;&nbsp;&nbsp; 131786 | &nbsp;&nbsp;&nbsp; 575537 |
| Foreign taxes payable (Note 2)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 132051 | &nbsp;&nbsp;&nbsp; — |
| Management fees payable (Note 5)  | &nbsp;&nbsp;&nbsp; 16081 | &nbsp;&nbsp;&nbsp; 645267 | &nbsp;&nbsp;&nbsp; 21882 | &nbsp;&nbsp;&nbsp; 753460 |
| Deferred Trustees' fees (Note 5)  | &nbsp;&nbsp;&nbsp; 16249 | &nbsp;&nbsp;&nbsp; 1066594 | &nbsp;&nbsp;&nbsp; 165161 | &nbsp;&nbsp;&nbsp; 626621 |
| Administrative fees payable (Note 5)  | &nbsp;&nbsp;&nbsp; 1152 | &nbsp;&nbsp;&nbsp; 43062 | &nbsp;&nbsp;&nbsp; 10898 | &nbsp;&nbsp;&nbsp; 47268 |
| Payable to distributor (Note 5d)  | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; 11476 | &nbsp;&nbsp;&nbsp; 4845 | &nbsp;&nbsp;&nbsp; 6950 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 44275 | &nbsp;&nbsp;&nbsp; 43744 | &nbsp;&nbsp;&nbsp; 44371 | &nbsp;&nbsp;&nbsp; 44318 |
| Tax reclaim payable | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 460054 | &nbsp;&nbsp;&nbsp; — |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 32396 | &nbsp;&nbsp;&nbsp; 76008 | &nbsp;&nbsp;&nbsp; 50016 | &nbsp;&nbsp;&nbsp; 76095 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 110367 | &nbsp;&nbsp;&nbsp; 2361385 | &nbsp;&nbsp;&nbsp; 1660960 | &nbsp;&nbsp;&nbsp; 2130249 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $31914718 | &nbsp;&nbsp;&nbsp; $1201372537 | &nbsp;&nbsp;&nbsp; $304848423 | &nbsp;&nbsp;&nbsp; $1319161740 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $25669221 | &nbsp;&nbsp;&nbsp; $986295741 | &nbsp;&nbsp;&nbsp; $374927200 | &nbsp;&nbsp;&nbsp; $736190034 |
| Accumulated earnings (loss) | &nbsp;&nbsp;&nbsp; 6245497 | &nbsp;&nbsp;&nbsp; 215076796 | &nbsp;&nbsp;&nbsp; (70078777)<br>| &nbsp;&nbsp;&nbsp; 582971706 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $31914718 | &nbsp;&nbsp;&nbsp; $1201372537 | &nbsp;&nbsp;&nbsp; $304848423 | &nbsp;&nbsp;&nbsp; $1319161740 |

---

See accompanying notes to financial statements.

\| 12

------

Statements of Assets and Liabilities (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Loomis**<br> **Sayles**<br> **International**<br> **Growth Fund**<br>| **Natixis**<br> **Oakmark**<br> **Fund**<br>| **Natixis**<br> **Oakmark**<br> **International**<br> **Fund**<br>| **Natixis**<br> **U.S.**<br> **Equity**<br> **Opportunities**<br> **Fund**<br>|
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |  |  |
| **Class A shares:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $586568 | &nbsp;&nbsp;&nbsp; $313336825 | &nbsp;&nbsp;&nbsp; $133269102 | &nbsp;&nbsp;&nbsp; $769428903 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 51249 | &nbsp;&nbsp;&nbsp; 9937488 | &nbsp;&nbsp;&nbsp; 7678853 | &nbsp;&nbsp;&nbsp; 16136850 |
| Net asset value and redemption price per share | &nbsp;&nbsp;&nbsp; $11.45 | &nbsp;&nbsp;&nbsp; $31.53 | &nbsp;&nbsp;&nbsp; $17.36 | &nbsp;&nbsp;&nbsp; $47.68 |
| Offering price per share (100/94.25 of net asset value) (Note 1) | &nbsp;&nbsp;&nbsp; $12.15 | &nbsp;&nbsp;&nbsp; $33.45 | &nbsp;&nbsp;&nbsp; $18.42 | &nbsp;&nbsp;&nbsp; $50.59 |
| **Class C shares: (redemption price per share is equal to net asset value less any** <br> **applicable contingent deferred sales charge) (Note 1)**<br>|  |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $1154 | &nbsp;&nbsp;&nbsp; $58090159 | &nbsp;&nbsp;&nbsp; $13384075 | &nbsp;&nbsp;&nbsp; $26945699 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 2517112 | &nbsp;&nbsp;&nbsp; 780096 | &nbsp;&nbsp;&nbsp; 2019267 |
| Net asset value and offering price per share | &nbsp;&nbsp;&nbsp; $11.19<br> \*<br>| &nbsp;&nbsp;&nbsp; $23.08 | &nbsp;&nbsp;&nbsp; $17.16 | &nbsp;&nbsp;&nbsp; $13.34 |
| **Class N shares:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $10970127 | &nbsp;&nbsp;&nbsp; $4680378 | &nbsp;&nbsp;&nbsp; $454028 | &nbsp;&nbsp;&nbsp; $2951498 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 955454 | &nbsp;&nbsp;&nbsp; 134713 | &nbsp;&nbsp;&nbsp; 26308 | &nbsp;&nbsp;&nbsp; 45124 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $11.48 | &nbsp;&nbsp;&nbsp; $34.74 | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $65.41 |
| **Class Y shares:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $20356869 | &nbsp;&nbsp;&nbsp; $825265175 | &nbsp;&nbsp;&nbsp; $157741218 | &nbsp;&nbsp;&nbsp; $519835640 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 1773983 | &nbsp;&nbsp;&nbsp; 23846799 | &nbsp;&nbsp;&nbsp; 9139892 | &nbsp;&nbsp;&nbsp; 7978030 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $11.48 | &nbsp;&nbsp;&nbsp; $34.61 | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $65.16 |

---

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

\* Net asset value calculations have been determined utilizing fractional share and penny amounts.

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

See accompanying notes to financial statements.

13 \|

------

Statements of Assets and Liabilities (continued)

December 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Vaughan** <br>**Nelson** <br>**Mid** <br>**Cap Fund**<br>| **Vaughan** <br>**Nelson** <br>**Small Cap** <br>**Fund**<br>|
| **ASSETS** |  |  |
| Investments at cost | &nbsp;&nbsp;&nbsp; $124731168 | &nbsp;&nbsp;&nbsp; $1116654687 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 31060861 | &nbsp;&nbsp;&nbsp; 178476553 |
| Investments at value | &nbsp;&nbsp;&nbsp; 155792029 | &nbsp;&nbsp;&nbsp; 1295131240 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 51856 | &nbsp;&nbsp;&nbsp; 3895882 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 64978 | &nbsp;&nbsp;&nbsp; 945070 |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 832 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 155909695 | &nbsp;&nbsp;&nbsp; 1299973034 |
| **LIABILITIES** |  |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; 258863 | &nbsp;&nbsp;&nbsp; 5929677 |
| Management fees payable (Note 5)  | &nbsp;&nbsp;&nbsp; 121998 | &nbsp;&nbsp;&nbsp; 959447 |
| Deferred Trustees' fees (Note 5)  | &nbsp;&nbsp;&nbsp; 325272 | &nbsp;&nbsp;&nbsp; 287161 |
| Administrative fees payable (Note 5)  | &nbsp;&nbsp;&nbsp; 6460 | &nbsp;&nbsp;&nbsp; 47815 |
| Payable to distributor (Note 5d)  | &nbsp;&nbsp;&nbsp; 1595 | &nbsp;&nbsp;&nbsp; 14134 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 44129 | &nbsp;&nbsp;&nbsp; 43855 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 34808 | &nbsp;&nbsp;&nbsp; 86530 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 793125 | &nbsp;&nbsp;&nbsp; 7368619 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $155116570 | &nbsp;&nbsp;&nbsp; $1292604415 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $119284157 | &nbsp;&nbsp;&nbsp; $1091835734 |
| Accumulated earnings | &nbsp;&nbsp;&nbsp; 35832413 | &nbsp;&nbsp;&nbsp; 200768681 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $155116570 | &nbsp;&nbsp;&nbsp; $1292604415 |
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |
| **Class A shares:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $38972446 | &nbsp;&nbsp;&nbsp; $286920370 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 2122511 | &nbsp;&nbsp;&nbsp; 13895975 |
| Net asset value and redemption price per share | &nbsp;&nbsp;&nbsp; $18.36 | &nbsp;&nbsp;&nbsp; $20.65 |
| Offering price per share (100/94.25 of net asset value) (Note 1) | &nbsp;&nbsp;&nbsp; $19.48 | &nbsp;&nbsp;&nbsp; $21.91 |
| **Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales** <br> **charge) (Note 1)**<br>|  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $2417186 | &nbsp;&nbsp;&nbsp; $8408628 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 161597 | &nbsp;&nbsp;&nbsp; 1378884 |
| Net asset value and offering price per share | &nbsp;&nbsp;&nbsp; $14.96 | &nbsp;&nbsp;&nbsp; $6.10 |
| **Class N shares:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $10869100 | &nbsp;&nbsp;&nbsp; $200761827 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 573540 | &nbsp;&nbsp;&nbsp; 9062254 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $18.95 | &nbsp;&nbsp;&nbsp; $22.15 |
| **Class Y shares:** |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $102857838 | &nbsp;&nbsp;&nbsp; $796513590 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 5413340 | &nbsp;&nbsp;&nbsp; 36011955 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $19.00 | &nbsp;&nbsp;&nbsp; $22.12 |

---

&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.

\| 14

------

Statements of Operations

For the Year Ended December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Loomis** <br>**Sayles** <br>**International** <br>**Growth Fund**<br>| **Natixis** <br>**Oakmark** <br>**Fund**<br>| **Natixis** <br>**Oakmark** <br>**International** <br>**Fund**<br>| **Natixis** <br>**U.S.** <br>**Equity** <br>**Opportunities** <br>**Fund**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |
| Dividends | &nbsp;&nbsp;&nbsp; $450521 | &nbsp;&nbsp;&nbsp; $17347740 | &nbsp;&nbsp;&nbsp; $9118541 | &nbsp;&nbsp;&nbsp; $12218656 |
| Interest | &nbsp;&nbsp;&nbsp; 8948 | &nbsp;&nbsp;&nbsp; 1216186 | &nbsp;&nbsp;&nbsp; 270099 | &nbsp;&nbsp;&nbsp; 664310 |
| Tax reclaims (Note 2e) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1514265 | &nbsp;&nbsp;&nbsp; — |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; (22977)<br>| &nbsp;&nbsp;&nbsp; (35909)<br>| &nbsp;&nbsp;&nbsp; (739983)<br>| &nbsp;&nbsp;&nbsp; (55100)<br>|
|  | &nbsp;&nbsp;&nbsp; 436492 | &nbsp;&nbsp;&nbsp; 18528017 | &nbsp;&nbsp;&nbsp; 10162922 | &nbsp;&nbsp;&nbsp; 12827866 |
| Expenses |  |  |  |  |
| Management fees (Note 5)  | &nbsp;&nbsp;&nbsp; 231223 | &nbsp;&nbsp;&nbsp; 6762075 | &nbsp;&nbsp;&nbsp; 2321545 | &nbsp;&nbsp;&nbsp; 8108060 |
| Service and distribution fees (Note 5)  | &nbsp;&nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp; 1284397 | &nbsp;&nbsp;&nbsp; 464386 | &nbsp;&nbsp;&nbsp; 2090211 |
| Administrative fees (Note 5)  | &nbsp;&nbsp;&nbsp; 13206 | &nbsp;&nbsp;&nbsp; 457502 | &nbsp;&nbsp;&nbsp; 124039 | &nbsp;&nbsp;&nbsp; 518173 |
| Trustees' fees and expenses (Note 5)  | &nbsp;&nbsp;&nbsp; 20707 | &nbsp;&nbsp;&nbsp; 138010 | &nbsp;&nbsp;&nbsp; 40972 | &nbsp;&nbsp;&nbsp; 107240 |
| Transfer agent fees and expenses (Notes 5, 6 and 7)  | &nbsp;&nbsp;&nbsp; 24985 | &nbsp;&nbsp;&nbsp; 940734 | &nbsp;&nbsp;&nbsp; 375647 | &nbsp;&nbsp;&nbsp; 711449 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 48987 | &nbsp;&nbsp;&nbsp; 47737 | &nbsp;&nbsp;&nbsp; 52456 | &nbsp;&nbsp;&nbsp; 49026 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 18531 | &nbsp;&nbsp;&nbsp; 27995 | &nbsp;&nbsp;&nbsp; 76426 | &nbsp;&nbsp;&nbsp; 38122 |
| Legal fees | &nbsp;&nbsp;&nbsp; 1387 | &nbsp;&nbsp;&nbsp; 44706 | &nbsp;&nbsp;&nbsp; 12578 | &nbsp;&nbsp;&nbsp; 50928 |
| Registration fees | &nbsp;&nbsp;&nbsp; 73259 | &nbsp;&nbsp;&nbsp; 125713 | &nbsp;&nbsp;&nbsp; 76372 | &nbsp;&nbsp;&nbsp; 91511 |
| Shareholder reporting expenses | &nbsp;&nbsp;&nbsp; 22095 | &nbsp;&nbsp;&nbsp; 72484 | &nbsp;&nbsp;&nbsp; 17753 | &nbsp;&nbsp;&nbsp; 46357 |
| Tax reclaim expenses (Note 2e)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 589164 | &nbsp;&nbsp;&nbsp; — |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 49173 | &nbsp;&nbsp;&nbsp; 60072 | &nbsp;&nbsp;&nbsp; 68042 | &nbsp;&nbsp;&nbsp; 72073 |
| Total expenses | &nbsp;&nbsp;&nbsp; 504723 | &nbsp;&nbsp;&nbsp; 9961425 | &nbsp;&nbsp;&nbsp; 4219380 | &nbsp;&nbsp;&nbsp; 11883150 |
| Expense recovery (Note 5)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Less waiver and/or expense reimbursement (Note 5)  | &nbsp;&nbsp;&nbsp; (213742)<br>| &nbsp;&nbsp;&nbsp; (319302)<br>| &nbsp;&nbsp;&nbsp; (783144)<br>| &nbsp;&nbsp;&nbsp; (1057)<br>|
| Less expense offset (Note 7)  | &nbsp;&nbsp;&nbsp; (2065)<br>| &nbsp;&nbsp;&nbsp; (23620)<br>| &nbsp;&nbsp;&nbsp; (4655)<br>| &nbsp;&nbsp;&nbsp; (32928)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 288916 | &nbsp;&nbsp;&nbsp; 9618666 | &nbsp;&nbsp;&nbsp; 3431581 | &nbsp;&nbsp;&nbsp; 11849165 |
| Net investment income | &nbsp;&nbsp;&nbsp; 147576 | &nbsp;&nbsp;&nbsp; 8909351 | &nbsp;&nbsp;&nbsp; 6731341 | &nbsp;&nbsp;&nbsp; 978701 |
| **Net realized and unrealized gain (loss) on Investments and Foreign** <br> **currency transactions** <br>|  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (196383)<br>| &nbsp;&nbsp;&nbsp; 98042678 | &nbsp;&nbsp;&nbsp; 9513349 | &nbsp;&nbsp;&nbsp; 106606984 |
| Foreign currency transactions (Note 2c)  | &nbsp;&nbsp;&nbsp; 4766 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (88217)<br>| &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 2869603 | &nbsp;&nbsp;&nbsp; 42470573 | &nbsp;&nbsp;&nbsp; 60033050 | &nbsp;&nbsp;&nbsp; 87980515 |
| Foreign currency translations (Note 2c)  | &nbsp;&nbsp;&nbsp; 11066 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 468816 | &nbsp;&nbsp;&nbsp; — |
| Net realized and unrealized gain on Investments and Foreign currency transactions | &nbsp;&nbsp;&nbsp; 2689052 | &nbsp;&nbsp;&nbsp; 140513251 | &nbsp;&nbsp;&nbsp; 69926998 | &nbsp;&nbsp;&nbsp; 194587499 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $2836628 | &nbsp;&nbsp;&nbsp; $149422602 | &nbsp;&nbsp;&nbsp; $76658339 | &nbsp;&nbsp;&nbsp; $195566200 |

---

See accompanying notes to financial statements.

15 \|

------

Statements of Operations (continued)

For the Year Ended December 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Vaughan** <br>**Nelson** <br>**Mid** <br>**Cap Fund**<br>| **Vaughan** <br>**Nelson** <br>**Small Cap** <br>**Fund**<br>|
| **INVESTMENT INCOME**  |  |  |
| Dividends | &nbsp;&nbsp;&nbsp; $2478214 | &nbsp;&nbsp;&nbsp; $23398662 |
| Interest | &nbsp;&nbsp;&nbsp; 105001 | &nbsp;&nbsp;&nbsp; 1455409 |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (54069)<br>|
|  | &nbsp;&nbsp;&nbsp; 2583215 | &nbsp;&nbsp;&nbsp; 24800002 |
| Expenses |  |  |
| Management fees (Note 5)  | &nbsp;&nbsp;&nbsp; 1613400 | &nbsp;&nbsp;&nbsp; 11034612 |
| Service and distribution fees (Note 5)  | &nbsp;&nbsp;&nbsp; 124840 | &nbsp;&nbsp;&nbsp; 754098 |
| Administrative fees (Note 5)  | &nbsp;&nbsp;&nbsp; 92233 | &nbsp;&nbsp;&nbsp; 556203 |
| Trustees' fees and expenses (Note 5)  | &nbsp;&nbsp;&nbsp; 51236 | &nbsp;&nbsp;&nbsp; 83080 |
| Transfer agent fees and expenses (Notes 5, 6 and 7)  | &nbsp;&nbsp;&nbsp; 181992 | &nbsp;&nbsp;&nbsp; 1345026 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 48611 | &nbsp;&nbsp;&nbsp; 47843 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 13353 | &nbsp;&nbsp;&nbsp; 36736 |
| Legal fees | &nbsp;&nbsp;&nbsp; 9960 | &nbsp;&nbsp;&nbsp; 58497 |
| Registration fees | &nbsp;&nbsp;&nbsp; 67968 | &nbsp;&nbsp;&nbsp; 109889 |
| Shareholder reporting expenses | &nbsp;&nbsp;&nbsp; 29136 | &nbsp;&nbsp;&nbsp; 166916 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 41059 | &nbsp;&nbsp;&nbsp; 72247 |
| Total expenses | &nbsp;&nbsp;&nbsp; 2273788 | &nbsp;&nbsp;&nbsp; 14265147 |
| Less waiver and/or expense reimbursement (Note 5)  | &nbsp;&nbsp;&nbsp; (231260)<br>| &nbsp;&nbsp;&nbsp; (615644)<br>|
| Less expense offset (Note 7)  | &nbsp;&nbsp;&nbsp; (3746)<br>| &nbsp;&nbsp;&nbsp; (26809)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 2038782 | &nbsp;&nbsp;&nbsp; 13622694 |
| Net investment income | &nbsp;&nbsp;&nbsp; 544433 | &nbsp;&nbsp;&nbsp; 11177308 |
| **Net realized and unrealized gain (loss) on Investments** |  |  |
| Net realized gain on: |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 51862967 | &nbsp;&nbsp;&nbsp; 91688935 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (27692842)<br>| &nbsp;&nbsp;&nbsp; 47931540 |
| Net realized and unrealized gain on Investments | &nbsp;&nbsp;&nbsp; 24170125 | &nbsp;&nbsp;&nbsp; 139620475 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $24714558 | &nbsp;&nbsp;&nbsp; $150797783 |

---

See accompanying notes to financial statements.

\| 16

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Loomis Sayles** <br>**International Growth Fund** | **Loomis Sayles** <br>**International Growth Fund** | **Natixis Oakmark Fund** | **Natixis Oakmark 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 | $147576 | $186675 | $8909351 | $7889231 |
| Net realized gain (loss) on investments and foreign currency transactions | (191617)<br>| 561449 | 98042678 | 56970368 |
| Net change in unrealized appreciation on investments and foreign currency <br> translations<br>| 2880669 | 4343656 | 42470573 | 54122326 |
| Net increase in net assets resulting from operations | 2836628 | 5091780 | 149422602 | 118981925 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | (7339)<br>| (1516)<br>| (21426048)<br>| (18798910)<br>|
| Class C | (14)<br>|  | (4976563)<br>| (4334342)<br>|
| Class N | (191119)<br>| (71151)<br>| (273318)<br>| (100842)<br>|
| Class Y | (342174)<br>| (117292)<br>| (51697418)<br>| (32229887)<br>|
| Total distributions | (540646)<br>| (189959)<br>| (78373347)<br>| (55463981)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 11)**<br>| 555645 | (6562742)<br>| 258783420 | 170530283 |
| Net increase (decrease) in net assets | 2851627 | (1660921)<br>| 329832675 | 234048227 |
| **NET ASSETS** |  |  |  |  |
| Beginning of the year | 29063091 | 30724012 | 871539862 | 637491635 |
| End of the year | $31914718 | $29063091 | $1201372537 | $871539862 |

---

See accompanying notes to financial statements.

17 \|

------

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Natixis Oakmark International Fund** | **Natixis Oakmark International Fund** | **Natixis U.S. Equity Opportunities Fund** | **Natixis U.S. Equity Opportunities 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 | $6731341 | $6871105 | $978701 | $1631604 |
| Net realized gain on investments and foreign currency transactions | 9425132 | 14816126 | 106606984 | 109514055 |
| Net change in unrealized appreciation (depreciation) on investments and <br> foreign currency translations<br>| 60501866 | (37566327)<br>| 87980515 | 125258245 |
| Net increase (decrease) in net assets resulting from operations | 76658339 | (15879096)<br>| 195566200 | 236403904 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | (4032762)<br>| (3243144)<br>| (44544956)<br>| (42783994)<br>|
| Class C | (286504)<br>| (343633)<br>| (5089757)<br>| (4757892)<br>|
| Class N | (14954)<br>| (13014)<br>| (126072)<br>| (111145)<br>|
| Class Y | (5157516)<br>| (4519229)<br>| (21957486)<br>| (18605636)<br>|
| Total distributions | (9491736)<br>| (8119020)<br>| (71718271)<br>| (66258667)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 11)**<br>| (31328823)<br>| (95623559)<br>| 66659478 | (6952176)<br>|
| Net increase (decrease) in net assets | 35837780 | (119621675)<br>| 190507407 | 163193061 |
| **NET ASSETS** |  |  |  |  |
| Beginning of the year | 269010643 | 388632318 | 1128654333 | 965461272 |
| End of the year | $304848423 | $269010643 | $1319161740 | $1128654333 |

---

See accompanying notes to financial statements.

\| 18

------

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Mid Cap Fund** | **Vaughan Nelson Mid Cap Fund** | **Vaughan Nelson Small Cap Fund** | **Vaughan Nelson Small Cap 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 | $544433 | $399897 | $11177308 | $10470553 |
| Net realized gain on investments | 51862967 | 39420826 | 91688935 | 11572406 |
| Net change in unrealized appreciation (depreciation) on investments | (27692842)<br>| 5400104 | 47931540 | 28499529 |
| Net increase in net assets resulting from operations | 24714558 | 45220827 | 150797783 | 50542488 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | (13394499)<br>| (4677497)<br>| (16148935)<br>| (2131162)<br>|
| Class C | (931044)<br>| (297120)<br>| (1385336)<br>| (492839)<br>|
| Class N | (5116393)<br>| (5450517)<br>| (11132297)<br>| (1725379)<br>|
| Class Y | (35890420)<br>| (15866769)<br>| (43371032)<br>| (14093624)<br>|
| Total distributions | (55332356)<br>| (26291903)<br>| (72037600)<br>| (18443004)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 11)**<br>| (57473813)<br>| (26374992)<br>| (6439594)<br>| 536052143 |
| Net increase (decrease) in net assets | (88091611)<br>| (7446068)<br>| 72320589 | 568151627 |
| **NET ASSETS** |  |  |  |  |
| Beginning of the year | 243208181 | 250654249 | 1220283826 | 652132199 |
| End of the year | $155116570 | $243208181 | $1292604415 | $1220283826 |

---

See accompanying notes to financial statements.

19 \|

------

Financial Highlights

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Loomis Sayles International Growth Fund—Class A** | **Loomis Sayles International Growth Fund—Class A** | **Loomis Sayles International Growth Fund—Class A** | **Loomis Sayles International Growth Fund—Class A** | **Loomis Sayles International Growth Fund—Class A** |
|  | **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; $10.60 | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $7.84 | &nbsp;&nbsp;&nbsp; $9.57 | &nbsp;&nbsp;&nbsp; $10.13 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp; 0.03 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.45 | &nbsp;&nbsp;&nbsp; $10.60 | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $7.84 | &nbsp;&nbsp;&nbsp; $9.57 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.09 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.56<br> %<br>| &nbsp;&nbsp;&nbsp; (17.71)%<br>| &nbsp;&nbsp;&nbsp; (4.07)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $587 | &nbsp;&nbsp;&nbsp; $316 | &nbsp;&nbsp;&nbsp; $151 | &nbsp;&nbsp;&nbsp; $125 | &nbsp;&nbsp;&nbsp; $113 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.92 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp; (0.07)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.01, total return would have been 12.98% and the ratio of net investment income to average net assets would have been 0.12%.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.74%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes transfer agent fees and expenses before expense offsets, had offsets been included the ratio of gross expenses would have been 1.91%. See Note 7 of Notes to Financial Statements.

See accompanying notes to financial statements.

\| 20

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Loomis Sayles International Growth Fund—Class C** | **Loomis Sayles International Growth Fund—Class C** | **Loomis Sayles International Growth Fund—Class C** | **Loomis Sayles International Growth Fund—Class C** | **Loomis Sayles International Growth Fund—Class C** |
|  | **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; $10.42 | &nbsp;&nbsp;&nbsp; $9.29 | &nbsp;&nbsp;&nbsp; $7.77 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $10.13 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.05 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )(c)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )(c)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.00)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $10.42 | &nbsp;&nbsp;&nbsp; $9.29 | &nbsp;&nbsp;&nbsp; $7.77 | &nbsp;&nbsp;&nbsp; $9.51 |
| Total return(d)(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.19 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.56<br> %<br>| &nbsp;&nbsp;&nbsp; (18.30)%<br>| &nbsp;&nbsp;&nbsp; (4.79)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $38 |
| Net expenses(f) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 2.64 %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.46<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.57)%<br>| &nbsp;&nbsp;&nbsp; (0.55 )%(b)<br>| &nbsp;&nbsp;&nbsp; (0.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp; (0.90)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.07), total return would have been 12.08% and the ratio of net investment loss to average net assets would have been (0.75)%.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes interest expense of less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes transfer agent fees and expenses before expense offsets, had offsets been included the ratio of gross expenses would have been 2.63%. See Note 7 of Notes to Financial Statements.

See accompanying notes to financial statements.

21 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Loomis Sayles International Growth Fund—Class N** | **Loomis Sayles International Growth Fund—Class N** | **Loomis Sayles International Growth Fund—Class N** | **Loomis Sayles International Growth Fund—Class N** | **Loomis Sayles International Growth 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 period | &nbsp;&nbsp;&nbsp; $10.63 | &nbsp;&nbsp;&nbsp; $9.44 | &nbsp;&nbsp;&nbsp; $7.85 | &nbsp;&nbsp;&nbsp; $9.58 | &nbsp;&nbsp;&nbsp; $10.13 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp; 0.05 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.48 | &nbsp;&nbsp;&nbsp; $10.63 | &nbsp;&nbsp;&nbsp; $9.44 | &nbsp;&nbsp;&nbsp; $7.85 | &nbsp;&nbsp;&nbsp; $9.58 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.36 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.99<br> %<br>| &nbsp;&nbsp;&nbsp; (17.47)%<br>| &nbsp;&nbsp;&nbsp; (3.77)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $10970 | &nbsp;&nbsp;&nbsp; $10089 | &nbsp;&nbsp;&nbsp; $25661 | &nbsp;&nbsp;&nbsp; $21331 | &nbsp;&nbsp;&nbsp; $22953 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.03, total return would have been 13.26% and the ratio of net investment income to average net assets would have been 0.29%.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes interest expense of less than 0.01%.

See accompanying notes to financial statements.

\| 22

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Loomis Sayles International Growth Fund—Class Y** | **Loomis Sayles International Growth Fund—Class Y** | **Loomis Sayles International Growth Fund—Class Y** | **Loomis Sayles International Growth Fund—Class Y** | **Loomis Sayles International Growth Fund—Class Y** |
|  | **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; $10.63 | &nbsp;&nbsp;&nbsp; $9.44 | &nbsp;&nbsp;&nbsp; $7.85 | &nbsp;&nbsp;&nbsp; $9.58 | &nbsp;&nbsp;&nbsp; $10.13 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; 0.06 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>|
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $11.48 | &nbsp;&nbsp;&nbsp; $10.63 | &nbsp;&nbsp;&nbsp; $9.44 | &nbsp;&nbsp;&nbsp; $7.85 | &nbsp;&nbsp;&nbsp; $9.58 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.45 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.81<br> %<br>| &nbsp;&nbsp;&nbsp; (17.50)%<br>| &nbsp;&nbsp;&nbsp; (3.81)%<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $20357 | &nbsp;&nbsp;&nbsp; $18657 | &nbsp;&nbsp;&nbsp; $4911 | &nbsp;&nbsp;&nbsp; $3124 | &nbsp;&nbsp;&nbsp; $222 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.67 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.04, total return would have been 13.23% and the ratio of net investment income to average net assets would have been 0.34%.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.49%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes transfer agent fees and expenses before expense offsets, had offsets been included the ratio of gross expenses would have been 1.66%. See Note 7 of Notes to Financial Statements.

See accompanying notes to financial statements.

23 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natixis Oakmark Fund—Class A** | **Natixis Oakmark Fund—Class A** | **Natixis Oakmark Fund—Class A** | **Natixis Oakmark Fund—Class A** | **Natixis Oakmark Fund—Class A** |
|  | **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; $29.51 | &nbsp;&nbsp;&nbsp; $27.24 | &nbsp;&nbsp;&nbsp; $21.55 | &nbsp;&nbsp;&nbsp; $29.04 | &nbsp;&nbsp;&nbsp; $23.20 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp; (4.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.81 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.88 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp;&nbsp; (2.04)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $31.53 | &nbsp;&nbsp;&nbsp; $29.51 | &nbsp;&nbsp;&nbsp; $27.24 | &nbsp;&nbsp;&nbsp; $21.55 | &nbsp;&nbsp;&nbsp; $29.04 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.96<br> %<br>| &nbsp;&nbsp;&nbsp; (13.30)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.97<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $313337 | &nbsp;&nbsp;&nbsp; $289368 | &nbsp;&nbsp;&nbsp; $257098 | &nbsp;&nbsp;&nbsp; $192750 | &nbsp;&nbsp;&nbsp; $222435 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %(f)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2024, the expense limit decreased from 1.05% to 1.03%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2021, the expense limit decreased from 1.30% to 1.05%.

See accompanying notes to financial statements.

\| 24

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natixis Oakmark Fund—Class C** | **Natixis Oakmark Fund—Class C** | **Natixis Oakmark Fund—Class C** | **Natixis Oakmark Fund—Class C** | **Natixis Oakmark Fund—Class C** |
|  | **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; $22.18 | &nbsp;&nbsp;&nbsp; $20.92 | &nbsp;&nbsp;&nbsp; $16.74 | &nbsp;&nbsp;&nbsp; $23.50 | &nbsp;&nbsp;&nbsp; $19.17 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.44 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.32 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $23.08 | &nbsp;&nbsp;&nbsp; $22.18 | &nbsp;&nbsp;&nbsp; $20.92 | &nbsp;&nbsp;&nbsp; $16.74 | &nbsp;&nbsp;&nbsp; $23.50 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.99<br> %<br>| &nbsp;&nbsp;&nbsp; (13.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.99<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $58090 | &nbsp;&nbsp;&nbsp; $55187 | &nbsp;&nbsp;&nbsp; $55880 | &nbsp;&nbsp;&nbsp; $51987 | &nbsp;&nbsp;&nbsp; $50042 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp; (0.49)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2024, the expense limit decreased from 1.80% to 1.78%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2021, the expense limit decreased from 2.05% to 1.80%.

See accompanying notes to financial statements.

25 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natixis Oakmark Fund—Class N** | **Natixis Oakmark Fund—Class N** | **Natixis Oakmark Fund—Class N** | **Natixis Oakmark Fund—Class N** | **Natixis Oakmark 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 period | &nbsp;&nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $29.63 | &nbsp;&nbsp;&nbsp; $23.36 | &nbsp;&nbsp;&nbsp; $31.13 | &nbsp;&nbsp;&nbsp; $24.72 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp; (4.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.31 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp;&nbsp; (4.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.54 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp;&nbsp; (2.13)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $34.74 | &nbsp;&nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $29.63 | &nbsp;&nbsp;&nbsp; $23.36 | &nbsp;&nbsp;&nbsp; $31.13 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.35<br> %<br>| &nbsp;&nbsp;&nbsp; (13.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.54<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $4680 | &nbsp;&nbsp;&nbsp; $1718 | &nbsp;&nbsp;&nbsp; $647 | &nbsp;&nbsp;&nbsp; $517 | &nbsp;&nbsp;&nbsp; $682 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %(e)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective July 1, 2024, the expense limit decreased from 0.75% to 0.73%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2021, the expense limit decreased from 1.00% to 0.75%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 0.79%. See Note 7 of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 0.87%.

See accompanying notes to financial statements.

\| 26

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natixis Oakmark Fund—Class Y** | **Natixis Oakmark Fund—Class Y** | **Natixis Oakmark Fund—Class Y** | **Natixis Oakmark Fund—Class Y** | **Natixis Oakmark Fund—Class Y** |
|  | **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; $32.18 | &nbsp;&nbsp;&nbsp; $29.53 | &nbsp;&nbsp;&nbsp; $23.29 | &nbsp;&nbsp;&nbsp; $31.04 | &nbsp;&nbsp;&nbsp; $24.68 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;6.98 | &nbsp;&nbsp;&nbsp; (4.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.31 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp; (4.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.48 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp;&nbsp; (2.12)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $34.61 | &nbsp;&nbsp;&nbsp; $32.18 | &nbsp;&nbsp;&nbsp; $29.53 | &nbsp;&nbsp;&nbsp; $23.29 | &nbsp;&nbsp;&nbsp; $31.04 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.28<br> %<br>| &nbsp;&nbsp;&nbsp; (13.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.35<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $825265 | &nbsp;&nbsp;&nbsp; $525267 | &nbsp;&nbsp;&nbsp; $323867 | &nbsp;&nbsp;&nbsp; $103213 | &nbsp;&nbsp;&nbsp; $99008 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %(e)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective July 1, 2024, the expense limit decreased from 0.80% to 0.78%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2021, the expense limit decreased from 1.05% to 0.80%.

See accompanying notes to financial statements.

27 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natixis Oakmark International Fund—Class A** | **Natixis Oakmark International Fund—Class A** | **Natixis Oakmark International Fund—Class A** | **Natixis Oakmark International Fund—Class A** | **Natixis Oakmark International Fund—Class A** |
|  | **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; $13.49 | &nbsp;&nbsp;&nbsp; $14.64 | &nbsp;&nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp; $15.15 | &nbsp;&nbsp;&nbsp; $14.15 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; 0.26 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp; 0.27 <br>(c)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $17.36 | &nbsp;&nbsp;&nbsp; $13.49 | &nbsp;&nbsp;&nbsp; $14.64 | &nbsp;&nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp; $15.15 |
| Total return(d)(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.60<br> %<br>| &nbsp;&nbsp;&nbsp; (5.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.94 %(b)<br>| &nbsp;&nbsp;&nbsp; (15.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.73 %(c)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $133269 | &nbsp;&nbsp;&nbsp; $111397 | &nbsp;&nbsp;&nbsp; $142825 | &nbsp;&nbsp;&nbsp; $120316 | &nbsp;&nbsp;&nbsp; $152900 |
| Net expenses(f) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %(h)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.55 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %(c)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes tax reclaims. Without these, net investment income per share would have been $0.25, total return would have been 18.78% and the ratio of net investment income to average net assets would have been 1.74%.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes a non-recurring dividend and tax reclaims. Without these, net investment income per share would have been $0.13, total return would have been 7.74% and the ratio of net investment income to average net assets would have been 0.84%.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes tax reclaim IRS closing agreement expenses of 0.13%. See Note 2e of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective July 1, 2021, the expense limit decreased from 1.20% to 1.15%.

See accompanying notes to financial statements.

\| 28

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natixis Oakmark International Fund—Class C** | **Natixis Oakmark International Fund—Class C** | **Natixis Oakmark International Fund—Class C** | **Natixis Oakmark International Fund—Class C** | **Natixis Oakmark International Fund—Class C** |
|  | **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; $13.31 | &nbsp;&nbsp;&nbsp; $14.42 | &nbsp;&nbsp;&nbsp; $12.31 | &nbsp;&nbsp;&nbsp; $14.86 | &nbsp;&nbsp;&nbsp; $13.85 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; 0.16 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 <br>(c)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $17.16 | &nbsp;&nbsp;&nbsp; $13.31 | &nbsp;&nbsp;&nbsp; $14.42 | &nbsp;&nbsp;&nbsp; $12.31 | &nbsp;&nbsp;&nbsp; $14.86 |
| Total return(d)(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.66<br> %<br>| &nbsp;&nbsp;&nbsp; (5.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.01 %(b)<br>| &nbsp;&nbsp;&nbsp; (16.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.92 %(c)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $13384 | &nbsp;&nbsp;&nbsp; $17235 | &nbsp;&nbsp;&nbsp; $28598 | &nbsp;&nbsp;&nbsp; $39202 | &nbsp;&nbsp;&nbsp; $69335 |
| Net expenses(f) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %(h)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 2.28 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %(c)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes tax reclaims. Without these, net investment income per share would have been $0.15, total return would have been 17.85% and the ratio of net investment income to average net assets would have been 1.10%.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes a non-recurring dividend and tax reclaims. Without these, net investment income per share would have been $0.02, total return would have been 6.98% and the ratio of net investment income to average net assets would have been 0.13%.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes tax reclaim IRS closing agreement expenses of 0.10%. See Note 2e of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective July 1, 2021, the expense limit decreased from 1.95% to 1.90%.

See accompanying notes to financial statements.

29 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natixis Oakmark International Fund—Class N** | **Natixis Oakmark International Fund—Class N** | **Natixis Oakmark International Fund—Class N** | **Natixis Oakmark International Fund—Class N** | **Natixis Oakmark International 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 period | &nbsp;&nbsp;&nbsp; $13.42 | &nbsp;&nbsp;&nbsp; $14.57 | &nbsp;&nbsp;&nbsp; $12.46 | &nbsp;&nbsp;&nbsp; $15.08 | &nbsp;&nbsp;&nbsp; $14.09 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp; 0.38 <br>(c)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $13.42 | &nbsp;&nbsp;&nbsp; $14.57 | &nbsp;&nbsp;&nbsp; $12.46 | &nbsp;&nbsp;&nbsp; $15.08 |
| Total return(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.91<br> %<br>| &nbsp;&nbsp;&nbsp; (4.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.30 %(b)<br>| &nbsp;&nbsp;&nbsp; (15.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.01 %(c)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $454 | &nbsp;&nbsp;&nbsp; $407 | &nbsp;&nbsp;&nbsp; $348 | &nbsp;&nbsp;&nbsp; $222 | &nbsp;&nbsp;&nbsp; $704 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.38 %(f)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21 %(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49 %(c)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes tax reclaims. Without these, net investment income per share would have been $0.27, total return would have been 19.14% and the ratio of net investment income to average net assets would have been 1.95%.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes a non-recurring dividend and tax reclaims. Without these, net investment income per share would have been $0.11, total return would have been 8.09% and the ratio of net investment income to average net assets would have been 0.70%.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes tax reclaim IRS closing agreement expenses of 0.11%. See Note 2e of Notes to Financial Statements.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 1.37%. See Note 7 of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 1.19%.

See accompanying notes to financial statements.

\| 30

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natixis Oakmark International Fund—Class Y** | **Natixis Oakmark International Fund—Class Y** | **Natixis Oakmark International Fund—Class Y** | **Natixis Oakmark International Fund—Class Y** | **Natixis Oakmark International Fund—Class Y** |
|  | **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; $13.41 | &nbsp;&nbsp;&nbsp; $14.56 | &nbsp;&nbsp;&nbsp; $12.45 | &nbsp;&nbsp;&nbsp; $15.07 | &nbsp;&nbsp;&nbsp; $14.08 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 <br>(c)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $13.41 | &nbsp;&nbsp;&nbsp; $14.56 | &nbsp;&nbsp;&nbsp; $12.45 | &nbsp;&nbsp;&nbsp; $15.07 |
| Total return(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.94<br> %<br>| &nbsp;&nbsp;&nbsp; (4.89)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.26 %(b)<br>| &nbsp;&nbsp;&nbsp; (15.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.97 %(c)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $157741 | &nbsp;&nbsp;&nbsp; $139971 | &nbsp;&nbsp;&nbsp; $216862 | &nbsp;&nbsp;&nbsp; $200175 | &nbsp;&nbsp;&nbsp; $312930 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.30 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96 %(c)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes tax reclaims. Without these, net investment income per share would have been $0.28, total return would have been 19.18% and the ratio of net investment income to average net assets would have been 1.98%.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes a non-recurring dividend and tax reclaims. Without these, net investment income per share would have been $0.17, total return would have been 8.04% and the ratio of net investment income to average net assets would have been 1.07%.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes tax reclaim IRS closing agreement expenses of 0.13%. See Note 2e of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2021, the expense limit decreased from 0.95% to 0.90%.

See accompanying notes to financial statements.

31 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natixis U.S. Equity Opportunities Fund—Class A** | **Natixis U.S. Equity Opportunities Fund—Class A** | **Natixis U.S. Equity Opportunities Fund—Class A** | **Natixis U.S. Equity Opportunities Fund—Class A** | **Natixis U.S. Equity Opportunities Fund—Class A** |
|  | **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; $43.26 | &nbsp;&nbsp;&nbsp; $36.73 | &nbsp;&nbsp;&nbsp; $29.01 | &nbsp;&nbsp;&nbsp; $43.12 | &nbsp;&nbsp;&nbsp; $39.04 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp;10.66 | &nbsp;&nbsp;&nbsp; (8.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.99 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp; (8.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.88 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp; (5.22)<br>| &nbsp;&nbsp;&nbsp; (4.80)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp;&nbsp; (5.25)<br>| &nbsp;&nbsp;&nbsp; (4.80)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $47.68 | &nbsp;&nbsp;&nbsp; $43.26 | &nbsp;&nbsp;&nbsp; $36.73 | &nbsp;&nbsp;&nbsp; $29.01 | &nbsp;&nbsp;&nbsp; $43.12 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.01<br> %<br>| &nbsp;&nbsp;&nbsp; (21.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.14<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $769429 | &nbsp;&nbsp;&nbsp; $706644 | &nbsp;&nbsp;&nbsp; $612653 | &nbsp;&nbsp;&nbsp; $512392 | &nbsp;&nbsp;&nbsp; $733423 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp; (0.25)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>|

---

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

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

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

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

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

See accompanying notes to financial statements.

\| 32

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natixis U.S. Equity Opportunities Fund—Class C** | **Natixis U.S. Equity Opportunities Fund—Class C** | **Natixis U.S. Equity Opportunities Fund—Class C** | **Natixis U.S. Equity Opportunities Fund—Class C** | **Natixis U.S. Equity Opportunities Fund—Class C** |
|  | **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; $14.09 | &nbsp;&nbsp;&nbsp; $13.51 | &nbsp;&nbsp;&nbsp; $12.12 | &nbsp;&nbsp;&nbsp; $21.82 | &nbsp;&nbsp;&nbsp; $21.89 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp; (4.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.97 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.73 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp; (5.22)<br>| &nbsp;&nbsp;&nbsp; (4.80)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp; (5.22)<br>| &nbsp;&nbsp;&nbsp; (4.80)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $13.34 | &nbsp;&nbsp;&nbsp; $14.09 | &nbsp;&nbsp;&nbsp; $13.51 | &nbsp;&nbsp;&nbsp; $12.12 | &nbsp;&nbsp;&nbsp; $21.82 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.98<br> %<br>| &nbsp;&nbsp;&nbsp; (21.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.27<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $26946 | &nbsp;&nbsp;&nbsp; $28720 | &nbsp;&nbsp;&nbsp; $30479 | &nbsp;&nbsp;&nbsp; $29356 | &nbsp;&nbsp;&nbsp; $57492 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp;&nbsp; (0.65)%<br>| &nbsp;&nbsp;&nbsp; (0.64)%<br>| &nbsp;&nbsp;&nbsp; (0.66)%<br>| &nbsp;&nbsp;&nbsp; (0.99)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>|

---

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

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

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

See accompanying notes to financial statements.

33 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natixis U.S. Equity Opportunities Fund—Class N** | **Natixis U.S. Equity Opportunities Fund—Class N** | **Natixis U.S. Equity Opportunities Fund—Class N** | **Natixis U.S. Equity Opportunities Fund—Class N** | **Natixis U.S. Equity Opportunities 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 period | &nbsp;&nbsp;&nbsp; $58.31 | &nbsp;&nbsp;&nbsp; $48.71 | &nbsp;&nbsp;&nbsp; $37.72 | &nbsp;&nbsp;&nbsp; $54.14 | &nbsp;&nbsp;&nbsp; $47.84 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;12.30 | &nbsp;&nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp; (11.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.07 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;12.50 | &nbsp;&nbsp;&nbsp;&nbsp;14.09 | &nbsp;&nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.10 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp; (5.22)<br>| &nbsp;&nbsp;&nbsp; (4.80)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp;&nbsp; (5.37)<br>| &nbsp;&nbsp;&nbsp; (4.80)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $65.41 | &nbsp;&nbsp;&nbsp; $58.31 | &nbsp;&nbsp;&nbsp; $48.71 | &nbsp;&nbsp;&nbsp; $37.72 | &nbsp;&nbsp;&nbsp; $54.14 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.44<br> %<br>| &nbsp;&nbsp;&nbsp; (20.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.53<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $2951 | &nbsp;&nbsp;&nbsp; $2206 | &nbsp;&nbsp;&nbsp; $224 | &nbsp;&nbsp;&nbsp; $167 | &nbsp;&nbsp;&nbsp; $177 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment 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.

See accompanying notes to financial statements.

\| 34

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natixis U.S. Equity Opportunities Fund—Class Y** | **Natixis U.S. Equity Opportunities Fund—Class Y** | **Natixis U.S. Equity Opportunities Fund—Class Y** | **Natixis U.S. Equity Opportunities Fund—Class Y** | **Natixis U.S. Equity Opportunities Fund—Class Y** |
|  | **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; $58.10 | &nbsp;&nbsp;&nbsp; $48.54 | &nbsp;&nbsp;&nbsp; $37.60 | &nbsp;&nbsp;&nbsp; $53.99 | &nbsp;&nbsp;&nbsp; $47.74 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;&nbsp;&nbsp;12.24 | &nbsp;&nbsp;&nbsp;&nbsp;13.84 | &nbsp;&nbsp;&nbsp; (11.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.05 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;12.43 | &nbsp;&nbsp;&nbsp;&nbsp;14.01 | &nbsp;&nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.05 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp; (5.22)<br>| &nbsp;&nbsp;&nbsp; (4.80)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp;&nbsp; (3.07)<br>| &nbsp;&nbsp;&nbsp; (5.34)<br>| &nbsp;&nbsp;&nbsp; (4.80)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $65.16 | &nbsp;&nbsp;&nbsp; $58.10 | &nbsp;&nbsp;&nbsp; $48.54 | &nbsp;&nbsp;&nbsp; $37.60 | &nbsp;&nbsp;&nbsp; $53.99 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 17.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.35<br> %<br>| &nbsp;&nbsp;&nbsp; (20.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.48<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $519836 | &nbsp;&nbsp;&nbsp; $391084 | &nbsp;&nbsp;&nbsp; $322106 | &nbsp;&nbsp;&nbsp; $191912 | &nbsp;&nbsp;&nbsp; $284738 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %(c)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>|

---

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

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

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

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

See accompanying notes to financial statements.

35 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Mid Cap Fund—Class A** | **Vaughan Nelson Mid Cap Fund—Class A** | **Vaughan Nelson Mid Cap Fund—Class A** | **Vaughan Nelson Mid Cap Fund—Class A** | **Vaughan Nelson Mid Cap Fund—Class A** |
|  | **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; $24.04 | &nbsp;&nbsp;&nbsp; $22.76 | &nbsp;&nbsp;&nbsp; $19.64 | &nbsp;&nbsp;&nbsp; $22.70 | &nbsp;&nbsp;&nbsp; $21.79 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.52 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.57 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (8.51)<br>| &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (3.62)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (8.53)<br>| &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (3.66)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $18.36 | &nbsp;&nbsp;&nbsp; $24.04 | &nbsp;&nbsp;&nbsp; $22.76 | &nbsp;&nbsp;&nbsp; $19.64 | &nbsp;&nbsp;&nbsp; $22.70 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.26<br> %<br>| &nbsp;&nbsp;&nbsp; (10.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.32<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $38972 | &nbsp;&nbsp;&nbsp; $42321 | &nbsp;&nbsp;&nbsp; $38864 | &nbsp;&nbsp;&nbsp; $33507 | &nbsp;&nbsp;&nbsp; $37849 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %(f)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp; (0.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 163<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>| &nbsp;&nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>|

---

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2021, the expense limit decreased from 1.20% to 1.15%.

See accompanying notes to financial statements.

\| 36

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Mid Cap Fund—Class C** | **Vaughan Nelson Mid Cap Fund—Class C** | **Vaughan Nelson Mid Cap Fund—Class C** | **Vaughan Nelson Mid Cap Fund—Class C** | **Vaughan Nelson Mid Cap Fund—Class C** |
|  | **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; $21.16 | &nbsp;&nbsp;&nbsp; $20.48 | &nbsp;&nbsp;&nbsp; $17.75 | &nbsp;&nbsp;&nbsp; $20.58 | &nbsp;&nbsp;&nbsp; $20.15 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.05 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (8.51)<br>| &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (3.62)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (8.53)<br>| &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (3.62)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $14.96 | &nbsp;&nbsp;&nbsp; $21.16 | &nbsp;&nbsp;&nbsp; $20.48 | &nbsp;&nbsp;&nbsp; $17.75 | &nbsp;&nbsp;&nbsp; $20.58 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.38<br> %<br>| &nbsp;&nbsp;&nbsp; (11.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.44<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $2417 | &nbsp;&nbsp;&nbsp; $2426 | &nbsp;&nbsp;&nbsp; $3650 | &nbsp;&nbsp;&nbsp; $7405 | &nbsp;&nbsp;&nbsp; $11436 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %(f)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.70)%<br>| &nbsp;&nbsp;&nbsp; (0.82)%<br>| &nbsp;&nbsp;&nbsp; (0.55)%<br>| &nbsp;&nbsp;&nbsp; (0.22)%<br>| &nbsp;&nbsp;&nbsp; (0.56)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 163<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>| &nbsp;&nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>|

---

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective July 1, 2021, the expense limit decreased from 1.95% to 1.90%.

See accompanying notes to financial statements.

37 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Mid Cap Fund—Class N** | **Vaughan Nelson Mid Cap Fund—Class N** | **Vaughan Nelson Mid Cap Fund—Class N** | **Vaughan Nelson Mid Cap Fund—Class N** | **Vaughan Nelson Mid Cap 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 period | &nbsp;&nbsp;&nbsp; $24.56 | &nbsp;&nbsp;&nbsp; $23.12 | &nbsp;&nbsp;&nbsp; $19.95 | &nbsp;&nbsp;&nbsp; $23.05 | &nbsp;&nbsp;&nbsp; $22.07 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.72 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (8.51)<br>| &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (3.62)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (8.60)<br>| &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (3.74)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $18.95 | &nbsp;&nbsp;&nbsp; $24.56 | &nbsp;&nbsp;&nbsp; $23.12 | &nbsp;&nbsp;&nbsp; $19.95 | &nbsp;&nbsp;&nbsp; $23.05 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.56<br> %<br>| &nbsp;&nbsp;&nbsp; (10.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.70<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $10869 | &nbsp;&nbsp;&nbsp; $52213 | &nbsp;&nbsp;&nbsp; $63894 | &nbsp;&nbsp;&nbsp; $72804 | &nbsp;&nbsp;&nbsp; $91416 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %(e)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 163<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>| &nbsp;&nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>|

---

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

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

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

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

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

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

See accompanying notes to financial statements.

\| 38

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Mid Cap Fund—Class Y** | **Vaughan Nelson Mid Cap Fund—Class Y** | **Vaughan Nelson Mid Cap Fund—Class Y** | **Vaughan Nelson Mid Cap Fund—Class Y** | **Vaughan Nelson Mid Cap Fund—Class Y** |
|  | **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; $24.60 | &nbsp;&nbsp;&nbsp; $23.17 | &nbsp;&nbsp;&nbsp; $19.99 | &nbsp;&nbsp;&nbsp; $23.09 | &nbsp;&nbsp;&nbsp; $22.10 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.60 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.71 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (8.51)<br>| &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (3.62)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (8.58)<br>| &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (3.72)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $19.00 | &nbsp;&nbsp;&nbsp; $24.60 | &nbsp;&nbsp;&nbsp; $23.17 | &nbsp;&nbsp;&nbsp; $19.99 | &nbsp;&nbsp;&nbsp; $23.09 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.52<br> %<br>| &nbsp;&nbsp;&nbsp; (10.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.65<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $102858 | &nbsp;&nbsp;&nbsp; $146248 | &nbsp;&nbsp;&nbsp; $144247 | &nbsp;&nbsp;&nbsp; $148505 | &nbsp;&nbsp;&nbsp; $226838 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 %(e)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 163<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>| &nbsp;&nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>|

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2021, the expense limit decreased from 0.95% to 0.90%.

See accompanying notes to financial statements.

39 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Small Cap Fund—Class A** | **Vaughan Nelson Small Cap Fund—Class A** | **Vaughan Nelson Small Cap Fund—Class A** | **Vaughan Nelson Small Cap Fund—Class A** | **Vaughan Nelson Small Cap Fund—Class A** |
|  | **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; $19.51 | &nbsp;&nbsp;&nbsp; $18.88 | &nbsp;&nbsp;&nbsp; $15.17 | &nbsp;&nbsp;&nbsp; $17.87 | &nbsp;&nbsp;&nbsp; $16.69 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)(c)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.98 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.98 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (3.79)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (3.80)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $20.65 | &nbsp;&nbsp;&nbsp; $19.51 | &nbsp;&nbsp;&nbsp; $18.88 | &nbsp;&nbsp;&nbsp; $15.17 | &nbsp;&nbsp;&nbsp; $17.87 |
| Total return(d)(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.82<br> %<br>| &nbsp;&nbsp;&nbsp; (10.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.24 %(c)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $286920 | &nbsp;&nbsp;&nbsp; $152088 | &nbsp;&nbsp;&nbsp; $111268 | &nbsp;&nbsp;&nbsp; $66339 | &nbsp;&nbsp;&nbsp; $81493 |
| Net expenses(f) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp; (0.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %(c)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 92<br> %<br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.05), total return would have been 29.95% and the ratio of net investment loss to average net assets would have been (0.25)%.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2021, the expense limit decreased from 1.30% to 1.25%.

See accompanying notes to financial statements.

\| 40

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Small Cap Fund—Class C** | **Vaughan Nelson Small Cap Fund—Class C** | **Vaughan Nelson Small Cap Fund—Class C** | **Vaughan Nelson Small Cap Fund—Class C** | **Vaughan Nelson Small Cap Fund—Class C** |
|  | **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; $6.51 | &nbsp;&nbsp;&nbsp; $6.51 | &nbsp;&nbsp;&nbsp; $5.30 | &nbsp;&nbsp;&nbsp; $6.94 | &nbsp;&nbsp;&nbsp; $8.34 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.06 )(c)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.45 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (3.79)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (3.79)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $6.10 | &nbsp;&nbsp;&nbsp; $6.51 | &nbsp;&nbsp;&nbsp; $6.51 | &nbsp;&nbsp;&nbsp; $5.30 | &nbsp;&nbsp;&nbsp; $6.94 |
| Total return(d)(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.93<br> %<br>| &nbsp;&nbsp;&nbsp; (11.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.45 %(c)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $8409 | &nbsp;&nbsp;&nbsp; $12948 | &nbsp;&nbsp;&nbsp; $7988 | &nbsp;&nbsp;&nbsp; $2118 | &nbsp;&nbsp;&nbsp; $966 |
| Net expenses(f) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp;&nbsp; (0.74)%<br>| &nbsp;&nbsp;&nbsp; (0.67 )%(c)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 92<br> %<br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.10), total return would have been 29.09% and the ratio of net investment loss to average net assets would have been (0.99)%.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective July 1, 2021, the expense limit decreased from 2.05% to 2.00%.

See accompanying notes to financial statements.

41 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Small Cap Fund—Class N** | **Vaughan Nelson Small Cap Fund—Class N** | **Vaughan Nelson Small Cap Fund—Class N** | **Vaughan Nelson Small Cap Fund—Class N** | **Vaughan Nelson Small Cap 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 period | &nbsp;&nbsp;&nbsp; $20.84 | &nbsp;&nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $16.16 | &nbsp;&nbsp;&nbsp; $18.96 | &nbsp;&nbsp;&nbsp; $17.52 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 <br>(b)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.29 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.30 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (3.79)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (3.86)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $22.15 | &nbsp;&nbsp;&nbsp; $20.84 | &nbsp;&nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $16.16 | &nbsp;&nbsp;&nbsp; $18.96 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 12.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.24 %(c)<br>| &nbsp;&nbsp;&nbsp; (9.95 )%(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.64 %(b)(c)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $200762 | &nbsp;&nbsp;&nbsp; $111877 | &nbsp;&nbsp;&nbsp; $2506 | &nbsp;&nbsp;&nbsp; $1493 | &nbsp;&nbsp;&nbsp; $1383 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %(d)(e)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03 %(b)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 92<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.01, total return would have been 30.37% and the ratio of net investment income to average net assets would have been 0.03%.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2021, the expense limit decreased from 1.00% to 0.95%.

See accompanying notes to financial statements.

\| 42

------

Financial Highlights (continued)

For a share outstanding throughout each period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vaughan Nelson Small Cap Fund—Class Y** | **Vaughan Nelson Small Cap Fund—Class Y** | **Vaughan Nelson Small Cap Fund—Class Y** | **Vaughan Nelson Small Cap Fund—Class Y** | **Vaughan Nelson Small Cap Fund—Class Y** |
|  | **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; $20.81 | &nbsp;&nbsp;&nbsp; $20.11 | &nbsp;&nbsp;&nbsp; $16.15 | &nbsp;&nbsp;&nbsp; $18.95 | &nbsp;&nbsp;&nbsp; $17.51 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp; 0.06 <br>(b)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.23 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.29 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (3.79)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (3.85)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $22.12 | &nbsp;&nbsp;&nbsp; $20.81 | &nbsp;&nbsp;&nbsp; $20.11 | &nbsp;&nbsp;&nbsp; $16.15 | &nbsp;&nbsp;&nbsp; $18.95 |
| Total return(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.10<br> %<br>| &nbsp;&nbsp;&nbsp; (9.98)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.61 %(b)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $796514 | &nbsp;&nbsp;&nbsp; $943370 | &nbsp;&nbsp;&nbsp; $530371 | &nbsp;&nbsp;&nbsp; $120585 | &nbsp;&nbsp;&nbsp; $66054 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 %(e)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28 %(b)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 92<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.00, total return would have been 30.26% and the ratio of net investment income to average net assets would have been 0.01%.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective July 1, 2021, the expense limit decreased from 1.05% to 1.00%.

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

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

Loomis Sayles International Growth Fund ("International Growth Fund")

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

Natixis Oakmark International Fund

Natixis U.S. Equity Opportunities Fund ("U.S. Equity Opportunities Fund")

Vaughan Nelson Small Cap Fund (formerly Vaughan Nelson Small Cap Value Fund) ("Small Cap Fund")

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

Natixis Oakmark Fund

Vaughan Nelson Mid Cap Fund ("Mid Cap Fund")

Effective May 1, 2025, the Board of Trustees approved a change in the name of Vaughan Nelson Small Cap Fund. The Fund's investment goal and principal investment strategies did not change as a result of the name change.

Each Fund is a diversified investment company, except for International Growth Fund, which is a non-diversified investment company.

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

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

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

**2. Significant Accounting Policies.** The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds' financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund operates as a single segment entity, focusing on investments in a portfolio of securities. Each Fund's named president acts as chief operating decision maker ("CODM") regarding allocation of resources and performance assessment. Financial information including, but not limited to, portfolio composition, net asset changes and total returns, is used by the CODM to assess performance and to make resource allocation decisions and is consistent with that presented within the financial statements. Management has evaluated the events and transactions subsequent to 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.

\| 44

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Notes to Financial Statements (continued)

December 31, 2025

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

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

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. 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, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Dividends reinvested and stock dividends are reflected as non-cash dividends on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains and return of capital included in distributions received from the Funds' investments in real estate investment trusts ("REITs") are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a *pro rata* basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded in the Funds' books and records and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. 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

45 \|

------

Notes to Financial Statements (continued)

December 31, 2025

or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

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

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

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

**f. 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 capital gains taxes, deferred Trustees' fees, forward foreign currency contract mark-to-market, distribution re-designations, foreign currency gains and losses, corporate actions, non-deductible expenses, passive foreign investment company adjustments, return of capital distributions received and capital gain distribution received.

\| 46

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Notes to Financial Statements (continued)

December 31, 2025

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 capital gains taxes, wash sales, forward foreign currency contract mark-to-market, return of capital distributions received, corporate actions, deferred Trustees' fees, deferral of EU reclaims, capital gain distribution received and passive foreign investment company adjustments. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds' fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the 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 |
| International Growth Fund | &nbsp;&nbsp; $151536 | &nbsp;&nbsp; $389110 | &nbsp;&nbsp; $540646 | &nbsp;&nbsp; $189959 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $189959 |
| Natixis Oakmark Fund | &nbsp;&nbsp; 13385648 | &nbsp;&nbsp; 64987699 | &nbsp;&nbsp; 78373347 | &nbsp;&nbsp; 13340077 | &nbsp;&nbsp; 42123904 | &nbsp;&nbsp; 55463981 |
| Natixis Oakmark International Fund | &nbsp;&nbsp; 9491736 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9491736 | &nbsp;&nbsp; 8119020 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8119020 |
| U.S. Equity Opportunities Fund | &nbsp;&nbsp; 1128262 | &nbsp;&nbsp; 70590009 | &nbsp;&nbsp; 71718271 | &nbsp;&nbsp; 2507799 | &nbsp;&nbsp; 63750868 | &nbsp;&nbsp; 66258667 |
| Mid Cap Fund | &nbsp;&nbsp; 19727142 | &nbsp;&nbsp; 35605214 | &nbsp;&nbsp; 55332356 | &nbsp;&nbsp; 3153693 | &nbsp;&nbsp; 23138210 | &nbsp;&nbsp; 26291903 |
| Small Cap Fund | &nbsp;&nbsp; 11352372 | &nbsp;&nbsp; 60685228 | &nbsp;&nbsp; 72037600 | &nbsp;&nbsp; 10180185 | &nbsp;&nbsp; 8262819 | &nbsp;&nbsp; 18443004 |

---

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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | International <br>Growth Fund<br>| Natixis <br>Oakmark <br>Fund<br>| Natixis <br>Oakmark <br>International <br>Fund<br>| U.S. <br>Equity <br>Opportunities <br>Fund<br>| Mid <br>Cap Fund<br>| Small <br>Cap Fund<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $25807 | &nbsp;&nbsp; $194735 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $246158 | &nbsp;&nbsp; $3120170 | &nbsp;&nbsp; $19028195 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 43874022 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60038053 | &nbsp;&nbsp; 2924916 | &nbsp;&nbsp; 11725678 |
| Total undistributed earnings | &nbsp;&nbsp; 25807 | &nbsp;&nbsp; 44068757 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60284211 | &nbsp;&nbsp; 6045086 | &nbsp;&nbsp; 30753873 |
| Capital loss carryforward: |  |  |  |  |  |  |
| Short-term: |  |  |  |  |  |  |
| No expiration date | &nbsp;&nbsp; (68854)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (13920635)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Long-term: |  |  |  |  |  |  |
| No expiration date | &nbsp;&nbsp; (152422)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (100670644)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total capital loss carryforward | &nbsp;&nbsp; (221276)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (114591279)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Late-year ordinary and post-October <br>capital loss deferrals\* <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (275252)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation | &nbsp;&nbsp; 6457215 | &nbsp;&nbsp; 172074633 | &nbsp;&nbsp; 44952914 | &nbsp;&nbsp; 523314116 | &nbsp;&nbsp; 30112599 | &nbsp;&nbsp; 170301969 |
| Total accumulated earnings (losses) | &nbsp;&nbsp; $6261746 | &nbsp;&nbsp; $216143390 | &nbsp;&nbsp; $(69913617)<br>| &nbsp;&nbsp; $583598327 | &nbsp;&nbsp; $36157685 | &nbsp;&nbsp; $201055842 |

---

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

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

47 \|

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Notes to Financial Statements (continued)

December 31, 2025

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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | International <br>Growth Fund<br>| Natixis <br>Oakmark <br>Fund<br>| Natixis <br>Oakmark <br>International <br>Fund<br>| U.S. <br>Equity <br>Opportunities <br>Fund<br>| Mid <br>Cap Fund<br>| Small <br>Cap Fund<br>|
| Federal tax cost | &nbsp;&nbsp; $25292057 | &nbsp;&nbsp; $1028051591 | &nbsp;&nbsp; $255266603 | &nbsp;&nbsp; $796524615 | &nbsp;&nbsp; $125679430 | &nbsp;&nbsp; $1124829271 |
| Gross tax appreciation | &nbsp;&nbsp; $7957313 | &nbsp;&nbsp; $223421616 | &nbsp;&nbsp; $55707692 | &nbsp;&nbsp; $555637205 | &nbsp;&nbsp; $32626238 | &nbsp;&nbsp; $198793887 |
| Gross tax depreciation | &nbsp;&nbsp; (1508976)<br>| &nbsp;&nbsp; (51346983)<br>| &nbsp;&nbsp; (10692057)<br>| &nbsp;&nbsp; (32323089)<br>| &nbsp;&nbsp; (2513639)<br>| &nbsp;&nbsp; (28491918)<br>|
| Net tax appreciation | &nbsp;&nbsp; $6448337 | &nbsp;&nbsp; $172074633 | &nbsp;&nbsp; $45015635 | &nbsp;&nbsp; $523314116 | &nbsp;&nbsp; $30112599 | &nbsp;&nbsp; $170301969 |

---

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

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

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

**3. Fair Value Measurements.** In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund's assets or liabilities. These inputs are summarized in the three broad levels listed below:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund's own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

\| 48

------

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1061233 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1061233 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 518646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 518646 |
| China | &nbsp;&nbsp; 3985977 | &nbsp;&nbsp; 2553854 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6539831 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 1101909 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1101909 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 2037840 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2037840 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 1354550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1354550 |
| Japan | &nbsp;&nbsp; 88563 | &nbsp;&nbsp; 871712 | &nbsp;&nbsp; — | &nbsp;&nbsp; 960275 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 182440 | &nbsp;&nbsp; — | &nbsp;&nbsp; 182440 |
| Netherlands | &nbsp;&nbsp; 787276 | &nbsp;&nbsp; 1751256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2538532 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 1476702 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1476702 |
| United States | &nbsp;&nbsp; 4395269 | &nbsp;&nbsp; 3875394 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8270663 |
| All Other Common Stocks(a) | &nbsp;&nbsp; 5318283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5318283 |
| Total Common Stocks | &nbsp;&nbsp; 14575368 | &nbsp;&nbsp; 16785536 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31360904 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 379489 | &nbsp;&nbsp; — | &nbsp;&nbsp; 379489 |
| Total Investments | &nbsp;&nbsp; $14575368 | &nbsp;&nbsp; $17165025 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31740393 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Natixis Oakmark Fund** | **Natixis Oakmark Fund** | **Natixis Oakmark Fund** | **Natixis Oakmark Fund** | **Natixis Oakmark Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp; $1173850007 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1173850007 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 26276217 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26276217 |
| Total Investments | &nbsp;&nbsp; $1173850007 | &nbsp;&nbsp; $26276217 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1200126224 |

---

&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.

49 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Natixis Oakmark International Fund** | **Natixis Oakmark International Fund** | **Natixis Oakmark International Fund** | **Natixis Oakmark International Fund** | **Natixis Oakmark International Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks |  |  |  |  |
| China | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5197987 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5197987 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 6774934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6774934 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 74159014 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74159014 |
| Germany | &nbsp;&nbsp; 262328 | &nbsp;&nbsp; 60570459 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60832787 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; 3712939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3712939 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 5163007 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5163007 |
| Ireland | &nbsp;&nbsp; 5388909 | &nbsp;&nbsp; 879178 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6268087 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 3017883 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3017883 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 16479694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16479694 |
| Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 5939843 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5939843 |
| Netherlands | &nbsp;&nbsp; 3781955 | &nbsp;&nbsp; 20785107 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24567062 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 9078619 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9078619 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 15803770 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15803770 |
| United Kingdom | &nbsp;&nbsp; 4008148 | &nbsp;&nbsp; 36850263 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40858411 |
| All Other Common Stocks(a) | &nbsp;&nbsp; 11160765 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11160765 |
| Total Common Stocks | &nbsp;&nbsp; 24602105 | &nbsp;&nbsp; 264412697 | &nbsp;&nbsp; — | &nbsp;&nbsp; 289014802 |
| Preferred Stocks(a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5496366 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5496366 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 5770943 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5770943 |
| Total Investments | &nbsp;&nbsp; $24602105 | &nbsp;&nbsp; $275680006 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $300282111 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Equity Opportunities Fund** | **U.S. Equity Opportunities Fund** | **U.S. Equity Opportunities Fund** | **U.S. Equity Opportunities Fund** | **U.S. Equity Opportunities Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp; $1300569185 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1300569185 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 19269546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19269546 |
| Total Investments | &nbsp;&nbsp; $1300569185 | &nbsp;&nbsp; $19269546 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1319838731 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Fund** | **Mid Cap Fund** | **Mid Cap Fund** | **Mid Cap Fund** | **Mid Cap Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp; $154071178 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $154071178 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1720851 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1720851 |
| Total Investments | &nbsp;&nbsp; $154071178 | &nbsp;&nbsp; $1720851 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $155792029 |

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp; $1187165411 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1187165411 |
| Exchange-Traded Funds | &nbsp;&nbsp; 62608961 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62608961 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 45356868 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45356868 |
| Total Investments | &nbsp;&nbsp; $1249774372 | &nbsp;&nbsp; $45356868 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1295131240 |

---

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

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

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

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| International Growth Fund | &nbsp;&nbsp; $2672323 | &nbsp;&nbsp; $2594519 |
| Natixis Oakmark Fund | &nbsp;&nbsp; 741735512 | &nbsp;&nbsp; 537355345 |
| Natixis Oakmark International Fund | &nbsp;&nbsp; 188961241 | &nbsp;&nbsp; 222258275 |
| U.S. Equity Opportunities Fund | &nbsp;&nbsp; 457702268 | &nbsp;&nbsp; 459087154 |
| Mid Cap Fund | &nbsp;&nbsp; 345520089 | &nbsp;&nbsp; 456179393 |
| Small Cap Fund | &nbsp;&nbsp; 1487131122 | &nbsp;&nbsp; 1527199482 |

---

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

**a. Management Fees.** Loomis, Sayles & Company, L.P. ("Loomis Sayles") serves as investment adviser to International Growth 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 agreement, International Growth Fund pays a management fee at the annual rate of 0.75%, calculated daily and payable monthly, based on the Fund's average daily net assets.

Natixis Advisors, LLC ("Natixis Advisors") serves as investment adviser to Natixis Oakmark Fund, Natixis Oakmark International Fund, U.S. Equity Opportunities Fund, Mid Cap Fund and Small Cap Fund. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund's average daily net assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets |
| Fund | First <br>$150 million<br>| Next <br>$50 million<br>| Next <br>$300 million<br>| Next <br>$500 million<br>| Over <br>$1.5 billion<br>|
| Natixis Oakmark Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Natixis Oakmark International Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| U.S. Equity Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|

---

Natixis Advisors has entered into subadvisory agreements for each Fund as listed below.

---

| | |
|:---|:---|
| Natixis Oakmark Fund | Harris Associates L.P. ("Harris") |
| Natixis Oakmark International Fund | Harris |
| U.S. Equity Opportunities Fund | &nbsp;&nbsp; Harris <br>Loomis Sayles<br>|
| Mid Cap Fund | Vaughan Nelson Investment Management, L.P. ("Vaughan Nelson") |
| Small Cap Fund | Vaughan Nelson |

---

Natixis Advisors, Harris and Vaughan Nelson are subsidiaries of Natixis Investment Managers, LLC.

51 \|

------

Notes to Financial Statements (continued)

December 31, 2025

Under the terms of the subadvisory agreements, each Fund has agreed to pay its respective subadviser a subadvisory fee at the following annual rates, calculated daily and payable monthly, based on each Fund's average daily net assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Percentage of Average <br>Daily Net Assets | Percentage of Average <br>Daily Net Assets | Percentage of Average <br>Daily Net Assets | Percentage of Average <br>Daily Net Assets | Percentage of Average <br>Daily Net Assets |
| Fund | Subadviser | First <br>$150 million<br>| Next <br>$50 million<br>| Next <br>$800 million<br>| Next <br>$500 million<br>| Over <br>$1.5 billion<br>|
| Natixis Oakmark Fund | Harris | 0.52<br> %<br>| 0.52<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Natixis Oakmark International Fund | Harris | 0.60<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| U.S. Equity Opportunities Fund |  |  |  |  |  |  |
| Large Cap Value Segment | Harris | 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>|
| All Cap Growth Segment | Loomis Sayles | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Mid Cap Fund | Vaughan Nelson | 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.44<br> %<br>|
| Small Cap Fund | Vaughan Nelson | 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>|

---

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

For the year ended 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 | Class A | Class C | Class N | Class Y |
| International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| Natixis Oakmark Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>|
| Natixis Oakmark International Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| U.S. Equity Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>|
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|

---

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

For the year ended December 31, 2025, the management fees and waiver of management fees for each Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Gross <br>Management <br>Fees | Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | Net <br>Management <br>Fees | Percentage of <br>Average <br>Daily Net Assets | Percentage of <br>Average <br>Daily Net Assets |
| Fund | Gross <br>Management <br>Fees | Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | Net <br>Management <br>Fees | Gross | Net |
| International Growth Fund | &nbsp;&nbsp; $231223 | &nbsp;&nbsp; $212601 | &nbsp;&nbsp; $18622 | 0.75<br> %<br>| 0.06<br> %<br>|
| Natixis Oakmark Fund | &nbsp;&nbsp; 6762075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6762075 | 0.63<br> %<br>| 0.63<br> %<br>|
| Natixis Oakmark International Fund | &nbsp;&nbsp; 2321545 | &nbsp;&nbsp; 782046 | &nbsp;&nbsp; 1539499 | 0.80<br> %<br>| 0.53<br> %<br>|
| U.S. Equity Opportunities Fund | &nbsp;&nbsp; 8108060 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8108060 | 0.67<br> %<br>| 0.67<br> %<br>|
| Mid Cap Fund | &nbsp;&nbsp; 1613400 | &nbsp;&nbsp; 229520 | &nbsp;&nbsp; 1383880 | 0.75<br> %<br>| 0.64<br> %<br>|
| Small Cap Fund | &nbsp;&nbsp; 11034612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11034612 | 0.85<br> %<br>| 0.85<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.

\| 52

------

Notes to Financial Statements (continued)

December 31, 2025

For the year ended December 31, 2025, class-specific expenses have been reimbursed as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Reimbursement<sup>1</sup>  | Reimbursement<sup>1</sup>  | Reimbursement<sup>1</sup>  | Reimbursement<sup>1</sup>  | Reimbursement<sup>1</sup>  |
|  | Class A | Class C | Class N | Class Y | Total |
| Natixis Oakmark Fund | &nbsp;&nbsp; $86734 | &nbsp;&nbsp; $16199 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $214442 | &nbsp;&nbsp; $317375 |
| Small Cap Fund | &nbsp;&nbsp; 137300 | &nbsp;&nbsp; 6476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 467982 | &nbsp;&nbsp; 611758 |

---

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

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

For the year ended December 31, 2025, expense reimbursements related to the prior fiscal year were recovered as follows:

---

| | |
|:---|:---|
| Fund | Recovered <br>Expenses<br>|
| Natixis Oakmark Fund | &nbsp;&nbsp; $163 |

---

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

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund's Class A shares (the "Class A Plans"), a Distribution and Service Plan relating to each Fund's Class C shares (the "Class C Plans").

Under the Class A Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds' Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class C Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds' Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to the Funds' Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

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

---

| | | | |
|:---|:---|:---|:---|
|  | Service Fees | Service Fees | Distribution Fees |
| Fund | Class A | Class C | Class C |
| International Growth Fund | &nbsp;&nbsp; $1159 | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $8 |
| Natixis Oakmark Fund | &nbsp;&nbsp; 735442 | &nbsp;&nbsp; 137239 | &nbsp;&nbsp; 411716 |
| Natixis Oakmark International Fund | &nbsp;&nbsp; 308767 | &nbsp;&nbsp; 38905 | &nbsp;&nbsp; 116714 |
| U.S. Equity Opportunities Fund | &nbsp;&nbsp; 1823148 | &nbsp;&nbsp; 66766 | &nbsp;&nbsp; 200297 |
| Mid Cap Fund | &nbsp;&nbsp; 101071 | &nbsp;&nbsp; 5942 | &nbsp;&nbsp; 17827 |
| Small Cap Fund | &nbsp;&nbsp; 637217 | &nbsp;&nbsp; 29220 | &nbsp;&nbsp; 87661 |

---

**c. Administrative Fees.** Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank and Trust Company ("State Street Bank") to serve as sub-administrator. 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.

53 \|

------

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>|
| International Growth Fund | &nbsp;&nbsp; $13206 |
| Natixis Oakmark Fund | &nbsp;&nbsp; 457502 |
| Natixis Oakmark International Fund | &nbsp;&nbsp; 124039 |
| U.S. Equity Opportunities Fund | &nbsp;&nbsp; 518173 |
| Mid Cap Fund | &nbsp;&nbsp; 92233 |
| Small Cap Fund | &nbsp;&nbsp; 556203 |

---

**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 each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Sub-Transfer <br>Agent Fees<br>|
| International Growth Fund | &nbsp;&nbsp; $15122 |
| Natixis Oakmark Fund | &nbsp;&nbsp; 806627 |
| Natixis Oakmark International Fund | &nbsp;&nbsp; 349455 |
| U.S. Equity Opportunities Fund | &nbsp;&nbsp; 493567 |
| Mid Cap Fund | &nbsp;&nbsp; 161996 |
| Small Cap Fund | &nbsp;&nbsp; 1221407 |

---

As of December 31, 2025, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

---

| | |
|:---|:---|
| Fund | Reimbursements <br>of Sub-Transfer <br>Agent Fees<br>|
| International Growth Fund | &nbsp;&nbsp; $172 |
| Natixis Oakmark Fund | &nbsp;&nbsp; 11476 |
| Natixis Oakmark International Fund | &nbsp;&nbsp; 4845 |
| U.S. Equity Opportunities Fund | &nbsp;&nbsp; 6950 |
| Mid Cap Fund | &nbsp;&nbsp; 1595 |
| Small Cap Fund | &nbsp;&nbsp; 14134 |

---

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

\| 54

------

Notes to Financial Statements (continued)

December 31, 2025

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

**e. Commissions.** Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| Fund | Commissions |
| International Growth Fund | &nbsp;&nbsp; $892 |
| Natixis Oakmark Fund | &nbsp;&nbsp; 57314 |
| Natixis Oakmark International Fund | &nbsp;&nbsp; 3668 |
| U.S. Equity Opportunities Fund | &nbsp;&nbsp; 33271 |
| Mid Cap Fund | &nbsp;&nbsp; 296 |
| Small Cap Fund | &nbsp;&nbsp; 3355 |

---

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

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

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

**g. Affiliated Ownership.** As of December 31, 2025, Natixis and affiliates held shares of International Growth Fund representing 34.37% of the Fund's net assets.

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

**h. Reimbursement of Transfer Agent Fees and Expenses.** Natixis Advisors has given a binding contractual undertaking to the Funds to reimburse any and all transfer agency expenses for the Funds' Class N shares. This undertaking is in effect through April 30, 2026 and is not subject to recovery under the expense limitation agreement described above.

For the year ended December 31, 2025, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

---

| | |
|:---|:---|
|  | Reimbursement of <br>Transfer Agency <br>Expenses<br>|
| Fund | Class N |
| International Growth Fund | &nbsp;&nbsp; $1141 |
| Natixis Oakmark Fund | &nbsp;&nbsp; 1927 |
| Natixis Oakmark International Fund | &nbsp;&nbsp; 1098 |
| U.S. Equity Opportunities Fund | &nbsp;&nbsp; 1057 |
| Mid Cap Fund | &nbsp;&nbsp; 1740 |
| Small Cap Fund | &nbsp;&nbsp; 3886 |

---

55 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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

**i. Interfund Transactions.** A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common Trustees. For the year ended December 31, 2025, Natixis Oakmark Fund and Natixis Oakmark International Fund engaged in purchase transactions of $280,898 and $4,967,210, respectively, with an affiliate of Natixis in compliance with Rule 17a-7 of the 1940 Act pursuant to procedures adopted by the Board of Trustees.

**j. Payment by Affiliates.** For the year ended December 31, 2025, Natixis reimbursed Natixis Oakmark Fund $188, U.S. Equity Opportunities Fund $188 and Small Cap Fund $188 for losses incurred in connection with an operating error. These amounts are net of reimbursements in shareholder reporting expenses on the Statements of Operations.

**6. Class-Specific Transfer Agent Fees and Expenses.** Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a *pro rata* basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses |
| Fund | Class A | Class C | Class N | Class Y |
| International Growth Fund | &nbsp;&nbsp; $503 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $1141 | &nbsp;&nbsp; $21275 |
| Natixis Oakmark Fund | &nbsp;&nbsp; 252292 | &nbsp;&nbsp; 47074 | &nbsp;&nbsp; 1927 | &nbsp;&nbsp; 615821 |
| Natixis Oakmark International Fund | &nbsp;&nbsp; 158663 | &nbsp;&nbsp; 20027 | &nbsp;&nbsp; 1098 | &nbsp;&nbsp; 191204 |
| U.S. Equity Opportunities Fund | &nbsp;&nbsp; 409099 | &nbsp;&nbsp; 14985 | &nbsp;&nbsp; 1057 | &nbsp;&nbsp; 253380 |
| Mid Cap Fund | &nbsp;&nbsp; 42085 | &nbsp;&nbsp; 2479 | &nbsp;&nbsp; 1740 | &nbsp;&nbsp; 131942 |
| Small Cap Fund | &nbsp;&nbsp; 299434 | &nbsp;&nbsp; 13775 | &nbsp;&nbsp; 3886 | &nbsp;&nbsp; 1001122 |

---

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

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

For the year ended December 31, 2025, Oakmark International Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $17,250,000 at a weighted average interest rate of 5.43%. Interest expense incurred on the line of credit was $5,204.

For the year ended December 31, 2025, Vaughan Nelson Mid Cap Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $3,700,000 at a weighted average interest rate of 5.43%. Interest expense incurred on the line of credit was $558.

**9. Risk.** The Funds' investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund's investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

International Growth Fund may invest to a significant extent in variable interest entity ("VIE") structures. VIE structures can vary, but generally consist of a U.S.-listed company with contractual arrangements, through one or more wholly-owned special purpose vehicles, with a Chinese company that ultimately provides the U.S.-listed company with contractual rights to obtain economic benefits from the Chinese company. The VIE structure enables foreign investors, such as the Fund, to obtain investment exposure similar to that of an equity owner in a Chinese company in situations in which the Chinese government has restricted or prohibited the ownership of such company by foreign investors. The Fund's exposure to VIE structures may pose additional risks because the VIE structure is not formally recognized under Chinese law. The Chinese government may cease to tolerate VIE structures at any time or impose new restrictions. In addition, Chinese companies using the VIE structure, and listed on stock exchanges in the U.S., could also face delisting

\| 56

------

Notes to Financial Statements (continued)

December 31, 2025

or other ramifications for failure to meet the expectations and/or requirements of the U.S. Securities and Exchange Commission, the Public Company Accounting Oversight Board, or other U.S. regulators. Any of these risks could reduce the liquidity and value of these investments or render them valueless.

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

Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other related events, could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to issuers in the country or countries involved.

**10. Concentration of Ownership.** From time to time, a Fund may have a concentration of one or more shareholder accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of a Fund's outstanding shares could have material impacts on a Fund. As of 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>|
| Mid Cap Fund | &nbsp;&nbsp; 1 | 9.26<br> %<br>|
| Small Cap Fund | &nbsp;&nbsp; 1 | 7.21<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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **International Growth Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 40761 | &nbsp;&nbsp; $463032 | &nbsp;&nbsp; 14207 | &nbsp;&nbsp; $154136 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 739 | &nbsp;&nbsp; 7339 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 1516 |
| Redeemed | &nbsp;&nbsp; (20089)<br>| &nbsp;&nbsp; (227806)<br>| &nbsp;&nbsp; (537)<br>| &nbsp;&nbsp; (5285)<br>|
| Net change | &nbsp;&nbsp; 21411 | &nbsp;&nbsp; $242565 | &nbsp;&nbsp; 13813 | &nbsp;&nbsp; $150367 |
| **Class C** |  |  |  |  |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| Net change | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 100 | &nbsp;&nbsp; $1000 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 6490 | &nbsp;&nbsp; 65872 | &nbsp;&nbsp; 2173 | &nbsp;&nbsp; 23137 |
| Redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1772768)<br>| &nbsp;&nbsp; (19501016)<br>|
| Net change | &nbsp;&nbsp; 6490 | &nbsp;&nbsp; $65872 | &nbsp;&nbsp; (1770495)<br>| &nbsp;&nbsp; $(19476879)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 275864 | &nbsp;&nbsp; $3119780 | &nbsp;&nbsp; 1242377 | &nbsp;&nbsp; $12841763 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 33152 | &nbsp;&nbsp; 335302 | &nbsp;&nbsp; 10850 | &nbsp;&nbsp; 115638 |
| Redeemed | &nbsp;&nbsp; (290900)<br>| &nbsp;&nbsp; (3207888)<br>| &nbsp;&nbsp; (17876)<br>| &nbsp;&nbsp; (193631)<br>|
| Net change | &nbsp;&nbsp; 18116 | &nbsp;&nbsp; $247194 | &nbsp;&nbsp; 1235351 | &nbsp;&nbsp; $12763770 |
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; 46019 | &nbsp;&nbsp; $555645 | &nbsp;&nbsp; (521331)<br>| &nbsp;&nbsp; $(6562742)<br>|

---

57 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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

**11. Capital Shares (continued).**

&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** |
| **Natixis Oakmark Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 916232 | &nbsp;&nbsp; $28189632 | &nbsp;&nbsp; 1121602 | &nbsp;&nbsp; $33121501 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 636263 | &nbsp;&nbsp; 19346076 | &nbsp;&nbsp; 578301 | &nbsp;&nbsp; 17001350 |
| Redeemed | &nbsp;&nbsp; (1419829)<br>| &nbsp;&nbsp; (42907859)<br>| &nbsp;&nbsp; (1333089)<br>| &nbsp;&nbsp; (39476023)<br>|
| Net change | &nbsp;&nbsp; 132666 | &nbsp;&nbsp; $4627849 | &nbsp;&nbsp; 366814 | &nbsp;&nbsp; $10646828 |
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 609038 | &nbsp;&nbsp; $13942398 | &nbsp;&nbsp; 561955 | &nbsp;&nbsp; $12611742 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 202597 | &nbsp;&nbsp; 4518873 | &nbsp;&nbsp; 179861 | &nbsp;&nbsp; 3980731 |
| Redeemed | &nbsp;&nbsp; (782161)<br>| &nbsp;&nbsp; (17823345)<br>| &nbsp;&nbsp; (925075)<br>| &nbsp;&nbsp; (21046076)<br>|
| Net change | &nbsp;&nbsp; 29474 | &nbsp;&nbsp; $637926 | &nbsp;&nbsp; (183259)<br>| &nbsp;&nbsp; $(4453603)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 99017 | &nbsp;&nbsp; $3363316 | &nbsp;&nbsp; 35199 | &nbsp;&nbsp; $1153493 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 7888 | &nbsp;&nbsp; 269277 | &nbsp;&nbsp; 3042 | &nbsp;&nbsp; 97883 |
| Redeemed | &nbsp;&nbsp; (25388)<br>| &nbsp;&nbsp; (866314)<br>| &nbsp;&nbsp; (6875)<br>| &nbsp;&nbsp; (225846)<br>|
| Net change | &nbsp;&nbsp; 81517 | &nbsp;&nbsp; $2766279 | &nbsp;&nbsp; 31366 | &nbsp;&nbsp; $1025530 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 14040189 | &nbsp;&nbsp; $467451998 | &nbsp;&nbsp; 11810084 | &nbsp;&nbsp; $369974574 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1518072 | &nbsp;&nbsp; 50907041 | &nbsp;&nbsp; 985552 | &nbsp;&nbsp; 31583451 |
| Redeemed | &nbsp;&nbsp; (8035276)<br>| &nbsp;&nbsp; (267607673)<br>| &nbsp;&nbsp; (7438441)<br>| &nbsp;&nbsp; (238246497)<br>|
| Net change | &nbsp;&nbsp; 7522985 | &nbsp;&nbsp; $250751366 | &nbsp;&nbsp; 5357195 | &nbsp;&nbsp; $163311528 |
| Increase from capital share transactions | &nbsp;&nbsp; 7766642 | &nbsp;&nbsp; $258783420 | &nbsp;&nbsp; 5572116 | &nbsp;&nbsp; $170530283 |

---

\| 58

------

Notes to Financial Statements (continued)

December 31, 2025

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

**11. Capital Shares (continued).**

&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** |
| **Natixis Oakmark International Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 685790 | &nbsp;&nbsp; $10881770 | &nbsp;&nbsp; 743608 | &nbsp;&nbsp; $10583431 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 145739 | &nbsp;&nbsp; 2535863 | &nbsp;&nbsp; 150700 | &nbsp;&nbsp; 2037007 |
| Redeemed | &nbsp;&nbsp; (1411829)<br>| &nbsp;&nbsp; (21714331)<br>| &nbsp;&nbsp; (2393970)<br>| &nbsp;&nbsp; (34284693)<br>|
| Net change | &nbsp;&nbsp; (580300)<br>| &nbsp;&nbsp; $(8296698)<br>| &nbsp;&nbsp; (1499662)<br>| &nbsp;&nbsp; $(21664255)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 45926 | &nbsp;&nbsp; $709975 | &nbsp;&nbsp; 41009 | &nbsp;&nbsp; $576880 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 15582 | &nbsp;&nbsp; 268002 | &nbsp;&nbsp; 24525 | &nbsp;&nbsp; 327921 |
| Redeemed | &nbsp;&nbsp; (575870)<br>| &nbsp;&nbsp; (8926418)<br>| &nbsp;&nbsp; (754703)<br>| &nbsp;&nbsp; (10603038)<br>|
| Net change | &nbsp;&nbsp; (514362)<br>| &nbsp;&nbsp; $(7948441)<br>| &nbsp;&nbsp; (689169)<br>| &nbsp;&nbsp; $(9698237)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 59209 | &nbsp;&nbsp; $873120 | &nbsp;&nbsp; 10978 | &nbsp;&nbsp; $154980 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 10877 | &nbsp;&nbsp; 717 | &nbsp;&nbsp; 9625 |
| Redeemed | &nbsp;&nbsp; (63860)<br>| &nbsp;&nbsp; (910475)<br>| &nbsp;&nbsp; (5237)<br>| &nbsp;&nbsp; (73843)<br>|
| Net change | &nbsp;&nbsp; (4023)<br>| &nbsp;&nbsp; $(26478)<br>| &nbsp;&nbsp; 6458 | &nbsp;&nbsp; $90762 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 3279633 | &nbsp;&nbsp; $49931877 | &nbsp;&nbsp; 4207705 | &nbsp;&nbsp; $60219863 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 269868 | &nbsp;&nbsp; 4671418 | &nbsp;&nbsp; 311513 | &nbsp;&nbsp; 4189560 |
| Redeemed | &nbsp;&nbsp; (4846805)<br>| &nbsp;&nbsp; (69660501)<br>| &nbsp;&nbsp; (8976237)<br>| &nbsp;&nbsp; (128761252)<br>|
| Net change | &nbsp;&nbsp; (1297304)<br>| &nbsp;&nbsp; $(15057206)<br>| &nbsp;&nbsp; (4457019)<br>| &nbsp;&nbsp; $(64351829)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (2395989)<br>| &nbsp;&nbsp; $(31328823)<br>| &nbsp;&nbsp; (6639392)<br>| &nbsp;&nbsp; $(95623559)<br>|

---

59 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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

**11. Capital Shares (continued).**

&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** |
| **U.S. Equity Opportunities Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 861499 | &nbsp;&nbsp; $38344721 | &nbsp;&nbsp; 617333 | &nbsp;&nbsp; $25501751 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 941869 | &nbsp;&nbsp; 41881788 | &nbsp;&nbsp; 919915 | &nbsp;&nbsp; 40281894 |
| Redeemed | &nbsp;&nbsp; (2001494)<br>| &nbsp;&nbsp; (90101365)<br>| &nbsp;&nbsp; (1880572)<br>| &nbsp;&nbsp; (76866617)<br>|
| Net change | &nbsp;&nbsp; (198126)<br>| &nbsp;&nbsp; $(9874856)<br>| &nbsp;&nbsp; (343324)<br>| &nbsp;&nbsp; $(11082972)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 585754 | &nbsp;&nbsp; $8113892 | &nbsp;&nbsp; 271137 | &nbsp;&nbsp; $4000373 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 353231 | &nbsp;&nbsp; 4566103 | &nbsp;&nbsp; 309645 | &nbsp;&nbsp; 4418982 |
| Redeemed | &nbsp;&nbsp; (957944)<br>| &nbsp;&nbsp; (13454084)<br>| &nbsp;&nbsp; (799430)<br>| &nbsp;&nbsp; (12247126)<br>|
| Net change | &nbsp;&nbsp; (18959)<br>| &nbsp;&nbsp; $(774089)<br>| &nbsp;&nbsp; (218648)<br>| &nbsp;&nbsp; $(3827771)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 12212 | &nbsp;&nbsp; $768522 | &nbsp;&nbsp; 36515 | &nbsp;&nbsp; $1934423 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1444 | &nbsp;&nbsp; 88315 | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; 86449 |
| Redeemed | &nbsp;&nbsp; (6374)<br>| &nbsp;&nbsp; (399655)<br>| &nbsp;&nbsp; (4732)<br>| &nbsp;&nbsp; (283156)<br>|
| Net change | &nbsp;&nbsp; 7282 | &nbsp;&nbsp; $457182 | &nbsp;&nbsp; 33248 | &nbsp;&nbsp; $1737716 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 2270465 | &nbsp;&nbsp; $139288576 | &nbsp;&nbsp; 1473835 | &nbsp;&nbsp; $80444261 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 281668 | &nbsp;&nbsp; 17192804 | &nbsp;&nbsp; 240897 | &nbsp;&nbsp; 14165570 |
| Redeemed | &nbsp;&nbsp; (1305416)<br>| &nbsp;&nbsp; (79630139)<br>| &nbsp;&nbsp; (1619037)<br>| &nbsp;&nbsp; (88388980)<br>|
| Net change | &nbsp;&nbsp; 1246717 | &nbsp;&nbsp; $76851241 | &nbsp;&nbsp; 95695 | &nbsp;&nbsp; $6220851 |
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; 1036914 | &nbsp;&nbsp; $66659478 | &nbsp;&nbsp; (433029)<br>| &nbsp;&nbsp; $(6952176)<br>|

---

\| 60

------

Notes to Financial Statements (continued)

December 31, 2025

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

**11. Capital Shares (continued).**

&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** |
| **Mid Cap Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 125255 | &nbsp;&nbsp; $2841815 | &nbsp;&nbsp; 231670 | &nbsp;&nbsp; $5769552 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 660009 | &nbsp;&nbsp; 12516584 | &nbsp;&nbsp; 180107 | &nbsp;&nbsp; 4389307 |
| Redeemed | &nbsp;&nbsp; (422884)<br>| &nbsp;&nbsp; (9864463)<br>| &nbsp;&nbsp; (359279)<br>| &nbsp;&nbsp; (9021664)<br>|
| Net change | &nbsp;&nbsp; 362380 | &nbsp;&nbsp; $5493936 | &nbsp;&nbsp; 52498 | &nbsp;&nbsp; $1137195 |
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 32197 | &nbsp;&nbsp; $682262 | &nbsp;&nbsp; 27274 | &nbsp;&nbsp; $645132 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 59622 | &nbsp;&nbsp; 928185 | &nbsp;&nbsp; 13805 | &nbsp;&nbsp; 296132 |
| Redeemed | &nbsp;&nbsp; (44874)<br>| &nbsp;&nbsp; (920881)<br>| &nbsp;&nbsp; (104706)<br>| &nbsp;&nbsp; (2308922)<br>|
| Net change | &nbsp;&nbsp; 46945 | &nbsp;&nbsp; $689566 | &nbsp;&nbsp; (63627)<br>| &nbsp;&nbsp; $(1367658)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 87191 | &nbsp;&nbsp; $2145663 | &nbsp;&nbsp; 423292 | &nbsp;&nbsp; $10598201 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 253406 | &nbsp;&nbsp; 5082136 | &nbsp;&nbsp; 218508 | &nbsp;&nbsp; 5438801 |
| Redeemed | &nbsp;&nbsp; (1893209)<br>| &nbsp;&nbsp; (48269811)<br>| &nbsp;&nbsp; (1278742)<br>| &nbsp;&nbsp; (35649338)<br>|
| Net change | &nbsp;&nbsp; (1552612)<br>| &nbsp;&nbsp; $(41042012)<br>| &nbsp;&nbsp; (636942)<br>| &nbsp;&nbsp; $(19612336)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 998063 | &nbsp;&nbsp; $23286271 | &nbsp;&nbsp; 1198410 | &nbsp;&nbsp; $30740368 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1749097 | &nbsp;&nbsp; 34359874 | &nbsp;&nbsp; 618693 | &nbsp;&nbsp; 15424293 |
| Redeemed | &nbsp;&nbsp; (3279167)<br>| &nbsp;&nbsp; (80261448)<br>| &nbsp;&nbsp; (2097393)<br>| &nbsp;&nbsp; (52696854)<br>|
| Net change | &nbsp;&nbsp; (532007)<br>| &nbsp;&nbsp; $(22615303)<br>| &nbsp;&nbsp; (280290)<br>| &nbsp;&nbsp; $(6532193)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (1675294)<br>| &nbsp;&nbsp; $(57473813)<br>| &nbsp;&nbsp; (928361)<br>| &nbsp;&nbsp; $(26374992)<br>|

---

61 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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

**11. Capital Shares (continued).**

&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** |
| **Small Cap Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 8154233 | &nbsp;&nbsp; $150731920 | &nbsp;&nbsp; 3034383 | &nbsp;&nbsp; $60324416 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 757019 | &nbsp;&nbsp; 15958338 | &nbsp;&nbsp; 106589 | &nbsp;&nbsp; 2082739 |
| Redeemed | &nbsp;&nbsp; (2811012)<br>| &nbsp;&nbsp; (56492640)<br>| &nbsp;&nbsp; (1237909)<br>| &nbsp;&nbsp; (24423784)<br>|
| Net change | &nbsp;&nbsp; 6100240 | &nbsp;&nbsp; $110197618 | &nbsp;&nbsp; 1903063 | &nbsp;&nbsp; $37983371 |
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 118903 | &nbsp;&nbsp; $769183 | &nbsp;&nbsp; 806174 | &nbsp;&nbsp; $5370062 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 222365 | &nbsp;&nbsp; 1385336 | &nbsp;&nbsp; 75527 | &nbsp;&nbsp; 492437 |
| Redeemed | &nbsp;&nbsp; (950717)<br>| &nbsp;&nbsp; (6409742)<br>| &nbsp;&nbsp; (119982)<br>| &nbsp;&nbsp; (825701)<br>|
| Net change | &nbsp;&nbsp; (609449)<br>| &nbsp;&nbsp; $(4255223)<br>| &nbsp;&nbsp; 761719 | &nbsp;&nbsp; $5036798 |
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 5677440 | &nbsp;&nbsp; $122172737 | &nbsp;&nbsp; 5582264 | &nbsp;&nbsp; $117113893 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 240385 | &nbsp;&nbsp; 5435104 | &nbsp;&nbsp; 7623 | &nbsp;&nbsp; 159095 |
| Redeemed | &nbsp;&nbsp; (2223538)<br>| &nbsp;&nbsp; (45999185)<br>| &nbsp;&nbsp; (346348)<br>| &nbsp;&nbsp; (7364416)<br>|
| Net change | &nbsp;&nbsp; 3694287 | &nbsp;&nbsp; $81608656 | &nbsp;&nbsp; 5243539 | &nbsp;&nbsp; $109908572 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 11372949 | &nbsp;&nbsp; $236750432 | &nbsp;&nbsp; 30003927 | &nbsp;&nbsp; $616586435 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1767908 | &nbsp;&nbsp; 39919359 | &nbsp;&nbsp; 628157 | &nbsp;&nbsp; 13090789 |
| Redeemed | &nbsp;&nbsp; (22464153)<br>| &nbsp;&nbsp; (470660436)<br>| &nbsp;&nbsp; (11669470)<br>| &nbsp;&nbsp; (246553822)<br>|
| Net change | &nbsp;&nbsp; (9323296)<br>| &nbsp;&nbsp; $(193990645)<br>| &nbsp;&nbsp; 18962614 | &nbsp;&nbsp; $383123402 |
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; (138218)<br>| &nbsp;&nbsp; $(6439594)<br>| &nbsp;&nbsp; 26870935 | &nbsp;&nbsp; $536052143 |

---

\| 62

------

Report of Independent Registered Public Accounting Firm

To the Boards of Trustees of Loomis Sayles Funds II, Natixis Funds Trust I, and Natixis Funds Trust II and Shareholders of Loomis Sayles International Growth Fund, Natixis Oakmark International Fund, Natixis U.S. Equity Opportunities Fund, Vaughan Nelson Small Cap Fund, Natixis Oakmark Fund, and Vaughan Nelson Mid Cap Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles International Growth Fund (one of the funds constituting Loomis Sayles Funds II), Natixis Oakmark International Fund, Natixis U.S. Equity Opportunities Fund, Vaughan Nelson Small Cap Fund (three of the funds constituting Natixis Funds Trust I), Natixis Oakmark Fund and Vaughan Nelson Mid Cap Fund (two of the funds constituting Natixis Funds Trust II) (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, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended 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 and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 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.

63 \|

------

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>|
| International Growth Fund | 6.56<br> %<br>|
| Natixis Oakmark Fund | 94.30<br> %<br>|
| U.S. Equity Opportunities Fund | 98.68<br> %<br>|
| Mid Cap Fund | 13.74<br> %<br>|
| Small Cap Fund | 58.37<br> %<br>|

---

**Qualified Dividend Income.** For the fiscal year ended December 31, 2025, a percentage of the ordinary income dividends paid by the Funds are considered 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 paid a distribution during calendar year 2025, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:

---

| | |
|:---|:---|
| Fund | Qualifying <br>Percentage<br>|
| International Growth Fund | 100.00<br> %<br>|
| Natixis Oakmark Fund | 100.00<br> %<br>|
| Natixis Oakmark International Fund | 93.74<br> %<br>|
| U.S. Equity Opportunities Fund | 100.00<br> %<br>|
| Mid Cap Fund | 10.61<br> %<br>|
| Small Cap Fund | 100.00<br> %<br>|

---

**Capital Gains Distributions.** Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the year ended December 31, 2025.

---

| | |
|:---|:---|
| Fund | Amount |
| International Growth Fund | &nbsp;&nbsp; $389110 |
| Natixis Oakmark Fund | &nbsp;&nbsp; 64987699 |
| U.S. Equity Opportunities Fund | &nbsp;&nbsp; 70590009 |
| Mid Cap Fund | &nbsp;&nbsp; 35605214 |
| Small Cap Fund | &nbsp;&nbsp; 60685228 |

---

**Foreign Tax Credit**. For the year ended December 31, 2025, the Fund intends to pass through foreign tax credits and have derived gross income from sources within foreign countries amounting to:

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp; Foreign-Tax <br>Credit Pass-Through<br>| &nbsp;&nbsp; Foreign Source <br>Income<br>|
| International Growth Fund | &nbsp;&nbsp;&nbsp; $28957 | &nbsp;&nbsp;&nbsp; $444487 |

---

\| 64

------

![](g333524imge6aea8f61.gif)

˃To learn more about Natixis Funds products and services:

Visit: im.natixis.com Call: 800-225-5478

**Before investing, consider the fund's investment objectives, risks, charges, and expenses. Visit im.natixis.com or call 800-225-5478 for a prospectus or summary prospectus containing this and other information.**

Contact us by mail:

If you wish to communicate with the funds' Board of Trustees, you may do so by writing to:

Secretary of the Funds

Natixis Advisors, LLC

888 Boylston Street, Suite 800

Boston, MA 02199-8197

The correspondence must (a) be signed by the shareholder; (b) include the shareholder's name and address; and (c) identify the fund(s), account number, share class, and number of shares held in that fund, as of a recent date.

Or by e-mail:

secretaryofthefunds@natixis.com (Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.)

**Please note:** Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, Social Security number, PIN, or any other non-public personal information in an e-mail communication because this information may be viewed by others.

![](g333524img20fe0bed3.gif)

Exp. 2/28/2027

EF58A-1225

This page is not part of the financial statements and other important information

------

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

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

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

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

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

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

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

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

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

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

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

------

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

#### Item 19. Exhibits.
(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.](d333524dex99codeeth.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.](d333524dex99cert.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.](d333524dex99906cert.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 II | Loomis Sayles Funds II |
| By: | <u>/s/ David L. Giunta</u> |
| Name: | David L. Giunta |
| 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/ David L. Giunta</u> |
| Name: | David L. Giunta |
| 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;• 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;• 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;• Compliance with applicable governmental laws, rules and regulations;

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

&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;• 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;• 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".

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

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

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

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

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

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

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

**VI.** **Amendments** 

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

**VII.** **Confidentiality** 

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

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

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

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**Exhibit A** 

<u>Registered Investment Companies</u>

Natixis Funds Trust I

Natixis Funds Trust II

Natixis Funds Trust IV

Natixis ETF Trust

Natixis ETF Trust II

Loomis Sayles Funds I

Loomis Sayles Funds II

Gateway Trust

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**Exhibit B** 

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

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

---

## Ex-99.Cert

**Exhibit (a)(3)** 

**Loomis Sayles Funds II** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, David L. Giunta, certify that:

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

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

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

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

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

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

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

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

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

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

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

------

Date: February 23, 2026

---

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

---

------

**Exhibit (a)(3)** 

**Loomis Sayles Funds II** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, Matthew J. Block, certify that:

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

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

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

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

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

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

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

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

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

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

------

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

---

| | |
|:---|:---|
| Date: 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 II** 

**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 Chief Executive | Treasurer and Principal Financial and |
| Officer | Accounting Officer |
| Loomis Sayles Funds II | Loomis Sayles Funds II |
| --------------------------------------------- | --------------------------------------------- |
| <u>/s/ David L. Giunta</u> | <u>/s/ Matthew J. Block</u> |
| David L. Giunta | Matthew J. Block |
| Date: 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 II, and will be retained by the Loomis Sayles Funds II and furnished to the Securities and Exchange Commission or its staff upon request.