UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-00242
Natixis Funds Trust II
(Exact name of Registrant as specified in charter)
888 Boylston Street, Suite 800 Boston, Massachusetts 02199-8197
(Address of principal executive offices) (Zip code)
Susan McWhan Tobin, Esq.
Natixis Distribution, LLC
888 Boylston Street, Suite 800
Boston, Massachusetts 02199-8197
(Name and address of agent for service)
Registrant’s telephone number, including area code: (617) 449-2139
Date of fiscal year end: November 30
Date of reporting period: November 30, 2023
Item 1. Reports to Stockholders.
(a) | The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows: |
Loomis Sayles Global Growth Fund |
Loomis Sayles Senior Floating Rate and Fixed Income Fund |
Vaughan Nelson Select Fund |
Managers |
Aziz V. Hamzaogullari, CFA® |
Loomis, Sayles & Company, L.P. |
Symbols | |
Class A | LSAGX |
Class C | LSCGX |
Class N | LSNGX |
Class Y | LSGGX |
Investment Goal
Top Ten Holdings as of November 30, 2023 | |
Security Name | % of Net Assets |
1 Meta Platforms, Inc., Class A | 7.29% |
2 MercadoLibre, Inc. | 6.96 |
3 Amazon.com, Inc. | 5.75 |
4 Alphabet, Inc., Class A | 4.94 |
5 Boeing Co. | 4.25 |
6 Microsoft Corp. | 4.19 |
7 Oracle Corp. | 3.82 |
8 Visa, Inc., Class A | 3.81 |
9 Shopify, Inc., Class A | 3.69 |
10 Novartis AG | 3.53 |
The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer. |
Hypothetical Growth of $100,000 Investment in Class Y Shares1 |
March 31, 2016 (inception) through November 30, 2023 |
Average Annual Total Returns — November 30, 20231 | ||||||
1 Year | 5 Years | Life of Class | Expense Ratios3 | |||
Class Y/A/C | Class N | Gross | Net | |||
Class Y (Inception 3/31/16) | ||||||
NAV | 24.37 % | 10.83 % | 11.86 % | — % | 1.10 % | 0.95 % |
Class A (Inception 3/31/16) | ||||||
NAV | 23.92 | 10.52 | 11.57 | — | 1.35 | 1.20 |
With 5.75% Maximum Sales Charge | 16.83 | 9.22 | 10.71 | — | ||
Class C (Inception 3/31/16) | ||||||
NAV | 23.03 | 9.71 | 10.73 | — | 2.10 | 1.95 |
With CDSC4 | 22.03 | 9.71 | 10.73 | — | ||
Class N (Inception 3/31/17) | ||||||
NAV | 24.40 | 10.87 | — | 11.39 | 1.02 | 0.90 |
Comparative Performance | ||||||
MSCI All Country World Index (Net)2 | 12.01 | 9.07 | 9.48 | 8.67 |
1 | Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower. |
2 | MSCI All Country World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. |
3 | Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 3/31/24. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations. |
4 | Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase. |
Managers |
John R. Bell* |
Michael L. Klawitter, CFA ® |
Heather M. Young, CFA ® |
Loomis, Sayles & Company, L.P. |
Symbols | |
Class A | LSFAX |
Class C | LSFCX |
Class N | LSFNX |
Class Y | LSFYX |
* | Effective February 29, 2024, John R. Bell will no longer serve as portfolio manager of the Fund. |
Investment Goal
Hypothetical Growth of $100,000 Investment in Class Y Shares1 |
November 30, 2013 through November 30, 2023 |
Average Annual Total Returns — November 30, 20231 | ||||||
1 Year | 5 Years | 10 Years | Life of Class N | Expense Ratios3 | ||
Gross | Net | |||||
Class Y | ||||||
NAV | 10.65 % | 2.94 % | 3.52 % | — % | 1.00 % | 0.75 % |
Class A | ||||||
NAV | 10.37 | 2.68 | 3.26 | — | 1.25 | 1.00 |
With 3.50% Maximum Sales Charge | 6.57 | 1.95 | 2.90 | — | ||
Class C | ||||||
NAV | 9.56 | 1.90 | 2.64 | — | 2.00 | 1.75 |
With CDSC4 | 8.56 | 1.90 | 2.64 | — | ||
Class N (Inception 3/31/17) | ||||||
NAV | 10.71 | 2.97 | — | 3.18 | 0.97 | 0.70 |
Comparative Performance | ||||||
Morningstar LSTA Leveraged Loan Index2 | 11.94 | 4.91 | 4.29 | 4.58 |
1 | Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower. |
2 | Morningstar LSTA Leveraged Loan Index covers loan facilities and reflects the market-value-weighted performance of U.S. dollar-denominated institutional leveraged loans. |
3 | Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 3/31/25. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations. |
4 | Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years. |
Managers |
Chris D. Wallis, CFA®, CPA |
Scott J. Weber, CFA® |
Vaughan Nelson Investment Management, L.P. |
Symbols | |
Class A | VNSAX |
Class C | VNSCX |
Class N | VNSNX |
Class Y | VNSYX |
Investment Goal
Top Ten Holdings as of November 30, 2023 | |
Security Name | % of Net Assets |
1 Microsoft Corp. | 7.12% |
2 Amazon.com, Inc. | 5.20 |
3 Alphabet, Inc., Class A | 4.72 |
4 Salesforce, Inc. | 4.54 |
5 Intercontinental Exchange, Inc. | 4.52 |
6 Sherwin-Williams Co. | 4.25 |
7 O'Reilly Automotive, Inc. | 4.17 |
8 Saia, Inc. | 4.10 |
9 Monolithic Power Systems, Inc. | 4.02 |
10 Berkshire Hathaway, Inc., Class B | 3.69 |
The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer. |
Hypothetical Growth of $100,000 Investment in Class Y Shares1 |
November 30, 2013 through November 30, 2023 |
Average Annual Total Returns — November 30, 20231 | ||||||
1 Year | 5 Years | 10 Years | Life of Class N | Expense Ratios3 | ||
Gross | Net | |||||
Class Y | ||||||
NAV | 10.81 % | 13.35 % | 11.99 % | — % | 0.88 % | 0.85 % |
Class A | ||||||
NAV | 10.54 | 13.08 | 11.71 | — | 1.12 | 1.10 |
With 5.75% Maximum Sales Charge | 4.19 | 11.74 | 11.05 | — | ||
Class C | ||||||
NAV | 9.65 | 12.23 | 11.05 | — | 1.88 | 1.85 |
With CDSC4 | 8.65 | 12.23 | 11.05 | — | ||
Class N (Inception 3/31/17) | ||||||
NAV | 10.90 | 13.38 | — | 13.18 | 3.35 | 0.80 |
Comparative Performance | ||||||
S&P 500® Index2 | 13.84 | 12.51 | 11.82 | 12.33 |
1 | Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower. |
2 | S&P 500® Index is a widely recognized measure of U.S. stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors. It also measures the performance of the large cap segment of the U.S. equities market. |
3 | Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 3/31/24. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations. |
4 | Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years. |
Loomis Sayles Global Growth Fund | Beginning Account Value 6/1/2023 | Ending Account Value 11/30/2023 | Expenses Paid During Period* 6/1/2023 – 11/30/2023 |
Class A | |||
Actual | $1,000.00 | $1,084.10 | $6.32 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.00 | $6.12 |
Class C | |||
Actual | $1,000.00 | $1,079.70 | $10.22 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.24 | $9.90 |
Class N | |||
Actual | $1,000.00 | $1,086.10 | $4.76 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.51 | $4.61 |
Class Y | |||
Actual | $1,000.00 | $1,086.30 | $5.02 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.26 | $4.86 |
* | Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.21%, 1.96%, 0.91% and 0.96% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period). |
Loomis Sayles Senior Floating Rate and Fixed Income Fund | Beginning Account Value 6/1/2023 | Ending Account Value 11/30/2023 | Expenses Paid During Period* 6/1/2023 – 11/30/2023 |
Class A | |||
Actual | $1,000.00 | $1,065.10 | $5.23 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.01 | $5.11 |
Class C | |||
Actual | $1,000.00 | $1,061.20 | $9.09 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.24 | $8.90 |
Class N | |||
Actual | $1,000.00 | $1,068.00 | $3.68 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.51 | $3.60 |
Class Y | |||
Actual | $1,000.00 | $1,066.40 | $3.94 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.26 | $3.85 |
* | Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.01%, 1.76%, 0.71% and 0.76% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period). |
Vaughan Nelson Select Fund | Beginning Account Value 6/1/2023 | Ending Account Value 11/30/2023 | Expenses Paid During Period* 6/1/2023 – 11/30/2023 |
Class A | |||
Actual | $1,000.00 | $1,040.80 | $5.63 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.55 | $5.57 |
Class C | |||
Actual | $1,000.00 | $1,037.00 | $9.45 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.79 | $9.35 |
Class N | |||
Actual | $1,000.00 | $1,042.60 | $4.10 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.06 | $4.05 |
Class Y | |||
Actual | $1,000.00 | $1,042.00 | $4.35 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | $4.31 |
* | Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.10%, 1.85%, 0.80% and 0.85% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period). |
Shares | Description | Value (†) |
Common Stocks — 99.5% of Net Assets | ||
Brazil — 9.4% | ||
832,496 | Ambev SA, ADR | $2,281,039 |
4,100 | MercadoLibre, Inc.(a) | 6,643,886 |
8,924,925 | ||
Canada — 3.7% | ||
48,447 | Shopify, Inc., Class A(a) | 3,527,911 |
China — 10.5% | ||
13,333 | Alibaba Group Holding Ltd., ADR(a)(b) | 998,375 |
12,936 | Baidu, Inc., ADR(a) | 1,534,986 |
144,932 | Budweiser Brewing Co. APAC Ltd.(b) | 255,891 |
7,993 | NXP Semiconductors NV | 1,631,212 |
60,400 | Tencent Holdings Ltd.(b) | 2,516,212 |
54,285 | Trip.com Group Ltd., ADR(a)(b) | 1,909,746 |
26,363 | Yum China Holdings, Inc. | 1,138,354 |
9,984,776 | ||
Denmark — 3.0% | ||
28,227 | Novo Nordisk AS, Class B | 2,883,801 |
France — 0.9% | ||
7,793 | Sodexo SA | 835,111 |
Japan — 1.9% | ||
66,000 | FANUC Corp. | 1,832,547 |
Netherlands — 3.3% | ||
2,658 | Adyen NV(a) | 3,107,882 |
Switzerland — 5.8% | ||
29,872 | CRISPR Therapeutics AG(a) | 1,993,359 |
34,547 | Novartis AG, (Registered) | 3,372,072 |
6,908 | Sandoz Group AG(a) | 197,292 |
5,562,723 | ||
United Kingdom — 1.1% | ||
5,793 | Reckitt Benckiser Group PLC | 395,470 |
14,490 | Unilever PLC | 691,141 |
1,086,611 | ||
United States — 59.9% | ||
11,024 | Alnylam Pharmaceuticals, Inc.(a) | 1,854,788 |
35,611 | Alphabet, Inc., Class A(a) | 4,719,526 |
37,608 | Amazon.com, Inc.(a) | 5,494,153 |
16,533 | ARM Holdings PLC, ADR(a) | 1,016,779 |
3,884 | Autodesk, Inc.(a) | 848,382 |
15,110 | Block, Inc.(a) | 958,427 |
17,511 | Boeing Co.(a) | 4,056,073 |
1,690 | Deere & Co. | 615,853 |
36,329 | Doximity, Inc., Class A(a) | 844,649 |
5,687 | Expeditors International of Washington, Inc. | 684,374 |
55,333 | Experian PLC | 2,034,241 |
21,269 | Meta Platforms, Inc., Class A(a) | 6,958,153 |
10,557 | Microsoft Corp. | 4,000,153 |
8,652 | Nestle SA, (Registered) | 984,499 |
7,070 | Netflix, Inc.(a) | 3,350,968 |
31,411 | Oracle Corp. | 3,650,272 |
9,579 | QUALCOMM, Inc. | 1,236,170 |
4,695 | Roche Holding AG | 1,263,054 |
8,933 | Salesforce, Inc.(a) | 2,250,223 |
12,119 | SEI Investments Co. | 711,022 |
13,602 | Tesla, Inc.(a) | 3,265,568 |
68,182 | Under Armour, Inc., Class A(a) | 555,001 |
4,650 | Vertex Pharmaceuticals, Inc.(a) | 1,649,866 |
Shares | Description | Value (†) |
United States — continued | ||
14,163 | Visa, Inc., Class A | $3,635,359 |
4,796 | Yum! Brands, Inc. | 602,138 |
57,239,691 | ||
Total Common Stocks (Identified Cost $80,470,632) | 94,985,978 |
Principal Amount | ||
Short-Term Investments — 0.4% | ||
$394,876 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 11/30/2023 at 2.500% to be repurchased at $394,903 on 12/01/2023 collateralized by $364,500 U.S. Treasury Note, 0.125% due 04/15/2026 valued at $402,850 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $394,876) | 394,876 |
Total Investments — 99.9% (Identified Cost $80,865,508) | 95,380,854 | |
Other assets less liabilities — 0.1% | 115,624 | |
Net Assets — 100.0% | $95,496,478 |
(†) | 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 8 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. |
Interactive Media & Services | 16.4 % |
Broadline Retail | 13.9 |
Software | 11.3 |
Financial Services | 8.1 |
Pharmaceuticals | 8.0 |
Biotechnology | 5.7 |
Hotels, Restaurants & Leisure | 4.7 |
Aerospace & Defense | 4.3 |
Semiconductors & Semiconductor Equipment | 4.1 |
IT Services | 3.7 |
Entertainment | 3.5 |
Automobiles | 3.4 |
Beverages | 2.7 |
Machinery | 2.6 |
Professional Services | 2.1 |
Other Investments, less than 2% each | 5.0 |
Short-Term Investments | 0.4 |
Total Investments | 99.9 |
Other assets less liabilities | 0.1 |
Net Assets | 100.0 % |
United States Dollar | 78.7 % |
Swiss Franc | 6.0 |
Euro | 4.9 |
Danish Krone | 3.0 |
Hong Kong Dollar | 2.9 |
British Pound | 2.5 |
Japanese Yen | 1.9 |
Total Investments | 99.9 |
Other assets less liabilities | 0.1 |
Net Assets | 100.0 % |
Principal Amount | Description | Value (†) |
Senior Loans — 84.2% of Net Assets | ||
Aerospace & Defense — 1.2% | ||
$4,471,370 | Spirit Aerosystems, Inc., 2022 Term Loan, 3 mo. USD SOFR + 4.250%,9.633%, 1/15/2027(a)(b) | $4,470,565 |
2,760,563 | TransDigm, Inc., 2023 Term Loan I, 3 mo. USD SOFR + 3.250%,8.640%, 8/24/2028(a)(b) | 2,761,171 |
1,621,000 | TransDigm, Inc., 2023 Term Loan J, 2/14/2031(c) | 1,619,249 |
2,300,000 | Vertex Aerospace Services Corp., 2021 First Lien Term Loan, 1 mo. USD SOFR + 3.250%,8.698%, 12/06/2028(a)(b) | 2,297,493 |
11,148,478 | ||
Airlines — 1.9% | ||
5,710,500 | American Airlines, Inc., 2021 Term Loan, 3 mo. USD SOFR + 4.750%,10.427%, 4/20/2028(a)(b) | 5,789,019 |
3,269,869 | LifeMiles Ltd., 2021 Term Loan B, 3 mo. USD SOFR + 5.250%,10.900%, 8/30/2026(a)(b) | 3,182,007 |
1,875,000 | Mileage Plus Holdings LLC, 2020 Term Loan B, 3 mo. USD SOFR + 5.250%,10.798%, 6/21/2027(a)(b) | 1,930,538 |
2,452,533 | SkyMiles IP Ltd., 2020 Skymiles Term Loan B, 3 mo. USD SOFR + 3.750%,9.166%, 10/20/2027(a)(b) | 2,503,742 |
4,779,931 | United Airlines, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 3.750%,9.207%, 4/21/2028(a)(b) | 4,774,482 |
18,179,788 | ||
Automotive — 2.5% | ||
4,700,000 | Clarios Global LP, 2023 Incremental Term Loan, 1 mo. USD SOFR + 3.750%,9.098%, 5/06/2030(a)(b) | 4,703,525 |
4,000,000 | First Brands Group LLC, 2021 2nd Lien Term Loan, 6 mo. USD SOFR + 8.500%,14.381%, 3/30/2028(a)(b) | 3,745,000 |
5,495,727 | First Brands Group LLC, 2021 Term Loan, 6 mo. USD SOFR + 5.000%,10.881%, 3/30/2027(a)(b) | 5,398,177 |
4,614,920 | IXS Holdings, Inc., 2020 Term Loan B, 3 mo. USD SOFR + 4.250%,9.851%, 3/05/2027(a)(b) | 3,873,949 |
2,822,000 | Phinia, Inc., Term Loan B, 3 mo. USD SOFR + 4.000%,9.490%, 7/03/2028(a)(b) | 2,829,055 |
2,890,070 | Wheel Pros LLC, 2023 3rd Amendment Term Loan, USD SOFR + 4.500%,9.842%, 5/11/2028(a)(b) | 2,279,542 |
517,141 | Wheel Pros LLC, 2023 FILO Term Loan, 1 mo. USD SOFR + 8.875%,14.330%, 2/10/2028(a)(b) | 554,634 |
23,383,882 | ||
Brokerage — 3.4% | ||
3,589,449 | AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, 3 mo. USD SOFR + 6.500%,12.176%, 8/02/2029(a)(b) | 3,412,955 |
2,387,893 | Citadel Securities LP, 2023 Term Loan B, 1 mo. USD SOFR + 2.500%,7.963%, 7/29/2030(a)(b) | 2,386,603 |
3,538,641 | DRW Holdings LLC, 2021 Term Loan, 1 mo. USD SOFR + 3.750%,9.213%, 3/01/2028(a)(b) | 3,528,309 |
7,152,045 | Edelman Financial Center LLC, 2018 2nd Lien Term Loan, 1 mo. USD SOFR + 6.750%,12.213%, 7/20/2026(a)(b) | 7,116,284 |
2,605,200 | Eisner Advisory Group LLC, Term Loan, 1 mo. USD SOFR + 5.250%,10.713%, 7/28/2028(a)(b) | 2,600,328 |
3,258,000 | Focus Financial Partners LLC, 2023 Term Loan B6, 1 mo. USD SOFR + 3.500%,8.848%, 6/30/2028(a)(b) | 3,255,687 |
3,800,000 | Harbourvest Partners LLC, 2023 Term Loan B, 3 mo. USD SOFR + 3.000%,8.390%, 4/22/2030(a)(b) | 3,793,654 |
3,706,975 | LHS Borrower LLC, 2022 Term Loan B, 1 mo. USD SOFR + 4.750%,10.198%, 2/16/2029(a)(b) | 3,257,505 |
3,989,601 | Resolute Investment Managers, Inc., 2020 Term Loan C, 3 mo. USD SOFR + 4.250%,9.790%, 4/30/2024(a)(b) | 2,528,410 |
31,879,735 |
Principal Amount | Description | Value (†) |
Building Materials — 2.2% | ||
$3,066,539 | Foley Products Co. LLC, 2021 Term Loan, 3 mo. USD SOFR + 4.750%,10.290%, 12/29/2028(a)(b) | $3,063,994 |
408,000 | GYP Holdings III Corp., 2023 Term Loan, 1 mo. USD SOFR + 3.000%,8.348%, 5/12/2030(a)(b) | 409,020 |
2,000,000 | Janus International Group LLC, 2023 Term Loan B, 8/03/2030(c) | 1,997,000 |
3,000,000 | Janus International Group LLC, 2023 Term Loan B, 3 mo. USD SOFR + 3.250%,8.764%, 8/03/2030(a)(b) | 2,995,500 |
1,976,631 | Mannington Mills, Inc., 2021 Term Loan B, 3 mo. USD SOFR + 3.750%,9.402%, 8/06/2026(a)(b) | 1,777,742 |
2,493,655 | MI Windows & Doors LLC, 2022 Term Loan, 1 mo. USD SOFR + 3.500%,8.948%, 12/18/2027(b) | 2,493,655 |
2,609,129 | Oscar AcquisitionCo LLC, Term Loan B, 3 mo. USD SOFR + 4.500%,9.990%, 4/29/2029(a)(b) | 2,552,589 |
1,939,000 | Summit Materials LLC, 2023 Incremental Term Loan B, 11/30/2028(c) | 1,939,000 |
3,251,398 | U.S. Silica Co., 2023 Term Loan B, 1 mo. USD SOFR + 4.750%,10.198%, 3/25/2030(a)(b) | 3,250,878 |
20,479,378 | ||
Cable Satellite — 2.2% | ||
10,783,619 | DirecTV Financing LLC, Term Loan, USD SOFR + 5.000%,10.645%, 8/02/2027(a)(b) | 10,595,768 |
5,421,000 | Virgin Media Bristol LLC, 2023 USD Term Loan Y, 6 mo. USD SOFR + 3.250%,8.790%, 3/31/2031(a)(b) | 5,340,552 |
4,877,715 | WideOpenWest Finance LLC, 2021 Term Loan B, 3 mo. USD SOFR + 3.000%,8.390%, 12/20/2028(a)(b) | 4,365,555 |
20,301,875 | ||
Chemicals — 3.1% | ||
2,175,000 | Aruba Investments, Inc., 2020 2nd Lien Term Loan, 1 mo. USD SOFR + 7.750%,13.198%, 11/24/2028(a)(b) | 2,012,419 |
4,064,050 | Bakelite U.S. Holdco, Inc., 2022 Term Loan, 3 mo. USD SOFR + 4.000%,9.540%, 5/29/2029(a)(b) | 3,931,968 |
4,850,085 | Chemours Co., 2023 USD Term Loan B, 1 mo. USD SOFR + 3.500%,8.848%, 8/18/2028(a)(b) | 4,786,452 |
3,492,627 | Groupe Solmax, Inc., Term Loan, USD SOFR + 4.750%,10.259%, 5/29/2028(a)(b) | 3,225,057 |
3,343,572 | Ineos U.S. Finance LLC, 2022 USD Term Loan B, 1 mo. USD SOFR + 3.750%,9.198%, 11/08/2027(a)(b) | 3,338,690 |
2,892,750 | LSF11 A5 Holdco LLC, 2023 Incremental Term Loan B, 1 mo. USD SOFR + 4.250%,9.698%, 10/15/2028(a)(b) | 2,859,599 |
2,521,320 | Luxembourg Investment Co. 428 SARL, Term Loan B, 3 mo. USD SOFR + 5.000%,10.540%, 1/03/2029(a)(b) | 1,647,254 |
2,010,895 | Momentive Performance Materials, Inc., 2023 Term Loan, 1 mo. USD SOFR + 4.500%,9.848%, 3/29/2028(a)(b) | 1,922,416 |
2,654,937 | Vantage Specialty Chemicals, Inc., 2023 Term Loan B, 1 mo. USD SOFR + 4.750%,10.081%, 10/26/2026(a)(b) | 2,478,384 |
2,500,000 | Windsor Holdings III LLC, USD Term Loan B, 1 mo. USD SOFR + 4.500%,9.820%, 8/01/2030(a)(b) | 2,503,475 |
28,705,714 | ||
Consumer Cyclical Services — 4.3% | ||
4,602,000 | CHG Healthcare Services, Inc., 2023 Incremental Term Loan, 3 mo. USD SOFR + 3.750%,9.145%, 9/29/2028(a)(b) | 4,591,461 |
2,959,000 | Cushman & Wakefield U.S. Borrower LLC, 2023 Term Loan B, 1 mo. USD SOFR + 4.000%,9.348%, 1/31/2030(a)(b) | 2,892,423 |
Principal Amount | Description | Value (†) |
Consumer Cyclical Services — continued | ||
$2,493,547 | Galaxy U.S. Opco, Inc., Term Loan, 3 mo. USD SOFR + 4.750%,10.133%, 4/29/2029(a)(b) | $2,304,461 |
737,437 | Go Daddy Operating Co. LLC, 2022 Term Loan B5, 1 mo. USD SOFR + 2.500%,7.848%, 11/09/2029(a)(b) | 738,285 |
2,992,500 | Inmar, Inc., 2023 Term Loan, USD SOFR + 5.500%,10.859%, 5/01/2026(a)(b) | 2,910,206 |
3,291,750 | Kingpin Intermediate Holdings LLC, 2023 Term Loan B, 1 mo. USD SOFR + 3.500%,8.848%, 2/08/2028(a)(b) | 3,262,947 |
4,415,384 | Latham Pool Products, Inc., 2022 Term Loan B, 3 mo. USD SOFR + 4.000%,9.528%, 2/23/2029(a)(b) | 4,200,134 |
150,277 | OMNIA Partners LLC, Delayed Draw Term Loan,0.500%, 7/25/2030(d) | 150,411 |
1,599,723 | OMNIA Partners LLC, Term Loan B, 3 mo. USD SOFR + 4.250%,9.628%, 7/25/2030(a)(b) | 1,601,147 |
220,191 | Ryan LLC, Delayed Draw Term Loan, 11/14/2030(d) | 218,678 |
95,238 | Ryan LLC, Delayed Draw Term Loan, 11/14/2030(c) | 94,584 |
904,762 | Ryan LLC, Term Loan, 11/14/2030(c) | 898,546 |
2,091,810 | Ryan LLC, Term Loan, 1 mo. USD SOFR + 4.500%,9.848%, 11/14/2030(a)(b) | 2,077,439 |
3,103,157 | Sweetwater Borrower LLC, Term Loan B, 1 mo. USD SOFR + 4.250%,9.713%, 8/07/2028(a)(b) | 3,048,852 |
3,300,000 | TTF Holdings LLC, Term Loan, 1 mo. USD SOFR + 4.000%,9.463%, 3/31/2028(a)(b) | 3,295,875 |
4,772,187 | Uber Technologies, Inc., 2023 Term Loan B, 3 mo. USD SOFR + 2.750%,8.159%, 3/03/2030(a)(b) | 4,781,159 |
2,208,431 | Vaco Holdings LLC, 2022 Term Loan, 3 mo. USD SOFR + 5.000%,10.587%, 1/21/2029(b) | 2,131,136 |
1,290,000 | VT Topco, Inc., 2023 Term Loan B, 1 mo. USD SOFR + 4.250%,9.598%, 8/09/2030(a)(b) | 1,289,200 |
40,486,944 | ||
Consumer Products — 2.8% | ||
2,887,264 | AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, 1 mo. USD SOFR + 3.750%,9.071%, 7/31/2028(a)(b) | 2,831,684 |
1,000,000 | AI Aqua Merger Sub, Inc., 2023 Incremental Term Loan, 7/31/2028(c) | 990,000 |
3,225,481 | Bombardier Recreational Products, Inc., 2023 Term Loan B3, 1 mo. USD SOFR + 2.750%,8.098%, 12/13/2029(a)(b) | 3,208,547 |
2,912,645 | Mattress Firm, Inc., 2021 Term Loan B, 6 mo. USD LIBOR + 4.250%,9.950%, 9/25/2028(a)(b) | 2,885,354 |
3,416,000 | Recess Holdings, Inc., 2023 Term Loan, 3 mo. USD SOFR + 4.000%,9.388%, 3/29/2027(a)(b) | 3,409,612 |
4,441,145 | Solis IV BV, USD Term Loan B1, 3 mo. USD SOFR + 3.500%,8.880%, 2/26/2029(b) | 4,283,307 |
1,101,741 | Springs Windows Fashions LLC, 2021 Term Loan B, 1 mo. USD SOFR + 4.000%,9.463%, 10/06/2028(a)(b) | 937,857 |
749,141 | Thor Industries, Inc., 2023 USD Term Loan B2, 1 mo. USD SOFR + 2.750%,8.073%, 11/15/2030(a)(b) | 751,014 |
1,803,426 | Topgolf Callaway Brands Corp., Term Loan B, 1 mo. USD SOFR + 3.500%,8.948%, 3/15/2030(a)(b) | 1,797,799 |
2,695,945 | Weber-Stephen Products LLC, 2022 Incremental Term Loan B, 1 mo. USD SOFR + 4.250%,9.698%, 10/30/2027(a)(b) | 2,301,663 |
3,306,952 | Weber-Stephen Products LLC, Term Loan B, 1 mo. USD SOFR + 3.250%,8.713%, 10/30/2027(a)(b) | 2,823,906 |
26,220,743 | ||
Diversified Manufacturing — 2.9% | ||
3,339,282 | Arcline FM Holdings LLC, 2021 1st Lien Term Loan, 3 mo. USD SOFR + 4.750%,10.402%, 6/23/2028(a)(b) | 3,283,349 |
Principal Amount | Description | Value (†) |
Diversified Manufacturing — continued | ||
$1,391,000 | Barnes Group, Inc., Term Loan B, 1 mo. USD SOFR + 3.000%,8.448%, 9/03/2030(a)(b) | $1,387,870 |
3,639,397 | Chart Industries, Inc., 2023 Term Loan, 1 mo. USD SOFR + 3.250%,8.670%, 3/15/2030(a)(b) | 3,627,278 |
4,719,450 | Emrld Borrower LP, Term Loan B, 1 mo. USD SOFR + 3.000%,8.348%, 5/31/2030(a)(b) | 4,721,526 |
3,980,000 | Filtration Group Corp., 2023 USD Term Loan, 1 mo. USD SOFR + 4.250%,9.713%, 10/21/2028(a)(b) | 3,984,139 |
3,000,000 | Infinite Bidco LLC, 2nd Lien Term Loan, 3 mo. USD SOFR + 7.000%,12.645%, 3/02/2029(a)(b) | 2,565,000 |
3,500,000 | LSF12 Badger Bidco LLC, Term Loan B, 1 mo. USD SOFR + 6.000%,11.348%, 8/30/2030(a)(b) | 3,482,500 |
2,346,300 | Project Castle, Inc., Term Loan B, 3 mo. USD SOFR + 5.500%,10.895%, 6/01/2029(a)(b) | 2,039,334 |
2,219,592 | Vertiv Group Corp., 2021 Term Loan B, 1 mo. USD SOFR + 2.750%,8.184%, 3/02/2027(b) | 2,221,545 |
4,388 | Watlow Electric Manufacturing Co., Term Loan B, USD SOFR + 3.750%,9.115%, 3/02/2028(a)(b) | 4,340 |
27,316,881 | ||
Electric — 0.5% | ||
2,341,750 | Talen Energy Supply LLC, 2023 Term Loan B, 3 mo. USD SOFR + 4.500%,9.869%, 5/17/2030(a)(b) | 2,348,447 |
1,902,381 | Talen Energy Supply LLC, 2023 Term Loan C, 3 mo. USD SOFR + 4.500%,9.869%, 5/17/2030(a)(b) | 1,907,822 |
4,256,269 | ||
Environmental — 1.2% | ||
2,413,661 | Covanta Holding Corp., 2023 Term Loan B, 1 mo. USD SOFR + 3.000%,8.321%, 11/30/2028(a)(b) | 2,409,438 |
181,025 | Covanta Holding Corp., 2023 Term Loan C, 1 mo. USD SOFR + 3.000%,8.321%, 11/30/2028(a)(b) | 180,708 |
2,287,208 | Liberty Tire Recycling Holdco LLC, 2021 Term Loan, 1 mo. USD SOFR + 4.500%,9.963%, 5/05/2028(a)(b) | 2,094,693 |
3,024,664 | Northstar Group Services, Inc., 2020 Term Loan B, 1 mo. USD SOFR + 5.500%,10.963%, 11/12/2026(a)(b) | 3,017,103 |
997,362 | Rockwood Service Corp., 2020 Term Loan, 1 mo. USD SOFR + 4.250%,9.713%, 1/23/2027(a)(b) | 997,113 |
326,087 | The Action Environmental Group, Inc., 2023 Delayed Draw Term Loan B, 10/24/2030(d) | 326,495 |
2,173,913 | The Action Environmental Group, Inc., 2023 Term Loan B, 3 mo. USD SOFR + 4.500%,9.878%, 10/24/2030(a)(b) | 2,176,630 |
11,202,180 | ||
Financial Other — 0.6% | ||
2,152,000 | GIP Pilot Acquisition Partners LP, Term Loan, 3 mo. USD SOFR + 3.000%,8.388%, 10/04/2030(a)(b) | 2,146,620 |
3,565,028 | Orion Advisor Solutions, Inc., 2021 Term Loan, 3 mo. USD SOFR + 3.750%,9.395%, 9/24/2027(a)(b) | 3,464,779 |
5,611,399 | ||
Food & Beverage — 1.2% | ||
3,452,501 | City Brewing Co. LLC, Closing Date Term Loan, 3 mo. USD SOFR + 3.500%,9.164%, 4/05/2028(a)(b) | 2,775,811 |
4,421,520 | Del Monte Foods, Inc., 2022 Term Loan, 1 mo. USD SOFR + 4.250%,9.698%, 5/16/2029(a)(b) | 4,360,724 |
11,194 | Del Monte Foods, Inc., 2022 Term Loan, PRIME + 3.250%,11.750%, 5/16/2029(b) | 11,040 |
5,000,000 | Naked Juice LLC, 2nd Lien Term Loan, 3 mo. USD SOFR + 6.000%,11.490%, 1/24/2030(a)(b) | 3,971,900 |
11,119,475 |
Principal Amount | Description | Value (†) |
Gaming — 2.2% | ||
$3,721,591 | Bally's Corp., 2021 Term Loan B, 3 mo. USD SOFR + 3.250%,8.927%, 10/02/2028(a)(b) | $3,422,301 |
1,500,000 | Fertitta Entertainment LLC, 2022 Term Loan B, 1/27/2029(c) | 1,488,195 |
3,603,046 | Fertitta Entertainment LLC, 2022 Term Loan B, 1 mo. USD SOFR + 4.000%,9.348%, 1/27/2029(a)(b) | 3,574,690 |
4,567,313 | GVC Holdings (Gibraltar) Ltd., 2022 USD Term Loan B2, 3 mo. USD SOFR + 3.500%,8.990%, 10/31/2029(a)(b) | 4,571,104 |
1,250,000 | J&J Ventures Gaming LLC, 2023 Incremental Term Loan B, 1 mo. USD SOFR + 4.250%,9.713%, 4/26/2028(a)(b) | 1,203,125 |
2,250,000 | J&J Ventures Gaming LLC, 2023 Nevada Delayed Draw Term Loan, 4/26/2028(c) | 2,165,625 |
4,155,000 | Ontario Gaming GTA LP, Term Loan B, 3 mo. USD SOFR + 4.250%,9.640%, 8/01/2030(a)(b) | 4,162,811 |
20,587,851 | ||
Healthcare — 6.3% | ||
4,813,000 | Bausch & Lomb Corp., 2023 Incremental Term Loan, 1 mo. USD SOFR + 4.000%,9.348%, 9/29/2028(a)(b) | 4,704,708 |
4,345,387 | Carestream Dental Equipment, Inc., 2021 Term Loan, 6 mo. USD LIBOR + 4.500%,10.231%, 9/01/2024(a)(b) | 3,572,516 |
3,473,750 | Charlotte Buyer, Inc., 1st Lien Term Loan, 1 mo. USD SOFR + 5.250%,10.571%, 2/11/2028(a)(b) | 3,468,435 |
486,726 | Dermatology Intermediate Holdings III, Inc., 2022 Delayed Draw Term Loan, 3 mo. USD SOFR + 4.250%,9.633%, 3/30/2029(a)(b) | 467,462 |
2,808,325 | Dermatology Intermediate Holdings III, Inc., 2022 Term Loan B, 3 mo. USD SOFR + 4.250%,9.633%, 3/30/2029(a)(b) | 2,697,171 |
1,851,775 | Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Delayed Draw Term Loan, 3 mo. USD SOFR + 4.250%,9.740%, 7/06/2029(a)(b) | 1,806,647 |
4,012,179 | Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, 3 mo. USD SOFR + 4.250%,9.740%, 7/06/2029(a)(b) | 3,914,402 |
3,268,996 | Embecta Corp., Term Loan B, 3 mo. USD SOFR + 3.000%,8.337%, 3/30/2029(a)(b) | 3,196,817 |
3,990,000 | Fortrea Holdings, Inc., Term Loan B, 1 mo. USD SOFR + 3.750%,9.098%, 7/01/2030(a)(b) | 3,948,863 |
977,080 | Gainwell Acquisition Corp., Term Loan B, 3 mo. USD SOFR + 4.000%,9.490%, 10/01/2027(a)(b) | 940,440 |
1,995,000 | GHX Ultimate Parent Corp., 2023 Term Loan, 3 mo. USD SOFR + 4.750%,10.116%, 6/30/2027(a)(b) | 1,990,013 |
2,929,051 | Heartland Dental LLC, 2023 Term Loan B, 1 mo. USD SOFR + 5.000%,10.331%, 4/28/2028(a)(b) | 2,881,454 |
2,030,000 | IVC Acquisition Ltd., 2023 USD Term Loan B, 11/17/2028(c) | 2,013,516 |
1,000,000 | MDVIP, Inc., 2021 2nd Lien Term Loan, 1 mo. USD SOFR + 6.500%,11.963%, 10/15/2029(a)(b) | 945,000 |
2,300,000 | MDVIP, Inc., 2021 Term Loan, 10/16/2028(c) | 2,294,825 |
2,846,148 | NAPA Management Services Corp., Term Loan B, 1 mo. USD SOFR + 5.250%,10.560%, 2/23/2029(a)(b) | 2,367,653 |
6,431,027 | National Mentor Holdings, Inc., 2021 Term Loan, USD SOFR + 3.750%,9.207%, 3/02/2028(a)(b) | 5,824,131 |
177,172 | National Mentor Holdings, Inc., 2021 Term Loan C, 3 mo. USD SOFR + 3.750%,9.240%, 3/02/2028(a)(b) | 160,452 |
Principal Amount | Description | Value (†) |
Healthcare — continued | ||
$3,738,894 | Onex TSG Intermediate Corp., 2021 Term Loan B, 3 mo. USD SOFR + 4.750%,10.395%, 2/28/2028(a)(b) | $3,502,110 |
1,000,000 | Southern Veterinary Partners LLC, 2nd Lien Term Loan, 1 mo. USD SOFR + 7.750%,13.198%, 10/05/2028(a)(b) | 990,830 |
2,780,357 | Southern Veterinary Partners LLC, Term Loan, 1 mo. USD SOFR + 4.000%,9.463%, 10/05/2027(a)(b) | 2,763,675 |
2,509,781 | Star Parent, Inc., Term Loan B, 3 mo. USD SOFR + 4.000%,9.386%, 9/27/2030(a)(b) | 2,450,877 |
2,252,723 | U.S. Anesthesia Partners, Inc., 2021 Term Loan, 1 mo. USD SOFR + 4.250%,9.685%, 10/01/2028(a)(b) | 2,012,853 |
58,914,850 | ||
Independent Energy — 0.6% | ||
5,205,924 | Matador Bidco SARL, Term Loan, 1 mo. USD SOFR + 4.500%,9.948%, 10/15/2026(a)(b) | 5,210,558 |
Industrial Other — 1.8% | ||
3,881,998 | Colibri Group LLC, 2022 Term Loan, 3 mo. USD SOFR + 5.000%,10.545%, 3/12/2029(a)(b) | 3,831,066 |
2,500,000 | KUEHG Corp., 2023 Term Loan, 3 mo. USD SOFR + 5.000%,10.390%, 6/12/2030(a)(b) | 2,501,875 |
1,000,000 | Learning Care Group, Inc., 2023 Term Loan, USD SOFR + 4.750%,10.128%, 8/11/2028(a)(b) | 1,000,250 |
2,992,386 | Michael Baker International LLC, 2021 Term Loan, 1 mo. USD SOFR + 5.000%,10.463%, 12/01/2028(a)(b) | 2,977,424 |
4,642,377 | Service Logic Acquisition, Inc., Term Loan, USD SOFR + 4.000%,9.644%, 10/29/2027(a)(b) | 4,636,575 |
2,096,685 | VM Consolidated, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 3.250%,8.713%, 3/24/2028(a)(b) | 2,101,486 |
17,048,676 | ||
Leisure — 1.1% | ||
1,493,939 | Arcis Golf LLC, Term Loan B, 1 mo. USD SOFR + 4.250%,9.713%, 11/24/2028(a)(b) | 1,494,567 |
2,992,366 | SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 3.000%,8.463%, 8/25/2028(a)(b) | 2,987,878 |
5,761,548 | Thunder Finco Pty. Ltd., Term Loan B, 3 mo. USD SOFR + 4.250%,9.540%, 11/26/2026(a)(b) | 5,732,739 |
10,215,184 | ||
Lodging — 0.7% | ||
2,470,091 | Hilton Domestic Operating Company, Inc., 2023 Term Loan B4, 1 mo. USD SOFR + 2.000%,7.443%, 11/08/2030(a)(b) | 2,471,425 |
3,670,819 | Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 1 mo. USD SOFR + 2.750%,8.213%, 8/02/2028(a)(b) | 3,666,231 |
6,137,656 | ||
Media Entertainment — 10.0% | ||
2,476,400 | ABG Intermediate Holdings 2 LLC, 2021 2nd Lien Term Loan, 1 mo. USD SOFR + 6.000%,11.448%, 12/20/2029(a)(b) | 2,484,151 |
1,846,247 | ABG Intermediate Holdings 2 LLC, 2023 Term Loan B2, 12/21/2028(c) | 1,851,639 |
8,372,790 | Advantage Sales & Marketing, Inc., 2021 Term Loan, 3 mo. USD SOFR + 4.500%,10.176%, 10/28/2027(a)(b) | 8,184,402 |
1,610,400 | AP Core Holdings II LLC, Amortization Term Loan B1, 1 mo. USD SOFR + 5.500%,10.963%, 9/01/2027(a)(b) | 1,575,503 |
Principal Amount | Description | Value (†) |
Media Entertainment — continued | ||
$3,806,000 | AP Core Holdings II LLC, High-Yield Term Loan B2, 1 mo. USD SOFR + 5.500%,10.963%, 9/01/2027(a)(b) | $3,714,009 |
2,708,390 | Banijay Entertainment S.A.S, USD Term Loan B1, 1 mo. USD SOFR + 3.750%,9.173%, 3/01/2028(a)(b) | 2,709,067 |
6,760,281 | Cengage Learning, Inc., 2021 Term Loan B, 3 mo. USD SOFR + 4.750%,10.406%, 7/14/2026(a)(b) | 6,749,329 |
4,703,548 | CMG Media Corp., 2021 Term Loan, 3 mo. USD SOFR + 3.500%,8.990%, 12/17/2026(a)(b) | 4,314,517 |
7,690,438 | Creative Artists Agency LLC, 2023 Term Loan B, 1 mo. USD SOFR + 3.500%,8.848%, 11/27/2028(a)(b) | 7,704,357 |
4,710,617 | Dotdash Meredith, Inc., Term Loan B, 1 mo. USD SOFR + 4.000%,9.420%, 12/01/2028(b) | 4,639,958 |
6,414,385 | Gray Television, Inc., 2021 Term Loan D, 1 mo. USD SOFR + 3.000%,8.435%, 12/01/2028(a)(b) | 6,228,496 |
2,750,000 | iHeartCommunications, Inc., 2020 Term Loan, 1 mo. USD SOFR + 3.000%,8.463%, 5/01/2026(a)(b) | 2,287,093 |
4,546,541 | McGraw-Hill Global Education Holdings LLC, 2021 Term Loan, 1 mo. USD SOFR + 4.750%,10.213%, 7/28/2028(a)(b) | 4,459,656 |
7,400,000 | MH Sub I LLC, 2021 2nd Lien Term Loan, 1 mo. USD SOFR + 6.250%,11.593%, 2/23/2029(a)(b) | 6,641,500 |
947,625 | MH Sub I LLC, 2023 Term Loan, 1 mo. USD SOFR + 4.250%,9.598%, 5/03/2028(a)(b) | 916,695 |
7,932,243 | PUG LLC, USD Term Loan, 1 mo. USD SOFR + 3.500%,8.963%, 2/12/2027(a)(b) | 7,669,527 |
5,000,000 | Simon & Schuster, Inc., Term Loan B, 3 mo. USD SOFR + 4.000%,9.390%, 10/30/2030(a)(b) | 4,993,750 |
4,937,500 | Sinclair Television Group, Inc., 2022 Term Loan B4, 1 mo. USD SOFR + 3.750%,9.198%, 4/21/2029(a)(b) | 3,708,260 |
4,054,577 | Summer (BC) Holdco B SARL, 2021 USD Term Loan B2, 3 mo. USD SOFR + 4.500%,10.150%, 12/04/2026(a)(b) | 3,949,158 |
1,647,250 | Syndigo LLC, 2020 2nd Lien Term Loan, 3 mo. USD SOFR + 8.000%,13.671%, 12/15/2028(a)(b) | 1,482,525 |
3,022,500 | Syndigo LLC, 2020 Term Loan, 1 mo. USD SOFR + 4.500%,9.958%, 12/15/2027(a)(b) | 2,916,712 |
3,634,113 | Voyage Digital (NZ) Ltd., USD Term Loan B, 3 mo. USD SOFR + 4.000%,9.367%, 5/11/2029(a)(b) | 3,625,028 |
92,805,332 | ||
Midstream — 1.7% | ||
4,461,088 | AL NGPL Holdings LLC, 2023 Incremental Term Loan B, 1 mo. USD SOFR + 3.750%,9.194%, 4/13/2028(a)(b) | 4,458,322 |
3,391,500 | Northriver Midstream Finance LP, 2023 USD Term Loan B, 3 mo. USD SOFR + 3.000%,8.395%, 8/16/2030(a)(b) | 3,390,075 |
4,373,483 | Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, 1 mo. USD SOFR + 3.250%,8.694%, 10/05/2028(a)(b) | 4,372,477 |
3,840,375 | Whitewater Whistler Holdings LLC, 2023 Term Loan B, 3 mo. USD SOFR + 2.750%,8.146%, 2/15/2030(a)(b) | 3,838,455 |
16,059,329 | ||
Oil Field Services — 0.7% | ||
3,000,000 | BANGL LLC, Term Loan B, 1 mo. USD SOFR + 4.500%,9.895%, 2/01/2029(a)(b) | 2,985,000 |
3,980,000 | Brazos Delaware II LLC, 2023 Term Loan B, 1 mo. USD SOFR + 3.750%,9.080%, 2/11/2030(a)(b) | 3,978,328 |
6,963,328 |
Principal Amount | Description | Value (†) |
Other REITs — 0.9% | ||
$2,282,443 | Apollo Commercial Real Estate Finance, Inc., 2021 Incremental Term Loan B1, 1 mo. USD SOFR + 3.500%,8.963%, 3/11/2028(b) | $2,191,145 |
2,435,760 | RHP Hotel Properties LP, 2023 Term Loan B, 1 mo. USD SOFR + 2.750%,8.098%, 5/18/2030(a)(b) | 2,433,933 |
4,093,070 | Starwood Property Trust, Inc., 2022 Term Loan B, 1 mo. USD SOFR + 3.250%,8.598%, 11/18/2027(a)(b) | 4,072,605 |
8,697,683 | ||
Paper — 1.3% | ||
2,816,537 | Domtar Corp., 2021 Term Loan B, 1 mo. USD SOFR + 5.500%,10.831%, 11/30/2028(a)(b) | 2,774,289 |
5,147,238 | Schweitzer-Mauduit International, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 3.750%,9.213%, 4/20/2028(a)(b) | 5,070,029 |
4,289,085 | Spa Holdings 3 Oy, USD Term Loan B, 3 mo. USD SOFR + 4.000%,9.652%, 2/04/2028(a)(b) | 4,196,870 |
12,041,188 | ||
Pharmaceuticals — 1.4% | ||
2,817,188 | Bausch Health Cos., Inc., 2022 Term Loan B, 1 mo. USD SOFR + 5.250%,10.691%, 2/01/2027(a)(b) | 2,124,638 |
4,763,388 | Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD SOFR + 3.500%,8.963%, 5/05/2028(a)(b) | 4,770,009 |
4,149,386 | LSCS Holdings, Inc., 2021 1st Lien Term Loan, 1 mo. USD SOFR + 4.614%,9.963%, 12/16/2028(a)(b) | 4,088,017 |
2,000,000 | LSCS Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo. USD SOFR + 8.000%,13.463%, 12/17/2029(a)(b) | 1,760,000 |
12,742,664 | ||
Property & Casualty Insurance — 2.2% | ||
3,341,625 | Amynta Agency Borrower, Inc., 2023 Term Loan B, 1 mo. USD SOFR + 5.000%,10.448%, 2/28/2028(a)(b) | 3,346,504 |
603,476 | AssuredPartners, Inc., 2023 Term Loan B4, 2/12/2027(c) | 603,778 |
1,982,800 | Asurion LLC, 2020 Term Loan B8, 1 mo. USD SOFR + 3.250%,8.713%, 12/23/2026(a)(b) | 1,953,811 |
4,686,000 | Asurion LLC, 2021 2nd Lien Term Loan B3, 1 mo. USD SOFR + 5.250%,10.713%, 1/31/2028(a)(b) | 4,195,657 |
2,822,760 | Asurion LLC, 2023 Term Loan B11, 1 mo. USD SOFR + 4.250%,9.698%, 8/19/2028(a)(b) | 2,773,362 |
1,880,365 | Baldwin Risk Partners LLC, 2021 Term Loan B, 1 mo. USD SOFR + 3.500%,8.955%, 10/14/2027(a)(b) | 1,872,524 |
4,696,000 | Howden Group Holdings Ltd., 2023 USD Term Loan B, 4/18/2030(c) | 4,692,666 |
789,474 | HUB International Ltd., 2023 Term Loan B, 3 mo. USD SOFR + 4.250%,9.662%, 6/20/2030(a)(b) | 792,402 |
20,230,704 | ||
Refining — 0.3% | ||
2,385,835 | Delek U.S. Holdings, Inc., 2022 Term Loan B, 1 mo. USD SOFR + 3.500%,8.948%, 11/19/2029(a)(b) | 2,380,419 |
Restaurants — 0.6% | ||
2,794,523 | 1011778 B.C. Unlimited Liability Co., 2023 Term Loan B5, 1 mo. USD SOFR + 2.250%,7.598%, 9/20/2030(a)(b) | 2,781,863 |
2,669,449 | Dave & Buster's, Inc., 2023 Term Loan, 1 mo. USD SOFR + 3.750%,9.188%, 6/29/2029(a)(b) | 2,669,023 |
5,450,886 | ||
Retailers — 6.4% | ||
4,199,275 | At Home Group, Inc., Term Loan B, 1 mo. USD SOFR + 4.250%,9.684%, 7/24/2028(a)(b) | 1,457,946 |
Principal Amount | Description | Value (†) |
Retailers — continued | ||
$2,751,174 | Canada Goose, Inc., 2021 Term Loan, 1 mo. USD SOFR + 3.500%,8.963%, 10/07/2027(a)(b) | $2,696,729 |
3,589,390 | Container Store, Inc., 2020 Term Loan B3, 3 mo. USD SOFR + 4.750%,10.402%, 1/31/2026(a)(b) | 3,230,451 |
2,133,342 | Crocs, Inc., 2023 Term Loan B, 1 mo. USD SOFR + 3.000%,8.540%, 2/20/2029(a)(b) | 2,137,886 |
2,969,543 | CWGS Group LLC, 2021 Term Loan B, 1 mo. USD SOFR + 2.500%,7.947%, 6/03/2028(a)(b) | 2,829,885 |
3,582,933 | Evergreen Acqco 1 LP, 2021 USD Term Loan, 3 mo. USD SOFR + 5.250%,10.902%, 4/26/2028(a)(b) | 3,588,522 |
2,871,078 | Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD SOFR + 3.750%,9.402%, 3/06/2028(a)(b) | 2,843,918 |
600,000 | International Textile Group, Inc., 2023 Last Out Term Loan, 9/30/2027(c) | 462,000 |
2,778,742 | International Textile Group, Inc., 2023 Term Loan, 3 mo. USD SOFR + 8.650%,14.045%, 9/30/2027(a)(b) | 2,750,955 |
2,891,676 | Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD SOFR + 4.250%,9.902%, 4/15/2028(a)(b) | 2,194,059 |
4,652,966 | Olaplex, Inc., 2022 Term Loan, 1 mo. USD SOFR + 3.500%,8.948%, 2/23/2029(a)(b) | 4,254,161 |
4,173,000 | Peer Holding III BV, 2023 USD Term Loan B4, 10/19/2030(c) | 4,166,031 |
3,657,182 | Petco Health and Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD SOFR + 3.250%,8.902%, 3/03/2028(a)(b) | 3,453,001 |
5,476,102 | PetSmart, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 3.750%,9.198%, 2/11/2028(a)(b) | 5,387,115 |
3,530,482 | Rent-A-Center, Inc., 2021 First Lien Term Loan B, 6 mo. USD SOFR + 3.250%,9.119%, 2/17/2028(a)(b) | 3,517,243 |
3,461,259 | Restoration Hardware, Inc., 2022 Incremental Term Loan, 1 mo. USD SOFR + 3.250%,8.698%, 10/20/2028(a)(b) | 3,294,704 |
4,145,180 | RVR Dealership Holdings LLC, Term Loan B, 1 mo. USD SOFR + 3.750%,9.191%, 2/08/2028(a)(b) | 3,316,144 |
5,255,250 | S&S Holdings LLC, Term Loan, 3 mo. USD SOFR + 5.000%,10.503%, 3/11/2028(a)(b) | 5,068,689 |
2,304,002 | Tory Burch LLC, Term Loan B, 1 mo. USD SOFR + 3.250%,8.713%, 4/16/2028(a)(b) | 2,277,437 |
997,456 | Victoria's Secret & Co., Term Loan B, 3 mo. USD SOFR + 3.25%,8.903%, 8/02/2028(a)(b) | 983,740 |
59,910,616 | ||
Technology — 12.0% | ||
6,975,000 | Access CIG LLC, 2018 2nd Lien Term Loan, 3 mo. USD SOFR + 7.750%,13.409%, 2/27/2026(a)(b) | 6,858,727 |
4,860,000 | Altar Bidco, Inc., 2021 2nd Lien Term Loan, 3 mo. USD SOFR + 5.600%,10.493%, 2/01/2030(a)(b) | 4,659,525 |
3,500,000 | Applied Systems, Inc., 2021 2nd Lien Term Loan, 3 mo. USD SOFR + 6.750%,12.140%, 9/17/2027(a)(b) | 3,513,125 |
438,795 | Applied Systems, Inc., 2022 Extended 1st Lien Term Loan, 3 mo. USD SOFR + 4.500%,9.890%, 9/18/2026(a)(b) | 440,168 |
2,773,165 | Ascend Learning LLC, 2021 Term Loan, 1 mo. USD SOFR + 3.500%,8.948%, 12/11/2028(a)(b) | 2,706,525 |
5,703,942 | Central Parent, Inc., 2023 Term Loan B, 3 mo. USD SOFR + 4.000%,9.406%, 7/06/2029(a)(b) | 5,704,969 |
5,008,453 | Conduent Business Services LLC, 2021 Term Loan B, 1 mo. USD SOFR + 4.250%,9.593%, 10/16/2028(a)(b) | 4,887,398 |
3,832,672 | Corel Corp., 2019 Term Loan, 3 mo. USD SOFR + 5.000%,10.488%, 7/02/2026(a)(b) | 3,648,704 |
Principal Amount | Description | Value (†) |
Technology — continued | ||
$3,453,005 | Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD SOFR + 3.750%,9.213%, 10/16/2028(a)(b) | $3,321,791 |
6,078,906 | CT Technologies Intermediate Holdings, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 4.250%,9.713%, 12/16/2025(a)(b) | 5,756,481 |
1,651,522 | Dodge Data & Analytics LLC, 2022 Term Loan, 3 mo. USD SOFR + 4.750%,10.290%, 2/23/2029(b) | 1,243,811 |
3,517,883 | Endure Digital, Inc., Term Loan, 6 mo. USD SOFR + 3.500%,9.422%, 2/10/2028(a)(b) | 3,385,330 |
1,994,911 | Foundever Worldwide Corp., 2021 USD Term Loan, 1 mo. USD SOFR + 3.750%,9.098%, 8/28/2028(a)(b) | 1,902,148 |
2,305,000 | Genuine Financial Holdings LLC, 2023 Term Loan B, 3 mo. USD SOFR + 4.250%,9.386%, 9/27/2030(a)(b) | 2,291,677 |
1,873,915 | Global Client Solutions LLC, Term Loan B, 1 mo. USD SOFR + 6.000%,11.930%, 3/16/2026(a)(b) | 1,780,219 |
5,119,026 | GoTo Group, Inc., Term Loan B, 3 mo. USD SOFR + 4.750%,10.283%, 8/31/2027(a)(b) | 3,352,962 |
1,385,751 | Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, 1 mo. USD SOFR + 4.000%,9.463%, 12/01/2027(a)(b) | 1,386,374 |
6,823,000 | GTCR W Merger Sub LLC, USD Term Loan B, 9/20/2030(c) | 6,814,471 |
5,354,903 | Loyalty Ventures, Inc., Term Loan B, 11/03/2027(e) | 49,104 |
2,179,695 | Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD SOFR + 4.750%,10.645%, 7/27/2028(a)(b) | 1,396,553 |
1,823,251 | McAfee LLC, 2022 USD Term Loan B, 1 mo. USD SOFR + 3.750%,9.170%, 3/01/2029(a)(b) | 1,796,887 |
2,977,330 | MedAssets Software Intermediate Holdings, Inc., 2021 Term Loan, 1 mo. USD SOFR + 4.000%,9.463%, 12/18/2028(a)(b) | 2,345,898 |
3,308,368 | MKS Instruments, Inc., 2023 Term Loan B, 1 mo. USD SOFR + 2.500%,7.823%, 8/17/2029(a)(b) | 3,298,707 |
4,900,000 | Mosel Bidco SE, USD Term Loan B, 3 mo. USD SOFR + 4.750%,10.164%, 9/16/2030(a)(b) | 4,893,875 |
2,855,000 | NCR Atleos LLC, Term Loan B, 1 mo. USD SOFR + 4.750%,10.198%, 3/27/2029(a)(b) | 2,785,995 |
1,500,000 | Neptune Bidco U.S., Inc., 2022 USD Term Loan A, 4/11/2029(c) | 1,337,250 |
4,385,710 | Open Text Corp., 2023 Term Loan B, 1 mo. USD SOFR + 2.750%,8.198%, 1/31/2030(a)(b) | 4,390,096 |
3,350,242 | Physician Partners LLC, Term Loan, 3 mo. USD SOFR + 4.000%,9.533%, 12/26/2028(a)(b) | 3,156,196 |
2,300,000 | Project Alpha Intermediate Holding, Inc., 2023 1st Lien Term Loan B, 1 mo. USD SOFR + 4.750%,10.093%, 10/28/2030(a)(b) | 2,259,382 |
3,712,440 | Quest Software U.S. Holdings, Inc., 2022 Term Loan, 3 mo. USD SOFR + 4.250%,9.783%, 2/01/2029(a)(b) | 2,704,513 |
2,690,742 | Redstone Holdco 2 LP, 2021 Term Loan, 1 mo. USD SOFR + 4.750%,10.207%, 4/27/2028(a)(b) | 2,024,783 |
3,988,577 | Sabre GLBL, Inc., 2022 1st Lien Term Loan B, 1 mo. USD SOFR + 5.000%,10.448%, 6/30/2028(a)(b) | 3,420,205 |
467,000 | Severin Acquisition LLC, 2018 Term Loan B, 3 mo. USD SOFR + 3.250%,8.633%, 8/01/2027(a)(b) | 466,500 |
2,610,000 | Ultimate Software Group, Inc., 2021 2nd Lien Term Loan, 3 mo. USD SOFR + 5.250%,10.764%, 5/03/2027(a)(b) | 2,608,382 |
1,500,000 | Ultimate Software Group, Inc., 2021 Term Loan, 3 mo. USD SOFR + 3.250%,8.764%, 5/04/2026(a)(b) | 1,500,000 |
1,288,083 | Ultimate Software Group, Inc., Term Loan B, 3 mo. USD SOFR + 3.750%,9.233%, 5/04/2026(a)(b) | 1,290,762 |
Principal Amount | Description | Value (†) |
Technology — continued | ||
$3,000,000 | Vision Solutions, Inc., 2021 2nd Lien Term Loan, 3 mo. USD SOFR + 7.250%,12.890%, 4/23/2029(a)(b) | $2,682,330 |
3,621,944 | Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD SOFR + 4.000%,9.640%, 4/24/2028(a)(b) | 3,531,395 |
111,593,218 | ||
Transportation Services — 2.0% | ||
3,450,481 | AIT Worldwide Logistics, Inc., 2021 Term Loan, 1 mo. USD SOFR + 4.750%,10.171%, 4/06/2028(a)(b) | 3,359,043 |
951,196 | Brown Group Holding LLC, 2022 Incremental Term Loan B2, USD SOFR + 3.750%,9.127%, 7/02/2029(a)(b) | 951,272 |
2,214,943 | Carriage Purchaser, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 4.250%,9.713%, 10/02/2028(a)(b) | 2,153,479 |
3,339,311 | Hertz Corp., 2021 Term Loan B, 1 mo. USD SOFR + 3.250%,8.713%, 6/30/2028(a)(b) | 3,296,535 |
643,608 | Hertz Corp., 2021 Term Loan C, 1 mo. USD SOFR + 3.250%,8.713%, 6/30/2028(a)(b) | 635,363 |
1,000,000 | Hertz Corp., 2023 Incremental Term Loan B, 1 mo. USD SOFR + 3.750%,9.140%, 6/30/2028(a)(b) | 987,500 |
1,496,250 | Kenan Advantage Group, Inc., 2023 Term Loan B2, 1 mo. USD SOFR + 4.000%,9.463%, 3/24/2026(a)(b) | 1,488,769 |
994,988 | KKR Apple Bidco LLC, 2022 Incremental Term Loan, 1 mo. USD SOFR + 4.000%,9.348%, 9/22/2028(a)(b) | 994,281 |
1,500,000 | PODS LLC, 2021 Term Loan B, 3/31/2028(c) | 1,425,540 |
4,528,045 | St. George Warehousing & Trucking Co. of California, Inc., 2022 Term Loan, 3 mo. USD SOFR + 6.000%,11.540%, 3/24/2028(a)(b) | 3,758,277 |
19,050,059 | ||
Wireless — 1.2% | ||
2,487,500 | Altice France SA, 2023 USD Term Loan B14, 3 mo. USD SOFR + 5.500%,10.894%, 8/15/2028(a)(b) | 2,119,051 |
3,775,236 | CCI Buyer, Inc., Term Loan, 3 mo. USD SOFR + 4.000%,9.390%, 12/17/2027(a)(b) | 3,746,242 |
3,576,368 | Crown Subsea Communications Holding, Inc., 2021 Term Loan, 1 mo. USD SOFR + 4.750%,10.435%, 4/27/2027(a)(b) | 3,594,250 |
1,366,700 | Crown Subsea Communications Holding, Inc., 2023 Incremental Term Loan, 1 mo. USD SOFR + 5.250%,10.685%, 4/27/2027(a)(b) | 1,371,825 |
10,831,368 | ||
Wirelines — 0.8% | ||
3,882,734 | Voyage Australia Pty. Ltd., USD Term Loan B, 3 mo. USD SOFR + 3.500%,9.177%, 7/20/2028(a)(b) | 3,873,028 |
3,802,180 | Zacapa SARL, 2022 Term Loan, 3 mo. USD SOFR + 4.000%,9.390%, 3/22/2029(a)(b) | 3,771,306 |
7,644,334 | ||
Total Senior Loans (Identified Cost $813,404,433) | 784,808,644 | |
Bonds and Notes — 6.1% | ||
Airlines — 0.4% | ||
4,205,000 | Allegiant Travel Co., 7.250%, 8/15/2027(f) | 3,994,750 |
Automotive — 0.1% | ||
1,250,000 | Wabash National Corp., 4.500%, 10/15/2028(f) | 1,068,714 |
Cable Satellite — 0.3% | ||
5,000,000 | DISH DBS Corp., 7.750%, 7/01/2026 | 2,984,375 |
Principal Amount | Description | Value (†) |
Chemicals — 0.5% | ||
$2,985,000 | Iris Holdings, Inc., 9.500% PIK or 8.750% Cash, 2/15/2026(f)(g) | $2,655,859 |
2,500,000 | Olympus Water U.S. Holding Corp., 7.125%, 10/01/2027(f) | 2,399,204 |
5,055,063 | ||
Consumer Cyclical Services — 0.4% | ||
3,500,000 | WASH Multifamily Acquisition, Inc., 5.750%, 4/15/2026(f) | 3,289,591 |
Consumer Products — 0.2% | ||
1,965,000 | Newell Brands, Inc., 6.375%, 9/15/2027 | 1,917,552 |
Finance Companies — 0.3% | ||
3,000,000 | Nationstar Mortgage Holdings, Inc., 5.000%, 2/01/2026(f) | 2,860,399 |
Leisure — 0.4% | ||
3,230,000 | NCL Corp. Ltd., 8.125%, 1/15/2029(f) | 3,288,986 |
Media Entertainment — 0.5% | ||
1,750,000 | iHeartCommunications, Inc., 5.250%, 8/15/2027(f) | 1,341,135 |
4,650,000 | Millennium Escrow Corp., 6.625%, 8/01/2026(f) | 3,588,397 |
4,929,532 | ||
Other REITs — 0.6% | ||
4,000,000 | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025(f) | 3,864,528 |
2,000,000 | Starwood Property Trust, Inc., 4.375%, 1/15/2027(f) | 1,830,000 |
5,694,528 | ||
Packaging — 0.1% | ||
1,025,000 | Sealed Air Corp./Sealed Air Corp. U.S., 6.125%, 2/01/2028(f) | 1,013,936 |
Pharmaceuticals — 0.3% | ||
2,750,000 | Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.125%, 4/30/2028(f) | 2,441,916 |
Retailers — 0.2% | ||
2,133,000 | Evergreen Acqco 1 LP/TVI, Inc., 9.750%, 4/26/2028(f) | 2,212,988 |
Supermarkets — 0.6% | ||
5,750,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.625%, 1/15/2027(f) | 5,524,060 |
Technology — 0.2% | ||
2,500,000 | GoTo Group, Inc., 5.500%, 9/01/2027(f) | 1,474,551 |
Treasuries — 1.0% | ||
9,900,000 | U.S. Treasury Notes, 3.500%, 2/15/2033 | 9,251,859 |
Total Bonds and Notes (Identified Cost $61,861,954) | 57,002,800 |
Shares | ||
Exchange-Traded Funds — 1.6% | ||
174,000 | SPDR® Blackstone Senior Loan ETF | 7,280,160 |
292,500 | SPDR® Bloomberg Short Term High Yield Bond ETF | 7,251,075 |
Total Exchange-Traded Funds (Identified Cost $14,615,333) | 14,531,235 | |
Common Stocks— 0.0% | ||
Oil, Gas & Consumable Fuels — 0.0% | ||
61,854 | Ameriforge Group, Inc.(h)(i) | 5,691 |
Shares | Description | Value (†) |
Textiles, Apparel & Luxury Goods — 0.0% | ||
53,230 | Elevate Textiles Holding Corp.(i) | $172,997 |
Total Common Stocks (Identified Cost $10,035,635) | 178,688 | |
Warrants — 0.0% | ||
55,256 | Elevate Textiles Holding Corp., Expiration on 6/21/2028(i) (Identified Cost $2,333) | 55 |
Principal Amount | ||
Short-Term Investments — 10.2% | ||
$44,169,276 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 11/30/2023 at 2.500% to be repurchased at $44,172,343 on 12/01/2023 collateralized by $29,731,800 U.S. Treasury Note, 0.750% due 4/30/2026 valued at $27,152,130; $18,778,300 U.S. Treasury Note, 2.750% due 7/31/2027 valued at $17,900,555 including accrued interest (Note 2 of Notes to Financial Statements) | 44,169,276 |
51,000,000 | U.S. Treasury Bills, 5.282%, 12/19/2023(j) | 50,865,398 |
Total Short-Term Investments (Identified Cost $95,034,572) | 95,034,674 | |
Total Investments — 102.1% (Identified Cost $994,954,260) | 951,556,096 | |
Other assets less liabilities — (2.1)% | (20,024,315 ) | |
Net Assets — 100.0% | $931,531,781 |
(†) | See Note 2 of Notes to Financial Statements. |
(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 2.50%, to which the spread is added. |
(b) | Variable rate security. Rate as of November 30, 2023 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 November 30, 2023 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) | The issuer is in default with respect to interest and/or principal payments. Income is not being accrued. |
(f) | 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 November 30, 2023, the value of Rule 144A holdings amounted to $42,849,014 or 4.6% of net assets. |
(g) | Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended November 30, 2023, interest payments were made in cash. |
(h) | Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements. |
(i) | Non-income producing security. |
(j) | Interest rate represents discount rate at time of purchase; not a coupon rate. |
ETF | Exchange-Traded Fund |
LIBOR | London Interbank Offered Rate |
PIK | Payment-in-Kind |
REITs | Real Estate Investment Trusts |
SOFR | Secured Overnight Financing Rate |
SPDR® | Standard & Poor's Depositary Receipt |
Technology | 12.2 % |
Media Entertainment | 10.5 |
Retailers | 6.6 |
Healthcare | 6.3 |
Consumer Cyclical Services | 4.7 |
Chemicals | 3.6 |
Brokerage | 3.4 |
Consumer Products | 3.0 |
Diversified Manufacturing | 2.9 |
Automotive | 2.6 |
Cable Satellite | 2.5 |
Airlines | 2.3 |
Gaming | 2.2 |
Building Materials | 2.2 |
Property & Casualty Insurance | 2.2 |
Transportation Services | 2.0 |
Other Investments, less than 2% each | 21.1 |
Short-Term Investments | 10.2 |
Exchange-Traded Funds | 1.6 |
Total Investments | 102.1 |
Other assets less liabilities | (2.1 ) |
Net Assets | 100.0 % |
Shares | Description | Value (†) |
Common Stocks — 97.7% of Net Assets | ||
Banks �� 2.5% | ||
101,355 | JPMorgan Chase & Co. | $15,819,488 |
Broadline Retail — 5.2% | ||
223,060 | Amazon.com, Inc.(a) | 32,586,835 |
Capital Markets — 4.5% | ||
249,070 | Intercontinental Exchange, Inc. | 28,354,129 |
Chemicals — 4.2% | ||
95,465 | Sherwin-Williams Co. | 26,615,642 |
Electric Utilities — 2.1% | ||
228,265 | NextEra Energy, Inc. | 13,355,785 |
Financial Services — 3.7% | ||
64,255 | Berkshire Hathaway, Inc., Class B(a) | 23,131,800 |
Ground Transportation — 7.0% | ||
65,785 | Saia, Inc.(a) | 25,681,806 |
80,170 | Union Pacific Corp. | 18,059,896 |
43,741,702 | ||
Health Care Equipment & Supplies — 2.7% | ||
146,565 | Dexcom, Inc.(a) | 16,931,189 |
Health Care Providers & Services — 1.9% | ||
20,845 | Chemed Corp. | 11,819,115 |
Industrial REITs — 1.8% | ||
100,360 | Prologis, Inc. | 11,534,375 |
Insurance — 3.2% | ||
60,585 | Aon PLC, Class A | 19,901,567 |
Interactive Media & Services — 4.7% | ||
223,370 | Alphabet, Inc., Class A(a) | 29,603,226 |
IT Services — 6.8% | ||
65,785 | Accenture PLC, Class A | 21,915,615 |
97,305 | VeriSign, Inc.(a) | 20,648,121 |
42,563,736 | ||
Life Sciences Tools & Services — 2.8% | ||
78,945 | Danaher Corp. | 17,629,208 |
Metals & Mining — 3.5% | ||
449,491 | Wheaton Precious Metals Corp. | 21,980,110 |
Oil, Gas & Consumable Fuels — 5.3% | ||
115,660 | Hess Corp. | 16,257,169 |
2,501,715 | Kosmos Energy Ltd.(a) | 16,986,645 |
33,243,814 | ||
Personal Care Products — 1.7% | ||
83,535 | Estee Lauder Cos., Inc., Class A | 10,666,584 |
Pharmaceuticals — 5.6% | ||
85,675 | Johnson & Johnson | 13,250,496 |
123,615 | Zoetis, Inc. | 21,839,062 |
35,089,558 | ||
Professional Services — 3.0% | ||
77,080 | Verisk Analytics, Inc. | 18,609,424 |
Semiconductors & Semiconductor Equipment — 7.4% | ||
45,895 | Monolithic Power Systems, Inc. | 25,183,504 |
45,590 | NVIDIA Corp. | 21,322,443 |
46,505,947 | ||
Software — 11.7% | ||
117,805 | Microsoft Corp. | 44,637,493 |
112,910 | Salesforce, Inc.(a) | 28,442,029 |
73,079,522 |
Shares | Description | Value (†) |
Specialized REITs — 2.2% | ||
118,720 | Crown Castle, Inc. | $13,923,482 |
Specialty Retail — 4.2% | ||
26,620 | O'Reilly Automotive, Inc.(a) | 26,150,956 |
Total Common Stocks (Identified Cost $521,400,692) | 612,837,194 |
Principal Amount | ||
Short-Term Investments — 2.1% | ||
$13,154,951 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 11/30/2023 at 2.500% to be repurchased at $13,155,865 on 12/01/2023 collateralized by $12,140,700 U.S. Treasury Note, 0.125% due 04/15/2026 valued at $13,418,052 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $13,154,951) | 13,154,951 |
Total Investments — 99.8% (Identified Cost $534,555,643) | 625,992,145 | |
Other assets less liabilities — 0.2% | 955,428 | |
Net Assets — 100.0% | $626,947,573 |
(†) | See Note 2 of Notes to Financial Statements. |
(a) | Non-income producing security. |
REITs | Real Estate Investment Trusts |
Software | 11.7 % |
Semiconductors & Semiconductor Equipment | 7.4 |
Ground Transportation | 7.0 |
IT Services | 6.8 |
Pharmaceuticals | 5.6 |
Oil, Gas & Consumable Fuels | 5.3 |
Broadline Retail | 5.2 |
Interactive Media & Services | 4.7 |
Capital Markets | 4.5 |
Chemicals | 4.2 |
Specialty Retail | 4.2 |
Financial Services | 3.7 |
Metals & Mining | 3.5 |
Insurance | 3.2 |
Professional Services | 3.0 |
Life Sciences Tools & Services | 2.8 |
Health Care Equipment & Supplies | 2.7 |
Banks | 2.5 |
Specialized REITs | 2.2 |
Electric Utilities | 2.1 |
Other Investments, less than 2% each | 5.4 |
Short-Term Investments | 2.1 |
Total Investments | 99.8 |
Other assets less liabilities | 0.2 |
Net Assets | 100.0 % |
Loomis Sayles Global Growth Fund | Loomis Sayles Senior Floating Rate and Fixed Income Fund | Vaughan Nelson Select Fund | |
ASSETS | |||
Investments at cost | $80,865,508 | $994,954,260 | $534,555,643 |
Net unrealized appreciation (depreciation) | 14,515,346 | (43,398,164 ) | 91,436,502 |
Investments at value | 95,380,854 | 951,556,096 | 625,992,145 |
Cash | 335 | 2,169,573 | 671 |
Receivable for Fund shares sold | 59,598 | 5,057,357 | 1,260,727 |
Receivable for securities sold | — | 10,609,624 | 427,032 |
Dividends and interest receivable | 58,299 | 7,679,759 | 527,360 |
Tax reclaims receivable | 216,642 | — | — |
Prepaid expenses (Note 7) | 663 | 759 | 755 |
TOTAL ASSETS | 95,716,391 | 977,073,168 | 628,208,690 |
LIABILITIES | |||
Payable for securities purchased | — | 37,203,333 | — |
Unfunded loan commitments (Note 2) | — | 696,555 | — |
Payable for Fund shares redeemed | 39,200 | 4,959,809 | 688,338 |
Distributions payable | — | 1,540,989 | — |
Management fees payable (Note 5) | 47,438 | 447,375 | 323,379 |
Deferred Trustees’ fees (Note 5) | 54,763 | 441,080 | 137,481 |
Administrative fees payable (Note 5) | 3,494 | 35,158 | 23,386 |
Payable to distributor (Note 5d) | 754 | 27,659 | 4,781 |
Audit and tax services fees payable | 46,188 | 94,327 | 45,712 |
Other accounts payable and accrued expenses | 28,076 | 95,102 | 38,040 |
TOTAL LIABILITIES | 219,913 | 45,541,387 | 1,261,117 |
COMMITMENTS AND CONTINGENCIES(a) | — | — | — |
NET ASSETS | $95,496,478 | $931,531,781 | $626,947,573 |
NET ASSETS CONSIST OF: | |||
Paid-in capital | $87,979,876 | $1,605,673,700 | $566,996,201 |
Accumulated earnings (loss) | 7,516,602 | (674,141,919 ) | 59,951,372 |
NET ASSETS | $95,496,478 | $931,531,781 | $626,947,573 |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | |||
Class A shares: | |||
Net assets | $4,020,543 | $156,289,864 | $29,979,581 |
Shares of beneficial interest | 249,497 | 19,032,684 | 1,588,703 |
Net asset value and redemption price per share | $16.11 | $8.21 | $18.87 |
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1) | $17.09 | $8.51 | $20.02 |
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1) | |||
Net assets | $841,551 | $41,283,620 | $11,101,525 |
Shares of beneficial interest | 55,457 | 5,044,655 | 660,750 |
Net asset value and offering price per share | $15.17 | $8.18 | $16.80 |
Class N shares: | |||
Net assets | $12,095,808 | $2,573,261 | $298,905 |
Shares of beneficial interest | 737,565 | 313,504 | 15,652 |
Net asset value, offering and redemption price per share | $16.40 | $8.21 | $19.10 |
Class Y shares: | |||
Net assets | $78,538,576 | $731,385,036 | $585,567,562 |
Shares of beneficial interest | 4,799,069 | 88,959,184 | 30,670,767 |
Net asset value, offering and redemption price per share | $16.37 | $8.22 | $19.09 |
(a) | As disclosed in the Notes to Financial Statements, if applicable. |
Loomis Sayles Global Growth Fund | Loomis Sayles Senior Floating Rate and Fixed Income Fund | Vaughan Nelson Select Fund | |
INVESTMENT INCOME | |||
Dividends | $831,747 | $1,034,231 | $5,203,696 |
Interest | 16,937 | 93,090,061 | 446,407 |
Less net foreign taxes withheld | (74,484 ) | — | (50,065 ) |
774,200 | 94,124,292 | 5,600,038 | |
Expenses | |||
Management fees (Note 5) | 727,499 | 5,703,785 | 3,745,497 |
Service and distribution fees (Note 5) | 17,051 | 930,350 | 158,079 |
Administrative fees (Note 5) | 44,959 | 440,626 | 248,000 |
Trustees' fees and expenses (Note 5) | 20,289 | 65,190 | 41,999 |
Transfer agent fees and expenses (Notes 5 and 6) | 73,415 | 797,352 | 451,951 |
Audit and tax services fees | 46,191 | 94,316 | 45,834 |
Commitment fees (Note 7) | 1,418 | 1,158,644 | 7,161 |
Custodian fees and expenses | 32,517 | 121,455 | 21,022 |
Interest expense (Note 10) | 13,678 | — | 1,916 |
Legal fees | 3,603 | 118,514 | 19,240 |
Registration fees | 75,360 | 87,528 | 152,535 |
Shareholder reporting expenses | 19,078 | 79,488 | 46,750 |
Miscellaneous expenses | 39,012 | 37,173 | 31,485 |
Total expenses | 1,114,070 | 9,634,421 | 4,971,469 |
Less waiver and/or expense reimbursement (Note 5) | (167,291 ) | (1,297,578 ) | (263,530 ) |
Net expenses | 946,779 | 8,336,843 | 4,707,939 |
Net investment income (loss) | (172,579 ) | 85,787,449 | 892,099 |
Net realized and unrealized gain (loss) on Investments and Foreign currency transactions | |||
Net realized gain (loss) on: | |||
Investments | (2,522,108 ) | (54,283,821 ) | (25,189,095 ) |
Foreign currency transactions (Note 2c) | 3,875 | — | — |
Net change in unrealized appreciation (depreciation) on: | |||
Investments | 23,357,196 | 62,698,256 | 73,745,497 |
Foreign currency translations (Note 2c) | 14,910 | — | — |
Net realized and unrealized gain on Investments and Foreign currency transactions | 20,853,873 | 8,414,435 | 48,556,402 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $20,681,294 | $94,201,884 | $49,448,501 |
Loomis Sayles Global Growth Fund | Loomis Sayles Senior Floating Rate and Fixed Income Fund | |||
Year Ended November 30,2023 | Year Ended November 30,2022 | Year Ended November 30,2023 | Year Ended November 30,2022 | |
FROM OPERATIONS: | ||||
Net investment income (loss) | $(172,579 ) | $(96,560 ) | $85,787,449 | $71,090,380 |
Net realized gain (loss) on investments and foreign currency transactions | (2,518,233 ) | 4,892,043 | (54,283,821 ) | (43,971,877 ) |
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 23,372,106 | (34,078,488 ) | 62,698,256 | (96,207,311 ) |
Net increase (decrease) in net assets resulting from operations | 20,681,294 | (29,283,005 ) | 94,201,884 | (69,088,808 ) |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | (191,028 ) | (424,756 ) | (15,124,779 ) | (11,061,592 ) |
Class C | (62,385 ) | (94,792 ) | (4,129,069 ) | (3,435,444 ) |
Class N | (670,570 ) | (858,053 ) | (223,084 ) | (133,691 ) |
Class Y | (5,460,663 ) | (7,451,003 ) | (66,580,668 ) | (59,453,231 ) |
Total distributions | (6,384,646 ) | (8,828,604 ) | (86,057,600 ) | (74,083,958 ) |
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARES TRANSACTIONS (Note 11) | (13,419,969 ) | 6,941,153 | (101,033,987 ) | (372,127,749 ) |
Net increase (decrease) in net assets | 876,679 | (31,170,456 ) | (92,889,703 ) | (515,300,515 ) |
NET ASSETS | ||||
Beginning of the year | 94,619,799 | 125,790,255 | 1,024,421,484 | 1,539,721,999 |
End of the year | $95,496,478 | $94,619,799 | $931,531,781 | $1,024,421,484 |
Vaughan Nelson Select Fund | ||
Year Ended November 30,2023 | Year Ended November 30,2022 | |
FROM OPERATIONS: | ||
Net investment income | $892,099 | $662,061 |
Net realized gain (loss) on investments | (25,189,095 ) | 426,161 |
Net change in unrealized appreciation (depreciation) on investments | 73,745,497 | (29,095,861 ) |
Net increase (decrease) in net assets resulting from operations | 49,448,501 | (28,007,639 ) |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||
Class A | (221,013 ) | (6,535,289 ) |
Class C | (60,686 ) | (1,628,941 ) |
Class N | (3,296 ) | (628 ) |
Class Y | (4,002,563 ) | (66,474,581 ) |
Total distributions | (4,287,558 ) | (74,639,439 ) |
NET INCREASE IN NET ASSETS FROM CAPITAL SHARES TRANSACTIONS (Note 11) | 159,985,037 | 272,403,248 |
Net increase in net assets | 205,145,980 | 169,756,170 |
NET ASSETS | ||
Beginning of the year | 421,801,593 | 252,045,423 |
End of the year | $626,947,573 | $421,801,593 |
Loomis Sayles Global Growth Fund—Class A | |||||
Year Ended November 30, 2023 | Year Ended November 30, 2022 | Year Ended November 30, 2021 | Year Ended November 30, 2020 | Year Ended November 30, 2019 | |
Net asset value, beginning of the period | $14.00 | $19.07 | $18.78 | $14.78 | $13.28 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||
Net investment income (loss)(a) | (0.07 ) | (0.04 ) | (0.09 ) | (0.05 ) | 0.00 (b) |
Net realized and unrealized gain (loss) | 3.13 | (3.68 ) | 1.52 | 4.88 | 2.03 |
Total from Investment Operations | 3.06 | (3.72 ) | 1.43 | 4.83 | 2.03 |
LESS DISTRIBUTIONS FROM: | |||||
Net investment income | — | — | — | — | (0.05 ) |
Net realized capital gains | (0.95 ) | (1.35 ) | (1.14 ) | (0.83 ) | (0.48 ) |
Total Distributions | (0.95 ) | (1.35 ) | (1.14 ) | (0.83 ) | (0.53 ) |
Net asset value, end of the period | $16.11 | $14.00 | $19.07 | $18.78 | $14.78 |
Total return(c)(d) | 23.92 % | (21.08 )% | 7.95 % | 34.37 % | 16.25 % |
RATIOS TO AVERAGE NET ASSETS: | |||||
Net assets, end of the period (000's) | $4,021 | $3,225 | $6,173 | $4,913 | $2,832 |
Net expenses(e) | 1.21 %(f) | 1.20 % | 1.20 %(g) | 1.25 % | 1.26 %(h) |
Gross expenses | 1.38 %(f) | 1.35 % | 1.29 % | 1.44 % | 1.49 % |
Net investment income (loss) | (0.45 )% | (0.25 )% | (0.43 )% | (0.33 )% | 0.03 % |
Portfolio turnover rate | 24 % | 43 % | 18 % | 44 % | 37 % |
(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) | A sales charge for Class A 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) | 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 1.20% and the ratio of gross expenses would have been 1.37%. |
(g) | Effective December 15, 2020, the expense limit decreased from 1.25% to 1.20%. |
(h) | Effective July 1, 2019, the expense limit decreased from 1.30% to 1.25%. |
Loomis Sayles Global Growth Fund—Class C | |||||
Year Ended November 30, 2023 | Year Ended November 30, 2022 | Year Ended November 30, 2021 | Year Ended November 30, 2020 | Year Ended November 30, 2019 | |
Net asset value, beginning of the period | $13.33 | $18.36 | $18.24 | $14.49 | $13.06 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||
Net investment loss(a) | (0.15 ) | (0.15 ) | (0.22 ) | (0.16 ) | (0.09 ) |
Net realized and unrealized gain (loss) | 2.94 | (3.53 ) | 1.48 | 4.74 | 2.00 |
Total from Investment Operations | 2.79 | (3.68 ) | 1.26 | 4.58 | 1.91 |
LESS DISTRIBUTIONS FROM: | |||||
Net investment income | — | — | — | — | (0.00 )(b) |
Net realized capital gains | (0.95 ) | (1.35 ) | (1.14 ) | (0.83 ) | (0.48 ) |
Total Distributions | (0.95 ) | (1.35 ) | (1.14 ) | (0.83 ) | (0.48 ) |
Net asset value, end of the period | $15.17 | $13.33 | $18.36 | $18.24 | $14.49 |
Total return(c)(d) | 23.03 % | (21.71 )% | 7.15 % | 33.44 % | 15.40 % |
RATIOS TO AVERAGE NET ASSETS: | |||||
Net assets, end of the period (000's) | $842 | $833 | $1,297 | $1,274 | $1,079 |
Net expenses(e) | 1.96 %(f) | 1.95 % | 1.95 %(g) | 2.00 % | 2.01 %(h) |
Gross expenses | 2.14 %(f) | 2.10 % | 2.04 % | 2.19 % | 2.23 % |
Net investment loss | (1.11 )% | (1.03 )% | (1.17 )% | (1.05 )% | (0.69 )% |
Portfolio turnover rate | 24 % | 43 % | 18 % | 44 % | 37 % |
(a) | Per share net investment loss has been calculated using the average shares outstanding during the period. |
(b) | Amount rounds to less than $0.01 per share. |
(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) | 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 1.95% and the ratio of gross expenses would have been 2.13%. |
(g) | Effective December 15, 2020, the expense limit decreased from 2.00% to 1.95%. |
(h) | Effective July 1, 2019, the expense limit decreased from 2.05% to 2.00%. |
Loomis Sayles Global Growth Fund—Class N | |||||
Year Ended November 30, 2023 | Year Ended November 30, 2022 | Year Ended November 30, 2021 | Year Ended November 30, 2020 | Year Ended November 30, 2019 | |
Net asset value, beginning of the period | $14.21 | $19.29 | $18.93 | $14.85 | $13.34 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||
Net investment income (loss)(a) | (0.02 ) | (0.00 )(b) | (0.03 ) | (0.01 ) | 0.05 |
Net realized and unrealized gain (loss) | 3.19 | (3.73 ) | 1.53 | 4.92 | 2.03 |
Total from Investment Operations | 3.17 | (3.73 ) | 1.50 | 4.91 | 2.08 |
LESS DISTRIBUTIONS FROM: | |||||
Net investment income | (0.03 ) | — | — | — | (0.09 ) |
Net realized capital gains | (0.95 ) | (1.35 ) | (1.14 ) | (0.83 ) | (0.48 ) |
Total Distributions | (0.98 ) | (1.35 ) | (1.14 ) | (0.83 ) | (0.57 ) |
Net asset value, end of the period | $16.40 | $14.21 | $19.29 | $18.93 | $14.85 |
Total return(c) | 24.40 % | (20.87 )% | 8.21 % | 34.84 % | 16.61 % |
RATIOS TO AVERAGE NET ASSETS: | |||||
Net assets, end of the period (000's) | $12,096 | $9,725 | $12,293 | $11,357 | $3,319 |
Net expenses(d) | 0.91 %(e) | 0.90 % | 0.90 %(f) | 0.95 % | 0.98 %(g) |
Gross expenses | 1.06 %(e) | 1.02 % | 0.98 % | 1.13 % | 1.22 % |
Net investment income (loss) | (0.13 )% | (0.01 )% | (0.14 )% | (0.09 )% | 0.35 % |
Portfolio turnover rate | 24 % | 43 % | 18 % | 44 % | 37 % |
(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) | 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 0.90% and the ratio of gross expenses would have been 1.05%. |
(f) | Effective December 15, 2020, the expense limit decreased from 0.95% to 0.90%. |
(g) | Effective July 1, 2019, the expense limit decreased from 1.00% to 0.95%. |
Loomis Sayles Global Growth Fund—Class Y | |||||
Year Ended November 30, 2023 | Year Ended November 30, 2022 | Year Ended November 30, 2021 | Year Ended November 30, 2020 | Year Ended November 30, 2019 | |
Net asset value, beginning of the period | $14.18 | $19.27 | $18.91 | $14.85 | $13.33 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||
Net investment income (loss)(a) | (0.02 ) | (0.01 ) | (0.04 ) | (0.01 ) | 0.04 |
Net realized and unrealized gain (loss) | 3.18 | (3.73 ) | 1.54 | 4.90 | 2.04 |
Total from Investment Operations | 3.16 | (3.74 ) | 1.50 | 4.89 | 2.08 |
LESS DISTRIBUTIONS FROM: | |||||
Net investment income | (0.02 ) | — | — | — | (0.08 ) |
Net realized capital gains | (0.95 ) | (1.35 ) | (1.14 ) | (0.83 ) | (0.48 ) |
Total Distributions | (0.97 ) | (1.35 ) | (1.14 ) | (0.83 ) | (0.56 ) |
Net asset value, end of the period | $16.37 | $14.18 | $19.27 | $18.91 | $14.85 |
Total return(b) | 24.37 % | (20.95 )% | 8.22 % | 34.70 % | 16.65 % |
RATIOS TO AVERAGE NET ASSETS: | |||||
Net assets, end of the period (000's) | $78,539 | $80,836 | $106,028 | $86,950 | $63,308 |
Net expenses(c) | 0.96 %(d) | 0.95 % | 0.95 %(e) | 1.00 % | 1.01 %(f) |
Gross expenses | 1.14 %(d) | 1.10 % | 1.04 % | 1.19 % | 1.23 % |
Net investment income (loss) | (0.16 )% | (0.08 )% | (0.19 )% | (0.05 )% | 0.30 % |
Portfolio turnover rate | 24 % | 43 % | 18 % | 44 % | 37 % |
(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) | 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. |
(d) | Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.13%. |
(e) | Effective December 15, 2020, the expense limit decreased from 1.00% to 0.95%. |
(f) | Effective July 1, 2019, the expense limit decreased from 1.05% to 1.00%. |
Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class A | |||||
Year Ended November 30, 2023 | Year Ended November 30, 2022 | Year Ended November 30, 2021 | Year Ended November 30, 2020 | Year Ended November 30, 2019 | |
Net asset value, beginning of the period | $8.13 | $8.96 | $8.81 | $9.16 | $9.62 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||
Net investment income(a) | 0.73 | 0.43 | 0.32 | 0.43 | 0.57 |
Net realized and unrealized gain (loss) | 0.08 | (0.81 ) | 0.16 | (0.34 ) | (0.45 ) |
Total from Investment Operations | 0.81 | (0.38 ) | 0.48 | 0.09 | 0.12 |
LESS DISTRIBUTIONS FROM: | |||||
Net investment income | (0.73 ) | (0.45 ) | (0.33 ) | (0.44 ) | (0.58 ) |
Net asset value, end of the period | $8.21 | $8.13 | $8.96 | $8.81 | $9.16 |
Total return(b)(c) | 10.37 % | (4.28 )% | 5.47 % | 1.19 % | 1.23 % |
RATIOS TO AVERAGE NET ASSETS: | |||||
Net assets, end of the period (000's) | $156,290 | $188,201 | $219,989 | $208,251 | $297,634 |
Net expenses(d) | 1.03 %(e) | 1.05 % | 1.05 % | 1.07 %(f) | 1.06 %(g) |
Gross expenses | 1.17 % | 1.24 % | 1.24 % | 1.20 %(f) | 1.09 %(g) |
Net investment income | 8.88 % | 5.04 % | 3.56 % | 4.96 % | 6.03 % |
Portfolio turnover rate | 67 % | 65 % | 79 % | 65 % | 52 % |
(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) | 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) | Effective July 1, 2023, the expense limit decreased from 1.05% to 1.00%. See Note 5 of Notes to Financial Statements. |
(f) | 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%. |
(g) | 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 1.08%. |
Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class C | |||||
Year Ended November 30, 2023 | Year Ended November 30, 2022 | Year Ended November 30, 2021 | Year Ended November 30, 2020 | Year Ended November 30, 2019 | |
Net asset value, beginning of the period | $8.10 | $8.93 | $8.78 | $9.12 | $9.59 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||
Net investment income(a) | 0.66 | 0.36 | 0.25 | 0.37 | 0.50 |
Net realized and unrealized gain (loss) | 0.09 | (0.80 ) | 0.16 | (0.34 ) | (0.46 ) |
Total from Investment Operations | 0.75 | (0.44 ) | 0.41 | 0.03 | 0.04 |
LESS DISTRIBUTIONS FROM: | |||||
Net investment income | (0.67 ) | (0.39 ) | (0.26 ) | (0.37 ) | (0.51 ) |
Net asset value, end of the period | $8.18 | $8.10 | $8.93 | $8.78 | $9.12 |
Total return(b)(c) | 9.56 % | (5.04 )% | 4.69 % | 0.53 % | 0.36 % |
RATIOS TO AVERAGE NET ASSETS: | |||||
Net assets, end of the period (000's) | $41,284 | $62,570 | $89,618 | $125,909 | $233,387 |
Net expenses(d) | 1.78 %(e) | 1.80 % | 1.80 % | 1.82 %(f) | 1.81 %(g) |
Gross expenses | 1.92 % | 1.99 % | 1.99 % | 1.95 %(f) | 1.84 %(g) |
Net investment income | 8.13 % | 4.22 % | 2.80 % | 4.27 % | 5.28 % |
Portfolio turnover rate | 67 % | 65 % | 79 % | 65 % | 52 % |
(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) | 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) | Effective July 1, 2023, the expense limit decreased from 1.80% to 1.75%. See Note 5 of Notes to Financial Statements. |
(f) | 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%. |
(g) | 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 1.83%. |
Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class N | |||||
Year Ended November 30, 2023 | Year Ended November 30, 2022 | Year Ended November 30, 2021 | Year Ended November 30, 2020 | Year Ended November 30, 2019 | |
Net asset value, beginning of the period | $8.13 | $8.96 | $8.81 | $9.17 | $9.63 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||
Net investment income(a) | 0.75 | 0.46 | 0.34 | 0.46 | 0.60 |
Net realized and unrealized gain (loss) | 0.08 | (0.81 ) | 0.16 | (0.36 ) | (0.45 ) |
Total from Investment Operations | 0.83 | (0.35 ) | 0.50 | 0.10 | 0.15 |
LESS DISTRIBUTIONS FROM: | |||||
Net investment income | (0.75 ) | (0.48 ) | (0.35 ) | (0.46 ) | (0.61 ) |
Net asset value, end of the period | $8.21 | $8.13 | $8.96 | $8.81 | $9.17 |
Total return(b) | 10.71 % | (4.00 )% | 5.79 % | 1.37 % | 1.54 % |
RATIOS TO AVERAGE NET ASSETS: | |||||
Net assets, end of the period (000's) | $2,573 | $2,278 | $2,528 | $151 | $242 |
Net expenses(c) | 0.73 %(d) | 0.75 % | 0.75 % | 0.77 %(e) | 0.76 %(f) |
Gross expenses | 0.88 % | 0.96 % | 1.03 % | 1.24 %(e) | 1.11 %(f) |
Net investment income | 9.20 % | 5.36 % | 3.83 % | 5.31 % | 6.33 % |
Portfolio turnover rate | 67 % | 65 % | 79 % | 65 % | 52 % |
(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) | 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. |
(d) | Effective July 1, 2023, the expense limit decreased from 0.75% to 0.70%. See Note 5 of Notes to Financial Statements. |
(e) | 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%. |
(f) | 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 1.09%. |
Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class Y | |||||
Year Ended November 30, 2023 | Year Ended November 30, 2022 | Year Ended November 30, 2021 | Year Ended November 30, 2020 | Year Ended November 30, 2019 | |
Net asset value, beginning of the period | $8.14 | $8.97 | $8.82 | $9.17 | $9.63 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||
Net investment income(a) | 0.75 | 0.44 | 0.34 | 0.46 | 0.59 |
Net realized and unrealized gain (loss) | 0.08 | (0.79 ) | 0.16 | (0.35 ) | (0.45 ) |
Total from Investment Operations | 0.83 | (0.35 ) | 0.50 | 0.11 | 0.14 |
LESS DISTRIBUTIONS FROM: | |||||
Net investment income | (0.75 ) | (0.48 ) | (0.35 ) | (0.46 ) | (0.60 ) |
Net asset value, end of the period | $8.22 | $8.14 | $8.97 | $8.82 | $9.17 |
Total return(b) | 10.65 % | (4.04 )% | 5.73 % | 1.45 % | 1.49 % |
RATIOS TO AVERAGE NET ASSETS: | |||||
Net assets, end of the period (000's) | $731,385 | $771,373 | $1,227,587 | $875,829 | $1,929,869 |
Net expenses(c) | 0.78 %(d) | 0.80 % | 0.80 % | 0.82 %(e) | 0.81 %(f) |
Gross expenses | 0.92 % | 0.99 % | 0.99 % | 0.95 %(e) | 0.84 %(f) |
Net investment income | 9.12 % | 5.11 % | 3.80 % | 5.28 % | 6.28 % |
Portfolio turnover rate | 67 % | 65 % | 79 % | 65 % | 52 % |
(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) | 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. |
(d) | Effective July 1, 2023, the expense limit decreased from 0.80% to 0.75%. See Note 5 of Notes to Financial Statements. |
(e) | 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%. |
(f) | 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 0.83%. |
Vaughan Nelson Select Fund—Class A | |||||
Year Ended November 30, 2023 | Year Ended November 30, 2022 | Year Ended November 30, 2021 | Year Ended November 30, 2020 | Year Ended November 30, 2019 | |
Net asset value, beginning of the period | $17.24 | $26.43 | $20.00 | $18.63 | $18.13 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||
Net investment income (loss)(a) | (0.01 ) | (0.00 )(b) | 0.07 (c) | 0.06 | 0.14 |
Net realized and unrealized gain (loss) | 1.80 | (1.94 ) | 7.70 | 2.75 | 1.90 |
Total from Investment Operations | 1.79 | (1.94 ) | 7.77 | 2.81 | 2.04 |
LESS DISTRIBUTIONS FROM: | |||||
Net investment income | — | — | (0.08 ) | (0.13 ) | — |
Net realized capital gains | (0.16 ) | (7.25 ) | (1.26 ) | (1.31 ) | (1.54 ) |
Total Distributions | (0.16 ) | (7.25 ) | (1.34 ) | (1.44 ) | (1.54 ) |
Net asset value, end of the period | $18.87 | $17.24 | $26.43 | $20.00 | $18.63 |
Total return(d)(e) | 10.54 % | (10.50 )% | 41.46 %(c) | 16.21 % | 13.67 % |
RATIOS TO AVERAGE NET ASSETS: | |||||
Net assets, end of the period (000's) | $29,980 | $23,653 | $20,382 | $13,722 | $15,434 |
Net expenses(f) | 1.10 % | 1.09 %(g) | 1.10 %(h)(i) | 1.13 % | 1.16 %(j) |
Gross expenses | 1.15 % | 1.12 % | 1.14 % | 1.18 % | 1.21 % |
Net investment income (loss) | (0.06 )% | (0.02 )% | 0.30 %(c) | 0.37 % | 0.84 % |
Portfolio turnover rate | 69 % | 74 % | 93 % | 88 % | 51 % |
(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) | 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) | Includes additional voluntary waiver of advisory fee of 0.01%. |
(h) | Effective July 1, 2021, the expense limit decreased from 1.15% to 1.10%. |
(i) | Includes additional voluntary waiver of advisory fee of 0.03%. |
(j) | Effective July 1, 2019, the expense limit decreased from 1.20% to 1.15%. |
Vaughan Nelson Select Fund—Class C | |||||
Year Ended November 30, 2023 | Year Ended November 30, 2022 | Year Ended November 30, 2021 | Year Ended November 30, 2020 | Year Ended November 30, 2019 | |
Net asset value, beginning of the period | $15.49 | $24.61 | $18.76 | $17.56 | $17.31 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||
Net investment income (loss)(a) | (0.13 ) | (0.12 ) | (0.08 )(b) | (0.07 ) | 0.02 |
Net realized and unrealized gain (loss) | 1.60 | (1.75 ) | 7.19 | 2.58 | 1.77 |
Total from Investment Operations | 1.47 | (1.87 ) | 7.11 | 2.51 | 1.79 |
LESS DISTRIBUTIONS FROM: | |||||
Net realized capital gains | (0.16 ) | (7.25 ) | (1.26 ) | (1.31 ) | (1.54 ) |
Net asset value, end of the period | $16.80 | $15.49 | $24.61 | $18.76 | $17.56 |
Total return(c)(d) | 9.65 % | (11.16 )% | 40.44 %(b) | 15.31 % | 12.86 % |
RATIOS TO AVERAGE NET ASSETS: | |||||
Net assets, end of the period (000's) | $11,102 | $5,784 | $5,357 | $5,246 | $6,313 |
Net expenses(e) | 1.85 % | 1.84 %(f) | 1.86 %(g)(h) | 1.88 % | 1.91 %(i) |
Gross expenses | 1.90 % | 1.88 % | 1.89 % | 1.93 % | 1.96 % |
Net investment income (loss) | (0.81 )% | (0.76 )% | (0.39 )%(b) | (0.40 )% | 0.09 % |
Portfolio turnover rate | 69 % | 74 % | 93 % | 88 % | 51 % |
(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 $(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) | 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 additional voluntary waiver of advisory fee of 0.01%. |
(g) | Effective July 1, 2021, the expense limit decreased from 1.90% to 1.85%. |
(h) | Includes additional voluntary waiver of advisory fee of 0.03%. |
(i) | Effective July 1, 2019, the expense limit decreased from 1.95% to 1.90%. |
Vaughan Nelson Select Fund—Class N | |||||
Year Ended November 30, 2023 | Year Ended November 30, 2022 | Year Ended November 30, 2021 | Year Ended November 30, 2020 | Year Ended November 30, 2019 | |
Net asset value, beginning of the period | $17.43 | $26.63 | $20.14 | $18.76 | $18.26 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||
Net investment income(a) | 0.05 | 0.08 | 0.13 (b) | 0.11 | 0.19 |
Net realized and unrealized gain (loss) | 1.82 | (2.00 ) | 7.76 | 2.77 | 1.91 |
Total from Investment Operations | 1.87 | (1.92 ) | 7.89 | 2.88 | 2.10 |
LESS DISTRIBUTIONS FROM: | |||||
Net investment income | (0.04 ) | (0.03 ) | (0.14 ) | (0.19 ) | (0.06 ) |
Net realized capital gains | (0.16 ) | (7.25 ) | (1.26 ) | (1.31 ) | (1.54 ) |
Total Distributions | (0.20 ) | (7.28 ) | (1.40 ) | (1.50 ) | (1.60 ) |
Net asset value, end of the period | $19.10 | $17.43 | $26.63 | $20.14 | $18.76 |
Total return(c) | 10.90 % | (10.29 )% | 41.87 %(b) | 16.50 % | 13.93 % |
RATIOS TO AVERAGE NET ASSETS: | |||||
Net assets, end of the period (000's) | $299 | $289 | $2 | $2 | $1 |
Net expenses(d) | 0.80 % | 0.80 % | 0.83 %(e) | 0.85 % | 0.87 %(f) |
Gross expenses | 1.15 % | 3.35 % | 49.27 % | 71.85 % | 63.51 % |
Net investment income | 0.25 % | 0.51 % | 0.56 %(b) | 0.61 % | 1.10 % |
Portfolio turnover rate | 69 % | 74 % | 93 % | 88 % | 51 % |
(a) | Per share net investment income 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) | 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) | Effective July 1, 2021, the expense limit decreased from 0.85% to 0.80%. |
(f) | Effective July 1, 2019, the expense limit decreased from 0.90% to 0.85%. |
Vaughan Nelson Select Fund—Class Y | |||||
Year Ended November 30, 2023 | Year Ended November 30, 2022 | Year Ended November 30, 2021 | Year Ended November 30, 2020 | Year Ended November 30, 2019 | |
Net asset value, beginning of the period | $17.43 | $26.63 | $20.14 | $18.75 | $18.25 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||
Net investment income(a) | 0.04 | 0.05 | 0.13 (b) | 0.11 | 0.19 |
Net realized and unrealized gain (loss) | 1.81 | (1.97 ) | 7.75 | 2.77 | 1.90 |
Total from Investment Operations | 1.85 | (1.92 ) | 7.88 | 2.88 | 2.09 |
LESS DISTRIBUTIONS FROM: | |||||
Net investment income | (0.03 ) | (0.03 ) | (0.13 ) | (0.18 ) | (0.05 ) |
Net realized capital gains | (0.16 ) | (7.25 ) | (1.26 ) | (1.31 ) | (1.54 ) |
Total Distributions | (0.19 ) | (7.28 ) | (1.39 ) | (1.49 ) | (1.59 ) |
Net asset value, end of the period | $19.09 | $17.43 | $26.63 | $20.14 | $18.75 |
Total return(c) | 10.81 % | (10.31 )% | 41.81 %(b) | 16.52 % | 13.94 % |
RATIOS TO AVERAGE NET ASSETS: | |||||
Net assets, end of the period (000's) | $585,568 | $392,076 | $226,305 | $205,557 | $204,856 |
Net expenses(d) | 0.85 % | 0.84 %(e) | 0.85 %(f)(g) | 0.88 % | 0.91 %(h) |
Gross expenses | 0.90 % | 0.88 % | 0.89 % | 0.93 % | 0.96 % |
Net investment income | 0.20 % | 0.26 % | 0.56 %(b) | 0.61 % | 1.09 % |
Portfolio turnover rate | 69 % | 74 % | 93 % | 88 % | 51 % |
(a) | Per share net investment income 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) | 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 additional voluntary waiver of advisory fee of 0.01%. |
(f) | Effective July 1, 2021, the expense limit decreased from 0.90% to 0.85%. |
(g) | Includes additional voluntary waiver of advisory fee of 0.03%. |
(h) | Effective July 1, 2019, the expense limit decreased from 0.95% to 0.90%. |
Loomis Sayles Senior Floating Rate and Fixed Income Fund (“Senior Floating Rate and Fixed Income Fund”)
Vaughan Nelson Select Fund (“Select Fund”)
2023 Distributions | 2022 Distributions | |||||
Fund | Ordinary Income | Long-Term Capital Gains | Total | Ordinary Income | Long-Term Capital Gains | Total |
Global Growth Fund | $126,113 | $6,258,533 | $6,384,646 | $19,003 | $8,809,601 | $8,828,604 |
Senior Floating Rate and Fixed Income Fund | 86,057,600 | — | 86,057,600 | 74,083,958 | — | 74,083,958 |
Select Fund | 704,845 | 3,582,713 | 4,287,558 | 38,159,873 | 36,479,566 | 74,639,439 |
Global Growth Fund | Senior Floating Rate and Fixed Income Fund | Select Fund | |
Undistributed ordinary income | $— | $332,967 | $843,478 |
Capital loss carryforward: | |||
Short-term: | |||
No expiration date | (892,240 ) | (137,687,461 ) | (15,728,841 ) |
Long-term: | |||
No expiration date | (1,937,491 ) | (490,270,153 ) | (9,405,966 ) |
Total capital loss carryforward | (2,829,731 ) | (627,957,614 ) | (25,134,807 ) |
Unrealized appreciation (depreciation) | 10,401,096 | (44,535,203 ) | 84,380,182 |
Total accumulated earnings (losses) | $7,571,365 | $(672,159,850 ) | $60,088,853 |
Global Growth Fund | Senior Floating Rate and Fixed Income Fund | Select Fund | |
Federal tax cost | $84,991,512 | $996,091,299 | $541,611,963 |
Gross tax appreciation | $17,004,861 | $6,239,689 | $93,418,735 |
Gross tax depreciation | (6,615,519 ) | (50,774,892 ) | (9,038,553 ) |
Net tax appreciation (depreciation) | $10,389,342 | $(44,535,203 ) | $84,380,182 |
Borrower | Type | Principal Amount |
The Action Environmental Group, Inc | 2023 Delayed Draw Term Loan B | $326,087 |
Ryan LLC | Delayed Draw Term Loan | 220,191 |
OMNIA Partners LLC | Delayed Draw Term Loan | 150,277 |
$696,555 |
Global Growth Fund | ||||
Asset Valuation Inputs | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
China | $7,212,673 | $2,772,103 | $— | $9,984,776 |
Denmark | — | 2,883,801 | — | 2,883,801 |
France | — | 835,111 | — | 835,111 |
Japan | — | 1,832,547 | — | 1,832,547 |
Netherlands | — | 3,107,882 | — | 3,107,882 |
Switzerland | 2,190,651 | 3,372,072 | — | 5,562,723 |
United Kingdom | — | 1,086,611 | — | 1,086,611 |
United States | 52,957,897 | 4,281,794 | — | 57,239,691 |
All Other Common Stocks(a) | 12,452,836 | — | — | 12,452,836 |
Total Common Stocks | 74,814,057 | 20,171,921 | — | 94,985,978 |
Short-Term Investments | — | 394,876 | — | 394,876 |
Total Investments | $74,814,057 | $20,566,797 | $— | $95,380,854 |
(a) | Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Senior Floating Rate and Fixed Income Fund | ||||
Asset Valuation Inputs | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Senior Loans(a) | $— | $784,808,644 | $— | $784,808,644 |
Bonds and Notes(a) | — | 57,002,800 | — | 57,002,800 |
Exchange-Traded Funds | 14,531,235 | — | — | 14,531,235 |
Common Stocks | ||||
Oil, Gas & Consumable Fuels | — | — | 5,691 | 5,691 |
Textiles, Apparel & Luxury Goods | — | 172,997 | — | 172,997 |
Total Common Stocks | — | 172,997 | 5,691 | 178,688 |
Warrants | — | 55 | — | 55 |
Short-Term Investments | — | 95,034,674 | — | 95,034,674 |
Total Investments | $14,531,235 | $937,019,170 | $5,691 | $951,556,096 |
(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) | $612,837,194 | $— | $— | $612,837,194 |
Short-Term Investments | — | 13,154,951 | — | 13,154,951 |
Total Investments | $612,837,194 | $13,154,951 | $— | $625,992,145 |
(a) | Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Senior Floating Rate and Fixed Income Fund | ||||||||||
Asset Valuation Inputs | ||||||||||
Investments in Securities | Balance as of November 30, 2022 | 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 November 30, 2023 | Change in Unrealized Appreciation (Depreciation) from Investments Still Held at November 30, 2023 |
Common Stocks | ||||||||||
Oil, Gas & Consumable Fuels | $5,691 | $— | $— | $— | $— | $— | $— | $— | $5,691 | $— |
U.S. Government/ Agency Securities | Other Securities | |||
Fund | Purchases | Sales | Purchases | Sales |
Global Growth Fund | $— | $— | $22,505,508 | $42,763,021 |
Senior Floating Rate and Fixed Income Fund | 9,485,895 | 34,582,707 | 575,371,560 | 645,468,303 |
Select Fund | — | — | 505,350,848 | 355,740,035 |
Fund | Percentage of Average Daily Net Assets |
Global Growth Fund | 0.75 % |
Senior Floating Rate and Fixed Income Fund | 0.60 % |
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 | 1.00 % | 1.75 % | 0.70 % | 0.75 % |
Select Fund | 1.10 % | 1.85 % | 0.80 % | 0.85 % |
Expense Limit as a Percentage of Average Daily Net Assets | ||||
Fund | Class A | Class C | Class N | Class Y |
Senior Floating Rate and Fixed Income Fund | 1.05 % | 1.80 % | 0.75 % | 0.80 % |
Gross Management Fees | Contractual Waivers of Management Fees1 | Net Management Fees | Percentage of Average Daily Net Assets | ||
Fund | Gross | Net | |||
Global Growth Fund | $727,499 | $166,160 | $561,339 | 0.75 % | 0.58 % |
Senior Floating Rate and Fixed Income Fund | 5,703,785 | 1,296,487 | 4,407,298 | 0.60 % | 0.46 % |
Select Fund | 3,745,497 | 262,452 | 3,483,045 | 0.70 % | 0.65 % |
1 | Contractual management fee waivers are subject to possible recovery until November 30, 2024. |
Service Fees | Distribution Fees | |||
Fund | Class A | Class C | Class C | |
Global Growth Fund | $8,855 | $2,049 | $6,147 | |
Senior Floating Rate and Fixed Income Fund | 424,193 | 126,539 | 379,618 | |
Select Fund | 68,919 | 22,290 | 66,870 |
Fund | Administrative Fees |
Global Growth Fund | $44,959 |
Senior Floating Rate and Fixed Income Fund | 440,626 |
Select Fund | 248,000 |
Fund | Sub-Transfer Agent Fees |
Global Growth Fund | $65,507 |
Senior Floating Rate and Fixed Income Fund | 725,894 |
Select Fund | 408,415 |
Fund | Reimbursements of Sub-Transfer Agent Fees |
Global Growth Fund | $754 |
Senior Floating Rate and Fixed Income Fund | 27,659 |
Select Fund | 4,781 |
Fund | Commissions |
Global Growth Fund | $999 |
Senior Floating Rate and Fixed Income Fund | 27,018 |
Select Fund | 22,423 |
Natixis | Retirement Plan | |
Global Growth Fund | 12.63 % | 8.27 % |
Senior Floating Rate and Fixed Income Fund | — % | 0.89 % |
Reimbursement of Transfer Agency Expenses | |
Fund | Class N |
Global Growth Fund | $1,131 |
Senior Floating Rate and Fixed Income Fund | 1,091 |
Select Fund | 1,078 |
Transfer Agent Fees and Expenses | ||||
Fund | Class A | Class C | Class N | Class Y |
Global Growth Fund | $2,974 | $694 | $1,131 | $68,616 |
Senior Floating Rate and Fixed Income Fund | 142,213 | 42,307 | 1,091 | 611,741 |
Select Fund | 23,053 | 7,551 | 1,078 | 420,269 |
Fund | Number of 5% Non-Affiliated Account Holders | Percentage of Non-Affiliated Ownership | Percentage of Affiliated Ownership (Note 5g) | Total Percentage of Ownership |
Global Growth Fund | 3 | 44.64 % | 20.90 % | 65.54 % |
Select Fund | 1 | 5.51 % | — | 5.51 % |
Year Ended November 30, 2023 | Year Ended November 30, 2022 | |||
Global Growth Fund | Shares | Amount | Shares | Amount |
Class A | ||||
Issued from the sale of shares | 70,211 | $1,000,718 | 34,564 | $530,296 |
Issued in connection with the reinvestment of distributions | 15,179 | 188,214 | 23,201 | 416,129 |
Redeemed | (66,353 ) | (948,296 ) | (150,976 ) | (2,209,227 ) |
Net change | 19,037 | $240,636 | (93,211 ) | $(1,262,802 ) |
Class C | ||||
Issued from the sale of shares | 11,298 | $148,565 | 6,077 | $74,299 |
Issued in connection with the reinvestment of distributions | 5,305 | 62,385 | 5,510 | 94,792 |
Redeemed | (23,643 ) | (316,750 ) | (19,719 ) | (261,615 ) |
Net change | (7,040 ) | $(105,800 ) | (8,132 ) | $(92,524 ) |
Class N | ||||
Issued from the sale of shares | 154 | $2,149 | 102 | $1,682 |
Issued in connection with the reinvestment of distributions | 53,304 | 670,570 | 47,237 | 858,053 |
Redeemed | (148 ) | (2,101 ) | (194 ) | (2,678 ) |
Net change | 53,310 | $670,618 | 47,145 | $857,057 |
Class Y | ||||
Issued from the sale of shares | 1,642,755 | $23,371,379 | 2,534,046 | $39,498,284 |
Issued in connection with the reinvestment of distributions | 415,989 | 5,224,816 | 394,539 | 7,157,460 |
Redeemed | (2,958,983 ) | (42,821,618 ) | (2,732,917 ) | (39,216,322 ) |
Net change | (900,239 ) | $(14,225,423 ) | 195,668 | $7,439,422 |
Increase (decrease) from capital share transactions | (834,932 ) | $(13,419,969 ) | 141,470 | $6,941,153 |
Year Ended November 30, 2023 | Year Ended November 30, 2022 | |||
Senior Floating Rate and Fixed Income Fund | Shares | Amount | Shares | Amount |
Class A | ||||
Issued from the sale of shares | 4,322,886 | $35,330,371 | 6,030,711 | $52,286,645 |
Issued in connection with the reinvestment of distributions | 1,424,184 | 11,653,923 | 1,000,307 | 8,471,705 |
Redeemed | (9,857,815 ) | (80,493,410 ) | (8,428,506 ) | (71,768,362 ) |
Net change | (4,110,745 ) | $(33,509,116 ) | (1,397,488 ) | $(11,010,012 ) |
Class C | ||||
Issued from the sale of shares | 326,109 | $2,667,300 | 1,181,683 | $10,329,386 |
Issued in connection with the reinvestment of distributions | 439,013 | 3,579,569 | 345,552 | 2,917,468 |
Redeemed | (3,441,176 ) | (28,048,482 ) | (3,838,119 ) | (32,784,817 ) |
Net change | (2,676,054 ) | $(21,801,613 ) | (2,310,884 ) | $(19,537,963 ) |
Class N | ||||
Issued from the sale of shares | 10,401 | $86,000 | — | $— |
Issued in connection with the reinvestment of distributions | 27,266 | 223,084 | 15,795 | 133,691 |
Redeemed | (4,378 ) | (35,455 ) | (17,749 ) | (150,540 ) |
Net change | 33,289 | $273,629 | (1,954 ) | $(16,849 ) |
Class Y | ||||
Issued from the sale of shares | 50,458,625 | $414,340,810 | 61,545,349 | $540,426,224 |
Issued in connection with the reinvestment of distributions | 6,344,356 | 51,991,226 | 5,450,189 | 46,375,759 |
Redeemed | (62,588,164 ) | (512,328,923 ) | (109,033,046 ) | (928,364,908 ) |
Net change | (5,785,183 ) | $(45,996,887 ) | (42,037,508 ) | $(341,562,925 ) |
Decrease from capital share transactions | (12,538,693 ) | $(101,033,987 ) | (45,747,834 ) | $(372,127,749 ) |
Year Ended November 30, 2023 | Year Ended November 30, 2022 | |||
Select Fund | Shares | Amount | Shares | Amount |
Class A | ||||
Issued from the sale of shares | 867,285 | $15,479,617 | 1,106,092 | $21,096,534 |
Issued in connection with the reinvestment of distributions | 12,763 | 207,534 | 311,491 | 6,067,835 |
Redeemed | (663,358 ) | (11,827,614 ) | (816,595 ) | (14,045,519 ) |
Net change | 216,690 | $3,859,537 | 600,988 | $13,118,850 |
Class C | ||||
Issued from the sale of shares | 520,255 | $8,388,167 | 213,807 | $3,394,770 |
Issued in connection with the reinvestment of distributions | 4,085 | 59,562 | 90,041 | 1,586,526 |
Redeemed | (237,088 ) | (3,744,442 ) | (148,023 ) | (2,279,674 ) |
Net change | 287,252 | $4,703,287 | 155,825 | $2,701,622 |
Class N | ||||
Issued from the sale of shares | 5,036 | $91,490 | 18,971 | $297,023 |
Issued in connection with the reinvestment of distributions | 201 | 3,296 | 32 | 628 |
Redeemed | (6,142 ) | (111,286 ) | (2,532 ) | (39,785 ) |
Net change | (905 ) | $(16,500 ) | 16,471 | $257,866 |
Class Y | ||||
Issued from the sale of shares | 21,592,358 | $390,138,959 | 17,605,549 | $314,106,172 |
Issued in connection with the reinvestment of distributions | 196,447 | 3,223,701 | 3,204,671 | 62,971,719 |
Redeemed | (13,607,552 ) | (241,923,947 ) | (6,818,076 ) | (120,752,981 ) |
Net change | 8,181,253 | $151,438,713 | 13,992,144 | $256,324,910 |
Increase from capital share transactions | 8,684,290 | $159,985,037 | 14,765,428 | $272,403,248 |
Boston, Massachusetts
January 23, 2024
Funds listed below qualifies for the dividends received deduction for corporate shareholders. These percentages are as follows:
Fund | Qualifying Percentage |
Global Growth Fund | 100.00 % |
Select Fund | 63.95 % |
Fund | Amount |
Global Growth Fund | $6,258,533 |
Select Fund | 3,582,713 |
Global Growth Fund
Select Fund
Name and Year of Birth | Position(s) Held with the Trust, Length of Time Served and Term of Office1 | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen2and Other Directorships Held During Past 5 Years | Experience, Qualifications, Attributes, Skills for Board Membership |
Independent Trustees | ||||
Edmond J. English (1953) | Trustee since 2013 Contract Review Committee Member | Executive Chairman of Bob’s Discount Furniture (retail) | 52 Director, Burlington Stores, Inc. (retail); Director, Rue Gilt Groupe, Inc. (e-commerce retail) | Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company) |
Richard A. Goglia (1951) | Trustee since 2015 Audit Committee Member | Retired | 52 Formerly, Director of Triumph Group (aerospace industry) | Significant experience on the Board and executive experience (including his role as Vice President and treasurer of a defense company and experience at a financial services company) |
Martin T. Meehan (1956) | Trustee since 2012 Chairperson of the Governance Committee and Contract Review Committee Member | President, University of Massachusetts | 52 None | Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience |
Maureen B. Mitchell (1951) | Trustee since 2017 Chairperson of the Contract Review Committee | Retired | 52 Director, Sterling Bancorp (bank) | Significant experience on the Board; financial services industry and executive experience (including role as President of global sales and marketing at a financial services company) |
Name and Year of Birth | Position(s) Held with the Trust, Length of Time Served and Term of Office1 | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen2and Other Directorships Held During Past 5 Years | Experience, Qualifications, Attributes, Skills for Board Membership |
Independent Trustees − continued | ||||
James P. Palermo (1955) | Trustee since 2016 Audit Committee Member and Governance Committee Member | Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity) | 52 Director, FutureFuel.io (chemicals and biofuels) | Significant experience on the Board; financial services industry and executive experience (including roles as Chief Executive Officer of client management and asset servicing for a banking and financial services company) |
Erik R. Sirri (1958) | Chairperson of the Board of Trustees since January 2021 Trustee since 2009 Ex Officio Member of the Audit Committee, Contract Review Committee and Governance Committee | Retired; formerly, Professor of Finance at Babson College | 52 None | Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist |
Peter J. Smail (1952) | Trustee since 2009 Contract Review Committee Member | Retired | 52 None | Significant experience on the Board; mutual fund industry and executive experience (including roles as President and Chief Executive Officer for an investment adviser) |
Name and Year of Birth | Position(s) Held with the Trust, Length of Time Served and Term of Office1 | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen2and Other Directorships Held During Past 5 Years | Experience, Qualifications, Attributes, Skills for Board Membership |
Independent Trustees − continued | ||||
Kirk A. Sykes (1958) | Trustee since 2019 Audit Committee Member and Governance Committee Member | Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance) | 52 Advisor/Risk Management Committee, Eastern Bank (bank); Director, Apartment Investment and Management Company (real estate investment trust); formerly, Director, Ares Commercial Real Estate Corporation (real estate investment trust) | Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks) |
Cynthia L. Walker (1956) | Trustee since 2005 Chairperson of the Audit Committee and Governance Committee Member | Retired; formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine | 52 None | Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration) |
Interested Trustees | ||||
Kevin P. Charleston3 (1965) One Financial Center Boston, MA 02111 | Trustee since 2015 | President, Chief Executive Officer and Chairman of the Board of Directors, Loomis, Sayles & Company, L.P. | 52 None | Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P. |
David L. Giunta4 (1965) | Trustee since 2011 President and Chief Executive Officer since 2008 | President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC | 52 None | Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, LLC and Natixis Distribution, LLC |
1 | Each Trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term. |
2 | The Trustees of the Trust serve as Trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II, Natixis ETF Trust and Natixis ETF Trust II (collectively, the “Fund Complex”). |
3 | Mr. Charleston is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P. |
4 | Mr. Giunta is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC. |
Name and Year of Birth | Position(s) Held with the Trust | Term of Office1 and Length of Time Served | Principal Occupation(s) During Past 5 Years2 |
Officers of the Trusts | |||
Matthew J. Block (1981) | Treasurer, Principal Financial and Accounting Officer | Since 2022 | Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; Assistant Treasurer of the Fund Complex |
Susan McWhan Tobin (1963) | Secretary and Chief Legal Officer | Since 2022 | Executive Vice President, General Counsel and Secretary, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Executive Vice President and Chief Compliance Officer of Natixis Investment Managers (March 2019 – May 2022) and Senior Vice President and Head of Compliance, U.S. for Natixis Investment Managers (July 2011 – March 2019) |
Natalie R. Wagner (1979) | Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer | Since 2021 | Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Head of Corporate Compliance, Global Atlantic Financial Group |
1 | Each officer of the Trust serves for an indefinite term in accordance with the Trust's current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified. |
2 | Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Previous positions during the past five years with Natixis Distribution, LLC, Natixis Advisors, LLC or Loomis, Sayles & Company, L.P. are omitted, if not materially different from an officer’s current position with such entity. |
Visit: im.natixis.com Call: 800-225-5478
Natixis Advisors, LLC
888 Boylston Street, Suite 800
Boston, MA 02199-8197
Exp. 1/31/256169633.1.1LSAR58A-1123
(b) | Not Applicable |
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant’s code of ethics during the period.
Item 3. Audit Committee Financial Expert.
The Board of Trustees of the Registrant has established an audit committee. Mr. Richard A. Goglia, Mr. James P. Palermo, Mr. Kirk A. Sykes and Ms. Cynthia L. Walker are members of the audit committee and have been designated as “audit committee financial experts” by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.
Item 4. Principal Accountant Fees and Services.
Fees billed by the Principal Accountant for services rendered to the Registrant.
The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant’s annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant’s financial statements but not reported under “Audit Fees”); c) tax compliance, tax advice and tax planning; and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services reported as a part of (a) through (c) of this Item.
Audit fees | Audit-related fees1 | Tax fees2 | All other fees | |||||||||||||||||||||||||||||
12/1/21-11/30/22 | 12/1/22-11/30/23 | 12/1/21-11/30/22 | 12/1/22-11/30/23 | 12/1/21-11/30/22 | 12/1/22-11/30/23 | 12/1/21-11/30/22 | 12/1/22-11/30/23 | |||||||||||||||||||||||||
Natixis Funds Trust II- Loomis Sayles Global Growth Fund, Loomis Sayles Senior Floating Rate and Fixed Income Fund and Vaughan Nelson Select Fund | $ | 155,178 | $ | 159,833 | $ | 329 | $ | 358 | $ | 25,407 | $ | 26,169 | $ | — | | $ | — | |
1. | Audit-related fees consist of: |
2022 & 2023 – performance of agreed-upon procedures related to the Registrant’s deferred compensation plan.
2. | Tax fees consist of: |
2022 & 2023 – review of Registrant’s tax returns
Aggregate fees billed to the Registrant for non-audit services during 2022 and 2023 were $25,736 and $26,527, respectively.
Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates.
The following table sets forth the fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. (“Loomis”), Natixis Advisors, LLC (“Natixis”) and entities controlling, controlled by or under common control with Loomis and Natixis (“Control Affiliates”) that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.
Audit-related fees | Tax fees | All other fees | ||||||||||||||||||||||
12/1/21-11/30/22 | 12/1/22-11/30/23 | 12/1/21-11/30/22 | 12/1/22-11/30/23 | 12/1/21-11/30/22 | 12/1/22-11/30/23 | |||||||||||||||||||
Control Affiliates | $ | — | $ | — | $ | — | $ | — | $ | 50,000 | $ | — |
The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Natixis and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.
Aggregate Non-Audit Fees | ||||||||
12/1/21-11/30/22 | 12/1/22-11/30/23 | |||||||
Control Affiliates | $ | 50,000 | $ | 110,000 |
None of the services described above were approved pursuant to (c)(7)(i)(C) of Regulation S-X.
Audit Committee Pre-Approval Policies.
Annually, the Registrant’s Audit Committee reviews the audit, audit-related, tax and other non-audit services together with the projected fees, for services proposed to be rendered to the Registrant and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed.
If, in the opinion of management, a proposed engagement by the Registrant’s independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an Independent Trustee of the Registrant is authorized to pre-approve the engagement, but only for engagements to provide audit, audit related and tax services. This approval is subject to review by the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the Audit Committee.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Included as part of the Report to Shareholders filed as Item 1 herewith.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10. 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 11. Controls and Procedures.
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.
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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
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: | January 23, 2024 |
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: | January 23, 2024 | |
By: | /s/ Matthew Block | |
Name: | Matthew Block | |
Title: | Treasurer and Principal Financial and | |
Accounting Officer | ||
Date: | January 23, 2024 |