UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-00242

Natixis Funds Trust II

(Exact name of Registrant as specified in charter)


		888 Boylston Street, Suite 800 Boston, Massachusetts				02199-8197
		(Address of principal executive offices)				(Zip code)

Susan McWhan Tobin, Esq.

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

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

Date of fiscal year end: November 30

Date of reporting period: May 31, 2025

Item 1. Reports to Stockholders.

(a)

The Registrant’s Semi-annual Tailored Shareholder Reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:

Class A

LSAGX

Loomis Sayles Global Growth Fund

Semi-annual Shareholder Report - May 31, 2025

This semi-annual shareholder report contains important information about Loomis Sayles Global Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Class A	$61	1.20%

Footnote	Description
Footnote^†	Annualized for periods less than one year (if applicable).

Key Fund Statistics

Total Net Assets$128,359,774
# of Portfolio Holdings (including overnight repurchase agreements)45
Portfolio Turnover Rate2%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$319,085

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

Industry Summary

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	12.4%
Short-Term Investments	0.3%
Semiconductors & Semiconductor Equipment	3.6%
Aerospace & Defense	3.8%
Hotels, Restaurants & Leisure	3.9%
IT Services	4.4%
Biotechnology	5.4%
Automobiles	5.6%
Entertainment	5.8%
Pharmaceuticals	6.5%
Financial Services	8.7%
Software	10.7%
Broadline Retail	13.3%
Interactive Media & Services	15.6%

Footnote	Description
Footnote^*	Net of other assets less liabilities

Top Ten Holdings

MercadoLibre, Inc.	7.1%
Meta Platforms, Inc., Class A	7.1%
Netflix, Inc.	5.8%
Tesla, Inc.	5.6%
Amazon.com, Inc.	5.3%
Alphabet, Inc., Class A	4.7%
Shopify, Inc., Class A	4.4%
Oracle Corp.	4.1%
Visa, Inc., Class A	4.0%
Adyen NV	4.0%

Country Weightings

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	7.1%
Canada	4.4%
Netherlands	5.2%
China	7.8%
Brazil	8.7%
United States	66.7%

Footnote	Description
Footnote^*	Net of other assets less liabilities

Material Fund Changes

There were no material fund changes during the period.

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

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

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

Class A

LSAGX

Loomis Sayles Global Growth Fund

Semi-annual Shareholder Report

May 31, 2025

TGG88A-0525

Class C

LSCGX

Loomis Sayles Global Growth Fund

Semi-annual Shareholder Report - May 31, 2025

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Class C	$100	1.95%

Footnote	Description
Footnote^†	Annualized for periods less than one year (if applicable).

Key Fund Statistics

Total Net Assets$128,359,774
# of Portfolio Holdings (including overnight repurchase agreements)45
Portfolio Turnover Rate2%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$319,085

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

Industry Summary

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	12.4%
Short-Term Investments	0.3%
Semiconductors & Semiconductor Equipment	3.6%
Aerospace & Defense	3.8%
Hotels, Restaurants & Leisure	3.9%
IT Services	4.4%
Biotechnology	5.4%
Automobiles	5.6%
Entertainment	5.8%
Pharmaceuticals	6.5%
Financial Services	8.7%
Software	10.7%
Broadline Retail	13.3%
Interactive Media & Services	15.6%

Footnote	Description
Footnote^*	Net of other assets less liabilities

Top Ten Holdings

MercadoLibre, Inc.	7.1%
Meta Platforms, Inc., Class A	7.1%
Netflix, Inc.	5.8%
Tesla, Inc.	5.6%
Amazon.com, Inc.	5.3%
Alphabet, Inc., Class A	4.7%
Shopify, Inc., Class A	4.4%
Oracle Corp.	4.1%
Visa, Inc., Class A	4.0%
Adyen NV	4.0%

Country Weightings

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	7.1%
Canada	4.4%
Netherlands	5.2%
China	7.8%
Brazil	8.7%
United States	66.7%

Footnote	Description
Footnote^*	Net of other assets less liabilities

Material Fund Changes

There were no material fund changes during the period.

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

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

Class C

LSCGX

Loomis Sayles Global Growth Fund

Semi-annual Shareholder Report

May 31, 2025

TGG88C-0525

Class N

LSNGX

Loomis Sayles Global Growth Fund

Semi-annual Shareholder Report - May 31, 2025

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Class N	$46	0.90%

Footnote	Description
Footnote^†	Annualized for periods less than one year (if applicable).

Key Fund Statistics

Total Net Assets$128,359,774
# of Portfolio Holdings (including overnight repurchase agreements)45
Portfolio Turnover Rate2%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$319,085

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

Industry Summary

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	12.4%
Short-Term Investments	0.3%
Semiconductors & Semiconductor Equipment	3.6%
Aerospace & Defense	3.8%
Hotels, Restaurants & Leisure	3.9%
IT Services	4.4%
Biotechnology	5.4%
Automobiles	5.6%
Entertainment	5.8%
Pharmaceuticals	6.5%
Financial Services	8.7%
Software	10.7%
Broadline Retail	13.3%
Interactive Media & Services	15.6%

Footnote	Description
Footnote^*	Net of other assets less liabilities

Top Ten Holdings

MercadoLibre, Inc.	7.1%
Meta Platforms, Inc., Class A	7.1%
Netflix, Inc.	5.8%
Tesla, Inc.	5.6%
Amazon.com, Inc.	5.3%
Alphabet, Inc., Class A	4.7%
Shopify, Inc., Class A	4.4%
Oracle Corp.	4.1%
Visa, Inc., Class A	4.0%
Adyen NV	4.0%

Country Weightings

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	7.1%
Canada	4.4%
Netherlands	5.2%
China	7.8%
Brazil	8.7%
United States	66.7%

Footnote	Description
Footnote^*	Net of other assets less liabilities

Material Fund Changes

There were no material fund changes during the period.

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

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

Class N

LSNGX

Loomis Sayles Global Growth Fund

Semi-annual Shareholder Report

May 31, 2025

TGG88N-0525

Class Y

LSGGX

Loomis Sayles Global Growth Fund

Semi-annual Shareholder Report - May 31, 2025

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Class Y	$49	0.95%

Footnote	Description
Footnote^†	Annualized for periods less than one year (if applicable).

Key Fund Statistics

Total Net Assets$128,359,774
# of Portfolio Holdings (including overnight repurchase agreements)45
Portfolio Turnover Rate2%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$319,085

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

Industry Summary

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	12.4%
Short-Term Investments	0.3%
Semiconductors & Semiconductor Equipment	3.6%
Aerospace & Defense	3.8%
Hotels, Restaurants & Leisure	3.9%
IT Services	4.4%
Biotechnology	5.4%
Automobiles	5.6%
Entertainment	5.8%
Pharmaceuticals	6.5%
Financial Services	8.7%
Software	10.7%
Broadline Retail	13.3%
Interactive Media & Services	15.6%

Footnote	Description
Footnote^*	Net of other assets less liabilities

Top Ten Holdings

MercadoLibre, Inc.	7.1%
Meta Platforms, Inc., Class A	7.1%
Netflix, Inc.	5.8%
Tesla, Inc.	5.6%
Amazon.com, Inc.	5.3%
Alphabet, Inc., Class A	4.7%
Shopify, Inc., Class A	4.4%
Oracle Corp.	4.1%
Visa, Inc., Class A	4.0%
Adyen NV	4.0%

Country Weightings

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	7.1%
Canada	4.4%
Netherlands	5.2%
China	7.8%
Brazil	8.7%
United States	66.7%

Footnote	Description
Footnote^*	Net of other assets less liabilities

Material Fund Changes

There were no material fund changes during the period.

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

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

Class Y

LSGGX

Loomis Sayles Global Growth Fund

Semi-annual Shareholder Report

May 31, 2025

TGG88Y-0525

Class A

LSFAX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Semi-annual Shareholder Report - May 31, 2025

This semi-annual shareholder report contains important information about Loomis Sayles Senior Floating Rate and Fixed Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Class A	$50	0.99%

Footnote	Description
Footnote^†	Annualized for periods less than one year (if applicable).

Key Fund Statistics

Total Net Assets$629,533,739
# of Portfolio Holdings (including overnight repurchase agreements and derivatives)257
Portfolio Turnover Rate53%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$2,087,106

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

Industry Summary

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	25.7%
Short-Term Investments	7.1%
Financial Other	3.0%
Industrial Other	3.0%
Transportation Services	3.0%
Brokerage	3.5%
Cable Satellite	4.1%
Building Materials	5.7%
Media Entertainment	5.7%
Healthcare	5.7%
Property & Casualty Insurance	6.2%
Retailers	6.3%
Consumer Cyclical Services	7.8%
Technology	13.2%

Footnote	Description
Footnote^*	Net of other assets less liabilities (including futures contracts)

Credit Quality^{Footnote Reference†}

Value	Value
Cash & equivalents	4.3
Not rated^{Footnote Reference^}	1.4
CCC	8.3
B	64.7
BB	20.7
BBB	0.6

Footnote	Description
Footnote^†	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.
Footnote^{^}	Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here.

Material Fund Changes

There were no material fund changes during the period.

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

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

Class A

LSFAX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Semi-annual Shareholder Report

May 31, 2025

TLSFR88A-0525

Class C

LSFCX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Semi-annual Shareholder Report - May 31, 2025

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Class C	$88	1.74%

Footnote	Description
Footnote^†	Annualized for periods less than one year (if applicable).

Key Fund Statistics

Total Net Assets$629,533,739
# of Portfolio Holdings (including overnight repurchase agreements and derivatives)257
Portfolio Turnover Rate53%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$2,087,106

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

Industry Summary

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	25.7%
Short-Term Investments	7.1%
Financial Other	3.0%
Industrial Other	3.0%
Transportation Services	3.0%
Brokerage	3.5%
Cable Satellite	4.1%
Building Materials	5.7%
Media Entertainment	5.7%
Healthcare	5.7%
Property & Casualty Insurance	6.2%
Retailers	6.3%
Consumer Cyclical Services	7.8%
Technology	13.2%

Footnote	Description
Footnote^*	Net of other assets less liabilities (including futures contracts)

Credit Quality^{Footnote Reference†}

Value	Value
Cash & equivalents	4.3
Not rated^{Footnote Reference^}	1.4
CCC	8.3
B	64.7
BB	20.7
BBB	0.6

Footnote	Description
Footnote^†	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.
Footnote^{^}	Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here.

Material Fund Changes

There were no material fund changes during the period.

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

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

Class C

LSFCX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Semi-annual Shareholder Report

May 31, 2025

TLSFR88C-0525

Class N

LSFNX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Semi-annual Shareholder Report - May 31, 2025

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Class N	$35	0.69%

Footnote	Description
Footnote^†	Annualized for periods less than one year (if applicable).

Key Fund Statistics

Total Net Assets$629,533,739
# of Portfolio Holdings (including overnight repurchase agreements and derivatives)257
Portfolio Turnover Rate53%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$2,087,106

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

Industry Summary

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	25.7%
Short-Term Investments	7.1%
Financial Other	3.0%
Industrial Other	3.0%
Transportation Services	3.0%
Brokerage	3.5%
Cable Satellite	4.1%
Building Materials	5.7%
Media Entertainment	5.7%
Healthcare	5.7%
Property & Casualty Insurance	6.2%
Retailers	6.3%
Consumer Cyclical Services	7.8%
Technology	13.2%

Footnote	Description
Footnote^*	Net of other assets less liabilities (including futures contracts)

Credit Quality^{Footnote Reference†}

Value	Value
Cash & equivalents	4.3
Not rated^{Footnote Reference^}	1.4
CCC	8.3
B	64.7
BB	20.7
BBB	0.6

Footnote	Description
Footnote^†	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.
Footnote^{^}	Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here.

Material Fund Changes

There were no material fund changes during the period.

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

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

Class N

LSFNX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Semi-annual Shareholder Report

May 31, 2025

TLSFR88N-0525

Class Y

LSFYX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Semi-annual Shareholder Report - May 31, 2025

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Class Y	$37	0.74%

Footnote	Description
Footnote^†	Annualized for periods less than one year (if applicable).

Key Fund Statistics

Total Net Assets$629,533,739
# of Portfolio Holdings (including overnight repurchase agreements and derivatives)257
Portfolio Turnover Rate53%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$2,087,106

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

Industry Summary

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	25.7%
Short-Term Investments	7.1%
Financial Other	3.0%
Industrial Other	3.0%
Transportation Services	3.0%
Brokerage	3.5%
Cable Satellite	4.1%
Building Materials	5.7%
Media Entertainment	5.7%
Healthcare	5.7%
Property & Casualty Insurance	6.2%
Retailers	6.3%
Consumer Cyclical Services	7.8%
Technology	13.2%

Footnote	Description
Footnote^*	Net of other assets less liabilities (including futures contracts)

Credit Quality^{Footnote Reference†}

Value	Value
Cash & equivalents	4.3
Not rated^{Footnote Reference^}	1.4
CCC	8.3
B	64.7
BB	20.7
BBB	0.6

Footnote	Description
Footnote^†	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.
Footnote^{^}	Not Rated category represents only those securities not rated by S&P Global Ratings. Such securities may be rated by other NRSROs not shown here.

Material Fund Changes

There were no material fund changes during the period.

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

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

Class Y

LSFYX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Semi-annual Shareholder Report

May 31, 2025

TLSFR88Y-0525

Class A

VNSAX

Vaughan Nelson Select Fund

Semi-annual Shareholder Report - May 31, 2025

This semi-annual shareholder report contains important information about Vaughan Nelson Select Fund for the period of December 1, 2024 to May 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 six months? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Class A	$54	1.10%

Footnote	Description
Footnote^†	Annualized for periods less than one year (if applicable).

Key Fund Statistics

Total Net Assets$551,060,839
# of Portfolio Holdings (including overnight repurchase agreements)27
Portfolio Turnover Rate44%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$2,255,971

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

Industry Summary

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	12.7%
Short-Term Investments	1.7%
Specialty Retail	3.1%
Capital Markets	3.1%
Electrical Equipment	3.2%
Trading Companies & Distributors	3.2%
Chemicals	3.5%
Food Products	3.7%
Pharmaceuticals	3.8%
Banks	4.2%
Oil, Gas & Consumable Fuels	4.6%
Financial Services	4.6%
Broadline Retail	6.4%
Entertainment	6.5%
Interactive Media & Services	9.9%
Software	11.6%
Semiconductors & Semiconductor Equipment	14.2%

Footnote	Description
Footnote^*	Net of other assets less liabilities

Top Ten Holdings

Microsoft Corp.	7.6%
Amazon.com, Inc.	6.4%
NVIDIA Corp.	6.1%
Meta Platforms, Inc., Class A	5.2%
Taiwan Semiconductor Manufacturing Co. Ltd.	5.2%
Alphabet, Inc., Class A	4.7%
Berkshire Hathaway, Inc., Class B	4.6%
JPMorgan Chase & Co.	4.2%
Spotify Technology SA	4.1%
ServiceNow, Inc.	4.0%

Material Fund Changes

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

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

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

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

Class A

VNSAX

Vaughan Nelson Select Fund

Semi-annual Shareholder Report

May 31, 2025

TVS88A-0525

Class C

VNSCX

Vaughan Nelson Select Fund

Semi-annual Shareholder Report - May 31, 2025

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Class C	$90	1.85%

Footnote	Description
Footnote^†	Annualized for periods less than one year (if applicable).

Key Fund Statistics

Total Net Assets$551,060,839
# of Portfolio Holdings (including overnight repurchase agreements)27
Portfolio Turnover Rate44%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$2,255,971

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

Industry Summary

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	12.7%
Short-Term Investments	1.7%
Specialty Retail	3.1%
Capital Markets	3.1%
Electrical Equipment	3.2%
Trading Companies & Distributors	3.2%
Chemicals	3.5%
Food Products	3.7%
Pharmaceuticals	3.8%
Banks	4.2%
Oil, Gas & Consumable Fuels	4.6%
Financial Services	4.6%
Broadline Retail	6.4%
Entertainment	6.5%
Interactive Media & Services	9.9%
Software	11.6%
Semiconductors & Semiconductor Equipment	14.2%

Footnote	Description
Footnote^*	Net of other assets less liabilities

Top Ten Holdings

Microsoft Corp.	7.6%
Amazon.com, Inc.	6.4%
NVIDIA Corp.	6.1%
Meta Platforms, Inc., Class A	5.2%
Taiwan Semiconductor Manufacturing Co. Ltd.	5.2%
Alphabet, Inc., Class A	4.7%
Berkshire Hathaway, Inc., Class B	4.6%
JPMorgan Chase & Co.	4.2%
Spotify Technology SA	4.1%
ServiceNow, Inc.	4.0%

Material Fund Changes

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

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

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

Class C

VNSCX

Vaughan Nelson Select Fund

Semi-annual Shareholder Report

May 31, 2025

TVS88C-0525

Class N

VNSNX

Vaughan Nelson Select Fund

Semi-annual Shareholder Report - May 31, 2025

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Class N	$36	0.73%

Footnote	Description
Footnote^†	Annualized for periods less than one year (if applicable).

Key Fund Statistics

Total Net Assets$551,060,839
# of Portfolio Holdings (including overnight repurchase agreements)27
Portfolio Turnover Rate44%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$2,255,971

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

Industry Summary

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	12.7%
Short-Term Investments	1.7%
Specialty Retail	3.1%
Capital Markets	3.1%
Electrical Equipment	3.2%
Trading Companies & Distributors	3.2%
Chemicals	3.5%
Food Products	3.7%
Pharmaceuticals	3.8%
Banks	4.2%
Oil, Gas & Consumable Fuels	4.6%
Financial Services	4.6%
Broadline Retail	6.4%
Entertainment	6.5%
Interactive Media & Services	9.9%
Software	11.6%
Semiconductors & Semiconductor Equipment	14.2%

Footnote	Description
Footnote^*	Net of other assets less liabilities

Top Ten Holdings

Microsoft Corp.	7.6%
Amazon.com, Inc.	6.4%
NVIDIA Corp.	6.1%
Meta Platforms, Inc., Class A	5.2%
Taiwan Semiconductor Manufacturing Co. Ltd.	5.2%
Alphabet, Inc., Class A	4.7%
Berkshire Hathaway, Inc., Class B	4.6%
JPMorgan Chase & Co.	4.2%
Spotify Technology SA	4.1%
ServiceNow, Inc.	4.0%

Material Fund Changes

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

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

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

Class N

VNSNX

Vaughan Nelson Select Fund

Semi-annual Shareholder Report

May 31, 2025

TVS88N-0525

Class Y

VNSYX

Vaughan Nelson Select Fund

Semi-annual Shareholder Report - May 31, 2025

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference†}
Class Y	$41	0.85%

Footnote	Description
Footnote^†	Annualized for periods less than one year (if applicable).

Key Fund Statistics

Total Net Assets$551,060,839
# of Portfolio Holdings (including overnight repurchase agreements)27
Portfolio Turnover Rate44%
Total Advisory Fees Paid (after waiver/reimbursement, if applicable)$2,255,971

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

Industry Summary

Value	Value
Other investments less than 3% of net assets^{Footnote Reference*}	12.7%
Short-Term Investments	1.7%
Specialty Retail	3.1%
Capital Markets	3.1%
Electrical Equipment	3.2%
Trading Companies & Distributors	3.2%
Chemicals	3.5%
Food Products	3.7%
Pharmaceuticals	3.8%
Banks	4.2%
Oil, Gas & Consumable Fuels	4.6%
Financial Services	4.6%
Broadline Retail	6.4%
Entertainment	6.5%
Interactive Media & Services	9.9%
Software	11.6%
Semiconductors & Semiconductor Equipment	14.2%

Footnote	Description
Footnote^*	Net of other assets less liabilities

Top Ten Holdings

Microsoft Corp.	7.6%
Amazon.com, Inc.	6.4%
NVIDIA Corp.	6.1%
Meta Platforms, Inc., Class A	5.2%
Taiwan Semiconductor Manufacturing Co. Ltd.	5.2%
Alphabet, Inc., Class A	4.7%
Berkshire Hathaway, Inc., Class B	4.6%
JPMorgan Chase & Co.	4.2%
Spotify Technology SA	4.1%
ServiceNow, Inc.	4.0%

Material Fund Changes

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

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

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

Class Y

VNSYX

Vaughan Nelson Select Fund

Semi-annual Shareholder Report

May 31, 2025

TVS88Y-0525

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

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

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

The Registrant’s Semiannual Financial Statements and Other Important Information are as follows:

Semi-annual Financial Statements and Other Important Information

May 31, 2025

Loomis Sayles Global Growth Fund

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Vaughan Nelson Select Fund

Table of Contents

Portfolio of Investments (Form N-CSR Item 6)	1
Financial Statements (Form N-CSR Item 7)	11
Notes to Financial Statements (Form N-CSR Item 7)	28
Trustees Fees and Expenses (Form N-CSR Item 10)	40
Board Approval of Existing Advisory and Sub-Advisory Agreements (Form N-CSR Item 11)	46

Portfolio of Investments – as of May 31, 2025 (Unaudited)

Loomis Sayles Global Growth Fund

Shares	Description	Value (†)
Common Stocks — 99.6% of Net Assets
	Brazil — 8.7%
835,741	Ambev SA, ADR	$2,039,208
3,576	MercadoLibre, Inc.(a)	9,166,325
		11,205,533
	Canada — 4.4%
52,660	Shopify, Inc., Class A(a)	5,646,205
	China — 7.8%
10,108	Alibaba Group Holding Ltd., ADR(b)	1,150,695
12,949	Baidu, Inc., ADR(a)(b)	1,060,523
145,232	Budweiser Brewing Co. APAC Ltd.	150,657
60,500	Tencent Holdings Ltd.	3,814,078
43,632	Trip.com Group Ltd., ADR(b)	2,733,545
26,360	Yum China Holdings, Inc.(b)	1,150,614
		10,060,112
	Denmark — 2.0%
35,931	Novo Nordisk AS, Class B	2,552,819
	France — 1.5%
2,478	LVMH Moet Hennessy Louis Vuitton SE	1,344,084
7,814	Sodexo SA	539,652
		1,883,736
	Japan — 1.4%
66,100	FANUC Corp.	1,764,159
	Netherlands — 5.2%
2,662	Adyen NV(a)	5,101,666
8,011	NXP Semiconductors NV	1,531,142
		6,632,808
	Switzerland — 0.9%
30,008	CRISPR Therapeutics AG(a)	1,088,990
	United Kingdom — 1.0%
5,808	Reckitt Benckiser Group PLC	394,814
14,534	Unilever PLC	925,956
		1,320,770
	United States — 66.7%
11,048	Alnylam Pharmaceuticals, Inc.(a)	3,364,779
35,138	Alphabet, Inc., Class A	6,034,600
32,951	Amazon.com, Inc.(a)	6,755,285
16,553	ARM Holdings PLC, ADR(a)	2,061,511
3,888	Autodesk, Inc.(a)	1,151,315
15,134	Block, Inc.(a)	934,525
23,699	Boeing Co.(a)	4,913,277
3,073	Deere & Co.	1,555,737
32,015	Doximity, Inc., Class A(a)	1,667,661
5,699	Expeditors International of Washington, Inc.	642,448
55,509	Experian PLC	2,764,641
14,047	Meta Platforms, Inc., Class A	9,095,292
10,573	Microsoft Corp.	4,867,386
8,672	Nestle SA, (Registered)	923,889
6,169	Netflix, Inc.(a)	7,447,402
34,626	Novartis AG, (Registered)	3,996,847
31,417	Oracle Corp.	5,200,456
7,356	QUALCOMM, Inc.	1,068,091
5,609	Roche Holding AG	1,817,019
8,938	Salesforce, Inc.	2,371,877
12,144	SEI Investments Co.	1,035,397
20,695	Tesla, Inc.(a)	7,169,990
68,358	Under Armour, Inc., Class A(a)	458,682
5,611	Vertex Pharmaceuticals, Inc.(a)	2,480,343

Shares	Description	Value (†)
	United States — continued
14,190	Visa, Inc., Class A	$5,182,046
4,807	Yum! Brands, Inc.	691,920
		85,652,416
	Total Common Stocks (Identified Cost $82,611,980)	127,807,548

Principal Amount
Short-Term Investments — 0.3%
$461,452	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 5/30/2025 at 2.500% to be repurchased at $461,548 on 6/02/2025 collateralized by $459,700 U.S. Treasury Inflation Indexed Note, 2.125% due 1/15/2035 valued at $470,798 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $461,452)	461,452
	Total Investments — 99.9% (Identified Cost $83,073,432)	128,269,000
	Other assets less liabilities — 0.1%	90,774
	Net Assets — 100.0%	$128,359,774

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

(a)	Non-income producing security.
(b)	Security invests in variable interest entities based in China. See Note 10 of Notes to Financial Statements.

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

Industry Summary at May 31, 2025 (Unaudited)

Interactive Media & Services	15.6 %
Broadline Retail	13.3
Software	10.7
Financial Services	8.7
Pharmaceuticals	6.5
Entertainment	5.8
Automobiles	5.6
Biotechnology	5.4
IT Services	4.4
Hotels, Restaurants & Leisure	3.9
Aerospace & Defense	3.8
Semiconductors & Semiconductor Equipment	3.6
Machinery	2.6
Professional Services	2.2
Other Investments, less than 2% each	7.5
Short-Term Investments	0.3
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0 %

See accompanying notes to financial statements.

1 |

Portfolio of Investments – as of May 31, 2025 (Unaudited)

Loomis Sayles Global Growth Fund (continued)

Currency Exposure Summary at May 31, 2025 (Unaudited)

United States Dollar	79.5 %
Euro	6.2
Swiss Franc	5.2
Hong Kong Dollar	3.1
British Pound	2.5
Danish Krone	2.0
Japanese Yen	1.4
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0 %

See accompanying notes to financial statements.

| 2

Portfolio of Investments – as of May 31, 2025 (Unaudited)

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Principal Amount	Description	Value (†)
Senior Loans — 87.4% of Net Assets
	Aerospace & Defense — 2.1%
$3,369,070	Azorra Soar TLB Finance Ltd., Term Loan B, 3 mo. USD SOFR + 3.500%, 7.799%, 10/18/2029(a)(b)	$3,359,232
2,900,000	Barnes Group, Inc., 2025 Term Loan B, 1 mo. USD SOFR + 3.000%, 7.329%, 1/27/2032(a)(b)	2,887,327
1,836,534	Spirit AeroSystems, Inc., 2022 Term Loan, 3 mo. USD SOFR + 4.500%, 8.780%, 1/15/2027(b)	1,837,305
2,810,965	TransDigm, Inc., 2024 Term Loan I, 3 mo. USD SOFR + 2.750%, 7.049%, 8/24/2028(a)(b)	2,818,218
2,265,658	Vertex Aerospace Services LLC, 2021 First Lien Term Loan, 1 mo. USD SOFR + 2.250%, 6.577%, 12/06/2030(b)	2,256,459
		13,158,541
	Airlines — 0.6%
3,800,000	American Airlines, Inc., 2025 Term Loan B, 5/28/2032(c)	3,813,452
	Automotive — 2.5%
3,677,500	Clarios Global LP, 2025 USD Term Loan B, 1 mo. USD SOFR + 2.750%, 7.077%, 1/28/2032(a)(b)	3,664,849
4,000,000	First Brands Group LLC, 2021 2nd Lien Term Loan, 3 mo. USD SOFR + 8.500%, 13.041%, 3/30/2028(a)(b)	3,600,000
4,127,887	First Brands Group LLC, 2021 Term Loan, 3 mo. USD SOFR + 5.000%, 9.541%, 3/30/2027(a)(b)	3,982,750
4,541,309	IXS Holdings, Inc., 2020 Term Loan B, 3 mo. USD SOFR + 4.250%, 8.649%, 3/05/2027(a)(b)	4,468,331
		15,715,930
	Brokerage — 3.5%
2,579,892	AssetMark Financial Holdings, Inc., 2024 Term Loan, 3 mo. USD SOFR + 2.750%, 7.049%, 9/05/2031(a)(b)	2,575,945
3,500,000	Edelman Financial Center LLC, 2024 2nd Lien Term Loan, 1 mo. USD SOFR + 5.250%, 9.577%, 10/06/2028(b)	3,484,705
513,000	Focus Financial Partners LLC, 2025 Incremental Term Loan B, 9/15/2031(c)	509,876
1,441,875	Focus Financial Partners LLC, 2025 Incremental Term Loan B, 1 mo. USD SOFR + 2.750%, 7.077%, 9/15/2031(a)(b)	1,433,094
2,026,182	Guggenheim Partners LLC, 2024 Term Loan B, 3 mo. USD SOFR + 2.500%, 6.799%, 11/26/2031(a)(b)	2,028,208
1,100,000	Hightower Holding LLC, 2025 Term Loan B, 2/03/2032(c)	1,097,250
2,154,996	Hightower Holding LLC, 2025 Term Loan B, 3 mo. USD SOFR + 3.000%, 7.260%, 2/03/2032(a)(b)	2,149,608
467,429	Janney Montgomery Scott LLC, Delayed Draw Term Loan, 3.250%, 11/28/2031(d)	468,630
2,804,571	Janney Montgomery Scott LLC, Term Loan, 6 mo. USD SOFR + 3.250%, 7.467%, 11/28/2031(a)(b)	2,811,779
2,419,336	Jefferies Finance LLC, 2024 Term Loan, 1 mo. USD SOFR + 3.000%, 7.325%, 10/21/2031(a)(b)	2,411,788
2,987,239	Teneo Holdings LLC, 2024 Term Loan B, 1 mo. USD SOFR + 4.750%, 9.077%, 3/13/2031(b)	3,007,164
		21,978,047
	Building Materials — 5.7%
2,322,237	Chamberlain Group, Inc., Term Loan B, 1 mo. USD SOFR + 3.250%, 7.677%, 11/03/2028(b)	2,311,416
2,424,110	Foley Products Co. LLC, 2024 Term Loan, 3 mo. USD SOFR + 4.750%, 9.199%, 12/29/2028(a)(b)	2,425,637

Principal Amount	Description	Value (†)
	Building Materials — continued
$3,143,250	Foundation Building Materials Holding Co. LLC, 2024 Term Loan B2, USD SOFR + 4.000%, 8.280%, 1/29/2031(a)(b)	$2,946,357
581,818	GrafTech Finance, Inc., 2024 Delayed Draw Term Loan, 3.750%, 12/21/2029(d)	577,821
2,842,347	Janus International Group LLC, 2024 Term Loan B, 3 mo. USD SOFR + 2.500%, 6.780%, 8/03/2030(b)	2,821,910
2,711,749	Kodiak Building Partners, Inc., 2024 Term Loan B, 3 mo. USD SOFR + 3.750%, 8.035%, 12/04/2031(a)(b)	2,570,358
3,649,615	LHS Borrower LLC, 2022 Term Loan B, 1 mo. USD SOFR + 4.750%, 9.177%, 2/16/2029(b)	3,441,295
2,008,804	MI Windows & Doors LLC, 2024 Term Loan B2, 1 mo. USD SOFR + 3.000%, 7.327%, 3/28/2031(a)(b)	2,002,838
2,569,597	Oscar AcquisitionCo LLC, Term Loan B, 3 mo. USD SOFR + 4.250%, 8.549%, 4/29/2029(a)(b)	2,311,995
3,600,000	Quikrete Holdings, Inc., 2025 Term Loan B, 2/10/2032(c)	3,582,000
2,770,000	Quikrete Holdings, Inc., 2025 Term Loan B, 1 mo. USD SOFR + 2.250%, 6.577%, 2/10/2032(a)(b)	2,756,150
379,289	QXO, Inc., Term Loan B, 3 mo. USD SOFR + 3.000%, 7.280%, 4/30/2032(a)(b)	380,317
2,768,000	Smyrna Ready Mix Concrete LLC, 2025 Term Loan B, 1 mo. USD SOFR + 3.000%, 7.325%, 4/02/2029(b)	2,766,284
1,639,549	Specialty Building Products Holdings LLC, 2021 Term Loan B, 1 mo. USD SOFR + 3.750%, 8.177%, 10/15/2028(b)	1,540,012
1,000,000	White Cap Buyer LLC, 2024 Term Loan B, 10/19/2029(c)	988,830
2,338,983	White Cap Buyer LLC, 2024 Term Loan B, 1 mo. USD SOFR + 3.250%, 7.577%, 10/19/2029(a)(b)	2,312,857
		35,736,077
	Cable Satellite — 2.1%
1,400,000	CSC Holdings LLC, 2022 Term Loan B6, 1/18/2028(c)	1,380,750
5,150,960	CSC Holdings LLC, 2022 Term Loan B6, 1 mo. USD SOFR + 4.500%, 8.829%, 1/18/2028(a)(b)	5,080,135
6,645,357	DirecTV Financing LLC, 2024 Term Loan, 3 mo. USD SOFR + 5.250%, 9.791%, 8/02/2029(a)(b)	6,533,250
		12,994,135
	Chemicals — 1.3%
2,407,409	Chemours Co., 2023 USD Term Loan B, 1 mo. USD SOFR + 3.000%, 7.327%, 8/18/2028(b)	2,361,259
2,480,966	GEON Performance Solutions LLC, 2021 Term Loan, 3 mo. USD SOFR + 4.250%, 8.811%, 8/18/2028(a)(b)	2,389,170
1,999,376	Groupe Solmax, Inc., Term Loan, USD SOFR + 4.750%, 9.256%, 5/29/2028(b)	1,686,553
2,089,005	Innophos, Inc., 2020 Term Loan B, 1 mo. USD SOFR + 4.250%, 8.691%, 3/16/2029(a)(b)	2,087,961
		8,524,943
	Consumer Cyclical Services — 7.8%
292,038	Amspec Parent LLC, 2024 Delayed Draw Term Loan, 1.000%, 12/22/2031(d)	293,499
1,898,249	Amspec Parent LLC, 2024 Term Loan, 3 mo. USD SOFR + 4.250%, 8.549%, 12/22/2031(a)(b)	1,907,741
2,977,537	BIFM U.S. Finance LLC, 2024 Incremental Term Loan, 1 mo. USD SOFR + 3.750%, 8.077%, 5/31/2028(a)(b)	2,977,537
2,905,000	Catawba Nation Gaming Authority, Term Loan B, 3 mo. USD SOFR + 4.750%, 9.053%, 3/29/2032(a)(b)	2,915,894
1,947,573	CHG Healthcare Services, Inc., 2024 Term Loan B1, USD SOFR + 3.000%, 7.333%, 9/29/2028(a)(b)	1,950,416

See accompanying notes to financial statements.

3 |

Portfolio of Investments – as of May 31, 2025 (Unaudited)

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

Principal Amount	Description	Value (†)
	Consumer Cyclical Services — continued
$1,955,622	Cushman & Wakefield U.S. Borrower LLC, 2024 Tranche 2 Incremental Term Loan, 1 mo. USD SOFR + 3.250%, 7.577%, 1/31/2030(a)(b)	$1,966,222
172,000	Ensemble RCM LLC, 2024 Term Loan B, 8/01/2029(c)	172,225
2,371,684	Ensemble RCM LLC, 2024 Term Loan B, 3 mo. USD SOFR + 3.000%, 7.280%, 8/01/2029(a)(b)	2,374,791
3,772,739	Galaxy U.S. Opco, Inc., Term Loan, 3 mo. USD SOFR + 5.750%, 10.030%, 7/31/2030(a)(b)	3,224,748
2,535,000	Grant Thornton Advisors LLC, 2025 Incremental Term Loan, 1 mo. USD SOFR + 3.000%, 7.327%, 6/02/2031(a)(b)	2,532,896
1,906,963	Horizon U.S. Finco LP, Term Loan B, 3 mo. USD SOFR + 4.750%, 9.030%, 10/31/2031(a)(b)	1,766,324
2,262,000	Imagefirst Holdings LLC, 2025 Term Loan B, 3 mo. USD SOFR + 3.250%, 7.549%, 3/12/2032(a)(b)	2,256,345
2,947,687	Inmar, Inc., 2023 Term Loan, USD SOFR + 5.000%, 9.315%, 10/30/2031(b)	2,956,914
3,242,250	Kingpin Intermediate Holdings LLC, 2023 Term Loan B, 1 mo. USD SOFR + 3.500%, 7.827%, 2/08/2028(b)	3,185,510
3,100,891	Latham Pool Products, Inc., 2022 Term Loan B, 1 mo. USD SOFR + 4.000%, 8.427%, 2/23/2029(b)	3,007,864
3,570,628	PUG LLC, 2024 Extended Term Loan B, 1 mo. USD SOFR + 4.750%, 9.077%, 3/15/2030(b)	3,476,899
93,333	Raven Acquisition Holdings LLC, Delayed Draw Term Loan, 11/19/2031(c)	93,100
164,375	Raven Acquisition Holdings LLC, Delayed Draw Term Loan, 3.250%, 11/19/2031(d)	163,964
3,607,914	Raven Acquisition Holdings LLC, Term Loan B, 1 mo. USD SOFR + 3.250%, 7.577%, 11/19/2031(a)(b)	3,598,894
3,280,449	Ryan LLC, Term Loan, 1 mo. USD SOFR + 3.500%, 7.827%, 11/14/2030(a)(b)	3,280,449
2,320,955	Sweetwater Borrower LLC, Term Loan B, 1 mo. USD SOFR + 4.250%, 8.691%, 8/07/2028(a)(b)	2,291,943
2,906,699	Vistage Worldwide, Inc., Term Loan, 3 mo. USD SOFR + 3.750%, 8.049%, 7/13/2029(b)	2,884,899
		49,279,074
	Consumer Products — 2.7%
2,053,178	AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, 1 mo. USD SOFR + 3.000%, 7.323%, 7/31/2028(a)(b)	2,040,140
1,353,292	American Greetings Corp., 2024 Term Loan B, 1 mo. USD SOFR + 5.750%, 10.077%, 10/30/2029(b)	1,350,585
1,805,148	Bombardier Recreational Products, Inc., 2023 Term Loan B3, 1 mo. USD SOFR + 2.750%, 7.077%, 12/13/2029(a)(b)	1,798,758
2,111,719	Champ Acquisition Corp., 2024 Term Loan B, 3 mo. USD SOFR + 4.500%, 8.799%, 11/25/2031(a)(b)	2,114,358
1,942,676	Hunter Douglas, Inc., 2025 USD Term Loan B, 3 mo. USD SOFR + 3.250%, 7.549%, 1/20/2032(a)(b)	1,911,107
3,347,000	Opal Bidco SAS, USD Term Loan B, 4/28/2032(c)	3,348,674
2,103,750	Recess Holdings, Inc., 2025 Repriced Term Loan, 3 mo. USD SOFR + 3.750%, 8.025%, 2/20/2030(a)(b)	2,102,173
2,654,890	Weber-Stephen Products LLC, 2022 Incremental Term Loan B, 1 mo. USD SOFR + 4.250%, 8.677%, 10/30/2027(b)	2,639,412
		17,305,207
	Diversified Manufacturing — 2.7%
2,204,274	Arcline FM Holdings LLC, 2025 Term Loan, 6 mo. USD SOFR + 3.500%, 7.578%, 6/24/2030(a)(b)	2,207,030
2,878,535	Dynamo Newco II GmbH, USD Term Loan B, 3 mo. USD SOFR + 3.500%, 7.798%, 9/30/2031(a)(b)	2,880,348

Principal Amount	Description	Value (†)
	Diversified Manufacturing — continued
$3,000,000	Infinite Bidco LLC, 2nd Lien Term Loan, 3 mo. USD SOFR + 7.000%, 11.541%, 3/02/2029(b)	$2,550,000
2,430,119	LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B, 1 mo. USD SOFR + 4.250%, 8.574%, 12/02/2031(a)(b)	2,386,085
1,459,000	Madison IAQ LLC, 2025 Term Loan B, 5/06/2032(c)	1,458,796
1,521,000	Madison IAQ LLC, 2025 Term Loan B, 3 mo. USD SOFR + 3.250%, 7.557%, 5/06/2032(a)(b)	1,520,787
1,345,000	MRC Global U.S., Inc., 2024 Term Loan B, 1 mo. USD SOFR + 3.500%, 7.829%, 10/29/2031(a)(b)	1,338,275
2,643,000	TK Elevator Midco GmbH, 2025 USD Term Loan B, 3 mo. USD SOFR + 3.000%, 7.237%, 4/30/2030(b)	2,647,202
		16,988,523
	Electric — 1.6%
2,380,000	Cogentrix Finance Holdco I LLC, Term Loan B, 1 mo. USD SOFR + 2.750%, 7.077%, 2/26/2032(a)(b)	2,385,355
2,329,258	Kohler Energy Co. LLC, USD Term Loan B, 3 mo. USD SOFR + 3.750%, 8.049%, 5/01/2031(a)(b)	2,313,978
2,246,195	Lightning Power LLC, Term Loan B, 3 mo. USD SOFR + 2.250%, 6.549%, 8/18/2031(a)(b)	2,247,768
2,158,786	Talen Energy Supply LLC, 2023 Term Loan B, 3 mo. USD SOFR + 2.500%, 6.808%, 5/17/2030(b)	2,159,800
1,084,089	Talen Energy Supply LLC, 2024-1 Incremental Term Loan, 3 mo. USD SOFR + 2.500%, 6.808%, 12/15/2031(a)(b)	1,083,916
		10,190,817
	Environmental — 0.7%
1,819,973	Action Environmental Group, Inc., 2023 Term Loan B, 3 mo. USD SOFR + 3.750%, 8.049%, 10/24/2030(b)	1,824,523
2,805,797	Northstar Group Services, Inc., 2024 Term Loan B, 6 mo. USD SOFR + 4.750%, 8.881%, 5/08/2030(a)(b)	2,819,826
		4,644,349
	Financial Other — 3.0%
1,867,320	Anticimex International AB, 2024 Term Loan B6, 3 mo. USD SOFR + 3.400%, 7.660%, 11/16/2028(b)	1,867,320
2,170,013	Aragorn Parent Corp., Term Loan, 1 mo. USD SOFR + 4.250%, 8.579%, 12/15/2028(a)(b)	2,179,778
3,500,000	Dechra Pharmaceuticals Holdings Ltd., USD Term Loan B, 6 mo. USD SOFR + 3.250%, 7.542%, 1/27/2032(a)(b)	3,473,750
2,743,125	Dragon Buyer, Inc., Term Loan B, 3 mo. USD SOFR + 3.000%, 7.299%, 9/30/2031(a)(b)	2,750,559
2,540,000	IGT Holding IV AB, 2025 USD Term Loan B5, 9/01/2031(c)	2,540,000
807,000	IGT Holding IV AB, 2025 USD Term Loan B5, 3 mo. USD SOFR + 3.500%, 7.782%, 9/01/2031(a)(b)	807,000
2,521,320	Luxembourg Investment Co. 428 SARL, Term Loan B, 3 mo. USD SOFR + 5.000%, 10.391%, 1/03/2029(e)	76,900
1,150,000	Mariner Wealth Advisors LLC, 2025 Term Loan, 12/18/2030(c)	1,148,747
3,806,237	Mermaid Bidco, Inc., 2024 USD Term Loan B, 3 mo. USD SOFR + 3.250%, 7.510%, 7/03/2031(a)(b)	3,808,635
		18,652,689
	Food & Beverage — 1.5%
2,653,593	Aspire Bakeries Holdings LLC, Term Loan, 1 mo. USD SOFR + 4.250%, 8.577%, 12/13/2030(a)(b)	2,655,795
4,146,849	Fiesta Purchaser, Inc., 2024 1st Lien Term Loan B, 1 mo. USD SOFR + 3.250%, 7.577%, 2/12/2031(a)(b)	4,144,444
2,312,500	Northeast Grocery, Inc., Term Loan B, 3 mo. USD SOFR + 7.500%, 11.824%, 12/13/2028(a)(b)	2,312,500

See accompanying notes to financial statements.

| 4

Portfolio of Investments – as of May 31, 2025 (Unaudited)

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

Principal Amount	Description	Value (†)
	Food & Beverage — continued
$31,810	Sauer Brands, Inc., Delayed Draw Term Loan, 2/19/2032(d)	$31,840
337,190	Sauer Brands, Inc., Term Loan B, 1 mo. USD SOFR + 3.250%, 7.577%, 2/19/2032(a)(b)	337,507
		9,482,086
	Gaming — 0.9%
2,510,247	GVC Holdings (Gibraltar) Ltd., 2024 USD Term Loan B3, 3 mo. USD SOFR + 2.750%, 7.053%, 10/31/2029(a)(b)	2,517,301
3,473,750	J&J Ventures Gaming LLC, 2025 Repriced Term Loan B, 1 mo. USD SOFR + 3.500%, 7.827%, 4/26/2030(a)(b)	3,393,437
		5,910,738
	Government Owned - No Guarantee — 0.3%
2,195,570	Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, 3 mo. USD SOFR + 3.750%, 8.049%, 7/06/2029(a)(b)	2,190,081
	Healthcare — 5.6%
2,640,805	Bausch & Lomb Corp., 2023 Incremental Term Loan, 1 mo. USD SOFR + 4.000%, 8.327%, 9/29/2028(a)(b)	2,634,203
1,012,237	Bausch & Lomb Corp., Term Loan, 5/10/2027(c)	1,008,553
1,187,763	Bausch & Lomb Corp., Term Loan, 1 mo. USD SOFR + 3.250%, 7.679%, 5/10/2027(a)(b)	1,183,439
3,244,999	Dermatology Intermediate Holdings III, Inc., 2022 Term Loan B, 3 mo. USD SOFR + 4.250%, 8.530%, 3/30/2029(b)	3,016,486
962,009	Gainwell Acquisition Corp., Term Loan B, 3 mo. USD SOFR + 4.000%, 8.399%, 10/01/2027(a)(b)	919,681
317,680	Hanger, Inc., 2024 Delayed Draw Term Loan, 3.500%, 10/23/2031(d)	316,568
56,061	Hanger, Inc., 2024 Delayed Draw Term Loan, 1 mo. USD SOFR + 3.500%, 7.827%, 10/23/2031(a)(b)	55,865
2,902,721	Hanger, Inc., 2024 Term Loan B, 1 mo. USD SOFR + 3.500%, 7.827%, 10/23/2031(a)(b)	2,892,561
2,201,869	IVC Acquisition Ltd., 2025 USD Repriced Term Loan B, 3 mo. USD SOFR + 3.750%, 8.049%, 12/12/2028(a)(b)	2,210,809
3,084,519	LifePoint Health, Inc., 2024 Incremental Term Loan B1, 3 mo. USD SOFR + 3.500%, 7.817%, 5/19/2031(a)(b)	3,030,540
1,755,524	MDVIP, Inc., 2024 Repriced Term Loan B, 1 mo. USD SOFR + 3.000%, 7.327%, 10/16/2028(a)(b)	1,751,679
2,867,741	National Mentor Holdings, Inc., 2021 Term Loan, USD SOFR + 3.750%, 8.172%, 3/02/2028(a)(b)	2,777,149
78,591	National Mentor Holdings, Inc., 2021 Term Loan C, 3 mo. USD SOFR + 3.750%, 8.149%, 3/02/2028(a)(b)	76,108
1,562,619	Onex TSG Intermediate Corp., 2021 Term Loan B, 3 mo. USD SOFR + 4.750%, 9.344%, 2/28/2028(a)(b)	1,564,088
3,004,557	Parexel International Corp., 2025 Term Loan B, 1 mo. USD SOFR + 2.500%, 6.827%, 11/15/2028(a)(b)	3,003,866
2,258,625	Radiology Partners, Inc., 2024 Extended Term Loan B, 1/31/2029(c)	2,237,304
3,155,000	Southern Veterinary Partners LLC, 2024 1st Lien Term Loan, 3 mo. USD SOFR + 3.250%, 7.527%, 12/04/2031(a)(b)	3,155,536
3,284,777	TTF Holdings LLC, 2024 Term Loan, 6 mo. USD SOFR + 3.750%, 8.002%, 7/18/2031(a)(b)	3,237,575
		35,072,010

Principal Amount	Description	Value (†)
	Independent Energy — 0.4%
$2,805,925	Matador Bidco SARL, 2024 Term Loan B, 1 mo. USD SOFR + 4.250%, 8.677%, 7/30/2029(b)	$2,816,447
	Industrial Other — 3.0%
350,276	Archkey Solutions LLC, 2024 Delayed Draw Term Loan B, 4.750%, 11/01/2031(d)	350,567
3,035,724	Archkey Solutions LLC, 2024 Term Loan B, 3 mo. USD SOFR + 4.750%, 9.033%, 11/01/2031(a)(b)	3,038,244
2,982,000	Gloves Buyer, Inc., 2025 Term Loan, 1 mo. USD SOFR + 4.000%, 8.329%, 1/17/2032(a)(b)	2,883,594
2,007,370	KUEHG Corp., 2024 Term Loan, 3 mo. USD SOFR + 3.250%, 7.549%, 6/12/2030(a)(b)	2,013,512
2,706,050	Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, 3 mo. USD SOFR + 4.000%, 8.287%, 8/11/2028(b)	2,705,373
2,823,496	Mckissock Investment Holdings LLC, 2022 Term Loan, 3 mo. USD SOFR + 5.000%, 9.406%, 3/12/2029(a)(b)	2,818,583
2,954,829	Michael Baker International LLC, 2025 Term Loan B, 3 mo. USD SOFR + 4.000%, 8.280%, 12/01/2028(a)(b)	2,941,916
1,951,903	St. George's University Scholastic Services LLC, 2022 Term Loan B, 1 mo. USD SOFR + 2.750%, 7.077%, 2/10/2029(a)(b)	1,921,005
		18,672,794
	Leisure — 1.3%
23,609	Carnival Corp., 2025 Term Loan (2027), 1 mo. USD SOFR + 2.000%, 6.325%, 8/08/2027(a)(b)	23,587
29,694	Carnival Corp., 2025 Term Loan (2028), 1 mo. USD SOFR + 2.000%, 6.325%, 10/18/2028(a)(b)	29,650
3,732,000	EOC Borrower LLC, Term Loan B, 1 mo. USD SOFR + 3.000%, 7.327%, 3/24/2032(a)(b)	3,719,162
1,021,000	Herschend Entertainment Co. LLC, 2025 Term Loan B, 3 mo. USD SOFR + 3.250%, 7.575%, 5/27/2032(a)(b)	1,023,338
175,000	LC AHAB U.S. Bidco LLC, Term Loan B, 5/01/2031(c)	172,375
3,007,444	LC AHAB U.S. Bidco LLC, Term Loan B, 1 mo. USD SOFR + 3.000%, 7.327%, 5/01/2031(b)	2,962,332
		7,930,444
	Lodging — 0.2%
1,022,437	Travel & Leisure Co., 2024 Term Loan B, 1 mo. USD SOFR + 2.500%, 6.827%, 12/14/2029(a)(b)	1,017,969
	Media Entertainment — 5.1%
3,718,459	Advantage Sales & Marketing, Inc., 2024 Term Loan, 3 mo. USD SOFR + 4.250%, 8.789%, 10/28/2027(a)(b)	3,089,593
1,706,000	AP Core Holdings II LLC, High-Yield Term Loan B2, 1 mo. USD SOFR + 5.500%, 9.941%, 9/01/2027(b)	1,535,400
5,521,246	Cengage Learning, Inc., 2024 1st Lien Term Loan B, USD SOFR + 3.500%, 7.825%, 3/24/2031(a)(b)	5,523,731
2,500,000	Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, 1 mo. USD SOFR + 4.000%, 8.441%, 8/23/2028(a)(b)	2,445,525
2,661,018	Creative Artists Agency LLC, 2024 1st Lien Term Loan B, 1 mo. USD SOFR + 2.750%, 7.077%, 10/01/2031(a)(b)	2,659,369
2,611,638	Dotdash Meredith, Inc., 2024 Term Loan, 1 mo. USD SOFR + 3.500%, 7.824%, 12/01/2028(a)(b)	2,606,754

See accompanying notes to financial statements.

5 |

Portfolio of Investments – as of May 31, 2025 (Unaudited)

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

Principal Amount	Description	Value (†)
	Media Entertainment — continued
$4,382,984	McGraw-Hill Global Education Holdings LLC, 2025 Term Loan B, 1 mo. USD SOFR + 3.250%, 7.577%, 8/06/2031(a)(b)	$4,392,582
7,400,000	MH Sub I LLC, 2021 2nd Lien Term Loan, 1 mo. USD SOFR + 6.250%, 10.577%, 2/23/2029(b)	6,672,358
3,193,000	Plano HoldCo, Inc., Term Loan B, 3 mo. USD SOFR + 3.500%, 7.799%, 10/02/2031(a)(b)	3,196,991
		32,122,303
	Metals & Mining — 0.2%
1,018,182	GrafTech Finance, Inc., 2024 Term Loan, 3 mo. USD SOFR + 6.000%, 10.303%, 12/21/2029(a)(b)	1,011,187
	Midstream — 0.7%
1,618,440	AL NGPL Holdings LLC, Term Loan B, 3 mo. USD SOFR + 2.500%, 6.785%, 4/13/2028(a)(b)	1,615,413
3,126,375	Brazos Delaware II LLC, 2025 Term Loan B, 1 mo. USD SOFR + 3.000%, 7.343%, 2/11/2030(a)(b)	3,117,590
		4,733,003
	Oil Field Services — 0.5%
3,173,055	Star Holding LLC, 2024 1st Lien Term Loan B, 1 mo. USD SOFR + 4.500%, 8.827%, 7/31/2031(a)(b)	2,945,261
	Other REITs — 0.4%
2,247,328	Apollo Commercial Real Estate Finance, Inc., 2021 Incremental Term Loan B1, 1 mo. USD SOFR + 3.500%, 7.941%, 3/11/2028(a)(b)	2,230,473
	Paper — 0.3%
1,648,583	Schweitzer-Mauduit International, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 3.750%, 8.191%, 4/20/2028(a)(b)	1,632,097
	Property & Casualty Insurance — 6.2%
3,283,520	Acrisure LLC, 2024 1st Lien Term Loan B6, 1 mo. USD SOFR + 3.000%, 7.327%, 11/06/2030(a)(b)	3,259,583
2,815,000	Alera Group, Inc., 2025 Term Loan, 5/21/2032(c)	2,816,576
2,567,560	Alliant Holdings Intermediate LLC, 2024 Term Loan B6, 1 mo. USD SOFR + 2.750%, 7.075%, 9/19/2031(a)(b)	2,555,929
1,818,105	AmWINS Group, Inc., 2025 Term Loan B, 1 mo. USD SOFR + 2.250%, 6.577%, 1/30/2032(a)(b)	1,815,432
800,000	Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, 12/29/2031(c)	796,832
3,381,399	Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, 1 mo. USD SOFR + 3.000%, 7.327%, 12/29/2031(a)(b)	3,368,009
700,000	Ardonagh Midco 3 PLC, 2024 USD Term Loan B, 2/15/2031(c)	694,750
4,533,000	Ardonagh Midco 3 PLC, 2024 USD Term Loan B, USD SOFR + 2.750%, 6.984%, 2/15/2031(a)(b)	4,499,002
2,929,709	AssuredPartners, Inc., 2024 Incremental Term Loan B5, 1 mo. USD SOFR + 3.500%, 7.827%, 2/14/2031(a)(b)	2,933,517
3,186,000	Asurion LLC, 2021 2nd Lien Term Loan B3, 1 mo. USD SOFR + 5.250%, 9.691%, 1/31/2028(b)	3,070,508
2,780,206	Asurion LLC, 2023 Term Loan B11, 1 mo. USD SOFR + 4.250%, 8.677%, 8/19/2028(a)(b)	2,769,781
404,328	Asurion LLC, 2024 Term Loan B12, 1 mo. USD SOFR + 4.250%, 8.577%, 9/19/2030(a)(b)	399,339

Principal Amount	Description	Value (†)
	Property & Casualty Insurance — continued
$2,363,407	Baldwin Insurance Group Holdings LLC, 2024 Repriced Term Loan B, 1 mo. USD SOFR + 3.000%, 7.333%, 5/26/2031(a)(b)	$2,364,399
2,440,225	BroadStreet Partners, Inc., 2024 Term Loan B4, 1 mo. USD SOFR + 3.000%, 7.327%, 6/13/2031(a)(b)	2,441,982
3,080,071	Howden Group Holdings Ltd., 2024 USD Term Loan B, USD SOFR + 3.500%, 7.826%, 4/18/2030(a)(b)	3,090,667
1,800,000	Truist Insurance Holdings LLC, 2nd Lien Term Loan, 5/06/2032(c)	1,800,000
460,526	Truist Insurance Holdings LLC, 2nd Lien Term Loan, 3 mo. USD SOFR + 4.750%, 9.049%, 5/06/2032(a)(b)	460,526
		39,136,832
	Restaurants — 0.3%
2,054,731	Dave & Buster's, Inc., 2024 Term Loan B, 3 mo. USD SOFR + 3.250%, 7.563%, 6/29/2029(a)(b)	1,947,084
	Retailers — 6.0%
2,851,000	ABG Intermediate Holdings 2 LLC, 2025 Delayed Draw Term Loan, 1 mo. USD SOFR + 2.250%, 6.577%, 2/13/2032(a)(b)	2,824,286
4,135,000	At Home Group, Inc., Term Loan B, 1 mo. USD SOFR + 4.250%, 8.691%, 7/24/2028(a)(b)	827,000
859,135	Belron Finance LLC, 2024 USD Term Loan B, 3 mo. USD SOFR + 2.750%, 7.049%, 10/16/2031(a)(b)	861,927
509,700	Container Store, Inc., 2025 Roll-Up Exit Term Loan, 3 mo. USD SOFR + 5.000%, 9.299%, 7/30/2029(a)(b)	316,014
284,795	Container Store, Inc., First Out Term Loan, 5.500% PIK and/or 1 mo. USD SOFR + 1.000% Cash, 4/30/2029(a)(b)(f)	250,620
2,923,858	CWGS Group LLC, 2021 Term Loan B, 1 mo. USD SOFR + 2.500%, 6.941%, 6/03/2028(a)(b)	2,796,729
3,583,804	Evergreen Acqco 1 LP, 2021 USD Term Loan, 3 mo. USD SOFR + 3.750%, 8.053%, 4/26/2028(a)(b)	3,579,324
2,013,758	Great Outdoors Group LLC, 2025 Term Loan B, 1 mo. USD SOFR + 3.250%, 7.577%, 1/23/2032(a)(b)	1,994,627
3,372,403	Harbor Freight Tools USA, Inc., 2024 Term Loan B, 1 mo. USD SOFR + 2.250%, 6.577%, 6/11/2031(b)	3,252,412
642,593	International Textile Group, Inc., 2023 Last Out Term Loan, 5.500% PIK and/or 3 mo. USD SOFR + 1.000% Cash, 9/30/2027(a)(b)(f)	493,190
2,736,957	International Textile Group, Inc., 2023 Term Loan, 3 mo. USD SOFR + 8.500%, 12.948%, 9/30/2027(b)	2,736,957
2,428,913	Peer Holding III BV, 2025 USD Term Loan B5B, 3 mo. USD SOFR + 2.500%, 6.799%, 7/01/2031(a)(b)	2,431,949
2,244,507	Petco Health & Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD SOFR + 3.250%, 7.811%, 3/03/2028(a)(b)	2,074,957
2,259,857	PetSmart, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 3.750%, 8.177%, 2/11/2028(a)(b)	2,249,032
1,908,816	Restoration Hardware, Inc., 2022 Incremental Term Loan, 1 mo. USD SOFR + 3.250%, 7.677%, 10/20/2028(a)(b)	1,829,390
2,241,777	RVR Dealership Holdings LLC, Term Loan B, 1 mo. USD SOFR + 3.750%, 8.177%, 2/08/2028(a)(b)	2,062,435
1,104,336	S&S Holdings LLC, 2024 Term Loan, 1 mo. USD SOFR + 5.000%, 9.325%, 10/01/2031(a)(b)	1,052,708
2,700,173	S&S Holdings LLC, Term Loan, 1 mo. USD SOFR + 5.000%, 9.425%, 3/11/2028(a)(b)	2,634,370

See accompanying notes to financial statements.

| 6

Portfolio of Investments – as of May 31, 2025 (Unaudited)

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

Principal Amount	Description	Value (†)
	Retailers — continued
$1,318,647	Tory Burch LLC, Term Loan B, 1 mo. USD SOFR + 3.250%, 7.691%, 4/16/2028(b)	$1,294,160
2,300,000	Varsity Brands, Inc., 2025 Term Loan, 3 mo. USD SOFR + 3.500%, 7.830%, 8/26/2031(a)(b)	2,282,750
		37,844,837
	Technology — 13.2%
3,501,003	Access CIG LLC, 2023 Term Loan, 6 mo. USD SOFR + 4.250%, 8.381%, 8/18/2028(a)(b)	3,503,419
4,860,000	Altar Bidco, Inc., 2021 2nd Lien Term Loan, 1 yr. USD SOFR + 5.600%, 9.747%, 2/01/2030(a)(b)	4,544,100
3,347,000	Avalara, Inc., 2025 Term Loan B, 3 mo. USD SOFR + 3.250%, 7.553%, 3/26/2032(a)(b)	3,346,398
4,761,165	Camelot U.S. Acquisition LLC, 2024 Term Loan B, 1 mo. USD SOFR + 2.750%, 7.077%, 1/31/2031(b)	4,691,223
449,000	Camelot U.S. Acquisition LLC, 2025 Incremental Term Loan B, 1/31/2031(c)	447,878
3,061,438	Central Parent, Inc., 2024 Term Loan B, 3 mo. USD SOFR + 3.250%, 7.549%, 7/06/2029(a)(b)	2,719,751
1,451,000	Clearwater Analytics LLC, 2025 Term Loan B, 3 mo. USD SOFR + 2.250%, 6.529%, 4/21/2032(a)(b)	1,451,000
1,926,000	CommScope, Inc., 2024 Term Loan, 12/17/2029(c)	1,942,583
2,922,664	Cotiviti Corp., 2024 Term Loan, 1 mo. USD SOFR + 2.750%, 7.074%, 5/01/2031(b)	2,906,239
318,000	Cotiviti Corp., 2025 2nd Amendment Term Loan, 1 mo. USD SOFR + 2.750%, 7.074%, 3/26/2032(a)(b)	315,481
2,771,429	EP Purchaser LLC, 2021 Term Loan B, 3 mo. USD SOFR + 3.500%, 8.061%, 11/06/2028(a)(b)	2,709,071
4,283,506	First Advantage Holdings LLC, 2024 Term Loan B, 1 mo. USD SOFR + 3.250%, 7.577%, 10/31/2031(a)(b)	4,278,151
2,863,650	Fortress Intermediate 3, Inc., Term Loan B, 1 mo. USD SOFR + 3.500%, 7.827%, 6/27/2031(a)(b)	2,863,650
1,964,377	Foundever Worldwide Corp., 2021 USD Term Loan, 1 mo. USD SOFR + 3.750%, 8.191%, 8/28/2028(a)(b)	1,100,051
2,262,972	Genuine Financial Holdings LLC, 2025 Term Loan B, 1 mo. USD SOFR + 3.250%, 7.577%, 9/27/2030(a)(b)	2,205,922
1,762,627	Global Holdings Interco LLC, Term Loan B, 1 mo. USD SOFR + 5.500%, 9.923%, 3/16/2026(a)(b)	1,692,122
992,462	Imprivata, Inc., 2024 Term Loan, 3 mo. USD SOFR + 3.500%, 7.780%, 12/01/2027(a)(b)	995,102
2,814,000	Javelin Buyer, Inc., 2024 1st Lien Term Loan, 3 mo. USD SOFR + 3.250%, 7.583%, 12/05/2031(a)(b)	2,819,290
3,424,000	Kaseya, Inc., 2025 1st Lien Term Loan B, 1 mo. USD SOFR + 3.250%, 7.577%, 3/20/2032(a)(b)	3,421,569
5,354,903	Loyalty Ventures, Inc., Term Loan B, PRIME + 5.500%, 13.750%, 11/03/2027(g)(h)	388,231
2,384,898	McAfee LLC, 2024 USD 1st Lien Term Loan B, 1 mo. USD SOFR + 3.000%, 7.329%, 3/01/2029(a)(b)	2,290,694
440,960	MedAssets Software Intermediate Holdings, Inc., 2024 First Out Term Loan, 1 mo. USD SOFR + 4.000%, 8.323%, 12/15/2028(a)(b)	429,054
736,776	MedAssets Software Intermediate Holdings, Inc., 2024 Second Out Term Loan, 1 mo. USD SOFR + 4.000%, 8.439%, 12/15/2028(a)(b)	661,256
1,178,841	MedAssets Software Intermediate Holdings, Inc., 2024 Third Out Term Loan, 1 mo. USD SOFR + 6.750%, 11.189%, 12/17/2029(a)(b)	951,914
2,031,477	NCR Atleos LLC, 2024 Term Loan B, 3 mo. USD SOFR + 3.750%, 8.030%, 4/16/2029(a)(b)	2,040,375
1,477,387	Neptune Bidco U.S., Inc., 2022 USD Term Loan A, 3 mo. USD SOFR + 4.750%, 9.080%, 4/11/2029(a)(b)	1,376,614

Principal Amount	Description	Value (†)
	Technology — continued
$1,583,838	Neptune Bidco U.S., Inc., 2022 USD Term Loan B, 3 mo. USD SOFR + 5.000%, 9.330%, 4/11/2029(b)	$1,478,418
3,087,000	Nuvei Technologies Corp., 2024 Term Loan B1, 1 mo. USD SOFR + 3.000%, 7.327%, 11/17/2031(a)(b)	3,080,795
783,490	Physician Partners LLC, 2025 Second Out Term Loan B1, 3 mo. USD SOFR + 4.000%, 8.449%, 12/31/2029(a)(b)	389,787
486,506	Physician Partners LLC, 2025 Third Out Term Loan C, 3 mo. USD SOFR + 5.500%, 9.949%, 12/31/2030(a)(b)	107,518
2,733,623	Press Ganey Holdings, Inc., 2024 1st Lien Term Loan B, 1 mo. USD SOFR + 3.250%, 7.577%, 4/30/2031(a)(b)	2,732,475
2,579,057	Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, 3 mo. USD SOFR + 3.250%, 7.549%, 10/26/2030(a)(b)	2,585,505
1,073,000	Project Alpha Intermediate Holding, Inc., 2025 2nd Lien Incremental Term Loan, 3 mo. USD SOFR + 5.000%, 9.307%, 5/09/2033(a)(b)	1,056,905
3,656,048	Quest Software U.S. Holdings, Inc., 2022 Term Loan, 3 mo. USD SOFR + 4.250%, 8.733%, 2/01/2029(a)(b)	1,866,413
2,690,742	Redstone Holdco 2 LP, 2021 Term Loan, 3 mo. USD SOFR + 4.750%, 9.291%, 4/27/2028(a)(b)	1,450,767
323,019	Sabre GLBL, Inc., 2021 Term Loan B1, 12/17/2027(c)	313,733
376,981	Sabre GLBL, Inc., 2021 Term Loan B2, 12/17/2027(c)	366,143
451,889	Sabre GLBL, Inc., 2022 1st Lien Term Loan B, 1 mo. USD SOFR + 5.000%, 9.427%, 6/30/2028(b)	442,399
2,530,347	Sabre GLBL, Inc., 2024 Term Loan B1, 1 mo. USD SOFR + 6.000%, 10.427%, 11/15/2029(a)(b)	2,500,818
2,791,000	Sandisk Corp., Term Loan B, 2/20/2032(c)	2,749,135
2,085,000	Sandisk Corp., Term Loan B, 3 mo. USD SOFR + 3.000%, 7.322%, 2/20/2032(a)(b)	2,053,725
509,000	Shift4 Payments LLC, 2025 Term Loan, 5/07/2032(c)	511,967
3,578,649	Virtusa Corp., 2024 Term Loan B, 1 mo. USD SOFR + 3.250%, 7.577%, 2/15/2029(b)	3,580,438
		83,358,079
	Transportation Services — 3.0%
3,015,407	AIT Worldwide Logistics, Inc., 2025 Repriced Term Loan, 3 mo. USD SOFR + 4.000%, 8.261%, 4/08/2030(a)(b)	3,001,084
304,000	Brown Group Holding LLC, 2022 Incremental Term Loan B2, 7/01/2031(c)	302,902
1,896,431	Brown Group Holding LLC, 2022 Incremental Term Loan B2, USD SOFR + 2.500%, 6.806%, 7/01/2031(a)(b)	1,889,585
716,471	Brown Group Holding LLC, Term Loan B, 1 mo. USD SOFR + 2.500%, 6.827%, 7/01/2031(a)(b)	714,272
2,875,535	Construction Partners, Inc., Term Loan B, 1 mo. USD SOFR + 2.500%, 6.829%, 11/03/2031(a)(b)	2,874,644
2,234,762	PODS LLC, 2021 Term Loan B, 3 mo. USD SOFR + 3.000%, 7.541%, 3/31/2028(a)(b)	2,139,561
2,234,601	Rand Parent LLC, 2025 Term Loan B, 3 mo. USD SOFR + 3.000%, 7.299%, 3/18/2030(a)(b)	2,182,087
1,033,959	St. George Warehousing & Trucking Co. of California, Inc., 2024 Second Out Term Loan, 6.500% PIK and/or 1 mo. USD SOFR + 1.000% Cash, 10/03/2029(a)(b)(f)	310,188

See accompanying notes to financial statements.

7 |

Portfolio of Investments – as of May 31, 2025 (Unaudited)

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

Principal Amount	Description	Value (†)
	Transportation Services — continued
$773,180	St. George Warehousing & Trucking Co. of California, Inc., 2024 Third Out Term Loan, 6.000% PIK and/or 1 mo. USD SOFR + 1.000% Cash, 10/03/2029(a)(b)(f)	$61,854
3,418,000	Stonepeak Nile Parent LLC, Term Loan B, 3 mo. USD SOFR + 2.750%, 9.250%, 4/09/2032(b)	3,410,890
1,976,036	Worldwide Express Operations LLC, 2024 Term Loan B, 3 mo. USD SOFR + 4.000%, 8.299%, 7/26/2028(a)(b)	1,969,041
		18,856,108
	Wireless — 1.4%
5,024,475	Crown Subsea Communications Holding, Inc., 2024 Term Loan B1, 1 mo. USD SOFR + 4.000%, 8.324%, 1/30/2031(b)	5,041,759
3,576,022	Voyage Digital (NZ) Ltd., 2024 Term Loan, 3 mo. USD SOFR + 3.250%, 7.574%, 5/11/2029(a)(b)	3,558,142
		8,599,901
	Wirelines — 0.6%
3,823,305	Voyage Australia Pty. Ltd., USD Term Loan B, 3 mo. USD SOFR + 3.500%, 8.034%, 7/20/2028(a)(b)	3,826,899
	Total Senior Loans (Identified Cost $573,929,417)	550,318,417


Bonds and Notes — 5.0%
	Cable Satellite — 2.0%
4,200,000	Directv Financing LLC/Directv Financing Co-Obligor, Inc., 10.000%, 2/15/2031(i)	4,088,079
5,000,000	DISH DBS Corp., 7.750%, 7/01/2026	4,298,845
4,400,000	Time Warner Cable LLC, 5.875%, 11/15/2040	4,114,846
		12,501,770
	Chemicals — 0.5%
3,059,625	Innophos Holdings, Inc., 11.500%, 6/15/2029(i)	3,092,700
	Construction Machinery — 0.3%
2,090,000	Herc Holdings Escrow, Inc., 7.000%, 6/15/2030(i)	2,153,172
	Healthcare — 0.1%
1,000,000	LifePoint Health, Inc., 5.375%, 1/15/2029(i)	944,475
	Leisure — 0.8%
5,000,000	Carnival Corp., 5.875%, 6/15/2031(i)	5,003,000
	Media Entertainment — 0.6%
4,650,000	Millennium Escrow Corp., 6.625%, 8/01/2026(i)	3,828,545
	Retailers — 0.3%
1,728,000	Evergreen Acqco 1 LP/TVI, Inc., 9.750%, 4/26/2028(i)	1,808,483
	Wirelines — 0.4%
2,500,000	Level 3 Financing, Inc., 4.250%, 7/01/2028(i)	2,225,000
	Total Bonds and Notes (Identified Cost $32,593,768)	31,557,145


Collateralized Loan Obligations — 2.8%
3,280,000	720 East CLO VI Ltd., Series 2024-3A, Class E, 3 mo. USD SOFR + 5.500%, 9.770%, 1/20/2038(b)(i)	3,273,243
2,345,000	AGL CLO 35 Ltd., Series 2024-35A, Class E, 3 mo. USD SOFR + 5.150%, 9.420%, 1/21/2038(b)(i)	2,350,060
2,490,000	Benefit Street Partners CLO XXVIII Ltd., Series 2022-28A, Class ER, 3 mo. USD SOFR + 5.400%, 9.670%, 10/20/2037(b)(i)	2,498,451
2,735,000	OHA Credit Funding 2 Ltd., Series 2019-2A, Class ER2, 3 mo. USD SOFR + 4.800%, 9.070%, 1/21/2038(b)(i)	2,730,999

Principal Amount	Description	Value (†)

$3,275,000	OHA Credit Partners XVII Ltd., Series 2024-17A, Class E, 3 mo. USD SOFR + 5.000%, 9.402%, 1/18/2038(b)(i)	$3,307,894
3,300,000	Palmer Square CLO Ltd., Series 2022-4A, Class ER, 3 mo. USD SOFR + 5.500%, 9.770%, 10/20/2037(b)(i)	3,351,335
	Total Collateralized Loan Obligations (Identified Cost $17,425,000)	17,511,982

Shares
Common Stocks— 0.1%
	Capital Markets — 0.1%
32,299	Resolute Topco, Inc.(e)	269,148
	Oil, Gas & Consumable Fuels — 0.0%
61,854	Ameriforge Group, Inc.(e)(h)	5,691
57	Frontera Energy Corp.	241
		5,932
	Specialty Retail — 0.0%
15,696	Container Store, Inc.(e)	15,696
	Textiles, Apparel & Luxury Goods — 0.0%
53,230	Elevate Textiles Holding Corp.(e)	163,043
	Total Common Stocks (Identified Cost $10,598,600)	453,819


Warrants — 0.0%
55,256	Elevate Textiles Holding Corp., Expiration on 6/21/2028(e) (Identified Cost $2,333)	553

Principal Amount
Short-Term Investments — 7.1%
$44,858,123	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 5/30/2025 at 2.500% to be repurchased at $44,867,469 on 6/02/2025 collateralized by $44,241,500 U.S. Treasury Note, 4.625% due 6/15/2027 valued at $45,755,340 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $44,858,123)	44,858,123
	Total Investments — 102.4% (Identified Cost $679,407,241)	644,700,039
	Other assets less liabilities — (2.4)%	(15,166,300 )
	Net Assets — 100.0%	$629,533,739

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

See accompanying notes to financial statements.

| 8

Portfolio of Investments – as of May 31, 2025 (Unaudited)

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

(a)	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.
(b)	Variable rate security. Rate as of May 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.
(c)	Position is unsettled. Contract rate was not determined at May 31, 2025 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
(d)	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.

(e)	Non-income producing security.
(f)	Payment–in–kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal.
(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(h)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
(i)	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 May 31, 2025, the value of Rule 144A holdings amounted to $40,655,436 or 6.5% of net assets.

PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
SOFR	Secured Overnight Financing Rate

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

Financial Futures	Expiration Date	Contracts	Notional Amount	Value	Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Notes Futures	9/19/2025	42	$4,717,872	$4,726,969	$(9,097 )

Industry Summary at May 31, 2025 (Unaudited)

Technology	13.2 %
Consumer Cyclical Services	7.8
Retailers	6.3
Property & Casualty Insurance	6.2
Building Materials	5.7
Healthcare	5.7
Media Entertainment	5.7
Cable Satellite	4.1
Brokerage	3.5
Transportation Services	3.0
Industrial Other	3.0
Financial Other	3.0
Consumer Products	2.7
Diversified Manufacturing	2.7
Automotive	2.5
Aerospace & Defense	2.1
Leisure	2.1
Other Investments, less than 2% each	13.2
Collateralized Loan Obligations	2.8
Short-Term Investments	7.1
Total Investments	102.4
Other assets less liabilities (including futures contracts)	(2.4 )
Net Assets	100.0 %

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of May 31, 2025 (Unaudited)

Vaughan Nelson Select Fund

Shares	Description	Value (†)
Common Stocks — 98.5% of Net Assets
	Aerospace & Defense — 2.1%
7,865	TransDigm Group, Inc.	$11,549,202
	Banks — 4.2%
87,390	JPMorgan Chase & Co.	23,070,960
	Broadline Retail — 6.4%
171,565	Amazon.com, Inc.(a)	35,172,541
	Capital Markets — 3.1%
95,950	Intercontinental Exchange, Inc.	17,251,810
	Chemicals — 3.5%
54,395	Sherwin-Williams Co.	19,517,470
	Communications Equipment — 2.9%
38,255	Motorola Solutions, Inc.	15,890,362
	Consumer Finance — 2.8%
82,485	Capital One Financial Corp.	15,602,038
	Electrical Equipment — 3.2%
54,575	Eaton Corp. PLC	17,474,915
	Entertainment — 6.5%
34,065	Spotify Technology SA(a)	22,657,994
114,405	Walt Disney Co.	12,932,341
		35,590,335
	Financial Services — 4.6%
50,560	Berkshire Hathaway, Inc., Class B(a)	25,480,217
	Food Products — 3.7%
298,455	Mondelez International, Inc., Class A	20,142,728
	Household Durables — 2.3%
45,655	TopBuild Corp.(a)	12,915,343
	Interactive Media & Services — 9.9%
150,345	Alphabet, Inc., Class A	25,820,250
44,495	Meta Platforms, Inc., Class A	28,810,068
		54,630,318
	Machinery — 2.8%
121,095	Xylem, Inc.	15,262,814
	Oil, Gas & Consumable Fuels — 4.6%
125,555	Expand Energy Corp.	14,580,702
105,310	Exxon Mobil Corp.	10,773,213
		25,353,915
	Pharmaceuticals — 3.8%
124,840	Zoetis, Inc.	21,051,769
	Semiconductors & Semiconductor Equipment — 14.2%
25,770	Monolithic Power Systems, Inc.	17,057,163
242,725	NVIDIA Corp.	32,799,429
147,400	Taiwan Semiconductor Manufacturing Co. Ltd., ADR	28,495,368
		78,351,960
	Software — 11.6%
90,600	Microsoft Corp.	41,708,616
21,847	ServiceNow, Inc.(a)	22,089,283
		63,797,899
	Specialty Retail — 3.1%
12,288	O'Reilly Automotive, Inc.(a)	16,803,840
	Trading Companies & Distributors — 3.2%
25,145	United Rentals, Inc.	17,812,215
	Total Common Stocks (Identified Cost $414,349,952)	542,722,651

Principal Amount	Description	Value (†)
Short-Term Investments — 1.7%
$9,198,156	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 5/30/2025 at 2.500% to be repurchased at $9,200,072 on 6/02/2025 collateralized by $9,071,800 U.S. Treasury Note, 4.625% due 6/15/2027 valued at $9,382,301 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $9,198,156)	$9,198,156
	Total Investments — 100.2% (Identified Cost $423,548,108)	551,920,807
	Other assets less liabilities — (0.2)%	(859,968 )
	Net Assets — 100.0%	$551,060,839

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

(a)	Non-income producing security.

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

Industry Summary at May 31, 2025 (Unaudited)

Semiconductors & Semiconductor Equipment	14.2 %
Software	11.6
Interactive Media & Services	9.9
Entertainment	6.5
Broadline Retail	6.4
Financial Services	4.6
Oil, Gas & Consumable Fuels	4.6
Banks	4.2
Pharmaceuticals	3.8
Food Products	3.7
Chemicals	3.5
Trading Companies & Distributors	3.2
Electrical Equipment	3.2
Capital Markets	3.1
Specialty Retail	3.1
Communications Equipment	2.9
Consumer Finance	2.8
Machinery	2.8
Household Durables	2.3
Aerospace & Defense	2.1
Short-Term Investments	1.7
Total Investments	100.2
Other assets less liabilities	(0.2 )
Net Assets	100.0 %

See accompanying notes to financial statements.

| 10

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

	Loomis Sayles Global Growth Fund	Loomis Sayles Senior Floating Rate and Fixed Income Fund	Vaughan Nelson Select Fund
ASSETS
Investments at cost	$83,073,432	$679,407,241	$423,548,108
Net unrealized appreciation (depreciation)	45,195,568	(34,707,202 )	128,372,699
Investments at value	128,269,000	644,700,039	551,920,807
Cash	—	4,711,144	—
Due from brokers (Note 2)	—	115,000	—
Foreign currency at value (identified cost $34,717, $0 and $0, respectively)	34,721	—	—
Receivable for Fund shares sold	30,832	592,915	297,809
Receivable for securities sold	—	24,945,771	—
Receivable for unfunded loan commitments sold (Note 2)	—	110,925	—
Dividends and interest receivable	79,368	5,022,464	485,772
Tax reclaims receivable	158,877	—	—
Prepaid expenses	342	342	342
TOTAL ASSETS	128,573,140	680,198,600	552,704,730
LIABILITIES
Payable for securities purchased	—	45,497,743	—
Unfunded loan commitments (Note 2)	—	2,318,759	—
Payable for Fund shares redeemed	1,861	1,011,295	1,026,019
Payable for variation margin on futures contracts (Note 2)	—	2,454	—
Distributions payable	—	862,896	—
Management fees payable (Note 6)	70,592	248,053	327,773
Deferred Trustees’ fees (Note 6)	57,466	437,526	142,463
Administrative fees payable (Note 6)	4,582	23,370	20,692
Payable to distributor (Note 6d)	917	25,626	4,977
Audit and tax services fees payable	28,311	53,198	28,085
Other accounts payable and accrued expenses	49,637	183,941	93,882
TOTAL LIABILITIES	213,366	50,664,861	1,643,891
COMMITMENTS AND CONTINGENCIES(a)	—	—	—
NET ASSETS	$128,359,774	$629,533,739	$551,060,839
NET ASSETS CONSIST OF:
Paid-in capital	$87,533,207	$1,316,637,392	$398,614,701
Accumulated earnings (loss)	40,826,567	(687,103,653 )	152,446,138
NET ASSETS	$128,359,774	$629,533,739	$551,060,839

See accompanying notes to financial statements.

11 |

Statements of Assets and Liabilities (continued)

May 31, 2025 (Unaudited)

	Loomis Sayles Global Growth Fund	Loomis Sayles Senior Floating Rate and Fixed Income Fund	Vaughan Nelson Select Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$8,655,666	$153,519,426	$20,200,661
Shares of beneficial interest	393,542	18,919,515	941,477
Net asset value and redemption price per share	$21.99	$8.11	$21.46
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$23.33	$8.40	$22.77
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$1,103,988	$20,998,089	$6,727,267
Shares of beneficial interest	53,907	2,596,459	356,141
Net asset value and offering price per share	$20.48	$8.09	$18.89
Class N shares:
Net assets	$16,582,020	$2,548,061	$376,224
Shares of beneficial interest	737,500	314,171	17,280
Net asset value, offering and redemption price per share	$22.48	$8.11	$21.77
Class Y shares:
Net assets	$102,018,100	$452,468,163	$523,756,687
Shares of beneficial interest	4,550,246	55,685,111	24,070,241
Net asset value, offering and redemption price per share	$22.42	$8.13	$21.76

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

See accompanying notes to financial statements.

| 12

Statements of Operations

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

	Loomis Sayles Global Growth Fund	Loomis Sayles Senior Floating Rate and Fixed Income Fund	Vaughan Nelson Select Fund
INVESTMENT INCOME
Dividends	$657,623	$362,180	$3,243,799
Interest	10,911	32,071,281	206,771
Less net foreign taxes withheld	(41,144 )	—	(47,838 )
	627,390	32,433,461	3,402,732
Expenses
Management fees (Note 6)	419,521	2,348,382	2,255,971
Service and distribution fees (Note 6)	15,942	316,473	65,689
Administrative fees (Note 6)	24,234	169,539	139,510
Trustees' fees and expenses (Note 6)	10,573	24,174	19,671
Transfer agent fees and expenses (Notes 6, 7 and 8)	39,856	348,327	257,086
Audit and tax services fees	23,722	48,399	23,574
Custodian fees and expenses	11,210	72,014	13,358
Interest expense (Note 12)	72	31,345	—
Legal fees	2,559	19,294	19,014
Registration fees	65,777	42,312	60,737
Shareholder reporting expenses	7,260	14,091	30,330
Miscellaneous expenses	24,354	39,001	31,198
Total expenses	645,080	3,473,351	2,916,138
Less waiver and/or expense reimbursement (Note 6)	(101,241 )	(261,966 )	(111,964 )
Less expense offset (Note 8)	(361 )	(6,992 )	(3,586 )
Net expenses	543,478	3,204,393	2,800,588
Net investment income	83,912	29,229,068	602,144
Net realized and unrealized gain (loss) on Investments, Futures contracts, Swap agreements and Foreign currency transactions
Net realized gain (loss) on:
Investments	489,570	(7,659,530 )	36,099,544
Futures contracts	—	11,180	—
Swap agreements	—	1,390,062	—
Foreign currency transactions (Note 2c)	2,099	—	—
Net change in unrealized appreciation (depreciation) on:
Investments	6,694,465	(7,671,115 )	(70,218,890 )
Futures contracts	—	(9,097 )	—
Foreign currency translations (Note 2c)	3,406	—	—
Net realized and unrealized gain (loss) on Investments, Futures contracts, Swap agreements and Foreign currency transactions	7,189,540	(13,938,500 )	(34,119,346 )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$7,273,452	$15,290,568	$(33,517,202 )

See accompanying notes to financial statements.

13 |

Statements of Changes in Net Assets

	Loomis Sayles Global Growth Fund		Loomis Sayles Senior Floating Rate and Fixed Income Fund
	Six Months Ended May 31,2025 (Unaudited)	Year Ended November 30,2024	Six Months Ended May 31,2025 (Unaudited)	Year Ended November 30,2024
FROM OPERATIONS:
Net investment income (loss)	$83,912	$(153,958 )	$29,229,068	$74,046,684
Net realized gain (loss) on investments, futures contracts, swap agreements and foreign currency transactions	491,669	2,181,594	(6,258,288 )	(13,318,213 )
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations	6,697,871	23,983,346	(7,680,212 )	16,362,077
Net increase in net assets resulting from operations	7,273,452	26,010,982	15,290,568	77,090,548
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A	—	—	(6,523,460 )	(13,341,599 )
Class C	—	—	(953,382 )	(2,756,857 )
Class N	—	—	(108,250 )	(207,927 )
Class Y	—	—	(26,135,568 )	(55,315,807 )
Total distributions	—	—	(33,720,660 )	(71,622,190 )
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARES TRANSACTIONS (Note 13)	12,877,881	(13,299,019 )	(174,551,577 )	(114,484,731 )
Net increase (decrease) in net assets	20,151,333	12,711,963	(192,981,669 )	(109,016,373 )
NET ASSETS
Beginning of the period	108,208,441	95,496,478	822,515,408	931,531,781
End of the period	$128,359,774	$108,208,441	$629,533,739	$822,515,408

See accompanying notes to financial statements.

| 14

Statements of Changes in Net Assets (continued)

	Vaughan Nelson Select Fund
	Six Months Ended May 31,2025 (Unaudited)	Year Ended November 30,2024
FROM OPERATIONS:
Net investment income (loss)	$602,144	$(1,644,878 )
Net realized gain on investments	36,099,544	20,816,281
Net change in unrealized appreciation (depreciation) on investments	(70,218,890 )	107,155,087
Net increase (decrease) in net assets resulting from operations	(33,517,202 )	126,326,490
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A	—	—
Class C	—	—
Class N	—	(558 )
Class Y	—	(843,836 )
Total distributions	—	(844,394 )
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARES TRANSACTIONS (Note 13)	(204,046,688 )	36,195,060
Net increase (decrease) in net assets	(237,563,890 )	161,677,156
NET ASSETS
Beginning of the period	788,624,729	626,947,573
End of the period	$551,060,839	$788,624,729

See accompanying notes to financial statements.

15 |

Financial Highlights

For a share outstanding throughout each period.

	Loomis Sayles Global Growth Fund—Class A
	Six Months Ended May 31, 2025 (Unaudited)	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021	Year Ended November 30, 2020
Net asset value, beginning of the period	$20.84	$16.11	$14.00	$19.07	$18.78	$14.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)	(0.01 )	(0.08 )	(0.07 )	(0.04 )	(0.09 )	(0.05 )
Net realized and unrealized gain (loss)	1.16	4.81	3.13	(3.68 )	1.52	4.88
Total from Investment Operations	1.15	4.73	3.06	(3.72 )	1.43	4.83
LESS DISTRIBUTIONS FROM:
Net realized capital gains	—	—	(0.95 )	(1.35 )	(1.14 )	(0.83 )
Net asset value, end of the period	$21.99	$20.84	$16.11	$14.00	$19.07	$18.78
Total return(b)(c)	5.52 %(d)	29.36 %	23.92 %	(21.08 )%	7.95 %	34.37 %
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)	$8,656	$8,949	$4,021	$3,225	$6,173	$4,913
Net expenses(e)	1.20 %(f)	1.20 %	1.21 %(g)	1.20 %	1.20 %(h)	1.25 %
Gross expenses	1.39 %(f)	1.38 %	1.38 %(g)	1.35 %	1.29 %	1.44 %
Net investment loss	(0.08 )%(f)	(0.45 )%	(0.45 )%	(0.25 )%	(0.43 )%	(0.33 )%
Portfolio turnover rate	2 %	6 %	24 %	43 %	18 %	44 %

(a)	Per share net investment loss has been calculated using the average shares outstanding during the period.
(b)	A sales charge for Class A shares is not reflected in total return calculations.
(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(d)	Periods less than one year are not annualized.
(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.
(f)	Computed on an annualized basis for periods less than one year.
(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.37%.
(h)	Effective December 15, 2020, the expense limit decreased from 1.25% to 1.20%.

See accompanying notes to financial statements.

| 16

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Global Growth Fund—Class C
	Six Months Ended May 31, 2025 (Unaudited)	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021	Year Ended November 30, 2020
Net asset value, beginning of the period	$19.48	$15.17	$13.33	$18.36	$18.24	$14.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)	(0.08 )	(0.19 )	(0.15 )	(0.15 )	(0.22 )	(0.16 )
Net realized and unrealized gain (loss)	1.08	4.50	2.94	(3.53 )	1.48	4.74
Total from Investment Operations	1.00	4.31	2.79	(3.68 )	1.26	4.58
LESS DISTRIBUTIONS FROM:
Net realized capital gains	—	—	(0.95 )	(1.35 )	(1.14 )	(0.83 )
Net asset value, end of the period	$20.48	$19.48	$15.17	$13.33	$18.36	$18.24
Total return(b)(c)	5.13 %(d)	28.41 %	23.03 %	(21.71 )%	7.15 %	33.44 %
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)	$1,104	$999	$842	$833	$1,297	$1,274
Net expenses(e)	1.95 %(f)	1.95 %	1.96 %(g)	1.95 %	1.95 %(h)	2.00 %
Gross expenses	2.13 %(f)	2.13 %	2.14 %(g)	2.10 %	2.04 %	2.19 %
Net investment loss	(0.84 )%(f)	(1.13 )%	(1.11 )%	(1.03 )%	(1.17 )%	(1.05 )%
Portfolio turnover rate	2 %	6 %	24 %	43 %	18 %	44 %

(a)	Per share net investment loss has been calculated using the average shares outstanding during the period.
(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.
(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(d)	Periods less than one year are not annualized.
(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.
(f)	Computed on an annualized basis for periods less than one year.
(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross expenses would have been 2.13%.
(h)	Effective December 15, 2020, the expense limit decreased from 2.00% to 1.95%.

See accompanying notes to financial statements.

17 |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Global Growth Fund—Class N
	Six Months Ended May 31, 2025 (Unaudited)	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021	Year Ended November 30, 2020
Net asset value, beginning of the period	$21.27	$16.40	$14.21	$19.29	$18.93	$14.85
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)	0.02	(0.02 )	(0.02 )	(0.00 )(b)	(0.03 )	(0.01 )
Net realized and unrealized gain (loss)	1.19	4.89	3.19	(3.73 )	1.53	4.92
Total from Investment Operations	1.21	4.87	3.17	(3.73 )	1.50	4.91
LESS DISTRIBUTIONS FROM:
Net investment income	—	—	(0.03 )	—	—	—
Net realized capital gains	—	—	(0.95 )	(1.35 )	(1.14 )	(0.83 )
Total Distributions	—	—	(0.98 )	(1.35 )	(1.14 )	(0.83 )
Net asset value, end of the period	$22.48	$21.27	$16.40	$14.21	$19.29	$18.93
Total return(c)	5.69 %(d)	29.70 %	24.40 %	(20.87 )%	8.21 %	34.84 %
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)	$16,582	$15,690	$12,096	$9,725	$12,293	$11,357
Net expenses(e)	0.90 %(f)	0.90 %	0.91 %(g)	0.90 %	0.90 %(h)	0.95 %
Gross expenses	1.06 %(f)	1.06 %	1.06 %(g)	1.02 %	0.98 %	1.13 %
Net investment income (loss)	0.21 %(f)	(0.10 )%	(0.13 )%	(0.01 )%	(0.14 )%	(0.09 )%
Portfolio turnover rate	2 %	6 %	24 %	43 %	18 %	44 %

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)	Amount rounds to less than $0.01 per share.
(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(d)	Periods less than one year are not annualized.
(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.
(f)	Computed on an annualized basis for periods less than one year.
(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.05%.
(h)	Effective December 15, 2020, the expense limit decreased from 0.95% to 0.90%.

See accompanying notes to financial statements.

| 18

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Global Growth Fund—Class Y
	Six Months Ended May 31, 2025 (Unaudited)	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021	Year Ended November 30, 2020
Net asset value, beginning of the period	$21.22	$16.37	$14.18	$19.27	$18.91	$14.85
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)	0.02	(0.02 )	(0.02 )	(0.01 )	(0.04 )	(0.01 )
Net realized and unrealized gain (loss)	1.18	4.87	3.18	(3.73 )	1.54	4.90
Total from Investment Operations	1.20	4.85	3.16	(3.74 )	1.50	4.89
LESS DISTRIBUTIONS FROM:
Net investment income	—	—	(0.02 )	—	—	—
Net realized capital gains	—	—	(0.95 )	(1.35 )	(1.14 )	(0.83 )
Total Distributions	—	—	(0.97 )	(1.35 )	(1.14 )	(0.83 )
Net asset value, end of the period	$22.42	$21.22	$16.37	$14.18	$19.27	$18.91
Total return(b)	5.65 %(c)	29.63 %	24.37 %	(20.95 )%	8.22 %	34.70 %
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)	$102,018	$82,572	$78,539	$80,836	$106,028	$86,950
Net expenses(d)	0.95 %(e)	0.95 %	0.96 %(f)	0.95 %	0.95 %(g)	1.00 %
Gross expenses	1.13 %(e)	1.13 %	1.14 %(f)	1.10 %	1.04 %	1.19 %
Net investment income (loss)	0.17 %(e)	(0.13 )%	(0.16 )%	(0.08 )%	(0.19 )%	(0.05 )%
Portfolio turnover rate	2 %	6 %	24 %	43 %	18 %	44 %

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(c)	Periods less than one year are not annualized.
(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.
(e)	Computed on an annualized basis for periods less than one year.
(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.13%.
(g)	Effective December 15, 2020, the expense limit decreased from 1.00% to 0.95%.

See accompanying notes to financial statements.

19 |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class A
	Six Months Ended May 31, 2025 (Unaudited)	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021	Year Ended November 30, 2020
Net asset value, beginning of the period	$8.26	$8.21	$8.13	$8.96	$8.81	$9.16
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)	0.30	0.73	0.73	0.43	0.32	0.43
Net realized and unrealized gain (loss)	(0.11 )	0.02	0.08	(0.81 )	0.16	(0.34 )
Total from Investment Operations	0.19	0.75	0.81	(0.38 )	0.48	0.09
LESS DISTRIBUTIONS FROM:
Net investment income	(0.34 )	(0.70 )	(0.73 )	(0.45 )	(0.33 )	(0.44 )
Net asset value, end of the period	$8.11	$8.26	$8.21	$8.13	$8.96	$8.81
Total return(b)(c)	2.37 %(d)	9.56 %	10.37 %	(4.28 )%	5.47 %	1.19 %
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)	$153,519	$154,066	$156,290	$188,201	$219,989	$208,251
Net expenses(e)	0.99 %(f)(g)	0.99 %(h)	1.03 %(i)	1.05 %	1.05 %	1.07 %(j)
Gross expenses	1.06 %(f)(g)	1.05 %	1.17 %	1.24 %	1.24 %	1.20 %(j)
Net investment income	7.32 %(g)	8.85 %	8.88 %	5.04 %	3.56 %	4.96 %
Portfolio turnover rate	53 %	107 %	67 %	65 %	79 %	65 %

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.
(b)	A sales charge for Class A shares is not reflected in total return calculations.
(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(d)	Periods less than one year are not annualized.
(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.
(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.98% and the ratio of gross expenses would have been 1.05%.
(g)	Computed on an annualized basis for periods less than one year.
(h)	Effective July 1, 2024, the expense limit decreased from 1.00% to 0.98%.
(i)	Effective July 1, 2023, the expense limit decreased from 1.05% to 1.00%.
(j)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.05% and the ratio of gross expenses would have been 1.18%.

See accompanying notes to financial statements.

| 20

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class C
	Six Months Ended May 31, 2025 (Unaudited)	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021	Year Ended November 30, 2020
Net asset value, beginning of the period	$8.23	$8.18	$8.10	$8.93	$8.78	$9.12
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)	0.27	0.67	0.66	0.36	0.25	0.37
Net realized and unrealized gain (loss)	(0.10 )	0.02	0.09	(0.80 )	0.16	(0.34 )
Total from Investment Operations	0.17	0.69	0.75	(0.44 )	0.41	0.03
LESS DISTRIBUTIONS FROM:
Net investment income	(0.31 )	(0.64 )	(0.67 )	(0.39 )	(0.26 )	(0.37 )
Net asset value, end of the period	$8.09	$8.23	$8.18	$8.10	$8.93	$8.78
Total return(b)(c)	2.11 %(d)	8.75 %	9.56 %	(5.04 )%	4.69 %	0.53 %
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)	$20,998	$28,922	$41,284	$62,570	$89,618	$125,909
Net expenses(e)	1.74 %(f)(g)	1.74 %(h)	1.78 %(i)	1.80 %	1.80 %	1.82 %(j)
Gross expenses	1.81 %(f)(g)	1.80 %	1.92 %	1.99 %	1.99 %	1.95 %(j)
Net investment income	6.56 %(g)	8.14 %	8.13 %	4.22 %	2.80 %	4.27 %
Portfolio turnover rate	53 %	107 %	67 %	65 %	79 %	65 %

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.
(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.
(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(d)	Periods less than one year are not annualized.
(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.
(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.73% and the ratio of gross expenses would have been 1.80%.
(g)	Computed on an annualized basis for periods less than one year.
(h)	Effective July 1, 2024, the expense limit decreased from 1.75% to 1.73%.
(i)	Effective July 1, 2023, the expense limit decreased from 1.80% to 1.75%.
(j)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.80% and the ratio of gross expenses would have been 1.93%.

See accompanying notes to financial statements.

21 |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class N
	Six Months Ended May 31, 2025 (Unaudited)	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021	Year Ended November 30, 2020
Net asset value, beginning of the period	$8.25	$8.21	$8.13	$8.96	$8.81	$9.17
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)	0.31	0.75	0.75	0.46	0.34	0.46
Net realized and unrealized gain (loss)	(0.10 )	0.02	0.08	(0.81 )	0.16	(0.36 )
Total from Investment Operations	0.21	0.77	0.83	(0.35 )	0.50	0.10
LESS DISTRIBUTIONS FROM:
Net investment income	(0.35 )	(0.73 )	(0.75 )	(0.48 )	(0.35 )	(0.46 )
Net asset value, end of the period	$8.11	$8.25	$8.21	$8.13	$8.96	$8.81
Total return(b)	2.65 %(c)	9.75 %	10.71 %	(4.00 )%	5.79 %	1.37 %
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)	$2,548	$2,491	$2,573	$2,278	$2,528	$151
Net expenses(d)	0.69 %(e)(f)	0.69 %(g)	0.73 %(h)	0.75 %	0.75 %	0.77 %(i)
Gross expenses	0.78 %(e)(f)	0.77 %	0.88 %	0.96 %	1.03 %	1.24 %(i)
Net investment income	7.63 %(f)	9.13 %	9.20 %	5.36 %	3.83 %	5.31 %
Portfolio turnover rate	53 %	107 %	67 %	65 %	79 %	65 %

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.
(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(c)	Periods less than one year are not annualized.
(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.
(e)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.68% and the ratio of gross expenses would have been 0.77%.
(f)	Computed on an annualized basis for periods less than one year.
(g)	Effective July 1, 2024, the expense limit decreased from 0.70% to 0.68%.
(h)	Effective July 1, 2023, the expense limit decreased from 0.75% to 0.70%.
(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.75% and the ratio of gross expenses would have been 1.22%.

See accompanying notes to financial statements.

| 22

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class Y
	Six Months Ended May 31, 2025 (Unaudited)	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021	Year Ended November 30, 2020
Net asset value, beginning of the period	$8.27	$8.22	$8.14	$8.97	$8.82	$9.17
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)	0.31	0.75	0.75	0.44	0.34	0.46
Net realized and unrealized gain (loss)	(0.10 )	0.03	0.08	(0.79 )	0.16	(0.35 )
Total from Investment Operations	0.21	0.78	0.83	(0.35 )	0.50	0.11
LESS DISTRIBUTIONS FROM:
Net investment income	(0.35 )	(0.73 )	(0.75 )	(0.48 )	(0.35 )	(0.46 )
Net asset value, end of the period	$8.13	$8.27	$8.22	$8.14	$8.97	$8.82
Total return(b)	2.62 %(c)	9.83 %	10.65 %	(4.04 )%	5.73 %	1.45 %
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)	$452,468	$637,036	$731,385	$771,373	$1,227,587	$875,829
Net expenses(d)	0.74 %(e)(f)	0.74 %(g)	0.78 %(h)	0.80 %	0.80 %	0.82 %(i)
Gross expenses	0.81 %(e)(f)	0.80 %	0.92 %	0.99 %	0.99 %	0.95 %(i)
Net investment income	7.54 %(f)	9.09 %	9.12 %	5.11 %	3.80 %	5.28 %
Portfolio turnover rate	53 %	107 %	67 %	65 %	79 %	65 %

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.
(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(c)	Periods less than one year are not annualized.
(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.
(e)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.73% and the ratio of gross expenses would have been 0.80%.
(f)	Computed on an annualized basis for periods less than one year.
(g)	Effective July 1, 2024, the expense limit decreased from 0.75% to 0.73%.
(h)	Effective July 1, 2023, the expense limit decreased from 0.80% to 0.75%.
(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.80% and the ratio of gross expenses would have been 0.93%.

See accompanying notes to financial statements.

23 |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Select Fund—Class A
	Six Months Ended May 31, 2025 (Unaudited)	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021	Year Ended November 30, 2020
Net asset value, beginning of the period	$22.48	$18.87	$17.24	$26.43	$20.00	$18.63
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)	(0.00 )(b)	(0.09 )	(0.01 )	(0.00 )(b)	0.07 (c)	0.06
Net realized and unrealized gain (loss)	(1.02 )	3.70	1.80	(1.94 )	7.70	2.75
Total from Investment Operations	(1.02 )	3.61	1.79	(1.94 )	7.77	2.81
LESS DISTRIBUTIONS FROM:
Net investment income	—	—	—	—	(0.08 )	(0.13 )
Net realized capital gains	—	—	(0.16 )	(7.25 )	(1.26 )	(1.31 )
Total Distributions	—	—	(0.16 )	(7.25 )	(1.34 )	(1.44 )
Net asset value, end of the period	$21.46	$22.48	$18.87	$17.24	$26.43	$20.00
Total return(d)(e)	(4.54 )%(f)	19.13 %	10.54 %	(10.50 )%	41.46 %(c)	16.21 %
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)	$20,201	$28,917	$29,980	$23,653	$20,382	$13,722
Net expenses(g)	1.10 %(h)	1.10 %	1.10 %	1.09 %(i)	1.10 %(j)(k)	1.13 %
Gross expenses	1.14 %(h)	1.13 %	1.15 %	1.12 %	1.14 %	1.18 %
Net investment income (loss)	(0.04 )%(h)	(0.45 )%	(0.06 )%	(0.02 )%	0.30 %(c)	0.37 %
Portfolio turnover rate	44 %	84 %	69 %	74 %	93 %	88 %

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)	Amount rounds to less than $0.01 per share.
(c)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.06), total return would have been 40.82% and the ratio of net investment loss to average net assets would have been (0.25)%.
(d)	A sales charge for Class A shares is not reflected in total return calculations.
(e)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(f)	Periods less than one year are not annualized.
(g)	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.
(h)	Computed on an annualized basis for periods less than one year.
(i)	Includes additional voluntary waiver of advisory fee of 0.01%.
(j)	Effective July 1, 2021, the expense limit decreased from 1.15% to 1.10%.
(k)	Includes additional voluntary waiver of advisory fee of 0.03%.

See accompanying notes to financial statements.

| 24

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Select Fund—Class C
	Six Months Ended May 31, 2025 (Unaudited)	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021	Year Ended November 30, 2020
Net asset value, beginning of the period	$19.86	$16.80	$15.49	$24.61	$18.76	$17.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)	(0.07 )	(0.22 )	(0.13 )	(0.12 )	(0.08 )(b)	(0.07 )
Net realized and unrealized gain (loss)	(0.90 )	3.28	1.60	(1.75 )	7.19	2.58
Total from Investment Operations	(0.97 )	3.06	1.47	(1.87 )	7.11	2.51
LESS DISTRIBUTIONS FROM:
Net realized capital gains	—	—	(0.16 )	(7.25 )	(1.26 )	(1.31 )
Net asset value, end of the period	$18.89	$19.86	$16.80	$15.49	$24.61	$18.76
Total return(c)(d)	(4.88 )%(e)	18.21 %	9.65 %	(11.16 )%	40.44 %(b)	15.31 %
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)	$6,727	$8,861	$11,102	$5,784	$5,357	$5,246
Net expenses(f)	1.85 %(g)	1.85 %	1.85 %	1.84 %(h)	1.86 %(i)(j)	1.88 %
Gross expenses	1.89 %(g)	1.88 %	1.90 %	1.88 %	1.89 %	1.93 %
Net investment loss	(0.79 )%(g)	(1.19 )%	(0.81 )%	(0.76 )%	(0.39 )%(b)	(0.40 )%
Portfolio turnover rate	44 %	84 %	69 %	74 %	93 %	88 %

(a)	Per share net investment loss has been calculated using the average shares outstanding during the period.
(b)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.21), total return would have been 39.76% and the ratio of net investment loss to average net assets would have been (1.00)%.
(c)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.
(d)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(e)	Periods less than one year are not annualized.
(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.
(g)	Computed on an annualized basis for periods less than one year.
(h)	Includes additional voluntary waiver of advisory fee of 0.01%.
(i)	Effective July 1, 2021, the expense limit decreased from 1.90% to 1.85%.
(j)	Includes additional voluntary waiver of advisory fee of 0.03%.

See accompanying notes to financial statements.

25 |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Select Fund—Class N
	Six Months Ended May 31, 2025 (Unaudited)	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021	Year Ended November 30, 2020
Net asset value, beginning of the period	$22.78	$19.10	$17.43	$26.63	$20.14	$18.76
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)	0.03	(0.03 )	0.05	0.08	0.13 (b)	0.11
Net realized and unrealized gain (loss)	(1.04 )	3.75	1.82	(2.00 )	7.76	2.77
Total from Investment Operations	(1.01 )	3.72	1.87	(1.92 )	7.89	2.88
LESS DISTRIBUTIONS FROM:
Net investment income	—	(0.04 )	(0.04 )	(0.03 )	(0.14 )	(0.19 )
Net realized capital gains	—	—	(0.16 )	(7.25 )	(1.26 )	(1.31 )
Total Distributions	—	(0.04 )	(0.20 )	(7.28 )	(1.40 )	(1.50 )
Net asset value, end of the period	$21.77	$22.78	$19.10	$17.43	$26.63	$20.14
Total return(c)	(4.43 )%(d)	19.48 %	10.90 %	(10.29 )%	41.87 %(b)	16.50 %
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)	$376	$52,275	$299	$289	$2	$2
Net expenses(e)	0.73 %(f)	0.80 %	0.80 %	0.80 %	0.83 %(g)	0.85 %
Gross expenses	0.76 %(f)	0.81 %	1.15 %	3.35 %	49.27 %	71.85 %
Net investment income (loss)	0.28 %(f)	(0.12 )%	0.25 %	0.51 %	0.56 %(b)	0.61 %
Portfolio turnover rate	44 %	84 %	69 %	74 %	93 %	88 %

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.01, total return would have been 41.24% and the ratio of net investment income to average net assets would have been 0.02%.
(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(d)	Periods less than one year are not annualized.
(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.
(f)	Computed on an annualized basis for periods less than one year.
(g)	Effective July 1, 2021, the expense limit decreased from 0.85% to 0.80%.

See accompanying notes to financial statements.

| 26

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Select Fund—Class Y
	Six Months Ended May 31, 2025 (Unaudited)	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021	Year Ended November 30, 2020
Net asset value, beginning of the period	$22.77	$19.09	$17.43	$26.63	$20.14	$18.75
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)	0.02	(0.04 )	0.04	0.05	0.13 (b)	0.11
Net realized and unrealized gain (loss)	(1.03 )	3.75	1.81	(1.97 )	7.75	2.77
Total from Investment Operations	(1.01 )	3.71	1.85	(1.92 )	7.88	2.88
LESS DISTRIBUTIONS FROM:
Net investment income	—	(0.03 )	(0.03 )	(0.03 )	(0.13 )	(0.18 )
Net realized capital gains	—	—	(0.16 )	(7.25 )	(1.26 )	(1.31 )
Total Distributions	—	(0.03 )	(0.19 )	(7.28 )	(1.39 )	(1.49 )
Net asset value, end of the period	$21.76	$22.77	$19.09	$17.43	$26.63	$20.14
Total return(c)	(4.44 )%(d)	19.44 %	10.81 %	(10.31 )%	41.81 %(b)	16.52 %
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000's)	$523,757	$698,572	$585,568	$392,076	$226,305	$205,557
Net expenses(e)	0.85 %(f)	0.85 %	0.85 %	0.84 %(g)	0.85 %(h)(i)	0.88 %
Gross expenses	0.89 %(f)	0.88 %	0.90 %	0.88 %	0.89 %	0.93 %
Net investment income (loss)	0.21 %(f)	(0.19 )%	0.20 %	0.26 %	0.56 %(b)	0.61 %
Portfolio turnover rate	44 %	84 %	69 %	74 %	93 %	88 %

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.
(b)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been less than $(0.01), total return would have been 41.17% and the ratio of net investment loss to average net assets would have been less than (0.01)%.
(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.
(d)	Periods less than one year are not annualized.
(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.
(f)	Computed on an annualized basis for periods less than one year.
(g)	Includes additional voluntary waiver of advisory fee of 0.01%.
(h)	Effective July 1, 2021, the expense limit decreased from 0.90% to 0.85%.
(i)	Includes additional voluntary waiver of advisory fee of 0.03%.

See accompanying notes to financial statements.

27 |

Notes to Financial Statements

May 31, 2025 (Unaudited)

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

Loomis Sayles Global Growth Fund (“Global Growth Fund”)
Loomis Sayles Senior Floating Rate and Fixed Income Fund (“Senior Floating Rate and Fixed Income Fund”)
Vaughan Nelson Select Fund (“Select Fund”)

Global Growth Fund and Senior Floating Rate and Fixed Income Fund are diversified investment companies. Select Fund is a non-diversified investment company.

Each Fund offers Class A, Class C, Class N and Class Y shares. Class A shares are sold with a maximum front-end sales charge of 5.75% for Global Growth Fund and Select Fund and 3.50% for Senior Floating Rate and Fixed Income Fund. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Fund’s prospectus.

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

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

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

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

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

| 28

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations ("CLOs") are fair valued at bid prices supplied by an independent pricing service, if available. Broker-dealer bid prices may be used to fair value debt, unlisted equities, senior loans and CLOs where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Centrally cleared swap agreements are fair valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers.

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

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

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

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

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

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

29 |

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

d. 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.

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

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

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

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

| 30

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

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.

f. Due from Brokers. Transactions and positions in certain futures contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for Senior Floating Rate and Fixed Income Fund represents cash pledged as initial margin for futures contracts. In certain circumstances a Fund’s use of cash and/or securities held at brokers is restricted by regulation or broker mandated limits.

g. Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of May 31, 2025 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

h. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. When the Fund identifies the character of distributions paid by REITs in the previous calendar year, certain distributions to Fund shareholders may be redesignated as capital gain distributions or, if in excess of taxable income, as a return of capital. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency gains and losses, premium amortization, corporate actions, defaulted and/or non-income producing securities, distributions in excess of income and/or capital gain, return of capital distributions received, paydown gains and losses, capital gain distribution received and net operating losses. Permanent book and tax basis differences relating to shareholder distributions, net investment income, and net realized gains will result in reclassifications to the capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, passive foreign investment company adjustments, premium amortization, corporate actions, dividends payable, capital gain distribution received, return of capital distributions received, defaulted and/or non-income producing securities and wash sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Fund’s fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

31 |

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

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

	2024 Distributions
Fund	Ordinary Income	Long-Term Capital Gains	Total
Global Growth Fund	$ —	$ —	$ —
Senior Floating Rate and Fixed Income Fund	71,622,190	—	71,622,190
Select Fund	844,394	—	844,394

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

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

	Global Growth Fund	Senior Floating Rate and Fixed Income Fund	Select Fund
Capital loss carryforward:
Short-term:
No expiration date	$(833,569 )	$(137,393,222 )	$(5,642,781 )
Long-term:
No expiration date	(705,377 )	(505,853,446 )	—
Total capital loss carryforward	$(1,538,946 )	$(643,246,668 )	$(5,642,781 )
Late-year ordinary and post-October capital loss deferrals*	$(235,434 )	$—	$(1,112,543 )

Under current tax law, net operating losses, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt

instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Global Growth

Fund and Select Fund are deferring net operating losses.

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

	Global Growth Fund	Senior Floating Rate and Fixed Income Fund	Select Fund
Federal tax cost	$83,073,432	$679,442,381	$423,548,108
Gross tax appreciation	$49,559,237	$1,862,182	$135,280,758
Gross tax depreciation	(4,363,669 )	(36,613,621 )	(6,908,059 )
Net tax appreciation (depreciation)	$45,195,568	$(34,751,439 )	$128,372,699

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

i. Senior Loans. Senior Floating Rate and Fixed Income Fund may invest in senior loans to corporate, governmental or other borrowers. Senior loans, which include both secured and unsecured loans made by banks and other financial institutions to corporate customers, typically hold the most senior position in a borrower’s capital structure, may be secured by the borrower’s assets and have interest rates that reset frequently. Senior loans can include term loans, revolving credit facility loans and second lien loans. A senior loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of

| 32

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

the senior loan, as specified in the loan agreement. Large loans may be shared or syndicated among several lenders. The Fund may enter into the primary syndicate for a loan or it may also purchase all or a portion of loans from other lenders (sometimes referred to as loan assignments), in either case becoming a direct lender. The settlement period for senior loans is uncertain as there is no standardized settlement schedule applicable to such investments. Senior loans outstanding at the end of the period are listed in the Fund’s Portfolio of Investments.

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

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

As of May 31, 2025, the Fund had unfunded loan commitments reflected on the Statements of Assets and Liabilities, which could be extended at the option of the borrower, pursuant to loan agreements with the following borrowers:

Borrower	Type	Principal Amount
Amspec Parent LLC	2024 Delayed Draw Term Loan	$292,038
Hanger, Inc.	2024 Delayed Draw Term Loan	317,680
Janney Montgomery Scott LLC	Delayed Draw Term Loan	467,429
Archkey Solutions LLC	2024 Delayed Draw Term Loan B	350,276
Raven Acquisition Holdings LLC	Delayed Draw Term Loan	277,708
Sauer Brands, Inc.	Delayed Draw Term Loan	31,810
GrafTech Finance, Inc.	2024 Delayed Draw Term Loan	581,818
		$2,318,759

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

As of May 31, 2025, an unsettled sale of $110,925 of unfunded loan commitments is reflected on the Statements of Assets and Liabilities, net of realized loss on the transaction.

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

m. New Accounting Pronouncement. In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while

33 |

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

eliminating certain outdated disclosure requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact of ASU 2023-09 but does not expect it to have a material impact on the financial statements.

3.Fair Value Measurements. In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

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

• 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

• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

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

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

Global Growth Fund
Asset Valuation Inputs
Description	Level 1	Level 2	Level 3	Total
Common Stocks
China	$6,095,377	$3,964,735	$ —	$10,060,112
Denmark	—	2,552,819	—	2,552,819
France	—	1,883,736	—	1,883,736
Japan	—	1,764,159	—	1,764,159
Netherlands	1,531,142	5,101,666	—	6,632,808
United Kingdom	—	1,320,770	—	1,320,770
United States	76,150,020	9,502,396	—	85,652,416
All Other Common Stocks(a)	17,940,728	—	—	17,940,728
Total Common Stocks	101,717,267	26,090,281	—	127,807,548
Short-Term Investments	—	461,452	—	461,452
Total Investments	$101,717,267	$26,551,733	$—	$128,269,000

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

| 34

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

Senior Floating Rate and Fixed Income Fund
Asset Valuation Inputs
Description	Level 1	Level 2	Level 3	Total
Senior Loans
Technology	$ —	$82,969,848	$388,231	$83,358,079
All Other Senior Loans(a)	—	466,960,338	—	466,960,338
Total Senior Loans	—	549,930,186	388,231	550,318,417
Bonds and Notes(a)	—	31,557,145	—	31,557,145
Collateralized Loan Obligations	—	17,511,982	—	17,511,982
Common Stocks
Capital Markets	—	269,148	—	269,148
Oil, Gas & Consumable Fuels	241	—	5,691	5,932
Specialty Retail	—	15,696	—	15,696
Textiles, Apparel & Luxury Goods	—	163,043	—	163,043
Total Common Stocks	241	447,887	5,691	453,819
Warrants	—	553	—	553
Short-Term Investments	—	44,858,123	—	44,858,123
Total Investments	$241	$644,305,876	$393,922	$644,700,039

Liability Valuation Inputs
Description	Level 1	Level 2	Level 3	Total
Futures Contracts (unrealized depreciation)	$(9,097 )	$ —	$ —	$(9,097 )

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Select Fund
Asset Valuation Inputs
Description	Level 1	Level 2	Level 3	Total
Common Stocks(a)	$542,722,651	$ —	$ —	$542,722,651
Short-Term Investments	—	9,198,156	—	9,198,156
Total Investments	$542,722,651	$9,198,156	$—	$551,920,807

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

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

Senior Floating Rate and Fixed Income Fund
Asset Valuation Inputs
Investments in Securities	Balance as of November 30, 2024	Accrued Discounts (Premiums)	Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers into Level 3	Transfers out of Level 3	Balance as of May 31, 2025	Change in Unrealized Appreciation (Depreciation) from Investments Still Held at May 31, 2025
Senior Loans
Technology	$401,618	$5,373	$ —	$(18,760 )	$ —	$ —	$ —	$ —	$388,231	$(18,760 )

35 |

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

Senior Floating Rate and Fixed Income Fund
Asset Valuation Inputs
Investments in Securities	Balance as of November 30, 2024	Accrued Discounts (Premiums)	Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers into Level 3	Transfers out of Level 3	Balance as of May 31, 2025	Change in Unrealized Appreciation (Depreciation) from Investments Still Held at May 31, 2025
Common Stocks
Oil, Gas & Consumable Fuels	$5,691	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$5,691	$ —
Total	$407,309	$5,373	$ —	$(18,760 )	$ —	$ —	$ —	$ —	$393,922	$(18,760 )

4.Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that Senior Floating Rate and Fixed Income Fund used during the period include futures contracts and swap agreements.

The Fund is subject to the risk that companies in which the Fund invests will fail financially or otherwise be unwilling or unable to meet their obligations to the Fund. The Fund may use credit default swaps, as a protection buyer, to hedge its credit exposure to issuers of bonds it holds without having to sell the bonds. The Fund may also use credit default swaps, as a protection seller, to gain investment exposure. During the six months ended May 31, 2025, Senior Floating Rate and Fixed Income Fund engaged in credit default swap agreements (as a protection seller) to gain investment exposure.

The Fund is subject to the risk that changes in interest rates will affect the value of the Fund's investments in fixed-income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the six months ended May 31, 2025, Senior Floating Rate and Fixed Income Fund used futures contracts to hedge against changes in interest rates and manage duration.

The following is a summary of derivative instruments for Senior Floating Rate and Fixed Income Fund as of May 31, 2025, as reflected within the Statements of Assets and Liabilities:

Liabilities	Unrealized depreciation on futures contracts1
Exchange-traded liability derivatives
Interest rate contracts	$(9,097 )

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 Senior Floating Rate and Fixed Income Fund during the six months ended May 31, 2025, as reflected within the Statements of Operations were as follows:

Net Realized Gain (Loss) on:	Futures contracts	Swap agreements
Interest rate contracts	$11,180	$ —
Credit contracts	—	1,390,062
Total	$11,180	$1,390,062

| 36

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$(9,097 )

As the Fund values its derivatives at fair value and recognizes changes in fair value through the Statement of Operations, it does not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

For the six months ended May 31, 2025, the relevant values for each derivative type were as follows:

	Average Number of Contracts, Notional Amount1
	Futures contracts	Swap agreements
Senior Floating Rate and Fixed Income Fund	12	$6,057,143

1	Amounts disclosed represent average number of contracts for futures contracts, notional amounts for swap agreements, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the six months ended May 31, 2025.

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

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund.

5.Purchases and Sales of Securities. For the six months ended May 31, 2025, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

Fund	Purchases	Sales
Global Growth Fund	$16,820,840	$2,788,612
Senior Floating Rate and Fixed Income Fund	398,518,434	595,826,126
Select Fund	275,246,126	477,152,228

6.Management Fees and Other Transactions with Affiliates.

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

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

Fund	Percentage of Average Daily Net Assets
Global Growth Fund	0.75 %
Senior Floating Rate and Fixed Income Fund	0.60 %

Natixis Advisors, LLC (“Natixis Advisors”) serves as investment adviser to Select Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis. Under the terms of the management agreement, the Fund pays a management fee at the annual rate of 0.70%, calculated daily and payable monthly, based on the Fund’s average daily net assets.

37 |

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

Effective July 1, 2025, Select Fund pays a management fee at the annual rate of 0.66% of the Fund’s average daily net assets, calculated daily and payable monthly.

Natixis Advisors has entered into a subadvisory agreement with Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”). Under the terms of the subadvisory agreement, the Fund pays a subadvisory fee at the annual rate of 0.47%, calculated daily and payable monthly, based on the Fund’s average daily net assets. Payments to Natixis Advisors are reduced by the amount of payments to Vaughan Nelson.

Effective July 1, 2025, Select Fund pays a subadvisory fee at the annual rate of 0.4425% of the Fund’s average daily net assets, calculated daily and payable monthly.

Loomis Sayles and Natixis Advisors have given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until March 31, 2026, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended May 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 Average Daily Net Assets
Fund	Class A	Class C	Class N	Class Y
Global Growth Fund	1.20 %	1.95 %	0.90 %	0.95 %
Senior Floating Rate and Fixed Income Fund	0.98 %	1.73 %	0.68 %	0.73 %
Select Fund	1.10 %	1.85 %	0.80 %	0.85 %

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

For the six months ended May 31, 2025, the management fees and waivers of management fees for each Fund were as follows:

	Gross Management Fees	Contractual Waivers of Management Fees1	Net Management Fees	Percentage of Average Daily Net Assets
Fund	Gross Management Fees	Contractual Waivers of Management Fees1	Net Management Fees	Gross	Net
Global Growth Fund	$419,521	$100,436	$319,085	0.75 %	0.57 %
Senior Floating Rate and Fixed Income Fund	2,348,382	261,276	2,087,106	0.60 %	0.53 %
Select Fund	2,255,971	—	2,255,971	0.70 %	0.70 %

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

For the six months ended May 31, 2025, class-specific expenses have been reimbursed as follows:

	Reimbursement
	Class A	Class C	Class N	Class Y	Total
Select Fund	$3,972	$1,264	$ —	$105,868	$111,104

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

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a Service Plan relating to the Fund’s Class A shares (the “Class A Plans”) and a Distribution and Service Plan relating to the Fund’s Class C shares (the “Class C Plans”).

| 38

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

Under the Class A Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class C Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at the annual rate of 0.75% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

For the six months ended May 31, 2025, the service and distribution fees for each Fund were as follows:

	Service Fees		Distribution Fees
Fund	Class A	Class C	Class C
Global Growth Fund	$10,945	$1,249	$3,748
Senior Floating Rate and Fixed Income Fund	193,857	30,654	91,962
Select Fund	28,851	9,210	27,628

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.

For the six months ended May 31, 2025, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Global Growth Fund	$24,234
Senior Floating Rate and Fixed Income Fund	169,539
Select Fund	139,510

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

For the six months ended May 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 Agent Fees
Global Growth Fund	$35,131
Senior Floating Rate and Fixed Income Fund	320,727
Select Fund	238,498

39 |

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

As of May 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 of Sub-Transfer Agent Fees
Global Growth Fund	$917
Senior Floating Rate and Fixed Income Fund	25,626
Select Fund	4,977

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

e. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended May 31, 2025 were as follows:

Fund	Commissions
Global Growth Fund	$116
Senior Floating Rate and Fixed Income Fund	3,921
Select Fund	1,014

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

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

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

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

g. Affiliated Ownership. As of May 31, 2025, Natixis and affiliates (“Natixis”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of the Funds’ net assets:

	Natixis	Retirement Plan
Global Growth Fund	12.91 %	— %
Senior Floating Rate and Fixed Income Fund	— %	1.07 %

| 40

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

Investment activities of affiliated shareholders could have material impacts on the Funds.

h. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to the Funds to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through March 31, 2026 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended May 31, 2025, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

	Reimbursement of Transfer Agency Expenses
Fund	Class N
Global Growth Fund	$805
Senior Floating Rate and Fixed Income Fund	690
Select Fund	860

7.Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the six months ended May 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
Fund	Class A	Class C	Class N	Class Y
Global Growth Fund	$3,533	$402	$805	$34,755
Senior Floating Rate and Fixed Income Fund	68,413	10,703	690	261,529
Select Fund	9,157	2,918	860	240,565

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

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

For the six months ended May 31, 2025, Senior Floating Rate and Fixed Income Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $12,546,667 at a weighted average interest rate of 5.43%. Interest expense incurred on the line of credit was $28,387.

10.Risk. Global Growth Fund’s investments in foreign securities may be subject to greater political, economic, environmental, credit/ counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Global Growth Fund may invest to a significant extent in variable interest entity (“VIE”) structures. VIE structures can vary, but generally consist of a U.S.-listed company with contractual arrangements, through one or more wholly-owned special purpose vehicles, with a Chinese company that ultimately provides the U.S.-listed company with contractual rights to obtain economic benefits from the Chinese company. The VIE structure enables foreign investors, such as the Fund, to obtain investment exposure similar to that of an equity owner in a Chinese company in situations in which the Chinese government has restricted or prohibited the ownership of such company by foreign investors. The Fund’s exposure to VIE structures may pose additional risks because the VIE structure is not formally recognized under Chinese law. The Chinese government may cease to tolerate VIE structures at any time or impose new restrictions. In addition, Chinese companies using the VIE structure, and listed on stock exchanges in the U.S., could also face delisting

41 |

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

or other ramifications for failure to meet the expectations and/or requirements of the U.S. Securities and Exchange Commission, the Public Company Accounting Oversight Board, or other U.S. regulators. Any of these risks could reduce the liquidity and value of these investments or render them valueless.

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

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

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

Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other related events, could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to issuers in the country or countries involved.

11.Concentration of Ownership. From time to time, a Fund may have a concentration of one or more shareholder accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of a Fund’s outstanding shares could have material impacts on a Fund. As of May 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% Non-Affiliated Account Holders	Percentage of Non-Affiliated Ownership	Percentage of Affiliated Ownership (Note 6g)	Total Percentage of Ownership
Global Growth Fund	—	—	12.91 %	12.91 %
Select Fund	1	6.59 %	—	6.59 %

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.Interest Expense. The Funds incur interest expense on cash (including foreign currency) overdrafts at the custodian bank and borrowings on the line of credit. Interest expense incurred for the six months ended May 31, 2025 is reflected on the Statements of Operations.

| 42

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

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


	Six Months Ended May 31, 2025		Year Ended November 30, 2024
Global Growth Fund	Shares	Amount	Shares	Amount
Class A
Issued from the sale of shares	29,807	$633,396	209,190	$3,770,747
Redeemed	(65,612 )	(1,268,481 )	(29,340 )	(518,282 )
Net change	(35,805 )	$(635,085 )	179,850	$3,252,465
Class C
Issued from the sale of shares	8,193	$158,025	10,470	$171,904
Redeemed	(5,555 )	(104,901 )	(14,658 )	(245,493 )
Net change	2,638	$53,124	(4,188 )	$(73,589 )
Class N
Issued from the sale of shares	22	$470	31	$517
Redeemed	(22 )	(489 )	(96 )	(1,648 )
Net change	—	$(19 )	(65 )	$(1,131 )
Class Y
Issued from the sale of shares	859,575	$17,837,677	544,932	$10,032,137
Redeemed	(200,819 )	(4,377,816 )	(1,452,511 )	(26,508,901 )
Net change	658,756	$13,459,861	(907,579 )	$(16,476,764 )
Increase (decrease) from capital share transactions	625,589	$12,877,881	(731,982 )	$(13,299,019 )

43 |

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

13.Capital Shares (continued).


	Six Months Ended May 31, 2025		Year Ended November 30, 2024
Senior Floating Rate and Fixed Income Fund	Shares	Amount	Shares	Amount
Class A
Issued from the sale of shares	3,339,655	$27,371,747	3,546,429	$29,229,317
Issued in connection with the reinvestment of distributions	623,852	5,072,200	1,246,666	10,275,418
Redeemed	(3,705,617 )	(30,063,200 )	(5,164,154 )	(42,552,158 )
Net change	257,890	$2,380,747	(371,059 )	$(3,047,423 )
Class C
Issued from the sale of shares	76,462	$621,193	393,094	$3,234,373
Issued in connection with the reinvestment of distributions	98,845	801,515	292,552	2,403,524
Redeemed	(1,094,019 )	(8,875,690 )	(2,215,130 )	(18,195,882 )
Net change	(918,712 )	$(7,452,982 )	(1,529,484 )	$(12,557,985 )
Class N
Issued from the sale of shares	—	$ —	24,345	$200,000
Issued in connection with the reinvestment of distributions	13,326	108,250	25,241	207,927
Redeemed	(1,074 )	(8,740 )	(61,171 )	(505,860 )
Net change	12,252	$99,510	(11,585 )	$(97,933 )
Class Y
Issued from the sale of shares	13,111,633	$107,363,096	35,670,343	$293,948,685
Issued in connection with the reinvestment of distributions	2,547,962	20,753,155	5,209,179	42,992,817
Redeemed	(37,037,675 )	(297,695,103 )	(52,775,515 )	(435,722,892 )
Net change	(21,378,080 )	$(169,578,852 )	(11,895,993 )	$(98,781,390 )
Decrease from capital share transactions	(22,026,650 )	$(174,551,577 )	(13,808,121 )	$(114,484,731 )

| 44

Notes to Financial Statements (continued)

May 31, 2025 (Unaudited)

13.Capital Shares (continued).


	Six Months Ended May 31, 2025		Year Ended November 30, 2024
Select Fund	Shares	Amount	Shares	Amount
Class A
Issued from the sale of shares	82,208	$1,766,485	438,676	$9,100,780
Redeemed	(427,276 )	(9,242,732 )	(740,834 )	(15,572,218 )
Net change	(345,068 )	$(7,476,247 )	(302,158 )	$(6,471,438 )
Class C
Issued from the sale of shares	2,872	$52,466	76,653	$1,398,047
Redeemed	(92,842 )	(1,800,683 )	(291,292 )	(5,396,867 )
Net change	(89,970 )	$(1,748,217 )	(214,639 )	$(3,998,820 )
Class N
Issued from the sale of shares	1,317	$28,842	2,297,072	$50,070,259
Issued in connection with the reinvestment of distributions	—	—	28	558
Redeemed	(2,279,197 )	(51,331,732 )	(17,592 )	(388,608 )
Net change	(2,277,880 )	$(51,302,890 )	2,279,508	$49,682,209
Class Y
Issued from the sale of shares	2,432,875	$52,994,205	10,693,513	$224,786,218
Issued in connection with the reinvestment of distributions	—	—	30,800	611,381
Redeemed	(9,047,622 )	(196,513,539 )	(10,710,092 )	(228,414,490 )
Net change	(6,614,747 )	$(143,519,334 )	14,221	$(3,016,891 )
Increase (decrease) from capital share transactions	(9,327,665 )	$(204,046,688 )	1,776,932	$36,195,060

45 |

BOARD APPROVAL OF THE EXISTING ADVISORY AND SUB-ADVISORY AGREEMENTS

The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory agreement and, with respect to Vaughan Nelson Select Fund, sub-advisory agreement (collectively, the “Agreements”), at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. This meeting typically includes all the Independent Trustees, including the Trustees who do not serve on the Contract Review Committee. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements at its June Board meeting.

In connection with these meetings, the Trustees receive materials that the Funds’ investment advisers and sub-adviser, as applicable (collectively, the “Advisers”), believe to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory fees and sub-advisory fees, if any, and other expenses, including information comparing the Funds’ advisory and sub-advisory fees to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers, including how profitability is determined for the Funds, and (v) information obtained through the completion by the Advisers of questionnaires distributed on behalf of the Trustees throughout the year. The Board, including the Independent Trustees, also considers other matters such as (i) each Fund’s investment objective and strategies and the size, education and experience of the Advisers’ respective investment staffs and their use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, to the extent applicable, allocations to brokers affiliated with the Advisers and the use of “soft” commission dollars to pay for research and other similar services, (iv) each Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Advisers and the Independent Trustees meet separately with independent legal counsel outside the presence of Adviser personnel.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. The information received by the Trustees generally includes, where available, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and expense differentials against each Fund’s peer group/category of funds, total return information for various periods, performance rankings provided by a third-party data provider for various periods comparing a Fund against similarly categorized funds, and performance ratings provided by a different third-party rating organization. The portfolio management team for each Fund or other representatives of the Advisers make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board or Committee presentations and reviews. In addition, the Trustees are periodically provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings, both at the Board and at the Committee level.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2025. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Advisers and their affiliates to the Funds and the resources dedicated to the Funds by the Advisers and their affiliates. The Trustees also considered their experience with other funds advised or sub-advised by the Advisers, as well as the affiliation between the Advisers and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.

The Trustees considered not only the advisory services provided by the Advisers to the Funds, but also the benefits to the Funds from the monitoring and oversight services provided by Natixis Advisors, LLC (“Natixis Advisors”). They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Funds. They also took into consideration the personnel and costs related to preparing for compliance with, and the increases in the services provided required as a result of, new or amended regulatory requirements, such as recent rules relating to, among other topics, anti-money laundering, liquidity risk management, privacy, and fund names, as well as monitoring proposed rules.

| 46

For each Fund, the Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.

Investment performance of the Funds and the Advisers. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. The Board noted that while it found the data provided by the independent third-party data provider useful, it recognized its limitations, including, in particular, that notable differences may exist between the Funds and the performance comparisons (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the performance comparisons. The Trustees also received information about how comparative peer groups and categories are constructed. In addition, the Trustees reviewed data prepared by an independent third-party rating organization that analyzed the performance of the Funds using a variety of performance metrics, including metrics that measured the performance of the Funds on a risk adjusted basis.

The Board noted that, through December 31, 2024, each Fund’s one-, three- and five-year performance stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):

	One-Year	Three-Year	Five-Year
Loomis Sayles Global Growth Fund	25%	10%	26%
Loomis Sayles Senior Floating Rate and Fixed Income Fund	45%	87%	74%
Vaughan Nelson Select Fund	97%	90%	54%

In the case of a Fund that had performance that lagged that of a relevant category median as determined by the independent third-party data provider for certain periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Advisers that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s shorter-term (one-year) performance has been stronger relative to its category; (3) that the Fund’s performance for a recent (though not necessarily the most recent) calendar year was stronger relative to its category; and (4) that the Fund’s longer-term (five- and ten-year) performance has been relatively stronger than its shorter-term (one- and three-year) performance. The Board also considered information about the Funds’ more recent performance, including how performance over various periods had been impacted by various factors such as market and economic events.

The Trustees also considered each Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Advisers to Trustee concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Advisers and/or other relevant factors supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory, sub-advisory and administrative services, as applicable, as well as the total expense levels of the Funds. This information included comparisons (provided both by management and by an independent third party) of the Funds’ advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Advisers to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory and sub-advisory fees, as applicable, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund and the need for the Advisers to offer competitive compensation and the potential need to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that the Funds have expense limitations in place,

47 |

and they considered the amounts waived or reimbursed by the Advisers for the Funds under their expense limitation agreements. They also noted that management had proposed to reduce the advisory fee rate for Vaughan Nelson Select Fund, effective as of July 1, 2025. The Trustees further noted that the Loomis Sayles Global Growth Fund and Loomis Sayles Senior Floating Rate and Fixed Income Fund had total advisory fee rates that were at or below the medians of their respective peer groups of funds. The Board also considered that the fee and expense information reflected information as of a certain date and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Trustees noted that Vaughan Nelson Select Fund had a total advisory fee rate that was above the median of a peer group of funds. In this regard, the Trustees considered the factors that management believed justified such relatively higher advisory fee rates, including: (1) that the advisory fee was only four basis points higher than the median of a peer group of funds; (2) that the Fund’s overall net expenses are consistent with its peer group; and (3) management had proposed to reduce the Fund’s advisory fee schedule, which is expected to reduce the Fund’s effective advisory fee rate by four basis points and align the Fund’s advisory fee rate with that of the Fund’s peer group median.

The Trustees also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Advisers’ and their affiliates’ relationships with the Funds, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the relevant Funds, the expense levels of the Funds, whether the Advisers had implemented breakpoints and/or expense limitations with respect to such Funds and the overall profit margin of Natixis Investment Managers, LLC compared to that of certain other investment managers for which such data was available. The Board also noted the competitive nature of the global asset management industry.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fees charged to each of the Funds were fair and reasonable, and that the costs of these services generally and the related profitability of the Advisers and their affiliates in respect of their relationships with the Funds supported the renewal of the Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations, which reduced the total expenses borne by shareholders. With respect to economies of scale, the Trustees noted that although the Funds’ management fees were not subject to breakpoints, each Fund was subject to an expense limitation. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Advisers and their affiliates of their relationships with the Funds, as discussed above. The Trustees also considered that the Funds have benefitted from the substantial reinvestment each Adviser has made into its business.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

• The effect of various factors and recent market and economic events, such as recent market volatility, geopolitical instability, aggressive domestic and foreign central bank policies, and developments affecting trade policy and global markets generally, as applicable, on the performance, asset levels and expense ratios of each Fund.

• Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates were providing to the Funds.

• So-called “fallout benefits” to the Advisers, such as the engagement of affiliates of the Advisers to provide distribution and administrative services to the Funds, and the benefits of research made available to the Advisers by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

• The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

| 48

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements (with respect to Vaughan Nelson Select Fund, reflecting the reduction in the advisory fee described above) should be continued through June 30, 2026.

49 |

This Page Intentionally Left Blank

˃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.

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.

Exp. 7/31/26

LSAR58SA-0525

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.

The statements regarding basis for approval of investment advisory contracts are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.


(a)	(1)	Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not Applicable.

(a)	(2)	Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrants securities are listed. Not Applicable.

(a)	(3)	A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is filed herewith.

(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.

	(101)	Inline Interactive Data File-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

SIGNATURES

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


Natixis Funds Trust II

By:		/s/ David L. Giunta
Name:		David L. Giunta
Title:		President and Chief Executive Officer

Date:		July 22, 2025

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


By:		/s/ David L. Giunta
Name:		David L. Giunta
Title:		President and Chief Executive Officer

Date:		July 22, 2025

By:		/s/ Matthew J. Block
Name:		Matthew J. Block
Title:		Treasurer and Principal Financial and Accounting Officer

Date:		July 22, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302

CERTIFICATIONS PURSUANT TO SECTION 906

XBRL TAXONOMY EXTENSION SCHEMA

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IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: d97356dncsrs_htm.xml

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

Key Fund Statistics

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

Industry Summary

Top Ten Holdings

Country Weightings

Material Fund Changes

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

Key Fund Statistics

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

Industry Summary

Top Ten Holdings

Country Weightings

Material Fund Changes

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

Key Fund Statistics

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

Industry Summary

Top Ten Holdings

Country Weightings

Material Fund Changes

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

Key Fund Statistics

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

Industry Summary

Top Ten Holdings

Country Weightings

Material Fund Changes

Class A

LSFAX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Semi-annual Shareholder Report - May 31, 2025

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

Key Fund Statistics

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

Industry Summary

Credit QualityFootnote Reference†

Material Fund Changes

Class A

LSFAX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Class C

LSFCX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Semi-annual Shareholder Report - May 31, 2025

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

Key Fund Statistics

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

Industry Summary

Credit QualityFootnote Reference†

Material Fund Changes

Class C

LSFCX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Class N

LSFNX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Semi-annual Shareholder Report - May 31, 2025

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

Key Fund Statistics

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

Industry Summary

Credit QualityFootnote Reference†

Material Fund Changes

Class N

LSFNX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Class Y

LSFYX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Semi-annual Shareholder Report - May 31, 2025

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

Key Fund Statistics

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

Industry Summary

Credit QualityFootnote Reference†

Material Fund Changes

Class Y

LSFYX

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Credit Quality^{Footnote Reference†}

Credit Quality^{Footnote Reference†}

Credit Quality^{Footnote Reference†}

Credit Quality^{Footnote Reference†}